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new york, november 9,
1940
THE
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BROOKLYN TRUST
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IV
oimmrrial f
Vol. 151
NOVEMBER 9,
No. 3933
1940
Comment and Review
2711
Capital Flotations in October.
2717
The Business Man's Book Shelf.
Week
on
the European
.>2699
Stock Exchanges....
..2700
Foreign Political aud Economic Situation
& 2750
2704
Foreign Exchange Rates and Comment
Course of the Bond Market
..2717
Indications of Business
..2718
Activity
on
Week
..2697
the New York Stock Exchange
on
Week
the New York Curb Exchange
'
_
.
.
•
..2748
'
.t
•
•
-
News
...2728
Current Events and Discussions
Bank and Trust Company
General Corporation
2747
Items
and Investment News
...2792
Dry Goods Trade
2823
State and
2824
Municipal Department
Stocks and Bonds
2749
2750
Foreign Stock Exchange Quotations.
Bonds Called and
Sinking Fund Notices
Dividends Declared
2754
Auction Sales.
2754
Exchange—Stock Quotations
New York Stock
♦New York Stock
New York Curb
2760
Exchange—Bond Quotations 2760 & 2770
Exchange—Stock Quotations
2776
....2780
Other Exchanges—Stock and Bond Quotations
2782
Canadian Markets—Stock and Bond Quotations
2786
Over-the-Counter Securities—Stock & Bond Quotations.2788
♦New York Curb
Exchange—Bond Quotations
Reports
2703
Foreign Bank Statements
97*^0
Course of Bank Clearings
*•
Federal Reserve Bank Statements.
General
Corporation and Investment News..
V.2728
& 2757
2792
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Commodities
The Commercial Markets and the
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2814
Cotton
2817
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The Financial Situation
The voting
BY complete probably will which when the count is
A POPULAR support be found approximating
the
to
as
proved nothing and could
merits
1936, President Roosevelt has been swept
into office for a third term.
With a popular follow¬
balloting did
ing larger than that which was sufficient to place
the years
Mr. Hoover in office with a
the wisdom
that
and
of
large majority in 1928,
defeat,
in
of
that
are,
they
people
can
will accept
their
the returns
the
case
way
Roosevelt.
believe
and
value
The
Those
who
America
consider
best fitted
to
precisely what they did
As
with
week
one
will
alter
these
settled convictions in any
substantial way.
has
It would
be idle to ask those who
supported Mr. Willkie to
change their
guide the destiny of
the United States for the next four years.
an¬
differed
Both groups doubtless
Nor is it likely that the months immediately
ago.
spoken.
The
people of America have once again expressed
their will and selected the man whom they
set
be, for
may
of
voice
Those who
voted for the re-election of
Accepting the Verdict
upon
with misgivings as
or
one
ahead
must and
themselves, with enthusi¬
asm
today
en¬
Believers in democracy
It did not establish
the unwisdom of the views held by any
the Ameri¬
now
face
the apparently abiding
except
his followers.
thusiasm
the
group or groups
the National Government in
them voted for Mr. Willkie.
votes, and a decisive defeat measured
terms
any
What
participating in the election.
President
overwhelming defeat measured in terms
an
or
nothing
prove
questions.
immediately ahead.
thought in
quite decisively in 1932, Mr. Willkie has suffered
these
to establish which
dominate in
of those
approximating that which seated Mr. Roosevelt
of electoral
to
were
was
of
opinions
overnight merely because
patriotic citizens I urge every single in¬
the land to accept the supreme
other period of New Deal
dividual in
they find themselves in
Government
judgment of the majority.
.
.
.
During the few months remaining in his
present term President Roosevelt will face
problems of bread scope and magnitude.
He
needs your full,
earnest and sympathetic
cooperation.
.
large minority instead of
this
that
balance
regime
type of
been
has
recognizing
weighed in the
of
popular favor
.
When
and found to be what the
All
want.
the
of
majority
saying,
without
goes
the French
will be
as
phrase it, and
the
demanding
Mr.
that the
those who
the
and
w
more
likely in
in
quarters
the
bitterness
and
animosities
heat of the
people,
of
majority of them, have placed their
a
be
cases
with
in
co¬
campaign, often
pointless or utterly
irrelevant argument,
Such
death.
be
for action.
that they be
well
can
and
plain
are
nursed
or
ordinary good
Spitefulness
decency.
human
they
as
manners
on
the
part of the losers and vindictiveness on the part
of
the
too,
winners
are
are
equally out of order.
obvious conclusions which
These,
scarcely
need
now
a
good deal
before
us.
more
is involved in the situation
Fundamental issues
were at
stake
and wide divergence of opinion in many instances
were
and
revealed (not engendered)
are
in
the
coming
well
groups
as
attain
some
found
measure upon
between
some
the
of
studied by influential
balloting figures
borne in mind
are
than
deep convictions
overruled by other
by 25%
hallelujahs is
area
of
common
or
less,
necessary
cooperative, constructive endeavor.
substantial
the
campaign documents
outnumber them
more
all,
for
good, will depend
response to
strong emotions
which
something
nearly
during
When twenty-odd millions of
years.
Americans, voting in
as
people
ground
to
Unless
can
be
them, and unless both vanquished
and
elaboration.
But
are
'
avoided henceforth,
be by the exercise of
or
which the
by influential leaders
success
leaders and the degree in
natural
by lowly individuals, can do great harm, and it
is
these
things,
whether harbored
large
the
venture
degree in which
and far more complicated matter.
It can be
achieved, not by exhortation or the exercise
of self-control, but only by display of good
faith by all parties in seeking common ground
from
burning
documents.
together
National
and
basis
constructively,
all,
pulling
rancour.
Enthusiastic unity of action and ardent
we
together
views, must now, in simple acceptance of
ways of democracy, whatever its short¬
comings in actual practice, adjust itself to
the inevitable, and proceed with its affairs
^without
ceremonial
campaign
the
rising from the
a
serious
of efforts to get our
the minority, no matter what
its
existing
individual
permitted to die
more
Indeed,
accepted in good faith by the minority,
though it be numerous.
In both
many
course, now
be parenthet¬
suggestion that the
operation in constructive endeavor is another
should, of
may
than
even
Personal
circumstances.
far
a
not
were
upon the general course that
the New Deal has followed.
That, too, must
critical examina¬
tion than is
meaning and
ically added, it must have
Xseal of approval
order, need closer
same
other foundation.
And, it
moreover,
True also is it that within broad limits the
of
more
other
some
carefully planned
President" and present a
front," and
some
verdict of the majority.
all "unite behind the
"solid
ive, must, therefore, have
able to have their way in
this selection must in good faith accept the
"hatchet be buried," that
we
result of his self-restraint and
Farley is,
united Nation,
likely to be effect¬
and any
obviously right in
saying that the people of America, a majority
of them, have selected a President, and that
"be
Rational Basis
really
a
a determina¬
by his former Chief to seek a third term.
His words, which are, of course, akin to those
he uttered four years ago, will accordingly
carry great weight with many citizens.
now
campaign
forgotten,0
as a
a
Any rational demand for
millions of Ameri¬
greatly in stature during the
He now stands as a sort of na¬
grown
tion
appeals
being made
that
Must Find
Farley.
his general bearing in the face of
conceded by all.
the
has
past year.
tional hero
fully accepted and
But
.
Mr. Farjey, in the eyes of
cans,
It would be
Administration takes office in
carried on.—James A.
course,
majorit}.
folly to demand that they
pretend they have.
January, this spirit of cooperation must be
people
this, of
new
a
a
a
in this campaign
polls.
evidence in the results at the
victor can be persuaded to work
together in
good faith and without much thought of immediate
political advantage for what both really want, there
is not a great deal of hope for
anything other than
disunity and discord.
stances this sort of
Obviously, in these circum¬
practical unity of purpose and
Volume
action
depends fully
much
as
the policies and
upon
ticular respect, than should be welcomed by the
majority, should, and we hope under new leadership
will, forget petty politics and, eschewing mere obstruction, go to work to cooperate with the majority
as
upon
the current situation urgently
mend their ways in the future.
Fortunately,
substantial
a
*,
of such common
area
ground can, we believe be discovered, provided
is
there
jealousy
a
foolish pride of authorship on the
and
politics
and an equally
managers
of
avoidance
wholesome
and
petty
short-sighted
words real bona fides
However care-
both sides.
on
studies the campaign preachments of the
one
diligently
their
and
candidates
one
impossible
to
however
and
supporters,
analyzes the election returns, it
find
any
great
of
evidence
is
con-
that the American people have yet reached
sequence
point of wishing to do away with what are
On the
commonly known as the New Deal reforms.
contrary, the evidence
that the rank and file
to suggest strongly
of the people still ardently
seems
support the central purposes and, in a
at
other
the side of the opposition—in
on
only
political
of
absence
wholesome
part of the New Deal
the
general way
of
least, the modes of operation, of this mass
new
and
revolutionary legislation.
For our part, we
it as we
opinion that a
regret the fact, but in candor must report
We must also venture the
find it.
not inconsiderable
and
who
women
would do well to
scales
when
number of forward-looking men
believe
as
do in this matter,
we
recognize it, and, pending the time
begin
more
plainly to drop from the
of the masses, devote themselves in perfect good
eyes
promise to promote the best
faith to efforts which
interest of all.
Opportunity
;
for
such
abounds, or will
permit. If the
work
if the New Deal managers
abound
evidence of
people of this country have given no
of these so-called
reforms, they have furnished evidence of a desire
strong support for abandonment
them
have
to
necessary
'f
work without
hardship.
inflicting wholly un-
The twenty-odd millions who
record as
the
New Deal supporters with anything approaching
solidarity could oppose any such rational program,
supported Mr. Willkie are definitely on
desiring, and one can hardly suppose that
so
Indeed the President is on record on more
occasion
as
measures,
and as being willing to see them
wherever
need of change
without
which
and to admit of amendment
"objectives"
surrendering any of the central
inspired them.
Efforts of this sort in the
even
over-zealous New Deal elements
and
on
sabotaged, by
the
by groups on the other who were
motives other than those which
In
surface.
short, they have
The
New
been bedeviled by
The time
confidence,
ignore a protest vote of twenty-odd
the counsel of the more moderate and
ranks. It will
constructive elements within its own
not do so if it
is sincerely and seriously
national unity in the
No
desirous of
months and years to come,
majority can wisely turn its back lightly upon
such
a
large minority.
The opposition, now told
by the majority of the voters
regime, within the limits imposed by the election
cooperation is welcomed as it
should be—, to do what may be done to correct a
situation which obviously to all thinking people is
now much in need of correction. Should both victor
and vanquished assume such an attitude and adopt
such a policy in good faith, we should in very truth
returns—if such
be able to reach a workable national unity which
otherwise would be wholly out of reach, and meanwhile begin to make progress in getting the country
back to greater health,
Opportunity for Constructive Work
There are several fields in which constructive work
of the sort here under discussion is in order, but in
none, perhaps, is the situation more urgent than in
connection with the several labor laws and their
administration. The National Labor Relations Act
was taken to the statute book with the professed
intention of assuring to wage earners the right of
collective bargaining. Its underlying purpose, according to its authors, was to correct an unbalance
in bargaining power between
of the land that it
employers and emdeveloped in
ployees, which was believed to have
recent times as a result of the growth
of large cor-
porations and groups of corporations under single
or unified managements each employing a great
many men.
In practice the program has been
found to be defective. The law has been administered
at times as if it were intended to assure the sucnot the mere privilege, of collective bargain-
cess,
ing. It has been so interpreted and administered
that it has had the effect of obliging wage earners
to bargain collectively whether they wished to do
so or not. As applied to existing situations it has
served to aggravate, if not to create, disputes and
strife within the ranks of wage earners, to say
nothing of stirring up trouble between employed and
employers. In endeavoring to make certain that
labor was left perfectly free to do its own bargaining, attempts have been made to curtail even the
rights of free speech by employers. Purely managerial functions have at times appeared to be in
jeopardy. Labor itself meanwhile has been left
wholly open to the schemings and pressures eminating from non-employer groups, and, throughout,
management is left quite defenseless, being unable
even to appeal to the Labor Board for elimination
of hopeless dilemmas upon the horns of which the
general program seems to impale them,
Then there is the Fair Labor Stanards Act, which,
apart from its child labor provisions, was sup-
posedly designed to eliminate "sweatshop" condiYet its provisions in terms apply to situations not even remotely related to such conditions,
It professes to construct a "ceiling over hours" and
lay a "floor under wages," yet it, in fact, at least
at points, more nearly approaches an endeavor to
fix hours and wages—and in the case of hours at
least to fix them at a maximum which under average conditions is wholly unrelated to the health or
even the welfare of the wage earners. In attempting all this, moreover, it has set up an additonal systern of rigidities and a requirement of record keep-
tions.
Deal, even though it has now become
cannot afford to
or
hand,
animated by
recipient of another large vote of
millions,
one
appeared upon the
politics of the ordinary garden variety.
has now come for an end to all this.
the
altered
experience proves them to
have been handicapped,
past
than one
admitting imperfections in these various
whenever and
be in
apparently
not desirous of doing a great deal more, in this par-
Both have been derelict in the past, and
demands that both
quished.
fully
cannot have its way, and in any event
those of the van-
of the victors
attitudes
that
2695
The Commercial & Financial Chronicle
151
The Commercial & Financial Chronicle
2696
ing which is not only vexatious, but costly far past
the
needs
the
of
clarification, and
the
occasion.
a
simplification,
a
concerned,
sub-
very
would likewise
as
reasonable administration
more
a
of it.
Finally there is the so-called Walsh-Healy Act
originally designed to employ the power of the
Government
as
purchaser of
wide variety of prod-
a
ucts to effect ends similar if not identical with those
of the Fair Labor Standards Act.
emer-
general bothersomeness have been
enormously enlarged.
Act.
statute
Its requirements, moreover,
than those of the Fair Labor Stand-
are more severe
ards
With the
of the armament program the meaning of this
gence
enactment and its
Now
that
book, it is not
for the former.
combine
the
the
latter
law
is
repealing it,
be
no
failing that,
or,
administration
greatly to reduce the
the
upon
to understand the need
easy
There would appear to
for not
reason
of
the
good
the
stantial
general
and
purposes,
even
degree with the form these laws
in
declaring
upon
suitable emergency,
a
never
was
clear why this
very
in point.
case
It
power was granted,
Certainly unless—as is most vehemently denied in
Washington—the President harbors ideas of possibly undertaking to censor free speech, it is difficult to understand precisely why he should prize
this power at this time.
Then take the authority
granted him to take possession of plants not co¬
operating
is
a
demanded in the defense program. Here
as
which,
power
such, has not been seriously
as
challenged by his political
however,
is
there
adequate provision
no
of such
There is,
opponents.
strong and widespread feeling that
a very
for
insuring the
plant fair treatment in payment
for their facilities or for their use during the emerowners
a
objector in the compulsory service law.
subtake
now
His power,
to silence the radio is another
gency—not
of required record-
expense
the re-grant of the powers
to
laws
two
even
1940
existing.
as
so
keeping and other formalities imposed either by
law or by the practical necessities of the case.
With
action indicated,
now
limitation of the application of
provisions of this law would be of
stantial benefit to all
be
A
Nov. 9,
that
even
accorded
the
conscientious
A voluntary surrender by the President—particularly if he himself initiated the movement—of
his fiat currency,
gold content, and radio powers,
accompanied by suggestions from him that adequate
safeguards be set up to protect property owners
the
Republican candidate repeatedly asserted his
whose plants may be seized under the so-called
full
sympathy.
scription law, would at this time, not only be sound
in themselves, but would immeasurably contribute
imagine
a
Certainly it would be difficult
legitimate
reason
why the New Deal
to
man-
should not be willing to work cooperatively
agers
toward
sensible modification of this entire labor
a
situation, which would surrender
no
part of what
they regard
as the gains of labor or the legitimate
advantages to labor envisaged in existing law. One
would suppose that the
Republican party under the
leadership of Mr. Willkie would
approach such
a
now be
ready to
task in good faith, and that nothing
political bickering of a wholly unworthy
variety should stand in the way of a serious effort
to get this needed work done.
If such can be acsave
complished, it would do
and
ness
to encourage
time than all
more
to eliminate bitter
unity in the Nation at this
shouting and preaching imaginable.
to national unity—and do
the President
Those
subordinates with his approval could be replaced
with definite provisions of statutory law without
in any way yielding New Deal objectives.
By evidencing willingness to sit down with his opposition
and discuss in good faith the possibilities in this
regard would be another large contribution toward
good feeling and unity of purpose and cooperative
So also would be avoidance of such
action.
exhibitions of bad faith
in the hands of the President.
Another
Here is
a
distrust.
sense
It
is
of
course
rather
to tell those whose minds
garding this matter that it is
to
forget
regard,
or
or
worse
are
their
not
Thoughtful
situation
reason
than
a
non-
ease
re-
patriotic duty
to rid themselves of their worries in this
still
worse
to
place their trust in the
of
men
of
anxiety is
our
doubts
of
revealed.
the
make
on
the
a
this
to
to this
the Administration
gram
of the program as
already
latter, there is nothing that
can
do short of
assuaging the fears born of lack of information
serve
power that is
now
his to issue irre-
deemable paper
currency, or to reduce further the
gold content of the dollar.
The emergencies whichi
rise to the grant of these
a
situation
ever
powers have
again
rose
long
ago
which seemed
authority to call for action
indicated, the Administration
little
of
and
preventing the rise of others of similar origin,
in the future of
such obvious evasions of the law and such
dubious
indirections
example, to the
If
pro-
means
bases deal, and in general a much
greater disposilion to seek Senate approval of
by words, which would not
action, as he himself is fond of
It is difficult to imagine that he
can, in
existing circumstances, attach any great value, for
to those in
are
not
purpose, but by
passed.
revising its
to allay uneasiness, but there
useful contribution to national unity
very
score
saying.
gave
and
wisdom
As
One essential is that of avoidance
simple and inexpensive matter for the President
foreign relations.
suspicions of unannounced actions
of
relatively
name
programs—to which the history of the destroyersbases bargain inevitably give rise—but because of
and self-restraint. It would
appear
a
re¬
suffer misgivings here not only by
President and leave the whole matter to his wisdom
to be
simple
that inherent in the
defense.
source
of power
figured largely in the campaign and which
without question is
causing much uneasiness and
as
vival of the St. Lawrence power project in the
Extraordinary Powers
which
without cost to either
so
the New
to
Deal.
There are, of
other points where discretionary authority granted the Chief Executive or some of his
or
course, many
of national
Take next the matter of concentration
con-
of the sort
would
probably have
difficulty in persuading Congress to take any
as
that
accompanying the destroyerprojected
cedures.
our
pro-
There are, of course, matters arising in
foreign relations which
can
not
well
be
too
freely discussed in public, but there ought to be
none
of
vital
cussed with
importance which could not be dis-
an
appropriate Senate
group
including
members from the opposition, and, wherever in the
least
feasible, debate of basic questions of foreign
policy should not only be permitted but encouraged
in the Senate and, for that matter, throughout the
country.
Such
a
policy would be of inestimable
The Commercial &
Volume 151
week, reducing the aggregate to $2,327,300,000.
benefit, and would do more than almost anything
else
unite
to
the
point of distrust is the re-armament
Here again there are basic differences
program.
of view in
main
V
,
Still another
instances, which probably must re¬
some
subject of divergence of opinion, but the ap¬
a
palling lack of precise information concerning the
progress
of the program, the tendency to use the
country for purposes
rearmament emotions of the
actual circulation moved up
which
have
576,000.
rather
obviously misleading announcements of one
bearing
no
sort and another have
to many
this
upon
question, and
given rise and are giving rise
misgivings and lack of enthusiastic coopera¬
which
should
not
in
any
circumstances be publicly
divulged, but in the main the information required
to keep the public adequately advised need not be
hidden
behind a fog of secrecy.
Greater forthHere, too, there are doubtless details
tion.
rightness and more
adequate information at pe¬
long way toward estab¬
riodic intervals would go a
lishing
more
effective cooperation and that feeling
which national unity must rest.
of confidence upon
Plainly, the laying of such a basis for confidence
fides on
part of the opposition as well as on the part
of the party in power.
Neither has always shown
a full disposition to act in good faith in the past,
$80,702,000 to $5,629,-
Total deposits with the regional banks fell
$86,470,000 to $16,125,200,000, with the account
/
balances by
reserve
an
of
consisting
variations
drop in
a
member bank
$197,117,000 to $13,979,418,000;
increase of the Treasury
general account by $89,-
561,000 to $465,268,000; an increase of
decrease
The
413,000.
reserve
ratio advanced to 90.3% from
Discounts by the Federal Reserve banks
90.2%.
increased
$492,000
down
were
vances
$4,491,000. Industrial ad¬
to $8,161,000, while
to
$32,000
commitments to make such advances were
to
foreign de¬
$30,270,000 to $1,122,101,000, and a
of other deposits by $9,184,000 to $558,-
by
posits
off $63,000
$7,288,000.
unity in the nation presupposes bona
and
The
$1,500,000 to
$1,377,700,000, while Treasury note holdings fell
$4,000,000 to $949,600,000. The Treasury deposited
$44,002,000 gold certificates with the Federal Reserve
banks, raising their holdings of such instruments to
$19,324,301,000.
But other cash of the 12 banks
receded, and total reserves moved up only $11,821,000 to $19,643,483,000.
Federal Reserve notes in
dropped
holdings
bond
Treasury
support of policies
country in
finally chosen.
2697
Financial Chronicle
Cotton Report
Government
v'f
the
both should do
but
so
in the future.
there is little likelihood of real
fact should be most
now
speak
Without it,
national unity. This
carefully noted by all those who
feelingly about unity and cooperation
so
in the future.
in the
bales,
in
^
6, other items in the official banking
statistics made for a decrease of the total of idle
ended Nov.
reserves
of member banks over legal
ing
The actual
The
our
gold addition
was
$82,000,000, rais¬
total monetary holdings to $21,581,000,000.
principal offset was supplied by the currency
circulation
item, which jumped $120,000,000 to a
fresh record at
vance
has been
months
that
authorities
The currency ad¬
persistent and so extensive in recent
inquiry by the Federal Reserve
$8,385,000,000.
so
an
seems
well merited.
Liquidation of
open
securities was con¬
tinued in the week to Nov. 6, which also contributed
to the decline of member bank reserves.
It appears,
market
prospect
large variations as the currently
000
drop
have
no
of the
demand side
effective inquiry for
statement of New
recorded $200,000,The
immediate significance.
credit picture reflects further
accommodation.
The condition
York City weekly reporting mem¬
ber banks shows an increase
of business loans by $16,-
were
on
security
collateral
up
$36,000,000
to
Ginnings up
the open
portfolio amounted to $5,500,000 in the
Disposal of Treasury obligations from
market
to Nov.
1 amounted to 9,083,626
running bales, compared with
the
to
1929
13,547,000 bales.
was
same
date last year.
current harvest is the reason
ginned this year.
10,079,112 bales up
The lateness of the
for the smaller amount
However, during October gin¬
nings were evidently at a rapid rate, for up until
the first of the month only 3,924,094 bales had been
ginned compared with
6,682,066 bales in the same
period of 1939.
.■■■
The outlook for the
year
month, exports
Nov. 1 aggregating no more
304,842 bales, compared with 1,759,295 bales
in the
in
':
disappearance of cotton this
has not improved in the past
for the season up to
same
period of 1939.
As anticipated, domes¬
consumption was at a record rate for the month
September, as it was also in August. Figures for
are not available yet, but probably domes¬
October
tic
mills
continued to consume on a large scale.
Therefore, the recently forecast domestic
ance
of
disappear¬
8,000,000 bales this season seems, so far,
Unfortunately, the outlook
unchanged, and so far
shipments have been at a rate considerably under
likely to materialize.
for
exports also remains
2,000,000 bales a year.
.
The New York Stock
Market
RAPID and the New changes took place with
erratic York Stock market, this
week
$326,000,000.
make any
Last year 11,817,000 bales
anyone.
produced, and the yearly average from
1938
to
000,000 to $1,843,000,000, in the weekly period to
Nov. 6. The same banks report loans to brokers and
dealers
to
difference
tic
that
such
includes 11,211,015
amounts to roughly 24,000,000
bales, the upward revision is not likely to
payments on Nov. 1, while non-member deposits
also were heavier.
Some of these influences are
tax
carried over,
bales
than
of idle credit is so great that even
slight reduction instead of
However, considering that the total
increase.
finally, that Treasury deposits with the 12 Federal
Reserve banks advanced because of social security
the aggregate
The trade received a
calcu¬
month earlier.
lators had looked for a
holdings of Treasury
highly temporary, of course, and it remains true
a
surprise from the estimate, as private
minor
requirements declined $200,000,000 to $6,730,000,000.
12,847,000
106,000 bales: more than were considered
or
supply available this year, which
ALTHOUGH monetary gold stocks of the country
again advanced sharply in the weekly period
Excess
was
based on Nov. 1 conditions, to
report,
an
Federal Reserve Bank Statement
credit.
THE Government's estimate of cotton yesterday's
United States
raised in production
on
the election on
fluence.
Tuesday naturally the dominant
The market was
in¬
hesitant on the eve of the
2698
The Commercial & Financial Chronicle
balloting, but hopeful that the New Deal and
its
absurdities and extravagances would suffer defeat,
When
it
gained
a
kets
appeared
that President
Roosevelt
majority of the votes, the financial
reopened Wednesday
on
a
note.
sour
had
mar-
But
a
sharp advance developed Thursday, on blunt statements
by Secretary of the Treasury Henry Morgen
than Jr. that
Federal
the
ordinary legal debt limit of the
Government should
be raised
000,000 to $20,000,000,000 to take
requirements until the end of the
This
foreshadowing of
by $15,000,of
care
deficit
next fiscal year,
increasing deficits, with
inflationary implications, caused a small buy-
their
ing rush in the stock market, prices advancing one
eight points in the single session. Profit-taking
followed
yesterday,
prevail.
The net result of all this for the week
an
as a more
sober view began to
irregular advance in most sections
of the
tion.
five
points above prices prevalent
Kail
issues
stocks
were
a
fractionally better.
improved
little, but
a
week earlier,
equities
were
this
industry.
New York Stock
the
Exchange was considerably above
1,000,000-share level in all the full sessions, and
exceeded
market
the
2,000,000-share figure in the excited
have much
of
more
advancing levels
when
Mr. Roosevelt
lots.
result
which took
considered
the
a
in direct contrast
was
gained
a
majority of the bal-
was
rejoicing
over
the
component in the quick upswing
place Thursday.
Fear of inflation
was
by all competent observers to have been
gains and
election
part.
the
sharp fall
the two previous occasions
principal factor in that price gain.
ness
the
on
Nor, obviously enough,
election
obviously
significance than those before
It deserves to be noted that the
quotations, Wednesday,
with
a
release of action
results
became
Disappointment
velt to power
over
known
But busi-
withheld until
also
played
a
the return of Mr. Roose-
for still another four years, in viola-
tion of all sound
followed
was
The
political traditions of the country,
by cool appraisals of the situation,
Europe received more attention, and
anxiety increased regarding the greater possibility
of formal
States.
kets
or
informal
passed, the marbegan yesterday to settle down to the realiza-
tion that aims and
eight
is'hardly
^
participation by the United
After the first reactions
the last
a
policies which have prevailed for
years are to continue.
pleasing
Exchange, after the
known.
There is
of United States
That prospect
one.
on
the New York
election results became
no
paradox in a sharp upswing
Treasury obligations and New York
City 3% bonds, for Mr. Morgenthau also
precipithat advance.
He
declared, Thursday, that
tated
the Administration will
push its program for termi-
nating tax exemption
future issues of Federal,
State and
municipal securities. This was a virtual
on
signal to the market that
tration
New
the
staples
York
Stock
and
Exchange
high levels for the
new
low levels.
new
and nine stocks touched
success
plan would result in
a
of the Adminis-
dual market for the
currently outstanding and exempt issues, and the
future taxable issues.
Since taxation is
mounting
rapidly under the New Deal, the exemption enjoyed
by the outstanding bonds would become an ever
base
Call loans
stocks
On the New York
high levels
new
low levels,
new
the New York Stock
on
89
while eight
year
Exchange
re-
Exchange the sales
on
rnained unchanged at 1%.
On the New York
Saturday
Stock
466,860 shares;
were
shares; (Tuesday
Thursday,
Monday, 1,243,280
Election Day and a holiday
was
the Exchange); on
on
Wednesday, 1,209,320 shares;
shares, and on Friday,
2,078,770
1,750,930 shares.
On the New York
Saturday
Curb
Exchange the sales
80,055 shares;
were
on
Monday, 226,470
Wednesday, 252,970 shares; on Thursday,
264,595 shares, and on Friday, 270,735 shares,
shares;
on
on
market on
Saturday of last week reirregularly higher movements on a good
fleeted
volume of sales.
ers
This was to be
expected, as tradpreferred to cut their commitments in view of
the election
of
this
up
the
on
values.
situation
election
following Tuesday.
little
In the face
incentive prevailed
to bid
On Monday war stocks succumbed to
uncertainties and
sold
lower in the morning hours.
one
to
two
Sales turnover
points
on
the
day expanded beyond the million share mark, with
public utilities well represented. Commonwealth &
Southern
Willkie,
Corp., formerly headed by Wendell L.
Republican presidential candidate,
% of a point on the day, being the heavi-
the
moved up
est traded issue.
Recovery in
war
stocks took place
in the afternoon and by the final hour former losses
among
heavy industrial issues
market closed mixed.
day from
were
erased, and the
Stocks reacted
on
dential election
Wednes-
five points following the presi-
to
one
on
Tuesday, which proved
a
great
disappointment to Wall Street.
Lower-priced util-
ity shares
liquidation struck
were
hardest hit
the market.
Selling
bought
a
over
was
as
largely restricted to stocks
three-week period, their possibilities
hinging in the main
Commonwealth &
Listed bonds also advanced
Stock
Agricultural
in
war
com¬
The stock
Market performances after the election
event.
The
same course as the
firm.
were
stocks touched
Thursday.
on
irregular, with
were
Curb Exchange 45 stocks touched
the
on
structure
Foreign exchange dealings
dull, with the continued inflow of gold the
On
on
Trading
section.
touched
down,
owing to the notorious opposition of the Roosevelt
Administration to
price
1940
principal indicator.
on
were
Foreign dollar bonds
metals alike
Some utility
others
the
modity markets took much the
ties
market.
Steel, airplane, motor and similar influstrial stocks closed yesterday in a
range one to
and
of the Latin Americans in favor.
some
was
equi-
feature,
9,
promptly began to reflect that possibility. Speculative bonds of most types also were marked
higher,
obviously in response to apprehensions of infla-
ever
to
valuable
more
Nov.
on
the outcome of the election,
Southern
Corp.
full
one
at the close of the session.
industrial
more
group
recover
was
one
Stocks in the
or
sharply thereafter and
under fresh liquidation.
time the market
At closing
somewhat steadier and lower,
Prices bounded forward
eight points
% point to
suffered early losses of two
points, only to
then give way
the day had
on
successive losses which ranged from
on
Thursday from two to
the strength of the Secretary of the
Treasury's announcement with regard to raising the
debt limit
on
beyond previous expectations.
flationary tendencies inherent in such
a
The in-
procedure
caused sales turnover for the
day to expand beyond
2,000,000 shares, the heaviest since May of this year,
In early trading prices moved ahead on 4echnical
grounds growing out of the setback suffered by the
Volume
market
The Commercial &
i5J
on
American Smelting & Refining at 46 against 43%,
and Phelps Dodge at 34% against 34.
In the aviation group, Curtiss-Wright closed yesterday at 9% against 8% on Friday of last week;
As soon as the news spread
Wednesday.
limit,
stocks rose sharply and steel issues were signaled
out for major attention.
Automotive shares, electrical equipment and copper stocks also enjoyed
wide gains.
The close ruled strong and higher.
Profit-taking yesterday worked as a control to
check undue expansion in the price level.
Industrial issues, in the main, came in for fractional adjustment of values, while moderate gains ruled
among those stocks that had little or no difficulty
in making headway the day before.
Closing time
found the general market irregularly higher.
A
comparison of closing prices yesterday with final
quotations on Friday of last week reveals an irreguconcerning the Nation's proposed new debt
Boeing Aircraft at 17% against 17%, and Douglas
Aircraft at 84% against 99.
Trade and industrial reports this week suggested
still further gains in business, which is quite natural
in view of the immense outpouring of British and
larly higher trend.
General Electric closed
35%
yesterday at 34% against
Friday of last week; Consolidated Edison
on
25% against 26%; Columbia Gas &
Co. of N. Y. at
Electric at
5% against 6%; Public Service of N. J.
54%
78% against
79%; Montgomery Ward & Co. at 40% against
38%; Wool worth at 35% against 353^, and Amer32% against 34; International Harvester at
at
against 53%; Sears, Roebuck & Co. at
ican Tel. & Tel. at 167
21%
at
against 165%.
closed yesterday at
Western Union
21% against
Dye
Friday of last week; Allied Chemical &
on
against 171; E. I. du Pont de Nemours at
173
14%
169% against 170; National Cash Register at
National Dairy Products at 14
against 13%; National Biscuit at 18% against 18%;
Texas Gulf Sulphur at 36% against 35; Loft, Inc.,
13%;
against
at 21
Kodak
Eastman
Standard Brands at
against
13%
6% against 7; Westinghouse
Schenley
13%;
10%,
against
and
National
xi.
the
closed
i
Dry at
Distillers at 10%
Distillers at 21%
~
against 201/
In
at
Mfg. at 108% against 107; Canada
Elec. &
t
40% against
141% against 136%;
against 20%; Continental Can at
39%;
i„
rubber
group,
c
m-
,
i.i.
t.
Goodyear Tire & Rubber
yesterday at 18% against 18 on Friday of
,
.
T"»
/*,
"T,
.
,
..
,,
.
.
.
week; B. ^ Goodrich at 14 against 133-4,
United States Rubber at 23 against 22%.
last
,
.
„
,
.
Fractional advances characterized
,
and
railroad stocks
Pennsylvania RR. closed yester¬
day at 24% against 24 on Friday of last week; Atchison Topeka & Santa Fe at 18 against 17%; New
York Central at 15% against 15%; Union Pacific
the
at
week, and 2,536,765,000 kwh. in the similar week of
last year- Car loadings of revenue freight in the
week ended Nov. 2 were reported by the Association
of American Railroads at 794,797 cars, a decrease of
42,854 cars from the previous week, and a decrease
°4 6,311 cars from the similar week of 1939.
As indicating the course of the commodity markets, the December option for wheat in Chicago
closed yesterday at 87%c. against 84c. the close on
Friday of last week. December corn closed yesterday at 62%c- agalnst 59%c- the close on Friday of
4as4 week. December oats at Chicago closed yesterday at 36%c. against 34%c. the close on Friday of
last week.
.
_
Pric® 4or cotton here m New York closed
yes4erday at 9.87c. against 9.57c. the close on Fnday of last week. The spot price for rubber closed
yesterday at 20.67c. against 20.50c. the close on
Friday of last week" Domestic copper closed yesterday at 12c., the close on Friday of last week,
In London the price of bar silver closed yesterday
at 23 3/16 pence per ounce against 23% pence per
_
ounce
spot sil't UZL the
the close on Friday of last week, and
J.
Testerdav
v,er in Kew *ork dosed yesterday at ,54/4c., tne
close on Friday of last week,
' £
.
exchanaes cable transIn the matter oi toreign excnanges came trans
fers on London closed yesterday at $4.04 against
|4M the clogc on Priday
of last week.
present week.
83%
82%;
against
Southern Pacific at 9%
against 9; Southern Railway at 13% against
and Northern Pacific at 7% against 7%.
Steel stocks made
United
States
13%,
further improvement this week,
closed
Steel
yesterday
at
73%
week; Crucible Steel
at 44% against 32%; Bethlehem
Steel at 89%
against 88%, and Youngstown Sheet & Tube at 43%
against 69% on Friday of last
against 41%.
In the motor group,
General Motors closed yester-
51 on Friday of last week; Chrys82% against 83%; Packard at 3% against
day at 53 against
ler
American Government funds for armaments. Steel
operations in the week ending today were estimated
by American Iron and Steel Institute at 96.0% of
capacity, against 95.7% last week, 94.2% a month
ago, and 92.5% at this time last year. Production
of electric power for the week ended Nov. 2 was reported by Edison Electric Institute at 2,734,402,000
kwh., against 2,711,282,000 kwh. in the previous
.
,
,
2699
Financial Chronicle
at
3%; Studebaker at
tors at
8% against 8%, and Hupp Mo-
% against %.
Among the oil
stocks, Standard Oil of N. J. closed
yesterday at 35% against 34% on Friday of
week; Shell Union Oil at 10% against 10%,
Atlantic Refining at 23% against 23%.
Among the copper
and
stocks, Anaconda Copper closed
yesterdav at 27 against
last
25% on Friday of last week;
European Stock Markets
n*IRM markets prevailed all this week on stock
F * exchanges in leading European financial cen-
varying reasons apparently motivated the
advances in the different countries. The London
Stock Exchange was fairly active, with gilt-edged
stocks in demand as Nov. 1 interest payments were
reinvested. After the American election returns be-
ters, but
came
known, securities of all
kinds improved at Lon-
Toward the end of the week, however, a little
profitutaking developed. The most active of the
European markets was the Amsterdam exchange,
where obvious reactions to fears of inflation were
observable. "Huge accumulated buying orders ereated rises of as much as 25 points at the opening of
today's Bourse," the Amsterdam correspondent of
the New York "Times" reported on Monday. The
market turned nervous later in the day and not all of
the gains were retained. But in later sessions startling advances again took place in stocks, while bonds
don.
weak. In consequence
fancy prices begin to prevail
were
cially in Netherlands East
of the long advance,
at Amsterdam, espe-
Indies issues and similar
2700
Commercial
*'"e
external securities.
The Berlin Boerse
was
d
financial Chronicle
dull in
Nov.
American countries for the
most sessions of the
use
of bases
9,
1940
by the United
week, with modest improvement
reported during the mid-week periods.
There are
States in exchange for reciprocal
permission whereunder the Latin Americans may use the
occasional intimations that
American bases in British possessions.
being kept
for the
projected
strict official watch is
a
the Boerse, which probably accounts
on
Foreign Views
apathy.
American Defense and
FOREIGN interest inthan at
our American election was
greater this
time since 1916,
Foreign Policy
year
with the
any
NOW that theRoosevelt's over and is assured, the
election is policies continuance of
President
little indicative of the trends set in motion
country presumably will be able to make speedier
with the extraordinary defense program.
of course,
progress
Much is
lacking in this connection and
ficiencies
made good the quixotic thrusts
by Mr.
are
Roosevelt
until the de¬
at
foreign windmills must continue to
profound perturbation.
Many Washington
arouse
observers have contended in recent weeks that Ameri¬
official activities with
respect to the
can
and Asiatic
European
would be intensified in the event of
wars
the re-election of Mr. Roosevelt.
by the President
ances
Campaign assur¬
decidedly pacific, but it
were
is not certain that the issue of
war
or
peace
solely in the hands of the Administration
will rest
if warlike
aid is increased to
one set of
participants in the con¬
Immediately after the election results be¬
known, it was rumored in Washington that a
flicts.
came
still stronger
policy might be adopted than
cated by the transfer of 50 American
was
indi¬
destroyers to
Britain in exchange for
ern
military bases in British West¬
Hemisphere possessions.
Secretary of State Cor-
dell Hull
in the election returns
saw
approval for the
foreign policies of the Administration and the "firm
continuance"
of
those
policies
was
promised.
But
Mr. Hull
neglected to note that the apparent public
confidence in the ability of the Administration to
refrain from all-out
policies
are
participation in
if present
strengthened, is not shared by
informed commentators
Of
war,
particular
on
interest
many
international affairs.
indications
are
that
varying hopes and anxieties
dent Roosevelt.
made
was
the
United States Navy over the last week-end assumed
the hope
plain in advance of the balloting that Mr.
Roosevelt would continue in
of
both
with
the
countries
United States with
a
warships. A number of American destroyers
proceeded to the French possessions under sealed
Beam is
can
Martinique the French aircraft
stationed, reputedly with close to 100
airplanes
on
board which
when France fell last June.
some
carrier
Ameri¬
being transported
It is also rumored that
$200,000,000 of French gold is stored
island.
at the
British vessels maintained
a
watch, with the
preventing the gold and the airplanes
obvious aim of
from
were
falling into German hands.
When officials of
the
Vichy regime conferred with German
spokesmen,
late last month, the
question of a possible transfer of
French territory to
Germany properly was considered
in
Washington, and
Vichy.
were
exchanges developed with
some
claimed
now
In reply to American
representations, which
public textually, the French Govern¬
Department in
Monday to have assured our State
vigorous manner than Franco-Ger¬
a
negotiations
carried
transfers in the Western
the communication
that
Mr.
Hull
was
at
threat
Hemisphere.
of
territorial
The text of
withheld, but it is significant
minimized
Martinique incident
no
the
importance of the
a press
conference, Tuesday.
Bermuda dispatches
state, meanwhile, that American
defense surveys finally have been
started of the base
which is to be constructed
by the United States in
islands.
It is rumored in
Washington that
those
agreements
are
being arranged with almost
some
electoral
to
at
in
on
the
alarm, owing to the drift
be
observers in those
some
in
it
war,
result
evidence.
In
all
the
that
conceded
was
the
Presidential election result would not
ican
change Amer¬
But Great Britain and China seemed
policies.
to fear
period of uncertainty and inaction in the
a
event of
the defeat of Mr.
Roosevelt.
They hoped
for his reelection in the
expressed belief that aid for
their embattled
event.
peoples would be hastened in that
The Rome-Berlin Axis
press made much of
the direct and indirect aid
United
States to
already extended by the
Great Britain.
The
tone of the
comment from
any
is
and all of the warring countries
important only as an indication of the impression
being created abroad at
most critical moment of
a
history.
The British press made
before
the
election
took
amply clear the opinion,
place, that the United
Kingdom could not "lose" in
ant
the
election, since both
in favor of all
were
"short of war."
all Latin
Republican aspir¬
possible aid to Great Britain
On the basis of
speed in
help from
America the reelection of Mr. Roosevelt nevertheless
was
welcomed
sult
quite frankly
tide is
heartily in London circles.
considered
was
a
In China the election returns
jubilantly, owing to6 a belief that
against
Japan
ditionally.
would
continue
and
affected
American acts
a
to
press,
dresses in
and
any
develop
press
over
ad¬
made
ex¬
the week¬
allegedly unneutral
European affairs.
similarly under the thumb
ment, sharply criticized
tone.
en¬
greeted
program that will result in active
armed intervention in
man
re¬
strong policy
a
policy
in
see
were
and
The controlled Italian
tensive references to American
end,
The
sign that "the
setting against tyranny and will finally
gulf it."
not made
ment was said last
man
the
participation which
countries
presses
satisfaction
Germany, Italy and Japan,
viewed
countries
office, and the
expressed profound
the outcome.
contrary,
toward
comment,
but in Great Britain and China
British
At
little official
was
a
by Presi¬
the Democratic incumbent and the
patrol task off Martinique and Guadelupe, in the
French West Indies, which
formerly was performed by
orders.
There
than
more
the United
govern¬
of the campaign ad¬
some
States
The Ger¬
of
as
interventionist in
After the results became known the
German
Italian "unofficial" spokesmen had
importance
to
add
to
the
French people were reported in
nothing of
comments.
The
Vichy dispatches to
be
keenly interested in the American election, but
Vichy Government spokesmen disclaimed any con¬
cern
over
the
outcome.
tries the results
were
In
viewed
Latin
as
American
coun¬
the prelude to still
greater inter-American cooperation and
solidarity.
Battle of Britain
AERIAL and shipping attacks loomed
alternately
a*
as the
principal factors in the great struggle
between Great Britain and the German-Italian
bination, this week.
The
war was continued
com¬
along
Volume
The Commercial & Financial
151
the dreadful lines that have
German air force
British cities
conditions
in
than
more
now
ever
than two months ago.
since the
summer
attacks
Weather
interfering with the raids more
are
the late
British
prevailed
began to lash at London and other
and
German
on
early autumn, and
likewise
cities
are
The respites never last long,
hampered at times.
Several additional claims of last
The German
tion.
ment
of
lines
the
on
occasional bits of evidence suggest
doubtless is
determined
be
that the Reich
running short of many important and
But the Germans now seem
strategic materials.
too
Blockade re¬
currently established.
principal weapon of Great Britain, and
turn
to
the
blockade weapon
against the United Kingdom, for shipping losses
have been
on
the
increase, according to London re¬
ports, which concede only a portion of the damage
claimed
Intensified submarine attacks
accounting for British and
by Berlin.
and German bombers are
neutral
ship losses
London
in
mitted
exceeds the admitted
appeared in the Atlantic,
raiders
armed
German
represent a serious menace.
is
losses, but it is plain that the
becoming serious, even when replace¬
building and the British acquisition of Nor¬
wegian, Danish, Netherlands and Belgian vessels
taken
is
German
make
matters
pocket battleship had ranged into the At¬
lantic, where
a
said to be
was
To
consideration.
into
wireless reports indicated Tuesday that a
worse,
of British merchant ships
convoy
attack.
under
These convoys are
usually guarded in mid-Atlantic only by auxiliary
cruisers, which hardly would be a match for the
German
The British ship Rangitiki, of
battleship.
16,698 tons,
was
believed to be the principal victim.
German
spokesmen claimed yesterday that nearly a
of
ships, totaling 86,000 tons, went down under
score
the
attack.;S;.
Prime Minister Winston Churcjhill made his usual
scale that is officially ad¬
011 a
to
High Command issued a state¬
British, "allied" and neutral shipping had been
in the course of the war.
This figure far
ment
mains the
made
sunk
"Invasion
weather" now is regarded as over for the winter,
and Great Britain is settling down to a long fight
intensified bombings.
were
Wednesday to the effect that 7,162,200 tons
on
situation
more
Monday
by the Germans, .but remained without confirma¬
however, and they appear to be followed almost in¬
variably by
2701
Chronicle
Tuesday report to the House of Commons on the
of the war,
course
and he used the occasion to em¬
intercepted convoy of merchant
phasize the menace of the German submarine war¬
ships from Canada probably suffered heavy losses.
fare, which he frankly admitted is becoming more
serious even than the German aerial attacks.
In
this
week, and
The aerial
not
an
pounding of London was intermittent,
only because of weather conditions, but also be¬
the Germans at times concentrated on other
cause
British
iast
London suffered severely over the
points.
week-end, but experienced a few relatively quiet
Intensified action was re¬
days early this week.
sumed
by the Nazis over London on Wednesday
evening, and the night was made hideous by inces¬
sant
droning of the airplane motors and the steady
Scattered daytime at¬
the British capital.
Brit¬
"crump" of falling bombs.
tacks also
were
made
ish fliers found
on
targets this week in Berlin, Ham¬
burg and other leading German cities, with especial
attention
reputedly paid to German oil works and
other industrial and
German sources
military sites.
declared that 50 British bombers have been appear¬
ing daily over the Reich, on the average, but the
claim
was
caused
that
made
only
modest
damage was
The disparity of claimed
by the attacks.
adversary airplane losses and admitted home losses
was
somewhat
within
more
reason.
pronounced this week, but still
London
spokesmen
claimed last
Saturday that German aerial losses run to more
than three times the British losses.
sion
no
Although inva¬
longer is regarded as likely in the near
future, the British air force continued
the so-called "invasion
ports"
on
to attack
occasion, presum¬
ably to prevent the construction of facilities that
useful next spring.
the Mediterranean the British
force
in
fidence
Egypt likewise provides reason
as
to that theater of
cities of Great
prove
Britain
the German aerial
still
the
are
admitted
The
standing, despite
attacks, which Mr. Churchill dis¬
14,000 civilians and
"Very little damage"
wounding of 20,000 more.
was
for con¬
conflict, he said.
closed have caused the deaths of
by the Prime Minister to the British
airplane and munitions industry, although a "cer¬
tain amount of time" was lost by reason of air¬
raid
"More serious than the air-raiding
of U-boat sinkings
warnings.
has been the recent recrudescence
the
in
Atlantic
Churchill
added.
approaches to our islands,"
Although
Mr.
the total tonnage is
virtually undiminished, longer ship runs, zigzagging,
the
marshaling of convoys and port congestion have
combined to make it less
In this connection he
the western
fruitful, he pointed out.
deplored the fact tMht ports on
coast of the Irish Free State are not
available to the British
Navy for defense against
the German submarines.
Several Members of Par¬
liament
urged in the subsequent debate a modifica¬
tion of Irish
neutrality.
de Valera declared on
But Prime Minister Eamon
Thursday, in Dublin, that Ire¬
land would remain neutral
and would refuse to hand
ports for the use of the British Navy.
over
The great Nether¬
might
lands
position is better than
expected last summer, and a growing British
wras
/
city of Amsterdam suffered a severe aerial
attack late last week,
deep into Italy.
and British bombers ranged
Rome complained about British
flights over Swiss territory, and the Swiss authori¬
ties
finally ordered nightly "black-outs."
That
shipping losses
are
assuming threatening
proportions has been evident for some weeks, and
all the evidence now points to heightened Nazi
activities in this sphere.
Berlin claimed early on
Monday the sinking through action by a single sub¬
marine of the British armed merchant cruisers Lau-
rentic, of 18,724 tons, and Patroclus, of 11,314 tons.
London admitted these losses later the same day.
Mediterranean Warfare
HEIGHTENED activity wras noted almost daily,
week, in the unprovoked war which Italy
this
forced
upon
Greece, and all the indications now
point to a battle to the finish.
the
initiative in
their
a
own
Greek forces took
the extreme northwest
degree that the Albanian town
of
such
of Koritza was
Thursday
push" in the Epirus
of Greece, which is approximately parallel
endangered.
what appears
region
corner
territory, forcing the Italians back to
But the Italians began on
to be their "big
with the southern
frontier of Albania.
possibly crucial phase of the war
Another and
for control of the
-
The Commercial & Financial Chronicle
2702
Mediterranean
thus
began
to
into
move
active
activity in connection with the developing
tween Greece and
tense efforts
induce
to
ment to
but not
the
on
from
made
were
clear that in:
seems
base for Axis
a
unmixed
gain for Great Britain,
a
Turkey decided definitely,
apparent basis of Russian advice, to refrain
aiding Greece, notwithstanding
initment to stand with the attacked
of
event
Greece
assault
an
country,
assistance is
from
com-
British
aid to
though
doubtless
all
reasonable
being given in the circumstances.
prospects are thus for
Greek
Italy.
firm
a
country in the
inadequate for the full defense of the
seems
small
ish forces
forces
and
ing to available indications.
have
But British aerial at-
bearing
some
the
on
new
struggle.
Athens
near
were
question finally
be faced whether Rome
is to be spared.
Financial assistance of £5,000,000
extended to Greece by the British Government,
was
Wednesday.
The German authorities ordered their
nationals to return
own
from
Greece, Thursday,
which suggests that Axis hopes have been abandoned
for
"settlement" of the conflict short of all-out
a
The
war. /
The
relatively
powerful
more
Egyptian soil between Italian and
war on
British forces remained indecisive, this week, with
opponents, who face the disabilities of bad terrain,
both sides apparently relying
than
by the British Navy.
It
idle, in these circumstances, to look for
seems
an
early
decision.
The
picturesque
in
dressed
in
short
far
the
Greek
kirtles,
northwest
"Evzones"
were
of
corner
tactics
of
battalions,
thrown into
Accustomed to
fighting, the Evzones
appar-
ently took the Italians by surprise, for they
tured several small
villages
on
battle
Greece, and they
proved their mettle immediately.
mountain
recap-
Greek soil last Sun-
more
airplanes
on
land troops, for the time being.
on
ish reported
victory in
a
The Brit-
aerial battle
an
over
coastal
Rome reports early this week stated
zone.
that Italian airplanes had attacked successfully a
British motor
in the Sudan.
caravan
The lack of
real activity in this East African conflict possibly
is
one
reason
Greece.
for the Italian decision to attack
Supply
problems
of
the
Fascist
forces
necessarily must be acute, in view of the British hold
on
territory occupied by the Italians.
terranean struggle did not change, this week.
neighboring Yugoslavia indicated
that the Greek forces
miles
into
selves
on
for
Reports from
were
able to penetrate some 10
Albania, where they established them-
the
heights
near
operations in that
Koritza, the Italian base
British and Greek air
area.
forces aided in these maneuvers,
with the Italians
offering but little aerial opposition at first.
the
battle
progressed
forces into the
came
more
the Italians
The
Greece because of this
The
began
was
a
battle
fought in the future.
Thursday, which
on
campaigns
are to
may
Greek
High Command admitted that
near
treat
somewhat
de-
over
be fought. The
forces
the Ionian
the mountain
Sea had been forced to
by the advancing Italians.
claimed that the Kalamas River had
been
re-
Rome
crossed
by the Fascists, and the way thus opened for a
major drive. In London, where all the claims and
reports
observed anxiously, the opinion prevailed yesterday that the
principal Italian thrust
now
is
were
developing, with
a
Greek withdrawal in the
north
likely if the Italians continue
Once
again, sizable squadrons of Greek
airplanes
advance.
land
in
were
this
their
march,
and British
used in the effort to stem the Italian
But there
was
support, which may
It
no
indication of British
prove to be a vital matter
announced in
London, last
Saturday, that British forces had landed on Greek
war.
was
soil to aid the defense of the
Italian convoy had been
It appears, in
general, that the Italian Navy is sticking close to
Eastern Europe
'"PENSION
1
week,
was
as
great
in
Eastern
Europe, this
the few nations that
are
not
corn-
pietely servile to the Berlin-Rome Axis debated the
cide the fate of Central Greece and the terrain
which the eventual
an
optimism occasioned in
quickly demonstrated, for the Italians
severe
submarine attacking
sunk by a Fascist undersea craft.
port and thus is avoiding any showdown with the
appropriateness of the official Greek word of
caution
ships circulated from time to time, but they gained
confirmation. Rome asserted that an "enemy"
no
success
still to be
Ru-
of large battles between British and Italian
mors
powerful British naval units known to be operating
in what Mussolini claims to be his sea.
drew a warning from
regime headed by Premier John Metaxas, Monday, in the form of a brief statement that the main
were
The naval aspect of the Medi-
As
the
battles
the Mediterranean.
greater
threw
lines, and Fascist airplanes also be-
numerous.
the
coastal town of Mersa Matruh, late last week, which
suggests apprehensions of an Italian advance in the
day, and promptly carried the battle to the Albanian
Athens and from
was
Points
bombed by the Italians, and the
appears to
long communications and unquestionable control of
the Mediterranean
Naples
bombed for the first time, late last week.
bitter fight between the
a
their
No Brit-
reported landed at Salonika, accord-
were
tacks against Italy were extended, and possibly will
operations with-
one.
the island of Crete, which is quite distant
on
from the immediate theater of operations.
by the Rome-Berlin Axis
fight it out is thus
an
be-
The decision of the Greek Govern-
struggle.
a
Italy, but it
war
place
capitulation by Athens which would
a
have made Greece
out
patches made it clear that the landing had taken
Little has been made known of diplomatic
stages.
Nov. 9, 1940
country, but later dis-
parts they are to play in the developing conflict,
The Italian attack on Greece moved into an active
phase, which threw the spotlight
slavia and
ently
Turkey.
on
destructive
elevate
portance.
Kremlin
also
to
versary
appar-
determined to wait out the end of the
are
conflict, possibly in the hope that both
Great Britain and the Reich will be
to
Russia, Yugo-
The Moscow authorities
Russia
to
Available
advised
seek
a
position
evidence
other
Eastern
refuge in inaction.
parade
so
of
weakened
military
suggests
as
iim-
that
the
European nations
The
of military might
usual
was
anni-
staged
in
Moscow, Thursday, and the usual comments
were
made that Russia stands
blow
any
ready to crush at
a
invader of the "holy" frontiers of the Com-
munist
State.
Yugoslavia
especially trying, since
found
success
its
problem
by the Italians in
their invasion of Greece would make that
country
island in a sea of Nazism and Fascism. The dif-
an
ficulties of the country
when
bombs
were intensified on Tuesday,
airplane squadrons dropped
the Yugoslavian town of Bitolj. The at-
several
on
Italian
Volume
tack
possibly
But
the
fleeted
of
Yugoslavia was re
by the unexpected resignation, Wednesday,
Minister, General Milan Neditch, who
said to favor
was
within
caused
firm stand
a
against Italy.
Central Banks
Discount Rates of Foreign
for it was not repeated.
was an error,
strain
the War
2703
The Commercial & Financial Chronicle
151
THEREdiscount noof
have been changes during the week in
the
of the foreign central
rates
banks.
Present
any
at
rates
the
leading centers
are
shown in the table which follows:
Turkey faced the most painful decision of the new
Jtalo-Greek war, owing to
Country
kara
with
Athens.
Date
8
Designed specifically for the
;
Rate
of
either country,
to meet any
Italian military adventure against
an
both Greece and Turkey had agreed
It was already evi¬
Turkey would remain inactive,
such threat jointly.
dent last week that
despite this agreement, and President Ismet Inonu
confirmed
decision.
the
Turkish failure to
that
indicated
He
the
spring to the aid of Greece was
It is fairly
due to advice from Moscow.
obvious,
however, that Berlin also had a hand in this matter,
for
the
about
Ambassador
German
Ankara
to
vious
Rate
2
2H
Hungary...
4
Aug. 15 1935
Mar. 11 1935
7
India
3
Nov. 28 1935
3*4
4*4
May
1930
4
Japan
3 29
Apr.
18 1936
7 1936
3.65
July
18 1933
5
Java
3
Jan.
14 1937
6
July
15 1939
Jan.
1 1936
3H
Morocco
6*4
May 28 1935
4*4
4
Jan.
2
3«
3H
Mar.
1
Belgium
2
Jan.
Bulgaria
Canada
2 H
Chile
3
Dec.
16
Colombia
4
3
Holland
6 1940
6
1936
...
Lithuania.
vakia
3
...
Italy
Czechoslo¬
*
Aug
4*4
5
4
>•
7
5
Norway
...
4*4
Sept
22 1939
4H
May 22 1940
5 Hi
Poland....
4*4
Dec
17 1937
5
Eire
3
June 30
1932
3«
Portugal...
4
Aug.
England...
2
Oct.
26 1939
3
Rumania
May
4*4
4*4
1935
5
3*4
3*4
May
11 1937
5 1938
15 1933
Mar
Danzig
Denmark.
_
1937
..
South Africa
4*4
EBtonia
4X
Oct.
1
Finland—.
4
Dec.
3 1934
4«
Spain
29 1939
5
France
2
Jan.
4 1939
2K
Sweden
3*4
May 17 1940
3
3H
Apr.
6 1940
4
Switzerland
1*4
Nov. 26 1930
2
6
Jan.
4
1937
7
Yugoslavia.
5
Feb.
Germany
..
Greece
•Not
-
•4
6*4
1 1935
officially confirmed.
scurried
The impression
given by the incident is that German-Italian influ¬
is
reaching
In the
Inonu
reaffirmed
Britain.
course
The
farther in Europe and the Near
ever
East.
of his address,
President Ismet
with Great
the Turkish alliance
speech was "heartily welcomed" in
London, dispatches said, but this can hardly be re¬
garded
Bank of
England Statement
increase
circulation
highest
on
OTHER than against China, few developmentsthe
Japanese continued military pressure by of
noted in the Far Eastern area, this
importance
were
week.
Japanese attack upon China apparently
The
French
These
the availability of bases in
Indo-China, for withdrawals from several
occupied
in southern China were indicated.
zones
suggest that a long-range program is
moves
of
as
was
made available
plan
was
advance of
£613,906,516,
the
was
£78,320 in gold holdings, reserves declined
Public deposits contracted £5,313,000
Other de¬
deposits gained £8,143,221.
229,101 and other accounts, which dropped £2,085,880.
The reserve ratio fell off to 20.6% from 22.0%
the previous
week;
a
a year ago
curities declined
32.0%. Govern¬
was
The latter consists of
£1,680,930.
which increased £103,942 and
discounts and advances,
securities, which fell off £1,784,872. No change was
made in the
Below we show the
previous years:
2% discount rate.
with comparisons for
various items
BANK OF ENGLAND'S
10-year
COMPARATIVE STATEMENT
Nov.
8
Nov.
6
Nov.
Nov. 10
Nov. 11
1937
9
1938
1939
1940
occupied Chinese
it
increased £6,370,000 while other se¬
ment securities
announced of Japanese economic integra¬
Tuesday, when
Manchukuo and
14,
As the circulation increase was attended by an
ago.
A similar indica¬
being developed by the invaders.
tion
tion with
Aug.
record, compared with £528,372,100 a year
posits comprise bankers' accounts, which rose £10,-
Far East
being adapted to
note
raised the total outstanding to £593,490,000. Note
£1,841,000.
than diplomatic courtesy.
as more
THE weekly statement datedof £1,919,000, which
in
circulation Nov. 6 showed an
while other
is
8
frantically, and there were rapid consulta¬
tions between Moscow and Berlin.
ence
Nov.
29 1939
Aug. 29 1935
Argentina,.
emergency
Pre¬
Date
Effective
Effect
Country
vious
Effective
Effect
Nov.
Rate in
Pre
Rate in
the firm alliance of An¬
1930
areas.
£
The tone of
Japanese comment suggests
a
complete
593,490.000 528.372.100 482,690.443 485.573 ,284 446,622,473
15,937,418 30.678 ,962 14,915.895
12,937.000 21.266.709
Circulation
Public deposits
of
reversal
the
attitude
belligerent
toward
the
107.658.187 143.336.220 145.001.863 127.003 ,172 139,627.226
90,908 990 98,040.567
118,232,846 101.859.318 109,497.834
35.504,029 30.094, 182 41.586.659
49.425,341 41,476.902
130.407,838 102.246,164 101.571,164 103,908, 165 80.433,337
Govt, securities.....
32.082.020 29.155 697 28.914.099
24,594,327 27,374.411
Other securities
Other deposits
Bankers' accounts.
United
States which
followed the agreement with
But this
the Rome-Berlin Axis.
down
will
as
be
only
can
safely be put
temporary change, which doubtless
a
succeeded
time
in
by fresh aggravations.
one
of the principal danger
The Far East remains
regions for involvement of the United
foreign
Indicative is
wars.
a
States in
Other
accounts...
Coin and bullion
United
the
This
cooperation in the Pacific among
States, Great Britain and Australia.
arrangement falls short of a formal commit¬
ment, but may nevertheless involve American use
of
the
The
British
base
at
Singapore, it
was
stated.
report is especially interesting in view of Presi¬
dent Roosevelt's
campaign assurances that
understandings of
any
no
secret
kind have been made with
20.6%
2%
to liabilities
Bank rate
...
168s.
Gold val. per fine oz_
London dispatch of
"agreement in principle" is reported to have been
as
were
Friday of last week, and 1 1-32%@1 1-16% for
as
Friday of last week.
Friday
was
1%.
26.9%
2%
40.70%
llHd. 84s.
11 Hd. 84s.
168s. 84s.
against 1 1-32%@1 1-16% on
Money
on
call at London
Y
2%
11 Hd.
THE statement revealed
quarter
October of the Bank for the last in note
expansion
of
an
835,942,000 marks, which raised the
circulation of
tot^l outstanding to 12,937,298,000 marks.
was
the
Note
13,026,452,000 marks, as of Aug. 31,
circulation of
highest
on
record;
819,504,000 marks.
a year ago
it
was
10,-
Bills of exchange and checks,
investments,
and other assets showed increases of
657,994,000
marks,
1,787,000
marks,
and
18,408,000 marks.
246,obliga¬
Gold and foreign
77,735,000
marks a year ago.
proportion of gold and foreign exchange to note
exchange fell off 62,000 marks to a total of
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%,
rates 1 short
three months' bills
27.9%
2%
20,280,270
62.951,165
1,128,195 327,706,541 327 935, 277 249,573,638
Bank of Germany Statement
tions declined
Foreign Money Rates
on
32.0%
2%
11.103,015
5.451,503
955,000 marks, while other daily maturing
foreign countries.
on
20.979.005
45.016.098
8,412, 836
20,742, 861
42,361, 993
8,627,829
21,922,908
52.756.095
Proportion of reserve
Thursday to the United Press, which states that an
reached for defense
3,100.603
21,493.724
37,310,000
801,258
Dlsct. & advances.
Securities
Reserve notes & coin
on
marks, compared with 76,869,000
The
circulation fell off to
vious
0.60% from 0.64% the
quarter; a year ago it was
furnish
the
various
previous years:
items
0.71%.
with
pre¬
Following we
comparisons
for
The Commercial & Financial Chronicle
2704
REICHSBANK'S COMPARATIVE STATEMENT
Nov.
Course of Sterling
1940
9,
Exchange
Changes
for Week
Oct.
Oct. 31. 1940
Reichsmarks
Reichsmarks
77,735.000
—62,000
Gold and fir exch.-..
31,
1939 Oct.
Reichsmarks
31,
1038
Reichsmarks
76,390,000
76,869,000
+657,994,000 13,069,489.000 9.358.249,000 7,543,000,000
Bills of exch. <fc checks.
Investments.........
+246,955.000
332.848.000
105.631,000
34.909,000
23.007.000
55.643,000 1.440,484.000
at
England for registered
Bank of
847,597,000
+7,787*000
Other assets.........
198,739,000
a29,809.000
a
Silver and other coin..
Advances
FREE approximately theaslevelssome weeks, by the
sterling is now, for established ruling
1,857,921.000 1.873,600.000 1,254,122,000
The available
or
supply of free sterling
official sterling.
with each passing
week and the business that could
be involved grows
correspondingly less.
Liabilities—
+835,942,000 12,937,298,000 10819,504,000 7.753,896,000
—18,408,000
1,609.805 000 1,520.044,000 1,040.455.000
400,026,000
a498,729,000
579,558,000
Notes in circulation...
Oth. dally matur.
Other
obllg
liabilities......
Propor. of gold & for'n
curr. to note circul'n
a
0.60%,
—0.04%
0.98%
0.71%
Figures as of Sept. 14, 1940.
registered
doubtless
Market
This condition must of necessity exist
a
a
on
rates
on
Tuesday kept transactions under even the small
Bankers' bills and
totals usual in these times.
mercial paper
in
The holiday
unchanged in all departments.
The Treasury
rates were unchanged.
Washington yesterday
sold
an
com¬
issue of $100,-
000,000 discount bills due in 92 days, under the
authority to borrow up to $4,000,000,000 for defense
armaments.
"roll-over"
were
In effect, this
uninfluenced
average
Awards
by the change of name, for the
discount was 0.0003%, computed on an an¬
nual bank
discount basis.
Stock
York
issue replaces the usual
ordinary discount bill flotation.
Call loans
on
the New
Exchange held to 1% for all transac¬
tions, while time loans again were 1%% for 60 and
90
days, and 1%% for four to six months' datings.
New York Money
between
this week has been
compared with
$4.04%,
and
$4.03%
a
between $4.02% and $4.04% last week.
range for cable transfers has been
between
of
range
The
as
week
a
a
of
range
ago.
New York, 4.02%-4.03%; Canada,
follows:
(Canada official 90.09e.-90.91c. per United
4.43-4.47
States
$4.04%
quoted by the Bank of England con¬
Official rates
tinue
compared with
$4.04%,
$4.03% and
between $4.03 and
dollar); Australia, 3.2150-3.2280; New Zealand,
American commercial bank rates for
3.2280-3.2442.
registered sterling continue at 4.02 buying and 4.04
selling.
London exchange is not
In
Italy,
York
nor on any
quoted
There is
German free
registered
a
Germany,
on
In New
of the invaded nations.
exchange is not quoted
tries.
Rates
arranged by both London and Washing¬
The range for free sterling
ton.
when
of hostilities,
close
relation between sterling and the
new
dollar will be
BUSINESS in the New York money market with
highly restricted basis this week, was
after the
time
some
Business in
official sterling is also greatly restricted
or
in volume.
for
New York Money
to dwindle
seems
on
the invaded
coun¬
nominal quotation for the so-called
gold mark around 40.05 and for the
or
around
mark
Italian
12.00.
lire
are
DEALING in detailfrom day toloan rates on the
with call day, 1%
the
Stock Exchange
nominally quoted at 5.05.
ruling quotation all through the week for both new
loans and renewals.
The market for time money
present foreign exchange situation, there can be no
Rates continued nominal at 1%%
question that the fiscal difficulties of Great Britain
was
continues
up
quiet.
to 90 days and 1 %% for four to six
turities.
The market for prime
has been moderately
has been in better
commercial
active this week.
Prime
ma¬
are
are
relation
to
the
increasing with accelerated speed.
be said that there
%@1% for all maturities.
the
The
plight.
same
more
case
reported by the Federal
York for bills up to and in¬
as
cluding 90 days are %% bid and 7-16% asked; for
bills running for four months, 9-16% bid and %%
asked; for five and six months, %% bid and 9-16%
asked.
The bill-buying rate of the New York
Reserve Bank is %% for bills running from 1 to 90
days.
::;C
V:...
.
rates
Government obligations are shown
in the footnote to the table.
The following is the
recent advances
on
schedule of rates
of paper at
now
in effect for the various classes
the different Reserve banks:
DISCOUNT
RATES
OF
FEDERAL
Date
Previous
Established
war
into 1943 might
be
can
no
amelioration of Great Britain's fiscal difficulties until
long after the close of hostilities.
For the present
and for the duration of the
war,
sterling must remain fixed and steady because of its
official
attachment
to
pound is restored to
recovery
There
a
the
dollar.
But
free basis, there
until
the
be
can
no
in the financial situation of most countries
are
can
be
no
reliable basis for inter¬
and trading facilities.
reliable figures upon
no
which to
com¬
pute the mounting adverse balance of Great Britain,
particularly that part of the abnormal balance arising
from
purchases devoted strictly to destruction which
improve the financial and trade
balance
can
The extent of Britain's adverse
only be foreshadowed by the rearmament
Rate
on
Nov. 8
which all
v
Rate in
Effect
upon
reasonably lead to the belief that there
cannot in any way
RESERVE BANKS
world,
Mr. Churchill's most recent
wealth of the country.
Federal Reserve Batik
of Great Britain is the
cipate the continuance of the
national exchange
rediscount
THERE have been of the Federal Reserve banks;
no changes this week in the
a
speech indicating that the British authorities anti¬
and therefore there
Discount Rates of the Federal Reserve Banks
are
appalling since London has been for so long the
chief financial center of the
supply of prime bills improved and the demand has
Reserve Bank of New
only
few minor countries in the world which are not in
THE marketsomewhat stronger this week. The
for prime bankers' acceptances
has been
Dealers' rates
Offsetting
paper
may
other countries relied.
good.
the
to
this, perhaps, it
Bankers' Acceptances
been
rather than
future
paper
supply and the demand has been
Ruling rates
strong.
months'
With
and other
Boston
1
Sept.
1. 1939
1
Aug. 27. 1937
IX
Philadelphia
IX
IX
Sept. 4. 1937
May 11. 1935
2
Cleveland
expenditures already incurred and in
war
IX
New York
2
IX
Aug
Aug
27. 1937
21, 1937
Aug. 21. 1937
2
Sept.
2, 1937
Aug. 24. 1937
2
Minneapolis
•IX
IX
Kansas City
•IX
Sept.
3. 1937
2
Dallas
•IX
Aug. 31. 1937
Sept. 3. 1937
2
Richmond
Atlanta
Chicago
St. Louis..
San Francisco
♦
IX
2
2
2
1%, effective Sept. 1,193
Chicago; Sept. 16. 1939, Atlanta. Kansas City and Dallas; Sept. 21. 1939. St Lout
Advances on Government obligations bear a rate of
Such
the United States
2
*\x
•IX
contemplation.
days
the
ago, to
war,
up
a
figure
as
that given out by
Department of Commerce
the effect that during the first
to
Sept.
1,
a
few
year
of
1940, the United States
supplied $1,740,000,000 in exports to the countries
of the British
Empire, affords little indication of the
true extent of Britain's
import balance.
Volume
The
The Commercial & Financial
151
plans of England, the world's greatest
new
shipbuilding country, for building freight carriers in
large quantities
the
this side
on
The law of the balance of
balance.
trade that every importation
of
when it takes the form
regular current necessarily provokes and deter¬
a
mines
corresponding exportation, and conversely,
a
country is watching, as well as it is
words
fact that
circulation is
taxation, and
and
States stocks and bonds of British nationals
liquidated to
market
London
which
tremely
any
short while
a
ago
money
bills
opinion.
and
Dominions
Commonwealths is
reaching this side
stantly
through
its
and
so
are
hardly
week between
of
fidence is
this confidence,
of the Bank of
London
and
Montreal funds ranged during the
on
GOLD
,
Nov. 5 stated that the re¬
found reflec¬
up
many
there
a
forward loans for early delivery
ary
maturity.
There
was no
advances from non-clearing
and
as
late
as
On Nov. 6 the "London
ago
stock prices were
78.9
on
79.9
on
a
Referring
York.
for
season
excitable
circulation
might be expected to advance. For several weeks
notes have been returning to the Bank of England.
Circulation reached a
record high
on
Aug. 14 of
£613,906,516 but had receded in the Oct. 30 state¬
£591,571,000. This compares with £527,-
ment to
day-to-day rates free sterling on
was
On Wednesday
bankers'
the
range was
$4.0334@$4.04
sight and $4.0334@$4.0434 for cable
On Thursday bankers' sight was $4.0334
On
bankers'
sight and $4.03%@$4.0434 for cable transfers.
Closing quotations on Friday were $4.0334 for de¬
the part of the general public to have
in their actual possession, and it was
when under normal conditions
increased
Friday the range was $4.0334@$4.0434 for
eagerness on
the
at the Federal Reserve banks was
Oct. 30 by $19,391,707 to $1,773,600,190.
@$4.0434; cable transfers were $4.04@$4.04%.
the Bank of England's circulation.
thought that by this time the circulation would have
increased extraordinarily, particularly since this is
_-—;
Philippine
$116,479 Mexico, $1,451,400
sight and $4.0334@$4.04 for cable transfers.
in London
an
to
last
transfers.
almost
1,635.095
$4.0334@$4.03% for bankers'
On
Monday the range was $4.0334@$4.033iz for bankers'
sight and $4.03%@$4.04 for cable transfers.
On
Tuesday, Election Day, there was no market in New
Saturday
accommodating
seen
Canada,
Gold held under earmark
Reuter's indices of London
Nov. 6, as compared with
signs
439.324
-
during the week ended
Janu¬
Financial Times" indus¬
few months ago there was
banknotes
$217,068
16,258
Islands.
and
difficulty in obtaining
so the
One of the most encouraging
Only
$1,691
♦Chiefly
Oct. 24.
is the decline in
8,241,985
Hongkong
Union of South Africa
84.3, whereas only a month
the figure was 81.7.
—
L
Venezuela
and easy.
trial averages were at
-
8,435,515
553,543
54,234,766
Brazil
lenders at M%, and
London market continues extremely
$5,396,153
(Russia)
Canada-
Over¬
willing buyers of bills and
certain amount of business in spot
'
Argentina
bright features in the industrial list.
was
$1,691
Bullion and Coin Shipments—
United Kingdom
way
night clearing banks were
-
$1,691
$81,064,837
U. S. S. R..
into the market. Besides the con¬
shown in the gilt-edged issues, there were
fidence
*$2,112,198
78,952,639
Portugal
while some money
by the Canadian securities recently called
Exports
Imports
Detail of Refined
Consols, and local loans,
found its
24 TO 30, INCLUSIVE
IMPORTS, OCT.
.
Total
the stock market in the further rise in gilt-
released
AND
EXPORTS
of Commerce and cover
1940.
Refined bullion and coin
edged securities, under the lead of the War Loan,
old
gold imports and exports which
taken from the weekly statement of the
Ore and base bullion
investment of Nov. 1 interest payments
tion in
are
United States Department
England.
dispatches
discount of 13 5-16% and a discount
the week ended Oct. 30,
do the circulation statements
so
exceptionally steady,
13%.
follow
The investment market reflects
displayed.
a
The amounts of
referring solely to the financial aspect, extreme con¬
bills
variation in the discount on most
any
days of trading.
reports from London show that
1 1-16%,
.
the
British community at large is meeting the situation
with remarkable calm.
Quite apart from the physical
strength shown in the face of disastrous assaults, but
news
are
1 3-32%, and six-months
Canadian exchange continues
alleviating the
Call
weeks.
many
1-32%, three-months bills
1
are
with
rates continue ex¬
money
against bills is in supply at %%.. Two-months
burdensome pressure.
Current
the enforced abandonment of
unchanged from
134%.
are
practically the
many
of pleasure.
market
open
four-months bills
overseas
gold producer, and this gold is con¬
chief
world's
Britain
Great
Meanwhile
as
heavy
appeals,
luxury
It also testifies to the
articles.
sources
easy,
sign of public
as a
Government
to
well
as
usual
many
have not been
great extent, according to the best
requisitioned
were
the
This trend of
minimum.
diminishing supply of
a
semi-luxury
voluntary
exceptional
has
Britain
able
and
facts
evidence of reduced spending in
an
perhaps
response
pound sterling in both the present
a
regarded not only
confidence but
hope for Great
view.
upon.
of
array
used by the Financial Secretary to
were
reducing consumption to
gold
holdings here, large free balances, and the United
encroached
confusing
Treasury in promoting the campaign for saving and
Chief of these perhaps is the
Britain's resources here have hardly been
and the longer
a
qpinions, the efforts of the Government to keep at
bay the "grim horrid specter of inflation."
These
Despite the black and obscure outlook, there are
Britain and for the
the Bank of England is
to
cheering when it is considered
more
somewhat
peacetime relations between countries.
factors in the situation which hold out
the
from
concerned, for it applies only in normal
London is
of notes
return
as
£1,919,000 in notes.
that the
surely threatens to be completely overthrown so far
as
increase of
regarded
The statement for Nov. 6,
earlier.
a year
an
The
what might be called
on
assembly line system must add excessively to
Britain's import
965,691
shows
2705
Chronicle
mand
and
$4.04 for cable transfers.
Commercial
sight bills finished at $4.00; 60- and 90-day
-
no
bills are
longer quoted.
Continental and Other Foreign Exchange
NATURALLY nothing of the positive character
a fiscal situation or
be said regarding
can
exchange
countries.
conditions in the Continental European
The Commercial & Financial Chronicle
2706
Exchange
either
on
has ceased to be dealt in
Athens
London
in
New
or
invasion, but there
York
little
seems
the
since
Italian
likelihood that
or no
"freezing" orders will be applied to Greek accounts
either here
in London.
or
On Nov. 3 it
reported from London that the
was
only effect of the invasion in the foreign exchange
market
the depreciation of the Greek currency
was
from 5.15 to 5.25 drachmas to the
quotation
entirely nominal.
was
were
time
of
bonds
already
the
Italian
£46,500,000.
low at nominal levels at the
very
invasion.
Interest
these
on
being paid at only 43% of their contrac-
was
tual rate.
New York Greek exchange has several times
In
been
quoted at the old nominal rate of 0.68, with
no
market.
dispatches of Nov. 6 stated that Great
follows, according to the memorandum:
were as
$2,542,100,000. Finally, it is claimed, United States
short-term bank balances in continental Europe were
$133,500,000
April
on
3,
£5,000,000.
This
sum
is regarded
as an
advance.
It is understood that Great Britain has given assurances
that "such assistance
meet
Greek
needs
as
the
in
may
be required" to
sterling
will
area
be
forthcoming.
Exchange
the countries invaded by Germany is
York.
The German so-called
on
free
gold mark is nominally quoted in New York
or
at 40.05 and registered marks at 12.00.
are
that
to the effect
were
law just
a
zation
published changes slightly the organithe National Exchange Control Bureau,
of
It had been
exercised
Bureau
own
Nov. 3
on
managed by the Bank of France, which
all
functions
becomes
now
and
personnel
attached
the
to
this
in
connection.
its
financial
own
Ministry
autonomy,
of Finance.
A
recent
The
Swedish krona in limited trading is around 23.86,
against 23.87. Swiss francs are firm at 23.21 @23.22,
against 23.223^@23.00.
Exchange
on
Finland closed
at 2.05 (nominal), against 2.05 (nominal).
longer quoted.
no
Greek
Spanish pesetas
are
nominally quoted at 9.25, against 9.25.
♦—
JHXCHANGE
on the
generally firm as
JlLi
Latin American countries is
result of the action of the
a
various national controls.
has of late been
The
displaying
Argentine free
market
on
of the other units.
rather nominal
a
following reports which reached the
Oct. 30 of the
peso
firmness, though it
some
The Venezuelan bolivar is weak in
market
tightening of control by the Vene-
zuelan Government
The
public institution, with its
a
Italian lire
nominally quoted in New York at 5.05.
shows wider fluctuations than any
Reports from Vichy
according to the
not quoted in New
Britain has granted the Greek Government a credit
of
1940,
Federal Reserve Bulletin.
exchange is
London
9, 1940
Germany and Austria, $885,400,000; Italy, $271,400,000; northern and western Europe, $980,100,000;
Sbutheast and eastern Europe, $405,200,000; total,
pound, but the
Greek Government
bonds in the London market total about
They
ties
Nov.
trade situation has
imports,
over
On the whole the
Latin American
a
exchange and
prospect of improvement
as
a
result of the evident willingness of the Latin American
countries to harmonize their
plans with the policies
decree made obligatory the declaration of all debts
of the United States authorities for
resulting
relations.
from
imports
products
of
from
Britain and Northern Ireland to France
colonies
or
mandated territories.
Great
French
or
These debts
are
be paid to the Exchange Bureau when they fall
to
due.
Credits arising from exports to Britain must
also be cleared
no
through the Bureau.
There
can
be
question of settling these exchanges during the
war.
The
allow
compilation of
only effect of the declaration will be to
statistics
showing
how
the
balance stands.
p
Respecting
rumors
financial quarters
which have prevailed in
during the past few weeks to the
effect that the United States
of all
some
European countries,
might block the balances
memorandum has been
a
circulated among German bankers through the
agency
of Dienst aus Deutschland.
According to a wireless
dispatch from Berlin to the New York "Times"
Nov. 3,
on
this memorandum represents that such block-
ing of European funds would be harmful to the United
States and would invite
account balances
as
retaliatory
they stand
the United States than to all
measures, as
are more
Europe.
andum estimates the total claims of
citizens
against continental
memor-
United States
European countries at
$3,448,000,000, which, it claims, greatly exceeds the
total balances of Continental
States.
•
■
Europe in the United
;
from
London
its exports to
countries
as
follows:
Europe apart
Germany and
Austria,
$235,500,000; Italy and Albania, $70,200,000; northern and western European countries,
$362,100,000; southeastern and east Europe, $104,900,000; total for the European continent, $772,United States holdings of European securi-
800,000.
despite
all
Latin America and is taking from these
reasonably large share of imports,
Argentine Information Bureau at New York
reported some days ago that Argentine imports durThe
ing the first nine months of this
1,202,811,000
year were
valued at
compared with 969,243,000 pesos
in the similar period last year. For the period there
was an import balance of
22,862,000 pesos, contrasted
with
an
1939
pesos,
balance of 191,983,000
export
period.
pesos
Kingdom in the first nine months of the
value
of
103,700
176,893,085
year
compared with
pesos,
had
a
200,-
in the corresponding period last year,
likely that Argentine trade with Great
pesos
It appears
Britain
since
the
balance in favor of
end
of
September will show
a
Argentina.
The Argentine unofficial
.at
in the
Argentine imports from the United
or
free market peso closed
23.70@23.75, against 23.30@23.45.
tine official peso has been held for
a
The Argen-
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.
The Mexican peso is quoted at
20.80, against
20.85.
investments in countries of Continental
were
that
a
The memorandum said that United States direct
from Great Britain
indicate
marine difficulties Great Britain continues to
expand
the
adverse to
The
Reports
improving trade
♦—
T^XCHANGE
J—j
many
no
new
on the Far Eastern countries presents
features of importance from those of
months.
Chinese
units
although the
yuan are
Currently it
are
may
showing
Hongkong
dollar
be said that the
moderate
and
the
strength,
Shanghai
about the only Far Eastern units which
fluctuating,
as
they
are
are
influenced from day to day
Volume
by the
The Commercial
151
The
developments in the Chinese area.
war
Singapore and Indian units are expected to continue
steady
long
so
it is
an
The Japanese
American unit.
the
Japan has been sending gold to
held steady, pegged to the dollar by
is
yen
virtually
Japanese control.
the United States almost every
week for some time.
6, $5,000,000 in gold arrived at San
On Nov.
cisco from
Fran¬
Japan.
yesterday were
23.45, against 23.45 on Friday of last week. Hong¬
kong closed at 23%@23.55, against 23.32@23 5-16;
Shanghai at 6.20@6%, against 6.20@6%; Manila at
49.80, against 49.80; Singapore at 47%, against 47%;
Bombay at 30.31, against 30.31; and Calcutta at
Closing quotations for yen checks
any
who last week strongly adhered
highly critical of a great deal that has
views
to
dollar
dollar, while exchange on Manila is tied to the
as
tion, still less that
the pound sterling is linked to the
as
2707
& Financial Chronicle
Washington since
happened in
happening there,
are
Happily, opinion
the
majority of the people must control, it is not so
nowledge that they
is still free in
were
mistaken.
America, and, though the voices of
because it must be accepted as
the voice of
any
god.
Among English speaking peoples, no King since James
Stuart has dared to claim ever to rule by divine right,
sanctions of majority rule, in con¬
and the superior
trast with
personal government in any form, are not
What it
claimed to have supernatural origin.
even
and all that it means, is that President
Roosevelt has been entrusted for a further term of 4
does mean,
years,
beginning with Jan. 20, 1941, with the leader¬
ship of the American
30.31, against 30.31.
1933, and is still
required to abjure and to ack¬
people toward all the goals
definitely in issue or admitted in the 1940 campaign
Banks
Gold Bullion in European
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
principal European banks as of respective
of most recent statements, reported to us by
dates
him and to his declared
submitted for determination by the voters.
84s. ll%d. per fine ounce)
the
in
approved by the popular endorsement given to
policies as far as they were
and
considered, the tragedy of Nov. 5, 1940, is that
So
the considered issues were so few and that
enabled to determine so very little.
were
forced himself to
four years:
campaign for re-election, but it is a
1940
£
£
£
*570,528
327.706.541
327.935,277
328,601.513
293,710.643
3,843.450
293,728.237
3,006,950
63,667.000
16,602,000
97,714,000
132,857,000
84.758.000
41,994,000
6,505,000
6,667,000
63,667,000
63,667.000
87,323.000
391,871,164
1.815,850
88,092.000
Germany x_
Spain
Italy......
Netherlands
Nat. Belg-.
Swltzerland
Sweden.._.
Denmark
..
Norway
Prev. week
.
Note—The
many
war
25.232.000
25,232.000
92,949.000
123.420.000
112,887.000
47.491.000
96.494.000
well
as
78.269.000
35.300.000
32.816.000
26.036.000
8^,766,000
24.243,000
6,500.000
6.537.000
6.547,000
6.553,000
6.666.000
8.205,000
6.602,000
6,603,000
760,253.491 1,094,048,728 1,063,538,720 1,044,297,652
760,721,222 1,092,492,374 1.061,618,683 1,044.138.843
In Europe has made It Impossible to
of the countries shown
In this tabulation.
obtain up-to-date report
Even before the present
regular reports were not obtainable from 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; bwitzerland, Oct. 25; Belgium, May 24; Nether¬
May 17; Sweden, May 24; Denmark, March 29; Norway, March 1; Ger¬
Nov. 8.
Pursuant to the Currency and Bank Notes Act, 1939, the Bank of England
many,
for
March
1,
1939, and since have carried the gold holdings of the
of the statement date. Instead of the statutory
Bank at the market value current as
which was formerly the basis of value.
On the market price basis (168s.
per fine ounce) the Bank reported holdings of £801,258, equivalent, however,
to only about £405,1 6 at the statutory rate (84s. ll^d. per fine ounce), accord¬
price
ing
to our
calculations.
In order to make the current figure
periods as well as with the figures for
former
comparable with
other countries In the tabulation,
above In statutory pounds.
x Gold holdings of the Bank of Germany as reported In 1939 and 1940 Include
"deposits held abroad" and "reserves in foreign currencies."
y The Bank of France gold holdings have been revalued several times In recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), Insti¬
tuted March 7, 1940, 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.
we
campaign
show English holdings In the
Franklin
polls
on
Tumult and the Shouting
Delano Roosevelt
was
honored, at the
Tuesday, beyond any of his 30
the
the
commitment something less
Republican candidate from the commencement of
public debate made up a
than irrevocable by the will of his incompletely as¬
senting supporters but sufficient to remove
electoral
current
referendum
of relief
control of security issues and stock exchange
tion.
has
In short, a
happened in the arena of public discussion since
Willkie by the Republicans at
Philadelphia and that of Mr. Roosevelt by the New
Dealers at Chicago
establishes indubitably the propo¬
of public interest in the affairs
Europe and their repercussions in
of
the United
complete and inclusive that
actually the voters have decided nothing except that,
States,
for
the
been
has
time
so
being and with especial reference to
just been decisively closed to question the verdict of
the electorate.
Acquiescence in such a judgment and
them since
governmental policy and per¬
of the qualifica¬
tions to live
within the elastic limits of a popular
government by free men and to
participate in its
That is not to say that opinion must be
standardized and its freedom reduced by regimenta¬
operation.
March, 1933, to the leadership of a rival
untested in their govern¬
mental experience.
all its genuine im¬
plications, remain the plainest obligation resting upon
every member of this representative democracy. Thus
to bow before the considered expression of the will of
operation in the enforcement of
determinations of
national defense, they prefer
of the Preident who has represented
aspirant whose qualities were
with uncomplaining co¬
sonnel has become the ultimate test
the Western
Hemisphere, and only incidentally upon
the leadership
in
regula¬
candid scrutiny of everything which
the nomination of Mr.
distinguished
majority of those lawfully entitled to participate
depression-caused
unemployment insurance,
against the consequences of
indigence, old-age pensions,
supported another candidate in the contest which has
the
fundamental aspects
that apply directly to perpetuation
foreign affairs and the
its cordial acceptance
from the
all of the basic problems of
foreign policy and those
of domestic policy
predecessors in the exalted office to which he was first
chosen in 1932.
It would become none of those who
even
Otherwise,
explicit agreements formally registered by
the
sition that absorption
After the
of his
circumscribing
pronouncements
and supporters, therefore
both the issues and the final judgment.
lands,
statements
the
as
associates
104.714.000
95,782,000
94,802.000
114.928.000
war,
•
limited expression
42,575.000
23,400,000
102,974.000
697,507,892
697,471,386
week.
2.502,800
which he
plead in almost the last hours of his
closely restricted by the narrow field within which he
chose to confine his own discussions upon the stump,
249.573,638
242.451.946
3.886,750
France J
from
£
1936
*405,196
England
Tota
1938
1939
£
Banks of—
"
Mr. Roose¬
velt has obtained the vote of confidence for
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
1937
the electors
Entirely extraneous to anything conceivably to be
as settled at the polls are critical problems
considered
of immediate American
;
policy which must soon press
concentration
avoidance
or their long postponement.
This Nation is presently
in the process of converting roughly one-tenth of its
manpower available for military purposes and about
an equivalent proportion of its entire wealth into a
vast reservoir for national defense against attack from
so
urgently for solution that the utmost
upon war
and defense cannot enable their
The Commercial & Financial Chronicle
2708
beyond the national boundaries.
unproductive
and
excessively
Such
from
some
all those in authority.
be achieved
could
or
destructive
war-
without profound economic
promptly realized and operating with
accumulating force.
Financing of such a national
consequences
evolution cannot,
regarded
therefore, be
detail to be
a mere
of only secondary significance and rele-
as
gated to postponed consideration
future
hour; it is
at
some
convenient
imperative and inescapable immediate demand superimposed
upon a wilfully depreciated currency, not fully redeemable in gold, and
a
long period of deficit financing of the ' Federal
Government.
threatens
country's
an
Provisional and
temporary
more
financing
derangement of the
extravagant
than would be likely to result even
inept efforts to deal comprehensively
economy
from the most
and
immediately with this great problem.
this week's election affords
tion, this fiscal problem
not the
present
meeting
conclusion is
no
The
more
Although
light towards its solu-
imperiously and, if
presses
Congress, that which will
Jan. 3,
on
termination.
hold its first
1941, must act towards
beginning
may
its de-
be there, but the
remote and involves innumerable
complications.
The
inescapable opening of that fiscal door is, in
reality, the opening of the door to a very wide range
of inextricably related
problems having controlling or
at least
limiting fiscal aspects.
Such aspects especially characteristic the chief innovations of the New
Deal which in the
of the
course
just-ended campaign,
if not earlier, attained the rank of
accepted objectives
of Federal policy. The Social
Security reserve fund is
admirable
as
an
example.
Congress provided for
an
accumulating reserve, made up out of taxes especially
imposed and especially appropriated, intending of
course all that is
implied by the designation as a
reserve
fund, that is, that the eventual recipients of
pledged to them by their Government
the bounties
should have the guarantee
ability of that great
ment of the
by the existence and
avail-
of the receipt and enjoy-
reserve,
gratuities promised.
In that sense, after
four years of collection of the
special excises upon
wages
and
employers that have been pledged to
the security
contemplated by the law, if it means what its
preupon
the support of this
great Federal trust,
sumprive beneficiaries have warrantably
supposed it
does not exist at all. There is no accumula-
to mean,
tion except an accumulation of
due bills.
Treasury Department
Whenever any dollar is
paid out to anyone
entitled under the Social
Security
law,
conditions remain
raised
an
as
they
now are,
by current taxation
and then
Act
of
Congfess in such
as
long
as
it must first be
appropriated by
manner
as
to
become
available for the immediate
purposes of these bene-
factions.
Scarcely
it be that this tenuous
security
satisfies those who must
rely upon it or the generous
spirit of the public by which the system was created,
can
This is one
example, there are many others. Financing of national defense is not separable from
of
other
Grave
governmental
proached it postulates
as
enterprises.
to
every
tivity the related inquiries, (1)
its full present extent or at
can
ditions
financing
Soberly ap-
Government
ac-
this be afforded in
all, and (2) is it
worth
beyond
every
historic precedent
gravity is
are
the
con-
confronting the people of the United
now
States and their President and that
supposition
diversion of labor and
capital from poten-
a
9, 1940
These questions are not at all eluci-
dated by the results of the election,
Only inability to
productivity to costly idleness
fare
what it costs.
offensive that
to affect could lead to the
cause
that such
tial
is
secretly planned but that is concealed and
denied by
see
reserve
costly to maintain,
unless it is in reality intended for
has been
a
Nov.
degreie
of highest
to project itself far into the third term
sure
of the re-elected Chief Executive. None ought to envy
his position save those, if any there
be, who value
opportunities for public service beyond all advantages
of personal comfort or selfish enjoyment and, in addition, indulge the lofty satisfactions of extraordinary
confidence in their
necessities for
own exceptional
capacities. Vast
public sacrifice had been created by the
policies of the New Deal
before the
even
new
policy
of extraordinary expenditures for defensive
preparations was added by the cumulative commitments of
the present
by
year.
The end of these commitments
is
in sight and their eventual aggregate is
beyond any present measurement.
That a people
no means
assuming such burdens could
increased labor
nor
carry
comfort is simply unthinkable.
years,
them with neither
reduced standards of
living and of
During the
it will be the arduous, and
next four
likely the
very
wholly thankless task, of Presidential leadership to
mark the
rifices
far
as
way
for general acceptance of these
sac-
by the whole citizenship of the country and as
may be to reconcile a self-willed and self-
indulgent
-
people,
never
before
closely
and
con-
sciously limited by their economic circumstances, to
the notable deprivations which
they are bound to
endure.
Holding definitely and relentlessly to that
extreme task, Mr. Roosevelt will be entitled to the
sup-
port of all Americans.
To that end
he may con-
fidently invoke complete unity and rely implicitly
upon
the wholesome American spirit for
encourage-
ment and support._
T
xxrkey
Among the countries apparently destined to be
engulfed in the present war, not because they wish
to be, but because, owing to their geographical positions and to strategical exigencies, they lie within
the
range
deserves
of
its
outreaching
special consideration.
tentacles,
Turkey
Ambitious though
she is to develop
progressively into a modern state
with
varied,
well
integrated
and
soundly
based
economy serving a
staunch modern people, she is,
while by ,no means a "have" nation, definitely to be
classified
as
far
among
those satisfied with the
status quo
as concerns international
political geography,
Though in the past the Ottoman Empire covered
huge parts of Europe, and Western Asia
as
well
as
North
Africa, and Turkey's existing territory is only
about a third of its 1914 size, she has renounced
during the last twenty years imperialistic and
irredentistic designs, based
on
and has sought by her pacts with
belligerent
moves,
Greece, Rumania,
Yugoslavia, Iran, Iraq and Afghanistan—most
which
cover
of
territory formerly within the domain
of the Ottoman Empire, treaties with other
coun-
tries, and her membership in the League of Nations
to make a sincere contribution to the maintenance
of the status quo and peace in her
part of the world.
Turkey's "bellicose mood" in 1937
and
in
1938
with respect to the province of Alexandretta may
be cited as an exception to her peaceful policy towards her neighbors.
In rebuttal it should be noted
that the mood in which
Turkey then found herself
did not arise until France in 1936 manifested in-
Volume
The Commercial &
151
tention to
her mandate
renounce
over
Financial Chronicle
Syria; and
Alexandretta
and the neighboring region, which constituted an
important outlet to the Turkish hinterland would
thereby soon fall into the unfriendly hands of Italy.
At any rate, Turks formed the largest group in
the province—some 37%—, and when, in July, 1939,
Turkey took over the sovereignty of the 9,000 square
miles concerned, she did so by treaty with France
Turkey feared if that were done that
and not
by warlike endeavor.
in
Beginning
1936 the Turkish statesmen dis-
expansionist designs
played apprehension as to the
of the totalitarian powers,
and sought for reasons
Turkey had failed to
satisfactory understanding with Russia,
she was promised large financial assistance by the
British and French and entered with them into the
Fifteen Year Tri-Partite Mutual Assistance Treaty
of Oct. 19, 1939. By that pact Turkey, Great Britain
and France agreed to "collaborate effectively" and
to lend to one another "all the aid and assistance in
their power" in the event "of an act of aggression
by a European power leading to war in the Mediterranean area in which France and the United Kingdom" or Turkey are involved. Turkey was also to
aid if the other two nations fulfilled their guar-
present war broke out, and
come to a
of^elf protection to develop relations with the
nations, Great Britain and France,
At first emphasis wras
placed on the economic
aspects of the situation. This was understandable,
for not only had Germany occupied in 1930 and in
1931 the second and, since the latter year, the first
then status quo
place in Turkey's foreign trade,
1936 the Reich took 42%
but in 1935 and in
and 51% of the Turkish ex-
ports and furnished 41%
and 45% of the
imports,
Italy after occuping the first place in Turkey's international trade in 1930-1-2, was second in 1933 and
Naturally enough, the Turks
1934 and third in 1935.
economically dependent upon
did not wish to be so
two nations so
obviously ambitious and restless
respect to the Mediterranean area.
Great Britain had taken part in the
to
Turkey's efforts to
efforts
cessful
a
connection with Turkey's
the Straits including
ported Turkey's request of France
seen,
Alexandretta,
of
relations
good
for cession of
which, as we
culminated successfully in 1938.
The
province
have
sue-
Lausanne Confer-
The British also sup-
right to fortify them.
the
opposition
revision of the 1923
to secure at the
full sovereign rights over
ence
the
in
influence
much
Obtain
with
However, in 1936 she exercised
Straits Convention.
thus
developed
financial and
The Anglo-Turkish Trade and
of September 2, 1936, was folestablished have
progressively both in the economic,
the
political fields.
Clearing Agreement
lowed
ment
two
years
later by a supplementary agree-
stimulating Turkish exports to
providing for credits amounting to
warships,
factured
Turkish
war
in
material
Great
and other goods manufor use in developing
industries.
Germany in addition to her efforts
to
her
ways
trade with Turkey,
to participate in the
of that country,
England and
£16,000,000 for
Britain
armament and her
with respect
had sought in various
economic development
expecting apparently at least part
compensation in political favors. These hopes received a set-back when a British firm obtained the
contract to build the
great Karabuk steel plant—
kind in those
regions—over the bid of the Krupp firm. To restore
her impaired influence and perhaps to place Turkey
under long-term obligations to furnish raw materials and agricultural supplies, Germany placed at
her disposal in 1938, after the Anglo-Turkish Agreements, credits amounting to 150,000,600 marks.
These credits have, however, not been availed of by
Turkey, and the purpose of the January, 1940,
agreement between the two countries was to clear
up German balances then outstanding.
The Anglo-Turkish Agreements of 1938 were followed the next year by other agreements between
Turkey, Great Britain and France.
After the
the
only important industry of the
2709
an tees to Rumania and Greece, but reserved the
right not to enter into armed conflict with Russia.
Another clause provided that if Great Britain and
France were victims of aggression elsewhere Turkey
would consult with them and maintain a "benevolent neutrality"—this being (construed in some
quarters, at the time, as providing that Turkey
would favor the Allies in her control of the traffic
through the Straits, but may turn out to have a
broader application.
,
In accordance with the previous understanding,
Great Britain and France, early in 1940, agreed to
provide credits and loans to support the Turkish
currency, to finance purchases of armaments in
Great Britain and France, to liquidate certain debts
due the two latter and their nationals. Together
with the earlier credits—including the £3,000,000 for
the construction of Karabuk—this new financing
aggregated $352,000,000. In February of this year
a further Anglo-Turkish trade agreement was
entered into.
Thus at the time of the military collapse of France
last June, preceded only 12 days by Italy's entrance
into the war, Turkey was apparently bound by the
treaty, if it be assumed that the "act of agression . . . leading to war in the Miterranean area"
is that of Germany or Italy, or if the guarantees
were lived up to, and perhaps by the moral obligations arising from the heavy credits already granted,
to lend all aid in her power to Great Britain and
France. We do not know what effect, if any, the
debacle of France and her manifest present inability to make good her miltary obligations under
the Tri-Partite Agreement have had, in the view of
Turkey, on the latter's obligations to Great Britain
under that treaty. Certainly the situation which
the parties contemplated last October had radically
changed. France, through her mandate in Syria is
an even closer neighbor of Turkey than is Great
Britain through her crown colony—Cyprus, and
may, instead of helping Turkey, be forced to provide Germany and Italy with a foothold for operations against Asia-Minor.
Up to last week the war operations in the Medi-
terranean area have not been construed as requiring Turkey's intervention in support of the British,
Italy having now attacked Greece it is up to Great
Britain to attempt to make good her guarantee,
Should she do so and call for aid, Turkey
would presumably have to come to a decision,
though there are considerable indications that
Turkey and Great Britain have already reached a
working agreement as to what to expect from each
other. At all events the altered circumstances appear to justify either an entirely new arrangement,
or at least, a freer choice for Turkey's statesmen in
2710
this
*he Commercial &
matter, which may well be one of life
for their
"limited
objectives," that is to
fight his enemies, when possible,
by
one
Turkey's turn will inevitably
decision may
in this
say,
men
tion is
described
by
promises to
in
the
of
event
paratively
aimed,
In
"Times"
1938
been
rather
aggression
against either nation
com¬
countries,
been
small
well
may
have
old
national
member
women
more
in¬
The
regime is Republican.
by the votes of
pointed out that the Constitu¬
democratic than that of
England.
The
by the National Assembly for
and exercises the executive
the executive
40,000
every
years
22.
over
have
sources
for
four
every
How¬
power.
is very centralized, and
power
only
was,
party—The
People's
Party.
It
opinion of many enlightened Turks, because the
political life of the country has not yet reached an
advanced stage.
has been recently indicated, at attack by
as
through Bulgaria.
the
especially in certain dark hours in the history of the
New Turkey, the powers of a dictator.
The large
role played by the executive is
justified, in the
vague
These treaties, between two
in
therefore, not difficult, in view of his prestige, for
Kemal Ataturk, as he was later
called, to wield,
"something
as
further
concerned
recognized
all eforts to remedy the situation
use
exchanged.
were
or
the London
alliance."
an
States
the President has also been elected chief of the
part of her good will and peace
program, entered into with Greece—dier bitter enemy
of the early twenties—a
has
(one
four years,
ever,
which
The
on.
theory of the Constitution the
President is elected
Russia will do.
like
and
British
event, it is implicit under the Treaty that
Turkey is entitled, before acting, to find out what
treaty
other
habitants), elected
In any
as
the
Assembly
war,
cannot
effectively aid their country, or that
Turkey's only chance of stopping the onslaught is
behind the prepared positions in her own
territory.
Turkey in 1933,
be carried
to
sovereignty is lodged in the unicameral National
convinced that Great Britain
are
all
Under the
the
be for early participation in the
unless the Turks
progress
2940
regime.
and
soon,
come
with
on
case,
one,
and
n0V9
principle of settling all international difficulties by
conciliatory negotiations was applied by treaties
they believe that the Italian Dictator is
following the obvious policy of his side to take
that
construction
death
or
country, that if France had not dropped
If
out.
Financial Chronicle
The Turkish statesmen will
The task of The
People's Party as set by its con¬
(a) aim at the exercise of national
obviously take them into consideration, but their
decision, whatever reasons are given out for it, will
sovereignty by the people, (,b) to give Turkey the
undoubtedly
status of
fundamentally depend
principles which will
govern
on
the
same
their actions under the
Tri-Partite treaty.
stitutive law is to
a modern state and
(c) to raise the au¬
thority of the law in Turkey above every other
The program
power.
Thus after seventeen years of effort to establish
six
pointed.
established by Ataturk, is
as
The first is
Republicanism, which is
The second is Nationalism, as dis¬
and security in her part of the world. Turkey
is again confronted with the hard fate of
being
tinguished from internationalism.
dragged into
it is stated
peace
thus placing in jeopardy the great
she has made towards national revitaliza-
progress
tion
war,
during that period.
position is of interest.
after
the
Ottoman
last
Turkey with
divided
war
Empire
A brief review of Turkey's
The original peace treaties
nine
the
different
restrictions
on
his
domain
alloted
tolerable
rational
to
well
as
her,
which
the
and
left
sovereignty
and
ways,
right to do what she wished with
share
of
the
she
in¬
The very existence of Turkey
appeared to again to depend, as it had under the
Empire,
on
the exploitation of rivalries between the
Great Powers. The
system of extra-territorial courts
known as the
Capitulations was to continue. For¬
eign
or
non-Moslem elements controlled the
the shipping—even the coastwise trade—and
many
other economic activities.
selves
to
were
an
The
Turks them¬
extraordinary extent held back
politically, economically, and socially by the control
of their
religion.
The only branch of the Govern¬
ment instilled with modern ideas was the
army.
Under the
leadership of Kemal Pasha
tude of difficult
problems
were
Turkey
was
to be established
on
The New
principles of strong,
efficient nationalism.
Through able use of the op¬
portunities circumstances offered, the peace terms
were
the
revised in 1923
only negotiated
by the treaty of Lausanne—
peace
treaty of the last
war.
With the
exception of those relating to the Straits—
concerning which Turkey did not achieve her objec¬
tives
until
abolition
and
of
enabled
1936—the
the
a
new
vigorous
terms—including
capitulations—were
program
the
satisfactory,
for national
safeguard the specific character and
autonomous
identity of the Turkish community, and for this
reason
it is considered undesirable to introduce
re-
into,
and
spread throughout the country a flow of
patriotic ideas."
The third
which is
principle of the Party is Populism, by
that the Republic is not a mass
composed of distinct classes, but
portions out social and
dividual
un¬
meant
or
a
community which
individual work.
No
in¬
is to have prerogatives incom¬
group
patible with the public rights of the nation, and
class or regional strife is
proclaimed to be incon¬
sistent with true
The fourth
populism.
point
on
the program is designated
Etatism, which is defined
creative
over
as
activity of the
private initiative.
as
consisting of (a) Direct
State;
(b)
State control
This principle is defended
necessary under the circumstances
Turkey.
confronting
Fearing the continued control of the "for¬
eign. money-power," which had reduced her
the multi¬
squarely met, with
great energy, insight, and radical action.
to
rail¬
ways,
In this connection
that, "while desiring harmony with other
countries, it is the principle of Turkish nationalism
one-third
found
insurmountable obstacles to her
as
development.
self-explanatory.
the old
regime hopelessly to the status of
colonial
or
State, selling
to
client
raw materials abroad and,
purchasing there practically all the needed
factured goods and
under
a
manu¬
lacking domestic private capital
develop her economy, Turkey resolved to raise
the standard of
her
living of her people and diversify
economy by action of the Government—the
pression of the collective energy of the nation.
it
is
pointed out that Turkish Etatism does
exclude
all
personal initiative
or
ex¬
But
not
activity, that it
recognizes private property, and does not plan to
concentrate all the
of the State.
means
of
It is rather
production in the hands
designed to take
up
the
Volume
•
Commercial & Financial
private initiative is not
where
slack
The
151
equipped to
operate.
The fifth
point is Secularism.
matter of
a
Religion is deemed
must be
conscience, and a dividing line
and
it
between
established
matters
of
State or
politics; to be governed entirely by the realities of
national life instead of by religious dogma.
The
fine progress
to the slow process
tion, and favors more
when
required.
it has been developed in
practice
regime strongly authoritarian
in char-
This program as
is
which refuses to conof gradual evoludynamic and speedier change
point is Revolutionism
sixth
shaping
a
Turks point out, is to be distinguished from totalitarianism because it allows
a wider range of initiative in economic, educational,
cultural and social activities.
Undoubtedly the
acter, but which, the
point of the program most completely realized is
Secularism.
As an illustration of the extent to
religion controlled the
which
Turkish mind in the
National
that a member of the first
Assembly declared that no Turk could
attend
body which dared enact
days it may be stated
old
a
Religion is now allowed
schools, in semi-
Religious schools closed.
to
be
laws, when the
established,
Religious freedom was
Koran existed.
taught only in the primary
in
and
naries
the theological
versity; education being
section of the Uni-
secularized and liberally
regulated, even that of private schools. The religious
laws relating to polygamy, etc. were repealed.
The
civil code of
Switzerland was adopted, together
with
culled from the best European
other modern codes
experience and adapted to
conditions in Turkey.
turban, symbols of the
old religious sway, were forbidden. Men and women
were granted equal rights.
The Latin alphabet was
substituted for the Arabic, and an astonishingly suecessful effort made to free the Turkish language
The
wearing of the Fez and
The
A
including vineyards—and market gardens, 12.02%
forests and 14.63% wastes.
Turkey's soil is very fertile and her most important agriculture product is tobacco. Other
farm products include the cereals, figs, silk, olives
and olive oil, dried fruits, licorice root, nuts and
almonds, mohair, hides, wool, etc. The great bulk
of the exports required to buy abroad the needed
manufactured and semi-manufactured articles,
metals and metal products, chemicals, etc., are agricultural products. As the Government first centered its economic efforts in the industrial field, it
was not until 1937 that a four-year agricultural plan
was started to develop the intensive cultivation of
cotton, tobacco and large scale irrigation schemes,
However, under the Law for the Encouragement of
National Industries the Government had already
long aided agricultural and cattle raising enterprises as well as hunting and fishing undertakings,
Four hundred and eighty-four such establishments
received government aid in 1937.
This same law catered to the needs of a varied lot
of industries, including mining, textile, metal,
timber, building, and chemical enterprises. In 1937
(Continued on page 2716)
Month of October
large volume of corporate
refunding financing was dis-
total amount of such issues placed
nnc\
^
during the month, $345,346,770, was the greatest since
■
,
•
,
,
'
December, 1936.
Unfortunately, new capital placements
followed an altogether different course, and the month's
i
from foreign elements (especially Arabic, Persian
and French) and coin Turkish equivalents.
There is not space to consider all the reforms and
progress carried out in the various phases of na-'
tional life. Confining ourselves to the economy of
Turkey, it is to be borne in mind that about 68%
of this people of some 16 millions owe their support
to agriculture and stock raising. The area of the
country is about 363,400 square miles, over six times
the size of-the State of New York. Exclusive of the
9,000 square miles of the province of Alexandretta
obtained in 1939, 13.79% of the land is arable,
58.11% prairie and pastureland, 1.45% orchards—
Capital Flotations in the United States During the
and for the Ten Months of the Calendar Year
posed of in October and the
^
2711
Chronicle
,,
.
i
voak
TT
oAa
,
1940
4.15% for the 120 issues of all grades, in comparison with
2.78% and 3.44%, respectively, reached October's financing
last month.
Some encouragement is offered by
.
7 .
,
,
, *
.
, ,
...
record to the anticipation that the shortening of the waiting
perj0(j between registration and offering of new issues by
the legislation enacted last Aug. 22, would curtail the practice
slightly under
of selling issues privately to large purchasers. For, although
the 1940 monthly average and considerably less than either
the total of $55,975,000 of issues sold without an offering to
of the two months preceding.
That refunding operations
the public in October was greater than the $36,962,000
should have assumed large proportions is hardly surprising
sold in that fashion in September, last month's aggregate of
considering the ever-declining level of long-term interest
private placements represented only 14.25% of the total,
rates.
October saw new lows established in most of the
compared with 28.32% in September and about the same
categories in Moody's compilation of average bond yields,
proportion for the first nine months of 1940.
and approximately the lowest levels prevailed throughout
Eleven corporations, including three railroads and four
the month.
Aaa bonds dropped as low as 2.78%, while
utilities offered publicly last month over $10,000,000 of
the 120 domestic issues in the tabulation, ranging from Baa
securities each. In addition to those already mentioned
to highest grade bonds, established a new low of 3.44%.
• were the following: Great Northern Ry. notes, $20,000,000;
Looking over the larger of the refunding operations
New York Connecting RR. 1st 33^s, $27,333,000; Crown
carried out last month, discloses that the issues to be reCork & Seal Co., Inc., 3Ms, $15,000,000; Southern Ry.
deemed were originally issued as recently as 1938 in the
equipment trust certificates, $10,300,000; Crane Co. decase of one issue, while others date no further back than
dentures, $10,500,000, and Dow Chemical Co. common
1935.
The San Antonio Public Service Co. $16,500,000
stock, $10,319,900. Another large stock offering last month
1st 3 Ms sold last month went to retire a like amount of 4s
was the American Airlines, Inc., $5,250,000 preferred
sold in May, 1938.
The $45,000,000 Youngstown Sheet &
issue.
Tube Co. 1st 3 Ms and $10,500,000 serial debentures were
Municipal financing also appeared in substantial volume
sold to retire 1st 4s offered in April, 1936.
The Southern
last month, the total of $177,246,241 being the largest of any
California Edison Co., Ltd., $108,000,000 3s refunded a
month this year, and more than double any other
like amount of 3Ms offered in 1935, and three other issues,
of 1940, with the exception of February. The major
namely Columbus & Southern Ohio Electric Co. $29,000,000
of the proceeds from municipal financing
new
3 Ms, Central Maine Power Co. $18,100,000 3Ms, and San
money category. Two issues, New
Diego Gas & Electric Co. $16,000,000 3Ms, were all issued
water bonds and Los Angeles
to refund 4% bonds sold in 1935.
Moody's yield averages
Power 2M% and 2%% serial revenue
more
in 1935 struck a low of 3.42% in the Aaa classification and
than $100,000,000 of the total for October.
total in this
classification, $47,278,100, was
stock
month
portion
fell into the
York City 3% serial
Department of Water and
bonds, provided
The Commercial £ Financial Chronicle
2712
Below
present a tabulation of figures since January,
we
financing
t
revised to date.
as
■
"vt,:.'
additional private financ-
as
■
BY
MONTHS.
♦1940
>v;:
*
1939 AND
1940.
■
1
■
!
1938
;
*1939
*1938
New Capital
Refunding
Total
New Capital
Refunding
Total
New Capital
Refunding
%
%
X
$
$
8
%
I
Total
%
35,404,718
137,459.832
172,804,550
5,920.032
10.386.300
45,404,059
256.245,040
23,833.072
130.115,000
30,527.491
210,841.581
103,799,050
134,320,541
50.879.191
48,688,660
105,567,851
23,995,213
58.643,000
82,638,213
111.336.208
January
452,100,403
503,430,731
80.038.295
195,189,960
281,828.255
111,211,719
125,008,990
236,220.709
11.683,361
66,750.000
37.574,800
202.315.995
25.691.6.50
78,433.361
63.266,450
301.106.995
...
February...
...
March..
First quarter
46.364,596
63,925.210
89,287.130
192.353,442
82,000.300
240,278,052
171.947.430
78,200,042
May
21,740,443
181,769.350
161.502.000
259,969,392
183,242.443
9,339.328
102,270,480
111,015.808
31,241,064
251,798.424
283.039,488
April
4,141.400
50,505.996
40.851,910
16,312,332
159,948.072
June
62.224,590
103.076,500
98,791,000
162.661,008
377.290,222
529.841.890
131,181,549
595,009,774
726,251,323
251,574,156
191,232,650
442,806,806
203.887.930
Second qiifl.rt.pr
Six
1940
ing is brought to light in annual reports and other places.
CORPORATE FIGURES
OF
9,
the 1940, figures will undoubtedly be necessary
=
-
SUMMARY
as
from time to time, particularly
Further revisions of the 1939,
-
well
as
1938, showing the different monthly amounts of corporate
Nov.
829.390,085
1,093,278.621
217,819,844
790,259,734
1,008,079,578
362.785,875
316.241,640
679,027,515
230,373.325
65.545,325
185,820,831
339,404,500
,
months
July
44.989,450
225.022,950
270,012,400
49,703.366
August
07,938.134
111,493.638
16,019,150
95,214,150
110,275,500
128,263,570
84,937,241
211,140.930
02,404,785
180,069.959
317,462.641
79,195,000
343,357,485
08.000,405
179.431,072
130,471,250
25,894,844
September
65.135,600
150.072.841
Third quarter
180,934.049
399.681 273
580,515,322
91,617,360
577.327,600
668,944,960
343,476,317
331.821,855
675.298.172
Nine months.....
444,821.985
1,228,971,958
1,073,793,943
309,437,204
1,307,587,334
1,677.024,538
706,262,192
648,063,495
1,354.325,687
47,278,100
345,346,770
392,024,870
20.297,390
177,771,459
112,475,208
63,921,610
274.237,144
338.158,754
151.222.673
October.
November
21.640,375
157.474,063
90.834.833
43.520.873
107.701.800
December.
30.528,057
195,817,158
220,345,215
59,644.275
237,143.300
296,787,575
Fourth quarter
72.465.828
444,126,054
510,691,882
107.086.75«
019,082.244
786,169,002
Twelve months
381,903,032
1,811,713,388
2.193,616,420
873,348,950
1,267,145.739
2.140,494,689
♦
Revised.
USE
OF FUNDS
Treasury Financing for the Month of October, 1940
Type of
Treasury financing in October did not exceed minimum
requirements, the only issues offered being bills, which
offered each week in the
same amount as weekly maturities
obligations.
From a cost standpoint,
these securities were placed last month with eminent success,
for the least the Treasury received for any of them was par,
and since they are sold on a discount basis, a sale at par
signifies an interest rate of zero; also, any premium received
is actually a profit to the Government.
This paradoxical
situation, which has prevailed from time to time in recent
years, is the result of efforts to avoid, by holding tax-exempt
bills, personal property taxes levied, at different periods of
the year, by certain States and at least one municipality.
The same explanation is believed to account for the fact
that at the end of October, no less than $100,399,000 matured
bills had not been presented for payment.
As generally anticipated, the Treasury did not undertake,
prior to the National elections, any part of the inevitable
defense financing program.
At the end of October the
working balance amounted to $1,182,661,298, or not greatly
in excess of the billion-dollar minimum balance, held neces¬
sary in recent years.
Undoubtedly defense spending will
being about an upward revision of the estimated minimum.
There are no maturities, other than bills, requiring a
refunding program, until March 15 next.
At that time
$676,707,600 notes fall due and $544,870,050 bonds become
these
of
Accepted
New
■■
.
8
First six months
total...
financing activities in the current
STATES
TREASURY
year:
FINANCING
MONTHS OF
3
10
July
July
July
22
17
24
8
4,394.061,340
July
31
91 day Treas, bills
91-day Treas. bills
8
3,607,995,100
THE
FIRST
100,098",000
bills
bills
100,407,000
100,424,000
U. S. Savings bonds
72,997,075
91-day Treas.
July total...
Aug.
7
Aug.
14
91-day Treas. bills
bills
100,372,000
100,071.000
100,166,000
100,160,000
bills
100.020,000
100,020,000
U. S. Savings bonds
53,358.894
53,358,894
400,635,000
bills
100,100,000
100,100,000
bills
2% Treasury bonds
100,120,000
100,298,000
100,019,000
724,847,900
U. S. Savings bonds
47,121,644
91-day
91-day
91-day
91-day
Sept. 11
Sept. 18
Sept. 25
7
Sept.
1...
Treas.
Treas.
Treas.
bills
Treas.
bills
September to tal
2
Oct.
100,372,000
453,993,894
4
Oct.
100,120,000
100,298,000
724,847,900
47,121,644
1,125,384,900
101.450,000
101,944,000
91-day Treas.
bills
101,450,000
101,944,000
91-day
Treas.
bills
100,544,000
91-day Treas.
bills
100,500,000
bills
100,907,000
100,907,000
U. S. Savings bonds
52.220,676
23
Oct.
30
...
1..
October total
100,544,000
"52,226:676
557,565,676
TEN
•
505,345,000
52,220,676
7,824,051,379
mos.
1940
Amount
Dated
Due
6,140,967,000
1,683,084,379
INTERGOVERNMENT FINANCING
1940
Amount
Applied for
Accepted
8
months
June 28 July
July
4 July
3
10
July
July
22
11 July
12 July
July 19 July
July 26 July
July 131... July
Price
First six months total..
91
days
337,958.000
100.294.000
99.994
*0.024%
91
days
287,791,000
100,384,000
99.996
671,319,850
*0.017%
2H%
17
21
91
days
31
91
days
259,942,000
237,621,000
100,098,000
100,407,000
100,424,000
10 years
72,997,075
72.997,075
1
Retired
8
2,422,565,000
y,^;<
4,394,061,340
16 years 6.605,071,550
91 days
247,377,000
Issued
Net Issued
Yield
v
%
total
47.121,644
100,500,000
91-day' Treas.
16...
Oct.
53,358,894
100,019,000
1,172,500,544
91-day Treas. bills
9
Oct.
744,316.925
100.071,000
bills
August total-
Oct.
"72.997:675
501,607,000
91-day Treas.
91-day Treas.
1
Sept.
100,424,000
91-day Treas.
Aug. 28.
Aug.
6~7ljl9"850
100,407,000
1,245,923,925
Aug. 21..
Total 10
DURING
100.294,000
8
Date
First six
786,066,240
100,384,000
671,319,850
100,098,000
91-day Treas.
1...
July
100,294,000
100,384,000
Treas. bonds
91-day Treas. bills
2Ji%
T
outline the Treasury's
we
July
July
Oct.
'Vy'V.'"4A'
;
In the tabulations which follow
Offered
Indebtedness
Refunding
short-term
callable.
UNITED
Total Amount
Security
Dated
were
100
99.998
*0.008%
99.998 +
*0 006%
99.999
♦0.004%
75
*2.90%
8
1,879.071,000
543,494,000
Certificates..
38,000,000
25,500.000
12,500,000
Notes
90.969.000
25,000,000
65,969,000
128,969.000
50,500,000
78,469,000
July total
A ugust—
Certificates......
Notes
85.000,000
.....
85,000,000
6,130,000
To",782:666
x4,652,000
91,130,000
10,782,000
80,348,000
5,000,000
23,500,000
121937,000
xl8,500,000
148,103,000
166,040,000
36,437,000
129.603,000
...
41,000,000
10,000,000
31,000,000
......
14,040,000
6,827,000
7,213,000
55.040,000
16,827,000
38,213,000
2,863,744,000
1,993.617.000
870.127.000
_
C
Aug.
1.245.923,925
7
91
9 Aug. 14
Aug. 16 Aug. 21
Aug. 23 Aug. 28
Aug. 1-
91
2 Aug.
Aug.
31... Aug.
1
days
days
days
208,956,000
156,332,000
211,381.000
100,372,000
99.999
100,071.000
99.998
91
100,166,000
99.995
91
days
235,835,000
100,026,000
99.993
*0.004%
*0.007%
*0.021%
*0.028%
10 years
53,358,894
53,358,894
75
*2.90%
100,100.000
99.991
*0.036%
100,120,000
100,298,000
99.990
99.992
*0.038%
*0.032%
Augu st total.
Aug. 30 Sept. 4
Sept. 6 Sept. 11
Sept. 13 Sept. 18
August total
.
total...
July
days
91
days
91 days
91 days
Sept. 20 Sept. 25
7 14 2-3 yrs.
Sept. 25 Oct.
212,900,000
255,518,000
283,273,000
Sept.
1
10 years
322,058,000
724,847,900
100,019,000
99.997
724,847,900
100
47,121,644
47,121,644
2
91
*0.013%
2%
75
*2.90%
1,172,506,544
•
'•
*
,
Oct.
4 Oct.
days
372,460,000
101,450,000
Nil
9
91
days
500,748,000
101,944,000
a
11 Oct.
16
91
days
475,559,000
100,544,000
a
Oct.
18 Oct.
23
91
days
100,500,000
a
Oct.
25 Oct.
30
91
day8
413,289,000
383,907,000
100,907,000
a
Oct.
1-
10 years
52,220,676
52,220.676
„
Oct.
Total 10
Oct.
.
September total
October—
...
October total
Total 10 months
•
Comprises sales
of
special
series
certificates
and
1
total
♦Average rate
7,824,051,379
on
a
bank discount basis,
a
<'
Nil
In the
compare
Nil
for
75
557,565,676
months
Nii
Corporation,
Nil
.
Slightly above par.
*2.90%
notes:
certificates
sold
to
Adjusted Service Certificate Fund and Unemployment Trust Fund
and notes to
Old Age Reserve Account. Railroad Retirement Account. Civil Service Retirement
Foreign Service Retirement Fund, Canal Zone
Railroad Retirement Fund, Postal Savings System, and
y
100
Oct.
31.
•
Notes
Fund,
total
Sept. 27 Oct.
-
Certificates
Notes.
Sept. 130... Sept.
September—
...
Certificates..
453,993,894
91
...
the
thus
x
Fund, Alaska
Federal Deposit Insurance
comprehensive tables
on
the succeeding
pages we
the October and the 10-month figures with those
corresponding periods in the four
affording
a
years
preceding,
five-year comparison.
Following the full-page tables
the capital flotations
of any
Retirement
Excess of retirements.
we
give complete details of
during October, including
kind brought out in that month.
every
issue
?
O
O
3
o
3
3
5
§
Ro
2.
2.
2.
o
e.
a
a
to
1
1,0 .0 83.194067
381,40.86
$
465,9 3
1
1
1
1
1
1
1
1
1
1
•
1
1
1
1
1
1
1
1
1
018,180",3,96.0
249.32,50
Refundi g
1,0 ,0 4,91,954
271,560
27.5084
Refundi g 24,"083 0 4,698,0 *150",50 1,~560~6
—
249,3250
$
1936
—
—
—
—
1
1
1
1
1
1
1
1
1
Capit l 59,2140 13",42 52 1.54,14 15,0 0
Capit l
109,8536 178",203", 18,0749
New
9,150, 0 5, 85,90 2,302. 0 6,523,56 4,760', 0 32,56"0 59,2140
$
1
I
1
1
1
1
$
240, 0 60 ,0
17.60, 20,9 0
•
1
1
I
New
1
1
1
1
1
1
1
IIII
III
IIII
III
IIII
1
1
1
1
1
1
1
1
1
1
IIII
71.52 0 34,06" 0 1,51,590 1,50,0
11
11
fi
1
1
1
lit
New
30 ,0 0 1,950, 0 718,754
Refundi g 16,3810 52,61750 "3066"0, 2, 54,6
71,52 0
4,925,0 32,04650 6,"I O"6 1,0 .0 1,976,0
1
1
1
1
1
1
1937
—-
273,0589
71.52,0
1
6,98650 26,54" 0 3,0,0
Capit l
38,1574 32,86 0 105,6719 76.187 3
Total
$
New
279,65"0
$
4,6'O",6 I",54O",6 50, 0
240, 0
"240",0 0
■
35,190
"53l",254
274.3,14
32,860 2,18,10
59,280.4
1938
Refundi g
259,68"90
$
-
1
1
1
1
1
1
,
~
6,986.50
9*6
-
1
718,754
I,56"O,6 2,6 8,754
280,"16 0
4,718,754 000 1,540, 0 50, 0 f,"5o" ',6 38,15 74
"531",254
"4*5"O,6
-
—
•
~
" 9 ",0 20,69 0 4,9250 32,04650 26,94"0 1,0 ,0 1,9760
531,254
259,68"90
f,631,254 600, 12,870
120"
300
1
i
£,*16 *6 I~2O~,6 12,8 70 -_ 273,0589
20,6 ",0
30 ,0 0
"3O6~,6
1
Refundi g
138,590
1
1
46,0750
$
1
1111
Capit l 46,0750 20.9,0
1938
26." o ",6
" 9 ",0 20,69 0 21,306 84,6 0 27, 406 1,0 .0 4.230, 0 "9 ".6 6
16,38 0 52,61750 "36"o,6 2,546
240, 0
1111
Refundi g 71.52 0
35.190,
"24"0",
•
•
1
00
17,60
1
1111
$
240, 0 60 ,0 0
21,306 0 84,6 0 6,406",0 1,0 ,0 4,230, 0
S
Total
1
1
1
tiii
11
11
Total
138,590 34",06 0 28,097 0 4,80 0
1
1
1111
11
$
271,56 0
•
11
1937
87~,56
4,594,21 49,63.96 9,150, 0 5,85,90 4,259,07 48,23684 812,50 4,760, 0 37.694",21 109,8536
1,957,6 42,6 184 812,50
tilt
1
Total
" 87",50 2 ,1 40 258,76"50 6,712,0 4, 54, 6 i."56o",6
lilt
1
•
4,681,7 2 72,08796 9,150, 0 264,8 0 10,9710 52,678",14 812,50 6,320. 0 37.18~712 381,40 86
t
1
%
812,50
16, 9506 3,971,07 1468, 643",
16, 9~50 2,014,0 3",403",0
1
1
1
1
•
1
1
1
1
1
1
1
1
•
•
1
1936
CO
1
1
1
9,150, 0 247,68.90 7,0 .0 6, 75.6 6,32",60 32,56"0 309,13 0
$
Total
1
1
^ 313,60.452 5<,47b514 ^i5,'o"6,
S.309.130
Total
H—1
£r
&L
274,314
"
.
YGFotefvrdhranmomgunicpl.lyesFEOFTISMCAUVITHNRSABHNSREED
FYOFTMECIAILNAVFHUAORBSCERRPDGNML
30 ,0 0 187,50
Capit l 61,48 10 1,950, 0
New
1939
157,431 8
Refundi g
13,85 62 3,207,65 3.274,59
Capit l
New
GFOOCVERRENPMIGNTA,T,
"42,925
352,710 23,58"40 16,35470
Total
Refundi g 31,650 13,65"40
4 ,720
$
1940
OSUMFARY Capitl
21,08 350 9,87,6 16,320.75
^New
17, 1459
510,9 0 52,480 59 1,50,0 742,1058
157,4 063
17,240 3",250", 0 3,274 59
Total
235",09 0 10,3 264 1,50,0 40,37.2
COONGRRPEUAFPWTIE
345, 670 28,05 0 79,620 73 84543.0316
ACHNARDTE
47,2810 12,09 97,62 168 25/,03268
Domestic— Long-term Short-em Prefred Com on Candi— Long-term Short-em Pref red Com on Other Long-term Short-em Pref red Com on Total
Candian OtherLoan
Farm
Grand
United
"187,56
3,087',50 30 .0 0 1,420, 0 37,130 1,56",60 63,92160
10", 5600", 2,137,50 20,4 1", 6
3,10 , 0
3",42 .459 6,524, 59 9,20 , 0 148,570 9,50 , 0 08460", 6.250",60 3,42 .459 17, 1459
New
1
fj
V Refundi g
147,05178 3,40*6 72"9~,40
$
1939
/
1
1
1
1
1
1
1
1
1
I
1
II
1
1
1
1
t
1
II
17,240
6,250", 0
1
I
IIII
IIII
1
IIII
1
1
—-
157,4318
"
1
III
1
1
II
9,lo 0 148,570 6,46", 6 "84"o,6 6,2'56", 6
Total
1
1
I
"
42,925
925
"~42~,
147,051"78
3",4 2",9 5 729~420 6,250",6(
157,4 063
"1 0",580
3",42",459 20,9736
~
1
1
1
1
1
1
-
Capit l
$
9,20 , 0 1,50 ,28 3,6 ",60 l" o,580
13,8562
"
New
1
1
•
1
1
1
1
1
1
1940
3,42.459 6,481,534 9,20,0 1,50 ,28
6,57*65
p
1
$
"5
65,8160 20,3 0 5,0 0 27,To~",6 60615", i",~5o6", 352,710
Refundi g 50,180 198,657.0 5.u0 26,58.750 "36 ",90
1
1
1
1
1
1
•
1
10,478" 0 20,38196 1.09",780 7,987,50 39,83 70 65,81 0 21,7840 5,0 0 47,28"190 "51 ",0 1.09",780 59"0,487", 392,64870
8,67 ,350 59L02
31,650.
o31.250 166
148",
1
1
1
ii
Total
3,657,6 5
1
1
1,50 , 0 21.08,350
Capit l 15,280 3.643.0
$
New
4
"427",750 13,69 120 50, 80 207,34 50 5,t>0 31,59",70 36 ",90 "427",750 345, 6.70
~
1,801, 50 15,73 170 1.09",780 7,5 9,750 26,197 50 15,280 5,4 ,05 16,28.420 "1148"0 , 1,69 .786 5069, 59,7 47,2810
Sbatoneydis OCTBER Noteas—nd &cop,manufct-res manufctrig_ -— &holdcing, Noatensd &coper,manufcts manufctrig &holdcing, _ &cop,manufctres manufctrig &c"I*H h&ocld-ing,_ &cop_,manufctres manufctrig_ 1~"gnidloh&c securit
OOFCTBER Corpate— bonanotde_ss _ stock stock bonanotdess. stock stock.foreign— bonaontedss. stock stock corpateGovernmtforgoeveringmnGaavnciets.,&♦Municp_al—St,PSosteaiens toal fiufdnigcnludoresest
MONTH
$
20,9736 275,86 42,176 95 38,4019
392,64.870 140, 90 17,246 1 710.21
30 ,0 0 450, 0
"36 ",6 0
Capit l 11619, 91", 2",96",60 1",420",65 37,130 61,4810
63,921.60 102,986 19 16,907629
These
•
BondsRailroads utiles cstoeall,,Equipment aacensordi indaunstrdl &buildcngs, ttrraudsintg,,Miscelanous SBhoortn-TdesmRailrods- utiles. sctoeall,,Equipment aacensordi indaustril b&uildcngs, ttrraudsitng,,Miscelanous Railroads utiles sctoeall,,Equipment aacnesodri indaunstrdil budings, ttrruadsitng,,Miscelanous utiles sctoeall,,Equipment aacnesodri indaustril b&uildcngs, ttrraudsitng,,Miscelanous corpate
OFMONTH Long-Term
Total
Total
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Public Iron, Motors Other Land, Rub er
Oil
Ship ingInv.
Stocks—
Total
Public Iron, Motors Other Land, Rub er
Ship ingInv.
Total—
Total
Railroads
Public Iron, Motors Other - Land, Rub er Ship ing Inv.
Oil
3
to
8—1
to
§
O
5
►-*
J®
3,25186,0
Total
§70,43901,5g734.0327,f0c.£30j2,20, 0 176O,82*562£4.0•0B19,5J0. "60",00 15817,950*6 3*3£,27186,0 3£0, 3.0 1,C850,i02£,0•,0 O8.1*25",0f4,c50,r0g:a::: 7,~*50~,6 a54,70, 0
245,0 0
3,74209.5648.0 ,05,0 ,0 34,0986095,0823,25,0 5.147,95.078
54,70, 0235,70 6413,65032 38,0 ,0 15.6 *6
45,215,26312,857 267,462,40 4, 85,0 215,36 08131,702,34 50 ,0 0 3,509,3 01 ,925,0 81,349,653 41,372 96
<0
.4390 .412,63 .05726 .68240 ,4850 .317,58 .2034 .34,0 4.109,3 01 ,925.0
27,049.653
3,74209,5
4
30
730
1,620
20
342
400 300
315 162 752 450 900 592 212 000
2,854362,148.0 ,05,0 032,19860 317.423 1,750, 0
Refundi g 2,61 428, 035,76250 16,832015.307, 43 30, 0. 0
1936
I
3.59S78.25
Ca1pital 623,75 96018.70.5073,84 534148.357,289 8,0 .0 15,0 *60
87,6 283 21,90,6 638,0735401,57,0 1,54921,83
1,509 ,0 82,40, 0458.63,1 279,06149
2,390 ,6 8.250, 134.0 , 036,014 0769, 861 4,80,0
3.6S8, 218
Refundi g 798.16 85136.8239 0263.57906 8 .142,8 0
1,8670, 85,0 .0 134,0 0231,04 017,315 1.50.0
1,80953. 2
Capital 710,89714945,61.08194.8 065190. 8,629
3,250, 0 132,0 0 598.47,2633, 0 , 06
6
New
Total
1937
1,42315,92
New
Total
1938
1,63952.69
62,50
6.30 . 0 36.05 .2 510,537021
1,69248. 1
531,254
Refundi g 917,80 58 2.758,0 1,20 ,80
Capital
New
70,183 02
SbSoftamFrtuGaoneyiincehogdpvdslersnyaml.FTMAEOOH3FNERDC1TSR.,
FGOFOLAMRVFEUERINNITGAMMECONDHNPT.RDLGS
365,18
8,250, 0 160,4 7 1.50 , 0
1,52061.397 1,34922,6850", 3,18752,196
329,7460 59,20 924,30 6795,64 95 2,10954,
1,807 6,30 19,8460 170,8519068,1532
2,06418, 3 68,*539",0 954, 30 5.325,0 3.714,86 0
New
Total
$
Refundi g 1,4 376, 0 8, 36,0 120,839 63,26 ,962
CORPATE,
SUOM AFRY
_
-
Capital 365,729 30 1,0 0 50,1 794 65.348,61
GONREUPFWI
269,8*326 379,832473,20,0
S
1940
CIOSRTPUNHAIEED
450, 0
%
1.574,382 2. 6,7395
New
890, 0
750. 0
917,80 5
"
Capital 15,93.0 239,52034 18,95 0 90478 5178,3106955,690, 037.130 4.6 *6 1.90,0 721. ,10
9 ,0 0
35,90 45,61 08 4,978,14240,6 .54304,65012,734.53209,3198 46,38037 2,49",490 69,1 79 385,02.694
2,0 ,0 6,30 , 0 3,541, 251,36 ,92 36,79 372 862,50
126* 6 21 .0 0
S
1,7 3*754
*323*6 6 3,542,0 3,5*41 251,36 ,92
""
5 0. 0
10,5730 981,7630 13,50 3,90,0 62,79*20217,0 10,950 21,6*05",0 65.7 0 1,56 3,50 9,50,0 7,260, 0
35,6*85",618862,50 "i"0o"o0".3,964,2 0 4,920692 15,93.0 245,061.7510.3219 93*793180.3621955,690. 037,13,0 4,160.6 .187.20 70,183 02
$
1940
Refundi g
S
§
30,9 0 764,23 0 317.05, 0 13,625* 617,30 8,513,0 1.3*56 615,30. 1,807 6,30 5,0 ,0
21,503.62 7,851903 1,350 .*19735105, 0 7,50,20 49*. 67*930 1.4 ,376 0 5.0 ,0
73
S
New
910, 0
30016,5 ,90 . 0 2.680, 0123,041.26 27.350 10,950 213,90 21.605 6 129,50.481
1,85479,
1,53 *571 128,091480 40,6380 94, 0 0 27,435 29170,26536,2 3,420 19,6*5,0 97,460.571
1,06872, 4
"
1,52.061,397
10,73.0 1,2067,40
2,"5*O6'. 4,510, 0 5,468*304 2,0 ,0 2,~680",6 59.863,90 1,275,0 10 ,0 0 213,90 9,7 *9, 10 81,3 017 69,4350 51,9 67 1 , 50 3.90 . 0 2,680, 095.60 , 8756.48 73,971.580213,90 2.0 .0 32,1 9 10
329.734,60
New
Total
2
50,6 *6 74,30 0 126,4*7 96 408413
l",*46*6 5 0. 0
Capital 69,4350 45,071328,60,0 3,90,0 35,742",1845,37 473,871,580 20",b"o0".19.850 243,8 53
26",36 1,734,054 10, 0 760,389 5 5.302, 0 40.815* 7935.290 .312.47860 57,827,0 *587*30
92,30.639
2*103 ,61 4 ,0 ,0 2,68~0".6 60.27,016 1,275,0 10 ,0 0213,90 1 ,3 5*481 209,472 9
502,5*006", 78, 10
9.6 ",0
$
'"
125,7
9,6 *6
Refundi g 31, 80 936,72498 94, 0 0 27,6* 7,01616,72 536,2 3,420 19.~0 5~.6 45.92,0 1,32 69,17 9,50 . 0 5,80 , 0
1939
46,5476 25,930 15,6239 166,9.371213.6250 18.6950 95,0 .0 4,~i*o"~,6 8,74.520
1,0541,6?0
1,69248, 1
0 0 2,758,0
New
Total
10 ,0 03,984,520
26,70 139,84 0913,09.641,40.65018,49 53298,2061 70.265 379,678,0 3,14,90 *349*6 6143,52 679 1,42315,92
1,6*7 ",
2,6 *6 3*0 6 1, 89,0
$
CAHARNTDE Capital 108,5639891,57.3975,705,0
492,10 86 418,70 6 57,210 562,15,0 1.48 2.14
$
36,82390 86.310,25 4,9109 162,850 652,*80716",12,06.75 *68*256 26,391859 351,72 906 125,09 0653.782,959,067.149162.8504,934.60 10,53469148.5,7623,780 682,50 29,52*359
1,8670,
"
25.930 9 ,10 9513,507 0 129,60 21,0 .0 18.69,50 95.0 ,0 4.6 *6 2,790, 0 2,0 ,0 750, 0 150. 0 1,40 . 0
1,63952,6
S
1,85479, 67,50. 0 2,417 0,32595,604191,950, 0 5,297046. 1
Refundi g 1,243 69,17 74,30. 0 127, 6.29 79,50 0
35,90 82,40 91,28 394 5,91,753467,50 12,73453271,0857 167,4 802 3,1*7696 "9*9*6 695,8308 73,52460 351,8690 793.6139429.076,531.567.5023,4 ,5 340.374,0 318.720,3 3,056 0 3,826,9 0 349*6 173.1803
2,3902,6
New
1.89305.618
Capital 243,8 5834,510. 021,6314859,76 89
1939
""
650, 0 606
60 ,0 0
Capital 2 .420, 132,0941878,089501.0,0 5,765,40 87,48612123,89750 9,678,0 "250',38, 450 710,897149 4,350. 02,76,08 1,940, 0
Refundi g 10, 0 760,389 5 4,5 2,0 38,9*182532.689,30512,478.60 57,82 0
*9 36",0
13",6O~ ,6 19,8460 106*,234"9161,935,0 5,40*",0 73.895,64 875,0 0 l",40*",0 3,629,780 46,9 159 239,46 513 35,09 0871,56821038,90. 5",4O" ,6O 187.56 4 18,75.0 8,513.0 1,40 , 0 3.629.7801.350, 0214, 6.159
*836*,0
3~,6"O~,6 8, 36,0 79,34*",269 1,306",0 27,04123 1,53*0", 0 14,879 57 124,06358
~
2,06.418 3
26,5036275,201 7231,50 1,3*06",010.74967105. 0 7,50,20 1,530*.0 67,34 78 1,574.318,72
io~."6 , 6 1,0 0 26,85*641 1,935,0 4*.094*,0 46,854 32875.0 0 1,4*06 62,09 ,780 31,*2 6*302 15,36015 108,56.39819,367087,640, 0 4",0*94,0 86,781.69712.675,0 1,07,80 1,40 , 0 2,09 .7801,350, 0147,098.372 492,10 85
9,*827*651,80 01,07,80 l",35*0, 0105,8207 365,729 30 910*, 0 "io6",6 6
"
3
agencis.*&_ funds manufctrig manufctrig manufctrig manufctrig
EON3DC1T. anoteds anonteds. anonteds. Governmt governmGvt,^Municpcali—Sets,Po n incluodte EO3NCD1T. Noteas—nd &cop ,manufctres oi ht&roacldd_iinngg,, Notaesn-d -&coper,manuft acesori h&troalddiicnngg,, &coper,manuft acesori —h&troaclddiinngg,, &coper,manuft acesori ht&roalddiicnngg,, securit
MONTHS Corpate— Domestic— Lbonog-ntedrmsShort-emPrefstrocekdComstocoknCandi— Lbonog-ntedrmsShort-emPrefstroecdkComstoockn.foreign— Lbonog-ntedrmsShort-em_Prefstrocekd_Comstocokn corpateCandianforeignLoaannd Staes toal Tfdighueorsees MONTHS LBonog-nTedrmsRailroads utiles sctoeall,,Equipment andindaustril b&uildncgs,RuberShipingtrust ,Miscelanous SBhoort-nTedmsRailroad«s utiles sctoeall,,Equipment and indaustril b&uildcngs,RuberShipingtrust ,Miscelanous Stocks— Railroads utiles sctoeall,,Equipment andindaustril b&uildncgs,RuberShip ingtrust ,iscelanous Railroads util es sctoeall,,Equipment andindausntridl build<n&gcsR,ub erShip ingtrust ,Miscelanous corpate
Other
10
Total
Grand
OtherFarm United
Total
♦
10
Public Iron, Motors Other Land,
Oil
Inv.
2.854,36213
18,70 50 2,768. 356, 59.7267.462,40 3,961, 0 142,9 7451,58 9450 ,0 0 1 ,925,0 46,173.62 237,01823 230,567 8579,4.50115.639749.58,9503.961. 0 18.41,98 41.72913 9,072,0 "060 01,9250 20,73.05 87,6 283
$
1938
218,475 258.473 1 ,272
80 ,0 0
Refundi g 123,6490 532,89 13 4,076 50 4,934*60 38,67 8 27,3480 23, 780 3,20 ,50 798,16 851 1,450, 034,573920
Total
3.509.3 0 74",3*6",0
523,
2,740, 0
S
1937
1,654.3 8
1,48703,5 78.10 149.3 4060.13,057 79,50.0
Total
650, 0
60 ,0 0
346,09 064,930 132,850 1,0,0 10,7 0 126,5 0 15,245 0 3,056 0 "25"06 641,58.0 1,509 ,0 5,80.0 37,50
Total
1,04967* 80,62655,236,0 3,547.20,16
425,80 691,783 165,236,0
7, 50, 0 35,76250 42, 6 286,198,0 "5*23",90 73,1 3 6 1 , 437 9 3.509,3 0 35,1*76 3 17, 0973 49 ,876, 2 6,493 20.723
1,540,6 8
2, 12,50 245,0 0
Capital 21o.567 S575,2 86 108,942S2,496.50 39,64*2423,958.0378,327,0 "6 6* 6 156,*29,430 631.75,960 15,0 0 1,250, 0
FYEIVARS
O3FYCE1ITAVR.S
62,50
721, 103,542,0 34.8524510, 5.76
8,125,0 2, 87.50
New
1,879.31,86
92,30 69 623.47,0 108, 849
48,763151,497621,534218,957220,723.450 137,* 256 40, 19631,27 0 31,42057 2.641,28 40 15,0 0
Refundi g
1936
60 ,0 02,0 ,0
Total
Public Iron, Motors Other Land,
Oil
Inv.
Total
Public r on, Motors Other Land,
Oil
Inv.
M
Total—
Public Iron, Motors Other Land,
ou
Total
Inv.
Volume
The
151
Commercial & Financial
serial notes,
♦$3,900,000 Montana Dakota Utilities Co. 1H% to 3H%
due 1941-1950.
Purpose, refunding.
Price, 100 and interest.
Sold privately through Blyth A Co., Inc., as agent, to
Equitable Life Assurance Society of the U. S.; Northwestern
Mutual Life Insurance Co.; National City Bank, New York;
Northwestern National Bank A Trust Co., and the Marshall
DURING
CAPITAL FLOTATIONS
DETAILS OF NEW
OCTOBER, 1940
NOTES (ISSUES
BONDS AND
LONG-TERM
THAN
MATURING LATER
A Ilsley
FIVE YEARS)
Bank.
♦1,150,000 Orange
16,500,000 San Antonio
Purpose,
and
Northern Ry. 4% collateral trust
♦16,000,000 San
bonds, due Jan. 1,
and interest. Pur¬
Bros. A Hutzler;
and Stroud & Co.,
Merle-Smith;
Dillon,
series of 3s due
Offered by The First Boston Corp.; Harris, Hall
A Co. (Inc.); E. H. Rollins A Sons, Inc.; Blyth A Co., Inc.;
Harriman, Ripley A Co., Inc.; Lazard Freres A Co.;
Barney A Co;. Halsey, Stuart A Co., Inc.; Mellon
Corp.; Dean Witter A Co.; Glore, Forgan A Co.;
Sachs A\Co.; Kidder, Peabody A Co.; Lehman Brothers;
interest.
Inc.
Read & Co.:
Smith,
Securities
Goldman,
White, Weld A Co.; Coffin A Burr, Inc.; Stone A Webster
and BlodgetN Inc.; William R. Staats Co.; Pacific Co. of Calif.;
Aldred A Co.; A. C. Allyn A Co., Inc.; Auchincloss, Parker A
Redpath;
& Co.,
Hutzler: Dick &
Inc., on a bid of
frove;ofFieid, Richards AFrancis, Bro. A Co.; Glenny,Corp.;
'irst
Michigan Corp.;
Co.; The First Cleveland Roth
Co.; Granbery, Marache A
Hallgarten A Co.; Hawley,
Co.; Hayden, Stone A Co.;
Heller, Bruce A Co.; Hemphill Noyes A Co.; J. J. B. Hilliard
A Son; Hornblower A Weeks; W. E, Hutton A Co.; The
Illinois Co. of Chicago; Jackson A Curtis; Kalman A Co.;
Kean, Taylor A Co.; Knight, Dickinson A
Kelly, Inc.;
Ladenburg, Thalmann A Co.: Laird, Bissell A Meeds; W. W.
Lanahan A Co.; W. C. Langley A Co.; Lee Higginson Corp.;
Mackubin, Legg A Co.; Laurence M. Marks A Co.; McDonald-Coolidge A Co.: Merrill Lynch, E. A. Pierce A Cassatt;
Merrill, Turben A Co.; The Milwaukee Co.; Minsch, Monell
A Co., Inc.; Mitchum, Tully A Coj Moore, Leonard A Lynch;
F. S. Moseley A Co.; Maynard H. Murch A Co.; G. M.-P.
Murphy A Co.; Newton, Abbe A Co.: O'Melveny-Wagenselier A Durst; Otis A Co.; Page, Hubbard A Ashe; Paine,
Webber A Co.; Perrin, West A Winslow, Inc.; Arthur Perry
A Co., Inc.; R. W. Pressprich A Co.; Putnam A Co.; Reinholdt A Gardiner; Riter A Co.; L. F. Rothschild A Co.;
Sage, Rutty A Co.. Inc.; Schoellkopf, Hutton A Pomeroy,
Inc.; Schroder Rockefeller A Co.. Inc.: Schwabacher A Co.;
Chas. W. 8cranton A Co.; Shields A Co.; Singer. Deane A
A Doolittle;
privately.
series GG,
7,300,000 Southern Ry. 1%% equipment trust certificates,
due serially, 1941-1950.
Purpose, purchase of equipment.
Priced to yield from 0.35% to 2.20%, according to maturity.
Offered by Drexel & Co. and Laurence M. Marks & Co.
series HH,
3.000,000 Southern Ry. 114 % equipment trust certificates,
due serially, 1941-1950.
Purpose, finance purchase of equip¬
ment.
Priced to yield from 0.30% to 2.15%, according to
maturity.
Offered
by Mellon Securities Corp.; Lazard
Freres A Co.; Kidder, Peabody & Co., and E. W. Clark & Co.
♦225,000 Tampa Union
1958.
Graham, Parsons A
Lord; Green, Ellis A Anderson;
Huller A Co.; Hayden, Miller A
Merle-Smith, and Stroud
101.425, and placed
Co.;
Hard-
Ry. 2% equipment trust certificates, due
of equipment. Awarded to
Purpose, purchase
A Co.;
Elwortby A Co.; Equitable Securities Corp.; Estabrook A
Fahey, Clark A Co.; Farwell, Chapman A Co.: Ferris A
Inc.;
Shields
Co.;
Inc.;
Anthony
Whiting,
1941-1950.
Whipple A Co.; Baker, Watts
Hardin; Ballou, Adams A Co., Inc.; BancOhio
Bankamerica Co.; Banks, Huntley A Co.;
Bateman, Eichler A Co.; A. G. Becker A Co., Inc.; Blair A
Co., Inc.; Blair, Bonner A Co.; Bodell A Co., Inc.; George
D. B. Bonbright A Co.; Bond A Goodwin, Inc.; Bosworth,
Chanute, Loughridge A Co.; Alex. Brown A Sons; Brush,
Slocumb A Co.; Burr, Gannett A Co.; H. M. Byllesby A
Co., Inc.; Central Republic Co.; Chace, Whiteside A Symonds,
Inc.; Clark, Dodge A Co.; E. W. Clark A Co.; Curtiss, House
A Co.; J. M. Dain A Co.; R. L. Day A Co.; Dick A MerleSmith; R. S. Dickson A Co., Inc.; Dominick A Dominick;
Drexel A Co.; Eastman, Dillon A Co.; Edgar, Ricker A Co.;
Pressprich & Co.; Riter A Co.; E. H. Rollins & Sons,
L. F. Rothschild & Co.; Salmon Bros. & Hutzler;
& Co.: Singer, Deane & Scribner: Smith, Barney &
Starkweather & Co.; 8tone A Webster and Blodget,
Stroud A Co., Inc.; Spencer Trask & Co.; Tucker,
& Co.: Union Securities Corp.; White, Weld & Co.;
Weeks & Stubbs, Inc., and Yarnall & Co.
Salomon Bros. &
Bacon,
Baker, Weeks A
Securities Co.;
Dominick A
Dillon & Co.; Elkins,
Boston Corp.; First of
Michigan Corp.; Glore, Forgan A Co.• Goldman, Sachs & Co.;
Graham. Parsons & Co.; Hallgarten A Co ; Harriman Ripley
& Co., Inc.; Harris, Hall & Co. (Inc.); Hayden, Miller A Co.;
Hayden, Stone & Co.; Hemphill, Noyes & Co.; Hornblower
A Weeks; W. E. Hutton A Co.; Jackson & Curtis; Kean,
Taylor & Co.; Kidder, Peabody A Co.; Ladenburg, Thalmann
& Co.; Lazard Freres & Co.; Lee Higginson Corp.; Lehman
Brothers; Laurence M. Marks A Co.; Mellon Securities Corp.;
Merrill Lynch, E. A. Pierce & Cassatt; Moore, Leonard &
Lynch; F. S. Moseley A Co.; G. M.-P. Murphy A Co.;
W. H. Newbold's Son & Co.; Paine, Webber & Co.; R. W.
Dominlck; Drexel A Co.; Eastman,
Morris & Co.; Estabrook A Co.; First
♦2,200,000 Pere Marquette
3H%
Electric Co. 1st mtge. bonds,
California Edison Co., Ltd., 1st A ref. bonds,
1964.
Purpose, refunding.
Price, 104 and
108,000,000 Southern
by Morgan 8tanley & Co., Inc., and
and 63 sub-underwriting houses as follows:
A
Mahan,
Riter
Securities Corp.,
1, 1970.
Purpose, refunding ($15,500,000);
payable ($250,000): reimburse treasury for con¬
struction expenditures ($250,000).
Price, 107.38 and int.
Sold privately to Equitable Life Assurance Society of the U. S.
bonds, series A,
and interest.
Kuhn. Loeb
A Co.
A. C.
Allyn A Co., Inc.; Baker, Watts & Co.; A. G. Becker A Co.,
Inc.; Biddle, Whelen A Co ; Blair A Co.. Inc.; Blyth A Co.,
Inc.; Bonbright A Co., Inc.; Alex. Brown A Sons; Central
Republic Co.; Ciark, Dodge & Co.; E. W. Clark & Co.;
Dick
A Co.; Union
retire notes
27,333,000 New York Connecting RR. 1st mtge. 3 H %
due
1965.
Purpose, refunding.
Price, 102
Offered
Diego Gas &
series due July
Purchased
Dick
A Hutzler;
1952.
Purpose, refunding.
Price, 103
chased from RFC and reoffered by Salomon
Dick A Merle-Smith,
Co., Inc.:
Drexel
Co., Inc.;
A Co.; Russ, Roe A Co.; Shields
and Watling, Lerchen A Co.
,
bonds, due
to yield
reoffered by Salomon Bros.
Merle-Smith, and Stroud A Co., Inc.
Public Service Co. 1st mtge. bonds, 3H%
Purpose, refunding.
Price, 107and int.
by Mellon Securities Corp.; Bodell A
Dewar, Robertson A Pancoasc; Dillon, Read A Co.;
A Co.; Glore, Forgan A Co.; Halsey, Stuart A
Harriman Ripley A Co., Inc.; The Illinois Co. of Chicago;
Ladenburg, Thalmann A Co,; Lee Higginson Corp •
Dittmar A Co.; F. S. Moseley A Co.; Pitman A Co.;
Offered
7,000,000 Great Northern Ry. 4% serial collateral trust
July 1, 1941-1951.
Purpose, refunding.
Priced
from 0.50% to 3.60%, according to maturity.
from RFC and
int.
Life
series due 1970.
yield
Offered by
Co.;
purchase of equipment.
Priced to
from 0.20% to 1.75%, according to maturity.
Halsey, Stuart & Co., Inc.: Laden burg, Thalmann &
Blair A Co., Inc.; Otis & Co.; Central Republic Co.,
Gregory & Son, Inc.
&
bonds,
Sold
series A, due
and int.
A Co.
2,758,000 Chicago Rock Island & Pacific Ry. 2% equipment trust
certificates, series U, due semi-annually May 1. 1941-Nov. 1,
13,000,000 Great
Electric Co. 3% 1st mtge.
due June 1,
$3,000,000 Buffalo Creek RR. 1st mtge. 3%% bonds,
Nov. 1, 1965.
Purpose, refunding.
Price, 101H
Offered by Morgan Stanley A Co.,"Inc., and Drexel
1947.
& Rockland
1965.
Purpose, refunding.
Price, 101 and
privately to Mutual Life Insurance Co., Home
Insurance Co., and State Mutual Life Insurance Co.
RAILROADS
•
2715
Chronicle
Station Co. 1st mtge. 4% bonds, due Oct. 1,
refunding.
Price, par and interest. Sold
Life Assurance Society of the U. S.
Purpose,
Trask A Co.: Stark¬
Brothers A Co.;
Scribner; Smith, Moore A Co.; Spencer
weather A Co.; Stein Bros. A Boyce; Stern
privately to Equitable
Wampler A Co., Inc.; Stroud A Co., Inc.; Swiss
American
Corp.; Tifft Brothers; Townsend,
Anthony A
Tyson; Tucker, Anthony A Co.; Union Securities Corp.;
Vietor, Common A Co.; H. C. Wainwright A Co.; G. H.
Walker A Co.; Washburn Co.; Watling, Lerchen A Co.;
Weeden A Co.; Wells-Dickey Co.; Werthein A Co.; Whiting,
Weeks A Stubbs, Inc.; The Wisconsin Co.; Kuhn, Loeb A
Co., and Morgan Stanley A Co., Inc.
Stern,
$65,816,000
PUBLIC
UTILITIES
Service Co. 1st mtge. bonds, 3*A% series,
due 1965.
Purpose, refunding.
Price, 101 and interest.
Sold privately to Northwestern Mutual Life Insurance Co.,
John
Hancock Mutual Life Insurance Co., and
Massa¬
♦$4,200,000 Alabama Water
chusetts Mutual
Life Insurance Co.
series L,
18,100,000 Central Maine Power Co. 1st & gen. mtge. bonds,
3Hs, due 1970.
Purpose, refunding ($16,600,000): reduce
bank loans.
Price, 107 ^ and interest.
Offered by First
Boston Corp.; Coffin & Burr. Inc.; Halsey, Stuart & Co., Inc.;
Blyth A Co., Inc.; Harriman Ripley & Co., Inc.; Harris,
Hall & Co. (Tnc.); Smith, Barney A Co.; Stone & Webster
and Blodget, Inc.; White, Weld & Co.; Glore, Forgan & Co.;
Kidder, Peabody & Co.; W. C, Langley & Co.; Lee Higginson
Corp.; F. S. Moseley & Co.; Arthur Perry & Co., Inc.;
E. H. Rollins & Sons, Inc.; Whiting, Weeks & Stubbs, Inc.;
Bodell & Co., Inc.; R. L. Day & Co., Inc.; Estabrook & Co.;
Jackson & Curtis; Paine, Webber & Co.; Spencer Trask A Co.;
Starkweather A Co.; Tucker, Anthony A Co.; H. M. Payson
A Co.; Putnam A Co.,
Hartford; Newton, Abbe A Co.;
Maine Securities Co., and Charles H. Gilman A Co.
$202,300,000
Drexel A Co.; Eastman, Dillon A Co.; Emanuel A Co.;
Equitable Securities Corp. Estabrook A Co.; Fahey,
A Co.; Field,
Richards A Co.; First Boston Corp.; First
Cleveland Corp.; First of Michigan Corp.; Glore, Forgan A
Co.; Goldman, Sachs A Co.; Graham, Parsons A Co.;
garten A Co.; Harriman Ripley A Co., Inc.;
Co. (Inc.); Hawley, Huller A Co.; Hayden, Miller A Co.;
Clark
107 and
Hall¬
Harris, Hall A
A. G.
Hayden, Stone A Co.; Hemphill, Noyes A Co.; Hornblower
A Weeks; Colgate Hoyt A Co.; W, E. Hutton A Co.; Illinois
Co. of Chicago; Jackson A Curtis; Janney A Co.; Kidder,
Peabody A Co.; Ladenburg, Thalmann A Co.; Lazard Freres
A Co.; Lee Higginson Corp.; Lehman Brothers; Laurence M.
Inc.;
,
McDonald-Coolidge A Co.; Mellon Securities
Lynch, E. A. Pierce A Cassatt; Merrill,
Moore, Leonard A Lynch; Norgan Stanley
A Co., Inc.-Maynard H. Murch A Co.; G. M.-P. Murphy
A Co.; W. fi. Newbold's Son A Co.; Newhard, Cook A Co.;
Paine, Webber A Co.; E. H. Rollins A Sons, Inc.; Schoell¬
kopf, Hutton A Pomeroy, Inc.; Schroder Rockefeller A Co.,
Inc.; Singer, Deane A Scribner; Starkweather A Co.; Stern,
Wampier A Co., Inc.; Stroud A Co., Inc.; Swiss American
Corp.; Spencer Trask A Co.; Tucker, Anthony A Co.; Union
Securities Corp.; G. H. Waiker A Co.; Wells-Dickey Co.;
White, Weld A Co.: Whiting, Weeks A Stubbs, Inc.; Wis¬
consin Co.; Dean Witter A Co., and Yarnall A Co.
Marks A Co.:
Corp.; Merrill
Turben A Co.;
G.
Rothschild A Co.; Shields A Co.; Smith, Barney A
A Co.; Stern, Wampler A Co., Inc.;
Spencer Trask A Co.; Tucker, Anthony
A Co.; Union Securities Corp.; G. H. Walker A Co.; Watling,
Lerchen A Co.; White, Weld A Co.; Whiting, Weeks A Stubbs,
Inc., and Dean Witter A Co.
Inc.; L. F.
Co.; Stern Brothers
Lowry Sweney, Inc.;
♦10,500,000 Youngstown
Sheet & Tube Co. serial
debentures (bearing
from 0.40% to 2.10%) due $1,500,000 each
1941-1947.
Purpose, refunding.
Price, 100 and
interest.
Sold privately to 12 commercial banks through
Kuhn, Loeb A Co. and Smith, Barney A Co., as agents.
interest
series A,
Nov.
1,500,000 Michigan Public Service Co. 1st mtge. bonds,
4%, due Oct. 1, 1965.
Purpose, refunding.
Price, $102
Offered by Otis A Co.; Halsey, Stuart A Co., Inc.; Ladenburg,
Troxell A Minton, Inc.; Stroud A Co.,
Yantis A Co.. Inc.; Cray. McFawn A Petter;
■
COAL, COPPER, Ac.
Sheet & Tube Co. 1st mtge. sinking fund
3H%
bonds, series D, due 1960.
Purpose, refunding.
Price, 103 and interest.
Offered by Kuhn, Loeb A Co.,
Smith, Barney A Co.; A. C. Ailyn A Co.. Inc.; Bacon,
Whipple A Co.; A. G. Becker A Co., Inc.; Biddle, Whelen
A Co.; Blair A Co., Inc.; Blair, Bonner A Co.; Blyth A Co.,
Inc.; Bonbright A Co., Inc.; Alex. Brown A Sons; H. M.
Byllesby A Co., Inc.; Central Republic Co.; Clark, Dodge
A Co.; E. W. Clark A Co.; Coffin A Burr, Inc.: Curtiss,
House A Co.; Dillon, Read A Co.; Dominick A Dominick;
bonds,1
29,000,000 Columbus & Southern Ohio Electric Co. 1st mtge.
3X% series due 1970.
Purpose, refunding.
Price,
interest.
Offered by Dillon, Read A Co.; A. C. Allyn A Co.,
Inc.; Bacon, Whipple A Co.; BancOhio Securities Co.;
Becker A Co., Inc.; Blair, Bonner A Co.; Blair A Co., Inc.;
Blyth A Co.. Inc.; Bodell A Co., Inc.; Bonbright A Co.,
Central Republic Co.; Coffin A Curr, Inc.; Curtiss, House A
Co.; Eastman, Dillon A Co.; Estabrook A Co.; Fahey, Clark
A Co.; Field,
Richards A Co.; First Boston Corp.: First
Cleveland Corp.; First of Michigan Corp.; Glore, Forgan A
Co.; Halsey, Stuart A Co., Inc.; Harriman Ripley A Co., Inc.;
Harris, Hail A Co. (Inc.); Hawley, Huller A Co.; Hayden,
Miller A Co.; Hayden, Stone A Co.# Hemphill, Noyes A Co.;
W. E. Hutton A Co.; Illinois Co. of Chicago; Jackson A
Curtis; W. C. Langley A Co.; Lee Higginson Corp.; McDonald
Coolidge A Co.; Mellon Securities Corp.; Merrill, Turben A
Co.; F. S. Moseley A Co.; Maynard H. Murch A Co.;
M.-P. Murphy A Co.; Otis A Co.; Arthur Perry A Co., Inc.;
R. W. Pressprich A Co.; Riter A Co.; E. H. Rollins A 8ons,
IRON, STEEL,
$45,000,000 Youngstown
rates
1,
Thalmann A Co.; Sills,
Inc.;
F.
8.
Carter H.
Harrison A Co.;
Campbell, McCarty A Co.,
Inc.;
Dempsey-Detmer A Co.; Morris F. Fox A Co.; E. W. Thomas
A Co.; Thrall West Co.; Harold E. Wood A
McDonald,
Moore A Hayes, Inc.; Polk, Peterson Corp., and Glenny,
Co.;
Roth & Doolittle.
750,000 Michigan
Public Service Co. 4%
serial debentures, due
Purpose, refunding ($307,000); working capital.
yield from 1.08% to 4.25%, according to maturity.
bankers as offered the $3,500,000 1st mtge.
(see above).
1941-1950.
Priced to
Offered by same
4s
♦1,200,000 Montana-Dakota Utilities Co. 1st mtge.
May 1, 1956.
Purpose, construction of
privately to two Insurance companies.
4H% bonds, due
pipe line.
Sold
$55,500,000
OTHER
INDUSTRIAL AND
MANUFACTURING
10-year 2X % sinking fund debentures, due Oct. 1,
Price, 101A, and interest.
Co., Inc.; Bacon, Whipple A
Co.; A. G. Becker A Co., Inc.; Blair, Bonner A Co.; Central
Republic Co.: Clark, Dodge A Co.; Glore, Forgan A Co.;
$10,500,000 Crane Co.
1950.
Purpose,
refunding.
Offered oy Morgan Stanley A
Harris, Hall A
Co. (Inc.); The
Higginson Corp.;
A Co., Inc.
♦15,000,000 Crown
tures
Cork & Seal Co., Inc., 3M% sinking fund deben¬
1, 1955.
Purpose, refunding ($14,468,750);
capital ($531,250).
Price, par. Placed privately.
due Oct.
working
Illinois Co. of Chicago; Lee
Co., and Stern, Wampler
Smith, Barney A
The Commercial & Financial Chronicle
2716
working capital.
-
ref.
Deaconess Home
& Hospital
of
4% serial bonds due 1941-1953.
improvements, and other
mtge.
Eurposes.
iegler &
($196,900);
Price, 101 and interest.
Co.
Offered to holders
share.
per
Sons Ship
Harriman
Ripley & Co.
MISCELLANEOUS
$45,000 First Presbyterian Church of Clinton, Iowa, 1st mtge.
4% serial bonds, due serially Oct. 1, 1941-1950.
Purpose,
retire notes payable.
Price, 101 and interest.
Offered by
B. C. Ziegler & Co.
1st
Price, $11
of gen. mtge. 6% bonds of old William Cramp &
& Engine Bldg. Co.; unsubscribed portion sold to
LAND. BUILDINGS, &c.
refunding
1940
9,
SHIPPING
$1,099,780 Cramp Shipbuilding Co. 99,980 shares of common stock
(par $5).
Purpose, payment of organization expenses and
$27,100,000
300,000 Lutheran
Nov.
\
♦$1,600,000 Nekooiia-Ed wards Paper Co. 1st mtge. 4H% sinking fund
bonds, due Oct. 1, 1955.
Purpose, refunding.
Placed pri¬
vately with two insurance companies through Harris, Hall
& Co. vine.).
$5,250,000 American Airlines, Inc., 50.000 shares of $4.25 cum. conv»
pref. stock (no par).
Purpose, pay instalment promissory
note ($2,250,t)00); general corporate
purposes.
Price, $105
per share and div.
Offered by Emanuel & Co.; Kidder,
Peabody & Co.; Lehman Brothers; Blyth & Co., Inc.; A. C.
Allyn & Co., Inc.; Dominick & Dominick; Equitable Se¬
curities Corp.; Francis, Bro. & Co.; Goldman, Sachs & Co.;
Hallgarten & Co.; Lazard Freres & Co.; G. M.-P. Murphy
& Co.; Merrill Lynch, E. A. Pierce & Cassatt; Schoeilkopf,
Chicago
•
Purpose,
corporate
Offered by B. C.
170,000 St. Rita Parish of the Augustinian Society of Chicago
1st ref. 3%-3M%-4% mtge. serial bonds, series A, due
1941-1950.
Purpose, refunding.
Price, 100M-101.
Offered
by B. C. Ziegler & Co.
Hutton &
Pomeroy, Inc.; Schroder Rockefeller & Co., Inc.;
H. M. Byllesby & Co., Inc.* Folger, Nolan & Co., Inc.;
M.
Higbie Corp.; Jackson & Curtis; Mitchum,
Carlton
--
"
;
Tully & Co.; McDonald-Coolidge & Co.; Putnam & Co., and
1
Watling, Lerchen & Co.
$515,000
MISCELLANEOUS
:
1,000,000 Auto
Finance Co. 20,000 shares 5M% cum. conv. pref.
(par $50).
Purpose, refunding ($427,750); working
capital.
Price, $50 per share.
Offered first' to stockhoders;
unsubscribed portion offered by R. S. Dickson & Co., Inc.;
McAlister, Smith & Pate, Inc.; Bond & Goodwin, Inc.;
Alester G. Furman Co.; Dargan, Brannon & Co.; Frost,
Read & Co., Inc.; James Conner & Co., Inc.; Lewis & Hall,
Inc.; Oscar Burnett & Co.; Scott, Horner & Mason, Inc.;
stock
$1,500,000 Merchants &
Manufacturers
Securities
Co.
10-year
4M% debentures, due Sept. 1, 1950.
Purpose, retire bank
loans ($450,000); purchase 100,000 shares Domestic Finance
Corp. common stock ($1,000,000); balance for corporate pur¬
poses.
Price, 101 and Interest (with stock warrants entitling
holders to purchase share of Domestic Finance Corp. common
stock).
Offered by Smith, Burris & Co. and associates.
First
V.
STOCKS
(Preferred stocks of
stocks of
at their
no
a
stated par value are taken at par, while preferred
stock are computed
PUBLIC
pref.
UTILITIES
Kansas Power Co. 5,821 shares of 4% %
stock
(par
$100).
Purpose,
refunding.
Price,
500,000 Mid-Continent Airlines, Inc., 100,000 shares of
t
cum.
stock
$100
1,000,000 Centra! Maine Power Co. 20.000 shares of 5% cum. pref.
stock (par $50).
Purpose, pay bank loan; corporate purposes.
Price, $46.25 per share (flat).
Offered first to stockholders;
Unsubscribed portion offered by Coffin & Burr, Inc.; First
Boston Corp.; H. M. Payson & Co.; Arthur Perry & Co.,
Inc.; Harriman Ripley & Co., Inc.; Paine, Webber & Co.;
Maine Securities Co., and Charles H. Gilman & Co.
$7,987,500
GOVERNMENT AGENCY
Intermediate
Credit
Banks
ISSUES
consolidated
%%
slightly above par.
Offered by Charms R. Dunn, New York,
fiscal agent.
112,099,000 United States Housing Authority
notes, series E,
dated Nov. 1, 1940; due Nov. 1, 1941.
Purpose, new capital.
Price,
100.
Offered
by Secretary of Treasury, Federal
Reserve banks, fiscal agent.
$140,149,000
ISSUES NOT
$288,765 Doyle
\
REPRESENTING NEW FINANCING
Machine & Tool
Corp. 77,004 shares of common
Price, $3.75 per share.
Offered by Burr &
Co., Inc.; O'Melveny-Wagenseller & Durst; Brown, Schless¬
man, Owen & Co., and Sidney S. Walcott & Co., Inc.
stock (par $1).
859,401 Gisholt Machine Co. 48,417 shares of
common
stock (par
$10).
Price, $17.75 per share.
Offered by A. G. Becker
& Co., Inc.; Alex. Brown & Sons; Merrill Lynch, E. A. Pierce
& Cassatt; Kidder, Peabody & Co.* Lee Higginson Corp.;
A. C. Allyn & Co., Inc.; Central Republic Co.; Paul H.
Davis & Co.; Loewi & Co.; Stern, Wampler & Co., Inc., and
Holley, Dayton & Gernon.
2,000,000 South Pittsburgh Water Co. 20,000 shares of 4M% pref.
stock (par $100),
Purpose,refunding ($1,198,950); construc¬
tion, improvements, &c.; pay open indebtedness to parent.
Price, $103.50 per share and div. Offered by Mellon Securities
Corp.; Moore, Leonard & Lynch; Singer, Deane & Scribner,
and H. M. Payson & Co.
624,456 Inter-Mountain Telephone Co. 17,340 shares of common
stock (par $10).
Price, $26 per share.
Offered by Alex.
Brown & Sons; Mason-Hagen, Inc.; R. S. Dickson & Co., Inc.,
and Stern, Wampler & Co., Inc.
$10,478,400
INDUSTRIAL AND
AND
debentures, dated Nov. 1; due ($12,950,000) Aug. 1,1941, and
($15,100,000) Nov. 1, 1941.
Purpose, refunding.
Price,
3,146,300 San Diego Gas & Electric Co. 157,315 shares of cum. pref.
stock, 5% series (par $20).- Purpose, refunding.
Price, $23
per share.
Offered in exchange to holders of 7 % pref. stock
OTHER
LOAN
$28,050,000 Federal
& Baikie.
*
.'.v/-;.
FARM
3,750,000 Coast Counties Gas & Electric Co. 150,000 shares of 5%
1st pref. stock (par $25).
Purpose, refunding.
Price, $27
per share and div.
Offered by Dean Witter & Co.; Blyth
& Co., Inc.; MItchum, Tully & Co.; E. H. Rollins & Sons,
Inc.; Schwabacher & Co.; Bankamerica Co.; Brush, Slocumb
& Co.; Elworthy & Co.; William R. Staats Co., and Richey
of which the bankers were
common
Price, $5
Inc.;
Airlines Corp. 60,000 shares of
capital stock (par $1).
Purpose, purchase of airplanes, &c.;
additional working capital.
Price, $15.87 Ma share.
Offered
by White, Weld & Co.; Cohu & Torrey; O'Brian, Mitchell
& Co.; Paul H. Davis & Co.; Kay, Richards & Co.; Auchincloss, Parker & Redpath; Mackubin, Legg & Co.; Stern,
Wampler & Co., Inc., and Carl M. Loeb, Rhoades & Co.
Corp., and United Trust Co.
to the extent of 314,625 shares,
Purpose, purchase of airplanes.
952,500 Pennsylvania-Central
Cole & Co.; Estes, Snyder & Co., Inc.; Columbian Securities
obligated to the extent of 157,315 shares.
The underwriters
were Blyth &
Co., Inc.; Dean Witter & Co.; William R.
Staats Co.; Weeden & Co.; Elworthy & Co.; Mitchum, Tully
& Co.; Schwabacher & Co.; Banks, Huntley & Co.; Pacific
Co. of Calif.; E. H. Rollins & Sons, Inc.; Bankamerica Co.;
O'Melveny-Wagenseller & Durst; Brush, Slocumb & Co.;
Hills, Richards & Co.; Page, Hubbard & Asche, and Davis,
Skaggs & Co.
(par $1).
share.
Offered by Murdoch, Dearth & White,
George F. Ryan & Co., and Kalman & Co., Inc.
per
ger share. stocks; unexchanged portionto holders ofBeecroft,
Offered first In exchange offered by 7% and
% pref.
y
Securities
Corp.;
Southern
Investment Co.,
Inc.;
M. Manning; Interstate Securities Corp.; E. H. Pringle
Co.; H. T. Mills, and Kinloch, Huger & Co.
285,000 Auto Finance Co. 10,000 shares of common stock (par $10).
Purpose, working capital.
Price, $28.50 per share.
Offered
first to stockholders; unsubscribed portion offered by same
bankers who offered the pref. stock (see above.)
par value and all classes of common
offering prices.)
$582,100 Central
;U
&
MANUFACTURING
$845,000 Continental Aviation & Engineering Corp. 260,000 shares
of common stock (par $1).
Purpose, working capital.
Price,
$3.25 per share.
Offered by Van Alstyne, Noel & Co.
1,211,250 Michigan Public Service Co. 85,000 shares of common
stock.
Price, $14.25 per share.
Offered by same bankers
as
offered the $3,500,000 1st mtge. 4s, with exception of
Halsey, Stuart & Co. (see above).
10,319,900 Dow Chemical Co. 103,199 shares of common stock (no par).
Purpose, capital additions, &c.
Price,
$100 per share.
1,197,000 Parke, Davis & Co. 38,000 shares of capital stock (no par),
Offered to
common
stockholders in ratio of
each 10 shares held.
one new
:
share for
Not underwritten.
135,000 Doyle Machine & Tool Co. 36,000 shares of common stock
(par $1).
Purpose, purchase of land, expansion of plant
facilities; working capital.
Price, $3.75 per share.
Offered
by Burr & Co., Inc.; O'Melveny-Wagenseller & Durst;
Brown, Schlessman, Owen & Co., and Sidney S, Walcott
& Co., Inc.
Grant & Co.
1,203,750 (William)
Wrigley Jr. Co. 15,000 shares of capital stock
(no par).
Price,
Barney & Co.
.
404,540 Gisholt Machine Co. 22,791 shares of common stock (par
$10).
Purpose,
new
machinery,
equipment, &c.
Price,
$17.75 per share.
Offered by A. G. Becker & Co., Inc.;
Alex. Brown & Sons; Merrill Lynch, E. A. Pierce & Cassatt;
Kidder, Peabody & Co.; Lee Higginson Corp.t A. C. Allyn
& Co., Inc.; Central Republic Co.; Paul H. Davis & Co.;
Loewi & Co.; Stern, Wampler & Co., Inc., and Holley,
Dayton & Gernon.
330,000 Harrington
Price, $31.50 per share.
Offered by Merrill Lynch, E. A.
Pierce & Cassat and First of Michigan Corp.
162,750 Snyder Tool & Engineering Co. 43,400 shares of common
stock (par $1).
Price, $3.75 per share.
Offered by Van
♦
Price, $44 per share.
Offered (52.317M shares)
in exchange for $6.50 pref. stock;
unexchanged portion and
balance of 32,682 M shares offered by Jackson & Curtis;
White, Weld & Co.; Lee Higginson Corp.; Estabrook & Co.;
Merrill Lynch, E. A. Pierce & Cassatt; Putnam & Co.;
Graham, Parsons & Co.; Mackubin, Legg & Co.; Stein Bros.
& Boyce; Whiting, Weeks &
Stubbs, Inc.; Yarnall & Co.;
Minsch, Monell & Co., Inc.; Brush, Slocumb & Co.; Van
Alstyne, Noel & Co.; Wyeth, Hass & Co., and Herbert W.
Schaefer & Co.
purposes.
1,400,000 Parker Appliance Co. 100,000 shares of common stock (par
$1).
Purpose, retire bank loans ($250,000); acquisition of
machinery, plant and working capital.
Price, $14 per share.
Offered by Paul H. Davis & Co.; Hornblower &
Weeks, and
Offered
by
Smith
:i ;
Indicates issues placed privately.
Turkey
class A stock (par $1).
3,400,000 Hygrade Sylvania Corp. 85,000 shares 4M% cum. pref.
stock (par $40).
Purpose, refunding ($2,092,700); corporate
share.
per
$5,547,372
&
Richardson Arms Co. 110,000 shares of
Purpose, redeem pref. stock ($44,720);
pay bank loans ($70,000): additions, working capital, &c.,
($215,180).
Price,
$3
per
share.
Offered
by
Barrett,
Herrick & Co., Inc.
$80.25
{Concluded from, page 2711)
a
total of
tion
of
1,1'16 undertakings with
258,675,000
Turkish
benefit of this law.
to
This was,
forced
to
received
the
the effort to free
semi-colonial economy
buy abroad the bulk of its consumption
needs of manufactured
ernment
a
total capitaliza¬
however, not enough
give the desired impetus to
Turkey from the burden of
a
pounds
goods.
Therefore, the Gov¬
applying the principle of Etatism decided
to enter
industry
on a
large scale.
plans.
The first
This
was
done
Schwabacher & Co.
3,100,000 Pennsylvania Glass Sand Corp. 31,000 shares of 5% cum.
pref. stock (par $100).
Purpose, refunding ($2,453,600);
general corporate purposes.
Price, $102 per share.
Offered
in exchange to holders of $7 cum. conv.
pref. shares.
Unex¬
changed shares offered by Harriman Ripley & Co., Inc.;
•
Smith, Barney & Co.; Merrill Lynch, E. A. Pierce & Cassatt,
and Riter & Co.
300,000 Ramsey Accessories Mfg. Corp. 15,000 shares of 6% cum.
pref. stock (par $20).
Purpose, working capital; to retire
outstanding loans.
Price, $20 per share.
Offered by G. H.
Walker & Co.; Francis, Bro. & Co., and Stitf & Co.
93,750 Snyder Tool & Engineering Co. 25,000 shares of common
stock (par $1).
Purpose, addition to plant: purchase of
machinery; working capital, &c.
Price, $3.75 per share.
Offered by Van Grant & Co.
t $20,328,190
under
a
series of
Five-Year
ment
as
the 1934
plan for the development of 17 Govern¬
enterprises, including the Karabuk steel plant,
well
merino
a
one was
as
cotton
textiles,
cellulose
and
cloth, chemical and other factories.
paper,
In 1937
Three-Year development plan for the mining in¬
dustry to stimulate the domestic production of coal,
chrome
initiated.
and
In
copper
by
State
exploitation
1938 another Five-Year plan
was
for the
The Commercial &
Volume 151
establishment of 18
to the
also
ment
enterprises, relating especially
devolpment of electric power and additional
chemical industries
established
small-arms, munitions and
were
or
one
two
exceptions all these industries
to meet
intended
has the balance of
domestic needs only.
It will be much to be
the substantial
progress
military ad¬
she has made in
the last 17 years.
The
The Business Man's
Bookshelf
in
Turks
have deemed a necessary contribution towards ef¬
fecting their economic independence and national
security has not yet met domestic demand except to
a limited extent, and left for export little surplus
as
regretted should Turkey be
compelled to hazard in an unwelcome
products of most of them are of a basic character
useful for other industries and undertakings.
As
far
Turkey's general foreign trade
except in 1938.
venture
airplane factories.
With
so
The Govern¬
inaugurated.
was
2717
Financial Chronicle
possible their raw materials are obtained
Turkey. This economic nationalism which the
of manufactured
goods.
The Government has also been
greatly concerned
of port facilities.
At
beginning of the Republic there were
railways.
short
term
quired
or
owned
had
Germans owned 67.5% of the
loans.
1939
By
the
roads
had
ac¬
a
4,660 miles of poor roads.
claims
State
system of 4,076 miles. The private
lines covered only 270 miles.
The Empire
built
The Republic now
24,638 miles, but has not as yet made the
as
good as are its railways.
Taking the figures for the year 1939,
smaller than 1938
which, though
owing principally to reduced ex¬
proportionally otherwise
basis of value,
were
31% tobacco, 30% other agricultural prod¬
ucts, 17% livestock and animal products, 8%
minerals, and sundries 14%. Turkey's imports in
the same year were: metals 21%, machinery and
ports to Germany, is not
atypical, Turkey's exports, on the
technical
18%,
instruments
means
20%,
textiles,
thread, etc.
of transportation 6%, combustibles
of manufactured
materials, etc.
During the seven years 1933-1939 Germany was in
the leading position in the Turkish export trade as
a whole both as a buyer and as a seller.
The United
States was as a buyer in the third position in the
first two years and second thereafter.
As a seller
5%; the remaining 30% consisted
articles, chemicals, foods, special raw
the United States
ranked ninth in 1933, seventh in
and second in the re¬
In the combined foreign trade
was second in all the years of the
1934, third in 1935 and 1938
maining three years.
the United States
In 1939 Germany took
the United States 14%,
Italy 10% and Great Britain 6%.
Germany
furnished in the same year 51% of Turkey's imports,
the United States 9%, Italy 8.9% and England 6%.
In 1939 Turkey's chief imports from the United
States were 23% in combustibles (oil and gasoline),
period except the first two.
37% of Turkey's exports,
13% means of transportation,
12% in iron and steel, 5% in technical instruments.
For the same period Turkey's chief exports to the
United States were tobacco 65%, copper and alloys
21% in machinery,
8%, medicinal plants 6%.
largely upon their sales
of tobacco to the United States in order to pay for
their needed purchases here.
In the last few years
the balance of trade with us has been favorable, and
11%, vegetable products
Obviously the Turks depend
Raymond Tiffany, General Counsel of the
Small Business Men's Association, the
Manufacturers' Institute and the SubscripBook Publishers' Institute, and Benjamin
National
Book
2,537 miles
capital
invested therein, French 15.3% and British 11.7%.
The Republic early developed a policy of acquiring
and building railways, mainly out of revenues and
of
By J.
;
development of the arteries of transporta¬
tion and the modernization
the
Management—Its Rights and
Responsibilities
tion:
foreign traded
though much progress has been made.
Should Know of
the Labor Law and Its Administra¬
Turkey is still, therefore,
dependent to a vital extent on her
with the
What the Business Man
tion
J. D., Editor of the Annual Survey of
Economic.Legislation.
61 pages plus index. Prices
1 to 50 copies, 50 cents each; 51 to 250 copies, 40
cents each; 251 and over, 25 cents each.
Copies
obtainable from Hon. J. Raymond Tiffany, 25 West
Werne, S.
43rd Street,
New York, N. Y.
of this compact volume is, according to the
author, to "review the responsibility of management to labor
and the public in the execution of its trust in our democratic
economy, and to indicate how management should protect
itself against unfair employee practices in order to preserve
its rights in the interest of all parties."
It appears to be
the outgrowth of conviction on the part of the author that
"it is time for management to take stock of itself, refuse to
be intimidated into the absolute surrender of its franchise
and abdication of all control over its own business."
The main body of the book is devoted to a careful and welldocumented analysis of the rights of management and the
limitations imposed upon it under existing laws.
This
discussion is divided into four parts.
The first part is de¬
voted to a review of the provisions of the National Labor Re¬
lations Act and their interpretation by the National Labor
Relations Board and the counts.
The second considers the
bearings of the Sherman and the Clayton Acts, the third those
of the Federal Trade Commission Act, and the fourth the
essentials of our guaranty of freedom of speech.
After an extended study of the apparent intentions of
Congress in enacting the National Labor Relations Act
and of the administration of that law, the author concludes
that this legislation has been badly misunderstood, miscon¬
strued and horribly administered.
His conclusion is that
"a new law should be enacted, unencumbered by hereditary
and environmental handicaps, which will impose upon the
administering board the duties limited to investigation and
fact-finding, leaving the power of enforcement in the courts,
where it properly belongs."
But, he adds, "until such last¬
ing cure of the present state of affairs can be effected by the
enactment of new legislation, rather than by attempted
vulcanization and superficial patchwork, management be¬
trays its trust to labor as well as to the public if it does not
resist the unwarranted encroachments upon its role in our
The purpose
present
economy."
,
The author is, however,
.
not unsympathetic, as
might be
cited here, toward what he
believes to be the intent and real meaning of the National
Labor Relations Act.
On the contrary, he is of the view
that legislation more carefully drawn and more understandingly administered would "inevitably be a Magna Charta
for labor as well as for management, with the public the
immediate beneficiary of a wholesome industrial philosophy."
But quite apart from the personal views of the author, the
book here under review presents in summary and readable
form the substance of the existing labor legislative situation,
and thus constitutes itself a most usable and useful handbook
for all those who wish to keep themselves well informed con¬
cerning one of the most important and one of the most con¬
troversial questions of the day.
inferred
from
the quotations
The Course of the
Bond Market
of long-term Govern¬
several instances, which
took place on Thursday is laid to the strong possibility that
future issues of Federal, State and municipal bonds will
be subject to income taxes.
In addition to wide gains made
by Government and municipal issues, speculative corpo¬
ra tes also advanced extensively due to inflation sentiment
occasioned by a movement to increase the Federal debt
limit by 15 or 20 billion dollars.
The Treasury started this
week to issue the weekly $100,000,000 of bills as national
The extraordinary
ment bonds, more
rise in the prices
than a point in
The Commercial & Financial Chronicle
2718
tlie $4,000,000,000 authorized in
defense series, the first of
bills, certificates and notes for defense purposes.
Thus the
& Light
5s, 2030, recovered
While the industrial
$100,000,000 of bills maturing each week will increase by
this amount the long-term debt which may be issued under
more
the
higher
limit,
debt
general
for
fund
purposes,
of
hem
$45,000,000,000.
week's
The
in
activity
railroad
in
medium-grade and
the
bonds centered
speculative issues.
chiefly
These
sold
down moderately on Wednesday following elections, but the
losses
transferred into substantial gains on Thursday
were
transactions
when
heavy
were
fractions to almost
from
issues.
at
price advances ranging
four points
in certain individual
High-grade railroad bonds have been stable.
The
a
1940
good portion of lost ground.
Steels have been generally
losses.
prominent than
gains,
the close of the week, have been
the week, with a good gain shown by the Bethle¬
on
3%s, 1952.
conv.
Oils have been generally higher, with
the best gains made in the convertible issues.
road
9,
list has been mixed this week,
made toward
primarily
statutory
Nov.
equipment
General
both the
section,
In the rail¬
Steel Castings
f>%s, 1949, and the Pressed Steel Car 5s, 1951, moved
Among
shipping obligations,
Marine 6s,
been
has
1941, showed moderate strength, and this also
of sugar
true
company
issues and meat packing
In the retail section, the Childs 5s, 1943,
issues.
company
week's offerings included Wheeling & Lake Erie equipment
lost
1% points at 3234, and the United Drug 5s, 1953,
trust certificates at a record low-cost
off
% at 86%
The 1% certificates were sold by the company
equipment.
at
financing for railroad
The foreign
Utility bonds have been
elections,
affected to
some
extent by the
speculative holding company issues losing
pated in the general upward surge which followed
ments concerning
tax
some
On Thursday, however, the entire group partici¬
ground.
announce¬
the national debt limit and elimination of
High
exemptions.
grades
advanced
fractionally
and
(Based
U. 8.
AU
120
1940
Govt.
Domes-
Lsilkby
nuna*
PRICES
Australian
list
Corporate by Groups *
1940
A
Aa
Baa
RR.
91.97
98.45
B. U.
119.69
98.28
116.21
97.95
115.78
7— 118.08
110.63
124.72
119.92
110.63
91.81
110.43
124.72
119.69
110.24
91.20
119.47
110.04
91.20
97.95
Stock
Exchan ge
110.83
Clos ed
110.24
2— 117.02
110.43
124.48
119.69
110.24
91.35
1-.
110.43
124.48
119.69
110.24
91.35
117.00
124.48
weakness.
bond yield
120
Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
Aaa
A
Aa
Baa
RR.
2.77
2.97
3.42
4.49
4.09
119.47
7
3.43
2.78
2.99
3.43
4.50
118.81
6—
3.44
2.78
3.00
3.45
4.54
3.46
5
;.
115.57
118.81
97.95
115.78
118.81
98.11
115.78
118.81
averages
AVERAGES
3.41
Nov.
Italian
t4s*
lie
Corp.
Averages
YIELD
8
■
4— 117.06
■
L/ctuy
Indus.
116.21
6— 117.19
120.37
renewed
on Individua. Closing
Domes-
Tt/s4hi
Aaa
well
two points.
given in the following tables:
AU
.
been
have
up to
well, and German issues have been mixed.
Moody's computed bond prices and
are
120 Domestic
124.95
loans
been better, while in the European
developed
,v', (Based
by Ratings
Corp.*
6..
bonds
MOODY'S BOND
111.03
8- 118.29
Danish
loans held up
Hj*
Averages
South American
Japanese issues have
(.
Nov.
issues;
supported, with Argentine bonds gaining
t
120 Domestic Corporate *
were
toward the
bond market participated in the general im¬
Average Yields)
on
good gain registered
a
There has been a strong rally in Canadian and
provement.
lower grades such as International Hydro-Electric 6s, 1&44;
Cities Service Power & Light 5%s, 1952, and Electric Power
MOODY'S BOND
despite
close of the week.
price of 98.87.
a
up.
Mercantile
International
the
Stock
Exchan ge
P.
U.
Indus.
3.16
3.00
4.10
?.16
3.01 j
4.12
3.18
3.04
4.54
4.12
3.19
3.04
Clos ed
3.45
2.79
2
3.44
2.79
3.00
3.45
4.53
4.12
3.18
3.04
1
3.44
2.79
3.00
3.45
4.53
4.11
3.18
3.04
4
Weekly—
—
3 01
Weekly—
Oct. 26.. 116.92
110.24
124.72
110.04
91.20
19— 116.85
110.24
124.72
119.69
109.84
91.20
97.61
116.00
118.81
11- 116.64
109.84
124.48
119.03
109.44
90.75
97.28
115.78
117.94
119.69
97.78
115.78
118.81
Oct. 26-
3.45
2.78
3.00
3.46
4.54
4.13
3.18
3.04
19—
,
3.45
2.78
3.00
3.47
4.54
4.14
3.17
3.04
11
3.47
2.79
3.03
3.49
4.57
4.16
3.18
3.08
5— 116.83
109.84
124.48
119.25
109.44
90.75
97.28
116.00
117.94
5
3.47
2.79
3.02
3.49
4.57
4.16
3.17
3.08
Sept.27- 116.67
109.44
124.02
119.25
108.85
89.99
96.61
115.78
117.50
Sept. 27
3.49
2.81
3.02
3.52
4.62
4.20
3.18
3.10
20.. 116.64
109.24
123.79
119.47
108.66
89.55
96.11
115.57
117.72
20
3.50
3.01
3.53
4.65
4.23
3.19
13- 116.17
108.85
123.56
119.25
108.66
88.80
95.62
115.57
117.29
13
3.52
2.83
3.02
3.53
4.70
4.26
3.19
3.11
6.. 116.17
109.05
123.56
119.69
108.85
89.10
95.78
115.57
117.72
6
3.61
2.83
3.00
3.52
4.68
4.25
3.19
3.09
108.46
123.33
119.03
108.46
88.36
95.13
115.14
117.29
Aug. 30
3.54
2.84
3.03
3.54
4.73
4.29
3.21
3
Aug.30..
116.70
23-
2.82
3.09
11
115.56
108.27
123.33
118.81
108.46
87.93
94.81
114.93
117.29
23
3.55
2.84
3.04
3.54
4.76
4.31
3.22
3.11
16- 115.14
108.08
122.86
118.81
108.08
87.40
94.65
114.72
116.64
16
3.56
2.86
3.04
3.56
4.79
4.32
3.23
3.14
115.45
108.46
122.86
119.25
108.46
88.07
95.29
114.93
117.0/
2— 115 68
108.27
123.10
119.25
108.27
87 93
95 29
114.72
116 86
2
3.55
2 85
July 26— 115.56
108.08
122.63
119.47
107.88
87.64
95.13
114.51
116.43
July 26
3.56
2.87
9..
19-
115.63
9—
3.54
—
3 02
•
3 54
4.75
3 02
2.86
3.55
4.76
4.28
3 23
3.13
3.01
3.57
4.78
4.29
3.24
8.15
8.15
4.28
3.12
3.22
108.27
122.63
119.47
107.88
87.93
95.13
114.72
116.43
19
3.55
2.87
3.01
3.57
4.76
4.29
3.23
12- 115.66
107.88
122.40
119.47
107.69
87.49
94.65
114 93
116.43
12
3.57
2.88
3 01
3.58
4.79
4.32
3 22
6.. 115.58
107.69
122.63
119.25
107.69
86.50
93.69
114.72
116.43
5
3.58
2.87
3.02
3.58
4.86
4.38
3 23
3.15
June 28.. 115.21
106.92
122.17
118.81
106.73
85.52
92.75
114.09
115.78
June 28
3.62
2.89
3 04
3.63
4.93
4.44
3 26
3.18
21- 115.37
106.17
122.17
118.38
106.36
84.28
91.81
113.48
115.57
21
3.66
2.89
3 06
3.65
5.02
4.50
3.29
3.19
3.23
14„
3.15
114.73
105.04
105.41
82.66
90.44
112.45
114.72
14
3.72
2.93
3.10
3.70
5.14
4.59
3.34
7— 113.15
103.93
119.47
116.43
104.48
81.87
89.40
111.43
113.27
7
3.78
3.01
3.15
3.75
5.20
4.66
3.39
May 31— 113.14
103.56
118.60
116.21
103.93
81.61
89.25
111.03
112.66
May 31
3.80
3.05
3.16
3.78
5.22
4.67
3.41
3.33
24— 113.06
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
24
3.80
3.04
3.19
3.77
5.20
4.64
3.41
3.35
17-
113.73
105.79
120.37
117.72
105.79
84.96
92.28
112.66
114.72
17
3.68
2.97
3.09
3.68
4.97
4.47
3.33
10— 115.51
108.46
123.33
119.25
107.88
88.36
94.97
114.72
117.72
10
3.54
2.84
3.02
3.57
4.73
4.30
3.23
3.09
3.. 116.36
109.24
123.79
120.37
108.66
88.95
95.29
115.57
118.81
3
3.50
2.82
2.97
3.53
4.69
4.28
3.19
8.04
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
121.27
117.50
3.30
8.23
Apr. 26..
116.18
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
Apr. 26
19—
115.94
108.46
123.56
119.92
107.30
88.07
94.33
114.51
118.38
19
3.54
2.83
2.99
3.60
4.75
4.34
3.24
3.06
12— 116.38
108.27
123.56
119.69
107.11
87.93
94.33
114.30
118.38
12
3.55
2.83
3.00
3.61
4.76
4.34
3.25
3.06
6.. 117.10
108.66
124.25
119.92
107 30
88.51
94.81
114.51
118.81
5
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
107.88
123.66
119.25
106 92
87.49
93.85
113 89
118.38
Mar. 29
3.67
2.83
3.02
3.62
4.79
4.37
2.27
3.08
21— 116.36
107.69
123 66
119.03
106.36
87.49
93 85
113.68
117.94
21
3.58
2.83
3.03
3.65
4.79
4.37
3 28
3.08
is.. 116.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
3.66
4.80
4.38
8.10
8— 116.03
3 28
107.49
123.10
118.38
106.17
87.21
93.69
113.07
117.72
8
3.59
2.85
3 06
3.66
4.81
4.38
3.31
1— 115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
3.06
3.68
4.82
4.39
3 32
3.12
115.32
107.30
123.10
118.60
105.79
86.92
93.85
112.66
117.07
Feb. 23
3.60
2.85
3 05
3.68
4.83
4.37
3.33
3.12
16.. 116.48
87.07
94.01
112.86
117 50
16
3.59
2.84
3.04
3.67
4.82
4.36
3.32
3.10
86.92
94 01
Mar. 29—
116.87
'
Feb. 23..
107.49
123.33
118.81
105.98
115.44
107 30
122.86
118.81
105.98
2.. 115.43
Jan. 27.. 115.54
106.92
122.63
118.60
105.41
86.78
93.69
112.45
116 .86 '
106.92
122.63
118.38
105.41
86 64
93.69
112.25
116.86
20— 115.65
106.54
122.40
117.94
105.41
86 21
93.21
112.25
116.43
■
9..
13.. 115.96
108.73
122.40
118.16
112.66
117 29
—
9
8.09
3 60
2.86
3.67
4 83
2
3 62
2.87
3.05
3.70
4.84
4.38
3.24
3 13
27
3.62
2.87
3 06
3.70
4.85
4.38
3.35
8 13
20
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
13
3.63
3.14
6
Jan.
3 04
4.36
3.33
8.11
105 60
86 50
2.88
3 07
3.69
4.86
4.39
3.35
116 03
106.92
122.86
117.72
105.60
87.07
93.85
112.45
116 64
3 62
High 1940 118.29
2.86
3.09
3.69
4.82
4.37
3.34
111.03
124.95
120.69
110.83
91.97
98.45
116.21
119.69
High 1940
Low 1940 113.02
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.36
103.38
118.60
115.57
103.93
81.35
89.10
110.83
112.05
Low 1940
3.41
2.77
High 1939 117.72
2.96
3.42
4.49
4.09
3.16
3.00
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116 43
Low
High 1939—
4.00
3.34
3.55
4.10
6.26
4.76
3.76
3.64
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.15
6
—
1939 108.77
93.53
112.25
116.64
1 Yf. Ago
1
-
3.14
Year Ago—
Nov. 8*39 112.95
105.22
119.47
115 57
103.56
86.78
92.59
110.63
114.30
2 Yrs.Ago
Nov. 7'38 112.45
3.01
3.19
3.80
4.84
4.45
3.43
3.25
117.72
Nov. 8,1939
2 Years Ago—
3.71
100.70
109.64
99.66
81.09
86.64
106.17
111.43
Nov. 7,1938
3.96
3.09
3.48
4.02
5.26
4.85
3.66
3.39
*
level
These prices are computed from average yields on the basis of one
"typical" bond
*
(4%
coupon, maturing In 30 years), and do not purport to show either the average
They merely Berve to Illustrate In a more comprehensive way the relative levels and the relative meveeaeet of
or the average movement of actual
price quotations.
jrteid 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.
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Nov. 8, 1940.
activity showed no further gain this week.
The "Journal of Commerce"
weekly index receded slightly
to 114.2
as
compared with
preceding week and 107.9
a
last
business
year.
Reports from
generally favorable.
program
were
will
seen
as
be
a
revised figure of 114.9 for the
for
the
corresponding week of
and
Indications that
pushed
result
forward
of
continue
the national defense
with
President
industry
renewed
Roosevelt's
intensity
sweep
of
Tuesday's election and Secretary of the Treasury Morgenthau's announcement that an increase in the debt ceiling
to
$65,000,000,000 would
be sought.
The stock market
re¬
flected the downcast feeling in the "Street" over the return
Business
to
of
the
Administration, and securities
However, the market went
into reverse in a vigorous way following the announcement
of a proposed increase in the statutory debt limit of $25,000,090,000.
Almost all markets were swept upward by in¬
power
dropped off
one
present
to four points.
flationary sentiment, and the transition from post-election
gloom in evidence on Wednesday was amazing.
Some mar¬
kets soared in a most surprising way despite the fact that
quite a few voices were raised immediately in warning
against speculative overenthusiasm at this time. There are
Volume
not
who
few
a
The Commercial &
151
now
believe
that deficit
ahead of us.
Intensification of defense efforts,
Pittsburgh,
Overnight at Boston it was 36 to 46 degrees;
spending to even
Portland, Me., 34 to 46; Chicago, 27 to 47; Cin¬
cinnati, 27 to 50; Cleveland, 35 to 38; Detroit, 26 to 38;
Milwaukee, 27 to 45; Charleston, 45 to 66; Savannah, 38
33 to 41;
dizzier heights is
now
that politics is re¬
people's minds, may be a post-election develop¬
ment in the steel industry, the "Iron Age" observes in its
mid-week review, issued Wednesday.
Whatever the long-
moved from
for many months to
least—is for maximum ac¬
tivity in steel and related lines, the survey predicts.
"Buying of steel during the first week of November has
not slackened from the active pace of October, in which
there were substantial gains over September," the magazine
says.
"Nor has steel production shown the slightest sign
of halting.
Although the industry's rate is estimated as
unchanged from last week's figure of 96%, the trend seems
to be still slightly upward.
Only in steel scrap prices has
the upward trend been checked, and that appears to be an
artificial situation caused by fears of what Washington
might do in the way of a runaway market.
The upward
trend of orders and production during the last month has
been without the aid of gains in export orders," the survey
continues.
"The British, though now inquiring for steel
in somewhat larger volume, have not been buying as heavily
as in last July and August.
A good deal of unshipped ton¬
nage remains on mill books," the magazine states.
"Unless
costs get out of hand, the outlook is for unchanged prices
for the first quarter on steel products and pig iron."
For the third consecutive week production of electricity
future may bring, the outlook
range
2719
Financial Chronicle
to
67;
Kansas City, Mo., 39 to 62;
Springfield, 111., 25 to
City, 47 to 56, and
52; Oklahoma City, 46 to 65; Salt Lake
Seattle, 42 to 54.
-come—perhaps through 1941, at
Revenue
Week Ended Nov. 2
Loading of
freight for the week ended Nov. 2
revenue
totaled 794,797 cars, the Association of American Railroads
announced on Nov. 7. This was a decrease of 6,311 cars or
eight tenths of 1 % below the corresponding week in 1939 but
an increase of 121,830 cars or 18.1% above the same week
in 1938.
Loading of revenue freight for the week of Nov. 2
was a decrease of 42,854 cars or 5.1% below the preceding
week.
The Association further reported:
Miscellaneous freight loading totaled 343,564 cars, a decrease
corresponding week in 1939.
Loading of merchandise less than
decrease of
a
cars
week in 1939.
below the corresponding
preceding week, and a decrease of 29,689 cars below the
products loading totaled 35,592 cars, a decrease of 4,829
Grain and grain
kwh. above the preceding week's total,
or 7.8%, over the total of 2,536,765,000 kwh. recorded during the week ended Nov. 4, 1939.
Engineering construction awards for the week were $79,645,000, against $50,603,000 a year ago.
Employment and
income, it was also announced, were at 10-year highs.
Ob¬
servers forecast a new high for United States Steel Corp.
197,637,000
October.
in
deliveries
kwh.,
In the Western districts alone, grain and grain
%
for the week ended Nov. 2
totaled 794,797 cars, according to reports filed by the rail¬
roads with the Association of American Kailroads and made
public yesterday. This was a decrease of 42,854 cars below
the preceding week this year, 6,311 cars fewer than the cor¬
responding week in 1939, and 121,830 cars above the same
period two years ago.
This total was 111.70% of average
loadings for the corresponding week of the 10 preceding
3,583 cars
corresponding week in 1939.
Live
stock loading
preceding week, and a decrease of
Forest
below the
products loading totaled 40,872 cars,
point above the previous December high
and six points better than the summer rate.
The Board
declared that defense contracts awarded since spring had
reached
nearly
$8,000,000,600, with an additional
000,000 committed for naval equipment.
Automobile and truck production, according
$2,000,-
to Ward's
Reports, this week reached its highest level since the middle
of 1937, with a total output of 120,948 units.
Last week's assemblies numbered 118,092; a year ago this
week
they totaled 86,200.
The survey
Ore loading
a
said the present week's
total marks the climax
but an increase of
•' ■*.;
in 1939.
Coke loading
preceding week, and an increase
All districts
and Central west but all districts reported
the Pocahontas.
,
...
Four weeks of January
—
April
up-State sections.
Today was fair and temperatures ranged from 37 degrees
to 44 degrees.
The prediction is for partly cloudy weather
tonight, Saturday, and probably Sunday.
Somewhat colder
tonight,
day and
touch 35
temperatures on Satur¬
Sunday.
Tonight the thermometer is expected to
degrees in the city and 30 degrees in the suburbs.
followed by slowly rising
2,256,717
2,155,536
2,288,730
2,555,415
2,486,863
3,122,556
2,494,369
—
February
weeks of March
1938
1939
1940
•
Four weeks of
corresponding week in
reported decreases compared with the
1939 except the Northwestern
increases over 1938 except
2,282,866
2,746,428
2,126,471
2,185,822
2,759,658
2,272,941
3,040,100
2,976,655
2,225,188
2,363,099
Five weeks of June
2,712,628
3,534,564
July
2,825,752
2,532,236
3,718,350
3,135,330
3,387,672
3,102,236
3,355,701
Four weeks of May..
Four weeks of
Five weeks of August—
Four weeks of
Four weeks of
September
—
October—
Total
3,127,262
801,108
2,595,482
2,842,632
672,967
28,442,753
25,654,754
3,269,452
794,797
—
Week of Nov. 2
30,650,076
-— —
ended
of revenue freight
on their own lines, compared with 382,245 cars in the pre¬
ceding week and 376,324 cars in the seven days ended Nov.
4, 1939.
A comparative table follows:
The first 18
Nov.
major railroads to report for the week
2,1940 loaded a total of 365,679 cars
REVENUE FREIGHT
LOADED AND RECEIVED FROM
CONNECTIONS
(Number of Cars)
Received from
Loaded on Own Lines
Connections
Weeks Ended—
Weeks Ended—
Nov.2
Oct. 26
Nov. 4
Nov. 2
Oct. 26
Nov. 4
1940
1940
1939
1940
1940
1939
production of the motor car
fell in many
above the
of 229 cars above the corresponding week
in 1939.
might be in store.
factories by Ward'?
was placed at 518,000 units.
The highest previous October
output was 457,094 in that month of 1925.
There were no outstanding developments in the weather
the past week.
Government reports state it was abnor¬
mally warm over practically the entire country. The weekly
mean temperatures wfere near normal in the extreme North¬
east and in much of the Far West, but generally east of
the Rocky Mountains they ranged from 4 degrees to about
12 degrees above normal, with the largest range above
normal in the South and interior valleys.
In the East freez¬
ing weather was confined to the Northeast and Appalachian
Mountain districts, but a large Western area had subfreezing temperatures; the lowest reported was zero at
Leadville, Colo., on the 5th.
From the Lake region and
upper Mississippi Valley southward minimum temperatures
were unusually high for the season.
In fact, freezing was
not reported from many regions along the Canadian bor¬
der.
In the New York City area there was a sharp drop
in temperature, with mercury ruling 4 degrees above the
freezing point, which was in sharp contrast to the mild
weather
prevailing during the early part of the week.
Snow, ranging from a few Hurries to a one-inch blanket,
:
amounted to 12,350 cars, an increase of 361 cars
seasonal rise which has been
October
the
5,005 cars above the corresponding
amounted to 61,981 cars a decrease of 6,454 cars below
preceding week,
under way for 13 weeks,
and added that the seasonal tendency was now edging down¬
ward, but hinted that sustained activity at the present level
of
decrease of 2,730 cars
above the corres¬
a
preceding week, but an increase of 3,492 cars
ponding week in 1939.
production reached a new peak in October,
the Federal Reserve Board reported today.
The Board esti¬
mated the October production level at 127% of the 1935-39
one
233 cars below the corresponding week in
1939.
Five
or
correspond¬
In the Western districts alone, loading of live stock for
of Nov. 2 totaled 16,034 cars, a decrease of 2,246 cars below the
ing week in 1939.
Four weeks of
-average,
amounted to 19,830 cars, a decrease of 2,679 cars
preceding week, but an increase of 21 cars above the
below the
years.
Industrial
^
of Nov. 2 totaled 21,545 cars, a decrease of
below the preceding week, and a decrease of 19 cars below the
products loading for the week
week
Loading of revenue freight
and a decrease of 1,938 cars below the
preceding week,
below the
cars
corresponding
1939.
week in
the week
and
-
125,305 cars, a decrease of 11,125 cars below
Coal loading amounted to
the
carload lot freight totaled 155,303 cars,
1,421 cars below the preceding week, and a decrease of 3,857
corresponding week in 1939.
put was 23,120,000
of 13,977
but an increase of 20,426 cars above the
below the preceding week,
cars
electric light and power industry of the United
States recorded a new all-time high during the week ended
Nov. 2, when 2,734,402,000 kwh. were produced, compared
with 2,711,282,000 kwh. in the preceding week and 2,686,799,000 kwh. in the week ended Oct. 19. According to fig¬
ures issued yesterday by the Edison Electric Institute, out¬
the
by
794,797 Cars in
Freight Car Loadings Total
Atchison Topeka A
22,776
Baltimore A
86,280
23,435
36,708
28,814
18,155
23,989
35,543
23,843
19,426
23,237
22,879
Santa Fe Ry.
Oblo RR—.
...
Chesapeake A Ohio Ry—.—...
Chicago Burl. A Qulncy RR
Chic. Milw. St. Paul A Pac. Ry..
Chicago A North Western Ry
Gulf
23,042
17,558
21,497
20,872
3,099
1,709
4,424
Coast Lines
International Great Northern RR.
Mlssourl-Kansaa-Texas RR
Missouri Pacific RR
•
16,620
47,709
7,032
21,234
74,420
7,065
8,258
34,726
6,310
6,399
19,631
....
70,325
6,822
Pennsylvania RR—
.....
Pere Marquette Ry
Pittsburgh A Lake Erie RR
Southern Pacific Lines
......
Wabash Ry.
5,008
15,598
Lines
...
St. Louis Ry—.
Norfolk A Western Ry
3,182
1,703
46,915
........
New York Central
N. Y. Chicago A
21,716
20,279
2,984
1,962
7,877
34,572
6,683
....
4,277
16,393
45,472
6,469
23,101
73,877
6,882
7,445
32,505
5,911
7,851
19,153
11,105
9,842
8,018
11,156
1,692
2,670
3,098
10,075
42,441
11,281
5,460
44,987
5,871
7,181
10,531
9,396
7 819
19.296
11,827
10,127
8,546
11,729
1,681
2,162
3,100
11,135
43,894
11,409
6,084
44,321
5,554
7,209
10,350
9,565
6,482
19,035
13,324
9,317
8,829
11,714
1,428
2,268
2,944
10,629
44,003
11,544
5.244
47,288
6,302
7,939
9,326
8,959
365,079 382,245 376,324 221,808 225,808 226,675
Total
TOTAL LOADINGS AND RECEIPTS
FROM CONNECTIONS
(Number of Cars)
Weeks Ended
Nov.
St. Louis-San Francisco
In the
Oct.
26, 1940
Nov A,
1939
Ry
14,851
15,649
25,997
35,567
14,209
76,727
Chicago Rock Island A Pacific
Illinois Central System
Total
2, 1940
79,485
75,773
Ry.
z
28,554
38,282
26,832
35,044
following we undertake to
show also the loading
week ended Oct. 26,
increases when
for separate roads and systems for the
1940.
During this period 73 roads showed
compared with the same week last year.
The Commercial & Financial Chronicle
2720
Nov.
9,
1940
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)—WEEK ENDED OCT. 26
Total Revenue
Total Revenue
Total Loads Received
Freight Loaded
RaUroau
from Connections
1938
1939
1940
1940
1940
1939
760
727
669
1,065
1,402
8.440
1,177
254
222
8,165
7,353
11,568
1,553
1,733
l,8i2
11,353
2,360
Ann Arbor
Bangor A Aroostook.........
Maine
A
Chicago Indianapolis A Loulsv.
1,328
20
39
32
62
1,290
2,262
8,312
10,314
10,909
4,984
8,627
Delaware Lackawanna A West-
649
660
634
110
2,671
2,153
336
334
14.544
13,948
12.732
5,820
4,910
4,775
8,353
158
183
142
2,331
2,450
1,922
10.307
10,103
2,784
1,481
8,145
2,392
4,115
2,185
37,314
1,318
8,105
...
773
164
182
218
901
1,025
115,630
113,747
102,553
78,803
76,078
22,879
21,090
2,781
21,418
11,729
12,485
3,145
4,153
13,407
18,339
2,915
21,838
4.174
6.175
1,052
8,924
636
509
472
5,932
7,188
8,215
Winston-Salem
Total...
1,453
5,436
11,554
8,112
7,065
7.993
6,907
5,458
5,789
7,355
6,654
710
322
78
Chicago
Chicago
Chicago
Chicago
0,308
601
61
1,'
"
482
439
789
1,304
Rutland
664
072
674
6.310
6,358
5,707
u*
383
220
2,200
1,067
9,583
Duluth
2.934
22,554
3.968
22,252
1,078
9,557
Mi/wabe A I. R
3,458
3.457
558
154
186
14,944
3,424
3,014
715
741
706
059
3,515
2,660
979
64
91
2,401
7,461
12,482
M
Pacific
1,987
2,464
6,565
2,293
2,830
2,420
7,787
12,284
11,788
3,880
4,028
304
239
149
288
357
1,996
1,674
1,868
1,840
1,312
127,169
100,065
51,168
52,231
23,989
3,258
23,073
24,803
3,131
7,819
3,247
2,459
0,619
2.653
430
370
459
70
69
19,426
19,204
19,334
10,542
9,568
2,330
1,872
1,932
797
724
14,014
2,718
13,068
3,091
1,721
14,032
2,897
1,432
10.032
9.285
2,946
2,957
1,708
1,643
3.654
....
177,573
572
643
454
895
1,049
35.543
6.639
36,854
29,010
3,699
19,296
2,219
Total
180,494
19,911
Central Western District—
Atch. Top. A: Santa Fe System.
Alton
Bingham A Garfield
Chicago BurllngtoD A Qulncy..
Chicago A Illinois Midland
Chicago Rock Island A Pacific.
2,630
6
278
334
270
Cambria A Indiana
Central RR. of New Jersey...
Cornwall
1.613
8,033
1,699
7,821
1,507
11
19
6,607
13,612
13,416
661
007
610
46
41
Denver A Rio Grande Western.
Cumberland A Pennsylvania..
Llgonler Valley........
Long Island
262
290
243
35
48
Denver A Salt
Buffalo Creek A Gauley
.....
Union
154
104
47
1,553
5,581
862
2,983
1 468
1,437
77,353
14,673
18.439
4,560
1,043
67,203
12,487
8,177
1,094
47,775
19,456
3,154
0,998
3,782
Maryland.....
Total.
168.478
Pocahontas DistrictChesapeake A Ohio
23,843
21.234
......
Virginian..
124,268
171,539
4,065
6,084
1,186
1,454
1,202
1.655
1,501
116
120
836
803
751
484
505
19
17
22
0
0
28,504
26,350
26,079
532
515
22,095
22,130
21,677
0,050
1,514
10,308
6,042
449
436
580
469
7
15
1,811
1,683
1,906
3,105
2,422
134,448
130,737
131,262
65,742
60,813
155
192
148
2*984
3*352
3,361
2,003
Missouri-Illinois
Northern
......
Peoria A Pekln Union
6,378
1,649
1,542
1,873
447
441
381
1,429
9,844
13,909
4,705
1,325
1,992
1,187
1,716
Nevada
124,140
11,827
26
1,526
1,957
1,083
1,904
Denver City....
Terminal.............
North Western Pacific
5,945
7,281
24,801
23,704
30,003
24,471
4,356
15
Illinois
1,704
121,264
4,569
794
Union Pacific System.........
Utah
49,553
19,668
6.193
6,666
894
Southern Pacific (Paclfle).
Toledo Peoria A Western......
2.933
17,081
18,980
5,282
529
Lake
Fort Worth A
37
839
72,420
........
Norfolk A Western.
Chicago A Eastern Illinois
Colorado A Southern:
Western Paclfle..............
140
(Pittsburgh)..........
Western
4
1,006
Penn Reading Seashore Lines.
Pennsylvania System
Reading Co
2,573
137,528
Spokane International
4,102
141,403
5,980
480
9,311
6,218
Lake Erie
242
26,512
Spokane Portland A Seattle...
Alleghany District—
Bessemer A
3,908
258
641
I-outs
St. Paul A S. S
Northern
9,184
4,168
788
Lake Superior A Isbpeming
Minneapolis A St
Minn
3,285
8,546
22,718
Green Bay A Western
2,051
1,004
169,402
,
A North Western.....
Great Western
Milw. St P A Pacific.
St. P. Minn A Omaha.
Great Northern
266
888
:
173.512
6,022
........
Elgin Joliet A Eastern
Ft Dodge Des Moines A South.
9,589
Pittsburgh A Sbawmut
Pittsburgh Shawmut A North.
Pittsburgh A West Virginia
Akron Canton A Youngs town.
Baltimore A Ohio
5.504
16,484
Northwestern District—
1,722
7,304
Wheeling A Lake Erie.......
Southbound...
Duiuth South Shore A Atlantic.
470
Total
673
13,576
1,840
12,397
418
......
441
45,160
10,586
1.290
0,954
Wabash
422
43,332
14,377
2440
44.859
Pere Marquette
519
38
11,258
1,259
7,032
Chicago A St. LooH...
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie.....
4,417
5,504
17,366
260
2,290
N. Y
8,583
20,754
55
6,562
1.884
48.271
New York Central Lines
Y. N. H A Hartford
New York Ontario A Western
347
9,200
23,817
220
3.890
N.
428
10,199
2,224
2.854
............
Monongahela
401
2,752
1,527
1,312
4,226
23,871
2,199
1,633
7,497
2,494
........
Montour
1,177
1,268
7.851
486
Erie......................
Lehigh A Hudson River.......
Lehigh A New England.....
401
Richmond Fred. A Potomac...
2,929
14,809
Detroit A Toledo Shore Line.
lj230
2.953
14,692
Lehigh Valley.....
Maine Central...
430
1,452
...
Grand Trunk Western........
395
Seaboard Air Tine
153
2,670
Detroit A Mackinac
Detroit Toledo A [ronton
1,940
2,930
1,094
3,205
1,703
1939
Southern System...........
Tennessee Central
2,227
9,075
7,216
7,686
1940
3,030
Piedmont Northern
67
1,400
5.877
Hudson
1938
3,585
1,299
Nashville Chattanooga A St. L.
Southern
Norfolk
2,406
1,332
7.318
Central Indiana..............
Central Vermont-..........
Delaware A
1,303
from Connections I
1939
Southern District—(Concl.)
Mobile A Ohio z
Eastern District—
Boston
Total Loads Received
Freight Loaded
Railroads
1,048
Total.
Southwestern District—
Total.
53,210
68,830
49,142
Burlington Rock
20,335
19,400
Fort Smith A
Island.......
Western
x
Alabama Tennessee A Northern
297
284
219
199
172
Atl. A W. P.—W
821
839
774
1,024
1,663
733
697
563
954
992
10,648
4,500
10,138
4,118
8,212
3,860
0,178
RR. of Ala..
Atlanta Birmingham A Coast..
Atlantic Coast Line
International-Great Northern-
Louisiana A Arkansas
3,467
470
400
Midland
1,425
1,289
1,213
2,102
1,067
1,313
2,384
....
410
448
421
330
391
....
Columbus A Greenville
Durham A Southern
200
201
151
437
468
654
671
Florida
East Coast...........
Gainesville Midland..........
Georgia
Georgia 4 Florida........
698
361
39
30
144
924
1,764
322
280
371
464
1,602
3,122
24,550
13,504
Nashville........
3,708
25,218
24,817
21,484
6,666
136
200
179
613
161
166
160
404
956
1,059
332
442
279
612
630
702
256
...
275
220
158
285
329
5,008
16,641
4,579
10,594
4,550
15,682
3,124
10,868
2,953
272
324
9,907
239
137
246
127
130
9,246
8,463
3,564
7,935
5,013
3.252
6,070
2,704
3,605
2,500
5,552
7,918
2,880
7,768
5,686
3,962
3,349
3,663
188
152
212
41
63
16
19
30
18
35
58,913
57,874
55.769
39,941
38,709
Louts-San Francisco.......
Louis Southwestern.......
5,012
636
Mississippi Central
982
2,202
2,043
.........
Valley
Texas A New Orleans.........
Texas A Pacific
3,850
12,650
0,005
Macon Dublin 4 Savannah....
St.
509
4,140
25,950
23,198
858
2,079
1,610
Quanah Aome A Pacific...
St
1,793
2,231
105
1,905
1,831
2,178
......
Missouri-Kansas-Texas Lines..
Missouri Pacific
109
1,003
2,296
303
2,113
2,125
Litchfield A Madison.....
960
1,107
30
1,270
.....
1,718
358
Missouri A Arkansas
........
403
1*524
2,207
City Southern
5,352
3.202
Central of Georgia
Charleston A Western Carolina
Clinch field
1,962
Kansas Oklahoma A Gulf
Kansas
279
l",797
245
...
Gulf Coast Lines
Southern District—
Gulf Mobile A Ohio
Illinois Central System....
Louisville 4
Note—Previous
revised.
figures
year's
* Previous
figures,
Wichita Falls A Southern.....
Wetherford M. W. A N. W....
Total
Discontinued Jan. 24,1939.
x
declines;
Moody's Commodity Index Advances
Fri.
Nov. 1
Sat.
Mon.
Nov.
Nov.
Tues. Nov.
Wed.
Nov.
Thurs. Nov.
Fri.
Nov.
164.3
2
4
...164.5
165.3
5
Holiday
6
7
165.3
166.9
8
was as
In
the second
preceding
1939 High—Sept. 22..-
Low—Aug. 15-
Low—Aug. 16-
Latest
Each Group
Bears to the
160.8
162.4
-.172.8
138.4
169.4
149.3
1940 High—Jan. 2
46
were
advances
and
Year
Week
Ago
Ago
Oct. 20,
1940
Oct. 5,
1940
Nov. 4,
1939
1940
Foods
69.5
Cottonseed oil...
Farm products
70.2
70.3
43.8
43.6
43.4
52 A
51.1
Fats and oils
23.0
Month
Week
Nov. 2,
Group
.
Total Index
25.3
(1926-28=100)
Preced'o
50.7
51.6
62.6
63.2
63.6
74.7
62.7
63.8
Cotton
Week
17.3
with
76.3
77.6
a
in
the
the
The small
prices
for
farm
for
and
recent
weeks,
in
product
lower
price
last
week
The
textile
point
was
as
by
the
were
since
advances
last
in
only
its
March;
cotton
75.5
month
a
week
important
other
for
ago,
following
index
group
a
trend,
decreases
goods
and
spite of the decline in the index,
in
the
80.4
81.9
80.4
80.7
86.2
85.9
84.6
72.9
72.7
70.5
77.2
Metals
93.6
93.7
93.2
93.9
Building materials
90.5
96 5
90.2
87.4
93.5
and
Chemicals and drugs
97.6
97 6
97 6
Fertilizer materials
72,0
72 0
71.8
Fertilizers
78.6
78 6
78 6
77.3
Farm machinery
94.0
94.0
93.8
95 0
70.1
76.3
75.5
77.6
100.0
Wholesale
in
drop
to
preceding
week
move
in
tin
advancing
raw
yarns,
silk
to
were
also higher,
The
feed.
24 price series advanced and only
there
were
30
advances
and
16
Labor Statistics' index of nearly
Lubin reported on Nov. 7.
"Weakening prices
products, particularly grains and livestock, largely
accounted for the reaction," Mr. Lubin
said.
Prices of
many industrial raw materials and products continued to
advance.
Currently all-commodity index is at 78.5% of the
1926 average.
The Commissioner added:
than
was
During
for farm
highest
more
0.1%
to Bureau of Labor
Index
missioner
downward
wool.
Declined
According
the
900 wholesale
prices declined 0.1% during the week ended Nov. 2, Com¬
Bureau of
quotations.
the
Prices
73 0
Interrupting the advance of the past four weeks,
including
the sharp
and
burlap,
Commodity
Statistics'
a
i._._
All groups combined..:....
Week Ended Nov. 2
food
as
88.6
0.3
industrial
for
commodities,
grains,
reflecting
upward
rising prices for hides and cattle
declined;
Fuels
1.3
dife to lower
was
average
representing the prices of miscellaneous commodities
to
65.6
0.3
76.1, compared
was
the general
prices
average,
continued
63.9
0.3
partly responsible for the downturn in the farm
The
metal
several
Lower
meats.
average.
index
reached
offset
In
products,
quotations
of
potatoes
18
week,
2
higher.
flour,
due
preceding
Nov.
Although price increases in the
outnumbered the declines, the group index, fell off moderately
group
index
ended
slightly
result
rise
week
drop in the all-commodity index last
was
63.9
Miscellaneous commodities._
based on the 1926-28 average as 100.
The
by the Association, dated Nov. 4, continued:
foods and
commodities
64.0
Textiles
year ago,
announcement
61.1
7.1
advancing for five consecutive weeks, a slight de¬
cline took place last week in the wholesale commodity price
index
compiled by The National Fertilizer Association.
in
48.9
62.8
6.1
After
index
51.6
66.2
8.2
10.8
tilizer Association
This
51.4
63.3
Livestock
Commodity Prices Dropped Slightly During
Ended Nov. 2, According to National Fer¬
51.4
Grains
Wholesale
13
PRICE INDEX
Complied by the National Fertilizer Association.
-.164.7
Year ago, Nov. 8
Included in Gulf Mobile A Ohio.
week there
Percent
25
e
WEEKLY WHOLESALE COMMODITY
follows:
Two weeks ago, Oct.
Month ago, Oct. 8
167.3
Gulf Mobile A Northern only,
declines.
Moody's Daily Commodity Index rose 3 points this week
to 167.3.
The principal gains were in wheat, corn, hogs,
cotton, lead and rubber.
The movement of the index
y
8,031
~
Prices of farm products as a group declined by 0.7% and miscellaneous
commodities by 0.1%.
Average prices of building materials, on the other
Volume
hand,
The report, dated Nov.
0.5%; hides and leather products, 0.4%; and textile products,
rose
chemicals
and
allied
products,
and
each, 0.1%.
goods,
housefurnishing
The
Foods, fuel and lighting materials, and metals and metal products remained
unchanged at last week's levels.
total.
Most of the group indexes are higher than they were a
a year ago
when prices
Com¬
month ago.
their peak following the out¬
were near
break of war, all groups except metals and metal products,
building mate¬
Tbe decreases range from
rials, and housefurnishing goods are now lower.
materials.
largely
1.3% for miscellaneous commodities to 3.3% for fuel and lighting
During the week the raw materials group index declined 0.4%,
silk, and copra.
because of falling prices for agricultural commodities, raw
slightly lower.
Manufactured commodity prices, including foodstuffs, were
Semi-manufactured commodities
rose
early
0.4% to the highest point since
October
record
of 1940 to
pared with
31%
commercial
higher
the
to
Public construction
1., % for livestock and poultry contributed
Prices
largely to the decline of 0.7% in the farm products group index.
Average wholesale prices of cattle feed dropped
and wool.
sweet potatoes,
In the foods group, a decline of 1.7% for meats was
2.6%.
conuterbalanced
products, and fruits and
cereal
minor advances for dairy products,
unchanged at
vegetables, with the result that the group index remained
70.8% of the 1926 average.
i rices of skins continued to advance and leather rose
1.5% during the
due to limited supplies and in¬
Manila hemp advanced over 38%
week.
Prices were also higher for raw jute, burlap
creased government orders.
metal markets were firm.
minor decrease in the price of pig tin, the
is
for
the
Prices
the chemicals
in
also higher for turpentine and rosin.
The advance
and allied products group index was a result of higher
were
prices for fertilizer materials and oils and fats.
Oct. 5, 1940, and Nov. 4,1939, and
month
percentage changes from a week ago, a
$2,112,149,000
of
work
gains
to
of
are 20% lower than 1939.
61% abov^ a year ago, and
57% higher.
Both of these classes of work owe
increased Federal construction.
Highways are 8%
currently
are
is
the
running
1P39.
.
Substantial gains ever last year are
except
the
Middle Atlantic
South, 80%,
and
Far
a
States.
.
noted in all sections of the country
New England volume is up 54%;
West of Mississippi, 17%,
record; Middle West, 28%;
new
43%.
West,
Returning to the current month's figures, wide gains are reported over
last
October
unclassified
34%
all
in
but
201%;
construction,
waterworks, 27%
;
classes
two
;
work.
of
those for the month last
averages over
Increases
October
the
in
in public buildings, 692%
year are
industrial
buildings,
148%;
;
bridges,
streets and roads, 20%, and commercial building
and
large-scale private housing,
12%.
Sewerage and earthwork and
are 46% and 80% lower, respectively, than a year ago.
Comparisons of October averages with those of a month ago show gains
drainage
in
industrial
works,
buildings,
public
86%;
Losses
in streets and
shown
are
and
earthwork
132%;
52%,
commercial
gains
are
well
distributed,
recording increases both over last month and last year.
the greatest
water¬
32%.
buildings,
roads, 9%; bridges, 6%; sewerage, 21%,
October
the
101%;
construction,
and
49%.
drainage,
Geographically,
unclassified
buildings,
all
regions
Far West reports
gain, 136%, followed by Middle Atlantic, 89%
New England,
;
41%; West of Mississippi, 37%; Middle West, 31%, and South, 29%.
ago,
and a year ago (2) per¬
gains are evident when comparisons are made with October,
New England is up 314%; Middle Atlantic, 93%; South,
142%; Middle West, 248%; West of Mississippi, 95%, and Far West, 78%.
1939, averages.
New
indexes from Oct. 26 to Nov. 2, 1940.
centage changes in subgroup
high
all-time
the
tops
1939.
year
Heavier
show (1) index numbers for the principal groups of
The following tables
commodities for the past 3 weeks, for
as
State and municipal awards
buildings
their
and
materials group index to advace
construction
23% higher than at this time last year, and the
already
entire
the public gains, as
which includes 44 individual
The Bureau's revised index of lumber prices,
series, rose 1.4% and caused the building
by 0.5%.
Except for
Raw silk continued to decline.
vanced in wholesale markets.
a
ad¬
Prices for cotton goods and woolen and worsted goods
and cordage.
building
industrial
in
Federal work, 276% over last year,
already above the record volume of a year ago, and is responsible for
reported
Higher prices were reported for barley, eggs, flaxseed, onions,
and peanuts.
by
lambs, apples, lemons, hops,
lower for corn, rye, wheat, cattle, hogs,
were
is
$2,244,837,000,
total,
ahead
Decreases of 3 % for grains and
figures subsequent to 1929.
Private
10-month period last year, due
the
in
increase
building and large-scale private housing awards are only 2%
unclassified
by the Labor Bureau also had
than
118%
awards for the 10 months
brings
1939.
over
Public
The announcement issued
total
increase of 25% over the corresponding 1939
an
volume txceeds all annual
are
primarily
5, continued:
construction
$3,205,815,000,
This
awards
in February.
the following to say:
2721
Chronicle
The Commercial & Financial
151
New
(192=100)
a
capital for construction
908%
increase
the
over
Capital
purposes
month
last
for the month totals $685,900,000,
Private
year.
$77,-
investments,
095,000, tops a year ago by 142%.
Percentage
New construction
Changes to Nov. 2,
Oct.
2,
1940
Oct.
Oct.
Nov.
26.
Nov.
Commodity Croups
19,
5,
4,
1939
1940
1940
1940
1940, from
26,
5,
78.5
78.6
78.4
77.8
Farm products
66.5
67.0
66.7
65.5
70.8
70.8
71.0
70.7
72.3
Textile products
wmmmrn
•
mmm
All
74.7
95.8
96.2
95.6
95.0
95.1
77.0
76.9
76.8
90.0
90.0
90.1
89.6 4-0.1
0 —0.1 —3.3
0
4-1.7 4-1.2
93.1 4-0.5 4-1.1 4-3.2
*
*
4-0.1 4-0.4
0
4-0.6
4-0.7 —1.3
other
than
76.4
71.5
71.3
70.4
79.7
79.4
78.6
72.3 —0.4 4-1.1 —1.5
81.9 4-0.4 4-1.8 —2.3
82.1
82.1
81.6
82.6 —0.1
4-0.5 —0.7
81.1
81.0
80.5
81.9
0
4-0.7 —1.0
83.7
than
76.8
81.1
other
77.0
77.9 —0.1
82.0
83.7
83.5
82.9
84.4
0 4-1.0
farm
farm
products and foods
*
75.6 4-0.1
72.3
97.4
71.2
,
-
commodities
72.5
72.3
97.4
76.9
mmm
rn-mmmm
commodities
73.5
72.2
90.1
Semi-manufactured articles.
Manufactured commodities
products
4-1.7 —2.5
73.6
80.0
mm
Raw materials
All
4-1.5 —1.5
0.8
Electric
NOV. 2,
1940, was 2,734,402,000 kwh., another new record
The current weeks' output is 7.8% above the output
of the corresponding week of 1939. when the production
totaled 2,536,765,000 kwh.
The output for the week
ended Oct. 26,1940, was estimated to be 2,711,282,000 fewh.
(the first time the 2,700,000,000 was ever exceeded), san
increase of 6.8% over the like week a year ago,
high.
Oils and fats
Fruits and
3.5
Other textile products
0.3
0.2
0.2
....
vegetables
Woolen and worsted goods
1.7
Leather
1.5
Cereal products
Lumber
1.4
Agricultural implements
—
0.1
0.1
Nov. 2,
PREVIOUS YEAR
Week Ended
Week Ended
Week Ended
Od. 26, 1940
Oct. 19, 1940
Oct. 12, 1940
3.5
0.2
Week Ended
Major Geographic
Regions
1940
the 1939
Nov. 2,
OCT. 26 TO
Fertilizer materials...
Increases
over
Output for Week Ended Nov. 2, 1940, Totals
2,734,402,000Kwh.
PERCENTAGE INCREASE FROM
CHANGES IN SUBGROUP INDEXES FROM
21%
The Edison Electric Institute, in its current weekly report,
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
No comparable data.
PERCENTAGE
work,
*
4-2.4 —2.0
77.1
m —
mmmm-
non-Federal
Federal loans for
volume.
4-0.1 —2.1
96.1
4"
products
Housefurnishing goods
Miscellaneous commodities..
$600,137,000 in
period
0
97.4
m m «r
Building materials
Chemicals and allied
■'
72.2
Metals and metal products..
1939
99.9 104.4 4-0.4
73.7
Fuel and 11 ,htin ? materials..
4,
.
1940
67.5 —.07
Foods
102.3 101.9 100.7
The total is
year.
up
of $2,281,961,000 in Federal appropriations for construction,
102% above a year ago; $651,275,000 in private investment, up 3%, and
79.3 —0.1 4-0.9 —1.0
All commodities.
mmmmm
the 10-month period last
volume for
made
Nov.
Oct.
Oct.
1940
Hides and leather products...
higher than the
financing for the year to date, $3,533,373,000, is 56%
1940
6.1
3.7
7.3
5.6
5.8
5.0
10.3
9.2
10.6
8.9
6.5
5.4
5.0
3.9
6.2
New England
Middle Atlantic
Central Industrial
West Central
Other foods
1.1
Southern States
10.1
6.9
7.6
Other farm products
0.6
Grains
3.0
Rocky Mountain
*0.8
0.4
0.1
1.6
Hides and skins
0.5
Cattle feed
2.6
Pacific Coast
2.7
7.2
7.0
7.2
Dairy products
0.4
Livestock and poultry
1.8
Cotton goods
0.4
Silk
1.8
7.7
0.8
Paint and paint materials
0.4
Meats—.
1.7
Decreases
/
RECENT
FOR
6.8
7.8
Total United States.
DATA
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
October Engineering Construction
Change
Highest in History
1940
1939
1940
Week Ended
October engineering construction awards
shot
up
to $702,-
July
wm
20
mm
of $140,508,000
27
mm
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
8ept.
Sept.
3
10
an
average
the
previous high of $97,958,000 reported for the month of
March, 1930;
of
44% higher than
53% above the average for the four weeks
September, 1940, and 130% ahead of the weekly average
for
the
corresponding month in 1939.
