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ADM.
LIBRARY
BOS.
^ 13
SATURDAY
•1
'
"
.
Volume
'■
'
•'
•
'
'
'
•
• ••
^Beg. U. S. Pat. Office ;
New
Number 3992
154
Price 40 Cents
York, N. Y., Saturday, October 11, 1941
Copy
DEPARTMENT
CITY
STATE AND
a
BOND PROPOSALS AND NEGOTIATIONS
This issue consists of thirty-two pages,
instead of two sections of sixteen pages
San Mateo County School Districts
~
Note Sale—The tax anticipation
notes
aggregating $25,000, offered
for sale on Sept. 30—v. 154, p.
225—were awarded to the Anglo
Also In-This Issue
National Bank of San
California
Francisco, as follows:
$15,000 South San Francisco Uni-
pP.Pp
Corporation News
.
fled
r
School
District
notes
at
0.47%.
10,000 ' Sequoia
Dividend Tables
High
Union
School District notes at 0.35%.
Dated
Sept. 30, 1941. Due on Dec.
10, 1941.
"
Banking and Financial
is
said
plant
Bond
Sale
issue.
new
T. J.
Raney & Sons, of Little Rock, are
following
The
—
refunding agents for the district.
P'
CALIFORNIA
000, offered for sale
about
$25,000
sewer
bonds. Due on
Aug. 1 in 1942 to 1951 incl.
15,000 public improvement bonds.
Due on Aug. 1 in 1942 to 1951
incl.
y,
Alameda
(P.
4-v-;
;..vv
■. •
■
N.
&
aggregating $410,000:
Oakland School District
•'
notes at 0.14%.
High
Oakland
160,000
Arizona, State of
;y
Bond Offering
Dated Sept.
y
Joe Hunt,
—
30, 1941.
for the three
same
Bonds
»Legal opinion of
the successful bidder.
The bonds
will be delivered to the purchaser
on or about Oct. 27,
1941, at the
First National Bank of
Milk
Boston, 67
St., Boston, or at the New
Co., New York.
York Trust
^
ville), Fla.
CONNECTICUT
held
tion
—
Sept.
on
The
—
issue
of
Principal and interest (J-D)
pay¬
able
at
Sav¬
ings
Bank,
the
Harris
Trust
Chicago.1
&
Issue
was
At the elec-v authorized at an election on May
24. Legality approved by Chapman
30, the pro¬
& Cutler, of Chicago.
posal to issue $100,000 county hos¬
pital bonds was not successful, as
the required 51% of the qualified
did
voters
■'„'V!
not
Henry, III.
Bond Sale
participate.
Hillsborough County (P.
L
Tampa), Fla.
—
The
$31,000 2Vz%
street improvement bonds
coupon
offered Oct. 6—v. 154, p 257—were
awarded to C. E. Bohlander &
O.
Bond
Co. of
The $173,750 3%
refunding, series 1941-A
Sale
semi-ann.
—
...
«
,
School
30, 1941. Due on Dec.
.
,
pp; ;v:;. y;.;;.
.
$275,000 municipal light
bonds to R.
E.
County (P. O. Gaines¬
Bonds Defeated
Sold
$250,000 school bonds offered July
30, sale of which was postponed
until Aug. 22, was awarded to an
account composed of G. H. Walker
& Co., St. Louis; Mullaney, Ross
& Co. and V. P. Oatis & Co., both
of Chicago, as 2s, at par plus a
premium
of
$682.50,
equal
to
100.273, a basis of about 1.98% y
Dated
June
15,
1941.
Denom.
$1,000. Due annually on Dec. 15.
.
v.'
District notes at 0.14%.
..
1%, but the rates
-
The County Clerk
$250,000
ARIZONA
•
—
S. A., of San Francisco,
purchased the following notes
T.
has
ILLINOIS
Dupo Community High School Dis¬
trict No. 195, III.
'■'* '
Bloomington, at a price of
106.935, a basis of about 1.75%.
Dated Sept. 1, 1941 and due Jan.
Town
Treasurer,
will
receive bonds offered for sale on Oct.
1 as follows: $2,000 in 1946 and
sealed bids until noon on Oct. 16 8—v.
154, p. 322—were awarded
1947; $2,500 from 1948 to 1953 incl.
for the purchase of $325,000 bonds, to Shields & Co, of New
York, and
$3,000 from 1954 to 1957 incl.
divided as follows:
paying a price of 100.16, a basis
Second high bid of 106.429 was
$150,000
capital
improvement of about 2.98%. Dated Sept. 1,
made by Knight, Dickinson Co., of
bonds.
Due $10,000 on Sept. 1
1941. Due from Sept. ly 1944 to
Chicago.
yy.
from 1943 to 1957, incl.
1961 incl.
v::.
150,000 outdoor poor and unem¬
Lakewood, III.
-Miami Beach, Fla.
ployment relief bonds.
Due
Bond Election—An election will
Bond Sale Agreement — Ap¬
/ $10,000 on Sept. 1 from 1943
be held Oct. 17 on the question
to 1957, incl.
proval is said to have been given of
V:
issuing $4,000 sanitary sewer
25,000 emergency bonds.
Due recently to a preliminary con¬ bonds.
'j; .'y,. »;;/
.
Sept.
1 - as .• follows:
$2,000 tract to sell between $300,000
Oakland), Calif.
O.
the
approved
Bond Offering—Hugh Oefinger,
Districts
that the Bank of America,
states
rate
mul¬
Ropes, Gray, Best, - Coolidge &
Rugg, of Boston, will be furnished
Stamford (Town of), Conn.
School
County
Notes Sold
2.09%:
of
a
Bids must be for all of the
bonds offered.
The City Council
revenue
semi-ann. bonds
aggregating $40,on Oct. 8—
v. 154, p. 417—were purchased by
Marx & Co. of Birmingham, as 2s,
paying a price of 99.52, a basis of
tiple of y4
loans.
name one
each issue in
need not be the
Alachua
Colo.
Schweser & Co. of Omaha, at a
price of 98.00, which gives a net
interest rate of 3.20%,,
1, 1942, if not exchanged by bond¬
for the
—
have
to
award of
,
Animas,
Bonds Sold
(See Detailed Index Below)
Bessemer, Ala.
on
FLORIDA
>
Las
holders
Bidder to
COLORADO
Statistics, etc.
ALABAMA
interest.
of interest
(P. O. Redwood City), Calif.
each.
,
Secretary of the State Loan Com¬
sealed
•bids until 10 a.m. on Oct. 16, for
the purchase of an issue of $1,500,000 tax anticipation
bonds.
missioners,
Interest
rate
Dated
-1%%.
is
■;■ y
>
to
not
*
:
'
J
.
ARKANSAS
Arkansas,, State of
,
>
r
September Collections Show In-
•
Establishing a new high
month, Arkansas depart¬
of revenue collections in
crease
,
rfor
Bond
ann.
Sale—The
;
y
$38,500
from
1943 to 1947, incl., and
$3,000 from 1948 to 1952, incl.
;
All
semi-
construction bonds of¬
sewer
for sale
fered
(P. O.
Alvarado), Calif*
September amounted to $2,511,-457, compared to $1,949,941 in
September; 1940, and $2,441,587
in August, 1941.
> .• !;■: ; •
y
Gasoline tax at $1,272,643. estab¬
lished a new record for a single
-month and enabled highway fund
$247,777.
show
to
revenue
<
an
increase
720—were purchased. jsy Dean form,.registerable as to principal,
& Co.: of San Francisco, or as to both principal and inter¬
est.
as follows: $33,000 as 3s,
Both principal and interest
$1,100 from June 20, 1942 to
1971;
the remaining $5,500 as
2%s, due on June 20; $1,100 in
1972, $1,200, 1973 and 1974, and
$1,000 in 1975 and 1976.
-
California, State of
.
Sold
Warrants
sale
warrants
on
R.
to
Oct.
H.
issue
general obligations
of the town, and all taxable prop¬
v erty therein will be subect to the
levy
of unlimited ad valorem
taxes to pay both principal and
of
8
was
and
Moulton
offered
!::
awarded
was
&
for
Co.
of
on
about Feb. 25,
or
1942.
Calif.
y
.
•
Approved
Board of Education
—
(P. O. Sacra-
mento), Calif.
The
School Bond Sale
is said
—
The
Statement
(individually)
*/•'
$35,000
Bank
Discount
turity
called
to
interest until
1966, the ma¬
date.
The bonds will be
their optional date, Jan.
on
a
basis of about 1.74%. Dated Oct.
1, 1941. Due from Oct. 1, 1943 to
1955
incl.
Foreign
;
556
*.i.—'
Central
Acceptances
York
New
Money
E. Kettle, City Auditor
Clerk, states that no tenders
lit.
received on Oct. 6, of gen¬
obligation refunding,, issue
of 1937, series E bonds.
He re¬
ports that a new call for tenders
Rates————
556
—
553
555
Exchange
Foreign
Brokers'
General
News
Loans
Foreign
The
—
Corporation and Investment
—L——1—j——J
—,
Dividends
—Ly—i—————-
Money
Bullion
Course
of
in
of
Rates———
European
Bank
——
Banks
Discount
of
England
Rates
■
near
fu¬
bonds
reported
154, p. 323—were pur¬
by the Municipal Bond
Corp. of Alton, as 3y4s, at a price
of par. They mature serially on
chased
June 1 from 1942 to 1962 incl.
Park
Federal
—
Sinking
—
551
553
a
—-
3%'. street
sold
were
f
$12,000 issue of
improvement
bonds
recently to the Trust
Co.,of Georgia, of Atlanta, for a
premium of $510, equal to 104.25,
basis
a
incl.
of
on
about
7/:,'
2.66%.
1 in 1951 to
Dec.
.
,
Due
1962,
y
Fund
——
551
about
1.746%.
Dated
000,
1947
to
1951
incl.; $10,000,
incl.;, $13,000 from
and $14,000 in
1959. Interest J-J. Legality ap¬
proved by Chapman & Cutler, of
Chicago. Other bids for the issue
1952
to
1955
to
1954
1958
incl.
Halsey, Stuart & Co., Inc;,
for
2s,
and
Harriman
Ripley & Co., Inc., 100.329 for 2s.
100.452
Rathdrum, Idaho
Bonds Defeated
—
on
Twin Falls County
(P. O. Twin
Election—The
issuance
$259,000 county hospital bonds
will be submitted to
a
vote at
election scheduled for Oct.
is said.
Highland, Ind.
Bids Rejected—Bartel
Town
Clerk-Treasurer,
Zandstra,
rejected
the bids submitted for the $50,000
3y>% water works improvement
bonds
Falls), Idaho
Bond
INDIANA
At the elec¬
Sept. 30, the voters
rejected the proposal to issue $10,000 water supply bonds, reports
the Village Clerk.
of
556
of
15, 1941.
Due Jan. 1, 1961,
and optional Jan. 1 as follows:
$5,000 from 1943 to 1946 incl.; $6,-
were
IDAHO
554
554
basis
Oct.
Ga.
554
Reserve
Exchange
and
535
Ridge, IIIL
•Bond Sale — The Harris Trust
& Savings Bank of Chicago pur¬
chased
on
Oct.
7
an
issuer of
$146,000 judgment funding bonds
as
l%s, at a price of 100.039,
v"
•.
Hart well,
tion held
..
558
Statement—__
of
Sterling
Redemption Calls
Notices
\
GEORGIA
555
Banks
Course
.
Clearings
Germany Statement
of
y,"
ture.
Rates—556
Weekly Federal Reserve Bank Changes
5.7.;
$50,000
were
556
———————
High School District,
construction
Charles
$1,000
-T-r--——555
Bankers'
Bank
ZYz %
—
House
of
4y2%
of
Rates
(
—
556
bearing 3.35% interest until ma¬
turity in 1975.
The outstanding
carry
Reserve
554
Bank
Portland, as l%s, paying a
premium of $98, equal to 100.28,
York
New
Weekly Return of N. Y. City Clearing
Gold
semi-
the
rev¬
sold—v.
Bonds Sold—A
554
—
:—ii,—LtL——-
awarded to Atkinson-Jones & Co
and
Erie
Bond Sale Details—The
St. Augustine, Fla>.
Bond Tenders Not Submitted—
555
Reserve3.Banks
Weekly Return of Member Banks.—-.
building, equipment and im¬
provement bonds offered for sale
on
Oct. 6—v. 154, p. 257—were
1951
Mount
city would sell 3y2%
'
and
electric light plant
refunding bonds.
enue
certificates.
555
—
.—r_—,—
'Banks
ann.
School District
of
Condition
Carmichael
bonds
$44,000
formal contract under
a
the
Authorized—City. Coun¬
cil recently authorized an issue of
Banks
Reserve
(combined)
approved the proposed
of $1,035,000 bonds of
the above district, which calls for
the issuance of
callable bonds,
have
of
of
'Return
Weekly
refunding
to
Bonds
.
Federal Reserve Note Statements,——
■
with
$408,789
and America, National Trust & Sav¬
•cigarette tax at $170,337 compared ings Association of San Francisco.
No other bid was received, accord¬
'with $133,343.
>
y
: '
;
ing to the County Clerk. Due in
North Little Rock Special School six
months.
;
District (P. O. North Little
Sacramento County
which
McLeansboro, III*
| •
&
&
will be advertised in the
City
Weekly
Mariposa County (P. O. Mariposa),
'
and
State
>
'/•
INDEX
; ■" •
:• '"v
''/t Page
Department y.
;■■■
VBond Proposals and Negotiations—
529
Angeles, at 0.50%, plus a prem¬
ium of $1,535. Dated Oct. 1, 1941.
Due
-
Los
—
Refunding
hospital
Atwill
eral
'compared
State
to
Beach, and Leedy,
Co.
of
Orlando,
jointly. Under the terms of the
Wheeler
valid
be
general fund regis¬
$2,247,468.04
tered
An
—
The bonds
tional Bank of Boston.
will
First Na¬
payable at the
(M-S)
-
:
$1,000.
coupon
municipal
certificates
Miami
to submit
$49,003.74
•
dated
of
Witter
Note Sale
The $25,000 tax
$1,321,652 available for
credit to the fund, compared to anticipation notes offered for sale
on
Oct. 6—v. 154, p. 321—were
.'$1,073,874 in September, 1940. • ,
by' the
Bank
of
Sales tax was listed at $656,466, purchased
Rock), Ark.
be
$500,000
Co.
divided
p.
made
\
will
bonds
and
revenue
agreement, the said firms are al¬
lowed a 30-day period in which
of
The gasoline tax and
motor vehicle license of
the
of
Sept. ;1, 1941.
Denom.
They will be issued in
Aug. 5—v. 153,
on
—
•
•
y:
the
ment
:
-
exceed
20,- 1941. Due
Oct.
Alvarado Sanitary District
for
due
P'Pl%
t.
calling
April 1, 1942.
on
.
is
an
14, it
V
p.
offered Sept.
25—v. 154,
131—because the offers "were
not
a
high enough." High bid was
premium of $3,001, making a
net
interest
In
announcing
of about 2.95%.
cost
;
the
action,
the
COMMERCIAL & FINANCIAL
THE
,530
the
that
<«ure
town
can
attractive - price."
submitted for the
tissue, dated May 15, 1941, and
due
Nov.
15 as follows: $1,000
from 1942 to 1952, incl.; $2,000 in
J953 and 195.4, and $5,0.00 from
•
get
more
a
Eight bids were
"
«•'
•
;1955 to 1961, incl.
Offering—John
Bond
gating
-.'V
;
•
'
•"
■'V","'
'
/
'.■
•
V
•- •
,
No.
Hodges,
$50,000,
offered
for
bids
1.38,6%
•
;
Due;
being /based on > a
cost
net -interest
of
1.438%
1942
serially;: from
to
respectively. The district,
sal& apparently
/
MICHIGAN
V
unable to immedi¬
was
1945
/
incl.
and
154,
7—v.
p.
,
*
School District
22'(P. O. Lake Charles), La. ~
Bond Sale •/- The
4 %/>the :
,132—were ately decide whether to accept the
<
Berrien Springs, : Mich.
..' j
awarded to Weil & Co, of New highest: bid made according to
/
Bonds Approved —. The State!
Orleans, paying a. premium/of specification or. to accept the offer
Public Debt Commission has ap¬
$4.65, equal to 100.009,'a net .in¬ affording the, lowest interest cost
basis. It finally decided to abide proved an issue of $50,000 general
crease cost of about 2.34%, on the
bonds divided as .follows:/,.;;:/^. by the requirements set forth in obligation paving bonds, to ma¬
ture serially from 1942 to
1946
$15,000 District No,. 2 bonds, with the call for bids and then negoti¬
•incl/-' "V
}
$10,000
as
2 %s, ; due * r/on ated for the lower coupon and
A•;,;:•
./ ..
•
Nov. 1, $1,000 in 1942," $1,500, better cost'basis4 with the Union Dearborn Township School District
1943 to 1948; the remainihg Securities syndicate.
4
No, 7 (j*. O. Dearborn), Mich. /
i
Other* members
of - the First
$5,000 as 2s, due on Nov/1,
Bonds Approved — The State
Boston
Corp. ^ syndicate -/were
$1,500 irl 1949 and 1950, and
Public Debt Commission has apf
Kidder, Peabody & Co.vHarriman
-$2,000 in 1951.:/,;
proved an issue of $185,000 school
35,000. District No. 8 bonds, with Ripley & Co., Inc., Smith, Barney
to mature serially from
& Co./F/S. Moseley & Co., R. Lj bonds,
$26,000 ' as ' 2%s,/ due
on
1943 to 1947 incl.]
•/ "/• / •
•
Day & Co., StOne & Webster and
:;
Nov. l; $1,500 in 1942; $2,000;
Consolidated,* Rurajl
1943 to 1948; $2,50.0, 1949 to, Blodget, Inc., White, Weld & Co., East Jordan
and Jackson & Curtis. The; fol¬
Agricultural School District No. 2
1953; the remaining $9,000 as
Oct.
on
LOUISIANA
'
Parish ^School ^Dis¬
(P. O. Natchitoches), La.
Bond Sale — The bonds aggre¬
tricts
Calcasieu Parish
Oaktown, lad.
_-],'
made
and
interest
higher premium than that and I
will continue the sale until we
1
Natchitoches
for payment of
principal on the
bonds when due in the future.
The suit said that the plaintiff
held
$100,000
of the county's
bonds, Issued in 1923 and 1928,
and that the county had failed to
make certain interest and prin¬
cipal payments since 1936. ; '
is
vision
"I'm
get a
Clerk-Treasurer said:
Town
Saturday, October 11,-1941
.CHRONICLE
v..
$75,000 semir
,
-
will re- ann.
building
and
equipment
,Vceive sealed bids until 7 p. m. bonds offered for sale on Oct. 7—
i (C.S.T.) on Oct. 17 for the pur¬
v.
154, p. 132—were awarded to
chase of $2,500 not to exceed White, Dunbar & Co, of New
|3%% interest street improvement
Orleans, paying a premium of
ft bonds. Dated Oct. 15, 1941. Due $57, equal to 100.076, a net inter¬
$250 on Jan. 1 from 1943 to 1952, est cost of about 2.34%,' orv the
[incl.
Bidder to- name a' single bonds divided as follows: $45,500
214s, due $3,000 oh Nov!'; 1 lowing other bids, all for .4%% V * (Pi Q* East Jordan), Mich.
irate of interest/expressed in a
maturing Feb. 15, $2,500 in 1942
bonds, were received by the .dis¬
in 1954 to 1956.
Bond Offering X James Gidley,
'multiple of % of 1%.
Interest to 1944, $3,000 in 1945 to 1948,
trict/ •/'./»..i yyy/•-!/!:-"/
J-J.
A certified check for $100,
Interest, payable
M-N. / Dated
Secretary of the Board of Educa¬
Bidder—
1 ■'/ > Bate Bid
$3,500 in 1949 to 1952, $4,000 in Nov.
payable to order of the town, is 1953 to 1955, as 2.V2S, and $29,500
Ij-1941.'; 'V.;.*.'/;;.'
Ghase National Bank of New York.
'■ ■ ; tion, will receive sealed bids until
8 P.M.; on Oct. 15 for the pur¬
6Bankei;s Ti/yst Go,v H,arris Trust
r;
required.
Bonds will be direct
maturing Feb. 15, $4,500 in; 1956
V.-&
Savings
Bank/Estabrook &
- •,
chase of $70,000 not to exceed
-obligations of the town, payable and
1957, $5,000 in 1958 to 1960,
Clerk-Treasurer,
Town
v
'*
'
,
"
'
>•
.
t
■
unlimited ad valorem taxes,
and $5,500 in 1961, as 2%s.
collected on all
>:the
taxable
property
therein.; Cameron Parish Gravity Drainage
/ Town will furnish the approving
District No. 4 (P.O. Cameron), La.
•Bond Sale
The $25,000 semijrlegal opinion of Matson, Ross,out of
Indianapolis.
MARYLANO/^ivvi
Maryland, Statef of*/*.
Optioiul Schedule on $9,090,000
.*/•'
be levied and
-to
?
.
The/ $9,000,000
I%%, 2% and 212% .refunding
and improvement bonds awarded
Road
ann.
Issue
—
k
»
,
...
;
,
.
j
-
j
Ridder, La.
/ CO./ WiiitlPg,/ Weeks & Stubbs,
Higginson Corp., Paine,. Web& Co., L. F. Rothschild
,;.ber
r
2V2%
!
4 Lee
/•:«<
improvement bonds offered
recently to Smith, Barney & Co.;
*.r
''
' .y,
.v\'
for sale on Oct. 6---v. 154, p. 227—
New York, and associates--v. 154,.
IO-WA
were awarded to Scharff & Jones
p. 419—are redeemable as a whole
•'.
....
•
of New Orleans, according to the
Elliott Consolidated
Independent President of the Board of Com¬ only at the option of the State
Roads
Commission upon/ thirty
/ School District (P. O. Elliott),, j missioners. Dated Oct. 1,1941. Due'
days' published notice on any date
v
:-/ •"
towa
\ from Oct. 1, 1942 to 1951 incl.
at the principal amount plus ac¬
S>: Bond Offering— H. G. RawDe
crued
interest -together .with va;
>McCord & Ice of
,;
M.-P.
of
be
to
est
Oct.
building
15,
1941.
expressed in multiples
V4 of 1%. Principal and inter¬
(A-O 15) payable at the State
of East Jordan. A certiof the bonds,
est
/
Murphy & Co.r George ;{,r s
coupon
$1,000. Due $14,000 an¬
nually on April 15 from 1943 to
1947 incl. Rate or rates of inter¬
..
Bank
Darby &
! Co.,
Graham,
Parsons & Co.,
./ Kean, Taylor & Co., B. J«, Van: /,!' 4 y :
lilngen & Co., Inc., Bacon, Steven-r;;
-,
;
son
&
Co.; Adams,
McEntee &
• ' .
I Co., Inc.; Otis & Co., Burr & Co;/, ., r'rrB.
Dated
Denom,
.
j G.
interest
bonds.
•/
.
j.-Co.i R-. H. Moulton & Co., n°°se-^
i velt
&
Weigold, Inc., First
; "
Michigan
Corp.,
and
Chace, :
/
Whiteside & Symonds._»_____«-. .101.189
Halsey, Stuart & Co., Inc., Lehman.- ^
/
-Bros., Blair & Co.v Inc./Laden-/ /' /<
.! burg, Thalmann & Co., Phelps,
v Fenn
& Co., Inc., Shields & Co;/*-,
Gibbons & Co., Inc.;
field check for 2%
payable to order of the District
Treasurer, is required.
be conditioned on
Bids shall
the unqualified
>lings, Secretary of the Board of
' ; / opinion of the purchaser's attorr
Bond Election — The issuance, premium of 5% if redeemed or); j Ipc., H. C. Wainwright & Co..
i, Arthur Perry & Co., Schoellkopf,
j,
ney approving the legality of the
Education, states that he will re-' of
$275,000 not to exceed 3%j or before Oct. 1, 1944; 4% if re-i
Hutton: &
Pomeroy/ E; t. Lowber /; -;
bonds. Purchaser to pay for opin¬
ceive bids until Oct. 27, at 2 p.m.,'
Stokes &
Cos?" and -William R.':-v •;/-' semi-ann, waterworks and sewer-, deemed thereafter and on or be-,
.'for the purchase of $10,000 2%%
Compton & Co.
10KQ87- ion and cost of printing the
age system bonds will be
sub-, fore Oct. 1, 1947; 3% if redeemed
First National Bank of New York, *
bonds.
semi-ann. construction bonds.]
; /' ..v- "
■ .v y
mitted to the voters at an election thereafter and on or before Oct.;
Blyth & Co., ,Lazard Freres
Denom.
$1,000. Dated Nov. 1,,
scheduled for Nov. 4. Due from 1, 1950; 2% if redeemed there-;
Erin and Lake
Tawnships Frac¬
Co.,
Northern
Trust
Co.
of
1941.
Due $1,000 from Nov.
1,. 1944 to 1961.
Chicago, Goldman, Sachs & Co.,
'
after and on or before October
tional School District No* 5 (P. O.
-1942
to
1951;
callable on any
/ Newton, Abbe & Co., Hemphill, - ,, i , . i
1, -1953; 1 % if redeemed there-!
Z/*
>'• Fraser), Mich. t,,.[
Noyes
&
Go/ Mercantile-CornDonaldsonville, La. ;
j
interest payment date. The bonds,
after and on or before Oct/1,
merce Bank & Trust Co., E. R.5
/Bond Offering — Clarence'E.
Bond Offering Details—In con-!
are
to be sold subject to. the,
v
Rollins
Sons, / .Inc.,
Robert
//•
1955; and without premium'if re¬
Pryor, District Secretary, will re¬
.Hawkins / &
Co.,
and
Stern,;-?'/...-,'
opinion of Clifford Powell of Red nection with the offering deemed thereafter prior, to ma¬
,/Wampler & Co.
100.111 ceive sealed bids until 8 P.M. on
^Oak, and the district will fur- scheduled for Oct. 24 of the $20,-!
turity.
>V;;
Oct/14 for the purchase of $273,nish no other opinion.
v >
i 000 not exceeding 6% semi-ann.;
Hudson, >, Mass. ■ '* // "/■ i/
000 coupon
refunding -bonds of
bonds—v. 154, p 419—it is stated
MASSACHUSETTS f
^
Note Sale — The issue of $100/
Jacksonville Township School Dis¬
1941. Dated Nov. 1, 1941. Denom.
by Mayor George R. Blum that
trict (P. Q. New Hampton), Iowa
000
coupon
electric light plant $1,000. Due Dec/ 1 j as follows:
they mature correctly as follows:; Boston Metropolitan District; Mass.'
notes offered Oct. 9 was awarded
•V.' Bend Sale —* The $5,000 3Va%
$6,000 in 4943 and 1944; $7,000,
$500 on Nov., 1 in 1942 to 1947,
Bond Sale
The issue of $5,-.
to
Williams
&
Southgate,
of 1945 to 1948 incl.; $8,000, 1949 to
semi-ann. building bonds offered
$1,000, 1948 to 1955, and $1,500 in; 000.000 bonds offered;v Oct.i .7—
/for sale on Oct. 6—v.. 154, p. 333—;
Boston,.; as 0.75s, at a price of 1952 incl.; $9,000 in 1953 and 1954;
1956 to 1961. These bonds are to, v.
154, p. 420—-was awarded to a 100.15,. a basis of about 0.71%,
; were
awarded jointly to two.
$10,000, 1955 to 1957 inch; $11,000,
be
secured
by
a
special ad syndicate composed of the Union;
New Hampton banks, according,
Dated Oct. 15,4941. Denom. $1,000, 1958 to .11959; $12,000, . 1960 and
valorem tax.
X^:-.],*/]/
Securities Corp., R, W..Pressprichi Due Oct. 15 as follows: $15,000
to the Secretary of the Board of
1961;
$13,000,
1962;, $14,000 in
Lake " Charles, La.
j & Co., Eastman, Dillon & CoJ from 1942 to 1946 incl. and $5,000
Directors, Due $500 from Nov. 1,;
1963, and $20,000 from 1964 to
Bonds Voted — The issuance of Equitable Securities Corp./ all of from 1947 to 1951 incl. Principal 1967 incl. Bonds maturing in 1965
1942 to 1951 incl.
* ~:
~
1
New York; Paul H_, Davis & Co.^
and interest (A-O 15) payable at to
$73,000 playground and recreation
Mahaska County (P. O, Oska- I
1967,j will be - subject to re¬
Eldredge & Co./Inc.; the
center bonds was approved by the Chicago;
Second
National
Bank / of
demption prior to maturity in in¬
/ //■
loosa), Iowa
™
' I
Spencer Trask & Co., C. F. Child® Boston. 'Notes .are exempt from
voters
at
a
recent,
election.;
j
'
verse numerical order, at par and
Bonds Sold — R. E. Hinkle,]
& Co., Inc., Schwabacher & Co/
taxation ip Massachusetts and will accrued
interest, upon 30 days'
Leesville, La.
; Kaiser & Co., all of New York;;
County Auditor,, states that $42,-.
be prepared under the supervision
published notice, on any one or
Bond Offering -- Sealed bids
000 'refunding bonds were pur-i
Tb.e Boatmen's National Bankr of of" "and
certified
as
to
their more interest payment dates on
[ chased recently by the First Trust will be received until 7.30 p.m St. Louis; H. M. Byllesby 3c Co/ genuineness bythe; Director of and after the following dates, to14, by J. R. Ferguson, Inc. and Harvey Fisk & Sons, Inc.;
& Savings Bank of Davenport, on Oct.
Accounts, - Department
of Cor¬ wit: Bonds maturing in 1967, on
Town Clerk, for the purchase of both of New York,
as 2s.
' •"/, //•
and Bond,
porations and Taxation, Common¬ and after Dec. 1, 1943; bonds ma¬
the following bonds aggregating Judge & Co., Inc., Boston, as Wis,
wealth of Massachusetts.
Other turing in 1966, on and after Dec. 1,
Osage, Iowa
$20,000:
X ///,/..'/ ///•:/ /,/ ; at a price of 97.51, a basis of about
bids at the sale were as follows:;
f- Bond Sate Details — The City
1948; and bonds maturing in 1965,
'*"■
$10,000 water works improvement 1.38%, The bonds are dated. Nov;
/-]/
Int.
; Rate ;
Clerk states that the $325,000 elec-!
on
and after Dec. 1, 1953. Rate
Bidder—
_/.]-• bonds. Denom. $250, Due on 1, 1941 and due Nov. 1 as follows:' '
Rate
'
Bid •
trie plant construction bonds sold
or
rates of interest to be in multi¬
Nov. 1 as follows: $75.0, 1942
Newton,:-Abbe & Co.^____ -1% <
101.142
$100,000 in 1942; $101,000, 4943; First Nat'l Bk. of Boston. 1
to
Paine,
Webber
&
Co, of
100.789,
ples of % of 1%, not exceeding
and 1943, $1,000, 1944 to 1949,
$102,000, : 1944;
$104.000/:-1945; Lee Higginson Corp,1
100.715
Chicago, as noted here on Aug. 23,;
and $1,250 in 1950 and 1951.;
1
-,'100.68: 2%% to Dec. 1, 1941; not exceed¬
$105,000, 1946; $107,000 - in, 1947 Shields &
/were purchased as
2%s, 23/4S
ing 3% thereafter to Dec. 1, 1944,
Kidder.
Peabody
&
Co/4,
j 1; 4
-100.641
10,000
fire
station
equipment and 1948; $109,000, 1949; $111,000/
^and 3s, and mature on Dec. 1 as
Tyler &- Co,-/—------ - X
100.598 not exceeding 3V2% thereafter to
bonds, Denom! $200. Due on,'
1950;
$112,000,
1951/, $113,000, Second Nat'l Bk, of Bost.^ 1 1",
100.431
follows: $15,000 in 1944 to 1947,
Dec. 1, 1947, and not exceeding
Nov.
1
as
follows: ;$1,800,
' 100.429
1952; $114,000, 1953/$117,000 in Estabrook & "CO.-4———-1
$16,000, 1948; $17,000, 1949; $18,-,
100.696 4% thereafter until paid. - Prin¬
1942; $2,000, 1943 to 1945, 1954 and
1955;
$119,000,. 1956;-: Whiting, Weeks & Stubbs4 l'A
OOO, 1950;- $19,000, 1951; $20,000;
cipal and interest (J. & D. 1) pay¬
and $2,200 in 1946. ///'V ;
$121,000,
1957;
$122,000/,1958;
Quincy, Mass. ■//""
1952, and $25,000, 1953 to 1959.
j
able at the Detroit Trust Co., De¬
Int. rate is not to exceed 4%,
$123,000,
1959-;
$125,000, /1960;
/
Bond
Sale
— The $150,000 cou¬
troit, or at its successor paying
Sioux, City, towa
payable M-N. Dated Nov. 1,1941, $127,000,
1961; - $128,000, - 1962;
pon
street
construction
bonds
of¬
agent named by the District which
Bonds Defeated — At the elec¬ The town will furnish the legal
$130,000,
1963;
$131,000,
1964;! fered Oct. 7 were awarded to the
shall be a responsible bank or
tion held on Sept. 30, the proposal opinion of Chapman & Cutler of
$133,000 in 1965, and $2^22,000 in Second National Bank of Boston,
trust company in the City of De¬
rto issue $75,000 library building Chicago. A certified check for 5% 1966. Legal opinion of Ropes,) as Is, at/a price of 100.807, , a
troit. ! General obligations of the
bonds was turned down by the of the amount of bid, payable toj
Gray, Best, Coolidge &/Rugg; of basis of about 0.85%. Dated Oct,
district, which is authorized and
the town, is required.
Vvoters. '■
•.
r":' '%• ';••
Boston.
:>'/*///!
1, 1944!and due $15,000 annually required by law to levy upon all
(This notice .. supplements the
The successful banking group
on Oct. 1 from 1942 to 1951 incl. the taxable property therein, such
offering report given recently— made public re-offering of- the
KANSAS
•••'•:./
Principal
and
interest
(A-O) ad valorem taxes „, as may be
' •
\
y, 154, p. 177,) /
bonds
at
prices to yield from
Manhattan, Kan.
;.
payable at the National Shawmut necessary to pay the bonds and
to
l.-35%
fox
the
maturities
0.15%
Bend Election — The issuance Leesville Sewerage District, No, 3
Bank of Boston.
Legality ap¬ interest thereon, without limita¬
(P,! Q. Leesville), La.
: f$om 1942 to 4965 incl., and . a proved
f of $180,000 in bonds for the city's
by
Storey,
Thorndike, tion as to rate or amount. The
price
of
96.75
for
the
bonds
due
share in
the construction of a
Bond Sale Details — The Town
Palmer
3c
Dodge
of Boston. bonds .will 'he awarded, to the
in 1966.
v X, '
^
^
Clerk
states
that
the
$85,000
(not
public building to. include a sol¬
Other bids/.also for Is, were;as bidder whose bid produces the
Syndicate Betters Original Bid
diers' recreation center and: a pub- the $100,000) sewer system con-<
follows: '//j]']" V'/, "''/".. '■
";1 lowest interest cost to the dis¬
lie health unit will be passed on struction bonds sold to a syndi-j -r-Although the issue was sold to
trict after deducting the premium
/ Bidder— ./'•«*
' ;
"■> Rate Bid
by the voters Oct. 21.
•
' cate headed by the Equitable the Union Securities Corp. syndi-; Tyler-,
& Co.
100.768 offered, if any. Interest on prem-.
Securities Corp. of Nashville —i cate as H/4S, at a price of 97.51* NStfonal Shawmut Bank of Boston.,' 10(1.699
ium will not be considered as de¬
KENTUCKY
the original offer submitted by Shields & Co,
v. 154* p. 323—were purchased at
————
100.66
ductible in determining the net
the
WlllLauis
&
Southgate...
_____ U00.57 ,
account
specified
a
prige,
of
a price
of 100.001, a net interest
Perry County (P. Q. Hazard), Ky,
Halsey,- Stuart & Co..
100.531 interest cost. Interest on callable
101.717
for
l%s,
or
a
basis
of
about
Back Interest Payment Sought cost of about 3.72%, on the bonds
Harris Tryst & Savings Bank
100.527 bonds will be computed to ma¬
1.406%. Latter tender was made Bond.. Judge & Co., and Graham
—The payment of $8,700 as back divided: $75,500, maturing Oct. 1,
turity dates in determining the
in accordance with the notice of V Parsons & Co./—
100.450
interest on road and bridge bonds $1,500 in 1942 to 1946 ,$2,000 in
i__100.41.5 interest cost thereon. No proposal
sale requiring bidder to specify] Lee Higginson Corp.
1947
to
1952,
$2,500
dn
19.53.
to
for less than all of the bonds will
is asked in a Circuit Court suit
ft. L. Day & Co...,,.,..
......... 100,41an
interest rate of either '1%%;
be considered. Bids shall be con¬
filed by "Frederick W. Defoe of 1958, $3,000 in 1959 and 1960, $3,-^
East Longmeadow; Mass.
*i
1 % %, 2%
or 2 V4
; A • group
-New York.
•
d 500 ia 1961, to 1964,. $4,000. in
the unqualified
Bond /Sale — Tyler &. Co. Tof ditioned—upon
headed by the First Boston -Corp/
%■
The
suit
asks
further that 1965 to 1967, $4,500 in 1968 and
opinion of Claude H, Stevens, of
made two offers, .one BQston were awarded on Oct. R an
1969,
as 3%s, and $9,500, matur¬ however,
Berry
&
Stevens,
of Detroit, ap¬
county officials be prevented from
being a price of 101,1.2.for IV2 s issue of $3,800 water main bonds
making non-essential govern¬ ing Oct/ 1, $4,500 in 1970 and
at a-price of 100.125. proving the legality of the bonds..
and the other a price of 97.49 for as..0.75s,
U.
"
w
1
'
mental
expenditures until pro¬ $3,000 in l971, as 3%s/..
.
'
"
'
•
•
•
■
:
•
•
„
,
^
>
—
-
•
,
.
.
..
v
■
r
■
*
..
,
,
•
-
-
•
.
.
.
.'.X;
JX'/'-X
*•
'
■
►
..
'
./
..
f
.
'•••••
•
,
—
.
—_
.
*.
^
.
-
•
'
'' L •
T
fi
'•/ Volume
154
Number 3992
cost
opinion and of
the printing of the bonds will be
paid by the district. The bonds
turity in inverse numerical order,
at par and accrued
interest, upon
30 days', published
notice,, on any
will
be
one
6f
such
delivered at
Detroit.
certified check for
a
the par value of the
to the district.
En¬
2%
bonds,
Kalamazoo
Township,
Water District (P. O.
pay¬
Kalamazoo),
v'\Mich.
Bond
000
special
coupon
-
■ •
The
/
Sale Details
water
extension
-
•-
$65,-
to
of/. Kalamazoo—v.
420—were
of
100.11,
Lake
sold
p.
as
a
Township School
eral'
able
valorem
tenders
est
of
1937
8
p.
m.
certificates
Oct.
on
of
indebted¬
of
such
and
fully
be
describe
sold
for
which
the
to
securi¬
they
will
'
•
terest
be
district.
8
p.m.
Oct.
on
15
*
Dec.
Due
$2,000
from - 1942
1
,,
Rate
rates
or
of
to
1946
interest
Dec.
Hackley
Muskegon
.
1) payable
Union National
Heights.
A
and
to
cost
V
will
be
City
:
'bids
Clerk,
until
3
certified
will
receive
on
13
for
the purchase of
$24,125 not to
ex-
•;
ceed
5%
coupon
interest
par, are dated
and mature/ $1,000
'others $1,000 each. Due Oct. 1
and
int.
accrued
-
State
Bonds
has
—
interest.
The above
—
to
to
are
the
of
city
were authorized by the voters.
A certifed check for $500, pay¬
able to order of the City Treasurer, is required. Bids shall be
conditioned upon the unqualified
approving opinion of Miller, Canfield, Paddock & Stone, of De¬
troit, approving legality of the
bonds.
City will pay for legal
opinion and furnish the printed
Tenders Wanted
Utt,
>•••
sealed
Village
Clerk,./will
tenders
5
until
E.
receive
p.m.
on
•V
Nov. 10 of certificates of indebtediiess. " A sum of about $7,500 is
available for purchase of certifi-
M
bates and tenders should
mitted
on
as
a
basis
much
that
of
the
be sub-
will
con¬
funds
possible*
trict
No,
as
••/.
Southfield
Township
JO
,
(P.
O.
Mich.
School
:
Dis¬
Farmington),
.
'
// *
"
"■'/
"
'
.
'
awarded
were
tional
Bank
Minneapolis,
to
the
First
& /Trust
Na¬
Co; >of
1.40s,- paying
as
a
price of 100.208,
a basis of about
1.36%.
Dated Nov. 1, 1941.
Due
$30,000 from Dec. 1, 1942 to 1951
///
.
petition
was
National
..
Delayed
the
—
sale
of
In
the
Duluth, with
indicating/, a difference
of only 0.4 of 1
.
proposals
were ;
on y
cent between the
the
$1,000
bond.
■< Third
high
Stuart : &
Co./ Inc.t with 100:1666. > ParkShaughnessy & Co; ?was fourth
Halsey,
Bond Offering—S, E.
.
■■
—
matched
by
to
WPA
a
1961,
will
Funding
Commission has asked
for additional data
respecting the
be
offered
E.
for
sale
hampshire
Sale
Details
The
—
Offering
Zahn, Township
ceive
sealed
Oct.
on
20
Clerk,
bids
for
O.
Charles
—
until
the
re¬
8:30
p.m.
purchase
ment
of
1941
bonds.
Dated
Nov.
1, 1941. Denom. $1,000. Due Nov. I
as
follows: $9,000 from 1943
to,
1947 incl. and
$8,000 from 1948
to
1952
incl.
Bidder
to
name
Bank.
the
Each
proposal
must
bid
the
amount
for
state
bonds,
which shall be not less than
$85,various other purposes bonds
pur¬
000
nor
more
than
$86,000. A
chased privately on
Aug. 25 by certified check for
$1,700, pay¬
White, Weld & Co. of New York, able to order
of the township, is
and
associates—v.
153, p. 1307,
required. The successful
866,000
%%
sold
were
hospital, relief and
to
the
bankers
bidder
at
a
price of 100.131, a basis of about
0.85%. ,///''
'-- ///
Proposed
ordinance
Runnemede), N. J.
Water
Issue
calling for
an
An
—
issue
of
$110,000 water system bonds will
receive final
reading by the Bor¬
ough Council on Oct. 23.
Brigantine, N. J.
Proposed Refunding Plan — At
meeting of the Local Govern¬
will
be
furnished
with
the
ap¬
proving legal opinion of Hawkins,
Delafield & Longfellow of New
York City.
Monroe Township (P. OWilliam*"
town), N. J. < ;/•
/:'/
Proposed Refunding — The
township has submitted to the
State
Funding Commission
a
pro¬
posal calling for an issue of $80,000
2V2%
refunding
bonds
in
a
order
of
Bond Issue Details—The
bonds to provide cash for meet¬
$334,-'
ing certain tax obligations owed 000 3%%' refunding bonds exAtlantic County, past due inter¬ changed: with
the,.State; Sinking
Fund Commission—v.
est on debt, foreclosure
expense
154, p, 258—
mature Sept. 1 as follows:
and' refinancingv' expenses.
Op¬
$10,000
tional funding
bonds would be from 1942 to 1944 incl.; $11,000,
issued to meet the indicated cost 1945 to 1947 incl,; $15,000, 1948
and half the amount of outstand¬ and 1949; $16,000, 1950 and
1951;
ing debt and also an issue of $17,000, 1952; $18,000 from 1953 to
1962
incl.
and $12,000 in 1963.
certificates
of
liquidation
to
; ■
the
cover
tions
at
half
of
obliga¬
Newark,
„
bonds
carry
other
outstanding.
wrould
The
refunding
mature in
1981
and
series of rates beginning
and rising to 4% by 1948.
a
1%
Carteret, N. J.
Proposed Bond Issue—An ordi¬
City
Official
sioner
Plan
N.
J.
Favors
Darby's
Debt
Commis¬
Adjustment
Belief that Local Govern¬
—
ment
Commissioner Darby's plan
adjustment of Newark's sink¬
ing fund—v. 154, p. 421—is the
for
/
providing for the issuance most feasible for the city was ex¬
$35,715 various improvement pressed Oct. 7 by City Commis¬
reading sioner Byrne in a letter to Mayor
by
the
Borough
Council
on
Murphy.
of
bonds will be given final
Jefferson City, Mo.
The State
—
Supreme Court recently ruled in¬
valid the $200,000 public build¬
ing bonds that were voted at an
election held Feb,
court
is
said
issue
to
27, 1940.
have
violated
.
held
the
~
The
that
constitu¬
provision that taxes may
be levied and collected for public
purposes
''
only.
/-•*"
/Bond
■
"
•
-..
''4 •,. •
Approved
—
A
'& Trauernicht of St. Louis. Dated
-
'
'
'
/
.
"•
■.
Commissioner
Collector
of
Taxes, reports that
the Police and Firemen's Pension
Fund
has
purchased an issue of
$18,000 3% municipal euipment
bonds, due from 1942 to 1946 incl.
informed
are
Darby
Englewood, N. J.
Offering
Byrne
plan
has
cannot
be
J.
said
the
advantages
disregarded"
and that he favors it above other
plans
submitted "to the city, in¬
cluding one by Norman S. Taber,
municipal finance consultant.
Mr. Byrne's letter to the
Mayor
in response to the latter's
quest for his reaction
/
Thomas
(
"which
was
•
fered
the
re¬
plans of¬
Horace
K.
on
city /by ,
chairman
of
Mayor
Murphy's advisory committee 011
21 for the purchase of
$90,000 not finances, and Mr. Darby.
The
—
Ahrens, City Clerk, will receive Corbin,
sealed
to
bids
exceed
until
6%
8
P.M.
interest
on
Oct.
series
B
;or
registered refunding
bonds. Dated Dec. 1, 1940. Denom.
coupon
$1,000. Due Dec. 1
Washington, Mo.
Bonds Sold —-We
:;•<///
Cliff side Park, N. /. /
Bond Sale — Herbert L. Post,
;«■"
$26,000 issue of 1%% public im¬
provement bonds has been, ap¬
proved as to legality by Charles
Oct.; 1, 1941/.
Oct.-15.
Bond
Rolla, Mo.
Legality
•
-
as
follows: $25,-
000 in
1947 and 1948, and $20,000
in 1949 and 1950. Didder to name
by H. P. Henselmeier, City Clerk, a single rate of interest, expressed
that / $224,000
bridge refunding in a multiple of Y4 or l/10th of
b^nds were purchased recently by 1%.
Principal and interest (J-D)
Bitting, Jones & Co. of St. Louis, payable at the Chemical Bank &
,
_
_
1879
av
payable at the Livingston National
$1,-
Corbin
committee
version
of
has
the Taber
favored
a
plan.
Advising against refunding, the
Corbin
use
of
committee" "recommended
a
sinking fund surplus to
cut down city debt requirements.
Employment of
in this
Byrne
was
an
expert to help
also recommended. Mr.
pointed
he
but
opposed refunding.
.
/
has
long
,
.
BEekraan 3-334L
;s
a
week [every Thursday (general
(Telephone State 0613). London—Ed¬
1 Drapers' Gardens, London, E.C. Copyright 1941by William B. Dana- Compapy. Rentered as second-class matter
September 12, 1941, at the post office at New York, N.Y., under the Act of March
Subscriptions In United 8tates and Possessions. $18.00 per
year, $10.00 for '6 months; in Dominion of
Canada/$19.'50 per year, $10.75 for 6 months. South and Central America, Spain, Mexico and
$21.50 per year,-:$11.75 for 6 months; Great Britain, Continental
Cuba,
Europe/(except;Spain)/Asia; 'Australia and Africa, $23.00 per year, $12.50 for 6 months. NOTE: On account of the fluctuations In the
of exchange, remittances for foreign subscriptions and
rat«a
advertisements must be made in New York
funds.
wards & Smith,
of
$85,000 not to exceed 6% interest
coupon or registered sewer assess¬
Street, New York,
3.
G.
will
single rate of interest, expressed
in a multiple of % or l/10th of
1%. Principal and interest (M-N)
Hampshire (State of)
Bond
Township (P.
Livingston), N. J.
Bond
354—
p.
Robert
15, it is said.
new
New
and
missouri
i Bonds Invalidated
100.1583, and Northwestern
National Bank & Trust Company,
Township
nance
tional
award.
has
Which has not been made.
rh/.;///,
after
was
be
1946/ $2,000, 1947
$1,000 in 1962.
the
the
to
grant
The two groups were consolidated
and jointly reoffered the bonds
bidder '*•
the "bonds
as
Dated April 1, 1941. Due on April
1 as follows: $1,000 in 1942 to
com¬
of
of
yet due to the
fact that thCproceeds of the issue
;.//,/./;//•/
of
^Minneapolis
was j fifth / at
Stephens, 10Q.125. All bids were for l.40s.
Director, will receive sealed bids
until Oct. 14 for the purchase of ■///
St. Louis Park, Minn. V
Certificate Sale
$52,000 coupon refunding bonds.
The follow¬
/.Dated Oct. 15, 1941. Denomina¬ ing semi-ann. orders and certifi-.
tion $lt000. Due June 1, as fol¬ cates
aggregating $14,467.50, / of¬
lows: $2,000 in 1943 to 195Q and fered for sale on Oct. 6—v.
154,
$3,000 in 1951, to 1962. Bonds ma¬ p. 354r—were awarded to a syndi¬
turing in 1960 to 1962 will be sub- cate
composed . of
the
North¬
ject to redemption prior to ma¬ western National Bank & Trust
.
with
not been made
First and American
Bank
100.2083;
with
Issuance
that/delivery
v.
Sale—The $300,000 semi*
funding bonds offered \ for
on
Oct. 7—v.. 154, p. 133-^
Other Bids—Second in the
William
—
.Valley Separate School Dis¬
(P; 0;i Water Valley), Miss.
/Bond
par
County (P. O. Grand
Rapids), Minn,
:
sale
Roseville, Mich.
v
'
bonds
—
Water
Bond
ann.
Public
$36,000 2%% semi-ann. improve¬
-«
154,
the
new jersey
ment-bonds to the J. S. Love Co.
of Jacksonr at
100.519, as noted
here in April, it is now stated
Bank.
to
Bellmawr (P. O.
(A-O) payable at the Forest
State
fur¬
bidder.
(P. O. West"
mcnt), N. J.
Proposed Bond Issue—The State
for
Papilion, Neb.
.•
and
Itasca
Jy
to
/
about Nov.
maturity. Denom/$1,000. Dated
Lake
obligation
City will be
successful
to retire an equal amount
outstanding obligations about
Dec/ 1. Refinancing is
designed
ment Board held on Sept.
29, the to effect a saving of $10,553.18
proposed readjustment plan for in interest charges.
Approximately
Prin, and ; int. (M-N) payable at the
city, submitted
by
C.
F. $27,200 of
outstanding bonds
the Chase National Bank of New Aufderhar, of the
Savings Banks would be redeemed from avail-*
York/- Legality to be approved by Trust Company, New York
City, able cash resources on Dec. 1.
;
Thomson, -Wood & Hoffman of was considered. The proposal calls
New York City.
Neptune City, N. J.
for the issuance of $165,000 new /
//■/
firm
Prin.
Offered
;
Nov/1/1941. Due on May 1 as
follows:
$7,000," 1944
to
1948,
$10,000/ '1949 2 and * 1950/ $5,000,
1951;/ and1/$15,000, 1952 to 1956.
and
1/ 1956, at
interest.
Haddon
war¬
offered
)
eral-investment at prices to yield
from-: L10% to 2.10%, according
Treasurer's office. The bonds
int.
Oct.
j
Meridian, Miss. '
•
connection
after
accrued
the
Livingston
$10,000
Schweser Co. of Omaha, accord¬
ing to the Village Clerk. Due on
Nov. 1 in 1954 to 1956; optional
on or after Nov.
1, 1946.
the First
'
6—v.
awarded
now
2Vbs, at 101.645, are
l, ; 1941, and mature
as
on
and
to
The
bonds
con¬
White, Dunbar & Co., Inc. of New
Orleans, .are
offering
$140,000
2% %f refunding bonds for gen¬
Bank/c-;-/v^/j^
Sold
It is
Memphis, as
June, were pur¬
about 2.31%;
1,
Prin.
School
1 as follows:
$1,500 in
1946, / $3,000, 1947 and
1948; $5,000, 1949 and 1950, $5,500,
1951, $5,000, 1952 to 1955, and $6,000 "in
1956, giving a basis of
1942
It is stated
Nov.
of
$293,-
Bond
Sale
Contemplated—Art
$8,500 issue of water improvement
June
on
,
*.
.
^
June p
and
sume
:
dated
14 of 1%. Principal and
interest (A-O) payable at the City
"
!".
chased
kBo lids
Minn.
opinion
>/ township's
informal
application
for approval of an issue of
'
$55,000
sold
—
Oct.
on
were
of
Sale
funding
sale
of
in
here
interest to be expressed in multi¬
[
.
Bank
noted
also
incl.
;
National
ples of
general
Co.
■
—
the
bonds
trict
as
bonds.
,
considered.
(M-N) payable at the Forest
,
Lake
and
'
Bond Sale Details
struction
purchased $20,000 314%
follows: $2,000-from 1943 to 1945 sewer utility revenue bonds at
par.
incl.; $3,000, 1946 to 1950 incl. and Dated, Oct. 1,( 1941. Due $1,000
$3,125 in 1951. Rate or rates of from Oct. 1, 1942 to 1961; optional
a
Trust
Consolidated
reported " that
1941,
from Nov., 1,
1942 to 1961 incl., being
optional
on and after Nov.
1, 1956, at par
'
'
v
$20,000 2%% sewage sys¬
tem bonds sold to
Park-Shaughnessy & Co. of St. Paul, as noted
here on Aug. 30, were, purchased
Oct. 1, 1941. One bond for $1,125,
fr
Lake,
Bond Sale Details
water
works improvement bonds. Dated
-
be
at
/
&
Bond
rant
Northwestern
District (P. Q. Hollandale), Miss.
that the
sealed
Oct.
will
Forest
for
P.M.*
be
minnesota
.' Bond Offering—G. A. Van
Epps,
■
will
a
Bank,
Owosso, Mich. <■*/ VV
i
.
the
Bank
Hollandale
4;
legal opinion
of-printing the bonds.
pay
to
:-rMississippi
In¬
certified check for. 2 % of
the par value of the
bonds, pay¬
able to the district*/
Treasurer, is required. Successful
bidder
Antonio.V-" 'k;
/
cost of said opinion
printing of the bonds
paid by the district.' En¬
of the
check for 2% of the
bonds, pay¬
able < to
order
of
the »District
,
purchased
jointly
by
Moroney & Co. of Houston, and
the Ranso'n-Davidson Co, of San
The City Recorder
.
the
at
—-
the
Due in 1942 to 1956 incl.
The
and
close
be
.
oft
National
deduct¬
bonds
Legal
York
Dodge, Neb,.
Minneapolis—v. 154, p. 420—were
purchased as l3/4s, at a price of
101.666, a basis of about 1.54%.
whose
maturity dates in
the
interest / cost
bonds
bonds.
expressed in multiples of. 14 of
1%. Principal and interest (an¬
nual
that
bonds/sold
as
unqualifed opinion of Miller, CanT
field, Paddock & Stone, of De¬
troit, approving the legality of the
incl.
to
after
nished
been
nebraska
$33,000 general
obligation,, street > improvement
Bids shall be conditioned
upon the
on
*
the
of
for
annually
states
thereon. No bid for less than all
the purchase of
$10,000 not-to ex¬
ceed 4%
interest coupon school
bonds. Dated Nov.
1, 1941. Denom.
$500.
to
determining
steltr Director, will receive sealed
until
callable
on
computed
Township School District
(P, O. Muskegon), Mich,
Bond Offering — John Vander-
bids
/ Price Paid
ad
mining the net interest cost.
Norton
■
district
required.
New
000 bonds.
interest
.
Mont.
An issue of
—
be
nor more than
$91,000. A certified check for $1,800, payable to order of the city,
of
$182,000 Freshmen Women's
Dormitory
building bonds is said to have
Tracy, Minn.
ing the premium offered, if any,
on premium will
not be
considered as deductible in deter r
offered, including serial num¬
bers, their: par value and the
amount
the
to
lowest
the
Bonds Sold
$90,000
Hawkins, Delafield & Longfellow
(7V O.
'
1945, arid $600 in 1946.
neces¬
bidder
Bozeman),
Sealed
—
not les than
is
Montana State College
Interest
ties
•/
such
montana
;
Interest rate is not to exceed
4%,
payable J-J. Dated Oct. 15, 1941.
Due'on; Jan. 15: $550 in-1943 to
district
be
may
the
to
produces
cost
two
as
optional prior to maturity. Inter¬
payable M-S. ■
est
Jan/15 in 1943
lage Clerk,\ for the purchase of
$2,250 certificates of indebtedness.
amount. The bonds will
or
awarded
bid
obligations.
Offerings should be firm for
taxes
on
/
Offering
.Certificate
required
thereon, without limitation
to rate
dated Oct. 1, 1937. Approxi¬
mately $3,000 is available / for
purchase
the
and
Due
1947.
ness.
bids will be received until 8
p.m.
on Oct.
20, by Joseph Justad, Vil¬
to pay the bonds and inter¬
sary
16
ness,
days
of
therein
property
Goodwillie, Secretary of Board of
Education, will receive sealed
until
v"'
by law to levy upon all the tax¬
William H.
—
obligations
bonds, which shall
$9,000 street improvement orders.
Due $3,000 on Dec. 1 in 1942
to 1944.
.'// /.k;
>.5,467.50 certificates of indebted-
V.
be
which is authorized
District
2, Mich.
Tenders Wanted
payment
the
interest (J. & D. 1) payable at the
Detroit Trust Co., Detroit. Gen¬
3s, at a price
basis of about 2.9B%.
Nc,.
V
154,
after
not
awarded
Sept. 20 to the American National
•Bank
and
•
in multiples of V4 of
1%,
exceeding 3% to and includ¬
ing June 1, 1952, and not exceed¬
ing 4% thereafter.'Principal and
assessment
bonds
interest
more
on
531
Co., Piper/-Jaffray & Hopwood, as 3%s and 33/4S, paying par. Cou¬ Trust
Co., New York City. Each
and
J. M. Dam &
Co., all of pon bonds, dated Aug. 1, 1941. proposal must state the
amount
Minneapolis, as.2%s at par:
Denom. $1,000. Due in 20 years, bid for the
following
dates, to-wit: Bonds maturing in
1962, on and after June 1, 1942;
bonds maturing irf 1961, on and
after'June 1, 1943; and bonds ma?
turing in 1960, on and after June
1, 1944. Rate or rates of interest
Eastwood
>
or
dates
of
able
,
THE COMMERCIAL & FINANCIAL
CHRONICLE
The
close
:
V
"
1
Saturday, October 11, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
532
Mr.
pressed
he
said
Byrne
was
in a multiple of lk or
l/10th of 1%. Principal apd inter¬
im¬ pressed
by the fact that Mr.
declared his plan can be
incl. and $1,000
single rate
a
York
New
from 1948 to 1955
incl. Bidder to name
Mills,
N.
Y.
!
Bond Sale—The
$17,500 coupon
or registered public works bonds
offered Oct. 8—v. 154, p. 421—
Oct.
offered
9—v.
154,
421—-
p.
awarded to F. S. Moseley &
were
Co., New York, and Marine Trust
interest, expressed in a
est (A-O) payable at the Mount of
Co., Buffalo, jointly, as iy4s, at a
Kisco National Bank & Trust Co., multiple of % or 1/10th of 1%.
"without cost¬
Mount Kisco, with New York ex¬ Principal and interest (M-N) pay¬ were awarded to R. D. White & price of 100.279, a basis of about
cent."
able at the County Treasurer's of¬ Co., New York, as 1.20s, at a price 1.22%. Dated July 1, 1941 and due
:•
"This," Mr. Byrne added, "is an change. The bonds are general
fice, or at the Bankers Trust Co., of 100.19, a basis of about 1.15%. July 1 as follows: $33,000 in 1943;
advantage that is not true of any obligations of the district, pay¬
able from unlimited taxes. A cer¬ New York. The bonds are general Dated Aug. 11, 1941, and due $2,- $35,000 from 1944 to 1960 incl. and
other plan before the city."
500
Darby
put into operation
ing the city a red
$300, payable to
is required.
tified check for
/Northvale School District, N.
h' Bonds Exchanged
with
tion
the
—
/.
In connec¬
report in—v.
154,
order of the district,
of Dillon, Vande-
Legal opinion
water & Moore of New
furnished
the
York City
successful
obligations of the county, payable
from unlimited ad valorem taxes.
check for
certified
A
$400, pay¬
able to order of the County Treas¬
is required. Legal opinion of
Hawkins, Delafield & Longfellow
of New York City will be fur¬
Aug. 11 from 1942
Other bids:
annually
to
on
1948, incl.
Bidder
C.
Childs
F.
Sherwood
and
Co.
&
Co....."....
&
Manufacturers
1.20%"
Traders
&
Rate Bid
Int. Rate
-
>
100.117
;
$33,000
in 1961. Re-offered to
yield from 0.35% to 1.30%, ac¬
cording to maturity. Among other
bids
the following:
were
«...
•
•
Int.
-•
•
Rate1,"
.
1.20%
V
100.159
325, of the purchase of Fred
Bidder—
./'•
Rate
Bid
E. H. Rollins & Sons, Inc.
1.20%
" .100.08
Dick & Merle-Smith.,..—
l'/4%
100.199
Mason, Jr.' & Co. of Newark, of bidder.
/; ,
,,
Gordon Graves & Co.,.;.
1.40%
>100,387
Glore, Forgan & Co. and
X •
•'
$30,000 3%% refunding bonds, we
Buffalo, N. Y.
Estabrook & Co.™_
VA
100.178
71
New York, N. Y.
nished the successful bidder.
subsequently learned that the firm
Halsey,.
Stuart • &
Co.,
Heavy Maturities and Limited
Subscribes for
handled exchange of the bonds
$100,000,000 of
Inc., Darby & Co„and
New Federal Bonds—Comptroller
Schlater,
Gardner
&
% >'
Cooperstown, N. Y.
with r holders
of
the ' original Refunding Cited by Comptroller—
The city's financial achievements,
Co., Inc.
VA
100.113
Bond Sale
The $135,000 cou¬ Joseph D. McGoldrick personally
securities, at par; Due $3,000 an¬
Blair
&
Co., Inc., Gra-•"
as
well
as
some
of the fiscal
nually from 1942 to 1951 incl.
pon
or registered: water
supply appeared at the Federal Reserve
ham, Parsons & Co. &
shoals it must navigate in
the
G. M.-P. Murphy & Co.
VA
100.093
system bonds offered Oct." 8 — Bank Oct. 9 and subscribed on be¬
Pennsauken Township (P►. O.
Phelps, Fenn & Co., Inc., • '
future, are outlined in detail 4n v.
154, p. 325—were awarded to half of the sinking funds of the
No. Tr. Co. of Chicago,
v"
V
Pennsauken), N. J.
Comptroller Frank M. Davis' con¬
and R. W. Pressprich &
Halsey, Stuart & Co., Inc., New city for $100,000,000 of the forth¬
;
\
:
'£ Bond Offering—Robert V. Pea- densed financial report for the
Co.,™™
VA
100.092
York, as iy4s, at a price of 100.277, coming United States of America
Lehman
body, Township Clerk, will re¬ fiscal year ended June 30, 1941,
Bros.,
Manufac¬
2i/2% Treasury bonds of 1967-72.
a basis of about 1.23%. Dated Nov.
turers & Traders Trust
">
ceive sealed bids until 8 p.m. on issued Oct. 2.
Co. and Kean, Taylor &
1, 1941 and due Nov. 1 as follows: These bonds are dated Oct. 20,
Oct. 20 for the purchase of $300,At the same time Mr. Davis and
Co.
VA
100.089
$5,000 from 194& to 1956 incl. and 1941 and are due Sept. 15, 1972.
000 not to exceed 4%
interest his deputy, George W. WanaUnion Securs. Corp., L. F.
$6,000 from 1957 to 1966 incl. Under the terms of the subscrip¬
Rothschild
&
Co.
and
coupon
or
registered refunding maker, gave an implied warning
Bonds maturing 1957 to 1986 incl. tion Mr. McGoldrick handed over
R. D. White & Co._™
1.30
-100.309
bonds. Dated June 1, 1841. Denom. to budget makers of the next five
Sachs
&
Co.,
:
•;
callable on any interest date on a check for $10,000,000 in pay¬ Goldman,
Mercantile
Commerce
$1,000. Due Dec. 1 as follows: $10,- years by making known results of not less than
,30 days' published ment of 10% of the amount for
Bk. & Tr. Co. and H. L.
'
-V' 000 in
1946; $15,000, 1947 and a new study showing the limited
The $100,000,notice at par and accrued interest. which he applied.
Allen & Co—
—_w
1.30 '
100.257
1948; $10,000, 1949; $30,000,-1950; amount of bonds that can be re¬
Among other bids for the issue 000 subscription represents ap¬
Pelham Manor, N. Y.
$25,000, 1951 to 1955 incl.; $30,- funded between now and the were the
following: :7 -: • • ' V,. proximately 1/12 of the entire
000, 1956; $35,000 in 1957 and $30,- 1946-47 fiscal year, even if the
Other Bids
The $12,000 re¬
Bidder
Int. Rate
Rats Bid
Treasury offering of $1,200,000,000 in 1958.
Bidder to name a State Comptroller permits
100.24
the E. H. Rollins & Sons, Inc. 1%%
000,. Apart from a limited par¬ funding bonds awarded Oct. 6 to
Barr Bros. & Co., Inc......
-1%%
100.19 single rate of interest, expressed maximum amount of legal refund¬ Shields & Co
1%%
100.03
ticipation in the liberty loan dur¬ Lee Higginson Corp., New York,
Roosevelt & Weigold, Inc. ,1.30%
in a multiple of V4 or l/10th of ing in those years.
100.22
ing the last war, this is the first as 1.60s, at 100.137, a basis of
Lehman Bros,
and H. C.
1%. Principal and interest (J-D)
In the condensed report a table
about
1.59%—v.
Wainwright & Co
:..
1.30%
100.0899 time the City of New York has
154, p. 450—
C.
P.
Childs
& Co.
and
payable at the Pennsauken Town¬ of bond maturities between now
7?
entered the field of federal in¬ were also bid for as follows:
Sherwood & Co....;;...'
1.30%
100.0896
-Bidder
Int. Rate Rate Bid
ship National Bank, North Mer- and 1970 shows the city's debt Hemphill, Noyes & Co.
\
vestments.
7'7/7 77.7.7 7.' C. F. Childs & Co. and
and Spencer Trask & Co. -.1.40%
100.56 *
chantville, or at the Philadelphia would be paid entirely if no new Harriman
Ripley & Co.,
V; !■
Sherwood & Co—1.60%
100.11.
New York State Bridge Authority,
Inc.
...............v.,-.
1.40% "V.; 100.409
National Bank, Philadelphia. Each bonds were issued between now
E. H. Rollins & Sons, Inc.
1.70%
100.33'
Gordon Graves & Co......
1.40%
«... 100.321.
The tabulation shows
proposal must state the amount and then.
77777.:
N.Y.
77K- 7;-v. Roosevelt & Weigold, Inc. 1.705^. 100.28
v
George B. Gibbons & Co.,
•%/" '
7
bid for the bonds which shall be that of the $99,664,000 that must
Complete Refunding
7;
Hempstead (Village; of), N* Y.
Inc.
> 1.70%
100.14not less than $300,000 nor more be raised by a general tax levy
Pleased with the record-break¬
will
p.
be
urer,
Trust
Co.
.
..........
.
...
,
.
—
.
.
•
$301,000. The purchaser must
also pay an amount equal to the
interest on the bonds accrued to
the date of payment of the pur¬
chase price.
In. the event that
than
prior to the delivery of the bonds
the income received by private
holders from bonds of the same
1942-36.5
.
f
—
:
....,
*
i
Union
Bond Sale
City, N. J.
The $504,000 cou¬
—
registered refunding bonds
offered Oct. 9—v. 154, p. 354—
pon or
were
awarded to
a
syndicate com¬
of Kean, Taylor & Co.,
Minsch,.. Monell
&
Co.,
Inc.,
VanDeventer Bros., Inc., Newark,
and Bioren & Co., Philadelphia,
posed
pay
tions), $52,000,000—or more than
50% falls due between the years
1942-43 and 1946-47.
//V
Added to that fiscal headache,
harass the city
administration taking office Jan.
most of which will
Counsel
—
authorized
been
has
The Village
to
in con¬
proposed issue of
USO ; recreation 1 center
prepare necessary papers
with
nection
$40,750
a
bonds. Part of the cost would be
paid from a Federal grant.
- > '
as
2y4s, at a price of 100.145, a
Dated Sept.
basis of about 2.24%.
1, 1941 and due Sept. 1 as follows:
$8,000 from 1943 to 1947 incl.; $3,000, 1948; $37,000, 1951; $80,000,
1952; $99,000, 1953; $119,000 in
;
s-;
Max. Legal
Refunding
$3,419,161
2,902,605
2.416,841
from Tax Levy
Year
"
1946-47.........
$11,645,892.60
10,823,987
13,372,753
9,222,377
6,918,410
2,013,026
1,713,418
showed the
city's assessed valuation, against
which
report
taxes
be
may
levied,
is
pared
to
with
1932-33.
'
the
$102,459,754- in
7/-y>/:vU
at
Albany
on
Ava
and
$126,000
First
,
.
100.42
2%%
Co.
National
of
Bank
Boonville
?%,.
v
100.033.
.
Union Free School
No. 6 (P. O. Maybrook),
Montgomery
District
'
Y.
"rir'lr..;;-:
Th$ $10,000 re¬
v N.
Bids
Other
—
funding bonds awarded Oct. 6 to
Manufacturers
Traders, Trust
&
Co., Buffalo, as 1.20s, at 100.139, a
basis
of
about
1.17%—v.
154,
p.
lows:
'
C.
F.
Graves
Childs
&
&
".;r"'-
■'
Int. Rate
JBidder
Gordon
Sherwood
Port Chester, N. Y* 7777
?Note Offering—Harry Wunsch,
Village Treasurer, will receive
sealed bids until 2 P. M.
purchase of $14,900 notesj
as follows:/ /7 7
:
5 '
$13,000 public improvement notes.
7V Due Oct. 15, 1942. - " •
7
&
Co.™
Co.
1.30%
and
15, 1941, and the opinion of Reed,
Hoyt, Washburn & Clayi of New
York City, as to the validity of
issue at
successful
2%%, payable in 10 years.
^Francis
M.; Glynn,
executive
secretary of the Bridge Author¬
ity,! reporting completion of the
transactions, said they were car¬
ried out under provision of the
Ryan bill, sponsored by Senator
Ryan of Rhinecliff.
derived
Revenue
from'
the
will
notes
not be
Bidder
to
name
a
v.
.-.1
100.19
single rate of
$40,000 at an election held in interest, expressed in a multiple
October, 1940.
of y4 or l/10th of 1%. Principal
School District
Columbia County (P. O. Hudson), and interest (M-N) payable at the
No. 2 (P. O. Bedford), N. Y.
•
Glens
Falls
National
Bank
&
N. Y.
Bond Offering — Eleanor LapsBond Offering — Clinton R. Trust Co., Glens Falls. The bonds
ley, District Clerk, will receive
are
unlimited tax obligations of
sealed bids until 2 P.M. on Oct. 17 Clapper, County Treasurer, will
approving
sealed
bids until
10:30 the district and the
for the purchase of $15,000 not to receive
exceed
6%
interest coupon or A.M. on Oct. 22 for the purchase opinion of Willard -A. White, of
Glens
Falls, will be furnished the
registered series A building bonds. of $20,000 not to exceed 6% inter¬
successful
bidder,
A
certified
Dated Oct. 15,1941. Denom. $1,000. est coupon or registered county
check for $400, payable to order
home
bonds.
Dated
Nov.
1,
1941.
Due $1,000 annually on Oct. 15
Denom. $1,000. Due Nov. 1 as fol¬ of the Board of Education, is re¬
from 1942 to 1956 incl. Bidder to
Bedford
Common
name
a
single rate of interest, ex¬
lows-:
$2,000
from
1942
to
1947
quired.
will
r
Rochester, N. Y.
Gain
Reports
In
Tax
Collec¬
tions—September* collections
the,; 1941
tax
months'
brought
total
of
nine-
the
to
$16,231,322, or
92% of the total levy of $17,554,-
the
335, the highest percentage of any
tax levy to be collected in the last
six years, City Treasurer Haskell
$1,640,000
remaining
block
of H. Marks has reported to the
bonds floated to finance construc¬ comptroller.
tion
of
the
Since the 1940 levy was $17,bridge
connecting
Hudson and Catskill.
Originally 714,022, the collections on the
the issue was about $2,500,000, all nine-months'
period, $16,079,151,
but
$1,640,000
off through serial
to
replace the old 4% Bear Moun¬
bridge bonds. This issue will
tain
advocated
in
place
a
25-cent basic toll rate
of the
existing
50-cent
basic rate.
of
$1,323,013 against $1,634,871 a
Percentages of levies in
collected in the first
year ago.
the six years
nine months were:
ular
who
attended
the
meeting were:
levy, the city collected $852,deliquent taxes over the
first
nine
This
made
—
months
of
this
total
of
collections
a
year.
the period of $17,083,855 and
compared with $16,879,305 in 1940
for
and
$17,545,826 in 1939.
N.
Sidney,
Other Bids
—
Y.
The $63,000 water
awarded Oct. 6 to
Gibbons'& Co., Inc.;
York, as 1.70s, at 100.209,
system bonds
B.
George
New
basis
about
of
1.68%—v.
bid
also
450—were
p.
154,
for
as
follows:
Int. Rate Rate Bid
Bidder
E.
C.
H. RoUins &
F.
Childs
Sherwood
D.
First
ney
&
&
Co.,
White
Weigold, Inc.
&
—
100.131
1%%
100.111
1.80%
100.27
1.90%
100.499
1.90%
2%
100.34
2%
100.638
Traders
Inc.—™-__
National
1.70%
and
Co.
Roosevelt &
R.
Co.
Co
Co., Buffalo
Manufacturers
Blair
Sons, Inc.
&
&
Marine Trust
Trust
Onondaga County (P. O. Syrause), N. Y.
Bond Sale
The $661,000 cou¬
pon
registered refunding bonds
addition to the reg¬
In
in
532
Addison P.
Jones, Catskill, chair¬
man
of the Authority, and Ray¬
mond
Kennedy, Hudson.
John
L. Pray, counsel to the Authority,
also was present.
1941—
1940—0.90759;
—0.89780;
0.92463.
1936—0.84200;
1938—0.86001; 1939
1937—0.85700;
a
Other members of the Authority
■
.
the
Deposits
Poughkeepsie and Rip Van Winkle
structures was used to pay off the
.
authorized in the amount of
furnished
required.
-
.
be
bidder.
,
1.30%
Co
All of the notes will be dated Oct.
same
—
were
Oct. 14
on
for the
time the authority
At the
•
YORK
100.27 >'
of
the
total
as
having been paid were 0.90759
retirements.
against approximately 0.92 this
As the bridges now stand, the year.
:\7 *'7;-7; -7 •'
'/
r*. sole remaining bond issue is the
There is at present an uncol¬
Rate Bid
100.276
$2,300,000 in 23/4% bonds issued lected balance on this year's levy
450—were also bid for as fol¬
—
NEW
100.28
Co.•„ 2.10%
&
completedrefunding operations
covering the recall of $2,300,000 in
Bear
Mountain
4%
bonds,, and
the issuance of a new $2,300,000
R. D. White & Co.™--'1.40%
100.237
in 1955. Rebe paid off in 10 years.
Canajoharie, N. Y*
Substan¬
E. H. Rollins & Sons, Inc.
1Vfe %
100.319
offered to yield from 0.75% to
100.175
tial
savings
in
interest
were
Bonds Sold
An issue of $38,- Marine Trust Co. of Buffalo iya%
2.20%,
according to maturity.
Maybrook National Bank
2.30%
100.50
achieved through retirement of
Among other bids were the fol¬ 000 fire house construction bonds
the 4j/2% Rip Van Winkle bonds
lowing: Kidder, ■ Peabody & Co. was sold to C. F. Childs & Co. and Moreau Union Free School District
and the replacement of the 4%
and
Bacon,
Stevenson
& Co., Sherwood & Co., both of New No. 1 (P. O. South Glens Falls),
Bear Mountain bonds by a 23/4%
100.52 for $502,000 2.40s; Goldman, York, jointly, as 1.70s, at a price
7- N. Y. '
issue.
Revenues from all three
Sachs & Co., Estabrook & Co. and of 100.115, a basis of about 1.69%.
Bond Offering
Ernest W.
Charles Clark & Co., 100.247 for Dated Aug. 1, 1941. Denom. $500. Cronquist, District Clerk, will re¬ bridges will be available for pay¬
Due $2,000 annually on Aug.
1 ceive sealed bids until 2 P.M. on ment of the new Bear Mountain
$503,000 2.40s; J. B, Hanauer &
issue.
•> "/■ 7'■'/;'•■••/ X : :<x
from 1942 to 1960 incl. Principal
'■
Oct. 14 for the purchase of $20,Co., John B. Carroll & Co., H. L.
Members of the Bridge Author¬
Schwamm & Co., Katz & O'Brien, and interest (F-A) payable at the 000 not to exceed 6% interest cou¬
National
Bank. pon or registered school building ity are working on a proposal to
and Einhorn & Co., 100.222 for Canajoharie
approved by
Dillon, bonds. Dated Nov. 1,1941. Denom. reduce tolls on all three bridges,
$503,000 2.40s; Blyth & Co., Paine, Legality
Robert Hoe, Poughkeepsie mem¬
&
Moore
of New
Webber & Co. and H. L. Allen & Vandewater
$1,000. Due $1,000 annually on
ber /of
York City. Bonds for this purpose Nov.
the Authority, having
1 from 1942 to
1961 incl.
Co., 100.604 for $501,000 2y2s/'
1954,
:7.'7''7
Murphy
.
also
$904,437,090 in the cur¬
rent fiscal year, compared with a
high mark of $1,125,853,000 in
1932-33, while the debt as of June
30 had risen to $108,862,512, com¬
down
Tremaine
M.-P.
G.
CO.„^i.i'"'l%%•.;■
&
—
Trust
1
troller
traffic
White
D.
West Turin, High Oct; 1 to complete payment of the
Central) Rural remaining indebtedness of $1,640,School District Nc>, 1 (P. O. West 000 represented by the Rip Van
Winkle -/Poughkeepsie
public
parking
space
bridge 7.. 1,900
Leydon),N. Y.i
i
" -/
notes.- Due May 15, 1942.
...
Bond Sale
The $30,000 cou¬ bonds. 7 .:.",7,.' .*/•/;..; '7'> 7.77:
and
Market
.
■;
enjoyed by
the Poughkeepsie, Bear Mountain
and
Rip Van Winkle " highway
bridges across the Hudson, mem¬
bers ;/of
the New York
State
Bridge authority met with Comp¬
ing-summer
Leyden,
Lewis,
,
Debt Payable
R.
divided
.
valuations):
The
-
™™_™_™™
Plans Bond Issue
under the
Included in the bond maturities
pon or registered building addi¬
contract to purchase the bonds during the next five years are tion bonds offered Oct. 7—v.. 154,
and in such case the deposit ac¬ many refunding bonds, which can¬
p.
230—were awarded to E. H.
companying his bid will be re¬ not be refunded again.
Rollins & Sons, Inc., New York,
turned. The successful bidder will
Following is a five-year tabula¬ as 1.70s, at a price of 100.23, a
be furnished with the opinion of tion of the amounts of bonds that
basis of about 1.68%. Dated July
Hawkins, Delafield & Longfellow, are scheduled to be paid from a
1, 1941 and due $1,000 annually
of New York, that the bonds are general tax levy and the maxi¬
on July 1 from 1942 to 1971 incl.
valid and legally binding obliga¬ mum legal refunding possible in Other bids:
■;
//;/ ///'••/,, V'77/;/ ://'
tions of the Township. Enclose a those
same
years
($1,000,000
Bidder
Int. Rate
Rate Bid
X
^
certified icheck for $6,000, pay¬ represents about $1.06 of tax rate C. F. Childs & Co. and
Sherwood & Co..........
1.90%
>100.117 '
able to the Township.1-"/'
on
the basis of present assesed Manufacturers & Traders
lieved of his obligations
>
'
shall be tax¬ 1, is the fact that refunding will
able by the terms of any Federal be limited by law, if not by action
income tax law, the
successful of the State Comptroller, during
bidder may, at his election, be re¬ those same years.
type and character
.
.
off the present debt (ex¬
clusive of sinking fund appropria¬
to
;
Co
X
100.73
Bank, Sid¬
2.10%
Par
Volume 154
Number 3992
*
•»
.
*
,
•
r
THE COMMERCIAL & FINANCIAL CHRONICLE
1'
*
•
carolina
north
.
M
*
Greenfield
-
Exempted Village
District, \Ohio V
School
Boiling Springs, N.C.
Bonds Sold to
:
RFC
$25,-
Bank
im¬
sewer
school
ann.
fered
for
building
on
awarded
$4,500 fireA truck
bonds.
bonds
of¬
Oct..7—-v.
154,
V,
Lorain,, Ohio
Bond Sale
-
,
—
ties
Co., Columbus,
as iy4s, at par
plus a premium of $119. Due on
Lumberton, as l%s, Oct. 15 from 1943 to 1952 incl.
paying a premium of $228, equal "• The
$5,871. city's portion :pav¬
to 101.753, a basis of about 1.51%!.
ing bonds offered the same day
Dated Oct. 1,1941.
Due $1,000 also went to the BancOhio Securi¬
from April 1, 1943 to 1955 incl.
ties Co.,
Columbus, the bid being
a
premium of $43 for iy4s. Due
V;
Wilmington, N. C.
—
Both
Mayor
Hargrove Bellamy re¬
ports that an election may be held
in
the
future
near
of $500,000
pansion bonds.
Bonds
C.
Government
Oct.
Bond
Local
15,
v.
Ferry City School District,
;Ohio
'
Authorized—The
dated
are.
•;
Martins
ex¬
f
N.
issues
i94i.
issu¬
'
Winston-Salem,
,
the
on
water plant
Oct. 15 from 1943 to 1948 incl.
on
'
ance
•'
issue
/;■'
Approved
State; Tax
Commission
vised
Board
the
that
it
of
The
—
has
ad¬
.
$200,000 refunding bonds.
issue
may
Stark
<
:
County '(P.
Other
Bids
'
v'-;. ':S!
Bond
$100,000
at: the
of
Oct.
purchase
Village
O.
Canton),
:.v
..
,r
District,
refunding notes
Rural
Note
•;
Sale
022.47
W.
the
to
Sale—The
Bank
of Caldwell
issue
of
Other
&
School
City
\7o
100.192
Incr 1%
;»•.
1%
V
100.151
1%
.
100.141
*
v
Bond
-i}''
1% '
100.033
100.696
100.631
November
■
,
the
3%
$7,000
chase
-
>and
school
land
pur¬
No
improvement: bonds,
Issue
originally scheduled for Oct. 11-^
until Oct. 27.
;
The bonds
June.
1, 1941.
Dcnom. $1,000.
Conneaut
-
City
r'\^.
—
of Columbus
July
29
second
series
refunding notes
price of 100.04. >
1.13s, at a
as
:
'
v
Cuyahoga County (P. O. Cleve/'<,
land), Ohio
„
We
are
informed that the
154,
326—of the
p.
vote at the
election-on an issue
library bonds
was
in
November
of
$90,000
error.
'
Sale
—•
The
v.
$75,000 air¬
of
Portland, according to the City
Recorder. Dated Oct. 15,1941. Due
from Oct.;
15?. 1942V to 1951; op¬
tional on and after Oct.
15, 1946.
Toledo
Linn
School
District
(P. O.
West Linn), Ore.
Bonds Voted — The issuance of
:
-
May P.
—
Foster,
Board
Clerk-Treasurer
of
of
the
Education, reports that
voters
will
be
asked
at
the
on
the
The
Chase
National
Bank
of
cilman instead of the $18,000 due
York; Bankers Trust Com¬ a Mayor and will perform all of¬
pany, New York; Chemical Bank ficial acts as the
"acting" head of
& Trust Company; Blyth &
Co., the City Administration.
Inc.;
The
First
Boston
"The question of further for¬
Corp.;
New
Harriman
Ripley
&
C07 Inc.;
&
Co.;
Smith,
Co.; The Northern
Trust Company, Chicago; Mellon
Securities Corp.; Phelps, Fenn &
Co.; Mercantile-Commerce Bank
&
Trust
Company,
St.
Louis;
Kidder, Peabody & Co.; Moncure
Biddle & Co.; Biddle, Whelen &
Co.; E. W,-Clark & Co.; Elkins,
Morris & Co.; Graham, Parsons &
Co.;
Hemphill, Noyes. &
Co.;
Merrill Lynch, Pierce, Fenner &
Lazard
Barney
Beane;
Freres
&
>
Co.;
E.
W.
H.- Newbold's
H.
Rollins
&
Stroud &
*
*
Lemoyne, Pa. .'i'
,
'■
■
7 Bond Sale—The $25,000 fund¬
ing and street improvement bonds
offered Oct.: 2—v.
154, p. 178—
awarded to Burr &
were
Philadelphia,
premium
as
of
Relief Levy Defeated
on
refused
to
Sept.
approve
county-wide
levy
in
30
the
an
voters
2.8
a
welfare
At
—
and
mill
relief
order
functions
in
to finance relief
the years 1942 and
Co., Inc.,
l3/4s, at par plus
$142.50, equal to
100.57,7
a basis of about 1.69%.
Dated Jan. 1, 1942, and due Jan. 1
1943.;
■;'
Danbury Township School District
(P. O. Marblehead), Ohio ■
!
Note1
sold
of
to
the
First
Na¬
Barnesville,
.
as
V"/
:
Vote
on
r
V
;;
Note
!
Sale
.
^ The
$6,853.52
refunding notes of¬
fered Oct. 1—v.,
154, p. 39—were
second
series
awarded to the Citizens National
of
Barnesville, as
Bank
,
that
the
1.09s.
Dated Oct.
16, 1941 and' due Oct.
16,.1943. „Callable after Nov. 30.
—
City Auditor,
the, plan to resubmit
at the November
voters
has been abandoned.
are.
under
Ardmore, Okla.
:
the
net
on
interest
representing
ever
for
the
Oct. 14,
according to report.
bonds, the Auditor reports. '
v
f.
Bond
syndi¬
the
of
lowest
1.653%
average
obtained by. the city for
Nichols Hills, Okla.
'
Offering—Bills will
-
:
■
be
received until Oct. 14, at 10
a.m.,
bid
on
a
:,
000 annually on Jan. 1 from
1943 to 1948 incl.
5,396,000 \ refunding
l^s,
due
$284,000 annually on Jan. 1
1949 to
1,680,000 .water
c^
*
1967
4s,
incl.
due
$280,-
000 annually on Jan. 1 from
"1943 to 1948 incl.
'
is
shown that
such
1
ac¬
;
This position was confirmed
b$
Acting Council President Charles
J. Pommer.
'
'
"
'
•
7 "City Council has elected
uel
as
far
'A
Sam-^
acting Mayor and that is as
it' can go," said Pommer:
as
"The law has been fully observed
and the office of Mayor has been
satisfactorily
cessor
filled
until
sue-'
a
be
can
regularly elected in
November 2, 1943.,,,U';V
'•"v" " "
Upper Saucon
Township Schoolf
District, Lehigh County, Pa.
V Bond
Issue
Approved
(
The
—
Pennsylvania Department of In-i
ternal ;Affairs,, on Sept.
25 ap¬
proved -an:. issue of $68,000 2°/^
school
building;(bonds..7/ji7r77:-'.i!i!
RHODE ISLAND
of
103,
due
$2,000
1951, incl.
on
basis
a
Dated
Oct.
of
1,
about
1941,
andOct. 1 from 1942 to
...7
v
Providence, R. I.
\
First Independent Audit Cites
Lax Accounting
Practices
The
accounting firm of Ernst & Ernst
filed with the City Council on
Sept. 29 a report on the results
v
—-
of
the
city's
firm's
test
audit
of
the
books
charter.
Philadelphia, Pa.
Bond
Exchanges
000,000—Drexel
Exceed : $73,Co.