+ 9.0
2,096,266
mm
m
17
mm
24
mm
31
mm
7
14
21
mm
Sept. 28
2,077,956
2,483.342
2,324,181
+ 6.8
2,298,005
1,341,730
1,415.704
2,624,084
2,600.723
2,604,727
2,589,318
2,606.122
2.670,018
2,601.127
2,462,622
2,638,634
2,628,667
2,294,688
+ 10.0
2,258.776
1,433,993
1,592,075
1.711.025
1,727,225
2,341,822
+ 11.1
2 266,336
1.440,380
1,723,031
2,325,086
+ 12.0
+ 11.0
2,261,725
1.72* ,728
+ 10.1
+ 9.2
2,304,032
1,420,986
1,415.122
1,431,910
1,436,440
+ 10.3
2,320,982
2,289,960
+ 7.5
2,164,270
2,444,371
+ 7.9
2,280,792
1,464.700
1,423,977
1,476.442
2,448,888
+ 7.3
2,265,748
1,490,863
2.669.601
13
July
July
This is
2,469,689
+ 8.1
2,275,724
1,499,459
1,500,219
2,333,403
2,367,640
2,354,750
2,357,203
2.300.547
2,294,713
construction combine to make the
1930.
ahead
of
They
year ago.
the
39%
91%
above
last month,
and 71%
Public construction tops all previous
over a
of 87%
1939 month
over
are
the preceding month,
Values of awards for the three months are:
Oct., 1939
Total
construction
Private construction
Public construction
State and
municipal
Federal
5
mm
2,640,949
2,465.230
+ 7.1
2,280.065
12
m
2,665,064
2,494,630
+ 6.8
Oct.
2,680,799
19
mm
+ 7.7
20
mm
2,711,282
2,493,993
2,638,779
2,276,123
2,281,636
+ 6.8
2,264,947
Nov.
2
mm
2,734,402
2,530,765
+ 7.8
2,202,461
Nov.
9
x
2,613,699
—
2,176.557
1,507,503
1,733 110
1,750.056
1,761.594
1.074.588
1,806,259
1,792,131
1.777,854
1,819.270
1,800,403
1.528.146
1,533,028
1,798.633
1,525,410
1,520,730
1,815,749
1.824,160
1,798,104
Decrease.
Wpptv)
$245,062,000
107,727,000
137,335,000
92,438,000
44,897,000
Sept., 1940
(X
WppJejt)
$368,252,000
95.941,000
272,311,000
125,161,000
147,150,000
Report of Lumber Movement Week Ended Oct. 26, 1940
Lumber
and 512%
responsible for the public gains.
(A
Oct.
1,729.067
month ago, and 176% over a
Federal work also established a new record, and
increases
over
are
last year.
marks and gains
its
all-time high volume
Private awards reached the highest point since
jiossible.
May,
new
private and public
Oct.
Oct.
Record and near-record totals in both
1929
2,264,953
6
July
for each of the five weeks of the month,
1932
1939
842,000, the highest volume in history, according to "Engi¬
neering News-Record."
1937
from
—Tops 1930 Peak by 44%
was
WppP
$702,842,000
229,477,000
473,365.000
129,612,000
343.753,000
production during the week ended Oct. 26, 1940,
the previous week; shipments were
less than in
5% greater; new business 10% greater, according to reports
to
Oct., 1940
3%
the
National
Lumber
Manufacturers
Association
from
regional associations covering the operations of representa¬
tive hardwood and softwood mills.
Shipments were 11%
and
new
orders 16% above
production.
Compared with the
corresponding week of 1939 production was 2% greater,
shipments 6% greater, and new business 45% greater. The
The Commercial &
2722
(Value In Thousands of Dollars—000 Omitted)
Manuf'd
Total
Materi¬
Imports
als
and
Reported production for the 43 weeks of 1940 to date was 8% above
corresponding weeks of 1839; shipments were 6% above the shipments, and
new orders
were 7% above the orders of the 1939 period.
For the 43
weeks of
1940 to date new business was 9% above production,
and
above production.
5%
were
Country
Europe..
stuffs
Northern North Amer
297,688
79,499
104,345
17,054
99,421
114,787
25.972
53.685
3,153
140,012
78,119
54,869
4,256
34,993
„
268,701
..
115,263
86,217
71,712
10,383
698,180
America
Asia
Manu¬
factures
54,627
40,045
194.807
Manu-
factures
Bev¬
erages
26,381
58,881
301,839
-
tfe
Finished
Semi
Foodsluffi
Food¬
,
Southern North Amer.
South
;
Crude
Crude
Geographic Division
Year-to-Date Comparisons
shipments
1940
(Corrected to Oct. 26, 1940)
The
1929 shipments.
1929 production and 91% of average
Association further reported:
9,
Imports of Merchandise for Consumption
weekly average of
at 76% of the seasonal
industry stood
Nov.
Financial Chronicle
397,752
24,921
57,376
7,503
Oceania
ago'; gross stocks were
was
32%
on
17,499
\
294
2,234
980
620
88,572
52,732
17,219
807
16,619
1,195
1,871,416
717,105
213,915
214,424
416,189
309,722
58,534
14,550
47,952
808
5.530
3,826
12,172
19
914
918
627
24,924
2,524
22,271
114
149
13,832
2,735
8,305
30,838
Oct. 26, 1940,
Unfilled orders were 23% greater than a
-V
' '
'
; '
compared with 25% a year ago.
year
stocks
21,628
Africa
Supply and Demand Comparisons
The ratio of unfilled orders to gross
3% less.
Total
...
Argentina
Australia
Softwoods and Hardwoods
^
Oct. 20, 1940, 499 mills produced 255,452,000
combined; shipped 283,662,000 feet;
booked orders of 297,294,000 feet.
Revised figures for the preceding week
were:
Mills, 508; production, 263,311,000 feet; shipments, 270,556,000
feet; orders, 271,334,000 feet.
Lumber orders reported for the week ended Oct. 26, 1940, by 417 soft¬
wood mills totaled 285,505,000 feet, or 17% above the production of the
same
mills.
Shipments as reported for the same week were 270,567,000
feet, or 11% above production.
Production was 243,220,000 feet.
Re¬
ports from 97 hardwood mills give new business as 11,789,000 feet, or
4% below production.
Shipments as reported for the same week were
13,095,000 feet, or 7% above production.
Production was 12,232,000 feet.
hardwoods
and
softwoods
of
......—...
Belgium..
elffded
During the week
feet
...
,
Brazil..
72,746
78,823
193,794
Malaya
Burma
Canada
19,158
Chile
41,074
2,628
563
5,472
46
156
71,739
5
252
5
16,161
99,255
110,761
6
265
169
67,077
20,140
5,872
12,845
5,584
China
22.402
Ceylon
...
664
5,952
38,734
.....
417
44,447
621
291,050
India
29,999
121,751
883
.......
British
British
.
101
430
34,439
98
2,084
30,683
10,189
148
348
524
1,719
'
Colombia
36,410
1,461
34,453
87,841
12,213
4,316
+
+
511
1,735
934
196
49
209
146
333
3,877
96
2,419
1,104
122
136
3,158
443
2,212
15
164
324
4,978
Cuba
4,770
19
59
27
20
3,119
1,093
"975
6,927
7,075
14,186
2,264
Denmark
Dominican
Republic-
Ecuador
Egypt..
Finland
.
4.303
72
32,813
France
3,651
69,066
103
mills
during week ended Oct.
feet,
239,685,000
was
and
Comparisons
20, 1940, of 395 identical softwood
year
a
Germany b
ago
it
was
234,470,000
feet;
shipments were, respectively, 267,514,000 feet and 250,337,000 feet, and
received, 282,457,000 feet and 192,109,000 feet.
In the case of
orders
hardwoods, 87 identical mills reported production this year and a year ago
and 9,904,000 feet; shipments, 11,646,000 feet
12,299,000 feet, and orders, 10,482,000 feet and 10,402,000 feet.
feet
10,852,000
and
6,141
1,234
6
110
2,526
Gold Coast
Identical Mill
Production
12,340
3,141
9,110
80
9
Greece
12,653
7,758
368
2,927
1,306
295
1,792
31
20
66
Honduras
2,524
7,409
614
Hongkong
2,792
158
Haiti
Ireland..
:■<*
Italy
September, 1940, divided into several
tistics of the Bureau of Foreign
They
are
and Domestic Commerce.
presented in the tabulation below;
STATES FOREIGN TRADE WITH GEOGRAPHIC
DIVISIONS AND LEADING COUNTRIES BY ECONOMIC CLASSES.
NINE MONTHS ENDED SEPTEMBER, 1940
OF
,
UNITED
:
:
(Corrected to Oct. 20, 1940)
"
V
and
Total
Materi¬
Exports
als
Foodstuffs
Food¬
Country
stuffs
Semi-
11
184
726
4
13,474
675
9,591
3,281
122,441
7,249
4,411
14,420
2,203
16,323
160
15
1
15,547
601
8,104
1,881
345
783
2,678
2,417
4,022
erages
5,767
241
893
127
4,713
86
52
661
1
1,319
1,227
49
7,246
2,918
Norway
Panama, Republic of.
484
6,219
Labrador
New Zealand
4,854
503
38
2,798
1
4
76
14
592
Panama Canal Zone..
Peru
11,015
68,401
Manu¬
6,804
Portugal
Spain.........
9,894
...
176,925
27,421
495,219
110,990
23,774
12,157
323,110
82,059
239,267
333.351
5,341
4,488
29,147
42,401
1,323
11,065
2,234
15,564
71,399
111,372
2,904,186
383,845
90,665
3,439
57,149
24,488
Asia
455,698
..
Oceania
.
Africa.......
...
Total
Argentina. ..........
Australia
...........
Belgium....
.....
Brazil
British
Malaya
Burma......
69,515
135,114
212
331
28
1,123
28,361
9,849
42,325
5,274
3,755
1,845
1.146
4,294
11,928
689,498 1,696,214
58,322
897
19,857
56,834
5,179
17
481
12,866
30,320
34
73
836
4,092
6,208
13
4
86
524
4,461
110,487
23,488
10,133
81,416
261,839
1,482
128
Chile
31,344
China......
61,676
37,981
61,450
5,953
1,613
18,721
1,155
2,486
1,538
.Ceylon.........
.....
Cuba
Denmark
Dominican
61,407
84,634
5,089
...
Colombia
12,717
21,956
487,302
...
Canada
1,777
2,431
490
96
479
774
37
130
793
2,237
8,706
16,053
20,858
23,873
110
2,193
14,483
4,631
211
1,080
1,131
1,985
124
47
544
653
6
478
536
88
335
19,358
1,095
509
2.147
37,489
613
2,646
"""267
2
^"240
Finland
...
151
Germany a..
Gold Coast
1,865
Greece
3,376
1,726
34,057
171,222
14
137
321
;
1,035
2,699
1,736
2,664
39
14
519
279
13
100
423
1,244
2,303
3.480
1,085
187
1,048
2,803
7,370
2
4
9
913
Ireland...
454
1,867
455
1,015
2,436
2,069
Italy.....
50,019
21,278
111
428
21,859
6,343
2,789
163,597
242
49
186
542
1,769
42,468
2
141
71,831
1,940
14,308
8,343
49,155
4,266
Iran
...
(Persia)
Jamaica
Japan..
Kwantung..
4,183
2,308
14,056
599
419
1,376
60
325
32
4,191
277
14,943
93
362
1,491
390
101,225
10,795
337
22,775
20,587
46,731
11,245
10,243
878
101
22
26,849
16,745
4
5,504
891
17,280
Republics
b Statistics include
Poland.
3,704
trade with the German-occupied areas In
Czechoslovakia and
.
Bank Debits for Week Ended Oct. 30, 1940,
a
Year
Debits to deposit accounts
5.5% Below
Ago
(except interbank accounts),
reported by banks in leading cities for the week ended
Oct. 30, aggregated $8,968,000,000.
Total debits during
the 13 weeks ended Oct. 30 amounted to $104,559,000,000,
as
the total reported for the corresponding
At banks in New York City there was a
decrease of 7% compared with the corresponding period a
year ago, while at the other reporting centers there was an
increase of 5%.
These figures are as reported on Nov. 4,
1940 by the Board of Governors of the Federal Reserve
System.
about the
or
period
same as
a year ago.
FEDERAL RESERVE DISTRICTS
SUMMARY BY
In Millions of Dollars
218
Mexico
7,032
64,887
1,333
"""830
2,327
Netherlands Indies...
35,203
800
71
918
17,140
64
387
3,104
12,069
33,869
0,566
3,165
1,515
4,826
7,979
11,332
7,405
492
267
1,852
605
13 Weeks Ended
Week Ended
Federal Reserve District
Oct.
Nov.
30,
Boston
1,
1939
1940
13,881
779
Hongkong
11,182
252
10,347
5,261
12,494
3,364
5,860
Honduras
1,437
141
1,456
1,546
7,997
3,154
Haiti
5,466
1
^
11,608
3,752
246,026
Egypt
1,278
30,493
!
France
241
13,716
3,688
16
580
2,631
34,317
5,055
...
1,732
35,317
29,891
8,626
6
4,787
14,725
Republic-
Ecuador...
V ■' 28
Union of South Africa
232,631
105
3,824
81,832
48,862
11,243
India
British
7,396
667,450
266,239
170
>
110
7,542
135
236.062
72,201
5,393
2,280
74,186
133,069
America
6,055
41,076
Turkey
157.891
10,716
South
499
241
'
1,288 '.--C!:.-
16,794
17,956
Switzerland
Manu¬
factures
1,257,879
62,974
35
12,146
2,171
1,114
Sweden.........
359
219
4,316
Philippine Islands
Finished
Northern North Amer.
—.
18,460
6,120 ;;
2,369
9
19,384
94,158
(Curacao)......
ist
Southern North Amer.
Europe
4,711
92
Netherlands W. Indies
United Kingdom..
factures
Bev¬
&
118
71,460
Uruguay............
Venezuela.....
Manuf'd
Crude
13
357
277
934
Netherlands Indies
Exports of United States Merchandise
Crude
7,294
V
Union of Soviet Social¬
(Value In Thousands of Dollars—000 Omitted)
Geographic Division
2,227
388
Newfoundland and
economic classes and according to source and destination,
were issued Nov. 5 by the Division of Foreign Trade Sta¬
VALUE
1,974
8,773
46,406
Netherlands
Figures of the foreign trade of the United States for the
nine months ended
77
181
Mexico
of Various Classes of Merchandise
328
3
961
945
Kwantung
Imports and Exports for United States for Nine Months
Ended September, 1940—Geographical Distribution
192
1,754
606
!>:Y: "443
5,045
....
Japan
3
323
2,942
1,442
23,782
103,120
Jamaica.....
4
230
7,085 ■■'-.■•Xvr;
125
5,602
(Persia)...
Iran
;
-
-
Oct.
30,
1940
Nov.
1,
1939
$5,744
44,833
$496
$529
$5,982
3,919
4,451
42,200
Philadelphia
445
458
5,462
5,280
Cleveland
585
602
6,811
Richmond
328
330
14,774
New York
Atlanta.
265
St. Louis....
250
1,350
...
Chicago...
7,658
4,094
3,289
1,272
15,644
269
2,584
3,867
3,103
3,142
Dallas
215
208
3,196
2,137
3,396
2,612
San Francisco
661
673
8,889
8.411
$104,161
41,193
54,341
8,647
Minneapolis..
Kansas
281
184
168
....
257
City..
,/
1
261
2,165
3,448
4,189
824
1
46,089
25,071
Netherlands W. Indies
(Curacao)..
Netherlands
Newfoundland and
Labrador
*
...
New Zealand
13,578
1,566
61
620
2,755
Norway..
14,571
1,218
1,141
1,843
4,090
6,279
Panama, Republic of.
Panama Canal Zone.
14,125
37
223
1,273
1,323
11,269
29,363
338
891
4420
5,466
16,703
73,609
90
19
485
3,234
7,872
...
Peru
...
Philippine Islands
Portugal
13,838
.
703
1,016
9,312
18,547
12,875
54,705
38
72
4,104
6,692
12
40
6,520
9,618
18,922
5,052
Sweden
33,707
969
1,723
8,897
Switzerland
18,800
1,971
573
1,569
9,634
6,909
236
8
299
919
5,447
70,167
341
36
938
13,485
55,368
357,173
...
...
22,703
.....
Turkey
Union of South Africa
.
Union of Soviet Social¬
ist
58,571
Uruguay
Venezuela
a
85,685
2,675
11,666
42,566
20,630
190,607
8,137
...
9
687,697
Republics
United Kingdom
256
28
80
3,392
4,381
52,623
124
382
5,970
3,880
42,267
Exports Negligible.
$9,488
$104,559
4,674
4,123
4,638
57,056
713
728
9,113
$8,968'
3,581
38.390
Centers for which bank debit figures are available back to 1919.
8,575
2,932
6,513
3,197
Spain
Total, 274 reporting centers
New York City*
140 Other leading centers*
133 Other centers
35,257
Canadian
Industrial Activity Reaches All-Time Peak,
Says A. E. Arscott of Canadian Bank of Commerce
Canadian industrial
rose from 127 at mid-Sep¬
(1937 equals 100), rising at
a lesser rate than the
previous month, but again reaching
an all-time peak,
over 19% above October, 1939, it was
recently reported by A. E. Arscott, General Manager of
the Canadian Bank of Commerce, Toronto.
His review of
activity
tember to 129 at mid-October
business conditions goes on to say:
It is
estimated that 95%
of current factory capacity
against 94% the month before.
exception of flour and feed.
was
utilized,
as
The output of foodstuffs rose, with the
The clothing and textile group declined, the
Volume
abnormal
The Commercial & Financial Chronicle
151
demand
of recent months
for military uniforms
which
jam,
having appa¬
the
is
shipment
but footwear and silk goods improved slightly.
held
by producers from
end
of
No material
activity.
as
change is recorded in pulp and paper, but wood products
considerably,
sawmills
and
furniture
All branches of the automotive trades
also the iron and steel trades with
were
recording
factories
than
economic
is advisable to analyze the effects
groups—agriculturists,
example—and
for
at
time
a
of
The transformation
Canadian
Canada
average as
agricultural results
is upward.
understood,"
quarterly rate of
on
as
substantially greater
was
the "Organon,"
says
over
consequent
basis.
annual
capacity
being better than
of
the
"that October production
25,000,000 pounds, while October shipments
per quarter."
at
operating capacity of the fila¬
the present time is placed at 395,000,000 pounds
be increased to an operating
This total is expected to
pounds
415,000,000
spring of
Now 395,000,000 Pounds
an
operating
by
mid-1941.
capacity of
Tentative
plans of the
430,000,000 pounds by
about
1942.
,
,
regards crop production and livestock marketings, wihch pro¬
farm
part of the year for the highest aggregate
vided during the greater
Products—Railroad Commission
Allowable—More Surprise to Oil¬
men—Mr. Smith Asks Group to Support Compact'—
and
Petroleum
purchasing power since 1930.
Slashes
Weekly Statistics of Paperboard Industry
Daily
us from the
Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
We give herewith latest figures
National Paperboard Association,
REPORTS—ORDERS,
STATISTICAL
received by
Percent of
Orders
Production
Tons
Tons
528,155
167,240
a
on
few field
exemptions. Under the new proration quota, the
daily allowable was reduced from 1,415,000 on Nov. 4 to
1,278,500 barrels for the balance of November, which is
12,543 below the total recommended for Texas by the
Activity
72
Bureau of Mines.
Since the
Month of—
February
420,639
679,739
463,518
137,031
March
429,334
449,221
129,466
69
April
520,907
456,942
193,411
majority members of the Railroad Commission-—
and Jerry Sadler—had nullified an
Chairman Lon A. Smith
70
70
January.
attempt in the closing
«
•
weeks of October by Commissioner
Thompson to reduce Texas production by paring the
allowable and eliminating field exemptions, the move came
as a complete surprise to the oil industry.
At the time that
the majority group refused to approve suggestions made by
E. O. Thompson, it was explained that since there was a
State-wide proration meeting scheduled for Nov. 18, it was
better to wait until that date and take up the problem of
E. O.
682,490
624,184
247,644
76
June
508,005
509,781
236,693
79
July
544,221
587,339
196,037
72
August.
452,613
162,653
74
September
468,870
163,769
72
October
670,473
487,127
470,228
648,611
184,002
79
92,066
97,766
157,043
120,662
123,418
123,281
154,311
76
73
159,161
74
73
apparent excessive
125,763
163,769
78
73
167,953
170,669
78
73
tions" from the shutdown
79
73
-
-
a*
•
'
mm
Week Endea—
Sept. 7
Sept. 14
Sept. 21
128,087
•
73
60
Oct.
5
128,055
131,737
Oct.
12
134,149
128,203
130,483
Oct.
19
132,322
127,271
174,906
78
73
Oct.
26
136,464
80
74
2
135,801
130,405
132,249
180,439
Nov.
184,002
80
73
Sept. 28
Note—Unfilled orders ol the prior week plus orders
.
received, less production, do
.
+*
October
Rayon
Substantial Gain
Shipments of rayon yarn to domestic consumers in Octo¬
were again
on a normal basis and were substantially
ber
reported for September, when shipments were
floods in certain
those
curtailed because of strike conditions and
regulations then.
exemptions from shutdown regulations to various fields with¬
out public hearings on such moves.
To date, there has been
no official recognition by the Railroad Commission of the
charges made by the Independent Petroleum Association
resolution but the industry expects that the situation will
come
to a head on Nov. 18 at the State-wide proration
'
Shipments Record
Over September
production through too many "exemp¬
Despite the fact that the Commission has reduced the State
quota without waiting for the meeting, oilmen are expected
to turn out for the Nov. 18 session in large numbers.
At the
recent meeting of the Independent Petroleum Association of
America, a resolution ws passed censuring the Railroad Com¬
mission for several of its policies, chiefly that of granting
the unfilled orders at the close. Compensation for delinquent
from stock, and other Items make necessary adjust¬
not necessarily equal
reports, orders made for or filled
ments of unfilled orders.
Lower—Crude Oil
Completions Higher
orders fixing 9 shutdown days but allowing many exemptions
and set 7 shutdowns for the balance of the month with but
Cumulative
Current
Output
allowable for the State, setting up a
Remaining
Tons
Crude
Average
surprise announcement, the Texas Railroad Com¬
Nov. 5 ordered a drastic slash in the November
proration schedule which
pared the State's daily average quota by 112,000 barrels for
the balance of the month.
The new orders rescinded former
In
mission
Unfilled
Orders
Its
Texas'
Inventories Climb—Well
ACTIVITY
MILL
PRODUCTION
Received.
PcrU'd
above
but
level,
records show that the
industry
yam
an
industry indicate
be synopsized
Producers' yarn
absolute minimum
the rate of about 30,000,000 pounds
"Organon's"
ment
previously undertaken in
'
may
30.
an
of staple fiber in the third quarter increased
the second-quarter
it is
a
The
and the intro¬
greatly overshadowed the closing of a few factories
the loss of export business,
General
pounds on Sept.
approaching
were
Annual Production Capacity
The reopening of old plants,
duction in hundreds of plants or processes never
September
production
over
made at
were
in the period under review
economy
additions to existing establishments, creation of new works
upon
at
previously recorded. The war has curtailed certain activities
given an immense impetus to others.
This
stocks
corresponding quarter of previous years.
"Thus
was
the ensuing winter and spring.
and
the
production
of the many influences which
ordinarily determine in a considerable degree the course of business during
transcends any
8,300,000
of
yam
While the third-quarter
output was still somewhat below the quarterly record of 20,500,000 pounds
reported for the first quarter of the year, the trend of domestic staple
pendium of major developments at the end of the most active period for
when it
States
only slightly
Normally this survey is a com¬
several
only
end
year.
already-low figure of 12,800,000 pounds at the
an
Third-Quarter Staple Fiber Output
United
month before.
The review of business conditions undertaken at this time each year is
unusual circumstances.
to
the
exception, although
an
the heavy section did not continue to rise as sharply as the
again made in
at
made
was
working level."
much more active,
were
hardly
performance
June
stocks
marked
quarterly level for the current
possible by a depletion in
highest
rently ceased, and with less activity in piece goods and civilian clothing,
rose
'2723
>
hearing.
The Kansas State
Corporation Commission set the Novem¬
Bureau, New York.
the State at a daily average of 190,000
barrels of fcrude oil, which represents an increase of 1,500
barrels over the allowable for October.
Included in the
reflects
November
the
sections of
according to the current issue of
country,
published by the Textile Economics
The increase, it is stated, also partly
seasonal
production trend toward somewhat
Organon,"
'•Rayon
a
deniers over recent months, as well as a reduc¬
in producers' yarn stocks.
October shipments of rayon
heavier yarn
tion
according to the "Organon," aggregated 36,900,000
pounds, compared with shipments of 30,900,000 pounds in
September and 34,800,000 pounds in October, 1939.
For the
10 months ended
October, shipments totaled 320,100,000
yarn,
297,200,000 pounds in the corre¬
sponding period of 1939, an increase of 8%.
Stocks held
by producers at the end of October totaled only 6,800,000
pounds, the lowest since the end of 1939.
These stocks
pounds, as compared with
amounted to less than a week's yarn
ment issued by the Bureau,
supply.
The announce¬
Nov. 8, further said:
Rayon filament yam production by domestic
mills aggregated 92,900,000
the third quarter of the current year, compared with
97,500,000 pounds for the second quarter and 79,900,000 pounds for the
third quarter of 1939.
"The
total yarn output in the third quarter, while larger than the
pounds
during
for
production
what
lower
the
than
corresponding quarters
the
output
in previous years, was some¬
second quarters of the
during the first and
the "Organon."
"This decline from the second to
the third
quarter of 1940 was caused by a reduced output in both
branches of the yam industry.
Compared with the record-high second
current
quarter,
the
in
quarter
"The
jrear,"
both the viscose-euprammonium and the acetate yarn production
July-September period were 5% below their respective second-
totals.
reasons
output of
done
to
latter
for these
reduced production levels are well known.
the viscose-cuprammonium branch was impaired by
producing plants by flood conditions
several Southern
part of August.
division
the
says
was
during the
On the other hand, the production of the acetate
adversely affected by the strike and subsequent
largest acetate
The
the damage
rayon
yam
shutdown at
producing plant during the latter part of
September.
"Despite the unfavorable effect of
yam
producers
during
these incidents on production, rayon
the third quarter shipped
97,000,000 pounds of
ber allowable for
production total will be 4,000 barrels daily from
during the month.
The allowable set by
the Corporation Commission for the current month is 4,0u0
barrels in excess of the figure recommended by the U. S.
wells
completed
Bureau of Mines for
Kansas.
of the
A program based primarily upon increased support
Interstate Oil Compact Commission was laid before
the
Associatiion by President E. L.
Thomas at Fort Worth as the organization drew up plans for
the coming year.
Mr. Smith emphasized that the biennial
meeting of the Texas Legislature shortly after the first of
the year would offer new problems to the oil industry, and
told Association members that they would play an important
part in solving them.
The program offered to the members by Mr. Smith in¬
cluded the following major poiints:
Greater support of the Interstate Oil Compact Commission;
definite financial support for the Commission; work for
greater economy in counties and school districts; reenactment
of the State oil conservation laws which expire on Sept. 1,
1941; suDport of a proposed State constitutional amendment
to prohibit further diversion of gasoline taxes in Texas for
purposes other than ouilding of roads; clarification and adiustment of the State's present trucking laws; aid fignt for
retention of the depletion clause in the Federal income tax
laws as pertaining to the oil industry.
Mid-Continent Oil and Gas
Daily average production of crude oil in the United States
during the week endea Nov. 2 showed a reduction of 160,350
barrels, dropping to 3,479,950 barrels, according to the mid¬
week report
of the American Petroleum
dailv
Institute. This was
October quota of 3,580,900 barrels
suggested by the U. S. Bureau of Mines.
Illinois was
100,000 barrels below the
The Commercial & Financial Chronicle
2724
only major State to show a gain, daily average output
rising 9,350 barrels to 353,050 barrels.
A slash of
142,250 carrels in Texas output cut the daily average there
to 1,241,250 barrels.
California was off 18,000 barrels to a
daily figure of 585,300; Kansas off 6,900 barrels to 182,700;
Oklanoma off 1,900 barrels to 395,300 barrels, and Louisiana
off 1,050 barrels to 282,100 barrels.
"
Inventories of domestic and foreign crude oil stocks were
Nov. 4—Socony-Vacuum lifted
the
there
in the metropolitan
0.2 cents
completions for the year to date (Nov. 2) are 26,189,
against 22,120 in the similar 1939 period.
There were no price changes posted.
Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Corning, Pa
.
$ 1.851 Eldorado,
.
Illinois.
Rusk, Texas, 40 and over
Darst Creek
...
1.10
.75
...
.76-1.03
.90 Michigan crude
.90
1.03 Sunburst, Mont.....
1.15
1.25 Huntington, Calif., 30 and over
1.38
Kettleman Hills, 39 and over...
Smackover, Ark„ 24 and over.....
.73
Western Kentucky
.
Mid-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above......
...
...
...
REFINED
PRODUCTS—FUEL
OIL
SOCONY-VACUUM—HIGHER
PRICES
ADVANCED
SCHEDULE
SET
IN
YORK-NEW ENGLAND MARKETS—PITTSBURGH GAS
ENDS—CONTRA-SEASONAL
DRAIN
PARES
MOTOR
BY
NEW
WAR
FUEL
HOLDINGS
With the advent of colder weather,
posted higher prices for light fuel oils in up-State
England but did not change prices in
the New York City area.
Under the new price senedule,
the New York harbor tank car price for No. 2 heating oil
as
Socony-Vac. .06
Other CUtes—
T.Wat.Oil.
.08K-.08^
Warner-Qu.
same
(North Texas
$.0511
(Bayonne)
announced
2 fuel
oil
on
were
The
prolonged gasoline price war which has held Pitts¬
area surrounding the steel city in its grip for
months ended Nov. 2 when more than 1,000 retail dealers
agreed to restore prices to their former pre-war levels of 19
cents and 21 cents a gallon, respectively, for regular and pre¬
mium grades of motor fuel.
The agreement, which became
effective immediately, was reached at a meeting held last
Saturday under the sponsorship of the Associated Gasoline
Retail Dealers of Allegheny County.
However, a few
scattered "rebel" stations maintained prices at 14.9 cents a
gallon, and 16.9 cents a gallon.
Despite sharp expansion in the production of gasoline,
inventories of finished and unfinished motor fuel, added by
continued contra-seasonal heavy demand, showed a decline
of 117,000 bairels to 80,774,000 barrels.
The American
Petroleum Institute report pointed out that this decline
burgh and the
565,000 barrel jump in gasoline
output to 11,808,000 barrels during the week.
Refinery
operations showed a fractional decline, easing off 0.7 points
to run at 81.7% of capacity.
Daily average runs of crude
oil to stills were off 30,000 barrels to 3,535,000 barrels.
Reflecting seasonal drains, stocks of residual fuel oils were off
276,000 barrels. , Increased industry activity pared stocks of
and oil distillates down 278,000 barrels.
Representative price changes follow:
gas
New Orleans C... ...$1.00
Phlia., Bunker C
$1.00-1.25
$1.50
1.50
...
2.10-2.20
Diesel
Gas OH, F.O.B. Refinery or
N. Y. (Bayonne)—
Terminal
$.0234-.03
ITulsa
(Chicago—
28.30 D
$.0531
$.04|
7 plus
Gasoline, Service Station, Tax Included
zNew York
at
$.171 Newark.
.171 Boston
»„
Brooklyn
z
Not Including
...
$.17
$.1661 Buffalo.
.1851 Chicago
.17
2% city sales tax.
Daily Average Crude Oil Production for Week Ended
Nov. 2, 1940, Off 160,350 Barrels
American
Institute
Petroleum
estimates
that
the
crude oil production for the week ended
Nov. 2, 1940, was 3,479,950 barrels.
This was a decline of
160,350 barrels from the output of the previous week.
The
current week's figures were below the 3,580,600 barrels
calculated by the U. S. Department of the Interior to be the
total of the restrictions imposed by the various oil-producing
States during October.
Daily average production for the
daily
average gross
four weeks ended Nov.
2, 1940, is estimated at 3,607,350
daily average output for the week ended
Nov. 4, 1939, totaled 3,501,350 barrels.
Further details
as reported by the Institute follows:
The
barrels.
Imports of petroleum for domestic use and receipts in bond at principal
Nov. 2 totaled 1,349,000 barrels,
United States ports for the week ended
a
daily average of 192,714 barrels, compared with a daily average of 230.429
barrels for the week ended Oct. 26, and 207,071
ended
weeks
bonded
2.
Nov.
These
figures
include
barrels daily for the four
all
oil
imported,
whether
for domestic use, but it is impossible to make the separation in
or
weekly statistics.
There
receipts of California oil at either Atlantic
no
were
ports during the
©r
Gulf Coast
week ended Nov. 2.
Reports received from refining companies owning 86.2% of the 4,535,000
barrel
potential refining capacity of the United
estimated daily
States,
indicate that the industry as a whole ran to stills, on a Bureau of Mines
basis, 3,535,000 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 80,774,000 barrels of finished and un¬
The total amount of gasoline produced by all companies
The refinery report for the week
AVERAGE
DAILY
•'■
during the week.
ended Nov. 2, 1940, follows, in detail:
CRUDE
OIL
PRODUCTION
i
(Figures in Barrels)
Actual Production
(a)
a
trend.
a
Terminal
California 24 plus D
—
Refinery
$.04|New Orleans.$.0534-.0534
.04 -.0434
Nov. 7 that kerosene
advanced 0.2 cents
gallon, all methods of delivery, throughout most of western
New York State effective immediately.
The markup af¬
fected fuel prices m the Elmira, Buffalo and Rochester
district areas.
In the Syracuse district area, the change
will affect only Mobilheat and in the Jamestown district
area only kerosene.
A day earlier, the company advanced
Mobilheat 0.2 cents a gallon, all methods of delivery,
throughout New England and upper New York State.
In addition to the improving demand and consumption
factor, the continued rise in tanker rates from the Gulf
Coast-North Atlantic ports has bolstered prices of fuel oil
in the New York-New England market.
Further advances,
ranging from 4 to 8 cents a barrel, developed during the
current week as the scarcity of tankers, resulting in part
from the disturbed shipping conditions brought about by
the second World War, maintained the market in its bullish
occurred in the face of
.05H
.04 ^-.05 34
.03 34-.051 Tulsa
Los Angeles
Fuel Oil, F.O.B. Refinery or
N. Y. (Harbor)
Bunker C
..V
company
porta...
Kerosene, 41-43 Water White, Tank Car, F.O.B.
New York—
gallon.
Mobilheat No.
.06J4-.07
Orleans.
Gulf
.0734-.08
is estimated to have been 11,808,000 barrels
The
New
Tulsa
finished gasoline.
and
9.04H-.05H
Chicago
RichOll(Cal) .08K-.08M
New York and in New
a
Car Lots, F.O.B. Refinery
$.07 H,-08
Gulf
.08K-.08 'A
Shell East'n .07H--08
-.06 H
Some of
and New England.
Texas
company
is 4.5 cents
tt
of Nov. 6.
New York—
-.06 H
the normal seasonal
strengthening of prices for heating oils gained momentum
during the first week of November.
Socony-Vacuum led
in readjusting local New York City prices and in pushing
prices throughout the New York-New England marketing
area into higher brackets.
Further firmness in heating oil
prices, as well as keroseney may be expected to develop as
the cold weather stimulates consumption throughout the
Nation's marketing areas.
The New York harbor price of No. 2 heating oil was ad¬
vanced 0.4 cents a gallon by Socony-Vacuum Oil Co, on
Nov. 4, the revision affecting New York City, Long Island,
Westchester and east to Stamford, Conn.
Last month the
advanced
U. S. Gasoline (Above 65 Octane), Tank
St. Oil N. J_$.06
The
...$1.03
Ark., 40.
1.02
1.05
....
a gallon
t+iHI
gallon in upper New York State
a
New York—
Well
Price# of Typical Crude per Barlel at
0.4*cents
New York area.
the New England points were
up
by the ''Oil and Gas Journal" dsclosed.
Of the latest
finals, 405 were oil wells, 67 gas wells and 125 dryholes.
No. 2 heating oil prices
1940
9,
7—Socony-Vacuum lifted kerosene and No. 2 heating oil prices
Nov.
.
049,000 barrels during the week ended Oct. 2b, rising to
202,740,000 barrels.
The Bureau of Mines report showed
that stocks of domestic stocks were up 804,000 barrels, a
decline of 156,000 barrels in holdings of foreign stocks paring
the net gain somewhat .
Heavy crude oil stocks in California,
not included in the "refinable" figures, totaled 12,583,000
barrels, an increase of 27,000 barrels over the total for the
previous week.
• ■■■V
Well completions in the United States during the week
ended Nov. 2 were 597, compared with 580 in the previous
week and 528 in the comparable 1939 period, figures released
Nov.
Four
B.oJM.
Week
Change
Weeks
lated
Stale
Ended
from
Ended
Ended
Require¬
Allow¬
Nov. 2,
Previous
ments
ables
1940
Week
Nov. 2,
1940
Nov. 4,
1939
Calcu¬
Week
(Oct.)
403,500
.
b395,300
188,450
bl82,700
—6,900
395,100
191,200
bl,500
Kansas
390,000
178,700
Oklahoma
—1,100
2,250
Nebraska
—1,900
86,500
West Central Texas..
+ 6,150
82,150
77,100
-11,550
—2,850
108,350
30,450
232,900
82,050
28,350
North Texas
West Texas
221,150
East Central Texas..
72,250
301,400
Texas.
Southwest
208,550
Texas
222,450
Coastal Texas
North Louisiana-....
Louisiana.
Total
—18,850
;■
—4.700
—73,600
-
17,150
—20,600
27,300
218,550
75,400
85,400
356,600
220,050
231,500
396,100
192,050
210,800
1,305,200 c1380000 1,241,250 —143,150 1.337.400 1,289,350
Total Texas
Coastal
173,250
100,600
Panhandle Texas
East
409,600
67,250
+ 250
214,850
__
—1,300
66,650
216.950
65,000
204,100
269,100
274,200
269,631
282,100
—1,050
283,600
70,700
Louisiana...
68,825
+ 200
69,800
Arkansas
9,000
69,150
bl6.700
+ 1,250
15,600
800
Illinois.
405,200
353,050
+ 9,350
348,500
326,350
Indiana
9,300
b20,400
+ 1,300
19,200
86,400
92,700
47,150
+ 5,750
89,900
53,900
—950
75,200
69,650
—4,550
47,550
75,000
17,700
18,050
—150
18,350
17,100
3,900
104,500
3,500
+ 150
3,450
101,300
115,850
Mississippi.....
Eastern (not lncl. Illi¬
nois and
102,250
Indiana)..
Michigan
Wyoming
Montana
...
Colorado...
New
Mexico
104,500
Total east of Calif. 2,997,400
California
583,200
These
a
are
57.650
3,400
585,300
—18,600
609,150
607,600
3,479.950 —160,350 3,607,350 3,501,350
Bureau of Mines' calculations of the requirements of domestic crude
based upon certain
October.
101,450
62,250
2,894,650 —141,750 2,998.200 2,893,750
d571,000
Total United States 3,580,600
oil
66,800
premises outlined in its detailed forecast for the month of
As
requirements may be supplied either from stocks, or from new pro¬
duction, contemplated withdrawals from crude oil Inventories must be deducted from
the Bureau's estimated requirements to
determine the amount of new crude to be
produced.
b
Oklahoma,
Kansas,
Nebraska.
Mississippi and Indiana figures
are
for week
ended 7 a. m. Oct. 30.
This is
approximate net 31-day allowable as of Oct. 1.
Past experience
Indicates It will increase as new wells are completed and If any upward revisions are
c
made.
the
It includes
a
net
figure of approximately 368,000 barrels for East Texas
All fields In the State were ordered shut down for
after deduction for shutdowns.
nine days, namely, Oct. 5, 6, 12,
d Recommendation of
13, 19, 20, 26, 27 and 31.
Conservation Committee of California Oil Producers.
Note—The figures Indicated above do not Include any estimate of any oil which
might have been surreptitiously produced.
Volume
The Commercial & Financial Chronicle
151
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS
FINISHED AND
NOV. 2,
2725
PRODUCTION
AND
ANTHRACITE
PENNSYLVANIA
OF
COKE
BEEHIVE
GASOLINE AND GAS AND FUEL OIL
UNFINISHED
WEEK ENDED
OF
ESTIMATED
(In Net Tons)
1940
(Figures In Thousands of Barrels of 42 Gallons Each)
Calendar Year to Dale c
Week Ended
Daily Refin¬ Crude Runs Gasoline
to Stills
Produc'n
ing Capacity
at
P
Po¬
District
C
Re¬
tial
port
Rale
ing
Aver.
ated
Fin¬
572
89.0
Fin.
&
& Dis¬
Unfin.
tillates
Oil
12,952
18,709
17,788
3,246
13,682
598
429
5,705
3,636
91.0
117
82.4
434
2,762
90.2
596
89.0
2.375
13,031
Kansas,
Okla.,
420
76.9
247
76.5
z900
5,960
6,205
280
59.6
100
59.9
435
1,526
876
91.7
2,730
13,217
8,830
2,570
2,332
1,541
8,788
1,766
400
1,071
89.2
1,408
Missouri
1,667
Gulf
164
97.6
104
65.0
282
1,241
11,947
2,307
No. La. & Ark.
101
61.5
42
80.8
111
444
470
121
56.0
35
51.5
214
745
832
127
400
836
87.3
505
69.2
1,460
13,755
15,377
10,564
73,891
Texas Gulf.
Louisiana
Mtn
Rocky
California
United States total-
47,430 106,314
1,885
1,185
10,489
70,037
75,834
1,319
4,840
4,940
3,535
11,808
80,774
3,565
11,243
74,877
74,935
80,891
48,615 108,199
48,893 108,475
yl2,293
68,350
73,550
39,946 113,749
81.7
4,535
4,535
2,'40.
Oct.
26/40.
♦U.S.B.of M.
Nov.
*
X
3,556
2/39.
Estimated Bureau of Mines basis,
and
pipe lines,
At refineries, bulk terminals, in transit
a
October-November 1939 daily average,
x
y
This is a week's pro¬
duction based on the U. S. Bureau of Mines October-November 1939
12% reporting capacity did not report gasoline production.
z
daily average,
operations,
b Excludes colliery fuel,
and corresponding
tons, as against 8,210,000 tons in
hands of industrial
in the
coal
to last 47.1
days.
Unbilled coal in
cars
at the mines or in classification
the upper lake docks also
on
the previous quarter
and
of
1939
that
pro¬
sharply in
26, the estimated total output of 1,259,000
week of
same
PRODUCTION
STATES
UNITED
DATE ON
OF
SOFT
COAL
PRODUCTION OF CRUDE PETROLEUM
c
26, Oct. 19. Oct. 28,
1939
1940
1940
1940 d
8,210
1,368
10,661 365,236 307,827 435,028
1,458
5,831
5,875
5,604 254,435 232,435 190,502
8,750
Daily average
1,777
1,213
1,441
1,708
weekly output.
Includes for purposes of
historical comparison and statistical convenience the
b Tota- barrels produced during the week converted to equiva¬
production of lignite.
coal, assuming 6,000,000 B. t. u. per
barrel of oil and 13,100 B. t. u. per pound
Note that most of the supply of
petroleum products is not directly com¬
("Minerals Yearbook, 1938," page 702.)
weeks ended Oct. 26, 1940,
c
Sum of 43 fulj
and corresponding 43 weeks of 1939 and 1929.
ject to current adjustment.
ESTIMATED
From
From
1940
1940
1939
Previous
Year
Quarter
Retail
dealers,
+22.0
+ 39.5
+28.6
+ 34.3
net
9,000,000
tons
Total tons
Days supply
Coal in Transit—
1,110,000
1,183,000
1,711,000
798,000
Superior..
5,873,000
5,890,000
2,874,000
8,764,000
4,835,000
2,941,000
8,814,000
5,214,000
2,347,000
7,561,000
Unbilled loads.b..
Total
2.244,000
7,079,000
to rise
19, Oct. 12, Oct. 21, Oct. 22, OCt. 19,
1929
1938
1939
Avge.
1923
e
-
2
3
3
295
294
291
238
369
66
63
89
61
131
Consumption
of
bituminous
coal
industrial
by
88
200
398
.......
138
1
874
1,196
916
1,258
consumption prevailing in September,
the
—
INDUSTRIAL STOCKS AND CONSUMPTION OF
THE UNITED
STATES, EXCLUDING RETAIL YARDS
Sept., 1940
(Preliminary)
Aug., 1940
(Revised)
Net Tons
utilities.a
Net Tons
11,410,000
End of Month, at—
11,003,000
7,832,000
661,000
291,000
8,861,000
Byproduct coke ovens.b—...
Steel and rolling mills.c
...
% of
Change
690,000
288,000
+ 3.7
+ 13.1
+4.4
—1.0
+4.9
14,690,000
5,660,000
561,000
13,580,000
5,693,000
+ 8.2
—0.6
42,177,000
39,611,000
+6.5
4,138,000
4,341,000
—4.7
6,624,000
6,703,000
—1.2
432,000
442,000
—2.3
—4.9
578,000
307
410
294
..
Other industrials.d.
Railroads, (class I).e
134
115
*
1
f
Total Industrial stocks
f
.
Industrial Consumption by—
390
520
48
57
77
70
76
116
Electric power
108
164-
130
149
161
utilities.a
_
665
964
764
1,008
764
Byproduct coke ovens.b
Beehive coke ovens.b.:—
145
Western
132
191
173
306
238
Steel and rolling m'lls.c
752,000
791,000
139,000
136,000
+ 2.2
543,000
—0.1
6,695,000
534,000
7,520,000
6,612,000
26,733,000
27,079,000
—1.3
275,000
281,000
-2.1
115,000
126,000
—8 7
23
Michigan
25
38
27
55
35
10
11
10
16
28
New Mexico
North and South Dakota
Other
66
63
78
81
72
82
18
25
31
53
58
88
89
60
60
f42
.....
industrials.d
............i
Railroads, (class I)_e.
......
...
7,510,000
f36
360
Ohio....
.
Cement mills.b.
19
Montana...--.----—
...
Coal-gas retorts.c
7
Maryland—
333
542
467
561
817
2,310
2,260
2,615
1,878
3,000
Total
industrial
consumption..
+ 1.7
—0.3
3,149
-
Pennsylvania bituminous
112
141
101
94
Tennessee
113
118
13
Utah
13
17
18
22
26
69
Texas....
82
100
87
109
121
259
Virginia.-.-.
364
303
312
265
Wyoming
Other Western States.c
Total bituminous
coal
Pennsylvania anthracite.d..
Total, all coal.....
43
43
44
68
1,732
2,207
1,684
2,175
1,488
463
741
506
764
805
116
Northern b
44
1,680
440
Virginia—Southern .a
126
134
155
170
184
f6
f4
1
*
•
*
8,210
8,270
10,687
8,287
11,354
11,310
826
886
1,210
864
1,895
1,968
9,036
9,156
11,897
9,151
13,249
B. & O. in
Coal mine fuel
—
Bunker fuel, foreign
trade.
—
Days Supply, End of
Electric power
Month, at'
Coal-gas retorts...—
Cement mills
Other industrials...
Railroads (class I)
Total industrial
79 days
+ 5.1
40 days
36 days
+ 11.1
28 days
26 days
+ 7.7
62 days
66 days
—6.1
83 days
utilities
Byproduct coke ovens
Steel and rolling mills
13,278
N. <fc W„ C. & O., Virginian, K. & M., B. C. & G.,
Kanawha, Mason, and Clay counties, b Rest of State,
Panhandle District and Grant, Mineral, and Tucker counties, c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for PenfiByivanla
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina, and South Dakota Included
with "other Western States."
* Less than 1.000 tons.
Includes operations on the
Including the
Additional K nottm Consumption—
231
47
Washington
the
days.
BITUMINOUS COAL IN
667
Missouri
Kentucky—Eastern
and on
1.3%
the stocks of bituminous coal in
possession of industrial consumers were sufficient to last 47
124
-<—
declined
and cement mills, shared in the
1,558
293
Indiana
Kansas and
157
1
Illinois..
users
All classes of consumers, except coal-gas retorts
decline.
When calculated at the rate of
during the same period.
217
f
f
890
-
Georgia and North Carolina
42,177,000 net tons on
"v
Coal-gas re torts, c
Cement mills.b
2
Colorado
+ 16.6
of industrial consumers continued
during September, 1940 and amounted to
Electric power
Oct.
Arkansas and Oklahoma
+ 25.3
Industrial Bituminous Coal
Stocks
Week Ended—
Alabama..
+ 12.6
+21.5
+ 31.1
+ 24.5
Coal in bins of householders In not
T
state
Alaska......
+ 39.1
of Purchasing Agents)
of final annual returns from the operators.)
1940
—35.1
Included.
Figures for industrial consumers
from table below.
Figures for retailers from sample data,
b Coal in cars unbilled
at mines or In classification yards as reported to Association of American Railroads
c Covers
all commercial American docks on Lake Superior and on left bank of
Lake Michigan as far south as Racine and Kenosha, Wisconsin, but not including
Chicago and Waukegan, 111.
d Subject to revision.
(In Thousands of Net Tons)
1940
+ 34.6
(Determined jointly by W. H. Young, Research Section, Bituminous Coal Division,
and Thomas W. Harris Jr., Chairman, Coal Committee, National Association
WEEKLY PRODUCTION OF COAL, BY STATES
Oct.
+38.6
+ 9.8
docks c—
d Sub¬
T
+ 23.1
Stocks on lake
(The current weekly estimates are based on railroad carloadings and river ship¬
ments and are subject to revision on receipt of monthly tonnage reports from dis¬
trict and State sources or
Ago
8,500,000 7,000,000 6,700,000
51,177,000 48,111,000 41,563,000 36,943,000
35.0 days
42,9 days
46.6 days
47.1 days
Industrial,.net tons 42,177,000 39,611,000 34,563,000 30,243,000
Oct. i.
Crude Petroleum b—
coal.
Oct. 1,
Stocks of bituminous coal in the hands
Total, including mine fuel
with
July 1,
1929
1939
Bituminous Coal a—
petitive
Sept. 1,
1940 d
a
Calendar Year to Dale
Week Ended
Oct.
of coal.
Percent of Change
Oct. 1,
WITH
(In Thousands of Net Tons)
Coal equivalent of
COAL,
INCLUDING STOCKS IN RETAIL YARDS
Lake
(Oct. 28) the increase was 110,000 tons.
COMPARABLE
increase
an
SUMMARY OF COMMERCIAL STOCKS OF BITUMINOUS
Lake Michigan..
comparison with the
In
19.
Oct.
ESTIMATED
a
showed
Consumers' Stks.a
being 433,000 tons in excess of tonnage reported for the
tons
yards
a year ago.
Production in the Corresponding week of
the week of Oct.
week
and retail
At the daily rate of consumption prevailing in Septem¬
ber, there was enough bituminous coal in reserve on Oct.. 1
Stocks
States Bureau of Mines reported
United
The
West
consumers
ago.
the preceding week—
duction of anthracite in Pennsylvania increased
Iowa.
Oct. 1, 1940
dealers advanced during the third quarter of 1940 and on
Oct. 1 stood at 51,177,000 net tons.
This was an increase
of 23.1% over the second quarter and 38.5% over a year
over
1939 amounted to 10,661,000 tons.
lent
on
Bituminous Coal Division, U. S.
Department of the Interior disclosed that stocks of bitumin¬
The total output is estimated at 8,750,000
gain of 6.6%.
a
c
43 weeks of 1939 and 1929.
production of soft coal increased sharply in the week
that
ended Oct. 26.
a
authorized
Sum of 43 full weeks ended Get. 26, 1940.
The current report of the
Division, United States Department of the Interior, showed
net
2,767
Stocks of Coal in Consumers Hands
weekly coal report of the Bituminous Coal
current
5,600,300
21,791
711,200
7,659
decreased 35.1% from July 1 to Oct. 1, 1940, and reports
showed an increase of 39.1% over Oct. 1, 1939.
■
Weekly Coal Production Statistics
The
1,968,300
69,800
11,633
Includes washery and dredge coal, and coal shipped by truck from
ous
♦Est. tot. U. S.
Nov.
82,300
13,717
80,200
13,367
Daily average
579
343
341
86.2 3,194
Reported
Est. unreported
826,000 1149,000 40,729,000 43,460,000 59,938,000
785,000 1092,000 38,696,000 41,287,000 55,622,000
1259,000
....
Beehive Coke—
a
Inland Texas..
1929
1939
1940
1939
including col¬
liery fuel .a
Comm'l production b 1196,000
17,845
1,548
743
..
Total,
Fuel
ished
Blended
Oct. 28,
Pa. Anthracite—
Resid.
Oil
Gas
Total
Total
156
Appalachian
Ind.,111.. Ky__
1940
ished Gasoline
Daily Oper¬ Natural
643 100.0
East Coast
Re¬
Incl.
Oct. 19,
1940
Oct. 26.
Refineries, &c.
fineries
P. C.
ten¬
Stocks at
Stocks of Fin¬
ished & Unfin¬
—
...
32 days
32 days
59 days
56 days
26 days
27 days
+ 5.4
—3.7
47 days
45 days
4-4.4
Commission, b Collected by the U. S. Bureau
of Mines,
c Collected by the Bituminous Coal Division,
d Estimates based on
reports collected Jointly by the National Association of Purchasing Agents and
the Bituminous Coal Division from a selected list of 2,000 representative manu¬
facturing plants.
The concerns reporting are chiefly large consumers and afford a
satisfactory basis for estimate,
e Collected by the Association of American Rail¬
roads.
Includes power-house, shop and station fuel.
a
Collected by the Federal Power
The Commercial & Financial Chronicle
2726
MERCHANT
Industrial Anthracite
i
Class
shown in
following table:
OTHER
UTILITIES.
POWER
INDUSTRIAL PLANTS
1936
1940
1939
1938
1937
16,475
January...
ELECTRIC
AT
ANTHRACITE
1940
11,875
10,793
10,025
11,911
18,039
11,801
9,916
18,496
9,547
18,432
9,266
7,203
16,259
12,652
12,131
15,565
21,821
14,352
manufacturing plants are
miscellaneous
railroads and
utilities,
9,
IRON MADE, DAILY RATE—NET TONS
consumption and days supply of anthracite at electric power
Stocks,
Nov.
RAILROADS
AND
(NET TONS)
14,773
February
March.
11,760
......
16,521
9,529
7,883
June......
13,662
8,527
6,020
17,774
15,914
July......
16,619
9,404
11,225
6,154
21,962
13,013
7,408
19,971
13,606
17,571
12,648
12,550
22,473
14,029
18,694
16,409
12,095
16,642
14,793
21,224
17,541
16,912
10,266
12,280
15,282
16,508
16,634
May
Percent of Change
From
Sept.,
Aug.,
June,
Sept.,
From
1940 d
1940
1940
1939
Previous
Year
Quarter
Ago
.........
August.
September
October..
.
........
_
December.
Elec. Power Utilities a
+ 14.3
—0.4
+ 32.3
—13.3
+ 15.0
—13.3
129,162 + 127.4
+ 20.2
Stocks, end of month.. 1,180,660 1,147,386 1,033,203 1,185,397
232.911
164,706
189,582
Consumed during month
217,950
Days supply, end of mo. 163 days 153 days 188 days 188 days
68.283
143,234
155,305
84,540
84,630
86,730
106,950
—2.5
55 days
53 days
24 days
36 days
+ 129.2
Good
—21.0
Days supply, end of mo.
Other Industrial Con¬
+ 52.8
(Selected Rep¬
resentative Plant8 c)-
Stocks, end of month..
Consumed during month
191,319
65,553
183,437
188,803
66,027
237.639
+1.3
—19.5
70,189
87,755
—0.7
—25.3
Days supply, end of mo.
88 days
83 days
86 days
81 days
+2.3
+ 8.6
the Federal Power Commission,
b Collected by the Association
of American Railroads,
c 76 firms reported September and August, 1940, 79 firms
Collected by
d Subject to revision.
1939.
for June, 1940 and 85 firms for September,
Domestic Anthracite and Coke
Stocks and days supply of anthracite
and coke for domestic purposes at
table:
238 representative retail dealers' yards are shown in following
Metal®—Lead Price Raised 15 Points
Non-Ferrous
Railroads (Class /) b—
Stocks, end of month..
Consumed during month
a
17,395
.......
.... .
No ve m ber .
sumers
13,656
April.............'......
Buying—Copper and
and
"Metal
Markets" in
Mineral
Percent of Change
Oct. 1,
1940 d
Oct.
July 1,
Sent. 1,
1940
1,
Sales of domestic copper above
Transactions bringing a premium for nearby
ated during the last week.
Nov. 4, in volume sufficient to be re¬
Domestic business during
delivery were made on Oct. 31 and
1939
those days.
Ago
the election week involved 16,034 tons,
—21.1
348,075
274,921
426,053
+22.2
56 days
336,059
Anthracite, net tons...
1940
flected in the weighted averages for
Quarter
238 Selected Dealers
40 days
47 days
+ 27.4
81,073
70,883
60,263
+ 13.6
+ 33.6
129 days
62 days
59 days
+40.3
+ 47.3
51 days
Days supply.a
Anthracite in producers'
a
Calculated
b Courtesy
at
the
rate
deliveries
of
Anthracite Institute,
c
to
in
customers
Not available,
preceding
the
month,
producers, through the Arizona Small Mine Operators Asso¬
Small copper
12c., thereby preventing production from the
the copper price at
smaller high-cost
mines.
Pig
Iron
High Mark
Surpasses 1929
Output
f.a.s. New York, while others offered metal at 10.250c.
Monthly
sales
Age" of Nov. 7 reported that production of
coke pig iron in October reached the highest peak in the
history of the industry both in total output and in daily
Output totaled 4,445,961 net tons, compared with
— — .
June
Jjly..ii
blown out.
,
.
Among the furnaces blown in were Perry, Interlake Iron
Corp.; one Gary, Carnegie-Illinois Steel Corp., and one
Ford Motor Co.
The only furnace blown out was North
of the Sloss-Sheffield Steel & Iron Co.,
paired.
/>; --
.
Birmingham No. 3
which is being re¬
v.'-. ■?''/'-v:-
110,453
58,577
183,151
:...
November
83,879 December.:
Total
1940
67,632
254,277
125,508
807,242
Lead
With domestic
production of lead virtually sold up over the remainder
and demand from consumers for prompt and nearby metal
of the year,
still insistent,
the
was
Yesterday,
the price structure gathered further strength.
quotation
New
York,
advanced 15 points, establishing the market at 5.65c.,
which
was
the contract settling basis of the American
also
The higher quotation,
Smelting & Refining Co., and at 5.50c., St. Louis.
foreign
opinion of sellers, should release even larger tonnages of
the
in
dutiable metal for domestic consumption.
Sales for the last week amounted to 9,531 tons, a
are
Producers report that consumers
taking delivery of lead at a high rate.
Preliminary estimates on October
deliveries vary from 60,000 to 65,000 tons.
Deliveries for September came
Cable makers have been taking larger ton¬
53,456 tons of refined lead.
to
figure well above the
for the single week's business.
average
.
41,701
66,786
May
On
previous high record of 4,365,852 net tons in May, 1929.
a daily basis production in October made a gain of 3%
over that in
September, or from 139,218 to 143,418 tons.
The operating rate for the industry was 94.8% of capacity,
against 92.2% in September.
There were 195 furnaces in blast on Nov. 1, operating at the
rate of 144,215 tons a day, compared with 193 on Oct. 1,
making 140,620 tons. Three furnaces were blown in during
the month and one was blown out for repairs.
The United
States Steel Corp., independent and merchant producers
each blew in one furnace, and one merchant furnace was
...
59,874
59,026
April.......*
1939
38,299
183,877
68,423
51,630
28,798
24,987 August
147,112 September..
20,305 October.
28,618
March....
VavAYYY
1940
1939
15,399
February...23,361
January
the
United States
:';'YY,'Y a >
in short tons, follow:
consumers,
Dur¬
sold to China.
by producers for delivery to
of copper
"Iron
average.
producers booked business during the last
In the export market some
d Subject to revision
ing the week 1,200 tons were
The
Commission to
Advisory Commission, against the apparent effort of the
week at 11c.,
October
Henderson, of the National Defense
ciation, recently protested to Leon
freeze
506,291 1,172,298
c
c
storage yards.
against 21,316 tons in the previous
Large producers held to the 12c. Valley basis.
seven-day period.
+8.5
80,497
87 days
Days supply.a
Coke, net tons...
■
the 12c. basis by custom smelters moder¬
Year
Previous
7
of Nov.
issue
A;;' a"-/Y a. .A v,:-v;>
Copper
Retail Stocks,
its
reported that demand for major non-ferrous metals was
fairly active during election week, with consumers interested
in purchasing material for delivery well into 1941.
Lead,
which many still regard as reasonably priced, compared with
copper and zinc, moved up 15 points on Nov. 6 to a new high
for the year.
Large mine operators held copper to 12c.,
Valley.
Foreign copper was easier.
Zinc remains in a
tight position.
Quicksilver advanced $1 per flask.
Arsenic
advanced
one-quarter cent a pound.
The publication
further reported:
DOMESTIC ANTHRACITE AND COKE
SUMMARY OF STOCKS OF
on
Unchanged
Zinc
Sheet-lead and pipe business also has improved.
nages.
iVY Y?
YY--".
Zinc
YY'Y-■
■
'
•
Heavy buying of zinc during the last week for second-and third-quarter
require¬
delivery reflected demands of consumers for metal for galvanizing
■
production of coke pig
iron
and FERROMANGANESE
'■■'"vnet tons
:v
ments
Ferromanganese y
1939
1940
March
April
May
.
June.
Half year
........
3,137,019
3,513,683
43,240
38,720
46,260
43,384
44,973
44,631
2,307,409
2,681,969
3,302,918
1,923,618
3,818,897
......
2,372,665
14,025,053
21,083,600
1939
1940
2,436,474
4,032,022
3,311,480
3,270,499
261,208
23,302
20,894
17,928
8,835
102,470
the
previous week.
4,053,945
2,639,022
August
4,238,041
4,176,527
2,978,991
3,223,983
4,445,961
November
4,062,901
4,166,888
December
4,220,536
A'Vv
'■•'■YAY'
Good
35,317.374
The quotation held firm at 734c., St. Louis, for
-
a/' .,Y
Tin
A
YvV';
-
disturb the price situation.
held around 51c. most of the week.
...
Year
23,758
23,103
24,583
32,270
26,817
33,999
Straits tin on spot
Consumers have accumulated fairly
large stocks, some having sufficient metal on hand or on order to cover a
full
Tin-plate operations continued at around 44% of capacity.
275,384
October
43,341
37,003
33,024
75,000 tons were for
buying of tin occurred on Monday, chiefly for forward delivery,
but this activity failed to
40,654
September
totaling 4,641 tons
Unfilled orders reached
Prime Western.
year's needs.
July
grades of zinc, against 10,671
Shipments were lower,
high, totaling 119,151 tons, of which about
new
January forward delivery.
12,900
18,611
in
against 5,235 tons in the previous calendar week.
a
February
Transactions for the week ended
Nov. 2 involved 18,965 tons of the common
tons
Pig Iron x
January...
against national defense orders.
The October statistics showed deliveries in this country
tin, which compares with 11,410 tons in September.
of 11,820 tons
The world's visible
stood at 40,631
supply at the end of October, including the carry-overs,
month previous and 38,206 tons a year ago.
tons, against 39,450 tons a
Straits tin for future arrival was as follows:
Nov.
x
These totals do not Include charcoal pig iron,
y
Oct.
DAILY
AVERAGE PRODUCTION
OF
COKE PIG
IRON
1940
1938
Tons
January
130,061
85.8
78,596
51.5
Net
Tons
6
Capacity
Chinese
—
February
114,189
75.1
105,500
104,567
68.9
82,407
86,516
54.0
March
56.8
52,476
68.6
76,764
50.4
tin,
May
113.305
74.8
62,052
40.8
127,297
83.9
79,089
51.7
51,376
45,843
39,648
118,844
76.1
77,486
86.3
85,130
96,096
55.8
September
130,772
136,711
139,218
70.4
October
143,418
94.8
107,466
131,061
138,877
136,146
90.4
92.2
November..
December...
Year
•
-
50.250
50.250
50.375
50.250
50.250
50.375
50.200
60.200
50.375
-Holl day50.200
50.200
......
96,760
6,
85.9
90.9
89.4
..
—
m.
spot,
43,417
53,976
62,737
74,147
84,746
79,872
57,633
was
nominally as follows: Oct. 31,
50.50c.;
50.25c.; Nov. 4, 50.25c.; Nov. 5, holiday; Nov.
50.25c.
DAILY PRICES OF METALS ("E. & M.
Electrolytic Copper
Dom.,Refy. Exp., Refy.
48,717
62.9
99%,
Nov. 1, 50.375c.; Nov. 2,
April
July
August
50.375
50.625
5...
Nov.
*.!
%
51,632
51,931
...
50.250
50.625
4
Nov.
1939
%
Capacity
Half year.
Feb.
50.250
50.625
...
1......
2
Nov.
June
Jan.
50.500
50.625
31
Nov.
Nov.
Net
Dec.
50.875
Included In pig iron figures.
Straus
J." QUOTATIONS)
Lead
Tin
Zinc
New York
New York
St. Louis
St. Louis
31
11.800
10.550
51.250
5.50
5.35
7.25
Nov.
1
11.775
10.350
51.125
5.50
5.35
7.25
Nov.
2
11.775
10.325
51.000
5.50
5.35
Nov.
4.
11.850
10.450
51.000
5.50
5.35
7.25
Nov.
5
Holiday
10.200
Holiday
Holiday
Holiday
Holiday
Nov.
6
11.775
10.225
50.875
5.65
5.50
7.25
11.795
10.350
51.050
5.530
5.380
7.25
Oct,
Average.
.
7.25
Volume
The Commercial & Financial Chronicle
151
Average prices for calendar week ended Nov. 2
f.o.b.
11.813c.; export
refinery,
are:
f.o.b. refinery,
copper,
Domestic copper
10.5 0c.; Straits
5.500c.; St. Louis lead, 5.350c.; St. Louis
tin, 51.292c.; New York lead,
Seldom has
2727
Presidential election passed with so little
a
trend of business volume and production.
bring, the outlook for
may
1941 at least—is for maximum activity in steel and related lines.
zinc, 7.250c.; and silver, 34.750c.
The above quotations are "M. & M. M.'s" appraisal of the major
United States
markets, based on sales reported by producers and agencies.
They we reduced
to the basis of cash. New York or St. Louis, as n#ted.
All prices are in cents per
Buying of steel during the first week of November has not slackened from
the
active
of October,
pace
September.
in which
there
Although the industry rate is estimated
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
•
In the trade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net 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
figure of 96%, the trend
Quotations, for the present, reflect this
changepn method of doing business. A total of 0.05 cents Is deducted from f.aj.
baslsv(*ighterage, «fcc.) to arrive at the f.o.b. refinery Quotation.
Dile to the European war the usual table of daily London
offerings to f.a.8. transactions, dollar basis.
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Oct. 31, spot, £259,
three months, £26134; Nov. 1, spot, £258, three months,
£259%; Nov. 4, spot, £258, three months, £260; Nov. 5,
spot, £257%, three months, £259%; and Nov. 6, spot,
£258, three months, £260.
Only in steel
be
appears to
scrap prices
has the upward trend been checked, and that
artificial situation created by fears of what
an
might do in the
Steel
for
Record
New
event of a runaway
The October average composite price was
Output in October
1939, when the month's average was $21.48.
The iron and steel industry has become more acutely conscious
price situation
as a
relation to scrap and pig iron."
No other pig iron producer has
nearly 10% above September when
5,895,232 net tons were produced, and exceeded by more
than 5% the previous record of 6,147,783 net tons produced
was
a
year
ago,
6,080,177 net
produced.
During the month just closed, the steel industry operated
at an average of 96.10% of capacity, which compares with
operating rates of 90.75% in September and 89.75% in
October, 1939.
In November of last year when the previous
peak of tonnage was reported, the industry operated at
93.71% of capacity.
An average of 1,458,668 net tons of ingots was produced
per week during October of this year, as against average
weekly output of 1,377,391 tons in September and 1,372,500
were
tons in October of last year.
PRODUCTION
OF
OPEN
HEARTH
AND
BESSEMER
STEEL
(Reported by companies which in 1939 made 97.97% of the open
INGOTS
hearth and 100%
of the Bessemer ingot production)
Calculated Monthly
Calculated
Weekly
Period—
Number of
Weeks in
Month
Net
Per Cent
All Companies
Tons
of Capacity
(Net Tons)
costs
out of hand,
get
5,655,315
4,409,035
4,264,755
84.11
1,276,595
1,064,984
4.43
70.16
63.42
962,699
4.43
14,329,105
72.62
1,102,239
13.00
3,974,706
4,841,403
5.532,910
61.04
926,505
4.29
72.00
4.43
84.97
1,092.807
1,289,723
Second quarto1.,
14,349,019
72.66
1.102,922
13.01
First six months...
28,678,124
72.64
1,102.581
26.01
July
5,595,070
83.40
1,265,853
4.42
August
6,033,037
89.72
1,361,859
4.43
5,895,232
90.75
1,377,391
4.28
17,523,339
87.93
1,334,603
13.13
February
March...
First quarter.......
do
quarter on steel products and pig iron.
Though
high cost producers
some
obtain"premium" prices in order to make
may try to
Unless
the present time.
so at
the outlook is for unchanged prices for the first
profit, the majority
a
satisfied with the returns which high pro¬
who do not have regular sources of supply
consumers
Several producers
finding it difficult to obtain iron.
are
but their usual customers that they have none to sell.
1930
not now in blast
to
are
telling all
Merchant furnaces
might find it difficult to obtain sufficient coke with which
operate unless additional ovens are lighted in the Connellsville beehive
a
possible 6,600
not more than 500 or 600 of the
total
average
month
was
195,
4,365,852
was
was
3%
over
in May,
net tons
The number of furnaces in blast on Nov. 1
gain of two over the Oct. 1 figure.
a
furnaces,
but some
supplies of coke
The month's
The previous
The October daily
1929.
that of September and the operating rate for the
94.8% of capacity.
was
active
all-time peak.
4,445,961 net tons; the daily rate 143,418 tons.
was
high record
Probably
in production.
ovens are now
unlighted ovens could be put in service.
Production of pig iron in October was at an
have
There are 235 potentially
Limited
been operated in years.
not
much further increase in the number of
may prevent a
;
furnaces in blast at any one time.
'
The upward trend of orders and production during
been without the aid of gains in export
the past month has
The British, though now
orders.
inquiring for steel in somewhat larger volume, have not been buying as
heavily
remains
A good deal of unshipped tonnage
in last July and August.
as
mills
on
September
books; nevertheless exports to the United Kingdom in
down, though they represented about
were
1,046,084
gross
which was an all-time peak.
tons shipped in August,
nine months of this year our iron
three-fifths of the
The total was a 7.7 decline from the
month's total of 965,444 gross tons.
January-September, 1939, total.
falling to 255,608
gross tons, and the nine months' scrap total was 2,419,833 tons.
Railroad purchases are becoming of greater importance in total steel
tonnage.
During the past week 3,400 freight cars have been ordered,
gross tons, or
three and a half times the
There are also new
Lake Erie, 750 for the
Elgin, Joliet & Eastern and 700 for the Seaboard Air Line.
Rail purchases
total 47,250 tons, of which the Missouri Pacific bought 31,750 tons and the
inquiries for 2,450 cars—1,000 for the Bessemer &
4.14
Southern Pacific and
a
Tin plate, long in the
subsidiary 15,500 tons.
and a re¬
become ap¬
doldrums because of heavy inventories
duced food pack this year,
is in greater demand as some users
prehensive over next year's supplies.
April....
May
June
....
V
4.29
THE "IRON
....
Third quarter
Nine
months......
October
77.77
46,201,463
1.180,416
39.14
February
96.10
1,458,668
4.43
3,578,863
3,368,915
3,839,127
...
March
52.83
807,870
842,229
866,620
4.43
56.67
4.00
4.43
64.85
838,795
12.86
April
3.352,774
51.11
781,532
4.29
May
3,295,164
3,523,880
48.64
743,829
821,417
4.43
......
June—.........
53.71
51.13
10,171,818
4.29
781,846
13.01
20,958,723
52.98
810,155
25.87
July
3,564,827
52.74
806,522
4.42
August.....
4,241,994
62.62
957,561
4.43
4,769,468
72.87
1,114,362
4.28
First six months
September
Third
........
957,829
13.13
33,535,012
56.23
859,872
39.00
6,080,177
6,147,783
89.75
86.13
1,372,500
1,433,050
1,317,198
4.43
6,822,014
Nine months......
October
November....
62.63
18,049,974
89.83
1,373,066
....
December
Fourth quarter..,
989,355
52.14
51,584,986
Total
2
2.211c.
1939
-2.286c.
Jan.
3
2.236c.
1938
.2.5120.
May 17
2.2Uo.
Oct.
-2.512c.
Mar.
9
2.249c.
Jan.
...............
1937
93.71
64.70
4.29
4.42
Deo. 28
2.018c.
Mar. 10
.2.062c.
Oct.
1
2.056c.
Jan.
.2.1180.
Jan.
.1.953c.
Apr. 24
Oct.
3
1.9450.
1933.—
1.7920.
May
1932....
.1.9150.
Sept.
1.870c.
Mar.
.1.9810.
Jan.
1.8830.
Deo. 29
.2.1920.
Jan.
7
1.962c.
Deo.
9
-2.236C.
May 28
2.1920.
Oct.
29
Pig Iron
Nov. 4,
1940. $22.61 a Gross
Continues at Fast Pace
One year ago—————
minds.
politics has been removed from
The "Iron Age" further stated:
| Based
people's
for basic iron at Valley
foundry iron at Chicago,
Buffalo,
Valley,
Southern Iron at Cincinnati.
Philadelphia,
22.61
and
Low
High
Jan.
2
2
$22.61
Sept. 19
20.61
Sept. 12
23.25
June 21
19.61
July
23.25
Mar.
9
20.25
Feb.
19.73
..
Nov. 24
18.73
Aug. 11
$22.61
1939
1938
1937
1936
on average
furnace and
22.61
1940
Jan.
6
16
-
May 14
27
3
17.83
5
18.84
May
16.90
Jan.
16.90
1933
Nov.
17.90
1934
Deo.
13.66
Jan.
6
14.81
13.66
Dec.
14.79
Dec. 15
Jan.
15.90
Dec. 16
18.71
1930
Jan.
18.21
1931
Jan.
15.90
1932
May 14
18.21
Dec. 17
Steel Scrap
Nov. 4,
1940, $20.67
One month ago--.
One year ago
a
1
heavy melting steel
Based on No.
Gross Ton
quotations at Pittsburgh, Philadelphia,
$2067
20.62
and Chicago.
20.63
Low
High
1940
1939
1936—
Age" reported that the out¬
of the Presidential election will have no immediate
on steel business except perhaps to intensify defense
that
Ton!
$22.61
22.61
Cne week ago
1937
The Nov. 7 issue of the "Iron
now
2
2
16
1929------
1938
efforts
8
6
13
One week ago...
operated are calculated on weekly capacities
based on annual capacities as of Dec. 31, 1939 as follows: Open
hearth and Bessemer ingots, 79,353,407 net tons, and in 1939 are calculated on weekly
capacities of 1,629,249 net tons based on annual capacities as of Dec. 31, 1908 as
fellows: Open hearth and Bessemer ingots, 79,735,033 net tons.
come
4
.2.249c.
1929
Note—The percentages of capacity
effect
May 16
18
1935.
1935
of 1,517,855 net tons
Steel Buying
Apr. 16
Jan.
13.14
12,576,289
quarto.
Low
High
.2.261c.
One month ago--——
Second quarter
85% of the United States output.
1930
55.07
10,786,905
First quarter.
steel bars, beams, tank plates
rolled strips.
1934
6,461,898
....
on
wire, rails, black pipe, sheets, and hot
These products represent
2.261c.
2.261c.
........2.236c.
.....
One year ago.....
Steel
Based
4, 1940, 2.261c. a Lb.
One month ago...
v
1940
1939—
January
;
AGE" COMPOSITE PRICES
Finished
Nov.
One week ago
September
In
and steel exports have been 5,489,951
2,800 by the Santa Fe and 600 by the Pere Marquette.
1940—
January
by the Pittsburgh Coke & Iron Co.,
and it does not appear likely that any will
Scrap exports were off about 100,000 tons in September,
Production
Production
followed the advances of $1.50 and $2 a
ton announced a little over a week ago
field, where 5,000 of
In October
of the
result of the various conferences that have been held in
Washington by the National Defense Advisory Commission with particular
Meanwhile, pig iron
stitute.
tons
20.67.
$20.63, highest since October,
duction and current prices are affording.
monthly production of open hearth and
Bessemer steel ingots was established during October, when
output totaled 6,461,898 net tons, according to figures re¬
leased Nov. 7, 1940, by the American Iron and Steel In¬
in November 1939.
Washington
For the fourth consecutive
market.
week the "Iron Age" composite of steel scrap prices is unchanged at$
record for
The October total
of halting.
unchanged from last week's
as
be still slightly upward.
seems to
of producers are apparently well
new
substantial gains over
were
Nor has steel production shown the slightest sign
pound.
A
question as to the
Whatever the long-range future
months to come—perhaps throughout
many
1935
1934
1933
1932
1931
1930
1929
Apr.
9
$20.67
Oct.
15
$16.04
22.50
Oct.
3
14.08
May 16
15.00
Nov. 22
11.00
June
21.92
Mar. 30
12.92
Nov. 10
17.76
Dec.
21
12 67
June
13.42
Dec.
10
10.33
Apr. 29
13.00
Mar. 13
9.60
8
6.75
Sept. 25
Jan.
8
12;26
Aug.
7
9
8.50
Jan.
12
6.43
July
11.33
Jan.
6
8.60
Dec. 29
15.00
Feb.
18
11.25
Dec.
9
17.58
Jan.
29
14.08
Dec.
3
...
6
The Commercial & Financial Chronicle
2728
The
American
Steel
and
Iron
Institute
Nov.
on
4
is
an¬
telegraphic reports which it had received indi¬
cated that operating rate of steel companies having 97%
of the steel capacity of the industry will be 90.0% of
capacity for the week beginning Nov. 4, compared with
95.7% one week ago, 94.2% one month ago, and 92.5% one
This represents
year ago.
from
the
estimate
for
increase of 0.3 point,
an
the
week
Oct.
ended
or
28.
1940—
1940—
1
2
87.5 % Jan.
Oct.
9
88.6 %
Jan.
8
Oct.
10
90.3%
Oct. 23
90.2%
Oct. 30-.—91.0%
Nov. 6
92.5%
Nov. 13
93.5%
Jan.
15
Jan.
22
Jan.
29
Nov. 20
Nov. 27
Oct.
Dec.
Dec.
18
12
Feb.
94.4%
92.8%
91.2%
90.0%
73.7%
4
5
Feb.
93.9%
Dec. 11
Feb.
Feb.
85.7%
80.1%
84.8%
82.2%
77.3%
71.7%
and
15
May
60.9%
00.0%
01.8%
05.8%
70.0%
73.0%
70.9%
80.3%
84.6%
87.7%
86.5%
74.2%
0
May 13
May 20
19
68.8%
67.1%
June
3
20
May 27
05.9%
June
10
4
64.0%
June
17
Mar, 11
04.7%
June 24
Mar. 18
July
July
8
July
July
15
22
Mar.
Apr.
1
62.4%
60.7%
61.7%
Apr.
Dec. 25
Apr.
Apr. 29
8
61.3%
Mar. 25
July
Indications
No
Pig
to
sales
greater
volume
Consumers,
year.
more
closely
specifying
lative
with
Aug. 19
89.7%
Some
June,
production
when
1929,
Consumers
substantial
in
are
few
a
Prices
2
82.59?
5%
acter
order books.
Sept. 23
wx.9%
91.9%
92.9%
92.5%
Sept. 30
92.6%
as
against
tons
in
September,
94.9%
against
96.0%
95.7%
full
tons
vanized
year,
so
delivery
are
makers
even
and
In
specu¬
previously
be
can
prom¬
"<
in
many
prices
cold-rollc-d
thoroughly,
stabilized
recently,
sheets
Automobile
years.
by
indicated
as
the
makers
by
the
Chevrolet Motor
have
Co.
Even
gal¬
manufacture
a
few
sales
the
were
best
of
the
in
and
steel
British
period of 1939.
same
warehouses
steel
96^%.
prices
Gains
St.
were:
at
prices
unchanged:
are
industry
prices
Iron
and
week before and
this
a
little in
96^ % two weeks
95%, compared with
ago.
94H%
excess
cases
;
,
$38.06,
finished
are
credited
two
■
■
together with the
97
100
X
+
27H +
34
2534—3 34
23
1932-
19
against actual
with
record
a
for
weeks,
63,000 tons of rails the past week, the largest in
the Southern Pacific having placed 25,000 tons in addition
15,000 tons ordered the week before.
tons,
plus accessories.
Week
The
with
The
the
Thus
the
Missouri
usual
Federal
During the week ended Nov.
decreased
reserves arose
.$198,000,000.
rail
buying
Reserve
member
inquiring
movement
Reductions in
$34,000,000 in
Treasury cash,
000,000 in non-member deposits and other Federal Reserve
and
a
decrease of $19,000,000 in Reserve Bank
on
Nov. 6
mately $6,730,000,000,
were
week.
18
X
34H + 1H
41
1929-
73
—4 X
75
1928-
83
X~334
80
1927-
67
+1
71
Member
reduction of $6,000,000 in United States Government
securities, direct and guaranteed; holdings of bonds decreased
The statement in full for the week ended Nov. 6 will he
found on pages 2758 and 2759.
+
34
X
—4
—
Banks in
New
72
—3
5
85
—3
+2
64
York
Reserve
Increase
(+)
or
Decrease
(—)
rent
Chicago member banks for the
S
Bills discounted
Oct. 30, 1940
8
4,000,000
2,327,000,000
(not
Nov. 8, 1939
'
$
—2,000 000
U. S, Government securities, direct
and guaranteed
Industrial advances
—6,000.000
—360,000,000
Including
<
$7,000,000 commitments—Nov. 6)
Other Reserve bank credit
banks, which will not be available until the coming Monday:
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN
CENTRAL RESERVE CITIES
(In Millions of Dollars)
New York City
Chicago
Nov.
.
6, Oct, 30, Nov. 8, Nov. 6, Oct. 30, Nov. 8,
1940
1940
1939
1940
1940
1939
$$$$$$
4
Assets—
9,758
•
9,678
8,771
2,321
2,326
2,942
2,889
2,939
654
645
570
1,843
Loans—total
1,827
1,674
459
455
395
Total Reserve bank credit
Gold stock
agricultural loans
Open market paper
79
Loans to brokers and dealers..
purchasing
79
115
23
22
18
326
290
467
30
28
25
58
67
or
carrying securities
Real estate loans
Loans to banks
Other loans
157
157
170
59
117
117
114
19
19
14
29
28
26
391
391
373
64
63
51
Money In circulation
——
—
Treasury cash
Treasury deposits with F. R. banks.
Non-member deposits and other Fed¬
Reserve accounts
+
6^0004)00
—19,000,000
—359,000 000
21,581,000,000
3,060,000,000
+ 82,000.000
+ 4,449.000,000
+ 4,000,000
+125,000,000
13,979,000,000 —198,000,000
8,385,000,000 +120,000,000
2,221,000,000
+ 34,000,000
+2,230,000,000
405,000,000
Treasury bills
329
314
515
297
299
102
Treasury notes—
957
963
844
134
135
250
2,671
2,638
2,149
768
779
667
1,518
1,451
1,132
105
105
United States bonds
guaranteed by the
United States Government...
158
Other securities
1,341
1,423
1,192
363
363
333
Reserve with Fed. Res. banks—
Cash in vault
6,627
6,747
5,486
1,198
1,239
1,133
Balances with domestic banks..
90
90
85
44
43
42
83
80
71
272
264
242
334
327
377
45
44
48
9,853
10,031
8,265
1,994
2,039
1,811
721
710
666
508
508
500
36
35
49
94
+89,000,000
+ 976 000 000
3,808
3,740
3,416
999
—42iooo[oOO
+117,000,000
Liabilities—
Demand deposits—adjusted
Time
deposits
—
U. S. Government deposits
Inter-bank deposits:
Domestic banks
Foreten banks
+ 21,000.000
+ 932,000 000
,
94
63
992
874
610
612
648
6
7
297
296
266
16
15
16
1,507
1,498
1,480
263
261
269
Borrowings
Other liabilities
1,952,000,000
"
—|,000 000
—14,000,000
2,362,006,000
-
Treasury currency
Member bank reserve balances
2,080
Commercial, Industrial and
Other assets—net
8,000,000
22,000,000
cur¬
week, issued in advance of full statements of the member
Obligations
Since
Nov. 6, 1940
,
City and
System for the New York City member
banks and also for the
o
Changes in member bank reserve balances and related
items during the week and year ended Nov.
b, 1940, follow:
—3
—5
—
Below is the statement of the Board of Governors of the
Federal
Other loans for
$2,000,000 and of notes $4,000,000.
—
23 X
Chicago—Brokers' Loans
Loans and investments—total..
principal change in holdings of bills and securities
63
47 X—4 X
estimated to be approxi¬
decrease of $200,000,000 for the
a
—7
79X + 1X
X
—
—4
credit, offset in part by increases of $82,000,000 in gold
stock and $4,000,000 in Treasury
currency.
Excess reserves
of member banks
53
—3
42
30
Returns of
$21,-
40
68
43
member
and
+ 1X
54X + 3X
1930-
reserve
Treasury deposits with Federal
91
1931-.
Banks
bank
from increases of $120,000,000 in money
in circulation, $89,000,000 in
banks,
6
is
Pacific
95
+ X
94
+2X
60X+4X
+1
+1
30H + 1
26 X—3
19 34—
28 X
at
Four railroads ordered
Independents
u. S. Steel
Industry
1940-
193+
eral
Bir¬
The following table gives a comparison of the percentage of production
1933-
a
net
a
85;
approximate changes, in points, from the week immediately preceding:
93% of capacity.
There was a net gain of four stacks in
October, only one having been withdrawn, 190 having been active Oct. 31.
was
at
with the nearest corresponding week of previous years,
X
The
to
""
—5
accounts,
districts,
points
weeks ago.
74^ +
5234
Reserve
on
of 100%, against 99% in the
47
bank
1,
lower in Detroit
Leading independents
1936-
balances
2%
galvanized
Nov.
in the preceding week and 95%
1935-
31,750
five
August.
on
of
reported:
1937-
for
as
was
steel
September output of 4,172,551 tons, or 141,426
139,085 tons daily for September, the latter
September since figures were compiled.
Pro¬
to
tons
whole, the output of ingots for the
as a
the
compared
having been
several
244,933
in
tons
raised
+2
was
965,444
and
6,489,951
Exports of scrap in
advanced,
Louis,
were
high,
355,991
have
were
+4
duction
of
$56.60, and steelworks scrap at $20.54.
U.S. Steel is estimated at
roofing.
as
char¬
condition
September
all-time
an
93
daily
new
tin-plate and oil country
in
scrap,
August,
58
tons
rounded
well
rare,
1939-
tons
$1.50
of
the thoroughly diversified
are
1938
net
advance
into soldiers'
apparent
cantonment
the
For nine months they have been
The "Journal" further
helmets.
Many sales are for defense work when
placing of the order, such as galvanized sheets for
Much shell steel
is
being rolled on
rail
mills
preliminary to forging, and more is handled on large bar mills.
October production of coke
pig iron is estimated by "Steel" at 4,384,194
not
at
with
October
the
docks
week ended Nov. 4 is placed at 97% of capacity according
to the "Wall Street Journal" of Nov. 7.
This compares
with 963^2% in the previous week and 953^% two weeks ago.
firm.
jobbers
followed
England at 90, Chicago at 98, and Youngstown at 91.
Composite
steel
of
September sales had been ^better, but
October shipments
were
much superior.
Though commercial steel sales
and production still dominate, defense business
permeates more and more.
A
typical new inquiry is for molybdenum steel commodity strip for
years.
New
been
purchase
1,
lake
3 points to 100; Eastern Pennsylvania, 1 point to 94; Pitts¬
burgh, 3 points to 95; Wheeling, 5 points to 98^, and Buffalo, 4*£
]>oints to 95.
Unchanged areas were Cincinnati at 94, Cleveland at 90,
cooperating
appear
iron
rise to
For the
periods
Dec.
lower
mingham,
attained.
was
on
and
excluding
tons
1939.
nails.
and
general
the
fast that they are not able to build up
will have
ore
about
at
ore
billets, sections, joists, rails and plates.
Steel operating rates last week gained in six areas,
only, dropping 2 points to 95%, and unchanged in
steel
prompter deliveries than
firmest
published
of
most
or
rate
steel
Occasionally
instances
roofing sheets
For
up
not
255,608 tons compared with
were
York
New
industry itself to ration
by Washington,
to 96*4% last week, best since
point
one
1,046,084
1,516,988 tons for the
September
sheets
shipments in the steel
mere
have
products
Exports of iron and steel,
tons
of
that
goods being among the few.
94.2%
end
generally
regards
as
94.4%
the
ended
season
Slow moving commodities
7
and refraining from
the
orders
of
14
before
of Lake Superior iron
the
estimated
large steel producers comment
91.3%
Sept.
Oct.
deliveries
priorities
identical
an
the
are
20,000
of
advanced
using
wish
too,
producers
Aug. 26
light plates.
as
paying
promptly,
more
inventories.
ised, such
extended
for
is
It
ton made by a Pittsburgh producer on Oct. 25.
A flurry of
the price announcement, but soon subsided.
Oct.
or
lakes
followed
Sept. 9
Sept. 10
yet visible, with evidences of still
are
iron
per
demand
realizing the possible dangers ahead, are
producers
by anticipating needs more
Issuance
the
come
more
Consumers,
without
Steel
to
and
contracts
on
buying.
steel
and
weeks
many
$2
89.5%
88.2% Nov.
signs of slackening demand, specifications
industry for
the
.furnace yards
on
Aug. 12
Nov. 7 stated:
on
as
1,012 for the week
May 1, 1941, will be only 10,000,000 to 12,000,000
tons, among the lightest on record, indicating a big shipping season next
year to build up this reserve.
Weekly
4
118,092 units
was
gain of
a
year.
record.
on
80.4% Oct. 21
80.8% Oct. 28
1
1939,
in
that 64,000,000 tons
down
largest
and
"Steel" of Cleveland, in its summary of the iron and steel
markets,
are
shipped
week
same
high for the
fourth
29_—*.90.4%
5
90.5%
Aug.
••
new
a
been
1940—
Apr. 22
but deliveries may be delayed longer
production for the week ended Nov. 2
against 82,600 for the
0.3%,
1940
9,
usual.
Automobile
indicated rates of steel operations since Oct. 2, 1939, follow:
1939—
getting off according to schedule,
than
nounced that
Nov.
Capital accounts
12
....
Volume
The Commercial &
151
Returns of Member Banks of the Federal
System for the Preceding Week
Complete
Reserve
explained above, the statements of the New
As
York and
Chicago member banks are given out on
Thursday, simul-
teneously with the figures of the Reserve
banks themselves
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
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
and covering
The condition statement
of weekly reporting member
banks in 101 lead¬
principal changes for the week ended Oct. 30:
Increases of $27,000,000 in commercial, industrial, and agricultural loans
and $215,000,000 in demand deposits adjusted, and a decrease of $60,000,000 in depsits credited to domestic banks.
Commercial, industrial, and agricultural loans increased $9,000,000 in
New York City and $27,000,000 at all reporting member banks.
Loans to
brokers and dealers in securities decreased $10,000,000.
ing cities shows the following
Holdings of United States Treasury
in the
bills increased $52,000,000
at all reporting member banks, and
York City. Holdings of Treasury notes in¬
and $34,000,000
district
decreased $21,000,000 in New
reporting
member banks.
Holdings of "other securities" increased $31,000,000 in
New York City and $27,000,000 at all reporting member banks.
Demand deposits-adjusted increased $142,000,000 in New York City,
$37,000,000 in the Cleveland district, $15,000,000 in the Minneapolis
district, $12,000,000 in the Boston district, and $215,000,000 at all report¬
ing member banks.
Time deposits decreased $6,000,000.
Deposits credited to domestic banks decreased $16,000,000 in New York
City, $10,000,000 in the Kansas City district, $9,000,000 in the Chicago
district, and $60,000,000 at all reporting member banks.
Deposits credited
$14,000,000 in New
creased
to
foreign banks decreased
A summary
York City and $18,000,000 at all
$19,000,000.
of report¬
for the week and
of the principal assets and liabilities
ing member banks, together with changes
th'e year ended Oct. 30, 1940, follows:
or Decrease (—)
Since
Oct. 23, 1940
Nov. 1, 1939
Increase
.
Oct. 30,
1940
investments—total....24,602,000,000
Loans—total
8,909,000,000
Commercial, Industrial and agri¬
cultural loans
4,773,000,000
+3,000,000
410,000,000
—10,000,000
455,000,000
+1,000,000
1,222,000,000
36,000,000
1,709,000,000
—1,000,000
—2,000,000
+1,000,000
736,000,000
1,834,000,000
6,804,000,000
+ 34,000,000
securities
for purchasing
securities
loans
carrying
+463,000,000
—13,000,000
-
193,000,000
or
Real estate loans
Loans to banks
Other
+27,000,000
304,000,000
Open market paper...
Loans to brokers and dealers in
(+)
$
$
+113,000,000 +1,874,000,000
+19,000,000
+388,000,000
«S
Assets*****
Loans and
Other
Funds
loans
bills
Treasury
notes
United States bonds.
Obligations guaranteed by
States Government
—57,000,000
+ 38,000,000
+150,000,000
+18,000,000
+ 69.000,000
—325,000,000
+5,000,000
United
+946,000,000
+10,000,000
+395,000,000
+27,000,000
+401,000,000
+39,000,000 +2,145,000,000
+11,000,000
+ 68,000,000
—47,000,000
+159,000,000
2,627,000,000
Other securities
3,692,000,000
Reserve with Fed. Reserve banks.. 12,030,000,000
Cash in vault
526,000,000
Balances with domestic banks
3,270,000,000
of Santa Fe
of 1924
The Manufacturers Trust Co., New York City, as fiscal
agent for Province of Santa Fe (Argentine Republic) public
credit external 7% sinking fund 3% annual cumulative gold
bonds, dated Sept. 1, 1924, due Sept. 1, 1942, announced on
Nov. 6 that
result of actions
as a
Time
21,858,000,000
5,349,000,000
528,000,000
deposits-adjusted
deposits
U. S. Government deposits
+215,000,000 +3,302,000,000
—6,000,000
+100,000,000
—1,000,000
—9,000,000
received the amouht
unpaid coupons ap¬
The following, concerning the
purtenant to said bonds.
bonds, is from the bank's announcement:
These
dated
bonds
June
originally issued
were
1925,
22,
Domestic
8,707,000,000
668,000,000
1,000,000
banks
Foreign banks
Borrowings
60,000,000
+ 753,000,000
—19,000,000
—59,000,000
+1,000,000
—
—
/
Germany Refuses to Grant Safe Conduct for American
Vessel to Bring to the United States 1,200 Citizens
Still in Great Britain
that the German
of safe con¬
duct for an American vessel to go to an Irish port to bring
home about 1,200 American citizens still in Great Britain.
The State Department had also made a similar request to
the Italian Government to which a favorable reply had been
received.
The German note said that it could not grant the
request because as it had previously informed this country
"the areas around England are areas of military operations."
The State
Department announced Nov. 7
refused to give
Government had
any assurance
previous German statement was given in our
Aug. 24, page 1068.
The State Department's statement in the matter
The
issue of
of State announces that a
German Government and
of the Italian Government to
suggestion that the Government
Co. is the successor of
is
acting
now
Chatham-Phenix National Bank & Trust Co.,
of the United States would be
considerable delay, the following
a
of 7% per
1, and further pro¬
follows: The
Province was to pay semi-annually to the fiscal agent a sum equal to 5%
of the principal amount of bonds theretofore issued.
Out of the sum de¬
posited the fiscal agent was first to pay the interest falling due on the next
succeeding interest date and the balance was to be devoted to the redemp¬
tion of the bonds at par.
The original issue was in the principal amount
The
note has been received
from the
Foreign Office has the honor to acknowledge the receipt of the notes
regarding the voyage of an American ship to repatriate
of Oct. 27 and Nov. 1
On the
Irish port.
basis of the previous
statement of the German Government to
around England are areas of military operations,
the Reich Government is not in a position to furnish any sort of assurance
of the nature requested.
the effect that the areas
It is
now
understood that plans to send
the ship have been
The United Press reported yester¬
of State Hull said this country
risks in repatriating nationals
warned in advance to get out of European danger zones when
transportation was available.
temporarily abandoned.
day (Nov. 8) that Secretary
would
take
no
unnecessary
payment of interest at the rate
payable semi-annually on March 1 and Sept.
vided for
a
cumulative sinking fund which was to operate as
that the required semi-annual payment was
of $10,188,000 so
$509,400.
of bonds had been retired,
leaving outstanding $7,472,030.
On that date the Province made default
with respect to the payment for interest and sinking fund then due.
Sub¬
sequently, in 1934, the Province offered to the bondholders a plan of
readjustment with the following terms'.
1. Interest payable with respect to the coupons maturing from Sept. 1,
1934, to March 1, 1939, inclusive, was to be reduced to 4% per annum.
2. Overdue interest represented by the coupons due Sept. 1, 1932, to
March 1, 1934, inclusive, was to be reduced to 5H% per annum and was
to be satisfied by adding the aggregate amount thereof, namely 11%, to
the principal amount of each bond to be payable at maturity, such addi¬
tional amount, however, not to bear interest nor to increase the amount
By Sept. 1, 1932, $2,716,000 principal amount
of interest
payable upon the bond.
Sinking fund payments pursuant to
3.
to be waived to
the fiscal agency agreement were
and in place thereof, a special
and including March 1, 1939,
1% sinking fund, payable in
Argentine pesos, was to be set up.
outstanding bonds assented to the
substantial majority of the then
A
provisions of the plan of readjustment.
assenting bonds maturing from Sept. 1,
were
detached and canceled and
the appurtenant coupons
inclusive,
stamped
were
The coupons appurtenant to these
1932, to March 1, 1934, inclusive,
bonds and
March 1, 1939,
cremated, and the assenting
maturing from Sept. 1, 1934 to
with
With
legend evidencing such assent.
a
stamped bonds, the Province made all payments provided
obligations contained in the plan of readjustment.
respect to these
for and fulfilled all
During the period when the plan
1, 1939, there were
of readjustment was in effect,
additional
expired on March
outstanding $6,984,500 principal amount of bonds, both
bonds were retired so that when
the plan of readjustment
stamped and unstamped.
offering to the holders of these
at the rate
of 4% per annum and unconditionally guaranteed by the Argentine Federal
Government.
The holders of a substantial amount of bonds accepted
this offer, surrendered their bonds, and received these new bonds in sub¬
stitution.
The bonds so surrendered we*e canceled and cremated, and are
no longer outstanding.
As a result of these exchanges, on Aug. 28, 1940,
when the actions were commenced, there were outstanding $2,982,500
bonds
new
Province made a new offer,
March 1, 1964, bearing interest
bonds maturing
of readjustment
were
which $172,000 never assented to
of 1934, and were, therefore,
the plan
unstamped, and the remainder
stamped.
Manufacturers
Trust Co., as fiscal agent,
was
originally requested in
Province's offer
Province
bonds who did not accept the
previously stated, to commence
legal proceedings to compel the
agreement. . . .
On Aug. 28, 1940 two legal actions were instituted in the Supreme Court
of the Argentine Republic against the Province of Santa Fe.
Manufacturers Trust Co., as fiscal agent, continued negotiations through
its Argentine counsel, which coupled with the bringing of these actioas,
have now resulted in the Province's payment to the fiscal agent of $398,436,
is equal to (a) face amount of the coupons appurtenant to ail bonds, stamped
and unstamped, maturing Sept. 1, 1939 to Sept. 1, 1940, inclusive, and
(b) an amount equal to the face amount of the coupons appurtenant to
unstamped bonds maturing Sept. 1, 1932 to March 1, 1939, inclusive
(except the coupons which accepted the plan of readjustment of 1934 for
which funds at the reduced rate of 4% per annum had heretofore been
its obligations under
to fulfill
the bonds and fiscal agency
provided to the fiscal agent).
As a result of Manufacturers Trust Co.'s
holders it has
on
received $398,436.10 to cover
ail the outstanding
per annum,
appurtenant to the bonds
which accepted the
efforts in behalf of the bond¬
all matured and unpaid coupons
bonds, both stamped and unstamp
contractual rate of 7%
ed, at the original
except, of course, for any coupons
maturing from Sept. 1, 1934 to
plan of readjustment of
unpaid although funds were
March 1, 1939,
1934 and which may still be
previously available at the
reduced rate of
for which funds have now been received may
presented for payment at the office of the fiscal agent on
and after Nov. 12 and must be accompanied by letters of
The coupons
be
transmittal.
Member
glad to
German Government:
American citizens from an
and
fiscal agent for the bonds.
as
These bonds provided for the
annum,
Trading
on
New York Stock
Curb Exchanges During
receive similar assurances.
After
agreement,
agency
4% per annum.
follows:
request was made of the
grant a safe conduct
for an American vessel to proceed to a port on the west coast of Ireland to
bring home about 1,200 American citizens still in Great Britain.
The Italian Government very promptly responded favorably.
A copy
of the Italian reply was furnished to the German Government with the
The Department
under a fiscal
Province of Santa Fe and Chathamfiscal agent.
Manufacturers Trust
between the
April, 1940, by holders of
Inter-bank deposits*
'
commenced in the Supreme
Court of the Argentine Republic, it has
of $398,436 to cover all matured and
principal amount of bonds, of
Liabilities—
Demand
Received in New York
$398,436
(Argentina) External 7% Gold Bonds
In 1939, the
Treasury
of
Amount
in
Pay Matured and Unpaid Coupons
to
Phenix National Bank & Trust Co., as
of business Oct. 30:
Chicago
2729
Financial Chronicle
The
Securities
and New York
Week Ended Oct. 26
and Exchange Commission
made public
yesterday (Nov. 8) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Oct. 26, continuing
a
series of current figures being published weekly by the
Commission. Short sales are shown separately from other
sales in these figures.
1
Trading on the Stock Exchange for the account of mem¬
bers during the week ended Oct. 26 (in round-lot transac¬
tions) totaled 596,255 shares, which amount was
of total transactions on the Exchange of 3,400,750 shares.
17.57%
This
compares
with member trading
during the previous
The Commercial & Financial Chronicle
2730
19 of 614,800 shares,
week ended Oct.
19.25% of total
or
trading of 3,280,010 shares.
On the New York Curb Ex¬
change member trading during the week ended Oct. 26
amounted to 106,610 shares, or 18.84% of the total volume
on that Exchange of 533,990 shares; during the preceding
week trading for the account of Curb members of 97,645
shares was 19.59% of total trading of 503,420 shares.
The Commission made available the following data for
the week ended Oct. 26:
The data
published today are based upon weekly reports filed with the
York Stock Exchange and the New York Curb Exchange by their
New
These reports
respective members.
are
classified
as
follows:
New York
1,066
and
Securities
Nov. 8
a
summary
9, 1940
Exchange During
Exchange Commission made public
for the week ended Nov. 2 of com¬
plete figures showing the volume of stock transactions for
the odd-lot account of all odd-lot dealers and specialists
who handled odd lots on the New York Stock Exchange,
continuing a series of current figures being published by
the Commission.
Figures for the week ended Oct. 26 were
reported in our issue of Nov. 2, page 2572. The figures
are based
upon reports filed with the Commission by the
odd-lot dealers and specialists.
ODD-LOT
THE
ACCOUNT
OF
ODD-LOT
Week Ended Nov. 2, 1940
V'vV; 101
218
TRANSACTIONS FOR
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
823
193
i;
The
on
STOCK
Curb
Exchange
37
1. Reports showing transactions as specialists
2.
Odd-Lot Trading on New York Stock
Week Ended Nov. 2
New York
Slock
Exchange
Total number of reports received..
Nov.
•
Total
^
Reports showing other transactions Initiated on the
for Week
floor
Odd-lot sales by dealers (customers' purchases):
Number of orders—
3. Reports showing other transactions Initiated off the
floor
4.
214
84
572
;
,
Reports showing no transactions
612
—
23,971
655,212
Number of shares.
Note—On the New York Curb Exchange, odd-lot transactions are handled solely
by specialists In the stocks in which they are registered and the round-lot transactions
from such odd-lot transactions are not segregated from the
24,888,024
Dollar value.
of specialists resulting
specialists' other round-lot trades.
On the New York Stock Exchange, on the
other hand, all but a fraction of the odd-lot transactions are effected by dealers
engaged solely In the odd-lot business.
As a result, the round-lot transactions of
Odd-lot purchases by dealers (customers' sales):
Number of orders:
two exchanges.
The number of reports in the various classifications may total more
more
than
one
22,992
Customers' other sales .a
■'.Vv/
■.
the number of reports received because a single report may
in
390
Customers' short sales
specialists In stocks in which they are registered are not directly comparable on the
carry
23,382
Customers' total sales..
than
entries
Number of shares:
10,248
599,469
Customers' short sales
classification.
Customers' other sales.a.
TOTAL
ROUND-LOT
STOCK
SALES
ON
THE
NEW YORK
STOCK
EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
OF MEMBERS*
Week Ended Oct. 20, 1940
Total for
Per
Week
Cent
a
.......
...
Other sales.b
.....
Short sales
99,900
3,300,(850
.........
......
Total sales..—
B.
50
....
134,040
Other sales.b
Total sales.
3,400,750
134,090
Round-lot purchases by dealers:
Round-lot transactions for account of members, except for
the odd-lot accounts of odd-lot dealers and specialists:
1.
Round-lot sales by dealers:
Number of shares:
Total round-lot sales:
Sbort sales
20,936,474
Dollar value
\
V!.v'v
A.
609,717
Customers' total sales.
!
(SHARES)
Number of shares
142,|130
Transactions of specialists In stocks in which they are
registered—Total purchases.
325,700
a
Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders,
fhort sales
which Ls less than
42,730
264,100
Other sales.b.
Total sales..
....
9.30
306,830
2. Other transactions initiated on the floor—Total purchases
Short sales...
Total sales
Short sales.
Total sales
4.
of
the
2.88
69,300
526,955
Short sales.
Total sales.b.
New
York
ROUND-LOT
CHANGE
BERS *
AND
STOCK
SALES
ON
THE
TRANSACTIONS
NEW
FOR
YORK
CURB EX¬
ACCOUNT
OF
MEM¬
(SHARES)
Week Ended Oct. 26, 1940
As
the
of
Total for
Week
Per
Cent
a
Total sales
the
exceed
As
Round-lot transactions for the account of members:
Transactions of specialists in stocks in which they are
net
1.
registered—Total purchases
of
Other sales.b
72,915
on
the floor—Total purchases
Short sales.
Total sales.
Oct.
relationship
between
12.35
$358,686,562.
was therefore 0.86%.
following table listed stocks
price for each:
...
.....
Electrical equipment manufacturing
3.99
Rubber and tires......
Farm machinery
Amusements............
....
Land and realty
Maohinery and metals
Mining (excluding iron).......
5,755
100,855
Petroleum
18.84
106,610
....
Paper and publishing
Retail merchandising
C. Odd-lot transactions for the account of specialists:
Ry. oper. & holding co's & eqpt. mfrs
Steel, iron and coke
Customers* short sales.
....
Customers' other sales.c.
Textiles
49,334
Total purchases
Gas and electric (operating)
Gas and electric (holding)
49,334
Total sales..
Communications (cable tel. & radio)
Miscellaneous utilities
28,077
Aviation
*
The term
"members"
Includes all Exchange members,
their firms and their
partners, including special partners.
a
Shares in members' transactions
In calculating
these percentages,
of members'
transactions
as
on
per cent of twice total round-lot
the
transactions Is
Exchange for the
Includes both purchases and sales,
while
volume.
compared
reason that
the total
the Exchange
volume Includes only sales
b Round-lotshort 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.
Business and office equipment
Shipping services
Ship building and operating
....
the total of members"
with twice the total round-lot volume
Market
Aver.
Price
Value
Price
Miscellaneous businesses
Leather and boots..
Tobacco
Garments
U.S. companies operating abroad
Foreign companies (incl. Cuba & Can.)
All listed stocks
S
30.54
3,514,975.308
29.48
862,668,671
Building
94,665
Total sales
Sept. 30, 1940
Aver.
3,641,223,128
Financial
22,275
Other sales.b
31, 1940
%
Foods
Short sales.
and
shares
classified by lead¬
are
2.50
20,575
Total—Total purchases.
listed
date,
Chemicals
4.
all
Value
1,700
Total sales
on
The ratio of these member total
Autos and accessories.......
Other sales.b.
borrowings
Oct.
20,345
Short sales
Exchange
Market
11,420
3. Other transactions Initiated off the floor-Total
purchases
York Stock
collateral amounted to
on
Sept. 30, 1940, New York Stock Exchange member
borrowings in New York City
on
collateral
10,720
_
Exchange said:
1940, New
value.
700
...
31,
borrowings in New York City
15,300
...
Other sales.b
business
ing industrial groups with the aggregate market and aver¬
age
Total sales
2. Other transactions initiated
of
net
In the
3,355
69,560
.....
on
total market value
a
borrowings to the market value of all listed stocks, on
this
59,020
...
Short sales
Exchange with
The ratio of these member total borrowings to
true
market
total
533,990
net
amounted to
B.
were
the market
value of all listed stocks, on this date, was therefore
0.82%.
Member
borrowings are not broken down to separate those only on listed share
collateral from those on other collateral; thus these ratios usually will
their
6,455
527,535
Other sales.b....
Stock
close
$348,925,800.
A. Total round-lot sales:
Short sales
1940, there
In its announcement of Nov. 6 the Stock
17.57
596,255
STOCK
31,
$42,673,890,518, the Exchange announced on Nov. 6. This
with 1,228 stock issues aggregating 1,452,946,431
shares listed on the Exchange on Sept. 30 with a total mar¬
ket value of $41,491,698,705, and with 1,230 stock issues
aggregating 1,430,953,734 shares listed on the Exchange
Oct. 31, 1939, with a total market value of $47,373,972,773.
member total
TOTAL
Oct.
business
of
of
598,126
Short sales.
Stock
compares
100,295
.....
close
the
10,900
89,395
Total—Total purchases.
York
3,230 stock issues aggregating 1,452,542,070 shares listed
95,266
...
New
on
5.39
189,130
Other sales.b
Stocks
Listed
Listed Stocks
As
3. Other transactions Initiated off the floor—Total purchases
of
and sales to liquidate a long position
reported with "other sales."
axe
Exchange on Oct. 31, $42,673,890,518, Compared
with $41,491,698,705 on Sept. 30—Classification of
15,670
173,460
Other sales.b.
Value
Market
177,160
round lot
a
16.71
820,545,598
15.87
5,793,613,260
63.62
23.46
5,865.347,768
489,152,788
63.16
503,716,789
1,509,582,259
2,658,853,659
322,171,695
598,395,704
218,443,277
15,615,556
1,576,351,711
1,551,149,222
3,630.866,236
432,698,784
2,329,903,601
3,041,187,265
2,554,843,823
258,892,649
2,301.572,021
1,295,896,375
3,607.500,101
95,214,599
627,880,026
276,212,122
7,791,250
38.47
1,485,659,588
37.88
28.33
28.61
11.21
2,685,482,977
293,233,232
564,912,727
201,667,982
3.16
15,648,174
3.17
24.65
1,509,120,873
23.70
24.13
1,451,340,679
3,436,911,683
22.57
30.37
45.65
18.81
22.78
27.60
43.10
10.35
20.02
401,302,074
17.80
20.50
30.87
2,322,941,790
2,929,420,643
2,290,102,653
30.79
25.15
45.53
253,457,262
2,253,950,818
22.03
27.07
13.53
1,230,262,430
12.84
87.22
3,549,708,465
100,343,696
85.82
19.98
23.34
3.68
15.73
26.55
50.82
22.50
12.36
21.09
587,009,338
24.10
267,540,401
4.24
6,760,138
26.76
12.96
53,734,071
110,278,940
17.99
19.90
110,318,689
19.91
160,060,014
21.44
160,646,958
21.52
1,438,939,665
51.48
53.25
37,621,503
485,909,792
22.45
14.24
1,488,905,134
37,938,696
453,250,013
675,102,750
16.68
666,859,207
13.28
16.47
29.38 41,491.698.705
28.56
42,673,890,518
46,980,923
22.62
The Commercial &
Volume 1S1
2731
Financial Chronicle
Time
Demand
compilation of the total market
price of stocks listed on the Ex¬
We give below a two-year
value
the
and
average
change:
Market
Average
Market
Value
Value
$47,440,476,682
47,373,972,773
45,505,228,611
46,467,616,372
45,036,655,548
46,058,132,499
31.08
40,094,763,128
46.769,244,271
36,546,583,208
38,775,241,138
39,991,865,997
40,700,241,811
41,491,698,705
42,673,890,518
32.34
Sept. 30
$44,784,224,215
43,520.488.215
43.526.088,812
47,001,767,212
46,081,192,347
47,490,793,969
$31.38
Mar. 31
44.884,288,147
46,270.987.418
40,921,074,970
31.50
28.69
May 31
Apr. 29....
40.673.320.779
28.51
June 29....
May 31....
43,229,587,173
41,004,995,092
44,761,599,352
41,652,664,710
30.29
July
30
Sept. 30
31
Oct.
Nov. 30
Dee.
Oct.
30.54
Nov. 30
32.96
Dec. 30
31
Feb. 28
June 30
July
31
Aug. 31
Jan.
33.34
31
29
Mar. 30
32.44
April 30
31..i.
28.70
Aug. 31..
31.31
Sept. 30
Oct. 31
29.12
Listed
Bonds
of
Value
31.79
32.37
The
scope
32.35
25.26
26.74
27.51
28.00
28.56
29.38
York
New
on
Below
furnish
we
a
two-year compilation of the
Demand Loans
Time Loans
$
$
1938—
31, 1940, there were 1,312
aggregating $54,328,793,417 par value listed on
the New York Stock Exchange with a total market value of
$50,438,409,964.
This compares with 1,340 oond issues
aggregating $53,913,474,257 par value listea on the Exchange
Sept. 30 with a total market value of $49,643,200,867.
In the following table listed bonds are classified by govern¬
mental and industrial groups with the aggregate market
value and average price for each:
484,019,538
31
540.439.140
577,441,170
681,885,192
40,183.000
40,302,497
42,514.100
35,199,137
524,202,538
580,741,637
619,955,270
717,084,329
31
632,513.340
33,983,537
666,496,877
Feb. 28
29
646,178,362
617,191,932
515,173,525
37,254,037
37,663,739
32,269,650
683,432.399
654,855,671
547,443,175
545,975,979
537,261,959
553,767,240
508,577,554
Oct.
Nov. 30
Dec.
31
1939—
Jan.
Market
Aver.
Market
Aver.
Value
Price
Value
Price
%
$
34,783,944,934 108.42
108.56
United, States Companies—
Autos and accessories
15,669,931
37,768,345
72,885,740
19,376,824
36,868,950
242,159,677
73,651,900
43,795,703
10,544,553
34,240,945
85,729,477
610,320,188
_
Financial
Chemical
.
Building
manufacturing..
Electrical equipment
Food
Rubber and tires........
Amusements
Land and realty
Machinery and metals
Mining (excluding iron)
....
Petroleum
104.46
241,680,196 104.25
104.26
75,302,075 104.38
42.934.127 91.56
93.40
9,902,135 49.82
59,477,525 98.01
84,446,242 49.67
610,112,491 103.65
53.05
96.19
50.72
103.68
65,651,525 100.35
20,200,519 83.91
58.96
589,700,827 101.80
9,170,250 99.93
3,204,083,535 107.95
178,125,724 105.75
1,057,896,799 107.89
radio).
1,057,968,557 107.89
.
178,390,946 105.91
84,757,458 55.32
18,755,750 99.50
13,607,809 48.42
15,499,665 67.56
42,854,719 125.80
56.44
86,467,341
19,085,625 101.25
utilities
equipment
Business and office
14,588,681
....
51.91
16,259,528 70.88
42,986,361 126.18
82,328,004 40.12
Shipbuilding and operating
Tobacco
abroad
80,143.514 31.71
34,374,570 104.18
34,667,050 105.06
Miscellaneous businesses
30,492,889
509,021,637
526,691,740
478,060,007
433,556.992
28,240,322
27,075,500
30,517,547
33,502,875
32,202,875
Aug. 31
Sept. 30
Oct.
Dec. 30
74.59
57.42
12,915,312,102
1,211,968,218
731,975,613
92.84
49,643,200,867
92.08
12,865,016,448
74.98
1,202,772,838
754,646,417
39.45
50,438.409.964
Foreign government
and Canada).
All listed bonds
467.0S9.867
30.996,000
534.228.504
573,871,683
29,646,000
594,288,938
27,046,000
26,996,000
20,121,000
19,981,000
17.521,000
14,666,000
502.025,629
543,875.683
564,642,938
31
Nov. 30
560,050,900
555,474,347
1940—
Jan.
533,004,900
529,478,347
649.692.430
31
Feb. 29
Mar. 30
Apr. 30
May 31
659,505,870
391,388,100
-
June 29
317,187,605
July 31
Aug. 31
Sept. 30
Oct. 31
329,833,543
12,451.000
11,211,000
10,730.500
315.979,600
347,950,062
339,589,800
9,336,000
509,813,430
579.486,870
408.909,100
331.853.505
342.284,543
327,190,600
358,680,562
348,925,800
Additional Trading Hour on Chicago Stock Exchange
Justifies Itself by Its Volume in
First Month's
M. Betts, Chairman
first month's operation of
the Chicago Stock Exchange's new custom of "the added
trading hour" indicates that it "justifies itself by its volume
considered either separately or in conjunction with the other
trading hours," according to a letter sent to members of the
Exchange on Oct. 31 by Arthur M. Betts, Chairman.
The
additional hour of trading extending the closing time of the
Exchange from 2 to 3 p. m. went into effect on Sept. 30, as
was mentioned in our issue
of Sept. 28, page 1814.
Mr.
Operation, According to Arthur
Preliminary observations of the
Betts' letter follows in part:
39.72
50.05
hour, the speed and ease
with which transactions
excellent markets quoted and alert
service rendered are possible because of a full attendance of floor members.
These factors augur well for an ability to handle efficiently the heavy volume
which our Exchange may be called upon to service during that hour in active
are
consummated and reported, the
markets of
broad public participation.
The results to
volume
added hour justifies itself by its
conjunction with the other trading
total volume has been indicated.
The quality
date indicate that the
considered either separately or in
An increase in our
hours.
of our markets
of the closest
hour.
States companies
Foreign cos. (lncl. Cuba
58.44
6,196,355,474
3,105,921,282 107.91
Shipping services.
515,483.090
31
During the added trading
(operating)
0.8. companies operating
78.74
36,772,577 106.69
684,953,654 102.89
9,091,300 99.76
Gas and electric (holding)
Total United
80.95
107.41
84.72
Textile
Communication (cable, tel. &
93.86
71,145,675
18,891,877
95.17
6,256,538,530
operating and holding com¬
panies <fc equipment manufacturers.
Steel, Iron and coke
Railway
Miscellaneous
102.98
20,397,448
Retail merchandising
Gas and electric
15,325,937 103.63
37.806.126 103.07
105.26
72,796,888 101.21
Paper and publishing
May 31
Sept. 30, 1940
Oct. 31, 1940
cities, &c.)__ 35,615.974,261
figures:
Total Loans
$
Sept. 30
July
bond issues
U. S. Govt. (lncl. States,
loan
report issued by the Exchange a month ago.
June 30
Stock
Stock Exchange announced Nov. 8 that
the close of business Oct.
or
$19,735,625
-.
is exactly the same as in the
of the above compilation
31.96
Exchange Oct. 31 Above Sept. 30
P The New York
securities" pledged as collateral
items (1) and (2) above
for the borrowings Included in
Apr.
as
200,000
$9,336,000
348,925,800
33.11
Mar. 31
Market
36,981,000
1940—
32.30
1939—
Jan.
31
30.55
Feb.
31
other in the
$339,589,800
Total face amount of "Government
1939—
Aug. 31....
Net borrowings on
brokers, foreign bank agencies or
City of New York
Combined total of time and demand borrowings
■
1938—
July
(2)
,
$9,136,000
i
Price
$33.15
trust companies
or
Average
Price
banks
.$302,608,800
collateral from private bankers,
Net borrowings on collateral from New York
(1)
has been improved.
and longer
members who have been willing to
work harder
has been increased.
Our largest
are now
interest, some
effective during the added
Due to concentration of
"bids and offers" of the day are
The income of those
is our local community. We
the choice productive hour of 2 to 3 P .m.
potential field for new volume
utilizing for the first time
Incidentally, reports of
business originating in other
sections of the country,
encouraging.
closing of the New York Stock Exchange at 2 p. m.,
including both coasts, are
The following table, compiled by us,
comparison of the total market value and
Market
Market
$
1939—
%
$
44.182,833.403
44,830.709,433
45,539.192,999
45,441.652,321
47,053.034,224
Aug. 31
Nov. 30
Dec. 31....
Price
Price
89.40
Sept. 30....
89.08
Oct.
90.67
Nov. 30
90.34
Dec.
1938—
Sept. 30
Oct. 31
Average
Value
Average
Value
give a two-year
the total average
91.27
31
30....
88.60
92.02
Apr. 29
48.127,511,742
91.56
June 29....
May 31
June 30....
48.920.968.566
92.92
July
48,670,781,615
49,007,131,070
47,297,289.186
92.08
Aug. 31
93.15
Sept. 30
49,678.805,641
49,605,261.998
60.000,387,149
49,611,937,544
46,936,861,020
47,005,777,410
48.601,638,211
49,238,728,732
49.643,200,867
90.59
Oct.
31
50,438,409,964
28
July
91.03
1
31
Aug. 31
Loans
Brokers'
Apr. 30
91.80
May 31
31
760,762 Below
Oct. 31, 1939
92.33
91.97
92.86
92.48
87.87
90.14
90.90
91.33
92.08
92.84
Reports Outstanding
$348,925,800 on Oct. 31—$9,Sept. 30 and $185,302,704 Below
at
loans on the New
York Stock Ex¬
$348,925,800 at the end
Nov. 4 in issu¬
ing its monthly compilation. This figure is $9,760,762 below
the Sept. 30 total of $358,686,562 and $185,302,704 under the
Oct. 31, 1939, aggregate of $534,228,504.
During October
demand and time loans were below both a month and a
year ago.
The Exchange reported the demand loans out¬
change decreased
of the month,
during October to
the Exchange made known on
amount of $339,589,800, as compared
$347,950,062 on Sept. 30 and $502,025,629 on Oct. 31,
1939.
Time loans at the latest date are shown at $9,336,000
standing on Oct. 31 in
with
against $10,736,500
and
a
1940, as
New
York
ago.
respectively, a month
for Oct. 31,
Exchange member total net
carried in New York as of the
Stock
contracted for and
1940.
and $32,202,875,
The following is the report
issued by the Exchange on Nov. 4:
year
$236,456,000 Received to Offering of $100,of
91-Day Treasury Bills—$100,130,000
Accepted Price Slightly Under Par
A total of $236,456,000 was tendered to the offering last
week of $100,000,000 or thereabouts of 91-day Treasury
bills dated Nov. 6, and maturing Feb. 5, 1941, Secretary
Morgenthau announced Nov. 1.
Of this amount $100,130,000 was accepted at an average price slightly under par.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. ^EST)
Nov. 1.
Reference to the offering appeared in our issue of
Nov. 2, page 2574.
The following regarded the accepted
bids to the offering is from the Secretary's announcement:
Tenders of
000,000
$236,456,000
100,130,000
The accepted bids were tendered at prices ranging from slightly above
par down to 99-999, the average price being fractionally under par.
Of the
Total
Outstanding brokers'
aggregated $348,925,800.
borrowings on collateral
close of business Oct. 31,
The detailed tabulation
follows:
Chicago
organizations must gradually learn to overcome the
psychological "let-down" which now occurs.
Time and patience will be
required.
The volume and trend of the day will always be an important
influence on our added hour.
Success In meeting this unavoidable situation
under all conditions will result in permanently improving the business of
our members.
It will also add a new importance to The Chicago Stock
Exchange.
The public will be furished a useful market service.
91.24
Exchange
Stock
York
New
Mar. 30
91.85
46,958,433,389
47.471.484,161
48,351,945,180
31
Mar.
31
Feb. 29....
1939—
Feb.
90.79
1940—
Jan.
Jan.
$
46,430.860.982
47,621,245,885
47,839,377,778
49.919.813.386
Due to the
Time, our member
applied for
Total accepted
amount
„j,
-
tendered at 99-999 , 68% was
accepted.
♦
Stock of Money in the
Country
Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deduct¬
ing the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Sept. 30,1940, and show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System)
was $8,151,166,196, as against $8,058,981,134 on Aug. 31,
1940, and $7,292,952,082 on Sept. 30, 1939, and comparing
W The Treasury
The Commercial & Financial Chronicle
2732
with $5,698,214,612 on Oct. 31, 1920.
Just before the out¬
of the World War, that is, on June 30, 1914, the
was
only $3,459,434,174.
The following is the full
statement:
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Bonds—Treasury
Savings (maturity
*3,970,646,200
752,326,525
$32,683,139,925
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$45,000,000,000
$27,960,167,200
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Treasury notes
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still be issued under this limitation:
Treasury bills which may be outstanding at any one time
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table shows the face amount of obligations outstanding
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that the face amount of bonds, certificates of indebtedness,
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outstanding public debt obligations ($44,432,859,575) should
be deducted $886,625,296 (the unearned discount on savings
bonds), reducing the total to $43,546,234,279, and to this
figure should be added $591,011,339, the other public debt
obligations outstanding, which, however, are not subject to
the debt limitation.
Thus the total gross public debt out¬
standing on Oct. 31 is shown as $44,137,245,618.
The following is the Treasury's report as of Oct. 31:
in the aggregate $45,000,000,000 outstanding at any one time."a
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limitation at $567,140,425.
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the Treasury indicates that from the total face amount of
Section
to
g
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Treasury Department made public on Nov. 6 its
monthly report showing that the face amount of public debt
obligations issued under the Second Liberty Bond Act (as
amended) outstanding Oct. 31, 1940, totaled $44,432,859,575, thus leaving the face amount of obligations which may
be issued subject to the $45,000,000,000
satutory debt
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1940
9,
Treasury Explains Outstanding Debt Subject
break
total
Nov.
if
Certificates of indebtedness
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11
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$8,429,750,500
1,831,300,000
1,306,535,000
Treasury bills (maturity value)
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11,567,585,500
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$42,756,000
35,080,150
3.899,000
100,399,000
-
Notes.—-
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which Interest has ceased:
Bonds.-
!
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$44,250,725,425
Face amount of matured obligations
MON
-----
Certificates of indebtedness
I
00. 00.
"5
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Treasury bills
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182,134,150
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44,432.859,575
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under
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—
maturity
value.
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amount
(current
redemption
value)
$3,084,020,904.
CO
to
a
In addition to the above, Section
2Kb) authorizes the issue for national defense
certificates of indebtedness and Treasury bills under the Act in
not exceeding $4,000,000,000 outstanding at
any one time,
Jess any retirements made from the special fund made available under Section
301
of the Revenue Act of 1940.
No obligations have been Issued under this
purposes of notes,
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of
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Total
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authority of the Second Liberty Bond Act, as amended
(above)
$44,432,859,575
Deduct, unearned discount on savings bonds (difference between
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886,625,296
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authority.
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the statutory debt limitation—
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—
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CM* 1-T
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on
no
(pre-war,
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$196,208,460
which Interest has ceased
14,640,510
380,162,369
interest
591,011,339
<w»
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Total gross public debt outstanding as of Oct. 31, 1940
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Offering of $100,000,000, or Thereabouts, ol
Treasury Bills—To Be Designated National De¬
fense
o
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Series 92-Day Bills—Proceeds
Treasury's General Fund
CM
to
Reimburse
Secretary of the Treasury Morgenthau on Nov. 7 invited
a new
offering of Treasury bills to the amount of
$100,OCX),000, or thereabouts.
They will be designated
National Defense Series, 92-day bills to be sold on a discount
batsis to the highest bidders. Tenders were received at the
tenders to
till
1
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Federal
Reserve banks, and the branches thereof,
up to
CEST) yesterday (Nov. 8). These bills, Mr. Mor¬
genthau explained, will be issued pursuant to the provisions
2 p. m.
318 S I ='
1<«cS^4
9
,5
of Section 302 of the Revenue Act of
1940, approved June 2.5,
1940. The Treasury announcement adds:
Does not Include gold other than that held
by the Treasury.
b These
amounts
not
Included In the total, since the gold or silver
held as
Becurlty against gold and sliver certificates and
Treasury notes of 1890 Is Incluued
under gold, standard silver dollars, and
silver bullion, respectively.
are
c This total includes
credits with the Treasurer of the United States
payable In
certificates In (1) the Gold Certificate
Fund—Board of Governors, Federal
Reserve System, in the amount of
$16,112,855,671, and (2) the redemption fund for
Federal Reserve notes In the amount of
$11,790,671.
gold
d Includes
$1,800,000,000 Exchange Stabilization Fund
and $142,852,173 balance
of Increment
resulting from reduction in weight of the gold dollar.
e
Includes $59,300,000 lawful
money deposited
as
a
deposits.
reserve
for
Postal Savings
f The amount of gold and sliver
certificates and Treasury notes of 1890 should
be
deducted from this amount before
combining with total money held In the
Treasury
to arrive at the total amount of
money in the United States.
g The money In circulation Includes
any
tinental limits of the United States.
paper currency
Note—There Is maintained in the
Treasury—(I) as
held outside the
a reserve
for
notes and Treasury notes of
1890—$156,039,431 in gold bullion, (11)
Treasury notes of 1890—an equal dollar amount In
notes
United
con¬
1940, for the National defense,
general fund of the Treasury therefor.
or to
reimburse the
Between July 1 and Oct. 31, 1940,
expenditures from the general fund for national defense purposes
aggregate
approximately $883,000,000.
will be used to
reimburse
The proceeds of this Issue of Treasury bills
the general
fund, in part,
on
account
of such
expenditures.
The
Treasury bills will be dated Nov. 13. 1940, and will
on Feb. 13, 1941, and on the
maturity date the face
amount will be payable without interest. There is a
maturity
of a previous issue of
Treasury bills on Nov. 13 in amount of
mature
In his announcement of the
*
offering Secretary..
Morgenthau also said:
for
(these
being canoeled and retired on
receipt), (ill) as security for outstanding
sliver certificates—sliver In bullion and
standard sliver dollars of a
monetary value
equal to the face amount of such silver
certificates, and (iv) as security for gold
certificates—gold bullion of a value at the legal standard
equal to the faoe amount
of such gold certificates.
Federal Reserve notes are
obligations of the United States
and a firstlien on all the assets of the
Issuing Federal Reserve Bank.
Federal Reserve
notes are secured by the deposit with Federal
Reserve agents of a like amount of
gold certificates or of gold certificates and such
discounted or purchased paper as Is
eligible under the terms of the Federal Reserve Act,
or, until June 30, 1941, of
direct obligations of the United States If so
authorized by a majority vote of the
Board of Governors of the Federal Reserve
System.
Federal Reserve banks must
maintain a reserve in gold certificates of at least
40%, Including the redemption fund
which must be deposited with the Treasurer of the
United States, against Federal
Reserve notes in actual circulation.
"Gold certificates" as herein used
includes
credits with the Treasurer of the United States
payable in gold certificates.
Federal
Reserve bank notes and National bank notes
arei n process of retirement.
made, after June 30,
$100,071,000.
States
as security
standard silver dollars
are
•
Under the authority of that section "National Defense Series"
obligations
may be issued to provide the Treasury with funds to meet
any expenditures
of
They will be issued in bearer form only, and in amounts or denominations
$1,000, $10,000, $100,000, $500,000, and $1,000,000 (maturity value).
No tender for
must
less than $1,000 will be considered.
an amount
be in multiples of $1,000.
basis of 100, with not
more
The price offered
Each tender,
must be expressed on the
than three decimal places, e. g.f 99.125.
Frac¬
tions must not be used.
Tenders will be accepted without cash deposit from
incorporated banks
and trust companies and from responsible and
recognized dealers in invest¬
ment securities.
10% of the face
Tenders from others must be accompanied by a deposit of
amount of
Treasury bills applied for, unless the tenders
accompanied by an express guaranty of payment by
or
trust
an
are
incorporated bank
compahy.
Immediately after the closing hour for receipt of tenders
1940, all tenders received
at the Federal
Reserve banks
or
on
Nov J8,
branches thereof
Volume
of the
hour will be opened and public announcement
to the closing
up
thereafter, probably on the
following morning.
The Secretary of the Treasury expressly reserves the
right to reject any or all tenders or parts of tenders, and to allot less than
the amount applied for, and his action in any such respect shall be final.
acceptable prices will follow as soon as possible
bills allotted must
Payment at the price offered for Treasury
thereof.
rejection
tenders will be advised of the acceptance or
Those submitting
made at the Federal Reserve banks in cash or
be
available
other immediately
funds on Nov. 13, 1940.
The Treasury bills will
be exempt, as to principal and interest,
and any
thereof will also be exempt, from all
taxation, except estate and inheritance taxes.
(Attention is invited to
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed as a deduction, or otherwise recognized, for the purposes
hereafter imposed by the United
or
now
States or any of
bills and govern
'
issue.
■
Benefits
The "Post" also said:
defense nature.
takes place after June 10, 1940, can
amortization, the Treasury ruled.
This means,
officials said,
that five-year amortization could not be claimed for a
portion of a building erected before June 10, even if the entire structure,
completed after June 10, were used for national defense purposes.
construction which actually
speedy
the
for
Associated Press
From
Wash¬
accounts of Oct. 25 from
ington we take the following:
The law provides that the whole cost of construction certified by theDefense Commission and the Army or the Navy as emergency building
may
period.
This amortization may be accelerated even further
emergency period should be terminated earlier by the President, or
emergency use of the plant should end in less than five years.
to
Industry need not use the accelerated
use the normal
depreciation covering
Officials said that the Treasury
tation
the
to
a
again,
back
and
depreciation
time to rapid
depreciation if the emergency
unexpectedly.
be terminated
industry in
that
but that the new Act assured
they could be obtained "without fighting/'
previous legislation,
19, page 2251.
them in
Act was given in our issue
The text of the new Revenue
of Oct.
the law were available
explained that the advantages of
tax official
advance
from normal depreciation to
with the possibility that it could
period should
A company may switch
depreciation.
rapid
A
possible interpre¬
had qualified expansion for
the advantage of such acceler¬
company
a
provisions it could not lose
return
second
had given the broadest
and that once
law,
the amortization
ated
depreciation, however, and is free
the ordinary life of buildings and
it chooses.
equipment
to
fiveif the
if the
be charged off against income for income tax purposes over a
year
^
Morgenthau to Ask for Increase
$60,000,000,000 or Higher—Will
Also Seek New Defense Taxes and End of Tax
Exemption on Future Government Bond Issues
Secretary of Treasury
in Debt Limit to
Morgenthau disclosed on Nov. 7
Congress will soon be asked to raise the Nation's
statutory debt limit to $60,000,000,000 or $65,000,000,000,
levy higher taxes and end the tax-exemption as to future
issues of government securities.
Speaking at his press con¬
ference on Nov. 7, Mr. Morgenthau explained that "we have
Secretary of the Treasury
that
just begun to rearm" further adding that "we'll need more
taxes." The present statutory debt limit is $45,000,000,000,
with an additional $4,000,000,000 authorized for national
spending.
Regarding these developments a
ington Associated Press dispatch of Nov. 7 said:
defense
Wash¬
Congress immediately to remove
present restrictions on the defense borrowing authority, and that as soon
as possible after the first of the year he would ask for a general increase in
The Treasury
the limit.
Chief said he might ask
;
»
■
raising of the borrowing authority to $60,000,000.000 or $65,000,000,000 was meant to care for needs only through
the 1942 fiscal year, Mr. Morgenthau declined to say what debt limit might
be needed by the end of the Administration's next four-year terra in January,
1945.
Nor did he give further details about plans to raise new taxes.
Explaining that the possible
Asked whether it was
be
put
a
on
conceivable that Government
don't think it's
The Secretary
said that with the old
He added that it
it put
replied "I
possible."
cally reached" the Treasury
which
expenditures could
"pay-as-you-go" basis shortly, Mr. Morgenthau
on
$45,000,000,000 debt limit "practi¬
found itself "in a rather difficult position."
Congress lifted the restrictions
would be "very helpful" if
the $4,000,000,000
additional debt authorization before
Jan. 1.
As for a
general increase in the debt
and Daniel
as soon
Mr.
as
W. Bell, Treasury
limit, Mr. Morgenthau said that he
begins.
problem he
tax-exempt State and
make all
He said
had learned that about $2,000,000,000 of
local securities would mature next year.
will make all future issues of govern¬
mental securities taxable," the Treasury chief said.
"The time has come
when we need money for national defense.
We need an increase in the
debt limit and meanwhile we want to increase the taxes."
"I
any
sincerely hope that Congress
Secretary Morgenthau also had the following
Nov. 7 as to the possibilities of inflation incident
particular commodity gets out
Serve for
of 4,500,000
Reported Smallest Since 1916—Democrats Increase
Seats in House but Majority in Senate Is Lessened
—Reports as to Possible Cabinet Changes
Franklin Delano Roosevelt was reelected President of the
Roosevelt Reelected President to
Franklin D.
Third
Vote
Term—Popular
serve
for
a
Margin
third term
on
Nov. 5 when he
Wendell L. Willkie. This
was the first time in the history of the country
that any
The electoral
President had ever been elected three times.
vote resulted in the President receiving 449 to 82 for Mr.
Willkie; the popular vote margin however was less than
4,500,000—the smallest since 1916 when Woodrow Wilson
was reelected over Charles Evans Hughes.
The latest tabu¬
lations show 38 States for Mr. Roosevelt and 10 for Mr.
defeated his Republican opponent,
Willkie.
favor
in
The States where the electoral vote was recorded
of Mr. Willkie were Colorado (6); Indiana (14);
(11); Kansas (9); Maine (5); Michigan (19); Nebraska
(7); North Dakota (4); South Dakota (4); Vermont (3). In
the 1936 election President Roosevelt captured every State
Iowa
electoral votes
and Vermont, obtaining 523
except Maine
compared with only 8 for the Republican candidate,
Governor LandoD of Kansas.
In his home State of New
York, this week Mr. Roosevelt had a plurality ir the popular
as
contrasted with over 1,100,000 in
candidate's home State of Indiana
was won by Mr. Wilkie bv about 24,000, although in 1936
the President had been victorious there by more than 240,000.
Carried into office as Vice President by the Democratic
victory was former Secretary of Agriculture Henry A. Wallace
of Iowa.
Senator Charles L. McNarv of Oregon was the
Republican Vice-Presidential nominee.
The Democratic victory was further signalized by gains
in the House of Representatives.
The latest unofficial
returns indicate that the new House will be made up of
267 Democrats and 162 Republicans with minor parties
accounting for the other 6 seats.
The present division of
the House stands at 258 Democrats, 167 Republicans, 2
vote
of about 233,000,
The Republican
1936.
Progressives, 1 Farmer-Laborite and 1 American Laborite,
with six vacancies.
The Democratic membership in the
Senate was reduced from 69 to 66 while the Republicans
increased their total from 24 to 28.
Senator Shipstead of
Minnesota, who was reelected, shifted
Farmer-Laborite to Republican.
his classification from
The following concerning the Congressional division was
reported in Washington Associated Press advices Nov. 8:
Republican strength in the presidential race carried over to some extent
into Senate contests, producing a net gain of four seats, but in the House
gains went to the Democrats,
Senate will have 28 Republican
the
The new
one
the
Shipstead of Minnesota
the
previously a Farmer-Laborite,
who went over to
Republican ticket and won.
In the House, the
elected
licans
are
members, as against the pre¬
compared with 69 at present: one Independent and
Progressive. Three of the new Republican seats were picked up from
Democrats: the fourth resulted from the re-election of Senator Henrik
66 Democrats
sent 24:
Democrats picked up 9 seats
Repub¬
435 House members
and there are two Progressives, one
American Laborite and six vacancies.
167 are Republicans
Laborite, one
Farmer
for a total of 267.
At present 258 of the
162 members.
Democrats,
According to the latest figures compiled by the Associated
Press on Nov. 7, the popular vote registered by President
Roosevelt at this week's election (with several election dis¬
unreported) totals 26,265,134 with 21,787,102 for
1936 the popular vote for President Roosevelt
was 27,476,673 while that for Governor Landon was 16,679,583.
At the previous national election, in 1932, Mr.
Roosevelt received a total of 22,821,857 against 15,761,841
for former President Hoover. It was expected that the total
this year would reach 50,000,000.
From Associated Press advices appearing in the Richmond
"Dispatch" of Nov. 7 we take the following:
On the basis of incomplete returns last night, President
Roosevelt's
popular vote margin of slightly more than 4,000,000 was the smallest
since 1916 when Woodrow Wiison skimmed through with 591,385 over
tricts still
Mr. Willkie. In
Charles
Evans Hughes.
top-heavy
His
majority
in the Electoral
College, however,
stood at
468 to 63.
Congress would be asked to
Federal, State and local securities subject to taxes.
that in studying the
I do not fear it,
of line through an
abnormal price rise, I feel that with Mr. Roosevelt here we can take the
necessary steps to adjust it, but it has to be watched every single minute,
and if a particular commodity should have an abnormal price rise, I feeD
that we certainly have the will and the means to stop it."
Morgenthau said the next
future issues of
asked.
Roosevelt back for another four years,
because wherever
Under-Secretary, would go before Congress
possible after the new session
this whole
and inflation, which we have been free from so
be the first governmental agency to get the
fearing (inflation) now?" he was
are not
"Not with Mr.
United States to
25 regulations
charge-off of
their defense plant expansion under the five-year amortiza¬
tion provisions of the Second Revenue Act of 1040.
It
was pointed
out in the Washington "Post" of Oct. 26 that
the new Act gives corporations the privilege of depreciating
certain plants in five years, rather than in the customary
15 or 20 years, provided the facilities were of an emergency
Treasury Department issued on Oct.
which
manufacturers must observe in the
The
qualify
and the Treasury will
declared,
which leads me to another
financing and taxes problem:
impact."
Rules Only Defense Plant Expansion Com¬
pleted After June 10 Is Eligible for Amortization
Only
is bound to increase,
question of the cost of living
far,
Treasury
national
revenue
its
this notice
the conditions of their
'
■'
/
No. 418, as amended, and
prescribe the terms of the Treasury
under way," he
"As this tremendous volume of production gets
"I feel that the
step in connection with this whole
Possessions.
Treasury Department Circular
advices Nov. 8,
defense, activity, according to Washington
to the New York "Herald Tribune":
"You
gain from the sale or other disposition
of any tax
2733
Commercial & Financial Chronicle
The
151
to say on
to greater
Wendell Willkie's popular vote
the largest total
It was well over
appeared headed toward
presidential candidate.
be heard from, Herbert
21.392,190 in 1928, the present Republican record.
For the Democrats, Roosevelt exceeded this in both 1932
ever
amassed
by a Republican
20,000,000, with many precincts to
in
*
the current
The President's percentage
was
65%
and 1936 and
election.
of the popular vote
cast for the two major
62.2 and in 1932,
in 1928: Coolidge
54.3% of the combined total.;
54.5. His 1936 percentage was
59.1. Hoover got 58.7% of the Hoover-Smith vote
candidates this year was
it
Hoover polled
of the Coolidge
Davis 1924 vote or
The Commercial & Financial Chronicle
2734
counting third party votes for LaFollette; Harding got 63% in 1920, and
Wilson 61.6% in 1916.
Women
voted
the
for
first
time
in
contest In
1920 Harding-Cox campaign
18,528,743 in the "Wilson-Hughes
get half of needed munitions and other
Hyde Park, N. Y.
He
was
apply to large bombing planes
Nov. 5 at the town hall
on
For
accompanied to the polling
The
his
desk, Mr.
Roosevelt found the resignation of Harold L.
Secretary of Interior.
Mr. Ickes explained at
a press
tendered his resignation to allow Mr. Roosevelt
a
Cabinet.
new
There
of Cabinet
are rumors
tive will take
Ickes
Mr.
on
Ickes*
British
In an election eve (Nov. 4) broadcast from his Hvae
Park,
N. Y. home, President Roosevelt said that "it is
that right,
the right to determine for themselves who should
be their
own officers of
government, that
provides for the people
of our democracy."
Pre¬
ceding a comment to the effect that "the right to place
men in office, at
definite, fixed dates of election for a specific
term, is the right which will keep a free people always free,"
the President declared that "in the
past 20 years the number
of those who exercise the right to vote in national
elections
has
There is every indication," he
added, "that the number of votes cast tomorrow will be
by far the greatest in all our history."
The President also stated that "after the
ballots are
counted the United States of America will still be
united."
His talk follows in part:
But
obligation to
®ur
our
The
one
we
of
has
us
a
Democracy is not just
continuing
responsibility
for
the
service
a
word, to be shouted
a
dictionary after
of
democracy
must
at
The question of
at
be something
much
more
than
and daughters
the
cause
of every country in the world, who make
up the
every man and woman who loves freedom
of speech
man
who has nothing to say, that freedom of
man
who has lost his God.
election is of
no use to
the
worship is of
to the
no
use
no
use to
And tonight I should like to add
that
who is too indifferent to vote.
The American people and the
campaign.
is of
a
the
free
man
cause
of democracy
the very many people who have worked in
owe
a
honorable way
an
great
on
Before
democracy, to think about it, to talk about it
Tomorrow you will decide for
yourselves how the legislative and Execu¬
tive branches of the Government of
your country are to be run during their
next terms, and by whom.
After the ballots
are
counted the real rulers
had their way, as they have had it
our
of this country
every two years
or
every
will have
ballots
are
counted
United
desire to remain at peace
by
nation and one people.
our
We people of America know
that
States
of
four years
America
we
have
a
defending
our
will
democracy,
we are
dignity and integrity and
reservoir of religious
strength which
can
requirements.
They wiU be fixed
Nov.
on
cornerstone
Mr.
President
6,
laying of the
new
Roosevelt thanked all those who
Takes
Action
Designed
Regionalize
to
tion of Securities—Assistance
tration
to
Registra¬
Registrants to Be
Facilities
Complete Regis¬
Be Provided at San
to
Francisco
Experiment
as
was made by the Securities and
Exchange
Nov. 1 that two steps, as follows, have been
taken designed to regionalize the
registration of securities
under the Securities Act of 1933:
Commission
(1)
with¬
preserve
that strength.
peace of our
country.
the
vicinity of Hyde Park.
He
made
"obviously this is the
candidate
on
this kind of
the
statement
on
last time that I will
trip," according to a
to the New York "Times."
dispatch of Nov. 4
(2)
Complete
Offices—San
will
in
a
this
come
Hyde
and
Board
Says Great Britain Will Receive
American Defense Production—Priorities
to
Permit
to
Negotiate
12,000 Planes
conference
press
Roosevelt said
British
with
that
he
registrants in
statements
Manufacturers
yesterday
(Nov.
established
a
8)
rule
for
President
of
thumb
policy whereby Great Britain and Canada would be
supplied
50% of American defense items now
coming off factory
lines, including large bombers and other things needed both
here and abroad.
ated Press stated:
Regarding his further
that
remarks the Associ¬
heretofore, in regard to defense Items needed
both by the United States and Great
Britain, this country was selling to
in
the
Regional Offices.
be
provided
in
two
Regional
an
Regional
by
1941,
which
at
whether
panded
Feb.
time
not this
or
1941.
they
kind
abandoned.
or
1,
Office
The
Cleveland will be
rather
than
in
lowed the SEC said
will
of
experiments
in operation
be
reviewed
to
San
in
Oct.
until
1,
determine
regionalization should
be
ex¬
Regarding the procedure to be fol¬
:
For
the
past six months the Commission has
Francisco
and
during
issuers
is
now
in
Regional
Office
for
assistance
provided
to
facilities
registrants
the
in
both
before
the
process of registration.
It has been found that smaller
particular have availed themselves of this assistance.
This plan
in
being extended to the Regional Offices in Boston, New York,
Cleveland, Chicago, Fort Worth, Denver and Seattle.
Under
those
prospective
a
field
offices
statement.
The
registrant
confer
may
with
registration
At¬
this
experts
during the period when he is preparing his registra¬
field
office
will
send
copies of memoranda
based
on
these
pre-filing conferences to the Washington office to aid it in expe¬
diting registration examination.
Furthermore, at the conclusion of these
conferences
which
they
After
prospective
registrants may ask the Regional
have conferred to forward the etatefnent to
filing and
the
Offices
with
Washington for
Regional Office retaining one copy.
been filed, he may continue to discuss with the
examination—the
statement
has
field office any questions raised
by the Washington office.
Copies of all
correspondence between the Washington office and the
registrant are sent
to the field office, and the registrant is advised
that if that correspondence
presents problems, he may obtain help from the
regional office.
The
experiment in San Francisco lias convinced the Commission that much
and
a
good
that
an
substantial
desirable to
of
deal
of
extension
Gavings
to
come
to
difficulty
of
this
those
be avoided in
can
plan
to
this
the other offices
registrants
who
have
Washington to discuss personally
some
It
way.
should
otherwise
is
result
felt
it
of the problems
registration.
Experiment in Regional Registration
The
second
step—that
of providing complete registration facilities in
the regional offices—will,
if proved successful, constitute the most farreaching administrative change ever undertaken by the Commission.
Under this plan the registrant will be able to
complete the entire regis¬
tration process in either the San Francisco or Cleveland
Regional Office.
Complete registration units will be set
statement
with
be
possible.
filed
there;
it
up
in
each of
these
offices.
The
will be
examined there; correspondence
by personal conference as frequently as
Pre-filing consultation will of course also be available in these
may
registrants
will
be
replaced
two
offices.
this
The president said
will
experimental period.
This
those regions may file and have their regis¬
examined
operation
Francisco and
Purchasing Commission
American
had
facilities
Cleveland—for
The Commission intends to have both of these
changes in
full
time
Roosevelt
of
registrants along the lines of the experi¬
in the San Francisco Regional Office for
Washington.
in
President
to
progress
registration
Francisco
that
mean
believed
Half
has been
the past six months will be extended to other
official
Prior to this broadcast the President
on Nov. 4 delivered
talks to people in various counties in
that
on
Facilities for assistance
which
ment
tion
series of brief
his
own
responsible for the structure and said that he thinks
it will last for a good many years to come.
procedure
We will always cling to our
religion, our devotion to God, the faith which
gives us comfort and the strength to face evil.
On this election eve we all
have in our hearts and minds a
prayer for the
At
our
were
still
live by bread alone.
always cherish and
Park
with
the
at
which it is erected.
lanta,
man cannot
stand attacks from abroad and
corruption from within.
We people of America will
a
now
postoffice at Hyde Park, N. Y. In a short talk at the cere¬
mony the President related the story of the historic
building
from which the new postoffice was
copied and the site on
San
We know that
as
existing plants and in other facilities
Registration Assistance
the
Discussion among us should and will
continue, for we are free citizens
of a free nation.
But there can be no arguments about
the essential fact
tour
officiated
whole national existence.
the
be united.
a
Purchasing
by the Priorities
departing for Washington
Roosevelt
tration
deal to
each side
and to work for it.
one
British
President Roosevelt Lays Cornerstone of New
Postoffice at Hyde Park, N. Y.
I know that after tomorrow they will all continue to
cooperate in the service of
that in
the
production pregresses.
as
mere
human thing, compounded of brains and muscles
a
Saturday night I said that freedom
After
that
delivery priorities is being studied.
apporpriate time
Democracy is
during
being devised
and Cleveland
of freedom.
in this
announced
way as to prevent interference
a
political rallies and then
The service of
and
Last
today
Board, It is intended to
construction of the British planes to American production in such
gear
Election Day.
people of this land.
serves
Board
Extended to Regional Offices and
democracy is the birthright of every
citizen, the white and the colored, the Protestant, the
Catholic, the Jew,
sons
was
page
Announcement
living thing,
and heart and soul.
the
Under plans
government
lip service.
It is
2,
2576. The
with regard to the planes follows:
These planes will be built in
choose.
put back into the
The
Priorities
Nov.
developing
SEC
,
.
which
these columns of
country does not end with the casting of our
'
Every
Advisory
Government
powerful safeguard
been almost doubled.
votes.
the National Defense
yesterday
Commission will be permitted to negotiate orders for
12,000 airplanes "with
the American aviation industry.
Roosevelt Says in Election Eve Broadcast
Nation Will Be United After Vote Is Counted
most
in
to
announcement
not known.
President
the
the
referred
changes, but what action the Chief Execu¬
"customary" resignation is
of
announced
consideration"; this
conference that he
free hand in appointing
a
50% of
than 26,000.
In his Boston political speech of Oct. 30,
President Roosevelt announced that the British had asked
for this permission and that he had
requested the Priorities
Board to give it "most sympathetic
we
He also resigned four years ago.
more than
(Nov. 8) that it has
permission to negotiate
with the American aviation industry for the
purchase of
12,000 new aircraft. This approval brings Britain's present
orders for military planes from the United States to more
opportunity "to
On
Priorities Board
granted
Wallace to the White House where he told those assembled
the grounds that he was glad of the
as
and that this would
armaments
coming off the line.
while, he said, the United States might need
a
Commission
greeted at Union Station by cheering thousands. He rode
in an open car with Mrs. Roosevelt and Mr. and Mrs.
stay here just a little bit longer."
From United Press accounts from
Washington Nov. 5
take the following:
now
items and less in others.
some
booth by his wife and his mother, Mrs. Sara Delano Roosevelt.
Mr. Roosevelt returned to Washington on Nov. 7 and was
on
1940'
9,
production and retaining about 55%
Making plain that there would be some exceptions to his rule of thumb
policy, the President said that, generally speaking, Great Britain would
1916.
The President cast his vote
in
our new
here.
the
when 26,705,346 votes were cast as against
Nov.
GreatflBrltain about 45%*of
experiment in these two
It
is
pointed
out
that
the
Commission
has
decided
to
try
offices so that it may have a fair basis for
It ha6 chosen these two particular areas because of
th&r widely different industrial characteristics and
geographic location.
analyzing the results.
Volume
Commission
The
matters
close
a
points
of acceleration,
that of
out
it
course
will
continue
stop orders and similar matters.
to
act on
For this purpose
between the Regional Office and
liaison
tained.
Washington will be main¬
Regional Office will, immediately on filing, forward a copy
The
of all corre¬
spondence and memoranda on each statement will likewise be sent to the
main office.
Occasionally, because of the nature of particular problems,
it may
be found advisable to send the entire file to Washington for
the
of
registration
minimum.
utilities
One
of
the
to
Washington
and
copies
every
no
the
of
Companies
duties
cases.
the registrant to avail itself of
upon
is that there
the facilities
The registrant may file either in the
field office,
the appropriate
in
Act,
these
in
plan to be tried in these two offices
compulsion
regional office.
or
to issues of companies
inasmuch as the Commission
the Holding Company Act or
Investment
administrative
feature
be
office
it
the
to
other
will
but
subject to
subject
has
statement
effort will be made to keep such cases to a
The experiment, furthermore, will not apply to issues of public
dispositioM here,
Washington
and in selecting the field office
the one nearest its principal place of business or
of its principal underwriter.
During the period of the
choose either
may
the offices
nearest
registrants having neither their own nor
their underwriter's
principal offices in the San Francisco or Cleveland
regions will continue to file in Washington.
For the purposes of this
plan the Cleveland area will include the States of Ohio, Michigan, Indiana
and KeKntucky.
The San Francisco area will include California, Nevada,
Arizona, Oregon, Washington, Idaho and Montana.
Neither of the steps taken today contemplates an increase in personnel.
The regional offices will be staffed by trained experts from the Registra¬
of course,
experiment,
present
Division.
tion
2735
The Commercial & Financial Chronicle
151
Appropriate changes will be
made in the Commission rules to
permit
before the plan goes into operation.
filing in the two Regional Offices
The
of
also announced
Commission
rule
a
Investment
the
under
on
Nov. 4 the adoption
Act
Company
1940
of
1,
of the Act.
exempting certain transactions commenced prior to Nov.
1940,
from
17
Section
or
explained as
was
(a)
of
provisions
the
This action
makes
(a)
Section 17
follows:
unlawful for any affiliated
it
person,
promoter
affili¬
principal underwriter of a registered investment company or any
knowingly to buy any
security or other property from, or to sell any security or other property
ct such registered company or any company controlled by such registered
company.
The new rule exempts from the operation of this section inter¬
company
transactions which, although they may be consummated after
Nov. 1, 1940, were initiated and formally approved prior to that date
by the directors of the companies involved.
ated
such
of
person
acting as principal,
persons,
N-20A-1 under the Investment Com¬
The adoption of Rule
pany
Act of 1940, dealing with the solicitation of proxies
with
respect to
securities issued by registered investment
companies, was announced by the SEC on Nov. 1.
Under
solicitation of a proxy, consent or authoriza¬
tion with respect to a security issued by a registered invest¬
the rule any
must comply with the provisions of Regula¬
adopted by the Commission pursuant to Sec¬
ment company
tion
X-14,
of 1934. Com¬
exchanges and are
the Securities Ex¬
change Act of 3934 are required to make only one filing
in order to satisfy the requirements of both Acts.
tion 14
of the Securities Exchange Act
(a)
panies which have securities listed on
now
subject to the proxy rules under
+
SEC
Adopts Four^Rules Under Investment Company
Act—Relate to Exemption of Certain Intra-State
Closed-End Investment Companies and Temporary
Exemption for Management Companies
Custody of Securities and for Employees'
Commission announced on
rules under the Investment
Company Act of 1940 relating to the exemption of certain
small
intrastate closed-end investment companies.
The
31
of two
adoption
the
Commission states:
under Section 6 (d) of the Act.
That section provides in effect
that the Commission, to the extent cons-stent with the public interest, shall by rule or order Ixempt from any
or all
of the provisions of the Act any closed-end company which meets
certain conditions.
In substance those conditions are that the total of
all securities issued or proposed to be issued by the applicant shall not
N-6D-1,
rule,
first
The
was
adopted
that all past or proposed public offerings by the
securities shall be intrastate.
Rule N-6D-1 specifies
the types of information to be included in an application for an order
of exemption under Section 6 (d).
exceed
$100,000,
and
applicant of its own
exemption until Nov. 15,
companies which meet the above
(d).
It also continues the temporary exemption,
filed under Rule N-6D-1 before Nov. 15, until final
provides a temporary
second rule, N-6C-4,
The
conditions
where
an
closed-end
all
for
1940,
of
Section
6
application is
investment
determination of the application.
Commission on Oct. 31 also
The
of
a
rule extending to
announced the adoption
Nov. 15, 1940, the time within
which
employees' securities company may apply to the Com¬
order of exemption under Section 6 (b) of
Company Act of 1940.
If such a company
an
mission for an
the Investment
Nov. 15, 1940,
order, the exemption granted by
until the application shall have
the Commission.
the SEC on Oct. 31 was the one
until Nov. 15, 1940, the time during which a
shall have filed with
the Commission prior to
application for such an
this rule will be extended
been finally determined by
Another rule adopted by
an
extending
management investment company registered under the In¬
vestment Company Act of 1940 may apply to the Commis¬
for
sion
permission to continue to hold custody of its
investments if, on Nov. 1, 1940, the company
securities and
Companies filing such applications will
receive appropriate temporary exemption until their appli¬
cations have been finhlly determined by the Commission.
All these rules became effective on Nov. 1, 1940, the effec¬
tive date of the Investment Company Act.
had
tributing Dairy Products
The Securities and Exchange
Nov. 6 the 15th of a
Securities and Exchange
The
Covering Financial Opera¬
Corporations Producing and Dis¬
Listed
of
tions
Retaining
Securities
Companies
Oct.
SEC Issues 1939 Supplement
Commission made public on
series of supplements to the industry
the Survey of American Listed Corporations.
supplements cover financial operations for fiscal years
ending between July 1, 1939, and June 30, 1940.
Supple¬
ment No. 15 contains reports on eight corporations whose
reports of
The
is
business
the
primarily
production and distribution of
All of these corporations had securities
registered under the Securities Exchange Act of 1934 at
June 30, 1939.
The Commission had the following to say
products.
dairy
concerning the reports:
Two of these
about
or
on
Dairy Products
80% of the volume of
the fiscal year ended
corporations, The Borden Co. and National
accounted for over 85% of the assets and
business reported by these eight corporations in
Corp.,
1939.
fiscal years
31,
Dec.
1934-38 for the enterprises included
released as Report No. 15, Volume II,
of the Survey of American Listed Corporations, Work Projects Administra¬
tion study sponsored by the SEC.
The companies covered in Supplement
No.
15 are:
Beatrice Creamery Co., The Borden Co., Chapman's Ice
Cream
Co., Creameries of America, Inc., Dixie Ice Cream Co., Golden
State Co., Ltd., National Dairy Products Corp., and Pet Milk Co.
The combined volume of business
for all eight enterprises amounted
Financial
in
to
for the
data
supplement were previously
this
$673,000,000 in the fiscal year ended on or about
with $666,000,000 for 1938.
combined operating profit of $32,000,000, or
Dec. 31, 1939, com¬
pared
A
4.8% of sales, was
enterprises for the fiscal year ended on or about
with an operating profit of $27,000,000, or 4.0%
of sales for 1938.
These same enterprises showed a combined net profit
after all charges (including non-operating gains and losses, prior claims,
interest, and income taxes) of $25,000,000, or 3.7% of sales, for the year
ended on or about Dec. 31, 1939, compared with $21,000,000, or 3.2%
reported
Dec.
of
by all eight
31, 1939, compared
sales,
for the year 1938.
during the fiscal year
$14,000,000, of which $1,300,000
were current cash
dividends on preferred stock and $12,700,000 were cash
dividends on common stock.
In the fiscal year ended on or about Dec. 31,
1938, dividends paid out totaled $15,000,000, of which $1,300,000 were
current cash dividends on preferred stock and $13,700,000 were cash divi¬
Dividends
on
or
dends
on
common
combined
The
such custody.
ended
for all
one-half
preceding year.
combined balance
The
these eight enterprises
surplus accounts of these eight enterprises
million to $93,000,000 in the fiscal year
about Dec. 31, 1939, compared
on or
in the
by
stock.
total
than
less
increased
out
paid
about Dee. 31, 1939, totaled
ended
sheet
assets
for
with an increase of $5,600,000
all
enterprises
eight
totaled
about Dec. 31, 1938, compared with $373,000,000 at
Current assets increased from $139,000,000
$145,000,000 during the same period.
Land, buildings and equipment
their net book value declined from $197,000,000 on or about Dec. 81,
$372,000,000
on
or
the end of the following year.
to
of Valuing Port¬
Companies—Two
Investment. Company Act
SEC Adopts Rule Relating to Method
folio Securities of
Investment
Other
Rules
Under
Approved
Commission announced on
relating to the method of
valuing the portfolio securities of investment companies for
the purpose of determining whether such companies are
"diversified" or "non-diversified" companies under the In¬
vestment Company Act of 1940, and only for that purpose.
The basic methods of valuation for these purposes are given
in detail in Section 2 (a)
(39) of the Investment Company
Act.
The present rule permits departure from these basic
The
Nov.
Securities and Exchange
4 the
adoption of a rule
Internal Revenue Code or certain State
for a different method of valuation.
The rule, designated Rule N-2A-1, was adopted pursuant to
a provision of Section 2
(a) (39) of the Investment Com¬
pany Act reading as follows:
For purposes of
Sections 5 and 12, in lieu of values determined as
provided in clause (A) above, the Commission shall by rules and regula¬
tions permit valuation of securities at cost or other basis in cases where
it may be more convenient for such company to make its computations
methods when the
at
to $191,000,000 at
1938,
desirability of complying with
the provisions of any United States revenue laws or rules and regulations
issued thereunder, or the laws or the rules and regulations of any State
in which the securities of such company may be qualified for sale.
such basis by reason
of the necessity or
$137,000,000 during
•
same
prises showed an increase in current liabilities
end of 1938 to $46,000,000 at the end of 1939.
less than a
for all eight enter¬
from $43,000,000 at the
Stockholders' equity, as
surplus, increased
the total book value of capital stock and
million to $253,000,000 at the end of 1939.
indicated by
well as of Supplements Nos.
I and II, which are still avail¬
able, may be secured without charge by request to the
Publications Unit of the SEC in Washington, D. C.
Copies of this supplement, as
1-15, inclusive, and Volumes
Supplement Covering Financial Oper
Order Houses—Survey of Ameri¬
Listed Corporations
SEC Issues 1939
securities laws provide
on
the end of 1939, while reserves for land, build¬
and equipment increased from $126,000,000 to
period.
The liability side of the combined balance sheet
ings
this
ations
can
The
of
Mail
sixteenth of a series of supplements to the industry
reports of the Survey of American Listed Corporations was
issued Nov. 8 by the Securities and Exchange Commission.
The
supplements cover financial operations for fiscal years
July 1, 1939, and June 30, 1940.
Supple¬
No. 16 contains reports on corporations whose busi¬
ending between
ment
ness
ties
is primarily mail order merchandising having securi¬
registered under the Securities Exchange Act of 1934
The Commercial & Financial Chronicle
2736
June
at
SO,
The
1939.
Commission's
announcement
data
in
this
supplement
of
the
Survey
tration
1934-38 for
year#
previously released
were
of
Listed
American
the
combined
The
amounted to
Phoenix—
S) Norman, L. V. V., Market Trend Service, 711 Security Building.
volume
1939, compared with
for
$1,001,000,000 in
operating
16 are:
profit
of
Hess,
Inc.,
for
all
after
six
enterprises
ended
on
reporting
31,
ended
7.2%
or
cn
sales
about
or
for
the
on
of
sales,
Long Beach—
5.6%
or
(C) Morrison Bond Co., Ltd., 222 Pacific Avenue.
profit
Los Angeles—
(S) Bothe, Laurence & Co.. 210 West Seventh Street.
on
31,
1939,
with
compared
$45,000,000,
(P)
(C)
(S)
(P)
(P)
(C)
(8)
(8)
4.5%
or
1938.
by
these
Dec.
31,
1939, totaled $33,000,000, of which
dividends
stock.
common
six
enterprises
during
the
fiscal
In
the
fiscal
ended
year
year
$1,900,000
preferred stock and $31,100,000
on
cash
were
on
about
or
1938,
dividends paid out totaled approximately $31,200,000, of
$1,900,000 were current cash dividends on preferred stock and
31,
which
$29,800,000
cash dividends
were
combined
The
increased
about
by
The
total
for
all
on
surplus
(P)
(S)
(C)
(8)
(8)
(C)
tP)
(S)
(8)
stock.
common
for
accounts
these
six
enterprises
$33,000,000 to $162,000,000 in the fiscal year ended on or
31, 1939, compared with an increase of $12,000,000 in the
Dec.
preceding
year.
combined
000,000
of
(O) Equitable Investment Corp., 6253 Hollywood Boulevard.
(C) Temple-Thomason, Inc., 6253 Hollywood Boulevard.
was
about
or
combined
a
out
about
or
dividends
Dec.
Dec.
year
paid
current cash
were
showed
enterprises
same
Hollywood—
1938.
$85,000,000,
(including non-operating, gains and losses, prior claims,
of $66,000,000, or 5.6% of sales for the year
charges
Dividends
ended
These
(S) Bayer, George, La Loma Terrace.
about Dec.
or
and income taxes)
interest,
of
1938.
balance sheet assets for all six enterprises totaled $561,about Dec. 31, 1938, compared with $625,000,000 at the end
same period current assets
increased
or
on
the
from
following year.
During this
$385,000,000 to $442,000,000.
their
net
book
value
$145,000,000 at the
increased
end
increased
equipment
period.
of
from
Land, buildings, and equipment
$139,000,000 at the end of 1938
from
while
1939,
$91,000,000
at
to
for land, buildings, and
$98,000,000 during this same
'
■
Clifford, A. M., & Associates, 639 South Spring Street.
Douglas, Nelson & Co., 510 South Spring Street.
Etienne, Myron Edouard, 523 West Sixth Street.
Graves, Banning & Co., 629 South 8pring Street.
Harrington, Mark H., & Co., 210 West Seventh Street.
Harris, Everett & Co., 629 South Spring Street.
Hereford, Rockwell, 623 South Hope Street.
Hoobler, George W., 623 West Fifth Street.
Humphreys, G. L., & Co., 523 West Sixth Street.
Langham, James Mars, 956 Corsica Drive.
Maree, A. Morgan, Jr., & Associates, Inc., 5225 Wilshire Boulevard.
Market, Clifford Harry, 215 West Seventh Street.
McCuen, C. Melvin, 621 South Spring Street.
Miller, King & Co., 530 West Sixth Street.
Page, Hubbard & Asche, 210 West Seventh Street.
Paul, W. Lee-Rhodes, Robert E., 634 South Spring Street.
Rowe, John Leslie, 215 West Seventh Street.
(8) Sbaffer^John G.. 543 So. Alexandria Avenue.
(C) Spear, W. Edgar, & Co., 621 South Spring Street.
(C) Stern, Frank & Meyer, 325 West Eighth Street.
(S) Strong, R. Franklin, 530,West Sixth Street.
(S) Swallow & Co., 215 West Seventh Street.
(S) White, Charles Benjamin, 6455 Hayes Drive.
(P) Willis & Christy, 411 West Fifth Street.
(C) Young and Koenig, Inc., 210 West Seventh Street.
(P) Zucker, J. H.. 325 West Eighth Street.
reserves
to
Goldberg, Edward, 1652 Benedict Canyon Road.
(S)
New
Carmel—
the
year
Beverly Hills—
Chicago Mail Order
Bellas
reported by all six enterprises for the fiscal year ended on
31, 1939, compared with an operating profit of $55,000,000,
sales
None
Adminis¬
Dec.
of
ARKANSAS
Volume II,
CALIFORNIA
business
of
17,
Projects
SEC.
$1,180,000,000 in the fiscal
combined
Work
Ward & Co., Inc., National
Roebuck & Co., Spiegel, Inc.
Sears,
Co.,
Report No.
as
■
The
liability side of the combined balance sheet for all six enterprises
an
increase in current liabilities from $77,000,000 at the end of
to $101,000,000 at the end of 1939.
Stockholders' equity as indi¬
Montrose—
showed
1938
1940
the enterprises included
Corporations,
companies included in Supplement No.
Montgomery
Process
A
fiscal
study sponsored by
The
Co.,
the
for
9,
ARIZONA
con¬
cerning the supplement follows:
Financial
Nov.
IS)
Reps, Paul, 1925 Parkdale.
Oakland—
cated by tire total book value of capital stock and
surplus increased from
$470,000,000 at the end of 1938 to $505,000,000 at the end of 1939.
(8) Jutte, Charles Brokaw, Box 1442.
(8) Shimonek, Joseph Walter, 1404 Franklin Street.
SEC
(8)
Oroville—
Announces
605
Applications for
Registration
as
Boynton, Claude B., Canyon Highlands Drive and Valley View Drive
Palo Alto—
Investment Advisers Under New Law Have Become
(8) Follansbee, Frank, Bureau of Financial Research, 1345 Webster Street.
(C) Silbering Research Corp., Ltd., Deckeroak Building.
Effective
The
Securities
Nov. 1
that 605
advisers
ment
and Exchange Commission announced on
applications for the registration of invest¬
filed
with
it
Advisers Act of 1940
have
time
to
pursuant
stated
the Commission
become
that
the
effective.
Pasadena—
Henderson, J. R., 43 South Euclid Avenue.
Mayo, Geoffrey, 170 East California Street.
Piper, Clarence Brett, 2195 Orlando Road.
Symonds, Lloyd, 3357 Gray burn Road.
Zweers, John Bedeker, First Trust Building.
Investment
At the
same
investment advisers who
registered under the Investment Advisers Act are
Xirohibited after Nov. 1, 1940, from using the mails or any
means
or
instrumentality of interstate commerce in con¬
nection
with
garding
the
their
announcement
The
letter
for
any
apprised
person
whatsoever that such
advisers.
the
Bell & Davis, 519 California Street.
'■
Bergues & Co., 155 Montgomery Street.
Brush, Slocumb & Co., Ill Sutter Street.
Daley, Robert, Econo-Graphs, 2177 Pacific Avenue.
Davis, Skaggs & Co., 211 Montgomery Street.
Dodge & Cox, Mills Tower.
Fisher & Co., 2412 Russ Building.
Gross. Richard P., & Co., 486 California Street.
Heche, Gordon, & Associates, Inc., 235 Montgomery Street.
Henderson & Co., 340 Pine Street.
Re¬
Commission's
or
adviser
notifying each investment adviser of his
the
registrant
that
under
the
Act
it
is
registered
to represent or imply in any manner
has been sponsored, recommended or approved
that his abilities or qualifications to act as an
Hunter, Phelps, & Associates, Russ Building.
Ingram, Scrlbner & Co., 206 Sansome Street.
Lennon, Harry B., 3800 Clay Street.
Leppo, Harrison, & Co., 315 Montgomery Street.
Morgan, O. G., 545 Turk Street.
Oyster, Seward, Sisson & Trowbridge, 650 Russ Building.
person
Commission
investment
investment
as
the 'registration,
Commission
registration
unlawful
the
of
Axley and Hays. 220?Bush Street.
stated:
the
of
effective
by
business
effect
have
in
been
respect
any
passed
the
by
upon
Com¬
mission.
Registration may be revoked
on
representation of material facts;
in
connection
with
the securities
three major grounds:
(1) a wilful mis¬
(2) conviction, within the past 10 years,
business, and (3) under injunction from
(8)
engaging in securities business.
After Nov. 1, 1940,
registered investment advisers
prohibitions and must observe certain practices.
Contracts
■date
with
be
not
may
without
*
the
nership,
the
clients
entered
assigned
of
consent
client
client.
be
If
the
notified
investment
within
adviser
reasonable
a
is
in the membership of such
partnership.
Registered investment advisers may not make any profit-sharing
the
with
their
clients.
Such
arrangements
Commission's
(8)
any
(8)
<r
Myrick, Donald, 831 State Street.
Sears, Thomas David, 4 East Carrillo Street.
arrange¬
(S)
Siems, Harry W., 2036 Primrose Avenue.
of
ices
"encouraged the adviser
himself
would
everything
not
to
and
risks
speculate
to
that
Registered
ploying
or
which
operates
client.
These
to
principal
there
or
engage
Securities
Act
he
report indicated
as
a
fraud
Act
of
of
own
be
tails you lose" aspect
risk that the investor
degree of
inasmuch
successful,
and
the
as
nothing
to
"strong temptation
a
advisers
adviser
lose
if
take
to
purchase of
or
CONNECTICUT
is
unusual
Farmington—
(S)
in
transaction
any
fraud
or
a
provisions
1933
deceit
in
practice
the
future
from
the
Fraud
in
if
an
of
of
course
em¬
business
any
to
client
or
the
upon
similar
Furthermore,
account
or
are
and
Fraud
Section
Rule
under
investment
the
Andrews, E. T., & Co., 64 Pearl Street.
& Co., 50 Lewis Street.
(C) Loomis, Sayles & Co., Inc.,
(Conn.), 36 Pearl Street-
III Conning
P)
prospective
under
Securities
adviser
acts
New Haven—
(8)
Ex¬
as
connection
any
in
the
basis
1940,
of
individual
that he
counsel"
as
is
an
needs
of
"investment
each
client
counsel"
or
can
use
represent
the
after
name
Nov.
1,
"investment"
Wilmington—
,
as
of Nov.
are
(S)
„
i
GEORGIA
1, 1940, follows:
Sole Proprietorship.
FLORIDA
Petersburg—
Lindemann, F. W.f Hall Building.
Exchange Commission
Atlanta—
The following symbols are used in this list:
(S)
St*
names
registered
DISTRICT OF COLUMBIA
Washington—
fP) Auchincloss, Parker & Redpath, 719 Fifteenth
Street, N. W.
(C) Loomis, Sayles & Co., Inc., 925 Shoreham
Building.
(C) Pratt, A. S.. & Sons, Inc., 815 Fifteenth Street, N. W.
(S) Proctor, Lawrence Martin, 403 Union Trust
Building.
descriptive of his business.
and addresses of investment
advisers who
with the Securities and
-
(S) Baxter, J. Morton, Du Pont Building.
(C) Ullrich & Co., 902 Market Street.
o
The
-
DELAWARE
transaction.
engaged
*
Knipe, James L., Trust Company Building.
a
Furthermore, only those registered investment advisers who are
primarily
in furnishing continuous advice as to the
investment of funds on
,
Kent, Sherrill, Talcott Notch Road.
Hartford—
prohibited
are
with the sale of
any security
security from a client, he must disclose to such
writing the capacity in which he is
acting with respect to such
transaction, and obtain the consent of the client to such
to.
client
COLORADO
Denver—
has
he
artifice to defraud any client or
prospective
or
Pasadena—
(S) Empire Service Co., 1835 Champa Street.
(C) Garrison and Metzger, Inc., 512 Equitable
Building.
(S) Scott, R. M., Jr., Denver National
Building.
(C)*Tracy, Paus 8., & Co., 15 Equitable Building.
over-trade."
1934.
for his
a
undertake,
is
might
device, scheme
any
change
if
investment
client,
the
severely criticized in
Investment Counsel, Invest¬
"heads I win,
recommend
knowingly
gain
wrong,"
to
.
were
as
that such arrangements aside from
the
.
South
report to the Congress on
Management, Investment Supervisory, and Investment
Advisory Serv¬
being inimical to the interest of the client.
That
ment
Santa Barbara—
part-
a
time
■change
ments
Fontaine, G. M., Associates, First National Bank Building.
Bank of America Building.
Frankel, Martin, 1211
into,
extended, or renewed after that
hypothecated by the investment adviser
or
the
must
Pacific Investment Service, 238 Juanita
Way.
Stephenson, J. T., & Co., 220 Montgomery Street.
Stone & Youngberg, 405
Montgomery Street.
Witter, Dean, <fe Co., 45 Montgomery Street.
San Jose—
subject to certain
are
'
San Francisco—
not
are
(P) Partnership.
ALABAMA
None
(C)
Corporation.
(S) Barrett, Julian N., 433 Citizen's & Southern National Bank
Building.
(C) Fleet <fc Wardlaw,
Inc., 722 William-Oliver Building.
(S) Hunter, William T., Trust Co. of Georgia
Building.
Savannah—
(S)
Minis & Co.. 1003 Savannah Bank & Trust
Building.
Volume
The
151
Morrison, Alva, 19 Congress Street.
Nutter, McClennen & Fish, 220 Devonshire Street.
,
;
(8) Paine, John Bryant, Jr., 84 State Street.
(S) Parsons, George A., 84 State Street.
Pero, Clark Company, The, 49 Federal Street.
Raymond, Bliss, Inc., 24 Federal Street.
Russell, Berg & Co., 75 Federal Street.
Scudder, Stevens & Clark, 10 Post Office Square.
(C Securities Advisory Service, Inc., 126 Newbury Street.
(8) Shelbey & Co., 24 Milk Street.
(P) Southgate & Co., 33 State Street.
(C) Standish, Racey & McKay, Inc., 50 Congress Street.
(8) Stanwood, Wm. E., 50 Congress Street.
Studley, Shupert & Co., Inc., 50 Congress Street.
Sullivan, J. Langdon, 24 Federal Street.
Tucker Anthony Management Corp., 84 State Street.
United Business Service Co., 210 Newbury Street.
United Investment Counsel Inc., 210 Newbury Street.
IDAHO
INone,
ILLINOIS
Champaign—
,
(P) Hurd, Clegg & Co., First National Bank Building.
Chicago—
£
(S) Allen, Harland, Associates, 10 South LaSalle Street.
(C) Bard, Ralph A., & Co., 208 South LaSalle Street.
CO) Rreckenridge and Co., 134 South LaSalle Street.
;s) Brennan, William M., 105 West Monroe Street.
Brown, Harlow W., 120 South LaSalle Street.
Business Foundation, The, 208 South LaSalle Street.
,
,
(8) Carter, William J., 677 Roscoe Street.
(C) Cherry Securities Service, Inc., 141 West Jackson Boulevard.
.
(8) Cowles, Alfred, 3rd, 332 South LaSalle Street.
;
;
CS) Dakin, Francis W., 120 South LaSalle Street.
(P) Duff <fc Phelps, 208 South LaSalle Street.
'8; Eckley, William L., 77 West Washington Street.'
Edelman, Joseph, 105 West Madison Street.
Emrich, George L., Jr., & Co., 120 South LaSalle Street.
Fairchild, Ralph R., & Co., 105 West Adams Street.
Ferguson Brothers, 105 West Adams Street.
(C) Financial Management Corp., No. 980-105 South LaSalle Street.
CS) Fisher, A. M., 5553 Blackstone Avenue.
CS) Fleischer, Fred E., 114 West Jackson Boulevard.
8) Forrest, Maulsby, 135 South LaSalle Street.
Giore, Forgan & Co., 123 South LaSalle Street.
Gofen and Glossberg, 135 South LaSalle Street.
S
$
Wainwright, H. C., & Co., 60 State Street.
Wakefield, George Kennard, 50 Congress Street.
Ward, Osgood & Park, 50 Congress Street.
~
(P) Warren, P. L., & Co., 49 Federal Street.
(S) Yetman's Statistical Service, 687 Boylston Street.
IS
CO) Gregory, DeLong &
Cambridge
(C) American Institute for Economic Research, 54 Dunster Street.
New Bedford—
(C) Bristol Investment Counsel Corp., 558 Pleasant Street.
(C) Investment Supervision, Inc., 227 Union Street.
Holt, Inc., 105 South LaSalle Street.
Rowley—
(8) Cuthrie, John O., 135 South LaSalle Street,
(8) Hill, David A., 208 South LaSalle Street.
(C) Investment Management Corp., 105 West Adams Street.
McCune. Thornton C., & Co., Inc., Ill West Jackson Boulevard.
Moncreiff, Tittle & Co., 105 South
(8)
(8)
(S) Todd, Frank Payson, Wethersfield Street.
Wellesley—
(C) Oil Statistics Co., Forest Street.
(C) Poor's Publishing Co., 90 Broad Street.
(S) Spear, Roger Eliot, & Staff, 219 Forest Street.
LaSalle Street.
Tribune Tower.
PiVoT Service, 209 South LaSalle Street.
Rosenberg, Edward Goetz, 231 South LaSalle Street.
Seamans-Blake, Inc., 75 East Wacker Drive.
Security Supervisors, Inc., 135 South LaSalle Street.
Sheridan, Farwell & Morrison, Inc., 8 South Michigan Avenue.
Simon, Jay, 134 South LaSalle Street.
Stader, James B., Ill Wast Monroe Street.
S^ein & Roe, 135 South LaSalle Street.
Stern, Wampler & Co., Inc., 231 South LaSalle Street.
Stock Market Indices, 3850 North Claremont Avenue.
Tilden Bros. & Grannis, 134 South LaSalle Street.
Trading Counsel, 9331 South Laflin Street.
Trend-Icator Co., 134 South LaSalle Street.
Valleau, Harry O., & Co., 10 South LaSalle Street.
Walsh, Thomas Ira, 221 North LaSalle Street.
Woodruff, Hayes & Co., Inc., 135 South LaSalle Street:
Mudd. Earle D., & Associates,
(0)
fs>,
IP)
(C)
(8)
(S)
(G)
(S)
Worcester—
.'
■
Detroit—
Kenilworth Avenue.
W. C. U. Building.
Grand Rapids—
INDIANA
(S)
Sheppard, James H., Federal Square Building.
Jackson—
Blue, Thurman, 6346 Monroe
Avenue.
(C) Securities Counsel, Inc., 120
I ndianapolis—
(S)
Wood, Gaylord, 204 Inland
(S) Marshall, H. E., & Co.,
Building.
Minneapolis—
/'jyi'}''1":'
'
112 West Jefferson Boulevard.
(S)
(C)
(S)
(C)
IOWA
Bauman, John S., & Co., 837 Northwestern Bank Building.
Brown, C. H., & Co., Inc., 1506 Foshey Tower.
Hegg, Karl O., 20 Groveland Avenue.
Investment Management Corp., 1413 Northwestern Bank Building
Jensen, Guy F., 554 Builders Exchange.
(S)
(C) Wells-Dickey Co., Metropolitan Bank Building.
(S) Wittenberg Merrick Co., 1437 Northwestern Bank
Des Moines—
Enyart, James Cremer, 5th and Grand Avenue.
Grant, Vernon, Jr., 202 K. P. Building.
Mantz, Isidore P., 503 Youngerman Building.
(S)
Broadway.
(S) Bayliss, Kenneth H., 523 Pioneer Building.
(C) Kalman & Co., 144 Endicott Building.
(S) Mairs, George Alexander, Jr., 1024 Pioneer
KENTUCKY
Louisville—
Nobbe, Edward Owen, 231 South
Wrood, Richard V., 1607 Heyburn
Smiley, J. W., Illy% South
St Paul—
None,
<
Building.
Rochester—
KANSAS
(S)
(S)
West Michigan Avenue.
MINNESOTA
South Bend—
(S)
(S)
(S)
Street.
MICHIGAN
; *. '
Griswold Research Co., 1428 Buhl Building.
C) Heber-Fuger-Wendin, Inc., 60 Penobscot Building.
(C) Investment Counsel, Inc., 700 Union Guardian Building.
(S) Investment Institute, 920 Lafayette Building.
(C) Investment Letters, Inc., 700 Union Guardian Building.
(C) Kales-Kramer Investment Co., 76 Adams Avenue West.
(C) Loomis,.Sayles & Co., Inc., (Mich.), 634 Penobscot Building.
(P) Manley, M. A., & Co., 518 Buhl Building.
(S) Vickers, A. Sherwood, 1864 Penobscot Building.
(C) Watrins & Fordon, Inc., 2956 Penobscot Building.
(P) Willmore, Thomas F., Co., Room 848-Penobscot Building.
Hammond—
(S)
,
Hood Syndicate, 8 Fuller Road.
(P) Kinsley & Adams, 6 Norwich
Quincy—
(P) Herleman Degitz Co., 340
.
.
Wellesley Hills—
Oak Park—
(S) Horn, Walter Theodore, 340 South
2737
Commercial & Financial Chronicle
Fifth Street.
Building.
Building.
MISSISSIPPI
None.
LOUISIANA
MISSOURI
Lake Charlea—
(8) Clarke, George Washington, Jr., 631 Kirby
Kansas
Street.
Building.
Glenny & Gordon, Whitney
C) Levy & Rooney, Inc., 416 Whitney Building.
(P) Villere, St. Denis J., & Co., 552 Canal Building.
(P) Waters & Alcus, 603 Whitney Building.
MAINE
Biglow, Chester W., 10th and Baltimore Avenue.
Bureau of Economic Research, 112 West Ninth Street.
Investment Management, Inc., 1020 Dwight Building.
Weltner, A. E., & Co., 1020 Dwight Building.
(S)
(S)
(S)
(S)
(C)
(S)
(S)
(S)
(S)
(S)
Conover,
St. Louis—
■
None.
MARYLAND
Baltimore—
(P) Brown, Alex., & Son, Investment Advisory Dept., 135 E. Baltimore St
(S) Hinds, Harold W., 405 Lyman Avenue, Govans.
(S) Landon, H. M., 405 Keyser Building.
(P) Mackubin, Legg & Co., 222 East Redwood Street.
(P) Price, T. Rowe, Jr., and Associates, 2905 Baltimore Trust Building.
Gowen, Horace
Emily dePeyster, Landreth Building,
Investment Analysis Bureau, 319
■
(C) Smith, Whitney,
Bradford, 228 County Street.
& Co., Inc., Box 777, Power Block.
NEBRASKA
None.
Forest Street.
NEVADA
Boston—
None.
(S) Alexander, Ralph A., & Associates, 80 Federal Street.
(C) American Institute of Finance, 137 Newbury Street.
(C) Anderson & Millet, Inc., 60 State Street.
(C) Babson, David L., & Co., Inc., 35 Congress Street.
(Trust) Boston Fiduciary & Research Associates, 50 Congress
(S) Bugbee, Nathan D., 49 Federal Street.
(C) Burlingame Corporation, The, 53 State Street.
(C) Cambridge Associates, Inc., 163 Newbury Street.
(C) Chase, John P., Inc., 75 Federal Street.
(S) Churchill, Winthrop H., 10 Post Office Square.
(S) Claflin, William Walker, 15 State Street.
(S) Coburn, William H., & Co., 68 Devonshire Street.
(C) Cromwell & Cabot, Inc., 1 Federal Street.
,
,
(S) Dibble, Ralph Brigham, 49 Federal Street.
S) Dyer, Lewis A., 50 Federal Street.
C) Eaton & Howard, Inc., 24 Federal Street.
C) Economic Publications, Inc., 24 Fenway.
P) Estabrook & Co., 15 State Street.
C) Financial Records, Inc., 211 Congress Street.
C) Financial Research Inc., 35 Congress Street.
C) Franklin Management Corp., Ill Devonshire Street.
;C) Gallup, Wm. Albert, Inc., 80 Federal Street.
S) Gibson, Robert L., 201 Devonshire Street.
(S) Harvey, Elbert A., 53 State Street.
(S) Hill, Olin W., 19 Congress Street.
(P) Hill and Snyder, 50 Congress Street,
.
(C) Holbrook Company, Inc., Ill Devonshire Street.
(S) Hull, Roy A., 10 Post Office Square.
(C) Investment Indicators, Inc., 60 State Street.
(C) Investment Service, Corp., 49 Federal Street.
(C) Loomis, Sayles & Co., Inc., (Mass.), 140 Federal
Building.
Helena—
Babson Park—
(C) Babson's Reports, Inc., 219
(C) Copper Statistics Co., Inc.
320 North Fourth.
North Fourth Street.
320 North Fourth Street.
Kauffman, Andrew H., 320 North Fourth Street.
Poleman, Thos. T., & Co., Inc., 1603 Boatmen's Bank
Rassieur, T. E., 3615 Olive Street.
Roverts, W. Earl, Co., 543 Boatmen's Bank Building.
Seeger, Arthur H., Co., Landreth Building.
Storr, Aloy L., 319 North Fourth Street.
Tidd, R. M. B., 320 North Fourth Street.
Jones, Berkley,
MONTANA
MASSACHUSETTS
Attleboro—
(S)
City—
(S)
(S)
(C)
(C)
New Orleans—
NEW HAMPSHIRE
Kearsarge—
Street.
(S)
Small, John
Sanderson.
NEW JERSEY
Bloomfield—
(S)
Lohnes,
Russell Cottman, 118 Linden Avenue.
Garfield—
(
(S)
Cornwall. Michael, 168 Chestnut Street.
(S)
Raccius, H. T.,
Haworth—
Haworth Drive.
Jersey City—
..
^
(Jt.
(C)
(C)
(S)
(S)
Stk. Ass'n) Bullock, Calvin 921 Bergen Avenue.
Economic Analysis, Inc., 931 Trust Co. of N. J.
Fiduciary Counsel, Inc.. 931 Trust Co. of N. J.
Fukl Leonhard Felix 8 Bladwin Avenue.
Gallagher, H. D., & Co., 26 Journal Square.
(S)
Wilson, Gaylord
Lincoln Park—
Building.
Building.
,
,
B.,.Highland Avenue.
Montclair—
„
Street.
(C) Investors Advisory
(S) Talabac, Leon V..
Service of Montclair, 22 South
22 South Park Street.
Park Street
Newark—
(o)
Field, Clinton, &
Co., 744 Broad Street.
/
,
The Commercial & Financial Chronicle
2738
Parsippany—
(8)
(S)
(S)
Kimball, Dudley.
Noble, Donald.
(8)
(S)
(S)
(C)
(8)
'
Trenton—
Wetzel, W. B., & Co., 1 West State Street.
(P)
(C)
Upper Montclair—
(S)
(C
Atkins, Paul M., 199 Inwood Avenue.
(O)
(O)
NEW MEXICO
;
(P)
None.
«
(C)
(S)
,
NEW YORK
(S)
Albany—
(S)
(S)
(C)
(S)
Brown Research Service, The, 27 West Erie Street.
Bukaw, Elmira Dorothea, 3478 Fenton Avenue (Res.),
(8)
Bronx—
s?
8)
Brooklyn—
Howe, Edward S., 62 Kenilworth Place.
Miller, Paul, 87 Woodbine Street.
(8)
(C)
(P)
Brushton—
(P)
(S) Brush, H. Corbin.
(S)
(S)
Buffalo—
<s) Brasuell. William Chester, 284 Main Street.
(C) Brown, Harold C., Co., Inc., 2016 Liberty BankfBuilding.
(P) Vietor, Common & Co., 904 Marine Trust Building.
(P) Walker and Mitchell, 1045 Ellicott Square Building,
Glen Falls—•
(S)
Sedgwick, R. H., Co., 81 Bay Street.
Great Neck—
(S)
Wilson, A. J. P., 79 Tobin Avenue.
(C) Stock Trend Service, Inc.
Larchmont—•
Barnes, Edward Lewte, 9 Serpentine Trail.
Lockport—
(8) Ainsworth, William Henry, R. F. D. No. 1.
Lyons Falls—
(8)
Arthur, L. W.
.■//
Mamaroneck—
(C) Business Ecohomic Digest, The, 1231 James Street.
New York—
Arnham, A. Richard, 50 Pine Street.
Abraham, Nathan, 140 William Street.
Activity Price Records, Inc.. 92 Liberty Street.
Allen, Francis G., & Co.
120 Broadway.
Allen, John Hall, 220 East 42d Street.
\0) Allen Management Co., 120 Broadway.
Alsop. Thomas R. P., 9 Rockefeller Plaza.
fAmstel-Hudson Corp., 30 Broad Street.
Andrews and Andrews, 185 Madison Avenue.
Angas, L.L.B., Major, 570 Lexington Avenue.
Argus Research Corp., 25 Btoadway.
Atlantic Custodian Corp., 52 William Street.
Axe, K. W., & Co., Inc., 730 Fifth Avenue.
Bar-Centric Associates, Inc., 280 Madison Avenue.
Baridon Barometer, The, 55 West 42d Street.
Baring, Charles, 50 Broad Street.
Barnes, John K., 50 Pine Street.
Barometer Advisory Service, Box 146, Wall St. Station.
Barrett Associates, Inc., 14 Wall Street.
Bartlett, Charles G., 9 Rockefeller Plaza.
Bartow, Chas. S., 63 Wall Street.
Baxter Brothers, 76 William Street.
Beck, Mack & Oliver, 522 Fifth Avenue.
♦Bentley, Harold D.. 35 Nassau Street.
(S) Bernhard, Arnold, 347 Madison Avenue.
(C) Bernstein-Macaulay, Inc., 250 Park Avenue.
(S) Bingham-Spencer, R. A., 24 Broad Street.
(S) Bliss, J. I., & Co., 101 Cedar Street.
(O) Bondex Incorporated, 654 Madison Avenue.
(S) Bretey, Pierre R., 75 Central Park West
(C) Brookmlre Economic Service, Inc., 551 FifthTA. venue.
(S) Brown, Ralph Gascoigne, 42 Broadway.
(S) Brown, W. Barrett, 27 William Street.
(P) Brundage, Story and Rose, 90 Broad Street.
(S) Cahn, Walter L., 70 Pine Street.
(C) Chase, H. W., & Co., Inc., 110 East 42d Street.
(8) Chase, Henry Wheeler, 110 East 42d Street.
(S) Champion, L. Stanley, 70 Pine Street.
(S) Clad, Ernst K., 280 Madison Avenue.
(S) Clay, Paul, 7 Dey Street.
(C) Clarke, SinsaDaugh & Co., Inc., 405 Lexington
Avenue.
(S) Clayton, Ruth Ethelyn, 165 Broadway.
(S) Clift, William Brooks, 44 Pine Street.
(P) Colgate, Jas. B., & Co., 44 Wall Street.
(C) Coming Events, Inc., 47 West Street.
(S) Connors, Myles F., 233 Broadway.
(S) Corbin, Ross, 202 Riverside Drive (Res.).
(S) Cornwell, John W., Jr., 25 Broadway.
(S) Cox,Geo. Clarke, 70 Pine Street.
(C) Davis, P. M. & Putnam, & Co., Inc., 20
Exchange Place.
(S) Davis, Shelby Cullom, 120 Broadway.
(P) Delafield & Delafield, 14 Wall Street.
(S) Dewey, Fredk A., 39 Broadway.
(P) Dick & Merle-Smith, 30 Pine Street.
(S) Dyson, John, 20 Vesey Street.
C) Economic Research, Inc., 120 Broadway.
C) Edie, Lionel D., & Co., Inc., 20
Exchange Place.
♦Benneck, Conrad J., 129 West 69th Street.
Elliott, Ralph Nelson, 25 Broad Street.
Fahnestock & Co., 1 Wall Street.
Felheim, Laselle, 400 East 57th Street.
(P) Fenner & Beane, 67 Broad Street.
(S) Fiedler, E. W., Co., 44 Beaver Street.
S) Financial Service Guild, The, 39
Broadway.
C) Financial Supervision, Inc., 25 Broad Street.
Division of a Corp.) Financial World Research
Bureau, 21 West Street.
C) Fitch Publishing Co., Inc., The, 120 Wall
Street.
P) Fitzpatrick Kaufman & Co., 25 Broadway.
S) Flatto, Arthur C., 347 Fifth Avenue.
S) Fortuny's Statistical Library for Investment
Research, 87 Fifth Ave.
8) France, Harry Co., 347 Madison Avenue.
(8) Freudenthal, Elsbeth E., 550 West 157th Street.
(C) Gann, W. D., & Son, Inc., 82 Wall Street.
(C) Gartley, H. M., Inc., 76 William Street.
(C) Gibson, Thomas, Inc., 53 Park Place.
8) Gold, Charles W., 551 Fifth Avenue.
C) Goldsmith, F. N., Financial Service, Inc., 123 Liberty Street.
C) Gowin United, Inc., 140 Spring Street.
C) Graef, Albert, Inc., 70 Pine Street.
C) Graphic Market Statistics, Inc., 92 Liberty
Street.
P) Granberry & Co., 50 Broadway.
C) Grant & Atkins, Inc., 55 Liberty Street.
■
(C) Grant, Lindsey, & Co., Inc., 55 Liberty Street.
(8) Gutmann, Leo S., 67 Broad Street.
(8) Habryl, Louis L., Room 414, 2 Rector Street.
8) Hageman, Howard C., 60 East 42d Street.
(8) Hall, John L., 43 West 94th Street.
C) Halsey, R. W., & Co., Inc., Ill Broadway.
C) Hamilton, Alexander, Institute, Inc., 13 Astor Place.
S) Hamilton Investment Counselors, 70 Pine Street.
S) Handelman, Meyer, Management Co., 67 Wall
Street.
S) Hanning, H. A., 141 Broadway.
(C)
(C)
(C)
(C)
S)
S)
S)
S)
C)
(S)
(S)
(P)
(P)
(S)
(S)
(8)
(P)
(S)
(S)
(S)
9,
1940
Kauffmann-Grinstead, K., 342 Madison Avenue.
Kean, Taylor & Co., 14 Wall Street.
Kelsey Statistical Service, 1 Wall Street.
Kinney, Lee, 107 Liberty Street.
Kirkbride, Franklin B., 75 Trinity Place.
Knafel, Morton B., 44 Pine Street.
Langmuir, Dean, Inc., 90 Broad Street.
Lapfiam, Davis & Bianchi, 44 Pine Street.
Lehman Brothers, 1 William Street.
Levin, Nathan W., 570 Lexington Avenue.
\
Lewisohn, Randolph S., 29 Broadway.
Libaire, Stout & Co., 50 Broadway.
Loges, William G.f 126 West 84th Street.
Lorenz, Otto G., 500 Fifth Avenue.
Loufbahn's Financial Service, 102 Warren Street.
Low Price Investment Service, Box 129, Wall Street Station.
Lowry & Mills, 40 Wall Street.
Lyman, David V., 3d, 347 Maidson Avenue.
MacDonald's, W. J., Market Advisory Service, 78-80 Wall Street.
Maifax, 52 Vanderbilt Avenue.
(S) Manganaro, Joseph V., 50 Broad Street.
Mansfield & Staff, 117 Liberty Street.
(S) Marks, Morris F., Jr., 31 Nassau Street.
(C) Marshall, Warner & Co., Inc., 90 Broad Street.
(C) Mcintosh, J. R., & Co., Inc., 120 Broadway.
(S) Merchant, Helen, 30 Broad Street.
(S) Merriman, Norman, 67 Broad Street.
(P) Minton, D. M. & Co., Ill Broadway.
(C) Moody's Investors Service, 65 Broadway.
(8) Munn, Glenn G., 25 Broad Street.
(S) Myles, Edith Harlan, Room 1902, 730 Fifth
Avenue.
(P) Naess & Cummings, 63 Wall Street.
(C) National Securities & Research Corp., 1 Cedar Street.
(P) Neville, Rodie & Co., 522 Fifth Avenue.
(S) Newbold, Douglas T., 9 Rockefeller Plaza.
(S) Norton, Charles M., 112 East 19th Street.
(S) Oliver, Seabury, 49 Broad Street.
(S)
Hunter—
(8)
(P)
(S)
(S)
Nov.
Harmon, Earl B., 70 Pine Street.
Hicks, Edward Willis, 41 Broad Street.
Holland, Homer C., 52 Broadway.
Howard, S., Associates, Inc., 894 Irvine Street.
Howe, Ernest Albert, 280 Madison Avenue.
Hoyt, Colgate, & Co., 14 Wall Street.
Industry & Security Survey Corp., 67 Broad Street.
Institute of Applied Econometrics, Inc., 405
Lexington Avenue.
International Statistical Bureau, Inc., 70 Fifth Avenue.
Investors Counsel, Inc., 70 Pine Street.
Investor's Trend Analysis Co., 114 West 70th
Street.
Jaeger, Edward V., Co., Inc., 165 Broadway.
James, Patrick J., 522 Fifth Avenue.
Jersey B & L Co., 19 East 47th Street.
Johnston & Lagerquist, Inc., 420 Lexington Avenue.
Jones, James B., Jr., 115 Broadway.
(P) O'Neill, Grover, & Co., 20 Exchange Place.
(S) Oppenheim, Laurent, Jr., 630 Fifth Avenue.
C)
P)
S)
C)
P)
S)
P)
(S)
O)
fP)
fS)
Pell, John H. G., & Co., Inc., 1 Wall Street.
Pettit, Karl D., & Co., 20
Exchange Place.
Pinner, Felix, Dr., 70 Pine Street, Room 3000.
Pittman, G. Harrison, Associates, Inc., 60 East 42d
Street.
Pressprich, R. W., & Co., 68 William Street.
Prince, Theodore, 44 Wall Street.
Pulsifer, Fiske & Scheyhing, 50 Pine Street.
Rauch, S. A., 304 East 52d Street.
Research Institute for Business
Administration, Inc., 405 Lexington Ave
Reynolds & Co., 120 Broadway.
Roberts, Charles S., 11 East 43d Street.
(C) Robinson, George P., & Co., Inc., 14 Wall Street.
fS) Rockwood. John P., Room 1112, 250 Park
Avenue.
(S) Roystone, W. H., 15 East 58th Street.
(8) Rubes, Henry A., 23 Beaver Street.
[8) Russell, Albert F., 280 Broadway.
(8) Schlesinger, Edwin J., 41 East 42d Street.
(8) Schneider, Walter Edward, 80 Maiden
Lane.
(8) Scobey, Wilfley, 3001 Valentine Avenue.
(C) Securities Advisory Counsel, Inc., 30 Church
Street.
(C) Securities Appraisal Co.,
Inc., 110 East 42d Street.
(C) Security Owners Advisory
Bureau, Inc., 90 Broad Street.
(P) Seligman, J. & W. & Co., 54 Wall
Street.
(P) Shaw, A. Vere & Co., 15 William
Street.
(S) Shea, H. Gregory, 115 Broadway.
(P) Shearson, Hamill & Co., 14 Wall
Street.
(P) Shepard, 8. J. & Co., 9 Rockefeller
Plaza
(P) Shields & Co., 44 Wall Street.
(P) Shufro, Rose & Co., One Wall Street.
(S) Simpson, Lueco Earle, 225
Broadway.
(P) Smith, Barney & Co., 14 Wall Street.
(C) Standard Statistics Co.,
Inc., 345 Hudson Street.
(P) Sterling, Grace & Co., 50 Broad Street.
(S) Stern Richard M., 101 Cedar
Street.
(8) Stiefel, Otto I., 50 Pine Street.
IC) Parker &Dobson, Inc., 110 East 42d Street.
.
(£$ 5ul*ivan & Cromwell, Inc., 140 Nassau Street.
(P) Sweetser & Co., 43 Broad Street.
(S) Syms, Alfred S., Room 626, 280
Broadway.
iQ) Tauber & Tauber, Inc., 11 Broadway.
£ay!or' 9Iara Isabel, 730 Fifth Avenue.
(8) Taylor, Owen Associates, 35 South William
Street.
(P) Taylor, W" R. K. &
Co., 120 Broadway.
(C) Ticker Publishing Co., Inc., 90 Broad Street.
(8) Town Topics Financial
Bureau, 16 Beaver Street.
^9} Towne, George C. & Co., Inc., 101 Park Avenue.
^9? Townsend-Skinner
& Co., Inc., 41 East 57th Street.
Trainer & Associates, 274 Madison Avenue.
Transco Corp., 610 Fifth Avenue.
(P) Trask, Spencer & Co., 25 Broad
Street.
(8)
>9?
^ P?" Inc-« 730 Fifth Avenue.
(8) Tucker, Albert, 1451 Broadway.
Xanc5.' Chapin & Co., Inc., 420 Lexington Avenue.
(P) Van Cleef, Jordan and
Wood, 14 Wall Street.
(p) Van Strum & Towne,
9%) Wall Street Financial
Inc., 70 Pine Street, 57th Floor.
Bureau, Inc., 79 Wall Street.
(8) Watson. Louise, One Cedar Street.
(8) Week, Albert H. Co., 67 Wall
Street.
(8) Wells, Joseph G., 130 West 42d Street.
Wentworth & Co., 11
Broadway.
■S-e^se!',4* W., Advistory Service, Inc., 405 Lexington Avenue.
9> Wetsel Market Bureau, Inc., 350 Fifth Avenue.
Wightman, M. S. & Co., 52 Broadway.
(8) Williams, Edward Walter, 50 Broad Street.
/o? Willis ton, J. R. & Co., 115 Broadway.
(8) Witten, John D., 405
Lexington Avenue.
(8) Wood, Alan M., Ill Broadway.
(P) Wood, Struthers &
Co., 20 Pine Street.
(p) Wortham & North, Inc., 515 Madison Avenue.
(P) Yaeger & Co., 27 Pearl Street.
(£) Yeager, H. C. & Co., Inc., 330 West 42d Street.
(C) Young, C. W. & Co.,
Inc., 110 East 42d Street.
Rochester—
(8)
(C)
(P)
(8)
(P)
(P)
(S)
(S)
Howe, Winthrop K., Jr., 183 East Main
Street.
Investographs, Inc., 31 Gibbs Street.
Quinn, Edwin S. & Co., 31 Gibbs Street.
Seelye Advisory Service, 1129 Granite
Building.
Smith & Hall, 10 Gibbs Street.
Smith, Williard J., & Greenfield, 16 Main Street East.
St. Albans—
Dearborn Market Analysis, The, 112-14 197th
Street,
Scarsdale—
Business Trend Service, P. O. Box 113.
Syracuse—
(C)
(8)
(S)
(C)
Investors Research Bureau, Inc., 109 West
Onondaga Street.
Rogers, Rufus I., 601 Herald Building.
Shove, John D., 601 Herald Building.
Webster, D. C. & Co., Inc., 712 Loew Building.
«
V plume
The Commercial & Financial Chronicle
151
2739
WASHINGTON
Troy—
Seattle—
(P) Betts and Morris, 1904 Fifth Avenue.
(S)
Hawkes, Theron, 1411 Fourth Avenue.
(S) Loomis & Ostrander, 1411 4th Avenue Building.
(C) Mohr. F. M., Inc., 615-16-17 Vance Building.
Utica—
(C) Allen Fund Distributors, Inc., 255 Genesee Street.
(C) Palmros, G. A., & Co., Inc., 240 Genesee Street.
(P) Sherman & Poole, 255 Genesee Street.
Spokane—
(P) Tuttle, John I., 1711 South Wall Street.
Whitestone—
WEST
(S) de Goumois, Marc, 160-15 Seventh Avenue.
VIRGINIA
None
NORTH
CAROLINA
WISCONSIN
None
NORTH
Green Bay—
(C) Burnham & Hagan, Inc., 500 Northern Building.
DAKOTA
Milwaukee—
None
(P) Associated Bank Counsel, 161 W. Wisconsin Avenue.
(C) Investors Research Bureau, 808 North Third Street.
(P) Leekley & Williams, 757 North Broadway.
(C) Loomis, Sayles & Co., Inc., 411 East Mason Street.
(S) Newman, R. F., 735 North Water Street.
/
(C) Newton & Co., 213 West Wisconsin Avenue.
(S) Weinert, Mary A., 617 North Second Street.
OHIO
Cincinnati—
(C) Fillmore, W. H., & Co., Fourth & Walnut Streets.
(S) Gardell, Howard A., 100 Paxton Road.
(P) Haydock, Lamson & Co., Fourth and Walnut Streets.
(S) Morrill, Logan, Fourth and Vine Streets.
(S) Sinnickson, Richard, & Co., Ill East 4th Street.
(S) Toe Water, George M., 709 Gerke Building.
WYOMING
None
Cleveland—
(S)
(8)
(C)
(P)
(S)
(P)
(S)
<SJ
Alexander, R. R., & Co., 1101-03 Fidelity Building.
Atkinson, Albert E., 1557 Union Commerce Building.
Ball, Coons & Company, 502 Union Commerce Building.
Boyd & Co., 1700 Union Commerce Building.
Comey & Co., 1644 Union Commerce Building.
Cunningham & Co., 1846 Union Commerce Building.
Harvey, M. C., & Co., 1566 Hanna Building.
Rees, Leonard M,, 3666 Sutherland Road, Shaker Heights.
(S)
Ogles by, Robert Dickey, 505 Highland Street.
Secretary-of State Hull Regards Continuance of Presi¬
dent Roosevelt's Leadership Assures Security and
Safeguards Peace of Nation—Urged Reelection in
Radio Address Introducing President Roosevelt on
Election Eve
Middletown—
address from Washington on
Portsmouth—
(S) National Investment Advisory Service, Masonic Temple.
4'•
OREGON
:-V'
people
'X:v
Portland—
(C) Bald, H. E., & Co., 428 United States National Bank Building.
(8) Helser, J. Henry, & Co.
PENNSYLVANIA
Harrisburg—
(S)
School of Wall Street, 1804 Sixth Street.
(S)
Miller, Herbert A., 326 Penn Street.
Huntington—
look forward and go forward with confidence."
of the most crucial moments in the history of
jeopardize the safety of the countrv."
Concerning the charge that the President is "leading us
into war," Mr. Hull said this assertion is "wholly unwarranted
and utterly vicious."
The Secretary asserted that in the
following ways "this country is being entrenched against
one
the Nation may well
Grodinsky, Julius, 100 Summitt Avenue.
Lancaster—
(S) Baer, Martin H., Fulton Bank Building.
Lebanon—
war."
Ritcher, Walter J., 115 South First Avenue.
This government
Philadelphia—
preparedness on this country's part will greatly mini¬
belief that adequate
Boedker, William Frederick, 1528 Walnut Street.
Brinton, Charles W., 220 South 16th Street.
Drexel & Co., 15th and Walnut Streets.
Edwards, Harry B., 1029 Real Estate Trust Building
Fritz & Shumate, 1500 Walnut Street.
Goodman, Joseph D., 1419 Walnut Street,
mize the danger of assaults
We
which
$
(8)
(8)
(8)
si
to
We are creating the weapons and
discourage would-be assailants and,
are
sources
warning our people of danger to
under assault go down.
this country should other countries
We are making available access to the re¬
and the products of this country to
countries under assault whose
security.
adherence to sound principles
objectives," Mr. Hull said, can "assure the
security and safeguard the peace of the country."
The President's record "of
and practical
Long, Joseph F., 212 South 15th Street.
Loomis, Sayles & Co., Inc. (Pa.), 1500 Walnut Street.
Martin & Co., Inc., Ill South 15th Street.
McCaffrey, Raymond James, 5453 Spruce Street.
Menaugh, Wright & Co., 123 South Broad Street.
Miller, James Rumrill, 123 South Broad Street.
Newbold's W. H., Son & Co., 1517 Locust Street.
Newburger, Loeb & Co., 1419 Walnut Street.
Security Research Bureau, 246 South 15th Street.
Slaymaker, Samuel E., Jr., 1421 Chestnut Street.
Spellissy, Arthur E., 1616 Walnut Street.
Sweetser, Sheppard & Deakin, 111 South 15th Street.
Trimble & Co., 1326 Walnut Street.
Wasserman, W. S., & Co., 225 South 15th Street.
Mr. Hull's address
follows in part:
peaceful nations cannot hope for security
The most
their hands means
of adequate defense.
unless they have in
The creation of such defense is our
task today.
Adequate defense requires a sufficiency of waepons and a sufficiency of
men trained to wield the weapons.
Adequate defense calls for willing
country's first and foremost
acceptance by our
stance may
people of whatever sacrifices
be needed to make
freedom will be
our
(C) Wellington Corp., The, 1811 Packard Building.
(8) Young, Frank Howard, 637 North 12th Street.
of time, effort and sub¬
certain that our Nation, our institutions and
Adequate defense requires that we as a
preserved.
people dissipate every
shred of complacency—that most fatal of weaknesses
tasks with complete determination, with iron will,
—and face our difficult
Pittsburgh—
with undivided loyalty.
C) Beattie, John A., & Co., 223 Fourth Avenue.
8) Economic Counsel, 945 Union Trust Building.
I
am
overwhelming majority of our people are
and our foreign policy shall be ordered in
these basic and essential considerations of adequate de¬
firmly convinced that an
determined that our national life
Uniontown—
8)
are
survival is important to our own
Irvine, Wayne H., 123 South Broad Street.
Kaufmann, Eugene M., Jr., 1528 Walnut Street.
Lawson, Victor J., & Co., Lincoln-Liberty Building.
(8)
(P)
(8)
against us.
first,
second, should we be assailed, to repel assaults.
Hall, N. S., & Co., Inc., Packard Building.
Investment Registry of America, Inc., 1515 Locust Street.
(C)
needed,
organization
the
the firm
has consistently and persistently proceeded in
Bishop & Co., 1500 Walnut Street Building.
(S)
(S)
(S)
(P)
(S)
(P)
(S)
(C
(e)
(S)
(S)
(S)
(CI
can
Declaring that "this is no time for the country to be making
a
change from experience to inexperience," the Secretary
stated that "today the balance of advantage lies with con¬
tinuity of leadership." Mr. Hull protested against attempts
made by the opposition "to confuse and mislead the voters
bv raising counterfeit issues and arousing suspicion."
He
added that "to throw firebrands of hysteria into the electoral
campaign at
Jenkintown—
(S)
accomplishment, with his broad program of constructive
international relations and under his seasoned leadership our
Schaul, Gordon Tasker, 912 North Douglas Street.
(S)
Nov. 1 uring the continuance of
President Roosevelt's leadership, said that "with his record
of
OKLAHOMA
Oklahoma City—
(S)
State Cordell Hull, in a preelection radio
Secretary of
accordance with
Cowan, Maurice, 21 Charles Street.
fense.
For that
RHODE ISLAND
Providence—
v\
(P) Sticklet & Greenough, 15 Westminster Street.
SOUTH CAROLINA
None.
SOUTH DAKOTA
None.
,
determination to be translated into
and well-being,
realities of national safety
this country must have a government
which clearly re¬
difficulties which confront us; which dares tell
and what they are; which makes adequate
provision to meet them; which is steadfast in purpose and persistent in
action; which has the invaluable asset of experience.
Under the leadership of President Roosevelt this country has such a
cognizes the dangers and
the
country
government.
that they exist
Its record is an open book. There are no secret
in the quarrels of foreign countries.
commitments
and no entanglements
TENNESSEE
Secretary Hull also
Memphis—
(S)
Wade, Maury, Farnsworth Building.
TEXAS
Dallas—
(C) Campbell, Henderson and Company, 1206 First National Bank Bldg.
Fort Worth—
(S)
Manning, R. H., 4712 Bryce Street.
(S)
MacMahon, Andrew Merritt, 820 Union National Bank Building.
(S)
Stock Market Service, 118 West Kingsmill.
Houston—
Pampa—
UTAH
Salt Lake
City—
(S) Neberker, W. D.f Jr., 902 Kearns Buildingl
VERMONT
None
VIRGINIA
Alexandria
8)
Calder & Co., 102 E. Braddock Road (P. O. Box"360).
(
delivered
a
short radio talk to the
4 following which he introduced President
Roosevelt, whose address is referred to elsewhere in our issue
of today. Stating that "a national election is in expression
of the collective will of our people." Mr. Hull said "more is
involved in tomorrow's election than designation of the
men in whose hands our people choose to lodge the powers of
representative government for the period prescribed by the
organic law of the land."
He acfded "this election is an
emphatic reassertion of the democratic process in a world
in which powerful and sinister forces are arraigned against
the very idea and ideal of popular government." Calling for
an affirmation of faith in the Nation, the Secretary said that
"we must rededicate ourselves to the service, the defense
and the nurturing of freedom under justice and law." He
concluded his talk by saying:
"For myself, the choice to¬
morrow is clear.
I firmly believe that in the critical days and
months which lie ahead this Nation needs continued leader¬
ship of the man whose voice you are about to hear.
country on Nov.
I
The Commercial 6
2740
t inancial Chronicle
Secretary of State Hull, Following Election, Pleads for
National Unity—Says Nation Can Now Go Forward
in Firm Continuance of
In
formal statement
a
on
and
mittee,
Canadian
Foreign Policies
Guy A.
jvov.
Lindsay, transport
group.
tioned in
responisbility which rests
upon all of us in the present crisis."
Stating that it is a
matter of profound significance that our foreign policies
"were supported by both Presidential candidates," Mr. Hull
said that the "Nation can now go forward with the fullest
measure of practical teamwork by the Government and the
people in the firm continuance of those foreign policies."
He again appealed for "united effort to carry forward a pro¬
gram
which means everything to the peace and
safety and welfare of the American people."
issue of Oct. 19, page 2283.
our
Chamber of Commerce Urges Halting
of Test Work on St. Lawrence River Power Project
—Calls
the present
crisis should overshadow
disappointment
or
It
is
basic
for
features of which
President,
upon
were
significance that
supported
by
foreign
our
can
now
go
contribution
in
the
foreign policies.
This
much
as
that his allocation
the power
as
be developed in
could
offers the greatest
Resolutions
the St. Lawrence
spirit of non-partisanship and non-factionalism, I want to appeal
tical
the
measures,
of which
success
a program
safety and welfare of the American people.
how
see
of Household Equipment Under De¬
Program Planned—Procurement Division of
Treasury
Department
Begins
Negotiations
at
Division
Treasury Department, announced on Nov. 5 that the
Division has initiated preliminary negotiations for mass
purchases of household equipment under the National defense
housing program.
The Federal Works Agency, which is
directing construction of defense housing projects expected
to total nearly $200,000,000, requested the Procurement
Division to take necessary steps toward the purchase of the
equipment up to the point of contract awards, the announce¬
ment issued by Mr. Mack said.
It added:
Fixtures
which the Procurement
on
quotations include:
Bath tubs,
Division
has
been asked
to
solicit
refrigerators, combination kitchen sinks
and trays, cooking stoves, lavatories, medicine cabinets, hot water heaters,
heaters, furnaces,
space
and
brass fittings.
listed
now
for
range
boilers,
Other items
broom,
be added
to
are
wall
According to present
purchase.
and
base
cabinets,
by the FWA to those
estimates,
quantities of
approximately 25,000 will be required for each item, although revisions
be made
may
Lawrence
would
located
at
of
much
that
course,
and would cost much
many
and
mantle
the
in
There
interest
lias
been
with
recourse
to
President
work
of
national
from
the
inviting price quotations
by
monthly
number of items which
each item in lots of 1,000.
on
In
production;
proportion
of
production
which
be stored in their establishments and in their
can
cities.
purchasing plans, Nov.
has been set by the Procurement
12
the deadline for the submission
pertinent information.
to the
There
will
be
following factors:
of price schedules
public
no
be reviewed by the FWA
delivery capacity.
The
will
is
his
has been authorized
to be the
The
first of
opening of
initial
purchases
13,000 dwellings.
quotations.
of household
as
the
one
The Army dwellings are
of
negotiating directly
with
manufacturers
was
best fitted for the requirements of an accelerated defense
housing program.
Past
experience has
method equipment
may
be purchased
demonstrated
that
through
this
quickly at reasonable cost to the
Government without disrupting normal commercial distribution.
To coordinate
delivery of equipment with construction
advising them when and were
After inspection and acceptance by the field representatives of
ship.
both
apparent
without
of
that
action
opposition,
and
not
and
United
States
Committees
Agree
on
Preliminary Engineering Survey Program for Devel¬
opment of Power on St. Lawrence River
Committee
Oct. 31 when
an
was
held
at
Massena,
agreement was reached
as
N.
to the
Y.,
on
prelimi¬
nary engineering survey program which the United States
Corps of Engineers will make preparatory to the proposed
development
on the St. Lawrence River.
In report¬
Associated Press dispatch from Massena,
Oct. 31 said:
ing this action
conferees,
a
comprising
Lawrence
Basin
members
of
the
Canadian
Committee and
the
United
Advisory Committee, said drilling
The
and
work
will
will
require
The
most
a
the
to
our
Chamber's
be
a
directed
year,
the
In our
noted that the President
crews
2283, it
was
study of the St. Lawrence power development
$1,000,000 had been allotted for the work.
expeditious,
if not the
only
way
is
cause
still
"The labor policy of our preparedness pro¬
determine," according to the report, "be¬
of the essential elements of the program
many
Both
unknown.
But
unsettled.
the
the
size
is
much
Dr.
A.
direct
Federal
B.
the
Jones,
United
States Army
district engineer, Washington,
Leland Olds. Chairman of
of the United States com-
the committee added.
Commission, is Chairman
survey,
Power
and
to
the
be
are
time
learned
we
as
regarding
showing that
increased
to
have
now
the
the
a
industrial capacity
available."
report
The
Boards
an¬
stated:
first and second World Wars is cited by
substantial lengthening of
output.
the
work
week
1
of prevailing hours are
found to be: (1) that the vast army of unemployed can supply emergency
needs for additional labor; (2) that fewer hours make labor more efficient
and that more efficient labor increases the productivity of industry;
(3)
that the health of labor would suffer from working longer hours, and (4)
that labor's hard-earned victory
in the matter of shorter hours might
The
to
important objections to any extension
•
unemployed
the
afforded
are
It
-
demand for labor from the unemployed, Dr. Wolman
meeting the
"Men and women out of work for more than five years lose their
and habits of work.
When in time jobs do become available, many
skills
of
of
most
lost.
be
and
Colonel
than
experience in both
Wolman
essential
is
there
experience of other countries and from the vir¬
nouncement
international
complete ground work for the proposed project in the
rapids section.
are
labor
and
As
.
in¬
hard to
practically
says:
the
to provide the
output required for the defense program, according
public Nov. 2.
stand
the
to
by Dr. Leo Wolman of Columbia University for the Division
of Industrial Economics of the Conference Board, made
Great
would begin work Wednesday.
newly-established headquarters here
committee said, to obtain and analyse sub¬
from
the
St.
opposition
issue of Oct. 26, page 2427.
study of "Labor Policy and National Defense" prepared
to a
Lawrence
Temporary
States
by the
lengthening of the prevailing hours of work in this
creased
surface findings and
will
a
the
urges
the preliminary
country for the period of the emergency is found to be the
British
joint meeting of the St. Lawrence International
Development
St.
to
or
Program Found to Require Extension of Work
to Insure Increased Output, According to
Study Made by Dr. Leo Wolman of Columbia Uni¬
versity for Conference Board
from
The
States
Speaking for
Chamber
report was approved
tual certainty that we shall require more
Lakes
the
proceed with
Canadian
N. Y., on
the United
determination in Washington
authorization from Congress
schedule
power
in
organizations whose patriotism and
be questioned.
This opposition
cannot
the FWA, fixtures will be installed by construction contractors.
The first
time
the
Lawrence
Week
gram
progress, manu¬
facturers will be furnished with instructions
to
St.
Defense
equipment
Construction of these units
projected program to house those engaged in National
a
reference
and that
with particular attention devoted
by the War Department.
method
present
half
whole
and other
defense activities.
adopted
plan
power
and
Committee's
issue of Oct. 19, page
If in line with estimates, authority will be given the
minimum of
a
about
in
the
opposed
project
power
Executive
had ordered
Prices quoted; monthly production, and monthly
contemplated that the
be for
each
of
members of the Chamber at its monthly meeting on Nov. 7.
Procurement Division to contract for the account of the Agency.
It
the
part
reconsider
Previous
Replies will
constructed
has
the
to
project
power
project appeared in
Maximum
as
independently
There is the added advan¬
construction goes forward.
as
be deliver to the Government; date production can be started, and the
To speed
plants
power
defense.
preparedness
data:
Division
be
individuals
important
to
the
on
operated
the
of
bombers.
enemy
steam-generated
treaty requiring the approval of the Senate.
a
but
limited
and
for
target
defense
location
as economically unsound, wasteful of public
employment of American labor and to various
to
strengthened
proceed
of
the American
to
size and
these grounds has not been lessened
being made to cloak the power phase of the project
national
in
The
inviting
points
Chamber
wide opposition
is
can
hence.
Its opposition on
now
Canada
in
contrary
runs
an
could
future
Power project
destructive
by the attempt
and
they
unable to
it is
near
less.
industries.
American
five years
greater defnese value.
the
years
Waterway and
funds,
preparedness,
some
number
a
widely separated
other would be of
For
it
military standpoint
a
in
hydro-electric plant whose completion
supply bases.
make
submitting quotations manufacturers were asked to supply the following
can
The committee's
requirements of the
or
a
project
power
decentralization of
plant
tage,
believer
optimistically visualizes
proposed
Letters with specifications have been sent to manufacturers throughout
the country
ratify in 1934.
firm
a
by the construction of
St.
The
is
policy of
From
Clifton E. Mack, Director of the Procurement
Waterway power-navigation scheme which
refused to
Chamber
President
the
Purchases
of the
much less time.
present defense emergencies
helped
fense
Request of Federal Works Agency
the
While
be
Mass
effec¬
as
report said:
and
peace
taken
the Senate had
of principles and prac¬
everything to the
means
Canada
or
accompanying the report declared that the
by the President was "an initial step" toward
and of all nations.
again for united efforts to carry forward
project would not be completed
it would not aid the national defense
tively as other measures of less magnitude and cost which
national relations, which are so essential to the vital interests of this Nation
a
special
needed for immediate defense requirements."
action
In
of $1,000,000 of
of either the United States
programs
forward with the fullest
course
ground
in less than five years
candidates
country can make toward the restoration of stable inter¬
our
Requirements"
The report, which was drawn by the Executive Committee,
of which Frederick E. Hasler is Chairman, contended that
of practical teamwork by the Government and the people in the
firm continuance of those
$1,000,000 "Un¬
defense funds for that purpose was "an unjustified expendi¬
given yesterday nation wide approval.
were
With the election over, our Nation
measure
the
on
all of
policies,
of
was urged, in a report made
public
by the Chamber of Commerce of the State of New York on
Nov. 4, to halt test work on the St. Lawrence power project
of personal elation
both the leading
Allocation
Roosevelt
ture of money
which rests
sense
Defense
diate
President
the election result.
over
of profound
matter
a
any
President's
justified Expenditure of Money Needed for Imme¬
Mr. Hull's statement follows:
in
the
New York State
.
Consciousness of the tremendous responsibility
of
♦
"consciousness of the tremendous
us
head
President Roosevelt's allocation of funds for this survey
and his appointment of the American committee was men¬
Nov. 6, Secretary of State Hull
said that "any sense of personal elation or disappointment
the election result" should be overshadowed by a
.
engineer,
1940
•
over
.
department
9,
the
the
chance
are
no
longer competent to fill them, and unless they
to relearn what they have forgotten, they
of this army of the unemployed
facilities
of
remaining members
unemployables for some time to come."
is
labor
pointed
out
that British industry suffers from critical shortages
to work unusually long hours, despite the fact that
and is forced
unemployment in that country was estimated at 800,000, or nearly 6% of
/
Volume
working force, as recently as Aug. 12, 1940.
Similarly, in the United
today there are special shortages
in many skilled trades even
the
-Eugene P. Thomas
unemployed.
Until a sufficient per¬
utilization of the unemployed cannot
be considered an alternative to increasing the prevailing hours of work.
As to the objection that fewer hours
make labor more efficient and
therefore
more
productive, Dr. Wolman maintains that the reverse is
generally true.
It ip industry's efficiency and productivity, he says, that
make reductions in hours possible
without impairing labor's productive
there
great numbers
are
Advance
performance.
•
in
the
in
present and
and
tion
indicated
studies
These
wars.
labor leaders
pressure,
that
fear and oppose any change; and with
labor at its maximum, it should not
political strength of organized
"the
find our political leaders equally hesitant to deal with
the issue, however compelling the reasons for the reexamination of our
hours policy during the defense emergency may be."
The study suggests that
the problem' of the maximum hours to be
worked
in this country is "a complex series
of questions bearing on
be
surprising to
of labor coGts, the relation of hours of work to unemployment,
the length of time during which suspended provisions of statutes and
collective agreements may be expected to continue, and, most important
policies
the whole preparedness program."
cause a substantial increase in wages that
will
have to be
paid "as the pressure for increased production grows
stronger and overtime spreads from plant to plant and from industry to
industry." At the same time, competition in the labor market will effect
the size and tempo of
Overtime requirements will
of all,
level is "a phenomenon
with hourly wage rates of
threefold during the quarter
century just ending, and their purchasing power doubled.
However, the
study points out, this present high level and the trend toward higher rates
have potential power to cause inflation that can destroy the current high
increases an basic
As it is, our present wage
rates.
unparalleled in American economic history,"
American industrial labor increasing almost
purchasing value
of wages.
Material
labor
one
from
cautions,
has
grown
type of work to
indicate
more
another.
administrators must shortly face the problem
labor supply at satisfactory cost. To do so, they
enabled to maintain adequate standards of hours and output to
Thus the defense
of
it
program
Far
be
insure
from
uninterrupted operations.
Federal
for
Payments
to
for New York
Submit Offers
Supplement Five-Cent
Coupons
Surplus Marketing Administration of the U.S. Depart¬
ment of Agriculture on Nov. 1 announced approval of a milk
distribution program to enlarge markets for New York
milkshed dairy farmers by encouraging the consumption of
fluid milk among 92,000 New York City families on relief
in which there are children under 16 years old.
Eligible
The
period
under the program, which is authorized for the
ending June 30, 1941, would exchange 5-cent milk coupons
retail stores.
The coupons would be issued bv the
New York City Welfare Department to relief recipients in
persons
for milk at
relief payments. The announcement by
Agriculture went on to say:
Operation of the relief milk plan is contingent upon acceptance by Secre¬
tary of Agriculture Claude R. Wickard of offers by New York City handlers
to participate in the program.
Invitations will be sent immediately to these
handlers to enable them to submit offers for Federal payments which would
supplement the five cents a quart which the handlers would receive from
coupons redeemed by the Welfare Department.
The relief milk plan is
addition to present
the
in
Department of
addition to the
Federal
which was recently
with the assistance of
penny-a-glass school milk program
approved and now is
operating in New York City
funds.
Approval of the
relief milk plan followed
conferences among representa¬
Administration, Mayor Fiorella LaGuardia,
development of the plan, N. J. Cladakis, Market
Administrator for the New York metropolitan market, and local welfare
officials.
O. M. Reed, Acting Chief of the SMA Diary Division, and Mr.
Cladakis are agents of the Secretary for the plan.
It would supplement
tives of the
Surplus Marketing
who co-operated in the
operations under the
the New
Under
joint Federal-State orders
for the handling of milk in
York marketing area.
an
agreement
signed by the Secretary
and the New York City
Department would redeem milk coupons
from handlers at five cents a quart for milk distributed from retail stores in
exchange for the coupons.
In addition to the five cents a quart that would
be paid handlers by the Welfare Department, the Secretary would pay
them a uniform rate per quart based on the offers accepted.
This rate
would be increased or decreased in accordance with any changes made in
the special producer price specified for relief milk in the Federal-State orders.
The special producer price is 57 cents per hundredweight less than the
regular Class 1 or fluid milk price.
Welfare
Department, the Welfare
York City relief milk program,
Paul H. Appleby said:
This relief milk program, like others which are in operation in Boston,
New Orleans, Washington, and Chicago, helps the farmer, the dealer, and
the consumer.
The programs encourage the increased use of milk among
the needy, boost the milk checks of farmers by utilizing surplus milk at
producer prices higher than those for manufacturing purposes, and benefit
Commenting on the New
Acting Secretary
the dealer
by increasing
the flow of milk
through his plants.
Chamber
pessimistic or defeatist note in the thoughts I have
a
the difficulties
the
the
in
moral
and
bargaining
we
may
have to face.
by which all nations
in the past have prospered.
Thomas referred
trade position of the United States for the
the foreign
to
stimulate study and
I have an abiding
power
Before entering into his discussion Mr.
of the war, saying, in part:
trade increased by over $1,500,000,000, compared with the
preceding 12 months.
Our exports increased 35% and our imports for
consumption by 20%.
Our domestic exports in this year of war were
higher than at any time since? 1929 ; our imports higher than in any
similar period since 1930, with the single exception of 1937.
Taken solely at their value in dollars,
these figures indicate a most
prosperous
year
of trade, were we to disregard the war-time loss of
first year
Our
foreign
normal
Our export balance for this first year of war
$1,400,000,000—-exceeding by nearly $600,000,000 the
in
markets
amounted
Europe.
about
to
export
as
previous
the
of
balance
Europe
corresponding
period.
Our
trade with
whole showed the largest gain by value—$450,000,000—an
37%.
Our total sales of our domestic products to Latin
a
increase
of
America
during this year of war were
valued at $733,000,000, an increase
$243,000,000, or 50%, exceeding sales for any year since the
1932.
In the peak year
1920, however, Latin American
of
of
the effect
to
Purchases
$1,000,000,000.
France
$171,000,000.
by
History
again
exports. Canada increased by $238,000,000
The British Empire is now taking about
000,000, about 20% of our total
and
2/3% cf our exports, against 42% in the previous
tina increased her purchases by $52,200,000, Brazil by
60
Russia
$41,000,000, and China
12 months. Argen¬
$44,500,000, Soviet
$34,000,000.
increased^ war-time trade has compensated in value for
the change in the character of this
impress us with the problems which war has brought in its
Although
our
from European markets,
exclusion
our
low level
purchases
repeats itself as
of War on the diversion of Latin American trade.
of the United Kingdom increased by $282,000,000 to $787,-
approximately
totaled
must
domination of European markets are now
months' trade statistics will reveal more clearly
ill for a number of our leading commodities
shut out by the war from European and British markets.
Eleven Euro¬
pean markets, now under Nazi domination, which in August, 1939, took
American products of the value approximately of $54,000,000, show pur¬
chases in August, 1940, or only $124,000.
Gains in our trade with France
and Italy during the first year of
war will be eliminated in the com¬
effects
The
train.
Axis
of
apparent, and the next 12
the situation which bodes
ing year.
.
.
.
Latin America—shut out of continental Europe for sources
which in a normal year amounted to more than $500,000,000,
United
States has
made considerable advances in replacing these
Turning to
of
supply
goods.
European
Distribution Plan Approved
City—Milk Handlers Requested to
P.
Trade Council,
of Commerce on
the democracies possess to maintain
and business foundations on which sound international commerce
confidence
the
Relief Milk
Eugene
by
discussed
were
Cleveland
the
striking
investigation of
obtaining a necessary
must
relating to America's future place
markets
presented to this audience, I have attempted rather to
trade
the seriousness of our defense
complicated and expensive and so
necessitates a higher ratio of man-power behind the lines than was needed
during the World War.
Aid to Great Britain is also likely to take an
increasing share of our industrial product.
These and other factors will
doubtless require an expansion of our plant, the study believes, or at least
the transformation of
existing facilities and the consequent transfer of
factors,
Certain
situation.
Pan-American Front
29, in which he said, in conclusion:
rests
mac^ttf British studies of the problem in the
is
the schedules of hours which
cculd
be safely worked without impairing the health of labor or the
efficiency of industry varied over a considerable range, and that this
range could extend as high as 70 hours per week for certain kinds of work.
The study finds that the most important objection and obstacles to a
reasonable extension of working hours is political, rather than any of those
described above.
Because maximum hours of work have been fixed by
laws and contracts that have been won by labor only after years of agita¬
last
European
.addressing
Oct,
reference
Changing
National
of
Thomas, President of the National Foreign
follow, however, that an industry working a 40-hour week
would see its total output reduced or only insignificantly increased if it
raised its schedule of hours to 50 or 55 a week.
On the contrary, it would
be surprising if the new schedule failed to produce a substantial, and
perhaps a proportionate, increase in total output."
With regard to the effect on the health of workers under, longer hours,
V "It doe8 not
Along
Some of the questions
-
a
Foreign
Trade
Need for Immediate Planning for an
Council Sees
of
it is observed,
trained,
is
centage
"America's Trade in
on
World"—President
•
States
though
2741
The Commercial & Financial Chronicle
151
is
It
...
utmost consequence,
the
of
however/that serious study be made
operation of European economic blocs in accord with the
proclaimed intention of the Axis Powers to control world trade, predicated
on
their
military success and the
consequent survival of their tri¬
ol
the probable
partite pact.
Looking then
chief
difficulties
her way through to former markets?
Assuming for sake of
regional grouping will be a feature of the coming world
bargaining
that
discussion
what
that the totalitarian system will continue in Axis
demanded of the United States for the privilege
and
order,
the end of the war, what, we may ask, may be the
presented to the United States as a Nation bent upon
to
will be
countries,
of trading
and Fascist influence? . . .
Carried away by German conquest of 11 European nations, including
France,
Dr. Funk
|Minister of the National Economy in the Reich]
threatens the United States with being shut out of the European market
unless we surrender to Germany's trade conditions.
These conditions would
involve the substitution for gold of German
hemispheres now under Nazi
in
and bilateral compensation or barter trading which would
multilateral trading and reciprocal trade agreements under
would expose us and the
paper currency,
deprive us of
most-favored-nation principle.
Such methods
world to certain economic confusion.
...
the
continue to stress the growing signs of currency
occupied countries.
Compelled to send supplies
own
depleted resources, winter will find these
subjugated peoples not only short of food and other necessary supplies,
but suffering from the effects of currency inflation and steadily mounting
prices which have proved in the past to be harbingers of revolution.
Hunger and hardship may prove more decisive than Nazi armed forces
in shaping the future destiny of Europe.
.
.
.
Now that the Petain-Laval Government has agreed to collaborate with
Germany and Italy in the organization of a Nazi-dominated European bloc,
it is incumbent upon the United States to enter upon alliances that are
increasingly important to the scheme of Pan-American defense.
With the
United
States, Latin America and
the British Empire, controlling in
normal times 50% of the world'ri trade, against 12%% by Germany and
Italy combined—or with the remainder of continental Europe, except
Russia, 40%—a united economic front by these democracies would render
extremely difficult any attempt by a Nazi-controlled European bloc to
force them to comply with Europe's economic demands.
.
.
.
The recent
Havana Conference was not only a manifestation of the
Reports
to
from Europe
the German
in
inflation
Germany
from
their
and economically, but a revelation
implementing the accords reached
by the 21 republics.
The United States is more nearly self-contained than
most countries and could survive an economic war of the kind forecast by
Dr. Funk.
Our national defense plans, however, are of wider scope than
defense of our own economic boundaries.
They embrace the defense of
the entire Western Hemisphere, including our good neighbor Canada.
On
the economic side lies our greatest problem: that of aiding in making
Latin America more self-contained and less dependent upon European mar¬
kets.
We can plan effectively a two- or three-year program of military
defense, but the economic development of Latin America is a longer and
of the Americas, politically
difficulties to be overcome in
solidarity
of
the
slower
Now
entire
>
for an advance along the
We look for the collaboration of Latin
governments in devising plans for the protection of their domestic
process.
is
the
...
time
Pan-American
American
for
immediate planning
front.
The Commercial & Financial Chronicle
2742
economies, and for the financial Assistance needed to expand the develop¬
ment
of
their
resources,
to stabilize
exchange, and to increase the
is essential also that adequate assurances be
forthcoming that investments by our Government or by private capital
are
applied to the purposes ordained and be fully protected against
unilateral legislation of a confiscatory nature.
The
Export-Import Bank already has loaned $120,000,000 to Latin
American countries, including $20,000,000 to Argentina to maintain ex¬
of
standards
It
livipg.
Chile for reconstruction and other works; $500,000
Paraguay; $1,500,000 to Ecuador for sanitation and health work. . . .
change ; $12,000,000 to
to
this
In
to the side of
of
front, so
Canada.
hemispheric
northern
our
neighbor,
rapidly
.
brought
existence, stands
bring closer
northern neighbor.
.
.
The
*
.
the Pan-American nations our
into
new
era
will
Although our trade agreement program has been suspended in the case
warring countries, it still remains as a goal to be reached in our rela¬
with Latin America and as an ideal policy to shape the course of
international
not
wait
on
trade
the
when
peace
termination
Negotiations to this end
returns.
should
of hostilities.
Dr. Cadman asserted.
If
Explain Principles of Life Insurance in Its Recent
Inquiry—Addresses
Joint
Session
of Actuarial
Society of America and American Institute of
Actuaries
Failure of the Securities and Exchange
use of
ground in its study of life insurance during the past year was
commented on Oct. 30 by John M. Laird, President of the
Actuarial Society of America, in an address opening the
biennial joint session of the Acturial Society and the Am¬
erican Institute of Actuaries at White Sulphur Springs, W.
Va.
"Although the investigation may have revealed a few
minor flaws or mistakes," Mr. Laird said, "this far-reaching
inquiry has demonstrated that as a whole the officers have
been true to their trusteeship and the interests of policy¬
holders have been safeguarded." Mr. Laird expressed regret
forms of commercial enterprise, namely:
we
counter to a
runs
be
and whether the purchaser is
college
or a
on
That Congress will be asked to increase the debt
or
debt.
evidence that
is
more
the
for the armament
necessary
Government
know exactly
what it
If the
means.
form
to
the capital
taken, the American public should
new
bonds
without pressure, they will add to the
or
li^nit to $65,000,000,000
proposes
by further compounding the Federal
program
If this grave measure is to be
invite the
are
sold to the banks with
danger of inflation and thereby
arbitrary controls which should not be imposed except
as a
last
On the other hand, if these bonds can be sold to the public by non-
resort.
political and patriotic appeal such
the danger
as was
employed for the Liberty Loans,
would be greatly lessened since government bonds in private
hands do not serve
as
against which money and credit may be
reserves
issued.
To be sure, many individuals will take
borrow money on them.
of these promises will find their
an
could
way
honest non-political
participate directly
bonds
without
circumstances of human life,
into the banks.
But if there is
appeal, hundreds of thousands of
and personally in the purchase of
coercion
misrepresentation.
or
employ private finance
to
these securities to the banks and
In all of the varied
should
be
Every
explored and
op¬
exploited.
Every legitimate type of known private financing should be encouraged to
participate in financing this
program.
Let it be said that the prevention of inflation and the building of a defense
income must be set aside as a reserve to pay future claims.
3.
bank
or a
somebody's savings will have to
the proposal to increase the Federal debt
dollars, reference to which is made in
another item in this issue, Mr. Cadman, said:
government
As this in¬
individual
an
company,
65 billion
to
portunity
claim.
life insurance
a
Commenting
limit
The contract is guaranteed for a lifetime and even longer.
a
But that
employed."
The risk, that is, the mortality rate, Increases from year to year
there must be
15 billions of capital has got to
some
would bring bonds onto the market which had to be bought by
hospital or
or a
Yet
It could be formed by increasing the Federal debt.
be formed.
1.
if the policy is continued, eventually
major economic doctrine which has been widely exploited
during the past decade, namely that saving is no longer necessary and
should therefore be discouraged.
2.
creasing risk Is covered by a level premium, a substantial part of the premium
thereby provide one of the major lines of defense
may
"It is necessary to observe that the salvation which saving can provide
Americans
anq
some
against the post-armament collapse.
confidence and
common
Nation xnake6
he receives so that the
capital necessary for this vast outlay can be formed largely through volun¬
tary saving,
many
the
to say:
on
conscious sacrifice in saving a part of that which
Commission to make
experienced actuaries to explain the scientific back¬
He went
the other hand, every responsible citizen in the
on
someone,
Actuaries
Have
conveniences,
stimulation of armament
very act
J. A. Laird Criticizes Failure of SEC to
1940
and luxuries resulting from the
spending "increases in proportion
to its possibilities and if no considerable sum is set aside by
all who participate in this prosperity, we shall have inflation
and it is probable that no power on earth can stop it,"
comforts,
.
tions
Nov. 9,
In life insurance the word "reserve" is used in a special technical sense.
against
the
slump
be
cannot
accomplished
without
high
a
degree
of
It is not like the reserve for contingencies which in other lines of business
confidence.
the prudent management sets aside in
Dr. Cadman stated that the Government should make a
disclosure of its position and policies with regard to reara-
on
mortality and interest tables.
these
reserves even
assets
or
small amounts for
a
"rainy"
The assets must increase in proportion to
though the insurance in force may be decreasing.
belong to millions of policyholders, and the share of each is,
average,
4.
large
It is a definite liability built up by rigid mathematical formulae based
day.
These
on
the
only a few hundred dollars.
In the United States the most common mortality standard for reserves
is the American Experience Table but the substitution of a modern table
would not materially alter
future claims.
with
the aggregate reserve which must be held for
would also be lower.
and therefore lower net premiums,
the
reserves
Actually, however, under a modern table the lower
death rate is most marked at ages under 60, the mortality curve rises more
sharply and at the older
Experience Table.
ages
mortaility set aside practically the same aggregate
5.
Although the
reserves are
the mortality element in
still based
on
We
case
as
before in
Discussing
Norman
the American Experience Table,
assume
a rate
for the future.
In
his best judgmet as to what will happen.
The price of life insurance cannot be moved up or down from month to
month like the price of gasoline.
In the long
run,
the price must be de¬
termined by the actual experience of the particular company.
In life
insurance, the price is found by combining the mortality and
expense rates with
interest earnings.
On the investment side the policy¬
holder is in fact credited with the interest rate assumed in the premium or
reserve
ease
private
the blow of deflation when it
property
will
continue
to
comes
enjoy
its
by
con¬
confiscation without declaration of intent.
ages.
he simply tabulates what has already happened, but in the
use
that
assurance
of light
and with any excess interest allowed in the dividend.
American Way to House Americans J.
Pierce
Suggests to National Electrical
Contractors
Association
Need
of
Government
Credit In More Liquid Form Than Now
■''' .'.v'"';.
second he must
avoid inflation and
can
giving
stitutional protection and that due process will not be perverted to permit
Large-scale housing
Sometimes the actuary compiles a mortality table from actual past
the first
8.
through fiscal policies, it socializes wealth without disclosing
intent, it cannot hope for the response which seems
essential in this emergency."
He added:
its
the price of insurance is determined by modern
experience, but at other times he must
7.
years
reserves
high mortality at the older
experience.
6.
financing. He asserted that "if through arbitrary con¬
trols, it restricts consumption, if through confiscatory taxa¬
tion, it absorbs an undue portion of the national income; if
reaches practically the level of the American
The company must therefore in the early
order to meet the inevitably
,
ment
The layman naturally assumes that under a modern table
lighter mortality,
•■/..'./VN.■
■'
in the United States require
programs
the "subsidy of government credit in a more dynamic and
liquid form" than
exists, J. Norman Pierce, Chairman
now
of the National Electrical Contractors Association's
Committee
special
Housing said in a report submitted to the
annual convention, at Jacksonville, Fla., on
Mr. Pierce said that the "cost of money," re^
on
Association's
Oct.
23.
presenting
one
of the
must be halved.
principal costs of home ownership,
He asserted that
"stimulated" into
buying
a
people do not need to be
home, and added that "what
"If these facts had been fully set forth at the outset, there
would have been less misunderstanding and there would today
needs to be stimulated is the effort to do away with barriers
that confine home owning ia senseless vagaries and expenses
be a better perspective on the way life insurance fits into the
general economic set-up," Mr. Laird said.
He said in part:
War
This
that
A
A
-
Prosperity "Boom" Seen
by Paul F.
Cadman of
A. B. A. Unless Controlled Through Voluntary
Saving—Comments on Proposed Increase in Debt
Limit to $65,000,000,000—Warns Against Inflation
prosperity "boom" for tbe United States, accom¬
panied bv a danger of marked inflation and followed by the
possibility of financial collapje unless inflationary tendencies
are
controlled through voluntary
saving was foreseen by
Dr. Paul F. Cadman, economist of the American Bankers
Association, in an address at Cincinnati on Nov. 7 before a
meeting of the Ohio State Chamber of Commerce. Speaking
on tbe subject of "An
Appraisal of the Post Election Period,"
Dr. Cadman declared that the great
expenditures now under
way for rearmament will bring about "full utilization of the
capacities of skilled labor and management" and that "we
are certain to bee a period of time which will be characterized
by the business indices as prosperity."
At the same time, however, Dr. Cadman said, this full
utilization of productive capacity coupled with wide dis¬
tribution of purchasing power is likely to cease with the
armament boom and may result in a serious depression.
"An armament boom can have just as critical a
slump as
could a business boom based on security or real estate
speculation," he declared.
If the demand for necessities.
war
burden
the
home
unbalanced
with
owner
good low cost house is about to make its
house, and others of
a
appearance on the market.
similar nature, will have an opportunity of
doing much for the building industry in America, and business
if all
of American
elements
life
get
together to
readily available and suitable to low income
as a
whole,
make these homes
groups
more
by making first, in¬
termediate and final costs lower, and by increasing the
liquidity of the real
involved.
property
These
charges,"
objectives can best be described by:
housing
1. Locating
on
inexpensive sites that
are
subject only to rural
taxes.
2.
Reducing the title and foreclosure costs.
3.
Reducing actual building costs through the development of low cost
homes via
4.
mass
production methods.
Reducing the interest rate to a level that will make it possible to buy
these homes without the owners putting themselves under monthly payment
obligations that will cut their buying power below present levels.
I maintain that the
quickest
way to get
the government out of any business
where it ought not to be, is to put the government in business, temporarily
at
least, where
all the money
a
real job is not being done and where business is not making
it ought to make.
Tne American Way
■
*
By the policy of teaming government with private investment, it should
be possible eventually to make general
that there would be
no
demand, not
business
so prosperous
even any room
investment in any enterprise that can be private
That this is
government
no
theory
our own
investments
and profitable
for further government
under
any
circumstances.
business history shows plainly.
in railroads,
canals
and
The early
other public works
stimulated the American business system that 50 years later
so
government
Volume
had actually
That
fore.
The Commercial &
1S1
withdrawn from many fields in which it
I maintain, can be repeated.
process,
government out of
had been active be¬
The way to get the
business eventually is to get the government in business
moderate investment of public funds will provide
whenever and wherever a
the "trigger
growth,
action" to stimulate private business as a
whole into greater
profits and greater prosperity for business men
greater
and all
and customers.
their employees
investment,
and that the growth of one does not imply the restriction of the other, nor
depend upon the restriction of the other, is, I contend, one of the plainest
lessons of our commercial and industrial history. That was the "American
Way" of doing business, and thinking about business, when this country was
growing at its most rapid rate, and when the foudations of modern busi¬
That there is no necessary disharmony
ness
and the
of private and public
modern American economic system were
being so success¬
In those days no man ever said that subsidy was
It was too plain for all men to see that on
fully laid by our forebears.
enterprise.
the foe of private
investment was a spur to
the contrary public
2743
Financial Chronicle
private investment.
will be
industrial supremacy.
blow to New York State's
a
The Chamber also states:
Commission announced that it
railroad class freight rate
structure for the entire country east of the Rocky Mountlns to determine
whether in lieu of the different rate levels existing in different sections of the
country, reflecting local conditions, there should be prescribed a uniform
rate level and, if not, whether some new basis should be prescribed for rates
Interstate Commerce
In August, 1939 the
would
make
complete investigation of the
a
from one section of the country to
a
further
another.
States are organized
The Southern
as
of securing more
means
into Northern markets and they are
Both are preparing to present
of the Western States.
effectively
The
investigation
the South
representatives
in an effort to use the
favorable freight rates from
joined in this effort by
their contentions as
possible before the Commission.
as
the report is made public
following from
by the
Chamber:
vigorously present their side
"Unless the Eastern interests
of the case,
made which will enable territories less
favorably situated to overcome their disadvantage to the detriment of
Eastern territories."
"Sites for manufacturing and other enterprises are
freight rate changes are likely to be
Functions of New York's
Exchanges Urged by George
A.
Sloan,
City Commissioner
of Commerce In
Address Before New York Chamber of Commerce
Understanding
Better
of
Banking and Security
national importance
The
nancial center,"
Sloan, City Commissioner
the
for
Mayor's
better
a
of New York as "a great fi¬
emphasized on Nov. 7 by George A.
was
of Commerce and Chairman
of
Business Advisory Committee, in appealing
understanding throughout the country of the
banking institutions and securityex-
vital functions of the
changes of the metropolis.
His address was
New York City at the monthly meeting of the
Commerce of the State of New York.
delivered in
Chamber of
Stating that "I wish primarily to talk with you
about New York as the world's greatest financial
today"
center
period of time there has
a
centralization and control.
the world.
thousand communities were selfthe major
undertakings that have developed to meet modern human needs local fi¬
nancing is not adequate.
A financial center in the body politic is just as
necessary as an important organ of the human body
...
New York has become a great financial center and always will remain so
because this City is the plexus of population, transportation and com¬
munication for the United States.
And our financial center is likewise a
vitally essential part of the body politic.
But , I believe that we are entitled
to ask the people of our country to realize that there is a definite mechanic
and far-reaching importance to the accumulation somewhere of funds in
volume adequate to take care of the largest operations which a Nation of our
We might
prefer a Nation in which a
contained financially.
After great industries and
period of many years
most unfair that their advantage of location should in a large
be undone by a sudden arbitrary change in freight rates."
York State already suffers from high taxes and much legislation,
of different sections.
business enterprises have
thus been built up over a
it
seems
measure
"New
placing it
at
disadvantage with competitors located
a
Many industrial establishments
The loss of more
States.
other
in
But it must be recognized today that for
magnitude requires.
I believe it can be conclusively Mated that from
transportation
and
the standpoint of ef¬
standpoint of low interest rates,from the standpoint of
imagination and public spirit, the financial leaders of New York are con¬
tributing to the national welfare.
At the same time they are not drawing
into New York, and for the selfish purposes of New York, any of the vital
which ought to lie elsewhere.
I think it can be
abundantly proved that through accepting the funds, which for generations
have normally flowed to New York, something new is created in the way
of a great volume of readily available resources which has played a vital
part in the building of America.
/
When national attention is directed toward New York City, it necessarily
must consider the importance of its security and commodity exchanges and
their relationship to the financial activities of our people everywhere.The
business centered upon the New York Stock Exchange, for example, nor¬
strength of the country
of the largest industries of this community.
The
pulse of commerce, of industrial durable production, of building construction
of consumption of a myriad of consumer goods produced inside the border
of the United States, throbs more strongly upon the Stock Exchange than
increase in State taxes or a
"Obviously, all of us can be
rate structure.
any
this
other of our great
Exchange
business
to the
American markets.
Evidence of the utility of
origin of 85% of
public, not in New York
American people is found in the
this Exchange placed by the
through
other parts of the United States.
institution so important to the economy of the Nation as
the sympathetic understanding of the people of the City
City, but from all
Certainly, an
a
whole merits
and
of the 8tate where
thousands of outside
business it attracts from
substantial employment and
it functions—where the
localities creates for us
large taxable values.
"So far
as
New York is
am on
concerned," said Mr. Sloan.
safe ground in
of the City of
"I know tnat I
pledging you a jealous cultivation of all
legitimate business in an
atmosphere
of friendliness and
encouragement."
preliminary investigation led
him to believe that reports of migration of industry from
New York City had been exaggerated.
He gave several
instances in which the Mayor's Business Advisory Committee
had been helpful in keeping industries here.
He praised
Mayor LaGuardia and various city departments for the co¬
operation they had given.
Mr. Sloan was introduced by
President Percy H. Johnston, who presided at the meeting.
Commissioner Sloan said that
Commercial Organizations Urged by
Chamber of Commerce to Take Steps to Oppose
Radical Changes in Freight Rate Structure
State
public by the Chamber of Commerce of the
Nov. 3 urged commercial organizations
of the State to take steps to oppose the move instigated by
the Southern Governors Conference to break down the class
freight rate structure.
The report, which was drawn by the
Committee on Internal Trade and Improvements, warned
that any change in rates giving the South further advantage
A
report made
State of New York on
Nation's freight
protect
all means should be taken to
York when an investigation
♦-
Truck Strike Affects Defense Production
Aeronautical Corp.
>
in Brewster
A hearing was called on Nov. 8, by Mrs. Elinore M.
Herrick, regional director of the National Labor Relation's
Board, in an effort to end a jurisdictional dispute between
the American Federation of Labor and the Congress for
Industrial Organization, which threatens to disrupt produc¬
tion of more than 500 United States Navy planes and other
material
defense
plants
in
of the
Corp., in Long Island City, N. Y.,
In reporting the strike the New
said:
'-'''v;'- ' ''
Brewster Aeronautical
and Newark, N. J.
York "Sun" of Nov. 8,
•
.
'
truck deliveries of necessary materials to the
week. Although production on the Nacy planes
and on orders for the British Government has not yet been curtailed, a
serious situation will develop if the dispute is not solved at once.
A work stoppage was ordered by Local 807 of the Teamsters Union,
The
dispute has tied up all
plants for the last
following the discharge
of three of its members.
The A. F. L. picketed the
all incoming trucks, Most of the company's employees
United Automobile Workers Union of the C. I. O.
terms of the agreement with the C. I. 0., all persons taking
plant, stopping
members of the
are
Under the
employment with the
firm must join their union within 60 days.
A. F. L. union and refused
however, belonged to the
Three drivers,
affiliation and join the C. I.
drop their
O.
to
The company was forced to
discharge them.
+
Strike
at
Fort
New Jersey
Dix,
Delays
Construction
Work Program
The defense
construction program at Fort
Dix, New Jersey,
curtailed on Nov. 8, when about 700 laborers, members
of the Hod Carriers and Laborers Union A. F. of L. went
was
on
strike.
complained that men who had come to work
apprentices from Local 1,489 of the Carpenters and
Joiners Union,
also an A. F. of L. affiliate, have been
doing laborers' work for less money.
In reporting the strike the New York "Sun" of Nov. 8,
The laborers
as
stated:
Fuller Construction Company holds the $5,500,000
construction of 852 new barracks and other buildings
at the fort.
The Fuller Company is constructing the foundations and
has sublet the contract for the construction of the buildings to Johnson
& Sons, Inc.
The Fuller Company is working on a ninety-day contract
and the building project is scheduled for completion on Nov. 28, before
George
A.
for the
contract
real cold weather sets
in.
today with the strike of the laborers,
the buildings are finished. As a ooiisequence,
Guardsmen now at the camp jprobably will
remain in tents far longer than they expected
John Johnson, superintendent of the Johnson Company, said that al¬
though today's strike had not entirely halted his operations, it probably
would eventually do so.
Michael Neylon, business agent for the laborers'
All the
however,
the
foundation work was tied up
and fewer than half
thousands of National
union, said that
thd strike was directed
which, he charged, has been
actually using them as laborers.
Company
but
York
affected by changes in the
It is therefore vital that
advantage."
hour while
New
of the many
has been instituted to de¬
termine whether and, if so, how, the freight rate structure should be radically
changed, and when other sections of the country will seek changes for their
The
the Department of Commerce
reduction in the expenditures
carried on by the State.
welfare organizations
mally constitutes one
in
would sooner or later follow, making necessary
reduction in State revenues
two
ficiency, from the
from a revolutionary change
Unemployment would be increased; and merchants, dis¬
companies would suffer loss.
A material
freight rates.
tributors
in other States.
already have on this account moved to
establishments or shift of production to
in other territories would result
branch plants
the interests of New
been a great deal of talk about the harmful
It is obvious that centraliza¬
tion and control can be overdone and wrongly applied.
However, I believe
that thinking men in all walks of life realize today that the Unted States
is no longer in its provinical era.
We have grown into a world state and
what we do along financial lines has its repercussion in every country in
Over
facilities, freight rates
careful study of transportation
and economic advantages
an
Mr. Sloan said:
effects of financial
selected only after a
As
297
a
laborers get 80 cents.
the Johnson Company, by using some
work other than hammering and sawing, is saving
$1,700 weekly.
Mr Johnson, on the other hand, said that he
result,
Neylon asserted,
apprentices
more
than
paid some
principally against the Johnson
hiring men as carpenter apprentices
The apprentices earn 65 cents an
on
be¬
apprentices as much as $1.10 an hour. He added that he
in calling the strike, was simply trying to put more laborers
lieved the union,
on
the pay
roll.
Only a few days ago
it was charged that
the construction program was
union carpenters were discharged for
inefficiency, the Burlington county union officials insisted that they be
re-hired.
Before that union carpenters from New York were not allowed
on the Fort Dix job unless they paid the local there a $30 transfer fee.
being held
back because, whenever
The Commercial & Financial Chronicle
2744*
New York World's Fair Strike Settled
exhibits
and
truck
Oct.
since
Fair
29,
was
settled
Nov.
on
7,
through
the
of Mayor F. H. LaGuardia at a conference of
union leaders and representatives of the Park Department
men may
9,
1940
continue arid may
spread again upon the earth.
drivers that had halted removal of
demolition work at the New York World's
strike of
The
Nov.
America, all to the end that government of free
'
I have received too many
individual
answers
all
to
kind and encouraging
of them.
gratitude and thanks.
messages
To the senders of them
to permit of
I express my
'.
-
mediation
and the Fair
Corporation at City Hall, New York.
Thomas A. Murray, President of the Central Trades and
Construction Council and representatives of the American
Federation of Labor unions involved in the dispute announced
after the meeting that the trucks would begin rolling on
Nov. 8. AUl ,200 workmen affected by the strike including
plumbers, carpenters, wreckers, iron workers, and elec¬
tricians, who struck in sympathy with the truckmen, would
be back at their lobs
Pickets
on
Nov. 8 also, announced Mr.
Murray.
the main entrances of the Fair
truck drivers, representing five locals of the Inter¬
national Brotherhood of Teamsters, Chauffeurs and
Helpers,
of their demands,
most
in which he said:
It has been
union drivers be used
on
the primary one being that
hauling property that had
trucks
and Mrs.
In
representatives
that Park Department employees
hauling the plants because they required
specialized handling.
The other unions that co-operated with the truck drivers
Roosevelt
said to have been assured by Park Depart¬
Comdr. Howard A. Flanigan, Vice-
were
and
President, that work in their respective spheres throughout
the exposition would be done
exclusively by union men.
This
will
include
the
property turned over to the
Department by the Fair, except for the landscaping.
Park
men
who
were
discharged.
"Vote
Company engaged
Joseph J. Barry, President
of the company, termed the action a "walk-out."
The men
asked an increase from 623^ cents to 75 cents for laborers
and from 80 to 90 cents for hod-carriers.
Appealing
to
the
President Roosevelt
Nation for
on
Willkie, Republican Presidential Candidate,
and
Senator
McNary
Congratulate
President
Roosevelt
on
Re-election—President
Expresses
Thanks
he stated
and
term "until
that he
Nov. 6 received messages of con¬
his re-election from Wendell L. Willkie,
upon
on
Republican Presidential candidate, and from Senator
Charles L. McNary or Oregon, the
Republican Vice-Presi¬
dential nominee.
He
telegraphed immediate replies of
thanks to both candidates.
The telegrams were made
public
at the temporary White House offices in
Hyde Park, N. Y.
Following is Mr. Willkie's message:
Congratulations
I knov that
your re-election
on
pated in the election.
i'V
;■
I wish
President of the
as
both gratified that
we are
so
many
on
my
They have marched forward right
I greatly appreciate the
assurance
your
of your
I).
telegram sent by Senator McNary read
Heartiest congratulations.
Wishing
all
you
grace
follows:
as
and
McNARY.
V;
of
our
ROOSEVELT.
Unity and Completion of
Principles He Advocated
to
Charles
McNary
In a nationwide broadcast on
Nov. 6, accepting the result
of the election "with
complete good will," Wendell L. Willkie
pledged himself to work "for the unity of our
people in the
our defense effort, io
sending aid to Britain
insistence upon removal of
antagonisms in America—
all to the end that government of
free men
and
may
m
spread again
The
statement
may continue and
upon
Mr.
read
no
our
I accept the result of the election with
complete good will.
our
vitality of
thanks
to the thousands who
so
zealously and wholeheartedly
for my election in various organizations and
to the added millions
who supported me.
I know that they will continue, as I
shall, to work for
thp unity of
ing
our
of aid to
people, in the completion of
Britain
and
in
insistence
our
upon
defense
removal
stating that the New Deal has been the
added:
given the opportunity
effort,'
of
roads to be built, homes to be
on
power to
be made for farm and home and
-,V;
.
You used the powers of government to stop the depletion of the top soil
of
America, to stop decline in farm prices, to stop foreclosures of homes and
:
,
1
collectively.
Yes,
you set up
'■
:•
\
the machinery to enforce that right.
You turned to the problems of youth and age.
out of the
You took your children
factory and shop and outlawed the right of any one to exploit the
labor of those children; and you gave to those children the chance to pre¬
body and spirit the moulding of
an even
fuller and higher day for
For the youth of the land you provided chances for jobs
and for
And for old age itself you provided security and rest.
You made safe the banks which held your savings.
You stopped,
once
and for all, gambling with other people's money—money
changing in the
temple.
Yes,
.
.
you
advanced to these and to
many
other obligations, many obli¬
gations of democracy, and therefore, objectives of democracy.
them, you consolidated them and
He also declared
you are
You gained
advancing again.
that "the forward march of
democracy
is under way and its advance must not and will not stop."
Stating in the course of his address that "I think that it is
the
destiny of this American generation to point the road
the future for all the world to see,"
to
tinued:
I
;;
our
prayer
that all lovers of freedom
the President
con¬
■
join us—the anguished
may
people of this earth for whom we seek to light the path.
America where factory workers are not discarded after thejr reach
see an
their prime, where there is no endless chain of poverty from generation to
The popular
democratic principles and the
adherence of
people to the two-party system.
I extend my
were
farms.;:; •"
radio
our
worked
policy of practical
policy is to give all possible material aid to the nations that
work.
men
common
the
over
follows:
vote shows the
And if you go from
You provided work for free men, for free women in America who could
It is
Willkie
the
creation of the American people,
the earth."
which
,
will know that they cannot
divide the peoples of this hemisphere one from another.
education.
Willkie, Republican Presidential Candidate,
Accepts Election Result with "Complete Good Will"
completion of
foreign policy
national strength.
the North Pole to the South Pole you will know that is a
pare in
Wendell L.
Will^ultimately Be Adopted—Message
our
follows:
that the great powers of Europe and of Asia
themselves.
—To Work for National
Defense Effort—Believes
;
You wrote into the law the right of working men and women to
bargain
Many thanks tor your generous and therefore
characteristic message,
and I know you and I will work
together in the national interest.
I heartily
reciprocate all your good wishes.
D.
purpose
The second purpose of this policy is to keep war as far away as possible
from the shores of the entire Western Hemisphere. Our policy is to
promote
such friendly relations with the Latin-American Republics and with Canada,
industryi
following reply:
FRANKLIN
as
.O*
And for that
That is why we make ourselves strong; that is why we muster all
reserves
administration
L.
'
govern¬
erected, rivers to be harnessed,
\CHARLES
L.
of confidence.
ment out of the United States.
Idle
'A'V
The President
telegraphed the
\
"v:
your vote
The first purpose of our foreign policy is to keep our
country out of war.
And at the same time, with that, we seek foreign conceptions of
ROOSEVELT.
prosperity.
.
asking
Saying that there is nothing secret about
find
FRANKLIN
all
am
good wishes for my health and
happin3ss, which I heartily reciprocate.
The
I
still resist aggression, across the Atlantic and Pacific Oceans.
WILLKIE.
of congratulation.
message
hopes for real freedom, real pros¬
our
peace.
The President in
for
over
the very threshold of the future—a
up to
I want that march to continue for four more years.
reply follows:
sincere thanks
Mr.
to declare that "when that term is
success.
happiness.
L.
footing ahead" adding
sure
many more Presidents in the years to come."
Denying any
personal ambition, the President said that "no personal
ambition of any man could desire more" than the privilege
of serving during the years he has been in office.
In the early part of his address, Mr. Roosevelt stated that
during the past seven years "the American people have
marched forward out of a wilderness of depression and
despair." He continued:
Finally,
WENDELL
accept
States.
American citizens partici¬
you all personal health and
confidence,";
campaign
that "we will make it before the next term is over."
■■■;'•'--V'Cordially,
\
Mr. Roosevelt's
Please
United
of
would like to continue for another
reach the clear,
we
the President restated it
'
the
"vote
a
address delivered in Cleveland, said that the true reason he is
seeking reelection is because of the great storm raging now,
perity, real
Wendell L.
gratulation
Confidence"—In¬
Nov. 2, in his fifth and final
future which holds the fulfillment of
President Roosevelt
of
there will be another President and many more Presidents,
in construction work in the Portsmouth
Navy Yard, struck
on Nov. 4,
demanding wage increases and reinstatement of
two
for
Address in Brooklyn, N. Y., Criticizes
Republican "Unholy Alliance"
Roosevelt went
Portsmouth, N. H. Navy Yard Workers Strike
About 250 employees of the Aberthau
Asks
World—In
agreed
officials
ment,
you
V,-v
;•
"•
dicated Desire of Third Term Because of Storm in
continue
in the strike
Mrs. Willkie and I send cordial greetings to
McNary.
Closing Political Campaign at Cleveland, President
been transferred to the Park Department by the Fair Corp.,
other than trees, shrubbery and small plants.
The union
should
great joy to have been associated with you in this crusade.
a
Sorry about the result.
The
won
^
recalled from
were
Nov. 7.
on
Following his brief radio talk, the defeated Republican
was proud to have led the
"crusade," and believes completely that the "final adoption
of the principles which I advocated is indispensable for the
continuance of this free way of life."
Mr. Willkie added
that he started the campaign "without bitterness," and ends
it "with no ill-will toward any one."
Mr. Willkie on Nov. 6 sent a telegraphic message to Charles
L. McNary, his running-mate on the Presidential ticket,
Presidential candidate said that he
in the send¬
antagonisms
in
generation, where impoverished farmers and farm hands do
homeless
a
wanderers,
not
where monopoly does not make youth a
become
beggar for
job.
I
see
an
America whose rivers and valleys and lakes,
hills and streams
and plains—the mountains over our land and nature's wealth
deep under the
earth—are protected as the rightful heritage of all the people,
I
ses an
grow.
America where small business
really has
1
a
chance to flourish and
-
■.
I
1
-
Volume
I
cultural and educational opportunity
America of great
an
sea
His remarks follow in part:
for all
its people.
I
and
I
America where the income from the land shall be
an
see
it
implemented
I
fair share in the national income.
a
Where no business man can be
goods for America.
turn to make the
are
the fair reward of every
and little—in all the Nation.
I
An America where the workers are
an
and woman are
man
really free and—through
their great
within—can
council table with the owners and managers
take their proper place at the
Yes,
America where the dignity and security
guaranteed by their own strength and
of the working
fortified by the
safeguards of law.
An America where those who have
out their
I
live
for
who through a long
families and their Nation so well.
America devoted to our
an
see
Where pensions and insurance
shall be given as a matter of right to those
life of labor have served their
and
reached the evening of life can
in peace and security.
years
these aged
freedoms—unified by tolerance,
unified
to peace, a
confident in strength because their body and spirit are secure and
religious
by
people
people consecrated—consecrated
faith—a
The
unafriad.
And I will
never
we
nothing else.
and
to design it;
us
We
strong enough to
In the days
for
build it.
us to
"/'
And we
the likeness of liberty.
Always the heart mi the soul of our country
of the common man—the men
will be the heart and the
ceased
their families, their
and the women who never have
in democracy, who never have
to believe
be making history—
shall make very sure that
and months and years to come, we shall
hewing out a new shape for the future.
soul
have ever swept
ceased to love
homes and their country.
The Republican candidate
cannot be neglected"
and told of the ways it can be weakened.
Regarding "the
argument that you should thrust aside the tradition against
a third term on the ground that we are faced with an inter¬
national crisis," Mr. Willkie said:
radio
program.
warned in this talk that "democracy
And in His faith is the strength of all
of God.
the spirit
It is
America.
is
to
previous night (Nov. 1), in the Brooklyn Academy
President made his fourth campaign address
charging that an "unholy alliance" made up of "extreme
reactionary and extreme radical elements" is now backing
the Republican Party. He went on to say:
The only common philosophy and the only common purpose they have
is to get wholly rid of all the New Deal—lock, stock and barrel—and to get
control of government, your government, in their own hands for their own
On the
1
purposes.
will never be able to
people, they
their falsifications on the
the American people.
upon
Yes, I think we will all see to
that next Tuesday (election
We all know the story of the
unfortunate chameleon who
day).
turned brown
when placed on a red rug, and who
died a tragic death when they put him on a Scotch plaid.
We all know
what would happen to government if it tried to fulfill all the secret under¬
placed on a brown rug, and red
when
between the conflicting groups which are now
standings and promises made
Let
may
the extreme radical elements
There is no common
of thii country.
ground upon which they can unite
will to power, and their
common
to
processes
each seek.
produce
overnight
unless it be their
impatience with the normal
democratic
inconsistent dictatorial ends they
the
•
.
• •
'
•
attacks upon
have the members of this new unholy alliance
public life have made such vicious
No elements in American
each other in recent years as
who have
been drawn into this unholy alliance realize what a threat that sort of an
alliance may bring to the future of democracy in this country.
I am certain that the rank and file of patriotic Republicans do not realize
I do not think that some
of the men, even some of the leaders,
the nature of this threat.
The President in his address
That, my friends, is just
am
I
;■
all my heart
v:
fighting for a free America—for a country
have equal rights to
am
declared:
what I am fighting against with
and soul..
women
unpatroitic appeal to class
contempt." Regarding his position on various
subjects, Mr. Roosevelt
I
also said that the Republicans
making "a direct vicious,
hatred to class
in which all men and
liberty and justice.
fighting against the revival
of government by special privilege—
lobbyists—government vested in the hands of those who
foreign dictatorships.
fighting, as I have always fought, for the rights of the little man as
the big man, for the weak as well as the strong, for those who are
government by
would have us imitate the
favor and who
I
well
am
as
helpless as well as for those
I
to
am
who can help themselves.
and at peace.
fighting to keep thus Nation prosperous
keep our people out of
foreign wars and to keep foreign
government out of our own
I
am
I am fighting
conceptions of
United States.
good causes. I am fighting to defend
those who now rise up to challenge
fighting for these great and
them against
the power and might of
them.
And I shall not stop
Final
fighting.
L. Willkie, Republican Candi¬
Presidential
Campaign—Would
Keep
Pleas of Wendell
in
date
Country Out of War
on
Third Term
On
the
it at
from you without you realizing it.
warning on continuance in office as a means of break¬
ing down democracy follows:
V- '-v
v.\ :.
to
destruction of
our
peace."
to
the
Departments of Government
of office, then the last step in the
be added continual tenure
democracy has been taken.
No argument can
N<2ypne man, much less with a
justify it.
record of
asThe
sole instrument of that wisdom
which warned us to "put not our trust in princes."
It will always be found that the free exercise of our democratic institu¬
tions strengthens us—it never has weakened us—to exercise the functions
of democracy.
It has always been true that democracy grows strong in
its own exercise, and it is true today and doubly so,
failure, can reasonably be regarded
In his final talk before the
election, delivered after mid¬
night (Nov. 4) to a Republican
rally in New York City,
preservation of the free way of
life in America by becoming a united people.
Mr. Willkie issued a statement on Nov. 3 promising that
if elected President he would recommend in his first message
Mr. Willkie called for the
to Congress that "they submit a Constitutional amendment
limiting the time any one President may serve to eight
years or
less."
final major address of the cam¬
paign before a capacity crowd in Madison Square Garaen^
New York City, on Nov. 2.
His talk amounted to a virtual
summation of the New Deal's record and methods as con¬
trasted with the methods of democracy.
He stated in part:
The unlimited spending of borrowed money—the piling up of bureau¬
cracy—the usurpation of powers reserved to Congress—the subjugation
of the courts—the concentration of enormous authority in the hands
of the Executive—the discouragement of enterprise—and the continuance
these are the
for millions of our citizens upon
methods of the New Deal.
Government—
But they are not the
methods of
democracy.
+
Relief Fund and British War
Consolidate—New Organization to
Allied
Relief Society
Retain Name
President
Fund and the British War
Relief Society, the two leading private agencies in the United
States providing medical and civilian aid for Great Britain,
was
announced on Nov. 7 at a luncheon at the WaldorfAstoria Hotel in New York City, attended by more than
100 sponsers of the two organizations. Following the lunch¬
eon the merger was formally ratified by the boards of direc¬
tors of the two bodies. WiDthrop W. Aldrich, organizer and
President of Allied Relief Fund, will head the new organiza¬
tion, which is to continue under the name of the British
War Relief Society. Robert R. Appleby, who was Chairman
of the British War Relief Societv, will become Vice-President,
and Samuel A. Salvage, President of the former Society,
will serve as Honorary Chairman.
Samuel A. Welldon and
E. Gerrv Chadwick, Treasurer and Secretary, respectively,
of the Allied Relief Fund, will continue in these offices in
the new organization. The board of directors of the merged
organizations will consist of 21 former directors of the Allied
Relief Fund, together with four trustees of the British War
of
Latter—W.
W. Aldrich,
Consolidation of Allied Relief
Relief Society, as
follows:
Winthrop W. Aldrich
Robert R. Appleby
Cecil Baker
talks
in the hands of the third-term
and the subversion of the other
candidate
Robert Woods Bliss
(Nov. 4) of his campaign
Nation-wide
The reason given
His
if Elected, and Proposed Ban
American people
pledging to keep this country out of foreign wars and
appealing for National unity.
His first broadcast on the
day before election was to the women of the country, in
which he promised that his "every act as President will
be to keep the country out of foreign wars and to keep
three
special reason.
The motives behind it may be honorable and
such reasons, little by little the structur
logical.
of democracy is taken away
for the
Wendell L. Willkie, the Republican candidate,
closing day
Presidency,
made
seem
But if you give in to
of economic dependence
against each other.
were
even
sincere.
Mr. Willkie delivered his
has been
the Republican Party between the extreme reactionary and
ominous in this combination which
is something very
forming within
always begins by asking people to
remember that dictatorship
us
institutions until the
them to us.
give up some law or tradition for some
backing the Republican Party.
There
It means that whenever our Government says
must forego our democratic
■
American
foist this only common purpose of theirs
they have not been able to foist
as
we
take us
surrender
That means that democracy must
trouble.
an emergency,
To thrust aside
that only one man has the ability to
assume
Government is pleased to return
there is
of Music, the
Just
sees
dangerous one.
argument is a false and it is a
If to the terrible concentration of power
of peace and good will.
spirit of the common man is the spirit
The
make sacrifices—all contribute
course,
10:30
coast-to-coast
it
faith is strong enough—
of
p. m. Mr. Willkie joined his running mate,
McNary, Representative Joseph W. Martin Jr.,
Republican National Chairman, and other speakers on a
At
in the face of any
survive the most fearsome storms that
that future of our bears
We must produce.'
classes
We must be united; not divided into
all,
must
Senator
That
Americans.
the earth.
over
healthiest and the
But it will be an Army
something in time, in substance and in effort.
that tradition
building of it we shall prove that our
In that
it.
for defense and for
social gains and to extend them, to build this
through these emergencies.
It is for
that will make war
build will be the soundest, the
will
To keep our
groups.
not to send your
Asiatic battlefield"
times before,
take this ccfhntry into war until your repre-i
strongest force in the world.
"
In conclusion the President said:
Our future belongs to us
>
bringing about a condition of affairs
avoid
Army
'
many
and brothers to death on a European or
sons
We must all work together.
outside force, or by any dictator
unions undominated by any
of business.
have promised
I
Army and equip it, to defend us, we must be strong.
America with peace in the ranks of labor.
see an
as
sentatives in Congress declare
stifled
legitimate profits of legitimate
business man, every business man—big
by the harsh hand of monopoly, and where the
business
will
necessary.
and private industry continue to
An America where the wheels of trade
promise,
husbands and
guarantee to those who
by a government determined to
protected
grow
2745:
The Commercial & Financial Chronicle
151
George
Blunienthal
E. Gerry
'
Chadwick
Frederic R. Coudert
Clarence Dillon
Watson C. Emmet
Marshall Field
Leon Eraser
Clark Minor
_
Gordon S. Rentschler
John D. Rockefeller, 3rd
Samuel A. Salvage
Myron C. Taylor
Harold Vanderbilt
Thomas J. Watson
Samuel A. Welldon
Sheldon Whitehouse
John Hay Witney
Henry Rogers Winthrop
Sir "William Wiseman
William Woodward
Frank L. Polk
The Commercial & Financial Chronicle
2746
Committees
the
of
two
organizations
throughout the
United States will be combined immediately,
giving the new
organization a total of 470 active groups throughout the
United States, and a
campaign will be inaugurated to in¬
crease this represeutation along a broad front.
The activi¬
ties of workrooms, warehouses and shipping facilities like¬
wise will
be consolidated at
As
once.
two executive groups,
a
Mr. Aldrich, the
saying in part:
statement
We shall
continue,
heretofore, to seek
as
addition calls for the exercise of
broadly based
ments.
His connection with this important
Mr. McGarrah
and supplies
Mr.
urgently needed in Britain. We shall continue
director
made homeless by the incessant bombing attacks, and contributions
There is also a great need for shoes and
clothing for men,
and children
women
to seek relief for Britain's
do everything we
energy, to
that Winter has
now
settled
over,
We shall continue, to the utmost of
can to lend a hand in this dark hour of
remained
with
the
New
York
February, 1930, when he became
of
the
Bank
for
International
Reserve
American
an
Settlements.
In
April of that year, at the initial meeting of the directors of
the Bank, held at Basle, he was elected as the
institution's
first President.
He resigned from that
post in 1933 and also
from active participation in
banking. As to Mr. McGarrah's
appointment to the Bank for International Settlements
(also known as the World Bank), and as to his further activi¬
ties after 1933, we take the
following from the New York
for mobile canteens to feed them.
the beleaguered island kingdom.
rare
McGarrah
Bank until
known
poor
1940
facilities for supplementing his
experience as a banker
an intimate
knowledge of economic and financial
conditions in Europe and the workings of
leading European banking and
financial systems.
spokesman for the
President, issued
money
9,
banking and financial judg¬
European work has given
in the United States with
new
to be
Nov.
our
Britain's
history.
"Times" of Nov. 6:
An announcement issued
Allied
Relief Fund sent to
by the Allied Relief Fund said:
France,
large amounts of money and goods.
activities
to
Great
His nomination to represent the
banking system of the United States
to the time of her capitulation,
Since then it has confined its relief
up
Britain and the refugees
within her borders.
date Allied Relief Fund has received $1,600,000 in cash
had shipped, as principal and
agent,
Up to
contributions
and
clothing, surgical and hospital equip¬
ment and other relief
supplies to
a value
of
more
than $800,000.
American
Ambulance, Great Britain, affiliated with Allied Relief Fund, has in ad¬
dition raised $400,000 among American firms and
individuals in England.
The British War Relief Society had secured in excess of
$1,400,000 in cash
contributions and a very large amount in
clothing and supplies for the
people of besieged Britain.
Executive
was made
by a private group of American
bankers, including J. P. Morgan & Co., the first National Bank of New
York and the First National Bank of
Chicago, after the State Department
of the United States had refused to allow the
Federal
Reserve
organization will be
new
Fifth Avenue.
The nomination
President
at
of
Bank
for
McGarrah, for
1933, Mr. McGarrah returned to the United
States, re¬
His talents were immediately sought in
He had not intended
to tie himself down to
a
desk
or con¬
on
campaign, Mr. McGarrah
mentioned.
He had hoped to spend the
in travel, the enjoyment of his friends and other
avocations,
complete indulgence in which had been denied him
during the busy years.
But the fund appealed to him as a public service and
he accepted.
was
next few years
Inter¬
a
Basle—Former Official of
Chase National Bank
Gates W.
participate
ideal
his retirement from the World Bank, but when the
United
Hospital Fund was seeking a man for the post of Treasurer for
the 1934
McGarrah, Former Federal Reserve
First
as
tiring from international banking.
Trust Company.
i.
Agent and Chairman of New York Federal Reserve
Bank—Was
received
among bankers here because of
Mr. McGarrah's reputation and was welcomed abroad
because, despite the
non-participating attitude of the State Department, it made the views of
the Federal Reserve System available in Basle in
the person of Mr. Mc¬
Garrah, who had taken such an important part in
shaping them between
1927 and 1930.
fining duties
national Settlements
was
commercial banking here and he was elected to the
Board of the Bankers
♦
Death of Gates W.
to
formally in the world bank.
In September,
headquarters of the
maintained at 730
on
the directorate of the world bank
The next year he was again asked to
serve, this time
Campaign Committee, and again he accepted.
many years one of New York's
Chairman of the
as
...
outstanding bankers and looked
monetary problems, died
upon as an expert in solving
Nov. 5 of pneumonia at Doctors
on
Hospital, in New York City, after
77 years of age.
the Board of the
Federal
Mr.
Mr. McGarrah
a
brief illness.
He
industries,
Reserve Agent and
He retired from active
was
was
at
was
various
times
a
director of
than
more
dozen
a
insurance companies and other enterprises.
He was
the guests of honor at public functions of financial im¬
but almost
portance,
the first
Death
President of the
Born in Monroe, N. Y., in 1863, Mr. McGarrah
began his
banking career as a clerk with the Goshen National Bank,
Goshen, N. Y., in 1881. Two years later he came to New
York City and after serving in different minor
banking posts
he became, at the age of 28 years, President of the
Mechanics
National Bank of New York, the youngest bank
president in
the country at the time.
The bank participated in a number
of mergers, emerging as the Mechanics & Metals
National
Bank where Mr. McGarrah served as President and
Chair¬
man
of the Board.
Later tne Mechanics <fc Metals was
absorbed in 1926 by the Chase National Bank in which he
served as Chairman of the Executive Committee.
At the
time of the 1907 money crisis, Mr. McGarrah
through his
official capacity with the New York
Clearing House Associa¬
tion, was a factor in bringing about a solution of the diffi¬
culties which had developed.
In 1914, 1917 and in 1923 he
was Chairman of that Association.
From 1923 to 1926 Mr. McGarrah
served as a Director
of the New York Federal Reserve Bank
representing the
New
York
District.
In
February. 1927, he was appointed by the Federal Reserve
Board in Washington (now known as the Board of
Governors
of the Federal Reserve
System) to the post of Federal Re¬
of
never
Almon
Revenue
made
a
public speech.
G.
for
Rasquin,
First
New
Collector
York
of
Internal
District—John
E.
Brady Named Acting Collector
Following the death on Nov. 4 of Almon G. Rasquin,
United States Collector of internal Revenue for the First
District of New York, John E.
maintained offices in the financial section of New York
up
to the time of his death.
the
among
was a
Settlements, at Basle, Switzerland.
participation in banking in 1933 but
Claps A member banks in
banks,
frequently
former Chairman of
Federal Reserve Bank of New York and
Bank for International
McGarrah
Brady
Collector
effective
Nov.
5.
was
appointed Acting
According to the New
York
"Times" Mr.
Brady received his appointment from Herbert
Gaston, Acting Secretary of the Treasury*, and was sworn
in by Everett L. Swift, Supervisor of Accounts
and Collec¬
tions, Monday afternoon, Nov. 4.
Mr. Rasquin's death at Riverside, L.
I., where he resided,
resulted from a heart attack suffered in the
early morning of
B.
■
Nov.
4.
He
was
"Sun" of Nov. 4
Mr.
Rasquin
was
appointed Collector of Internal
President Roosevelt.
man
of
the
52 years of age.
From
take the following:
the New York
we
Revenue in
1933
by
In 1934 he stepped down from his
position as Chair¬
Suffolk
County Democratic Committee
political activities while under Federal appointment.
Mr. Rasquin's jurisdiction as Collector extended
to
.
to
divest
.
himself of
.
Kings,
Queenc,
Nassau, Suffolk and Richmond Counties.
President Houston of ABA Pledges
Support of Banks
to Government
Address!eg the Annual Mid-Continent Trust Conference
Chicago on Nov.
7, P. D. Houston, President of the Association, in a reference
of the American Bankers' Association in
the results of the National election
to
"the support of the
Agent and Chairman of the Board of the Reserve Bank
of New York.
At the time of his
appointment to these im¬
portant posts the Federal Reserve Board
characterized Mr.
McGarrah as "one of the
teristic
on
Nov. 5,
pledged
banking fraternity to the Government"
saying:
serve
bankers."
(issued
a
country's outstanding commercial
announcement by the Boara at that time
Feb. 9,1927) said in part:
An
on
The Federal Reserve Board
feels, after a careful
period of two months, that it has been
banker in New York extends
was
President of
one
over a
period of
give
As
our
canvass
extending
over
some 40 years.
Federal Reserve System in
At the time of
the
largest commercial banks in New York
City,
The Merchants & Metals National
Bank.
He later became Chairman of
Board of that
institution, and when it was merged with the Chase
National Bank about a year
ago he became Chairman of
the Executive
Committee of the merged institutions.
As one of the
country's outstanding
bankers, Mr. McGarrah's interests
brought him into contact
with every portion of the United States.
Few bankers in New York
knowledge, gained
of the United States.
on
momentous
a
decision in the charac¬
healthy
division
That
the
a
support
Tuesday and
to
our
ABA
government.
pledge
the
support
is
of the
American
way.
banking fraternity
As
to
Some of the discussions at the conference which was in
session two days (Nov. 7 and 8), will be referred to another
week.
1914, Mr. McGarrah
of the
elsewhere have his intimate
a
showed
government.
J.
G.
the
commercial
a
election
of opinion.
It
genuine opposition essential to the operation of a democ¬
people I am sure we will accept the decision of
demonstrated
racy.
The
way.
president of the
very fortunate in succeeding in
bringing to the Chairmanship of the Federal
Reserve Bank of New York a
man of Mr. McGarrah's
qualifications.
Mr. McGarrah's experience as a
the organization of the
The American people have made
City
or
the spot, of every section
The high regard in which Mr.
McGarrah is held
by the banking com¬
munity of the State of New York is evidenced
by his election in 1923 by the
member banks of the New York Federal
Reserve District to the position of
Class A Director of the Federal Reserve
Bank of New York.
This position
a term of three
years under the system of rotation
observed by the banks of this District with
respect to their
Weir Appointed Controller-General of
British Purchasing Commission
Supply of
Arthur B. Purvis, Director-General of the British Purchas¬
ing Commission, New York, announced on Nov. 2 that he
has appointed James G. Weir as Controller-General of
Supply
in full charge, within the British
Purchasing Commission at
New York, of the work falling within the
scope of the British
Ministry of Supply.
Mr. Weir, who served in the first
World War, recently arrived from England, and is a Director
of G. and J. Weir Ltd., Engineers, of
Glasgow, Scotland.
Mr. McGarrah held for
tatives
on
the Board of the New York Bank.
banking
In 1924 under the arrangement set
up by the Dawes Plan for
for the Reichsbank having
Council
represen¬
was
Exchange Members Invited to Attend
Meeting for Suggesting Names for 1941 Nominating
Committee
a
General
foreign representatives on it, Mr.
selected to be the American member.
Thi3 position is in
the nature of an international
trusteeship of the highest character and in
McGarrah
New York Stock
The
Nominating Committee of the New York Stock Ex¬
on Oct. 28 invited members of the Exchange and
their partners to attend three meetings, on Nov.
7, 14 and
change
Volume
The Commercial
151
nominees for
Nominating
with Article VIII of the constitu¬
20, for the purpose of receiving suggestions for
the 1941 Nominating Committee.
The 1940
Committee, in accordance
tion, will present a panel of nominees for
Committee to be composed of:
members
allied
the 1941 Nominating
concentration
or
residing in the
non-members of the Exchange
partners
York who shall be general or
in member firms engaged in a business involving direct
with the
and loan association
Savings
defense.
on
peculiarly concerned with it because of the prominence
of housing for defense workers.
The first session will hear
from the League Secretary-Treasurer H. F. Cellarius the
statistics of the business for the year ended 1939.
The
are
Exchange,
Four members of the
Two
2747
& Financial Chronicle
limited
contact
keynotes of the responsibilities of the business
ahead will be sounded by President West and
in the year
by Morton
Various other speakers
Executive Vice-President.
will address the Convention.
Bodfish,
public, and
metropolitan area of the City of New
One
member
or
allied member or non-member
outside of the metropolitan area
general or limited partner in a
direct contact with
of the Exchange
of the City of New York
member firm engaged in a
residing
who shall be a
business involving
the public.
members
of the Exchange, 7 allied or non-members residing in the
metropolitan area and 4 out-of-town members or nonmembers were suggested for the committee.
The retiring
nominating committee will present, on Dec. 16, a panel of
seven nominees
for the 1941 Nominating Committee, the
election of which will be held on Jan. 13.
The 1941 Nomi¬
nating Committee will propose a slate for the offices to be
filled at the general election of the Exchange on May 12,1941.
At the first meeting on
Six Elected to
Nov. 7 the names of 15
Membership in New York State
Chamber
of Commerce
At the
monthly meeting of the Chamber of Commerce of
held on Nov. 7, the following business
the State of New York,
men
formally elected to membership
were
Walter W.
in the Chamber:
Chairman of the Board, Differential
& Colpitts.
Philip M. Carter,
Wheel Corp.
Colpitts, partner, Coverdale
Ward & Co.
Richard C. Kettles, Jr., Vice-President, Interstate Cordage & Paper Co.
George E. Ruppert, President, Jacob Ruppert.
William H. Sneath, President, Electric Furnace Products Co.
Vice-President, Montgomery
Howard W. Jordan,
New York State
Chamber of Commerce to
Hold Annual
Banquet Nov. 14
President of the Chamber of Commerce
Percy H. Johnston,
York, annouced on Oct. 22 that the
172nd Annual Banquet of the Chamber, will be held at
the Waldorf-Astoria hotel on Nov. 14.
Mr. Johnson states
that the following special committee has been appointed
to arrange for the banquet:
Richard W. Lawrence, President, Bankers Commercial Corp., "hairman;
Alfred, L. Aiken, President, New York Life Insurance Co.; J. Stewart
of the State of New
Baker, Chairman of the
Board, Bank of the
of the Board, Emigrant
Dribben, President, Cone Export &
Bennett, Chairman
Saul F.
Manhattan,Co.; Walter H.
Industrial Savings Bank, and
Commission Co.
Society of Residential Appraisers to
in Chicago, Nov. 12
1940 census, the
preparations on real estate values,
and the appraisal of housing erected in direct connection
with the defense urogram will be among the principal subjects
discussed at the Society of Residential Appraisers' convention
in Chicago, 111., Nov. 12.
The meeting, which will be held
at the Palmer House, is expected to draw an attendance of
nearly 1,000 appraisers, mortgage lenders, real estate men
and other students of the appraisal problems, according to
G. H. Fallin, Peoria, President of the organization which is
said to have an international membership of 3,000.
E. J.
White, Loan Manager for a Toronto life insurance company,
and a Governor of the Society, will discuss "A Nation at
War." Among other speakers and their subjects listed on the
program to date are:
Robert Mitchell, Director of the Woodlawn
(Chicago) Conservation
Project, on "The Problems and Progress of Rehabilitation Programs";
Ford H. Dow, New York City, President of the Dow| Building Reports
Service, on "Construction Costs"; R. P. H. Johnson, Engineer of the
Population trends as revealed by the
effect of
war
on
Nov.
14
1 ealers Association to Hold Meeting
Discuss Revisions in Securities
to
Acts
The New York Security
Dealers Association will hold a
general meeting of its membership at Sherry's, New York
City, on Nov. 14 for the purpose of discussing possible
revisions in the securities laws.
Frank Dunne, President of
the Association, will preside.
Suggestions for revisions in
the Securities Act of 1933 and the Securities Exchange Act
of 1934 are expected to be made by members with a view to
having them presented to the Securities and Exchange
Commission and
American
to
Section of Society of
Hold Meeting
A
Congress.
meeting
on
Chemical Industry to
York City
Nov. 15 in New
of the American Section
of the Society of
with the American Institute of
Chemical Engineers, will be held on Nov. 15 at 8:15 p. m.
at The Chemists' Club, New York City.
The subject of the
meeting will be "The Science and Application of Plastics."
Dr. T. F. Bradley of the American Cyanamid Co. will
Chemical Industry, jointly
present the chimistry of plastics and C. W. Blount of
Technical Sales Division of The Bakelite Corp. will show
the
the
of their application. Dr. Lincoln T. Work, Chairman
of the American Section, will preside over the meeting.
A
dinner will be held there prior to the meeting and starting
scope
at 6:30 p.
E. V.
Products laboratory on
Walsh, Chicago, on
ABOUT
ITEMS
At
13-15
representatives of the savings, building and
loan associations and cooperative banks in the continental
United States, Alaska and Hawaii meet at the Palmer House
in Chicago Nov. 13-15 for the 48th annual convention of
the United States Savings and Loan League, they will be
concerned with the effects on saving money and home
financing of the defense economy into which America is
moving, according to an announcement issued by George W.
West, President of the League.
Mr. West points out that
never before have the representatives of this $6,000,000,000
business faced an even slightly similar situation.
In the
1917-18 period they were less than $2,000,000,000 in assets
and only slightly affected by the war.
More than half of
the delegates this year will be those who have come into
the business the past 15 years.
Addresses, committee reports, and conference sessions,
while they range from such practical subjects as expanding
the loan business, disposing of real estate on hand, and
When
the
public relations, will, it is stated, approach these subjects
from the angle of the new trend in American activity, the
Governors of
the Society will meet on
BANKS,
COMPANIES, &c.
TRUST
of Managers of the New York
Sugar Exchange, held Nov. 6, Antonio Falcon
of Havana, Cuba, was elected to membership.
meeting of the Board
a
Coffee and
del Castillo
*
Russell,
F.
President
of the National
Aviation
Manhattan
also a
Corp., was elected a director ot the Bank of the
Co., New York City, on Nov. 7.
Mr. Russell is
director of the National Aviation Corp., the Lockheed
and Bell Aircraft
craft Corp.
Air¬
Corp.
Nov. 4 for the transfer of a
membership at $40,000, un¬
previous transaction on Oct. 30.
Arrangements were made
York Stock Exchange
New
changed from
Federal Tax Seminar
American Institute of Banking,
at the Chapter's headquarters
in the Woolworth Building. Prior to the meeting Clinton WSchwer, President of New York Chapter, extended an invi¬
tation to bank men interested in discussing current tax
laws and problems to register for the series of eight meet¬
The first
scheduled meeting of the
Group of New York Chapter,
was held last night (Nov. 8)
ings at the
Chapter Office.
Round Table group of New York
Institute of Banking, held a meeting on
headquarters, in the Woolworth Build¬
announcing on Nov. 4 that the meeting would be
Safe
The
•
Deposit
Chapter, American
Nov. 7, at Chapter
In
ing.
Roswell D. Iieegan, General Manager, National
Deposit Co. and Kenneth C. Bell, Vice-President
Secretary of the Chase Safe Deposit Co. would partici¬
held Nov. 7,
City Safe
and
pate in a
'.
'
discussion of a selected
subject.
•
;
Industrial Visits Committee of New York Chapter,
Institute of Banking, conducted three interesting
The
Hold 48th
of
Board
The
Monday evening, Nov. 11, to discuss its program of ac¬
tivities for the coming year, and there will be a gathering of
the officers and directors of its 34 local chapters at noon on
convention day to thrash out local endeavors of this group.
m.
United States Savings and Loan League to
Annual Convention in Chicago Nov.
and defense
"The Evolution of Home Construction";
"Amenities and How to Measure Them"; George
W, Pardy, San Diego, California, on "Specifications for Appraising"; and
Joseph E. Perry, Commissioner of Banks for Massachusetts on a public
supervisor's opinion of appraisers and appraisals.
Forest
Frank
New York Security
Hold Convention
American
On Election Day (Nov. 5) the group
Ice Cream Co. factory in Long Island
City, the visit being made under the supervision of Miss
Margaret Sackman of the Roosevelt Savings Bank.
The
group, which had extended an invitation to all students to
participate, made, an extended tour on Nov. 7, through the
S. S. America, the newest ship afloat of the United States
Lines.
Fred Reuter, of the United States Trust Co., was
chairman of the trip.
On Nov. 9, the Committee visited the
New York City Fire Department College in Long Island
visits the past
visited
week.
the Breyers
City where they
witnessed the training undergone by rookies
Fire Department and at the same time
and veterans of the
were shown
and explained the operation of the latest firetrip was also conducted under the
fighting equipment. This
supervision of Mr. Reuter.
The foregoing visits followed several made by the Com¬
mittee last week referred to in these columns of Nov.
2,
page
2,590.
William
_
C.
Potter,
Chairman
of the Board
of the
Guaranty Trust Co. of New York, announced on Nov.
election of J. Luther Cleveland as a director of the
6 the
Com-
The Commercial & Financial Chronicle
2748
'
Mr. Cleveland is a Vice-President of the Trust Com¬
and early this year was advanced to become asso¬
ciated with the general management of the bank.
He has
pany,
been an officer of the Trust Company. Mr.
in Cleburne, Texas, in 1891, and re¬
ceived his early banking training in Texas and Oklahoma.
for many years
Cleveland
Ilenry U. Harris, partner of the firm of Harris, Upham &
Co., .11 Wall Street, New York City, was elected a director
of the Chemical Bank & Trust Co. of New York, at a meet¬
ing of the Board of Directors held on Nov. 7.
ber of the Board of Directors of American
Texas Corp.
St.
is
School
Mark's
He
Mr. Harris
was
He is
graduated in 1919 from
from
Harvard University in 1923.
School, a director of the Non¬
partisan Civic Association of Oyster Bay, a director of the
Economic Club of New York, and is on the Board of the
North
and
Trustee
a
its
of
Cove, L.
became
Lins
Vice-President
of
the
was
son
appointed an Assistant Vice-President, and Charles
O. Stapley was appointed an Assistant Cashier.
Mr. Emison was formerly an Assistant Cashier.
was
an
executive of
10,
Sept.
1926,
the Presidency
promoted to
the town sinking fund commission.
Chamber, of Commerce of Montclair.
Two
important
changes
He
in
was
the
formerly
President
personnel,
of
wholly
in
on
the
un¬
announced recently by the First National Bank
Trust Co. of Minneapolis, Minn., it is learned from
related,
&
were
"Commercial West" of Nov. 2.
The paper said:
William J. Stevenson, Vice-President and Trust
his intention to retire from active duties in the bank
the staff in
on
an
on
Officer, has announced
Jan. 1. He will continue
advisory capacity for several months.
Mr.
Stevenson
field in 1916, when he became associated with the
newly organized Wells-Dickey Trust Co.
At a regular meeting of the Board of Directors of The
National City Bank of New York on Nov. 6, Robert S. Emi-
as
"
Montclair bank
in January, 1929.
He resigned
l)ecemi>er, 19S3, because of poor health.
In December,
1929, Mr. Lins was appointed to a three-year term
and
entered the fiduciary
I.
position
bank.
Mr.
Fay
Country Community Hospital of Glen
important positions.
of New York at the time of its opening to assist in
He subsequently accepted a
organization.
that
a mem¬
Steel Foundries
from clerk to
rose
Federal Reserve Bank
born
was
4
and
he
•
1940
9,
with the Bankers' Trust Oo. of New York, where
The company lent him to the
His first position was
pany.
Nov.
When that organization merged
with the former Minneapolis Trust Co. he continued as Vice-President and
Trust Officer of the resulting First Minneapolis Trust Co., and has held
the
same
title in the bank since 1933 when the First National and its affili¬
ated trust company consolidated.
Malcolm B. McDonald
Nov. 1 assumed new duties
on
as
general counsel
for the bank, having severed his connections as a member of the law partner¬
ship of Fletcher, Dorsey, Barker, Colman and Barber, Minneapolis, with
which he has been associated since 1929.
National
The
City Bank of New York today opened a
branch in Parkchester, at 1498 Metropolitan Avenue, near
Metropolitan Oval.
Thomas Clough, who for several years
lias been
in
will
charge of the Parkchester branch.
be
a
Donald,
in
of
new
the
seen
William
Mc¬
active service
bank's
branches, will assist Mr. Clough.
Parkchester branch will bring to five the number
of National
City branches in the Bronx and to 71 the
ber of its branches
num¬
in Greater New York.
ment.
v
Discount Corporation
The
THE
week
but
turned
Oct. 29 to plans providing for
and
of
the
reduction of capital stock
from $5,000,000, consisting of
effect
a
value of shares
50,000 shares of the par value of $100, to $2,000,000, consist¬
ing of 50,000 shares of the par value of $40 each, advices to
par
contained
were
in
the
Department's
"Weekly
I
Bulletin" of Nov. 1.
Announcement that the Matinecock Bank of Locust
Valley,
Locust Valley, N. Y., has become a member of the Federal
Reserve System, effective Nov. 1, 1940, is made
by George L.
Harrison, President of the Federal Reserve Bank of New
York.
Winslow S. Coates is Chairman of the Board of the
bank and Edwin Swenson is President.
On June
29, last,
the bank reported assets of
$1,280,000.
:
;•
CURB
were
mixed
downward
'
''v-U
MARKET
during the early part of the
on
Wednesday
as
selling in¬
creased and the volume of transfers climbed to its peak since
June 28.
but these
of New York, New York City,
State Banking Department on
v.
Price movements
There
were
there
was
gains
were
were
largely
Aircraft shares
received the approval of the
Mr. McDonald's services in his
capacity will be largely devoted to the work of the bank's trust depart¬
banking in the Borough of the Bronx,
resident of the Bronx who has
a
several
The
branch
new
some
some
gains scattered through the list
among a
few selected trading favorites.
registered fractional advances at times and
buying in the shipbuilding stocks but the
small and without special significance.
Public
utility preferred issues and industrial specialties attracted
moderate buying and some activity developed in the oil
stocks.
On Thursday the trend again turned upward and
the market moved briskly forward with gains apparent along
a wide front, the changes ranging from 1 to 7 or more points.
Higher prices prevailed during a goodly part of the twohour session on Saturday and a number of the trading
favorites in the industrial section registered gains ranging
up to 3 or more points.
Public utilities preferred stocks
were also in
demand but the price cnanges were less pro¬
nounced in this group. ' Aircraft shares moved within the
usual narrow range and shipbuilding issues were fractionally
higher all along the line.
In the oil section Derby Oil pref.
came back wdth a gain of 334
points to 3234 but both Gulf
and Humble Oil were lower.
Noteworthy among the ad¬
vances
were
Bridgeport Machine pref., 3 points to 41;
Driver Harris, 3points to 36%; and Virginia Public
Service pref., 2 points to 89.
-'-v''v:?.-'
The volume of transfers climbed briskly upward during the
pre-holiday trading on Monday, the total volume reaching
♦
James Henry Pettit Reilly, President of the Hudson Trust
Co. of Union City and Hoboken, N.
J., died at his home in
Montclair, N. J., on Nov. 6. He was 71 years old.
Mr.
Reilly began his banking career in 1895 when he entered the
r
First National Bank of
later he
was
elected
was
Hoboken
as
a
clerk.
Three
years
Secretary of the Hudson Trust Co.
He
Vice-President in 1920 and in 1929 named
the office he held at his death.
Among other
advanced to
a
President,
interests, he was a Director of the Hackensack Water Co.,
and formerly had served as President of the Hudson
County
Bankers' Association.
The
come
North
a
;"c
Jersey Trust Co., Ridgewood, N.
member
J., has
be¬
of
the Federal Reserve
System, effective
according to an announcement by George L.
Harrison, President of the Federal Reserve Bank of New
Oct. 30, 1940,
York.
Trust
John P. Newbury is Chairman of
the Board of
Company and J. R. Stout is President and Trust
ficer.
The company
$3,665,900.
had assets
on
June 29
in
the
Of¬
of
amount
v
Henry A.
Theis, Vice-President of the Guaranty Trust Co.
-of New York, and William II.
Sortor, partner in the firm
of H. P. Cole
Co., were elected to the Board of Directors
{of the Citizens National Bank &
Trust Co. of Englewood,
N. J., on Nov. 6
according to an announcement by Edward
S. Rudloff, President.
The succeed John E. Miller and Har<old Rowe.
The announcement continued:
^r*
■
.
vision
*s a member of the
of
the
American
.Committee of the
and
is
of New
is
member
York.
Chairman
President
of
of
committee
Association, a
Companies Association
the
Corporate
as
member
of
Fiduciaries
the
of
of
the
the
State
Association
Trust
Di-
Executive
of
New
York
of
the
State
President of the latter for two
years.
He
the
the
member of
the
is
Sortor
of
executive
Bankers
He has served
Mr.
a
Trust
Englewood Hospital Endowment Fund Committee,
Englewood School for Boys Educational Foundation, and
Mayor's Budget Advisory Committee.
a
director
of
the Sunrise Oil
Co., a former President of
Englewood Rotary Club and former chairman of the Merchants'
Comin it tee for the Englewood Community Chest.
the
t
Aclolph
Justus Lins,
former President
of
the
Montclair
Trust Co.,
Montclair, N. J., died in Mountainside Hospital,
Montclair,
on
Nov.
6 after a long illness.
The deceased
54 years old, was born in Kearny, N. J.
He moved to Montclair in 1916.
An account of his business
hanker, who
was
career, appearing in
the Newark
"News" of Nov. 6, said:
228,295 shares the largest turnover since June 28.
Price
changes were mixed and with few exceptions were under a
point.
Oil shares were active and some modest gains were
registered in this group.
Aircraft stocks continued to move
within a narrow range and most of the changes in the ship¬
building section and paper and cardboard issues were largely
on
the side of the decline.
Industrial stocks and public
utility preferred shares were fractionally higher ana the
aluminum issues were irregular.
American Cyanamid A
came back with a gain of 2%
points to 37^, and Hazeltine
moved upward witn an advance of 234 points to 27%.
The New York Curb Exchange, the New York Stock Ex¬
change and the commodity markets were closed on Tuesday,
Nov. 5, Election Day.
Declining prices marked the dealings on the New York
Curb Exchange as the market resumed trading on Wednes¬
day following the Election Day holiday.
The trend 'was
generally downward and declines ranging from 1 to 5 or more
points were apparent along a broad front.
The transfers
climbed up to 251,470 shares against 228,295 on Monday.
There were a few strong spots scattered through the list but
most- of the important changes were on the side of the decline.
Among the latter were Aluminium, Ltd., 5 points to 95;
Jones & Laughlin Steel, 2 points to 3434; Pa. Salt, 434 points
to 185V£; and United Light & Power pref., 334 points to 27.
Under the leadership of the industrial shares, the market
again advanced on Thursday, the gains ranging up to 4 or
more points.
The volume of sales also increased, the total
transfers climbing up to 265,050 shares against 251,470 on
the preceding day.
Aircraft stocks were higher all along the
line, Bell moving up 134 points to 21 34 and Bellanca, Vultee,
Brewster and
Beech
were
fractionally higher.
Public
utility preferred issues were strong, Electric Bond & Share
pref. (6) moving ahead, 434 points to 73; General Public
Service pref., 2 points to 35; Long Island Lighting pref.,
2 points to 3334 and Puget Sound Power & Light $5 pref.,
5 points to 99.
Shipbuilding stocks were higher and card¬
board and paper shares were fractionally better.
Oil issues
were in good demand at substantially higher prices and the
aluminum stocks displayed considerable activity.
Prominent
Volume
The Commercial &
151
THE
the side of the advance were
to 163 H; American
Cyanamid B, 2% points to 36
American Manufacturing
Co., 2 points to 25; Borne Scrymser, 2% points to 43
Colts Patent Fire Arms, 2 points to 80; Jones & Laughlin
Steel, 4^ points to 39; Pittsburgh & Lake Erie, 2lA points
to 71
Singer Manufacturing Co., 4p£ points to 1113^
and Insurance Co. of North America, 2% points to 71.
the stocks closing
among
Co.
Aluminum
of
on
6 points
America,
Irregularity due to profit taking was apparent
dealings on Friday. Toward the end of
TRANSACTIONS
AT
THE
Cable A Wire ord
Central Min A Invest..
Cons Goldflelds of S A.
Courtaulds 8 A Co
De
Closed
Beers
Distillers Co
Electrio A Musical Ind
Ford Ltd
84/454
£49
£954
31/3
28/9
£454
58/3
8/154
16/3
£654
75/34/454
United
Vickers
£6
£654
£6
£7
£6
£7
75/754
36/3
21/3
13/1054
75/754
35/754
76/3
35/754
21/454
13/1054
21/454
14/154
£2%
Molasses
£2%
£2%
£254
£254
Wltwatererand
West
Areas
§1,000
each day
of the past week:
935,000
HOLIDAY
Thursday
270,735
§4,869,000
Week Ended Nov.
Sales at
9,000
797,000
5,000
1,240,000
7,000
1,226,000
1,495,000
1,094,825
17,000
9,000
771.000
264,595
15,000
§44,000
Jan. 1 to NovM
8
8
Nov.
6
7
8
174
176
173
209
139
Gesellscbaft(6%)171
170
173
210
..139
150
210
138
149
209
139
150
139
-.193
...120
253
...138
139
192
120
252
137
138
195
120
254
138
Bank
216
140
151
213
140
151
150
7%)
!,
--
--
138
195
120
254
138
--
139
195
120
254
139
139
195
120
254
139
& Co.
Watling, Lerchen
Members
1,094,825
1,072,945
35,544,717
39,198,000
$6,450,000
S254.949.000
York
New
$383,940,000
3,787,000
Foreign government
38,000
109,000
2,138,000
Foreign corporate.....
44,000
166,000
5,728,000
$6,725,000
S262.815.000
Chicago Stock Exchange
Exchange
DETROIT
Building
Ford
5,991,000
$4,951,000
New York Curb Associate
Stock Exchange
Detroit Stock
Bonds
Domestic
Nov.
4
Per cent of Par
1939
1940
§4,869,000
Stocks—No. of shares.
Nov.
§4.951,000
§38,000
1939
1940
Nov.
Nov.
5
Nov.
1,517,000
New York Curb
Exchange
stocks as received by cable
.
Licht (8%)
(6%)
(6%).
Deutsche Reichsbahn (German Rys.
Dresdner Bank (6%)
Farbenlndustrle 1. G. (8%).....
Relchsbank (new shares)
Siemens A Halske (8%)
Verelnlgte Htahlwerke (6%)
§462,000
14,000
252,970
Total..
STOCK EXCHANGE
BERLIN
THE
Closing prices of representative
Deutsche
3,000
24/6
103/154
£1454
67/6
75/35/21/3
13/9
Coramerz Bank
§2,000
£51
£954
31/3
29/154
£4%
60/8/154
16/3
20/1054
13/9
Shell Transport
Total
918,000
Wednesday
24/6
102/6
£1454
67/6
67/6
£6
£654
Rolls Royce
Foreign
Corporate
§459,000
Tuesday
Friday
16/-
Berliner Kraft u.
Foreign
Domestic
80,055
......
58/3
8/-
2
226,470
Saturday
Monday
£454
67/6
£6
Box
86/3
£51
£954
31/3
29/3
£4%
59/6
8/154
16/24/6
103/154
£1354
67/6
£5054
£954
31/3
29/£454
59/8/16/-
31/3
28/9
RloTlnto
Metal
Allegemeine Elektrlaltaets
Government
of
Shares)
8, 1940
-
£49
£954
Rand Mines
London Mid Ry
(Number
NOV.
Frt.,
Nov. 8
40/454
86/3
23/6
102/6
£13 54
Imp Tob of G B A I..
Bonds (Par Value)
Stocks
Thurs.,
Nov. 7
40/4J4
23/6
102/6
£1354
HudsonsBayCo
.
Week Ended
Wed.,
Nov. 6
40/6
86/3
Nov. 4
40/6
British Araer Tobacco.
during
Tues.,
Nov. 5
40/6
85/-
Mon.,
Sat..
Nov. 2
EXCHANGE
YORK CURB
NEW
stocks as received by cable
the past week:
Boots Pure Drugs
the ses¬
sion the downward pace quickened and the market closed
with the declines in excess of the advances.
Industrial
stocks were fractionally lower and most of the trading favor¬
ites in the utility section were down.
Aircraft shares were
off with the exception of Bell and Beech, shipbuilding issues
were irregular, paper and cardboard stocks declined and the
aluminum shares moved briskly downward, Aluminum Co.
of America declining 3 M points to 16034As compared
with Friday of last week prices were generally lower American
Gas & Electric closing last night at 313^ against 3534 on
Friday a week ago; American Light & Traction at 1324
against 1434; Babcock & Wilcox at 29 against 29)4; Con¬
solidated Gas, Electric Light & Power Co. of Baltimore at
72 J4 against 7534; Electric Bond & Share at 5 against 624
and Niagara Hudson Power at 3 % against 5.
EXCHANGE
STOCK
LONDON
Quotations of representative
each day of
most of the
DAILY
2749
Financial Chronicle
$393,718,000
Total......
;
Randolph 6530
Telephone'
Exchange
Detroit Stock
MARKET—PER CABLE
FINANCIAL
ENGLISH
daily closing quotations for securities, &c., at
reported by cable, have been as follows tne past
The
as
Nov. 2 to Nov. 8,
Mon.,
Tues.,
Wed.,
Thurs,,
Nov. 2
Nov. 4
Nop. 5
NOu. 6
Nov. 7
23 7-16d.
23 7-16d.
23 5-16d.
Closed
Gold, p. fine oz.
168s.
Consols, 2%%_ Closed
British 3>*%
Silver, per oz..
23%d.
£75%
£10154
£10154
£10154
£11234
£11234
£11254
£11254
£11234
Closed
3434
3434
71.11
71.11
U. S. Treasury
1*1.11
71.11
(newly rained) 71.11
CURRENT
NOTICES
Philadelphia, members of Philadelphia
Co.,
—Kennedy &
.
Stock Ex¬
Leslie Carter has become associated with them in
their trading department.
Mr.. Carter was formerly associated with E. H.
Rollins & Sons and R. W. Pressprich & Co. in Philadelphia.
change announce that G.
Ralph L. DeGroff, associated
of their bank and
insurance stock department, John
C. Legg, 111., the former manager,
having enlisted in the military forces.
—Mackubin,
Legg & Co. announce that
has assumed the management
with the firm for 14 years,
—William G.
Riley, formerly associated
Benjamin Grody, formerly
with R. H. Johnson & Co., and
associated with Cohen, Simonson & Co.,
Eisemann & Co., members of the New
joined the staff of Alexander
Stock Exchange, at their
main office.
have
York
.
*
their passenger miles
flown, and other statistics for the six months ended June 30th are cited in a
tabulation issued by Cohu & Torrey, 14 Wall St., New York City, members
—Earnings of 14 domestic
of the New York
air transport companies,
advisory agencies.
of the New York Stock
Exchange and other
the appointment of John S. Beland as manager
Oklahoma City office.
Mr. Beland was formerly assistant manager
of the office.
—"After the Election" is
the title of a circular
Inc., 67 Wall St.,
outlook for Insurance stocks.
by Huff, Geyer & Hecht,
status of
and
—"The
Paper
Board
tributed by Brailsford &
sent to those
prepared for distribution
N, Y. City, discussing the
pamphlet being dis¬
208 S. La Salle St., Chicago, and will be
Industry" is the title of a
Co.,
interested on request.
I —Sylvan Perry has formed the firm of Sylvan Perry Co. with offices at
32 Broadway, New York City to engage in a securities business. Mr. Perry
will be sole
—Dick
announce
proprietor of the firm.
&
Merle-Smith, members of the
that Lawrence J.
New York Stock Exchahge,
Lynch has been admitted to
general partner¬
ship in the firm.
Jr. has opened offices at 30 Broad
securities business under the name
—George H. Cutter
to
conduct a general
St., N. Y. City,
of Cutter & Co.
4%
Feb
Oct
53c
1
1%
May
154
65c
1,000
1%
1%
300
2
2%
5,630
61c
61c
100
15
2
Jan
Nov
1%
Apr
May
1%
Apr
2%
Mar
Apr
Oct
1%
13
July
16%
Nov
50c
16%
35%
17
310
35%
102
27
May
35%
Nov
15
15
431
10%
May
16%
Mar
2% May
2
May
4%
Jan
354
3%
354
590
2%
2%
437
20%
2%
20%
5%
5%
20%
5%
150
1,191
100
Jan
6%
Apr
254
5154
993
2%
2%
2,001
90c
1,800
50c
854
149
5%
87c
80c
854
854
■
515
3
40c
500
32c
1%
154
1,060
55c
55c
200
2554
25%
July
1%
Jan
Feb
13%
Apr
16%
Apr
6%
Feb
Jan
Oct
52c
May
1%
Jan
35c
Feb
60c
Mar
May
May
May
1
210
19%
4
300
2%
1%
26
4%
1%
Feb
Mar
Jan
1%
1%
1.00
1.00
1,020
75c
July
1%
Jan
18c
18c
100
16c
Sept
27c
Apr
8
8*
8
125
5
May
70c
75c
508
60c
July
1.25
Apr
7%
500
7
July
11%
Mar
Jan
May
2%
May
8%
Feb
2% May
31% July
4%
Mar
44%
Jan
18
July
23%
Nov
Mar
14%
Apr
1%
Mar
„
754
3354
14%
750
1%
9%
8%
5,616
4%
2
3%
1,075
1,411
2,721
3254
23%
34
2354
314
12
569
1
2,700
154
1054
154
7%
7%
Prudential Invest com
1
5
154
Rickel (HW) com
2
Prod com..4
Apr
18c
1%
*
1
Jan
Apr
160
*
*
United Specialties.
1
U 8 Radiator pref......50
_*
Universal Cooler B
Walker A Co A...
*
B
*
Warner Aircraft com
1
}
3%
May
454
Pfelffer Brewing com
United Hhlrt Dlst com
2,545
1454
34c
Peninsular Mtl Prod com.l
10
Sheller Mfg com
1
Std Tube B com
1
Stearns (Fred'k) com....*
Timken-Det Axle com... 10
Tivoli Brewing com
1
Tom Moore Dlst com
1
56
May
June
9
454
4
2%
May
1354
*
1
Scotten-Dlllon com
2
454
.
*
37%
1454
154
Jan
Nov
3%
Jan
1% May
20%
254
2%
2%
32%
5154
354
vaiue.
May
1%
60c
3%
No par
2%
65c
8%
•
Jan
1,075
154
14%
Wayne Screw
July
1%
400
*
Udyllte
860
55c
90c
Murray Corp com
10
Packard Motor Car com..*
Parker-Wolverine com
Mar
4
Reo Motor com
—Fenner & Beane, members
Jan
16%
354
1%
Parker Rust-Proof com.2 54
leading exchanges, announce
12%
Oct
85c
154
1354
654
Parke Davis com.
July
354
2
1
McClanahan Oil com
1
Mich Steel Tube com._254
Motor Products com
7%
200
Mid-West Abrasive com50c
"News and Views"
Feb
1%
1,098
61c
Apr
Nov
26
Aug
300
854
"254
26c May
52c
85c
90c
LaSalle Wines com
Michigan Sugar com
3,205
26
15%
1
10
.^
4% June
13% May
6%
605
76c
Lakey Fdry A Mach com.l
Masco Screw Prod com
Mar
7%
16c
1554
com__l
Kresge (8 8) com
4%
2%
181
8%
1
Klnsel Drug com
May
Aug
July
3,185
15%
....
Mlcromatic Hone com
Stock Exchange.
prepared by Alexander Eisemann &
Co., 42 Broadway, New York City, is ready for distribution in a new format
and is devoted to brief summaries of the opinions of all principal financial
—The weekly
Kingston Products
2%
17c
.
Hurd Lock A Mfg com
Feb
854
10
Gocbel Brewing com
...1
Graham-Paige com
1
Hall Lamp com.;
„*
Houdaille-Hershey B
*
Hudson Motor Car com..*
General Motors com
1%
2%
4%
23%
FUgh
Low
400
454
85c
McLaren com
Burroughs Add
34%
71.11
34%
34%
BarN.Y.(for.). 34%
2
654
2554
1
Machine.*
Consolidated Paper com, 10
Consumers Steel com
1
Continental Motors com..l
Crowley Mliner com.,.—*
Det A Clev Nav com
10
Detroit Gray Iron com—5
Det-Michigan Stove com.l
Detroit Paper Prod com
1
Detroit Steel Corp com—6
Eaton Mfg com
4
Federal Mogul com......*
Federal Motor Truck com *
Frankenmuth Brew com__l
Fruehauf Trailer com
1
Gar Wood Ind com.
3
General Finance com
1
Brown
cents) in the United
price of silver per ounce (in
States on the same days have been:
of their
Week
Shares
17c
Atlas Drop Forge com
£76
£76
£10154
The
.
of Prices
High
Low
254
454
...—1
5
Auto City Brew com
1
Baldwin Rubber com
1
Briggs Mfg com
*
Allen Electric com.
168s.
£7554
4%
1960-90.
168s.
168s.
168s.
£10134
Closed
War Loan
British
Sale
Price
Par
Stocks—
Range Since Jan. 1, 1940
for
Range
Nov. 8
23 7-16(1.
168s.
£75%
Week's
Last
FH.,
official sales lists
Sales
Friday
London,
week:
Sal.,
both inclusive, compiled from
150
154
154
322
1%
"254
7%
1
254
20
"454
1%
454
1%
2%
20
454
154
1,100
440
108
1,260
1,550
1,208
1054
12
28 54
29%
675
"154
154
154
434
47c
42c
47c
650
454
■'i*
11
1
May
Aug
.
9%
Feb
2
Jan
1%
Apr
3
Jan
2% May
17% Aug
25
Jan
3% June
7
Apr
1
2
Nov
May
14%
Mar
10% July
18% May
1% July
29%
2%
Apr
42c
Nov
47c
Nov
Oct
Nov
760
%
Oct
May
4%
2%
4%
Mar
4
Jan
8%
Nov
1
June
600
1
May
200
23
May
27
Feb
May
154
154
1%
1%
154
154
1%
May
600
854
354
Mar
1
6%
Apr
Apr
600
"854
27
16
Nov
'54
4%
854
154
"27""
8%
8
27
294
2%
Apr
2%
Mar
354
250
2%
July
4
1.54
3,150
90c
Mav
1%
Jan
154
1,130
1
Feb
2%
_^rr
The Commercial & Financial Chronicle
2750
FOREIGN
Pursuant to the
EXCHANGE
RATES
Company and Issue—
New York Connecting RR. 414 % bonds
*
New York Fire Protection Co., 1st mtge. 4s
requirements of Section 522 of the Tariff
give below
RATES
CERTIFIED
BY
BANK TO TREASURY UNDER TARIFF
FEDERAL
ACT OF
We
RESERVE
1930
NOV. 2. 1940, TO NOV. 8. 1940, INCLUSIVE
Noon Buying Rate for C'Me
Transfers in New
Value in United States
Money
Country and, Monetary
York
Unit
Nov.
2
(
Europe—
Belgium, belga
Bulgaria, lev—..
Czechoslov'ia, koruna
Nov.
Nov. 4
$
i
a
5
Nov.
a
»
,
6
Nov.
9
7
Nov.
9
a
a
a
a
a
a
a
a
Denmark, krone
Engl'd, pound sterl'g
8
.*
a
a
a
a
a
a
a
a
a
a
Official
4.035(XKJ
4.035000
4.035000
4.035000
Free
4.035000
4.035000
4.033437
4.036250
4.035000
*
.019606
.019666
019666
France, franc
Germany, reichsmark
Greece, drachma
Hungary, pengo
Italy, lira
a
a
.399866*
a
019500
a
.399840*
a
.019500
a
.399720*
.193633*
.193633*
.050400*
a
a
a
a
a
a
a
a
a
a
a
2514
2811
2209
2515
1738
1588
2060
2812
2668
2813
2
1443
Dec.
4
2813
—
NATIONAL
BANKS
.039825
.039850
.009850
.039825
a
a
a
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
a
a
a
PREFERRED
.091300*
.091300*
.091300*
.238243
.238192
.238141
.232075
.232058
.231912
.232078
.232007
.022416*
.022416*
.022416*
.022416*
.022416*
Oct.
28—Hudson County National Bank, Jersey
Sold to Reconstruction Finance Corporation
PREFERRED
a
a
a
a
.059625*
a
.058937*
a
a
.059500*
day
.059750*
COMMON
CAPITAL
Jersey
a
a
a
.230125
.231156
.231031
.231312
.301666
301666
301666
.301666
.234387
.234387
.234387
.234387
.234387
.471000
.471000
.471000
.471000
.471000
Official
3.228000
3.228000
3.228000
3.228000
Dee
3.228000
3.215000
3.213541
3.216666
3.219166
3.215000
Zealand, pound- 3.227500
3.226041
3.229166
3.232083
3.227500
3.980000
3.980000
3.980000
.909090
.909090
.909090
.909090
.867734
.868046
.867734
.807187
J.
$642,857
-
INCREASED
3.980000
.909090
N.
—
STOCK
Ami. of Increase
.233218
.301666
—$1,142,857
City,
.059625*
a
J.
N.
—
Ami. of Decrease
28—Hudson County National Bank,
From $1,500,000 to $857,143
a
a
Holi¬
a
City,
STOCK DECREASED
Oct.
Chefoo (yuan) dol'r
Hankow (yuan) dol
ISSUED
Amount
.031300*
.238158
Aula
STOCK
a
.091300*
.238130
China—
.869140
.204000*
India
(British)
Japan,
Straits
rupee-
yen
Settlem'te, dol
Oct. 29—The First National Bank of Waconia, Waconia, Minn.
From $25,000 to $30,000
a
-----
Oct. 31—Seattle-First National Bank, Seattle, Wash.
Location of branch: 200 Main St., in the City of
Australasia—
New
County, Wash.
Africa—
South Africa, pound- 3.980000
North America—
Canada, dollar—
Dee
Nov.
1—The
.....J.
Mexico, peso.
Newfoundl'd, dollar-
Southern National Bank of St.
.203825*
.203825*
.203825*
.909090
.909090
.909090
Dee-_-
.909090
.805000
.865500
.865125
.864500
.866500
.297733*
.297733*
.297733*
.297733*
.297733*
Official.
.060575*
.060575*
.060575*
.060575*
Free
.060575*
.050033*
.050166*
.050166*
1050166*
.050166*
.051680*
.051680*
.051650*
.051650*
.051650*
the
.040000*
.040000*
.040000*
.570025*
.570000*
.570000*
the week ended
.040000*
.040000*
.570066*
-
.570075*
C3
Colpmbia,
peso
indicate that for the week ending today (Saturday, Nov. 9)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 39.5% above those
for the corresponding week last year.
Our preliminary
total stands at $5,521,348,690, against $3,957,502,946 for
peso-
same
mary
Controlled
.058300*
.658300*
.058300*
.658300*
.379000*
.379000*
.379000*
.379000*
.380250*
week
in
1939.
At this center there is
Friday of 25.7%.
a gain for
Our comparative sum¬
for the week follows:
.658300*
Non-controlled
Clearings
clearings this week show an increase compared with
a
year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
.909090
Uruguay,
Petersburg, St. Petersburg,
Bank
.203825*
Chile, peso—
Official...
Export
Whitman
TITLE
Fla., to the "First National Bank in St. Petersburg."
Official
Argentina, peso
Brazil, mllreis—
OF
Course of Bank
South America—
Pullman,
Certificate No. 1481A.
CHANGE
<5>
Official
$5,000
BRANCH AUTHORIZED
Australia', pound—•
♦
Nominal rate,
a
Clearings —Returns by Telegraph
Week Ending Nov. 9
No rates available.
CALLS
AND
SINKING
Chicago-
FUND
Philadelphia
NOTICES
Boston
bonds, notes and preferred
redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the
page number gives the
Date
Alabama Water Service Co. 1st mtge. 6s
Alabama Power Co. 1st mtge. 6s
Alabama Power Co. 1st mtge. 5s 1967
Dec.
% debentures
3XA% debentures
3 h% debentures
Ashland Home Telephone Co. 1st
mtge. 4Hs
*
Athens Railway & Electric
Co., 5% bonds
Jan.
Baltimore Mortgage Corp., 2-6% bonds
Apr.
1
..Dec.
1
Dec.
3
..Nov. 14
Bedford Pulp & Paper Co., Inc. 1st
mtge. 6Ms.
Brooklyn-Manhattan Transit Corp., $6 pref. stock
*
Byrndun Corp., collateral trust notes
*
Capital City Hotel Co., Inc., 1st mtge. 6tfa
Carolina Cllnchfield & Ohio
Ry. 1st mtge. 6s..
Central Maine Power Co. 1st
mtge. 4s
Chesapeake & Ohio Ry. 3H % bonds
Cincinnati Gas & Electric Co. 1st
mtge. bonds
Colon Development Co., Ltd.,
6% pref. stock
Columbus & Southern Ohio Electric Co.
4% bonds..
Dec.
5
Dec. 15
Nov. 25
...
I Dec.
Corp. 3Yi% debentures
1
Dec.
1885
2794
2634
2794
2794
2036
2030
2037
2795
2795
1888
2346
2490
2639
2491
Nov
2491
2798
2640
"Jan.
1
..Dec
1
Dec
1
...
__
3M% debentures
Crown Cork & Seal Co., Inc.,
15-year 4% bonds.!
10-year 4H% bonds
Eastern Car Co., Ltd., 6% bonds
""
Fairbanks, Morse & Co. 20-year bonds
""
—
Nov
29
Nov
29
2640
2640
2640
2350
2645
'
1
German!-Atlantic Cable Co. 1st mtge.
7% bonds!"HI""Apr"
Gruen Watch Co. class B pref. stock.
I.
_V_ ..! ! 11!! I Feb.
1
1433
1
jan
Dec
.
_
__
Dec
15
""""Dec
1
1282
"
1
555
Dec
Dec
1
2650
2
2803
Nov
30
2651
Apr
International Business Machines Corp. 3
H% debs
Iowa Electric Light & Power Co. 1st
mtge.
Iowa Southern Utilities Co 5 V$ %
bonds, series 1925
Lockhart Power Co. 1st mtge.
"
4s_!
Jan
4Hs
*
Lockhart Power Co., 1st mortgage
43^s
Medusa Portland Cement serial bonds
Michigan Public Service Co. 1st mtge. 5s
Montana-Dakota Utilities Co. 4H % bonds
*
National Acme Co., 1st mortgage
4^s
National Candy Co. 5% notes
National Gas & Electric Corp. 1st lien 5s
*
National Supply Co., 1st mortgage 3Ks
Nekoosa Edwards Paper Co. 6% serial bonds
5% serial bonds.
uuuun
New York City Omnibus Corp. prior lien bonds
"""
II
II
1
15
1
2653
1
2805
Dec
1
Dec
Dec
...
Dec
Jan
Dec
"
"
2507
2507
15
1
1
Jan'
I]
1
Jan.
—'-1
1
!_"_" .".Dec
"~~Jan '
6s
Inland Steel Co., 1st mortgage oonds
1
2352
1573
1724
2801
2047
.
Gulf Public Service Co. 1st mtge. 6s
Houston Natural Gas Corp. 1st
mtge
1
..Jan.
1
102,554,525
—0.2
—12.0
+ 1.5
+4.2
60,963,164
91.719.001
68,493,759
77,908,305
54,134,060
$3,794,354,212
856,769,696
$3,179,655,621
777,847,325
+ 19.3
Total all cities, five days
All cities, one day
$4,601,123,908
920,224,782
$3,957,502,946
+ 16.3
$5,521,348,690
$3,957,502,946
96,182,598
__
91,540,797
Total all cities for week
+ 11.8
+40.4
+ 17.5
+ 12.6
+ 10.1
Holiday
+ 39.5
2793
1
25
73,666,650
74,300,000
114,967,000
Cent
Eleven cities, five days
Other cities, five days
2482
2793
2793
Nov. 29
*
Connecticut Railway & Lighting Co., 4M % bonds.
Consolidated Oil
1
1
Nov. 22
Bear Mountain Hudson River
Bridge Co. 1st mtge. 7s
Co.
1
Dec.
Jan.
+ 69.8
Cleveland
2178
Nov. 29
193,823.872
83,670,490
73.200.000
110,369,000
Baltimore
1424
2034
..Nov. 29
Nov. 29
Nov. 20
Atlantic Ice & Coal Co. 1st mtge. 6s
*
Auto Finance Co.,6% preferred stock..
Crane
5
+ 16.1
»
Detroit
Page
Mar.
1
Dec.
1
Nov. 13
All America Corp. series B debentures
*
American Gas & Electric Co., 2%
+25.7
267,000,000
Pittsburgh
given in iha "Plirnninio"'
the "Chronicle'
Company and Issue—
$1,917,911,086
241,426,048
St. Louis
88 n Danclsco.
were rriiron in
wpro
1939
Kansas City
Below will be found a list of
stocks of corporation called for
lnrm.tirm in which
location in wV»ir».Vi t.hp rlpfnil«
the details
Per
1940
$2,409,922,756
241,050,920
310,000,000
219,205,802
New York
REDEMPTION
*
2661
2362
2362
The
a
.039850
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar-
2659
1156
113
♦Announcements this week.
.050400*
Rumania, leu
Switzerland, francYugoslavia, dinar...
2658
2807
2658
2808
2658
.193633*
.050400*
a
Spain, peseta
Sweden, krona
1
--Dec.
Youngstown Sheet & Tube Co., 1st mtge. bonds
a
.193033*
.050385*
Poland, zloty
*
Jan.
.399933*
a
.193633*
.050385*
Netherlands, guilderNorway, krone
Portugal, escudo
2655
2805
2805
1287
a
.399933*
a
1
Nov. 22
Woodward Iron Co. 2d mtge. 5s
4.039285
Finland, markka
Pan
Feb.
Phelps, Dodge Corp. 3H % debentures
Dec. 15
*
Pennsylvania Glass Sand Corp., $7 pref. stock
Jan.
1
Philadelphia Rapid Transit Co. real estate bonds
Nov. 20
*
Portland General Electric Co., 1st mortgage 5s
Dec.
6
Power Securities Corp. 6% bonds
j
Dec.
1
Public Service Co. of Colorado 4% debentures
Dec.
1
Richmond Terminal Ry 1st mtge 6s
Jan.
1
hiordon Pulp & Paper Co., Ltd. 6% debs
Dec. 31
San Antonio Public Service Co. 1st mtge. bonds
Nov. 25
San Diego Consolidated Gas & Electric 1st mtge. bonds
Nov. 12
Southern California Edison Co., Ltd.. 1st mtge. bonds
Jan.
1
Standard Steel Construction Co., Ltd., class A stock
Jan.
2
*
Stouffer Corp., class A stock
—Dec.
1
Swift & Co. 3H% bonds
Nov. 15
Toledo Edison Co. 3H % debentures
Dec.
1
United Biscuit Co. of America 7% pref. stock
Nov. 13
Vicking Punjp Co. preferred stock
Dec. 15
Watauga Power Co. 1st mtge. 6s—
Dec.
1
*
Werner Bros.-Kennedy Co., 1st mortgage 5s
Dec.
1
West Virginia Pulp & Paper Co. 1st mtge. 3s
Dec.
1
*
Whitaker Paper Co., 1st mortgage 7s
Nov. 22
record for the week just passed:
a
EXCHANGE
FOREIGN
1940
Nov. 20
New York Shipbuilding
Corp., 1st mtge. 5s
Northwestern Public Service Co. 1st mtge. 5s
of 1930, the Federal Reserve Bank is now
certifying
daily to the Secretary of the Treasury the buying rate for
9,
Date
*
Act
cable transfers in the different countries of the world.
Nov.
2505
2805
2358
2358
2508
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
present further below we are able to give final and complete
results for the week previous—the week ended Nov. 2.
For that week there was an increase of
2.2%, the aggregate
of clearings for the whole
country having amounted to
$6,634,030,413, against $6,490,118,545 in the
1939.
Outside of this city there was
the bank
an
same week in
increase of 4.6%,
clearings at this center having recorded a gain of
We group the cities according to the Federal Reserve
districts in which they are located, and from this it
0.3%.
appears
that in the New York Reserve District
(including this city)
the totals show a decrease of 0.1 % and in the Boston Reserve
District of 9.4%, but in the Cleveland Reserve District the
totals show
increase of 2.9%.
In the Cleveland Reserve
improvement of 7.0%, in the
Richmond Reserve District of 10.5% and in the Cleveland
Reserve District of 10.6%.
In the Chicago Reserve District
the totals are larger by 14.1%, in the St. Louis Reserve Dis¬
trict by 12.1% and in the Minneapolis Reserve District
by
1.8%.
The Kansas City Reserve District suffers a loss of
1.4% but the Dallas Reserve District has to its credit a gain
of 0.3% and the San Francisco Reserve District of
5.4%.
In the following we furnish a
summary by Federal Reserve
District the
districts:
an
totals show
an
Volume
The Commercial
151
2751
& Financial Chronicle
The
SUMMARY OF BANK CLEARINGS
the
in share propeities on
transactions
of
volume
for the ten months of the years
1940 is indicated in the following:
New York Stock Exchange
Inc.or
4th
Cleveland..
—9.4
309,932,836
3,681,352,766
439,127,226
+2.9
416,744,655
355,473,111
332,893,346
281,338,215
292,040,355
149,891,524
150,584,731
164,606,418
Chicago
24,151,931
58.671,416
14,526,094
16,270,368
24,563,174
22,995,770
50,248,010
50,346,280
First quarter
45,731,788
63,618,847
61.673,795
159,265,706
April
17,119,104
14,004,244
24,368,040
34,606,839
158,149,593
173,133,235
+ 10.6
508,351,934
+ 14.1
468,982,571
178,382,905
159,095,821
147,524,824
118,636,913
+12.1
+1.8
146,375,271
120,718,341
111,634,530
111,051,463
151,624,003
153,844,207
—1.4
133,248,173
135,636,312
May
26,695,690
38.964.712
76,916,067
76,683,081
+0.3
66,214.564
68,406,553
June
15,574,625
20,246,238
12,935,210
11,963,790
281,301,956
tt
M
266,996,679
+5.4
234,920,821
245,334,570
81,235,027
45,145,238
55,491,388
69,605,221
126.966,815
108,764,085
117,165,183
228,870,927
7,304,820
18,067,920
7,614,850
17,372,781
11,940,210
57,091,430
38,773,575
20,728,160
23,826,970
33,854,188
M
tl
6
tt
12thSan Fran...10
February
March
521,301,507
■
M
Minneapolis 7
10th Kansas City 10
9th
11th Dallas
25,182,350
13,873,323
580,262,913
•1
10
18
4
St. Louis
15,990,665
13,470,755
Month of January
+7.0
+10.5
191,568,299
Richmond.. 6
7th
No. Shares
174,830,751
M
8th
1937
No. Shares
152,660,667
It
Atlanta
1938
No. Shares
3,320,465,730
451,778,771
1939
No. Shares
293,602,653
—0.1
7
6th
1940
341,416,953
3,761,789,557
356,039,920
3d
«•
6th
$
309,264,864
Boston
2d
%
1937 to
1937
S
3,761,341,623
12 cities
New York..13
• *
PhiladelphialO
1st
1938
$
S
Dists.
Federal Reserve
Dec.
1939
1940
Week Ended Nov. 2, 1940
Second quarter
6,634,030,413
6,490,118,545
+2.2
6,165,242,344
2,855,812,933
+4.6
2.600,077,423
2,595,540,319
421,331,606
—17.5
465,033,243
434,491,157
32 cities
Canada
347,657,027
Six months
Month of July.
August
September
of the clearings for the
month of October.
For that month there was an increase
for the entire body of clearing houses of 12.2%, the 1940
aggregate of clearings being $28,106,924,795 and the 1939
We also furnish
today
26,859,880
Nine months
83,328,705
71,789,026
200,493,888
300,659,953
23,734,934
41,558,470
51,127,611
'
14,489*085
The following
compilation
and 1939:
covers
the clearings by months
since Jan. 1, 1940
MONTHLY
Dis¬
trict of 18.6% and the Atlanta Reserve District of 10.4%.
In the Chicago Reserve District the totals record an improve¬
ment of 14.1%, in the St. Louis Reserve District of 9.7%
and in the Minneapolis Reserve District of 9.6%.
In the
Kansas City Reserve District the totals are larger by 5.9%,
in the Dallas Reserve District by 7.6% and in the San Fran¬
cisco Reserve District
92,532,131
201,296,216
October
increase of 11.9%, the Richmond Reserve
an
17,212,553
153,826,695
Third quarter
The Cleveland Reserve District has to
District of 11.5%.
20,722,285
a summary
aggregate $25,041,457,744.
In the New York Reserve Dis¬
trict the totals register a gain of 13.1%, in the Boston Re¬
serve
District of 10.9% and in the Philadelphia Reserve
its credit
16 449,193
5,794,082,476
2,987,749,389
113 cities
Total
Outside N. Y. City
18.549.189
CLEARINGS
/
Clearings Outside New York
Clearings, Total All
Month
1940
$
1
«g
I
*
by 9.1%.
t
$
$
$
%
+3.9 12,620,502,357 11,076,265,314 +
26,687,316,998 25,692,147,968
22,834,951,138 21,840,488,419
26,247,301,104 27,459,974,767
1
1
1
1939
1940
1939
fS.9
9,617,767,054 + 14.7
+7.9
12,357,976,167 11,449,037,566
+4.6 11,029,309,130
—4.4
+ 1.0 36,007,787,654 32,143,069,934 + 12.0
1st qu. 75,769,569,240 74.992,605,154
Boston
2d
1,192,583,542
"
"
"
4th
14,752,439,298
13,039,691,487
1,998,132,071
1,792,137,633
1,607,001,294
1,435,889,487
M
"
"
M
"
"
New York.. 15
Phlladelphial7
Cleveland.. 18
5th
Richmond..
6th
Atlanta
9
16
7th
Chicago
31
8th
St. Louis...
9th
Mlnneapolisi6
7
10th Kansas City 18
1938
1937
811,163,688
684,213,406
841,919,666
1,129,607,934
15,568,693,603
+ 3.8 36,723,094,709 33,376,596,332 + 10.0
+ 2.4 72,730,882,363 65,519,666,266 + 11.0
15,423,370,609
2d qu.
1,682,456,907
1,768,276,002
1,253,875,964
1,505,403,922
645,973,267
704,220,253
+ 10.4
752,777,196
2,283,619,582
653,152,060
+ 6.6 12,446,091,645 11,197,200,633 + 11.2
25,423,251,336 23,848,853,208
+ 5.9
23,377,079,031 24,961,692,543 —6.3 11,989,477,307 11,324,361,453
Aug
—11.2 11,920,433,542 11,970,139,075 —0.4
Sept.. 23,432,233,319 26,380,267.085
July
773,273*440
2,058,759,916
+9.7
..
693,973,685
720,091,558
789,584,402
570,550,778
520,389,064
+9.6
469,277,280
845,445,118
+5.9
758,954,489
+ 7.6
533,657,629
553,285,226
1,179,432,778
+9.1
1,064,991,475
"
"
1,286,840,541
28,106,924,795
25,041,457,744
+ 12.2
26,572.177,720
9 mos. 225150623,918 224480,326,121
+ 11.1
28,106,924,795 25,041,457,744 + 12.2 13,902,012,472 112,514,657,229
27,521,969,267
13,902,012,472
32 cities
Canada
12,514,657,229 +11.1
11,484,650,067
12,656,979,589
+ 10.1
1,672,195,075
1,641 113,815
1,626,619,330
1,790.669,206
The
of bank clearings at leading cities
course
Federal
10 Months
Inc.or
10 Months
1939
Dec.
1938
$
Dists.
Boston
New York.. 15
"
3d
Philadelphial7
4th
Cleveland.. 18
"
"
11,745,095,551
163,068,100,222
5th
Richmond..
9
"
6,732,897,112
Atlanta
16
6,471,295,605
1,061,961,134
Chicago
31
"
"
7,947,401,984
7th
22,611,975,550
20,195,261,816 +12.0
18,678,123,806
22,878,028,105
8th
St. Louis...
+8.5
+ 10.1
5,605,853,288
6.443,526,885
9th
4,258.117,321
4,775,969,175
7,135,824,564
8,416,137,365
4,721,992,661
5,032,085,206
10,036,893,227
11,964,282,648
18,378,331,856
14,409,097,940
15,506,475,502
"
44
6,550,518,786
6,038,658,582
4,959,159,568
4,504,629,580
"
7,900,133,463
7,553,936,216
11
"
5,473,833,349
5,134,634,969
+4.6
+6.6
12thSan Fran...19
"
11,486,799,367
10,613,504,017
+8.2
14,841,397,927
5,527,154,772
MirmeapollslO
17,624,422,275
11,566,039,093
17,072,135,499
10th Kansas City 18
6,324,143,092
191 cities 253,257,548,713 249,521,783,865
Total
+1.5 238,166,373,401 280,075,149,585
122,988,897,329 112,526,024,656
+9.3 104,032,520,849 122,531,041,173
Outside N. Y. City
32 cities
Canada
15,087,301,366
14,435,851,201
+4.5
14,016,656,398
15,581,786,987
detailed statement of transactions on
Exchange is appended.
The results
October and the ten months of 1940 and 1939 follow:
Our usual monthly
the New York Stock
for
1,013
961
1,889
1,704
1,591
436
411
376
628
San Francisco
711
393
290
555
660
337
473
603
300
170
235
376
408
Louis
St.
Baltimore
Cincinnati
Kansas
462
City
Cleveland
534
Minneapolis
356
New Orleans
199
599
179
156
55
99
169
Detroit
Louisville
Omaha
Providence
Milwaukee
Buffalo
St. Paul
140
Denver
157
95
86
78
237
201
213
167
146
126
195
173
74
153
-
78
55
Salt Lake City.—
14,489,085
23,734,934
Other cities
1939
1940
168,315,780
19,025,000
2,496,000
21,070,000
14,203,000
179,896,000
206,551,000
We
34,221,000
301,182,000
Federal
Rese
10,229,158
Portland..
1,127,775,681
Mass.—Boston
3,742,034
-
1,873,589
Holyoke
Lowell
New Bedford
Springfield-
-
Worcester.
Conn.—Hartford
New Haven
Waterbury
R. I.—Providence
N. H.—Manchester—
Total
$
$
District— Boston—
3,113,768
Maine—Bangor
Fall River
rve
(14 cities)
2,060,829
3,836,257
16,665,837
10,901,476
54,863,123
21,810,595
7,817,500
54,841,300
2,911,520
1,322,442,667
Dec,
%
$
25,488,734
2,562,167
9,789,617
+21.5
+4.5
86,299,729
1,012,795,830
4,202,796
1,835,094
2,120,235
4,005,711
15,100,260
+ 11.4
9,812,651,992
10,053,220
51,200,970
19,242,882
6,977,900
50,271,100
2,425,760
1,192,583,542
—11.0
30,128,314
+2.1
16,473,450
17,581,499
—2.8
—4.2
30,790,449
+ 10.4
143,077,881
93,026,351
510,997,450
+8.4
+7.2
+ 13.3
195,836,772
+ 12.0
+ 9.1
70,764,000
489,747,600
+ 20.0
25,946,844
+ 10.9
11,548,811,065
1939
,
$
Jan. 1 for
NOV. 2.
Week Ended Nov. 2
Inc.or
Inc. or
1940
238,166 280,075
104,033 122,531
detailed statement showing the figures
JANUARY 1, AND FOR WEEK ENDING
Inc. or
First
our
10 Months Ended Oct. 31
Month of October
f
now
city separately for October and since
and for the week ended Nov. 2 for four years:
Clearings at—
1939
add
for each
CLEARINGS FOR OCTOBER, SINCE
1940
225,305 215,627 254,038
24,217 22,539 26,037
Outside N.Y. City 13,902
8150,981,000 $170,089,000 $1,299,195,000 $1,718,298,000
Total
65
47
28,107 25,041 26,572 27,522 253,258 249,522
12,515 11,485 12,657 122,989 112,526
Total all
225,031,150
Bonds
Railroad & misc. bonds.. 8129,460,000 $134,816,000 $1,085,078,000 $1,210,565,000
Foreign government bds.
U. S. Government bonds.
51
25,091 22,317 24,088 24,757 226,880
3,016
2,724 2,484 2,765
26,378
Total
Description
1939
296
187
394
144
131
48
84
137
112
142
Richmond
Seattle.
s
Ten Months
Month of October
1940
438
466
322
199
458
156
142
50
91
156
126
154
Memphis
Indianapolis
Hartford
Stocks, number of shares.
1,320
1,351
1,128
Pittsburgh
9,974,962,251
6th
11th Dallas
12^527 15^088
1,479
Philadelphia.
~~4.5 138,683,641,312
10,996,658,744
135,258,588,673 141,625,941,787
Jan. 1 to Oct. 31- 1937
1939
1938
$
$
$
14,865 130,269 136,996 134,134 157,544
1,440 13,694 12,588
11,936 14,302
992
9,813
9,386
8,451 10,018
1,668 17,434 16,194
14,662 16,572
4,038
409
3,932
3,667
3,444
6,249
599
5,721
4,890
4,529
6,576
686
6,382
6,013
5,762
3,037
321
3,405
2,918
2,679
2,716
274
2,653
2,431
2,283
4,472
421
4,108
3,895
3,645
4,288
466
4,637
4,024
3,527
3,078
346
3,134
2,830
2,688
1,623
195
1,749
1,674
1,549
4,928
466
5,018
4,083
3,536
1,488
150
1,591
1,451* 1,327
1,348
144
1,326
1,284
1,192
473
52
490
447
425
913
93
943
865
812
1,596
163
1,504
1,354
1,265
1,111
126
1,198
1,085
1,036
1,383
154
1,327
1,286
1,207
801
81
864
796
723
1,735
220
1,812
1,680
1,613
847
128
952
843
772
1,682
175
1,732
1,517
1,413
703
74
681
634
567
517
49
511
474
450
19'0
$
Boston
+7.7
12,649,884,628 +13.9
5,923,019,688 +13.7
7,213,518,339 +10.2
7
..14,205
New York
$
Chicago
11,548,811,065
14 cities
1st
2d
s
$
1937
$
%
+5.0
$
$
CITIES IN OCTOBER
Month of October
1939
1938
1937
1940
10 Months
1940
Reserve
10 Months
is shown in the subjoined statement:
BANK CLEARINGS AT LEADING
(000,000)
omitted)
of the country
1 in each of the
October and since Jan.
for the month of
last four years
append another table showing the clearings by
Reserve districts for the ten months for four years:
We
Federal
+ 9.1
—3.9
3d qu. 72,232,563,686 75,190,812,836
Oct
191 cities
+ 5.4
1,268,773,190
11
12th San Fran...19
Total.
36,356,002,494 34,491,701,161
+0.3 109086,884,857 100011,367,427
838,752,482
590,672,715
..
538,336,549
895,633,306
Outside N. Y. City
+4.1
11,444,083,288
77,148,490,992 74,296,908,131
6 mos. 152918,060,232 149289,513,285
1,170,684,327
2,198,991,290 +14.1
929,524,327
2,508,080,678
+ 7.8 12,098,713,499 10,773,253,307 + 12.3
+ 9.0 12,708,644,053 11,159,259,737 + 13.9
—4.9 11,915,737,157
Apr... 26,036,643,067 24,156,251,694
$
$
%
+ 10.9
+13.1
+11.5
+ 11.9
+ 18.6
%
$
635,531,745
11th Dallas
October,
Dec.
1,322,442,667
14 cities
1st
3d
1939
Dists.
Reserve
Federal
October,
1940
May.. 26,861,893,522 24,639,280,005
June.. 24,249,954,403 25,501,376,432
October,
October,
Inc.or
1937
Dec.
1940
1939
Dec.
1938
%
$
$
%
$
$
22,108,605
88,349,910
+ 15.3
596,198
646,101
—7.7
603,285
717,146
—2.3
+4.5
1,982,280
262,799,157
1,101,262
2,274,649
295,595,655
—12.9
9,385,960,749
29,877,595
14,951,801
18,157,603
934,188
+ 17.9
2,311,918
268,638,355
850,819
2,323,743
254,000,334
1,096,440
29,490,764
134,531,043
81,416,738
474,100,350
180,431,853
65,997,800
446,637,900
24,646,033
10,996,658,744
+0.8
—11.1
"
+ 10.2
—3.2
"
895*519
"776*747
631*425
579,867
12,704,310
4,529,149
13,224,400
—2" 5
10,919,500
10,637*, 100
540,181
+ 35.9
547,104
476.299
341,416.953
—9.4
309,932,836
293,602,653
+9.7
12",887",900
+5.3
733,995
+5.0
309,264,864
+8.5
"
1,023,926
4,449,091
2,723,954
•
—12.2
2,695,279
14,807,926
5,027,110
+ 14.3
+7.8
1,140,365
4,597,874
15*3
1,051.478
4,426,555
2,398,731
11,477,143
4,517,817
1,304,507
4,631,801
2,736,089
13,026,944
6,725,691
+4.4
+6.4
+
+7.2
—12.6
—0.7
—1 6
+ 13.7
The Commercial & Financial Chronicle
2752
CLE A RINGS
Mo nth
of October
Nov.
9,
1940
{Continued)
Week Ended Nov. 2
10 Months Ended Oct. 31
Clearings atInc.
1940
1939
Inc.
or
Dec.
Dec,
1939
1940
Inc. or
i
1940
Dec.
1939
$
42,774,848
5,400,319
38,987,046
5,063,212
169,125,078
Binghamtoni........
+ 9.
+ 6.
17,894,846
156,297,845
2,464,098
3,922,233
12,526,800,515
37,888,772
20,535,870
3,810,648
18,323,746
Conn.—Stamford
25,754,331
18,784.996
J.—Montclair
2,013,502
2,025,456
79,840,276
—0.6
122,075,856
+ 3.9
2,870,918
+ 10.5
—
—
2,469,515
Elmlra..
4,611,512
Jamestown..
14,204,912,323
38,954,776
New York.
Rochester.
21,395,228
Syracuse
4,150,235
Utlca
Westchester County
N.
82,942.569
Newark—
126,868,422
3,171,794
Northern New Jersey
'
Oranges..
Total
14,752,439,298 13,039,691,487
(15 cities)
Third Federal Rese
Pa.—Altoona
District—
rve
+ 8.2
+0.2
+ 17.6
+ 13
+ 2.8
+ 4.2
+8.9
—2.3
+ 37.
+ 3.9
+ 13.1 135,258,588,673 141,625.941,787
.504,491
397,713
54,440,879
T«
1,410,404
1.476460
—4*5
f.TiV.oBo
1,290",790
7.7
438,000,000
1,622,399
2,479,459
+ 4.9
404,000,000
1,777,417
—8.9
2,379,502
341,000,000
1,582,567
2,284,626
948,135
1,420,249
426,000,000
1,546,706
2,722,689
1,012,118
1,292.499
+2.8
+ 1.0
—6.3
944,221
1,450,744
+ 9.9
1,71*,743
1,728,572
3,650*200
+ 18.0
3,427,700
4,589"oob
451,778,771
439,127,226
+ 2.9
416,744,655
355,473,111
2,950,171
16,492,561
28,292,300
2,835,741
15,429,206
14,904,560
+89.8
1,998,132,071
1,792,137,633
+ 11.5
+ 10.2
Mansfield
Toledo
Pa.—Beaver County.
Franklin.....
Greensburg
Pittsburgh........
-
...
-
Erie
Oil
City.
.....
Ky.—Lexington
W. Va.—Wheeling..
Total
1,607.001,294
(18 cities)
Fifth
Federal
e
Rese
10,413,505
269,808,024
466,445,376
47,412,700
2,315,713
1,034,796
7,958,696
13,671,246
5,951,402
21,555,421
981,210
449,525
768,281
Sixth Federal
20,595,916
100,691,251
332,609,000
Nashville....*.....
Ga.—Atlanta
Columbus
7,297,118
5,455,711
91,052,373
—1.7
+4.6
1,732,981
56,221,815
92,882,360
+3.9
11,560,500
11,039,800
+4.8
10,631,600
+ 18.9
21,454,011
+8.3
—0.8
9,450,301
9,592,887
—1.5
+4.3
1,785,875
3,041,744
—8.5
1,734,309
+19.0
2,156.239
1,922,043
2,235,639
+ 13.2
5,720,601,045
71,133,842
106,143,858
54,906,695
190,863,655
8,292,332
3,771,285
6,334,717
4,889.909,266
V 65,425,920
90,895,053
65,297,935
66,590,183
1,634,609
3,620,712
+0.3
+ 13.8
77,038,552
124,855,558
56,888,446
208,941,716
10,233,322
3,958,970
7,217,236
152,795,286
134,503,425
+ 13.6
115,978,911
125,572,191
281,338,215
292,040.355
+ 8.1
+ 13.4
+ 3.3
+ 19.2
+4.4
+ 1,7
1,435,889,487
+ 11.9
14,409,097,940
449,707,400
+ 8.3
+ 17.0
2,189,465
58,420,078
89,820.639
11,880,300
+ 3.6
+ 9.5
+ 10.1
+ 5.0
+ 13.9
+ 17.0
+ 13.0
+8.8
+ 0.2
—2.0
12,649,884,628
+ 13.9
350,039,920
332,893,346
+7.0
+ 55.6
24,940,353
714,610
4,227,000
48,429,295
1,379,523
547,594
2,783,000
52,301,730
+ 30.5
1,258,499
+ 9.6
16,693,767
+49.4
+ 34.6
126,053,000
108,972,000
+ 15.7
+ 17.8
1,812,010,972
56,360,102
1,680,062,097
52,850,077
+7.9
+6.7
+ 20.6
+51.9
—7.4
410,915
2.447,000
411,553
2,862,000
48,019,965
1,121,752
45,696,104
1,261,276
+8.9
99,248,389
90,367,969
+9.8
+ 16.1
49,382,824
49,596,052
—0.4
+ 16.4
3,405,330,745
77,707,025
+ 18.5
73,312,739
71,651,375
1,142,363,740
2,918,358,598
16,258,253
989,860,875
92,l2b"02l
+ 5.2
+25.3
+ 15.4
27,96Cb 302
23",551*.745
+ 18*7
24",57+153
28",702",423
+ 18.6
6.732,897,112
5,923,019,688
+ 13.7
174,830,751
158,149,593
+ 10.5
149.891,524
150,584,731
194,591,304
179,474,773
790,254,996
2,443,015,107
51,605,449
40,057,633
41,541,314
i
.794,609,042
+8.4
4,822,010
21,558,568
73,900,000
4,200,231
20,335,682
+ 14.8
+6.0
4,311,167
18,211,494
+ 12.5
60,800,000
+21.5
59,000,000
+ 13.2
1,457,799
1,382,524
+ 5.4
1,078,630
3,759,342
17,462,451
53,700,000
1,230,115
+ 1.8
1,134",470
1,203,329
—5*7
1,225,361
1,146",905
+ 12.6
19,381,000
18,009,000
+ 7.6
15,459,000
16,658,000
50,063,061
+25.6
+ 11.3
26,925,420
2,020,530
24.050,019
12*0
21.13+279
1,761,986
18,49+881
1,643,604
17,194,987
+ 16.7
+5.8
18,958,620
95,732,113
+8.6
+ 5.2
857,489,641
290,300,000
+14.6
6,518,517
+ 11.5
2,748,400,000
58,435,234
+8.5
895,084,352
+ 21.3
+ 12.2
62,899,047
987,439,489
9,270,576
+ 14.9
90,722,020
5,175,838
+35.1
45.238,552
887,539,202
76,709,935
38,507,950
5,574,000
+ 80.6
51,199,000
48,227,000
+ 12.4
+25.8
+ 14.4
83,885,845
19,522,997
+20.5
—1.8
6,822,485
74,482,787
16,208,290
6,203,953
+ 10.0
198,636,417
8,144,801
1,898,355
843,950
199,414,764
—0.4
1,748,784,111
1.674,417,847
+4.4
929,524,327
841,919,666
+ 10.4
7,947,401.984
7,213,518,339
+ 10.2
191.568,299
District
—Chicago—
1,617,930
458,070,931
4,250,567
13,992,221
2,019,435
6,952,514
2,630,594
2.746.862
+ 14.2
17 ,702,205
5,017 ,556,748
17 ,467,373
+ 1.3
4,083 ,186,467
+22.9
118,873,402
10,650,571
6,990,178
10,067,000
10,242,404
Jackson
2,172,313
828,665
Vicksburg..
La.—New Orleans
(16 cities)....
Seventh Federal Re
serve
Mich.—Ann Arbor
Detroit
1,848,348
599,465,117
5,452,742
15,240,762
2,499,212
7.821.474
3,224,287
3.037,059
8,173,102
18,155,980
94,943,902
11,009,717
28,842,212
6,590,880
Flint
.....
Lansing
Muskegon...
Bay City
...
...
Wayne.....
.....
....
South Bend..
Terre Haute
Wis.—Madison
*
99,265,268
i—
~
Oshkosh.....
1,721,992
3,013,761
Sheboygan..
Water town
v
+ 30.9
+28.3
+ 8.9
+ 23.8
+ 12.5
+22.6
+ 10.6
4,854,271
+68.4
15,955,259
85,949,242
7.614.863
25,153,371
6,202,090
91,330,589
1,557.639
3,228,992
+ 13.8
+ 10.5
47 ,277,486
143 ,350,271
22 ,839,655
71 ,189,799
27 ,820,309
27 ,389,905
77 ,618,120
157 ,138,414
863 ,871,010
88 ,738,639
41
+28.8
+ 18.3
+
2,133,860
—5.3
170,181
213,136
-20.2
40,198,321
40.805,454
—1.5
222,532
42,200,969
224,580
38,340.783
173,133,235
+ 10.6
164,606,418
152,660,667
215,820
352.989
—38.9
459,733
420,611
154,964,312
108,652,870
+42.6
98.961,982
128,786.922
3.360,863
3,670,493
—8.7
2",854",929
3,298,715.
1,845,219
1,806,096
+2*2
1,590,672
2,406,248
+ 17.5
+ 12.6
,273,747
127 ,947,046
19 ,290,110
+ 14.5
63 ,766,002
23 ,850,061
+ 11.6
24 ,337,438
+ 12.5
+ 12.0
+ 18.4
+ 16.6
43 ,541,517
+ 78.3
133 ,856,414
795 ,815,465
1,89+903
1,778,767
+6*4
1,088,037
1,390,681
22",454",000
21,840",000
+2*8
19",303",000
19,767.000
2,512,735
1,781,450
6,053,596
+41.0
1,360,993
1,595,032
6,425,154
+6.1
4,506,145
5,613,637
23",276",047
2l",594",625
+7.8
21,844,210
22",270*712
1,416,627
10,253,176
3,527,450
+ 17.4
66 ,305,061
+8.6
+ 33.8
249 ,419,710
61 ,082,494
217 ,685,052
+ 14.6
57 ,017,781
+7.1
942 ,692,623
15 ,191,099
864 ,919,649
+ 9.0
+ 10.6
—6.7
29 ,689,496
14 ,289,588
28, ,950,519
4 ,322,595
+2.6
+44.6
+ 14.7
+ 6.3
+8.7
+6.3
452,064
Des Moines..
—
— .
'
Ames.,...
111.—Aurora
Bloomington....
Chicago
462,226
—2.2
1.549.475
Manitowoc
Iowa—Cedar Rapids..
1,344,768
6,233,606
42,970,038
18.396,483
+ 15.2
13 ,649,437
12 ,334,390
+ 10.7
+2.2
51 ,964,543
51 ,198,920
+ 1.5
1,460,354
1,440.327
+ 1.4
+6.4
425 ,666,840
399, ,576,026
+6.5
10,560,833
11,760,784
—10.2
1,477,724
10,784,055
+2.4
163 ,566,529
152 ,636,949
+7 2
3,933,856
3,984,152
—1.3
3.534,912
+ 15.4
6,373,161
45,702,691
18,836,095
1,074,163
2,131,963
1,644,157
1,078,898
1,785,139
1,945,369
4 ,507,985
—0.4
9 ,244,844
+ 19.4
21 250,397
9 ,042,756
18 ,415,289
—15.5
16 ,672,286
15 ,724,120
+ 4.3
+2.2
+6.0
383,665
399,084
—3.9
412,805
,411.205
1,479,189,862
1,350,563,708
+ 9.5
13,694 ,431,573
12,588 ,332,468
+8.8
+7.2
293,112,512
311,931,472
10,671.207
—35.7
46 ,300,536
47 ,938,963
—3.4
337,161,413
1,934,208
314,450,825
6,859,517
1,792,559
+7.9
1,173,878
17,522,593
5,003,058
+ 14.6
178 ,710,463
160 ,351,373
+ 11.4
4,633,963
4.199.380
+ 10 3
+ 25.4
58 ,216,543
49 ,659,614
+ 17.2
1,363,948
1,039.365
4,198,214
1,195.237
+ 13.2
60 ,930,981
56 ,392,721
+8.0
1,894,620
1,346,556
1.447.381
+ 1.3
6,187,124
+ 30.9
1,335,072
1,638,690
...
20,088,201
6,273,392
7,001,691
598,431
1,327,142
3,989,283
699,703
—14.5
6 ,288,610
5 ,836,342
+ 7.7
(31 cities)....
2,508,080,678
2.198,991,290
+ 14.1
22,611,975,550
20.195,261,816
+ 12.0
580,262,913
508.351.934
+ 14.1
468,982,571
521,301,507
Decatur
Peoria.
Rock ford
Springfield
Sterling
Total
—2.5
112,101,061
+ 15.9
Miss.—Hattiesburg
Sioux City
2,571,101
66,697,586
117,218,139
67,850,340
+ 15.2
88,824,792
78,552,137
6,031,618
105,979,095
h Meridian
Milwaukee
2,507,088
+ 9.1
4,024,152,406
51,613,113
42,274,794
Montgomery.......
Indianapolis
+ 11.7
2,430,589,391
+3.9
Mobile-..—...—..
Gary..
99,198,070
2,052,880,063
4,637,112,334
467,470,800
23,230,578
+ 7.3
+ 14.6
+38.4
6,104,076
Ala.—Birmingham
w
+ 7.7
5,274,089
Tampa
Ind.—Ft.
+ 16.4
5,251,193
—
Macon....
Fla.—Jacksonville
Grand Rapids
Jackson
+4.8
17,072,135,499
+ 4.2
7,266,932
fet Augusta.'
Total
+ 9.
+ 11.6
Rese rve District—- Atlanta—
Tenn.—Knoxvllle
It
+4.0
18,378,331,856
7,036,317
684,213,406
Total (9 cities).
!!
-3.0
6,013.452
811,163,688
1,901,694
C.—Washington...
43,162,129
51,050,360
11,284,564
5,689,823
n
+ 14.2
+ 7.3
73,931,250
135,619,533
Columbia.
99,901,664
+ 3.2
26,047,233
105,455,718
65,407,472
65,226,449
D.
S. C.—Charleston
18,590,343
16,194,000,000
64,450,876
156,151,219
176,837,360
+ 10.8
392,528,111
237,092,151
6,914,488
11,956,315
6,334,707
Richmond
+6.9
—23.4
Greenville.—.
Md.—Baltimore......
Frederick......
_
+4.0
20,220,157
District— Richmond—
3,210,689
15,606,000
Va.—Huntington..
+4.9
+ 22.1
554,804,623
6,983,418
12,235,882
2,063,981
11,597,000
201,191,261
5,735,146
10,982,952
5,455,801
337,147,774
1,807,091
108,232,400
W.
Va.—Norfolk.
+4.4
+ 5.3
+ 1.1
638,608
District
11,475,476
289,647,360
534,444,763
51,252,200
2,753,209
1,026,322
8,299,063
15,504,921
6,150,124
25,683,957
1,024,646
450,692
874,131
627,877,800
7,738,523
9,378,409
6,264,397
7,155,301
Newark
610,137
+ 4.3
+ 6.2
Youngstown
3,681,352,766 3.320,465,730
92,953,939
621,929
Lorain
-0.1
—4.5
565,456
+ 14.5
660,184
Hamilton..
3,761,341,023 3,761,789,557
+ 2.2
—9.6
457,357
+8.8
Columbus
-11.3
20,547,870
32,487,327
—1.4
440,330
+ 16.1
.....
4,837,298
20,458,318
33,238,894
+ 7.4
484,275
1,472,356
Cleveland
3",767",581
4,562,782
574,013
—23.8
—1.4
4,715,886
5,302,417
serve
4",64+219
—17.5
+71.3
1,602.175
Re
—ie'i
—14.1
5,758,162
...
4,341,151
5,467,770
669,316
22,033,508
29,161,912
+ 8.0
356,163
597,109
6,153,858
Federal
3,612,775
4,513,139
510,237
21,727,719
25,860,480
+ 1.
+ 11.8
473,582
Wilkes-Barre
Fourth
4,498,542
513,021
Pottsvllle.
Cincinnati
8,114,471
+ 17.0
466,767
York
Ohio—Canton..
—11.6
+ 8.9
—1.9
(17 cities).
9,004,854
5,072,445
+ 18.4
+ 10.9
Total
7,960,245
5,967,087
+ 11.6
+ 17.3
7,049.282
9.818,638
....
+ 4.
+ 14.6
—4.9
18,635,688
1,704,000,000
..........
573,128
879,583
,198,542,157
8,545,011
4,478,242
+ 11.9
15,288,132
6,917,209
10,301,635
Hazleton.
12,464,928
1,177,149
31,600,000
23,371,133
1,889,000,000
Del.—W1 lrn 1 ngton
N. J.—Trenton
—1.1
18,103,143
6,568,137
2,378,235
Bols.....*.....
7,779,007
1,139,326
30,000,000
+ 58.6
541,033
+28.9
636,240
+ 0.3 3,565,164,921
—7.9
20,285,291
2,074,871
Du
—51.9
27,412,931
Lebanon......._...
Scranton.....
+ 4.
6,297,951
13,103,492
1,265,007
1,374,114
35,600,000
36,000,000
052,961
411,784
1,080,998
843,599
3,646,281,024 3,634,305,612
+ 17.1
Norrlstown
Philadelphia
Reading.......I...
+ 11.0
+ 58.4
96,913,465
56,209,413
21,952,113
18,649,663
17,434,000,000
65,093,041
103,925,752
47,072,212
50,982,156
11,821,691
0,625,788
25,257.009
178,314,388
189,713,800
— -
+ 13.7
+ 8.6
+29.9
i,959,815
y2,393,282
1,793,149
9,238,143
6,291,847
2,259,381
2,052,001
Chester
455,392.742
400,376,310
54,225,914
49,911,198
1,503,657,887
1,354,471,666
22,940,943
21,918,070
33,135,074
37,071,160
130,268,051.384 136,995,759,209
356.540,594
341,434,447
209,147,014
182,445,938
39,588,434
35,473,846
164,489,400
166,821,928
201,339,420
180,164,649
18.229,031
19,684,480
809,074,265
753,441,310
1,062,210,862
1,085,088,997
29,362,911
32,480,777
Philadelphia
2,295,238
3,780,269
2.329,154
10.577,912
....
Bethlehem
Harrlsburg...
Lancaster..
1937
District —New York-
Second Federal Res
N. Y.—Albany
Buffalo--.-
1938
%
Volume
2753
Commercial & Financial Chronicle
The
151
CLEARINGS (Concluded)
Month of
410,541,812
+6.3
3,932,074,275
3,661,607
—0.5
563,515
509,241
+ 10.7
40,856,231
5,387,570
178,681,860
166,808,648
155,945,681
146,348,967
+ 14.6
+ 14.0
952,095,649
378,191
370,250
2,714,000
+ 12.7
789,584,402
17 cities)
..
.
14,111,704
—-
St. Paul
1,776,647
Winona...—
550,000
657,000
+ 8.5
146,375,271
147,524,824
6,038,658,582
131 ,284,527
+ 5.9
2,902,784
3,724,570
—22.1
139, 011,665
6,644,492
2,830 ,365,146
+ 10.7
78,848,002
68,865,795
3,986,048
74,062,312
1,817,979
+ 15 I
14 ,684,877
+ 25 3
+ 10 4
30,299,628
28,778,397
28,881,609
25,722",849
—0 2
16, 042,224
1,085 ,049,910
15 ,552,415
+ 5.3
+ 11.6
3,134, 419,925
18, 404,027
1,198, 233,786
+ 1.3
+ 10.3
77,815,870
322,449.403
2,808,791
2",548",602
+ 10.2
2*.460^348
2,576*093
"92l",742
905,012
+*1*8
*820*515
125,635,533
1,780,137
5, 686,531
96 ,346,894
10 ,619,000
+ 1.6
8 ,012,241
486,393
570,550,778
520,389,064
832,089
rve
District— Kansas
575,472
Hastings
12,259,306
"
9, 045,737
+ 5.1
—3.2
35, 987,944
32 ,953,365
+ 12.9
+ 9.2
63, 342,271
65 ,118,944
—2.7
+ 12.8
7, 984,198
7 ,410,048
+ 7.7
+ 8.7
36, 878,378
32 395,589
+ 13.8
+ 0.7
—0.1
36 774,707
35 ,729,869
+ 2.9
143, 685,931
130 ,605,175
+ 10.0
—0.7
3, 396,766
3 ,052,265
+ 11.3
+ 9.6
4.959,159,568
4,504,629,580
+ 5.7
4,301,007
5,762,324
123,975,094
1,325,948,676
181,538,158
6,640,961
4,155,247
6,028,236
—6.1
+ 3.5
11,849,631
+ 9.4
687,019
+ 10.1
+4.8
824,145
958,935
—14.1
7,890,735
12,071,831
+ 19.2
+ 13.1
2,825,279
2,497,203
462,416,845
437,513,529
+ 5.7
St. Joseph
15,138,485
13,706,672
+ 10.4
131,184,922
23,848,542
4,108,001,389
135,098,777
618,849
36,448,453
508,788
+ 21.8
...
3,174,833
Pueblo.....
2,001,626
Wyo.—Casper
895,633,306'
(18 cities)
Total
845,445,118
157,288,412
Denver.
Eleventh Federal R
+ 5.9
Wash.—Belllngham
Idaho—Boise., v
Ore.—Eugene
-
Utah—Ogden.
Salt Lake City
Ariz.—Phoenix
......
3,136,458
33,819,514
—0.4
6,449,890
+ 3.0
9,299,798
97,319,410
—15.6
—0.9
1,389,808
1,705" 367 —1*8*5
2,46*5* 554
2*.4*1*3*, 839
124,659,611
3,129,076
3,351,994
—6.7
3,673,345
3,911,493
20,501,204
+ 5.2
+ 16.3
3,895,139,871
+ 5.5
106",552',518
107,300,154
—0.7
86,47*1,091
92*.019*747
130,742.174
+ 3.3
3,187,267
3,081,327
+3.4
2,779,905
3,064,548
5,002,318
330,048,693
26,329,029
1,285,590,128
+ 15.4
7,900,133,463
7,553,936,216
Pasadena
"5*2*8",958
—1*7*6
530,487
6*17*002
153,844,207
—1.4
133,248,17?
135,636,312
1,608,656
1,677,600
—4.1
1,488,031
1,614,153
63,060*000
60,403*721
+4.4
51*.150*20]
50,484*710
"
+ 3.3
79 ,117,168
76 ,544,722
+ 3.4
42
39 ,148,236
+ 8.6
+ 7.5
,500,471
2,439 ,211,000
209 391,826
2,269 ,914,238
+ 0.8
288 583,899
—16.9
i
.
1
195 ,645,884
+ 7.0
300 ,640,098
—4.0
7",645" 586
7",*731*448
—*1*1
7,048*566
8,*16*5*648
98 ,659,000
—1.4
910,000
3,003,000
—69.7
2,599,00C
3,398,000
243,000
2,098 472,251
+ 7.8
+ 13.5
97
+ 13.2
19 924,007
+ 16.9
44
490,478
1,946 ,247,860
18 ,311,978
39 ,204,695
1,651,525
14,493,619
—3.1
12
793,757
12 ,789,065
+ 0.1
+4.7
142, 105,492
137, ,529,193
590,672,715
+ 7.6
5,473,833,349
5,134,634,969
+ 19.8
+ 6.9
"
+ 8.8
1,094"140
1*0*10*428
+"8*3
931*855
l", 1*36*725
+ 3.3
2,597*685
2.856*884
—9*1
2,996,910
3**607*317
+ 6.6
76,916,067
76,683,081
+ 0.3
66,214,564
68,406,553
Franci SCO
2,310,151
+ 15.7
22 ,700,042
18 ,942,239
1,516 ,900,505
+ 14.2
42",677",660
1*1*1
32,808,182
36,483,165
+ 12.4
1,731 ,599,035
38,418,207
173,218,581
+ 8.6
1,152,802
1,311,231
1,316,217
47 ,993,721
44 ,191,740
—11.7
+ 6.7
1,304,907
5,418,634
5,966,283
+ 3.2
55 124,194
50 ,104,455
+ 10.0
40,918*398
32",447"508
+2*6*1
28,282,9li
33,23*9,594
16,378", 580
17,682*302
—7*4
14,316,130
14,084.074
3,255,685
3",742",247 —1*3*6
3*."890* 308
3*,*985*324
3,252" 600
3*.*29*7*459
—1.4
3,579,976
3,915,312
+2*1
143" ,859*,261
143,775,000
2,815,950
3,539,468
2,826,672
163,186,241
3,117,726
1,380,681
2,419,401
281,301,956
266,996,679
1,224,000
+ 23.4
13 619,000
11 ,243,000
+ 21.1
151,228,383
+ 19.6
1,558 ,624,949
1,322 ,777,833
+ 17.8
2,946,296
+ 10.1
29 ,182,409
27 ,390,017
+ 6.5
73,972,412
+ 5.4
681 ,098,956
634 ,458,060
+ 7.4
13,973,231
—3.7
142
,196,144
131 ,524,167
+8.1
77 ,296,516
74 688,818
+
+ 3.5
+3.6
8,279,639
7,750,203
+ 26.6
,664,258
76 ,451,038
+ 19.9
—14.2
163 ,996,084
185 820,574
—11.7
19,222,504
4,528,000
+4.9
38 541,104
36, 801,000
+ 4.7
15,082,075
—7.1
132 923,524
155 157,663
—14.3
3,110,975
660,393,427
14,035,616
—0.1
31 658,782
33, 763,826
—6.2
+ 7.7
6,381 ,758,691
6,012, 974,436
+ 6.1
166", 584",000
—4.8
121 356,557
123 089,714
—1.4
3,038,403
+ 6.1
60 584,606
62, 903,801
—3.7
1,217,916
5,779,631
10,992,737
+ 16.5
104 880,795
94, 321,131
+ 11.2
1,179,432,778
+ 9.1
11,486,799,367
10,613,504,017
+8.2
1,286,840,541
+ 12.2 253,257,548,713 249,521,783,865
+ 1.5
6,634,030,413 6,490,118,545
+ 2.2 6,165,242,344 5,794,082,476
+ 11.1 122,988,897,329 112,526,024,656
+ 9.3
2,987,749,389 2,855,812,933
+ 4.6 2,600,077,4232,595,540,319
3,110,022
711,425,854
13,359,389
......
Riverside..—
San Francisco
San Jose
—
Santa Barbara
Stockton
(19 cities)
Grand total (191
cities) 28,106,924,795 25,041,457,744
113,902,012,472 12,514,657,229
York
Outside New
CANADIAN
CLEARINGS FOR
91
.
OCTOBER, SINCE JANUARY 1,
10 Months Ended Oct.
Month of October
Clearings at—
$
S
Canada—
—17.9
228,521,311
9,487,496
8,056,205
+ 17.8
92,651,236
8,738,680
7,754 911
11,864,706
+ 12.7
77,221,091
........
+ 16.4
112,549,056
+ 3.6
177,388,273
191,094,893
Ottawa
Quebec.
Halifax.
Hamilton.......
Calgary.,
...
'St. John
Victoria...
London
Edmonton
....
Regina.....
Brandon
Leth bridge
Saskatoon...
Moose Jaw.
Brantford
;
Fort William.........
13,815,000
22,101,324
32,232,804
2,093,249
2,694,907
8,958,887
3,823,926
4,639,783
4,022,708
New Westminster
Medicine Hat
+ 27.7
+ 7.7
+ 2.1
—3.2
+ 0.5
+ 22.5
—3.6
4,154,526
+ 20.9
5,224,504
—0.1
48,151,662
122,648,621
15,057,086
35.655.729
Kingston
Chatham........
...
.......
Sudbury
(32 cities)
Estimated,
x
11,168,817
2,119.221
3,559,871
2,941,027
+ 24.3
2,838,637
1,881,132
+2.7
2,034,474
4,871,671
...—...
13,883,569
2,258,658
4,051,468
3,208,086
2,916.463
Windsor.............
Prince Albert
4,705,856
+ 3.5
1.790,669.206
No figures
available,
1,626,619,330
y
+ 6.6
+ 13.8
+ 8.2
+ 10.1
15,087.301,366
Calculated on basis of
31
$
■*
—1.9
95,716,919
—3.5
+ 2.2
+ 52.9
52,055,630
+ 6.0
4,849,120
2,745,275
„
+ 14.0
Dec.
%
—34.2
145,543,451
102,730,065 —12.7
71,509,621 —43.1
20,942,634 —20.8
21,147,777 + 146.2
+0.3
4,836,380
—4.6
2,877,611
7,389,982 —15.9
—0.1
7,901,561
1938
161,014,231
138,995,392
61,916,079
20,911,853
22,636,697
6,437,699
+ 4.2
6,216,827
7,898,428
1,703,124
1,533,303
+ 8.5
2,217,227
+ 9.4
—0.1
4,510,022
5,652,009
4,900,967
8,274,602
—8.0
3,072,967
5,817,759
10,060,899
2,006,771
1,887,053
2,788,177
4,531,963
—31.7
6,631,405
+ 4.5
408,106
418,966
—2.6
2.6
505,597
747,823
+ 32.4
763,141
+ 10.0
—2.4
1,793,726
662,166
2,009,441
—10.7
1,769,444
894,600
—26.0
856,317
+ 9.5
845,554
—5.5
1,024,910
832,527
+ 9.8
875,289
774,837
993,608
926,285
—14.9
+ 22.6
721,765
+ 7.4
561,967
+ 2.6
326,934
—7.1
+ 2.6
538,342
—23.6
414,249
671,880
+ 18.6
+ 11.1
779,761
1,036,525
351,750
704,997
645,289
+ 7.9
3,057,338
13,368,505
I
26,934,365
26,124,265
18,732,726
44,068,483
+ 9.1
%
$
89,722,367
40,697,653
16,578,900
+ 12.6
408,119
+ 15.1
+ 12.4
25,775,295
36,604,439
27,225,955
27,466,975
35,196,345
5,218,456
..........
Kitchener.
+ 0.7
245,334.570
30,971,831
23,953,761
40,080,377
33,380,870
30,167,370
10,859,346
25,646,360
1,944,528
2,900,946
3,436.036
234,920,821
113,669,192
25,167,749
+ 19.3
+ 5.4
24,987,175
29,680,697
43,344,850
20,706,431
60,356,037
+ 10.9
2,418,908
10,588,766
14.599,415
—18.6
1939
162,214,572
191,292,546
13,971,963
21,260,834
54,872,188
132,850,404
248,046,464
-28.1
1940
851.154,808
201,088,803
104,644,301
213,941,596
220,702,506
76,007,431
74,136,069
103,772,523
754.631,760
1,301,668,085
213,134,074
9,251,710
3,805,990
4,184,123
3,371,879
2,963.191
2,921,179
Sherbrooke.
+ 11.1
+ 85.8
+ 6.2
3,311,476
1,874,785
Peterborough
21,341,142
44,802,313
3,050,079
3,630,875
Moncton
4,680,661,096
4,444,223,485
1,791,200,738
738,318,168
4,593,668,887
4,289,035,412
2,041,307,183
.........
Winnipeg..
Vancouver
+ 18.9
—26.2
Dec.
S
$
%
+ 16,7
456,897,579
409,885,743
314,003,007
77,206,059
100,817,259
22,896,249
11,271,254
26,727,074
41,436,806
Montreal
1,676,608
2.429,760
Inc. or
Inc.or
533,171,162
487,379,315
231,882,888
85,790,209
187,285,867
24,322,767
14,387,850
28,794,686
34,021,488
Toronto
1,627,101
+ 16.8
Week Ended O
1939
1940
Dec.
—2.5
—11.8
AND FOR WEEK ENDING OCT.
31
Inc. or
1939
1940
*
—60.8
151,624,003
+ 4.6
"492*333
"732", 481
+ 1.3
+ 5.3
-San
678*431
193,006
603,511
—4.2
1,905,019
16,486,704
4,750,541
14,017.231
...
Modesto
Total
"
12,810,213
Berkeley...
Long Beach
Sarnia.
+ 5.0
6,129,608
Calif.—Bakersfield—
Total
29,966,687
2,669,750
4,110,565
5,783,008
6,155,428
1,510,000
180,801,744
3,244,102
77,989,056
13,451,526
8,575,967
9,810,943
Yakima
34,068,793
99,116
33,688,281
13,044,000
225,536,060
2,673,594
194,755,611
—
Seattle....
Portland
District
144,626
2,720,823
+ 5.9
33,233,830
635,531,745
serve
139,729
2,502,956
+ 8.0
22,284,776
241,095,589
2,155,856
4,804,446
1,600,583
15,181,203
Twelfth Federal Re
—3.3
+ 9.1
+ 10.5
Total (11 cities)..
122,709
14,766,214
262,318,000
La.—Shreveport
118,600
27,175,413
289,792,000
22,473,158
35,007,285
10,837,000
Arthur
87,355
14,963,180
—2.5
Wichita Falls
111,634,530
—9.6
29,649,239
+ 17.7
Port
+ 1.8
101,870
+ 1.2
3,936,404
Texarkana
118,636,913
92,096
+ 14.8
8,158,917
Houston—
120,718,341
+ 3.5
—4.4
25,219,911
7,951,661
Galveston
+ 10.1
1,327,463,690
4,632,964
Fort Worth
111,051,463
3",882",910
+ 2.2
Beaumont
El Paso
+ 2.6
3,983", 687
+2.8
Texas—Austin
Dallas........—.
873*311
3*.1*43*398
+ 3.2
Distric t -Dallas—
eserve
783",970
3,177,801
171,488,503
346,481,616
+ 4.1
35,019,668
2,519,120
153,964,682
3,136,385
1,744,212
2,588,426
Colo.—Colo. Springs..
+ 10.4
—2*8
981,552
114,822,497
5,775,290
Carthage
Okla.—Tulsa.
13,327,769
Wichita
953",707
1,284.418,080
96,428.578
720,186
-
Topeka...
"
—14.9
7,852,109
9,403,814
... .
Parsons.—
6*8*7*452
"
"
142,452,690
17,912,821
19,716,016
Kan.—Kansas City
,449,315
City-
155,884,459
-
...
5
+ 29.3
398,283
612,914
420,931
Neb.—Fremont
Mo.—Joplin
Kansas City
+3 1
10, 791,000
4,446,844
Lincoln
X
6,550,518,786
18,180,979
.
+ 4.1
+ 12.1
99, 474,478
.-!
.
^734,000
159,095,821
+
30,519,519
X
+ 9.7
4,912,089
_
764,000
178.382,905
—7.4
Helena
.
+ 10.4
+ 11.1
Great Falls.........
Manhattan.
23,658,000
+ 12.5
.....
Omaha
33,787", 240
25,180,584
+ 13.4
656,691
Mont.—Billings
(16 cities)...
36",47"o", 333
23,954,938
3,025,119
+ 12.9
1,275,000
1,000,400
4,170,762
7,261,779
737,400
4,520,300
4,416,629
18,189,732
489,708
Sioux Falls
Tenth Federal Rese
8*2
+25.0
37",042",302
+ 4.4
+ 10 0
11,649,404
....
Total
87,900,000
+ 17.4
608,146
S. D.—Aberdeen
Le wlstown
40,067,568
38,151,337
S
85,400,000
+ 9.5
90,800.000
5,161,763
13,104,494
1,416,000
1,293,580
4,384,585
7,028,268
Grand Forks
Huron
99,400,000
+4.4
+ 3.2
Fergus Falls
N. D.—Fargo...-i—Mlnot
S
—1 6
720,091,558
Minneapolis14,338,207
355,666,664
2,093,121
140,209,175
Minneapolis
Rochester
District
rve
—
%
1,451,385,937
843,186,377
3,429,040
26,126,000
+2.1
3,059,000
Ninth Federal Rese
$
1937
1938
$
+ 7.2
3,667.429,426
34,811,960
1,590,550,021
Quincy
Dec.
%
3.643,919
111.—J ackson ville
1939
Louis—
436,449,269
Cape Girardeau
Independence , —
Ky.—Louisville
Tenn.—Memphis
1940
%
-St.
Inc. or
or
Dec.
|
1939
1940
Dec.
$
District
serve
Eighth Federal Re
Mo.—-St. Louis.—
Total
Inc.
Inc. oi
1939
1940
Minn.—Duluth.
Week Ended Nov. 2
10 Months Ended Oct. 31
October
Clearings at—
+ 27.0
+ 15.9
+ 3.5
+ 21.9
—
23.785,441
+ 9.8
.
1,859,494
—8.4
1,723,706
—11.1
2,874,844
—22.9
+ 20.8
678,8 50
1,497,554
2,759,769
457,296
—30.8
1,298,026
2,734.446
—10.8
392,468
909.827
837,088
579,077
538,362
637,362
641,168
435,807
+ 8.7
—9.1
683,184
19,285,114
—2.9
41,679,578
+ 5.7
325,135
1,195,528
1.136.343
14,435.851,201
+ 4.5
347,657.027
421,331,606
weekly figures.
570,815
+ 10.8
—16.0
—25.4
+ 5.2
—I7.5I
976,821
647,979
480,445
1,016,829
465,083.243
The Commercial & Financial Chronicle
2754
Nov.
Per
^
Dolese &
By K. L. Day & Co., Boston:
$ per Share
Slocks
Shares
1,341 Skinner Organ Co.,
1 Boston Athenaeum,
7 Massachusetts
$300
par
206
-
Bonding & Insurance Co., par $1234—
62 H
.
Inc., common
IX
.
18
Co., Inc., preferred..
4 Batchelor & Snyder
32)4
Service Corp., $6.50 preferred—
9 Federal Water
Cos.; 40 Associated Textile Cos., pref.; 50 Beacon
Hill Co. pref., par $100: 225 JR. Whipple Corp. 1st pref., par $100; 225
j. R. Whipple Corp. common; 25 Connecticut Mills Co. class A common,
par $10; 25 Connecticut Mills Co. 1st pref., par $100; 25 Laconla Car Co. com¬
mon; 25 Hie Latherizer Corp. common; 25 The Latherizer Corp. class A
common; 50 40-100 New England Southern Corp. common; 50 Y-D Service
Garage of Worcester, Inc., common, and 34 warrants General Invest¬
20 Western Massachusetts
ment Corp..
260 Boston Real Estate Trust, par $100................
——————
100 Ninth Bank & Trust Co., par
100
$10
...........$1 lot
.......
Co., Atlantic City, N. J., common, par $10
50 Philadelphia Co.
$1 lot
for Guaranteeing Mortgages, par $20...
..—$1 lot
California, no par; 50 Dargo Corp., common, no par,
20 Standard Oil Co. of
.....$386lot
30 Allen Typewriter Corp., common..
130 Klnsey
86 lot
Co. preferred, par $5
650 Klnsey Distilling
,——$2 lot
$1 lot
Distilling Co. prior preferred, par $10..........
41 600-1000
2X
......
Independence Indemnity Co. common...
Canal Co., par $50........—————————$1 lot
7 Chesapeake & Delaware
Per CevP
Bonis—''
$5,000 Sagamore Coal Co. 1st s. f. 6s, due
...—...—$2 lot
7s, due Oct. 1, 1932. April
1932 and subsequent coupons
—........
debenture
$2,000 Thomas Conway Jr. Corp.
May 1928 and subse¬
May 1, 1934.
quent coupons attached ......—
attached...
...$2 let
—
due Oct. 1, 1932.
$5,000 Thomas Conway Jr. C<|>rp. debenture 7s,
and October, 1932, coupons attached....—.—
April
——.$2 lot
-
are grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
Then we follow with a second table in which
we show
the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
Dividends
we
"General Corporation and Investment
pany name in our
News Department"
in the week when declared.
The dividends announced this week are:
Per
Acme Steel Co. fquar.)...
—
Albany & Vermont RR_-._
...
Alexander & Baldwin Ltd—
Allied Mills-
Dec.
15c
Dec.
12 Nov. 18
16 Nov. 30
$134
$134
$234
Dec.
1 Nov. 20
25c
—
—
American Capital prior preferred (quar.).
American Chicle Co. (quar.)— ———_
Extra
American Felt Co. 6% pref. (year-end)
SIM
SIM
...
—
$2
—
15c
Barlow & Seelig Manufacturing. .....
Class A (quar.)
3(ic
Beech-Nut Packing Co. (special)..
Belden Mfg. Co
...
Blgelow-Sanford Carpet Co. (year-end)...
Preferred (quar.).
Birmingham Water Works Co. 6% pref. (quar.)
Bird & Son Inc. 5% pref. (quar.)
—
Boott Mills
Boyertown Burial Casket Co. (quar.)...
Bridgeport Gas Light Co. (quar.)
—— —
Extra
■
7% pref. (quar.)...
—
Brown Shoe Co..........
Canada Bud Breweries
Canadian Exploration Co. (semi-ann.)
Canadian General Electric (quar.)..
Canfield Oil Co
-
—
6% preferred (quar.)..
■
...
-
...
....
City Baking preferred (quar.)
City of New Castle Water Co. 6% pref. (qu.)...
Charis Corp
;
Cleary Hill Mines (quar.)
...
.
....
_
<
_—.
.
_
Class A (semi-ann.)
Coca-Cola International Corp....
Class A (semi-ann.)-.-.
(quar.)
Columbia Broadcasting Co. class A & B
Columbia Brewing Co. (quar.)
Consolidated Amusement Co., Ltd. (quar.)....
Copper Range
—
Crane Co. preferred (quar.)—
———
Creole Petroleum Corp
1.,
...
—
—
50c
—
SI H
SI H
$1X
Preferred
40c
(quar.).
5634c
-
$1
Security Corp. (quar.)
$134
hx
Preferred
(quar.)
Griggs, Cooper & Co. 7% pref. (quar.)
$1X
— — — ..
50c
Harbison-Walker Refractories
Preferred (quar.)
Hard Rock Gold Mines.
$134
—
5c
Hiawatha Oil & Gas Co. 5% preferred A (quar.).
Hobart Mfg. Co. class A (quar.)... —
1234c
3734c
6oc
Holt (Henry) & Co. partic. class A
3734c
$134
SI H
Homestake Mining Co. (monthly)
Hoover & Allison, preferred (quar.)
Huntington Water Corp. 6% pref. (quar.)—.
7% preferred (quar.)
Huston (Tom) Peanut Co. (quar.)
7% preferred (s.-a.)
Vd
$334
50 c
International Nickel Co. of Canada
Payable in U. S. funds.
Jaeger Machine Co
50c
$134
Joplin Water Works, preferred (quar.)
Keystone Custodian Fund, series B-2
Knudsen Creamery Co. (Calif.) (s.-a.)
Land is Machinery
Lexington Water 7% pref. (quar.)
Ludlow Mfg. Associates.
85c
Matson Navigation Co.
$4
$134
$154
30c
75c
4c
25c
$2
25c
$2.15
16 Dec.
9
2 Nov. 20
Nov. 30 Nov. 16
U0c
1?
SIM
SIM
12
Nov.
1
Jan.
2
Dec. 23
Dec. 23
Dec.
Oct.
6
15
Dec. 14
Dec.
16
16
Dec.
2 Nov. 15
Dec.
2 Nov. 15
Nov. 22 Nov.
7
Dec.
tSIM
tSIM
t50c
$2
SIM
SIM
15c
5c
75c
S2
SIM
Dec.
2 Nov. 15
Nov. 20
Dec.
Dec.
Dec.
Dec.
Nov,
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
Dec.
25c
SIM
65c
30c
40c
30c
SIM
25c
25c
Dec.
Dec.
Dec,
Dec.
Dec.
Nov.
Dec.
Dec.
Dec.
Dec.
Nov.
7% preferred (quar.)
SIM
7% preferred— — — ..._—.
SIM
pref. (quar.)—......
SIM
t55Mc
Ltd. (quar.)
Nov.
Dec.
Dec.
Dec.
Dec.
Oct.
Nov.
Nov.
Nov.
Nov.
Oct.
Nov.
Nov.
25
30
30
15
15
26
12
7
$1
35c
$2 H
30c
lc
Co. (qu.)
lc
$2
$1
Murphy (G. C.) Co. (quar.)
Murray Corp- of America.
Muskegon Motor Specialties class A (qu.)
Nashua Gummed & Coated Paper Co. (quar.)..
National Battery, preferred (quar.)
Naumkeag Steam Cotton
25c
50c
50c
55c
75c
55c
National Battery preferred (quar.)
Nebraska Power. 6% pref. (quar.)
$134
$134
$1~34
7% preferred (quar.)
Neim-Marcus, preferred (final)
Newmarket Manufacturing
50c
U5c
Nipissing Mines, Ltd
Northern Pipe Line Co
40c
Northeastern Water & Elec. Corp., $4 pref.
Northland Greyhound Lines, Inc.—
$134
25c
>c
2c
Ohio Oil Co
Preferred (quar.)
$134
$1
Ohio Seamless Tube
4334c
$134
$134
Prior, preferred (quar.)
Pennsylvania Glass Sand, pref. (final)
Pennsylvania State Water Corp. $7 pref. (qu.).
Peoples Gas Light & Coke (quar.).
——
50c
$1
25c
;
...
$134
.
$134
$2
——
——
Ralston Steel Car Co
25c
—
634% debenture D (quar.) —
Secord (Laura) Candy Shops (quar.)
30
30
29*>
25c
70c
—
Participating preferred (quar.)
Participating preferred (quar.)
—
1234c
—
Standard Dredging preferred (quar.)
Standard Oil Co. of California
—
....
,
—
—-
25c
Stromberg-Carlson Telep. Mfg. pref. (quar.)...
Sunray Oil Corp
———...
Preferred (quar.)
——
Sylvania Industrial Corp. (quar.)
Tilo Roofing Co.
Extra..-.
Extra
—
*■
*
——
——-
$1U
68m
25c
'
.
(quar.)——
Preferred (quar.)——
25c
50c
—
— -
18
/
25c
•
Standard Oil Co. of N. J.» Inc. (s.-a.)
—
40c
25c
—
—
(quar.).—
15
15
20
2
3734c
1234c
3734c
;
...
...
20c
50c
—
City Stockyards (quar.)
....
2 Nov. 12
Nov. 25 Nov. 15
1
Oct. 15 Oct.
31
Nov. 15 Oct.
4
Dec. 20 Nov. 30
Nov. 15 Nov. 12
4
Nov.
8 Nov.
1 Dec. 20
Jan.
Nov. 15 Nov.
9
2 Nov. 18
Dec.
Nov. 15 Nov.
1
Nov.
1 Oct. 30
2
Dec. 10 Dec
6 Nov. 20*
Dec.
1 Nov. 15
1 Dec. 26
16 Nov. 25*
Dec. 10 Nov. 25
Dec. 10 Nov. 25
Nov. 30 Nov. 20
1
Nov. 15 Nov.
2 Nov. 15
Dec.
Nov. 15 Oct.
Dec. 16 Nov.
2 Nov.
Dec.
Dec.
2 Nov.
31
25
15
15
2
Dec. 16 Dec.
Dec.
2 Nov. 21
Nov. 30 Nov. 18
Nov. 30 Nov. 18
8
Nov. 15 Nov.
Jan.
2 Nov. 20
Nov. 18 Nov.
9
Jan.
2 Nov. 20
2 Nov. 15
Dec.
Dec.
Dec.
2 Nov. 15
2 Nov. 20
Nov. 15 Nov.
9
Dec. 11 Nov. 15
Dec.
2 Nov. 15
1 Nov.
9
Dec. 20 Dec. 12
Dec. 10 Nov. 22
2 Nov. 16
Nov. 15 Nov.
6
Nov. 15 Nov.
6
Dec. 14 Nov. 16
2
Dec. 14 Dec.
5
Dec. 14 Dec.
Dec. 20 Dec. 10
Jan.
1
Dec.
2 Nov. 12
Jan. 15 Dec. 21
Dec. 16 Nov. 20
10 Dec. 20
Jan.
-----
*—
Nov. 30 Nov. 12*
2 Nov. 20
Dec.
Dec. 23 Dec.
2
2 Nov. 18
$2
$134
;
Simonds Saw & Steel
Extra..
Dec.
Dec.
Nov. 15 Nov.
5
1 Dec. 20
Jan.
Dec. 31 Dec.
2
2 Nov. 15
2 Nov. 16
.
30
2 Nov. 12
2 Nov. 15
2 Nov. 12
Dec.
t$l34
$134
$134
3734c
$134
734c
—
Standard Oil Co. (Indiana)
Extra.
Dec.
Dec.
10c
Sheaffer (W. A .) Pen (quar.)—...
22
15
19
16
Dec.
Nov. 25 Nov. 20
35c
25c
—
Regina Corp
—-Reliance Grain, preferred.
Rochester Gas & Electric 6% pref. C & D (qu.).
5% preferred E (quar.)
Roxy Theatre, Inc., pref. (quar.)—
—
St. Joseph Water Co. 6% pref. (quar.).
...
San Diego Gas & Electric Co——
San-Nap-Pak Mfg. Co., pref. (quar.)
Savannah Electric & Power, 734 % deb B (qu.).
8% debenture A (quar.)
—
7% debenture C (quar.).—...
Nov. 11
Nov.
Nov.
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
Dec.
1
2 Nov. 18
6
20 Jan.
Dec. 20 Nov. 30
Nov. 12 Nov.
5
Dec.
1 Nov. 15
Dec.
$134
-
Extra
8
8
— —
Philadelphia Suburban Water Co. pref. (quar.)
Pittsburgh Youngstown & Ashtabula, pref. (qu.)
Pittsburgh Plate Glass.
Pressed Metals of America
Public Electric Light, 6% pref. (quar.) —
Purity Bakeries Corp
;
Sioux
6
Jan.
Dec.
(quar.)
25c
;
Nov. 30 Nov,
Nov. 30 Nov.
1 Jan.
Dec.
(qu.)
$634 preferred (quar.)
Extra
14
2 Dec. 12
31 Oct. 25
Jan.
Dec.
$134
Muncie Water Works, 8% pref. (quar.)
Nov. 11
Dec.
2
Dec.
2
Dec.
2
Dec.
2
Dec.
2
Nov. 19
Nov. 19
14
Dec.
50C
-
Extra
Pfeiffer Brewing Co. (quar.)
Dec.
15
Jan.
25c
Moran Towing, 7% preferred (quar.)
Morse Twist Drill
Mountain Producers (semi-ann.)
...
12
Jan.
Oct.
$3
Oceanic Oil Co
Dec.
Dec.
Dec. 28 Dec.
45c
....
Extra
Preferred B (quar.)
Monmouth Consolidated Water, $7 pref. (quar.)
2 Nov. 15
20
18
25c
Norwich Pharmacal Co.
Nov." 22
16
Nov.
Nov.
Nov.
Dec.
Dec. 12 Nov.
Feb.
1 Jan.
Nov. 11 Nov.
10c
(quar.)—.——....
Nova Scotia Light & Power pref.
Oahu Sugar (monthly)
16
Nov. 15 Nov.
5
Dec.
2 Nov. 12
2 Nov.
9
Dec.
25c
.
Deveiopm't
1 Dec.
15c
May Department Stores (quar.)
Mayflower Petroleum (semi-annual)_ _;— 2
Mercantile Acceptance Corp. (California)—
5% preferred (quar.)
Metal & Thermit Corp
Miami Copper Co
Michigan Public Service (initial, quar.)
Midland Grocery Co., 6% pref. (s.-a.)
Midwest Oil Co. common (semi-ann.)
Minneapolis-Honeywell Regulator (quar.)
Mt. Diablo Oil, Mining &
Extra
1 Dec.
20c
$1X
$5 non-cum. preferred (quar.)
— 2;
Manischewitz (B.) & Co., 7% pref. (quar.)——
2 Oct.
SIM
30c
Nov. 30
Dec.
2
1
Dec.
Jan.
2
$1
2 Nov. 19
Dec.
56 Mc
_
Nov. 30 Nov. 20
25c
$5 preferred (quar.)
Olldden Co. (interim)
2 Nov. 19
Dec. 30 Dec. 16
2 Nov. 15
Dec.
A & B._
Di-Noc Mfg. Co. 6% cum.
Distillers Corp.-Seagrams,
14 Nov. 20
2 Nov. 22
Dec.
Crown Cork & Seal Co., Inc., $234 cum. pf.(qu.)
Cushman's Sons
2 Nov. 15
50c
60c
$3
Preferred
Extra
2 Nov." 15
10 Nov. 29
2 Nov. 15
2
$21.10 Dec.
Collins & Aikman
Oram & Forster Insurance Shares Corp.
1%
1
3c
■
.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Nov.
——
.....
Nov.
Nov. 30
Dec.
Nov.
7% pref. (quar.)...
Central Illinois Public Service Co.—
$6 and 6% preferred..
Central Railway Signal class A (quar.)——
Central & South West Utilities $6 preferred
$7 preferred..
Chicago Corp. conv. preferred
Citizens Bank of Brooklyn
Extra..
Coca-Cola Co
Year-end
.;
Jan.
SI
50c
Catawissa RR..Co. 5% 1st & 2nd pref. (s.-a.)_..
...
2
2
Dec.
50c
—
Central Arkansas Pub. Serv.
16 Dec.
>134
SIM
—
Carman & Co. class B
Class A (quar.)
2 Nov. 15
16
1 Nov. 20
20c
-
16 Dec.
5
14 Nov. 25
Dec. 16 Dec.
8 Oct. 29
Nov.
Dec. 20 Nov. 30
Dec.
Dec.
50c
Byers (A. M.) CO. preferred....
Representing div. due May 1, 1936, of $1X.
plus interest to Nov. 30, 1940.
...
Dec.
Dec.
15c
—
—
Dec.
1
25c
—
Butler Water Co.
SI
35c
SI
——
....—
Bristol-Myers Co. (quar.)
'1
15c
Anglo-Canadian Telephone A (quar.)...——
Nov, 15 Nov.
Dec.
—
American Public Service, preferred-...
American Thread Co. pref. (semi-ann.).. .
American Toll Bridge (liquidating)——————
Atlas Powder Co
Holders
75c
.—
Industries
—
Alabama Water Service Co. $6 preferred (quar.)
Aluminum
When
Payable of Record
2 Nov. 15
Dec.
Jan.
Jan.
50C
25c
——
Share
Company
14
25c
.................
Name of
Dec.
2 Nov. 12
Dec.
2 Nov. 12
Nov. 15 Nov.
8
1 Oct. 15
Nov.
Nov. 30 Nov. 15
Nov. 30 Nov. 15
S1g
MacLeod-Cockshutt Gold Mines, Ltd
Macmillan Co, (quar.)...
DIVIDENDS
first
2 Nov. 20
17 He
Great Atlantic & Pacific Tea Co.
— ———
2 Dec.
Dec.
50c
Empire Capital class A (extra)
Preferred A (quar.)
Fajardo Sugar of Porto Rico
Faultless Rubber Co. (quar.)
Special
Federal Compress & Warehouse (quar.)
Goodall
Integrity Trust Co., par $10...—.........
80 Equitable Trust
7% preferred (quar.)
6% preferred (quar.)
Eastern Utilities Assoc. (quar.)..
Esmond Mills 7% pref. (quar.)
General Motors Corp
$ per Shai*
Stocks
1
Jan.
General Instrument Co
By Barnes & Lofland, Philadelphia:
:
...
Federal Light & Traction $6 pref. (quar.)
Firestone Tire & Rubber pref. (quar.)
34
Nov.
$1
38c
$1^
—
Extra
j
Holders
When
Payable of Record
SIX
$1M
Shepard Co
.
.....—-..-......-..$595 lot
-
—
Share
Company
Dominion Coal Ltd. preferred (quar.) — —
Dominion Foundries & Steel pref. (quar.). —
East St. Louis & Interurban Water—
54c.
$5
par
20 Batchelof & Snyder Co.,
Shares
Name of
following securities were sold at auction on Wednesday
of the current week:
1940
SALES
AUCTION
The
9,
20c
10c
35c
Dec.
Nov. 30 Nov. 22
Nov. 15 Nov.
1
Dec. 14 Nov. 30
Dec.
1 Nov. 12
1 Nov. 12
Dec.
Nov. 30 Nov. 16
2 Nov.
Dec.
Oct. 31 Sept.
Dec. 20 Dec.
2 Dec.
Jan.
2 Dec.
Jan.
12
30 i
20
10
10
10
2 Dec. 10
Jan.
Jan.
2 Dec.
Dec.
2 Nov. 15
Nov. 25 Nov. 15
Nov. 25 Nov. 15
Dec. 14 Nov. 23
Oct. 29 Oct. 28
Oct. 29 Oct. 28
Oct. 29 Oct. 28
Oct. 29 Oct. 28
2 Nov. 20
16 Nov. 15
16 Nov. 16
16 Nov. 16
16 Nov. 15
16 Nov. 15
2 Nov.
9
20 Nov. 27
1 Dec. 14
26 Nov. 15
26 Nov. 15
16 Nov. 25
16 Nov. 25
Dec, 16 Nov. 25
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Dec.
Jan.
Nov.
Nov.
Dec.
Dec,
Volume
The Commercial & Financial Chronicle
151
Share
Tennessee Alabama & Georgia Ry
Terre Haute Water Works 7% pref. (quar.)
Tokheim Oil Tank & Pump (quar.)
35c
Dec.
California Packing
1 Nov. 15
Dec.
Dec.
25c
2 Nov. 12
58 l-3c Dec.
2 Nov.
15
7 Nov. 25
45c
Dec.
2 Nov. 18
25c
5% preferred (initial, quar.)__
United States Plywood, preferred (quar.)
United States Rubber Co. 8% non-cum. pref
Utica & Mohawk Cotton, Inc
Utica Knitting Co. 5% pref. class A (initial)
Dec.
1
Nov. 13
Dec.
1
Nov. 13
2%
50c
SIM
Van Raalte Co
Nov. 30 Nov. 16
20 Dec.
8 Oct.
Nov.
1 Oct.
Nov.
Dec.
6*
31
29
Extra
_
_u
-
Dec.
1
25c
Dec.
SIM
Dec.
1 Nov. 14
50c
Dec.
16 Nov. 30
Walgreen (quar.)
Preferred (quar.)
West Texas Utilities, $6 preferred (quar.)
Westinghouse Air Brake Co. (year-end)
Williams (J. B.) (quar.)
Cumulative preferred (quar.)
Williamsport Water Co. $6 pref. (quar.)
Wolverine Tube Co. 7% cum. pref. (quar.)
Wurlitzer (Rudolph)
Preferred (quar.)
40c
Dec.
20 Nov. 20
SIM
SIM
Dec.
Jan.
14 Nov. 15
2 Dec. 14
75c
Dec.
14 Nov. 20
25c
5
Nov. 15 Nov.
Nov.
1 5Nov. 5
Dec.
2 Nov. 12
Below
and
(quar.)
,
25c
SIM
SIM
10c
SIM
Dec.
2 Nov. 18
Nov. 30 Nov. 20
1 Dec. 20
lJan.
yet paid.
The hst does not include dividends an¬
nounced this week, these being given in the preceding table.
When
Name of
Share
Company
Nov.
Dec.
Nov. 30
Dec.
Nov. 30
1
Nov. 30
Dec.
Dec.
Nov. 30
50c
Nov.
Oct.
tl5c
Nov.
Nov. 20
2c
Dec.
Nov.
Nov. 28
t50c
JS1M
Canadian Converters
Canadian Industrial Alcohol class A and B
Canadian Malartic Gold Mines. Ltd
Canadian Oil Cos., Ltd. (quar.)
Extra
12Mc
12Mc
31
Nov.
1
Nov.
Nov.
50c
Nov.
Nov. 15
75c
Nov.
Oct.
30 shs. of
not
Per
Nov.
1
31
Common stock div. of lsh. of com. for each
give the dividends announced in previous weeks
we
25c
"Ui
Cedar Rapids Mfg. & Power (quar.)
Celanese Corp. of American—
1 Nov. 14
Wabash-Harrison (s.-a.)
Preferred
31
31
Nov. 15 Oct. 31
Nov.
1
Nov.
Caterpillar Tractor (quar.)
Nov. 14
50c
Nov. 15 Oct.
Nov. 15 Oct.
62Mc
37Mc
25c
__
Campbell Wyant & Cannon Foundry
Canada Cement Co., preferred
Canada Wire & Cable, class A (quar.)
Class B (interim)
Preferred (quar.)
2 Nov. 15
SIM
37 Mc
United Biscuit Co. of America
.»
California Water Service pref. A & B (quar.)
Calumet & Hecla Consol. Copper Co
2 Nov. 15
Dec.
50c
41 2-3c Dec.
Dec.
65c
7% pref. (monthly)
6% preferred (monthly)
5% preferred (monthly).:
Toronto Elevator, Ltd., pref. (quar.)
Union Tank Car Co. (quar.)
Payable of Record
25c
Preferred (quar.)
3
14 Dec.
Share
Name of Company
Holders
When
Per
Payable of Record
SIM
Toledo Edison Co.
Holders
When
Per
Name of Company
2755
Holders
Payable of Record
common
Dec.
SIM
Central Paper (initial quar.)
Central Vermont Public Service, $6 pref. (quar.)
Century Ribbon Mills, pref. (quar.)
15c
$1M
$1M
25c
Champion Paper & Fibre
Preferred (quar.)
SIM
Chartered Investors $5 preferred (quar.)
Chicago Yellow Cab
Chile Copper Co
50c
Chrysler Corp
SIM
Clearfield & Mahoning RR. (s.-a.)
SIM
Cleveland & Pittsburgh RR. sp. gtd. (quar.)__
50c
Guaranteed (quar.)
87 Mc
3c
Cochenour Williams Gold Mines (initial)
Colgate-Palmolive-Peet
12Mc
(quar.) _J|
Preferred (quar.)
1.06M
$
Oct.
Jan.
Dec.
17
Dec.
stock held
7% cumulative prior 'preferred (quar.)
7% cumulative 1st part, preferred (s.-a.)__
Dec.
17
Dec.
Nov. 20
Nov. 15' Oct.
11
31
Dec.
2 Nov. 20
Dec.
Jan.
Nov. 30
Dec.
Nov.
Doc.
Nov. 20
Nov.
Nov.
Dec.
Nov. 12
Jan.
Dec.
Dec.
14
1
8
20
Dec.
Nov. 12
Dec.
Nov. 12
Nov.
Oct.
Nov.
Dec.
Dec.
Oct.
31
23
6
..
*
(quar.)
—
Jam.
Dec.
Dec.
Nov. 15
Nov.
Oct.
31
Nov.
Nov.
SIM
SI M
87 He
20c
15c
23
Dec.
Dec.
7
16
Jan.
Dec.
16
tSIM
tSIM
Dec.
Nov. 20
Dec.
Nov. 15
50c
Dec.
Dec.
15
SIM
Dec.
Dec.
15
SI M
Oct.
Oct.
24
Nov.
Nov. 11
SIM
ly'Zi
Nov.
Oct.
25*
Dec.
4
SIM
Dec.
Dec.
Dec.
4
31
10c
—
-
American Hair & Felt 2nd preferred
Nov.
Oct.
75c
Dec.
Nov. 15
Dec.
Nov. 15
Dec.
Nov. 15
Nov.
Nov. 12
Dec.
Nov. 14*
Dec.
Nov. 20
20c
American Home Products Corp. (monthly)
American Investment Co. of Illinois (quar.)
25c
62 He
50c
5% preferred (quar.)__
$2 preferred (quar.)
American Locomotive Co. preferred
American Mfg. Co. (quar.)
$2
Jan.
Dec.
Jan.
Nov.
Dec.
Nov.
16
16
6
25c
...
„
„
(quar.)
Dec
Dec.
Dec.
Dec.
Nov. 20
SIM
American Metal
Dec.
SI M
25c
(quar.)
American News Co.
Oct. 21
Dec.
2
tSIM
$2M conv. preferred (quar.)
$2 conv. preferred (quar.)
Preferred
Oct.
Nov.
Dec.
35c
62 He
50c
American Factors, Ltd. (monthly)
American General Corp. $3 conf. pref. (qu.)
Preferred
Nov.
25c
40c
American Chain & Cable
Preferred
31
30c
Acme Wire Co
Addressograph-Multigraph (quar.)
Aetna Bail Bearing Mfg.
Alberta Wood Preserving Co. 7% pref. (quar.)_.
Allegheny Ludlum Steel, pref. (quar.)
Atlentown-Bethlehem Gas Co. 7% pref. (quar.)
Allied Kid Co. (quar.)
Allied Laboratories (quar.)
Allied Stores Corp., 5% pref. (quar.)
Aluminium. Ltd. (quar.)
Preferred (quar.)
Aluminum Mrg.. Inc. (quar.)
7% preferred (quar.)
American Air Filter preferred (quar.)
American Box Board Co., 7% cum. pref. (quar.)
American Can Co. (quar.)
Dec.
Nov. 20
Nov.
Nov.
25c
(bi-mo.)_
14
14
4
American Oak & Leather Co.—
5% cumulative preferred (quar.)
5% cumulative preferred (quar.)
American Paper Goods Co. 7% pref. (quar.) —
American Radiator & Standard Sanitary Corp.—
Preferred (quar.)
-
American Re-Insurance Co
SIM
111
*40c
Dec. 31
4-1-41
Dec. 16 Dec.
5
Dec.
Nov. 25
Nov.
Nov.
6
25c
Dec.
Nov. 20
American Steel Foundries
75c
Dec.
Nov. 30
American Smelting & Refining
American Tobacco Co., com. & com. B (quar.)_
50c
Nov.
Nov.
1
Dec.
Nov.
9
American Rolling Mill Co
SI M
16
Dec.
Dec.
Archer-Daniels-Midland.
35c
Dec.
Nov. 20
Argo Oil Corp
15c
Nov.
Oct.
25c
Dec.
Nov.
Anglo-Huronian,
10c
Ltd
- —
Armstrong Cork Co. (interim)
Preferred (quar.)..
Artloom Corp. 7% pref. (quar.)
Asbestos Mfg. Co. $1.40 preferred (quar.)...
Associated Dry Goods 2d preferred
1st preferred (quar.)
—
Atlantic Refining Co. (quar.)
Auto Finance Co.
SI
SIM
35c
18
4
Dec.
Nov. 30
Dec.
Nov.
Nov. 15
Oct.
25
tSIM
Nov. 15
Dec.
Nov. 15
25c
Dec.
Nov. 21
40c
(quar.)
Dec.
SI M
Jan.
Dec. 20
Dec.
Nov. 20
$1.10
Extra
Nov.
Oct.
31
60c
Dec.
Dec.
14
SI
SIM
Dec.
Dec.
14
Nov.
Nov.
4
7
5c
Bandini Petroleum Co
(quar.)
Bank of America N. T. & S. A.
Preferred (initial,semi-ann.)
Bankers & Shippers Insurance
Barnsdall Oil Co
Co. (N. Y.) (qu.)
15c
Dec.
Nov.
30c
Nov.
Nov. 12
25c
Dec.
Dec
}4c
t2c
Dec.
Nov. 15
Dec.
Nov. 15
75c
Dec.
Nov. 15
Belding Heminway Co. (quar.)
20c
Nov.
Nov.
1
Bendix Aviation
75c
Dec.
Nov.
9
t$2M
tSIM
Dec.
Nov. 23
Dec.
Nov. 23
Bastian-Blessing Co. (year-end)
Bathurst Power & Paper, class A (interim)
Beattie Gold Mines (Quebec)
Extra
(quar.)..
—
,.
Beaunit Mills, Inc., preferred
Berkshire Fine Spinning
—
Associates, Inc.—
7% preferred.
jreferred
$5 pr "
*
Best & Co
Oct,
Dec.
Nov. 12
Jan.
Dec.
Dec.
Nov. 20
Nov.
Nov.
-
—
Bohn Aluminum & Brass
Boston Fund (quar.)
Dec.
Nov. 18
Nov.
Dec.
Nov. 11
Dec.
Dec.
Nov.
Oct.
3
31
Dec.
Dec.
2
12Mc
37Mc
SIM
S3
& Rubber Co., pref
Bourjois, Inc., preferred (quar.)
Bower Roller Bearing
Brandon Corp. 7% preferred (s.-a.)
Brooklyn Edison Co. (quar.)
Brooklyn-Manhattan Transit and Brooklyn &
Queens Transit—See Den. Corp. and Invest¬
ment News section of this issue.
Brooklyn Telegraph & Messenger Co. (quar.)..
Buck Hill Falls (quar.)
Buckeye Pipe Line
Bunker Hill & Sullivan
Dec. 23
19
SIM
SIM
Nov.
Oct.
Oct.
Nov.
Oct.
19
SIM
68Mc
Nov.
Nov.
Nov.
Oct.
19
6% cum. preferred series A (quar.)
5% cum. preferred (ser. No. 46) (quar.)
5% cum. preference (quar.)
Columbia Pictures preferred (quar.)
Commonwealth International Corp. (quar.)
Commonwealth Utils. Corp. 6M % pref. C (qu.)
Community Power & Light
SIM
Inc., 6M% preferred (quar.)
Curtis Mfg. Co. (Mo.)
Curtis Publishing, prior pref. (initial)
Davenport Water, preferred (quar.)
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
Decca Records, Inc
Deere & Co., preferred (quar.)
Dentist's Supply Co. (N. Y.) (auar.)
Denver Union Stockyards preferred (quar.)
Detroit Gasket & Mfg., pref. (quar.)
Detroit-Hillsdale & Southwestern (s.-a.)
pref.
Discount Corp. of
—
9
31
43 Mc
l\%
"ft
Nov.
Oct.
Dec.
Dec.
6
Nov.
Nov.
8
Dec.
Nov. 13
Dec.
Nov.
Nov.
Nov.
Dec.
Dec.
Nov. 30
Nov.
7
8
13
9
5
Jan.
Dec.
Nov.
Oct.
1-2-41 Dec. 23
Nov. 29 Nov. 15
Dec.
2 Nov. 15
Dec.
2 Nov. 26
Dec.
11
2 Nov. 20
$2
50c
Dec.
2 Nov. 15
Jan. 1*41 Dec. 20
5
Nov. 15 Nov.
Dec.
12
Dec.
2 Nov
2-10-41
3-1-41
Dec. 20 Nov. 20
£
t50c
30c
(quar.)
$5
75c
SIM
20c
East Shore Public Service preferred
SIM
SIM
SIM
(quar.)
$6 preferred (quar.)__
Eaton Mfg. Co
Electrolux Corp
75c
Ely & Walker Dry Goods Co
Empire & Bay State Teleg. Go, 4% gtd. (qu.)Empire Power Corp., participating stock
Emporium Capwell Co. 4M % preferred (quar.)_
Eversharp, inc., new 5% pref. (quar.)
New 5% preferred (quar.)
25c
25c
Faber, Coe & Gregg, Inc.
SI
75c
Dec.
Jan.
(quar.)
2 Dec. 10
2 Nov. 16
20 Dec.
31
2 Nov. 15
Nov. 25 Oct. 31
Dec.
Nov. 20 Nov.
Nov. 15 Nov.
Nov. 15 Nov.
Dec.
16 Dec.
Jan.
2 Dec.
Dec.
2 Nov.
2 Nov.
Dec.
9
1
1
2
15
9
9
7
Nov. 25 Nov.
Nov. 15 Oct. 17
Nov. 25 Nov. 14
Dec.
2 Nov. 20
30c
Dec.
25c
25c
Nov.
Dec.
Dec.
15c
Falstaff Brewing (quar.)
Preferred (semi-ann.)
3c
Fansteel Metallurgical Corp., preferred
Farallone Packing Co. (quar.).
(quar.)_
SIM
5c
5c
Quarterly
9
1
9 Nov.
1-2-41 Dec. 21
Dec. 15
1-2-41
3-15-41
4-1-41
5
Nov. 15 Nov.
56Mc
Preferred (quar.)
Fairbanks. Morse & Co
.
S2M
Farmers & Traders Life Insurance (quar.)
-
Jan.
2 Nov.
50c
Exolon Co
1 Nov. 15
1 Nov. 15
9
2 Nov.
Nov. 30 Nov. 16
Mar. 18
Apr.
Dec.
18 Dec.
$1
-
-
—
(s.-a.)
(qu.)
First National Bank of Jersey City (quar.)
Fishman (M. H.) Co. (quar.)
- - -—
Fitz Simmons & Connell Dredge & Dock Co..
Florida Power Corp. 7% pref. A (quar.)
7% preferred (quar.)
Freeport Sulphur Co. (quar.)
Dec. 20 Dec.
Nov. 15 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
7% pref. (quar.)
2
Nov.
6
Nov.
6
2 Dec.
Dec. 31 Dec.
Jan.
15c
Dec.
25c
Dec.
SIM
Dec.
87 Mc
5
18
18
21
26
23
2 Nov. 15
Nov. 20
Nov. 15
Dec.
Nov. 15
25c
Dec.
Nov. 15
50c
Dec.
Nov. 15
35c
•—
Nov.
87Mc
1%
14
Dec. 16 Nov. 30
Mar. 15 Feb. 28
Jan.
2 Dec. 11
50c
20c
25c
(s.-a.)
Dec.
Nov. 15
5r
30c
Douglas Aircraft Co
Dow Chemical Co
Preferred (quar.)
Eagle Picher Lead
Preferred (quar.)
Dec.
25c
Nov.
50c
75c
5% preferred (quar.)
Dominion Bridge, Ltd.
Dec.
31
15
Dec.
87Mc
J$1M
SIM series preferred (quar.)
General Cigar Co., pref. (quar.)
General Foods Corp. (quar.)—
General Instrument Corp. (quar.)....
General Outdoor Advertising class A (quar.)
Preferred (quar.)
General Paint Corp. (special)
Class A..
—
Oct.
31
$120
General Acceptance Corp.
Oct.
30
Oct.
SIM
N. Y
5
Nov. 25
Oct.
Nov.
15c
Resulting from reduction in capital stock and
change in par value of shares.
Dixie-Vortex Co., class A (quar.)
Doctor Pepper Co. (quar.)
Dome Mines, Ltd
Dominion & Anglo Investment Corp., Ltd.—
Nov.
Nov.
Nov.
75c
Nov. 12
Nov.
Dec.
1
5c
25c
Dec.
Nov.
8
1
30c
35c
(quar.)
Nov.
SI
10 Dec.
10 Dec.
S2M
(quar.)
(semi-ann.)
25c
2M%
22|Nov.
Dec.
Dec.
tSIM
20c
Detroit Michigan Stove
Extra...
37Hc
(s.-a.)
Nov.
20c
62 Mc
75c
Diamond Match Co.
15c
Butler Bros
Preferred (quar.)
15
4
25
Nov. 29Nov. 15
Nov. 15 Oct.
SIM
Dexter Co
Firemen's Insurance Co. (Newark)
2 Nov. 11
Dec.
Nov. 15 Oct.
15
Nov. 23 Nov
Cuneo Press,
8
Dec.
lNov. 15
16 Nov.
8
lNOV. 15
Nov.
Crucible Steel Co. of America, 5% pref. (initial)
Crum & Forster pref. (quar.)
Nov.
2 Nov. 20
2 Nov. 15
Dec.
Crow's Nest Pass Coal Co
6
Dec.
Dec.
75c
50c
25c
Cooper-Bessemer prior preferred
Copperweld Steel Co
Cum. conv. pref. (quar.)
Corporate Investors, Ltd.^ class A
Cosmos Imperial Mills Ltd. (quar.)
Creameries of America, Inc., $3 M conv. pf. (qu.)
Crown Cork & Seal Co., Ltd. (quar.)
Crown Drug Co
Preferred (quar.)
Crown Zellerbach, pref. (quar.)
Dec.
Nov. 15 Nov.
1
Dec. 14 Nov. 22
1 Nov.
50c
Continental Can (final year-end)
Continental Diamond Fibre Co
Extra
Nov. 15
Dec.
Dec.
Dec.
12Mc
First National Bank (Toms River, N. J.)
12 Mc
Dec.
Dec.
Consolidated Oil Corp
Container Corp. of America
Ferro Enamel Corp
Fire Assoc. of Philadelphia
Nov.
Nov.
SIM
62 Mc
Consolidated Cigar Corp. 7% cum. pref
Consolidated Edison of N. Y. (quar.)
Nov.
Jan.
1
15
Nov. 15
Nov. 15
Oct. 25
Nov. 15
2c
Connecticut Light & Power, pref. (quar.)
Connecticut Power Co. (quar.)
Preferred
Oct.
4c
Dec.
$3
25c
SIM
19
Nov.
Dec.
Dec.
50c
Coniaurum Mines, Ltd
Extra
Nov. 15
1
4c
50c
Community Public Service
Compania Swift Internacional (quar.)
20c
Burroughs Adding Machine.
Nov. 14
Nov.
25c
Co. (quar.)
Burlington Mills.
Byron Jackson Co. (quar.).
Cables & Wireless Holding Co., pref.
Calhoun Mills (quar.)
California Art Tile class A
——
Nov.
10c
Nov.
„
Mining & Concentrating
25c
Nov.
SI
s
t
Bullock's. Inc
1
16c
(quar.)
(quar.)
Boston Woven Hose
6
50c
Blaw-Knox Co
Common
Nov
ic
7% preferred (quar.)
Birmingham Gas preferred (quar.)
Blauner's preferred (quar.)
6% preferred
25
40c
SIM
SIM
—..—
Bethlehem Steel Corp
Bloch Bros. Tobacco
5
Colorado Fuel & Iron Corp
Columbia Gas & Electric Corp
4
Nov. 15 Nov.
4
Nov. 15 Nov.
Dec.
1 Nov. 15
37Mc
SIM
50c
15c
—
SIM
50c
50c
Nov. 15 Oct. 28
Jan.
1 Dec. 15
6
Nov. 15 Nov.
6
Nov. 15 Nov.
Nov.
9 Oct.
30
Nov.
9>Oct.
30
The Commercial & Financial Chronicle
2756
Per
Share
Name of Company
Part, preferred (part.
divj
19c
Nov.
Nov.
Dec.
»1H
Jan.
Dec.
r-4—
7% pref. (quar.)
Gold Si Stock Telegraph Co. (quar.)
—
25c
Goodyear Tire & Rubber Co
So conv. preferred (quar.)
Gorham Manufacturing Co
Gossard (H. W.) Co. (year-end)..—
Gran by Consol. Mining Smelting & Power
Payable in U. 8. funds subject to Canadian
Foreign Exchange Control Board.
$lH
50c
15c
.
$1
SI X
Grand Union Co. div. arr. certificates
—
Gurd (Cbas.) & Co., preferred (quar.)
Hackensack Water (semi-ann.)
(quar.)
Hale Bros. Stores (quar.)
Hallnor Mines, Ltd. (quar.)
Hamilton Watch preferred (quar.)
Hancock Oil of Calif. A & B (quar.)
Dec.
Dec.
Dec.
n&
—
Nov.
Jan.
--
2c
Nov.
Nov.
Dec. 13 ♦
Oct. 23
Nov.
4
Nov.
Oct.
25
SI
Nov.
Oct.
25
15c
Nov.
Nov. 19
15c
30c
2.5c
Dec.
8%c
Dec.
Nov.
SI
Dec.
Dec.
Nov. 15
Nov. 15
Oct. 31
Oct. 31
Nov.
6
Dec. 31
Nov.
Nov.
Dec.
Jan.
Dec.
SIM
*#
-_
_—-
37
-
ii
six
$1H
87 He
Extra
!
Lindsay Light & Chemical
Link Belt Co. (quar.).-Preferred (quar.)
Lionel Corp. (quar.)
Little Miami Rr. Co., original
capital (quar.)__
-
-
(Quarterly.)
Dec.
1
Parker Rust-Proof Co.
1 Nov.
1
Dec.
2 Nov. 15
2 Nov. 15
2 Nov. 15
Dec.
SI
15c
25c
Dec.
2 Nov.
Jan.
2 Dec.
SIX
12Hc
16
2 Nov.
2 Nov.
9
Nov. 15 Oct. 29
.Nov. 30 Nov. 16
Dec. 21 Nov. 22
Jan.
1 Dec. 18
Dec.
Lumbermen's Insurance (semi-ann.)
Lunkenheimer Co
6H % pref. (quar.)
SIX
2 Nov. 16
__I
-
Jan.
Dec.
Dec.
Nov. 19
Nov.
1
$3
15c
50c
25c
,
Nov. 11
Dec.
Nov.
Nov.
8
Nov. 15
Nov.
Nov.
25c
Dec.
5
Extra
Mead Corp., $6 preferred A (quar.)
85 H preferred B (quar.)
Meadville Telephone Co. (quar.)
Meier & Frank, Inc. (quar.)
20c
Dec.
Nov.
Nov.
1
10c
Manufacturers Casualty Insurance
(quar.)
Nov. 12
Nov. 12
40c
__
Nov.
Nov.
1
Dec.
Nov. 15
Nov. 15
81H
$1X
-
Dec.
Nov.
Nov.
Acceptance Corp. 5% pref. (quar.)-6% preferred (quar.)
Oct.
31
Dec.
Mercantile
Oct. 31
Nov.
1
Nov.
I-I-1
Mengel Co. 5% 1st preferred
Dec.
1
1
30c
Dec.
Dec.
SIX
Merchantile Stores, pref. (quar.)
Metal & Thermit Corp. preferred (quar.)
Nov.
Dec.
Oct. 31
Dec. 13
91X
5c
Mission Corp
Missouri Public Service Corp
Monsanto Chemical Co., pref. A & B (semi-ann
Dec.
Dec. 20
40c
Dec.
Nov.
25c
-
Mid-Continent Petroleum
Middle West Corp. (initial)
Jan.
SI H
Extra
Michigan Silica (quar.)
Dec.
14
Dec.
4
25c
Dec.
20c
>
Nov.
Nov. 15
Nov. 19
Oct. 25
Dec
Nov.
92 M
9
r
2 Dec.
16
Nov. 15 Nov.
6
Dec.
2 Nov. 15
2 Nov.
1
Dec.
2 Nov.
Nov. 15 Nov.
Nov. 15 Nov.
4
Dec.
Dec.
Dec.
1
4
20 Nov. 22
20 Nov. 22
Dec, 30 Dec. 16
Nov. 15 Oct. 30
Dec.
1 Nov. 15
Tan.
2 Dec.
14
Nov. 15 Oct.
31
Nov. 15 Oct.
31
20
2 Nov. 15
Dec.
2 Nov. 15
50c
35c
83
25c
87Hc
15c
—
(quar.)
(quar.)_
50c
35c
35c
75c
81
SIX
50c
12Hc
871I
Nov. 30 Nov. 12
Nov. 30 Nov. 12
Nov. 30 Nov. 12
Jan.
1 Dec. 20
Dec.
2 Nov. 20
Dec.
2 Nov. 20
Nov. 15 Oct. 25
1-1-41 Dec. 14
Nov. 15 Nov.
4
2-15-41
2-4-41
Nov. 15 Nov.
5
Jan.
2 Dec.
16
Jan.
2 Dec.
16
Nov. 30 Nov.
Nov. 15 Nov.
Dec.
1
5
1 Nov. 19
Jan.
2 Dec. 23
40c
Dec.
2 Nov. 15
2H%
Dec.
6 Oct.
10c
-
Paper & Box 7% preferred (quar.)
Nov. 20 Nov.
10c
Nov. 20 Nov.
SIX
37yhc
2c
50c
Dec.
Dec.
15 Dec.
22
1
1
15
1 Nov. 15
Nov. 10 Oct.
30
Nov. 10 Oct.
Nov. 15 Oct.
30
25
82
-
6% preferred (quar.)
6% pref. (monthly)
Quaker Oats Co. preferred (quar.)
Quaker State Oil Refining
Quebec Power Co. (quar.)
Reading Co., first preferred (quar.)
1
(Quarterly)
Reliance Steel Corp. SI H conv. pref. (quar.)--_
Republic Insurance of Texas (quar.)
Republic Investors Fund, Inc.,
6% preferred A & B (quar.)
Reynolds (R. J.) Tobacco (quar. interim)
Class B (quar. interim).
Jan.
Dec.
25c
(quar.)
-
Dec.
2 Nov. 20
2 Nov. 20
25c
Extra
4
1
Dec.
Nov, 15 Oct.
Procter & Gamble Co. (quar.)
Public Service Co. of N. J. 8% pref. (quar.)
7% preferred (quar.)
8 5 preferred (quar.)
31
JNOV.
9
Nov.
6c
-—i.-
-
Poor & Co., class A (quar.)
Privateer Mine (quar.)
31
Oct,
»
;
-
Oct.
Nov.
Nov.
SIX
Lynchburg & Abingdon Telegraph (s.-a.)-----McGraw-Hill Publishing Co., Inc
Mclntyre Porcupine Mines
Nov.
50c
Macy (R. II.) & Co. (quar.)
Madison Square Garden
Magnin (1.) & Co. preferred (quar.)Manhattan Shirt Co. (quar.)__-_
Pollock
1-2-41 Dec. 23
SI H
Lynch Corp
-—-
Extra
Nov. 15 Oct.
18
Nov. 15 Nov.
5
Luzerne County Gas & Electric
Corp.—
First $7 preferred (quar.)
First $6 preferred (quar.)
-
37 He
34 He
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
Phillips Petroleum Co. (quar.)
Phoenix Acceptance Corp
(quar.)--Phoenix Hosiery, 7% preferred
Pilgrim Trust (Boston) (quar.)
Pillsbury Flour Mills (quar.)
Pinchin, Johnson & Co., Am. shs. (interim)
Pitney-Bowes Postage Meter (quar.)
Nov. 30 Nov. 15
SI H
50c
Penman's Ltd. (.quar.)
Nov. 30 Nov. 20
Dec. 31 Dec. 21
SIX
-
Preferred A
9
Dec.
50c
SIX
;
Preferred A
40c
SIX
30c
-
8
Dec.
30c
(quar.)
tSIX
Class A (quar.)
Peninsular Grinding Wheel Co
Peninsular Telephone (quar.)--
Nov. 30 Nov.
9
Dec. 10 Nov. 25
Dec. 10 Nov. 25
SI.10
f25c
Loose-Wiles Biscuit 5% pref.
(quar.)----.:
Lord & Taylor, 1st pref.
S3
J25c
Preferred (semi-ann.)
Peerless Casualty (New Haven) pref. (s-a)Pender (David) Grocery, class B
2 Nov. 15
Nov. 15 Nov.
2
Dec.
-——-
SIX
2X%
Extra
Dec.
SI H
SIX
.
-—
_
Dec.
Pen
SIX
SIX
SIX
Nov.
Nov.
30c
--------
Parker
20c
Loew's London Theatres Ltd.,
7% pref
Lone Star Gas Corp. (year-end)
-—-
(quar.)
9
$1H
Monthly
Loew's. Inc., $6H preferred (quar.)
—
(s.-a.)
Pacific Gas & Electric, 6% pref. (quar.)
5H % preferred (quar.)
Pacific Lighting Corp. (quar.)
Pamour Porcupine Mines
14
31
Nov. 23
Nov. 15
Nov.
—
Otis Elevator Co
31
1
1
29
Dec.
7% cumulative preferred
6% cumulative preferred
Northwestern Telegraph Co. (semi-ann.)
Occidental Insurance (quar.)
OkoniteCo. pref. (quar.)
Ontario & Quebec Ry. Co. (s.-a.)_
5% preferred debenture stock (s.-a.)_.
Ontario Steel Products, Ltd. (interim)
Preferred (quar.)
1 Nov.
1 Nov.
Oct.
4
Dec.
Northwest Bancorporation
Nov.~20~
25c
Lock: Joint Pipe Co. (increased
mo.)
Nov. 30
Nov.
Northwestern National Life Insurance (s.-a.)-Northwestern Public Service Co.
16
12Hc
Class A & B (extra)
Nov. 15
—
Railway (quar.)_.
Preferred (quar.)
North River Insurance Co. (quar.)
Northern Pipe Line Co
Owens-Illinois Glass Co
50c
Special guaranteed (quar.)
Loblaw Groceterias A & B (quar.)
Dec.
Dec.
Norfolk & Western
8
si
SI
(quar.)-_
—i-
Oct.
—
Oxford Paper Co. $5 preferred
Pacific & Atlantic Telegraph Co.
SI
4
4
Nov.
2 Nov. 15
60c
Nov.
Nov.
Nov.
2 Nov. 15
40c
,
....
4
Nov.
Nov.
2 Nov. 15
2 Dec.
4
4
Dec.
Dec.
4
Nov.
Dec.
Nov. 15 Oct.
4
Nov.
Nov. 25 Nov.
Preferred (quar.)
Jan.
Nov.
Nov
Ottawa Electric Ry
2c
Nov.
Nov.
Nov.
-
Dec. 20
si
-
Nov.
4
17
25c
4
Nov.
1 Jan.
Nov. 30
Nov.
Nov.
2 Nov. 15
25c
_
Nov.
4
Nov.
Feb.
Dec.
4
Nov.
Jan.
Dec.
4
Nov.
Nov.
Dec.
SIX
SIM
81H
si x
Nov.
Nov.
-
4
Nov.
Nov.
—
4
Nov.
Nov.
-
Nov.
Nov.
Nov.
Nov.
50c
,-ii
-
Nov.
81H
SIX
2
4
4
Nonquitt Mills (quar.)
Noranda Mines, Ltd. (interim)
1 Nov. 10
2 Nov.
Nov.
Steel Industry Series
2 Nov. 20
Dec.
4
Railroad Equip. Industry Series
Dec.
1 Nov. 25
Nov. 15 Nov. 15
Nov. 15 Nov.
1
Jan.
2 Dec. 14
Dec.
2 Nov. 20
60c
8c
8
Nov.
4
Tobacco Industry Series
1900 Corp., class A (quar.)
Class B
2
Dec.
2 Nov.
Nov.
Public Utility Industry Series
Railroad Series
6
30c
62Hc
-
Le Tourneau (R. G.), Inc. (quar.).Life Savers Corp. (quar.)
4
Dec.
Nov.
Metals Series
Oil Industry Series
2 Nov. 15
2 Nov.
9
16 Dec.
Dec.
Nov.
-
Machinery Industry Series
Merchandising Series.——
Nov. 20 Nov.
1
Nov. 15 Nov. 13
Dec. 27 Dec. 17
Feb.
1 Jan. 20
Nov. 20 Oct. 31
Dec. 12 Nov. 29
SI
25c
-
Extra
Nov.
1
Nov.
1
Oct. 25
$2
—
Class B
Nov.
Nov.
Nov.
1 Nov. 15
10 Nov. 20
14 Nov. 22
Dec.
Food Industry Series
Insurance Stock Series
Sept.26
20c
Dec.
Dec.
Building Supply Industry Series
Business Equip. Industry Series-.Chemical Industry Series
Electrical Equip. Industry Series
Nov.
9
Oct. 31
Nov.
Dec.
1 Nov. 16
Nov.
Nov. 15
Nov. 12
Nov.
6
1
Dec.
4
Dec.
Dec.
28
Nov.
Jan.
Dec.
2 Oct.
Nov.
45c
7c
Dec.
Nov.
SIM
six
:v-
2 Nov. 14
2 Nov. 14
14 Nov. 29
Nov.
Bank Stock Series
Dec.
—
Dec.
Nov. 25 Nov.
Nov. 15
30c
-
_—-
Special
Liggett & Myers Tobacco (quar.)
17
2
Dec.
Jan.
Nov. 15 Nov.
Dec.
-
16 Dec.
Nov. 11 Oct. 31
Dec. 16 Nov. 14
-—
Neptune Meter, 8% pref. (quar.)
Newberry (J.J.) Realty Co. pref. A (quar.)New England Distillers, Inc., $3 cum. pref
New Jersey Zinc Co
New York & Queens Elec. Light & Power (quar.)
Preferred (quar.)
New York Stocks, Inc.—Special stock—
Agricultural Industry Series
Alcohol & Dist. Industry Series
Automobile Industry Series
Aviation Industry Series
Nov. 15
37Hc
$1X
SI A
Dec.
-—
(quar.)
Gypsum Co., pref. (quar.)
Nov. 15
Nov. 15 Nov.
Kemper-Thomas 7% special pref. (quar.)
Kendall Co.. $6 part. pref. A (quar.)
Kentucky Utilities junior pref. (quar.)
Kinney (G. It.) Co., Inc., $5 prior pref
Klein (D. Emil) Co
Preferred (quar.)
Knickerbocker Fund, shs. of beneficial int
Kresge (S. 8.) Co_
Kroger Grocery & Baking
6% preferred (quar.)
7% preferred (quar.)
Lake of the Woods Milling
Preferred (quar.)
Lake Superior District Power 7% pref. (quar.)-6% preferred (quar.)
Landis Machine preferred (quar.)
Lanston Monotype Machine
Lehigh Portland Cement pref. (quar.)
Extra
Dec.
8
Nov. 30 Nov. 15
Dec.
H'i
in
pref. (quar.)
-
Dec.
(quar.)
Island Mountain Mines (interim)
Jantzen Knitting Mills pref. (quar.)
Kable Bros. 6% preferred (quar.)
Leitch Gold Mines. Ltd
5
1 X%
75c
5c
2 Nov. 12
National Tea Co., preferred—-
Nov.
SIX
Dec.
Nov. 15 Nov.
2
9
Dec.
2 Nov.
Jan. 15 Dec. 13
National Lead class A preferred (quar.)
National Power & Light Co
Dec.
si
25c
International Harvester, pref. (quar.)
Internationa] Ocean Telegraph Co. (quar.)
International Railways (Central America)—
5 % preferred
.
Dec.
2 Nov. 15
2 Nov. 15
Nov. 15 Nov.
—
A and B preferred
National
Nov. 15
Nov. 15
50c
Institutional Securities (aviation group)
Kelsey-Hayes Wheel class A
Dec.
24 Dec. 14
10 Nov. 20
6 Nov. 15
Nov. 22 Nov.
8
—
National Casket
National Dairy Products-
dctTTr
Extra
International Bronze Powder (quar.)
National Biscuit Co
Preferred (quar.)
Nov.
-
-
National Brush (quar.)
f75c
--
common v. t. c.
Dec.
—
National (Automotive Fibres,
Nov. 15
Nov. 15
Nov. 15
Dec.
50c
25c
-—
-
Dec.
SIX
-
_
Dec.
Dec.
Nasha wena Mills.
Dec. 16
Nov. 15
Nov.
—
—
Dec.
—
Muskogee Co., 6% cum. pref. (quar.)
SIX
Hercules Powder Co., preferred (quar.)
Hers hey Chocolate Corp. (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Hires (Chas. E.) Co_Holophane Co
Horn (A. C.) Co., prior pref. (quar.)
*
Second preferred (quar.)
Horn & Hardart (N. V.) preferred (quar.)
Hygrade Sylvania preferred (final)
Idaho Maryland Mines (mo.)
Illuminating & Power Security 7% pref. (quar.)_
Imperial Chemical Industries, Amer dep. rec—
Indiana Assoc. Teiep. Co. $6 pref. (quar.)
$5 preferred (quar.)
Indiana Pipe Line Co
Ingersoll-Rand Co
Inland Steel Co. (quar.)-
_
2
Nov.
Havana Electric & Utilities, pref
-—
Hawaiian Commercial & Sugar Co, (quar.)Hazel-Atlas Glass Co
Hedlev Mascot Gold Mines
Kansas Pipe Line & Gas
Preferred (quar.)
4
3c
Class A & B (extra)
Hanna (M. A.) Co., 85 cumulative pref. (quar.)
Banners Oil Co., common
Mfg.
Nov. 15 Nov.
75c
43 He
25c
— -
—
Nov. 30 Nov. 16
Dec.
Nov. 15 Nov.
Nov. 20
Oct. 31
Nov.
1
Nov. 18
30
1
1-2-41 Dec. 30
Dec.
1 Nov. 22
Dec.
Mountain Fuel Supply
Mueller Brass Co. (year-end)
Dec.
2 Dec. 20
Nov. 15 Nov.
(quar.)
4
15c
Preferred
Iron Fireman
2
2 Dec. 20
20
2 Dec.
Nov. 10 Oct.
Motor Wheel Corp. (quar.)
Mt. Diablo Oil Mining & Devel. (quar.)
Extra
Nov. 15 Nov.
34Hc
--
Interstate Natural Gas
Dec.
Preferred
Holders
Jan.
-—
5H % cumulative preferred (quar.)
Montgomery & Erie Ry. Co. (.s.-a.)
Moody's Investors Service pref. (quar.)—
Moore (Wm. R.) Dry Goods Co. (quar.)
Morris Plan Insurance Society (quar.)
Motor Finance Corp. (quar.)
Narragansett Racing Association
—
Gunnar Gold Mines
—
Nov. 15
Nov.
When
1940
Jan.
Extra
Co.—
5H% conv. preferred (quar.)
-
Dec.
Dec.
9,
Payable of Record
Jan.
Modern Containers, Ltd. (quar.)
90c
Co. 7 % preferred
(seml-ann.)
Great Lakes Dredge & Dock Co. (quar.)
Brewers
Nov.
Nov.
8
.Nov.
8
Nov 20
Dec. 21
Nov. 15
Nov. 15
Nov.
1
Nov.
7
Share
Name of Company
25c
Graton & Knight
Prior preferred
Griesedieck-Western
Per
Holders
Payable of Record
SIX
General Steel Wares part. pref. (quar.)
Globe-Democrat Pub. Co.
When
Nov.
Dec.
14 Nov. 15
SIX
SIX
Dec.
14 Nov. 15
Dec.
14 Nov. 15
50c
50c
$1H
Dec. 14 Nov. 15
Nov. 15 Oct. 15
Nov. 30 Nov.
15c
Dec.
25c
Nov. 25 Oct.
50c
25c
37 He
30c
Dec.
1
16 Nov. 29
28
12 Nov. 21
17
Nov. 14 Oct.
Dec.
2 Nov. 22
Nov. 25 Nov. 11
15c
Feb.
1 Jan.
15
50c
Nov. 15 Oct.
Nov. 15 Oct.
25
50c
25
Richmond Fredericksburg & Potomac RR.
7% gtd. preferred (s.-a.)
6% guaranteed preferred (s.-a.)
$3H
$3
Holland Paper
Preferred (quar )
Ruud Manufacturing Co. (quar.)
Saco-Lowell Shops
I
Preferred (quar.)
-
St. Louis Bridge, 6% 1st pref. (s.-a.)
3% second preferred (s.-a.)
Savage Arms Corp
May
May
10c
Roberts Public Markets (quar.)
Rochester Button Co. pref. (quar.)
Dec.
Apr. 30
Apr. 30
Dec.
5
37 He
30c
Nov. 20
Nov.
Dec.
Dec.
Nov. 15
SIX
-
Nov.
Nov.
Nov.
Nov.
7
25c
Nov.
Nov.
8
83
S1H
81H
Dec.
5
6
Jan.
Jan.
Dec.
15
Dec.
15
Nov.
Nov.
1
Volume
2757
Financial Chronicle
The Commercial &
151
Bank of
Condition of the Federal Reserve
40c
Schumacher Wall Board Corp.,
Scottin Dillon Co
$2 part, pref
40c
Seaboard Surety Co
Shawinigan Water & Power Co. (quar.)
Shenango Valley Water Co., 6% pref. (quar.)
Dec.
Dec.
Dec.
22c
.
5c
75c
Sherwin-Williams Co
Preferred (quar.)
Silex Co. (quar.)
•SIM
;
Extra
92 X
Dec.
50c
Dec.
15c
...
Dec.
5c
Jan.
Dec.
(quar.)
(quar.).
Technicolor, Inc
Preferred
56c
(quar.)
..... .
_
_ .
SI M
25c
....
10c
Texas Gulf Producing
10c
(quar.)...
preferred (quar.)
(quar.)
Texas Pacific Coal & Oil Co.
Thatcher Mfg. conv.
90c
15c
Tide Water Assoc. Oil
40c
Tobacco Products Export
Toburn Gold Mines,
J2c
J2c
Ltd. (quar.)
Extra
Todd-Johnson Dry Dock A
Preferred A & B (quar.)
& B
25c
—
37Mc
25c
Trane Co
SIM
SIM
Preferred (quar.)
(quar.)
(Canada) (quar.).
Union Electric Co. iMo.), pref.
20c
10c
Union Investment Co
(California) (quar.)
preferred
United Corp. Ltd. $1M class A (quar.)
United Engineering & Foundry Co. (quar.)
Preferred (quar.)
United Fuel Investments, Ltd., 6% pref. (qu.)_
United Gas Corp., $7 preferred
United Gas Improvement (quar.)
Preferred (quar.)
United Mercnants & Manufacturers, Inc
United Molasses Ltd. Am. dep. rec. (interim)..
United New Jersey Railroad & Canal (quar.)...
United Specialties Co. (quar.)..
United States Casualty pref. (semi-ann.)
United States Petroleum Co. (quar.)
United States Pipe A Foundry Co. (quar.)
United States Playing Card
United States Steel Corp., common
Union Oil
United Chemical, Inc.
(quar.)
pref. (quar.)
(quar.)..
Preferred (quar.)
United Wall Paper Factories
pref. (quar.)—
Light Co. 6% pf. (qu.)
Vapor Car Heating, Inc. 7%
7% preferred (quar.)
Ventures, Ltd. (interim)
Vick Chemical Co. (quar.)
preferred (quar.)
.
Preferred (quar.).
*.).
Preferred (quar
Extra
pref. (quar.)
Washington Railway & Electric—
Partic. units benef. ownership com. stock
Wentworth Mfg. Co.. pref. (quar.)
Wesson Oil & Snowdrift Co., Inc., pref. (quar.).
West Penn Electric 7% preferred (quar.)
6% preferred (quar.)
West Virginia Pulp & Paper Co. pref. (quar.)...
WTestern Cartridge 6% preferred (quar.)
Western Maryland Railway, 7% preferred
Westgate-Greenland Oil (mo.)
Brake Co
S2M
1 Nov. 15
2c
prior preferred
4M% convertible prior preferred
Wrigley (Wm.) Jr. (monthly)
698,815,000
Uncollected Items
Bank premises
Other assets
2
Liabilities—
Deposits—Member bank reserve acc't..
U. S. Treasurer—General account--,
Foreign
Other deposits
8
Nov.
Dec.
Dec.
Nov. 15
Dec.
16 Nov. 25
2 Nov. 12
Dec.
Dec.
Surplus (Section 13-b).
Other capital accounts.
Dec. 20 Nov. 15
1
Nov. 15 Nov.
Dec.
2 Nov. 23
Nov. 15 Oct. 31
Dec. 14 Nov. 20
Nov. 18 Nov. 11
10
Nov. 10 Oct.
Dec.
2 Nov. 12
Nov. 15 Oct. 31
1
Nov. 12 Nov.
Dec.
.!"
93.9%
to
make
vances
11
20
Federal reserve notes or a bank's own
SI
2 Nov. 18
5
15 Dec.
20 Nov. 30*
1 Dec. 16
4-15-41 Apr.
2
7-15-41 July
2
Dec.
2 Nov. 25
Dec.
2 Nov. 15
1-1—il Dec. 30
2 Nov. 15
10 Nov. 30
3-1-41
3-9-41
Dec. 21 Nov. 29
Dec.
Dec.
2 Nov. 15
2 Nov. 15
2-1-41 Jan.
18
5-1-41 Apr.
8-1-41 July
19
19
Dec.
2 Nov. 15
1
Nov. 15 Nov.
Dec.
2 Nov. 15
2 Nov. 15
Nov. 11 Oct. 31
Nov. 30 Nov. 15
Dec.
Nov. 30 Nov. 15
1
Nov. 15 Nov.
Dec.
2 Nov. 15
Nov. 15 Oct.
Nov. 15 Oct.
United States Treasury for the gold taken
over from the Reserve banks when the dollar was. on Jan. 31, 1934. devalued from
100 cents to 69.06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
ander the provisions of the Gold Reserve Act of 1934.
These are certificates given by the
x
13
18
25
SIM
15c
SIM
York City
Weekly Return of the New
Clearing House
The
statement issued
weekly
by the New York City
is given in full below:
Glearing House on Friday afternoon
STATEMENT
OF MEMBERS OF THE
•
*
House
Clearing
HOUSE
NEW YORK CLEARING
BUSINESS THURSDAY, NOV. 7,
ASSOCIATION AT CLOSE OF
Capital
Profits
Members
1940
Net Demand
Time
Deposits,
Deposits,
Average
Surplus and
Undivided
Average
■
$
National City Bank
Cbem Bank A Trust Co.
219 ,988,000
617 ,729,000
69,711,900 a2,483 ,276,000
751 ,547,000
57,637,800
13,977.600
26,773,000
6,000,000
20,000.000
77,600,000
20.000.000
Bank of New York
Bank of Manhattan Co.
12,500.000
7,000,000
7,000,000
518:618,000
Manufacturers Trust Co
Cent Hanover
BkATr Co
Corn Exch Bank Tr Co.
First National Bank
Irving Trust Co
Continental Bk A Tr Co.
Chase National
185,796,000 52,185 ,041,000
723 ,770,000
40,151,100
73,554,900 Cl,122 ,980,000
315 ,378,000
21,193,100
680 ,619,000
108,927,600
700 ,938,000
53,435,000
58 ,684,000
4,470.600
136,804,500 d3,148 ,650,000
58 ,894,000
4,116,000
82,445,800 el,196 ,383,000
16 ,478,000
1,481,300
129 ,431,000
9,473,100
433 ,325,000
28,009,000
122 ,077,000
8,662,900
87 ,593,000
10,382,700
Bank...
600,000
Fifth Avenue Bank
Title Guar & Trust Co..
25,000.000
6.000,000
Marine Midland Tr Co..
5,000,000
Bankers Trust Co
New York Trust Co
Comm'l Nat Bk A Tr Co
Publio Nat Bk A Tr Co.
Totals
*
As per official reports:
19,176,000
41,904,000
191,292,000
6,896,000
72,210,000
101,936,000
58,009,000
937,003,900 15,052,781,000
90,000,000
41,748,000
21,000,000
15,000.000
10,000,000
60,000,000
4,000,000
100,270,000
Guaranty Trust Co
28,780,000
889,000
5,583,000
1,021,000
44,128,000
3,614,000
64,118,000
2,210,000
3,072,000
37,949,000
2,052,000
52,650,000
737,489,000
National, Sept. 30, 1940; State, Sept. 30,
Nov. 15 Oct.
Nov. 20 Oct.
31
31
date); (6)
1940; trust
companies, Sept. 30, 1940.
Includes deposits In foreign branches as follows: (a)
Nov. 15 Oct.
lc
2.5c
Federal
Reeerve bank notes.
20 Nov. 20
1
Nov. 20 Nov.
2
1-15-41 Jan.
Dec.
1,934,000
1
Nov. 23 Oct.
Jan. 10 Dec.
Dec.
90.2%
721,000
ad
Industrial
t "Other cash" does not Include
93.9%
715,000
Commitments
2
Dec.
10386,299,000 10476,775,000 8,084,028,000
Total liabilities and capital accounts..
2 Dec. 20
8
2 Nov.
16 Dec.
Dec.
50,914,000
52,463,000
7,457,000
9,295,000
51,085,000
53,326,000
7,109,000
13,864,000
51,089,000
5;., 326,000
7,109,000
13,926,000
Surplus (Section 7)
Nov. 22 Oct. 22
Dec. 20 Nov. 15
Nov. 12 Nov.
10260,849,000 10,351,391,000 7,963,899,000
Capita) paid In
8
1
Nov. 15 Nov.
Nov. 22 Oct. 22
Jan.
1,273,000
Capital Accounts—
9
Dec.
2 Nov.
Nov. 15 Oct. 21
2 Nov.
115,583,000
1,582,000
159,019,000
124,510,000
1,244,000
Total liabilities
31
7
Nov. 15 Nov.
Dec. 14 Nov. 15
Dec.
8,635,900,000 8,710,456,000 6,640,903,000
Total deposits
6
Dec. 28 Nov.
6
Dec. 28 Nov.
Nov. 15 Oct. 31
Nov. 15 Oct.
,
Deferred availability items
1
2 Nov.
1,499,195,000 1,480,643,000 1,205,831,000
7,402,588,000 7,532,750,000 6,139,740,000
115,452,000
109,286,000
162,642,000
160,645,000
610,248,000
627,477,000
225,066,000
458,172,000
443,193,000
F. R. notes in actual circulation
1
Nov. 15 Nov.
Dec.
2 Nov. 15*
Dec.
SIM
SIM
SIM
22,393,000
10386,299,000 10476,775,000 8,084,028,000
Total assets.
2 Nov. 15
5
14 Dec.
1
Nov. 15 Nov.
Dec. 31 Dec. 14
8,888,000
9,750,000
15,994,000
16,031,000
...
17,000
3,306,000
116,931,000
Dec.
SI
S10
25c
851,653,000
Federal Reserve notes of other banks
Dec.
50c
25c
847,812,000
703,576,000
17,000
1,904,000
175,426,000
Due from foreign banks
5
Nov. 15 Nov.
Dec. 16 Dec.
Dec.
t90c
50c
SI
SIM
700,869,000
701,827,000
17,000
1,720,000
138,460,000
9,731,000
direct and guaranteed
9
Nov. 20 Nov.
Dec. 14 Nov. 30
Nov. 15 Oct. 26
Jan.
SI
SIM
SIM
414,607,000
393,642,000
39,563,000
Total bills and securities
Nov. 15 Oct. 31
Dec.
2 Nov. 20
50c
SIM
286,500,000
Total U. S. Government securities,
Nov. 26 Nov. 20
22Mc
414,369,000
.
Dec.
Dec.
SI
Co
(quar.)
White (S. S.) Dental Mfg. (quar.)
Whitman (Wm.) & Co., preferred (quar.)
Will & Baumer Candle Co., Inc.
Wilson & Co., $6 preferred
Wilson-Jones Co. (year-end)
Winn & Lovett Grocery, class B (special)
Woodall Industries, Inc
Wool worth (F. W.) Co. (quar.)
.......
Worthington Pump & Machinery Corp.—
Preferred
413,679,000
285,136,000
Dec. 23 Nov. 29
Dec. 23 Nov. 29
1
1,857,000
1,984,000
Bills
1M
7M%
928,000
1,779,000
securities, direct and guar
Govt
Notes
25c
25c
SI
SI
& Mfg
Participating preferred
Westing house Electric
4M%
75c
20c
Washington Gas Light
Whitaker Paper
SIM
50c
10c
37 Mc
37 Mc
37 Mc
(quar.)
Vogt Manufacturing
Walworth Co., preferred
Warren Foundry & Pipe
Westing house Air
50c
10c
Extra
Virginian Ry. preferred
37c
25c
Universal Insurance (quar.)
Upper Michigan Power A
Vanadium-Alloys Steel
25c
75c
SIM
SIM
SIM
SIM
SIM
*
United States Sugar Corp.,
15
Dec
249,000
1,608,000
anteed:
1 Nov. 15
15 Nov. 20
Nov. 15 Oct. 20
Dec.
1 Nov. 15
5c
Extra
S
37,000
891,000
1,233,000
1,779.000
discounted.
bills
Bonds
Dec.
87&
Tampa Electric Co.
U
30c
37Mc
(Quarterly)
Southern California Water, 6% pref. (quar.)
Southern Canada Power (quar.)
30c
Southern Grocery Stores, Inc
10c
Sovereign Investors. Inc. (quar.)
SIM
Spiegel, Inc pref. (quar.)
50c
Spring Valley Co.. Ltd. (liquidating)
40c
Stamford Water Co. (quar.)
SIM
Standard Brands, Inc. (preferred (quar.)
40c
Standard Cap & Seal Corp., pref. (quar.)
40c
Standard Wholesale Phosphate & Acid Works..
31 Mc
Stanley Works preferred (quar.)
SIM
Stecher-Traung Lithograph 5% pref. (quar.)
25c
Stein (A.) & Co.
i.—.
95c
Sterling Products, Inc....
25c
Stewart-Warner Corp
SIM
Strawbridge & Clothier, prior preferred (quar.)..
25c
Sun Oil Co. (quar.)
SIM
Preferred (quar.)
37 Mc
Swan-Finch Oil Corp., (quar.)
Sylvanite Gold Mines
Total
60,000
1,173,000
discounted
Industrial advances
30c
37 Mc
by
Other bills
15
Jan.
6% preferred (final)
Southeastern Greyhound Lines, conv. pref. (qu.)
Non-conv. preferred (quar.)
So.Calif Edison Co., Ltd.—6% pref B (quar.)
Jan.
9,518,513,000 9,570,108,000 7,080,840,000
obligations
U. S. Govt,
direct and guaranteed
Secured
Nov. 30 Nov. 15
SIM
7% pref. (final)
1.197,000
81,613,000
Bills discounted:
14 Nov. 20
4
20 Dec.
4
1 Dec.
10c
South Bend Lathe Works (quar.)
South Pittsburgh Water,
79,808,000
Total reserves
31
50c
South American Gold & Platinum Co
$
1,256,000
89,382,000
951,000
Redemption fund—F. R. notes
Other cash t
31
1 Nov. 15
Nov. 25 Nov. 15
7
Nov. 20 Nov
50c
SIM
Nov. 8,1939
$
9,437,754,000 9,479,470,000 6,998,030,000
United States Treasury.x_>
16 Nov. 30
7
20 Nov.
Dec.
25c
Sound view Pulp Co
Preferred (quar.)
Preferred
Dec.
Nov. 11 Oct.
Nov. 11 Oct.
25c
Skelly Oil Co
Snider Packing Corp
Union Gas Co.
Nov.
1940
Oct. 30,
1940
$
Gold certificates on hand and due from
31
9 Oct. 31
9 Nov. 25
2Mc
City Gas & Electric Co
7% preferred (quar.)
Siscoe Gold Mines (quar.)
Nov. 6,
Assets—
9 Oct.
Nov.
SIM
Sioux
Sonotone Corp
Preferred (quar.)
1 Nov. 14
Dec. 12 Nov. 12
Nov. 15 Oct. 31
2 Nov. 15
Dec.
30c
5c
Simmons Hardware & Paint (liquidating)
8
corresponding
the previous week and the
Nov. 25 Oct. 23
Dec.
1 Nov. 20
$1M
—
Sherritt Gordon Mine Ltd
in comparison with
date last year:
8
10 Nov.
10 Nov.
75c
$1 M
(quar.)
Servel, Inc
Preferred
Bank of New York at the close of
25c
Sears, Roebuck & Gjo.
Extra
following shows the condition of the Federal Reserve
business Nov. 6, 1940,
The
5
Nov. 15 Nov.
6
Nov. 15 Nov.
Nov. 15 Oct. 31
t50c
.
York
New
Payable of Record
Share
Company
Holders
When
Per
Name of
9
Nov. 15 Nov.
Dec. 14 Nov. 20
Nov. 30 Nov.
Nov. 30 Nov.
Dec. 27 Dec.
1 Dec.
Jan.
Nov. 16 Nov.
Jan.
1 Dec.
8287,131,000 (latest available
866,125,000 (latest available date); (c) 82,634,000 (Nov. 7); (d) 876,454,000
(latest available date); (e) $22,464,000
(Oct. 16).
8
8
Stock and Bond Averages
14
14
Below
1
14
Nov. 15 Nov.
Nov. 15 Nov.
1
Nov.
9 Nov.
Nov.
9 Nov.
Dec.
SIM
SIM
Dec.
25c
Dec.
25c
Jan.
50c
Dec.
daily closing averages of representative
on the New York Stock Exchange
stocks and bonds listed
1
60c
the
7
SI
10c
are
10c
tSIM
50c
1
Nov. 12 Nov.
compiled by Dow, Jones & Co.:
Bond*
Stock*
2
2 Nov.
as
8
Dec.
14 Dec.
14 Dec.
4
15lDec.
5
4
2 Nov. 20
2 Dec. 20
10
10
Total
30
20
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
Indus¬
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
trials
Dale
Institution (qu.)
90.62
Transfer books not closed for this dividend,
of accumulated dividends.
i Payable in Canadian funds, and in the case of non-residents
leduction of a tax of 5% of the amount of such dividend will be
136.64
29.67
21.91
45.93
107.98
94.93
110.00
8.
49.58
Nov.
29.94
22.12
46.32
107.88
94.69
109.91
90.55
7.
137.75
49.71
Nov.
94.28
89.99
131.98
109.69
6.
48.26
Nov.
Monthly
Co-operative Mercantile
Zion's
28.87
21.51
44.51
107.73
HOLI DAY
HOLI DAY
HOLI DAY
i
*
Nov.
5.
29.36
23.28
45.82
107.60
94.31
90.14
4.
48.76
Nov.
135.21
109.90
t On account
29.22
23.44
45.72
107.58
94.31
109.79
90.20
2.
134.85
48.76
Nov.
of Canada
made.
The Commercial & Financial Chronicle
2758
Nov. 9, 1940
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the principal
items of resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
These
figures
always a week behind those for the Reserve bank3 themselves.
The comments of the Board of Governors of
System upon the figures for the latest week appear in our department of "Current Events and Discussions
are
the Federal Reserve
Chicago reporting member banks for a week later.
immediately preceding which we also give the figures of New York and
Commencing with the statement of May 19, 1937. various changes were made In the breakdown of loans as reported In this statement, which were
described In an announcement of the Federal Reserve Bank of New York of April 20. 1937. as follows:
^
The changes In the report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (I) commercial. Industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities
The revised form also eliminates the distinction between loans to brokers and dealers In securities located in New York Oity and those located
outside New York Oity.
Provision has been made also to Include "acceptances of owa bank purchased or discounted
with "acceptances and commer cial paper bought in open market" under the revised caption "open market paper." instead of in "all other loans," as formerly.
Subsequent to the above announcement, It was made known that the new items "commercial, industrial and agricultural loans
and other loans
would each be segregated as "on securities" and "otherwise secured and unsecured."
.
A more detaued explanation of the revisions was published in the May 29, 1937. issue of the "Chronicle,
page 3o90.
v.
.
ASSETS AND LIABILITIES OP
of DoH*»«)
WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON OCT. 30,1940 (In Millions
Y-»,
Boston
New York
PhUa.
$
Total
Federal Reserve Districts—
5
$
ASSETS
Atlanta
$
s
•
5
'
S
5
■
San Fran.
Dallas
St. Louis Minneap. Kan. City
Chicago
$
Cleveland Richmond
$
%
24,602
8,909
1,213
10,555
3,250
1,204
V; 1,941
736
671
423
719
560
478
736
291
342
3,523
1,028
733
632
346
211
323
290
982
Commercial, Indus, and agricul. loans
4,773
314
1,951
228
299
134
176
624
197
109
191
193
357
Open market paper
...
Loans to brokers and dealers In secure.
304
69
84
37
8
12
2
43
9
3
22
2
13
410
12
295
22
17
3
6
33
4
1
3
3
11
Loans and Investments—total
Loans—total
.
Other loans for purchasing or
carrying
18
36
Loans to banks....................
1,709
Other loans...................
•
32
24
14
10
195
50
181
47
33
28
1
1
1
......
491
108
206
138
.
12
68
114 y;
81
Treasury notes....................
1,834
-38
1,003
29
144
117
36
259
United States bonds.....
6,804
343
2,872
335
638
200
112
1,102
Obligations
:■
5
3
'
.
•V
1
55
31
37
20
66
33
121
94
174
95
2
66
•
732
54
1,528
92
273
72
29
82
46
192
124
1,587
270
277
67
112
560
111
42
133
59
350
12,030
6,919
507
753
223
143
1,606
246
113
195
142
471
526
3,270
145
110
23
49
25
15
8
18
13
26
188
226
223
371
256
202
587
186
122
305
288
316
1.230
73
449
81
94
37
47
79
22
17
23
31
277
21,858
5,349
1,410
10,745
1,038
1,531
^•::;:-':560
434
3,009
524
333
557
506
1,211
233
1,080
260
742
204
191
978
192
117
146
135
1,071
528
13
60
47
43
33
42
138
15
2
19
32
84
8,707
Reserve with Federal Reserve Bank..
388
3,835
458
491
343
303
1,314
368
162
428
267
350
;
...............
Balances with domestic banks.......
Other assets—net
y
9
712
Other securities...................
Cash In vault.
315
42
385
..—-
3,692
2,627
U. 8. Govt
guar, by
/.
l "J:
66
79
160
...
22
r
13
23
yy\: :
64
133
301
12
2
\
11
33
736
Treasury bills
9
31
7
58
127
i
1,222
...........
206
80
455
securities
Real estate loans....
2,324
!
;
66
56
137
■;
81 ;y:;yS?'13
LIABILITIES
Demand deposits—adjusted.........
Time deposits.................
United States Government deposits..
Inter bank deposits:
Domestic banks.......
...
:
..
2
8
OTOTOTOTOTOT
1
1
17
1
1
OTOTOTOTOOT
OTOT-OT--
OTOTOTOTOOT
OTOTOTOTOOT
OTOTOTOTOOT
.otototot-
744
19
303
15
17
37
10
21
6
8
3
4
301
3,803
Foreign banks........
Borrowings..
Other liabilities
r
247
1,623
215
383
100
96
408
95
60
107
89
380
V
613
20
668
5
1
OTOTOTOTOOT
—
oooooo
OTOT---OT
-
\
...............
Capital accounts........
•
otot'otot'O~
•.MOOT*
OT •
OT
-
O
•
Weekly Returns of the Board of Governors of the Federal Reserve System
The following was issued by the Board of Governors of
the Federal Reserve System on Thursday afternoon, Nov. 7,
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 showa the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon th*
returns for the latest week appear in our department of "Current Events and Discussions."
COMBINED RESOURCES AND LIABILITIES
Three
Nov. 6,
1940
Ciphers (000) Omitted
ASSETS
Gold ctfs.
on
hand and due from U. S. Treas.x.
Tots'
Oct. 2.
Sept. 25,
Sept. 18.
1940
1940
1940
1940
1940
1940
$
S
1
$
S
S
$
19,324,301
309,787
reserves
1940
S
23,
Oct.
16,
Oct.
9.
Sep
11.
.
Nov. 8,
1939
$
19,032,300
11,381
319,347
18.953,303
11,789
327,977
18,843,300
11,790
347,534
18,756,298
11,398
344,387
18,671,299
11,397
340,820
19,512,948
19,631,662
19,077,299
11,284
326,661
14,858,210
335,574
19,280,299
10,073
341,290
9,395
....
6,
1940
Oct.
30,
19,643.483
Other cash
OF BUSINESS NOV.
1940
Oct.
35
Redemption fund (Federal Reserve notes)
FEDERAL RESERVE BANKS AT THE CLOSE
OF THE
19,415,244
19,363,028
19,293.069
19,202,624
19,112,083
19,023,516
15,191,237
1,349
4,298
860
861
980
3,722
3.230
4,258
1,091
5,384
5,647
4,582
4,091
5,238
6,475
8.375
8,664
8,612
8,630
11,623
1,318,600
1,318,600
1,115,000
1,318,600
1,115,000
1,318,600
1,115,000
1,313,942
1,247,497
19,167.300
10,074
9,139
323,888
Bills discounted:
Secured by U. S. Government obligations,
direct and guaranteed
Other bills discounted-—
.———
Total bills discounted......
949
;
1,044
2,955
992
1,312
3,542
2,533
2,425
3,370
4,615
4,491
3,999
3,525
3,737
7,985
8,161
8,193
8,305 -/'-TV
8,325
8,400
Bonds.................................
1,377,700
Notes.............................w...-
949,600
1,379,200
953,600
1,397,700
985,800
1,400,100
999,000
Industrial advances......
....
.......
.....
•
United States Government securities, direct and
guaranteed:
1,386,100
965,800
^
Total
U.
8.
Govt
guaranteed.
securities, direct
1,105,000
125,380
an<
Uncollected Items...
Total assets..
——
2,433.600
2,446,846
2,433,600
2,446.303
2.433,600
2,686,819
2,437,622
2,447,468
2,704,917
47
47
47
47
47
47
47
20,970
696,906
19,754
759,353
41,258
41,306
55,534
21,552
1,071,624
41,257
53,676
20,573
689,084
41,259
55,384
22,233
760,247
41,348
54,189
54,893
22,149
768,046
41,257
54,679
22",875
694,970
41,294
53,547
22,412
851,710
41,310
52,713
22,962
706,834
41,310
65,117
22,852,648
22,754,742
22.998,962
22,584,369
22,616,869
22,462,203
22,526.578
22,307.254
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
5.479.364
5,464,238
13,800,205
678,060
1,045,458
541,066
5,406,985
13,703,112
792,532
1,011,324
513,645
5,395,924
13,624,419
790,361
1,035,459
513,309
16.211,670
723,645
5,057
16,131,046
16,080,321
659,124
3,874
16,064,789
723,391
16,020,613
4,147
16,138,768
986,147
3,658
3,441
22,434,351
.......
2,399,100
2,415,485
2.423.600
2,395,562
47
675,244
4,331
Bank premises.
Other assets...........—................
2.351,900
2,363,730
2.383,500
2,344,992
16,125,200
.......
2.332,800
47
22,797,980
...................
2,327,300
2,339,952
22,489,246
22,391,821
22,636,997
22,222.683
22,255.859
137,720
....
Total bills and securities.................
Due from foreign banks
...............
Federal Reserve notes of other banks........
137,678
151,720
137,638
137,632
47
20,844
578,163
42,037
70,073
18,607,318
LIABILITIES
Federal Reserve notes tn actual circulation
Deposits—Member banks'
reserve account...
United States Treasurer—General account.
.
Foreign
Other deposits
Total deposits
...
Deferred availability Items
Other liabilities, lnol. accrued dividends..
Total liabilities...—...
CAPITAL
...