&
man
of
Brothers,
joint
the bond refunding
nounce
that
as
of
nal
and
Leh¬
managers
group, an¬
the-close of
bonds have been tendered for
*
$1,704,000 refunding 4s, due $284,v;:
necessary."
tory requirements of the
business
follows:
it
"
manda-I
net rate of 2.129%.
rates
as
discussed,
covering the period
from Oct. 1, 1938,
through Dec. 31;
1940.
It was the first analysis of
a net cost of about 1.782%. Final
municipal records ever made by
tender came from the State Em¬ an
independent agency and was
ployees' Retirement Fund which made in accordance with
long-term borrowing. Bonds bear
from
way
issuance of $36,400 fire equipment
a
interest rates,
cost
unless
2.41%.
jointly by Drexel
Co., Philadelphia, and Lehman
Bros'., New York, i on a bid of
for various
been
tion is
price
&
100.215
not
I
know," said the Mayor
today.
"No supplementary ac-;
tion by City Council is
expected;
&
cate, managed
„
Bond Election—The issuance of
$70,000 convention hall and fair
building completion bonds will be
submitted to the voters
Philadelphia, Pa*
— The
$14,100,000
offered
Oct.
9—v.
154,
178—were awarded to
p.
rate,
election
the
proposed issue of
$35,000 street improvement bonds
Plans,
,
7Bond Sale
bonds
oklahoma
Bond Issue Dropped
E. Allan McKeever,
to
$3,-
,(P. O. Pomeroy), Ohio
East Liverpool, Ohio
states
.
.
*
-
of
series; refunding
second
was
tional "Bank
1.16s.
issue
Sale—An
026.62
notes
v
"
has
as
this
.
Western Rural School District
far
high bidder North Providence (P. O. Centreat the sale was a syndicate headed
dale), R. I.
Bond Sale—The
by the National City Bank of
$20,000 sewer
New York, which offered 100.0022 system bonds authorized
by the
for $12,972,000 l%s and $1,128,000 Sewer Commission on
Sept. 24
have
been
sold
to
1V2S, or a net cost of about 1.712%.
Richardson &
Some of the other members in Clark, of Providence, as 3s, at a
account were Halsey, Stuart
Co., Inc.; Harris Trust & Sav¬
ings
Bank,
Chicago;
Salomon
Bros. & Hutzler, Blair & Co., Inc.,
as
follpws: $1,000 from 1943 to
Stone
&
Webster and Blodget,
1947, incl., and $2,000 from 1948
not exceed two-tenths of a mill.
to 1957, incl.
Inc., Goldman, Sachs & Co., Dick
;7 "" 7;7';:-/,'
Wellston City School
&
Merle-Smith, Estabrook & Co.,
District, Ohio
Newtown Township School Dis¬
Note Sale —The First-Central
Shields & Co., R. W. Pressprich &
trict, Delaware County, Pa.
Trust Co, of Akron purchased on
Co. and Kean, Taylor & Co.
Bond
Issue
Approved
The
A group headed by Kuhn, Loeb
Sept. 22«an issue of $10,833.99
Pennsylvania Department of In¬ &
second series
Co., Guaranty Trust Co., and
refunding notes as
ternal
Affairs on
Sept. 23 ap¬ the Union Securities Corp., of¬
Is, at par plus a premium of $5.
proved an issue of $24,000 iy2% fered a
Dated Sept.. 22 1941.7 Due
price of 100.037 for $1,Sept.
school improvement bonds.
1 1943, and optional.
> v
•
128,000 3y2s and $12,972,000 l3/4s,
of placing the library
issue, dated Dec. 1, 1938, for
$1,050,000, outside all tax limita¬
tions, the levy for .which would
bond
a
malities
so
Other Bids—Second
City School District, Ohio
Seeks to Place Bond Issue Out¬
Tax Limitations
side
tion until
November, 1943.
!;
Bros., the successful group for the
He will, during that time draw
$14,100,000 bonds also consisted the $5,000 a year salary of coun¬
—
J
election
of
tion to Drexel & Co. and Lehman
Son"; &
Son, Inc*;
Company, Inc.; Yarnall
;
&
Co.; Alex. Brown & Sons;
$20,000 construction bonds was
Charles Clark & Co.; C. C. Colapproved by the voters at an elec¬
lings
and
Company; Equitable
tion on Sept. 26, it is
reported.
Securities Corp.; First of Michi¬
gan Corp.; First National Bank
pennsylvania
and Trust Company of Minne¬
7
Ford Cliff, Pa.
apolis; Hannahs,, Ballin & Lee;
Bond Issue Approved-—An issue
W. E. Hutton & Co.; R. H. Moulton
of $9,000 2%%
street improve¬ &
Company, Inc.; Reynolds & Co.;
ment bonds was
approved Sept. Stern Brothers &
Co.; and The
24 by the
Pennsylvania Depart¬ Wisconsin Company.
West
ment of Internal Affairs.
question
purchased on
issue, of $12,035.41
an
rr-7
proposed
the
The Ohio National
Bank
Election
November election to vote
School District,
Ohio
;
Note Sale
•
dated Aug.
are
V
-
Bond
improvement, general obli¬
gation bonds offered for sale on
•
7! \
Columbus, Ohio'
' •
; Bonds Sold—The Sinking Fund
Trustees purchased at par an issue
of $55,000 4% airport bonds ap¬
proved by the City Council last
election. ■'? ;7
Toledo, Ohio
'o-;
on
Library Bond
,
report, im—v.
154, p. 326-—-has been postponed
v.
general
•
Oct.
6—v.
154,'- p.
137—were
awarded to Atkinson-Jones & Co.
'
■
be considered by the voters at the
of
J951.t
port
100.165
Field, Richards & Co.____ -114%
Paine, Webber & Co
V/4%
District,
collection
Salem,' Ore.
•
100.193
,
7, Ohio 1
Sale Postponed—Sale
'
100.221
1%
_______—100.184
Co
1947 to
100.26
*
Clark & Co
:___
Provident Savings Bank &
Trust Co.
\\
assessment
bonds, with which to finance
the city's real estate transactions.
.
:•
from
of
City
Due in
Fahey,
National
The
—
100.293
Halsey, Stuart & Co,
1.80s.
Ore.
100.272
Ohio
&
about
1%
,
ing
of
1%
Ryan, Sutherland & Co.__
Pohl
basis
Co.__
&
Inc.
Na¬
a
Authorized
2%
fund
100.318
•
Chillicothe
5
Corp.____
Bosworth
Miller
as
-
i; v;
No.
ov;.;.'-
;
Portland,
Bonds
Rate Bid
Co.17o
VanLahr, Doll & Isphord-
as
due 1943-1948
\
Well
Council is said to have authorized
the sale of $600,000 not to ex¬
ceed
Int. Rate
purchased an Sugarcreek
Township School Dis$5,728.63 second series
'
trict, Ohio
'■•
refunding notes as 2s. Due in two
Bond
Election—An • issue
of
years. Optional after Nov. 30.- "
$9,000 school building bonds will
i
•"
':v '"
t
&
were
1952, giving
2.45%. :,?:,-;-:
made
was
bids
$2,refunding
;
First
in
Is, at 100.675,
0.82%. Second
Co.i.i„y i 1%
Otis .&
Co.__—17o
Stranahan, Harris & Co., *':•••>:;
of
Columbus,
District, Ohio
Note
about
Cleveland
Hayden,
Caldwell Exempted Village School
■'
as
,
Kurtz
P.rst
District,
issue
P.
Braun,
v>.--*o'..
series
sold
was
tional Bank of
of
Bidder
"
'
School
An
—
second
notes
1.21s.
Ohio
.
basis
awarded
was
McDonald-Coolidge &
follows:
■
as
bonds
to
Columbus.
tional Bank purchased on Aug. 15
an issue of $3,655.08 second series
Bainbridge
1
The Arcanum Na¬
—
reported in
422—an issue of $94,000
by the BancOhio Securities Co. of
Ohio
.
Note Sale
p.
high bid of 100.65 for Is
School
ex¬
amount
outstanding
prior to the exchange offer was
$2,999,700,
but
only
$2,459,000
were eligible for
exchange.
All bonds eligible for
exchange
into Series A, J, L,
M, N and P
(loan authorization Sept. 22, 1924)
have been
exhausted, and such
—
As
—
Co., Cleveland,
a
'!■
•.
154,
refunding?
November
7,7
Arcanum
«
issue
system
voters
election.
;
.7
bonds will be considered
the
<
—v.
Ohio
An
water
revenue
by
Ada,
Election -2-.,
issue
■
Ohio
ohlb
total
this
.,
Education
$80,544 high
issaid
school building addition bonds.'
Commission
eligible for
The
of
,
'
have approved the issuance of
to
bonds
.
-*•
Bond Election Contemplated
dated Oct.
are
of this issue still
change.
■
awarded to the BancOhio Securi¬
tish Bank of
:
Due
All of the bonds
1, 1941. In the re-offering, the 4s
were priced to yield
0.25% to 1.20%, according
bonds."" Due $1,500 in 1946 to
maturity, and the l^s due
j
to 1952, incl.
:
1949-1967 were priced from 102 to
The bonds will be awarded to the
94, yielding approximately 1.21%
bidder offering- the lowest rates to
1.80%, according to maturity.
of interest and agreeing to pay The bonds are
legal investment, series closed. iSeries P bonds
may
Dar and accrued interest.
A cer¬
in the opinion of the
bankers, for still be obtained in exchange for
tified check for 2% of the amount
savings banks and trust funds in the 4% issue due May
16, 1977,
of the bid is required.
the States of New York and Penn¬
optional May 16, 1947 (loan au¬
sylvania. The bankers offered the thorization
June
22,
1925)
to
Oregon:
securities subject to approval as to the extent
of $668,000 principal
legality by Townsend, Elliott & amount $3,737,000
Medford, Ore.
having already
and Morgan, Lewis & been accepted for
; Bond Sale—The $10,000 general Munson,
exchange. The
amount of this issue
obligation airport improvement, Bockius, both of Philadelphia.
outstanding
This financing operation follows
sehes B semi-ann. bonds offered
prior to the exchange offer was
closely
the.
major
for sale on Oct. 7—v.
refunding pro¬ $5,000,000 principal amount, but
154, p. 137—
gram- which
was
initiated
last only
were awarded to the Charles N.
$4,405,000 were eligible for
June
by
the
city
through the exchange under the terms of the
Tripp Co. ;of Portland, as 1V4S,
Drexel-Lehman group with an ex¬
plan.
'
,
'
paying a price of 100.33, a basis
The figures now announced in¬
of. about 1.18%.
Dated July 15, change offer to holders of $131,064,000 of various bonds callable clude the
1941.
Due $1,000 from
exchange of all the re¬
July 15,
between 1942 and
1947. During maining
1942 to 1951, incl!
eligible bonds held by
/
the four months that the
exchange the Philadelphia Board of City
;
North Bend. Ore.
program has been effective, hold¬ Trusts.
Bond Sale Details
of
more
than
It is stated ers
Samuel To Act As Mayor Until
$73,000,000
that the $19,000
refunding bonds bonds, or 56% of the amount 1944—Bernard Samuel expects to
sold to
Daugherty, Cole & Co. of eligible, have taken advantage of continue to be acting Mayor until
Portland—v.
154, p. " 326—were the exchange offer through the the end of his term in January,"
purchased at '2%sj at 100.29, and same group which purchased the 1944, by simply
sitting tight as a'
mature on Sept.
result of the Supreme Court de¬
1 as follows: new $14,100,000 offering.
Underwriting Group — In addi¬ cision on Sept. 29
$2,000 in 1943 to 1951 and $1,000
barring an elec¬
The $22,969 special
paving. bonds offered
7—v..;„ 154,
p.
231—were
Oct.
354—were awarded to the Scot¬
p.
$15,000:
equipment
.$500
in
1946
and
to 1954, incl. "
10,500 Deep Water
as
.:
assessment
The $13,000 semi-
sale
was
,
,
000 annually on Jan. 1 from
1949 to 1967 incl.
,
..
^
ham), N. C.
—
bonds aggregating
refunding notes
5,320,000 water l^s, due $280,- ing only $3,300 principal amount
the
issue of $14,885.22
an
by G. R. Bixler, TownvClerk, for
purchase of the following
-
National
price of 100.10.
a
.
Ohio
Columbus
series
1.15s, at
Corporation, it is stated.
Bond Sale
of
second
Richmond County (P. 0*. Rocking¬
1
Sale—The
Aug. 12
on
bonds was sold re¬
the • Reconstruction
provement
to
cently
Finance
A
—
000 issue of water and
Note
533
Oct.
7, 1941, $73,369,400
ex¬
The
new
Providence
city-
Jour¬
of
Sept. 30 summarized the
findings of the audit as follows;*
There
ference"
the
is
an
of
"unexplained dif¬
than $21,000 in
more
City Auditor's
Treasurer's;
1938,
1939
each
of
and
figures
and
those
1940
the
on
City
unpaid
taxes.
For
the
City
years,
Auditor's figures show greater un-»
paid ' balances
than
the
City
change out of a total of $131,064,eligible under the exchange
Treasurer's figures show.
.7.
Of the 4% bonds due July 26,
Pointing out that "no doubt"
1972, optional July 26, 1942, $2,- similiar " differences
would
be
000
offer.
455.700
.
have
been
exchange for the
tendered
for
refunding
bonds of 1941, Series B, due Jan.
1,1949, optional Jan. 1,1948, leav¬
new
found
1927,
the
for
earlier
years, back to
& Ernst suggest that
Treasurer locate such
Ernst
City
"errors"
as
he
can
and
that such
THE
Carolina
differences
South
mined be
Authority
as. cannot
be ;deters
charged-off by the City
Council or that "some other pro¬
cedure" be adopted to bring the
Treasurer's books into agreement
with those of the City Auditor.
"Misleading"
figures
are
'
(P.
7
S.
Public
letter dated
check
C. L. Clark,
us,
in a
1, that a hydro¬
advises
Oct.
project is
shows as assets being constructed under loan and
taxes that are virtually uncol- grant auspices of the Public Works
lectiole.
More than $5,300,000 of Administration. He reports that
unpaid property and poll taxes is the entire amount of the loan is
the
which
city
books as covered by 4% revenue bonds
"receivable," but Ernst & Ernst aggegating $26,000,055, due seri¬
estimate that only some $2,500,- ally up to July 1, 1976.
carried
€00,
city's
the
on
less than half, will ever
or
V;
/• The city's property tax collec¬
tion record compares "favorably"
be collected.
of
cities
other
of
that
with
its
Timmonsville,
Dated
$1,000.
Due $1,000
1941.
July
.
1,
the
"■
"
'
on:
■!'
■'
from Jan. 1,1943
;
1
Tell Independent
Amarillo,
Or.-before the date'of
hearing;
'
1
(Texas,
"
O. Dyersburg),
(P.
Tenn.
'
is
Details—It
Sale
Bond
County
School District
Tell); Texas'' >
;
4
Sale
Details—The Secre¬
the
Board of Education
the $17,800 re-,
states, that
now
,
funding,
$1,500 in 1963 and 1964.
(P. O, Eden), Texas
_,;
l
V
Bond Call—It is stated by
Pitts,
S. C.
TENNESSEE
'
of
-
series A and B bonds
sold at par to the Dallas Union
Trust
Co.
of
Dallas, as noted
here last May, were purchased as
at the election held on Sept. 22—
4s, and mature on March -1 as
follows: $300 in 1942, $500, 1943 '
y;T54, p. 233. r
' . ,
' r
Eden Independent School District to 1953, $1,000, 1954, to 1962, and
^
trict.
County
(p; o.
-
Bond
;.i tary
Carthage, Texas
1954; callable at any interest / Bonds Defeated — The City
paying date. • Purchaser to fur¬ Secretary states that the voters
nish approving opinion and blank
{turned down the proposal to issue
bonds without cost to the dis¬ I
$150,000 electric light plant bonds
KfX
7v:/7
%
to
Dyer
Saturday, October 11, 1941
•
States District Clerk at.
the, bid-is re?
of
7 77.'
quired.'
Denom.
—
5%
for
.
C.
electric and navigation
in
Service
Charleston),'
O.
PWA Allotment
Comptroller,
,
COMMERCIAL & FINANCIAL CHRONICLE
now
'■
reported that the $12,500 build¬
Chairman,>7 that ing bonds sold to Russ, Ro$ & Co.
7
Yoakum, Texas
,
I. L.
Bond Bale
is
Details—It
now
bonds, num¬ of San Antonio, as noted here last stated „that the $385,000 refund- ; ;
Bond
Refunding
Plan—Bond¬
ing bonds sold to a syndicate
bered'4215 to 4416, 4419 to 5158,
Aprily were purchased at par as headed
holders are being notified that it
by the Columbian Securi¬
and 5182 .to 5186, dated Nov.':vl,
ifollows: $5,000 as 3!/2S, due $500
has
become
necessary
for f the
ties Corp. of San Antonio—v. 153,
1935, due on Nov. 1, -1965, are be¬ from March 15, 1942 to 1951, and
above town to refund the out¬
ing called for payment on Nov. $7,500 as\. 3%s, due $500 from p. 1028—were purchased as fol-;
lows:
standing indebtedness, the amount
1, at the First-Citizens National March:l5,:l952 to 1966 incl. Dated
of which is approximately $220,$31,000 314% refunding, series of s
Bank, Dyersburg. Interest ceases March 15, 1941.;
;
.,
1941 bonds. Due Feb. 15, as '1 '
000, including paving certificates on Nov. 1.
v.\
follows:
$1,000
in ,1942 vto
guaranteed by the town and sev¬
Hartley County (P. O. Channing),
eral thousand dollars of other in¬ Henry County (P. O. Paris), Tenn. !"7w.
1954, $2,000 in 1955 and 1956,
7,/.
Texas \
t,:\
Bond Offering — Sealed bids
debtedness of which a part is in
Vv $4,000 in 1957 to 1959, and
Bonds Publicly Offered — R. A.
litigation.
Of
the
outstanding will be received until 1 p.m. on Underwood & Co. of Dallas, are
$2,000 in 1960. v • /< 7
77:7.;
bonded
indebtedness, $18,500 of Oct. 29, by A. F. Paschall, County ;offering
$33,500 .4%
semi-ann. 174,000 31/4% refunding, series of
principal and approximately $15,- Judge, for the purchase of $25,000 road and bridge refunding bonds 7W>:1941. bonds.. Due Feb/ 15, as ; ;
7
bonds,.7 Denom.:; $1,000.; for.follows: " $5,000
000 of interest is in default. With county
in
1942 to
general; investment.
Dated
the total assessed values amount¬ Dated Nov. 1, 1941. Due on Nov; 1
/July 16, 1941. Denom. $500. Due v;71945, $6,000 in 1946 to 1950, .
as follows: $2,000 in 1942 ta. 1952,
7
ing only to approximately $362,; $7,000 in 1951 to 1955, $8,000
April 10, as follows: $1,000 'in
r
in
1956, $6,000 in 1957 and
000, it is readily perceived that and $3,000 in 1953. The bonds will 1952 to 1964, $1,500 in 1965 $3,the debt burden at
the present be awarded on the highest and .000 in 1966, $3,500 in 1967 and
1958, $7,000 in 1959 to 1961, f
rates
of interest is
beyond its best bid, but in no even! for less 1968, and $4,500 in 1969 and 1970. 7,
$8,000
in: 1962,
$12,000
in
than par and accrued interest. , :;'
;
;■ 1963
and
financial capacity.
1964/ $13,000
in " •
v
Prin. and int. payable at the Cen¬
; V /1965,
The plan provides that all past
and $3,000 in 1966.
* • ><
'7: .• 7Nashville, T■;,£/<&; tral Hanover Bank & Trust Co.,
due interest will be paid in full at
82,000 314% refunding, series of
h Bond Election Contemplated, — New-York. Legality approved by
-1941 bonds. Due on Feb. 157
the existing coupon rates when
If the plans of Mayor, Thomas L; John D. McCall of Dallas.
7/.
as
the old outstanding bonds are ex¬
follows/ $11,000 in 1966/..
Cummings materialize,;'; the City
Hidalgo County Road District No. 1
V $14,000 in 1967 and 1968, $15/changed for the new refunding Council may call an electiohtto
\
(P. O. Edinburg), Texas
,'Y 7 000, 1969 and 1970, and $13,bonds.
The bonds will be dated
7
have the voters pass on the issu¬
V Bonds
Authorized—The Com¬ ; •" 7 000 in
1971.;
77, '■'■7 777
Oct. 1 1941, maturing Dec. 1 1966, ance of
$2,500,000 in street, fire missioners Court is said to have
callable on any interest date at
98,000 2%; refunding, series ofstation and school bonds.^'7'7;;'.;,
passed an ordinance calling for
1941 bonds. Due Feb. 15, as >
100
and accrued. interest on 30
,"••• ;/•"/Paris, Tenn. ;b' •-777;-. the issuance of $3,500,000 refund¬
follows: $4,000 in 1971, $17,000'; days' notice. \The interest will be
Bond
Sale
Details
—
The
City
ing
bonds.
7;7/c
;7pj
:
in 1972 and 1973, $18,000 in" !
4%
to
Dec.
1
1946 and:4y2%
series
refunding
K
.
•
•
size, but could be made better by
establishment of a tax collection
Treasurer's of¬
bureau in the City
fice. 7
"illegal," says the report, is a
practise by which some $88,000
of 1938, 1939 and 1940 taxes has
been
marked "uncollectible" by
the Tax Assessors in the assess¬
ment books and considered yncoliectible by the City Treasurer's
office, although the taxes never
were abated by the City Council.
Such tax charges can legally be
made only by the City Council,
riays the report, although the as¬
sessors
said the board has been
making them for 20 years.
The sinking funds, exclusive of
bonds, contained an indi¬
surplus of some $629,000 in
excess
of .actuarial requirements
\vater
cated
on
Dec. 31,
A
similar
1940, the report said.
of $48,000-odd
the water depart¬
excess
in
found
was
bonds.
ment sinking
city employees retirement
The
,,
•
"
.
.
.
.
deficit on- Dec. 31,
1939, of $304,418 in appropriations thereafter. ..The new refunding
compared with the consulting ac¬ bonds will be secured by the full
tuary's estimate of requirements^ faith, credit and taxing power of
The legality and form
There was an actuarial deficiency the town.
of $1,847,086 for benefits to em¬ of the bonds will be approved by
ployees for services rendered be¬ Samuel Want of Darlington, S. C.,
had
£und
a
retirement
plan was
The. latter deficiency is
being liquijdated by a series ■ of
annual charges to the city paythe
fore
,
.
'
7 7
adopted.
roll,,.':..- :• v./. v-v
/7V7, 7 •<
Ernst & Ernst'supervised mail¬
-
that the $120,000 re¬
}
^ 1974/, $ 19,000
in 1975, $20,000 !v •
Jackson County Road District *
77 in 1976, and $3,000 in 1977. 7 7
funding bonds sold to;Webster &
/
No. 2 (P. O. Edna), Texas
•
Gibson * of Nashville--v; 154,';p.
Dated June 15, 1941. Bonds due in
V
Price Paid—The County Judge
354—were purchased as 2 Mss,; are
1942 to 1950 are callable at any/ ;
dated Oct. 1,
1941, .-and -mature spates that the $20,000 2%.% semi-„ time, bonds due in 1951 to 1960
amf. road bonds sold to the Ranon Oct. 1 in 1943 to 1958. Prin..and
are
callable Feb. 715,- 1944, and
son-Davidson Co. of San Antonio
bonds due in 1961 to 1966 are calland inquiries may be addressed int. (A-O) payable at "the Central —y. 154, p. 423—were purchased
Hanover Bank & Trust Co./ New
able Feb. 15, 1946. Prin. and int.
to him or Town Clerk W. R. Mcat par.
Due from July 15, 1942
York. Legality approved by Chap¬
Leod.
to 3957/
Wv.:.:77;7' '
7; payable at the Yoakum National
man
& Cutler of Chicago. 7 ,7 ;.
Bank, Yoakum. Legality approved/..
7: Jefferson - County (P. O. Beau- f by Chapman & Cutler/of Chicago.*7';
SOUTH DAKOTA ; ^ > V
texas::
mont), Texas
Warrants Sold—A $40,000 issue
Hamlin County (P. O. Hayti), ;
:;77:,/,7/.V;
UTAH
Ballinger. Independent School Dis¬ of improvement warrants is said
7
5. Dak. '
•,
7 **
Provo, Utah
/ •*
trict (P. O. Ballinger), Texas,:7 to'
-have ; been
• purchased 7
by
Bonds Approved—We quote in
Bond Election
The issuance
\
Bond Sale Details —r The Secre¬
Gregory, ' Eddleman
&
Aber- of the
part as follows from the Hayti
following bonds aggregating;.
tary of the Board of Education crombie of Houston, on Sept. 30,
"Enterprise" of Sept. 25: -777'/7;
$1,895,000, is to be submitted to a »i .:
states
that / the
$30,000 - school as ;l%s,-at a price of 100.042. Due
vote at the general election in '
Following
a
conference
be¬
bonds sold to R. A. Underwood & in 1942 to • 1946.
tween States Attorney F. J; BenNovember: < $1,105,000 refunding, •
Co. of Dallas, at 100.121—v; 154,:
thin,
County Treasurer
A. N.
$790,000
water,
light and' *
Motley County '(P. O. Matador)) ; and
p.
327—were purchased'; as .fol-'
Johnson - and
Deputy
Auditor
Texas
,'J sewer system bonds. :
lows: $4,000 as 2V4S, due' $2,000
7
Bond
Lloyd Jorgenson at Pierre Tues¬
Election—An election has
on March 1 in 1942 and 1943; the
'J/ 77 :'7 VERMONT
day with the School- Land De¬
remaining $26,000 as 21/^s, due on been called for Oct. 11 in order
to resubmit to the voters the $70,partment, • final
details
were March
Burlington,
■')
1, $2,000, 1944 to 1948, $1.worked out covering the $338,000
000 not exceeding 31/4% road con¬
' Plans Purchase of Utility Prup000 in 1949, $2,000, 1950 to 1953,
bond
issue
authorized
recently
struction bonds that failed of ap¬ erty — A concrete plan whereby
$1,000, 1954, and $2,000 in 1955
by Hamlin county for refunding
proval at the election held Aug. the city may acquire the electriits delinquent school fund indebt¬
9,. Due. in not more, than 20 years., cal/distribrutionsystem/oN; the 7
m'l fa¬
edness-- ♦: and
full - approval" was
Green Mountain Power Corp. in
s'. &y
Perryton, Texas
Bexar
County (P. O. San Antonio),
given the issue by the Depart¬
Burlington, together with its gas
... Price
Paid — The City. Clerk
7.
77
ment.
7>'>-Teitaa
;7v/.
!'*7>,*^
system is / being studied by the X
states that the $296,000 refunding,
Bond Sale Details—The County
'A school fund warrant for the
series of
1941 bonds sold. to a Burlington Electric Light Com- :
amount of the issue was issued to Auditor states that the $27,000
mission.7; :
syndicate
h e a d e d
by 1 Paine,
Treasurer Johnson who in turn
2%% semi-ann. refunding bonds
Webber & Co. of Chicago, as 3V2S /■ Chief features of the plan in¬
credited it .upon the county's in¬ sold to Dewar-, Robertson & Pahclude a bond issue probably in
and 4s—v. 154, p. 328—were purof
San
Antonio—v.;d 54,'
debtedness, paying off $300,000 in. coast
the amount of $1,250,000, and a
Arthur, Taxas
principal and $38,000 in delin¬ p. 327—were purchased at par and
y.f. power purchase agreement
mature
on
April 10/'as follows:
quent interest to July lst.7 The
Bond Election—The issuance of whereby energy will be obtained bonds, whichv are taken by the $3,000, 1949, and $6,000' in 1950
$500,000
s t r e e t . improvement from the Green Mountain for part
I :
School Fund, cut.the county's in* to 1953."
bonds is to be {submitted, to the of the city's supply.. .'' 7; / •
terest
obligation
by ; approxi¬
Both the bond issue and the
Borger, Texas
*•$/ voters at an election scheduled
mately $10,000 annually, 'reduc¬
power purchase agreement are to'
:
Debt
Composition /Petition for, Oct. ,18, it is reported.
ing the rate from five to two per
run for
14 years, thereby dating
Filed — Creditors of the/above chased at a price of 98.00,: a net
cent.;
7
interest cost of about 4.05%. Due any. new power purchase agree- :
city are being advised that a peti¬
Clerk reports
'
,
.
-
,;;7>7/:;:;;:/77;''
.
ing of some 60,000 statements of
cnpaid taxes to taxpayers.
Undeliverable *
the
at
•
addresses
Office reported,
statements.
Unpaid
shown, the Post
9.000
were
.
.
.
'
—
„
taxes of
1939
$133,525.66 for 1938 and
among the 9,000.
Re¬
were
complaints
included
plies
check showed
the
and
that
paid, and a re-
taxes( had been
they had been paid
receipts
properly
re¬
corded but the bills had not been
withdrawn
from
urer's
on
files
the
City Treas¬
which billing pro¬
cedure is based.
.v
Only 46.7
cent of the 1938
per
poll tax has been collected and
only 45 per cent of the 1939 poll
tax,
The 14-year average: 44 per
cent.
/7''77a7'<*'■■> V-U
.
,
The
;■
general
books
showed no
of un¬
control of "a large number
assessments," amount¬
ing to $314,000 as of July 31, 1941;
paid
sewer
On
the
that the as¬
the exception of
$94,000-odd will be paid in full,
an
asset of some $220,000 should
assumption
sessments, with
the city's books, but
does, the report says;
Tax liens on city-held property
appear
on
none
.
.
"
.
,
.
...
,
-
-
,
.
.
..
4
.
tion has been filed
States
District
in the United
Court
:
fdr
;
the
District of Texas, for
the confirmation of a plan of com¬
Northern-
^-;7\-7'7 •:7;?,.
property.
Since present treasury. ■■■
position under the Federal Munici¬
Technically,: the School Fund
disposal difficult,
pal Bankruptcy Act. 7 A hearing
cannot lend its monies at a lesser
legislation should be sought to
will be held in the Federal Build¬
permit the City Treasurer to sell rate than five per cent,V but the
ing in Fort Worth, on Dec. 15,
such property at auction.
M- Fund has the right to - invest at 10 a.m. '/
its unlendable surplus funds in
The plan materially, affects the
SOUTH CAROLINA
county and other public securi¬
holders of all outstanding bonds
ties at whatever interest rate it
and time warrants of the. city, and
Hartsville, S. C.
can obtain and it.was under this
Bond Call — H. G. Du Bose, provision that the School Fund any creditor affected by the plan
may file an answer. to the peti¬
City Clerk and Treasurer, is call¬ handled the transaction.
tion controverting any, of the ma¬
ing for Nov. 1, at the Guaranty
Kadoka Independents School Dis¬ terial. allegations therein and set*
Trust Co. of New York, the fol¬
trict (P. O. Kadoka), S. Dak.
ting up any objections to the plan
lowing bonds:
Bond- Offering — Sealed bids not less than 10 days prior, to the
the
laws make such
$31,000 sewerage extension bonds,
dated Nov. 1, 1921. Due on
'
.
Nov.
1,
Nov.
1,
1961.
1961.
will
be
Oct. 13,
24,000 sewerage extension bonds,
dated Nov. 1, 1921. Due on
-
,
,
Ipid in for non-payment of taxes
The bonds are retireable upon
totalled $154,284.16, on April 30*
1941, an item carried as "col¬ any interest paying date and may
be
taken up in any sum avail¬
lectible" although
it cannot be
collected until the city disposes able for retirement in the county
cf
,
_
of
the
received
until
8
p.m.
on
by Harry Dawson, Clerk
Board of Education, for
the purchase of $12,000 3% semiann.
refunding bonds. A certified
from
April
1,
:
1942 /to
1970;
:'; '
ment
op¬
San
tric
3 Sinton
purchase
under
Company
road
sub¬
now
a
mission
approves
the proposed
agreement it will be submitted to
elec¬
the
"
Board
of
Aldermen
for
its:
approvel.
Independent School Dis-.
,
1
-
Subsequently,
public
hearings
are
expected to explain the de¬
(P. O. Sinton), Texas
Bonds Sold—The Secretary of.; tails of the proposition to the citi-
S
>
present
of
St.
supplying the city
long term contract. ,7 7
When and if the Light Com--
:•
$30,000 not to exceed 5%
improvement bonds will be
mitted • to. the voters at an
tion 'Scheduled for Nov.^1.
the
Light
Albans,
7 Texas
7' Bond Election — The issuance
■
of
renewal with the expira-
of
agreement with the Public Elec¬
Road Dis¬
(P.O. San Augustine),
Augustine County
trict No. 4
or
tion
tional prior to maturity.
trict
the Board of Education states
that
$20,000. 2% semi-ann.construe*
tion bonds approved by the voters
zens
-
of Burlington.
there will
Then
be
,
on
Sept;- 6 have beem purchased
special city
•
■.
,
election
as
sought«a
the bond-
issue must* be approved by a ma-'
hearing.: Claims at par by the .Commercial State jority of the legal voters of the
the-creditors • are Bank: of Sinton. ' Dated Oct. 1, city before it can be sold arid!
the deal completed.
1
.'
to be evidenced
by written. ac* 1941. • Due as follows: $1,000 in
1942. to 1948, $3,000 in. 1949, and y It /.was explained that the bond
ceptances of the plan filed or-by
issue would not be a pledge of
•;
affidavits filed .with-the United $5,000 in 1950 and 1951. V -,'. a
time fixed for the
and
interests of
Volume 154
-
Number 3992
THE COMMERCIAL & FINANCIAL CHRONICLE
the
City^s■ credit like, a street im/ foi/the: purchage of
$24,000"school/...wjll pprchase" such bonds; or secprovCn-reilt project, but fnerely. a Tdftindihg 'bdftds/^in
''ohdp - the v lowest rate .-of. inr
pledge of the revenue of the de- not to exceed il/z%, payable J-D, terest,;/at ..Which
the
bidder
;i:v partmfeht: •'/'"■■"// *.***; - ."/•
'; / • v>; Dated Dec. 1, 1941. < Denom. ivill "purchase. the bonds at par.
I, /■ • The program now being studied $1,000.
Due Dec. 1, as follows! The .bonds, will be sold with the
by the ; commission, consisting of $1,000 in/1942 to I9'49,\$2,000 iri
opinion; 6f Preston, Thorgrimson
//Harry H/ Miller', Thomas Park- 1950, $1,000 in - 1951; $2,000 rift
Seattle, approving
hill and J.'Ernest Lanou, has been
d952, ■ $1 ;000' in <1953," $2,0004hi the iegality pf the same. - Enclose
studied by attorneys- for the New 1954, $1,000 in 1955 and 1956,
$2;- a certified check for 5% of the
England Power Association, par¬ 000 in 1957 and $1,000 in 1958 to amount'Of the bid. '
''i&l
ent company of the Green Moun¬
1961/Rate of interest f to be in
tain Power and by attorneys for multiples of 44 or one-tenth/of yX-.v;/.
ject to,
*•'
Guy Myers, New York utility
pert who has
plete
deal
the
contract to
a
on
1%.W The bonds will
ex¬
to. the
com-,
commission
a
est
awarded
be
highest-bidder for the low4
of
rate
for
interest
which
,
a
v/'WISCONSIN5i-jifr.
1
■
'
J-. '; *1>v,
,1'i,
/
''
..'
v-
•
approving opinion of
'attorneys if desired
by the successful bidder, the cost
to
of such
ancial
an
,
bonds
and
the
interest
rate
on
which the bid is based. In addition
to the
amount bid, the successful
also pay the interest
bidder shall
accrued
from
the
date
bonds to the date of
•*''J
bonds
Kenosha
shall
be
in
of
the
form
apt
....
...
•
comply with the terms of his bid.
If
bidder
a
submitting
sealed
a
Refunding Rumors
the
power
company,
were
18
re¬
Wash.
of the continued weakness in that*
market.
-
•
-
>,
^ Rutland, V t.
/•?/ Bond Offering—T. P.
City •» -Treasurer, : will
.
Roberts,
receive
sealed bids until 2 p. m. (E.S.T.)
on
Oct.
17 for the purchase of
$80,000 coupon bonds,11 divided'as
follows:
X/// "/•// V;-,i /'•— vi-i
.
$45,000 street improvement bonds.
'
Due $5,000 annually on Oct. 1
1
reached
the
Canadian
.«
highs, the
average of 40 bonds
dropped to the lowest point since
August, 1940, brushing past two
minor decline points on its
way;
The average is now nearly three
points below its recent highs.
"The
immediate
explanation
being generally offered The Fin¬
ancial
Post
for
the
Canadian
refunding
issues
-of
external
traded
now
borrower. Since Canadian
Bond Issuance
The
issuance
Contemplated
—
of
$66,000
com¬
munity building bonds is said to
Whiteh sh
No.
com¬
1
Bay
Sale
School
first
15
re¬
new
a
govern-j
points and
grade
corpora-t
tion issues in the New York
mar/
ket, any improvement in confi-'
dence rapidly reflects in market;
District
t
■
"If Canada
(P. O.-Milwaukee), Wis.
Bond
below
as
in
quotations.
have been recommended recently.
y
possible
Dominion
ment issues are still
more
Stoughton, Wis.
.
the
of
rumor
separately and not sealed with his
the
in!
strength
Canadians has been the
York, and
'
issues'
wartime
new
Dow-Jones
of
,
'//'
«
/
ham),i Wash.
'.• /
Bond Voffering — Sealed
/ bids
will
be
pleted bonds and the legal opinion
of Chapman & Cutler of
(^YOiYBelling'] 'S'tC-Croix'County
Whatcom County]
were
New
York-
could
presumably
to re-enter the
money
be
market, "it
only with
The
until
received
10
—
sale
(Pi O. Hudson),
Bond Offering
S. N.
a. m.tort
R. C. Atwood,;County he
—
ann.
Chicago,
on
^vWYOMING
J.
/
<,
KfSC Wis. J:']. ' '■://./: //
•
Nov. 3, by
I///: from 1046 to 1954, inch ///:/?
■
own
-
"While
payment
/:
4'"
gations in the New York market
take on added significance in face
turn
;
Oct.
follows:
as
$41,000 semi- Washington approval."
refunding bonds offered for / Treasury Bills Sold
An issue
Oct. 7—v. 154, p. 328— of
$35,000,000 Treasury bills was
to
the
sale on Oct.; 4—v. 154, p.: 328— without;. cost
successful were
awarded to Halsey, Stuart & sold on Oct. 2 at an
average yield'
were purchased by the
State, ac¬ bidder./Enclose a certified check Co., Inc. of
Chicago, as IV2S, pay¬ of 0.540%. Dated Oct. 3, 1941 and
cording to the County Treasurerbbt;Z'ifessiZ^than.
the; ing a premium of
$437.06, equal due Dec. 31, 1941.
Due over a period of 20 years; rev amounbtbid, /payable
to
the to
101.06, a basis of about 1.43% ?
deemable after 5
years;////"//*/ county./..^/.^/./;, _/://
Due on Sept. 1, 1958.
/.;/Pictou, N. S.
:
ported to have found the solution // Bond Sale — The $8,500; semito this procedure ancl will work
ann. • building
bonds- offered for
jointly for the ruling.
county will furnish its
of
New
.
(P. O. Mount Vernon),
The Fin-,
—
Toronto
bid proposes to also bid orally,
his certified check should be filed
bid.
-
of
"Renewed strength in Canadian'
Government and guaranteed obli¬
.
—
Post
reported
delivery. The
the
County (P. O. Keixbsha), proved
by
the ' State Highway
%'r/Wtg.
.'!
Commission, and all Cost of print¬
»<*Bond, Offering r— Sealed bids
ing the bonds shall- be paid by
Will pe;; received
until 2 p.m. the successful bidder. Each bidder
XCST),,:on..Oct. .20, by. John C.. shall file with the
County Clerk,
Niederprim^ County Clerk, for the a certified check for
$1,040, pay¬
purchase y bf • $50,000
refunding, able to the County
Clerk, as a
series 1941-A bonds. Interest rate
good faith deposit to secure the
is not to exceed
4%, payable M-N. county against any loss
resulting
Denom. $1,000. Dated Nov. 1, 1941.
from the failure of the bidder to
Due $5,000 from Nov. 1, 1942 to
.....
Rise
opinion to be paid by such
bidder." The bidder's proposal shall
state the total amount bid for the
Canada (Dominion of) '
in Bond Prices Attributed
'
commercial
basis, payable 'only "when and" if bid is received. : No. bid will be
it .is completed."/>/•-/
considered for less, than par and
.'/t/V/
There are still some, legal steps: accrued interests The legality ,of
to be ironed out.
Among them is the bonds will be approved by
one
involving a bond issue sold Thomson, Wood & Hoffman/New
years ago covering both the elec¬
York, whose opinion as' to the
trical distribution system and the legality of said bortds,- or a dupli¬
cate
gas plant and business. /,
thereof,-will be delivered to
/ ■/ v
As
no
legal way was found the purchaser. Enclose a certified
feasible to separate the obliga¬ check for $480, payable1 to the 1951. Prin; and int. payable at the
tions under this security issue, the Town Treasurer.
:/ * Y-* County Treasurer's office; /The
bonds will be sold to the
city obtained from the Legisla¬
highest
ture an enabling act permitting it
fesponsible.v/bidder at not '.less
than
to acquire and operate, the gas
par and accrued interest to
plant as well as the electrical
Aberdeen, Wash, t
1/ date of,, delivery, the basis of
Bond
determination
business.
Election
The
issuance
4>eing the' lowest
/<?//-/;,
"-/'il"
/ There still remains the problem of $100,000 bridge/construction-,• tnterest: t'ate bid ^arid interest cost
of getting a court ruling, wherein general obligation bonds will be to the
county./ Delivery- of the
the trustees
for the
bonds can submitted to the voters at an elec¬ bonds on or about Nov. 1/on the
legally permit the sale of the. tion scheduled for Nov. 15, it .is basis/ of the payment of the pur¬
property..' Both attorneys Leary reported. /////'/■
chase'/price / plus any accrued
and Guy M, Page, representing Skagit- County School District Nc, interest -tp; date of delivery. The
,
535
Bond Sale —An issue of $21,400
'
4%
will
receive
improvement bonds
was
soldt
to Bertram
It is stated by VvCody, Wyo.
VBond Sale Details
The Town
sealed and oral Clerk now statos that the $36,500
—
Swaftson, County Clerk; that
Godden, of Halifax, at.
price of 101.72, a basis of about
a
3.72%. Dated Aug. 1, 1941 and dud-
Treasurer, for'the ^purchase./ of bids* until Oct. 28, at 10 a.m., for community building bonds sold to serially on Aug. 1 from 1943 to
$240,000 general obligation fuPds the purchase of $52,000 non-tax¬ the First National Bank of Cody, 1952 incL Among other bids were
,1,,
bonds.
Due $1,000 annually
ing bonds.- Interest rate is hot :to able-highway improvement, series as noted here on Julv 19. wnre the following:
h;
:/
;/// on Oct. ) from 1946 to 1950, exceed 3%, payable M-N. Denom; F; coupon bonds. Interest rate is purchased as 2s at
Bidder—
'
par, and ma¬
Ill"
Rate Bid.
•;Hy incl./ /;•////:/: / V;/://'/. ';>!>•
R.
A.
$1,000. ' Dated Nov.. 1, 1941. •: Du£ not;.to exceed 3%, payable J-J. ture $1,500 in 1942 and $2,500 in
Daly & Co
V—101.57
30,000 *-• high •; school /"/ addition
Frank L. Craig,
Ltd.—101.50
in 1943 to 1953.' The county, has: Dated July 1,4940. Denom. $1,000. 1943 to 1956:
yv
bonds.
Dominion Securities "Corp._L^_^___
Due $3,000 annually
101.41,'
reserved the right to redeem any Duer July' i//J945. Prin. and int.
W. C. Pitfield &
S / on Oct. 1 from 1946 to
101.31
iz 5,000
sidewalk
and I curbing
.
.
•
.
,.
•
.
.
1955;
:incl. ;/I;-///\
All
of
the
1, 1941.
;
•to
bonds
are
i/-?//;''/•
dated
Bidder
Denom. $1,000.
of
rate
name
Oct.
interest in
mul¬
Shawmut
Bank
of
Bos¬
Legal opinion of Storey,
Thorndike, Palmer & Dodge of
cessful bidder.
VirginiavJ
notice of
were' authorized
for
county news¬ trunk
official
pledged
itself
ex¬
part of the
peri
mitted to counties 'VithouL a vote
of
Wisconsin Statutes.
the
cient
people,
to
an
the
pay
as a
of
taxes
amount suffi¬
principal and
will
G.
ordi¬
be
sold
NOVA
•
The bonds
subject
to
the
province
con¬
Oct.? 1
on
—
defaulted
tions
1936
W;: shall
;
The
accrue.
,
;
.
67.02
Wisconsin
■
(3)
and
14.53
ment
Catherines, Ont.
bonds
from
(5a),
to
$21,458,430, according
>
;
at
1942
Bidder
a
to
improve-/
price of 104.17,*
1951
of
Among
following:
'■ - /
/„.,
Bank„
incl.
the
were
,
.
•
Imperial
/
-
.
^.Canada
of
Rate Bid
>
>
,
Toronto
bond maturity of
$2,853,230, pay¬
able
only .in /Canada, thus in¬
Statutes, and also sub¬ report.//
/
basis of about 2.70%. Dated Oct.
1, 1941 and due serially on Oct:
a
creasing the total of defaults since
Francis
the
101.02
a
The
by i the .Attorney-General of the
State under the provisions, of Sec¬
—:
as
101.00
—
1
Additional Bond Default
Co.——
Bond Sale
A. M. Ramsey &
Co. of Toronto have
purchased ah
issue of $37,106 3%%
SCOTIA
bids^ tshal|
Jones, Clerk of the School Board,' specify,: first ' the lowest 'ratex'of
interest .and
states that he will receive sealed
premium,. if any,
bids until 7:30 p. m. on Oct. 27, above par at which the bidder
Offering
Bond
.
interest of the bonds
.
&
I, uAlberta (Province of). ■ II I...';: other bids
dition that they shall be certified
Va.;
Leslie
St.
|||
same
Phoebus,
v.;
E.
Royal Securities Corp..,—
passed
'/',/'
y
CANADA
of the. bonds will be
eligible to be
retired 100% ;with State highway
allotments 'to the county in accordance/4vith Section 84.03 (4),
limitation
bonds,
enue
sion/ abd therefore, the principal
to include
taxes an¬
budget* and levy
its
■
authorizing the issuance of $52,State
500 electric light and power rev¬
intended
such
the
10-mill
// '
bonds
.
Bonds / Authorized—An
is said to have been
nance
redemp¬ penditure/entirely on the
highway system under a
paper at least 30 days before such program which has been approved
call date.
The county, has, irrey-^ by the ~ State- Highway Commis¬
in
nually within and
suc¬
any
payment date on
from the date thereof,/by posting
in
{JS-'liJ.
..
on
Lusk, Wyo.
payable in lawful money at the
County Treasurer's - office. Said
interest
and after 7 years
ocably
ton.
Boston will be furnished the
all of the bonds
tion
tiples of V\ of 1%. Principal and
interest
(A-O)
payable at the
National
or
—104.06
Bank
of
Canada
of
Royal.
| Montreal „x——
Harris, Ramsey & Co-iV—w^ii—-
103 04 j-*
Wood, Gundy & Co.,—
Bartlett, Cayley & Co
to
:
Fairclough
103.78
103.68,
Co.____
&
-
103.06;
103.639
General
RAILROAD
-'
•
>
-
PUBLIC UTILITY
Chronicle
Oct.
9; page
509.
v
INDUSTRIAL
//I'/v'-'I'"-/.'-
-
INSURANCE
amounts
''//;'
paid
were
in
six
Alleghany Corp.—Acquires Additional Bonds—
'/•/'•''I I.'-'/'
'
l :-6 Months Ended June 30—I
,
Sales
'1/
•
the
1940
...
Earnings per share on common rshares—, /l $0.21!
•-*
After
all
charges, including ^Federal income taxes, and
.
-
after
provision for excess -profits tftX-^Vs
New
in
/
Period. Ended .Aug.
31, 1941—
Net profit after"eharges and
v.,152; p.^3798.'h.;-:L.v
,$0,06
1941
Month
// "
_
iaxes—-I--——.
|-
■:
i-.
^4,921
4
Stock
Exchange
has
the month of Sept., the
trust convertible 5'/a
bonds
income
account
under
the
trust
been
$201,000
./,'
153,* p. 384;t.;^, V-l/V; tl* t;':
by corporation
purchased $210.00C(
out of cash held in
1'-
corporation
due
1944,
•
cancelled
•
$255,000
collateral
($54,000 modified bonds and
interest bonds).
After cancellation,
there were
$20,733,000 of -5% bonds due 1950
($4,999,000 modified"
contingent
outstanding
bonds
advised
indenture.
/ The corporation also purchased and
ir^is} «mvertibl<: 5% ■ bonds due 1950
Mosl
$1 ,213
- -
York
during
collateral
1141
—r—$1,120,532 • $644,853.
fc'Net income25.635
v
The
that,
^! Ahlberg Beairiiur Co.-—Earnings*-*
.
MISCELLANEOUS
>
:
to i stockholders *of \yecprd. Ott>, 4., Like
preceding quartersV. 153, pi 1126.
'
■
'Adel Precision Produbhs Corp.—Registers With SEC—
Sec
-
and
$15,734,000
contingent interest bonds).—V.
154,
p.
424.
Alaska Juneau Gold Mining Co.—No Dividend—
r-L.,Air,Associates, Inc.—Underwriters Named-r
/; ^
.Ipirectprs' cm*)3ept/26|failgd/to tiake action on the declaration of a
*<iV'q'he;<'co™pany^iaS';f:hd'an;/nmendment;!to|jt/ re^strat|ati .statement'Vi.; quarterly; dividend due -at^his .time. The company paid 12'/a .-cents a
Iwitlr fclie-l Secur'tves iand.,;' Exchange ICommissph.: d'sclos'ng .that/ its-"p qubrteS: fqjr^
/preceding quarters of this year and 15 fcettts
50,000 shares of $1.37% 'cumulative convertible preferred stock (fio- l ; quarterly,''.or a -totaloflW/cents a shafe, in rI940.
%
J: '7>
I-
•
par)
Will be offered 16 thu publifc by
Weld
&
tile following underwriters::
|company's/statenient ift'regard to passing the dividend. con¬
/v.x,:.••>./,
rx; ■■/
Cq!./>^-J_/__ —/'■
"The conditions.which have prevailed generally throughout the
gold
mipitW hdu$try/.'in/tke; western pq'rt of the United States have alsq
affected1"' tfu-neau" tb;-the ".extent, that about one-third - ofthe normal
.Jaqksop. & Curt."
^
r ^
- ,1' -;^--r.--'-;
^ J]y
Merrill. Lynch, Pierce, Fenrrer •&
Beanei^^x/^-^'-Li-i—^ 10,000
10.000
Wampler &
E; -H. R.Ollins.,-&. Sons<^;^„,/.L,rw-rt-/^r,-.Tr---rf — yv'Stern,
:
Pacif'c
.
Co.
of
California
Mitchurn/ Tully- &
Cohu- &
Fuller.
—
Po./.—I----
Torrey-j_'—
Cruttenden:-&
---
15,000^
crew
4 000
1.000
480./
public will be!supplied by later amendment.-.
•'
I..-" ' •-
'*
Direttdrslhftve dedlateQ-fen -extra, dividend of 25 cents -and
.
a
regular
quarterly dividend of 25 cents on common stock, both' payable Oct. 15
than
Period End.
!
Sept/30— '-K1041—Month—1940 /> 1941—9
■
.
in"come-i—/—-l -r/$254.100
Gross '
LVi—'-I
43,200
-
Mos.—1940
$350,500
$3,219,300
113,500
975,000
,.
$3,244,500
"
911.600
'/^InchvdeS.dthek-jncome and. is. after operating expenses, and develop¬
ment charges,' bpt- before depletion, depreciation and Federal taxes.*
—v.* 154,. p.'145;*'
of
$913,740
for
Sept.,
1941,
an
increase
pany's present fiscal, year, sales totaled $2,758,574.
compared
$1,926,999 in the "corresponding period of 1940.—V.
154, p. 179,
w
of
Allis-Chalmers Mfg. Co.—Official
Resigns— '
W, Babb, President of this
company, announced on
with
Max
the
of
resignation
the
make
offering price to the
Reduction Go., Iuc.r—Extra Dividend—
in "Alaska;-,.where
mining. indOsiry--dah'afford to-pay. It is-expected that with the
of weather - conditions 'now due many of the men will return
to .their
previous Idccupations,: preferring to work underground than
in the opfen-where they are exposed to the severity of the elements."
■^Profits
I//-Air
with
particularly in connection
wages have been much higher
change
1,000
•
The
for, other, occupations,
.
'the
1.500
'
L-V. 154, p.
'
left
defense-works
4.000
1.000
Co._-—
Vietor Common. &
has
Company, reports sales
/
/;/v-,;',
than
53%
from
Sept. of last year.
This increase
is due
in
part to higher selling prices as well as
increased physical volume
a-id
marks the eleventh
consecutive
month
in
which
sales
have
shown
an
increase
over,
the
same
month
of
the
preceding year
For
the
three
months ended
Sept. 30, 1941, the first quarter of the com¬
more
cluded: Li
White,'
' ^/;// ^v; !
Allied Kid Co.—Sales— / / /
.;
of
Wm.
A.
Thompson,
company, Mr.. Babb said:
this announcement which,
becomes
effective
continuous
—V*, 154,
p,
and
179*
"It,
Vice-President
is
with
sincere
and
Sept. 30
Secretary
regret
that
I
according to Mr. Thompson's wishes
concludes, to the day, forty vears of
faithful, service to the Allis-Chalmers
Company."
Oct.
/ Aluminum Co.
1
and
v
of America—Government Has Tailed
to Show Aluminum
Monopoly Federal Court Here Finds
.
government's charges that the company exercised an illegal
in this country's aluminum industry were definitely and
completely rejected Oct. 6 by Federal Judge Francis G. Caffey.
He
held that the Department of Justice had failed to show that it was
entitled to
"any relief" from the company,
which means that no
order of dissolution will be granted so lar as the monopoly charges
Cash
held
of
Accounts
Notes
Supreme Court
as
alloys.
allegation was
1933 than it got for the rolled sheets. This was
in the sheet division of the industry,
between raw ingots and processed sheets was so
competitors could not operate at any profit.
Alcoa's
balances—
13,938
V * 13,354
>'
■
,—'
132,120
Interest
5,795
In that
year
Aluminium, Ltd., a Canadian corporation,
.
1,510,632
2,650,161
11,173,406
10,416,829
$38,801,164
"
$9,041,237
40,392
97,142
141,800
$8,139,966
$9,081,629
$36,733,062
$38,942,964
15,811,912
15,827,482
''
—>
Pfd.
divs.
V," Ki
i;-
$23,136,784
7,171,740
$13,833,952
$15,965,044
52,381
-f\: 54,966
$3,369,333
■ •
/>
$13,781,571
$15,910,078
$2,362,976 $3,369,333
/ 15,221/.
-23,963
$13,781,571
$15,910,078
59,449
81,067
$3,393,296
$13,841,020
<•>,375,617
$15,991,145
234,152
1,792,936
1,792,936
•
$2,374,872 i. $3,382,994
Port'n applic. to min."'/ -<>
;
c -■•/
interests
11,896
13,661
Balance
i
.
Co.—Earnings—
Net equity of Amer.
Power & Lt. Co.
/
9
End.
mos.
rec'd
Interest
held
Sept.
30—
y
rec'd—
divs.
accr'd
or
1940
1941
,
$598,775
111,253
.
,
1939
$423,313*,
$309,851
118,006/'
112,556
,.-1938
•
small
securities.
in
rec.
Total
*
Total
—
$719,613
$541,318
21,479
17,501
61,534
75,563
Exps. incl. miscell. taxes
Interest paid or accrued
.
$410,985
$422,407
>41,025
Net
"(
$636,599
income_„
loss .on
..See
.
profit—L——Ui'
Total
*■:;
-1$448,254
525,000
/. .300,000.
$2,378,197
excl.
taxes
took
which
to be decided is whether, as the defendants
is completely separate and independent from
by Arthur V. Davis, while Aluminium, Ltd.,
is headed by his brother, Edward K. Davis.
V. As to the period before 1928, part of the government's evidence of
international conspiracy related to agreements with Swiss, British,
French, Norwegian and Italian producers; of aluminum.
Concerning
these Judge Caffey remarked: ///vy..,-//' /.<./
....
.■
,/.'/ . . .
r
"The, oldest
of these agreements terminated 45 years ago.
The-
.
78,416
'-/>•.
98,151
,
,
/—a/. //
85,629
f'
Jyy
$2,185,003 $3,225,314
> 707,376> , 706,693
deducts,
■
256,412
391,960
39,795 V//
—
> $278,844 ffl,!720,256Balance
:/^:;175,000 /-< ) 150,000 * : Int. .& other
45,387
$15,455,194
$13,033,648
>2,834.143
2,846,178
.
c6nsoI."/;'<::; *; ^Aii
eartjed surp.y>%> $1,477,627/$2,518,621-
$10,199,505;>fj2,609,016
subsidiaries for Federal income taxes, subsequent to
made'at a rate'which will result in the accu^
of securities./> April 4; 1941, are being
charged to reserve for possible "losses on sales
was
outside of this country;
.
75,951
Other taxes, (excl. ex-//-./■»-*.v.profits
^r—'*• _-->;9t414
>>13,615
income, taxes
>r
,r;;$448,254.$278,844 ;i$269,856
SeeSee 'r y, 1,990,112
$636,599
dividends—
stock
Pref.
sold—
sec.
-
•"
for / Federal
tProv.■.
...
Net
w—-
income
Expenses,
27,992
r;
f >113,138
-102,538
-
$2,362,976
(as above)..-
income
Other
v.
;5,963
9,585
■V
.Net equity
104,065
•••
Divs.
since
'•
■
American Power & Light Co.v
$300,958
21,302
84,544-
$21,005,694
7,171,742
$5,175,930
$4,167,808
public—
to
'
3,917,110
' V
14,351" : ■ 11,411
3,986,509
"
2—„
—
.;:;>
' -'•* ,;V-
&
,,
Inc.—Cash
—
12,448,259
12,498,115
3,188,448
,
'
$8,117,678
22,288
to
$5,519,873
.
'After reserve for losses of $16,063 in 1941 - and $12,126 in 1940.
f After reserves for depreciation of $483,023 in 1941 and $808,861 in
1940.
$ Represented by 57,954 no par shares after deducting 246
shares reacquired and held by co-trustee.—V. 152, p: 2377.
American European Securities
3,394,888
6,877,574
point
important
An
charged
construction—cr,"
.'
t$l,87.0,257./'4"'
virtually all of Alcoa's holdings
'
;V
,
$36,635,920
deductions— v
Interest
Balance
,
„
public
to
other
.
84,361
;;
.
$5,486,358
.4-
(net)—
income
Gross
-
.13,763
5,308,000
5,293,600"5,795 k* '
mtge. sink, fund bonds, due Feb.. 1, 1950—
947,443
'
2,808,299
oper,, revs-—..'
Other income
\ 41,349,873
43,282,246
10,403,737
.
:"
&
approp-/
res.
;
$111,977,893 $106,411,013
79.620
105,872
J,
Net
101,010 >-102,355
a—i—"
stock——!——,—.,...:
deple.
——!•
28 299 "
-
4,465
/
_—J
,•_„
liabilities
7,000
retirement
Prop,
,
1928.
over
,
1,743,201 /'
—
'Prov. /• for ; Federal//'
..
excess
profits taxes
289,212
Other taxes
3,243,794
Alcoa
that
taxes
income
1941—12 Mos.—1940
f
.
11,499,737
——
Federal
this
question, Judge Caffey took up the ■"conspiracy"/ -Balance", surplus—__
,* $111,599
$148,254 X $103,844
Bal. carr. to
the case. In this connection, he found no proper evidence ■
Computed without regard to netrlOss on< sales of- securities in the-;/4/f.
had been a party to the actions of European cartels up
amount of $643,054 in 1941, $783,718
in 194Q and $943,320 in 1939
Provisions by
Leaving
aspect of
i
»
$52,465
-
31,305
■
.
accrued-———.^————.—
pay
Total
-
had been guilty of improper practices
before
1933,
Judge Caffey ruled, however, that it had "lived
in
harmony
with
the law"
since then.
As injunctions cannot be
granted to right past wrongs, he said no injunction could be issued
here.
However, he said he would retain jurisdiction on this matter
and on the manufacture of
cable, where a similar price situation
was complained
of from, 1931 to 1934. The retention of jurisdiction
will be for five years, in case new complaints should arise. --
to
ifsalaries & wages
4
Alcoa
that
held
he
While
taxes
for
'Prov.
•
competition
spread
the
that
interest
JCapital
at the time, had charged
Ingots before
■
expenses,
; direct
.
1940
1941
$56,077
—'
_i——
credit
sundry
payable or
Bond
Inc.
that Alcoa, sole maker of aluminum in
little or no more for aluminum
Federal
eliminate
&
Taxes
Other
-
The
payable—
payable—
liabilities, incl.
Guests'
support
V
-/V / V'
/'/;
Accrued
.-.//,;,//
possible.
soon as
in
allegations
i-T-rr-i-:
—_
Liabilities—
of its contention that
Alcoa had violated the
anti-trust laws were divided, by the court,
into
three
main divisions:
"monopolization, conspiracy, and other
misconduct."
The first, monopolization, was subdivided into twelve
sections,
and by Oct. 3 the court had ruled out ten of the twelve
subdivisions.
On
Oct.
6, after completing his comments on the
alleged monopoly in the two remaning fields, he declared:
"I
rule
that
the
charges
of monopoly concerning the twelve
branches of Alcoa's activity have not been proven, and that as_to_
none of them is the government entitled to any relief whatever."
While he rejected the main contention of monopoly, Judge Caffey
noted, however, that there was one phase in which the government had
succeeded in demonstrating that A.coa had been guilty of improper
practices.
That concerned the making of sheets of aluminum and
this country
$5,519,873
Oper.
.
$27,'70i,921 $26,231,026
excl.
•.
\
revenues—
.
case.
government's
aluminum
$5,486,358
■
Operating
■
Total
the
the
to
taken
4,879,701
| 223,776
deferred charges—
Prepaid expenses &
♦ v
court's finding, Thurman Arnold, the head of the
anti-trust division of the Department of Justice, said an appeal would
The
4,749,210
237,535
-j.,
•
the
in
Informed
..152,378.;
—_
1941-^-3 Mos.—1940
> ' ' /.
' .'
31—
Subsidiaries—
102,336-54,950
108,843
*
61,858
-
—
;■
—_
an
decision
to
receivable——.
notes
&
assets
Period End. Aug.
"$150,268
-
164,330
>
co-trustee—
by
'Accounts
fFixed
$121,047
Light Co.* (& Subs.)-—Earnings-^
American Power &
*.-•
1940
.1941
hand—iw.
on
Inventories
government, in an action begun in April, 1937, has been seek¬
order dissolving the company in its present form, and the
setting up of several competing sections of the organization.
The
court's opinion is being dictated from the bench,
and the Oct. 6
session
was
the sixth occupied entirely with Judge Caffey's oral
be
Balance Sheet July 31
,
•
bank &
in
The
-
ing
.
Assets—
Cash
concerned.
are
.
„
The
monopoiy
Saturday, October 11, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
536
Insist, Aluminium, Ltd.,
Alcoa.
Alcoa is headed
youngest
with
an end 26 years ago. , They are
the ruling I made- this morning,
monopoly charges, there can
the
court asserted
The
y
to
came
accordance
In
Accrued
dead and gone. >
.
, .
interest-—^—
•j^-UvrrA.t&.-Directors-. have declared a dividend of 50 cents per
;t•
,
share on the
/American Ship Building Co.—New Director, etc.—; '
Stockholders at their recent meeting passed an amendment to the
officers-and directors against, suits and action?
'Common stock'—.
■^354,500,;,/ 354,500
against them while on company business
yiv<y 615.
615/, > Julian C.-Bolton-was elected a director, succeeding John S. Ashley.
tOption
warrants
At the directors' meeting,'following the annual meeting, G. C. Sheidler
1,900,000
w*
^
WV
'
Secured bank loan.
Haldermahr-was appointed Auditor.
2,015,000 y was. elected Secretary and/N.
Funded debt
These two posts were formerly held by -R. B. Ackerman, who is now
Secured bank loan
(current installment)——
•/xooiooo
/Vice-President
and
Treasurer
of
Deita Shipbuilding Co., Inc., a sub¬
Interest on funded debt...I/——;
sidiary company—V. 154, p. 329.
-'V / '.'"//.
'rid, 202
6,549
Accrued
taxes
—lu,.—
$12,443,317 $13,197,550
Liabilities—
>
that;similarity between prices quoted by Alcoa
those
Illegal
7: fj.
y
„
.-y^l941>*1940"
$5,000,000... $5,000,000
v
stocks
tPreferred
of European producers more recently, was no evidence of
agreements or conspiracy.
,
v
The fact that
American buyers were unable to obtain shipments
of aluminum from Europe was not of itself proof that Alcoa
had
anything to do with their difficulty, the court held, and since no
real proof had been offered by the government, this allegation must be
rejected.
'
■
Judge Caffey remarked that Alcoa had a right to make it clear,
and even to make agreements
with Europeans, stipulating that, if
they refrained from violating this country's anti-dumping laws with
respect to aluminum, Alcoa would refrain from "dumping" aluminum in their countries at ruinously low prices/'./
and
American Screw Co.—50-€ent Dividend—
$239,292;.
10,851,086 >vcomrton .6tock, -payable Oct. 1 to holders' of: record Sept. 22.
Like
>1,811,117. i 2,077.449 , v. amount., was -paid on^ July 1, last, and, previously quarterly dividends
29,359 /y,'y29,724of .20 cents per share were distributed.—V/153," p. -93yy'/'/;
_X./ y.l0,503,661'
~
t■
- j
•"'f'-'-'/jR-:
f
Total
with regard to
be no injunctions."
v
$99,181;-,
'•-$
-ry
z
securities:;
SInvest,
by-laws indemnifying
.
r
■
..
,
Accounts
payable
.
1.975
Superpower Corp.—Tender Time Extended
2,183,563 ' 2,224,725 • 7// Corporation announced on. Oct. 6 that it had extended to Oct. 14
Surplus
'
;
vthe time- limit in which its first preferred stock may be tendered in
exchange for its portfolio holdings of The United Corp. $3 cumulative
Total
/_•
$12,443,317 $13,197;550
,,-preference stock, Consolidated Edison Co. of New York common stock
/.and
American Gas and Electric Co. common stock.
"
■ " '
\
Cleared on All Charges by Federal Court—
'Represented by 354,500 shares of no par value,
f Represented by;
Three
options were submitted to American Superpower first pre*
The company
50,000 shares of no-par $6 cum. stock,
t There are Issued and out¬
was cleared Oct. 9 by Judge Francis G. Caffey in
ferred stockholders under an invitation for tenders, originally scheduled
standing option warrants entitling the holders to purchase at any time/,
Federal Court for the Southern District of New York of all charges
to expire Oct. 6.
Tnese provided for the de.lverv, in exchange for 1
without limit 20,500
shares of common stock at a priqe of $12.50
made by the anti-trust division of the Department of Justice.
The
share of American Superpower first preferred stock, of (a) 2shares
final decision was contained in the opinion which Judge Caffey fin¬
per share.§ At cost.—V. 154, p. 424.
77'/ 7'77 ,'■>> -.'7./■''><v 7
of The United Corp. $3 cumulative preference stock, (b)
3Va shares
ished dictating late in the afternoon, ten days after he had started.
7 of Consolidated Edison Co.: of New York cpmmon' stock, or (C) 2'/a
It brought to an end the trial of an action begun on April 23, 1937, v
f ; American Safety Razor Corp.—25-Cent Dividend— ?;•"/- •(shares of American Gas and Electric Co. common stock.—V. 154, p. 425.
and conservatively estimated
to have cost the government at least
Directors have declared a dividend of 25
cents per share on the
$100,000.
common
stock, payable Nov, 15 to holders of record Oct. 24.
Like / ;y American Telephone & Telegraph Co.—Redemption—*
The Department of Justice had asked that Alcoa be dissolved and
amount was paid on May 15, last, and compares with 20 cents paid
Announcement was made on Oct. 6 by James F. Behan, -Treasurer
its holdings split up among four new corpbrations that would engage
on
Sept. 30 and June 29, 1940 and quarterly dividend of 30 cents;
y.of the company, that holders of 20-year sinking .fund-5%%
gold
competitively in various branches of the industry.
Citing the present
paid on March 29, 1940.—V. 154, p. 241./'-.;.-ry
.. ,/y /'••••
■
debenture bonds, due Nov.s 1, .1943, being called for redemption on
uses of aluminum
and the great probability of its /enormous develop¬
Nov.
1, 1941, may, on or after Oct. 7, 1941, present.such bonds to
ment in the future," Judge Caffey said:
'
/;/
the office of the Treasurer, lyo Broadway,New York, for immediate
"In
mv
Judgment, .itw ^uld be gr<">t,lv contrary to the public
American Gas & Electric Co. (& Subs.)—Earnings—
payment of the principal of such bonds (th£ redemption price) and
interest to "dissolve or enjoin Alcoa.
There is no warrant in fact
Period End.
Aug. 31—
1941—Month— 1940 1941—12 Mos,—1940
interest thereon to Nov. 1. 1941.—V. 154, -p.; 355.:/" >-,/,7-;
or
in law for dissolving or enjoining Alcoa.
I have assumed since
Subsidiaries ConsolidatedI found out what the case before me was that whatever the decision
Operating revenue.....
$8,491,664- $7,221,156 $93,187,534 $83,989,920 •v.'.. American Water Works ,& Electric Co., Inc.—Weekly
there would be an appeal.
That is a great comfort to me, recognizing, /
2,238,817
31,795,311
26 504.933
Operation
3,171,323
responsibility, although I think
for
Res.
-3.566J06
2.899.463 "
4.u*'
sale of .seCi^--
possible loss on
American
{c
.
—
,
.
•
.
■
„
\
decision is right."
The 49 defendants who were cleared of any violation of the Sher¬
man
Act
in
Judge Caffey's
opinion included Alcoa,- with several
subsidiaries and officials. Aluminium,
Ltd., a Canadian corporation
headed by Edward K.
Davis, brother of Arthur V. Davis, who is
chairman
of Alcoa, three of
Aluminium Ltd.'s officials; Aluminum
Manufacturers, Inc., and Aluminum Goods Manufacturing Co.
as
I do,
"It
there
without contradiction that there exist in this
supplies of bauxite and water power, available to
is no way of measuring the influence, on success,
country
anyone;
of char¬
etc.
acter, good-will,
only bauxite [the ore from which alumi¬
ana iv: appears that no one stands
in the way and that nothing ever has stood in the way with the
exception of patents, the last of which ran out in 1909."
■.
[A brief session of the court was neld Oct. 10 for fixing dates for
the submission of findings of fact and conclusions of law in accord¬
'!
"Any one so desiring needs
num is
derived] ana wait ;
with
ance
154, p. 424.
opinion.]—V.
the
income
Gross
Divs.
Bond—
-
Co.
Bonding;
American
.■/•//
'
'./•'*■
"'//
general agents, Hoey, Ellison & Frost,
performance bond of $1,500,000 and a
same amount in connection with the
construction of the Manhattan Tunnels of the Brooklyn-Battery vehicu¬
lar tunnel system.
Mason & Hanger Co., Inc., New York, were the
successful bidders, the amount of the contract being $13,948,619.
Six¬
teen other companies are participating in the bond as
co-sureties.
'
The
through
company,
its
Inc., New York, has executed a
labor and material bond of the
139,
—V.
'
,
,
A#1
avail,
Balance
of
Undistributed
of
stocks
8,856,568
4.252,342
.
$1,208,547
827,115
$773,425
975,258
$381,432
'$201,833
in-
net.
■
consol.:
Co.—Earnings—
:
;
•
,
|
Provision for Federal in-
$3,536,415
$2,265,169
•'/
taxes/i.it;/<_i-Q^
come
for'
Provision
-"•■•■
.;>
Arkansas Power & Light
.
Period End. Aug.,1 31—./1941 —Month— 1940 i 1941 —12 Mos.— 1940
$14,873,813 $13 5M.818 /
$960,604 $11,517,447. $9,935,253
$1,294,693.,t
12,608,644 -7. 9,978,401/ J ..Operating revenues^—
Operating expenses, excl. /'
i
560,145
368,571
4,624,576 / 4,134,376
direct
taxes—;
56,320
120,378
//■ 886,527-Vr /336,478
Federal
370,060
37,936
$381,432 .-*$20.1,833 $2,265,169
$3,53&,415./4
excess profits taxes—,
;• .,i '>.-v/-v //' '■} * :>//./
/;•/•/:Other■^tiixes/i-v->-v/v-*-':'
**'•
'..•'*>//;-•
;. /•-// / - ■; -,J Property
retirement- re-
common
on
-
—
on
Interest
on
pref stocks'"
bonds
&
827,115
975,258
12.608,644
9,978,401
; " 54,165
>:,'•/
66,020
165,681
" 1,104,356
1,888,17Q
•-■/>•
•;
advances
/
1,032,451
86,550
109,762
—7-3,472
Income
-
--u
■
jh
serve
•»..
Net
124,000
' appropriations-*
-
972,669
oper./ revenues—X" $342,472
-
,/7"/"121,000'1,285,000. /, 1,282,000
V, $328,163
$3,3X8,833
-■,
$3,209,730
/1,062 ,331 /; 1 ,-54251 /590 . i. : 10,99111,760
■1— 59,238 f 74,421
$328,753..,$3.329,824
$3 221.490
,> Gross
income—_
$343,292
146,364
1,763,029 ,/ 1,756,443
Int. on mtge. bonds—_ i '
147,023
312,264
Other int. & deductions
■/18,062, r,.vl9,490-:/: 232,956
130,671
4,577
.
432.
p.
&
.
F
Dividends
Other
7,-9 269.165
804,396... .7,263.318
753.685
.
:
subs.-.—
energy of the electric properties of American
Electric Co. for the week .ending Sept.. 27„
1941,
of electric
Works
,/totaled 67,968.000 kilowatt hours, an increase of 28.1% over the out¬
put of 53,076,000 kilowatt hours for the corresponding week of 1940.
Comparative • table of weekly output of electric energy for the last
five years follows:
/
$1,983,371 $27,218,150 $28.043 980
$2,1*5,100
Week Ended:
1941
'1940
1939
1938
1937
J7
8,993290,655
156,076
35,141
Sept.
6—- '63,756,000 *50,894,000 *44,270,000 '38,807,000 *46,120,000
Sept/13—767,605,000"
54,817,000
'48,974,000
43,170,000
49.985,000
$2,180,241' $1,992,36* $27,508,806 $28,200,056"
Sept. 20_
65,337,000 54,110,000
51,949,000 42,460,000 49,408,000
7 631,523 " 7,352,348
7,589,902
609,721
Sept. 27—
67.968,000 53,076,000 62,787,000 42,993,000 48,908,000
V
33,280
163,022
953.053 /.2 002 Ri9
7 ; 'Includes Labor Day Holiday.—V. 154, p. 425.
:
.S
424,394
' 4,329,592 - 5,092,519
""-323,692
consol,
Income from subs,
Dividends
Output
and Electric Company
Gas
,•>;/'>..7?
Output—./
Water
in¬
net
subs,
American
■;
4 581,926
11,750,173
.•
...
Divs. on common stocks
come
4,945,101
12,696,490
•
for
stock...
com.
Undistributed
/'•■';,/
.
deductions
&
pref. stock....
on
7*
Baltimore—Performance
of
debt
funded
on
int.
come
»■
-
..
Other
y
.
847,909
income
Interest
1,061,240
Taxes //„ 867,896
Income
Operating income.—
/'
390,322
1,050,565
398,194
>
;
Fed.
than
income
fFederal
Other
appears
adequate
Maintenance
Depreciation
Taxes, other
said:
The court
that
_______
my
my
..
.
,Total (incl. Undistrib¬
Ambassador Hotel Co. of Los
6 months End.
Store
1941
$1,051,778
July 31—
Departmental.
Income:
and
rents
cessions
Subs.
costs
40,209
43,697
52,623
57,023
9,400
5,759
9,366
9,327
Interest
$1,007,081
$917,371
$1,138,912
appor¬
dept———
.
667,336
654,816
582,779
696,545
146,204
162,156
181,447
179,039
60,289 •'
Taxes
Gain
•
on
———
retirement
$227,558
61,497
61,302
64,794
$128,614
$91,843
$198,535
'
1,333
before
-
■
—
30,284
41,730
income
tax—
on
140,767
pref stock
J40,767
•-
^
stock——$988,350
Taxes
^
'•
.
«.
$772,941
.1,142,904
1,304,529
being
of
tax
1*689,209
tl,837,385
>
•.
•»,
,
•
.
•
.
..
.
/
$128,614
$122,127
$240,264
-
.
$13,313,092 $13,098,963
currently absorbed at the rate of $40,000 per month. In the
subsidiary, $50,000 was accrued in June. $158,000 in
another
the
year
1941.
$ Restated
for
comparative
purposes.—V.
154,
p.
83.
the
applicable
stocks
period
—
507
173
11,275
3.336
$178,774
$163,072
$1,345,114
$1,156,119
949,265
949,265
.
:i"'
to
for"
1—
Balance—
'-'1———
Notes—Provision
for
Federal
——'
income
taxes,
$395,849$206,854
subsequent to April 1*
1941, }s being made at a rate which will result in the accumulation of
rate of 30% for the full year 1941,—V. 154, p. 179.
such taxes at the
Arlington Mills—To Pay $1.50 Dividend—
-
income
credit,
July and $125,000 in August 1941 lor possible Excess Profits Taxes for
$228,891
income.—
Dividends
for tax reductions
taxable
This
Net
preferred
97.163,,
.
struction ( (Cr,)/-—v-.*-
$l,01p,871 $16,145,205 $16,240,877
92,928
resulting from a non-recurring reduc¬
due to the refinancing by that subsidiary in
after being reduced by adjustments for underaccruals of other subsidiary companies for the first 3 months of 1941,
in
tion
case
bond
int., deprec., amort. &
Federal
'-^hterest charged to con>
879,281
.
t Federal Income Taxes, as of this date/ are fully accrued
basis of 31%,
During 1941 one subsidiary has been crediting
the
on
is
,
// 9S4.533
.■
Loss,
1940.
of
bond
Profit,
63,483
deduc¬
Balance avail, for com-
Income
Profit
other
—
mon
7
,110,159'
$1,222,045.
&
Dividends
&
—-
—
to
$1,074,354 $17,099,738l $17,120,3 Ba^
$1,332,204
Consol.)—.
fTaxes & expenses (net)
not
Expenses
„
of
Balance
$1,101,387
-
expenses
1938
$1,072,562
Income
tions
income——■_—:
tioned
1939
$855,381
J
con-
—,—
Departmental
1940
$957,625
Net
■;
Miscellaneous
Total
uted
Angeles—Earnings—
•
Directors
mon
paid
Jan.
and
—V.
stock
on
15,
75
have
declared
payable Oct.
July
15,
last,
50
a
15
dividend
of
to holders of
on
Jan.
17,
i
per
>
share on
record Oct. 2.
and compares with
last,
cents paid
cents Der share paid in each of
153, p. 236.
$1.50
the
com¬
Like amount
$1 paid on April 15 end
1940, and on Jan. 15, 1938
the three preceding quarters'
Volume
Aro
Equipment
Deliveries
/
has
■
made
the
Corp.,
U. S. Army
on
thari- four
Less
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3992
154
months
of
of
date
pumps
vacuum
om
-
the corporation
large order re-
contract,
ceived from the U. S. Army Air Corps.
Vacuum
airplanes for operating flight instruments.
•
First
Air Corps Contract—
from -the
deliveries
first
Ohio—Makes
Bryant,
liquidate
sufficient
assets
to
promote
the
best
interests
of
the
security holders.
It ■ appears from the record that the trustees are
now giving serious
consideration to the early sale of major assets of
a
pumps
used
are
.
NY
'of
1
the
of
deliveries
thousand
a
year.
has
Aro
pumps
/
-
-
...
for
•
\
the
30
days.—V.
151,
2181.
p.
"accumulations
to
holders
Dec.
*on
ipaid
20,
in
paid
was
and
March,
$8
paid
in January,
The
Atlantic
''\'v
was
16.1%
or
Utility Service
reports that for the
Corp.
recently issued an- order permitting the extension of the
.maturity date of the outstanding trustee's certificates, in the prin¬
cipal amount of $200,000, due Sept.
13,
1941. to a date not to
one
1941.—V. 154, p. 425.-;
from Sept. 13,
year
'V-V"''1
,
Associated Gas
Corp.—Issue Approved by
Electric
&
•sec—
sion
the
to
Exchange Commission on Oct, 1 granted permisof the corporation to issue $5,000,000 of 2.35%,
and
trustees
;mission follow
(in part):
v;"
;;
•
solved
before
that
of
the
operating
of
and
the
Terms of Certificates
'
■
first
companies
liquidation
or
the
interest
rate
The
in
.
certificates.
on
would
that
decided
seem
a
Use of
.
of Property
will
ho
provisions
be
reduced
subject
J.
:
„
with
Ry.
Co.—Equipment
the
Company to assume obligation
exceeding $20,000,000, series E, 1%%
certain
equipment. v
■
and
dealers
for
&
and
Hutzler,
Stroud
approximately
Arthur
1.55
Refining
A.
has
percent.—V.
been
Vice
154,
of
A
total
has
of
as
been
$23,000
interest.
first
provided
called
in
for
and
director
a
Payment
&
*
assistant
of
this
of
manager
it
company,
was
241.
p.
'
mortgage s. f. 7% convertible gold bonds
supplemental indenture dated Aug. 27, 1936
a
will
Dick
Colley, President.—V. 154,
redemption
be
City of New York.—V.
and
330.
p.
Autocar Co.—Bonds Called—
modified
itself
Director—
President
elected
Oct.,1 by Robert H.
on
behalf
on
Co.—New
Garrabrant,
sales,
acting
&
Company, Inc., and has been accepted.
annual cost of the proceeds to the applicant
average
made
154,
Nov.
cn
at
50.
p.
the
1
at
Chase
"
<
'
107 'h
and
National
accrued
Bank
'
,
,
,
of
the
"•..•••
,
'
(B. F.)
Avery & Sons Co. —Earnings—
Years End.
Net
sales
Cost
of
June 30—
1941 Y
,
sales
Selling,
1__
shipping
admin,
"
1940
—$3,200,573
:
.
1939
1938
$2,836,587
$1,934,093
1,926,467
1,387,443
$2,107,258
1,416,346
2,254,355
*
and
693.177
679,692
532,535
551,874
$253,041
$230,428
$14,115
$139,038
exps.
as
the
to further
consent
express
approval
Trustees'
>
be
foreign
which
soon
authorized
procurement of
bid
basis the
announced
possible,; we cannot permit the issuance except
upon a specific condition under which all net proceeds from sales of
property will be applied promptly to the reduction in principal amount
as
to
Atlantic
Y.
t
•
.
,
3
the
Brothers
On this
one-year.
Proceeds
Sept,
with
Merle-Smith
to
v
on
securities
Salomon
2.35 %
a
Fe
the purchase of the
certificates, the bidders
being required to name the rate of dividends to be home
thereby in
multiples of Vb of 1% per annum,
In
response thereto
four
bids
representing 53 parties were received.
The
best
bid, 100.434 and
accrued dividends, based on a rate of 1%
% per annum, was made by
estate.
.'
proposed
present loan
Santa
&
report of the Commission states in part:
applicant invited 96 banks, insurance companies,
The
facilitate
,
the
on
to obtain the
propose
to
Agecorp
ICC
connection
the
it
otherwise
The findings and opinion of the Com-
J two-year trustees' certificates.
not
Net
of this
Procedure
of
the
certificate
Commission
in
Sale
of
and
holders
the
prof,
from
opers.
Interest,, rentals,
discts.
'
&
of
outstanding certificates.
In order to take care of possible con¬
tingencies, however, we are willing to permit such proceeds to be used
'
The Securities
is
Topeka
and liability in
respect of not
serial equipment-trust
certificates, 10 be Issued- by J. P. Morgan & Co.
Incorporated, as- trustee, and sold at 100.434 and accrued dividends in
read¬
require application of- funds from sales of
property to payment of certificates.
Since, unless some such require¬
ment
is
imposed, issuance of debt by these trustees at best barely
meets the statutory standards, and since the issue of $5,000,000
should
v
;
/
.
;
Y; tain
SEC
exceed
problem
financial
The
certificates as
proposed permit prepayment in whole or in
part without payment of a premium. However, these certificates con-
$200,000 Trustee's Certificates Extended—
The
the
reorganization
trustees
T;
'
,
that
require
permit the certificates to run for a period of two
years, provided that $1,000,000 be repaid at the end of the first year,
and subject to certain additional protective provisions.
r-
week- ended
103,458,000 units a year ago..
above, production of
have
we
26, net electric output of the Associated Gas & Electric group
120,149,886 units <kwh.)
This is an increase of 16 691,886 units
Sept.
extent
which
period should probably be
1 sufficient within'Which to dispose of sufficient properties to eliminate
the NY PA NJ debt and thereafter to permit the realization
by Age¬
corp
of at-least enough cash to repay these certificates.
However,
the trustees have urged, that they be permitted to issue certificates
for a two-year period and have, in that
connection, stressed the fact
that the proposed certificates are subject to prepayment within" that
time
without
payment of a premium.
Under all the circumstances
1940.
Associated Gas & Electric Co.—Weekly Output—
-
from
Indeed,
2,
and
June
subsidiaries
its
The
Guaranty Trust Co., the record shows that the Chase
New York, was willing to make a loan of a comparable
maturity,
but with certain additional protective provisions, at an
annual interest rate 1
••
'
146./;
p.
of
rehabilitation
consider
basis
,
.
recently Instituted
National Bank,
last; $6.75 paid on March, 1. last;. $5
on Dec. 2, 1940;
$3 on Oct. 15, 1940-; $1.75
$1.75
1040;
September,
v.,154,
14.
June
on
the
,
$5.75 per share on account of
of
To
Although the
pref.- stock,- par "$100, payable Dec. 1
Dividend of $3.75 was paid on'Sept. X
2d
Nov.
of record
$3.50
last;
7%
the
on
dividend
a
those
to
subsequent
We
i.
-\
Associated Dry Goods Corp.—Accumulated Dividend—
have declared
Atchison,
Trust Certificates—
voluntary action
be expected to
the
'
Directors
NJ
financial
been
last
have
by the trustees, the course of those proceedings
emphasize the necessity of realizing cash in the
NY PA NJ system as the most feasible method by which to effect the
t,
engaged in defense work for some time and several
large contracts have already been completed, with still other con¬
tracts for various types of aircraft products now in production.
Seven
days a week operation with three eight-hour shifts has been, operating
•
We
may
•
.
PA
by
„
before the first
month
per
NJ.
justments.
-
'
scheduled
PA
proceedings under Section 11
<b) (1): directed to the trustees of Agecorp. Furthermore, we propose
shortly to institute proceedings under Section 11 (b) (2) directed to
on
In
this brief period Aro has designed and made the special tools
required, installed machinery and test equipment for straight line
production in a new factory addition, and made full provisions for
■
NY
537
Net
/;•
and
other
Int.
Court.
Certificates
income
profit
on
10-yr.
5%
notes
Amort,
of
sink.
39,888
33,510
32,742
36,242
$292,929
$263,938
$46,857
$175,280
41,108
43,001
46,667
48,143
10,472
fd.
f
-
__________
discount
&
'
Agreement
Purpose of Certificate Issue—Settlement
The
rules
*
■
•
effect
Associated
the
of
Gas
Associated
for
'
with whom Mr. Hopson was or-is connected,
of
York both
New
and
Federal
of
amounts
substantial
very
State
the
and
State
; ing
income
•
declarant
all
opinion,
interested
trustees'
to five New York banks, which in the
only ones which might be interested in
banks, it developed that three decided
interested in- submitting bids or other proposals.
opening of bids two communications were received
restrictions
'
imposed
were
The
other
proposed
was
if
-
certificates.
payments
end."
"open
Under
the
have
terms
of
of proceeds
use
and
required
absence
an
would
present
the
on
were
with
and
from
be
to
sales,
completely
certain
a
proposal
from
Y
ernment
and
the
Government
Utilities
its
and
York
New
of
tax
lien
'v.'
Co.
obtain
to
the
upon
the Federal
from
assets of NY PA
\
Under
NJ
V'/V
'
the
agreement, which is dated Aug. 4, 1941, was executed
protracted negotiations under the general supervision
of Ben A. Matthews, special counsel for the trustees of Associated Gas
& Electric Corp. and
the trustees of Associated Gas & Elee.tr!" Co.,
Mr.
Matthews having been employed for the purpose, among others,
result
a
of
and
the
pref.
settlement
the
with
the
officials,
tax
directors,
former
agreement has not been approved or accepted by
record indicates that its terms were worked out
The trustees are of
meet with the final
the
opinion that the offer in compromise will
approval of the various tax authorities.
«
,
The joint offer in compromise contemplates the payment of approxi¬
mately $6,887,000
in taxes to the Federal Government.
Of this
amount, about $1,187,000 will come from the assets being surrendered
by the Hopson group -i-M- the remaining $5,700,000 is ^ b" naid h-»
trustees of Agecorp.
The trustees expect to have $700,000 available
out of cash on hand and hence the issuance of trustees' certificates is
sought
for
the
\
amount
■
f
\ y
obtained.
Y
Summary—Sources of
we
this
end
amount,
the trustees estimate that about $300,000 is required as
capital. Under these circumstances, it is our opinion
of at least $1,000,000 may reasonably be paid at the
minimum working
the
that
of
end
•It
the
is
first
will
-
,
have
-
to
be
rmdr
met
mav
-
the
from
sales
available
be
of
from
property.
the
It
is
Hor..haistern
the
For
reasons
we
have
stated,
no
dependence
placed
be
can
On
receipt of funds from General Gas & Electric Co., Associated Electric
any of the subsidiary holding companies other than NY PA
NJ Utilities Co.
It is essential that if payment is to be made of the
remaining
NY
of
PA
certificates,
Utilities
NJ
of
standards
The
prompt
steps
be
taken
to
meet
the
problems
Co.
Section
make
7
it
questionable
as
whether
to
or
obligations should be issued by trustees of a holding
the circumstances here present. The past record might
indicate doubt as to whether sufficient sales of property will be made
within the. next %v-i ■
V- to pay these certificates./ However, notwith¬
standing this record, we now have reason to hope that in the future
more
substantial progress will be made.
The reasons in favor of
not
any
fixed
company under
issuance
of
the
trustees'
certificates
are
persuasive,
since
the
settle¬
interests and the Federal Government represents
constructive step toward the reorganization of this
ment with the Hopson
a
substantial and
CSt&t6.
'
•
'
•
'
'
■
"
>
to
make
settlement.
this
Such,
however,
is not the
case.
Under
the
reluctantly conclude that the issuance of these
limited amount, and subject to the conditions
which we are imposing, can be justified under the standards of the
Act.
Of course, our approval of this issuance is not to be construed
as a precedent for further issues of certificates or of holding company
diibt under other circumstances.
We have
considered imposing a condition requiring U>e taking of
circumstances,
certificates,
in
13,804
fd._
Y_____
3,751
7,739
$183,519
$179,370
$4,748
$119,586
52,127
52,127
52,127
52,127
55,162
80,631
cumui.
________
stock___
com.
;
:
and
$98,043
69,953
..
provision
for depreciation
included
in
cost
of
manu¬
for the current year amounted to $72,121.
expenses
Balance
Sheet June 30, 1941
Assets—Cash, $598,822; receivables, $932,633; inventories, $1,435,750;
investments, $5,760; plant and equipment (net), $1,001,530; prepaid
we
this
'It
is
of
and
bidders
accepted
the bid of
whether com¬
approval
of
then
to
bid
be
with
1,
to
open
any
that
the
in
present
this
in
terms
turn,
it
case
is
indicated,"
be
it
is
of
stock
($25 par),
$868,750;
$689,525; paid-in surplus, $647,234; earned
$4,053,529.—V. 151, p. 2036.
par),
total,
tal
stock.
tion
the
share....
"
:
v....,
1941
1940
$1,459,649
$72,854
t$0.33
t$0.02
.
v."
'
results
of
operations of Vultee Aircraft, Inc., Auburn
or the N-^w York Shipbuilding Corpora¬
Manufacturing Corp.
not
are
Unfilled
-t,,
received
included
in
this
consolidation.
orders
in
billings
of the purchasers of the certificates and in the interests
!
31—
-
Note—The
-Central
Company
sur-
(& Subs.)—Earnings—
profit
per
com¬
* After depreciation, amortization, interest, Federal income taxes, etc.
tOn 4,366,667 shares of capital stock, ton 3,951,667 shares of capi¬
;
',
a
of
the basis
on
Denis
Associated
Gas
$5,000,000
of
on August 31
amounted to $16,621,342.
Net orders
quarter ended with August amounted to $4,036,592 and
$5,225,741.—V. 154, p. 143.
the
were
Electric
&
Findings
and
Corp.,
Willard
with
certificates
filed,
as
be
subject
Badger Paint & Hardware Stores, Inc.—Earnings—
6
r
Months
*Net
and
L.
respect
and
however
Opinion,
Thorp,
is
to
as
the
such
June
30—
Earnings
1941
share
per
1939
$85,462
$96,195
$2.08
$2.35
1938
$87,963
on
stock
♦After
of
1940
$100,090
$2.44
the
trustees
issuance
hereby
to
that,
Ended
profit
com.
of said
Driscoll
J.
trustees'
effective
become
($5
Months Ended Aug.
Earnings
that any issue of such
substantial conditions both for
by
$760,578;
that
For
cumulative-preferred
plus,
Aviation Corp.
resubmission
apparent
6%
stock
♦Net
bid
the
expenses,
$62,826;
mon
9
are,
apparent
accompanied
1941,
$735,080;
terms by this Commis- '
interested bidder.
The
such
assurance
terms
$79,033; patents, $1; total, $4,053,529.
payable,
$47,325;
customers'
prepayments,
$130,276; sinking fund deposit due Nov.
10-year sinking fund 5% notes, due June 1, 1947,
accrued
■
in advance
what
determine
charges,
Liabilities—Accounts
$111,937;
approval, publifc consideration
to
and deferred
expenses
consider
the
ordered,
charges and taxes.—V.
151, p.
'
$2.15
1714.
of
permitted
to
modifications
as
Bangor & Aroostook RR.—Bonds—
/
-
be
necessary for the purpose of complying
and conditions, which are hereby imposed:
may
terms
Of the total amount of said certificates,
(1)
,
mature
shall
of
(2)
The
of
assets
shall
and
of
estate
applied
payable
not
later
with
the
than
the
of $1,000,000
sum
one
following
year
from
the
such
certificates;
shall provide that
certificates
the
be
become
issue
the
of
the
within
trustees
all
of
'
as
the
of Associated
The ICC on Aug. 19 authorized the company (1) to issue not exceed¬
ing $773,000 consol. ref. mtge. 4% bonds, all or any part thereof to be
exchanged for a like principal amount of 5%
bonds now in the
;'! treasury; and (2) to pledge and repledge from time to time to and
including Dec. 31, 1942, as collateral security for any note or notes
net
Gas
proceeds
Electric
&
of
ceeds
be
may
used
certificates
of
the
of
and
4%
York.
New
otherwise
with
the
The
District
States
phrase
"net proceeds"
those cash proceeds available
only
Electric
consent
express
Court
to
the
the
for
of
the
shall be
estate
construed
of
to
Associated
mean
Gas
(3)
The
shall
obligations
with
The
(4)
thereof
by
the
U.
Hearing
are
be
certificates;
interest
rate
to
shall
long
as
other
or
over
or
-
and
not
certificates
approved
be
issued
and
by
this
and
the
the
exact
declaration
and
shall
hearing
tions
by
had
was
,
been
made
set
for
necessary
the Securities and Exchange
w^re to have carried
of
part
of
any
section
such
20a(9)
consol.
of
ref.
and 4%
the
mtge.
bondsf
President
as
was
meeting
director
and
elected
on
!''
Corp.—New President—
monthly
vacancies
the
and
Vice
a
of
board
of
directors,
this
Frank
corporation.
director
was
Seamans
The
accepted
was
resignation
by the Board.
President.
were
filled
at
the
meeting,
Mr. Seafilling that caused by the resignation of Mr. Auten, and T.
being elected to fill that caused by the death of Charles H.
Schlacks.—V.
153,
p.
543. "
"
'"
' ;
"
' "
Bay way Terminal Corp.—Tenders—
Holders of the
20-year 6% income second mortgage bonds have been
by the corporation to submit tenders of bonds. The corpora¬
purchase approximately $150,000 par value of bonds at the
invited
tion
will
lowest
$100
prices offered but in no event at a price exceeding $50 per
value. The tenders must be submitted to The Elizabethport
par
Corporation also reports that for the eight months
net
Oct.
by
6
on
this
imposition
Commission.
application, but post¬
of certain restrictions
Originally these
2.35% interest.—rV. 153,
p.
981.
obliga¬
income
available
for
interest
on
the
income
ending Aug.
bonds
amounted
31,
to
after depreciation of $28,292. This represents improvement in
income of $56,692, as compared with the corresponding period of 1940.
$82,657,
—V.
Certifijcate Sale Put Off to October 15—
Federal Judge Vincent L. Leibell Oct. 6 put over until Oct. 15 a
hearing on the petition of the trustees for authority to sell $5,000,000
2(4 %
certificates of indebtedness to the Guaranty Trust Co. at par.
A
Rieber,
■
Auten
Riter
mans
'
recent
E.
R.
provisions
or
part of the $836,000 of 5%
treasury.—V. 154, p. 330.
President
Two
terms
Commission;
finally effective except after approval of said certificates
S. District Court for the Southern District of New York.
on
J.
E.
the
all
any
Banking Co. of Elizabeth, New Jersey, on or before Oct. 22.
the
upon
submitted
be
certificates
become
not
s.na
shall
The
(5)'
shall provide by their terms that so
outstanding, no additional certificates
issued by the trustees having priority
certificates
certificates
parity
of
&
„
the
elected
and
.
said
At
District
remaining after payment of all expenses of sale
as
approved by this Commission, and all taxes required to be paid
by the trustees in connection with or resulting from any such sale,
and after deucting from such proceeds all amounts, if any, paid by
the trustees in connection with any acquisition or reacquisition by the
trustees
of assets or securities which
may
be a condition of such
disposition and is approved by this Commission, or which may be
required by order of this Commission in connection with any such
disposition of assets.
Y
'
•
V
Corp.
Act
or
Barber. Asphalt
holders
Southern
and all
the
in
under
issued
Commerce
bonds,
now
subject to the further approval of this Commission
United
be
may
Interstate
Corp.
30
days of receipt to the reduction of the
principal amount of outstanding certificates pro rata with respect
to each certificate, subject however to the provision that such pro¬
understanding of the intention which the trustees
all
Upon
will
have
declaration
ponement
expressed to
submission
enable
free
must
include
specific steps toward the sale of substantial properties within a fixed
period.
We have d^er*nir>ed not to do so. however, in view of our
have
to
public, investors andYconsumers.
Such conditions
provision for partial serial maturities in an amount
of at least $1,000,000 at the end of the first year, provisions
requiring
the application of the net proceeds of any sales of
property to pay¬
ment of the certificates, and a provision forbidding the issuance of
further certificates on a parity with the present issue.
1
It is to be regretted that-the disposition of assets has not. already
proceeded to such a point that sufficient cash is available with which
they
not
consistently with our duties under the Holding
the declaration to become effective as filed.
we
generally
and
Corp., or
not,
permit
must
of
!
such
circumstances
the protection
-
to
Agecorp.
be
the
reasons
Companies sale within the near future. As we have indicated,
however, the complications inherent in that proposed transaction may
result in a drastic limitation of the amount of such funds available
Water
and
subject to further provisions requiring,
can
date
•
,
the cash available at the end of the second
sufficient to pay the balance of the certificates.
that
hoped
*
■■
decided
security/sfiould be submitted and approved
will
bidding
will
certificates
that
be
not
sums
be
year-.
apparent
will
year
Such
to
sum
Bank,
"
1942 there will be available over $2,000,000,
year 1943, approximately $3,700,000.
Out of
the
of
the
Act,
that at the end of the year
the
Chase
trustees
Co.
appropriate.
Under
Funds
Summarizing our discussion, it is apparent that sufficient funds for
at
"$12,508
pur¬
sink.
Note—The
or
After
terms
fact,
in
sion,
repayment of the trustees' certificates cannot be obtained from the
ordinary cash income of the estate. However, some funds will be avail¬
able from this source. Cash forecasts submitted by the trustees indicate
and
$179,370
sink,
notes
stock
facture
experience
bids.
such
bidder
y-'
v,-'
Trust
our
/? are not
of bids.
of providing the remaining $5,000,000.
The
that they have no other present sources from which
be
can
the
the
'
purpose
trustees represent
of
bidding is
of
the
of
.
this
letter
The terms of the
25. 1°41,
':va:•{
compromise proposed to be effected in connection
cooperation with subordinates of those officers.
in
.'
of
offer in
While the
$183,519
5,622
13,000
for'n
10-yr.
6%
on
"Loss.,
Chase
We express no opinion as to
is not desirable in a case of this kind.
On the
to date we have not felt it necessary to
require competitive bidding on short term loans.
In any event, we
feel that if competitive bidding is to be used, the procedure should
be substantially in accordance with that followed under Rule U-50.
agrement was approved by the United States District
Court by order dated
the
against
claims
prosecuting
and
circumstances
Guaranty
basis
others.
settlement
The
•
the
petitive
of
investigating
officers
these
further
The settlement
as
30,000
.
of
State
release
a
55,000
13,505
for
on
■
Divs.
-/.'V
'
was
■
•
2,500
yrs._
for
profit
Divs.
property
was
*;'•>;/
communication
Net
no
prior
5%
chased
interests
proposed
10.198
1,948
etc.
on
fund
the
proposal
to
realized
Disct..
certain
improved
the
loan
the
of
companies and of certain other
affiliated with him.
The
system
9,620
tax
recpts.,
National Bank. The Chase Bank stated that it could not make a loan
parties against Mr.
joint offer in com--' without some protective provisions of the character. They stated, however,
that
carried out at the same time, contemplates
subject
to
certain
conditions,
they were
prepared
to
; negotiate
payment of certain taxes to the Federal Government due from the
a
loan on the basis of 1V2% interest.
In response to a
estates of
these trustees and from system companies for the years
question by one of the trustees, as to whether they would bid com1927
to
1933, inclusive.
Contemporaneously it is proposed to com¬ V petitively if the terms were revised in accordance with their sug¬
promise certain taxes due from the Hopson group to the Federal Gov¬
gestions, the representative of that bank said they would not.:
of
Hopson
promise,
9,087
4,215
for., Federal
applic.
Amt.
^:
■'
which
serial
no
-
the
sink.
V-u
Net
profit
Adjust,
of,,
prov.
for
for 'Fed.
inc.
taxes
these
memorandum,
of
notes
Income
..y,
the
Of
banks.
10-yr.
5%
sent
was
were
provisions
character
*
'
•
-
on
expenses
Provision
bank,
fVr protective
the trustees.
'
-f
V '.
agreement is designed to settle the claims of the
trustees, of the trustees of Associated Gas & Electric Co.,
fund
Other
the Guaranty Trust Co., made a bid in accordance with
the proposal submitted by the trustees.
The bid of Guaranty Trust
Co. was for a loan at 2.35%
interest.
This loan, in accordance with
the
Corp.
settlement
certificates.
memorandum
One
companies of
The
issue
At the time fixed for
••
asserted
against
Electric
Commission do not require competitive
bidding for
character. : Nevertheless, the trustees • felt that some
competitive bidding would be desirable. Accordingly,
prepared a memorandum embodying the terms upon which
of
handling the issue.
that they were not
from
Government
both Associated Gas & Electric Co. and Associated Gas
and its subsidiaries.
Similar tax claims were also
asserted against assets in possesion of the Hop eh -grout).
Tj re-s-r?
payment of these taxes, the Federal Government
attached certain
assets of NY PA NJ Utilities Co., one of the principal subsidiary holdtaxes
&
The
exp.
this
this
wished to
trustees'
•
•
hand.
Federal
claims
,
•
;
Co.,
of
form
trustees
they
and New England Gas & Electric
and Howard C. Hopson, former, head
Electric Co. system, and various individuals
&
Gas
the
hand;
one
and trusts
other
the
The
in
Electric
&
the
on
corporations,
on
offer
joint
a
Association
.
modified
compromise of certain tax claims of the
Federal Government.
It is proposed to carry out
the offer in connection' with
a
certain
settlement agreement entered into-between
the
trustees
of
Associated
Gas
&
Electric Corp., • the
trustee of
to
of
securities
is to provide cash in order,
The purpose of the proposed'certificates
/
144,
p.
3165.
Beatrice Creamery Co.
(& Subs.)—Earnings—
'
Period
Net
♦Net
sales
♦After
31— 1941—3 Mos.—1940
............
profit
tEarnings
mon
1941—12 Mos.—1940
$21,907,474 $17,593,577 $77,257,817 $66,477,383
566,824
563,287
1,867,649
1,678,237
share...
$1.19
$1.16
$3.69
$3.13
Ended Aug.
per
interest,
depreciation and Federal
p. 95.
stock.—V. 153,
income
taxes.
tOn
com¬
Bearings Co. of
America—Accumulated Dividend—
lations
on
record
a
the
$3
154,
p.
on
V.
initial
declared. an
have
Directors
,■
dividend of $3.50 per share on account of accumu¬
the cumulative first preferred stock, on July 11 to holders
July 8.—V. 152, p. 1583.
■«
\
••'.
■
Company paid
£o.~Initial...Preferred Div.—.^Chilton & Co.—Extra. Diyidend—..',^;.,..
.10 cents in addition
-id&WehVjof
* ^^Ireotors have;Jl0
1 to holders of record Get. 15.
- to the regular quarterly dividend of 10 cents per share on the ccmmon
i-V.'..- ,r.;
stock, both payable Oct. jl 5 to holders of record Oct. 3.—V. 153, p. 390.
-California Electric Power
;
•
•
.1
,
Saturday, October 11, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
538
«
; ,<
t'\r/
;■: r*\
■.
preferred stock, payable Nov.
426.
.
.
Canadian National Rys.—Earnings—
v
of undelivered orders now totals over $88,000,000,
stament issued on Oct; 6. Of this amount, approxi¬
mately 93% i£ for two types of airplanes and production efficiency
will therefore be aided by the reduction of types manufactured conpresent ibacklog
V
■
'
according
: l
to
.currently,
•
*.
.
V.
unaudited
Preliminary
:,
addition
common
Similar
,1941—Month—1940
revenues,
expenses,
$8,472;081
467,165
409,796
>5,360,686
5,067,738
27,534
11,888
237,812
64,786
'
serve
■
'
•V
investments..,
term
-
;
50,000
50(000
,'4'.
309
'
,
<
''
operat.
revenues.;
(net)—__
..Other income
$121,581
$97,058
$1,348,744
532
.: 384
5,811
$1,159,147
4,506
$122,113
$97,442
$1,354,555
$1,163,653
45,750
45,750
549,000
7
on
mortge.
bonds:.
and
deduct;
int.
Other
1
income
.Gross
JCnt.
,
4,534
-
4,362
55,581
'549,000
53,373
.$47,330
$749,974
$561,280
...
eral
;
$71,829
Net-income
*
429,174
; $132,106
'-y''-:-. $320,800
at
taxes
3 "
,,-73
'
'i
•.
'''
Net
depletion
Stores, Inc.—Sales—
Bond
C
,tV
179.
p.
,.
.
-.-.r'.7"-
....
-7
.,r.
"71,783
share:.,^
.$62,424
-.v $0.05
profit,
per
-
v
the
on
-
.,
Dividends
4; '
4
cents per share
of; 25
cm
•
<■*£'r-'-t'-vv
-•
"•
•••
-
(& 'Sifbs.)—Earnings— 3J
European
142,787
$10,061,470
...
$10^.716
k ;
.
•
.
.
3.77,121 ; ^ .158,462
'
:
Cost of . sales ./j'„lI3_3_33i43i333j7l33_L__i;^j;i^i-^_i'J;i..__',*,58.625,860tt't.'tOxoti 'profit
V-
.
©fdhe Palmollve •■ Building—d 25.482
;,©rl94.8i4
•-
'
•
•'••»••
•-
130,777
-
..
.,,
-
,sales':.v---l-3'A.ii;3$100,159,167
.
Other
,w.,t
■,
<
_
..
*
i
•
.
registration statement under the Securities Act
3%% first: mortgage bonds. Series A.
'Proceeds of the: sale,-of the bonds . will-|xv
applied toward the redemption at 105% of $38,000,000 of 334% first
mortgage bonds, Series A. due on Dec. *1, 1968—-V._ 154, p. 355. Xv>v,3
•
faxes —.I—..i—:
•
Provision dor; .foreign
• taxes-
:3.:
145.491
Cr25,375
items unet-r
Public Service.7Co%^Registers;..W
it© >>,prov
iston> for
possible
future1
inventory
?ios6es
1
'ji*
,'*
f a »• U.
TT
Q. 4-a
J ' - »'
. .i
UPravlskm for
S.
Illinois
/-<
Subsidiaries)
•Consolidated Earirings for 4hel2 Months Ended June 30, 1941
7;
Net
;
..
i tForeign 'exchange adjustmejit,
."-'Cj
f$0.08j^.<,/,$0.41-^v-^'-!;$Oa3.w\? jAdjustment of profits:,.^3—
i.!.-'./v
\
f Minority interestdn. net profif of 'A foreign"subsidiaryi:!:%. *.
.
covering $38,000,000 of
due
Dec." 1,
t
1
,7
.•
share
cents *per share' fn
-extra-dividend-'Of 15
(Continental
English -and
(Excluding
$403,
loc'221
225,
and
of 1933
,
.•;■
Dividend—
per
cents
500,000
3,194,389
. .
883.940
—fv
Company has filed a
l-7lr1';-'
;
$4,103,542
——_
„„—
3—v; 154,
an
regular, .quarterly? dividend
•'
Colgate-Palmolive-Pcet
Co,
•V
vSiEC
1941—Month—1940 3 1941—9 Mos.—1940
$2,521,786 $28,714,686 $19,863,605
Period End. Sept. 30—
•'•Sales
'**
.
——
taxes
:Central
■*—.
25
™
•
....
$424,966
290,759
—V. 153, p. 1270.
,
,
•>declared
«na Jan. 20 1939.-rV. 152. ;p. 41-19. .,,
*
L^.-—Eal'nings—
Mosi^-1946 - ; 1941-^Mos.—1940
w.
income taxes,. subsequent to April 1,
at e. ?rate which-will result In the accumulation
the rate of 30'/o
for the ifull year 1941.—^y. 153,
1269.
mint,,/,
production—__
Earnihgs
'■)<
being tmade
is
such
of
d).
>
for i Federal
"Note—Provision
1941,
;
the
.
429,174..
—I.:-——
Balance'
to
aNet loss from operation
•
period
,«
-and
taxes
of
'-Deprec.,
the
'^Dividends applicable to preferred stocks for
©ireetors Imve
addition
on^the com
193^^/183^^6^:^->.
27,
1941-^3
charges —_
/.Cost
income
C-
of
"Coca-Cola Bottling Co. -of St. Louis—Extra Dividend—
Cariboo GM Quartz Mining Co.,
Period End. July 3JL—
min-
»
i,
dividend
a
payable Oct. 1 to holders of record Sept. 23.
dends-of 12l/2-cents" per share whre distributed.—V. 152, p. *823. '
-
Dividend-
of $1.50 per"^hare
Gross .-income less
■
$5 004 000
000
i''..V;7A 5'"V-.
on Deo. 23,-1939; ,1 on Sept.'30,'1939;,,v
50 cents paid on: March 31M939;: $1.10 on
,
30, 1938; 25;-cents on March 31, 1938,
3,713
,
;
^
Net
3,707
.309
,,
-W-'n
65 cents on Sept.
and >a • dividend of $1.25 on Dec.
f
^|,o26
<•
,
.
dividend
a
June 30. 1939 ;
on
24, 1938;
Dec.
>600,000
? 600,000
declared
have
$U?eoi'Mkrch
15 cents
/
,
declared
have
stock,
30 to
with $ 1.75 paid op June
ipa res
929,453
921,132
78,073
.
limited-1
Amortization of
.
75,409
profits!" .../I.
retirement reappropriations-,
excess
Property
Cleveland Xnion Stockyards Co.-r,25-Cent
Directors
stock, payable Sept.
mon
'
v
,
;■>•■ ."T ;
Directors
'
■
'
'".'WVav
'
426.
Carhorundum Co.—To Pay • $ 1.5CL
•
eluding direct taxes.:
4Pvov. for Fed. inc. taxes
Other taxes (excl. Fed.
•
©aye Ended Sept
'Gross earnings t(est<)I'
1126.
p.
'> ,'-y;.'.-.of 12 Vu cents were, paid in-.each- fcf the three preceding quarters; 25''
940 A'-fA'cents was paid on Oct; 4, ;1940, and previously 'regular quarterly divi"','
9
5
ex-
'
.
VT.453,
of
dividend
extra
an
and Exchange Commission on (Oct.
.
.-
fic 'Ry.—Earnings—Vv***.--5':
Canadian Pacific
Ry.
^IJ, .wA.Av ;(!'>■
AA/AA,1941
'
194f-^rl2 Mos.—1940
$7,824,887
..
$647,124
I^videndr^
'
•—.y. 154, -p.
4?-.-""3 'v>'.
$741,998
,
v
v '
1 -issued an order
permitting Company to acquire hot in excess of $100,000 of its toutstanding preferred stock.
Price shall1 not exceed $100 per share and
all purchases are to. be made within the year ending Sept. , 29, 1942.
common
Electric -Co.—Earnings-
Period Ended Aug. 31—
.
Operating
'■Operating
•'
Acquire
Co.—To
Light
.&
"'V'"--'''■''V
The ..Securities
:
.
12Mj. cents per-share, in
to
the
regular quarterly' dividend of like amount on. the
stock, both payable Nov. .15 'to holders ;of: record Nov. 1.
payments were made on May 15, last.—V. :153, .p. ,238.
i;
"
,V"/'
Birmingham
-
' /
.426.
p.
.Directors .declared
.
.3489.
164,
—
Canadian Oil Cos., Ltd.—Extra,
figures
'
-V.
revenues
Power
■'
Stock—
j
A
•
indicate that deliveries during the
;itnonth of Sept.. 1941, totaled over $1,886,000, .which is practically
!
equivalent to deliveries for the entire fiscal year of 1940 if the 1940
/ delivery valuation is adjusted for the cost of engines, propellers and
instruments supplied by the corporation and included in the price -pf
most of the airplanes delivered during the year, but not Included in
the price of the majority of airplanes delivered in Sept;, 1941.—V; 152;
.1
Gross
•
a
-t.
19,41..-, 1940 ,
I—3' -<$8,47r,582!'; $6,491,022
n
9 Days xEnded Sept. .30—
1.
Service
Cities
«
Orders—
Aircraft Corp.—Undelivered
Beech
"
•
on
'-•j
1971.
Central Maine Power
$5,401,561
Net profit
3-'-Including
accounts
of
depreciation of $179,251^;■) Arising from conversion <"of 3
foreign subsidiaries and branches to U. S. dollars. % Re¬
.1938'*
equivalent basis.
policy-of including foreign earnings since Dec. 31.
sulting from
only'to the extent of casli -received in V. P. -dollar^ or
Co.—Bonds -Called
■
Vice-Presidents—
Borden Co.—New
^
'
'
r,
7
.
A total of $47
j.dne Aug. 1, 1966
and accrued interest
3
Oct.
on
'\
i
,.r,
the election of two new Viceifresidents:; Dr. Harry A. Ross and Charles F. Kieser.
»r '
'Dr. Ross, a member of the board of directors, will continue to
/ supervise' directly the research activities of the company and, in addiA""tion, will serve in a general executive capacity." Mr. Kieser will
'. continue
to
have pomplete charge of, the activities of the special
uinoducts division, which he organized.—V. 154, p. 147.
announced
Company
''
\ y
1 V7
:
a
arnek
Colly-er Insulated 'Wire Co.—To Pay 50-Cent Dividend
"
(Directors have declared ,a dividend of 50 cents per share on .the
'.common stock, no par value, payable Oct. 1 to holders of record Sept.
24*.,This compares .with 30 cents paid,on July 1 and on April 1, last;
;
„
dividend of $2.91% per share on.ihe,.7%-.
«nd *2:80
share on *hef6% /cumulative-
declared
have
Directors
•
',7",.:
Light Co.—dividends—
Central Power
ConsoJUdaled Gas Co —September Output— ;3
output for September, 19,41 of 988,87.4,000 cubic
with 964,365,000 cubic feet in September, 1940, ail
B.oston
Mass.—v. 154, p. ^42.
Boston,
Co.,
;
,
Company .reports
"''
feet
compared
as
of August—
Month
140,369
3,761
>235,991
1940
,$1,898,327
1,582,099
-134,604
3,761
235,956
* . 329,374
———99,497
:
,
■
,6,043
329,374
99,497
,6,092
1941
....
,
■-——,4-—i.'f$2,081,182
expenses—1,608,478
receipts
Total
•.j '
<x,l Total
.operating
*■''
Federal, state and municipal tax accruals—,
'jRent for leased roads
— i;
i":GUbway and rapid transit line rentals——
; Cnterest
-A.
bonds,:.—j.——
on
Dividends
f
•
——
items
^'Miscellaneous
■^Amortization of discount on funded debt,
Bond Issue:
Lerro de Pasco Loppcr
Department of
Corp^—Earnings—
;
June 30—
•-? •
1941;1940,H */
1939
profit_2__:-::-^:::-':t'l,238(000 $1,582,000;;.'' $766,000
Earnings per share on capital stock •,
$1.10
4 $1.41. -."U; $0.68
;;L» After depreciation, depletion,
income taxes and % other-(Charges. ... ..
Estimated profit after charges and incohie taxes but before depre¬
ciation and depletion for first half of '1941, was $2,756,000 comparing
with $3,198,000 in like period of 1940.—V^152, p. 3963.^^
>
6
Ended
Mos.
Commission
first mortgage bonds held by John Haticock Mutual Life -insurance Co.
'
•
Chesapeake & Ohio Ry.—Seeks
insurance
subsidiary of Orescent-Public Service >Co.';
'7
with the 'Interstate Commerce Commission
an
application
of authority" to acquire ^from *d-the>-Nickel " Plate
7 certificates of deposit for 95,193 shares of .Wheeling & Lake Erie-Ry
.
The
has
company
The interest
$5,(K)0;Q0O Boston
.•^Metropolitan District 114% bonds due Nov. 1, 1942-1966—V. 154, p. 330.
Union Securities Corp. offered -Oct. 8 an issue of
filed
'•-'1
declared
have
Directors
common
stock,
dividend
extra
an
'•?<./
-7
;
of
$1
v;
contingent interest at 2'/«%■)'.—V. 154, p, 427.
*:
Regular
•the
,77 7
7
that
Oct. 9 filed a registration-statement.with the Securities
«,nd
Exchange Commission covering 25,486 shares
($100 part convertible preferred stock, which its stockholders will ?be asked to au¬
togcther
gold
-
,
-
*%&'«•
'
/
> 7
/
*7'
share on the common stock
paid
on
July 1, last; 50 cents paid on April 3, last; $1 paid on Dec. 27,
1940 ; 50 cents. on Oct. 1,- July 1, and April 1, 1940 and $2 pa.d on
Dec, 27, 1939.
See also—'V. 153, pi 97."
•
v. : :v
, . ,
jt>.
,on
it
Slokein«o°eW Sdlng
■
Columbia Mills, Inc.~~Pays $1.25 Dividend—
«.V Company
tional money *to >be borrowed,
153, >p.'543.
Bridgeport Brass Co.—Registers With SEC—
f,
and
7\;;7
1.4941, on the general mortgage 44%
will',not be paid 011 that date.-;.,.- /,-•
1980,
askcd. to agree to a,reduction of interest to 4%: (fixed int. at
-
for an additional 20/000 Wheeling &
will use the funds, together with addi¬
for the" retiremont; of ithe motes, due In
1946.
The Nickel Plate would retain certificates of-deposit for- 14,800.
shares
of -5 4
preferred
and
168,000 shares of common stock • of
the wheeling.' The transaction
would not; change voting control mf
shares
Erie
due
extension <of
maturities dated Sept. 10. >1841, holders of the above bonds are being
^
certificates of deposit
petition,"
:
share on 'the
per.
payable Sept. 27 to holders of ;record Sept. 25.
quarterly dividend of 60 cents was paid on Aug. 1, last.—V
Colorado Central
holding company reg-v;. ?<^
' «
-
Pursuant to a ,plgn for ruduction of bond interest and
; ,
conditions introducing com¬
at a price to be obtained "under
to others,
Lake
Mills—Extra Dividend—
Bourne
a
S.E.C.—V: .153, p. 1272.
due Nov.
bonds. Series A,
•
■
company
Colorado & Southern lly.—Interest—
77
Purchase of Wheeling
petition of the Company to issue $5,000,000 of coupon bonds for the
of refunding a like issue of bonds which matures Nov, 1,
,t 1941.■
■
/■"
/,:■
• •.,; ■.
-:v * •• >:
•,'
, 7 • '•
;• -certificates >oi deposit lor in,
snares 01 .wneeung-■« uaxe .mw «y.
The bonds will be payable in not less than 15 and not-more than
prior lien stock at a price
not exceeding $101-a share, > the ^exact
25
years
from their date, and will bear a rate of interest I'm
in 'figure to be determined at an early date, and in any. event before
.©xcess of the rate payable on the bonds of the Boston Metropolitan
the holding of a hearing" on the application.
..District which are to be issued for their purchase.
A syndicate headed
The application stated that
the Nickel Plate also proposes to sell
.
a
istcrod with the
Nickel
& Lake Erie Stock From
.
'
*jy
has agreed to the reduction.
..The
vis
■
purpose
.
been given permission by- the -Securities and Exchange
to 3%% from 4%% the interest rate on $704,000
reduce
to
'
v.
,
Inter est—
Pow^r Co.—To Reduce
{Colorado Central
Company has
estimated
•Net
bank charges, etc.-
Public Utilities has approved the
-
'
Approved-^ '■■■'';•">'}™•'
Massachusetts
The
$493,056
$3,42.332
receipts——
Excess of cost or service over
".
Colonial Stores, Inc.—Sales-
Ry.—Earnings—
Boston Elevated
4
Jersey—Abandonment-
Central Railroad Co. of New
2.5%.—<V- a54, p,-83.
of
increase
;
;
paid
a
dividend of $1.25 per
Sept. 29 to holders of record Sept, 26. ' This compares with $1
;/V
'% ;-■"
.V
7-'C-' ,;V>'
: ■
Commonwealth Edison Do.—To Pay Additional Taxes
',certiflcates;.,repxesenHng aUghtly
The Company
thorize at ^
meeting on Oct. 20.
M.
A
,
.
/,
for
of
part
Nickel Plate.
its surplus-funds and indirectly, by,
With respect to the latter road,- "the
«fcrtpgthening' the*
transaction would
'1639,r*inolusivc; v The .county had sought to collect
$8,043,285.
•
Proceeds from -the sale of .the stock are to be applied to the retireof $2,874,000 of 3%bank loans.
Holders ;of'the common stock
be entitled, under the .plan, to subscribe for one share of the
preferred stock for each 37 shares of .common.
,-Fhe record date for
these rights will be .determined at the stockholders' meeting, but it, is
7 expected that it will be Oct. 24, in which case transferable subscription
n.
jVanent
will
"
Chicago .& Eastern fllinois
,
,
warrants will expire Nov.
The
—
New
York Tioist
5.
Co.
,
has been appointed by the company as
©gent to receive subscriptions
etock.—V. 154,">p. 425.
'
and make
r
.
._j
_
gauon
"
,
and
and
ickHiii+ir
on
liability,
ijlinre
.
have
Directors
on
the
declared
an
interim
receipts
depository
American
dividend
of
for
10 7/10
the
cents
5%
%
7
1941—Month—1940 *
1
$1,560,550
earnings——
Gperating
927,440
.
Net
$514,692
earnings
154,
p.
$488,531
$4,321,978
yeart next and 1943, which will cost
about $120,000,000.
/ r
■
.
.
1
nnH
and
Th*»
The
nf
of ■Chicntfn
Chicago.
Tllintvie
Illinois iTV»
Co.
i'i'k "
-
"
- :..
are/due
issued under the. Philadelphia plan,
'$196,000 semi-annually May 1, 1942 to Nov. 1, '1948..... These certificates
will be issued for not more thao 50% Of-"the .cost, of new freight equipment and will be unconditionally
guaranteed by the trustees of the
The
* 6,717,666
;
—jV.
and
esti- '
mjxted $10,000,000 not-needed./to settle the tax case will he availablefor use in Edison's large generating plant expansion program for this
a
1941—8 Mos.—1940
7,749,831
..
4%4 bonds.-UV. 154, p. 426. —•
mtgei
^
$1,415,971 $12,071,809 $10,960,153
1,045,858
expenses——
gen.
/.-.amount ■.-'(will be tused .to- reduce- unamortized debt discount
7 expense and :for-other , accounting adjustments.',
.7 This language was-dnterpreh d. to mean -that the unofficially
Pacific RR.—Equip.
vVJ; Weekly Output Sho^s 10%" Increase—
Trust
(Certificates
Offered—An V issue'^ of $2,744,000
Lasj;. week's electricity output of the Commonwealth Epison group
1%% equip, trust (certificates were awarded .sjQet, 9 to
wnrfinnfp 'ihpaHod vhv 'Harris
Hall & Co i f ine V^-The
excluding salcs.to- other electric utilities,• showed
a ;10
a
syndicate neaaeu oy rtarris, iiari xsc U). (inc.).,
XJ e li' per companies,
cent increase over the corresponding period of 1940.
Following
bankers reoffered the issue at prices to yield from 0.20% .. uve the Jcilowattliour .output totals of the past four weeks and ,pcrto 1.65% according to maturity.
Associated with Harris, v antage comparisons .with viast year:,.r..:. ., * r
'Hall &Co. (Inc.) are ©rexel & Co.y Aiex.- Brown & Sons 7 » 7
i
' . If* Kiiowatthour output
Per.Cent
ordinary
British Columbia Power Corj)., LUL—Earnings—
Period Ended Aug. 31—
->
Chicago, Milwaukee, St. Paul &
per
•.? »4>earer shares and a dividend of 4(4 cents per share on the American
'(depository receipts for 5% preferred shares, both payable Oct. .6 to
^holders of record Sept. 3.—V. 153, p. 236. ";
7.
t-'Gross
*7.'-i.
,'••;? '
Aug.
as
Railroad Association of St. Louis
British Anierioan Tobacco Co., Ltd.—Interim Dividends
I"
ftR.—Assumption iof ^ObH-^ bad accumulated as a reserve for, the taxes (-pending, closing of the .
^
*' casc. Charles y. 'Freeman,. .Chairman of this company, said the excess
25 authorized the companj) ,"to assume obligation
guarantor, in respect of •onerglxteejvth ,of > the Interest
sinking-fund installments on not exceeding $10j610,000 of Terminal
The .ICG
its
deliveries of the preferred
'','h v, ' ,,"v: . •;-• •,; •
t
.atiQ wWDJWiy
$4,242,487
147.
certificates, "to be
>.
,<v
Week Ended
,
150,4-70.000
v.;•
.Sept. 13
Sept.
^
:
,
..
-
6
Increase
'"-••.*• 1940
V'1941
^
-.v)"-.,,:sept, .27 ' "
Sept. >20
«5
10.0"
V 136,805(000
149.023,000 •
135.949,000
150.079,000
134,346.000
142,529,000
425,043,000
10.3
11.7
■
>14.0
Paul & Pacific RR. ^. '<
.
.
'
^—V. 154. .p. 427.
•■'.
-Issuance is subject (to approval \of I«torstate .Commerce'Commission.
i
•
- -• • •
: ; - Broad way-New Street Corp.—New Directors—
Harris, Hall & Co. (Inc.) and associates bid 400473 Jor 1%% obliga- .
"! *» ^
'•' • tit
, i " A
i
Alvin W. Seligman has -been elected to the Board of Directors of ■'*
'tions.
Salomon Eros., Dick & MerlCrSmith and EtiKud .& GO. bid-100#
•
:
this Oorporation, 'the new owning corporation of 42 ©roadway building.
for i%-% obligations.
Three other groups submitted tenders for 4%s.
The weekly kilowatt hour output -of electric energy ,of subsidiaries ,'of
—V. 153, p. 95.
'
"
They \vexe:> Hartiman Ripley & .Co.;. 100,414;..Evans, ..Stillman -& Go.,
The Commonwealth 4s .Southern sCorp. adjusted tto show-general ibusi100.37; and Halsey, Stuart & Co., Inc., 100.3657.
•
"'s"y■<,■•*} ness conditionsvof territory <served for 4he week ended October 2, 1041
Chicago,
Milwaukee,
St.
•
.SftUtflMt-n:^ftrp.-™-'WeeKly -.Oufpujt—
»
'
.
Canada Northern Power Corp.,
v
(Period
$420,981
.Gross
Net
Ltd.—Earnings-
.1941 -—Mo.— 1940
End. Aug. 31
earnings
Operating expenses-.:
r
4
$402,106
^87,866
$233,115
•
^75,322
1941 —8 Mos.
$3,364,469
1,487,302
Ahflndnnmpnt—*
1940
$3,360,967
;1,4$3,268
$226,784 . $1,877,167
$1,877,699
Note—Operating expenses for August and-for the .8 months to Ai\g.
21 do not include income and profit taxes.—V.154; pr 147.
:
•
earnings--.
r
Tl>e 3CC
ment
and
•
,of .lines
'
on Aug. 2,9
abandonment
"
'
*
-
.
^
Issued a .certificate
of
operation hy
of railroad extending
the
.
.
"
"
.permitting:(JL)'
trustee
.
•*
> amounted to 198,837.045 as compared .with 166,753,109 for the cor-
abandon-;?lefl2o7Citn8: w®e,£;lh4840> an Inorease (Of 32(983;036 mr 49:24%.-^V. il*54,
^
of the company
from Renner to Colton, approximately
>
Lommonwealtli
"
1
..
;14 \miles, and a connecting track at Wentworth^and. (2) -abandonment
of operation over a line owned and operated jointly with, the Great
"
Northern
Ry
extending from ©olton to Wentworth, ;15:6 miles; all fn
Dak.—'V. 154, p.'426.*:';- : • •• '•-"' *
Minnehaha and ©ake Counties, S.
Directors'have
Pcfroloum Ciorp,—Three-^Cent Diy.—
declared
a-dividend of three cents per share on >the
stock, payable,Nov. JO to holders of record Nov.
of two oents was paid on June 2, Iftst.—*V. 452, "p. 2547,
18.
common
'•
Dividend >
'
r*~
•
v
THE COMMERCIAL &
538
Saturday, October l1,1941
FINANCIAL CHRONICLE
Chilton & Co.-—Extra Dividend—
*
Bearings Co. of
$3.50 per share on account of accumu¬
cumulative first preferred stock, on duly 11 to holders
8.—V. 152, p. 1583.
v.
Corp.—Undelivered Orders—
[Present backlog of .undelivered orders now totals /over $88,000,000,
'«■ according
to a stament issued on Oct.- 6.
Of this amount, approxi;;<4tnately 93% i$ for two types of airplanes and production efficiency
vvill therefore be aided by the reduction of types manufactured con-
Gross
v.
revenues
164,
_-■
%
$6,491,022
:3' *$8,471,582
—_____
426.
p.
-/Etock—
V'
f
currently.
'.
«•
A
\
■
■
.
'
Operating revenues. /_/'
•Operating expenses, ex- •
!
eluding direct taxes.;.
<Pvov. for Fed. inc.
-Other taxes (excl.
$647,124
,
,
921,132
/ '
'
re-
revenues.
Other
income
{net)-—
income
-Gross
on
Other
% v-
;
.
i1.
•
•.
$j :i
,
.'•/•'
,
a,
.
t' * ■! tf .*» ^ :,
"i .*V<.
Acquire
Co.—To
Light
&
i "
•'
I'/i; "
t"
i
declared
have
Directors
dividend /of
a
25
cents
pet', share
on
-
the /
-1 to holders of record Sept. 23. Dividends
of 12% cents were- paid in each bf the thtee preceding quarters/, '25 ^
cents was paid on-Oct. 1, 1940, and previously regular quarterly divif"
dends of lT'/a cents-per share were; dlstributed.^iv, 152, p. 823.
/.
•?
stock, payable Oct;
$5,094,000
// •" J
H
Co.—-To Pay $1.5CL Div;dend— /;
t ^
Dividend— :
Coca-Cola Bottling Co. of St. Louis—^Extra
share" fn '
/Directors/have ;declared an -extra dividend 'Of 45 cents -per
^/ ,
'
.
: 600;000
600,000
309
3,707
3,713
$121,581
532
$97,058
'V
384
$1,348,744
5,811
$1,159,147
;
-
4,506
\
——_
$122,113
$97,442
$1,354,555
45,750
45,750
.549,000
4,362
55,581
mortge. bonds.-.
int. and deduct:
4,534
eral
!
charges
Cost
and
taxes
*-
of ..sales ;
^ /58.C25.860
h/"./it. /-/"•/*:■ -
■:.
-V $87**377/ $748,620
•/
$41,533, 308
rGross profit
•f,Operating expenses
•.2.25l87Q'^,;564,i54- /// 430,524
290,759
and
.depletion
1*J_VJJ_:_$ 100,159,167
;';Net .salesJJ
-t W
$403,707
$424,966
-
'
Deprec.,
/igii-^ mos.--1940
Cost
\
productionj_j_
of
Mos.L-1940
minmint
income less
Gross
$1,163,653
549,000
53,373
1941—3
Beriod End. July .3.1—
-
-
dint,
/^";>,.y- ' 'X
-•
lltu
.
/
929,453
:50,000
„
1
operat.
■
.
309
50,000
Investments—
term
237;812
.
'*
■
,».
.
,
3.—rV-. 1531 p. 390.
addition to the regular quarterly dividend of: 25 cents per shaye on
Directors have declared a dividend of '$1.50 pdr'Share on the com- j/the common stock,
both/payable Oct/. 20 to holders of record Oct. 10. r
t/mon stock/payable Sept. 30 to holders of fecqr(i .Sept. ,23:?^hiS'.eom- :/ Extras Of 25 cents were /paid on July 10 and'-on Jari: 20, last. Extra
.pares with $1.75 paid on June 30; $1.25 .paid onMafch 31, last, and /.of 15 cents was. paid on Oct. 20,
1940; extras of 25 cents- paid 011
On (Dec. 27/ 1940; $1(75 paid on Sept. 30; ;1940i I$2H>n Jipner 29, 1940;
July 20 and Jap. 20, 1940 and extras of 15 cents-were paid on Oct. .20
$1.25 on'March/30, 1940; $2.75 on Dec. 23,'1939; $1 on Sept: 35,"1939;:
//and Jan;A 20, 1939.—V:.152, ;p, 4119'. / a;,,, ' ,
/J •■
A.
75 cents on June 30, 1939; 50 cents paid on. March 31,<i,'1939; $1.10 on
Dec. 24, 1938; 65 cents on Sept. 30, 1938;/-25 cents-on March 31, 1938,
'<•/ Colffate-Palinolive-Peet €0: (& Subs,)-^-Earnings— •!
: and a^divldend of $1.25
on Dec. 27,. 1937/^;:l53,vip»r^6:i
;/
{Excluding English -and -Continental European Subsidiaries)/- >/.
/! Consolidated Earnings /lor 4he.^j2 Months -Ended June -J#-, 'liHlV/'/
Cariboo GoW Quartz Mining Co., Jbtd;.-^Eamings— ;
824,887
5, 067,738
" 64,786
'' 5,360,686
J '■ -V '•
.
Carborundum
'
;
.,
.
addition
share on the common
'
limited-*
Net
$7,
-1940
-
/u$8:026,000
/—V. 154, -p. 426.
r.
$8,472,081
78,073
75,409->-•
appropr'ations.
serve
''Amortization of
.
194.W12 Mos.-
409,796
.11,888
467,165
27,534
taxes
Fed.
Property retirement
fZ
$741,998
profits)":
fexcess
£)o.—Earnings—..
1941—Month—1940
31—
Period Ended Aug.
30—
Days Ended Sept.
'Gross earnings lest.)
9
-
Birmingham Electric
.
:/•//,,./:■/'/: ■:>;■/; '/•
7.' ^■'W.4! ' OJ 940 ■*,
•:Canadian Pacific Ry.—Earnings— /
-'
per
The Securities and'Exchange Commission on
common
•
,
V
,
7 Cleveland Union Stockyards Co.-^-25nCent Dividend—
payable- Nov. .15 Ho hoiders /of record Nov. 1.
last.—y; -:153, fp. .230:
/■-
both
.
:
(Oct. 1 issued an. 1.order
Company tp acquire hot in excess of $100,000 of its tOut./'standing preferred stock.; Price shall, not exceed $100 -per, share and
..all purchases are to be made within the year ending Sept. .29, 1942.
:/^..i53, p. 1126./
,.//
)•.,.■
payments were made on May 15,
Similar
1
.3489.
stock,
/common
regular
the
to
addition
•
extra dividend - of 12 V2. cents .per /share/ in
quarterly • dividend of like amount 011. the
■Directors .declared. an
'
'
-JJ.
Ltd.—Extra^Div.idendl^'.^rTr
Canadian Oil Cos.,
.
deliveries during the
which is practically
C.equivalent to deliveries for the entire fiscal year of 1940 if the 1940
-delivery valuation is adjusted for -the cost of engines, propellers and'
instruments supplied by the corporation and included in the priqe of
most of the airplanes delivered during the year, but not included in
the price of the majority of airplanes delivered in Sept;, 1941.—V; 152,
Preliminary unaudited figures indicate that
of Sept., 1941, totaled over $1,886,000,
month
10*cents
-i
permitting
"'
>■
.K
•*
.
//
:?yfjsi-. -^
.
•
Power
Service
CitievS
-
*940
19411-
:
/
of ,10 -cents in
anv.extra 'dividend
stock, both payable Oct. J5 to holders of record Oct.
Bys.—Earnings
Days jEnded Sept. ,30—
9
-
record Oct. 15. /-to the regular quarterly dividend of
"
!
declared
have
r'Dtreotors
",?■
■%/,
426.
p.
Canadian National
Aircraft
Beech
154,
Co.r^InitiaL Prefei^ed Di v.—
^Sieenfeipei'Ashare
initial "dividend':;of
an
.
preferred stock, payable Nov. 1 to holders of
the $3
on
declared
have
Directors
paid a dividend of
Company
lations on the
//of record July
'
California Electric power
America—Accumulated Dividend—
142,787
/AJJ.-' 31.471,838
11 471
'ir+r
AH/'1/ >
v/ A $10,061.470
Palmolive Building--///' 25,482 ■
j/_
Crl94.814 %
profit:"!---*—.' //$62,424
$.100,716//-/$151,762 {-, -$175,309 ' \ tForeign" exchange' - adjustment j-,//-^/-/- jJZ:J_ Aj
tAdjustment of profits///_L/-lJ/:///-/i-JJJ/:J--A_//__-/',/ ■ 130,777 ?•
Earnihgs per share__'__
A/^ $0.05 '',/d-''$0.68^.^'//$0.11 ^r':/:-'$0.l3
period
429,174
429,174
—v. 153, P. 1270.
:/:: , v.:'""A •' v- /
vr«'?«"*•''C"•' A Minority interest (in- net -prolit of a foreign "subsidiaryJ/Ji ".<r J 145,491
Other
items unet)
/ Cr25,375
Balance
—
$320,800 % $132,106
:>j»royiston'Afor' possible -future1 Inventory^losseS "j/tii-ji.*-///'; / BOOjOOO
*
Central Illinois Public Service Co,—Registers With
-Note—Provision for '« Federal income taxes,:.subsequent to April 1,
^Provision for U. S. taxes J_/:__„__//j__™-______'/___'__^/
3,194,389 *;
: 1941,
is being made at a rate which will result jm .-the accumulation
■SEC.A
/Provision jfor foreign taxes 883,940 »-*
of
such taxes
at the rate of 30%
for the dull year 1941.—^y. 153,
Company has filed a registration statement under, the. Securities Act
1269.
-'-"A.
://A-;.
3
Net .profit __//__'__--4_J/__/__/_:_J_^n'_-__/__J_-/:_J_--$5,401,581
/ of 1933 covering $384)00,000 of 3%% first: mortgage bonds, iSeries A,due
on
Dec. 1,
1971. Proceeds of the,:;.saie. of the bonds will be
Including depreciation o'f $1,79,251'.^ f Arising from conversion of "
-srr,;/;",-A"
i.
Bond Stores, Inc. —Sales—
applied toward the redemption at 105% of $38;000;000/of 33/4-% first
acecunts of foreign subsidiaries and branches to U. S. -dollars. X Re1941—Month—1940 i"
1941—9 Mos.—1940
Period End. Sept. 30—
mortgage bonds, Series A, due on Dec.:l,1968.—V. 154, p. 355.
-f suiting
from policy of including foreign earnings since Dec; 31, 1938 /
$4,103,542
$2,521,786 $28,714,686 $19,863,605
'"■Sales ,./_____.
/■ only «to the extent of casli -received in 4J. S. dollars or equivalent basis.
•: —v.: 154, p. 179, •••
•
- - : , '
Central Maine Power Co.—Bonds/Called—
V$ Including, .for the 6 months ended -June 30, 1941, $160,000 for excess1;
•>.. >
t.
,A total of $47,500 first omd general mortgage bonds, HVafy- $eries H,
/ profits tax based on legislation at that date and $1,000,000 for
Borden Oo.—New Vice-Presidents— /■
/estimated additional" taxes under pending legislation.—-V. 153, p. 1126.
dqe Aug. T, 1966, has been called for redemption /pnjQct/." 10 at** 105ta
^"'
Company
announced on Oct. 3 the election of two. new yiceand accrued interest.
Payment will be made, at tile Old Colony Trust *
iPresidents: .Dr. Harry A. Ross and Charles F. Kieser.
; Co., Boston,
Mass.—V.
154,
-p.
242.
I
Collycr insulated Wire Co.—To Pay 50-Cent Dividend
A
Dr.
Ross,
a
member of the board of directors, will continue to
V
Directors have ;declared a dividend of 50 cents per share on <the
*, supervise
directly the research activities of the company and, in addi7 Central Bower 45 Light Co.—Dividends—
common .stock, no .par value, payable >Oct:;l to-holders of record-SeRt.
4ion, will serve in a general executive capacity. "' Mr: Kieser will
Directors have declared a dividend of $-2.91%' per share on.]bhe,7%-.
/
24v, This compares with 30 cents paid.on July 1 and on April 1, last; "
continue
to have pomplete charge of. the activities of the special
cumulative preferred stock and $2.50 per share on "the/6% cumulative((products division, which he organized.—V. 154, p. 147.
"
/;50 cents on Dec. 26, 1940; 30 cents, on Oct. 1, 1940; 20 cents on
preferred stock of the company, pajabie Nov. 1 to stockholders of
/jfuly -l,»-4940; and previously-: regular -quarterly dividends, of 10 cents/'
£
record at the close of business. On >Oct> IS. /rLIke -aniountS i paid'-in
per share were distributed./An extra dividend of 20 cents was paid-i
Boston Consolidated Gas Co,—September Output—
preceding quarter.—-V. 154, p. 147.
on Dec. .27, 1939.—V. 152, p. 2063. '
/
Company reports output for September, 1941 of 988,874,000 cubic
-feet as compared with 964,365,000 cubic feet in September,
1940, an '
Central Railroad Co. of New Jersey—Abandonment— /■ ■/ Colanial stores, Inc.—Sales— ;
.
■• /■ ; ■' **■
_.
increase of 2.5%.—V. 254, p. 83.
/."-."
A
V '
Tlie ICC on Sept. ,30 issued a certificate - permitting/abandonment
/'//Sales for the four week period ended Sept./27,;';1941 aggregated
.by
the 'trustees of the .Company of .part/of /the .company's Lake ',, $5,024,089 compared with $3,608,117/combined sales of the merged
>1
Boston Elevated By.—Earnings—
"
Hopatcopg branch between Morris County :Junction .and /Lake Hopatcompanies, David Pender Grocery, Co: and, Southern" Grocery Stores,
Month of August—
,
,1941
:
1940
; cong, about .4.38-miles, in Morris^^ County,^^,N./J/^:/l547piH26. %
.
Inc., for.tthe corresponding four weeks of 1940.—V. 154, p. 148.
/Dividends
.
"71,783
.158,462
.77,121'
;
*Net loss from operation-of the
$749,974 //,$561,280
__-/-_/-/
$71,829
$47,330
applicable, to preferred stocks for the r
Net -income
,/•
taxes
income
•/.
,
Net
-
,
"
,<
.
,
•
.
,
—
;
■
•
.
.
'
.
1
//*^/v;'7/
•"
•
1
'
•
'/"/•,
•
,
receipts
Total
$2,081,182
1,608,478
140,369
3,761
235,991
.
_____
Total-operating expenses
federal, state and municipal tax accruals.___
/ftent for leased roads_____
—
"*4SUbway and rapid transit line rentals
—j„,
interest on bonds.:
_I.i___._J_;
'
.
Dividends
* Miscellaneous
.
items_______________
,,
329,374
99,497
•.. 6,043
$1,898,327
1,582,099
> 134,604
3,761
235,956
329,374
99,497
'
G
* Amortization of discount on
1941.
/
"
-
25
,
1
>
-
Chesapeake & Ohio Ry.—Seeks
'
the
prior
'
'
to
have
declared
an
extra
dividend of $1 per share on <the
-.record -Sept. 25. Regular
1, last.—V 153, j). 543.
payable Sept. 27 to holders of
Bridgeport Brass Co.—Registers With SEC—
filed a registration-statement, with the Securities
The Company Oct. 9
Exchange
vertible
covering 25,486 shares ($100 pari conwhich its stockholders will -be asked to au¬
t
Commission
stock,
preferred
at
a
meeting
Pursuant to a plgn for ^oduction of Bond interest and extension .of
maturities dated Sept. 10. 1941, holders of the above bonds are being
!-
asked
v
apd contingent interest at 2 % % ):.—V.
to
to
agree
a
.reduction
4%: (fixed int. at I
154, p,„427.
f
interest to
of
Columbia Mills, Inc.-^Pays $1.25 Dividend—
"A
Vx-'/ol
/
;
dividend of $1.25 per share on the common stock
,on Sept. 29 to holders of record Sept. 26.
This compares with $1 paid
s on
July :J, last; 50 cents paid on April 3, last; $1 paid on Dec. ;27,
1940; 50 cents. on Oct. 1,- July 1, and April" 1, 1940 and $2 pa.d on
-/ Dec.
27, 1939. See also—W. 153, p: 97./'
/ '•/.•: -V •
Company
paid
a
Erie
money
'
.
...
r
Oct. 20.
<
.
.
1
*
Proceeds from -the sale ^of the stock are to be applied to the retire-
thorize
,
*
also proposes to sell
conditions introducing com¬
that the Nickel-Plate
to be obtained "under
gold
bonds. Series A,
•
•
<ind
:/•
exact'
before
/
The interest ^ue Nov. I, .1941, on the general mortgage 4Va%
due 1980, will",not be paid on that date. /•■•
:
certificates-of deposit for an additional 20,000 Wheeling &
shares and that it will use the funds, together with addi¬
-to ">be borrowed, for the" retirement; of ithe -notes, due -in
1946.
The Nickel Plate would retain certificates of-deposit for-14,800/'
sliares
of
5Va
preferred and 168.000 shares of common stock of
Commonwealth Edison Co.—To Pay Additional Taxes
the Wheeling.
Tlie transaction -would not'change voting, conttol
/
the Wheeling, now held by a trustee, but-would leave Hhe C. & =0. and
Company was ordered on Sept. 29 by. Judge -Brothers of the Coolc
tthe Nickel plate holding
together .certificates irepresenting .slightly:/ ..County. Circuit Court to pay $3,404,962 additional ^personal property
.more than a majority of the Wheeling's-total outstanding stock.',
' '
taxes to the county, .representing-a -disputed*unpaid balance for. the
■
The C. & O. said it would benefit directly by "a sound inyestment"-A/ years
,1934
to 1939, -vinclusive. .v-Ther county had
sought to collect
ior part of -its surplus -funds -and indirectly-, by ,-sfcrcngthenihg >the' >': $8,043,285.
Nickel Plate. With respect to $he latter ^oad,: "the .transaction would: - v The utility contested, the .taxes on the, ground that-the assessments
lead to the anticipation-in part and the/ refunding -at. a Hower'-rate •/ .Wore illegal,
JLast February $be Illinois Supreme Court handed dowr*
of interest of its next maturing obligation.-f/and wotild/give .it .about
a
decision upholding the company/s stand. ••<.*
' /
r .j
/ ■ v.$15,000,000 of free collateral. See also New --York Chicago/ ,St: Louis - / v As a result of the final settlement of the- litigation, the company
quarterly dividend of 60 cents was paid on Aug.
■;>.
stated
others, at a price
tional
'
Directors
price •'•not exceeding $101-a share, the
in any- event
petition,"
Mills—Extra Dividend—
cdmmon stock,
stock at a
application
"The
•'
Lake
!
jien
has
figure to be determined at an early date, and
the holding of a hearing" on the application:
years
Bourne
•
company
Colorado & Southern Ry.—Interest—:
»
' • r / ;
Interstate gCommerce Commission
acquire; -fromTtheHNickel '"'Plate '
filed with the
an
application
of
authority to
certificates of deposit for 95,193 shares of Wheeling & Lake .'Erie- Ry. The
r
'''' ■.'•
Purchase of Wheeling
From Nickel Plate—;./';;:
6 Lake Erie Stock
the
1,
not less than 15 and not more than
will bear a rate of interest 2% in
,excess of the rate payable on the bonds of the Boston Metropolitan
-.District which are to be issued for their purchase. A syndicate headed
*)y Union Securities Corp. offered Oct. 8 an issue of $5,000,000 Boston
Metropolitan District l!/.r%> bonds due Nov. 1, 1942-1966—V. 154, p. 330.
*
•
30—
funded debt, bank charges, etc.-
- '
bonds will be payable in
from their date, and
The
:
June
5
..6,092
Bond Issue. Approved—
H/*'/''!'/!*' '
\.
The Massachusetts Department of Public Utilities has approved
j)etition of the Company to issue $5,000,000 of coupon bonds for
purpose of refunding a like issue of bonds which matures Nov.
1
Ended
'
'
'
:
Mos.
♦
$493,056
$342,332
receipts.,
of cost or service over
Excess
-
Corp^Earnings— /
,
v.r..n.,;v.
/ Colorado Central
Row^r €0.—To Reduce Interest—
1941 /" / ;/ 1940 V
1939
/
Company has been given 'permission by-the -Securities and Exchange
Net estimated profit-VJ—' $1,238,000 / $1;582,000j/
$766,000
Commission to reduce to 3%% -from 4'/4% the-interest-rate on $704,000
Earnings per share on capital stock -*
$1.10
^ $1.41; "'//J: $0.68
first mortgage bonds held by John Hancock Mutual Life Insurance Co.
After depreciation, depletion, income taxes andother^charges.
-The insurance company has agreed to the redaction.
Colorado Central
Estimated profit after-charges and incohie taxes-but before depre> is a
subsidiary of Crescent- Public Service-Co;, a holding company regciation and depletion for first half of 1941, was $2,756,000 comparing
istered with the S.E.C.—V./153, p. 1272.
t
With $3,198,000 in like period of 1940.—V./152; p: 3963,'.
Cerro de Pasco .Copper
;
on
.
.'./tnent of $2,874,000 of 3 %,bank loans.
Holders of f.the common stock
'1 will be entitled/ under the plan, to subscribe for one share of the
,$neferred stock for each 37 shares of -common.
The record date tor
these rights will be .determined at the stockholders' meeting, but .it is
'J expected that it will be Oct. .24, in which case transferable subscription
154,
R.fl.—V.
p.
355.
/-/'•'A,.;/':';;//v ..■--// /-{V:/"''"
/
put to other .-use about $10,000,000 of $13;400,000 of funds which
it had accumulated as a reserve fqr ,.the taxes-pending ,closing of thewill
.
Chicago & Eastern Bliuois RR.—Assumption
•
.
expire Nov. 5.
New York Trust Co. has been
The
cgent
.
of Gbli- -/
5
154, p. 425.
on
25
Aug.
authorized
.
case.
/-.-A-H
the company/to assume
declared
have
an
-Ltd.—-Interim Dividends
.interim dividend of 10 7/10
British Columbia
Period Epded Aug.,31—
-
Oross
earnings—
Operating
Net
—'V.
■
expenses___i
Power Corj)., Ltd.—Earnings—
$514,692
earnings—___!
154,
p.
$488,531
-
$4,321,978
t
yejii/ pext and 1943, which will cost about $120,000,000.
and The Illinois Co.
The
certificates,
to
be
of -Chicago.
issued
"./A-/'/-:"--//"--a-a-Per Cent
under the, Philadelphia plan,
are due
W.
Seligman
has
been
'
elected
to
Canada Northern Power Corp.,
tPeriod
-■
-Oross
—V.
Board
31—
of Directors
IAd.—Earnings—
of
.
p.
'
.427:
A 149.923,000 ,
135,949,000
150.079.000 .-"134,346,000
142,529,000
125,043,000
J
:/•;■
■
•
;
;
/ - "/
*
" 10.0 " '
-"10.3
.
;
•
■
.
11.7
/
14.0
:'"//:
'
'"■/
;
Abandonment—
The
ment
1
'
'
Net earnings—.—, $233,115
.$,226,784 $1,877,167 $1.8,77,699
flote—Operating expenses for August and ..for the .8 months to Aug.
£1 do not include income and profit taxes.-^V.154; p: 147. * ■ •
-
/Commonwealtk & Southern CJorp.—Weekly Output—
,
The weekly kilowatt hour
The
ness
Commonwealth
'
JCC
and
;
Aug. 29 issued a certificate permitting
abandonment of operation t>Y the trustee of
on
p.
427.
.
•
the -company
of railroad extending from Eenner .to GoLton. approximately
,14 smiles, and a connecting track at Wentw'orthi^nd (2)-abandonment
of operation over a .Jine ;owned and operated jointly with- the ;GTeat
Northern Ry extending ;from Dolton to .Wentworth, /15.6 miles; all in
Minnehaha and Lake-Counties, S. -Dak.—^V. >154, p: 426.':':
* ► •
of .lines
198,837.045
to
as
responding week-In 1940, an
d) " abandon¬
.
subsidiaries .of
show general (busi¬
1941
compared with 166,753,109 ;for the .aorincrease of 32.083,036 or 19.24 %V. ;154,
energy of
••"/•.;
.
«CommonweaRh. Rptr^ieum {Corp.—Three-Cent
Directors 'have declared
.common
of
output/of electric
fc/Southern Dorp: adjusted to
conditions-of territory served for-the week ended October 2.
amounted
:
1941 —8 Mos.—1940
$3,364,469
$3,360,967
' 1,,487,302
1,483,268
,
154,
*
:*.
6.
Sept.
r.
Harris, Hall & Do.
,
.1941—Mo.— 1940
$420,081
$402,406
-expenses.487,866
75,322
End.
Aug.
earnings
Operating
the
"
-
-'/'Sept. 13
Increase
136,805i000
•'•* 150,4.70,000
~
•Issuance
the new owning corporation of 42 Broadway building.
153, p. 95.
Sept. '27
v;:,; Sept. 20 V
■
Milwaukee, St. Paul & Pacific -RR/^'
is subject -to approval \of Interstate /Commerce -Commission.
(Inc/) and associates bid 100.173 £or-1%% obligations:Salomon Bros., -Dick & Merles-Smith anjd Btrdud
Do. bid-100
for i% % obligations.
Three other groups submitted tender? lor I'/as.
They were; . Harriman Ripley & <Co.;.100.4l4JvDvans, Stillman
tCo.,
100.37; and. Halsey, Stuart & Co.. Inc., 100.3657. /" *
'/
.-:/.
/.
-).
>1940
"1941
Week Ended
Chicago,
Alvin
.
7l,-7:7V^777-/7777-7'-
$196,000 semi-annually May 1, 1942 to Nov. 1,1948. vThese certificates
will be issued for not more than 50% of the cast of new freight equip¬
ment and will be unconditionally guaranteed by1 the trustees of the
$4,242,487
Broadway-New Street Corp.—New Directors—
—V.
*
,
'
147.
4his Corporation,
and
& BacifAc RR.—Equip. {
7 Weekly Output Sho^s 10% Increase— -,1;a;/
?.
. /
Offered—An issue - of$2,7441)00 /
LaKt.. week's electricity output of the Commonwealth Edison group
1%% equip, trust certificates were awarded Oct. 9 to
of. companies, excluding salcs ,to. other electric-utilities, - showed a -10
a
syndicate headed by Harris, Hall & -Co. :(*Inc.).- Tbe
per
cent* increase over the-corresponding period of 1940.
Foilowing
are -the kilowatthour/output
totals of-the past four weeks and pcrbankers reoffered the issue at prices to yield from 0.20%
weutage comparisons .with--last yeai/;./
:-a f/q ••-./'*
• ••
to 1.65% according to maturity. - Associated with Harris,
*.
;/
%
Kiiowatthour Output
•/
Hall &'Co. (inc..) are ©rexel & Co:, Aiex: Brown & Sons
.3
_
1941—Month—1940
1941—8 Mos.—1940 v
$1,560,550 $1,415,971 $12,071;809 $10,960,153
1;045,858
927,440
7,749,831
6,717,666
discount
for-other
Certificates
Trust
.share on the American depository receipts for the 5'/o
ordinary
Nearer shares and a dividend of 4V2 cents per share on the American
"V<]epository receipts for 5% preferred shares, both .payable Oct. 6 to
^holders of record Sept. 3—V. 153, p. 236. "
:
and
Chicago, Milwaukee, St. Raul
cents per
,
v
said the excess
accounting adjustments." - •
;
.r This .language was -interRircted.. to
mean that- the unofficially - esti- Jmated $10.000.000 <not-needed, to settle the tax case will ,he available.'
for use in Edison's large generating plant expansion program for this
expense
.
.
British Ainerkan Tobacco Co.,
Directors
Charles y, Freeman, .Chairman o'f this company,
"will
be «used -to - reduce- unamortized--debt
amount
obligation
and liability, as guarantor, in respect of ohei-sixteeivth oL tip?, interest and sinking-fund installments on not exceeding $10,610,000 of Terminal, .,
•Railroad Association of St. Louis gen. mtgc, 4'/e, bonds.iHV. 154, p. 426.
ICC
The
appointed by the company as its
subscriptions and make deliveries of the preferred
;
■'
:
v
- -
receive
to
stock.—V.
.
gation and Liability—
will
warrants
a
-dividend of three cents
per-1
Div.—
share on/>the
stock, payable Nov. 10 to holders of record Nov. 18." Dividend
paid on June 2, last.—-V. 162, p. 2547,"' •" r - . ••
■ ' -
two cents was
'
Volume
■'■
154
Number 3992
THE COMMERCIAL & FINANCIAL CHRONICLE
Community Power & Light Co.—Tenders
prepaid, plus >7premium. at the rate, of
,3
V*
of
1%
per
of
annum
539
the
Cuba R. R.—Annual Report—
The
Oct. 16
Gross
$4,762,800
at,prices not exceeding 105, and
;
,
,,
•*.,.
;
accrued
interest-V.
152;
%
,
'
f
interest
payable
sertii-anhualiy at the rate of 314%
pef
Express and
Freight
Slefpiilg car
The
annum.
at
105
and
accrued
interest.
Payment
will
..
V»>/
_
Miscellaneous
,
1,. 104»lj£&££i.ij£' $372,500
Feb., 1,
!!!%- 372,500
electric
plants
amounting
of
to
i.'.-jv.■
announced
production of the
ending October 5, *1941,
kilowatt
hours,
compared' With
_
%%
..
,1
,
.
.
.
.
,
_
;.k
.
ly-„.
jrv
.
j«
_V y-*"^
i_«
' rto
««-
Y
<•
''V«
'
.
•■' ••••■:*•'■
t
'
1
;
?
/Directors have declared
of
dividend
a
of
per share on
preferred stock
accumulations
,200,586
95,204
9TI16
-wi'1
$4,931,981
$4,780,999
Miscell.
income__
oper.
Tkm-nnerfltine
t
$828,534
IhmniP
Kon-operatlng
663,260
648,839
581,032
equipment--^
664,374
486,333.
COhducting transport'nj
1,634,399
1,461,773
557,388
1,386,485
1,444,982
460,000
General
^ 524,780
496,243
591,391
417,915
,,.613,799
720,280
i, 1955
i.
X, 1988-^-^^-1.
Feb.
Realized
the $12,670,000 indebted-
evideffeby
sUch hote of
fit
Of
amount s
amounts
iii
in
or
or
debei
debehtUfes,
sUCli
$50 nntl
$50,000
fl
from
ftiftVfc
more
or
of
whole
at
time,
in
based
premium
a
a
td
as
time
struc
loss
change
i
on
v-.
»
Drl7,846
543 328
-
;
; 417,811
currency.."
of
.
48,332
-*■
Antilla
194i—Month—
Sept. 30—
Sales
$1,246,453
$8,266,094
$971,680
-
•'
^
$0,981*387
$1,353,063
,
~
geh. expehses.
A'nortiz* of
debt
dis1!
coUrit Si bXpense
1
Int,
funded
on
Miicell.
tax
i 32,251
-
debt.d."
116,232
126,753
8,382
9,327
17,800
f«4
f406,414
:
28,095
i_
57,792
.
Mil,754
10,292
accruals-
Miscellaneous
Xr.Tfe^ea ^lisaj,445 '$1,618,173
110,180 v '
•
&
terminal
•
27,426
.'V. 27,424
2,153.040
2,153,040
29,337
'
2,142.384
77,163 *
%
75,204
'
21,956
.
,
Cooper River Bridge, Inc.—Bonds Called—
137.874
Crl,267
$745,726
loss
to
and
*$708,939' £$626,723?
Cred. to profit and loss
':
'
269,139
Total- JoSS'' iX-iiiitX-
Dob.
to
pfofit and
■"
loss
46,940
Y
y
*$978,078
•'
.
$868,367
;
$579,794 %
1
41,579
50,277
haVe- declarfed
Directors
?y
123,787
of
dividend
a
35
$1,062*628
$1,250,556
$1,051,323
1392,367
i,402,737
1,414,505
$1,380,899
1,428,566
;A
§$152,181
§$363,182
—.
v
for
^Profit,
(
the
*$936,499
year.'
:
.172,503
tFor the
fiscal
$625,153
V.
43,421
;
ended June 30,
year
debt of the
$519,553
$990,593
»
.'1941,."interest
145,
Ri
been
procedures
for
deposit
of
payable at the respective
©mounted
to
•
.
Property
Cash
i-v
-
■
v«
■*,.
r
Sheet
distributed.
were
sec.
accounts
ahd
bals.
and
Advances
*
Material
&
Cubana—_i
8.04%.
-v'v 36,594
i
y
debt
98,239
946,321
905,847
660,289
sold
V o 62,004
expensesi__.lL..>;% 353,449
292,464
<
•.
lots
discount
insurance
-
Cuba-™J.i._^.__^^.
town
on
:
11,369
i.
&
premiumgi;___._.i.i;y;%:_J__.■.%,
' -'
.
'
'
Liabilities—
Preferred
1
*
fCcmmon
'
*'
Years End, Mune' 30—1941
•
Gross, rev. from operi.-i
Jucaro to
of
Accounts
Traffic
San
Fernando
Sundry
Excess
Non-operating ;income__
9,495,547
9,495,547
38,716.596
39,478,000
'562.816
599,215
10,217
381,733
184,596
'■
$314,434
■-
*
26,355,166
reserve
%%-179,682
/
914,539.
k
•
■>'
$443,388
surplus
—£—
for1 the
Net profit
CO 00 0
-a* CO
*V^-
year
925,045
*$480,185
■
mortgage
rate
fiscal yeaf eiided
f For the
0 Loss,
r
■
925,049
'
y
905,842
bdhds^ due
5'/a
June
amoUht<5d"'tO*~appfdxhTiii,teiy
Consolidated
1941
ord.
i
40,407
2,426,471
.1,489,972
6,771,025
Balance
••<--$«
1941,
has
been
Sheet
June
fee.
65,582
326,182
Pref.
28,656
42,901
305*136
274,901
y
>
unci.
11,159
32,300
Def. items
Deps. for con¬
struction
35,478
31,763
".is
&
and
by 700.000
■-.'.S:-'
deposit,
122,527
'28,780
5,114,648
4,365,492
sur.4_!_
653.302
653*302
Total —__77,423,605
77,320,888
no
par
dated
shares.
Oct.
1,
f By ihstalments according
due in 1941/42.—V. 153,
••
1940,
y
y
«vV'r"'.' Afr'
.
l>erby Gas
payable
oh
1st
Electric
&
t
't v,•
Corp.—Plan Ratified—
at
the
The
V.
•
•
-
,r
stock
.
'meeting
-
-lv
.
y
-
—37,601
*.c.—.
Cubana
• current)—
Accs*
9.358 ':
,'18*104
i,47,7,177.; 1,488,811
de:■*<■■■%■ -;-
_
■•
y
Del.
arid
approved
Oct.
More
stock,
represented
was
also V.
see
addition
to
directors declared
-
Oct.
on
.
8
the Securities
stockholders in
by
.....
r
.
.
154,
p.
149.
ItiO.—fixtFa Dividend-^
the
an
regular
quarterly
dividend of 10
extra
.
dividend
cents
a
Of
14.
.
Like
pursuant
to
authorlzation
•effected arrangements with
severally
and
certain
by /the
-board
v
-
7
of
directors,
Institutions under Which
they have
-
committed
-
themselves, in each case for a limited period
to various .conditions,1 td ;lend the-Company URon-calR-ah
amount of $17*500,000 against delivery of the company's
Notes&accts.
obligations.
,r
The proceeds
will
be
available
for
use
>e
for
corporate
i;
'poses- including retirement of preferred stock and payment of dividend
-.Y'•?arrearages on the preferred stock.7';:;*
%; Y.;;;
'
.
made
$17*500,000,
substantially
arrahgeihents
as
to
borrow
follows;
An
an
aggregate
67,299.
mtge.ihdebt
»
forth;
58,045 ;^:f/,34,655
'"' "
■' '
•
Feb.
1,
Aug.
1, 1942*___y—______
Feb, 1, 1943.
nfection
"
amounts
were
with
with
the
In
the
the
debtors'
paid on July 30* last.—V* 153, p.
proposed consolidation
properties*
"
proposed
report
issued
153,837
12,683
1946——
352,500
v
1, 1947—!
360,000
:?.
330,000
Feb.
337*500
337,500
Aug. '1,* 19471
Feb. 1, 1948—
345,000
Aug. ;.l,
•1945_i_:__
—!_
1948._y_!!!___!!
360,000
367,500
367,500
Company will have the option of prepaying unpaid principal of such
notes, With interest accrued to the date of prepayment on the principal
8,409,010
c r
items
Surplus
1,
1943————_
-
$345,000
Aug.
1944_!
Feb, -1,
•
330,000
1, '1944!—i.—-
deprec;._4Y 8,403,514
Def'd
O
••
•;
r;l
;
'%■
under
the Denver
"/■ !
of
of
Aug.
Total;A—49,689,327:
« to
or
Government
oh
'£
49,990,145
1;.;-:
Cuba;?;
8*107
304,760
.
-
-
67,790
9,298,370
9*114,617
Tdtal£_A_49,689*327.
49,990,145
fMade to
pay
instalments
on
principal
receipts
procedfor deposit* dated Sept. 20* 1940.
§ To be amortized on June 30,
1942, according to transitory provision of the constitution of the
Republic of Cuba; effective June 4* 1940.—V. 153, p. 97.
iv Ure
.
..•! I
v
.-6'
*'•
hi
tii
;syi7t ?».!., J
the
Lake
■
1941,
conclusions
the
%-•*
'
•
stated
above
y
With
.
cordingly, that the proposal submitted to the holders of the Salt Lake
income bonds shall be that' the ihterest provisions of the bonds be
modified tb 4%
fixed interest and 2%
prior cbntihgent cumulative
interest, payable on a parity with similar fixed ihterest ahd Obrttihgent ihterest on the new first-mortgage bonds, ahd that the
maturity date Of the bonds be extended to the maturity of the new
first mortgage bonds.
;
■
;
A correspohding recommendation appears in the summary of the
proposed report, beihg a proposed modification Of section B of the
ordeh of the Gommissibh dated April 2, 1940.
it is now recommended that the proposal for the Salt Lake incdme
bonds shall be for modification of the interest terms so as to provide
■
fixed interest only.; The recommendation on the proposed
should be revised accordingly to omit the provision for 2%
contingeht interest, and the modification of section B of the
Commission's order should be revised Mo, read as follows:
Consolidation of the Denver & Salt Lake Railway with the debtor's
report
shall be undertaken and shall be effective if, and only if,
holders-of at least 66%% in aggregate principal amount of Salt
income bonds voluntarily consent* : within 90
days of the sub¬
mission of the proposal to them, to (1) an exterision of the maturity
•to that of the first-mortgage, series A, bonds to be issued by the new
company; (2) the modification of interest terms to fixed interest ab
4% per annum, payable when fixed interest on the new first-mortgage
.bonds becomes payable, and (3) the call for payment or for refunding
"(at the convenience of the reorganized company) of income bonds
properties
the
Take
to purchase-1st; mortgage bonds of the company or .deposit
therefor. : f indebtedness by instalments according to
'issued
and
•'
•
26,
prior
304,760.
-
_____
made:
Salt
&
„
date
for
;
'
edit
-
1128.
R.—Reorganization—
.
7,628
f
Conting.,fcC.
''y":'V...
Face Amount
352*500
1,
505
&
-retirement,
1946
1,
15,280
505
,
;;; o b so 1 ec.,
X,
Feb.
,
32,555
Res.;for- ex-. v.;."!"'":;.1
traordinafy 1
%
Feb.
Aug.
;
178,398
•
the
com¬
respect to the value of the cut-off to the system, the plan should
provide,
in cbrihectlon with the consolidation,
for modification
Of
the interest terms of the Salt Lake income bonds to provide fbr 4%
fixed interest' and 2% contingent interest. * *
It is recommended, a0-
292
,
2,269
ReserVe
following recommendation • is
/
Ih line with the evidence
.
..
transport,
;%: • -
322,500
Aug.
for con-
Utruction
■;
amount' of
•
Face Amount " Maturity Date
'$322*500
Aug. 1, 1945___
.
Oper*£ rese.rv.
Dep.
.
against notes >of the company,, which %
will bear interest (payable semi-annually)- at rates
averaging approxi¬
mately 2.01%
bei"
annum
and
will
mature
semi-annually in the
Maturity Date
313,402'
,on.
Suhdry accrls
aggregate of $4,830,000
aggregate prihcipal amounts beloW-set
mtge..:_'_! '
33,521
:/'-y'f
'
(1)
"
»
"
^Principal
the
.
principal of
V i' ;:326 i V 7,024
% 176,58936(6,392
deb;.items J
.-
% Company
«
Total deferred
pUr-iy
<J"'"
4,429
Agt-S & cohd.
Mater.&
*
81^10-Xy-
Advances:lL_
:
.
subject
aggregate
"
rec.v.!__*_;%;
V
Cents*
on
A
...
'
15
share
Of
18,330
.
10,634 % % 8,581
special
supplement to the proposed report of Examiner M. S. Jameson;
Aug. 26, 1941* has been issued. The supplement cohtains a revision
the
recommendation previously made for a modification of
the
interest terms of the Denvet & Salt Lake
Ry* income bonds in cbrm
138,464
^
rec.
a
of
90,369
bals.
.
.'
the
Ex¬
the
.
..
of
and
than
at
Denver & Rio Grande Western R.
v
'
.
recapitalization
by
pany's? capital Stock, both payable on Oct. 28 to stockholders of record
10,217
,
payable
Traffic
In
■•
yY-y,..-- j-'
Govt, of Cuba
Com pania
-
___..14,000,000 14,000,000
y
Co.-
■
Wilmington,
stbbk
Decca Records,
.
Cuba RR.
simplification
corporate
80%
of the publicly held
meeting in addition to the
preferred and common stock held by the Ogden Corp., parent.
Under the plan holders of Derby $7 and $6.50
preferred stocks Will
receive in exchange for each share three shares of hew commoh
stock.
Ogden Corp. Will stirrerider $2,250,000 of a $5,000,000 claim agaitlst
Defby, and will receive under the recapitalization 62 !/a% of the new
common
'
long
v
y'.
term
debt_l6,336,280 17,1*7,733
"Loan pay'b'l
562,816
599,215
P. a y a b.l e to
553.
at
preferred
-other
;
4-" 7,548
Cuba '!—
1940
:»
of
$
Funded; and
'bue..'fromr/aY'Y
Consol. RRs
1941
plah
corporation, as amehded, and as
change Commission, was ratified
Common"
•
Total;
Company*
,
transport..
.177,423,605 77,320,888
A
*$537,154
interest
..x:.—X™127,318,304 127,515,209
Cash payable
23*076
Due
to
Cuba v:
par shares.
fSpeciai ;
fMade to pay instalments Oil
principal of to purchase first mortgage bonds of Cuba Northern Ry$.
20,328
posit — _
173.556
_
RR.__—___
or
deposit
receipts
issued
therefor*
tlndebtedness
ienta.
Remj.t* in v..
££,
>
Int. on fund,
by
instalments
according to procedures for deposit, due in 1941-42. . §To be -amor¬
mor-Y'/
--r-4
V3*184... ';- " debt;;^.iw,;' 86*131
tized on June 30, 1942 according to transitbry provision of the con" •. Marke t a. b 1 6
y-y.* Accrued taxes
17*898
•stitution of the Republic of Cuba, effective June 4,
secur.
jrec. (,
Excess
4
*-«
chges
1940.—V.;-152,
:
>
from es.crQ.W. :> 36,594 'fu 30*594 '*
p. 3965.
' ■
Von way.
;■•■ Vf'-. : ,* .iv- Y £
.%
Yy>y
bids-p %• 33.3:
Traffic; b a 1.
:j;A mort. of.
, •
j
32,043
'
Earned surp*.
Donat. props.
392.;,,y;,:,/"'y/;;./"' v^y:%yy-y-'
3.770
Liabilities—
,
•
v
inV'est.
L; '^Represented by 400,000 ho
Continental Bakihg Co.—Loan Arrangements-^-"
815,905
stock
divs.
procedure for
30
t.
.
»
equipment) 46.020,152 46,249,588
Investments .-1,633,807% 1,638,174
-
;
1*604
obsol.,cont.,
02,004
n s.
p.
18.689
-
*$501,817
30,
June
1942,
1*
"•t■
52,426
26,524,362
2,110
1,501
71.874
•
.
retir..
to
$914,900.
1940'
Assets—
(road
Cl-~ 36,409
99,833
2,540
Res.for extra¬
660,289
5.988
of
have
11,737
3,045
1,465
152.041
reserv*
.
27,051
the
Prop.
:
oil way bills
Sundry accrls
Oper.
\
*
towh lots
Total
\'/u\ per .'annum in accordance with, thd" transitory provision
constitution; of the .Republic of Cuba, effective June 4, 1940,
and the procedure Tor-.deposit', dated Sept.
20, 1940. Had the interest
beeh payable at-the coupon rate, interest on this indebtedness Would
of
87,155
-Capital?, surplus'^6*771,024
1. ■
1
183,556
'
1,793
124,796
-
••
^Represented
£
'
trahsholtation.—
credits
e
128.954
$483,720
discount
112,608
148,648
deprec. of property...
Depos, of const. &
Earned
of debt
and
1,120,665
578
42,225
Of
•
496,957
178,398
takes
deferred
1,658,192
Y
'
112,608
4,257
to affil.
0 r t.
f
disc. & exp.
O ther def'd
'
20.103
%:-•
630,942 '
-
62,717
3,755,900
Unamort.debt
•
$1,972,626
207,005
.
3,922
,
Other
197,391.
$497,925
4,164
funded debt;
on
Amort'.
;£f
1YZ-—-
extraord.
•Operating
195,028
$275,835
£ ,18,435
accruals
of par val.