736,357
13,927,014
579.053
1,056,401
517,853
5,393,924
4,817,094
13,595,824
11,748,660
347,622
761,686
956,537
456.231
563,403
322,911
15,877,450
669,184
6,129
12,875,424
562,106
3,653
15,963,548
803,296
3,137
22,101,408
22,165,905
21,946,687
18,259,077
137,630
151,720
26,839
44,606
137,637
151,720
26,839
44,477
137,620
151,720
26,839
44,388
135,597
149,152
670,157
4,453
ACCOUNTS
Caoital paid In
Surplus (Section 7).
Surplus (Section 13-b)
—
—.....
...........
Other capital accounts
...
—...
Total liabilities and caoital accounts..
Ratio of total reserves to deposits and'Federal
Reserve note liabilities combined
Commitments to make Industrial advances...
151,720
26,839
46,724
137,653
151,720
26,839
45,753
137,641
151.720
26,839
47,350
26.839
47,165
45,486
26,839
44,819
22,797,980
22.852,648
22,754,742
22.998,962
22,584,369
22,616,869
22,482,203
22,526,578
22,307,254
18,607,318
90.3%
7,288
90.2%
90.1%
7,422
89.7%
7,459
89.8%
89.6%
8,078
89.4%
85.9%
7,598
89.6%
7,583
89.5%
7,351
8,007
8,123
9,966
2,929
151,720
26,839
151,720
27,264
36,228
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills
16-30 days bills
21-60 days bills
61-90 days bills
discounted.......—..
discounted.....—.—
discounted...
discounted...—
Over 90 days bills discounted.-.——
Total bills discounted
1,816
1,594
1,444
1,166
1,941
6,334
4,113
2,606
3,418
243
264
271
180
235
369
263
158
319
315
1,004
1,022
904
612
391
288
474
675
734
3,361
639
746
728
735
735
677
741
521
506
393
789
523
456
269
290
200
175
131
261
812
4,491
3,999
3.525
3.737
7,985
5.647
4.582
4,091
5.238
6,475
Volume
Oct.
Oct. 30,
Oct. 23,
1940
1940
1940
$
$
S
Sept. 18,
1940
1940
$
(Concluded)
1,598
1,568
115
136
253
73
199
255
251
305
311
138
1,245
445
592
407
304
205
269
436
473
490
5,904
6,073
6,060
6,204
6,279
6,362
6,402
8,292
5,807
8,664
8,612
8,630
11,623
257
276
343
319
305
5,763
518
Over 90 days Industrial advances
1,345
•
8.400
8,325
8.305
8,193
8,161
Total Industrial advances.
1,577
1,661
131
108
61-90 days Industrial advances
$
$
$
1,382
196
31-60 days industrial advances
■
Nov. 8,
1939
148
1,412
1,313
1.407
16-30 days Industrial advances
'
$
$
1,316
1-15 days Industrial advances
U. 8. Govt, securities, direct
Sept. 25,
1940
Sept. 11,
1940
$
Oct. 2,
1940
1940
Maturity Distribution of Bills and Short-Term
Securities
Oct. 9,
16,
Nov. 6,
Omitted
Three Ciphers (000)
2759
Financial Chronicle
The Commercial &
151
8,375
and guaranteed:
48,675
1-15 days
76,705
16-30 days
31-60 days
92" 500
2,232,800
2.351~9o6
2,383*,5o6
2,399,106
2,331,100
2,341,100
2,341,100
2,433" 600
2,561*439
2,232,800
2,351,900
2,383,500
2,399.100
2,423.600
2,433.600
2,433,600
2,423,600
2,686,819
2,327,300
5,891,395
261,819
5,837,873
288,999
5,814,154
5,785,779
277,355
5.771.996
292,632
5,732,623
5,688,926
268,385
5,703,707
296,722
5,692,745
293.883
296,821
295,002
5,102,403
285,309
5,548,874
5,520,271
5,508,424
5,479,364
5,464,238
5,406,985
5,395,924
5,393,924
4,817,094
5,629,576
Over 90 days
5,930.500
1,842
5,878,000
5,844,500
5,830,500
5,806,500
2,195
6,485
4,226
3,079
5,796,500
2,744
5,790,000
3,844
5,177,000
2,346
5.932.342
5,880,195
5.850.985
5.834.726
5.809,579
5.799,244
5,793.844
5,179,346
Total U. 8. Government securities, direct
and guaranteed
Federal Reserve Notes—
Agent
Issued to Federal Reserve Bank by F. R.
Held by Federal Reserve Bank
In actual circulation
Held by Agent as Security
Collateral
for
Notes Issued to Bank—
5,987,500
5,946,500
By eligible paper.
2,976
2,342
Total collateral
5,99 0,476
5.948,842
on
hand and due from U. S. Treas...
Federal Reserve notes,
the United States Treasury
does not Include
•"Other cash"
x
These are oertlfioates given by
WEEKLY STATEMENT OF
Qold
San Fran.
%
I
*
$
I
I
S
Dallas
Minneap. Kan. City
St. Louis
Chicago
282,880 1,119,015
403,798
305,219
and
band
on
due
246
480
563
999
466
350,566 2,946,070
1,080
778
387
470
38,284
11,518
17,362
11,659
26,753
20,493
8,007
24,926
527,935
1,522
19,200
475,923
951
79,808
548,657
369,206 2,985,434
487,687
313,613
421,640
19,643,483 1,202,345 9,518,513 1,015,345 1,339,174
certificates
from United States Treasury
193
20
2
40
4
30
65
92
158
84
1,178
108
215
109
69
61
213
117
124
1,270
128
280
113
99
63
406
275
267
212
222
612
989,949 1,318,215
19,324,301 1,166,977 9,437,754
1,453
33,915
9,395
Redemption fund—Fed. Res. notes,.
309,787
Other cash •
Total reserves
17,862
295,102 1,146,767
Bflls discounted:
bllgatlons,
Secured by U. 8. Govt,
3,542
60
4,491
Total bills discounted.
.
1,233
440
U.
1,008
1,779
2,384
335
820
251
266
138,167
52,823
36,408
115,042
79,294
95,233
40,273
45,555
79,754
156,119
107,608
26,658
285,136
71,894
49,553
52,480
36,172
66,092
115,707
38,676
413,679
58,428
98,593
67,956
194,336
88,652
263,727
89,231
233,400
121,447
111,647
698,815
195,461
65,334
166,549
98,701
2,327,300
113,129
89,566
195,076
1
4
1,884
30,768
3,081
2,508
610
3,293
31,462
2,867
4,895
securities,
Govt,
8.
122,366
88,966
264,273
98,830
2
234,010
2
6
1
2,339,952
701,827
198,285
3
18
5
20,970
559
1,720
587
696,906
68,717
138,460
45,399
76,858
69,778
41,258
Due from foreign
167,617
47
Total bills and securities
2,843
3,726
9,731
4,477
5,424
16,030
4,572
6,023
2,589
3,189
banks
Res. notes of other banks...._.
Uncollected Items..
....
premises
55,364
assets
1,204
3,342
2,037
44,105
2,420
5,835
2,185
20,537
1,372
1,573
1,769
2,794
34,806
1,998
1,997
2,910
1,603
66,007
see a
105,638
30,378
1,114
2,831
419,602 1,384,364
749,491
498,744 3,367,322
637,265
404,306
573,011
22,797,980 1,445,810 10386 299 1,268,670 1,663,096
Total assets.
211,260
154,700
202,949
468,521
266,425
182,957 1,202,778
93,215
510,055
269,378
765,169
224,782 1,831,939
77,150
17,032
173,361
231,102
345,879
11,717
33,024
3,517
317,532
21,762
25,548
23,040
16,896
7,235
7,221
4,471
28,553
22,272
5,914
25,917
92,160
394,137
271,713 2,008,484
369,555
220,276
44,905
19,778
148
485,560 3,321,105
LIABILITIES
385,020
452,501 1,499,195
5,629,576
R. notes In actual circulation
Deposits:
915,238
43,838
71,424
558,413
824,475 7,402,588
162,642
19,236
627,477
54,554
443,193
8,672
677,975
15,833
75,264
35,744
16,125,200
906,937 8,635,900
804,816 1,044,392
13,979,418
Member bank reserve account
465,268
U. 8. Treasurer—General account.
1,122,101
Foreign
deposits
....
Total deposits.
437
13,892
,
Surplus (Section 7)
...
51,089
53,236
11,881
14,198
2,874
7,109
4,393
13,926
3,099
"Other cash" does not Include
733,740
5,349
5,247
3,246
1,909
1,007
2,467
4,775
14,077
14,323
Federal Reserve notes,
a
749,491
321
625,868
394,898
562,206
4,166
2,957
4,423
4,161
4,709
3,613
1,142
2,066
7,971
1,984
3,152
1,001
2,298
3,974
713
13,993
22,824
1,429
498,744 3,367,322
637,265
404,306
573,011
24
401
50
128
4,680
5,725
508
585
930
1,010
715
254
148
481
9,337
7.288'
161
201
22,797,980 1,445,810 10386299 1,268,670 1,663,096
Total liabilities and capital accounts
27,966
144
30,689
154
10,405
Commitments to make Indus, advs
860,578
32,341
73,024
26,839
47,350
...
Other capital accounts
282,295
32,979
471
151,720
.....
Surplus (Section 13-b)
326,117
73,996
137,720
....
23,299
421
CAPITAL ACCOUNTS
Capital paid In
56,070
2,236
26,880
3,019
109,362
22,434,351 1,420,727 10260849 1,235,099 1,628,914
Total liabilities.
16,040
23,040
44,842
124,510
1,244
60,852
675,244
4,331
Deferred availability Items
Other liabilities, inol. accrued diva...
•
*
...
direct and guaranteed
Other
"
949,600
Notes..
F
-
8,161
Bonds.....
Other
215
1,377,700
U. 8. Govt, securities, direct & guar.:
Bank
225
5
Industrial advances
Fed
60
1,173
60
949
direct and guaranteed
Other bills discounted..—....
Total
59.08
under
BUSINESS NOV. 6, 1940
RESERVE BA.NKS AT CLOSE OF
Atlanta
I
%
S
$
%
%
ASSETS
Cleveland Richmond
Phlla.
Netv York
Boston
Total
Federal Reserve Agent at—
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to
difference, the difference Itself having been appropriated a* profit i»v the Treasury
ot cae
EACH OF THE 12 FEDERAL
RESOURCES AND LIABILITIES OF
(000) Omitted
Ciphert
Three
tor the
worth less to the extent
1934. these oertlfioates being
of the Gold Reserve Act of 1934
centsoQ J*in. 31.
provisions
92",5O6
2,327~300
61-90 days
Gold ctfs.
92,500
538
407,999 1,357,386
1,266
2,202
1,627
11,607
10,224
2,121
3,026
419,602 1,384,364
2,679
Less than 1500.
FEDERAL RESERVE NOTE STATEMENT
:
Three Ciphers
(000) Omitted
Federal Reserve notes:
In actual
$
13,154
5,629,576
385,020
510,055
5,987,500
490,000 1,535,000
410,000
535,000
892
circulation—
490,060 1,585,892
410,352
St. Louis
San Fran.
%
S
%
210,820
101,443
11,829
158,974
4,274
7,871
8,228
518,611
50,090
211,260
154,700
202,949
93,215
468,521
224,000
159,500
215,000
105,000
529,000
100
311
1,196
224,100
159,811
105,000
529,000
12,468
266,425
182,957 1,202,778
290,000
205,000 1,240,000
278,893
Dallas
Minneap. Kan. CUy
S
$
S
223,089
352
Bank
532,112
Chicago
199,654 1,231,186
28,408
10,697
22,057
452,501 1,499,195
5,891,395
Atlanta
S
S
470,220 1,568,219
69,024
17,719
398,174
261,819
F. R, Agent
Held by Federal Reserve
Cleveland Richmond
s
S
S
%
-
Issued to F. R. Bank by
Phlla.
New York
Boston
Total
Federal Reserve Bank of—
held by agent as security
for notes Issued to banks:
Collateral
Gold
certificates on hand
and due
from United States Treasury
Total collateral
5,990,476
.
United States Treasury
,
Rates
60
2,976
Eligible paper
quoted
are
65
535,000
290,065
205,000 1,240,000
Quotations for U. S. Treasury
Bills—Friday, Nov. 8
216,196'
Notes—Friday, Nov. 8
for discount at purchase.
Int.
7»f.
Bid
Bid
Asked
0.06%
Jan.
1940
4 1940
0.06%
0.00%
0.00%
9 1941
16 1941
Dec
11 1940
0.06%
Dec
18 1940
0.06%
0.06%
Nov
13 1940
NOV. 20
1940
Nov. 27
Dec.
Dec
26 1940
United
States
York Stock
Jan.
Government
22
—
0 0 QOOiG5*
03
O*
Securities on the New
Exchange—See following page.
—
June
1941
Jan
29 1941
Feb.
5 1941--
Jan
Rate
Maturity
Mar. 15 1941
2 1941
Jan
Asked
16 mi-
Dec.
16 1941...
IH%
1H%
IH%
Bid
Asked
Maturity
101.24
101.24< Sept. 15 1943...
101.26 Dec. 16 1943 — .
102.1
102 3
Mar. 15
102.31
June
101.22
Mar. 16 1942...
\M%
102.29
Sept. 15 1942 —
2%
1^%
104 2
104 4
104.1
104 3
IH%
102 20
1944...
15 1944...
Rate
Bid
Asked
102.12
10?.14
1H%
103
103 2
1%
H%
102.13
102.15
101.12
101.14
1%
102.10
102.12
101
101.2
1%
102.22
Dec.
16
1942^.
June 16 1943
—
Transactions
at
Daily, Weekly and
Sept. 15 1944...
Mar. 15 1945...
H%
the New York Stock Exchange,
Yearly—See page 2775.
2760
Nov.
Stock and Bond Sales—New York Stock
1940
9,
Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the day's range, unless
they are the only transactions of the day.
is taken of such sales In computing the range for the year.
No
account
United States Government Securities
Below
furnish
on
the New York Stock Exchange
4
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more %2ds of appoint.
we
a
Daily Record, of U. S: Bond Prices
Treasury
4 Hb. 1947-52
Nov. 2
Nov. 4
121.6
121.4
121.4
121.4
121,6
121,4
(High
j Low.
I Close
Treasury
2*8. 19451
(High
...._{Low.
108.31
113.30
114.7
113.30
109.1
2
114.9
2*8, 1948
-(Low.
I Close
10
8
Total sales in <1,000 units...
(High
106.28
107.16
107.24
{Low.
106.28
107.16
107.24
| Qjogg
106.28
107.16
Total sales in <1,000 units...
*1
25
2*8, 1949-53
(High
102.10
102.10
Low.
102.10
102.10
(Close
102.10
Total sales in <1,000 units...
108.8
108.11
(Close
108.8
Total sales in <1,000 units...
Low.
103.6
108.19
108.18
108.18
108.20
Close
108.18
108.18
5
9
109.19
3*8, 1944-46
109.25
109.19
day
109.19
112.5
112.8
Low.
112.5
112.8
112.5
112.8
4
*1
111.14
111.17
111.25
111.14
111.18
111.18
30
111.20
109.4
109.5
109.16
109.2
109.1
109.5
109.4
109.5
109.16
8
..{Low.
104 J29
day
112.12
1
■■
109.20
110.18
110.18
108.5
108.10
108.18
108.5
108.10
108.13
108.5
108.10
108.18
1
51
108.13
.„_.{ Low.
108.13
108.13
*1
(High
{Low.
(Close
Total sales Ira <1,000 units...
110.1
109.19
{Low.
2*8. 1942-47
22
109.19
(High
110.1
110.1
3
Home Owner*' Loan
(High
107.27
{Low.
107.28
108
108
108.8
107.27
107.28
108
108
108.3
(Close
107.27
107.28
108
108
108.8
Total sales in <1,000 units...
1
1
3s, series A, 1944-52
6
13
(High
103.16
103.16
Total sales in <1,000 units...
108.21
109.14
110
108.21
108.31
109.14
109.25
108.21
108.31
109.14
11
Close
108.31
*2
10
Total sales in <1,000 units...
(Close
109.20
2*8, 1956-59..........' Low.
108.6
109.20
Close
108.6
109.20
17
*
102.17
2
Odd lot sales,
108
108.4
109
bonds.
Low.
108
108.4
109
1 Treas.
(Close
108.4
108
5
Low.
107.31
108.2
Close
108.1
108.2
Total sales in <1.000 units...
1 Treas.
3
109.24
above
table
J Cash sale.
includes
only
of
sales
coupon
Transactions in registered bonds were:
3*s, 1943-45..108.17
3*s, 1944-46.. 109.22
to 108.171 4 Treas.
109.2217
to
2*8, 1955 00._108.31 to 109.2
Treas. 2 *8, 1954-56.. 104.12 to 105.3
109.27
108.2
108.24
109.24
109.27
114
106
United States Treasury Bills—See previous
page.
109.24
108.20
25
1
12
109
1
108.20
108.2
108.1
High
f Deferred delivery sale.
Note—'The
*1
High
Total sales in <1,000 units...
102.17
Total sales in <1.000 units...
4
108.8
in <1.000 units...
{Low.
110
(High
5
102.17
(High
1*8. 1945-47
*9
103.16
{Low.
2*8, 1942-44.
Close
.
39
I
(High
111.2
109.19
(High
2*8, 1951-54..Low.
_
103.11
*2
(Close
Total sales in <1,000 units...
2*8, 1960-65
103.5
102.23
Total sales in <1,000 units...
High
2*8, 1948-51..........' Low.
...
103.11
102.23
{Low.
111.2
{Low.
......
[close
38. 1942-47
2
110.19
(High
2*8, 1958-63.
{Low
■
102.23
102.8
102.8
(High
113
3
10
11
Total sales in <1,000 units...
t
*3
102.8
(Close
183
111.21
2
(Close
sa
3
Total sales in <1,000 units...
112.26
{Low.
_
106.23
8
Holi¬
113
112
(Close
Total
106.13
106.4
104.29
•
*2
112.12
111.21
(High
(Close
•
106.23
1
3a, 1944-49....
111.20
Total sales in <1,000 units...
•.
106.13
104.29
,
111,21
Total tales in <1,000 units...
—
106.4
(High
111.25
111.20
1961-55........—.•{Low
.
7
106.23
{Low.
111.25
2
(Close
—
105.12
7
103.13
(Close
(High
_
*13
106.4
Total sales in <1,000 units...
111.14
Total tales in <1,000 units..
2*8. 1945-47
105.12
3*8, 1944-64
Low
.■
2*s, 1955-60
104.4
1
(High
High
„
104.1
(High
*,
Total tales in <1,000 units.
3b,
105.6
Total sales in <1,000 units...
Federal Farm Mortgage
Low.
m
104.16
2s, 1953-55..
•
(High
......
104.4
(Close
112.15
Total tales in <1,000 units...
3s, 1946-48.
104.1
Total sales in <1,000 uniis...
112.15
Close
3*8, 1949-52
16
105.12
{Low.
112.15
„
105.21
*1
1
2s, 1948-50
2
,
(High
3*s, 1946-49
105.25
104.21
105.12
109.27
2
105.19
(Close
109.19
*2
105.25
104.4
109.27
109.19
01©g(g
Total tales in <1,000 units.
104.21
Total sales in <1,000 units...
109.19
Low
....
105.21
104.1
2s. 1947
Holi¬
High
1
105.25
(High
108.20
31
Total sales in <1,000 units..
107.30
22
5
IClOS©
*'
108.20
Low
107.1
107
104.21
close
Total sales in <1,000 units...
•
9
108.18
(High
107.30
Total sales in <1,000 units...
2*8, 1954-56
Total sales in <1,000 units...
3*8, 1943-45.....
v
103.6
I (viOfi©
'•
V';,:
:
103.6
3*8.1941
107.1
{ Low.
2*8, 1951-53
1
••v.-
107
(High
108.11
5
(High
107.30
Total sales in <1,000 units...
108.11
Low.
4
(High
107.1
(Close
2
108.8
107.24
107
{Low.
2*8, 1950-52
102.10
3
(High
..
Nov. 8
(High
11,000 units...
3J4s. 1943-47
Nov. 7
109.1
108.31
(Close
3^8, 1941-43
Nov. 6
(Close
2
{ Low.
Total sales in
Nov. 5
109.1
(High
3«s. 1946-56
Nov. 4
108.31
114.9
2
Nov. 2
Total sales in <1.000 units...
121.16
113.30
114.1
..
Daily Record of U. S. Bond Prices
121.16
1
114.1
[Close
Nov. 8
121.16
121.3
114.1
{ Low.
Total sales in 11,000 units.
Nov. 7
121.3
1
(High
....
Nov. 6
121.3
Total tales in <1,000 units...
4s, 1944-54
Nov. 5
United States Treasury Notes, &c.—See
previous
page.
New York Stock Record
LOW
AND
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
CENT
Sales
STOCKS
NEW YORK STOCK
for
Saturday
Tuesday
Nov.
<
Monday
Nov.
Nov.
2
ver share
55
55*
*116
*35*
53
658
*215«
15*
42*
*
4
$ per share
53*
Wednesday
Nov.
5
$ per share
53
119* *116
119*
3978
*35* 40
53
52*
53*
6'*
6*
6*
22*
22*
22*
15*
15*
15*
42*
41*
42*
*116
*6
Nov.
$ per share
5334
.*16
6
5312
37
53i2
54*
4*
4*
*
"it
34
11
11
*934
103s
11*
9*
11*
9%
19*
24*
19*
24*
*76
10
10
171
*10*
1034
1234
13*
758
37*
24
7*
73
17*
3734
17*
*1*
1*
*16
1758
*46*
*9*
170
*10*
12*
7*
*71
37*
16*
1*
*16
4012
*l2
9
48
48
*
49
3,400
1034
12
1012
115s
1214
9,200
10
1078
20
253g
25,400
1934
2414
...
10
*76
78
1018
lOSg
I67i2 173
*10*
11
13i8
13U
7%
8i8
*76
...
10
~~2~366
174
3,500
72%
38*
*70U
73
*7034
36i2
39
17
*17
3734
I7I4
38*
1712
184
4414
155g
6OI4
8%
*46
day.
n2
17%
44i2
1558
li2
*17
44
61*
1534
6H2
934
9%
48
48
17i2
li2
175s
10%
1334
7-4
4534
1578
45i2
15*
134
1758
47*
16
65
6314
6478
10l2
10
1078
48
46
46
J In receivership,
*16
a
No par
No par
Corp
Ino__
No
Way Et Appliance..No
Air Reduction
Allegheny Corp
6* % pi A with <30
5*% pf A without
700
10
103s
1334
8%
711
75s
1,900
173
13
_
10
Alabama A Vlcksburg Ry.100
Alaska Juneau Gold Mln._.10
5l" 500
34
20
Range far Previous
Year 1939
100
3,600
14,900
<2.60 prior
700
par
par
No par
war. 100
war.
100
pref.No par
Alghny Lud St? Corp..No par
Alleg A West Ry 6% gtd__100
Allen Industries Ine
1
Allied Chemfra. A Dye.No par
Allied Kid Co
6
i8June 10
60
May 21
4
May 21
3gJune
634June
4*May
7
May
15i2May
61
4
10
21
21
21
June 22
par
par
11
A Uls-Cb aimers Mfg
No
Alpha Portland Cem..No
Amerada Corp..
..No par
Am Agnc Chem (Drt)--No
par
Am
A1 nines
Inc
10
American Bank Note
fl7 referred
..
n
New stock,
June
5
June 10
<
53
Apr
120
Apr
5
71* Rept
149* 8ept
33* Apr
31* Mar
8* Aug
49* No'
19
25
60
Nov
8
9
Jan
3
27* Apr
19* Jan
8
4
2
1578 Sept
27*
45*
Apr
68
78 Mar 11
*4
Jan
68%
77
7
Jan
Mar 26
Jan
8
1* Jan 8
14* Jan 3
12* Jan 4
22
Sept 25
26*May 10
74* Sept 30
1234 Apr 16
Apr
9
Jan 25
16*4 Apr 23
9*s Jan 2
Sept
68
66*
Jan
Sept
Feb
68
Dec
10
Jan
* July
6*4 Aug
2
Sept
6*
4* Sept
8
June
14
Apr
52
May
8%
Apr
161* Apr
10
9*
8
Apr
Apr
Apr
Feb
20* 8ept
18
Sept
23* Sept
28* Jan
69
11*
Sept
Oct
200* Sept
14* Sept
16* 8ept
113s Jan
71
41%
28
Apr
48*
12*4 Apr
1* June
1978
Jan
Mar
1* Sept
54* Apr
17* Nov
2* Jan
Oct
11* Sept
737gMay
Aug
Jan
Jan
l*May 15
9*May 28
38i2May 23
58* Apr
12*May 22
41*4 Jan 12
21
Jan
4
16
Apr
76
Apr 15
26
June
47
Dec
9*4 Sept
46* Dee
17«4
Jan
60
Jan
18
Apr 22
5
6
June 10
12*4 Apr
9
60
36
June 18
50
3
x
Ex-dlv.
r Cash sale
Highest
share < per share
8
...10
_.
per
Feb
14
4*May 21
May 28
21«4May 22
share
70* Feb 14
87tMay 15
56
Lowest
46* Apr
147
182
10
100
per
6a4June 11
135*June 10
No par
Corp
preferred
Amalgam Leather Co Inc.—l
6% conv prefened
60
Del. delivery,
12*June 15
36*June 10
No par
5%
600
220
May 21
May 22
May 22
34*May 26
4* May 28
16* June 6
Allied Stores
"4",600
2,800
7,500
8,600
<
share
Allied Mills Co Ido
100
10,200
conv
Highest
30
At/
77
2514
110
Address-Multgr
678
10
60
100
15,100
3,100
6l8
per
No par
25
Adams Express
700
<
No par
conv preferred
Abraham 4 Straus
Acme Steel Co..
Adams-M 11118 corp
*»16
19
*15
Bid and asked prices, no sales on this
9l2
Abbott Laboratory
500
6is
23
i*
62
10*
10,000
"I#
1812
*15
1%
60*
10%
10
*74
Par
4*%
10
558
7*
72%
3612
72*
62*
*16
13
16
984
11
17212
*10i4
11
38*
6134
*16
1578
24
*912
4684
49
578
167
13*
7%
17*
4212
1812
*76
17*
®i«
77
1,900
2,100
678
2234
1578
4334
6%
22i 0
23
Day
11
*15
53%
Lowest
Shares
»16
Closed—
10%
16
60
»
10
171
4534
58
678
2158
1578
42«4
*74
Election
15*
59
6i8
21%
42
434
24*
47
53
6i2
Exchange
20
15
53%
11912
40
IP*
*76
171
*71
*18*
5314
*3618
41
"4%
34
$ per share
11919 *116
Range Since Jan. 1
On Basis of 100'Share Loss
EXCHANGE
Week
8
40
21*
15*
*12
Nov.
the
*36
6%
Stock
458
53
2H2
*16
7
$ per share
119l2 *116
37
Friday
Thursday
9
Ex-right.
Jan
1
12
Aug
60
Apr
3* Sept
Sept
74* 8ept
24* Sept
21
Called for redemption
Volume
2
Nov.
Tuesday
Monday
Saturday
Nov.
4
Nov.
$ per share
$ per share
$ per share
8
8
38*4
38*4
5
3834
*
*128% 132% *128% 132%
1%
1%
1%
*1%
29
62
62%
21*4
21%
21%
21%
30
61%
30%
62%
29%
115
115
*119
121
114% 114%
*118% 122
7%
*7%
534
*5%
10
*76
80
-
American Can
4,800
5,200
Am Chain A Cable Ino-No par
200
7%
6%
6%
3,600
11%
11%
11%
800
82%
78
78%
160
6
80%
1%
1%
2
2
5%
4%
4%
*4%
5%
2%
*4%
2%
*4%
5%
100
1%
1%
1%
1%
1%
1%
4,300
13s
1*8
15%
15%
16
|*12%
a 36%
36%
4%
4%
I
30
I
54%
54%
1%
1%
30
55
55
1S4
50
434
4,600
438
3134
2034
3%
50
*46
16%
x8134
13%
15%
17
1634
17%
85%
83%
85%
13%
13%
2,600
2,200
5,900
Amer Metal Co Ltd.—No par
107
*105
*101% 107
24%
24%
24%
25
24%
3%
33s'
3%
3t4
3%
52
5184'
51%
53
50%
45%
4434
45%
44%
46%
200
*2%
3
17%
17%
25%
25%
4
4%
25
25%
4%
54%
55%
3%
54%
4634
48%
47
7%
784
55%
7
*156
15%
72%
7
7%
3378
43%
43%
*140% 142
42%
141
55
15%
18%
17%
72
71
74
72%
1 5034
Day
43%
42
*145
150
15034
28%
26
2734
26%
11%
1134
11%
11%
11%
*13
13
13%
1334
14%
1434
74%
75
75
15%
*15
*12
13
13
14
14%
*73
74
*73%
15
15
*15
7378
*145
16534
74%
14712
96%
634
6%
50%
50
25%
23%
24%
23%
33
16
32
32
32
50
32%
1578
1578
15%
1534
15%
15%
*111%
*111% 113
12%
*10
12%
*2
2%
2%
32
32
32
32%
*108
109
109
109
108%
5%
5012
5012
*41
3212
33
8i2
*8
5l2
512
*82
48%
102
50
51
*41
74
74
*8%
5%
6
|
7
7
80
*75
80
76
*87
88
87
87
*83
89%
*33i2
36
*33%
*33%
36
*885s
89U
89
36
89%
89
89
89
17
173s
17%
17%
16
17
16%
18%
55
76
*75
,
89%
*33%
700
21,000
2,600
800
5,900
7%
100
*8734
*35
200
91
92
36
91%
17%
1884
21,400
53%
3,200
9,300
1,300
14%
14%
15
14%
13
13
12%
14%
12%
14
14
12%
14
16
17
17
17
17
17
17
17%
2234
2334
22%
17%
23%
18%
23%
5234
51
52
1414
14%
1334
233s
24
2334
24
*106% 108
*10612 108
714
7%
7%
7%
*48
49%
*483s
49
65
65%
*64i4
65i2
119
*6i2
*25g
*17l2
5I8
1714
4U
512
350
45
*10l4
9
9
45
10%
*27%
10%
634
*634
29%
*28%
*30
7% I
7%
7%
'V,200
48%'
49%
49%
1,300
68
69
72
72
♦118"
8
7i2
*10
7%
333s
3378
2014
*20%
*52
57
*52
30
30
2OI4
*10
89%
127% 127%
2434
2434
8884
19%
10%
20%
*12%
*85
*
1934
10%
20%
13%
89%
33%
7
7%
48%
65%
*11234 119%
6%
234
7%
600
234
234
1,000
*16%
18%
140
40,800
39,400
6%
234
18
234
18
5%
5%
5%
5%
17%
16%
18%
438
4%
4%
17%
4%
5%
5%
5%
6
18%
4%
6%
8%
8%
4
43%
45
9%
10%
5
43
43
10
6%
29%
6%
6%
29%
28%
x9
9
9%
28
28
*113% 114
2734
*23
5,500
500
23%
60
2,200
110
7
7
11
7
29%
*28%
30
10%
10%
10
2834
,500
10,100
1,000
10%
28
29%
*113% 114
2334
45
*41
11%
*27%
7
5%
9,200
*8%
43%
9%
600
24
24
......—100
A Santa Fe..lG0
...100
25
A...100
........—5
60
6% preferred..—..
..No par
Atlas Powder
5% conv
100
preferred
No par
Austin Nichols..
..No par
35 prior A
Nt par
Aviation Corp. oiD i)(The>-3
Baldwin Loco Works v t c... 13
Baltimore A Ohio....——100
100
4% preferred
Bangor A Aroostook—
60
Atlas Tack Corp
Conv 5%
preferred.——100
Barber Asphalt
Barker
..10
N» par
Corp
Brothers
60
6)4% preferred-..—
5
Barnsdal' Oil Co
No par
100
Bayuk Cigars Inc
preferred
25
No par
Beatrice Creamery
May 21
7%
100
*10
—
...
700
*10
32'4
34%
20%
20%
86%
89%
*23
25
1934
19%
9'4
10%
20
20
*12%
13%
*12%
*85
90
*85
sale
on
20%
5334
54
54
3134
26,700
1,300
34%
20%
29%
29%
8534
89
127% 128
29%
128%
34
20%
5334
20%
57
*52
35
x33
34
20%
87%
127
93
129
200
2,300
32
31
86,500
92%
X89%
128% 129
I
27
27%'
1,600
24%
23%
25%
20
10%
19
20
20%
20%
2,200
1,500
11
10%
11%
13,600
20
20
21
21
21
13%
13%
90
13%
90
this day,
9%
*85
*12%
*85
t In reoelverahlp.
.
13%
90
|
1,200
50
Beeoh-Nut Packing
Co
Beidlng-Hemlnway ...
Belgian Nat Ry» part pref
Bendlx Aviation
5
Beneficial Indus Loan—No par
pfd32.60dlv ser*38No par
—No par
(Del).No par
7% preferred
100
Blgelow-Sanf Corp Ino.Ni par
Black A Decker Mtg C0N1 par
Blaw-Knox Co
—Ne par
Bliss A Laughim Inc.......-6
Bloomtngdale Brothers. No par
Pr
Best A Co
Bethlehem Steel
Blumenthal A Co
127% Sept
Jan
46% Sept
63
Sept
Apr
144
Nov
Apr
69
Aug
Oct
153
July
20% Aug
8% Apr
41
Jan
69%
9
140
9
Apr
15%
18%
34
75% Mar
13% Dec
Feb 23
Mar 13
14% July
Apr
Oct
Sept
97% Sept
18% Jan
171% Deo
87% Jan
89*4 Jan
153% May
8% Jan
14% Jan
Mar 12
Apr 15
Apr 9
Oct 1
Apr 8
12% Jan 4
148
Apr
73
Apr
101% Apr 16
12
Apr 23
78
3%
Apr
15% Sept
63% Nov 8
8% Apr 10
5134Nov 8
32
Apr 9
41% Apr 8
22% Mar 8
113% Aug 23
1534 Apr 12
4% Apr 10
35% Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
28%
Apr
Oct
75%
132
Sept
4% Sept
Apr
8%
Apr
96
Aug
4
Aug
24
Apr
64*4 Sept
12
Sepi
48
Sept
2034
36
Apr
Apr
54%
13%
Apr
27% Aug
8»4
Apr
21
40
Sept
Jan
Sept
Apr
4
Deo
21
Apr
37
Sept
97
May
106
Deo
3% Aug
3334 Apr
60
60
1%
8*4 Sept
Sept
Mar
65
68
Jan
7% Sept
13
Mar
9% Jan
4
68
Apr 20
Apr
102
9
Jan 11
Aug 29
80
65
49%May 22
29%June 18
82 May 23
13
May 21
pref—...100
73
Jan
Jan
78*4
7
41
Apr
81
Oct
Mar 26
30
Apr
38
June
90
Jan
100
June
21
Sept
100% Mar
8
Jan
3
25%
*49*4 Dec
8%June 6
9%June 5
18% May 21
22% Apr 20
22% Apr 20
5*4 Aug
7
18% Sept
June 24
43%June
27%May
110
Jan 25
15
5
61
Feb 14
Apr
9% Aug
43% Apr
50
Aug
June
32% Mar
8% Apr
4%
2
16
Apr
Apr
Nov
14% Jan
3% Aug
9% Aug
3% Aug
4*4 Sept
11% Deo
34
62% Jan
49
10% Aug
4
May 15
16% Apr
8% Jan
20
May 21
29% Nov
Aug 16
12%May 23
2«4May 15
3%May 15
7%June11
May 21
8%May 21
7%June 10
19%May
63g Jan
8
Jan
13% Jan
36'4 Apr 17
116% Mar 12
7% June 11
12
Sept 17
24%May 28
17%May 22
49%June 25
22%May 21
63% May 23
!09%May 22
14
May 21
15 May 15
534 May 15
13%May 21
11
May 14
54
June
27
3534 A\.T 16
112% Apr 22
105
May
7
9%
67%
36%
22%
56%
Jan
8
Sept
3%
Apr
13
Jan
33
Feb
19%
Jan
11% Aug
15% Apr
109% Oct
17
Apr
98
Apr
3
27*4 Sept
104% Sept
7%
Apr 9
Apr 2
Apr 9
Mar 13
Jan 18
62
28
32
n New -stock
r Gash sale. *
Nov
128% Aug
9%
Nov
73%
33%
Apr
Sept
July
107% Nov
Apr
16% Apr
17% Apr
48%
86% Nov
1J6% Nov
Oct
Jan
Oct
22%
Dec
56
Deo
67% Mar
39
Jan
3
32
93
Nov
100
Nov
7
7
50% June
129
99%
15%
120% Sept
32*4 Oot
22% Apr
11% /an
23% Jan
6
4
4
3
16
Apr
3
85
Oct 29
34% Jan
Apr
Apr
Ex-dlv. * Ex-rights T Called
Sept
Apr
24%
Oct
Apr
Dee
lv«4
Jaa
22
36%
13%
Deo
23% Mar
35
Apr
67
14
8%
|
a Def delivery,
Jan
301s Jan
9% Nov
21% Sept
8% Jan
11% Sept
30% Jan
87% Jan
21% Jan
Apr
Jan 24
32% Oct
1 J?
Dec
127
24%
20%May 21
29%May 14
May 22
Oot
6
9
lll%June 10
18%May 21
105 May 28
June 17
Sept
24*4
9% July
48% Aug
71
Sept
116
4
26
Apr
80%May 13
5% Mar
Mar
30% Jan
26*4 Sept
7
124>4 Jan 10
4
4
4
15
10
2
71
110% June
May 23
8% Mar
Jan
42%
Apr
112%June 11
4
May 21
1% Feb 7
10 May 21
57
Oct
104%
9% Mar 19
May
Jan
70
67% Apr 24
23% Jan 3
7
Deo
100
10%
39%May 21
9% May 22
102
Oct
10%
Apr
6%
Jan
8
May
89% Nov
45
Apr
5%
4
Jjuly 23
102
Beech Creek RR
33
Feb
20
Sept
35%
31*4 Sept
—50
20
.No par
*
125
*118% 124% *119
*7%
7%
7%
7%
7%
9
25% Aug
April
Apr 15
4
*100% 110
33
*
Jan
Deo
4
*100% 110
33
118
Jan
11
*100% 110
118
Jan
4334 Apr
102
'
Nov
18%
10'4
4%May 22
6% preferrred
100
Atlantic Coast L^ne RR—100
At: G A W I 88 Lines
1
Atlas Corp
49
162
80% Sept
15% Mar
96% Jan 12
Co.No par
5% preferred
Atlantic Refining
Apr
8% Sept
8ept
3%May 22
preferred...—.100
2d preferred
100
6% preferred
May 21
58% Jan
6% 1st
Atch Topeka
Feb
22%May 21
6% May 22
No par
Arnold Constable Corp
6
A/tloom Corp..
No par
7% preferred
100
Associated Dry Goods
1
7%
6
4
100
7% preferred
5
35
35 preferred w w
*10
97%June
—5
No par
Preferred x-warrents.No par
8
Bid and asked prices: no
$6 conv prior pref
June
*10584 111
----
10%
23
*10534 111
124%
20
ls4June 17
Armstrong Cork Co
1st
*113% 114
2334
of Illinois
4
May 21
8
Archer DanJeiv
Armour A Co
June
107
*10534 111
57
1934
*634
7
4%
29'2
2434
150
234
16%
28%
127
119%
16%
9%
800
119% 119% *11284
6%
16
I
C cine
4% conv pref series
107% *107% 108
48%
7
33
121
6,900
65%
9%
9%
934
9%
28
28
*27l2
28i4
*113% 114
*11314 114
*23
23%
23%
2334
*10534 111
*10534 111
*100% 110
*100'4 no
*117
*107
2,600
48%
119i2 *11234 119%
7
634
634
2%
2%
234
16%
17
18
5%
5%
5I4
16%
17%
17%
4%
4%
43f,
5%
5%
512
46
*834
108
*107
12%May 21
12 60
No par
20
5
Mining
Assoc Investments
19
23%
52
May 21
Mldl'd.No par
ArmourACo(Del)pf7% gtdlOO
2,100
*12
5218
20
300
54%
15%
17%
52
Anaconda W A Cable. .No par
A P W Paper
81
89
52
May 21
400
*75
81
89%
36
18
AnchorHock Glass Corp.
Jan
7
68% Nov
Apr
18
May 21
Mining..50
Anaconda Copper
35 dlv preferred
6
7%
7%
6%
7
25
$5 prior oonv pref
*26
140
175%
89%
9134
153%
5s4
25%May 21
4% May 22
35 June 10
100
1
Preferred...
Andes Copper
102
*82
2%May 21
800
4,200
5%
I
102
*73
7%
1,000
74
834
June
6
30% Jan
79% Jan
15*4 Jan
5% Sept
40% Jan
124% Mar
11%June
93
6%May 21
Amer Zinc Lead A Smelt
28
4
1
33% Jan 3
14% Apr 12
17% Jan 5
23% Feb 23
83% June 11
-No par
Sept
50
70
May 21
4
70
9
22*4
64
No par
$6 1st preferred
American Woolen
8
8
8
12% Mar 5
11% Feb 23
37% Apr 15
May 21
May 15
136
Aug
18% Nov
Am Water Wks A Elec.No par
8,000
33%
834
32%
26
25
—100
10
6% preferred
Am Type Founders Ino
800
~
*40
Co.—100
Dee
3% Aug
25
74% Nov
1234May 28
70% Aug 20
ll%May 21
145 May 28
69
May 22
Am Sumatra Tobacco.-No par
Common elans B
Jan
Mar
152%May
American Sugar Refining.. 100
Preferred
100
-
8
147
No par
Oct
Jan
10% Jan
May 28
6l%May 22
May 26
l9%May 21
9%May 22
11
May 18
N* oar
American Stove Co
20,300
34%
33%
834
534
6%
_
74
*82
102
6%
26%
7%
63%
139
Amer Steel Foundries. .No par
60
21% Sept
3% Apr
32
Apr
Mar
122
25
American Stores
2% Apr
22% Deo
112
5% Jan
30%May 21
100
Amer Telep A Teleg
Apr
64
.100
American Tobacco...
Aug
11
26
5
6% preferred
Aug
41
Mar 19
23
Preferred
13
1
3
4
163
Refg.No par
American Snuff.....
3
Mar 20
Building Co.No par
Amer Smelting A
Sept
1478 Jan
3% Jan
25
Seating Co.-No par
Amer Ship
Sept
8
43% Sept
Apr 27
121
July
33
87i, Nov
9%May 15
American
1
22% Jan
48%May 21
6
Oct 4
5134
900
2734 109,900
3434
1634
16
16
113 (*111% 113
12%
1234
13
2%2%
2%
32%
*33
34%
108%
109
109%
5%
5%
534
51%
51
51%
8%
5%
5%
*82
2734'
34%'
31%
8%
8%
102
*82
48%
31%
31
53%K
5134
7%'
*40
74
*39
33
8%
5%
3234
4%
5%
50
4%
5%
5
51%
7%
50
50
50
32
33%
109
53%|
6%
6%
6%
*111% 113
*111% 113
*12
12%
12l2
1212
2
*2
2
2%
5*8
50%
49
24%
*31%
*3212
5134
51%
6%
251S
32%
*108
8%
8%
9%
6%
51
2478
9%
8%
*95%
50%
51
51
*50
4%
4%
9%
96%
8%
96%
97
x73
*146
148
8%
9i4
9%
10%
*73%
75%
75%
5
9%
97
15
16434
7434
7434
*145
4%
434
478
10%
478
10
*96
75
15%
16434 166
166%
73%
73%
74%
76
147% 148
16512 1657S
7234
7234
1,900
1,380
15,600
500
45%
46
143
143
67
Mill-.—.26
57
56
56
400
150% *145
150
30
29%
27% 2934 16,800
11%
11% 11%
2,100
13%
13%
13%
300
1734
1634 17%
6,000
75%
75%
76%
1,600
15
15%
15%
400
167% 166% 16734
10,500
74
7134 73%
2,500
74
73%
74%
4,900
148
148
148
300
5%
4%
5%
6,200
9
834
9
47,000
98% *95% 98%
300
9%
9%
10 *
6,400
27
14
2,100
9
142
IP4
13%
7
35%
*55%
57
28%
14
7
142
*141% 142
*11%
28
1,790
Apr
Mar 29
934 Ja
25% Nov
25% Apr
41% Apr
1% Jan
14% Jan
3>4 Sept
6% Jan 6
13% Aug 24
4Yi% conv preferred
100
American Safety Rasor..18.50
American Rolling
58,700
8%
34
35
46%
33%
37.
28%May 21
100
Preferred
Apr
Apr
Apr
2% Mar
66% Apr 3
4%May 21
135 June 12
Am Rad A Stand San'y. No par
9
834
35
*55
15 preferred
3,800
20,400
18%
74%
No par
No par
$6 preferred
3,600
7
7
7
8%
6%
36,600
5
10
Apr 22
35
6% Sept
3% Jan
30% Nov
Dec
Apr
12
20%June 11
2
May 15
34«4May 21
No par
Amer Power A Light..-No par
159%
16%
34
American News Co
1%
3
90
100
6% preferred
2% Sept
434 May
7% Jan 4
8
50i2May 3
6% Apr 23
38
11% Sept
18% Sept
86% Sept
5% Jan
Feb
12%
Aug
17% Sept
8*4 Feb
6% Sept
6% Apr
61
l%May 15
l2»4May 28
Amer Mach A Metals. -Ni par
140
7%
7%
159% *156
159% *156
4134
55
15034 *145
*145
>•'■: 734
7
7%
8%
Closed—
Election
141
53
13%
234
18%
15%
Exchange
8%
35
4334
8%
3234
234
18%
70%
Stock
16%
71
32i2
5234
5134
45
734
159%
159% *156
8%
3%
4734
.
7l2
13%
1384
234
17%
104% 105
*25
par
..100
Preferred
4
5
132
Aug
24% Jan
6
Apr
Dec
5
15% Apr 18
91% Mar 25
3% Mar 8
6% Apr 16
2% Jan 8
28% Jan 8
41%May 31
10 May 22
38 May 25
10 May 18
May
9
9'4 Apr
8% Jan
12% Sept 13
50
3
13%
234
17%
June
..1
19%
13%
109%
Sept 30
3
par
Amer Mach A Fdj Co-No par
2%
17%
107
N
5% conv preferred
American Locomotive..No
3,900
1334
*103
100
Amer Invest Co of 111..
13,100
78
234
*8%
50
No par
Amer Internet Corp
16%
17%
*7
300
81%
1334
71*2
7,700
50
15
234
16%
72
7%
4%
12%
77
17%
16
4%
12%
*46
1
6% non-cum pre!
83
16
85%
*156
200
16%
16
85
107
American Ice
1,000
12%
*46
50
American Home Products
1%
4%
12%
4
12%
1,000
22%
100
9
Oct
Oct
25% Oct
115% Mar
Feb23
13
9%May 28
May 21
3
May 28
23
May 24
45%May 21
l%May 21
18 May 23
50
6% conv preferred
1%
4
140%May
23
American Hide A Leather... 1
800
*20%
2
2034
3
2%May 21
No par
No par
10
56
55%
*134
64
7
10»4May 21
32
*31
55
55
1%
*12
4%
434
29%
40%
30% Aug
13% Apr
Nov
64
No par
Amer Hawaiian SS Co
116% Sept
179
July
Apr
Sept
>150
23% Jan
115
Nov
l%May 22
16 preferred
20,100
22
334
12%
*46
39%
54%
*20%
4
38
83%
7
Nov
16% Aug
3%June 17
1
May 15
17 2d preferred A
800
39%
37
4%
1%
21
4
*12
3%
13%
30
54
134
21
4
12%
*46
4%
*28%
2934
3%
13%
3634
3534
4%
2934
21%
*3%
3634
3534
4%
3%
13%
Aug
33%May 10
No par
17 preferred
1,000
3%
75
Amer European Sees...N* par
Amer A For n Power
1,400
16%
1534
16
1534
13
*11%
1,900
*1234
384
3%
4%
13
2
2
15%
*15
16%
4
13
14%
*12
1%
1%
4
4
*20%
NJ25
American ColortypaCo
10
Am Comm'l Alcohol Corp__20
American Crystal Sugar
10
8% 1st preferred
100
American Encaustic Tiling
1
500
5%
*78
100
No par
140
Apr
2>4 July 18
180
13% May 28
100 May 21
112
May 23
9
May 23
5%May 18
4% May 18
8
May 21
Am Coal Co of Allegh Co
10%
5%
10%
80
6% conv preferred
American Chide.
300
Jan
67% Sept
Apr
125
116% Jan 29
87
164
American Car & Fdy--No par
Preferred
100
15,000
13
7%
7%
7%
7%
5%
13
*7
13
*7
25
100
8
3% Aug
31*4
June 28
135
1% Oct 2
May 21
May 27
18 May 28
34
May 21
Corp..l
Preferred
200
2%
,
1
6H% oonv pre!
—
Amer Cable A Radio
1%
*75
*4%
*103
100
132%
*129
1%
13s
5%
*1S4
ft
28
128
6,100
*9
10
10
80
Am Brake Shoe & Fdy.No par
4,800
5%
5%
10
American Bosch Core—
1%
*7%
7%
7%
1,800
6,800
Highest
% per share % per share
3
3
9>%May
45*4 Jan
5% June 26
May 21
May 24
8%
37
132
*129
1%
*7
13
*7%
13
*7
133
1%
179
179
179
*176
8%
3834
95
95%
93
95%
93%
92%
*178
18034
180
180
*176% 180
31%
28
30%
31%
29%
28%
63
62
59
64
61%
59%
22%
213s
21
21
2234
21%
*114% 116% *114% 115
*114% 116
122
124%
120
120
*116% 118
95
93%
93%
93%
734
3634
$ per share
3834
7%
784
37%
*129
<
Lowest
Highest
3 per share
Par
Year 1939
of 100-Share Lott
Lowest
Shares
$ per share
$ per share
$ per share
'
On Basis
Week
8
Nov.
7
Nov.
6
Nov.
734
36%
8
7%
37%
Wednesday
EXCHANGE
Friday
Thursday
Range for Previous
Ra.no* Sine* Jan. 1
STOCK8
NEW YORK STOCK
the
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
2761
New York Stock Record—Continued-^Page 2
151
for redemption.
Oct
Dee
New York Stock
2762
LOW
HIGH
AND
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page 3
CENT
Nov.
Nov.
I
2
Monday
Nov.
Tuesday
|
4
$ per share I $ per share
17% :
17
17%
17%
32%
32% !
31%
Nov.
5
$ per share
67%
25
19%
19%
20%
*1%
207#
1%
37
37
19%
20%
32
109l2
66
23l2
19U
1934
21
19U
21
*1%
3012
1%
30l2
36%
37%
47#
18i8
31,500
3,000
10812
90
57
.5612
25
24
24
300
1978
2H2
11,500
12,500
1«4
195s
207g
*1%
20
*U8
3678
4%
478
57
*2312
1912
195s
307S
36
36
434
434
1234
257#
3912
12%
253s
12
12%
478
1H2
12%
1134
25
23's
2434
*38%
39%
*38%
39%
*3734
39l2
♦44
457#
45%
45%
23%
*3734
455s
35
*30%
*17%
8%
3%
*15
5%
19%
4%
9%
8%
8%
3%
3%
*3878
278
834
1312
7
7%
15%
19%
13%
*39
3%
39%
39%
5
*4%
3%
19
53
*5012
114
1%
?
15%
13%
12%
7%
034
15%
15
13%
40
13
I
Stock
3%
31
39%
Closed—
Election
3
58
58%
50% 57%
*112% 114
*112% 114
48
48%
47% 48%
27
27%
27% 28
118% 118% 118% 118%
177#
2%
1778
2%
*113
3
*5%
*27#
*91
32%
5
30%
*21%
*101
*21%
7%
61
18
1778
2%
27#
113% 113%
*2%
3%
6
*534
6
3%
*2%
*91
33%
5
47#
21%
42%
967#
1%
Day
5
*3878
3912
3i2
39l2
*414
39i2
9012
90
30
305s
314
56'8
31%
3's
55
42%
*1
13ie
97%
1%
13i«
*234
*234
3112
3%
*278
0
314
*234
26%
83%
102
2212
2012
13%
2014
*50%
13#
73#
157#
14%
207#
4,200
16", 100
3,400
Calumet & Hecla Cons Cop.,5
Campbell W A C Fdy__No par
131#
5,500
Canada Dry Ginger Ale
39
39
31
3%
73g
48
*47
*47
48
2,400
7,000
60
--
71#
3214
2134
43
17,100
97
300
Hg
"l6
ls16
"i~6o6
9lg
9ig
500
135#
141#
3934
3934
8,300
1,600
48
'8
"""266
aiB
319
lx
Is
%
1,400
1,100
97#
11%
2%
97#
200
12
25#
117#
234
1,000
27%
86%
*24
32
*821#
857#
51,600
9%
9!2
1,200
88%
*87%
"""766
10%
1058
*9%
113#
2%
258
25#
8212
80%
914
87%
87%
*87%
9I4
*87%
55
*44%
3
38
*27g
37
9%
9
89
8712
55
*44i2
87l2
55
3
*234
3514
55
*44 I2
9l2
88i2
55
3
3
3684
383#
3ig
37%
318
39
*44l2
3
38
*26
36
*125
68
*68"
*68l2
*113% 114l2 *11334 11412
3334
33l8
33%
III
11312 11334
33
*68
3334
8512
*83
85l2
*83
85l2
*83
60
*4714
50
*47U
50
*47U
2712 27%
33
3212
14134 142
109U 110
10912 10912
*6018
0118
*60i8
61i8
IH4
1134
III4
11%
14112
10912
*60%
61lS
109
11%
10112 *100
30
*112
3012
10H2
3058
*112
32
*100
2812
2712
2*1%
1934
20"
13s
13s
2
2
178
1%
2'8
1978
*i38
134
101%
1%
1%
112
112
2112
2H2
2114
2H2
2H2
21?8
2134
2114
21
514
578
3534
8512
50
285#
32U
142
1134
*130
*68
*4714
30
20
°
13g
l?s
30
...
2134
13#
17g
29%
7,700
34
5,000
142
160
110
U0%
1,400
6U#
1218
10H2
5,600
30%
1,500
6H8
11%
30
21
H2
2
2134
"3"300
H2
260
21#'
2
2
2
640
22%
23
3,200
21%
22 34
22
22
5%
79*100
84i2
500
85
*7284
77
*75,
77
75
75
75
75
*70
*80
81
81
80
81
82
821#
6
0l2
2078
3214
9884
37t4
38U
*10312 104is
10l8
1038
*1914
32
1934
*19
53s
20
3212
612
201#
201#
2078
33i2
9912
333#
3434
*99ig
3234
99
99l2
*987g
3878
38
3884
10312 10312
*103
107i8
3734
3912
103
103
IOI4
10&8
112
1&8
1%
5934
6O84
59
6U4
3018
303s
30l4
3012
9l2
1
5484
5714
55
11
U8
56i2
29%
30%
2934
30'2
Bid and aaked prices; no sales on this
day.
10%
llo
1
20
1,100
1,200
99%
3214
99
1%
*
32
77
5l2
38l4
*9612
2.200
5%
84i2
534
*82
8212
1,660
227#
5U
95#
{In receivership,
39
40
600
4,100
200
8,200
300
10212 102%
27,500
10%
11
1
U8 172,200
55
56
30
3012
a
No
par
5% preferred
100
Central Agulrre Assoc. No par
Central Foundry Co
1
Central 111 Lt 4H% pref__100
{Central RR of New Jersey 100
Central Violets Sugar Co
May
94%
6% Jan
06% Oct 31
77# Nov
Chesapeake A Ohio Ry
34
40
May 21
July 16
2%May 22
29>2May 28
3%May 23
30i2 Aug 1
75%June 3
22%May 21
2
May 24
39i4May23
June 10
100
42i2May 15
20 May 21
106%May 22
5 May 21
48
June 15
17
Aug 15
l%May 15
106
June 12
2i2May 18
May 21
2% Oct 15
Sept 4
88
22%May 24
4,900
25,800
Def delivery
77
Apr
Jan
41% Sept
8
Sept
x43
Sept
85% July
137, Apr
2% July
Sept
4
Sept
63% Aug
Jan
33
94% Mar
110
72 May
1
26% Apr 22
3% Jan
114% Mar
67# Apr
ll%May 10
68
_
6
6%
Jan
Jan
June
Mar
Apr 10
41% Jan 10
38%
Apr
Apr
13%
Apr
Apr
77, Aug
84
Oct
18%
Apr
Apr
103% Sept
3% June
3% Apr
3% Apr
85% June
2%
32
June
122% Mar
64% Sept
30%
Dec
1097, Aug
19% Jan
72% Mar
30% Sept
5%
Jan
113% Aug
12% Sept
14% Sept
07,
90
Oct
Sept
627,
jan
13
Jan
100
May 9
30% Apr 18
29% Mar 23
98
Apr
105
Dec
17
Aug
30
Jan
3
6%
x3%
Apr
Dec
21% Oct
29% Sept
7
47% Sept
96% June
5
par
17%May 22
107# June 10
2% Oct 16
30%May 28
84%June 17
7#May 15
% Oct 11
0i2May21
8%May 15
23i4May 21
41
May 22
J8May 20
UJuly 23
100
No par
77#May 21
8% Feb 15
20
87g Oct 28
6H% preferred
City Investing Co
9
May 21
1% Aug 28
100
85
100
44
5
Clark Equipment
No par
CCC A St Louis Ry Co
100
Aug 16
24
City Stores
5% preferred
100
Clev El Ilium S4.50 pf.No par
Clev Graph Bronze Co (The).l
Sept 26
Sept 16
2
124
May 15
May 21
July 8
56
June 19
108
May 21
26
May 21
74
May 16
Specialgtd 4% stock
60
Climax Molybdenum..No par
Cluett Peabody A Co..No par
46%May 16
25i#May22
25%May 21
Preferred
100
Coca-Cola Co (The)...No
par
No par
Colgate-Palmolive-Peet No
par
No par
No par
100
Colo Fuel A Iron Corp .No par
Colorado A Southern
100
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
ClassB...
2.60
Columbia Gas A Elec._No
43
27
Apr
97% Jan 10
2% Jan 3
2% Jan 24
12% Jan 4
14% Jan
85%
Oct
3934 Nov
30% Aug
50
44
Sept
4% Sept
Oct
20%
Jan
39% Sept
60% Nov
% Jan
% June
7, Sept
% Apr
%
Aug
% Jan
% Aug
17, Jan
1% Sept
11% Mar 28
10% Apr 16
6% Mar 26
33% Apr 3
91% Apr 8
14% Jan 26
98
*60
Feb
6
Jan 30
4% Apr 20
40% Apr 18
7%
10
Apr
9% Mar
Apr
15% Sept
13% Jan
4% Dec
25
Apr
41
63%
Apr
94%
9
Apr
79
Jan
147, May
97% June
46% Sept
2% Apr
15
Apr
140
May
124
July
70.4
114%
43%
83%
Jan 10
Mar 8
Oct 21
09
Sept
48
Mar 26
42
Jan
8
Oct 31
41% Apr
451, Apr
1
4
68
68
4%
34%
140
Sept
Oct
Mar
Oct
Oct
May
Feb
69
Feb
1067, Sept
115
Feb
20%
Apr
34% June
21% Apr
39
Oct
78
Mar
45% May
60% Jan
38
Dec
Sept
135
Mar
105
Sept
133
May 24
10i8May21
63
Feb 27
68
Jan
20
Feb 2±
11% Apr
June 10
102
Sept 24
50
94
10t2May 21
108
May 23
12%May 21
1
Sept 17
1% Sept 26
1% Oct 24
10
May 21
10
May 21
3
69
June
71
May 29
14%May 24
27%June 10
x
Aug
4
14
Mar 30
preferred.No par
Dash sale,
10
Apr
Apr
131
3%May2l
Commonwealth Edison Co..25
9%
99%May 21
Pictures...-No par
No par
Mar
1% Sept
1% Aug
125
4%May 22
Commercial Solvents.-No par
Commonw'lth A Sou..No par
Nov
47% Jan
22% Sept
Feb 14
07i2May 28
10
Sept
142
par
4 H% conv preferred
100
Comm'l Invest Trust..No par
S4.26 conv pf ser *35.No par
5% Aug
Sept
May 22
131
0% preferred series A... 100
5% preferred
100
Columbian Carbon Co.No par
Commercial Credit
Oct
47, Apr
i8 Oct 16
63i2May 28
r
Aug
118% Jan
56% Jan
36% Apr 29
119% Sept 28
12% Feb 15
100
3% Sept
10% Sept
47
May
3% Nov
75
July
Dec
Sept
Jan
Sept
53
99% June 22
5
n New stock,
91
177,
30
17%
20%
Sept
May
July
82%May
0% Sept
10% Nov
847, Nov
Apr
Apr
35
Apr
Sept
9% Jan
23% Mar
18
No par
S6 preferred series
0
45
12
36%
3%
29%
4%
20
22
Chrysler Corp
conv
6% Mar
40% Jan
9%
Jan
20% Dec
18% Jan
7% Sept
4
Chickasha Cotton Oil
10
Chllds Co—
.....No par
Chile Copper Co
..25
S2.75
Apr 17
% Feb
47, Aug
30
34% Mar
36% Feb 15
100
7% preferred
Columbia
13
21
21
18
3
Apr
2i, June
7
Ap«
25% Apr
11% Aug
13% Apr
48% Mar
Jan
Jan
0% Nov
22
Pr pf (S2.60) cum dlv No par
{Chic Rock Isl A Pacific... 100
$4,25 preferred
Collins A Alkman
Sept
May 21
ll%May21
1
4%May 21
11
187,
8
65%
May 28
preferred...No par
Class A
5
13% Jan
81% Nov
15% Jan
207# Feb
62% Mar
17, Feb
8% Feb
191, Apr
23% Apr
June
1
Apr
6% Mar
57, Apr
Sept
131, Jan
106% Aug
3%May 22
100
Chicago Mall Order Co
Chicago Pneumat Tool.No
City Ice A Fuel
23% Apr
11
41
25% Nov
16
25
Preferred series A
0% preferred
Chicago Yellow Cab
6% Apr 22
16% Oct 23
7% Jan
16% Aug
21% Apr
11% Apr
15% Dec
607, Dec
30% Aug
16%May 21
{Chic A East 111 Ry 6% pf-100
{Chic Great West 4% pf._100
conv
Oct 31
Mar
3
Apr
Apr
Apr
Apr
Apr
jan
1
No par
Cham Pap A Fib Co 0% pf. 100
Common
..No par
S3
30
4
29%
Apr
Apr
Jan
100
6% prior preferred
Chain Belt Co
Jan 19
4
par
100
6% conv preferred
85
*5
100
*112
*81
*80
100
22
1%
3UMay 22
Clev A Pitts RR Co 7 % gtd-60
90
2,200
33
283#
85
5l2
2,200
142
85
8238
30
50
85
5l2
240
—
*84
5I2
1934
1,200
133
113% 113%
3434
357#
*83
85i2
I0lt2 101% *100
n2
22
63s
11
20
2
...
109% 10912
*61
611#
*112
2114
6%
32
*140
29
21%
6i2
27%
3278
142
*112
1%
1%
27
140
133
113% 11312
33
2778
3212
*140
103#
Celotex Corp
100
No par
%
*912
7% prior preferred
{Chesapeake Corp
%
105g
No par
Celanese Corp of Amer.No par
900
234
i4
2%
Caterpillar Tractor
6
*16
11
100
Checker Cab Mfg
*%
10%
1
100
100
%
26
9834
1,500
19
*16
2%
Preferred
Certain-teed Products
400
>8
*978
;
Carriers A General Corp
Case (J I) Co
2,200
1,200
110
23i4
*47
5
Cerro de Pasco Copper.No par
103
*1
Carpenter Steel Co
9,200
514
23
S3 preferred A
10
Carolina Clinch A Ohio Ry 100
Preferred
35
5
2134
..1
Century Ribbon Mills.No
*16
79*8
32
2,600
3%
101
%
26
*19U
400
334
%s
84
*5
30
3ig
012
34
38%
5,700
19%
*3
9
38>2
;
3i2
*953#
14l4
3934
75#
370
69
3
102
1234
900
4,400
8,900
9,100
*91
13l2
70
2,100
48*4
4914
277#
287#
118% 11834
3%
058
84
50
60
27g
9
39%
89%
32%
314
5
Canada Southern Hy Co—100
Canadian Pacific Ry
25
Cannon Mills
No par
Capital Admin class A
1141#
97
8»s
434
02
60
114
43
8%
20
32%
97
I3i«
11,500
90
1'8
California Packing ....No par
6% preferred
60
Callahan Zinc-Lead
1
1%
75#
4112
*1
3,000
53
—6
..No par
Participating preferred. .100
Byron Jackson Co
No par
16%
137#
4234
97i8
28%
6%
Byers Co (A M)
710
41&8
II4
10
Butte Copper & Zinc
7,100
3
9%
*H2
2,400
*234
82%
21
4%
107#
234
*Hs
7%pf-100
5% conv preferred .......30
8134
.2%
*92
J
Bush Term Bldg dep
Butler Bros
10%
1,000
2234
Bush Terminal
81
*1712
234
421#
28
*29
500
8,300
20
9
*100
1,800
334
102
2234
*19
84
11^8
534
19%
30%
9
3212
512
19%
41#
5%
3214
2134
10%
11%
25%
27%
180
%
3i«
10%
2%
■"8312
*48%
3,200
*%
*2%
*33
11,700
5
102
2212
3812
38
97#
3%
15%
3%
341#
30
39%
*44%
*234
8%
15
3312
2134
No par
111
27
7
33
32
4»4
Budd Wheel—
107gNov
21% Jan 10
12% Jan
33
2034
May 23
May 21
47, Sept
34% Oct
7% Feb
13%
31% Jan
9% Apr
12%May 22
7% July 3
2 May 21
6%May21
4%May 21
17%May 28
2%May 24
0igMay 22
39 May 22
9 May 21
14 May 21
601# July 25
40>4
.314
21
100
__
Jan
Apr
Apr
Sept
Aug
25% Jan 4
87% Apr 30
29% Apr 0
17%May21
35#
101
3
100
—
82
Jan
20
401#
*414
3912
89i2
3'8
61i2
May 28
No par
7% preferred...
7% preferred
Aug
Apr
63% Dec
2
No par
3:
3912
97
Budd (E G) Mfg..
Dec
22
Aug
No par
40
5
0UMay23
24
Jan
53
Bullard Co
*91
30%
39%
*11
40
May 21
14%May21
Jan
41% Apr
1% Apr
7% Apr
Burlington Mills Corp
1
Burroughs Add Mach_.No par
113% 113% *11314
29i8
*20
"18
48%
I3g
758
6
13%May21
27
Jan
12%
16%
18%
1%
19%
5%
7%
63*4 Apr 6
4% Nov 1
24% Sept 11
110% Oct 7
Bulova Watch
101
13
*%
*97#
278
0'4
13%
.
par
No par
3
61
Aug
5,600
3's
1012
1334
Brown Shoe Co
Jan
49
121% Dec
157,
317,
1,200
2,800
18
13%
*47
par
Jan
100% Sept
41
183#
19
67
18l2
2%
2%
11314 11314
13%
39%
48%
...■•/
510 preferred series A No
Brooklyn Union Gas...No
Jan
28%
Sept
Apr
32
18
*18
13%
%
3it
Brooklyn & Queens Tr.No par
Bklyn-Manb Transit--No par
May 23
111 Jan 6
13% Jan 30
34%
16
16% Apr
36
*60
9
*%
38
share
per
10% Aug
31
1
18%
69
*8%
*%
5
Bristol-Myers Co
May 22
347#
16
53
77g
130
20,200
1,260
25,700
Maris
32
*63
9
*47
3534
32
18%
87g
5U
19%
4%
105s
8184
14
2014
65
71S
*60'8
*8%
39%
64
<
118% 118%
67«
73g
102
27#
512
64i2
7%
11812 118i2
7
714
*18
20%
42
55
110
11218 11218 *112% 113
46
49
40
4778
2078
2734
2034 283«
101% 102
22
22%
*95%
*38
3%
*18
27#
1334
40
434
31%
*2%
13i«
5
30%
3
*1
33%
21%
102
7
1514
1314
3934
*91
21%
22%
19%
96%
3%
101
32%
1'4
7
15
*39l2
6
31
19%
42
7%
627g
3
101
1912
*5012
ll4
*85
91
30%
7%
62%
1914
53
*3
91
30%
3
*38
414
934
797«
1214
3%
5
30%
3%
16
*4
39%' Exchange
*87%
7%
8i2
278
12
9%
*3878
*01
278
1514
15
80
39%
90%
*3
18
934
797g
1%
*4%
3012
173s
914
*75%
19%
*39
32%
3012
4%
*50%
40
35
1034
*30
5I4
1%
13%
034
*1834
19%
*39
7
514
52%
7
33
47«
4
8
39% Feb
Bucyrus-Erle Co
61
7
3
27
8,500
110
127#May 21
1 May 18
26 May 22
15
8
3
20
25
27
par
1034
5
June 10
28% Apr
3334 Nov
123% Jan
70% Mar
29% Apr
2414 Mar
257# Jan
2% Jan
37%May
Highest
$ per share f
13% Apr 29
26%Nov 8
1034
62
177#May 28
share
4%May 23
8 May 21
10
107«
109
10934
53s
55#
12% Aug 16
19%May 22
May 23
51%May 22
99
per
13%May 22
3
10l2
1938
1%
"4,2 00
S
Lowest
par
Bruns-Balke-Collender.No par
5's
19%
*50%
4,900
14,800
Year 1939
Highest
$ per share
17
Range for Previous
par
200
*183s
12%
"""900
Brewing Corp of America
Bridgeport Brass Co
No
Brlggs Manufacturing .Wo
Brlggs & Stratton
No
2,100
5%
12%
2,400
11,400
27,800
5
31
19%
9%
Bower Roller Bearing Co
100
24
*5%
*18%
*4
Boston & Maine RR
31
01?
3
77%
12%
!
200
23%
15%
9%
78
5
32
15%
5%
19%
4%
1634
Borg-Warner Corp
2414
9
2%
163s
15
23l2
*3012
♦1003s 110
347g
30%
177#
16
105s
1
Borden Co (The)
31
434
30%
17%
'
Bond Stores Inc
900
127g
2618
39i2
4714
5
2334
59
34%
5
.——6
Bohn Aluminum & Brass
978
7%
18%
2I84
134
Boeing Airplane Co
Bon Ami Co class A...No pari
Class B
No par
31
5%
35
16
1012
80
Par
23%
64
78
15%
16
10%
109% 109%
30%
*39
57
47
455s
46
4%
*4%
414
4'g
4%
1714
1712
I7i2
1734
1734
18
*1157« II6I4 *1157g II6I4 *ll57g 116%
*4434
41«
10%
67#
18
Lowest
Shares
3384
24%
5
$ per share
17%
12%
62
8
33
25%
10%
*100% 109%
5
5%
*62
03%
7
67#
Nov.
108
12
10%
|
Week
3314
24%
4
4
4%
4%
17% 17%
17%
17%
*1157# 116% *1157# 116%
17
17%
17%
17%
*30% 34%
*30% 34
23% 23%
23% 23%
Range Since Jan. 1
On Basis 0) 100-Share Lots
1940
EXCHANGE
109% 10914
56
23l2
I6i2
313a
'STOCKS
NEW YORK STOCK
the
Friday
.
$ per share
173$
*108
1%
4%
$ per share
20
1%
4%
4%
j
31U
32%
109%
56%
56%
*23% 24%
Thursday
Nov. 7
■
10i4
109% 109% *108
*55%
*23%
[Wednesday
| Nov. 6
Sales
for
i
Saturday
9,
36% Apr 8
112% Feb 10
24
May 10
4% Apr
4
5% Apr
4
5
26%
26%
7%
93%
79
8% Sept
25% Dec
25% Dec
Apr
14
Apr
Apr
48
38%
98%
Jan
3
8
97
June
4
113
Mar
6
y
3% Aug
14
73
Apr
Ex-dlv.
247g Sept
8% Sept
98% Apr 4
8% Mar 15
23% Jan 29
56
May 21
%May 22
42 May 21
257#June 10
111% Dec
Apr
2% Aug
37, Sept
62%
June 10
8
*37% "Oct
Apr
11%
Jan 26
June 13
108% Feb 21
16% Apr 5
l%June 28
73% Jan 8
33
Ex-rights.
Apr
8
Dec
100
5%
74%
32
18
"20% "Apr
Apr 4
Mar 12
Mar 12
Apr 8
Apr 8
95
Jan
62% Dec
6%
9% Sept
9
Feb
Jan
91
Mar
Jan
83
Feb
Apr
90
Oct
Dec
15%
Jan
15% Dec
Apr
Oct
42
Apr
103% Sept
8% Aug
1%
Dec
45%
Jan
x25%
Apr
30% Mar
67
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
72% Aug
32% Dec
T Called for redemption.
Volume
LOW
AND
New York Stock
151
HIGH
SALE
PRICES—PER
Record—Continued—Page
Monday
Tuesday
Nov.
Nov.
Nov.
2
$ per xftare
4
$ per share
5
$ per share
NOT PER
SHARE,
Wednesday
Nov.
6
Thursday
Nov.
i
$ per share
Sales
NEW YORK STOCK
the
CENT
STOCKS
for
Saturday
Shares
Lowest
Par
_
*12is
23%
*10%
3%
2034
1334
12%
23%
10*4
*74%
78
78
78
78
78
*76
80
80
80
220
*87
88
87
87
87
88
*87
90
*87
90
190
312
2034
1334
7
*3%
4
21%
21
*1334
*12%
1378
12%
13%
*12%
2234
23%
21%
21
10
26%
26%
106i2 106%
IO84
7
7%
3%
2634
13%
12%
22%
10%
10%
7%
27%
106% 106%
"4
3,
*%
78
%
9%
834
87S
*2%
27«
278
278
6
57s
4%
18«4
*17
*104% io484
107®
16?8
8%
*78
83
*82
3878
3%
18%
2478
2034
60
51%
46
*57%
*5034
45%
16%
2478
23
20%
1984
20
59%
51
57
57
26%
90
90
15%
*88%
41%
88
*2%
3%
*2%
4%
73%
1134
4%
4%
73%
1134
25
178
73%
*24%
134
11%
24%
134
40%
15%
93
42%
89%
3%
4%
*42
*48
*68
*42
*1778
6
8%
28%
6
*3%
20%
Election
20%
*38
*38
40%
38%
15%
3%
3%
334
3%
*%
%
*%
%
*%
*112%
14%
*29%
38%
13
13%
12%
3%
38
38
38
*75
78
75%
8%
126
37
5
5
,
35%
5
136
136% 137
3578
15%
22
7
6%
126
126
'
*14
*14%
36%
36%
36%
14%
14%
14%
*»i«
6%
39
3434
32%
*78
6%
3934
35%
32%
1
33%
33%
41
41
79
*82%
84
*87
91
1%
1%
80
*70
3%
*3
9334
*14%
14%
3834
38%
*
Dow Chemical Co
No par
Dresser Mfg
No par
140
22
14234
23
7
7%
700
7%
10%
1,500
114% 114%
168% 171
12,600
10%
12684'
I
5%'
12634 126*4
117% 117%|
3734 38%
5%
534
141% 143%
*170% 176
34%
35%
1434
1434
35% 3734
14%
15%
10
500
80
*74
79
*75
*80
84
i
*80
*85
91
i
*85
91
*73
83%
91
82%
*87
1
83
*85
%
9,800
13,300
11,000
1,200
600
1%
1%
1%
1%
1%
1%
1%
1%
1%
*1%
1%
1%
1%
1%
1%
*1%
1%
*1%
1%
*1%
22",400
700
*70
*3
80
*70
3%
80
3%
3%
7
7%
32
7%
31%
*»ie
%
%
%
6S4
45%
20%
13%
*5%
4334
6%
45%
20%
13%
20
14%
3%
20%
*%
34
500
130
45%
4484
4534
22%
21%
22%
13%
*13%
99
*95
13%
4,500
3,300
300
14%
38%
3834
Bid and asked prices; no
26%
25%
27
Y,706
1434
1434
15
15
15
600
92
May 10
23
%May 22
Electric Power A Light. No par
$7 preferred
$6 preferred
...No
No
Eleo Storage Battery..No
tElk Horn Coal Corp..No
par
par
par
1,100
3
May 15
l8%May 21
15% May 21
x2478June
6
%May 22
par
.3
El Paso Natural Gas
Endlcot t-J ohnson ACor p
preferred
Engineers Public Service
preferred
%5H preferred
$6 preferred
26
50
100
35
21
22
102
22
66
31
May 31
1
No par
No par
No par
Equitable Offloe Bidg..No par
100
100
100
JErle Railroad
4% 1st preferred
4% 2d preferred...
50
Eureka Vacuum Cleaner....6
Exchange Buffet Corp-No par
Fairbanks Co 8% pref
100
Fairbanks Morse A Co. No par
Fajardo Bug Co of Pr Rlco—20
Federal Light A Traotlon...l5
May
May
May
5%May
63
May
84
Mar
21
4
*gMay 15
%May 16
l%May 14
%May 16
07% Aug 7
2%May 26
5
May 21
20% Jan 15
% Oct 24
3% June 10
29%June 6
17%May 21
11
May 23
Dei. delivery,
Apr
Apr
103
Apr
18
Sept
Apr
Sept
Aug
Sept
Sept
May
28
30%
6%
13*4
60
9
9*4
Feb 29
30
24% Apr 23
237a Jan 10
10
20% Sept
9478May 10
55
Mar
Apr
Aug
27% July
18%
Dee
28
Oot
87g Sept
1% Jan
125% Oot
32% Jan
34% July
447g July
10% Nov
20% Mar
90
July
13% Nov
35% Jan
22% Jan
34
July
87*4 Nov
Apr 24
Mar 30
0
Mar
0
Deo
144%
17%
19%
13% Jan 18
10
Apr
14
30
10
Apr
120
9
Jan 17
101%
108
118% Jan 19
8
?
2
9
9
4
41*4 Apr 10
18% Apr 30
1*4 Jan 4
17% Jan
8% Jan
4078 Nov
36% Nov
33%May
1*4 Jan 10
41% Jan 3
40
Apr 13
112
Mar 19
Apr
15%
Apr
Apr
110% Nov
124% Aug
Apr
16% Sept
Apr
8% Apr
1% Sept
0% Apr
20% Apr
18*4 Apr
23% Apr
% Apr
28
Jan
32% Aug
£103% Mar
7
Deo
Jan
June
Sept
111% Sept
12% Apr
3*4 July
138% Apr
155% Sept
22%
Deo
188% Sept
118%
31%
Feb
Deo
8% Sept
186% Jan
183% Feb
307g Oct
19% July
40% Oot
18% Nov
3% Mar
12% Jan
41% Jan
38
Feb
35
Sept
3% Sept
42*4 Nov
65
Sept
111
Jan
Apr
13% Aug
83
Jan
62% Apr
89
Jan
65%
Apr
80% June
89
Aug
97
Jan
69
Apr
95
*4 Aug
1
Aug
3
12% Jan
8
7« Jan
1*4 Jan
3% Jan
17g Sept
1% Apr
65% Sept
3% Sept
1% Apr
07% Aug
5
Feb
11% Apr 25
34*4May 10
Apr
0
Sept
3% Sept
05% Sepr
5% Mar
13
Jan
25% Nov
Apr
2% Jan
87g Sept
437g Jan
38% Sept
18% Aug
Mar 27
81
Jan
98
Deo
3
29
Dec
31%
Dec
1
Jan
3
8% Mar 11
49% Apr 8
31% Apr 18
1878 Apr 3
102
6
14% Apr
% Deo
2*4 Apr
24
Apr
20
Apr
Aug
1% Sept
Sept
11
1%
Jan
I884
82*4 8ept
27%
89*4
Oot
Feb
20
Jan
17% Nov
27*4 Apr,
40%
May 21
a
Apr
Juno
10% Sept
112*4 Deo
25% Oot
Jan
10
t In receivership,
15*4
23
7
17% Mar
Apr
June
1,800;
103
Apr
Sept
95
15
VA % conv preferred
T660
4%
Nov
25
Federal Motor Truck..No par
79
15%
55% June
25
Sept
15% Oct
47a J&a
100
39%;
Jan
13% Apr
3% Aug
14% Sept
12% Aug 27
2%May 15
%»May 22
Federal Water Serv A.No par
15
91
45
6
Federated Dept Stores. No par
39
13% Nov
32% Nov
Federal-Mogul Corp..
800
"1434
3834!
Jan
7% Sept
03% Sept
Apr
3% Sept
% Deo
Feb 3
10% Feb 21
Sept
19% Sept
28% Deo
Apr
4% Aug
12% Aug
Jan
Jan 10
Apr 10
93
19%
73%
11'4
0
Jan
8% Sept
Sept
13
28% Jan
1,700
14
Apr
Deo
July 24
%
38%
6%Mar
3% Sept
96
June 10
19%
14%
Jan
Feb
10
%
92
41%
40%
85
No par
19%
*91
Apr
2
preferred
%
92
4
18% Oct 29
8% Apr
113% Apr 12
2378 Apr 9
171
Jan
13
Federal Mln A Smelt Co
3%
38
this day.
00
19%
*91
38
May
7
3%
%
1334
on
3%
3
51
38
Jan
32% Aug
52% Sept
Deo
8534 Apr
14% Apr
110
94
Aug
20
38
Apr
9
125%
23%
30%
43%
Deo
2% July
Apr
June
26
28%May
19% Apr
23% Jan
6% Jan
>4 Jan
Aug
5
Apr
48
Oct
01% Sept
07% Sept
177
37% Mar
17% Deo
Apr 22
17
32% Sept
Apr
29% Feb 24
4% Jan
Sept
10% May 28
25
May 21
10%May 21
6% Nov
31% Jan
28
Apr
Aug
14%May 15
3
May 21
13'4May 22
18%
3734
sales
3%
3
$6
99
Sept
% Sept
16
Sept
93
Apr
26% Jan
078 Aug
20% Apr
33
Sept
27g Aug
878May 10
91% Feb 24
42
Elec A Mus Ind Am shares
3
24%
3%
34
1834
Electric Boat
5
13
3%
*%
*1734
*89%
%
1834
9334
15
5
Ex-Cell-O Corp
24
*14%
Electrio Auto-Lite (The)
Evans Products Co....
102
*12%
Edison Bros Stores Inc....-.2
3,200
13
*92
Co
Jan
Apr
Sept
3
112
8,800
600
Jan
Deo
120%
6
May
10%
407g
7
...1
110
Apr
8
8%
7
*6
6%
3%
5
61% Sept
29% Apr
1% Apr
1978 Aug
16% Apr
189% Apr
3134
s4
24
24%
14%
%
*91
6%
£43
31
Jan
Mar
12634 Nov
Erie A Pitts RR Co
*92
100
24%
3%
734
3%
7%
29%
634
*93
*3
7%
2,400
80
*70
80
3134
28%
44%
20%
7i«
*7
700
2
100
H4May 22
112%May 22
25%June 10
3
May 15
Eastern Airlines Inc
22% Mar
Dec
146%May 28
$5
1%
1%
4% Jan
Mar 29
Oc122
Jan
Apr
62
92
113
Mar
2%
1
20
$4.50
35
108% Aug
£87% Sept
32% Apr
£100
Sept
75
June 10
ll%May 22
8%May 21
2%May 21
% July 11
98%May 22
12%May 21
25% May 22
32
May 21
4%May 15
12%May 21
56% May 24
9%May 15
30%May 22
14
May 21
ll%May 22
05% July 3
133
Sept 13
14>4 Jan 12
5
May 21
9%June 10
Sept
9% June
24%
75
June 10
Sept
9
4
35% Oct 28
11% Mar
32% Mar 14
l3%May 22
Aug
11
11%
preferred
No par
Duquesne Light 6% 1st pf.100
Du P de Nem (E I) A Co
5%
""166
*1%
34
*%
Bie
*
Jan
91
%
1%
%
3
Apr
78
*80
79
82%
79
*76
5
9434 Nov
37
700
41
'
178
1,400
31%
8
31% Oct 9
6% July 25
21%May 21
21
Apr
8% Aug
547g
Feb 26
45
May 22
300
33%
*108% 110% *108% 110% *108% 110%
8
8%
8%l
8
7%
8%
3878 Apr
June 10
33
4
43% Apr
21%May
95%May
45% Nov
3%May 22
107 June 13
July
88
49
7«4 Jan
June 10
33
31
Jan
30%June 12
12
May 22
75
May 21
25
May 21
75% Oct 10
l%May 24
3% Aug 15
60
May 21
9%May 23
19%June 6
1% Oct 16
June 17
Feb
91
97g Sept
5% Sept
9
Sept
34
Sept
1017g Dec
17% De0
1*4
150
3284 Feb
22
32%
40
105
155
31%
34
3
117
31%
33%
24% Jan
5
19% Nov 7
3%May 22
18% June 11
36
July 17
31
85
8
4
32
40
100
5
8
100
45,400
33%
preferred
Jan
Apr
6% cum preferred
Eaton Manufacturing
5%
40
8%
2
25%May
70 May
61% Jan
05% Jan
179 May
7% Apr
1% Apr
Eastman Kodak (N J).No par
400
%
No par
Duplan Silk
5
4,500
"6;566
%
34
1
9
Eastern Rolling Mills
*16
41
DunhlL International
9% Apr
40% Mar
4»4 Feb
2,100
%
1
Co
24
49% Apr 9
116% Jan 26
33
Dec
Deo
12% Mar
7% Mar
1
1% Apr 4
97% Jan 10
25
*4
9%
32*4 Nov
9% Oct
6% Aug
24
24
24
44%May
0% Jan
166*4 Jan
18,100
32
1834
*91
2,200
4,500
I
23%'
142
5,000
738
1834
No par
33
31%
*13%
14
*95% 102
24%
24%
*1434
14%
3%
3%
%
%
Douglas Aircraft
5%
37%
%
No par
No par
Class A
23,700
5%
36%
31%
33%
Co
Dlxle-Vortex
86%
37%
7%
20%
86%
32%
*39
26
15,900
31%
%
34%
6% partlc preferred
1834
36%
41
.No par
84%
19
5%
38
%
Match
Doehler Die Casting Co No par
Dome Mines Ltd
No par
2,400
33
3134
%
6%
45
20%
%
30
Diamond
35%
23%
19%
434
36%
7%
6%
200
11
*35%
31
31%
4434
5% pref with warrants.. 100
6%
%
1%
1%
1%
100
39%
35%
*%
*1
Distil Corp-8eagr's Ltd .No par
6
41
100
Devoe A Reynolds A..N0 par
2,900
1,600
38
*33%
Detroit Edison
Diamond T Motor Car Co...2
.
34%
*109% 110% *109% 110%
834
9%
9%
9%
*76
610
700
11
11
3834?
5
100
1,600
77%
*»ie
...20
Diesel-Wemmer-Gllbert.... 10
38%
*75%
484
%
...No par
16%
78
137
138
137% 141%
*17c% 176
*170% 176
34
3584
z34%
34%
14
14
*14%
15
35%
37%
35%
37%,
1434
15%
14%
14%
3534
15%
36%
15
Co
Preferred
2934
18
36%
37%
4%
4%
138
35%
126
""800
116
18
*117%
3434
38%
5%
*170% 176
*170% 176
140
22
*117
37%
37%
173g
£82%
Deere &
JDenv A R G West 6% pf.100
%
9
18%
10%
10%
10%
*114% 114% *114% 114%
163
169
163% 168%
&
5
25
preferred
Davison Chemical Co (The).l
15%
16%
30
*10%
*117
*117
115
116
15%
138l2 139
169%
12~806
21%
*%
%
2934
88%
126%
3%
I
126
Davega Stores Corp.
Delaware Lack A Western..60
115
18
167
l
5,200
'
4
*%
2134
6%
1
A
4
3%
22%
22
Class
Cushman's Sons 7% pref.. 100
$8 preferred
No par
Cutler-Hammer Inc...No par
Delaware A Hudson
35%
139% 140%
22%
*6%
7
9%
10%
*11414 114%
Curtlss-Wright
8,800
2334'
*22
No par
14%
22
141%
Prior preferred
13%
*10%
141
Curtis Pub Co (The)...No par
Preferred
No par
300
*35%
86%
6
400
11
90
30
Inc
17%
36
87U
100
Press
28
*10%
89%
Preferred
Cudahy Packing Co
17%
*35
89
Cuba RR 6% preferred...100
Cuban-American Sugar
10
28
*75
16
100
17%
14%
12
78
20%
preferred
27%!
*75
1534
conv
Conv 5%
i
6%' "loo
6
27%
*17%
17%
15%
600
4%
18
Corp
Dayton Pow <fe Lt 4J$ % pf.100
20%
17%
22%
15%
3,600
No par
21%'
17%
75%
1034
22%
15%
22
1 *112
.
834
35
934 139,100
9,700
29%
May 21
%«Sept 28
_
June 13
$5 conv preferred
No par
Crucible Steel of Amer.No par
Cuneo
106%May 31
4%May 21
27% May 25
2
May 15
10%June 10
18%May 21
15% Mar 16
47
May 21
41
May 28
Sept
15% Aug
5% Apr
73
Apr
79% Apr
7% Nov
27
Apr
101*4 Jan
7*4 Sept
3*4 Dec
15% Jan 10
5
75
pref w w__No par
conv
Crown Zellerbaob
5%
7%May 21
*4 May 16
June
20
9%
22
*125
4%
*1734
*6%
6%
38%
1034
*114% 120
169% 170
4
19
3%
*6%
400
1,200
55
21%
8%
21%
10
*42
*3734
35
*978
55
8%
17%
16,800
80
£29%
3734
11%
7
*68
21%
*18
27%
17%
13
3%
%
115
14%
32
38%
36
7
29%
80
20%
*112
*35
23
29%
*42
*1034
23
8%
9%
29%
*68
2034
*8
500
34%
....
12-%
3,100
49
34
6%
27%
17%
17
49
34%
3%
19
27%
17%
*3734
2
2
14,300
12%
24%
2%
*23%
47%
55
*27%
1738
15%
134
7,500
75
12
.
110
720
75
12
25
34
3%
31
75
1134
20%
19%
14%
5%
47%
*584
115% 117
5%
34%
*17%
21
434
74
1934
6%
3%
91%
*2%
48
*42
3*4
94
9,300
36,400
22
22
21
13
No par
16%;
4% Sept
19% Sept
10534 Oct
19% Apr
100
ex-warrants
10% Apr
4% Apr
8% Apr
2% Jan
4
Corp (The).2
3278 Apr 5
110% Mar 25
1% Jan 5
6
25
6% conv preferred
9
Apr 5
978 Feb 21
21
Oct 28
Crown Cork & Seal
90%'
8%
Co
8
Apr
June
May 25
..1
Apr
2%May
8*4May
93%May
9% May
•
43
5,200
45%
9434
3%
5%
26
22
23
22
165
41
90%
1
21
21
21
1
Coty Ino
Coty Internal Corp
Pref
4%May
23
May
97%May
% Aug
5%May
2% May
5%May
100
Preferred
27
43%
80
pref. 5% series
50
Com Exch Bank Trust Co. 20
Com Products Refining
25
conv.
41
*2%
29%
Continental Oil of Del
6
Continental Steel Corp. No par
Copperweld Steel Co
...5
No par
16%
*24
8%
1
Crosley Corp (The)
45%
1%
No par
Continental Motors
$2.26
10
92
Highest
share $ per store
8% Feb
Apr
30% Jan
Apr
5
95
May 29
May 21
1,300
300
13 34
7% Jan 29
May 29
33
5%
27%
38%'
31% Apr 15
June
5%
90
June 12
70
Continental Diamond Fibre. 6
Continental Insurance...$2.50
Crane
5
19
0% Jan
17% June 10
20
Continental Can Ino..
$4.50 preferred
3
24% Feb 17
Sept 24
12% July 8
100
Cream of Wheat
90
£87%
11%
preferred
2,700
15%
25
8%
19%
40%
73
Continental Bak Co el A No par
Class B
No par
19%
90
87%
*2%
4%
17%
13
*17%
26%
42%
89%
3%
4%
1%
550
105
100
5
5
15%
93
*88%
105
conv preferred
per
Jan 15
75
20
19%
40%
27%
878
17%
20%
28%
31
2,700
28
*68
15
100
42%
*34
8%
30
9,200
*41
25
29
14
660
52
52%
51%
51%
46% 47%
45%
46%
176% 176% *175
177%
434
434
4%
4%
12,700
48
30
900
2234
27%
8%
61
7,800
21%
*1678
*114% 116%
60
2,000
22%
10134 10234
*112
20%
6034
12,100
900
*10%
Day
*112
*111%
5734
73
Closed—
19
*534
25%
2034
®16
55
*3%
21%
4,200
28,600
®16
40%
20%
*18
19
25%
"3",800
%
80
20
20%
20
*®16
14%
Exchange
34%
2034
37g
19
20*%
Stock
49
*34
55
28%
*68
47%
34%
8%
28%
1834
25
8%
38%
334
8%
38%
2034
2134
100% 101%
19%
19%
*434
5
26
27%
*40
42%
73%
1134
24%
2
80
47%
34%
8%
|
1834
*»16
40
*38
7,700
3%
5034
46
176%
484
434
478
27%
40
'
3%
5034
1934
434
500
41
1
2,800
1
8%
39%
3%
20%'
26 1
21%
45%
10234
19%
*116
118
734
38
*174
22%
4034
1
82%'
118
%
82%
40%
1
83
*
23
18%
46%
176%
2134
102
834
*116
20%
22%
102%
20
4%
26%
42%
15%
93
1,800
3%
21%
42%
118
734
38
»i«
15%
9%
5%
share
per
63
Consumers Pow $4,50 pfNo par\
Container Corp of America. 20'
200
$
2%May 22
May 18
100
Consol RR of Cuba 6% pf.100
Consolidation Coal Co
25
19%)
share
Lowest
8
..100
19,900
600
Year 1939
Highest
14
No par
"l~7o6
6%
8%
8%
1
$2 partlc pref erred ..No par
Consol Laundries Corp
6
Consol Oil Corp
No par
5,600
38%
2478
700
17%
39%
3%
2,60j
105%'
38%
3%
18%
9%
2%
16%
*%
7%
9%
2%
17
16
39%
434
42%
8%
*116
1,500
1834
16%
10434 10434 *105
16%
83
»16
*88%
16%
10434
15%
82
4%
42
4%
1
per
Range for Previous
10
.
Consol Coppermlnes Corp.
5
Consol Edison of N Y..No par
$5 preferred
No par
Consol Film Industries
1,
134
4%
*18%
%
%
*40
*1%
82
434
4%
26%
*40%
6
1%
%
$
No par
Ctfs of deposit.....
42,000
2,200
6%
3734
5034
2534
105% 106%
106% 106%
_
Congress Cigar
21,200
25%
26
734
4%
778
46%
7%
7%
4%
38%
334
19
*58
11%
*1%
1
484
19%
Consolidated Cigar
7% preferred
6^ % prior pref
£25%
%
8%
*#i#
102%
1,400
10%
2%
*104
118
734
176% *173
*173
11%
83
38
1834
24%
2034
Consol Aircraft Corp
684
4
39%
384
3,400
10%
*1%
8%
734
38%
734
4,200
9%
1%
*116
38%
12%
24
2%
5%
4%
18%
10434 10434
16%
17
39%
118
*116
*12%
23%
12%
23%
8%
6%
%
300
12%
234
5%
*82
300
3,400
1334
*8%
*16%
8%
1
3%
21%
1316
4
1%
4%
*3
2084
*13%
*».«
18
*1%
6
*1%
4
20%
14
23
6%
7%
25%
26%
106% 106%
34
834
Conde Nast Pub Ino_._No par
Cong oleum-Nairn Inc. No par
*3
1934
*13%
3%
21
Range Since Jan. 1
On Basis oj 100-Share Lots
Week
$ per share
$ per share
2763
EXCHANGE
Friday
Nov. 8
7
4
1
Ferro Enamel oorp
Fidel Phen Fire Ins N Y.$2.50
n New stock,
r Cash
sale.
May 28
5
oTi01
£ Ex-dlv.
v
1
Jan
40% Feb 14
Ex-rlghts.
2% Aug
*4 May
Apr
0% Nov
23% Nov
V Called for redemption.
DtsO
New York Stock
2764
Record—Continued—Page 5
Sales
flTnPTTfl
for
NEW YORK STOCK
the
SALE PRICES—PER SHARE, NOT PER CENT
LOW AND HIGH
Nov.
Nov
2
$ per share
% per share
$ per share
*22
*7%
*28
*28*4
♦1061s
*1638
104i2
2%
*2912
3514
2%
2?8
*15l2
*1834
*100
*5%
2314
7%
30
29*4
*106%
—
*100
512
*12
17
16%
16%
2,300
Firestone Tire A Rubber...10
94
94
94
200
6% preferred series A—100
43%
42%
44%
3,200
I684
3434
17
43%
16%
44
17%
43%
17%
17
3,100
First National 8tores..-No par
Fllntkote Co (The)
No par
35
35%
36
800
Florence Stove Co.....No par
22
*22%
7%
29%
*35%
*22%
8%
31%
*4414
57S
52
718
*133
334
678
*16«4
83
*18
*117
22
22i2
7%
29
29%
Ui.
17%
7%
57g
28
52 U
714
136
334
,
135
171s
83
18
185$
11812 *117
18
*125
51
40
87%
128
51%
*31
*125
*102
*18
*18
19
*28%
*1084
49%
21%
29
11
27%
4984
21%
48%
*11
18%
*101%
12%
3%
35%
*684
*6034
14%
*38
*2%
2%
*82
39
2%
2%
85
13%
1334
60
177s
18%
83
83
"le
5%
*12%
*10%
*1334
35
*23%
1678
28%
20%
*131
17s
32%
7s
5%
1234
10%
14%
35
24%
17
287s
20%
132
*35%
3034
60
3034
11%
*10%
*1684
11%
11%
*134
*16
1%
17%
2
18%
134
9
9
*33
34
32%
*13%
*14%
32%
13%
16%
*105
.
150
23$
99%
9984
8
*92%
*155
16%
76%
8
Exchange
Closed—
*109
34
16%
*16
%
29
11%
50%
11
47
4634
21%
38
*25
6%
2%
99%
7%
16
75%
*128
*57%
112% *109
*2312
1638
17
28%
20%
27
7,200
73s
61%
7,700
Gillette Safety Rasor..No par
35 conv preferred
No par
Glmbel Brothers......No par
16%
3,600
500
700
39%
10
83
400
2
200
Gotham Silk Hose
32%
%
6%
12%
100
Preferred—.
1284
10%
10%
14%
34%
*23%
16
36
24%
18%
17%
28%
21%
30
32,100
34%
1,500
18%
5%
21
22
132
132
132
60
*35
60
30%'
30%
31%
31%
31%
113s
11%
*10%
11«4
113s
11%
16,000
11
11
11
17%
1«4
18%
18
18%
2
2%
18%
1%
16
1%
9%
3378
9%
*33%
13%
13%
16%
*1434
16%
*105
....
*17
1%
9%
*33%
*32%
13%
*15
2
80
18%
1%
10%
133s
33%
16%
*15%
16
*105
150
*6%
678
95
2%
9834
9884
2%
8
*6%
*9212
2%
*98
8
8
94
*92%
155
*126
m —
— —
*93
m
m
6%
99%
2%
100
*126
6%
*92%
2%
150
«.
m
-
-
•»
300
10
234
5.200
99
500
8%
4,500
110
75%
76%
127
127
*55
60
100
*109
112
110
no
110% 110%
200
16%
16%
16%
*16%
17
200
31
3038
7%
31
*31
31%
800
7
834
4,200
13%
60
60
4%
34%
34
*3%
19%
4%
13%
60
*107% 110
4%
4%
4%
343j
34
34%
%
*4
*4
4
4
*3%
19
19% *1834
4%
4%
4%
»u
*
60
»i«
7%
784
11%
10%
10%
12
11%
10%
*105%
*105%
*105%
48%
51
52%
54%
53% 5334
*36% 37% *37
37%
373s 3738
I27g
13%
13% 14%
143s
13%
*69% 60%
60%
60%
60
60%
*108
*107% 112
110% *109
110%
334
5
4%
4%
434
4%
33% 34
3434 36
3684 37
%
%
*%
*%
*4
4
4
*3%
*3%
*3%
3%
19
18%
18% 1984
19% 19%
4%
4%
4%
4%
4%
4%
*18
8i«
he
%
%
—
110
%
Bid and asked prices: no sales on this day.
25
Hecker Products Corp
Helme (G W)
—
Preferred
130
60
7
*105
Hazel-Atlas Glass Co
1
25
.No par
76
128
*55
16%
*37
-100
—2
-
Hercules Powder
76%
128
60
30
48%
37%
preferred
3,600
75
L29
*55
31
....
.100
l
6)4 % preferred
Hayes Mfg Corp
6%
No par
31
48
Hat Corp of Amer class A
Hercules Motors
32
*10%
100
...
2,200
*30
*104
preferred
75%
1534
17
7%
10%
6%
Hanna (M A) Co 35 pf.No par
Harbison-Walk Refrao.No par
10
*16
7%
10%
*105%
48%
47%
37% *37
13%
13%
....25
400
17
7%
10%
No par
Water
93%!
*16
*7
preferred
*155% 164% *155% 164%
1534
17
16%
17%
17%I
155
129
57%
.100
Hamilton Watch Co—No par
—
6%
8%
93%
8%
3,500
99%
99
94
■
,
10
No par
7% preferred class A.....25
Hall Printing Co
..10
1,200
*105
150
35
Hackensack
-
1334
Aircraft Corp.... 1
preferred
t In receivership,
.
a Def.
-
1,800
-
—
—
18,300
100
100
6% cum preferred
Hershey Chocolate..—No par
34 conv preferred
No par
Hlnde & Dauch Paper Co
10
Holland Furnace (Del)
Hollander A Sons (A)..
..10
5
Holly Sugar Corp
No par
7% preferred.
——100
Homestake Mining
—12.50
Houdallle-Hershey d A. No par
Class B
6,900
800
100
...
No par
Household Finance..—No par
5%
100
preferred
6,700
Houston Oil of Texas
3,100
Howe Sound Co
1,000
v t
0—25
——.5
Hudson A Manhattan—...100
■
5%
2,100
3,500
7,300
delivery,
100
preferred
Hud Bay Mln A Sm LtdNo par
Hudson Motor Car
No par
Hupp Motor Car Corp...... 1
n
New stock,
r
Cash sale,
z
21
16
June 13
27% July 30
23 May 22
1
Gulf Mobile & Ohio RR No par
20
10484 *103
10434 *103
10434
2284 23%
23% 25%
24% 25%
95
8%
11,200
33
...
Guantanamo Sugar
6,900
*103
.*126
Grumman
70
2
100
Greyhound Corp (Tbe).No parf
5)4% conv preferred
-.10
3,800
2,500
33%
14
*33%
*32%
*13%
33
...
100
18%
1%
10%
June 11
22
18
22
14
22
7
10
18
26 May 21
21%May 29
ll%May 22
15%May 21
18% May 22
20
Green Bay & West RR
Green (H L) Co Inc
■
.
21
1% Oct
25 May
%May
4% May
9%June
6%June
10 May
Great Northern pref...No par
Great Western Sugar..No par
Preferred
100 zl23
1,700
22%
No par
......100
preferred.
9
21
21
12%May 22
Gt Nor Iron Ore Prop—No par
8,300
43,600
4,600
Feb
69
10
Granite City Steel..—.No par
Grant (W T) Co
10
24%
29%
22
45
2
Grand Union w dlv ctfs. No par
Without dlv ctfs
No par
200
600
1,800
1
May
May
May
July
May
May
2
Graham-Paige Motors..—..1
Granby Consol MSA P....5
4,600
10%
153s
98
77
83
*30
June
21
1684May 28
7%May 23
13% May 28
30
18%
30
100
4%May 21
43 May 22
11
May 21
No par
No par
83
18%
May 22
10% May 22
3
Sept 9
30»4 Oct 17
Goodrich Co (B F)
11,000
1,100
9,700
5
32% June 10
3% June 10
5%May 21
Gold A Stock Telegraph Co 100
2,200
*35
167g
5
No par
5% preferred
...No par
Goodyear Tire A Rubb. No par
35 conv preferred....No par
*1%
116
4H % conv preferred.....60
Gobel (Adolf)
1
Goebel Brewing C0.........I
5,300
I *131
1%
'
36 preferred
Glldden Co (The)
600
2%
23s
60
16
—100
preferred.;
General Tire & Rubber Co
11%
*10%
1634
1%
«.
Gen Theatre Eq Corp..No par
Gen Time Instru Corp.No par
5,500
132
11%
No par
15%
334
3584
*35%
3034
13%
77
35
...1
¥6 pref opt divser..—No par
6%
June
35%May26
5% May 22
118 May 27
l*4May 15
4%May 15
11% May 24
48% Feb 6
12%May 23
102 May 21
26%May 21
z35% Oct 24
lll%May 22
%May 17
28
Sept 19
77>4May 21
118 May 28
37%May 28
6
General Shoe Corp
1
Gen Steel Cast 36 pref..No par
General Telephone Corp....20
800
94
10
15
15
23
21
General Refractories
1,600
45%June 14
3%May 21
%June
1,500
2,970
1,100
June 14
9«4June
86% Jan
%May
13% July
20 May
10
July
14 May
100
Gen Realty & Utilities
200
June 19
3%May 28
No par
preferred
1434
2
2% Aug 12
May 24
2484May 28
l%May 14
2%Junell
l0%May 21
12 May 21
20
No par
Gen Railway Signal
5934
%
*12%
*97g
1434
No par
1
No par
36 preferred
Gen Public Service
4,900
83
6%
*1238
1334
34%
24%
Common
General Printing Ink.
14
%
33
131
30
.10
5834
18%
63s
33
16%
1%
100
14%
584
26%
20%
'
678
17
83
preferred.
35 preferred
.No par
Gen Outdoor Adv A ...No par
59
"i«
16
99%
2%
99%
8%
85
*80
10
19
29%
11%
50%
2134
11%
20%
104%
2%
534
12%
*23%
150
23g
"i6
5%
12%
9%
I334
34%
*131
-
39%
2%
*
32%
"18
2%
*2%
1%
*184
38%
2
83
83
132
m.
4934
38
2%
238
*2%
28%
20%
6%
General Motors Corp
6%
*17%
21%
21%
21%
11
11
*10%
11%
11%
18%
20
18%
1984
1984
*101% 104% *101% 104% *101%
12
12%
12%
13«4
13%
3%
33s
3%
3%
3%
35% 35%
*35% 36%
3584
684
67g
684
7%
7%
61
61
62
*5512 61
14%
1434
1434
1584
15%
2%
MOO
2.200
"*% "2"400
18
11%
11%
17%
178
1878
1%
9%
33%
*95
~~%
29%
14
3484
24%
16%
36 conv pref series A .No par
General Mills.........No par
1,100
%
Electric C0...N0 par
General Foods Corp
No par
34.50 preferred..
No par
Gen Gas A Electric A ..No par
1,800
17%
18
31%
*126
%
16%
cum
General
*109
iUA
11%
93
76%
«4
153s
*1 no
27
158
60
%
18
93
131
48%
4%
7%
15%
*%
10%
preferred
100
General Cigar Inc.....No par
7% preferred.
..100
200
45
%
684
12%
7%
5
No par
No par
Class A
700
11%
50%
21%
*155
*56
124%
28
93
*128
124
27
33
1,400
12484 12484
15%
Election
»,«
■9%
*33%
*32%
13%
*1434
—
240
12784 128
5284 54% 120,400
58
1%
7,600
90
*18
11
100
40
89
8,100
12784 127«4
50% 5438
"13%
17
*30
80,800
51%
1334
*184
%
40
90
90
*1084
158
16%
*3s
*30
59%
18%
*105
6%
99%
238
*634
*95
120
General Cable Corp
70
117%
34% 36%
378s 383s
118% 118%
He
*%
No par
6
5
...No par
S8 preferred..
General Bronse Corp..
600
47
47
48%
4%
4%
4%
4%
434
7%
7%
73s
7%
7%
*108% 109% *108% 109% *108% 109%
10434 10434 *103
10434
23% 2312' 2334 24%
*126
117
19
31
1,500
40
117%
35%
37%
36%
Gen Amer Investors...No par
$6 preferred....
5,800
1,200
2,000
50
Gen Am Transportation
General Baking
1,000
7%
28%
11%
4984
%
7%
18%
34
6X % conv preferred
3,000
4
18
7%
9%May 21
61 May 22
8
135
334
No par
14
Sept 7
12%May 21
May 21
32%May 22
10% May 22
248«June 10
19 May 20
6% Sept 23
22 Sept 25
18%June 10
102 June 5
84
Gay lord Container Corp....5
_
18%
85
*16
7%
135
3 per share
97
5400
7%
19%
*1838
128
*40%
Day
5%
6%
87
12%
*57%
I684
*10%
55
384
3 per share
Gannet Co conv S6 pref No par
Gar Wood Industries Inc....3
50
104
54
18
137s
59%
18%
82%
1%
32%
20
6
*100
5434
7%
85%
*75
132
6
104
Highest
1,300
5%
177g
85
*12%
3:10%
137S
34%
*23%
I684
2784
5%
85
*80
*25
Gamewell Co (The)
80
*37%
1784
827s
*184
Galr Co Inc (Robert)....... 1
S3 preferred......
..10
630
103% 104
136
38%
2%
2%
13%
400
1984
100
*38%
2%
2%
*57%
16
19%
*124% 12478
21%
21%
11% *11
11%
187s *18%
20
104% *101% 104%
12%
1284
1234
3%
3%
3%
35%
35%
35%
684
678
678
6I84
61%
61%
14%
14%
14% >
60
'1%
*30%
11
3
1,500
3,700
7,400
47
*117
*102
1
3634
2%
47
7%
No par
.No par
Fk'nSlmon&Co lne 7% pf.100
Free port Sulphur Co
10
Gabriel Co (The) cl A ..No par
40
3584
2%
2%
16
2%
27g
16%l
19%
338
684
I684
%
50%
Stock
...
%
%
2,100
..10
...
f 7 conv preferred
Francisco Sugar Co
100
3%
34
49
136
88
Foster-Wheeler
300
5%
40
*125
51%
12478 1247s *124% 12478
*47
487s
49l2 *46
4%
4?
*4%
4%
7
7
*678
7
*10812 109% *108% 109%
34
34
*%
»4
16
16
15»4
16
*101
%
128
51%
108
33s
*29%
13
117
120
86%
88
3%
34
...10
5% conv preferred
-.100
Food Machinery Corp...—10
4 H % conv preferred
100
2,300
*12
52%
3478
3734
*30
40
87%
31
Follansbee Steel Corp
"l7% "4,100
*102
108
700
200
13
*100
117
*116
31
Florshelm Shoe class A.No par
2,400
12%
5%
33%
36%
23%
8%
31%
*106%
17%
w
Fliene's (Wm) Sons Co.No par
20%
*44%
104
117
118%
35
35%
35%
37% 38%
37%
*11634 119%
*11612 122
%•
%
%
~
-
17%
*100% 104
538
53s
5134
7
7%
*134% 136
*3%
3%
6%
6%
1684
1534
81% 81%
18
18%
3«4
678
I684
82%
838
30%
3684
23s
234
51
5%
37
8712
34
5134
3518
*30
5%
13%
*100
136
82
7
104
*11%
*44%
62%
7%
3%
6%
I684
19
*100
6
104
7
16
18
*5
23%
30
33s
*29%
18
*14
36
•
104
35%
2%
234
1534
2%
234
*14%
'
16%
34
34
20%
28
*106%
*29%
51
51%
30
16%
*10212 104%
3
278
13
*100
104
28
*106%
15%
5%
*44%
*684
7%
28
104
13
51
*100
35
6%
1234
Par
Shares
1534
16*4
1714
104i2 *10212 104%
27s
2%
278
30
30
33
3434 35%
35%
*2%
2%
2i4
2%
3
3
16
I6I4 *15%
18
19
19
104
$ per share
Ranoe fas Previous
IQO-Share Lots
Lowest
Week
*14%
4134
16%
*347s
22l2
7%
28%
29%
% per share
8
.
*93%
*42%
17%
4134
16
35
Nov
94
16%
95
17%
7
Ranoe Since Jan. 1
On Basis of
20%
16%
*93%
35
Friday
94
2012, *14%
16
Nov
6
$ per share
*14%
1534
2012
*14%
1578
*9312
95
41»4
17%
.
1940
9,
EXCHANGE
-
Thursday
Wednesday
Monday
Saturday
Nov.
9%May 22
9
May 29
1434June 26
1% Aug 22
11
May 21
1% Oct 4
8% Nov 1
29%June
5
80
May 20
9%May 21
l0%May 22
l00%June 18
95
86
155
60
Nov
20
18
25
15
30
24
Apr 30
Sept 4
20
105% Mar 27
6% Apr 22
14% Apr 24
61
3
May
7»4 Apr
104
4
Mar 20
5714 Jan
8
8% Jan
145
Jan
8
4
4% Sept23
11% Jan 3
29% Apr 8
87
Apr 24
19% Apr 16
117% Mar 29
41
Jan
44
2
Apr
37% Sept
108% Jan
29% Jan
90% Jan
9% Sept
14
Jan
66% Aug
1% Apr
27
Sept
18% Apr
1% Apr
Apr
104% Dec
July
7% Aug
9
94
3%
29%
45%
5%
96
Apr
Sept
Aug
May
Jan
40
Apr
7% Dec
128
Sept
2% Apr
Jan
Jan
16
Dec
25%
Jan
106
31
Apr
Oct
44% Jan
47% Aug
118% July
1% Jan
65% July
99
July
128% Deo
Jan
Jan
3
112
Sept
28
Apr
3% Sept
7
Mar
105
5
4
15% Jan 11
14
607s Oct 23
24% Mar 7
13% Jan 4
23% Apr 27
16
1
4
6% Mar 6
51% Mar 14
3
Oct 30
4
44% Mar 26
4% Apr 22
3% Apr 11
90 Sept 19
20% Apr
69% Mar
24% Apr
97% Feb 21
4% Feb
71% Jan
1% Jan 30
9% Apr 10
14% Jan 4
10% Nov 8
16% Apr 8
36% Apr 8
25% July 17
18% Jan
_
Nov
29% Jan
Feb
Jan 29
65
Sept
19% Apr
12% Aug
Jan
0
13% Apr
63
Apr
21% Apr
Nov
87
2% June
67
Dec
% Aug
4% Apr
14% Dec
9% Dec
10
Apr
8
Jan
92% Apr
1% Jan
20% Jan
41
Jan
15% Oct
4334 Sept
20% Nov
15% Jan
18
Nov
54
Mar
13% Jan
66% Mar
24% Jan
Mar
3% Mar
2% Jan
86
Nov
24% Jan
74% Mar
38% Jan
109% Jan
5% Sept
80
Mar
1%
10%
15%
10%
22%
Nov
Sept
Deo
Aug
Dec
Sept
35
Jan
26
Aug
12%
16%
23%
129%
Apr
22%
33%
87%
141%
63%
35%
Sept
Sept
Sept
July
Dec
42
Apr
Aug
Sept
May
Apr
July
21% Mar
12% June
Apr
6
9
Apr
36
29
May
%
2
Sept
Sept
32% May
38
18% DeO
Apr
5
Jan
Apr
20% Feb 19
Jan
28
Jan
10
17
Jan
24%
22%
14% Apr
9
6%
10% Jan
111% Nov
1% Sept
47
May
2% Jan
1%, Apr
12
Jan
Feb
34
17% Jan
25% Apr 29
3% Apr 18
30% Apr 18
2% Sept 17
13% Nov 8
34% Apr 22
Oct
38
99% Feb
27% Mar
8% Jan
24% Jan1
Jan
56%
126% June
Apr
15
Apr
8% Sept
10% Aug
97% Nov
15% Apr
5% Apr
43% Oct
6% Aug
43
Sept
14
Sept
35% Apr
37
130% Mar
107% Sept
18% Apr
33% Jan
142
Jan
Jan
% June
30
July
5% Sept
18
12% Sept
85% Aug
19% Jan
Mar
149
75
2
Jan
Sept
35
1% Jan 11
9
Jan
65
11
Apr
19% Jan 4
Sept 30
62
9
103% Mar
Mar
9
36% Apr
106
May
23% Jan
Jan
Jan
17% Apr
Apr
% June
106
7%
18% Jan
62
43
125% Dec
Jan 10
*he Apr
Jan
July
2
72%
127% Mar 23
68%May 4
7% Apr 8
Jan
55
36
Sept
8% Sept
5% Sept
18% Oct
15% Sept
39
Apr
130% Jan
56% Apr
10
Aug
fx Dec
6
101
110
Oct
103% Apr
49% Apr 15
118% Jan
% Jan
25
18
Oct
105
Oct
9
Apr
96
May
17
Apr
123
Sept
Nov
16
5
4% Apr 16
113% Jan 29
11% Apr 8
2
Apr
4% NOV
93
Apr
8% Apr
100
Sept
148
Oct
12% Dec
13% May
10
8
Aug 24
y
21
Jan
6% Apr
32% Jan
8884 Apr
3% Sept
5% Apr
Aug
Jan
July
8
107*4 Apr
21% Apr 29
108
17
51
31%
38
Jan
Oct 29
Ex-dlv.
35
Sept
Apr
May
71
June 11
3%May
28
Aug
% Oct
2%May
12 May
3 May
%May
31% Nov
15
25
25% Sept
105% June
9
9478May 21
12% July 16
19 May 21
4% July 15
8
May 21
103 May 13
35 May 21
28 May 22
8%May 21
64%May 22
103
21% Apr
38% Mar 26
25% Apr
8%Nov
17% Apr
09% Jan
38% Apr
104
12% May 23
74
Jan
27
27
June 11]
Jan 12
126% Aug
:
Jan 24
21
l6%May 23
May
6%May
83%June
2
Aug
89%June
7%June
2184 Jan
46
Highest
$ per share % per share
16% Sept
21% Deo
106% Jan 12
105% Mar 30
28% Jan 4
138
Apr 12
9% Apr 5
June 25
130
22% Jan
106
Year 1939
Lowest
22
15
25
22
24
15
14
Apr
110
166
Jan
8
Mar 20
21% Apr 22
100%
133%
67%
115%
Apr 9
Jan 30
Apr 16
Jan 9
18% Jan
4
35% Apr 4
934 Nov 8
16% Apr 20
110
Mac 30
60% Jan
Apr
16% Apr
71% Apr
38
lll%May
67i Jan
50% Feb
1% Feb
7% Feb
27
Jan
12
13
15
25
13
3
21
20
20
6
6% Feb 17
1
Ex-rights.
Jan
2
4% Feb
103% Nov
33% Sept
144
10%
May
Oct
92
Nov
117
Mar
167
June
10
Apr
18% NOV
63
Apr
101% Sept
128% Apr
54
Jan
100
Sept
14%
29%
5%
8%
Apr
Sept
Nov
Aug
95
May
47% Sept
27
Apr
8% Apr
60% Oct
102
Sept
4% Sept
135% Mar
65% Aug
July
115
19
Jan
61
Jan
11% Mar
21% Sept
110
Oct
66% May
86% Mar
17% Jan
73% July
110% Aug
9% Sept
Sept
40
67
2% Sept
21% Sept
5% Jan
35% Sept
8% Jan
2% Jan
Apr
% Dec
4% July
% Aug
1%
J Called for redemption.
Jan
Volume
New York Stock Record—Continued—Page 6
151
Mondat.
$ ver share
$ per share
Wednesday
% per share
S per share
Nov.
8%
16i2
8%
1534
1534
*38
39*2
38%
38%
8*8
Thursday
$ per share
$ per share
9
834
9%
8,700
15%
17
I684
1634
*37
38
38%
38%
3834
4%
4
4
22%
2278
23
2134
2134
4%
2134
22
4%
21%
*5l2
534
26
*5%
5%
5%
6
6%
6%
*257®
*105
26
109
*15H4 167
4
257® 26
25% 26%
102
106% 106%
106%
*151% 157
*151% 157
91
91%
91% 93
87%
14
137®
11%
10%
1234
26
4,600
107
101% 104
1,200
*151% 157
25%
90
90%
9184
88
Ills
11%
1034
11%
10%
*658
7
*658
7
*6%
67®
6%
6%
26>2
2634
25%
26%
*25%
26%
26%
26%
314
1012
2
3
3U
103s
*134
*2712
30
5318
5412
165
234
712
*412
25U
*127
3%
10%
9%
17g
28%
*27%
*134
158
54
52
*161% 165
*162
53%
7581
7%
4%
25%
*127
6212
6318
62
2
400
29
156
158
158
500
52
55%
*161% 163%
23®
2%
73®
8%
47®
434
434
6334
28
2634
27%
16%
63%
61%
2%
65
*2%
*38%
2%
42
*38
234
4134
*397®
4134
37
36%
36%
*35
37
*35%
37
234
30
30
*26l8
2978
2612
25%
107
*102
*2%
107
*102
*25
*102
2%
2%
2%
*734
8's
77«
8
90
*89
678
*27
7
27l2
13i8
.
133s
47%
65
65
128
128
101
102
*13
14
7
13%
13%
48%
47%
...
*13%
*434
5
13%
*17
1734
*13%
*10212 105'S *102% 106%
*7%
8
*712
8
*10112 105
173s
7%
1738
Day
*119
17
13%
*102% 105
*7%
16%
17%
75s
7%
784
7
997s
*98
99%
34%
1434
*100
*143j
15
99%
3334
1434
*3612
38
*36%
34
3438
1%
*2418
25%
241*
25'8
25%
33s
25%
*234
*234
*78
*234
384
*234
4
23%
"u
13%
57®
26%
26%
24
23%
24
24
23%
*112% 1137® *112% 1137®
2%
2%
2%
2%
113%
2%
57®
241®
2%
%
»16
3%
3%
237®
23
11
11
»i«
23
*107®
»n
3%
25%
*24%
26
*23%
44%
6%
41%
42%
44
4234
*40
67®
41%
*40
99
*96
98%
98
99
98%
634
*39
*,97
98%
67®
24%
2334
10
1534
97®
154
15%
20%
61
131
29
28%
26%
26%
26%
*31
1%
*5%
*14%
*%
*155
10%
32
32
5
8%
4%
5%
33%
10%
2934
32%
32
52
*1478
15
*107% 112
*8%
3534
257g
8%
3534
8
8
2534
•
197®
197®
1,200
Louisville Gas A El A ..No par
62%
63
3,000
Louisville A Nashville..—100
38
200
MacAndrews A Forbes..... 10
2 584 May
734
27%
5,200
Macy (R H) Co Inc
27%
£26%
*10%
2934
33%
3334
337®
700
2
2%
2%
2%
4,600
6
6
300
Mandel Bros.........No par
27
11
*10%
11
4
May
25
ll%May
%May
47®
47®
5%
5
31
*170
5*1%
51
3134
—
-
52
30%
3134
*170
517®
*234
......
52%
3%
26%
3634
7%
36
7%
36'4
8%
36-%
8
t In receivership,
2,500
100
......
20
600
1,800
200
1,400
7% preferred
100
May Department Stores—10
Maytag Co....
No par
$3 preferred
No par
$6 1st cum pref
No par
McCall Corp
No par
McCrory Stores Corp
1
160
June 12
6%
conv
preferred
100
1
McGraw Eleo Co
25
Mar
118
Mar
4
Jan
2% Sept
1% Jan
4% Jan
% May
24% Nov
4
8
14
Feb 19
29
Jan 11
53% Jan 3
9% Apr 20
45
Apr 15
Apr 15
5
Apr
33
Sept
95
Sept
95% Sept
152
Sept
15
Apr
26
June 26
6%May 15
* Ex-dlv.
180
May
19
Nov
18% Sept
13% June
417® Apr 15
37% Mar 16
109% Apr 8
2984 Dec
30% Sept
Apr
39% Apr 8
46% Jan 2
4% Apr 10
I884 Jan 11
109%May 3
25% Apr 2
162
63
Jan
101% Sept
Mar
6
38% Sept
2
Aug
16% Sept
105
Jan
19% Apr
Sept
47
19
328®
54%
109%
21%
62
Jan
Dec
Jau
July
July
Jan
6% Sept
22% Mar
110
June
24% Feb
159% June
20% Mar
I584
.
136%May 10
2934 Nov 7
31
Apr 16
Jan
Apr
28
Apr
35
Aug
124
Feb
135
Nov
18
Aug
33%
Oct
Feb
Jan
67
25% Sept
43%
1284 Jan
4
11% Sept
19%
38
8
25%
40
Mar
Mar
36%
Nov
35
Aug
138
May
21% Jan
Apr
Sept
Sept
4% Apr 18
7% Mar 11
16% Jan 17
1
Apr
5
Apr
10
Apr
9
1
Apr
2% Sept
4% Apr
37® Aug
Apr
26% Aug
17% Nov
45% Nov
l%May
Nov
8
984
2
May
8
3234 Apr 16
30
Sept
2
155
170
29
McKeesport Tin Plate—... 10
Sept
10
111
Mclntyre Porcupine Mines..6
10
43% Aug
108% Aug
i.09% Aug
18% Mar 27
May 21
6
32s4 Mar
6684 Mar
14% Apr 27
41
17%May 21
3,800
r Cash sale.
4%
27'4 Jan
13% Nov
40% Sept
105
6,600
n New stock,
Apr
23
Apr
36% Apr
6% Sept
3% Sept
884 Sept
2084 Aug
31% Apr
96%June 14
10%May 22
10 May 21
81*
delivery,
Apr
Sept
9%
Mar
2084 Aug
Nov
2484
37%
a Pet,
1%
20
3
June
131® Jan
23% Jan
18% Mar
5% July
37% Oct
Jan
Jan
30% Apr
6
Sept
Dec
115
20
93
Dec
4
30% Oct
26% Aug
6% Jan
2984 July
29% Oct
112
Apr
40'®
McGraw-Hill Pub Co..No par
38
~
3%
63% Jan 4
4% Feb 23
800
Sept
46% Sept
167® Sept
Apr
Jan
36%May 22
2%May 22
May 23
99
17
4784 Apr 16
1434 Apr 15
June 10
July
25
40% Jan
21
Apr
3% Dec
18
100% Deo
14% Mar
10% Mar
8
4
8
6% Nov
3584 Jan
24% Nov
26%June25
6%May 21
Mathleson Alkali Wks.No par
20
Apr
21% June 10
Co.
Apr
Jan
Sept
16% Nov
997® jan
12
1
No par
No par
Martin (Glenn L)
1%
127® Apr
24
Jan
Jan
12% Sept
6% Oct 23
10% Oct 17
Masonlte Corp
20
11%
16% Jan 11
16
Martin-Parry Corp
Apr
Apr
19i®
121%
21% Sept 12
3%May 22
14,500
2,100
4,700
Apr
884
Apri
884May 21
28,900
Aug
June
7
27„May 21
34%
11%
3034
10%
5
79
20%
9% Jan
5
33%
Apr
34% Apr
pref. 100
pr
Apr
7% Apr
2334 Sept
Market St Ry 6%
34%
30%
Feb 26
Marshall Field A Co...No par
32
11
Feb 16
4
6,900
33%
30%
26
2,040
Marine Midland Corp
Sept
29% Jan
10,900
16
984
14% Nov
46% Apr 18
2% Jan 24
3I84 Apr
5%
834
15%
30
6
22
10
21
23
31
90
85
28
38% Jan
9%
9%
157®
sales on this day
21%May
1% Aug
Maracalbo Oil Exploration.. 1
334
27®
27®
*25
26%
*247® 26%
102
102
*101% 102
*101% 102
13%
1334
13%
*13
13%
1334
16
15%
1534
15%
*1434
15%
*110% 111
110% 111
*107% 110%
26
25
26% 26%
25
25
9
884
834
*834
884
834
no
87gJune
Manhattan Shirt
8
7%
——1
Manatl Sugar Co
4
20%May 21
300
*27®
77g
Nd par
Garden.—No par
Magma Copper
10
Madison Sq
400
15
36
100
22
May 24
1
*247®
3534
Bid and asked price:
27
17
Mack Trucks Inc
16
31
8%
9,200
*7®
30%
*35
2934
Sept
*14%
*170
1534
-sNo par
29
128
7®
32%
26%
9%
\.—100
preferred
1534
31%
15
6%
132
23
17
31
21
May 18
%
30
257g
105%May
1834May
138%May
15%May
15%
29%
*107% 110%
—100
10
100
*5%
97®
13%
...
%
2984
13%
preferred
7% preferred
13%June 10
20
8%
51
5%
Lorillard (P) Co..
40
3
May 15
62 34
3134
52
2
5%
9%
52
Long Bell Lumber A ...No par
Loose-Wiles Biscuit
25
June
29
15%
29%
*170
1
Lone Star Cement Corp No par
20
3,300
No par
....
10%May 21
22% July 3
20%May 21
97 May 22
15%May 21
6
10
934
*2%
37g
2%
26% *247g 26%
101% 101% *101% 102
13%
700
15%
8
*234
*24%
*13
1434
1434
107% 107%
197® 20%
1434
33%
...
1%
*34
8%
3234
52
27
1%
15%
31%
28%
26%
*14
16.50 preferred..
Loft Inc
32
27%
11
8»4
2,700
32%
Apr 18
18% Nov
197g Apr 23
103% Apr 16
109
13%May 21
May 21
9
May 15
Apr
88®
12%
15% Jan
109
May 28
May 22
200
3%
*30%
11
Jan
15% Jan
100% Oct 23
900
3%
*128
20
13
5%
7% Apr
23% Apr
29% Jan
3%
31
4
180% May
22,200
5,400
132
Jan
Apr
Apr
3
Marl6
109% Apr
3734
31
Sept
117%
121
May 22
37%
*128
June
83
Apr
Apr
May 22
12,900
31
15
*170
60%
133
Apr
13
16
June 19
32%
131
15%
2934
*19%
60%
Aug
35
16
297®
*30
15
*9%
20%
Sept
122
87
30%
157
4
33
27
Mar
Jan 15
77% Jan
169
2,500
Jan
32% sept
125
104% Oct 29
132
May 15
Preferred
Apr
Jan
June
10'4
Oct
100
28%
157
18
119% Sept
87
Jan
June 10
Series B
Sept
Jan
Feb
18
5
87
1434
4
105
Jan
—26
3134
157
8%May 23
May 15
3%May 28
16%May 21
15%May 22
l00%June 10
l%May 23
84 Apr 17
2 May 17
15% May 21
9%May 18
18%May 21
12
Sept
7% Aug
Sept
Mar 27
Lily Tulip Cup Cor p..No par
Lima Locomotive Wks.No par
Link Belt Co
No par
200
2934
*14%
May 21
60% June
Sept
30
3,000
37%
3%
4
38
May
9%
97®
7% Nov
_
6%
69
7
...6
Liggett A Myers Tobacco..26
Llbby McNeil A Libby
Life Savers Corp
15%
28%
27%
10634 *1057® 106%
207® 21%
21%
9
37® Sept
76
127% May 14
Llbbey Owens Ford Gl.No par
Liquid Carbonic Corp..No par
Lockheed Aircraft Corp
1
Loews inc
.....No par
*129
6
tLehigh Valley RR
Lehigh Valley Coal
No par
6% conv preferred..
60
Lehman Corp (The)
1
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
------
1,700
36,000
31
15%
%
26
100
60
Lion Oil Refining Co ...No par
*154
31%
%
Lehigh Portland Cement
4% conv preferred
2,800
20
1%
5%
5
Lee Rubber A Tire
16%
*59%
29%
27
preferred
107®
1434
*106% 107%
*106% 108
197®
197® 20
19%
157
100
No par
Lane Bryant.........No par
6%
Lambert Co (The)
16%
3%
14%
Kress (8 H) A Co
1034
367®
14%
400
Jan
434May 22
87%June 20
24%May 21
10 May 21
27«4May21
l%May 22
17%May 20
19%May 23
2
May 21
22% Aug 13
23%May 22
pf A—No par
No par
Keystone Steel A W Co.No par
Kimberly-Clark
..No par
Kinney (G R) Co
1
$5 prior preferred...No par
Kresge (S S) Co
10
Kresge Dept Stores.........1
Kennecott Copper
16
3%
1%
*5%
98%
7%May 21
__1
Class B
Kendall Co 16 pt
10%
36%
31%
*14%
41%
117%May 28
3%May 21
11 May 23
__
8%May 21
10
36
*10%
1
98%
22
48%May 15
97gJune 10
Kelsey Hayes Wh'l oonv cl A.l
37
2084
1%
6
*40
44
l22%May
May 21
37
21%
11
31%
5%
5
8%
5,700
2,700
7%
1,000
17
52
95
38
106% *105
10%
15%
41%
98
131
*29%
*129
28%
*10%
27%
20%
61
31
2934
106
20%
61
16
2634
155
155
20%
61
*129
4434
21
28%
16
30%
27%
2734
27%
*106% 107%
108
20% 21%
2034
37
37%
37%
3%
3%
3%
14%
14%
14%
*106% 108
108
19% 20
1934
29%
20%
*29%
25%
7%
97®
36%
157g
7%
£37
10
1,54
25%
200
11%
37%
3534
19%
44
1,800
37%
10
2,300
9,700
23%
37%
1,500
37®
*1767® 182
21
200
247®
11%
334
24%
10
30%
7
2,700
May 21
June110
Oct
Jan
28% Nov
9
92
conv
8%
'
34®4May 22
100
5%
92
June121
Kayser (J) A Co
6
Keith-Albee-Orpheum pf__100
Laclede Gas Lt Co St Louis 100
600
20%May 23
5
28% Nov 8
10^% Oct 16
4% Jan
47g Jan
10% Jan
122
May 23
140
24
24%
1137® 114%
2%
2%
1%
1%
24
preferred
'21
4% May
74%June 11
5% May-21
9
734
44
37®
2434
11%
25%
100
1
j..
31%
98
99
98%
98%
*1767® 182
*1767® 182
*20
21% 21%
21%
25
24
2534
23%
23%
99
37%
14%
1
6%
Dept Stores
No par
Kroger Grooery A Bak.No par
99%
98%
....
1,000
57®
24%
4% pref erred
1,200
5,400
6%
27%
*4%
13
5%
25%
6%
2,700
13
7
*23%
13%
25
43%
98%
*106%
334
190
170
44%
*95%
3%
26%
1,100
3,200
*176% 182
*176% 182
*20
*20
21%
21%
37%
257®
*234
26%
30'%
13
2534
20%
25%
......
18%
11
26%
2%
25
13%
11
*106%
38
25
18%
11
29%
1,000
177®
11
*1534
14%
13
3%
24%
3534
-
17%
24%
41%
30
57,400
18
3%
634
8%
102
6,100
7,700
18
23%
*39
18%
....
19%
3%
44%
400
—
734
26%
31%
100
Kaufmann
.......
7%
23%
*24
800
£31
23
3%
2
25%
200
18
8%
*35%
Preferred
Kansas City Southern.No par
34%
25%
25%
...No par
Johns-Manvllle
1,500
5%
*98
14%
...1
No par
Kan City P & L pf ser B No par
8
35%
1434
B) Co...
20
8
13
1
119
31%
*5
1
25%
384
8%
2
2
25
25%
preferred
300
105
38%
*36
1%
$6
14
26%
*24
234
14%
25
Intertype Corp
...No par
Island Creek Coal....
1
Jones & Laughlln St'l pref. 100
Kalamazoo Stove A Furn__.10
*7
11378 11378 *113
*2i2
32
37
Foreign share ctfs...No par
320
31
578
2314
9,900
*26
2434
2314
4,700
8%
*18
13
65%
128%
17%
102
14%
134
800
31%
18i2
*5%
784
*97
24%
25%
Interstate Dept Stores.No par
Preferred
100
26%
*7
13
•
337®
*36
1%
2,900
30%
8l2
*24
7%
Dec
l'4May 15
l7gMa/ 15
26%
26%
31%
*814
18
18
16%
102
Oct
107
97% Jani 15
7% preferred.
26
3078
26>4
17
Jan
67% Dec
Jan
100
8
3%
Jan
May
1484
84
13%May-21
Inter Telep A Teleg...No par
*102
734
105
14%
25
.
734
*102
31%
38
1®4
134
8
25% Aug
5584
138
33
99% 102%
18
Aug
40»4 Sept
May 23
50
International Sliver
Jar vis (W
18%
Dec
Sept
6%
Apr
37
11,600
1,400
14
*14
14%
1334
*102% 105% *102% 105%
35
123
3
Apr 29
Jan
Sept
19
500
Jewel Tea Co. Inc
*17%
17
4
Jan 11
21%May
10
Jan
......
5
387g Jan
8%
17a® Sept
31% May
1,700
** —
3
29
28%
5%
JaD
16634 Aug
39%
100
2,100
«.
Apr
2% Aug
6% Apr
36% Jan
preferred
1334
«•
Sept
334
37% Oct 10
28%
119
142
Oct
June110
110
*13%
Jan 23
5% Jan 5
14% Apr 20
457® Sept
Oct
1,300
-
14
4
3%
19584 Mar
71% Sept
2678May 28
1,100
64
Sept
167® Sept
41
25
5%
8%
4678
145
73
Oct
International Shoe....No par
734
434
434
*102% 105
*101% 105
1634
*119
13%
Election
13%
13%
13%
l34May 18
Dec
57® Sept
Apr
133
21
Sept
678
International Salt.....No par
907®
128% *127
r
40%May 21
90
7%
97% 101%
5
3
June
10% May
21
46%
109% Dec
16
62% Jan
98% Sept
Apr
3
7
100
48
-
6
3% May 23
■
2%
*90
4
Jan
171
'
19%June
Apr
Jan
2% Apr
7% Aug
1% Apr
6
May 26
l»4May 22
5%May 22
Internat Rysof UentAmNo par
*125%
1334
1334
-
145
109
Aug
29%
J an
Jan
28
8%
66
63
*127
1007®
4%
5
1312
64
128
95
100
16
Sept
191% Mar 12
May 22
5% conv preferred
Jan
2% Apr
38
Inter Paper A Power Co
131
157
90
1278 Jan
No par
Int Mercantile Marine.No par
Apr
9% Apr
4% Apr
17% Apr
8
Mar 28
38
June 11
Jan
9% Sept
100
2%
28
•
5
136
Preferred
Nov
113
1
May 21
18%May 21
.100
Internat'l Harvester
48
48
48%
63
13%
13%
1734
*16
Exchange
Closed—
434
277®
*125%
13%
13%
127
Stock
6534
128
9934 10134
*7%
2734
No par
11%
5% Jan 24
56% Feb 6
200
30%
2%
2%
8
61
Int. Business Machines.No par
*103% 105
907®
47% Mar 20
7
2%May 15
6%May 21
Mar
Apr
Apr
67
21% Aug 16
Agricultural..No par
Prior preferred
20,700
37
2%
*90
*7%
41%
*27
2%
*2%
734
734
*2%
8%
2
53,300
8
par
Internat'l Mining Corp...
1
Int Nickel of Canada..No par
Preferred
100
a.*
16%
6434
234
4134
30%
*103% 105
2%
2734
27%
47%
65%
28
8
*125%
13%
128
26%
90
90
2834
*36
30
2%
7%
7%
27%
*119
*119
*2
90
*125%
*12512
47%
*89
30
107
2%
2%
*2i8
2U
2i4
2is
30
26%
29%
30
26
Internet
Nov
157g Apr 11
Int. Hydro-Elec Sys class A.25
140
€3
43
*2i8
5
153®
43
93
7%May 22
4% June 11
4,000
30,000
9%
14%
*3614
66%May 22
7,000
35,400
234
15%
2%
Apr 16
No par
Interlace Iron
100
163
2%
8%
47®
27%
*127
140
*127
140
163
7,700
5534
54%
Rubber
Jan
Jan
49
86
Jan
158
June 10
share
147% May
Jan
118
0% preferred
100
7%
14%
60%
15%
68,500
2
2%
2534
12%
11%
29
1%
29
May 26
June 26
No
per
20>4
35
4%
1684
72
20
Aug
Nov
684 Apr
1
Intercbemical Corp
Intercont'l
6% Jan
23
8
May 23
100
800
700
43% Apr
l6%May 21
No par
27%
156
165
Inland Steel Co
26%
3%
May 18
I
16% Apr
38% Sept
434 Sept
24% Jan
145
Insuranshares Ctfs Inc
3%
3
9
3
Highest
sharr
per
100
Inspiration Cons Copper
210
Lowest
share
No par
200
110
31
21% Nov
per
13% Jan
May 21
June 12
6
Range for Presume
Year 1939
Lots
Highest
S
share
5% May 21
1000
Ingerso 11- Rand
7
30
1%
53%
*127
5,300
30,700
per
12
.
6% preferred
*29
2
*4%
4%
2678
1478
12%
97®
10%
28%
7
140
15V
3%
2%
27g
734
153s
3%
3%
154
153
2%
4341
25V
*2»4
178
*27%
234
140
RR 8ec ctfs series A
7
110
110
110
110%
10%
15612 156l2 *156
*163
*108
109% 110
100
Indianapolis P & L Co ..No par
lnuia ii Ketluing
10
Industrial Rayon..
No par
*151% 157
2512
107
90
10912 10912
2,100
2,000
I
6% preferred series A... 100
Leased lines 4%
100
550
4%
22%
5*8
4
Illinois Central RR Co
220
*5l4
4l2
Lowest
Par
800
8
Ranae Since Jan. 1
On Basis of 100-Share
Shares
16
8%
15%
22%
*4
EXCHANGE
Week
8
Nov.
7
Nov
6
STOCKS
NEW YORK STOCK
the
CENT
Friday
40
8
8i2
*16
NOT PER
SHARE.
Tuesday
.
Sales
for
'r-PER
Saturday
2765
Mar 29
16% Jan
177® Apr
8
8
Feb 24
Apr
3
9% Apr 26
47% Jan 3
12% Jan
y Ex-rlghts.
8
Apr
3% Sept
93
•
107®
984
Dec
16
684
Oct
Sept
8% Mar
8%
Dec
67% Jan
37% Sept
176
6384
July
Oct
6% Mar
36% Mar
Jan
105
Apr
Jan
15% Aug
17% Nov
108% Dec
25% Dee
88
Jau
15%
Apr
5% Sept
39
Sept
884
6% Sept
7% Oct
Apr
IO84
June
Jan
69% June
18% Sept
1 Called tor redemption.
2766
>
5%
29%
7i«
718
9%
75
*73
68
*66
30J2
3*4
20'2
3*4
3*4
*21
21*4
*16
1734
*15i2
36i4
8%
13i2
357s
35i2
87s
8*8
14
*13
37
38
38
117
117
49
49
♦104
117l2
106
4834
*i#
14
85
86
3914
38*4
*34
36
*2914
13*g
2934
17*2
17*2
2312
13*8
23
22k
*11*8
75
412
50'g
166
168
*166
14
*1314
734
14
14
86
81
85k
841S
86i8
9,300
450
17
13*8
108i2
107*8 107*8
6*4
*6»g
*612
11
11
8*8
8%
8
*8212
18]8
I8I4
1634
16*4
270
23%
15,600
17
21k
8
x8h
1034
88
11
13l2
*84
163s
1314
1134
1378
*84
*163s
1312
1178
135s
17
2314
8i2
85s
1134
10i8
714
11
*80i4
85
784
8ig
17
85
1714
18&8
169
*166
*166
8*8
6734
678
24
2234
2212
734
207s
1112
83s
85
19
37
*35l2
712
7k
67
25
6k
638
*1034
Ilk
41
41
41
42k
4112
42
4Hs
43
5
4k
434
434
434
8*4
93s
914
9k
834
9
8k
8k
♦17io
18
18
9
18
*17
18
*7914
*44lg
80
7914
*8*8
7914
*79
82
45
47
27
2712
778
8
45i2
47
47
15
1514
1412
16
16
15i2
3014
30*2
29i3
24i2
*25
26
534
*434
912
5i8
*914
912
5%
'
16%
295s
30
25
32i8
2558
3034
2578
9
9l2
5i4
7i2
914
5'4
8i2
*9
1034
112
*108
110
110
114
*110
114
*110
500
30
110
*110
114
*%
k
*1#
he
*16
'it
he
he
*7ie
•is
*'i«
k
22k
*si«
14
22%
22*8
2134
22
32
32
33
33
*31
219
220
221
221
215
220
*111
113
♦111
112
111
111
2II4
20l2
2H4
18*8
57l2
56
1734
*56i2
*5578
17*8
93*8
7%
*565g
*5512
173s
95
*93*8
*36
37
6558
16*4
7
7ig
*11278 11334 *11278 113*4
2*4
30
*1414
15
15i2
15l2
15%
400
7k
7k
7%
35,000
3,200
102
102
4
'
"
10»4
42
42iz
1058
42
*23%
25
*2312
25l8
*50
53
*50
53
*115
*115
50*4
«
50*8
51
7k
7k
784
3*8
1434
1434
7
7
3'4
3k
:
*11
29%
41%
143g
12l2
2914
41*4
1434
1412
7*8
*10l2
2914
40*4
143g
734
33g
15
712
15334-*150
*148
•
*50
*2378
25i8
53
53
714
3i8
5034
5034
7k
14ig
7
7
12
295g
42
*10l2
1234
7J2
*10i2
283s
293s
39
145S
13
3934
13i2
*12H2 12312
*15H2 15334
Bid andasked prices: no sales on this
11
700
*10314 106
20
*24
53
*51l8
53%
*115
day.
3k
3k
*14i4
2834
16k
7k
1284
2914
40
40
1412
5,700
17,000
19,100
1,300
1434
40
7k
3k
52%
8%
3%
15
15
784
7*4
*11
29
29%
39i2
40
4,400
3,900
250
160
350
1234
*1358
14%
7,100
1,900
1,300
121
122
122
12234
150
152
152
*150
153*4
20
t In receivership.
0
50
50
Preferred
Norwich
Pharmacal
Co..2.60
No par
6
Oliver Farm Equip
Omnibus Corp
(The)
100
8% preferred A...
Collins
Oppenheim
No par
Otis Elevator
No par
100
preferred
Def. delivery,
w
May 22
105 May 25
14%May21
47%May 22
47%May 22
15 May 14
84%June 5
4i2May 15
101 May 24
27 May 22
2>gMay 16
25% Aug 13
14
2
July
6%June 10
No par
Ohio Oil Co..
Jan
17*8
10%May
7%May
95 May
2igMay
lligJune
21
21
23
22
11
124*4June 11
10
Pacific Coast Co
preferred
2d preferred
Pacific Finance" Corp
Pacific Gas A
Pacific Ltg
No par
No par
(Cai). 10
No par
..No par
Pacific Telep A Teleg..
6%
preferred
n New stock,
25
Electric
Corp
Pacific Mills
100
100
r Cash sale.
1
8 May 22
3%May 22
9%May21
25%May 22
33 May 22
8 May 21
115 May 25
144 June 18
Ex-div.
y
15
Nov
28I4 Mar
175
Jan
17ig Nov
9518 May
23*4 Sept
2614 Jan
16
Sept
18is Aug
Oct
Feb
Jan
10i8 Sept
1481* Jan 29
114
167S
106
27i2
Jan
Mar
Jan
Jan
Mar
Jan
173i8 Aug
145
Feb
4
14U
Oct
Apr
38*4 Sept 18
87g Jan 3
6*4
Apr
10
Aug
July
82
Sept
Jan
27
62
73*4 Jan
9*4
55g Aug
Apr
Jan
3514 Sept
15i2
Jan
Jan
14%May
10
20
43*4 Apr
33ia July
5914
Jan
43% Apr
85a Apr
10*8 Apr 11
10i2June 24
253g Mar 13
41
Dec
SOU
Apr
Apr
5*8
Sis Sept
III4
Oct
Feb
Apr 29
29UNov 8
14% Feb 20
Jan
50
3
25g
"18%
Apr
7318 Mar
32
Apr
105U Sept
29Jziune
87i2 Aug
July
42
112i2 June
Apr
17*4 Sept
Apr
81*
27
62
Sept
187s Jan
llig Sept
23U Sept
21%
Jan
10i8
Apr
25t2 Sept
39
Jan
18i2
Apr
45*4 Sept
30
Apr
43i2
33i2Mar
8*8 Apr 22
12% Apr 22
l]5i2Mar 11
II714 Aug 15
58i4 Nov 4
*8 Jan 3
Jan
2
4
1* Jan 11
20% Apr 22
6
4
113l2 Oct 19
23*4 Jan 3
36% Apr
226ijMay
8
69
Jan
68
Jan 10
1*4 May
47S July
106
Nov
Feb
10*4 Sept
1514 Sept
118i2 Mar
119
May
120
Mar
47
July
62
Mar
Dec
178 Sept
1% Dec
*8 May
6I4 Sept
1*4 Sept
17
Sept
*8
85g June
Dec
31*8
33i2
Dec
Jan
217
Nov
103i2 Sept
18*8 Apr
62*8 Sept
60i2 Sept
125g Apr
113
June
89
168
26*8
Feb
597g Aug
59
Aug
2914 Nov
Jan
3
9358Nov
2
82
Jan
3
Sept 26
Sept 7
7
June
100
Sept
113
Dec
29
Sept
40
Oct
26*4
9%
114
38
6%
42%
Jan
14*4
Nov
Jan
3
2*4
Apr
6i2 Nov
Jan 12
32%
Apr
44*4 Aug
7
6
Aug
101i2 Sept
4
4
12
Jan
10%May 29
8*4May
23i4 Apr
1438 Mar
112
Mar 28
57g Apr
18*s Jan
144
4
4
FCb 19
7
4
100
Jan
267g Nov
18*4 Sept
6i2
132
3
Owens-Illinois Glass Co. 12.60
914
28i2
18*8
22% Apr 9
173*8 Jan 31
12*8 Jan
Pacific Amer Fisheries Inc...5
Deo
62
Jan
177b June
152
Sept
4434 Nov
24
24
42 June 10
4*4June 10
2 May 22
Dec
704
llli2 Nov
9i8 Jan
4i2
Jan 31
21
10
..No par
Jan
44i2 Mar
14*4 Sept
2018 Sept
8U Sept
83
Sept
96
714
8*g
8
26
4
6
3
12% Jan
Oct
Sept
3714 Mar
Apr
7*8 Nov
7*4 Oct
47
4%
107
20% Apr
157g Jan
Oct
117i2
3
May 21
1st
2i2 Sept
21
Jan
Sept
Sept
110
Jan
7
Outlet Co
12%
185s Apr 17
110% Jan 3
114
21
19
5
Dec
*8% July
No par
May
June
47 May
115% May
Apr
14ig
8
95.50 conv 1st pref—IVo par
Otis Steel Co
Preferred....
—
52
Telegraph
Norwalk Tire A Rubber No par
6%
25
5212
7k
1
100
Outboard Marine A Mfg
25i8
*115
50*4
758
3i8
14i8
15334
18%
107s
478
*23l2
%
103
18
17i8
*115
51*8
123i2 *121l2 12312
*121
'
103
18k
10k
*3i8
5
45g
434
45s
18%
1612
1778
17i8
143
143
*140
*139
*14012 143
10
11%
1012
lllg
934
lll2
42
41
*37
44%
4078
4434
43s
I6I4
*138*8 143
10*8
103
*102
4l2
1738
3
50
50
Northern Central Ry Co.—50
Northwestern
10%
13*8 Mar 12
4
175
North States Pow 95 pf No par
20
38
*36i2
20,000
15
17
4212
7%
*112k 114
7k
15
3*8
143
734
7i2 Sept
215g Sept
1477g Oct
IOI4 Apr
87
Sept
Jan
Apr 27
45 June 6
% Apr 27
% Oct 24
% Oct 30
13% Jan 16
20 May 23
.10
Northern Pacific Ry
16U Apr 15
24i2 Jan 24
1715s Oct 15
19
Apr
1
99% Apr 17
20*2 Jan 3
110
110
Aug
778 Aug
6
104
North American Co
14
3
Jan
23i2 Oct 29
8*4 Sept 23
10
Sept 25
91
50
Noblltt-Sparks Indus Ino
5*8 Sept
63i2 Apr
50
N Y Lack A West Ry Co.. 100
INYNHA Hartford
100
Conv preferred
100
JN Y Ontario A Western. .100
N Y Shlpbldg Corp part stk._l
North Amer Aviation
100
Jan
Jan
Apr
Sept
43*2 Sept
July 31
4»4May 22
May 21
No par
6% preferred
26,400
*14U
173s
6% preferred series A... 100
N Y A Harlem RR Co
22ig
June 12
20% July 20
6igMay 24
30%May 21
9%May 21
87gMay 21
No par
18%
40
107s
New York Central
6% preferred series
6H % pref series
95
Jan
2*8
9*4 Jan
II4 Sept
Oct
9
May 22
100
No par
200
18
Mar
14%
Jan
30
72
1
N Y Air Brake
600
*9338
Jan
64
19
37s Aug
36
4$4 % conv serial pref... 100
Newberry Co (J J)
No par
39,900
1,500
17
1
Nelsner Bros Ino
19%
3%
1634
1038
No par
55%
30%
16l2
10*8
...No par
56%
30
17i4
1078
No par
183g
18i2
26%May 24
34
Aug 5
3% Jan 4
7%May 21
8% Oct 14
14 May 21
100
30
1714
100
100
Adjust 4% preferred
30
*1058
5}4 % prior preferred
6% prior preferred
Norfolk A Western Ry
234
2912
6i2
48 May 21
4%May 24
8 May 23
1,200
234
65s
Corp
25
National Supply (The) Pa__10
92 conv preferred
40
National Steel
5
100
300
*27i2
614
6%May 22
10
112
*111
100
13,200
234
67s
103
220
4,700
1,400
29l2
15
658
Ns par
National Pow A Lt
56l4
38
27s
132 June 19
13%May21
8684 Sept 16
National Oil Products Co
5558
95
May 29
4
100
6% preferred B
Nat Mail A St'l Cast Co No par
57
*11278 114
*3612
7% preferred A........100 *160
1914
5714
38
*36i2
23
*3234
10
234
17%
lO's
6i2
112
*11278 114
37
*314
*139
17
*93l2
7ls
107s
16%
*10l2
%
24%
33%
221%
1834
5612
*5512
95
634
16i2
6%
*'it
*50
*28l2
*14l4
234
30
*102
37
6i2
7ie
*111
5712
5558
175g
*9338
kt
2I84
1934
5712
5678
1734
93*8
714
2084
*56*8
k
k
k
23l2
3314
*31l2
220
220i2
32
20*4
aie
k
*»ie
*i«
h
%
k
5812
10
10% non-cum pref
59%
%
*50
59l2
6
5%May 21
66 June 19
l4%May 22
6
*108
*54
7%June
Co
1
preferred. IVo par
3%May 21
114
58l4
June 10
15 May 21
20%May 21
110
58U
17
No par
94.50 conv
National Lead Co...
5
...No par
*110
58*8
preferred
8
ll78june
...No par
10
Nat Distillers Prod
Nov
New York Dock
*108
6*8
177g
Apr
NYC Omnibus Corp_.No par
114
Jan
July
114
30
Apr
Aug
500
110
Dec
85i2
I6I4
Sept
600
*110
Sept
67*4
4
25%
578
18
40
120i2 Nov
40ig Apr
3118 Aug
22i2 Sept
9i2 Apr
10
Apr
50
N Y Chic A St Louis Co... 100
*108
*57%
Nat Dept Stores
*8
105
2,500
8,600
32
*8 July
8
53
Apr 8
7*8 Feb 15
107%June 13
107 May 23
3 May 28
6%May 23
100
100
7% pref class A
7% pref class B
Newport Industries
15% 107,100
5
Nat Dairy Products
800
15k
Jan
Aug
Mar 14
1514 Oct 25
9*4May 22
6 May 21
Co... 1
No par
9,100
2534
*414
86
No par
Register
2,600
1534
28i2
*2434
100
5% pref series A
47k
16
1514
Nat Bond A Invest Co. No par
29%
8k
8k
25g Aug
8*8 Nov
June 11
12i2Sept 20
6% pref series A
100
Newmont Mining Corp....10
47
1
Jan
111
155
100
7% preferred
20
157s
1478
1514
National Biscuit Co
108'f 108k
28k
Jan
1.5*4 Mar 20
83
Mar 29
7%June 20
9 June 10
16% June 6
6
10
Nehl Corp
1414
15k
13*4
15ig
15i2
30i4
2514
834
48
8*4 Aug
Apr
22
28
5% July 15
Na torn as Co
20
52% Nov
21
10
6% conv preferred....
Nat Aviation Corp
1,000
200
25g Sept
36
Sept
.1% Feb 16
53% Nov 1
Inc._l
Nat Automotive Fibres
1,700
400
22
21
21
14
11 June 10
13% Jan 13
9%
18
10314 Sept
1
16
Apr 18
1858 Apr 4
2678 Jan 9
1
100
.10
National Acme Co
8%
45
Jan 20
4*4 Apr 24
110
122
NashvChattA St Louls...l00
85g
81%
4414 8ept
*8
3'cMay 21
914
45
8
1*8
Corp__.___5
National Tea Co
18
8
200
Apr
4*4
Myers (F & E) Bro....No par
Nash-Kelvlnator
4,200
*80lS
46l2
5,800
64
11
97%May 22
4 May 21
41 June 15
preferred
5
18
8
Murphy Co (G C).....No par
Murray Corp of America.
1,500
1,150
82
46i2
734
*45
....No par
preferred
43%
43%
42k
42k
*80'«
46
46
*44
45t2
*106>4 108i2 *107i2 108l2
28i2
2678
26U
26t4
45l2
107
7k
Uk
*17
"
107
6,600
10i2
9
45
70%
7%
11%
6i8
478
*834
*106% 108*2
27*8
27*8
8
7*8
69l2
*934
43
9
1,700
100
37
23,700
634
42
9
24%
7k
107s
42%
42
5
220
146
734
8
42%
47g
1
Co class B
Nat Enam A Stamping No par
6934
7k
67
66i2
8%May
12 May
15 May
2%May
20 May
8%May
56 May
1
Nat Gypsum
*35k
Apr
Corp..No par
5
1,400
146
Apr
307g Feb
8,300
23k
3712
183g
101
9
21%June 20
8%
84%
100
8
May
50
12%
13,500
40% Apr
122
Essex
Munslngwear Inc—..No par
6%
Apr
Apr
122i2 May
83s
84i2
169
3914 Jan
167g Sept
Apr
6*2
Ills
Sept
12U
1858
25
9
112
21%
200
7
Nov
12% Apr 10
17%May
2
21
*167
169
400
8,000
37
3
3,700
8,100
2,100
2H2 Sept
Jan
National Cylinder Gas
450
11*8 Sept
Oct 24
Nat Bond A Share Corp No par
1,540
7
Feb
Nat Cash
107%
7%
7'8
7%
714
28%May
45
1,700
12%
Jan
Jan
10
Aug 13
24 May 22
6%May 21
66
2,500
14%
28i2
31*4May 21
33%May 21
14%
108%
Aug
No par
Co
18
1378
14
Feb 21
26
Sept
17
12
•6%
110
14
12lg
1378
July
Jan
July 31
16k
14534 14584
14534
*144
100
Deo
3
6%
119
1334
714
734
600
Nov
5
5
30*8
May 23
113%May 27
86
7
20i2
107s
200
Nov
63
Dec
34% Mar
110
86
88
107
7i2
*35*8
*8*4
*8%
2,700
600
9
Ilk
107i2
205s
3634
4H4
478
8%
8k
108
*714
23
42
8k
108
2014
145
*1014
17,000
8k
73
Aug
28*4
114*4 Sept
121
May
Motor Wheel Corp
97
July
397g
Apr
Morrell (J) A
5%
2238
107
10714 IO8I4
6I4
6ig
185g
67i4
6%
400
*110's
108
108
108
v,.
400
19,500
36*4
83s
6*2
14,600
75
75
.
18%
18k
18k
18>8
1878
170
*166
170
*165
*156i4 170
14
14%
13k
13k
I3I4
1314
23
11
200
6%
■
18
145
67k
;
6i2
*10%
41%
50%
534
12k
4,300
3714
8i2
67*4
8k
*48k
6k
50
*12
1158
10k
Closed—
24
*23*2
*36*4
8*8
51k
5k
15i2
2214
734
834
IDs
150
♦145
"8k
*48i2
55s'
7k
85
169
*166
167
167
7434
50
2H4
6*4
*82i2
18*«
7434
*110i8
714
1512
734
20*4
lli8
83g
85
12*8
"734
16*8
*7%
610
51
52
12
56
2
Dec
Apr
3,900
49
6
May
10*8
Mulllns Mfg
4k
434
May
82
101i2 Nov
14*8 Sept
85*4
Motor Products
Ilk
7434
5k
Exchange
434
Aug
May
Mueller Brass Co
50
658
Stock
4l2
6
85
9%May 21
81
Nov 7
Montg Ward & Co. Ino.No par
14%
18k
Jan
3
7g Jan
I9*g Jan
70
Morris &
Oct
105s
88
14%May
107
119
26,800
23
4k
J Missouri Pacific RR
100
5% conv preferred
100
Carpet Mills.....20
Monsanto Chemical Co
10
Mohawk
94 50 preferred
...No par
Preferred series B—No par
......
6&g Aug
4
Apr 15
9% Jan
l%May 22
%June 27
% June 21
7% preferred series A... 100
2,600
1,700
18
2234
1314
20i2
No par
Mo-Kan-Texas RR
1
1
8*4 Apr
7%May 21
*sMay 18
10
3,600
18
23
50
Day
7*8
14
17*8
1612
20*4
No par
96.50 preferred
Mission Corp
530
2:21*4
4'g
Election
7*8
8% cum 1st pref...
100
Minn-Honeywell Regu.iVo par
3012
30k
1334
17k
13
*8k
20'2
*10*4
30
22k
1378
11%
lis4
1312
1378
107i2 108
10712 107l2
lli2
13l2
800
173g
13
13%
108
k
*it
22
1378
16'2
13%
29i4
127s
29k
29
88
88
13i2
11*8
800
1,600
k
k
14k
II.5I2 *11312 11412 *11312 115i2
*1171- 123
117i2 11712
*11914 123
41
41's
40k
38
39k
383g
37%
*33k
*3378
37k
37k
*33l2
ll3g
19
*84
*84
i4
14
*'8
*J19
135g
83
166
*16*8
2*8
k
k
9
*1314
uie
13k
2212
I8I4
k
Midland Steel Prod.__.iVo par
4% conv pref series B—100
2,300
1,700
2,600
share 9 per share
9 per
share
par
32% Apr
lligMay 21
23%May 21
103 May 24
33%May21
95 June 26
2%May 15
26 May 21
Minn Mollne Power Impt._.l
400
10
2k
.
Mld-Contlnent Petroleum..10
150
5412
10
k
2k
%
2
1,700
Miami Copper
■
6
5
Mesta Machine Co
9
share
Highest
Lowest
ll%May 22
5% conv 1st pref
50
Merch & M'n Trans Co.No par
1,900
*k
k
16l2
18*8
18%
'it
2
*72
*1512
2134
734
*8i2
11
420
13l2
5*4
11%
1,700
13,300
3,800
1,600
IOI4
1
1
Co (The)
"
734
5012
IDs
37
*51
5214
10
912
9k
h
1,000
118
50
50
*11018
7k
9
3k
2
75
55s
8
4834
9k
350
18*4
11734 118
50
6OI4
4812
4912
104
*103
103
10512
4
378
334
378
10334
4712
50i2
2234
39
1178
*73
*8i2
38k
*113g
16l2
*1514
22*8
*7*4
39k
2212
1734
*36k
9k
9k
3734
117
119
434
51
5012
5*4
5r'8
1414
22
115
"77;
7*4
*50
14
*447s
*110
*110
14k
3*8
23k
4*8"
4*8
49*4
50k
12*8 *11*8
*73
4
37
14
4834
11914 11914
39
39*4
*3378
37*8
29*4
29*4
1314
13k
17k
1778
121
120
Mengel
4
35i2
8i2
3614
116
116
*116
Melville Shoe Corp
4
35
8k
No par
A.No par
95-50 pref ser B w w.No par
1,800
30i4
3k
21k
17k
334
13k
36*4
96 preferred series
2,000
30l2
30
67's
3034
16i2
119
13*4
86I4
1334
84*4
10
75
*66
21l2
SU
1314
'
2,400
100
6% conv preferred
Mead Corp..,
80
ver
Year 1939
Lots
Highest
4 May 15
l7i2May 28
6 May 21
90 May 31
7%May 28
64
Feb 5
63% Feb 6
24i2May 24
2%May 22
JMcKesson & Robbing, Inc..5
93 series conv pref
No par
1
McLellan Stores Co
"73
*33
■' \.'t
21,500
9,000
1,100
75
17
20i2
2ig
i4
14
14
kt
%
712
*98k 105
9k
9*8
*14
%
k
*%
7k
3*4
20*4
334
9i2
2
31
*30
;;
3*4
48*s
%
*8
2
14
.
514
3d 2
9
Par
6712
*66
On Basil of 100-Share
Lowest
Shares
4k
9k
9k
75
75
67k
103
*914
958
*12
2
t
106
48
48
95s
334
21%
17i2
36i2
8%
137g
3712
IISI4
4934
312
3i2
3l2
*4514
9
8k
EXCHANGE
Week
28k
105
100
*66
3012
♦104
*7k
*73
■
30
7
*98*8 100
68
297g
29k
8
$ per share
534
30'8
712
5k
29
7
75
*66
Nov
% per share
53g
5k
28
NEW YORK 8TOCK
the
Friday 1
7
Nov.
$ per share
2912
7ig
7k
*98*8 100
9k
Ok
*73
6
Nov
2834
*98% 100
9%
5
$ per share
9 per share
5k
5*8
9 ver share
5%
29%
Nov.
4
Nov.
2
Nov
Wednesday
Tuesday
Monday
Saluidau
STOCKS
lor
Thursday
1940
9.
Range for Previous
Range Since Jan. 1
Sales
SALE PRICES—PER SHARE, NOT PER CENT
AND HIGH
LOW
Nov.
New York Stock Record—Continued—Page 7
•
32*14 Apr
1.41a Sept
Sept
Oct
148i2 July
Apr
July
6512 Sept
128
71*
33
16i2
Apr
40ig
11414
6
50
10% Apr 26
6*4 Jan 6
3
Aug
Jan 22
Jan 17
64% Jan
23*4 Feb 13
2% Apr
III4 June
4
3*4 June
12i2 Jan
14
Apr 15
345s Apr 15
Jan
3
10% Jan
4
50
16
Sept
26ij
Dec
64
Dec
120
Dec
70
Jan
7i2 Sept
7% Nov
25
Nov
Apr
15ij Sept
12*4 Mar
271* Apr
34*4 Mar
9*4
41
9ij
Apr
Apr
139
Mar 12
114
Apr
154
Jan 24
128
Sept
Ex-rlghts.
Jan
2d2 Mar
113i2 May
8i2 Jan
27ig Jan
Jan
Jan
Apr
55
120
30
100i2 Sept
4*4 Aug
15% Sept
Oct
62
2H2 Sept
132
June
156i2 July
T Called for redemption.
Volume
Monday
Saturday
2
Nov.
4
Novi
$ per share
$ per share
5
Nov.
1
$ per share
3*4
3*4
3*4
6
6
3%
4
7
7
4*4
3*2
3*8
3*2
334
3*2
3%
6%
3*2
103s
1034
16*8
16%
15%
1634
1534
17
*8*2
10*4
*8*4
»1«
10*4!
*8*2
*8*2
9*4
9*4
9-4
*2
*2
38*4
*36
39«4
9
8*2
10*8
10's
17*8
33
34
33
3334
33%
34*8
22%
22*2
22*2
22%
23%
x22%
22*2
*1
1%
10*4
*1
1*8
10S4
11*4
7%
7*2
73.1
734
8%
8%
8%
4734
88*2
4734
*45*2
47%
47%
47*2
89
87
90
473.1
90%
3,900
*2*4
234
*3234
2%
*2*2
234
33
2%
3212
32*2
33
34%
15*8
15
15
15
15
235g
24*4
23
24*4
23*2
25
734
734
48
89*41
89
*2*i
2%
*2"%
34*s
3
34*8
*15
24
10
87
89
*15
15*4
2414
10*2
11%)
89*4
2*2
34*2
200
24%
20*8
20*2
20%
20*2
20*2
21%
21%
21%
40*8
41
39
40
39
41
42%
43
*2
1034
1034
*10
9*2
9%
*2
4,400
100
2%
2*2
2%
*2
2*2
50
Peoples Drug Stores Ino
6
Peoples GLAC C(Chlo)..100
{Peoria A Eastern Ry Co.. 100
Pere Marquette Ry Co
100
6% prior preferred
100
11
300
*10
11*2
11
11
*42
43
42
43
40
42
40
42
42%
43*2
970
26*4
26*4
26*4
25*4
2534
25*2
27%
27
27%
930
22
100
26*4
7*2
337S
4478
*73g
33*2
4412
44%
85
85
85
7*2
85
3*2
*234
40
"534
81
81
81*2
Day
14*2
14*8
14*4
14*4
13*2
15*8
7,200
*155
10*4
10
10%
2,300
4234
43%
44*2
33
3484
780
59
59
60
63
63
490
13
13%
14
13*4
13%
660
»i#
"»r.
*16*4
*16%
16*2
"*1~6
*%
16*2
16*2
16
17
16*8
16%
*17
834
9
9
*«!•
Hi,
834
*l«l.
6*4
6
6
16%
17*8
17
17%
2,100
17
16%
17*2
17
17%
9*4
17%
•/' 300
9*4
9%
3,900
%
»16
"16
6
6
834
8%
**»14
%
**»16
5*4
12*4
5*4
13%
8%
%
100
1
*%
***16
5%
5
600
i,4oo
13*8
13*4
56
1234
13*4
13%
14%
48,400
1338
13*2
13%
14*4
14%
14%
2,200
4212
57*2
127g
13*4
*40%
41
41%
39
39
40*2
43%
43*2
45*4
1,700
575s
58*4
56%
5734
57*2
60
59
60
5,900
'
"
'•
*12%
*138
160
*136
141
200
160
160
160
40
117
26
*115% 117
24*2
8
26%
25*4
27*4
7%
2634
7%
8
*115% 117
117
*115
27
26*2
734
734
7*2
8%
87
*86
87
87
78
78
78
78
*76%
9%
87
87
87
87
78*2
78*2
80
80
80%
1034
10*4
1034
*934
11
10%
*934
11*4
11
5*2
*7384
584
10*8
10*2
10*8
*934
5*8
1034
5*4
*10*4
95
*7334
95
*7334
95
*7334
95
62
62
61
62
60*2
61
*7334
62*8
2*8
62*8
2*2
5*4
2*2
*934
11
5
5*2
2%
36
2*2
*19
19%
1678
2778
2%
2%
36*2
"
5%
62
2*2
36
*34*2
19
19
19
163s
16%
26
26
1,200
Raybestos
16*8
16
17%
16%
17%
3,800
*27
27%
*26*2
27%
200
15*4
4,600
14*4
14%
27
27
*24
27
*25%
27
22*2
212
22*s
22%
2*2
*21
21%
*21%
22%
2
2
2
27
*25%
26%
934
*25%
*8*4
*8*2
77g
*25%
27
8
9
8%
*834
*56
10
,*834
1434
14
27
*2*8
600
2%
22
100
22*2
*25%
100
20
27
26%
934
26%
*0%
9%
8%
8%
8%
10
*884
10
800
mmmmmm
9%
934
0,600
59
58
58
*57*2
59*4
100
*61
64*2
64
61
61
*62
65
9%
934
9
1*4
1*4
1*4
1%
30
1%
5,000
1*4
1*4
1*4
1%
215s
2178
21
21%
20%
21%
2034
2334
2234
23% 165,900
89
91%
93
91
92
93%
9334
94
770
88*2
8884
89
1,000
13
12%
13*4
5,700
25%
27%
700
*88
1*4
8934
12*8
*87*2
11%
1134
91%
88*8
11%
25
*20
24%
24%
88
"88
12*4
88*4
88*4
12*4
11%
*23
25
*23
112 *
♦109
*68*2
13*2
873g
70
13*2
89*2
70*2
13*8
*87%
70
7034
6934
70
69*2
70*2
330
13%
1234
13%
13
14
13%
14*4
5,100
90
90
*87
90
10
10*2
10*8
10*4
10*8
10*8
35*8
35*4
35*2
35
35%
778
*5*4
778
578
*4*4
4*2
*16*2
17*4
*53*2
7%
5%
17*4
17*4
13
1234
47
*45*2
%
*%
37
37
**8
*4
*2*2
*4
*4
35f
5*4
42*2
42*?
109*2 10934
36*2
*
3034
10%
3,600
Reynolds
7,900
Reynolds
7%
8
734
8*8
3,100
5%
*5%
5%
5%
6*4
400
4*2
*4*2
434
5
5
300
15*2
16
10*2
16%
16%
700
17
*12%
*45*2
13
13
14%
13%
1484
4634
45%
46
46
46
*%
13
%
♦%
*'2
38%
40
4,300
70
*%
46*4
%
36*2
36%
36*4
36*2
*8
'4
*8
*4
%
*8
*8
38*2
*8
*'u
*4
*16
'16
'16
»16
500
*2*2
3%
5*4
*2*2
3*4
3*4
*2*2
3*4
mmmm*m
*4
42%
■
423j
109% 110
36%
35*2
Bid and asked prioes; no
*4
41%
41%
109*4 10934
36*4
3334
sales on this day.
3034
T
42*4
%
%
**8
*4
4234
109*4 HO
3734
3534
7,000
1,700
mmmmmm
4234
43
10934110
3734
37%
{ In receivership.
mm-m--
2,000
7,300
a Def. delivery.
378 Sept
Jan
Apr
45*2 Mar
31*2 Sept
51
Sept
35*4 Mar
Jan 17
7
Aug
Mar 12
Apr
12
8
12
Apr
3212 Sept
7
4
Mar
14*4 sept
Oct 26
31
50
Apr
95
Sept
158
Sept
175
Aug
Nov
978Nov
83
2*2
15% Nov
Sept
8
May 15
II
__
Jan
45i2Sept 23
22
May 21
3434Nov
8
63
Nov
8
18
7
May 21
10% Apr
15112 July 3
% Feb 14
15
May 28
12% Jan 13
5i2May 21
i2May 29
15112 July
8
3
142
1138 Sept
16*2 Sept
48*2 Oct
25*2 Oct
40*2 Sept
208g Sept
12*2 Aug
May 21
21
Aug
Apr
17*8 Sept
0*2
Apr
4
7*2 Aug
*2 Aug
Jan
July
3
3
8
16
2
8
11
20
8
Jan
14«4
45>4 Nov
7I84 Apr
118i2 Jan
112i2May 22
30%June 10
43% Apr
115i2 Jan
May 21
llO's May 22
0
145
120
June
143
May 22
Sept
17
Sept
1078 Sept
2 <4
0
Aug
Jan
0*4 Sept
10*7 Sept
I684 Sept
18
Apr
49
Sept
50*8
Apr
60
Deo
112
Mar
31*8 Apr
101*2 Sept
II984
4I84
1148s
12812
Feb
Aug
Aug
Aug
Sept
129
Apr
143
Aug
2
147
Sept
100
June
111
Sept
1178s Deo
4l7g sept
1134 Sept
90*s Mar
81*2 Jan
18*2 July
118
Apr
Jan
222*2 Aug
32% Jan
6*8 Aug
ll%May
97%May
89
733sMay 28
9
June 6
Deo
2*4 Sept
112
Apr
165
11412 Oct 14
16%May 21
684 Oct 21
June 12
9
24
Mar 29
128
84
1
5
147s Jan
May 21
5
100
Sept
*8
2% Feb 27
12»4
June
63
Apr
June
0
li4 Mar 12
2284 Feb 9
17i2 Nov 8
_
70
8ept
0384 Aug
10»4 Jan
May
155g Feb
15i2 Feb
11
Aug
10
4%May 23
90
Apr 15
48%May 21
2*4 Oct 8
34 June 19
7% Apr
Apr 16
69
Apr 8
6
Aug
85*4 June
53*4 Apr
8*2 Jan
85*4 June
077s Jan
36% July
9
16i2May 22
13i2May 21
24
May 28
978May 28
1984June 8
17 May 22
l«4May 21
2478Maj 23
23
4
3
4
8
16*4
23*2 Sept
9i2 Sept 19
0
June
90
Apr
29?8May
37i2May
17i2 Apr
27
8
6
Aug
50
May
1
May
14
May
70i8May
60
May
7%May
17i2 July
8
4
Jan 12
Apr
05g June
12*4 June
10*4 Apr
207s Sept
10
July
25g
Deo
19
Deo
2884 Deo
2234 Sept
2884 Oct
27
Sept
5*4 Sept
40
Dec
54
7
Apr
10*4
0i2 Apr
Apr
9%
Dec
Mar
10
9
8% Nov
Oct
Nov
58
Nov
50
Deo
14i2 Sept
17*s Jan
75*2 Mar
69
Jan
00
Apr
76
2
Apr
237g
Jan
78 July
127# Apr
13>s Feb
10i2 Jan
7
28
15
21
21
21
21
26
Nov
10534 Sept 19
43
Apr
8934 Oct 20
1484 Jan 3
30U Apr 9
42
Apr
21i2 July
234 Nov
28*2 Sept
9584 Deo
89«4 Oct
20*4 Jan
40*8 Jan
7
03
Aug
84
Sept
375g July
60
Sept
113
June 20
39
3
13
6
70
Jan
48s Feb
65
Mar
May 22
i3784June
Oct 31
23
0
Nov
June 20
3
6%May 21
May 27
Nov
7034Nov 4
16% Feb 20
8%May 21
90% Apr
757« Mar 28
6%May 21
95g
Apr
7*s JunCi
1484
Jan
lli4May
7884
Jan
87
Deo
6*s
8
Apr
118s
Jan
32
June 10
44
May
35
Sept
45
Jan
52
{St Louis-San Francisco...100
6% preferred
—100
{St Louis Southwestern... 100
6% preferred
100
Stores..—--No par
100
Corp..—No par
Cash sale,
2
23
19
10
r
July
46*2 Sept
10
Lead—...—...10
New stock,
35
36
Feb
110
May 22
60
Oct
52
July
58
Jan
10*4
9«4
Jan
x
314 Aug 8
ll%May 28
1234 Oct 16
45% Oct 22
%May 16
20
June 10
% Apr 19
i8 Oct 15
Jan 30
4
Jan 9
2
34
May 21
90
May 21
17
May 21
Ex-dlv.
y
05s
88g Jan
67s May 22
a
Jan
Apr
Apr
284 July
Apr
100
Spring
1
(R J) Tob class B.10
Savage Arms
7
25
Aug
preferred
preferred
103*2 Mar
31*4
Nov
078 Feb
4«4May 22
6%
178 Sept
Sept
74
287s Apr 20
72
Oct 21
6
Aug
*8 July
0*8
No par
Mfg——No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
Rustless Iron A Steel Corp.. 1
$2 60 conv preferred-No par
{Rutland RR 7% pref
100
Safeway
91
00
Rltter Dental
540
483s Aug
Jan
%Mar
97i8May
7»4 Apr
Richfield Oil Corp
St Joseph
Apr
75
478
6
-100
Common
54
Apr
36
4
—
35%
47*2 Sept
28*s
Jan 11
87% Oct 19
47
2
preferred
-100
6 k%
preferred
100
Reynolds Metals Co.—No par
10%
8*g 'Mar
8
7%'
34%
*53*4
54
Apr
Oct
warrants..25
Rensselaer A Sara RR Co.. 100
Reo Motors vto
1
Republic Steel Corp...No par
0% conv preferred
100
0% conv prior pref ser A. 100
Revere Copper A Brass...—6
Class A
10
1034
684
88s Jan
Preferred with
5H % conv
Sept
10*4 Sept
684 Sept
4
2
2
178
.No par
....—
Sept
25
June 10
6
A Co 1st pref. .100
Reliable Stores Corp.—No par
Reliance Mfg Co
10
Remington-Rand
...... 1
35%
9%
35
7%
4*2
Preferred
Sept
40
107
5
50
Hosiery
45
Jan
17
0
-1
26
60
1st preferred... .—.60
2d preferred
60
Real Silk
300
*5*4
*4*4
8
412
13
54
95%
*92
90
*53*4
7%
♦53*4
54
*5*4
*45*2
70
111
7034
35*8
*53*4
55
113
113
110
110
111
111
26%
111
4%
4%
Apr
13*2 Sept
21
Apr 25
May
Reis (Robt)
'
*56*2
59%
*61
1334
8*8
9
9%
62
62
8*8
10
9*8
9*s
59l2
*56
*8
934
*8
10
*8
*6%
*8*8
9*4
*1%
14
584 Sept
1934 Sept
Apr
154
Rayonler Inc...—
$2 preferred
Reading Company
27
75s
Oct
45
Apr
May
2
0
1
preferred
100
Manhattan.No par
20%
*22*8
*058
conv
1934
14*2
*2578
0%
36*2
*35
19*8
27
*1%
95
2%
19
*26*2
*1%
56,300
36*2
*14*4
*26
8,400
mm~m~m
*35
15%
*2534
13%
16%
11
1,800
30*2
Nov
8% Apr
10% Feb
40i2 Jan
484 Oct
0i2May 21
0%May 21
19
*3434
*3434
5*8
538
26,100
23,700
300
87
*85
10%
*115% 117
27*2
26%
8%
8%
Deo
27% Sept
Aug
May
Radlo-Keith-Orpheum
138
Mar
15
154
5% pf (ser of
558 Sept
17
24
pref.No par
Pressed Steel Car Co Ino
1
1,800
138
140*8
*158
*115
200
*158
140*8
159*2 159*2 r158*2 158*2
140*8 *138
100
8
434 Sept
Apr
33
42
Postal Teleg'h Inc
3,200
10,500
69i2 Deo
9484 Aug
Apr
84
453s Oct
29U Apr
7% pflOO
Plttston Co (The)..
No par
Plymouth Oil Co
5
Pond Creek Pocahontas No par
Poor A Co class B
No par
{Porto Rio-Am Tob cl A No par
pref..
Apr
74
412 Jan
l0t4May 22
5% conv 1st
48
13U Apr
100
100
pf. 100
100
5% conv 2d pref
Procter A Gamble
1184 Mar
2% Aug
17i2 Aug
II84 Sept
43
4%May 15
5% pref class A
6M % 1st ser conv pr
Pittsburgh A West Va
Deo
2134May
No par
No par
7% pref class B
13*8 July
t5%
41>4 Jan
13i2Nov
Feb
25s
Apr
25% Nov
■
1
100
Jan
584
Feb 17
4
May 21
2%
33
33%
32%
32*2
3334
32%
111
111
*110% 111% *110% 111%
124*4
123% 123% *123
123% 123%
4% Jan
35
~ 6234
180
11634 *115
116
116%
Sept
107% Feb 10
3%May 22
16
May■24
5>4May 24
0484May■22
Feb 1 *29).100
Pub Serv Corp of N J-.No par
$5 preferred
No par
6% preferred
100
7% preferred
100
8% preferred
100
Pub Ser El A Gas pf $6-No par
Pullman Inc
No par
Pure Oil (The)
No par
0% preferred—
100
5% conv preferred
.100
Purity Bakeries
No par
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer
No par
S5 preferred B
.No par
$3.50 conv 1st pref..No par
117%
*115
115*4
11534 11012 115
34
34%
34*4
3378
*110*2 111*2 *110*2 111%
*123*2 124
*123*2 124
*138
13%
14%
1234
21
May> 28
May 29
Pit Youngs Asht Ry
*155
*155
ll7s Apr
1% Aug
2%May 24
100
7% guar preferred..
1,260
34%
9
preferred
Pitts Screw A Bolt
30*4
*155
~~»i«
$5 conv
Pittsburgh Forglngs Co
Pitts Ft Wayne A C Ry Co.
Pittsburgh Steel Co
42
9
Sept
4*4 Sept
35i2 Oct 23
10% Jan 5
22
No par
No par
Pitts Coke A Iron Corp
10
30
47
6
36
100
preferred
9,400
7%
7%
734
7
178
*172
176
176
mm
12%
13*2
*"i«
*6
2,300
83
1484
40*4
8*2
*155
'
«
82
15
30
59
1234
57
*12*2
-•
81
13%
*155
40
29%
57*2
*52*2
—
0%
230
81
177*2
7%
Pittsburgh Coal of Pa
2,000
9*4
9
9%
834
1,200
31
Apr
3is May 18
Jan 10
shares"
100
100
Co
Pitt C C A St L RR
58
29
*155
14*8
6%
7
29*2
9
80
13%
Pirelli Co of Italy "Am
30
30
9
2338nov 7
2% Mar 12
12i8Mar 4
10%May 13
02% Jan 6
90i2May 8
44% Apr
25
Flour Mills
Plllsbury
200
634
20
23g Apr 12
100
400
~~6~
6*2
*8
Hosiery..
Preferred
30
135
30%
*172
177%
177*2 *172
7
7*8
7*8
9*8
9*8
9*4
9*4
41
42
40*2
*40*4
*174
2834
5%
28*2
*155
*155
*155
534
28*2
80
Election
834
*80
"*434
Phoenix
14,100
70
♦
135
*26%
Closed—
534
834
9*8
♦
14% Sept
1% Apr
30
No par
5
Petroleum
24
7
7
67%
68
135
23%
2334
2334
2334
68
6
27% May 22
100
preferred
Plllhlps
3%
10
No par
Phillips Jones Corp
7%
45
*41
40
40
400
3934
*3
3%
*234
3934
3834
38%
36*2
37%
3*2
Philip Morris "A Co Ltd
44
*42
44
Phlla A Reading C A
5*4
484
434
*4%
*42
i
Feb
18
14 Mar 20
68
May 21
I.No par
9,900
Jan
78g Sept
June 11
70
No par
preferred
16
2,500
82
81
Phelps-Dodge Corp
..25
Philadelphia Co 0% pref...50
180
38
S16
%
80
77*2
4%'
*
28%
*2678
6i«
300
83*4
83*4
84
*8234
%j
44
*23%
Exchange
70
"*5~
28*2
80
*234
135
534
28*2
9*s
\
84*8
*39
Stock
2334
♦
135
23,400
44
*42*2
36
3*2
*66*4
66
66
36
36
44
*4
40
2334
2334
*23
*
800
33
78
38*8
*38*2
5,900
734
4334
*42
48
37*2
*234
38
373.4
*38*2
734
7*2
*4
4%
*4*4
*42
48
6%
7*2
84%
81
80
795s
47S
7912
*4*2
*42
7
7%
44
*42
5i«
*14
6«4
34
32*2
34i4
*1934
734
34%
7*2
7*2
33*2
*44*2
*1934
6%
6%
034
634
634
684
No par
Petroleum Corp of Amer
6
Pfelffer Brewing Co
No par
Jan
13%
7
li2June 13
5%May 21
l7i4May 22
ll%May 21
15
May 22
0%May 28
0i8May 18
25i2June 10
37*4 May 25
100
preferred
5%
Jan
107*2
8
May 22
23
Pet Milk Co
22
22
*19-*4
20
20
20
*19*2
RR
Pennsylvania
900
21%
40*2
2*8
No par
J 7 conv pref ser A
Penn G1 Sand Corp v t e No par
46,600
25%
No par
Penn-Dixie Cement
Jan
Feb
14%
Nov
22
28
21
26
June
00%
104
10% Nov
8
95
l%May 22
l%May 22
ll84May 21
9'4June 25
15
May 22
15
May 18
10
Penn Coal A Coke Corp
1,500
15%
71
5g
6*8 Sept
72
Sept
Oct 23
44
No par
1,000
34*2
10
No par
100
3*8
*14
13%May
84May
5%May
5UJune
Penney (J C) Co
3
92
3U8 July 22
2.60
Apr
Sept
Sept
35
934 Nov
May 23
Penlck A Ford
2%
5
May 21
l%May 21
No par
Patlno Mines A Enterprises.
3
3
2
Oct 31
Jan
8'4 Sept
2
Sept
June
5
Jan
I
GUMay 21
Parmelee Trans porta'n. No par
Pathe Film Corp
1
200
40*2
*2
Parker Rust Proof Co
2%
*2*4
2%
234
*46
20
2is
Park Utah Conaol Mines
Parke Davis A Co
June 12
45% Apr
15
11,400
10,500
10*2
*1
1*8
Deo
1
1
1
200
2%
1978
4%May 21
04
1,900
1*8
10%
1
*46
2*4 I
2
2*8
2*4
Jan
97g Sept
4
25l4 Apr
102
Park A Tllford Ino
17%
34%
22's
10*2
2%
2
434
%May 22
26% June 11
99
Sept 13
1
100
10
5,000
10%
10*8
17*8,
1*8
10*8
7*2
327s
1
*15
*15
3234
2134
2
32*2
10%
17*8
Apr
100
6% lBt preferred
6% 2d preferred
800
6,400
6,000
2
22*8
10*4
*15
17%
3
10
Paramount Pictures Inc
82,100
934
4% Mar 11
May 21
0'4
No par
Parafflne Co Ino
4% conv preferred
95
IDs
Jan 16
Panhandle Prod A Ref
+mm+mm
10534
95
5
Corp
Pan-Amer Petrol & Transp..5
300
%
9%
j
10%'
94
Pan Amer Airways
12
Deo
7%
Deo
8% Jan
No par
share
per
6i2 Dec
7
7U Jan
5% Oct 18
2%May 15
Packard MotorCar
Highest
share %
per
4
4
2%June 10
100
39
*37
9%
834
93%
9%
10*4
10*8
*15
9
93
*91
94
11
share
per
10
Pacific Western Oil Corp
16,500
17*8
10534 *102
10534 *102
32,200
*»I6
**16
3934
*38
37*2
8*2
9
85S
93
2
*102
*92
93
*15
*34
10534
*102
*102
"16
*%
**2
*37
334
600
334
$
share
per
Pacific Tin ConsoPd Corp_..l
10.200
6%
*6*4
3%
16%
*534
S
Par
Lowest
Highest
Lowest
Shares
$ per share
4
3%
338
6
!
Year 1939
100-Share Lots
On Basis of
Week
8
Nov.
S per share
5 per share
3*2
6
Nov,
6
Nov.
7
EXCHANGE
Friday
:
Range for Previous
Ranoe Since Jan. 1
STOCKS
NEW YORK STOCK
the
NOT PER CENT
Thursday
Wednesday
Tuesday
»
Sales
for
SALE PRICES—PER SHARE,
HIGH
AND
LOW
2767
New York Stock Record—Continued—Page 8
151
Apr
7% Jan
Feb 27
0i| May
10
Sopt
4
8
158s Sept
12
22>s Apr
1434 Nov
48
Oct
17*2 Sept
Jan
34
Sept 20
9
3
2
7g Jan 3
5 May 10
484May 18
18g Feb
Jan
42
<s Jan
84
Apr
Apr
*4 June
27*4
% Aug
I84 May
38s May
2% Nov
49*2 Sept
7S Sept
2
Jan
0
Sept
6*2 Sept
61»4 Nov
Mar 14
2784
Apr
111% Mar 28
82*2
Jan
109
Aug
IO84 Apr
23
Sept
53
38
Oct 31
Ex-rlghts.
t Called for redemption.
New York Stock Record—Continued—Page 9
2768
SALE PRICES—PER
HIGH
AND
LOW
SHARE,
NOT PER
CENT
4
Nov.
2
Nov.
Nov.
$ per share
$ yer share
*10*8
1034
10*4
*77*2
7»
7712
Wednesday
5
Nov
$;per share
234
*K
2*4
♦234
42*8
42*4
4234
*%
♦112
♦12
*109
*
"
108
3i«
2*8
23s
2%
SOU
11%
79%
11%
14
1434
1418
1412
14
4
3*4
*49*4
53
*50
5U
514
*3634
IOI4
37
1012
5*4
19
19*4
1%
134
29
21
*26*2
2078
514
37
10
4
5
19%
*134
*28
20*2
25)
805)
1,900
14,500
78%
16
70%
70%
70%
73
4%
4%
37
53
5%
10
104
19%
18%
*1%
29%
20%
2
29%
4%
52
500
5%
5%
2,900
37
3«0
10%
11
7,300
220
21
22
110
*106
118
111
111
112
*111
112
*111
112
10
*812
15%
8»2
15%
15%
1%
87«
1%
♦12*2
13%
1234
16
15%
87*
134
8%
]34
1234
2834
28*4
9%
13%
22%
18%
834
127g
9%
13%
21%
*17%
22%
22
*17%
18
2
2
2%
2%
5
5
*4%
5%
*52
80
*20%
*50
80
21
2034
42%
43%
3234
*57
33%
57
7
7%
*4%
|
33
5634
7
53%
54
54
34
34
34
6»4
*109
67«
1097«
2
1%
1%
6
47g
634
109
434
5%
5
17
9
9%
8%
5%
*434
*55
200
1,500
4,900
30,400
17,200
15,200
1,000
5,300
500
5%
23"
4078
43%
35%
42%
43%
34%
35%
10,600
3,400
573g
33%
57%
6 34
57%
57
57%
280
7%
9,600
Election
Day
109
2
53
54
55
55%
3478
22
*20
7%
5634
5
334
3%
4%
16«4
*15%
16%
13%
14
15
1834
18%
19
187s
18%
16%
17%
17
2534
26%
34%
35%
26%
3478
1834
18%
26%
4%
15%
17%
300
57
34
33 It
34%
347g
33%
7
7
6%
6%
6%
634
*108% 10978 *10878 10978 *l087g I097g
1%
1%
1%
184
1%
134
470
4,100
15,300
100
4%
14%
4%
15%
5,100
8,300
1,500
17
17%
4,000
35%
3234
34%
18%
26%
33%
27%
3578
19%
27%
35%
35%
64
35%
35%
34%
3534
36
36%
36
64
64%
64%
64 %
65%
66
65
8
8%
8
8
8%
£7%
8%
8%
8%
6,700
*4%
4%
*4%
8%
4%
*4%
4%
4%
4%
4%
600
8%
9%
734
83g
43g
7%
8%
8%
8
8%
*35
63%
•9%|
9%
8%
8%
8%
507g
507g
50%
123% 123%
8%
8%
18
18%
13g
1%
18%
26%
8%
7%
*48%
8%
18
13g
16%
15%
*23%
23%
23%
124
8%
18%
8%
17
1%
1578
23%
5
5
5
21%
213g
21%
18%
19
19
5%
7%
6%
5%
32%
334
73g
3778
3%
3434
584
4%
4%
15%
*22
19%
7
1%
21%
7%
*6%
■dh
*5
53g
6%
*5
*32%
34%
32%
*384
3%
334
36%
7%
373g
7%
37%
3
3
3
35
35
7
34%
*534
57g
4%
4%
*7
9
9%
*7%
9%
*41
42
9%
*41
5
42
*2«4
*35%
37%
4%
31%
4%
4%
31%
31%
4%
*4
4%
3
31%
*4%
4%
*43g
4%
4%
3234
3234
32%
32%
1%
*18%
1%
1%
1%
19%
934
934
*91
92
19
9%
28%
2834
91%
28%
49
49
49
5
19
93.4
92
28%
49%
5%
5%
5%
*18%
18%
18%
8%
87g
18%
884
2%
*69%
41n
4%
*8%
9
57g
"
6
*157g
2
*18%
■
35%
20
8%
35%
12%
12%
75
7534
*8
*113
,
2
4%
*8%
6
16%
*1%
834
*70
83
113%
2%
83
4%
9
122
834
1734
1%
*3234
*3%
334
31
4
*4%
32%
1%
18
9%
*91
40
3
4%
31
4
1%
9%
34%
3234
3%
3%
4%
3%
3,900
36%
8,200
6%
6%
3,000
5%
6
40
3
37%
5
31%
4%
4%
978
2784
29
48%
2734
46%
29%
50%
5%
19%
8%
8%
1%
2
83
*8
1%
434
434
9
9
9
534
16
2
7%
9
2
83
43g
*1%
*16
8%
*69
57g
578
16
*1%
20
*16
6%
18
2
20
♦
238
34
55
55
*18%
20
Mining Co...
10c
Superheater Co (The)..No par
Superior Oil Corp
l
Superior Steel Corp
ioo
5
4,500
32
34
370
4%
4%
3,000
1%
18
2,600
1,000
3,100
18
10
9%
100
9l7g
29
297g
51%
5%
12,400
9
9
2%
2%
*69
434
10
5H% partlo pref
60
Telautograph Corp..______ 6
Tennessee Corp
5
Texas Corp (The)
—25
Texas Gulf Produc'g Co No
par
Texas Gulf Sulphur
No par
Texas Pacific Coal A Oil
10
Texas Pacific Land Trust
1
Texas A Pacific Ry Co
100
_
93.60
Mfg
conv
No par
pref
No par
L.No par
Preferred
Thermold
93 dlv
conv
Tri-Continental Corp._No par
par
Trusoon Steel Co
67g
20th Cen Fox Film
13,700
1834
800
No par
No par
'"26
7%
14%
13
14%
14
14
27%
26%
40%
42%
4034
27%
44%
17%
1334
53%
*1734
18%
17%
1378
*26
2%
1%
33%
34%
32%
Bid and aaked nrlces: no sales on this day
1334
54%
20
1%
33%
52
*19%
134
32%
19
1378
56
20%
1%
33%
In receivership
*114
115
13%
83%
82%
14%
*26%
42%
18%
137g
*52%
*19
4,400
4,500
23,200
14
1,200
500
preferred
100
1
par
par
par
25
May
5
29
15
21
4
22
20 May 21
3
May 22
xl7%May 29
16% Aug 20
4'4 May 21
3'4May 22
4%May 21
28%May 20
3
May 22
4%May 14
33
May 25
2%May 21
2678May 23
5% Oct 23
334 July 11
5
May 22
8
May 21
118%May
7%May
12%May
1% Oct
9%May
36%June 27
2% June 11
4%May 22
l%May 22
64
Aug
6
3% May 21
6% May 22
l%May 22
l37gMay 22
6% May 23
21%June 10
9%May 21
697gJune 10
106 May 27
12
May 21
71
May 25
7
21
3
21
28
23
24
29
11
800
Unlted-Cai r Fast Corp .No par
United Corporation
No par
33%
7,800
n
New stock
r
No par
Cash sale
x
rx-dlv.
v
Jan
3% June
28%
29%
Oct
Jan
Sept
Apr
11%
127
Jan
70
112
Dec
Apr
21
Sept
Dec
17% Mar
12% Apr
10% Aug
1% Sept
3% Sept
Apr
Apr
23%
15%
18% July
35% Sept
143
Jan
10%
11%
Sept
15% Sept
Sept
14
127
24
Dec
Apr
23%
Jan
Apr
36% Nov
Mar
34
Dec
Apr
29%
21%
43% Sept
1% Aug
484
3%
Jan
Jan
Apr
9% Sept
Sept
70% Nov
14%
Apr
47
36
Apr
22% Dec
6178 Sept
11
Apr
34%
Dec
42
Apr
53
Dec
Feb
I
11% Jan
8% Aug
66% Apr
40% A pr 10
7% Apr 6
110%
2%
7%
18%
Oct 24
9
_
657gMay
124% Sept 17
1078 Jan 20
2778 Jan
2% Ian 3
18% Nov 8
36% Feb 28
7% Mar 25
247| Apr 22
32% Jan 26
9% Jan 3
7%May 3
6
Apr 11
Mar
5
6% Mar
5
7%
47%
4%
36%
94
Oct
2
.
Jan
12% Jan
12% Feb 21
40
6784 Dec
18% Apr
6% Dec
16% Mar
75% Mar
34%
Dec
7% Jan
108
June
Dec
Jan
Jan
2284 jan 8
26% Jan
29
Apr
46% Jan
36%Nov
8O84 Jan
878 Feb 15
8% Apr
5%
Jan
484
10
Apr
10%
Jan
Apr
2078
Oct
13%
Apr
25% Oct
33% Sept
24% Sept
22% Aug
30
Sept
38
Aug
53% Sept
20%
Apr
36
Sept'
Apr
6% Aug
80
Dec
12%
Jan
65
3%
Apr
8%
Apr
6%
Apr
10
Oct
4584 Sept
68
Jan
118% Sept
7%
Apr
19% Sept
1% Aug
10
Apr
2284 Sept
578 Sept
17
Apr
2484 June
4% Aug
3% Aug
47g Aug
33% Oct
3% Aug
4
7»4 Sept
17%
Jan
128% June
1184 July
38%
Jan
3%
22%
30%
10%
25%
37%
Sept
Jan
Mar
Jan
Sept
Sept
12% Sept
9% Sept
7%
43%
6%
9%
50%
684
38%
Mar
July
Mar
Nov
7
Apr
Apr
Nov
4
4
8
26
8% Jan
8
7
Aug
684 Nov
11% Sept
Apr
32% Aug
3% Aug
Sept
Sept
Sept
J an
Sept
6% Jan
4
9
Jan
12% Jan
18% Jan
8
8% Sept
22%
Jan
8
15% Dec
24
Oct
48
61
Oct
53
Mar 21
4
Feb 16
42% Feb 16
684 Mar 8
7%
684
38%
2%
18
21
28
28
21
21
21
l0%May 21
Dec
60
5
1
May
8
May
884May
81
May
18
May
35%May
4%May
Nov
878 Sept
May 14
2384 Apr 11
2
Jan
Feb
38% Aug
17% Sept
13
30%May
153g Jan
4
Nov
preferred
Feb
Jan
Mar 11
16% Jan
234 Feb
14
5
2%
9
30% May 10
162% Apr 23
34
2584May 28
Oct
11%
Jan
97g Aug
Jan
5
June
2284 Jan
31% July
12
May
12%May
42%May
12
May
l%May
26% June
No par
81,700
delivery
66
June 10
17g
De'
6
May
70
93
11%
2484
12%
2%
~
23
12
97
Mar
7
Apr
8
Apr 22
Apr 16
Jan
4
Jan 27
May
6
May 10
2978 Nov
8
52
3
7
Jan
Dec
3% Dec
30
2%
14
Oct
Apr
6
Nov
Apr
33
Nov
Apr
1% July
7% Apr
9% Aug
83
Oct
41
1% Jan
284 Sept
17
5%
Sept
3%
Oct
4% Nov
33% Nov
384 Jan
18% Dec
14% Mar
Sept
96
Feb
IO84 Apr
34% Apr
25
Dec
54%
Jan
Mar 14
5
Apr
Nov
4
6%
6%
Apr
2*4 Jan
4
2
Mar
74
Apr
3
Apr
7% Sept
6
Apr
14% Sept
2178
9
7
25% Jan 23
......
1,200
Oct 29
May 22
Un Air Lines Transport
6
United Biscuit Co
No par
United Carbon Co
No par
54%
46% Aug
"
23
Union Tank Car
United Aircraft Corp
23,900
19
May
534May
22
25
21
10
28
1
21
21
15
20
21
21
4% preferred
100
Union Prem. Food Stores,Inc. 1
700
82%
14%
27%
44%
20
134
32%
a
50
14
84%
May 18
54
Dec
June
6%
28
101
22
Jan
778 Sept
16% Apr
15% Aug
114%May
Jan
Sept
2% Apr 29
29% Nov
23'4May 10
120
Apr "
57% Apr
1
18%
21%
3284
38«4 Apr
_
72
Dec
1077„
19
2%May
978May
12%May
16% Oct
20% May
297gJune
8678 Nov
17% Apr
Jan
72
June 10
Sept
3% Sept
24% Sept
3% Jan
3
24
6078 Oct 14
14%May 29
33
May 21
98
Apr
43
Jan
46%May 28
4«4 May 22
46
May 22
2678May 23
5
May 21
1
Aug
98% Aug
4«4 Apr
May 21
100
114
7
6% Jan 10
5
par
114
114
108% Feb
14
Union Oil of California
Union Pacific RIt Co
*113
6
Apr
par
22,600
878
Jan
10% Jan
52% July
117% May
378 May
7% Mar 13
Nopar
Corp No
91 60 preferred
Twin City Rapid Tran.No par
2
66
40% Feb 13
13% Jan 4
82% Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
10
1
Jan 11
Jan
May 21
Sept
%
May
20
1,200
534
7
preferred——lo
par
105
61
3
May 15
200
1
Apr
Apr
8
Nov
39
3
900
%
384
44% Sept
73
6
—_1
preferred
Truax-Traer Corp
177g Mar
76% Aug
8
Jan U
l%May 21
3s4June 12
June 19
96
Aug
Sept
16% Nov
2% Mar 25
Apr 6
16%.
17% Nov
30
Co
share
per
10
15% Aug
1% June
60% Apr
11% Apr
10% Apr
l3%May 21
_ioo
10,300
6%
20
9
Transamerlca Corp
2
Transcont'l A West Air Inc..6
Transue A Williams St'l No
3,000
17%
*1%
*15%
1
(James)
par
83
4%
10
inc
$3.60 cum preferred. No par
4,300
19
w.l
w
Without warrants
Tide Water Associated Oil.. 10
94 60 conv pref
No par
Tlmken Detroit Axle
10
Tlmken Roller
Bearlng.No
8,900
50%
5%
Symington-Gould Corp
Thompson Starrett Co.No
300
*91%
18%
26
Third Avenue Ry__
100
Thompson (J R)
25
Thompson Prods Inc..No par
600
35%
43g
*43g
34%
1%
Sutherland
7634
23s
Sunshine
74%
81%
20
ioo
7634
81
55%
preferred
pari
74%
81
*18%
2%
3334
6%
J
No
75%
81
1334
Corp (The)
Sun Oil Co
7234
81
19%
Studebaker
par
Twin Coach Co
81
1334
Webster.__.__No
Under Elliott Fisher Co No
Union Bag A Paper
No
Union Carbide A Carb.No
Union El Co of Mo96 pf No
81
18%
Stone A
3
Jan
20% Jan
347g Jan
4%May
The Fair
10
May 21
1
2,700
84
19%
1378
100
278
37%
8
Stokely Bros A Co Inc
Thatcher
*284
37%
434
23%May 22
634May 21
4%May
2,500
12%
83%
1334
*53
600
Aug 13
6
4,900
1234
187g
*39
2,500
2,700
4178
9%
May 22
May 28
Stewart-Warner Corp
13%
84
1478
2678
Ht&rrett Co (The) L S..No par
Sterling Products Inc
.10
35
12%
43
No par
8%
34%
12%
834
8384
26%
97 cum prior pref
Standard Oil of Calif...No par
Standard Oh of Indiana
25
Standard Oil of New Jersey.25
13
1278
41%
......No par
prior pref
No par
34%
8%
84
*14%
8%
10%
47g
8
10
16
128
par
preferred
cum
12
1234
14%
94
16
34
8
83
27
Standard Gas A El Co.No
12%
1278
42 34
Standard Brands......No par
94.60 preferred
No par
35
8234
4134
Square D Co
11%
127g
*26
No par
1
34
82%
*80%
*14%
600
5,400
1%
18%
5
3%
24,800
*1%
18%
18
60
33
7%
4684
*69%
4%
pref A ......No par
Inc
2
Conv 94.60 pref
Talcotf
-
«
3934
£9%
5%
5,500
1,900
1* w
7%
35
18%
200
38%
3%
3534
92
5
3.100
7%
92
1734
3,600
40%
3%
35%
92
*15%
838
5%
33
18
2
34%
12%
7534 76%
113% 113%
*234
*35%
4%
3078
4
4%
33
16
1178
34%
£5%
8%
67g
*47g
4%
*1%
8%
34%
3%
7%
634
5%
734
10
*1578
20
7
4%
6
20
8
6%
*5%
934
43
I
conv
Swift International Ltd
25
V*
37%
par
par
2,400
18
9
*35%
3,300
Spencer Kellogg A Sons No
Sperry Corp (The) v t c
8plcer Mfg Co....
No
1978
1%
4%
*40%
*234
7,600
1%
18%
23%
No par
June 10
7%May 21
1% July 1
1
preferred
Spiegel
15
No par
19%
3
10
Mobile A Ohio stk tr ctfs 100
1934
7%
36%
5%
9%
187S
9%
100
1834
7
35
preferred
Sparks Wlthlngton
Spear A Co
$3
95%June14
3% May 22
12%May 23
l%May 31
l7%May 24
12%June 4
67
May 24
105 May 22
10%May 22
5
May 21
No par
Paper Co
...10
Sweets Co of Amer
(The)—50
3
4%
170
Ry
Swift A Co
37%
4%
123
No par
5,700
7
,
6,000
Pacific Co
Southern
5%
26
2,000
3
5%
9
51
9%
Southern
100
5%
22%
36%
34%
8%
50%
1834
8% preferred
Southern Calif Edison
2134
*33
35
36%
8%
7
5%
27%
No par
5
5
7
36%
66%
35,900
17,200
28,300
1,300
1,900
5034
£123
preferred
2134
*23%
6%
20%
20,800
26,500
122
96
21
24%
7
1978
SIosb Sheffield bteel A Iron. 100
187g
1%
173s
231?
*4%
1%
15%
6%
*5
8%
18
16
5
*934
3
124
213g
19%
*7
38
50
5
9
*234
8%
50
20%
1834
9%
*35%
4%
26%
5078
123% 123%
16
7%
1834
10
Smith (A O) Corp
10
Smith A Cor Type v t c.No par
Snider Packing Corp
A o par
96.50
*55
7%
Petroleum
So Porto Rico Sugar...No par
30
*19%
7
..—No par
1,200
33%
684
No par
3.700
*56'4
Closed—
O)
So cony Vacuum OH Co Inc. 15
South Am Gold A Platinum..1
S'eastern Greyhound Lines..6
49,100
13,800
20%
42%
1634
18%
16%
17%
~
1,400
33
20
34
7
10
934
8%
60
«• -Mr
217g
10
2,800
*
40%
Exchange
7%
54
21%
1%
*55
Stock
2034
43%
33%
57%
427«
*17
21%
134
2%
2%
2%
13
13
13
13
13
1234
19
18%
19% 20%
20%
2078
139
139
*132% 140
*132% 140
27
27%
27%
27% 28
28%
884
9%
8%
8%
934
9%
13%
1234
14%
1234
14%
1334
22%
20%
2334
2034
2378
22%
28
30
17%
17%
26% 29%
2
2%
2%
2%
2%
2%
2914
778
1314
20%
*834
834
8%
zl%
19%
19%
19%
19%
*139
141
,*139
141%
28%
16%
984
prefser A.No par
(Frank
81mms
*111
*834
conv
Sbeaffer (W A) Pen Co.No par
Shell Union Oil
15
Slmonds Saw A Steel ...No par
Skelly Oil Co
15
*100
197g
93.60
Shattueh
No par
100
21
19%
*8%
Sbarpe A Dob me
100
112
20*2
9*2
8%May 21
51% Aug 1
3
May 21
40% Aug 16
434May 21
34
May 29
7%June 8
2
HO
*20
No par
Corp
31
*102
20*4
88
8% June 10
Simmons Co
*111
20
1% Sept 26
61%May 21
1
No par
—
Sharon Steel
Highest
\
61
2
No par
Servel Inc
6,700
*29
1% Jan
Seagrave Corp
Pears Roebuck A Co
share
per
2
20
2034
2
4
Jan
% Jan
May 21
6>4%
conv
preferred.. 100
Sliver King Coalition Mines..6
29%
2134
49
11
400
102
2()84
preferred
34
Seaboard Oil Co of Del-No par
6,000
*11034 112
102
115% Jan 11
f
110% Oct 10
%May 16
% Oct 15
6
1934
*134
1484 Mar 27
85%May 9
% Jan 2
7% Feb 21
7%May 21
64% July 2
% Apr 22
101%June 24
*104% 106
20%
share
No par
100
6
57g
per
No par
95 conv preferred—.. No par
3,500
37
1034
478
*134
600
4-2%
$
No par
preferred
{Seaboard Air Line
Year 1939
Lowest
2% May 21
May 14
107%June 25
No par
104
5%
*28
5,200
4,900
161;
52
5%
37
10
104
18%
3,300
12
14
1134
15%
52
984
2
2%
1134
5
29
2,200
80
1940
Range for Previous
Less
Highest
S per share
6
100
1
100
$4 preferred
400
14%
11%
51%
5%
104
19%
%
14%
2%
*2%
£77%
37%
94.50
10
h
%
%
4
5
10
*107% 109
11%
37g
lOlz!
Scott Paper Co
80%
*5%
5%j
400
14
37
50
800
71
3%
51%
37
5,500
13
13%
Schenley Distillers Corp
%
42
14%
*62
*10378 10 4
*103*2 104
»478
71
*65
200
%
%
*%
3-3
It
%
*12%
4,600
*109
*107% 109
%<
Par
3U
3
42
108
Lowest
5>4% preferred.
{Schulte Retail Stores
8% preferred—
%
3
793s
71
*%
42
11
4
107)
78
3
11
♦65
1034
42
Range Since Jan. 1
On Basis oj 100-Share
Shares
78
%
9,
EXCHANGE
Week
lO3/
Zh
*109
H
1334
8
share
per
42%
%
1812
23«
7934
13%
2%
%
*2%
♦107*8 110*2 *107% 110*2
'it
31«
14
14
%
♦12*8
*2*4
79%
Nov
78
10%
h
%
7
$ per share
*76
78
STOCKS
NEW YORK STOCK
the
Friday
*401*
112
112
-
Nov
10%
10%
*75
*8
3i«
42*8
6
$ per share
10*8
7712
1«
Thursday
Sales
for
Tuesday
Monday
Saturday
Nov.
3% Apr
4
Sept
Apr
11% Dec
1984 Sept
1%
8% Sept
1278 Dec
1078 Jan
4% Sept
88
Jan
26%
Jan
34%
Jan
4
17% Apr
384 Aur
35% Aug
13% Mar 14
7% Apr
34% Sept
12%
Jan
86
Jan
30
45
Apr
Feb 19
1884 Apr 22
88% Jan 4
116%May 2
17% Jan 8
98
Apr 8
89% Feb 10
16
6
Apr
Aug
65% Apr
IO884 Sept
15% Aug
81% Apr
78
Apr
13%
Dec
94% Sept
118
1984
July
Jan
105
Sept
90
July
July 13
2078May 11
63% Apr 16
23% Apr 4
20% Mar
24% Sept
31
Aug
51
Apr
16% Dec
18
14% Sept
I884 July
69% Oct
Apr 17
2
1
62
4
Feb 13
2
Apr
30%
Apr
65%May
20% Nov
278 Apr
42
Ex-rlghta.
7%
13%
Apr
Apr
20
3%
Nov
Mar
Feb
39% Aug
5 Called for redemption
Volume
New York Stock Record—Concluded—Page 10
151
HIGH
AND
SALE
PRICES—PER
Monday
Tuesday
Nor.
Nov.
Nov.
2
$ ver share
$ per share
5
5%
5%
28
*35
37%
4*4
*35%
70i2
11%
70%
70%
12
11%
*114% 115
*10
10%
3i2
3i2
4%
4%
37X8
71%
*89
10*4
9%
74
32*4
5%
*2212
22*4
22X2
22%
5
5
5
5
8%
8%
63*2
*8%
*57
*58
29%
82
2934
32%
1%
22%
82%
61
61
29%
*3114
1%
21%
13s
82
61
70
1%
81%
47
29
32%
1%
*31
*1%
*1%
1%
*50
150
►146
82%
35
151
*
66
*28
2%
22%
*22%
116% 117
11%
*11
47%
33%
97%
*44%
33%
*93%
Exchange
*%
1
%
%
*%
34
734
20%
20%
.
%
734
100% 100%
5%
5%
2034
5%
*28
13%
*13
5%
*25%
17%
*1834
17%
17%
70%
*67
101
101%
Election
Day
20%
534
28%
13%
101
3%
17%
70%
102
101%
26%
27
4
7%
21%
33%
100
100
31%
31%
124
*100
*72%
*8%
46
500
43%
*57%
*
66
28
23%
117
*2%
2%
*117
11%
*44%
33%
47%
33%
9534
9534
11%
35%
36%
33%
*71
29%
*100
33
97%
% .'J.'-
%
%
5
*28%
7%
21
2134
101% 101%
5%
5%
28%
28%
13%
*13
15
*4%
5%
*38
1%
*7
*3
17%
15
2%
234
45
*37%
1%
1%
7
*37%
45
3~9O5
Preferred
100
Vanadium Corp of Am. No par
Van Raalte Co Ino
5
No par
100
Warner Bros Pictures
5
No par
{Warren Bros Co
No par
$3 preferred
...No par
Warren Fdy A Pipe
No par
Washington Gas Lt Co.No par
4,600
Wesson Oil A Snowdrift No par
34 conv preferred
No par
West Penn El class A..No par
*66%
101
101
103% *101
26%
27%
4
334
7%
7
71
100
101
130
108
108
130
*67%
1011
101% *100
118% 118%
18
18%
118% 118%
17
200
101
71
108
18
103;% *101
100
200
1,200
103%
27%
4
7%
28%
"2,100
4%
27
4%
7%
900
7%
900
5
1
No par
100
6%
...100
WestPennPowCo 4M» % pf-100
West Va Pulp A Pap Co No par
6% preferred..
100
7%
preferred
preferred
Western Auto Supply
Western
Maryland
Co...10
100
100
4% 2d preferred
Western Paclflo
6% pref..100
Telegraph.'OO
%
300
22%
Western Union
2334
19,300
18,800
107% 109%
14,800
Westlnghouse El A Mfg....60
33%
80
*71
3534
36%
31
124
*99
29%
*100
*70
*%
si«
4i«
80
*71
100
100
23
140
140
120
36
1,400
Weston Elec Instrument. 12.60
1,900
Westvaco Chlor Prod—Wo par
2,300
5% conv preferred
Wheeling A L E Ry Co
33%
33%
81
*71
80
100
100
100
32%
3334
31
29%
33%
*100
120
125
131% *100
*74
75
73
73% 73%
"""160
20,200
""306
5%
534
5%
5%
3,400
*44%
55
22%
*37
2%
4%
434
63
32%
2
4
60
2
62
2%
2
4
4%
4%
4%
4%
61%
*115%
3234
3234
36% z34%
36
36%
22%
22%
96
96
96
96
*90
99%
99%
*71
87
87
87
*82
88
5334
*51
54
87%
54%
64%
64
108
64%
23
2
'
22%
64%
102
103%
80%
*79%
80%
*80
80%
22%
2134
1434
2134
15%
103
*117% 119
11%
11%
11%
40%
42
42%
119
80%
33%
35
2334
35
105
*93% 101%
*92
20%
93%
20%
19
19%
19%
16
15%
15%
15
15%
15%
2%
2%
2%
2%
101%
2%
this day.
20%
16%
2%
2234
*95
White Rock Mln Spr
800
12,200
4,000
8,600
1,200
1
C0W0 par
1
No par
20
White Sewing Mach Corp
Prior preferred
Willys-Overland Motors..... 1
Wo par
preferred
Wo par
36
34%
13,200
10,000
Woolworth (F W) Co
2334
100%
89
56%
Yellow Truck A Coach cl B_. 1
180
81
.700
15%
2%
a
20%
16%
2%
Worthlngt'n PAM (Del) No par
1,000
500
65
110
20%
10
10
40,600
50
1,100
65
99
100
100
6% preferred B
100
Prior pref 4series.. 100
Prior pf 4)4 % convserieslOO
Wright Aeronautical
Wo par
Wrlgley (Wm) Jr (Del).Wo par
Yale A Towne Mfg Co
26
120
103
*94
10
6% conv preferred
Wilson A Co Ino
Woodward Iron Co
88
80%
5
Wilcox Oil A Gas Co...
Wls^nsln El Pow 6% pref.
55
{ In receivership,
White Motor Co..
~5~oo6
21
21
22%
23%
22%
15%
16%
14%
16%
14%
15
*117% 119
118% 118% *117% 119
12
12%
11%
12%
10%
11%
39%
4434
43% 4434
39%
42%
93%
19%
Bid and asked prices: no sales on
8034
35 conv prior pref
Wo par
White Dental Mfg(The 88).20
35%
34%
99%
87%
5534
64%
5%
63
63
"""460
*115%
*20
15%
2134
5%
62
...
■
2%
2%
4%
100
preferred
34 conv preferred
55%
*21
•>.2
36
64
*46
22
2
22%
*103
60
22
4%
4%
62
*115%
3134
35%
21%
*38
100
...30
100
6)4% conv preferred
100
Wheeling Steel Corp...Wo par
6%
5%
22%
134
2%
4%
50
preferred
3634
6%
134
1st
36
5%
22%
Westlnghouse Air BrakeWo par
35
538
2
l%May 22
5%May 28
1 May 18
41 June 26
12%May 24
45 May 24
134%June 8
69 June 5
% May 21
12
June 24
25 May 23
22%June 10
7% preferred A
Preferred
10
2,800
51,700
100
3,600
3,600
1,400
Def. delivery,
112
l»4May 16
6% div partlc preferred. 100
14 May 22
Va El A Pow 36 pref
No par 109 May 23
Va Iron Coal A Coke 5% pflOO
6 May 18
Virginian Ry Co
25
36*4June 14
6% preferred
...26
28%May 29
Vulcan Detlnnlng Co
100
71 May 23
Preferred
..100
120 June 10
{Wabash Railway Co
100
% Oct 23
6% preferred A..
100
®i« Oct 6
Waldorf System
No par
6%May 21
Walgreen Co
No par
l6%May 22
4)4 % pref with warrants 100
89 June 26
Walworth Co
No par
3 May 22
Walk(H) Good A W Ltd No par
18%May 22
Div redeem pref
No parI
10 June 4
19%
100% 101%
30% Aug 16
42%June 5
No par
19
108
68%May 22
39%May 23
60 May 22
42 May 21
103%May 21
100
3*4May 21
%May 16
13% Aug 30
2 May 15
30 May 22
%May 21
3»4May 16
22 May 23
20 May 21
13%May 21
14 May 21
2%May 21
15%May 22
59
Aug 26
91 June 3
96%May 22
90 June 10
108% May 23
11 May 21
l00%May 17
21 June 10
2'4May 15
4% May 18
%May 15
14%May22
16%May 21
76 May 21
110 May 21
26
Jan 20
27*4May 21
28%May 21
60 May 28
85 May 24
18%May 21
9334June 13
51 May 29
734 Aug 16
7%May 21
4% Mar 23
3%May 22
38
Jan 4
1484May 22
1% Oct
7
1% Jan 5
3
Jan 15
334May 21
45
116
June
Jan
15%May
30 May
13%May
65 June
60
21
17
July 25
29 June
39 June
91 June
73 May
15%May
9*4May
98
7
2
21
18
5
17
10
23
28
21
May 25
Young Spring A Wire..Wo par
Youngstown 8 A T....W0 par
5)4% preferred ser A
100
6%June 10
26%June 10
80 May 28
Youngst'n Steel Door—No par
Zenith Radio Corp
No par
Zonlte Products Corp
—-1
12%May 21
8%May 21
2 Mar 1
n
New stock,
r Cash sale,
x Ex-dlv.
Apr
3512 July
29*8 Sept
IOI2 Sept
46
67
Oot
49
Mar
48
July
60
Jan
98% May
30
Sept
39
Oct
1*4 Deo
6% May
1%
July
Nov
Sept
x70
June
Mar
Jan
82*4 Sept
120% Sept
3712 June
46*4 July
4
Sept
8% Mar
2% Oct
Apr
Apr
64
Deo
9
May
17
Sept
60% Sept
85
July
Sept
163
June
Apr
Jan
78
Feb
1
Sept
16
Aug
21
Sept
16
Jan 15
Apr
Apr
Sept
40
Sept
40
Nov
146
Jan 22
Mar 27
45%
%
*4 Apr
Feb 29
43%May 10
39% Mar 15
117% Apr 9
49tjMay 9
25
109
34% Apr
6414 Aug
3
60
Aug 22
31% Mar 14
4% Jan 4
31*4 Jan 4
65
Sept
18,14 Apr
'
—-2%
Apr
17
Apr
112XJ Sept
4X3 July
Jan
15% Apr
116% July
44% Deo
66X2 Aug
65
29*4
Sept
Deo
5*4 Sept
33*4 Sept
118
July
15
Sept
Jan
35
37%
6is
52*4
114*4
68X2
46
18% Nov
48
Apr
41% Aug
2% Apr 11
61
Apr 12
118
1514 Sept
Apr
32*4 Sept
31% Oct
1% Dec
31% Apr
6534 Nov
71
Sept
75% Nov
12834 Nov
39% Apr
48% Feb 20
2*4 Apr 24
7% Apr 24
Oct
Mar
7% July
Apr
86%
62
Sept
'Jan
13%
1*4 Jan
41% Jan
April
19
14
113
180
Apr
117
112
Jan
17% Sept
4
Apr
159
11
23
May
70
Nov
87i2 Mar
5% Aug
65% Sept
149*4 Sept
38% Jan
39
Sept
15
Mar
1234 Apr 23
Aug 22
preferred
1
Jan 25
74
95
117%June
14
Sept
7% Sept
June
May 21
Aug 19
21%June 11
27%June 14
%May 3
15 May 21
Feb
8X3 Sept
3512 Sept
5
5*4 Aug
May 24
7%
Nov
5*4 Mar
7% Mar
8*4 Jan
74
75
3% July
17
19
Class B
6% Apr
3*4 Aug
7% Apr 23
21
60
Chem
Sept
11
5
Va-Carollna
Apr
110
89
23
100
5
Wayne Pump Co
Webster Elsenlohr
3
18
22
100
Vlck Chemical Co
Waukesha Motor Co
19%
24
15
5% non-cum pref
Victor Chemical Works
...100
11
9
1334 Mar 12
7% Apr 10
7% Jan 3
97
May 11
10% Sept 23
July 2
35%May 28
5634 Jan 6
7% 1st preferred
1,300
6%
2%
100
1,000
5
93%
preferred
Universal Pictures 1st pref. 100
Sales
No par
Vadsco
18%
6%
6434
8%
No par
20%
3%
634
103
Universal Leaf Tob
18%
20%
*3%
6%
*52%
No par
Unlvereal-Cyclops Steel Corp 1
18
20,200
1,000
54%
..5
26%
500
9
32
No par
100
16%
6%
32
Conv pref (70c)
United Stores class A
1,100
9
4%
25
1
preferred
984
15%
6%
62%
No par
7%
United Stockyards Corp
33%
26
9
4%
U 8 Tobacco Co
100
*8
16%
*
50
No par
$3.85 preferred
~
1%
1%
18,500
*8%
22%
Preferred
U S 8teel Corp
Preferred
2584
35%
*
500
1,100
14%
6%
5%
50
Ward Baking Co cl A..No par
6
"16
15%
3%
3
1%
U S Smelting Rt f A Mln
33
22%
*2%
900
151«
45
100
934
17%
118%
*16%
17%
*334
17,100
13%
*4%
3%
10
8% 1st preferred
33%
3
3%
17%
*118%
26
400
15%
%
No par
USRubbe-Cc
*8
*25%
66%
66%
101% 101%
109%
*101
1,300
22
*13
5%
{U S Realty A Imp
6
Oct
21
6
10
Apr
Jan
3%May 21
48
...20
62%
15
118
182%May 14
6% Mar 9
3234Mar 11
28
Apr 25
100
Prior preferred
U 8 Pipe A Foundry
U S Playing Card Co
4% Aug
418 Deo
64% Deo
3% Apr
25*4 Apr
*37% Oct 31
85% Jan 3
June 10
165 May
234May
25% July
14 May
cl A..Wo par
conv
*%
*115%
20
800
9
63
*15%
2,800
7%
14%
*116
41%
U16
22
15
Partlc &
32
934
*107
*100
l",2o6
5
101% 102%
5%
6%
2934 2934
6
29%
13%
%
»16
15
"
*734
%
*13
380
...
%
%
*734
2034
10134
"""766
108
1C8
%
%
7%
150
33
*135
%
50
13
48
33
33%
110
*7%
2034
*99
120
1234
*47%
14%
2
*91
*117
13
*8%
4%
*11
24
15%
4%
15
1,100
1,000
73
9
2%
22
2%
2434
471
*46
U S Industrial Alcohol .No par
U S Leather Co..
__Wo par
21%
*99% 102
4%
*117
2%
24
5
50
%
136% 136%
2
103
2%
14%
2
*79
1,200
*8%
55
23
*64
27%
72%
*134
*53%
27%
*135
%
66
....
120
23%
23%
117
*10
50
100
Highest
share $ per share
ver
Mar 13
6
Vlcks Shreve A Pao Ry
*57%
*
66
28%
28
28
9
*44%
*22%
3134
44
*44
4334
U S
preferred....
Hoffman Mach Corp
% conv preferred
21
20%
21%
22%
21%
23
20%
21%
103% 10634 *103% 10834
139%
136% 136% a;136
34%
36
33%
35
3534
36%
*35%
36%
33%
33%
33%
33%
si«
22%
2134
106% 108
6%
4%
160
14%
*6%
63
115
73
14%
5%
115
19%
21
80
300
115
18%
%•
33%
22,900
28
115
115
17%
21%
21%
*71
36%
28
18%
%
*135% 138
*35
3534
36%
36%
17%
35%
17
22
10634 107%
*15%
29
18%
21%
*5i«
17%
36%
34
17
*67
600
*28
2%
8
*7
8
*%
%
24%,
17%
10
140
8984
87
34%
29
»16
*3%
26%,
*312
152
83
*57%
*118% 11834 *118% 11834
*17
17%
*17
17%
*101
1033s *101
103%
26%
*146
152
83
17%
*
*10634 109%
107% 108
500
19
102
102
102
"""766
17%
*17
*3
17%
18
:60
*146
I
*2
7%
$
7% Apr 11
May 21
3% Aug
80
Jan
5 May
5%May
No par
$6 conv preferred
18
*58
32
2434
19
19
2,900
18%
3134
*37
500 1
60%
934
32
26
234
8
*50%
5938
800
18
I
*634
3134
25%
2%
39%
1%
1%
59%
;
60
17%
1%
234
31%
26
*50%
/
6%
*6
1%
2%
15%
1%
1%
593g
134
134
1%
6%
200
47
*46
47
2%
39%
1%
%
15%
8
1%
300
75% 257,500
4,200
127% 12834
1,100
3134
32
*4%
*34
»i«
15%
31%
70
5,500
72%
5%
%
15%
*4%
*4%
%
*37
6534
10
%
■
10,600
%
*15%
*42%
Closed—
101
101
29
29
*13
;
30,700
86
70
*129
*7%
1%
23%
85
70
151
*114
*129
*129
1%
2234
63%
85
2,300
1%
85
32%
*27%
Stock
66
28% 29
2%
2%
23
23
117
117
*10
11%
*45% 47%
33%
33%
95
95
2834
2-%
200
*15%
16%
*
32
70
^2
2834!
34%
35%
28
28
114% 114% *114% 115
*421t
433i! 4234 4234
*57%
! *57%
32
61%
60
*79
»16
35% I
*28
17%
82
81%
*%
16%
17%
*15%
*49
*58
151
*146
82%
%
%
1%
1734
59
1734
58
69%
5,300
62%
6
59%
*49
55%
18
*17%
59%
300
32
23%
*46%
1%
5%
1%
1%
64
64
47
6
4,000
9%
834
31%
1%
*46
6
2,900
53s
64
67%
75
125% 128
*31%
32
*1%
1,800
24
5%
81%
70%
125
125%
31%
31%
1%
*5%
6
6
23
10
No par
share
per
65% Mar 14
6% Jan 3
June 10
6
3
U S Dlstrlb Corp cony pref. 100
U S Freight Co...
.Wo par
US Gypsum Co
20
100
20%
2134
82
66%
47
1%
1%
23 |
5%
3,700
6%
40
5%
*33%
21%
'
*1%
5%
32%
70
60%
*69
70%
125% 12534
31%
31%
47
*46
5%
3234
9%
61
70
140
63%
31%
32%
20%
683s
70%
124% 12434
3134
3134
69%
1,700
3,400
8%
1%
22%
82%
21%
10%
72
175
63%
29%
28%
360
69
8%
*31
31%
United Paperboard
10%
10%
5
5
No par
USA Foreign Secur
36 first preferred
100
j *170
63%
United Fruit Co
3
share
23
4
21
22
21
10%May 22
107%June 6
United Gas Improv't__W0 par
35 preferred
No par
United Mer & Manu Inc v 101
1,000
72
5
United Electric Coal Cos
United Eng & Fdy
Year 1939
Lowest
Highest
2 Sept
2734Nov
2%May
25%May
60 Maj
10
.100
Range for Previous
100-Share Lou
3%May 28
...6
Preferred...
3,000
174
103s
United Drug Inc
United Dyewood Corp
5%
90
% per
Par
4
4%
10
8
30
2,700
10%
10%
10% I
10%
67%
22
4%
300
115
4
*57
8X2
6312
31%
70'
*69
1
300
*87
834
5%
33%
*19%
4%
35ig
3,300
35,100
11%
280
|
90
174
*30
5%
5i2
*30
*30
7334
11
115
434
4%
9%'
1,600
4
3%
69%
434
37
10%
*87
177
700
73
115
9%
8%,
9%
68
*174
174% 174%
*174% 177
5%
5X2
11%
4,600
5
234
29
74%
11%
70%
Shares
4%
*36%.
37
115
4
4%
Range Since Jan. 1
On Basis of
Lowest
234
28%
4%
4%
89
8
10%
71%
10*4
7414
4
89
$ per share
29
36
EXCHANGE
Week
8
Nov.
5
3%
434
*234
11%
12
*114% 115
9%
934
3%
3%
92
*8i2
10%
9%
7414
70
12
j
$ ptr share
28
STOCKS
NEW YORK STOCK
the
CENT
Friday
7
Nov.
4%
3%
29%
4%
35%
70%
4%
35%
47g
11412 114X2
10
9%
3%
3%
4%
4*4
93
*9
4%
*2%
*27
28i2
NOT PER
Thursday
$ per share
$ per share
5
27*4
4*4
5
3
2%
212
2%
*25%
4%
*89
4
SHARE,
Wednesday,
Nov.
6
I
Sales
for
LOW
Saturday
2769
Jan
110
May
8
101
131
Mar
3
Sept
64x3
125
1*8 Jan
2%
Apr
Mar
*4 July
1% July
Nov
135
Jan
Deo
3% Sept
8
Oct
512
1512
Apr
23% July
Jan
98% July
4
6*8 Jan
Apr
85
Nov
23%May
101% Nov
Apr
9%
50*4
Jan
Jan
35% Jan 11
30*4 Sept
16% Feb
1412
Oot
7
Dec
1%
Deo
14% Mar
2% Jan
Dec
44
1
9% Jan 10
1% Jan 10
25% Jan 10
4% Feb 19
60
Jan
3
2% Sept 13
12348ept 13
33% Nov 8
2884 Feb 7
20% Apr 22
24
Jan
4
21
312
Deo
Feb
36
Mar
Jan
July
Apr
Apr
Apr
24%
JaD
Sept
6X3
19%
14*4
20
1%
32*4
3*4
Jan
28%
Jan
79
Jan
Apr
July
16
75
55X4 Aug
4
6%
58
3% Jan
13% May
35*4 Oct
1*8 Nov
4% Feb 23
29% Apr 16
Jan
20% July
Oct
110% Apr 12
85
Apr
107% Dec
116
Apr
9
96
Apr
112%
108
Jan
8
88
Apr
106
Dec
120
Oct
3
115
Nov
25%May
3
105i2 Sept
15% Nov
105
19%
Deo
Deo
Apr 29
40% Apr
4
2012
Apr
36% Nov
Apr
6*4 Sept
312
Apr
Ills Sept
Jan
%
2
Sept
28*4 Jan
28% Jan
16%
Deo
Apr
37
Sept
6
Jan
2%
8% Apr
1
118
Jan
140
18%
8212
Nov
126
37% Sept
121
Sept
145
Mar
2812 Deo
3914 Deo
39% Deo
Oct 14
42
Apr
Apr
Apr
July
100% Oct 16
36»8 Apr 9
74
Apr
Apr
97-,
38%
Oct
15%
Oct 31
80
Jan
80
Jan
45
July
78
Oct
37%May
IOI2
15%
Apr
Apr
May
38% Feb 13
39% Jan 3
x29
80
120
73% Nov
8
11% Apr 18
16% Nov 7
11% Apr 10
7%May 3
57% Mar 8
24%May 2
3%
3%
6*4
7%
70
Jan 11
Apr 22
Apr 13
Apr 22
Mar
6
121% Mar 1
34% Nov 7
42% Apr 6
24%May 8
102% Oct 22
95
Oct
2
8
65% Oct 31
129
Apr 9
93
Apr 26
56% Nov
25
Jan
3
19%
Jan
4
126% Sept 4
14
Apr 16
48% Jan 3
93%May 10
4
17*4 Apr 8
4% Apr 22
28% Jan
75
Oct
Oot
8i|
Dec
12% Mar
7
Apr
15*4
Oot
7
Jan
3% Sept
1*4 Aug
4% NOV
14
14
Apr
34*4 NOV
Sept
20% Deo
4X4 Nov
2% Aug
Feb
Feb
7% Sept
June
3%
2*8 June
6%
1
2% Aug
32
Aug
105%
Apr
15
Apr
36
Sept
10%
Apr
60% Nov
Sept
31*4 Sept
50% Jan
115
23%
47if July
74
May
69
43
11%
Apr
3812
53X2
124i2
8512
33%
21%
98
Apr
127
23% July
31%
Apr
85
Apr
75
Mar
18*4 Sept
9% Aug
30
Apr
74
May
21x4
Jan
Oct
Oot
Sept
Sept
Nov
Dec
Mar
Nov
Oct
Jan
12
Apr
66% Sept
92
Sept
34
Sept
22is Jan
2
Aug
3% Sept
17
Apr
yEx-righta. 1 Called for redemption
2770
Nov.
Bond Record—New York Stock
FRIDAY, WEEKLY
NOTICE—Prices
1940
9,
Exchange
AND YEARLY
"and Interest"—except for
Income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
they are the only transactions of the
week, and when selling outside of the regular weekly range are shown in a
footnote
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.
are
week's range, unless
in the week In which
Week's
Friday
BONDS
Last
Week Ended Nov.
8
Range
Sale
N. Y. STOCK EXCHANGE
Bid
Price
-
United States Government
rreasury 4%a
Treasury in
0
1944-1954 J D
1948-1958 Af 8
1941-1943 M 8
1943-1947 J D
Range
SaU
Friday's
114.9
7
20
....
102.10
108.11
6
Low
Week Ended Nov.
High
117 2
121.6
111.181166
111 16115.9
102 9
104.24
103.6
108.18
108.20
45
109.19
109.27
6
112.8
6
107.30 110.21
108 23112.13
"*34
109 14113.10
108 6
111.22
«1I2.15 112.5
1949-1952
*113.31114.4
1946-1948
9
Treasury 3s
1951-1965 M S 113
8
Treasury
Treasury
Treasury
Treasury
Treasury
1955-1980 Af 8
107 20113%
2%s
111.2
109.1
111.2
234
2%8..
1945-1947 M S
104 20111.2
110.1
109.19
110.1
9
2%s
1948-1951 M 8
*110.10110.15
1961-1954 J D lib"" 108.21
110
1966-1959 M 8 *109.20 108.6
108.8
106 20110 1
2 Ha
2%b—
Treasury 2Ha
1968-1963 J
..1960-1966 J
Treasury 2%s—
Treasury 2 Ha
Treasury 2 Hs
D
D
1949-1953 J
D
..1950-1952 M 8
D
1954-1956
Treasury 2s
1947
Treasury 2a
7
106.18 109.13
105 13108.31
109.1
"30
103.2
107.30
Mar
3s
May
15 1944-1964 Af 8
15 1944-1949 FN
3s
Jan
15 1942-1947 J
2Hs
Mar
105 22108.24
105 20 108.21
*103.16 103.20
103.16 105.15
*103.16 103.20
103 9
lHs Berles M___
106 4
108.12
103.1
D
104.25
102.17
102.17
100.5
102.17
Foreign
Govt.
&
102 H
♦Gtd Blnk fund 6s
...1947 F
A
♦Gtd sink fund 6s
1948 A
O
98%
102% 2306
88 H
102%
21H
♦Anttoqula (Dept) coll 7a A...1945 J
J
f 7s lat series... 1957 A
0
f 7a 2d series. 1957 A
0
f 7a 3d aeries. 1967 A
external 5s
1968 J
28%
20
29
40
68
J
♦External
20
21
*25
J
♦External at 7b series B....1946 J
♦External s f 7s series C
1945 J
♦External s f 7s series D
1945 J
21H
21
Akershus (King of Norway) 4a. 1968 M 8
0
♦External
bco s
♦External
Antwerp (City)
Argentine (National Government)—
..1971 M N
9%
*8%
.
79%
71H
Ry)
68
71%
60
63
60
63%
J
..."
7%
7%
7%
1
17%
<V
«.
«T>
52
70 H
45
61H
101
61
64 H
65H
77
96 H
95
87 H
87 H
53 H
50%
51%
55
20
38
49%
47
90H
51%
67
34
84
*9%
26%
26%
35
35
37
38 H
36%
38%
2
35%
26%'
35%
4
*26%
26%
"I'm
13
21
A
.1976 A
O
.1975 AfN
.1984 J
♦Public wks 5 Ha
♦Czechoslovakia (Rep of) 8s
♦Sinking fund 8a ser B
Denmark 20-year extl 6a
External gold 6%b._
**8
31%
49
49
*50
60
20
18%
17%
2
49
73
63%
55%
75%
75
50%
**4
50
76
50%
13
49
49
49
50
50
49
~50~~
50
1960 A
0
6H
2
13
91
12
12 H
27
32
102H
30 H 100H
35
108
26%
2
26%
15%
1.