389.803
4,251
38,889
18,113,986
princ. of rntge
Excess
chges
y
Int.
10.000.000
30,307,563
286,719
for
$276*716
20,337
.
Res.
1,450,194
$300,534
21,516
630,236
Accrued
1,523,730
20,284
payable...'^—16,316
debt_____
-iX'il---—--:-iK 458,669
charges on way bills_^_..__
1,797
for
$80,808
Equipment rentals'..;!'..
Miscellaneous!!
RR_:_i__'l___
over cost of stock reaCqu'dY
retire., consol., contlng., &C.
•IAmort, of prihcipal of mortgage
^Principal on mortgage indebt
J
Pref stock dlySiYhhclulmed
Res.
bper:^'_
1940
"r
funded
on
449,295
129,007
7*930,128
__
Cos._______
238.847
:2,755,900
items
from
rev.
5,988
balances
Excess
bals.
482,398
'
Net
30,246
•% 273,148
Interest
1,439,290
1938
$1,726,909
7,907
payable
213,695
prem.______
i939
$1,824,264
29.983
stock
46,224
Mtges. receiv.
TarafaJ'
1940
$1,520,098
incl.*'taxfes'j—i'-,;
Expenses,
Puerto
12,272
RRft' of' CubAlJ-" 30,307,563
Fund, debt &c., long-term debt.i:__
of Cuba___
Pur.
de
-10,182
10,000,000
Government
ae Fomento
expenses.i—-.-;...
RR
last
over
y
yA hi
rec._
Prepaid
Miscell.; tax-;accruttlSi-__i,
-
Due
t
1,772
372,538
&c„
res. Yi.__.i_l
and
,/;f tornCubanGovt.
:%V;;'iV; y:^
127,513*209
1941"
D U
to
Rys/--^Earnihgs—
^••llher;:Cbmpffnla
-
51,451
$
Cuba
year
Acer, taxes
2,175
and
43,407
147,956
■
14,432
fund
0 n
DepreC*,
Investments.
Y
compared
as
127,318,304
,
14
65,582
•
stock
Consolidated
,
.
pay—
•20,328
Advances___-_-
or
%, V;
.
184,366
debt
sold_______
-
•
$53,599
;
40,305
>'
Total
of
:■■■
22,712,000
lilt,
Rys..,..
Traffic
for
$666,588
to
last
over
29,041
45,426
deferred
em
on
53,247
1,047*981
...
supplies
year
Funded debt %22,380,310
•
398,384
•c
compared
as
19,800,000
_
—
conductors.
;
Cuba Northern
310,021
-43,823-
were--$720,187
last'year,'.an•• increase this
'
■^Com. stock .19,800,000
Traffic
CubaNorth>
Agents
'
36,594
Y
438,737
.
.
from
$
10,000,600
Accs pay'ble
b a.l.
848,885
y"'y.
1940
$
stock-.xlO.OOO.OOO
12,785
Cubana
^
September
",y\
;.
?v.:■ 1941
Compania
:}
*>
A.."'ft
for-the Vear ehded';Sept.' 30 Wete $8,785,522
$8,439,914 for.VthC prevtbuS 'year,
an
increase
this
of $345,608 or'4:99%.—V. 154, p. 149.
~20~279
9,372
escrow__L_..i_.
Government, of
Due
Sales
2,374,839
receivable.298,680
rec,
Unamortized
September
""
4,699,707 % 5,704.074
U- 15,969
y-
conductors_^.___i_^.__._-;
Mortgages received
Other
from
rec.
■
Due. from
-
for
Sales
.
-
j.
Marketable
Prepaid
-
*.-m- 173,558
Notes
1128. %,
;
■
transit.,-..
accts.
Juhe <30
in transit, -I
1,850,125
in
Notes
115,805,726 116,447,151
Compania
;153,r.p.
30
1940
Pref.
Cash
Pf bsideint^ ■ ?
Y
75.33%>
-.
■Liabilities—
Remit,
-
-_y^_Jo">: 3,356.990
Remlttanees
interest
•
Investments
Agents
the
.'
% 1941
.-v1940y/%v
i%yy'■■■■
•?
$
.....
from
Traffic
.»• ;
,
equip....69,895,829 70,308,188
Mat'l <fc supl. • 882,934 '' 579,928
{Cosgrove, Vice Presideht and geheral mahagef Of the manu¬
facturing, division pfv4hiS(Co#pOratioil, annouhced that at a meetihg
of the board of • directors-^Mi'v Lewis M. Clement Was elected a Vice
interest would have
,
investment
tspeciar deposit
Due
^
•
&
C.
President.—V.
83.89%
"
Prop.inv.road
per share oh the
record Sept. 30.
Pre-
•
CoftSOlIdated fealahce
v
companies." Had
rates;'this
eoupon
approximately $2,141,000.
'')[■
H Assets—
those
§$47,607
.
y
79.2*7%
81.71%
_
Assets—
3103.
p.
Crosley
on funded
subsidiary, companies has been payable at the rate of 1%
per annum
in accordance with the transitory
provision of the conutitution of the Republic of
Cuba, effective ; June: 4, • 1940,' and the
relative
,
.
§Loss.
-
Deficit
y
$670,201
'
-■
of
cents
common Stock, • payable-Oct.%10 to holders of
$476,132 y-y viously.* quarterly t'dividends , of 30 cents per share
128*663
DM0,181
Balance Sheet June
%
$818,090
45,359
vY
■
$1,262,417
501,463
Dr22,845
Oct.
Creamery, Package Manufacturing Co.—35-Cent Div.—
$599,919
$572,704
JDrl7,846
1941
4,
loss.
revenues......
Cr3,460
341,043
332,800
Drl5,898
to
expenses
2291.
p.
18,455
transferred"
profit
$927,350
Crl,521
with the transitory
provision of the constitution of the Republic
Cuba, effective Juhe 4, 1940, arid the
procedure for deposit, dated
1, .1940.
Had the interest been payable at the respective coupon
rates, this interest would have amounted to
approximately $1,227,000.
outstanding first iclosed)
mortgage 6r!o sinking fund
May : l, J9-58 have heeh called for redembtioh on
Nov. 1 at 102 and accrued-?ihtetest.
Payment Will be made at tim
Contihental;Illinois National. Bahk & TrUst CO. of Chicago,—V. 139*
"y
74,621
',
20,581
oper.
oper
'
Ret
Crl,497
ance
the
ef
26,892
55,096
128,081
.,
Includ. Compania Industrial y Naviera Cubana. a
subsidiary, whihftf
dissolved as of July
i, 1938.
f Ihcludes $226,732 interest Oh
funded debt.
For the fiscal year ended June 30,
1041* interest on"
funded debt has been payable at the rate of 1%.
per annum in accord¬
gold ybonds,; due
'
39,298
57,632
_1__*
was
?
.(•All
41,534
.
■
?v"j.
Adm.
;
terminal..-—__
Pastelillo
1941 —9 MOs.^ 1940
1940
563,549
216,135
,!.i 63,847
41,881
j
Period End.
Drl0,181
251,502.
■ ■
■
Gtoss
Gtoss, income.
Income. _1__„
Equipment rentals :
426,011.
156,546
Ratio
$1,370,851
Dr22,845
554,216 ^l
™r R7n 'v
706,870
r
690,400
«
Taxes
premium Will begih at 4%
$5,341,257
ex-
Traffic
the
upon
&
way
-
expenses-_ii».^
Depreciation
6,470,000
v—
of
—
$849,421
w.,...>v„,..
Drl5,898
ihcome_J
—
$1,227,8947;
;
113,355
$4,466,016.
Operly &c„ Expenses—
Mainf.
.
,
—
income
oper.
9L259
447,500
Total
-
Railway
39,081
30,078
216,230
,->4.^
-
progressively
'.V*iftt ,13 Yeafs
year,*; %%/ in
year. If the
-
4,477
Aug.
teither,vcasevWith>;accrued.-^interest' plus
to
50,415
4,005.
;
4,616
or debentures and decrease
Transp. for investment
to the extent of ohe-quarter of 1% annually during the
of said' term, With a premium of 1% payable irt the 13th
and
w";
Railway, oper. income
.<the44th year and no premium during the last', or 15th
Other income
;
A
amount of $12,670,000 is obtained in the first, instance
Uiscell. oper. ihcome...
*»'•:t ■**$
against- a note of the feompahy, such note Will be exchangeable without
?
Consolidated Railroads or Cuba («fe
Subs.)»—Earnings—-Vv-tharge to the holder for a principal amount of debentures issued under
1
v Gross
Years End. Juhe 30-^ %. 1941"!''--"1940 •
income...tv
A 1939
an indehture equal to the principal of said note at the time unpaid, v
Non-oper.
expenses..'..
Railway Oper. reVeilUfes
$6,452,079 ' $6,605,263
$6*192925
$7 313 883
-It is understood that" the Equitable Life Assurance Society of the
Railway oper. expenses
5,450,983 " 5,298,970f"5,27l,584' '" 5,659,618
^.U. S. has purchased the-debentures.—V. 154, p. 427.
y%
>
Ret profit transferred
Railway tax accruals..174,562
80,399 *;:.X 71,921
77,414 Ay/ Af:,
';73.'''"yt-'r
%
to profit & lbSS
X Consolidated Retail Stores, inc«—Sales—
v
1
64,246
74,730
,
■Aug.
^ 397,500
Feb; T/ • I952i£t±,^ j^^:r:4io,ooo
account
April 1, last;
130,796
3,589,678
1
ahV. time,
on
the $6 cumulative first
holders of record Sept. 25.
Like amoitht was pa:d on July 1
$4 paid on Feb. 21, last; $1.50 baid bh Jan. 2 last
$4.50 paid on Dec. 20, 1940.—V. 153
p. 97.
:
7;
Oct.
land
140,860
3,207,175
Maiht.. of
1,1955-
A "Principal being prepaid/ the fate for Which
payable
for the ^ year of; .the term of said bote
$1.50
152,941
3,425,483
447,500
ness to be
ahy time,
,
;rv
118.181
160,432
Peb.
•
Aug.. 1, 1956
Consolidated Machine Tool Corp.—Accumulated Div.;—•
*1938%
$882,374
$422,500
__
vI; Company
'
i
126,178
397,500
145,500,000
correspondingy-week^bf ?104O;" ah ifncrease^of
427,
p,
York
for/ the/week
system
151,700,000
i1!0"8 y?1?,!8
154,
4.2,,.—V.
Y
its
New
$843,652
116,483
1, 1953
422,500
Feb.. 1, 1954.i__.-iJ_.__ • 435,000
Aug. 1, 1954.^..^—' 435,000
383,000
of
4
Aug.
385.000
Consolidated Edison Co.
1953
$926,722
Ahtilla
principal
the bonds
^
C.---'
30
1939
3,512,321
transportatiori—tferminal-„li^.l—
Pastelillo
termihaL;„-
I'" **1 entitled
«ipal amount of
baggage.^
Other
—
1940
$972,547
112,131
—u.
Mail
u
v..«
,,
(
1941
Earnings
Passenger
*
"
*sit
(2) -The balahce of $17,500,000, namely $12,670,000, Will be obtainable
■F'y-y-/'i v.""
•'v> ;-..l.«."7alnst a.note .hfAhe^cohapan^, or debentures' Of the company in lieu
thereof issUed- UrideF a'tt indehture. SUeh note of debentures will bear
Connecticut Liffht & Power Co.—Bonds Called
3965.
p.
-
Opei-etin^ Statemeht. for Fiscgl Year Ended Juhe
lateral
»,if*lt»f
not
consenting.—V.
.%•>
154,
■<
p.
428.
>■' >•''
"
Ir
'•
'■
•
•
V'
■
'
'
■
:
'
■
i
•
-v
have declared a dividend of 50 cents per share on
payable Oct. 15 to holders of record Oct. 5. This
he the first dividend paid in some time.—V. 152, p. 424.
? Directors
■
stock,
common
Underwriters—The
Dividend—
Detroit & Canada Tunnel Co.—50-Cent
v
the
will
Years End.
1941
July 31—
sales, less discts.,'
returns
and
allows...
of
Cost
'
$2,488,071
1,935,633
'
$5,041,745
$3,112,400
3,496,124
2,212,204
sold
goods
1939
1940
•
Gross
^
>
$2,324,236
1,874,781
profit
Gross
gen'l
—
$1,545,621
$900,196
$552,438
890,501
675,252
541,717
'
'
'
from
Profit
$655,121
$224,944
28,210
25,239
Total
=
1—.
expense
security
Exps.
(less
rental
in¬
of
props,
not
in
used
8.80910
Lee
3.52364
Mellon
Securities
Goldman, Sachs & Co.—
4.40455
-Morgan
Stanley
:
.
V
tax
come
Net
Fed.
:'■
'
adm.
'
-27,216
2,370
7,499
278
2,158
*200,000
40,000
5,580
$483,331
$210,183
$15,916
Balance
$355,536;
notes
'
\
;
„
:
'
...
,
believed that the proceeds of the sale, among other purposes,
used for further acquisition of the Pennroad Corp.'s stock
tender or over the counter;
On Oct. 1, Pennroad filed with
the Securities and Exchange Commission, a petition for authority to
acquire not exceeding 125,000 of its own shares.—V. 154, p. 428.
;
It
;
is
be
would
either by
——
Raynolds Co., Inc.—Preferred
_
income
&
excess
taxes
profits of sub.
share of
——
%' All
of
called for
dividends.
Stock Called—
the outstanding 7 % cumulative preferred stock has been
redemption on Jan. ,1, 1942 at $115 per share and accrued
Payment Will be made at the Irving Trust Co. of New
Registrar—
r
a
p.
Guaranty Trust Co. of New York has been
new issue of 5%
cumulative preferred stock,
loss 24,190
$7,159,167
$4,178,485
$7,770,547
:
——
Dow Chemical
common
record
declared
Co.—Dividends—
declared
dividend of
extra
an
$7,500,000
7,500,000
*7,500,000
($100 par)_
60,000 shs.
60,000 shs.
Common stock (no par)—
—12,000,000 shs. 1,135,187 shs.
*On Sept. 1, 1941, $750,000 of these debentures matured and have
;
cumulative preferred stock
paid.
Sept.
11, 1941, the board of directors by resolution reserved
shares of common stock now offered for issuance upon
the
exercise
of transferable
subscription warrants issued by the
tompany to holders of its outstanding common stock to evidence
•their pro rata subscription rights to such 113,519 shares,
preferred stock at average cost of $60.70 a share.—V. 154, p. 52.
.
1,773,582
$5,478,641
to minority interests
.26,448
19,536
$5,565,138
$5,459,105
5,565,138
5,459,105
/
;
85,388
of
disc,
to bonds of a sub. co.
deducted above—
—
applic.
by parent co.
declared
dividends
——
7,574
7,574
175,482
187,858
59,513
56,760
other
from
Earnings
and
Expenses
107,853
102,726
$5,912,806
404,949
$5,816,777
336,471
$5,507,858
$5,480,306
sources
——„——i;
Total
/
—
'
taxes————
Balance '
cents in addition
the com¬
27. Like
10
—
the
the
to
common
requirements for the period
'
y
;
Balance applic.
Ltd.—Extra Dividend
pref. div.
—1 y;, ■70,411
y
x,v
.
for
stock
common
Surplus-.
and
$5,480,306
$5,437,446
P. S. Co.
to stocks of Eng.
pref. stock of Engineers P. S. Co.'
on
Balance
" 2,273,064
2,285,192
$3,164,382
$3,195,114
- '
$1.67
„
$1.66
per share of common stock——
Comparative Income Statement (Parent Company Only)
' 1941
1940
/
31—*yy
- :
:
Revenue from subsidiary companies:
$3,367,968
Common dividends
———T $3,563,403
Earnings
regular
■
of record Oct; 16.
July 31 and April 30, last.—V. 152, p. 4120.
stock, both payable Oct. 31 to holders
amounts paid on
Like
—
Earnings of a sub. Co. in excess of its
y
12 Months Ended Aug.
——
Duluth, South Shore & Atlantic
•
Ry.—Trustees' Certifs.
issue $250,000 of trustees certificates to redeem
South Shore Dock Co. 5% bonds is being sought from the
Authority to
the company.
The trustees certificates, which the
sell will bear interest at the rate of 2%%.—V. 154, p.
to
■
Interest
>'
428.
•Federal
>- ■)
'*
————J.——1
•
Ended
as.
Federal
}54,
1940),—V.
$6,174,151
6,046,919
5,847,340
Operating income
income
Other
expense
Net
p.
made
'
"It
389,284
:
—:
earnings
by a
the
of
expenses
earnings
w
.
;*$72,510
$108,666
$284,729
-
Ltd.—Earnings—
1941—5 Mos.—1940
$281,375
$257,710
1941—Month—1940
$61,634
$54,955
87,394
93,145
19,761 ■.17,982
■
——
Co.
at $137 a share.
13,200 shares of common stock (no par)
The dealers' discount was $1.75 a share.
Barney & Co. by
>'■
competitive bidding earlier this week.
'v/ y-rv
153, p. 987.
Ebasco
the
For
The shares are
The block was awarded to Smith,
origin.
of domestic
—V.
Barney
Oct. 9 offered after the close of the market
on
Oct.
ended
2,
»
>
to the bond.
,
of
certificate
the
to
incorporation
Drafts
by-laws.
and
mortgage and income mortgage will be completed this
agreement-has-been completed to escrow the new stock
"The
1941,
the
System
do
not
of
128,064
65,997
89,301
154,005
80,583
104,762
include
the
Amount
1940
1941
system
panies not appearing in both periods..—V.
Stores,
client
25,941
14,586
15,461
elected
within
the next
few
weeks
and
inputs
of
any
share in addition
the
stock,
paid
on
'
par
Aircraft, Ltd.—Earnings—
Ended
Years
June
1941
30—
operations
officers' salaries
from
Profit
Inp.—Stock Offered—Merrill
Legal
-
for
assets
Prov.
loss
on
of
(Sekan'i
1939
$118,115
17,104
1,378
7,354
2,324
25 346
7,707
of fixed
—111,073
69,578
13,866
31,345
36,354
25,000
$66,525
$13,018
$28,060
inventory
»
of Air¬
type)
development of Aircraft
i
25,000
type)
profit—
...
Sheet—June
Balance
Assets—Cash
Months
,
50,741
(Sekani
craft
.
20,900
,,
——
for
Amortiz.
Net
depreciation
,1940
$167,522
44,010
:
Provision
,
$311,049
...I
fees.———
Interest
,
of 50 cents was paid
Sept. 30 and June 29, ,1940, and extra
30, 1940.—V. 152, p. 4122,
on
March
Fairchild
°
com¬
$30,740;
accounts
30,
receivable
1941
$1,396,821;
inventories
uncompleted contracts $209,593; investment $166,500; fixed
(net) $406,698; prepaid taxes, insurance, etc., $19,692; deficit
$1,271,916;
assets
1941—Month—1940
1941—9 Mos.—1940
$3,034,418
$2,371,175 $23,824,566 $18,960,652
...
be
regular quarterly dividend of $1 per share on the common
$25, both payable Sept. 30 to holders of record Sept. 19.
Like amount paid on July
1, last.
Extra of 50 cents was paid on
March 31, last;
extra of $1.50 paid on Dec. 16, 1940; extras of $1
to
154, p. 428.
Sales for September and Nine
154, p. 428.
will
Directors have declared an extra dividend of $1 per
facilitate the offering.
Sales
■
directors
new
Fafnir Bearing Co.—Extra Dividend—
;
Pet.
20.3
22.1
17.3
Lynch, Pierce, Fenner & Beane offered after the close
of business OcL 7 a block of 18,325 shares of common
stock (par $2) at a fixed price of l?y4 net until 10 A. M.
Oct. 8, and thereafter, if available, at a fixed price of
17 Y4
plus an amount equal to the New York Stock
Exchange Commission. Dealers discount is five-eighths.
The firm has informed the Stock Exchange that it may
Period End. Sept. 30—
"• "
to tax
given
is
Executive
Brothers
been
has
v
Inputs
Increase
figures
satisfactory arrangements can
that
Indiana.1
Thousand of Kilowatt-Hours
Operating Subsidiaries of —
American Power & Light Co.—
Electric Power & Light Corp./w
National Power & Light Co._i
—V.
'
.
expected that unless unforeseen circumstances intervene the new
securities will be issued in November or December."—V, 154, p. 429.
./-
Edison
•
New Stock—
be made for the future use
;:;;
•' ■ ,
•.
questions involved in
the acquisition of the properties of subsidiaries and other aspects of
the reorganization,
Applications have been or soon will be filed with
the Federal court and the Interstate Commerce Commission for au¬
thority for the Erie to acquire the properties of more than 20 of its
railroad subsidiaries in New York, New Jersey, Pennsylvania, Ohio and
it
Services, Inc.—Weekly Input—
week
above
•/"v •!:
y
on
first
An
"Careful
companies of Ebasco Services, Inc., which are subsidiaries
of American Power & Light Co., Electric Power & Light Corp. and
National Power & Light Co., as compared with the corresponding week
during 1940 were as follows:
y-''-v
The
y''
Planned
attached
this property.
consideration
of
operating
;
"'v//" *
429.'
refunding and improvement mortgage bondholders for the
period to Jan. 1, 1945.
■ ; r
v.'.-y;
"The managers have determined that the ^fraction of certificates of
benefic'al interest provided in the plan for the refunding and improve¬
ment bonds, Series 1930, would be too cumbersome to handle as part
of the escrow agreements.
Consequently the managers have decided
that this fraction will be given to the bondholders in new common
stock rather than in certificates of beneficial interest.
This fraction
amounts to a total of only 5,605 shares of common stock.
"The managers have conducted negotiations with the security holders
of the Northern BB. of New Jersey, the lease of which by the Erie
was disaffirmed.
They also have had discussions with the bondholders
of the New York & Greenwood Lake Ry. and
will continue in the
hope
Offered—Smith,
Co.—Stock
Kodak
Eastman
&
p.
coupon
new
month.
v-
$41,873
$36,973
$188,230
$170,316
Note—Operating expenses for August and for the 5 months to Aug.
31 do not Include income and profit taxes.—V. 154, p. 149.
Net
Act of 1941. The amounts
$483,939 accrued by three
is expected," the managers announced,
"that the present com¬
will be continued and drafts have been completed of the necessary
amendments
$326,811
20,243
419,564
$485,630.,
12,320
243.
Period End. Aug. 31—
Operating
..
include
to go to the
$289,872
—
154,
East Kootenay Power Co.,
Gross
$334,108
2,105
51,484
<
46,274
—
income
"Loss.—V.
$332,027
4,119
—
.$0.57
'
-
The. reorganization managers of the road announced Oct. 8 that
they would apply to the courts for permission to pay a dividend of
$5 on -the preferred stock to be issued by the reorganized company,
y
The managers also will ask for permission to pay $45 on each $1,000
income bond to be issued in the reorganization, Payment would be
pany
Other
$1,096,403
*
1941—8 mos.—1940
$6,532,549
$0.64
taxes
income
RR.—Dividend
Erie
»
V/.Vv-'"'iV
1941—month—1940
$1,061,220 $1,164,409830,301
• 729,193
stock_'.a-i.L—
2,285,192
'
Aug. the accruals are based on the Revenue
shown
transferred to the
Aug. 31—
$1,223,940
subsidiary companies in Aug. for excess profits tax under the Revenue
Act of 1941
(none estimated under the Excess Profits Tax Act of
Steamship Lines, Inc.,(& Subs.)—Earnings-
Eastern
2,273,064'
and- surplus-
Federal income -tax were at estimated rates
2.7.%. in Jan. .and Feb!, increased to 30% in March. Beginning with
of
mill at Kingston, which means that 1,100 employees at that
plantv-wlll be retained in service on a normal working schedule, it
was announced.
Part of the Bethlehem equipment will be transferred
to Kingston and the rest will go to the Duplan mill in South Carolina.
149.
107.672
35,669
•
the -1941
•Accruals" for
Duplan
p.
stock
Earnings per share of common
-
of Bethlehem, has
I/:-/
.—.—
—-
—
for'common
Balance
t
'
silk throwing business of R. H. Laros Co.
been purchased by this corporation, effective Oct:
All accounts of the Bethlehem company will be
Balance
Preferred dividends
,193,130
163.524
35,062
$3,497,004 * $3,381,595
■
Duplan Corp.—Acquisition—•1
xThe
taxes
Other
license agreements between Radio
Corporation of America and this company, was announced by Allen
B. Du Mont, President of this company. \ The/Du Mont organization
is thereby licensed under
standard RCA patent license agreements',
while Du Mont in turn grants RCA a non-exciusive-, non-transferable
license under all Du Mont patents covering important advances and
refinements in cathode-ray oscillography and in - television transmis¬
sion and reception.—V. 148, p. 2582.
:r ■?
154,
$3,718,066
506.352
"
patent
of
consummation
$3,901,943
.it.------"
taxes.——— •'
income
102,714
12
1————-
Expenses'
A.—
*
The
2,753
•'
3
—„„j_„_——
Total revenues
Laboratories, Inc.—To Exchange
(Allen B.) Du Mont
Patent Licenses With R. C.
revenue'
Miscellaneous
.
56,760
107~850
investment-
miscellaneous
on
56,760
———
—
notes
time
on
Dividends
carrier plans
bonds—
on
187,859
173,927
Preferred dividends
Interest
$347,I.C.C.
$30,836;
total
$3,532,795.
Liabilities—Bank loans $1,331,500;
/.
accounts payable and accrued lia¬
convertible notes $111,000;
bilities $1,375,076; taxes pavable $76,219; 5%
Electric Bond & Share Co.—Acquires
Capital stock
7,300 Shs. Pre¬
($5 par)
$639,000; total $3,532,795.—V. 151, p. 2191.
ferred
ton
113,519
1,583,970
$5,591,586
divs. earned but not declared
above)—.
(as
Preferred
declared an extra dividend of 10 cents per share in
quarterly dividend of 30 cents per share on
have
Directors
addition
Outstanding
Serial
been
$7,252,223
———y_.
Dividends
stabilize to
fhe
$7,175,556
Extra of 40 cents paid
on
Dominion Oilcloth & Linoleum,
31, 1941
$7,500,000
2,614,189
—„„i_„_.
——„»'
,
Finance Corp.—Extra Dividend—
have
paid
Feb.
on
Sept.
■
5%
;
.y;,, /
Aug. 1 and on May 1, last.
1, last—V. 153, p. 393.
amount
to subscribe to 113,519 shares of common
10-year 2V*% debentures, 1950—
debentures (1941-1950)
Co.
dividend of $1 per share on the
payable Oct. 20 to holders of record
stock,
Period
$629,717, against
1940.—V. 153, p. 834.
Authorized
2,856,956
appl. to Engineers Pub. Serv. Co.——
Cumul. pref. divs. of a sub. co. (not earned)-.
Balance of earnings applic. to Engineers P. S.
cash
a
preferred stock,
p. 3805.
at
Funded Debt and Capitalization as of May
$9,866,413
$832,431 $10,032,511
$841,057
pfd. stocks, declared—_L——_
applicable
Amort,
Operating revenue
Operating expense
Co.—Stockholders Take Common Stock
stockholders of
t8,740
Balance
regular quarterly dividend of 35 cents per share on
both payable Nov. 1 to holders of record Oct.
the
mon
i'-.
26 were given the right
stock (no par) at $100 per
share in the ratio of one newv share for each 10 shares held. Rights
expired Oct. 6 and the entire issue
(with exception of less than
,1,000 shares, which will be sold to employees) was taken by stock¬
holders.
There will be no offering by the underwriters. As compensa¬
tion to each underwriter for its commitment to purchase unsubscribed
shares, the company has agreed to pay to each underwriter an amount
equal to $2 per share in respect of that percentage of 113,519 shares
set opposite such underwriter's name
Purpose—The board of directors has made no allocation of the net
proceeds, estimated to be $11,084,954, to be received from the sale of
the common stock, but such net proceeds will be added to the cash
funds
of
the
company
and applied to the payment of at least
$5,000,000 of present bank loans. The proceeds of the bank loans were
added to the cash funds of the company which have been and will
be expended, among other things, for capital additions to plants and
facilities to manufacture
new
products and to meet the increased
demand for products now manufactured.
V
■
;
y History and Business—Company was incorp. in Michigan May 18,
1897, and its corporate existence has been extended for a period of
30 years from May 18, 1927.
•fe- Company
is engaged in the manufacture of a diversified line of
inorganic and organic chemicals, also magnesium and magnesium
alloys. The present company is the outgrowth of a business established
more
than 45 years ago at Midland, Mich., to separate and finish
into marketable form certain of the components of the native brine
deposits in central Michigan.
Company's first development was an
original process for the production of bromine by the electrolysis of
this brine.
Some years later activities were expanded to include first
the production of chlorine and bleaching powder and then still later
the production of caustic soda.
Continuing the expansion of its line
of chemicals, the company was by 1917 not only a large producer of
bromine and bromides, chlorine, caustic soda and allied products, but
was
also
actively engaged in the production of synthetic organic
chemicals such as phenol, chloroform, indigo
and various coal tar
medicinals, particularly the salicylates.
It was also an important
producer of solvents such as carbon tetrachloride and carbon bisul¬
phide.
In 1917, the company started the production of magnesium
metal by electrolysis of the magnesium chloride obtained from the
brine deposits and has subsequently developed the large scale produc¬
tion of magnesium and magnesium alloys.
In the past two decades
the company has steadily expanded its line of chemicals, devising new
synthetic processes, until at the present time it produces more than
300 different products.
The outstanding developments of recent years
have been the large scale production of ethylene dibromide for use
in the manufacture of ethyl gasoline, the large scale production of
magnesium from ocean water, the production of plastics and the
continued large expansion of chlorine facilities largely used as a raw
material for solvents and manufacture of organic compounds.
The
Amount
appointed registrar for
Ltd.—September Output—
Company
'
21,971
•
678,590
152,
Directors
to
$100 par value.—V. 154,
,;:v '■ 'y;/'
v';;
355.,
5,857,715
$17,669,962
155,887
1141,763
$1,46" -»7q $17,564 755
"
—v.
reports September bullion output
$645,354 in August and $659,210 in September,
>
vi1
v
;;
Dome Mines,
'<■
•„" '
\\k'' [i
York.
t
6,401,507
1,878,505
$1,452,094 J $1,459,639 $17,508,868 $17,528,199
611,037
...627,208 x 7,476,357 v -7,661,786
X;
on
Balance
180,189
350,577. \ 249,095
' ' ' ;
,
1,999,248
1,533,467
'- 155,896'
85,967
•
,!
"v $1,430,192
__1
Cumulative pref.
'■
have
10.—V.
Domestic
•
Devoe &
1,236,288
$5,013,075
income
Oct.
000
,.
,
,
1,480,081
.
owned
trade (net).
ported Negotiating Sale of Bonds—
reported has been negotiating with one of
the leading insurance companies looking toward the sale of its holdings
hf $9,626,000 of 5%. bonds of the road, maturing in 1981;
.: ,
i.";. Before effecting the sale, the interest rate on the issue which is
held solely by the Pennroad Corp., would be reduced to. 4% and the
maturity date would be advanced to. Dec. 31, 1955, making the bonds
25-year issue.
2,231,294
$10,276,268 ; $9,027,697
!
charges
Federal
Directors
f; The Pennroad: Corp. it .is
a
Balance
(W. S.) Dickey Clay Mfg.
RR.—Pennroad Corp. Re¬
Detroit, Toledo & Ironton
$3,776,787
154, p. 451.
—V.
by
ji
$7,547,616
$$114,117
site—not used in operations, $100,000; buildings, machinery,
equipment, etc. (net), $329,780; goodwill and patents, $1; deferred
charges, $95,479; total, $3,490,577.
Liabilities—Accounts
payable
(trade), $241,095; wages, commis¬
sions and
additional compensation accrued, $185,373; compensation
claims,
$2,441; taxes, $42,232; provision for Federal income taxes,
$291,684; 5% non-cumulative preferred stock ($40 par), $1,014,920;
common
stock ($1 par), $499,992; capital surplus, $587,776; earned
surplus, $715,064; total, $3,490,577.—V. 152, p. 1912.
..
$8,044,975
operations
for
int.'s
Min.
plant
v
Dividends
from
profits
miscellaneous accounts receivable, $1,591; inventories, $997,dividends received from closed bank, on deposit with trustees,
$16,111; investments in securities, $31,918; amount due on or before
Dec.
31, 1941, from John A. Fry, president of the company, and
Florence C. Fry, his wife, or the survivor of them, for 41,250 shares
of common stock of the company at varying prices aggregating $105,000 in connection with the exercise on June 1, 1936. of an option
dated Dec.
2,
1935, as amended, $105,000; land, $761,926; former
-
(net)___«
Interest & amort
6,651,751
4,405,433
6,417,931
519,229
1
income
22.985,495
income
Income
820;
154, p. 248, 180.
::
vy
;.
Balance
30,195,931-
; 38,862,976
expenses
Gross
$695,416;
—V.
,1939
:
it
1 •/* T
'
revenues,
Other
V'
1940
H"
Net operat.
Balance
non-cumulative
and accounts receivable,
i'
■
11.45182
—
\
,
.
%
526,428
221,769
*
1941
Sheet July 31,
Co.,"
&
Inc.
*'"
■:
731,679
570,713
taxes
less returns—.—— $46,907,950 $37,743,547 $26,762,282
sold, sell., gen. &
;
.
,
w:
Other income
tLoss.
profits tax
6.16637
8.80910
Corp...
341,593
567,919
•
taxes_C.._
income
Other
goods
Profit
Net
$50,000 for excess
Assets—Cash,
v-
in¬
__—. —
Cv
sales,
of
Prov.
:•
'
Earnings for Years Ended May 31„
.
.
1941.;.
Gross
*
_———
profit
"Includes
.
taxes..
opers.—.—
for
8,841
6,540
,/i
.
•Fed.
9.69001
Corp.—'—.
Higginson
2,129,660
Depreciation
4.40455
1941—12 Mos —1940 i
$4,859,724 $61,547,087 $55,994,662
1,789,844
22,457,713
20,538,507
3,648,466
4,049,503
334,075
$5,771,686
revenues-
Maintenance
8.80910
9.69001
Janney & Co.—•
Kuhn, Loeb & Co.j=_—
Corp._
Boston
Operating
Operation
Subs.)—Earnings—
(&
1941—Month—1940
31—\,
.16,490
t$68,403
$30,683
'r
deductions
Misc.
Provision
,
Period End. Aug.
Co.,
8.80910
2.21901
First
\L
——
Social
come)
19,962
$250,183
$683,331
income.....
Interest
,
t$84,893
$10,721
.
13.21364
Co.
Engineers Public Service
.,
;••'•' % of Stock
• '•
Harrlman Ripley &
,
of Michigan Corp.—
Cost
'/
opers.-.
income
Other
534,348
V
•'
Fist
$449,455
„
admin,
&
expenses
"
•
The
'
r
be
to
Smith, Barney & Co
Blyth & Co., Inc
„
Curtiss, House & Co
Dillon, Read & Co.—
•
Eell.,
the underwriters and the percentages
purchased by each of them, respectively,
of
names
stock
follows;
as
% of Stock
]■ Detroit-Michigan Stove Co.—Earnings—
1938
unsubscribed
of
are
Saturday, October 11, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
540
During the past several weeks Company has bought in the open
7,300 shares of preferred stock under an crder issued early
in Sept.
by the SEC.
A total of $372,361 was spent on the open
market
market
purchases which permitted acquisition of 5,400
preferred at average cost of $66.12 a share and 1,900
shares
of
$6
shares
of
$5
Fairmont Creamery
(
Co.—25-Cent Dividend—
Directors have declared a
common
stock, payable Oct.
,
viously quarterly
—V.
151, p. 103.
dividends
dividend of 25 cents per share on the
1 to holders of record Sept. 20.
Pre¬
20 cents per share were distributed.
of
Volume
Number 3992
THE COMMERCIAL & FINANCIAL CHRONICLE
Federal Grain Co., Ltd.^-Accumulated Dividend—
Directors, have declared
on the 6%%
,i,
holders of
to
record
Oct.
dividend
a
accumulations
of, $2
share
per
General
account of
on
15
Dividends
in
are
arrears—V.
Directors
.
cumulative preferred stock, payable Nov. 1
stock
154, p. m51.
and
payable
paid
Federal
•
Service Corp.—To Change Name—
Water
; '
10
Dec.
7%
1940,
the
on
cents
of
class
of
$2
Oct.
amounted
B
2.
stock.—V.
Previous
75
cents
154,
dividends
the
on
than
.Under the proposed agreement of merger dated Sept. 26, 1941, to
be considered by stockholders of corporation at a special
meeting to
be held on Oct.
28, the name of the corporation will be changed
430.
p.
to
Federal
stock
Water
($5
Change
for
Service
each
Corp.
&
of
par)
Gas
Corp.,
Federal
share
and
Water
of class
l/10th
Gas
&
stock
A
For further details of
of
(no
plan
share
a
will
Corp.
par)
V.
see
of
holder
154,
of
the
fur
The
i
directors
of
account
able
in
Oct.
to
16
paid
was
declared
accumulations
of
each
have
holders
the
of
seventeen
June
on
16,
the
on
dividend
a
7%
record
cum.
Oct.
preceding
1937.—V.
of
$1.75
per
pref.
stock,
par
10.
153,
and
dividend
a
of
Directors
have
accumulation
declared
the
on
paid
was
J Oct.
1
and
1939.—V.
1,: last;
July 1,
on
153,
of
$2
share
per
$2
paid
Dec.
on
26,
1940, and dividend of $1
99. *
p.
The
1940;
$1.50
paid
was
states:
Treasury
Swiss
commenting
V
1
'
action
the
on
■
.
gave
the
no
for
reason
Securities
and
its
action.
Exchange
of
7:
1,
General
agent
film
■
than
more
its
application
General
90%
of
Dyestuffs
for
Dr.
restrained
towards
"
the
the
Utility
other
merger
1
•
-
15
by
stock¬
a
,
Chairman
E.
General
C.
for
Aniline
the
is
September
It
recalled,
was
In
Corp.—September Car Sales—The
Oct. 8 released the following statementY
of General Motors cars and trucks in the United
States and Canada, including export
shipments, totaled 89,300 compared
with 124,692 in September a
year ago.
Sales in August were 29,268:
Sales for the first nine months of 1941 totaled
1,785,113 compared with
how¬
report
a
to
Treasury
a
stock
from
license
Swiss
made
Sales
were
The
exclusive
present
sales
and
to
nine
same
dealers
in
months
19,690.
Sales
of
1940.
'
-
..
:
the
United States totaled 81,169 in September
in September a year ago.
Sales in August
Sales for the first nine months of 1941 totaled
1,633,912
with
116,031
compared with 1,249,833 for the
public,
nine
same
months of
1940.
to
consumers in the United States totaled
52,829 in September
compared with 97,527- in September a year ago.
Sales in August were
84,969.
Sales for the first nine months of 1941 totaled
1,716,395 com¬
pared with 1,285,194 for the same nine months of 1940.
„:
outstanding stock of General Aniline.
at
sales
1,358,157 for the
compared
buy
Chemie.
been
never
to
distribution
General
Aniline, which manufactures ^chemical,' dye and
General Dyestuffs is also the sales agency for sevelal
products.
Motors
company on
the
.
Commission,
firm, corporate ownership of which has
owns
had
steps
Mills, Inc.—New Official—
Bell,
of
Switzerland.
"
appealed in
1,550,000 shares of
on
April
on
of
"Herald-Tribune"
York,
of
paid
laws
the
Congress last June, linked the Swiss company, generally known as
Swiss Chemie, with I. G. Farbenindustrie A. G., the German
dye trust.
General Dyestuffs, which has its offices at 435 Hudson
Street, New
Div.—
account
on
& Film Corp. from Internationale Gesellschaft
Unternehmungen, AYG. (I. G. Chemie), a company
York
that
ever,
$3.50.
stock, payable Oct. 1 to holders
of $1.50 was paid on July 1, last; $1
Dividend
April
on
Treasury
4%:' preferred
"j of record Sept. 20.
'<•>
dividend
a
New
which
any
of the Board, announced on Oct. 1 the
Williams, of Berkeley, California, as Vice-Presi¬
dent and his appointment as Director of Research.—V.
153, p. 989. v
an
*
394.
p.
J Filing Equipment Bureau, Inc.—Accumulated
,
The
on
the
Del.,
taking
proposal.
Aniline
Chemische
organized under
$100, pay¬
amount was paid
Similar
quarters
share
General
for
F.
election
applica¬
controlling shares
.Fenton United Cleaning & Dyeing Co.—Accum. Div.—
:
from
injunction had been filed Sept.
Utility & Industrial Corp.—V. 153, p. 837.
of
James
The Treasury Department announced Oct. 2 the denial of
tion by General Dyestuffs Corp.' to purchase the
Wilmington,
the
General
chase of General Aniline & Film Stock—
429.
p.
General Dyestuffs Corp.—U. S. Treasury Bans Pur¬
;
common
be issued in exof Federal Water
suit
in
Corp.
on
vote
a
The
:
•
Court
Industrial
&
were
shares
A
by General Finance stockholders at an adjourned meet¬
followed dissolution of a temporary injunction by Federal
6
District
on
to
vote
ing Oct.
per share on the class A
the class B stock, both
share
per
record
and
The
Corp.—Common Dividend—
dividend
a
of 20
holders
to
12,
cents
Film
&
declared
dividend
Oct.
on
and
Aniline
have
a
541
other American
(M. H.) Fishman Co., Inc.—Sales—
•
Period End. Sept. 30—
Sales
_—_
—V.
!
154,
$427,625
.
—_
150.
p.
$375,165
The
for
receivers
applied to the Interstate Commerce
issue $1,000,000 2% % equipment trust
authority to
J, to be sold
Proceeds
would
$1,111,083.
three
the. Reconstruction
used
be
The
to
toward
certificates,
Presdient
at
par.
mann
purchase of equipment costing
equipment the road plans to purchase includes
Diesel electric locomotives, six stainless steel
new
Florida Power & Light
Operating
Operating
Direct
July 31—J
revenues.—
expenses—7
taxes
approp.
158,334
\
revenues...'
$352,995
Net
oper.
(net)
! •100,452
165,883
-———
res.
Rent from lease of
?
;
7
//*,
<
v
of
2.318.862
1,647,574
133,334 ; * 1,975,000
1,516.668
$378,504
$6,085,875
221
Other
Y
income
Gross
Int.
on
Int.
on
Other
mortgage bonds Y
216.667
110,000
bonds—.
95,631
deducts,.;
charged
struction
to
of
$6,088,525
$5,972,707
largest
'794,666
424,715
2,600,000
2
1,320,000
1,320,000
14,897
308,962
V
2,163
*$66,279
;Y
,
2,146 '
'
$41,632
600,000
/
$2,292,864
1,153,008
1,153,008
Note—Provision
is
.1941,
being
Federal
for
made
at
income
rate
a
the
of
Hermann
German
Swiss
a
$30,000,000 issue of debentures.
a
outstanding and
contractual
Aniline
relations
controls
of
with
the
the
General
Co.
to
of
in
to
it
General
the
Aniline,
of
name
transact business
in
Ford Motor Car Co.—Prices Increased—
Retail prices of the
Order
the
25%
as
to
firm
as
of
limousine
at
sedan
custom,
$3,075
is
also
is
up
$2,950,
.
$400,
up
ll%v-fvhile
Y
or
11%.
initial
•the
released
prices
by Ford
Base
comparable ,1941-
on
Motor
Co.
[
models,
1
.
.
according
,.
.
.
to;
7
-
from
He
German
a
has
to
said
the
stockholders'
been
of
also
closely
photo¬
7 7'';-
of
film
and
of
that
;
•
models
1941
Advances
;
and
from
exclusive
state
from
run
12%
15%
to
to 13% on the superdeluxes.
Detroit retail prices of the Ford
on
distribution
of
sales
taxes,
and
show
the
:
..
deluxe
.
Mercury
stock
G.
*
once
United
the
G.
time
trust
that
"With
initial
1941
The
prices.
'
to
models
firm
also
stockholders
in
New
of
is
the
•
Ford Motor Co., Ltd., England—Final
have
Directors
7 the
stock',
common
—-V.
150,
declared
final
a
payable
Sept.. 22,
4126. /
p.
;
Four Wheel Drive Auto
%
The
dividend
Stock
Chicago
to
of
Dividend—
11
cents
holders
>',■!{_
of
V-/';
s
;
share
per
record
to
the
time
was
Last
Exchange-has-authorized
the
Sept.
%
Y
from
G,
I.
company,
shares have
I.
the
over
that
directors.
G.
1941—Month—1940
Period End. Aug. 31—
Operating
Operation-
$380,950 ;
revenues-*—
of
p. 451.
for
the
same
Charles E.
154.668
/
in
the
Red;
income
: .49,016 - -
and
Other
J
43,343 •"
i
the
announced
three
Oct.
months
business booked
Orders
General
The
other
of
41,527"
definitely
in
the
H.
' '
3.
been
—
known
follows:
as
Y •'v'7
1st
3,974
^
2nd
%
Sept.
30,
the
income-
Other
•
r
■
$96,3797.7$76;500
7;
101
(net)-77
V—.
..
Gross inc. bef." deprecY
"
Depreciation;._ii7iL.7i__ 7
•
293
;•<•
•!
V:
9
Y
;
to
a
equipment
cover
7
r
November
December
Total
-V.
*
Gt-oss
Int.
'
•-
on
income i-„i7xi_
.
31,009
..
•V >,J.-..7 '''
bonds—Houston
Electric
$45,785
;$72,220
of
-
.
$920,596
months—.i__„-i___
of
of
no
-
The
receipts
issued
shara
one
value
8,821
Co;iiij-i-x_
■
,M
"" /
Int.
on
notes,
coll;
&
set
162,018
equip.
etc. xii—
of debt exp._-_7
4,447
56,633
-176681.'"*'-.- *->242
',9,955-
5,560
-
•*.
'
s.-
Co.- of
aside
263,757,000
310,251,000
$831,390,000
.
"Net
4nc6me.iY^i_~-J.
-tiv 56.171
-fDividfends ai-e'TJresently restricted
^_v.
154, p: 430.-Y.
'.<'1 1 r:
: .27,594 s. -• *489,729
/in* eaqKi calendar year
5
7'*;'" ^■
118,888
1,364,761
1,001,779
and
Trucks
from
All
64,925
Sources
Factories—Sales
to
of
Dealers
1941
1940
1939
1938'
181,088
174,572
196,747
185,548
136,4P9
133,511
161,057
142,002
128,453
89,392
91,934
85,855
167,310
139,694
84,885
110,659
84,327
24,019
12,113
124,692
226,169
217,406
53,072
200,071
223,611
207,637
73,159
41,933
19,566
108,168
185,852
172,669
2,025,343
1,542,776
1,108,00.7
193,522
76,665
77,929
144,350
Service
Corp.—Earnings—
!
9 Months
••
Revenue
Total
:.Y
1941
dividends™
bonds-__-__w__Y_____Y;* Y
lapsed optionsLL_iiYJ/'1
/-..p
"i'Y- ''-•.'"■Y*
v.
income
x____
_;
under
int.
and
debenture
taxes
"Loss.
-
-
- -
8,55Q
■
$139,132
$202,894
47,774
7,808
42,421
5,865
6,785
91,119
90,842
124,144
*$5,951
$915
$23,168
' ,/'■• ;/i..■/.;,:
;Y;YY>
Comparative Earned Surplus Statement
•
-
Y
Y
'v'/"YY'/
812
I0,
payable
indenture™-—
Net income
■.
.
35,920'
_x-_
Taxes
Debenture
.
Y
u
$126,953
Expenses
7,177
13,949
Y;r 13,668
9,945
™
$173,218
i',072
v
3,375
-
IX,
1941 P
$112,579
7,177
from
12 Mos.
1940
$106,455
:"..-.-v^Y/Y
Period Ended Sept. 30—
•;
9 Months
'
12 Mos.
1941
1940
1941
$10,759
*$17,445
*$18,360
♦5,951
*915
23,168
*$18,360
$4,808
Y $161,961
$213,987
$185,693
16,233
*28,294
*7,499
$178,194
$185,693
$178,194
$183,003
$167,333 Y
$183,003
/
Income
surplus:
Balance at beginning of period
Net
income
<
_____
Balance
at end
Security
profit
Balance at
Net
profit
7
•
•
of period—
surplus:
beginning of period
sales
on
of
Balance at end of
.
securities-
period—^
received
quarterly period, and
the $185,157,000 of
.
44,670
•
2,907
'*
Earned surplus at end
"Loss or deficit.
of period
';
a
year ago.
for national
Comparative Balance Sheet Sept. 30
defense
,
115,163,000
♦Investments
7
'
"
'
1940
$ r :',*i
$
Pref.
Accts.
&
banks
hand
Accts.
'
Divs.
68
•
258,479
—
in
on
rec.
«fe
int.
* 238,450
1,182,107 1,047,562
2,433
3,679
$397,810,000
»
; ;
Y
109
14,858
11,343
1
,
of
-
were
common
The
y 2,073
-
7338.508
to '$86,623; 7
credits
788
deb.
33,769
29,612
3,062
•
3,350
5%
1953
§Com.
2,520
Earn,
New York City, on
to
the
Y
or
common
to
wholly void
General Electric
before Nov. 21,
stockholders of
.
.
5,441,938 5,399,938
_____
written-down
The
1941.
2, 369,000 2,369,000
084,143 2,084,143
stocks-
669,886
surplus,
surpl
35,378
35,378
183,002
167,333
total
are
carried
values
of
on
investments
at
The merger of General Finance Corp.
effective' Oct.' 7- as the result
became
669,886
Dec.
market
—_
average
31,
1931;
value,
at
5,441,938 -5,399,938
amounts based
and
on
subsequent
30, 1941,
Sept.
the
cost!
was
30, 1940, was $2,937,031.
r
'v.*.
w-.
tRepresents. the dividends payable to stockholders of record Oct.
15i
on which payment was postponed by the board of directors.
- Lt
tRepresented by 22,320 shares $6 dividend preferred and 210 shares
$5.50 dividend preferred, of no par value (entitled to $110
per share
upon redemption or voluntary
liquidation, or $100 per share upon,
■
•
1937,
•
involuntary liquidation, plus accrued dividends).
.
are
;+,
Y /
■
been
47,610
reserved
authorized
and Utility & Industrial'Corp.
of approval of two-thirds of
r
Total
books at
established
$2,937,234 and at Sept.
General
sucK Outstanding receipts in accordance with their
proceeds amount to $1.01 for each Vb share repre¬
such-receipts.—-Vi- -154; p. 430. %
Total
♦Investments
receipts become
record
net
7,067
due
'
company representing interest in
stock without par value of Radio
surrendered for redemption
issued
29.612
tPref. stocks—
Cap.
.
_
4,405
33,769
accr.
accr.j__
Unadj.
Conv.
equip.
(less -depr.)
-
int.
Taxes
accr.
receiv._
1940
$
29,292
payable
.
Deb.
___•
1941
pay.___
tPref. dividends
'
Cash
y
Liabilities—
stocks— 3,655,049 3,692,686
stocks326,940
403,700
Bonds
129
185,157,000
*•
1941"
Assets—
Com.
v-7777-
'/•'General Finance Corp.—Merger Effective—-
■
.
;Y Y $4,808
by this
stockholders of each corporation.
'
stock
"!">•.
1941
being notified.
are
unless
against
These
sented by
•
Amortiz.
156,008
1,827,241
430.
p.
on
authorized
vr
162,881
68,896
131,387
78,758
235,422
226,609
247,683
255,887
235,679
Y.-v-u-v-
Interest
that
Dec.
16, 1932.
The only right now remaining
receipts is to receive-their pro rata shares of the
net proceeds of the sale-of the common stock of Radio
Corp of America
$548,103
•134,363
110,471
181,421
174,610
_Y.
154,
■
.13,501
;
receipts
Electric
-
.,1372,493T 1
:
40,796
186,016
Canadian
Period Ended Sept. 30—
.■;> % ■
Cash dividends on stocks__________
to the holders of the
$690,680
56,789
76,071
,
*
Export-Shipment
_
•r/Y:
Martin,
•
Expiration Date for Receipts—
and
3,828-
V 347,784-
97,527
240,748
224,517
29,268
89,300
General Public
Dyestuffs
Orders Received
../. "'7 7'Y 7
7
1940 77" % inc.
$257,382,000
$97,490,000
164
'■••//>•
quarter
Corp. of America
«-
$1,038.465 7'
103,534
92,593
124,618
with
officers
W.
orders
;
7
-
quarter._*__*i.j__jj_w:
terms.
'
.t*'
by
.
quarteri>.-jw-i-,i—.-777*1.
Y'y Holders of
$916,768'i
';*dr56'
I.'I
$96,481*' .1- $76,794
24,261
$1,038,521
__
v
102,031
76,120
October
over
7
:
Co.,- 570 Lexington Ave.,
%-•• Oper. inc. bef. deprec/../;
r
September
Cars
and
and
•
Office
474,076 *
/
Motors
States
-'
-
July
August
.
*115,017*)
503,092-
General
United
______
1938
63,069
62,83-1
100,022
173,212
145,064
100,732
______
May
,
•
corresponding period
,
538,232-
-I 42,589"
j
of
1939
165,820
___--YY
j
■
June
pur¬
announcing
3.
ended
.
1,896.600 '
*570,997
1.356
t*
44,808
142,062
132,612
129,053
April
purposes
amounted to approximately $412,000,000 in the first nine
-months of this year,
including $186,000,000 received in the quarter
.just ended.
i;'
.•
• ; .vBy quarterly periods of this year and last year, orders received have
•
on
fraction
-7-430
taxes7.iY7li-L.ijv
174,625
183,481
March
by the company during the first 9 months of this
record total of $831,390,000 compared with $397,810,000
an increase of 109 per cent, President
$310,251,000, a record volume for
equivalent to an increase of 68 per cent
were
new
excess
profits taxes
V-.
January
February
period of two
-
Maintenance:.
83,251
;
the
held
transactions
newspapers
amounted to
$3,840,692
-
i,981.0007
.
88,365
123,874
______________
.•
period last year,
Wilson
During
1941-712 Mos.—1940 7
•
$317,395 L $4,136,199
183.617 *
120,809
1
Sales
States
v'.Y 187,252
Y 253,282
October
Manufacture
21
that
United
1940
x
___v—
in
.1941
168,168
September
r.'
,
Consumers
;
272,853
265,750
235,817
195,475
84,969
52,829
Total
/
,
72,596
61,826
34,752
16,469
47,606
129,821
yv
v
is
May
result
a
Vice-President;
Subs.)—Earnings—fZ y
(&
'"%:Y.;YY/. Y,
Total
received
year reached a
3rd
Galveston-Houston: Co.
935,163
December
application of General Dyestuffs Corp.
Chemie, a Swiss corporation, the controlling
General Aniline & Film Corp. wishes to state
.
listing
1,364,426
November
directing
showed
other
no
emphasized
Lenz,
article
Co.—Listing—
% 'additional shares of capital stock (par $10).*-V>154,
1,860,354
~IT'
Total
,
our
Orders
1942,
Mercury coupe Is. listed
'sedan
,11%;
92,890
159,573
150,005
July
the
General Electric Co.—Orders Received—
:
fop
at, $995,. up $110 op .12% ; the two-door
$1,030, up $100 or 10% ; the sedan—coupe $1055, up $105 or four-door sedan $1065, up $105 or 10% and the club con- *
vertible coupe Is $1215, up $145 or 13%.—V. 153,, p. 549. ...' n
;
'
188,839
August
investigation
York
German
debt
had
and
Rudolph
are
reference
purchase
{
charges and federal excise and
ranging from ,10% .to 13% over
7'.,
••/"• :\"
,YYY:1
•
204,473
___x
June
the'Treasury had denied the
stock
.
>
180,133
March
General Aniline & Film Corp. has issued the follow¬
.
1
Y
•
' *
delivery
advances
7,436
.
that -the
the
the
States;
Court
by General Dyestuffs
Halbach
Mr..
American
I.
in
ing statement:
j
:
/
line
21,154
116,031
207,934
198,064
:'Y,
r
:
8s
11%
Suggested
.
the
71,803
May
,
$15.
was
on
99,664
19,690
81,169
•
April
the
Under
meeting.
involved-only
German
at
dye
Dyestuffs
$780
at
204,695
—____—
Sales to
six-cylinder coupe.
This
that these
been blocked by the Treasury since
May, 1940.
$815 is up $115 or $16%:
/. "General Dyestuffs Corp. made its application without the know¬
or 15%.
v
' 7
•
:* ledge of the board of directors of General Aniline & Film
Corp. and
two-door sedan $840, up
subsequently refused to advise our board of any of the details of the
up $100 or 1
application or of the option which it claimed to have obtained from
'
The coupe in the super-deluxe six line is $850, up $110 or: 15%
I. G.
Chemie.
The board of directors did not favor this
application.
the two-door sedan $885, up $105 or 13% and the four-door sedan; ;', '7 "The current articles recite D. A.
Schmitz as President of General
$920, up 12%.
/
Aniline & Film Corp.
D. A. Schmitz is not now and since Sept. 23,
Prices for the deluxe and superdeluxe models with eight cylinder
:
1941, has not been President of this company."
'"7 7 Y /v 1 t
7
instead of six cylinder motors are $10 higher,... The differential on "
start
124,048
January
February
J
.
one
is
Netherlands.
property and credits of the
An affidavit filed at the
emphasized
I.
only
for the special
is up $115 or 17%.
The two-door sedan at
while the four-door sedan is $850,' up $110
:
The deluxe 6 coupe is $815, up 16; the
$105 or 14% and the four-door sedan $875,
prices
71,676
224,119
Taxable
list
■
trust.
and
Secretary, and A. T. Wingender, Treasurer.
the
a
all
Halbach
chases
had
the 1942.Ford cars, exclusive of federal excise and
state sales taxes and distribution and delivery charges, have been
advanced between $95 and $110 for an average of about 14% over
'«
of
$24,000
years.
General
Retail prices:of
.
78,525
112,863
«—Li.
guaranteed
Works,
portion
the
dye trust interests in the
signed in U. S. District
Dyestuffs.
owed
Mr.
prices—excluding
Lincoln
The.
Aniline
large
a
nationals
was
seizure
General
com¬
\
delivery charges and federal and state
taxes—are based at $1,390 for the Zephyr coupe.
This is an advance
of $260, or 18%, over the 1941 list.. The sedan and club-coupe arc
$1,700, against $1,450 last year for an advance of l8%f while the
convertible coupe at $2,150 is up $400, or 23%.
v.■/'•"■ ■.w;
The
Continental
coupe
at $3,000 is up $350, or 18%, while the
cabriolet of this series is up $300. or 11.%, at $3,000.
<
,y:'
Detroit
"
ranging from 11% for the custom series
for the convertible coupe of the Zephyr line.
advances
show
pany
much
1942 models of the Lincoln division of this
Dyestuffs
German
.
*
76,142
126,275
171,024
151,661
J
therefore,
that it is now impossible for General
muster a majority of the outstanding shares of stock.
This
impossible for the company to obtain the quorum necessary
iGeneral
of
an
;
dye
-
'
,
142,743
183,900
December-
understood,
makes
,
181,066
of
stock
is
It
•%? \
i*.
October
order,
ownership
of that stock cannot be changed,
and
presumably the stock also cannot be voted in stockholders' meetings.
$1,139,856
,of such taxes at the rate of 30% for the full year 1941.
' Y.Y
—V. 154, p. 179; V. 153, p. 988.
'
V*
German
63,771
217,120
than
More
still
are
56,938
115.F90
June
.•
still
are
1938 '
116,964
160,458
November
Aniline.
debentures
1939
164,925
208,214
226,592
April ...i...,—233,735
July
resigned as President of Swiss Chemie he
citizen^ Felix Iselin. -Mr. Iselln is also a
-
1940
218,578
May
August
September
dye trust.
Schmitz
by-
producers
voting
taxes, subsequent to April* 1,
will result in the accumulation
which
dye trust fostered
"circular"
illustrated by the fact that D. A.
Schmitz, who until last year was
freezing
!
/■
March
German
Aniline,
an
American
corporation
with headquarters at
Avenue,- New York, was organized (originally with the name
I. G. Chemical Corp.) under the sponsorship of German
all
Aniline
*Loss.
v
of
the
recorded
$1,548,740
i
January
February
America, Dow Chemical Corp., American Magnesium
Corpi- and the Magnesium Development Corp.
All firms pleaded not
guilty. 77':7,7V'7/ '..7
■ Y; ; 7/:' 7Y'7.7 7
'•Y-'Yv
Although Swiss Chemie claims to own beneficially a majority of the
7,621
$2,701,748
a
General
Aluminum
appl. to pfd. stks.
,
firm.
stock
7* /.:Y:-7
General
Aniline
was
indicted last January by
a
Federal Grand
Jury for conspiring with five other firms, including the German I. G„
to
create a world-wide magnesium trust.
The other firms were the
;Y/ 192,179
47,519
Y
.
the
industry is
dyes in the United States,
linked with the Agfa-Ansco Corp., manufacturers
graphic supplies.
■,
7 '
$6,397,422
110,000
latter
majority
,
broken
216.667 Y
,
Y.Y--Y—-,:.;;Yi"Y'*-'—
'•
of
Park
2,650
$6,883,191
the
the
by German I. Gw;,.;/ Y-vY'YvY'.'jY'Yv'Y
: "Y.
/ vY-.Y"'
German I. G. also sponsored Swiss Chemie, which the S. E. C.
reported was commonly regarded some years ago as a German I. G.
subsidiary.
German I. G. also guaranteed the stock issue of Swiss
Chemie, but Swiss officials contended that the latter firm has since
$5,970,057
con¬
credit——
•
Divs.
$381,050
in
controls
/•
•
13,352
$353 856
deb.
&
$367,698
640
—
income——
int.
Int.
(net)
$353,216
;•
—
interest
United States
1941
General
Chemie, the parent firm of General Aniline. Her¬
German national, is also a director of German I. G.,
Hermann
General
income
dye
I.'G„-which-guaranteed
"
Operating
now
of
Swiss
firm
2,650
drl0,806
his
and
directors
of
American
half
plant
———■
which
brother
a
of
General
230
sold
President
Sales to Dealers in
President of General
was
board
the
he
when
is
the
succeeded
director
Co.—Earnings—
Prop. retk-.
is
When
was
1941—Month—1940
1941—12 Mos.—1940 '
$1,204,957
$1,080,338 $16,577,541 $15,369,645
*
527,745
468,048
6,197,804
6,235,346
to
in
Schmitz,
parent
154, p. 430.
1939,
of
Dyestuffs.
extent
Schmitz
chairman
Halbach
General
The
Commission
Corp.
until
K,
ownership"
the
and 60 freight cars.—V.
cars,
Period Ended
1
Finance
V//
;
2,000-horsepower
passenger
7
of
•'
have
Series
Ernest
'
_'/•» *
also
was
Dyestuffs
$3,464,561;. $3,079,857
Sell Certificates—
chemical and dye firms.
Schmitz, who prior to Sept. 23, 1941,
A.
Aniline,
1941—9 Mos.—1940
-
'
;
Florida East Coast Ry.—To
;
D.
1941 —Month— 1940
10,000
issued.
-
shares,
of
conversion
for
shares
-
•
,
of
.
Total preferred stock
which 23,690 shares of $5.50 preferred
debentures.
Junior preferred stock,
no par value, of which no shares have
•
"'
«
•
of 5%
•
§Represented by 669,886 shares of no par value.
shares.
••
'
■
•
•
•
Authorized 70,000
*
•
•
The-merger will increase-the working capital-Of General Finance
Corp.'-by approximately-$6.250;000 and will make It the seventh larg¬
est
automobile
financing company in
the country, he
said.
'
*
-
Note^-The net- assets applicable to. capital stock, on the-basis olf
including investments at market-value, at Sept. 30, 1941, were $1,669,964 and at Sept. 30, 1940, were $1,562,086.—V. 153, p. 395. •
revenue
General
Ted.
lor
taxes—
209,161
deprec._____
335,000
Gross
$818,245
313,494
544,144'
5,607,772
$10,880,146
6,641,380
$504,751
$388,073
$5,321,519
$4,238,766
223,005
245,862
income
pref.
Net
1'Divs.
—.
stock-
on
$932,217 $10,929,290
$1,288,416
provided at the
Note—Federal income tax, during 1941 has been
the company estimates that no Federal
Win be payable for tne year 1941.
>Corrected.—V.
.
154,
431.
p.
-
.
7
-"-v
,-.,./
'
/
mainfenaodej {enewats and
ing thereunder, the company will uppl^for
profits tax
excess
rate of 30%;
«!'
Mortgage
$2,554,026
$142,210
$281,746
Balance
''
supervised
be
mav
or
2,950,350
?,767,492 7
Power
th6 mutual sqr.vice com7
plants
planned and
the pUL
companies, /
and financing,
manages'and operates*
to achieving,
JuSly,aore»SdS5Sf mVthe sale ;of prWy and le^bondl; Jlth t^^^stanoe^ ^;mutuaL service , company, the benefits of
?nehtrusteeemay bfl^ipnMpd^?S' The fransmisslon facilities of each of the various companies are in^thdrawn by th^company against the,deposit .of,bopds."" -i^onnected to its generating plants and other sources of power ah(?
thTpS5 ^
?PpfeC"?!;i W
the. transmission facilities of the other com.
also provides that so long as any bonds khall be outstaniit
: Fu11/eS^ bjr,?lecns of heavy duty high voltage lines in such a manner
2,999,588
1,080,529
3,400,000
.
deducts._
other
&
«
income———
1
Int.
3,167,396
2,240,015
3,840,000
261,008
113,748
290,000
276,337
taxes
income
Prov.
$3,160,971
1,522,228
______
expenses
Alabama Power Co.,
Gulf Power Co.,,; Mississippi" POwer Co. and South
Co./famish electric service respectively in the States
Co.,
Power
Carolina
:
1941—12 Mos.—1940
$2,753,338 $36,481,018 $32,936,385
1,156,365
16,304,317 14,576,122
1941—Month—1940
"■Period End. Aug. 31-
Operat.
Georgia
of Alabama,'Georgia/Florida, Mississippi and! South; Carolina.
In the
sMpred byH thn lie^ of .thq mortgage,
the company's counsel,, a direct firsts opinion of Commonwealth and such subsidiaries, the electric properties
company's fixed property; and fran¬
owned by such companies constitute, substantially in their entirety,
chises.
Any and all of-the new bonds may be redeemed at the option
interconnected and coordinated electric .system.
The., coordinated
of the company at any
time upon notice rgiverr as-provided in the
mortgage by payment of the principal amount thereot ap(f apcrued fnt,';/ ?Frvatl°nsweh properties is
by
and premium standing with 6'/8% in 1942 and reduced to 1% In-1968.
pany, us the common agent of such companies, and generating
Mortgage provides that the company wTll,'; So. long "as aiby of the
companies have been
-1971 Series bonds are outstanding, on or befdro' first day of June in 7 '
n^J£e* Jj*«
^ln?mg \° «cch such .qompany
each calendar year commencing with culendar .year 1944, deposit with
84vantages of operation as a single system. Each of such
trustee cash or bonds (taken at their principal amount.) authenticated
however, for purposes of administration, management
under the mortgage equal to 1& of the principal amounUot the bonds /- , maintains a separate organization and separately
which have been authenticated under the mortgage .(less bonds retire^
" ^
P?°Pe^tes wit!h a view, however,,, at all .times,
Georgia Power Co.—Earnings
Gross
1941, due Sept. 1,. 197L..Clt"a^-Naiiqnal .Bank, New,
and Citizens it Peoples National Bapk, ;pensacola, co-^
trustee,
trustee.
The pew bonds will be
which will be, in the opinion of
lien on substantially all of the
$866,340
$1,Q89,464
$25,177
$41,650
(est.)——
430.
revs,
154, p.
V.
—Jan. 1 to Sept. 30—
—Week End. Sept 30 -
Period—
,*
taper,
York,
Saturday, October 11; 1941
-
Commonwealth's Southern Group of subsidiaries,
1,
Sept.
Dated
RR.—Earnings-
Georgia & Florida
CHRONICLE
THE COMMERCIAL & FINANCIAL
"
542
Co.—New Chairman—
?-.?
elected Chairman of the board and John
President, succeeding Mr. Conn.—V. 153,
.,//
...
//"
•••-' , ■*«-.
Giant Portland Cement
F.
Charles
has been
Conn
A.
Ph;lbrick has been
p.
1215..
made
Tool Co.—Earnings—
Giddings & Lewis Machine
.
*
31, 1941—
Earnings for 8 Months Ended Aug.
'
SaHes
152,
—V.
taxes——————1,030,000
...
•.
•
; ..."
77,
.. ...
..
'• ..'7
before Federal
Profit
3183.,
p.
-
..
.
qnniieH
cn
"this
agree- ;
nnt
rinpc
on
.....
—'.7, $4,076-000
_-l.,—:
gating 162,500 k'.lovolt- amperes normal capacity/*Under
S end of anv calendar year the ment;-the Southern Group of companies agrees to purchase from the
^nn'al the areater^ of ^Ubh a^nounts
wilk
Authbrity and the Authority agrees to deliver to them 6,250,000 kiloL
i nf thp foilowfn2 vear certifv tP ?he trustee Tjn-"w^t hours per week during -the months of January through Mayt
WWWJW"*0!LSl^njLiJSfJ'
-Sp •-:■/ inclusive, and 10,000,000 kilowatt hours per week during the months
funded net property additions
P L
.• under^lhe mortKage^
of June through December, inclusive'.' The amount of firm capacity
^SoePnSesl^K
made
to s^h companies under the agreement Is 62.500
Iff ft
^
wv hi
k^owatts, of which 2,2% has been allocated to the company., Varying
pxnenditure for sticif Durposes At a subsequent 7
amounts of secondary hydro-electric energy ^ and additional amouhts
time
may be used as hereafter described a^the option/of the com- /^jYaUable ° energy
replacement of steam«electric generation are also?
™d.r- dtn thl
m
;
the'las^ay^^aeV'eaiendaF-
amounts, c^ual t°
the
of
sum
.
an
« «
or
f
(Adolf) Gobel, Inc.—To Borrow
$175,000—
SnfnnriPri
trustees, in reorganization,have been"authorized by Federal
Coxe to borrow $175,000 from Manufacturers Trust Co.- upou .
certificates
secured by an assignment of all accounts receivable.
—V. 154, p; 431.
" 7
?"./. .'X
/';/-'///7/7/
/The
?7//;-'
declared
have
Directors
the
holders of record
-50 cents was paid
Dec. 16, and on Nov. 15, 1940,
on Oct.* 15, Sept. 16, June 15,
$1 paid on
were paid
in two preceding quarters;
and dividends of 50 cents
153, p. 6927- '
15, 1940.—See also V.
15 and on Jan.
7:7;.,
liSted7'Jith" the^ tmsteeoursuank
!
Ca,-^$3 Preferred Dividend—
Great. Lakes Towing
declared
cumulative preferred stack, payable Qct,
15.
Oct. 4.
Dividend of $2 was paid on Aug. 15,
Dec. 23, 1940, and one of $3.50 was paid on Oct.
'
Ended Sept.
Period
Sales
V.
operation
in
Stores
-154,
1517-
p.
/'•'■
Greenfield Gas Light Co.—75^-Cent
^
have
Directors
cents
50
(of
declared
a
stack., payable1 Oct.
common
f
Pqwer Corp. .substation' at
station
at
Graceville,
Flar,
Qu'hcy/Flai. yia 'the Gulf ,Power CO; sub-?
and facilities to be constructed by Gulf
W.,Giving
1
'
-v
.
anna,,
IV
^
.
ttuvf
UUlUUttUy » '
U1C
ill
lusiaurtiiuii
transformer bank,
kilovolt
•
mortgage bonds,
br--1- 3Va%
$6
red
preferred
$.7
preferred
stock
-.-i___--/--_-/_vv20.000 shs.'7:;>ll,026 shs.
""
transmission line from Marianna to Panama City and a 6,000 k lovolfc
ampere«step-down "substation at Panama City.
The estimated cost
; «
lO.OOtf slis; 7 v None
•
(no
,
divi¬
7:
♦
hour.
of this project; is $353,130.
" "7' '*'".i =./ -•' ,••' •"7/' *7
pari__r_^__7/—_./_7_Vl7 . 450,000 shs7/410,000 shs(.
(4) Construction of approximately 51 miles of 110.000 volt wood pole
7
Note—Company has made arrangements with,Reconstructjo'n Finance
;.t transmission; line
from Pensacola to Qrestview via Milton; a 4,500
Corporat'on to issue and sell tp the latter, from Lme to time,.an aggrer
•kilovolt 'ampere step-down substation at' Milton, and one of equal
gate of $3,100,000 of 1st & ref. mtge, gold bonds, 4% Series due 1951,
at the principal amount and accrued interest/. As part of .the.proposed•■,'/-capacity at Crestview, together with necessary equipment in the cornfinancing program, company intends id call, fpr. redemption °tn the
pany's Pensacola transmission, substation. The estimated cost of this
(earliest possible date, not later than Dec. :31, J941,/the $2,5.00,000 of /
project is $504,666.
••riV'C/v
' 7 .'
(these bonds outstanding in the hands bf-" the7publlqr as" well as ahy ' " '
^1 Construct4onvof approximately-64 miles of ,110,000/volt wood ?
bonds of the 4% Series due 1951, as maY have*beeiv fssued, and', pnoH / POfa/transmission,* line from Crestview to Graceville and installation
7 to, or concurrently with; the Issue and delivery .'of ?tbe new -boiids, will
of necessary equipment in the company's Graceville substation. The
(a) depos't with the corporate trustee for said issues, fn trust, suffi- ,
estimated cost of this project is $471,011,
cient funds to redeem and pay such b,ohds> and /lb/.deliver tp .said r.
- /6) Construct'on of approximately 30 miles of 44,000 volt wood pole
Dividend—
paid on July 1, last, and previously irregular
share were distributed.—V. 153, p.-242. V :
was
kilowatt
e
Common
dividend of 75 cents per share on the
1 to holders- of record Sept. 15. Dividend
dends of 75 cents per
per
Construction of fae'lities required by the Federal Power CommisSion'S order of Aug. 19,, 1941, requiring, an interconnection between the
Alabama
Power
Co. substation at
Pinckard,/Ala., and the Florida
(?)
^Author zedv,Outstanding_4, GraceVille substation of a 2,000 kilovolt ampere- transformer bank,
;
,
OraceVille - sub,station of a 2,000
ampere
Series due 1971--y Not hfnited$5,600,000including a spare unit.:
The
estimated cost of this project is $276,090.■
;ock, cumul. (no par)— v ,f7":7-;-7 -7r 7
£ A:-7:;
.
/;'•> 43) Construct'on of approximately 49 miles of flO.QOO vojt wood pol$
preferred Atock
'
^
"'-•;-///•
?,./•' .77:
,
Oapffi
and
Debt
-
1st
, ■; ._.;;; _
^. 7 --»1"r^
1941—Month—1940
1941—8 Mos.—1940
$4,217,779 $3,536,137 $31,252,950 $27,961,860
7
,
——i7rr 151" 7 r 149
30
mills
2.4
be
while so held by the trustee;
funded
Co.—Sales—
(H. L.) Green
.7
naUonil defense The
R
defense. The
of
iSstsLtrr''totheminner
the-7% non,fa holders of record
last; $5 was paid on
5, "1940.—V. 153, p. 838.
dividend of $3 per share-on
a
the interest
m
including all operating expenses and maintenance, will
pf ,production,
under the
purpose
thereon
151.
Directors have
proposed
$2,171,325/. Jt~ is; proposed that natural gas, having a
:- m& Project
lelease ot property,^ or oe usea ior' any
mortgage, and no interest shall, be payable
'■
H.77' !'
v
The mortgage also provides that, if the-amountsof-cash, remaining
on deposit with the trustee for more thaft7two years exceeds the greater
of $8,00,000 or 5% of the principal amount of bonds at the time outt.
standing under the mortgage, the trustee shall be required, within six
•months thereafter, to apply such' cash to- the :redempt'on of bonds 0f>
other
.
154, p.
tn-th^
withdiawal of cash or the
the
—V.
n»S 1
<
Grant Co.—Sales—
7
<
<
ended Sept. 30— 1941—Month—1940
1941—9 Mos.—1940 7
.—
$10,062,586 $8,276,881" $80,671,972 $70,223,461
(W. T.)
period
Sales
projects
dividend of 50 cents per share on
a
common stock, no par. value, payable Oct.
15 to
'Oct. 1. Dividend of $1 was paid on Sept. 15, last;
March
f*
:''7;7;>',;-7:
Dividend—
Gorham Mfg. Co,—50-Cent
\
"iJe
;the company
.suctf excess•/•wtthdrawsuch cash
requirement at such "time, ..then
to, the extent of
its option,
at
may
replacement
and
nance
nmnertv-a^ditkms^certiried^and cash^r^bond'lthmi heldPl'°P°sed Cpnstruction (Program-rC.ompany estimates that.- its: conr
npf:
Judge
;
"
Greening Wire Co.,
(B.)
Ltd.—Earnings—..7v
Net
June 30,
Directors' fees
-77———*-7—7
Legal
:
Factory management and selling salaries____7----_7---;-'
salaried
Executive
and corporation
profits
Net
income
Dividend
on
and ..Provincial
income,
/■
28,000
taxes—77 450,000
; 7 $254 974.'
shares—( 7 696,508
common
b-.-t
$1.34
--'i-'-ii—7-^^7-7
4
4/0
190,000 shares of common- stock, no par.
7 7 .
"7;
7,;,
Balance Sheet-June-*30j 1941—t >
investments/$2;
jfor Dominion
total,
•
payable
Liabilities—Accounts
145,
p.
V
3818.
Jhe b-banc. o.' b.,:,ds o! (be
trom
-.
,•
.
12 Mos. End.
,
■/,
•
;• •*
",S«S..CVI." ("Jm?
..
-—
78,308
189,999
$2,600,000 1st mtge. 3%%
Fed.
norm,
income
group
bonds, dye Sept. 1, 1971,
'
Blyth &
Balamon
Mellon
B'd
'
Co., Inc.-,.:
Bros. & putzlar___-__._-_
Securities Corp.—:.
*__±
103.612547
101.802
101.2789
Epnbright & Co,, Inc..—100,5241
Brexei & Co.___---- 100.286 >'
Kuhn, Loeb & Co. and Smith, Barney.
'
&
In
:2.i—. iQ0.O4~
Co.'
Co,rp.
and
Spencer
Co._i7.-__—^..7—101.1477
:
100.777
•
,
'
,
&
Net income
ce
annual
The
standing
t
',4\l43
interest
upon,
$335,678
charges
the issuance
on
v
7 42,170
^
under
;-r-!
co
the
company
surplus.AL---/
$1,634,77,9^ $2,060,136
the
months
Excess
of
$301,463-
!, $242,474$204,520 .(
the .$5,600, Q0.Q., of bonds.to be.
(. or;
and sale.
of;
the
Profit* Acttof
year.
The
1940)
amounts
is
being
shown
accrued
above
out *
tne
new ponas/ wn'cn • wur
the/ney/l'.bQnds/.AVh'ch«wdl
is owned by The
over the-last*
include
p/151
■
Harvard Brewing ,Cof-^Common Dividend™
,oa
"'755,70358,542 /; ) 58,439
Comnionwealth & Southern
'Corp..' (Del.. ' / • "«. * -? ..v• ■? .-- -4: 7 ■ 1, ♦./•'
Companyv is engaged^ withfn the northwestern ^po'rtioa- of?thO StateA
of Florida, in the purchase of electric energy and its dfstr bution and
of
and
$483,866 7 $445,810/7. accrued for excess prof its tax in August— V. 134,
; I 182,850/*; •' 182,850
7/7
-/■y-:.'
have
common stock/
declnred
a
dividend
of
15
cents
per
$151900
'7
:
•'
;.
'
/■
share
on
payable Sept.,/29, to holders, of record Sept.. 26.
7 /•/
the
Thi$,
compares with five cents paid on April 15, last;' dividend pf, 10 cents
np/u.-a?, I940,?atid
j»«u,?anq-.jnjtiat
divrP1ai<d,on Sept. 28, 1940;, 5 cents, p»H on
on Apr.il7l6,
jnjtiai-. divi
' 'dend of
nf like amount was paid on Sept.^ 28, J939.—V..152,, p. 3656;/?
»
ge.indebtedrie&s,'
constitute the company's entire mortgage
'
' w;ll be
* $175,000./'
*
"
iov. 2,:.1925, and adm'tted to do>
Company—Incorporated in Maine Nov
•' All
A11 of
of the-outstanding
the' outstanding voting
voting
business in Florida on Jan.,15,
1926.'
stock
-stock
■;.?
Haverhill
fe; Directors
:
Gas
have
7...;
;v/?m'"V'
Light Co.—25-Gent Dividend—
declared
a*
dividend
of
cents
25
per
share
v
on
the
3.33%
Group."
Cost1
3 Vtf
3.012773%
3»4
3.065%
3'A '■/
3l,A '■
.3'A
3V*
•
■■
3.15%'
,
5
3.22%
3.235%-
3'A" ' 3.24%
5
"
3.18%
Wgein'on
Trask
Halsey, Stuart & Co.» Inc.—
182,-850 >
/182,850"
income
y
com.
3.31%
Int.
Coupon
——1Q2.2062
TiSISM
39a
dicated follows:
'
U-272
5%
•
thirst Bo^tau Corp.—J
1,501,632/
common vstock,* payable?. Oct;/l to holders bf^record S0pt. -257' PreftViousIy quarterly dividends, of...20?cent$* per': share, were distributed'
5—'V.
154, p/ 334.,
.' .... /.-,"/ 7, ',S:U; f.
'7/ .'7-7.;\
1 .
rural'areas; the,sale at
wholesale of electric energy to 3 rural .'cooperative as^oc ations "and
the purchase of natural gas and its distribution and sale at reta'l in
I- Golly Sugar
JL;-/?;;;?/?-/;;:- :''?
Pensacola.
Incident to its electric and gas business,-if-sells appliances ;r
/ Corporation is riptifying
and cooperates with dealers and retaTers/th the'sale- of anpl ances. holder's of its preferred "stock-that it will
purchase on Nov. 1, an amount of this stock, at a price not to exceed
Upon the construct'on of/a proposed new 20.000 k lowatt steam-electric
$115 per share and all ' unpaid ahd' accrued "dividends sufficient to'"
'generating plant at Pensacola, the company;' Wili also- engage in" the
expaust the sum of $100,034.91 which is how'-jn the Sinking Fund?
generation of electric energy.'
V-Company receives all of its present energy .requ'rements from Ala- r- Offerings should be made to the'corporation'at"the 'offi&e of its Trans
fer Agent, The Chase National Bank, 11 Broad Street. New York City
bama Power Co.
with the exception of the reou'remento of Panama
on "or beford Octl" 14;-;194s-3 * ri.- (mO- v j
City and environs, .which are purchased-from-Sautbern Kraft Corp., - ' pn
or beford Oct714/1941 %^V 163 ' ti " 242; V'152 • f) f :4125 iocq
3969 0&1V,
981ft: 7
a
non-aff'l'ated
company.
However, .the company's-.contract with*
-v '
' ' , -v
■ '
Southern Kraft Corp, expires'on Dec. 27-, 1942, and-the companyhas
,r- - v •
"
♦ *■>.
" •"
' . ; -'•• .
''. '.
been, notified that such contract will not be-renewed vor extended,
>7. v,v Xfnnlr Tlrnp-'i t»" '-on
niviricrM
'
/ , - */
Natural gas for d'stribut'on in Pensacola-is purchased'from- United
v
. ,,
Gas Plbe Line Cor, 'a non-affil'ated 'cemnany•>:» *< 'o-t Directors have ,declared ; a/dividend frif* 30" cents -tier-' sharef?nt "tho
The Southern Group—Company is a subsidiary/of Commonwealth 'it ** common *stock,j payable ?GetM-Lt'tdv-holdeFS'of • recordviBept;--25. • PreSouthern Corp. and is one of the companiea:ln4ts.«-sa-eaHed5''Bouthern *-;':viou8ly .regular, quarteriyydtvidehdsJ"of-'J20' Cdhts< peri»'sll'arer' -iyere"dis7
offering includesr Coffin & Burr, Inc.; TuckerrAnthopy
Co.; Harris, Hall & Co, (Inc.); E. W. Clark & Co., and
Ward, Sterne, Agee & Leach. Bonds are dated Sept. 1;
1941, and piqWe Sept. 1, 1971.
; ;
; ... •
Nine bids were submitted for the issue/ A list of all
the bidsu with dollar price, coupon and interest cost in¬
-
•
i
Directors
7f The re¬
bonds have been. sold separately
Equitable Life Assurance Society of the United
a price of 102.4562.
In addition to The First,
Boston Corp., the underwriting group engaged in. the
I
(net.)
•
in competitive bidding Oct.
at
540,017;
$540,017/
$567,671
long-term -'debt
deduct,
on
Other
to the
States
*
1,525.780
'
5
Int.*
made Oct. 9 by a group headed by The First Boston
Corp. at 103 and int., yielding 2.97%.. These bonds repr
resent part of ap issue of $p,600,000 awarded fo, The First
569.454 ,3,32232?-.
581,333
3,602,888,
120,521
*
Accruals'- for,'the 1941? Federal income tax^were "at estimated rates'1939 J;'. /. '' 1938 i '>
$1,883,545 $1,753,327
/.of. 27%, .in Jan. and Eeb./ inpr.eased to 305^ 4n.March.. Beginning with 920,4817'".; 916,527. . ; '■ 860,467
Aug.. the. accruals; are based on- the Revenue Act of 19417--Federal' in-w
c6me taxes for;the. taxable_year-493B werctsubstaritialJreduced aS
; 76.504 71.-. 86,645 , l-V,'; 74,103
190.000
175,000 /. - 175,000
a result of the redemption of series C bonds on July 31,
1939.- Liability ^
for excess profits tax under the Revenue Act of 1941 (none estimated •
181,352:/;; 7167/736:7
156,275
/
100,877,;;/■'/; 53,769
142,491
tax.'
income
Gross
was
maining $3.0.00.000 of
'
'
■
.
189,117
General "taxes
offering
Offered—A public
.
.
.
7 Balance for
.
Ca--Dond$
a/129,533
riAnrp/MaHnt-1
Depreciation
^
$2,008,235
$2,153,007
985,419
Depreciation
Boston
were
'7-
Co.—Earnings—
Gulf States Utilities
I,—Years Ended Dee,31
1940
July 31, .'41
and
dividend of $2.50 per share
j
Gross revenues> -c—'
Operation
Maintenance
of
$207,887
J $274,304.—V. 154,' p'. 431./^;.^-.
'
regular quarterly dividend of $1.50 per share on the common" stock;
$50, both payable Oct, 15 to holders of record Sept._J3Q, . Like
amounts paid on July 15, last; extra-of- &4 -paid on April 15, last, and
extras of $2.50 paid on Jan. 15, last, Oct. 15 and July 15, 1940.
—V. 152, p.' 3809.
7
'/
7". / >/
Power
aggregating
Soluuco//;-/:/.;
'
par
Gulf
oxoendftures
$4,681,947,
(netL~"
America^—Extra Dividend—
declared .an extra
o'otabi£(i
,
p,
1
of
1943
Investment In Common
.
-
and
incurred during the first .six months of 1941. Estimated retirements for'
the last six'months of 1941 and for the years 1942 and 1943 aggregate
v,
,
$2,742,737. "
" ■ > f
,/*. ■ '
•
and accrued charges. $134,204; reserve
Guarantee Cp. of North
have
7 1942
/.
■
and Provincial income, excess . profits, and corporation
payable July 2, 1941, $28,500; capital
$1,300,000; earned surplus, $82i,078l
$2,742.737'.—V.
Directors
7y Of the.est'mated totaLconstruction expenditures for the years 1941,
1,067,400
"Federal income, taxes.
437,361 *
68,200
Stock—Pv'er' to./or concurrently
204,100 /
94,157
1,051,062
7.100,063 -/
Other taxes
with, the issue and delivery oi the pew bonds,/Commonwealth-•'&'(,
/
963,827
'■ 7 ■
Southern Corp. (Del.) will make an additional/iuv'estment-in the com?"
$3,445,231
mon
stock of the company in the amount of; $1,995,95s57/(a) by. the 7,7
$345,139
$3,895,487/
Net'opcrat; revenues.'7 $269,876
31,603 ■>• .38,591...