7H
71
10H
23H
12%
85
47
8H
8H
18 H
12%
12
2
49
50
1
50
75
5
11%
27
1948 J
Estonia (Republic of) 7a
1967 J
J
Finland
1945 M
8
26 %
26 H
(Repubilo)
ext 6s
Irish Free State extl
4H
*55
65
10H
65
♦Jugoslavia (State Mtge
Bk) 7a 1957
♦Leipzig (Germany) s f 7s
1947
46%
49
76
49
38%
47%
49
16
39%
66%
63%
47
49%
37
41
66
25
40
67%
31
45%
47 H
50 H
47%
*32%
7%
8%
94
101H
93H
50%
40
....
7%
8%
92%
99%
92%
101%
93%
94
1
7%
14
2
8
25
69
101%
54
83
107
15
J
A
27%
0
1942 UN
11%
12%
1960
1961
Feb 1961
1961
♦Extl sinking fund 6s..8ept 1961 M S
11H
0
■
1962 A 0
1963 Af N
1963 AfN
12%
11%
*12%
11%
12%
11%
*12%
1961 M 8
1962 A
2
15
12%
1942 M N
Jan 1961
27%
27%
26%
1960
12%
*11%
*12%
11%
12%
11%
"26% "'2
26%
12%
11%
68%
69%
6
26%
J
♦External sinking fund 6s... 1960
7
89
88%
11%
J
F
*6H
58
31H
32
72 H
67
53 H
8
50 %
72 H
53 H
32
1954
66%
1943 M N
*2
*2
1933 J
J
2
11
14%
12
17
9
F
1943 F
A
53
12%
2
12
17
11%
1
10%
16
12%
10%
12%
10%
22
11%
9
16%
17
14%
12
16%
10%
14%
51
56
A
14%
11%
13%
9
Apr 1958 A O
extl 6s
10%
13%
7
f extl loan
extl s f 5S...1970 J
extl 6a
17%
26
15%
7
14%
68 H
53
82%
2H
%
2
%
2%
%
2%
7
53 H
56
51
4%
4%
63%
12%
44
12%
71%
40
23
71%
33%
90%
*14
35
89
29
2
52
35
23
97%
29%
23%
20%
97%
90
80%
26 H
33 H
29
20
80
*27 %
D'
1952 F A
9
48 H
70
35
*33 H
1
2%
2H
*33 H
A
2%
2
*50 %
50 H
1
2%
%
%
1
.....
60
4
14%
70
5
25
Municipal Bank
14%
44%
92
217
9H
17
13%
11%
58
78%
54%
91%
31 %
(8tate) extl 5s..1957
f 5s
♦Nuremburg (City)
23
8%
12
11%
33
30 H
S
1963 F
a
72
25
9H
1959 M
4s
10%
92
34%
...1958 Af 8
*41
17
45
2
30 H
*42
12
2
77
-
1952 A O
D
a
32%
8H
1954
1959 M N
External
9
9
20
12
1952 J
Norway 20-year
10%
9%
12%
♦6s series A
New So Wales
24
8
27
21
A
14%
4
8
♦Montevideo (City) 7a
27
6%
5%
58
49 H
33
27%
24
6%
6
25
32%
27%
9%
7%
7%
9%
9%
48
49%
.
1944 F A
1956 Af 8
1965 A O
10
75
12
D
20-year external 6s
External sink fund 4 Ha
External s f 4 Ha
1
12%
11%
13%
22%
14%
10
1
26
61
10
10
22%
7
(State)—
♦Sec extl s f 6 Ha...
a f 6 Ha
♦Sec extl
18%
26%
10
25
1945
11968
18
/
of 1910
30-year 3s
13
9
65
2
Milan (City.
Italy) extl 6Ha
Minas Geraes
82
4
27
D
96%
82
90
9H
28
*6H
L>,
Af 8
1954 J
78
80%
81%
J
of 1904
8
*10
63%
24
2
94%
82
21%
*1
J
J
20%
J
1967 J
J
7%
10%
J
I^Treas 6a of '13 assent
17
18
£.1946 Q
96%
93%
M S
25%
12%
1899.......1946 Q
of
10%
6%
12
*51*"
♦Lower Austria
(Province) 7 Ha 1960 J
♦Assenting 5a
♦Assenting 4s
♦Assenting 4s
20%
*8H
s f 6 Ha... 1954 F A
Extl sinking fund 5
Ha
1965 AfN
A O
♦Medellln (Colombia) 6
Ha..
Mendoza (Prov) 4s
read]
Mexican Irrigation—
♦4Hs stamped assented
♦Mexico (U8) extl 5e of 1899
8%
5%
63 H
Japanese Govt 30-yr
47H
15
*9%
I960 M N
5s
82
8H
109
*7%
*7
Italy (Kingdom of) extl 7a
1951
Italian Cred Consortium
7s ser B *47
♦Italian Public
Utility extl 7a..l952
14 H
26%
*7
18H
8%
92%
45% 118
69%
26%
j
78
27
40% 105
92
17
1
g_.____L_.i945
79
*7%
9%
73
16H
9%
j
fg
..1946
♦Hungarian Land M Inst 7 Ha. 1961 AfN
♦Sinking fund 7Hs ser B
1961 AfN
Hungary 7 Hs ext at 4 Ha to... 1979 F A
33
87 %
16H
Hungarian Cons Municipal Loan—
33
42
80
1%
O
(Republic) a f 6s ser A...1952
♦Hamburg (State 6s)
1946
♦Heidelberg (German) extl7%sl960
Helslngfora (City; extl 6 Ha
1960
3
59
14
Haiti
a f
63%
40
80
*51~"
14 H
16
40
90
34%
"71""
*
German Prov A
Communal Bks
♦(Cons Agrlc
Loan) 6 Ha
1958 J D
♦Oreek Government s f
aer 7a..1964 M N
♦7a part paid
1964
♦Blnk fund secured 6s
1968 y a
2
8H
7
23%
*48%
*
D
♦5 Ha
unstamped
1965
♦5Ha atamp(Canadlan
Holder)*65
♦German Rep extl 7s
stamped..1949 A
♦7a unstamped
1949
♦7 Hs secured a f
♦7s secured s
8%
106
German Govt
International—
♦6H8 of 1930 stamped
..1966 J
36
*50
*7%
*
1949
.
13
18H
J
1949
7s unstamped
72
MIV
1969 A
50
♦Frankfort (City of) s f
6Hs._.1953 MS
French Republic 7 Hs
stamped. 1941 J D
7 Ha unstamped
1941
External 7s stamped
J D
61
49
O
11
33
27
30
For footnotes see page 2775
32%
14%
13%
50
23
♦6s assented
32%
*27%
29%
81%
8%
26%
84%
♦External sinking fund 6a
3
27
82%
*68 assented
11%
50
94
Sept
10%
O
84 H
♦6s assented
1952
104
8%
1945 M N
94 H
82
♦Externa] sinking fund 6s
70
5Hs 2d aeries...
♦Dresden (City) external 7s
J
Jan
98
....
75%
75%
J
f 6s
7
13H
2d series Blnk fund 5 Ha
1940 A O
Customs Admin 5Hs 2d ser..1961 M S
6Hs 1st series
1969 A O
A
s
97% 102%
103%
93
101%
61% 62
24
*10H
1940 A
F
♦6s assented
201
75
"29%
52%
100
53 H
74
J
1944 J
♦Ry extl
—-
99 H
75
1942
_1961 J
♦6s assented
18H
103
A
—1955
External g 4Ha
Aim- 15 1962 A O
Dominican Rep Cust Ad 5Hi—1942 M 8
26-year 3 Ha
7-year 2Ha
30-year 3s
♦Extl sinking fund 6s..Feb
16
1951
50
J
1952 M N
♦6s assented
20%
102 H
102
103
32 H
1st ser 5H» of 1926
22
103
June 30 1945
49
♦Stabilization loan 7 Ha-... .1968 M N
on
*96 H
53 H
1977
49
J
.1967 J
♦6s Apr. 1937 ooupon
♦Chile (Rep)—Extl a f 7s
♦7s assented
A
1949
4 Ha external debt
49
D
.1976 F
•Carlsbad (City) 8s
1964
♦Cent Agrlo Bank
(Gcr) 7s
1950
♦Farm Loan a f
6s...July 15 1960
♦6s Jan. 1937 ooupon on..1960
♦Farm Loan s f 6s...Oct 15 1960
*101
12%
.1950 J D
Aug 15 1945
*15H
*101%
1949 F
50
12 H
Refunding sf4H-4Hs
5s
1951 M N
1944 M S
(Republic) 5a of 1904
External 5e of 1914 ser A
External loan 4 Ha ser C
14%
11%
11%
12%
12 H
External readj
4H-4H8
External s f 4H-4Ha
Canada (Dom of) 30-yr
4a...
39
11
26%
.1977 Af 8
♦Secured af7s
67
8
A
.1961 M 8
3% external a f $ bonds
Bulgaria (Kingdom of)—
55%
J
.1945 F
.1962 J
Buenos Alrea (Prov
of)
♦6s stamped
External s f 4H-4H8
27%
26%
49
16%
15%
14%
14%
14%
8
.1952
.1957 M 8
.1958 F A
f 6a
♦Budapest (City of) 6a
10-year 2 Ha
80
62 H
f 6 Ha of 1926— .1967
f 6 Ha of 1927.. .1967
s f 6s
79%
3
•*
-
-
8%
17%
62 H
53 H
.1949 M
Sinking fund gold 5s
20-year
13%
17%
.
s
13%
*8%
8%
A
.1965 J
External 30-year a f 7s
.1955
♦Berlin (Germany) a 16
Ha... .1960
♦External sinking fund 0s. .1958
♦Brazil (U 8 of) external 8a.
.1941
Brisbane (City)
9%
1958 M N
J
1967 J
♦Bavaria (Free State) 6 Ha.
Belgium 25-yr extl 6 Ha
External s f 6a
s
15%
16
O
1955 J
..1967 M
External g 4Ha of 1928
a
8
7%
7%
7%
1972 A
•Austrian (Govt) s f 7s
♦7s (Central
9H
9H
1972 F
8 f extl conv loan 4a Feb
8 f extl conv loan 4a
Apr
♦External
♦External
31
9H
9H
9 %
D
..1948 M N
Australia 30-year 5a
External 6s of 1927
9H
9H
J
sec a
8 f external 4H«
8 f external 4Hs
26%
20
♦El Salvador 8s otfa of
dep
..1980 J D
Municipal
Agricultural Mtge Bank (Colombia)
a
34
22
85
Now York
City
Transit Unification Issue—
8% Corporate stock
34%'
15%
20
15%
Sinking fund 5Hs._.Jan 15 1953
1
103,16
1946 M N
15 H
28H
65%
101.25103.11
57
28 H
22
71%
101 13 104 27
108.13
28
*21H
*21H
*21H
24 H
23 H
2S 106 23
108.18
28H
28H
71%
102
108.13 108.13
6%
26%
22 H
12
108.8
3
24%
106-23
108.18 108.5
13
8%
22 H
Cuba
3
J
13%
17%
14
24 H
♦Coata Rica (Rep of) 7s
103.16
9
D
107 30
42
O
14
16
12 %
O
1947 A
16
9
11%
1952 J
105.12
/
8H
10H
25-year gold 4%s__
1953 AfN
Cordoba (Prov) Argentina 7s.. 1942 J
J
Copenhagen (City) 5s
105.25
J
1942-1944 J
1945-1947 J
*6%
13%
11%
"lb""
D
16
9H
A
1017
102.2
1 1944-1952 FN *108.8 107.27
May
"lb"
13%
10 %
1947 F
103 4
Home Owners' Loan Corp—
9
...
S
11%
High
16%
10 %
S
Oct 1961
18
105 2
Low
1
1
11%
10H
Jan 1961
28
1 1942-1947 M 8
2Hs Berles O
1928
28
103.11
10 H
*11H
10H
U%
*10H
1951 J
♦Sinking fund 7s of 1927
Corp—
3Hs
3s series A
107.24
of
♦6b of 1927
105.25
102.8
2
*10 %
O
No.
11%
10H
11%
1960 M
1960 M
♦7a assented
105.12
103.11
Since
High
..
1962 FN
♦Chinese (Hukuang Ry) 5s
104.21
105.12 104.1
*104.29*104.29
1953-1955
Federal Farm Mortgage
103.13 109.24
103.15109.27
105.21
1948-1950
Treasury 2s
9
258
107.24
Range
Jan. 1
11%
10%
11%
O
1961
♦Colombia Mtge Bank 6Hs
♦Sinking fund 7s of 1926
109.27
*109.23109.28
Low
D
A
or
Asked
A
1962 FN
♦Chilean Cons Munlc 7a
♦6b
104.16110
109.24
108.31
♦6s assented
♦Guar sink fund 6a...
♦6a assented
105 24 109.19
103 24 108 12
107.31
107.24 106.28
107.30 107
1961 /
1961 A
106.23 106.4
1951-1953 1
Treasury 2Ha......
Treasury 2 Ha
18
Bid
♦Coiogne (City) Germany 6Ha. 1950 M 8
Colombia (Republ! j of)—
108
109*27
1945 J D
1948 M 8
Treasury 2 Ha
Treasury 2 Ha
"'27
♦6 Ha assented
♦Guar sink fund 6s
107 12110.1
111.14 el11.18
111.20 113
Price
8
Foreign Govt. & Munlc. (Cord.)
♦Chile Mtge Bank 6Ha
1957 J D
♦6 He assented
1957 J D
♦Sink fund 6Hs of 1926
1961 J D
107 16109.30
103.3
105 17
103.6
..1948-1949
Treasury 3s
No
121.11
108.11 108.8
Last
N. Y. STOCK EXCHANGE
Jan. 1
High
1O2T0 102.10
BONDS
Since
*115.12115.17
109.27
1944-1948
Week's
Range
113.30
...1943-1945
Treasury 3 Ha
Treasury 3 %8
or
Asked
121.3
114.9
1941
Treasury 3 Ha
Treasury 3 %s
&
Low
..1947-1952 A
.
Treasury 3Ms...
Treasury 3Ha
Treasury 3 Ha
Treasury 3 %a
Friday
FridaVt
21%
80
26%
26 H
9%
26%
Volume
Bank
Friday
Week's
Last
Range or
Sale
Friday's
BONDS
N.
Y
EXCHANGE
STOCK
Ertl deb 5%s
Oslo (City) s f 4Hb
He
-
103%
♦Extl s f 68 ser A
1963
1963
1947
1959
103%
_
♦Peroambuco (Stateof) 7s...
external 7s
63
♦Nat Loan extl b f 6s 2d ser_—
7
....
4%
10)4
19
4)4
8)4
3)4
9%
5%
3
4
7
*3%
*7%
_4
26%
1952
26%
Queensland (State) extl s f 7a
26-year external 6s
♦RhlDe-Maln-Danube 7a A
1941
1947
90
86
90
61%
61
61%
27
27
♦Rio de Janeiro (City
1946
1953
s
f 6s
1950
of) 8a
♦Extl sec 6 Ha
6%
4
♦7s extl loan of 1926
♦7s municipal loan
Rome (City)
*10
Sao Paulo (City
33%
8ydney (City) s f 5 Ha
Taiwan Elec Pow st 5 Ha
•Uruguay (Republic)
♦External » f 8s
8%
25%
10
15%
16
19
O
z
15%
14%
15
40
z
33%
36%
28
27
2
1 1946) due
Ref A gen ser F
to
D
J
2000
z
Ref g 4s extended to.. 1951
S'west Dlv 1st M (lnt at 3 % %
to Jan 1 1947) due...1950
z
A
*
cc
z
b
1
1960
...1964
51%
1955
♦Debenture 6s
ATN
5)4
25
87
63
Big Sandy 1st mtge 4s
.1944
Blaw.Knox 1st mtge 3%s
1950
Boston A Maine 1st 5s A C..1967
Ino
—
v
— -
Debenture gold 5s
1st lien A ref 5b series B
2
72%
b
2
77
77
77
41%
32)4
55)4
33
53
44
31)4
-
—
—
—
-
—-
--
-
-
8
13)4
__3
----
---
56
61
24
----
——
-
66)4
36 H
—
51)4
34
b
2
71
71
71
J
bb
3
70%
69%
70%
ccc3
18%
17%
9%
19
110%
109%
F
A
cccl
aaa4
A
7%
69
modified (Interest
2
46%
29
41H
Sale
Rating
N. Y. 8TOCK EXCHANGE
Week Ended Nov.
8
See
Range or
Last
Elig. A
BONDS
Price
i
Bid
t !♦ Abltibl
Pow A Pap 1st
58.1953
/
D
cc
4a
1951
4 Ha debentures
F
A
2
bb
1
50 h
bb
*30
♦110%
aa
107%
aa
cc
58
b
bbb3
bb
/
2
b
56%
cc
bb
bbb2
3
♦Alplne-Montan Steel 7a
1955
Am A Foreign Pow deb 6a—2030
M S
b
2
6 Ha—1949
Am Internat Corp conv 5 Ha. 1949
Amer Telep A Teleg—
20-year sinking fund 5Ha. 1943
MN
bbb3
Am Wat Wka A
Elec 6s ser A.1975
Anaconda Cop Min deb 4
Ha.1950
5
45
60
52
15
46
61
82
2
93
96%
78
80
53%
68%
87
149
69
96%
|»Consol gold 5s
92
58
80
222
100%
108%
166"
1*66%
56
108
108%
41
*101%
"53%
103
52%
103
100
1
53%
"34
103%
30
100%
6
105%
66
O
aaa3
110
109%
110
19
aaa3
109%
108%
109%
33
103% 110%
104%
4
93% 107
96
110%
J
bb
3
bbb2
104%
bbb2
O
A
*110
104%
104%
110%
104%
"12
2
30%
30%
47%
46
47%
F
A
aa
2
*105"
103%
105
J
J
aa
2
104%
104%
105%
27%
41
6
32
50
97%
99%
95% 105
95
105%
30%
1
bbb4
A
O
aa
bbb3
bbb3
J
D
aa
J
D
A..1962
J
D
D
aa
J
M
For footnotes see pave
2775.
J
J
S
D
a
aa
bbb3
/
bbb3
92
101% 107%
88
77%
15
93%
95
11
93%
95
A
x
aa
x
aa
J
x
aa
x
a
J
52%
70%
72
2
101%
J
x
aa
2
J
D
x
a
2
J
x
a
2
J
J
z
ccc3
M
S
x
a
MN y b
F A y b
"09"
106%
18
14
55
40
72
29
101%
7
68
70
35
63%
64
34
*20
1
3
D ybb 4
D z ccc2
104%
45
103%
104%
*95%
4
"64
100
"52"
52
52
87%
86
87%
*14%
"I
8
15%
*25%
A
z
ccc3
MN
z
cc
2
6
O
z
c
2
1%
1%
z
c
2
1%
1
F
1960
A
J
D
z
cc
2
*4%
J
J
z
cc
2
*2%
M S
x
aaa3
O
x
aaa4
A
J
1941
Certaln-teed Prod 6%s A...1948
b
z
ccc3
J
z
ccc3
O
...1987
1902
4s..1949
Through Short L 1st gu 4s. 1954
Guaranteed g 5s
1900
Central RR A Bkg of Ga 5*31942
z
/
x
a
A
ybb
O ybb
Cent Pac 1st ref gu gold
A y b
M N y b
MN
(1938 issue)..1950
Chesapeake A Ohio Ry—
1992
3 %s D..1996
3
2
111%
15
107%
70
x
bbb3
x
7
111%
5
51
10
16
17
29
15
28
14%
107%
69
*63
"43"
42%
108%
70%
21
77
67
43%
"147
86%
25
*50%
*106 26m
bbb2
3
6%
51
16%
2
3
3
"5%
*109
2
8
M
86
85
bbb3
105%
106
7
104
105%
104
1
M 8
x
aaa4
128
127%
MN
x
aaa2
103
101%
x
aaa2
103
102
103
x
aaa2
107
107%
x
101% 106%
102
104%
128
103
F
aaa2
E..1996
Ref A impt M 3 %s ser F—1983
Potts Creek Br 1st 4s
1940
R A A Dlv 1st con g 4s...1989
2d consol gold 4s
1989
M
Warm Spring V 1st g 5s..1941
Ref A Impt M 3 %s ser
x
M 8 y b
Champion Paper A Fibre—
M 8
S f deb 4%s (1935 'ssue)..1950
General gold 4%s
105%
54
J
Central N Y Power 3%s
Central Steel 1st g s 8s
106
J y bbb2
M 8
{♦Cent New Engl 1st gu 4s_.1901
{♦Central of N J gen g 5s...1987
♦General 4s
"95~~
A
aaa3
*116%
aaa3
*104%
...
19
86%
24
76%
92
96%
•Chic A Alton RR ref g 3s..
A
0
ccc3
10%
10%
"n
90%
97%
Chic Burl A Q—111 Dlv 3%S. 1949
J
/
aa
2
91%
91%
10%
91%
16
95%
95
96
1949
General 4s
1958
let A ref 4%s series B....1977
1st A ref 5s series A:
1971
J
J
aa
2
96%
96
96%
33
95%
1
a
104
100%
*110%
'110%
47
21
96
96
86%
110
96
104%
8
100
101
6
99
108
U0%
89
105%
101
111%
Illinois Division 4s
1949
8
*98
aaa2
18
3
85%
A
x
bbb4
74%
84%
71%
85%
74%
51
F
F
A
x
bbb4
83
81
83
25
M S
43
104% 110%
114
*112
114
96%
"98"
92
98
99%
100
93
100
Attention la directed to the new
Illinois Light 3%s
Ref A Imp mtge
32
95
"97%
aa
86
95%
104%
107%
144
44
97
97%
11
86
95
aa
J
105%
*94%
aa
5a
1946 J
Atl A Charl A L 1st 4 He A..1944 J
1944
86%
2
aa
J
Atl Knox A Nor 1st g
B
106%
86%
aa
Rocky Mtn Dlv 1st 4s
1965
Trans-Con Short L 1st 4a..1958 J
Cal-Arlz 1st A ref 4Hs
2
Nov
MN
J
1948
Conv deb 4 Ha
let 30-year 5a series
98%
Fe—
1995
107%
4
cc
bb
S
4a......1995
Stamped 4a
...—.—.1995
Conv gold 4s of 1909
1955
Conv 4s of 1905
1955
Conv gold 4s of 19101960
102
97%
96%
96%
aa
S f deb 4%s
/
General 4s
68%
105%
D
M
Adjustment gold
Cent
J
Q
Atchison Top A Santa
100%
91
95
aa
x
1946
89
44
10
aa
x
95
97%
x
93%
x
Cent Hud G A E 1st A ref 3 %s '05
A
MN
♦Mobile Dlv 1st g 5s
102%
100% 105%
24
D
♦Chatt Dlv pur mon g 4s..1951
104'«i«l09%
104
110%
1041Ji8 10413is
1995
4s
♦Ref A gen
26
107%
90
89%
aa
J
1945
58
108% 111
67%
18
95
x
B..I959
A O
5s series C.—1959
64%
17%
102
66
107%
0
{♦Cent of Ga 1st g 5s...Nov 1945
26%
104% 107%
104%
10
A
J
2
43%
"96"
bbb3
J
J
3
70
42%
67%
x
J
3%
69
0
♦Ref A gen 5%s series
aaa3
J
1944
1 1954
Collateral trust 4%s
1900
{♦Carolina Cent 1st guar 4s. 1949
Carolina Clinch A Ohio 4s__1905
Carriers A Gen Corp 5s w w.,1950
Cart A Adlr 1st gu gold 4s...1981
Celotex Corp deb 4 %s w W..1947
♦Cent Branch U P 1st g 4s.. 1948
59
58
5a..1964
Co (Del) 4s B...1965
4a ser C (Del)—.1967
{Ann Arbor 1st g
Ark A Mem Br A Term
1st m s f
b
110%
108%
MN
♦Anglo-Chilean Nitrate—
5 f income deb...
...1967 Jan
Armour A
105
1940
5s equip trust ctfs
Coll trust gold 5s-.Deo
99
2
Am Type
1
108%
80%
58
104%
aa
a
1961
1966
Founders conv deb. 1950
109
111
bbb2
b
3)4 s debentures
30%
*67
S
3)48 debentures
100
39
107%
60
97% 104%
98% 104%
58
82
"96 %
80
S
J
107%
27%
3%
4%
43
o y b
o x a
Sept 1951
J
Canadian Northern deb 6 %s. 1946
42%
*4
o y bb
J y b
1956
Guar gold 4%s
52
b
M
J
23
♦107%
bb
M
Amer IG Chem conv
50%
103
♦100%
bb
Mfg oonv 4a. 1952
A Ills-Chalmers
48
♦100%
44
cc
1955
Coll trust 4 %s
1948 M S
Coll trust 4s of 1907
1947 J D
A
10-year deb 4)4s stamped.1946
O
♦Adriatic Elec Co extl 7s
1952
D
Ala Gt Sou 1st cons A 5a—.1943
D
1st cons 4a series B
...1943
O
Albany Perfor Wrap Pap 6a..1948
O
6s with warr assented
1948
O
Alb A Susq 1st guar 3)4a
1946
A
Alleghany Corp coll trust 5a.1944
D
Coll 4 conv 5fl
1949
O
♦6s stamped
..I960
Allegh A West 1st gu 4a
1998 A O
M 8
Allegh Val gen guar g 4a
1942
A O
Allied Stores Corp deb 4)4a..l950
Adams Express colt tr g
104
2
z
Can Pac Ry 4% deb stk perpet..
RAILROAD and INDUSTRIAL
COMPANIES
44%
b
z
O
A
M 8
Guaranteed gold 4%s
Jan. 1
35
*109%
1970
Guar gold 4%s..June 15
Since
Friday't
A
Ask
8
111%
4
1900
1900
1962
Guaranteed gold 5s
Range
107%
4
Guaranteed gold 5s...Oct 1969
Week's
95%
107%
aa
Guaranteed gold 5s..July 1909
Friday
9
96
95%
aa
Canadian Nat gold 4%s....l957
Bant
19
a
...1955
Canada Sou cons gu 5a A
27
D
1952
Bush Term BIdgs 5fl gu
111%
113%
110%
♦Certificates of deposit
Calif-Oregon Power 4s
-
3%
4
110%
107%
MN
.1934
§♦ 1st A coll 5s
Bush Terminal 1st 4s
3
19
3
bb
z
1957
9%
96
bbb3
ATN
r
3% to 1940) due
bbb3
x
D
J
143
113%
111%
113%
3
a
49
110%
95%
bbb3
M N
{Burlington Cedar Rapid A Nor—
Consolidated 5s
1
O
1981
J
C.1987
Buffalo Rochester A Pgh Ry—
Stamped
9
A
Buff Nlag Elec 3%s series
3
45%
b
Buffalo Gen Elec 4%s B
49
27
S
1957
63
5
72%
M N
M
1
100%
72
1950
65
73
101
109%
100%
1st lien A ref 0s series A..1947
62 H
63
*3
—
109%
bbb3
Bklyn Un Gas 1st cons g 5S..1945 AfN»*
48
*10%
1952
external 7a. ....... 1958
♦4Ha assented
......
1958
Yokohama (City) extl 6s......
1961
•Warsaw (City)
aaa2
A
MN
41
421
68
D
Bklyn Edison cons M 3%a..l966
F
Bklyn Union El st g 5s
1950
42
*28
104%
103%
105%
F
{♦Boston A N Y Air L 1st 4s.1955
39
5
102
30
J
I960
ATN
mtge 4%s ser A. July 1970
53
50
a
J
22
38%
107
a
17
42%
106%
a
x
5
*43
109%
105%
x
1
40
42%
■■
107%
103%
3s ser G
I960
Consol mtge 3%s ser H...1905
51%
_38_"
8%-4%-4*i«s extl conv
...1978
4-4)4-4)48 extl readj
1978
3 Ha extl readjustment
...1984
♦
Venetian Prov Mtge Bank 7a..
1952
27%
109
107
1959
....
62
27%
*
15
35 H
....
"27%
27%
x
at
1979
0
A
Consol mtge
...
-
"30
*
AO
cccl
16 H
40)4
27
26
84
133
*105%
bbb3
Cons mtge 3%s ser F
40)4
354-4-4348 (J bonds of *37)
114%
27%
x
39%
41%
a a a .)
z
2554
15)4
114%
1952
♦Berlin Elec El A Undergr 6 %s '50
49
.....
40%
*69%
113%
132%
1
1
58%
40%
b
3
2
1
60
*55"
aaa3
3H
59
6
96%
*
z
1961
46
55%
96%
55%
b
x
1955
24
84
55%
2
z
1st g 4%s series JJ
23
45%
31
48%
bbb3
x
9
24
337
61
47%
ybb
x
1st mtge 4s series RR
.
16
59
4
1943
3%s
14)4
5)4
13
14%
3
b
z
%s.1951
♦Deb sinking fund 6%s...l959
cons
15)4
42%
283
60
aaa3
7
60
37
3
MN ybb
x
'
41
42
35%
3
7%
*50 ""
37
36%
15%
ybb
6)4
'
35%
ccc4
1951
Con ref 4s
1
6
150
96%
82
36%
ccc4
8
Sept 1 1946) due..1996
F
.Feb 1 1900
1st M 5s series II
*4%
278
41
ccc4
z
1i 8
M
2
*3%
342
37
(lnt at 1%
7%
7%
73%
35%
40%
Bell Telep of Pa 6s sertes B..1(N?
1st A ref 58 series C
196„
8)4
•
72%
36%
12 H
12 H
7%
73%
ccc4
3
20)4
27
92
3
13)4
,«-r
bb
b
4)4
35%
73%
bbb4
4H
15
72%
3
D
bb
6
10
96
73%
3
x
1054
102% 107%
1
96
y
5
44%
of) 6s
19
(lnt at 1%
Belvldere Del
15%
(I bonds of *37)
readjustment—.....1979
♦Vienna (City
105%
y
12
10%
*52%
external conversion
105%
105%
♦Berlin City El Co deb 6
16
3%s-4-4%s
external
D
22
24%
1961
♦External a f 6s
9
O y bb
A
1946) due...1995
ser
80
25%
......1958
1947
1955
1971
1952
extl 8s
to Dec 1
4s stamped
9)4
75%
75%
1951
H
34%
62%
74%
J
(lnt at 1%
J
due..1995
53 H
5
41
23%
29%
Beech Creek ext 1st g 3%s_.H)51
1
1946
Tokyo City 5a loan of 1912
External s f 5 Ha guar
A
1946)
Beth Steel 3%s conv debs
1950
♦7s extl water loan
1956
♦6s extl dollar loan
1968
♦Secured a f 7s
...1940
♦Saxon State Mtge Inst 7a
1945
♦Sinking fun g 6 Ha..
1946
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
1962
♦7s series B see extl........
1962
♦Silesia (Prov of) extl 7a
1958
Asen 6s
7
8
~56%
000
♦88 external
assented
5H
7
28
75
Battle Cr A Stur 1st gu 3s.. 1989
12
70
70
7
6
"29%
12 i
7
02
55
J
61
6
27
33%
r-4
1936
....
1
22
_55_"
1952
1957
♦6 Ha extl
♦4 Ha
9
19
77
41
61%
J
Bangor A Aroostook 1st 5s..1943
"
♦8s extl secured s f
♦Sllesian Landowner
11)4
....
10%
*5%
*5%
of, Brazil)—
secured a f
San Paulo (State of)—
>♦88 extl loan of 1921
10)4
13
6)4
10
9
9
*9
33%
1953
1964
(City) 6s
Santa Fe extl s f 4s
11)4
7
8%
♦February 1937 coupod paid
♦Saarbruecken
July 1948
04%
31
PghLEAWVa System—
4)4
10%
8
1952
1959
extl 6 Ha
♦Roumanla (Kingdom of) 7s
36
67
Toledo Cln Dlv ref 4s A.. 1959
1946
1968
1966
1967
♦6s extl s f g
33%
♦Conv due
98
5 H
Dec
to Sept
27
15
10
6%
6%
to
26 H
41)4
25
Ref A gen ser
13
103
59
6
7%
7%
7%
67
1st mtge g (lnt at 4% to
A
Oct 1 1946) due.July 1948
Ref A gen
26 H
11)4
11
Rio Grande do Sul (State of)—
♦8s extl loan of 1921
11
12
V
26%
64%
77
Stamped modified bonds—
11)4
6)4
8%
26%
14
Ref A gen ser C(lnt at 11-5%
6
5
9
9
7
1st mtge gold 4s
7)4
3
10%
■
9)4
3
2
3%
26%
26%
♦External
10)4
4
....
3%
3%
1963
1961
1966
1952
._1951
71
S
16)4
9)4
-----
4
70%
J
10)4
8)4
4
61
70%
Baltimore A Ohio RR—
33
*5%
55%
11
6%
*6%
69
54
Atlantic Refining deb 3s....1953 M
Austin A N W 1st gu g 5s...1941 J
6%
*13%
No- Low
50
67
54%
J
Atl A Dan 1st g 4s
1948
J
Second mortgage 4a
.1948
Atl Gulf A W I SS coll tr 58..1959 J
10 H
6
'
High
69
8
/
4)4
5)4
6
1950
assented
...
♦Porto Alegre (City of) 8s
♦Extl loan 7 Ha
♦Prague (Greater City) 7 Ha
♦Prussia (Free State) extl 6 Ha
53
'
1968
♦4 Hs
74 H
53
*6%
1947
♦4^8 assented
...
♦External sink fund g 8s
50
6
1940
1958
|* Poland (Rep of) gold 6s
♦4%s assented
♦Stabilization loan a f7s
82
6
1960
1961
♦Nat Loan extl 8 f 6s 1st ser
96)4 105)4
7
Ask
A
D
M
10-year coll tr 5s..May 1 1945
L A N coll gold 4a...Oct 1952 MN
50
Bid
FN
4s.July 1952
cons
General unified 4 %a A....1964
59)4
"_6%
Railroad & Indus. Co*. (Cont.)
Atl Coast L 1st
58
1
Friday's
Sale
Price
t
Low
75
_____
"""6%
See
a.
19 H
....
63%
00%
"•<
8
37 H
73
1963
♦Stamped assented
♦Ctfs of deposit (series A)
28%
65
39)4
41
40%
*26%
103%
*68%
-
Week Ended Nov.
High
29
39%
—
Rating
NO.
45 I
Range or
Elig. A
N. Y. 8TOCK EXCHANGE
Jan. 1
High
43%
43%
1953
1958
1955
1953
BONDS
Since
Week's
Friday
<
Range
2
Ask
A
Low
(Conct)
Foreign Govt. & Mun.
Oriental Devel guar 6s
♦Panama (Rep) extl 5
Bid
Price
8
Week Ended Nov.
♦Peru (Rep of)
2771
New York Bond Record-Continued—Page 2
151
column Incorporated In this tabulation pertaining to
bank eligibility and rating of Honda,
8ee k
New York Bond
2772
Bank
Elig. <fc
BONDS
N.
Y.
STOCK
Friday
Last
EXCHANGE I
Week Ended Nov.
Rating
Price
Since
Ask
A
TjOW
b
Range.
Fridays
Bid
Railroad & lndu». Co*. (Cont.)
{•♦Chicago 4 East 111 let 68.1934 A O
{♦Chic A E 111 Ry geD 58
1961 M N
NO. Low
BigJi
♦124 M
2
Chicago A Erie let gold 68—1982 MN
M
14%
13%
15
29
14 %
14
14 M
24
105 X
bbb2
8
J
{♦Chicago Great Weet 1st 4a. 1969
{♦Chic Iod A Loulav ret 6s.. 1947
♦Refunding g 6e series B..1947
♦Refunding 4s series C—1947
J
*25%
ccc3
19M
J
/
ccc3
ltf
19
ccc3
17M
18
6
7
50
1st A gee 6s
cc
2
♦
1st A gen 6s ser
J
J
cc
2
J
J
bb
2
07
♦Gen 4s series A —May 11989
ccc3
30
1 1989
11989
11989
11989
{Chic Mllw 8t Paul 4 Pac RR—
♦Mtge g 6s series A..-.--1975
♦Conr adj 6s
Jan 1 2000
ccc3
Chic Ind A Sou 60-year
*Geng3M8ser B.May
♦Gen 4 Ms series C.May
♦Gen 4 %b series E.May
♦GeD 4%s series F.May
6
6M
cc
c
19M
6%
07
10
10M
10M
A*
2
30
30
14Q
17
31
15M
31M
327
337
1
3%
7%
2M
(Cont.)
3
*107%
3
*104
104
1st mortgage 4Mb
1909
{•♦Den A R G 1st cons g 4s.. 1936
•♦Consol gold 4Mb
1930
{♦Denv A R G W gen 6s.Aug 1955
x aa
3
*108%
cccl
z
cccl
z
ddd2
IX
♦Assented (subj to plan)..
z
ddd2
IK
♦Ref A lmpt 5s ser B.Apr 1978
z
c
2
z
cc
2
{♦Des M A Ft Dodge 4s ctfs.1935
{♦Des Plains Val 1st gu 4 Ms_1947 M S
z ccc2
A x aa 3
O
x
3
aa
x
a
2
4
15M
10
12
ccc2
15%
11%
18 %
El Paso A 8 W 1st 6s
10M
19M
May 1 2037
♦1st Aref4%sstpd.May 12037
♦1st A ref 4Mb C—May 1 2037
♦Conv 4%b series A
1949
{•♦Chicago Railways 1st 6s stpd
Feb 1940 26% part pd„ 1927
{♦Chic RIA Pac Ry gen 4s.. 1988
♦Certificates of deposit
•♦Refunding gold 4a
1934
ccc2
11
J
D
cc
2
10 %
9M
J
D
cc
2
10
9M
c
2
2
2
cc
MN
bb
z
5
13
0
11%
10 M
34
0
10 M
■'■■2
13
6M
11M
11M
134
1M
4
♦41M
44 %
30M
9M
10 M
61
49
UH
13 M
15
13M
13M
ccc2
13%
cc
1
6%
6
7
z
cc
1
5X
62
c
1
5%
6%
m
z
6
7
31
4M
5%
24
%
1M
35
O
M~S
I960
M N
21M
8
z
A
16
12M
"31
1%
1
ccc2
z
deposit
1
186
19M
18
4
8M
7M
3M
8%
4M
3%
7M
H
2M
z
cccl
z
c
1953 A
1967 MN
z
bb
z
b
•♦3d mtge 4 Ms
1st lien 6s stamped
40
54
105X
103
"I08M
*105 M
108
107M
104
110
103 X
106
11
100% 106 M
"101M
100 M
101%
26
99% 101%
87
95%
87
96%
68
31
37
27
12 X m'mmm
22
109%
10
*10
109
rntmmmmmtrn
*109
'm im
m
106 X
107 M
107%
110%
110 M
«M«r m& m m
'
.
.
'
"
*84
105
10
105
104% 110%
1
....
59
13%
105% 110%
109% 111%
mm
*105 X
"107M
J
Ms.1901
Ms—1972
1st s f 6s series B guar
1973
1st s f 4 Ms series C———1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f 68—1943
76
y
"57""
b
bb
107
►i
x
aaa2
aaa2
aaa2
x
aa
x
aa
2
2
O
x
bbb3
O
x
72%
20
108%
54
71X
107H
o
m'm'mmmm
rnm'mmm
m
m
m
mm
75
mmmmmm
m'm
m mm
-
*.
m
111%
85
*105
107%
rnmrnm
81 X
"81%
3
86%
8
75
76
M
68
38
76
61
69%
■
*107M
mm mm
106M
105 X
3
79 M
79 X
3
17 X
16M
104M
104 X
105 X
105%
104M
105
Columbia G A E deb Ba.May 1952 AfN xbbb3
Debenture 6s
Apr 16 1962 A O x bbb3
m
J
x
bbb3
x
m
85 M
b
m
m.
aaa3
104M
mm
x
mm
mmmm
86 M
bbb3
O
mmmm
aaa4
*113
22
106%
80%
6
1968
1968
D
x
aa
37
29 X
4
J
J
x
a
3
1943
A
O
x
bbb3
Ms—1951
1951
J
J
x
aa
3
J
J
x
a
1
1
Conn A Pasump Rlv 1st 4a..
Stamped guar 4 Ms
Conn Rlv Pow s f 3Ms A
1901
109M
118M
122
mm
Conn Ry A L 1st A ref 4
mrnrnm
A
x
aa
3
3%s debentures
1946
x
aa
x
aa
8Mb debentures
x
aa
aa
*96
of Upper Wuertemberg 7b. 1966
*
x
bbb2
[♦Consol Ry non-conv deb 4s 1964
♦Debenture 4s...
—.—1955
♦Debenture 4s
1956
z
z
9
82
122
mm mm
mm
mm
mm
mm
mtge 3 Ms
1st
mtge 3 Ms
1970 MN
May 1
x
105M
105%
10
104
107
104%
107%
12
l05~"
106"" "~79
14
26%
102% 106%
"l05M
mmm~rn
mmmm
aa
108M
mmm mm m
1906 MN
1st mtge 3MB
x
aa
x
a
x
111
aa
9
106
Crown Cork A Seal a f 4s...1950 MN
x
x
15
15
14X
14%
75%
108M
109M
110M
4
1
1
13
1942 J D
J
1952 J
Cuba RR 1st 6s g
♦7 Mb series A extended to 1946 J
♦8e series B extended to 1945 J
Curtis Publishing Co 3s deb. 1955 A
x
bbb4
y
b
2
y
b
2
D y ccc2
D y ccc2
O x aa 2
J
aaa3
Cay ton P A L 1st mtge 3s. .1970 J
)el A Hudson 1st A ref 4s_.1943 AfN y bb 2
1
106
cccl
36
(Japan) 7s..1944 F
1960 J
1st A geD s f 0Ma
2
83
104 X
105%
"~~9
19M
21X
19 X
20%
104
22%
32
99 M
107M
106 X
52
M
51X
104% 109%
102% 109%
104% 111
103% 110%
104
107%
99% 104%
101
105%
3
17%
100
152
107%
110
54
104
*
36
36
1
45
cccl
b
3
c
J
6
36
*34
88 %
88
2
16M
*20
cccl
105 X
bb
4
b
2
2
——
32
105%
74
6
99
*33
aaa2
122
17
36%
104 K
72 M
12
37
89%
36%
*20
cccl
bbb3
X
....
*102
bb
*72
3
A
b
1
70
64
J
b
1
90
80
a
4
107
107
X
~70~~ ~15
6
90
107
105 M
107%
95
101%
100 M
93
101%
94%
85
94 M
J
bbb3
94 X
93 M
94%
100
J
bbb3
bbb3
106 M
100 M
105M
J
106%
100%
377
J
bbb3
86 %
J
1st mtge 5s series C
Gulf Mobile A Ohio 4s
.
.1950
..loan
Illinois Central RR—
1st gold 4s
86 X
21
six
86 M
81
87
4
81%
12
J
60 M
57
61
46-
J
36 %
32
36%
66
M
J
b
O
bbb3
104M
3
111%
MN
*85 M
2
cccl
36%
1
J
J
aaa4
125 H
125%
10
A
O
83 X
50
87%
7
bb
2
b
2
101
bbb2
ccc2
MN
aaa3
F
A
b
A
O
ccc2
A
O
J
87 %
3
aaa4
;
x
29
42
109
J
X
O
x
bbb4
:
x
bbb4
O
bbb4
►
*86 M
88
88
*35
2
41%
1965 MN y bb
►
J y bb
1952 J
bb
1953 MN
2
44
2
41
2
51 M
40
y
F
A
yb
_
108
11
40
110
5
88
70
40 H
42
....
39
42%
44%
112
42
42%
4
40 X
51
2
2
3
44%
*92
bbb4
M 8
X
125%
11%
M
11
110
5
30
29
125 H
43%
11M
13
52
101%
27
125 %
y bb
41%
132
37
M
19
52
40%
172
:
x
bbb4
SO
w-ww
:
x
bbb3
65
wwww
y
*61M
63
m*mm
*41
43
bb
4
Omaha Dlv 1st gold 3s
1951
St Louis Dlv A Term g 3s..1951
Gold 3 Mb
1951
y
bb
2
y
bb
4
*
y
bb
4
*
Springfield Dlv 1st
x
:
bbb3
y
3M8.1951
4
J
a
1955 MN y bb
g
165" "l3
J
111 M
36 M
1952 A
1948
63%
4
bb
1951
Aug 1 1966
Cairo Bridge gold 4s
1950
Litchfield Dlv 1st gold 3s..1951
Loulsv Dlv A Term g 3 Ms. 1953
2
bb
►
Refunding 5s
40-year 4Mb
20
m'im'mm
5%
O
1951 A
1961
64
X
O
1951
1st gold 3 Ms
Extended 1st gold 3 Ms
1st gold 3s sterling
Collateral trust gold 4s
5
114
86%
A
{•♦Housatonlc Ry cons g 58.1937 MN
Houston Oil 4Mb debs
1964 MN
Hudson Coal 1st s f 5s Ber A—1962 / D
Hudson Co Gas 1st g 6s
1949
Hudson A Manhat 1st 6s A..1957
♦Adj Income 6s
Feb 1957
Illinois Bell Telp 3 Ms Ber B.1970
*62
2
18
A
ser B1975 J
Gen mtge lnc 5s ser A
2015 J
Gulf A Ship Island RR—
1st A ref Term M 6s stpd.. 1952
Gulf 8tates Steel s f 4Ms
1961
Gulf States Utll 3 Ms ser D—1969
♦Harpen Mining 0s
.1949
Hocking Val 1st cods g 4 Ms.. 1999
Hoe (R) A Co 1st mtge
1944
1
c
27
107%
98 M
85 M
bb
Feb
♦Ilseder Steel Corp 6s
99% 101
102% 107%.
37%
....
104"
106
bbb3
35
40
7
*122
*103M
105 M
bbb3
46
31
20%
2
bbb3
Western Lines 1st g 4s
1951
111-Cent and Chic St L A N O—
Joint let ref 6s series A
1963
1st A ref 4Mb series C
1963
15
20
3
2
J
Refunding 4s
17%
18%
1%
39%
J
Purchased lines 3 Ms
Collateral trust gold 4s
111%
20
1%
General 4Mb Beries D
1976
General 4Mb series E
1977
General mtge 4s series G—1940
Gen mtge 4s series H
1940
Gen mtge 3Mb series I ...1907
18%
111
108%
1
/
18%
106
106
30
7%
Great Northern 4Mb ser A.. 1901
General 6 Ms series B
1952
General 6s series C
1973
75%
105
110
7
8%
cccl
Gotham Silk Hos deb 6s w w.1940 M S
Gouv A Oswegatchle 1st 5s._ 1942 J D
J
Grand R AI ext 1st gu g 4Msl941 J
Grays Point Term 1st gu 5s..1947 J D
11
2
108M
20 M
99 X
13
12
20M
mmmmrnrn
J
♦Sinking fund deb 0MS...194O J D
MN
♦20-year s f deb 0s
1948
55%
14
"i05M
22 X
19
111
bbb3
Cuba Nor Ry 1st 5 Ms
11
109%
109%
a
J
1T8 f 4 Ms debentures
1948 J
Crucible Steel 4Mb debs..—1948 F A
15%
109 X
104 X
mmmmmm-
1st mtge 3Ms
1969 MN
Continental Oil conv 2Mb..1948 J D
1SX
74 X
aa
x
110%
103% 107%
104% 108%
103
107%
105% 109%
Consumers Power Co—
1st
119
108% 110
20
mm mmmm
aa
88% 100
109
105
mm
x
40
106% 111%
109% 130 %s
103 X
ccc2
1965 AfN
1987 MN
27%
107
cccl
z
129
100
97% 105%
114%
110% 110%
113
107M
«.
1960
102% 100%
22
cccl
z
Consolidation Coal s f 6s
cccl
90%
82%
74%
66%
106% 108
99
43%
63
100%
38
3
99% 106%
3
3
62
*1M
1M
%
aaa3
♦Debentures ctfs B
Gulf Mob A Nor 1st 5 Ms B
35
....
....
100M
"~i
bb
♦Green Bay A West deb ctfs A... Feb
mmrnrn
109%
.....
64
61M
7M
IX
bb
83
cccl
1951
37%
107% 107%
103% 106%
66
83%
72
*35 M
"~7%
J
Gt Cons EI Pow
102%
104%
103%
107
104M
4
Consol Oil conv deb 3 Ms
mmmmm
103%
104
104%
A
45
104%
_____
107
104M
4
x
mmm
100%
109% 109%
109%
mmmm mm
1956
72%
109
4
8Mb debentures
1958
►Consolidated Hydro-Elec Works
50
2
103
*102M
103 X
D
♦Good Hope Steel A Ir sec 7s.1945 A O
J D
Goodrich (B F) 1st 4MB
1966
106% 108%
107% 108%
2
103%
*100
Gas A El of Berg Co cons g 6s 1949 /
J
57
107%
M
*100
Gen Am Investors deb 5s A.1952 F
Gen Cable 1st s f 5 Ms A
1947 J
♦Gen Elec (Germany) 7s
1945 J
J
109
4
1948
__
34%
*109
Consol Edison of New York—
8 Ms debentures
{ •♦Proof of claim filed by owner MN z c
♦Certificates of deposit
z
J x a
Fort St U D Co 1st g 4 Ms. —1941 J
3
Francisco Sugar coll trust 0s. 1950 MN y ccc3
ext 68.1934 J
58%
92
2-4s..1982
cons
{•♦Ga Caro A Nor 1st
37
3
35
91%
41%
1
13%
*108
mm mmmm
F
cc
05
*111
1
Commonwealth Edison Co—
Conv debs 3 Ms—
z
53
18
►Commercial Maokay Corp—
w._-Apr 1 1969 May y b
1
Gen Steel Cast 6Mb w w.„1949 J
{♦Georgia A Ala Ry 6s.Oct 11945 J
43%
471
103
2
cc
84
104
m
b
1970 A O
Colo A South 4Mb series A..1980 M N
bb
♦Certificates of deposit
Fonda Johns A Glover RR—
17%
79
107
103 %
ccc2
y
76
mm
mm
z
51
mmmm
mm mm
mm'mmmm
69X
J
4
a
z
1974
70
-
mm
'
mm*
*105
aaa2
A
mm
rnmmmmm
bbb3
mtge
122
'
mm-
x
M S
♦1st A ref 6s series A
'
bbb3
o
D
■'
*103 X
''"m 'mm
bbb3
A
14
mrnm-mmm
Cleve Short Line 1st gu 4
DolumbuB A Tol 1st ext 4a._ 1955 F
57%
mm-* mm m
x
mm
55
*106 X
*104 X
aaa2
x
84
55
72 X
x
6
76
53 %
55
Cleve Union Term gu 6
Debenture 6s.....Jan 15 1961 J
UolumbUB A H V 1st ext g 4a. 1948 A
75 X
*82
y
O
278
*93M
{Florida East Coast 1st 4Ms.1959 / D
91M
4» WWWWW
Firestone Tire A Rub 3Ms.. 1948 A
{♦Fla Cent A Pennln 5s
1943 J
18
"17%
89 K
*102
1942 M 8 xbbb2
1942 M S x bbb2
1964 J D y bb 3
f 6s stamped
32%
79
"91"
♦Ernesto Breda 7s
..1954 F A y bb
Fairbanks Morse deb 4s... .1960 / D x a
Federal Light A Trac 1st 5s.. 1942 M 8 x bbb2
6s International series..1942 M S xbbb2
30-year deb 0s series B
X
15X
15K
16%
16%
b
y
2
76 M
b
1938 M 8
2
c
z
51M
——
O
z
03%
Gen A ref 4Ms series B..1981
1st mtge 8Mb
30
*28
45M
Louis Ry
General g 4s
...1993 / D
General 6s series B———-1993 J D
J
Ref A lmpt 4 Ms series E—1977 J
J
Cln Wab A M Dlv 1st 4s..1991 J
St L Dlv 1st coll trg 4s—1990 MN
J
Cleveland Elec Ilium 3s..—1970 J
Cleve A Pgh gen gu 4 Ms B—1942 A O
Series B 3 Ms guar
1942 A O
Series A 4Mb guar
1942 J J
Series C 3Ms guar.....—1948 MN
Series D 3 Ma guar
1950 F A
A
Gen 4 Ms series A
1977
1st mtge 3M8 series
75
cccl
48
90 X
b
60
z
56 %
46
cc
*
36
47
33 X
26
60
*57
2
131
65
89
12
100 M
99%
106%
102%
32%
56 M
45
90 M
105%
102M
37%
♦63 M
45 M
31
106 K
102 M
76%
bb
90 X
88
105 M
107%
*90 M
31
4s series D
(Amended) 1st
30M
20
*146
75 %
35 M
bbb2
90 X
10
37 M
y
32 K
107%
31%
y
b
*107
2
4
2
1st 68.1960 J D y bb
Dec 1 1960 M 8 yb
aa
106 %
106%
17%
M
17
cccl
75
10
100
13
z
/
♦Erie A Jersey 1st s f 6s..1955 J
♦Oene8see River 1st s f 6s..1957 J V
♦N Y A Erie RR ext 1st 4s_1947 MN
s
100
cc
♦73
108 X
100
mm
ccc2
♦•Ref A Imp 6s of 1927
♦|Ref A lmpt 5s of 1930—.1975 A
1st Hen
mm
bb
%
67
mm'mm
38
z
5 %
80 M
07
108 M
45
*21
y
1
Cleve Cln Chic A St
w
conv
108 M
z
1
09
112
*34
4s priorl996 J
c
...1944 A
1st mtge 3%b series E
1963 J
3 Ms guaranteed
1951 M 8
J
1st mtge 3%s series F_.—1963 J
Chic A West Indiana con 4s. 1952 J
1st A ref M 4%b series D—1962 M 8
Chllds Co deb 6s
1943 A O
{♦Choctaw Ok A Gulf con 58.1962 MN
Cincinnati Gas A Elec 3%S—1966 F A
1st mtge 3 Ms
---J967 J D
Cln Leb A Nor 1st con gu 4s. 1942 MN
Cln UnTerm 1st gu 3 Ms D—1971 MN
1st mtge gu 3Ms ser E.—1909 F A
J
Clearfield A Mah 1st gu 6s..1943 J
Income deb
cons g
c
Guaranteed 4s
Income
♦Gen
bb
y
♦1st consol gen lien g 4s—.1990 J
♦Conv 4s series A
1953 A
♦Series B
...1953 A
bbb2
Chicago Union Station—
♦5s
{♦Erie RR 1st
z
z
Orleans 6s.. 1951 J D
Gold 3 Ma
June 18 1951 J D
Memphis Dlv 1st g 4s
1951 J D
O
3M
1965 A
5s stamped
y
♦Conv g 4Mb—
Ch St L A New
Income guar 6«
19%
10
D
•♦Secured 4 Ms series A.—1962
♦Certificates of deposit
Chic T H A So'eastern
18%
10 %
ccc2
J
♦1st ref g 6s
♦Certificates of
*14%
19
15M
1965 A
4M
107M
111%
107M
ccc2
4
108M
aaa4
stpd Fed lnc tax 1987 MN
♦Gen 6s stpd Fed lnc tax—1987 MN
♦4 Ha stamped
1987 MN
•♦Secured 6 Ms
,—..—1930 M N
1M
1M
15
49 M
x
♦Stpd 4s n p Fed lnc tax. 1987 MN
51
105M
107 X
J
18 M
18 M
IX
6
5M
5M
74 X
"W
10
74
106 X
ccc2
10
3
*71
aa
16
66
106
x
ISM
ccc2
:
7M
im
1M
5%
*3%
106
z
ccc2
7M
7K
IX
'■4
J
{•♦Dul Sou Shore A A tig 6s. 1937 J
Duquesne Light 1st M 3 Ms.. 1965 /
106 M
>
7
z
East Ry Minn Nor Dlv 1st 4sl948 A O x aa 2
East T Va A Ga Dlv 1st 68—1966 MN x bbb3
J x aaa4
Ed El III (N Y) 1st cons g 6s. 1995 J
Electric Auto Lite conv 4s.—1952 F A xbbb3
Elgin Jollet A East Ry 3MB.1970 M S x aa 3
1
,
107
aa
18
15M
15M
15M
16%
No. Low
x
10
♦Gen 4 %s
(*303
High
x aa
11
14%
11
Ask
A
Del Power A Light 1st 4MB—1971
1st A ref 4Mb
1969
15
ccc2
Fridays
Bid
Low
14M
{Chicago A North Western Ry—
♦General g 3%b
1987 MAT
♦General 4s
——1987 MN
1940
Range or
Sale
100
123
1M
Railroad & Indus. Cos.
Last
Price
a
Detroit Term A Tunnel 4 Ms. 1961 MN
O
Dul Miss A Ir Range Ry 3 Ms 1962 A
30
l&H
5
See
112
16 M
18
4%
1X ;Mv:T
Rating
8
Gen A ref mtge 3 Ms ser G.1960 M 8 x aa 3
Detroit A Mac 1st lien g 6s..1995 J D yb
3
♦Second gold 4s
1996 J D z ccc2
3
5
Elig. A
EXCHANGE
31
30 M
31M
71
29
30
STOCK
Week Ended Nov.
Detroit Edison 4Mb ser D.. 1901 F
Gen A ref M 4s ser F_
1905 A
30
30
Y.
9,
Auk's
Friday
67
29 M
30
3
O
20
28%
-3(>
ccc3
A
21
6
67
"so"
ccc3
A
30%
29
ccc3
P
19 M
105 M
19M
12M
12M
12M
3M
2
J
M N
series A
1966
B._May 1966
4s..1966
{Chic Milwaukee A St Paul—
10
5
J
♦
19M
86
37
26
123%
10M
8
105 M
25M
19%
ccc3
High
117
cccl
BONDS
N.
Jan. 1
cccl
♦Certificates of deposit...
Nov.
Bank
Range or
Sale
See i
8
Record—Continued—Page 3
Week's
__
48
rnmrnm
53
mm-mm
*70
92%
mm-mm
*63M
65
bb
3
ybb
2
44
42 M
44%
181
y
bb
2
41
127
cccl
39 M
35M
41%
z
35%
1
•♦Ind Bloom A W 1st ext 4S.1940
Ind 111 A Iowa 1st g 4s
1950
x
bbb3
*98
y
bbb2
*66
{♦Ind A Louisville 1st gu 4s. 1956
z
ccc2
35%
15M
"68""
2
15%
v.
i
.
▲
I
For footnotes see page
2775.
Attention is directed
to the new column
incorporated in this tabulation pertaining to bank eligibility and rating of bonds.
See A.
Volume
Last
|
Rating
EXCHANGE
See
8
Week Ended Nov.
l
Sale
Elig. &
BONDS
STOCK
Y.
i
Ilnd Union Ry 3Hs series B.1986
[Industrial Rayon 4Hs
1948
[Inland Steel 1st mtge 3s ser F1961
M S
Iron conv deb
|t*Int-Grt Nor 1st 6s
aaa2
....—
J
x
bbb2
105H1
O
x
aa
3
106H
105H
A
O y bb
2
100 H
99 %
11
100
106 H
97
8
7%
84
8
1
1
1H
ybb
z
J
z
cccl
6%
J
♦1st g 58 series C
1956
llnternat Hydro El deb 6s—1944 A
Int Merc Marine s f 6s
1941 A
z
cccl
*6H
y
b
3
54 H
y
72 H
J
y
ccc4
bb
M 8 y b
MN y bbb2
'loix
7H
1956
♦1st 5a series B
| Internal Paper 5s
Ref
s
ser A
A B.1947
1955
f 6s series A
| Int Rys Cent Amer 1st 5s B .1972
1947
1st lien A ref 6 Ha
| Int Telep A Teleg deb g 4Hsl952
I J*Iowa Cent Ry lBt A ref
James Frankl A
|
F
A
4s.l951
4s 1990
ref g 4s 1936
deposit—
A
tint C Ft S A M Ry
♦Certificates of
Kan City Sou let
O
21
44 H
138
22
47 %
b
$645) 1943
$925) 1943
♦Ctfs with warr (par $925) 1943
Keith (B F) Corp 1st 6s
1946
Kentucky Central gold 4s._.1987
Kentucky A Ind Term 4 His. 1961
"~67~~
J
3
*21
79
bbb3
*73
78
Plain
1961
J
x
1961
County El L A P 6S...1997
Co Lighting 1st 5s....1954
J
4Hb unguaranteed
Kings
1954
1st A ref 6 %a
A...—1951
Kreage Foundation 3% notesl950
{♦Kreuger A Toll secured 5s—
Uniform ctfs of deposit
1959
Koppers Co 4s series
{•Laclede Gas Lt ref A ezt
Lautaro
x
M S
1975
4 Ha A—1954
fund 4 Ha ser C.1954
Lehigh A New Eng RR 4s A.1965
Lehigh A N Y 1st gu g 4s
1945
Lehigh Valley Coal Co—
Cons sink
3
a
x
105 H
O y bb
A
A y *
b
F
F
A y b
F
A y b
A y b
F
z
cccl
6
7%
z
cc
6
6
z
cccl
"7%
6%
7%
J
z
cc
1
2%
3
1%
1949 M S
cc
2
y
bb
1H
53%
"l
43
59%
z
b
2%
*%
53%
84%
2%
z
84%
2
55
88
y
b
21H
20%
22
59
19
32
ccc2
U H
11%
12%
10%
82
7H
12
8
19H
15H
34
8H
16H
45
3
8H
13
21H
12H
20H
♦25-year
5%s
1978 J J
{♦Mo-UI RR 1st 6s series A. 1959 J J
Mo Kan A Tex 1st gold 4s
1990 J D
♦1st A ref 5 Hs series B
105H
5
ser
J
..1962 J
A....
y
1962 J
J
J J
A O
93
93
5
61
2
~
2
2
2
2
♦
1965
1st A ref 5s series A
97%
62
76,
38
62
58 H
60 H
48
38
60%
49 H
53
29
33
53
52
52 %
85
85
3
96
69 %
85
5
82
96 H
9
96
90%
53
39
79%
cccl
91 H
J ybb
A
M
8 yb
1978
cc
♦1st A ref g 5s series H
{♦Mo Pac 3d 7s ext at 4% Jul.'38
{Mobile A Ohio RR—
♦Montgomery Dlv 1st g 6s 1947 F
♦Ref A lmpt 4 Ha
1977 M
{♦Secured 6% notes
1938 M
Mob'k A Malone 1st gu g 4s.1991 M
Monongabela Ry 1st 4s ser A 1960p*
Monongabela W Penn Pub Ser
1944
5s debenture
1951
Louisiana A Ark 1st 5s ser A. 1969
Louisville Gas A Elec 3Ha.. 1966
Lou A Jeff Bridge Co gu 4s..1945
A
4HB--1945
4s. 1952
Atl Knox A Cine Dlv 4s..1955
♦Lower Aust Hydro El 6H8.1944
McCrory Stores deb 3 Ha
1955
^♦McKesson A Bobbins 5 Ha 1950
Maine Central RR 4s ser A.1945
Gen mtge 4Hs series A... 1960
Manatl Sugar 4s s f.-.Feb 1 1957
Manila Elec RR A Lt a f 5s. .1953
Manila RR (South Lines) 4s. 1959
$*Man G B A N W 1st 3HB.1941
Marlon Steam Shovel s f 6s..1947
139%
35
33 H
32 %
22
23
32
31
31
20%
37
8
8
y
b
55%
55%
55 %
1
48
N
x
aa
O
x
a
1965|A O
'86 J
y
bb
x
a
y
bbb2
y
b
1980 A
1st mtge 4 %e
debentures
J
Gen A ref s f 5s series A
1947
5% 1941
Mutual Fuel Gas 1st gu g 5s.
...
*106
25
105
112 %
8
103
104H
70 %
105%
75
bb
bb
42 %
"21
34 H
47 H
y
b
40 H
39
40%
15
27
44 H
yb
36%
36
37%
48
24 H
39
109H
11
104 H
x
~ii%
x
a
MS
x
108H
109%
aaa2
MN
bbb3
bb
*116H
60
70
Nash Chatt A St L 4s ser
A.. 1978
F A
49H
69H
J D
x
bbb2
30
48 H
a
106H
30
61
Nat Distillers
x
a
19
MN
M 8
A O
x
14
UNat Acme 4 Ha extended tol946
Nat Dairy Prod deb 3Hs w w 1951
104H
x
aa
J D
x
a
{♦Naugatuck RR 1st g 4s—.1964 MN
1948 J D
z
b
x
aaa3
z
cccl
z
cccl
46
50 %
"46 %
44 H
bb
50
78
z
ccc2
21H
20
21 H
118
8%
22 %
ccc2
22 H
21
22 H
54
24 H
23 H
25
31
bbb3
56 H
56 H
57
4
3Ha ..........1964
a
3
*115
bbb4
aaa4
"104 H
123
104 H
104%
122 %
123
aaa4
aaa3
3
bb
32
7
103H
3
107H
103%
107%
108
34
20
89
95 %
85H
97%
46
87
97%
97
aaa3
120
M
8
aa
3
♦109H
M 8
aa
3
*109H
103
110
106
112
108
12
"88%
97%
74
83
46
78
"107H
72 H
■
bbb2
104 %
1
103 % 104 %
107%
18
104 H 107%
*106 H
M
S
a
3
M
S
a
3
*113
J
J
bbb2
*85
MS
aaa3
F
A
ccci
A
O
a
2
"l05H
M S
*80 H
107
88
78
87
112
113
113H
73 H
86
106H
106 H
101
107
9
105H
105 H
"21"
25
Mich Cent
100
102 %
157
102 % 105 %
81
102%
1942
coll gold 3 %<t 1998
coll gold 3 '• t.1998
N Y Chic A St
Ref 6Has ries
A
C
b
2
102%
bb
2
77%
77%
78
4
70
81%
Ref 4 Hb ser es
J
D
b
2
52 H
52%
53
10
39
55%
4s collateral trust—
30
29
30 %
11
25H
46
1st mtge
aa
MN
J
z
1
*85 %
1
*40
72
ccc2
*19
O y b
3
93
2
90
y
b
J
z
ccc3
A
z
b
1
6s
15 H
"93"
90
64 H
Attention is directed to
"
106H
8
100 H
106 H
105H
3
102
105H
39%
63
mm
O
O
ly46
notes.........1941
debentures
1950
"7
3
*61 %
107H
106%
*67
60%
61 %
70
bbb3
x
bbb3
bbb2
34
62
4
105
68%
65%
m
7
104H
104H
104%
y
mmm
71
31
35
68 %
z
ccc2
*29
1
*28
ccc2
35
35%
b
35
*
1
35
"35""
♦
mm
"
m
s
"31H
33
33
34%
35 H
*18
37
■
62
45
102H 105H
101H 106 H
55
71H
33
30
23
39H
24
37 H
28 H
37 %
37
26
35
"35""
.....
""17
35
*30
"33""
60 H
'OH
I65H 109
78%
64H
25
30 %
z
122H 129
21
31H
b
43 H
I28H
12*
4
107H
104%
x
31H
11
129
36
7
126%
128%
3
ybb
39%
126
......
71
124H
43H
119
—
40%
""37
m
'
mm m
36
....
23 H
29
36 %
27
40
113
111
*113
116
64H
63
65
90 %
89%
90%
59%
57%
60%
688
38
65%
62%
66%
344
"l02
32H
38 H
25
43
85H
91H
60%
68 H
bb
3
63%
62
64%
143
42H
64 H
/
a
2
85%
84%
85%
100
J
3
98
97%
98%
69
68 H
85
85 H
J
bb
F
A
bhb2
63%
65
10
53H
66
F
A
bbb2
"60""
5%%
60
24
48 H
61
A
O y bb
3
71%
70
73
88
73%
8 ybb
3
60%
59%
61%
451
45H
38H
A xbbb2
88%
88
88%
41
73
88%
91
90 %
91
M
F
A
O
x
bbb3
A
O yb
J
J
2
89%
91%
*
92%
44 H
78
7
71
80
74
98 H
61%
«OH
91
66
92%
79%
79%
93
66
91%
99
*71
104%
105H
22
91
90
*
1974
1978
3Hs extended ti .1947
3-year 6°7,
92
a
S
A
Louis—
D
ccc2
2
MS
Debenture 4s
Lake Shore
104H
z
3 Ha
—1952
J
N Y Cent A Hud River 3 Ha. 1997
Conv secured
J
MN
aa
deposit
V'a z ccc2
♦1st 6s series C
...1966
z b
1
♦Certificates of deposit
A ~F z ccc2
♦1st 4 Hs series D
....1956
z b
1
♦Certificates of deposit
OA z ccc2
♦1st 5 Ha series A
1964
z b
1
♦Certificates of deposit
x aaa2
Newp A C Bdge gen ru 4 Ha. 1946
y bb
N Y Cent RR 4s series A
1998
ybb
10-year 3Ha sec s f
—1946
b
Ref A lmpt 4 Ha series A—2013
b
Ref A lmpt 6s series C_—.2013
104H 107
16H
*15
87
.
16
103H 107H
99 H 106H
106
z
1964
70 H
103
102
m--
""43
*122
bbb2
ybb
_
107
—
106 %
39
x
A
101 %
64
*65
y
J
m
106%
"40 %
1961 MS
♦Certificates of
89H
32
89
87
106%
w*m
105%
aaa2
ref A mp4HsA'52
A
Ser 1st 5s ser A. 1962
J D
1st A ref 5s serlee B
1955
J
/
New Orleans Term 1st gu 4s. 1953
♦let 5s aeries B
*101 %
aaa2
1935
3
67
67
X
New Orl Pub
93
104 %
3
J
F A
A O
Nor 6a A ....1983 J
J
{(♦N O Tex A Mex n-c lnc 6s
♦Certificates of deposit
10014
*101 "3!
x
N O A N E 1st
97%
92%
B
mm
'
1962 J D
RR guar 1st 4s. 1986
1st 4 H»—1960
New Orl Great
92 % 103H
96
/
6s. 1945 J
1945 J
N J Pow A Light
111H
91
97H
1st g 4 Ha series
N J Junction
110H
48
103
102
bbb3
3
75
~84%
83%
{♦New England RR guar
♦Consol guar 4s..—
Tel 5s A
New Eng Tel A
129H
86%
*127H
84%
Newark Consol Gas cons 6s.
120% 126%
122%
122 H
3
a
28 %
73%
110
105
90
63 H
51
96%
97 H
a
101
97%
97 H
bbb3
90
"97%
bbb3
bbb3
105
91 %
bbb3
bbb3
99
121H 127H
120H 131H
*89 H
bbb2
aa
68%
118
104H 104 %
100H 105
107
*
1
a
12
97%
96%
*104 H
b
"13
129H
129
3
aaa3
bb
25 %
40
109
Natl Supply
mm
109H
112'4 120
'
23%
ccc2
9%
10%
1949
3s... 1965
Prod 3 Ha
*43 H ~56H
"65""
*
"42H
75
bb
H
44
b
y
y
56
44
y
24 %
z
44
79
y
20 H
*70%
3
73
y
O
O
D
N
N
D
34 %
*70%
95 H 105 %
86
62
75
*40
*
ybb
30 H
Mut Un Tel gtd 6s ext at
110H
112H
110H
112H
km'mm
58 H
107,
110
M
44
103
106%
105H
30 H
bbb3
27%
25
*30 H
b
■'
15
b
J
Q
79
:
b
Stamped
April *40
1945
60
20
54%
J
Q
5
2
41
A
A
1
74%
17%
14
37 H
27
F
J
17
74%
44
30
b
"is i
21H
20H
21%
21H
37
79 H
z
12H
12H
12%
12H
37
94 H
z
2H
97
17
17
b
O
M
*16H
16H
z
series C
D
1st A ref 3 H a series E
Unlf mtge 3 Ha aer A ext..1950
Unif mtge 4s ser B ext
1960
Paducah A Mem Div 4s..1946
South Ry Joint Monon
'17%
69
17H
40 H
94
32
1
16H
z
2003
2003
2003
2003
Mob A Montg 1st g
15
17%
z
RR—
2d gold 3s... 1980
90
16%
37
Montana Power 1st A ref 3H»
National Steel 1st mtge
Lorlllard (P) Co deb 7a
17%
%
4
21H
21H
21 %
21H
44
19551A
Gen A ref s f 5s series B
1955. A
Gen A ref s f 4Hs series C.1955'A
Gen A ref 8 f 5s series D
1955 A
Morris A Essex 1st gu 3HS..2000 J
Constr M 5s series A
1955 M
Constr M 4Hb series B...1955 M
Mountain 8tatesT A T 3Ha. 1968V
32
16%
16%
12H
12H
12H
H
cccl
•ef
Montreal Tram 1st A ref 6S..1941
31 H
8
cccl
65
94 H
32
17
ccc2
67 H
32
16%
z
94 H
b
z
12 H
z
42 H
32 %
32
283
z
42
32 %
%
A
S
26
b
17%
b
MN
40
z
16%
cccl
65
b
2
1%
17%
ccc2
A
28
z
115
"I
ccc2
--
1981 F
♦1st A ref 6s series I
67 H
44
17H
1%
cccl
62 H
*33
J
J
27
*54 %
II
16 H
c
1949 MS
1980 A O
♦Conv gold 5Ha
64%
*39
7%
2%
M
%
1
cccl
28
3
6H
3H
17%
ccc2
NLN
65
b
z
7%
3H
4H
"1%
cccl
13
8
3H
1
67
*16H
2
ccc2
S
8
67H
2
J y bb 2
O x bbb3
208
.
16 H
17H
cccl
28
Dec y cccl
J
J
2H
2H
1H
H
3H
4H
ccc2
♦Certificates of deposit
91H
12
8
94
59
85
61
32
16H
~4H ~~8H
....
1%
10
10
ccc2
z
♦Certificates of deposit
4H
53
2
7%
9%
9%
y
F A
1975 M
1977 M
♦1st A ref 6s series G
108 H
60
52
4
{Missouri Pacific RR Co—
168
79%
10
93 H
7%
2
y c
♦Certificates of deposit
80
95%
26%
RR—
D
1978
♦Cumadjust 5sser A..Jan 1967
6s
—..2003
MN z
♦General cons 4 Ha
2003
MN z
♦General cons 5s.. —...2003
Leh Val Term Ry ext 5s
1951 A O
Lex A East 1st 50-yr 5s gu—1965
Llbby McNeil A I lbby 4s..1955
Liggett A Myers Tobacco 7s. 1944
5s debenture...
1951
Lion Oil Ref conv deb 4 Ha.. 1952
MN
Little Miami gen 4s series A. 1962
F A
Loews Inc s f deb 3 Ha—.—1946
Lombard Elec 7s series A
1952 J D
F A
Lone Star Gas 3 Ha debs
1953
A O
♦Long Dock Co 3Ha ext to..1950
M S
Long Island unified 4s......1949
M S
Guar ref gold 4s.........1949
M S
4s stamped............1949
2775.
J
J
J
100H 106
101
105 H
24
2
ybb
Dxi
MN
For footnotes see page
105%
95 H
bbb3
x
ext.1950
{♦Market St Ry 7a ser A
(Stamp mod) ext 5s
t {♦MStPASS M con g 4s Int gu'38 J
{♦1st cons 5s
1938 J
f ♦ 1st cons 5s gu as to Int. 1938 J
♦1st A ref 6s series A
1946 J
105 H 108
107
105
2
a
108"
105 %
O y bbbl
A
♦Gen cons g 4s
St Louis Dlv
I
♦Certificates of deposit
JLehlgb Valley RR—
1st A ref 4 Ha
*%
♦Certificates of deposit
stamped—.—....1944
♦1st A ref s f 6a
1954 F A
♦6s stamped
1954
y a
♦1st A ref s f 5s..
1964
♦5s stamped...........1964
y a
♦1st A ref 8 f 5s
1974
♦6s stamped
1974
7"j
♦Sec 6% notes extended to 1943
♦68 stamped
1943
f"a
Leb Val Harbor Term gu 5s-.1954
1st A ref 4s series
2
75
1H
♦5s
1st A ref 5a series B
2
c
2
103 H
157
*161«
108
*106%
108
Nitrate Co Ltd—•
Louisville A Nashville
c
z
Prior lien 4 %e series
68
8
M
Ha...1997
Lehigh valley N Y 4Hs
z
bb
M N
5s 1939
♦1st mtge Income reg
{♦Minn A St Louis 5s ctfs...1934
M S
♦1st A ref gold 4s
1949
♦Ref A ext 50-yr 5b ser A. 1962 Q F
♦1st A ref 5s series F
2
os_.........—.—1941
Lehigh C A Nav s f
73
♦General 4s
2
1942
Coll A ref 6 %s series C
1953
Coll A ref 5Hs series D...1960
Coll tr 6s series A
.1942
Coll tr 6s series B
1942
Lake
A Western RR—
5s extended at 3% to ....1947
Lake Sb A Mich so g 3
14%
*6%
1%
85
a
30
*17
80
a
15%
*14
80
aaa4
37H
2
80
x
^9H
26 %
cc
92 H
x
28 %
59%
26%
ccc3
90
x
67
*55%
27
%
94
107H
^97
ccc3
*70
J
107 H
106
107 H
z
*70
2
55
z
bbb3
J
Ref A ezt mtge 5s
2d guiu
O
3
a
90
67
z
x
A
x
96
65H
67
J
104 H 107 H
60
60
bbb3
x
S
40-year 4s series B
106 H
a
x
M
67
*94 H
2
8
15H
106""
x
1963
4
a
67
*66 H
3
x
ccc2
16
106 H
106 H
J
J y bb
ccc2
Missouri-Kansas-Texas
103
J
S ybb
b
14
J
J
MS
z
13 H
1961
M
z
109
102 H
3
1951
1952
C..1979
z
*11
MB y bb
52
52
52
O
70H
50
20
Stamped
Kings
3Hs
Prior lien 6s
103
cccl
D
69 H
105
*14
MN
z
D
38%
126
109
*11
cccl
z
♦Ctfs w w stmp (par
D
A
39%
50
31
70 H
68 %
108
108 H
aaa4
x
J
.
91 %
24%
"48
67
105
25
33 %
66
70
3
ybb
84
18
34
33
58
93
6
91 H
*30
bbb3
x
Apr 1950
1st 4s
1960
Karstadt (Rudolph) Ino—
stmp (par
"33 %
1
1
38
38
105
91H
1
b
57 %
103 H
104H
3
bbb4
ddd2
1%
6
12
1
1
56 %
2
z
Ref A Impt 5s
w w
107
z
Kansas City Term
♦Ctfs
25
27 H
cccl
bbb3
z
112H
35 H
90
5%
V%
18
33
M N
99
24 H
x
1960
gold 3s
82
22 H
z
O
A
1
27
D y bb
M S ybb
aa
x
t§*Mld of N J 1st ext 5s
1940
J
J|*M11 A No 1st ext 4H8—1939
J
♦{Con ext 4Hs
1939
M
t*Mll Spar A N W 1st gu 4s. 1947
:*Mllw A State Line 1st 3 Hs 1941 /
"24 H
/
x
74 H
76 H
103 H
90 H 105
95
70%
99
119
3
109
A
Michigan Consol Gas 4s
90
100 H 106 H
2
O
14H
10
5
111%
F
14H
b
.
M 8
Steel 4H« A1961
Kanawha A Mlcb 1st gu g
125
*85 H
3
1st gold
High
No. Low
High
106H
111%
A
37 H
53
"36
72%
104 H 105
78
78
78
Jack Lans A Sa- 3 Ha
2
b
J
F
Clear 1st 4s. 1959
Jones A Laughlin
A y bb
J
56
Since
106%
S
6H
103H
Range
Jan. 1
Bid
bbb4
x
M
6H
67 H
52 H
M S
Ref A lmpt 4Hs series
20
102 H
_
1955
Debenture 5s
ICC
Price
Friday's
A
Ask
Sale
See k
Mich Cent Det A Bay City—
16%
1
7H
♦Adjustment 6s ser
1955
Metrop Ed 1st 4Hfl series D.1968
Metrop Wat Sew A D 5 Ha-.1950
${*Met W Side El (Chic) 4s. 1938
♦Mlag Mill Macb 1st 8 f 7S..1956
97 %
78
3
44
1H
6H
A
100H
89
Rating
Low
Mead Corp 1st mfe 4%n
106 H
102 H
Range or
Last
Elig. &
8
Railroad & Indus. Cos. (Cont.)
High
37
33
EXCHANGE
STOCK
Week Ended Nov.
105 H
104
97 H
95
3
cccl
A
J
4s_.1947
ser A. .1952
A.July 1952
No. Low
106
106H
100 H
105 H
A
Y.
N.
Since
Jan. 1
105 H
*104H
J
■inspiration Cons Copper 4S.19621
I Inter take
x
11
ffioh
Lots
,
JRallroad & Indus. Cos. (Com.)
Friday'$
a
Ask
8*
is
BONDS
Range
Range or
Bid
Price
Week's
Friday
Bank
Week't
Friday
Bank
N.
2773
New York Bond Record-Continued-Page 4
151
52%
83
57
77
the new column Incorporated in this
tabulation pertaining to
bank eligl dlity a ii rating of bonds.
See r .
New York Bond Record-Continued—Page 5
2774
Friday
Bank
h-
N.
BONDS
■
Elig. A
Y. STOCK EXCHANGE
Week Ended Nov.
8
Rating
See
aa
5a seriee B
3
aa
4%sA—1953
—1953
..-.'.1961
Conv 6% notea
--1947
N Y Edison 3%s ser D--—1905
let lien A ret 3 Ma ser E...1960
N Y Connect 1st gu
3
——
55
ccc2
59 M
aaa4
109 m
aaa4
....
54%
124%
55%
10
68%
108%
109%
109%
aaa4
RR
Pow g 58-1948
gold 4a—1949
So. Low
.....
b
59%
109%
110
1
High
101
107%
104% 108%
40%
50%
5
27
N. Y.
Since
Jan.
High
40
00
104% 110%
7
105
1
:Y:
120% 120%
113% 118%
111
N Y & Erie—See Erie
N Y Gas EI Lt H A
Purchase money
aaa4
MS
{♦N Y A Greenwood Lake 6sl946
N Y A Harlem gold 3 %s
2000 MS
MS
N Y lack A West 4s aer A—.1973
MS
4%s series B
--.-.1973
MS
♦N Y L E & W Coal A RR 6 %b'42
♦NYLEAWDkA Impt 5s 1943 J
Branch gen 4s..1941
N Y A Long
M
z
117
15
16
16
2
*100
102
cc
x
aa
124%
_
y
bbb2
53%
y
bbb2
59%
z
b
53%
59%
90
J y bb
8 y bb
97
{♦Collateral trust 6s——1940
...1957
♦1st A ret 4 %b ser of 1927.1907
{♦Harlem R A Pt Ch 1st 4s 1954
48—1992
♦General 48————- —1955
1942
{♦N Y Prov A Boston 4s
A
43%
60
50
04
90
85 v?.
38
79%
66
v
-
105
85
cccl
85
,
15%
16%
10
20%
29
10
20
12%
19%
2%
24%
30%
72
12
23 %
6
68
74
cccl
cccl
cc
cccl
b
y
b
*17%
17
31%
29%
3%
1
*17%
2
5
115
46
10
17%
74
6%
4%
5
31
3
8%
2%
2
3
14
1%
4%
*97
2
2
-#» —
5
16%
73%
3
*52
•
-
52
-
-
85
-
52%
'i 3
43
86
x
aaa4
109%
109%
1
107
64%
110%
x
bbb4
1
105
108%
bbb3
106%
105%
106%
x
x
aa
106%
107%
z
cc
z
4
105%
107%
106
26
cc
10
z
bb
*53
aaa4
y
bb
2
y
bb
2
z
c
2
x
aaa3
x
a
4
y
b
1
5%
30
5%
12
1
10
6%
39%
----
2
106
107%
A
6s...—1974 M S
A—.1974 M 8
{Northern Ohio Ry—
♦1st gtdg 6s
1945 A O
♦1st mtge g 6e (stamped can¬
cellation of guarantee) 1945 A 0
Gen A ref 4 Ma series
111%
80%
92
67%
111
6%
1
108%
4
103
7
„
108%
102%
13%
2
13%
14
23
2
13%
13
13%
14
13
14
3%
0%
107% 112
107
109%
96% 104%
8
18%
7%
17%
11
x
ccc2
71%
13
10
73%
u
105
4
104%
104%
126
105
9
4
*105
aa
2
*115%
x
aa
2
*108
a
ccc3
64%
14
79
107%
....
*
—..
m
—
2
bb
bb
bb
74
43%
53%
64%
43%
50%
62%
44%
c
2
8
aaa3
a
4
M
8
a
*101
109
no"
a
4
a
4
109%
bbb4
*105%
Ontario Power N F 1st g 68—1943 F A
Ontario Transmission 1st 58.1945 M N
aa
Oregon RR A Nav con g 48—1940 J
Ore Short Line 1st cons g 5a. 1940
aaa2
aa
D
3
1940
aaa2
bb
2
D y b
3
D x aaa2
110
65
....
10
1
13
110%
109%
1
*117%
106
83%
— -
——
5
rn.mm.jm
-
-
—
—
60
112
111
111
1st A ref mtge 3 Mb ser I...1960
D
x
aaa2
110%
110%
{♦Pac RR of Mo 1st ext g 48.1938
{♦2d ext gold 5a
1938
A
z
bb
2
J
z
b
3
Pacific Tel A Tel
110%
75%
*74%
O
x
aaa4
J
1955 J
Panhandle East Pipe L 4s.-.1952 M 3
Paramount Broadway Corp—
-
x
ana4
x
aa
a
4
b
♦Paulista Ry 1st a f 7s
1942 M 8
Penn Co gu 3 Ma coll tr ser B.1941 F A
Guar 3 Ma trust ctfs C
1942 J D
Guar 3 Ma trust ctfs D
1944 J D
Guar 4s ser E trust ctfs
1952 MS
A
76%
iio"
111%
2
4%
4%
18
*3%
2
'l04%
17
.
...
'
112
112
106
1
107%
4
9%
2%
3%
18
104%
4%
105%
"86
102
102%
11
105%
102
104%
105%
4
103
93%
A
D
—1957 MS
1960 F
A
1963 F A
1964 MS
Series I cons 4%s
Series J cons guar 4 %s
Gen mtge 5s series A
1970 J
D
aaa2
aaa2
x
aaa2
x
—
aa
1948 J
Pitts Y A Ash 1st 4s ser A
1st gen 6s series B
O
D
b
—1902 F
A
x
aa
x
aa
.....
x
aa
y
bbbl
m m
'V--
*109%
112
104% 110
108
— —
-
110
108% 111
—
105
110
122
115
121
119%|
114% 118
99% 112%)
-----
23
112%
7
111%
104
99% 111%
20
*108%
57
58
~16
58
57%
58
58%
57
59
92
104
108%
108%|
40
63%
18
40
35
63%|
40
64
*105
102
106%
110% 117
3
1960 m a
•'
58
3
D
*110
103%
3
D
110
'
110%
104
3
y
109
*117%
110%
112%
2
x flft
•-
107% 108!
m + m
*119
2
1974 J
—.1977 J
1st gen 58 series C
1st 4 %b series D
—
—
1975 A O x aa 2
J x aa 2
1977 J
Pitts Va A Char let 4s guar. 1943 MiV x aaa2
Pitts A W Va 1st 4 %s ser A.1958 J
D y b
2
1st mtge 4 %8 series B
1959 A O y b
2
1960 A
*106%
*110%
*110
aaa2
x
-
aaa2
x
-
110
„
aaa2
x
—"
V-
-
aaa2
x
-
110
aaa2
x
'm
m
-
Gen mtge 5b aeries B
Gen 4%s series C
1st mtge 4%s series C
105% 108
"
x
x
1950 j
conv
j
x
j
z
*99%
"70%
"74%
bbb2
0s '42 j
*117
——
cccl
♦Certificates of deposit
♦0s stamped
1942
z
cccl
J
bb
cc
z
b
-
—
*106%
100%
4
64%
107%
59
100%
3
90%
17
81%
100%
1
68%
4
100%|
90%
81%
106%
110%|
90
109%
110
94%
97
16
2%
-
-
*75
-----
109%
153
-
153
*215%
109%
--
-
5
....
109%
2
104%
64%
91
97
2%
63%
-
7
91
79
3
2%
2%
109%
—
81%
104
~
97
aaa4
aa
-
-
4
aaa4
x
-
110
3
x
-
100%
100%
-
aaa4
x
Pub Serv of Nor 111 3%s
1968
Purity Bakeries s f deb 5s... 1948
—
-
1
x
-
«
2
z
-
aaa4
y
Public Service El A Gas
3%s 1968 J
1st a ref mtge 5s
2037
1st A ref mtge 8s
..2037
-
90
cccl
x
{♦Providence Sec guar deb 4s 1957 MS
{♦Providence Term 1st 4s—.1950 M S
---
-
cccl
z
z
y~j
♦Certificates of deposit
Potomac El Pow 1st M 3%s.l966
Pressed Steel* Car deb 5a
1951
-
^
....
.....
"77" ~133
,
6
63%
113
108
140
163
214
226
27
100
O
Penna
83%
ccc3
4s sterl stpd dollar May 1 '48 MS
Gen mtge 3%s series C
1970 A O
Consol sinking fund 4%s._1960 F A
1965 J
D
1968 J
Debenture g A Ma
1970 A
Gen mtge 4 % s series E
Conv deb 3 Ma
1984 J
1
16
45
4
*105
*
><p
aa
x
a
108
107
x
a
3
a
3
a
4
x
bbb4
x
aaa2
104
109%
108%
108%
*107%
*113%
*113%
94%
121%
aa
2
a
3
97
aaa2
a
3
'l07%
a
x
3
113%
50%
108
29
107
34
bbb3
y
bbb2
62%
62
Gen A ref 4%s series A
1997
Gen a ref 4%s series B—.1997
x
bbb3
78%
77%
79
x
bbb3
78
78
78%
7
110%
99% 105
64%
79
60%
79
62%
x
bbb3
102%
50
89% 102%
10
90
Remington Rand deb 4 %s w w '56 M S
4%s without warrants.... 1956 M S
72
99% 108
99
107
104%
"56
110%
108%
"50
105
97%
114
101
179
68
21
100% 114
101%
J
a
3
102%
100%
102%
1952 A O
x
bbb4
Peoples Gas LAC cons 6s.. 1943 A O
x
89
96%
91
106
104%
bbb4
1946 J
J
z
1940 J
j
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....
♦Rhine-Ruhr Water Serv 08.1953 J
J
z
El Pr 78.1950 MiV
J/N
O
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b
Apr 1990 Apr
st5%s._1974 F A
z
cc
x
a
7s
♦3Ma assented
♦Rhine-Westphalia
♦Direct
101%
101%
4
101%
-
-
103%
105%
104%
102%
60
47
*100
106
-
29
'?
90% 104%
103
110
104%
102%
z
....
z
10
4s s f conv
debentures
♦Rlma Steel 1st
s
..1952
z
M 8
x
bbb3
b
{{♦Rio Gr June 1st gu 5s
1939 J
{{♦Rio Gr West 1st g 4s...1939 J
— #
♦"
107
107
z
z
ccc2
— —
J
z
ccc2
-----
cc
x
2
—
-
—
49
8%
40
20
30
10
130
131
....
108%
iil"
....
105
110%
9%
mi
8
5%
131
x
aa
S
x
aa
*109
S
z
cc
6
O
z
cccl
J
z
c
2
*4%
6
J
z
cc
2
*4%
5%
Saguenay Pow Ltd 1st M 4%s '66
x
a
2
St Joe A Grand Island 1st 4s. 1947
x
aaa2
{♦Rut-Canadian
4s stmp__. 1949 J
{♦Rutland RR 4%a stmp—.1941 J
—. —
11
6%
*23
— -
10%
30
12
*109%
*109%
8
27%
103% 109
— -
-
33
32%
131
aa
1
27%
14%
1
27
13
12
*36
*7%
*
131
aa
x
.
26%
12%
12
107
*9
1
27
15%
----
29%
27%
27%
27%
A
z
"
"27%
38
34%
15
"27"
-
27%
D
8
104%
14
....
1
33
....
1955 F
17s
1
....
O
109
92
98% 103%
20
....
z
101%
-
254
104%
"27"
A
mtge 0s.........1952
♦Cons mtge 0s of 1928.... 1953 F
*00118 mtge 0s of 1930
1956 A
Richfield Oil Corp—
St Lawr a Adlr 1st
g 5s
2d gold 0a
..1996
ybb
1996
y b
St Louis Iron Mtn a Southern—
♦{Rlv A G Dlv 1st g 4s
1933 il/N z bb
88
— — —
—
5
21
-
12%
21
0
9
4
....
3
♦Certificates of deposit—..
z
J
9%
/
♦Certificates of deposit
♦Con M 4%8 8eries A
cccl
8%
1978
M~h
{♦1st term a unifying 5s_.1952 J
♦Gen A ref g 5s series A
1990 J
St Paul a Dul 1st con
g 4s..1988 J
{♦St Paul E Gr Trk 1st 4 %s. 1947 J
{♦St PAKCShLgu 4%s
1941 F
1972 /
65
59
65%
—
24%
68%
*37%
8%
8%
—■ — —•
....
69%
-
—
15
—
~5
69%
62%
96
7
14%
84
0%
14%
10%
28
8%
16
9%
10%
12
7%
15%
9
9%
8%
9%
cccl
9
8%
9%
54
7
216
b
26%
55%
cccl
bb
60%
65%
33
9%
,
-
49%
48%
mmrnm
43
10
10
cccl
♦Ctfs of deposit stamped
{♦St L S W 1st 4s bond ctfs. 1989 M N
♦2d 48 inc bond ctfs ..Nov 1989 J
J
St Paul Un Dep 5s guar...
9
cccl
1950 J
65
62
68
98%
108% 112
....
*22
"69%
"
cccl
♦Certificates of deposit
♦Prior lien 5s seriee B
70
*55
bb
{♦St L Peor A N W 1st gu 5s 1948 J
J z ccc2
St L Pub Serv 1st mtge 5s...1959 M S
y b
2
St L Rocky Mt a P 5s
J y b
2
stpd..1955 J
{♦St L-San Fr pr Hen 4s A... 1950 J
111
*53
64%
14
88
84%
*108%
*55
2
SAAAr Pass 1st gu g 4s
1943 J
Santa Fe Pres A Phen 1st 5s_ 1942 M
14%
13%
66
30
6%
54%
33
33
5
25%
38
15%
17
51
12
21%
14
7%
65%
82
65
66
2
1
J
ccc2
"10%
J
cccl
9
D
bbb2
J
cccl
A
cccl
J
aaal
9
—
-
—
9%
*73
85
*3%
3%
6
9
6%
115
*114%
330
134
79
224
79
96%
89% 103
89
75%
102%
91
115
Jybb
3
68%
8xaaa2
1940
J
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J
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1946
O
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O
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1989 MiV
X
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{♦4b g stamped
1950 A O
♦Adjustment 5s......Oct 1949 F A
{♦Refunding 4s
s
f 0 %8 series B
♦Stamped
67
cccl
—
cccl
— —
— — —
*44
—
"34"
6
107%
*33
— -
12
68%
107%
m
aaa3
O
♦Guar
68
13%
3%
5%
8
4%
110% 118
34%
33
....
3
34
.
'
—
——
— —
....
54
69
107% 109%
21
33
18%
28%
29%
47
49%
49%
46%
124%
49%
5
124%
2
ccc2
9%
9%
9%
3
z
cccl
9%
9
9%
z
c
2
*1%
1%
O
z
cccl
3%
3%
28
2%
♦Certificates of deposit.
•1st cons 6s series A
.1945 MS
z
cccl
2%
2%
1
z
cc
2
4%
4%
5%
119
2%
2%
z
cc
1
4
4
5
z
cccl
1950 A
1959 A
♦Certificates of deposit
{{♦Atl
*113%
116%
104
....
s t
Scioto V A N E 1st gu 4s
{Seaboard Air Line Ry—
{♦lstg 4s unstamped
114
93%
bbb2
bbb3
97
107%
x
a
bbb3
-
104
x
115
112%
103
aa
x
V-
-
x
81
106
b
bbb2
x
5 %s. 1954
{♦Schulco Co guar 6%s
♦Stamped
115% 121%
94% 107%
96
x
bbb3
x
101%
MiV
conv
110%
100
109 H
107% 109%
110% 115
1
103
z
B '01
x
—
Gen mtge 4%s series C—.1956 MS
Revere Cop a Br 1st M
4%s 1950 J J
111
29
114
97
90
104%
121%
91
ser
A
-
—
104% 104%
105
3
x
47
126
100"i»l02%
105% 106
102
107%
*104
110%
aaa2
x
*105%
106%
105%
*104%
*65~~
30
121
*I66»fe
aa
105
45%
aa
x
103
92%
aa
x
75
92%
*122
2
85
74
61%
a
♦Certificates of deposit..
6
71
103% 110%
104% 112
102% 103%
76
bbb4
1947 M 8
—
40
b
1981 A O
O
—
12
16
x
D
General 4%s series D
25
—
24
z
J
debentures
1974 F A
Pennsylvania RR cons g 4s.. 1943 M N
Consol gold 4a
1948 MS
14
53
60%
109% 113%
108
112%
105% 111
48%
x
A
A Ma
x
------
112% 118%
45
92%
aaa3
104
93
108
108%
105%
111%
92
48%
bbb3
103%
90
107
119
3
—
111%
101% 110%
107% 110%
107 m
16
76%
-
110
111%
103%
103%
"ioi"
D y bbb3
Pa Ohio A Det 1st A ref 4%s A '77 A
4 Ma series B
1981 J
110
2
x
1st M 8 f g 3s loan ctfs
1955 F A y
Paramount Pictures 3Ma deb '47 M 8 x
Parmelee Trans deb 08
1944 A O y
Pat A Passaic G A E cons 58.1949 M 8 x
4%
Gen mtge 3%s seriee H...1967 M
Gen mtge 3%s series I.... 1967 M
Gen mtge 3 %s series J
1969 J/
{{♦R I Ark a Louis 1st 4%s. 1934 M
♦Ruhr Chemical s f 6s
1948 A
68
111
2775
4
1
♦1st con A coll trust 4s A-.1949 AO
Roch Gas A El 4%s ser D
1977 M 8
113
—
1
112%
aaa2
see page
I
cc
104% 110
104
—
60
112%
x
8%
25
83%
D
95
46
—
107
82
1st A ref mtge 3%s ser H—1901
For footnotes
cc
z
107% 108%
105
109%
9
111%
*116%
3%
103
m'*mm
117%
60
105% 110%
95
106%
*100%
111%
00
40
51
-----
'111%
107
40%
5
U
75%
45%
68%
103%
aaa2
Ore-Wash RR A Nav 4s.....1901
69%
31%
3%
103%
3
"40% "40%
45
11
103%
aaa2
1st mtge A 4He.. 1902
72%
33%
109
J
Peoria A Pekln Un
z
F
....-
3%
*108%
106%
106%
D
4s..
108
12
J/N
19
57%
3%
D
♦Income
29
17%
4%
Rensselaer a Saratoga 6s gu.1941
78
110
J
{{♦Peoria A East 1st 4s stmpl940
100
109%
16%
Republic Steel Corp 4 %s
316
57
Oklahoma Gas A Elec 3%s._1966 J
4s debentures
1940 J
A
11
109%
109
37
54
56%
109%
4
Ohio Connecting Ry 1st 48—1943
Ohio Edison 1st mtge 4s.—.1965 M N
Refunding gold 6s
106%
109%
cccl
118
83
65%
56%
aa
bbb3
J
....
72
56%
x
X
M
General 4 Ma seriee A
General 5s series B
106%
aaa4
z
♦Rhelnelbe Union
m
73%
56%
y bb
1969 F
bbb4
x
114
45
*42
bb
D
.
112%
*42
bbb2
Ref A impt 0s series B
Lt 3 Ma
x
107
•
-
69
72%
117% 120%
102% 107%
101
106%
102% 108%
*70
ccc2
4a—1997
Gen lien ry A Id g 3s Jan...2047
Ref A impt 4 Ma seriee A—2047
A
D
1942 A O
..1942 MiV
Series G 4s guar....
Series H cons guar 4b
Pur mon 1st M
s
ccc2
2047
Ref A impt 6s series C
2047
Ref A impt 6s series D
2047
Northern States Power 3)4s.l907
Northwestern Teleg 4)4s ext 1944
74
*70%
125%
104%
126
x
x
North Pacific prior Hen
Pow
1967 J
107%
10G%
1945 MS
{♦Porto Rico Am Tob
78
c
.
1963 F
conv
14
1
c
♦Certificates of deposit
.I960 J
*117
*109%
2
Reading Co Jersey Cent coll 4s *51
North Cent gen A ref
28-year 4s
2
2
aa
—.1949 M 8
02%
1
142
z
4
Pennsyl Glass Sand 3Mb-
aa
aa
x
Phlla Electric 1st A ref 3%s.l967 M 8
{♦Phita A Read C A I ref 58.1973 J J
Port Gen Elec 1st 4 %s
1st 5s extended to
93%
90%
111
102%
9
----
59%
111%
111%
90%
93%
5%
111%
100% 106%
101
1
11
z
x
5
10
26
*8
c
a
Ef g 4 %s_
x
x
Series E 3%s guar gold
1949 F
Series F 4s guar gold—..—1953 J
23
x
Paducah A 111 1st
108%
J
aaa2
16
A
B—1960
Ref mtge 3%s series C
1900
*109%
A
x
15%
18%
31%
F
ser
aaa3
D
Series B 4 %s guar..
15
15%
4
3Ma
x
45
1974 F
Series C 4 %s guar
Series D 4s guar
14%
a
Pacific Coast Co 1st g 5s.—.1940
Pacific Gas A El 4a series G.1904
a
108
1977 J
1981 J
General 5s series B
General g 4 %s series C
General 4 %s series D
Phlla Co sec 5s seriee A
14
cccl
aaa4
Guar stpd cons 5s
x
5
V
64%
85 '
20%
x
Otis Steel
107
20
11
x
1st mtge 3 Ha
108%
11
14%
A
—.—,...1907
i
1972
45
3
37
aa
13
A
1st mtge 4a
83
108%
bbb3
16
ization manager).......1941
Norf A W Ry 1st cons g4s—1990 O
North Amer Co deb 8)48....1949 F
{♦Og A L Cham let gu g 4s..1948 J
74%
66%
71
14
.1959 F
72%
63%
64%
x
♦Ctfs of dep (issued by reorgan¬
Debenture 4s
74%
Phelps Dodge conv 3 %s deb. 1952 / D
Phlla Bait A Wash 1st g 4s..1943 MiV
♦Conv deb 6s
1
Ho. TjOW
67*
51%
High
66%
3
x
11%
O y b
{{♦Norfolk A South 1st g 58.1941 AfN
—.1954
Since
Jan.
3
z
46
1901
3%s
5.3
c ©
SQCQ
3
4 %s A '62 M 8
♦Ctfs of dep (issued by reorga.-
Debenture
Range
■a-
Asked
ybb
30
z
izatlon manager)
A
y bb
...1980 M 8 ybb
1st g 4 %s series C
Pitts Coke A Iron
cccl
D
♦Certificates of deposit
Pere Marquette 1st ser A 58.1956 J
1st 4s series B
1956 J
86%
15%
M S z cc
J D z c
A
Bid
Low
90
15
cccl
M N
4s. 1993 A 0
N Y Queens El Lt A Pow 3 Ma '65 M N
J
N Y Rys prior lien 6s stamp-1958 J
N Y A Richm Gas 1st 08 A—1951 MS
J
N Y Steam Corp 1st 3%s_.-1903 J
{{♦N Y Susq A W 1st ref 6s. 1937 J J
{♦2(1 gold 4 Mb
1937 F A
F A
{♦General gold 5s..—.—1940
♦Terminal 1st gold 5s..—.1943 MS
N Y Telep 3%s ser B
,—1907 J J
N Y Trap Rock 1st to
1940 J D
0s stamped
1946
{{♦N Y West A Boat 1st 4^8 1946 3 "j
Niagara Falls Power 3 Ma—1960 M S
Nlag Lock A O Pow 1st 5s A. 1955 A O
Niagara Share (Mo) deb 5)48 1950 MS
{ {♦Norf South 1st A ref 5s—1961 F A
or
Friday's
Price
See s
Indus. Cos. (Cftnf.)
1
v4
Range
Sale
Raxing
»*,&.
/
{{♦Philippine Ry 1st s f 4s—1937 J
♦Certificates of deposit.
Phillips Petrol conv 3s
1948 m'S
19%
19%
cccl
O
N Y A Putnam 1st con gu
14%
*14%
cccl
MiV
J
100
7
7
54%
I
8
1940
Week's
Last
Elig. A
STOCK EXCHANGE
Week Ended Nov.
Railroad &
Friday
Pittsburgh Cine Chi A St Louis
1947 M S
♦Non-conv debenture 3 %s 1947 M S
A O
♦Non-conv deb 3%s—...1954
J
J
♦Non-conv debenture 4s.-1955
♦Non-conv debenture 4s..1956 MS
J
J
♦Conv debenture 3%s....l958
♦Conv debenture 6s
..1948 J J
♦Non conv deb 4s
♦Debenture 4s..
16
61
*87
"85*
8%
RR—
{♦N Y New Hav A Hart
{♦N Y Ont A West ref g
124%
116%
BONDS
Range
Is
Bid
Low
N Y Dock 1st gold 4a
Bank
Range or
Friday's
A
Asked
Sale
(Cont.)
Railroad & Indu*. Cos.
let guar
Last
Price
i
Nov. 9,
Week's
A Birm 1st gu 4s
.1933
m'S
*8
114% 124%
36
--
34
--
25
11%
8
15
6%
15%
1
1%
6%
5%
3
8%
7%
9
15%
110% 116
111
118%
117%
13
49
50%
15
43
71
49%
49%
5%
15
43%
70%
5
9
3%
*108
110%
Attention la directed
10
100% 110%
to the new column
Incorporated In thia tabulation pertaining to bank eligibility and rating of bonda.
See k
Volume
Bonk
Friday
Last
Range or
Rating
Sale
Friday's
Bid
A
Ask
EXCHANGE
STOCK
Y.
Price
See k
8
Week Ended Nov.
F
A
z
10
99H
416
47 H
48H
14
27 H
70
70
99 H
4
97M
47 H
1
•
1H
A
z
7s.. .1941
Slle8lan-Am Corp coll tr
.1952
Simmons Co deb 4a
43
2
5
21
bbb3
103 H
Socony-Vacuum OH 3a debs.
South A Nor Ala RE gu 5s., .1963
aaa4
ioe %
106 %
x
a
3Ms—, .1962
x
aaa3
109 H
108 H
109 H
.1979
x
aaa3
106 %
105H
107
A., .1947
Southern Kraft Corp 4Ma_.. .1946
Southern Natural Gaa—
.1951
let mtge pipe line 4 Ms
So Pac coll 4s(Cent Pac coll) .1949
1st 4Mb (Oregon Lines) A .197
x
bbb3
*104 %
106
x
bbb3
102 X
3
17
104
106 H
*105M
So Pac RR 1st
D
bb
37 H
37
38 M
59
30 H
bb
45
43M
45M
77
35
b
39
37 %
112
30
50 M
b
38
36 H
39 %
39
424
30
50 H
b
Devel A gen
Devel A gen
O
.1950 A
J
65 H
129
83
95 H
58 %
42
76 H
81
7714
48
53
61 H
79 H
1st mtge 3 Ms series I
1966 J
83 M
40
57
84 H
West Va Pulp A Paper
3s...1954 J
73M
77
85
""28
77
76 H
107 M
23
108 H
26
104
105 H
104 %
105
15
105
106
41
100 M
105
100M
13
100
105M
10
103X 106 M
25
z
cccl
x
aaa4
x
aaa4
2
105 H
"m
bb
x
bbb3
1953
Texarkana A Ft S gu 6Ms A. 1950
Texas Corp 3s deb
1959
3s debentures
1905
Texas A N O con gold 5s
1943
Texas A Pacific 1st gold 5s..2000
Gen A ref 5s series B
1977
Gen A ref 6s series C
1979
Gen A ref 6s series D
1980
Tex Pac Mo Pac Ter 5 Ha A. 1904
x
aa
4
111
bbb3
90
89
x
aaa4
x
aaa4
4
x
aa
x
aaa3
x
105%
aaa4
11
25
111
x
a
x
23
111M
104H 111M
13
106 %
106
106 H
106 %
68M
21
bbb3
68H
67 M
68%
x
bbb3
68
67M
68
21
53 H
72
M S
x
a
89 H
89 H
90 M
20
88 M
58 H
1953
J
yb
A imp 3 Ms '60
Toi St Louis A West 1st 4S--1950
Tol W V A Ohio 4s series C—1942
Toronto Ham A Buff 1st g 4a_1946
Trenton G A El 1st g 5s
1949
Tri-Cont Corp 5s conv deb A. 1953
J
x
J
37
19 %
180
*93
72
72
3
148
40
66M
82 M
55 H
a
x
aaa3
*122"
I
*107 M
108 k
27M
27 H
14H
13 M
21H
60
99 H
1
UJigawa Elec Power s f 7s—1945 M S
Union Electric (Mo) 3M8- —1902 J
J
b
1
70%
70
70 %
9
x
aa
3
108M
108
108 %
14
♦
*4M
aaa4
1078n
107»n
"5
107 H 112X
104 M
104 H
32
110
x
Sta 58.1952 A O
United Drug Co (Del) 5s
1953 AT 8
aa
3
48—1944 M S
aaa3
2.15s
2.20s
2.25s
2.30a
2 36s
2.40s
2.45s
2 60s
2 56s
2.60s
2.65s
•Un Steel
114M
43
99 H
19
8
O
x
bbb3
J
x
bbb3
99M
3
99 %
aaa3
104 %
103 M
104 %
72
107
107
107 M
9
104 M
107 M
72
73 H
7
58 M
84 H
87 H
64
75H
77 M
90 H
aa
a
3
b
4
bb
99M
4
~86H
70
12 H
14
36
10M
70 H
72
45
60
18M
72
73 H
75 H
62
63 H
76
73 %
75%
73
51
76
27 H
10
10 H
27 H
50 H
52 H
34
35
64 H
32
50M
ccc2
13H
13H
z
cccl
13 H
72
75
74 X
2
30-year 5s
i960 M 8 yb
♦Westphalia Un El Power 08.1953 / J z b
52
2361 /
2301 J
J y bb
J y bb
1949 M
Registered
S
x
aa
A
x
bbb2
Wheeling A L E RR 4s
deb3Ms
114M
11
110 H 116M
105 M
106 M
114 %
106 H
71
90 H 106 H
bbb3
108
*95 %
aaa4
110M
105M
106 %
101H
b
ccc2
28 M
28
29
z
cccl
27%
27 H
27%
z
cccl
7M
7 H
z
cc
1
7
Wisconsin Elec Power 3Ms._ 1908 AO
Wisconsin Public Service 4s_. 1901 J D
x
aa
3
109M
x
a
4
J
z
c
2
1948 M S
x
a
4
list mtge s f 4s ser C
1901 MN xbbb4
4s..1949
•Certificates of deposit
{♦Wor A Conn East 1st 4 Ha.1943 J
MN
MN
MN
MN
*99 M
aa
100 H
*100
aa
*100
aa
*100
MN
MN
aa
*100 M
aa
aa
*100M
100
100 M
aa
*101
100
100H
aa
*100 %
100
101
aa
*101 M
100 H
101H
aa
*101 H
100 H 101 %
aa
aa
*101%
*101M
*101H
101%
Nov 1 1947 MN
May 1 1948 MN
aa
*101H
102
aa
*102 H
100 M
102 %
aa
*102 %
102 H
100
aa
*102%
102 H
100 H
102 M
102
aa
*102
aa
1 1948 MN
1 1949 MN
Nov 1 1949 MN
May 1 1950 MN
Nov 1 1950 M N
May 1 1951IM N
Nov 1 1951 MN
May 1 1952'M N
Nov 1 1952 M N
May 1 19531M N
Nov 1 19531MN
May 1 1954 MN
Nov 1 1954 M N
May 1 1955 M N
Wks Corp8 Ha A—1951
...Nov
May
100H 100H
100
100M
100
week,
n
29H
10
7
7
1
109M
109M
1
106
109M
*5M
no
4
107M 110M
104M
104M
105 M
105 M
87
104»32
13
10M
4H
4M
9
110
14
6
....
101M 109M
101
1O0M
*101H
aa
♦101H
*102
103
102 H
*102
Crown Cork A Seal 4Ms 1948, Nov.
Stock Exohange bond Issues
aa
103
aa
20
*102
103
aa
"16
H
100 M
102
18
30 H
34 H
20
33
34 H
20 H
20
36M
93 %
89
19
84
35
bbb3
104
103 M
104
44
96
104
bbb3
x
88
bbb2
MN
under
during current week
Bonds selling flat
the current week and not
7 at 111.25.
Odd-lot sales transacted during
e
Treasury 3s 1946-1948, Nov.
Included In the year's range.
Bank Eligibility and
k
Rating Column—x Indicates
those bonds whloh we believe
eligible for bank investment
Indicates those bonds we believe are not bank eligible due either to rating
provision in the bond tending to make lt speculative
in bankruptcy, or in process of reorganization.
status
or some
s
Indicates Issues in default,
The rating
symbols In this column are
by the four rating
based on the ratings assigned to
the bonds. In all cases the symbols
Where all four agencies rate a bond
number of agencies so rating
will represent the rating given by the majority.
differently, then the highest single rating Is shown.
A great
majority of the Issues bearing
each bond
quality and the numeral immediately
The letters Indicate the
agencies.
following shows the
symbols ccc or lower are In
All Issues
default.
in default.
bearing ddd or lower are
Transactions
the
at
Yearly
Total
State
Railroad A
Stocks
Exchange,
New York Stock
Daily, Weekly and
Mis cell.
104 M
103H
104 H
48
95
104H
aa
*109
109
109H
aa
*109 Ys
109
Number
Week Ended
of
Shares
Nov. 8. 1940
For'n Bonds
1,243,280
Monday
Sales
$2,665,000
5,178,000
$39,000
$270,000
$2,356,000
4,517,000
466,860
Saturday..
Bond
111
Municipal
Bonds
30 H
36
x
bankruptcy, receivership, or reorganized
securities assumed by such companies.,
No sales transacted
Friday's bid and asked price.
102 M
102 H
20
cccl
A
1961, Dec. 4 at 104.
{ Companies reported as being in
Section 77 of the Bankruptcy Act, or
100 H 103
103 M
101
H
1
88
1 at 101H.
Youngstown Sheet A Tube 4s ser c
102 %
35H
*
b
"36
1950, Nov. 29 at 104.
4s due
National Acme 4 Ms 1946, Dec.
100 H 103 H
103 H
100
103 %
*103
36 H
which have
29 at 103.
100 M 102 H
100 M 102 H
103
103
the dollar quota¬
exchange rate of
.
102 %
99 H
102 H
aa
aa
102 M
100 M
102 H
aa
102 H
102 X
100M 102 H
102 M
103
aa
101H
100 H 101H
100 M
102 M
only
current week,
a Deferred delivery sale;
Odd lot sale, not included In year's range
14.8484.
y
100 H
aa
1951
1951
♦3MB assented C
— 1951
♦Sink fund deb 8Mb ser A.1947
♦3Ma assented A
1947
United Stockyds 4Hs w W..1951
Utah Lt A Trac 1st A ref 58.1944
Utah Power A Light let 58—1944
93,000
568,000
HOLIDAY
Tuesday
—
Friday
4,462,000
10,853,000
9,659,000
1,038,000
351,000
749,000
215,000
5,388,000
12,242,000
10,623,000
6,749,160
Wednesday.
Thursday
1,209,320
2,078,770
1,750,930
$31,847,000
$3,267,000
$982,000
$36,096,000
284,000
642,000
109
Total
Sales at
Week Ended Nov.
New York Stock
Exchange
Stocks—No. of shares
1940
Jan. 1 to Nov.
8
1940
1939
Government
State and foreign
Railroad and
industrial
Total.
6,052,340
176,323,845
234,539,430
5982,000
3,267,000
31,847,000
$730,000
4,963,000
26,046,000
$35,255,000
183,821,000
1,123,812,000
$303,034,000
1,254,092,000
$36,096,000
$31,739,000
$1,342,888,000
$1,771,219,OOq
See
directed to the new col urn a
incorporated In this tabulation
pertaining to bank eligibility
8
1939
6,749,160
Bonds
30 M
14
100H 100 H
100 H
aa
♦3H8 assented A
♦Sec s f 0 Hs series C
1957
13M
1
Cash sale; only transaction during
r
transaction during current
*100 H
MN
F
100
8
Youngstown Sheet A Tube—
♦
100 H
aa
A..1955
112M
110
aaa2
z
gen
100M 106M
96
102
*112M
x
{♦Wis Cent 50-yr 1st
♦Certificates of deposit
15M
9M
13
101
3
Winston-Salem 8 B 1st 4s...I960
*
Nov 1 1945 MN
May 1 1946 MN
Nov 1 1940 MN
May 1 1947 MN
Attention is
11
15
15
2
cc
x
ybb
107
50
*47 M
z
1947
96
14 %
z
West Shore 1st 4s guar
91H
79
108M
10M
18M
A—1940 M S
♦58 assented
4
21
27
2
aa
1940 M S
ser
72
39
96
107
107
107
x
Western Union Teleg g 4 Ms. 1950 MN ybb
25-year gold 5s
1951 J D yb
99 M
92 H
101H 104 %
Corp—
Vandalia cons g 4s series
Cons s f 4s series B
O
139
91H
90 M
95 M
95 M
107M 112
103
98
been called in their entirety:
115
92 M
98 H
98 H
3
aa
Nov 1 1944 MN
May 1 1945 MN
1.95s
2.10s
•
113
114
debentures—
—
103
1 The following Is a list of the New York
3Hs debs...1955 A O
1.90s
103
100M 104H
United Cigar-Whelan
1.80s
110 M
103
tion
cccl
x
...19471J J
34-year 3 Hs deb
—1970 A 0
35-year 3Hs debenture
1971 MN
Ref mt«e 3 Ms ser A
1980 J D
2.05s
9
8
9
z
F A
1959.F A
4s
1.625s
110 H
a
S Negotiability impaired by maturity,
t The price represented is
per 200-pound unit of bonds.
Accrued interest payable at
105H 109
A O
Union Pac RR—
1.75s
110 H
x
96" "99M
y
1.60s
aaa3
7
x
128 M
110M
114M 120
104 M
-
*
.
121H 125
108
cccl
1.375s
J
D
8
-
104
b
1.25a
115H
27H
30
J y bb
"98"
*
4
z
1.125s
108 H
'105 %
aaa2
z
1.00a
127 M
108M
91 %
109 M
108 H
120
*114 M
4
70
I06H 109M
•" *• ••
r
81
93
72
A
2.00s
25 M
100M
x
M S
F
11X
"_5
45 H
95
44
44 M
I
bbb3
62 %
45
95
*101H
IN
.875s
—
1
108H
108 M
*126 H
{♦Su A Du div A ter 1st 4s. 1936 MN
x
8
I
J
59 H
18
3
ybb
A
56
19
2
bb
,75s
37
60
-
3
97 H
2
y
1.85s
10<M 110H
53 H
72 H
53 H
72
x
1941
1941
1942
1942
May 1 1943
Nov 1 1943
May 1 1944
31
-
-
-
—
aaa3
Conv
O
J
1
1
1
1
40 H
-
65
aa
Wilson A Co 1st M 4s A....1955
75
D
{♦Third Ave RR 1st g 5s...1937
Tokyo Elec Light Co Ltd—
May
Nov
May
Nov
10
aaa4
106
8
67 M
68M
cccl
60s
137
x
106M
55
J
b
,025s
46 H
40
x
103 H
1
A
y
Serial
90 M
43
x
102
181
75
92
76 H
18
y
U N J RR A Canal gen
78
56
D
Wheeling Steel 4Ms series... 1900 F
{{♦Wilkes Bar A East gu 58.1942
50
90
75
128 H
111H 115H
104M
75
101 M
122
"~3
106
105 M
bbb3
A
United States Steel
90
86 H
-
Conv deb 4s
x
O
J
United Biscuit
-
D
{♦Western Pac 1st 6s
101H 106M
100H 106H
113 H
81
54
113M
113H
3
D
A
1960
Jan 1960
1st A land grant
63M
85 H
3
1967 J
Gen mtge 3 Ms
West N Y A Pa gen gold 4s.. 1943 A
25
15
129
*127
4
J
{{♦Union Elev Ry (Chic) 58.1945
UdIod OH of Calif 6s series A. 1942
1
West Penn Power 1st 5s E—1963 M 8
Western Maryland 1st 4s.—.1952 A
1st A ref 5 Mb series A
1977 J
108 H 112
109
102
aaa4
M
101M 1O0H
59
80
63
14
81
90
46 H
52
221
9M
*56
-
-
104
95 H
9M
4M
•
80 M
94 M
57
9M
4M
*32
S y b
1941 M S z cc
60 %
4H
90
1948 M
59
9M
9
78 M
80 H
74
x
/
3sdebentures......
1955 A
4H
46
105H
105M
x bbb2
O ybb 2
O yb
38H
5
*4M
D
J
1955 A
13
45
2
22
5H
4U
4M
(Hiram) G A W—
1945
6H
45
4M
4M
——
Warren RR 1st ref gu g 3 Ha.2000 F A yb
Washington Cent 1st gold 48.1948 Q I y b
Wash Term 1st gu 3 Ms
1945 F A x aaa3
1st 40-year guar 4s
—1945 F A x aaa3
7
J
1952
cc
{♦Warren Bros Co deb 6s
*79
D
7Ms—1955
z
9H
13
7%
4H
4M
cc
58
z
♦Tyrol Hydro-El Pow
♦Guar sec ■ f 7
61
13M
14M
6M
-
cc
z
50 H
*77~"
1953
1st 6s dollar series
z
O
1980 A O
1978 A
63 M
J
Tol A Ohio Cent ref
29 M
41
5M
42 %
J
ref 4s
20
25M
cc
30
O
♦AdJ income 6s
48
10M
109M
102
35
44
z
5
110M
J y bb
30 M
20
«
163
110M
J
98
15M
b
Warner Bros Pict 6s debs
aaa4
IN
45 %
*10M
519
Superior Oil 3 Ms debs
1950
Swift A Co 1st M 3HS
1950 IN
J
J
Tenn Coal Iron A RR gen 5s. 195
Term Assn St L 1st cons 5S..1944
Third Ave Ry 1st
z
gen
6s debentures
x
Gen refund s f g 4s
43 H
17
*46
39
83
_
J y bbb2
1945
108M
Westchester Ltg 6s stpd gtd.1950 J
1961
deb 3a
2Mb debenture
Studebaker Corp conv deb 6s
68H
*28
49
J y bbb2
6s_1955
{♦Spokane Internat 1st g
Standard Oil N J
80 %
54 M
cc
Convertible deb 4 Ms
D
1968
70
66
cc
z
51 H
90
1
36 %
57M
77M
o ybb
1996
4s
1951
3 Ha B..1964
C
z
95
_
bbb3
x
o y bb
St Louis Div 1st g
1st A ref 3e series
J
High
111
*62 %
107 M
b
60
O y bb
1st g 5s
Div
z
Walworth Co 1st M 4s
J y bbbl
1955
40
15M
47 %
74
107
2
45 H
38 H
bbb2
x
2
108M
47M
J ybb
58.-1994
4a series A
1956
6s
1956
0Hs
1956
So'western Bell Tel
3
J y bb
1st cons g
Devel A gen
J
♦Omaha Div 1st g 3Hs—1941 A O
♦Toledo A Chic Div g 4S..1941 M S
53
4s_._1955
ref guar
1941 J
{♦Des Moines Div lst4s._1939 J
48 H
S
1st 48 stamped
Southern Ry
♦Det A Chic Ext 1st 5s
107M
104
O
J
.1946 J
10-year secured 3Ha
San Fran Term 1st 4s
b
♦Ref A gen 4 Hs series C
.1981 M N
Gold 4 Ha
z
Walker
No.
49
*80
2
J
102 H
97 H
High
491
49
ccc2
z
5Hs A'75IS
♦Ref A gen 5s series B
1970 F A
A
bbb4
A
1954 J
{♦Wabash Ry ref A
.1969 IN
Gold 4 Ha
1939 F
106
101
aaa2
1939 MN zb
♦Ref A gen 5s series D
M
x
♦1st lien g term 4s
101M 107
31
102 M
bb
{♦2d gold 5s
110M
71
bbb2
y
8'lst gold 5s
119
.1968 M 8
Gold 4 Ha
Mem
115
*117
ccc3
y
O
1958 A
aa
y
Since
Jan. 1
110H
110 H
x
Range
Bonds Sold
Ask
A
Low
M S
M S
2003 J J
Va A Southwest 1st gu 5s
1st cons 5s
102H 106H
x
x
3a debentures
27 H
102 H
.1964
Southern Colo Power 0a
55
14 H
2
Bid
Price
k
Co%.(Concl.)
Virginian Ry 3 Ms series A—.1966 M S
{Wabash RR Co.—
102H
xbbb2
.1950
South Bell Tel A Tel
67
56
103 H
Skelly Oil 3a debs
99 H
71
12 H
102 M
94
99 M 103 H
70
cccl
y
3M
93 H
....
.1946 F
♦Silesia Elec Corp 8 Ha
Railroad & Indus.
See
""a.
Friday's
Sale
Rating
|i
8
Range or
Last
Elig. &
EXCHANGE
Va Elec A Pow 3Ha ser B...1968
Va Iron Coal A Coke 1st g 5s.1949
4
IX
26
*1%
c
J x aa
Shell Union Oil 2 Ms debs,., .1954 J
J
D y b
Shlnyetsu El Pow 1st 6 Ms—. .1952
M S z
•Siemens A Halake deb 6 Ha .1951
STOCK
Week Ended Nov.
High
No. Low
2%
2H
2M
2M
c
Y.
Jan. 1
27M
z
A
N.
Since
05 «0
High
Low
(Com.)
Railroad & Indus. Cos.
{♦Seaboard AH Fla 6s A ctfs.1935
♦0s Series B certificates
1935 F
BONDS
Range
11
Week's
Friday
Bahk
Week's
Elig. <fc
u
BONDS
N.
2775
New York Bond Record-Concluded—Page 6
151
and rating of bonds.
uote
»
aOuve
214,093,000
New York Curb
2776
Exchange—Weekly and Yearly Record
Nov.
9,
1940
NOTICE—Cub and deferred delivery eaiee are disregarded In the week's range unless they are the only transactions of the week and when
selling outside
of the regular weekly range are shown In a footnote in the week In which they occur.
No account is taken of such sales In computing the range for the year
In the
following extensive list we furnish a complete record of the transactions on the New York Curb Exchange for
Saturday last (Nov, 2, 1940) and ending the present Friday (Nov. 8, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
the week beginning on
.
Friday
Last
Sous
Week
Salt
Par
STOCKS
Acme Wire Co common.
10
Price
Range
*
Lore
High
21
21
21
21
21*$
6%
for
Friday
Range Since Jan. 1,1940
Shares
Low
—1
1
Alnswortb Mfg common..5
Air Associates Inc (N J;__ 1
Class A
6M
Investors common...
Conv preferred
.*♦
Air
5*
6%
Class B
6
6%
220
13
200
20*4
July
7,300
1,200
4*$
4
Jan
May
11
10
Jan
11%
300
"2 %
2
2%
1,000
23%
23
23H
200
79
79
Warrants
Gt Southern..60
Alabama
79
Alabama Power Co 17 pf.»
102 % 162%
$0 preferred
Allegheny Ludlum 8teel-
93%
93%
25
May
90
Oct
10
82
May
22*4
Par
Jan
Mar
22*4
7
/
0*$
14*4
3*$
Mar
Beech
May
Bell Aircraft
30*$
Apr
"n
Apr
Oct
Apr
111*4
July
111*4
2
Feb
3
Investment
*$ May
2J$
Allied Products (Mich).. 10
Class A conv com
26
10*4
16%
17%
600
8
May
22
22*4
175
17
July
165*$
3,100
118*$
18*4
17%
6%
6%
200
Aluminum Co common...♦
160%
167
100
118*$
118
18*4
preferred
Aluminum Industries com *
Aluminium
6%
Ltd common.♦
preferred
6*4
79
80
95
100
American Beverage com.. 1
Co....100
American Book
81%
95
*$
300
138*$
Jan
108
May
10*$ June
150
5*4
1,000
42*4
50
May
May
Sept
90
»>«
300
7ie
34*$
35*$
110
34*$
4*$
35*4
4*$
100
Amer Box Board Co com.l
4
Oct
Nov
May
4
17*$
23
Class A common....10c
Common class B
1
100
10c
%
....*
*
14*$
Amer Centrifugal Corp—1
"""*$
preferred
16.60 prior pref
%
Feb
May
Oct
Sept
192*$
118*4
Apr
Apr
18*4
11*4
Nov
110?$
Mar
Feb
109*$ May
1*4
Apr
49*4
Apr
7*4
Apr
14*$
100
Jan
2*$
Apr
*$
Jan
*i«
Jan
14*$
13
May
65
""466
20*4
June
.
80
*$ May
Jan
Mar
*$
Jan
Am Cities Power A Lt—
Class
31
31
32
175
Class A with warrants.26
30
30
30
100
Class B_.
26*4 June
22*4 June
1
%
"ii
1*4
2,000
Amer Cyanamld class A. 10
Class B n-v
10
37*$
31
34*$
15*$
37*$
36*$
30
36 %
10,700
26
Amer Export Lines com..l
Amer Foreign Pow warr...
Amer Fork A Hoe com
♦
American Gas A Eleo
preferred
Amer General Corp
$2
conv
16%
'it
112*4
1
4
31%
12 60 conv preferred... 1
Amer Hard Rubber Co..60
"22"
Mach__.20
Amer Lt A Trao com
6%
26
preferred
'is
2,700
*4
112
13,400
Amer Mfg Co common. 100
675
4
3,500
3*4
29*4
31*4
31*4
31*4
125
21
22
350
18
"l3%
18
13*4
14*4
Amer Meter Co
•
200
1,500
~25%
22
25*$
""600
T.500
32%
30
32*$
500
Pneumatlo Service.*
Amer Potash A Chemical.*
American
Republics
10
Amer Seal Kap common..2
Am Superpower
Corp
»
com
"69"
5%
4%
he
1st 16 preferred
.._*
$6 series preferred
*
American Thread 6% pf._6
Anchor Post Fence
..*
A ngost ura-W upper man
"67*4 "69*4 """250
4*$
6
4*4
4%
400
he
10*4
4,300
66%
13*$
16,
•ii
"""260
1
12
200
"12"
12
,
100
112*4 113*4
1
140
'n
*$
2*$
1,400
Common cl A non-vot—*
2*4
2*$
2*$
7,600
8*$
8*$
300
4*4
5*$
5
300
5*$
400
6% preferred
10
Arkansas P A L $7 pref...*
Aro Equipment Corp ...1
Art Metal Works com....6
Ashland Oil A Ref Co
1
Common
%
1
*$
*4
600
May
*4
Mar
June
May
2*$ May
1
May
54 May
8*$ May
113
108
May
60
Oct
4
Apr
"~2*$
25
00
10
"2*4"
"MOO
16*4
17*$
110
"u
*$
36
4*$
15*$
300
4
Jan
2
900
3,200
3*$
Bridgeport Gas Light Co.*
Bridgeport Machine
*
2*4
Preferred
3%
5
3%
5*4
300
200
26
13
Warrants
16
225
""% ""% """loo
3*$
com.
30
3*$
29
7*$
32*$
Baldwin Rubber Co com.l
Jan
Cable Elec Prod
Jan
5
1*$
Basic Dolomite Inc com__l
Bath Iron Works Corp
1
Calamba Sugar Estate. .20
Calllte Tungsten Corp
1
Camden Fire Insur Assn. .5
7% partic preferred
25
Can Colonial Airways....1
Class A voting
11?$
Aug
Canadian
6*4
Mar
.......
common
'ii
Jan
*$
Jan
5*$
*$
Jan
Carrier Corp common....1
Apr
hi
Feb
Casoo
2J$
Apr
Castle (A M) common. .10
Catalln Corp of Amer
1
July
1*4 June
108
12
June
Oct
»i« May
2
Oct
4 J$
Apr
23*$
Jan
0
Feb
2*$
Mar
May
11*$
1*$
4*$
Nov
May
Sept
19*4
May
Products
7% 1st
partlc
pref
6*4
2*$
Aug
Jan
*$
Jan
J$
June
1*$
Jan
Cent Ohio Steel Prod
1
Cent Pow A Lt 7% pfd 100
Cent A South West UtU 60c
3*$ May
3*4 May
15
Aug
6*4
Feb
Cent States Elec com
7*4
Mar
14*$
5$
2*$
Jan
July
Aug
20
Mar
18
Sept
see page
2781.
3*4
Apr
Apr
Mar
Apr
Jan
49
Jan
4*$
1*$
May
44*4
Nov
Oct
JaD
May
17
Apr
20*$
Feb
10
A pr
Mar
500
100
800
1*$
11
400
20*$ 21*$
99*$ 100*$
2,100
12*$ xl4
2,900
1
*4
*$
*$
450
500
1
Feb
Mar
July
22
Feb
May
lt$ May
8*$ Sept
1*4 May
36
May
June
1*4
Nov
6*4
July
Jan
10
May
90*4 May
9
May
*4 June
th
Aug
5$ June
300
*$
1?$
Jan
15
28
20*$
99*4
13*4
20
*$ May
6*4
18*4
2*$
38
Feb
Feb
May
May
4*$
11*4
Jan
43
Feb
22*$
108
14*$
2*$
1*4
1*$
1
Jan
Jan
JaD
JaD
JaD
Jan
Apr
10*$
2*4
500
11
200
2*$
Sept
17
10*$
*$
10*$
1*4
May
6J$
6
14%
5*$
14*$
6*4
Mar
*4
"""8*$
23
3*4
Jao
2*$
1*4
Feb
150
500
*$
0*$
*4
18*4
4*4
300
27
106*$ 106*$
8
9*4
T~io
80
"~8*$
"460
36
2,800
23
3*$
1.50
3*$
Oct
A pr
"260
8*$
Apr
Apr
11*4
*4
22
6*$
22
97*4
8*4
20
6*$ May
.....
35
Apr
Apr
Mar
9*4 July
8
6
2*4
100
1
"%
Feb
1,200
1,400
8
Nov
3*4
18*4
2,700
June
May
May
May
May
May
May
May
May
6?$ May
6*4 May
0
May
16
June
1*4 May
9?$
1*$
25
7*4
40*$
110
Jao
Jao
Jan
Feb
May
Apr
Oct
106*$
Nov
16*$
Jao
7%
Apr
12
Feb
23
Nov
3*$
Nov
preferred
123
4*$
30*4
122*$ 124*$
4*4
4?$
28*$ 30*4
"13*$
13*$
14*$
700
"93*4 "94"
"~90
9
110*4
Sept
105*$
500
»i«
3,600
6?$ May
96*$ May
•ii May
*$
Jan
1*$
5*$
1*4
675
•i» May
1*$
1*$
50
4*$
4*$
100
*$
35$
3*$
Chamberlln Metal Weather
Charts
Co
Jan
June
600
preferred
100
Conv preferred
100
Conv pref opt ser '29.100
Jan
June
13
91
Feb
Feb
May
*4
25
*4
5
•
175
8
75
May
5?$
9*$
114 114
127
34*4
87*$
17*4
1*4
114"
1
Apr
40
May
106*4
"93*4
1*$
4J$
2*$ June
20*4
Jan
09*$
Jan
175
85
100
Feb
98
500
83
1
1*4
300
May
*$ May
•n May
2?$
Feb
10*$
Apr
Apr
115*$
May
*$
Jan
Jan
Jan
*4
2?$
8*4
2*4
2*4
Jan
Jan
Jan
Corp common... 10
Cherry-Burrell common
6
July
Sept
7*$
Apr
10
June
3,020
18*4 May
13*4
30*$
Apr
Chesebrough Mfg
96
May
117
Apr
83
4*$ May
18
May
4*4 May
Apr
8*4 May
32*$ Nov
13,900
30?$
32*$
1,900
6
30
Feb
3*4
7*4
15*4
1*$
10
11
♦
Cent Hud G A E com
._*
Cent Maine Pow
7% pf 100
Cent N Y Pow 5% pref. 100
6%
7%
Apr
Apr
May
8*4
7*$
17*$
Apr
Nov
"
partic pref... 100
<
May
53
7*$
Apr
Tx«
July
?$
Apr
8,600
*$
Mar
1*$
Oct
100
6*$
300
16*$
7,000
8
May
3*4 May
9*$ May
11*$
Oct
7*$
Jan
16*$
Apr
4J$
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Mach...4
73*$
10*4
Chief Consol Mining
1
ChUds Co preferred
.100
Cities Service common.. 10
10
$6
preferred.
60c preferred B
16
400
2
Celanese Corp of America
__*
.*
72
73*$
250
65
June
10*$
11
400
0
May
•11 June
10
325
7
Aug
9
4*4 May
11
May
4
Jan
2,000
49
May
85
300
8
80
40
45
May
May
70
85
50
75
95
6*$
6*$
95
6*$
800
4*$
May
May
4?$ May
Oct
6*4
11,600
8
6 *$
Oct
Apr
Mar
82
5*4
78*$
7*4
78*$
Mar
*$
29*4
99*$ 100
6*4
79
*
$6 preferred BB
*
Cities Serv P A L $7 pref.*
$0 preferred
•
City Auto Stamping..
For footnotes
'...*
Celluloid Corp common. 15
$7 dlv. preferred._._._*
1st
Mar
Mar
14*4
30
Carter (J W) Co common. 1
Feb
Apr
2?$
31*$
Jan
6*$
11*$
150
2*4
8*$
2
Carolina P A L $7 pref...*
$0 preferred
•
May
3
11*$
20
♦
Oct
68
400
1*$
.....
19*$
2*$
8*$
...1
Feb
Oct
Nov
19 H
16
19*$
•
60
Apr
9
34
1*4
•
Marconi
May
Apr
May
Apr
May
May
7*$ July
7*$ June
•
*$
Jan
46
.
Carman A Co class A
Class B
84
1*4
300
13*4
dep 5 *$% pref sbs £1
Jan
*ii
Jan
May
May
July
60c
Cables A Wireless Ltd—
Feb
1
Oct
0
22?$
1*$
10*4 May
60c
com
5*4
10
100
1
25
Vot trust ctfs
200
Barium Stainless Steel
$1 00 preferred
8*$
8,600
30
13*4
Buckeye Pipe Line
60
Buff Niagara A East Pow—
Mav
4
3*$
1
Barlow A Seellg Mfg—
$1 20 conv A com
100
Capital City Products...*
Carlb Syndicate
26c
37*$
3*4
28
13*4
£1
preferred
*
Brown Rubber Co com
1
Bruce (E L) Co common. .6
17
Jan
20
10*4
Canadian Indus Alcohol—
2*4
3*$
200
$0
76
09
1?$
*$
200
1,250
44*4
12
Mar
8
30
Burry Biscuit Corp..l2*$c
Jan
1*$
29
700
Am dep rets ord reg.. 10s
British Col Power cl A
•
Burma Corp Am dep rets..
115
20
Am dep rets ord bearer £1
Mar
Apr
40
Apr
Amer Tobacco—
Am dep rets ord reg
British Celanese Ltd—
Strip
10
1*$
1*$
5,100
,
3*$
1*$
11*4
*$ June
Feb
1,200
2*4
41
3*$
12
0*4
15
2*4
Brillo Mfg Co common...*
Class A
,..*
Am
Apr
2*$ June
3*$ May
8
38
$6 1st preferred
_..*
Bunker Hill A Sullivan 2.60
Oct
1,100
6,500
42
Jan
Feb
6
100
Apr
Apr
Apr
37*$
Tobaoco—
Ayrshire Patoka Collieries 1
Babcock A WUcox Co
♦
Baldwin Locomotive—
preferred
14*$
Feb
11
3*4
"3*$
Feb
Feb
30
•
he
25
1
7%
»
B
Apr
he
1*$
5*4
38
...100
Corp class A
Class
300
9*4
6
40*$
•ii
*$ June
2*4
100
10*$
Jan
*4
8*$
250
*
Mar
43*$
7*4
%
Breeze Corp common
1
Brewster Aeronautlcal...l
Jan
125
Sept
Aug
3*$
3*$
136
May
3*$
100
preferred
Brazilian Tr Lt A Pow
Feb
Apr
Feb
48*$
Ji
7% 1st preferred
2d
8*$
June
4*$
*$
Apr
May
3*$
28
100
*$
2
1*4 June
;? 10*$ May
300
®18
109*4
10*4
2
""56
41
*16
2?$
2?$
8J$
"i'% "!*$ ""360
Avery (B F) 4 Sons com.6
"20*$ "20*$
41*4
7*4
Jan
1
5
Corp
Jan
700
310
1JX8
*
*4
7,400
15*4
1*$
Automatic Voting Mach.
x-w
Apr
May
"il
1
8*$
Aug
*$
Aug
33*4 June
3*4 May
•
(Brown Co0% pref
73
12
Bourjols Inc
Brown Fence A Wire com.l
Class A preferred
*
Brown Forman Distillers. 1
Jan
25
Bowman-B lit more com
Mar
Jan
5,800
Apr
Mar
32*4
8*$
4*4 May
2J$ May
200
10*$
14
Mar
Sept
10*$ July
30*$ June
43*4
7*4
Nov
Apr
7*$
3*$
8*$
100
Feb
*11
3 J$
%
Atlas Drop Forge com...6
Atlas Plywood Corp.....*
preferred
1st preferred
22
18*$
16*4
29*$
25*$
50
Bohack (H C) Co com..."
Borne Scrymser Co
31*$
34*4
Mar
10"
1
1*$ May
1*$ May
6*$ May
87
May
10*4
Oct
4
May
100
2*$
17*$
Auburn Central Mfg.....*
w
Jan
June
*4
Canada Cement Co Ltd..*
Canadian Car A Fdy Ltd—
*ii
Atlantlo Rayon Corp
1
Atlas Corp warrants......
{Austin Silver Mines
Apr
13
7*$
3*$
*
7%
Apr
May
15
x««
*
Blumenthal (S) A Co
Apr
1
Atlanta Birmingham A
Coast RR Co pref...100
Automatic Products
1
Blue Ridge Corp com
$3 opt conv pref
14*4
39*$
H
V t o common........*
Assoc Tel A Tel class A...*
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..1
Atlantlo Coast Line Co..60
Mar
7*$
♦
common
Bliss (E W) common
British
May
*4 June
05
Aug
4*$ Aug
3*$ May
6,600
2*$
Assoc Laundries of Amer *
7%
Blauner's
*
Jan
23
300
%
2*$
*
Bardstown Distill Inc
114
13
*
common
Carnation Co
1
A
preferred...
Purch warrants for
88
50
$2.60 preferred
Birds boro Steel Foundry
*i«
I Associated Gas A Eleo—
Class A common
30
May
July
30
6*$ Mav
5*$
Associated Elec industries
Amer deposit rets
£1
Axton-Flsber
Apr
33)4
Nov
May
13*$ May
66
May
*4 June
500
2*$
Aviation A Trans
108*$
107
3
1,800
Apr
0
2*$
w
1,400
Jan
6*$
Feb
3*$ May
13*4 July
3,600
4%
4*$
1,800
British Amer Oil coupon._•
Registered
*
48
Arkansas Nat Gas com...*
0% preferred
6% preferred
3,500
5*4
22*4
20
0
June
23
Apr
9*4
350
2
1%
*
lArcturua Radio Tube
$6
4%
119*$ 119*$
100
*$% pf.100
Nov
25*$ May
107*4 July
2*$ May
22*4 May
28*$ May
11
May
13*$ June
11*$ May
2,400
.....
36
Eleo Power—
preferred
Class
4*4
1*$
3ie
23,800
he
65
"ll%
__1
Apex Elec Mfg Co com...*
Appalachian
5*4
21*$
37*$
39*t
19*$
26
1
17
25
100
Amer Maracalbo Co
Amer
1
Jan
May
8*4 May
850
113
..26
Preferred
4
1
*$ June
500
13*4
35*$
31*$
100
10c
preferred
Amer Laundry
17
13%
10
com
Blckfords Inc
Brill
.26
A
4*4%
Bell Tel of Pa 0
Hig
3*4 May
Berkey A Gay Furniture
1*4
700
Low
121$
1
com
Apr
American Capital—
S3
Range Since Jan. 1,1940
Shares
Benson A Hedges com..
Conv preferred
July
Aug
1*4
Oct
22%
Aluminum Goods Mfg—♦
6%
Corp
Bellanca Aircraft com
Bell Tel of Canada
A Machine Co com
pref.
conv
Aircraft Corp
Mar
98
for
Week
Beaunlt Mills Inc com..10
SI 60 conv pref......20
May
80*$
108*$
Price
Sales
Week's Range
of Prices
Low
High
Baumann—See "Ludwlg"
Beau Brummell Ties Ino..l
Allied Intl Investing—
S3
Sale
Purchase warrants
AlIesA Fisher Inc com..
Alliance
June
20
100
7% preferred 100
1*$ May
17*$
Jan
*4 May
r68
Last
High
Supply Mfg—
Aero
STOCKS
(Continued)
Week
of Prices
80
Oct
Oct
Oct
115*$
Mar
110
Mar
7*$
Feb
Volume
Last
Week't Range
Sale
of Prices
Low
H*gh
Par
Price
May
Equip..6
Equity Corp common..10c
$3 conv preferred
1
Jan
Mar
16%
%
X
he
400
21%
Oct
Esquire Tnc
3
43 X
"250
30
May
48%
Feb
Eureka Pipe Line com..50
22
22
22
300
4%
4X
4%
2X
1,300
4
May
7%
Feb
Evereharp Inc
..1
2
2
2
100
600
1
May
2%
Apr
Falrchlld Aviation
2
May
3% May
3X
Sept
6
X
May
3%
2%
2X
6
Mar
4
81
%
5X
1,150
Jan
2%
Jan
Fansteel
4%
Jan
Fedders
70%
Feu
Jaq
Florida P A L S7 pref
Jan
*31
Oct
1%
Jan
21% June
1%
June
38%
Apr
Class A non-vot
%
May
%
Apr
Class B voting
10%
Sept
18
Feb
45
Feb
Franklin Co Distilling
1
24 %
"""266
25 X
24%
200
12 X
12
1
V t c ext to 1946
0%
4
Sept
May
July
6
May
10%
Apr
100
150
10%
500
8
June
15%
Mar
8%
500
5%
May
May
8%
36%
Sept
18
Nov
200
18
28
17% May
33
17
9%
%
69
69
110
114
115
Jan
275
Apr
Mar
hi
Aug
61% May
84% May
5,500
114
*
Apr
Feb
70
115%
Oct
Feb
1,200
1%
1%
Am dep rets ord ref...£l
1
June
3%
8% June
17%
Jan
8%
July
17
Apr
% June
12%
Jan
21
Ford Motor of Canada—
11%
12
2,500
11
12
*
11
100
.*
IX
IX
200
May
%
Aug
1%
Oct
2
2
100
1% May
3%
Feb
May
83%
Apr
42%
preferred
*
Conn Telep A Elec Corp.-l
Consol Biscuit Co
1
$3
2
119
119
110
%% series B pref—100
4% pref series C.—100
Consol Gas Utilities
1
Consol Mln A Smelt Ltd. .5
Consol Retail Stores..—1
4
67%
1,600
74 X
119
71
72 X
com.*
10
111
May
120
30
109% 110
Feb
108
Sept
110
Nov
1H
IX
IX
28X
30 X
200
2%
2X
1%
1,100
30 X
100
1%
May
Oct
3% May
1%
Oil
10
com...*
Cont G A E 7% prior pf 100
Continental Oil of Mex—1
7
Consol Steel Corp
$3X
4,200
7X
5%
93 X
May
84
160
94
1
»
com—*
$3 prior preference
*
Copper Range Co
*
Cornucopia Gold Mines 6o
Corroon A Reynolds
1
16 preferred A
*
9
dep rets..
.
100 free
6%
X
200
IX
IX
700
4%
IX
£1
6
Crocker Wheeler Eleo....*
Croft Brewing Co
I
700
1
7%
300
0%
2%
May
11%
Aug
Courtaulds Ltd
%
1%
1%
7,000
4
1%
1%
"4"666
5%
5%
Co—*
Crown Cent Petrol (Md)_5
Crown Cork Internat A..*
Crown Drug Co com
26c
7% oonv preferred
25
Crystal Oil Ref com
*
$6 preferred
.10
Cuban Atlantic Sugar
6
Crowley, Mllner A
14%
12%
14%
Aug
1
*hi
7
Creole Petroleum
May
55
10
67
67
1*16
Cosden Petroleum com.
3% May
% May
i»u Aug
3,150
X
5%
May
Nov
33%
6% Nov
Feb
%
Feb
1%
77% Feb
2%
Apr
13%
Apr
Jan
7%
24% May
Jan
4
4%
1
1%
900
«u May
Jan
18
May
8%
900
May
5
July
10%
110 X
iio'x iiox
"180
Curtis Mfg Co
~3X "~3~x "4"
1T666
10 x
11%
700
25%
26
11
1
Class A conv
35
Decca Records common..1
Dayton Rubber Mfg
'~5X
5
5%
4
Stores
4
4
1,200
100
-60
99
100%
IX
2X
10
1%
Jan
21%
23
S5
preferred
400
Class
17
B
•
Jan
2
37% May
Oct
11%
Nov
18
Oct
1%
2%
Mar
1%
Apr
Nov
23
Sept
28
Apr
Apr
*10
Apr
15%
1%
Sept
Apr
7%
Dlvco-Twln Truck com..
7%
7%
1,000
7X
6%
7%
200
Dominion Steel A Coal B 26
71%
90
27%
107% 109%
200
69
10
25%
100
100
Durham Hosiery cl B com *
Duro-Test Corp common. 1
Duke Power Co
3
3
73%
73%
%
%
1%
10
Eagle Plcher Lead
40
200
250
$3
"Io%
04
1%
7%
9%
10%
5,100
Mar
Non-vot com stook
.....*
%% prior pref
8% preferred
100
100
Eastern Malleable
Iron..26
»
4
2,800
Greenfield Tap A Die
30
5
1,700
June
18
18
June
30
Oct
4
June
8
Apr
4%
Sept
11%
Jan
May
114%
Apr
5%
5
5%
300
101%
100
*102 %
475
100
129% 130
40%
40%
8%
100
2,500
8
8
31%
10
111
111
3,400
600
May
3
8%
%
2%
"6%
250
14
May
28
Apr
68%
73%
4,400
15%
17%
200
1%
2%
800
3%
3%
30
3%
""130
300
May
4%
Apr
17%
Jan
8%
Jan
42
May
66
Oct
51
May
75%
Oct
20
Jan
7% May
% May
May
21
2%
76
79%
80
60
57
81%
79%
Nov
June
10%
"29"
16
1%
Nov
3% May
2%
12
1,400
83
130
67
1%
JaD
1%
%
2%
July
5%
200
200
10
2%
300
1% May
II
May
""5% "0%
5~200
2
11
100
4% May
May
May
4
J*
Jan
May
7% May
23% May
26
May
Sept
July
3%
Jan
9%
18%
18%
300
8%
.....
9%
1,100
1,100
8%
Oct
Nov
6% May
June
88%
89
Oct
5% conv preferred
91
Oct
Dlv arrear ctfs
June
91
Oct
Nov
26
Jan
86
175
66
20%
21%
200
20%
50
7%
Apr
Jan
May
Sept
Jan
14
Apr
12%
Apr
11
Mar
27%
Jan
Mar
27
May
13
Apr
92
May
9%
13
100
May
13% May
22%
Apr
June
10
Jan
May
12
9% May
14
Jan
6
*5%
Jan
14%
32
32
100
Feb
14%
Feb
29%
Jan
36%
3%
Apr
Apr
2%
Aug
120
Jan
20
May
July
120
30%
30%
100
35%
Jan
59
57
60%
6,800
112%
Apr
May
13% May
30%
19%
Apr
47% May
68
Jan
108
6%
6%
1,800
Feb
8
6%
4%
Oct
hi June
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
30
80%
13
Common
Oct
Jan
3%
22%
June
IHuylers of Del Ino—
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hy grade Food Prod
6
14
8%
29
Jan
Feb
24
25
Co common.. 1
Baking—*
Horn A Hardart—
*
5% preferred
100
Hubbell (Harvey) Ino
5
Humble Oil A Ref
*
Hummel-Ross Fibre Corp
Hussmann-Llgonler Co...
May
85
2781
Sept
27%
5%
11
Horder's, Ino
*
Hormel (Geo A) A Co com*
65% June
20%
Sept
300
Horn A Hardart
65%
Apr
%
1%
1%
5%
70%
400
Horn (A C)
Apr
%
Apr
May
Jan
12%
Sept
May
12%
Oct
14
40%
May
Apr
60
115%
Feb
»n
8%
May
02
8%
5%
20%
8%
6%
12
60
Jan
Jan
Jan
102
Oct
00
28
600
June
39%
111%
425
May
143,700
%
25%
107% May
30
31
73
May
Oct
4
Jan
Mar
June
69
hi
4%
2%
hi
1%
71%
Mar
Jan
Apr
Heyden Chemical
10
Hires (Chas E) Co
Hoe (R) A Co class A
10
Holllnger Consol G M
5
Holophane Co common..*
4
135
Apr
Apr
58
Oct
10%
6
May
Oct
49%
8
1% May
Apr
Apr
June
300
20
106
6% May
36
13
13
4
123% May
12%
100
17%
Oct
88
12%
ex-warr
100
Empire Dlst El 6%
11
250
Hewitt Rubber common..6
18
1%
For footnotes see page
Apr
Jan
12
69%
15%
4
Feb
28%
1%
Jan
Preferred
Apr
Oct
1%
16
5
pf 100
Empire Gas A Fuel Co—
0% preferred
100
6 X% preferred
100
7% preferred
100
8% preferred
100
Empire Power part stock.
50
25c
•
32%
11%
Feb
2%
8%
12
Electrographlo Corp
Elgin Nat Watch Co
w w
Apr
May
9%
*11
A
Preferred
12
•
Stores.*
Emerson Elec Mfg
Class
6%
Jan
Heller Co common—....2
37%
Easy Washing Mach B
warrants
preferred
35
16
Eleo P A L 2d pref A
com..5
Rube ostein
36%
16 preferred series B.
*
conv
Helena
Apr
Apr
6%
5% May
hi
15
27
Hecla Mining Co
56
%7 preferred series A...*
preferred
preferred
0%
Jan
6%
9,400
"Too
Corp
Hearn Dept Stores
Apr
May
49
Aug
5%
25
1
*
I
1
Mar
7%
Oct
May
July
%
Eastern States Corp
Elec Bond A Share com
B non-vot common
Hazel tine
Feb
91
Nov
.10
Hammermlli Paper
Jan
87%
4% May
40% July
101%
18
preferred
Hartford Eleo Light
May
I
Gulf 8tates Utll 55.50 pf.*
Hall Lamp Co
Aug
Mar
88
4%
91%
3ir
•
25
Gulf Oil Corp
57%
450
May
10%
41
900
Grocery Sts Prod 00m..25c
Guardian Investors
1
3%
57%
3%
100
May
300
9%
5%
25
•
Apr
Apr
Aug
May
25
100
78
3% Sept
79% May
Jan
Apr
6
80
5%
7% 1st preferred
32%
110
81
55
20
Hat Corp of America—
East Gas A Fuel Assoc—
Common
5,400
hi
Gt Northern Paper
Apr
Mar
07
Aug
June
hi
% June
1,300
600
9%
4%
10
Gray Mfg Co
Hart man Tobacco Co
6%
May
500
Great Atl A Pao Tea—
Harvard Brewing Co
Jan
107%. Mar
1%
Jan
6%
Mfg common. .10
Jan
12%
Mar
75
98
8%
preferred
Apr
25% May
66% June
20% May
100
7%
1%
•
Duval Texas Sulphur
3
74,
Oct
13%
9%
7%
May
Mar
07
preferred.....100
Dublller Condenser Corp.l
4
5%
Dominion Tar A Chemical*
June
June
25%
Dominion Bridge Co Ltd.*
preferred
5%
3%
Dobeckmun Co common.
Draper Corp
Driver Harris Co
Mar
13
.£1
320
14%
Hartford Rayon v t 0
Distillers Co Ltd—
Am dep rets ord reg
64%
X
63
Gorham Ino class A
12%
Distilled Llauors new..2)4
400
Goodman Mfg Co......60
May
Oct
Apr
1%
16
9%
Grand Rapids Varnish—.1
June
Apr
1
19
6
preferred..
Gorham
1%
48
♦
Co
Feb
13%
25% May
% May
4
Apr
Diamond Shoe new com..*
36
•
1%
*10
33
6
*
Jan
Oct
common..10
10
Mar
•
GObert (A C) common
Preferred
Feb
Nov
preferred
90
98
98
•
19%
33
Apr
May
8
32
103
Mar
Mar
05
Goldfleld Consol Mines. .1
Feb
Apr
hi
05
Feb
32
Feb
Feb
Apr
hi
80
1
5
% May
1%
Feb
% Sept
Nov
60
10
Gladding MoBean A Co
14
500
16%
41
Feb
% June
•
Gilchrist
21%
23
S3 preferred
Georgia Power S6 pref
Apr
84%
300
Mar
9
100
Feb
70
100
18
0% preferred A
Gen Water G A E com
8
Sept
15%
General Tire A Rubber—
3
Sept
2%
64%
4% May
1
1%
4%
19
55%
X
•
50 conv preferred
Jan
7% May
15% May
Jan
Aug
25
100
Oct
98
.....1
Common
May
29
2%
35%
•
May
20
1%
General ShareholdlngsCorp
*8%
100
1%
May
700
Gen Rayon Co A stock...*
21
300
18
20
com__l
Detroit Paper Prod
1
Gen Pub Serv 10 pref
July
1%
Jan
Oct
80
20
11%
2,200
Warrants
Gen Outdoor Adv 0% pflOO
•
32%
78
hi
Godchaux Sugars class A.*
1%
Det Mich Stove Co
55%
preferred
$6
%
55%
%
Glen Alden Coal
2%
16%
35
General Investment 00m. 1
Oct
11%
July
July
20
16
35
16%
»
Gen Gas A El 6% pref B
Jan
32%
Detroit Gray Iron Fdy_._l
Oct
75
33
33
8% debenture
100
Derby Oil A Ref Corp com*
A conv preferred
*
Detroit Gasket A Mfg—1
Nov
90
% May
Amer dep rots ord reg.£l
Gen Fireprooflng com
Feb
Dennlson Mfg cl A com..6
54%
Feb
4%
8
June
1%
%
1%
112
hi May
May
1%
1
Gellman Mfg Co com
16
40
Jan
Oct
Nov
52
..100
6% preferred.
May
May
28
32
30
150
July
May
85%
0% Aug
2% May
108
32%
12
50
54%
53%
preferred...100
9
1%
*
X% pref.100
(Mo)
6
Darby Petroleum com...6
Davenport Hosiery Mills.*
Cuneo Press 6
Feb
Feb
1%
22% May
6
6X
5%
5%
Apr
%
8%
% May
Cuban Tobacco com
Detroit Steel Prod
Jan
July
4%
oonv
Nov
1%
1%
4%
May
3%
4%
Apr
Apr
20%
Gen Electrlo Co Ltd—
100
100
*11%
12
General Alloys Co
Jan
1%
28
100
*
Jan
Apr
Jan
28
28
00m...1
S3 oonv stock
Jan
%
1%
%
Fuller (Geo A) Co
98
6%
200
3% May
700
1,300
Nov
1% May
*16
1%
,,.
Sept
20%
7%
Jan
11%
23
20%
Fruehauf Trailer Co
97%
1%
May
100
"20%
15
partlo pref.
Apr
8% May
10% May
19% May
300
19%
9%
19%
Gamewell Co $6 conv pf__*
May
33%
8%
Jan
Nov
1%
Gatlneau Power Co—
0% May
33%
9%
1%
Jan
%
600
Jan
7
3,900
X
Jan
4
10%
%
Feb
100
10
8%
10%
Cooper-Bessemer
%
1
Common
Conv
250
21
20
21
1
39%
3%
2,700
9X
7%
10
Cook Paint A Varnish
2% May
%
9%
10%
Jan
%
Cont Roll A Steel-
6% preferred w w
May
75
Consol Royalty
16 prior pref.
Jan
June
18
.100
preferred
Amer
Fox (Peter) Brewing Co..6
Conn Gas A Coke Secur—
Option
5,600
12%
Ford Motor of Franoe—
Compo Shoe Mach—
36
June
Froedtert Grain A Malt—
Community Water 8erv_.l
$5
Apr
2
Ford Motor Co Ltd—
>11
26,300
Economy Grocery
31
Oct
7% May
8%
Fire Association (Phlla) 100
2%
Apr
Oct
6%
1
June
3,700
IX
IX
IX
Warrants
7%
8%
1% May
51
Community Pub Service 25
6H%
Mfg Co
6%
Sept
1%
9%
Fed Compress A W'h'se 25
Flat Amer dep rots
7% May
May
88
May
07
100
1
Commonwealth A Southern
7%
9%
Fldello Brewery
Columbia Oil & Gas
De Vllblas Co
1
Metallurgical
Feb
Mar
24%
6%
1
8%
4%
Jan
•11
25%
% May
Aug
22
1,500
4
24
*
5
Falstaff Brewing
Columbia Gas & Eleo—
Delay
4%
24%
Falrchlld Eng A Airplane.1
Feb
11
Mar
2%
10%
9
10%
1
3% May
3% May
3.500
81X
4X
78
com
May
%
400
IX
IX
2%
...1
Fanny Farmer Candy
0% May
IX
Patent Fire Arms .25
8%
19
600
42 X
6% conv preferred
£1
Colorado Fuel & Iron warr.
Consol G E L P Bait
675
X
*
Cleveland Tractor com
*
Clinch field Coal Corp.. 100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
Cohn A Rosenberger Inc.*
Colon Development ord—
Commonw Distribution..
4,200
"43%
Inc..1
5% preferred
%
21%
X
ho
20
Clayton & Lambert Mfg. .4
Cleveland Elec Ilium
Colt*
12
50
16%
16%
High
Low
8%
Emsco Derrick A
Apr
7
May
Range Since Jan. 1. 1940
for
Week
Share
Low
Price
Par
High
Low
of Prices
High
Sale
{Continued)
Shares
Week's Range
Last
STOCKS
1,1940
Range Since Jan.
for
Week
6
City & Suburban Homes 10
Clark Controller Co
1
Sale
Friday
Sales
Friday
STOCKS
{Continued)
Claude Neon I lghts
2777
New York Curb Exchange—Continued—Page 2
151
7%
7%
150
50
7
7
IX
1%
500
4% May
0
1%
1%
July
Oct
1% June
37
37
37%
200
3
3
3%
3,100
May
2% Mar
2,200
3,800
21% May
4% Mar
28%
27%
29%
I' 6%
6%
7X
28%
May
8% June
9%
%
10%
10%
Jan
2%
Feb
Feb
Feb
3
Jan
47%
5%
Apr
May
33%
Apr
9% May
New York Curb
2778
l
I
|
STOCKS
(Continued)
Par
Illuminating Shares A
reek's Range
Last
Sale
price
•
Zlno Co
Illinois
Sales
Friday
8
Range Since Jan. 1. 1940
4
*
Aug
June
Imperial Chemical Indus—
Am dep rets regis
£1
75*
8
2,800
Britain
A
Ireland
Mesabl Iron Co
fl
Mar
Metal Textile
Jan
125*
125*
135*
Jan
6
£1
75*
6% pf-100
100
IndplsP4L6^% pf—100
7%
Nov
55* May
7X June
Line
Indiana Service
Jan
55* June
July
24 5*
45*
July
100
3
Sept
14
13
15
120
10
Mar
22
16
16
16
50
105*
Mar
215*
112
112
112
60
35*
preferred
*X
102X May
v
Class
£
1
1
B
X
200
X
X May
X July
1
V tc common
7%
preferred
Jan
Feb
-—100
9
Insurance Co of No Am. 10
70
685*
715*
21
International Cigar Mach *
21
Jan
60X May
17 X June
1,700
600
X
105*
73 5*
235*
Pref 53.60 series..—.60
IX
tIX
IX
8X
IX
1,000
3,200
~~2~% "
3%
22^ 300
6% May
Paper A Pow warr
International Petroleum
Apr
115*
10
ux
—*
11
11
11
*
3
X
3%
Feb
3
May
Sept
15*
Apr
Sept
5*
95*
Mar
Apr
X
185*
Jan
300
OX June
"l66
30
3X
Aug
23 X May
2X May
700
30
3X
37
Jan
Kansas G A E
18%
155*
92
Jan
Jan
M tge Bank of Col Am shs
Jan
May
185*
Oct
Mountain City Cop com.5c
Mountain Producers
10
May
175*
Feb
5*
July
900
12
2^000
14
Apr
90 X
109
;
"34M "39M
955*
Apr
May
May
103
30
97
May
1095*
Nov
Oct
*16
Oct
18
June
28X
ox
May
June
6
50
120
*16
80
Mar
Apr
Jan
Oct
i'ii
Mar
60x
10
65
June
IX
IX
1,600
1
X
100
96
Mar
735*
Mar
May
:
"10"
IX
200
"lo"~
""166
2
June
25*
15*
T16 June
10?*
8X
3X
8
Sept
Aug
July
Jan
Jan
Jan
15
Apr
105*
85*
Apr
Jan
125*
89
91
12X
55*
40
300
12X
100
5X
'
15H
45*
"12'x "im
3X
4X
7~400
2,000
10
Oct
75
Sept
May
91
Nov
49
91
Oct
76
Apr
12J*
x05*
Apr
Apr
445*
Oct
11% June
45* May
301* Aug
9% July
2X May
x71
~i'2
"ii'x "12'x
"466
Jan
9X June
155*
4X
"l"66
3X
7,900
318
29 X
255*
Jan
45*
Mar
100
May
125* May
Apr
Aug
Ludwig Bauman A Co com*
Conv 7% 1st pref
100
Conv 7% 1st pf v t o. 100
Lynch Corp common
6
Manatl Sugar opt
Mangel Stores
$6
conv
300
300
'
1%
14
10X
14
IX
14
100
945*
100
1175*
65*
Apr
5,200
33X
SOX
100
24
June
700
24
485*
445*
25*
65*
31X
45*
4X
4X
2,500
May
IX May
3J* May
0%
New England Tel A Tel 100
New Haven Clock Co
•
New Idea Ino common
*
Merchandise
$0 preferred
N Y
Shipbuilding
Common
5% 1st preferred
5% 2d preferred
X
IX
30
9X
25
3X
~~2X
31X
10X
2%
95*
Jan
Apr
May
May
May
2
Oct
39
Mar
Oct
May
10
Jan
29
Feb
Oct
17
Apr
10%
100
3X
1,900
2
June
45*
Apr
Feb
July
25*
Jan
May
5
Jan
Jan
42
Apr
Sept
54
Sept
Feb
"560
15*
15*
31%
750
215*
IX
100
5%
1,300
147 X
40
~~2~X ~~2%
31
25
295*
15*
N Y Water Serv
0% pf.100
54
»
•
5X
Mead Johnson A Co
•
147X
Memphis Nat Gas com__5
4X
IX
IX
4%
147
4%
4%
Mercantile Stores com...*
Merchants A Mfg cl A
1
Participating preferred. »
Merrltt Chapman A Scott *
1,100
"160
65*% A preferred...100
4%
4%
"600
X
May
35* May
11
May
351 Apr
100
84X
86
100
July
45* May
123
25
X
Warrants
X
95*
Jan
1705*
Apr
55* May
185*
Apr
4
Jan
Mar
X
305*
Jan
May
2
50
25*
July
65*
X
Mar
May
865*
Oct
Oct
10
215*
May
Apr
142
May
13
5*
175*
Apr
Mar
Mar
June
10
May
815*
Jan
May
115*
5*
Apr
85*
5* May
10
July
31
Jan
Jan
10
Feb
115*
Feb
"""300
11
June
175*
Apr
44
250
35
May
12
2,800
475*
145*
May
12
3,300
15
15
43
43
115*
115*
11
115*
75* May
10
June
24
"10"
"n"
700
25*
Apr
135*
Jan
35*
Feb
975*
35*
Apr
65*
Feb
Jan
June
545*
Oct
115*
Feb
55* May
85*
Jan
85*
Mar
65*
2,200
25*
t
1
125*
Jan
Apr
May
25*
Oct
May
July
May
15*
125*
1105* May
1175*
Apr
845* May
845*
May
X
"s'% "9"
""466
8
3
85*
200
85*
6
May
45* May
5* Aug
85*
1
185* June
85* June
59
59
119"
5
14 5*
117"
45*
145*
635*
1
'
iio""
"190
5
145*
600
665*
2,350
600
1
55
May
18
725
615*
May
1105* June
35* June
Jan
May
85*
155*
May
67
July
15*
100
July
2
185*
Feb
35*
85* Sept
165* May
1055*
21.
t
llfl" ""*30
175*
106
65*
"28"
27
107
65*
28
i
Apr
Jan
1035* May
1)85*
Jan
May
11
May
> 150
98
500
Apr
Mar
98
430
Jan
Apr
95*
20
21
15
Apr
Apr
285*
1,700
1055* 1055*
30
Jan
Jan
Apr
May
May
7
H55*
Jan
Apr
20
185*
Jan
Nov
135*
105*
5*
Jan
305*
705*
255*
130 5*
49
100
100
35*
35*
55*
27,700
May
55*
17
109
Jan
235*
108
75*
Jan
29
May
Apr
May
Apr
35* May
Jan
05*
77
79
450
Jan
73
May
92
Mar
00
78
100
Class A opt warrants..
Class B opt warrants
July
87
Apr
'n
16,100
Jan
*11
1
X May
Feb
Feb
Niagara ShareClass B
common
5
Class A preferred
45*
•
45*
45*
800
655*
300
100
NUes-Bement-Pond
Nineteen Hundred
Corp
B~ 1
85*
X
Common
.....
preferred..
795*
235*
"52
Nor Ind
106
10
Northern Sts Pow ol A..25
Northwest Engineering._*
Novadel-Agene Corp
4
95*
Mar
100
8
X
600
35*
200
X May
35* May
15*
Jan
55*
Jan
5* May
15*
Jan
81
550
67
May
103 5*
Mar
25
300
15
May
265*
Apr
May
20H
Jan
445* May
525*
Nov
'11
Jan
9,800
775*
235*
X
"52"
"52 k
""340
5*
25*
5*
115
......
35*
May
30
95
May
110
115
10
97
May
1195*
0
May
9
115
9
10 5*
195*
Mar
1065* 1065*
125*
195*
20
200
4,300
100
•
com
May
85*
*
100
Feb
715*
15
*
*
Pub8er0% pf.100
995*
May
Sept
85*
X
X
.1
0% prior preferred
60
No Am Utility Securities *
Nor Central Texas Oil...5
7% preferred
Northern Pipe Line
Feb
June
60
35*
Noma Electric
...»
Nor Amer Lt A Power-
North Amer Rayon cl A
Class B common
65*
35* May
85
65
5
N1 pissing Mines
Ogden Corp
2781.
Jan
Niagara Hudson Power—
$0
$4 pref with warr.....
McCord Rad A Mfg B
McWllllams Dredging
Feb
May
75
100
165*
15
55*% preferred
100
New York Transit Co... 5
Jan
Jan
16
New York State El A Gas—
Apr
June
100
1
Jan
2
20
300
2*200
100
•
25
20
May
05*
1255* July
05* May
115* May
700
"
Corp—
1005*
50
200
125*
155*
10
Founders shares
Jan
30
165*
Warrants
N Y A Honduras Rosarlo
10
Mar
23
115*
155*
12
300
132 5* 133
N Y Auction Co
com_.._*
N Y City Omnibus—
Jan
Mar
5*
6
New Jersey Zinc
25
New Mex A Aria Land...l
New Process Co
1
1
25
185*
Jan
45*
45*
25* May
4J* May
900
*
Apr
Apr
25
55*
*
preferred
21
X
*
100
June
23
100
6^200
*
Pow Aasoo..
preferred
92
23
X
"*35* "*35*
Nevada-California Eleo—
3% cum 4% non-cumlOO
New Engl
N Y Pr A Lt
7% pref
Jan
125*
Neptune Meter class A...*
Nestle Le Mur Co ol A...*
Oct
15*
27
185*
133
Navarro Oil Co
*
Nebraska Pow 7% pref. 100
Nehi Corp 1st preferred..*
Nelson (Herman) Corp...5
N Y
105* May
Jan
'~2X
Apr
May
Jan
30
22
Nat Tunnel A Mines..
*
Nat Union Radio.....-30c
15*
May
26
175
0I2OO
June
X
171
300
"ox "lx
Apr
75*
Jan
May
230
21
235* ; 24
"~7X
Mar
1,400
Jan
Apr
155* May
July
X
Apr
25* May
165
21
175*
1
25*
75*
X May
15* June
1395*
165
24
55*
Apr
Sept
May
21
65*
Jan
95*
475*
Jan
6
105
X
115*
Feb
100
75*
National Steel Car Ltd...*
225*
14
245*
National Sugar
Refining.*
National Tea 6 5* % pref. 10
National Transit
12.60
July
May
6
May
55* May
400
2
July
35* May
Jan
10
36
i
5*
Feb
1075* June
35* May
'"400
Jan
X
75*
75*
""m
Oct
1
100
~*4%
X
3,700
31X
35 X
Apr
May
85*
35*
7?*
355*
12
May
May
Nov
"4%
355*
125*
7X June
1205*
2 5*
85*
35*
945*
35*
Oct
Apr
705*
~~4%
May
X
21
IX
X
5*
Jan
Jan
435* May
90
May
*
com
Oct
1,000
.1
see page
575
National Refining
Nat Rubber Mach
Apr
Feb
75*
19
15* May
705* June
35*
105*
27
ManlsohewltztThe B) Co.*
Mapes Consol Mfg Co...*
Margay Oil Corp
•
For footnotes
200
545*
945*
"""275
05*
9%
warr
Marlon Steam Shovel....*
Mass UtU Assoo v t o..
1
X
515*
*945*
Apr
13
preferred
Massey Harris common..»
Master Electric Co..
1
May Hosiery Mills—
5*
645*
945*
"94"
May
May
X
100
12
*945*
May
Feb
Mar
Mar
National Container
(Del).l
National Fuel Gas
*
Nat Mfg A Stores com...*
National P 4 L $0 pref
*
1%
400
9%
9
*16
29%
29
9X
......
100
Loudon Packing
Louisiana Land A Explor.l
Louisiana P A L $0 pref..*
12
*
com
105*
05*
X
4X
X
Long Island Lighting—
7% pref class A
0% pref class B
National Breweries
4%
4X
2X
454
Llpton (Thos J) Inc**
Common
120
1
$2
*
0% preferred
...25
Lit Brothers common....*
Locke Steel Chain
6
Lone Star Gas Corp....-*
May
117
*
National Candy Co
75*
IX
100
com
National City Lines com. 1
$3 conv preferred
60
05*
Oct
preferred
Mar
112 5*
605*
IX
X
Nov
0%
Nachman-Sprlngtllled
Nat Bellas Hess
Mar
Jan
3X May
111
IX
Sept
395*
275*
May
200
3X
Lefcourt Realty com
.1
Conv preferred
.....*
6
97
Muskegon Piston Ring.2 5*
Muskogee Co common
*
80
113
OX
3X
•
Feb
90
17"500
common
25*
May
Langendorf Utd Bakeries—
Develop...25
G) Inc._l
100
120
Jan
»ii
SMountain States Power—
1
*
Le Tourneau (R
May
4J*
_
Mountain Sts Tel A Tel 100
Murray Ohio Mfg Co
*
50
102X
.
35* May
325
92
101
Moody Investors part pf.
Moore (Tom) Dlst Stmp.l
IX May
200
IX
1
Line Material Co
Montana Dakota Utll.._10
Montgomery Ward A
*
Montreal Lt Ht A Pow. *
5*
*16
38 X
Kleinertd B)Rubber Co.10
Leonard OU
1
65*
~~2% "2%
Kirkl'd Lake G M Co Ltd.l
Kelln (D Emll) Co com..*
Lehigh Coal A Nav
12
$2.50
Monarch Machine Tool..*
Monogram Pictures com. 1
Monroe Loan Soo A.....1
Mar
400
109
101
Kingston Products...... 1
Klrby Petroleum........ 1
Class A..............*
Class B
•
150
June
95*
May
May
Mar
X
"2%
Kings Co Ltg 7% pf 6.100
6% preferred D
100
Lakey Foundry A Mach_.l
Lane Bryant 7% pref. .100
Lane Wells Co common.. 1
185*
Mar
95*
X
18 X
15 5*
fi
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
Lake Shores Mines Ltd
1
18
Apr
9
June
100
3X
Ken-RadTube ALampA *
Kimberly-Clark 0% pf.100
Kingsbury Breweries
1
Koppers Co 6% pref... 100
Kresge Dept Stores—
4% conv 1st pref
100
Kress (S H) special pref. 10
185*
5*
Apr
Apr
45*
Jan
May
12
7% pref. 100
Knott Corp common
Kobacker Stores Inc...
5
8
15*
65*
May
Apr
Mar
200
"16
xl8
IX
Kennedy's I no
6,300
15*
July
Jersey Central Pow A Lt—
Jones A Laughlln Steel. 100
Julian A Kokenge com..*
75*
65*
45*
*
6 5*% preferred
100
0% preferred
100
7% preferred
.100
Johnson Publishing Co. .10
2,000
7
5*
100
105*
135*
9
X
1
5*
75*
preferred
100
Missouri Pub Serv com..*
Mock Jud Voehringer—
Common..
Molybdenum Corp
1085*
Jan
5* June
July
1,100
Jan
Feb
May
Interstate Power $7 pref.*
...1
25*
15*
125*
195*
55*
Interstate Hosiery Mills..*
Irving Air Chute
100
100
85*
June
8
30
Italian Superpower A
75*
35*
200
15*
May
800
"*85*
Jacobs (F L) Co
Jeannette Glass Co
75*
35*
5*
35*
100
X
75*
Minnesota Mln&Mfg
*
Minnesota P A L 7% pf 100
Mississippi River Power—
100
3%
*ie
1
*
4
Mining Corp of Canada..*
195*
*
Investors Royalty
Iron Fireman Mfg v t o
*
Aug
May
May
•ii July
35* Nov
75* July
45*
10
Jan
June
Jan
60c
Apr
5
1
Vitamin
X
35*
div shares. *
Mid-West Abrasive
June
......
International
non cum
155*
25*
X
Interstate Home Equip.
$2
Mid vale Co
Midwest Oil Co
8 X
9X
Feb
X
100
$2 conv preferred
*
Midland Steel Products—
Apr
100
7,800
Jan
35*
425*
1,300
X
75*
1
4%
IX
International Utility—
Class A
$1.76 preferred
$3.60 prior pref
Mlcromatlc Hone Corp
June
Internat Safety Razor B
Class B
75*
10
Apr
65* May
5*
Oct
Sept
103
X
5*
75*
0%
Coupon shares
Registered shares
International Products
Preferred
1
Internat Metal Indus A._*
Internat
*
Midwest Piping A Sup...*
7 5*
Internet Industries I no—1
preferred
Michigan Bumper Corp..l
Michigan Steel Tube._2.60
Michigan Sugar Co......*
AP.
internet Hydro Eleo—
Oct
15*
Class B v t o._.
...1
Middle West Corp eom..6
Midland Oil Corp—
Industrial Finance—
High
•11
35
Middle States Petroleum—
Class A v t c
l
Feb
Low
1,700
5*
26c
Jan
113
X.
Range Since Jan. 1,1940
.15
Apr
Apr
Indian Ter Ilium OU—
Non-voting class A
$6
Jan
Jan
for
Week
Shares
High
X
1
Corp
Low
Price
Metropolitan Edison—
Feb
*
Imperial Tobacco of Can.fi
Imperial Tobacco of Great
Indiana Pipe
8?*
035*
Partle preferred
5T*
Imperial Oil (Can) coup.
Registered
Par
High
66
1,350
8%
Sale
(Continued)
Low
1940
9,
Sales
Week's Range
of Prices
Last
STOCKS
Week
Shares
High
75*
Friday
for
of Prices
Low
Nov.
Exchange—Continued—Page 3
35*
1,100
95*
7
155*
May
May
205* June
21
12
15* June
Mar
May
Sept
Apr
Jan
385*
e
Apr
May
35*
Aug
Week's Ranoe
for
Sale
of Prices
Low
High
Week
Price
Low
Shares
21*
21X
425
ids* 107"
"266
20*
17
107"
113% 115
115
24*
May
May
110*
Mar
94
June
107
Apr
HO* May
104
May
150
115
120
114
lstpref—100
117
Sept
110*
6*
Oklahoma Nat Oaa com. 15
20%
50
prior pref—.*
—-1
49 X
0%
preferred
S5* conv
Omar Inc
Overseas Securities—..
114*
ox
150
325
4%
2%
Oct
8*
21*
200
39
*
4%
2%
Mar
117
Mar
8*
3*
Feb
Savoy OH Co
Feb
Sohlff Co common.....
15*
May
May
34*
31*
Nov
Scovlll Mfg
25
Scran ton Lace common. _*
28*
30*
21
21
21
61*
10*
12*
4,700
1*
11,300
20
Feb
20
Feb
2% June
3%
7,000
7X
700
"51* "53X
1,490
250
ill
27
30
7*
7
6*
Seiberllng Rubber
Selby Shoe Co
16*
16%
33
.—25
Jan
12*
10*
Feb
Jan
May
35*
Jan
41
50
33
3*
May
20
16*
Sept
May
6
May
53*
Nov
May
17*
Oct
May
30* May
May
33
*
2*
1
2H
2%
2%
16
14%
1* May
4,500
Common
Pennsylvania Gas A Eleo—
Class A oommon
..*
1
X
pref.——*
"i«
300
150
112*
112
112X
109
109
10
190
185* 190
75
preferred
Oct
103* May
2
8* May
Penn Water A Power Co.*
56 X
PeppereU Mfg Co
88
..100
"box "59%
85
Pharis Tire A Rubber
450
37
May
60
Apr
*
*
1,000
*n
1
May
1*
2*
Mar
Mar
6*
1
1
6*
100
6*
3*
Sept
May
8*
6*
Apr
Apr
May
18*
00m..25
80*
2,400
5
12*
82*
100
850
$3
oonv
Pblla Elec Co S5 pref
*
PhUa Elec Pow 8% pref. 25
Phillips Packing Co...
*
23*
23*
50
5*
5*
5*
113*
4,160
Simmons H'ware A Paint.*
Oct
10*
72*
Apr
May
Jan
Singer Mfg Co..
May
90*
Jan
May
28*
Mar
May
8*
8*
Jan
Singer Mfg Co Ltd—
Amer dep rets ord reg.£l
Sioux City G A E 7% pf 100
Jan
Skinner
Jan
Solar Mfg
31*
Feb
Sonotone Corp
0*
Feb
—._...1
Boss Mfg 00m
1
South Coast Corp com
1
May
16*
Mar
South
20* May
9*
Jan
47*
18*
Apr
May
Southwest Pa Pipe Line. 10
Jan
5% original preferred.25
0% preferred B
26
31*
31
31*
600
Apr
6X% pref series C...25
29*
29*
200
F6b
Southern Colo Pow ol A.26
29*
1
Nov
100
South New Engl Tel—.100
Southern Phosphate Co. 10
113* June
29* July
3* May
120
Phoenix Securities—
.1
Common..!.
7*
series A. 10
Pierce Governor common.*
"l5*
Pioneer Gold Mines Ltd.. 1
IX
Pltney-Bowes Postage
Meter......
.....*
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant VaUey Wine Co.l
70 H
8X
IX
69
5
5,500
39 X
100
15*
15
ox
44x
50
Pitts Bess ALE RR
7%
39X
500
IX
5,100
1
2
8*
ox
300
0
May
44 X
72%
50
89
May
45
1,090
43
May
72*
13*
13X
13X
200
9
May
91
87 %
93%
1,800
05
June
2%
2%
600
.X
%
900
1* May
Apr
Mar
2*
Oct
Sept
10
Pneumatic Scale com... 10
13*
104
ll
Jan
June
7
7.50
Plough Ino com
June
15
111*
.100
107
Southern
Feb
Aug
Jan
3*
3*
IX
200
3* May
*
25 h
Southern Union Ga
Preferred A
4
8*
Feb
100
July
100
10
May
* May
32
May
81*
24*
1*
Jan
23
23
%
X
X
600
9X
8X
9X
1,000
300
Mining....1
Prentlce-Hall Ino com...*
1
Metals of Am
Producers Corp of
1
4*
May
* July
42
Apr
Jan
Mar i
Feb
10
3*
70
48
3
'11
3%
4X
300
2* May
5*
Jan
8X
8X
7X
8X
7%
200
8*
May
Feb
Standard Dredging Corp—
Common
1
1,100
4*
May
9*
9*
Apr
Oct
May
103
Standard OH (Ky)
Public Service of Colorado
zl04* May
1st preferred..—100
1st preferred
100
111% 111%
10
57 prior preferred
*
*
S6 preferred
107
May
113*
96 X
94
43X
175
46%
225
June
07
35
May
May
100* May
June
110*
59* May
Pyle-National Co oom._.5
Pyrene Manufacturing.. 10
Quaker Oats common
*
0% preferred
100
112
30
112
104* June
Standard Steel Spring....6
37
99 X
43 X
16
17
"ox "ex
May
101*
13* May
43*
Nov
Jan
29
May
May
MOO
May
10*
7*
Apr
Mar
105
155
Feb
16
1,150
20
6* May
34
May
* June
May
1*
300
20*
200
*
10*
common.*
4%
4%
300
4*
1
May
Nov
16
Nov
Sept
1*
2*
26*
6
Relter Foster Oil Cor p.. 60
18
Republic Aviation.....—1
Rheem Mfg Co
1
15
5*
~18~
"is"
100
5*
5
14,100
10
May
4
July
Jan
Jan
Jan
*
>11 June
Reliance Eleo A Engrav..5
Feb
Feb
Oct
0*
19*
3* Aug
1* May
z5*
2*
Rice Stlx Dry Goods
AIM'
*
5
5
100
Radiator
1
1*
IX
500
Jan
Apr
Rio Grande Valley
Apr
300
2,400
Class B oommon
30
500
1*
14*
12*
"i%
Jan
July
Texon OH A Land Co
2
Oct
Thew Shovel Co 00m
6
*19*
2*
18*
Feb
TUo Roofing Inc
1
8*
7*
Oct
May
14*
12*
IX
1^
400
1*
Aug
6
100
4*
*
Aug
3*
3*
7*
Apr
fu
64
3%
50
100
Jan
Mar
Jan
Ordinary reg
Def registered.
65
Mar
2* May
5
Mar
♦
Oct
40
May
9*
May
Jan
9*
Apr
*
1*
2
Jan
May
3*
Feb
125
2*
May
4*
Mar
""366
7*
May
15
100
6*
May
13*
8
May
"15
12*
11*
1*
100
2,900
6*
1*
33*
*
15
JaD
40*
Apr
May
36
Jan
Jan
13
Feb
Jan
July
9*
Jan
800
2*
May
6
Jan
300
10*
4,000
30
600
2*
19*
8*
1,500
4*
100
550
80*
26* May
8* May
16*
May
2
May
3*
Oct
May
July
24*
Apr
15
Apr
12*
7
*
Oct
«
1*
75
40
6*
May
Mar
Apr
10*
May
70*
55
Apr
Jan
69
3*
10*
*
75
Jan
Feb
Mar
114
103
48* May
4*
Jan
Apr
Apr
2
Aug
Jan
Nov
6
4
27*
110
Aug
100
Tobacco Secur Tr—
Todd Shipyards Corp
Feb
100
5s
June
42
Anr
4*
300
£1
Feb
Feb
Tobacco Prod Exports...*
Feb
15
1*
Tobacco A Allied Stocks..*
0
Jan
Jan
62
IX
3*
Tishman Realty A Constr *
Jan
3X
110
Tii
64
2781
9
105*
116*
6
2*
110
3*
26*
104*
Rossla International
*
9*
4
Oct
1*
IX
20*
May
6
1
Taggart Corp com
1
Tampa Electric Co com.. •
May
200
Feb
1*
5*
13
6*
94
9%
21
May
21
95
9%
—.20
11*
1*
50
11
com...5
14*
25
Feb
May
2
Jan
Fob
*11
1*
1*
3
200
110*
May
Oct
40*
1*
hi May
1,100
*
pref..100
Jan
6
ox
Texas PAL 7%
May
33
X
*
19
39* June
10* June
15
Swan Finch OH Corp
*11 May
•
15*
104* 105
104* 104*
h«
105
Roeser A Pendleton Ino.
For footnotes see page
Jan
10*
1*
Superior Port Cement—
Mar
18
12* June
Jan
May
6*% oonv pref
60
Superior Oil Co (Calif)..25
200
15
Jan
0
l16
lh«
Technicolor Ino oommon.*
14*
M
*
27*
9*
29*
Oct
111
Aug
1
"30."
•
(Hugo) Corp....6
Co—......*
SuUlvan Machinery
Sun Ray Drug Co
Bunray 011
1
*i»
Mar
Fob
20*
41* May
Mar
h«
1*
Stroock (S)
26* May
100* June
* June
Mar
11
20
9*
Stinnes
45
May
Nov
14
50
24
24
2*
May
16*
100
700
20*
Russeks Fifth Ave
*
7*
43
13*
43
*
60c
Royal Typewriter
*
50
7
*
J 1.20 conv pref
12,700
300
*
Root Petroleum Co
*
3*
Reed Roller Bit Co
Roosevelt Field Ino
800
*
3*
Stetson (J B) Co com
15*
1
8* May
7* June
100
1,700
0% let preferred
50
5% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Red Bank Oil Co
Rome Cable Corp
900
19*
18*
*
24
J8 0
2*
*
...
MM
2
Jen
Stercbl Bros Stores......*
Sterling Ino......
2*
Mar
Jan
Mar
Oct
Feb
May
Mar
Feb
June
Jan
1
*
13
5*
hi
10*
157
550
»i«
8
Anr
Jan
24
May
*
X
7%
Option warrants
...
Light Secur com...*
Mar
Oct
May
* June
Feb
10*
Feb
*
2*
16
Oct
142
Oct
Jan
6*
Apr
11*
4* May
20
May
Apr
7*
3*
94
*1#
May
Apr
Mar
12*
80
900
Jan
July
Jan
2
72
170*
1,800
Wholesale Phos¬
Ordinary shares
Msr
1,800
5
Stein (A) A Co common.
125
Standard
Nov
30*
Sept
8
900
100
154% 155
106 %
June
Oct
Oct
1*
100
8
106%
Ry *
Gas CoVoting trust ctfs—.. 1
Rochester QAE10% pfC 100
0% preferred D
100
Rochester Tel 0*% prflOO
14*
"366
Steel Co of Canada-
4*
Railway A Utll Invest A.l
Raymond Concrete Pile—
Common
*
1,000
35
32*
109* 109*
35
Starrett (The) Corp v t c.l
68
Feb
Jan
phate A Add Wks Ino. 20
11*
1,350
6,500
Mar
Oct
48
31*
Nov
May
1
7*
94
*
4*
2*
"10 X "io*
19*
1
113* May
IX
Standard Silver Lead....1
500
98%
...•
Raytheon Mfg com
Common class B......*
Preferred
...*
Oct
Radio-Kelth-Orphuem—
preferred
,
Standard Tube clB
42 X
2*
100
$5 preferred
Standard Products Co
0% prior lien pref
100
7% prior lien pref... 100
Puget Sound P A L—
$5 prior preferred.——*
S0 preferred
•
Puget Sound Pulp A Tim *
900
*
Standard Pow A Lt———1
Public Service of Okla—
Quebec Power Co
10
Standard OH (Ohio) com 25
Mar
109
99
j
Public Service of Indiana—
May
14*
4*
13
Standard Invest $5* pref *
95
*
S0 preferred
35
27
May
24* June
1*
11.00 conv preferred..20
7X
1*
8*
1*
1*
10
Conv preferred
'it
3X
Prudential Investors
Teh
>11
5
»i« June
Jan
35
5
1*
8*
13
*
Providence Gas
2*
44
Aug
25
3*
19
19
Standard Brewing Co....*
Standard Cap A Seal 00m. 1
Nev„20
*
Prosperity Co class B
Jan
Apr
Apr
Jan
5
Mar
4*
65
23
1*
2*
May
10
Southern Pipe Line
of Canada..*
*
1*
Jan
28
00
5% 1st preferred
•
Spanish A Gen Corp—
Am dep rets ord reg—£1
Spencer Shoe Corp
_*
Stahl-Meyer Ino
*
0% 1st preferred
100
200
35
107
Jan
July
May
1*
*
2* May
6
2* May
105* Mar
*
Feb
400
7% preferred
Feb
July
1*
35
Spalding (A G) A Bros...1
Pratt A Lambert Co
Apr
Mar
155
•11
46
Apr
"766
1*
9*
Aug
99
Calif Edison—
1*
4*
"3'x "3%
6*
21
May
3*
1*
Jan
* June
9* Mar
Nov
Oct
400
IX
"35
25
Penn OH
*
5
23*
1
Southland Royalty Co...6
Alexander
Jan
*
3*
Jan
Potero Sugar common
Apr
19
95
l'
Co
1*
*
15*
*
1*
Organ..........6,
Aug
25c
Jan
Mar
11*
1*
*
Polaris Mining Co
Apr
114*
May
SlmpUclty Pattern com.
Simpson's Ltd B stock...*
60
Jan
100
May
May
1,100
Feb
4* June
"506
62* June
6*
23*
Nov
300
"~3X ~~4X
4
10
8
*
pref
112
2,200
Jan
Jan
Simmons-Boardm an Pub—
Mar
190
4%
4X
OX
Aug
*
2* June
100
5% cum pref ser AAA 100
Sherwin-Williams of Can.*
Sllex Co oommon
*
May
7X
USX 119
4*
Philadelphia Co common.*
Jan
49*
4
Perfect Circle Co
Jan
11
46
53
350
89
1*
8*
Jan
550
63*
"425
Jan
Apr
2,200
22
Pennsylvania Sugar com
Reeves (Daniel)
3* May
*
49*
*
168* May
97*
r
Apr
Mar
10,200
1,300
10*
50
20
40
*
6*
4*
Jan
113*
Apr
June
69*
12*
79*
June
1
May
5*
bherwln-Williams
—
Nov
Oct
35
3*
12*
00*
Oct
38* May
Nov
1*
350
*
*
3
Shawlnlgan Wat A Pow._•
Apr
Nov
12*
48
3*
Shattuck Denn Mining...6
22*
61*
May
46
he
6
Apr
Jan
Pennsylvania Edison Co—
.*
June
•11 May
4*
48
1
Convertible stock
15.50 prior stock
25
Allotment certificates..
Oct
3
11*
0,900
9
Seton Leather oommon...*
33
16
4*
9
Sentry Safety Control
Serrlck Corp
04
Airlines oom.l
Mar
100
4*
*
Sept
Oct
3
29*
Selected Industries Ino—
Mat
*
Mar
May
»u
*
*
*
00m
Jan
May
35
*
Segal Lock A Hardware..1
8
1
*
Feb
3
r53X
IX
...
Securities Corp general
Seeman Bros Ino
Jan
34
*
•
00m
Warrants
Jan
1
14
May
July
44
60
12*
Feb
9* May
1*
Jan
36
Aug
22*
100
61*
Soul In Steel Co
6*
Jan
15*
Apr
4*
Apr
81* May
4*
May
19
May
2%
Sept
40
May
60c
Premier Gold
1,800
4
86
86
2*
Richmond
29*
Scran ton Spring Brook
Water Service $0 pref—*
20* May
Oct
July
hi
*
Jan
Fuel
Penn Salt Mfg Co
3*
9
Jan
Feb
*
56 series pref—
S2.80 series pref
48* May
27
95*
A.—*
Pennroad Corp com
May
200
108*
Penn Traffic Co
conv
2,700
»i«
*
Feb
750
3*
3*
*
May
2
5
July
69*
June
31%
10
Class B
$3
Samson United Corp com. 1
Sanford Mills
•
6,600
3
72
72
34X
Peninsular Telephone com*
0%
7%
3*
Salt Dome OH Co
2*
100
Parkersburg Rig A Reel—1
Patchogue-Ply mouthM Ills ♦
Pressed
1
preferred
2%
71*
10
34
3*
Parker Pen Co—
Power Corp.
7%
9
5
100
IX
Paramount Motors Corp.l
Powdrell A
Feb
Aug
280
American shares
Conv S3 pref
Jar
2-
Corp Ltd...*
Class A S2 conv pref..50
Nov
Pantepec OH of Venezuela-
SO
2*
May
St Lawrence
St Regis Paper com
July
May
*
*
SI.30 1st preferred
Penn Pr A Lt S7
1*
*
Pacific Public Service
Cent
2*
1
31X
31X
Penn
2*
IX
Petrol
106* 107 X
6*% 1st preferred...25
Pacific Lighting S6 pref.
Pacific P A L7% pref—100
SI.40 preferred
2*
1*
1*
*
1,100
400
Ryan
Consol
High
5
Aug
28
34 X
Penn-Mex
Low
4*
Ryerson A Haynes com..1
Apr
Apr
50
Range Since Jan. 1, 1940
Shares
1
4H
50
Price
1,000
1,500
1st pf.25
Pender (D) Grocery
Week
13*
4*
Pacific Can Co oommon—*
Pacific G & E 0%
109
Oct
5%
700
5X
June
13* May
May
100
May
300
20 X
49*
49X
113% 114%
20
for
of Prices
Low
High
Ryan Aeronautical Co
Mar
90
1st preferred
100
Oils toe Its Ltd common—-5
Week's Range
Sale
Par
May
♦
Ohio Edison $0 pre!
Ohio OH 6% preferred—100
Ohio Power 0% pre!
100
Last
High
95
Ohio Brass Co d B com__»
S3
STOCKS
{.Continued)
Range Since Jan. 1, 1940
Last
Par
Sales
Friday
Sales
Friday
STOCKS
(Con nued)
Ohio P 8 7%
2779
New York Curb Exchange—Continued—Page 4
Volume 151
*
May
Jan
Apr
Nov
New York Curb
2780
Sales
Friday
Last
STOCKS
{Conclude®
Week's Range
Sale
Par
Price
-
—
95
May
May
IX
1,500
1,200
IH
2%
1H
2
Jan
he
Apr
H
X
Oct
May
May
May
he
Apr
IX
3X
Apr
Feb
•it
Jan
*8 X
Jan
1
"i'H
7 X
1,100
36 X
34
36
1,000
1
Tung-Sol Lamp Works
80c oonv preferred——*
-1
lUlen & Co ser A pref
*
Series B pref—————*
Unexcelled Mfg Co——10
Udylite Corp..
Union Gas of Canada
-
«..*■
"4H
4X
A
*r
^
4X
X
3,200
"3X
"460
100
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927—
2
X
Union Investment com—*
Un Stk Yds of Omaha.-100
1
United Aircraft Prod
io
S3
cum
nx
12
11
United Chemicals com...*
12X
300
2,500
A part pref..—*
Un Cigar-Whelan
X
•~i«
"lh«
'3,300
•j»
he
X
United Corp warrants
United Elastio Corp
*
8X
160
IX
X107X 111
X
X
13,500
8
8
United Oas Corp com
1
1st S7 pref. non-voting.*
1X
IX
Option warrants...
United Q A E 7% pref. 100
"h
United Lt A Pow com A..*
'"k
800
x
"lb",400
X
2,300
31X
Common class B——*
SO 1st preferred.......*
*
500
8,600
A
53 partio {Href....—..*
United Profit Sharing—25c
10
58 X
25
43 X
56 X
43
1
8X
8X
.1
5H
5X
Graphite
com
conv
1,225
preferred
59 X
*
1
20
U 8 Radiator com....
Jan
2X
♦Parana (State) 7s
Jan
Jan
Nov
Jan
1H
Feb
7X May
2X Mar
64X
Jan
5X
Jan
8X May
50X May
X May
Oct
*it
Nov
Jan
6X
utt May
87X June
X
Feb
79
May
X May
Sept
13X
3H
2,600
25
26
32
26
100
2%
2%
32
1,100
16
3%
3x
'
Apr
1,100
IX
79*4
51
in "Tx
77
900
475
80 X
500
51*
49X
125
"loo
3,900
225
28 X
400
29
2,000
X
88 X
1
190
92
"~8X "»X
Y,306
4%
8X
4%
200
8X
8X
200
»ie
1,000
1
"ik "2"
T606
200
100
100
15%
Jan. 1
1946
z
a
1
x
a
1
x
a
1
1st A ret 6e
1968 y bbbl
1967 ybbbl
Low
High
Alabama
Power
t
1st A ref 4X«
105
"(MOO
99
106X
ioix
102 X 103 X
16,000
98 X
104X
4.000
2
4,000
2
108
aa
2
110X
105X 105X
108
108X
110X IIOX
10,000
5,000
243X
Feb
Am Pow A Lt deb 6s..
2016 ybb
4
103
101
Feb
Appalachian Elec Pow—
7X
83 X
Apr
Jau
Sept
1963
3
107
106 X 107X
Appalac Power Deb 6s
8X
Nov
Arkansas Pr A Lt 5s......1956
7X
Feb
Associated EleoAXs
Apr
§ Associated Gas A El Co—
♦Conv deb 4Xs
1948
♦Conv deb 4X«—
1949
64
46
X
47
t
8
X
May
Feb
1st mtge 4a
Debentures
71
Mar
VA May
6
Feb
28 X
35 X
Apr
Apr
♦Debenture 5s
2H
Apr
May
May
2X Feb
Jan
3
Aug
5X May
X
Jan
6
Jan
X
Apr
2X May
Sept
6
2
Mar
6X
Mar
24
Mar
13
Mar
1
Aug
x48X May
IX
Feb
X May
23X
2
80X
IX
Apr
3X June
X July
•it July
12H May
IX
Oct
1
May
92
May
14
May
9X May
Sept
3 X May
ex
Tx
6 X
500
"12'x
8X
"ex
12X
""166
8X
700
9
"bk "~5X
""800
6X
400
ex
U
-
-
5X
Jan
3X July
X May
7X May
5X May
98
May
3X May
4X May
4X Sept
Atlanta Gas Lt 4Xs
Atlantic City Elco 3Xs
Avery A Sons (B F)—
5a with warrants
5X
13,400
77
Apr
Bel!
6s series
Apr
Mar
Jan
Oct
Mar
5X
Apr
Nov
7X
Jan
27
For footnotes see page 2781.
103
101X
103X
74X
155
101X
103 X
103 X
100X
63
83X
95 X 103 X
41
26X
25 X
41X
95
*103X 105
80
44~66o
75 X
65
bb
92
91
92
95
94X
95
3,000
78 X
88
5,000
X 301,000
76,000
65 X
85 X
66
85
..1952
«« series B
Cities Service 5s
z
y
X
.1952
y
32 X
80
34X
42
44
X
y
y
bb
1st ref mtge 3s ser P
Consoi Gas (Bait City)—
88
85
85
x
aaa4
x
aaa4
x
x
aaa4
1943
y
b
Yrui
—.
50
77
93 X
95 X
88
70
85
66
85
76 X
75X
93 X
128
aaa4
1954
37
94
88X
128
93 X
83
64X
44.000
X 299,000
91X
93*4 112,000
100 X 101X
56,000
93
1971
1969
...1961
(Bait) 3X0 ser N
87
88
101X
b
Community Pr A Lt 5s—.1957
81X
83
84 *4
85
b
1949
32 X
53
1950 y b
Debenture 5s..........1958 yb
Debenture 5a
1969 yb
«Xs
102 X
32
32 X
81
bb
Conv deb 5s
Cities Serv P A L 6 Xs
74X
102
"32
cc
1954 y cc
y b
Cincinnati St Ry 5 Xs A
Gen mtge 4Xs.
90
89
11,000
I960 7 b
6Xs
Conn Lt A Pr 7s A
89 X 117
10,000
8,000
31,000
41,000
51,000
38,000
3,000
1948 y
Cudahy Packing 3Xs
Delaware El Pow 5X8
1958 y bb
1944 y b
1955
1959
4
128
109X-109X
108X 108 X
81
94 X
101X
1,000
125 X 135X
1,000
3,000
104 X 109X
105
111X
124X 129 X
J127M 129 X
4
92 X
2
53
53
2
x
a
x
bbb4
aaa4
107 X
4
Elec Power A Light 5s
2030 y b
4
Elmlra Wat Lt A RR 5s..1956 x a
El Paso Elec 6# A
1950 x bbb3
85 X
Edison El 111 (Boat) 3 Xs,- .1965
x
Empire DJst El 5s
...1952 x bbb2
Ercole Marelll Elec Mfg—
6Xsseries A
...—1953 yb
Erie Lighting 5s
1967
49
x a
4
100
106
107X
85
ioix
104X
49
21,000
3,000
164,000
107 X
17,000
87 X
74,000
124 X
6,000
103
27,000
105
7,000
49
1961
y
cccl
*35
ser C
1966
Florida Power A Lt 6s.....1954
*
bbb3
104 X 106
x
bbb3
♦Geefruel 6s
Jan
26
Oct
Glen Alden Coal 4a_.——.1965 ybb
Gobel (Adolf) 4X8
..1941 y ccc4
15
Jan
1953
1950
Gr Nor Pow 5s stpd...... 1950
Green Mount Pow 3X8—1963
z
x
b
104X
79
ioix
100 X 101X
72
*65
ioox
107X
Oct
Grocery Store Prod 6a
26
Oct
Jan
Guantanamo A West 6s... 1958 yb
Guardian Investors 5s..
1948 y c
49
Mar
Mar
7
Jan
7X May
7X May
26 X
100X 100 X
106 X 107 X
110
125X
102 X 106
101X 105X
23
49
106X 109 X
89
102X
22 X
57
98 X 106
105
100
97 X 102
56
87 X
94
102
83
ioix
67 X
89
i3~66O
73
71X
73
28
28
28
78 X
78 X
79
75
101
103X 107 X
66,000
75
69
18
28
79
65X
70
90
*70
74 X
74X
*108X 112
105X 105X
87
107X 112
70
87X
58
"MOO
106
7.660
s
91
78
109 X
99X 105 X
52
Oct
27
101
1,000
37,000
6,000
40,000
56,000
8,000
1,000
x aa
52
79
101
101
a
Aug
76 X
101
x a
May
May
103X 104X
101X 101X
Oct
Feb
25
Attention is directed to the
new
1945 yb
♦Hamburg Elec 7s
1935
♦Hamburg El Underground
A St Ry 5Xs—
.—1938
column In this tabulation pertaining to
z
z
*56
59
*29
29 X
30
29 X
dd
63 X
30
9,000
*27
53
23
42X
15X
26X
*26 X
cccl
30 X
»■■■
107
74X
48
8,000
73,000
61X
93
1,000
"7,666
94
104
87
*108
109
101X 102 X
97
45
100X
85
124X
102 X
105
75
80
95 X
28,000
93 X 157,000
53
2,000
106
100 X
"86 X
..1956 ybb
94 X
94 X
93 X
2
Eastern Gas A Fuel 4s
6
5,000
92 X 100
■'.a....
1955 y bb
Cent States Elec 5s
20
12,000
101
103 X
77 X
Feb
12 X
18
ioix
x a
Feb
14
28X
27X
153
......
7X June
9X
26X
26X
3
28X
Danzig Port A Waterways
26X
26X
bb
29
18
*12
y
Georgia Power ref 5s......1967 z.a
Georgia Pow A Lt 5s......1978 yb
*23
26 X
1959
♦General Rayon 6a A.—..1948 z ccc2
Gen Wat Wkfl A El 5s
1943 ybb 4
*24
26X
138
153
aa
Gary Electric A Oas—
5s ex-warr stamped..... 1944 ybb 3
2
Gstln«au Power 3Xs A—-1909 s a
1
General Pub Serv 5s.«.—1963 yb
ybb 2
Gen Pub Util 6Xs A
1956
12
X25X
X25X
26,000
2,000
15,000
x aa
x
Jan
Cent Bk of German State A
♦Prov Banks 6s B—1951
♦6 series A....—1952
110
107 X 109
1960
Canada Northern Pr 5s ...1953
Grand Trunk West 4s
Danish 5X«—
1955
Ext 5s............1953
130X
6X
Aug
X8X
05
88
3
x aa
Florida Power 4s
Sept
95X 105
51,000
....1957
3X June
20
75
104X 108X
103 X HO
124X 125,000
b
Jan
20 X
15X
34X
53
107X 109 X
*
Feb
24
28X
108 X
109
1950
5X
28
10
10X
117
bb
12 X
*20
20 X
28 X
10
3,000
17,000
16,000
6,000
30
10
121X
y
June
*20
11
10
4,000
26,000
54,000
22,000
2,000
129
104
101X
C
Oct
7X
112
64 X
106 X 106 X
107 *4 108 X
121
Telcp of Canada—
1st 6e series B
6s ser A stamped...
Cont'l Gas A El 5s.
7X
7X
2
102 X 108
38 X
62X
Consoi Gas Util Co—
Sept
Feb
Sept
12X
9X
23,000
51,000
*99
Convertible 6s
Apr
17X May
11X
10 X
108 X
63
105X
106 X 1J1X
103 X 108
*100
1947
Cnnsol Gas EI Lt A Power—
%
*25X
3
15X
16
90 X
13,000
...1947 ybb
5s without warrants
Jan
Week
♦20-year 7s
Jan 1947
♦Baden 7s—.........1951
Bogota (see Mtge Bank of)
♦Cauoa Valley 7s....1948
2
Jan
for
Agricultural Mtge Bk (Col)
♦20-year 7s.... Apr 1946
a
x aa
'64
2
Sales
BONDS
x
1955
4
IX
15 X May
GOVERNMENT
AND MUNICIPALITIES-
65X
16
15 X
105X
107X 109
108 X 110X
Baldwin Locom Works—
Banks 6s-5a stpd—
4X
3
Federal Wat Serv 6Xs —..1954 y b
Finland Residential Mtge
5
Wright Hargreaves Ltd..*
b
Apr
Feb
7X
6X
May
y
1927
Oct
31
A '55
15
15X
1953
Apr
Apr
Aug
5X
IX
"nx
|*Chlc Rys 5s ctfs...
Sept
16X
dddl
Cent States PAL 5Xs
9X
16
15
dddl
J&n
6X
15%
15X
%
Apr
A I«P
Apr
15X
15X
z
1968
Canadian Pao Ry 6s
1942 x a
Cent Power 5s ser D......1957 ybb
12
15X
.......
Jan
Nov
50
1977
Registered...
♦Conv deb 6Xs
Assoc TAT deb 5 Xs
J126X 130
105 X 105X
49
15X
15X
1954 ybb
92
75
dddl
Broad River Pow 5s
Apr
10
dddl
%
Jan
Apr
Mar
IX
dddl
z
1968 xbbb3
IX
30
z
Birmingham Elec 4 Xs
Birmingham Gas 5s
2X
29
3
Nov.
Feb
X Aug
IX May
•it
1950
103
*104 X 105
105 X
49 X
Bethlehem Steel 6s.......1998
June
X May
16
July
21
May
H May
63
May
7
May
ex July
3
May
5
May
bbb3
x
Apr
May
IX
65X
38
a
1953 yb
♦Conv deb 5a
19X June
x
1948 xbbb3
2024 x bbb3
4Xs
June
May
50
104
71,000
IX
Apr
May
3 X
UH
104 X 107 X
103
106X
American Gas A Elec Co.—
aa
3X
50
109
X107X 108
106X 106X
J105X 106
105X 105 X
106 X
aa
100
65
Range
Co—
x
6,700
Woolworth (F W) Ltd—
Amer dep rets—_._.5s
%
1956
Feb
1
♦External 6Xs
1952
♦German Con Munfo 7s *47
♦Secured 6s
1947
Price
x
10
Williams Oil-O-Mat Ht—*
Wilson Products Ino
1
FOREIGN
Since
See k
BONDS
Cuban Tobacco 5a
20
1
for
Week
1951
Nov
■
58
Wloblta River Oil Corp..lu
Williams (R C) A Co—»
Petroleum
Sales
of Prices
1st A ref 5s
3
ex
Oct
Feb
Weeks' Range
Jan
Jan
IX
IX
102
Westmoreland Inc....—10
Woodley
Mar
Jan
Sale
1st A ref 5s
May
3,200
4,:,>
Western Tablet A Statlon'y
Common.
»
*
11
Last
1st 5s
May
10
3
5x
Western Air Express.....1
20
7% pf 100
17 X
X
X
X
15
Apr
Friday
Jan
IX
100
2X
Western Maryland Ry—
Co
Mar
Mar
Oct
X
10X
X
X
June
x
74
Western Grocer com
Wolverine Portl Cement. 10
Wolverine Tube com
2
Mar
16
Sept
5
1960
1970
900
21X
~29~~
Wentworth Mfg..
1.25
West Texas Utli S6 pref—*
West Va Coal & Coke....*
Wilson-J ones
46 X
9X
12,000
5,000
2,000
1950
X July
IX June
IX
Wayne Knitting Mills...5
Wellington Oil Co.—....1
Wisconsin P A L
7X
X
3X» «'debs
3X8 sf debs
3X Aug
X May
2 H May
"ix ~"i~X "ix
Waco Aircraft Co.—.—*
Weyenberg Shoe Mfg
Oct
Jan
13
16
2Xs s f debs
May
May
14X May
X
7% pref—100
Vogt Manufacturing.....*
Westmoreland Coal
Mar
Bank
Jan
4
Va Pub 8erv
7% 1st preferred
Mar
14 X
Elig. dk
Rating
RAILROAD and INDUSTRIALS
July
15
1
Vultee Aircraft Co....
26X
June
11
Oct
500
~3% "'~3~X "~3%
1
Wagner Baking v t o—..*
7% preferred.......100
Watt & Bond class A....*
Class B.——_..._*
Walker Mining Co......1
20X
15
40
26 X
Feb
2,500
"
.5
Van Norman Macb Tool.5
1921
1949
28
Jan
Sept
Oct
5X
X
1%
Universal Products Co...*
Venezuelan Petroleum
♦5X8
♦Santiago 7s
20
•it
89
75
IX
he
m
20
Universal Pictures com... 1
1
1958
15
Jan
Feb
1
Class B
Conv preferred.......7
Mtge Bk of Denmark 5s '72
Jan
Feb
Apr
26
"~3X " 3X
United Stores common.50o
Valspar Corp com
54 conv preferred
Mar
J12X
*22
15X
7X
X
XX
*11
♦Issue of Oct 1927
♦Mtge Bk of Chile 68.1931
Mar
Apr
ht
pref....—*
Utility Equities com
10c
55.50 priority stock....1
Utility A Ind Corp oom—5
13 X
June
7X June
28
IX
H
8X
2X
113 X
27
900
4
Utah Radio Products
8
Apr
65
39
100
U S Rubber Reclaiming..*
U 8 Stores common....50c
Utah-Idaho Sugar.......5
Utah Pow & Lt S7 pref.—*
Apr
Feb
Feb
May
3X May
3X May
3
May
975
IX
Universal Corp v t o
1
Universal Insurance...—8
10X
Nov
64X
Jan
15X May
\6X May
800
IX
United Wall Paper......2
Universal Cooler class A..*
Oct
5X May
*20
♦Rio de Janeiro OXs.1959
♦Russian Govt 6X8—1919
39X June
7lf.
"lV*
conv
26
*20
Apr
310
59 X
58
1
1st 57
Jan
9X
8
1,200
2,400
6
^
"*~X
*
U 8 Lines pref
U 8 Plywood
IX
59X
43%
8H
...5
S51st pref with warr
12
2,000
*3X
0X
IX
3X
26
♦Medellln 7s stamped. 1951
XX May
6X May
3X May
X May
7X
United Shoe Mach com.25
U 8 and Int'l Securities..*
26
26
♦Maranhao 7s.......1958
Jan
4X
United N JRR A Canal 100
U 8
27
Apr
239
May
X
Jan
Am dep rets ord reg
Preferred
United Specialties com
U 8 Foil Co class B
High
Apr
6X
14
Feb
United Molasses Co—
10% preferred
Low
*
11
*6X
*11X
10 X
70
26
Range Since Jan. 1,1940
for
Week
*25
1958
Z9X
20
20
United Milk Products
♦6X8 stamped
May
3,200
Sts—10c
115
May
4X
20
*1e
*
1940
Lima (City) Peru—
300
Corp—1
of Prices
High
Low
♦Hanover
Apr
Truns Pork Stores Inc—*
Class A
Mar
(City) 7s
1939
♦Hanover (Prov) 6X«-1949
104
.....
Trt-Contlnental warrants
Tublze Cbatllion
109
Week's Range
Sale
Price
High
Jan
A
"
Tonopab-Belmont Dev. 10c
Tonopab Mining of Nev.l
Trans Lux Corp
1
Trans western Oil Co——10
Low
he
:
100
preferred
Last
BONDS
{Continued)
Shares
Toledo Edison 6% pre! 100
7%
Range Since Jan. 1,1940
for
High
9,
Sales
Friday
Week
of Prices
Low
Nov.
Exchange—Continued—Page 5
bank eligibility and rating of bonds.
See a.
Volume
Friday
Last
Week's Range
Rating
Sale
of Prices
(.Continued)
See a
Price
1966
x
aa
z
c
1
y
b
y
b
2
x
aa
3
1st A ref 5 He ser B
1st A ref. 5eser C
Ha—May
(Concluded)
See a
74 h
Range
Week's Range
for
of Prices
Price
Week
Sale
70
61
37,000
72?*
{26
71%
Since
Jan. 1
I
High
Low
305*
915*
14
16
Publio Service Co of Colo—
X74
76
4,000
"1,000
107
31666
107
107
x
bbb3
107?*
x
bbb3
106 %
x
bbb3
105 %
y
bb
3
101h
1075* 107%
106 5*- 106%
105 5* 106
99% 101H
1065* 1115*
32,000
64
81
66
~
1957
1958
111 Pr & Lt 1st 6s ser A
Jan. 1
Power Corp (Can) 45*sB
♦Prussian Electric 6s..
1956
Idaho Power 3?*s
bonds
Klig. A
Rating
Last
Since
Range
30
74 h
2
1949
1967
1953
1954
6s series B
%
110% 110?*
*5
1949
Hygrade Food 6s ▲
High
Low
110%
3
♦Hungarian Ital Bk 7 Ha...1963
Houston Lt A Pr 35*s
for
Week
Sales
Friday
Bank
Sales
Bank
Elio. A
bonds
8 f deb 6
2781
New York Curb Exchange—Concluded—Page 6
151
79
1055* 1095*
101
107?*
36,000
98 H 107
965* 106
21,000
87
1015*
24,000
s
35*s
x
a
1954
z
b
—1964
f debs 4s
x aa
1949
2
18,000
1055* 109?*
7,000
1045* 107?*
9,000
1085* 109?*
109%
128
106
106
bbb4
x
,
Public Service of N J—
y aa
3
1585* 1605*
1966
x
a
4
Puget Sound PAL 55*s.._1949
1st A ref 5s ser C.
1950
y
6% perpetual certificates
1015*
100% 101 %
1st mtge
1959
161
Pub Serv of Oklahoma—
y
bbbl
101h
2,000
93
1950
1963
y
b
2
7 AH
73
74%
745*
y
b
2
70%
72%
19,000
24,000
57
72 h
66
735*
♦Indianapolis Gas 5s A
1952
International Power Sec—
z
bb
1
80 H
80
81
18,000
60
995*
1955
y
b
1
21
11,000
175*
435*
♦7s series E
1957
y
b
1
27 h
13,000
21
49 5*
21,000
195*
475*
3
bb
3
100
4
♦Ruhr Gas Corp 65*8
♦Ruhr Housing 65*8
23%
3
bb
v
1045* 108
119,666
86
102
28,000
83
1015*
985* 1005* 111,000
81
1015*
Queens Boro Gas A Elec—
6 5*s series C
bb
y
{1065* 108
m%
101?* 102
101
101
1015*
1952 ybb
4 s series A
Indiana Hydro
Elec 5s
Indiana Service 5e
1st lien A ref 6e
Interstate Power 5s
6s series B
Iowa Pow A Lt 4 34b
Isarco Hydro Elec 7s
Jacksonville Gas
"23
1
b
y
%27
4
%
64%
23 %
6s
615*
715*
1953
1958
Safe Harbor Water 4 5*8.-1979
San Joaquin L A P 6s B
1952
51
♦8axon
61 H
65
68,000
38
39
24,000
29
3,000
2,000
103
5,000
1065* 1095*
ccc2
38%
y
bbb4
y
bbb4
105 h
105
x
aa
3
y
b
1
"28~~
28
29%
y cc
1
38
38
39
105% 105%
105
105
106 % 106%
6,000
13,000
103
265*
295*
1065*
106 5*
62
42
—
3
1942
ib
1966
2022
x
aa
x
a
2
3 Ha—. 1966
x
a
4
5s stamped
Kansas Elec Pow 3 5*s
Kansas Gas A E ec 6s
Lake Sup Dlst Pow
44
2
♦I-eonard Tleti 7 Ha
1946
z
1945
x
bbb3
Louisiana Pow A Lt 5s ....1957
x
44
{104
108 H
cccl
Long Island Ltg 6s
45
3,000
\30%
63 5*
102?* 107?*
117
127?*
110
*125 3* 130
107 % 108 %
39
10,000
35
104 5*
30
1085*
33
4
1941
y
b
4
Memphis Comml Appeal—
Deb 4 Mis
1952
x
I5T660
107
106% 107
11,000
t27
1947
.1971
b
x
aa
35
69
69
x
aa
2
.V
bb
2
y
bb
2
bbb2
Mississippi Power 5s
1967
1978
1955
1955
x
x
bbb2
Lt 5s
...1957
x
bbb3
1951
x
aa
2
1960
1945
2026
2030
y
bb
4
x
bb
2
y
y
|»Nat Pub Serv 6s ctfs.._1978
Nebraska Power 45*8
—1981
z
Mengel Co conv 45*s
Metropolitan Ed 4s E
4s series G
Middle States Pet 6Ha
Midland Valley RR 5s
Light AHa
Minn PAL AHa
1st A ref 5b
River Pow 1st 5s
Missouri Pub Serv 5s
Miss
5s
Nat Pow A Lt 6s A
Deb 6s series B
2
x
bbb3
x
bbb3
x
Debenture 5Ha
-
*
M
«•
w
136 5*
12
{265*
{36
M
127
265*
23
{1365* 138
cccl
25
105?* 109 H
38
z
1951
z
cc
1943
x
bbb2
Scullln Steel
1951
y
b
2
80
74 5*
80
29,000
57
80
Shawlnlgan W A P 45*8.-.1967
1st 4 5*s series D
1970
x
a
2
86
82
64
98 5*
a
2
82
86
82?*
22,000
x
8,000
64
97?*
1947
y
b
2
{90
Sou Carolina Pow 6s
1957
y
bbb2
Southeast PAL 6s
2025 ybb
Ino 3s
2
5*
24,000
4
1115*
31,000
1045*
110?* 112 5*
104
104 5*
1015*
lOlJ* 1015*
1968
1951
x
aa
3
y
bb
2
y
bb
4
1945
x
bbb4
49
1005* 104
95 %
87
94
102 5* 103 5*
2022
45*8
Lt 6s
7,000
103
So'weat
Pow A
39
1015* 1015*
1015*
Sou Indiana Ry 4s
Sou Counties Gas
3,000
2,000
50
965* 103 5*
113 5*
102
103?* 105?*
53
37
90
1055*
105
5.000
1989
x
b
48?*
49
2,000
40
1948
y
b
74
725*
33,000
49
74 5*
y
b
74
495*
74?*
1951 y b
74?*
735*
72 5*
18,000
715*
Conv 6s (stamped)
Debentures 6a
1948
585*
74?*
74
74?*
29,000
48
74 5*
1966 yb
1957 yb
73 5*
71?*
74?*
47,000
48
74?*
74 5*
72
74?*
84,000
48
745*
1957 yb
1950 z ccc2
73%
72
74
39,000
49
745*
14?*
245*
27
47
S'west
Pub
Serv
6s
Spalding (A G) 6s
109% 109%
X98%
"58%
"103%
106
58%
99%
96
111
91?* 1005*
"
615*
1,000
98
12.000
2,000
106
4,000
103 % 104
"104%
106
{106
2
108
El 65*8—1963
y
109
113?*
605*
62
45,000
1075*
7,000
20
Conv 68 4th stp
United Elec N J 4s.
56
18,000
117
|*Ulen A Co—
101
102
26%
aaa2
aaa3
y
bb
y
bb
3
3
y
bbb2
x
a
4
x
a
26%
{126
83
132
108
108
81
28
108?* 1115*
120
1285*
U10% 112
110
1,000
102
83% 105,000
62
835*
7,000
67%
65
68%
42,000
51
715*
66%
65%
67%
12,000
62
715*
65
67%
29,000
51
109% 109%
1,000
105
121
66%
109%
121
121
96%
96%
97%
67,000
885*
98
98
99%
70,000
93
715*
110
104
1045*
16,000
97
55*8—1952 yb
1950
z
x
aaaj
x
aa
3
1953
y
b
1
1956
No Boat Ltg Prop 35*8
1947
Nor Cont'l Utll 5Ha
1948
TIN"western Pub Serv 6s
1957
Ogden Gas 1st 5s
1945
Ohio Pow 1st mtge 35*8..—1968
y
bb
2
x
aa
4
1962
1955
102%
104 %
102 %
16,000
104% 104%
6,000
102
aaa4
{1065* 111
106 5* 1065*
"27606
43
"17666
43
102 % 102%
40
3,000
94
65
14,000
103% 104
1035*
103?* 106
26,000
35
104»i« 1049n
6,000
101
1115* 1115*
1085* 109
6,000
107 5* 111?*
28,000
103 5* 109?*
3
1085* 1085*
28,000
cccl
34
34
1,000
16
34
z
b
1
345*
345*
2,000
16
345*
1975
y
b
2
88?*
94 5*
88?*
94 5*
27,000
27,000
3,000
73
2
1974 y b
1959 x bbb3
Un Lt A Rys (Del) 65*8... 1952 ybb 3
86?*
93 5*
895*
945*
United
Light A Pow Co-
Debenture 6s..
Debenture 05*8
1st lien A cons 55*a
bbb3
1075* 1075*
55,000
x
bb
103 5* 1035*
1,000
105?* 105?*
1,000
955*
81,000
16,000
96?*
110
United Lt A Rys (Me)—
6s series A
1952 xbbb3
118?*
Deb 6s series A.
1973 yb
2
118?* 119
875*
Utah Power A Light Co—
1st lien A gen 45*8
1944
xbbb3
87
745*
1045* 110
78
96?*
{101
89
955* 1015*
85
101?*
101?*
100 5*
119
725*
20,000
88
2022
x
100 5*
100
1946
y
bb
102?*
,..1950
y
bb
103
1015* 102?*
102?* 103
3,000
24,000
11,000
95
104
1025* 102?*
4,000
94
103
65*
22,000
1,000
4,000
4
10?*
107
109 5*
"17666
1075* 117
11,000
1,000
3,000
102
Deb 6s series A
1st ref 5s series B
bb
1946 y b
Deb s f 6s
995* 104?*
Waldorf-Astoria Hotel—
1954
z
cc
2
,1951
x
aa
4
♦5e Income debt
Wash Ry A Elec 4s
x
aa
2030
x
bbb3
1960
x
aa
2
1944
1941
y
bb
2
x
aaa2
Wise Pow A Light 4a.
1966
x
bbb3
|*York Rys Co 6s
♦Stamped 5a
1937
z
bb
1
1947 ybb
2
6s.
West Penn Traction
_
West Newspaper
Un 6s
Wheeling Elec Co 5s
108
108
2
Washington Water Pow 35*s'64
5?*
5?*
1155*
575*
1095* 1095*
{106 5* 108
1155* 1155*
57
1
102
58
102
1075* 1095*
1045* 1085*
60?*
43
105
105?* 1105*
587666
"95?*
107
1045* 109
1005* 105
{107 % 108
95% 975*
107
103?* 109?*
x
45?*
z
West Penn Elec 5s
102%
205*
y
1065*
No Amer Lt A Power—
1
125*
1185*
114
3,000
25
1946
81
102
24 5*
1941
104?*
111?* 1155*
{1155*
bb
8,000
116?* 117
24 5*
*' 69
65*
75*
..1956
♦United Industrial 65<s
♦1st s f 6s
1005*
102?*
1025* 105?*
1045* 110
{65*
....
..1949
United El Service 7s
99?*
1005* 103?*
{102 % 104
104%
1979 ybb
Tlet* (L) see Leonard—
122?*
115
4
x
1954
5s...1948
60%
117
2022 y bbb2
3,000
1950
1980
196*
2004
4s
88 5* 1035*
4
Tide Water Power 5s
Va Pub Service 55* A—
Okla Nat Gas 3?*s B
1,000
13,000
97
1055*
1085* 110 5*
14,000
13,000
985*
106?*
6s series A
105?* 1065*
106?* 1075*
965*
2
107% 107 %
46
7,000
"985*
1065*
x
a
295*
3
xbbb4
bbb2
385*
215*
3,000
101?* 106?*
1045* 108?*
109
1205*
1960
bbb2
46
18
285*
1966
Twin City Rap Tr
435*
34
1
Texas Power A Lt 6s
98
4
55*8 series A
b
Texas Elec Service 6s
102
"93%
3
Nippon El Pow 6Ha
Hydro
41
{335*
z
104?*
96
41
{40
1946
95
bb
1st mtge 3?*s
♦Terni
24
41
1940
7s 2d stamped 4s
86
bb
Debenture 5s
{215*
♦Ctfa of dep
70
1055*
985* 103?*
1025* 107
Corp Inc 5s
Stlnnes (Hugo) Corp—
♦7s 2d stamped 4s
9,000
y
N Y A Weetch'r Ltg 4s
♦Starrett
21,000
y
N Y State E A O AHa
Standard Pow A Lt 6s
93%
93%
101% 102
112% 1135*
1949
stamped
68 gold debs
1015*
1045* 1095*
167666
elooo
60
105% 105%
103
103%
106
81
9,000
1942
Okla Power A Water
28
10,000
109 5*
108
109
3
135*
6s (stamped)
Penn A Ohio—
Ohio Public Serv
99
18
1937
47,000
♦Income 6s series A
♦Ext 4Ha
80
2,000
....
Pub Wks 6s
108% 109%
5s stamped
York
2,000
28
{255*
23
New Orleans Pub Serv—
New
—
Scrlpp (E W) Co 6 5*8
103% 1045*
2022 x aa 2
1948 x bbb3
Nevada-Calif Elec 5s
1956 y bb 3
New Amsterdam Gas 5s... 1948 x aaa2
A
N E Gas A El Assn 5s
1947 yb
4
6s
1948 yb
4
Conv deb 5s
1950 yb
x
7,000
{108?* 110%
109%
6s series A
New
aaa2
—
108?*
60
1035* 106
1035* 108
99
95
95
Nelsner Bros Realty 6s
1961
1948
—1954
1,000
U0O % 104
2
1965
1945
1943
69
bbb2
y
3Ha
Eng Pow Assn 5s
x
*•«»
19
103 % 104%
1
1948
6s stamped
New Eng Power
aa
-
Standard Gas A Electric—
♦7s mtgesf
Nassau A Suffolk Ltg
x
1
91
28
cccl
♦Schulte Real Est 6a
McCord Rad A MIg—
Miss Power A
b
z
Debenture 6s....Deo 1
a
zdd
104%
Mansfeld Mln A Smelt—
MUw Gas
90
z
Sheridan Wyo Coal 6s...
y
1952
1963
-
Italian Superpower
b
y
"21
1961
.1958
Debenture 6s
Iowa-Neb L A P 6s
1950
55*8 series A
1952
1957
1952
1957
♦7s series F
1st A ref 45*8 ser D
3
y
b
x
bbb4
y
bb
2
x
aa
4
x
a
"47
4
46%
485*
495*
1065*
107
{98 5*
107
90
i8;do6
99
94
99
995* 100
100
1025* 107?*
100
Pacific Gas A Elec Co—
aaa2
1941
x
Paclflo Ltg A Pow 5s
aaa4
y
bbbl
Park
1942
1955
Lexington 3s........1964
Cent LAP 45*8
^1977
x
Pacific Pow A Ltg 5s
z
ccc2
x
bbb2
1979
1971
1962
x
bbb2
x
aa
2
x
aa
2
6s series A
1950
y
bb
4
Deb 55*s series B
1959
y
bb
4
Penn Pub Serv 6s C
1947
..1954
x
aa
2
x aa
2
106 5* 106?*
..........1981
1961
x
bbb2
102
x
bbb2
103
1st 68 series B
Penn
1st 5s
Penn Electric 4s F
5s series H
97
{395*
"i0'4%
1075* 112
104 5* 104 5*
277600
86
975*
39
40 5*
435*
965* 1045*
105% 105 5*
1,000
101
1075*
105% 106
4,000
100
1065*
107% 108
6,000
104 % 108?*
1075* 1075*
1,000
1045* 1095*
101?* 1085*
1075* 1075*
108
4,000
106
5,000
105
100 5* 102
26,000
91
102
Interest.
9,000
95
103
cluded In year's range,
Penn Ohio Edison—
6s series D
Peoples Gas L A Coke—
4s series B
4s series D
-1972
1962
♦Piedm't Hydro El 65*8—1960
Pittsburgh Coal 6s
1949
Pittsburgh Steel 6s
—1948
♦Pomeranian Elec 6s
1953
♦Portland Gas A Coke 5s—1940
Phlla Elec Pow 5Ha
PhUa Rapid Transit
6s
Stamped
Potomac Edison 5s E
45*s series F
Potrero Sug 7h stpd
{1085* 111
aa
114
1025* 103
1135* 114
y
bb
104
104
y
b
x
31%
315*
3,000
1,000
104
315*
♦
1105* 115
92
24
104?*
bb
105?* 105?*
1,000
bb
103 5* 1035*
1,000
99
bb
93%
92
z
bb
85%
84?*
—
956
x
a
961
x
a
947
y
ccc2
108%
25
"87666
785*
855*
16,000
75
108?* 108?*
1105*
4,000
52
1065*
107?* 111
45
a
Deferred delivery sales not Included In year's range,
Included In year's range, f Cash sales
z Ex-dlvldend.
Under the rule sales not
d Exnot in¬
No sales being transacted during ourrent
week.
Bonds being traded flat.
In receivership.
/
f Called for redemption:
Northwestern Pub. Serv. 5s
e
90
109 %
n
§ Reported
94
5*
"93
{109
{46
485*
13
{25 5*
y
♦
106?*
y
y
No par value,
{ Friday's bid and asked price.
105
2,000
103
ib
108 5*
1085*
1957; Jan. 1, 1941 at 104.
Cash sales transacted during the current
week and not Included
In weekly or
yearly range:
No Sales.
635*
y
Under-the-rule sales transacted during the current week
and not Included in
weekly or yearly range:
No sales.
v
Deferred delivery sales transacted during the
current week and not
included In
weekly or yearly range:
,
No sales.
certificates of deposit; "cons," consolidated!
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting stockj
v t c." voting trust
certificates; "w 1," when Issued; "w w," with warrants; "x-w'
Abbreviations
Used Above—"cod,"
•
-
without warrants.
and Rating Column—x Indicates
believe eligible for bank Investment.
a
y
Bank Eligibility
Indicates
those bonds which we
those bonds we believe are not bank eligible due either
In the bond tending to make It speculative.
to rating
status or some provision
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 dlfferentlv, then the highest single rating is shown.
A great majority of the Issues bearing symbols ccc or lower are In default.
All
z
Indicates issues In default,
in bankruptcy, or In process
Issues bearing ddd or lower are In
Attention Is directed to the new
column In this tabulation
pertaining to bank eligibility and
default
rating of bonds.
See note a above.
The Commercial & Financial Chronicle
2782
Nov.
9/1940
■t
Other Stock Exchanges
Sales
Friday
Last
Baltimore Stock
Stocks
Par
Week's Range
for
Sale
of Prices
Low
High
Week
Price
Range Since Jan. 1, 1940
Allied
Shares
Low
High
EL4Pow—*
4*4% pref B
-100
4% prefC
-100
East Sugars As com v t c..l
Fidel ty & Deposit
-20
Houston Oil pref
—100
1 654
255
11
May
1754
75
12
Aug
77
35c
35c
1.95
2.10
250
405
69
May
11654
75%
116% 117
27
108
Sept
no
110
10
107% Sept
5 54 Nov
1.95
72
73
ConsolGas
7
11954
1854
110
554
7
11854 120
1854
1754
23c
July
1.35 May
808
98
91 %
597
17 *
1754
150
3754 3854
9154
9154
16454 16654
454
554
1054
1154
154
154
3554
3554
54
%
454
554
354
254
385
May
1454 June
■
55c
Jan
2 60
Apr
83 54
1
———
Apr
Aro
554
1154
Equip Corp com.
1%
Feb
11954
110
Nov
14
Apr
130
Jan
1954
Oct
297
954
Aug
25
Apr
8854 June
70
50
70
25
48
48
8
1754
1754
1.10
460
1.10
1654
9354
100
57
57
1.00 Sept
20
1,059
33
33
8554
5454
25
1954
20
Jan
1254 June
52
94
10
July
1754
-1976
A 6s flat
B 6s-...-.-
Finance Co of Am
-1976
4% .1947
34
m
m
to
-
-
10054
———
35
3954 40
10054 10054
10254 10254
Nov
Jan
Nov
Borg Warner Corp—
Common
1,000
90
June
101
1
Burd Piston Ring com
•
101
June
10354
Jan
10
May
Oct
500
50
30
100
3,350
2,350
7*4
17
Apr
May
%
4
Jan
1*4
Apr
June
%
45*4
%
8%
4*4
18*4
Mar
Apr
Aug
Apr
Apr
Jan
14% June
22*4
Apr
5% June
11*4
Feb
.
•»
200
6
200
35
2,835
754
1,350
550
17
1154
Apr
Oct
12
May
6
Sept
36*4
11*4
5*4
Mar
23*4
Jan
Apr
Aug
354
550
3,400
4% May
4*4
7*4
Mar
554
3
m'rnm
12
350
17% June
23*4
Apr
150
10*4 May
14% May
24
Nov
530
71
91*4
Nov
5
1954
19
1554
16
"23"
23
24
8654
9154
20
2%
July
Jan
Campbell-W A Can Fdy-
Oct
1,000
4
200
300
11
30
9,500
6,400
1,350
17
Apr
Apr
Mar
25*4
Jan
3554
4054
175H
1354 May
Jan
May
May
May
700
23 54
37
23
35,511
Jan
146
5,950
72 54
Mar
100
2154
Oct
Sept
Jan
May
2154
14% May
32
41*4
73
550
554
35
17*4
8% May
22% May
570
5
4
Apr
1.45
94
7%
^
flat...1976
Feb
1954
1654
954
Belmont Radio Corp...
Bonds—
Bait Transit 4s
20*4
10
1854
1154
554
*3254
754
"34"
.
Feb
May
1954
Apr
70
mm
■
21
"12"
Nov
4454
70
Preferred...-
10 >4
14
21
18
Mar
lie
18
High
May
8
2% May
12% May
7% May
3% May
24% May
7%
Oct
3% May
13% May
3%
Apr
65c
""5%
Aviation Corp (Del)
Mt Vern-Wood Mis corn-
100
National Marine Bank..80
New Amsterdam Casualty2
North Amer Oil Co com. 1
Northern Central Ey—60
Penna Water & Pow com.*
n s Fidelity a Guar
2
Weatern National Bank.20
50°
......
Apr
100
13C
18
Merch & Miners Transp—*
1354
■
Co..
Jan
2154
2054
18
13c
13c
1
Mar Tex Oil
16 54
17J4
.60
Bait Transit Co com v t c ♦
1st pref ▼ t c
—.100
13
Low
50
17
Common.
.
Atlantic Coast L (Conn)
1154
13%
Laboratories..—.
Range Since Jan. 1, 1940
Shares
Allied Products Corp—
Allls-Cbalmera Mfg.
16%
for
Week
1154
——-
Last
Arundel Corp—
of Prices
Low
High
Price
Par
Sales
Friday
Stocks—
(Continued)
Week's Range
Sale
Exchange
9054
Cent 111 Pub Ser 86 pref—*
140
May
19*4
Apr
Central 111 Secur Corp—
Boston Stock
Nov. 2 to Nov. 8,
both inclusive, compiled from official sales lists
Met
Friday
Last
Par
Week's Range
of Prices
Week
Price
Low
High
Range Since Jan. 1,1940
Shares
Low
High
1*4
150
164% 167*4
2,106
1%
96
1%
10
10
10
91%
89 %
91%
118
Boston Edison Co (new) .25
33*4
46
33%
43%
18%
35
46
18%
2,902
Boston Elevated...... 100
*
Apr
144 % May
80
July
97
100
Boston A Albany..—100
Bird A Son Inc.—
Vi
3i«
50
8
May
66%
May
33% Nov
38% May
16 % May
207
495
2
Jan
175*4
Mar
103
Mar
12%
9154
36%
50%
2054
Apr
Oct
Common.
50c
v
Sept
Mar
Apr
Boston A Maine-
1%
1%
25
1
5*4
5%
6%
819
6
2
2
2
127
2
2
2
100
.100
Prior preferred——100
Class A 1st pref st—100
Class A 1st pref
100
Class B 1st pref st—100
Class C 1st pref st—100
Class D 1st pref st—100
Class D 1st pref——100
Boston Personal Prop Trts*
Boston & Providence—100
11*4
—5
7*4
Common stamped-.