2,538 /
payment of $250,000 in cash; (b) by the can'cellation of open account
indebtedness of tire company in, the amwnt/bf. $810,00O,y (c) by* the
7 / ■'surrender for cancellation of 143 shares of the company^ $6 preferred ■ ■Rniai1<,a J •r - /?$347,-677
$286,948
$3,476,835
$3,934,077
stock, at cost to Commonwealth of $10;355* and -(d) by".the'surrender" '
i
106,349
; 103,135
^1,257.088.;:,: 1,288,973
for cancellation of $1,157,000 of company's 1st & reL mtge. gold bonds/./,
r .. :?^rr.
5-6 Series due W68, ufeost to Commonwultl, of »»25.UOO.
; . ..
/Tlsllii • 8241.329
Preferred dlv, requirements.Jli—il
••• 584,968
■
584,968
Earnings for Stated Period^
taxes, $458,960; common dividend
stock (190 000 no par shares),
total,
.
b«n
i#Ol.
Que
penes
Additional
77
Assets—Cash, $268,547; accounts and notes receivable, $494,-715;-- in¬
ventories, $451,554; investment, $274,800;- due from employees re Vic¬
tory Loan subscriptions, secured by Dominion of Canada bonds, (mar¬
ket value, $17,250),$16,642; prepaid expenses,-$18,092; land, $109,030;
buildings, machinery and equipment (net), $1,Q94,590; patents, $14,764;
other
•;
5% Series due 1$6877",
iqtge. • gold bonds;
of the new;bonds (estimated at
$5,682,989), together with the $250,000 :in/cash/ to b7/received fromCommonwealth
Southern- Corp. - (Del;)!- w'll 'be applied; -(1) to the
redempt'-on of $2,500,000 1st & ref. mtge*; gold bonds/5% '8eri.es due
1968, 103V2 and int., (2)
to redemption of so much-of/the $3,100,000
,qf 1st & ref. mtge- gold bonds, 4% -Series due 1951,*asrmay have beeni
issued, at the principal amount thereof and accrued int/to the date
♦On
■»
com1/-^transmiss'on l'ne from the new substarion at Marianna to Blountstown;/
'-/ The
^d estimated
a 1.000 lcilovolt
step-down-substation
near Blountstown. ,i
cost ofamDere
this project
is $89,772.
——
-—
♦Earnings per share
47,
behalf of the
Purpose—Net proceeds from the sale*
.7
excess
ref;-
&
1.390
1,291
authority in the name and on
pahy
•—17,0,0.0
.foi"' Dominion
Provision
7...--
irrevocable
trustee
to call for redemption and to redeem 'sa'LjKmda on ;the date
designated.
Company proposes to reacquire" from. Commonwealth dp
Southern Corp. for cancellation, $1,157^000 principal amount, of' 1st
.
7
60,295
—_7-/?:■: ;*,// 1,639
Depreciation
Written off patents
:
- *
.
1941 ... 7,', 7 .7 ■;
operating profit—"-__— ——/-7—-'-7—.-r-—i.;
$814,589;
for the Year Ended
Earnings
...
■
/
-•«
'
sale
at
retail in
62 communities, as well as in
1.Corp.-^enders-—^v'?f.
*
"0O^ .yruSS, iRC.—dU-^BAFiJlViqeiKl—
'
- -
,«">
a
.
tributed.—V. 151, p.'104. -v ■ Ml:
...
-/•
.
r9bS»(%
Volume
Hooker
*
1
•
"
Number 3992
154
Electrochemical
-
THE COMMERCIAL
Co.—May
Increase
shares
of
The Securities • and
Exchange Commission and the Department of
Justice'reported GctfA l 'that Prank C. Ball was sentenced'to 11 months
imprisonment -upon - a plea- Of guilty to an indictment charging con-'
of the par value of $10 each-to* 385,000-
company
spiracy
stock
common
of the par-value of $10" each and'secondi; ,to
directoi-s and officers, on behalf of the company,
the holders of-the outstanding-preferred stock to •
'
Interstate
in
txf violate1 th^ fraud*'provisions
connection
with"
the
sale
of
of
the
Securities
stock
common
of
of
Act
company.
authorize the board of
»
Period ended Sept. 301-
offer-to
air
exchange common stock for preferred stock
of
•
stock
common
$2,344,854
in
Stores
Die.—Sales—
1933'
1941—8 Mob.—1-940-
$1,909,538 $18,800,202 $14,921',32&
operation
—V. -154,. p.
39
39.
,
,
245'.
Judge'
Jantzen
:
the basis of five- shares
on-
Stores,
1941—Month—1940
Sales
Guyi: Fake, who . imposed the sentence in U. S. -District Court at
Newark>NA J.", -suspended the sentence and placed Ball on probation
for a period-of, two years.
-r
.
..
"- .
'
'
•
of preferred stock and; out of the
Frank Brandt Sheldon, who- was named with Ball in the
""
indictment,
138;000 -additional" shares
ofcommon
stock
newly.-- authorized, 'to
previously received " a" sentence of 18 months imprisonment upon a",
'
issue to>such.preferred Stockholders*as shall accept, said offer
.commons
plea of guilty' to1 the. same; charges. ■ Carleton E.
Saunders, another
stock in 'tW ratio of. five, shares^thereof for. .each share-of
share- of preferredrA-defendantmndef
preferred- A
.thetsam0- lndiotment, Is- awaiting- trial., «-» ;• ;* " «
■I."* stock surrendered to- the': company .in exchange therefor,
erefon ..the
yV'A
•
- i.
A times of making- said .offer, and the period or perl
acceptance1 to- be such- as- shall be- fixed by -the board
ahdr
Dividend— >
;V
make
to
■*>
Department
1
special meeting of the holders of the common stock will be held on
Oct\ 16, for the'purpose of considering and voting upon'two proposals; "<•
first, to increase' the present authorized- and/Issued 250,000 shares o£
stock of the
543
Inspiration GblcT Mining Co.—Promoters Guilty—
Stock—
A
common
& FINANCIAL CHRONICLE
Knitting Mills-—15-Cent Dividend^—
have
"..Directors
for'each/Share
dividend
a
of
15
cents
share
per
lhe,"r
on,
This
15.
divs. of 10 cents paid in preceding quarters.—V.
pares with
.
declared'
stock,, payable Nov.-1 to holders of record Oct.
common,
152,
com¬
268*,
p.
.
"
Johnson, Stephens & Shinklr Shoe Co.—40-Cent Div>
,
..
.
rdSf
'
for the transaction
the
.Co".
Hausehold
A,'':
Finanee
Corp.—Named
>;:'V Conspiracy and procurementAof breach of
'
come• hex
oreDlrertors-;.lij^ye:decl|t.redv-W.vstock dividend of; Vh'v on the insurance
'iyvv/AA/ v Group .shares payable Nov. a.,to holders of record "Sept.- 30".-^V.
152,'
■*/'".*:
A p. '1919.
/')>.• r&v •>.:
t
1
-■ :,v
..•' 1
Defendant - With*
winter lake1 Iron Gorp.—25-Cent Dividend—
f
*
'
banks,
cited
tnrough
in
behalf
their
of
Vee
stock
coirtmoii
"personal
the
Directors have declared
(
$738,478.61
from
-
duly
a
The
and
,V
Vee
authorized
surety
hse
states
fact
the
which
company",
Personal. Loans
bond
is
written
and'on
the
Company?-*'''
Public
Rico;
-Household
Finance
the
in
borrowers
of
during
Corp.
was
installed
ift
the
is
; '
.*
'
■
" '
*
.
,
a
.
,
record
*•'
acceptance
was'evidenced
personal loans
this
'
.
granted
rom™-jf£p-rhnekPri h! w!tfnn
-^n
h^-Vbei^ niiisit^Lpnl
street
•
•
states.
operating
charge
the
unpaid
commercial
balances..
banks
slightly modified
well
averages
and
Russell
in
the
ofv 3 Va-'/A
rate
strengthening
public antipathy,
recent years.
twice
over
maximum
a
Because ^of
increasing
It
varies
which
rates
are permitted to
charge.
f.'1.. The complaint of the Vee Bee Service
.
managem^nS
attacks by bunging the
rate
has
to
state,
from, state
regular
_
month
per
competition
the
commercial
"committee"
The
of
pressions
been
dramatic
Household
in'iny opinion,
has,
banks
-
4
tried
to
leave
two
main
and
and
Jilaiiftgeinent
'
of
s
the
...
A":A-A."
'
'.
A '
"
A
the complaint is that Rolf Nugent and
went to Preston Delano. Comptroller of the.;
false representations and libelous statements to '
his staff, concerning the, Vee Bee
System,
made
of
of operation,
Vee' Bee
against
Out
corporation's
widely
criticized
the
of said* Vee
use
legality of
approved in
the
Bee
System-,
Vee
Ivf»*ih<>h«x
System'lias
Bee
the
issuance
when
in
Period—
Fibre
...
A^A
,
Act.—V.
154.
152.-
p.
.A
,
charges and
hAA»
been
mouth
committee
is
fiercely
accumulations
payable
$5;203,513
"
r
•
>
annum
_
that.-the
committee
would
its
use
Sept, 7. '40 Sept. 6, -41 Sept. 7. '40
$933,298
$3,174,327 i $2,586 728
87,577
-
J- $0,20
taxes
>1941
i
-
,,
based
A
418.984
.
'"yA
$0.99
upoii
new
A
407,193
A- - $0.96
Revenue
The .management
of which I
chairman,
am
the
on
Ahey Chandler- issue' «quareiy and above-boardsolicitation "you;have just-received from
group it is
charged that
the
best
tion
V'..... A;^
hand,
the
the
on
the
dividend
a
$7
of
cumulative
$1
per
preferi-ed
^hare
stock,-no-
7
value,
par
i-
y.AA trV
''A:''-.'-'
r.v
by
ob-
dividend of
($50
company,- payab'e on
Oct.
ness
of
$1.25
Like
7.
Nov.,1
amount- was
paid on June 25, last, and
Jan! 22 last.—V. 152, p. 1277.
'
"I
paid on
was
Charges
Misleading—
dividend
a
*
A'
;
.
A A
;r
A.
-
by
■
chance " to*■ settle down
-
other
to
.-.-f v*
!"^ 'A,; :-
A,;,'v
,.»■
A'lv-A1
had offered 65 cents,
pahv
cants
being
the
shnre'dor outstanding stock.
a
-
.
-
;
-lu*Vs:^,A k,,*»
^s,-
;•'
/
»•
•
j*.*'
-
.*
vl'j
'
i-A
'■
♦
V
v.aV
■
'• >'
-
.
'Vvk*f
h. Directors-have,declared
addition
stocky -both
Similar
an
extra^dividend"Of OVa
cents
per
amounts
a"
located
on
a
Inc.
1941
and
of
theretofore
continuously
on
the
company's
since
output;*
for
the
expenses
estimated
the
the; entire
on
."A .7
stock
at
$22,855)
of
payment
outstanding
A/77—r.A
A
'
will
be
used
fplL t.hn
of
the
iWalsnnl
t
corporation
,
onH
A
A,
•
.
Present
and
(no
' ' " ',
Financing)
-which
17.
Mr.
atrornevs.'first.
eithei..Mr. Watson
or
I
have
These
had
ever
are
♦
,
$1,400,000
$1,400,000
"
■
7,047-shs»
20,000 shs.
-2,447 shsv
13,293 shs.
60,000 shs*
60,000 shs. -'
150,000 shs.
148,955 shs.
Earnings for Stated Periods
A-A ,A "
.
12 Mos. End,
—Calendar Years—
sales, "less dik.t_v
$■2,683,678
1940
-
'
•
>
1939
1938
$2,368,884
$2,413,890
$1,919,324
1,439,393
1,506,859
1,202,294
1,635,891
427,855
392,251
399,829
352,193
$619,932
$537,240
$507,202
$364,835
'
»
Profit-1.—A—
,Other
«
income
Total
income
—
MliscellaneouV d'ediic.
Pepfeciatipn"
General
21,930
14,318
16,394
$559,170
$521,520
$33lJ25
/;yv;v
amort.A""/
no'
307
1,339
166,103
162,641
.'
162,407
res.AJ
for' Fed.' inc. tak "A': f 114 437
^rov.
that
_1
12,555
$632,487
conting.
1,013
.
155,276
15.000
$70,272
*51,226
20,604-
$322,483
$291,314
$203 936
chnnlH
before
int.—"
"
$355,533 ' "
bonds "and notes?
on
73,290
"
76,793
86,097
33,704
$245,688
$205,217
$110,232
the only conversations
with-Mr.
Chandler,
which
Net
,
Carey .hae soi inaccurately - described."
"A:
profit
$202,243
" Including $3,647
excess profits taxes,
t Not including any estimate
profits taxes.
requirements on the -$1,400,000' bonds to be initially
outstanding will .be. $63,000.;
A
A
Sinking Fund—The jinking fund is calculated to retire by maturity
for
excess
Annual
'
interest
,
the entire
Other-^ 17.6,571^'
A '■;7--->V'AA'',.''AA'AA.-i
?
r.A. »Total income.,,
-.-..Deprec atiqa
J|r
Interest
Federal
Excess,
Sund.
income A taxes*—
'• A:A.77S,000>.
8J 2.800
.charges
.
..■7
-179,214
•
,
com.
stkA
(no
; .Vt
991
45,991
AAA
A- ,1,75.705
;A! Net profit LJAA —_4...$1,-706,251.;: $1,720,231
Shs.
108,000
68,942 v
'
$569,956
•
56~228
228
par)";,: L'759,325
759,325
759/525
-A' ;r.$2.25;
{A A
$2.25 A ;VA ; $2.26 A' A
$0A75.'yx:: $0.24
SeptA-30, >1941,: opemtionsmesulted in a riet
"
v
•
'
? For . the
income
.(1941
this
i
'
of
Revenue
/
provls'on
^.
.
fEhAs
1940.
federal
taxes
ca
basis
of
approval
7%-.
77
A;
at
.
'■>
the
Securities
Ai-
and
retire them before
macur
-
;
.
'
*-
>
on
account
of
accumulations
certain
tyl
.excess
-of
circumstances.
Jyeaii thereafter
A
ment
y
(1)
and for a sinking fund to be applied to the
of bonds through, purchase or call for redemption:
-y
as
on
or
each
retire¬
A sum of. money equal to the. .difference between $68,000 and the
interest payable on said semi-annual interest payment
semi-annual
.date,
of
87V2 cents per/share on: the -V/e ■ cumulative preferred stock, series A;
81'A- cents percshar*1-oil the- 6^/2^0 -cumulative preferred stock, series
B,
and 75 cents'per share on the.eto* cumulative preferred stock,
series-C,
such" earnings "in
Company "will" covenant' in* tile indenture to pay to the trustee
interest payment date in
1943 and in
■.A
Directors'hare Adeclared' dividends
of
before-each" semi-annual
Exchange
'
leaWng a netmrof t. of $173-,198 equal-to 23 cents a* share. A all of $100 per value,' -and all payable Oct,, 20 to- holders of record
with :$87.1;873 or :88--cents-a I share in third quarter of A 4 Sept. °0.
Simi^r dist Wbutfons were made in , each of the 25 preceding
6-A'A'VA'• ,AAV-* .'
/..-I,',1 ;."r. «-v. A
■■•J '•*- V" - "*"
^
qXiarterSi-AVA 153/p^-lOO. A >" ,
compares
under
'■
-
;•
the
applicable" to that per'odj company states'* From
■deducted- .-an-'Additional"-amount of $483,000* as increased -tax »Tab lty on* Earnings- for the first% half
was
.ot the- year,.:
.
for
.
y> Iowa, Electrify^Light & Power Co.—Accum. Divs.—
Act,
balancff there
provision, for
after
-
subject.-" to'A the
!Ar>-7l-77'
quarter Aended
$611,198
^videndH;o£<,!'.8Y^'(ivpeifi-share haa been -declared on the prion,
stdck,y$S.50 Series5 of "1931-, payable Nov; r, 1941, to holders
;-recordA6ct'.'A2oA ';The dividend has been- declared* out. -of1 Capital
A'Commi'ssionT^V;A 153,'I'pA 1277.. A 4-
Earnings. .perA share;y.'_:
.v
may
•$300,000/These payments are to be made in semi-annual installments
>nd" prior coritTngent "payments may be credited' on fixed payments
preferred
of
•
'.'surplus;'
"$180,686
v.
759,325
f$M)Q.OOO >of "such 'earnings' and "30'fc
7 DiH(JeDd,ori BFioi?; Preferred Stock
A..60.213
*
.
offered and
.
239.623 %
239,625
,.tvi,.,.485>223
profits taxc-i.il rA,l-,814,000
&. other
854,089
,
€4,161.4--'. 64,256
'
of bonds
anrtual-requirements, commenc'ng in 1943, call for fixed payments
equal to the excess of $136,000 over,bond interest plus cont!ngent pay¬
ments equal to 207/! of tin) first $200,000 of the
company's adjusted net
'.. earnings for- the next- preceding calendar year,.. 257«
of the next
$3;639,129:
^88,847.
Expia"lJ*en(f^l, ;exp,,l.&c;A Aj-v.
issue
The
.
$5,640,273-
-.
„
-
A/
v
,
.
Outstanding
_
par)—J—
I
,
goods sold—___
Sell.,, gen. & devel. expi
Int.
cussed by the. various
,he
f
as
principal and
$1,125,000 of first
Authorized
pari..„.i.iiL.„i>uL-
of
Cost
oppose
GbflnHlttn
•<
the
'
to
*
I ;
(no .pari___„
(no
stock
Common
they and
to
'
.
Jhly 31, '41
voluntary.;.chang? in-;• the, management
anHi: t.l>P
paid in preceding quarters-.-Mf.- 152, p. 4126.
were
-
individual pieces.
A
A"
1
(excluding accrued'int.) to be received
sale of the bonds, estimated at $1,321,145
provide funds for
premiums-
AAA.
share in
quarterlv dividendrnf 32 cents-^--per chare on
pavable Oct;. I1 to holders of record Sept.
to
stock
A
Balance
to Ihe.regular
common
-
proceeds
from
company
Preferred
Industrial Credit Corp. of New England—Extra
"
Co.,
carried
31,
sinking-fund AWfa- bonds, 1956—
preferred- stocks ($100 par)7,i,_'i-—*.—-;
Class
w May
.tbe Canad ans- to advise Chandler that
ii
•
been
July
mtge.
Gross
.
-'^V/
net
allowance
(a)
ended
.than. 1,000,000,000
""
Fl'ior
Called
l"^ ^° ;bd ^nero^-"'^^., hun' -pr.or to the annual- election-
The-pppHA
h'i A"A",aA;
;
.'
-A.
-
manufacturing, plant
:Capit-ali2;ation-v(Giving-Effect
r
1st
A'y\>'i..:y-Av..rAvA-4n*.1i -statement,.q£.; the
-
Operates
months
12
A"" "
1A E, LaurCrice White," Chairman of the • independent- Stockholders'-. ;committee declared, Oct 8, that W 11 am F. Carey, Chairman, of, the cor-
less than lfe'.of the;- stockholders; .'99%of the: shares
A
b®en ased
ownedAby * the ^Empire -Gas; & Oil Co.'- of Del., a subsidiary !of
.they _st.ll f^h the same about his personal situatiorv that
Service Oil Co —-V
151">n3990
' '
-1> Aourselves-^ felt Chandler was making a mistake to continue
■
'
■
constitute
>
Cities
A-
per
,
legal investments for savings banks
A
resins..
working capital.
.committee's, position, Mr, White declared, in
On
application" by counsel tor the company,r owning oil fields in
part as foUpm;
A:.1;" a A.^
Oklahoma and In-process of dissolving, Circuit Court Judge Thomas
Early m Apr:l\Mr. Watson .(Theodore S. Watson) and I called upon
Brown
at
Jersey City. Oct. 2 appointed three" appraisers to valueMr. Chandler to introduce^ourselves and to tell hinv we were preparing
-8,000.000 outstanding-sliares-of stock.AAlAa.^: ■
T
.^*to change, the management of the corporation. On Aug. 17-Mr. Watson
Request for appraisal was made by 43 stockholders after the com®
by. telephone reminded Mr. Chandler that his Canad an friends had
>
-more
the
:-r,
Slndiattlrefri^^rliiuiiiinhinAbi'Aba.-Asa^'a!>he■
Appraised^;.;
■
payment
ov
bonds and for "
$100,000. bank loan .owed, by the. company and approximately $72,000
bank loans evidenced by
notes made by- the company's subsidiary,
Waterville. Pulpwood ,Co.. and endorsed by the company; and .(c) tq
provide to the extent of the balance of the net proceeds additional
problems;
Carey Brmgr Rebuttal-^—Criticism
a. f '.; •:
' • ,a;:
the
U
is
therefore
corporation11 will" "haver" a
the outstanding 5% preferred1'
by the board of directors of- this
to holders of record at the close of busi¬
final
and its predecessor Keyes Fibre
redemption
appeal to you to help the management defeat this Wat¬
son-White attempt so* decisively at the
forthcoming meeting, that, the
•Watson-White" gro'up"will liifve no stomach for further fight and the
declared
was
of
on
mortgage 6'A ser.al gold bonds of -which $125,000 mature Nov. 1, 194^
bind $1,000,000 are to be called for redemption May 1, 1942; tb) to pay
Oa'u stockholders be-constantly absorbed in this factional.figh-t.
75, cents, per -share on
value i
par
days
interest
A
V*..
For-the
.(after
over-an indefinite period of time. " This corporation has too
many difficult problems ahead—problems to be settled in your inter?
pst—to be able, to let energies and attention of the management and of
Illinois-flowa; 'Pdwer:AC&^Pref eri*0d';Diyidend~:;^{'-'^;;
A
Stock
60
of
value' of; the bonds.
be
original-Keyes Fihre Co. have
-follows:
niittently
.7
;
Purpose—The
The managemerit has', d0neI'ho"'sUcft "thingVA'Tt* h'as
simply insisted
this stockholders'-;,: meeting comply with the law. A A
A,
; .?
This att'empt -to' obtain Control of the management of this company.
I
with
dollar'Of'.taxable
pulp and
totaled
decisively defeated
likely' to reoecur inter-
April
of
the
stockholders' 'meeting.
!has been going 6n now for marly months".
Unless' It
bt, the forthcoming stockholders'" meeting, it is
of
account
on
k
each
on
company
has
to
demand
exceeding 6%
site situated partly in Waterville and partly in Fa'rfield,
Me.,- and a groundwood.pulp mill known, as the 8hawmut m il located
lir the part .of- Fairfield commonly called Shawmut.
Operations of the'
Watson-Whitecourts
not
continuous
A;,AA VV,A I-
management has used
struct your, rjght as stockholders to have a
other
12 months* period ending Ott. 1
thereafter at the principal amount without
with accrued int. to redemption date.: Reiim*
case
written
tax
amount
thereafter reduced by Vg of \% each sucJ;
ending Oct. 1 through Oct. 1, 1945, thereafter
eacli successive
1954,
upon
,
time upon at
plus- premium as follows:
any
Company—Company
(a
Maine
corporation)
manufactures
a
wldo-A
variety of moulded, pulp products comprising more than sixty items and
including plates,, dishes, ;egg-pack;ng material and egg cartons made o1(
groundwood pulp derived pr.nclpally from spruce pulpwood.
It also
manufactures., moulded plastic articles involving the use of a combina¬
!903r
In; the
principal
company at
-
Yeager «nd. R; P. Buell, : counsel for the corporation, I will gladly
photostatic copfes of these affidavits to any stockholder upon
met
.
every
hi Maine.
statement supporting the committee.
a
1%
1,
in
of
1942,
Legal investment—-JBonds: will
.
Whaie—stated
at
option
'
request.
Oct." 15; to
15-and
<
v
"
$4,166,680
.*
Pennsylvania personal'property tax to' the extent of four m.lls
any
his-.Mppo^in :this, proxy; light to» the-cominittee. .
• •
wruf AHa+A?°Iua*ein
an
-26..-.^Mr.s Watson—of
&
part' at*
1,
Oct.
income
Mass.
.
holders of record, Oct. 4. A: like amount paid on
15,- last} -$1.10 paid on .Jan. 15, last; $1 paid .on
Oct.* 15, Julyj 15, ;April 15 and J-m. 15,
1940; ,'65 cents paid on Dec".
221- 1939, and dividends of -$l
per-share*paid on Oct. 14, last, and,
in precedingAquarters;—V. 153, pA-243;^
7
of
1941—8 Mos.—1940 •
*
$622,964-
'A'\
A
notice
Oct.
'A of
by
bursement
AttemptSv of'intermediates for the Watson-White group to make- a
Chandler," in the interest of both themselves and
Chandler, were agoing on before Chandler resigned as president.
,
J '■!These1 statements are 'sup|>orted by affidavits from Messrs. Chandler
Corp.—Accumulated Dividend—
■Aave declared
Directors
A.July
"
of
account
on
A/.^'i'":'v;A
>
1941—Month—1940-
12 months' period
through
A that
Hutchins Investing
-•.
share
payable Nov. 1 to holders of
paid June 2 and March I, last, and
stock,
was
previous payment was an initial distribution
Dec, 21, 1936.—V.-154; p. 246.
•
or*
301 days'
premium;
criticizing
all;
through
reduced
-
-
the
compromise -with
—36 Weeks End-.— •' A
•
,
.VV-A,•
•;
its
-r
■
>
$0.39
taxes.
■.
"
would jcomr putvwith
and
,ivJL(i3,892A
Earns, per sh.of com.stk.
A* After
side* of
furnish
Sept.26. !41-
income
ono
Red.
cessive
./'Oiideavors- to^upport.-Mr.,.Chandler' S_ present contract if Mr. Chandler
Corp.
$1,130,306
,f;'.."Net
■
Dividend—
per
Dated
4'/e
to. yon and'damning the present management as Chandler's
But out of, the-other side of its mouth the committee has been
Watson
fact* accord-*
unquestionable
A :--'A
ro»-,cmArna
n«Ai«Anri
considered,
analvzed
brief prepared by Homer Ominings,
the United States!—V. 153, p,-990.A - ,;
>—12 Weeks End.-—
•
A
$1
on-
SCpt. 30—
154, pA 153. '
least
endeavor-to.'protect Chandler's-present contractual rights^-if he would
exhaustive
an'
Hummel-Ross
.
last
of
$818,286
.only.
trying for; some ,time,'through. Mr. Watson himself, directly or in¬
directly," to make a deal with Chandler wnereby the committee would
and;;
which representation resulted in
was
former Attorney; General of
,i
A
Oct. 1, 1941; due Oct. 1.- 1956." Principal and int. (A&O)
at principal office of Canal Nat'onal Bank of Portland; Me.,
and at principal office of National Rockland Bank of Boston;
Coupon bonds in denom. of $1,000 and $500, registerable as to princ pal
Chandler
advices'To National "Banks that Atheir tise .of
TliroVA
questionable, fis to legality, "and> advising,L
System
The
and
-
divdend
a
class
pa3able
.
of,
tools;
Ing to the complaint'the System is in all respects of
legality and accords with sound public policy.- - ' : "
•
total¬
trustee,
«■
.
Corp.
by' the Comptroller of
the
them
7
and
share made
per
—V.
7.
..
-'L ie
?^ °f Chandler, whose
affairs has been
,
°v?kSu
of
charge
members
its method
,
1940,
the
Like-amount
;
im¬
direct statements-that the present board of direc-
own
.
Co.
'
• ^ •
Finance
•Currency,
him
illegal.
was
Most
a
■-
sales
quarter
KeyeS' Fibre Co.—Bonds Offered—Public offering of
$1,400,000 1st (closed)1-mtge. sinking fund 4%% bonds,
due Oct ly 1956,. was made Oct. 9 by Coffin & Burr;
Inc., at a price of 9914 and accrued int., to yield approxi¬
mately 4.55%.
:/
with .you:.
by theii;
(a)
but
„
System
■
20.
Sales
case against
-
•
third
Wheel Co.—Class
declared
on
A' Period End.
•
I;
announced
Kennedy's* Inc.—Sales—
•
aae«
aliea^ fm^red'the corP°"
alleges that" Rolf NUgbntA'i
"-w r,
,
I
..
■
and
Sace
the Russell Sage
Foundation, under
under
the cloak
cloak
ceneral
nublic
-4b>, by-a,dioitly chosen extracts^from S. E. C. releases and findings
Foundation,
the
of general
public.
interest, have performed the functions of advocate and lobbyist fot A ■d
^accojnpanyrag observations .that the Commission not only
the Household Finance Corp. and kindred business
enterprises.
wanted Chandler and his associates out, but the present managei'Defehdants and their agents are alleged to have visited banks
using
,n<lnt
ou ,as Wl,
'A. ;„v
V" •
A
'/A
AI have long knowm-but have refrained from
the
Vee Bee
System- in an attempt to effect breach- of contracts
revealing what I now
feel obliged to;,tellyyoit .to'. giver yon a. full picture of what is going on.
between the various banks and; the plaintiff by stating that the Vee Bee
-
Corp.—Sales—
President,
a
on
'
100.
p.
alH
has
.
previously
153,
been
have
Oct.
1,
$1.50
class B
independent stockf
l
n
ws-i
v
w-
^ Jr
loan
123
ci
tut*
M
f
,
.
by
,
period.,.-..
organization
an
principal cities of
been
had
sf
legislation
.
Vice
Kelsey-Ilayes
Directors
;
Sage Foundation- ' )
r_,J!J
«
W!
a' A
a
^
philantlrropic Institution, "concerning itself^ in part, with remedial
wV
*
relaying to consumer credit.
Since 1912, the Foundation,,,.'
ffw
fi
kS-'
aaL
a®
#an!
sponsored
and
promulgated the '.'30^' Law," otherwise known
rpnrAspnia?nfJ
-t^'w'c I, f! i
1 i
b°al'4
,d"ecJ'01's
as
the
UNIFORM SMALL LOAN
ACT,A under which- the Household ;A fepi.esentatiy.e. People. who, it ,.is believed, will be entirely satisfactory
to the stockholders;' to fill these vacancies,
Finance Corp,,, together
y/ith . similarly
organized- agencies,, is -per*
•> Mr. "Carey-in his: letter dUrther states:
A I- r>A,;
mitted in some-states to
is
'
and
for
has
accumulations
'-^«dA^Ct°^' 6- ,addressed
time; of the alleged conspiracy,
by fifty commercial banks, operating
used
Puerto
and
of
la-st,
1F
distributed.—V.
were
the,-
on
.
dividend of 40 cents per share on the
6';' non-cumulativ6"preferred""stock, hour
Bee
to\the
that millions of. dollars
thousands
offices
being
was
July
on
share
share
per
in'bomber,
Dec.
of
System
twelve months prior
the System
in seven
to
Bank
Bee
bank
paid
was
per
cents
to holders of record Sept A
•
*
first
40
1
the
entire
year
of 1940.
A major
portion of the1'
the supplying of parts to prime manufacturers fol-'
pursuit and fighter airplanes.
Unfilled" orders on Sept. 30 were $3,092,604 as against $685,385 on'
)Sept 30r 1940 and $1,857,357 at the start of the year. This backlog*
is made up laTgely of orders from U.
S.
Air
Corps,
Consolidated,!
Curtiss,
Martin,
Bell,
Repifblic
and
Brewster
airplane
companies.
—V, 153, p. 244'.»
business
a
,
bond
of
against sales of* $135,677 during the same period a
year" ago.- Sales for the nine months period amounted to $1,116,794'
Compared With $425,978* during the; first nine months of 1940 ancl
.
enables
oents
Autogiro
R. G. Kellett*.
ing $484,016 as
payable._,-Oc!t..'lrl;,-;io;.4i'hQlders. of record Sept. 20. Previously quarterly
the majority.,.of worthy borrowers of, it
dividends oi',50 .cents, per share were distributed.r-V, 153, p. 694.
community to qualify for a personal loan at banking rates, even though
I" :*!•
' A
? Ay'■ '-AA-AAA
!
sufch
borrowers are unable to supply the, usual collateral -security-- of;-'; -' •!
Internitional'Vv'IJ<tiI1ties
Corn
Chairman *Ahr-iispc
Stock, bonds, savings accounts or endorsers.
Under the" Vee Bee Sysbv
nT
h
'!
? a ,1^:
Unairman
ACCUSeS
tem,
a
borrower
has
the
option of
purchasing
a
special- surelyotOCKllOlaers. Group' Oi Attempt to Secure Control of
that it
is
30
;
Inter-M^untain Telephoned Co.—To
Pay 40-Cent Divs.'
-
.
Kellett
i
■-
contract/Were
"At corporation;: allegedly- caused by -.the; improper and
maliciousAtfcts of V;
/& the defendants, acting-in coricert/-A -y-r-t.
V' A- *
t is.The Vee Bee Bank System of Personal- Loans is a uniform plan, of
System
of
dividend
a
value, payable Oct.
par
quarterly divs. of 20'cents
-
making small loans- by commercial
loan department."
Main advantages
Dividend
25,
declared,
no
.
alleged as A,
Directors-have declared; a dividend of 25 cents per share on the
v-v' causes of action in a- suit brought in the'New Yolk Supreme -Goint A
pomrhon .'stock, Ap.ayable" Dctl .''17 to holders of record Oct. 3. ■v
Like
by/the Vee-Bee Service Co., against-Household Finance Corp. ai
President,1 Byrd E. Henderson^ and the Russell Sage Foundation
v> Rolf Nugent, director,- Department.of Consumer;Credit Studies
Foundation.
Damages are aslced for injuries sustained by the p
..
have
stock,
common
AAA
*.;•
Directors
c.
See.urities, Ltdv—Stock
properly
as may
v»>: r»<.*
■ ><
fostitutionai
Russeil.Sage Foundation in Conspiracy .Suit—A;'aa-.a
....
■
of such other bus.ness
-A:/'-.,
meeting.—'V, 154, p.-'4-32.'.
ff:> ;'■<. .%> •'•*»'
dh;e^rsf
f
.on
then .outstanding
bonds.
12i A sum of money equal to the total of (at 10'A of the
company's
adjusted net earnings for the next preceding calendar year, up to and
including $20.0.000. thereof, and (br 12!^% of- the. excess tup -to and
including. $100,000 of
$200,000 and, (cj >15(»
$500,000.
such excess) of such adjusted net earnings over
of the excess of such adjusted net earnings over
'
available to the company as a.
fund installments becoming due
but only to the extent that net
interest, for the next preceding
calendar year were less than the full amount of the fixed sinking
fund installments payable (before credits) during such next preceding
year.
'Y v--,y■
■
The Company
the company may deliver bonds to the trustee
and be credited on its sinking fund requirements with the cost thereof
to the company, not exceeding the principal amount thereof.
Underwriter—Coffin & Burr, Inc., Boston, have agreed to purchase
the entire $1,400,000 of bonds.
.>
•;
'
Consolidated Balance Sheet, July 31, 1941
of
1 eu
In
money,
interest
—
-
on
-V.
J.
y'.. 1938
1939
>
,
J.
$7,594
$35,763
$55,517
♦47,889
♦44,006
*45,898
532,788
" 381,020
"
securs.
advs.
bals.
bank
&
am'ts
attrib. to corp's stk.
owned during period)
-
in
divs.
Taxable
'
,
.
635,639.
7,102
secur.
4^,528
—
______
I
f 359,896
—'—$3,205,025
Total
'
Total
•tody of sees., legal &
auditing expenses
preferred stock ($100 par), $244,700; preferred stock (13,293
no par); class A stock
(60,000 shares no par) and common
(148,955 shares no par), $566,666.—V. 154, p. 433.
"Prior
shares
stock
Other
oper.
Prov.
for
operating
Net
Balance
$8,388
rev.:
—
—
Interest & amortization
Balance
——————
div.
requirements
Pref.
14
-
$10,014
?
1,914
V $8,100
—-—
$5,451
/
-
:,
-
.
Balance
-----
—
'
■'
sales
—r
Cost of sales———.—
Net
;
profit
general and
Gross
Belling,
—~
—-——-
/——
—•
administrative expenses—..—i—-—
-
,
(net)
income
profit
Net
—
Balance
Sheet
June
1941
30,
for
Rec.
Divs.
stock
of September
month
24%.
or
sales
loss
$1,314,383
expense—_i.
————
—
——;
taxes—.
for
profit
$1,308,581
5,801
—
„
milling and exploration
mining,
expense
p.
154,
84.
p.
—
513,150
:..;y. 69,320
^
76,639
211,560
:—
—-
!
—
of 25 cents
Period ended Sept. 30—
,
—
,
f.v."
1941—Month—1940 Y 1941—9 Mos.—1940 '
$1,161,355 $12,437,777 $10,090,224
$1,610,847
433.
Earnings
—
——
*
administrative expenses
per
Normal
Excess
Net
_—
Federal
V.-V
■
y
vy '
$1,411,719
123,674
profits
income
tax
———
tax
Dividends
paid
per
225,459
1,555
308,261
———
_
—
,
—
—
340,603
$637,625
income
y
—V.
of
cents
50
—
share —————
shares of capital stock, $1 par.
Balance
Sheet
$2 paid on
1937, and $4 paid on
per
share on, the
Opfirating
Oper.
Merge Vega—
yY
————
112.730
$2.82
July 31,
1941
Vega
paid expenses and deferred charges, $40,444; property, plant and
equipment (net), $249,031; patents (net), $15,213;' total, $2,137,083.
Couch
P.
Arkansas
&
was
on
Oct.
1
R.
R.-^-Officials Promoted—-
advanced from President to Chairman
last
two
Fed.
r
325,755
4,903,822
24,346
11,159
y 208,162
$7,665,845
4,538,672
124,399
•
excess
55,683
12,544
—y
Y:
.. .
62,221
54^894
903,246
/' 812~041
66,667 v
65,000 y /
793,334
"/
$99,647
revenues-
oper.
Other
$8,114,244
368,013
reserve.<
appropriations
Net
y
1941—12 Mos.—1940
$561,725
Y..
retire.
Prop.,
Int.
income
' $104,917
773.333
$1,417,400
$1,249,997
345
733
1,439
5,765
$99,992
$105,650
$1,251,436
$1,423,165
66,667
800,000
8,627-
117,859
Y' $30,356
$333,577
$489,470
403,608
403,608
income
on
Net
"
66,667
mtge. bonds
8c
deducts.- y„ v, 8,753
•,
int.
Other
-
income ■•l&uxZ&i.
r
„
/
"•*> $24,572 y-.
;
{Divs;
applic. vfo
pfd."
Y' stock for the period
805,COO
,
.
127,795
years,
Directors
membership
was
also
on
elected
elected
the
President.
Linus
executive
C.
.
.
-
New
Coggan,
committee.—V.
,
•
;
York,
a
•
154, p. 433.
'
Directors
have
declared
payable Sept.
distribution
2833.
was
27 to
the $1.50
.
a
dividend
of
$3
per
to
*:
-
-
common
holders of record Sept, 23.
Last previous
dividend paid on Sept.- 24,-1937.—V. 144,
'
*
«•---•
'
- -
Note—Provision for Federal income taxes/subsequent to April 1; 1941
being made at a rate which will, result in the accumulation of sue)
at the rate of 30%. for the full year 1941.—V. 154, p. 434.
taxes
Y
Missouri
Pacific
RR.—Earnings
--
V
Second
•••-."
History—
-
share on the
.
is
,
director,
Luther Manufacturing Co.—$3 Dividend—
Balance -t—:
v zaJLs&v.
-—; -. *$70,031
' $85,86
./ . ♦Loss. {Dividends accumulated and unpaid to Aug. 31, 1941, amountei
to $386,791.
Latest dividend amounting to $1.50 a share on $6 prel
stock, was paid on Aug. 1, 1941Y. Dividends on this stock are cumula
tive.
..
....
,;
:.
.
p.
1941—Month—1940
taxes________
taxes
Other
vYyY >;;. yy.
.
.
of
by the directorate.He fills the vacancy left by the recent
death of his brother, Harvey C. Couch.
.....
......
;
W.
N.
Deramus, Executive Vice-President of the railroad for the
board
stock,
for
„'y
Light Co.—Earnings—
$633,438
yy;
profits
v
are:
"
of the Lockheed plants aggregates 1,817,107 square
1,311,932 square feet.—V. 154, p. 336. ,',/"/' -y Y /y'y
space
and
the
•
$293,546;
accounts receivable, customers, $512,596;
$1,025,308; due from officers and employees, $944; pre¬
In the
Y
group
new
is
Floor
,
permission for a
intervene
income
Fed.
for
Prov.,
Y
Vega Airplane Co. is understood to be
Details of the merger ^proposal ■ are ex¬
currently outstanding.
'
• y
.
,
v
f'
orders of'Vega at Sept. 17 totaled $262,964,767 and Lock¬
heed had an order filed on the same date amounting to $289,834,257.
C.
bonds to
mortgage
excl. direct
Y
" Gross
pected to be completed and announced shortly.
"Y
Vega has a total of 460,000 shares of capital stock .outstanding
of which 232,121, or 50.46% are owned by Lockheed.
Lockheed Air¬
craft
has
an
authorized capitalization of 1,000,000
shares, .all: of
feet
&
revenues
exps.,
taxes
Consolidation of Lockheed and
which
.•
taxes
and April 12, 1940;
1939, and on April
Oct. 1, 19.38; $4 on Jan. 28, 1938; $2 on Oct. 28,
Jan. 25, 1937.—V. 152, p, 128Gv.,;v?r/,»/r'. •«*</• Yy-v,
consideration.
336/0
154, p.
-Fpriod Ended Aug. 31—
a
Aircraft Corp.—May
Lockheed
Assets—Cash,
declared
first
the
Mississippi Power
Philadelphia—Accumulated Dividend—
have
directors
1939;
23,
'
Inventories,
dividend
a
of
in Reorganization—
Commission has granted
Arthur Wiesenberger,
and Washington Dodge, secretary.
Objections to the examiner's report will be made on several grounds
including his recommendation that the new first mortgage be on a
contingent rather than fixed basis.
George Jaffin of New York, and
Roberts &
Mclnnis of Washington have been retained as counsel.
April 14, last; dividends of $2 were paid on Oct.-1
dividends of $1.50 per share were paid on Oct. 30,
$1,288,045
————
income
from
•Earnings
•On
• :/ y,
-
dividend of $3 per- share on account
of accumulations on the 6% cumulative preferred stock, par $100, pay¬
able Oct. 8 to holders of record Sept. 27. / Dividend of $2.50 paid on
The
Louisiana
operating profit
Deductions
:
Unfilled
Year-Ended July 31, 1941
for the
———
and
.
Co.—Earnings
Leece-Neville
profit /
Selling, general
v
\
Gross
Net
Yy-y-.,
.
holders
of
Prov.
r"
Bryant, Inc.—Sales—
p.
declared
Lit Brothers,
$443,714
—
244.
Sales
154,
:V
payable Dec. 1 to holders of record Nov. 8.
Like
2, last and previously regular quarterly dividends
share were distributed.—V. 154, p. 336. Y
•
; /
stock,
under .formal
—V.
-
v>
.
dividend of 25 cents per share in
extra
an
Commerce
Interstate
group
Co.—50-Cent Dividend—
have
Directors
common
Yv,
,/
declared
82,994
for Federal income taxes.—V.
to .the regular
reorganization proceedings.
The
representatives of the
chairman; Benjamin Graham,
1941 —Month— 1940 Y 1941—8 Mos.— 1940
$3,828,557
$3,121,345 $30,375,106
$26,256,250
:;yyy
reserve
-
yy!;YY/:,,:',YU.-Yyt
:■■; y";:;,
,,
19404
$225,601
■'
Minneapolis, St. Paul & Saulte Ste. Marie Ry.—Bond^
$67,1.53,683
Corp.—Sales— y, V'Yy./ • y;/';V".'<■ "y'
Stores
Belt
Link
———
yY.;
holders Group to Intervene
Dr.259,892
amount paid on Sept.
:——:
——————
Depreciation
Lane
ij Dr.18,949.223
{83,507 shares
14,904 shares in 1940, at average cost.—V. 154, p. 54. ;
Sales
1941 •
$888,405
.,-■••
.quarterly, dividend of 25. cents per share on the
common stock*
par $20, both payable Oct. 1 to holders of record Sept.
24.
Extras of 50 cents were paid on Dec. 24, 1940, and on Dec. 26,
1939..-; Extra of 15 cents was paid on Dec. 20, 1938.—V. 152, p. 125.
>
{Represented by 2,086,884 shares of $1 par/
in 1941, and
V
Corp.—Earnings—€ • yy;;V-v
*/Y,
■
charges but before
•;
have
Directors
addition
4,266,097
,
——,_Dr.1,693,250
$65,408,171 y
♦At cost.
$1,027,672
77,312
1281,
p.
The
—V.
1941
Aug. 31,
bullion—-.
inoome
income
153,
income___.
Total
17%.—V. 154, p. 84.
Ltd.—Earnings—-y";..y.y'/Y; V:
Months Ended
from
returns
Development,
—V.
105,653
83,673,396
$1,071,518
Middlesex Products Co.—Extra Dividend— "
y
.
Miscellaneous
Net
218,618
83,673,396
3,462,072
profit
After all
;
$4,489,744
e
4,224,315
divs.
special
&
net ordinary
ending September 30th were $67,-
heads—$1,335,996
c.
—
27,415
of
value
Reserve
"y
82,449
66,561
______
invest.
on
Period End. Sept. 30—
$8,483,140, an increase of
•
months
Mines
Gold
3
General
were
.
nine
the
for
Lamxque
Gross
500,844
"
{Treasury stock
increase of $9,734,335, or
an
Gross
i'y/
—Dr.23,710,979
Co.—Sales—
Kress &
the
for
Tailing
»
$2,086,884
v'Y 414.416
$2,086,884
.
loss
&
Lerner
Gross
317,623
584,871 i
...
sales
♦Net
——
(S. II.)
*
Net
31—
End.
Months
$5,295,833
$731,728
ih
$279,890 y $146,857
Michigan Bumper
8
42,883
.;■« yy 1940
1941
/Y'^YYYyV' y'-V
Capital surplus
Profit
$886,125
606,235
/
Net earnings —<
V. 153," p. 1134.
>•>,'1
87,142
Payable for secur. purchased
Res. for accr. exps. and taxes__.--.____
$50,000;
Kresge Co.—Sales—
——
The
..
" V;
1941—7 Mos.—1940
1941—Month—1940
.
$65,408,171 $67,153,683
tCapital
1941—Month—1940
1941—9 Mos.—1940
Sales
$13,712,243 $11,621,484 $115,605,088 $105,131,294
Stores in operation on Sept. 30,.last, totaled 732, of which 670 were
in the United States and 62 in Canada, compared with 680 American
and 61 Canadian, a year earlier.—V. 154, p. 180.
128,698,
340,357'
Dividends payable
Period End. Sept. 30—
$1,644,277
f.y.'
accrued
int.
and
rec.
Undistributed
Sales
——y——.y———lyy—i-
sold
secur.
-
t
/
950,688-(.975,688
1,,
Liabilities—
liabilities, $154,567; employees' benefit fund, $51; reserve for
customers
service
adjustments. $36,443;
capital stock ($1 par),
$445,978; earned surplus, $130,012; total, $902,630.—V. 153, p. 840.
S.)
u-
55,811.
Total
accrued
(S.
5,782.477
..
earns.,-from oper//exps. & deprec._
Oper,
153,
notes and accounts receivable
(net),
$532,920; deposits on customers' contracts,
O$301,789; property, plant and equipment (net), $227,310; deferred
charges, $23,464; intangibles, $117,640; other assets, $36,452; total,
$902,630.
■
• !
.-.y" y
Liabi.ities—Accounts payable, $105,579; note payable—bank,
3,746,129
1,900,0001
—T——_———y
invest.
investments
Misc.
inventories,
$65,881;
4,542,370
"•
$200,752;
Assets—Cash,
:
secur.„__—
estate
Period End. July 31—
Gross
/
'y
.v.-, 1940
r:
$57,531,803 $56,288,832
1—^
real estate——^t..
real
15,919
Balance Sheet Sept; (30 ','y ,..y
-1941
owned
in
•Invest,
Other
$140,788
—
—*.■
—-
;
^
Securities Co.-~Dividends
■
yrs.rVl
(debit)———$23,710,979
Comparative
• '
Govt.
S.
♦U.
$258,749
Net
**
* *
Sept. 30,y\
y( y Mexican Light & Power Go., Ltd.—Earnings—
cost)—' 212,709', ■/iri'•
y.-".-''-■■■ (Canadian Currency) : yr.;t,,/ >
Y > ;:'y, >;;.
estate loans written off in prior
1941
Sept. 30,
Balance,
.;
Amortization
'
(debit)$23,514,189
1941
(computed on the basis of average
Assets—
Development
y*1
1
invests, for the 3 mos. ended
realized loss on
♦Securities
profit before provision for taxes, etc.—.
of promotion
•
\Y
9,598
cost of project abandoned———————
Y;
501
Provision for Federal taxes on income—
—
.—■■—
,
107,861
-
•
V Merchants & Manufacturers
Investments
on
30,
June
Balance,
'■■t
4,372
^int. up,to Nov. 1, 1941, the redemption date.—V. 145, p. 2854.
$4,216,246 t
1941_-——l--_y_-j;';:$4,266,097 > V
30,
Loss
and
Less—Recovery on real
$338,199
83,823
———-r—•———.
————
Dividend—
Ltd—Accumulated
Distilleries,
.
1941
$254,376
profit
Operating
Other
^1,2o«'oio
. 987,219
—-
$0.47
246.-<7
>"•' Directors hgve declared an extra dividend of five cents per share in
addition to dividend of 20 pents per.share on.the class A and B com^
mon stock, payable Oct.' 15 to holders of record Oct., liyY
i-, . V . V y
and Special. Dividends -yyv.y
y Directors also declared a participating dividend of 50 cents in addi¬
Paid—
■•■
/. V ■ ■'
Accum.rnet realized loss on invests, from date (corporationyyy/y ,y '• ction ■-••to;'^the! regular semi-annual dividend of, $1 per shareYbn - ihej
commenced business, Sept. 24, 1929, to.June 30, 1941— $14,581,107!. /'participating preferred stock, both payable Oct. 15 to holders of record
Oct.. ii. ■
' yy
.
'*•.'
•.
•' ; y • r
,.r •/
Special divs. declared during previous years by reason off;
/
Like amounts were paid on above issues on April 15, last.
See also
profits realized on invests, during those years—8,933,081
V. 152, p. 2244.—V. 152, p. 3973.
'
'
'-y. y
;;
Profit
Net
——
$2,695,612
taxes
Melchers
o
months ended Sept.-30, 1941 y 550,694
declared during 3 mos. ended Sept.. 30, 1941 i>y. 500.844/
Sept.
Balance,
-
30, 1941
Year Ended June
♦After
$2,734,917
earnings.$949.052'*-$1,066,955
8h. on cap. stk. v y < $0.17
$0.19
$0.48
and adjusted to minority Interests.—V. 153, p.
.Earns, per
ordinary income for the 3
Less—Dividend
Inc.—Earnings—
.V;.''
■;
1941—-/;:
30,
June
Balance,
.
Kinner Motors,
:
r
'
1941 Federal income tax were at estimated rates
February and March, increased to 30% in April.
Beginning with September the accruals will be based on the Revenue
Act of 1941 spreading the underaccruals of the first 8 months over
the remaining four months of the year.
The company does not con¬
sider that it has any liability for excess profts taxes under the 1941
or
1940 Acts.—V. 154, p. 153.
y'/YYVy:y'Y. :'Yy..y /'y
/ y/y
•;
$336,541 y $292,116
$477,700
Corp.—Earnings—
Midland
Marine
(Including Constituent'Banks, Trust Companies, & Other Affiliates) J
Period End. Sept. 30-^1941—3 Mos.—1940
1941—9 Mos.—1940'-
Income—!
Undistributed Net Ordinary
-
$17,636
M9.251
.
12,570 ;,y. .14:184
105,427
t32,359 ; 7' t2J,259
j
V.
-:y
y"
in January,
27%
.
,1" 100,965 :
1941 —8 Mos.— 1940 '
$1,768,626 $16,271,886 $13,994,604
'y
V-
$2,175,015
-
the
for
Accruals
«
y
was
Net
:
'
•
.
'
Of
-
-L-'v-''"
1941 —Month— 1940
'
84.j
p.
,
..•>
24,374
,
y
y
:
quotations, on fair value in the opinion of the direc-^ Directors have declared a dividend of 30 cents per share on account
approximately $4,961,724.
The net unrealized, depreciation «of accumulations on the 6% participating preferred stock, payable 'Dec.
on
June 30,
1941, computed on the same basis, was approximately^\-,15 to holders of record Dec. 1.—V. 152, p. 684.
$7,134,295.
(2) Under the terms of the management -agreement no,
liability for management compensation accrued for the 3 months ended
Sept,- 30, 1941.
(3) Taxable dividends paid in securities have been , yi Memphis Commercial Appeal Co.—Debentures Sus-i
taken into income, the basis being the market value-of such securities
pended from Dealings—Called for Redemption—
I
on
the ex-dividend dates.
...
y/yy-.y
v.
The .New York ..Curb Exchange has suspended from dealings the
Statement of Surplus, 3 Months Ended Sept.. 30, 1941';'^ /
.
15-year 4Mi.%- 'sinking fund debentures, due March 15, 1952.
These
Capital Surplus—
♦
•/-f- ' y
.
v"-" ^ debentures .were, called Sept. 26 for redemption on Nov. 1,.'1941, at
Balance, June 30,
1941,'' and. Sept.. 30, 1941. (of ' which>vy"*.;;{yV
.103% plus Int." Holders thereof may obtain immediately at National
$1,693,250 is applicable to 83,507 shares of treas." stk.)i_ $83,673,396
Bunk of Commerce in Memphis, Tenn,, the full redemption price, plus
Ml,910
$3,501 . • - $73,625
—24,374
-
101,177
t27,322
f
tors,
/ 23,379
23,836 :.
i
absence of market
$65,289
$97,461
.
1,950
.<• _
10,208.
v
<
division of the
reorganization
Exchange Comrmssion, recom¬
presented to the court for com¬
request
Stores Co.—Sales—
;
154,
,*Net oper;:
$550,695
income—
the
$25,000.—V. 154, p. 247. /
■
—V.
°On other bonds only,
tlncludes state and miscellaneous taxes.;
»
1 Notes—(1) The/net unrealized depreciation of the corporation's
assets on Sept. 30,
1941, based on market quotations, or, in the«
$63,100
2,189
$91,270
• 6,191
$5,437
;. /
1,626
(net)——
income
-*
,uy..;
Securities and
the
in
Period End. Sept. 30—
Sales
i
—
,
'
11,406
90,727
22,000
•
«
expenses
Fed. inc. tax
ordinary
Net
Electric Co.—Earnings—
...yy-'y
1 r
Period End. Aug. 31—
1941 —Month— 1940 1941 —12 Mos.— 1940
Operating
revenues——
$27,694 $18,769
$286,033, $215,522
Operation- ————7,731
6,025 - 77,312
69.208
Maintenance
/y' 1.844 ,
1,276
20,167
19,379
Depreciation
_i/
3,263 .
.
2,970
38,039
32,256
•Federal income taxes,
3,688
1,200
.
29,178
'9,433
Other taxes
—
Y.Y
2,780 v..
1,860 ^ 30,066
- 22,147
Key West
Other
$440,986
$482,435/
$616,407
•
of
for the
counsel
Panuch,
office
that
Recommends
Inc.—SEC
of Court Be Reduced—,
McLellan
23,395
"
—
Registration, transf. cus- ''
$3,205,025
.
taxes
'
Bobbins,
reductions
of
ment
for franch. & cap.
stock
776,618
Earned surplus
...
$698,223
Total
Prov.
York
',V
'
&
.
202
201
3,850
,•
—-
W
<
pensation in the reorganization case.
The SEC recommended compensat!on of $200,000 for William J. Wardell, trustee, against a request
of $250,000;' it recommended $350,000 to $400,000 for the law firm of
Winthrop, Stimson, Putnam & Roberts which had requested $450,000.
The firm of Guggenheimer & Untermeyer, counsel for the debenture
holders committee, had asked $100,000 but the SEC recommended pay*
(excl.
divs.
Cash
434.
p.
Anthony
mended
$36,562
On other bonds, loans,
$4,163,732
Asked
-Fees
New
.■,1940
1941 y;
Sept. 30—
earned—On U. S.
Govt,
;
1941—9 Mos.—1940 :
$3,377,044 $34,537,514 $30,354,772
operation—
McKesson
interest
Corp.—Earnings—
3 Months End.
in
154,
unpaid
bonds dated 1924 and to liquidate the two remaining
of Pennsylvania local taxes for 1.938.
The loan is repayable at rate of $31,250 per month with
of 3% annually.—V. 153, p. 695.
Int.
if
-
\
1941—Month—1940
—
Stores
installments
Lehman
y
Stores Corp.—Sales—
Period End. Sept. 30—
Sales
the outstanding 6% Class A notes, to pay deferred,
the Class A notes and on the first and refunding mort¬
5%
gage
$172,144
112,064
Acc rec
trade
10,395
Inventories
__I
24,012
Due
from
affil. Cent.
>
4,111
Me. Power Co.-.
106
113,866
Other accounts rec.-—i<
6,963
16,875,
Fixed
Assets—less dep.
•" Other accruals
—
2,588
reserves
1,978,535
1st mtge. ser. 6s (1941)
125,000
Patents—less amort, res.
188,188.
Due for purch. from aff. >
j '
Good w 11
—'
1
companies
—
24,725
Prepaid expenses & deFunded debt
_
1,000,000
ferred charges ——45,994 General contingent res._
11,260
Other assets
7,273
Capital stock ———-- "*811,366
$216,416
*
-19
318,657
442,794
_________
rec" trade.
Notes
.
last,
20,
Aug.
on
Liabilities—
Notes payable
Accounts payable ,—___
Accrued wages
Acc. sell. com. & royal.V
Acc. social sec. taxes___
Res. for Fed. inc. taxes.
Int. acc. on 1st mt. bds.
Assets—
Cash
note, for $500,000
August 31 last had outstanding a
on
trustee for. the 20-year 7%:
102.
153, p.
McCrory
representing a bank loan negotiated with J. P. Morgan & Co.
Inc.
Proceeds, together with company's own funds, were used ,to redeem
•
Electric Corp.—Tenders—
successor
Coal Co.—New Note—
Valley
Lehigh
Co.,
Trust
&
fund gold bonds, announces ;that it will receive tenders of
these, bonds, in the amount of approximately $218,109, up to Nov. ,1^
1941. " The bonds will be purchased at prices not to exceed 105%:
sinking
—v.
payable during any calendar year,
earnings after interest, including bond
and
Bank
Chemical
(
paid-in surplus, $49,*"
491;' surplus arising from revaluation of building, $32,910; earned
surplus, $875,491; total, $2,137,083.—V. 154, p. 443. ,-V
.y
y
come,
Luzerne County Gas/&
r
accrued expenses, $98,310;-provision for
$651,840; capital stock ($1 par), $225,459;
$2,321;
payable during such calendar year,
The sinking fund reserve shall be
oredit or credits to the fixed sinking
calendar
customers' credit balances,,,
Federal taxes on in¬
$201,262;
payable*
Liabilities—Accounts
*
calendar year are net earnings after'
and fixed sinking fund installments
Adjusted net earnings for any
including bond interest,
interest,
Saturday, October 11, 1941
CHRONICLE
COMMERCIAL & FINANCIAL
THE
544
Highest
ir
■
will show the second highest earnings h
its history, according to estimates based on figures available for th<
first eight months, J. Samuel Pyeatt, chairman of the board reports
The
MOP
System in 1941
;' Net operating Income for the first eight months for the Missour
Pacific RR., the Gulf Coast Lines and the International Great North
em,
the
three
railroads comprising largest part of the system; total
approximately $18,746,000. \If relative seasonal volume is maintained
annual net earnings available for Interest should be more than $31
Volume 154
Number 3992
THE COMMERCIAL & FINANCIAL CHRONICLE
and second only to ;the 1929 figure of $34,173,000, Mr. Pyeatt
000,000
said.
National
Power
Period End.
July 31—
,
&
Light
Co.
(&
r
-
Equitable Life originally bought the bonds at
104.015 and some
surprise was expressed at that time that one insurance company, even
though a large one, would take the entire issue.
The bonds had been
Subs.)—Earnings—
(
lie pointed out that,: were the MOP System not now in reorganiza¬
tion, the $31,000,000 of estimated earnings this year would be enough
•
meet
to
all
fixed
and
stock
original
considerable
it
share
a
plus
dividend
$5
a
the
on
the
on
stock
common
old
the
on
Operating
preferred
of
basis
Oper.
the
defense
national
accounts
program
for
Prov.
a
appears
Prov.
$25,000,000..The
N.
T.
O.
15,
Sept.
on
had"a cash
and M.
balance
of more
for
Other
may
$1,900,000
equal
to
Louis
St.
at
Net
court
to
1st mtge:
first
on
has
also
payment
to holders of
bonds and income bonds.
New
trustee
13,892,293
616,078
—V.
..
507,910
1,585,303
'
1,453,690
5,976,762
V.
1,713,511
$5,635,618
of
v,'.
,•<■.,■:
6,327,531
■
••
839
...
.<■•,,
Uncollect,
oper.
Operating revs.
Operating exps.
1,351
5,196
7,024
'
Net
$5,636,457
(net)—
$6,085,137 $25,263,679 $26,775,425
42,721
62,507
122,700
26,729
Net
Net
income —
to
public
&
$5,663,186
Int.
■;
.2,391,429
charged
to
Pfd.
2,637,023
$3,300,245
to
public
10,769,941
90,150
1*405,802
5,623,206
.
Balance
Port,
disbursements.
Western
Coal,
with the
coupons
1st & ref.
applic.
Net
&
&
(as
20
95
$1,894,425
$2,090,868 $10,145,773 $10,522,298
$2,090,868 $10,145,773 $10,522,298
7
30,325;
...
.
32,629
•.
;
,
.
119,023
Series
Utilities
Missouri
Transfer Agent-
Co.—Stock
Bal.
Transfer
York
for
Agent
Collet
Modern
.of New York has been appointed
23,000
($1 par)
of
."
Machine Co.—Earnings—.
&
Li
income, after
Inc.
p. 3816.
^
,
^
from
'■ [Y
Co., Inc.—Sales—
&
Exps.,
Period End. Sept. 30—
A-,—
7;
^
^
excl.
Net
154, p. 247.
Int.
and
its
the
mtge, 5%
1st & ref.
bonds, due
under
"Our
'the
study
committee
treatment
we
will
of
first
for
the
mortgage
bonds
inadequate
is
bonds."—V.
153, p.
104.
in
in-
inoome
to
the
1,
April
1941,.
>
cum.
♦Net
Co. -Earnings—
per
—
$1,519,194
*400,685
-
•
62,743
<
.
$6,203,324
;»>■"•'-"*77■
,
139,800
48,565
■
$5,333,518
1
■
253,201
888,490
1,021.243
$1,377,726
$1,265,993
$5,314,834
$4,312,275
$0.17
$0.15
the
Note—No
since
and
1941, provision for Federal
of 30%
of taxable income.
1,
rate
no
provision
excess
series
♦After
shares
of
has
been
made
Securities
declared
have
certificates
A
Period
for
$0.66
income
taxes
$0.48,
1938,
been
been
has
to
/
Federal
profits
excess
of
1.—V.
End.
Sept.
30—
12
152,
cents
posit
10,
share
per
154,
——
to
'
-l
Stores in
—rV.
New
1941—9 Mos.—1940
1.44%
or
a
$1,667,561 $16,968,014 $14,771,872
Gas
Electric
&
Association—System
Oct.
509—V. 152, p. 1924.
9, p.
..
;
3, New England Gas and Electric Association
is
a
year
reported
94,318
at
production
154,
Directors have
declared
extra dividend of
an
$1
per
share
of
mcf,
mcf
92,979
increase
an
in
the
of
1,339
corresponding
Cylinder
National
The
Gas Co.—-StabilizationrTerminated
4%
be
10 year-5% series
B due June 1, 1947. has been called for redemption on Nov. 1 at par
and. accrued, laterest.Payment .will, be made at the National ;Bank
of
Chicago.—V.
153, p.
1282.
/
•
,
of
and
New
years
at
of
•
Oct.
153, p.
on
7%
the
6%
on
account
of
Like
4.
the
share
amounts
1284.
?
received
under
Mr.
Power,
Moore
chosen
was
has
V/:'''"-'.
■,
Hydro-Electric
the
been
to
succeed
identifed
with
the
W.
for
&
L.
E:
retirement
stock,
of
Plate
will
use
the
funds
together with additional
$16,000,000
4%
coll.
trust
of
the
Option
bonds
(a)
to
of
be
a
of deposit therefor, shall continue
delivery must be stamped to indi¬
interest;
ruling dated
the
July 30, 1940, Exchange con¬
follows, and to be a delivery
indicated:
as
with
Oct.
1,
1938,
offers
of
shall
New
State
York,
Bank,
option
being for bonds stamped
otherwise specified
as
(b),
unless
bonds at office of Central Hanover Bank and
and
of
certificates
on
Newark,
States
output
increase
considered
guaranty,
subsequent coupons";
with April 1, 1939r
guaranty,
contract.
is payable on
Co.,
be
and
of
N.
of
J.—V.
Power Co.
the
Northern
of
154,
deposit
for
Power
the
Co.
corresponding
p. 436,'337.
'/„■
154,
Aug.
system
$3,108,000
8,013
rev,
oper.
as
week
for
the
compared
last
Earnings— //
1941 —Month— 1940
31
revenues—_
Na¬
(Del.)—Weekly Output—
States
1941, totaled 34,255,000 kilowatt-hours,
11.7%.—V.
End.
at office of
436.
p.
year,
v
1941 —8 Mos.—19*)
$3,104,466 $25,242,041 $23,880,993
7,670
67,355
61,944
Operating revenues—
Operating
Net
operating
Operating
taxes
Net
Net
to
notes
2,030,061
$1,069,926
rev.__
—
operating income
income
—V.
End.
Aug.
31-^-
•
direct
280,005
3,363,663
3,366,506
$789,921
$645,128
$4,986,852
$4,334,887
741,918
598,916
4,548,699
3,941,694
$7,701,393
Fed.
Co.—Earnings
$338,607
$4,665,544
$4,552,840
237,838
206,112
2,583,494
2,568,132
income
5,600
taxes
'
—'
74,129
'
17,508
Fed.
(excl.
profits)
excess
1941 —12 Mos.— 1940 >
$393,753
taxes
Other
due
taxes
for
Prov.
•1
16,117,656
$8,350,515
1941 —Month— 1940
Operating
revenues
Operating expenses, excl.
to
$23,819,049
$1,061,710
416,582
Northwestern Electric
•
$3,096,796 $25,174,686
2,035,086
16,824,171
153, p. 1284.
Period
be
money
$3,099,987
expenses
:—
63,309
61,485
739,421
744,704
25,000
25,000
325,000
300,000
retirement re-
Property
,
_
•
also Chesapeake &
Tenders
of
Uncollectible
/
Commission
1946.
certificates
and
with
bids and
Period
lien
Nickel
under
under
quoted
the coupons
time
Operating
Mr.
holders
in
New
companies since 1920 and has served
Hydro-Electric since 1936.—V. 154, p. 154.
the
the
be
on Oct.
10, 1941
Option (b), and certificates of de¬
ex-interest $12 per $1,000 bond 011 Oct.
in
kilowatt-hours
■
affiliated
that
of
dealt
bond
$1,000
per
and
"flat"
30,670,000
;
understood
1,
See
bonds
Northwestern Bell Telephone Co.
System,
3.
for
account
the
with
is planning
borrowed
Oct.
v
-
payable
on
per
formerly. appurtenant.
4,
Oct.
last
Chairman
as
:A
International
England
meeting held
resigned
certificates of
is
be
in
President of the company,
directors
a
who
';V\
..
.
President
International
Oct.
received
.
A total Of $20,000,first* lien collateral.trust funds
Co.
the
week ended Oct.
Shesapeake & Ohio Ry. has made application to the Interstate
prior
It
Trust
Board
Comerford,
for
permission to purchase from the Nickel
deposit for 95,193 shares of Wheeling & Lake Erie
stock, being the' balance of Nickel Plate's holdings of
this
issue.
According to this application, the price at v/hich the
proposed sale to the C. & O. is to be made w ll be determined in the
light of the proposals received for the certificates of deposit for the
20,000 shares.
Plate
,
&
of
Commerce
Exchange has been-advised (Oct. 9) that, effec-r
immediately,: Painb, Webber & Co;, has terminated stabilhsation
National Gas & Electric Corp.—Bonds Called—
for
dealt
bonds,
Northern
to, request Smith, Barney & Co. to act for it.
in obtaining proposals for the purchase of certificates of
deposit for
20,000 shares of Wheeling & Lake Erie 4% prior lien stock, it was
operations to facilitate the offering of 100,000 shares of common stock.
—V, 154, p. 337.
7 ^:7.: ■...
.',t ■
V".'/'
,
the
D.
President.
Power
road
The
The New York Stock
;
of
Frank
Moore,
'as
$10
cancellation
the
mcf
week
York, Chicago & St. Louis RR.—To Ask Smith,
Barney & Co. to Handle Wheeling & Lake Erie Deposits
learned
•
Chairman
company
head
as
the no
$1.37%
record
011
share
per
of
all
of
has
which,
were
distributions
Electric
/
L.
Herrmann
stock, payable Oct. 27 to holders of record Oct. 15. RegUr
lar quarterly dividend of 75 cents per share was paid on Sept. 26.
Extra of $1 was paid on Oct. 25, 1940.—V. 153, p. 1282.
;•- 7 7
; 7
iive
held
"Guaranteed,
tional
New
on
Exchange
"Stamped as to cancellation
subsequent coupons"; and
Trust
435.
p.
Herrmann, for the past six
succeeds
England
par common
$100,
holders
share
per
$1.50
the bonds may be made only as
Interest
7/y/
ago,
June.
(F. E.) Myers & Bro. Co.—Extra Dividend—'
;
\
•
carry
to
at
an
S.
He
6.
/
■
$1.75
of
dividend
a
par
to
directs that
bonds
the
That
as
week
above
elected
was
With SEC—
ex¬
Railway—Interest—
coupons
accordance
(a)
,
ago.—V.
year
parent
See Chronicle
and
(b)
England
corresponding
Gas
output
Irwin
Mutual Telephone Co. (Hawaii)—Register
the
four
must
electric output of 11,822,688 kwh.
This
is
an
increase
of
kwh or 22.71% above production of 9,634,513 kwh for the
reports
202
204
-
of
dividend
April 14, last.—V.
Stock
and
such
dealt
In
2,188,1.5
1941—9 Mos.—1940
operation.————————————'''7-7
p. 843.
: /• '
-
153,
14
on
Ohio
York
therefor,
be
95
p.
Output—
$3,922,609 $41,433,207 $34,827,419
$4,869,693
foreign
<
1941;
and
Carl
7;
1941—Month—1940
1—
V
of
1940
Service Co.—Accum. Div.—
dividend
a
stock,
Oct.
ex-interest
That
the
on
2559.
p.
1941—Month—1940
$2,044,981
—V.
(G. C.) Murphy Co.—Sales—
Period End. Oct.
Sales
pref.
Exchange
quoted
New England Power Association—New Chairman—
-
Canadian
11,
1137.
p.
equal to interest
retained
which
The
;
tax
Co.—Divdend—
dividend
a
payable Oct.
Sales
r
of
the
on
holders
to
Dec.
for stamping of the first mortgage 5%
gold bonds, due
stamped as to cancellation of guaranty and certifi¬
deposit therefor.
The coupons due April 1, 1935, to Oct. 1,
inclusive, in respect of which the. above payment is made have
tracts in
per share...
$1.73
$0.68
$4.27
.$2.08
depreciation, interest, Federal income taxes, etc.
tOn 265,517
common stock, $1 par.—V.
153, p. 401.
tEarnings
2806.
p.
11
on
approval
share
per
Dec.
paid
of
cates
Neisner Brothers, Inc.—Sales—
$552,822
to
cents
on
was
presentation
profits are indicated.—V. 154, p. 56.
Nation-Widc
r" Directors
1941—9 Mos.—1940
$1,134,217
$179,279
$460,597
incomo
New
amounts
That
:..;;,/7r 7,;/.,i7'>.;/^7.' • .7y
15
notice that payment
plan of reorganization,
of
the company,
would have accrued for the-period April 1, 1941,
to Sept. 30, 1941, on the consolidated
mortgage bonds, 4%, Series A,
issuable to holders of first
mortgage 5%
gold bonds, due 1945 ($10
per- $1,000 bond), and to holders of detached
complete sets of eight
coupons bearing the same number as the bond dated
April 1, 1935,
to
Oct.
1, 1C38, inclusive ($2 per $1,000 bond), is being made on
248,227
*■•>77.;...
200,400
-
of
funds
amount
Corp.—Meeting Adjourned—
a
$100,
par
on
Northern
of
'
cate
/
Car
$100,
par
July 14 and
on
The
$5,784,288
120,749
share-
com.
Jan.
at
■,
1941—3 Mos.—1940
like
subject
declared
cum.
accumulations
103,08^
$6,852,374
have
thev"5,/2%
$5,682,203
t7."
$1,498,475
For the week ended.Oct.
31—
is
American
stock,
pref. stock,
paid
,
Mueller Brass
Canadian
of
'
Mountain States Power Co.—Transfer Agent—
The New York and Philadelphia transfer agencies for the common
and 5%
cumulative preferred stocks of company have been discon¬
tinued as of the close of business on Sept. 30, 1941.
Transfers of the
above stocks on and after Oct. 1, 1941, may be effected at the office
of company, 231 South La Salle St., Chicago, 111., or Bank of Cali¬
fornia, Portland, Ore.—V. 154, p. 153.
-X
'•'/
Period End. Aug.
Dividend
dividend
a
In
Dividend
pref.
cum.
119,023
-
'■ 42,000
13,150
•
1939.
Directors
(
of
accumulation
$6,733,351
777,,;; 7■;;••';•
12,214
deductions
declared
payable
15.
/ Northern Indiana Public
1941—12 Mos.—1940
32,629
.
7;•
■
.
have
stock
Nov.
Special stockholders' meeting scheduled for Oct. 7 was
adjourned
to Nov. 7 because of lack of
proxies to approve the plan of recapitaliza¬
tion and merger with a
subsidiary.
Votes cast to date show 107,000
common
shares for the plan and 1,855
against, and 15,100 preferred
for and 2,530 against—V.
(Company Only)
$1,663,080
*;
88,736
33,750
income
cSince
'i
to do everything in our power to enforce modifications
assuredly preserve the security and continuity of income
mortgage
subsequent
result
1941—9 Mos.—1940
$4,340,124 $41,526,052 $36,198,474
1945, guaranteed,
■
Act./
first
Fed.
income
Net
made
and analysis of this proposed scheme of arrangement,"
declares in letter to bondholders, "indicates that the
suggested
propose
which
the
Trust Indenture
the
will
-
-1941—Month—1940
248.
p.
North
for the full year 1941.
$1,660,630
.—...—
Sc. other
Earns,
of which Clyde O. Ruggles is chairman, has announced
to the scheme of arrangement for adjustment of the
company as filed with the Securities and Exchange Com¬
the
$1.36
1941—3 Mos.—1940
$1,630,305
$1,630,451
,
...
oper.
1941,
1,
of
mission
«-
for
committee
$9,152,370
$1.29
30,325
for
tax
from
opposition
debt
>
Corp.—Accumulated Dividend—
change control board.—V. 151,
.
:
bondholders'
$8,727,256
$0.23
taxes,
which
taxes—116,191
taxes
Other
1941—Month—1940- ■■■ 1941—8 Mos.-r-1940' /
$45,971,673 $415,673,098 $330,113,1)07
"
income
rate
a
income
come
•
•
$59,780,259
•;.*v/.-;/.?' /
Montreal Tramways Co.—Group Fights Plan—
Federal
at
the rate of 30%
subs.—console
Provision
Montgomery Ward
July
22,772,122
'
153,
$1,726 410
Comparative Statement of Income
Total
"
v;,
r''
The
24,995,819
$5,068,115
154,
record
,
$0.22
Other Income
Earnings per share on 100,000
;i—v. 152,
at
Period End. July 31—
,
.
,
for
made
taxes
7
77
$873,335
charges—70,906 ^
common shares____——i—r- %
7 '
*
&
taxes
being
such
■
.Sales
',
77 $1,641,846
share.-.
com.
tProvisions
are
„
'
,
consol.
surplus
per
'
:
/ ;■,•':/'/ I
Earnings for 7 Months Ended July 31, "1941
■*,'?•
*
v.
($100 par) preferred
stock.—V. 154, p. 356.
6h'ares
common
to
carr.
earned
,7
-
Earns,
stock and 200,000 shares of
,
2,362,142
j
Nipissing Mines, Ltd.—Dividend—
.
The Continental Bank & Trust Co.
—v.
$24,628,291
End! Sept. 30—
common
1934, $446,012;
due Feb.'-1,
A,
7
i
$27,204,244
Newberry Co.—Sales—
Directors
102,085
..
Sales
$2,719,211
*
•
,
'
•
25,983,081
$2,995,043
Sales
—V.
Light Co.
above).
$1,894,425
income
Period
87
-
_
Net
.
$50,611,372
have
(J. J.)
■
f
28,314,863
.
5,623,206
"
New
$55,519,107
3,308,845
2,628,481
Directors
Series F, due
7, Total income
$1,924,750
$2,123,497 $10,264,796 $10,624,383
1, 1934, $2,375,000; Series G, due Nov. 1, 1933, $625,000; Series ;
Expenses, excl. taxes..
116,191
.88,736
: 400,085
-248,227
H, due Oct. 1, 1933, $625,000; Series I, due Feb. 1, 1934, $1,530,000;
Provision
for
Fed.
Jatf&iS.t#.1 -■''
'77.•; ,7 7' v 7.:/ • 77-'\y,,'
'•Series I, due Feb., 1, 1934 (pledged), $1,000,000/
.'■
7
come
tax
:f
33,750
42,000
;
200,400 .''v. 139,800
New Orleans, Texas & Mexico,'Series A, due Oct. 1, 1936, $433,675,;
Other taxes!.12,214.'.
..13,15048,565
762,743
Series B, due Oct. ly 1936, $358,647;-Series C, due Feb. 1, 1937, $115,-,
000; Series D, due Feb. 1; 1937, $132,7501 Series D, due Feb. lv 1937,
Balance
$1,762,595 *. $1,979,6117 $9,615,746 $10,173,613
(pledged), $42,750,4and non-cumulative income bonds, due Oct. 1,Int. & other deducts...
120,749 7
253,201,.
888,490
1,021,243
h;;i939, $58,85Z.—V. 154, p. 434.
<• ;'■>> :\
ij *
;
$6,028,056
3,547,783
154, p. 435.
minor,
of
Nat'l
Light Co.
Power
equity
Other
follow:
to
equity
Nat'l
Net
March
'"A
income—
oper.
"
1941—8 Mos.—1940
of
$2,090,888 $10,145,868 $10,522,385
18
L/Power
-
,.
.
$1,894,443
_
interests
is excluded from
wholly owned subsidiary of MOP
a
participation in the proposed interest payment because under the
terms
of
present plan of reorganization its bonds are to be can¬
celled upon consummation of the plan and no new securities issued
in respect of them.
-/v i
e1'
The issues on which interest is recommended to be paid together
MOP
com¬
declared a dividend of $1.75 per share on account
accumulations on the $7 cumulative preferred
stock, no par value,
payable Oct. 1 to holders of record Sept. 25.
Dividends are in arrears.—V. 152, p. 3821.
17,407
,
$3,496,690 $15,769,074 $16,145,591
1,405,802
stock,
Equitable.
66,542.826
revs-
taxes
New York Trap Rock
1
.
,
5,855
1941—Month—1940
income
—V.
to
'
-
.
9,647,262
/
28,488
—
divs.
;
'
con-
struction—Cr.
Balance
$6,127,858 $25,326,186 $26,898,125
other
deductions
.
oper.
Operating
income
direct
$18,555,288 $17,639,360 $150,948,097 $144,021,836
12,012,462
11,611,304
95,428,990
93,410,464
—
——
v.
.»
bonds
$18,616,589 $17,714,559 $151,453,858 $144,587,067
61,301
75,199
505,761
565,231)
rev._
6,091,924
•...
••
■
the
Telephone Co.—Earnings—
revenues—
-
•
sold
company
56.
p.
Operating
$6,083,786 $25,258,483 $26,768,401
■
the
Period End. Aug. 31—
7,025,457
res.
lease
income
154,
but
New York
«
115,103
sale,
next
proposed
,
244,754
-
•
...
(net)
Gross
Int.
<
hearing on the matter has been
,
The
tl,310,528
excess
revenues..
from
Oper.
mortgage and any balance to interest accrued and pay¬
Junior issue.
Y'
:
trustee
stated that
earnings of the properties justified the
new,
able
37,004,438
1,807,272
oper.
Other
.
-
39,251,671
petitive
to
scheduled for Oct. 11.
>
Payments if approved will be made conditional to the extent that if
and when a plan of reorganization is finally consummated they will
be credited by reorganization managers as an interest payment upon
the new
bonds first to interest accrued to latest maturity date on
A
Fed.
taxes
plants
holders
accumulation, l The
interest
months
six
a
Texas & Mexico Ry
Orleans,
recommended
payment
interest
months
six
recommended
has
the
9,288,308
,
than
the Federal Dis¬
of Missouri Pacific
1st & ref. bonds, except the Western Coal & Mining Co., of an amount
Court
■
.
10,333,832
appropriations
1941.
trustee,
Thompson,
A.
Guy
•
income
retirement
Prop,
Trustee Recommends Payment on Interest Accruals-
trict
■
taxes
Rent
;
Fed.
profits
become permanent and shipping requirements of these
plants will not be limited by the duration of the present emergency.
The cash balance
of
the
MOP
as
of Sept.
15 was in excess of
program
for
offered at competitive sale
along with 120,000 shares of preferred
but all bids were rejected.
Later, the preferred was resold at
$20,656,043 $18,915,662 $82,263,345 $76,457,603
di-
taxes
portion of. these. record earnings, Mr. Pyeatt said.
In
new
manufacturing plants located in the MOP area,
the re-allocations of basic industries under the defense
of
case
excl.
taxes
>
the
under
1941—12 Mos.—1940
«
•
revenues.—
exps.,
rect
capitalization.
Construction
the
obligations,
$2.83
1941—3 Mos.—1940
'
.'Subsidiaries—
545
on
Rail
Ohio Ry.
Stock
V
i;
:
••
,
Asked—
appropriations-
*serve
Amortization of limited-
,
/
'
1
investments
term
24
24
$943,476
$1,022,472
,
~
-
National
Investors
Corp.—Earnings—
:
■.,v'-;;.«;Earnings for 9 Months Ended Sept. 30,
dividends
Cash
Expenses
,
and
interest—-,—.——
'
1941.
———_/
——_
.v
_
Taxes
$401,212
104,781
15,941
—
Smith, Barney & Co., acting as agent for the Nickel Plate to obtain
proposals for the purchase of certificates of deposit for 20,000 shares
of Wheeling & Lake Erie Ry. 4%
prior lien stock, have announced
that sealed proposals will be received at or before
noon, Oct. 20, 1941
at Smith, Barney's office at
14 Wall St.
Information regarding the
purpose, .terms and conditions of this proposed sale may now be ob¬
tained
The
Net
profit
paid
Dividend
—
—-
$280,489
—
^202,552
—————-
from Smith,
Surplus
.
—
—
Statement
...
of
Assets
•
Sept..30, 1941-
—
cost
over
market value,
$756,706,
—V.
153, p. 248.
Nickel
approval.—V.
154,
pi
435.
Plate
in
Interest
Other
New
York
State
total,
$10,794,024.,
$9,086: accrued ex¬
1
...
The
Resold
Electric
&
bonds
to
Gas
Corp.—$10,000,000
Equitable Life Assurance Society of the U. S. has resold through
as agents $10,000,000 of the
$35,393,000 314%
of this Corporation
which the insurance company purchased
from
the
yield 2.95%.
company
last June.
The
on
Interest
&
Dr36
521;
$62,026
$45,974
$943,997
4,160
$1,026,632
bond
22,333
22,333
268,000
325,588
debentures
9,975
10,500
120,338
105,750
deductions
2,294
4,798
54,,78
98.292
79
12
1,944
104
$27,503
$8,355
$502,925
$496,106
mtge.
charged
to
construction—Cr
income
Dividends
bonds
Offering was made to about
20
were
priced at 1053A
institutional buyers.
applicable
preferred
stocks
period
by Insurance Company—
Salomon Bros. & Hutzler
direct
on
int.
Net
Bonds
20
(net)
income—
$46,010
•
.
capital stock repurchased,
$.7,167; provision for taxes, $19,648; net assets, $10,758,123.
'
v
; • •• '
Deduct:—Pa>able on
penses,
$8,973,063;
the
$62,006
revenues..
income
Gross
$77,937
Assets:—Cash, $1,800,194; dividends receivable, $20,768; investments,
at market value—(Federal income tax cost, $9,729,769; less—excess of
tax
to ICC
.Other
oper.
Interest
assist
determining
the price of the certificates of deposit for 95,193 shares of
Wheeling
prior lien stock which it proposes to sell to the Chesapeake & Ohio,
subject
;
Barney.
received will
proposals
Net
to
for
the
Balance
.
Note—Provision
1941,
is
.
—
—
for
being made at
Federal
a
of such taxes at the rate of
rate
30%
income
——
334,199
334.200
$168,726
$161,906
taxes, subsequent to April I,
which will result in the accumulation
for the full year 1941.—V. 154, p. 154."
dividend
a
(& Subs*)— Earnings—
r
Ended
Months
12
Operating
and
purchased for resale_//__/
gas
3,354,278
25,224,840
6,295,116
5,238,670
5,171,221-
26,064,495
Operating expenses____—____
Electricity
.
Maintenance
Provision
fixed
retirement- of
for
Fed;
for
Prov.
income
-
capital—'—
value excess
declared
&
profits taxes^-.----'—---1—taxes!/:
Other
:
income—.....—
income
(net)
Operating
Other
v
1940
7,556,840
7,371,674
5,723,772
3,356,565'
9,050,555
8,753,175
645,044
•
influence"
Subsidiary companies:
on
long-term debt
Amort,
:
-.v.
•
-
422,370.
•:
assumed
Taxes
interest
Other
Interest
charges—
charged
132,748
405,982
paid
accrued
or
pref.
on
stocks—
.
7,965
27,878
deductions————
160,223
135,283
income
Balance
41,626
;>•
--v.
.1,307,258
116,278
interest^^-„_»_——1,253
646
Co.: 7'
Utilities
1,288,226
charges^___^___^_^_______/^^
Other
interest
Taxes
assumed
on
of debt
Amortization
a;-';,
-
debt_^„.„_;_-.
long-term
on
-
interest
"Before
convertible obligation held by
on
Statement
^
...
V
.
of
154, p; 436.
investments
Dividends on
.taxes
notes
&
Advances
1
Interest
accounts,/..!
!'
obligations—
convertible
on
on
15,599
238,315
68,331
67,418
803,453
2,614,520
146,355
3,073,807
,v
:i
Net
the
694,900 '
694,900
of
$158,827
$94,771
revenues— -
lease
plant :
;
18,937
,
in
136
$1,866,264
„
note
^217,943
income
General
expenses..
:
Federal
for
Prov.
——_—
17,000
Int.
20,815'
Other
: '
dr239
86;.
dr3,842
• •
•
like
in
each
bonds:
mtge.
on
int.
deduct—
and
$177,508
$113,469*
——j—
85,417
85,417"
17,517
18*553
1,025,000
1,025,000
>
261,908
'
1,082,974
struction-credit
126,901
■!
242,496,'
2,092:
430
such
presentation.
with
or
264,775
income
declared
&
value;
|
:
$10,535
Net income
?■
applicable to pref-
;
i:
^
Other
long-term debt—
interest charges.——
stocks
period.
the
for
V
•
•
Note—Provision
'
458,478-'
■
458,478
$342,838
subsequent to
$425,583
April 1,
-
Federal
for
:
the
under
taxes;
income
Securities
154,
Directors
Taxes
assumed
debt
of
Amortiz.
i
interest
on
discount
&
;
1,253
119,014
119,024
$5,444,556
Sept.
Ended
tOperating
646
$881,436
expense.
Months
9'
116.278
41,626
^
revenues
Operating
4
"
Mi.Sc.* non-operat.
Total
net
c
—
i—
'
237 ' 000
'
de
purchase
unit
a
of
towns
Ohio
the
in
River
Gas
&
City,,Tnd.„ voted on Sept. 30 to
Co; from Central U. S. Utilities-Co.,'
Electric
for $600,000.
System,
however,: it
consummated,
be
must
exchange
is
811,750
—a
.
Payment
of
event
of
court
adverse
an
-
of
'
per
record
share on the
16.
Like
Oct
153, pi.-;846*f
meeting Oct
v;'
';
approved the sale of the
1
exchange
stock
for
of
latter
the
to
T.
company's
negotiating
in
v.
Enterprises
&
25
declared
have
stock
cents
dividend
a
common
consisting of 309
the sale also
Davis,
C,
services
for
approved.~V;*'154,'.-jf;338;
common
.
decision.;;; 4Sept;;estimated".'
•
cents
40
holders
to
compensation
P»tino ' Mines
of
Consolidated,
Inc;-
fTt'v
30
cents
per
share
on
the
payable Oct. 28 to holders of record Oct. 15. Dividend
paid on Sept. 30, last; 50 cents was paid on June 5,
was
last, and 60-cents was paid on Jan; 15, last. The company paid one
dividend in 1940*'amounting to 40 cents, Oct. 1.—V. 154, p; 180.
v
; r/;
-vfr Pennroad Corp.—Would Purchase Own- .Shares—;1
Phones—
in September* a
22,083 telephones
added
Company
In
of
Pont
db
Directors
805*002
:
record?;*^:
high
new
•'
of issu¬
notice
upon
Corp.—du Pont Deal Approved—
Co.
&
Nemours
of
679 998
revenues include $860,000 in 1941- which may-possibly
in whole or-in part to subscribers im the State of Wash-" -/
the
in
Gain in
Before*
approved
be
refunded
ington
Tell
Power
Associated
the
transaction
this
be
Co.—Municipal Ownership—
and
Canelton
31
.
stock.
was
13*166,250
13,166*250
profits
tOperating
Power
River
Ohio
The
dividend
a
Oct.
Dividend—
Dividends
Undivided
payable
shares
$13*978.000 $13,971,252
incomes
Net'
1934,
of
paid on June 30, last.—V.
■
-
York,
New
company's-holdings of du Font Film Mfg. Corp. stock to E. I. du Pont'
earnings
deductions
Interest
(net)
revs,
Act
Exchange
stockholders at' special
The
;
$17,037,000 $16,550,093
178,000
- 101,157;
earnings
Operating
held by parent compan-".'
Notes—The provision for Federal income tax for the period beginning .
January 1, 1941 is based upon an estimated 1941 tax rate of 30%. No
provision has been considered' necessary for excess profits tax under
the Excess-Profits Tax Act of 1940, for either of the periods included
above.
It is estimated that no liability will be shown upon the con- 1
solidated tax returns to be filed for the year 1941 or upon the indi-. '•
vidua! return
to be
filed for the one company which reports oh a
separate return basis.—V. 154, p. 57.
:
: 1
C
interest- on convertible obligation
Before
St.,
Beaver
/'..-i%
;
declared
have
Pa the Film
r
■^40-...;
$106,205,000 $95,250,302
70.633.000
63,524 802
18,535,000
15.175,407
—
expenses
Taxes
"Balance
45
.
^ubs^-^Earris.'
Tefegraph Co.
30^-^';.::i
Pacific Telephone &
2,404.452
and
57.
p.
stock,
common
$8,084,936
'
Co.,
^ Parke, Davis & Co.—40-Cent Dividend—
is being made at a rate which will result in the accumulation-}
such taxes at the rate of 30% for. the full year;194l.-^V.;I54^p4 l54v
of
7,686
2,384,160
,
Trust
-
1941-;
238,398
$3,427,489
on
Any extension beyond Nov. 10,:'1941. may be made
adjustments with respect to the 3!4% con-'
as the company
may. then determine,
.
interest
without
amount?: was
income
Gross
•
Interest
interest
agent., 'v
v-,.«
; v
\v
:
The $20,000,000 4%. debentures due 1958 have been authorized to be
listed on the New York Stock Exchange and have been registered
$801,316-$884,061-
$73,5384
;'
Balance
.
profits-taxes—12,286
taxes—28,935
excess
-
Other
am
debentures,
V Manufacturers
Divs;
3,495;
114,123
—.—
with
case
interest accrued on each corporate note so presented, at the
provided, to and including the date of such presentation,
the holder of each such corporate note will be required, simul- '<
.
118,103
$8,595,814
each corpo¬
therein
vertible
—
For
on
Or before Nov.
10,- 1941-, the:
therefor 4% ' debentures due 1956
March 1,. 1942, coupons attached*
adjustment as follows:
Company will
exchange
taneously with the presentation thereof, to pay to the company .an
amount equal to
the interest on the principal amount of such 4%
debentures due 1956 from Sept. 1, 1941, to and including the date of
$2,149,465
$2,087,794
.
before
or
the
and
dr4,131
'
-
Interest charged to con¬
$3,582,834
; p
;
...
,
on
deliver in exchange
principal amount with the
of
pay
$2,153,596
$177,422 ' $2,091,636'
$113,708
Oper at. income
Income
(net)-—
presented' for
will
ance.—V.
Total
''
-
made
be
must
attached, presented for exchange on or before Nov. 10, 1941,
wilt deliver, in exchange therefor; a 4•% debenture due
coupon attached;
company
$1,935,653
/
?•>;; 18,595. ,.v225,372;.;-,
offer
of like principal amount with'the March 1* 1942,
each such case without any interest adjustment.
rate-
-^134
Other
: ;
357,557
.
Offer'
Terms!of Exchange
company
rate
18,880
open
shall be at
redemption and
for
1941, but
10,
1956
57,908/.',
57,908
; : 774,585 ;
limited-term
oper.
fr.
Rent
19,029
,
called
debentures
said
-this ^exchange
of
Acceptance
coupon
'
investments
$7,166,268
accounts______106,661
From investment in Metropolitan Investing Company:
..
.
Interest on income note receivable—.
173,708
Other income-/.
/—14;673
Advances
•
225,009
3,924
Property retirement res.
appropriations
_
Gross' income
_x—_
open
on
of
sale or disposition
of' such
proceeds
the date1 fixed for redemption*; but without'premium.
the company reserves the right to extend the offer
to a- later date. ' "v ! !
~
-!>;*.
' ■/ r.
For
each
3,,/4%:
convertible
debenture,
with the March
1,
1942*
Fed.
profits):
excess
319.893
taxes
(excl.
taxes
;
Nov.
127,685.,60,258
investments in other associated company:
on
the
\■
•
$6,166,329
$524,761; $6,676,873-
$544,827
direct
excl.
for Fed. inc;
Prov.
wholly-owned subs.;
in
of
out
principal' amount
accrued interest to
/;
1941—12 Mos;—1940
1941—Month—1940
revenues—
exp.,
Other
:
:
or
'
Oper.
/
$2,764,640
made
tion
1940
.
;.
.
1
—v
interest on investments
Bonds
in Wholly-owned subs.:
'—
stocks
Preferred
U&
parent company.
1941
stocks
Common
'V a
?yy;
'■ ' /h
v1';::--
;
Period End. Aug. 31—
$8,492,272
Company)
'
body
5 Pacific Power & Light Co. (& Sub.)—Earnings— 1
For the 12 Months Ended June 30. -/.;•
Income—
Income
(Parent
Income
alii
Holding
Amort'.; of
$7,415,702
*
£££££5'
f
redeem
Company^may
compels the conclusion that Pacific. Gas..and EleetYic;-. V debentures, but" if such sale!or disposition be made pursuant to ait
subject to the obligations and duties imposed by the'
order
or->• orders
of:'any governmental body having, jurisdiction.-, or
Company Act upon subsidiary utility corporations." :, u pursuant to a decree of a court of competent jurisdiction, any redemp¬
which
Operating
92,985)
discount &. expense.^.-,.92,9.75
■'Balance,
$10,000,000.^'.V-r
;;
the
$8,839,781 $10,009,439
___
PA- NJ
NY
Interest
—V.
3,368,452
3,371,468
.
Provision for dividends in arrears on pref stocks
Miscellaneous
the "company whiOh are ih excess: of ■'
v;/- •;//.
'.v-:;;>■
j\
any- part-' of the 4 % debentthes due .'
1956 at -a redemption price- which'-shall be (except as stated)
the
following percentages of the principal amount 01 each such, d'ebenture 'i
redeemed;' V12: "'103'% If redeemed on or before Aug; 31V: 1946; 102%: if 4
the. preceding-, fiscal year-of
for
259,630
:
269,919
/£?
, -
of the company -which are not in- excess of $10,000,006, plus 20%/'
consolidated net earnings of ^ the company and its Subsidiaries!
year
of- the
should be declared
Federal
39,453
105,288
construction—Gr—
to
amortization-.—,—_i——.
Miscellaneous
Dividends
98,406
tures
this particular case
in
issue
sumers;
551,814-
V
367,093
interest-—
on
8,583,002
8,226,856
.
.(less-
expense
the
,
v,
!—__w
discount ;&
debt
of
which
.
assumes-added importance because :
in California took. the ..position at", hearings,;
on the issue that it was not aware of any instance in its years pf. reg-?
/ redeemed thereafter and on or before Aug. 31, 1951; 101% if redeemed
ulation over-the company when its "managemnt or policies appeqr to,;,.-; thereafter
and on oh before
Aug, 31-, 1953, and 100%; If redeemed ""
have been either controlled or influen^jjjl by the North Americanthereaiter" and on or before A*ug. 3i;;;1956; 'together, in each case, with
In
accrued' interest;
taking a stand against extension of Federal' -regulatory powers!
provided, however, that if the company shall sell
over; the
operations) of; California utilities?, - the California Railroad i -' or dispose of,, except to' a subsidiary, any of Its land,: buildings or7
Commission declared also;
J
7
v-.i- .^•7.-:L7/;;■'///',/'' ■•••
equipment or. any shares of -capital stocx of any other corporation
;; "We may < add that we perceive no public interest existing-.; within: !•
for an. aggregate* cash consideration in excess of $500,000. Vhe-com¬
the State of- California,-either for- the- protection of investors'or conpany shall apply such proceeds to the purchase or redemption of said
The
the- State, regulatory
Gross-*incomI $21,658,782 $23y434»f75"
.
Interest
Opposed—
State-. Agency
■: c.
741,033
.
.
in
-
during all or part of which none of said! 3 'A % convertible deben¬
was
outstanding;
(3)
on
each
such' May; 15 following thatr
year
*
exempted- from the general requirement of rgulation,;$s
of a rgistered holding company.
;
/ 'v..
$21,012,848 $22,693,742-
—
,Thtf "
year
outstanding, the'greater
equivalent to a-fraction'of
amount
latter V;
to be
cleased
have
high
utility was subjeclr>to' a yi,iontrollingii
and therefore,.-.nat entitled to be j,-.1,'
a: subsidiary.
Company Act, held that the
by
North American
ing
$81,001,457 $73,866,333''
revenues—2—
following
;'r
.
into
moving
Commission
Exchange
and
order,. whiclf gives the. SEC complete regulatory, control . over1 ^ihe-., specified in 121, an amount equivalent to 15 %n of the cortsolidated net
affairs of Pacific Gas under the provisions of the. Public Utility Hold-' ' , earnings of the company and its Subsidiaries fop the preceding fiscal
>.
1941
30—
June
*
Electric Co.—Challenge SEC-'-.
&
sidiary of the North American Co. by virtue of the Tact that .the
concern owns 17.7 % of the voting stock of the .California utility.
,
NY FA NF Utilities Go*.
the--fiscally
$)/*%. convertible -debentures
of (A) $500,000 or (B) an)
(a)"15% of the consolidated neb
earnings efi thfe -company and its subsidiaries; as defined in the inden¬
speed in its program of extending regulatory- control over wholly " '
intrastate utilities, with less than a majority of capital or Voting stock - i ture, lor the preceding-fiscal-year of the company which ate not iit
resting in holdingrcompany set-ups, the company, has challenged the* ', dxcess of $10,000,000; plus (bf SO1^ of Such consolidated net earnings
Commission's
of the company
powers
by instituting court , proceedings against, the,
and its subsidiaries which are in excess of $10,Federal' Agency in the U. S. Circuit: Court of Appeals in California-.
000,000; the denominator of such fraction to be 12 and the humeratQD
thereof tb'be ;the number of calendar months of said'preceding fiscal
On Sept. 15 the SEC issued an order declaring company to be ,a sub-(
of ,75
Securities
the
With
cents per share op the
common stock, payable Nov. 1 to holders of record Oct. 15,
This com¬
pares
with 50 cents paid on Aug. 1 last? 25 cents on May 1 andFeb. 1, last; $1.25 paid on Dec, 20,
1940; 50 cents on Nov. 1, 1940;;
25 cents paid in three preceding quarters;
50 cents on Dec. 20, 1939;,
25 cents on Nov. 1, 1939, and in each of the three preceding quarters;.
$1 on Dec. 20, 1938; 25 cents on Nov. 1, 1938, and 75 cents paid on
Dec. 20, 1937.—V. 152, p; 3821.
declared
have
Gas
Pacific
Co.—To Pay 75-Cent Dividend
Northwest Engineering
Directors
Saturday, October 11, 1941
COMMERCIAL & FINANCIAL CHRONICLE
THE
546
Tbe Securities; and Exchange Commission
>
has called a hearing for
month, compared with 19,395 in Augftst "-ait^.l6,012'iin.:3eptem--'bet;'" -1"5" on' an • application of corporation for permission to purchase
by the Federal District Court supervising reorganization of Associated' r ber, 1940.; For the first nine months this year the gain was 120,'J92
up to 125,000 shares of its common" stock, either oil a stock exchange
and by the Securities and Exchange Commission.-—V. 118, p: 3087. ;
stations, against
gainst .71,963 in the like 1940 period,' : > /.;•;• .v.":. or jn the over-the-counter market,
Ohio
-
accumulations
of
Sept. 1, and June 1,
—V.
dividend' of
a
7%
the
on
holders
to
1
declared
have
1st
cum.
record
Oct.
$3
share
per
stock,* par
pref,
Dividends
10.
of
account
on
paid
were
The
Operating, expenses.^..
Net
operating revs.__
Operating ta^ces,
Net
Net
$4,548,705
2,633,945
$3,998,049 $35 228 248 $31,461.4472,398,906
20,462,296
18,871,652
$1,914,760
765,307
$1.599;I43 $14,765,952 $12,589,7951
642,838
5,903,036
4,992,487
income
operating
$1,14-9.453
1,146,960
income
—V.
154,
$956,305
$8,862,916
958,448
8,884,105
Oliver
Farm
have
common
stock,
of
$7.597 308?
dividend
of like
amount
record
22
paid on Jan.
cents
50
holders
to
last.—V.
6,
Dividend—
per
of record
share
Oct.
152,
Power
-
;
■
•
at
Co.—Financing to Acquire
Prop¬
to
of
erties
acquire
electric
certain
Utilities
Minnesota
generating
and- transmission
prop"
Utilities
Minnesota
Co.
The
properties
and
facilities
-
in
are
agreed upon
able
and
book
the
value
of
of
case
The
sold
$200,000
to
accrued
The
Bank
and
to be acquired
obsolescence),
the
Trust
carry
Proceeds
$850,000
be
John
interest.
$850,000
&
of 3%
the
Co.,
sale
to
be
borrowed
of-the
bank
loan,
sale
of
Life
The
used
in
price
23,
1947,
Insurance
Nov.
25,
Co.
per
of
other
the
will
-
.
at
are
2(4
into
at
par
3%
funds
of
in
and
one
year
payable quarterly
the
and
of
the
company,
will
to pay
a
$220,000 bank loan; to provide $200,000 for anof 5,000 kilowatts to be generating capacity of the Canby,
plant; for construction of certain interconnections and for the
purchase from Minnesota Utilities Co.—V. 154, p. 180.
addition
Minn.,
3(4%
be
common
V ;;
-
Other
this
will
also
of common stock for
price per share of
;•:;•/
•Exchange Offet;;.v.v^
shares
which
the
4%
and
Company
has
$5,000,000
4%
each
Int.;
for
the
income
,
1,293;,
2,919,858 .'
/ i-23t,500,;,
2,850;000 ;
.
V/: 1,190
2,051
(net)__»
$1,003^164.
income
"bonds^/l.
mtg.
on
Other
Int.* and
: 277,083
deduct:
.
.,
2,403*109
' '
'/' ;
; 2.816,667.
r
.
13,947
15,146
96,555
44,664
7,764
*'
charged to conr
struction-credit -1—
Net
of
.stock;
income
Divs. appl. to
$1,141,783 $13,879,768 $14*756,449
277,083.- '* 3,325,000' ' 3.360.139
106,875
106,875
"-1,282*500
// 91,652
93,671
'T,220*690
' 1.282,500
1,253,744
•
' v-.•>,' Jt:i H. i
Interest
$100
common
3,909
r/i-'/r-!-:; f $531,663
prefi stks. '.w.
V-
/;':forwthe'''f)eriodii///-'-
81,801
2,887.
$667,041
j
;
19,235
$8,133,379./ $8,879,301
3,846,532*
'
3,846^532'
-
Balance- u*i.7-—v! 1'/_
$^,032,769
$4,286,847
/•
Note—Provision'"top Federal income1: tastes*, subsequent to- April" 1,
being -made at a rate which will result in the accumulation
when /
~
"""*
.
and
any •
3(4%
tendered
which
1956,
'
which
be
payable
were
-
-•
will
to
time
present
15, 1943,
purchase
be
of
issuing
and"
amount
redemption
of
of
$43,446,503
or
22.23%.-r-V.
154,
p.
;i1 .'Peoples; Drug- Stores, .Inc.—Sale's—
/ Period-End. Seht.30—
Sales-
sny-of' the0-additional
r.
company
arni 4^74 oaf
J
?
compared jrth $195^474,246 for- the^same periodjn 1940.- This is an
increase
issued under an indenture* dated as- of*
and Manufacturers Trust Co.*. as"
semi-annually, on March 1 and Sept; 1..
intention
.
.W iio
to-the
convertible'
'
5'!!f
wjth_$24791,0i5» for September,->1940,- This, is-an increase of $8,853,764.
issued lor Tdtirefeeilfe"'/-'-^'
•
•
-r -v
--v
■ as
not
180;*-;'
-
\ >.;/'.
>I'Zr*j
1941—Month—1940 '1941—9 Mos.—.1940
$2,303,897$r,9l£,788 $19,618*608. $10,^999,273
Petroleum Corp. of America—Asset Value—
May
on
will pay to the trustee,
or
/
company
debentures.
provides that the
nr,n".
V'
from: time
they
**
due
will
'/7
convertible
ed, will be limited in aggregate principal
indenture
beginning May
fund
no
460,33Q
212,448/
V ■ /
'
limited-term
Int; on*"debehtuires//_i_ v-
before
on-or
acquire
may
or
under
between the
Interest,
19,862,049
/«•
not be .reissuedV' but/wUL/n. 1941-,; is
"
- •
-
"
fund.
fund.
unsecu
1941,
of
Gross
exchanged for.'4»'%'^ -debentures^ due'1956^■-but
cancelled
be
debentures
$25,000,000
" 2,201,018
-' /'
;
!,■ 1947,-and
due March
this offer will
company
indenture
the sinking
sinkincr
the
will be
r,
the
will* not be
Trustee.
The
are
20,912,490
25,635
/ investments
.
tendered
1,648,627
which they -i
under
either
of
The
to
and
thereafter
provided for in that
the
treasury of the company,,
offer,
trustee
which
or
1,839,837
H ;.;240,903
income
taxes, (excl., Fed.
Amort,
1941—12 Mos.-rl940
.
profits! 254,343
Property retirement res?
appropriations
;
237,,500
fund
debentures
to
and
$33(4,
►
*
excess
'
;
,
for. Fed.
excl.
excl.
Exchangei'/New • "-vVr Net 'operaterevenues/ V $1,001,313;/* $1,134,019 $13,835,104 $14,659,894
to
Debentures and Notes—
debentures
convertible
cancelled
in
tures
Sept.
bonds
the
on
conversion
basic
the
of
exchanged in accordance with
;
to be
1241.
mature
annum
1138.
Inc.-—Offers
•
through
through
in
security from First National
loan
1%%'
with
merchandise*
r
made
$200,000
together
and
reduction
first mortgage bonds*
without
Minneapolis.
interest at the rate of
for
-
1971,
Mutual
is
supplies,
provision
;
of
series
be
materials,
(with
Hancock
The
will
stock
common
$40.
sinking
Valley District, and the Wheaton Group. Estimated
facilities in the two groups is 11,000 persons.-.
paid is. $520,000 in cash, plus the value to*
at the time- of closing of the seller's accounts receiv¬
appliances
of
the indenture
two
total population served by
The consideration to be
be
share
a
time on or before March 1, 1942, into three shares of common
for each $100 of debentures, at the basic conversion price per
either
the Twin
groups,
$1
exps.;
.taxes
-
$3,573,189-';; $3,259,419 $42,733,616 $40,215,996
revenues--//-:
:
taxes
company,
The
,
from
The
of
Pictures,
Co.,
bonds, 3%
banks.
1
...
application states that properties and facilities proposed to- be
acquired by Otter Tail are less than a third of the total holdings
$850*000
153, p.
29,—V.
Sept.
debentures
of
Minneapolis, Minn., to issue $200,000
series of 1971, and to borrow not more thaw
first mortgage
of
direct
prQv.
>
any
Feb.
The- company recently asked permission of the Federal Power Com¬
mission
dividend
a
Debentures for 3xk %
share
erties—
?
declared
have
::
Line Co.—Dividends-— ;;
1941—Month—1940
Period End. Aug. 31-
Operating
Other
Initial
3822.
p.
•>
'"Operating
in a letter dated Oct. 9, advises the holders of its/.
$12,681,000 314 % debentures and $7,355,782 corporate notes (owed to
bankers
and- individuals)
of an offer to- exchange Z$20,000,000
4%.debent'ires for the 3(4%. debentures and notes on a par for par basis/ '.
The 3(4% convertible debentures, which are unsecured,- are convertible
the
on
10:
Pennsylvania Power & Light Co;—Earnings-
&. Telegraph
Telephone
7,539,195
stock
Tail
Otter
Co.—Common
dividend* of
a
Oct.
;
^
open
v-vy
Eastern Pipe
Paramount
4%
Equipment
declared
payable
retire
a
The
Directors
American
to
used
participating dividend; amounting in total' to $269,122* on the
class A preferred stock, both payable on Oct.- 17 to- holders of record'
Oct. 2.
The regular quarterly dividends of $1.50 each on tlie class A
and- class B preferred stocks5 also were voted payable Oct. F to holders
and
;
248.
p.
.
from
advances
will' be
Funds
248.
p.
Directors
held.
expected by time of offering approximately- to equal
capital funds expected to accrue< from the offering.'
are
of
Panhandle
•
revenues.^
154,
shares
four
unsecured
which
—v.
1941—8 Mos.—1940
$4,007,533 $35,303,335 $31,528,063
9,484
75*087
66,616
194-1—Month—1940
$4,557,956
9,251
rev.
See also Detroit,. Toledo &- Ironton RR.—-V. 152, p. 3350.
;■
.
each
amount
the
Telephone Co.—Earnings-
oper.
Operating
for
share
account
Period End. Aug. 31—
Uncollectible
V:j:iV..;;• r/";-
:
.
preferred stockholders at par in the ratio of one new
,to common and
C0.7
Operating Tevenues____
.
authorized by the California Railroad Com-^
■' ' ' »
.
.
Radio Corp. of America—License Agfe^enfe^-.wi,f->x
its plan to issue and sell under rights; $65,525;000'
See (Allen B.j:Du Mont Laboratories, Inc., above.-r-V. 154, ^.'338. ,!
(par $100).
The company proposes to offer the stock
stock
common
on
845.
153,. p;
Ohio Bell
Approved^
has been
company
mission to carry out
1939.
1,
any
,V> Financing
'ing
of
payable
$100,
$1
and March 1, 1940 and Dec.
last, Dec. 1
for
Dividend-
C<k—Accum.
Gravel
Sand1 &
River
Directors
Nov.
can
4%
'
as
15
in each- year*"
and for a
debentures
sinking-:
d"e' 1956! "
-
Corporation reports'net asset ; value on Sept, .30, 1941, of $8.02 per
share- on 1,898,800 outstanding shares:
This compares- with net asset
each such May 15 during the entire-fiscal year of the com-- '
value on June 30, • 1941v of $7.42 per share: on 1,911,300 shares; then
preceding which any of the 3(4% convertible debentfurea^^ werfe'^■■■■■'*outstanding, and net asset value on Sept, 30, '1940, of $9.26>^ per; share
outstanding, the sum of $500,000; (2) on such May 15 immediately1
on 1,921,700 shares outstanding a year ago.
: ; '
'
(1) -On
pany
Volume
154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3992
■
months this year were at a new
pn Sept. 30,; 1941,* plus ?the. market • value-^on that r, last,year,,. Sales, in, the-first nine
record level for the period in Rand's history
.
of a share of common stock of Consolidated Oil •/
>"y;Rand's-operates a chain of retail drug stores in Pennsylvania, Ohio,
to stockholders—one-fifth: of- a share on Deo. .20,
West Virginia and Maryland, with a majority of stores located In the
1940, and one-fifth of a' share on'May ;16, 1941—was $10.42.—VM52, >>;
Pittsburgh area.—V. 154, p. 96.
'
*
Net: asset
of
date
Savannah Electric & Power Co.—Earnings—
value
two-fifths
Operating
3356.r,
Petroleum Heat
•
Power
&
(C. A.) Reed Co.—Accumulated Dividend—
Co.—25-Cent Dividend— ,:
share
Directors
the voting:
trust certificates payable Oct. 23 to holders of'record Oct. 1.
hast
previous dividend; which alfSp, amounted, to 25 dents-per share, was paid
on
of
have
declared
accumulations
the
on
$2
pref.
cum.
class
stock,
A
$200,747
$2,738,100
94,181
77,954
23,732
18,810
1,014,341
188,569
900,900
Maintenance
Depreciation
31,394
26,825
353,006
344,305
15,098
3,960
23,984
23,449
134,208
282,144
57,897
262,187
no
rev.___
$59,724
$50,749
$765,83.2
$680,239
Other income—(net).__
5,737
605
22,240
6,668
$65,461
$51,354
$788,073
$686,907
value,
par
June 29,
1938.—v.
152, p. 3035.
-h
1, last; Nov. 1 and Aug. 1, 1940; dividend of $2
1940; 50 cents was paid on Feb. 1, 1940; one of
May 1, -and Feb,
was paid on May. 1,
on
Nov. 1, ;1939, and dividend of 50 cents
preceding quarters.—V. 152, p. 2249.
•••■,'
$1
& Reading Coal & Iron Co.—Larger ,}
Proposed—Examiner Recommends Issue../
of $10,509,690—
Philadelphia
Funded
Like amount was paid
holders of record Oct. 20.
payable Nov/1 ,tq
:,'Z .f
>./.%:r
paid
was
on
revenues-—..
paid
was
income
operating
Balance
in
taxes.
taxes
Net
,
oh
—
Interest
&
amortization
Balance
Prentice
Reed
$2,398,355
150,827
31,206
31,192
374,841
374,803
$34,255
$20,162
$413,232
$312,105
,
Debt
*
1941—12 Mos.—1940
$248,114
Other
dividend of 50 cents per share on account
a
1941—Month—1940
31—
Aug.
Operation
•Federal
'
; Directors have declared a dividend of 25 cents per
End.
Period
Corp.'.'distributed
p.
547
Corp.—Common Dividend—
Debenture
reorganization of the company than now
; v.-* Directors liave declared a dividend, of 50 cents per share on the
in the light of prospects for improved earnings,and heavier .- common stock, payable Nov. 3 to holders of record Oct. 27.
Like
Federal corporation income taxes was proposed at the initial hearing on
amount paid on July *28 and June
16, last; dividend of $1 paid on
reorganization plan: before Federal Judge William H. KirkP&trick Qct;,
May J, last; $1.50 paid'on March 10, last; and initial dividend of 50
6 at Philadelphia^
The plan which was recommended by. the examiner'*, cents was paid on Deq;
20,;;1940.—V. 153, p. 404.
- ^
div.
149,115
req
149,115
A larger funded debt in the
V
the most worthy of consideration and which was supported by three
four bondholders protective committees and- the. company propose?
as
of
have
totaling- $5.25;
general ;,
of/.$38,000
now
outstanding.: --A remnant
still outstanding are to be paid off. ^
$50,
par
mortgage 4s
T-i"">
and
Revere Copper & Brass, Inc.—Accumulated Dividends
Directors
of
v.*.'■••%—;
three
representing
and
arrears
Directors
declared
dividends
♦
declared
preferred
of
for
n
$162,990
$204,117
$102,990
60,000
«-
st.
com
surplus—
Accruals
27%
$264,117
60,000
for the
1941
Federal
income
tax
at
were
estimated
rates
in
January and February, increased to 30% in March.
Be'ginning with August the accruals are based on the Revenue Act of
1941;
The Company does not consider- that it "has anv
liability for
excess profits taxes under the 1941 or
1940 Acts.—V. 154, p. 339. '
)
stQck
dividends of $1.75 each on account
quarterly dividend of $1.75.
on the 5 x!\(k
preferred stock
two
current* regular
also
7%
the
on
requirements-
Balance
-
..t*
1,050,969 shares of neweommop stock par $1 in place of the $24,344,700
refunding mortgage es, $29,148,000 debenture 6s .and- 160,000 shares of
Stock,-
Pref. div.
•<
of, new general-mortgage! 6%/income bands and.v:
issue of $10,509,690
an
'
Balance
proposed
dividends
tnree
of larger earnings due
totaling $3.93% representing two dividends of $1.31 V* each on account
control of bootlegging and economies instituted, •" of arrears and current regular quartely dividend of $1.31'A.
Saxon Mills—Earnings—
I!'• '*,'.<
•
All dividends are payable Nov. 1 to holders of record Oct. 10. >«
York, counsel for New York refunding com¬
6 Months Ended June 30—>
1941 '
■
mittee which did not approve the plan, said that with a small bond
1940
Giving effect to -these payments-against back dividends, the arrears
•Net
profit
$146,949
issue the company would have profits on which the government would,,; on the'7% preferred will be-reduced to' $47.25 and on the 514%
+$4,258
to
,v
•After charges but before taxes.! tLoss.—V. 151, p. 1439.
take possibly 50 to 60%,
Although-he said that the plan of his pwn
$11.50 a share.—V. 153, p. -999.
)* •' ?
committee proposed a bond issue of around $12,000,000 in the light of
:-.v\■
- "•••
1
.*• y
■/
pew developments he thought that the bond issue should be say twice
Sayre & Fisher Briok Co.—Plan Approved by SEC—
■Reserve Investing Corp.—Accumulated Dividend—
>
the $12,000,000 proposed.- He said-a situation existed with one branch ,,
of. the government as represented-by S.E.G.: in&isting on a low funded,;
Directors-have declared a dividend of $1 per share on account of
;f. The Securities and Exchange Commission on Sept. 12 made public
an
accumulations on the $7 cum. pref. stock, no par value, payable Oct.
advisory report which found that the amended plan of reorganiza¬
debt which would benefit, another branch of ,the government, through
tion for the company was fair to
15 to holders of/record Oct. 4.
collection of higher taxes. >.• Mr.- Hays suggested that the .present was
Like amount paid on July 15 and
security holders, subject to certain
not the time to put a plan through, but the matter of. funded debt -,.,Hj-April 15*. last; dividend of $2.50 was paid on Jan. 15, last, and divicontingencies noted by the Commission with regard' to a new loan for
dends of $1.25 paid on Oct.. 15, July 15, April 15 and Jan. 15, 1940,
should he.j*e-examined.
working capital and funding of tax arrears.
A summary of the SEC's
v-ir'rt'sh rir.v-«Lvy '-<-«•
'•■
and
on
Dec.
22
and on Oct.
report follows:
14,
1939
and in preceding quarters.
During 1940 Mr. Hays said Reading earned $3,000,000 disregarding
Nature of Business—Company is now engaged in the manufacture
:,v'
Interest, 'depreciation and depletion and this year may earn $4,000,000.^ —V. 153, p. *250.
'■H-vijv'i and
sale of a grade of red brick used
He said more consideration should be given to the amount of the bond
primarily in the exterior facing
of buildings.
issue in view of the larger tax obligations,: declaring that what the
Royal Typewriter Co., Inc.—Earnings—
company earns should be paid to its creditors instead of having to pay
^
Liabilities
and
Capital
Stock
Years Ended July 31—; :
U938
>1941
+1940
tl939
50 to 60% of profits to the u, S. ,Tr.easyry.%-V,l54; p. 436.
•
■
The liabilities, capital stock and preferred dividend
arrearage as
•Net. prpiit from, oper-i* : $5,161,411
$2,397,849
$3,504,055
$2,628,489
Pointing out that the company is in a period
to prorationing of coal,
'
I
'CyV'K
.
Arthur Garfield Hays, New
*•
*
.
,
--
—
-
■
-
•
,
"
.
,
State
i
;"6 Months End, June 30—
194F;1939
$63,620 %'> $23,058
income
•Net
franchise, &c.j tax.742,324
Fed." normal income tax
1,049,529
(& Subs.)—Earnings—
Pick Co., Inc.
(Albert)
%.
%i/'
$2,760
1938 ' ■
.'$12,003 ;
T'edrexcess" profits "tax; ;"r
Fed.
surtax
on
undisre
share-u2." ■ >••?. $0,357 h'.;M $0.12
Nil 7,.'
$0.05
charges and taxes, ton common stock.^V/ 153, p.■107i'4,;;!iVV
tEarnings
•After
per
•
Metallurgical Co., Inc,—Earnings—
Pittsburgh
f
'
'
■ir,\v"i!iYear Ended June 30, 1941
Cost
Res.
V*.' 2,385,294 ;■
——154,117
of
Selling, general and administrative expenses
Net
profit
operating
Sundry
Prov.
charges—net
$2,732,853
cr23,151
$2,756,003
for
'&'■
contingencies;!
for
ther
*
%
possible
losses
Tax
+ cr20,729
$1,654,302
$1,546,901
$2,380,690
mated
fur-
excess
income
Previous
Cash dividends;
surplus.
>■ Surplus,
Earnings
197,200
arrears
Common
stock
287,877
20,737
33,001
263,883
263,883
263,883
'
1,477,399
1,275,936
805,854
$989,722
$563,829
7,179,368
$552,994
6,626,374
6,062,545
5,618,381
$8,169,090
$7,179,368
$6,626,374
$6,062,545
;
311_'__:
July
share
per
98,60Q.shares of capita) stock;
' "On
!
share
per
805,854
$444,164
•Drafts* and accounts
4,578.106
3,625,727
;! 4,528,660
3,816.422
10,000
10,000
receivable—
have
The-directors
fReal estate, machinery and equipment——
"tReal estate, -machinery and equipment____—
declared
a
dividend of
$1- per
share on,the $6
Patents^;licenses
7*')C
Postal
•
'J
Telegraph, Inc.—Earnings—
End. Aug. 31— v,.T941^-Month—1940.
' Period
Total
revenues
•Loss
before
Provision
9
1941—8 Mos —1040
154, p.
j,
141,0U
Acer.
^
1,554,770
28,058
"
199,273
;; $346,919
$340,750
$1,738,012
$2,126,518
:v.'
Months Ended
tion
of
$2.50
have
declared
an
dividend
extra
of
$1.50
•June
•■ •
:;
'
trustees
report'-no
?
\
"•••;'
fundamental-, change
r
be
of
dividend
a
15,
last;
$1
paid
Stores,
to
to
$15,215,700
$13^37.043
$1
in the
quarters;
15
of
four
weeks
Sept.
ended
23.80%.,..
the 40 weeks
153, p. 108.
f
27,
1941
were
Sept.
•
.!••-
'
27,
1941,
were
$39,810,317.
$346,573,052,
the
of
stores
recently
acquired
in
the
merger
a
year
with
ago.
Daniel
Reeves, Inc.',-have been, included in the figures for the four weeks
.ended September 27, 1941. Sales figures and number of stores operated
duriQg the comparable pariori a year «"*o have been adjusted to include
the
Reeves. operation.^y.
Saint
154,
p.
Paul Union Depot
155.
>
.
Co.—Bonds Called—
'
;
'
investment
% All of-the outstanding first and refunding mortgage 5% gold bonds,
series A due Jan. 1,
1972, have been called for redemption on Jan.
.1, 1242, at 110 and accrued interest.
Payment will be made at J. P.
Morgan & Co. Incorporated, New York City.
Immediate payment can
he had at holders' option.r—V. 154, p .249.
;.
;
Rand's;'Pittsburgh—Salesh%. ;*«';}-y;[-,^
totaled $172,205 .in-.September,,
,with only four Saturdays, a gain of 21% over $142,332, in the . like,
i.month last yeai. with five Saturdays, the company reported.on Oct. 6.
September/ 1941 sales were the., highest .for, that v month. kv. the com-,
Sales
•
of
Rand's,
retail
V.In
history.-.A**+r'-v.»'w*'•<«•
the. Jirsh1 nine1 > months ;of, the tcvrfept> • yeafv. ■ valnmje amountedto >
$1,'560/309,08, a galn- of
San Antonio Gold Mines, Ltd.—To Pay 10-Cent Div.—
1 Directors have declared a dividend
stock,
payable Nov.
semi-annual
extra
—v.
dividend
152,
p.
of 10c. per share on the common
5 to holders of record Oct. ?Q.
Previously regular
of 7c. per share were distributed.
In addition,
dividends
of
3c.
was
paid
on
1295:
April 21, last, and on Nov. 5,
■;
•
1940.
drug chain,
/pany^s
,
,v
28.63% over $1,213,013.17 in, the same period
San
Diego Gas &
Directors",have declared
common
Electric Co,—Common Dividend—
a
dividend
stock, payahle on Oct.
15.
Previous!y 0Kmthly-<Hviden4$ of 71/?
—:V. .154,
p.
249.
of
22 Vs
cents per share
on
the
to stockholders of record Sept. 30.
cents per share., were distributed.
four
semi-ann"al
of
new
of
$50,000,
necessary
of
>
of
the
The
whom
is
to
four of the original directors
proponents of the plan (each committee
would
be- selected
to
maintain
/
of
recognition of
that
the
exceed
not
does
interest,
...
doctrine
indicated
assets
-
working
I
the
'
•,
in
a
aggregate
capital
manner
the
reor¬
.•
requires
that
the
in the order of their
maximum reasonable
value
claims
$1,100,000.
more
of
.
"fairness"
As
the
claims
of
$5,000,000, there is
the common stock
the holders of these
than
equity for either the preferred stock
debtor and the plan properly excludes
the
.
con¬
plan,
no
securities from
of
,
of the
two-year
first year.
members, one
seven
■
•
President
a
' %
% :.
:
contemplates the raising, by a loan, of
such lesser amount as the court shall deter¬
or
.
have
debtor's
the
under
end of the
plan
Plan—The
the
We
dividend
'
be
is to
manager
members
two
and
be
creditors,A with
or
part'c'cafcion.
,
...
v
The unsecured creditors, because of their interest
unmortgaged assets, are offered a maximum of- 590
V
in the debtor's
shares of com¬
total value for reorganization pur¬
the basis of valuing all the.debtor's
.
stock.
These
shares have
a
of approximately $8,000, on
at $1,100,000.
In this case
poses
the debtor's cash, receivables and
might otherwise be
considered as free assets,
derived from the processing of c%v removed
from the mortgaged nroperties during the period of operations by the
trustees.7 As a result the bondholders may have a substantial claim
inventories,
have
in
which
large part
been
with respect to all these
F"rtbeimor« tha bond¬
is also entitled to participation in
the free assets, is many times larger than the total claims of the
unsecured creditors.
In these circumstances the proposed participa¬
tion offered to unsecured creditors appears to be a reasonable com¬
promise of their claims.
Feasibility of the Plan—(a) Can'tal oi""»sture—T^e cauitahzation
of the new comnany will consist of $263,430 par value of preferred
stock plus $542,760 par value of common stock.
Tt is nvono.sed that
the reorganized company start with an initial capital surplus, repre¬
senting the difference between the $811,190 total nor value of capital
stock, and the valuation of the nrooerties approved by the court after
deducting prior obligations including the pronosad bank loan
and
funded municipal taxes.
On the assumption that the value placed
unon the assets will be not less than the total debt and par value of
stock
to bo outstanding nor in
excess
of t,"» $T 100.000 which we
believe
is
the maximum which
may reasonably be found,
the pro¬
to
priority
assets,
-
in operation this year totaled 2,952 against 3,098
stock, and
shares
by the Court.
company.
clearly
assets
■'
-
ended
to
priority.
of
for'
at
party
the
the
by
Financing—The
sum
general
consist
to
plan must nrovide for full
of
:
shares
liquidating rights, $10 per share.
voting rights cumulative, one vote
$10),
Tichenor, trustee,
Under
two)
designated
Fairness
I.
is
designated
nominate
be
ganized
1, -This compares with
three preceding
be
mine
for deprecia¬
^Represented by
share on the common
per
directors
President.
New
reserve
Inc.—Sales—
of
for
.".Stores
position of the Fund;. Holdings of bonds and preferred stocks made
up 32% of total resources on Sept. 30 compared wlth.34% on June 30;
;
common
stock-'investments were-' equal to .• 54%v of thetsame a$ 3
'months ago/ and cash and equivalent, approximated 14%i against 12%
on June 30.—V.
153, p. 107.^ 4 ^
^*-i;+
.
the
would
!
cash
26,843
.
.
H.
of
:•
590
share.
board
:'iv!
of
1
.
default
value
tract.
35,681
7,179,368
1940.
cash
a
total
common
of
maximum
a
prin¬
$250.
total
a
com¬
debtor
$333.33
The
amounts.
approximately
receive
new
the
$333.33
not consecutive;
(par
765,283
3,769",750
r;:';:'
.
each
shares of new
receive
dividend
or
stock
279,590 :■> 244,750
.268,618
in
$3,219,533
'
after
whether
company / and
terminable by either
-
j-
53,686
will
such
be
thus
■
Management—Frank
3,769,750
15 to holders of record Oct.
13.86%.:,,%..*
of
;
in-'the
creditors
reorganized
against $304,379,485 for the 40 weeks ended Sept. 28, 1940, an increase
of the Fund were purchased by investors d'iring the
just ended than in any quarter since, the Fund-was
according to a statement issued by the trustees Oct. 2.
assets on Sept. 20, 1941,'-were at a new high of approxi-
30.
The
directors
per
'
Boston—Continues Growth
matel.v $4;800,000 compared with $4;265,000 on June' 30."and the num-ber of shares outstanding increased from 358.847 to 401,358,: After
providing for the October dividend ;of 15 cents per share net* asset value
Avas equal to
$12.07 per'share on Sept., 30 compared With $11.89 on
will
stock.
Common
.
Common Dividend—;
'the
increase
I v Sales
shares
net
of
of
against
for
$10;
mon
months
Total
debtor
shares
20
claim
for amounts less than
3%
creditors will
preferred stock and
periods,
•
8.169,090
+After
accounts,
and
"
declared
have
Safeway
/-
•
More
shares,"
par
paid on July
-.V. Sales
three
and
of
rate
and
stock
common
financing contemplated by plan; voting rights cumuletive, four votes
per share, with the right as a class to elect a majority of the board
AuV?A: 268,618
__
—
*A75.cents-each, per share were distributed.—V.
the regular quarterly dividend of 50 cents per share"1 on
the common stock/par $25, both payable Oct. 15, to holders of record
Oct; 1.
Extra, nf 50 cents' was paid on July 15, last.—V. 153, p. 250.
''organized,
the
such
stock
unsecured
an
new
stock (par $10), dividend rate 5%, cumulative; redemp¬
sinking fund. 20% of earnings after dividends on preferred
stock, plus net proceeds realized on the sale of any properties, after
paying prior taxes and loans arising in connection with the
new
dividend of $2 paid July 15, 1940, and dividends of $1 paid April
Jan. 15, 1940.
During the year .1939 four, .quarterly, dividends
ah
in
of
of
Preferred
/
45,546
•'•
Amendment
provision is made for participation by the holders of the debtor's
preferred or common stock...
.../
"'V;
Provisions of New Securities—The principal provisions of the pro¬
posed new securities are as follows:
■
....
tion
^Compared with $32,156,621 for the four weeks ended Sept. 28. 1940,
per, share
preferred
new
152~70l
and
to
(George) Putnam Fund of
1941
in
$3,377,800
no
i;;/ Sales. for
Directors
and
No
25,000
—
doubtful
far
f-f To Pay $1
ofii
addition
new
the
(G. E.). Prentice Mfg. Co.—Extra Dividend—
,
'
_!
i
—
reserve
Directors
;-i"°IiiCludihg $37,281 profit? oh'bonds cancelled during the? period and
bonds in treasury for1 -retirement', and after: deducting depreciation",
Interest; Mexican-income taxes" and other charges-.
+Gn 28,114 shares
of 7 %* cumulative preferred stock, $5 par.—V*.* 152, -p? 2566: \ )
at
to
the unsecured
common
$220,892
;
2,059,006
taxes—__
preierred stock (par $100)
;;5stock, pavable Oct,
July 31*, -1941-^
inunic.
Total
share^;^;_—-*•*•• $2.45
per
of
3,8ii
tiLS241,738
and
State
1940
$353,552
subsidiary.—;
payable
stock
%v •After
/(Including Subsidiary
/•Net
tEarnings
Fed.,
268,618
Sugar^Co.—Earnings—
$8,284,653
of Plan
holder
share
Bondholders of the
$12,637,043
1941
_
payable—French
'Surplus'--_;—-_;;;__'_'-—
-
_i55,".:..|'
-J.;'.,-
\
>
payable
.Cumulative
543,690
15,2826,635100,552
of
Each
one
distribution
1
Salaries, ..wages, &c.
Hnredeemed jmerchandise .-coupons
Res. for contingencies:^;;—
'*
\
31,886
1,605,573
,
200,697
"Net' loss y:——■■
'Potrero
'y. i' & ■ >f*
Accounts
Commissions
JCommon
124.77L
deprec2_
for
"-v.;.
*V7
Liabilities—
Accounts
$1,718,472 $15,335,680 $13,82^672
$1,758,066
-Cj2_'
^nte+est,;charges
1
■»
shares
receive
distribution
355,785
goodwilL_T
and
$15,215,700
Vv
deprec." &
interest charges
—v.
2.255,784
2,248,915
422,949.
15,; last,
-pares
200,000
________
cipal amount of such claim,
of
Oct. 15, July 15, April 15 and Jan, 15, 1940,- and com-,,
with 75 cents paid on Oct. 15, 1939; 50 cents paid on July 15,,
April 15 and Jan. 15, 1939; dividends of 75 cents were paid on April,
15 and Jan, 15, 1938, and previously regular quarterly dividends of:.:.
$1.50 per share were distributed—V. 153, •p',.*250./4^r'^^A>iVr>*r^T^*
Jan.
2,248.915
2,255,784
Def. charges to exps._______.r^r___r_
Oct/1.
record
278,327
1,700,000
1,249 500
...
preferred stock, no par value, payable Oct. : 15 to holders
Like amounts were .paid on July-15,. Apr.}1^15> and:-;
cumulative
of
10
stock.
will
on
Inventories
Portland Gas Light Co.—$1 Preferred Dividend—
•
(esti¬
—
receive
-
Inventory in and adv. to foreign subsidiaries
>1-
interest
plan provides that creditors entitled to priority will be paid in
cash in full, except that it is proposed to make a settlement of taxes
owing to the Borough of Sayreville,
"
*
:,v
Each
holder of a bond in the principal amount of $1,000 will
'
for relining furnaces, $15.00Q;>capifcal stock ($1 par), $986,000; Capitals
surplus, $150;. earned surplus, $361,881; total, $1,760,432.—V. 153, p.
$197,327;
The
'*$2.73'.
V .268,618
shares
com.
:
$10 par.
7.
*
■v
stock (no par)_;___j;
$9.10
$7.90
$5.18
'
$4.70
Balance Sheet June 30, '1941
<-■
7
;
i :
rAssets—Cash;
$285,699;
account's1 receivable,'A $344,038; ^ advance % /, '..♦After depreciation, charges and provision for doubtful accounts, but
/.before provision for taxes,
fIncluding
domestic
subsidiary,
fIncluding
against raw material purchases, $2,632inventories, '$282;065; prepaid
v domestic;subsidiaries.
..*
.1
,
.
,,
expenses,
$30,216;
property, "plant and equipment: (het), $815,781-;
total, $1,760,432. '
.7%
!; 7
Consolidated Balance Sheet; July 31
Liabilities—Accounts payable, $211,375;- accrued expenses, $42,782-;
1941
1940
; V' Assets— •:
reserve for Federal
income and excess profits taxes. $143,234; reserve,-;
Cash on ;hand, in banks and in trans.—
$3,420,199
$2,580,194
•Earnings
;
(principal),
6%, $81,000)
stock
Dividend
mon
,312
-V--------
2,022,636
•
Summary
263,883
i
—2^^'"
Surplus
106,595
3,199
;
paid—Qn
preferred stock _v—_
On common
stockjily:',
,'J
inter¬
2,684,300
creditors
at
accrued
bonds
Total
subsidiaries
r
interest
Unsecured
25,000
$40,095
$73,496;
claims—
mortgage
Preferred
follows;
as
—
invest.
on
divs.
priority
first
Unpaid
$1,526,172
be summarized
may
Borough of Sayreville,
(estimated)
$33,099
Other
92,171
1941,
liabilities
Arrears,
est
$2,387,753
$1,653,586
dr7,063 *;*,'•
cr716
30,
Trustee's
in advances to foreign
Cash
$417,769
6,457
profits taxes d ' r 103,000,
39,000
of June
-
declared value excess
profits
for Fed. Income
Provision for Federal
Net
profit for period;
Prov.
Taxes.41,027/
Provision for depreciation_„-:».>-j,_w^---;i-i---l---.i-r-l;! %'*' 26,685
Provision for amortization
emergenoy^aolllt les - - - - -—— •;.; //h;. 6,000 I
302,152
6%
Total
sales$3,030,892
Net
.
.,477.355
T,4T^% /..•!;.
______
Adjustments
:
.<
596,905
377,998
tributed' profits_ui'__*_
Net
f
604,452
511,849
;:r
636,706
over
excent
holders'
capital
posed
(b)
the
some
deficiency
Wori-ing
unsecured
creditors
few assets of little value.
claim,,
which
appears sound.
Capital—The trustee testified
structure
,
.
that in his opin^n the
reorganised company will require working capital of betwa*m <900,000
pnd $225,000.
an
estimate which appears ieasonahle.
At T'»ne 30,
1941. the debtor's working capital of about $215 000 was, therefore,
not, in excess of normal business requirements and, furthermore, pro-,
vided no funds for pavment of tax arrears and reorganization ex¬
penses
To
yet
-meet
to
be
these
allowed.
obligations,
• .*
earnings
as
mav
consummation
of
.
'
proponents of t^q p'"n contemplate
borrowing $50,(100 and "tfhzirg such
be realized between June 30, 1941, and the date of
tlje
funding the existing tax arrears,
the
plan.
^
!" iTT* uLj!^
j?T'tff< I .'"f*
*di
""*"' v*"*
a>H tiM
THE COMMERCIAL & FINANCIAL CHRONICLE
548
to
respect
estate
real
With respect to the proposed loan, the terms are not
;
Total
Fur¬
and
outstanding
outstanding—V.
Federal
Other
prosecute to
Civil
Aeronautics
receivers
264,247
140,343
ii.—
Total ——.$2,820,574 $2,751,077
;
' -V
.
issuable
conversion of warrants
on
$240,815
$212,311
81,030
64,705
income
31,672
21,013
22,597
20,613
Dated
109,733'
tot*'
i
204,500
>
$97,830
$985,443
Dr 58
'7 Dr 12
3,479
$97,437
$97,818
$988,922
$993,657
13,891
11,770
158,048
124,388
7. 3,676
,
'•
.«•
accruals-
res.
accruals-
Gross
income
\
$86,048
$830,874
$874,269
8,125
9,624
92,484
115,585
Cr 177
806
2,170
300
829
10,312
$75,298
$74,790
$725,908
on
discount
&
Other income
Net
1
charges—
income—
-V.
stock of the Airline and if so desired, also 30% of all non¬
securities, other than equipment trusts.
5
If the second option is exercised either in whole or part, then the
receivers shall be entitled to receive from Ladenburg, Thalmann &
application of Seaboard Airways
be held before the C.A.B., on October 27.
The
to
routes
and
-
.
...
the
/
C., Charleston,
Beach and via
Raleigh, Charlotte, Columbia, S. C., and Charleston; and between New
York and New Orleans, via Newark, Philadelphia, Baltimore. Washing¬
ton, Richmond, Raleigh, Charlotte, Atlanta and Birmingham.—V. 154,
ington, D.
C., Richmond, Norfolk,
Wilmington, N.
Savannah, Jacksonville, Orlando, Tampa, West Palm
437.
p.
.V."
■
.
Period
v
6 Months End.
Uncollectible
Net
■
and
charges.
serv.
earn.
after
i,
:
Bus,
adv.
Div.
from
Miscel.
$406,765
38,200
13,964
wholly-owned
com.
9,598
$739,410
"^7 /7.-'
oper.
$2,440,512
rev.—
taxes-
1,095,479
153, p;
1288.
8,237
15,935
64,000
11,373
-'$507,681
$464,663
$471,958
$479,271
295,452
71,694
292,844
254,951
295,303
52,394
G2.197
'7'7
14,489
reports
Operating
Int.
expenses —
indebt. dur. per.
on
37,000
18,800
22,000
19,000
$100,512
$142,613
25,000
40,602
$102,771
Southern
Div.
income v—
Div.
com.
on
'
25,000
stock—
pref.
on
25;000
40,602
40,602
stock——,
Operating
;•
and"
accounts
Invest,
in-
5,948
212,815
2,235
48,019
57,654
equipment—
Prepaid expenses and deferred charges—.:
Total
v-1'".
L ab lities—
&c._—„_—
Accrued
taxes
Dealers'
participating reserve———
notes payable..*——
.
*:
Reserves
Deferred
7.
income
pref. stock (par $501—
—
Common stock (par :$10)--i_—-Capital surplus
Earned surplus
5%
cum.
of the courts in
which
obligation
57,099
143,538
Total
*
Includes accrued
236" 79 6
165,446
1,000,000
1,015,050
306,576
]—V. 154,
Gross
■
Thomas
a
'short
the
time
•V.
Mine—
;
.
•
.
states:
large flow of water was encountered in
district which adjoins your property.
In a
water from this adjacent ground began to seep and
very
into your Denn mine and soon completely
2565-foot levels, which arc the two lowest
At its peak the water rose to within 4 feet of
before
be
be
flood
began.
mining
.
,
been
suspended
pending
the
-
Interest
and
'Net-loss
on
dividends.
secur.
1940
1941
--$85,542
87,043
3L—
6 Mos. End. Aug.
sold
$73,500
$67,730
14,512
*34,301
by
$58,988
11,245
$102,031
'
■:
101,343
106,872
the
-Interest paid &
for cap.
-Prov.
—
■
-
expenses
'
accrued
>r
stock tax
v
$18,499
-11,578
101,343
1,585
11,043
Northern
on
•
divs.
loss
Profit.'
1,
1941 to April
1,
.
1,343
403
~R162
—.
$96,410- :
t Loss.
s
$54,943-
.
-
$17,040
the
Gas
has
10,456
108,161
>
7 7
<
7.,
.
f
1941
paid
1940
Oct.
15,
1940
and
7-?/7V:'-
7 7
7/
months
nine
1941,
1940,
$458,884
were
decrease of
a
and
$66,228 or
77/7 : 7,7/77::'.7V 7y:.
'
ended
1941,
Sept. 30,
$5,496,527
were
the same nine months of 1940,
26.16%.—V. 154, p. 250.
and
or
Paper Co.—Accumulated Dividend—
declared
have
7
dividend of $1.50 per share on account of
a
6%
the
on
pref.
cum.
stock,
payable Oct.
to holders
1
Sept. 30; Dividend of $5.50 was paid on July 1, last; $2.50
April 1, last; $1.50 paid on Jan. 2, last; $2.50 paid on
record
was
on
1940:
Dec.
dividends of $1.50
1939; $2.50 p«id
$3.50 paid on April
paid on July 15 and April. 15,
Oct.. 16 and July 15, 1939, and
were
on
1939.—Vtf 153, p. 254.,v
1,
,7
—
7
v
f
Sundstrand Machine Tool Co.—50% Stock DividendDirectors
stock,
appointed Trustee, Paying Agent
mortgage dated Sept. 1, 1941,
3%% bonds due Sept. 1, 1956.—
also
V.
declared
have
payable
distribution
of
12
Nov.
was
154, p.
154,
value
Gross
250.
p.
:
End.
Mos.
■■■
of
International
5
dividend
of
50%
the
on
common
record Oct: 25.7 Last previous
paid*on Sept. 20, last. See
of
of
dividend
$1
v7.
77,'
7
439. 7
stock
a
holders
to
cash
a
of
'.V.■/wv"
$3,024,851
Mines, Ltd.
from
Inc.
Gross
-
■*
-
1,122,880'"
-.7; 44,958
1,223,200
investments. 77
30,569
$4,278,620
earnings-.
$3,399,280
$3,605,008
$3,930,356
!
:
;
——
1938
1939
1940'
1941
31—
Aug.
bulion—,
Dividends Lamaque Gold
RR.—Acquires Properties of
& International Ry.—V. 154,'
Spokane
International
lng.
$4,772,846
957,800
.21,401
72,522
$4,378,482
$4,002,878
"
! .7,
7f 7'
7
1,790,349
r 1,769,550 / 1,949,570
taxes—.7-*521,100
.*517,759 77: 287,471
General
(1)
•
District
Court
was
for
the
Spokane International Ry.
and
for
the
Eastern
consummated
in exchange
cash:
and
•
on
Oct.
*
Washington,
and there were
1941,
1,
7
the
41/2.%
mortgage
bonds,
Series A,
Escrow receipts for 6 shares of common stock
•.
r-
-
,
hew
arid
company,
The
(less
$56.25
-can
be
nant
•
**
securities
obtained
coupons
of
agent.
in
new
dated
Feb.
1,
upon
and
amount;
if
as
any,
thereon)..
to
The
ready
be
may
-
*
for
withheld
date
called
interest.
Payment
152, P. 2411.
153, p.
'••
$0.42
$0.33
112.
in
stock,
common
dends
and
7
of
ten
2
and
and after July 1, 1933, accompanied by a
Irving. Trust Co., New York, as distributing
on
bonds are in fully registered form and
of-$100, $500, $1,000 and multiples of $1,000;
which would have been available for interest on the
V
Co. of Ohio—Bonds Called—? 7
.
redemption
Nov.. 1
on
at
101
and
1
accrued
will.be. made at the Bank of New York, New York
./;/^;7.:77-;■
'7'.,;7
dividend of. 15
declared; a
cents
per
share
on
the-
payable Sept. 30, to.; holders Of record Sept.-23;' Divi¬
were paid* in each of- the three preceding quarters,
cents
quarterly
p.
for
Mailed & Mfg/ Co^lS -Cent Dividend C
Terre Haute
V..153,
Oct.
the three years-from Jan. 1; 1938 (the
of the plan) to Dec. 31, 1940, computed in accordance
provisions of the mortgage securing income mortgage bonds,
amount to about $90.34 per" $1,000 income mortgage bond, or slightly :
over two years' interest.
The court has ordered that there be paid at
the
14,444
$1,604,523
$0.48 7"";';
7/"' $0.41,
Service
been
dividends
1289.'
<
five
,,
cents
*>. .wax.'
Thermoid
were,
previously
distributed^'.
v-.vsv(' '-t':''iiw"."'W"''
.
delivery
income mortgage
earnings
65,164
$2,036,646
7
only.—V.
'•*
were
denominations
effective
•
taxes
cash
surrender of the old bonds bearing all appurte-
maturing
transmittal
The
(no par)- of the
•
such
$2,305,512
of the outstanding 5% first lien collateral trust bonds due May 1,
have
city.—v.
;
-
-.
income
-
,
taxes
^.Directors have
jot
company,
stock.
for
Telephone
1953
.
.
1940,
new
cap.
Provision
/ All
for each $1,000 old bond the following
:
•
■
•/
■
...
.*"
(2)
318,876
7 220,911
of
District
.
income
$600
7'
177' $1,987,971
profit
7144 shs.
•
to
receive
-7 ■
: /7*
777—.
7,~,7.
-
.
198,851
—...
_
Ry*—Reorganization Consum-
-
*
.
expense
Earns, per sh. on 4.807,-
S.
1,844,124
expenses.—
Insurance .and
Net
Division,
securities
148
$156,481
;
*
Teck-Hufches Gold Mines, Ltd.—Earnings—
income-mortgage-bonds-for
•.
of
1942.
r;
to
(3)
f$37,702
-
September,
for September,
■
an.increase
Strathmore
Co.—Trustee, etc.
been
"A"
series
month
respect of Federal
'
3902..
p.
with $4,356,769 for
of*$1,139,758
compared
Directors
Jan. 1 to Sept. 27
1940
the
of
month
$525,112
;V
accumulations
to be
entitled
with
Net
Oct.
the
for
with
.
•
the new company,
Spokane International R. R., the
acquired by it under .the plan. Pursuant to the plan and
in
accordance
with the
order- of the Court dated Sept.
20,
1941,
holders of the first mortgage 5% bonds of the railway companies are
--
•
-
,
2.9%. —V.
transferred
_——
-
Tax
-
151,
Stores, Inc.—Sales—7'
Exp. on outside props. &
exploration work
U.
•assets
,
96,939
■
'
<
cents per share on the
Sept. 23;
dividend of 30
a
quarters.—V.
sales for
Net
as
$3,696,718 $132,982,508 $101,273,415
indenture
plan of reorganization
letter
income
Total
.Administrative
Co.
the
;
Road- -See
The
$59,237
>•
sales
Net
;Coeiir d'Alene & Pend d'Oreiile Ry. which has been duly confirmed
de-
1938
1939
of
Spokane
Shawraut Bank Investment Trust—Earnings—V
:
for
mated—
•
;
preceding
reflect
340.
,
the mine but on certain of the higher levels mining and
development work is being conducted on a limited scale.
It is likewise impossible to say at this time how much damage has
been
done underground.
With very little warning, but acting with
promptness and resourcefulness, our staff was able to save the mov; able equipment on the flooded and threatened levels.
The expense of
-rehabilitation may be considerable but we have no reason to believe
'that such expense will be prohibitive or that any permanent injury
has been done to the mine.—V. 153, p: 1000.- '*
\ ' *
""
declared
have
Sterchi Bros.
12.61%.
September, 1941, were $4,534,856, com¬
pared with $4,435,961 for September, 1940, and show an increase of 2%\
Net sales for the nine months ended Sept. 30, 1941; were $35,778,088,
compared with $34,764,464 for the same period in 1940, and show an
p.
'
.
have
operations
>
(Ind.)—Listing—
Develop, mining & mill-
is completed but we are tentatively assuming
accomplished within three months from the time the
Normal
-
Trust
mortgage
Spokane
*-watering of
'
from
$5,096,816
1142.
p.
sales
Old
'
'
deposit
1941
(est.)
under
first
153,
inundated the
de-watering
will
it
'
-
,
438.,
p.
Registrar
increase
levels in the
Denn.
the 2430-foot
;level.
".7
Every effort is being made .to de-water the Denn and the adjoining
^mines and on Oct. 2 the water level in the Denn shaft is 105 feet
below the 2430-foot level,-which is a drop of 101 feet since the peak
'of the flood.
It is impossible to say at this time how long it will
'that
154,
Net
and
'
1
-
earnings
covering
^
Corp.—Normal Operation Sus¬
'percolate
12680-
April
Manufacturers
and
President in a letter to stockholders
Bardon,
August 30 last a
mine in
the Bisbee
On
438.
p.
Oil Co.
stock, par $20, payable Sept. 30 to holders of record
compare
with the .result that the deposited M. & O. shares
Spiegel, Inc.—Sales—
'
•
on
Southwest Natural
?
1941—Month—1940
1941—8 Mos.—1940
$85,714,253 $65,650,020 $601,797,476 $453,219,794
pended Pending Dewatering of
;7
•
249.
p.
the
on
Period—
•/
439,679
Co.—Sales—
Shattuck Denn Mining
;
154,
Chicago
Southern Is
Week ended Sept. 27
Period Ended Sept. 30—
—n-—
4,
amount
four
to
interest
>
Sales
the
Oct.
paid on Nov. 29 and on Aug. 12, 1940 30 cents on June 29 and March
3, 1940; 15 cents on Feb. 27, '1940; 30 cents on Dec. 27, Nov. 10, Sept.
30, June 30, and March 31, 1939, and 25 cents paid in each of the
1, 1941 to April 1, 1942.
A similar deposit was made to cover
the April 1, 1941 dividends, with 6 %
interest from April 1 to Oct. 1,
1941.
Southern
now
has
depos'ted an add't'onal $3,402 to cover
2497^.;.
expenses.—V. 154, p.
Sears, Roebuck &
•
its
$12,581,003 $10,599,818
———-
on
;,v;t -;•*' -^'r'
Oct.
180,177
ended
paid on June 30, last and compares with 60 cents paid
May 26, 30 cents on March 31v last and on Dec. 26, 1940; 50 cents
Like
represent any interest in the M. & O. railroad property. T
The
sum
deposited by Southern amounts to $116,806/ comprising
$113,404 dividends and $3,402 interest, at 6%; for the period from
ceased
—V.
v
that
tion of the company^
12,635
83,1P0
in
companies
week
totaled
Directors
l
Railway—Deposit Made for M. & O. Div.—
tention
$7,223,000
136,370
the
for
system
Co.
Standard Screw Co.—Common Dividend—
;
seeking a determination of its con¬
the certificates has been terminated by
the foreclosure of M. & O.
The shares of M. & O. stock, deposited
under the certificates, were not allowed participation in the reorganiza¬
45,986
1,015,050
306,576
524,015
,
\v*
deposited with J. P. Morgan & Co., the sum specified
Railway-Mobile & Ohio stock trust certificates as receivable
on Oct. 1, next.;' The deposit, l'ke the one made to cover
dividends ordinarily payable on April 1, 1941, is subject to the order
44,659
j
1,000,000
—
.
dividends
in
-'2,235
2,500,000
476,873
!
'
/.
.
Output—. '
operating
utility
public
the
Electric
in Southern
"
30,763
—
$2,460,693
903,256
Company has
13,283
295,000
1940
$6,328,000
term
$2,722,457
942,243
'
:
payable Oct. 10 to holders
10, last.—V. 152, p. 3514.
stock,
Stock Exchange has authorized the company to list
14,148 additional shares of capital stock ($25 par).—V. 154, p. 250. •- *
/„
.$163,636
;v-'" J,:\
and
Standard
expenses
.•:'f
Southern
93,333
1941
,7;
payable unsecured-^.—__—i.
'•Accounts payable ■'
vV't'v
i
$12,581,003 $10,599,818
Notes
Long
$1,216,021
8,889,301
177,600
i,—
and
r
of
output
18.5% .—V.
'77.,/
,
mach. & equip.—-—
wholly-owned subs.—
———
against
fixture
Furniture
1940
1941
$1,290,018
10,786,715
rec.—-—;——
&c.__
indust.
autos.,
advs.
--7
—
accounts
Miscellaneous
Repos.
Lien
.
rec
dividend of 10 cents per share on account
a
preferred
amount paid on July
Like
29,103
$144,772
$1,780,214
$1,557,437
for August and for the 11 months to
August do not include income and profit taxes.—V. 154, p. 260.
"
earnings—
Products Co*—-Preferred Dividend—
* 1941—12 Mos—1940
'• ," 88,941
expenses—103,098
Note—Operating
security, prompt payment of
by the corporation,
the
on
1.
Oct.
Gas
common
Net
above
151,653,000 kilowatt-hours, as compared with 127,968,000
kilowatt-hours for the corresponding week last year, an increase of
1941,
40,508
Comparative Balance Sheet June 30
Assets—
against
V-v/
Co., Ltd.—Earnings—
Aug. 31—
1941—Month—1940
earnings—$266,734
$233,713
Gross
25,000
'
Notes
record
The
Power
Period End.
,
Net
Canada
South.
Standard Gas & Electric Co.—Weekly
1
52,507
$103,534
Pro. for Fed. tax. on inc.
nine months of this year was reported at 47,307
corresponding period year ago.—V. 153, p. 253. >\>.
in
>
•
v'f
declared
of
Electric
first
earned income-
Gross
v
.-
the
in
to the
addition
Coated
have
accumulations
9,430,0287 8,417,347
904,733'
net
a
Trustee.
founded
College,
learning
raised
of
;:
gain of 8,619 connections during the month
of September bringing telephones in service to 837,542.
Net gain for
Company
7
'
Hill
of
Conference.
have been
Directors
$17,424,550
7,371,447
Southern California Telephone Co.—Gain in Phones—
27,000
$1,000,000.
Athletic
Standard
34,000
Individual
Gfuy,
$1,137,897 $11,350,486 $10,053,103
$1,382,511
income.
—V.
$430,781
income
operating
De
will be used to retire and
refund a presently outstanding mortgage bond issue, of higher coupon
rate, in the amount of $271,000. 7
77
'77
7.
!So.mu7
$2,024,822 $19,893,161
836,925
8,542,675
1,058,001
...
V.
Louis
principal
which
$6,225,975 $57,307,709 $49,784,032
4,201,153
37,414,548
32,359,482
4,983,192
expenses
operating
Net
35,000
Trustee;
...
19«1
213.27?
head
at
I
■ =
and interest on these bonds will be unconditionally
guaranteed by The Catholic Society of Religious and Literary Educatiori, the corporate name of the Southern or New Orleans Province
of the Society of Jesus (Jesuits);;- •/ •
' ;
.
Proceeds—Proceeds
from
this
issue,
together
with other
funds
$6,255,730 $57,520,981 *49,983,689
29,755
V'7' ■:t;
' *
$1,000 and $500; principal and
office of Hibernia National Bank;
of
'.'i
Guarantors—In
both
1938
$396,585
pay¬
serially Oct.'1; 1942-1956.
mature
denom.
payable
institutions
Dixie
Co.—Earnings—
1941—Month— 1940
$7,450,348
j,26,644
.
income
31—
$7,423,704
Net
*
O.)1
Standard
.
income...
ser.
subsidiary
$426,244
on
corpora¬
mortgage
«• *
in 1830, is one of the
Since 1847 the Jesuit
Fathers have directed its policies and during that time it has gained
national
recognition as a seat of liberal education.
For the year
ending June 1, 1941, the total net enrollment amounted to 699, includ¬
ing part time
and summer school students, rOf these,
192 were
boarders.
Spring Hill College is a member of,
affiliated with, or
approved by The National Catholic Educational Society, The Associa¬
tion of American Colleges, The Southern Association of Colleges and
Secondary Schools.
The Association of Alabama Colleges, and The
appointed redemption agent for
preferred stock.—V. 154, p. 250.
rev.
Operating
for losses
prov.
contingencies
&
to
the
Mortgagors—Spring
oldest
been
Operating revenues..!
Operating
1939
1940
taxes
foreign
income
the
on
mortgage on property and improvements owned by the corpora¬
and
located
in
Spring Hill,
Mobile County, Ala. valued at
tion
!
*
-Earnings—
1941
June 30—
Aug.
revenues—
in
Orleans
first
.
.
Corp.
Commercial
End.
Operating
Net
Seaboard
has
Co.
convertible
cumulative
60c
Southern Bell Telephone & Telegraph
to serve are from Boston
Philadelphia, Baltimore, Wash¬
via Newark,
Miami,
non-resident
or
Interest
'.A.v
;•
.
1941 j
1,
bonds
Corporate
9,676
7/
Corp.—Redemption Agent—
Manufacturers Trust
.
scheduled to
are
income
Federal
of
aliens
Seourity—These bonds will be the direct obligation of Spring Hill
College, incorporated in Alabama in the name of the president and
trustees of The Spring Hill College,
and additionally secured by a
154, p. 438.
Sonotone
seeks
Airline
the
which
over
York
New
the
on
respect
fiduciaries.
or
/
-•
...
$83,546
long-term debtAmort. of debt premium
voting
Hearings
in
non-resident
Callable at par and int.. on any- int. date in any order upon 30 days*
written
notice
to
trustee.
Hibernia
National
Bank, New Orleans,
$994,981
$97,495
(A.
New
149,589
263,990 V
Oct.
> 'Coupon
voting
Airline.
to
partnerships
3-3y4%) bonds.
$2,212,732
752,376
:
111,286
218,684
"
before
income
res.
Int.
of the Airline either by public or private offering, either
receive in cash the $78,500 which the receivers already have
invested in the air company, or
(2) to purchase up to 30% of all
already invested by the receivers in the
thereof
■ Spring
Hill College, Mobile, Ala.—Bonds Offered—
Hyams, Glas & Carothers, New Orleans, recently offeredi
at 100 and int. $225,000 1st & ref. mtge. serial (2-21/^-
to
the $78,500
31,
1940. From such $56.23 there will be deducted and
Jan.
1,
approximately
financing
Co.
$93.75 for eaqh $1,000 income mortgage
be equal to' the interest accrued from
1940), and that the income mortgage bonds
7
1941—12 Mos.—1940
$2,435,972
858,122
8,150
8,020
u.———
oper.
retir.
Ret.
will have the option after
reorganized company)
the rate of $56.25
securities cash at
new
wit,
would
bonds, to the extent earned, will be payable on April 1 in each year,
beginning April 1, 1942, subject to the yprovisions of the income
mortgage
"
7 •'
Application is being made for the listing of the Income mortgage
bonds on the New York Stock Exchange.' It is not contemplated that
the escrow receipts will be listed—V.^154, p. 340.
" 7r
Co.—Earnings—
income—(net)„_
Gross
court
conclusion its application now pending before the
If the certificate is granted by the C.A.B.,
a
to
Feb.
27Va%
made
tions,
drl,143,287 drl,276,213
1941—Month—1940
31—
taxes
income
Util.
Board.
the
lor
1938,
ments
,
Power
Aug.
revenues..
taxes
Other
Ladenburg,
It to
(1)
Deficit
152, p. 3985.
Maintenance
road's
the
End.
Operating
Operation
Thalmann & Co. be granted the authority to finance
subsidiary, Seaboard Airways, Inc.
Under an agreement between the receivers and Ladenburg, Thalmann
& Co. the latter will supply the Airline with additional funds to enable
the
333
172,800
Airways—
receivers, it is understood, will recommend to the Federal
The
that
1,
dated
the
to
(which
shares of no par value in part issued
balance
the
and
Pacific
Sierra
Period
Bankers
"
—$2,820,574 $2,751,077
Note—Stock consists of 75,000
equal to the estimated long-term average they WOuld be barely
sufficing after allowance for income taxes, to enable the company
to rpay the
loan at maturity without depleting working capital.—
V. 150, p. 444.
: i
v-77/'
Finance
2,917
230,400
•Aggregate cost per books $3,798,047.
;;
upon
Seaboard Air Line'Ry.—Plans to Recommend
tax—
Acer. int. pay.
bond,
•
were
to
be
delivery of
old
delivered
withheld
cap.
securs—
appears
••
Jan
500
792
Unreal, depr. of
the terms and conditions of the loan.
In this connection
plainly unsound to obtain, as seems contemplated, a loan
of only one year's maturity. - Even if ithe earnings for the first year
and
it
bond
pay...
for
of
$1,000
per
..$3,994,000 $3,994,000
payable
stock
30, 1941, are known.
The feasibility of the
also contingent upon the obtaining of a satisfactory
necessary new money before
the plan is confirmed,
for
commitment
1940
1941
notes ;
&
Accts.
140,847
165,647
Res.
after June
is therefore
Deb.
167
Cash
the
operations
plan
1940
•$2,654,760 $2,610,230
Acer. int. rec.
sufficiency of a loan of $50,000 to maintain necessary
working capital cannot be determined until the pending negotiations
for settlement of the tax arrears are consummated,
and the results
of
1941
"
Investment
described and
prospective lender.
obtained from any
has been
commitment
no
thermore,
Assets—
;
$110,000,
the- time
Sheet Aug.. 31
Liabilities-
Balance
tax arrears, aggregating with interest
the plan proposes that this obligation be
funded
by arrangement with the Borough of Sayreville.
Negotia¬
tions
have been pending for some months between
the trustee and
the Borough, looking toward a settlement under which a substantial
portion of these tax arrears would be funded over a period of five
years, - and a portion paid in cash or by the transfer of other prop¬
erty.
In view of the debtor's present working capital position, it is
obvious that the feasibility of the plan is dependent on the making
of a satisfactory settlement of this tax obligation before the plan is
confirmed.
:
With
approximately
Saturday, October 11, 1941
■
•
!*v ."irv•
■,« •
.--77.-
Co.—September Sales^-v--,»>;.</• *,.;.v7f- r 7
September sales of comriany and domestic subsidiaries amounted to
$932,485 an increase of 27.1% over sales-of $733,398 reported for the
comparable
months
of
month
1941
a
were
ago. 7 Cumulative sales for the- first nine
$8,323,352 an 'increase of 32% over the similar
year
when sates were $6,302,101'.
'7 ': *'■' '<
During the past month sales to new car manrifacturers continued"
the decline which has been shown in recent months.
However, sharply
Increased sales bY the replacement divfs'ntt and" t.he ^mec^an'cal rubber?"
divis<on-more
th^'declirie in new equipmeht'business to'bait
manufacturers—V. 154,-p. *250iA'««&
p
:• • -e
period
a year ago
.'
Volume 154
Number 3992
Tobacco & Allied Stocks, Inc.—To Pay
('■ :<V
250.
\ ''■
1
,
required
A
"»
'.
i
*
_
.1
,
'''»v
■*•>■»'
•
/'
..
<
■
.
"pick"
system
a
which
on
to
confine operations,
v ■ y
549
28,
clearly entitled to know the permanent setup," before being
to
said.
Dec.
holding that United at present did not control the four tcp»
subsidiaries, counsel revealed the corporation intended to "eliminate
any
possobility of control."
.
At present, United owns approximately 19.6% of Columbia, 23.2%
of Niagara Hudson, 13.9% of Public Service of New Jersey, and 26.1%
of U. G. I., counsel said.
'
>
.
; , \
"If we establish that we do not control the systems under United
Corp.—^Proposes-New $5,000,000 De¬
Additional
Directors
t
and
ferred
of
the
class
corporation have
stockholders
A
for
called
Oct.
authorize
to
15-year,
issue. privately,
entire
"The
believe
directors
it
advisable
is
favorable
Union Bag & Paper
;
i,
Other
v
-
•
the
cause
increased
of
kraft
pulp
help
will
to
that
announced
be¬
a
in .all
departments of the business an
is rapidly taking, place.
Recognizing its obligation to fill defense requirements first, the cor¬
poration has placed all of its regular customers on a monthly allot¬
ment basis and is accepting no new orders
unless <?dv<ced whe^er
they are intended for defense or civilian use.
In this way the com¬
pany expects to obtain an accurate record of the direct and indirect
defense usage of its products, so that it can be sure its production
is adequately supporting the government's defense efforts.
f"
The corporation's products, are now being wideiy used in the ship¬
ment and protection of Army and Navy material and lease-lend
sup¬
plies, such as shell cases, shells, bombs, powder and explosives, defense
of manufacture
for
defense
purposes
.
.
chemicals, airplane parts, motors, .parachutes, clothing, food and drug
supplies, and a great variety of other products.
The company's own
moisture-proof paper is playing an important part in the building of
airport runways and defense highways, as well as the protection for
overseas
shipping of airplanes, tanks,: trucks, etc.The paper .bag
.-production of the • company is primarily for the protection of food
v
stuffs which with other agricultural products hold a vital place in
"wartime economy.
•.
y
Vy:
v
-1-
.
.
The
.
mill of the corporation,: which is one of the most
pulp, paper and bag manufacturing plants in the country',
was
completed in 1937.
It now comprises four units and upon com¬
pletion of the present expansion program will have a total of five
paper machines- in operation.
i;, J,
-
Savannah
modern
stock,
paid
payable Oct.
14
holders
to
of
record
share
a
Oct.
on
Like
9.
was
of
July 10 and on April 8, last; dividend of 45 cents was paid
14, 1940, 25 cents was paid on Sept. 16, 1940, and dividends
15 cents ft share were paid on July 12 and April 5, 1940.—V. 154,
p-
60-
on
:£y;
Union
due
Pacific
.
RR.—Common
Stock
•>.
y/f;
Offered—Blyth
Co., Inc., offered after the close of the market Oct, 7
a block of 22,600 shares of common stock
(par $100) at
a fixed price of
75net, until 10 A. M., Oct. 8; there¬
after, if available, at a fixed price of 75
plus an
amount equivalent to New York Stock Exchange com¬
mission.
Equip. Trusts Offered—A banking group headed by
The First Boston Corp. was on Oct. 8 awarded an issue
of
$13,250,000 V-k% equipment trust certificates, Series
"G," on a bid of 99.94, representing an interest cost to
the company of 1.505%,
The certificates are being reoffered at prices to yield from 0.25 to 1.85% for maturi¬
ties from 1942 through 1951.
Other members of the
banking group are: F. S. Moseley & Co., R. W. Pressprich & Co., Harris, Hall & Co. (Inc.), Kean, Taylor &
Co., Equitable Securties Corp., The llinois Co. of Chi¬
cago, and Baker, Watts & Co..
resulted
Halsey, Stuart &
99.833.
To
Drexel
and the
99,763
be
issued
Co.,
&
Inc.,
Co.
Salomon
under
and
Bros.
the
associates
and
associates
&
Hutzler
second with
came
next
were
group
with
fourth
at
a
a
price
bid
—V.
24,131
81,212
62,838
.
$191,690
41,351
on Lives ahd Granting Annu¬
Certificates will be unconditionally guaranteed as to
payment
of
principal
and
dividends
by
Union
Pacific
R.
R.
—V. 154, p. 439.
>
and
154,
The
of
by
$88,749
Mil
f Loss.—V.
Nil
Stores
—V.
$2,746,246
in
1941—40 Weeks—1940
$2,276,141 $25,480,291 $22,327,843
operation
154, p. 250.'
73
."V.'.V-/.-.l,yy;y
.
439.
p.
Force Integration—
71
Counsel
for
the
Corporation
has
requested
the
Securities
'
fees
3*/4%
has been
$75,000,000
purchase of
Ex¬
Commission to dismiss proceedings against it under sections
Utility Holding Company Act limiting a company to one in¬
tegrated and simplified system, and in turn to consider the voluntary
plan filed by the corporation for "divesting of control" of its sub¬
sidiaries.
hearing before the Commission, counsel for the corporation, con¬
however, that even if such a "voluntary divestment plan"
were not considered by the SEC, the "integration" plan should not be
forced on United until proceedings against the four "top" subsidiaries
of the corporation were concluded.
Of the four systems under the
,
and
■
■ ■
91,000
1,150,164
1,092,000
Corp.—Niagara Hudson Power Corp., Public Service Corp. of
Gas & Electric Corp., and United Gas Improve¬
Co.—only Columbia and U. G. I. have had procedings insti¬
tuted against them under the Holding Company Act.
It would not be "fair play" or "orderly procedure," counsel for the
corporation argued, for the Commission to order United to "tie up"
with a system whose future under the Holding Company Act had- not
yet been decided.
"
$410,048
to
forbade
the
$4,660,010
$4,523,423
'
580
5,178
4,874
$455,279
$4,665,188
$4,528,297
bonds
$411,000
189,028
189,028
2,268.330
2,269,687
bonds
25,000
25,000
300,000
deduo. .'14,910
16,376
179,965
/
300,000
184,453
income———
$182,062
8,145
.v
t
stock
$224,875
$1,925,039
$1,774,157
for
period————i
—ir_,
1,704,761
—
pref
and
stock
1,
is
1941,
$69,398
accumulated
after
Oct.
1,704,761
'
$220,278
and unpaid to Aug. 31, 1941, amounted to
effect to dividends of $1.75 a share on $7
share on $6 pref stock, declared for payment
giving
$1.50
a
1941.V
being
Federal
for
Note—Provision
made
at
Income
taxes, subsequent to April 1,
which will result in the accumulation
for the full year 1941.—V. 154, p. 61;
rate
a
at the rate of 30%
Victor Chemical Works—Stock Offered—Public offer-*
ing of 54,000 shares of common stock (par $5) at a price
of $25.50 per share was made Oct. 9 by F. Eberstadt &
Commission Oct. 6 ordered the release
Co., Inc., who announced that the books had been closed
with a substantial oversubscription of the issue.
The
offering followed a special - meeting of stockholders
(Oct. 8) held in connection with the financing, which
also approved an increase in the company's authorized
shares from 750,000 to 850,000.
effective
then
Rule
U-12F-2,
promul¬
Utility Holding Company Act of 1935.
of an underwriter's or manager's fee
participation
whose
5%
exceeded
of
Net
viously
the
there
between them.
Yy^y-y.
'yciy1-The. Commission's determination that the institution of proceedings
bargaining
based upon the report of the
Public Utilities Division which conducted an investigation, primarily
into, the nature of the existing relationship between Drexel & Co.
under
rule
the
was
unnecessary
was
,
apd J. P. Morgan & Co. Incorporated, its officers and directors.
J. P.
Co. was co-organizer of The United Corp., parent of The
Gas Improvement Co.
It was disclosed, among other things,
Morgan &
United
ship and such persons severed all individual relationships with J. P.
Morgan & Co. and its affiliated interests.
It further appears that
J. P. Morgan & Co., its officers or directors, have no investment in
the present Drexel & Co., that there is no common identity of per¬
sons
connected with the two firms, and that any present financial
dealings between such firms are not such as to provide an incentive
upon the part of the Morgan firm or its members to attempt to exert
any influence over the business activities of Drexel & Co.
Furthermore,
the transactions conducted by Drexel & Co.,
and attendant circum¬
1, 1940, indicate that an actual and not merely
relationships was effected as of that date.
April
since
stances,
severance
of
expansion of its manufacturing facilities.. , : .
company's outstanding capitalization will
exclusive of 1,000 shares held
in the treasury.
• 'V.-j'
>•*•''' b
C-u. ■ • ;
;
Consolidated net profit of the company for the seven month? ended
July 31 amounted to $689,012 equivalent to 99 cents a share on -the
Stock than outstanding, compared with $563,350, or 81 cents a share,
for the corresponding period of the preceding year. ... ■ "
■■■'■
Company, organized, in 1902, is one of the leading manufacturers
of phosphorus, high grade phosphoric acid and phosphate.
Its prod¬
ucts are widely U6ed in various industries including the food,
steel,
textile, oil, pairtt, plastics, soap, pharmaceutical and chemical indus¬
tries.
Sales are also currently being made for purposes relating to
national defense.
' '»
^
'
'
'
part
for the U. G. I. system companies for the week
Plea Denied-**-
!
The
SEC
Sept.
on
the
directing
-
-
to
its
sever
Section
11
relationship with Commonwealth
previous order had directed
companies under provisions
of the Public Utility Holding Company Act.
, ;
(1)
(B)
United Light
&
from United Light.
The new company would be owned by
Light & Railways Co. which would replace United Light
top company in the holding system.
the
and
step
phosphoric
and
as
of United Light.—V.
stock
154, p.
declared
have
dividend
a
of
cents
50
share
per
16
last and on Dec.
Dec. 1, 1937.—V. 152, p. 2254.
cents paid on June
25
16,
on
have
Directors
addition
in
declared
of
the
Mr.
of
cents
25
the
This com¬
and June
Finance
Curb
York
New
common
154,
p.
Directors
record
Oct.
?5?^>.-7v-r*"4'"-
to
a
at
27%
.
:
.
stock
(par
*
has
Exchange
-
accrued
<
.
removed
unlisted trading
preferred (par $7).
from
and the convertible
$5),
440.
have
on
declared
dividend
a
preferred
Last
stock,
previous
of
$1
per
payable
share
Nov.-
distribution
was
15
on
account
to
holders
made
on
Peb.
Lockheed Aircraft Corp.—V.
Directors
stock
24.
of
of
26,
2,455,557
112,048
2,315,293
983,475
164,286 '
2,057,777
1,892.087
$6,027,718
$5,863,262
$385,834
$482,807
1,991
:.i;: Dr517
Dr42,483
Drl6,877
$387,826
$482,291
$5,985,235
$5,846,385
150,896
146,606
1,770,878
1,765,075
$236,930
$335,684
$4,214,357
1,171,602
$4,081,310
1,171,598
surplus——
$3,042,755
$2,909,712
have
declared
compares
a
dividend of
with $8 paid on Oct.