Calumet A Heela
July
2%
227
100
2%
2*4
200
1% June
20
2
Oct
3
Apr
12
12*4
110
11
% June
16
Apr
11*4
11*4
19
10
Aug
6%
7%
2
2
2
2*4
1%
2%
530
2,430
4% May
3% May
3*4
72
Iff May
57%
37%
255
6
4%;, 6
3%
3%
4*4% prior pref.—-100
6% preferred...—.100
57%
36%
55%
34%
"m"
107
2154
154
21
31
*
29
76
■
26
May
12*4 May
3*4
Employers Group Assn...*
Gillette 8afety Razor....*
"~3%
70
20
70
3
3%
22
1,250
10
22
54
May
2%
Aug
16% May
2% Sept
3%
3%
264
Intl Button Hole Mach—10
3
3%
75
3
Isle Royale Copper Co..15
Mass Utilities Assoc.....-1
1%
1%
70
1%
"75c
NarragansettRaegAssnlncl
4
75c
%
National Tunnel A Mines.*
Chicago Flexbl Shaft com .5
Chicago Towel Co com—*
199"
76c.
40
Nov
75c
Jan
654
Nov
H
96
36c
50c
2,290
22c
100
14%
260
24 %
13%
28%
1*4
1%
1%
360
Reece Button Hole MaehlO
8%
9%
7%
8%
9%
9H
200
Shawmut Assn T C
25
2,176
hi
35o
com
com
Jan
Fuller Mfg Co com......1
Gardner Denver Co com..*
56%
59
1,710
44
410
Utah Metal A Tunnel Co.l
65c
45c
65c
5,700
7%
7%
75
5% May
35
300
Waldorf System. —*
3354
$3
cum conv
1st Mtge A 4%
21
May
300
1%
Oct
29% June
3% June
12%
Feb
100
354
18
1754
1354
9
m
mm
m
854
754
mm.
40
,
1
Illinois Brick Co cap
Illinois Central RR com 100
Nov
Indiana Steel Prod
1,200
1254
18
Feb
254
22
8800
67%
88
17%
7454
2354
Aug
Iron Fireman Mfg com
*
Jar vis tW B) Co (new) capl
1,000
4,100
87
June
Nov
86
June
9954
10254
Jefferson Electrio Co com
Katz Drug Co com.
.1
19
99%
5154
£1854
1354
1854
1,100
July
Aug
Aug
18%
50
350
9
100
754
30
14*4 May
18
Feb
66
Apr
35Jf
38
Oct
May
9% May
May
8
7
911
215
425
200
1354
,
Jan
20*4
Feb
10
Feb
Apr
Mar
16*4
Jan
22
299
5554
1854
Apr
27H
10*4
19*4
May
6*4 May
18*4 May
1*4 June
Apr
Feb
42
2
Apr
12*4
July
1i% May
Jan
Apr
Apr
25
May
14
954
2754
254
2*4
49*4
56*4
7*4
6*4
June
34 ?4
50
19
19
June
1% May
450
50
2*4 May
Apr
49*<
55
54
100
Apr
Nov
Oct
9
150
Mar
Apr
4*4
30*4
Apr
1,050
1454
Feb
Nov
3*4 May
1,300
1854
1354
Jan
Apr
6
2% Sept
12*4 May
9% May
16
Sept
400
14
Jan
Mar
8
May
300
444
14*4
Jan
21
3
300
3
27
68%
Aug
4% May
9% May
91
754
mm'm
4
2254
3
55
5,150
18
954
254
485
40
3
1
com
1,600
254
54
Indep Pneumatic Tool cap*
7%
5
750
com .... 1
Nov
750
1654
1854
Houdallle-Hershey cl B
*
Hubbell (Harvey) Inc cm .5
65c
370
650
63
1054
99%
Eastern Mass St Ry—
Series A 4*4s_.
.1948
450
mmm
68%
17%
1960
3054
154
454
354
1854
1054
m/m
Inland Steel Co cap
*
International Harvest com*
*4%—1970
Jan
454
354
1354
Oct
May
3
5454
40
Jan
9
600
5054
Hibb Spen Bartlett com .25
46
600
53
Jan
8454
600
454
38
10
Hupp Motor Car
1154
1354
3754
454
Oct
150
500
38
1854
35
5
254
254
General Outdoor Adv com*
Hall Printing Co Com
400
63
pref—.20
General Finance Corp coml
General Foods com..
»
Gen Motors Corp com..10
Indianapolis Pr A Lt com.*
Ine mtge A 4
Apr
24*4
454
1654
Feb
Bonds—
Apr
33
June
May
4454 x45%
7
754
21
1954
754
Helleman Brewing eap
1
Hein-Werner Mtr Prts cm3
Boston A Maine RR—
19*4
May
1354
5
•
com.
Great Lakes DAD com..*
43%
761
34
May
18 %
954
154
Four-Wheel Drive Auto. 10
Apr
43%
36%
35
Fairbanks Morse
1654
58
30 %
29
10
165
515
1054
21
Jan
Mar
495
5
154
4554
(Peter) Brewing com 5
954
1754
2554
2254
854
2854
Fox
1254
May
2
"~30"
Jan
12
Jan
*4 June
2
2154
4
1
com
7% May
14*4 May
—25
185
687
4*4
20
100
4
19*4
2*4
23*4
5*4
10*4
Apr
7% Aug
7% May
5% May
22% May
25% Jan
55
May
39 % June
35o May
•
Stone A Webster........ *
1*4
50
13% May
2
20
Apr
Mar
Jan
Jan
% May
% May
54
54
Apr
350
1054
.
»
654
Nov
Jan
8
33
250
1154
»m m m -
•
-
1254
154
3*4
2,300
Feb
Eversharp Inc
25
1
May
6% May
654
Nov
60c
Oct
25% May
200
2
19
Oct.
1
9,200
3054
75
Gillette Safety Razor com *
Goodyear T A Rub com..*
Gossard (H W) com.
.*
18c
Mar
May
9
May
1% May
Apr
54
Jan
May
3*4
12
754
2654
92c May
.
6*4
2% May
4
400
Elgin Natl Watch Co...15
Apr
Aug
91
Feb
200
4,200
150
Oct
Apr
Feb
75*4 May
11*4 Mar
1654
1154
70
137
June
7% May
63% May
75
1354
June
64
16
11
108
80
100
845
73
*
327
70
Jan
16
*
119
Apr
75
Dodge Mfg Corp
116
84
Cudahy Packg 7% cm DflOO
Cunningham Dg Sts cm2%
Dayton Rubber Mfg com.l
Decker (Alf) A CohncomlO
Dixie-Vortex Co
Oct
Feb
June
13 %
51
"2554
,.*
Nov
2
37
55
22
Continental Steel com
Crane Co com.
Nov
654 May
400
200
—25
60
Container Corp of Amer.20
67%
3754
Mar
7,900
%
pref part shs
it*
Nov
Jan
Nov
154
6
854
2.75
200
77
354
1654
2454
2054
v t c
2
25
92
%
5
May
Jan
Feb
37
30
3154
7354
Com ptsh v t c A—60
Common part shs v t c B *
Dexter Co (The) com
Diamond T Mot Car com
1
May
4%
Jan
120*4
21*4
1*4
60
Consumers Co—
Mar
20
22c
.*
6% cum pref
154
654
.*
314
2
12
*4
15*4 May
H May
25% June
2954
154
3054
25
Capital-
Consolidated Biscuit com.l
*
120
Mar
Sept
May
45
1054
1054
7954 £8554
554
654
254
254
Club Alum Utensil com
*
Commonwealth Edison—
Deere A Co com...
2
Apr
%
69
83%
Nov
365
%
"60c
100
Torrington Co (The)
*
Union Twist Drill Co
5
United Shoe Mach Corp.26
Jan
Feb
Nov
8*4
2154
154
70
;
Chicago Yellow Cab cap. .*
Chrysler Corp common..6
Cities Service Co com...10
6
x5
4%
N Y N H A Hart RR..100
Pennsylvania RR
60
Qulncy Mining Co......25
1954
854
25
22
25
Pacific Mills Co
Jan
May
2
Mergenthaler Linotype..*
North Butte..——.2.60
3
254 May
354 May
2% Mar
3% Mar
*4
July
72
*
Elec Household Util Corp .6
Eastern Mass St Ry—
1st preferred....
100
Eastern SS Lines....
*
Old Colony RR—
Common..
Mar
May
1% May
1% Feb
1*4
Jan
1% May
Copper Range—
25
East Gas A Fuel Asan—
Common
*
New England Tel A Tel 100
2%
1054
Jan
4%
-
107
4454
-*
Prior lien pref
Chain Belt Co com....
Consolidated Oil Corp
Boston Herald Traveler..*
%
50
54
m
V
Chicago Corp common...I
Convertible preferred. _*
Amer Pneumatic Service Co
6% non-cum pref
60
Amer Tel A Tel
100 166 n
Blgelow-Sanf'd Car pfd 100 ,100
*54
654
r
Preferred
for
Ms
Stocks—
54
654
Central A SW—
400
2,750
1
Convertible preferred-.*
Common
Exchange
Apr
Apr
Feb
1
Jan
5*4
13*4
Jan
28
Apr
3%
23*4
Mar
66*4 May
38*4 June
91
Nov
62%
Jan
11*4 June
18*4
Nov
Oct
Oct
250
9
May
17
Jan
101% 102%
Oct
50
17
Apr
454
300
4
July
May
23*4
454
6*4
Feb
754
4654
254
754
4654
200
5*4 May
8*4
49*4
Apr
550
54
254
54
400
3J4
1948
454
"4654
Series B 5s
354
100
Kellogg Swtcbd A Sp—
254
54
25
40
38
May
2*4 June
%
Oct
2?4 July
23*4 May
Jan
3*4
Jan
%
Mar
4*4
Mar
1
""654
754
com
Lincoln Printing Co com..
-
■
""754
30
Mar
654
654
7
150
5
June
8
Sept
754
785
6
May
9
Apr
2
2
100
1*4
Aug
3*4
Apr
754
754
250
4*4
Jan
7*4
Apr
1054
Cumulative preferred..
Ll bbyMcNelll ALibby eom
LeRol Co
25
1554
16
350
1054
1554
1454
'
"15!54
60
50
.
3,500
9
8*4
34
Mar
16
Nov
July
39
Apr
4
37
37
10
4
4
450
554
754
454
McQuay Norris Mfg
454
554
7,100
7
8
9,800
3*4
Apr
3*4
Jan
5*4 May
454
5
1,850
1*4
354
354
54
854
2654
3854
%
954
1,030
2654
50
4154
1,319
com.
Apr
14*4
18*4
May
May
11*4 May
4
■
Merch A Mtrs Sec—
Chicago Stock Exchange
Last
Sale
Stocks—
Par
Price
6% prior lien......
7% preferred A—..
—
Sales
Week's Range
of Prices
Low
High
for
9
Range Since Jan. 1.1940
i
"4l"
Week
Shares
Low
Abbott Laboratories com *
Aome Steel Co com
For footnotes see page
"T54
2785
63
55
800
5254
5354
—25
5854
454
170
5054 May
3454 May
500
254 May
4
50
3*4 June
6*4
Jan
50
*4 May
3*4
Jan
17*4 May
%
9%
26*4
Nov
7054
5854
454
32
May
55 %
1354
High
12
Advanced Alum Castings.5
Mar
Jan
Aug
Midland Util—
Nov. 2 to Nov. 8, both inclusive, compiled from official sales lists
Friday
Jan
Nov
5*4
9%
6*4
13*4
15
12*4
Sept
18*4
11
12
615
10*4
Oct
4
200
4
3*4
July
12
4*4
Jan
Nov
Jan
Apr
Nov
July
Jan
4
Nov
Oct
30
2954
30
150
23
May
30
Nov
3354
32
3354
500
20*4 May
36
Apr
*
Volume
The Commercial &
151
Week's Range
Last
Sale
Stocks
5
North American Car com20
4%
"ilk
Northwest Bancorp com..*
700
3
9
Nov
11%
xllX
750
12
Clark Controller
Cl Cliffs Iron pref
*
*
June
12
Jan
June
7H
70
Jan
Cleve Ry
...100
54%
54%
6
7% prior lien
10%
10%
150
8% May
150
8
Omnibus Corp com
9
9
Ontario Mfg Co com
_*
Parker Pen Co com
10
10%
10%
Penn Elec Switch cl A
10
13
13
Colonial Finance.
Dow Chemical pref
Sept
12X
15%
Jan
Mar
Eaton Mfg
15
May
25%
Nov
Faultless Rubber
25
7X May
50
12%
24%
23%
25%
Peoples O Lt&Coke cap 100
Poor & Co class B
♦
42%
40
43 %
1,050
1,050
8X
250
%
14%
8
%i
1
1
Potter Co com
Pressed Steel Car com
12%
13%
(The) com..*
Quaker Oats Co common.*
Preferred
100
106" "
10
"46k
Process Corp
Rath Packing com
...
c
100
%
c
Jan
General T & R Co
Oct
c
Glidden Co com
30
95
June
50
141
June
157
33
600
50
100
24
100
101
7%
2
Spiegel Inc common
Standard Dredge com
Standard Oil of Ind
750
16
"27k
Nov
Metro Pav Br
Nov
Midland Steel Prod
Apr
National Acme
May
11
Jan
6
1,700
1
8
May
100
IX
20 X
1,500
3,700
2%
15%
100
127%
Utah Radio Products coml
IX
7%
pref
cum
32 %
Feb
Mar
47%
Apr
c
4
Jan
5%
Apr
10
June
Convertible pref...
16%
Walgreen Co com...
•
Union Metal Mfg.
Jan
cUS Steel com
650
May
212
50% June
87%
41% May
75
Nov
1%
20%
350
% May
1%
Jan
650
X
Jan
%
IX
100
1% May
16% May
2%
23%
Jan
Apr
May
Jan
Jan
Jan
19 X
50
May
24%
22%
527
14% June
28 %
181
6%
~~7~
5
7
250
76 %
4
5
1,250
1,250
16X
1,250
120% 120%
S5.000
8
Apr
167
12% May
13%
Feb
24%
Apr
26
Jan
Sept
20
160
95
June
105%
Mar
640
3
Jan
5
Nov
15%
205
3%
100
13%
104
10
May
3
60
Feb
Jan
280
16%
May
29
430
6%
May
12%
Jan
34% May
44
Apr
12
16
25
15%
3%
a59
a59
May
2%
50
23%
164
385
1
1
100
al4
al6
248
30
70
1
15%
7%
7%
Feb
40%
Apr
23%
Oct
3%
Apr
%
May
Jan
9%
May
Feb
May
Feb
1%
18%
30%
5%
June
8%
7
May
12%
Jan
Oct
14%
Mar
30,
430
12
Jan
July
2
90
11%
Jan
Mar
60
13%
2%
a36% a36%
Oct
4
13%
May
23%
21%
2%
June
185
Jan
93%
5%
50
10
May
1,615
14
May
23%
Jan
37%
814
31
May
Mar
6%
May
13%
Mar
July
15%
Mar
a7%
10
13%
13%
58
12
a67% a75
5%
5%
811
42
157
4
Aug
133
3
May
100
4
4
4
5
5
May
Aug
Apr
Nov
75
Jan
5%
5
July
Feb
6%
Feb
143
%
Oct
1%
135
7%
May
10%
Jan
16%
304
7%
May
16%
Nov
a39% a44%
320
26%
June
48%
Jan
%
%
9
9
_
14%
Youngstown Sheet 4 Tube*
Oct
Apt
May
40%
38%
0.7%
Wks
Exchange—See
Detroit Stock
25%
79
a33% a35
*
Vlchek Tool
..*
Warren Refining
2
Weinberger Drug Stores. *
White Motor
50
Van Dorn Iron
Oct
18
18
23%
37
'37%
Upson-Walton
10%
17%
20%
page
2748.
Feb
Apr
Apr
4%
17%
11
12
Oct
5%
72% May
IX June
95
4%
15
16 %
117%
May
May
3% May
300
5%
80X
4
80%
~~4~
June
3X
5
5
2
Wrigley (Wm Jr) Co cap.*
Yates-Amer Machine cap.5
Zenith Radio Corp com..*
14%
4%
103% 107%
Weeth'se El 4 Mfg com.50
Wisconsin Bank shares cm*
Woodall Indust com
800
22
18%
Wieboldt Stores Inc com..*
Nov
*16
20%
~21X
May
5
3%
a25% a26%
12
10%
42%
42%
1
Twin Coach com
127%
22
Wayne Pump Co cap
1
Westn Union Teleg cm. 100
10
20
18%
103% 104%
*
*
1
_*
*
Thompson Prod Inc
Jan
Apr
^103 % May
IX
143
19%
20%
*
Republic Steel com
Apr
23 X
164
7
May
3%
*
5
Reliance Electric
88
12 %
8,200
19%
*16
11
30
Patterson-Sargent
60% June
50
75
1%
Jan
82
11%
*
*
RIchman Bros
124% 127%
5
Jan
23%
10%
25X
Utility 4 Ind Corp—
Common
41
May
*
426
74X
■
May
10%
2%
Ohio Oil com
May
12
17%
26%
130
Otis Steel
200
76%
67
c
Feb
May
2,700
39%
4%
68
Jan
269
Nov
June
2,300
22
36%
73%
Apr
9
28%
17 %
20
20%
38 %
20
21%
*
1
N Y Central RR com
33
18%
21%
Co com
c
295
19%
25
26
United States Steel com..*
May
Nineteen Hundred A
36
Jan
17
Jan
2%
May
Feb
3,950
.15
United Air Llnee Tr cap..5
12%
7% pref. 100
National Tile
Mar
14
Mar
8%
Mar
2%
May
650
Texas Corp caoltal
U 8 Gypsum
7
*
National Refining (new).
300
7X
27%
4%
Jan
al4% al5%
15
13
18
12
17%
20
*
Sessions
32%
74%
Apr
May
Leland Electric
101
Swift 4 Co
4%
Lamson &
June
36
2
Apr
Nov
19%
15%
*
Kelly Island Lime & Tr
10%
8
Union Carb 4 Carbon cap *
Apr
20% May
95
May
50
33
Trane Co (The) com
17% May
250
2%
13%
1%
25%
Apr
117
42
Interlake Steamship
400
8%
May
Ncv
13
112%
37
104%
*
18
35%
Thompson (John R) com 25
_
32%
101
6
Swift International cap.
Mar
31
July
12 x
•
May
10%
10
Apr
Aug
24
1%
25
Interlake Iron com
2%
1X May
10
50
Sunstrand Mach T'l com.5
Stewart Warner
Industrial Rayon com.
88
12%
13%
Standard Gas & Elec com.*
c
c
Nov
10%
May
1%
2
1
20
Preferred
May
1X
0%
12%
75
Oct
May
*
Apr
20% June
28
100
7,484
11%
al2
pref...*
Sept
6
Feb
6
30%
32
Southwest Lt <fe Pow pref.*
Hanna (M A) cum
Harbauer Co
62
17 X
18
Slvyer Steel Castings com.*
Great Lakes Towing
Jan
512
16
8ou Bend Lathe Wks cap.6
Aug
1%
Jan
300
1%
28
19%
113
15
14%
*
*
100
Goodyear Tire & Rub
Feb
10%
80%
79X
*
8
Goodrich (BF)
Oct
12
% June
100
Feb
55X
1%
Feb
350
5
Common
May
%
5
1
May
22
*
Rollins Hosiery Mills com 4
Slgnode Steel Strap pref_30
Mar
36
Jan
84
25
%
14%
2%
123%
9X
8ears Roebuck <fc Co cap..*
43%
11%
General Elec com
6%
June
May
Feb
8,300
9X
Serrlck Corp clB
May
17%
al2% al4%
al6% al8%
Firestone T & R com. .10
X
10%
26
528
al2%
al4% al5%
Jan
46%
24
190
27%
Nov
12%
46%
24
a35%
a34% a35%
43%
X
.*
Schwltzer Cummins cap__l
72
18%
15
May
Raytheon Mfg Co com.50c
Reliance Mfg Co com
10
Sangamo Electric com
2
May
1%
112
a33% a35%
May
155
154
Feb
Jan
46
27%
100
*
Jan
16%
May
12
140
2,508
1%
113
5%
.oI
ioi
11%
Cliffs Corp com
Jan
Oct
High
Low
Shares
71
18%
1
Jan
'27%
.5
14%
12
150
50
Penn RR capital
:.*_100
Week
16%
a33
Cl Graphite Bronze com 1
c
45
15%
1%
1%
70
1, 1940
Range Since Jan.
for
Range
68
1
Cl Builders Realty
Northwest Utll—
20
of Prices
Low
High
Price
Par
Feb
May
5%
Feb
150
5
9%
9
Northern III Finance com.*
Stocks (Concluded)
High
Low
Week's
Sale
Shares
Low
Last
1,194u
Range Since Jan.
for
Week
of Prices
High
Price
Far
(Concluded)
Sales
Friday
data
Friday
2783
Financial Chronicle
8X
6%
May
California Securities
Bonds—
120%
Commonwlth Ed 3%s_1958
110% Mav
Apr
131
Akin-Lambert Company
Cincinnati Stock Exchange
STOCKS—BONDS
Par
Week's Range
for
Sale
Stocks—
of Prices
Low
High
Week
Price
*
Aluminum Industries.
Laundry Mach... -.20
18%
18%
17%
Preferred
*
«.
Cin Gas 4 Elec pref... .100
..20
C N O 4 T P.
-
-
96
Oct
102
30
Apr
105
July
97%
8%
4
June
87
100
June
110
77% June
88
102
87%
86
Angeles Stock Exchange
Feb
25
108
Los
Nov
19% May
3
4%
4%
107
108
Nov
10
102
102
18%
13% June
System
MEMBER
Los Angeles Stock Exchange
Teletype LA 23-24
Feb
50
22%
22%
Champ Paper 4 Fiber. ._.*
262
102
102
Bell
11%
Sept
5%
50
Telephone VAndlke 1071
High
Low
Shares
6%
6%
Baldwin pref
Churngold
1, 1940
Range Since Jan.
Last
1921
Street, Los Angeles
639 South Spring
Sales
Friday
Am
Established
sales lists
both inclusive, compiled from official
Nov. 2 to Nov. 8,
8, both inclusive,
85% May
Nov
Sales
Last
..50
4%
3%
4%
1,601
Cincinnati Telephone. ..50
95%
95%
96%
188
100%
30
6
Mar
6%
Nov
30
3% May
7%
Jan
Aug
2%
Feb
Berkey & Gay Furn
6% May
12%
Jan
Blue Diamond
Cincinnati Street
*
Cohen (Dan)
5%
1%
*
Dow Drug
..10
Eagle-Picher.
5%
1%
1%
125
10%
*
Crosley Corp
6%
5%
9%
10%
1,109
22
26%
*
Gibson Art
26%
*
Kroeger
Lunkenheimer
*
.
.
.
*
35
25
May
5
Mar
31%
744
102% 102%
20
20%
23% May
80
30%
92%
60
771
June
16
5
June
52% June
Nov
22
29%
Apr
Nov
7
34%
Apr
102%
Nov
22
Jan
71%
Apr
*
Randall A...
Playing Card
21
194
Feb
23
Apr
32
32
32
80
27% June
39
Apr
14
14
17
8% June
8
29
6
Sept
13
Mar
7
94
Oct
109
Jan
59%
50
U S Printing pref
Wurlitzer.
21
55%
20%
10
Procter 4 Gamble....
U S
30%
102%
..50
Little Miami Gtd
Jan
200
7
7
Kelley-Koett pref.... -.25
13%
100
21
Found Investment
1%
_
_
.
8
100
8
95
.
Preferred
95
99%
18
17%
Mar
Barker Bros
2%
60c
Aircraft Accessories
Co—1
%c
Corp—..2
Bolsa Chica Oil A com ... 10
B common
10
Broadway Dept Store Inc-*
Buckeye Un Oil Co v t c.. 1
Byron Jackson Co
*
Calif Pack Corp com
*
Central Invest Corp—100
Chrysler Corp
6
Consolidated Oil Corp....*
Consolidated Steel Corp..*
1.45
Shares
17%
..25
Am Rolling Mill
18%
1%
60c
60c
1,070
50c
Aug
Feb
1.00
Apr
5%
5%
100
3%
June
5%
May
lc
lc
1,000
lc
Mar
2c
Aug
a!4
56
14%
25
10%
15%
May
al8% a20%
9%
10
May
26
Jan
210
8%
May
12
Mar
83%
337
67%
May
90%
290
5%
Oct
8
Jan
7
Nov
5%
14%
Union Commerce Building,
Telephone: CHerry
both inclusive, compiled from
77%
Oct
88%
Apr
9%
130
8%
May
10%
Mar
9%
Sale
Stocks—
Airway Elec
Akron Brass
pref
Mfg
Body
Amer Coach 4
c
Price
Par
Prod com. .1
Mfg
*
City Ice
For footnotes see page
27
4%
7%
7%
a54% a56
12
Amer—3
4 Fuel.
*
High
4%
_50c
5
Brewing Corp of
of Prices
27
100
Amer Home
Apex Elec
Week's Range
Low
4%
2785
4%
9%
30%
12
Roberts Public
Ryan
Week
Shares
High
Low
53
130
8%
Mar
4
May
6%
Jan
12%
20
45% May
8% May
5%
9%
379
4% May
117
8%
Oct
14
June
24%
30%
31
653
27
May
40
12%
545
19c
19c
3,300
7c
Jan
25c
29%
31%
840
23%
June
41%
Apr
1,182
3%
May
6%
Sept
39c June
60c
May
May
5
5
42c
42C
42c
3
2%
5
100
3%
9%
Jan
1,000
Jan
May
4%
4c
29%
386
26%
May
34%
Mar
34%
34%
501
29
May
34%
Nov
230
37%
May
49%
Jan
a40
1%
5.450
3
a39% a41
1%
1%
3c
1%
166
1%
6
8%
Jan
10%
Aug
1
3%
*
a42%
30%
*
Univ Consolidated
al0%
26
5%
31
a9% al0%
26
5%
26
5%
Jan
2%
565
30
Jan
Oct
5
a42% a42%
6c
May
4%
2
Aug
4c
5
6% pre' B
25
5%% preferred C
25
So Calif Gas Co 6% pfd.25
May
29%
Jan
Signal Oil 4 Gas Co A
*
Sontag Chain Stores Co..*
So Calif Edison Co Ltd..26
Feb
Apr
12%
29%
34%
7%
Aeronautical Co
Apr
4c
620
Apr
Jan
196
9
66%
Apr
May
18%
7%
Standard Oil Co of Calif..*
Mar
19c
31%
5%
18%
9
Transamerlca Corp
7
Apr
5%
6%
7%
Oct
14%
66
880
331
9
Apr
Apr
15
Apr
Mar
51%
51%
7%
4%
8%
27
38%
405
Markets..2
Southern Pacific Co
55
172
May
375
990
Safeway Stores Inc
1. 1940
Range Since Jan.
for
*
Security Co units ben int..
Shell Union Oil Corp....15
Sales
Friday
Last
5%
18%
25
10
400
12
51%
6% 1st pref
9%
400
400
10
Pacific Lighting Com com
official sales lists
Apr
6
140
424
1
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp..l
Los Angeles Investment. 10
Mascot Oil Co.
1
Menasco Mfg Co
1
Nordon Corp Ltd
1
Pacific Gas 4 Elec com..25
Cleveland Stock Exchange
Nov. 2 to Nov. 8,
June
Nov
5%
Lane-Wells Co
666
4
15%
87%
Republic Petroleum com.l
Richfield Oil Corp com...*
A. T. & T. CLEV. 565 &
6050
May
5%
Co..*
Goodyear Tire A Rubber.*
Cleveland
May
7
Jan
84%
Gladding McBean 4
GILLISMRUSSELLco.
3%
1,205
Jan
5%
General Motors com
Exchange
1,675
7
15%
Nov
84%
Apr
Members Cleveland Stock
6
2%
Creameries of Am v t c—1
56%
Unlisted Securities
Ohio Listed and
83%
6
Hancock Oil Co A com...*
General Motors...—
al4
6%
May
37%
May
1,545
1.45
15%
May
414
1%
2%
6
Apr
3,199
1.50
10
Nov
6%
Apr
Feb
3
2
83%
7%
54%
May
Mar
45c
700
'
18%
5%
3%
30
a20%
May
50%
Apr
al4
9%
5%
May
25c
lc
2,256
4%
22%
250
5%
*
Electrical Products Corp.4
Farmers 4 Merchs Natl 100
53%
*
Columbia Gas...
15%
July
2
100
%c
30
%c
60c
*
Preferred
1,055
High
Low
2%
Douglas Aircraft Co
Unlisted—
2%
2%
30
30
5%% pref__50
1, 1940
Range Since Jan.
for
Week
High
Low
Mar
6%
of Prices
Price
Par
Stocks—
Week's Range
Sale
Oct
4%
compiled from official sales lists
Friday
Jan
Feb
May
1%
Nov. 2 to Nov.
7
Apr
30
42
May
Oct
52%
Apr
315
26
May
33%
May
May
9%
Sept
90
8%
100
20%
May
100
4%
May
31
7
Mar
Apr
Apr
Nov
28
28
28%
905
23%
May
30%
31%
31%
31%
236
27%
May
31%
668
24%
May
29%
Jan
140
34%
29%
29%
35%
35%
9%
20
5%
8%
18%
5
35%
9%
20
1,775
2,691
5%
3,434
Jan
35%
Nov
May
15%
Jan
16%
Oct
26%
4%
May
7
12
7
May
17%
Jan
Mar,
Jan
13%
4,118
7%
200
6%' Aug
15%
Jan
7%
8%
646
4 %
Apr
%
1
9%
14
9
8%
9
310
6%
July
9%
Sept
8%
2
2
200
Sept
3%
Jan
2
1%
Wellington Oil Co of Del.. 1
Union Oil of
Calif
25
Oil.. 10
Vega Airplane Co—-.1
Aircraft Inc
Vultee
13%
12%
7%
Jan
The Commercial & Financial Chronicle
2784
frtaay
Week's Range
for
SOU
of PricesLow
High
Week
Price
Par
Range Since Jan. 1,1940
Shares
Low
High
St. Louis Listed and Unlisted Securities
Mining-
.v'Vn'-,'
45
ChoHar(GAS)Mng—1
a6%
1%
a5%
1%
a6%
1%
200
1
2c
2c
2c
1,000
*
7%
7%
7%
100
Alaska Juneau Gld Mng.10
Cons
Zenda Gold Mng Co
4% May
Jan
3c
Oct
^
J-.-
•.
,
'
-(
,•/
1
'
'
•
■
1 %c
Amer
42
Smelting A Refining.
Amer Tel & Tel Co.
Anaconda Copper
42
42
204
-.100 al66% al64% 0X67Y%
26%
24% 27%
60
6%
5
Atchsn Topk & S Fe RylOO
Atlantic Refining Co——26
Aviation Corp (Del)
3
Armour & Co (111)-
17%
023%
6H
3%
17%
o9%
1
Aviation & Trans Co
Baldwin Loeomo Wks v t c.
Barnsdall Oil Co.-—-—6
*
33 %
90
Borg-Warner Corp.-----6
a21%
Bendlx Aviation Corp.—5
Bethlehem Steel Corp
5%
17%
5%
17%
a23% 023%
5%
5%
3%
3%
17%
18%
o9% a9%
33% 33%
90
268
230
380
.50
230
100
1,040
75
019% 021%
3%
a 18%
Curttes-Wrigbt Corp.——1
9%
.1
0,29%
5%
Class A—
Electric Bond & Share...5
52
220
1,155
3%
200
al8 % al8%
10
9%
940
028% 029%
5%
6%
200
80
4%
Apr
4% June
9% July
% May
2% May
17%
Oct
Jan
Apr
Apr
Nov
8%
Jan
a4%
a4%
0.5
110
34:%
34%
35%
888
27
General Foods Corp—.*
a37%
14%
038%
14%
220
37
Oct
47%
Feb
225
12% Sept
20%
Apr
20% June
24% July
38%
Jan
38
Apr
*
IntI Nickel Co of Can
037
14%
*
27%
27%
27%
193
Kennecott Copper Corp—*
Loew's Inc
*
33%
33%
33%
540
29
20
Montgomery Ward & Co.*
Mountain City Cpr Co..6c
a40%
.
3%
15%
New York Central RR—
18%
Nor American Aviation. 10
29
a38% 041
8
Jan
40
4% June
May
Jan
290
v
22
200
38%
Oct
2% May
9% May
47% May
26
Apr
23%
7%
Apr
Apr
24%
3%
3%
1,000
14%
17%
15%
1,540
18%
019% 020%
7%
7%
300
670
June
35%
Feb
4%
A pr
18%
Jan
Paramount Pictures Inc.. 1
9V
Pennsylvania RR Co.—.60
24%
24 %
311
Radio Corp of America...*
24%
5%
15%
Aug
16% June
5% May
2% May
5% May
19% July
5%
5%
506
4% June
7%
Apr
Republic Steel Corp.....*
23
21
23%
3,132
14% May
23%
Nov
North American Co
*
a 19%
Ohio Oil Co
*
7%
3%
Packard Motor Car Co..*
<176%
Sears Roebuck & Co—.—*
Socony-Vacuum Oil Co.. 16
8%
Southern Ry Co—
—.*
Standard Brands Inc..—.*
14%
06%
a36%
8%
a
Standard Oil Co (N J) —25
Studebaker Corp..
Swift A Co
1
21
26
Union Carbide A Carbon.*
75%
United Air Lines Transpt.5
United Aircraft Corp
6
a 18%
United Corp (The)
US Rubber Co
043%
(Del).*
2%
10
a23%
74%
109%
U S Steel Corp..
*
Westlnghouse El A Mfg.50
.
405
3%
9%
3%
9
260
Mar
4
9%
Nov
Nov
a77% 080%
8%
8%
234
299
68% June
7% May
a!3%
14%
100
12
Sept
87%
12%
17%
06%
135
5
May
7%
a36%
8%
21%
119
June
43%
12%
23%
47%
Feb
11
Par
Stocks—
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
20
AS Aloe Co com
American Inv com..—*
<*'
Century Electric Co. .—10
Chic & Sou Air L pref... 10
Coca-Cola Bottling com
1
Collins-Morris Shoe com.. 1
a33
8%
o36% a39%
a9% a9%
75
75%
al8%
018%
a40%
2%
a22%
74%
106%
365
30
5% May
255
18
198
33%
Oct
8% June
95
339
June
Apr
Apr
Jan
Jan
Feb
Feb
Apr
63% June
12% May
82%
23%
51%
74%
_*
Barber Co
J.
10
M
Bell Tel Co of Pa pref-100
Budd (E G) MfgCo
*
Budd Wheel Co.
Curtis Pub Co
W Jn
119%
5%
7%
*
Chrysler Corp
*
......5
com
_
_..
_.
*
1%
33%
Electric Storage Battery 100
General Motors
10
_
_..
.
.
Horn A Hardart(Phlla)cm *
Lehigh Coal & Nav
_.*
Lehigh Valley
*
^ W '»'*•
*
2%
50
—
—
Natl Power & Light
Pennroad Corp vtc
._*
1
.2%
Pennsylvania RR.
.50
24%
7%
Penn Salt Manufacturlng50
117%
11
1,106
Aug
1% May
18
Aug
45
:
May
Preferred.....
*
United Gas Imp com.....*
16%
7%
84
1%
33%
765
1,018
25
51%
135
38
6%
82%
1%
31%
50%
117
73
80
750
180
407
117
2%
2%
20
3
2,164
2%
8%
2%
25 :
7%
2%
22%
197
275
3,427
5,467
14%
175%
15%
125%
3%
6%
6%
Huttig S & D com
5
International Shoe com..*
Nov.
6
Apr
Jan
.=
7%
Last
Sale
Price
Jan
Oct
4%
Jan
June
33%
Apr
May
111% May
1% May
1% May
55%
Apr
123%
3%
3%
Jan
1%
5% June
1 % Mar
14% May
•
Oct
Feb
Apr
8%
3
Oct
25
Nov
20
159
190
Oct
60
112% June
28% June
34% May
% May
1% June
120%
31%
Jan
26% June
41%,
344
32%
34%
11%
12%
114% 115%
10%
10%
109
108
4,060
199
May
10
Jan
49
Apr
1
Jan
Jan
2%
May
107% June
117%
3
9% May
Jan
15%
111
Feb
17,359
Feb
12
Apr
Week's Range
High
mi.***.
10%
10%
5%
Columbia Gas A Elec Co.*
Copperweld Steel.
Duquesne Brewing Co
Fort Pitt Brewing..
Joanette Glass pref.
Koppers Co pref
5
5
1
Range Since Jan. 1, 1940
for
Shares
90
286
8%
148
10%
1,110
10%
6%
Low
Mt Fuel Supply Co
10
Natl Flreproofing Corp.—*
10%
6
1.25
680
16
Pittsburgh Screw A Bolt—*
San Toy Mining Co
1
Shamrock Oil & Gs Co cm-1
91%
7%
2
6
50
19%
20
90
15
37
30
28% May
Jan
Apr
6%
Aug
20
June
Oct
Nov
39%
Apr
12%
Nov
14
14
5
10
July
14%
Sept
23
23
62
20
Sept
28
National Candy com.
*
St L Bank Bldg Equip com*
St L Pub Serv class A....1
Sept
12%
6%
6%
10
12%
12%
"
598
6%
3%
3%
6%
2%
220
June
Apr
Mar
4% May
Jan
1.61
66
10
10
10%
139
6
June
40
40
40
3
35
July
42
Scullin Steel com......._*
12%
11
12%
1,368
May
12%
Nov
1.25
1,931
70c May
33
Sept
1.26
Nov
36%
5%
Jan
21% May
9
Apr
30
Apr
1.00
1.26
80c June
Nov
1.65
Scruggs-V-B Inc com....5
Preferred
100
Warrants.
1.61
9
5%
11%
Oct
.....
Oct
Securities Inv
—*
com..
34%
•
^
7%
Sterling Alum com....... 1
Wagner Electric com
15
15
34%
75
7%
7%
250
29
28
29
69%
11%
68%
69% $19,000
55
May
11%
11%
3,700
8
May
Feb
Bondt,—
St Louis Pub Serv ser 5s '59
Income..-.1964
69%
12%
Nov
Jan
Orders
open
solicited
Pacific
on
Coast
Stock Exchanges,
which
are
until 5i30 P. M. Eastern Standard Time (2 P. M. Saturdays)
Schwabacher & Co.
York Stock Exchange
New York
Cortlandt 7-4150
Private Wire to own offices in San Francisco and Los Angeles
Francisco Stock
Nov. 2 to Nov. 8,
'• V•'y
'--X-'
Last
Stocks—
Pof
-
Week's Range
Sale
.V
of Prices
Low
High
Price
Insur Fund Inc
.
6%
;
10
Atlas Imp Diesel Engine..5
*
,
10
'km
12%
+•
.20
11
10%
11
740
Calaveras Cement pref. 100
40
40
40
V'-'V- 50
Calif Packing Corp com..*
20%
19
Carson Hill Gold Mln cap 1
16c
Calamba Sugar com
..
Calif Art Tile cl A.
7
*
47%
Caterpillar Tractor com..*
Central Eureka Mln com.l
Chrysler Corp com
Cons Chem Ind A
Consol Coppermines—
..*
15%
91
•
Di Giorgio Fruit com—.10
100
885
«»
24
224
Sept
40
Apr
9
Mar
Oct S
May
26%
15c June
32c
May
2% May
57% June
19% May
7%
7%
175
5%
5%
5%
392
4
15
16%
91
Aug
1%
87%
Apr
26% May
9%
Feb
6
Apr
May
40
75% May
95
May
145
1.00 June
1.30
6%
6%
3%
3%
3%
17%
18%
600
190
:
3.50
Jan
18
5
May
10%
Jan
170
3
Sept
5%
250
3%
Sept
8%
Jan
20%
Apr
48
48
48
Fireman's Fund Ins Co. .25
99%
97%
28%
99%
140
31
31
405
14% May
36
July
77
May
19% June
1.25
1.30
665
1.00 June
25
17
17
20
20
51%
5%
5%
52%
2,745
5%
125
5%
9%
9%
11%
13%
35
48
100
Jan
Oct
Oct
33%
Feb
2.20
Mar
Sept
20
Apr
22
Feb
200
17% May
May
4% May
3% May
9%
11%
1,163
7% May
20
17
38
56
Apr
7%
6%
11%
Apr
Feb
11
Aug
June
14%
May
17%
15%
20%
Apr
12
343
25
Apr
52c
52c
100
50c May
76c
Feb
14
Mar
Holly Development
1
Honolulu Oil Corp cap—.*
Hunt Brothers pref
10
IXL Mining Co.—
Ps
Langendorf Utd Bak cl A.*
11%
11%
120
July
1.75 July
17%
Jan
7% May
4% May
1%
Apr
10% May
6% May
1.25
300
1%
88%
1%
91%
7%
Feb
250
June
760
4%
May
8%
Jan
lc
2,000
lc
Feb
lc
Feb
2
2%
1,120
1%
May
2%
Nov
25c
60c
1%
66
25c
28
Jan
Mar
21
1.30
5%
Jan
4%
12% May
3%
*
Feb
4,775
"18%
Preferred.
55
June
i*
w
Mar
100
Mar
86
85%
Jan
19
227
May
480
5,200
Jan
Oct
16%
91
1,676
45
Feb
15%
May
Nov
13%
32
41
454
48
1.30
-»
6%
14
3%
3%
32
89
7%
5
Crown Zellerbach com...6
_——
10
10%
1,408
4,000
16c
24
5
«»'«L,.
Preferred
7
20%
84
3%
Creameries of Am Inc com 1
Preferred-
16c
9
125
15%
Jan
23%
1,047
Nov
7%
13%
Jan
July
39
13%
6%
7%
*
75
20%
122
105
4% May
3% May
3% May
103
May
•
25
39
550
Hawaiian Pine Co Ltd
100
352
600
Hale Bros Stores Inc
1.25
7
1,220
7%
6%
Apr
110
1,289
1,555
6%
High
3.75 May
Aug
7%
2,050
6
5%
7%
Low
2.00
13%
30
10%
5%
200
Range Since Jan. 1, 1940
Golden State Co Ltd.....*
90
90
2.25
104
Bank of California N A.80
Byron Jackson Co
2.10
6%
10
Alaska-Juneau Gold
Assoc
2.25
50c
Aircraft Accessories
JOT
Week
Shares
Apr
Jan
Feb
1%
168
Sales
jbriday
/;
Exchange
both inclusive, compiled from official sales lists
8%
11%
6%
9% June
23%
4%
Oct
8
Gladding McBean <fe Co—*
328
Vanadium-Alloys Stl Grp.*
2785.
8
May
20
Westlnghouse Air Brake. .*
For footnotes see page
36%
Sept
26%
Feb
5% May
6% Aug
4% May
15%
Jan
lc
United States Glass Co.._1
July
May
5
Apr
May
25c
Pittsburgh Oil A Gas....5
Pittsburgh Plate Glass—25
6%
25%
134
Mo Ptld Cement com...25
Greyhound Corp com....*
ClassB—
Lone Star Gas Co com.—*
5
Jan
June
10%
Galland Merc Laundry...*
Genl Mtrs Corp com.
10
High
20%
11%
10%
9%
5%
20%
11%
1%
30
*
100
25
8%
Blaw-Knox Co..........*
Sept
Food Machine Corp com 10
Foster & Kleteer com
2%
Week
of Prices
Low
22%
Byers (A M) Co com....*
4
Aug
6%
125
30%
Jan
19%
July
2%
Emporium Capwell com..*
Fireman's Fund Indm
10
Sales
24%
J,
15
37
Natl Bearing Metals com.*
Genl Paint Corp com
Allegheny Lud Steel com.*
Arkansas Natl Gs Cp pf 100
21
100
6
"20
Nov
90%
190
Friday
Par
27
8
30
McQuay-Norris com.....*
Midwest Piping & Sply cm*
Jen
8, both inclusive, compiled from official sales lists
Stocks—
Jan
19% May
Nov
6
Jan
Pittsburgh Stock Exchange
to
2.00
Aug
Nov
13
5%
Doernbecher Mfg Co—*
El Dorado Oil Works..
*
Nov. 2
40c
12
180
3%
6%
8
"30%
Key Co com..
——*
Laclede-Chr Clay Prod cm*
Laclede Steel com — _—20
San
Apr
116% 118
42%
%
2%
11%
Apr
10
17
""3%
1
High
146% May
8% June
113%
Apr
3
May
3% May
55% June
42%
%
1%
*
Low
209
31
Preferred-..... ......*
Westmoreland Inc
735
13%
111 Broadway,
9% June
30%
1%
32%
Apr
34
Range Since Jan. 1, 1940
for
Shares
857
42%
,
20
Oct
370
12
4
165
11%
165% 165%
9%
10%
119% 120%
5
>
5%
31
Scott Paper..
Transit Invest Corp pref—
United Corp com.
*
Jan
Week
High
186
Phila Elec of Pa $6 pref—. *
Phlla Elec Pow pref..—.25
50
Sales
tow
*
Apr
12
25%
200
1.50
85c
12
13
"13%
Falstaff Brew com
Nov
52
of Prices
American Tel & Tel. —100
4
55
Emerson Electric com
Jan
Feb
023%
74%
109%
Week's Range
11%
Oct
3%
14%
Fly & Walker D Gds com25
Apr
2%
38%
250
Sale
*
3
3%
14%
25%
%
'
Dr Pepper com
Apr
34
2%
Last
American Stores
May
16
Feb
50
60
044
Frtdai
Price
Aug
29
12
35
1.50
Nov
14
Jan
155
26
61%
May
Oct
12%
27
Columbia Brew com—__5
both inclusive, compiled from official sales lists
Par
48
12%
"26"
High
Low
10
26
-
"27 "
Members New
Stocks—
Week
61%
61%
—-.1
Burkart Mfg com
Philadelphia Stock Exchange
Nov. 2 to Nov. 8,
Range Since Jan. 1,1940
Last
Jan
a
21
039%
o9%
Texas Corp (The)......26
Tide Water Assoc Oil... 10
251
Sales
Friday
Apr
4%
Feb
20% May
11% Mar
29%
Feb
6%
Aug
24% June
5% Nov
both inclusive, compiled from official sales lists
Apr
6
61%
7%
16%
1%
Apr
St. Louis Stock Exchange
Nov. 2 to Nov. 8,
Nov
24%
Sept
61
Phone
CEntral 7600
Postal Long Distance
A. T. T. Teletype STL 593
Chicago Stock Exchange
New York Curb Exchange Associate
Apr
Electric Power & Light—.*
General Electric Co——*
Goodrich (B F) Co
Members
*
19% May
12%
Apr
90
1%
8%
May
.
Building, ST. LOUIS
Apr
4%
Sept
2%
Apr
1922
Securities
May
8%
Aug
alO%
3%
24%
22
Aug
June
681
Continental Oil Co (Del) .6
May
4%
15%
6%
Continental Motors Grp.. 1
15
20% June
170
6%
1%
Apr
13
'
St. Louis Stock Exchange
Apr
7%
34%
Columbia Gas & Electric.*
al0%
1%
31%
68 %
40
Solvents....*
174%
July
June
245
03% o3%
a47% 048%
Boatmen's Bank
Jan
Mar
4
667
90
a48%
Commercial
47%
19
,
Investment
Jan
7%: Aug
25% June
Canadian Pacific Ry Co.25
Caterpillar Tractor Co...*
Commonwealth & South. .*
10
5% May
35$* July
148
May
3,642
''\
,
Edward D. Jones & Co.
Jan
Established
Sanl
•
Apr
May
1
6%
2%
Unlisted—
Arner Rad <fc Std
1940
9,
MUt*
Last
Stocks {Concluded)
Nov.
Sept
Apr
May
15% May
1.50
Jan
ta.
1%
Feb
Apr
Libby McNeill & Libby—7
Lockheed Aircraft Corp.. 1
Magnavox Co Ltd
1
Magnln A Co (I) com
*
55c
41
28%
Feb
Nov
Jan
'
-
14%
4.00
Mar
2.75
2.75
100
2.50
14%
250
11% May
3%
16%
Apr
Feb
4%
200
4% June
8%
Feb
2.25
121
40
'
—
,
29%
'"31%
40
20
41
41
334
29
30%
7%
1,350
7%
—
LeTourneau (R G) Inc.—1
104%
28%
31%
1,813
184
41
Oct
44
Apr
21
35
Jan
9
Apr
May
5% June
23% June
41%
Apr
Jan
1.30
—
—
-
—
July
9%
Apr
Jan
200
50c
8%
8%
225
7
12% May
310
5% May
7% May
16%
17%
Menasco Mfg Co com
1
National Auto Fibres com 1
2.85
2.40
2.90
1,422
3,038
8%
7%
9%
8%
8%
9%
1,974
*
June
35% June
34
80c
"l7%
N atom as Co
Oct
80c
5
Marchant Calcul Mach
Jan
4%
'
*
10
Apr
13%
2.25
-
LangdendcrfUtd Bk pref50
Leslie Salt Co
10%
Mar
1.75
Jan
19% Apr
4% May
11
10%
Apr
Mar
Volumt
Sales
Friday
Week's Range
for
Sale
of Prices
Low
High
Shares
Price
Par
1940
Range Since Jan. 1,
Last
Stocks ('Concluded)
2785
Chronicle
The Commercial & Financial
151
Toronto Stock Exchange
Week
High
Low
Sales
Friday
6% preferred
2.50
2.50
22%
100
22%
9
9
4.00
15
50
North American Oil ConslO
28
May
June
11
27%
Oct
May
23%
Feb
May
5%
May
5% May
3% May
9%
Apr
5%
Oct
7%
26
26%
26%
Oliver Utd Filters cl A
21%
4%
21%
100
*
4%
170
3
5
7%
5%
7%
5%
246
Pacific Clay Prods cap.._*
June
*
Pacific Amer Fisheries
cm
910
95c May
2,928
25% June
34%
Apr
34%
2,585
28% May
34%
Nov
31%
1,010
31%
Jan
40
41
50
Jan
31%
*
4%
17%
*
com
1st pref
*
Pacific Tel A Tel oom__100
Feb
May
21%
Jan
113
June
138%
Mar
153%
150% 153%
154
3% May
Jan
96
142
June
37%
38%
464
28
June
43%
Feb
1.00
1.00
100
90c
Sept
1.35
Jan
17%
330
12%
Jan
29%
May
3%
100
;
RE&RCo Ltd com..
Preferred
16%
*
r
3%
Apr
4.00
Jan
11
July
24%
Mar
1.50
15
20
20
...100
__1
......
15%
17%
895
14
May
29%
.25
com
27%
27%
201
24% May
37%
May
May
Rheem MfgCo
Oct
1.75
Feb
480
12% May
19%
Jan
8
730
5% May
8%
Jan
*
Ryan Aeronautical Co.-.l
"~4 %
4%
4%
San Mauricio Mining..P10
25c
21c
25c
10
"21k
Pulp Co oom.6
Preferred
1
100
42
May
17
95% June
101
Oct
28% May
35
Oct
8%
:;:W lc
9%
4,015
6% May
15%
JaD
lc
100
6c
Jan
5%
5%
100
18%
19%
21
21
19%
101
,
<
5%
"13%
10
;v
4%
Victor Eaulp Co com
4
"SH
Vultee Aircraft
23
Waialua Agricultural Co.20
20c
Feb
60c
Feb
12
15c
Morris-Klrkland
National Grocers
*
15%
6%
Aug
368
8
May
7
Aug
Jan
National
9%
9
23
132
20
Oct
30
265
June
301
21%
1,125
15
June
40
15
May
22
American Hawaiian S S.10
al67% al64%al67%
American Tel A Tel Co. 100
24%
Anglo Nat Corp A com
2.25
2.80
300
5
Atlas Corp com
35c
200
2.80
FelOO
__5
Atchison Top&Santa
Bendlx
3%
*
al8%
al7% al8%
a34%
...
100
Aviation
Corp...6
Blair A Co Ino cap
1
Bunker Hill A Sulllvan.2H
Aug
12%
1.50 May
4.00
1.20
1.50
July
37%o
Jan
lc June
4%c
Apr
850
85c June
1.40
59%
58%
60%
40c
36c
45c
1,251
7,790
.*
1.00
1.00
1.00
495
60c
3%
3%
14%
91%
2,252
6%
349
91%
6%
«25%
1
Elec Bond & Share Co
5
5%
5%
General Electric Co com.
*
35%
34%
18c
Pamour
Gold
Standard Brands Inc
*
1
25
Studebaker Corp com
Texas Corp com
15c
4c
1,000
22
;
United States Steel com..*
38%
Oct
55%
2%
May
4%
Apr
65
4% June
7%
Feb
30
19
zl6% al8%
180
14% May
21%
225
18%
14%
Sept
23%
17%
Oct
May
25
20
100
«5%
158
4% May
7%
950
3
8
3
30
16% June
•
No par value,
a
year.
xEx-dlvldend.
The Wahl Co. to
Oct
Apr
29%
Oct
12%
Jan
May
May
30%
25
May
31
Oct
29%
337
26% May
30%
Apr
34%
100
31
-May
34%
Feb
g6%
a6%
75
5
Apr
08%
a8%
100
38%
43%
May
7%
Feb
140
5% May
36%
Aug
12%
38%
46%
May
43%
265
39
61%
2%
1,100
5,765
10c
2%
Apr
1.15
Jan
May
74%
Nov
1
May
1%
Ex-rlghts.
»
2
May
4%
Feb
Apr
24,700
1.25 June
Nov
July
15o
Jan
10c June
67o
Jan
60
7c
45c
22,400
18%
18%
1
Sigma
l
7.45
Silverwoods
*
3%
5%
5c
4,000
38c
Shawlnlgan
Sheep Creek
Sherrltt-Gordon
6%
Feb
July
7%
Feb
3%
5%
198
3
5%
5%
245
5
4
Aug
79
July
55c
46 c
50c
5%c
6c
Apr
20o June
4,500
610
Jan
7%c
Jan
7%c
Jan
Oct
2%c
100
4
4
25
50
5
39
Jan
24
*
*
5.500
70c
50
>"
2%c
70c
*
*
25
50
20
Oct
■28%
61% June
86%
63
83
74%
75%
75%
3%
267
75
75
*
25
steep Rock Iron Mines...*
Straw Lake
*
Preferred
26
1.55
1.70
5%c
4%c
5%c
May
6%
50
Jan
Jan
Nov
Mar
Jan
Jan
1.05
June
3.10
A pi
3o
27,000
52,900
July
8%e
Apr
20 %c
Mar
20e
5,600
1.25
1.55
1,950
July
2.05
Jan
4%c
4%c
500
3%c Sept
8%c
Feb
50c June
1.02
Jan
18%c
20c
*
Oct
2.00
9c June
"i"65
1
Apr
Mar
2%c June
l%c Aug
40c July
6,900
6c
12%
105
950
470
14,510
50c
50c
1
Standard Paving
32
25
5
99
99
2%c
South End Petroleum
Sturgeon River
Jan
Sept
6.75
52 %c
.
8.75
300
I
Steel of Canada...
Jan
4.00 June
7.45
-.1
Stedman... iw'i i'i
1.18
95c
4%
Preferred
July
82c
1
Standard Steel pref
Jan
60c
89c
100
Slave Lake
1.24
2,200
31,281
J;
Jan
July
90c
,
24
80c
88c
Simpsoms class B
Simpsons pref....
June
88c
*
Preferred..
16
130
19
1.45
Teck
1
.1
Hughes
Texas-Canadian
_
.
.
_
85c
v
Jan
1.00
Sept
25
720
16
July
32
Jan
44
44
44
50
37
Aug
49
May
75
75
16
75
Nov
98
Feb
50
Toronto Mortgage
1.30
1.50
1,400
"l5c
Twin City
12c
15c
1.75
1.75
10c
July
35c
Jan
2.00
Oct
2.75
Apr
25%c June
1.12
Jan
21,100
1.75
-....I
Towagraac
1.90
Jan
Mar
22%
1.50
*
50
Preferred
4.15
25
».......1
Toronto Elevators
10
10
*
Tip Top Tailors
Toburn
.
27
40c
Uchl Gold.............. 1
40c
42c
12,591
16
15%
16
915
12
May
17
Feb
Gas.ii..,.
United Fuel cl A pref....50
39
39
39
210
30
June
42
Mar
25
7
7
Aug
10
Mar
Union
Class B pref
/
7%
3c
4%c
3%
667
United Oils
*
United Steel
*
"4%
4%
4%
1
1.45
1.33
1.49
54,500
3.10
2.75
3.10
3c
4,500
3,600
Upper Canada
3,155
Nov
8%C
Jan
May
6%
Jan
55c June
1.49
Nov
3
1.95
July
2c
Nov
4.35
Jan
Ventures
*
VermilataOil
1
4c
2c
4c
6,000
*
3.95
3.80
4.10
5,303
*
42%
41%
42%
990
29%
June
43%
Jan
.*
19%
19%
19%
539
16%
June
20%
Feb
6c June
28c
Waite Amulet
Walkers
Preferred
28c
preflOO
27%
27%
27%
5
2c
2c
1,000
Wesfcflank...—.
.
_ ,
*
.
*
..
.
11%
93%
12
100
94
Westons
_
5,500
...1
28C
Wendlgo (new)..
West Canada Flour
Preferred-
28c
2.70 May
21
Apr
Apr
3%c
Jan
Aug
2.62
Jan
8c
July
30c
Jan
4.70
July
8.15
Jan
5,500
116
90C
lie
3,200
6.30
7.05
9,285
4%c
4%c
1,500
1.00
9c
;
Mar
15
Nov
1%c
Oct
Apr
4c
99
1%C
1.00
2c
Wiltsey-Coghlan ...—. . 1
Winnipeg Electric cl A
*
47
Oct
Jan
July
76
86
2c
6.05
June
9%
415
12
94
July
1%C
17%c May
Aug
16c
Jan
1.55
Jan
Wood-Cadillac
1
Wright Hargreaves
*
Ymir Y ankee
_
.
*
.i
7c June
Oct
4c
Bonds—
8c
Uchi
War
.........
.
.
$1,400
X Title changed from
tin default.
100%
Toronto Stock
Nov. 2 to Nov. 8,
87
87
.
.
1952
Loans
100%
100
64
July
$2,900
99
July
Feb
97
Last
Week's Ranae
Price
High
Low
Range Since Jan. 1,
for
1940
Week
of Prices
Sale
Par
official sales lists
Sales
Friday
Stocks—
Oct
100%
Exchange—Curb Section
both inclusive, compiled from
dividend
c Admitted to unlisted
Cash sale—Not Included In range tor
Listed,
6.90
Feb
75c June
1,577
»
210
5%
2 55
7c
Odd lot sales, b Ex-stock
y
2.55
2.34
Jan
July
45e
.....
Senator-Rouyn
36%
2% June
7%o
1,300
1
*
50c
Sand River
Mar
190
Apr
55c May
42%
465
80c
June
1% May
100
75c
74%
72c
85c
3
2.50
San Antonio
Jan
6%c
Apr
1%
69
d Deferred delivery.
trading privileges,
Mar
34%
Westates Petroleum com.l
.1
Mar
Nov
24
15
.
24%
385
1%
_
Jan
Jan
4%
1,064
02%
_
June
18% June
7
May
162
'400
1%
-
Feb
18%
a3%
fl2%
_
26%
23%
15
5
_.
Apr
18%
Utah-Idaho Sugar Co com 5
Preferred J.
Sept
26
10
200
Warner Bros Pictures
June
29%
"73%
10 %c
St Lawrence Corp......
Aug
725
1
U S Petroleum Co..
....
1
200
10 %c
3
1
8t Anthony
10
65
23
23
23
Royalite
b
165
165
.100
Royal Bank
July
2%c June
145% July
17% June
55
25
3,800
United Corp of Del......*
12c
4,000
4c
2.25 May
a24% a25%
"38%
Jan
15c
13%
15
United Aircraft Corp cap.6
Oct
57c
i.' 1
„ ......
July
a20% o20%
«6%
Feb
2.97
Sept
3%
8
12%
6
June
a5%
31
Jan
June
1.30 June
3.35 168,615
2.75
3.25
885
10
9%
10
*
1
...
E Dome
9%
40%
28%
1.42
1.00
3%
8
Aug
2 40
a5%
30%
75c
1,520
Jan
27
3,800
6,645
Jan
*
85c 94%c
Jan
1.55
Apr
25
25
So Cal Gas Co 6% pref..25
Feb
3.40
12c
25
22c
11%
8%
6% pref
5%% pref...
Jan
Oct
1.45
6c May
So Calif Edison com
11%
9c
3.10
4% June
Shasta Water Co com
5% June
500
3.30
50
8
20
9c
Tamblyn com...........*
500
29%
7%
9c
Roche L L_i..._........l
Jan
8c
7%
7%
Jan
fl.5%
29
2.18
8%
41
25%
*
July
Nov
8c
...
60c
5%
28% June
a5%
Preferred
4,800
Apr
25%
Schumach Wall Bd com..*
1.15
Feb
*
«5%
1.02
Jan
3.45
M J & M & M Cons_.._..l
a3%
4,200
Nov
2.12
12
McKess & Robbins com..5
"«5%
Jan
2.18
2.45
July
May
*
4.25
July
June
35
Radio Corp of America
July
1 45
8%
30
Pennsylvania RR Co...60
June
2.12
94 %c
Reno Gol dV i > *
Nov
Packard Motor Co com...*
1 01
10,694
1 90
35%
"iSH
1.95
3.15
2.45
168
24%
20
1.75
1,900
500
Onomea Sugar Co
Jan
2.92
Qr
Premier
Preston
Apr
7%
.1
*
25c
Pressed Metals
Jan
10c
63c
21,700
4,000
1.15
....
Royalties
10%c
20o May
1.90
1
Powell-Rouyn
Power Corp
2%c May
2o July
3,500
Jan
7,475
35%
Oahu Sugar Co Ltd cap. .20
4c
Jan
2.35
3.10
1
1
Apr
21%
6%c
Oct
111
80c June
2.43
Cons
Pickle-Crow
Prairie
5%c
3%c
26%c 28%c
5%c
""28c
July
90
12,400
2,600
1.39
.1
Perron
Pioneer
219
110
1.30
1.36
...
Partanen-Malartle
Paymaster
107
108
•
Porcupine
Pandora-Cadillac
Apr
al8%
Feb
70
62c
>
1
610
2.70
7
10
17c July
2%c June
62C
4%
North Amer Aviation
6,300
22,000
2.55
Oct
July
May
Nor American Co com
44c
6%c
11
Oct
National Distillers Prod..1"
Jan
40c
5%c
2.80
June
40%
340
11
1%
3%
llo June
Sylv&nlte Gold..........l
6
40%
5,150
Apr
19
5
19c
Mar
157
City Copper
Apr
16 %c
May
260
Mountain
Jan
1.35
6%
2,800
Montgomery Ward & Co.*
1.81
60c June
11%
2%
Nash-Kelvinator Corp...5
50c June
32%
6%
Matson Navigation Co
Apr
3% May
2,400
7,300
Feb
2%
35
4%
300
90c
90c
July
6
35
Apr
June
23
Kenn Copper Corp corn.."
1.30
87c
Page-Hersey Tubes......*
Jan
Co.....20
23
Feb
"t%c
*
Jan
Inter Tel A Tel Co com
*
Apr
80c
*
Palcalta Oils
Nov
Idaho Mary Mines Corp..l
Hawaiian Sugar
Jan
60c
6%
24
2,820
1,071
932
2
14%
91%
78%
Sudbury Basin.,........*
Sudbury Contact
1
Sullivan
1
May
4%
fj
145
9%
6%
36
8%
9%
Curtlss Wright Corn
June
9% May
Jan
July
27c June
43
90c
Oro Plata
Apr
70
10
a25% a27
35%
12o
~~85c
5
Omega
Apr
75c
1,905
12%
Cal Ore Pwr 6% pfd '27 100
Cities Service Co com..10
Cons Edison Co of N Y._*
3% June
May
Feb
6,999
l._1
Mar
26%
Jan
193
135,400
C.
Jan
9%
5%
May
6%
30
1.35
25%
Oct
14
69
June
29c
Okalta Oils
Jan
Jan
June
188
1.30
O'Brien
Aug
June
35
3
.
2%c
Northern Star pref
Apr
Sept
4c
460
2c
Mines
Northern Star
Oct
3%
523
13%
1.10
31%
15
«7%
174%
Nov
18%
90
a7%
a4%
a4%
a32% «34%
Argonaut Mining Co
B alt & Ohio RR com
27%
3%
(Del)-.l
Anaconda Copper Mln..50
June
149
16,550
1,216
1.10
35c
36c
Amer Toll Bridge
Mar
26c
Normetal
Apr
Mar
*
Noranaa
Apr
Jan
8%
26%
21%c
1.15
Sladen-Malartlc..
45%
8c
1.30
5
Feb
Oct
34%
20
567
22
1,000
45% V;
160% 160%
Slscoe Gold
■Ir;
4c
Nov
July
Apr
48
July
4%
115
Jan
93%o
%c
28
Ni pissing
Unlisted—
a39% a39%
2c
125
4c
*
22% May
20%
5
43%
100
1
Apr
20%
7,750
25
4%
24
4c
Nay bob
Apr
30
3,300
45%
Car
37%o July
34%
June
330
2%C
25
Newbec
Sept
285
Steel
National Trust
Nov
100
44%
"5"
25c
National Petroleum
4% May
14
43%
44%
National Grocers pref...20
Jan
Sept
60c
2%c
»
1
Apr
6%
56c
Moore Corp
High
Low
Shares
High
Low
Price
Par
1
Jan
1,073
8%
{Concluded)
Moneta
Jan
10
20%
"2lk
Co. 10
Yel Checker Cab Co ser 1 50
Stocks
May
17%
14
22%
280
Wells Fargo Bk & Un TrlOO
Feb
May
4c
12
200
45
Jan
33%
Mar
3
:
13%
5
26%
6%
303
8
Jan
6
May
Oct
4%
3,218
8
Oct
June
9
1,400
12%
7%
8
25
Universal Consol Oil
40c
10,875
13%
8
7c
1
Union Sugar com
5c July
1,150
6%
2
Oct.
Sept
20
463
25
;
June
16%
363
Tide Water Ass'd Oil comlO
NOV
5
600
40c
Thomas Allec Corp cl A..*
lC
•••;•/•
.
5,871
10c
Texas Consolidated 011...1
Western Pipe A Steel
May
80
10
Preferred
May
21
1,573
"5k
*
Standard Oil Co of Calif..*
Union Oil Co of Calif
Nov
9%
Spring Valley Co Ltd
Transamerlca Corp
Apr
25c
12% May
34%
So Pacific Gold Gate cl A.*
Treadwell-Yukon Corp
Nov
34%
100
Super Mold Corp cap
10
25
7
May
21c
8
370
101
So Cal Gas Co pref ser A.25
Co
3%
1,600
1,400
22%
15
com
Soundvlew
1.65
155
1.65
14%
15
1
Richfield Oil Corp com
15
8
1.65
Republic Petroleum com.l
Pacific
5%
16
127
124
122
Puget Sound P & T com..*
Southern
May
Jan
*
com
Shell Union Oil
108%
847
294
122%
100
Preferred...
May
100
_*
Preferred
PIg'n Whistle pref
Rayonier Inc
May
34
40
107%
4%
4%
17%
17%
25%
390
107
..__*
Paraffine Co's
1.40
29%
30%
"34 k"
6% 1st preferred
25
6%% 1st preferred...25
Pac Pub Ser
Jan
1.50
1.35
34
Pao O A E Co com.....25
$5 div
100
28%
1.35
Pacific Coast Aggregates.5
Pacific Light Corp com
16%
for
of Prices
Week
Sale
Jan
19% June
1,525
Occidental Insurance Co. 10
Class B
Jan
2.50 May
100
....
Range Since Jan. 1, 1940
Week's Range
Last
No American Invest comlO 0
Shares
High
Low
Everaharp. Ino.
%c
500
...1
%c
*
0%
6%
45
Canadian Marconi—
'III
95c
95c
1.00
200
Coast Copper
...5
1.25
1.00
1.25
425
4%
3,763
Brett-Trethewey
-
-
—
Canada Vinegars
Canadian Markets
Consolidated Paper— ...*
(Continued from page 2787)
*
Consolidated Press A_
Corrugated Box
pref.. lioo
4%
3%
4%
3%
3%
37c
37c
6
15
44
42
44
1,200
Dalhousie
Last
Sale
Stocks {Concluded)
Par
Price
Week's Range
of Prices
High
Low
for
29%
*""#
60c
57c
*
"29%
2c
500
nil
6c
5%c
6c
10,000
...i
lc
lc
lc
1,000
...1
2.05
8,700
Kirkland-Townsite—
1, 1940
Range Since Jan.
Week
Shar es
37c
I.I*
Foothills
Sales
Friday
.--*
Dominion Bridge
Exchange
Toronto Stock
Montreal Power
McColl pref.
45
98
98
100
7c
7c
5
522
McWatters
1
*
1.15
54
1.29
Mercury Mills....
*
Mining Corp
*
80
Mclntyre
McKenzle
""28c
28c 28 %C
17,350
4,800
6
6%
145
80c
85c
7,040
June
5c May
1,500
53%
2,475
10c
29%
90
2c
Oslsko Lake
37%
July
101
Apr
14
Jan
%c
58
Jan
Pend-Orellle
Rogers Majestic
A....
85c June
1.47
Jan
Temtsk Min
20c June
58c
Jan
Walkvll Breweries
12%
1.33
Apr
6
40c
June
July
Jan
*
""
■
Supertest ord.
No par value.
*
1.74
2%
.
2.15
2%
755
70
27
27
....
nil
l%c
16%
Jan
1,40
Mar
1.00
Nov
2.20
Apr
3%
May
3%
Sept
10
Feb
Jan
68
Apr
%c
40
20c June
5c
7c
6,000
75c
75c
50
June
22
1,000
29%
Oils Selections...
High
Low
Pawnee Kirkland
McDougall-Segur. ......*
75
63c
10c
IIIi
29%
27
Jan
Oct
May
65c May
5
30c June
8%
55c
40
Apr
Jan
Jan
1.05
Jan
July
18c
Apr
25% June
l%c July
31%
Feb
2%C
Mar
4%c
Oct
10c
Jan
%c
Aug
2c
Apr
99c May
2 35
JaD
7c
1%
27
July
Nov
3%
34
Apr
Mar
2%C June
8%C
Jan
July
1.25
Apr
65c
The Commercial & Financial Chronicle
2786
Nov.
1940
9,
Canadian Markets
AND UNLISTED
LISTED
Sales
Friday
Stocks (Concluded)
Bid
Ask
49
6794
Electrolux Corp
1
68
Gen Steel Wares 4948.1962
6794
6894
72
Gt Lakes Pap Co 1st 5s '55
Lake St John Pr A Pap Co
63
64
Gatlneau
British Col Pow 494>.1960
6894
6994
Canada Cement
7094
7194
66
67
Canadian Vlckers Co 6s '47
36
37
N Scotia Stt A Coal 3 948 '63
Power Corp of Can 4948 '59
5894
5994
66
67
Dom Steel A Coal
7194
6894
7294
6994
Price Brothers 1st Se_.1957
6694
6794
4948.1951
1957
69481955
Dom Tar A Cbem 4 9481951
4s
.....1966
54
■
Quebec Power 4s
Saguenay Power—
494 s series B
55
68
6194
62
63
6894
6994
General 8teel Wares
.1962
6894
70
..1966
6994
11
71
Indust Accp Corp
Municipal Issues
1 1948
4194
43
5s
1,. 1956
40
42
6s
83
8494
80
82
Prov of British Columbia—
68—
12 1949
4948
Oct
1 1953
Province of Manitoba—
494s
6s
July
71
AW
Apr
1 1969
97
9894
1 1962
8794
89
93
9494
88
11961
.May
90-
82
85 7
83
85
Prov of Saskatchewan—
15 1960
15 1961
82
85
5e
June
15 1943
64
82
6948..
494s
Nov
Oct
15 1946
11951
62
....
61
....
Sept
16 1952
Mar
1 1960
93
90
Ask
.July
5«
1 1944
360
5%
100
—'
2794
28 %
185
1094
11%
1,301
1494
14
14H
810
794
15
«,
-
794
19%
:74"'
Jan
Ncv
120
29
1,172
4694
Jan
51
May
80
Apr
790
1294 June
24
Feb
1
70
14
Lang A Sons Ltd (John A) *
Lindsay (C W)
*
1094
1094
1094
394
30
Sept 7
2
15
49
,
394
*
4
McColl-Frontenac Oil
*
594
4
49
500
594
Feb
27
Jan
1694
594
Feb
Mar
Nov
50
Aug
294
7
4
Jan
94
May
1034
Oct
5
6
June
49
Jan
Jan
694
994
294 May
168
5
June
112
112
10
112
Sept
112
Sept
65
65
20
60
Jan
81
Mar
112
Mitchell (JS) pref
100
Montreal Cottons.....100
Montreal Cottons pref. 100
112
Jan
120
Feb
534
Jan
3
107
29
2994
2,733
25
May
3194
47
Montreal LHAP Cons..*
Montreal Tramways
National Breweries
Feb
2794 May
320
39
120
100
Jan
794
1794
Preferred
34
694 Sept
1894 Aug
90
Massey-Harrls
Apr
Feb
17
394
Jan
Apr
106
15«
729s
1594
,
Apr
2394
1694
8794
■
"90"
Mar
894
June
894
12
1794
*
594
15
July
June
1994
:7'-37v,7.
38
Feb
May
1194 May
85
May
1994 June
14
100
1194
.
3
9.60
1,215
1594
1094
2% May
110
565
Feb
Feb
7.96
48
22
40
June
5694
Jan
7 29 94
30
235
25
June
38 %
Jan
4394
2594
45%
715
34
June
69
Jan
20
Apr
29%
100
*
"36"
*
45
Feb
Niagara Wire Weaving...*
Noranda Mines Ltd.
*
Ogllvie Flour Mills—
*
2594
50
May
3294
60
59
6094
500
4394
July
77 94
2394
2294
24%
560
20
June
3394
Jan
12
12
12
Jan
1194
Mar
14%
1 1956
94
94
1 1967
9494
95%
4a
1 1969
9694
97
6s
Oct
1 1969
Feb
1
24
Jan
15
10
July
17
:7"
16
16
95
35
90
Oct
102
Jan
101
101
1
100
May
108
Sept
Jan
15
114
July
126
Mar
994 June
16
Jan
01%
SherWilliams of Can prflOO
Southern Can Power.....*
Co of Canada
Art
106
107
—
7V
75
12
'
12
4
29
30
136
62
July
25
6
June
810
494
*
1.05
30
22
220
Aug
1.10
351
90c
1.05
165
1.00
7
100
5
7
7
Aug
July
July
6
Apr
Jan
Jan
8694
11
May
Jan
694
294 May
1.05
Jan
594
May
1.10
Winnipeg Electric cl A...*
37
Mar
2.50
Jan
4.00
Jan
12
Apr
Banks—
Canadienne
Ry—
•'
""494
25
1194
7494
75
''
115
1194
1194
*
Tooke Brothers pref. ..100
United Steel Corp
*
Wabasso Cotton
*
115
115
2
1,485
25
164
137
Aug
155
155
97
139
July
17694
Mar
182
183
137
171
July
212
Mar
277
277
1
277
Oct
311
Mar
16134 165
16
150
June
190
Mar
145
100
Commerce
...100
100
Nova Scotia
100 Vv--
Royal...
100
183"
145
Apr
98
6s
9794
9694
May
2494
Preferred.
3s...
9
95
Montreal.
Feb
1,865
21
Class B
Bid
July
Jan
15
1394
May
(American Dollar Prices)
July
Jan
1194
July
10J4 May
Steel
6s
10294
May
994
16
1 1960
494s
June
6
;
443
69
9694
95 %
90
370
2,300
7294
1 1946
40
g
394
1794
71
July
98
1894
63
6948
Feb
1194
8
294
67 94
Canadian Northern
7':
8
1894
1 1946
95
16
1194
98
-V—
...100
1694
1 1954
Ask
80
Jan
394
Deo
July
794
1894
Sept
494s
-r
40
17%
Closing bid and asked quotations, Friday, Nov. 8
94%
9594
494
1094
Sept
60
10194 10294
Bid
May
4
.»
A preferred...
Dominion Government Guaranteed Bonds
Canadian National Ry—
494s......Sept
1 1961
4948
June 16 1965
78
5
Shawlnlgan Wat A Power.*
6s...
-
-
July
494
98
494
Feb
Ask
4 948,,
_
1,115
794
94
Jan
Feb
105
--V wV-
75
~
Nov
Saguenay Power pref.. 100
St Lawrence Corp....—•
54%
74
16 1944
96
7,7
16
Canadian Pacific Ry—
Dec
1
14
100
.
Bid
Canadian Pacific Ry—
__
96
Regent Knitting pref.. .25
Holland Paper pref....100
(American Dollar Prices)
494s
9694
13.25 13.50
1594
Power Corp of Canada...*
Price Bros A Co Ltd
»
Closing bid and asked quotations, Friday, Nov. 8
54
1694
June
15
Ottawa L H A Power.-.100
Railway Bonds
Bid
May
80
1594
Preferred.
4s perpetual debentures
6s
Sept 15 1942
May
10
15
Ottawa Electric Rys_—*
88
86
Feb
6
56
5
594
*
Natl Steel Car Corp
80
Province of Nova Scotia—
494s
6s—
Mag
June
494 s
Prov of New Brunswick—
4948
99% 10094
100% 10194
4948
Jan
16 1965
Provlnoe of Quebec—
494s.
Mar
2 1950
4s...
Feb
1 1958
71
67
5s
16 1943
.Sept
4s
83
69
2 1959
..Deo
Ask
6s.
Aug
1 1941
....June 15 1954
6s
1 1942
..Oct
1594
515
13
1194
89
70J4
Preferred-———100
Bid
4948......Oct
Feb
7294
International Power.
Provlnoe of Ontario—
5s—.....Jan
Apr
12
394
494
13.50
*
Lake of the Woods.
Ask
1.00
July
Inter Pete Co Ltd.j.
(American Dollar Prices)
Bid
July
Int Paper A Pwr pref.. 100
Closing bid and asked quotations, Friday, Nov. 8
Province of Alberta—
50c
794
694
*
lot) Nickel of Canada
Provincial and
26
25
494
£1
...
Jan
Apr
Mar
50c
94
94
100
Preferred
1194
96
794
*
Hudson Bay Mining.....*
Imperial Oil Ltd
•
May
4
11
90
Imperial Tobacco of Can.6
69
June
4
■
89
(Charles)...:
*
Gypsum Lime A Alabas..*
Hamilton Bridge.
*
Hollinger Gold—........6
Howard Smith Paper....*
Preferred
70
160
880
■
894
9094
794
12
13
100
Preferred...
7
High
7;
May
50c
Gurd
' \
v.'-
6094
Massey-Harrls 4948...1954
McCoU-Front Oil 4948 1949
Donnacona Paper Co—
Famous Players 494s..1951
1961
7
Low
3
794
100
100
preferred
594% preferred..
6%
77-
86
594 •V
*
*
Foundation Co of Can
71
Canada 88 Lines 5s
86
694
*
66
1948
5948
551
*
6694
Alberta Pac Grain 60—1946
Algoma Steel 5b
594
5%
*
1949
Federal Grain 6s
Shares
_•*
5
Dry den Paper
Eastern Dairies
47
Abltibl PAP ctfs 5e..l963
Week
*
Dominion Textile
Ask
for
of Prices
Low
High
Price
Par
Dom Tar A Chemical
(American Dollar Price*)
Week's Range
Sale
Utility Bonds
Closing bid and asked quotations, Friday, Nov. 8
Bid
Range Since Jan. 1, 1940
Last
Industrial and Public
494s
1970
Grand Trunk Pacific Ry—
1 1962 7 89
Jan
91
1 1962
..Jan
165"
83
82
Montreal Curb Market
9794
Nov. 2 to Nov. 8,
both inclusive, compiled from official sales lists
Montreal Stock Exchange
Nov. 2
Nov. 8, both inclusive,
Sales
Friday
Range Since Jan. 1, 1940
compiled from official sales lists
Hales
Priauo
Last
Par
Week's Range
of Prices
Week
Price
Agnew-Surpass Shoe.—.—*
Alberta Pacific Grain prflOO
A igoma
Steel......
Preferred—
*
Corp...
....*
Associated Breweries.....*
Batburst Pow A Paper A.*
Bawlf (N) Grain...
*
Preferred
100
Bell Telephone.
loo
Brazilian Tr Lt A Power.*
Low
High
30
11
11%
30
30
40
10
U%
87
16
10%
15%
35
13%
745
15c
15c
500
15794
5%
156
4H
25
957
5
160
14 H
14 94
15
Preferred........... 100
Canada Forglngs class B_ *
Can Iron Foundries.... 100
99
98%
17
17
Canadian Bronze.
320
5%
71
1594
6%
5%
1594
6%
99
28
Aug
May
Aug
14% May
12%
Sept
0% May
10c May
25%
130
Feb
July
3% June
23
Oct
35
Jan
16 H
100
4%
17
47
169
10H
Oct
Mar
Apr
Mar
Feb
Jan
17%
23%
Feb
8%
Jan
June
99
Feb
17
50
July
22
Mar
25
1
40
Jan
40
Jan
65
1
65
Nov
72
Jan
9
10
20
9
Oct
18
5
1,278
17
179
Jan
8%
Mar
21%
Apr
*
39
39
39
40
29
June
45
Jan
Preferred100
Cndn Car A Foundry....*
Preferred
25
Canadian Celanese
*
105
105
105
25
102
Sept
105
Nov
10
2,450
6
Preferred 7%.
100
Canadian Converters.. 100
Cndn Cottons pref
..100
Cndn Foreign Invest.
9 94
8%
21%
20%
33
115
*
Cookshutt Plow
...
*
Consol Mining A 8meltlng6
Crown Cork A Seal Co
*
Distillers Seagrams......*
Dominion Bridge.....
*
Dominion Coal pref
25
Dominion Glass.......100
Dominion Steel A Coal B 26
Dominion Stores Ltd..
*
425
33%
505
125
55
106
June
16
16
25
14
115
115
20
100
May
July
160
5
June
362
98
Aug
10 %
10%
104% 104%
2%
2%
Preferred———.100
Cndn Ind Alcohol....... •
Canadian Paolfio Ry
26
30%
21%
May
1294 May
20
May
123
"ie"
5%
6
43 H
5
6
5%
6
30
20 94
48%
28
"26 %
39
28
"16 %
415
1,639
125
556
10
25%
20%
27
30
415
20 %
375
20
127
9%
6%
127
11%
High
Shares
285
18
4,917
470
1.65 May
4
1694
28%
37%
128
19%
Jan
Jan
*
'v—
....
Canadian Breweries pref..*
Cndn Industries Ltd B.._*
Cndn Pow A Paper Inv___*
Cndn PAP Inv 5%cm prf*
Canadian Vlckers Ltd
7%
Low
High
Consolidated Paper Corp.*
Cub Aircraft Corp Ltd...*
2994
-
■»
V —'
«.
~
— —
~
•
— »
125
125
25
1294
25
10
July
1994
2994
180
24
May
35
Jan
3694
101
30
June
39
Feb
9794
98
49
95
July
111
Feb
6
June
694
26
-
394
-
Apr
Apr
Jan
22
Feb
129
Sept
""494
1.10
-
-
«r ~
"
-'«*
-
-
-
~
—
-
394
225
2
26c
2
Paton Mfg
Jan
*
Nov
7%
cum
No par value,
pref 100
5
894
33
Jan
3.50
Mar
5,979
850
150
10
June
50
1
4
May
394 May
894
June
794
75
1,035
394 May
Apr
3 75
Jan
17
Feb
75c June
394
Mar
994
Feb
10
Jan
5
300
3
May
894
Jan
7
120
3
May
894
Apr
2
394
7
695
4,005
Jan
June
694
394 June
July
10
Jan
22H
Feb
6
20
Jan
2194
Jan
1
Jan
13H
1794
846
11
1194
115
1194
1394
1,415
794 June
25c
25c
100
1.50
JaD
1.55 May
494
14
Apr
325
1.10
394
Apr
Feb
1094
3
Mar
15c
694
———
1.50
5c June
594
494
694
"IB"
235
Apr
30
094
1
Jan
Apr
794 June
1.05
3
Jan
35
1094
494
Jan
15
May
16
Jan
Jan
2%
3194
Nov
3
5
694
2314
July
6
394
Aug
25c
2
794
Fraser Companies Ltd...*
Fraser Cos vot trust.
*
Page-Hersey Tubes Ltd..*
177
30
65
1394
32
25
220
May
25c
11
21
22
294
594
Massey-Harrls 5% cmpflOO
McColl-Fr Oil6%cm prflOO
Melchers Dists Ltd pref. 10
Mitchell (Robt) Co Ltd..*
70
175
2
A
May
1.10 June
1.35
2694
26c
m *
26
May
25c
15
16
694
15
294
1794
Jan
May
Jan
Nov
29
694
Lake Sulphite Pulp Co
*
MacLaren Power A Paper *
194
394
125
112
1794
Aug
Jan
139
*
9
11594
Jan
Apr
100
5
Lake St John P A P—__—*
1.46
80c June
Apr
594
...»
Jan
32
3
220
_____
7
Intl Utilities cl B.„
June
1894
Falrchlld Aircraft Ltd
Mar
June
6
1894
1294
1.35
"2694
pf 100
Nov
1594
694
—
494
cm
60
2
2%
1794
594
-
Eastn Dairies
14%
104%
3%
4094
-
Dom Woolens pref
Donnacona Pap Co Ltd A *
Donnacona Paper cl B—.*
7%
117
0.50 June
36
— — -
Claude Neon Gen Adv.—*
Commercial Alcohols Ltd.*
David A Frere Ltee cl A..*
Class B
*
4,595
3,935
117
294
-
-
100
cum pref
May
2794
'
-
-
*
116
9
.
British Columbia Packers *
Canada Vinegars Ltd
*
Canadian Breweries Ltd—*
994
'
300
Fleet Aircraft Ltd
Ford Motor of Can A
Feb
Jan
June
OH
3% May
Brit Amer Oil Co Ltd
1.15
13
Feb
4894
19% May
22% June
10
May
113
June
Bathurst Pow A Pap el B *
Beauharnols Power Corp.*
794
Mar
May
44K May
29
May
June
cum pref— ..—..100
95c
13
Canada A Dom Sugar Co. *
13
Oct
2%
9% June
"ll7"
Canada Malting Co Ltd..*
Can North 7% cum pfd 100
80
4%
6%
1.10
;..*
Aluminium Ltd....
Jan
278
15
Low
Price
894
Jan
65
10
Week
...100
100
cum pref
1.75
4% May
May
May
3% May
10
Feb
cum pref
15»A
7
12
Apr
Jan
20%
19% May
30
196
700
12%
Aug
1,405
6%
7%
25
.100
._*
Canada Steamship (new).
6% preferred
50
157%
25
Bulolo.
............6
Canada Cement..
•
Preferred.....
Can Northern Power
55
494
Building Products A (new)*
June
7
12%
46
High
85
15%
46
Low
9
10
1394
"46"
for
of Prices
Abltibl Pow A Paper Co..*
570
370
1594
British Col Power Corp A *
Bruck Silk Mills.—.—*
_
Shares
25
87
"l6H
Par
Week's Range
Range Since Jan. 1. 1940
11%
..100
Asbestos
Stocks—
for
Sale
Stocks—
Last
Sale
to
May
60c
15
32
20c May
12
June
1.50
25
65c June
2.00
22
28
~
-
«.
—
V
-V
Jan
Jan
— —- —
"11
109
—;—
18
18
115
9
33
•
35
100
25
May
June
98
98
110
82
June
10194
Apr
394 May
594 May
91
July
115
May
694
1594
Mar
494
994
494
110
11
586
109
109
20
115
115
5
r Canadian market.
59
11194
115
Jan
Jan
Jan
Jan
May
Volume
2787
Financial Chronicle
The Commercial &
151
Unlisted
Canadian Markets—Listed and
Sales
Friday
Week's Range
for
Sale
Par
Stocks {Continued)
of Prices
Low
High
Shares
4
Pow6% cum
4
2
2
-i
i
26
70c
100
70c
Ltd..*
Ltd.*
12%
6
*
$1 cum pref....
Feb
3.00
Feb
112
Sept
13%
Jan
70c
Jan
Sept
1.20
Apr
43%
Feb
16% June
13% June
60c
75c
42%
390
19%
225
19%
......
Jan
10
~
42%
,
Mar
29% June
450
70c
Walker-Good & Worts(H)*
Feb
4%
60c Sept
41%
Waikervtlle Brewery
June
95
103% 103%
13%
13%
.
7%
1.80 May
*
59
59
59
21
18
21
Arntfieid Gold Mines
Beaufor Gold Mines
Bidgood-Kirk Gold..
Big Missouri Mines...;
Cndn-Malartic Gold
Central Cadillac Gold
Dome Mines Ltd.
4c June
3,000
3%c July
13c
Jan
16c
500
10c
July
52c
Apr
2c
2c
18
9c
Apr
11c
Feb
59c
59c
59c
500
35c
July
87c
Jan
1
.___*
7%c
7%c
7%c
500
6c
July
20c
Jan
23
June
29%
2%c
Jan
%c Sept
25%
...1
3,000
3.10
3.40
1,400
1.95 June
4.10
Jan
vv- —*
2.30
2.75
500
2.27 May
5.05
Apr
39c
45c
500
20c May
68c
Jan
l%c
l%c
500
l%c Sept
8%C
Feb
1.00
1.00
100
95c May
1.45
Jan
19c
21c
300
6%c
Oct
21c
Jan
3.70
3.85
300
2.28 June
4.80
Feb
1.31
19,560
-
*.
.1
Lapa-Cadlllac Gold
1
Macassa Mines
1
3.85
5
54
1.14
Mai Gold Fields
_... _
Mines._*
Normetal Mining
*
Pato Cons Gold Dredging. 1
Pend-Oreille M & M Co.. 1
28c
40c
1.45
Mar
56%
Jan
57 %c
Jan
Sept
54c
Apr
43%
500
30c
1,100
40c
37c
2.10
2.10
300
1.55 June
2.65
Apr
2.15
2.15
2.18
300
1.00 May
2.10
Jan
1.80
1.90 :
600
1J25 June
2.11
3.10
3.10
3.10
100
2.46 June
4.15
Jan
3.30
Nov
2.53
Nov
1.15
Jan
95c
Apr
—1
Pickle-Crow Gold Mines.. 1
3.25
""90c
San Antonio
2.95
3.30
6,000
1.40 June
2.50
1
Gold Mines.. 1
Sherrltt-Gordon Mines—1
Preston-East Dome
280
Sept
25c June
57c June
15
54
54
28c
McWatters Gold
Mines
Jan
45c
«.»,
1
Kirkiand Lake Gold——
lc
17
225
lc
Ltd.l
Joliet-Quebec Mines
Perron Gold
Jan
1,000
7 %c
-.'■I—-.J*.
Nickel——_*
Gold
—.*
Mc I nty re-Porcu pine
16%c
5%c
7c
16c
5%C
-
M
Falconbrldge
Francoeur
Jan
35 c
*
Duparquet Mining
East Malartic Mines
July
10 %c
9,200
17%
15
*
1
1
1
1
2.54
1,200
1.47 June
80c
94c
845
55c
July
Oct
Jan
1
53c
48C
55c
3,850
47c
Sladen-Maiartlc Mines... 1
50c
50c
50c
1,200
20c June
610
Jan
1
63c
60%c
64c
5,600
47c June
1.00
Jan
3.15
3.15
20
2.48 June
4.15
Jan
W***
1.13 1.1312
3.00
3.00
2,000
Nov
26c
Apr
100
2.25 May
3.00
Nov
10c
2,300
8c June
31c
Jan
July
8.20
Ltd
Slscoe Gold Mines
Sullivan Cons
Gold Mines. 1
Exploration. 1
*
Wood Cadillac Mines
1
Teck Hughes
Towagamac
' mm
—
mm
Ventures Ltd
Wright-Hargreaves
10c
6.30
6.30
*
.
9%c
12c
4.20
60
[Jan
26
Cndn Bk of Commerce.-iOO
152
156
Ltd...*
Home Oil Co Ltd
.* "2.50
87c
Okalta Oils Ltd.
isvi
*
•
»
mm
mm
mm
~
18c
18c
600
14c June
2.15
2.56
18,055
1.30 May
87c
87c
22%
15
.
Royalite Oil Co Ltd
-.—*
18
June
Apr
10
Jan
1.34
Apr
3
Aug
60c
100
22%
33c
:
Jan
36
Canadian Canners A..
'.'.20
9%
Class B
__
...
~18~"
BROAD STREET, NEW
30
Feb
265
7%
May
14
Feb
1,480
5%
June
16%
80
12%
May
29
Jan
435
20
May
37%
Feb
5
104
May
125
July
32
125
18%
180
2.25
215
10
160
9%
8%
Mar
Sept
5%
Sept
5,600
32c
5
5%
3,657
4
4%
%
Wire bound-
4%
35
-
-
-
.100
118%
Castle-Trethewey.
...i
56c
2.15
40
56c
56c
40
2.10
1.82
2.10
8,985
9 %c
10c
4,300
1.44
1.28
19c
20c
79c
70 %c
79c
2.10
.
Central Porcupine
Chemical Research
18c
...l
Chester vllle
—.i
......
*
Chromium
..v.
Cochenour
Cockshutt Plow
.
.y.> 0
*
_
Commonwealth Petroleum*
1.53
*
Bakeries
26
80c
9%
Jan
30c
Apr
Feb
49
Jan
July
178
31%
70c June
3.75
Jan
1.00
500
17c 18 %c
12,700
10 %c
Aug
35c
Apr
80c
600
57c
Sept
1.35
Apr
26
1,000
3c
Aug
8c
Jan
220
3 %c
24%
18%
May
27%
May
10
June
2?
Jan
6,466
27%
Dominion Coal pref.. ..25
20%
20%
20%
30
16
May
22%
Feb
»
25%
24
25%
1,972
19
May
36%
Jan
5
25
Nov
Dome
Dominion Foundry
Dominion Scot Inv pref_50
6%
*
Dominion Tar
5%
6%
5%
25
6% June
16%
Jan
6%
1,650
3
July
6%
Nov
5%
50
3
June
8%
Apr
7
75
June
89
3
July
10
7%
6%
7%
561
1
2c
y.7' 2c
2c
1,000
l%c
—
6%c
9%c
5%c
5c
5%c
3.35
3.10
3.45
4 10
Jan
13%
100
8
May
18%
Jan
21%
15
21
Nov
29%
Jan
21c June
1 23
Jan
39c
a.
—
"25
4%
*
18 %c
—_
1.95 Jurn
13%
*
.
Apr
21
Eldorado, .i—
.
8c
13%
"25
English Electric A
Equitable Life...
July
21%
*
.
Jan
3c
43,750
....
Economic Inv
32c
39c
5,470
33
3%
July
6
:
Jan
15c
10
4% /•?•••
6,000
17c 18 %c
4%
May
26c
Feb
2.40
2.85
5,695
1.75
June
26%
27%
800
20%
June
30
4%c
4c
4%c
6,300
l%c
July
6%c
Apr
36c
Sept
45c
Nov
5c
Oct
8%c
Jan
3% June
10%
Jan
m
*
Petroleum.
45c
40c
45c
300
~.25c
5c
5c
5c
500
-.-*
6%
5%
6%
45c
1,075
1,680
16,800
10
79
*
45c
...
17
17%
40c
11%
11%
11%
89
89
89%
20
6%
7
...i
Glenora
'«•
—
3%c
4%c
l%c
l%c
16%
Feb
July
97
Feb
10%
Apr
July
July
June
25c
10,500
34,400
May
*
45c
34c
16c
15c 16 %c
10,054
8c June
i
14c
11c
14c
...l
7%c
7c
7c
24,940
3,000
7%c June
6c July
...i
l%c
1 %c
l%c
1,000
8, both inclusive,
of Prices
Sale
7c
6c
7C
1
17c
17c
17c
500
95c
1.15
100
preferred
8%
7%
9%
G)__
Consol
1
Grain pflOO
Aldermac Copper—
*
Algorna Steel
*
Alberta Pacific
Preferred
9c
1,000
19c
30,200
9c
—
Alberta Pacific
..
-
-
15c
10%
10%
11
86%
88
l%c
l%c
60c
65c
-100
*
Anglo-Huronian
.
*
Arntfieid
——1
Ashley,:...i -ii.*'-1
Astoria Que
1
65c
Mines——1
2.15
1.92
1
lie
Bank
10%c
1
of Montreal ——100
of Nova Scotia
100 '286
240
of Toronto——100
Base
Metals
Anglo Canadian
1
26
26
20
18%c
1
Amm Gold-
180
20
Gold
Bagamac
—
Bank
Batburst Power
Bear
*
cl A
1
Bobjo
*
.*
Oil
*
Brit Columbia Power A..*
B
*
Broulan-Porcuplne
..I
Brown Oil...
*
Buffalo-Ankerlte
1
Building Products
—*
Bunker Hill
*
Burlington Steel
*
Calgary <fc Edmonton
*
Bralorne...
8%c
Aug
20
July
Jan
TcJJNov
Jan
21c
Jan
38
Jan
July
38c
Jan
7% June
16%
Apr
10c
82%
May
95
Jan
lc
Sept
6%o
Jan
41c June
1.03
Jan
Aug
3.00
Jan
7,000
4c
July
17c
Jan
2c
5%c
13c
5%c
750
Aug
7c
Apr
3%c
1,450
2c June
4%c
Jan
2.15
16,536
91c June
2.08
Jan
10c
12c
12c
Nov
10 %c
3,675
16,900
3c June
8c
July
28c
Jan
180
183
12
170
211
Mar
286
10
269
Aug
315
Feb
240
240
10
200
July
268
Feb
15c
12c
5c
1.20
1.12
"Ik"
157 %
16c
5%
5%
415
316
158
156
8,700
5
98
98
1,000
15c 16%c
46,900
July
7
2%c
70c
90
July
33c
May
7c
18,200
285
13
5c
1.20
5c
278
12%
15%
Apr
July
9 %c
July
July
July
2% May
1.19
102
6%
July
109
10c
July
52%o
4c
130
Jan
Feb
Jan
Jan
Mar
Apr
Sept
14c
Jan
7
7
20
5
July
9%
Apr
36
36
45
34
Aug
5c
5%
19%
5%c
10
10
3,500
10,200
3%c June
11 He
7.40 June
11.00 May
5%
1,382
3%
June
10%
19%
832
14%
May
23%
26%
91
23%
Aug
1%
5
1%
Nov
3%
28c
May
87c
Apr
Nov
6%c June
19%c
Jan
1%
80c
lie
,
87c OS, 078
12c
5,200
4.90
4.30
4.90
15
14%
15
1.64
1.51
27c
24c
6%
5%
1,825
205
3c
3c
10%
--1
Canada Cement
*
Preferred
100
Canada Malting
*
Can Permanent Mtge--100
Canada Steamships
*
Preferred
50
11
1.65
12
July
8.60
17%
Jan
3%
Apr
lc June
Jan
May
14
Jan
14,005
1.00
June
2.39
Jan
27c
4,300
18c June
47c
Jan
6%
415
3
June
8%
Jan
78
June
99
Oct
29%
June
39%
Apr
36%
37
180
15%
Jan
6%
25
4%
Apr
Mar
110
98
134
30
June
2.75
1,500
98
4%
Jan
4%
—
Calmont
Apr
18%
25
86c
42
2,160
10c
9c
9c
10 %
Brazilian Traction
British American
17%
22%c
3%c
Exploration-.—-1
1
Beatty 1st pref
100
Beauharnols..
—*
Bell Telephone Co
100
Bldgood Klrkland
—1
Big Missouri
1
Blue Ribbon
*
Preferred
50
June
3c June
10 %c June
Apr
5%c
*
Beattie Gold
2
2.60
1.40
Bankfleld
Bank
5,000
8,900
50c June
200
rile
135
5
16%
74
3
117
July
150
50
Goodyear pref
Graham Bousquet
—
2c
1
Mar
544
2% June
8%
Mar
304
9%
June
21%
Apr
i*'j»
Great Lake v t pref... ni*
Great West Saddlery.. .._*
2% June
25
215
1%
1%
.
Jan
230
Jan
22c
Jan
26c
Jan
l%c May
87
Jan
67%
Feb
3%c May
8
Apr
11
27%
Jan
Feb
3%
Mar
Sept
1%
5
12
12
69o
June
13
5
14%
Apr
41c
30c
41c
04C
Jan
4%
3%
4%
395
Mar
5%
4%
5%
1,577
3
May
July
6%
*
8%
Apr
115
34
May
38%
Mar
Hamilton Cotton pref. 1130 Wli W
knn
nil
Rock....
mm
•mm.
v'
-
-
1.10
*
Hargal Oils
36
36
31 %c June
15,400
2%
7c June
14c
1,700
13%
5,265
2.15
2.52
30,961
16%
30c
*
16%
„ .
Howey
*
28%
lioo
Imperial Oil Co
Imperial Tobacco ord. 11$ 5
27%
1
11%
mmmmrn'm
*■
m
Mm.~m.rn.
mm
Oct
25
30c
7,550
21 %c
July
28%
1,115
19%
May
34
Jan
July
220
Feb
100
Intl Milling pref
-
38%
15%
*
International Utilities B
1
M
-
MM
37c
—-1
Jack Waite
14
14%
126
26C
4,500
9
170
102
15
114
114
10
36%
39
14%
15%
2,794
4,595
25c
25c
100
31c
38C 118,500
114
Apr
May
116
Sept
27% May
47
Jan
12%
24
Feb
June
Aug
65c
Jan
17c May
38e
Nov
15c
1%C
1%C
5c
Aug
Jan
1.07
42,012
70c June
1.54
Jan
2,155
23%
18
18
III*
5.25
...1
11
.3
65
5.00
5.25
1,567
7c
8C
11%
885
11
6
25
52c
—.1
15%
July
32
Jan
15
July
27
Jan
4.75 June
7.25
an
July
22 %o
Jan
11,500
8 %c
6
52c
54c
10
5,400
5,435
5c
9
June
Aug
4
41c June
1.71
May
13
9%
Mar
880
Jan
3.40
Jan
2.30
2.12
2.35
26%
27
267
20% May
28%
Jan
20
Feb
Nov
25%
274
Mines
3.85
3.45
3.95
4,745
2.25 June
20%
4.75
1
2.46
2.70
27,012
1.00 June
2.70
McL Cockehutt
2.70
—-1
65%c
52c 61 %c
65,600
•
B
—
25
25
May
Jan
Jan
Gold
Maple Leaf Milling...
Massey-Harrls
Preferred
McColl
No par value.
—
July
620
1
Madsen Red Lake
Maralgo.
Malartic
Jan
26%
_..*
A
Macassa
Jan
Ndv
19%
Loblaw
Jan
May
June
19c
1.05
Little Long Lao
16%
5
90
111%
3.50
18
—
Apr
Aug
23%
*
.......
Apr
41c
1.20 June
...1
Leitcb—..
16%
29,060
—.1
Legare pref
Jan
June
17c June
12
3c
Lake Shore
Lamaque (G)
15%
3.50
Klrkland Lake..
Lapa Cadillac
Laura Secord (new)
June
8%
3.20
95c
Lake of the Woods
Jan
2c
—.1
Kerr-Addison
40 %o
3.50
1
Jellicoe
Mar
2,000
4,433
2c
2c
1
Jacola
4,296
11%
9
'
-
International Nickel..
International Petroleum
150
106
102
9
"lOO
Preferred
JaD
16%
15%
10%
25C
Jan
16
1
-
*
Int Metal A
June
3.10
'
m
9%
1.30 May
200
200
200
*
.
Jan
13%c
12%
Inspiration
19%c
5c
2.52
Imperial Bank
Apr
1,000
13%
Hudson Bay
18c
6%c
Holllnger Consolidated nih
»
Co
Home Oil
Honey Dew -... .
Jan
Oct
150
27,020
iV* v*-.
High wood
4%
1.48
3%
1.15
*
Jan
July
66c May
2%
3%
1.00
6%c
*
Harding Carpets
♦
Jan
2%c May
i
...
.
Hamilton Bridge
Hard
4
25
July
lc June
2,000
4
June
61%
135
2c
1%C
58
Oct
10%c
...*
Gunnar
Gypsum
*
*
Greening Wire
55
21
-r'v-f
25
%c
26
74
54%
*
Great Lake vot trust. -.-*
High
2.06
—
Aunor
Low
Shares
*
1.05
Acme Gas
AJax (O &
Range Since Jan. 1, 1940
for
Week
3,300
5,252
8,500
*
Abltlbl
0%
High
Low
.......
Goodyear. ....
Sates
Week's Range
Price
Far
Storks-
Gold Eagle
compiled from official sales lists
Friday
Last
Golden Gate
45c
Jan
July
lc
5,800
mm'mm
m' fm
70c
4%
3%c
190
7
4%c
Gillies Lake...
Jan
July
19c June
13%
149
*
Apr
Mar
22%
Goldale............. nil
Nov. 2 to Nov.
5.00
2.55
27%
...i
Petroleum..
.
Jan
Sept
25
20
28
28
nil
...
General Steel Wares.. ...*
Goodfish
Jan
10%c
1,500
1
Eastern Steel
Aug
2c
9%c
„.
Mar
4c
July
July
85,000
*
Duquesne Mining..
Apr
4.786
Dominion Woollens pref .20
Dorval Slscoe........
31
11%
87
87
.100
Dominion Tar pref
A'
9%
10%
*
Dominion Stores
27%
25
n*.-
Dominion Steel class B -25
Gatlneau Power nref..!ido
Exchange
Apr
Nov
35
27
23
God's Lake
Toronto Stock
Feb
19% June
! Jan
86
15
3 %c
*
19
141
62
n
35
Jan
July
May
12%
28%
26
1.98
June
53
160
Oct
1.00
470
26
-..*
16c June
14%
80c
......
Denison
Dlst Seagrams....
Jan
Aug
July
May
42%
90c
17c
~"l
68c
15c
31c
3%
6,154
24%
LOO
•
Petroleum—
Davles
Delnite
Jan
Nov
415
35
.._*
Cub Aircraft...
54c
1.47
2,400
29,400
'
100
Crows Nest Coal
Jan
15c June
41c June
1.55
158
160
♦
Cosmos
Jan
14c
Aug
14%
42%
.100
Gas
Consumers
Jan
2.65
5c
38%
„
IUfi
Smelters
75c
1.45 May
1,025
1.42
Apr
Sept
Aug
56c
20c 23 %c
20c
m
Conlaurum
Apr
2.67
119
600
7 11
6
5%
-.v
June
,423
18c
1.
22
May
114
Jan
85c
1.65 June
1,400
118% 118%
10c
Central Patricia...
Consolidated
3%
13%
10
19
19
m
~~~i
Jan
Feb
July
May
60c
Carnation pref..
Jan
3.02
June
58c
Cariboo
Nov
8
5%
Canadian
Jan
20
1.05 May
58c
Gatineau Power
YORK, N. Y.
22
9
...*
Francoeur
2010 Royal Bank Budding, Toronto, Canada
July
2.00
17%
HEAD OFFICE,
17
17
2.25
R
Firestone
Stock Exchange
Feb
205
21%
33
125
III*
Locomotive- III*
III*
Malartic
Canadian Wineries
Cons
10%
30%
Cndn Indust Alcohol A
Canadian
July
20%
...*
Canadian Dredge
6
g:
10
21%
lioo
Feb
25
10%
32%
Fleet Aircraft
Members The Toronto
Apr
178
June
8%
*
Preferred..
Federated
Macdonald & Bunting
31%
20
-25
Preferred
Canadian Celanese
Fanny Farmer
Federal-Kirkland
Quoted in U. S. Funds
May
135
10
10%
Can Car A Foundry..—-*
Falconbrldge
Industrial Stocks
Apr
21%
7 '
19%
kkn'k *w
*
Extension Oil
Canadian Mining &
2.75
June
05
7
♦
Canadian Canners
East Malartic..
Oil—
Aug
26
154
Apr
1.05
125
26
East Crest
Davies Petroleums
Apr
24
1,550
1.40
1.25
1.30
Breweries— ...*
Canadian Breweries pref_*
C P
Mines—
05
15
75
Canadian
Aldermac Copper
40% June
105
*
Canadian
Mar
106%
Nov
4
65
200
2
|
Aug
4
May L
4% Nov
10
4v
4
■:
United Amusement cl A._*
880
^.4
.
91
13
6
5%
•
*
prf 100
Rogers-Majestic cl A
United Dists of Can
44,'
High
Low
Shares
95%
95%
6%cmlstpf 100
Quebec Tel & Pow ,cl A
*
Reliance Grain Co Ltd—*
Canada Wire A
Week
~
High
Low
Canada Wire class B__
for
of Prices
Low
High
Price
Provincial Transport Co..*
So Can
Week's Range
Sale
Pwr Cpof Cn
1940
Range Since Jan. 1,
Last
Par
Week
Sales
Friday
Stocks (Concluded)
Price
1, 1940
Range Since Jan.
Last
Montreal Curb Market
1%C
1%C
1,000
lc June
4%c
Jan
1.33
83,175
54c June
1.45
Mar
1
1.12
3
3%
257
July
5%
Jan
3
3%
,
1.30
*
...
*
"ioo "34%
»
5%
34
5%
35
5%
20 %c
1%
2%
Jan
July
6%
235
25
July
69%
Jan
95
5
June
9%
Feb
812
(Concluded on page 2785)
The Commercial & Financial Chronicle
2788
Quotations
New York
Bid
16
a2Mt July
1969
City Bonds
Chicago & San Francisco Banks
Bid
a3a
Jan
1
1977
a3s
June
1
1980
July
1
1976
May
1
1964.
1
1964
121 J*
o4**b Apr
a4**s Apr
100 *4 101**
a3**B
a3**s
a3**s
a3**»
1
I960..
121?* 123
123** 124**
124** 125**
16
Nov
1
1964
100?* 101**
104** 105?*
109** 110**
109** 110**
Mar
1
1960
109** 110?*
1972
1
a4**s Nov
1974
a4**s June
a4**s Feb
a4**s Jan
15
1
1977
15
1978
197&-
1976
109** Ill
a4**s Mar
1
May
1
1967
1968
a4**s May
a4 **s Nov
a4a
May
1
1969
a 4s
May
1
1977
a 4s
Oct
1
1980
121** 122**
1
1960
120
16
a4J*s Sept
1
a4**s Mar
1962.
1967
a4**8 Mar
1963
1
1965......
a4**s July
1
1967
o4 **s Dec
122
1
a4 **s June
121**
120**
1
15
1971
a4**s Deo
126** 127**
128** 129**
1979
1
Par
131?*
Bid
A Trust
Continental
100
310
508
518
100
33 1-3
88
100
262
SAN
90**
FRANCISCO—
271
36**
Par
Ask
Bid
Bank of Manhattan Co. 10
16**
Bank of Yorktown._60 2-3
85
Par
40
13.55
National Bronx Bank
Bid
61.90
less 1
38 1981
62 00
less 1
World War Bonus—
100
36**
174
180
100
670
45
30
10**
re**
Penn Exchange
10
10
50
48
55
30**
32**
26
28
710
Highway
6e Jan 4 Mar 1964 to *71
.
62.00
Peoples National
61 00
4s Mar A Sept
148
1958 to '67
139**
—
113**
New York Trust
Authority Bonds
Bid
4a September
1970...
Bid
Ask
Bronx
3 **3 2nd ser May 1'70
3s
4th ser Deo 15 '70
6 25
3 **s 6th
106
MAS
105
.20
104
,.10
1942-1960
3**s s f revenue
6.25
38 serial
105
1980
1953-1975.
rev
105**
62.25
Bid
U 8 Panama 3s June 11961
1959
102
1952
102
104
5s
Apr
1955..
68
Feb
1952
104 **100**
5**8 Aug
1941
Kings County..
Lawyers
99** 102**
25
10
12**
11**
1560
100 1510
27**
30**
20
37**
39**
Preferred
51**
35
304
..25
Manufacturers
49**
220
299
New York
20
25
51**
53**
110** 113**
11**
Title Guarantee A Tr
13**
15**
Trade Bank A Trust
10
15
51**
52**
Underwriters
100
80
47**
50**
United States
100 1515
Empire.
9**
12
2**
3**
90"
1565
125
Telephone and Telegraph Stocks
Ask
Par
127
102** 103**
Ask
Bid
Par
Bid
Ask
104
4 **s July
83
Ask
200
100
...
2.15%
Ask
Government—
4**s Oct
17**
78
Bid
100
Guaranty
Irving
tolOO1*
61.20
.
2 **s serial rev 1946-1952
...
Bid
Fulton
59**
.20
15'77
United States Insular Bonds
Philippine
Par
368
.10
ser Aug
—-
106
A/4S
358
30
101** 102**
103**
Triborough Bridge—
Inland Terminal 4**s ser D
1941
A/48
Companies
Ask
15
100
General 4 Refunding—
4«
1st ser Mar 1 *75
110** 111**
100
Bid
57**
Port of New York—
Holland Tunnel 4**a ser E
1941
MAS
1942-1960
Bank of New York...
Ask
California Toll BridgeSan Francisco-Oakland—
Sterling Nat Bank A Tr 25
...
Par
Public
1755
130
...
mm
145**
120
139**
Barge C T 4**s Jan 11945.
»
100
Merchants Bank
17**
Improvement—
Canal Imp 4s JAJ '60 to '67
...
148
Fifth Avenue
First National of N Y..100 1715
4**8 April 1941 to 1949.
Canal A Highway—
Highway Imp 4 *<8 Sept '63
Canal Imp 4 **s Jan 1964.
Can 4 High Imp 4**s 1965
Ask
Ask
40
28**
50
National City
34**
Bid
12**
National Safety Bank. 12**
17**
Commercial National.. 100
Ask
38**
New York Bank Stocks
Public National
Bid
Ask
300
Northern Trust Co
216
Illinois Natl
Bank A Trust
First National
Chase
New York State Bonds
3e 1974
Bid
Harris Trust & Savings. 100
207
Benson hurst National...50
133
Par
Ask
American National Bank
126** 127**
127** 128**
121
122**
121 J* 122**
125
126**
125** 127
1967
1
114
115**
115** 116**
115** 118 J*
120** 121 *4
1
Nov
122**
125** 126**
125** 126**
1981
a 4b
a4a
a3**s Jan
Ask
a4**s Mar
98**
1940
9
Over-the-Counter Securities—Friday Nov. 8
on
Ask
97**
Nov.
Am Dlst Teleg (N J) com.*
Govt of Puerto Rioo—
4 **s July 1952
118
121
6s
99** 101
108
115
118
115**
100
18
15
22
109** no**
Bell Telep of Canada...100
Bell Telep of Pa pref
100
105
no
110
117
119**
111
Cuban Teleph 6% pref. 100
42
Emp V Bay State Tel.. 100
Franklin Telegraph
100
Conversion 3s 1947
New York Mutual Tel__25
Pac A
5% preferred
111
July 1948 opt 1943.
U 8 conversion 3s 1940
Hawaii 4 **8 Oct 1956
111
46
Int Ocean Telegraph... 100
74
Mtn States Tel A Tel__100
132
•
Atl Telegraph...25
Peninsular Telep com
18
•
32
34**
25
32
35
100
114
25
17
Sou New Eng Telep... 100
160
Preferred A
mm
Rochester Telephone—
Federal Land Bank Bonds
Bid
3s 1955 opt 1945
J4 J
3s 1956 opt 1946
JAJ
3s 1960 opt 1940
A/4N
Ask
.
Bid
108** 109**
108** 109**
109
3**8 1955 opt 1945..MAN
48 1946 opt
Ask
J&J
Joint Stock Land Bank Bonds
Bid
Atlanta **s, l**s.
Atlantic 1**8, 1 **s
Burlington
Denver
9
Lincoln 4**s
Lincoln 5fl
83
2
Lincoln 6**s
85
New
r7
r
l**s, 3s
1**
83
99**
Carolina—
York
l**s, 2s
99
5s
**s, l**s__
Oregon-Washington
...
mmrn
135
Par
Ask
Bid
88
99
3
Kress (S H)
0% pref... 100
12
Bohack (H C) common...*
IVs
2**
Reeves (Dan el) pref._. 100
99
First Texas 2s, 2**s
First Trust Chicago—
40
100
20
7
7% preferred
Potomac 1**8
St. Louis
**s, 3**s
99
mmm
65
mm
mm
m
m
mm
mm
99**
100
Iowa 4**s, 4**s
98
22
United Cigar-Whelan Stores
Bid
•
18**
20**
23
99
Southern Minnesota
rl3
Southwest (Ark) 5s
Union Detroit 2**s
Virginian Is.
99
FHA Insured
14
83
Bids and
99
l?*s
Ask
Mortgages
Offerings Wanted
...
WHITEHEAD &
Joint Stock Land Bank Stocks
Par
$5 preferred
8**
99**
r21
San Antonio **s, 2s
mmmm
12**
102
99
Fremont 4**s, 5**a
Illinois Midwest 4**s, 5s..
Indianapolis 6s
Ask
103
4**s
99
Is, 1 **8
Fletcher
5s
Phoenix
mmm
mmrn
103**
90
98**
Phoenix
Is, 2s
Bid
2**
Flshman (M H) Co Inc..*
r35
Pennsylvania l**s, l**s
First New Orleans—
Par
B/G Foods Inc common..*
First
99
So A Atl Telegraph
81
North Carolina
Montgomery—
3a, 3**s
mmm
mm
Ask
99
mm mm
99
;
Chicago
First
Bid
Lafayette **s, 2s
■
m
Chain Store Stocks
Ask
99
....
25
109** 110**
111** 111**
111** 111**
J4J
4s 1904 opt 1944
Sl09**
1944
$0.50 1st pref
mmrn
Par
Bid
44 Wall Street,
Ask
Atlanta
78
New York
100
1
5
Atlantic
48
52
North Carolina
100
95
102
Dallas
74
78
Pennsylvania
100
35
40
Denver
56
62
Potomac
100
115
130
Des Moines
52
58
San Antonio
100
105
115
First Carollnas
14
18
Virginia
Fremont
4
8
Lincoln
5
9
FISCHER
New York, N. Y.
82
5
Virginia-Carolina
:■
100
2**
85
Telephone: WHitehall 3-6850
3
95
FHA Insured
Bid
Federal Intermediate Credit Bank Debentures
Bid
Ask
Bid
Ask
Alabama 4**s
Arkansas 4**s
6s
**% due
Dec
2 1940
6.25%
.30%
.30%
6 .30%
**% due
H% due
Jan
1 1941 6
*4 % due
Mar
1
?*% due
Apr
1 1941 6
*A%
H%
**%
■H%
**%
2 1941 6
Feb
due
due
May
Delaware
1 1941 6.35%
4 **8
District of Columbia 4>*SFlorida 4**s
June 2 1941 6.35%
due.....Aug 1 1941 6 .35%
due
Oct 1 1941 6.40%
due....-Nov 1 1941 6 .40%
101** 102**
101** 102**
102
103**
101** 102**
102
.30%
Bid
Maryland 4 **8
Bid
Home Owners'
**s
Deo
100.5
2a May 16 1943—
/Flat
par value,
price,
maturities,
n
to i
a
Now listed
t
Now selling on New
♦
ouotatlon
When Issued
y
on
w-s
6 Basis
5**%
on
In
r
With
based
101.14 101.16
price,
d Coupon,
*84 50
Sept. 25 and 5% In Oct.
103
103
Pennsylvania 4**a
101** 102**
102
103**
Rhode Island 4**s
South Carolina 4**s
102
Insured Farm Mtges4**s
Virginia 4**g
z
...
101** 103
101
102**
101
102**
101** 103
**% to **% must be deducted from Interest rate.
of
SPECIALIZING
or
F.H.A. INSURED MORTGAGES
Circular
on
request
STORMS AND CO.
Commonwealth Building
Issuer.
Phone Atlantic 1170
principal
Insurance Co'*.
Ex Interest.
Quotation shown is for all
Ex-dlvldend.
amount.
6% was
paid on July 2.
103**
101** 102**
101** 103
Tennessee 4** a
Texas 4**s
The bent "Hedge" security for Banks and
e
recelvorshlp.
stock
102
102
100.26 100.28
100.29 100.31
York Curb Exchange.
on
101
102
York State 4**s
North Carolina 4**s
100.18 100.20
New York 8tock Exchange.
Quotation not furnished by sponsor
5 Quotation
Y (Metrop area) 4*is_.
4**s_
New
West Virginia 4**s
100.11
**% notes Nov 1 1941.. 100.4
100.5
14* % notes Feb 1 1944.. 102.25 102.28
101.20 101.26
Interchangeable
Nominal
103
103
101** 102**
U 8 Housing Authority—
101.16 101.20
1**8 Jan 3 1944—
Jan 3 1941 at 101**
102** 103**
A servlfelng tee from
**% notes July 20 1941
H%
Nov
1 1941
**%
Jan
15 1942
1%
July
1 1942
Apr
1 1943 102.20 103
Federal Natl Mtge Assn—
Jp No
N
Asked
104
58....
Corp—
1 1940 100.2
2a
Call May 16 '41 at 100**
Ask
102
New Mexico 4**8
101** 102**
Louisiana 4**a
Reconstruction Finance
Federal Home Loan Banks
2s
15 1941 100.9
102
Illinois 4**s
Indiana 4**s
Loan Corp
May
Massachusetts 4**s
Minnesota 4**s
Ask
Commodity Credit Corp—
%%
Aug
1 1941 100.12 100.14
1%
Nov 15 1941 100.29 100.31
**%
May
1 1943 100.25 100.27
102**
101** 102**
101** 102 **
101** 103
101** 102**
102
103**
Georgia 4 **s
Obligations of Governmental Agencies
Bid
New Jersey 4**s
103**
101
Michigan 4**s
1941
Mortgages
Asked
PITTSBURGH, PA.
2789
Financial Chronicle
The Commercial &
151
Volume
8-Continued
Quotations on Over-the-Counter Securities—Friday Nov.
INSURANCE and INDUSTRIAL STOCKS
Guaranteed Railroad Stocks
BOUGHT—SOLD—QUOTED
1
Mrmitrj \cw
fork Sttxk Excbtngl
Dealers in
120 Broadway
•
li:i'
3o$epb Walkers Sons
,
'
'
Vermilye Brothers
-v,\
Tel. REctor
NEW YORK
CITY
Y.
N.
Teletype N. Y. 1-894
2-7881/
HAnover
2-6600
STOCKS
BROAD ST.,
30
GUARANTEED
Since1855
Insurance Companies
Guaranteed Railroad Stocks
Dividend
.••///;"/•/•.
V;--
Par
Home
574
Home Fire Security
10
..10
Jersey Insurance of N
American Equitable
204
Knickerbocker
Amer Fidel A Cas Co com 5
11
124
.10
5
Ins Co of North
118
76
80
50
2.00
31
334
American Home
American of Newark— 24
124
.100
York Central)
.100
Boston A Providence (New Haven)—
.100
Canada Southern (New York Central)
.100
Carolina Cllnchfield A Ohio com (L A N-A CL)..
.100
Cleve Cln Chicago A St Louis pref (N Y Central) .
..50
Cleveland A Pittsburgh (Pennsylvania)
93
Mass
904
144
8.75
American
Re-Insurance .10
.10
American Reserve
46
48
Mercb
16
10
15
3.00
384
414
5.00
884
914
American Surety
74
Automobile—
854
Baltimore American
24
Bankers A Shippers
.25
8.50
5.50
100
—5
204
224
.10
28 4
294
New Hampshire
24
New York Fire
66 4
92 4
954
Eagle Fire
364
394
Employers Re-Insurance
47
174 4
7.00
1544
0.64
614
6.00
136)4
(Delaware A Hudson)
100
pref (Terminal RR)
(Terminal RR)
i..—....
United New Jersey RR A Canal (Pennsylvania)... .100
.100
Utlca Chenango A Susquehanna (D LA W)
.100
Valley (Delaware Lackawanna A Western)
.100
Vlcksburg Shreveport A Pacific (Illinois Central).
Railroad
General Reinsurance Corp 5
2484
52
5.00
62
Gibraltar Fire A
....
-
23
244
5
444
94
264
464
.10
6.00
594
63 4
Glens Falls Fire
6.00
62 4
66 4
Globe A
3.50
244
264
Globe A Rutgers
3.00
554
584
0.60
58
28)4
Great Amer Indemnity- ..1
10
Halifax
10
12
12
134
10
26
—5
.10
874
274
904
Boher.-10
554
574
Hanover
Ask
Bid
Missouri Pacific 4)4s_
61.90
Hartford Fire
61.75
1.20
Nash Chat A St Louis 24s
61.60
1.10
New York Central 44s
61 60
62.10
1.50
62.25
1 75
Canadian National 4>4s-5s
64 65
4 00
N Y Chic A rit Louts 4s
63.00
2.50
64 60
4 00
N Y N H A Hartford 3s...
62.35
1.80
North Amer Car 4)48-5)48
64.40
3.86
Canadian
Erie 24s
Pactflc\)48
0.75
61 40
Central RR of N J 4>4s_
24s
1.20
Central of Georgia 4s_.__.
64.00
3.00
Northern Paclfio 2)48-2 54b
61.80
61 25
0 80
No W Refr Line 3)4s-4s-..
63.25
Chic MUw A St
1.75
Chic
Paul 6s.__
A Northwestern 44s.
62.50
61.90
1 25
62.15
1 75
American Arch
1.15
62.00
62 00
Growers
4s, 4Kb and
Grand Trunk Western 5s._
64.25
61.55
62.35
Amer Distilling Co
American Enka Corp
50 4
25
Amer Maize Products—*
American Mfg 6% pref 100
26
1654
184
75
80
1 20
1.60
4s-4 4s.
62 00
St Louis 8'western 44s...
61.90
1.25
Shlppers Car Line 5s
Southern Pacific 4)4s
63.00
2.00
61.60
61.65
1.26
Texas A Pacific
62 00
1.50
1.25
Western
1.75
Western Pacific 6a
61.60
1.20
61.80
1.30
61 90
1.20
62.00
1.50
4)48-4)48-
61 65
1.20
Wheellng A Lake Erie 2)4 a
1.25
61 90
61 60
1.20
4s-4)48-_.
Maryland 2s
West Fruit Exp
Despatch
4)48 A 6s
Railroad Bonds
Asked
Bid
Akron Canton A Youngs town
/45
47
45
T945
5)48
47
6s
Boston A Albany
Southern 4s
Orleans 5s
Vermont,V&Uey 4)4s_..__....
West
Ry 3)4s
4s-
Virginia A Pittsburgh
4
250
300
413
423
194
21
494
5U4
69
72
334
35^4
60
Mills cl A5
10
Mfg—60
Buckeye 8teel Castings—*
Cessna Aircraft
1
Chic Burl A Qulncy—100
Chilton Co common
10
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
Columbia Baking com
*
91 cum preferred....
*
Consolidated Aircraft—
93 conv pref
...*
Croweli-Colller Pub
*
Cuban-Amer Manganese.2
Botany Worsted
fl.25 preferred
Brown A Sharpe
684
90
2000
101
100
•
-
-
1946
102
—
100
1949
103
1947
1947
*
106
23
574
24:4
60 4
Thompson Auto
264
Time Ino
7Vs
j
84
Tennessee
Arms—1
•
113
111
5
394
54
64
204
34
104
24
2
24
124
254
128
144
384
Explosives.....2
34
32
354
Triumph
25
28
28)4
314
71)4
75
324
354
14
24
94
114
34
*
R
GIahh
4%
57
59
144
15
24
254
314
324
14
34
34
57)4
5T4
4
4
100
Veeder-Root Inc com
•
Welch Grape Juice oom 2)4
1)4
62
17 4
644
100
7% preferred
108
74
64
43
44
84
preferred.......100
374
624
54
...
7%
27 4
104
Crane Co
284
Deep Rock
100
16)4
184
174
Dow
72
Minn A Ont
Merck Co Ino
95
.1968
79
81
1954
50
62
.100
Ring.2)4
Muskegon Piston
National Casket
Preferred
53
1990
oommon..l
66 preferred
'
634
For footnotes see page
1)4
17
69
2
6)4s ser
Carrier Corp
6s..1961
A..1946
1948
1955
248—....1950
Oil 7s
1937
Stamped...--.—----Chemical 2 )4s... 1960
Pap 6s._.1945
1014
/46
104
/41
19
154
58
60
«| NY World's Fair 48.1941
Old Ben Coal 1st mtg 6s '48
47 4
734
754
Scovlll Mfg3)4s
deb..1950
1064
134
174
164
Supp 34s'55
Woodward Iron Co—
2d conv Income 5s. .49)
854
*
684
/66
464
/44
914
89
98 4 984
144
904
Y ngstn
Western Auto
116
154
2788.
54
41
Bonds—
94
*•m
194
64
26)4
•
95 preferred
100
MaUory (P R) A Co
•
Marlin Rockwell Corp
1
24
Steel..*
Wilcox A Glbbs oom....50
Worcester Salt
100
York Ice Machinery.....*
Wlckwlre Spencer
254
preferred
64
Piece"Dye Works! •
United
Preferred
26)4
44
14
*>
4
United Biscuit 5% pf—100
1104 1114
United Drill A Tool—
|
84
Class A
•
74
United Artists Theat com.
..*
98
4
114
36
King Seeley Corp com
1
Landers Frary A Clark. .25
111
74
224
57
54
124
44s
Celanese Corp 3s
102
56
Pump
...—5
•
Common
Brown Co
70
64
42
Tokbelm Oil Tank A
Amer Writ Paper
'
1940
*
Products......*
Steel common
20
Trloo Products Corp
Long Bell Lumber..
-
64
Taylor Wharton Iron A
17
95
95
1951
Tarn pax Inc com
124
62
Lawrence Portl Cement
109
1946
...1
66
10)4
93
100
.1957
64
61
164
107)4
1967
2
5
Talon Inc com......
70
65
19o7
1942
34
5)4
43
105
.
284
304
474
86
.1965
2)4
33
64
4
634
14%
■
■
89
.
214
154
124
Harrteburg Steel Corp
6
Interstate Bakeries com..*
118
1901
4)4
ii~~
197
54
614
444
x
66
1941
254
9)4
134
184
5%
r
4
11
40
40
33
1947
-
10
9
1965
-
1014
994
1948
2032
—
244
106
com....*
Ltg...60
34 Soovlll Manufacturing..25
54 Singer Manufacturing.. 100
195)4 Skenandoa Rayon Corp..*
.....20
234 Standard 8crew
25
34 Stanley Works Inc
Stromberg-Carlson
•
36
44 Syivama Indus Corp....*
15
•
30
Foundation Co Amer shs •
Garlock Packings com...*
Gen Fire Extinguisher—*
Gen Machinery Corp com •
G Id dings A Lewis
Machine Tool..
2
Good Humor Corp
1
Graton A Knight com
*
Preferred
100
Great Lakes SS Co com..*
Great Northern Paper
25
974
47)4
Remington Arms
59
Preferred
1940
Pollak
Supply com—10
A Raynolds B com *
Farnsworth Telev A Rad.l
95
—
24
191
Federal Bake Shops
116
454
Safety Car Htg A
55
63
28
*
Manufacturing...*
144
164
6
5
24)4
34
154
24
—10
16 4
ASk
Bid
50
14
2
Mills
100
Construction. 10
so :r
,
/■
■
674
4)4s
Railroad A Canal 3)4s
774
1959
Northern 4s...
New York A Harlem 3)48—
..........
New York Philadelphia A Norfolk 4s
....
New Orleans Great Northern Income 5s
New York Connecting RR 3)48
...
New York A Hoboken Ferry 5s
Richmond Terminal Ry 3)4s
......
A Georgia 4s_...—........
Terre Haute A Peoria 5s...
....
Toledo Peoria A Western 4s
....—...
Toledo Terminal 4)48
Toronto Hamilton A Buffalo 4s—
—...
23
1978
New London
Tennessee Alabama
Art Metal
Autocar Co com
Dictaphone Corp—•.
62
48
1953
Central—Louisville Dlv A Terminal 3)4s.
Indiana Illinois A Iowa 4s.
...............
Kansas Oklahoma A Gulf 5s.......—..........
Memphis Union Station 5s.........—.........
Illinois
Washington County
494
3
3
Exploration.....I
Pilgrim
•
Dixon (Jos) Crucible
100
Domestic Flnanoe cum pt.*
Draper Corp
*
Dun A Bradstreet com—♦
1946
.....
128
474
Phllco Corp
314
184
76
1945
Pennsylvania A New York Canal 6s extended to.
Philadelphia A Reading Terminal 6s
Pittsburgh Bessemer A Lake Erie 6s............
Portland Terminal 4s —
....
Providence A Worcester 4s....................
Arlington
24
40
Devoe
214
1960
Hoboken Ferry 6s
VIcksburgh Bridge 1st 4-6s
354
125
Type com—1
Dentists
m
-
1124
1951
Florida Southern 4s
Unltea New Jersey
384
334
*
Pan Amer Matoh Corp..25
Peosl-Cola Co
*
Permutlt Co
1
Petroleum Conversion... 1
Petroleum Heat A Power.*
37)4
68
60
....
Philadelphia 4s
RR Improvement and equipment 5s
Norwich A Worcester
-
~
103
1961
Connecting Railway of
Cuba
84
364
preferred....—*
294
73
1951
1995
Valley 4s
64
Ohio Match Co
4
1%
t c
$3 partio preferred
66
Chicago St Louis A New
Chicago Stock Yards 5a
Cleveland Terminal A
894
884
103
Cambria A Clearfield
Chicago Indiana A
61
594
1944
secured notes....
4)4s........................
4s
.........
Baltimore A Ohio 4s
5% pflO
*
Arden Farms com v
124
3
l.OO
Union Pacific 2548
61.75
1 80
61.40
Long Island 4 4s
Louisiana A Ark 3J4s
1.20
62 40
2)48
Lehigh A New Engl 4>4s..
24s
1.35
61.85
Southern Ry 4s
Merchants
series
American Hardware
1.75
62.25
95 conv
524
24)4
62.25
Maine Central 5s
254
244
Newport News Shlpbuild'g
and Dry Dock com__l
1 50
Southern 3s..
...
4
24
134
62.00
61.50
1 90
Kansas City
26
5
184
1.40
2)48-2548 and 4)4s
1.15
Illinois Central 3s
264
124
124
61.90
2d
Reading Co 4 )4s
3 25
Great Northern Ry 2s.—.
384
94
274
27 4
74
17
ser-_10
4s series E
1 10
61.40
A com
0.50
St Louis-San Fran
.
154
364
6% preferred
New Britain Machine
254s series G A H
Express
44s
90
134
Par
Nat Paper A
35
32
American Cyanamld—
Pere Marquette—
1.50
Fruit
404
86
...
34
2%
*
*
*
61.00
Pennsylvania 434s series D
1.25
Erie 44s
Amer Bemberg
5% conv pre! 1st
2.00
63.00
4s
Denv A Rio Gr West 44s.
384
10
Ask
Bid
Par
Alabama Mills Ino
2.60
61.50
Del Lack A Western
U64 121
Industrial Stocks and Bonds
1.40
Chesapeake A Ohio 4)4s_.
Chic Burl A Qulncy 2)4s__
Cllnchfield 24s
125
120
'
1.75
Boston A Maine 6s
Bessemer & Lake
5
264
244
1 25
62.25
Baltimore A Ohio 4 4s
12
53
preferred
Great American
Ask
61.00
104
9"
Fire.. -15
264
2d
Hartford Steam
Atlantic Coast Line 44s..
..6
Republio
16
1004 105
Marine..25
Seaboard Fire A Marine..5
Seaboard Surety
..10
Security New Haven
10
Springfield Fire A Mar..25
Standard Accident
10
Stuyveaant
5
Sun Life Assurance
100
Travelers
100
U 8 Fidelity A Guar Co..2
U S Fire
—4
U 8 Guarantee
10
Westchester Fire
2.50
26
Marine. 10
Georgia Home
55 4
6.00
48
4
St Paul Fire A
41)4
354
454
144
10
Republio (Texas)
Revere (Paul) Fire
Rhode Island
Equipment Bonds
Bid
394
Fr.25
18 4
334
5
5
12.50
North River
2.50
North western National .25
Pacific Fire
25
Paclfio Indemnity Co---10
Phoenix..
10
Preferred Accident
5
Providence-Washington. 10
Reinsurance Corp (N Y) .2
....
50
Lack A Western)
504
125
120
694
674
984 1014
104
94
324
304
100
Seashore (Penn-Readlng)
94
484
10
-50
...
24
Franklin Fire
72
243 4
10.00
56
Firemen's of Newark— —5
141
137
1
10
9
143
17
Northern
384
84
Fireman's Fd of San
644
68
0.00
364
Fidelity A Dep of Md._ .20
.10
Fire Assn of Phlla
178
274
24
Federal
3.00
Second preferred
Tunnel RR St Louis
25 4
8
138
10
Fire
Northeastern
84
7
Excess
7.00
630
224
-10
4.50
(Penna) pref... .100
.100
Youngstown A Ashtabula pref (Penna).
84
74
984 102)4
610
4.00
...50
Pittsburgh Fort Wayne A Chicago
West Jersey A
624
6.00
.100
81
Warren RR of N J (Del
29
60%
60
44
Pref erred—
26
National Fire
314
1.50
St Louis Bridge 1st
National Casualty
40
254
3.875
3.00
Rensselaer A Saratoga
174
524
38
City Title...
Connecticut Gen Life.. .10
Continental Casualty- -.5
—
—
-
504
10
..5
750
550
84
74
Meron A Mfrs Fire N
25
—
City of New York
454
50
Preferred.—
Pittsburgh
Boston
Carolina
42 4
50.00
50
51
Camden Fire
4.00
100
48
63 4
/
9.00
.100
5
Fire Assur com
49
47
2.00
25
.100
24
68
152)4
48
24
H
65
60
X83
.100
l
71
1
Bonding A Ins..12)4
147
694
5.00
2.00
(Pennsylvania)
pref (N Y Central)
Georgia RR A Banking (L A N-A C L).
Lackawanna RR of N J (Del Lack A Western)
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
New York Lackawanna A Western (D L A W)
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
Lincoln Fire
Maryland Casualty
7
Y..5
10
10
National Liberty
2
National Union Fire
20
New Amsterdam Cas
2
New Brunswick
10
3.50
Betterment stock
Fort Wayne A JackHon
14
16
224
19
113
Delaware
104
.5
214
-.5
6.00
Boston A Albany (New
454
94
724
.10
10.50
A Pitts)
424
5
.25
100
(Delaware A Hudson)
Y.20
Homestead Fire
.100
Albany A Susquehanna
Allegheny A Western (Buff Roch
Beech Creek (New York Central)
Amer—10
304
American Alliance
78
734
284
Agricultural
Asked
Bid
in Dollars
.10
6.00
(Illinois Central)
35
24
204
14
18 4
70
Aetna Life
100
Alabama A Vlcksburg
Agk
33
...5
554
1254 129)4
.10
Aetna
ma
Par
Ask
•Ml
far
Aetna Cas A Surety
(Guarantor in Parentheses)
Sheet AT 3)48
1960
%o
1014
48)4
104V4
424
194
494
1074
994
1424
1034 104
The Commercial & Financial Chronicle
2790
Quotations
Sold
9,
1940
Over-the-Counter Securities—Friday Nov. 8—Continued
on
Investing Companies
Public Utility Preferred Stocks
Bought
Nov.
Par
Atk
bid
fa'
Aeronautical Securities...
9.92
Investors Fund C—
1%
Holding Corp..*
2.79
3.06
Atk
Bid
9.63
10.28
Keystone Custodian Fund
♦Amerex
Quoted
9.13
Affiliated Fund lno
....1
•
Jackson & Curtis
14%
Series B-1
28.03
30,63
3.07
3.38
Series B-2..
21.03
23.10
6.09
6.72
Series B-3__......
13.56
6.50
7.16
11.96
Series K-l
14.76
16.21
20.46
22.24
Series K-2..
10.68
12.54
11.80
13.81
9.21
10.22
3%
4%
3%
5
Series S-2
Principal Stock and Commodity Exchanges
Series S-3
....
♦6% preferred
— —
Basic Industry Shares.. 10
.
New York City
115 Broadway
Series B-4
4%
Bankers Nat Investing—
♦Common:
-
Series 8-4.
.......
Knlckbocker Fund..
1
3.79
4.28
5.81
6.40
6.82
7.53
3.70
4.75
3.60
15.40
14.32
lno
Boston Fund
14.91
5
11.12
Axe-Houghton Fund Inc.
Avlatlon Capital lno—.
^
established 1879
Members
13%
Amer Buslnees Shares....
Amer Foreign Invest Inc..
Assoc Stand Oil Shares. ..2
•
Manhattan Bond Fund Ine
.27
22.19
23.99
Mass Investors Trust
1
18.83
12.85
14.09
Mass Investors 2d Fund..
9.03
9.71
Mutual Invest Fund—10
9.89
10.59
British Type Invest A__
Teletype N.T. 1-1600
7-1600
.12
Broad St Invest Co Inc..6
Bullock Fund Ltd
Tel. BArclay
...
Maryland Fund Inc.—10c
I
2.80
Canadian Inv Fund Ltd.
Public
Utility Stocks
Century Shares Trust...*
3.60
Alabama Power S7 pref-
6% pref.25
Arkansas Pr <fe Lt 7% pf--*
Atlantic City El 8% pref-*
Amer Utll Serv
Bid
25.25
27.25
Nationwide Securities—
1025* 104%
7%
o%
89%
92%
National Gas A El
12254
87%
50
52
Birmingham Gas—
83.50 prior preferred..50
Carolina Power A Light—
97 preferred...
*
Cent Indian Pow 7% pf 100
109
82%
111
85
Corp. 10
New Eng Q A E 5%% pf
New Eng Pr Assn 6% pf 100
100
7% preferred.......100
Cent Pr A Lt 7% pre!.. 100
101 % 103%
Coneol Elec A Oas SO pre!.*
10%
106% 108%
preferred
Consumers Power $5 pre!.*
111
113%
113% 115%
12%
86 prior lien pref
86 cum preferred
*
New Orleans Pub Servloe.*
87 preferred...
.*
New York Power A Light—
86 cum preferred.....
7%
cum
3.79
(Md) voting shares..25c
10%
12%
National Investors Corp.l
Corporate Trust Shares.
2.27
100
preferred
-.1
4%
5%
28H
58%
30%
Series AA...
61
Accumulative aeries... 1
74%
66%
76
1
69%
11%
9%
23% 25%
109% 111%
100
95%
100
29
Bank stock
31
28%
112%
7.93
4.87
5.38
12.41
9.24
8.38
....
supplies......
5.46
6.04
9.05
Electrical equipment...
Insurance stock
7.59
8.37
9.68
10.66
Machinery
.
8.43
9.29
'
115
27%
58%
117
•
♦7% preferred..
Cumulative Trust Shares. *
29%
Delaware Fund
60%
Deposited Insur She A...1
Diversified Trustee Shares
4.46
16.14
w
..
100
86%
D"""""""--2".50
25c
......
6.81
7.52
Oils
6.45
7.12
Railroad
'-04
2.82
Metals
mm-mm-'
17.45
2.68
....
Railroad equipment....
Steel
3.45
5.30
5.95
107%
110
1.12
1.24
114% 116%
119
121%
3.11
,
6.09
6.73
7.32
8.08
■
43
—
—'
2.05
1
2.62
Series 1956...
I
2.57
Series 1958...
..1
2.17
Series 1955
preferred—.....100
preferred
.100
7% pref...100
6.00
12.49
8.21
Building
♦Cram A Forster Insurance
Dividend Shares..
6%
7%
.......
Aviation
119
100
5.58
11.27
Automobile
-X —
Chemical
Northern states Power—
(Del) 7% pref
*,40
27
♦Common B shares... 10
105% 107
Northeastern El Wat A El
84 preferred
♦8% preferred
T26
1.12
11.59
7.19
Agriculture
2.63
2.63
♦Cram A Forster com..10
.1
3.50
r Y Stocks lno—
2.18
1
*
ser B shares
New England Fund
2.18
.1
Series ACC mod
(Colo)
Ohio Public Service—
Continental Gas A Elec—
7% preferred..
Atk
Series AA mod
N Y Water Berv 6% pf.100
Central Maine Power—
$0
Bid
New Eng Pub Serv Co—
84%
10.44
3.49
Chemical Fund
Par
Atk
87 prior lien pref......*
Birmingham Elec $7 pre!-*
9.65
Commonwealth Invest..
♦Continental Shares pf 100
Par
2.25
Eaton A Howard—
■-
6654
68%
Okla G A E
Balanced Fun.d
17.71
18.82
Stock Fund
11.06
11.75
Eqult Inv Corp (Mass)..6
Derby a as a ei 87 pref..*
26.09
28.05
.38
.43
Equity Corp S3 conv pref 1
Fidelity Fund lno
*
20%
21%
12.84
13.73
17.25
18.57
5.65
6.60
First Mutual Trust Fund..
6.22
6.89
'
Pacific Pr A Lt
Federal Water Serv Corp—
preferred
...*
S6.50 cum preferred
*
S0 cum
Florida Pr A Lt S7 pref—*
31 %
34
33
35%
113% 116
Panhandle
7% p!._100
Eastern
67
69
Interstate Natural Gas..
26
28
*
87%
Pipe
Line Co
•
Penna Edison 85 pref....*
Penn Pow A Lt 87 pref...*
Hartford Electric Llght.25
85
Peoples Lt A Pr 83 pref.25
Philadelphia Co—
85 cum preferred
37%
39%
65
67
111% 113%
19% 21
Kansas Pow A Lt 4%
% 100
Kings Co Ltg 7% pref.100
34
32
107% 110%
Bank stock series—10c
2.34
104% 105%
79
81%
3.52
7%
preferred.
6% preferred
....100
31%
34%
—*
21%
22%
Mass Utilities Associates—
5% conv partlc pref. .60
Mississippi Power 86 pref.*
87 preferred..........*
Mississippi P A L 86 pref.*
Missouri Kan Pipe Line..6
Monongahela West Penn
Pub Serv 7% pref
15
3.70
4.20
Fundamental Invest lno. 2
16.10
17.50
4.59
5.37
2
.100
9.15
•
4.19
27.84
29.94
65%
6
4.65
5.07
2.31
103% 106
Group Securities—
Agricultural shares.....
; s
-
4.91
5.41
Automobile
4.39
4.84
♦Series
17%
18%
Aviation shares........
8.48
9.32
♦Series D...
Building shares......
5.26
5.79
Chemical shares
6.06
6.67
♦Series
A
1
5.11
Electrical Equipment...
Food shares.
8.48
9.32
♦Series
B—
I
4.66
3.80
4.19
25c
.50
86
Texas Pow A Lt 7% pf.100
93
95%
82
107
108%
United Pub Utilities Corp
80
4%
5%
82.75 pref
83 pref
-*
*
Utah Pow A Lt 87 pref—-•
28%
109% 112%
25%
28%
79%
Narrag El 4H% pref...50
54%
55%
Nassau A Suf Ltg 7% pf 100
24
Washington Ry A Ltg Co—
Participating units
18%
3.02
3.34
Merchandise shares....
4.99
5.50
Mining shares
......
5.39
5.93
shares......
3.83
4.22
RR Equipment shares..
Steel shares..
3.76
4.15
1.97
5.59
6.15
13.75
Tobacco shares......._
4.54
5.00
19%
27%
99% 101%
...
♦Huron Holding Cora.—l
.08
.28
Income Foundation Fd lno
Public
Bid
Conv deb 4%s
Conv deb 6s
1973
1973
Conv deb 5%s— .1973
8a without warrants 1940
...
Utility Bonds
57%
93%
59%
96%
54
55%
Sink fund lno 6s._—1983
8f lno 4%s-5%s....1986
Sink fund lno 6-8s—1986
3%8...1969
Kentucky Utll 4s. ....1970
/29
/29
/57%
1955
A1
AO
AO
AO
AO
16%
16%
16%
29%
30%
30%
59
Lehigh Valley Trait 5s I960
Lexington Water Pow 5s'68
Marlon Res Pow 3 %e.l960
Michigan Pub Serv 4s.l965
Montana-Dakota Utll—
1968
12
12
4s
Cent 111 El A Gas 3%s. 1964
Central Illinois Pub Serv—
1st ratge 8%s—1968
Cent Maine Power 3%s '70
Central Pow A Lt 3%s 1969
Central Public Utility—
Inoome 5%s with stlc '52
Cities Servloe deb 5s. .1963
3%a.
97%
98%
96%
104% 105%
106% 107%
108% 108%
106% 106%
1962
Dauas Pow a Lt 3% a. 1967
Houston Natural Gas 4s '65
Indianapolis PAL 3%a *70
84%
2%
86%
6%s stamped—....1952
Iowa Pub Serv 3%s—1969
Iowa Southern Util 4s. 1970
1950
Jersey Cent P A L 3 %s '65
16%
Pomeroy Too com... 10c
Parr Shoals Power 5a. 1952
3%a 1964
3%S
1970
Peoples Light A Power—
—
87
Bid
Alabama Wat 8erv 5s.l957
102
Ashtabula Wat Wks 6s '58
Ask
103
105%
107
Bid
Peoria Water Works Co—
1st A ref 5s
.1950
107% 107%
let lien 3-6s
1948
102
102
103
1st consol 4s
Butler Water Co 5s...1957
105%
Prior lien 5s
107% 107%
Calif Water Servloe 4a 1961
108
1948
107% 107%
109%
City Water (Chattanooga)
5s series B
111% 112
104% 105%
81
83%
104% 106%
107% 108
107% 108
1961
107
Pinellas Water Co 5%s.'59
101
.....1954
1st 5s series C
1957
107
107
:::
Richmond W W Co 5s 1957
Community Water Service
5%s series B
1946
68 series A
1946
Indianapoxis Water—
1st mtge 3%s—1966
Rochester A Lake
87%
89%
89
Joplln W W Co 5s
1957
Ontario
.1951
Republic Servloe—
..1951
76%
79
90%
57%
57
92%
59%
59
_.
City"G
Sou Calif Edison 3s
..1965
Sou Calif Gas 3%s...1970
Sou Cities Utll 5s A... 1958
6'western Gas A Ei
65%
1947
A E 4a " 119«6
Water 5s
8t Joseph Wat 4s ser A1966
Scranton Gas A Water Co
106% 108%
105%
—
106
4%s
1958
Scran ton-Spring Brook
Water Service 5s. 1961
104%
1st A ref 5s A
Kankakee Water 4%s_1959
Kokomo W W Co 58—1958
103
102
105%
m
**
3%s '70
108
/66
Toledo Edison 1st 3%sl968
1st mtge 3% b.
1970
s f
debs
3%s.—.1960
United Pub Utll 6s A. 1960
Utloa Gas A Electric Co—
5a
68%
106%
103% 104%
West Penn Power 3s-.1970
West Texas Util 3%s.l969
104
98%
102%
1950
1104%
107% 108
6%s
1957
—
..I960
76%
Springfield City Water—
...1956
104%
102
Texarkana Wat 1st 5s. 1958
105
Union Water Serv 5%s '51
102%
W Va Water Serv 4s..1961
Morgantown Water 5s 1965
106% 107%
106%
Muncle Water Works—
104
104%
5s-.
.—.1965
105%
105%
mm* mm
—
106% 106%
57%
59%
107% 107%
80%
New Rochelle Water—•
5s series B—
1951
99% 102%
1951
101% 103%l
109
109%
107% 108%
103
103%
102% 104%
131%
107% 108%
108
108%
New York Water Service—
Y Water Co—
1950
5e..;
1951
99% 102%
5%s
Westmoreland Water
5s
Ohio Cities Water 5%s *53
Ohio Valley Water 5s. 1954
Ohio Water Servloe 4s. 1964
Ore-Wash Wat Serv 5s 1957
101%
102%
1951
.1950
6s series B
1st mtge
100%
104
—
........1952
103
Wichita Water—
107
5s aeries B
...
1956
5s series C—....... 1960
107
101
103
105
..19*9
103
Wmsport Water 5s... 1952
100
For footnotes see page 2788.
101% 102%
Western N
1st mtge 5s
82%
102%
Western Public Servloe—
106
98
..1967
Shenango Val 4s ser B. 1961
South Bay Cons Water—
4s A....
5%s
Tel Bond A Share 5s—1958
Texas Public Serv 5s_.1961
80%
95%
103% 103%
107% 108
1950
103%
68
110%
77%
93%
---
Monongahela Valley Water
5%s
105%
101
94
Monmouth Consol W 5s '66
Pub Utll Cons 5%s—.1948
103
Plalnfield Union Wat 5s '61
101
105%
20%
107%
89% 91%
1951
5e_.
101%
A8%
4%a
104%
Phlla Suburb Wat 4s.. 1965
Pub Serv of Indiana 4s 1969
Sioux
100%
1st consol 5s.......1948
Atlantic County Wat 5s '58
94%
93
Portland Electric Power—
6a
1950
Collateral 5s.
%
62%
107% 108%
102% 103%
18%
1.36
19.20
2
Water Bonds
60%
84%
St Joseph Ry Lt Ht A Pow
Inland Gas Corp—
Gen Mtge4%a
1964
.....
-
Dallas Ry A Term 68.1951
Federated Uctl 5%s...l957
1.12
1.23
17.76
Insuranoe
5s
A%
Crescent Public Service—
Coll Ine 6a (w-a)
1954
Oumberl'd Go PAL 3%a'66
1.01
Group shares.
Investm't Co of Amer.. 10
1%
23
1
Pittsburgh Sub Water—
Old Dominion Pow 58.1951
102
1%
20
•
105%
Nor States Power (Wise)—
12
Corporations
♦Class B
Indiana—
12
Columbus A Son Ohio Eleo
1st mtge 3%a
197
Cona Clues Lt Pow A Trae
5a.........
.1962
Conaol E A G 6a A.—.1962
Institutional Securities Ltd
Bank Group shares
Corp
1965
Northern
Investment Banking
2.33
66
Penn Wat A Pow
95%
105%
106
...
Public Servloe 3%a.l969
110
100
105
104
1954
4%s—
12
Central Gas A Elec—
1st Hen coil tr 5%s .1946
1st Ileocolic rust 6s. 1946
104 % 105%
112
112%
New Eng Q A E Assn 5s '62
NY PA NJ Utilities 5s 1956
Northwest Pub Serv 4s *70
Cent Ark Pub Serv 5s. 1948
Ask
.76
14%
15.54
2.09
Class B
1.43
14.45
16%
Biackstone Valley Gas
6s aeries B._
Kan Pow A Lt
N Y State Elee A Gas
Cons ret deb 4%s
1958
Sink fund lno 4%s—1983
3%a
Kansas Power Co 4s..1964
4%s
n 5%
/15%
A 5%
A5%
/24
/28
Assoc Gas A Elec Co—
A Electric
Bid
1.32
Incorporated investors..5
Independence Trust 8hs.*
At
2.21
Investing shares
26%
*
2.27
1
82
27
West Texas Utll 86 pref.
1
C
30%
Petroleum
West Penn Power com...*
18%
shares
27%
29%
47%
Income deb 4%s...l978
Conv deb 4s.
.1973
.25
!
23
83%
17%
Income deb 3%S—.1978
Income deb 4s.
1978
14.37
i
18%
31%
45%
Assoc Gas A Elec Corp—
Income deb 3%8—.1978
*6.05
21%
30%
5% preferred.........*
Amer Utility Serv 6s.. 1964
Associated Electric 5s. 1961
8.51
3.97
Investors... 10c
Southern Nat Gas com.7%
S'western G A E 5% pf.100
Mountain States Power...
Amer Gas A Pow 3-5s. 1953
81.92
Clark Fund Inc
General Capital Corp
*
General Investors Trust. 1
16
Rochester Gas A Elec—
6% preferred D
preferred.....
Fixed Trust Shares A... 10
97
Sierra Pacific Pow com...*
Mass Pow A Lt Associates
S2
80%
B
100
Republic Natural Gas
Long Island Lighting—
78
94%
Queens Borough Q A E—
4.00
2.59
3.18
9.92
3.59
Foundation Trust She A.1
_..*
103
100
9.42
Insuranoe stk series. 10c
Pub Serv Co of Indiana—
87 prior lien pref—... »
...
Fiscal Fund lno—
Fundament'l Tr Shares A 2
Jamaica Water Supply...*
JerCentP AL7% pf..l00
5% deb series A
'
103
6s series A
1
Volume
2791
The Commercial & Financial Chronicle
151
Quotations
on
Over-the-Counter Securities—Friday Nov. 8—Concluded
Certificates
Real Estate Bonds and Title Co. Mortgage
If You Don t Find the Securities Quoted Here
Id
which
our
cation quotations
stocks and
in this publi¬
Record,
/18
Metropol Playhouses Ino—
mmm
06
69
1955
15
17
20
N Y Athletic Club—
2s
let leasehold 3)4-5s 1944
Broadway Motors Bldg—
The classes of securities covered are:
1946
8 f deb 5s
5)4
/4
B'way A 4 let Street-
carried for alt active over-the-counter
are
bonds.
B'way Barclay lnc 2s..1950
in
have interest, y«u will probably flDd them
you
moDthiy Bank and Quotation
/33
Ask
Bid
Atk
Bid
Alden Apt 1st mtge 3s. 1957
Beacon Hotel lnc 4s__1958
26
28
1948
61
64
1967
fio
12
N Y Majestic Corp—
4)4
5)4
6)4s series BK
4-6s
50)4
52)4
6)4s series C-2
34)4
36)4
6)4s series F-l
BOX
58 A
5)4b series Q
46
48
4s with stock stmp. .1956
Brooklyn Fox Corp—
Banks and Trust
Municipal Bonds—
Companies—
3s
N Y Title A Mtge
Domestic
Domestic (New York and
Chanln Bldg 1st mtge 4s '46
Public Utility
Canadian
Bonds
1st 4s (w-s)
Railroad Bonds
Industrial Bonds
Railroad Stocks
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate Trust and
23
23
1 Park Avenue—
26
2
Equtt Off Bldg deb
Stocks
Mill Stocks
34
36
30
5s 1952
Deb 6s 1962 legended
U. S. Territorial Bonds
Sec s
'
m mm
Realty Assoo Sec Corp—
6s
8)4
fBH
1st mtge 4s
29
/13
14)4
/25
■m'si
1939
m
64
V,
Savoy Plaza Corp—
3a with stock
854
7X
.1956
Sherneth Corp—
1400 Broadway Bldg—
33
1948
lBt 6)4
36
00 Park
18
Fuller Bldg debt 6s... 1944
10)4
/9
1950
e(w-s)
Place (Newark)—
1947
28
3)4s with stock....1950
24
26
20
21)4
76
mmm
1st 3)4s
1949
31 H
34
Graybar Bldg 1st Ishld 5s '46
7 AX
77)4
1st 2)4-4s (w-s)
64
62
32
'49
42 Bway 1st 6s
1st 4s stamped
62
1967
.
37
40 Wall St Corp 6s... 1958
Film Center Bldg 1st 4s
1943
Income
Roxy Theatre—
34
1st leasehold 3s. Jan 1 '62
New York City.
32
68
.1901
5)4s stamped
6J4s (stamped 4s)..1949
Your subscription should be sent to
Dept. B, Wm. B. Dana Co., 25 Spruce St.,
29)4
16)4
14
1946
500 Fifth Avenue—
Quotation Record is published monthly and
sells for 112.50 per year.
mm
21
35
62d A Madison Off Bldg—
The Bank and
•
19
Building—
f ctfs 4)4 s (w'68
165 Broadway
Prudence Seour Co—
60 Broadway Bldg—
1st Income 3s
U. S. Government Securities
Mining Stocks
3
Hotel units
Deposit
53)4
2d mtge 08..
1951
103 E 57th St let 08...1941
mmm
Eastern Ambassador
Land
3
flX
Ollcrom Corp v to
1950
1st 3)4s
Title Guarantee and Safe
ties
mmm
20
18
1948
Dorset 1st A fixed 2s.. 1957
Stocks
Investing Company Securities
■
Court <fc Remsen St Off Bid
Foreign Government Bonds
Joint Stock Land Bank Securi¬
48)4
Colon&de Construction—
Public Utility Stocks
federal Land Bank Bonds
31
29)4
Cheeeborough Bldg 1st 6s '48
Canadian
Out-of-Town)
Co—
w
mmm
V
01 Broadway Bldg—
fU
16
Hearst Brisbane Prop
28
29
Hotel St George 4s...1950
27 X
29
Harrtman Bldg 1st
Foreign Stocks, Bonds and Coupons
6s. 1951
0s' 42
010 Madison Ave—
Inactive Exchanges
51
46
1948
62 William
1st lease 4-6)4 s
fit CO., INC.
Textile Bldg—
m
Due to the
European situation some of the quotations
Bid
Anhalt 7s to
.1946
Antloqula 8«
1946
Bid
Atk
f25H
Housing A Real Imp 7s '46
/53
Hungarian Cent Mut 7s '37
Hungarian Ttal Bk 7)4s '32
7b
Barranquilia
07
31
Wall A Beaver St
...1960
Uorp—
11
13
..1951
16
20
Westlnghouse Bldg—
1st mtge 4a
.1948
39
44
3s
/20
Hungarian Discount A Ex¬
change Bank 7s_...1936
/28
/25)4
Jugoslavia 5s funding .1956
15
18
Jugoslavia 2d series 6s. 1956
15
18
Bavarian Palatinate Cons
1946
Cities 7s to
Bogota (Colombia) 6)4s '47
8s
1946
8s. 1947
(Republic)
Boliva
1958
1969
7s.—
78..
1940
68
n
/1554
16 H
flAX
fBH
15)4
Koholyt 6)48
1943
Land M Bk Warsaw 8s *41
BA
Leipzig O'land Pr 6)4s '46
/26
/4H
fAH
fAH
AA
Leipzig Trade Fair 78.1953
Luneberg Power Light A
Water 7s.
1948
/26
Mannheim A Palat 78.1941
/26
Meridionals
Elec 7S..1957
Brazil
/45
Montevideo
scrip
Bremen (Germany) 7s. 1935
1940
.
funding scrip
7^8
32 H
Hungarian Bank—
1962
1963
6«s
BurmeJster A Wain 6s. 1940
Caldas (Colombia)
Call
(Colombia) 7s
Callao (Peru) 7)4s
Cauca Valley 7 Ha
Ceara (Brazil) 8s
7 )4s '46
1947
1944
1946
1947
1989
34
/24
/26
Munlo Bk Hessen 7s to '45
/5
/26
Nassau Landbank 6)4s '38
C U R R E NT
Nat Bank Panama—
/26
(A A B) 4S... 1946-1947
15
/9)4
10
/17)4
20
/4
/9)4
flX
5)4
10)4
(C A D) 48... 1948-1949
of
/26
Nat Central Savings Bk
1962
Hungary 7)4b
fB
National Hungarian A Ind
1948
Mtge 7s
Oldenburg-Free State—
7s to.
1945
fB
1962
/50
1953
1946
71
Cordoba 7s stamped..1937
/31
Costa Rica funding 6s. '51
/II
13"
Coeta Rica Pao Ry 7)4s '49
/14
/II
16
1956
Poland 3s
fB
/8)4
/27
73
1968
Porto Alegre 7s
Protestant Church
1946
Prov Bk Westphalia 6s '33
many) 7s
13
6s
9
1936
5S
1941
Rom Cath Church 6Xs '46
Dulaburg 7% to......1945
/25)4
R C Church
East Prussian Pow 6s. 1953
/26
S&arbruecken M Bk 6s.'47
Electric Pr (Geriy) 6)4s '60
/26
/I
/7)4
/26
/26
f25
/25
1953
/26
Welfare 7s '48
and Boston Stock
admission to general
Mr.Schoembs is to be manager of the
firm's new Cleveland office.
After association with Hornblower & Weeks
from 1924 to 1930 as salesman and analyst, Mr. Schoembs served as a field
analyst with Standard Statistics until 1936.
In that year he organized
his own firm, Frank A. Schoembs Co., which engaged in field analytical
7s cttS of deposit.. 1957
4s
1967
7s income..
/3K
Santa Catbarlna
/5
Santa Fe 4s stamped.
8s
88 ctfs of
deposit.
French
Nat Mall SS 6s
52
/25)4
1947
Agricultural 6s..
1938
Conversion Office
/25
1946
32
1954
Guatemala 8s........1948
/12
German
German scrip
/2
....
Graz (Austria) 8s
Dillon &
Co.,
Hars
35
Water Wks
1957
1953
68
Haiti 6s
H am bnrs Electric
6s
N. Y. City, members of the
35
6s. 1943
7s. .1945
6
1951
8X
a
14
8X
—George J. Arnold, who has
18
f\5
/26
18
61
64
/15
well
is
of the
ftB
/25
1038
T21
50
Wurtemberc 7s to
1945
/35
known in security,
associated with
/26
/26
f25H
distributing
York office at 70 Pine
commodity and
Pierce & Cassatt,
account executive
members
in their New
Street.
members of the New
leading exchanges, announce
with them in the investment
City, and clearance
York Stock Exchange
and other
that Charles W. Manion has become associated
department of their New Orleans office.
firm of John
securities was announced.
N. Y.
for more than 20 years
underwriting circles, has
been in Wall Street
Merrill Lynch, E. A.
New York Stock Exchange, as an
—Fenner & Beans,
17
Broad St., New York City, is
Tax Act that was signed by the
President during the early part of October.
This booklet contains not ony
the text of the law, but also a detailed explanation of its essential features
and Federal Tax Charts which list all Federal taxes now in effect under the
Internal Revenue Code, as amended during 1939 and 1940.
become
3)4
Uruguay conversion scrip..
Unterelbe Electric 6s..1953
Vesten Elec Ry 7s
1947
News Bureau
the Excess Profits
booklet dealing with
and
/26
200
Tollma 7s
associated with Boett-
In the past he was also
& Co.
"News" and the New York
—Manufacturers Trust Co., 55
/26
7a.....1955
1947
Co. and Harris, Upham
Associates.
/26
6s..1947
68.2930
State Mtge Bk Jugoslavia
5s
1956
2d series 5s
1956
Stettin Pub Utll 7s... 1946
Toho Electrto
Mr. Power was previously
cher-Newton &
that
stock and
other principal exchanges, announce
appointed manager of their investment
—The formation of the
Hanover
15 xlroad St..
Stock Exchange and
connected with the Wall Street
/8
/13
7X
Stem A Halske deb
Bank
Funding 3s
fS
nx
Saxon State Mtge
/25
6)48
...
/65)4
6)48
/35
1948
bank
German Central
1948
1948
1942
Sao Paulo (Brazil)
35
Building A Land-
German
/5)4
Santander (Colom) 78.1948
Saxon Pub Works
German Atl Cable 7s..1945
/24)4
(Brazil)—
8%
Mtge 7s. '63
Frankfurt 7s to
...1946
members of the New York
principal exchanges, announce the
John F. Power has been
/2Q
fX
scrip
/IS
/3)4
/18
Farmers Natl
New York
/6
7s 1957
1967
1966
1966
7)48 income
7s
been subscribed by New
brokerage department.
Mortgage A In¬
vestment 7)4s
of which $250,000 has
work.
/6)4
/26
Salvador
6)48
known as D. W.
partnership of Frank A. Schoembs.
—Eastman,
1933
Rio de Janeiro 6%
/26
/25)4
European
NO TIC E S
Inc., with offices at 31
Exchanges and other
30
(Ger¬
1945
Dortmund Mun Utll6)4s'48
AX
government security house,
—H. C. Wainwright & Co.,
/26
Colombia 4s
Duesseldorf 7s to
2
York Hanseatic Corp.
/23
scrip
Co.,
surplus of over $600,000,
f25 A
1946
Panama 5%
1949
154
3X
Nassau St., has been announced by
Dominic W. Rich, since 1931, Vice-President in charge of the Government
Bond Department of New York Hanseatic Corp., who will head the new
firm.
Effective on Monday, Nov. 4, the business heretofore conducted by
New York Hanseatic Corp. in government bonds was taken over by the
new firm, along with 20 of the personnel of the New York Hanseatic Corp.
who were associated with that corporation for many years.
The new firm
will also deal in bankers' acceptances.
It will have a paid-in capital and
Rich &
/63
/60
Oberpfala Elec 7s
6H8..1969
..6
Corp.. 1
2788
—Formation of a new U. S.
Panama City 6)4s
6s
IX
6X
31)4
/25>4
Municipal Gas A Elec Corp
Recklinghausen 7s._1947
City Savings Bank
Budapest 7s
Cundlnamarca
West Indies Sugar
6X
18)4
36
/25>4
German Central Bk
1934
23
Sugar Co
1940-1942
5X
30 X
Alt
/25
1946
Central German Power
Madgeburg 6s
14
/20
46)4
Sugar—
3)48
/36
Munich 7s to
Central Agrlc Bank—
see
33
1
Haytlan Corp com
♦
Punta Alegre Sugar Corp.*
Savannah Sugar Refg...1
Vertlentes-Camaguey
45
1954
6s
New Nlquero
Brown Coal Ind Corp—
Buenoe Aires scrip
/32)4
/12)4
1947
6s
Haytlan Corp 4s
5X
17X
1
1
Preferred
13)4
fl2
Bid
Par
Stocks
Alt
Eastern Sugar Assoo com.
Estates—
1951
6s
/26
/45
6s
British
/32
m
...
Bid
Antllla Sugar
For footnotes see page
Brandenburg Elec 6s. 1953
Brazil funding 5s. 1931-51
mm
65
Baraqua Sugar Estates—
/26
/3
BX
'
41
1947
1951
Bonds
/24
4A
Ludwlg Baumann—
1st 6s (Bklyn)
1st 5s (L I)
1st 4)4s w-s
Sugar Securities
/20
8s'3&4(M6-48
1945
43)4
Walbridge Bldg(B offalo)—
29
1952
/26
fB
fB
1947
Bavaria 6)4s to
41
2 Park Ave
Atk
1948
Bank of Colombia 7%.
26
Bldgl 9 fi 4-6s'40
35
64
1963
1st A gen 3-4s
shown below are
25
—
33
London Terrace Apts—
nominal.
23
/24
1st 6)4s
mm
Building—
Income 6)4s w-s
Foreign Unlisted Dollar Bonds
1958
...1939
1st 3-58
m
Trinity Bldgs Coff
Lexington Hotel units
Llnooln
mm
41)4
1951
1st 4s
Tel. HAnover 2-5422
St., N. Y.
29
1948
Bldg—
Lewis Morris Apt
I
1965
1st 3s
Lefcourt State Bldg—
BRAUNL
(Syracuse)
Syracuse Hotel
Lefcourt Manhattan Bldg
1st 4-5s
1957
3s with stock
H. Valentine Co. to
The new firm will
deal in unlisted
have offices at 50 Broadway,
arrangements with J.
W. Sparks & Co.
The Commercial & Financial Chronicle
2792
General Corporation
Nov. 9, 1940
and Investment News
RAILROAD-PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it is
reasons
However, they
OF
FILING
not
are
STATEMENTS
REGISTRATION
SECURITIES
arrange companies in exact alphabetical order.
alphabetical position as possible.
always possible to
always
as near
Consolidated Statement
UNDER
Earned
ACT
following additional registration statements (Nos. 4556
to 4560, inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The
amount involved is approximately $29,650,000.
Southern
Gas
registration
Co. (2-4556, Form A-l), of Longview, Texas, has filed
statement
covering $300,000 of 5% first mortgage bonds,
used
(2-4557, Form A-l), of Jersey City, N. J., has
Fund, Inc.
filed a registration statement covering 1,500,000 shares of $1 par capital
stock, which will be offered at market.
Proceeds of the issue will be used for
investment.
F. Eberstadt is President of the company,
F. Eberstadt &
Co., Inc. has been named underwriter.
Filed Nov. 1, 1940.
Atlantic
Company (2-4558, Form A-2), of Atlanta, Ga., has filed a
registration statement covering $2,000,000 of 3% first mortgage serial
bonds, due 1941 to 194,5, which will be offered at $100, there was also
registered $3,000,000 of 5% first mortgage sinking fund bonds, due 1952,
and will be offered at $100,
$400,000 of the 3% bonds mature annually.
Proceeds of the issue will be used toward the redemption of the 6% first
and refunding mortgage sinking fund gold bonds, due 1951, and for pay¬
ment of secured note.
F. W. Reazley is President of the company.
A. O.
Allyn & Co., Inc. et al, have been named underwriters. Filed Nov. 1, 1940.
City Water Co. of Chattanooga (2-4559, Form A-2), of Chattanooga,
Tenn., has filed a registration statement covering 14.000 shares of $100 par
cumulative preferred stock.
10,000 shares of the stock registered will first
be offered in exchange for $100 par 6% cumulative preferred stock, on a
basis of one share of old preferred stock for one share of new plus cash, and
unexchanged shares together with the other 4.000 shares Will be offered
to the public.
Proceeds of the issue will be used to redeem the $100 par
6% cumulative preferred stock, and for the completion or construction of
plant and property improvements.
W. E. Stoney is President of the
company.
Equitable Securities Corp. and others to be named by amend¬
ment will be the underwriters.
Filed Nov. 4, 1940.
Cash
Copper & Brass, Inc. (2-4560, Form A-2), of New York,
filed a registration statement covering $7,500,000 of ZH%
first mortgage sinking fund bonds, due Nov. 15, 1900.
Filed Nov. 5, 1940.
(See subsequent page for further details).
Revere
Y.,
has
.....
■
in
our
previous list of registration statements was given
issue of Nov. 2, page 2632.
—
-
—
—
I n ven tor ies
-
—
465,899
c.
2—_
.
.—. _
_v
-~
-
operation
agents' accounts for merchandise
Employees' loars and accounts
Agents' advance commission..
„——
Value of life insurance policies
„ -
Deferred charges to
Al iscellaneous
-
49,776
444,618
~'
434,154
2,416,070
.
207,733
...
securities....
—
— _
— —
167,550
—
—
-
—
c
442,794
c
696,723
216,904
2.601,510
43,160
524,035
520,986
243,643
2,699,996
2,361,259
150,273
2,362,440
158,899
V
'
-
'C:;
521,995
$14,054,012 $ 15,695,229
-
Liabilities—
$226,715
278,982
18,274
Accounts payable
.Sundry accruals
Supply contract obligations
Federal and foreigr income taxes
year
15,768
77,865
248,196
179,873
188,453
2,350,000
Dividends payable
15
Z%% sinking fund debentures—-—
income taxes
Provision for foreign
392,091
7,538,130
569,379
2,060,885
contingencies and insurance, &c—
Capital stock
Capital surplus
Earned surplus—
y
—
—
—
*
—
.. ...
—
1940—12 Mo.?.—1939
1940—6 Mos.—1939
Period End. June 30—
$4,132,551
2,675,190
$3,706,829
2,430,711
5,394,733
$7,162,423
4,867,904
$1,457,361
"$17276,118
$2J34,023
$27294,519
Cr55,796
6723,005
67121,910
C777.239
85,439
68,975
164,408
177,972
Provision for inc. taxes.
x297,600
218,201
x525,319
388,925
Netprofit—........
$1,130,119
$1,012,007
$2,166,205
Sell., gen. &adm.expsOperating profit
Other income..
Other
....
charges..
Includes
x
.
a
reserve
$8,128,755
——$14,054,012 $15,695,229
Abitibi
Draw
Power
&
Paper Co.,
Ltd.— Manager Asked to
Up Reorganization Plan—
investigating affairs
told G. T. Clarkson, liquidator and manager, that the
would be indebted to him if he were to draw up a plan of
Commission
reorganization for the company and submit it to the Commission,
On
making the request the Chairman observed that if a plan appeared reason¬
able to all parties it was always possible to find an Act under which reor¬
ganization could take place.—V. 151, p. 2632.
Administered Fund,
impossible,
due to war conditions in Europe, to obtain sufficiently complete data from
its German and French subsidiaries in time to present their operations
on a consolidated basis.
For the same reasons, it has found it impracticable
to include the operations of its English subsidiary on a consolidated basis
at this time.
In the income account and balance sheet, therefore, only
the operations, assets and liabilities of the corporation and its Canadian
subsidiary have been consolidated, the investments in and advances to
the English, German and French subsidiaries being shown in the balance
sheet under the heading of investments and advances. '
8ince the accounts of its Englisn subsidiary have not been consolidated
in the accompanying statements, the surplus of that company at Dec. 31,
1939, has been eliminated from the consolidated surplus account.
In view of present conditions, due to the war in Europe, the management
deemed it advisable, in the best interest of the company and its
have
stockholders, to provide
a full reserve against the corporation's investments
European subsidiaries, excluding the English company.
on the balance sheet is made up as follows:
Balance
Jan. 1. 1940, $551,067; amount provided out of earned surplus, July 31,
1940, $913,795; total as per balance sheet, $1,464,862.
in and advances to
reserve
shown
a
7 Mos.
—
Calendar Years
Period—
July 31, *40
b 1939
c 1938
c 1937
$6,229,048 $11,579,654 $12,140,754 $14,514,557
Costs and expense
3,548,086
6.832,309
7,353,025
8,032,109
Engineering, lab., devel.,
patent & royalty exp__
181,093
364,545
368,833
317,470
Deprec. & lease ainortiz.
170,001
294,535
305,613
329,401
sales....
.....
-
Comin. & disc't to agents
and branch expense..
Operating income..—
Other income..........
Total income
Prov. for conting , &e—
Subsid. pref. dividends.
Interest, &c_...__
Loss
on foreign exch., net
Fed. & foreign inc. tax..
Prov. loss French sub
1,560,572
2,715,913
2,860,989
3,377,502
$769,295
54,236
$1,372,352
76,415
$1,252,294
$2,458,075
76,891
*1,448,767
$1,329,185
801
51.977
1,650
94,318
3,727
181,974
26,728
2,136
103,2o2
90,943
279,667
199,433
$2,590,844
74,924
4,295
110.165
38.389
412,269
51,83^
_
...
new
Deficit
Earn. per
d|585,052
452,288
—sur$132,764
share common
$0.77
$1,021,294
1,055,338
$906,693
1,055,338
$1,950,802
979,742
$34,044
$148,645
$1.20
sur$971.060
$2.58
$1.35
are:
shares and
E. W. Axe, D. W.
Exchange has been advised that, during the month
of its 15-year
of funds held
Co.
Corporation now holds $767,000 principal amount of bonds dated Feb. 1,
1929, and $428,000 principal amount of bonds dated April 1, 1930 in a
special account at the Manufacturers Trust Co., and $119,000 principal
in
a
special account at the Manufacturers Trust
amount
of bonds
dated Feb.
1, 1929, and
$277,000 principal amount of
bonds dated June 1, 1929 in a special account at Marine
—V. 151, p. 2632. ■
Allied Chemical & Dye Corp.—New
At
Midland Trust Co.
Director—
meeting of directors Carl J. Schmidlapp was elected a director
vacancy.—V. 151, p. 539.
,
7
v--- •. •:
a recent
to fill a
Aluminum Co. of America—To Reduce Price—
line with its policy of lower¬
A further reduction of one cent per pound, in
ing prices on its aluminum, will be made by this company on Nov. 18,
1940. This brings the price of "Alcoa" aluminum ingot to 17c. a pound.
Somewhat over three years ago company announced that its policy
would be to avoid increases in prices wherever possible and to share with
public economies which it might be able to make due to larger pro¬
This present reduction
continuation of that established policy.
The company hopes that a
reduction at this time will assist to some extent in meeting the responsibilities
Avhich face the country in the present emergency.
Company is engaged in an extensive program of expansion designed to
make its facilities more useful to meet the requirements of National defense.
the
duction and research as well as improved facilities.
a
Its output of aluminum will be in excess of 700,000,000 pounds in 1942,
than double its production in 1939, and fabricating facilities are
being correspondingly increased.
This expansion involves expenditures of
more than $150,000,000 which the company will itself finance.
This pro¬
gram, being accomplished within a three-year period, would be equal to the
expansion under normal conditions which might be required over a long
period.—V. 151, p. 2483.
more
Corp. (& Subs.)—Earnings—-
Amerada
Period Ena.Sept.
30—
Gross operating income.
x
Operating
expenses
1940—3 Mos.—1939
$2,980,004
$2,138,657
1,377,380
1,256,218
1940—9 Mos.—1939
$9,161,787 $7,115,808
4,197,614
3,777,110
$1,602,623
$882,440
173,235
185,495
$4,964,173
675,270
$3,338,698
990,647
—$1,775,858
and
$1,067,934
$5,639,443
$4,329,345
depletion
drilling expenses
1,336,346
959,298
4,314,567
3,545,713
$439,513
$108,636
$1,324,877
$783,632
$0.56
$0.14
$0.14
$1.68
$1.68
$1.00
Operating income
Other income
/
Includes Canadian subsidiary only,
b Includes Canadian and English
subsidiaries, but excludes French and German subsidiaries,
c Includes all
subsidiaries,
d Includes $11,339 for the Canadian subsidiary company.
a
fund
Alleghany Corp.— Own Bonds Bought—
Total income
Netprofit
Dividends....
Leffier Corp., 1 Exchange
Ellsworth, John H.
Gross, Edward G. Leffier, Fred B. Lund Jr., and W. Lane Rehm.—V.
151, p. 97.
Directors of the
132.769
$823,531
......
fund's portfolio.
Place, Jersey City, N. J., will act as general distributor of its
The First National Bank of Jersey City will act as its custodian.
is
Consolidated Income Account
Net
Administered
of October corporation purchased $188,000 principal amount
collateral trust convertible 5% bonds, dated Feb. 1,1929, out
The company has changed its fiscal year to end July 31.
As stated in the report for the year 1939, company found it
The
Inc.—Merger—Name Changed—
Axe-Houghton Fund A, Inc., was on Nov. 3 merged into
Fund, Inc., an investment trust of the general management type, and the
name of Administered Fund, Inc. was changed to Axe-Houghton Fund, Inc.
The investment counsel firm of E. W. Axe & Co., Inc., 730 Fifth Ave.,
The New York Stock
Addressograph-Multigraph Corp. —Report—
and
subsidiary companies not consolidated, $979,044; payments on
expenses and advances in connection with the acquisition (not
completed) of an interest in the capital stocks of foreign companies mainly
in Germany, $485,818; total, $1,464,862; less reserve (including amounts
provided prior to 1940) of $1,464,862.
x After depreciation.
y Represented by 753,813 shares of $10 par value,
z $150,000 principal amount of Z%%
debentures to be redeemed Dec. 1,
1940.—V. 151, p. 1130.
New York, will manage the new
Justice McTague, Chairman of Royal Commission
of the company,
and
account,
for additional defense taxes amounting to approxi¬
mately $41,000, all provided in the second quarter, 1940.—V, 151, p. 1130.
243,687
263,835
2,350,(00
73,203
301,471
7,538,130
569,379
3,435,034
German
"$77804^62
Gross profit
\
Includes Canadian and English subsidiaries, but excludes French
German subsidiaries,
b Includes Canadian subsidiary only in 1940.
c Investments
in and advances to European companies:
French
a
(& Subs.)—Earnings—
292,992
168,383
...
(estimated)..
Agents' and salesmen's credit balance.i.
z
$285,670
82.846
■
Deferred income
Total
Abbott Laboratories
29,264
137,517
142,720
145,937
Payment on account & deposit in connection with
acquisition of capital stocks of foreign companies
Advances to foreign company
Non-oper. props.,reduced to approx. assm't vaiues
Invest. in and advances to foreign subs. not consol.
Rental machines, inel. parts, less reserves——
x Plant and equipment
.....
———
Patents, applicable for patents, development ex¬
pense, trademarks and goodwill
Patents, &c., in process of amortization (net) ——
Total.
Dec. 31'39
$2,178,866
2,539,570
2,660.248
160,862
416,075
a
£1,390,946
2,216,818
-—
Sales
Reserves for
The last
_
Notes and accounts receivable, less reserve—.—
the
N,
profit in inventories
b July ZVAO
Assets—
V
for
Chemical
1939, $3,435,034; deduct surplus of English
Comolidated Balance Sheet
offered at $100.
Proceeds of tne issue will
construction of gas distribution systems.
Rogers Lacy is
President of the company.
No underwriter named.
Filed Nov. 1, 1940.
series A, due 1955, which will be
be
of Earned Surplus, 7 Months Ended July 31, 194o
Dec. 31,
(now excluded from the consolidated accounts), $593,117; amount required
to provide full reserve for investments in and advances to European com¬
panies (including French and German subsidiary companies not consoli¬
dated), $913,795; balance, $1,928,121; profit for the seven months ended
July 31, 1940, $585,052; total, $2,513,173; dividends paid and declared
(60 cents per share), $452,288; balance at July 31, 1940 (including Canadian
subsidiary surplus of $128,337), $2,060,885.
The
a
surplus
subsidiary company at Dec. 31,1939, less intercompany
Deprec.,
Net
income
Earnings per share on net
outstanding stock
x
Includes
rentals, taxes,
geophysical, geological and administrative expenses, lease
leases abandoned, &c.—V. 151, p. 834.
Volume
Ltd.—Common Stock
Aluminium
ties
American Airlines,
Earnings of Company Only
Offeied—Union Securi¬
4,000 shares of
Corp. has terminated its offering of
common stock.—V. 151, p. 236.
•
151,
p.
Nov.
on
declared
1
an
Net
2632.
730,566
742,763
973,402
993,019
$1,324,571
900,000
$1,486,484
900,000
$2,253,998
1,200,000
$2,080,968
1,200,000
$424,571
$0.18
$586,484
$0.25
$1,053,998
income
Preferred
dividends
Bal. for
of $1.25 per share in
extra dividend
$2,229,247
Interest, amortization of
debt discount, &c
American Chicle Co.—Extra Dividend—
Directors
com.
stk.&
sur
Earns, per sh. com. stk.
regular quarterly dividend of $1 per share on the common
stock, both payable Dec. 16 to holders of record Dec. 2.
Like amounts
were paid on June 15, last, and on Dec. 15,1939, and an extra of $1 was paid
on June 15, 1939.—V. 151, p. 2339.
v;,.'.:
$0.45
a
American Gas & Electric Co.—Debentures
Output of electric
Oct. 19
Payment
151, p. 2035
Oct. 26
Nov.
2—
-V. 151, p.
w;v;vp-,'r\V:7;.
American Metal Co.,
Period End.
Ltd.—Earnings—
$1,265,850
$1.,143,010
350,685
$2,612,801
3,341,707
$4,447,100
227,666
3,263,805
1940
1939
1938
1937
1936
54,900,000
54,571,000
55,645,000
54,923,000
43,681,000
44,694,000
45,045,000
44,293,000
48,623,000
48,276,000
47,370,000
46,531,000
49,473,000
50,073,000
49,530,000
48,431,000
Co.—Liquidating Dividend—
American Toll Bridge
1940—12 Mos.—1939
1940—3 Mos .—1939
Sept. 30—
Profit before exchange..
Other income.
Directors have declared
common
Total income.
$1 ,493,695
holders of record Nov. 6.
paid on June 15, last, and one of six cents was
Dec. 15, 1939.—V. 151, p. 2633.
78,108
108,695
549,035
618,746
274,221
144.770
95,489
126,464
129,000
533",733
38,844
36,488
81,673
250,976
181", 412
156,207
150,000
263,648
1,061,067
106,646
142,673
Taxes other than income
Amortization of invest.
$5,954,508
117,107
$7,710,904
23,682
97,834
161,791
39,462
$1,493,517
24,632
___
Interest, &c
_
489,065
646,485
166,054
38,121
587,083
508,157
Net loss on sale of sees..
Depreciation
Depletion
Payable under employ's'
annuity
plan
Prov. for exploration
Contingent reserve
$3,488,535
$2,374,532
$0.38
$2.52
$1.61
$0.35
stock.
common
$563,348
$529,997
Net profit
Earnings per share on
Note—The above statement for 1940 provides for
income tax for the nine months
been made for Federal surtax on
if any.—V. 151, p.
American
2034.
:
1940
1939
1938
1937
$401,737
$462,569
x$194,918
*$358,450
a$0.73
a$0.76
z$0.26
z$0.56
x Before provision for surtax on undistributed earnings,
y After depre¬
ciation and Federal taxes,
z On 549,546 shares common stock (no par),
a On 544,916 shares common stock.—Y.
151, p. 1270.
the increased Federal
Arizona Edison Co.,
Period End. Sept.
30—
Total operating revenue.
Exchanged
Operation
exchange of bonds of the old William Cramp & Sons' Ship
& Engine Building Co, for stock in the new Cramp Shipbuilding Co. has
been carried out, although it was found impossible to hold the special
meeting of stockholders of American Ship & Commerce Corp. because of
lack.of quorum.
7 ■•.v
American Ship & Commerce Corp. owned $2,200,000 of gen. mtge. 6%
bonds of Cramp, which were held by Merchant-Sterling Corp. as collateral.
Under the plan, American Ship & Commerce Corp. received 35,200 shares
of new Cramp stock and warrants to buy 88,000 additional common shares
in exchange for its bonds [that is 16 common shares and subscription war¬
rants for 40 common shares for each $1,000 bond].
The stock received was
substituted for the bonds as collateral, and the warrants have been dis¬
tributed to American Ship & Commerce Corp. stockholders in the ratio of
15-100 of a share of Cramp Shipbuilding for each share of American Ship
& Commerce Corp. held.
'
*
Maintenance.
The plan for
-
Taxes
Depreciation
Net operating revenue
Other revenue
Gross income
Int.
on
1st mtge.
Int. on 2nd mtge.
bonds
bonds.
income
$3,518
9
1
5,282,639
25
Cash in bank and on hand
b Investments
Furniture and fixtures (net)
c
554
Prepaid expenses.,-———-
v
—$5,286,7461
Total..
$5,286,746
a Wm.
Cramp & Sons' Ship & Engine Building Co.—partly secured
(collateral: $125,000 "Cramp" gen. mtge. 6% bonds—past due; pledged to
secure demand notes payable, $377,652; less, reserve, $377,651.
b Pledged to secure
demand notes payable:
7,019 Shares Hamburg-American
Relchsmarks), at cost
•
Line (par value 701,900
-
$3,323,839
$2,075,000 Principal amount Wm. Cramp & Sons' Ship & En¬
gine Building Co. gen. mtge. 6% bonds, past due
(matured June 1,1930), at csot
1,958,600
93,845 Shares Wm. Cramp & Sons' Ship & Engine Building
Co. (61.59% of capital stock), at nominal value. __
1.00
131,427 Shares Cramp-Morris Industrials, Inc. (87.62% of
capital stock), at nominal value
1.00
77.78 Shares Harriman Building Corp., at cost.—
197
c Capital,
less deficit at Dec. 31, 1939, $168,064; less, interest and
expenses for seven months ended July 31, 1940, d$157,442.
d Statement of interest and, expenses seven months ended
July 31,1940:
<■:.
Interest items
'
(net), accured
Expenses incurred ----- —
$121,664
w.-.-—/
11,567
...
Total..
—
$133,232
—
charges (provision for 100% reserve against
"Cramp" $11,500, and interest accrued against
$12,710 (for which demand notes have been re¬
Extraordinary
advances to
"Cramp"
ceived)
Total.
—V.
.....
----- .
24,210
—
$157,442
—_
151, p. 1884
American Water
Works & Electric Co., Inc. (&
$292,062
26,591
$352,907
110,610
$318,653
137,989
21,493
2,672
18,736
91,938
7.996
97,337
t;: 1,622
7,820
37,008
750
127
3,988
10,717
1,140
24,048
V
6.520
$26,247
$101,366
included in the above statement
$64,950
for excess
1940 law.
30, 1940
equipment, in service (net), $4,941,791;
$38,370; automotive equipment (less reserve),
$25,738; investments, $2,504; cash, $221,854; accounts and notes receivaoie
(less reserve), $127,445; materials and supplies, $91,016; deferred charges,
$83,944; total, $5,532,662.
.
,
■
.
Liabilities— 1st mortgage bonds, $2,660,000; 2nd mortgage income bonds,
$1,713,550; accounts payable, $51,327; miscellaneous current liabilities,
$228; accrued taxes, $100,524; Federal and State income taxes, $37,008;
interest accrued, $37,521; other liabilities, $152,124; capital stock (issued
104,716.5 shares), $523,582; earned surplus. $292,036; deficit in conting¬
ency reserve, $35,240; total, $5,532,662.—V. 151, p. 688,
r
10,622
Total
$327,483
25,424
property
and
construction work in progress,
Capital account at July 31,
1940 (represented by 591.271 shs. no par)..
247,915
806,196
77,478
188,346
237,543
$44,062
Assets—Plant,
1,469,370
8,476
Accounts payable
34.497
Balance Sheet Sept.
$3,798,279
Accrued interest thereon,
$1,601,625
903,000
87,527
183,381
~$9U3S
$114,580
26,867
Note—No estimate has been
secured
$1,749,306
7,634
v
profits tax under the
Demand notes payable, partly
!'
Demand notes receivable.--
a
5.932
1940—12 Mos.—1939
$86,726
Other deductions
Liabilities—
Accounts receivable
$108,648
Miscellaneous interest
Fed. & State inc. taxes..
Balance Sheet July 31, 1940
Inc.—Earning s-
1940—3 Mos.—1939
$472,912
$425,262
231,908
208,138
\
24,845
23,285
44,865
47,076
62,646
60,037
Net income
Assets—
Co.—Earnings—
Archer-Daniels-Midland
3 Mos. End. Sept. 30—
y Net profit
Earnings per share—
ended Sept. 30, 1940.
No provision has
undistributed profits, or excess profits tax.
-
Ship & Commerce Corp.—Securities
40 days after they com¬
pleted their one-year service.
Company said it also would maintain their civilian group insurance at
its own expense for the same period, and that men called would be given
one month's pay provided they had been in the concern's employ at least
six months.—V. 151, p. 2035.
138,467
£75,795
132,620
Drl,594
interest
Mining Co.—Proaram for Service Men
its employees called into
Anaconda Copper
Company on Nov. 3 announced that the jobs of
military service would be held open for them until
225,604
665,386
Cr 1,553
67291
U. S. & for. inc. taxes
Minority
501,222
the
Div.
paid on
liquidating dividend of 75 cents per share on
a
stock, par $1, payable Nov. 15 to
of three cents was
Adm. & selling expense.
the
five
55,318,000
57,234,000
57,061,000
58,570,000
2633.
Week EndedOct. 12
accrued interest.
Guaranty Trust Co. of New York.—Y.
the
of the electric properties of American Water
1940, totaled 58,570,000
energy
kwh., an increase of 6.6% over the output of 54,923,000 kwh. for
corresponding week of 1939.
7/
: ; Comparative table of weekly output of electric energy for the last
years follows:
Called—
and accrued interest; a total of $100,000 sinking fund 3H% debentures series
due 1960 at 103
and accrued interest, and a total of $120,000 sinking fund
will be made at
v;:V:';
Weekly Output—
.
$880,968
$0.38
»'
Works & Electric Co. for the week ended Nov. 2,
The following debentures have been called for redemption on Nov. 29:
A total of $650,000 sinking fund 2% % debentures, series due 1956 at 10214
3% % debentures series due 1970 at 103and
$3,073,987
©o
CO <N
$2,055,138
Inc.—Registrar—
conversion of such preferred.—V.
1940—12 Mos.—1939
$4,744,657
$4,523,795
1,517,257
1,449,808
Period End. Sept. 30—
1940—9 Mos.—1939
Earns.—Divs., int., &c. $3,278,183
$3,379,196
Expenses
1,223,046
1,149,949
t
Guaranty Trust Co. of New York has been appointed as registrar for a
new issue of 50,000 shares of $4.25 cumulative convertible preferred stock
and an additional 71,429 shares of common stock reserved for issuance upon
addition to
2793
The Commercial & Financial Chronicle
151
Subs.)
.;
Director—
Armstrong Cork Co.-—New
J. Kessler, former Assistant General Superin¬
Floor Division plant, as Director of Labor Rela¬
tions was announced by this company.
Company officials stated that
Mr. Kessler will take over full responsibility for Armstrong labor relations
matters and will work directly with the general superintendents of the vari¬
ous plants in carrying out the duties of his new position.
appointment of E.
The
tendent of the Lancaster
To Pay
Draftees—
The company
,
announced on Oct. 31 that premiums on group
life insurance
employees called into military training under provisions of the
National Selective Training Service Act will be paid by the company for
periods up to one year.
V:" '
'•
Accordingly, the group life insurance on all members called into Govern¬
carried by
ment
service will be automatically extended by the company.
will be paid by members during this extension.
The
miums
No pre¬
maximum
subject to the final approval of the insurance com¬
pany, will be 12 months.
■
.
Employees who have already left for military training will be informed
of the new policy and any premiums paid in advance will be refunded.
In an earlier bulletin the company pledged utmost cooperation on its
part with the national defense program and established four policies for
employees subject to military training.
They were:
(1) All possible cooperation in providing leaves of absence for volun¬
tary participation in military training.
(2) Allowance of any vacation pay due at the time of leaving to employees
embarking on a military training period.
.
(3) Provision for returning employees called to Government service to
their original positions upon completion of their training in all possible
cases and provisions for continuity of company service records in such cases.
(4) Provisions whereby members would continue non-contributory mem¬
bership in the general retirement program during such periods of service
and could continue membership in the group life insurance program by
payment of their usual contributions for this protection.
The current announcement amends the previous provision made in con¬
nection with group insurance payments by employees called into service,—
period of the extension,
,
1940—9 Mos —1939
1940—12 Mos.—1939
earnings._____-__$43,288,6,53 $39,707,734 $57,798,064 $52,838,201
30—
Period End. Sept.
Gross
Oper. exps. & maint-—
17,420,926
Taxes
c7.416,340
renewals, re¬
tirements & depletion.
Amortization of electric
plant adjustments. ...
16,550,781
23,109,033
22,096,840
7,155,458
4,009,859
!
,27,802
(
(1,017,132
5,513,094
5,679,915
Reserve for
'
Interest
— —
Pref. divs. of subs.
Min. interest
734,832
.$14,016,413 $13,467,17 $19,232,097
6,502,136
6,582,865
8,680,460
3,895,225
4,215,028
5,189,531
of subs—
131,097
,—
131,221
Gross incomea
3,700,142
c9,511,999
—— _
$18,072,808
8,770,091
5,654,538
V. 151, p.
The Utility
------
$3,648,179
$2,669,285
$5,230,886
730,566
742,763
973,402
993,019
$2,757,389
900,000
$1,926,522
900,000
$4,257,484
1,200,000
$2,655,159
1,200,000
stk. & sur $1,857,389
share on 2,343,105 shares of common stock (no par)___
$0.79
$1,026,522
$3,057,484
output of the
$1,455,159
Balance..—
b Interest
Net
,
-———
income.-
Preferred
—
-
dividends....
Bal. for com.
Earns,
■>
$0.44
$1.30
$0.62
Amortization of debt discount and premium (net), &c., of subsidiaries,
b Amortization of debt discount, &c., of American Water Works & Electric
Co
Inc.
c Includes approximately $835,000 provision for additional
Federal taxes applicable to the first nine months of 1940 due to the new
a
,
Revenue
Acts.
Associates Investment
Co. (&
Subs.)—Earnings—
'
S2.5&8 SlJSoo S3.&8
x
per
Co.—Weekly Output
that for the week ended Nov. 1
106,262,226
above pro¬
Management Corp. reports
Associated Gas and Electric group was
units (kwh).
This is an increase of 7,364,024 units or 7.4%
duction of 98,898,196 units a year ago.—V. 151, p. 2633.
net electric
$3,487,955
2484.
Associated Gas & Electric
After interest,
amortization, Federal income taxes
and other deductions,
with the Second
After deducting additional Federal income tax to comply
Act of 1940.
.
Gross receivables acquired in the first nine months amounted
203,542, an increase of $26,043,034 over the $113,160,508 of gross
acquired in the first nine months last year.
■
.
,
Net earnings for the nine months are equal, after preferred
to $4.19 per share on tne 456,747 shares of common
y
Revenue
.
.1on
to $13 J-
receivables
dividends,
outstanding. At the
The Commercial & Financial Chronicle
2794end
of the third quarter last year, 418,247 shares of common were out¬
standing, and per share earnings for the period on that smaller amount of
stock were $4.25 a share.
Undistributed net earnings for the nine months
Privately—
this year, after dividends on all classes of stock, amounted to
Net earnings of Associates Investment Co., while
Atchison Topeak & Santa Fe Ryv
-Directors'
Life Insurance Co.
The next meeting of directors will be held
struction
requirements.
h.-p. diesei electric
151,
p.
$150,000 of the $277,000
received, to pay certain of its bank loans and the remaining $127,000
will be deposited with the trustee for its collateral trust gold bonds, dated
Aug. 1, 1932.
The $101,000 to be received by Consolidated Electric & Gas
Co. from Houghton County Electric Light Co. is required to be deposited
with the trustee for the Central Gas & Electric Co. first lien collateral
on
as
trust gold bonds,
Meeting-
passenger
„nn
Consolidated Electric & Gas Co. proposes to use
due 1946.
Mines, Ltd.—Earnings1940
3 Months Ended Sept. 30—
Tons ore milled
1,856
Railway & Electric Co.— Bonds Called—
at
the offices of the bank,
22 William
St., New York.—V.
_■
O Deration
General
___
,
taxes.,
^
__
_______
_
_
_
__
Note—In the above figures, no allowance
—V.
151, P-
________
_
$6,031,899
$5,010,217
3,462,787
4,240,874
139,484
.
_
Federal and State income taxes
..
on
Co.—Special Dividend—
special dividend of $1 per share
Oct.
Belden
135.081
_
a
Gross
income
Retirement
_
$1,164,188
37,703
_
;_____
1940
1939
$4,336,931
$3,410,582
485,049
131,835
87,500
337,809
_
_____
_
Preferred dividends
Common dividends.
_
22.873
Provision for
241,803
11.447
_
492,161
_________
stock
78,000
more
one
Refining Co.—To Pay Draftees—
and two-tenths weeks' salary or wages
all permanent, full-time employees who
military or naval services of the United States
than 12 months, provided they have been with the
company
year.
or naval services.—V.
Operating
$6,206,971
4,145,003
Net oper. revenues
Net
taxes_______
$5,844,024 $56,314,620 $52,870,027
3,957,095
37,911,344 36,345,590
$2,061,968
906,929
revenues..
expenses
Operating
$1,886,929
520,773
$18,403,276 $16,524,437
5,681,086
4,670,548
$1,366,156 $12,722,190 $11,8.53,889
$1,155,039
716,604
operating income.
Net income
922,853
8,703,986
7,804,197
New Director—
John A. Stevenson was on Oct. 31 elected a director of this company.
He succeeds Walter S. Carpenter, who resigned on May 29.—V. 151, p.
2036.
; -V.,.
-
Bendix Aviation
Pay $2 Dividend—
Directors have declared a dividend of $2
per share on the common stock
par value, payable Dec. 10 to holders of record Nov. 29.
This compares
with 7o cents paid in each of the three
previous quarters: $1.50 paid on
Dec. 11, 1939, dividends of 5C cents
paid in each of the three preceding
quarters and 75 cents paid on Dec. 10, 1938.
See V. 148, p. 723 for de¬
tailed record of previous dividend
payments.—V. 151, p. 2634.
Corp.—Government Contract—
The Eclipse Aviation Division of this corporation has received an order
amounting to $1,970,119 to manufacture fire
United States Government.—V. 151, p. 1271.
control equipment
Beneficial Industrial Loan Corp. (&
for the
Subs.)—Earnings
9 Mos. End. Sept. 30—
1940
1939
1938
1937
Operating income
..$16,670,722 $15,922,544 $15,468,508 $16,382,491
Operating
exps.
(incl.
provision for doubtful
loans)
9,630,481
9.509,974
9,510,238
8,850,544
Net oper. income
Income credits
$7,040,241
$6,412,570
$5,958,270
6,872
4,390
4,811
$7,531,946
5,815
Gross income
Int.on 6% conv.
$7,047,113
$6,416,960
561,519
503,327
$5,963,081
455,805
$7,537,762
500,427
1,092,029
1.579,704
$4,415,247
8.031,705
$5,457,631
6,631,901
151, p. 2634.
Atlas Powder Co.— To
Telephone Co. of Pennsylvania—Earnings—
Operating
-V. 149, p. 2225.
The same benefits will be paid to those
employees in the same categories
who volunteer for peace-time
training of not more than 12 months in the
military
241,547 shares of capital
on
.
.-
An amount equivalent to nine
will be paid by this
company to
are ordered or drafted into
for not
per share
($10 par)
Bell
Atlantic Co .—Registers with SEC—
at least
$0.95
73,748
Period End. Sept. 30—
1940—Month—1939
1940—9 Mos.—1939
Operating revenues
$6,230,719
$5,866,898 $56,494,761 $53,083,397
Uncollectible oper. rev__
23,748
22,874
180,141
2i3,369
Balance Sheet Sept. 30, 1940
See list given on first
page of this department
$228,964
$1.10
Earnings
468,725
Assets—Utility plant, $12,786,577; sinking funds, $205,047; cash, $129.528; accounts receivable, $715,881; receivables from associated companies,
$67,998; materials and supplies, $199,474; prepayments, $24,750; unamort¬
ized debt discount and expense,
$340,814; miscellaneous deferred debits,
$86,350; total, $14,556,419.
Liabilities—Common stock ($25 par), $2,343,625;
6% ciunul. pref. stock,
($100 par), $1,300,000; long-term debt, $6,197,000; accounts
payable,
$429,145; dividends declared, $19,500; customers' deposits,
$199,816;
taxes accrued, $404,535; interest
accrued, $56,304; deferred credits, $31,795;
reserves, $1,866,547; contributions in aid of construction,
$13,199; capital
surplus, $389,382; earned surplus, $1,305,571; total, $14,556,419.—V.
151,
p.
1714.
$155,216
$265,714
—
—V. 151, p. 2341.
Before retirement reserve accruals.
Atlantic
$265,714
Net income to surplus...
$578,904
_
128,674
36,541
17,378
contingencies
Non-recurring income
14,317
$648,392
78,000
...
________________________
__
_
280,504
;_
_
_
a
$898,745
282,651
22,873
_
bonds
Amortization of debt discount and expense
Other charges
on
Net income
Provision for Federal taxes (est.)
$1,140,549
$963,217
Net income before depreciation
Provision for depreciation._____
Net income
Gross income.
Interest
.
Net sales billed
$1,110,002
30,546
$1,201,891
238,673
_____„
reserve accruals.--
common
Manufacturing Co.—Earnings—
9 Months Ended Sept. 30—
Utility operating income
Other income (net)„
a
the
151. P- 980 for detailed record of previous
See also V.
1, last.
on
An extra dividend of
$1 per share was paid
dividend payments.—V. 151, p. 2342.
89,700
212,646
216,359
270,494
a
stock, payable Dec. 14 to holders of record Nov. 20.
50 cents in addition to a regular quarterly dividend of
1939
_.______
$20,397
has been made for depreciation-
2486.
Directors have declared
.
,
____.
3108.
1940
revenues._
M aintenance.
p.
—
—
Capital expenditures
Earnings—
12 Months Ended Sept. 30—
Operating
149,
$231,860
$15,987
Profit before "write offs"
Beech-Nut Packing
Atlanta Gas Light Co.-
$258,460
26,600
$370,612
_
Athens
281
$425,812
55.200
_____
Total profit
Provision for taxes—______________
City Bank Farmers Trust Co., trustee, is notifying holders of first and
refunding mortgage 5% 40-year sinking fund gold coupon bonds due 1950
that $3,000 principal amount of the issue has been drawn
by lot for redemp¬
tion on Jan. 1, 1941 at 110% and accrued interest.
Payment will be made
337,557
$258,179
$423,956
Operating profit
Non-operating revenue
locomotives
154.415
$595,736
$769,292
345,336
_______
Development, operating & other current expenses.
2633.
1939
157.660
—
—
Net income from metals produced
light¬
two 4,000
cars,
,
to be
Tuesday, Nov. 19, instead
and 18,000 tons of 112-pound rail and fastenings.—V.
,,
.
tribution.
Beattie Gold
on
.
.
fll
proceeds from the sale of the bonds will
Houghton County Electric Light Co. proposes to use not more than
$101,000 of the $123,000 to be received, to repay, in part, its indebtedness
to Consolidated Electric & Gas Co.
The remainder will be used for con¬
on the usual
day, the last Tuesday of the month.
Plans of this railway to spend $12,000,000 on the purchase of new
freight
and passenger cars, diesei electric locomotives and rail were
announced on
Oct. 30 by E. J. En gel, President of the road.
The buying program is the
road's largest since 1937.
Included in the road's present program are 2,800 freight cars, 20
weight passenger
,
be used to retire a 6%
($123,000) owned by Houghton County Eleccnc Light Co..
an associate,
and ($277,000) 6% note held by Consolidated Electric &
Gas Co., the parent company.
The 6% note held by the parent amounts to
$303,500 and the remaining $26,500 due on the note will be donated by the
parent company to Baraga County Light & Power Co. as a capital con¬
The
demand note
Equipment Ordered-—
of
Co.—To Sell Bonds
Power
-
of declarations and an application (Fiie 70-174) under the Holding Company
Act regarding the proposed issuance and sale by company of $400,000 or
4% first mortgage bonds, due Oct. 1, 1960, to the Northwestern Mutual
Cash on hand and demand deposits are reported at
$10,272,373, com¬
pared with $8,417,244 at the end of the third quarter in 1939; total notes
reeeivab.e are reported as $73,314,731 as compared with
$57,851,126
Sept. 30. 1939; and investments in subsidiary companies as $1,010,000
compared with $898,000 last-year.—-V. 151, p. 1134.
1940
9,
Exchange Commission Oct. 31 announced the filing
The Securities and
$1,246,674.
including a $60,000
dividend received from the Emmco Insurance Co., Inc., a
wnolly-owned
subsidiary, do not include the company's equity in the undistributed
earnings of either Emmco Insurance Co. or the Associates Building Co.
i
As of Sept. 30, undistributed net earnings of Emmco, a stock insurance
company, were $478,532, and undistributed net earnings of Associates
Building Co. were $16,626.
Net worth of Associates Investment Co. as of Sept. 30. was
$26,184,061,
an Increase of $6,985,<*29 over the
company's net worth on Sept. 30, 1939,
which then was $19,198,631.
Increase in net worth is partially accounted
for by tne sale on May i this year by the company of 40,000 shares of
5%
cumulative preferred stock.
Total assets of the company as of Sept. 30 are reported as
$84,966,195
as compared with
$67,488,351 at the same time last year, an increase of
$17,477,844.
&
Light
County
Baraga
Nov.
no
Auto Finance
Co.—Preferred Stock Called—
The company will redeem on Jan. 1,1941, at $51.50 per share and accrued
dividends, all of its 6%
/cumulative convertible preferred stock and all its
..
cumulative
effected
S.
C.
preferred
outstanding.
The redemption will be
South Carolina National Bank of
Greenville,
redemption will leave the company's
convertible preferred stock and its common
stock
outstanding.—V. 151,
p.
5Yt% cumulative
the only stock issues
new
as
2634.
,
incl
Net income
-
Total surplus
p.
1027.
x
per
°f ,2°-°00 ^
Net
$1.66
2,314.989
$2.11
1940
Balance Sheet Sept. 30
1939
1940
,
l
Cash
Liabilities—
_.
19,900,000
rec.68,331,763 60,469,709
Fed. income tax. _d2,036,538
and
1,447,869
532,746
notes
receivable
65,182
33,250
12,645
$2,424,261
758,785
438,586
202,154
$2,233,365
712,194
379,934
$95,854
$87,909
25,482
$1,024,736
306,409
25,483
21,722
21.722
$718,327
305,794
260,659
$661,090
305,794
260,659
Empl. thrift accts. 3,758,578
27,476
Notes pay.,due'43
829,888
698,820
Deferred
126,524
154.553
Res. for ins., &c._
53,484
$965,776
304,687
$62,427
Due to
13,176
58,735
Furn. & fixtures.
Deferred charges.
Other assets
Dividend
807,053
26,760
27,076
Real estate
c
Other curr.liabil..
7,277
13,142
_
assoc. co._
income.
Outside int. in
a
on
pref. stock.
on common
stock._
Balance
—V. 151, p. 2183
25,483
459,256
Total
12,500
7,500.000
Commonstock._16,585,168
$23,029
$15,223
$151,874
$94,636
__76,533,527
67,526,337
6,167,819
12,556,614
Total
Represented by 2,314,989 no par shares,
b After
$4,858,732 in 1940 and $4,520,229 in 1939.
reserves of $529,345 in
1940 and $513,723 in 1939.
stock taxes.—V. 151, p. 2487.
a
434,858
<
Paid-in surplus
notes of
3,378,315
574,686
sees
of sub.cos
175,461
47.719
______
5.000,000
Earned surplus
Surplus
S
Notes pay. to bks.21,650,000
7,139.122
1940—12 Mos.—1939
25,621
revenue.
1949
S
6,082,359
b Instal. notes
Prior pref. stock..
oper.
Fixed charges
Div.
$1.90
Assets-—
accts.
71,507
42,653
15.203
expenses
$1.91
share
Includes
Investments
$70,2.33
Operating
Depreciation
$8,307,314
2,314.989
Mlscell.
[Including Subsidiary]
Taxes accrued
$9,026,178
2,314.989
Consolidated
Bangor Hydro-Electric Co.—Earnings'
1940—Month—1939
$225,217
$198,987
$14,403,998 $12,446,952 $12,089,532
Dr58,883
CY38.436
Drl49,349
275,223
565,474
565,482
3,125,235
2.893,736
3,067,387
capital stock taxes,
y Unrealized loss in connection with
stating Canadian assets and liabilities at the U. S. dollar equivalent at
Sept. 30, 1940.
to it of sufficient
ll0^eAl7l-VdS149!ep^?225?V'usfp .mT' ^ SUm
Gross earnings
____%16.141,176
Dr 178,069
281,259
3.125,235
stock out¬
Baltimore
31—
$4,685,781
9.718,217
11,437,683
2.314,989
common
Earnings
Fund, Inc., above.- -V. 147,
1,201,997
25,855-
Surp.chgs.&credits (net)
standing,.
Mortgage Corp.— Tenders—
onClm?onIc^i! u"1til,Nov- 22 receive bids for the sale
,773.282
y8,820
$4,703,493
_
Preferred dividends
Common dividends
Shs.
Axe-Houghton Fund A, Inc.- —Name Channed- -MergedSee Administered
Oct.
xl
taxes
Earned surp. Sept. 30-$12,556,614 $10,944,657
Axe-Houghton Fund, Inc.—New Name-
End.
|
Earned surplus Jan. 1__.
See administered Fund,
Inc., above.
Period
debs..]
intnrnct
Other income charges
stock
at the offices of the
The
Of hnr
Prov. for Fed.
12,500
7,500,000
16,585,168
6.167,819
10.944,657
.76,533,527 67,526.337
for doubtful
After depreciation
Includes capital
reserve
c
d
Volume
& Power Co.
Bishop Oil Co.- -Earnings-
Canada Northern Power Corp.,
Mar. 31, *40 Jane SO, '40 Sept. 30, '40 Sept.
Net
$110,616
—
profit
$104,125
30, '40
$335,468
y528
$120,727
7,160
16,8(57
xl0,234
Period End. Sept. 30—
Gross earnings..
Includes interest of $4,893 on Federal income tax refunds for tax years
1933 to 1936 incl.
y Indicates loss,
z After deducting all
charges in¬
x
Operating
depreciation and cost of wells and leases abandoned.
cluding depletion,
V. 151, P. 837.
elected
1937
1939
$5,684,146
1938
$307,659
$8,120,812
284,325
369,350
273,717
471.985
$7,419,214
$6,053,496
1,271,553
1,349,182
$8,592,797
1,433.907
237*490
1,784,939
226,673
994,605
$581,377
1,518,304
147.068
29,574
Other income
...
1 nterest, &c
^
Federal tax
...
$228,981
$1,799,650
$197,062
a
2184.
p.
•'
-.v./;■'■v.vS''' '/
Canadian Malartic Gold Mines,
3 Months Ended
Tons
ore
Ltd.- —Earnings—
_ _ _ _ _ ....
73,817
$292,071
3,467
63,561
$269,985
3,386
...
$288,605
$266,599
144,398
Metal production (gross)
379,234
Marketing charges
1,218,501
;
_
_
1939
1940
Sept. 30—
milled...
__ _
.
_
Metal production (net)
Net profit
stock...
$4,125,231
2,336,713
Earnings per share.____
$1.77
common
Co., Ltd., has been
the board.—V. 151,
director of this company, filling a vacancy on
..
.
_ .
.
.
02,107
Minority interest.
Shares
$2,045,733
Ltd.— New Director—
William Harty, Chairman of Canadian Locomotive
.
1940
$7,134,889
...
1940—9 Afos—1939
$3,918,624
1,872,891
$3,774,339
1,974,689
Canadian Car & Foundry Co.,
[Including Constituent Companies]
Total income.._._
expenses.....
Net. earnings
Borg-Warner Corp.—Earnings—
Depreciation.
Ltd.—Earnings—
1940—Month—1939
$408,371
$440,325
211,309
211,344
-V. 151, p. 2345.
•
9 Mos. End. Sept. 30—
Profit after expenses.__
stock of Cali¬
9 A fon tils
-3 Monlhs-
Gross income
all of the presently outstanding common
owns
fornia Public Service Co.—V. 151, p. 2344.
Period—
z
2795
The Commercial & Financial Chronicle
151
$3,483,0361oss$1111462
2,336,708
2,302,038
$1.49
loss$0.483
.........
Operating costs...
x$5,561,156
2,302,018
$2.41
172,692
7,607
W
...
Admin. & gen. expense—Toronto office
Provision for taxes
No provision was made for Federal surtaxes on undistributed profits.
Note—Provision has been made as of Sept. 30, 1940 in the income ac¬
7,376
18,000
8,600
$90,305
9,887
$106,226
7,381
x
count
and balance sheet for the increases in the Federal income
Operating profit for period
Capital expenditures
rates
tax
Note—In
(including the defense tax) for the nine months of 1940, but no provision
has been made for excess profits taxes.
; r
'
'
depreciation
,
Conso.idated Balance Sheet Sept. 30
1940
Assets—
1940
Common
Property, plant
and equipment-13,728,894 14,390,479
Cash.....
15,621,802 11,732,122
x
Market,
securities
Notes
accts.
&
771,030
1,091,276
surplus....11,621,239 11,683,826
Earned surplus...18,246,717 15,081,999
832,333
1,016,049
52,135,082 47,050,8361
After depreciation,
mon stock.—V.
151, p.
__
Appraisal and cap-'
1,635.581
Goodwill, pats., &c
reserves.
52,135,082 47,050,836
Total
Includes 125,184 shares of Borg-Warner Com¬
837.
x
z
Boston Edison Co.—Files
a
Increase
1939
1940
$962,000
$5,021,000
$5,983,000
Traffic earnings
—V. 151, p. 2636.
(
,
Capital City Hotel Co., Inc.—Tenders—
The First National Bank of
Montgomery, Montgomery, Ala., will
bonds, to exhaust the sum of $16,038 at prices not
interest.—V. 150, p. 3041.
Carman & Co.—Class B Dividend—-
statement
amount of the bonds and accrued interest.
a dividend of 50 cents per share on company's
holders of record Nov. 15.
Like amount
1, last, this latter being the first dividend paid on this
issue since Jan. 25, 1931, when 25 cents per share was distributed.—V. 151,
declared
Directors have
class B stock, payable Dec. 2 to
paid on Oct.
was
p.
2488.
\
(& Subs.)—Earnings—
Celluloid Corp.
Earnings for 12 Months
Ended Sept. 30, 1940
Gross
operating profit
Selling, general & administrative expenses
Net operating profit
Provision for depreciation
841,433
$624,755
292,528
67,568
38,000
accrued
Miscellaneous charges (net)
Stockholders Favor $53,000,000
Refunding—
Provision for Federal income tax
voted favorably
taking preliminary steps toward the refunding of the company's $53,000,-
-
-
The stockholders at a special meeting in Boston Nov. 6
on
000 of 3H% bonds, due in 1965.
"When we undertook this refunding process some weeks ago," Frank D.
Net income
—V.
approximately 2.75%, and that after allowances for call premium, expenses,
&c., there would be a net savings to the company of not less than $120,000
a year in interest charges.
In recent weeks, however, the condition of the
bond market may have changed, and we have no authoritative estimate at
the moment as to the savings which will be realized.
If you, as stockholders,
authorize us to proceed with this refunding, we cannot state definitely what
the results will be until we have received the competitive bic's.
"Some of you may ask what effect the election may have on the situation.
The only answer we can make to that question at the moment is that we
market."—V.
None of
us
can
foresee the future trend in the investment
Bristol-Myers Co. (& Subs.)—Earnings—
Period End.
$226,659
—
839.
x$831,296
681,973
$1.22
$625,159
681,831
$0.92
*$1,974,137
681,973
$2.89
$1,943,859
681,831
$2.85
Co.—Earnings—
[Including Virginia Telephone & Telegraph
Consolidated Earnings for 6
Co.]
30, 1940
—$1,453,571
Months' Period Arpil 1, 1940 to Sept.
Total gross earnings
_
Operation
151,486
127,963
178,632
—
local and miscell. Federal)
Provision for depreciation
-
Taxes (State,
Net earnings..
$352,852
-
-
_
_
Interest on funded debt—
- —
<
Provision for income taxes
Net income
present law,—V.
After deducting estimated Federal income taxes and excess profits taxes.
Sept. 30, 1940, consolidated net earnings, after
charges and after estimated Federal income taxes and excess profits tax,
were $2,410,062, or $3.53 per share on the outstanding shares.
all
a
is
It
Extra Dividend—•
extra
dividend of 15 cents per share in ad¬
subsidiary
1940 under
151, p. 982.
Co.—Earnings—
1 £§0.
Central Illinois Electric & Gas
12 Months Ended Sept.
Directors have declared an
y» ,3»o
- - —
—
For the 12 months ended
_
$ *87>385
-
Preferred stock di vidends
x
—
110,3Ub
5,193
3-b3(
46,824
-----—
-
estimated that the company and its wholly-owned
consolidated will have no liability for excess profits tax for
Earnings per share.
642,638
-
------
Maintenance
a
194C—9 Mos.—1939
1940—3 Mos.—1939
Sept.'AO—
P.
General interest...
Amortization
151, p. 2635.
Net inc. after all charges
Shs.com. stock (par $5).
151,
Central Electric & Telephone
Comerford, President, told the meeting, "the conditions of the bond market
was such that we
believed that we could issue bonds with a coupon of
do not know.
untli
6
gold
exceeding par and accrued
Dec. 5 receive bids for the sale to it of sufficient first mortgage
$53,000,000 Bond Issue—*
Nov. 7 filed with the Securities and Exchange Com¬
covering $53,000,000 of first mortgage bonds, series A,
due 1970, proceeds from the sale of which are to be applied to the redemption
at 107 of a like amount of 3^6% first mortgage sinking fund bonds, due
1965.
The interest rate on the new bonds, not to exceed 3%, is to be fur¬
nished by amendment to the statement.
-v,'-"
According to the statement, the company is required by Massachusetts
law to invite proposals for the purchase of the bonds by public advertise¬
ments. The price at which the bonds will be offered publicly, names of any
underwriters and other information will be furnished by amendment as
will the redemption provisions of the new bonds.
The company said that in the opinion of counsel it is required to sell the
issue at a price which will result in its receiving not less than the principal
company on
mission
Ry.—Earnings—
Earnings for the 10-Day Period Ended Oct. 31
ital
1,465,832
Investments....
The
825,127
Canadian Pacific
Refrigerator main¬
tenance fund...
665,613
959,990
6,159,939
11,025,390
31
$1,071,245
3,852,075
$7,923,320
-
—V. 151, p. 2488.
71,255
884,707
7,097,035
Total.
6,413,555
revenues.
Increase
1939
1940
Gross
136,715
12,608,356
Special
Ry.—Earnings—
Earnings of the System for the 10-Day Period Ended Oct.
•
Adv. royalties and
other defd inc..
Prepayments & de¬
ferred charges..
no
stock...12,309,485 12,309,460
payable,
Fed. taxes, &c_.
7,976,229
10,000
ceivable, &c
z
'
Accounts
re¬
Inventories
$
made for taxes,
allowance has been
deferred development.—V. 151, p. 838.
figures,
1939
$
Liabilities—
$
or
above
Canadian National
1939
S
the
30—
oiSauSTevenues
:::::::::::::::::
regular quarterly dividend of 60 cents per share on the capital
stock, both payable Dec. 2 to holders of record Nov. 15.—V. 151, p. 837.
dition to the
82,039
33j8W)
$2,240,352
Dr8,007
$2,159,665
Dr7,243
$2,232,345
$2,152,422
Federal income tax
British Columbia Power Corp.,
Ltd.—Earnings—
1940—9 Mos.—1939
$12,366,469 $11,675,378
798,154
7,611,583
7,096,508
Period End. Sept. AO—
1940—Month—1939
Gross earnings
*
$1,406,315
$1,313,659
Operating
expenses.893,917
$512,398
Net earnings..
—V.
151.
P.
$515,505
$4,754,886
$4,578,870
2344.
Trust
Co.
has been appointed distributing and paying
agent for the corporation in connection with the second liquidating divi¬
dend on common stock payable Nov. 25, 1940 to holders of record Nov. 15,
1940.—V. 151, P. 2635.
Brown Shoe
a
Gross income
Interest on bonds
1
and expense
and debentures
Directors have declared a dividend of
$2.15
per
share on the preferred
30, 1940 of 40 cents.—V. 151, p.
1715.
v
Hanover Bank &
Trust Co., will until
stock.
Balance Sheet
•
$
-
.28,904,490 27,894,764
Utility plant.—;.
627,168
412,421
426,068
441,030
Accts. receivable..
Cash-.-
.
—
.
Appliances on rent
Mat'ls & supplies.
45,195
58,358
312,317
352,525
23,803
.
.
26,166
1,086,240
1,162,588
o'clock, noon
:
$
$
6,-310,570
Long-term debt... 17 ,563,000 17,834,000
50,000
Notes payable...191,535
219,277
Accounts payable.
a
Common stock..
6 ,310,570
145,954
Customers' deps..
156,218
accrued—
296,789
240,284
accrued-
243,519
242,350
Taxes
Interest
current
and
7,800.
accrued liabils..
Deferred
credits..
Reserves
....
10,889
16,896
26,675
4 ,587,312
4,345,625
Contrlbs. In aid of
Capital surplus..
413,083
181,188
413,083
surplus..
,175,387
605,484
construction
.V-
California Public Service Co.—Hearing on Acquisition—
Public hearing before the Securities and Exchange Commission on the
applications (File 70-91) regarding the proposed acquisition by company of
all of the electric and water properties of Central Mendocino Power Co.
located in and around Wiliets, Calif, will be reconvened on Nov. 7, 1940,
at the Commission's San Francisco Regional Office.
The properties are to be acquired for $235,000 which California Public
Service Co. proposes to raise by the private sale of $140,000 of 4lA% first
mortgage bonds, series B, due 1964, to the holder of all the company's
presently outstanding first mortgage bonds, and by the sale of 3,800 shares
of common stock to Peoples Light & Power Co. for $95,000.
Peoples Light
1939
1940
Liabilities—
%
14 receive bids for the sale to it of sufficient three year discounted
collateral trust notes originally due Jan. 15, 1939 and extended to Jan. 15,
1942 to exhaust the sum of $47,710 at prices not exceeding $110.—V. 151
2345.
631,0o7
Sept. 30
1939
1940
Nov.
p.
— ■
Before retirement reserve accruals.
Other
12
$857-696
$977,725
556,81o
Net income
Prepayments.
Deferred debits.
Byrndun Corp.— Tenders—
23,212
61,696
12,539
_
v
7oo'o?o
-
Other charges.
.4 ssets—
stock, payable Nov. 30 to holders of record Nov. 16.
This dividend repre¬
sents the $1.75 dividend ordinarily due on May 1, 1936 plus interest accrued
462,146
$ 1,690,275
-
Amortization of debt discount
a
(A. M.) Byers Co.—Preferred Dividend—
525,28o
$1,707,060
Retirement reserve accruals.
Company has received a contract totaling $1,159,000 to manufacture
400,000 pairs service shoes for the United States Government.—V.
150.
The Central
—
Other income (net)
Dividends declared on common
Co.—/Government Contract—
P.3502.
to Nov.
Utility operating income...
Gross income
Brooklyn-Manhattan Transit Corp.-—Disbursing Agent
Manufacturers
a
Earned
Total.
a
...31,225,497 30,547,637
Represented by 74,242 no par
Total
.
_
185.647
.-...31,225,497 30,547,637
shares.—V. 151, P- 1888.
Central Foundry Co.—To Delist Bonds
and Exchange Commission (Nov. 2) announced that it had
of the New York Stock Exchange to strike fro*11
listing and registration the 5% convertible general mortgage bonds, due
Sept. 1, 1941, of the company. The application stated, among other things,
.
The Securities
granted the application
The Commercial & Financial Chronicle
2796
that In the opinion of the Exchange's Committee on Stock List distribution
of the security is so inadequate as to make further dealings in it on the
Exchange inadvisable. The order granting the application becomes effective
at the close of the trading session Nov. 8.—V. 151, p. 2489.
Indiana Gas
Central
Chain Store Investors
1940
$2,524,657
1,795,089
./$2,687,717
Operating revenues.Operation
i.. .
.........
......
— -
.'1,998,699
70,558
173,094
36,158
Maintenance
General taxes
1939
.... _
...
Federal income tax.
.
— .
.
— — ......
........
~
3 Mos. End. Sept.
Dividends
Interest..
Total....
151,603
16,023
_
.
.
... .
.
.
19.437
....
$428,645
118,182
$456,232
106,826
$310,463
Gross income
a
... .
10,489
$349,406
220.675
8,153
$79,299
Gross income.
220,675
-i
_
Other charges..
Taxes._
..... ....
Bal. of
$1,525
38
122
50
_
50
50
138
131
62
92
57
69
$1,517
1,098
$1,411
$1,094
200
388
$1,296
1,237
$2,615
1,758
$1,611
1.202
$1,483
1,029
$2,532
1,902
$408
$454
Miscellaneous expense..
Net
30
$1,332
$1,691
143
52
Custodian fee
$120,578
...
.......
Retirement reserve accruals
Interest.
$494,803
D/38,571
96
60
'
income..
July 1.
earn. sur.
Total
—
Dividend payable.
$1,496
$1,236
$1,631
$1,824
—
1937
1938
1939
$1,824.|
—
67,138
$409,208
Utility operating income..-..
Other income (net).......
Trust—Earnings—
1940
30—
Trustees' fees (est. accr.)
a
1940
Schneider, Vice-President of Newmont
of Pacific Mills: Franz
President
9,
Mining Corp., and Raymond L. Thompson, Treasurer of the University of
Rochester.
Technical supervision is provided by Arthur D. Little, Inc.
chemical consultants and engineers.—V. 151, p. 2490.
Co.—Earnings—
Sept. 30—
12 Months Ended
Nov.
_—_
Balance of earned sur.
Net income
Before
a
.........
retirement
reserve
...
Cash......—...
1940—12 Mos.—- 1939
$1,622,035
$1,616,346
1,209,079
1,182,809
$100,537
$412,956
$433,537
10
14
276
261
$88,756
60,630
$100,551
61,233
$413,232
242,012
$433,798
247,271
$28,126
-......
Net income...
$39,317
$171,220
1940
Preferred dividends
Common
•
shs. of
$49,262
x
sur$73,999
Nil
No deductions made for surtax
1938
Total...
x
A*
1Q4A
1 QQQ
$223,486
Nil
).81
undistributed profits.
Liabilities—
531,192
22,195
2,355,271
Notes receivable..
Accts.
Cash
receivable.
surr.
val.
36,054
in
The
$644,000
2,000,000
912,989
822,853
7,258
54,554
Commission
Oct.
on
a net
$119,248
issued
a
—
certificate
the company had a net gain of 19,257 stations
against 15,001 in the 1939 period.—V. 151, p. 840.
Island
Rock
■'
'
Interstate
Commerce
&
sion
Rye—Reorganization
Pacific
-
Commission
on
Oct. 31.
The capital structure of the present company as of Jan. 1, 1941,
effective date of the plan, exclusive of the Peoria Railway Terminal
the
Co.
(Peoria Terminal Co.) bonds, will be composed of trustees' certificates,
equipment obligations, various issues of mortgage bonds, Reconstruction
Finance Corporation and bank loans, and certain unsecured claims, all
totaling $329,496,785.
Interest accrued and unpaid as of that date will
amount
to
approximately $94,923,706.
The total capitalization, in¬
cluding $128,892,512 of stock, will be about $553,313,003.
The annual
charges on the principal of the total debt will be about $13,726,179.
Under this approved plan, the new capital structure and annual charges
as of Jan. 1, 1941, will be as follows, with no par value common stock stated
at $100 a share:
Principal
Annual
Amaunt
Undisturbed equipment obligations
First mortgage 4 % bonds.. -
Requirement
$28,002,124
36,941.060
$737,877
1,477,642
200,000
—$64,943,184
$2,415,519
—________
_
.
60,000.000
1,569,356
2,700,000
300,000
.......-.$124,943,184
$6,984,875
75,000,000
Total debt-.-----.-.
$5,735,154 $5,779,842
Represented by 100,000 shares of no par value,
y After deducting
for depreciation of 81,543,445 in 1940 and $1,456,163 in 1939.
—V. 151. p. 839.
1940 approved a
A summary of report of the Com-
follows:
3,750,000
— ._
Total....
24
gain of 2,761 stations during October, against 2,156
Capital fund (based on 2% of 1939 oper. revenues)
General mortgage 4H% income bonds
Sinking fund
— . — ___
$5,735,154 $5,779,842
408
$125,491
Total
Total fixed interest debt..
46,658
expenses.
Total.....
Commerce
_
19,744
Prespaid
$119,248
Sinking fund.—
3,439
Treas.stk.(at cost)
Interstate
Company had
45,652
3,015
$125,491
...
1,500,000
mill
supt.
house.........
858
890
in October, 1939.
For first 10 months this year
1,294.502
29,541
1939
Common stock..
23,247
1,357,356
Deferred assets.__
Inv.
26,363
2,462,855
x
of
life insurance...
Inventories
1940
$508,300
2,000,000
Notes payable.... 1,650,000
Accounts payable.
768,518
Surplus
808,337
494,605
15.826
Represented by 7,030 (6,680 in 1939) shares.—V. 151, p. 1566.
The
sur$51,353
Preferred stock...
Plant, eq't, &c.$l,338,719 $1,362,778
Cash
220
trans¬
Earned surplus...
plan of reorganization for the road,
Consolidated Balance Sheet Sept. 30
y
sec.
permiting abandonment by the company of its entire line of railroad,
extending from Jefferson to McBee, approximately 17.16 miles, in Chester¬
field County, S. C.
■■
■
■
'
The capital stock of the company is owned by. the Seaboard Air Line
Ry., and certain officers of the receivers of that company serve the com¬
pany in like capacities.
The Seaboard also owns one-half of the $70,000 of
bonds.—V. 89, p. 134.
1937
$184,298 prfx$l 11766
29,188
30,413
10,000
30,000
$0.74
on
881
tration expense.
Chicago
no par common
stock outstanding....
Def. from
117,416
Def'd exps.—regis¬
Plan—
1939
$22,497 prof$101,808
26,765
27,809
dividends
Balance deficit
Earns, persh. on 100,000
210
exp.
.
actions
90
bond inveetm't.
$1,202
*$1,758
138.492
accr
Capital
Chesapeake & Potomac Telephone Co. —Gain in Phones
[including Century Factors, Inc.]
Sept. 30—
115A20
Accrued Interest on
Century Ribbon Mills, Inc.-—Earnings-
Net loss after dprec. and
Federal taxes........
Dividend payable.
Res. for
x
122,860
Invest, at cost
$186,527
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. 2489.
9 Mos. End.
585
""610
Divs. receivable..
,
$88,745
Int. & other deductions.
$2,262
$1,141
receivable.
Charlotte Monroe & Columbia RR.—Abandonment
1940—3 Mos.—1939
$357,742
$366,408
268,996
265,871
Net operating income-
Gross income.
Accts.
Co.-—Earnings—
Other income—
$630
1939
1940
LiaWUies—
1939
1940
Assets—
Balance Sheet Sept. 30, 1940
Period End. Sept. 30—
OperatingrevenuoK-....
Operating exps. & taxes.
$858
—
Balance Sheet Sept. 30
Assets—Utility plant, $11,273,725; cash, $98,850; accounts receivable,
$408,556; receivables from associated companies, $2,560; appliances on
rental, $4,652; materials and supplies, $138,345; prepayments, $2,903;
deferred debits, $13,903; total, $11,941,494.
Lial ilities—Common stock (54,000shs., no par), $4,648,970; 6M % eumul.
preferred stock ($100 par), $500,000; long-term debt, $4,649,073; accounts
payable, $185,842; customers' deposits, $152,257; taxes accrued, $206,050;
interest accrued, $57,987; customers' advances for construction, $14,167;
reserves, $1,300,320; contributions in aid of construction, $4,095; earned
surplus, $222,733; total, $11,941,494.—V. 151, p. 1716.
Central Power
Sept. 30
accruals.
Preferred stock, 5%
x
reserve
Chain Store Investment
3 Mos. End. Sept. 30—
1939
Total
1938
income......
Interest income.
$4,060
Managers' commissions.
""289
""320
89
$3,337
3,588
Ifret
.
inc. tocurr. surp._
Preferred dividends
Common dividends....
1940
518
160
stock (stated at $100 a share) to pay general
*"26l
""367
.$3,001
3,567
$1,694
3,567
$4,258
3,657
5.000
$500,000.
d
150
Investments, at
cost--—......
Prespaid
LiaWUies—
Interest
1940
Notes payable
Reserve for taxes.
$2,756
_
336,355
140
200
Total.........
$321,803
$339,4601
14,268
2,067
14,268
98,775
10,000
169,774
3,356
$321,803
Common stock.
Current
$339,460
98,775
10,000
.
165,668
deficit...
Total
2.195, shar®5 at stated value of $45
tated value of 10 cents per share,
at which
per share,
c 100,000 shares at
d Investments carried on oooks at cost
originally purchased by predecessor corporation
—V. 151, p. 840.
Chemical Fund,
Company has filed
or
this corporation.
Inc.—Registers 1,500,000 Shares—
a registration statement with the Securities and Excovering 1,500,000 shares of capital stock in addition
1,000,000 shares already registered under the Securities Act of 1933.
The company was incorporated in 1938
by F. Eberstadt & Co., Inc., New
Yojrk investment bankers, to provide
the
chemical field.
of the additional shares will enable the
company to complete its
financing program.
As announced at the time of the
company's formation,
this called for the initial sale of 1,000,000 shares to
provide the company
wdth approximately $10,000,000 for
investment, to be followed by the later
offering of the remaining 1,500,000 shares authorized to bring the total in¬
vestment up to
approximately $25,000,000.
Expansion beyond this total
left open for future consideration.
The company currently is approaching its
original goal of $10,000,000,
having reported a net worth at the end of September of $8,478,700 rep¬
resented by 886,600 shares outstanding.
By
filing the new registration
statement, it has taken the first step towards its objective of $25,000,000.
As of Sept. 30, company had investments in 43
chemical companies, the
largest being in the stocks of Allied Chemical & Dye Corp., E.I, duPont de
Nemours & Co., Hercules Powder Co., Monsanto Chemical
Co., Union
Carbide & Carbon Corp., Dow Chemical Co. and Abbott Laboratories
Directors, In addition to F. Eberstadt, Ernest O. Brelsford and Maynard
E. Simond, officers and directors of F. Eberstadt &
Co., Inc. include James
J, Minot Jr., senior partner of Jackson & Curtis; Augusts
Richard, Vice-
_
_
New
New Oen.
Mtge.
Pre¬
New
Income
ferred
Common
Bonds
Stock
Stock
Total
$314.06
$444.70
$425.35
$1,280.00
161.44
191.58
191.58
528.03
528.03
161.44
486.27
140.08
212.95
271.69
569.52
457.26
378.08
1,041.72
161.39
178.27
453.18
353.42
552.04
300.00
300.00
300.00
300.00
128.72
96.42
356.65
100.01
264.84
Banks' loans......
C. R. I. & P. unsecured
61.20
135.21
conv.
4Mb
_____
945.57
945.57
1,350.00
1,111.64
301.32
116.71
200.88
L. R. & H. S. W. 4s
B. C.R.&N. cons. 1st 5s
RFC loan
260.65
230.69
•
General creditors
885.15
943.59
813.84
945.37
909.84
—V. 151, p. 2639.
Chicago & Southern Air Lines—Operations—
a medium for a diversified investment
Sale
is
Mtge.
Outstanding Issue—
Bonds
C. R. I. & P. gen. mtge. 4s $95.89
1st and refunding 4s
64.52
Secured 4 Ms series A
64.52
C. & M. 1st 5s
.1,350.00
C. O. & G. cons. mtge. 5s.
52.36
St. P.&K.C.S.L. lst4Ms
58.84
R. I. A. & Li. 1st 4Mb
72.50
...
to the
m
New
First
b Preferred stock.
Capital surplus
-
$50,000
borrow not to exceed $11,000,000, and pledge
as security therefor new first mortgage bonds in principal amount consistent
with the provisions of the plan.
The new securities shall be distributed to the holders of outstanding
bonds and claims according to the following table, the amounts stated
being in most instances the approximate amounts that shall be exchanged
for each $1,000 bond, and pledgees being treated as though the pledged
securities were outstanding:
150
divs.onpref.stk.
c
-
1939
$35,000
creditors' claims estimated at
In lieu of the sale of $11,000,000 of new first mortgage bonds,
the reorganized company may
Res've for 1 year's
317,351
.
stock are found
to have no
""357
1939
$4,312
Accts. receivable.
...$351,180,912
279
Balance Sheet Sept. 30
Assets—
Cash
—
value, and no provision is made for the stockholders in the plan.