$5
3,
per
stock
1941
the
tax were
estimated rates
at
The amounts shown above
for excess profits tax in August.—V. 154, p. 96.
of
Charles
at St.
Davis
B.
and
foreclosure
End.
set
Dec.
Co.—Sales—
Louis
on
Oct.
3
signed
for foreclosure sale of
1
a
the
—
!J.V:
$6,128,909 $61,570,474 $54,659,048
$7,320,134
154, p. 250.
•-
Brothers
}.
visement—;
After
a
1941—9 Mos.—1940
1941—Month—1940
Sept. 30—
__—
hearing
<■;/.•>
Co.—Court Takes
'V
V,'..".
I
|
Under Ad¬
:
Federal
before
Plan
Judge
Brewster
in
Springfield,
Mass., Oct. 1 on the fairness and feasibility of the reorganization
plan, the judge took the plan under advisement, including certain
amendments suggested by various parties in interest.
Representatives
of
approximately
of
of
the
the
$5,000,000
total
face
bonds
amount
of
outstanding,
bonds,
recorded
which
is
about
themselves
in
plan.
that the plan is fair and feas¬
ible, the next step would be submission of the plan to security holders
for their
approval.
This will require two-thirds in amount of the
creditors'
claims, including bonds, and a majority of each class of
stock, voting separately.
After the security holders have accepted the
plan, it will go back to the judge for confirmation.
1941
share on the
income
Federal
Ry.—Foreclosure Decree Signed-—
Judge
decree
Three
1940;
and
the last 5 months of the year;
over
Warren
common
$2.50 paid on Dec.
financial
EARNINGS
exhibits
were
FORECAST
filed with the
court
at the hearing
One shows an estimated profit for the year 1941
of $477,000 on
an estimated volume of $16,568,000.
This estimate
is based on actual results for the first seven months of the year
and estimated results for the remaining five months.
The earnings
are
after taxes and funded debt interest, but before providing for
by
voting trust certificates payable Oct. 3 to holders of record Sept.
This
for
2,371,575
195,000
183,669
Assuming the judge makes a finding
V
154, p. 260.
'
1941—12 Mos.—1940
in January
five-sixths
i.
the
30.
its
at West
properties at not less than an upset price of $31,031,950, in accordance
with plan of reorganization approved by the court last August.
John
S. Leahy, St. Louis attorney, was appointed special master and directed
to proceed with auction of the road.—V. 154, p. 340. 'V
—V.
-
^
common
Walgreen
Corp.—Merger—
Corp.
for
include $297,000 accrued
special assistant to
as
of
consumption
404,000
amortiz.__
and
Sales
Victoria Bondholders Corp.—To Pay $5 Dividend—
.
the
210,167
income—net
Period
a
Vega Airplane Co.—May Merge—
See
taxes—_
Balance
final
share
1940, and amounted to $1 per share.—V. 154, p. 440.
New Jersey, Columbia
inc.
operating revs.—
Interest
favor
arrearages
V
_
taxes
Federal
of this company,
regular meeting
company
announcement.
a leave of absence to act
SPAB director.—V. 154, p. 60.
& Industrial
General
The
the
in
1941—Month—1940
Balance
: *'
—V.
growth
$2,124,789 : $1,766,021 $23,129,129 $20,335,685
668,736
8,497,032
7,660,885
796,279
143,143
144,841
1,775,751
1,564,401
„
Wabash
per
been
:
♦Federal
Other
in addition to his other duties, will act as executive head
during the absence of Albert J. Browning, President, who
Utility
See
consistent
Operation
Vice-President
vice-president
according
Directors,
of
and
executive
gfanted
been
a
revenues-—
Maintenance
^
;'
Secretary
elected
3
Board
United
of
Yates,
H.
Oct.
Yates,
of
Depreciation
Factories, Inc.—New Official—
United Wallpaper
on
dividend
develop¬
has
years
and February, increased to 30% in March.
Be¬
ginning with August the accruals are based on the Revenue Act of
1941.
Liability for excess profits tax under the Revenue Act of 1941
(none estimated under the Excess Profits Tax Act of 1940) is being
cents on the com¬
1 to holders of record Oct. 15.—V. 152,
stock, both payable Nov.
4141.
mon
William
result
♦Accruals
regular quarterly dividend of 25
the
to
extra
an
important
recent
Virginia Electric & Power Co.—Earnings—
United States Industrial Alcohol Co.—Extra Dividend
p.
most
the
during
This
acid.
which
Period End. Aug. 31—
of
60.
stock, payable Dec. 20 to holders of record Dec. 6.
1940, and on
15,
a
Balance
United Merchants & Manufacturers, Inc.—50-Cent Div.
Directors
with
the
was
common
common
Of
involved a change-over to electric fur¬
naces,
four of
were constructed and placed in operation by
the company at a new plant located at Mount Pleasant, Tenn.
Elec¬
tric power for operation of the furnaces is obtained from the Ten¬
nessee
Valley Authority.
During this period, the company has also
developed and introduced a number of new and improved products,
and
made possible by the recent sale by United Light of
355,250 shares of Northern Natural Gas Co. common shares for about
$10,5000,000.
United Light would be liquidated through the payment
of about $16,000,000 of debt and by exchanging United Light & Rail¬
ways Co. stock, all of which is owned by United Light, for preferred
This
one of
company
prospectus,
business
change made in the process used in the production of phosphorus
the
Net
United
the
.
.
the
to
the
in
Other
properties
as
offering, -the
According
ments
Power Co.—Plans Liquidation—
is considering the formation of a company to be called
Peoples Light and Power Co. to acquire nine Illinois and Iowa
Company
the
this
solely of 749,000 shares ($5 par)
Operating
,
Corp. and its subsidiaries.
The
to dispose of its control of the
U.G.I,
f
-
denied a petition for a rehearing of its order
29
company
Utilities
of
i
used for the
be
With
consist
just closed and the figures for the same week last year are as follows:
Week end.
Sept. 27, 1941, 106,094,992 kwh.; same week last year,
94.070.700 kwh.;' increase, 12,024,292 kwh.,^ of 12.8% ,
V,;ws '
t
are
products has expanded facilities at its other plants located
Nashville, Tenn., and Chicago Heights, 111.—V. 154, p. 452.
Weekly Output Shows 12.8% Increase—
The electric output
54,000 shares, which were pre¬
to be used to the extent of
the
.
while prior to April 1, 1940, Drexel & Co. was admittedly the
Philadelphia office of J. P. Morgan & Co. and that certain per¬
sons
now
partners of Drexel & Co. were partners of J. P. Morgan
& Co., on that date Drexel & Co. was reorganized as a new partner¬
that
formal
proceeds from the sale of
authorized but unissued,
approximately $750,000 to pay in full a serial bank loan; the balance
will be added to the working capital of the company and may in
if the investment banker stood in such relation to the
was liable to have been an absence of arm's length
offering,
that
the
Public
payment
banker
investment
an
issuer
under
the
to
pursuant
rule
total
;
$454,699
'
>
750
-
&
Dividends
on
•
(
v:
150
952
deb.
$7,671,425,
subsidiary.
securities
subsidiaries
its
gated
The
United
99,309
'
Balance
*
Valspar Corp.—To Pay $1 Preferred Dividend—
At a
ment
2,030,669
Dividends applicable to
,
be
to
of
sale
has
the
tended,
1,993,134
rev.__T
mtge
preferred
subsidiary, Luzerne County Gas & Electric Corp.
In approving the
security transaction a few months ago, the Commission had reserved
jurisdiction as to the fees pending final determination of the rela¬
tionship between Drexel & Co. and The United Gas Improvement Co.
-
and
162,909
(net)— i
interest
Net
*
with respect to impounded underwriting and manage¬
paid to Drexel & Co. in connection with the issue
by the United Gas Improvement Co and its
jurisdiction
and
SEC To Dismiss Proceedings To
' ;;<V/• v;,;y<
■»
yy\
change
on
.
14 insurance companies
the second that has been arranged,
of
group
a
The extension,
and Exchange
Donald Nelson,
United Corp.—Asks
246,060
170,895
struction-Cr.
Nil
155.
p.
on
Interest
f$73,897
$76,667
154,
United Gas is an Electric Bond & Share Co.
Securities
ment
was
__
637,100
Interest charged to con-
3,314
by SEC—Funds Were Impounded Under "Arms
Length" Bargaining Rule—
'
j:
Union Premier Food Stores, Inc.—SalesSales
51,000
United Gas Improvement Co.—Drexel & Co. Fees Re¬
v
.
1941—4 Weeks—1940
6,284,399
81,300
in¬
income
Interest
Other
13,591
"~4"487
128
$0.18
subsidiary,
t$15,640
22,989
4
**
-
$127,272
stk.
$104,143
102,813.
149,199
of
Pennsylvania Co. for Insurances
Period Ended Oct. 4—
income
Gross
leased
99,699.
ities, New York.
,
on
$14,176,551
______
operating
of such taxes
Philadelphia plan.
Principal payable in ten
equal annual installments on Oct. 1, 1942, to and including Oct. 1,
1951, and semi-annual dividends (A. & O. 1) payable at agency of the
trustee,
23,
paid
6,374,895
investments
Net
the
delay
in
the corporation's
hearing
before 'ohe
Exchange Commission regarding its proposed refinanc¬
from
ing program.
pares
.
t$78,478
24
1.
Dec.
Dealer's
discount, $1.75.
The distributor has
informed the Exchange that he may stabilize to facili¬
tate the offering.
of
$22,931
$276,495
1958,
Securities
.
&
of
$167,559
interest
extended to
the capital
amount
Dec.
Prop, retirement reserve
term
Dec.
on
-
dividend of 25 cents
a
$236,599
profit_____
bonds
\':W'
Pay 25-Cent Dividend—•;
Directors have declared
1,879,409
30,569
Expiration date of contracts covering
.
To
-
2,277,642
,33,681
income.
,
v,
$18
$14,810,053
Other taxes (excl. Fed.
: excess profits) __—.y
the
.
Calder
on
of
481,188
United Gas Corp.—Time Limit Extended—
;
.
shortage in this essential product, the company has been
given a preference rating for the deliveries of materials necessary for
construction purposes.
,
...
r;
.
Mr.
1,430,880
31,386
&
Net
growing
increase
23,338
39,896
.♦Including French
bags
overcome
$11
$1,240,796
_
appropriations
1,819,831
„
Earns, per sh. on com.
-
output
Fed.
for
taxes
come
Amortization of limited-
$1,831,500
income
Minority
•
company is now supplying a large volume of pulp,
containers essential to
the national defense program,
and
*1938
$2,334,254
foreign inc. tax_
Exchange loss——,-w
Corp.—$4,600,000 Expansion Pro¬
Because the
*1939
$1,629,825
_
Total
Fed.
.
and
1938;
dividend
1
532,910
"
.
gram—
' ;• - !V;: ■ ! ;
j,
In support of the defense program, which is using paper products
in an increasing scale, a $4,600,000 expansion program for the corpo¬
ration, which will increase the daily capacity of its Savannah mill
from
692 to
1,000 tons of kraft board, paper and bags, has been
announced by Alexander Oalder, president.
'u-'
;'\y <' ■ y ■;
The project involves enlargement of the company's plant facilities
by over a quarter of a million additional square feet of floor space.
It will provide increased pulp production and will include the installa¬
tion of a new 234-inch paper machine and supplemental equipment
which will increase productive efficiency.
The result of this program
will bring the capacity of the Savannah plant to its practical maxi¬
mum.
It is
hoped that this program may be completed with 12
months.
initial
$1,294,612
—
'
oppor¬
1
taxes—.
Provision
Other
Profit
and with a iower
amortization
1940
$2,079,768
expenses
Depreciation
of net earnings.
this
take
to
the debt on a lo-'ge'* term '.-"ftis
requirement."—V. 154, p. 250.
to refund
tunity
and
Costs
refunding will involve a modest anticipation premium.
The major
portion of the funds derived from these bank loans has been or will
be used by the company in connection with expansion of its plant
facilities now nearing completion.
Under its present loans it has a
fixed amortization charge of $600,000, whereas under the proposed
Issue of debentures the amortization charge for 1942 will be only
fixed
1941
30—
sales
Net
$4,200,000 of serial bank loans having a final maturity date on Feb.
1, 1948, and to provide additional, working capital," according to a
letter
sent to stockholders by Roland L.
Taylor, chairman.
"This
plus 10%
5,
Aug.
on
an
.
control
of
Mos. End. June
6
r
$260,000, and in subsequent years $260,000
direct
;
■T United Dyewood Corp. (& Subs.)—Earnings—■
31/2% debentures.
Company intends to sell the
at par and accrued interest, to an institutional
investor with which a tentative agreement has already been made.
1
"The
purpose
of the sale is to enable the company to refund
$5,000,000
p.
Utah Power & Light Co. (& Subs.)—EarningsEnd. Aug. 31—
1941—Month— 1940
1941 —12 Mos.—1940
of
issue
an
151,
Operating revenues
Operating expenses, excl.
"then the Commission's job is done.
by a holding company, not severance of in¬
vestments, is the purpose of the act."—V. 154, p. 439.
"Severance
special meeting of pre¬
a
30
$5
1939;
and
1915.
30,.. 1937;
.
Corp.," counsel held,
:
Working Capital—,
Oct. .14,
on
July
,
Serial Bank Loans and Pro¬
benture Issue—To Refund
vide
$10
on
1936.—V.
18,
Period
,
Tubize Chatillon
1939;
1937; .$9
counsel
.
While
'•
•;
v-v
:
t
•
"We are
$1 Dividend—
Directors have declared a dividend of $1 per share on the common
stock, payable Oct. 15 to holders of record Oct. 8. Like amount was
paid on June 12, last and compares with $2.25- paid on Dec. 27, 1940,
$1 paid on May 15, 1940 and $1.40 paid on Dec. 28,-1939.—V. 154,
A
p.
•
THE COMMERCIAL & FINANCIAL CHRONICLE
the
company.
reorganization expenses, as indicated in the following breakdown;
-
^s^tatf^ati'itgttbf^ibibgcwshmwtuaqwwewwwctwmaammiw^
'
'
.
r
■
,
t
i
Saturday, October 11, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
550
'
Estimate
^
Warren Bros. Co. share of oper. companies profit——
from service charges, rentals and interest——
deposits
tAccounts and notes
Parent
overhead
company
Inventories
$20,000
——i.r—————139,000
Prepaid
159,000
profit for year—
$477,000
—.
Sundry
that
tain
amount of
estimated at
large
a
Patents and
it is practically cer¬
work will be available in 1942.
Profit
.Total
$428,000 on an estimated volume of
this estimated profit is nearly as large
1941 on considerably reduced volume is
due to the fact that a substantial part of the 1941 volume was made
up Of Work carried over from 1940.
This work was taken at a narrow
margin of profit and the rising labor market and cost of materials
resulted in further reduction of this margin.
Breakdown of the 1942
that
for
is
year
..
.,
Earned
%
158,000'
rentals & misc. income——
$573,000
debt
Parent
company
overhead
;%';.-l9,000
$6,65.9,567
$4,202,944 in 1941 and
for bad debts, $75,000,
shares.—V. 133, p. 412; v:'; '
reserve
t After
t Represented by $5
par
fob depreciation,
deducting
End.
Retail
__—*—*
Wholesale
'
*
Combined
—V.
__**.**.**—*
prof aft. oper.
Carryover
from
.
Dieectors'
1940
previous year——31*,
—*-
31—-—
to Aug,
1941
,
fees
**_*;_„
e-
850
,7
1940 >>
■
$1,061,495
6,674,342
Cr2,115
Divs.
on
Prov.
investments*—
Crl9,250
2,308,765
for
&
inc.
5,121,197
Jjei profit
3,861,910
"Loss.
^
6,8811
■
•-
Federal
and
Judge
Loeb
Leo
as
54,000
51,400
$142,244
(est.)
—
U.
1
S.
Mr.
Will
of
Inventory
"Fixed
Shipping Board and
because
now.
>
*
.
/
'
-
74,099
..
4,458,036
,
1
Vy;'
V;
orders, etd.-*.;:**.***.-i::i;—¥*i'
7
Liabilities—
Cash ticket
Bank
loan, secured
Acer,
taxes
Accts.
Vh.".1941
payable,
Preferred
stock
tCommon
stock
Total
1,900,000
775,229
Waterloo, Cedar Falls & Northern Ry.—-Reorg. Plan—
new
plan of reorganization drafted by bondholders protective
Claiming to represent 95%, or $5,485,000 of the $5,775,000
outstanding first mortgage bonds, was approved Sept. 26 at Waterloo,
Iowa, by District Judge George W. Wood,
The plan, to be submitted to the bondholders and if approved by
them, will be seht to the Interstate Commerce Commission.
; The
new
plan provides for $2,273,200 in income mortgage bonds
and for 50,830 shares (no par) common stock.
For each $1,000 in
principal on old first mortgage bonds, the
bondholder Will be given $400 in new bonds and 10 shares of new
stock
with
the provision that the
court may order an additional
cash distribution at the time of reorganizing, provided that the 1941
earnings warrant such a distribution.
>.'■
NO provision i$ made in the plan for junior Security holders.
' j .
The plan scales down the book value of the company's assets from
I $11,333^652 to $7,462,873 and the fixed Capital from $8,309,000 to
A
—„y{$8,966,209
_—__;**
—_—*_—
'
..
'
151, p. 2517.;.
:
—V.
30-7-
1941—Month—1940
—$30,096,876 $25,196,799
—
154, p. 96;
V; 153, p. 854.
r.
7
End.
Year
Net
sales
Cost
of
July
——
31—
' :/\7 "
$11,471,642
profit——
Gross
General
Prov
expenses....—.*
income tax.—
for
Miscell.
Net
charges
6,152,327
trt- .ir i
Dividends
1938
1939
$6,763,346
5,543,885
ri
,
m
r
r 1,
$7,707,151
•0,561,411
30—
June
Ended
Years
Net
$1,219,461
$1,145,740
079,394
570,982
605,413
"859,835
242,001
143,200
t86,80O
Cr 8,540
1,782
67,703
Cr653
500,000
—*
$722,386
460,000
$513,819
$262,386
$113,819
$451,689
400,000
400,000
tirirtsntft-.ij'111 iff if*'
Balance, surplus
Previous surplus—
.
Adjust,
of
taxes*—
$565,612
4,017,433
Dr 63,475
3,739,479
Cr
d
$51,685
3,624,600
•
.
W "1941
$7,876,830
5,935,754
sales—***—**«—***;****.*
of
1,582,498
& general expenses
Selling, admin.
3,572,975
16,568
Shares
surplus—***
cap.
stock
$4,017,433
$3,738,479
400,000
$2,66
400,000
$1.81
400,000
$1.28
out-
Standing (par $5)—.
Earnings per share*.***
.
$3,624,660
......
400,000
$1.13
"Includes $317,600 for Federal excess profits tax,
t Includes surtax,
Note—The provision for depreciation of fixed assets amounted to
$320,970 in
i94l, $328,531 in
1938
1940,
$306,272 in 1939 and $286,250 in
•it
.t:
.
»).
themselves
"
V
*V
income,
$362,673
Profit
Interest
convert,
6%
on
$287,854
2,478 >
"
8,418 /.
2,478
>.'.
6,719
*
»:
■>~8~775 >
rv,94i
•
r'.
■,
t31,15G
7,591
ment
profit
resulting
subsidiary
,7'
.
— -
,,'
-
$92,905
$44,183/
sale
from
6,444
tion carry proper
1 -
-■
rr. - v.
6,016
•
Wire
*4
•
; '
*
June
30,
1941 .\
--
V
".
due
on
purchases of .real estate (ihclUding
$30,150;
15-year 6%
convertible gold
$5,287
due
f,
->
'
■Lu. >
)
/
.{
n
*-
u/
held.
stock
mon
before
The
..
one
of
to
the
main
on
the
of
petition
tribute
built
some
Up
Court had
pending
decision
the
part
A.
of
is
Pacific cases
awaited.
Appeals at Ban Francisco
bears no direct relation
Current
C. James Co. that trustees
the more than $6,000,000
action. is
a
ruling
RFC
and
other
old
debt,
The
district court.
main
case,
also before the Appeals Court for some
.
,
*YV 'V
■
•><*
1. 1
,
be determined sh'ortly
V./'""■/ : ''' ./ '
Industries, Inc.—Dividends— :
/ Woodall
•*
have
Directors
common
(R.) Wurlitzer Co.—To Pay
paid on July 30,
30-Cent Dividend—
/•
declared a dividend of 30 cents per share on the
payable; Nov,-,29, to holders of record Nov, 20.
Prevl*
ously quarterly dividends of .'10 cents per -share were distributed.—'V.
have
stock,
common
154,
•
paid an Jan, 31,
30, 1940; and previous dividend Was the 25made on Sept. 15,.1937.-rV. 153, p. 256, 114. .
10 cents on Jan.
Directors
'■
/
a dividend of 10 cents per share on the
Oct. 31 to holders of record Oct. 15. This com¬
declared
stock, payable
pares with 20 cents paid on July-31/last/10 cents
last/and oh Nov; 12, 1940; dividend of 20 cents was
:
440,
p.
■
■
...
Mississippi Valley RR.—Earnings—
Yazoo &
1941
1940
1939
1938
railway****
$1,810,099
$1,167,565
701,003
484,083
$1,277,866
; 383,741
$1,141,2^0
railway**—
276,203
362,230
166,334
42,361
156,339
8,800,345
8,922,731
2,220,047
2,600,771
August—
from
Gross
time follow¬
ing argument and briefs is that of the secured creditors irf the reor¬
ganization which are opposing some aspects of the ICC plan of
reorganization.
The plan has the support of bondholders and has
been approved
in the District Court.
A favorable decision iri the
Appeals Court from a bondholder standpoint would move the whole
reorganization considerably nearer to a conclusive stage'it'has been
The
:
-Chicago Stock Exchange oh Oct. 7 approved the application of
company to list 534,426 additional shares of common stock ($50 par),
and 2,672,129 rights evidencing subscription warrants for the stock.
See "Chronicle"
OCt. 2, p, ;398/--Y/,_154, p/ 340//■>
be ordered to dis¬
cash reserves how
Federal District
that this distribution might affect the general leorand refused to order it. The Appeals Court supports
against
ruled
Western
which
price is to
■/"
•
Co.—Federal Court Ruling Upheld
Western Pacific RR.
The decision of the U» 8. Circuit Court of
in
■
each share of preferred stock or com¬
subscription
offering is made,
the
;/ cent distribution
felt.—V.. 154, p.,440.
i
extent of l/5th of a share for
.1940;
A:
Manufacturing Co.-^RightS
•7- »•*
r'V/-■'/
&
>:'■>.■• 'r
/
.
within One
arising from restatement16fJ eommoh Mock/$526,*
$576,894; total, $8,730,788.—V. 152, p. 1939.
"
;
1
Contingent upon efiective registration under the Securities Act of
1933, aha the making Of an offer by the company, holders of preferred
stock and common stock of record Oct. 15, shall have the-right to
■subscribe on or before Oct. 28, for common stock ($50 par) to thd
surplus
deficit,
Elettric
Subscribe—
to
debentures, due Aug.
and surplus of
'of real estate;
$613; 5%
cumulative prior preferred stock
(par $100, $1,500,000;
common stock (par $10), $1,500,000; surplus at datfe.of organization,
$1,076,273;
services."!
the
Westinghouse
$680,780; receivables, $1,258,427) inventories, - $1,080,015; cash surrender value of life insurance policies, $239,510; other
assets, $393,514; deferred charges and. prepaid, accounts,. ,$134,836;
plant and equipment (net), $927,205; organization expense, $67,693;
good
will,
readyprint lists,
patent rights,
etc.,*> $3,948,807; total,
$8,730,788,
'V.v.-V'-'. ■ •'
>.
Liabilities—Notes
payable to banks, $300,000; equipment install¬
ment
notes
payable,
$13,110;
accounts payable, $386,411;
salaries,
wages
and
commissions payable, $38,356;
taxes,- $90,179;
accrued
interest on 6% convertible debentures, $91,250; other accruals, $8,615;
reserve for Federal income and excess profits
taxes, $31,156; amounts
Assets—Cash,
year),
special provision that in the event
consider modifying the 1866 Post Roads Act, which
government ' a
lower
telegraph * rate "* than' private
individuals. "V /> >;■ i/>.s
'V'-.;';•:'••//
" /.
-i
'i The subcommittee also urged that international American Telegraph
companies be permitted td merge.—V. 154, p. 440. ; / /
4
permits
.
Sheet
make
(5) That Congress
depreciation of buildings and machinery and amortiza¬
improvement charged to costs and expenses amounted
to $111,191 for the year ended June 30, 1941, to $116,646 for the year
ended June 30,
1940, to $124,777 for the year ended June 30, 1939.
flncludes $536 for excess profits tax.
/
■
v
"Provision for
Balance
legislation
the
That
telegraph
in telegraph Circuit facilities for thd armed
$65,842
tion Of leasehold
Consolidated
protection "ft>>* the
and leased Wire telegraph facilities of the Bell System
become a part of a merged domestic carrier, "due care be ekercised
that there shall be no interference or impairment of national defense
communication needs," and that in any merger there he "no reduction
!
$11,422
1,
*****
$92,905 V' $44,183
:
V /
legisla¬
interests-of the using and general
public and the industry as a whole or individual units.".
«'
>(3) That the FCC receive appropriate power to enforce "fair
and equitable treatment of traffic between the domestic and ihternational carriers."
■
' " ;
./Y'/'/:> 7> ;/'/•/'
54,419
»<■■•
*
that the merged company of companies be
2,478
of
:
.
profit
require
td
agencies
•
,;v
company
,
Net
•>
-W-^ 4.^-
-
1941 adds $50,000 to the company's, monthly
''of the simplest possible financial MruCtufe.", T f ' "H">"" /, '/:
(2) That ih addition to safeguards for displaced labor the
(4)
Balance
contributed by
at the time' Of itk feorgahizaa wage contract which
Specifically^, the report proposed that the 1934 communications oet
be amended to permit the mergers.* It also proposed:,/ ; >,;
:
,
/
(1) That
the amending legislation enjoin the responsible govern¬
3,589
taxes
Minority interest in profits of subs.
Provision for Federal income taxes
Finance Corporation
operation//>//'."">
of
Cost
It contended that, if the. government
would the telegraph companies
expenses of the government would
-•
"■/
'•; ,v>,'
not only
dwelt considerably,6n the financial positiort
said, had only
report
went, into.. effect/Oct. 2,
218,940
.
.
,
1937;" Furthermore,' it pointed out that
in
rv;
$248,891'
;
debentures
debenture disct. it exp.*>
income
tion
"';V';25,226
11,952
.
which, at the ..beginning of last month, it
the original $5,000,000 of Working capital
Reconstruction
the
$223,665
$275,901'
from operation——*^ ;; $358,578
;
4,096
net****—*—_*—_*_*
Net profit
Other
of
removed,
communication*
committee
$750,000
*
•
.
.
years, as a
was
benefit, but the
be reduced.'^
bf Postal,
-
recent
discrimination
$7,528,5911 $7,298,491
5,501,866
1,533,802 V 1,572,959
1
ih
tioii in interstate telephone, rates.
J
-5,719,188
»iiy
problems."
the
In
The committee asserted;that the
;
2680. V;.A
"1939
that-their officials will interest
////
/h
;
;
:
telegraph comRanies' revenue has
result, ot air-mail subsidies and reduc*
departments and agencies, to. the end
h
•
gahiZation plan
$4,519,570
which
matter
$6,051,389
1940.
A
"19<f0 > '
:i
-
the
Earned
able not
of finani
has
government'employfeea is' common knowledge. • This- is A
needs to' be called to the attention of the executive-
by
phone
(& Subs,)—Earnings-
sales *:**.,—****—**.*-—*****—,**
Cost
718;
,
$1,711,504
$1,065,612
profit-**
•
$2,711,683
787,089
(net)—.
.s-
1, 1944, $3,650,000; minority interest in capital stock
subsidiary company, $64,822; deferred profit oh Sale
$7,863,831
8,759,959
goods sold
■
V
1941—9 Mos.—1940
$248,242,663 $222,566,984
;/>, ■
.' ■ ■ / .
1940
1941
*
;
■
Co.—Earnings-
Waukesha Motor
.
-Sales-
Wool worth Co.-
(F. W.)
which
"The government is a large tlsSr of the telegraph," the report said.
"In recent times it has become the largest single user. That there i?
ivaste- and extravagance in the ihordittate use of teiegfaph and tele-
The
Western Newspaper Union
,,
Sales
instability
'
"
643,884 ,V. 749,331'
of $1,548,027 in 1941 and $1,318,057 in
tRepresented by 200,000 no par shares. >;•
SOf temporary storage annex at Fort William.—V. 151, p.
Net
Period End. Sept.
able to
facilities,
telegraphi-iv-* i" s*r-.. •„*.
».r
■
.-.•//v•.
•
It pointed oUL for example,-' that* the telephohe companies receive
the same charge. On A: government fcall as on a private message, but
/ that this is dehied to the telegraph companies.//
/
: •// /;// !-
1,900,000
779,229
;
"Less depreciation
Other interest
Provision by subsidiaries for Federal
*
continuation
telegraph
denied
now
decreased
capitalization consists of $1,409,900 Of first mortgage sinking fund
bonds, due 1947; $2,160,900 of first mortgage sinking fund 5V2V0
due 1953: $3,170,000 of first irtortgage 5% bonds, due W55;
$3,129,000 of first lien and general mortgage 6%bonds, due I960;.
13,318 shares of 7% preferred 6tock ($100 par), and 100,000 shares
(no pat)
common stock 100% owned by North American Gas & Electrie Co.—V. 153, p. 708. '-' •.>■-■.■'.■"■// ■ '-> ./■> • '''>■
■/>> /
Committee
$230,744
v
238,826 VV 183,130
3,386.400 y 3,304,800
■
/
bonds,
V
a
..
y
-1940
;.
—
Amort, of
$8,803,000.-* -V.
>
v,
,
$6,651,389
hj %
-
$385,718
certain
-
1 ■
liabilities and customers
accr.
accounts
margin
bondholders.
'
~,
931,000
2,843,000
80,923 :!•, ; 75,818
(est.)—*_—'
Bonds
5V2%
*
■ ■■
recommended Oct. 2
merger of the WesteM
subcommittee
Commerce
piagued; the-industry, it was stated. The
committee, asserted thaf the government-could help in assuring finan^
cial stability for the ihdustry by removing the discrimlhatlOn ill rates
between
government messages
and- those .of other users of the
Cial
4,115,090
.y;
—"692
A strong and well managed telegraph company would be
eniy. to give efficient service,-but afed to remove the-specter
U
yArV 26,474
44,625
#.
-
:
V 120,300
construction**
r
•
.
43,057
in the
the report said. ."There exists
an opportunity for
better service, so that a telegram which is transmitted across the continent in two minutes would not remain 45 td
75 minutes in a telegraph delivery room awaiting manual delivery to
the addressee/'-./-.'J•;> r7-:, ■•>
:
V ».17,236
2,256,704
.
7
3,995,308
—
*
.
alterations of this program that
the company was unable to accomplish.
The company's proposal to
use
$6,229,000 received for condemnation by the city of its properties
in Longview, Wash., to acquire the Arizona Power Corp, from United
Gas Improvement CO. for $4,000,000 and four Arizona subsidiaries of
Community Power & Light Co. for $939,000 was considered imprac¬
tical by the Commission..
.
In
its analysis
of the situation the utility division of the S.E.C,
said that
there appeared to be no equity for the preferred stock¬
holders or Washington Gas & Electric in that enterprise, that theprice for the Arizona Power Corp. was between $250,000 and $500,000
in excess of its value and that the price might reasonably be paid
for Community Power & Light's four subsidiaries was $770,000, not
$939,000.
It was also recommended that the company first secure
the consent Of holders of at least two-thirds of its first mortgage
bonds and Of its first lien and mortgage bonds before undertaking
the program presented.
Consequently, indications are that Washington Gas & Electric willbe
liquidated, with net proceeds realized to be distributed among
recommended
C,;
7,735
9,523
158,378 -..'.160,051
*——*—V**:_**l***.
expended on
gration.
S.E.C,
52,104
:
'34,637
-
.
is a subsidiary of North American Gas
& Electric Co. and on May 27 filed a plan with the Securities and
Exchahge Commission providing for acquisition of additional utility
properties, organization of a new corporation to take over all its
assets and liabilities, simplification of its capital structure, and inte¬
The
assets
assets
SAmt.
•••
Company
Washington
The
,
15,996
56,610
With Postal—;
Interstate
"■!'
.1,042,017
Inc.—Senate Group
^:V ;V>K ■/
Co.,
Telegraph
Union
*
1,092,699
.
134,694
"A sounds well integrated telegraph enterprise should be
furnish direct service to thousands of smaller communities
:
•
$49,331
0
$8,066,209
application by the Chase National Bank for
the segregation of the company's assets from its income during reor¬
ganization proceedings, declaring such a precaution was unnecessary
':
-1940
U;
8,957
'
*Vr
*>>'-'•
-
railway*:*:.
assure1 efficient
nation
ifc.-t
Judge Coxe denied the
<
agents_;****;_**;:"j;:
**—****—*_**■*—_*':
*
Other
as
the
paying
Prepaid expenses 7**.*_**-*.**:*-********.**j.*;*¥:
Memberships and investments—*_
Act in the
independent trustee for the company.
Mr. Loeb, president
company,
was appointed an additional trustee by the court
of his familiarity with the company and its problems.
act
of
18,581
'
national defense step
of
the services.'rendered by the
/.-V"--';/.- / /■/
/The committee, which-Conducted an;exhaustive study of the finan¬
cial, and
economic
position- -ofv the
telegraph ■industry,'-'added that
adequate safeguards shouldSbe^set up to protect employees who would
be affected.
j - >■:/>
; "•>'/■*' A"/'
'■/V v; •/.
/
"$441,847
1941
hands
in
1938
$141,201
Companies.
Crl3,917
"$272,790
NoteB and accounts receiv.-*-**—**—*-*—**—
which filed a petition to
formerly was counsel for the U. S.
Smyth
Cash
V
$48,742
.
Congress enact legislation toi permit the
and the Postal Telegraph companies as
that
J 20,981
-
Cr20,062 V,
Cr1,504..'
Cash
appointed Nathan Smyth
Alfred C, Coxe on Oct, 7
trustees of this eompany
under Chapter X of the National Bankruptcy
District Court for Southern New York, Sept. 29.
•
*
Union
*
..
reorganize
116,229
to
29,454
•
Assets—
•:•>
163,200
"r
Consolidated Balance Sheet July 31
Wash.—
Tacoma,
Co.,
Gas & Electric
Court Names Trustees—
Washington
from
Senate
A
V
•
A 2'VVV' 825
800
excess
;//,■
-..r
^
yy 1,075 V
.*—$105,447
profits taxes
8,983,107
9,793,958
7,114,380
//■
-
*—*.'**
*:;
16,908,338
—
Uncompleted work Aug. 3l
—V. 154, p. 251.
■ V /.>
;
12,893,521
1
4,014,817
ry.
Favors 'Merger.
"$154,529-
-r
163,200
163,200 >
234,lB2t 'V 115,466
163,200
disposal of fxd.
assets
$16,069.
$597,477
$539,006
236,874
.
1940
V-v 1939
$154,355
$132,647
36,191
> .13,489
18,740 >> ; 4,748
s
.
Western
'1938
1939
^
.
Depredation
$168,195
/ 119,453
,
1,497;911 >1,163,596
Net
from
railway*»/' ■ 343,590
'
175,508 .
Net ry. oper. income*: '• « 163,085
'87,152
/"Loss. —v. 153, p. 1292.;>///;//,.;:/;;//■;
'
:*:*'**,
interest
Bond
Loss on
$2,023,670
—————
—
under contract Aug.
Total
Completed
//,>
*
—
31—
Aug.
Net
Mutual Grain Co.; Ltd;)
1941
exp.
$189,516
'/v ,,,.119,453
•
'
Net
,,...318,756
'"''Mp
from
from
Gross
?v
"
Co., Ltd.—Earnings--
(Including
Years End. July 31
.
summarized in the following:
>':
awards
August
<>;.•'
:>7';i
"TX' *
,
:> $28,301;
: • 1941
raliwayJ^**
$205,999
railway*—T*:W 60,378
oper. income—
> 32,949
August—
Net
i'Ftoiri January 1—
--
.O',-
Grain
'
Awards to
;
Gross
„
154, p, 340.
Western
26,095
316,256
Western Ry. of Alabama—Earnings— v
1941—Month—1940
1941—9 Mos —1940 '
$3,056,000
$2,100,000 $28,140,000 $22,379,000
3,077,000
1,805,000
21,656,000 ,14,510,000
6,133,000 . 3,905,000 49,796,000
36,889,000
Sept. 30—
*
,
49,3.60
>$509,772 /■• $486,951
$54,397
;
/ V
reserve
Co.—Sales—
Supply
Auto
Western
Period
work statement is
**—***—_";•--
iu *l4 «.
-i
\ " After deducting
$3,882,490 in 1940.
145,000
$428,000
The
company
notes that while only $35,000 is estimated to be
available as dividends in the year 1941, it is reasonable to expect that
this can be increased to $200,000 in 1942 as the past year's operations
have put all the operating companies in sound financial condition and
it is planned, immediately after reorganization is completed, to adjust
the
capital structure of those companies noW showing deficits so
that they will be able to pay dividends in the latter part of 1942.
The report of contract work at Aug. 31, 1941, shows a total volume
under contract of $16,908,338.
The greater part of this work will be
completed, together with a portion of such additional work that will
be secured, in the remaining months of the year.
This large Volume
of work is due primarily to the National Defense Program.
The con¬
tract
i.
.
..
$536,311
,
surplus*:'*'i.,A, $70,063
and
stock
27,730
1941 Federal income tax were at estimated rates
bf 27% in January and February, increased to 30% in March.
Begin¬
ning with August the accruals are based on the Revenue Act of 1941.
The companies do not consider that they have any liability for excess
prdfils tuxes under the. 1941 or 1940 AbfcS.^V. 154j<> 440. A " < :
•
; :
125,000
_—*__*_*——-
profit for year—
consolidated
Estimated
*
~
req._
$533,502
3.356
"Accruals fdf the
$20,000
int. from Cuba-
in excess of
int.
Funded
24,000
Total **.*_„._***->*:i.__;*._r:i;;i*—$7,979,873
a
dividend
Balance :• 'for/ Common:1
i
.
254,843
7-
:
:"'7 $60,498
25,767
Preferred
$57,753
;1
$34,731
198,098
017,433
270,673
-
.
:;.:.;>/'i,603
•
.
$2,000,600
„.V 912,832
taxes'—**
3. b *
loss.
" *170,193
„4,519,570
surplus****
for
Prov.
1940
$2,000,000
*'•: 252,597
"
——
16,507
$6,659,567
:
1941
_——*;*_:„•
Accrued-, expenses*****;****:*'*;*:***;;-*^*:::-:'
$415,600
profit-
share of oper. companies
$7,979,87-3
***,* ********,**—** * **. * ** _* **
>>'>;>•>>./»'
■tCapital,, stock-**********.
Other income—net
Balance
Accounts payable******;
1942 Year
Warren Brothers Co.
*
■
1
Estimate
.
Income from service charges,
** *
Reserve
■> ">/
1
forecast follows:
earnings
******
,taxes**-r__:—. ;
$62,101"/
141,905
140,074
patterns*^**.—**—
Liabilities
$13,750,000. • The fact that
as
the estimated profit for
<;i
_—**——*—
taxes^ ;Y %';4,618
income
—Other
8,652
■
33,287/-. i.v 27,162
Li>>>> 21,577
;_*_*
——„_I***„*
sub—
in
investments
33,522
<***:.*;
of life insurance**
value
.135,402
277.717
v 23,632
.199,302
//25;284 >
depreciation '**
"Federal
,
13,294
128,588
\ 22,022
307,550
/'7 2,025 " > 59,279.
,
; 16,7.99
'>'.193,640
.10,428
Maintenance
1,099,777
2,423,303
•V
.>33,814
fee
Investments
providing for reorganization expense.
From present indications, the company states,
"Before
3,559,370
J*_—i_*:—-
Operation
1,800
'
•-.**—_*_**.*,*.**,******-—
suit,
1,190,687
21,270
1,695,768
receivable**—
expenses——***
refund—..——„_____
License
Cash
♦Estimated consolidated
Period End, AUg. 31—-: 1941—Month—1940
Operating revenues*],;** ; ' $200,919 ' / $196,421
$1,705,180
$1,714,596
781,092
—
—***:::::*:>
Contract
Cuba—
in excess of int. from
1940
1941
• 1'1
,•
$636,000
Funded debt int.
*
Co.—Earnings—
'
•// "«
1941—12 Mpfi.—1940
$2,206,63*3 $2,162,255
/->v8i,98i
> 84,520
984,079 ' , , 989.890
>/ Western Public Service
July 31
'
^r
♦Prop., plant and equipment—*
$454,000
182,000
Income
Sheet
Balance
-
1941 Year
Net
from
Net, ry.
oper.
income**
From January 1—
Gross
from
Net
from
Net
rv.
—V.
«/•(<
"
11,648,954
9,550,677
3,830,000.2,495,315
railway*—
railway******
oper.
154,
"
p.
0(
income***
-1
2,249,137 ;
781,631
-
562,679
61.
v
'
i.
.S>tq
'
H )
J '
./
I
,t if,
897,161
•',)■() ,;<f- :
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3992
•
I
\ Vf.
.'•'
'No.
•
...
.
,
^_™
Domestic
Finance
Common
Shaw
series D,
Below will be found
and
preferred
list of corporate bonds, notes,
a
called
stocks
$2
for
redemption, including
sinking tfund provisions.; The date
under
called
.14262c
•
the redemption or last date for making tendand (the page number gives the location in which
the details were given in the '■Chronicle.'1
.'.^.Gompany .and -Issue-r^
i
^
" Date ;
Pa8e
American Telephone & Telegraph Co. 20 yearLondsZzZNov/"4
,'-//// 50
...Associated Laundries of Jll'nols, Inc, 6%(£.;'bQndsT4.,:--Ni>v' '1 /Z//;.;r425
Atphison, Topeka & Santa Pe Ry. 20-year ,4%bonds__l>ec
;
•Autocar' Co.
Paper Co. 3^ -6r/<\ Preferred
Central
539
,
Raynolds .Co/' Inc.
••' Keith
mtgef., bohdslv_iJrr_Nov
Corn. .5% I pref.
Mason ite
•
J<K
stock—----,-^-—--
'
--l y
+101
;X
433
13
New
Corp.,5%> bonds,.due 1947iZI/-Nov ; 1
545
X3032
Electric
1st
bonds, due 1942_-^-__,-.__„™__^_^™,_Nov;
Shipbuilding Corp. 1st nRge. 5s, due 1946™Nov :'
1st mtge. ,bondS-;_v_^__V_V^Nov
;New York Lake Erie & Western Coal & RR .Co.—
■*
,v" First mortgage -bonds--—
_'l_Nov;
mtge.
Peoria5 Water
435
1
248
First
-
'
>1
England Theatres, Inc. 1st mtge.'bonds--_i-_-41ct
16
Republic-Steel Com.
•Saint
'
♦
Union
Paul
bonds, due
Depot Co.
1972
•Ironite
1
•.'•
X3355
.
'<X
•;Signode Steel Strapping Co. 3%^ nnotes due 1945-1 i—Oct 15 *•-*."
249
Taggart Corn.1
'bonds, -due
1,
439
^Telephone Service Co. of Ohio 5 %' .'bonds, :due l953—Nov 1 I;; 548
I (H;ram-) /Walker.-Gooderham & Works JLtdl 10-y-r. A&s vi'V;
*
-Washington
i
Lazarus
Ra'lway
Electric
&
Co. AVo
this week; x V.
152;
bonds—iiZ-t-Dec
+V.
1"
+1291
r5'
are grouped in two separate tables.
In the
bring together all the dividends announced the
we
Then
current week.
fallow with
we
second
a
Marion
dividend payments In many cases are given un¬
der the company name in our "General Corporation and
Investment News Department" in the week when de¬
'
this week
•
"v
'*<4'
of
Name
Motorists Ins. Co.
American
.
Co.—r_—~
When
Holders
Atlas
Acceptance Corp., 5%
(qu.)
(quar-^v—
pfd.
of fiec.
Pay'ble
11-
1
10-15/
60c.
10-
1
9-26
$3;
10-
i
9-26
11,
.1
11-1
10-
-
n-1
10-18
ii-1
10-
62v'2c
ii-1
10-24
$ 11*4
V
i
*.
10-
32c
11- .1
:.
11-
;
Common
■
12-
-
.(resumed).—
l
•I
(quarj—
-*
$7 preferred (quar.)_v_a—-I™'-!-,—
Bourjois; - Inc.,; $2.75..- pref (quar.)_,v
Electric Co., common
Brockton
Brooklyn
Bullock's.
Burma
Light
Gas
Co.
Exira
9-27
..
12-
11-
25c-
JI;
.(quar.,);—
7
Telegraph & Messenger Co. (quar.)
Inc, (Los Angeles), 5'A pfd. (qu.)
Ltd., Amer. dep. rec. for prd.
1
New
10-15
•New
10.-15
c-;$l'/4-;
S1&
r
12-
1
11-
1 3
.(final)
--V_v--———a-':—-v'_™-, 51/lOc
■Burmah. Oil(interim)'—;
+$1 Vi
Calgary'■Power Co., Ltd.,- 6'fa- pfd, (quar.) ;,-.
JO-13
'
Elec.
Canadian
Tube
"
Power
Steel
&
Accumulated
de
Copper
Pasco
Products
Chemical
.!75c
(initial) .i
(Ltd.)—
Elec.
75p
-
.pfd; *(quar,)-
Life
Ins.
12- 1
11-40
11-10
.(quar..)—™—^™
.$3
,
V
(quarJ— --w-iv
preferred (quar.)——__-—— ■.
Connecticut -Investment Management Corp.—-
81>/i
Co.,
common
Semi-annual
Consolidated
fat-T r-;r--
-r-
y;
Inc., §'& pfd,.
Oil Co, (quar.)
Consolidated Royalties,
Consolidated Royalty
Coon
7'>
(W. Bj)
'
37).2C
(«uar.)
Bros.,
(quar.)_--__
Inc.
.
(quaj*.)_™-_
V
Mfg.-Co., com.mpp-™™--^,
preferred class A (quar.)
r
10-15.
Dennison
Mfg.
$6 conv.- prior
■Dickerson
;
preferred
'(Walker
T.)
(quar.)_:
:
Inc.; .7//v'pref. .(final)
Cp.
is-al;_i__:_v„
/15c
5c
10-25
15c,
11-4
«1%,
71/2 c
.
;25c
15c
$2
11-
.
9-30
Smelt.
Boston
..
and
V.
&
Lighting
T.. C.
/
10-25
30-10
,
10-10
.9-30
-9-30
AO.-. J
9-25
10-
0-25
1
11- 4
10-20
75c
.11-1
10-20
1-1-42
12-31
75c.
10-20
.11-
1
10-
1
10-10
10-15
-
9-26
10-
2
12-
5
10-
1
Loan
&
10-15
10-
12-
11-15
11-
10-17
11-
10-17
11-
10-15
25c
11-
10-21
50c
11-
1
$1%
41-
1
...
prior lien
V
40-15
■10-11
20c
10-15
40-15
10-11
$1
40-15
,.10-11
10-15
10-15
1
10-15
25c
10-
1
9-24
10-
/25c
i-
1
United
t25c
10- 1
9-15
75c
41- 4
10-24
10-30
10-20
10-15
•10- rl
10-15
io-
tic
10-15
10- A
10c
.11-
13c
6% /2nd
;
preferred
1
10-15
10-15
9-30
+ 12c
10-15
9-30
25c
J50c
50c
9-29
1
10-20
9-30
9-15
Common
,
(10-15
"
40- 8
'
87
?
Gold
will
receive
1
.015
share
preference
Day
10-20
&
prior
Electric
Co.
(N.
9-24
40-15
10-10
11-15
10-31
+20C
15c
11-
1
10-20
$1 Vu
12-
5
12-
$1%
10-
1
$1%
40-
1
81%
40-
(quar.)
B.)
Co.,
Point
40- ;8
40- ;7
20c
10-J5
10-15
81%
10- 1
'10- 4
$4%
10-
I'
,
86
10-15
10-
20c
10-30
10-15
10-30
40-45
10c
6%
preferred
fWoolworth
Wrigley
;
(F.
v(
58 %c
11-
1
10-15
50c
11-
1
10-45
11-
1
10-15
11-17
10-25
12-
11-25
481
+66c
50c
10-
9-30
<:;:$1%
10- ,1
9-30
■"
10-
81'%
1
9-30
11- .1
10-10
i
•
'Name
•Abbott
Co.,
i2- a
10-15
,50c
'
Bank
••
;;
,7%
preferred
X~~"~
•/
"Amerada
•/./•'%
pref.
11-
1
10-15
11-
1
10-25
1
,
10-15
25c
9-30
9-26
81%
9-30
9-26
,
or
Amer.
Colortype
12-
1
25c
11-
1
25c;
11-
1
25c
12-
1
District
11-20
25c
2-2-42
1-20-42
25c
3-2-42
2-20-42
4-1-42
3-20-42
.11-
1
10-15
137 %c
11-
1
10-15
Per
When
Share
Pay'ble
of Rec.
,10-15
10-
50c
10-25
10-15
5c
10-15
1
0-3p
r
•'■'"*
$2
10-15
25c
^XX
10-15
25c
10-15
:___
,81%
Z
11-
10-10
10- A
10- A
1
40-17
-12-31
42-15
81%
12-31
,12-45
50c
10-31
40-15
10-15 "
10- 5
*'
50c
81.06
25c
/•
10-15
8-48
81%
10-15
8-30
$1
11-15
40-24
11-
10-10
1
r.
__™„
15c
IN.jj
12-15
(quar,)
$1%
12-
American Export Lines, 5& preferred (,qu.)
Fork fc Hoe 65« preferred .(quar.),.™
$1%
81%
10-15
81%
10-15
;American
Envelope
Co.
pfd.'A
Furniture
Home
Inc.,
Products
Light &
preferred
Co.,
17e——™
Corp.
Co.,
Traction
11-1
40-21
&
*•••
75*
preferred
1
11-25
11-15
11- 8
10-4
11-
1
10-14*
11-
1
10-45
37 %c
11- 1
10-15
$2
10-15
10-14
Ml%
12-15
42- 6
12-
11-34
Tr. ■.Co.
1%
(quar.)
—
$1%
81 Va
1
10-15
+$1
10^29
40-22
-%c
40-22
40-
4
40c
40-45
10-
7
45c
40-45
40-
7
$2%
10-15
15c
40-15
40- .1
American
A——
$4%
11-
1
10-27
40-20
American Viscose Corp., .com,.^...^rT.„
■5% preferred/(quar.)
50c
11-
1
-
American
;7%
i.*
•
;(0-a)
Smelting & Refining G®„ com.-^
1st preferred (quar.)
fl-16
25c
11-15
10-24
50c
11-28
11-
81%
40-31
40- 3
68%c
10-15
10-
7
Corp., 5% preferred
—
r-.—
American Telephone & Telegraph Co, (quar.)
Thermos
10-11
20c
30c
American Roll. Mill Co. <4%% con. pref. (qu.)
American Safetv Razor Corp
*•
^
5
0-15
(qu.)
(quar.)_
Bk.
13-
(monthly)com.
(Chgo.) 4qu.)
preferred (qu.)-^^
American Radiator & Standard San.-Corp.—
;
Holder*
$1%
ZZIZ
I quar.)™.—™'
$1%
Bottle
Co.",
.com.
1
9-16
.19-70
10-15
81%
11- 4
(quar.)
$3%
10-31
10-15
Anaconda Wire Cable Co.—'_™_~_r__-—'l—,
50c
<10-20
10-10
"
1
10-20
12-20
10-16
,
Nat.
10-
10-20
-
1-2-42
$1%
American
Paper Co.,
40-15
44-10
25c
(quar/)™-ZZZZZZ. ZZ'
Telegraph
5%. preferred
i
•6%
+$l
,
(Pittsfield, Mass.)—
Co.,-comnxon
American
9-25
4
'
40c
Vand share of class B stock.
American
1
10-
.
40-21
9-2
9-19
20c
„
£an Co
(quar.)
American Cities Power & Light <Co
I
83 com. class A opt. div. ser, of 1928(qu.)
Rayable at holders option. 75c in cash,
American
40-
7
9-25
40-18
t20c
(quar.)™
American
■
American
50c
10-
9-30
11- 1
25c
:™™„™™-_
(quar.)_Z™„_
Z™__l_.
Corp.
40-21
:
10-10
75c
V
Airlines, Inc., $4.25 conv. pf.~-(qu)
..American Alliance Ins. Co. (N. Y.) (quar.) _
American
Asphalt
Roof :Corp.,
65/ pref.
(quar,)
10-18
50c
10- 1
10-
~~Z''
American
40-18
$2%
)
41-22
.
50c
ZZZ-'
-(quar.) ;
11-1
.
^
■
90c
+25c
Z_ZZ~ZZ
/Alabama -Ppwer Co., 6% pref, (quar.)__
Aluminum Manufacturers, Inc.
(quar.)
American States Utilities
Light Co., $6 preferred-—
.
Extra
41- 1
;
,
10-16
81%
■
(quarterly)
.Air Reduction Co.; Inc.
1
Inc.—
8-21
1
11- 4
81%
_
Abraham & Straus, Inc..,™
Affiliated Fund, Inc. (quar.)™_„_
11-
Inc.
,
10-17
+81%
v
of jfompan* .:
$1
—
1
••■.■'■
Co/.(DelJ—
Laboratories, 4»/2%
10-30
9-23
11-
50c
-
____r.__„
'•
25c
40-30
20c
'•JV^"'/
(quar.)_
preceding table.
■!"///
50c
9-30
10-17
.
9-29
41-15
10-11
1
9-24
(quar.)
—ZZZZZZZZZ
preferred
(quar.iL—_ZlZ_ZZZZZZZ
1
75c
1
11-
$101.20
Ltd.
10-
70c
9-22
11-
8-27
pref—"~_I
7'V
Co.——„
.81%
.
<9-30
5c
10c
Below we give the dividends announced in
previoi
weeks and not yet paid. The
list does not include div:
dends announced this
week, these being given in tfi
V
(quar.)—
6
80c
—X—,
-
;Amer.
f
3-29
Co.
lZ_—l_ZlLlZZZZZZZZZZZ^"'!!
L———-Zl~Z~Z.ZZZTI"V
L-—L______ZZZl_—ZZZZZZ-ZT'""-'
—Z—ZZZZZZZZZZ""""
Z——r—'•————lZZZ'-ZZZZZZZZ'Z^^
Monthly.
9-15
10-25
41 %c
_
—'
Monthly
9-30
11-15
'.
L___L____-L---
Monthly
/Monthly
Monthly
41- .5
4
.
(quar.)
W.)
11-45
'
L'L_.
common_^.Z-
(Win.I, Jr., &
Monthly
Extra
:
Co.,
20c
/
Z—
Spice
10- ,4
of
Paper Co., Ltd. ts-a»ZZZZ~Z
Sewing Machine Corp., 82 prior pref.
Villa Grocers,
Inc., .6(i> pref. (quar.l
"Woolson
9
1
—
—
Co.
9-20
10-15
10-
Westminster
40- 1
$1%
/
+S3
(quarJ
A
Mfg.
•9-20
1
30c
Jlc
Washington
Oil €o._———•Wafcerbury Farrel Foundry & Machine Co.ZZ
West
1
9-20
Y.)'—.
Paper Factories, Inc.i—
preferred (quar.)
(J.
9-24
9-30
5c
20c
—
Co.
9-30
37 %c
.'•■•^•-:-
(quar.)——
Woolworth
-Handle
i___
&
Ins.
Sciver
i
10-14
37 %c
preferred ■•(liquidating
G'w
Van
10-47
1
10-25
•
share held."
Co.—
(irreg.)
Wall
11-
10-24
Ltd.-—Z—
Mines,
stock ,for each
Gas
9-24
50c
.
Fire
%c
10-20
10-
12 %c
(quar.)_„.-_--Z
(monthly)„llll—;l—..ZZ,
B. S.
•
10-15
-10-15
4:1-24
,
Gas
1
—
..;•/;'
(monthly)—ZZl—
•United
(Roanoke,
^.lZ-l—
5
10-
10-15
Co.—
preferred*
•
8-31
10-12 '
V—
iVIines
11-
$1
$1%
$0.49638+
preferred
(American
$0.60 conv. preferred A (quar.)—L—Z_—_
$0.60 conv. preferred b (quar.)
pepsi-Cola Co. (irreg.)—_1
Phila. Acceptance Corp., $5 preferred (s-a)
plume/& Atwpod Mfg. Co. (quar.)_L„"_
■Portlahd
9-10
?
25c
(quar.)--—;l——„—
Sons.
410c
(quar.)—
Consol.
/Agricultural Nat'l
preferred-/.-—1_-
Payne Furnace & .Supply Co.,
,
1
11-
50c
Pacific Lighting Corp. .(quar.)—l—_lL™
Pacific Portland Cement Co.,
^ preferred
I
10-
12c
(;Papific Guano A? Fertilizer Co.. .(quar.)
^,Paracale-Gamaus
./(monthly)
10-23
„
-1
$1
75c
- ,,V
•.
L--J—!_/LLl—I
,
1
preferred (monthly)^Z—Z-L—ZZl-LLl";
Elevators, Ltd., com. (interim)—
5% '/r> .preferred
Jtquar. ii._lZ__—;
•Torrington Mfg.' «Co. iquarr.iZ_./__ZL-—Z™
Triumph Explosives, Inc. .(quar.l-ZZZZZZZZZ
Tung-Sol Lamp Work), Inc., common—l.Ll_
-
10c
,'/•■• $1
'Outlet Company—
—
41-
5'b
common
_^L_—•L_____-____L—_■
.preferred
m%
•
J
com.
6V
Turner/
8
10-20
Toronto
8
37 %c
l—;
class
Z_
7V
6%
B
Inc.
is
Co..
.(qua r. i
Light Co.
Gas
Stockholders
,•
tquar.V-v—
Inc.,
B
,C
$0.80
7
11-
A ..-(quar.)
,
preferred
Edison
All-
1
(in¬
z__-
Talon, Inc., 4% preferred (s-a f——ZL——■
Texamerica Oil Corp., stock dlv.*
/>
11-20
11-15
Standard Silica Corp.—-_L—
Co.—
Co., 7%
Tax,
Water
preferred
Inlet
8-25
1
| ■'
7 rb
Surf
9-
,(s-a)
(quar.l———Z-Z
/Yards
Tb
Springfield
Zeller's,
Ref.
—-LLT-^L—
Filters,
:
9-24
10-
Light Co.
Fire Ins.; Co.,
—
—
10-14
11-
1
11-
-™I-Z-LLL-Z_L--!—_ZZ
reduction
for
Wis-"
Div.
Stock
Springfield City
•'- Vb
preferred
10-14
11- 1-
10-15
25c
(quar.)
$1.50 partic. preferred" iquardL-L-^—
Soiventol .Chemical Products (initial)——
Southern Canada Power Co., Ltd.
(quar.)L- i
Spiegel, Inc., common
;
$4.50 preferred (quar.)Z-—L-Ll_-_V-™* ~
•.
10-3
11-
,after
State
City
White
5c
10-21
13c
f25c
(quar.)
_lZ_ZZ—
Corp.
Company
share.
per
-White
+$!•%
*Go....(q'uarj'La-LA/^r-.-L-L^
Telephone Co.— : •
*
River Sand
com.
Ltd.
;
Glass
consin
10-17
10-11
4
10-20
*
+50
$1%
—Z—:ZZ__/zl——
(quar..)
—
amount
10-17
10-15
.50c
—
L
.
20c
•+$1%
5^. preferred (tplar.)——-_L_:
Dominion
Mines,
Co..
Whiting Corp.
•
■
Co."i ;'(qUar.)
.(quar.)
Net
-
8
75 c
44-1
'
—
_i_L
Properties,
Discount
Simmons
;
9-30
50c
$1%
i'L
•
(quar.)—
Trust
.
Iquar.)
10- 8
42-15
75c
10-
""
(quar.)Zl-Li.——:——L A
Co., 7%'* preferred
(quar.)
Dohme, Inc., $3.50 preference A
&
United
'(quar.)
■..Common..
10-21
10-25
10-14
10-13
-
"•'
.
(quar.)
;
Shatterproof
5%
Ins;
Ohio
•'/.. Tb. 4»st
10-31
$134
■
9-27
10-17
—
series
Sharpe
10-18
1
1
preferred /(quar.)____
Cbiss B
,
7
10-15
1
10-
11-
10-15
Oliver
;
10-11'
10-15
11-
Gold
Map
k
1
Old
10-15
-
•11-14
10-18
12-
$1%
Ltd.—
Edison
6%. partic. preferred
I
10-11
81%:.
•
1
11-1
81%
•
.Shoe Co., common-L_;
•5'/£> preferred (quar.l—
;
V
1
37Vac""
(Los Ang.),
9-30
11-
Ohio
dvi
10.- 9
.
G'/d-pfd. (qu.)
Co.
10-10
,25c
50 c
•t
$lJ/4
■
preferred
//.-• Common
10- 4
; io-
io-i5
ipistillers Co+p.-Seagrams, Ltd.t, 55fcpfd,;tqin
District Bond
.
10-r9
(quar.)—
———
Co., 8% debentures (quar.)
.'Devoe & Raynolds .Co.,
9-30
(quar.)
Nunn-'Bush
..
10-4,.
*10-15
10-15
___
preferred
9-30
*6fr preferred ;(quar.) —_rL——
,■■'..- 8%.
preferred
(quar.)L--„-7._—_________
Northern Trust Cp.
(Phila.)
(quar.)———
.10-23
11- 3
■,
—
9-30
40-10
81%
2nd
.Common
V
11-:3
.
65/?
10-39
11-15
.
50,c
De Vilbiss Co., common-—„——I——,
;.,17V2c':
75J. preferred iquar.)——1-—-----——
20c
Dean (W. E.) & Co„| common (quar.)——
1
11- .1
,7.5c
.
"t
Davton Rubber
$2
.
10-10
10-10
25c
V
•10-15
3d
.
Water
Toledo
50c
/V 25c
$1%
Vi/.-V1:-/' l/L-Iw-;,
&
Antonio
common
(quar.)—
•
•Niagara. Lower Arch,Bridge Co., Ltd;_—_L_
.Ohio
Co. iquar.)-----.-r„r_----_
preferred
Davidson
— — —f —
10-45
10-15
Northern
'
iri-*<•
m
10-25
-
Industries, Inc,—
preferred class A (quar,)_-i.-
$1.50 partic.
B
'01&S8
1>
'■/' 10-21
ioc
>.
™—ys.
Chemical
v
50c
65^
.
33c
70c
Elec.
:>"■ 35c
10-15
'
.
.(final)
Community Bubllc Service Co.—-—.—
10-15
preferred,
conv.
Sedalia
10-15
11-19
1
River
12-
1
1
/ Phila.
;87-y2C
11-
—Z
r
creased)
pfd.
(quar.)
Utilities,
Co—_
$1,
(San
9-20
11-
North
9-27
9-30
11-
.
North
4017 V
9-21
I
10-18
10-11
+S1
2
j
1
*10-21
10-25
(quar.)
Co., class A (r-esumed)
Falls
10-25
10- .1
l50c
wise. I
Concord
10-
11-25
11-
/' $3%
$3%'
ls-aflL_-_ifa—
-
Gas
41-20
20c
.
Co. of America (quar,)—.
Co.
(Madison,
telephone
11- 1
1$i%
—
Guaranteed
Special
Colonial
Hobblng
Commonwealth
' «.l.
\T
'
12- 1
v
80c
81%
?
10-15
10-31
10-15
81%
5%
$3
Machjne Co. .(irreg.)
Cleveland & Pittsburgh RR. Co., reg.- .(quar.)
Cleveland
1
1
11-29
jWelding Machine Co.,- extra
Corp.,. class A <quar.)_
(quar.)__-i.™__/
•,/,:•.,,.
Le Mur
Bedford
North
10-15
12- X
(quar..)_
Corp,__„-™—
Corp.,
11-
t$2
__V-"--.;--—-
Mills, Inc.-, 7 5a-pfd.
Century Ribbon
•Cerro
pfd,
Products
$3
Co.,
41-
9-15
9-16
2
preferred
Sanborn
7
12c
Money
'
California
10-15
•
V
8-18
11- 1
.
10-
1
15c
81.15
Corp
Niagara Hudvson Power. Corp.—
•., 5'/c- 1st
preferred series (quar.)——
f. 5%
2nd preferred series A
JquarJ.'-,-
..11-19
10- 6
—
10-15
41-
10-15
75c
——
-preference
Niagara
410.- 4
,
10-15
1
25c
(quar^)__
(s-a)
11-
prefer,
jSt. Lawrence Flour Mills, Ltd.,
7% preferred (quar.)-™™
4
44- 1
25c
(quar.)^_i__--i^_i___^
-
10- 6
10-
20c
l:1/2c
Brunswick^Telephone Co.; Ltd. -(quaf-.)
New England Fire Ins. Co.
■(quar.)——
-New/York Merchandise Cb.,.Jnc. (irreg.l—:
Corp.,
reg.
>.
10-15
10-15
pref.lZ
(irreg.)-l^.—Z
Co.
prior
9-15
1
9-23
10-
Associates—
Naybob Cold Mines, Ltd.
'Nestle
.
8
11-15 ^11-
10c
7
10-10
,10-
■
:$1%
:
__
_■
Battery
.'National
1L-15;
,
.
25c
_L_V____V-i-'-—i-V-
'." 81.50
;
ii.-'i '10-45
4 V
$i3/4 ;;
683ic
:
1
10- A
Securities Corp.
(liquidat+ngi—
2% shares of Natl. Invest. Corp. for each
National
10-14
Co;
Nanaimo—Duncan
10-10
10-17
10-20
+40c
V'.. share held.
„4
11-7
10-10
1
10-15
Morristown
10-10
10-17
11-
10c
—
(Md.), >6%
Light
Middlesex Products CPrp.
-
12- .1
Sl34
(quar.)-,_v__^vi---_v---------,
+$6.65
preferred
Iviv
.:..$ii4
$5
preferred (quar.)™™—r'_—
St- -+$434-$5 preferred
Si
Beverly -Gas & Electric Co.-i—
'Blrtman
I
10-15.
.1
25c
:•
:
11-14
••
3c
„—
—
10/20
10-
4
+$i
I 20c
—i—
&
10-
10-90
1
+8c
10-25
9-30
;
■Participating
Michigan Gas & Elec. Co., T'/e
-'Si 86 prior lien———^
—s—
ia-20
10-17
25 c
-v
Co.
1
10-20
Extra ;
National
$7
-•
Power
$2 partic. preferred
10-20
11-
—.,15c
Extra
■I
Inc.—-
$7 preferred
...
8
?,
(irreg.)—
(irreg. )_lL__
Electric
Class IS
..
6
ibrio
11-i
$i
—
Associates,
Spinning
Fine
Berkshire
•
Corp
Avation
Bendix
10-
10-25
-
•■
1
50c
$ 1 III •
I:
Powder Company,
10-15
10-25
—
6
+70c
5% conv. pfd. (qu.)
50c ;•:. 10-10
Backstay Welt Co, -(irreg.l—
;
10-25
Badger Paper Mills, Inc.vv-^-Vi.i.v__--.----l' •>.• 50c
.10-15;
$l'/a
Bank of California Nat'l Assn. (quar.U—,
Atlas
60c 1
10-15
$5 preferred
(quar. )-^Merchants & Manufacturers Securities Co.—
f• v-...Class A
-(s-a).—i—iIL_l-XXX-
10-15
::
8iv2
-•
/
Atlas Plywood Corp.,- common™
v——
'v "$1.25
"preferred'J'(quar.)-Vvi^^ii-,-v_:-,iVi-'il'''
2
+$63
McWilliams Dredging Co.mesumed)
Melville Shqe Covp. common (quar.)—
20c
,.$l.Vs
Corp., $2.50 prior pref.
Atlantic Rayon
10-
82% :
Company, $5 1st. preferred
preferred
(quar.)_
$3
J683Ac
Anglo-Canadian Tel. Cp„ 5»/aV pfd. (quar.)
Appalachian Elec. Pwr. Co., 4V2l^ pfdv (qu.).
Asbestos Mfg. Company, 81.40 con v. pref.__
Atlantic City Elec. Co., 86 preferred (quar.)
10-15
preferred
McGraw
"
Steamship
American
:
10-20
1
Roxborough Co.„ 80,32 conv. partic. pref../. •
Sacor-Lewell Shops, commori
(irreg.)l_LV-Ll-'
9-16
Ac
—
Maytag
Share
-I'11, "'jt.'&U*:
(q.uar.U-1—
(Chicago)--'—,
Company
Mfg. Co.
(J. D.)
Adams
1
25c
May Department Btores
are:
Per
V
$2
•_
".l,-
.
The dividends announced
10-
1
11-
10-15
10-10
9-20
;
V//£liIll Li-Vl—___L-l/__i—
Massachusetts
10-16
10-15
41-
t$i%
•-.
8
15c
/ V 10c
—
——
(quar. i •,_l_ll_l_-Li-—
..
10-14
25c
(qUar.)/i.i—
Co.
10-31
11-
25c
Z,-i---—™Z^_ "
5'7c
-
5V
25c
75c
1
& Power
Co.,
10-1.4
10-15
;Sioux
(guar.)—
Marquette .Cemeht Mfg.
of past
clared.
Mfg.
10-22
t.70c
Li—I5—/„
Irregular/
•
45c
Maiden Electric Co..
table in
1
&
10-24
40-24
$iy4
9-25
37>/2c
(qu.)
we
11.
.60c
•Lorain. Telephone CO;, .6% pfd. (quar.)
Louisiana Power ft/Light. Co., $6 pfd.
show the dividends previously .announced, but
which have not yet been paid. Further details and record
which
.9-30
Rockwood
9-20
11-25
37 %c
10-
(irreg/)
9-26
;L25c
40-
Ltd.
Roan Antelope Copper Mines, Ltd. (final)
Robbins & Myers, Inc., 81.50 partic.
<9.-23
12-31
•'<
._2
LoblaWv Groceterias, Inc. (irreg.)
JpoSe-Wiles. Biscuit Co._l-__
rI'•• Extra
Dividends
first
15c
I
1-15-42
■
(quar.)—
common
common
"
1
$2'/4
/'. Extra'-
.
1
A
40-15
1
7%c
10-15
81%
/(F., ,& R.) .& Co...>(quar.)——
Telephone ffe Telegraph Co. (Del.)—
:VV;,5^preferred
•
J-
Class
;
10-17
11-
8%c
10-20
10-1
A
Co.. common (quar.)
r
(quar. i
I
Knitting Mills, com. .(increased)—
-VClass B
V*,
.
•
,
153.
1
40-27
8c
-u__L--_,
10-30
41-
Kootenay Belle Gold Mines, Ltd. .(guar.)
Monotype Machine Co.—
Lincoln
10-
50c
(quar.)I/—w-ZZZi-Z/"
Common
1:1- 1
: 9-30
11-20
Ironer
,
30c
42- 4
Reserve Investing Corp., $7 preferred.
(Rich's, Incorporated (quar.)_
10-
10-24
5
25c
10-23
15c
11-15
•-
—
A
(irreg.)
Arlington Mines,
10-20
'
1
•10-15
Lanston
—Z™—J-^.-II^Dec9 *"v 251
•?. * ♦Announcements
.
preferred
Naumburg Corp., (irreg.)
Kohler Corp. (quar.)
King Oil Company (quar.)__
-
of Ric.
10-20
1
11-
__™
11-
pfd.
(quar.)—.:—,
Johnson Ranch Royalties Co., Inc. ,(s-a)—
1, '42 547
■
7.
5
&
Jonas &
/
(quar,)—-___lL—
Reed Drug Co., qlass
10-4
;i 9-22
$2'/4
-v
:/S 5V- preforred
249
';:
437
due i :-' *T.'i
-bonds,
S'A
Jantzen
X3355
1.
-Nov
1st mtge. 5%
^™Z_1—XXX,r—ZZi™-_Jan
due, 1945
Gas
t(quar.)|
-s
preferred
15c
25c
:
—
Chemical Corp. (resumed)
International Paper Co., %!U pref
x3355
4s_„___-—I.—Nov
5s_iVi_iilL_-Lv—v:—-Nov
First Vconsol'dated
t
Indiana
'-$3
Relief
/
Holders
4"'
120c
",/.;. ;*•
™^_/--„™Z".'
10-22
•$1%
—
Mining Co. (block shares)-
11-
(quar.)
1.
25C
(irreg.)
.conv.
i. X. L.
«3355
-
4'/2 %-
$1%
50c
11-
4$1%
(quar.)
iqua'r.) I
435
l,
,
pfd. B
Extra
;
10-15*
;10c
—
Inc. (quar.) _-22___Il^i-L--i/_
Hutohins Investing Corp., $7 preferred
^56 ^
1
iVv-——i_ri:_v_->.X«v'" ,1
consol'dated
.1 Poli-New
1
Common
4
.? 10- 1
(monthly)—
Corp.,
10-
3
Rockland Light
(quar.)
11-
;
.
50c
5c
—
pfd.
$1%
(quar.)—
Raymond Concrete Pile Co.—
•''■,;, .69c
$1 Vz
—
Horder's,
Hygradc, Sylvania
10-
■
Texas—
Company, 3%
CJo.; Ltd., 5%
Holly Development Co.
Co.—~t//////''ZT* ''*■'$}rffi f-{$:
Works
4debentures *.
1 ■' Pror Pen
&
10-17
11-19
.
•10-15
:
.$■1'%
ptef™_
Homestake Mining Co.
1
York
New
N."Y. & Richmond Gas Co.
•
(A.*)
Hawaiian -Elec.
1
Rayonier, Inc.
(quar.)
Hants
;
10-27
12-
10-20
-
American Machine Co. .(resumed)
Halle-Brothers Co.; $2.40 cony. pfd.
544
Light & Power Co. :1st mtge., 6s___v_'-_;i--__'Nov i
York, Lake Erie & Western Coal & PR Co. :J-/i':-vv.;,/.-i:
I Nebraska
Coast Water, 'l'r
Co.
preferred
conv.
11-45
;
H.* As B.
544
+1280
•Memphis Commercial Appeal Co. 45-year4%s, 1952-i—if<ov" /4'•-•'■
•National Gas &
Gulf
When
Pav'bl*
(quar.)
Quarterly .Income Shares, Inc.
Quebec Power Co, (quar.),-r—'
Rath
Packing Co., extra.
:™^™__ •"
9-15
20c
——
"• S240
10-27
'
<•
General (Steel Wares,;vLtdV7V pfd./(quar.)
Georgia RR. & Banking Co., ,(quar.)_:
'Jl*'. Quarterly
1—
Gisholt Machine Co.-vf_-jl*-vV/.I
"
Globe
Knitting Works_V._i—
stock^i_l:^i-_i^vi^_NoY;:;;.l' :v,. 5*2
Memdr'al' Theatre Corp. '1st
Kelsey Hayes Wheel Co. 15-year ,bonds, due 1948v-ii.l_0et.i7
rJLitchfield &. Madison Ry. CQ.» 1st mtge,. 5s,. dues1959 (Nov,//'I'•Luzerne County Gas & Electric Co.
20-year bohds™_Nov, 1
,
—
of
1
11-10
10-16
6'/V.,conv. preferred (quar.)L
General Brewing Corp.; 6% conv. pfd. (qu.).*.
General Cable Corp.y '7% -preferred—
General Shoe Corp.l*i"j:j:vII_'_-v__-__-^il-_!_r-l!
7%-,„.pref...- stockl-^l/Z/ZZJiin V
Corp.. preferred
preferred (quar.)
Corp., common
Co.
IU
preferred
Miqes, Ltd.
(initial>:
Pulp /& Timber .Cq.—-
10-31
i.
.
Sugar
Oil
50c
$1
Machine
(quar-)
Brewing Cb.iv-^VI-—
Pitt
Puget Sound
$2 Vs.
.
—
preferred
conv.
General American
4/^? ;.540
./ East Tennessee bight & Power Co. B^refilnding LohdjL'NovZ 4:./: «?550
/Froedtert Grain & Malting Col, Inc. ^preferred .sto.ck^i^OcjtVlO,/*'.,^:'-430
General American Investors "CO,,.Jn,c., $6 pref/.stock-__0ct 15
"'-"244
Great South. Bay Water Co. 5% bonds, due 4949__*i:.-_.\W. • 1 '
431
.•Holly.
6 V,
Propriority
10-27
40c
Franklin.-Telegraph Cq; ,(s-a)_i_
Fulleir Mfg. Co / '(Kalamazoo, Mich.)
7s_l__I-r_^_No\i' .1 ;;.r ,,539
mtge. 6s," dueT49$8-LZ/_:.Nov
1 /;' ,539
•Cooper River Bridge, Inc.' 1st
&
'
$0.60
Fort
stock----U-^„-^N(>)v.,J.r
^Community Power & Light ."qo-?,,lst'.mtge.
Power Co. 1st mtge.
("Connecticut Light &
fDevoe
■-(•
Bros. ;Gear.,AE
10-27
1
/'/.
*
<:
Common
(quar.)
(Newark, N. J.) (a-a)
/Electric. Co. (quar.)—,
Flambeau Paper Co.,
51
Ohio Ry. 3'/a#-bonds, (due 1996ZZ'jV-Z'&iN<A'Z 1 I'5%;'355
r,Chesapeake
(quar.)_^„^™
FOote
1
I'b
(quar.)j
Gamble
&
11-
')
(irreg.)—--
Co.
Deposit Co.- of Maryland
-Fitchbui-g Gas
.
537
538
.,
preferred
11-
$1
Ferry
Cap & Set-Screw
Edison /Co.,
10c
15c
Firemen's- InsI-Co.
:
6 'b
,;
i,
{Name of Company
i.
35c
+$1 %
Exeter■:&> Hampton rElec. Co.
Fidelity- &
10-15
V.
-
Bay State Telegraph Co.-c-1"
A'A-' guaranteed
(quar.t™v..
A
1:y/l' ■ i,330
1/
537
mtge.
1st
•Bay way/Terminal -Corp. 20-year 6%/ b!ondsj_Z^ZZ_™_,j>ct. 22 I
•Central Maine Power Col "1st mtge. -bonds, ^ue l96S_-()ot 10
_0l_—™™_
(quar.)_
Associates, $5. preferred
^initialV_^._v——:
Empire
,
ers,
.1
-
Procter
Electric Household Utilities Corp.—
indicates
t.
Corp.—•
Sugar
C.
T.
Per
Share
'
df JUc.
-
Potomac
(quar.)-
preferred
Eastern
Holders
Ptill'ble '
coupon
1
those
When
/Per
<■
... ,■
l^ustee'Shares,
21
f
••
•,
//• 'V/;:.t Hame of, tCompanv
.
,
Divetoified
551
.Amsterdam
City Nat. Bank
(N. *Y.)
'
10-45
Per
of
Name
'
i
Share
Company
Arlington Mills
Aro
Equipment
(irreg.)
Corp. ,—
Dry Goods Corp.,
Associated
ferred
r
i—;
1st
6%
(s-a)
10- 2
25c
10-15
10- 6
^
31
_____—1
&
Co.,
Baldwin
Rubber
1
10-31
Cresson
*10-
1
11-
Power
(quar.)
9-30
W.)
10-15
30c
11- 1
10-10
30c
10-15
10-
B
(quar.) '
1
11-14
■
_________
,
10-
6
Detroit
1
10-20
Detroit
11-
1
10-20
tl5c
10-
10-15
9
10-30
10-20
5%
$1
10-31
10-15
5%
10-25
10-15
10-31
10-15
5%
6%
/
10-10
9-30
Dixie
7%
preferred
(quar.)__
Bank of Commerce
(quar.)■
'
9-30
10-15
1
10-17
10-15
9-30
11-
125c
13c
10-30
45c
11-21
Dow
$iy4
11-
1
$iy4
12-
1
11-24
t$i%
10-15
9-30
10-15
9-30
-
t$iy2
10-15
37%c
11-15
10-31'
62y2c
11-15
10-31
•••25c
12-15
10-25
$$1%
10-15
9-30
11-
1
9-30
$37V2c
11-
1
10-20
t$iy4
11-
1
10-20
t$2
6%
General Invest't,
Industries, Ltd.,
7%
,
(quar.)
preferred
Cos, Ltd.
•Canadian Oil
Ltd. (quar.)
class A
—
——
_____
7%
(quar.)———
10-31
9-30
; io-i5
9-30
10-15
9-30
$$iy2
10-31
9-30
10-31
9-30
$$i%
10-15
9-30
11-15
11-
1
11-15
11-
1
10-10
$3j/2
12-31
12-16
25c
10-31
10-23
$iy4
10-31
10-23
;
$1%
I-1-42
12-16
•
,
(quar.)
com.
(quar.)
5%
preferred
7%
prior preferred (quar.)
Aguirre Associates (quar.)__
•
—
—
Central Eureka
Mining
(bi-monthly)
(final)
______
Light Co., 7%
Central Power &
6%
.
Chain
Chain
pref.__
Store
(irreg.)
Fund, Inc.
Chemical
Cotton
Chickasha
(Quarterly)
(Quarterly)
(Quarterly)
*
—-—■
——
common
10-10
7%
1
49
:20c
9-15
5c
10-15
9-15
8c
10-15 i 9-30
25c
•
4-15-42 3-15-42
7-15-42 6-16-42
10c
10-15
10C
10-15
$1
Realty Co. (irreg.) —
Cincinnati, Chicago & St. Louis
I; Ry. Co..
; ..•
::
\
5%
preferred (quar.)—
—
Clinton Water Works Co., 7<%" preferred (qu.)
Coca-Cola Bottling Co. of St. Louis (quar.)
10-15
11-
1
3
10-3
10-
4
10-21
I2yzc
10-20"
10-15!;
173Ac
10-20
10-15
15c
10-15
10-
Special
Columbia
6%
•
—
.Corp.
.
preferred, series A (quar.)—
5% series (quar.)______
5%
preference
Columbus
$iy4
$i%
10-15
10-
1
25c
10-20
10-10
15c
10-20
10-10
25c
11-28
11-14
25C
11-28
11-14
———:r.
Gas & Electric
Preferred
i
.
—-t.
Fuel & Iron
/Colorado
.
8
—
(quar.).__
.
*_
Ohio Elec. Co., 6Vsi%
11-15
$iy4
11-15
10-20
$iy4
11-15
10-20
11-
10-15
(quar.)__
^Commercial Alcohols, Ltd., 8% pref.
Commonwealth Edison Co. _________
Commonwealth Investment Co. (Del.)
Commonwealth Utilities Corp.—r
6Ya% preferred
"C" (quar.)
Concord Gas Co. 7% pref.
■—
$1.63
——
1
10-15
10-
1
(quar.)
$10c
45c
11-
1
10-10
(quar.)
4c
11-
1
10-14
12-1
11-14
t50c
11-15
10-31
$iy2
Life Assoc. (Toronto) (qu.)_
10c
Conn. <C. G.) Ltd.. com." (quar.)
—
$iy2
Connecticut River Power Co., 6% pfd. (qu.)
100%.
Consolidated Aircraft Corp., stock div.____
4nc
Consol'dated Car Hrating Co., Inc
$l3/4
Consolidated Cigar Corp., 7% pfd. (quar.)
6V?. % preferred (quar.)
Consolidated Div. Stand. Secur. Ltd.—
12-31
12-14
'
Confederation
$2.50
Consol.
non-cum.
preferred (s-a).
Y. $5 pref. (quar).
Edison Co. of N.
Consolidated 1-aundries Corp. $7.50
Consolidated Oil Corp. (quar.)
Consolidated Sand &
7%
conv.' preferred
pf. (qu.)
.
Gravel, Ltd—
(accum.)___
$37y2c
$iy4
$i%
10-15
10-
12-
11-15
1
1010-15
1211-
1
1
5
1
9-30
11-15*
10-15*
Corp.
35c
5c
$1%
7c
: $1
$1%
$4.50 preferred
(quar.)
(Boston), benef. int.
Inc, (quar.)
;
General Motors Corp. $5 preferred (quar.)__
Advertising
Outdoor
General
Inc.,
Co.,
$4
(quar.) __—
General Tire & Rubber Co.
—
(irreg.)__^
Giddings & Lewis Machine Tool Co
'•
Gillette Safety Razor Co. $5 pfd. (quar.)__
Gimbel
Bros.,
$6
(quar.)___!
pref.
...
>
' V',
'
Ltd.
Belyea,
&
Gordon
Class
A
common_____.—._—_—
Class
B
common
.
1111-
1
11-29
9-26
1
10-15
123/2C
11-15
10-15
V$$2
' 10-15 ;
Manufacturing Co._!
Goulds Pumps, Inc., 7 % pref______________
Great American Insur. Co. (N. Y.) (quar.) _
Great Lakes Engineering Works (irreg.)
Great Lakes Power Co., 7% preferred (qu.)
Gorham
10-15
10-20
11- 1
$1V2
50c
' 25c
$1%
$iy2
v25c
20c
';. r
10-15
10-20
10-20
10- 1
10-1
9-19
11- 1
11-25
10-20
10-15
10-15
pref. (quar.)
Hanna (M. A.) Co. $5 preferred (quar.)
Harbison-Walker Refractories Co.—
$lVi
1-2-42
12-20
$ls/4
12- 1
11-15
(quar.)
Harrlsburg Gas Co.. 7% preferred
Hart Battery Co., Ltd.___.
;
Hayes Industries (irreg.)
$1 Va
$1%
$5c
25c
10-20
10-15
10-31
10-25
10- 6
9-30
9-30
10- 4
10-15
10-16
10-10
11- 3
10-25
10-25
10-21
11-18
12-16
Tap
Griesedieck
Guarantee
6%
pref.
(quar.)
Die Corp. *6 pref._
Western Brewery Co.
&
Co. of No. Amer.
(Mont.)
(quar.)
_„
Gulf Power Co., $6
6%
preferred
Hartford
Electric
Light
Co.,
6%
Hershey Chocolate Corp."
$4 conv. pref.
(quar.)_
Hibbard, Spencer,
;
Co
Corp. of America, 6V2% pref.
Hecker Products Corp.
(quar.)_
Hat
Powder
(quar.)_
pref.
(quar.)__
(quar.)
(quar.):
Bartlett Co.
(monthly).—
Monthly
_J
Holly Development Co.
(quar.)—'__L
Title
9-24
9-30
68%c
11-.1
$1s/b
11- 1
15c
$1V2
11- 1
11-15
75c
11-15
$1
11-15
15c
15c
15c
lc
10-31
11-28
12-26
10-25
10- 4
10-15
10-15
10-10
TO- 6
9-30
9-30
•
9-30
10-15
9-30
10-20
9-30
10-20
<9-30
1
11-10
60c
12-20
$1'A
10-15
1
10-
1
15c
11-
1
10-20
20c
10-28
10-10
10-31
10-
7
10-31
10-
7
11-
1
10-20
$1%
12-
1
11-20
$1'A
11-10
1
11-
1
9-20
10-20
10J1
31 '/4c
10-15
$1'A
10-15
5C
10-28
$5c
10-29
V
'
1
10-11
Sl%
11-
1
10-17
i2y2C
10-16
20c
10-17
10-
3
$1%
12-15
12-
5
11-
10-15
,r$l%
10-
1
50c
10-15
9
9-30
15c
10-15
9-30
75c
I-0-15
r9-30
75c
10-13
9-30
$3
10-15
10-10
'■i-t
20c
10-15
30c
10-15
9-25
75c
10-28
10-15*
9-25
—
Corp.u—
(irreg.)
Cement Co., com.
87'Ac
•>•
(quar.)
com.
(quar.)
II-
1
10-14
12-13
$1
I-2-42
50c
10-15
9-24
$l'/8
II-
1
10-21
<1
10-15
9-30
1
10-21
Va
87'Ac
11-
37'Ac
11-
10-20
50c
11-
10-20
50C
10-15
10-
3"c
11-
1
10-25
12-
1
Co.
(quar.)
National
Ind.)
Wavne,
(Fort
(qunr.)
50c
,
quar.) _______
(quar.)_____
—.—
Lion Oil Refining (quar.)
Little Miami RR., original capital_-_______
Special guaranteed
(quar.)