Included in the foregoing capitalization is $11,000,000 of first mortgage
bonds to be sold for cash to provide new money, and $150,000 of common
$5,280
23
Interest
Taxes
Miscellaneous expense.
$2,235
capitalization.
The equities of the holders of the preferred and common
1937
128
75
269
$3,805
.
...
Corp.—Earnings-
1940
Dividend
.$199,943,184 $10,734,875
151,237,728
Total debt and preferred stock—
Common stock...
D. D. Walker, Vice-President announced on Nov.
1 an increase of 90%
carried for the first 10 months of 1940 as compared
period of 1939.
The report snows that Chicago and Southern Air Lines flew 13,584,742
revenue passenger miies during the first 10 months of 1940, an increase of
83.5% over the same period of 1939 when the airline, operating between
Chicago and New Orleans, serving Springfield, St. Louis, Memphis and
Jackson, flew 7,402,494 passenger miles.
During the period from Jan. 1
to Oct. 31, 1940, a total of 35,611 revenue passengers were carried against
18,762 for the same months of 1939.
This is an increase of 90%.
The total number of passengers carried in October, 1940 showed an
increase of 27% over September and an increase of 137.4% over the month
of October, 1939.
Chicago, and Southern flew a total of 2,117,357 revenue
passenger miles in October, 1940, against 1,683,320 in September, 1940,
and 936,082 in October, 1939.
Chicago and Southern now offers the most frequent service between
Chicago and St. Louis.
Five Douglas flights now serve both cities. Three
southbound flights offer through service to New Orleans via Memphis and
in
revenue
with the
passengers
same
Jackson.—V. 151, p. 2185.
The Commercial &
151
Volume
Net income after interest, amortization and other
—V. 150, p.
1940
Gross
$396,200
charges
!
1937
$14,019,464 $11,377,174 $13,084,244
13,247,195
11,285,059 12 048 385
Sales and rents____.$12,800,715
12,902,127
Costs and expenses
1938
loss$101.412
75,680
_
$772,269
16,000
$92,115
$1,049,333
473,145
697,063
4,330
$105,683
316,626
451,265
5,746
Total income.
Interest....
Deprec. and amortizat'n
deductions
214
___
151,
p.
3 Mos. End. Sept.
a
Common
Class
A
$3,823,340 $3,836,220
I
Dividend—
$21.10 per share on the com¬
payable Dec. 16 to holders of record Dec. 2.
Dividend of $5.70 was paid on Oct. 1, last; $5.80 paid on July 1 and April 1,
last; $23.40 on Dec. 15, 1939; $5.80 on Oct. 2 and on July 1, 1939; $3.85 on
April 1, 1939; $21.40 on Dec. 15, 1939; $5.80 on Oct. 1, 1938, and $3.89
paid on July 1 and on April 1, 1938.—V. 151, p. 840.
declared a dividend of
Directors on Nov. 6
stock, no par value,
mon
Colorado Fuel & Iron
Expenses
-
Shares
The
75,870
1,649
for depletion and
depreciation.
__
Prov.for est.normal Fed.
inc. tax applicable to
29,972
parent company.
Net
profit
$1,841,685
______
months ended Sept. 30,
i
507,687
_.
Total provision for
a
a247,053
-
152,324
137,940
827
36,300
2,400
124,959
x$231,282
$143,752
563,620
,
Nil
563,620
x$442,080
563,620
capital stock
$0.41
Y
Interstate Commerce
records, &c,
sale of facilities, talent,
lines,
.$36,430,612 $30,347,506
10,659,947
8,706,813
$25,770,666 $21,640,694
14,478,343
5,644,514
53,182
547,678
1,753,172
12,038,2K
4,955,833
divs., &c.
$3,293,777
38,009
$3,322,346
110,609
- — ______
$3,331,786
$1.94
$3,432,955
$2.00
Operating expenses and cost of goods sold
Selling, general and administrative expenses
$2,231,803
Interest.
for the period of three
($367,614 in 1939), (including
Depreciation
1940, was $605,085
Federal income and excess
$338,316
profits taxes —
Profit
- -
incl. int., discount,
Miscell. income (net)
for esti¬
loans of
$10,625 ($12,500 in 1939).
; ,
:,
Note—Company's proportionate share of net profits of subsidiaries not
consolidated for the period not taken up amounted to approximately
Federal tax purposes,
b After deduction of provision
mated normal Federal income taxes,
c Includes interest on bank
erties for
Net profit
x
Refunding—
Another step in the financial rehabilitation
nounced Nov. 4.
It involves $12,000,000 and
of the company was an¬
would effect a saving of
and $1,200,000, depending on earnings.
E. B. Greene,
President, said stockholders were being asked for consent and that if twothird responded the present outstanding bonds would be called.
The refinancing plan calls for 10-year loans aggregating $11,000,000 from
7 banks in New York, Chicago and Cleveland.
Notes for $4,554,000 would
bear 2% interest and be payable in 9 equal annual installments,
$6,446,000 would bear 2 K% interest and mature in 10 years.
Proceeds of the loan, with cash from the company's treasury, would be
used to retire existing 3 M % first mortgage and collateral trust bonds of
$10,400,000 at 103 existing bank loans of $2,000,000.
This
would reduce the company's funded debt from $12,400,000 to $11,000,000,
and, it is estimated, would cut the present interest charge from
between $500,000
and
transaction
approxi¬
would be unsecured.
the same basis as those
in the present mortgage and with the serial maturities would result in an
annual reduction in debt of not less than $500,000 and up to $1,200,000,
depending on earnings, it was said. Sinking fund requirements would be at
par.
The call premium would be from 14 ofl%tol %%.—V. 151, p. 1888.
mately 3.40 % to slightly less than 2.20%. The notes
Sinking fund provisions for the new Joan are on
Cleveland Graphite Bronze Co.—Insurance Plan—
surgical operation benefits at no extra cost to employees and
sickness and accident, and accidental death and dis¬
memberment insurance provisions, are features of a revision made by tnis
company in its group program which since July, 1925 has provided nearly
1,800 employees with life insurance, now totaling more than $3,700,000,
in addition to the temporary disability coverage.
The accidental death and
dismemberment insurance was added to the group plan in 1928. Announce¬
ment of the revision was made by Ben F. Hopkins, President of the company.
The plan is being underwritten in full by the Metropolitan Life Insurance
Co. on a cooperative basis whereby the employees contribute fixed amounts
and the employer bears the balance of the entire net cost.
As now constituted, the group plan provides general workers with $1,500
life insurance, increasing to $2,500 after five years of service, similar amounts
of accidental death and dismemberment coverage, and sickness and accident
benefits ranging from $10 a week to $15 a week, payable in case of sickness
or non-occupational Injury.
The surgical operation benefits range up to
Inclusion of
a
rearrangement of
is visiting nurse care and the distribution of pamphlets
conservation and disease prevention.—Y. 151, p. 2491.
Included in the plan
on
&
health
Coca-Cola Co.—$2
Directors
Year-End Dividend —
year-end dividend of $2 per share in addition
dividend of 75 cents per share on the common
16 to holders of record Dec. 2.—V. 151, p. 2185.
have declared a
the regular quarterly
stock, both payable Dec.
to
for the period
Earnings per share.
_
41,074
491,873
791,354
1,716,277 shares of $2.50 par value stock either
outstanding at Sept. 28, 1940 or to be outstanding upon completion of
exchange of old $5 par value stock.
Notes—Results shown for both periods reflect the operations of Columbia
Recording Corp. and its subsidiary companies, the acquisition of 100%
ownership of which was completed by Columbia Broadcasting System, Inc.
during 1939.
_
A
Y
x.
^
.
Provision for Federal income and excess profits taxes has been made In
accordance with the Second Revenue Act of 1940, the normal tax being
Calculated upon the
x
'
y\
issued a certificate
commissions — —.— _
Profit-.
263,497
depletion applicable to land and standing timber sold in the amount of
$19,717), ($5,354 in 1939), of which the applicable amount of
($190,820 in 1939) was charged to surplus arising from adjustment of prop¬
Plans
$0.78
Ry.—Abandonment—
Commission on Oct. 23
____■
Time discount and agency
depletion and depreciation
$201,000...
563,620
Nil
151, p. 2348.
Gross income from
2,000
$329,821
137,940
23
45,400
(2.4 miles) of a
p. 2639.
Columbia
Broadcasting System, Inc. (& Subs.) —
39 Weeks Ended—
Sept. 28,'40 Sept. 30,*39
308,608
$1,505,506
137,940
410
permitting abandonment by the company of a portion
branch line of railroad in Las Animas County, Colo.—V. 151,
51,095
al71,440
Prov.
$761,016
56,037
Colorado & Southern
1937
__
and expense
$723,090
37,926
$.53,452
56,038
Earnings per share
$3,118,463
187,590
43,200
on
$25,194
28,258
$161,702
Yx Profit.—V.
1938
bonds retired
or
purchased.
Amort, of bond discount
Prem.
25,558
$470,683
56,038
-
Subs.)—Earnings—*
C113.124
$445,125
chjgs,
Net loss
department.—V. 151, p. 2039.
289,873
365,598
$7,140,249
5,151,467
631,904
267,925
365,863
137,940
bonds
Other int. & misc.
Chattanooga—Registers with SEC—
493,099
1937
4,200,081
423,674
268,165
329,758
$68,985
56,038
Total income.
$100,
$719,033
163,717
1938
$5,246,871
$36,034
32,951
30,
Bond interest
5,035,620
548,454
333,662
428,268
Balance
Company paid a dividend of $1 per share on the common stock, par
Aug. ,to holders of record July 18. Dividend of $1.50 was paid on Feb.
7, last; $1 paid on July 6, 1939; $1.50 on Feb. 7, 1939; $2.50 on June
1938; and $1 on Jan. 4, 1938.—V. 151, p. 241.
1939
Subs.)— Earnings—
1939
$6,075,013
4,481,318
Other income.
on
$1,793,720
Corp. (&
1940
$6,382,039
2491.
1940
Total________.$4,930,276 $4,913,650
$4,913,6501
$4,930,276
3,852
1,529,336
185,092
the
$2,698,049
clOl.625
177,624
Surplus.
x Represented by 92,546 (92,966 in 1939) no par shares,
y Represented
by 191,167 (191,811 in 1939) no par shares,
z Represented by
(1,534,488 in 1939) shares, no par value,
a Represented by
(185,932 in 1939) no par shares.
u
'
'
and cars and their amortization has
presented a problem that could not be met except by setting up a large
reserve which these abandonments can be written off and the ordinance
requires that such reserve be created out of the restatement of the capital.
Approval by the shareholders of the acceptance of the ordinance of the
city granting the new franchise was required and this was gi ven at a special
meeting held on Oct. 21, 1940, when resolutions were adopted amending the
company's articles of incorporation and approving acceptance of the
ordinance by a vote of 385,249 shares in favor and 1,056 opposed.—V. 151,
30—
$929,660
3,836,220
136,764
11,006
Reserve for taxes.
The abandonment of tracks
Cleveland-Cliffs Iron Co. (&
Common stock.
929,660
147,770
925,460
181,476
1939
1940
$925,460
3,823,340
Class A stock.
y
stock,
Total....
$780: :sur$1,477
30
Liabilities—
x
Cash
from $23,761,950 to $11,880,975 by reducing the par value of the
475,239 shares from $50 to $25.
This was sought by the city and agreed to
by the company as the best method to meet the situation arising from
substitution of motor buses for street cars on many of the routes of the
3 Mos. End. Sept.
sur$3,161
1939
1940
Coca-Cola
company
b Total income.
2,062
$1,142,654
1,141,177
stock,
Coca-Cola
operation in Cincinnati during the life of the franchise.
The present fare of 10 cents on buses and 10 cents cash and nine cents for
tickets on street cars and trolley buses is extended to the entire system
in the city on Nov. 1, 1940, this being a reduction to several suburban
communities.
On Jan. 1, 1941, universal free transfers will go into effect
on the enlarged system of the Street Railway company and include also the
buses of the Valley Bus Co. even though that company will not have become
a part of the system by that time.
The new franchise provides for the reduction of the capital stock of the
first page of this
1,981
$1,127,668
1,128,448
$110
Assets—
Co. and
possible
the Valley Bus Co. and include that also in the system, thus bringing about
unified operation of all street cars, trolley buses and motor buses in the
single system.
In return for this the city agrees that, to the extent it is
legally possible, it gives the company the exclusive right to car and bus
City Water Co. of
2,491
$1,115,665
1,112,504
Balance Sheet Sept.
in the new franchise.
One is that
required to purchase and make part of the Street Railway
1937
$1,170,467
25,750
2,633
Deficit--
System on Jan. 1, 1941, the buses now operated by the City Transit
the Mt. Washington Transportation Co. and later also to acquire if
$1,167,419
37,770
$1,089,542
1,089,652
Net profit
Dividends
the company is
See list given on
def$79,610
$1,150,956
32,800
$1,147,025
54,850
Expenses
z
SI Dividend—
$431,234
Corp.—Earnings —
1939
1
1938
.1940
30—
______
Reserve for Fed. taxes..
Ry.—New Franchise—
City Investing Co.—Pays
$72,736
152,346
_:_
_
1,679,394
1275, 983; V. 150, p. 2873.
Gross income
tions by the city contained therein.
There are several important changes
system.
_'
_
_
Coca-Cola International
0331
On Sept. 25, 1940, Council of the City of Cincinnati passed an ordinance
granting the company a renewal of its franchise for a periof of 25 years from
Nov. 1, 1940.
The franchise follows the service-at-cost form of the franchise that it
renews and carries with it the control of service, accounting and all opera¬
p.
_
Net earnings
—V.
319,831
450,181
$667,954 prf$279,653
Note—The statement for 1939 and 1940 includes the operating results
of the company's concessions at the New York World's Fair.—V. 151,p. 840.
Cincinnati Street
_
Capita] reduction sinking fund______
$229,166
$805,195
Net loss..
_
$586,010
154,776
$517,219
__________
Operating profit
741,121
399,727
767,286
158,238
$678,459
161,240
_
_
franchise
Interest and discount
13,473
$788,270
316,043
Taxes
$1,035,860
13.568
loss$25,733
306,104
Operating profit
Other income._
equipment.
ToM D & R Account, as per
1939
1S40
498,126
607,883
1,007,909
64,020
1,779,182
expenses..
Retirement of road and
6,238,232
1,815,545
1,217,698
Cr200,651
840,820
172,017
6,025,502
6,113,774
expenses.__i________i!—
Maintenance
1938
1939
1940
$10,749,353 $10,357,278 $10,156,397
30—
income.
Operating
Subs.)—Earnings—
9 Mos. End. Sept. 30—
Other
9 Months Ended Sept.
.v.""
4122.
Childs Co. (&
Ry.—Earnings—
Cleveland
Chicago Union Station Co.—Earnings —
Earnings for the 9 Months Ended Sept. 30,
2797
Financial Chronicle
,
called lor therein and excess profits tax after
proportion of the estimated annual excess profits credit
month period. The 3.1% increase in the normal tax
rate chargeable under the Act accounts for $168,650 and the excess profits
tax for $467,237 of the total provision for the nine month period; the in¬
creased normal tax and excess profits tax applicable to the first six months of
1940 are $125,568 and $453,292, respectively.
calculated at the 24 % rate
application of that
allocated to the nine
Dividend—
Directors on
Nov. 6 declared a
:: t■
share on the
value. The dividend is payable
close of business on Nov. 22,
cash dividend of 65 cents per
$2.50
present class A and class B stock of
par
on Dec. 6,1940, to stockholders of record at the
1940.
each of the
amounted to
Dividends of 45 cents per share were paid on these issues in
preceding quarters.
In 1939 total dividend payments
$1.50 per share.—V. 151, p. 1428.
three
Commonwealth Edison Co.—Weekly, Output-—
furnished us with the following summary of weekly kilo¬
hour output of electrical energy adjusted to show general business
conditions of territory served by deducting sales outside of territory to
Company has
watt
other
utility companies.
Nov.
Oct.
Oct.
Oct.
2—
26.
19
12
—V. 151, p.
____
2639.
■Kilowatt Hour
1940
Week Ended—
142,167,000
140,689,000
139,976,000
138,820,000
Y;;V-
Output
1939
136,860,000
135,935,000
132,450,000
134,097,000
Increase
3.9
3.5
5.7
3.5
Y:;Y-Y:
Co.—Asset Value—"
The company reports asset value per share as of Sept. 30, 1940, increased
to $3.29 as compared with $2.99 on June 30, representing an increase of
approximately 11% during the three-month period.—V. 151, p. 242.
Commonwealth Investment
Commonwealth & Southern Corp.—Weekly Output—
weekly kilowatt-hour output of electrical energy of subsidiaries of
Commonwealth & Southern Corp., adjusted to show general business
conditions of territory served, for the week ended Oct, 31, 1940, amounted
to 174,477,986, as compared with 159,790,582 for the corresponding week
in 1939, an increase of 14,687,404 or 9.19%.—V. 151, p. 2640.
The
the
The Commercial & Financial Chronicle
2798
Coniaurum Mines,
Creameries of America, Inc.
Ltd.— Earnings-
3 Mos, End. Sept. 30—
Tons of ore milled
46.530
...
1938
1939
1940
46,570
Period End.
1937
47,180
43,155
Net income from metals
produced
Development
ing costs
$164,095
$144,382
""$65,751
2,407
8,239
7,091
18,565
$149,803
income from metals
$151,473
produced, $17,791
$84,316
Other income
Cr29,141
Dr 18,565
Dr24,812
Dr44,277
22,667
21,500
23,947
56,872
16,000
21,500
expenses
Int. & amortiz. of debs.
Reserve for contings
for States, terri¬
Railway & Lighting Co.—Bonds Colled—
50-year gold bonds endorsed with a guarantee of interest by the United
Gas Improvement Co. that $185,000 principal amount of these bonds have
been called for redemption Jan. 1, 1941, at 105% and accrued interest.
Payment will be made at any time after that date or prior to Jan. 2, 1954,
at the corporate trust department of the bank, successor trustee, 11 Broad
Street, New York.—V. 151, p. 2640.
Period End. Sept. 30—
x Net inc. for the period_
Exploration & develop.
charges for period
y Amort, of mine devel¬
■Earnings —
1940—3 Mos.—1939
x
Net income
Preferred
1940—9 Mos.—1939
$890,535
$1,211,461
62,236
78,113
133,131
215,551
118,589
36,205
76.694
217,538
35,150
368,487
107,666
$124,961
$330,948
$281,251
$673,749
—
--
Depreciation
x
...
104,624
Before
charges shown separately below,
y Net of current period's
expenditures shown above,
z Before depletion and Federal income tax.
: Note—Included
in the exploration and development expenditures de¬
x
ducted above
are
the amounts of $39,676 for the third quarter and $73,627
for the nine
months, representing expenditures of a capital nature not con¬
nected with operations of the Emma Nevada Mine.—V. 151, p. 1276.
•Consolidated Edison Co. of New
Consolidated Edison Co. of New York announced production of the elec-'
of its system for the week ended Nov. 3, 1940, amounting to
155,100,000 kilowatt-hours, compared with
151.800,000 kilowatt-hours
for the corresponding week of 1939, an increase of 2.2%.—V. 151, p. 2640.
Creameries of America,
Inc
Minority
__
1940—Month—1939
$963,533
_____
1940—10 Mos.—1939
$7,944,920
$889,902
$7,537,052
—V. 151, p. 2187.
Consolidated Textile Co., Inc.—Annual
Years Ended—
Report—
Aug. 24, '40 Aug. 26, '39
$3,906,333
$3,399,208
3,549,995
13,292,256
175,749
162,761
91,701
90,511
7,500
7,500
Gross sales, less returns, discounts and allowances
Cost of goods sold
_______
Selling and administrative expenses
Factoring charges _____
Interest on certificate of indebtedness
_
Operating income
$81,389 def$153,821
27,212
14,197
13,248
'
Profit on sales of fixed assets, &c_
:
M iscellaneous income
Net
x
profit
69,202
defll3,360
59,538
69,202
$33,218
$242,101
$95,586
Provision for depreciation of fixed assets
on debentures for the period____,
59,601
___,
Interest accrued
Doss for the year.
x
Provision
for
depreciation has
been made at rates approved by the
No specific provision has been made for obsolescence.
board of directors.
Comparative Balance Sheet
Assets—
Aug.24 '40 Aug.28 '39
Cash
$65,645
Accts. receivable
Inventories __
Amount
with
$48,036
4,867
» _ .
540,747
572,533
S183.996
5229,303
33,714
74,653
22,341
Taxes accrued....
for
15-yr. conv. 5%
175,700
175,700
Processlng taxes re-
22,923
35.451
29,143
Res.forreorg.exp8
9,480
9,924
Bills & accts. pay.
Int.
ven¬
to court order.
payroll &
accrd.
year
dors held subject
a
Aug.24 '40 Aug.26 '39
advance
account-
Accrued
income debens..
cov'd from
Factors,
expenses
_
deposited
trustee
Liabilities—
10,848
__
15-
on
5%
conv.
income debens..
,42,068
_
42,068
processing
furn. & fixtures.
882,624
Supplies & stores.
938,908
80,135
138,405
69,202
38,721
38,721
Res. for refunds of
Operating plants,
taxes
6% ctf. of indebt¬
edness.
72,629
59,993
*
109,753
125,000
1,387,850
tingencies. _____
25,000
28,015
25,000
28,015
141,070
275,319
139,570
242,101
15-year
73,023
-
1,387,850
Capital stock
Capital surplus.__
Copper rolls.
conv.
5%
Income debs..._
Goodwill, trade¬
marks, <fec___._
I
1
Deferred charges..
14,170
15,988
Reserve
for
con¬
b
.
_
Operating deficit-
Depreciated value,
b Par value, 10 cents.—V. 150, p. 3198, 2570.
Continental Oil Co.
(& Subs.)
1940
Assets—
x
-
$
..
Property accts. 69,468,294
Cash
14,002,000
U.S.Govt .secure
110,000
Notes & accts. rec.
from
trolled
7,791,14b
•,<■]
con-
(current)
v
59,100,387
23,312,968
110,000
7.978,277
V•
112,902
121,152
19,713,590
Mat'ls & suppl's
715,673
18 934,789
crude oil, &c.
Other cur. assets
606,924
216,579
210,351
4,923,380
4,477,451
Inv. In & adv. to
controlled
Notes
rec,
&
Liabilities—
y
Capital stock
1939
$
7,967,919
7,305,241
Due to control'd
21,861
51,310
cos.(current).
Accrd. liabilities
236,800
1,664,158
Accrued taxes.. al,723,046
Funded debt..___21,071,600 21,071,600
Deferred credits
323,737
311,665
Min. Interest.._
Res. for lusur.,
annuities
159,348
256.329
(non-cur.)
Oth. inv. & ad vs.
154,361
and
1,905,620
1,924,403
Paid-in surplus.
49,102,900
21,898,079
21,042,169
49,102,900
353,143
9,039,805
9 ,129,055
328,052
305,989
422,076
473,496
1,004,057
1,206,789
Under writing ex¬
penses,
&c.__
Prepd.&def.chgs
128,103,875 126,320,7731
Total..
126,320,773
After depreciation, depletion and intangible development costs
y Par
$5.
z Including shares held in treasury.
a Includes provision for estimated
Federal income tax.
The income statement for the 3 and 9 months ended Sept. 30 was pub¬
x
lished in V.
151,
p.
2640.
Creole Petroleum
Corp.—To Pay Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addi¬
tion to a regular dividend of like amount on the capital stock, both payable
Dec. 16 to holders of record Nov. 30. Like amounts were paid on June 15
last
Dec.
15, 1939, on June 15, 1939
Dec. 15 and June 10, 1938, and
Dec. 15 and June 10, 1937.—V. 151, p. 2188.
347,227
3,107
1.042
Accts.,
Accounts payablepay.,
Notes
$410,619
1939
$446,989
100,000
& contracts
banks
$416,225
849,027
766,512
payable, others-
64,344
519,777
513,503
Accrued int. pay._
7,728
3,725
272,251
192,842
&
notes
contracts ree'le.
_
_
_
_
_
v
25,111
33,792
94,202
cost
232,693
89,401
114,070
Recelvs. other than
Investments
_____
2,730.001
1
1
93,936
95,463
83,385
107,228
_
___■
_
Debt expense.
ann.
sink.
80,000
fund payment-Deferred Income.
439
_
66,925
3H%
63", 949
43,167
1,120,000
Notes pay., others
eqpt.,
depreciated
2,915,559
58,747
Dairy herd
expenses.
& Federal taxes-
Debs.,
&
Cost of tr. routes.
24,190
Acer, county,State
Market, secure., at
Prepaid
Notes
$524,096
Inventories
Plant
1940
Liabilities—
1939
1940
hand & in
on
1,200,000
97,182
26,781
1,077,908
debens. due
Sept. 1,1954.
Mtges. payable
__
Min. int. in subs..
Preferred stock.
61,521
29,514
1,077,908
382,275
382,275
Paid in surplus-__
403,171
Earned surplus...
1,279,962
437,823
1,049,093
Common stock
Total.
$5,253,243 $5,082,413
$5,253,243 $5,082,413
Total..
-V. -151. p. 2188,
Cork
& Seal
Co., Inc.—$15,000,000 Debentures
Placed Privately—$4,000,000 Notes also
on Oct. 28 sold privately to institutional
Sold—The company
investors at par and
int. an issue of $15,000,000 3Yi% sinking fund debentures.
The company also sold at par to banks $4,000,000 serial
notes bearing an average interest rate of 2^%.
The debentures are dated Oct. 1, 1940, and mature Oct. 1, 1955. Debs,
to be callable at any time, as a whole or in part, on 30 days' notice, at a
premium in the first year of 4%, which premium decreases thereafter
M of 1% in each year to Oct. 1, 1953, and thereafter decreases H of 1% in
each year untii maturity.
Debentures are to be redeemable for the sinking fund at the principal
amount thereof. Debentures are to be retired by the sinking fund on Nov. 1
in each year in amounts as follows:
1942, $150,000; 1943, $150,000; 1944,
$150,000; 1945, $150,000; 1946, $1,000,000; 1947, $1,000.000:1948, $1,000.000; 1949, $1,050,000; 1950, $1,050,000; 1951, $1,050,000; 1952, $1,050,000;
1953, $1,100,000; 1954, $1,100,000.
In addition to the other conditions, restrictions, provisions and agree¬
ments, indenture restricts the incurring, creation, assumption or guar¬
anteeing by the company of any funded debt other than the debentures and
the serial notes, except in the form of guarantees not in excess of $250,000,
and except purchase money mortgage obligations on real estate not exceeding
66 2-3 % of the cost or fair value thereof, provided the aggregate principal
amount of such purchase money mortgage obligations shall not exceed
$750,000; the incurring of indebtedness or liabilities by subsidiary com¬
panies; the incurring by the company or any subsidiary of mortgage obli¬
gations or liens upon assets, other than certain purchase money mortgages
not in excess of $750,000; the payment of dividends by the company (other
than dividends on its preferred stock in an amount equal to the annual
dividend requirements on its presently outstanding preferred stock) in an
amount in excess of earnings accrued subsequent to Dec. 31, 1939, plus
$250,000, less $42,000 per month for each month elapsed subsequent to
that date, and unless the excess of consolidated current assets of the company
and its domestic subsidiaries over their consolidated current liabilities,
after giving effect to the payment of all dividends, shall be not less than the
greater of 50% of the consolidated funded debt of the company and its
domestic subsidiaries or $10,000,000.
The indenture contains restrictions with regard to the sale of stock of
subsidiaries or disposition of their assets, but will permit the company to
dispose of the stock or assets of any subsidiary, the total assets of which
are
shall
equal or exceed $5,000,000, on such terms as the company may deem
desirable, if forthwith upon the consummation of any such transaction the
consolidated funded debt of the company and its
subsidiaries shall not exceed
$7,500,000.
Under the provisions of the indenture, Crown Cork International Corp.,
which is controlled by the company, is not included as a subsidiary.
Serial Notes—The serial notes are dated Oct. 1, 1940, and will mature
on
the dates, in the amounts, and bear interest at
Dec. 31, 1941, $700,0000, 1H%; Dec.
Dec. 31,
the rates, respectively, as
31, 1942, $750,000, 2%;
1943, $800,000, 2H%; Dec. 31, 1944, $850,000, 2.64%; Dec.
31,
at
a
premium of H of 1%
of the principal amount, and thereafter
without premium.
The agreement pursuant to
which the serial notes are issued, in addition
to provisions, conditions, restrictions and agreements substantially similar
to those in respect of the debentures and such as may be agreed upon by the
board of directors in its discretion, provides that the company will not permit
the consolidated net current assets of the company and its wholly-owned
domestic subsidiaries to fall below the sum of $10,000,000, and will provide
for the acceleration of payment of the serial notes in the event of the happen¬
ing of certain specified events of default, which are not of an unusual nature.
Purposes of Financing—The proceeds are to be applied, (1) $5,070,000 to
redemption, at 104% of all of the outstanding lo-year 4% sinking fund
bonds due Nov, 1, 1950; (2) $9,398,750 to redemption, at 103% of ail of the
outstanding 4^% sinking fund debentures due July 1, 1948; (3) $2,500,000
to the payment of all of the current bank loans of the company; and the
balance of approximately $2,031,250, after the payment of the necessary
expenses of this financing, will be added to the general funds of the company
for use as working capital and other proper corporate purposes.—V. 151,
p. 2640.
Cuban-American Sugar
Total. ,_____128,103,875
436,377
147,498
347
7
Consolidated Balance Sheet Sept. 30
1943
$
z23,692,967 z23,692,967
Accts. payable..
Earned surplus.
UnadJ. debits ,&c
-
The serial notes may be paid prior to maturity as a whole or in part in
sums of not less than $250,000 or multiples thereof at any time—during
1941 and 1942 at a premium of 14 of 1% of the principal amount; during
contingencies-
cos.
accts.
170,322
963
interest
1945, $900,000, 2.90%.
Sept. 30—
1940
§
of
Inventory
Bal. Sheet
1939
:
cos,
Due
Total.__$1,865,950 $1,949,733
$0.97
Including maintenance and repairs, taxes, rentals, selling, general and
administrative expenses and provision for doubtful accounts.
follows:
Total.,__i__._$l,865,950 $1,949,733'
a
$0.33
y
Crown
Consolidated Retail Stores, Inc.-— Sales—
Sales
21,861
47,783
$0.39
share
York, Inc. —Output—
trie plants
Period End. Oct. 31—
99,371
$348,268
65,586
133,796
$0.74
Net income allocated to
current—;
Net Income
183,051
$439,484
65,586
143,354
47,786
dividends
banks.
$520,906
41.465
$147,845
Common dividends—__
Earns, per common
Cash
$341,991
93,368
$171,285
21,86 1
torial & Fed. inc. taxes
Assets—
Consolidated Coppermines Corp.
58,385
16,000
Prov.
due to the increased
was
Chase National Bank is notifying holders of first & refunding mtge. 4 Yi %
as
$493,694
Cr73,966
JDr45,636
expenses
'■
'■ v/V'■■ Viv; -;T>' v':*
Note—in the above figures no allowance has been made for taxes, depre¬
ciation or deferred development.—-V. 151, p. 2492.
opment
260,736
$663,960
CV81.223
$232,778
Cr21,292
price of gold,
.
277,26 1
$298,245
Operating profit
22,530
$169,026
Estimated total profit
6,377,864
1 02,039
Other
1201,119
___
Provision for taxes
Connecticut
7,291,958
111,676
293,514
34,500
Estd. oper. profit,
Of this
$359,265
273,177
269,740
260,473
Non-oper. revenue, incl.
profit from sale of sees.
x
$417,559
x$433,835
$461,592
& operat¬
1940
1940—9 Mos.—1939
$8,232,179
$7,132,294
$3,116,348
Cost of sales
Depree. of plants, prop¬
erties & equipment—
9,
(& Subs.)—Earnings—
1940—3 Mos.—1939
$2,702,734
2,706,427
2,367,918
Sept. 30—
Net sales
y
_______
Nov.
on
Co.—Meeting Postponed—
The readjourned special meeting of stockholders has again been postponed
to Nov. 27 in Jersey City.
The meeting is being extended in connection
with any details which may arise regarding the
is being held up pending settlement of litigation
recapitalization plan which
in the New Jersey courts.
Court of Errors and Appeals, was asked
Court of Chancery in restraining the
company from effectuating a recapitalization plan on the ground that the
directors "manifestly have a personal interest adverse to . . . preferred
stockholders" and that the proposal was as voluntary on the part of the
stockholders "as the present cooperation between the French aDd Germans."
Appealing from the Chancery decision, the company, which has its
principal office in Jersey City, declared in a brief that the "plan is ad¬
vantageous to all stockholders as it will strengthen the capital structure."
Henrietta L. Hayes, New Y^ork and Mary L. Buckley, Farquier County,
Va., each of whom owns 100 shares of 7% cumulative preferred stock.
New Jersey's highest tirbunal, the
Oct 24 to affirm the action of the
Volume
benefit common stock¬
ontended that the plan was "designed entirely to
Cushman's Sons,
-Increase-
1939
Amount
%
128,701,000 1,830,000
1.4
63,943,000 4,915,000
7.7
National Power & Light Co.__ 93,228,000
78,657,000 14,571,000 18.5
The above figures do not include the system inputs of any companies not
The directors have declared a dividend of 81.75 per share
American Power & Light Co. _ .130,531,000
Electric Power & Light Corp... 68,858,000
'f
Inc.—Accumulated Dividend—
the 7%
on
pref. stock, par $100, payable Dec. 2 to holders of record Nov. 18.
was paid on Sept. 3, June 1 and March 1, last, and on Dec. 1,
1939, and dividends of 87 H cents per share were paid in each of the 11
cum.
Like amount
Edison Brothers Stores,
Sales.
1938
$1,128,482
1939
$1,921,618
1937
$3,441,047
Excluding dividends on Curtis stock owned by the company or subs.
Note—Net earnings is after reserve for depreciation and for Federal,
State and local taxes.—V. 151, p. 2640.
—V.
_________
_
Inc.—Sales-
1940—Month—1939
$2,361,248
$2,213,255
Period End. Oct. 31—
Publishing Co.—Earnings—
9 Mos. End. Sept. 30—
1940
Net earnings
____
$2,624,081
2643.
appearing in both periods.—Y. 151, p.
'<■-y\:+
preceding quarters.—V. 151, p. 2641.
x
1940
Operat'ng Subsidiaries of—
holders."—V. 151, p. 1718.
Curtis
2799
The Commercial & Financial Chronicle
151
1940—10 Mos.—1939
$21,323,065 $20,313,329
151, p. 2190.
El Paso Electric Co.—SEC Counsel Recommends
Additional
x
,
,
Equity Capital—
for the Securities and Exchange Commission appeared at a
financing by the company and recommended Nov. 4 that the
be required to issue a substantial amount of common stock to
raise funds for redeeming senior securities.
The Commission itself has on
occasions demanded that additional equity capital be injected into a utility
structure as a condition to approval of a new money issue, but this is the first
time that it has proposed the refunding of bonds or preferred stock with
Counsel
hearing
Derby Oil & Refining Corp. (& Subs.)—-Earnings—-9 Months Ended Sept. 30—
1940
1939
$3,206,997
$3,176,561
2,559,994
2,508,786
$647,003
258,925
$667,775
288.414
$388,078
$379,361
34,889
Sales (less discount)
Cost of sales.
35,121
___
Gross
profit
___
Selling, general & administrative expense
_.
Profit...
Miscellaneous operating revenue net
Gain from sale of assets
19,609
13,703
_____
Other income
_____:
__
,
v
....
_____
,
10,908
75,114
194,559
35,308
45,000
73
Depletion
...............
Depreciation
...
Undeveloped leasehold rents
Surrendered leases & non-productive developmentApplicable to minority interest
__
45,000
53
$69,827
$95,317
Net income
16,462
$430,944
8,599
65,922
192,536
49,007
$456,279
Total profit
Other charges
receivable (less
$34,735), $260,496; inventories, $416,401;
fixed assets (less reserve for depletion and depreciation of $4,152,707),
$2,889,836; deferred charges, $31,594; total, $3,970,195.
Liabilities—Accounts payable. $284,193;accrued pay rolls, commissions,
interest, taxes, &c.. $95,176; provision for social security and unemployment
tax, $6,170; provision for Federal income tax and capital stock tax, $1,925;
deferred refining royalties (payable if and when oil is processed in cracking
stills), $45,330; miscellaneous reserves, abandonments, taxes. &c., $10,982;
minority interests (Derby Oil Co.). $3,059; $4 dividend cumulative preferred
stock, 18,849 no par shares, stated value $38.70 per share, $729,456; com¬
mon stock, 263,142 no par shares, stated value $7.89 per share, $2,076,192;
certificates of deposit outstanding calling for delivery of 21.35 shares at
stated value of $168; capital surplus, $331,995; earned surplus since Jan. 1,
1936, $385,548; total, $3,970,195—V. 151, p. 1569.
for doubtful accounts of
'
1940
30—
v
151,
$255,067
10,499
95,353
loss65,470
696.
p.
Directors have declared a dividend of 3120 per share on
Dixie-Vortex
pany
Co.—Earnings—
SEC, declared at the hearing that El
Paso's security structure was "heavily watered" and that the company had
as a maximum a common stock equity cushion for its publicly held securities
of only 19%.
He expressed the opinion that the company, for its own
Harlow
x$774,655
Earns, per share on com¬
mon stock
$1.62
portion of its securities by new common stock.
At the same time the SEC staff took the position that under the deathHolding Company Act, the Engineers Public Service
could not retain the El Paso Mesilla system.—Y. 151, p. 2643.
Empire Capital Corp.—Extra Dividend—
After normal tax of 24%
V.
150, p. 3046.
$729,118
$1.93 1
$946,450
$1.39
$838,519
Company recently received a contract
200,000 pairs of service shoes for the U. S.
Engineers Public Service Co.
Maintenance.
provided in new act, but before provision for
1940 figures in comparable net income was due in
S9ld, whereas this year there was no such item.
oh the other
hand,
547.
151,
p.
525,917
735,352
have
securities
Profits from operations
increased from approximately $796,960 to $844,194.
$1,558,799
Drl5,985
$1,697,330 $17,531,432 $18,002,848
J0rl4,568
Dr143,180
Dr293,056
Balance.___________"$lT542Til5
$1,682,762 $17,388,252 $17,709,792
659,604
7,628,719
8,255,365
________
East Kootenay Power
_
$5,334,705
Co., Ltd.—Earnings—
15,818
103,611
92,835
$28,983
$205,846
$177,875
East Missouri Power Co.—Earnings—
1940—3 Mos.—1939
Period End. Sept. 30—
$61,409
44,096
Operating revenues
Oper. exps. and taxes
$228,629
165,257
$58,242
38,053
$215,680
153,116
$20,189
$63,373
$62,563
31
160
on
$20,221
$63,532
3,000
12,268
$62,716
12,002
$14,393
1,487
$5,339,936
Pref. stock dividends
$17,221
1,487
$51,265
5,950
$50,714
5,950
$12,906
____________
$45,315
$15,733
of 1940.—V. 151, p. 1141.
2042.
Period End. Sept. 30—
9 Mos. End. Sept.
1940— Month—1939
1940—9 Mos.—1939
$7,218,110 $7,676,227
7,021,520
6,761,793
expenses
789,845
Operating income
$105,970
$182,064
$196,590
$914,434
5,323
1,961
25,566
471,852
10,192
$895,815
revenue
Dividends
_
_
Other
t
52,288
53,245
$59,005
expense
$130,780
"~x$249,696
479,287
$445,339
2190.
Ebasco Services,
21,268
33,316
$94,894
3,155
10,230
3,367
$28,214
4,958
$195,907
3,911
416
41,971
;
$78,141
41,718
$19,345
41,653
$159,399
38,387
$119,860
92,074
$60,999
50,968
$197,786
70,475
$51,419
$27,786
$10,030
$127,311
3,002
_
fee —. _;—
stock tax, &c_
"4",205
$112,670
Net income
—
Dividends
Balance Sheet
Assets—
1940
$6,560
55,660
__
142,056
Paid-in surplus—
Cash in banks and
$71,108
$100,369
2,245,566
128,544
2,059,458
1,260
51,419
Dr5
Z)r3,726
Cap. stock
2,064,430
49,981
ital stock sold_«
6,672
4,038
x
—
3,965
Capital surplus
Earned surplus—
Treasury stock..
3,362
shares at cost/
Inc.—Weekly Input—•
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 com¬
pared with the corresponding week during 1939, was as follows:
4,457
27,786
,
Total
$2,446,856 $2,222,179
2, (1,061 in 1939)
($0.20
par)
x
Def'd charge. Fed'l
stock tax._
:
1939
1940
Fed. & State taxes
Inv., mkt. secure. 2,365,111
Accts. rec. for cap¬
Total-.
t"
Sept. 30
Liabilities—
1939
:
A
$2,446,856 $2,222,179
V. 151, p. 986.
Ex-Cell-O-Corp.—Expansion
For the week ended Oct. 31,
4,208
31,885
DO*
cap.
after depreciation, interest,
rentals and local taxes, but before Federal income tax, capital stock tax,
capital gains or losses and other non-operating adjustments.—V. 151, p.
Note—The above statement covers operations
$162,591
$6,947
$154,641
103,222
Expenses
M anagement
Total.
1937
1938
1939
$61,578
x33,316
.
$119,877
Dividends receiv..
Net income.
$2,880,078
V
$71,043
48,835
_
onhand--__-__
Other income
$3,054,744
1940
30—
Profit from sale of secs__
Inc. (& Subs.)—Earnings—
$1,073,484
891,420
Operating
Operating
and surplus._______
^
;
Earned surpl. Sept. 30
Eastern Steamship Lines,
2,285,192
stock._____ — ___
$1.60
$1.51
a Applicable to Engineers Public Service Co., before allowing for unearned
cumulative preferred dividends of a
subsidiary company,
b Charges
applicable to securities of subsidiary companies owned by parent company,
included above,
c Includes Federal
income taxes of $1,984,856 (1939—
$1,052,719). No provision has been made for the additional Federal taxes
imposed by the Second Revenue Act of 1940 enacted in October.—V. 151,
Earned surplus.
$44,764
Note—Provision for Federal income tax in the current periods has been
computed in accordance with the requirements of the Second Revenue Act
Balance
$5,184,452
2,304,374
Serv. Co__
Earnings per share of common
Fed. cap.
___
249,355
stocks of Engineers Public
pref. stock of Engineers Pub
153
$17,355
2,961
Gross income
~$M33,807
______
351,741
Balance applicable to
Service Co
p.
41
Int. & other deductions.
175,664
71,753
102,838
$5,691,678
Earnings from other sources
Total
income
187,858
58,813
102,726
Interest
1940—12 Mos.—1939
$17,313
Net oper. income
Other income.
V..\: 9,292
charges above:
Earnings from sub. cos., inci. in
Preferred dividends declared
Balance for common stock
1940—6 Mos.—1939
$309,457
$270,710
16,293
Net earnings
—V. 151, p. 2350.
$5,062,065
12,194
"7",574
Balance
b Amortization on bonds
Divs.
$35,455
Operating expenses
$5,080,603
18,538
19,345
applicable to minority interests
Expenses and taxes
share.—V. 151, p. 1892.
1940—Month—1939
$51,748
$44,801
Period End. Sept. 30—
Gross earnings._
Net
$7,007,843
1,653,793
_ _
earned but not declared-.-
b Preferred dividends not declared
a dividend of $1
per share on the common
Last previous distribution was made on Dec. 10,
1.
1938, and also amounted to $1 per
2,314,813
$7,139,614
2,059,011
$5,354,050
^
Balance
Amount
$(L454^427
$9,759,533
2,751,690
Balance-.__________
$916,279
$1,023,158
Dividends on preferred stocks, declared.________
declared
stock, payable Nov.
626,536
Interest and amortizat'n
Total.
Co.—To Pay $1 Dividend—
3,562,194
5,888,697
6,778,670
3,700,658
6,442,749
7,873,245
275,805
484,675
598,327
328,042
_________
Taxes
..-
Dolese & Shepard
Directors
this year,
(& Subs.)-—Earnings—
1940— Month—1939
1940—12 Mos.—1939^
$4,894,662 $4,705,431 $56,183,893 $53,825,115
19,592,706
20,635,809
1,649,293
1,746,551
Sept. 30—
Operation
$2.46
part to an increase of $69,539 in the provision for taxes accrued for
and also to the fact that last year there was a profit of $41,559 from
—V.
Corp.—Government Contract—
totaling $547,500 to manufacture
Government.—Y • 161, P. 414.
Endicott-Johnson
Balance.
profits taxes.
The reduction in the
the regular quarterly dividend of 10 cents per share on the
$5, both payable Nov. 30 to holders of record Nov. 15.—
to
class A stock, par
Cumulative pref. divs.
1937
1938
dividend of five cents per share in
The directors have declared an extra
addition
a
x
excess
Lester, council to the
B.
sentence clause of the
;
1939
1940
Electric Co. of Del., an intermediate
Public Service Co. system.
and the elimination of the El Paso
holding company, in the Engineering
the capital stock,
payable Dec. 20 to holders of record Nov. 20.
This action followed declaration by directors that reduction in capital
stock and change in par value of shares as voted by stockholders on Oct . 29
had become legally effective. See also V. 151, p. 2641.
Net profit after deprec.,
Fed. income taxes, &e
had gone
offer these securities Oct. 3( and
to
Net operating revenues
Other income (net)
Discount Corp. of New York—$120 Dividend—
12 Mos. End. Sept. 30-
Webster
as
Depreciation
eral income taxes
-
sign the underwriting contracts, but the SEC did not give its
approval under the Holding Company Act and the deal was postponed
indefinitely.
The proposed issuance of first mortgage bonds and preferred stock
were to have been part of a plan for merging Mesilla Valley Electric Co.
into the E. Paso Electric Co. of Texas, the refinancing of the latter com¬
far
Operating revenues
1938
1939
profit
after
deprec.
& obso¬
lescence, but before prov. for Fed¬
Net
—V.
;
and Blodget, Inc., was ready to
so
Period End.
$502,028
$773,622
Net sales
stock.
This position was taken at the oral argument on the company's applica¬
tion for authority to sell $6,500,000 of 3M % first mortgage bonds and 24,600
shares of 5% preferred stock.
A banking group headed by Stone &
Co.—Earnings—
Di-Noc Manufacturing
Months Ended Sept.
common
Srotection and increase the common stock equity by refunding a substantial
olders, should the protection of the parent company and the security
Consolidated Balance Sheet Sept. 30, 1940
Assets—Cash in banks and on hand, $371,868; accounts
reserve
on
company
Program—
corporation has under way a $3,000,000 expansion program to
manufacturing facilities sufficiently to handle its rapidly-increas¬
ing aircraft-parts business resulting from the national defense program.
The expansion is to be completed early next summer and will increase manu ¬
facturing capacity about 50%. based upon increasing floor space from
The
increase
The Commercial & Financial Chronicle
2800
The program Is to be financed through
230,000 to 355,000 square feet.
Sales-..
Gaylord Container Corp.—$5,000,000 Bank Loan—
Credit agreement has been
-
Co. Buffalo, and Gaylord Container Corp., covering a $5,000,UOO loan to
be used for expansion of and im
ovements to Gaylord's mill property in
Bogalusa. La.
Tnis matter was placed before the preferred stockholders of the corpora¬
tion on Sept. 20, 1940, and snarenoiders were given 20 days to voice ob¬
jections to the loan.
Only two stoctcnolders, holding a total of 700 shares,
made any objections.
Tnere were 105,198 shares of preferred s*ock en¬
titled to vote on tne proposition.—V. 151, P. 2645.
(& Subs.)—Earnings—
Expenses
Operating
1937
$1,708,438
1,233,076
$139,617 loss$565.008
$475,363
55,624
1939
$801,191
721,573
profit....."" $261,540
35,936
120,417
""$329^235 ""$175,553
loss$444.591
67,095
Other income
Total
profit.....
Prov. for contingencies.
Interest
1938
$320,000
885,088
1940
$1,045,153
783,013
19,623
34,621
90,483
on
profit
Earned surp. bal. Jan. 1
Total
Cash
General Motors Corp.—To Pay $1 Dividend—
share was declared on Nov. 4 on the common stock,
payable Dtc. 12 to holders of record Nov. 14.
Like amount was
paid on Sept. 12 and June 12, last, and compares with 75 cents paid on
March 12, last; $1.25 paid on Dec. 12,1939; 75 cents paid in each of the four
preceding quarters; 25 cents on Sept. 12, June 13 and on March 12, 1938;
$1.50 paid on Dec. 13, 1937; $1 paid on S pt. 13 and on June 12, 1937;
25 cents paid on March 12, 1937, and a year-end dividend of $1.50 paid on
A dividend of $1 per
36,131
3,790
110,550
loss$536,686
1,022,480
1,547.080
$347,816
1.307,387
x58,791
4,500
$53^995
$1,374J)50
dividends..
"$U>76,475
$1,010,374
$1,076,475
$0.22
Dec. 12, 1936.—V. 151, p. 2644.
$1,010,374
Nil
General
Balance earned surplus
y
Sept. 30
$1,374,050
Earnings per share....
$0.44
$1,472,107
$1.42
income of subsidiary
$5.
Provision for
x
(estimated),
y
Federal, State and foreign taxes on
On 244,191 shares capital stock, par
Due from bank
Operating
Maintenance
x
977,653
915,925
1,120,985
Customers' notes and accounts receivable...
Inventories
1,649,084
....
3.304.650
2,375,485
3,473,304
4,226,628
3.833,893
5.6C3.021
1,443,186
a631,046
1,326,625
386,709
1,907.351
a792,617
$3,655,277
Drll,629
$3,396,602
24,624
$4,859,431
10.181
$3,6433348
1,288,671
$3.421,226
1,334,404
$4,869,612
1,743,245
3,414
3,011
4,870
85,958
Crl5,l94
595,768
90,249
CV34.189
600,133
115,660
Cr22,5l7
818,775
4,567
78,435
82,358
113,217
31,934
120,036
5,447
7,624
158.214
11,873
Net operating income
Other income
139,952
11.309
500
16,112
6,547
79,047
675,919
1,745,323
7,112
145,713
955,006
1,398,160
1
1
62,996
...
61,416
.....—
...
Property, plant and equipment
Patents and licenses
Prepaid insurance, taxes, &c
Net earnings
Interest
Di
137.629
1.220,953
1,351,729
1,374,050
Earned surplus
Faultless Rubber Co.—Extra Dividend
1,220,953
1,351,729
1,076,475
1
y After reserves of
2191.
—
of 1940
2d Quarter
0/1939
32,849
30,842
595
xl 5,024
$363,207
$259,709
produced by
yjNet income
u'
$238,765
A?'624 tons previously produced by lessees, the income from
/l"*5)0, was not realized until that quarter, y After depreciation
deducting depletion, Federal taxes on income and year-end
*
adjustments.—V. 151, p. 986.
.
rr^*,at (Turin, Italy)—Dividend
Holders
A
Not Available to American
»
Offering of the new shares wi.l not be made before the first week in
December and will be made through underwriters.
Stockholders will be
asked to waive preemptive rights to subscribe. However, Mr. Kraut stated,
it is expected that arrangements will be made through the underwriters
to give stockholders a reasonable preference in alloting the new shares
for prompt purchase.
The time element is given as the reason for this.
in addition to the plant expansion to be financed by the new stock issue
the company is negotiating a contract with the government providing for
manufacture and sale of a large number of machines and for erection and
equipping of a separate plant at Fond du Lac, Wis., at a cost of approxi¬
mately $1,100,000.
Mr.Kraut stated that the company is expected to be
able to borrow sufficient funds for erecting this plant and that it will be
reimbursed by the government under the five-year amortization plan.
Stockholders will be asked to vote on this proposed negotiation with the
government as w31I as the other matter.
3d Quarter
of 1940
FedSept. 30, 1940 under the new
approximately $105,000.—V. 151, p. 2351.
eral income taxe3 for the nine months ended
letter states.
Co.—Earnings—]
i3d Quarter
*
9 Months Ended
y^lire Per share (gross dividend of 20 lire per
tnxof 10% thereof and costs of collection, &c.) was paid
c
in
a
Oonto Vecchio (old lire account) on the
OlfcvV/nvJS iAmericaedltaha,
Milan, Italy, agent of the National
Y5rK* This dividend
k* ended Dec. 31, 1939.
CHMr
depositary receipt
was paid out of earnings for the
At late account the National
holde^—T?. SV m'd6I1(l aVa"aWe 10 AmOTlcan
Galveston-Houston Co, (&
Subs,)—■Earhings—
Operation
galesNet income
after
.
all
income taxes inci. the
Assets—Cash In
4(|;Ig|
If,®
$78,l?l
s76Hg
S91|j45
*84f$7
*47'621
846,757
5548,968
$465,803
$J,699,534
337,995
305,086
profits tax
and
hand, $462,547; U. 8. Govt, bonds, at
cost
(market value, $107,140), $99,000; accounts receivable, $162,469;
inventories, $663,649; cash surrender value corporation life insurance,
$80,491; fixed assets, at cost, less reserve for depreciation, $657,388; prepaid
and deferred charges, $31,098; total, $2,162,642.
Liabilities—Accounts payable, $73,528; customers' deposits on machines
ordered, $52,419; accruals, $407,728; operating reserves, $39,287; common
stock—100.000 shares. $200,000; surplus, $1,389,679; total, $2,162,642.
on
a
regular quarterly payment of 50 cents made
13,501
4'242
13,501
162,018
161,617
2'242
42llo7
33il°5
^jjl:60!
,2u:604
Jan. 3,
1938.—V.
Co.—Rights Terminated—
Company has notified the New York Stock Exchange that, at a recent
meeting of the ooara of directors, it was voted to terminate, at tne close of
business on Nov. 30, the right to exchange dividend arrearage certificates for
capital stoat of the company.— V. 151, p. 2646
Period End. Oct. 30—
Sales
151,
p.
•" - "
1940—Month—-1939
1940—10 Mos.—19^9
$10,172,015 $8,732,797 $80,395,476 $75,177,051
_____
„
2193.
(H. L.) Green
Co.—Sales—
Period End. Oct. 31—
""EH
on
151, p. 1144.
(W. T.) Grant Co.—Sales—
Infe^MidVnGVH.Oo.
1939
$2,511,821
Glidden Co.—To Pay 40-Cent Common Dividend—
Iffl
expensed
excess
banks
Grand Union
Amort, of debt
.
Condensed Balance Sheet Sept. 30, 1940
and
3iiU
In^&HVuitai
InSmfeniH
1940
.
existing Federal and State
Directors have declared a dividend of 40 cents per share on the common
stock, payable Dec. 28 to holders of record Dec. 12.
This compares with
30 cents paid on Oct. 1 and on July 1 last; 50 cents paid on Dec. 23, 1939;
rev®™'®8-—
ot&Sfc:
)
Sept. 30—
—
PR.ffP"1 5, 1940. on the Italian shares underlying the American depositary
£®£® Pts, £ut pursuant to the regulations of the Italian Government, the
$1,059,015 a$l,730.049
under the recently-enacted
Giddings & Lewis Machine Tool Co.—To Increase Stock
30 to holders of record Nov. 20.—
,
165,404
...a$l,335,197
Company has called a special meeting of stockholders for Nov. 18 to vote
a proposal to increase authorized capital stock to 400,000 shares of $2
par value from the present 100,000 shares of $2 par value. A stock dividend
of 100% would be declared if the plan becomes effective and of the re¬
maining 200,000 shares of authorized, but unissued stock it is proposed to
sell at present not more than 100,000 shares to provide funds for plant
expansion which will cost approximately $650,000, according to a letter to
stockholders signed by H. B. Kraut, President.
The plant expansion and the raising of additional working capital has
been made necessary by heavy demand under the national defense program,
increasing backlog to the highest in the company's history.
The plant,
which produces horizontal boring, drilling and milling machines, has been
operating at capacity for a number of years, according to Mr. Kraut.
Balance of the authorized and unsold stock after the new offering would be
held available for issuance in the event that further funds are needed, the
V. 151, p. 980.
.
11,041
$2,046,568
316,519
on
Federal Compress & Warehouse Co,—Extra Dividend—
Tons of concentrates
produced30,031
Tons of shipping product
261,385
preferred stock
rates will increase
Directors have declared an extra dividend of 25 cents per share in
addition to the regular quarterly dividend of 50 cents per share on the
Federal Mining & Smelting
$1,224,41ft
a
Before Federal income taxes at new rates
Second Revenue Act of 1940 and before excess profits taxes (if any).
169,435
Directors nave declared an extra dividend of 25 cents per share in addi¬
tion to tne regular quarterly dividend of like amount on the common
stock,
both payaole Jan. l to nolders of record Pec. 16.—V. 15
L p. 1694.
stock, both payable Nov.
on
$1,51)63582
_
_Income balance.
After allowance for doubtful accounts and freight,
p.
income!
Dividends
1^24(M79 "$5^24^84
Total
$695,618 in 1940 and $793,273 in 1939.—V. 151,
stocks of sub. cos
sub.
cos.' cum. pref.
Minority int. in current earnings
531,350
169,540
...
for
dividends not declared..
282,693
853,268
Capital stock ($5 par)
Capital surplus
u.ri
vs. on prer.
Provision
$435,000
.386,805
264,544
income..
.
Interest charged to construction
87,309
on
long-term debt
$5,324,484
$451,500
200,000
Mortgages payable
4% registered collateral trust notes
Accounts payable
on
Amortization of debt discount & exp_
Net
Notes payable
common
..
General interest
T*inbiUti
x
(net)
Miscellaneous deductions
.."$6^240,479
Total..
Accruals, incl. Fed., State & for. taxes
Long-term indebtedness
Reserves
-
Federal income taxes
9,989
Officers'notes anl accounts......
Deposit with trade association
Deposit premiums
Sundry inve3t'ts & miscell. accounts less allowance
Timberiands
y
2,271*554
2,617,281
General taxes
$552,792
Advances to logging contractors
Cash surrender value of life insurance
2,488,955
Provision for depreciation
1939
1940
1940—9 Afos.—1939 12 Afos.'40
$15,062,373 $13,590,868 $19,940,374
revenues.
Traffic, commercial, gen. office sals.
and other operating expenses
$313,343
550,000
deposit.;
mortgage loan
on
on
Telephone Corp. (& Subs.)—Earnings—
Period Ended Sept. 30—1
Consolidated Balance Sheet Sept. 30
Assets—
Cash on hand and
Corp.—Government Contract-
General Shoe
Company recently received a contract totaling $710,000 to manufacture
240,000 pairs service shoes for the U. S. Government.—V. 151, p. 2192.
$1,655,204
183,097
-
this company.—V.
Nov. 6 elected a director of
par $10,
„
$109JL51
1.284,899
....
laaua
-
Bruce was on
James
*
Income (est.)
Net
■
151, P. 2191.
9,490
53,684
26,575
141,069
expense
Miscell. deductions..
Prov.for Fed.& for .taxes
■
-
General American Investors Co., Inc.—New Director—
$530,987
27,000
—...
j
formally signed between Bankers Trust Co.
New York, First National Banc St. juouis, Mercantile-Commerce Bank &
Trust Co. St. Louis, Boatman's National Banic S)b. JLouis, Marine Trust
■
Sept. 30—
-.
—V. 151, p. 2191.
mately 125.000 square feet of floor space and is located In Highland Park,
Mich., only one-quarter mile from Ex-Ceil-O's main plant.
Installation
of machinery to completely equip the plant will be started as soon as neces¬
sary remodeling can be finished.
Company's investment in fixed assets involved in the purchase, remodel¬
ing andequipping of the new plant for full production probably will approxi¬
mate $1,700,000.
An additional $1,300,000 of working capital is likely
to be required to handle the larger business, bringing to $3,000,000 the sum
Involved in stepping up manufacturing facilities.
Total employment when full production is attained in the new plant will
be about 4,000 men compared with about 2,700 at present.—V. 151, p.1279
Evans Products Co.
1940—10 Mos.—1939
$3,501,506 $3,348,940
1940—Afonth—1939
$426,978
$391,062
Period End. Oct. 31—
First step is announcement of the purchase of a 15-acre olant site with a
one- and two-story brick factory building on It. This building has approxi¬
9 Mos. End.
1940
9,
(M. H.) Fishman Co.—Sales—
term bank loans.
"
Gross profit from sales..
Nov.
Sales.
$3,992,207
'
1940—9 Afos.—1939
$3,766,306 $31,954,067 $30,769,485
—V. 151, p. 2193.
Grigsby-Grutiow Co.—Final Liquidating Dividend—
Federal Judge John P. Barnes in Chicago on Nov. 4, authorized the
bankruptcy trustee of this company to pay final liquidating dividend, com¬
pensation to attorney and wind up the estate.
Volume
^
The Commercial & Financial Chronicle
151
Final liquidating dividend to the company's bondholders "will amount to
8.9% and t*> general creditors will amount to 5.7%.
total paid bondholders in liquidation to 63.9% of their
creditors to 40.7% of claim.
This will bring the
claim and to general
Judge Barnes allowed A. L. Schapiro, attorney for the bankruptcy trustee,
$108,000 in fees.—V. 143, p. 112.
Gulf States Utilities
a
1940
1939
$10,691,728 $10,331,286
3,820,499
3,961,581
2,533,907
2,497,840
revenues
Balance for interest
Balance for dividends and surplus,
a After
depreciation
151, p. 2193.
including
and
Richmond, Va., after several adjourments, could not be held because of
a quorum.—V. 151,
p. 2648.
lack of
non-operating
income
Incorporated Investors—Earnings—
3 Mos. End. Sept. 30—
Gross income from cash
dividends and interest
Total expenses
(net).—V.
9 Mos. End. Sept. 30—
IQtQ
7,152
1,532,273
1938
1937
$2,871,958
7,710
1,488.723
526,589
$2,917,688
396.531
(net)..
235,607
175,125
Federal income taxes
'
224,523
87,775
.544,783
220.292
85,875
$347,758
$277,669
$276,049
$630,599
3,020,081
2,922,274
2,983,408
$0.12
on no.
earns,
per
$0.10
$0.21
$606,943
$419,171
$816,071
$0.31
$0.20
$0.14
$0.27
at
end of period
Undivided
$0.09
$892,015
outstanding
earnings
Undivided
sh.
of shs. outstand¬
ing at end of period.
Balance avail. for divs.
—V.
151,
$725,009
$714,023
$649,837
$890,614
.v'';.''.-
i
Condensed Statement of Net Resources Sept. 30, 1940
848.
p.
On Sept.
Hagerstown Gas Co.—Earnings12 Months Ended
1939
1940
Sept. 30—
$158,563
$163,612
100,151
Operation
95,612
8,312
11,602
1,688
9,016
General taxes
11,590
2,508
Federal and State income taxes.
$41,348
Dr3,G67
$40,346
Utility operating income.
Other income (net)
a
Dr3,368
$36,977
15,090
reserve
accruals.
on
bonds
$24,813
14,550
on common
stock
$39,208,077
This leaves net resources of
""fret
resources
$39,208,076.60 are equivalent to $13.73 for each of th
of
2,855,093 shares.
923
$9,340
12,500
x
These investments
of the company.—V.
Dividends declared
27,564
3,592
Estimated Federal and State taxes
Accrued expenses
13,468
912
Net income
are
carried at their cost of $46,802,691 on
Inland Steel Co. (&
Subs.)—Earnings—
Assets—Utility plant, $860,405; cash, $40,712; accounts receivable,
$23,653; receivables from associated companies, $4,8(5; appliances on
rental, $1,807; materials and supplies, $20,275; prepayments, $1,825;
deferred debits, $2,639; total, $956,121.
Liabilities—Common stock ($100 par), $200,000; 1st mtge. bonds, 5%^
due 1962, $291,000; accounts payable, $9,830; customers' deposits, $13,782;
taxes accrued, $4,725; interest accrued, $6,855; reserves, $2(4,963; contribu¬
tions in aid of construction, $10,247; earned surplus, $214,720; total, $956,121.—V.
9 Months
3 Months
Balance Sheet Sept. 30, 1940
Period—
Mar. 31 '40 June 30, '40 Sept. 30 '40
Net income after deduct¬
ing admin.
the books
151, p. 703.
Before retirement reserve accruals.
a
1,639
'
$6,426
8,000
Other income charges.
4,066
120,475
Making total resources of
$39,297,824
Against which the company had liabilities of management fee
payable Oc*. 1, 1940
49,010
Accts. pay. for repurchase of treasury capital stock trust ctfs.
9 581
_
Gross income.
Interest
$4,136,918
841,250
34,193,475
had cash
company
From sale of treasury capital stock trust certificates
Dividends receivable
$38,281
$21,888
14,550
Gross income
Retirement
30,1940, the
Investments at market quotations—Railroad bonds
Common and preferred stocks
Accounts receivable—From sale of investment securities
x
Maintenance
a
$733,569
102,970
$363,437
87,388
Net income per share on
aver, number of shares
8.335
1,564,973
$368,288
90,619
2,855,093
outstanding
$3,007,996
6,973
1.584,094
457,674
231,681
4,125
1940
Gross operating revenue $3,019,003
Gross non-oper revenue.
Net earnings
■Earnings—
(& Subs.)-
1937
1938
1939
1940
$423,942
76,185
Net income
Aver, number of shares
Hackensack Water Co.
Interest charges
Retirement
Hupp Motor Car Corp.—Meeting Again Adjourned—
This corporation, which on Oct. 29 sought Federal court sanction to
reorganize under Chandler Act proceedings, has adjourned its annual meet¬
ing of stockholders to Nov. 20.
The meeting, scheduled for Oct. 30 in
Co.-—Earnings—
12 Months Ended Sept. 30—j
Operating
2801
Sept. 30, '40
and all
exp.
charges for repairs and
Interest
387,750
1,455,522
1,637,334
x736,500
1,755,225
x664,887
1,877,623
xl,161,964
5,270,182
y3,527,186
$3,059,844
bonds
on
,346,155 $20,141,374
$5,879,678 $5,915,540
446,000
621,772
maintenance
$2,873,655
$4,918,818
$9,888,484
Deprec. of plants and
depletion of minerals.
Est. normal Fed. taxes.
151, p. 1722.
Net earnings
Halle Bros. Co.—New Directors—
directors of the
company to succeed Harrison B. McGraw, resigned, and William Weisenberg, deceased.—V. 151, p. 1898.
J. Henry Dippel and Albert E. Jacques have been elected
$6.07
""5.43
Earned per share.
$1.76
$1.88
x At rates in effect prior to the Second Revenue
y Includes
Act of 1940
$963,834 additional estimated normal Federal taxes on account of new
rates under the Second Revenue Act of 1940 and provision for excess profits
tax.
Hathaway Bakeries, Inc.—Earnings—
Weeks
—12
$100,945
Profit
Before provision for Federal
x
Weeks
$51,152
Negotiates $7,000,000 Loan—
Ended
Oct. 5, 1940 Oct. 7, 1939 Oct. 5, 1940 Oct. 7.
Period—
x
—40
Ended
1939
$82,864
$211,569
The company recently sold $7,000,000 of ifve-year IH% serial
two banks and will call that amount or more of its series O and E
During the 40-week period ended Oct. 5, 1940, obsolete plant facilities
into account
Currently outstanding are $6,000,000 of series C
Bonds Called—
Heywood-Wakefield Co. fSc Sub.)—Eal. Sheet Sept. 30—
$240,229
$141,888
recelvablell,430,878
1,482,081
Cash
...
b Accts.
b Notes
2,068,945
1,941,279
86,975
57,402
Mlscell. investm'ts
a
Plants & equlp't.
Pats, and goodwill
Deferred charges.
-
8469,849
3,909,558
3,857,087
1
103,063
1
132,855
8364,769
150,000
400,000
147,178
139,736
577,500
Accrued
586,200
5% 10-yr. deb. bds
Capital stock:
Series A 1st pref.
6,300
a
Less
reserve
151,
p.
3,487,000
1,500,000
1,161,058
b Less reserve.
the nine months ended Sept. 30 was published in V
for depreciation,
2499.
Directors
paid
on
Loss
on
Loss
on
30—
earnings
Exp. and ordinary taxes
Dec. 1, 1939.—V. 151, p. 988.
on
478
paid
2,545,742
3,161,687
$2,492,725
15.052
32,138
$2,353,312
46,045
$647,225
$2,524,863
$2,399,357
179,224
372,117
4,425
618,030
1,184,644
84,450
540,072
1,158,692
81,625
$63,130
$91,459
Including $194,400, 100% stock dividend.
Note—Provision for depreciation, included above,
in 1940 and $15,209 in 1939.
Nil
$637,739
$0.21
$618,967
Nil
Net profit.
Illinois Bell
Telephone Co.—Earnings—
Operating revenues
Uncollectible oper. rev.
Operating revenues.
Operating expenses—
$8,030,216
5,4U0,902
30—
Net oper. revenues..
Operating taxes
$7,651,440 $71,940,277 $67,896,670
5,055,194
48,373,893
45,771,862
$2,629,314
1,729,005
$2,596,246 $23,566,384 $22,124,808
1,263,012
12,497,533
11,178,009
$900,309
762,726
$1,333,234 $11,068,851 $10,946,799
1,208,759
9,846.158
9,670.371
Net oper. income.
Net income
—V.
surplus (deficit),
151, p. 2500.
$414,126; capital surplus, $135,294;
$24,944; total, $597,492.— V. 150, p. 3829.
earned
International Shoe Co.—Government Contract—
Company recently received a contract totaling $1,688,900 to manufacture
620,000 pairs of service shoes for the U. S. Government.—V. 151, p. 106.
Interchemical Corp. (& Subs.)—Earnings—
(Formerly International Printing Ink
30, 1940 follows:
1940—Month—1939
1940—9 Mos.—1939
$8,053,118
$7,674,950 $72,144,183 $67,113,163
22.892
23,510
203,906
216,493
Peiiod End. Sept.
amounted to $18,250
$5,675; common stock (par $1),
$0.20
Gross earnings
from operations, $6,968,280; operating and general expenses, including taxes
(other than Federal income taxes), $3,583,113; income from operations,
$3,385,167; other income, $39,561; amount available for interest, deprecia¬
tion and depletion. $3,424,727; interest on bonds and notes, $405,068:
amortization of debt discount and expense, $28,961; depreciation and
depletion, $1,537,853; property retired and abandoned, $341,208; Federal
ncome taxes (estimated), $82,336; net profit, $1,029,302.—V. 151, p. 848.
Earnings for the 12 months ended Sept.
$79,030 prof$39,977
233,280
Common stock dividend
and equipment (less reserves for depreciation of $81,560), $168,439: patents,
trademarks and goodwill, $1; deferred charges, $30,650; total, $597,492.
Liabilities—Accounts
payable,
$67,340; accrued capital stock
tax.
965,373
$632,173
183,355
397,200
12,800
Earns, per sh. on com..
-
7,614
of contract
Net loss—
int.,
Deprec. and depletion..
Fed. income tax (est.)..
*
Consolidated Balance Sheet July 31, 1940
$656,485
Abandoned leases,
amortization, &c
995
9,829
income
Assets—Cash, $134,933; trade accounts receivable (less reserve), $113,983;
inventories (less reserve), $140,501; other assets, $8,984; property, plant
731,565
Other income
51,405
disposal of obsolete materials
or abandonment of equipment
1940—9 Mos—1939
$5,038,467 $5,514,999
$649,274
7,211
Operating income
17,494
12,068
x
Texas—Earnings—
1940—3 Mos—1939
$1,380,838
$1,597,546
$83,005 prof$84,712
-
sale
Federal taxes
x
364,139
7,678
$70,937prof$102,206
[Including Houston Pipe Line Co.]
Period End. Sept.
Gross
1,496,203
Gross loss
have declared a dividend of 60 cents per share on the $1.80
Houston Oil Co. of
.V
Operating loss
Provision for uncollected balance
cumulative participating class A stock, no par value, payable Dec. 2 to
holders of record Nov. 12.
Dividend of 10 cents was paid on Sept. 3, last;
and one of 15 cents was
$1,945,054
1,039,416
371,246
Interest, cash discounts and sundry income
Interest
(Henry) Holt & Co., Inc.—Class A Dividend—
1939
1940
$1,335,335
sales
sold
Selling, administrative and general expenses——
Provision for doubtful accounts and notes
$7,787,178 $7,645,064
Total
Inc. (& Subs.)—Earnings—
for Years Ended July 31
Cost of goods
(par 8100)
The earnings for
Consolidated Earnings
Net
3,487,000
(par $25)
Com. (par $25). 1,500.000
1,455,652
Surplus
$7,787,178 $7,645,0641
International Industries,
payrolls,
taxes, &c
Series B 1st pref.
Total
A total of $3,000,000 first mortgage 3% bonds, series E due Jan. 15,1952
been called for redemption on Jan. 15 at 103 and accrued interest.
Payment will be made at the First National Bank of Chicago, Chicago, 111.
and at the Guaranty Trust Co. of New York.—V. 151, p. 2648.
has
payable for
bank loans
receivable/
Inventories
Accounts payable.
Notes
1939
1940
Liabilities—
1939
1940
and $9,700,000 of series
E bonds.
were disposed of at a gain of $5,335.10, which was not taken
In arriving at the 1940 profit figures.—V. 151, p. 988.
;
Assets—
notes to
3% first
mortgage bonds.
income taxes.
9 Mos. End. Sept. 30—
Sales
-
Costs and expenses
14,148,348
$1,107,787
_
Profit
$1,359,666
Crl8,211
77,096
$439,865
68,867
$1,463,592
266,457
$1,125,997
x 343,900
-
Federal taxes
$1,282,571
260,550
$370,998
98,100
$1,197,135
$1,022,020
a391,845
Ibl 15,84/
$272,898
298,997
$961,685
301,126
433,237
$782,097
Net profit
Preferred dividends
y390,984
Common dividends
z464,511
Deficit
1???
$15,611,940
Operating profit
Other deductions (net)
.
UliiUgO per share
Earnings pw ouai rn mmmm.
x
Corp.]
1940
1939
1938o
$18,183,756 $17,123,108 $13,856,347
17,075,969
15,763,442
13,416,482
$73,398 sur$514,329
$1.68
$2.51
Includes the additional tax
$26,099 sur$227,322
Nil
$2.28
Includes $97,731 payable Nov
1. 1940. z Includes
Nov. 1, 1940.
® Includes
$97,761 payable Nov. 1,
^^ote^R*ovision
.
imposed by the Second Revenue
y
for depreciation: $412,285
$401,042 in 1938 and $347,716 in 1937.
235,450
Act of 1940.
$116,128 payab e
1939. b Payable
in 1940, $409,775 in 1939,
The Commercial & Financial Chronicle
2802
1939
1940
Assets—
1940
Liabilities—
%
S
Accounts
Cash in banks and
Sinking
Notes <fe accts.rec
2,029,090
2,807,141
Mdse. inventory..
5,477,973
Customers'
Invest. 6c advances
849,560
4,754,199
883,808
a
b Land,
fund
$
109,108
Accrd. int. payable
174,955
Accrued taxes
111,513
297,767
....
382,133
213,859
488,088
2,050,000
163,423
2,250*666
6,515,400
2,896,180
947,250
cum.
$105,838
$1,496,960
3,151
3,652
37.694
45,300
$114,172
43,308
$109,490
58,520
$1,534,655
679,127
$1,485,642
702.234
12,500
13,253
12,553
8,385
150,225
95,798
13,365
150,724
94.092
28,604
$30,032
$596,140
$509,987
•
274,972
Common stock..
1,655.099
Less reserve of $266,028 ($335,413 in
1939) for doubtful accounts and
outstanding drums,
b After reserves for depreciation of $4,314,991 in 1940
and $3,931,285 in 1939.
c Represented by 290,320 (289,618 in 1939)
no par shares.—V. 151, p. 989.
a
.
on
other funded debt
Provision
....
...
Net income..
$45,112
—
a For legal fees and other expenses in connection with plan of recapital¬
ization, and other special charges.—V. 151, p. 2353.
Kansas
City Power & Light Co.—Earnings—
Period End.
Gross
a
1940—Month—1939
1940—12 Mos.—1939
$1,362,893
$1,384,274 $16,744,304 $16,247,661
655,344
656,391
7.993,731
7,812,347
Sept. 30—
(all sources)
earns,
Operating
expenses
$707,549
119,557
8,540
180,640
1938
$454
99,268
Amort,
of
limited
$8,435,315
1,428,596
102,479
2,145,453
2,164,660
1,355
16,376
18,524
5,248
71,485
66,580
1,202,826
64,284
848,959
$282,012
$347,448
$3,787,140
$3,807,812
$0.50
Depreciation
$3,863
63,948
1939
1940
$3,750
129,216
$8,750,573
1,429,719
102,489
5,426
109,814
Amort, of disct. & prem.
$727,883
118,234
8,540
175,573
1,560
Net earnings
Interest charges.......
Investment Co. of America—Earnings9 Months Ended Sept. 30—
Interest on investments in bonds.
Dividends from investments in stocks
Int
Amort. & other deduct's
.17,233,850 17,050.364
Total
17,233,850 17,050,364
$0.62
$6.76
term
„
investments/
Miscell. deductions
Total..
Administrative and research
Custodianship, legal & agency fees..
Fed. cap. stock tax and miscell. taxes
$67,811
5.172
5,855
13,102
on
$31,871
$16,380
3,959
73,862
Profit for the period
Cash dividends declared
Interest
346
xii".366
~l",366
"**617
6,531
:
8,000
$77,098
158,875
.......
Cash In banks
$189,888
$759,494
1,509
2,280
Acc'ts
Cash in closed De¬
receivable..
Dlvs.
unpaid
17.225
note
accrued Int.
38,325
4,263,675
Investrn'ts at costIn
4,263,889
67,908
44,498
Directors have declared
share
non-operating
income
1939
^
_
$194,157
61,860
38,633
(net).—V.
—V.
697
11,963
1,300
6,531
Reserve for Federal
20,000
—V.
2,123,770
475.482
stock...
Earned surplus...
Nov. 11 to holders of record Nov. 4.
1,870,369
1,841,109
1940—Mordhr-1939
Period End. Oct. 31—
1940—10 A/ox.—1939
$13,488,293 $12,662,575 $117619,587 $113762,423
Sales.
1,287
y210,114
Capital surplus... 2,365,772
Common
initial semi-annual dividend of 20 cents per
151, p. 990.
(S. S.) Kresge Co.—Sales —
5,670
11,998
dlvs.
Res. for conting..
Co.-—Initial Dividend—
an
the common stock, payable
on
63,790
52,618
Acerued taxes
capital
including
and
Knudsen Creamery
500,000
1,406
Income tax
stock of sub
$219,951
a After
depreciation
151, p. 2195.
$32,222
$6,966
payable
unclaimed
43,250
1940
,
balance for interest
13,528 Acc'ts payable and
rec.
...
Invest.
purchased
Dividend payable.
Acc'ts rec. for sec.
sold.
1939
Note pay, to bank
Accrued Interest on
on
stks. ex-dtv. and
Key West Electric Co.—Earnings—
'
12 Months Ended Sept. 30—
Operating revenues
payable for
secur,
troit banks
Dlvs.
of the First National
Balance for dividends and surplus-
1940
Liabilities—
1939
1940
Stores, Inc.—Transfer Agent—
has notified the New York Stock Exchange of the appoint¬
Bank of Jersey City as a co-transfer agent of
its common stock and its 5% cumulative preference stock, effective Nov. 1,
1940 —V. 151, p. 2353.
a
Balance Sheet Sept. 30
Assets—
Kaufmann Department
ment
197
$87,896 loss$290,938
154,198
161,283
payable to bank.
on note
$6.80
Revenue
Company
2,176
...
profit—..
Note—1940 net income adjusted to reflect the provisions of the
Act of 1940.—-V, 151, p. 2048.
loss298,504
basis of cost
to this company, "first in, first out"
Profit from liquidation of Investment
Research Corp
Interest on bank loan, &c
Prov. for conting. and asserted tax
deficiencies for prior years (net)
Provision for Federal income tax
Net
Earns, per share common
after income tax
$72,608
Profit from sale of sees,
Fed. & State inc. taxes..
32,474
12,288
18,257
^3,137
_ .
Balance
x
$99,721
32,134
$132,966
31,752
9,558
12,911
........
Exps. relating to registrations, &c.
$1,440,341
pref. stk.
($100 par)
c
a
32.000
$111,021
6,517,400
2,903,200
941,709
Capital surplus...
Earned surplus... 2,141,361
0<%
352,848
80.000
Reserves....
Total
v
Res.for Fed.Inc.&
cap. stock taxes.
346,140 Other liabilities...
448,247
40,000
Net oper. earnings...
Other income......—
Prov. for retirements
213,608
Sinking fund debs.
Unexp. Ins., prepd.
cxp., aupp., <fcc.
1940—12 Mos.—1939
$4,361,055
$4,173,834
2,449,594
2.363,493
414,500
370,000
Total net earnings
Int. oh mtge. bonds
7,249
118,969
159,660
309,175
Divs. payable
Delaware—Earnings—
1940—Month—1939
$357,643
$337,758
206,621
199,920
Oper. exp.,maint.& taxes
Other curr. llabils.
5,932,220
1940
9.
1939, dividends aggregating
share were distributed.—V. 151, p. 1725.
Per
200,000
200,000
82,399
6,563
depos.
For the year
1940.
30,
Period End. Aug. 31—
Gross operating earnings
re-
ouirements curr.
Nov,
Iowa Southern Utilities Co. of
1,038,846
779,246
Accrd. pay. & com
buildings,
machry. & equip 6,017,546
Devel., exps., for¬
mulae,patents &
V goodwill
448,818
S1.12H
1939
:
$
payable.
1,310,993
2,680.710
|ton hand
ends
which
Consolidated Balance Sheet Sept. 30
Nov.
151, p. 2195.
(S. H.) Kress & Co.-—Sales—
Period Ended Oct. 31—
Sales.
1910—10 Mos.—1939
$64,908,594 $62,323,350
1940—Month—1939
$7,514,231
$7,286,371
—V. 151, P. 2195.
Total
$4,515,547
$5,077,5171
Total
$4,515,547 $5,077,517
Authorized, 1,500,000 shs., par $1 each; issued. 216,709 shs., $216,709;
subsequently, 80 shs. (after allowing for stock dividends) in
respect of preferred stock of predecessor company not yet surrendered for
cancellation $80 less held in treasury, 6.675 shs.. $6,675.
Note—Option warrants outstanding and which may be outstanding (upon
completion of conversion of common shares and option warrants of prede¬
cessor) are as follows:
Option warrants to purchase 137,827 common
shares of the capital stock of this corporation at $115 per share, the option
being exercisable at any time without limit.
Option warrants to purchase
279,848 common shares of the capital stock of this corporation at $155
per share, the options being exercisable on or before Dec. 31, 1942.—
V. 151, p. 703.
Laclede Gas Light Co.— Earnings
—
y
to be issued
Iowa Public Service
1939
1940
$5,239,985
21,241
Ttoal gross earnings
Operation
....
Maintenance
Provision for depreciation.
.....
General taxes
....
Federal and State income taxes
....
$5,261,226
2,127,285
277,688
640,209
566,874
153,404
$4,829,361
17,658
$4,847,019
1,912,078
260,719
593,961
441,713
93,256
for retirements
Provision
$6,888,539
2,989,975
1939
$6,758,208
3,197,191
317,185
522,895
.
Maintenance
317,611
5(6,728
_
State, local and Federal (incl. income) taxes
854,306
836,168
City of St. Louis—5% gross receipts tax.
City of St, Louis—5% gross receipts license tax...
343,778
!»345
338,747
$1,860,399
Operating income
374,801
Non-operating income
Gross
Co.—Earnings—
12 Months Ended Sept. 30—
Operating revenues
Non-operating revenues (not)..
1940
12 Months Ended Sept. 30—
Operating revenue.....—
Operating expenses
Interest
$2,235,201
1,945,000
143,563
14,591
5,266
income
funded debt
on
Amortization of debt discount and expense
Taxes
on
bonds and interest
$1,918,258
1,945,002
162,010
16,147
Cr8,160
construction
Miscellaneous deductions
5,277
06,872
12,906
Interest on consumers' deposits, &c
Interest charged to
$1,560,419
357,840
10,869
$122,035 loss$214,174
Net income
Note—Provision has been made in the above statement for possible re¬
the period ended Aug. 31, 1939, arising
order of the Missouri Public Service Commission
Funds equal to the revenues in dispute have been
impounded under a stay order of the Circuit Court and remain subject to
the order of that Court.—V. 151, p. 2C48.
funds to consumers in respect to
out of the rate reduction
Net earnings
Interest on long-term debt
Interest on unfunded debt...
$1,495,767
661,457
27,614
72,082
CV2.438
Amortization of bond discount and expense
Interest charged to construction.
$1,545,293
/826.430
■■■'
12,089
44,384
Cr915
dated Nov. 30,
1934.
Lane Bryant,
Inc.—Sales—
Period End. Oct. 31—
Net income
;
$737,051
$663,306
—V. 151, p. 2195,
—V.
Jamaica Public Service Ltd.
Period End. Sept. 30—
Operating
Operation
revenues.....
39,782
7,051
10,929
35,709
$33,850
Dr 1.332
...
Utility
income:
Other income (net).....
a
oper.
8,482
4.861
1910—12 Mos.—1939
$1,059,399
$997,944
468,940,
96,431/"
424,633
90,142
95,420
67.825
$36,530
$398,608
460
2.088
$415,343
Dr2,234
151,
p.
-
1940—Month—1939
1940—10 Mos.—1939
$1,381,893
$1,361,962 $11,472,117 $11,248,866
2195.
La Salle Industrial Finance
(& Subs.)—Earnings—
1940—Month—1939
$91,612
$85,582
Maintenance
Taxes.
Saies
Corp.—Assets, &c.—
Corporation has total assets of $1,018,660, as of July 31, 1940, of which
$1,009,680 was in current assets. Current liabilities amounted to $671,472.
Total receivables outstanding as of July 31 amounted to $878,369.
Volume
of business in the nine months ended July 31 totaled $2,451,277.—V. 151,
P.
2502.
Lee Rubber & Tire
Corp.—75-Cent Dividend—
Company paid a dividend of 75 cents per share on its common stock,
$5, on Oct. 28 to holders of record Oct. 15.
Like amounts were paid
on Aug.
1 and on Feb. 1. last; cash dividend of $1.25 and stock dividend
of 5% was paid on Oct. 28, 1939; dividend of 75 cents paid on Aug. 1, 1939;
50 cents on Feb. 1, 1939, and $2 per share was distributed on Oct. 26,
1938 —V. 151, p. 108.
par
a
Gross
Retire,
income......
reserve
$32,518
7,500
$36,990
7,500
$400,696
90,000
$413,109
90,000
$25,018
$29,490
$310,696
$323,109
7,115
7,179
86,187
87,349
761
774
9.361
547
Net sales....
89
9,229
12,721
3,901
Cost of sales.
$16,595
accruals_
$21,449
$202,558
$222,498
29,463
21,992
13,152
91,350
30,460
21,992
2,319
87,187
t
P"?'Gross income
Int.
on
debenture stk.—
► J.P.S.Co., Ltd
Amort, of debt discount
Jn and
expense.
..
Other income charges.
_
_
Net income
J.P.S.Co., Ltd.—Preference shares
...
—Preference "B" shares
—Preference "C" shares.
J.P.S. Ltd.—Common shares
a
Before retirement
reserve
Note—The operating companies' figures included in this report have been
converted from £ sterling at the rate of $4.86 2-3 to the £.—V. 151, p. 2195.
Jaeger Machine Co.—Dividend—
a meeting of the Board of Directors held Nov. 4, a dividend of 50 cents
share was declared on the company's common capital stock, payable
makes
a
15.
This distribution
$707,484
281,596
$972,528
322,436
$1,180,893
333,337
$786,734
$989,080
$1,294,964
$1,514,230
943,054
1,005.930
1,086.488
1,065.632
coal.loss5156,319
Ioss$16,850
$208,476
$448,598
20,480
27,218
20,728
$3,629
$235,695
$469,326
per
36,421
50,507
143.286
—
Total gross profit from
coal sold
Sell.,
gen.
1938
1937
1936
$14,677,624 $16,382,223 $17,183,562
13,970.140
15,409,694
16,002,668
& other exp—
$511,679
275,055
Inc. from selling
Other income
Res.
out
of
inc.,
taxes, &c
11.757
.loss5144,562
Fed.
«
35.763
com¬
share paid on March 1, June 1 and Sept. 10 and
total of $1.25 per share paid during the company's fiscal year,
with 25 cents
Gross profit--.—
Yardage & dock, credits.
Gross income
At
Nov. 25 to those stockholders of record Nov.
pares
1939
—.$15,850,989
15.339.309
accruals.
r
per
—
—
Dividends declared:
r.
Lehigh Valley Coal Sales Co.—Earnings —
Years End. Dec. 31—
Net loss....
Dividends
....
$180,324
$32,791prof$185,188prof$326.041
244,980
97,992
235,181
I
Volume
ing for 2H shares of common stock for each 16 shares of common stock
held of record on or about Nov. 29.
Rights to subscribe are to be evidenced
Balance Sheet Dec. 31
1939
Assets—
Notes & accts. rec.
on
50,084
1,552,369
11,000
Rents rec. In adv..
7,499
148,460
rec.,
141,960
Other liabilities.—
41,915
9,492
49,710
11,828
Due to affiliates—
3,920*574
4,410,646
Fed. taxes accrued
Stock owned
Real est.,
11,828
:
Capital stock
insurance
15,456
premiums
8,208
857,546
Capital surplus.—
294,043
Deficit
1,014,325
966,573
Miscell.
199,443
...
*213
8,132
.
unapplied
After
S5,910,910l
-54,271,985
Total...
reserve
150,
in 1938.—V.
54,271,985 $5,910,910
Total
in 1939 and
depreciation of $2,250,557
3664.
for
p.
Lerner Stores
Sales
J
Malcolm
announced
Board.—V. 136, p. 2435.
Hunter, Chairman of the board of directors
D. B.
McVeigh has been elected a member of the
Loft, Inc.—Merger Planned—
Stockholders of this company and of
for their consideration details
of
a plan
Pepsi-Cola Co. received on Nov. 4
to merge the former company into
Special meetings of stockholders of both companies will be
held in Wilmington on Nov. 22.
"
Principal terms of the proposed merger, as outlined by Edward A. LeRoy,
Jr., President of Loft, Inc., and Walter S. Mack, Jr., President of PepsiCola Co., are as follows:
(1) Loft Inc. will merge into Pepsi-Cola Co. and the latter's certificate
of incorporation will be amended to change its par value per share from $5
to $1, and to increase its authorized capital stock from 300,000 to 2,000,000
ShdiFBS •' ''1
'■ ,'Y'
,-V
v.;.v„'"; -i
the
latter.
;
(2)
of Loft, Inc., will be con¬
Each of the 1,461,559 publicly-held shares
verted into one share of new stock of
Pepsi-Cola Co.
(3) Each of the 53,840 shares of present stock of Pepsi-Cola Co, now held
by its minority stockholders will be converted into 8.4 shares of new stock
of Pepsi-Cola Co.
Scrip certificates will be issued for fractional shares of
.7.
stock.
new
(4) The present minority stockholders of Pepsi-Cola Co. will also receive
adjustment certificates entitling them to compensating payments in the
event that the new Pepsi-Cola Co. is required to make payments in excess
of $4,000,000 in respect of any contingent liabilities of Loft, Inc.
(5) After the merger, Pepsi-Cola Co. will have outstanding 1,913,815
shares of stock, of which 76.37% will be owned by present Loft, Inc., stock¬
holders and 23.63% will be owned by present Pepsi-Cola minority stock¬
holders.
-7vV;':
of Pepsi-Cola will continue in
directors and officers
The present
(6)
office after the consummation of the merger.
plan states that these conversion ratios
of stock ownership have been determined upon
and resulting percentages
The
by directors of Loft, Inc.,
Pepsi-Cola Co. as those which—giving due consideration to all relative
factors, including such factors as the present respective percentages of
stock ownership in Pepsi-Cola Co., the comparative market positions of the
stock of the two companies, the value of Loft, Inc.'s assets other than its
holdings of Pepsi-Cola Co. stock, and the excess of Loft, Inc.'s liabilities
over it* assets other than its holdings of Pepsi-Cola stock—give fair recog¬
nition to the respective interests of the Loft, Inc., stockholders and the
minority stockholders of Pepsi-Cola Co., and result in a fair allocation
as between them of the stock of Pepsi-Cola Co. to be outstanding on con¬
and
summation of the merger.
It
is
expected that the stock to be outstanding upon consummation o
be listed on the New York Stock Exchange.—V. 151, p. 2502.
the merger will
Lone Star Gas Corp.
Period End. Sept.
30—
Net profit
Shares of com. stock out¬
a
(& Subs.)—Earnings—
1940—12 Mos.—1939
$6,232,721 $5,805,363
1940—9 Mos.—1939
$4,245,893
$3,416,043
5,518,347
$0.77
standing (no par)
Earnings per share
5,518,347
5,522,047
5,522,047
$1.13
$1.05
Federal income
$0.62
depreciation, depletion, interest, amortization,
taxes, minority interest, &c.—V. 151, p. 2196.
a
After
Louisville Gas & Electric Co.
1940
$10,890,684
3,280,412
643,417
1,256,000
1,321,000
1,426
1,428
1,124,231
1,098,474
577,664
966,276
603,267
Maintenance
Appropriation for retirement reserve
Amortization of limited-term investments.
Taxes.
__
Provision for Federal and State income taxes
$4,159,488
237,238
$4,007,532
203,132
$4,396,726
1,030,450
160,227
37,000
CV17.596
23,181
$4,210,664
1,030,450
160,227
54,612
250,000
37,000
Cr5,594
25,599
.'$2,902,838
Net operating
Other income
$2,658 369
income..,_-i.i_C.wi
Gross income
Interest on funded debt—
1...
Amortization of debt discount and expense
Other interest
c)
Amortiz. of flood and rehabilitation expense
Amort, of
1939
$11,852,954
3,703,020
Operating revenues
Operation
10,626
250,000
contractual capital expenditures.—,
construction
Miscellaneous deductions
Interest charged to
....
Net income
Earned surplus,
1,249,472
beginning of period
Adjustment of reserve for doubtful accounts
Adjustment of taxes, prior years
Insurance refund and interest applicable to
years
1,127,505
56,000
17,000
prior
22,132
—
Dividend received on
deposit in closed bank pre¬
previously charged or credited direct to
surplus transferred to contingency reserve in a
net amount of. _■
—
_
.
deficiencies and interest
and fuel stock inventories.
& Robbins,
$4,152,310
1,595,000
1,051,943
Exchange of Stock
$1,249,472
/
Corporation on Nov. 7 filed with the Securities and Exchange Commission
a statement covering an issue of 60,000 shares of 5% cumulative ($100 par)
preferred stock, 150,0000 shares of common stock ($1 par) and warrants to
purchase the common stock which will be attached to the preferred.
The new preferred stock will be initially offered to holders of the com¬
pany's common stock in
units of one share of preferred and a warrant cal'5
v%:
7 : 7
The new capitalization would consist of an authorization of a possible
$14,400,000 of new 15-year 3H% sinking fund debentures, against which
$11,900,000 would be issued: an authorized $10,000,000 of 5% preferred
stock ($100 par), against which about $5,900,000 would be issued, and an
authorized 2,000,000 shares of common stock ($20 par), against which
approximately 1,515,149 shares would be issued.
Amendments or other plans may be submitted at the hearing on Dec. 20.
After the hearing the Securities and Exchange Commission will make a study
of ail plans which the court finds worth consideration and return an advisory
report.
After this another hearing will be held before the court on the
fairness and feasibility of the plans before they are submitted to creditors
and stockholders for acceptance.
Under the Chandler Act such a plan may
be confirmed by creditors holding two-thirds of the claims filed and allowed
in each class and by stockholders holding a majority of the stock in each
class.
:v '-7
V.
''7V:;:
;
'.:;Other Features of Plan
,
Other
Wardall
of the reorganization plan were
features
as
summarized by Mr
follows:
would retain all its property and continue its drug and
liquor wholesaling, drug manufacturing and other business activities.
"Interest would be paid in cash at the rate of 5H % on the old debentures,
5% on $670,752 of notes, 3% on bank debt and legal interest on all other
debt.
Interest would accrue to the date of distribution.
"The board of directors would consist of not more than 17 members who
would hold office until the first annual meeting of stockholders following
consummation of the plan.
10 of these directors would be J. S. Bedsole,
George V. Doerr, T. O. Duff, Henry D. Faxon, B. B. Gilmer, Leo A.
Lanigan, C. F. Michaels, W. J. Murray Jr., A. H. Van Gorder and McKay
Van Fleet.
These men are executive officers and directors of the company
and have been acting as executive assistants to the trustee.
"If there is no underwriting or sale of new securities, one additional
director would be selected by the protective committee representing the
debentures and one additional director would be selected by the banks
holding the bank debt.
"One additional director would be selected by each of the committees
"The company
to fill
old common stockholders. Other directors
remaining vacancies would be nominated by any creditor or stock¬
underwriting or sale of new securities, in which
nominations would only be made by stockholders or their represen¬
holder, unless there is an
event
tatives."
\'r\
■
Average of
Actual Earnings
includes the following table, based on an
average of 1940 estimated and 1939 actual earnings:
Prospective earnings before interest and taxes
— $5,025,317
The
plan of reorganization
Interest on new debentures
—
416,500
"$4,609,817
1,150,000
Federal taxes
"Provision for estimated
$3,459,817
295,000
Dividends on new preferred stock....
Earnings for new common stock
$3,164,817
the principal amount of which is
"The plan makes provision fdr all debt,
estimated at $29,911,756, and for the outstanding
stock, which now con¬
shares of preference stock and 1,282,983 shares of common
stock," the trustee said.
"The $28,161,756 of deferred liabilities shown on the consolidated balance
sheet as at June 30, 1940, and $1,750,000 of estimated additional liability
from claims not reflected on the consolidated balance sheet represents the
estimated $29,911,756 in principal amount of debt referred to above, for
sists of 605,964
provision."—V. 151, p. 2650.
which the plan makes
*
McLellan Stores
Mack
2196.
Trucks, Inc.—Earnings—
Period End.
Net
Sept. 30—
profit
Earns, per sh. on cap. stk
x
After
Co.—Sales—
1940— Month—1939
1940—9 Mos.—1939
$1,998,169
$1,883,823 $15,992,773 $15,490,277
Period End. Oct. 31—
depreciation
1940—3 Mos.—1939
1940—9 Mos.—1939 _
y$353,559
$82,443 y$l,167,855
$245,191
$0.59
$0.14
$1.95
$0.41
and Federal taxes,
y After
adjusted to the new rate but
deducting estimated
before excess profits
tax.—V. 151. p. 2355.
(R. H.) Macy & Co.—To Open
2,419
Issue Filed—
■
share of new common.
Federal income taxes
—V. 151, p. 2049.
McCrory Stores Corp.— Stock
;
and the old common stock would
1,515,149 shares of new common stock.
Based on the trustee's
estimate that the company is now earning $5,025,317 before interest and
Federal taxes, this new common stock would have earnings of $2.09 a share.
The old preference stock is entitled to $50 a share and accrued dividends.
Holders would therefore get the value of their interest in the equity, re¬
presented by two shares of new common for each share of old preference
stock. Holders of old common would receive for each share held one-quarter
x
11,643
21,883
$1,564,826
Inc.—Reorganization Plan—
Holders of the old preference stock
Arrangements
Earned surplus, end of period..—.—.—
'
-av:
receive
18,640
applicable to prior
Miscellaneous deductions
>:7;v;V-:7-.7vVl
to be paid off in cash, new debentures and
preferred stock under a plan submitted Nov. 7, in the Federal District
Court by William J. Wardall, trustee, Judge Alfred C. Coxe set Dec. 20 as
the date for a hearing on claims filed by Dec. 14.
The company's estimated 1940 profits are at record levels.
The trustee
proposes to recapitalize the total debt of about $29,911,756, including
$15,725,000 of 6H% convertible debentures, by paying it off 40% or more
in cash, 40% in new 15-year
sinking fund debentures and 20% or
less in new 5% cumulative preferred stock. The trustee plans to make public
offerings of the new debentures and preferred stock, so that larger pro¬
portions of cash may be paid.
;
This part of the plan would reduce the senior capitalization of the com¬
pany from $46,023,200 (not counting $14,186,000 of merchandise debt)
to an estimated $17,800,000, comprising
11,900,000 of new debentures and
$5,900,000 of new preferred. Interest, sinking fund and preferred dividends
would require $1,187,500 instead of $3,498,000.
.'■ -i-7 ';:
$3,929,941
years
Adjustment of gas
7;:
The debts of the company are
—V. 151, p.
1,595,000
990,064
C
capital stock—cash:
Common
Tax
1940— Month—1939
1940—10 Mos.—1939
$3,767,735
$3,430,695 $34,122,507 $31,916,527
Sales
Sales
Items
Dividends on
Preferred. .—-
'/Vx;,,:,:
'
—V. 151, p. 2196.
30,295
viously written-off
Total..
purchase warrants at¬
representing old preference and
(Ky.) (& Subs, )—Earns.
Years Ended Sept. 30—
statement.
will consider creating
October Sales—
McKesson
(Frederick) Loeser & Co., Inc.— New Director■—
C: S.
tached.
2196.
2650.
p.
by amendment to the registration
Period End. Oct. 31—
1940—Month—1939
1940—9 Mos.—1939
$3,555,792
$3,215,085 $29,812,029 $28,305,257
Lockhart Power Co.—Bonds Called—
All of the outstanding first mortgage AlA% sinking fund bonds due
Dec. 1, 1955 have been called for redemption on Dec. 2 at 102 and accrued
interest.
Payment will be made at the Guaranty Trust Co. of N. Y.—V.
151,
be ^furnished
Stockholders at a special meeting on Nov. 25
$6,000,000 5% preferred stock with common stock
$2,213,769
Corp.—Sales—
Period Ended Oct. 31—
—v. 151, p.
by transferable subscription certificates.
The warrants are exercisable on
or before Dec. 1, 1945.
Any of the stock not subscribed for by the common stockholders will be
offered publicly through underwriters.
Merrill Lynch, E. A. Pierce &
Cassatt and Kidder Peabody & Co. will be the principal underwriters.
The net proceeds will be used to redeem 50,000 shares of outstanding
6% cumulative convertible preferred stock at $110 a share plus dividends
to Feb. 1, 1941.
Any remaining proceeds will be added to the company's
working capital.
The new preferred stock is redeemable at the option of the company in
whole or in part on at least 30 days' notice at $110 a share on or before
Oct. 31, 1945, at $107.50 a share thereafter and including Oct. 31, 1950,
and at $105 a share thereafter, plus dividends in each case.
The price at which the new preferred stock will be offered and at which
the warrants are exercisable and the underwriting discounts or commissions
are to
17,129
20,295
suspense items
x
v
bldgs.,
&c_
Prepaid
49,593
1,288
accrued
222,375
and
not
accts.
current
x
51,299
7,969
State & local taxes
57,375
Inv.ln Burns Bros.
adva.
221,632
Accrued Interest..
10,816
Supplies
Notes,
146" ill
Audited accts. pay.
816,531
hand
300,000
bank-
72,180
Due from affil.cos.
Coal
pay.,
$3,008
S2.017
Wages, payable.._
1,705,045 Note
1,358,849
1938
1939
Liabilities—
1938
S793.622 $1,176,664
Cash
2803
The Commercial & Financial Chronicle
151
New Store—
have been completed by
this company for the opening
coordinated resi¬
in the Bronx,
30.
opening of other
branches in the Metropolitan area.
Parkchester is virtually a city within
itself, and this led to the Macy decision to open a store there, he said.
The new branch will occupy approximately 100,000 square feet on two
floors of two buildings on Metropolitan Ave., and will be stocked with
selections from the parent store.
The merchandise policy will be that
early next spring of a branch store in Parkchester, large
dential community of the Metropolitan Life Insurance Co.
Jack I. Straus, President of
This decision, Mr. Straus
pursued by the parent
Macy's, announced on Oct.
added, does not presage the
organization.
The Commercial & Financial Chronicle
2804
"Within the area of the lower eastern section of Westchester County
and the upper eastern section of the Bronx," Mr. Straus said, "there are
approximately one million residents who, it is hoped, may find the new store
an accommodating convenience as an adjunct or the world's biggest store."
—V. 151, p. 1900.
Oil Exploration
Maracaibo
Period. End.
Balance
$7,431
4,125
$3,630
0,767
$20,985
6.806
$8,494
9,208
$11,556
$10,397
$27,792
$17,701
.........
Other income....
Total
...
.......
Depr., deplet., dry holes,
leases forfeited, &c—
Net
—V.
1940—9 Mos.—1939
$40,892
$29,036
19,906
20,543
4,397
3,984
14,777
16,062
$ 6,413
$13,014
$1,639
151, p. 991.
Market Street
Ry.—Earnings—
$6,171,006
4,397.424
$6,439,439
718,653
500,000
__417,000
$137^929
...
5,681
4,560,886
728,950
500.000
411,000
$238,603
7,971
$143,610
291,415
16,634
74,091
2,649
funded debt
...
$246,574
$241,178
Gross income
Amortization of debt discount and expense
Other interest—
Net income
...
$211,214
20,752
100,441
3,515
To
$0.32
$0.24
$0.54
$0.90
Pay Draftees —
Company has notified its male employees of military age that any
employee who enters military service for one year by draft, voluntary
enlistment or by call to national guard or other organized reserve duty, will
be carried on a year's leave of absence.
One month's additional pay com¬
puted on the same basis as vacation pay, will be given each such employee.
Those enrolled under the company's life insurance and hospitalization plans
will have cost of such coverage assumed by the company.
Employees will
retain discount privileges at the store, and will be reinstated upon applica¬
tion within 40 days after completion of training.—V. 151, p. 851.
(Glenn L.) Martin Co.—Government Contract—build
Massachusetts Investors Trust—Earnings—
Prov. for
1939
$1,106,115
118,810
115,676
possible prior
year
$1,127,819
$990,438
inc. tax..
.
x
Net income credited to principal.
x
1938
$906,293
108,000
6,289
Exclusive of gains or losses on securities.
25 cents per share in addi¬
quarterly dividend of 50 cents per share on the common
Missouri Edison
Co.—Earnings—
stock
Operating revenues
Oper. expenses & taxes..
_
per
...
....
Gross income-
.
Net income
Pref. stock dividends.—
....
8,747
.$106,625,555
7
.
1,101,044
18,181
81,367
38,546
674
Accounts payable for purchase of securities
Accounts payable for repurchase of shares
Other accounts payable and accrued expenses
Total—.
$81,666
39,856
$87,361
41,546
$12,538
3,216
$41,809
12,866
$45,815
12,866
$28,943
$32,949
periods has been
computed in accordnace with the requirements of the Second Revenue Act
.—
$1,239,812
Net assets (represented by 5,796,694 shares of $1 par each),
based on carrying securities at market quotations
$105,385,742
—V. 151, p. 1901.
151,
p.
706.
Michigan Bell Telephone Co* —Earnings—
Operating
revenues
Uncollectible
—
oper. rev..
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes..
Operating
expenses.—
2,321,608
$3,648,665 $35,134,427 $32,133,788
2,182,407
2,923,194
$1,655,305
947.017
...
—
.
19,705,927
$1,466,258 $14,211,223 $12,427,861
521,747
5,680,287
4,550,312
$708,288
696,865
$944,511
897,167
$8,530,946
8.372,441
$108,530
57,102
$51,427
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.
$73,158
151, p. 1901.
Missouri Pacific RR.—Abandonment—
The
Interstate Commerce Commission
permitting
on
17 issued a certificate
portions of a
Oct.
abandonment by the trustee of the
company of
$7,877,549
7,389,486
—V. 151, P. 2197.
Granby,
approximately 14.7 miles, and (2) from Duenweg Junction to end of track
at Duenweg, approximately 1 mile, all in Jasper and Newton counties, Mo.
—V. 151, p. 2652.
-
Earnings-
expenses
income.
—
Net inc. for period...
1937
$8,309,971
910,654
$5,570,070
2,311,952
921,767
$4,533,681
180,074
$2,336,350
453,406
$5,167,005
333,092
$4,713,755
185,782
$2,789,756
290,375
543,293
yl,110,611
$3,576,757
..
1938
$8,696,022
3,251,687
$6,084,496
156,919
x2,350,820
Selling & adm. expenses
1939
$5,812,629
271,866
—-
Research
(& Subs.)*
1940
$9,840,190
3,129,161
898,399
9 Mos. End. Sept. 30—
Gross profit----.-..
$3,613,478 : $1,956,088
$4,120,930
914,495
2,407,226
735,740
$5,500,097
268,556
Net income applic. to
35,788
a270,375
43,790
z55,5C6
44,109
z58,685
121,172
$3,811,344
$3,514,181
$1,853,294
$3,999,759
$2.58
$2.56
$1.36
$3.56
Preferred dividends
Net
earns,
common
Earnings
per
avail,
stock
for
share
Includes $750,000 excess profits tax.
y Includes $172,CC0 for surtax on
undistributed net income,
z Provision for dividends on preference shares
of British subsidiary,
a Dividends received from British subsidiary.
Note—Provision for depreciation and obsolescence during the period
x
amounted to $2,292,024.
Consolidated Balance Sheet
Sept. 30 '40 Dec. 31 '39
Sept. 30'40 Dec. 31 '39
Liabilities—
4,736,095
5.364,814
Receiv., less res.. 4,547,526
4,294,805
Chemicals, Ltd.
8,669,384
67,284
8,258,841
Funds appropriated
for property ad¬
Land, bldgs.,
&c_
accruals
2,543,889
3,324,067
90,854
micals, Ltd
Estimated inc. tax 2,623,990
Dlvs. on pref. capi¬
tal stock.
5,075,315
1,906,332
Other assets..
S
$
Accounts pay. and
Due Monsanto Che¬
Due from Monsanto
1,880,557
225,000
A
473,927
469,041
able containers.
17,405,342 15,537,367
Reserves..
ma¬
1,169.878
225,000
—
5,075,315 Deposits for return¬
Min. Int. in Ameri¬
chinery & equip,
Net operating income.
Net income..
$657,676
549,14/
$129,855
56,697
$14,579
$24,270
ditions—
Net oper. revenues
Operating taxes.
$657,500
527,645
$28,814
14,235
$38,432
14,162
Net income
Cash
1940—Month—1939
1940—9 Mos.—1939
;
$3,994,018
$3,660,024 $35,247,710 $32,212,716
13,105
11,359
113,283
78,928
Operating revenues... $3,976,913
1940—12 Mos—1939
1940—3 Mos.—1939
$154,063
$171,018
115,631
142,204
Net oper. income
Interest deductions.
Inventories
£'
-Earnings—
Missouri Gas & Electric Service Co.-
Assets—
Period End. Sept. 30—
$9,322
$6,265
minority interests
.
275
$22,922
10,383
Note—Provision for Federal Income tax in the current
Prov. for income taxes.
..$101,203,315
5,413,493
Account receivable for shares sold—...
Total
Deduction (liabilities):
Distribution payable Oct. 21, 1940...
Reserve for taxes
391
$9,481
3,216
Int. & other deductions-
$81,275
42
$19,356
9,875
—
$22,879
234
Gross income.
—
$87,086
$19,122
Net operating incomeOther income
Other charges———
selling ex-div. receivable after Sept. 30, 1940
books $117,662,706)-....
Cash In banks (demand deposits).
(cost
1940—12 Mos.—1939
$263,893
$279,355
182,619
192,269
1940—3 Mos.—1939
$63,055
$73,153
43,934
50,274
Period End. Sept. 30—•
Other
Securities, at market quotations including $391,255 divs. de¬
on
Similar payments
holders of record Nov. 25.
Sept. 10 and June 10 last.—V. 151. p. 2506.
made on
$792,004
Statement of Net Assets Sept. 30, 1940
clared
periods has been
of the 8econd Revenue Act
Minneapolis-Honeywell Regulator Co.—Extra Div.—
Monsanto Chemical Co.
1940
$1,246,629
Expenses...
256,163
$163,031
branch line of railroad extending (1) from Atlas to end of track at
Company recently received a contract totaling $106,125,396 to
airplanes for the United States Government.—V. 151, p. 2504.
3 Months Ended Sept. 30—
Gross Income...
$154,839
Directors have declared an extra dividend of
of 1940.—V.
Co.—Earnings—
Period End. Sept. 30—
1940—3 Mos.—1939
1940—9 Mos.—1939
Sales & rental income...$21,034,083 $20,201,408 $61,299,833 $57,870,152
Net profit after pro v. for
all Federal taxes
848,974
683,223
2,424,076
1,718,458
Earns, per share on com¬
mon stock
$57,129
$419,194
;
333,080
—V. 151, P. 2355.
Marshall Field &
$410,946
256,107
computed in accordance with the requirements
of 1940.—V. 151, p. 21S7.
Balance...
Net loss
$121,057
63,927
1939
Net operating income
Other income
Other deductions
$117,038
63,864
$414,672
4,523
$407,358
3,588
$.53,174
;
Gross income
were
1940
30—
Operating revenues
Operation
repairs
Appropriation for retirement reserve
Taxes (other than income taxes)
on
151
stock, both payable Dec. 10 to
Maintenance and
Interest
$120,906
87
Int. & other deductions. >
tion to a regular
Years Ended Sept.
,$116,951
Other income (net)
Note—Provision for Federal income tax in the current
$7,159
income
1940—12 Mos.—1939
$1,502,343
$1,435,672
1,094,986
1,021,001
1939
1940—3 Mos
$384,461
$395,151
263,555
278,200
income-
1940
9,
Earnings—
Michigan Ga8"'& Electric^Co.
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes..
Net operating
Corp.—
1940—3 Mos.—1939
$13,915
$9,567
6,484
5,937
Sept. 30—
Operating income
Oper. expenses & taxes.-
Nov.
—45,164,927 40,874,926
1
1
Patents & processes
Deferred charges..
361,983
235,705
can
subs,
396,054
SeriesB--.
—
--
360,266
5,000,000
5,000,000
co
Pref. stock, ser. A.
5,000.000
5,000,000
Common stock (par
Michigan Consolidated Gas Co.- -Earnings—
12 Months Ended Sept. 30—
1940
Operating revenues
$10)
...$23,360,876 $21,296,037
7,698,037
6,400,297
Amortization of gas conversion expenditures...
291,497
305,986
Other operation expense
5,368,383
5,369,650
Maintenance
1,114,156
912,105
Provision for depreciation....
1,454,540
1,113,628
State, local & miscell. Federal taxes
2,468,091
2,474,720
Federal income tax.
i.
700,900
112,665
Gas
.....
purchased for resale......
...
...
....
...
...
$4,466,055
24,775
$4,406,201
Dr4,067
$4,402,134
22.478
260.253
28,446
1,678,464
13,149
259,150
25,772
$2,491,164
120,000
$2,425,598
120,000
$2,371,164
$2,305,598
...
_
...
-
■
W Net income..
Dividends
on
,..
............
preferred stock——
Balance--
.
—
'
Note—.-Federal income taxes
on 1940 earnings are computed under the
The company is of the
opinion that at
Sept. 30, 1940 it had incurred no liability for excess profits tax under this
act.
For the 12 months ended Sept. 30, 1939 the company had the
Second Revenue Act
of 1940.
benefit,
for Federal income taxes, of deductions for discount, premiums. &c.. applic¬
able to bonds refunded during the year 1938.—V. 151, p. 2356.
Michigan Public Service Co.—Initial Common Div.—
Directors have declared an initial dividend of 25 cents per share on
the common stock, payable Dec. 1 to holders of record Nov. 15.—V. 151,
p.
2505.
**
11,181.277
11,368,230
Total..
.70,461,563 66,052,246
Pension Plan
Total...
.70,461,563 66,052.246
—
Stockholders will be asked to vote at
a
special meeting Dec. 20 on
a
...
$4,490,830
1,688,489
....
.......
Gross income.....
Interest on long-term debt.
General interest.
Amortization of debt discount & expense.
Miscellaneous deductions
>
4
12,416,940 12,417,120
...
...
Net operating income
Other income—
— —
Paid-in surplus...11,193,633
Earned surplus—13,092,033
1939
proposed pension
plan covering employees and officers of the company and
its domestic subsidiaries, Edgar M. Queeny, President,
The Monsanto board of directors approved the proposed
recent
said on Oct. 30.
plan at its most
meeting subject to its approval by stockholders.—V. 151, p. 852.
Utilities Co.—Notes Sold Privately—r
through Blyth & Co., Inc., as agent, has sold
privately at par and int. $3,900,000 10-year serial notes to
Equitable Life Assurance Society of the U. S., Northwestern
Mutual Life Insurance Co., National City Bank of New York,
Northwestern National Bank & Trust Co., Minneapolis,
and the Marshall & Ilsley Bank, Milwaukee.
The notes
bear interest rates ranging from 1 lA% to 33^%, according to
maturity.
Notes mature $390,000 per annum, MarchJ.5,
1941-1950, inclusive.
Montana-Dakota
The company,
Proceeds will be used to retire company's $1,812,000 4H% convertible
debentures and $2,100,000 4K% serial promissory notes.
The issue has
been approved
by the Federal Power Commission.—V. 151, p. 2653.
Montgomery Ward &. Co., Inc.—Sales—
Period Ended Oct. 31—
1940—Month—1939
Sales
$56,937,141 $54,944,556
V• 151, p. 2198.
1940—9 Mos.—1939 *
$387050,748 $358050,867
^
Volume
The Commercial &
151
(J. J.) Newberry Co.—Sales—
Co.—Sales—
^G. C.) Murphy
Period Ended Oct. 31—
Sales
1940—Month—1939
1940—10 Mos.—1939
$4,611,824
$4,090,431 $39,439,243 $34,903,068
202
202
Stores in operation
^-.;v^
—V. 151, p. 2198....;
Insurance
Automobile
Sheet
Balance
Co.
England Gas & Electric Association (& Subs.) —
30—
-1940
1939
«
$14,917,009 $14,329,990
Operating expenses
6,481,566
6,389,389
Maintenance
1,102,129
1,133.896
Pro v. for retirement of prop., plant & equipment..
1,376,309
1,218,091
Federal income taxes
767,596
492,461
Other taxes
2,327,091
2.278,805
12 Months Ended Sept.
Total operating revenues
$123,359 Reserve for unpaid
$87,739
Real estate & impr.
1,000
3,884,356
Mortgages
1,006,743
845,554
744.101
33,377
deposit
of adlustm't,
but
$2,636,163 $2,833,934
not due
1,400,124
v;;;
claims in process
1,400
Bonds, stocks.... 4,211,709
Cash on hand and
(pro
Premium res.
31,607
1,830,636
90 days..
1,594,779
615,476
21,048
518,136
21,150
300,000
1,176,180
rata)
Agents'accts .under
300,000
523,568
Other reserves
Reins, accrued, &c
Int. and rents due
and accrued
Capital paid-up...
Surplus
Gross income
............
...........
Subsidiaries Deductions—
Interest
on
$2,946,302
/
Co. (& Subs.)
46,378
$2,784,769
1,915,033
2,013,100
2,402
8,850
183,349
10,497
192,360
$518,822
Balance.........
England Gas & Electric
on long-term debt
$568,813
Assn.—Deductions—
Interest
of exchange)
__z$28,610,425
Operating profit from all sources, incl.
sub. and branches, after deprecia¬
y$29237,317 $32,997,108
1,947,971
469,313
(domestic
and foreign)
2,259,079
1,773,954
455,586
tion and maintenance
Provision for income taxes
'
j
'
_
559,464
$1,492,385 x$l,304,641 $1,699,616
x After
giving effect to a foreign exchange adjustment of $185,691.
Sales exclude German, Austrian and Japanese sales amounting to $5,Net profit
y
123,071.
Sales exclude Algerian,
x
Egyptian, Hungarian,
Netherlands and Spanish.
reports have been received from Germany (including Austria) and
Czechoslovakia, since August, 1939 or from Belgium and France during
No
1940.
Note—Where sales
have been excluded profits have likewise been ex¬
cluded.
Foreign currencies were converted at rates of exchange prevailing
at Sept. 30, 1940 except that the official rates established by the various
units of the British Empire were used in converting the currencies of those
countries.—V. 151, p. 994.
National City
Lines, Inc. (& Subs.)—Earnings—
1938
$4,085,990
3,154,143
454,247
$3,551,589
2,725,105
496,213
14,647
$177,599
11,043
$330,270
7,721
$749,802
Operating income
Operating expenses
Depreciation
505,140
$735,155
bNet operating income
Other income
(3) No income is included above from investment
transportation company.
Earnings of Parent Company Only
,
12
Other
Interest—Securities and
Other
Miscellaneous income
Total income...
Expenses
Interest
on
Net income
45,900
reports electric output
9,957
6,119
kwh., or 3.14% above
taxes is calculated under the last
1940) on the income to date for
1940 and also includes $27,952 additional for taxes for 1938 due to revised
depreciation rates as set by the Treasury Department.—V. 151, p. 2051.
week
Earns, per
$263,856
New York Fire
,
New
has any provision been made for the
National Gas & Electric Corp.
Period End. Sept. 30—
Operating revenues....
income
tirement
after
has
provision
2654.
Note—No
V. 151, p.
National Supply
A total of $100,000
(& Subs.)—Earnings—
1940—12 Mos.—1939
$1,595,348 $1,410,657
re¬
accruals
res.
^
1940—Month—1939
$134,881
$129,939
Net income
26,318
18,448
been made
27,988
302,809
259,266
20,024
208,326
162,151
for Federal excess profits tax.—
Co.—Bonds Called—
Naumkeag Steam Cotton
Co.—75-Cent Dividend—
dividend of 75 cents per share on the common
payable Nov. 18 to holders of record Nov. 9.
This compares with
50 cents paid on July 8 and on Jan. 8, last, 75 cents on Nov. 25, 1938,
50 cents in October, July and April, 1938; $2 on Oct. 7, and on July 1,1937,
and $1 paid on April 26 and Jan. 1, 1937.—V. 151, p. 111.
^
stock
Neiman-Marcus Co.,
The company
Dallas—To Sell Stock—
said to be one of the
nation's outstanding fine specialty
negotiations with a Texas underwriting group com¬
posed of Dallas Rupe & Son and Moss, Moore & Cecil, Inc., for the sale of
a $700,000 5% cumulative preferred stock issue.
The issue will be registered
with the Securities and Exchange Commission and a puolic offering is
contemplated about Dec. 1.
Proceeds will be utilized to retire remaining
portions of a 7% preferred stock issue now outstanding, to expand the
physical facilities of the rapidly growing business, and for general corporate
shops has completed
purposes.
The new stock will be callable at
Preferential rights will be granted to
105 for 10 years, at 103 thereafter.
present stockholders to purchase the
preferred before offering is made to the general public.
Dallas Rupe & Son and Moss, Moore & Cecil, Inc., will purchase
outright —V. 142, p. 1649.
new
Neisner Brothers,
Period Ended Oct. 31—
Sales.
—V. 151, P.
-
-
the issue
Inc.—Sales—-
1940—Month—1939
1940—10 Mos.—1939
$1,920,905 $16,736,728 $16,725,446
$1,964,856
2199
Co,-—Toll Rates Reduced——
below.—V. 150, p. 2889.
Chicago & St. Louis Ry.—Tenders —
Bank & Trust Co., N. Y. City, will until 2 p. m.
receive bids for the sale to it of sufficient first mortgage bonds
1, 1937, extended to Oct. 1, 1947, to exhaust the sum of $100,000
not exceeding 102 and accrued interest.—Y. 151, p. 2508.
due Oct.
at
prices
New York
Shipbuilding Corp,—Tenders—
Co. of Pittsburgh will until Nov. 22 receive bids for
sufficient first mortgage 30-year 5% sinking fund gold bonds
due Nov. 1, 1946, to exhaust the sum of $187,971 at prices not exceeding
102lA and accrued interest.—V. 151, p. 2358.
The Union Trust
the sale to it of
New York
Telephone Co.—Earnings—
30—
1940—Month—1939
1940—9 Mos.—1939
Period End. Sept.
$162« ,157658,883
Operating revenues.._$18,145,933
Operating expenses
11,422,288
$17,689,543 $162167,766 $157141,918
11,290,950 104,832,752 104,179,688
—
$1,723,645
$6,398,593 $57,335,017 $52,962,230
-
4,001,082
Net oper. revenues
Operating taxes
-
2,845,855
"$2,722,563
29,984,163
25,270,769
$3,552,738 $27,350,854 $27,691,461
3,695,716 25,614,692 25,537,949
2.842,570
Net income
1954 has been called
Payment will be
or at the Chemi¬
New York City.—V. 151, p. 2654.
first mortgage 3% % bonds due
Directors have declared a
Telephone Co.,
Net oper. income
for redemption on Dec. 15 at 101 and accrued interest.
made at the Peoples-Pittsburgh Trust Co., Pittsburgh, Pa.
cal Bank & Trust Co.,
Jersey Bell Telephone
The Central Hanover
Nov. 26
2198.
Called—
New York
$0.64
$0.70
from properties formerly
only for the month of
September because the merger became effective on Aug. 31, 1940.
Note—If the net income of Compressed Industrial Gases, Inc., for the
eight months of 1940, prior to the merger, has been included, the con¬
solidated net Income of National Cylinder Gas Co. for the nine months
ended Sept. 30, 1940 would have been $1,119,026 or 84 cents per share on
profits tax.—V. 151, p.
Protection Co.—Bonds
•
$658,797
share on cap.
excess
cubic feet, an increase of 6,965,000
95,883,000 cubic feet in the
2654.
National Bank of the City of New York as successor trustee has
redemption on Nov. 20,1940, at par and accrued interest
to that date bond No. 67 for $1,000 of the First mortgage 4% gold bonds,
due Sept. 1, 1954.
•
Holder of said bond should surrender it with all coupons maturing on and
IVXjtrchi 1
1941
The indenture provides that no further Interest shall accrue upon said
bond from and after Nov. 20, 1940.—V. 151, p. 550.
See New York
stock
$0.25
.28
x The quarter's income includes the earnings
owned by Compressed Industrial Gases, Inc.,
the 1,327,700 shares now outstanding.
In none of these calculations for 1940
or
The Chase
1940—9 Mos.—1939
$856,290
feet,
drawn by lot for
profit after all ch'g's
x$329,6l7
1
at 102,848,000
7.26% above production of
corresponding week a year ago.—V. 151, p.
cubic
Co,—-Earnings—
1940—3 Mos.—1939
$411,486
$190,727
for Federal excess profits
period. Accruals have been adjusted for
effect.
1, New England Gas & Electric Association
of 10,018,322 kwh. This is an increase of 304.921
production of 9,713.401 kwh. for the corresponding
a year ago.
Gas output is reported
Note—The provision for Federal income
revised tax rates (Second Revenue Act of
------
—
week ended Nov.
59,499
37,322
10,497
210,030
included in this statement
Note—No provision is
$337,991
mentioned additional compensation.
and Federal taxes....
2,402
8,850
188,019
and expense.
tax, if any, applicable to the 1940
the 24% normal rate presently in
System Output
21,189
3,596
2,211,349
21,057
4,492
...
71,400
$497,783 ~ S**1 102
$226,473
Earnings per common share.
$1.1 *
1.15
$0.57
a Before provision for additional compensation to officers and employees.
Additional compensation to officers and employees is payable from first
profits after earnings on common stock equals $1 per share.
However,
contingent profits have accrued which have not been included in earnings
for 1940 and which it is estimated will meet the requirements covering above
Period End. Sept. 30—
$2,656,805$2,724,269
53,522
* 76,880
long-term debt
Taxes assumed on interest
Amortization of debt discount
For the
1939
$2,C68,400
78,738
566,505
6,162
4,463
1,966,977
Other taxes..
46,183
W* Net Income
Gross
.........
Federal income taxes..
Cr4
National Cylinder Ga»
1940
$2,275,635
66,988
indebtedness of subs...309,317
4,995
— --—
Dr130
Sept. 30—
of subsidiaries
security investments
$488,642
Amortization of intangibles.
Federal
Monti&Ended
DividendsJ^Securities
44,944
Miscellaneous deductions
in securities of a
'
169,757
Interest
Federal income & excess profits taxes.
Net
Notes—(1) No provision is included in this statement for Federal excess
profits tax, if any, applicable to the 1940 period.
Accruals have been
adjusted for the 24% normal rate presently in effect.
(2) The above statement includes charges of $59,163 for 1940 and $46,786
for 1939 representing amortization of extraordinary expense in connection
with damage caused Dy the 1938 hurricane. The balance of $14,787 will be
amortized over the remaining months of 1940.
Other interest
1939
1940
$5,012, )18
3,771,723
9 Months Ended Sept. 30—
— .—
Net income.
Sales (incl. sales of foreign subs, and
branches converted at current rates
97,712
7,608
Cr23,571
45,360
Cr18,233
Amortization of debt discount and expense
•
1938
1939
1940
9 Months Ended Sept. 30—
-Earnings—
166,989
$2,628,456
construction
Income applic. to com. stock held by the public—
Interest charged to
Taxes assumed on interest
,
National Cash Register
261,521
$3,078,
92,762
6,122
Amortization of debt discount and expense
Other interest
—V. 151, p. 994.
$2,817,347
190,817
long-term debt
Other interest...
New
$6,579,503 $5,791,566
Total
$6,579,503 $5,791,566
Total
income.^*.$2,862,317
(net)
—
83,985
Other income
1939
1940
Liabilities—
1939
1940
Assets—
$4,452,847 $40,979,212 $38,916,891
$4,780,738
151, p. 2199.
Operating
Sept. 30.—
on
—V.
1940—10 Mos.—1939
1940—Month—1939
PeriodlEnd. Oct. 31—
Sales
New
National Acme Co.—Bonds Called—
All of the outstanding first mortgage 4^ % s. f. gold bonds dated Dec. 1,
1927 due Dec. 1, 1946 have been called for redemption on Dec. 1 at 101H
and accrued interest.
Payment will oe made at the Cleveland Trust Co.,
Cleveland, Ohio, and at the Guaranty Trust Co., N. Y. City.—V. 151, P993.
v
V
f
r;
\ r
National
2805
Financial Chronicle
Toll Rates Reduced—
An estimated saving of $850,000 a year to the telephone users of interstate
message toll service in the New York-New Jersey area, effective Dec. 1,
1940, is indicated in revised rate schedules filed with the Federal Com¬
munications Commission on Oct. 30 by the New York Telephone Co. and
the New Jersey Bell Telephone Co.
The new tariffs reduce the charges for
interstate message toll telephone service between points located in New
York, in and around New York City, and points in certain counties in
New Jersey.
The differences in the
.
•
level of rates for interstate message toll telephone
applicable to points 40 miles or less apart in this area have been
the subject of correspondence_and discussion by the Commission with the
companies for some time.
service
October Station Gain
—
in¬
period
Company reported a gain of 5,475 stations during October, against
of 5,985 a year ago, 3,037 in like 1938 month, 6,373 in similar
of 1937 and of 16,403 in comparable period of 1936.
During first 10 months this year the company's cumulative additions
telephones in operation totaled 72,858, against 60,576 in the
last year, 13,626 in similar period of 1938, of 86,888 in
of 1937 and 82,473 in first 10 months of 1936.—V. 151, p. 2656.
creases
or
like period
comparable period
New York Title &
Mortgage
ment—
•
•
Co,-—Trustees to Make Pay¬
.
D. Sasse, trustees of
of the New York Title &
distribution of $102,053
is equivalent to
principal amount and brings the total of principal pay¬
Joseph D. Nunan Jr., Harry V. Hoyt and Frederic
Q guaranteed mortgage certificate issue
Mortgage Co., announced Oct. 31 a forthcoming
in reduction of the principal amount of the issue.
This
series
1% of the original
ments to date to
$1,326,689.
of $175,000 is scheduled for Dec. 30.
A number
of sales have been made recently, the trustees said, adding that they were
An interest distribution
due regard to the present
avoid loss to certificate holders."
making "every effort to push liquidation, with
condition of the real estate market, so as to
—v. 150,p.3834.,
.v;;;v^v^i30—
12 Months Ended Sept.
Operating revenues
.
Operating expenses..—
Net earnings.....——
Other income-
$3,003,159
1,778,499
$3,002,727
1,768,884
$1,225,612
33,982
$1,264,845
765,557
34,833
13,006
13,871
5,000
7,325
$1,253,975
758,653
.......
serial notes
on
28,208
12,276
13,752
1,194
8,658
282
Amortization of debt discount & exp..
Taxes assumed on interest
Interest, parent company...
Other interest
charges...
Interest charged to construction
.....
on
capital stock...
■,:>/
18,879
13,279
5,208
21,904
013,222
513
6,703
17,181
635
12,742
52,027
Miscellaneous deductions
Prov. for Fed. tax
768,810
35,750
xLoss.—V. 151, p. 1151.
6,183
5,982
48,989
Net income.......
35,947
$364,909
$365,546
$347,831
Consolidated Balance Sheet Sept. 30
1940
1939
$
$
Assets—
Total
Funded debt
Plant, property,
equlp't, &C-....28 ,394,759 28,551,343
projects
252,753
609,599
rently.........i.
sub.
to
106,000
] Consum. deps.,Ac.
114,473
not
consolidated
52,247
Mtge. bds.
475,000
...
Accts.
465,000
General
taxes
invest., sp'l
deposit....
3,257
Cash
8,223
582.608
payable
195,391
119,656
1,748
82,889
81,731
Reserves
3,076,172
Contrlb. for exts..
517,151
2,019
Due from affil.cos.
563,773
Unearned revenue.
213,241
105,476
revenue.
1,700
(current por'n).
Accr'd liabilities..
494,717
Notes & accts. rec.
Unbilled
2,898,207
487,472
608,498
.....
Commis.on capital
stock..
....
498,482
498,482
Sewer & paving as¬
Due from N. Y. C.
312,785
273,294
sessments, &c_.
Exten. deposits
40,060
44,752
110.609
123,888
4,653,200
Mat'ls & suppliesDeferred charges &
99,229
106,299
6% cum, pref. stk. 4,653,200
y Common stock.
2,601,500
prepaid accounts
41,924
42,836
Misc. def'd liablls.
Debt
disc. & exp.
in proc.of amort.
Capital
and
x
31,697,801 31,734,427
After
reserve
of $2,000,000.
y
30,853
31,330
5.445
2,601,500
paid-
in surplus......
Earned surplus
Total
2,338,645
2,338,645
2,181,486
1,933,103
on
$7 cumulative preferred.
respect to the petition
Gross income...
Deduc'ns from gross inc.
151, p. 1581.
'
—
created
$5,836,387
2,386,533
$5,494,264 $24,840,414 $25,302,772
2,555,270
9,702,413
10,249,102
,449,855
$2,938,994 $15,138,001
subsidiaries.......1,839,200
Northern States Power Co.,
Divs.
on
pref. stocks...
Balance
$1,610,654
606,006
p.
2656.
Period End.
Oper.
Water
$15,053,670
1,839,200
7,356,800
Operating expenses—
—
Prov. for Fed. inc. tax__
Bond interest
Other interest..
$7,781,200
2,424,025
$7,696,871
2,424,025
~~
—
a$493,788
gas,
4,359,144
3,360,820
3,024,126
per
common
23,314,274
$0.10
$0.05
22,366,735
19,839,099
share of
stock
Sept. 30, 1940
over
increase
the
an
in
the
same
provision
Nu-Enamel
i
period in 1939 is attributable principally to
for Federal
and
Canadian
12 months ended Sept. 30, 1940
inor!®DS
1939
electric
taxes of
income
taxes
over
the same period
generating
f Niagara Share Corp. of Maryland (& Subs.)Sheet Sept. 30—•
1940
Assets—
1939
Liabilities—
359,763
receivable......
Interest
and
1940
§
Cash
671,247
Accounts and notes
87,841
213.610
514%
107,672
76,666
Stocks and bonds.25,738,477 31,998,719
Unamortized bond
disct. & expenses
219,592
277,937
17,548
20,793
conv. debs..
Fed. & State tax
b Class A preferred
stock
a
Class B
1939
Represented by $5 par shares.
1939) shares.
»
5
206,420
236,443
10,276,000
8,966,000
54,856
55,071
1,500,000
2,787,200
2,980,000
7,275,045
5,903,566
7,338,395
9,349,477
Total...
$723,899
366,317
$699,255
366,317
$108,422
$84,983
.
$357,582
$332,938
Corp.—7%-Cent Dividend—
a
dividend of 7 lA cents per share on the common
Dividend of 5 cents
Operating revenues— $4,016,058
Operating expenses----,
2,327,836
Net oper. revenues
$1,688,222
997,541
taxes
Net oper. income...-
$983,666
1,003,451
$690,681
715,529
Net income
—V. 151, p. '2201.'
$3,759,429 $35,477,50 5 $32,896,281
2,222,441
21,199,488 20,385,651
$1,536,988 $14,278,017 $12,510,630
553,322
5,990,028
4,635,465
'
,
Ohio Oil Co.—To
$8,287,989
8,254,724
..V:.'.,;.
$7,875,165
7,809,953
Pay Common Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 14 to holders of record Nov. 16.
Dividend of 20 cents
was paid on June 15, last, this latter being the first dividend paid on the
common shares since Dec. 15, 1938, when 20 cents per share was also paid.
—V. 151, p. 997.
Ohio Seamless Tube Co.—Dividend—•
Directors have declared
was
a
dividend of $1 per share on the common stock,
payable Dec. 14 to holders of record Dec. 5.
Dividend of 50 cents
paid on Sept. 3, last, this latter being the first common dividend paid
number of years.—V. 151, p. 997.
in
a
1,334,179
1,437,859
Oklahoma Gas & Electric
Co.—Earnings—
Year Ended Sept. 30—
Operating revenues
Operation
—_
—
-
1940
1939
——$13,665,418 $13,547,541
4,662.773
4,666,084
744,033
1,400,000
.
Amortization of limited-term electric investments
— —
Provision for Federal and State income taxes——
Net operating income
Other income
1,300,000
24,035
1,499,498
661,125
19,197
1,462,950
524,375
$4,673,954
Maintenance and repairs
Appropriation for retirement reserve
792,065
$4,782,870
8,990
24,665
$4,682,944
1,641,833
266,517
89,582
$4,807,535
1,660,686
268,371
97,211
Cr6,035
-
Crl0,608
..26,530,895 33,258,972
b Represented by 27,872
(29,800 in
The income statement for the nine months ended Sept. 30 was
published
Nipissing Mines, Ltd. —Dividend—
dividend of 15 cents per share on the common
stock payable in Canadian funds on Dec. 11 to holders of record Nov
15
Dividend of like amount was paid on Dec. 11, 1939.—V. 151, p 2200
$200,001
91,579
•
Taxes
in V. 151, p. 2656.
Directors have declared
$176,563
91,579
85,727
common
Capital surplus
Earned surplus...
26,530,895 33,258,972
17,851
1,328
par $5,
3,629
Contingencies.,
stock
Total
4,906
2,022
Period End. Sept. 30—
1940—Month—1939
1940—9 Mos.—1939
Operating re venues
$4,025,748
$3,769,175 $35,553,811 $32,950,071
Uncollec. oper. rev—9,690
9,766
76.306
53,790
-Balance
Reserves—
dends receivable
Mis eel I. assets
$
Accounts payable.
Divs. & int. pay..
divi¬
1,774
13
183,877
paid on Aug. 10, last, this latter being the first dividend paid since
Oct. 1, 1937, when 15 cents per share was distributed.—V. 151, p. 1152.
of
chiefly due to increased expenditures for fuel consumed in steamstations of approximately $3,300,000 and increased
approximately $1,600,000.—V. 151, p. 2655.
is
$928,780
205,133
5,213
Was
Operating
approximately $700,000 and increased expenditures for fuel consumed in
steam-electric generating stations of about $650,000.
The increase in such
In
$930,690
197,475
2,388
stock, payable Nov. 9 to holders of record Oct. 31.
$0.55
$0.56
Changed to give effect to major adjustments made during year 1939.
Theincrease in operating revenue deductions for the three months ended
a
$744,903
—V. 151, p. 2054.
17,515,842 109,055,188
a
•
$741,669
189,021
Ohio Bell Telephone Co.—Earnings—
Sales of natural gas, in
Earnings
135,506
217.656
225,679
96,885
151,757
$5,357,175 a$5,272,846
1807,417947 8451,875057 7412,351037
in cubic feet... 1,575,166,600 1487,658700 7065,239500 6680,238400
in
therms
1,056,905
225,894
239,890
116,479
>'
868
305
•
-
Net income
Divs. on pref. stock
1,039,007
$247,799
46,168
Cr157
of debt disct. &
expense, &c
Minority interest
Subs.**—-
$203,227
44,572
*
$228,295
48,913
1,645
—-
(&
1940—12 Mos.—1939
$2,514,697
$2,477,534
41,796
52,907
61,238
22,913
Operating income-S $182,691
45,603
Amort,
Corp.
262,533
55,810
68,141
39,541
General taxes
7,356,799
$1,099,794
606,006
$1,004,648
and purchased2,196,996,462
Sales of manufactured
Electric
$647,005
263,408
37,413
—
Maintenance
&
1940—3 Mos.—1939
$644,616
Sept. 30—
revenues
Provision for retirements
Kilowatt hours generat d
Sales of mixed gas,
Jes
therms
Del.—Weekly Output—
Northern States Power Co. system for the week
kwh., as compared with 29,433,638
corresponding week last year, an increase of 8.5%.—Y. 151,
Directors have declared
Net income.........
..
Electric output of the
Gross income-
>.289,697 $24,071,144 $24,549,694
204,568
769,270
753,078
—
' .-.v'Y .V.'•> •'
existing deficit, which at Sept. 30, 1940,
charging it against the capital surplus
by the reduction in capital.— Y. 151, p. 1437.
Balance—--—
—
The company will eliminate its
amounted to $1,610,905.15, by
Other income
$5,635,359
201,028
Balance.
Divs, on pref. stocks of
Capital
sub.. North West Utilities
and Exchange Commission
Stock.
as
Period End. Sept. 30—
1940—3 Mos.—1939
1940—12 Mos.— 1939
Operating-revenues
$22,447,470 $20,492,367 $89,614,966 $84,334,844
Oper. rev. deductions...bl6,812,111 al5.202,670 b65,543,822 a59,785,150
....
$233,606
Co., have filed
declarations and an appli¬
cation (Files 70-178 and 70-191) regarding a $260,531 capital contribution
by the parent company to the subsidiary by surrendering for cancellation
all of the outstanding common stock of the subsidiary consisting of 260,531
shares having a par value of $1 each.
North West Utilities Co. proposes to change its 84,755 shares of preferred
stock, part of which are without par value and part having a par value of
$100 a share, into an equal number of shares of new common stock having a
par value of $70 a share.
The company will decrease its capital from $8,346,031, now represented by its outstanding shares of preferred and common
stock, to $5,932,850, an amount equal to the par value of the new common
Niagara Hudson Power Corp. (& Subs.)—Earnings—
Oper. income
Non-oper. income (net).
$76,208
in this statement
North West Utilities Co.—To Revise
The Middle West Ccrp. and
with the Securities
the New Haven with the Reconstruction Finance Cor¬
17
made
to cover any
additional Federal income or excess profits taxes which may result from the
Second Revenue Act of 1940, which became effective in October, 1940,
and is applicable retroactively from Jan. 1. 1940.-— V. 151, p. 1904.
has been
provision
Northeastern
of the Guaranty Trust Co.,
of 4H% first mortgage bonds, due 1946, will be taken until the question
of the New vbrk New Haven & Hartford RR.'s guaranty of the bonds is
determined, Faleral Judge John C. Knox indicated Nov. 1. •
The comnnttee for the first mortgage bondholders maintains that the
New Haven's guaranty as to principal and interest, applies only to the
publicly held bonds, totaling $19,000,000 and not to the $3,000,000 in
loan
44,009
92,120
.
7,289
77,952
127,432
ended Nov. 2, 1940, totaled 31,943,849
indenture trustee, for authority to make disbursement of 5% on $22,000,000
a
*369.735
43,207
92,120
.
prior pref.
....—
-
Note—No
of Funds Until Guaranty Liability Is Determined—
poration for
$211,536
—
kwh. for the
bonds njedsred h
770
11,298
long-term debt
— — unfunded debt
—
Amortization of bond discount and expense......
on
Represented by 26,015 shares of $100
New York Westchester & Boston RR.—No Distribution
with
$571,553
189,750
1.060
11,298
Net earnings.
Interest
Total.........31,697,801 31,734,427
par value.—V. 151, P. 1904.
No action
$413,644
189,750
-
Federal and State income taxes
6,000
assum.
Sewer & pav. ass'ts
Misc.
89,823
299,750
99,096
39,099
cos.
not consolidated
Loan
bds. matur. cur¬
240,0101
609,599
....
Inv. in sub.
x
100,000
74,319
280,679
1(9,270
65.162
96,.j47
depletion
non-productive well drilling expense
Balance
Wat. Ser. Corp.
Ser. notes & mtge
for spec.constr'n
$2,593,464
1.419.665
Provision for depreciation and
Indebt. to Federal
Cash & mat* Is held
30,Sol
$2,345,722
1,306,100
Maintenance
Amort, of
$2,563,107
18,447
earnings
gross
1939
1940
$2,327.275
Operation
$
$
15,352,500 15,791,500
JAabilities—
I
'
1
Net income.
Divs. accrued on pref. stocks—$7 cum.
1939
1940
I
(& Subs.)—Earnings —
North Penn Gas Co.
12 Months Ended Sept. 30—
Operating revenues.
Non-operating revenues (net)
Interest
Provision for Federal income tax
iQftF-p Mos —1939
$4,547
; $10,730
x$2,069
x$2,784
Net profit
$1,259,594
29,315
Interest
Northampton Street Ry.—Earnings—
Sept. 30—
1940—3 Mos.—1939
$2,931,855
1,706,243
$1,233,842
31,003
Oct. 22 issued a certificate
on
Period End.
1938
$1,224,660
_
— —
Gross corporate Income.. .
on mortgage debt..
1939
1940
Commerce Commission
Interstate
1940
permitting abandonment by the company of a branch line of railroad,
extending from Lewis Creek Junction in a northerly direction to the end of
the line, approximately 9.1 miles, in Russell County, Va.—V. 151, p. 2508*
■;
Corp. (& Subs.)—Earnings —
New York Water Service
The
9,
Ry.—Abandonment—
Norfolk & Western
the rate of 4% per^year
with total interest payments to date of $1,701,996.
The trustees have made interest payments at
since their appointment,
Interest
Nov.
The Commercial & Financial Chronicle
2806
Gross income
Interest
on
funded debt
—
Amortization of debt discount
Other interest
Interest charged to construction
Miscellaneous deductions
-------——
and expense
—-
35,197
33,416
$2,655,849
$2,758,461
a
Net income..
—Y. 151, p. 2202.
Volume
Oliver Farm
Equipment Co.—New Bank Loan
Total
Corp.—Earnings—
Provision
[Formerly Yukon-Pacific Mining Co.]
G eneral
1940—9 Mos —1939
1940—3 Mos.—1939
_
$1,158,668
$1,123,190
564,087
45,744
—
124.171
51.489
22.111
536,587
46,483
125,852
48,445
24,840
$351,067
12,286
$340,984
13,006
$338,780
$327,978
218,332
218,356
_
-
for
$1,075,772
47,418
„,
earnings
gross
Operation
Period End. Sept. 30—
inc., before deprec.
$1,109,438
49,230
—
■Maintenance.
1939
1940
12 Months Ended Sept. 30—Operating revenues
Non-operating revenues (net)_„
•
Pacific Tin Consolidated
-Earnings
Pennsylvania Gas & Electric Co. (& Subs.)
—
In Sept.
1940* company borrowed $3,O00,CC0 from banks, maturing
$375,001 annually for eight years, first payment due kept. 1, 1941.
Interest
rate ranges from m% to 3 H %
Company in 1939 borrowed a like amount
from banks but this loan has been paid, leaving the $3,GG0,GG0 loan out¬
standing.—V. 150, p. 4135.
r
2807
The Commercial & Financial Chronicle
151
-—-
-
„>_
_
depreciation,-
taxes
-
—
_■
_
ix i u,
— .-______
-
-
-
——-----
Federal and State income taxes.
_
—
_—
_
—
.
Net
depletion__
Deprec. & depletion
Net income..
Based
x
$981,000
255,000
$416,000
$161~JOOO
$726,000
$260,000
14.8 cts.
66.8 cts.
23.9 cts.
—.
_
•\
156,000
1730.
'
'
Interest and other deductions of sub. companies._
Net earnings—
Balance
-
-
_
_
_
-
_
—
—
.
Deductions of Pennsylvania Cas &
Interest
-
on
on
Electric Co.—
long-term debt
Interest
the 1,086,737 shares of Pacific Tin Consolidated Corp. stock.
on
—V. 151, p.
$234,000
73,000
20.1 cts.
„:
_
Per share.-
x
.
$299,000
81, 00
$218,000
&
>
unfunded debt---.
248
162
12,037
12,039
$108,163
105,000
$97,420
105,000
$3,163
def$7,580
—
—
Amortization of bond discount and expense
Panhandle Producing & Refining Co. (& Subs.)'—
£
r
Depr.,depl., amort.,&c_
Net income.
Dividends accrued
1940—9 Mos.—1939
$2,041,364 $2,497,608
1,877, 63
2,313.576
135,551
133,796
1940—3 Mos.—1939
$629,006
$799,714
576,557
740,756
47,735
46,318
Sept. 30—
Period End.
Gross operating income.
Cost, exp., taxes, &c.—
Profit
>—*
£9
.
$12,639
2,408
$43,617
14,867
$7,182
19,017
Interest, &c_
Loss
Second Revenue Act of 1940 which became effective in
$59,930
53,069
52,023
30,084
9,770
goods.-.
$2,739
$21,604
Loss.
prof$6,861
$38,490
Prop, account— $2,124,651 $2,043,577
95,339
45,211
—-
x
y
i
1940
Liabilities—
1939
1940
1939
Pur. oblig. current
U.S.&mun.oblig.
17,733
17,733
Accounts payable-
245,206
Stks. of other cos.
3,798
6,000
Notes payable...
Accrued liabilities.
129,777
157.307
485,584
408,435
433,285
Other assets
a461,669
_
380,204
Accrued int., rec._
825
Purch. obllga'ns—
Long-term debt
Notes A accts. rec.
240,825
254,132
Deferred credits.
60,338
80,952
Inventories
Deferred charges.
.
Deposits
on
230*938
88,520
Total..
....
138,212
215,306
169,378
$680,368
$416,010
$964,432
444,446
447,987
592,151
600,652
150,336
170,274
201,543
232,128
x$331,211
$62,097
x$377,684
$131,652
335,167
159,469
85,706
_
earnings,.,
other
&
other
1,324,352
Net
...$3,335,101 $3,339,606
x
depreciation, depletion and amortization of $3,657,199 in 1940
$4,168,421 in 1939.
y Par $1.
a Casing,
pipe, &c., in storage, Houston, Texas, $499,730, less note
executed for payment of import duty, $92,009; balance, $407,721; oil pay¬
ments receivable, $34,761; cash on deposit with trustee or note retirements
of $19,188; total (as above), $461,669.
b Includes $6,889 other current
notes and acceptances payable,
c After deducting $734 deficit from opera¬
tions since July 31, 1938.—V. 151, p. 856.
v
206,447
charges of
charges of
Pa. Gas & Emc. Corp.
inc
Loss.- -V.161, p.1154.
After
x
Pennsylvania Glass Sand Corp.— Calls Preferred Stock—
Corporation has called lor redemption on Jan. 1 its $7 cumulatee con¬
vertible preferred stock at 121.75 a share, including the dhicend to the
redemption date. Payment will be made at the Philadelphia oflice of Brown
and
Paramount Pictures,
—V.
£
Co.
preferred had deposited over 95% of the
shares up to
cumulative preferred ha\ing a par
basis of 1 1-5 shares of new for one of old.
in exchange for new 5%
151, p. 2657.
Co.—New Officials—
Pennsylvania Salt Manufacturing
the annual organization meeting of the board of dierctors held on
25, the following officers were re-elected:
Leonard T. Beale, Presi¬
dent; Y. F. Hardcastle, Vice-President, and N. Emory Bartlett, VicejPi*0s£dent
*
*"■
■
v.*.r /■*
/....
y-.<• ; ,
L. A. Smith, Secretary and Treasurer was elected Vice-President and
Treasurer.
Warner R. Over, formerly Asst. Sec. and Asst. Treas., was
elected Sec. and Asst. Treas.—V. 151, p. 1907.
At
Oct.
sh. after
$0.58
dividends--
$0.79
$1.60
$0.17
all charges,
a Includes $377,000 representing Parainterest as a stockholder in the combined
undistributed earnings for the quarter of partially owned non-consolidated
subsidiaries,
b Includes $1,355,000 share of undistributed earnings of
partially owned non-consolidated subsidiaries,
c After providing for addi¬
tional increased rates in taxes but including $316,000 representing Paramount's direct and indirect net interest as a stockholder in the combined
undistributed earnings for the quarter of partially owned non-consolidated
subsidiaries and $22,000 profit on purchase of debentures,
d After pro¬
viding for additional taxes but including $1,355,000 share of undistributed
earnings of partially owned non-consolidated subsidiaries and $88,000
profit on purchase of debentures.—V. 151, p. 2657.
After interest and
z
recent date
-9 Months-
a$710,000 d$4,810,000 b$2,840,000
Estimated earnings-_c$1,726,000
preferred
Holders of the old
a
Inc.-Earnings-
Sept. 28,'40 Sept. 30,*39 Sept. 28,'40 Sept. 30,'39
Earns, per com.
Brothers Harriman &
value of $100 a share, on the
3 Months-
Period Ended—
z
&
Int.
6,488
cl,297,465
471,131
200,302
118,285
479,727
subsidiary companies.
sales
Surplus
$3,335,101 $3,339,606
Int.
21,879
contra--—.
Total..--
Net
571,367
•
156,696
i70,083
$263,571
Fed. & State inc. taxes.
118,850
58,805
171,079
634,106
General taxes
b79,702
_
$4,457,294
2,426,454
141,668
439,326
Prov. for non-prod, wells
& abandoned ieaseh'ids;
55,550
$4,845,783
2,480,585
195,095
614,539
$3,522,275
1,815,859
126,642
Prov. for deprec. & depie
$897,509
$905,407
Common stock
Cash
1940—12 Mos.—1939
$4,438,878
$4,826,459
18,416
19,323
$3,271,670
1,821,388
Operation
Maintenance
Consolidated Balance Sheet Sept. 30
Assets—
October, 1940, and
Pennsylvania Gas & Electric Corp. (& Subs.)—Earns.
Period End. Sept. 30—
1940—9 M>s.—1939
Operating revenues
$3,258,522
$3,514,045
Non-oper. revs, (net)—
13,148
8,230
sale of tubular
on
Note—No provision has been made in this statement to cover any
or excess profits taxes which may result from the
applicable retroactively from Jan. 1, 1940.—V. 151. p. 1153.
1
Total income
—
additional F'ederal income
$50,236
9,694
$28,750
$15,047
17,787
»
preferred stocks.
Balance
/
Other income
—
on
mount's direct and indirect net
Parker Rust-Proof Co. (&
Subs.)-—Earnings—
Co.—Earnings—
Pennsylvania Water & Power
[Including wholly-owned subsidiary
9 Months Ended Sept.
30—
.,
Operating revenues
Operating expenses
Depreciation.
transmission company]
1940
1939
—
,
527,452
Taxes
$1,972,267
Operating income
1940—3 Mos.—1939
194C—9 Mos.—1939
$109,924
$211,155
$683,100
$667,096
y
$0.26
$0.49
$1.61
$1.55
x After deprec.,
Fed. income tax, &c., but without prov. for surtax om
undistributed profits,
y On 429,498 common shares.—V. 151, p. 2657. ^
End. Sept. 30—
profit
Earnings per share—*
Other
$4,777,833
1,864,906
413,208
$4,949,910
1,827,018
406,670
574,161
$2,142,060
311,205
345.849
$2,283,472
income
$2,487,909
780,620
Period
x
Net
Gross
'.
income
Interest on long-term
debt
—
Amortization of debt discount, prem.
Taxes assumed on interest--
& exp. (net)-
—
charged to construction
Miscellaneous deductions
Interest
Pecos
Valley Power & Light
End.Sept. 30—
Operating revenues. . — .
Oper. exps. and taxes.._
Period
-1939
....v.
$321,205
$332,490
265,346
271,539
$75,397
65,910
$82,111
68,151
$9,488
$13,960
$55,859
$9,488
21,537
$13,960
22,151
$56,479
87,710
$60,951
89,822
$12,049
$8,192
$31,231
$28,870
Net oper. income
Other income
deductions.
—
_
*11
dividends
Surplus
151, p.
-V.
Before int. on non-cum.
a
income debentures.—V. 151, p. 1731.
(David) Pender Grocery Co.—Earnings—
39
Weeks Ended—
Sales.——
Net income
——
before provision for Federal
income taxes
Net income
—
Sept. 28,'40 Sept. 30,'39
--—.$16,775,285 $14,919,462
& State
270,159
293,311
199,834
...
229,038
39-week period ended Sept. 28, 1940 is after
provision for State income taxes and for Federal normal income tax at the
rate of 24%.
No provision has been made for excess profits tax payable
under the Second Revenue Act of 1940 because the amount of such
tax
cannot be determined until the close of the year.
Based on the earnings
for the nine months ended Sept. 28, 1940, adjusted to an annual basis, the
excess profits tax applicable to the earnings for such nine months is esti¬
mated at $10,500.—V. 151, p. 2509.
j\r0ie—Net income for the
Pennsylvania-Central Airlines Corp.—Listing —
1
The
Exchange has approved the listing of 60,000
capital stock, par $1, upon official notice of issuance.
Curb
York
New
additional shares of
—V. 151, P. 2657.
Pennsylvania Finance Co., Inc.— Promoters Guilty —
and Exchange Commission and the Department of Justice
reported on Nov. 4 that Pennsylvania Finance Co., Inc., its president,
Samuel Sussman, and its subsidiary, First National Finance Corp., and
Howard J
Levitt, a securities broker and dealer in Philadelphia, were
found guilty of fraud and violation of the registration provisions of the
Securities Act in connection with the sale of stock of Pennsylvania Finance
8,286
——
80,599
1,289,544
$297,758
711.
Peoples Gas Light & Coke Co.
(& Subs.)—Earnings—
1940—3 Mos.—1939
Period End. Sept. 30—
X
Net loss
a
Cr397
$206,036
Net income
$60,951
619
31,500
$1,667,901
80,599
1,289,544
$1,576,179
Preferred dividends
Common
a-.-__
— -
Gross income
Int. & other
Co.—jEarnings—
589,371
93,837
15,750
Cr 179
8,514
Gas sales in therms:
1940—12 Mos.—1939
^
52.258,737
69,622,670
62,872.195
Gen. customers'service
Interruption service..
Other gas utilities
47,660,574 247,168,996
228,798,533
69.420,796 227,257,335 248,263,456
63,344,480 287,364,146 270,574,225
184,753,602 180,425,850 761,790,477
Total gas sales
747,636,214
$6,219,037 $30,331,504
954,763
3.312,134
1,522,691
6,856,321
$29,032,997
Gas sales revenue;
Gen .customers' service
Interruptible service.
-
$6,549,758
988,909
1,522,117
Other gas utilities
Total gas sales rev
Other gas service revs..
Gross profit from sales by
$9,060,784
122,093
non-utility subs.—
93,145
Total oper. revenues—
$8,696,491
130,268
$9,276,021
3,848,862
210,211
2,301.499
Gas purchased
produced.
Operation
Gas
Maintenance-
371,380
-
755,211
Depreciation
1,073,737
Taxes...
92,189
$40,499,959 $38,868,764
521,252
561,720
366,410
Co
an
,
automobile finance concern.
$715,121
$252,774
234,330
501,899
$5,709,837
1,938,243
$4,450,710
1.634,048
$949,4.51
795,621
$754,673
835,295
$7,648,080
3,259,225
$6,084,758
3,367,923
59,473
59,473
78,468
237,891
75,702
299.254
237,895
292,769
52,319
18.686
52,319
46,069
209,277
204,467
209,277
84,967
x$52,350
Operating income
Other income
quitted.
Aaron A. Levitt
Levitt & Co.,
and Lewis Schifreen, salesmen
and Frederick
Co., were ac¬
for Howard J.
acquitted.
_
returned by a jury in the United States District Court
During the trial the Government dismissed the cases
also were
„
The verdicts were
in
Philadelphia.
against Charles
J. Klein, Charles C.
NlJamueinSu£inan1 and
were
the
—V. 150. p.
Applegate. Karl S. Betts, and Joseph
Harold J. Levitt, as well as the two companies,
which included, in addition to charges under
based upon violations of the mail fraud statute.
2435, 2591, V. 145, p. 1596.
convicted on 20 counts
Securities Act, counts
Gross income
Int. on long-term debt-Amortiz. or debt discount,
and expense
Other interest charges._
Amortiz. of intangibles
w
Daly, Secretary of the company, William H. Victor,
Horlander, both former associates of Howard J. Levitt &
Leo M.
354,691
$8,918,948 $41,387,622 $39,785,175
15,514,222
15,963,661
3,759,185
1,500,453
1,238,762
347,108
9,653,692
9,490 711
2,397,005
1,369,133
1,344,058
384,239
3,044.679
3,024,143
758.186
4,252,286
4,616,451
1,020,451
x$316,950
$3,437,966
$1,891,927
656,000
Nil
656,119
Nil
656,600
$5.24
to it
$2.88
The Securities
L
3,434,758
6,401,009
of
sub. companies—
Miscellaneous deductions
Net income
Shs. of stock in hands of
public
Earnings per share._*
NofcS^-(l)
1in
The consolidated income
accounts as shown above
eliminate,
the effeco of the higher rates for gas service which
charged in the period between Feb. 5, 1938, and March 31, 1940.
where necessary,
were
The Commercial &
2808
stock, the corporation has
the consolidated income accounts
Bonds Privately—
Peoples Gas Co.—To Sell
Exchange Commission has ordered a public hearing
14, at its Washington offices, on the declarations and an applica¬
tion (File 70-167) regarding the proposed issuance by company, a sub¬
sidiary of Consolidated Electric & Gas Co., of 1,750 shares of common stock
($100 par), and $800,000 of 4% first mortage bonds, due 1960.
The common stock will be issued to the parent company in consideration
of the cancellation of $175,000 of demand notes of the subsidiary company.
The bonds are to be sold to The Northwestern Mutual Life Insurance Co.
Peoples Gas Co. will use substantially all the proceeds from the sale of the
bonds to retire certain of its obligations owned by the parent company.
—V. 140, p. 3561.
The Securities and
on
See Doft, Inc.,
12 Months Ended Sept.
x
p.
1940
y$541,578
30—
$494,349
110,694 shares of common—
$0.71
$0.29
y Before provision for excess profits taxes.—V. 151,
After all charges,
Coal
~
Lands—
Coal & Iron Co. —To
"
1940—3 Mos—1939
1 940—9 Mos—1939
z$57,000
$54,000
z$554.000
$436,000
After interest, depreciation and other charges,
z After reserving ap¬
proximately $5O,O0O to meet normal Federal income tax and excess profits
tax for the year to date in accordance with the Second Revenue Act of 1940.
Net profit-.
y
—
i y
.y
—V. 151, p. 2511.
Portland General Electric Co.-—Earnings—
12 Months Ended Sept. 30—*
Phila¬
and
8% of the sales price in excess of $4.50 a
—V. 15o, p. 36/2,3984; V. 151, p. 1154.
ton with the lessee to pay
1940—3 Mos.
30—
all taxes.
(& Subs.)—Earnings—
1940—9 Mos.—1939
—1939
frt.,
outward
discts.,
98,591
5,876,251
244,861
528,513
327,432
$4,315,569
3,055,115
197,155
284,101
273,855
42,300
4,337
3,000
189,493
27,327
9,000
129,253
12,870
9,000
$416,530
$144,879
12,818
& allowances -
returns
31.320
$874,710
36,571
Net earnings from
Interest
$176,200
29,305
5,500
$911,280
108,540
5,070
on
74,652
12,794
3,000
$8,077,586
68,188
124,219
& Pa. income taxes—
Rents and royalties
Profit
Other income
on
35,771
2,555
funded debt
Other interest
2,830
1,925
8,592
5,842
5,000
92,000
5,000
22,952
15,000
186,000
15,000
20,467
$291,193
and expense
$111,518
$588,078
62,041
replacement parts
Preferred dividends.
Consolidated Balance Sheet
tures
1940
1940
1939
$
$
Assets—
1939
'
$
Liabilities—
Accts. pay.
Cash on hand and
in
$
ceivables
from
cos...
---
200,143
32,627
9,105,414
109,220
92,000
Long-term debt._-
3,050,780
2,507,000
600,000
disc't & expense
128,731
Other del. charges
66,058
61,868
Res. for taxes
800,000
Bank loans
Res've for relining
110,490
58,713
a
Serial pref. stock 2,292,002
e
Commonstock..
6,109,105
Jan.31,1936--. 2,088,836
Cash
821,108
6,311
(contra)
Notes
& accts. re¬
1,111,258
(net)..
928,079
484,105
ceivable
78,285,719
Total
670,657
77,066,9281
-.16,377,102 13,440,493
by extension July 1, 1950, has called
1940—Month—19o9
107,486
199,273
117,229
1,332,337
51,458
40,108
436,519
392,646
448,230
320,144
$191,198 x$l ,398,603
5,000
45,000
89,084
805,455
x$95,345
90,300
x$225,225
2,212
$97,114 $xa,249,058
2,025
35,653
x$894,09o
x$223,013
Net telegraph & cable
operating revenues.
Uncollectible oper. revs.
Taxes assignable to opers
Operating income
Non-operating income..
Gross income
x
..16,377,102 13,440,493
Total.
authorized, 60,000 shares; issued, 24,194 (20,287 in
entitled to $105 per share on liquidation,
of $96,146 ($38,194 in 1939). c After
reserve for depreciation and depletion of $3,702,403 ($3,293,233 in 1939).
e Represented by
618,911 (619,250 in 1939) no par shares, including scrip
$99,139 x$2,213,405
247,875
389,478
x$873,968
2,237,268
$2,602,883
$3,111,236
53.550
37,190
x$129,925
5,000
20,269
$148,736
$243,282
sales---..-.
Public Service Co. of Northern
—
—
—
—.
1940
1939
$15,165,571 $15,742,390
12,542,933 13.173,135
Taxes—-—-
-
---- -
—
receivable
—- -—--- -----
$2,622,638
1,569,048
$2,569,256
1,649,590
36,029
42,300
395,932
Other income -
$462,367
284,544
$746,911
114,607
139,371
552,775
on notes
of interest, received
Depreciation, depletion & amortization——.
on sale of equipment
—
Prov. for Federal income taxes—
Loss
472,633
110
70,552
prof 12,725
37,323
430,029
Cr8,897
$7,109,050
3,814,220
616,095
28,298
295,234
Crl0,524
$3,424,101
$2,900,088
$2,365,727
Other interest charges
Amortiz. of debt disct. and expense.
Interest charged to
stocks of subs
Portion of net income applicable to common stock¬
holders of a minor sub
$30,168
153,594
122,468
periods
1003.
584
3,198
$51,994
Net loss for the
$95,498
Corp.*—To Delist Stock—
Exchange Commission on Nov. 2 announced that it
granted the application or the New York Stock Exchange to strike from
listing and registration the 8% cumulative convertible preferred stock
($100 par) of the corporation. The application stated, among other things,
that the affairs of the corporation are being handled by receivers appointed
The Securities and
had
by the Court and that the assets
of the corporation, after payment of all
The common
of the assets
debts, will be distributed to holders of the preferred stock.
stock of Consolidated Oil Corp. constitutes substantially all
1,350,000
44,058
-
construction
-V. 151, p. 858.
J /12 Months Ended
a
—
.
Balance for interest
5,489,525
—
depreciation
and
including
5,814,734
2,066,293
Balance for dividends and surplus—
After
Subs.)—Earnings—
1940
1939
$16,599,668 $16,329,853
Sept. 30—
Operating revenues
a
$102,184
Profit
Divs. accrued on pref.
Pierce Oil
2,108,550
payable to affil. cos.
Puget Sound Power & Light Co. (&
Total income
151, p.
$6,823,828
2,108,550
1.350,000
7,764
430,281
Cr 17,588
Interest on funded debt
Net income
operations..
$6,857,465
251,585
$7,303,108
Gross income.
$6,665,696
158,132
14,999
$621,628
138,458
—---
$7,139,545
163,563
Other income
$760,086
Gross profit
Selling, general & admin, expenses
Prov. for doubtful notes & accounts
—V.
Illinois—Earnings—
1940
1939
1938
$32,058,392 $29,800,752 $29,322,962
24,918,847 23,135,056 22,465,497
9 Months Ended Sept. 30—
Operating revenues
Operating expenses and taxes
Interest
Interest paid, net
20,127
Loss.—V. 151, p. 2203.
x
Net operating income
—
Months Ended Sept. 30—
and operating revenues.
Profit from
45,000
753,750
151, p. 711.
(& Subs.) —Earnings
Sales
of
1940—9 Mos.—-1939
$1,980,464 $15,512,487 $15 ,658,429
929,748
96,505
1,077,428
159,691
1,744,168
i ,437,222
959,016
1,018,750
114,915
11 ,659,414
12,231,579
1,327,415
$1,717,966
Repairs
Deprec. & amortization.
Without par value;
9
K and accrued
the New York
Telegraph , Inc. (& Subs.) — Earnings—
Period End. Sept. 30—
1939) shares; $5 preferred stock,
Cost
for the first mortgage 5% bonds,
for redemption on Dec. 6, 1940,
$185,000 aggregate principal amount of the bonds at 102
interest.
Payment will be made on and after Dec. 6 at
office of Bankers Trust Co.—V. 151, p. 1003.
Deduct'ns from gross inc
b After reserve for doubtful accounts
Pittston Co.
78,285,719 77,066,928
Bonds Called—
Bankers Trust Co., as successor trustee
Net loss.
for fraction shares.—V.
Total..
Represented by 236,819 no par shares.
1,354,456
Earned surp. since
a
4,345,053
Special dep. for redof
bonds called
1,909,813
6,104,554
blast furnace
Total
5,596,890
665,424
ores
within a year..-
95,522
Earned surplus
499,711
_
Sink. fd. pay's due
bond
15,357.712
3,337,990
.
204,113
49,092
1,133,405
10,115,028
Fixed assets
Unamortized
2,714,971
_
Investments
4,725,250
15.357,712
debt
discount &exp._
Relief depts. & pensions.
All otn. gen. & misc. exp.
Liab. for delivered
Long-term secure
434,409
3,158,226
1,332,068
deferred charges
Conducting operations.
1,010,844
2,334,778
181.540
5,261,171
Common stock
Ah other maintenance.
1,720,450
215.682
1,122,809
174,932
credits..
Reserves
197,812
253,776
166,987
b Accts.¬esrec.
Accrued taxes
Deferred
236,629
578,861
294.525
1,193,460
Accrued interest
941,219
1,510,790
614,343
498,460
Inventories
904,510
1,630,378
Sink, fund & other
Unamortized
6.311
red. (contra)
Miscell. assets
2,041
1,792
_
called—not
Bonds
714,474
demand deposits
Improvem't assess¬
ments payable.
2,076,402
2,443,239
re¬
(trade)
Accrued liabilities.
Long-term debt
future
for
development
Invests,
Tel. & cable oper. revs..
Sept. 30
1939
1940
$
S
50,038 163 50,751,600
107,228
Deferred liabilities
111,823
Accounts payable.
248,940
258,013
Liabilities—
Postal
Net profit.
25,000
1939
1940
$244,549
76.076
of
Prov. for Fed. inc. tax--
$1,444,988
collateral extension notes and bank loans;
Utility plant
66,710,618 65,899,981
Non-utility
prop¬
erty & expendi¬
due
Amort, of bond discount
Prov. for obsolescence
$1,274,571
-
Including interest on
a
a
J;
$429,348
Prof, before other chgs.
$4,033,046
2,330,122
257,936
.
Net income..
Mat'Is & supplies.
Prov. for doubtful accts.
$3,834,282
2,294,266
265,445
income deductions
long term debt
Dividends on capital stock—
$393,394
88,978
18,557
$1,634,684
1,149,169
84,755
206,504
111,592
repairs
Depreciation & depletion
Taxes, other than Fed.
$4,040,366
Dr 7.320
operations
(net)
Sundry income deductions
$354,219
39,175
$3,894,740
2,984,913
Maint. and
$3,819,907
14,375
898,542
General taxes-
a
1939
562,444
836,853
1,703,133
589,626
- — --
depreciation
Provision for
special deposits.
Prepaid
accts.
&
Gross sales & earns, less
Cost of sales & oper.exps.
Sell. & admin, expenses-
,
$10,202,624
3,059,828;
1,727,356
Maintenance
affiliated
Pittsburgh Coke & Iron Co.
Period, End. Sept.
1940
,
operating revenues
—
..$10,409,820
Operation. — 4 a3,374,389
Gross
Lease
.
p* Permission has been granted by Federal Judge Guy K. Bard at
delphia to the company to lease 578 acres of its coal lands in Foster
Cass townships, Schuylkill County, Pa., to Buck Run Colliery Co. for a
term ending April 3u, 1952.
The terms are royalty of 4 cents a ton, plus
c
(& Subs.)—Earnings—
Poor & Co.
Period End. Sept. 30—
Balance Sheet Sept. 30
Philadelphia & Reading
Int.
announcement by J. B. Morrow,
;
711.
effective
President.—V. 151,
Assistant to the President
has been appointed
Total net earnings before
Inc. (& Subs.)'—
—
Earnings per share on
Norton
E.
1288.
p.
above.—V. 151, p. 25x0.
Net income
Official—
Pittsburgh Coal Co.—New
J.
Nov. 1 according to an
Other miscellaneous income
Philadelphia Dairy Products Co.,
x
stated that in addition to such
uncertain amount or cash, but.
approximately $70,000. a considerable portion of which will
be consumed in liquidation. The Exchange stated that it has been advised
by the receivers that "except for the undistributed cash, there is practically
nothing left for the security holders after the distribution of the Consoli¬
dated Oil stock."
The order granting the application becomes effective at
the close of the trading session on Nov. 8.—V. 151, p. 1583.
Nov.
Pepsi-Cola Co.—Merger Planned—
9, 1940
not more than
(J. C.) Penny Co.—Sales—
Sales for the month of October, 1940 were $29,583,517 as compared with
$28,721,871 for October, 1939. This is an increase of $861,646 or 03.00%.
Total sales from Jan. 1 to Oct. 31, 1940 inclusive were $225,057,763 as
compared with $210,073,202 for the same period in 1939.
This is an in¬
crease of $14,354,561 or 06.81%.—V. 151, p. 2202.
The application further
in its treasury an
of the corporation.
Gas & Fuel Co. have been omitted from
for all of the periods shown above since
ail the securities of that company were sold on May 9. 1940.
(3) The foregoiag income accounts reflect charges for natural gas which
are based on amounts billed by Natural Gas Pipeline Co. of America to
Chicago District Pipeline Co. under rates that are in litigation and may be
subject to downward revision for the period beginning Aug. 1, 1940.
(4) To reflect the increased liability for 1940 Federal taxes imposed by
the Second Revenue Act of 1940, approved Oct. 8. 1940, an additional
provision for such taxes was made as of Sept. 30, 1940, in the amount of
$79,009.
This provision is included in the item "taxes" for each of the
periods ended Sept. 30, 1940.—V, 151, p. 1907.
The accounts of Kokomo
(2)
Nov.
Financial Chronicle
non-operating
2,034,637
income (net).—
V. 151,p.2204.
Pure Oil Co.—To Assist
Draftees—
Employees who go into military service will be granted leaves of
and those employed for a year will be given an "assistance award for
absence,
military
Henry M. Dawes, President, said that this will be an amount
equa* to 20% of their earnings for the year before, to be paid in i2 monthly
instalments.
Company also will pay cost of trainees lift insurance and
maintain full participation in the Pure Oil pension pian.—V. 151, p. 1004.
training."
Purity Bakeries Corp.—To Pay
35-Cent Dividend—
of 35 cents per share on the common
of record Nov. 18.
This compares with
preceding quarters; 85 cents paid on Dec.
1, 1939; 25 cents on Sept. 1 and on June 1, 1939; 15 cents on March 1, 1939;
55 cents on Dec. 1, 1938; and dividends of 15 cents paid on Sept. 1, 1938,
and each three months previously.—V. 151, p. 2511.
Directors have declared a dividend
stock, payable Dec. 2 to holders
25 cents paid in each of the three
Volume
Radio Corp. of America
Republic Petroleum Co.—Earnings—
(&"Subs.)—Earnings—
Other income
all
a
159,143
;
inc. from
gross
Cost of goods sold
b Net income
$3,924,985
Interest.
38,759
768,405
150,000
Depreciation
Amortization of patents.
Prov. for
Fed. normal
Net
88,817
2,643,782
450,000
982,500
439,200
2,019,000
881,300
$1,985,322
804,926
profit
dividends
x
stock
com.
——
_
Cr7,968
yl67,377
$1,894,224
805,317
$5,713,944
2,414,779
$4,066,425
2,415.915
$1,180,396
General operating,
a
»
shares)..
$1,088,908
$3,299,165
$1,650,511
$0.08
$0.24
on sale of capital assets
:
Other expense, net of other income.
Provision for depletion and depreciation
development, selling and administrative expenses,
Federal income
b Before interest, depreciation, amortization of patents and
taxes.—V. 151, p. 2659.
Radio-Keith-Orpheum Corp. (& Subs.)—Earnings—
Statement of Earninqs for 39 Weeks
$1,865,143
1,328.374
........
Minority interest
Net profit..
Earnings
per
.
share
Increased
into account,
$5,416 by inclusion of oil inventories not previously taken
y Includes amortization.—V. 151, p. 1004.
Rochester
Lake
&
Ontario
12 Months Ended Sept. 30—
Operating
Operating
219,581
$317,187
Preferred Dividend—
$197,718
$187,848
82
100
$201,641
$197~^800
$187\948
94,192
Net earnings
Gross corporate income
Interest on funded debt
Taxes assumed
interest
on
98,062
101,000
10,748
Cr 32
"74
139
Sales of Rand's in October amounted to $152,106, a
gain of 25.5% over
4.
$121,199 in October, 1939, the company reported on Nov.
In the first 10 months of 1940 sales totaled $1,365,119, a gain of
sales of
sales of $1,129,825 in the same months of
20.8%
1939.
Sales for both October and the 10 months period were at new
high records
history.
Rand's operates a chain of retail drug stores in Pennsylvania, Ohio and
West Virginia, with a majority of stores located in the Pittsburgh area.
The management announced that the company will open a new store at
Hagerstown, Maryland, about the middle of this month.
The new store
will be of the self-service type.—V. 151, p. 2204.
additional $500,000
an
of $l,000,00j prepaid to date.
Latest prepayment reduces amount
of loans outstanding to $5,500,000
$2,000,000 bear interest of 2^% and the remaining $3,500,000
Loans are due in semi-annual instalments of $500,000
each, commencing Aug. 1, 1942, and running to Aug. 1, 1946, with a final
payment of $1,000,000 due on Feb. 1, 1947.
Original amount of the loans
obtained in July, 1940, in refinancing pravious mans was $6,500,000.—V.
151, p. 2055.
of which
interest of 2%%.
Co.—Sales—
a gain of 9.2% over sales of
month of last year, the company reported on Nov. 6.
up 5.7% over
sales of $1,834,278 in the same months of 1939.—V. 151, p. 1585.
October amounted to $194,134,
Sales in
$177,773 in the
In the first
same
10 months of 1940 sales totaled $1,939,236,
Reinsurance
James
Federal tax on capital
913
stock
Net income-.
;
808
Corp. of N. Y.—Obituary— '
Rattray, Vice-President and director of this corporation,
113.
died on
Nov. 4.—V. 151, p.
7
4,308
3,273
$88,566
$70,891
Balance Sheet Sept. 30,
1940
Safeway Stores, Inc.—Sales—
Sales for the four weeks ended Oct.
26, 1940, were $31,314,622, a gain
3.42% over sales of $30,280,310 reported for the four weeks ended Oct. 28,
1939.
For the 44 weeks ended Oct. 26, 1940, sales totaled $334,163,703,
compared with $323,720,669 for the same period ended Oct. 28, 1939. an
inci*©cis0 of 3 23%
■' r1'
1 '■
r"'. ., ",iv','.'
Stores in operation on Oct. 26, 1940 were 2,572, against 2,891 at Oct. 28,
1939.—V. 151, p. 2205.
of
St. Louis-San Francisco Ry.—Interest—
The
trustees
Court
that pursuant to
announce
and
stamping to Bankers Trust Co., Corporate
Trust Department, 14 Wall
St., N. Y. City.
<.
Coupons of April 1, 1934 and fully registered bonds should be presented
to C. W. Michel,
Executive Eastern Representative, Room 1949, 120
Broadway, N. Y. City.
Coupons and bonds
priate notation of such payment and returned
San Diego
Reliance Grain Co.—Accumulated Dividend—
will be stamped with appro¬
to owners.—V. 151, p. 2660.
Gas & Electric Co.—Earnings—
$1.62K Per share on account of
last.—V. 151, p. 1155.
Nov. 5 fixed with the Securities and Exchange Com¬
registration statement (No. 2-4560, Form A-2; under the Securi¬
$7,500,000 of 334% 1st mtge. sinking fund bonds
Gross
The company on
a
$2,355,722
income
proceeds from the sale of the bonds, together with other funds
will be used for the redemption, at 10234 %, of $7,922,000
434% 1st mtge. sinking fund bonds, due Jan. 1, 1956The names of the underwriters and the amounts of the new bonds to be
follows: Blyth & Co., New York, $2,000,000; Smith,
Harriman Ripley & Co., Inc., New
Co., New York, $1,000,000; Hayden, Stone & Co., New York, $1,000,000;
Hemphill, Noyes & Co., New
York, $500,000; Kuhn, Loeb & Co., New York, $1,000,000.
The price at which the new bonds will be offered to the public, the under¬
writing discounts or commissions and the redemption provisions 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 win be stabilized, or that the stabilizing, if commenced, may not
be discontinued at any time.—V. 151, p. 2659.
Earninqs for 9 Months Ended
1938
1939
1940
$1,672,561
2,310,344
117,749
101,108
65,258
167,311
$5,318,290
$2,144,072
x$803,479
$4,710,687
420,490
315,746
233,475
460,422
149,862
-v
Total income.
Cash discounts on sales
& miscell. charges
Loss
on
"$4,897,800
Net income
Depreciation
Interest on bonds.-.--Amort,
of
bond
1,043,779
254,989
Fed.
$1,827,757 x$l,036,953
$4,242,920
1,038,764
1,008,716
980,847
262,477
270,059
282,291
43,781
49,540
prem.,
43,932
42,400
1,850,000
138,000
9,980
discount & expense.__
for
7,34o
569
normal
income tax
Hurricane loss, net
Net inc. for period-—
$1,705,099
—653,000
$2,277,241
1.03
Nil
Nil
$2.11
x Indicates loss,
y Includes $159,612 net profit on metal contents of sales.
Note—The provision for Federal income and profits taxes includes an
estimate of income and excess profits taxes under the Internal Revenue Code
as amended by the Second Revenue Act of 1940 based on income for the
nine months ended Sept. 30. 1940.
Costs and expenses of the nine months
ended Sept. 30, 1940 include estimated State taxes based on income for that
period.—V. 151, P- 2659.
Earns, per sh. on com—
-
Mi
'
$3,574,881
13,281
440,475
802,600
21,462
$2,844,298
$2,310,344
802,600
Earned surplus, end of
—
period
San-Nap-Pak Mfg. Co., Inc.—15-Cent Dividend,—
■
of 15 cents per share on the common
stock, par $1, payable Dec. 16 to holders of record Dec.
cents was last paid on Dec. 22, 1939.—V. 150, p. 3986.
6. Dividend of 10
Savannah Electric & Power Co.—Earnings—
1940
a
Balance for interest
Balance for dividends
p.
After
——
and surplus
—--
1939
$2,406,869
12 Months Ended Sept. 30—
Operating revenues
$2,313,487
677,226
302,420
depreciation and including non-operating income
783,289
407,580
(net).—V. 151-
2205.
Schwitzer-Cummins Co.—Buys Factory—
Company has purchased a new plant at Indianapolis which will add
approximately 250,000 square feet of space to present facilities.
In the
letter to stockholders company stated
that its automotive business has
increased rapidly and that it has received large Government defense orders.
Company will concentrate its stoker manufacturing activities in the new
unit freeing its former plant for automotive and other activities.—V. 151,
p. 2362.
" v
:
;
r
.— ---
$336,135 x$2,359,510
7,422
—V. 151, p. 2661.
„
...
$4,100,654
440,475
cash—Preferred stock.
Miscellaneous (net) deductions
a
bonds
own
purch. & retired
Prov
1937
$1,408,178
2,106,355
60,347
Common stock
$4,543,376
x
Crl 1,695
applicable to prior years
Directors have declared a dividend
$868,736
$2,042,964
counts, &c
Dividends paid in
7,117
Crl6,838
9,270
applicable to prior years.
Adjustment of taxes
Sept. 30
Net operating profit
y$5,168,428
Int.
earned,
cash
dis¬
61,954
10,816
taken by each are as
[Including "Wholly OwDed Subsidiary Companies]
620,000
61,954
-
Miscellaneous deductions-
Insurance refund
$2,092,976
620,000
income
Interest on funded debt
Amortization of debt discount and expense.
The net
Barney & Co., New York, $1,000,000;
York, $1,000,000; Kidder, Peabody &
497
$2,357,763
Other interest
of the company,
$2,092,479
2,041
-
Copper & Brass, Inc.-—Registers with SEC—
ties Act of 1933, covering
due Nov. i.5, 1960.
460
1,081,098
283,108
„
Provision for Federal income taxes
Net operating
income
3,106,541
733,837
1,375,000
429
1,197.748
287,580
—
Taxes
Other
mission
„
Amortization of limited-term investments
Henry E. Hund has been e.ected President and General Manager of this
company.
.
;/ i',J
Mr. Hund succeeds Col. Fred Glover who resigned several months ago.
—V. 151, p. 2204.
*
1939
$8,672,524
'
Depreciation.
Reo Mot or 8 Inc.—New President—
1940
$9,059,086
3,185,145
652,611
1,379,851
Years Ended Sept. 30—
Operating revenues
Operation
Maintenance and repairs
Directors have declared a dividend of
1,
Order dated Nov.
they will be prepared to pay on and after Nov, 14, the full amount of the
April 1, 1934 interest in respect of Kansas City, Fort Scott & Memphis
Ry. refunding mortgage 4% bonds.
Certificates of deposit should be presented for payment of such interest
accumulations on the 6H% cumu<. pref. stock, payable Dec. 14 to holders
of record Nov. 30.
Like amount was paid on Sept. 16 and on June 15,
Revere
882
10,878
$95,445
-
-
Assets—Property, plant and equipment, $5,381,433; miscellaneous in¬
special cash deposits, $87; cash in banks and working funds
(net), $17,802 accounts receivable (less reserve of $3,903), $59,525; accrued
unbilled revenue, $30,773; materials and supplies, $26,871; prepaid accounts,
deferred charges and unadjusted debits, $14,442; total, $5,530,932.
Liabilities—Funded debt, $1,853,000; due to parent company
(noncurrent), $212,000; accounts payable, $6,541; due to parent company (cur¬
rent account), $352, consumers'
deposits and interest accrued thereon,
$2,703, Federal, State and local taxes accrued, $44,127; interest on funded
debt accrued, $7,721; miscellaneous accruals, $4,851; extension deposits,
$19,695; reserves, $577,380; contributions in aid of construction, $34,999;
common stock and surplus (no par 2,000 shares), $50,000; capital and paidin surplus, $1,777,893, earned surplus, $939,670; total, $5,530,932.—V. 151,
page 859.
:::/;0- :'■/
V ■
long term bank loans was
on
announced by this company.
The prepayment represents the maturity due
Feb. 1, 1942, a similar payment was made in August, 1940, making a total
Reed Drug
927
6,000
Provision for Federal income tax
Rayonier, Inc.—Loan Prepaid—
of
275
Cr 51
vestments and
Rand's—Sates—
Prepayment
97
Cr4
Cr4
—
Interest charged to construction
Miscellaneous deductions
Provision for
a meeting of the board of directors held Oct. 31, 1940, consideration
given to the matter of the declaration of a dividend upon the 6%
preferred stock of the corporation, and the board determined to take no
action with respect thereto.
As of Oct. 31,1940, the dividends accumulated
and unpaid upon such stock were $4.50 per share.—V. 151, p. 1155.
1938
$505,808
317,960
93
....
327,794
$201,548
expenses
Other income
At
was
Corn.—
1939
$525,512
Other interest charges
in the company's
Service
Water
1940
$532,736
331,188
"
revenues
Amortization of debt disct. & expense
pref. stock of a
Net profit after all charges
over
$93,875
$0.22
-
-
Ended Sept. 28, 1940
Depreciation & taxes
Prov. for divs. accrued durirg the period on
sub. in hands of public
No
31,156
$14,036
Nil
-
Abandonments
$0.12
$0.09
Profits from operations...
156,273
32,976
59,877
28,192
Loss
Earns, per share on com.
(13,881,016
$305,768
14,697
9,767
$294,489
-----
-
$241,636
64,132
$294,489
_
—
Total profit
1939
$397,448
155,812
222,342
Profit from subsidiaries
x
Balance for
-
-
Taxes....
'.'-V-v
taxes
Preferred
$8,130,325
$3,370,388 $10,624,969
26,016
85,183
860,948
2,356,842
150,000
450,000
Profit.
;
$32,350,038 $26,490,546 $89,204,220 $74,780,659
28,425,j52
23,120,158
78,579,251
66,650,334
sources.
income
Operating revenue
Operating and general expenses
411,990
453.621
163.518
1940
$516,831
9 Months Ended Sept. 30—
Period End. Sept. 30— 1940—3 Mos.—1939
1940—9 Mos.—1939
Gross income from opers .$32,190,895 $26,327,028 $88,750,599 $74,368,669
Total
2809
The Commercial & Financial Chronicle
151
Scovill Manufacturing
Co.—Wages Increased—
of four
Company has announced a wage increase for its 7,000 employees
hour.
In addition, beginning next year, employees will get
tions with pay.—V. 151, p. 2205.
cents an
Co.—Sales—
Sears, Roebuck &
Period Ended Oct
Sa£
—V.
31—»
1940—Month—1939
919,573 $67,246,031
:i..J76
151, p. 2661.
vaca¬
1940—9 Mos.—1939
$530139,367 $474482,322
The Commercial &
2810
Nov.
Financial Chronicle
Balance Sheet
Scott Paper
Co.—Earnings—
profit..
Other Income (net)
Gross
$1,127,705
159,537
$1,208X51
116,734
$1,045,307
74,727
$1,324,785
101X50
$1,120,032
751,635
684,617
—
..
1,174,219
4,152,646
1,549,020
life Ins. policies-
958,779
Preferred
Common
...
..
dividends—
dividends
..
12,500
•
+* —
m <*•
21,126
Due from affil.cos.
443
739,180
4,385
z769,673
35,000
non-oper—
216~508
214,782
Deferred charges..
657,074
578,841
1
598.482
Land
Goodwill....
$295X69
$472,100
$422,915
$366,751
667,941
646,465
576,538
569,984
$1.64
$1.89
$1.92
$1.69
basis of Second Revenue Act of 1940, enacted
Balance
stk.out,(nopar)
Earnings per share—..
Shs.com
Taxes computed
x
Oct. 8, 1940.
y
on
Assets and Current Liabilities
Oct. 2, '38
Oct. 3, '37
Condensed Statement Comparing Current
Sept. 28, '40 Sept. 30, '39
;
$2,297,686
5,020,645
$3,619,334
3,163,264
$2,111,067
2,125,139
:$4,998,640
1,875,678
Allother
$1,349,106
3,649,534
$7,318,331
Cash...
1,739,952
$6,782,599
1,403,114
$4,236,206
1,221,211
Total current assets
Total current liabilities.
—V. 151, P.
1735.
Gas Co.-—Earnings'—
Seattle
$452,593
$450,491
207,084
23,457
49,520
93,745
193,985
115,945
_
261,522
22,568
48,919
—
67,839
67,002
276,219
270,978
$51,745
Operation
Maintenance
Prov, for
...
depreciation.
and
Taxes—State, local
Federal-----
$103,428
62,288
$391,143
247,918
$278,838
249,150
6,268
19,235
2,388
26,429
2.388
x$14,648
$34,275
61,875
General interest
b Amortization
a
a
—
income-.
Less charged to
debt,
x
597
•
Directors on Nov. 6
extra dividend
an
$871
$121,602
construction, b Of reorganization expenses
Loss.—V. 151, p. 860.
(W. A ) Sheaffer Pen Co.'—To Pay Extra
and
195,566
3.921
597
Net earnings
Bond interest
to funded
1940—12 Mos.—1939
$1,945,032
$1,941,622
1X83,705
986,530
1940—3 Mos.—1939
Period End. Sept. 30—
Total gross earnings
Net
profits tax.
No provision for Federal undistributed
applicable
payable Nov. 25 to holders of record Nov. 15.
Like amounts were paid
on Aug. 26 and May 25, last, and compares with an extra of 50 cents in
of $1 paid on Feb. 26, last; $1.50 paid on Oct. 15,
1939; dividends of $1 and extra of 25 cents paid on Feb. 25, 1939; 75 cents
paid on Oct. 15, 1938, and $1 paid on Feb. 26, 1938.—V. 151, p. 1909.
Simonds Saw & Steel Co.—70-Cent Dividend—
•
dividend of 70 cents per share on the common
payable Dec. 14 to holders of record Nov. 23.
This
compares with 60 cents paid on Sept. 14, last; 40 cents paid on June 15
and March 15, last; 70 cents on Dec. 15, 1939; 40 cents «n Sept. 15, 1939;
20 cents on June 15,1939; 10 cents on March 15,1939; 60 cents paid on Dec.
15, 1938; 10 cents on Sept. 15, and June 15, 1938; and a dividend of 20
cents paid on March 15, 1938.—V. 151, p. 2661.
Directors have declared a
stock, no par value,
1940
$3,338,116
To Total gross
$3,122,790
33,773
——-i-<
earnings
$3,371,889
1,213,360
145,983
366,537
435,185
197.746
Operation
!
Maintenance
depreciation
Provision for
General taxes
...
Federal and State income taxes—
Net earnings
Interest on long-term
Interest on unfunded
$3,161,472
1,078,689
117,437
389,503
402,316
128,341
03,018
$507,855
charged to construction
Net income
$534,313
404,745
5,313
98,184
debt
debt
Amortization of bond discount and expense
Interest
38,682
$1,045,185
409,750
6,042
98,906
CV3.827
$1,013,078
—„
-
made in this statement to cover Federal
profits taxes that may be subsequently determined to be applicable
the Second Revenue Act of 1940, recently enacted.—V. 151, p. 718.
Note—No provision has been
excess
under
Sioux City
Service Co.—Earnings—
12 Months Ended Sept. 30—
Operating revenues.
Non-operating revenues (net)_.
1940
1939
$468,666
$463,795
2,779
3,673
$471,445
278,704
—
34,246
earnings
Operation
$467,467
273,380
70,609
47,759
37,539
$39,112
47,130
2,200
$38,180
53,238
2,486
$10,218
Total gross
$17,544
Maintenance
70,414
Provision for depreciation
48,969
Taxes
...
.
Net earnings
Interest on long-term debt
Amortization of bond discount and expense.
—
Net loss
—V. 151, p.
/
x
shares,
x Excludes 1,200 shares
at cost of $59,120.—V. 151, p. 2206.
dividend of 37
cents per share each on both the preferred and common shares for the
fourth quarter, also an extra dividend of 12)4 cents per share each on both
the preferred and common stock of record Oct. 28, payable on Oct. 29.
The total amount of dividends paid during 1940 to both the preferred
and common stockholders to date amounts to $1.62H per share.
—V.
150, p. 4141.
employees' regular and military salary for periods ranging from one-half
month to three months, depending upon the length of employment by the
company.-—V. 151, p. 2662.
Operating charges
$16,906
88,369
$986,755
152,433
$1,357,553
$105,305
1,161", 264
1,087,461
$1,139,188
3,127
1,119,505
$108,132 loss$982,156
498,800
498,800
$0.22
Nil
$16,555
498,800
$0.03
65,122
44,831
$3,233,744
Operating income
$1,312,722
943,625
38,437
i565,000
Loss sale of securities
Depreciation
expenses
Feds & State inc. taxes.
_
Net profit..
Shs. com. stock (no par)
Earnings per share
$1,686,682
497,900
$3.39
y
20,451,496 17,400,387
Represented by 500,000 no
"•
carried
Inc.—New Deben¬
_■ r=.
v-■
•
President announced Nov. 6 that the company in¬
tends to file a registration statement under the Securities Act of 1933
covering an issue of $1,750,000 of 10-year serial debentures bearing interest
rates of 2% from 1941 to 1945 and of 3% from 1946 to 1950. The debentures
will be underwritten by a banking group headed by F. S. Moseley & Co.
The company intends to use the net proceeds to redeem $1,050,000 of
outstanding serial debentures carrying interest rates of 3M and 4H%, and
to apply the balance toward the payment of at least $600,000 of bank loans
which were outstanding in the aggregate amount of $700,000 on Nov. 1,
1940. Any funds not so applied will be used for general corporate purposes.
The principal plant of the company, devoted to the manufacture of L. C.
Smith typewriters, is located at Syracuse, N, Y., and presently employs
about 1,400 people.
Other plants are located at Groton, Cortland and
Geneve, N. Y., Aurora, 111. and Toronto, Canada.
The products of these
plants include typewriters, typewriter supplies and parts, adding machines,
duplicating machines, carbon paper and typewriter ribbons.—V. 151,
p. 1735.
'
: :i V"; C^
t
f
-Vv
19378
& Engineering Co.—Stock Offered—An
of common stock (par SI) is being of¬
fered at $3.75 per share by Van Grant & Co., Detroit.
Of
the shares offered, 25,000 represent new financing in behalf
Snyder
Tool
issue of 68,400 shares
Michigan, Jan, 22, 1930.
Plant at
Company is engaged in the designing, building and selling
special machinery to perform such repetitive machine tool operations as
milling, drilling, facing, tapping, profiling and grinding on production parts
Detroit, Mich,
of
of all
types,
including such parts for
tanks, and in the rebuilding and
automobiles, aircraft, tractors and
re-equipping of special machinery.
,
Pro¬
comprise the major portion of the company's business.
Company intends to place increasing emphasis on the designing, building,
development and sale of standard and semi-standard machinery.
ducts of this type
Capitalization—After giving effect to the sale by the company of
(included in the offering) capitalization
shares of the common stock
as
',
follows;
Common stock ($1 par)
25,000
will be
.
Outstanding
Authorized
150,COG shs.
of $65X00
which is payable
less than $650. Said mortgage bears interest
payable monthly in addition to principal
150,000 shs.
—
Company indebted on a promissory note in the amount
secured by a mortgage on its plant and factory building,
monthly in instalments of not
rate
of
5%
annum,
per
I
Sales and
^1 vl &
Earnings—Years Ended Dec. 31
Net Sales Net Profit
Afte
Income Taxes*
$773,682
$29,703
453,422
def88,467
954,287
14,696
1X96,405
al06,742
profits taxes, provided by
;r'VW:v.;^'vy'-W.'•
.
1
1940 (9 months)
a
for normal income and excess
After provision
the Second Revenue Act of 1940.
Dividends—At meeting of stockholders
^
and directors, held on Oct. 10,
dividend policy of the company to pay regular
quarterly dividends of 10c. per share, commencing with the last quarter of
1940, it was declared to be the
the year
1940.
,
,
,
be received by the company from the sale ol
estimated to be $71,801, after deducting
estimated expenses.
It is expected that approximately I66.CC0 will be
expended for the construction of an addition to the company's existing
plant and the equipping of the same with wiring and a heating unit and the
purchase of and instalation of two 15-ton cranes.
The balance or approxi¬
mately $5,400 will be used as additional working capital.
Transfer Agent—Manufacturers National Bank, Detroit.
Balance Sheet Sept. 30, 1940
Liabilities—
I'i'v-'•••'•;v "V
Assets—
$14,400
$4,885 Notes (secured by assignment)
Cash In banks and on hand..
35,000
235,913 Note (secur. by chattel triotge.)
Receivables
8,350
153,741 Dividend notes payable
Inventories
Accounts payable, trade
45,166
Property, plant and equip¬
17,150
220,599 Instalments due within year.
ment (net)
Proceeds—Net proceeds to
25,000 shares of common stock are
-
17,331
Prepaid exps. & def. charges.
158,156
Accrued liabilities
Long-term
indebtedness
Capital stock and surplus...
Total
...
$632,470
Total
-
57,850
296,398
$632,470
-V. 151, P. 2362.
Telephone & Telegraph Co.—Earnings
1940—Month—1939
1940—9 Mos.—1939
$6,309,657 $5,941,571 $56,293,346 $51,599,711
rev_
30,091
22,522
229,748
194,313
Period End. Sept. 30—
revenues
Operating revenues
Operating expenses
$6,279,566
4,119,148
$5,919,049 $56,063,598 $51,405,398
3,795,795 36,478,630 33,430,043
Net oper. revenues
$2,160,418
1,260,934
$2,124,254 $19,584,968 $17,975,355
829.480
8,632,381
7.289.393
$899,484
648,059
$1,293,774 $10,952,587 $10,685,962
1,119,272
9,101,406
8,933,121
Operating taxes
Net oper. income
Net income
151,P. 2207.
Southern California
C.
F.
Houston
has
21X58
66,500
Edison Co.—New Officer—•
and Assistant General
Harry J. Bauer, President, announced on Oct. 30.
been elected Vice-President
Manager of the company,
—V. 151.P. 2662.
See list
1940
1939
1938
1937
$29,835,418 $20,297,111 $20,200,190 $31,958,493
26,666,796
18,984,389
20,183,284
30,971,738
$3,168,622
Other income
Other
Issue-—*■*
Southern Gas
(A. O.) Smith Corp. (& Subs.)—Annual Re-port—
Net sales
Total
of company's common stock
Hurl but W. Smith,
—V.
-
Company announced it would grant leaves of absence to employees con¬
scripted for military training and would pay the difference between the
July 31—
832
409.890
1,129.671
76,946
51.206
325.725
Conting. res., <fcc342,561
Earned surplus.-.11,593,466 10,265,633
Reacquired capital
stock—
Dr70,271
(L. C.) Smith & Corona Typewriters,
ture'-
Uncollectible oper.
Stock Yards Co.—Dividends—
Directors at a meeting held Oct. 28, declared a regular
Years End.,
depos.
Long-term debts..
depreciation and amortization,
After
Operating
Skelly Oil Co .•—Leaves Granted to Draftees—
583,114
312,093
Southern Bell
718
Sioux City
26,154
7.774
1,236,155
460,932
contract
installments.
1939
30—
on
-..20,451,496 17,400,387
Total..
par
at
Gas & Electric Co.—Earnings-
12 Months Ended Sept.
400,000
Accrd. Fed. tax, &c
Business—Company was incorp. in
declared a quarterly dividend of 50 cents per share
of 25 cents per share on the common stock, both
Operating revenues
Non-operating revenue (net)-.--
5,000,000
of the company.
Dividend—
addition to a dividend
Sioux City
5,000,000
700,000
1
Notes rec. non-curr
*
Payroll
882,710
29,396
Investments
income
Net
purch. oblig.
Accounts payable-
Customers'
Cash surr. value of
Due fr. employees-
.
Current Instalment
on
6,142,137
after reserve-..
y$965,233
..
9.132,351
434,653
Notes Aaccts.rec.,
Inventories
1939
S
Common stock.
Notes payable
y
Land, bidgs.. mar¬
ch inery & equip. 9,604,593
554,363
Cash
$909,740
55,493
$1,287,242
190,644
801,529
x
Liabilities—
S
Assets—
.
1940
1940
1939
1940
Oct.
Oct. 2, '38
3, '37
Sept. 28, *40 Sept. 30, '39
$15,100,005 $13,607,852 $12,144,817 $10,408,786
6,008,839
7,285,391
Mfg. & maint. expenses.
8,996,828
8,115,678
438.600
520,131
Depreciation
—
620,216
636,472
2,733,695
2,923,803
Selling & general exps_3,601,502
3,191,194
199,469
264,851
Federal taxes
x608,809
324,853
Pennsylvania income &
'
118,442
105,334
capital stock taxes..*
144,945
131,604
9 Months Ended—
Net sales...
9,
July 31
Co.—Registers with SEC—
this department.—V. 142, p. 1832.
given on first page of
Southern
The company
Ry.—Ordered to Pay on Stock—
dividends on its Southern Ry .-Mobile
certificates, although the Mobile & Ohio RR. has now
must continue to pay
& Ohio stock trust
with the Gulf Mobile & Ohio Ry. and is no longer controlled by
the Southern, Supreme Court Justice William T. Collins ruled Nov. 6;
The 51,362 stock trust certificates were issued in 1901 in exchange for stock
of the Mobile & Ohio when the latter was acquired by the Southern.
*4
The merger took effect on Sept. 13, last. The Southern later brought suit
to have the Court declare that it would be no longer liable for payments on
the stock trust certificates, naming as defendants holders of the certificates.
Certain defendants moved to dismiss the action, and Justice Collins granted
this motion and dismissed the suit.
"In the court's opinion," he said, "the stock trust certificates issued by
the plantiff embodied an express and unequivocal promise on plaintiff's
been merged
Volume
carrying on business abroad has faced an ever-growing number of com¬
plications as the tide of war has swept over Europe. Because of the difficulty
of shipping any crude and products our European business has been seriously
curtailed.
In some countries it has practically ceased.
part to make specified payments in perpetuity regardless of whether divs.
were actually declared upon the deposited stock
(of the Mobile & Ohio)
and irrespective of the amounts of any dividends which might be declared
thereon.
The plaintiff's obligation to pay was not dependent upon
continued existence of the Mobile & Ohio RR. Co. as a going concern."
Gross earnings (est.)____
the
Jon.
"This situation naturally reflects itself in current earnings, which will be
considerably less for the last half of 1940 than were reported for the first
1 to Oct. 31
1940
—Fourth Week of Oct.
1940
1939
1939
half of the year.
"In the domestic market, fortunately, the company has enjoyed an
creased volume of business, but price declines in recent months have
$4,150,767 $114727,283 $108994,454
$4,593,928
—V. 151, p. 2662.
Southeastern Greyhound Lines
Period End. Sept. 30—
Oper. exps. & taxes
Depreciation
Taxes (other than income
taxes) & licenses
_
_
the
p. 2514.
580,418
175,848
157,634
619,143
49,974
171,941
131,305
Net operating incomeOther income (net)
$225,110
$230,096
$562,607
$619,555
Yv>: i>r4
Y;:.22
Gross income.
$225,105
4,759
Net income.
Earns. per share on com_
6,975
$220,346
496
171
$619,726
41,036
$578,690
$541,876
$2.48
$223,143
$1.05
The
$563,103
21,227
$230,118
/
$1.06
$2.69
■
Includes income tax rate adjustment of $7,513 applicable to first six
months of 1940.—V. 151, p. 713.
; Y^vYV.YVY}
a
Southington Hardware Co.—12 f^-Cent Common Div.—
Directors have declared a dividend of 12
cents per share on the common
stock, payable Nov. 1 to holders of record Oct. 29.
Dividend of 25 cents
was paid on Aug. 1, last; one of 123^ cents was paid on April 30, last, and
previously
quarterly
regular
dividends
of 25
cents
per
share were dis¬
tributed.—V. 151, p. 713.
Southwestern Bell
r
Operating
revenues
Uncollectible oper. rev..
Telephone Co.—Earnings —
Operating revenues.
Operating expenses.__
18.116,786
5,075,539
$7,849,863 $72,481,885 $68,878,636
4,888,580
45,469,832
43,850,654
Net oper. revenues.
53,041^247
1,716,707
$2,961,283 $27,012,053 $25,027,982
1,095,238
11,135,775
9.424,729
$1,324,540
1,117,463
$1,866,045 $15,876,278 $15,603,253
1,641,003
13,740,131
13,465,871
Operating taxes.
Net oper. income
Net income
—V. 151, p. 2663.
^
.
Square D Co.—Earnings—
9 Months Ended Sept.
1939
3938
$556,209
$208,522
$1.62
$0.60
x After all charges and Federal income taxes,
y After deducting excess
profits taxes of approximately $440,816.—V. 151, p. 1736.
Company recently purchased the assets of the John H. Emmerich Optical
Net earnings
Earnings per share
30—
x
stock.—-
on copa.
Power
Securities
&
Corp.—To
Light
Exchange Commission announced Nov. 6 that the
and
corporation had filed an application (File 54-29) under section 11
(e) of the
Holding Company Act with regard to a plan to divest itself of control over
Standard Gas & Electric Co., to simplify its corporate structure, and to
transform itself into
an
investment trust.
over Standard Gas & Electric Co., the corpora¬
plans as follows:
Corporation will exchange its 1,160,000 shares of common stock of
the company for an equal number of shares of non-voting stock, but having
the same rights as to dividends and assets as the voting stock.
Corporation
will agree that so long as it holds any notes, debentures, prior preference
stock, or $4 cumulative preferred stock of the company, it will not vote for
To divest itself of control
tion has three alternative
(1)
the election
(2)
of directors.
agree that so long as it holds any securities of the
it will refrain from voting for the election of directors.
Corporation will surrender for cancellation the certificates for 1,160,-
Corporation will
company
(3)
000 shares
of
common
stock
Gas
of Standard
& Electric
Co.,
with
the
receive an appropriate share of the assets of the
distribution of assets.
Corporation will agree not to
securities for the election of directors of the company.
Standard Power & Light Corp. proposes to simplify its corporate structure
by creating a new class of common stock which will be issued in exchange
for its outstanding preferred stock, common stock and common stock,
series B.
There will be 800,000 shares of the new common stock created
with a $5 par value each.
Each share will be entitled to one vote. It will be
exchanged on the following basis:
Each share of outstanding preferred stock, together with all accumulated
dividends, will receive 20 shares of new common stock and each of 30 shares
of common stock and common stock, series B, will receive one share of the
new common stock.
The present preferred stockholders will receive 681,080
shares of new common stock, or 92.1%, and holders of the present common
stock and common stock, series B will receive 58,666 2-3 shares, or 7.9%.
Upon confirmation of the plan, the corporation states that it will im¬
mediately undertake the liquidation of its holdings of securities in the
Standard Gas & Electric Co. system (other than the notes and debentures
if the directors so determine) "with due consideration for the interests of
its stockholders and the conditions of the then prevailing securities market."
The proceeds of the liquidation, according to its application, will be
invested in a general portfolio of securities.
The corporation states that
it will register under the Investment Company Act of 1940.—V. 151, p. 1736.
reservation
it will
that
company upon any
vote any of the other
1940— Month—1939
1940—9 Mos.—1939
$8,146,155
$7,881,169 $72,758,720 $69,162,668
29,369
31,306
276,835
284,032
Period End. Sept. 30—
>
Divest Itself of
Standard Gas & Electric Co. Holdings—Would Become Invest¬
ment Trust—
Yv''y'.y YY(V:.v
•..
f'-Y y, Y
a86,597
Int. & other deductions.
.
Standard
State income
■,VY
Similar considerations have also led to
budgeting of minimum capital expenditures over next year."—V. 151,
■./..■■■
'v-:
.
■.
paid in June for the first half-year.
1940—12 Mos.—1939
$4,359,264
$4,122,719
2,476,113
2,645,832
315,329
359,740
.iY
&
taxes
in¬
de¬
pressed earnings below previously prevailing levels.
Consideration of these
factors has made it seem advisable to reduce the extra dividend below that
(& Subs.)—Earnings —
1940—3 Mos.—1939
$1,290,250
$1,191,983
710,110
666,282
87,997
92,585
Total oper. revenue.......
Federal
2811
The Commercial & Financial Chronicle
151
1940
y$l,263,002
$2.81
Standard Products Co.,
3 Mos. End. Sept. 30—
Co., of New York City.
The Emmerich company has been engaged in the manufacture of optical
lenses and prisms for various purposes and the Square D Co. found it ad¬
visable to acquire the assets of the company in order that they might make
themselves, under experienced supervision, lenses and prisms necessary for
use in connection with various aircraft optica] irstruments the company is
Earns, per sh. on 300,000
shs. common stock
about to manufacture.
John H. Emmerich Sr. and John H. Emmerich Jr., formerly of the John
H. Emmerich Optical Co., are now associated with the Square D Co. in
1939
-
y$46,747
loss$14,990
$60,686
$0.16
$0.20
x$30,984
Nil
x Before provision for surtax on undistributed profit,
y
Federal income taxes at the 24% rate.—V. 151, p. 2058.
Stouffer
1937
1938
.
■;
income tax......
connection with the optical department.
Machinery at the John H. Emmerich plant is to be moved to one of the
plants of the Kollsman Division of the Square D Co. and considerable
additional machinery is being obtained.
Company now has on order a large number of optical instruments for use
by the United States Government.—V. 151, p. 1736.
Inc, (& Subs.)—Earnings—
1940
Net inc. after all charges.
incl. prov. for Federal
$0.10
After deducting
Corp.—Class A Stock Called—
Corporation will call by lot 1,000 shares of class A stock on Dec. 1 at $35
share, which will leave 5,078 class A shares outstanding.—V. 151, p. 2514
a
,
x
(A. E.) Staley Mfg. Co. (& Subs.)-—Earnings—
9 Mos. End.
Expenses...
Depreciation
1937
$1,713,592
1,618,969
531,140
322,367
94,831
None
Y.Y":r Y.'.Y'.-.• • .Y;Y;*Y-YYYy:,;';;
x96,389
370,052
Fed. inc. taxes, est..
Net adj.
exps.
1938
$2,822,140
1,673,637
575,77 2
1939
$4,022,030
2,024,050
591,975
1940
$4,171,566
2,049,542
614,63 1
Sept. 30—
Gross earnings
of bond disct.,
& inc. taxes, &c.
'
Net profit
assets to current rates of
Directors have declared a dividend of five cents per share on the
and income taxes (computed
24%), resulting from retirement of bonds on Aug. 5, 1940.
Note—No provision has been made in this statement of earnings for the
liability, if any, for excess profits taxes, as imposed by the Federal Revenue
Acts, as such liability, if any, is not determinable until the end of the year.
—V. 151, p. 862.
yy:,
;-v,^ <Y
Y:";t->/YY .■Y
Superheater Co.—Earnings—
[Including Its Canadian Affiliates]
at
Standard Gas & Electric
Electric output of the
Co.—Weekly Output—
public utility operating companies in the Standard
for the week ended Nov. 2, 1940, totaled 138,-*
Gas & Electric Co. system
The previous record of 136,062,137 kilowatt hours was made for the
1940.—V. 151, p. 2663.
week ended Oct. 26,
Standard Oil Co. of California— Earnings
Period End. Sept. 30—
1940—3 Mos.—1939
Operating income....._$11,374,412 $10,610,894
Dividends.
173,386
215,855
Other miscellaneous inc.
71,692
186,193
Total net income_.._.$ 11,619,490
Depreciation,
notes
a
—
1940—9 Mos.—1939
$31,853,315 $27,492,206
703,206
531,068
596,752
194,533
$11,012,942 $32,644,600 $28,726,481
4,824,649
4,910,147
14,506,514
Gross profit for prd.
for Federal in¬
tax
45,500
402,916
45,500
$6,660,675
$6,057,295 $17,735,170 $13,965,899
300,000
(estd.)
534,000
1,005,000
1,325,000
$5,523,295 $16,730,170 $12,640,899
Earnings per share
$0.42
$1.28
$0.96
a The
company's 50% interest in earnings of the Bahrein Petroleum
Co., Ltd., and California Arabian Standard Oil Co. is not included.
No
dividends have been paid by these companies,
b In computing the con¬
solidated Federal income taxes, proper deductions have been made for
charges directly to surplus in connection with the Section No. 36 Elk Hills
settlement and other items.—V. 151, p. 1157.
$6,360,675
$0.49
Net profit
Standard Oil Co. of Indiana—Extra
Dividend—
dividend of 25 cents per share in
addition to the regular quarterly dividend of 25 cents per share on the
capital stock, both payable Dec. 16 to holders of record Nov. 16.
Like
amounts were paid
on Sept. 16, last.—V. 151. P. 2363.
Directors
on
Nov. 4 declared an extra
Standard Oil Co. of New Jersey—Extra
Directors have declared an extra dividend
Dividend—
of 25 cents in addition to the
share on the capital stock;
$25, both payable Dec. 16 to holders of record Nov. 15. Extra of 50
regular semi-annual dividend of 50 cents per
par
'$189,364
$129,340
z694,828
509,576
555.861
$1,748,514
yl,166,194
$1,528,971
$698,940
101,070
$685,201
105.862
$2,914,708
104,875
Total income
cents was paid on June 15,
In connection with the
last.
dividend declaration the company stated "the
management of the company in common with other American industries
i
99,889
Depreciation
—
Dominion and
foreign income taxes - earnings
applic. to minor.
Consolidated
Earns,
'
456,531
121,509
103,158
491,334
$972,551
$476,361
$476,180
$2,318,498
71,892
78,511
62,498
17,144
$910,053
904,855
$ 1.00
$459,217
interests
Net earnings
Shs.
com.
stk. outstand.-
Earnings per share
904,855
$0.51
No provision made for Federal surtax on
cludes $425,115 non-recurring income, viz.:
x
x$404,288 x$2,239,987
904,855904,855
$0.45
$2.47
undistributed profits,
y
In¬
profit on sale of reacquired
shares of capital stock in treasury,
z Includes $281,233 non¬
recurring income, viz.: cash-net income received upon liquidation of a
foreign subsidiary.—V. 151, p. 2058.
Sylvania Industrial Corp.—Extra Dividend —
25 cents per share in addition
regular quarterly dividend of like amount on the common stock, both
payable Nov. 26 to holders of record Nov. 15.—V. 151, p. 863. .y
Directors have declared an extra dividend of
to the
Taylorcraft Aviation Corp.—Earnings—
on
b Prov.
come
1937
1938
1940
$834,143
Other income.
14,715,081
134,166
long-term
payable_______
1939
Sept. 30—
Profits from operations-
company
depletion
& amortization
Interest
9 Mos. End.
Federal,
395,415 kilowatt hours, as compared with 125,000,422 ^dlowatt hours for
the corresponding week last year, an increase of 10.7%.
The output of 138,395,415 kilowatt hours, for the week indicated, estab¬
lishes a new all-time high record for the combined electric output of Standard
Gas & Electric Co.'s subsidiary and affiliated public utility operating com¬
panies.
common
20 to holders of record Nov. 27.
A similar
last, Dec. 20 and April 27, 1939 and June 15,
1938, and compares with 10 cents paid on Nov. 24 and Aug. 20, 1937.—
—V. 151, p. 1737.
- Y:\-,
par $1, payable Dec.
amount was paid on May 1,
stock,
Net adjustment of bond discount expense
x
exchange.—Y. 151, p. 2209.
Sunray Oil Corp.—Five-Cent Dividend—
$477,900 loss$436,517
$1,083,638
$1,040,952
Sullivan Machinery Co.—Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
$151,886 loss$88.880
$264,606 lossS124,894
x After
depreciation, taxes and write-down for conversion of foreign
Period End. Sept. 30—
Net profit
For
to
1940, unaudited company records
Taylorcrafts were received, compared
9 months ended Sept. 30,
the
show that a total of 870 orders for
342 for the 9 months ended Sept. 30, 1939, an increase of 154%.
Orders received in the 3 months ended Sept., 1940 alone were 366, com¬
pared to 141 in the third quarter of 1939, a gain of 160% .
For Sept. 1940, a total of 105 planes were invoiced, a new high
rate based
on
monthly
present facilities.
has utilized to the maximum its
present capacity of about 1,300 planes per year, operating 2 shifts.
It is
estimated that, on completion of the present $200,000 addition to facilities,
a production of about 3,500 planes per year, with two shifts, will be possi¬
ble.
The new plant, it is expected, might be ready by the middle of De¬
cember.
Production thus far in 1940, to Sept. 30, 1940, totals 625 planes,
compared with 317 for the first 9 months of 1939, an increase of nearly
In achieving this record, the company
^AsP
Based
this
of
on
Sept.
30,
1940,
backlog of unfilled orders totaled 273 planes.
of about 100 planes per month,
present maximum operating rate
backlog alone appears sufficient
to assure
capacity operation until
the new plant is ready for occupancy.
Net income for the 9 months ended
Sept. 30, 1940, based on unaudited
company figures, totaled $50,635 (after new 24% normal income tax but
before excess profits taxes), equal after preferred dividends to 24c. per
share of common stock (198,344 shs., $1 par).-—V. 151, p. 431.
'
Tennessee Alabama & Georgia Ry.—SB-Cent Dividend—
dividend of 35 cents per share on the common
1 to holders of record Nov. 15. Dividend of 25 cents
was paid a year ago.—V. 146, p. 1261.
Directors have declared a
stock, payable Dec.
The Commercial & Financial Chronicle
2812
Texas Corp.—Grants
Mr.'McKenna in his
Leaves to Draftees—
Employees of draft age who have completed a year, or more, of con¬
tinuous service with the company, and who may be called into military or
naval service, will be given a leave of one year, W. 8. 8. Rodgers, President,
stated.
pension
have accumulated under the Texaco plan will continue to
its own expense, also will continue group life
as may
their credit. The company, at
insurance contributions.
Upon return to service of the company employees will be restored to
former positions without loss of seniority, and will receive credit for service
during the period of leaves.—V. 151, p. 2664.
Cv
Tilo Roofing Co.—To
^
•
Pay Special Dividend—
R. J. Tobin, President of this company, announced on Nov. 6 that the
directors have declared a special dividend of 10 cents per share on the com¬
pany's 462,126 outstanding shares of common stock, in addition to the
regular quarterly dividend of 20 cents a share, both payable Dec. 16 to
of record Nov. 25.
The regular quarterly dividend of 35
cents per share on the company's preferred stock was also declared, payable
Dec. 16 to stockholders of record Nov. 25.—V. 151, p. 2515.
stockholders
Timm Aircraft
Corp.—Order Received—
Corporation reported the receipt of a new order to manufacture aircraft
parts and accessories amounting to $969,516 from Vultee Aircraft, Inc.,
with deliveries to begin later this month.
Company officials revealed
plans to triple the number of employees to rush deliveries on orders re¬
ceived from manufacturers of aircraft both for the United States and
recently acted as underwriters for United States Plywood in the sale of
20,000 shares of common stock for new financing.
Corporation has pi rchased all of the stock of the Algoma Plywood &
Veneer Co., of Algoma, Wis., and the Hamilton Veneer Co. .Orangeburg
8. C., for approximately $900,000 in cash.
U. 8. Plywood Corp. controlled the production of these two plants under
contract, prior to this purchase.
The properties include a large plwyood
plant at Algoma and a new plant for the Vidal molded aircraft plastics
process, a plywood plant at Orangeburg, 8. C., and a veneer plan at Birchwood, Wis., and timberlands connected therewith.
Both properties will
be enlarged for increased production.—V. 151, p. 2666.
Universal Consolidated Oil Co.—Earnings—
[Including Lost Hills Water Co.]
Period End. Sept. 30—
xOper. profit
y Net profit
Net earnings per share on
200,000 shs. outst'd'gx
1940—3 Mos.—1939
$166,964
$268,938
66,409
140,198
$0.33
Mining Co.—Promoter Indicted—
Nov. 2 reported the indictment of Harry A. Thompson of Salt
Lake City, on charges of fraud in connection with the sale of stock of
Tintic Treasurer Mining Co.
The indictment was returned by the Federal
Grand Jury at Salt Lake City.
'■
'''•?■
It was charged in the indictment that Thompson, as Manager and sole
controlling person in charge of the brckerage
rm of Ridge & Co., with
offices in Salt Lake City, made numerous false-md fraudulent representa¬
tions in the sale of capital stock of the company as regards conditions
within the company, its mining operations, shipments of ore, and the market
price of its stock.
Air, Inc.—Arranges FourRevolving Credit for Purchase of Airlines—
Funds to provide for the purchase of new airline equipment,
U. S. Rubber Co.—To
principally
new 24-passenger DC-3s, were made available to the company through
agreement entered into between the airline and a group of banks headed
amounts
were
paid in each
provided for
four-year unsecured revolving credit in the initial amount
of $2,500,000.
Delivery of the new equipment will be made over a three
months' period beginning in the middle of December, 1940.
The participating banks are: Commercial National Bank & Trust Co.
of New York: the New York Trust Co. of New York; the Harris Trust &
Savings Bank of Chicago; the First National Bank of Kansas City; the
Commerce Trust Co. of Kansas City; the National Bank of Commerce of
Houston, and the Farmers & Merchants National Bank of Los Angeles.
Under this agreement TWA is permitted to borrow, as its actual money
requirements develop, in varying sums from $2,500,000 initially, graduated
downward annually to the expiration of the agreement on Dec. 31, 1944.
Borrowing under this agreement will^bear interest at the rate of 2%%
a
per annum.
"This form of
financing," Mr. Talman said, "is particularly adaptable
the requirements of the industry.
It provides extreme flexibility and
assures the airline of adequate funds without the necessity of fixed bor¬
to
rowings."—V. 151,
p.
Union Bag &
1007.
Utica
Net profit
Earns, per sh. oncom.stk
y808,663
$0.64
207,686
y2,840,849
$2.25
$0.16
579,439
$0.46
After
the
first
nine
months
of
1940 sales
totaled
$16,051,859,
against
$12,488,922 for the similar period last year.—V. 151, p. 1293.
Union Premier Food
_
1940
1939
$759,155
x583,155
$734,943
609,923
No provision has been made for
excess profit taxes since
they cannot
accurately be calculated at this time.—V. 151, p. 2210.
: *i«
Van Raalte Co.—Extra Dividend—
Directors have declared
The Pratt &
Whitney Aircraft Division of
by the United States Government
490,703 to build airplane engines and another
for the building of airplane engines.—V.
151,
awarded
contract
p.
an
initial dividend
totaling $41,886,581
2666.
Pref. Dividend—
of $1.25
per
share
on
the
5^cumulative preferred stock, payable Dec. 1 to holders of record Nov.
United Gas
13.
Improvement Co.—Weekly Output—
The electric output for the U. G. I.
system companies for the week just
figures for the same week last year are as follows:
Week
ended Nov. 2, 1940, 117,821,067
kwh.; same week last
closed and the
year,
an
increase of 9.714J99 kwh.
United States
9%.—V. 151,
p.
108,106,268
2666.
Vicksburg Shreveport & Pacific Ry.—Bonds—
aT'fhe Interstate Commerce Commission on Oct. 30 authorized
_
9 Mos. End. Sept. 30—
Gross revenue—
1940
1939
1938
1937
$10,002,918 $10,099,144 $12,123,143 $14,825,222
9,345,587
9,522,132
11,517,001
14,081,047
Balance
$657,332
39,224
Other income
$577,012
50,034
the
com¬
of expenditures made for capital purposes and in
retiring outstanding bonds, not exceeding $3,746,000 ref. at improvement
mtge. oonds, series C, to be delivered to Yazoo <st Mississippi valley jtvK.,
to oe pledged by that company or by the Illinois Central Kxt. solely for the
purpose of collateral security for a loan of $1,967,000 from tne Keconstruction Finance Corporation, to be applied to tne retirement at maturity
of $1,290,000 of prior lien 5% bonds and $677,000 of general mortgage
5% bonds of the company.— v. 144, p. 2326.
pany to issue in respect
Virginia Electric & Power Co.—Earnings—
12 Months Ended Sept.
Operating
30—
1940
1939
$20,453,943 $19,022,655
5,847,654
5,668,965
4,083,223
3,827,703
revenues
Balance for interest
a
Balance for dividends and surplus
a After
depreciation
151, p. 2211. j
an
including
non-operating
income
(net).—V.
Walgreen Co.—SalesPeriod End. Oct. 31—
1940—Month—1939
Sales
$6,314,503
1940—10 Mos.—1939
$5,887,113 $60,973,551 $57,526,028
—V. 151, p. 2211.
Warner & Swasey
Period End. Sept. 30—
Earns, before Fed. taxes
Earnings
per
Co.—Earnings—
1940—3 Mos.—1939
$1,543,855
$581,071
share
$1.93
per
of
668,855
$0.8314
share
Note—In each
case
$0.73
433,071
$0.54
1940—9 Mos.—1939
$4,230,397
$1,295,765
$5.28
$1.62
2,805,776
1,009,765
$3.50
$1.26
the per share earnings are based on the 800,930 shares
common stock
outstanding on Sept. 30, 1940.
The preferred stock was
retired in full on Sept. 30 and the earnings figures given above are after
paying the Oct. 1 dividend on all preferred shares exchanged for common
or redeemed with cash.
Of the 13,502 preferred shares previously outstand¬
ing 9,177 shares were redeemed in cash and the remaining 4,325 shares were
exchanged during September for 18,780 shares of common with cash adjust¬
ments for fractions.—V. 151, p. 2366, 1442.
Warren Brothers Co.—Hearing Scheduled to Consider
Company's Petition for Authority to Effect Exchange of Cuban
Bonds—
The U. 8.
v:
vV."'?:
District Court in Boston has set Nov. 15 for
a
hearing
on a
petition of company for authority to exchange its present holdings of
defaulted 5H % obligations of the Republic of Cuba, due June 30,1935, and
the external debt of Cuba.
are
directed to show
cause
Creditors, stockholders and others interested
hearing why the petition should not be
at this
granted.
The petition of the company is a step in
carrying out the settlement of its
claims against Cubh.
The law recently made effective in the Island Republic
provides that Warren Brothers Co. is to receive in settlement of its claims
the
of
following: $4,323,300 of Cuba public works 4
of 1977, and $4,379,600
issue of Cuba public works 4 14b, due in 1955. In both cases interest
a new
$606,141
51,910
in
exchange for Warren Brothers' present Cuban bonds. After this approval
hearings will be resumed before the special master appointed by the court
to ascertain the value of the
company's assets.
Testimony has been ren¬
dered as to all assets except the Cuban
holdings. After the master's report
has been submitted and confirmed
by the court the company will then be
a
position to prepare a plan or reorganization for submission to the
security holders and the court.—V. 150, p. 1954 3377.
in
,
Weinberger Drug Stores, Inc.—New Financing—
Company is notifying the Securities and Exchange Commission that it
common stock through T. H. Jones
proposes to offer 10,000 shares of its
& Co., Cleveland, Ohio.
The company recites that the proceeds of the
financing will
connection with a contemplated program for opening certain
be used in
additional
store
Distributing Corp. (& Subs.)—Earnings
Costs and expenses
x
or
dividend of 25 cents per share in addition
regular quarterly uiviuenu of 5U cents per share on the common stock,
both payable Dec. 1 to holders of record Nov. 14.—V. 151, p. 2ol6.
accrue from Jan. 1, 1941.
It is expected that the court will approve the
acceptance of these bonds
this corporation recently was
two contracts totaling $59,-
United Biscuit Co. of America—Initial
Directors have declared
an extra
to the
will
United Aircraft Corp.—Government Contract-
r
1 to holders of record.
treasury serial notes of Cuba totally matured Oct. 31, 1935, for bonds of
Stores, Inc. (& Subs.)—Earnings
40 Weeks Ended Oct. 5—
Net earnings before prov. for Fed. income taxes
and excess profit taxes.
Net profit after prov. for State & Fed. inc. taxes.
kwh.,
on
initial quarterly dividend of $1.25 per share
an
o% prei'erreu class A stock, payable Nov.
Oct. 29.—V. 151, P. 1442.
Earnings
depreciation, interest, estimated Federal income and capital
stock taxes and other charges, but before provision for surtax on undis¬
tributed profits,
y After applying the 24% Federal income tax rate.
Net profit for the nine months ended Sept. 30, 1940, amounted to
$2,315,167, equivalent to $1.83 a share on the 1,265,329 shares of capital
stock outstanding, after all charges including Federal income tax at the
rate of 24% as required by the Second Revenue Act of 1940, but before
excess profits tax.
This compares-with net earnings of $440,051 for the
first nine months of 1939, equal to 35 cents a share on 1,262,729 shares
outstanding at the end of that period.
x
$6 paid
Knitting Co.—Initial Preferred Dividend—
the
Earns, after Fed. taxes,_
Paper Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
1940—3 Mos.—1939
1940—12 Mos.—1939
Sales
$5,565,610
$5,009,999 $21,124,903 $16,887,751
For
of the three preceding quarters;
Dec. 22,1939, $2 paid on Sept. 22, June 23. and on March 24, 1939, and a
dividend of $4 per share paid on Dec. 23, 1938, this latter being the first
dividend paid since Feb. 15, 1928.—V. 151, p. 715.
by tne Commercial National Bank & Trust Co. of New York, according to
announcement Nov. 7.
E. Lee Talman, Vice-President and Treasurer
of the airline, in announcing the signing of this agreement, stated that it
x
Pay $2 Preferred Dividend—
a dividend of $2 per share on the 8% non-cum.
1st pref. stock, par $100, payable Dec. 20 to holders of record Dec. 6.
Like
an
x
$2.55
<
on
Transcontinental & Western
15
$1.14
Directors have declared
on
The Securities and Exchange Commission and the Department of Justice
$0.70
After provision for depreciation, depletion, intangibles and
all taxes.—V. 151, p. 1159.
y
Directors have declared
Tintic Treasure
1940—9 Mos.—1939
$606,814
$959,945
228,119
511,125
Before depreciation, depletion, intangible drilling costs and provision
for taxes,
foreign countries.—V. 151, p. 2515.
an
post at United States Plywood will be in charge
new
of molded plywood plastic products, which are used principally in the air¬
craft, automotive and boat-building industries.
Eastman, Dillon & Co.
Thompson Products, Inc.—Wages Increased—
Company will raise wages of non-supervisory employees at its Cleveland
plant five cents an hour, effective Nov. 8. Applying to about 4,000 workers,
the increase will total about $350,000 a year, it is estimated.—V. 151, p.
2059.
v.
Year
9, 1940
...
In addition, such employees will receive full company compensation for
the first three months of leave, less military pay and allowances.
Such
today
Nov.
$744,175
90,005
units and expanding facilities of certain present stores.
There are
80,000 shares presently outstanding and listed on the Cleveland Stock
Exchange.
'
.
The company recently opened its 41st, 42d, and 43rd units in
Massillon,
Its 44th store will be opened shortly in Cleve¬
land.—Y. 151. p. 1588.
Youngstown and Bucyrus.
Werner Bros.-Kennelly Co.—Bonds Called—
A total of $9,000 first mortgage
5%sinking fund bonds due Dec. 1, 1955
been called for redemption on Dec. 1 at par and accrued interest.
has
$696,556
108,877
Interest (net)
$627,046
116,553
Depreciations, depletion
and amortization
Prof,
on
sale of prop., &c
Federal taxes
_Net profit...
»
x- Includes
excess
348,882
Cr279
49,770
$ 189,307
of par value over
379,452
Cr9,540
35,246
$658,051
142,484
427,305
Crl4,391
30,987
$105.336
$71,666
cost" for"l>onds purchased
$834,180
174,545
416,083
Cr 12,987
31,325
Norbert
retired'
A.
Officer—Acquisition
McKenna, whose retirement from Eastman, Dillon & Co
on Nov. 1, will be elected Vice-President
and director of
this corporation, it was announced on Oct. 31 by Eastman, Dillon &
Co
was
announced
Western Auto
at the Harris Trust &
Savings Bank, Chicago, 111.
Supply Co.—Sales—
Period End. Oct. 31—
Retail
1940—Month—1939
$2,719,000
2,394,000
5,113,000
WholesaleCombined--
$225,214
and
^ounti^tOi$7,298^1940, $15,760 in 1939. $45,799 in 1938and$36,404
United States Plywood Corp .—New
Payment will be made
1940—10 Mos.—1939
$2,459,000 $25,098,000 $23,005,000
1,651,000
16,904,000
12,672,000
4,110,000
42,002,000
35.677.000
Earnings—
Period End.
Net sales
Net earnings
Sept. 30—
1940—3 Mos.—1939
1940—9 Mos.—1939
$14,180,423 $12,542,762 $36,865,098 $31,544,884
759,607
991,486
1,667,907
2,127,509
Note—Net earnings as stated above are after provision for
depreciation,
State income taxes and normal Federal income taxes at
The increase in normal Federal income tax rates applicable
to 1940 earnings decreased profits
approximately $142,000 in the nine
amortization,
current rates.
2813
Commercial & Financial Chronicle
The
151
Volume
Shares
Shares
made for
1940.
No provision has been made for certain chain store taxes assessed for the
years 1936 to 1940, inclusive.
Approximately $22,000 of such chain store
taxes (not including interest and penalties) would apply to the nine months
period ended Sept. 30, 1940, and approximately $20,000 would apply to
the nine months' period ended Sept. 30, 1939.
The company is contesting
the legality of this assessment, the aggregate amount of which, accrued to
months'
Federal
period ended Sept. 30, 1940.
No provision has been
profits tax as defined in the Second Revenue Act of
excess
Western New
^
12 Months
York Water
Co.—Earnings—
Gross corporate
bonds
Interest on debenture bonds
Amortization of debt discount & exp.
interest.
Other interest charges—
Taxes assumed on
construction.
Miscellaneous deductions
Provision for Federal capital stock
Provision for Federal income tax
tax
432,059
$315,707
E. H. Rollins & Sons, Inc
G. H. Walker & Co
Jackpon & Curtis.
$316,041
204,887
$306,061
204,887
40,591
10,500
5,661
43,557
10,566
5,998
1,561
758
325
Cr424
400
59
Francis, Bro. & Co.
Stern Brothers & Co.
Schwabacher & Co
$8,757,268; miscellaneous in¬
in banks and working funds,
$139,243; accounts and notes receivable (less reserve of $6,4f 5), $48X31;
accrued unbilled revenue, $22,5l.O ; materials and supplies, $35,(97; debt
discount and expense in process of amortization, $111,627; prepaid accounts,
deferred charges and unadjusted debits, $6,890; total, $9,122,737.
Liabilities—Funded debt, $4,504,600; accounts payable, $13,119; due to
companies (current account), $473; consumers' deposits and
interest accrued thereon, $12,275; Federal, State and local taxes
$72,881; interest on funded debt accrued, $95,143: miscellaneous
$1,230; unearned revenue, $12,044; deferred liabilities,
reserve
for depreciation, $1,155,695; contributions in aid of construction,
affiliated
accrued,
accruals,
$5 non-cumulative participating preferred stock (no
10,306 2-3 shares), $206,133; common stock (no par,
000,000; capital surplus, $792,525; earned surplus,
122,737.—V. 151. P. 866.
outstanding
par,
—Earnings —
1940
1939
Operating revenues
$2,161,954 $2,150,834
Balance for interest
484,813
504,557
Balance for dividends and surplus
. .;
166,238
170,805
After depreciation and including non-operating income (net.)—V. 151,
Service Co, (& Subs.)
:
<
Ended Sept. 30—
—
1,000
1,000
850
750
500
500
500
500
500
W. W. Lanalmn & Co
Stein Bros. & Boyce
1,250
—Years Ended-
8 Mos. End.
$7,585,834 $10,802,534
5,496,339
8,241,537
Net sales;
Cost of sales
$9,321,862
7,436.049
1, '38
$8,592,081
6.959,998
$2,560,996
$1,885,812
$1,632,083
380,698
155,746
298,564
133,341
197,799
108,160
Sell ing expenses
;■
Administrative expensesi
Taxes
come
Dec. 30, '39 Dec. 31, '38 Jan.
$2,089,494
278,309
(other
taxes)
98,292
in¬
than
178,417
_
i
$1,534,474
30,939
53,694
$1,565,414
231,711
Other deductions
202,379
158,964
$1,251,526
51,473
$1,167,157
$1,303,000
309,325
$1,214,888
266,644
223,798.
$1,800,753
$1,854,448
314,883
Federal income & excess-
287,500
190,000
163,500
$811,703
Net profit-.
Portion of net loss of sub.
$1,252,064
$803,674
$784,743
$803,674
288,000
339,362
$784,743
24,195
23,013
$835,898
143,445
356,865
applic. to minority int.;
$1,275,078
;
profit for period- _
Preferred dividends
Common dividends
Net
360,000
627,820
Consolidated Balance Sheet Aug. 24,
'
216,000
339,362
1940
Liabilities-
Assets—
Cash and demand
$1 ,866,649
deposits
Accounts
Inventories.
Accrued liabilities
,240,204
,320,002
Accounts receivable
Res. for compen.
3,384
Other current assets
49,908
129,356
mutual insur. cos
Deferred charges..
179,339
,020,683
Investments and advances
Fixed assets (net)
$349,692
852,847
payable
280,816
Marketable securities
Depos. with
47,730
522,000
profits taxes
$115,770;
$229,402;
50,000 shares), $1,$911,447; total, $9,-
1,000
1,000
Bankairerica Co
1,250
Total earnings..
Balance Sheet Sept. 30, 1940
a
1,000
1,500 Brush, Slocumb & Co
1,250 Davis, Skaggs & Co
...
Other income
Assets—Property, plant and equipment,
and special deposit, $1,282; cash
Western Public
1,000
Lynch
Moore, Leonard &
$41,289
Cr 59
;
***
Pierce &
Cassatt
1,750
CY2.673
$52,756
A.
E.
Consolidated Statement of Income
900
562
Lynch,
Merrill
2.000 Stlx & Co....
2,000 Boettcber & Co
Eoultable Securities Corp
vestment
12 Months
....
Milwaukee Co
Aug. 24, '40
204,887
38,088
10,444
5,356
780
Crll4
350
746
12,528
1,000
Alex. Brown & Sons
3.000 Starkweather & Co
2,250 spencer Trask & Co
2,150 Whiting, Weeks & Stubbs, Inc...
Riter & Co__
243
$77,078
Net income
Coffin & Burr, Inc
$305,817
334
$350,145
income
452X34
$349,501
643
...
........
$767,741
460,601
Interest on mortgage
Interest charged to
.
$737,877
$810,102
Operating revenues—
Operating expenses
Lee Higginson Corp
Ames, Errerlch & Co., Inc
Laurence M. Marks & Co
1938
1939
1940
Eastman, Dillon & Co
Wisconsin Co
.
.
Ended Sept. 30—
Net earnings^*,...
Other Income.....
approximately
interest and penalties, is
30, 1940, together with
$169,000.—V. 151. p. 2211.
Sept.
9,000
8.000
7.500
3.000
3,000
F. Eberstadt <fc Co., Inc
13,661
36,497
insurance.
Deferred credits
...
25,563
Minority int. in sub. com
5%
5,691.600
pref. stock
conv.
3,989,074
3,131,408
Common stock
Earned surplus
_ _
a
p.
2367.
(George) Weston,
Ltd.—Earnings—
1940
Sept. 30—
profit.......
9 Months Ended
x
Net operating
1939
$779,171
196,308
Preferred dividends
Surplus
-
$584,512
67,632
$515,263
Net earnings before taxes
$762,137
$582,862
67,599
........
D^reciation...—......
$516,879
177,625
depreciation and income and excess profits taxes but after de¬
duction of reserve for interest due and accrued.
Note—Due to recent changes in taxation in Canada and the United States,
it is not possible to estimate accurately the amount of taxes for the nine
months of 1940, and the company's official statement states that income
figures are before providing for the amount which will be required for income
x
Before
well as excess
1940, will be subject at
taxes as
profits tax. The company's earnings for the year
least to a minimum tax of 35%.—V. 151, p. 571.
Wright Aeronautical Corp.—Government Contract—
was recently awarded a contract totaling $119,870,920
engines for the U. S. Government. —V. 151, p. 2517.
Company
to
Corp.—Preferred "Stock
Products
Chlorine
Westvaco
Eberstadt & Co., Inc., headed an underwriting
Offering—F.
which on Nov. 4
publicly offered 60,000 shares of
preferred stock (less an aggregate of 39,300
shares issued in exchange for old 5% preferred and withheld
by reason of conversion of such old preferred shares into
common stock).
The stock, priced at $100 a share and
$4.50 cumulative
accrued dividends, has
offering group
been oversubscribed.
Others in the
included Eastman, Dillon & Co.
Higginson Corp.
and Lee
,
2, was on the basis
each $100 par value
stock.
Capitalization—Giving effect to the issuance of the securities offered and
to the retirement of the presently outstanding shares of convertible preferred
stock, but not taking into account any shares of common stock which may
have been or shall be issued through conversion after Sept. 28, 1940, the
The
company's exchange offer, which expired Nov.
of $4.50 cumulative preferred stock for
of 1 1-10 shares
of
5%
convertible preferred
capitalization of the company
will be as follows: Authorized
v;
,
$4.50 cumulative preferred
Common stock (no par)
Peabody & Co. and E. W. Clark & Co. were awarded on
7 an issue of $1,550,000 1% serial equipment trust
certificates on a bid of 98.87 (an interest cost basis of 1.23%).
Nov.
stock (no par)
.....—
75,000 shs.
560,000 shs.
thereafter at $105 per sh., plus accrued divs. Sinking
fund equivalent to 10% of net earnings for previous year, with a minimum
of $90,000 per annum, to be applied to purchase up to $100 per share, or
redemption at $100 per share, and accrued dividends.
Company—Incorporated in Delaware, Dec. 15, 1926, as the outgrowth of
several businesses.
Company is one of the principal producers of industrial
chemicals in the United States and its products are sold to a widely diversi¬
fied group of basic industries.
Its major products include chlorine, caustic
carbon bisulphide, chlorinated solvents, ethylene
pyrophosphate, hydrogen peroxide, blanc fixe,
epsom salts and acid sodium pyrophosphate.
A substantial part of the
company's production of chlorine and some caustic soda is sold to the
Carbide & Carbon Chemicals Corp. under a long term contract.
Com¬
pany's products are used extensively in the manufacture of antifreeze
(Prestone), baking powders, fertilizers, paper, pharmaceuticals, printing
inks, paints, varnishes and lacquers, rayon, refractory materials, rubber,
soda, magnesium oxide,
dibromide, tetrasodium
and in bleaching, dry cleaning, degreasing, petroleum
purification and as water softeners. Company's manu¬
facturing plants are located in South Charleston, W. Va., Carteret, N. J.,
and Newark, Calif., and magnesite mines are leased at various locations in
soap
This is a record low rate for an
the previous record low having been
trust issue,
with the sale of the Duluth Missabe & Iron
equip, trust certificates.
The certificates are dated Nov. 15, 1940 and mature $155,000 each
Nov. 15. 1941 1950, inclusive.
To be issued under the Philadelphia plan.
Trustee, Union Trust Co. of Pittsburgh.
Issuance subject to approval by
Range \lA%
Interstate Commerce
Commission.
Many other close bids were submitted.
that submitted by Evans, Stillman &
was
99.729
for
(Inc.)
and associates,
98.277 for Is: Haisey, Stuart
100.539 for l^s.—V.
Purpose^Concurrently with the issuance of the shares offered, the com¬
will call for redemption the 5% convertible preferred stock.
It is
pany
believed, that
elimination of the
conversion privilege in such
{ should permit the company to obtain
mon
stock
when required, more
preferred stock
capital funds through the sale of com¬
advantageously than is now possible.
Furthermore, under the provisions of the $4.50 cumulative preferred stock,
the company's ability to avail itself promptly of advantageous opportunities
to obtain additional capital, if and when required, is facilitated.
Listing—The listing of the $4.50 cumulative preferred stock has been
authorized by the New York Stock Exchange.
Underwriters—The name of the several principal underwriters and the
respeictive amounts underwritten are as
follows
<fc Co., Inc., and associates,
151, p. 2668.
Co.—■Tenders—
Whitaker Paper
Co. of New Vork will until 3 p. m. Nov. 22 receive
it of sufficient first mortgage 20-year 7% sinking fund
gold bonds, due Nov. 1, 1942 to exhaust the sum of $64,109 at prices not
exceeding 102 and accrued interest.—V. 151, p. 1296.
The Guaranty Trust
bids for the sale to
Winnipeg Electric Co.—Earnings —
30—
1940—Month—1939
Gross earnings
$562,940
$554,302
Period End. Sept.
332,648
324,552
$230,292
$229,750
Oper. exps. and taxes—
Net
earnings.....
-V. 151, p.
Net earnings
After
$0.26
$0.22
Charges,
all
months to reflect
y
After adjustment
the new normal and excess
1589.
V-
V-;
(F. W.)
1940—9 Mos—1939""
y$285,897
$283,148
$0.67
$0.66
of earnings for the first six
profits tax rates.—V. 151, p.
1940—3 Mos.—1639
y$93,974
$108,050
30—
Earnings per share
x
$2,127,740
$2,251,027
Co.—Earnings —
Wolverine Tube
Period End. Sept.
x
1640—9 Mos.—1939
$5,330,170
$5,067,380
3,079,143
2,939,640
2367.
■
Period End. Oct. 31—
1940—Month—1939
.....$28,633,795 $26,527,386
Sales
—V. 151, p.
-
Woolworth Co.—Sales1940—10 Mos.—1939"
$251200,840i$239549,110
2211.
Yellow Truck &
Company was
Coach Mfg. Co.—Govt. Contract—
recently awarded two contracts totaling
Government.—V. 151, p. 2670.
$851,662 to build
trucks for the U. 8.
Youngstown Sheet & Tube
x
3 Months Ended Sept. 30—
Operating profit..
....
1940
253,350
$1,536,421
$6,110,276
Total income
Depreciation and depletion.
$3,65a ,923
1.720,696
933,893
239,268
$1,865,289
1,651,/45
2,039,894
....
892,520
335,581
Interest
$2,842,280
profit
Shares common
stock
Earnings per share
x
1938
1939
$3,405,573
265,044
Other income
Net
Co. (& Subs.)— Earnings—
$5,845,232
Miscellaneous charges
California
The second high tender offered
Co. and associates, 99.951 for
This is an interest cost basis of about 1.26%.
Other bidders and their bids included the following: Salomon Bros. &
Hutzler and associates, 99.899 for 1 Ms; Blyth & Co., Inc., and associates,
99.799 for 1 Ms; E. H. Rollins & Sons, Inc., and Blair Ac Co., Idc.,
for IK*: Harriman Ripley & Co., Inc., and associates, 101.0789
F. S. Moseley & Co. and associates, 98.37 for Is; Harris, Hall & Co.
1
and textiles
refining, water
equipment
established
few weeks ago
a
60,000 shs.
350,448 shs.
1, 1050, and
0.20% to
quickly sold.
Outstanding
Stock—-Entitled to cumulative preferential dividends of $4.50
per annum, payable Q-F.
Preferred as to assets to extent of redemption
price in voluntary and $100 in involuntary liquidation, plus accrued divs.
Redeemable, except for sinking fund, in whole or in part on 30 days' notice
at $110 per sh. until Nov. 1, 1945; at $107.50 par sh. thereafter and until
reoffered immediately at prices to yield
1.55%, according to maturity, and were
The certificates were
from
Preferred
Nov.
$14,090,341
Total
Wheeling & Lake Erie Ry.—Equipment Trust Certificates
Sold—Mellon Securities Corp., Lazard Freres & Co., Kidder,
build airplane
group
.$14,090,3411
Total
—V. 151, p. 2668.
1,675,008
$1.57
328,868
768,713
172,377
$765,066 loss$727,546
1,675.008
1,675,008
$0.33
Nil
After Federal income taxes.
Bonds Called
All of the
outstanding first mortgage
C due
104 and accrued
York City.
2669.
sinking fund 4 % bonds series
May 1, 1961 have been called for redemption on Dec. 4 at
interest. Payment will be made at the Bankers Trust Co., New
Immediate payment can be had at holders option.—V. 151, p.
The Commercial & Financial Chronicle
2814
Nov.
■
:
The Commercial Markets and the
9t
1940
'
<
■
')<
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
Friday Night, Nov. 8, 1940
Coff«e—On the 2d inst. futures closed 9 to 17
points net
Transactions totaled 54 lots.
The improved ac¬
tivity at advancing prices was based on reiteration of
reports
that the Santos crop would be
sharply curtailed as a result
higher.
of recent
drought conditions. As the storv goes Santos will
produce only one-third of average output of 15,000,000 bags
in recent years. Nothing was learned
officially of the meeting
of coffee trade groups in
Washington on Friday, but the
report is that everyone was sworn to secrecy.
A meeting of
the coffee groups is understood to be scheduled for
Monday.
On the 4th inst. futures closed 2
points off to 2 points up.
Sales totaled 52 lots.
The 14 Western
Hemisphere nations
who are parties to a plan to
arrange for quota shipments of
coffee to the United States
among other things, are said to
be sending individual ratifications back to
Washington.
Santos coffee futures, up 9 to 17 points on
Saturday, were 2
to 6 points lower today after a
steady opening. Actuals were
steady but quiet, due to the paucity of offerings, attributed
to the pending quota scheme.
In Rio the spot No. 7 price
was
up
200 reis to 12.4 milreis
per 10 kilos.
It is said that
subject to adjustment on a private basis
depending on demand and other factors. While one group
believes Congress must approve the
plan before it becomes
effective, others believe that it will not be necessary if each
will
quotas
be
individual country assents to the
proposal. On the 6th inst.
only 9 contracts traded, and these in the
futures closed with
Santos Mar. delivery, which closed 6
points off.
While
waiting for further news on the coffee "quota plan," traders
were not
operating. Santos contracts dropped 8 points when
Mar. sold at 6.02c., but in
early afternoon 6.05c., was bid
for Mar. without
being
a
sale.
At the moment the
quota plan is
ratified
by 14 individual Latin-American countries
How long this will take is different to
forecast.
involved.
Meanwhile various
American trade associations are
reported
meeting to discuss their part and their interests in the scheme
of things.
Naturally, America's coffee trade wants the least
possible interference with normal trade operations.
On the 7th inst. futures closed 9 to 12
points net higher
for the Santos contract, with sales
totaling 83 lots. Santos
coffee futures were 9 points
higher when a few bids found
virtually nothing offered.
September, 1940 contracts were
at a new seasonal high at 38c.
In Brazil spot 7s were 200 reis
lower.
There
were
reports that Colombia had about
com¬
pleted here individual rules within the "quota plan" and
might therefore lift the embargo on sales for export. Mean¬
while, in waiting for Washington to report on quotas, Ameri¬
can
trade associations
are
discussing their part in the pro¬
Today futures closed unchanged to 1 point off for
gram.
the
Santos
contracts
with
sales
totaling 14 lots.
Santos
coffee futures were quiet and
unchanged to 3 points lower
after yesterday's abnormal
activity and sharp bulge in price.
In the Rio contract the first trade in
many weeks took place
when May sold at 4.28,
up 9 points.
Washington news on
the quota plan is
being awaited.
Rio coffee prices closed
December
as
4.28
______
4.201 July
Santos coffee prices closed
December
follows:
4.121 May.
March, 1941.
;
as
5.97
March, 1941
May
6.14
.
.
.4.33
follows:
July
September
.6.29
„
6.37
6.22
Cocoa—On the
2d inst. futures closed 2
points lowrer to
unchanged.
Transactions totaled only 37 lots.
Moderate
net gains were scored for the
week, as primary
producers
continued to evidence reluctance to
sell, and a better Wall
Street and consumer demand
developed.
While sales of
chocolate products are
reported at a high level, manufac¬
turer purchases of futures last week
were not
heavy. Licensed
stocks in New York warehouses
showed a decrease in the
week of 14,000 bags, which
brought the total down to 1,315,-
822
bags, against 1,066,370 bags in the local stores a
year
at this time.
Local closing: Dec.,
4.48; Jan., 4.51;
Mar., 4.60; May, 4.68; July, 4.76; Sept., 4.83.
On the 4th
ago
inst. futures closed
totaled
120
lots.
unchanged to 1 point net higher.
Cocoa
Sales
futures were steady in moderate
trading, which to early afternoon totaled 75 lots.
Hedge
selling accounted for most of the offerings. Manufacturers
absorbed the hedges while Wall Street
stood on the sidelines,
disinclined to act pending the national
elections.
During
early afternoon the market had a steady undertone at a level
of 1 to 2 points net
lower, with Dec. at 4.47c. Warehouse
stocks decreased 1,800
bags over the week-end.
They now
total 1,298,222 bags against 1,060,932
bags a year ago. Local
closing: Dec., 4.48; Mar., 4.60; May, 4.69; July,
4.77; Sept.,
4.83.
On the 6th inst. futures closed 4 to 2
points net lower.
Traders in cocoa were more or less
at
sea, with the result that the market fluctuated
uncertainly.
This afternoon it was down 1 to 2
Sales totaled 129 lots.
points after having gained
early when the stock market was higher.
Dec. was selling at
Trading to that time totaled 105 lots.
stocks decreased 5,000-bags.
They now total
1,293,277 bags against 1,059,492 bags a year ago.
Local
closing: Dec., 4.45; Mar., 4.57; May, 4.65; July, 4.73;
4.46c., off 2 points.
Warehouse
Sent., 4.81.
.
On the 7th inst. futures closed 10 points net higher, with
sales totaling 324 lots.
Wall Street buying took the cocoa
the hands of
market out of
the
cocoa
trade,
as
prices ad¬
vanced 4 to 5 points, with December advancing to 4.50c., up
5
points.
The buying evidently
was
inspired by the
spec¬
tacle of soaring stock market prices.
Sales to early afternoon
totaled 85 lots.
There was some hedge selling, but manu¬
facturers took little interest in the
proceedings. Warehouse
unchanged at 1,293,205 bags, compared with
1,065,103 bags a year ago.
Arrivals appear to be diminish¬
ing. The total so far this month has been onlv 23,539 bags,
whereas in the comparable period last year 82,726 bags had
arrived.
Local closing: Dec., 4.55; Jan., 4.58; Mar., 4.67;
May, 4.75; July, 4.83. Today futures closed 8 to 10 points
net higher, with sales totaling 737 lots.
Wall Street con¬
tinued to buy cocoa futures heavily and finally caused manu¬
facturers to join in the movement.
Evidently the latter
were a little fearful that the market
might get away from
them.
Trading to early afternoon totaled 700 lot|o.
It was
the biggest day in point of volume experienced m several
months.
It also saw the broadest upward price movement in
a long time.
The market during early afternoon stood 10 to
15 points net higher.
News that a large British convoy had
been destroyed by German warships revived fears of a
ship
shortage and also pointed to heavier British buying of cocoa.
Local closing: Dec., 4.63; Mar., 4.76; May, 4.85; July, 4.92;
Sept., 5.00.
stocks
were
Sugar—On the 2d inst. futures closed unchanged to 1
point off for the domestic contract, with sales totaling only
29 lots.
prices
In the world sugar contract sales were 32 lots and
unchanged to
y2 point lower.
The domestic
unchanged to 1 point lower, with
July showing the 1 point loss.
The world contract
was
uniformly 2y points lower for the week.
On the 4th
inst. futures closed unchanged to 1
point higher for the
domestic contract, with sales totaling 24 lots.
The world
sugar contract closed 1 to
l/2 point net lower, with sales
totaling 34 lots.
Apparently all trade interests were await¬
ing the election outcome tomorrow.
After gaining a point
the market during early afternoon was back at the
previous
closing level with Mav selling at 1.98c., unchanged.
Noth¬
ing was done in raw sugar, although buyers and sellers were
said to be only 2 points apart at 2.88c.
bid, 2.90e. asked.
were
contract for the
weex
was
Jan. and
It
estimated that about 40,000 tons of
was
at 2.90c.
pound.
a
to 2.85c.
It
on
favorable
raws were
were
offered
offered at 2.90
said that in the refined market brokers had
hand
as
was
Combination lots
good sized discretionary orders to be entered if an
advance should be announced for Eastern
territory.
In
the South and Mid-West where cane
sugar refiners have
advanced prices to 4.35c. a pound, an excellent business was
reported.
On the 6th inst. futures cfosed 2 points net
higher, with sales totaling 333 lots in the domestic contract.
The world sugar contract closed 1
point up to unchanged,
with sales totaling 24 lots.
The election result was regarded
was
to
reflected in
continued
sugar
control.
That sentiment
further rise of 1 to 2 points in the domestic
sugar futures market in moderatelv active trading.
Buying
a
appeared to be against actual
sugar
and short covering due
to the election.
In the raw market a sale of 4,000 tons of
Puerto Ricos loading next week at 2.90c. a
pound was re¬
ported.
Additional sugars were reported available at 2.90c.
In the world sugar market
trading was extremely dull and
prices mixed.
The market opened with Dec. at 0.75 of a
cent, off
y2 point, while Mar. at 0.82 of
Later Dec. rallied.
point.
On the 7th inst. futures closed
previous finals.
lots.
news
a
cent was up
unchanged compared with
Sales in the domestic contract totaled 178
The world sugar contract responded to the
inflationary
scored net gains of 2^ to 6 points, with best
and
trading volume since August, sales totaling 318 lots.
prices
1
were
futures
mixed.
Sugar
World sugar was strong, but domestic
unchanged during early afternoon, failing to
respond to the inflationary action of other markets. A survey
of the raw sugar market indicated that no more raws were
available at 2.90c. a pound, the price paid
yesterday for
possibly 40,000 tons by various refiners. Offers today were
were
made at 2.92c.
Traders now are talking of an advance in
In the world futures market prices were 1 to
1V2 points net higher, but trading remained small. Scattered
short covering brought about the rise, but inflation talk
may
have helped to stregnthen the market.
London reported
the torpedoing of a cargo ship carrying 6,000 tons of
sugar
to Spain; a development which some observers
regarded as
bullish on world sugar.
Today futures closed 1 point net
refined sugar.
Volume
151
The Commercial & Financial Chronicle
a
higher for the domestic contract, with sales totaling 195 lots.
The world sugar contract closed unchanged to 1 point lower
with sales totaling 132 lots.
It is believed here that Cuban
banks, in financing new crop operations, have required that
hedges against sugar be sold.
Offers of raws were small.
National Sugar Refining paid 2.90c. a pound for cargo of
prompt Cubas.
The 1941 quota, as yet not announced, is
the important consideration at the moment.
Profit taking
and Cuban hedge selling accounted for the bulk of the offer¬
ings in the world contract.
A week from today the number
of transferable notices of delivery to be issued against Dec.
the following Monday wilf be posted.
Prices cbsed
January, 1941
March
the ratio
b Deliveries
Exports
c
Larger than actual deliveries by a small amount representing losses in transit,
TABLE
3—STOCKS,
CONSUMPTION
Refined
the United
;':V'V
when the
to
The
went
refined
to
Last
tons.
than
more
138
6,027
6,145
173,196
54,170
168,981
45,742
19,945
.
last year,
*
Stocks
4—MAINLAND
Stocks
Jan.
on
on
TABLE
to say:
-
.
_
.
,
.
.
Total
....
.
,
-.
——
distribution
The
6,357
3,244,006
1,225,054
591,988
58,033
.
Importers ot direct consumption sugar (table 3)._
Mainland cane mills for direct consumption (table 4)..
of
local
for
sugar
consumption
5,125,438
-
in
of
Territory
the
Hawaii for the first nine months of 1940 was 26,002 tons and in Puerto
Rico 51,073 tons
(table 5).
.
Stocks of sugar on hand Sept. 30, 1940, and comparative figures for 1939,
in short tons, raw value (not including raws for
other
than
refiners,
which
amounted
to
processing held by importers
49,052
short
tons,
commercial
value, in 1940 and 16,554 short tons, commercial value, in 1939)
follows:
-
,
were as
,
•
1939
1940
Refiners' raw.
Refi ners' ref i ned
458,769
------
_
_
Beet sugar factories.
-
-
Mainland cane factories
TotalA
-
351,341
306.322
119,858
1,319,188
939,603
—
...
AiiiA;
-----
-
215,011
106,028
9,284
-
-
_
-:: i A
285,636
393,766
„
-
Importers' direct-consumption sugar
12,776
TERRITORY
vV>;;.
;vv;
Stocks
■;-,r
Source of Supply
Jan.
.
Deliveries
Meltings
Receipts
1,
1940
Lost
for Direct
by Fire,
Consumption
on
&c.
i
^
Stocks
on
Sept. 30,
1940
'
Cuba
Hawaii.
250,845 1,332,472 1.378,773
741,669
46,212
764,314
393,298
37,187
448,386
2,468
1,283
190
*201,886
67,574
0
*92,033
677,266
607,724
108
2
87,334
117,162
131,050
241,193
2,256
3
0
0
0
0
0
0
9,397
33,959
38,174
o
0
*5,182
0
126
126
0
0
0
478,705 3,387,573 3,400,957
Continental raws...
0
242
17,902
__
Puerto Rico----—_
Philippines
6,357
195
458,769
Virgin Islands
Other countries
Miscell aneous
Total
r
4,760
Compiled in the Sugar Division, from reports submitted by sugar refineries on
Form
*
SS-15 A.
Includes sugar in customs'
tons from Puerto Rico
TABLE
2—STOCKS,
BEET
PRODUCTION,
UNITED
JANUARY-SEPTEMBER,
AND
STATES
DELIVERIES OF CANE AND
AND PROCESSORS
REFINERS
1940
(In Short Tons, Raw Value)
Domestic
Refineries
Beet
Factories
355,600
.————
Final stocks of refined, Sept, 30, 1940
a
1,351,886
3,405,531
Initial stocks of refined, Jan. 1, 1940
Production
266,934
cl,225,054
393.766
b3,409,790
351,341
Compiled by the Sugar Division, from reports submitted on Forms S8-16 A and
SS-11 C by the sugar refineries and beet sugar
OF
SUGAR
HAWAII
FOR
AND
LOCAL
PUERTO
CONSUMPTION
RICO,
IN
JANUARY-
■
v"t^
26,002
'--51,073
lower.
Early prices were 2 to 5
in the session scattered buying was
points lower, but later
influenced by the firmer
hog market.
No hog transactions were reported at Chicago
today, but prices remained nominally steady at Friday's
finals, which ranged from $5.50 to $6.15.
No lard exports
were reported from the Port of New York during the past
week.
On the 4th inst. futures closed 5 to 7 points net
higher.
The opening range was unchanged to 2 points
higher.
The stronger grain and security markets had their
influence on lara futures.
Hog receipts at Chicago and other
packing centers in the West were below expectations.
Hog
sales ranged from $6 to $6.25, up 10 to 15c. from Friday's
finals.
Receipts for the Western run totaled 92,300 head
compared with 81,700 head for the same day last year.
On
the 6th inst. futures closed 10 points net lower on all active
deliveries.
The closing levels were the lows of the day.
With most other commodity markets trending lower, it was
natural that lard should follow the downward trend.
Chi¬
hog prices ruled easy and on the close values were
10 to 15c. lower.
Hog sales ranged from $6 to $6.35.
Western hog marketings totaled 79,200 head against 78,400
head for the same day last year. On the 7th inst. futures closed 17 to 10 points net higher.
Announcement by the Federal Surplus Commodity Corpora¬
tion that the Government agency will buy 30,000,000 pounds
each of lard and shortening next week for relief distribution,
stimulated active covering in lard futures at Chicago.
Another bullish influence was the revival of inflationary talk
and resulting advance of commodity and stock
markets.
Western hog receipts totaled 99,500 head, against 70,600
head for the same day last year.
Hog sales ranged from
$6.15 to $6.60, showing gains of about 10c. over previous
finals.
Today futures closed 3 points off to unchanged.
Trading was light in lard futures today, with fluctuations
extremely narrow.
cago
January, 1941-
May
July
-
4.80
4.87
4.95
5.92
5.97
6.12
—6.27
6.17
6.32
—
-
-
OF LARD FUTURES m CHICAGO
Man.
Tves.
Wed.
Thurs.
Fri.
4.72
—
4.70
4.85
4.85
5.00
H
5.87
6.02
6.02
O
L
6.07
6.27
6.22
6.37
6.22
6.37
,
4.82
4.97
Pork—(Export), mess, $24.25 (8-10 pieces to barrel);
family (5C-60 pieces to barrel), $16.75 (200 pound barrel).
Beef: (export), steady.
Family (export), $24.25 per barrel
(200 pound barrel).
Cut Meats: Pickled Hams: Picnic,
Loose, c.a.f.—4 to 6 lbs., 15%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., 12%c.
Bel¬
lies:
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., not
quoted.
18 to 20 lbs., 11 %c.; 20 to 25 lbs., 11 %c.; 25 to
30 lbs., ll%c.
Butter: Firsts to Higher than Extra and
Premium Marks: 27% to 31%.
Cheese: State, Held '39,
23 to 24c,
Eggs: Mixed Colors: Checks to Special Packs:
18% to 30%c.
custody as follows: 45,453 tons from Cuba, 35,647
and 5,182 tons from "other countries."
SUGAR BY
58,033
133,345
j
....
9,284
OF
Sat.
1—RAW SUGAR: REFINERS' STOCKS, RECEIPTS, MELTINGS,
DELIVERIES FOIt DIRECT CONSUMPTION FOR JANUARY(In Short Tons, Raw Value)
AND
160,816
-
DAILY CLOSIJNG PRICES
AND
1940
PRODUCTION,
1940
March-..--
SEPTEMBER
STOCKS,
Sept. 30, 1940.
December-
These data were obtained in the administration of the Sugar Act of 1937.
TABLE
106,028
Lard—On the 2i inst. futures closed unchanged to 2 points
processors,
_
MILLS'
(In Short Tons, Raw Value)
,
refiners (table 1)_._.
o
r
Territory of Hawaii
.Puerto-Rico^^
United States during the first nine
Refine! sugar by refiners (table 2, less exports)
Beet Sugar processors (table 2)._
591,988
39.846
SEPTEMBER,
months of 1940, in short tons, raw value, was as follows:
Raw sugar by
o
344
JANUARY-SEPTEMBER. 1940
1. 1940
5—DIST RIBUTION
THE
importers, and others.
The statement shows, for the first
time, the quantity of quota raw sugar held by importers
other than refiners; and the quantity of sugar in customs'
custody which is included in stocks of refiners and importers
of direct consumption sugar.
These data will be included
in forthcoming monthly statements.
Total deliveries
of sugar during the period JanuarySeptember, 1940, amounted to 5,125,438 short tons, raw
value, compared with 5,547,249 tons during the correspond¬
ing period last year.
The Division's announcement went
Distribution of sugar in continental
CANE
Deliveries—For direct consumption
For further processing
covering the first nine months of 1940, consolidating reports
on
0
122
•
Production
list with 20.201 tons,
sugar
585,243
•.
(In Short Tons, Raw Value)
1940
France, with 35,973 tons, leads
refiners, beet
20-
Includes 3,886 tons in customs' custody.
DELIVERIES,
On Nov. 5 the Sugar Division of the Agricultural Adjust¬
ment Administration issued its monthly statistical statement
sugar
344
112,773
•.
0
122
0
1
TABLE
5^125,438 Tons of Sugar Delivered in First 9 Months
of 1940, Reports Sugar Division of AAA
cane
o
.
0
:
— -
being followed by Norway with 8,702 tons and Belgium with 6,882 tons,
obtained from
0
_i J.
.
■>
Compiled in the Sugar Division from reports and information submitted by
Importers and distributors of direct-consumption sugar on Forms SS-15 B and SS-3.
long tons as con¬
topped the
Kingdom
:
15,528
11,517
Total
or
different countries.
the United
year
'
v
'
experts during the January-September period of
50
*70,535
11,313
China and Hongkong.
being followed by Greece with 29,625 tons and Colombia with 8,533
the list,
1940
370,654
351,384
89.805
Other foreign areas
The firm's announcement further stated:
sugar
on
Sept. 30,
Puerto Rico
shipments for the corresponding period amounted
297,788 tons.
■::v;.YV
Stocks
or
Usage
1940
Hawaii
128%, according to Lamborn &
Co., New York, sugar brokers.
The exports for the nine
months of 1940 are the largest in 15 years, or since 1925,
78,314 tons,
Receipts
Jan. 1,
Cuba
States during the
trasted with 61,120 tons during the similar period
increase of
Deliveries
Stocks on
Source of Supply
Sugar in Nine
% Over Year Ago
first nine months of 1940 totaled 139,434
an
FROM
(In Short Tons, Raw Value)
Refined
of
by
exports
sugar
AND
DELIVERIES
OF
DIRECTSPECIFIED AREAS,
JANUARY-
RECEIPTS,
SUGAR,
SEPTEMBER, 1940
Philippines
England-
Months of 1940 Increased 128
.
The Department
Include sugar delivered against sales for export.
amounted to 165,784 short tons,
value, during the period January-September, 1940.
...
States
value by using the factor 1.061725,
of raw sugar to refined sugar produced during the
through reprocessing, &c.
-.2.01
United
of meltings
of Commerce reports that exports of refined sugar
raw
2.04
2.OS
1.90 July
1.97 September
__
May
The refineries' figures are converted to raw
which is
"years 1938 and 1939.
follows:
as
2815
factories.
Oils—Linseed oil business has picked up moderately
during the past few days as a result of the tight freight situ¬
ation, crushers report.
Linseed oil in tank cars is quoted
7.7 to 7.9.
Quotations: Chinawood: tanks, spot—25% bid;
drums<—26% bid.
Coconut: crude, tanks, nearby—.02%
bid; 1941 delivery —.02% bid; Pacific Coast—.02% bid.
Corn: crude, west, tanks, nearby—.05% bid, nominal. Olive:
denatured: drums, spot—$2.25 bid, last sales.
Soy bean:
tanks, west—.04 to .04%; New York, 1. c. 1., raw: .06 bid.
Edible: coconut, 76 degrees—.08 bid. Lard: prime ex. winter
—7% offer, strained—7% offer.
Cod: crude—50c. Tur¬
pentine: 44% to 46%.
Rosins: $2.47 to $3.40.
The Commercial & Financial
2816
Cottonseed Oil sales, yesterday, including switches, 228
contracts.
Crude, S. E., val. 4%.
December—
5.60@
5.65#
January, 1941--.
February...
5.69# 5.72
5.74# n
November
n
----
Prices closed
as
follows:
March—
5.81 @
April
5.85#
t
5.89<
ay
June
5.94 <
5.83
n
5.90
n
Rubber—On the 2d inst. futures closed 3 points higher to
7
The market was very dull.
points lower.
Only 1 Jot
was
traders attributed this dulness to the fact
that all of the foreign markets were closed on Saturday.
The actual market was also very quiet and steady.
Spot
standard No. 1-X ribbed smoked sheets in cases remained
unchanged at 20per pound.
Local closing: Nov.,
20.35; Dec., 20.30; Jan., 20.05; Mar., 19.98; May, 19.75;
July, 19.65; Oct., 19.55.
On the 4th inst. futures closed
5 to 17 points net lower for the No. 1 standard contract, with
sales totaling 34 lots.
There were sales of 4 contracts in the
new standard, Dee. delivery,
which closed at 5 points net
lovrer.
Trading in rubber futures was of a local character
and in small volume, only 17 lots changing hands to early
afternoon, ail on the old contract.
Prices were unchanged
to
4 points lower during early afternoon.
Certificated
stocks decreased by 30 tons.
They now total 1,750 tons.
The London market was quiet, l-16d. lower to l-16d. higher.
The
Singapore market was unchanged.
Local closing:
No. 1 standard: Dec., 20.25; Mar., 19.81; May, 19.65.
On the 6th inst. futures closed 15 to 14 points net higher.
Transactions totaled 68 lots, all in the No. 1 standard
contract.
Firm primary markets were the principal in¬
fluence in the rubber futures market.
Prices during early
afternoon stood 15 points higher on Dec. at 20.40, but
unchanged on May at 19.65. * Sales to that time totaled 54
lots, including 39 lots exchanged for physical rubber by
factory interests.
London and Singapore were both firm,
unchanged to
d. higher. Local closing: No. 1 standard:
Dec., 20.40; Mar., 19.95.
On the 7th inst. futures closed 25 to 20 points net higher
for the old contract, while the new standard contract ad¬
vanced 25 to 15 points.
Sales totaled 1,020 tons, including
10 tojs which were exchanged for physicals in the old con¬
traded.
tract
Borne
and 160 tons in the new standard contract.
Rubber
futures were firm under dealer buying and a little speculative
demand.
By early afternoon quotations were higher, with
December
selling at 20.56c., up 16 points. Transactions to
aggregated 70 lots, of which ten tons, or one lot,
were exchanged for physicals.
Certificated gtocks decreased
30 tons to 1,720 tons.
The London and Singapore markets
closed dull and steady, l-16d. higher to l-16d. lower.
Local
closing: Old Contract: Dec., 20.62; Jan., 20.40; Mar., 20.22;
May, 20.00; New Contract: Dec., 20.62; Jan., 20 40; Mar.,
20.22; July, 19.90; Sept , 19.75. Today futures closed 5 to 10
points net higher for the No. 1 Standard contracts, with sales
totaling 86 lots.
The New Standard contracts closed 10 to
that time
15
points net higher, with sales totaling 26 lots.
trade and dealer
Further
buying rallied rubber futures 8 to 13 points
during the forenoon, but by early afternoon the market had
lost some of its gains while holding and adding to others.
Sales to early afternoon totaled 51 lots, of which 47 lots were
on
the old contract.
Certificated stocks decreased 80 tons,
standing today at 1,640 tons. The London and Singapore
markets closed unchanged to 5-16d. higher.
Local closing:
No. 1 Standard Contracts: Dec., 20.67; Mar., 20.31; May,
20.10.
New Standard: May, 20.15; July, 20.10.
Hides—On the 2d inst. futures closed 5 to 4
lower.
points net
Trading was generally
buying leadership reported.
Cer¬
Sales totaled only 23 lots.
mixed, with
no
selling
or
tificated stocks in licensed warehouses decreased 3,018 hides
The actual market was quiet and steady.
during the week are estimated at less than 50,000
Prices in the Western market ruled unchanged.
Local closing: Dec., 12.45; Mar., 12.21; June, 12.11; Sept.,
12.11.
On the 4th inst. futures closed 9 to 13 points net
higher.
Transactions totaled 85 lots.
Raw hide futures
opened about 1 point higher to 6 points lower.
Steadiness
prevailed throughout the morning.
By early afternoon
declines of 2 to 5 points below the previous close were in'
evidence.
Transactions totaled 1,200,000 pounds.
Cer¬
tificated stocks of hides decreased by 5,400 hides to 471,556
hides.
Local closing: Mar., 12.30; June, 12.24; Dec., 12.55.
On the 6th inst. futures closed 25 to 18 points net lower.
Transactions totaled 131 lots.
Raw hide futures opened
unchanged to 5 points up.
The market continued higher
during the morning and sold as much as 10 points aboVe the
previous close.
By 12:30 p. m., however, values declined
and prices were about unchanged to 4 points lower after the
stock market's
setback.
Transactions totaled 2,040,000
pounds.
Certificated stock decreased by 3,983 hides to
467,573 hides.
Local closing: Dec., 12.30; Mar., 12.10;
June, 12.06.
to
476,956 hides.
Sales
hides.
On the 7th inst. futures closed 76 to 57
points net higher.
Transactions totaled 504 lots, equal to 20,160,000 pounds,
and was the heaviest registered since May 22, 1940, when
changed hands.
points lower. The
the morning and losses
tered.
By 12.30 p. m..
Raw hide futures opened unchanged
market continued to decline during
of as much as 40 points were regis¬
however, sharp advances were regis¬
tered over the losses of the morning and prices were about 2
to 10 points lower.
Trading was very heavv, transactions
totaling 250 lots. Buying was on the inflation theory. Cer¬
tificated stocks decreased by 5,096 hides to 462,477 hides.
Local closing: Dec., 13.00; Mar., 12.85; June, 12.67; Sept.,
639 lots
to 9
12.57.
Chronicle
Nov.
9,
1940
Today futures closed 7 to 12 points net lower. Trans¬
totaled 330 lots.
The opening range was 3 to 13
actions
points net higher.
Following the opening, pi ices declined,
and by early afternoon losses of 15 to 18 points were shown.
Trading was rather heavy, transactions totaling 236 lots to
early afternoon. There was heavy trade buying and specu¬
Certificated stocks decreased by 5,283 hides
Local closing: Dec., 12.93; Mar., 12.70;
June, 12.55; Sept., 12.50.
lative covering.
457,194 hides.
to
Freights—Trading in tonnage from the United
South America and South Africa,
which are about the only safe zones at present, continues
to feature the open freight market. Elsewhere the chartering
movement remains very slow.
Charters included: Time;
West Indies trade, $2.75 to $3.25, nominal.
North of
Hatteras—Soutn African trade, $3.50—$3.75 nominal per
ton.
North of Hatteras—South American trade, $3.50—
Ocean
States to the West Indies,
ton.
Delivery North of Hatteras, redelivery
Settlements, via Chile, November 0-ecenD North
Atlantic to Port Sudan—Suez, via Cape of Good Hope
$3.75
per
Straits
end—November, no rate given.
Two months' South Ameri¬
trade, November, $4.35 per ton (war risk
can
owners'
ac¬
count). A steamer reported fixed but not confirmed, short
period West Indies trade, November, $3.25 per ton (war
risk charterers account).
Another steamer reported fixed
for
one
year, no
other details given. Tankers: Gulf to North
gasoline 40c.; kerosene 42Kc.; No. 2 heating
oil, 45c. a barrel.
Gulf to North of Hatteras, dirty, light
crude, 38c., 40c. and 43c. a barrel.
California to Japan,
clean $12.50, dirty, $11.50, California to North of Hatteras,
clean and dirty, oil 50c. a barrel, Venezulea to North of
Hatteras, light crude 30c. a barrel.
of Hatteras,
Coal—Reports from wholesale anthracite dealers state
despite tne cooler weather, demand is still quiet.
Re¬
tail dealers in turn report that the call for hard coal from
household consumer is also slow.
Sustained colder weather,
that
it is generally accepted, will answer the current demand
problem. Buckwheat sizes are still moving out freely with
sufficient stocks both at tidewater landings and on the line
Production of anthracite this week is heavy, but
the output is going outside of New York City,
operators here point out. New England and Canada are still
taking the larger portion of the current Pennsylvania output,
points.
of
most
it
was
further learned
here.
Production of Pennsylvania
week of Oct. 26th,
anthracite coal increased sharply in the
the
Department of tne Interior reports.
The estimated total
in excess of ton¬
In comparison with
output of 1,259,000 tons being 433,000 tons
nage
the
reported for the week of Oct. 19th.
same
week of 1939 the increase was 110,000 tons.
Tops—On the 2nd inst. futures closed 10 to 18 points
net higher.
The market advanced from early lows of 2 to 3
points up to highs of 14 to 18 points up and ended the short
session scoring net gains of 10 to 18 points.
Trade buying
and price fixing and some speculative support helped values,
while hedge offerings and selling by spot houses was lighter.
Volume of dealings was estimated at 90 contracts sold or
450,000 pounds, against 785,000 officially reported for the
full day Friday.
Improved tone in the top market was
attributed to reports of a call for bids by the Navy for 150,000
yards of 30 ounce jersey, 350,000 yards of flannel and 1,000,000 yards of melton, all dark blue.
Bids are to be opened
Nov. 9 and are for deliveries begnning in 60 days.
The news
Wool
brought in more buying and the May position advanced to $1
pound.
Local closing: Dec., 113.5; Mar., 103.6; May,
100.0; July, 97.0.
On the 4th inst. futures closed 1 point
off to 7 points up compared with previous finals.
Wool top
futures were firm today on good spot house and trade buying,
especially of the Mav contract. There was some demand for
the Dec. delivery, but activity was more general in the distant
months, principally in Mar. and May.
Total sales on the
New York exchange to middav were estimated in the trade
at about 400,000 pounds of tops.
At the best levels of the
morning active options recorded advances of 8 to 11 points
over the closing levels of the previous trading day, while at
the low point they were 3 to 4 points above Saturday's last
quotations.
The market showed increasing firmness until
shortly before noon, when prices sagged on profit taking
operations.
Local closing: Dec., 113.5; Mar., 103.5; May,
100.7.
On the 6th inst. futures closed 6 to 8 points net lower.
a
a firm opening prices of wool top futures turned easier
profit taking by previous purchasers.
Total sales on the
After
on
New York exchange to
midday
were
estimated in the trade
At the best prices of the
morning, which were recorded at the opening, active months
registered gains of 2 to 5 points over the closing levels of the
preceding trading dav, while at the lows, late in the forenoon
session, they were 2 to 7 points below Monday's last quota¬
tions.
Local closing: Dec., 112.9; Mar., 102.7; May, 100.0.
On the 7th inst. futures closed 1 to 16 points net higher.
Sales were estimated at about 140 contracts or 700,000
pounds, against 745,000 officially reported the previous day.
The opening range was unchanged to 9 points lower as a
result of the Government decision to permit use of foreign
wools on Federal goods orders.
Prices later advanced 1 to
20 points in svmpathy with Washington news suggestive of
Government spending plans and, with action of outside
markets.
Boston reported rather quiet conditions in the wool
market except for small sales of territory and Texas wools.
South American wool prices stiffened there.
Local closing*
at about
250,000 pounds of tops.
Volume
2817
The Commercial & Financial Chronicle
1S1
Dec., 113.0; Mar., 104.0; May, 101.6; July, 98.5.
Today
poiDts off to 15 points up.
After a firm
openiflg wool top futures advanced during the early dealings
under a good geneial demand for contracts.
Later in the
futures closed 3
morning prices turned downward on profit taking and liqui¬
dation prompted in part by the easiness of outside markets.
Trading was in good volume, with total sales on the New
York exchange to midday estimated in the trade at about
550,000 pounds of tops. Futures were 5 to 17 points higher
on the opening.
At the best levels of the morning active
positions showed advances of 5 to 20 points over the closing
levels of the previous dav, while at the low point they were
4 points below to 15 points above yesterday's finals.
Local
closing: Dec., 112.7; Mar., 105.0; May, 102.4; July, 100.0.
point off to un¬
1
Silk—On the 4th inst. futures closed
changed, with sales totaling 51 lots, all in the No. J. contract.
Although the Japanese futures markets were easier, silk
here ignored the decline, standing about lc. net
higher during early afternoon on sale of 10 lots.
The price
of crack double extra silk in the New York spot market
futures
unchanged at $2.62 a pound.
On the Yokohama Bourse
prices were 6 to 12 points lower.
Grade D silk in the spot
market remained unchanged at 1,375 yen a bale.
Local
closing: No. 1 contracts: Dec., 2.58; Mar., 2.59; May, 2.60.
On the 6th inst. futures closeo 7 to 53^c. net lower.
Trans¬
actions totaled 34 lots, all in the No. 1 contracts.
Earlier
was
foreign markets influenced the silk futures trading here,
prices during early afternoon standing unchanged to 2c.
net lower on a turnover of nine lots.
Tender of 240 bales
on Nov. contract caused some selling.
The price of crack
double extra silk in the uptown spot market declined 2c.
to $2.60 a pound.
On the Yokohama Bourse prices were
3 to 6 yen lower.
In the spot market grade D silk lost 10
yen to 1,365 yen a bale.
Local closing: No. 1 contracts:
Nov., 2.51; Dec., 2.52; Mar., 2.533^; May, 2.533^.
On the 7th inst. futures closed 5 to 6c. net higher.
Sales
630 bales.
Raw silk futures firmed up some¬
the forenoon after opening unchanged, the
market standing 1 to 13^c. a pound higher this afternoon on
a turnover of 34 lots.
Ten bales were tendered on contract.
totaled only
what during
price of crack double extra silk in the uptown spot
was 3^c. lower at $2,593^.
On the Yokohama Bourse
prices stood unchanged to 7 yen lower. Grade D silk in the
spot market declined 5 yen to 1,360 yen a bale.
Local closi
: Nov.,
2.56; Dec., 2.57^; Jan., 2.583^; Mar., 2.60;
May, 2.60; June, 2.59. Today futures closed lAc. lower to
3^e. higher. Transactions totaled 23 lots. Silk futures were
quiet but steady during the forenoon, but eased somewhat
later with the result that this afternoon the market stood
comparison may be made with other years,
give below the totals at leading ports for six seasons:
In order that
we
<43,955
39,985
32.301
Houston
New Orleans-
71.753
78,328
88,579
101.718
78,295
112.857
6,823
2,141
4,481
c-7,439
500
49
728
186
839
1,890
6,960
421
654
9,089
8.737
2,402
3,102
1,578
6,210
18,729
9,270
8,672
1,516
1,497
11,037
126,753
237,671
92,125
245.688
264,096
330,485
Mobile
246
933
Savannah
238
719
2,053
Charleston
678
1,515
281
Wilmington
Norfolk
All others,
Total this wk_
Since Aug. 1-- 1,634.022 3,159,419 2.233,971
,1,296
7,349
'
4,333.249 3,750,591 3,963,82
for the week ending this evening reach a total
74,789 bales, of which 45,034 were to Great Britain,
2,410 to Japan, 68 to China, and 27,277 to other destinations.
The exports
of
In the
corresponding week last year total exports were 156,387
For the season to date aggregate exports have been
379,631 bales, against 1,915,682 bales in the same period of
the previous season.
Below are the exports for the week:
bales.
Exported to—
Week Ended
Nov.
1940
8,
Ger¬
Great
Exports from—
France
Britain
Galveston
New Orleans
Total
4,968
18,560
l",6l8
4,968
1,159
Houston
19,578
41,436
""68
2", 590
4,557
4,250
27,277
74,789
40,277
4,557
Mobile
Los
Other
China
Japan
Italy
many
...
1,392
200
Angeles
2,410
68
4,139
34,734
26,048
1,093
7,323
261
45,034
Total
Total
1939
Total
1938
....
23,364
12,557
27,659
267
8", 182
40,443 156,387
20,526 50,209
Exported to—
From
Aug. 1, 1940 to
Nov.
8,
1940
Exports from—
Ger¬
Great
Britain
France
Italy
many
1,617
100,446
Houston
—
-
mm —
-
New
Orleans.
23,225
AX
m
-
—
-
/*
—
,
-
~
~
-
-
-X
.
«•«.
1,680
-
_
The
New
Los Angeles..
~
*.
1938...
«.
20,997
m
—
mm
-
*.
1,351
—
41,986 143,277
215,634 108,833
278,154
In addition to above exports, our
-
.
114,128
28,111
1,004
1,852
2,066
3,290
21,477
764
4,251
342
-
29,269
229,585
-
13,352
169,737
25,505
74
4.
98,008
379,631
'
2,136
—
....
673,638 264,383
153,444 223,668
mm
17,513
M a.
252,012
Total 1939...
mm
«
600
Francisco
Total
600
•rn.rn.-m -m
214
York
W.
6,366
64,139
■
1,439
X. ' -x..
-
1,004
Norfolk
Total
-
-
91,692
28,111
Mobile
San
«
268
4,884
«,
—
1
'
Corpus Christi
Total
Other
China
Japan
5,369
Galveston
market
13^c. a pound net lower on a turnover of ten lots. The
price of crack double extra silk in the New York spot market
advanced 2c. to $2.61 J^c. a pound.
On the Yokohama
68,294
98,042
3,430
1935
89.337
73,600
51,235
30,819
19,535
28,585
56,112
1936
1937
1938
1939
1940
Receipts at—
Galveston
91,241 471,572 1915,682
5,193 224,036 1208,962
telegrams tonight also
give us the following amounts of cotton on
cleared, at the ports named:
shipboard, not
1 to
silk in
Local
Mar.,
closed 9 to 15 yen higher but Grade D
the spot market advanced 15 yen to 1,375 yen a bale.
closing: No. 1 Contracts: Dec., 2.57; Jan., 2.59;
2.6(% May, 2.60; June, 2.593^.
Bourse prices
On
Shipboard Not Cleared for—
Leaving
Nov. 8 at—
Ger¬
Great
Britain
France
Other
Foreign
wise
2,000
Galveston
Houston
New
iM
mmmm
Orleans..
Charleston
Mobile
The
Norfolk
Friday Night, Nov. 8, 1940.
of the Crop, as indicated by our tele¬
Movement
from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 126,753
bales, against 120,952 bales last week and 112,180 bales the
previous week, making the total receipts since Aug. 1, 1940,
1,634,022 bales, against 3,159,419 bales for the same period
of 1939, showing a decrease since Aug. 1, 1940, of 1,525,397
grams
bales.
Houston
Mon.
4,669
3,404
17,145
__
Mobile
..
__
•
-
-
17,644
24
-
68
88
Charleston-
Totals this
week.
m
—
18
Norfolk
The
—
30,395
11,891
246
•
238
678
1.438
192
15,283
—
3
1,890
4*
242
10,896
-
-
678
•
-
—
53
39
60
44
—
'
;
43,955
39,985
1,863
32,301
7,638
13,437
2,800
1,171
5,031
51
15
39
Savannah
4,968
5,601
2,704
603
5,370
2,967
2,751
Total
Fri.
Thiers.
3,532
6,723
8,686
1,260
'
Corpus Christi
New Orleans
Wed.
Twes.
Sat.
Receipts at—
Galveston
11,785
46,503 126,753
following table shows the week's total receipts, the
Aug. 1, 1940, and the stocks tonight, compared
total since
with last year:
This
Since Aug
Week
Nov. 8
1, 1940
43.955
Galveston
Brownsville
Houston
Corpus Christi—
39,985
1,863
159
Beaumont
32,301
New Orleans
Gulfport
"246
Mobile
I
269,687
15,596
708,876
140,889
5,090
422,235
5,867
20,381
Week
1, 1939
859,370
40,006
1,059,996
171,325
35,572
862,436
933,449
7,978
98,042
3",430
38",335
68",294
401
"8",916
719
13,454
9,973
1,515
14,260
1,663
25,246
29,293
500
Wilmington
-—
1,890
3,100
9,204
168
43,496
49
412
3,912
9,531
495
4,938
6,675
New York
Totals
*
82,719
101,862
537,945
56,960
48,867
1,987
1,215
119,073
35,067
11,937
/
9,400
31,639
1,883
854
Boston
Baltimore
126,753 1,634,022 237,671
Stock included in Gulfport.
1939
759.231
760
678
_
1940
817,673
56,112
238
Charles
Norfolk
Since Aug
"47
Savannah
Charleston
This
754
Pensacola, &c
Jacksonville
Lake
Stock
1939
1940
Receipts to
845",228
57,569
64.374
651,487
66,334
39,013
*
1,951
140,197
37,279
19,774
8,953
28,705
100
1,288
1,025
3,159,419 2.834,987 2.722.508
Other ports
Total
1940-.
Total 1939
Total 1938
19,722
43,622
24,775
43
800
19,722
Savannah
COTTON
24,715
7,887
Stock
Coast¬
many
6",664
1,070
44,466
44,967
Total
2,000
1,113
20,522
857,370
932,336
517,423
119,073
35,067
48,867
31,639
269,577
2,843 23,635 2,811,352
13,635 126,438 2,569,070
3,451
87,744 3,003,341
for future delivery during the
especially during the latter part
of the period, with prices soaring in a most unusual way.
Like most all markets, the sharp rise in cotton was touched
off by the inflationary news from Washington in the form
of a proposal to increase the statutory debt limit to $65,000,000,000.
Cotton prices on this bulge showed gains of
approximately a dollar a bale.
At this level, however,
heavy selling came in from the South and checked further
skyrocketing of prices.
On the 2d inst.
prices closed 3 to 5 points net higher.
The opening range was 2 to 3 points net higher.
Recovering
losses registered on Friday, the cotton futures market today
responded to increased volume of trade price fixing in near
months and closed with net gains of 3 to 5 points.
Offerings
Speculation
week
was
quite
in
cotton
active,
light throughout the session, and it required but a
undertone.
Large cotton
sales for the week, favorable trade reports and a belief that
the movement of cotton in the South was being delayed by
recent rains which moved eastward over the cotton belt,
were
factors accounting for the market cotton.
Trade
were
modeiate demand to steady the
buying centered in the Dec. position, which was steadier
thai) the rest of the b'st.
With sales of cotton goods in
Worth Street spurting late in the week, mills seemed more
inclined to fix prices in the nearby deliveries.
Spot houses
had buying orders to execute in the Dec. and Mar. contracts.
Bombay interests were light buyers of the distant months,
although it was a regularly scheduled holiday in Bombay.
Spot sales at reporting markets today totaled 42,902 bales
against 32,417 bales same day last year.
On the 4th inst.
prices Closed 5 to 6 points net higher.
Price-fixing and
trade covering imparted a firm tone to the cotton futures
market.
Trading was moderately active on the opening
which was 1 to 3 points net lower.
All types of business
were done.
Trade buying, price-fixing by mills and Wall
Street demand was reported.
The foreign section was repre¬
sented by further buying for Bombay account.
Price-fixing
#
done chiefly in Dec.
was
Nov.
The Commercial & Financial Chronicle
2818
York
Market and Sales at New
Wall Street bought the
and Mar.
positions.
The South supplied
the contracts.
Hedge offerings were well scattered among all active months.
1940
9,
distant
progressed it appeared that buying was more
urgent than selling.
By midday the market was 5 to 6
points higher as buying to fix prices and trade covering
continued while no particular pressure to sell was in evidence.
At that time Dec. was selling around 9.65 and Mar. at 9.63c.,
respectively. The South reported that inquiries for spot
cotton during the past week were mostly for shipment beyond
Jan.
On the 6th inst. prices closed 3 to 10 points net higher.
Wall Street construed the election result as favoring con¬
tinued cotton control, and therefore bullish on the cotton
market.
Buying from that source together with pricefixing, advanced quotations 5 to 10 points.
Cotton was in
demand at the opening, with the result that initial quota¬
tions were 3 to 7 points net higher.
There was price-fixing
and spot house buying as well as Wall Street demand, while
offerings were light, consisting in part of hedge sales and in
part of selling by local professionals.
The feeling was
rather optimistic on the future of the market because it was
believed that the election insured continuance of the cotton
The buying of distant
On the
bulge all active months sold at highest prices of the current
recovery.
The amount of cotton now in the Government
loan is reported by the Commodity Credit Corporation at
1,295,678 bales to Nov. 2.
Ginnings were estimated at
8,868,000 bales to Nov. 1, or 70% of the total crop.
On the 7th inst. prices closed 14 to 21 points net higher.
Gains of approximately a dollar a bale were registered in
control
plan of the Government.
months, notably Oct., was based on that theory.
highs
futures market to establish prices at new
the cotton
Wall Street buying on the
inflation theory
coupled with further buying by mills to fix prices.
opening was tame and lower; first quotations were
3 points under last night's close.
As usual the South
for the season.
was
The
1 to
had cotton for sale.
with
price-fixing,
On the buying side mills were credited
while Bombay continued to pick up dis¬
tant months, more particularly October, which exhibited
relative firmness.
Scattered linquidation and hedge selling
were
Around mid-forenoon the tenor of the mar¬
reported.
ket changed
abruptly following news from Washington that
Morgenthau had celebrated the reelection of
Secretary
Roosevelt by
President
in Wall
increase of 20 to 25
proposing an
This news revived inflation talk
billions in the debt limit.
Street, which was attended by a rush to buy cotton.
Also, increased and persistent buying by mills to fix prices
were an important factor in the recovery of the market.
prices closed unchanged to 7 points net higher.
Southern selling held the rise in cotton futures in check,
Today
but the market had
a
The opening was
steady undertone.
active and nervous, prices ranging
from 3 to 8 points higher.
Large blocks changed hands in rapid fire order.
The sale
of 15,000 bales of March by a Wall Street house was a
feature of
the early
trading.
The South sold heavily
through the first hour, while mills and Bombay interests
were
active buyers, taking large amounts of March, July
and October.
n::; •
The official quotation for middling
New York market
Sat.
Middling upland % (nominal)9.63
Middling upland 16-16 (nom'l)- 9.83
Hoi.
Hoi.
9.67
9.87
has been:
Premiums and 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,
established for deliveries
contract
on
Closed
Saturday— Nominal
Monday—— Nominal--
—
Tuesday.-—
Nominal
Wednesday
Thursday— Nominal
Since Aug.
400
500
—
100
500
200
200
<1,200
Nominal
week.
Total
1,200
Futures—-The highest, lowest
and closing prices at New
follows:
York for the past week have been as
Saturday
Monday
Nov. 4
Thursday
Nov. 5
Nov. 6
Friday
Nov. 7
Wednesday
Tuesday
Nov. 2
Nov. 8
Nov. (1940)
Range.
9.90ft
9.65ft
9.70»
9.73»
9.87n
Range..
9.57- 9.62
9.58- 9.67
9.67-9.75
9.66- 9.86
.79-
Closing.
9.60- 9.61
9.65
9.68
9.82
.85- 9.86
9.50ft
9.55ft
Closing.
Dec.—
—
—
9.58- 9.58
9.70- 9.72
.78- 9.78
9.58
Range-,
Closing.
9.72
.75 «
—
HOLIDAY
Feb.—
Range..
V
9.97ft
9.54n
9.59ft
9.62n
Range.,
9.56- 9.60
9.56- 9.67
9.66-9.75
9.65- 9.85
.78- 9.87
Closing.
9.58
9.63
9.67
9.82- 9.83
.84- 9.85
Closing
9.77ft
Mar.—
—
—
iprU—
Range..
9.82n
9.63»
9.79ft
9.58-9.67
9.58- 9.79
.74- 9.83
9.55
9.60
9.76
.81
9.54 n
9.59 n
Range..
9.45- 9.51
9.46-
Closing.
9.49- 9.50
Closing.
May—
9.57
June—
'Range9.72n
9.40»
9.45ft
9.50ft
9.66ft
Range..
9.27- 9.30
9.28- 9.38
9.39- 9.48
9.38- 9.59
,56- 9.64
Closing.
9.30
9.36
9.41
9.56
.63
9.13 n
9.18 ft
9.25ft
9.42ft
9.49w
9.36ft
Closing.
July—
Aug.—
Range..
Closing.
Sept.—
Range..
8.97 n
?,01»
9.10ft
9.29ft
Range..
8.78- 8.80
8.79- 8.85
8.90- 8.96
8.96- 9.16
16- 9.25
Closlne
8.80
8.84ft
8.95
9.16
23-
Closing.
Oct.—
n
_
on
Nov 15.
Range for future prices at New York for the week ended
1940, and since trading began on each option:
Nov. 8,
Range Since Beginning of Option
Range for Week
Option for—
1940—
November..
Nov.
2
9.91 Nov.
8
8.33 June
6 1940 10.18
9.58 Nov.
6
9.78 Nov.
8
8.26 June
6 1940 10.14 Apr. 17 1940
Nov.
2
9.87 Nov.
8
8.10 May
18 1940 10.08 Apr. 17 1940
Nov.
2
9.83
Nov.
8
8.00 May 18 1940
9.27 Nov.
December.
2
9.64 Nov.
8
8.69 Aug.
9.58
.
% inch and 29-32 inch staple and 75% of the
premiums over 15-16 inch cotton at tbe 10 markets
FebruaryMarch
9.56
—
9.45
May
9.83
Nov.
8 1940
9.64 Nov.
81940
June
July
7 1940
August
September
.
"8778 Nov." _2 "5725
Oct
Nov
8 77*0
.""8
"6ct." 18* 194 0 "5725 Nov!" 8*1940
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. 1
New York
Nov. 4
NOV. 2
Nov. 5
Nov. 7
Nov. 6
V
1940—
64,300
423,500
28,200
1,100
38,800
11,700
305,900
33,100
33,200
40,400
304,300
254,500
13,800
41,600
30,200
13,200
27,600
29,300
17,700
29,100
May......
July
15,500
5,500
16,600
8,200
4,900
20,400
33,200
3,100
1,900
3,300
8,200
86,300
43,200
97,000
Deoember.
36,100
1941—
"
15-16
31-32
Inch
Inch
Inch
1 Inch
and
Up
100
Closed
January
29-32
Inch
Contracts
Nov. 7
March
7.
17 1940
Apr.
1941—
January
Premiums
discount for
Nov.
9.24
Nominal.
grades and staples are the average quota¬
markets, designated by the Secretary of Agri¬
culture, and staple premiums and discounts represent full
on
9.91
Jan. (1941)
10
average
32,868
4,700
28,168
1
and discounts for
tions of
Totat
100
400
Steady
Steady
Steady
-
Friday
Contract
Spot
Steady
Steady
HOLIDAY
Volume of Sales for Future
Wed. Thurs.
Fri.
9.70
9.84
9.87
9.90
10.04
10.07
Tues.
Mon.
Market
Closed
upland cotton in the
each clay for the last week
Nov. 2 to Nov. 8—
SALES
Futures
Spot Market
As the session
October
white—
Middling
Fair.!
.34 on
on
.55 on
.61
on
.69 on
.29
....
Middling
Middling
on
.39
on
.50 on
.56
on
.63
.32
on
.43 on
.50
on
.57
.30 on
.36
on
.44
on
.11 off
Basis
.06
on
.14
....
.62 off
.52 off
.47 off
1.27 off
1.19 Off
1.15 off
Open
New Orleans
Oct. 30
.32
on
.43
on
.50
.08
on
.18 on
.30
on
.36 on
.44 on
Middling
.21 off
.11 off
Even
.06
.14
.57
on
on
on
...
.72 off
.62 off
.52 off
.47 off
1.27 off
1.19 off
1.15 off
.12
.14 off
.05 off
.06
on
.19
.09 off
.02 off
.05
50
aMlddllng
.81 off
.71 off
.61 off
.56 off
1,600
5,100
2,500
2,400
2,400
1,400
4,850
300
1,950
100
3,200
1,250
3,100
1,400
350
300
.50 off
on
Middling spotted shall be tenderable only when and if the Secretary of Agri
1,850
200
4,650
19,200
10,550
5,300
October
Total all futures
The Visible Supply
cotton statistics
Quotations for 32 Years
middling upland at New York
8 for each of the past 32 years have been as follows:
9.87c.
6.70c.
1924
24.55c.
1916
19.40c-
6.65c.
1923
33.50c.
1915
11.25c.
1929
17.30c.
1921 --17.40c.
1913
1928
19.55c.
1920
1912
1935
9.18c.
8.13c.
12.10c.
12.00c.
1927
20.25c.
1919
40.20c.
1911
1934
12.60c.
1926
1918
31.15c.
1910
9.55c.
1925
12.70c.
21.10c.
1917
29.10c.
1909
1937
-
----
are
of Cotton—Due to war conditions,
permitted to be sent from abroad.
not
therefore obliged to omit our usual table of> the
supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool:
are
visible
Nov. 8
11.85c.
1930
9.47c.
1936
on
1932
1931
1939
1938
1933
We
quotations for
1922 -—26.15c.
20.05c.
1914——
-
500
17,500
-
culture establishes a type for such grade.
New York
Closed
6,350
May
on
-
'•tyClosed
March
on
.19 off
—
2,050
July
.29 off
1940-
1,700
January
1.11 off
Strict Middling...
Nov.
4,750
1,250
.40 off
1.35 off
....
5
1941—
on
....
Middling
Spotted—
Good Middling..
Contracts
6.300
December
.22 on
Strict Low Middling
Nov. 5
Nov. 4
1940—
Extra White—
The
Nov. 2
Nov.
1.11 off
Good Middling........
a
Nov. 1
Oct. 31
.40 off
1.35 off
Strict Middling.
Low
138,900 197,600 1,341,500
on
.72 off
Strict Low Middling
Low Middling
..
on
.18 on
Total all futures.
on
on
on
.21 off
.....
Strict
.22
.08
Strict Good Middling
Good Middling
.44
—
13.60c.
12.20c.
9.50c.
14.80c.
14.95c.
1940
1939
1938
1937
304.000
Middling uplands, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super-
263,000
381,000
3.23d.
14.93d.
6.67d.
7.Old.
5.05d.
4.63d.
4.05d.
~3~.98d~.
274,000
8.81d.
6.08d.
9.13d.
7.26d.
5.86d.
5.98d.
6.91d.
6.22d.
4.02d.
4.08d.
1
Volume
At
the
The Commercial &
151
Interior
the
Towns,
that is, the
movement,
receipts for the week and since Aug. 1, the shipments,for
the week and the stocks tonight, ana the same items for the
New Orleans Contract
Movement to Nov.
ments
10
13,280
735
9,563
817
12,572
718
29,509
11,306
1,713
104,178
1,133
28,327
725
63,533
76.815
Selma
158
1.000
58,864
295
22,261
1,137
8.445
126,202
11,598
211,161
1,218
26,548
1,401
53,759
35,223
2,758
37,492
172,358
2,930
23.579
2,382
2.229
31,877
2,700
49,732
2,606
1,699
19,230
678
41,916
874
238
7,057
2,920
6,455
96,454
6,414
66,413
33.044
86,837
4,994
3,813
26,667
139,202
43,052
3,752
52,734
3,940
54,412
11,700
861
8,928
866
9,514
859
Rook
7,838
4,466
9,849
52,598
2,640
35,720
60,028
161
.
59,763
1,373
238
Jonesboro..
Newport
Bluff
1,717
3,466
57,089
5,919
142,867
4,416
67,125
759
14,499
Walnut Rge
5,592
41,534
Ga.. Albany..
70
9,336
Athens....
3,208
25,850
1,411
45,620
926
21,809
1,470
35,808
Atlanta
3,493
8,397
1,200
28,592
1,570
104,322
1,501
6,735
182,682
5,307
3,633
26,902
118,216
8,500
93,938
4,806
1,200
30.100
300
4,900
302
18.918
1,414
35,438
358
2,925
6,831
600
38,007
2,015
19,712
11,274
Augusta
Columbus..
Macon
....
Rome
500
82,405
159,022
31,400
.415
30,056
1,405
7,476
37,019
105,669
101,533
La.. Shrevep't
6,074
66,223
2,780
90.246
6,952
93,471
Miss.. Clarksd
5,620
53,664
7,965
109,987
8,173
500
51,449
7,677
5,275
50
2.5,742
1.303
13,680
141
40,222
Columbus..
9,566
166.641
522
30,364
7,067
6,847
118.851
8,037
190,369
15,601
744
21,494
487
26,657
422
3,737
713
14,428
425
6,054
204
19,687
1,800
Jackson
117,055
1,026
Greenwood
14,534
934
20,817
21,079
583
30,792
45,242
46,188
1,724
4,217
1,041
1,104
13,179
104,928
13,132
1,684
139
1,305
90
69,132
2,544
837
321,046
17,359
222,969
18,831
47,689
2,590
70,417
940.664
25,633
7,728
4,431
56,965
1,279
18,296
1,285
15,612
Yazoo City.
3,624
27,037
1,276
Mo., St. Louis
16,303
86,212
15,988
N.C., Gr'boro
169
1,956
21
39,860
5,291
232,593
17,159
'
.
towns *.
S. C.,
Gr'vUe
78,092
816,057 171,556 1544,363 157,899
2,005
41,151
Mem'i 200,187 1239,211 144,243
1,810
25,796
Texas. Abilene
2,116
Tean.,
Au-tin
543
18,982
354
Brenham
297
9,549
176
41,919
1,882
3,585
Dallas
9.90
9.81
9.86
9.346-9.35a
8.88
y
Tone—
Steady
Steady
Futures.
Steady
Steady
Steady
CCC
1,475
1,063
Cotton Loan Program
2,784
42,544
33,689
336
■
..
above
46,445
830
34
2,512
1,179
3,258
26,017
1,451
42,117
595
50,216
674
24,571
■
totals of 15 towns in
290,346 3399,749 279,610 3543 918
Oklahoma.
stocks have
interior
the
that
show
totals
6
178
during the week 103,921 bales and are tonight
459,708 bales less than at the same period last year.
The
receipts of all the towns have been 80,140 bales more than
increased
week last year.
same
by either lending agencies or warehouses
The CCC further stated:
Officials of the Corporation
-1939-
-1940-
Since
Since
15,988
-.10,075
700
379
Via Louisville
Week
Aug. 1
86.242
Week
Shipped—
59,130
1,674
3,797
Via Virginia points..
3,700
48,579
Via other routes, &c
6,792
59,081
13,132
12,225
Aug. 1
104,719
370
90,950
2,090
2,912
3,686
34,917
180.368
208
37,634
258,503
64,538
495
184
2,285
2,878
163,233
whereas
services,
such
storage rate paid warehousemen were
in filling out loan forms.
Overland to N. Y., Boston, &c.
Between interior towns
.
8,018
.
238
8,256
8,989
168,396
8,202
Total to be deducted..
55.549
90,107
*----.29,432
rail to Canada.
Leaving total net overland
53,837
434,876
6,679
2,910
124,462
134,051
300,825
„
foregoing shows the week's net overland movement
has been 29,432 bales, against 55,594 bales for
the week last year, and that for the season to date the
The
year
overland exhibits a decrease from a year ago
bales.
1939-;
1940
Sight and Spinners'
Takings
Week
Receipts at ports to Nov. 8
126,753
Net overland to Nov. 8..
29,432
Southern consumption to Nov. 8.-149,000
Since
Aug. 1
In
Total marketed
—
Interior stocks in excess
-----305,585
.-103,921
Week
2,055,000
237,671
55,549
142,000
3,779,129
1,125,633
435,220
10,736
1,634,022
90,107
government loan cotton, warehousemen will
into a supplemental
under the revised instructions to enter
be required
Two New Members
of New York Cotton Exchange —
meeting of the Board of Managers
Cotton Exchange held Nov. 7, James A.
At
a
Merrick Tisdale of New York City were
Mr. White is a
partner of Lamson Brothers & Co. of Chicago and a member
of the Chicago Board of Trade, Kansas City Board of Trade,
New York Coffee & Sugar Exchange, Commodity Exchange
and the Produce Exchange.
Mr. Tisdale is associated with
the United States Rubber Co. of New York City.
membership in the Exchange.
to
1940 Cotton Loans—The Commodity
Corporation announced on Nov. 6 that, through
Nov. 4, loans made on 1940 crop cotton by the Corporation
and lending agencies aggregate $68,842,716.96 on 1,423,428
bales.
1
Since
Aug. 1
3,159,419
300,825
1,986,000
completed and reported to the Corporation,
Cotton loans
follows:
by States, are as
42,491
14,841
42,139
14,438
143
Amount
$2,048,571
717,406
2,018,508
734,901
6,883
Georgia
91,767
43,792
2,140,642
Mississippi------
30,951
1,441,144
Mexico-—.
2,321
464
110,087
22,138
North Carolina—
10,405
State—
4,432,458
Louisiana.......
609,694
Bales
State—
Alabama
Arkansas
....
—
Florida.-.
Missouri.
____
*
2,564,160
3,361,328
819,884
34
39,637,140
1,702
Total ........1,235,822
$59,895,311
Tennessee
Texas.
Virginia.
returns
in full:
report on cotton ginning
of cotton ginned from the growth of 1940 prior to Nov. 1,
comparative statistics to the corresponding date in 1939 and 1938.
Number of bales
...
773,389
61,850
Running Bales (Counting Round as Half
and Excluding Linters)
6,617,404
549,974
...
Arizona.-..
Arkansas.
1938-.
Bales
5,522,418
7,683,931
7,050,139
-
1936——
-
65,093
-
986,559
•
...—
301,420
Georgia
Illinois
......
Monday
Wednesday
Thursday
Friday
Vs
15-16
H
15-16
%
In.
In.
In.
In.
.15-16
In.
15-16
%
15-16
In.
In.
In.
In.
9.32
9.52
9.35
9.55
9.30
9.15
9.35
9.49
9.29
9.49
9.30
9.50
9.47
9.67
9.50
9.70
9.29
9.25
9 45
9.27
9.47
9.42
9.44
9.64
9.40
9.62
9.20
9.60
9.75
9.63
9.92
Savannah
9.71
9.77
9.80
9.56
9.78
9.55
9.70
9.55
9.70
9.65
9.80
9.80
Norfolk
9.65
9.65
9.50
9.40
9.30
9.50
Montgomery.
9.40
9.45
9.60
9.20
9.25
9.80
9.58
9.83
9.72
9.89
9.50
9.55
9.64
Augusta
9.75
9.97
9.10
8.85
9.10
9.10
8.85
9.10
8.85
9.10
8.85
8.85
Memphis
9.15
9.35
9.40
9.35
9.35
9.55
9.30
9.55
9.10
9.20
Houston
8.95' 9.15
9.00; 9.20
9.05
9.25
9.05
9.25
8.95
9.15
Little Rock-
9.15
8.93
9.07
9.32
9.10
9.35
8.85
9.18
Dallas
.
Mobile
9.10
9.20
8.90
9.40
Holi day
/
706,447
643,660
896,096
Mississippi
1,442,172
1,586,430
292,291
9,995
£4,960
345,813
56,805
545,904
400,583
253,445
478,144
445,508
231,751
New Mexico
52,421
—
North Carolina
....
i.^
.
.......
Texas
In.
9.38
9.10
Galveston
3,158
10,104
405,368
267,207
338,689
488,055
573,104
395,395
2,552,925
12,010
2,454,103
6,365
2,593,857
3,602
*9,083,626
10,079,112
10,124,773
814,020
811,597
15-I6
%
In.
9.18
New Orleans
149,096
21,557
784,717
1,796
6,382
Virginia
In.
1,204,201
9,424
2,035
—
South Carolina
for Middling Cotton cm-
977,445
93,706
1,204,223
220,473
846,960
—
Louisiana
Oklahoma-
Saturday
1938
1939
858,702
......
Kentucky...;
Te nnessee..——.—.
Week Ended
Nov. 8
Bales
705,076
71,612
17,598
Missouri
Cotton at Other Markets
Tuesday
587,452
Florida
1937
Closing Quotations
1940,
445,956
Since Aug. 1—
Quotations for Middling
$68,842,716
bales of cotton
1,113,869
in previous years:
Bales
8,947,405
1,423,428
State
4,692,068
8.114,207
257,576
573,817
-.-.492,527
11
12
13
187,606
Loans by co-ops.
Total
148,543
of the ginners, show 9,083,626 running
(counting round as half bales and excluding
linters) ginned from the crop of 1940 prior to Nov. 1, com¬
pared with 10,079,112 bales from the crop of 1939 and
10,124,773 bales from the crop of 1938. Below is the report
dividual
California-
Week—
1938—Nov.
1937—Nov.
1936—Nov.
—
5.446,244
Decrease.
Movement into sight
Amount
54,290
64,893
2,909
Ginned from Crop of 1940 Prior to Nov. 1—
The census report issued on Nov. 8 compiled from the in¬
Alabama..
spinn's* takings to Nov.
Bales
Carolina..
South
1940
North,
<,
Oklahoma
Cotton
.57,291
*212,694
ireek—409,106
during
Nov. 8
Came into sight
of the New York
White of Chicago,
111., and George
elected
and
of Southern mill takings
consumption to Oct. 1
Total in sight
the 1940 Cotton Loan
made of cooperative associations is now being con-
be eligible to store
In order to
New
aggregate net
of instructions pertaining to
Under this revision
Program, lending agencies, in order to make their paper eligible for pur¬
chase by the CCC, will be required to certify that the full proceeds of the
loan have been paid to the cotton producer without any charge for services
rendered in completing the loan forms.
The question of whether a similar
California
Shipments—
Including movement by
be made against producers by
Corporation officials said, charges were being made for
the interest rate paid lending agencies and the
intended to cover all services necessary
stances, however,
Arizona
over
said it had been contemplated under the 1940
that no charges would
Cotton Loan Program
lending agencies or warehousemen for filling out cotton loan forms, and that
no such charges had been made in large numbers of cases.
In some in¬
Credit
Week and Since Aug. 1
Nov.8—
Via St. Louis
Via Mounds. &c
Via Rock Island
for filling out cotton
loan forms.
CCC Reports on
Overland Movement for the
Excess
have been revised, to be effective not
prevent any additional charges
later than Nov. 16, 1940, to
completing loan forms.
28.787
34,557
Cotton by
Forms for
Eliminating Charges—The Commodity Credit Corporation
announced on Nov. 2 that instructions pertaining to the 1940
5,627
3,033
Includes me combined
Steady.
Steady.
52,558
6,517
Texarkana_
2766.856 266.370 3084.210
Loan
on
stdy.
1,717
122
of 210,718
Rules
Revises
Very
3,969
4,176
533
Steady.
37,878
167
towns 370.48ft
9.27
9.16
-
■"
Steady
546
157
Waco
^"
Spot
1,162
2,585
7,286
this
8.96
.
6,310
30
*
■
s.
31,704
85
Deduct
9.44 6-9.45a
9.40
October— 8.82 5-8.83a
July
,
9.01- 9.62 9.676-9.69a
14,227
Marcos
in the
9.87- 9.88
9.64
76
San
The
9.72
9.59
819
Robstown._
*
9.69
237
44,894
3,038
Total
9.806
9.59 b
agreement with the CCC to provide that no charges will be made by the
warehouseman against the cotton producer for any services they perform in
41,756
6,536
Paris
9.90
9.776
9.55
requirement should be
Oklahoma—
15
9.87
9.626
9.51n
326,413
7,488
Natchez
Vicksburg..
HOLIDAY
9.63
..
78.762
City
Helena....
Hope
Pine
9.70
9.686-9.69a
61,453
128,898
39,435
Forest
1,165
21,789
3,264
15,968
20,037
22,342
78,913
10,114
Nov. 8
May
37,818
4,576
Friday
Nov. 7
March
January
471
.
Montgom'y
Little
Nov.
Week
Season
Week
1,539
1,500
1,751
Ala.. Binn'am
Thursday
Nov. 6
1941—
Stocks
ments
Nov.
X 8
Week
Season
Week
Wednesday
Nov. 5
9.64re
December.
Ship¬
Receipts
Stocks
Tuesday
Nov. 4
1940—
Movement to Nov. 10, 1939
8, 1940
Ship¬
Receipts
Monday
Nov. 2
Towns
Ark.. Blythev
cotton market for
Saturday
detail below:
Eufauia
Market—The closing quotations
for leading contracts in the New Orleans
the past week have been a^ follows:
in
corresponding period of the previous vear—is set out
2819
Financial Chronicle
United States.
32,187 bales of the crop
counted in the supply for the season of
bales of the crops of 1939 and 1938.
*
9.95
Includes
The statistics in this report
of 1940 ginned prior to Aug, 1 which was
1939-40', compared with 137,254 and 157,865
include 3,164 round bales
for 1940; 147,325
1939, and 134,014 for 1938.
Included in the above are 00,000 bales
American-Egyptian for 1940; 12,306 for 1939, and 10,646 for 1938; also
for
of
0,000 bales Sea-Island for 1940; 1,743 for
The statistics for 1940 in this report are
against the individual returns of
The revised total of cotton ginned
bales.
1939, and 3.736 for 1938.
subject to revision when checked
the ginners being transmitted by mail
this season prior to Oct. 18 is 7,029,593
The Commercial & Financial Chronicle
2820
CONSUMPTION,
9, 1940
EXPORTS—UNITED
IMPORTS AND
STOCKS,
Nov.
STATES
This
Since
This
Since
This
Since
Cotton consumed during the moDth of September, 1940, amounted to
639,252 bales.
Cotton on hand in consuming establishments on Sept. 30
was 788,669 bales, and in storages and at compresses 10,733,787 bales.
The number of active consuming cotton spindles for the month was 22,278,204.
The total imports for the month of September, 1040, were
3,991 bales and the exports of domestic cotton, excluding linters, were
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
To Manchester, &c_
To Continent and India
90.556 bales.
it
To America..
WORLD
Exports {bales)—
Liverpool..
To
in 1939, as compiled from various sources, was 27,875,000 bales, counting
American in running bales and foreign in bales of 478 pounds lint, while
the consumption of cotton (exclusive of linters in the United States ( for
the year ended July 31, 1939, was 27,748,000 bales.
The total number of
45,000 13,650
22,000 2,900
8,000
Total exports
103,000 16,550
Agricultural Department's Report
Receipts
Cotton Acreage
on
Acre and Production—The Agricultural Depart¬
ment at
Washington on Friday, (Nov. 8) issued its report
on cotton acreage, yield per acre and production as of Nov. 1.
None of the figures take any account of linters.
Below is
the report in full:
REPORT
AS
OP NOV.
1,
1,200
4,750
282,709 24,500
250,568
Plantations—The following table
the
from
Southern consumption; they are
simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
Week
Stocks at Interior Towns
Receipts at Ports
Receipts from Plantations
End.
1940
statisticians, ana cooperating State agencies.
The final outturn of cotton
will depend upon whether the various influences affecting the crop during
the remainder of the season are more or less favorable than usual.
1939
1940
1938
1939
1938
Yield per Acre
f
tf fir tip of
jluri'Oob
,
1940
Aver¬
(Pre¬
age,
cated
lim.)
1929-38
'40
Indi¬
1940
Crop
Average,
1929-38
Crop
Nov. 1
Thous.
Thorn.
Bales
Thous.
indicated
Thous,
.1939
1939
Bales
Bales
1939
1940
1938
Aug.
60.375
9.
16.
51.885 1925 '0 2434 ,071 1933,484
73.033 1910,674 2417 522 1927.836
72,192
78,606 101.982
91,740 140,844
23.
111,232 196.344 144.055 1886.703
30-
31.84°
64.657
33 753
63,675 85.433 67.385
74.360 132,295 83.722
300 222 2427,136 111.2
214.507
78,102 1893.294 2408 ,973 1922,216
2j836.739
Sept.
Production (Ginning*) a.
500-Lb. Gross Weight Bales
Acreage
Qf /if o
dkWC
32,720
38,541
174.557
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
1940
The Crop Reporting Board of the Agricultural Marketing Service makes
the following report from data furnished by crop correspondents, filed
for
6,000
Note—A cantar Is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Nov. 7 were
244,000 cantars and the foreign shipments 8,000 bales.
spinning cotton spindles, both active and idle, is about 145,000,000.
COTTON
1,000
17",§55
48,497
43,548
166,489
24,175
|7,000 36.000J
STATISTICS
The world's production of commercial cotton, exclusive of linters, grown
Yield per
_
_
2487, 313 2044 616 134.999 270,132 290.308
143,187 209,055 195.347 1878.515
137,224 266.665 227.732 1893 099
20. 142,923 306,040 236.651 1947.476
27. 137,695 297,080 221.656 2062,281
6.
2590. 556 2198,739 151.740 369.908 381.865
13
2745, 834 2390.140 197,300:461.318 428.052
2030, 731 2633,665 252,600 481,970 465.081
Oct.
297,556 183.369
11- 128,793 290,322 205,107
£ 18- 114,761 230,932 200.646
25. 112,180 243,288 150,872
4. 118,475
Lbs.
Lbs.
Lbs. ■
391
337
555
446
270
437
365
269
191
355
37
13
23
1.
North Carolina
814
278
296
658
457
South Carolina
1,235
1,958
251
342
372
820
871
960
218
227
252
1,175
915
1,032
2775,573 3486,871 3387,084 317,147 330.329 263.541
Nov.
31
2185.345 3113.815 2881.086 241,439*480.640 430.890
2378,831 3262,486 3110,218 322,379 1904035 433.993
2670,606 3399.830 3276,615 306.536 368.276 366,043
Acres
Missouri.
.
.....
Virginia--..
...
Georgia.
Florida..
Tennessee...
434
63
151
75
168
34
11
21
250
305
338
472
449
520
Alabama..........
Mississippi........
2,048
2,550
215
186
188
805
299
253
2,103
1,132
224
319
352
1,200
1,619
1,283
785
239
Arkansas
1,582
1,413
1,545
225
..........
......
310
193
1,870
8.779
Louisiana—.......
Oklahoma.
Texas..—.—
135
141
211
149
160
185"
523
£18
709
1,345
745
455
812
526
825
3,876
2.846
3,380
99
102
New Mexico
...
106
420
Arizona....
.....
226
382
514
417
154
202
197
343
513
648
698
315
443
500
21
297
470
432
15
20
19
198.1
237.9
252.1
13,547
11,817
12,847
California....
AH other
.....
United States....
24,406
Sea Island.b
28.6
American Egyptlanb
69.6
226
323
122
210
187
46
115
1.7
0,000
17
28
0,000
42
40
92,125 3044,210 3549,918 3510,308 230,674 248,407 141,936
8. 126,753 237,671
740
736
120,9 2 231,212 256.332 2980,289 3533,182 3460,497 325.66 < 277,523 329,745
The above statement shows:
(1) That the total receipts
plantations since Aug. 1, 1940 are 2,766,246 bales;
in 1939 they were 4,266,244 bales and in 1938 were 3,901,845
bales.
(2) That, although the receipts at the outports the
past week were 126,753 bales, the actual movement from
plantations was 230,674 bales, stock at interior towns having
increased 103,921 bales during the week.
from the
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Merchants are not willing to pay
present prices.
We give piices today below and leave those
for previous weeks of this and last year for comparison:
54
1939
mu
Lower California
211
Returns
by Telegraph—Telegraphic advices to
that
there
has
us
this
exceptionally
been
dry
weather in all sections of the cotton belt.
reported in
a
few sections.
Frost has been
Picking is virtually finished in
the Gulf and Atlantic States.
ings, Common
to Finest
Middl'g
Uvl'ds
32s Cop
Twist
d.
d.
d.
s.
d.
d.
b.
14.04
16..
12
14.29
12
23..
14.37
12
30..
14.51
12
Sept,
'.v':--. 6
Not
4>4@12
6
@12
6
@12
6
@12
7.84
7)4
9
9
9
8.19
8.18
8.23
8.33
available
14.61
12
6
@12
9
8.31
.
12
6
@12
9
8.40
27..
Oct.
14.86
12
7)4@12 10)4
8.82
8.21
13
AUStIn .........
-
Abilene
11
3
@11
6
6.27
3
@11
6
6.35
@13)4 11
3
@11
6
6.38
11
3
@11
6
6.22
7)4
7.01
14.50
12
6
@12
9
7.99
13
@13)4
ls..
14.47
12
6
@12
9
8.13
13
25..
14.56
12
6
@12
9
8.22
13
Del Rio..
El Paso—
0.78
__
Oklahoma—Oklahoma City...
Arkansas—Fort Smith
Little Rock.
Louisiana—New Orleans
.
_
1-.
14.56
12
6
@12
9
8.17
13H @14
68
64
58
62
8..
14.61
12
6
@12
9
8.23
14
74
76
48
51
73
73
37
40
74
0.07
0.71
v
Florida—J ackson ville
0.01
....
0.94
....
Tampa....
Georgia—Savannah..........
dry
__
0.42
1.21
0.38
0.09
0.74
0.84
0.93
0.81
.....
Augusta..
......
Macon..
South Carolina—Charleston
North Carolina—-Ashevllle
Raleigh
Wilmington,.
Tennessee—Memphis
Chattanooga
—
........
83
78
73
74
77
76
78
79
0.30
...
..
.
3
.
47
40
76
81
0.00
...
0.72
57
56
65
62
47
31
79
81
86
84
85
82
0.30
61
64
55
37
54
79
0.40
0.61
...
76
76
67
53
79
dry
.......
Birmingham.
Montgomery
Nashville-
74
77
80
dry
Alabama—MobUe
Atlanta
61
60
78
75
dry
.
Shreveport
....■
Mississippi—Meridian
Miami
46
55
50
40
46
0.01
...
Nov.
76
87
0.03
1.25
...
50
66
55
60
68
75
74
66
56
60
63
63
39
39
66
62
50
35
38
42
48
52
31
35
55
57
59
37
39
35
32
a. m.
of the dates
Nov.
XT
New
n
Orleans—
Memphis
Nashville
....
....
Shreveport.
Vicksburg
—
8, 1940
Nov. 10, 1939
Feet
Feet
of gauge.
1.9
1.5
To China
To Canada
of gauge.
zero of gauge.
9.6
1.9
6.4
3.7
zero of gauge.
zero
zero
zero
1.1
To Russia
—
--
9
...
*
12
10
To Colombia
To Japan
To
40.277
...
109
.....
To Cuba..
To Panama
159
100
To Great Britain
To Russia
To Australia
To Guatemala.....
To Java
591
1,018
Philippine Islands
100
MOBILE—
250
200
To Great Britain
700
Total
4,557
Cotton
York
are
Freights'—Current rates for cotton from New
no longer quoted, as all quotations are open rates.
Foreign Cotton Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad.
W§
are therefore obliged to omit
World's Supply ana Takings of
the following tables:
Cotton.
India Cotton Movement from All Ports.
Liverpool Imports, Stocks, &c.
Liverpool—The Liverpool Cotton Exchange will remain
closed until a further notice is issued by the directors of
the exchange and we are therefore obliged to omit our usual
tables of
Spot
Liverpool prices.
Saturday
1940
1939
1938
Mid. upl'ds
Futures
opened
4
244,000
701,000
406,000
2,925,061
370,000
2,682.110
Tuesday
Wednesday
Thursday
Friday
x
See note
Quiet
Quiet
Quiet
Quiet
P. M.
Mar.et,
Receipts (cantars)—
Monday
Market,
Market
To Colombia
HOUSTON—
2,301
..
To Australia
NEW ORLEANS—
12:15
This week
Since Aug. 1
68
30
To Indo China
To Philippine Islands
9.1
Alexandria Receipts and Shipments—The following are
the receipts and shipments for the
past week and for the
corresponding week of the previous two years:
Alexandria, Egypt,
Nov. 7
1,392
..
__
GALVESTON—
To Russia
0.2
of gauge.
200
0.9
'
Above
Above
Above
.Above
Above
Bales
ANGELES—
To Great Britain
To Japan.
56
given:
4)4@il
Bales
L08
The
8
@14 H 11
Shipping News—Shipments in detail:
57
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
6.44
"...
81
0.57
0.28
0.38
0.08
0.02
2.51
—
J
.
Fort Worth—
Houston
Palestine
San Antonio.
77
6.74
@13)4 11
Il¬
available
4.76
6
69
Not
7.03
7.09
@93
6
55
63
dry
.
Corpus Christl
Nominal
Nominal
9
@11
68
4..
6.14
5.52
@11
34
48
3
5.71
@93
3
76
........
Brownsville
9
3
80
-
5.22
11
3.38
dry
d.
10)4@ 9
IX
8 10)4@ 9
1)4
9
@93
@13)4 11
High
3
d.
s.
8
8H@ 9h
13
@13)4
Inches
»
d.
Nominal
14.58
Rainfall
Amarillo
Uvl'ds
8.
Nominal
13..
20..
Rain
Texas—Galveston
MidcU'g
to Finest
8K@ 9H
8H@ m
9
@10
9H@10 X
Days
——Thermometer
Low
Mean
Cotton
8)4 Lbs. Shirt¬
ings. Common
Aug.
9..
evening indicate
Cotton
Twist
Allowances made for interstate movement of seed cotton for
ginning, b Included
in State and United States totals.
Sea Island grown principally in Georgia and
Florida.
American Egyptian grown principally In Arizona,
c Not included in
California, nor in United States total.
a
8 H Lbs. Shirt¬
32s Cop
(Old Mexico)-c..
8.18d.
8.41d.
M.
8.15d.
8.19d.
8.23d.
Quiet,
Quiet,
Quiet,
Steady,
2 to 3 pts.
advance
2 points
2 points
8 to 9 pts.
advance
decline
advance
advance
Steady,
Steady,
Quiet but
st'dy, un¬
changed
Quiet,
2 points
3 points
P.
x
CLOSED
4 points
advance
advance
Business restricted by scarcity of supplies.
.Steady,
Steady,
3 points
advance
2 points
advance
Volume
2821
The Commercial & Financial Chronicle
151
Prices of futures at Liverpool for each
day
are
given below:
though
of more than
gains
cent were piled on top of
a
market reacted
leading
yesterday's advance of more than 3c., the
Nov. 2
Mon.
Sat.
Fri.
Thurs.
Wed.
Tues.
frequently
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Nov. 8
contracts
wheat
New Contract
d.
d.
October, 1940.__
*
*
d.
d.
d.
d.
d.
*
December
d.
d.
I*'
d.
*
January,
last
selling increased, and at one stage
showed small
net losses.
During the
sold
May.
as
chases credited
to mills.
*
1941..
March
*
*
May
*
*
*
7.44
7.48
daily closing prices of wheat in NEW YORK
7.46
*
July
7.45
7.41
7.40
7.44
7.41
Sat.
-
-
-
closing
of
prices
106
Friday Night, Nov. 8, 1940.
Flour—Apparently influenced by soaring prices in wheat
inflationary talk, inquiry for flour
and the revival of
in
market
yesterday showed the first major
evidencing
a
good
interest,
expansion
With all con¬
months, so reports from the trade state.
sumers
in the
mills and brokers ex¬
pressed the hope that the dulness which has
months had at last been definitely broken.
prevailed for
Department of
increased the export subsidy
payment rate on flour shipped to the Americas to $1.05 per
barrel, an advance of 20c.
Agriculture
late
yesterday
prices closed He. lower to He.
previous finals.
Pre-election dol¬
trading today and except for an
early downturn of about a half a cent, which was soon re¬
covered, prices held steady most of the session.
Profittaking was blamed for the early setback in the wheat pit,
while the quiet buying that restored prices was attributed
to mills and professional dealers covering previous short
sales or reinstating recently sold-out lines.
Some buying
was believed to have represented lifting of hedges against
Wheat—On the 2d inst.
higher
compared
with
drums limited wheat market
purchases by the Red Cross, which was scheduled to take
250,000 bushels of wheat and 150,000 bushels of rye before
the end of the week, but the extent of this activity could not
be determined.
Trade analysis of the latest loan figures
indicated that at least 275,000,000 bushels may be sealed
as collateral
before the end of the year.
The 1939 total
sealed was 167,000,000 bushels.
The amount under loan
on Oct. 29 was 235,889,340 bushels, compared
with 147,107,324 a year ago, and of this total 201,957,000 bushels
were in warehouses and the remainder on farms.
On the
4th inst. prices closed H to lHc. net higher.
Increased
buying in the final hour of trading today hoisted wheat
prices more than a cent a bushel as grain dealers adjusted
market positions for the Tuesday holiday and election.
Buying of previous short sellers and some purchasing credited
to mills, together with lifting of hedges on grain taken by
the Red Cross for shipment to Finland, helped to bolster the
market.
Pit brokers said the decision of the electorate
may be directly reflected by the market or may influence
prices indirectly through its effect on the trend of securities
and other commodities.
No material change is expected
in the Government agricultural program in the near future
regardless of the outcome and traders pointed out, any
administration in power will be required to cope with a con¬
dition of abnormally heavy supplies of both wheat and corn
coupled with seriously impaired foreign demand as a result
of the war.
Despite the setback of last week spot wheat
prices at Kansas City still are within 3 to 4c. of the season's
tops and 1 to 234«. above the basic loan rates.
On the 6th
inst. prices closed 134 to lHc. net lower.
Discouraged
selling and indifferent demand caused wheat futures prices
to drop as much as lHe. below Monday's close at times
today/.
The close was fractionally above the day's lowest
figures.
Grain futures followed the action of securities
much of the time after opening higher.
The outcome of
yesterday's election had little if any effect upon
the market.
of the im¬
agricultural States, its victory undoubtedly will
be construed as a mandate to continue the farm program,
many traders said.
Still hanging over the market was the
prospect that another 275,000,000 bushels of wheat would
find its way into the Government loan program, which
would mean that around 800,000,000 of the domestic supply
this year would be available to mills and industries and for
export.
The virtual assurance of the continuation of the
present agricultural policies was expected by the trade to
stimulate the holding policy of the farmers and result in
further tightening of the cash situation.
On the 7th inst. prices closed 3 to 3%c. net higher.
The
heaviest trading in wheat in months today produced a sharp
price advance ranging from 3%c. to 4c., which carried
December contracts as high as 87%c., within %c. of the
six-month peak established
on Oct.
24.
Buying, which
spread to other grain pits, was attributed by floor brokers
to a revival of inflation talk stimulated
by strength of
securities and a statement of the Secretary of the Treas¬
ury referring to possibility of an increase in the Federal
debt limit and the close watch which will be maintained
While the Administration failed to carry some
portant
prices as the defense program progresses.
Heavy
profit-taking reduced the wheat gains slightly, but closing
prices were 3 to 4c. net higher.
Today prices closed '% to lHc. net higher.
Profit-taking
applied brakes to the wheat market's rise based on what
some traders called a revival of inflationary gossip.
Al¬
over
88 £
May
July
87
83
DAILY
CLOSING
84#
83
87#
86#
87#
87
L
78#
81#
82#
When Made
1
Season's Low and
Nov.
8, 1940 December
.
68#
Nov.
8, 1940 May__
70
Nov.
8. 1940 July
76#
FUTURES
OF WHEAT
PRICES
Sat.
-
IN WINNIPEG
Thvrs.
Fri.
72#
72#
75#
76#
76#
77#
....
77#
78#
71#
75#
77#
r
Made
16. 1940
16. 1940
27. 1940
71#
75#
71#
75#
May
July
When
Aug.
Aug.
Sept.
Wed.
Tues.
Mon.
71#
December
Fri.
Thurs.
H
O
79#
83#
79
Season's high and
Wed.
108#
CHICAGO
in
85#
84#
84
December
Tues.
Mon.
Sat.
May
July
Fri.
Thvrs.
104# 107#
HOL
futures
wheat
December
BREADSTUFFS
Wed.
Tues.
Mon.
104#
No. 2 red
-
daily
local
session
88c. for December delivery, highest since
Flour business expanded slightly, with pit pur¬
up to
Corn-—On the 2d inst. prices
closed H to He. net higher.
Firmness in the corn pit reflected heavy shipping sales to
Eastern points and absence of any bookings of grain to come
to Chicago from the country.
Corn dealers sold 226,000
bushels of corn for shipment from Chicago and lifting of
hedges in connection with this business heldped to strengthen
the futures market.
No grain was booked to arrive, the
recent price setback having choked off country offerings to
some extent, while wet weather in some areas has delayed
harvesting.
Many dealers were believed to be holding grain
back pending announcement of the new corn loan rate ex¬
pected about mid-Nov.
On the 4th inst. prices closed H
to He. net higher.
With increased offerings of new corn
offsetting substantial shipping business, corn prices held
about steady.
Most of the new corn, however, has been
coming in by consignment as bookings on a "to arrive"
basis have been small recently.
Approximately 1,500,000
bushels were shipped out by lake boats the past week.
Mar¬
keting of hogs had been on a large scale recently.
On the
6th inst. prices closed 34 to He. net lower.
The same
influences that affected wheat played their part in the corn
market.
Cold weather over the corn belt was expected to
accelerate husking and conditioning of the new corn crop,
and with prices down near the loan level producers were
expected to curtail marketings.
On the 7th inst. prices closed 2 to 2He. net higher.
The
strong action of the wheat market and the revival of infla¬
tion talk had a strong influence on corn values, prices
closing substantially higher for the day.
Traders expect
country marketings of corn to continue to be fairly sub¬
stantial, but recent experience has shown shippers, proces¬
sors and industries can be depended upon for material sup¬
port.
The new Government loan rate is expected to be
announced next week after the crop report has been re¬
leased.
Traders reported colder weather may be helpful
in reducing moisture content of the new crop.
Today prices
closed unchanged to 3£c. up.
Corn price gains were held
to fractions,
DAILY
which were lost later.
OF CORN IN NEW YORK
Mon.
Tues.
Wed. Thvrs.
CLOSING PRICES
Sat.
81#
No. 2 yellow
DAILY CLOSING PRICES
82#
81#
H
83#
Fri.
84#
CHICAGO
OF CORN FUTURES IN
Sat. Mon.
Tues.
Wed.
Thurs.
Fri.
-
59#
60#
H
60
62
62#
61
December
May
July
61#
61#
O
L
60#
61
63#
63#
63#
63#
61#
Season's Low and
Season's High and When Made
December
63#
Oct. 24, 1940
Oct.
Oct.
64#
64#
May
July
December
53#
54#
58#
24, 1940 May
24, 1940 July..
When Made
July 15, 1940
Aug. 16, 1940
Sept. 23. 1940
Oats—On the 2d inst. prices closed H to He. net higher.
Trading in oats futures was quiet, with the undertone firm.
On the 4th inst. prices closed H to He. net higher.
The
strong action of wheat and other commodity markets in¬
fluenced a firmer oats market, though trading was light in
oat futures.
On the 6th inst. prices closed unchanged to
He. off.
Action of other markets induced scattered selling
although cash houses supported the nearby delivery
unchanged.
On the 7th inst. prices closed % to %c. net higher.
Trad¬
ing in oats was comparatively light, the attention of the
trade being focused on the other grains.
Today prices closed
% to 1 Vsc. net higher. This graiu showed exceptional firm¬
ness,
which was attributed in no small measure to good
spot demand and short covering by speculative interests.
in oats,
which finished
DAILY CLOSING
PRICES
-
Mon.
34#
34#
31#
May
July
FUTURES IN CHICAGO
Tues.
Wed. Thurs. Fri.
H
35
35#
36#
OATS
OF
Sat.
December
Season's High and When Made
Nov.
8, 1940
36#
Nov.
8, 1940
35;
Oct. 24, 1940
33
35
34#
35#
35#
31#
32#
33
Season's Low and When Made
34#
32
December
MayJuly
27#
December
May
July
O
L
DAILY CLOSING PRICES OF OATS
Sat.
-
FUTURES IN
Mon.
Aug.
Aug.
28#
30#
Tues.
Oct.
19. 1940
16, 1940
9, 1940
WINNIPEG
Wed.
Thurs.
Fri.
December
30#
30#
30#
30#
32
32#
May..
July
30#
29#
30#
30#
29#
30#
31#
32#
—s.
Rye—On the 2d inst. prices closed H to He. net higher.
Trading was light and without feature.
On the 4th inst.
prices closed H to He. net higher.
Trading was very light,
with the undertone steady.
On the 6th inst. prices closed
H to
He. net lower.
The pronounced weakness of wheat
naturally had their effect on rye values, but the rye
futures
market
relatively steady in the face of
was
some
Wheat
New York.....
the* 7th inst. prices closed 2% to
net higher.
grain was strong and active in sympathy with the
strong action of wheat and corn markets.
There was a
good demand for rye futures, especially from the short
element.
Today prices closed % to %e. net lower.
Sub¬
stantial realizing sales were responsible for the heaviness
On
*
This
.
46%
45*/$
47#
49
50#
51%
40%
50%
Sal,
December
44%
M&y....:
.
44#
47#
44%
47%
45
48%
"
Made
19. 1940
19. 1940
23, 1940
46#
49#
152,000
11 000
41,000
388.000
3,000
32,000
142,000
6,000
1,000
9,000
245,000
10 000
931,000
13,176.000
10,587,000
3.>u,t»00
..41%
41%
40#
39#
December
May
July
41#
_
41%
44%
804,000
3.530.000
49,000
455",000
1,528,000
8,929.000
1,411,000
262,000
2,179,000
5,686,000
2,327,000
115,000
2,000
4,000
*2*666
2*6*0*666
4,342,000
509,000
61,000
1,004,000
73,000
123,000
799,000
1,133,000
606,000
104,000
64,000
1940..165,010,000 53,488.000
Total Oct. 26, 1940.-166,084,000 51,335,000
6,049,000
6,494,000
7,774,000 10,003,000
7,908,000 10,172,000
"
afloat.........
Total
49#
*
..
Oats—Buffalo, 126,000 bushels; Buffalo
Erie, 129,000; total, 521,000 bushels, against
1939.
Barley—New York, 128,000 busheLs; Buffalo, 402,000;
Baltimore, 156,000; Duiuth, none; in transit—rail (U. 8.), 385,000; total, 1,071.000
bushels, agal ist 578,000 bushels in 1939,
Wheat—New York, 3.514,000 bushels;
New York afloat, 748,000; Boston, 2,267,000; Philadelphia, 1,059.000; Baltimore,
1,244,000: Portland, 1,211,000; Chicago, 18,000; Buffalo, 7,711,000; Buffalo afloat,
549,000 Duiuth, 7,531,000; Erie, 2,016,000; Albany, 8,458,000; on Canal, 364,000;
in transit—rail (U. 8.), 1,815,000; total, 38,505,000 bushels, against 16.118,000
No
2 red, c.l f.,
108#
domestic
Corn, New York—
No 2 yehow, all rail..
—.
84#
84#
182,000; New York, 84,000;
941,000
2.75
good
(Corn flour
2.15
In
bushels
1939.
in
bushels
*
'
■
Barley
Wheat
Corn
Oats
Rye
Bushels
Bushels
Bushels
Bushels
-
Canadian—
Bushe's
1,203,000
Lake, bay, river <feseab'd 64,516,000
Ft. William & Pt. Arthur 81,409,000
Oats, New York—
No 2 white
Rye. United 8tates.c.i f
Barley, New York—
40'bs feeding.
Chicago cash...
371,000
385,000
1,322.000
1,586.000
895,000
Other Can. & other elev_258,182,000
GRAIN
Manitoba No. l.f.o.b.N.Y.
44,000
2,
Philadelphia also has 4,000 bushels Argentine corn In store.
afloat,
..4.85(45.001 Barley goods—
.Nominal I
Coarse
..Prices Withdrawn
I
Fancy pearly (new) Nos.
I
1.2-0.3-0.2
4.25@575
Wheat, New York—
Nov.
737,000
Note—Bonded grain not Included above:
4.10(^4.20
5.10(45.30 Seminola, bl., bulk basls__5.95@6.45
<g>
1,266,000"
178,000
afloat
Buffalo
FLOUR
4.60(44.801 Oats,
782,000
27.291,000
"
5.40@5.551 Rye flourpatents
Hard winter patents
Hard winter clears
1,729",000
29,555,000
_
Detroit
Closing quotations were as follows:
Spring pat. high protein
Spring patents
Clears, first spring
Hard winter straights
4,000
245",660
11,000
1,167,000
199,000
Milwaukee
45%
43#
8,000
Duiuth.
47
49#
41#
40#
41%
41#
40#
7,000
Minneapolis
BARLEY FUTURES IN WINNIPEG
Sit.
Mm,
Tues.
Wed. Thurs. Fri.
CLOSING PRICES OF
987,000
afloat
On Lakes
On Canal......
DAILY
10,000
363,000
2,486,000
..........
441,000
749,000
492,000
503,000
7,728,000
...
__
Wed.
Tues,
Mm.
2,242,000
6,999,000
35,850,000
9,414,000 12,933,000
965.000
1,542,000
Indianapolis..
IN WINNIPEG
Thurs. Fri.
DAILY CLOSING PRICKS OF RYE FUTURES
*8,666
8,865,000
4,975,000
Chicago
50%
.,51%
156,000
4,703,000
Peoria
_—
833,000
_.
St. Louis
43%
O
May
July,.
71,000
1.000
64,000
Sioux City...........
H
When
Aug
Aug.
Sept.
3,000
251,000
1,231,000
—.
48#
49#
L
1,000
96,000
St. Joseph
44*4
When Made
|
Season's Low and
May 20 1940! December
38%
Oct. 24, 1940IMay
—
42%
Oct. 24, 19401 July—47%
6,000
18,000
10,082,000
Kansas City.....—..
Omaha........
48#
5,000
9,000
4,000
....... ..
Hutchlason....
44#
50#
Bushels
40,000
13,000
154,000
28,000
Wichita
December
Season's High and
Barley
Bushels
New Orleans...
Galveston. *
May,
July
December
Rye
Bushels
Philadelphia..._....
cFort Worth...
OF RYE FUTURES IN CHICAGO
Sit. Mm. Tues.
Wed. Thurs. Fri.
PRICES
Oats
Bushels
42,000
483,000
830,000
...
Baltimore.
values today.
CLOSING
Corn
Bushels
United States-
DAILY
1940
9,
GRAIN STOCKS
rather heavy
selling.
of rye
Nov.
Chronicle
The Commercial & Financial
2822
5,687,000
906,000
3,369,000
7,380,000
2,877,000
2,875,000
5,467,000
5,640,000
6,049,000
7,774,000
10,003.000
7,380,000
2,877.000
5,467.000
49#
61#
2, 1940.-404,137.000
Total Nov.
Total
66
1940.-401,171,000
Oct. 26,
7,248,000
......
Summary—
50
165.010,000 53,488,000
.404,137,000
....
American
I
Canadian...
All the statements below
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Corn
Wheat
Flour
Total
•
Nov
1940.-569,147,000 53,488,000 13,429.000 10,651,000 15.470.000
1940..567,255.000 51,335,000 13,742,000 10,784,000 15.812,000
Oct. 26,
2,
The world's
shipments of wheat and corn, as
Broomhall to the New York Produce Exchange,
ended Nov. 1 and since July 1,
shown in the following:
of the last three years:
Receipts at—
Total
Oats
Rye
for the week
1940, and July 1, 1939, are
.
Barley
Corn
Wheat
bbls 196 lbs
bush 60 lbs
601,000
88.000
24,000
39,000
2,000
5,000
263,000
117,000
45,000
2,179,000
778,000
21,000
146,000
563,000
—
Buffalo
Indianapolis
125*666
Louis._
Peoria
59,000
Kansas City
33,000
39,000
271,000
/
v:
228,000
Week
July t,
1939
Nov. 1,
Since
Since
July 1.
1940
14,000
*4,666
12~66O
48,000
24,000
45,000
Since
Week
Exports
Jul!
Nov. 1,
39,575,000
46,000
30,000
Wichita...
19,000
268,000
64.000
Sioux City.
16,000
83,000
*7"66O
3*1666
Ye'ooo
8,510,000
8,145,000
257.000
16,061,000
1,227,000
1,770,000
1,398,000
1,471,000
2,638,000
1,968,000
15,018.000
3,878,000
855", 000
15,9*35*,000
48,831,000
2,520,000
22,954,000
2,715,000
33,473,000
76,444,000
781,000
Other
110,000
Bushels
Bushels
Bushels
India.—..
330,000
1,
1939
11,293,000
_
425,000
57,000
July
1,860,000
63,456,000
13,104,000
57,338,000
53,235,000
560,000
1,538*666
Argentina.
1940
Bushels
Bushels
Bushels
2,731,000
No. Amer.
Black Sea.
Australia
1,
1940
1940
2,000
119,000
32.000
256,000
796,000
27,000
417,000
Since
409,000
981,000
625.000
15*666
Milwaukee.
St,
383,000
23,000
174,000
203,000
6,000
Minneapolis
bush 56 lbs bush 48 lbs
bush 32 lbs
3,252,000
220,000
Duiuth
Toledo
bush 56 lbs
147,000
1,330,000
896,000
Chicago
furnished by
Omaha....
St.
Joseph.
Same wk '39
381,000
5,646,000
5,053,000
Same wk '38
402,000
7,537,000
Tot. wk. *40
452,000
Since Aug. 1
1940
"
685,000
480,000
5,910,000 144,261,000
97,308.000
30.696,000
1939—
6,512.000 146,702,000
78.776,000
1938
6,113,000 165,180.000 105,665,000
45.753,000 11,253,000 51,794,000
49,547,000 14,565,000 45,412,000
Total receipts
the week ended
6,231,000 34,676,000
of flour and grain at the seaboard ports for
Saturday Nov. 2, 1940 follow:
Wheat
Corn
Oats
bbls 196 lbs
New
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
37,000
118,000
1,000
44,000
Philadelphia
13,000
14,000
1,000
24,000
19,000
66,000
Barley
bush 56 lbs bush 48 lbs
6,000
New Orl'ns*
Rye
14,000
announced
Nov.
on
1*3*,000
by States in farm and warehouse storage
loans
follow:
Colorado..
Delaware
Idaho
Illinois.
Tot. wk. '40
3,171,000
1,758,000
54,000
13,000
4,000
1940..... 10,463,000 104,735,000
33,738,000
3,449.000
1,955,000
1,196,000
987,000
243,000
188,000
150,000
293,000
Since Jan. 1
-
Indiana
_
Iowa
Kansas.
Kentucky
Maryland
Michigan.
Storage
Amount
Bushels
Bushels
%
1,51*6*. 800
25,638
11,087
5,006
64.342
...
Storage
Loans
28
37
4,071
3
3,692
Arkansas
1,611,000
595,715
281,778
3.52,750
7,064.316
1,677,000
302,000
1939..... 13,373,000
*
91,428,000
19,014,000
4,511,000
1.678,000
7,450,000
Receipts do not include grain passing through New Orleans for foreign ports
through bills of lading.
on
.
Minnesota
....
19,835
19,391
18,906
29,844
455
64,624
11,243
31,064
.....
Missouri.
—..
Montana........
...
New Mexico..
from the several seaboard ports for the week
ended Saturday, Nov. 2 and since July 1, are shown in the
North Dakota
annexed statement:
Oklahoma...
—
_________
Oregon
Pennsylvania
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Ohio.
Bushels
Barrels
Bushels
Bushels
Bushels
1,946
315
....
58,000
York
AlbanyPhiladelphia
—
37,000
519,000
556
3,633
22
Can. Atl. ports__
Total
week
'40
Since July 1, 1940
1,61*1*,000
3,918,000
1,611,000
a46,000
35,555,000 15,620,000
777,000
r\ otal week 1939
1,355,000
Since July 1, 1939
40,201,000
a
West Virginia
Wisconsin.
3,032,000
672,000
50,090
3,916,000 1,523,302
2~o".66o
1*6*3", 000
5*5*666
184,000
508,000
817" 666 1,306,000
5,231,000
The
visible
supply
of grain,
comprising
the
stocks in
at principal points of accumulation at lake and
seaboard ports Saturday, Nov. 2, were as follows:
1,487", 651
9,059,163
271,745
17,044,223
195,230
155,813
8,506,565
9,267
9,048
87,881
2,021,465
1,327
3,458,442
9,556,646
2,642,876
1,960,028
32,730,737
292,350
36,579
252,360
6,091,228
6,131,797
14,417,486
10,146.416
326,881
30,178,565
2,951,369
14,641,211
3,078,560
60,070
8,133,623
212,975
13,595,593
403,320
118.392
5,418,994
8,004
115
1
172
657
286,460
341707
436,319
372,469
33,932,647
201,956.693
169,400,671
■,
__
Wyoming
Export data not available from Canadian ports.
granary
1,078.318
Virginia
Washington
'Woo
"13*666
Galveston
622,611
Utah
296,000
New Orleans
1.872", 867
461
Texas
12,218
95,726
2,251,137
1,625
4,952,855
11,373,412
3,132,881
2,274.696
38,622,980
385,393
51,835
148,783
6,137,837
7,857,611
16,198,874
9,424,009
388,441
37,010,142
3,373,136
18,004,831
4,594,542
80,016
32,863
851
19,457
South Dakota
Tennessee
New
214,267
1,563,157
300,329
4,708,640
4 601,470
64,245
3,079,720
316,859
2,402,502
663,018
1.412
Nebraska
The exports
33,591
825,411
922
107
_____
Week 1939.
Since Jan. 1
Warehouse
No. of
■-/
'
3,032,000
period in the
$1,241,563.
Wheat
\ "4*066
St.Lawrence
same
valued at $103,241,544.
on rye and barley loans
through Oct. 29, 1940.
Rye loans totaled 1,669,132 bushels
valued at $633,727 and barley loans totaled 3,892,591 valued
State—
,,
"*2*,666
ports
Loans for the
1.
1939 program totaled 147,107,324
The Corporation also reported
California
*40*666
Boston
Loans Total 235,889,340 Bushels
CCC Reports Wheat
-—Wheat loans through Oct. 29 totaled 235,889,340 bushels
valued at $169,400,671, the Commodity Credit Corporation
26,000
19~, 000
Galveston..
97,770,000 157,199,000
4,485.000
.
Farm
6,000
Baltimore
183,000
Total..
at
*
Flour
Receipts at—
12,008,000
4,400,000
216,000
countries
3,000
Total....
Weather
for
Report
the Week Ended
NoV. 6—The
general summary of the weather bulletin issued by
Department of Commerce, indicating the influence of
weather for the week ended Nov. 6, follows:
At
across
large
the
the
beginning
Lake
Eastern
of
the
region,
areas,
and
week
attended
by
Oct.
a
shallow depression moved eastward
rather general precipitation over
an extensive high had overspread
by
30
the
the
Volume
The Commercial & Financial
151
Stock water scarce in many
V,
Arkansas—Little
Rock: Warm and favorable;
planting small grains
and cover crops progressed satisfactorily.
Rains beneficial to erowth of
early planted com and germination of late planted. . Cotton picking de¬
layed first of week by rain; good progress latter part.
Gathering corn
layed
Valley, brinsimr a sharp drop in temperatures from the Missis¬
Valley eastward.
A^ain about the middle of the week low pressure
obtained over the Central Valleys and Lake region, attended by fairly
the
Ohio
rain
from
The latter part
in
peratures near zero in some
The
week, as
a
whole,
entire
the
The
countrv.
extreme
Northeast
mountain sections.
was
abnormally warm
weekly
and
over
practically
the
the
the
An
region
were
was
at
zero
Leadville.
and
upper
Mississippi
unusually high for the
Valley
season.
except
from
southeastern area had sufficient rain to at least temporarily
in Virginia, the Oarolinas, much of Tennessee, and the
dry
;
domestic
for
States precipitation was de¬
also in the eastern Great Plains; and the eastern;
half of Texas.
The Western Plains had but little rainfall and moisture is
still bad'v needed.
In Montana and from the Rocky Mountains westward
the situation continues unusually favorable.
There was some delay by rain
to outside operations in northern sections of the Far West, but the current
moisture situation is still unusually favorable.
Seasonal
farm
work made good advance, with plowing facilitated in
some
eastern and central-valley districts where rain fell.
However, many
interior localities are still too dry for plowing.
The growing season has
been
unusually extended in central districts, with reports of tomatoes,
very susceptible to frost, still producing as far north as Indiana.
SMALL GRAINS—Under the influence of showers and abnormally high
temperatures, fail grain crops made good
growth from the Mississippi
Valley eastward, with conditions generally very good to good.
In Missouri,
also, light to moderate showers were helpful, while good rains occurred
in the eastern third of Kansas, parts of Oklahoma and the eastern half of
Texas.
More is needed in the western Plains, including the eastern por¬
the country
good top growth in
deterioration reported
a
grains.
,
:
,
COTTON—Corn busking continued to make good progress,
although in many places grain is still rather too moist for cribbing.
In
Illinois about
40% of the crop has been gathered and about one-third
in Missouri.
In the Plains States husking ma 'e good advance.
In Iowa
rains were favorable in
abating dust in fields and in facilitating both
hand and
machine husking, which is well along in the northwest, but
AND
CORN
getting
just
under way
in southern counties.
picking also made good advance where not completed.
There
by rain in some Mississippi Valley sections and in Okla¬
homa.
Late lowland cotton in the central-northern belt is opening slowly.
More than
half of a good crop of excellent quality is reported as har¬
vested in Oklahoma.
Cotton
interference
was
The weather bulletin furnished
the
following
resume
of
conditions in different States:
Virginia—Richmond: Temperatures near normal; precipitation moderate.
beneficial
to germination of wheat, oats, and
other small grams.
Digging sweet potatoes on Eastern Shore progressing rapidly.
Husking
and hauling corn, picking cotton, and harvesting apples practically com¬
pleted.
Southeastern spinach, kale, and cabbage growing nicely.
North
Carolina—Raleigh: Conditions generally favorable for
outdoor
activities; most crops have been gathered.
Rapid progress in fall plowing.
Rainfall adequate for all growing crops, especially late truck and winter
grains.
Pastures and meadows much improved.
Picking cotton good
Rains
progress.
South
Carolina—Columbia:
Favorable
temperatures
Top-soil moisture now adequate for
grains,
and growth of truck, but more rain
fairly active locally in north.
,
showers.
plowing,
needed.
and
Georgia—Atlanta: Serious drought in a large central and
but adequate rains in north and west where now very
area,
substantial
planting small
Cotton picking
southeastern
favorable for
and turnips and for sowing grain.
Picking Cotton
good advance in north and near completion.
Good progress in harvesting
corn, peanuts, pecans, and sweet potatoes.
■ ' 7'V Vvx-v'
Florida—Jacksonville: Good rains in extreme south and moderate, help¬
ful showers in northwest and on east-central coast; otherwise continued
dry.
Truck improved in southeast and extreme south, but too dry else¬
where and rain badly needed.
Citrus ripening in good condition.
pastures,
cover
crops,
Alabama—Montgomery:
Rainfall
adequate
in
most
localities
of
north
surface moisture, but more needed in south.
Planting oats,
and gardens in north and locally in south, but poor germi¬
nation in south.
Cotton picking about finished.
General shortage of sub¬
soil moisture for wells and springs.
replenish
to
cover
crops,
heavy precipitation in north and
and seeding, but stopped cotton
picking in northwest until Saturday.
Except for scrapping, cotton gather¬
ing generally completed, except in northwest.
Housing corn good progress.
Louisiana—New Orleans: Warm,
with light to locally heavy rains.
Cotton picking good progress and only remnants remain.
Corn about all
gathered, except locally.
Considerable late rice to thresh.
Good progress
in cutting and grinding cane.
Rains helped gardens, truck, and pastures,
Mississippi—Vickdburg:
central
but
favored gardens,
needed
more
Moderate
to
pastures, plowing,
in most sections,
Favorable
temperatures.
Soil moisture now ample
half of tSate and in eastern Panhandle; elsewhere more
wheat, oats, and minor grains benefited in areas
but in dry areas soil too dry for proper germination and
Texas—Houston:
in
most
rain
of eastern
needed.
Winter
rain fell,
early planted grains reported dying.
Cotton picking rapidly nearcompletion in northwest; condition mostly fair to good.
Ranges in
west dry, but generally fair to good.
Truck and gardens making goof
progress.
Most rice harvested and threshed.
Livestock generally in good
where
seme
jng
condition.
Oklahoma—Oklahoma City: Weekly rainfall exceeded one inch in south¬
and parts of central and south-central: light to moderate elsewhere.
needed in much of northern third.
Progress of winter wheat fair,
west
Rain
except
Corn
in parts of northwest, including Panhandle, where some late
failed to germinate condition good, except poor in dry areas.
nearing completion.
Cotton picking fairly active, but de¬
poor
planted
harvest
8, 1940
-
#
lull following the election, whole¬
sale markets ruled active during the past week.
The buying
extended to all types of goods and prices were firm.
Print
cloths and sheetings were taken in substantial amounts,
while twills, osnaburgs and ducks were in brisk demand.
Talk of inflation, the growing scarcity of goods and increasing
well in the eastern third and has
the west, but it is too dry in the latter area; with
in some localities.
In Montana soil moisture is
adequate and wheat is generally in good condition ; the favorable outlook
continue? also in the Pacific Northwest.
There was delay to late seeding
in
Washington, where some wheat is too far advanced ^nd* some is in¬
fested by weeds.
In much of the South rains were beneficial for small
Kansas
In
continues to arm.
Aside from
and New Mexico.
wheat covers the ground
Colorado
of
tions
arid
beneficial.
York, Friday Night, Nov
participated in the brisk demand. All the
through, however, as it was
impossible to secure the wanted deliveries.
Trading sub¬
sided following the election.
It was quite evident that the
rank and file of merchants and millmen were disappointed
over the returns, although it was freely admitted that the
outcome
would not affect production schedules for the
next four or five months.
The announcement on Thursday
that the Secretary of the Treasury Morgenthau would ask
for an extension of the debt limit to sixlv billion dollars
touchedvjoff a wave of inflationary buving.
All types of
goods shared in the sudden upturn and prices in many
instances moved upward.
A number of merchants with¬
drew prices in order to give them an opportunity to appiaise
the situation created by the rapid developments in Wash ¬
ington.
Other mills refused to sell on the theory that
production costs, including wages, would in all likelihood
move
upward.
Furthermore, a growing number of mills
are
sold
up, a condition which will continue as long as
uses.
In the Lake region and Central-Northern
cidedly
New
1
business available was not put
drought
hauling water
v,
Other lines also
relieve
north¬
ern
portions of Georgia, Alabama, and Mississippi,
However, in east
Gulf sections and
in most of Florida there was verv little rainfall and
droughty conditions continue.
Also, from the Ohio Valley eastward rains
were
decidedly helpful, although in some sections, such as southern Ken¬
tucky and parts of Indiana and Illinois, the falls were insufficient to be
of much benefit.
In some places wells are dry and farmers are still
the
...
experienced in many a moon.
The activity was un¬
expected and therefore caused much surprise as many
buyers had returned home to cast their votes.
Most of
the business came fiom converters and bag manufacturers
who made liberal purchases of print cloths and sheetings.
situation
sections
7.\:,'-7
had
important
moisture
7'.;
Dry goods markets witnessed erratic trading during the
past week.
Activity which developed in the markets during
the final days of the week previous was resumed on Mondav
of the past week.
In fact, the 'atter was claimed to have
been
the most active election eve trading the markets
in the eastern Great Basin.
feature of the week's weather was the improved 6oilproduced by moderate to fairly heavv rains in most
the Mississippi Valley eastward.
Much of the persistently
occurred,
tation
reported
lowest
Lake
temperatures
'
THE DRY GOODS TRADE
'
'
Colo., on the
southward
In fact,
freezing was not reported from first-order stations to the Canadian border.
Moderate to substantial precipitation occurred over the eastern half of
the country, except for rather restricted localities in the interior vallevs.
the extreme Northeast and parts of the South.
The weekly totals ranged
from about one-half inch to nearly two inches rather generally from the
Mississippi Valley eastward.
There were further rains in the Far North¬
west, but in the southern half of the more western area very little precipi¬
From
''<"7'.'
Showers
of
the Rocky Mountains they ranged from 4 degrees to about 12 degrees
normal, with the largest plus departures in the South and interior
valleys.
In the East freezing weather was confined to the Northeast and Appa¬
lachian
Mountain
districts,
but a large Western
area
had subfreezing
5th.
half gathered.
interrupted, harvesting, but greatly bene¬
fited
soil.
Early sown
grass
and grains improving rapidly; seeding
stimulated.
Tobacco mostly cured and conditions better for stripping.
Cotton picking fairly active and some early corn harvested.
Vegetables
still producing.
Pastures improved some.
above
minimum
than
r
Tennessee—Nashville:
of
temperatures;
more
continues.
temperatures
were
near
normal in
the Far West, but generally east
mean
much
in
rains;
-
the Eastern Plains eastward.
of the week was mostly fair, except for considerable pre¬
the Far Northwest, but at its close rain was falling in the
western Lake region and northern Ohio Valley and in the northern Great
Plains.
The week closed with warmer weather in Eastern sections, but
much cooler in the Great Plains and Rockv Mountain districts, with tem¬
general
by
localities.
sippi
cipitation
2823
Chronicle
a
temporary
purchases by the Government for defense purposes were
among the chief factors responsible for the activity which
was
generally expected to continue.
Reports from retail
sources
were
encouraging, particular^ in regard to the
amount of business transacted on Election Day.
In prac¬
tically all centers where Tuesday was observed as a holiday,';
stores, according to the reports,
were busy and moved
large amounts of merchandise.
It was pointed out that
the movement of seasonable goods through retail channels
would do much towards maintaining activity in wholesale
markets.
Firmness in the markets is also expected to
continue.
In view of the fact that mills are in a well-sold-up
position, thev are not likely to meet with any difficulty in
holding prices at their present levels.
In fact, their main
problem will be to prevent markets from getting out of
control and prices from moving up too sharply.
Rayops
were in active demand with prices displaying a strengthening
particularly those for spot and
cloths were as follows:
6%c.; 39-inch 68-72s,
6%c.; 383^-inch 64-60s, 5%c., and 38M inch 60 48s, 4p£c.
Woolen Goods—Markets for woolen goods were firm
and active.
Clothing manufacturers continued to seek
supplies of men's wear fabrics and experienced difficulty in
providing for their requirements.
In many instances, mills
refused to quote.
As they were sold up they had no goods
to offer.
In regard to women's wear pieqe goods, buying
was only fairly active.
With the fall-winfer season at an
end and the spring-summer season just getting under way,
business in piece goods was more or less irregular.
Unfilled
orders, however, were said to be equal to those of the corre¬
sponding period a year ago.
Shortages of various types of
woolen goods continued because mills are occupied with
tendency all along the line,
nearby shipment.
Prices for print
39-inch 80s, 73^c.; 39-inch 72-76s,
Government
orders.
Foreign Dry Goods—Steadiness prevailed in the domestic
markets for linens as prices maintained the gains they made
There was some temporary hesita¬
contracts with Belfast because of the
arising out of the new British purchase
tax.
This tax is proving very unpopular with the British
export trade and the United States importers, and it is
anticipated that considerable difficulties will arise in the
assessment of customs duties on its account.
Burlaps were
firm and active on buying influenced by the strength of
cable advices received from Calcutta where stocks were
reduced.
According to cables received in the local trade,
stocks in Calcutta at the end of October totaled 235,000,000
yards, compared with 255,000,000 yards at the end of
September and 307,000,000 yards at the end of October,
1939.
Domestically, lightweights were quoted at 5.60c.
in the last few
months.
tion in placing new
indefinite regulations
and heavies at 7.65c.
aufk*Hi
h.
The Commercial & Financial Chronicle
2824
Illinois & Missouri Bonds
Founded 1890
call feature.
CHICAGO
314 N. Broadway
WIRE
MUNICIPAL BOND
ST.
LOUIS
The month of October witnessed the sale of
$177,246,241
largest output of
any
so
far in the present
year.
previous high was recorded last February, when
figure
the
Last month's output was mate¬
$171,946,014.
was
rially expanded due to large-scale operations by the City of
New
York, and
and
Water
than
Los
the
Angeles,
These
Power.
loans
Calif.,
Department of
in concert
totaled
more
$100,000,000 and were supplemented by substantial
flotations
behalf of the Washington Toll
on
Wash., and the City of Mobile, Ala.
size of these
volume of
dealers
Despite the important
This
markedly
was
City and Los Angeles offerings which,
of
the
two
issues,
syndicates
2,058,000 Natchez, Miss., 4% bridge revenue bonds publicly offered by
B. J. Van Ingen & Co., Inc., New York, and associates at a
price of 107 and accrued interest.
Due Dec. 1, 1968, and
containing a call provision.
Bonds were purchased by the
bankers from
1,650,000 South
Was
of
the
employed because of the unusual
groups
undertakings of such magnitude,
a
success
of
fact which undoubtedly
also redounded to the benefit of the issuing authorities.
1,614,000 Minneapolis, Minn., various purposes issues were sold to an
account headed by Phelps, Fenn. & Co., Inc., New York, as
follows:
$1,277,000 1.60s at 100.125, a basis of about 1.58%.
Due from 1941 to 1960, incl., and reoffered to yield from
0.25%
in turn, favorably influenced the general
The
*
of any large volume of bonds in dealers' hands and thereby
In
a
Name
Int. Rate
2531
El wood, Ind
2538
Jeff ere, Minn
Little Cypress
2637
Mclntoch Ind. 8. D., 8. Dak
Rate of interest
been
sold
This compares
in
the
aggregate
total
of
$954,593,303.
with disposals of $955,690,419 in the like
period of 1939, $800,602,665 in 1938, and $769,778,618 for
the first 10 months of 1937. Borrowing in the current year
has been featured by the strikingly large proportion of the
total represented by refunding issues.
Loans of that char¬
acter, according to our compilations, amounted to no less
than $379,383,247, as contrasted with emissions of no more
than $160,040,474 for the 10-months' period in 1939.
Thus
high for refunding in any year will be established in
the present peak stands at $382,442,632 and was
recorded in 1936.
Financing to date in the current year is
also notable for the large volume of issues in the revenue
category, bulk of which, incidentally, was made up of
refunding loans.
The issues of $1,000,000 or more brought out during
new
1940,
as
October
were as
$60,000,000 New
follows:
York,
N.
3%
Delaware Aqueduct water bonds
at a
price of 100.41, a basis of about 2.9735%. Due serially
1941 to 1970, inel.
Reoffered to yield from 0.30% to
3.10%, according to maturity.
from
42,592,000 Los Angeles, Calif., Department of Water and Power electric
plant refunding revenue bonds purchased by a syndicate man¬
aged jointly by Harriman Ripley & Co., Inc., and Lehman
f
Bros., both of New York, at a price of par and accrued interest
for $20,592,000 2Mb and 2 Ms, due
serially from 1941 to 1976,
incl., and $22,000,000 3s, due Oct. 1. 1976.
This offered
figured a net interest cost of about 2.8614%.
The serial bonds
were reoffered to
yield from 0.25% to 2.85%, according to
maturity, and the term obligations were priced at 102.75,
to yield 2.88%.
'
9,650,000 Washington Toll Bridge Authority, Wash., 3% and 3 M%
bridge revenue refunding bonds purchased by A. C. Allyn
& Co., Inc., of Chicago, and associates.
Due Sept. 1, 1960,
with provision for redemption prior to that date.
;
8,245,000 Mobile,
Ala., 3M%
refunding bonds
awarded
to
account
headed
by Blyth & Co., Inc., of New York, at a price of 100.75,
basis of about 3.45%.
Due serially from 1944 to 1970, incl.,
and
containing a call provision.
Reoffered from a yield of
a
1.50% to
a
price of 102.
5,284,000 Port of New York Authority, N. Y., 1.10% series G special
refunding bonds sold to J. P. Morgan & Co. Inc., New York,
at a price of 100.089, a basis of about 1.07%.
Due serially
from 1941 to 1945, incl.
3,688,000 Knoxville, Tenn.,3M% refunding bonds sold to a syndicate
headed by R. S. Dickson & Co. of Charlotte at a price of
100.05, a basis of about 3.39%.
Due serially from 1942 to
1958, Incl.
Bids rejected
Bids rejected
9,600
4%
was
x
—
No bids
76,000
not exc. 4)4%
Bids rejected
optional with the bidder.
Short-term financing by States and municipalities during
October
featured
was
by the public sale of $100,000,000
State of New York notes
on
an
allotment basis to
banks and financial houses in the State.
some
94
Notes bear 0.20%
interest, are dated Oct. 24,1940, and mature May 24,1941.
The grand r/total of offerings of this character during the
recent period was $117,836,750.
The Canadian municipal bond market experienced a rather
active period in October, as is reflected in the fact that issues
were brought out in the aggregate principal amount of $33,926,815.
Most of this figure represented offerings by several
provinces, with the largest loan of $16,000,000 being
accounted for by Ontario.
Bulk of the receit month's
output was made up cf refunding issues.
Temporary
financing in the amount of $75,000,000 consisted of the
sale of that amount of Treasury bills by the Dominion
Government.
No United States Possession
Y.,
awarded to a syndicate headed by the National City Bank of
New York and the Chase National Bank of New York jointly,
Report
Not sold
6,000
not exc. 4)4%
—
tions for the first 10 months of 1940, we find that issues
have
$12,600
300.000
Consolidated Com.
8. D. No. 2, Mich
x
Amount
x
Byars, Okla
2227
possible hazard to general market stability.
summarizing the results of the municipal bond flota¬
Dakota (State of) various interest rates series AA
refunding bonds publicly offered by a syndicate headed by
Lehman Bros, of New York at prices to yield from 2% to
2.30%.
Due from 1950 to 1959, incl.
In the following we list the issues which were not sold
during October. Page number of the "Chronicle" is made
part of the record for reference purposes.
2691
removed
of about
1,000,000 South
Page
as
additional
An
basis
1,075,000 Davenport, loWa, 2M% bridge revenue bonds purchased by
Blyth & Co., Inc., New York, and associates.
Due from
1941 to 1960, incl.
it served to prevent the accumulation
municipal market,
course
1.80%, according to maturity.
was placed as
1Mb at 100.252, a
Due from 1941 to 1950, incl.
to
1.45%.
of the
move,
Corporation.
Ind., 1% funding bonds awarded to Halsey,
Inc., New York, at 100.261, a basis of about
0.95%.
Due serially from 1942 to 1947, incl., and reoffered
to yield from 0.15% to 1.2 %, according to maturity.
thereby effectively removed
principal hazards to the complete
the Reconstruction Finance
Bend,
Stuart & Co.,
the consolidation
In thus combining their distribution
strength, the banking
one
was
which normally compete for such
procedure that
a
size of the offerings.
a
7.;/
$337,000
particular note in these instances
bridge and
ot par.
parlance of the "street," "went out the window."
Of
and
2,450,000 Kansas City, Mo., public hospital and trafficway improvement
bonds awarded to Phelps, Fenn & Co., Inc., New York, and
associates, as lMs, 3Mb, and 4s, at a price of 100.03, a net
interest cost of about 1.64%.
Due serially from 1941 to
1960, incl.
Reoffered to yield from 0.20% to 1.75%, according
to maturity.
experienced little difficulty in placing
true of the New York
in the
Bridge Authority,
specific offerings and the exceptionally large
the obligations in investment account.
special road
2,500,000 Salt River Project Agricultural Improvement and Power
District, Ariz., corporate issue No. 2 bonds awarded to a
syndicate headed by Shields & Co. and Stranahan, Harris &
Co., Inc., both of New York, as 4Kb at 96.023, a basis of
about 5.01%.
Due from 1946 to 1960, Incl., and containing
a call provision.
Reoffered from a yield of 3.75% to a price
financing undertaken during the recent period,
investment
4%
2,600,000 St. Louis County, Mo., 3%% toll bridge revenue bonds sold
to a syndicate headed by Bitting, Jones & Co., Inc., of St.
Louis.
Reoffered at a price or 101 and accrued interest.
Due Oct. 1, 1965, and containing a call provision.
and municipal obligations, this being the
month
Fla„
county commissioners districts bonds sold to R. E. Orummer
& Co. of Miami, at a price of 99, a basis of about 4.10%.
of long-term State
The
v
County,
2,798,000 Volusia
IN OCTOBER
SALES
1940
2,900,000 Consumers' Public Power District, Neb., electric revenue
bonds purchased by John Nuveen & Co. of Chicago and
associates as follows:
$1,800,000 North Platte Division 2Mb,
due serially from 1941 to 1965, incl., and $1,100,000 3Mb,
maturing from 1943 to 1965, incl.
Each issue contains a
Stifel, Nicolaus & Cojric.
DIRECT
9,
$3,500,000 Harris County Flood Control District, Texas, bonds sold
as follows:
$3,000,000 series A remission bonds to an account
headed by Moroney & Co. of Houston as 1Mb at a price of
100.216, a basis of about 1.70%, due annually from 1941 to
1949, incl., and $500,000 flood control bonds due from 1941
to 1950, incl., awarded to Harriman Ripley & Co., Inc., New
York, and associates as 1.40s at a price of 100.08, a basis of
about 1.38%.
This loan was reoffered to yield from 0.25%
to 1.55%, according to maturity.
Specialists in
105 W. Adams St.
Nov.
this country
financing
was
negotiated in
in October.
The following is a comparison of all the
loans put out
various forms of
in October of the last five years:
1940
177,246,241
Permanent loans
♦Temp, loans (XJ. S.) 117,836,750
75,000,000
Temp, l'ns (Canada)
Can. loans (perm.)—
Placed in Canada.
1938
1937
28,097,090
27,976.354
50,000.000
1936
83.194,067
7,666.041
55,000,000
None
None
None
None
33,926,815 212,027.181
60,769.063
265,048
56.854,900
None
Placed in U.S
1939
52,480,059 105,167,119
24,347,360 147,477,500
30,000,000 55,000,000
Bds. of TJ. 8. Poss'ns
None
and Territories
General
fund
(New York City)
Total.
1,500,000
None
4,800,000
None
None
None
None
None
None
bonds
—
404,009,806 320,354,600 368,413,682 111,138,492 202,615.008
*
Including temporary securities issued by New York City:
None In October,
1940; none in 1939; $30,000,000 In 1938; $13,000,000 in 1937; none in 1936.
The number of municipalities in the United States emitting
long-term bonds and the number of separate issues made
during October, 1940, were 296 and 356, respectively. This
contrasts with 242 and 311 for September, 1940, and 322 and
417 for October, 1939.
For comparative purposes we add the following table,
showing the aggregate disposals of long-term obligations by
Volume
The Commercial &
151
States and
municipalities in the United States for October
and the 10 months for
Month of
a
Month
For the 10
Months
1939
5954,593,303
955,690,419
1938
105,167,119
800,602,665
1923______.
1937
28,097,090
83,194,067
769,778,618
955,500,882
1922..
71,816,034
42.748,755
973,869,107
1920
1936
1935
—-
For the 10
of
Months
October
October
379,237,656 $1,174,724,056
1925.
1924
92,079,368
84,988,615
71,333,536
114,098,373
80,933,284
1921
1,280.504,969
850,952,400
990,188,429
62,201,397
6,609,205
24,750,015
725,660,514
1919
1933
55,917,492
392,580,167
1918.
1932
43,763,719
1931...
16,127,447
701,938,924
1,156,129,993
1916...
155,536,473
118.736,328
1,211,857,702
1915..-..-.
1,056,135,088
1914
99,233.455
118,521,264
102,883,400
1,094,074,433
1913
39,698,091
1,297,029,358
1912
1,149,105,018
1911
27,958,999
26,588,621
1934
1930
1929
1928
1927
1926
...
the only one of the day in New York
proposed amendment to the City Charter to
elect councilmen by Senate districts instead of by P. R.
The
proposed amendment had the backing of the Democratic
county organizations, but was opposed by Mayor LaGuardia,
Samuel Seabury and other officials and organizations allied
The
referendum,
City,
series of years.
5177,246,241
52,480.059
1940
1917..
...
34,160,231
28.332,219
15,126,967
2825
Financial Chronicle
868,392,996
402.828.039
402,548,332
434,829,036
423,171,790
327,902,805
345,871,920
341,092,191
Owing to the crowded condition of our columns we are
obliged to omit this week the customary table showing the
various issues brought out in October.
The list will appear
in a subsequent issue.
1937.
in the fusion reform movements of 1933 and
570,109,507
581.871,151
245.789.038
was on a
United
nation
States—Secretary of the Treasury Advocates Elimi¬
of Tax-Exempt Bonds—-New defense taxes
and
an
in¬
debt limit which would raise it from
its present $49,000,000,000 to $60,000,000,000 or $65,000,000,000 were foreshadowed by Secretary Morgenthau on
Nov. 6. ;tvy
'f
'Vw v;.V'V.>" 'V
Mr. Morgenthau emphasized that the new debt limit which
he would request of Congress might not hold good beyond
June 30, 1942, the end of the next fiscal year.
crease
in the statutory
At his first press conference since the election he
public to know the facts, and added:
"We are just beginning to rearm."
Mr.
ask for
said he wanted the
Morgenthau said that besides a higher debt maximum he would
new taxes and the end of the practice of issuing tax-free bonds.
the Secretary, he hoped
No matter what form future issues took, said
Congress would see to it that all were taxable.
Two billion dollars of
State and municipal tax-exempt securities will mature next year.
"The time has come when we need money for national defense," Mr.
News Items
Morgenthau
Approve Statehood Proposal—The Ha¬
Islands, with then* polyglot population, have ex¬
pressed their desire for statehood, according to an As¬
sociated Press dispatch from Honolulu on Nov. 6.
Hawaii—Voters
waiian
With complete, unofficial returns from all precincts, except the island
yesterday's plebiscite gave 39,413 in favor of statehood and
19,911 against.
There were 83,312 registered voters in the territorial
population of 412,000.
Samuel W. King, territorial delegate to Washington, said he was "deeply
gratified."
^
Next step on the long road to fulfillment of this wish will be a resolution
from the Hawaiian Legislature, petitioning Congress for statehood.
of Hawaii,
Municipal Bond Issues Approved and Defeated—Early
various States on Nov. 5
returns from bond elections in the
issues had been authorized
by voters while $22,025,000 other issues were rejected,
according to the "Wall Street Journal" of Nov. 6.
These
results indicated almost as strong an opposition toward the
creation of new debt this year as last year when approxi¬
mately two-thirds of the issues put before voters were
rejected.
indicated that $13,402,000 of new
Largest of the bond authorizations to be voted upon was the $10,000,000
Baltimore.
Voters in that city approved $5,000,000 which is to be
spent on the sewer system, but rejected $5,000,000, proceeds of which
would have been used for paving.
Strongest opposition to new authorizations was founded in Akron where
unofficial tabulations indicated that eight issues, totaling $8,500,000 were
continued,
"People who invest in
that type of security
should pay taxes like every one else."
*
(Mr. Morgenthau's statement is covered in full detail under
our Department of "Current
Events and Discussions," on
a preceding page of this issue.)
Reaction in Investment Circles to Proposal—Municipal men
were inclined to attach more importance to the prospect of
taxation of future issues than had previously been the case.
President Roosevelt last year
recommended that reciprocal
taxation of issues by the Federal Government and the States
be instituted and that recommendation was forwarded to
Congress.
1
*
However, the proposal never was enacted, largely because pressure from
'back home" was put on Congressmen by their local officials who feared
increase in borrowing costs.
an
Now that President Roosevelt has demon¬
political strength by overcoming the third-term tradition, it is
he might have more influence with his party members
in Congress.
If so, the pressure from back home might be offset and the
proposed tax enacted.
strated his
considered likely that
A tax on future
issues would, of course, put
a
scarcity value on out¬
standing tax exempt issues, and that prospect was influential in yesterday's
market advance.
In addition, Secretary Morgenthau's recommendation
that the debt limit be increased $15,000,000,000 to $20,000,000,000 sug*-
financing and its corollary, easy money
::V..•,
'■ -"v
'"A'V. v
gested a continuation of deficit
rates.
of
With the exception of $1,500,000 for sewers and
$1,500,000 for schools, the Akron issues consisted of street improvement,
grade crossing elimination and park bonds.
The city also rejected a
recreation levy of 20 cents per $1,000 of assessed valuation.
The State of Alabama rejected a $5,000,000 refunding issue, but approved
$900,000 bonds for the Alabama Bridge Commission.
Louisville, Ky.,
rejected $2,500,000 of bonds, while New Mexico approved an issue of
turned down by voters.
$1*450,000.
Proposals for expansion of municipal airport facilities in two Nebraska
cities met overwhelming approval when $500,000 Omaha and $300,000
Lincoln issues were passed by a five-to-one and a two-to-one vote re¬
spectively.
Following is a list of issues on which voters apparently had put their
stamp of approval:
§5,000,000 Omaha, Neb
2,600,000 Bexar County, Texas
2,000.000, Baldwin Township, Pa
Bridge Commission
900,000 , Lincoln, Neb.
Baltimore, Md. (sewer bonds)
Louisville, Ky
Dade County, Fla
Alabama
700.0001
670,000
Roanoke, Va
Palm Beach County, Fla..._
$500,000
482,000
350,000
300,000
United States Housing
Authority—Bank Group Award¬
Co. of
of banks which include the Chase
National Bank, the National City Bank, the Guaranty
Trust Co., the Bankers Trust Co., the Manufacturers Trust
Co., the New York Trust Co., and the Bank of New York
and many other banks in other cities, on Nov. 1, obtained
the award as high bidder of $69,560,000 out of $73,960,000
temporary loan notes offerqjd for sale by various local housing
authorities.
A nominal premium was paid for notes bearing
ed Notes at Low
New York,
Rate—The Chemical Bank & Trust
heading
a group
interest at the rate of
0.39%.
Hanover Bank & Trust Co., of New York, was awarded
Alley Dwelling Authority notes as follows: $500,000, Ninth
Series, at 0.36%; $1,000,000, Tenth Series, at 0.37%, and $1,000,000.
Eleventh Series, at 0.38%.
Salomon Bros.
& Hutzler, of New York, were awarded $1,900,000
Columbus Housing Authority, Ga., notes, at 0.52%.
The Chemical Bank
The Central
$2,500,000
group was
the next highest bidder at 0.53%.
naming interest rates ranging
Other bids for the notes,
$13,402,000
Total
0.46%, were received by the local
.
from 0.41% to
housing authorities.
Issues which were apparently defeated follow:
Akron, Ohio.
—
—.....
$8,550,000
Penn
$500,000
Township, Pa
Baltimore (paving)
5,000,000
Bellevue, Ohio
425,000
Alabama
5,000,000
Wauwautosa
300,000
New Mexico
1,450,000
Springfield, Ohio...
New
York,
V;
N.
800,000
Total........
Y.—Budget Approved by
......
City
Planning
Agency—The City Planning Commission on Nov. 1 adopted
proposed capital budget for 1941 and capital program
for 1942-1946 and submitted them to the Board of Estimate,
the City Council, the Director of the Budget and to the
Comptroller, as required by the city charter. :-r The total
proposed capital budget is $85,056,873.
its
The Commission made public a
preliminary draft of the proposed capital
budget for 1941 on Oct. 4, and it was the subject of a public hearing on
Oct. 9.
After the hearing the Commission considered numerous suggested
changes by individuals and departments and completed the work on the
capital program and supplementary tables.
Of the foregoing total budget, $67,884,948 is within the debt limit.
In
his certificate of Sept. 14 to the Commission, Mayor LaGuardia fixed the
amount to be expended for permanent improvements during 1941 at $1,
in addition to any amount unexpended but heretofore appropriated and
to the specific projects under actual construction and projects authorized
in
1940.
Of the
Bond
.$22,025,000
Proposals and Negotiations
ALABAMA
SELMA, Ala.—BOND OFFERING—It is stated by R. M. Watters. City
Clerk, that he will offer for sale at public auction on Nov. 20, at noon, an
issue of $140,000 not to exceed 314% semi-ann. municipal airport, series A
bonds.
Dated Dec. 2, 1940.
Denom. $1,000.
Due Dec. 1 as follows:
$5,000 in 1943 to 1946 and $10,000 in 1947 to 1958.
The bonds will not
be sold for less than par.
Prin. and int. payable at the City National
Bank. Selma, or at the Chase National Bank, New York.
The bonds are
the general obligation of the city, for the payment of principal and interest,
the full faith and credit of the city are sacredly and irrevocably pledged.
As further security for the payment of principal and interest there is pledged
any and all revenues which may be derived from the airport, including the
rental or sale thereof and or reimbursement therefore.
The proceeds from
the sale will be used for the purpose of acquiring and /or improving or pay¬
ing for land for airport uses or property purchased or condemned to facili¬
tate the operation of an airport for the city.
The city will furnish to the
purchaser the opinion of Storey, Thorndike, Palmer & Dodge of Boston,
approving the legality and validity of the bonds, and a certified copy of
all proceedings will be furnished showing the authority to issue the bonds.
A certified check for 5% of the purchase price, payable to the city, is re¬
quired.
These are the bonds mentioned in our issue of Oct. 26.
$67,884,948 amount, $31,754,900 represents renewals of projects
adopted in 1940; $4,116,415 represents funds necessary to pay for land for
which title already is vested in the city: $22,495,119 represents competion
costs under way, and the balance of $9,518,513 represents the funds sub¬
stituted for amounts heretofore appropriated in the 1940 capital budget.
The total of $85,056,873 compared with $117,240,763 in the proposed
capital budget for 1940, as adopted by the Commission on Nov. 1, 1939.
The total capital program for 1942 through 1946 is $246,843,969, com¬
posed of $52,826,090 for 1942, $50,158,894 for 1943, $46,686,550 for 1944,
$48,439,545 for 1945 and $48,732,890 for 1946.
It is estimated by the
City Planning Commission that at the end of 1941 the unreserved margin
of debt-incurring power within the debt limit, or "cushion," will be $116,406,751, and that at the end of the five-year program thereafter, or Dec.
31, 1946, $116,853,782.
;
The Board of Estimate will conduct public hearings on the proposed
capital budget between Nov. 15 and 25, after which the board must adopt
a capital budget between Nov. 25 and Dec. 4
During December the capital budget will be considered by the City
Council, which may strike out within its entirety any authorization but
may not add or increase or vary the terms or conditions of any authorization.
New York, N. Y.—Proportional Representation Retained in
Referendum—For the second time in three years a proposal
to abolish the proportional representation system of electing
councilmen was reiected on Nov. 5 by the voters of the city.
ARIZONA
MESA, Ariz.—BOND PURCHASE CONTRACT—The City Clerk states
that the Reconstruction Finance Corporation has contracted to purchase
$35,000 sewer plant construction revenue bonds at a price of par.
ARKANSAS
CAMDEN, Ark.—BOND OFFERING—It is stated by F. P. Benson,
City Clerk, that he will receive sealed bids until Nov. 18, for the purchase of
the following 4% semi-annual bonds aggregating $45,000: $30,000, airport;
$8,000, street repairs; and $7,000, sanitary sewer improvement bonds.
Dated
Dec. 1, 1940.
Due in 1944 to 1962.
These are the bonds that
were approved by the voters on Oct. 8, as noted here—V. 151, p. 237^^
PINE BLUFF, Ark.—BOND OFFERING—It is stated by J. P. McGaughy, Chairman of the Board of Public Affairs, that, hei will offer for
public auction on Nov. 20, at 10 a. m., an issue of $120,000 4% semi-ann.
airport bonds. Dated Sept. 1, 1940.
Due on Sept. 1 as follows: $7,500 in
1943 to 1950 and $10,000 in 1951 to 1956. Bonds may be callable at par at
any time after five years.
They are convertible at the option of the pur¬
chaser to bear 3 H % or 3 H %. A $5,000 certified check, payable to the city,
must accompany the bid.
__
.
,
(These bonds were originally scheduled for sale on Nov. 12, as noted
sale
at
,
here—V. 151, p.
2530.)
The Commercial & Financial Chronicle
2826
California
Nov.
1940
9,
CARROLLTON TOWNSHIP (P. O. Carrollton), 111. —BONDS SOLD
An issue of $50,000 2%% road construction bonds was sold to BergerCohn & Co. of St. Louis, at a price of par.
Municipals
Sanitary district, hi.—considers
Chicago
refunding
of $7,500,000 callable debt— Ross A. Woodhuil. President of the
District has announced that he will ask the Board of Trustees to approve
a
bond refunding program affecting $7,500,000 in outstanding bonds,
callable Jan. 1, that now bear an average interest rate of 4M%.
If the
refunding program is approved.
Mr. Woodhuil said, the district will be
able to effect an annual savings in interest rate of about $121,000 over a
period of 15 years.
BANKAMERICA COMPANY
San Francisco
Los
Angeles
New York Representative
52 Wall St.
JOHNSON
Telephone WHltehall 3-3470
CITY, 111.—bonds sold— The issue of $100,000 4^%
revenue bonds mentioned in V.
151, p. 2687—was sold to Doyle,
O'Connor & Co. of Chicago.
Dated Nov. 1, 1940.
Denom. $1,000.
Due
Nov. 1 as follows:
$2,000 from 1943 to 1949, incl.; $3,000. 1950 to 1957,
incl.; $4,000, 1958 to 1962, incl.; $5,000 from 1963 to 1968, incl. and $6,000
in 1969 and 1970.
water
CALIFORNIA
CALIFORNIA, State of —warrants offered
received until 11
for the purchase
a.m.
Nov.
on
of $3,051,422
unemployment relief warrants.
Sealed
bids
were
8, by Harry B. Riley, State Comptroller,
general fund warrants, and $2,092,615
SAN DIEGO, Calif.—bonds voted—The City Clerk
states that at
the general election held on Nov. 5 the voters approved the issuance of
the
following bonds aggregating $4,200,000: $3,000,000 San Vincente dam and
pipe line, and $1,200,000 rehabilitation of distribution system.
LODA, 111.—bonds sold—An issue of $36,000
bonds
was
sold to John J, Seerley & Co. of
revenue water
system
Chicago.
MASCOUTAH, 111.—bonds sold—The issue of $20,000
sewage system
bonds approved by the voters on Aug. 5 was sold to Lewis, Pickett & Co. of
Chicago, and Walter, Woody & Heimerdinger, of Cincinnati, at a price of
1(M .375.
INDIANA
COLORADO
DURANGO, Colo.—bonds sold—It is
now
DELAWARE
reported that the $3,500
on June
15, were sold
Sidewalk Improvement District No. 7 bonds offered
to local purchasers as 6s at par.
FLORIDA
PENSACOLA, Fla.—bond offering—Sealed bids will be received
until 11 a. m. on Nov. 30, by J. E. Frenkel, City
Clerk-Comptroller, for
the purchase of $69,000 not to exceed 3% semi-ann.
series A.
Dated Dec. 1, 1940.
Denom. $1,000.
refunding of 1940 bonds,
Due Dec. 1, as follows:
$10,000 in 1942, $20,000 in 1943, $10,000 in 1945 and $29,000 in 1946. The
bonds will be sold to the bidder making the most
advantageous bid, in¬
cluding the lowest interest cost to the city.
Prin. and int. payable at the
Chemical Bank & Trust Co., New York. The bonds shall be
payable from a
tax to be levied upon all taxable
property (including homesteads of all
values) within the city without limitation as to rate or amount.
The ap¬
proving opinion of Masslich & Mitchell, of New York, will be furnished.
Enclose a certified check for 2% of the bonds bid for,
payable to the city.
PIERSON SPECIAL
Fla.—bond
TAX
SCHOOL
DISTRICT
(P.
O.
DeLand),
offering—Sealed bids will be received until 10 a. m. on
Dec. 5, by George W. Marks, Superintendent of the Board of
Public In¬
struction, for the purchase of .$5,000 gymnasium construction
bonds, ap¬
proved by the voters last April.
ST.
PETERSBURG, Fla .—certificates offe ring—Seal ed bids
will be received until 10 a. m. on Nov. 26,
by G. V. Leland, City Manager,
for the purchase of all, but not
any part, of $3,000,000 water works revenue
certificates.
Interest rate is not to exceed
3H%. payable J-D.
$1,000.
Denom.
Dated Dec. 1, 1940.
Due $120,000
on Dec. 1 in 1941 to 1965 incl.
of interest which may be uniform for the
may be split so as to name more than one rate, but there
more than one rate for
any one maturity.
The certificates
will be awarded to the bidder whose bid
provides for the lowest interest
cost to the city, which will be determined
by computing the total interest
charge upon the certificates over the life of the issue at the rate or rates of
interest specified in the bid, less the amount of
premium, if any, specified
in the bid. The certificates are to be issued to finance the
cost of acquisition
of the physical properties of the Pinellas Water Co.
and the Southern Water
Co. (from which companies all the water'riow distributed
by the distribution
Bidders
are to name a rate or rates
entire issue
shall be no
or
system of the city is obtained) and to defray the cost of
making certain
improvements and betterments to the existing water works system 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 certificates are to be
subject to the approval of Thomson,
Wood 9c Hoffman, of New York whose opinion
approving the validity of
the certificates will be furnished the successful
bidder free of charge title to
the properties to be
acquired by the ci(V and out of the proceeds of the
certificates will be passed upon by
Wyfie & Warren, of St. Petersburg,
whose opinion stating that the
city will acquire a good and marketable title
to such properties
subject only to minor defects which in no way
materially
interfere with the use by the
city of such properties as a
municipal water
system, will be furnished the purchasers of the certificates at the time
of
delivery.
Delivery to be made at the Chemical Bank & Trust Co., New
York. Enclose a certified check for
2% of the par value of the certificates.
WINTER BEACH SCHOOL DISTRICT (P. O. Vero
Beach) Fla.—
—bonds defeated—At the election held on Oct.
22 the voters de¬
feated
the
proposal
to
issue
$20,000
improvement
report.
bonds,
according
to
IDAHO
BOISE, Idaho—bond sale—The
refunding bonds offered for sale
$218,000 issue of semi-annual
Nov. 4—V.151, p. 2687—was
Co. of Boise, Blair,
Denver, as 2s, paying a
premium of $1,329.80, equal to 100.61,
according to the City Clerk, Dated
Jan. 1, 1941.
Due serially in 19 years.
coupon
awarded to
on
a
group composed of Sudler, Wegener &
Bonner & Co. of Chicago, and Boettcher & Co. of
IDAHO, State of—bond sale—The $50,000
obligation bonds offered for sale on Nov. 1—V. 151,
dormitory
revenue
2226—were awarded
Evans & Co. of Albion, as 3s at
par, according to the State Board
of Education.
Dated Jan. 1, 1941.
Due on Jan. 1, 1951.
p.
^
ARH!Sl.GTON HEIGHTS, III.—bonds
Co. of
Chicago purchased
price
of
102.66.
CHICAGO,
$5,200,000
an
certificates
water
of
sold—Doyle,
O'Connor
offered
sold—The
Nov.
1—V.
publicly
offered—Halsey, Stuart & Co., Inc.
associatesi in re-offering the securities
for general
investment, priced
them to yield from
1.50% to 2%, according to maturity. The certificates
are payable from revenues
of the water works
system of the
Other bids, all for the
obligations to bear
city.
2^% interest,
were as
First National Bank of Chicago, as
agent
Harriman Ripley & Co., Inc.; Alex. Brown &
Sons"A.~G\"Becker
& Co.; W
E. Hutton & Co.; Lee Higginson
Corp., and Spencer
Trask & Co., and associates......
__
Harris, Hall & Co.; First Boston Corp.; Lazard
Freres & Co"
Smith, Barney & Co.; Goldman, Sachs &
Co.; Union Securities
CojTj 2,f Ne.w Yo^- and EMoulton & Co. and associates.
Blyth & Co., Inc.; Phelps, Fenn & Co., Inc.;
Stranahan, Harris &
Co., Inc.; Paine, Webber & Co.; F. S. Moseley & Co.- L F
Rothschild & Co., and Otis & Co., and associates
(Official announcement of the public
_
found
offering of the
on
page
ii.)
Premium
i
Bidder—
Premium
John Nuveen & Co
Baum, Bernheimer Co__—
$74.80
33.20
ELWOOD, Ind.—BOND SALE—The $300,000 coupon sewage works
bonds offered Nov.. 2—V. 151. p. 2531—were awarded to Strana¬
han, Harris & Co., Inc., Toledo, and Browning, VanDuyn, Tischler <fc Co.
of Cincinnati, jointly, as 3j^s. at par plus a premium of $4,260,
equal to
101.42, a basis of about 3.34%.
Bonds will be dated Sept. 1, 1940.
De¬
nom, $1,000.
Due $2,000 Jan. and July 1, 1943; $3,000 Jan. and July 1,
1944; $4,000 Jan. and July 1. 1945; $5,000 Jan. and July 1, 1946 to I960;
$6,000 Jan. and July 1, 1961 to 1966; $7,000 Jan. and July 1, 1967 and
1968, and $8,000 Jan. and July 1, 1969 and 1970.
Bonds maturing on and
after Jan. 1, 1964, are redeemable at the option of the City on Jan.
1, 1947,
or any interest payment date thereafter, in their inverse numerical
order,
revenue
at 102 and accrued interest to date of
redemption, on 30 days' notice to be
by publication one time in a newspaper published in the City of
Elwood, a newspaper or financial journal published in the City of Indian¬
apolis, and a nrwsnaper or financial journal published in the City of Chi¬
cago, and the mailing of such notice to the holders of registered bonds.
given
Interest on the bonds so called for redem* tion will cease on the redemption
date fixed in such notice, if funds are available at the place of redemption
so called on the date fixed in said
notice, or thereafter
to redeem the bonds
when presented for payment.
Second high bid of 101.013 for 3^s was made by Doyle, O'Connor &
Co., Channer Securities Co. and A. S. Huyck & Co.
IOWA
DES
MOINES
INDEPENDENT
SCHOOL DISTRICT (P. O. Des
Moines), Iowa—DEBT REFUNDING PROGRAM UNDER WAY—A debt
refunding program for this district began functioning on Nov. 7, at which
time a banking group headed by Lehman Bros, of New York,
put into its
initial stages the exchange of $5,140,000 of the district's bonds,
maturing
between 1941 and 1946, for a like amount of new
refunding bonds maturing
from
1947 to 1960.
The
service
cient
exchange offer
that
so
to meet
an
all
is designed
to
level
off the school
district's
debt
annual payment of approximately $450,000 will be suffi¬
interest and principal when
due and to retire all of the
district's present bonded debt by Dec. 1, 1960.
While the district has
$6,130,000 of bonds maturing between 1941 and 1946 and eligible for ex¬
change, the offer will be closed when $5,140, 00 have been exchanged.
The remainder, together with $396,500 bonds not included in the
refunding
plan, are scheduled to be retired as they mature.
A similar "level debt service plan" was
successfully
this year by the State of South Dakota in
refinancing its
The new refunding bonds of the Des Moines School
to
carried out earlier
Rural Credit Debt.
District, which are
be issued in exchange for the outstanding bonds, will carry two rates
as the present bonds to the date of their ma¬
of interest—the same rate
turity and
an extension rate ranging from 2 to 2%% thereafter to the final
maturity dates.
The coupon rates on the outstanding bonds range from
4 to 5%.
Bondholders making the exchange will have the choice of ma¬
turities of the refunding bonds so long as they remain available.
In addition to the right to exchange offered to
present bondholders,
members of the banking group are offering to
purchase for cash any of
the bonds which are eligible for
exchange.
Associated with Lehman Brothers in making the offer are Paine, Webber
& Co. Iowa-Des Moines National Bank & Trust Co.
(Des Moines) Central
National Bank & Trust Co. (Des Moines); Bankers Trust Co. (Des Moines);
Wheelock & Cummins, Inc.; Graefe & Co.; V. W. Brewer Co.; John Nuveen
& Co.; Stern Brothers & Co.; Jackley & Co., Carleton D. Beh
Co.; Shaw,
McDermott & Sparks. Inc.; Polk-Peterson Corp.; Vieth, Duncan & Wood;
the White-Phillips Co., Inc.; W. D. Hanna & Co., and Boettcher &
Go.^
KIMBALLTON, Iowa—bond offering— It is stated by Norman
Nordby, Town Clerk, that he will receive bids until Nov. 12, at 1 p. m,,
for the purchase of $4,000 town hall bonds,
approved by the voters at an
election held on Oct. 30.
is
now
reported that
and mature
on
Nov.
1
as
follows:
$3,000 in 1941 to 1943; $4,000, 1944;
$5,000,1945 to 1947, and $3,000 in 1948.
MOUNT VERNON, Iowa—MATURITY—The Town Clerk states that
certificates
indebtedness
and
Bidder—
Bidder—
Raffensperger, Hughes Co__$128.89
115.37
Harris Trust & Savings Bank
par
&
151,
?' 2531-—were awarded to a syndicate composed of Halsey, Stuart & Co.,
Inc.
Blair & Co., Inc., Dick &
Merle-Smith, E. H. Rollins & Sons, Inc.,
all of New York;
Braun, Bosworth & Co., Toledo; Dougherty, Corkran &
S?,7 Philadelphia; Harvey Fislc & Sons, New York; Schmidt, Poole & Co.,
Philadelphia; and Mullaney, Ross & Co. of Chicago; on a bid of
par plus
a premium of
$32,188 for 2s, equal to 100.619, a basis of about
1.95%.
Award consisted of the
following issues:
$2,000,000 water works system certificates.
Dated Aug. 1, 1938.
Due
$500,000 on Aug. 1 from 1950 to
1953, incl.
Interest F-A.
o
oaa
aaa Authorized
by City Council ordinance of July 20, 1938.
3,200,000 water works system certificates.
Dated April 1, 1940.
Due
APrU 1 as follows: $400,000 in 1954;
$1,000,000 in 1955 and
1956, and $800,000 in 1957.
Interest A-O,
Authorized by
City Council ordinance of March 20, 1940.
obligations
a premium of $290.50, equal
go 100.35, a basis of about 1.19%.
Dated
Nov. 4, 1940 and due as follows: $4,000, July 1, 1942; $4,000, Jan. 1 and
July 1 from 1943 to 1950 incl.; $4,000, Jan. 1 and $5,000, July 1. 1951,
and $6,000, Jan. 1, 1952.
Other bids, also for lMs, were as follows:
the $31,000 (not $33,000) ,2%% semi-annual
refunding bonds sold to Paine,
Webber & Co. of Chicago, as noted here last May, were purchased at
issue of $20,000 3 xa% water revenue bonds at
III.—serial
revenue
(P. O. Muncie), Ind.—bond sale—The
bonds offered Nov. 4—V. 151, p. 2379—were
voting machine
awarded to the Merchants National Bank of Muncie, as IH&, at par plus
MARENGO, Iowa—bond sale details—It
ILLINOIS
a
$83,000
COUNTY
follows:
Ratp
Ttid
102 499
the $8,000
sewer
bonds sold to W.
D. Hanna & Co. of Burlington, as 2%s,
at
a price of
100.637, as noted here—V. 151, p. 2687—are due $500 on
Nov. 1 in 1941 to 1956, giving a basis of about
2.67%.
.1
WAUKON, I owa—bonds defeated—'The City Clerk
states that
at the election held on July 18 the voters did not approve the issuance of
the $275,000 municipal electric light and
power
plant bonds.'
KANSAS
I
OLA, Kan.—bonds offered—Sealed bids
were
received until Nov.
8, by T. E. Shanahan, City Clerk, for the purchase of $50,000 airport site
by the voters at an election held on Oct. 24.
purchase bonds, approved
Due serially in 10 years.
WICHITA,
Kan.—bonds sold—It is stated by E. S. Worrell,
Finance, that $35,021.19 paving and sewer, series No. 471
on Oct. 28 to the Baum, Bernheimer Co., and Soden
& Co., both of Kansas City, as
lMs, paying a premium of $482.07, equal to
100.567, a basis of about 1.14%.
Denom. $1,000, one for $1,021.19.
Dated Nov. 1, 1940.
Due on Nov. 1 as follows: $8,021.19 in 1941. $8,000
in 1942 to 1945. and
$9,OCO in 1946 to 1950.
Prin. and int. (M-N) payable
at the Fiscal Agency in Topeka.
Legality approved by Bowersock, Fizzell
& Rhodes of Kansas City.
Director of
bonds
were
awarded
KENTUCKY
jqI 789
MADISONVILLE, Ky.—BONDS OFFERED TO PUBLIC—The
Bond
101.74
100 088
securities will be
Co.
of
Bankers
Louisville, is offering for general investment $15,000 3%%
semi-annual coupon school building refunding revenue bonds
Denom.
$1,000.
Dated Nov. 1, 1940.
Due $1,000 on Nov. 1 in 1941 to 1955, incl.
Prin. and int. (M-N) payable at the Kentucky Bank & Trust Co.. Madisonville.
These bonds are callable on any interest payment date in inverse
order of maturities at 102 H and accrued
interest.
Legal approval by
Woodward, Dawson & Hobson of Louisville.
■
Volume
It
was
The Commercial
151
reported subsequently that the above bonds
said offering firm for a premium of
about
MINNESOTA
had been sold to the
§427.35, equal to 102.849. a
basis of
INDEPENDENT SCHOOL DISTRICT NO. 65
(P. O. Columbia Heights) Minn.—BOND SALE—The $55,000 coupon
semi-ann. refunding bonds offered for sale on Nov. 4—V. 151, p. 2381—were
awarded to the C. S. Ashman Co. of Minneapolis, and associates, as 24b.
paying a premium of $26, equal to 100.047, a basis of about 2.24%. Dated
Dec. 1,1940. Due on Dec. 1 in 1942 to 1955; optional after Dec. 1,1952.
ANOKA
2.60%.
MIDDLESBORO, Ky.—BOND SALE DETAILS—It is now reported
James C. Willson & Co. of Louis¬
1940, are in the
to 1961; bonds
maturing on and after Sept. 1, 1951, being callable on any interest date on
or after March 1, 1950, in inverse numerical order.
Legality approved by
Chapman & Cutler of Chicago.
that the $286,000 funding bonds sold to
ville, as noted here—V. 151, p. 1753—are dated March 1,
denomination of $1,000, and mature on Sept. 1 in 1941
INVESTMENT—A group
PADUCAH, Ky.—BONDS OFFERED FOR
composed of Stein Bros. & Boyce, the Bankers Bond Co., and Amstedt
Bros., all of Louisville, purchased on Nov. 1 an issue of $150,000 34%
coupon semi-annual municipal hospital revenue bonds and they are reoffering these bonds for public subscription at prices to yield from 1.50%
to 3.75%, according to maturity.
Dated Oct. 1, 1940. Denom.
Due Oct. 1, as follows:
$8,000 in 1941, $7,000 in 1942, $8,000 in 1943,
$7,000 in 1944, $8,000 in 1945, $7,000 in 1946, $8,000 in 1947, $7,000 in
1948, $8,000 in 1949, $7,000 in 1950, $8,000 in 1951, $7,000 in 1952, $8,000
in 1953, $7,000 in 1954, $8,000 in 1955, $7,000 in 1956, $8,000 in 1957,
$7,000 in 1958, $8,000 in 1959 and $7,000 in 1960.
Callable on Nov. 1,
1943 or any interest payment date thereafter on 30 days' published notice
at 100 and interest in inverse numerical order.
Prin. and int. payable at
the Citizens Savings Bank, Paducah.
Legality approved by Grafton &
$1,000.
Grafton of Louisville.
TAYLORSVILLE, Ky.—MATURITY—It is
2827
& Financial Chronicle
reported that the $32,000
4% semi-ann. water works refunding bonds sold to Dering & Co. of Louis¬
ville, as noted here—Y. 151, p. 2687—are due on Dec. 1 as follows: $1,000
in 1941 to 1949. $2,000 in 1950 to 1959 and $3,000 in 1960.
COUNTY
is stated that bids will
CLOQUET, Minn.—BOND OFFERING—It
under authority of Chapter 262, Laws
approved by Fletcher, Dorsey, Barker, Colman
Enclose a certified check for 10% of bid.
issued
of 1919.
Legality to be
& Barber of Minneapolis.
•
-The
(P. O. Cambridge), Minn.—BOND SALl
-were
$50,000 refunding bonds offered for sale on Nov. 1—V. 151, p. 2533
awarded to J. M. Dain & Co. of Minneapolis, as 194s, paying a premium of
$277.50. equal to 100.555, a basis of about 1.66%.
Dated Nov. 1, 1940.
Due $5,000 on Nov. 1 in 1942 to 1951, incl.
ISANTI
COUNTY
LITTLE
FALLS, Minn .—CERTIFICATE
SALE—The $14,000 coupon
semi-annual paving certificates of indebtedness offered for sale
V. 151, p. 2533—were awarded jointly to Mairs-Shaughnessy
on Nov. V
& Co., and
Juran, Moody & Rice, both of St. Paul, as 2s, paying a premium of
equal to 101,678, a basis of about 1.79%.
Dated Nov. 1, 1940.
$1,000 on Nov. 1 in 1942 to 1955, inclusive.
REDWOOD FALLS, Minn— CERTIFICATE
INDEPENDENCE, La.—BOND SALE— The $28,000 semi-ann. water
improvement and extension bonds offered for sale on Nov. 6—-V.
151, p. 2380—were awarded to the Ernest M. Loeb Co. of New Orleans,
paying a premium of $10.10, equal to 100.036, according to the Town
Clerk.
Dated Oct. 1. 1940. Due serially in 18 years.
$235,
Due
SALE—The $3,500 pav¬
ing certificates of indebtedness offered for sale on Nov. 4—V. 151, p.
purchased by a local bank as 4s at par, according to the
Recorder.
Due $350 in 1941 to 1950; optional on and after one year
—were
LOUISIANA
be
18, at 7:30 p. m., by A. J. Parks, City Clerk, for the
purchase of $10,000 coupon water main system extension and repair bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $2,000 Oct. 1, 1942 to 1946.
Bidder to name rate of interest payable April and Oct. 1.
The bonds are
received until Nov.
2688
City
from
date of issue.
MISSISSIPPI
works
COUNTY (P. O. Grenada). Miss.—BOND SALE DE¬
TAILS—The Chancery Clerk reports that the $25,000 234% semi-annGRENADA
National
refunding bonds sold to the Grenada Bank, and the Union Planters
Bank & Trust Co. of Memphis, at a price of 100.04, as noted here—V.
MARYLAND
BALTIMORE,
$10,000,000
AUTHORIZE HALF OF
Md.—VOTERS
2688—are dated Nov. 1, 1940, and
1942; $2,000,1943 to 1947 and $1,000
2.49%.
p.
election the proposal to issue $5,000,000
bonds was approved and the measure calling for a similar amount
of paving bonds was rejected.
BOND PROPOSALS—At the Nov. 5
LAUREL, Miss.—BONDS SOLD—It is reported that . ,u.000
purchased by the J. S. Love Co. of Jackson. , g
sewerage
COUNTY (P. O. Hagerstown), Md.—BONDS DE¬
FEATED—The voters on Nov. 5 refused to authorize an issue of $400,000
courthouse building bonds.
WASHINGTON
MASSACHUSETTS
EVERETT, Mass.—BOND OFFERING POSTPONED—Emil W. Lundgren. City Treasurer, canceled until further notice the offering of
coupon municipal relief bonds, bid for which were originally invited up to
Nov. 5.
Bonds were to be dated Nov. 1,1940 and mature $10,000 on Nov.1
from 1941 to 1950 incl
$100,000
HUDSON, Mass .—NOTE SALE—The Second National Bank of Boston
awarded, on Nov. 7 an issue of $100,000 notes at 0.186% discount.
Due Nov. 15, 1941.
Other bids: Lee^Higginson Corp. 0.195%; Merchants
National Bank of Boston 0.226%; First National Bank of Boston 0.28%;
Blair & Co., 0.349%.
was
IPSWICH,-Mass.—NOTE SALE— The issue of $100,000 notes offered
the Second National Bank of Boston, at 0.136%
Due May 10, 1941. The First & Ocean National Bank of Newburyport, second high bidder, named a rate of 0.21%.
Nov. 6 was awarded to
NEWTON, Mass.—BOND SALE—The issue of $30,000
7 was awarded to Bond, Judge & Co.
l^s, at a price of 101.90, a
coupon sewer
of Boston, as
Dated Aug. 1, 1940.
basis of about 1.61%.
Due $1,000 annually on Aug. 1 from 1941 to 1970 incl.
payable semi-annually.
Legality approved by Ropes, Gray, Best,
Coolidge & Rugg of Boston.
Other bids:
Denom. $1,000.
Interest
Rate Bid
Int. Rate
Bidder—
1*4%
Tyler & Co
R. L. Day & Co
101.599
•
100.099
1*4%
Mass.—BONDS AND NOTES SOLD—The $12,000 welfare
bonds, due in six years, and the $10,000 water department extension bonds,
due in 10 years, all dated Nov. 15, 1940, for which bids were received on
Nov. 5—V. 151, p. 2688—were awarded to R. L. Day & Co. of Boston, as
l^s. at a price of 100.839. Other bids: Whiting, Weeks & Stubbs. 100.31
for 1 4s; Ware Trust Co., 100.234 for 1 4s.
The $50,000 loan and the $5,688.04 loan, both due May 15, 1941, and
also offered on Nov. 5, were purchased by the Second National Bank of
Boston, at 0.164%. The Ware Trust Co. bid 0.177% for the $50,000 issue
and 0.25% for the other loan. Whiting, Weeks & Stubbs bid 0.23% for each
WARE,
loan.
MACON, Miss.—BOND SALE DETAILS—The City Clerk states that
% semi-annual street improvement bonds sold jointly to
and O. B. Walton & Co., both of Jackson, as noted here
—V. 151, p. 2688—were purchased for a premium of $6, equal to
and mature $1,000 on May 1 in 1941 to 1958, giving a basis of about 2.495%.
J, S. Love Co.,
COUNTY
MADISON
DETROIT, Mich.—BONDS PUBLICLY OFFERED—A group composed
Central Republic Co., both of Chicago, and Darby
Inc., New York, made public offering on Nov. 8 of $1,500,000 2*4 %
priced at 100.50 to 98.75, according to maturities, which are from
1954 to 1961 incl.
(P. O. Gladwin), Mich.—BOND SALE— The
$16,000 coupon courthouse bonds offered Nov. 1—V. 151, p. 2381—were
awarded to Braun, Bosworth & Co. of Toledo, as 1 4b, at par plus a prem¬
ium of $10, equal to 100.06, a basis of about 1.22%.
Dated Nov. 1, 1940
GLADWIN
COUNTY
$3,000 fromT941 to 1944, incl. and
and due May 1 as follows:
Other bids:
Int. Rate
Bidder—
14%
Watling, Lerchen & Co
Paine, Webber & Co._
Cray, McFawn & Petter
Channer Securities Corp
$4,000 in
'
Rate Bid
$3.2t>
82.50
1% %
20.00
14%
11.20
Grouse & Co
13-J %
11.04
McDonald, Moore & Hayes
24%
5.40
ORION
TOWNSHIP SCHOOL DISTRICT NO. 12, OAKLAND
COUNTY,
Mich.—BOND OFFERING— S. Armitage, Director of the
Board of Education,
1% %
—
—
will receive sealed bids until 8 p. m. on
purchase of $36,000 coupon
refunding bonds of 1940.
Nov. 12, for
Dated Nov. 15,
Denom. $1,000.
Due Dec. 15 as follows:
$1,000 from 1941 to
1954. incl. and $2,000 from 1955 to 1965, incl.
The $6,000 bonds due on
Dec. 15 from 1963 to 1965, incl. will be subject to redemption in inverse
numerical order at par plus accrued interest on any interest payment date
on and after Dec. 15.1911, upon 30 days' published notice. The issue will bear
interest at a rate or rates, expressed in multiples of 4 of 1 %, not exceeding
(P.
O.
Miss.—BOND SALE—'The
auction on Nov. 5
Canton),
$80,000 general refunding bonds offered for sale at public
151, p. 2688—were awarded to a syndicate composed of
Guaranty Trust Co., O. B. Walton & Co., T. W.
of Jackson, and Thomas & Allen of Memphis, as 234s, paying
of $100, equal to 100.125, a
Due $4,000 in 1942 to 1961,
basis of about
inclusive.gtf jl
the Deposit
Woodward & Co., all
a premium
2.49%. Dated Nov. 1, 1940.
. ..
.
*.
MERIDIAN, Mi88.—BONDS SOLD—A $238,000 issue of 3% semi-ann
refunding bonds is said to have been purchased by a syndicate composed of
First NaUonal Bank, Citizens National Bank, Merchants & Farmers Bank,
George T. Carter, Inc., John R. Nunnery & Co., and Municipal Securities
Co., all of Meridian.
MERIDIAN
Miss .—BONDS
is
said
Bank,
to
have
SEPARATE SCHOOL DISTRICT (P. O. Meridian),
SOLD—An issue of $125,000 3% semi-ann. refunding bonds
been purchased by a group composed of First
National
Bank, George T.
Merchants & Farmers
Citizens National Bank,
Carter, Inc., John
of Meridian.
R. Nunnery & Co., and
Municipal Securities Co., all
"ret
MISSISSIPPI, State of—BOND OFFERING—Sealed bids will be
Nov. 19, by Greek L. Rice, Secretary of the State
Commission, for the purchase of a $2,000,000 issue of highway.
Ninth Series, coupon bonds.
Dated Aug. 1, 1940. Denom. $1,000. Due
$500,000 Aug. 1, 1961, Feb. and Aug. 1, 1962. and Feb. 1. 1963. The
will have the option of redeeming the bonds in inverse numerical order on
Aug. 1, 1945, and on any interest payment date thereafter at par
ac¬
crued interest.
Bidders shall specify the rate, or rates, of interest such bonds
are to bear in multiples of 4 of 1 %.
No bid of less than par and accrued
interest will be considered.
Prin. and int. (F~A) payable at the State
Treasurer's office, or at the Chemical Bank & Trust Co., New York.
The bonds shall be registerable as to principal only.
The bonds are
payable as to both principal and interest from such portion of
or motor fuel taxes levied by the State as may be necessary and fully suffi¬
cient for such purpose, or in accordance with the provisions and definitions
contained in the aforesaid Chapter 130, Laws of Mississippi, 1938.
Under
ceived until 10 a. m. on
Bond
State
and
the gasoline
bonds, together with the
enjoy a prior
be necessary for the prompt
payment of the principal of and Interest on the bonds, and it is recited,
covenanted and agreed that the taxes, to the amount necessary as afore¬
said, shall be irrevocable until all of the bonds have been paid in full as
to
as
permitted by the act, the
authorized, issued and
pledge of such
& Co.,
bonds
the
100.03
—V.
other bonds
of Paul H. Davis & Co.,
1945.
the
the $18,000 2
the terms of and
MICHIGAN
refunding
bonds have been
discount.
bonds offered Nov.
151,
mature as follows: $1,000 in 1941 and
in 1948 to 1960; giving a basis of about
permitted under the act.
portion of the revenues as may
principal and interest.
bonds will be issued and sold
.
A
130, Laws of
Bond Commission,
thereof. The
approving opinion of Chapman & Cutler, of Chicago, to the effect that
such bonds are valid and legally binding obligations of the State payable
solely as aforesaid will be delivered to the purchaser without charge.
Enclose a certified check for 2% of the par value of the bonds bid for, payThe
pursuant to Chapter
Mississippi, 1938, and resolutions adopted by the State
reference to which is made for a more detailed description
able to the State
■ 31
Treasurer.
that the
McDermott «fc Sparks,
as noted here
equal to 100.302.
incl.
PRENTISS COUNTY FIRST SUPERVISOR'S DISTRICT, ROAD
DISTRICT (P. O. Booneville), Miss.—BONDS SOLD—The Chancery
Clerk states that $22,500 434% semi-annual road bonds have been pur¬
chased at par by O. B. Walton & Co. of Jackson.
Dated Oct. 1, 1940.
PICAYUNE, Miss.—PRICE
PAID—The City Clerk now states
$220,000 gas revenue bonds sold jointly to Shaw,
and the Polk-Peterson Corp., both Of Des Moines, as 4 3<8,
—V. 151, p. 2533—were purchased for a premium of $665,
a basis of about 4.22%.
Due on Dec. 15 in 1941 to 1961
Due in 20 years,
1940.
23^%
per annum
to Dec. 15,
June 15, 1941, and semi¬
December of each year.
the Detroit Trust Co.,
Detroit, or at its successor paying agent named by said school district,
which shall be a responsible bank or trust company in the City of Detroit.
These bonds will be the general obligation of said school district which is
authorized and required by law to levy upon all the taxable property therein
such ad valorem taxes, as may be necessary to pay the bonds and the interest
Berry and Stevens, attorneys,
The cost of said legal opinion
rate or amount
the legal opinion of
bank
or
trust company,
of the bonds.
the bonds will be paid
JOINT SCHOOL
SALE POST¬
with the offering of the $13,500 not to exceed 4%
semi-ann. refunding bonds, noted here recently—V. 151. p. 2533—-it is
now reported that the date has been deferred from Nov. 19 to Ivov. 25.
I.
-BONDS NOT SOLD—We are informed by J
MISSOULA, Mont.—
-~ Sewer
PONED—In connection
in incorporated
order of the district, must
good faith on the part of the
faith checks.
O. Pontiac), Mich.—OPTION GRANTED—
one bid submitted for the $100,000 coupon
McDonald. City Clerk, that
Improvement District No. 76
were not sold as all bids were
of $500 drawn upon
(P.
The township rejected the
refunding bonds offered Oct. 29—V. 151, p. 2533—and then granted
Crouse <fc Co. and Campbell, McCarty A Co., both of Detroit, and option
on the issue until noon on Nov. 9. as 3Ms.
TROY TOWNSHIP
,
—
the $60,000 not to
exceed 6% annua
1—V. 151, p. 1755—
bonds offered on Oct.
rejected.
NEBRASKA
and payable to the
each proposal as a guarantee of
No interest will be allowed on good
accompany
bidder.
MONTANA
GALLATIN AND BROADWATER COUNTIES,
DISTRICT NO. 24 (P. O. Three Forks), Mont.—BOND
—
Claude H. Stevens of
Detroit, approving the legality
and of the printing of
by the school district.
A certified check in the amount
VOTED—The voters approved recently'the
the city hall construction, fire headquarters
thereafter to Dec. 15,
1941, 334% Per annum
1946, and 4 *4 % Per annum thereafter, payable on
annually thereafter on the 15th days of June and
Both principal and interest will be payable at
thereon, without limitation as to
Bids shall be conditioned upon
MISSOURI
ROCK HILL, Mo.—BONDS
issuance of $11,000 in bonds for
and fire fighting equipment.
ALLIANCE, Neb.—BONDS
heimer Co.
SOLD—A $96,000 issue of city hall refund¬
on Oct. 28 by the Baum, Bern-
said to have been purchased
of Kansas City.
Dated Dec.
ing bonds is
1, 1940.
that the
bonds at the
McCOOK, Neb.—BONDS DEFEATED— The City Clerk states
turned down the proposal to issue $30,000 airport
election held on Oct. 29.
voters
The Commercial & Financial Chronicle
2828
NEW
the payment of
HAMPSHIRE
MANCHESTER, N. H,—BOND SALE—The $100,000
Nov. 9,
1940
the bonds and the interest thereon without limitation as to
rate or amount.
coupon
TEANECK TOWNSHIP (P. O. Teaneck), N. J.—PLANS
municipal
improvement and equipment bonds offered Nov. 7—V. 151, p. 2689—
were awarded to IS. H. Rollins & Sons, Inc., New York, and Chace, White¬
side & Symonds of Boston, Jointly, as 1H«, at a price of 100.213, a basis of
about 1.48%. Dated Sept. 1,1940 and due $5,000 on Sept, 1 from 1941 to
1960 incl.
Other bids:
Bidder—
Int. Rate
Rate Bid
First National Bank of Boston.
1\$%
■•'"•V
100.179
Harris Trust & Savings Bank-———
102.109
F. S. Moseiey & Oo .......................
101.639
101.56
Bond, Judge & Co —————
First of Michigan Corp. ———
101.532
101.399
Halsey, Stuart & Co., Inc——————F. M. Swan & Co_————————————
101.299
101.04
Kidder, Peabody & Co—- —
—
REFUND¬
ISSUE—The State Funding Commission has authorized the township
the necessary papers incident to the issuance of $300,060 refund¬
ing bonds, to be dated Dec. 1,1940 and mature as follows: $1,000 in 1947:
$38,000, 1948; $39,000, 1949; $1,000, 1950 and 1951; $48,000, 1952 and
1953; $55,000, 1954; $60,000 in 1955 and $1,000 from 1956 to 1964, mcl.
ING
to prepare
—
—
Municipal Bonds
-
Government Bonds
Honsing Authority Bonds
—
Tilney & Company
76 BEAVER STREET
NEW
JERSEY
NEW YORK,
N. Y.
Telephone: WHitehall 4-8898
System Teletype: NY 1-2395
ATLANTIC CITY, N.
J.-—URGES VOLUNTARY CUT IN BONDED
DEBT—There is small hope for reducing the city's real estate tax burden
an extensive cut is made in the city's bonded debt, according to
Daniel H. V. Bell, President of the Atlantic County Board of Taxation.
Mr. Bell urged an appeal to the bondholders, who still have about
Bell
until
125,000,000 of Atlantic City refunding bonds, for a voluntary reduction
in the
principal.
?
The statement was made as the board took under advisement appeals by
two
leading boardwalk hotels for sharp reductions in their assessed valua¬
tions..
.
BRIGANTINE, N. J .—REFUNDING DISCUSSED—During the Oct. 28
meeting of the Local Government Comm'ssion various parties at interest
discussed the finances of the borough with particular reference to a plan
for a general refunding.
Mayor Haneman, speaking for the Board of Com¬
missioners of the borough, voiced his disapproval or the proposal put forth
by a group of creditors and announced the intention of municipal officials
to discuss the situation with county officials with a view toward formulating
a program that would serve the best interests of all concerned.
After much
discussion it was agreed that the Local Government Commission wouid
consider anything further which might be placed before it with particular
reference to a refunding of the borough's indebtedness.
DATE SET
FOR
HEARING
ON
REFUNDING
PLAN—It
was
an¬
7 that a hearing was scheduled for Dec. 9 in Atlantic
City before Justice Newton H. Porter of the New Jersey Supreme Court
on a proposed plan for refunding the borough's indebtedness.
The hearing
nounced on Nov.
was set at
the request of bondholders.
The proposal calls for issuing $1,424,050 of refunding bonds dated Feb. 1,
1941, maturing in 45 years, and bearing IH% interest at first, rising to
3% from 1956 onward.
Brigantine would guarantee the interest by pledging all real estate now
on city records or acquired before Feb. 1, also the proceeds of all tax and
assessment title liens owned by the city.
The city also would promise
early foreclosures and annual sales on all delinquent properties.
The neighboring island resort has been in financial trouble for several
NEW
YORK
(P. O. Albany), N. Y.—REFUNDING ISSUE
AUTHORIZED—Harry D. Yates, Deputy State Comptroller, reports that
the State Department of Audit and Control has approved the county's
application for permission to issue $760,000 refunding bonds. Due as follows:
$.54,000 in 1941; $42,000 from 1942 to 1949 incl. and $37,000 from 1950 to
ALBANY
COUNTY
1959 incl.
COLON IE, N.
Y.—SALE OF LATHAM WATER DISTRICT BONDS—
bonds offered Nov. 6—V. 151, p. 2689—-was
awarded to the Union Securities Corp. of New York, as 1.90s, at par plus a
The issue of $1.35,000 water
premium of $441.15. equal to 100.329, a basis of about 1.87%.
Dated
June 1, 1940 and due Dec. 1 as follows:
$4,000 from 1940 to 1944 incl.;
$5,000from 1945 to 1949 incl. and $6,000 from 1950 to 1964 incl. Principal
and interest (J-D) payable at the State Bank of Albany with New York
exchange. The bonds are general obligations of the town payable primarily
from a levy upon the several lots and parcels of land within the district
liable therefor, but if not paid therefrom, all of the town's taxable property
will be subject to levy of unlimited ad valorem taxes in order to provide for
payment of principal and interest requirements.
The successful bidders reoffered the $131,000 bonds maturing from 1941
to 1964 incl. at prices to yield from 0.30% to 1.90%, according to ma¬
turity. Other bids:
Bidder—
Int. Rate
Rate Bid
E. H. Rollins & Sods, Inc——
—
1.90%
100.29
Marine Trust Co. of Buffalo and R.D.White & Co-1.90%
100.273
National Commercial Bank & Trust Co., Albany—
1.90%
100.266
Manufacturers & Traders Trust Co_2%
100.549
Roosevelt & Weigold, Inc
2.10%
100.28
George B. Gibbons & Co., Inc
2.20%
100.609/
State Bank of Albany---—
——-----2.20%
100.148
-
—
—
-
—
_
»
'he Atlantic County Board of Freeholders Jersey local
?ears and under supervision of the New is consideringgovernment board.
a cash compromise
offer, said to be about $65,000, to settle more' than $600,000 of unpaid
taxes to the county.
The entire situation is laid to the collapse of a real estate boom which left
the 500 population loaded with inflated valuations.
Brigantine City Com¬
missioners approve the refunding plan in principle, but differ with some of
its figures.
trict Clerk, will receive sealed bids until 3 P. m. on Nov. 12 for the purchase
of $55,000 not to exceed 6% Interest coupon or registered school addition
Dated Nov. 1, 1940.
Denom. $1,000.
Due Nov. 1 as follows:
$3,000 from 1941 to 1945 incl., and $4,000 from 1946 to 1955 incl.
Bidder
single rate of interest, expressed in a multiple of H or 1-lCth of
1%.
Principal and interest (M-N) payable at the Solvay Bank.
The
bonds are unlimited tax obligations of the district and the approving legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be fur¬
nished the successful bidder.
A certified check for $1,100, payable to
order of the Board of Trustees, must accompany each proposal.
bonds.
to name a
CAMDEN, N. J.—BONDS PUBLICLY OFFERED—Colyer, Robinson &
Co., Inc., Newark, are offering $108,000 4% refunding bonds due Dec. 1,
1952 to 1957, at prices to yield from 3% to 3.15%, according to maturity.
The bonds are interest exempt from all present Federal income taxes and
tax free in the State of New Jersey.
LONG
CLIFTON, N. J.—BOND OFFERING—William A. Miller, City Clerk,
will receive sealed
bids until 8:30 p. m.
Nov. 19 for the purchase of
$10,000 not to exceed 4H% interest coupon or registered water distribution
bonds.
Dated Nov. 1, 1940.
Denom. $500.
Due $500 on Nov. lfrom
1941 to 1960 incl.
Bidder to name a single rate of interest, expressed in a
multiple ot Hth or l-20th of 1%.
Prin. and int. (M-N) payable at the
First National Bank, Paterson, or at the Bankers Trust Co., New York
City.
The sum required to be obtained at sale of the bonds is $10,000.
The bonds are authorized pursuant to the New Jersey Local Bond Law,
are to be issued for the purpose of financing the enlargement of the water
works of the Cities of Paterson, Passaic and Clifton, N. J., now operated
on
by the Passaic Valley Water Commission, and will be valid and legally
binding obligations
or the City of Clifton, the payment of the principal of
and interest on which will be assumed by the Passaic Valley Water Com¬
mission within the meaning and for the purposes of the statutes pursuant to
which the Commission is organized and existing, and the
City of Clifton
will have power, and, unless payment be otherwise made, will be obligated
to levy ad valorem taxes upon all the taxable property within the Cityf or
the payment of the bonds and the interest thereon without limitation as
to rate or amount.
The opinion of Hawkins, Delafield & Longfellow, of
New York, to this effect will be furnished the purchaser.
Enclose a certified
check for 2% of the amount of bonds offered, payable to the City.
OAKLYN, N. J .—BOND SALE—The $29,000 3% coupon or registered
municipal building bonds offered Nov. 6—V. 151, p. 268&—were awarded
to H. B. Boland & Co, of New York, which took
$28,000 bonds and paid
a price of $29,063.50,
equal to 103.798, a basis of about 2.44%.
Dated
Nov l
l94° and due Nov. 1 as follows: $2,000 from 1941 to 1950 incl.
and $3,000 from 1951 to 1953 incl.
PASSAIC, N. J.—BOND OFFERING—Arthur
D. Bolton, City Clerk,
"JJili receive sealed bids until 3:30
p. m. on Nov. 26, for the purchase of
$20,000 not to exceed 4H % interest coupon or registered water distribution
bonda.
Dated Nov. 1, 1940.
Denom. $1,000.
Due $1,000 on Nov. 1
from 1941 to 1960, incl.
Bidder to name a single rate of interest, expressed
l-10th of 1%.
Principal and interest (M-N) pay¬
Bank, Paterson, or at the Bankers Trust Co.,
required to be obtained at sale of the bonds is
$20,000. A certified check for 2% of the bonds offered, payable to order
or the city, is required.
Legal opinion of Hawkins, Delafield & Longfellow
in
a
COMMON
SCHOOL
DISTRICT
NO. 1 (P. O. Cherry
Road, Syracuse), N. Y.—BOND OFFERING—Boderic M. Wilder, Dis¬
GEDDES
multiple of Kth
or
able at the First National
8um
of New York City will be furnished the successful bidder.
The bonds are
authorized pursuant to the New Jersey Local Bond Law and are to be issued
for the purpose of financing the
enlargement of the water works of the cities
of Paterson, Passaic, Clifton, N. J., now
operated by the Passaic Valley
N. J., and will be valid and legally binding obligations
City of Passaic, the payment of the principal of and Interest on which
will be assumed by the aforementioned water commission within the mean¬
ing and for the purposes of the statutes pursuant to which the said Com¬
mission is organized and existing, and the
City of Passaic will have power
and, unless payment be otherwise made, will he obligated to levy ad valorem
taxes upon all of its taxable
property within the city for the payment of the
bonds and interest without limitation as to rate or amount.
°f the
PATERSON, N. J.—BOND OFFERING—Howard L. Brlstow, Clerk
of the Board of Finance, will receive sealed bids
until noon on Nov. 19 for
the purchase of $43,000 not to exceed 4H
% interest coupon or registered
water distribution bonds.
Dated Nov. 1, 1940.
Denom. $1,000.
Due
Nov. 1 as fodows: $2,000 from 1941 to 1957 incl, and
$3,000 from 1958 to
I960 incl. Bidder to name a singie rate of
interest, expressed in a multiple
of H or 1-20 of 1 %.
Principal and interest (M-N) payable at the First
National Bank, Paterson, or at the Bankers Trust
Co., New York City.
The sum
required to be obtained at sale of the bonds is $43,000. A certified
check for 2% of the bonds offered, payable to order of the
city, must acaimpany each proposal. The approving legal opinion ot Hawkins, Delafield
ngTellovir of New York City will be furnished the successful bidder.
The bonds are authorized pursuant to the New
Jersey Local Bond Law,
are to be issued for the purpose of
financing the enlargement of the water
works of the cities of Paterson, Passaic and
Clifton, N. J., now operated
by the Passaic Valley Water Commission, N. J., and will be valid and
legally binding obligations of the City of Paterson, the payment of the
principal of and interest on which will be assumed by the said Water Com¬
mission within the meaning and for the purposes of the statutes
pursuant
to which the Commission is organized and
existing, and the City of Paterson
will have power, and, unless payment be otherwise
made, will be obligated
to levy ad valorem taxas upon all the taxable
property within the city for
BEACH, N. Y,—BONDHOLDERS ASKED TO ACT UNDER
REFINANCING PROGRAM—The City has notified all general obligation
bondholders to deposit $6,064,000 bonds for exchange or stamping under
the refinancing plan dated April 15,
Trust Co. in New York
1940, at the main office of the Manu¬
City, by Nov. 15, 1940.
It is con¬
templated that the actual exchange will take place on or about Dec. 1,
1940.
The new refunding bonds will be dated Dec. 1, 1940, and will bear
interest at the rate of 4% per annum.
On the date of exchange, accrued
interest will be paid on the basis of a net yield of 4% from June 1, 1940, as
called for under the plan.
The plan was prepared by Norman 8. Taber &
Co. of New York City, and is the result of several months careful study of
facturers
the fundamental economic condition of the city, operating costs, tax-paying
ability and debt paying capacity.
These studies showed that the city was
ready for permanent refunding, having settled down to a normal condition
after a rapid economic decline from the peak of its real estate boom which
occurred during the 192(s.
During the depression, from 1930 to 1939, Long Beach had sustained sub¬
stantial losses in assessed valuation and Summer trade.
Large operating
deficits had occurred, and all general obligation bonds maturing from Dec. 1,
1933 to Dec. 1,1942 had been extended by two temporary forced refundings,
due to the city's inability to pay its debt as it came due.
These refundings relieved conditions for a time, but the city was looking
forward to the immediate payment of substantial amounts of floating debt,
a
negligible annual bond retirement, and overwhelming maturities starting
in 1943 when maturing principal increased from $76,(X)0 in 1940 to $409,000
in 1943.
The program now under way is expected to eliminate the threat
of default, provide for the retirement of all indebtedness within the con¬
a refunding bond, and to permit an absolute balanced
budget in the future.
It calls for the same approximate tax levy which
the city has maintained for the past few years and which has proven suf¬
ficient to meet normal operating costs and some $500J 00 for debt service.
Inasmuch as all of the general obligation indebtedness, if refunded, must be
retired within the constitutional life of 20 years, the program calls for a
voluntary reduction in the interest rate from an average of 5.6% to 4%.
This reduction will release over $100,000 a year in interest to the payment
of principal and will permit complete liquidation of all debt as It matures,
under the new schedule which calls for a maximum debt service of $500,000.
Arrangements have been made to fund a large portion of the floating
indebtedness into judgment bonds under a special Act of the legislature
passed for Long Beach and adjudicated by the New York State courts.
It is believed that a balanced budget is assured and the bondholders are
adequately protected by another special Act of the legislature, Chapter 411
of the 1940 Laws of New York, which provides that the city must make up
its budget on a "cash basis," estimating revenue only on the basis of past
year's tax collection experience.
Also, if a deficit does occur in any year, it
must be included as an expenditure in the
subsequent year's budget. Re¬
ference to this Act will be written into the face of the bond and will form a
contract with the bondholders.
This contract can be enforced, if necessary,
by the simple procedure of mandamus.
Agreements of exchange were sent to all bondholders in April, 1940, and
at present at least a 90% exchange appears to be assured.
The entire
program has the approval of the comptroller of the State of New York.
It is believed by the city's refunding agents and the city administration
that the completion of the program will place Long Beach on a firm fi¬
stitutional life of
nancial foundation for the first time in many years.
NEW CASTLE (P. O. Chappaqua), N. Y.—BOND OFFERING—
Robert B. Stewart, Town Supervisor, will receivesealed bids until 10:30a.m.
Nov. 13 for the purchase of $36,0f0 not to exceed 5% interest coupon
or registered highway refunding bonds.
Dated Dec. 4, 1940.
Denom.
$1,000.
Due Dec. 1 as follows' $1 000 from 1941 to 1945 Incl.; $2,000 from
1946 to 1959 incl. and $3,000 In 1960.
Bidder to name a single rate of
interest, expressed in a multiple of H or 1-10 of 1 %.
Principal and interest
(J-D) payable at the Chappaqua National Bank, Chappaqua, with New
York exchange.
The bonds are general obligations of the town, payable
from unlimited taxes but payable primarily from taxes on the property of
the unincorporated portion of the town.
A certified check for $720.
payable to order of the town, must accompany each proposal.
Legal
opinion of Dillon, Vandewater & Moore of New York City will be furnished
on
the successful bidder.
PEEKSKILL, N. Y.—REFUNDING ISSUE APPROVED—Harry D.
Yates, Deputy State Comptroller, reports that the State Department of
Audit and Control has approved an issue of $100,000 refunding bonds, to
mature as follows: $5,000 from 1943 to 1950 incl.; $10,000 in 1951 and 1952
and $20,000 in 1953 and 1954.
Volume
The Commercial &
151
ROCHESTER, N. Y.—REFUNDING ISSUE APPROVED—Harry D.
Yates, Deputy State Comptroller, reports that the Department of Audit
Control has approved the refunding of $500,000 bonds.
The new
bonds would mature $50,000 annually from 1942 to 1945 incl.; $100,000 in
1946 and $200,00(Jin 1947.
and
TARRYTOWN,
N.
Y.—BOND OFFERING—Catherine P. McCaul,
Village Clerk, will receive sealed bids until 2 p. m. on Nov. 19 for the
purchase of $50,000 not to exceed 6% interest coupon or registered water
Dated Nov. 15, 1940.
Denom. $1,000.
Due Nov. 15 as follows:
$4,000 from 1941 to 1945 incl. and $6,000 from 1946 to 1950 incl.
Bidder
to name a single rate of interest, expressed in a multiple of M or l-10th of 1 %.
Principal ana interest (M-N) payable at the Tarrytown National Bank &
Trust Co., Tarrytown.
The bonds are unlimited tax obligations of the
village and the approving legal opinion of Reed, Hoyt, Washburn & Clay
of N. Y. City will be furnished the successful bidder.
A certified check for
$1,000, payable to order of the village, must accompany each proposal.
different rate of interest provided that fractional rates
expressed in a multiple of M of 1 %.
Bonds may be registered as to
principal only or may be exchanged for registered bonds.
Principal and
interest (A-O) payable at office of the Director of Finance.
No formal bid¬
ding blank is required and the bonds will be furnished by the city.
Bids
should be made subject to approval of bidder's attorney as to legality of
the issue, such opinion to be paid for by the successful bidder.
A certified
check for 2% of the amount bid for, payable to order of the Director of
Finance, is required.
(This offering was originally announced for Oct. 14).
Bidder may name a
are
bonds.
TON A WANDA,
N. Y.—BOND SALE—The $156,400 coupon or
regis¬
refunding bonds offered Nov. 1—V. 151, p. 2535—were awarded to the
Niagara Savings & Loan Association of Tonawanda, as 2s, at par.
Dated
June 1, 1940 and due June 1 as follows:
$15,400 in 1941; $15,000 from
1942 to 1944 incl. and $6,000 from 1945 to 1960 incl.
Other bids:
tered
Int. Rate
Marine Trust Co. of Buffalo, and R. D. White & Co_2.10%
E.H.Rollins & Sons, Inc., and A.C.Allyn& Co.,Inc.2.10%
Halsey, Stuart & Co., Inc
.2.20%
H. L. Allen & Co.. and F. W. Reichard & Co.
2.30%
Blair & Co., Inc.; George B. Gibbons & Co., Inc.,
Rate Bid
100.439
Bidder—
100.388
WELLSVILLE (P. O. Wellsville), N.
of Buffalo purchased on Oct.
100.14
100.329
Y.—BOND SALE—The Marine
31 a total of $30,300 bonds as
Award consisted of:
Trust Co.
price of 100.269.
$18,900 highway improvement bonds.
One bond for $900, others $1,000
each.
Due March 1 as follows: $1,900 in 1941; $2,000 from 1942
to 1949 incl., and $1,000 in 1950.
Denoms. $1,000, $500 and $400.
Due Mar. 1
1941; $1,000 from 1942 to 1948 incl., and
$1,500 in 1949 and 1950.
11,400 airport
as
bonds.
follows:
All of the bonds will be dated Sept.
Prin. and int. payable at
1, 1940.
iHkHMl
Co. of Buffalo.
NORTH
CAROLINA
C.—BOND OFFERING—
Nov. 12. by W. E. Easterling,
Secretary of tne Local Government Commission, at his office in Raleigh,
for the purchase of bonds aggregating $79,000, dated Nov. 1,1940, maturing
as follows, without option of prior payment;
COLUMBUS COUNTY (P. O. Whiteville) N.
Sealed bids will be received until 11 a. ra. on
and bridge bonds maturing in numerical order,
lowest numbers first, $35,000 on May 1, 1960 and $35,000 on
May 1, 1961.
9,000 refunding school bonds maturing in numerical order, lowest num¬
bers first, $4,000 on May 1, 1960. and $5,000 on May 1, 1961.
$70,000 refunding road
HI Denom. $1,000; principal
and interest (M-N), payable in New York City
tender; general obligations; unlimited tax; coupon bonds registerable
as to principal alone; delivery on or about Nov. 25, at place of purchasers'
choice.
There will be no auction.
COUNTY
(P. O. Athens), Ohio—BOND
SALE—The
tax bonds offered Nov. 1—V. 151, p. 2690—were
Ryan, Sutherland & Co. of Toledo, as 1Mb, at par plus a
premium of $77, equal to 100.13, a basis of about 1.22%.
Dated Oct. 1,
1940.
Due $2,000 Oct. 1, 1941, and $4,000 April 1 and Oct. 1 from 1942
to 1948 incl.
Second high bid of 100.11 for 1 Mb was made by Weil. Roth &
Irving Co. of Cincinnati.
ATHENS
$58,000
Bids must be on a form to be furnished with additional information an
must be accompanied by a certified check upon an incorporated bank or
to*
payable unconditionally to the order of the State Treasurer
The approving opinion of Masslich & Mitchell, New York City,
trust company,
for
$1,580.
purchaser.
will be furnished the
DUNN, N. C.—BOND OFFERING— Sealed bids will be received until
11 a. m. on Nov. 12, by W. E. Easterling, Secretary of the Local Govern¬
ment Commission, at his office in Raleigh, for the purchase of $20,000 muni¬
cipal building bonds, dated Nov. 1, 1940, maturing annually, Nov. 1, in
numerical order, lowest numbers first, $1,000 1942 to 1961, incl., without
option of prior payment.
/
Denom. $1,000; prin. and int. (M-N), payable in New York City in legal
tender; general obligations; unlimited tax; coupon bonds registerable as to
principal alone; delivery on or about Nov. 25, at place of purchaser's choice.
There will be no auction.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of M of 1%. Each bid may name one rate for
6art of the bonds (havingnameearliestthan two rates, and each bidder must
maturities), and another rate for the
alance, but no bid may the
more
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 tne lowest interest
cost to the town, 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.
be furnished with additional information, and
certified check upon an incorporated bank or
payable unconditionally to the order of the State Treasurer,
for $400.
The approving opinion of Masslich & Mitchell, New York City,
will be furnished the purchaser.
Bids must be on a form to
must
be accompanied by a
delinquent
awarded
to
bids:
Other
Int. Rate
Bidder—
Rate Bid
100.59
100.40
100.382
1M%
1M%
1M%
Assel, Goetz & Moerlein
Braun, Bosworth & Co
Seasongood & Mayer
BELLEVUE, Ohio—BONDS DEFEATED— K. A.
reports that the voters refused to authorize an
reservoir bonds at the recent election.
Yundt, City Auditor,
issue of $425,000 water
t
CINCINNATI, Ohio—BONDS SOLD—Henry Urner, City Treasurer,
reports the purchase by the Treasury Investment Board of a further block
of $1,500,000 2H% flood protection bonds.
Bonds are part of an au¬
thorized issue of $4,500,000 and must all be issued by the city prior to
Jan. 1, 1941, at which time authority for their sale would lapse pursuant to
a ruling of the State Supreme Court.—V.
151. p. 2383.
CINCINNATI
SCHOOL DISTRICT, Ohio—BONDS
DEFEATED—
proposal to issue $2,0C0,ICO vocational school bonds failed to
majority vote needed for passage at the Nov. Selection.
The
obtain
CLEVELAND, Ohio—RELIEF LEVY APPROVED—Unofficial returns
indicate that at the Nov. 5 election the voters approved by a safe margin
a 2.1 mill levy for city relief purposes next year, defeated a city charter
amendment which would boost the general operating levy 0.6 mill to
provide funds for sewage disposal, and defeated a Cleveland Board of
Education 4-mill operating levy.
TOWNSHIP
GERMAN
TOWNSHIP SCHOOL
HARTSGROVE
Ohio—BONDS DEFEATED—The
bonds
was
(P. O. Springfield,
proposal to issue $65,000
vote needed for approval
SCHOOL DISTRICT
R. R. No. 2), Ohio—BONDS DEFEATED—The
building bonds failed to obtain the 65% majority
at the election on Nov. 5.
DISTRICT (P. O. Rome),
proposal to issue $29,500 construction
the recent election.
defeated by the voters at
JEFFERSON,
Ohio—BONDS
VOTED—An issue of $18,000 street
5 election. They will
and be placed on the
improvement bonds was approved at the Nov.
mature semi-annually over a period of 10 years
market next year.
in legal
p^A separate bid for each issue (not less than par and accrued interest)
is required.
Bidders are requested to name the interest rate or rates, not
exceeding 6% in multiples of M of 1%; each bid may name one rate for
part of the bonds of any issue (having the earliest maturities) and another
rate for the balance, but no bid may name more than two rates for any
issue, and each bidder must specify in his bid the amount of the 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 ail of the bonds until their respective maturities,
election the
$1,500,000
grade crossing elimination, $800,000
$2,200,000 street, $2,050,000
bridge, and $500,000 park.
$1,400 in
the First Trust Co., Wellsville.
Legality approved by Francis B. O'Con¬
nor of Wellsville.
A bid of 100.049 was made by C. E. Weinig, White &
Ohio—BONDS DEFEATED—At the Nov. 5
to authorize issuance of the following bonds:
AKRON,
voters refused
sewer,
100.14005
2.40%
Manufacturers & Traders Trust Co
a
100.188
2.30%
and Bacon, Stevenson & Co
I.70s, at
.
2829
Financial Chronicle
SPRINGFIELD, Ohio—BON
$800,000 water filtration plant
on
Nov.
S DEFEATED—The proposed
issue of
nds was turned down by the electorate
5.
"
TIFFIN,
Ohio^BOiVD OFFERING—Robert
will receive sealed
LrBeals. City Auditor)
bids until noon on Nov. 22, for
the purchase of $10,000
Dated Dec. 20, 1940.
Denom. $1,000.
April 1 and Oct. 1 from 1942 to 1945, incl.
and $1,000 April 1, 1946.
Interest A-O.
Bidder may name a different
rate of interest provided that fractional rates are expressed in a multiple
of M of 1%.
A certified check for $100, payable to order of the city.Js
4% municipal building bonds.
Due $1,000 Oct. 1, 1941; $1,000
required.
Philadelphia), Ohio—BOND
will receive sealed bids until
3% juvenile court building
bonds. Dated Dec. 15, 1940. Denom. $2,000. Due $2,000 on Dec. 15 front
1942 to 1951 incl.
Interest J-D.
Bidder may name a different rate or
interest provided that fractional rates are expressed in a multiple of H <«
1%. A certified check for $200, payable to order of the Board of County
TUSCARAWAS COUNTY (P. O. Now
OFFERING—O. C. Johnson, County Auditor,
noon on Nov. 25 for the purchase of $20,000
Commissioners, is required.
OKLAHOMA
CRAIG COUNTY SCHOOL DISTRICT No. 17 (P. O. Welch), Okla.
—BONDS DEFEATED—At an election held on Oct. 22 the voters are Bald
to have defeated the proposed issuance of $41,200 construction bonds.'
will be received until
MORRIS, Okla.—BOND OFFERING—Sealed bids
City Clerk, for the purchase
m. on Nov. 12 by Waldo Eley,
following bonds aggregating $5,0C0:
2 p.
$2,5C0 water works bonds.
Due $500 in 1943 to 1947 incl.
1,000 fire truck and eauipment bonds.
Due $5fC in 1943 and
1,500 city hall and jail bonds.
Due $500 in 1945 to 1947.
Bidders are to name the rate of Interest.
A certified check
of the
1944.
for 2% of
the bid is required.
INDEPENDENT
CONSOLIDATED SCHOOL
PIS(P. O. Sterling), Okla.
BOND OFFER TNG—Seald
until 2 p. m. on Nov. 12. by M. F. Miller, District
Clerk, for the purchase of $6,400 building bonds.
Bidders to name the
rate of interest. A certified check for 2% of the amount bid is required.
STERLING
TRICT
NO.
3
bids will be received
trust company,
N. C.—BOND OFFERING— Sealed bids will be re¬
ceived until 11 a. m. on Nov. 12, by W. E. Easterling, Secretary of the Local
Government Commission, at his office in Raleign, for the purchase of
$15,000 public improvement bonds, dated Nov. 1, 1940. maturing annually.
May 1, in numerical order, lowest numbers first, $500 1943 to 1948 and
$1,000 1949 to 1960, all incl., without option of prior payment.
Denom. $500; prin. and int. (M-N), payable in New York City in legal
tender; general obligations; unlimited tax; coupon bonds registerable as to
principal alone; delivery on or about Nov. 25, at place of purchaser's choice.
There will be no auction.
Bidders are requested to name the interest rate or rates, not exceeding
6%-per annum, in multiples of M of 1%. Each bid may name one rate for
WAKE
FOREST,
Sart of the bonds (havingnameearliestthan two rates, and each bidder must
the more maturities), and another rate for the
alance, but no bid may
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities. No bid of less thairpar and accrued
interest will be entertained.
Bids must be on a form to be furnished with additional information,
and must be accompanied by a certified check upon an incorporated bank or
trust company,
for $300.
payable unconditionally to the
The approving opinion of
DAKOTA
OHIO
Ohio—BOND OFFERING—P. W. Ferguson, Director of
sealed bids until noon on Nov. 18, for the purchase of
$50,000 3% coupon airport stadium improvement bonds.
Dated Dec. 1,
1940.
Denom. $1,000.
Due $10,000 on Oct. 1 from 1942 to 1946, incl.
AKRON,
Finance, will receive
SALE— The
maturity.
NORTHERN
(P.
O.
The
PEOPLES' UTILITY DISTRICT
Ore.—BONDS VOTED— The County Treasurer
of $475,000 electric system
WASCO COUNTY
Dalles),
that the voters approved the issuance
revenue bonds at the Nov. 5 general election.
states
COUNTY SCHOOL DISTRICT No. 106 (P. O.
Ore.—BOND OFFERING—Sealed bids will be received until
Nov. 12, by Edith J. Ream, District Clerk, for the purchase of
WASHINGTON
Metzger),
8 p. m. on
annual school bonds.
Dated Nov. 1, 1940. Denom. $500.
1941; $1,000 in 1942; $1,500 in 1943; $1,000
1945; $1,000 in 1946, and $1,500 in 1947.
Prin. and int.
payable at the County Treasurer's office.
Unconditional bks only will
be received and no bids for less than par and accrued interest will be con¬
sidered.
The approving opinion of Teal, Winfree, McCulloch, Shuler &
Kelley of Portland, will be furnished the purchasers.
$8,000 3%
Due Dec.
1 as follows: $500 in
in 1944; $1,5'-0 in
order of the State Treasurer
HOOPLE, N. Dak.—BOND OFFERING—Both sealed and auction bids
will be received by Victor Johnson, Village Clerk, at the office of the County
Auditor, until Nov. 20 at 2 p. m. for the purchase of $2,500 not to exceed
4% semi-annual village bonds.
Dated Nov. 15, 1940.
Due $500 on
Nov. 15 in 1942 to 1946, inclusive.
A certified check for 2% of the bid
is required.
DISTRICT NO. 61 (P. O. Nyssa),
$5,129.66 coupon semi-ann. funding bonds
28—V. 151, p. 2537—were awarded to AtkinsonJones & Co. of Portland, as 2Mb, paying a price of 100.03, a basis of about
2.24%.
Dated Nov. 1, 1940.
Due in 1941 to 1946; optional prior to
Ore.—BOND
offered for sale on Oct.
PENNSYLVANIA
Masslich & Mitchell, New York City,
will be furnished the purchaser.
NORTH
OREGON
MALHEUR COUNTY SCHOOL
BALDWIN TOWNSHIP (P. O. Pittsburgh), Pa .—BONDS APPROVED
—J. William Jordan. Township Secretary, reports that the voters approved
an issue of $350,000 sewer system bonds.
Issue will be offered at an early
date.
BRACKENRIDGE SCHOOL DISTRICT, Pa.—BONDS DEFEATED
$55,000 building addition bonds was defeated by the voters
—An issue of
at the
Nov. 5 election.
BRIDGEVILLE, Pa .—BONDS VOTED—At the
approved the issuance of $70,000 street and sewer
building addition bonds.
recent election voters
and $5,000 municipal
SCHOOL DISTRICT (P. O. R. D. 2, Allison
Park), Pa .—BONDS VOTED—An issue of $75,000 high school building and
equipment bonds carried at the recent election.
HAMPTON TOWNSHIP
p»'HELL£RTOWN
BOROUGH
BONDS SOLD—Paul
Trumbower
MUNICIPAL
AUTHORITY,
Borough Secretary, reports that
Pa.—
$24,000
The Commercial & Financial Chronicle
2830
J
p.
of Philadelphia.
Munson
UTAH
LITITZ, Pa.—BONDS AUTHORIZED—The Borough Council passed an
ordinance authorizing an issue of $40,000 2lA% water system nonds.
Dated Jan. 1, 1941.
Denom. $1,000.
Due Jan. 1 as follows:
$2,000 in
1942 and 1943 and $3,000 from 1944 to 1955 incl.
Principal and interest
(J-J) payable at the Borough Treasurer's office.
A
PENNSYLVANIA
1940
Street improvement, tax
Ponds, in $1,000 denoms., were sold to C. C. Collings
Co. of Philadelphia, as 2J£s. at par.
The entire $70,000 bonds are
dated Aug. 1. 1940 and mature Aug. 1 as follows: $4,000 from 1941 to 1950,
iDcl, and $3,000 from 1951 to 1960, incl.
Legality approved by Townsend,
system improvement
Elliott &
9,
TYLER, Texas—BOND SALE—The $30,000 coupon semi-ann. Second
supported bonds offered for sale on Nov. 1—V. 151
25.38-—were awarded to Garrett & Co., Inc. of Dallas, as 2 Ms, paying a
premium of $11, equal to 100.036, a basis of about 2.24%.
Dated Dec. 1,
1940.
Due from Dec. 1, 1941 to 1954 incl.
•
six-year serial water system improvement bonds, in $1,000 denoms., were
exchanged for borough bonds held by private parties, and $40,000 water
,.
Nov.
PROVO, Utah—BOND SALE DETAILS—It is now reported by the
City Recorder that the $265,000 (not $350,000) electric revenue bonds sold
to John Nuveen & Co. of Chicago, as noted here on May 11, were pur¬
chased as 3s, at par.
Dated June 1, 1940.
Due as follows: $44,000 on
June and Dec. 1 in 1953; $45,000, June and Dec. 1, 1954, and $46,000 on
June 1 and $41,000 on Dec. 1 in 1955.
(State of)—PLANS NOTE SALE—It is reported
$45,000,000 tax antici¬
v./ v,; A
./a
that the State is planning the early issuance of up to
pation notes.
TOWNSHIP
ROBINSON
(P.
bonds
proposal to issue $180,000
rejected by the voters on Nov. 5.
was
SOUTH
CONNELLSVILLE,
Pa.—BOND
WASHINGTON
Rocks),
Pa.—BONDS
distribution system
McKees
O.
APPROVED—The
BELLINGHAM, Wash.—BONDS SOLD—A syndicate of local bankslis
reported to have purchased $300,000 water bonds.
water
SALE—The
$8,000
KING COUNTY SCHOOL DISTRICT NO. 49 (P.
4M%
O. Seattle), Wash.
Nov. 19,
street improvement and funding
—BOND OFFERING—Sealed bids will be received until 11 a. m. on
at a
by Ralph S. Stacy, County Treasurer, for the purchase of $10X10 not to
exceed 6% annual coupon school bonds.
The bonds shall mature and be¬
come payable serially in their numerical order, lowest numbers first, be¬
ginning the second year after date of issue, and in such amounts (as near as
practicable) as will, together with the interest on the outstanding tones be
met by equal annual tax levies for the payment of the bonds and interest.
The bonds shall run for a period of 23 years, the period of time being
(as near as practicable) equivalent to the life of the improvement to be
acquired by the use of the bonds.
Provided, that the district reserves the
right to pay or redeem the bonds or any of them, at any time after two years
from the date thereof.
Prin. and int. payable at the County Treasurer's
office.
The bonds shall be in such form and bear such date as may be
bonds offered Nov. 4—V. 151, p. 2384—
price of lol.99, a basis of about 4X0%.
Dated Aug. 1,1940 and due
$1,000 on Aug. 1 from 1941 to 1948 incl.
SOUTH
FAYETTE
(P.
TOWNSHIP
Sturgeon),
O.
Pa .—BOND
APPROVED—An issue of $150,000 water bonds was authorized at the recent
general election.,
VERONA
.■
SCHOOL
DISTRICT,
voters on Nov. 6 authorized an issue
Pa .—BONDS
APPROVED—'The
of $75,000 high school building bonds.
WAYNESBORO, Pa.—BONDS DEFEATED—An issue;of $60,000 water
system bonds was rejected by the voters on Nov. 5.
WEST
MAYFIELD, Pa.—BONDS NOT SOLD—'The $18,000
bonds offered Nov. 4—V.
in the
151, p. 2537—were not sold because of
New sale date will be announced shortly.
proceedings.
coupon
WEST VIEW, Pa .—BONDS DEFEATED—'The voters on Nov. 5 re¬
fused to authorize the issuance of $110,000 street improvement and $10,000
playground bonds.
WEST
on
'
.
SCHOOL
VIEW
The voters
DISTRICT,
rate of interest at which each
''
certified check for 5% of
Trcsisurcr
Pa.—BONDS DEFEATED—
of $55,000 school bonds.
WILLIAMSTOWN, Pa.—BOND OFFERING— George E.
Hoffman,
Borough Secretary, will receive sealed bids until noon on Nov. 27 for the
purchase of $32,000 4% coupon street and sewer bonds.
Dated June 1,
1940.
Denoms. $2,000 and $1,000.
Due June 1 as follows: $1,000 from
1941 to 1968, incl. and $2,000 in 1969 and 1970.
Registerable as to prin¬
cipal only.
Interest J-D.
A certified check for 2% of the bonds bid for,
payable to order of the State Treasurer, is required.
CAROLINA (State of)—CERTIFICATE OFFERING—It is
by Jeff B. Bates, State Treasurer, that he will receive sealed
bids until noon on Nov. 19, for the purchase of $3X00,000 State Highway
certificates of indebtedness.
Dated Nov. 1, 1940.
Denom. $1,000.
Due
$300,000 Nov. 1, 1942 to 1951.
Bidders are invited to name the rate of
interest which the certificates are to bear in a multiple of 14 or 1%, such
The certificates will
be issued in coupon form,
with the privilege of registration as to principal
both principal and interest.
Delivery will be made in Colum¬
bia or New York at the option of the purchaser.
Prin. and int. (M-N)
payable at the State Treasury, or at the agencies of the State in the Cities
of Charl ston and New York.
The certificates will be awarded to the bid¬
der offering to take them at the lowest rate of interest, at a price not less
than par and accrued interest to the date of delivery.
Purchasers will
be furnished with the opinion of Reed, Hoyt, Washburn & Clay of New
York, that the certificates are valid obligations of the State, such opinion
to be paid by the purchaser.
Enclose a certified check for 1% of the
amount of certificates bid for, payable to the State Treasurer.
as to
SUMTER, S. C.—BONDS SOLD—The City Clerk states that $30,000
strreet
improvement bonds were offered for sale on Nov. 6 and
of Chester, as 2Ms, for a price of 99.02,
were
awarded
to Hamilton & Co.
"V
TENNESSEE
MONTGOMERY
PURCHASE
COUNTY
(P.
CONTRAC7'—We
are
O.
Clarksville),
informed
by
■
*, •
,
CAMAS-WASHOUGAL (P. O. Camas), Wash.—-MA¬
TURITY—The Clerk of the Board of Commissioners states that the
PORT
OF
$45,000 port boDds sold to a group headed by the Charles N. Tripp Co. of
Portland, as 2s at a price of 100.27, as noted here last May, are due on
1 as follows: $4,000 in 1942 to 1951 and $5,000 In 1952, giving^a
basis of about 1.96%.
-p.\\:'
' N A r A ".:A
''
June
SPOKANE COUNTY SCHOOL DISTRICT
NO. 81 (P. O. Spokane).
school bonds offered
Wash.—BOND SALE—Of the total $41 ,,000 semi-ann.
for sale
on
151, p. 2386—a block of $147,060
Oct. 26—V.
WASHINGTON
SOUTH
announced
only or
.
bonds was pur¬
chased by the State as 1.9fs, at par, according to the County Treasurer.
Dated Nov. 1, 1940.
Due serially in from 2 to 23 years after date of issue.
CAROLINA
rate to be the same for all of the certificates bid for.
*
<
(These bonds were originally scheduled for sale on Nov. 5, but a postpone¬
necessary.—V. 151, p. 2692.)
"..A•:
ment was found
Nov. 5 rejected the proposed issue
SOUTH
prescribed by the Board of School Directors.. Bids must specify price and
bidder will purchase the bonds.
Enclose a
the par value of the bonds, payable to the County
an error
John
Tenn .—BOND
T.
Cunningham,
County Judge, that $25,000 airport notes are to be taken up at once by
Jack M. Bass & Co. of Nashville, and bonds will be authorized by legisla¬
tive enactment at the 1941 session.
The bonds will bear 2M % interest, to
be dated Jan. 1,1941, and to mature from 1942 to 1946.
;
TEXAS
BURKBURNETT, Texas—BONDS SOLD—It is reported that $4,500
stadium revenue bonds have been purchased at par by the First National
Bank of Wichita Falls.
TOLL BRIDGE AUTHORITY (P. O.Olympia)
BRIDGE STRUCTURE INSURED—The Tacoma
Wash .—COLLAPSED
Bridge, financed partly by Public Works Administration funds
and partly by public financing, was destroyed on Nov. 7 when a strong
wind ripped the suspension from its moorings. Because of insurance carried
on the span it is understood that there will be no loss to investors.
Cost of the bridge is estimated at $6,582,000 of which the Federal Govern¬
ment advanced $2,832,000 in a PWA grant and the remaining $3,750,000
was obtained through the sale of bonds last month.
The bonds, sold both in
New York and on tne Pacific Coast, consisted of $1,875,000 of 3s and a like
amount of 3Ms.
They were formally offered in New YTork on Oct. 28.
According to the investment syndicate, the span was insured for $5,200,000 with about 20 underwriters, in addition to which there is a clause in the
bond contract which 12 months use and occupancy coverage protects debt
interest to double the amount of accruals for that period.
That sum is
expected to be sufficient to cover bondholders.
Narrows
WISCONSIN
Wis.—BOND SALE—The $9,000 3M% coupon annual
town hall, genera] obligation bonds offered for sale on Nov. 1—V. 151, P2692—were purchased for a premium of $537, equal to 105.96o, a basis of
about 2.20%.
Dated Dec. 1, 1940.
Due on Dec. 1 in 1941 to 1947, incl.
ETTRICK,
MANAWA, Wis.—BOND SALE— The $20,000 2H% semi-ann. general
obligation water bonds sold to the Channer Securities Co. of Chicago, as
noted here—V. 151, p. 2692—were purchased for a premium of $1,034.35,
equal to 105.171, a basis of about 2.03%.
Due $1,000 in 1943 to 1962.
incl.
A.;..--
'-A-'•
.
.
S?-
Ky,A■
.A :
■
"A. Aaa
(P. O. Milwaukee,
Capitol Drive). Wis .—PRICE PAID—The District Secretary
states that the $73,000 1%% semi-ann. refunding, series F bonds sold to
the First National Bank of Chicago, as noted here—V. 151, p. 2538—were
purchased for a premium of $307, equal to 100.42, a basis of about 1.72%.
SHOREWOOD
Due
SCHOOL
DISTRICT
NO.
4
E.
1701
on
Nov. 1,
1955.
" :
WYOMING
CORPUS
CHRISTI, Texas—BONDS OFFERED TO PUBLIC—A new
$500,000 2M% State Aid seawall and breakwater construction
bonds, was offered on Nov. 4 by Equitable Securities Corp., Mahan,
Dittmar & Co.. Han Antonio, City National Bank & Trust Co., Kansas
City, Mo., and Crummer & Co., Inc., Dallas.
The bonds wnich are dated Oct. 10, 1940 and due Oct. 10, 1947 to 1952,
irelusive are being offered at prices to yield 2.05% to 2.50% according to
maturity.
They are interest exempt from all present Federal income taxes
under existing statutes as presently construed by the courts.
The bonds are issued under the authority granted to the City of Corpus
Christi by an act of the 37th Legislature, passed in 1921, creating State
aid for coastal protection through donation and grant to the
city of the
State ad valorem taxes collected in the counties of Brooks, Duval, Jim
Hogg, Jim Wells, Kleberg, Nueces and Willacy for a period of 25 years.
The act was amended by special act of the 46th Legislature in
1939, ex¬
tending this aid for an additional 10 year period.
Although these bonds are issued in the name of, and are a direct obliga issue
of
,
ti?n °f ( 'orPus Christi, which must levy
a tax for
their payment if
these bonds and other seawall and breakwater bonds
now
necessary,
outstanding, are
payable primarily from
monies donated and granted to the city by the
State of Texas under the above mentioned laws.
The funds donated consist
of net amounts of all State ad valorem taxes collected
upon the property
and from persons in the stipulated counties.
The total assessed valuation
in these counties for such purposes is
cents produces a
levy of $430,752.
building bonds have been purchased by
a
local bank.
that the
states
>20,000 sewer and water system bonds sold to the Commercial
State Bank of Sinton, as 4s, as noted here—V. 151, p. 2692—were
purchased
and mature as follows: $500 in 1941 and 1942; $1,000, 1943 to 1958,
at par
and $1,500 in 1959 and 1960.
RIESEL
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Riesel),
Texas—•BOND SALE DETAILS—It is stated by the Secretary of the Board
of Education that the $18,750
3% semi-ann. refunding bonds sold to
Rauscher, Pierce & Co. of Dallas, as noted here—V. 151, p. 2692—were
purchased at par and are due $750 in 1941 and $1,000 in 1942 to 1959.
P
SEMINOLE, Texas—BOND SALE DETAILS—It
the
$26,000
is
now
reported that
bonds and the $26,000 general obligation sanitary
bonds sold to Crummer & Co. of Dallas, as noted hereAn
June, were purchased as 5s at par, and mature as follows:
$26,000 revenue bonds are due on March 1 in 1942 to 1969.
sewer
revenue
system
26,000 general obligation bonds
are
r GRAND MERE, Que.—BOND SALE—The $23,000 4% school bonds
offered Nov. 4—V. 151, p. 2692—were awarded to Harris, MacKeen, Goss
& Co. of Toronto, at a price of 99.26, a basis of about 4.15.
Dated Sept. 1
MI Ml
due
on
March 1 in 1941 to 1969.
THROCKMORTON, Texas—BONDS SOLD TO RFC—A $55,000 issue
of 4
% semi-ann. water system
at
par by the
1941 to 1970.
•
r
'
•
bonds is said to have been purchased
Finance Corporation.
Due on June 1 in
revenue
Reconstruction
CO, Ont.—REDEEMS BONDS AHEAD OF TIME—Marking one
most successful years in its history,
Town Council on Oct. 28 de¬
cided to redeem town debentures to the value of $25,559 early in January.
These issues mature in 1941
and 1942, and for the most prat are being re¬
a year ahead.
The holders will receive payment at face value to¬
gether with accrued interest to Jan. 1.
Addressing the Council, Mayor
called
by the end of the year it was estimated that
municipality would have a surplus of between $30,000 and $35,000.
mill rate, or
used for the redemption of further debenture issues during the coming year.
Amos H. Waites declared that
the
This, he said, would be applied to the reduction of the 1941
ONTARIO (Province of)—SYNDICATE MEMBERS—We give here¬
all of the members of the syndicate which recently underwrote an
offering of $16,000,000 2% and 3M% refunding bonds, as reported in—
V. 151, p. 2692:
Wood, Gundy & Co.; McLeod, Young, Weir & Co.;
A. E. Ames & Co.; Bell, Gouinlock & Co.; Dominion Securities Corp.;
Mills, Spence & Co.; Royal Securities Corp., all of Toronto; McTaggart,
Hannaford, Birks & Gordon, of Montreal; Midland Securities Corp.;
Cochran, Murray & Co.; Harrison & Co.; Fry & Co., all of Toronto; Collier,
Norris & Henderson, of Montreal; Burns Bros. & Denton; R. A. Daly &
Co.; Gairdner & Co.; Bartlett, Cayley & Co.; Harris, Ramsey & Co.;
Brawley, Cathers & Co.; Dyment, Anderson & Co.; J. L. Graham & Co.;
Griffins, Norsworthy, Ltd.; C. H. Burgess & Co., and Flemming & Co., all
with
of Toronto.
WSHINER,
Texas—BONDS SOLD—It is reported that $30,000 3M%
semi-annual street improvement bonds have been sold
locally.
Second high bid of 99.07 was made by
Nationals of Montreal,
1940 and due in from 1 to 10 years.
the Banque Candienne
of the
ODEM, Texas-BOAD SALE DETAILS—'The City Secretary
^
CANADA
(Dominion of)—TREASURY BILLS SOLD—An issue of
$35,000,000 Treasury bills was sold on Oct. 31 at an average yield of
0.635%.
Dated Nov. 1, 1940 and due Jan. 31, 1941.
CANADA
$123,071,843 and the tax rate of 35
COUNTY, COUNTY LINE SCHOOL DISTRICT NO. 19
(P. O. Jacksboro), Texas—BONDS SOLD—It is said that $6,000 3K%
semi-annual
EVANSTON, Wyo.—BOND SALE—'The $75,000 semi-ann. sewage
disposal plant bonds offered for sale on Nov. 2—V. 151, p. 2386—-were
purchased by the Continental National Bank & Trust Co. of Salt Lake
City, paying a premium of $108.50, equal to 100.144. a net interest cost
of about 2.17%, on the bonds divided as follows: $35,000 as 2s, due $3,000
in 1942, and $4,000 in 1943 to 1950; the remaining $40,000 as 2Jis, due
$4,000 ir 1951 to 19R0.
Second best bid was an offer of $112.50 premium for all 2Ms. tendered
by the Casper National Bank of Casper, while^Sullivan & Co. of Denver
bid $33.75 premium for 2Ms and 2j^s.
SALABERRY DE VALLEYFIELD,
Que.—BOND SALE—Harrison &
Nationale, of Montreal, jointly,
Co. of Toronto and the Banque Canadienne
purchased an issue of $68,000 4% improvement bonds at a price of 99.53,
a
basis of about 4.05%.
Due
on
May 1 from 1941 to 1965, incl.
Dominion Securities Corp.,
bids: L. G. Beaubien & Co., 98.55;
Credit Anglo-Francais, Ltd., 95.39.
r
Other
96.60;
@FedFRASER