Co.,
Link-Belt
common
Cement Corp.—
Lone Star
'•
5%
,
partic. pref. < (quar.)__
partic. pref. (partic. divT
12-15
10-15
9-30
$1.10
12-10
11-24
50c
12-10
11-24
11-20
—
——___
$l'/4
12-
1
25c
12-
1
50c
10-15
Fund, Inc., com. (qu.)
•f,- 20c
Loomis-Sayles Second Fund, Inc
Lord & Taylor—
,'• •"/
> V
$2
8%, 2nd preferred (quar.)
$l»/4
Louisville Gas & Electric 5% pref. (quar.)_
31 y4c
5%.preferred new (quar.)___.:—
—
Loomis-Sayles Mutual
•"
90c
Light Corp. (quar.)_—
6y2r% preference (ouar.)
County Gas & Elec. Corpr, 5V4%'
Lowell Electric
Luzerne
pref.
(auar.t
MacAndrews &
$1%
Co.
$1.31%
———.—a__—._
—
Forbes Co., com.
50c
(quar.)___
preferred (quar.)
z—
Magnin (I.) & Co. 6% pref. (quar.l__—__
Mennn (R. C.) Co7 $2 class A pref. (quar.)
$2.20 preferred (quar.)
—
Manhattan Bond Fund, Inc. (quar.)___
6%
Manufacturers
Trust Co. (N. Y.)—.
$2 conv. preferred
Maple. Leaf Gardens,
(irreg.)
preferred
:
Ltd.,
pfd,
(quar.) —
6%
preferred
(quar.)——
;
______________—_
McCrory Stores Corp., 5% pref. (quar.)
McLellan Stores Co., com
(nuar.)
Distilleries, Ltd.
pref.
preferred (accum,)—
—
Corp. 5% pfd. (quar.)
preferred (quar.)
—
—:
partic.
Mercantile Acceptance
10-15
9-30
10-14
10-14
1-2-42
11-
12-23
10-15
1
9-30*
10-15
$1'A
10-15
$1 %
11-15
50c
10-15
55c
10-15
9-30*
;
11-
5
9-30
Q-30
lie
10-15
10-
6
5c
10-15
10-
6
9-30
10-15
10-1
37'/-c
10-15
9-30
$20c
10-15
$17'Ac
10-15
9-20
20c
12-27
12-20
21c
10-20
9-30
62'Ac
10-15
'
.
Melchers
9-30
.10-15
10-15
____—
7%
10-17
1
50c
Calculating
Ltd.
9-30
v
$40c
non-cum.
Tel- & Tel.
McClatchey Newspaper
McColl-Frontenac Oil,
11-
9-30
v
—
7%
Machine Co. (quar.) ;
Co.> Ltd. ___—___—
4'
7% preferred (quar.)
;
Marshall & Ilsley Bank (Milwaukee) (s.-a.)
Massachusetts Investors Trust Co. ____—
Massachusetts Utilities Associates
...
5%
partic. pref. (quar.)_—
McCall Corp.
(quar.).——
Marchant"
Maritime
11-20
10-15
'
..
8
1-2-42
'
;
u
11-
6
25c
$1%
preferred
6Va%
6%
7
9-29
11-
—_
preferred (quar.)
Bank & Trust Co.
(Syracuse. N. Y.)
(quar.)
Lincoln National Life Insurance Co.
6%
10-
conv.
Lincoln
6%
9-30
9-30
!
$1»A
w__;
Alliance Bank & Trust
(Rochester, N. Y.)
_
;;:
t$l
12-
4V?9o
Common
10-17
20c
(quar.)
Stores Corp.
1
45c
.
5%
5
10-
25c
(quar.)
—__
Corp; (Richmond, Va.),
T're
fe
(increased)
preferred
•
12-
10-15
$1%
—
4%
4%
9-30
10-20
12-
(quar.)
(quar.)
Co.
Portland
Lehigh
•
I
9-30
30c
11-
(quar.)
Inc.
(8-A)
A
Neville
Rub'^r
LAe
f:
10-
75c
3c
Baking Co. 7% pref. (qu.)
Ins.
Lunkenheimer
$$l'/2 r. ll- 1
$30c
11- 1
50c
10-15
10c
Extra
7% non-cum. pre¬
Co., Inc. quar.)
Gas Light,
Greenfield
class
Leece
.
75c
$1V2
50c
$$lJ/2
$$2>/2
L.)
(H.
Greenfield
pref.
6%
Water Works.
Lawyers
.
10-16
t87'Ac
Utilities Co.,
pref,.'' (quar.»
Lawrence Gas & Elec. Co.
"
9-25
1
10-15
i
6'v
11- 5
10-20
10-15
10-15
11-
$75c
'Class'. B
,
10-20
1
10-15
(irreg.)____
Lane Bryant, Inc., 7% pref.
Langendorf United Bakeries,
$2 class A (quar.)
11- 5
10-25
11-
1
20c
com.
(G.) Brewing Co._____
Lak^y, Foundry & Machine Co—
Landis Machine Co. 7% pref. (quar.)
10-20
10-15
11- 1
Towing Co.,
(irreg.)
Stores,
Inc., common—____
conv. preferred
(quar.)_;___
Kroger Grocery &
9-19
10- 1
10-10
9-30
10-10*
10- 6
a:
10- 7
10- 1
10-10
10- 4
9-30
10-15
__
Krueger
9-30
10-17
11- 1
2
$1%,
87'Ac
67* preferred (qu.)
Kerr-Addison Gold Mines, Ltd. (interim)___
Kirkland Lake Gold Mining Co. Ltd, (s-a) _
10- 7
$3
50c
Lakes
ferred
Refining Co.
$1.25
9-30
1
2
10-
25c
1941.)
1,
Nov.
to
Department
Kentucky
9-30
10-15
10-15
11- 1
10-15
Great
15
Sept
including
Kendall
10-15
11-15
10-30
10-
11-
$1%
Kennedy's,
10-15
11-15
11-1
8%c
t81'/4c
Lincoln
10-25
10-15
11- 1
« 10-20
11- 1
11- l
$1%
••
10- 5
9-30
<
3
fquar.
10-15
25c
15c
$$1%
Monthly
10- 4
.
,
10-
i
preferred (quar.)
Lexington Telephone Co.r (quar.)
Llbertv Loan Corp.,
$3.50 preferred
-
10-15
& Supply Co., com
preferred (quar.)
Kelsey-Hayes Wheel Co.", $1.50 conv. class A
Kemper-Thomas Co.. 7% special pref. (qu.)
Kendall Co., $6 partic. preferred (quar.)___
f/
10-15
1
$l'/4
5%
9-30.
11-20
11-
A<\<;
4
'
Kellogg Sw.tciiboard
9-30
10-20 V
10-20
10-15
; r;
A—____________—$1
partic. class
Preferred
Hercules
12-15
10-15
(quar.)
Extra
$1%
—
11- 1
18c
50c
$l'/2
25c
75c
Mills,
General
Green
& Southern
preferred
•
10-20
$iy«
.30c
vV.
Gladding, McBean & Co.
Golden State Co.; Ltd. (quar.)
10-
-20c
-10-15
10-17
11-1
11- 1
,
(increased);
General Investors Trust
8
10-31
$l3/2
$25c
20c
£
Inc.
Corp.
10-27
Preferred
(First quarterly divi$.543056 per share from and
Kaufmann
10-6
10- 4
9-30
10-15
12^ t
Works & Mfg. Co., 6% pfd. (qu.)
Iron
9-20
11-15
Joplin Water Works Co., 6% preferred (qu.)
Justrite Manufacturing Co.. (Chicago)
Kalamazoo Stove & Furnace Co
—
10-15
s
11- 1
11- 1
17y2c
(quar.)
(quar.)
Investors,
General Foods
Builders
>_
I
conv, v.t.c. (irreg.)
Canada Ltd. (quar.)
preferred
10-
10c
of
dend
Lerner
.
Cleveland,
.
10-15
.-Gardner-Denver Co., com. (quar.)
$3 conv. preferred (quar.)__
General Electric Co.
-
$1%
10c
25c
(qu.)
Corn.,
of
Co.
General Finance
12-16
10-
10-15
10-20
10-20
:
$1.20
Gallon
9-24
10-15
1-15-42
-
Postal Terminal & Realty Co. ;
preferred (quart)
City Nat'l Bk. & Tr. Co. (Chicago) (quar.)
City Title Ins. Co. (quar.) ___—:
—
Extra
37th St.
West
10- 4
10-15
Co. (quar.)
com.
(quar.)
Co.
Tea
'/4%
4
;
10-20
io-15
'
"-V/.i.
(quar.)
Fyr-Fyter Co., class A
10-15
i,;.
10-25
$1
25c
3Re
Co.______________
Ltd.—
Stores,
Fundamental
10-10
25c
$1.18%
$l'/4
10-15
10-25
; 25c
(quar.)
10-15
:
50c
•
6'A%
Cleveland
(quar.).
Trust
preferred
Extra
1
10-15
12-26
? 10-15
(quar.)
Corn,
Mutual
Foundation
1
11-
Cincinnati
J
Rubber
&
Tire
Fund
10-10
10-31
1-2-42
10-25
(quar.)
F.)
(S.
Jewel
.<
1
10-15
Mfg.
Fireman
Iron
•
9-30
10-20
11-
Inc.—
Stores,
Inc.
*1- 1
11- 1
" 40c
Inc. (resumed) —
Tool Corp
Corp.,-5% pfd. (qu.)
preferred A
'6% % preferred B
6% preferred C
K;
3
1
Electric Light & Power Co.
Iowa
10-10
10-21
10-16
com.
Co.
Ins.
"C"
10-
10-
$37'/2c
(quar.)
Fund
Investors
3
10-17
10t15
$37'Ac
,
(quar.)
Home
Inters* ate
-
10-
com.
Equipment Co., Inc—
"Investment Foundation, Ltd., 6% conv. pref.
>
9-25
17-31
10-31•
40c
Machine
Milling
preferred
7%
•
20c
$1
25c
(quar.)
1
11-
25c
Chilton Company,
Fund
Ltd.,/
(increased)
Common
t
9-30
9-30
t$l%
,
.
7
9-30
11-1
2%%
(quar.)
Department
Interstate
A
;"v,.v.,
■■
preferred (qunr.) .—3lV4c
Fishman (M. H.) Co., Inc., 5%
conv. pref.
9-30
II-
5c
7%
Co.,
Co.
(quar.)
pref.
10- 1
5%
9-30
t$0,h
__________—
—
&
Sons Co.,
(Wm.)
10-15
35c
10-
1
*
International Nickel of Canada, Ltd—
■7% preferred (quar.)
(payable in U.
■;
10-17
10-15*
12-15
10-20
10-20
10-15
$1.06V'4
9-12
10-10
11-
40c
—___:—
—
International
Kokomo
__
10-21
1
10-15
10-21
12-6
(quar.);
Powders,
Bronze
preferred
partic.
-International
10-15
10- 6
10- 6
10-20
9-30
9-30
10-25,
10-15
10-15
10-31
10-31
11-
?C
1-2-42
International Industries,
;
11- 1
10-31
75c
$iy2
10-14
$iy2
International Harvester Co.
10-10
9-15
11- 1
12-18
11- 1
It- 1
11- 1
;
10-15
3%
preferred (quar.)
6%
9-30
11- 1
25c
20c
;
(Marshall)
common
(quar.)
10-14
.
9-30
17c
"V""''v
International
10-10*
9-30 10-20
10-16
10-16
50c
$1V4
15c
$m
$2
(quar.)__
com.
nref. (uuar.)
United Cleaning & Dyeing
y
1
25c
] Iriterchemical. Corp.,
1:
;
Fund, registered
First Nat. Tr. & Savs. Bk. (San Diego)
1
t$2.91%
(Boston) qu.)
—
(accum.)__
Froedtert Grain & Malting Co., com.
(quar.) —-—-
Oil Co.
F'rst
First
10-15
11-
$iy4
11-10
It- 1
11- 1
11- 1
10-15
10-15
11- I
(irreg.)
(Wash.,
conv.
Fitzsimmons
$1.19
t$ty4
$l'/2
$l'/4
$1.14
(quar.)
Dept. Stores, Inc.,
Federated
434%
9-30
.
Investors Trust
preferred
Fireman's
9-30
11-
Corp.
(quar.)__i
C).
6%
Filene's
10-15
preferred
Belt Co
& Welder Co.
Firestone
17c
10-25
10-15
$1%
(M, 4°c
;
com.
Finance
preferred
10-15
:'
Gas & Elec. Corp
Central Kansas Power Co., 4%% pfd. (qu.)
Central N. Y. Power Corp., 5% pref. (quar.)
Central Paper Co., 3% -6%
non-cum. pref.
(The),
Co.
Services
Fenton
8c
Hudson
Central
Sl'/a
$l3/4
$1%
pref. (quar.)
preferred (quar.)
Grain, Ltd.; 6V2% pref.
4Va%
37»/2C
Central
•
Co.,__.
Line
(quar.)
Fifth-Third Union Trust Co. (Cin.)
10-20
$l'/4
11-15
11-15
■■■■.r.r;
conv.
Field
$12'/2c
$iy4
11- 1
10-15
__
B
Federal
10-15
$$iy2
9-26
9-25
75c
9-30*
11-
$$3%
Corp.
Shares)
.
(quar.)
$6 pref.
Federal Machine
D.
11-1
10-10
$$1%
$1%
9-30*
10-15
t$2%
Stock dividend
'.':
-.A1/v
Casualty
Pipe
Federal
*X
:
10-15
10-15
(quar.)
Co.—
Iro.l
.Indianapolis Power & Light Co—
'Institutional Securities, Ltd. (Ins. Group
10-20
com.
Share Co.,
Iriterlake
,v
Ltd.—
Co.,
1
45c
t75c
.
7%
(quar.)
Co. (Dallas) (quar.)
Group Associates (quar.)
Pref.
6%
$12V2C
clfnchfield &_Ohio Ry. (quar.)____
Corp. of America—
:>
participating pref. (s-a);
,—;
Celotex Corporation,
Ltd. (qu.)
$5
•Fairbanks
$50c
$12 Vic
Celanese
.
(qu.)
10-11
'•
15c
Dep. Rec. ■; (interim)
Imperial Life Assurance Co. of Can. fquar.)
Investors, com. trust ctfs
15c
25c
,
Fansteel Metallurgical Corp. $5
Carolina
t
_i
(Toronto)
(s.a.)_<__
Incorporated
:->6c>
10-25
$50c
10-20
$$2V2 * 11- 1
$30c i 10-31
$10c
10-31
11-14
11-
-10-15
Imperial
-
50c
/
;
de Nemours &
I.)
(E.
Bond &
Eureka
9-30
$$iy2
$$1.20
-(interim)
Canadian
Canadian
:
(interim)
Co.,
preferred
Pont
Employers
Ltd.
Corp.,
(quar.)
Chemical
&
Tar
Employers
$15c
(Toronto)
Investment
Foreign
Canadian
preferred
7%
12-12
11-29
$2 Va
v
conv.
12-15
40c
$2c
Ltd.—
$5 preferred
10-31
10-15
S.
50c
11-15
11- 5 ,
7% pref. ($5 par)
(quar.) ..(payable in
50c 2-16-42 2- 5-42
50c 5-15-42 5- 5-42
'•.; • U. S. funds)
50c 8-15-42 8- 5-42
| International Products Corp. (final)
Internat. Utilities Corp., $3.50 pr. pref. (qu.)
^;.r;
$l3/4
1-1-42
Subject to approval of the S.E.C., N.Y.c.E.
;•
rules not ex-div. until further notice '> :
$l3/2
12- 1
9-20
:
(quar.)
Canada
of
Chemical
6%
10-15
10-15
10-20
1-5-42
25c
$2
preferred (quar.)
Elmira & Williamsport R. R. Co. (s-a)
El Paso Electric Co. (Del.) 7% pref. A (qu.)
1
$37 %C
Co., Ltd., com. (quar.)^___
5%
preferred (quar.)——
Canadian Converters Co., Ltd. ——-—--pref.
12-
11-1
50c
3*c
(s.-a.)
preferred (quar.)
Duquesne Light Co. 5% preferred (quar.)
Eastern Sugar Associates
Preferred shares of beneficial interest
10- 3
10-?a
,
10-15
60c
$iy4
(quar.)
10-15
•
1
11-
_
$1
.
Mines,
Co.
11-1
50C
(quar.)___s___
(quar.)
Imper.al Bank of Canada (qUalr.)
Chemical Industries, Ltd.,, ;Atner.
•>
11-20
' , k
9-15
10- 5
9-26
10- 6
12-20
12- 1,.
.
Y.)
Corp.
of Rec.
Pay'ble
25c
$1%
,»
Hussman-Ligonier Co. (quar.)
Hygrade Sylvan a Corp., 4>/2% conv. pf; (qu.)
Idaho-Maryland Mines (monthly)
Illinois-Iowa Power Co. 5% conv. pfd—____
-
*
$4.50
•"
9-30
(re¬
Ltd.,
$l3/a
preferred
(quar.)
(quar.)
Electric
_____
Co.,
12-23
preferred
5%
du
7
10-15
•
*____
Fairbanks-Morse
(quar.) —
7%
9-20
11-
t$iy2
Canadian Bronze
Canadian
12-23
Scale
Howe
;
common
Bank
Dominion
5y2%
_____________——
Canadian
$1%
(resumed).
Dominion Oilcloth & Linoleum Co.,
•
,
Ltd. com.
11-20
;
Stores
Home
Ltd.,
Dominion
150c
__—
Corp.,
n- 2
.
Mines,
Dome
-
Pr.
75C
(quar.)____
Casting
9-30
t$iy2
——
preferred
6% preferred
,
6%
preferred (1927 series) ________
California Packing Corp., com. (increased).
5%
preferred (quar.) ____
Campbell Wyant fe Cannon Fdv. fe Co
Canada Fdy. & Forgings Class A (quar.)—
(quar.)
10- 4
10-10
Extra
1st
10-14
10-20
10-15
Co.__
(quar.)__
(quar.)
Die
Doehler
9-30
9-20
10-28
Gold
(N.
Co.
Finance
preferred
Howey
:
pref.
Southwestern RR
Co., 6%
State
10-15
9-30
7%
Northern
Mfg.
fe
Dixie-Vortex Co.
10-15
10-15
Pulp & Paner Co.. Ltd. (quar.) —
Porcupine Mines, Ltd. (quar.)_
Co. (initial)
—
Buff. Niag. & East! Pr. Corp. $5 pf. (quar.)
Bunte Pros. 5% preferred
(quar.)
California-Oregon Power Co.
duced)
it
$20c
10-15
Forge
Canada
Co.
(quar.)
Raynolds Co., Inc.,
UOc
Broulan
Buffalo
1
40c
Bromnton
.
11-
10-15
10- 6
12-20
10-11
10-14
,$iya
373/2c
,'v \ • •
preferred (quar.)
Dickey (W. S.) Clay Mfg. Co., 6% cl. A(an.)
50c
10- 6
io-20
1-2-40
n- l
10-28
Hardart
&
Horn
Household
10c
Di-Noc Mfg.
16c
10-20
loc
——________
Corp.
(irreg.)
.
6%
(fiscal)
A
$32V2c
cl. A
6%
Co.,
Telephone
2nd preferred (quar.)
10-20
12- 1
Michigan Stove Co.
Devoe
10-15
10-31
Edison
Hillsdale
preferred
preferred
preferred
preferred
5%
$9
Ltd. $1.30 pref.' (qu. j
i
Columbia
11- 1
12-15
Common
,
British
37V2c
$iy8
25c
$n/2
,$3
$l»/4
15c
10-15
series A (stock
Tunnel
Canada
Gasket &
Detroit
50c
20c
5V2%
Co.,
u.l___„___
&
Detroit
9-23
10-15
II-
62yac
dividend to be paid on
or about Nov. 1, 1941.
* i
' V,
Boston Edison Co.
(quar.)'
.___—'_
Boston Personal Property Trust (quar.)—Bralorne Mines, Ltd. (quar.)_______
Bridgeport Hydraulic Co. (quar.) _.
British Columbia Power Corp., Ltd.
11-22
11-1
2>/8%
Detro t
Partial liquidating
Brantford Cordage Co.
10- 1
12-13
12-1
div.)
,,
10-20
$1%
York__
New
Stockyards
Union
25o
—
._.
12-23
10c
(quar.)
pref.
t$2
12y2c
■■'•; $1
_______
____.
10-31
;
(irreg.)
Deposited Insurance Shares,
10-15
1
(quad.)____
pref.
5%
Supply Co. of
(quar.) ____^
(quar.)
A
12-
-'
■
12-15
v.
125 c
,
(quar.)
Inc.
Company
Common
7%
11-14
,
__________—__—
Dentists'
Denver
1
;i,;
(quar.)_.
Deisel-Wemmer-Gilbert Corp
_________
Boston Co-on Building Co
11-15
(extra)
(quar.)
:
&
12-15
12-
11-
Records,
Extra
——
(quar.)
Ami Co., class A
12-31
Co.
(quar.)
com.
preferred
Decca
4
125c
t$VA
1st preferred (quar.)
Canada (quar.)_.—
Inc._:
Bloomingdaie Bros.,
12-31
V
(resumed)
Co.
2c
30c
$2
1-2-42
.
Holder
When
Share
Name of Company
Holly Sugar Corp., com.
:7%
pref. . (quar.i__—'______i__'__'j.______-'
Home Insurance
(Hawaii) (quar.)_r___^;
Hooker Electrochemical Co. .(increased) '
^
5%
class A prior preference
Deere
10-21
$1
Ltd., class A
_l__—
__
6%
,»
:
Malleable Industries (irreg.)_
Berland Shoe Stores, Inc., com. (quar.)__;_
7%
preferred (quar.) ___,
————
Biltmore Hats, Ltd. (quar.)
____
Birdsboro Steel Fdy. & Mach. (irreg.)
_.
Class
10-15
60c
Press, Inc.,
Davenport Water Co.,
10-15
12 %c
Benton Harbor
(E.
9-30
10-10
" ■■■■■.v.."
V'".'
Co.
______
R.
R.
Cunningham Drug Stores, Inc.
6% preferred
(quar.)___
9-30
10-21
———
Beatty Bros" Ltd. 6%
Bell Telephone Co.
of
10-16
10-16
10c
10-31
(quar.)________
Paper Co.,
1
12-
I-1-42
50c
Nat. Trust & Sav. Assoc.—
&
Milling
&
(quar.)_
Clinton
Port
4Vi%
$iy2
—
(quar.)___—__
Cuneo
20c
preferred (s-a)
conv.
Bathurst
10-15
(quar.)_
com.
preferred
8%
V
6
11- 1
12c
of Detroit-_^____^____-v
(quar.)
(Capital)
(quar.)____
Gold Mining
Cons.
Culver &
Co.
Co.
Trust
10-20
;
(quar.)__
com.
preferred
Crum & Foster,
10-24
11-10
$i
Inc
preferred
6%
Bank of America
Bon
12-
6C
Hydro-Electric Co.
Bankers
Bliss
$1
______
Co.—_—.—
W lcox
Babcock
Baldwin
$2
10-15
.
Refining Co.,
Products
1
$2%
Axelson Mfg.
""
Corn
11-
6c
Axe-Houghton Fund,
Class- B ; (irreg.) _
Co.
11- 1
75c
$l3/4„
preferred
%c
_________
._
60c
12-15
12-15
10-15
10-17
10- 3
10- 3
'
(quar.)
'• >,
Corp.. common
(resumer'
Corn Exch. Bank Trust Co. (reduced)
(qu.)
6y2 %
7%
6c
-.
partic. pref. (quar.)
(quar.)
——
1—.
.
Irregular
Bangor
1
12-
of Rec.
1-2-42
'
11-14
11-14
12- 1
$iy2
pref. conv. (A (qu.)
Co. 4%
Irregular
'»
10-15
Pay'ble
$l3/4
$1%
50c
Share
Name of Company
" '■
"Per
Holder*
When
Per
'
Continental Tel. Co., 7%
Mills—
Avondale
'
$1'A
t$5%
;
Associated Telep. Co., Ltd. $1.25 pref. (qu.)
Atchison, Topeka & Santa Fe Ry. Co
Atlantic Coast Line R. R. Co., 5% iton-cum.
preferred
of Rec.
:" :oper-Bessemer
preferred
Atlantic Refln.
Holders
pre¬
i.
(quar.)
2nd
7%
When
Pay'ble
Saturday, October 11, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
552
!
9-20
9-30
1
10-15
43 %c
11-29
11-28
$$1'A
10-15
9-30
35c
11-
$l'/4
11-
1
10-20
20c
11-
1
10-11
$1'A
11-
1
10-11
$30c
12-15
12-
1
25c
12-
5
12r 1
30c
12-
5
12-
1
rntnum•diity^iM"WfliH^Wro VHi^,r,, ,T<f;< vitw^ ^lsyy*^Jfai%t'i^WwiWl
Volume
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3992
154
Per
Name
Merchants
.
Midvale
Natl.
additional
Two
each
of
shrs.
share of
stock
com.
Mississippi
Power
preferred
Mississippi
Co.
$7
pref.
(quar.)
& Light,
$75c
10-15
9-30
Premier Gold
$2c
10-15
9-15
60c
10-16
9-18
Prentice
50c
10-15
10-
1
10-15
10-
1
$1%
1-2-42
1-2-42
Portland
Loan
$4.50
preferred
B
$4
(semi-annual)
Montana
Moore
10-
Purolator
,<
______
(ou.)
(qu.)
Co—
Extra
Morris
(Philip)
4(4 ft
>
preferred
12-
1
11-10
Class
A
common
$1%
11-
1
10-11
Class
B
common
$0.80
preferred
50c
10-15
9-12
10-31
-V 9-30
(quar.)
Co.
l-x-42
lZ-Ji
Reed-Prentice
11-30
11-20
10-15
9-30
11- 1
10-15
12-
11-15
Mutual Chemical Co.
8%- preferred
$1%
of Am.,.6%
25c
(qu.)
j
Steel Corp
;
Republic Invest. Fund, Inc., 6%
6%
preferred
B ; (quar.)_l.
--Additional
.
Revere
9-30
pref.
\
(qu.)
(quar.)
""15-20
$i</2
12-27
50c
10-15
10c
10-15
;
'
9-30
1
Rhode
Myers (F. E.) & Bros. Co., extra___^_^__«.
Mutual System, Inc., ?% .pref. (quar.
$i
IC-27
3c
10-15
.Nash
.
.
Kelvinator
National
Biscuit
National
Bond
11-
Corp;,.■
Co.
&
com...
National
Casket
yi> National
-
-:
Co.,. Inc., .com.•'
10-15
25c
10-15
50c
11-15
50c:
City Lines, Inc., Class A. (quar.)_^
$3; convertible, preferred . .(quar.)
Nat'onal Distillers Products (quar;)u^li'i^
National
Elec. Welding-Mach. Co.
(quar.)
National Fuel Gas Co. (quar.) _v__N_rl__„
'.
National Funding Corp. class A (quar.)___
:»•„
(,
10-15
15c
--:75C
..
,
.,
class
B.
t
ipref. B
-(.quar'.j.i—-V'''
ManufacturerStores
Corp;;
$5.50
.
,
(s-a)".__'____l_____l.l'_i.'--'
prior
preferred
$2,50
non-cum.
National
,
Light
A
Power
Co.,
Steel
Car
.10-20
9-30
_LL__
Industries,
York
New
'
A
Inc.———
Transit
Newberry
(J. J.)
10-15 *
11-
Co. :_L_L__^i___u_^.L_i__
-
:
?
i
•
preferred B
(quar.I—
1900
News Shipbuilding .& Drydock Co.
convertible preferred (quar.) _:__i_L_
10.90
1
10-15
10-lt>
10-15
9-26
$w
11-1
tllA
11-
elans *A.,'«iruuMvi,
Corp.,
Nipissing Mines Co.,
Norfolk
Western
&
Ltd.
>-r-v
(interim)
Railway Co.,
$1.50
•
.
preferred
conv.
i
Northern
Ind'ana
Public Service
r,
preferred ______
preferred
5% % preferred
Northern
-6%
*
Ontario
preferred
(quar.)
Northern States Power
6%
preferred
Northern
$5
Ohio
common
$1%
10-15
10-
;____
Co.
1
10-15 "
11-
1
10-15
t$l%'
10-14
10- 4
t$lVi
10-14
10-
4
in-
4
30-14
10-25
shares
Car
Ottawa
Pacific
•
f
5%
Finance
&
Mfg.
Co.
10-20
9-30
9-30
10-15
;
,.
9-307
Preferred
A
Preferred
C
(quar.)
&
Elec.
Gas
(quar.)
Pacific
3 n.10
$20c
10-15
9-26
50c
11-15
10-30*
1
Public
Pacific
Pacific Tel.
<fe Tel.
6%
Corporation
Panhandle
Eastern
Common
(irreg.)
pref.
*
Pipe
of
total
♦
6%
.
10-
10-
$i%
12-
10-31
30c
lfi-28
-
li-
11-15
Preferred
A
(quar.)
•35c
5-14-42
175c
Pfeiffer
Brewing
Philadelphia
8%
Co.
Company
preferred
(quar.)
___________
(quar.)______^_^a___
(s-a)
Class
7ft
preferred
A
(quar.)__
Pierce
Governor
______
Co.—_—
Pilgrim Trust Co. ;(auar.)L—__
Pilot Full Fashion Mills,. Inc. (quar.)—
Forgings Co.__—________—
Pittsburgh National Bank
(Pa.)
(quar.)__
Pittsburgh Screw & Bolt Corp.—
Pittsburgh
Plomb
Tool
Common
Co.,
_—
Common
6%
preferred
com.^
_____
—
—
(quar.)
———
10-15
10-
10-15
10- 1
25c
12-15
12-
'20c
...
Gas
.-
Brands, Inc.,
of
Canada,
Ltd.,
H.)
Ltd.,
Machine
-
•
•
for
share
each
1
10-15
10-15
10- 4
$25c
10-15
9-30
10-15
9-30
12-23
12-15
$iy2
12-23
12-15
$iy2
11- 1
10-20
12-26
22 y2 c
10-15
25c
10-15
Mold
Corp.
RR
$1
$4.50
Textiles.
<
Inc.,
Washington
5%
•1
Allied
&
Towle
10-31
10-10
10-1
Trade
of
6%
11-1
11-
Mfg.
Co.
10- 1
1
10-10
Trustees
ll-'l
10-10
30c
10-15
9-19
Penn
■
9-30
Udylite
Union
■
9-30
$4.50
10-
2
10-
2
50c
30c
12-20
10-20
11-29*>
17%C
i 10-15
10-
1
$iy4
10-15
10-
2
,
10-10
$1%
1-15-42
1-2-42*
$iy»
4-15-42
4-2-42*:
$iy4
7-15-42
11- 1
$1
7-2-42*
10-16
preferred
1-2-42'
$1%
(qu.)
*/"•"
.
!____
(quar.)
____
4-18-42
8-1-42
37%c
11- 1
9-15
' .Sl'/e
11-10
10-31
12-15
11-15 r
11-,!
10-15
'
7
^7%e
1
11-15 ;
$13/*
11-15
10-17 t
»i%-
11-15
$iy8
10-15
12-
;433/4C
(quar.)
;■
:
-(quar.)
10-10
$1VB
11-
1
10-10
$75c
10-15
White
Corp;
7
(irreg.)___
common
Co.
Motor
7
50c
7 '
25c
10-15
•
10-15
9-25
10-17
10-10
10-
1
11-15
11-
5
$3
11- 1
10-15
1
10-15
Wilson & Co.,
;-7-
Hosiery
.
1
10-15
>-$1%
Winsted
11-26
10c
preferred (quar.)__
Will & Baumer Candle Co., Inc., com
7%
Inc., $6 pref
9-20
12-10
11-
t% IV*
*
—
11-
$1%
Co.' (qudr.)
V
10-20*
11-1
10-80*
11-
10-29
11-
I
Wisconsin
7 :7
6%
Electric
Wisconsin
(1897)-—'
Co.
Power
11-1
I?
v
Gas
Electric
&
Co.
pref.
4%%
10-15
10-31
$1%
—
'7
-
10-15
'
-
10c
10-20
10-10
11-25
10-24
Zion's
i4c
10-15
9-30
10c
10-15'
10-
3
3
t4c
10-25
10-
10-24
10-14
50c
10-21
10-
t$l5/s
11-
1
10-17
1$3
11-
1
10-17
mva
10-15
9-30
25c
12-15
12-5
(quar.)
$iy8
37J/2C
7
10-15
10-
12-1
11-20
30c
12-
1
11-20
30c
12-
1
11-20
25c
10-30
10-20
(Rudolph)
37y2C
11-15
10-20
10-15
9-20
37% C
10-15
9-20
37 Vic
10-15
9-30
37%c
10-15
9-30
$1%
35c
10-15
11-
9-30
10-31
10-15
30c
11-29
11-20
50c
12-15
12-
books
(irreg.)
Inst,
closed
not
10c
(quar.)— "
for
dividend.
this
"
*
account of accumulated dividends-
tOn
dent
tax,
dent
tax
April 30,
effective
2%.
remains at
a
1941
5
'
....7#.;-,
Non-resi¬
tPayable in Canadian funds, tax deductible at the source.
to 15%.
increased from 5%
Less British income tax.
Returns of Member Banks
;
Resi¬
:7.r
7*'';
10-15
9-30
New York
in
and Chicago—Brokers' Loans
7 7
of
Below is the statement of the Board of Governors
Federal
the
9-20
1
10-15
10-15
(The)
Co.
^
1
34 %c
(quar.)
(irreg.)>_—______
Inc.
Cooperative Mercan.
•Transfer
6
10-15
,7 $1%
(quar.)
Industries,
-
'
(quar.)7
preferred
9-20
10-15
50c
(quar.)___
•
9-1#
1
■■
pref.
10-17
•
11-
35c
*
•-
(quar.)
(George), Ltd., 5%
'
7
(quar.)___—_—
---Instrument ;i—L__z—._w—
Weston
9-26
;
Co.,-4%%* pref. (quar.)__;
Prod. Corp., com. (quar.)
Electric
7-18-42
'10-10
10-20
10-15
(quar.)_
Co.—
-
1-17-42
5-1-42
.$1%
(quar.)
Weston
1
2-2-42
$iy8
com.
10-18
1
".,'$1%
,
(quar.)__t_z_______
pref.
11-
37V2c
' 37 %e
7%
10-30
12-
37%c
___.
com.
10-15
11-15
12-10
^
•
37%c
pref.
12-29
10-25
t$l
$1%
,
(quar.)___
Power
preferred
t22c
.7
Reserve
for
System
City
the New York
member banks
member banks and also for the Chicago
week, issued in advance of full state¬
the current
for
10-12
75c
10-15
10-10
75c
10-15
10-10
$iy8
12-15
12-1
"75c
10-23
10-16
$iy4
10-15
9-30
avail¬
of the member banks, which will not be
ments
able until the coming
(Tren¬
Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
BANKS
IN
CITIES
RESERVE
CENTRAL
of Dollars)
(In Millions
*
t3iy4c
10-15
10-
40c
12-15
12-5
31 Vic
11-15
10-31
50c
10-15
9-30
$l»/4
12-31
12-13
4
New York City
>
-
(qu.)
7
Loans
invest.—total
and
Oct 1
Oct 9
Oct 8
1941
1941
1940
1941
'
$
3,686
12,237
3,654
2,515
72
2,482
72
12,188
"
Chicago
Oct 8
$
Assets—
Loans—Total
t75c
11-
1
10-
7
t75o
11- 1
10-
7
t.025c
11-15
10-15
(quar.)
$iy8
Co.
(stock
11-1
10-10
20c
11-
1
10-15
37 y2 c
11-
1
10-15
11-
5
10-25
divi.)
Commercial,
Oct 1 Oct 9
1941
^
1940
^
9,600
2,846
2,526
922
2,520
922
2,230
630
684
33
679
33
441
22
41
44
and
indust.
50c
(quar.)
(N.
Y.)
common
(quar.)
.
7
10-
4
United
2
Obligations guaran. by
U. S. Government
11-
1
9-17
10-15
10-
10-15
90C
11-15
10-31
45c
11-15
11- 3
-10-
8
V;
10-15
11-22
10-22
Demand
11-22
10-22
Time
10-15
10-
11-
8*
6
1
10-20
37%c
10-15
t40c
10-15
9-15
4$1%
10-15
9-30
Union
Gas
12-24
Union
Oil
10c
9-30
9-20
25c
10-25
10-15
(ouar.)
of Canada,
Co.
of
Co.
California
United Bond & Share,
United Drill &
B
10c
11-
25c
10-14
$1%
11-15
10-31
(quar.)
(quar.)__
Tool Corp. class A (quar.)
10-
U.
S.
11-15
10-31
12-15
11-20
"11-10
tl5c
10-15
9-30
15c
11-1
10-21
10c
11-
1
10-21
$1
10-15
9-18
t75c
1-2-42
12-20
—
(quar.)___
United
Fruit
United
Fuel
Co.
(quar.)
2-15-42
1-31-42
15c
5-15-42
4-30-42
6%
15c
7-15-42
6-30-42
United
15c 10-15-42
9-30-42
71)
prior
9-31
7%
prior preferred
class
A
preference
(quar.)
Co. (Del.)
Railway
preferred (monthly)--.—.
Light &
(monthly)—
banks
Capital
64
196 V 188
116
116
245
135
762
322
945
2,650
781
782
1,862
- 1,581
,5,161
1,410
1,427
6,565
158
353
305
84
-"""41
82
277
41
2,239
495
160
352
1,318
' 41
283
41
"
2,229
495
82
80
87
315
314
90*
; 77
,
.
.
•
-
336
i;77.:r.
,,,
;
'
104
354
1,274.
42
1,978
506
10,672
760
9,737
>719
129
35
80
95
94<
3,976
3,753
1,075
1,082
1,001;
.
3,882
563
636
7
8
7
——
----
— --
263
262
290
35
16
15
1,522
1,520
1,497
; 279
276
261
570
—
,
—
'
-r
accounts
Foreign Money Rates
•
In London open
58%C
11-
1
10-15
58V3C
12-
1
11-15
on
Friday
of
last
bills,
as
were
-
272
44
,7
banks
Other liabilities
19
22
91
479
1,437
3,224
-
deposits:
10-10
Investments
15c
•';/
—
Borrowings
'
2
banks.
10,701
771
Government deposits.
120
Domestic
58
22
30
386
<
.
89
30
458
deposits—adjusted
Inter-bank
53
9
25c
(quar.)__
Ltd.
10-15
•
i20c
$1%
;
Ltd.
1
5,157
dom.
deposits
Foreign
,
(quar.)
z_—•
banks—
Liabilities—
$1
7"
3,223
assets—net
tic
10-
with
120
107
107
456
26
-
53
the
Cash in vault——
Other
163
1,869
1,534
-
with Fed. Res.
$3c
10-25
—
Paper Corp. (irreg.)
of Missouri, $5 pref.
pref.
10-10
Class
Res.
-
bonds
securities
Other
8
25c
,,,151
1,402
10-
States
150
______i.—'--4 '*' 474
10-
15c
—
(irreg.)-—
Corp.
$4.50
Treasury
bills
notes
288
30
-
—
10-15
Balances
„
Ltd., 7% pref. (quar.)_
loans
10-15
10c
——
10-20
banks—
to
Other
354
'
loans--—— "1
estate
Loans
1,781"
78
356
on
'■»,
25c
$1%
Co.
Real
pur.
securities
25c
$1%
:
(new)
Ltd.-—i:——.—
Co.,
7'
'
dealers
&
for
loans
carrying
Treasury
(quar.)
loans
brok.
to
Other
>.^''7;?/7
(quar.)_.
(initial)
agricultural
Open market paper______
Loans
stock
com.
(quar.
Trust
Coal
Bag &
10-25
10-15
10-15*
1
10-15
pre¬
pf.
Foundry Co.,
Co.,
Wheeling "Steel
V
9-30
50c
(quar.)__
Union Elec. Co.
1-2-42
10-
11-
(quar.)
6%
•
Electric
Western Grocers Ltd.
Wurlitzer
Stocks, Inc.
Tuckett Tobacco Co.,
$2
10-10
25c
10-15
V
(quar.)_—7_—_______—,
Westvaco Chlorine
System Disc. Corp. of Chicago, 7%
30c
10-21
10-17
$1
(quar.)
preferred
West
*
Woodall
class A preferred
Calif,
Mines,
Bank &
$1V4
10-15
conv.
com.
Co.
'7
preference
conv.
9-25
i
Truax-Traer
15c
9-30
1
10-15*
$1
Steel
Penn Elec.
pref.
;—
Gold
75c
■
;
"
Ltd
company's
held.";•" "':7*--
common
Extra
10-25
.
Ry, &
preferred
$1%
■
12-20
N
10c
10-15
Lt.
preferred
Michigan
ft
10-25
(S-A)
6%
; ; Quarterly
Toburn
8-15
10-15
11-
6
9-30
87 %c
fs.-a.)
preferred
West
11-15
4% preferred (initial) (newi_____a_______
Mfg. Co., $3.60 pref. (quar.)
(Scranton, Pa.)
Tobacco
10-20
12-15
12-
11- 1
Co
Co.
conv.
10-15
,
Tacony-Palmyra Bridge Co., 5% pref.
.
K
1-15-42
,00.,
&
Washington Gas Light Co.,
t$l
i
Tool
Company
9-22
1
Tobacco
Vulcan Detinning Co., 7%
Warren
>
7*-: $1
Symington-Gould Corp.
25C
15c
Leaf
Virginian Railway Co.—
6ft
preferred
(quar.)
6%
preferred
(quar.)
6%
preferred
(quar.)
6% .preferred
(quar.)
••
11-
$3
-
pref.
of
share
9-30
1
25c
Valspar Corp. (The),. $4 conv. pref
Vapor Car Heating Co. preferred (quar.)
10- 8
:
(quar.)
pref.
com.
Mines,
Company, 4VSs%
One-half
Super
'
11-
)
25c
T,'.: •I'¬
N.
(quar.)
Consolidated
.Superheater
'
3c
10-15
50c
(quar.)
10-15
11-
68%c
.
(The), 5% pref. (quar.)
preferred
Sundstrand
ol
2-1-42
1-2-42
(quar.)__
pref. (qu.)
(quar.)
$0.70
Corp.,
Y Wichita Water Co.,
j(quar.)_
com.
$4.50 pref.
1
2y4c
conv.
(quar.)____
Knitting
West
$50c
7
.
;
partic.
11-
$iy2
50c
10-31
(quar.)
Michigan Pr.
rUtica
-
(s-a)^..
Co.r 6%
6%
$iy4
35c
-
$5
Upper
7%.
Sun-Ray Drug Co., common
6%
preferred (quar.)_______
/
5-5-42
10-
11-15
50c
Pipe & Foundry Co. (quar.)_
Plywood Corp. (quar.)_______
Stockyards
Universal
:
5
$1
*
(quar.)_____.
Third, Nat. Bank & Trust Co.
10-25
12-1
(s-a)_
preferred (quar.j
pref.
(quar.)
pref.
(quar.)
$5
1
'7
t$l%
I
Thatcher
2y4c
—
l*
10-15
$1
11-15
t$l3/4
_____
(quar.)
Phillips Screw Co.. (irreg.)_.^____
11-
$i
;$iy«
10-21 -
10-15
—
Phillips Pump & Tank Co. class A
:
<
1
10-15
10-15
50c
Sugar Corp.
$5
••
5
$13^
;
11-
$1
1
*
11-15
25c
.
Electric Co., com.__L__
preferred (quar.)
Philadelphia National Ins. Co.
\
11-
'
Philadelphia
Phillips-Jones,
$1%
(s-a)
tUVa
"■7 $2
(resumed)
(quar.);
$5
11-15
.___
Co.
Oil
Sun
10-15
12-15
1- 5-42
3i>c
Power Co.
1
'
(quar.)
preferred
7%
10-16
10-20
50c
Corp.
Steel
11-20.
.;
12-15
11-
'
17
i
< qu&r.)
Heat &
11-
12-
$1.20
5%
'
A
Pennsylvania Power Co., $5 pref. (quar.)__
Peoples Gas Light Sc Coke Co.' (increased)
S.
conv.
Street Investm. Corp.
(Boston)
Stecher-Traung Lithograph Corp.—
"9-29*7
1
40c
Preferred
Telephone
A
.State
9-29;
10-
11-15
1-2-42
.
'
l___
States
<7
11-15
/ '
'
1
t$i»/2
7,
Pow.
Stanley Works,
io- 2
1
I
Petroleum
11-20
$$1%
Sullivan
10-15
$i
.-..v
Peoples
10-10
12-
(qu.)_
10- 2
1
5%%
.
'
$iya
3iy»0
United
.
9-30:
-10- 6
10-17
(quar,)
10-20
37VaC
Inc.K (quar.) '
amounting. -to
* Payable in U; ,8. Funds (irreg.) w.?.' ;+ ''
Pearson Co., Inc., 5% preferred A (quar.)__
States
Standard Wholesale Phosphate & Acid Wrks,
10-15'
"•
10-17
$1
$1Mi
(quar.)_.
'
6
37V2c
'
Standard Fire Ins. Co. of New Jersey
y-30
,.
12- 1
53c
50c
12-20
(quar.)
$5 preferred
„
South. Indiana Gas & Elec., 4 8% pf.
(quar.)
New England Telephone Co
9-30*
10-15
$2(50,12^.33—
Telephone
10-10
ton)
(quar.) 7_
Standard Oil of Ohio $5 pref. (quar.)
Standard Paving & Materials, Ltd.,
Partic. conv. preferred (interim (accum.)_
in-is
10-15 .t
■f
(quar.)
Inc., com.
A
«
Penman's Ltd.; com.v(quar.)_^____^_l__r^_L
6ft -preferred-u—i_z__—^—
.
11- 1
25c
__
Companies,
Peninsular
-
32>/2C
-41*^
Parkersburg Rig & Reel $.50 pref. „(quar.)__
Parke-Davis Sr. Co.-'LLjL_L_l_____„____i____'
Patino Mines & Enterprises Consol., Inc.
J
>
-
>
preferred class B
Paraffin
1st pref.
preferred
Can.
Standard
4.0-15;
i
10-15
Hi-15
___
Line CO.
dividend
1
53c
50c
_—______
pref.
United
U.
12-10
10-
___L_
class
Paper Mills,
California
Preferred
10-15
11-1
-
4
(quar.))___'„_1____
preferred class A
Participating
(quar.
(quar.).
*
6%
ft)
12-20
10-20
Preferred
original
South.
.»7
Mach.
10-15
Smelting, Refining & Mining Co.,'com.
-
50C
Corp.? $5 pref. (quar.
Serv. Co., $1.30 pfd. (qu.)__
10-15
10-15
Co., (Dallas) (quar.)
Spicer Manufacturing Co., common...
$3
preferred
(quar.)
10- 1
lo.oq
16'
(quar.)
Lighting
Packer
Conv.
Southern
20C
1
_______
Co.
6%
10- 1
*
Pacific
non-conv.
10-15
11-
1
15c
(quar.)___
Greyhound Lines, Inc.
preferred (quar.)
6%
$1
$l'/4
11-
25c
Packing Corp.________;
____L1
I
Pittsburgh Water Co. 4y2% preferred
Southern
10-15
S.
United
8
25c
(quar.)
Bag & Paper Co., Inc
Southern California Edison Co., Ltd.
(quar.)
5y2%
preferred C
(quar.)____
v'; v
preferred (quar.)
15c
10-
10-11
(quar.)
(Howard;
10-15;'
1.*
'10-15
10-15
Southwestern Life Ins.
.
1
11-
"
Corp.
Southeastern
-
(Bait.)
Guar.
Industrial Alcohol Co.
11-15
11-
tl5c
4ft
(Nashua,
class A
Smith
10- 6v
Co.
(quar.)________
N
Ltd.,
Bank
Petroleum
11—1
25c
1
10-15
loc
11-
Premier
10-17
_____•:
12-
20c
$i
Ltd.,
5%%
pref.
__L
L__
accumulated
Mfg.
2c
\
10-27
12-26
-50c
(quar.)__
(quar.)
Simms
•
1st series trust
Corp. of Calif.—
A
South
9-30'
10-20
„_r
L
Marine
Outboard
v
9-30
$1%
75c
Equ'pment Co. (Irreg.)
& Aircraft, Ltd
Owens-Illinois Glass
;
$lJ/2
$1%
3
10-15
(quar.)___
Mines, Ltd
Company
Co. 'liquidating)
Simpson's Ltd. 6y2%, (accum.)__
Simpson (Robert) Co., Ltd., 6% pref.
Corp.,
Trust Associates,
Corp.,
class
5%
—
(quar.)
Farm
Nat.
.'"
•
(irreg.)
11-
1-2-42
10-10
Southern Advance
Common
Oliver
Second
S.lbak
1
11-
10-25
i :
r_,
Holding
10^31
t$1 %
10-20
10-10
Simmons
pref.
(Minn.)
(quar.)_
Company,.
Service
Ltd.
(Del.), 7%
Co.
Engineering
Old Colony
11-15 1
11-19
___________________
Co.
Power
preferred
Northwest
1"
11-
12-11-
25c
(quar.)
States
Oceanic Oil
Co.,
7
&
Hoffman
Extra
^
preferred
Serrick
Sheller
11-15
V $20c
_____
Power
1
11-
Shawinigan Water & Power (quar.)
Sheep Creek Goid Mines Ltd. (quar.)
'
•■6%
11-
11-
(quar.)____7_I_
Paper Co.—
preferred (quar.)
preferred
(quar.)
Snider
7%
•
15c
11-
(accum.)
Shakespeare Co.
10-16""
7/;7-77
Co.
10-16
t5y4
$4.50
$4
Fidelity
1
11-
Inc.
S.
ferred
11-13
t$3.93%
(Initial)_„____
Co.,
preferred
Scott
10-16
$1
Power
2nd
5%
"
10-16
1
.
Mfrs.,
S.
11-1
25c
<»uc
preferred
Paper Mills Co., Ltd.—
preferred (accum.)
3%
7
37Vac
com
(quar.)_w——
K
(qu.)
;
Y.
(Quarterly)
San Diego Gas & Electric
Co.,
pref.
7quar.)____
North Penn Gas Co., $7 pr. pfd.
Northern Illinois Finance Corp.,
50c
$15c
adj.
9-30
St. Louis County Water Co., 66
pref. (quar.)
Louis Union T*ust Co. (Mo.), common-—
9-307
10-24
11-1
10-20
(monthly)
&
v.t.c.
U.
U.
St.
9i 2
12-31
$1%
20c
preferred
Merchants
of Rec.
12-15
53c
(monthly)
U.
-
St.-Louis Bridge, 6%
1
S.
Lawrence
~6%
11-20
10-15
'
30C
•
10-
-
r*
"11-
.9-30
com
—
preferred
St.
" 10^ 1
30-15'
i2-
10-20
87y2c
(quar.)_
Paper Co.
Croix Paper Co.
Lawrence Corp.,
Be.
Realty Co., 6%% preferred
.
$5
N.
preferred
Robbins
(quar.)"
St.
Newport
•
of
>
10-17 '
11-1
50c
(quar.)
6%
.
35c
25c
Newport
1 7 10-15*.
10-20 ;*
9-30
$1.18%
'■"»
conv.
8aguenay
10-11
1
""9-30
Co., common _i_s.iL
Ne sner Bros., Inc.,4% %' conv. pfd. (quar.)
_
"
Sabin
10-11*
.
10-20
50c1
Nekoosa-Edwards Faper
:
10-31
11-
*
(quar.) *
Corp.
I
9-30
>
L10-15
$iy2National
Co.
Bros., Inc.-, $6.50 preferred
Royal Typewriter Co., com
7 7%
preferred (quar.)__
Ruud Mfg. Co.
(quar.)___
7;
3
25c
10c
preferred
$£f
10-
pref.
i
Ins.
Roos
9-16*
•
35c
$1V4 "'
"20c
3c
$2
Paper Co., Ltd.,
preferred (quar.)
6 ft
,
11-
10-30
;.$2%
class A (s-a)
Beating Trit: common_'_7£»«
Motor
10-15
r
"
*j.'.
'•National
,
2c
$!%'
;
,
Natl.
$1.50
'
(quar.)
National Lead CO.,; 8%
'
/
9-30 v
11-1
1.50c
v*
:
9-30
*50c
7
Extra
10-15
1
40C
7
Rochester American Ins. Co. (N.
Y.) (quar.)
Rochester Button Co. com. (quar.)_z___^
9-30
prior
preferred
Hoidert
Pay'ble
1-2-42
"
pf.-A
Inc.,f 7 %
Serv.
.
9-30
*10-15 v.''/9-25.
15c
^
v>
.
Share
Corp
National Cash Register Co.
Pub.
Rolland
Narragansett Elec. Co., 4%% preferred (qu.)
10-20
common
Class A
12-18
.
Island
Richmond
"
_-l_
Mutual Investment Fund, Inc._
on
Copper & Brass,
preferred
,5'/4%
,
6%
U.
1
20c
58%c
(irreg.)
United Profit Sharing Corp. 10% pref.
9-30
11-
prior
When
Share
(monthly)_____
preferred (monthly)-,
Common
Republic Petroleum Co.
9-30
10-15
.11-
9-20
10-20
6%
United
4
1
11-
of Company
preferred
prior
6.36% prior preferred (monthly)_L__
6.36% prior preferred (monthly)
6% prior preferred (monthly)
9-15
10-15
prior
6.36%
.
3
10-20
10-
10-15
11-29
preferred A___.
75c
lc
10-15
10-15
$2y2
7%
*
,
$2
Reliance
10-20
TeL, (quar.)____—_•
Co.,
11-20
62y2C
Mountain States Tel.
A.)
11-20
;37yac
Munising Paper Co., 5%, 1st preferred
(C.
(s-a)____
,9-30/;
,
9-30
9-25
$iy2
;
preferred
11-30
(quar.)___
com.
(quar.)
10-25
.
10-15
10c
15c
Name
71c
9-30
10-15
Per
•
'
Reed
(quar.)____.,____*__________
Co.,
~
Packing Co., 5%
Reading Co.
(quar.)
10-20
11-30
10-15
1
7%
50c
$1.06 y4
__i_
(quar.)
L___
Corp.
$iy2
* 40c
I
;
pref.
Employees
Rath
.
*>o
12-15
.
Corp
_____;
preferred (quar.)
Regent Knitting Mills preferred (quar.)
(quar.)_
__7
o
11- 1
40c
.
com.
(quar.)
Oil Mining Develop.
States Power
Mountain
5%
Co.; Ltd.,
preferred
Diablo
Mt.
$2
;>i v2:
—
&
Railroad
$2>/4
$iy2
—__—
&
Quaker Gas Co.. 6ft
11-10
1
—
(iniital)
11-10
1
t37c
12-15
t$l%
;
Products, Inc.
(George) Fund of Boston_____,
12-
-
$1%
$5c
$2
$1V4
50c
*
-
8
12-
•"MS
————______
preferred
(John)
9-30
Gamble
&
$2 1/4
.
Forging Co., class A (quar.)__
Moore
(W. R.) Dry Goods Co. (quar.);
Morgantown Furniture Co., com. (inuiai)_i_
6%
10-15
Proctor
Putnam
Drop
Morrell
Dome
10- 1
Co., $5 pref. (quar.)
Ward & Co., Inc.. com.
Heat & Power Consol.
Telegranh
East
10- 2
10-15
9-30
"'l$iya
;
Preston
12-20
16-15
Montreal Light,
Montreal
Extra
12-20
1
10-20
$$1%
(quar.)
(quar.)
10-16
Power
Montgomery
pref.
.10-15
(semi-annual)
$4.50
1st
pref.
5c
(semi-annual)
A
preferred
preferred C
A
partic.
$iy4
Mining Co. Ltd. (reduced)
(G. E.) Mfg. Co., (quar.)
t25c
8%
Co.,
common
Co.—
Chemical
Monsanto
-
Cement
Soeiety,
6%
of Can.
non-cum.
pref.
$2C
$13/4
Monroe
Corp.
6%
(quar.)__
/ -
11-
$iy2
Porcupine Mines. Ltd., (quar.)__„_
Monongahela Valley Water Co., 7% preferred
Monolith
of Rec.
(quar.)__
Mines, Ltd.
(quar.j
8% pref. (quar.)
Prosperity Co., Inc., 5% preferred (quar.)
Public Service of N. J., 6% pref.
(monthly).
Puget Sound Power & Light Co. $5 prior
pref.
:
£
Hoidert
10-8
$iy2
(quar.)___.
When
Pay'ble
10-15
Power
preferred
$6
Per
Share
■
of Company
35C
for
Moneta
,
Name
10-10
11-
__________
_____
Power
i
.
____
Piping & Supply (irreg.)
Corporation
(irreg.)
Mission
9-30
•
held
com.
of Rec.
10-15
1
$3
n
.
Pay'ble
Plymouth Cordage Co. (quar.)_
Pollock Paper & Box Co. 7% pref.
(quar.)
dividend)
Holder«
When
Share
.'
(Boston)
(stock
Company
Midwest
$6
of Company,
Bank
553
market discount rates for short bills
1 1/32%, as against 1 1732% on
week, and
1 1/32—1 1/16%
Friday of last week.
Friday was 1%.
against 1 1/32—1 1/16% on
Money on call at London on
Friday
for three months'
THE COMMERCIAL & FINANC1AI; CHROmCLE
554
Saturday October ll^ 1941
Discotnti Rates of
Weekly Return of the Board of Governors of the Federal Reserve Syslem
Foreign ^
Reserve System o»vttu*sdaj& :&fterhp©%
business on Wednesday.; The first table
'There have -been no * changes1 daring the week ih the'
presents the results for the System as a whole in comparison with the figures for-the eight, prepding weeka ahd..:
with those of the corresponding week last year.
The second table shows the resources and liabilities : separately $ ^discount rates/of/arty*of the-foreign: central bahks^^ ;f;
for each of the 12 banks.
The Federal Reserve note statement (third table following) gives, details, regarding >- Present -rates - at the teading -centers • are; shown -in' the
The following wa§ issued by the Board of Governors of the Federal
Oct. 0, showing the condition of the 12 Reserve Banks at the close of
;
•
Reserve agents and the Federal Reserve banks^ >;yy<>^;, v
transactions; in Federal Reserve notes between the
/table' which fallows:
"■-Rate in
••
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANK® AT THE
.■
,
Omitted
.'Assets'
:
Ctfs.
Oct. «>,
:..v;m—■ a
Sept. 24,
Oct. 1,
1941
1949,
—\
1
1941
19,032,300
20,501,030
-
A,.
14,010
243,391
Redemption fund
(Fed.
Reserve notes) _i—
- cash*''
a
.■Other
20,362,029
20,466,031
•
•
,
- '
14,729
20,297,032
.$-w AyT$
252,404
15,743
269,462
19,363,028
20,733,164
20,647,234
20,299.032
;
»■■■■»
AlgCntina
Belgium
Bulgaria.
,
Bills
20,758,431
reserves:
20,299,532
.20,576,084
discounted:
20,550,131
....
guaranteed
discounted—
bills
Other
'
,
'
/
a
1,591
-
'■
3,370
•'>V
1,660
9,409
y
'
4,615
9,380
.
1.920
/'!%.
1,610
9,597
•
15,146
15,411
20,589,648
.
.Erie
20,590,400/'; 20,597,170^
.Pre-'
Oct. 10
.
Effective
1'"
Rate
.1
.
,
..
t
2,094
y-.
2,197
10,222
L
■-'
T
L-; 4,500
6,102
7,973:
Oct
16,
Poland —4 Mi
1940. 4'/a
.
•
Not
2
—_
officially confirmed.1
-
17.
r,>v
'•
1937 5 *;■
4 ,\,Mar.3l, rl941 4'4
3
S§p 12, 1940 3»/i
South. Africa
3 Mi May
26,
Oct
Dec
Rumania
.PottugaL
»"
1939 3
Estonia
4Va 0c,t My" 1935" 5 K
-Finland
4.
;Dec
;3, 1934 4%
FfancS
1% Mar 17, 1941 2
VQermany l-'3W Apt ' 6. 1940 4
-i
Greece
-iC- «■Jhn
4, 1937 7
-
,
^
4^
u-—-J'3",vJiin' 30, 1932 3Mi
England.
ti.
11,511
9,274
w
/
i
^l:;'1
t''
..■'■L
Rate 1A
>
.1936-
^
—
'
-
Secured toy U.S. Govt.
obligations, direct and
.
- -
Country/:^- tEffect.;;, /vDateW-?' :"artou»■'.. '
,
^
235,953
•
"v;*>
Rate
.
"
16,386
262,666
-
20,580,483
Effective
«
Denmark
•' Total
"
,'iVious
Oct." 10
1
••:
.
-.a
16,386
267,065
-
"—V
~
.——>
20,297%032
./
11,381
319,347
/
?vH61)ftnd; Li!i--2'/2 Jnn 2B; 1941- 3 >■
-2..
Jan
5,' 1940 2 Va
Hungary3
Oct. 22, 1940.4 ~r
India—,
—.3 ,Nov,28,1935.3'/a
c,,.5
l)ec >U 1940; 6
v.;; //■•*%?A Canada -_lr1 Italy
2 Va Mar 11, 19'35
4% May 18. 1936 5
v. * Chile/- hr^st L.8.;.v".'.|Jee-: .16", >193 O- 4v
f-Japan
'3.29 Apr
7. 1936 3.65
Colombia
Jiy 18rl933 5 V.:vUJava
3,/i Jan -14v 1937 '.4v*201299l532- £0,300,529
Lithuania
6 ■ Jly
15, 1939 7 :
CzeChOSlQ^T.',\ ^
' "
ivakia
3<
Morbcco
6 Mi May 28.1935 4 V*
Jan .1, 1936 OVa
16,229 ;
16,657
Norway
Z , ' May 13, 1940 4M»"
;^Danzig
4>^dan
1937 6
and
due from U. S. Treas.t
>[.
•
->
■..—
•Sept. 3 VAug;'27A ■r+AmZto'W Attg/13;.*
;• 1941. ,)
1941> .
/il941' V.% vI941*;A
-/i:;:*
v •*
.■
^
f.,** -/,-Pre*
.^/Country. V- .i
CLOSE OF BUSINESS
.
Sept. 17, - * Sept; 10,
'
1941 A'
1941'
'•
'•/
hand
on
—!
,
Oct. 8,
1941
*. Three Ciphers (000)
Gold
'
.
v,
-
'
Spain
'-l.
15, 1933 4Va
MnT 29, 1939 5,
_—._*4
3
Sweden
May 29,. 1941 3'/a
1 Mi Nov 26. 1.936 2
*
Switzerland
Yugoslavia '' 5
w
Ffcb
1,1935 VM
;
'
Total
bills
discounted-
Industrial advances
U.
S.
Govt;
11,517
:
13,605
i
■
12,419
,
9,701
8,896
direct
sec.;
10,884
i
8,964
8,902
8,400
9,087
—
11,039
7,985
10,971
10,380
9,681
9,563.
i
■
8,289
->
9,586 / '
A 9,270;
9,962
mm Bullion in E uropean
itrW,-j* -'*7t
...
add guaranteed-' /—
Bonds __—iw—
1,363,800
1,400,100
820,300
999,1100
2,184,100
2,399,100
2,204,158
2,415,485
47
*7
1,363,800
820,300
-
Notes
;
.———a.—:
Total U; S. Govt, seo.,
Jdirect and guaranteed.
Total
bills
and
-
sec.
Dae from foreign banksFed.
notes
Res.
of
banks
—
38,717
—/.... '■
premises
.Total
820,300
1,363,800
820,300
1*363,800
820,300
2,184,100
2,203,886
2,184,100
2,207,406
2,184,100
2,206,200
47
47
47
2,184,100
2,184,100
2,204,071
2,204,581
47
47
%
20,573
689,084
896,730
-
.
■———/ -v;
assets
40,754
41,259
44,944
54,893
22,584,369
23,983,781
■
37,718
39,422
41,900
38,911
37,002
1,058,511
{
40,732
44,406
956,918
1,296,599
897,321
40,644
933,518
40,662
40,781
'
43,221
■,
U.
13,240,448
13,273,084
13,327,926
3Q4,023
579,953
308,748
378,956
333,762
1,165,164
"•711,401
1,056,401
1,184,983
517,858
733,445
1,111,359
744,984
1,126,450
709,232
:
;
—
16,080,321'
15,471,036
"
itehis
avail,
34,235
.!>.
954,428
:
3T3t5o
'
:
31,467
1,002,878
40,466-
988,793 ".
40,641;'
50,220;
40,667- A
49,359
v
.
Burtfca'b/*-!-
48,898
13,158,335
659,121
1,018,920
4,307
3,874
3,692
23,610,948
22,222,683
23,745,969
141,155
157,065
137,641
151,720
26,785
26,839
1
•*
455,691
1,143,825
698,933
,
15,428,529
r.
849,540
898,687
;
6,658
3,080
23,833,149. 23,442,822
23,448,132
1,184,850
j
15; 61Y,35i:V'l^,657,5l6i/V 15,683/120/
> 918,845; vA 858,777
877,919
~
dividends
L
liabilities
'■'.if-
3,950.
23,559,379
3,473
liabilities
.
_
141,013
45,486
47,787
22,584,369
24,118,649
89.8%
91.2%
;
157,065
157,065
26,785
26,785
capital
,
/';■•/ 2,931
;3,315
accounts —_
and
Fed..
note liabil.
157,065
26,785
47,896
f
141,015
157,065
23,500,511
23,531,897 / 23,551,539
:
21
47,962
140,970
157,005
157,065
•
26,785
1
140,942
140,868/
: 140,933.
1157,065
-26,785;
47,926
*
26,785
^
47,921
-
-
:
26,785
r*
'
47,959
47,898
157,065;"
26,785/*
47,951
■
23,983,781
;
23,932,204
24,205,940
23,815,608
,
Industrial
iJ'V"' 91.2%
_
V
90.9%
J:/; 91.1%
91. i%
; A■'
91.2 %
•
"91.0%
7,598
13,673
12,586
12,709
12,872
13,078'
12,928
.
days bills disc-—
8,923
6,334
235
8,339
1,111
8,401
761
997
391
1,214
1,863
16-30
days bills
days bills
disc.—
disc—
61-90 days tills
disc¬
143
735
days bills disc-
147
290
10,971
2,575
321
-
,
7,337
1,507
1,225
■
t
1,342
250
'
■
-
8,056
3,396
3
8,223
1,953
.
-3'-
1,095
.
a
:■,*■
.
721.
1,175
906
110
101
98
10,884
13,605
12,419
10,380
2,396
2,333
391
343
360
432
391
343
360
7,985
1,345
11,069
11,517
2,549
2,524
148
312
364
376
'
1,343
a
683
8,172
vy/:Zy166'
16-30
31-60
61-90
Over
——
days ind.
adv.—„
days ind. adv._—
days ind. adv.—
days ind. adv.—
90 days ind. adv.-
559
-
S.
Govt,
-y-f
."-438; ,f\
9,tf87
8,902
8,400
*
■
:
fine
155-
v'/A
ish
31-60 -days
»—
<-
43,000
•over 90 days——-—
2,141,100
IT.
—
■r\
,
286,
;
^
,'i .'••620
6,014
9,586
1
9,270
*
-
:2;399,I00
43,000
43,000
2,141,000
2,141,100
;
2,184,109
-.
2,399,100
-
2,184,100
vealed
record
<
43,000
,2.141.100
2,184,100
2,184,100'
:
; 2,184,100
thy
circulation—
7,678,873
-
379,368 "
5,771,996
292,632
7,605,730
349,997
7,553,617.
389,367
5,479,364
7,255,733
7,164,250
7,527,488
380,032
7,36?S
«—J—-
7,147,456
7,129,940
—s
-
7,299,505
Collateral Held by Agent
as
Security for Notes
Issued. to- bank—
i
Gold
ctfs.
on
1,184,100
Bjr
V
7.796.OO0
eligible paper—
9,940
7,805,940
5,844,500
6,485
5,850,985
7,658,000
9,605
7,690,000
10,291
7,739,000
9,999
/
2,184,l/)01 V 2,104,100
r
of
r
7,006,926
Ar
•
,
6,902,605
Cash"
resulted
in
a
£221,000 while other deposits
£3,220,259,
rose
and other assets,
of
reserves to
secuHties
contraMcd
7,643,000
7,556,000
12,434
11,253
-
7.490,000
7,430,000 k -f 7,382,000
9,281
■,:./7,513.t/f;'./--9,253,
:
7,567,253
"
7,499,281-
discount' fate.
./
-P/M-
with
Of the latter amount;
7,437,513" ^ 7,391,253
does
'
•'
—
No change was made in the 2%
show the various ■ items
we ;
4"
nfQITI/M
comparisons for previous years:
'-'"BANK";9F?>
-V
■*
•
/,*
^
.
"
/
f'.
•
E^^LAlm,srU0MPARATIVE'••BTATEMENT;''*•^•:-"';•V■'
Oct. 8,
Get.9,
?;'■ Oct. 11,... Oct. 12,
,.y941.>.-V-.' ;'1940^::'"i <;:• f,1939j; 1938
&r-1~v
r-f'£"1 ,'•"••!* v-f"
£|-
,
Oct, 13,
'
gold; taken ovef from the Reserve bariki/Wheri •ihe/''dblIar':.was^''',-';:->';-'V';^
pro\lsions of the, Gold Reserve Act-of; v..y,-.^c ^
•vfP'1
pub.' .debc>;yM12,2&6;oo6v<I9,985,8lT*m,9T0^
Otli,. deps.„1 180,200,871 167,272,108 156,388,393 131,438,233 129,334,459
Bankers'
Discount Rates of
Federal Reserve Banks
Rate in Effect
Federal Reserve Banks
Discount Rates of the Federal
•
,
There have been no changes
count rates
vances
on
footnote
to
Cleveland
/
•
Richmond
Government obligations
are
Chicago
St.
shown in the
The following is the schedule
in effect for the Various classes of paper;
banks:
.
;
:
;
——
_—1
-■
——
—
—
*
-
Francisco
-
-
•
1 y2
1M2
1 Mi
*iy2
»iy2
♦IMi
-
-
Kansas City fcw——
Dallas
—:
San
-
j—i_L—:
Louis
Minneapolis
the table;
different Reserve
'
Atlanta
this week in the redis¬
of the Federal Reserve banks; recent ad¬
of rates now
at the
Philadelphia -Li—i
••
Oct. 18
Boston•' K-3—"--Luli——_>r-1"-"
New York
■—
i.—^
l
Reserve Banks
■•■■■.
-
——
1 y2
*lVa
»iy2
I Mr
■
Established
■
Sep
.Aug
Sep
May
Aug
Aug
Aug
1, 1939
27; 1937
4, 1937
11, 1935
27, 1937'
21, 1937
2li 1937
Sep
2, 1937
Aug 24, 1937
Sep
3, 1937
Aug 3R 1937
Sep
3,1937
Previous
'
■
accounts!.
Date
)*:.>RateL.
1M,
Gb'rtL 5
Oth;
•
■
2
■
2
seour.-*-
Securities.
'
Res, notes.
;•
•
2
1
•
.
sec8r>138(5l7,838'146,^2?,83^114:311,164'•ll4.53l,164T03,688,165
'advances-"'
2 "x-r
■
.
92,921,450
39,872,36;579,333^ 38,413,009
"
23,198,172
"
28;303,746
"*
24,743,674
31,407,540'
29,685,002
9,554,095
Yl,853,445
9,247/719
20,437,283
31,417,554
38,286,254
D'cc t &
-
'•
94,858,900
y'-.,.
-
r^.f/aceptttttk-^ 153;V32f816
^
,
126,468,055 115,298,600 116,715,629
' Other
:
A
2,999,706
O.-eOgVSS''
20,198,466
'
3,045*644 J
21,898,711"
21,698,030
29,489,930
45,938,697
■
coin—_
48,335,000
,
Obiii and.-'"."
2
'
'2
bnll'on-^i' *
Propor. of
'
-
2
2
reserve to
j'ab.'lities—
Bank' rateil
.
2
•Advances on Government obligations bear a fate of
4 % -'effective'
Sept. 1, 1939. Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas*
Sept.121, .1939,. St. Louis.
-
Gold Vai; ,per
fine oz.-j-
1,653,743
' '
15.8%
25,1%
v.
2',£
806,165
■
168s.
>-'•
,j
liabilities fell off to 25.1%
£5,717,250.
Following
f-
which decreased £911,462:
.Governmentysecurities expended £13,935,000 while other
•,
6.906.4U
:
*"Othef
advance
^v'T£668^06 represented:a loss in discounts and advances and.
-
7,655,434
7,667,605
7,700,291
7,748,999
not Include Federal Reserve notes.
tThese are certificates given by the United States'Treasury for.;the
devalued uuu.
oevaiucu
from -100 cents to 59.00 cents on Jan. 31, T934^ these
ence
itself having been appropriated as profit by the Treasury under
{
circulation
£5,048,744 in securities.
hand and
Total collateral ——v
—!—
—
7.117.836
■
S. Treas._
due from U.
(he
The proportion
Bank-
Fed. Res, Bank.
In. actual
loss
£4,131,721
'F//R.-'Agenti/A-JA
Held by
with
outst^nding .to a, new high
Gold holdings lost £103,088 and
The latter includes bankers' .accounts,; which increased
Federal Res. No»es—
Issued to Fed. Res.
•»
of £683,319,000.
1,184,100 / .2,184rlO0.7fy2 ,104,104.
2",184,100
2,184,100
re-
fdrthef increase in note circulation of £5,545,-
a
together
-
2,184,100
Bank of England Statement
f
The Bank's statement for the week ended Oct. 8
a
S. Govt, se¬
direct
and
guaranteed.
,
"9,563
and
tranes
-whichyraised the jotal
■■
t.————
curities
.
1939
V
one
about 296
'
days
Total
256:
*n-
v
i-IS' davs'
days
9,681
9,701
■
In
381
•
y:/:'866
5,895
5,878
•
'•
,
reported
as
"deposits held abroad'v and "reserves in foreign curren-
.V-M;'v';'k- f.".,'v.;''f;.--;;'■■'f;'
;■
equals
yjt: J
'
01-90
5,767
9,962
1,969
8,289
■
and .Bank Dotes- Act, 1939; the fBank
statutory pound
were
:
securities,
direct and guaranteed-
16-30
;
898
•
5,812
8,896
'
~
franc>, instituted March 7, 1940, there are per Brit¬
about. 349 francs; prior to March 7. 1940, there
per pound, and, as recently as September, 1936,'
afi few as 125 francs were equivalent to the statutory pounds.
For detalis of changes, see footnote to this table in issue of July 20, 1940.
-
737
.
104
•
L.
,
242
7--'v
984
958
r
5,716
'; 8,964
:
173 A:
166
.
274
.
5,429
5,433
134
y
471.
'
Totnl Industrial adv.—
U.
592
6,060
176
170
255,
167
569
5,455
'6.802,000
'
P The Bank of France gold holdings have been revalued- several
times in reeent- years; on basis of latent valuation (23.34 mg. gold 0.9
A >681.
i-
A
.
V
*:,..-'.;217:.
r
'
649
124
:AL; ■■■'>
5,562
7,212
i,46i
-
957
948
i
"v 287
155
■•'.;
A
:
;
'
bills
Total
1-15
to;, the Currency
holdings'of ' the -Bank of Germanr
,®Gold
31-60
over 90
*Pnrsua«i
cies."-.
Securities—
1-15
:
since include
Short-Term
and
'
the
A; 13,058:
Distribution of
Maturity
\'-
99,516,000 ;
79.703.000 '
25.986,000
6,548,000
with former peribds as well as with the figures for other countries in
tabulations, we show English holdings in the above In statutory
pounds. ;■*
" •• :■
v; ; ::: •; :
'
12,994
11,487
.
9L2%.:
91.1%:
J
advances—.
,
1939,-and since have carried the
gold holdings of the Bank at, the market value current as of the state*
ment date, instead of the statutory price which was formerly the basis
of value,, On the market price* basis ,(168s; per fine ounce), the Bank
reported holdings 'of XI,653:743,- equivalent,; however, to only about"
£836,298 at the statutory rate (84s. 11 Mid. per fine ounce*, according
to our calculations.
In ordet. to make the current figure comparable
23,924,248
23,873,262; 23,904,546
23,818,850
make
to
25.232,000
106,323,000
of England stateraenta for March ;,l,
,-j
v
Res.
combined
Commitments
Bills
;
;
2.501,300
87.323.000
rfeponk from/ihany of the' Cduhtries shown .in this tabulation. Even be¬
fore the present, war, regular reports Were, hot obtainable from Bpalit andt
Italy, figures for Which are as of April .30* 1838, and .March 20, ,1940."
respectively,: The' last report from Switfceflahd was received Oct. 25;
Belgium, May 24; Netherlands, May 17; Swedeh, May 24; Denmark,
March 29; Norway, March. 1 flail as of ,1940), and Germany as of Oct;
10, 1941," and France as of Aug, 22, 1941.
,'V^{:•/ ';Vv!.:'v,,. '£
,L' 3,231
total res. to de¬
posits
293.710,643'
896,231,299'699,663,064'761,509^27 1,084,478,450\1.062,642,713
Note4-The war,in/Europe"haa made it impossible to obtain up-to-date
and
*
Ratio of
141,045
1
47,828
_
3
>
141,943
\
'
1937
328.144,903
696; 168,368 897,640,874 761,636,471 1,088,332,453 1.061,589,84ft
.•;Tdt.Wk.
^
-
;
yprtv; wk:
,
Total
1938
)
■?,
^
;
15,456,784
15,497,371>
15,508,383
822,796
15,467,624
"
836,100
—
Capital Accounts
Capital paid in
Surplus (section 7j
Surplus (section-13-b)
Other capital accounts
t
.
•
Other liabs, inel. accrued
Total
i94i1940 " ' ;: ; ' i939;
■
*836,298
1 *407.678
*491,337
327,799,344
23,818,850
23,873,262
France y 240,687,670 242,451,946 328,601,484
23,904,546; 23,924;248
293,728,209
Germany X 3,880,400
4,020,250
3,845,650
3,007,900
Spain— 1 63,667,000 ! 63,667,000
63,867,000 i: 63,667,000
Italy
•
16,602,000. 16 602,000 23.400,000 ' 25,232,000
7,117,836
7,006,926
6,952,605
6,006,411
Nfeth'rl'ds 97,714,000
97,714,000 ' 92,696,000
123,417,000
ih
mt. Bel, 432,857,000 132,857,000 103.771,000
90,870,000
12,884,323
12,997,655 13,637,470:. 12,947,724Switzerl'd- '84,758,000 ' '84,755,000 • '96,776,000- 114,031,000
Sweden—; 41,994,000 41,994,800 35,222,000
31.838,000
708,485
.772,074
785.344 v
919,425
Denmark-,;6,905,000 ' 6,505,000
6,500,000
6.537,000
r
1,152,015
1,152,699 ; 1,202,872- fol,194,306 ;: Norway--^ Bjeei.OOO16,687;0006,666,9oO. -V"; 8,205,000
081,726
689,923
631,830 .i v 621,665
7,129,940
7,147,456
7,164,250
7,255,733
13,927,014
r.-
Total deposits
Deferred
X?
table
England-
23,815,608
24,205,940
23,932,204
24,118,649
5,479,864
13,290,448
———i—
Foreign
deposits
2,203;332
v:';T47'
Banksg
indicates the amounts, of gold
bullion (converted into pounds sterling at the British
statutory rate, 84s. 11^2d. per fine ounce) in the princi-.
pai European banks as of respective dates of most recent.
statements; reported fo us by special cable yesterday
(Friday) j comparisons are shown for the corresponding
dates in-the previous four years:
^ The following
^
account
Other
2,184,100
2,201,975
51,364 r
Treas.—General
S.
2,184,100 \
2,204,043
-
—
'7,299,505
*—„
account
■
2,184,100
40,588
55,195
42,369
Depovsits—Member banksreserve
1,363,800
820,300
'
•
-
Fed. Res. notes in actual
circulation
820,300
1,363,800
820,300 >
"
Liabilities
i.
1,363,800
:
"
«
Other -assets
1,363,800
820,300
other
——
Uncollected items
Bank
;•«
1,363,800
-971,597. ,327,799,344 .323,144,903
27.4%
2 %-
'•*.•'3%'
168s.
168s.
19.6%
-•2%"'
84S,
illkd;
84s.
24.6%
llMid.
•
'
Volume
154
555
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3992
»
Weekly Statement of Resources and Liabilities of the 12 Federal Reserve Banks at Close of Business Oct, 8,1941
'
v-,
•
-.
•'
■■*
■
v
certificates
Gold
cash»
Total
*'
Omitted
—
.'V.-'w
;;
>.
$
$
/
—
$
"■>.
Philadelphia
Cleveland
1,280,429
1,615,632
'
r
Richmond
Atlanta
$
$
779,620
506,105
$
8,429,686
1,197,660
,
St. Louis
Chicago
$
Minneapolis
San
$
$
$
569,779
3,458,242
Dallas
City
$
S
356,464
1,458,537
-
501,055
347,821
Francisco
14,010
4,721
1,170
765
679
1,263
350
959
848
526
433
687
1,609
243,391
26,340
55,771
16,394
18,214
11,012
15,874
35,911
13,505
4,915
11,210
9,703
24,542
8,486,627
1,297,588
1,634,525
791,895
522,329
584,132
353,262
512,698
366,854
1,484,688
—{ 20,758,43L
„-—ri_>—
New York
Boston V" ■;
,
.
20,501,030
•
hotesL———
^r__r_T-__
reserves
Total
•„
...
ASSETS
Res.
Kansas
•
Agent *at—
Reserve
hand and due from U. S. Treasury——
on
fund—Fed.
Redemption
Other
(000)
Ciphers
Federal
•
'
'
'
Three
.•'•
1,228,721.
y
,r
*
3,495,112
'
'
*■
discounted;
Bills
""
guaranteed-,,;,':,
Industrial
U.
advances
Total
U.
•
.
foreign
Fed.
Res.
notes of
Uncollected
direct and guaranteed
banks—
from
Bank
:. 1
guaranteed:
•'
%
———
.
.
7,299,505
reserve
account
Other
304,023
availability items
-
1,165,164
V-;
; y
•
to
.
w:
'5
*
'1'
\
336
•
v.'
•
138
117.039
'+ ' 50,703
35,022
■| 134,996
93.249
"■t
93,461
135,806
4
2
'
*
96
y
+'
<
69,382
40,590
58,653
47,800
112,012
41,731
24,414
35,279
28,762
70,397
298,239
111,113
65,004
93,932
76,552
187,436
298,624
111,319
65,531
94,289
77,492
187,589
6
1
f
1
1
•:•
2
463
-
-
186,227
.
.
'
58,227
84,293
200
-
,.
see
*
4
2,659
2,946
2,167
1,029
2,250
876
3,418
123,470
46,793
26,974
39,214
32,366
55,096
2,791
1,959
2,991
2,287
1,345
2,900
1,168
2,785
2,943
1.879
5,738
2,132
1,355
1,889
1,151
4,234
1,027,917 4; 663,843
3,928,887
748,831
654,241
480,298
1,737,814
1,535,280
286,468
186,493
242,528
123,003
616,023
339,034
178,953
304,170
260,672
917,352
4,867
4,476
3,661
4,851
1,542,823
1,965,349
10,404
11,475
>,
i
yj.y.V-t
247,185.
382,357
-
f 449,496
f
1,471,439 ;
c
not include Federal Reserve notes,
11,031
777 43,656
21,706
718,836
20,962
; 17,121
19,480
105,285
49,209
40,054
137,329
34,332
25,177
33,188
33,188
86,993
Vs728,623
.6,323
77 8,370
5,368
9,400
6,687
3,786
919
25,975
1,049,800
i,
944,800
y
'V
- ,-
';311,900
38,144
33,753
423
395
133
437
148
154
145
171
272
1,930,806
1,011,817
650,193
3,881,162
736,959
*
439,806
642,923
468,827
"1,710,139
15,094
4,368
3,007
4,552
4,296
11,771
22,824
4,925 ' ;
3,152
3,613
3,974
10,785
1,000
1,138
1,263
2,121
2,531
2,015
1,938
.
2,998
7449,496
654,241
480,298
1,737,814
28
1,501
23
3,161
«
15,144
y
y
5,639
4,848
14,323
5,247
5,725
1,007
3,244
3,086
4,612
1,970
9,287,257
•1,542,823
1,965,349
1,027,917
2,254
1,224
860
4,393
.
;■ 4,
:5i5
%
y
•
44,044
.'*• J-Vy'i, 'V;
14,601
13,445
'..807
y
7 362.106
23,506
V 553,171
7
/yy:.
7,070 y
.
229,653
45,871
11,859
56,447
.
f
7 404,472
122,606
1,508,341
2,874
■
yj;.:;',v.y.2',445.
2,222,839
38,381
303
f.%
,
7 364,494
.7-1,129
9,158,536 V
'
75,894
96,595
51,759
10,906
;;
57,671
.>
V 480,165
•
1,142,222
V
V'vVv /7V:+>;;:,V'7'y
•;
13,673
industrial advances---*.,—~
17,474
111,007
713,648
596,746-
9,361
V
983,781-7 •1,497;025
accountsi-iiii-i^—
>
176,496
•V;
597
%
.
26,785
;■
,
305,039
19,065
976,769
77'.: 31,545
2,036,486
801,080
y;
458,727
782,137, Vt; ,7,103,442
;
—47,828
does
15
294
15
41,554
/•
4,307 ;
141,155
.
—'V
make
cash"
"Other
■
------
accounts.
Total liabilities and capital
646
79,469
%
5,556
-i:—-;y4'', 157,0.65 +
(Section 13-b)
Commitments
>.
-----
Surplus (Section 7)
Surplus
261
15,011
;
:;;;-:y\-/y\''y
CAPITAL ACCOUNTS
Capital paid in
Other capital
64
1,869
^
1 23,610,948 +
-----
v
522
103,362
>9,287,257;;^
:4V 83,139
836,100
—:y.1
liabilities"'
Total
V
124
241
1,445
50,675
;
—15,471,036
liabilities, incl; accrued:
Other
V" 6
20
4
59,490
29,294 ;i % V ; 53,853
X
deposits
•'■:' Total deposits
Deferred
•V
13,290,448 f- .*';\;696,612^'-j,i. 5,994,116 >v7
-
i'J-Ll------z--—.-- —--'Vy
—
49
60
\2,937
;
...
6
198,787
...
,
,/.v>
24
.
Treasurer—General account ■•-ssil—c—-
Foreign
;
i,iio
.
-v/^^,<v
605,566 . 1,877,469
505,567
691,566
LIABILITIES :y.';!r^;
,
S.
216,262
23,983,781-.';^. 1,497,025
in actual circulation
$
i
175,767
90,155
25
,
'
215,893
577,009
assets44,944
176
172,017
,
:
,S:y'.,:V. 801
566,321
Vy:;y V;'18
2,791
213
81,084
3
■:
36
64,605
171,009
^
9
,212,697
J
,
yy'y-V
134,809
169,348
7
'
"
'
29
9
156
3,623
>;
3)53,624
-;?
47
38.717
896,730
,'■
107,412
; V-;.
■&i 63,604
!+
127
'
;
yvy
,3,236
Member bank
1
i".
105,744
,
Hi;:,:.
■
1,086
40,754
y
U.
1,661
,
2,204,158
*'
banks_-i+u--^i-_-_"--,-*-r^--+-----+;i;
other
Deposits:
y'
9,602
——————
■
'
1,184,100
—
—
items
FivR.: notes
■*
971
^
Avr'.
Total assets
■*'
56
premises
Other
v
100
19
y .
,
securities-ci———•——
and
Due
(
108
8,477
1,591
9,087
Govt, securities,
S.
bills
Total
V',
,
1,363,800
U-J.Z---—820,300
Notes
t
,
:
securities, direct and
Govt,
S.
Bonds
'(
1,125
*9.380
;•
:
Total bills discounted
:
\
v':
Other bills discounted
^
'
/" >
v".,*
■
S. Govt, obligations, direct and
Secured by U.
t
'
?,
,7.
;
533,
1,429
713
77
77 2,364
••
>
'8,378
2,046
■
3,928,887
663,843
748,831
659
1,600 7
1,041
7
77
A Less than $500.
,
Federal Reserve Note Statement
Kansas
*•-W
Federal
R. Agent—
actual 'circulation'
In
Collateral held by agent .as
security for; notes issued, to
oertiflcates on hand and
Gold
Eligible
+;
$
y
379,368
777:36,939
605,566
•:7.y'
>•7,796.000.
■
•„
V.-. 99,332
24,949
1,877,469
505,567
.77
7
y.*V +
*
1,980,000
691,566
7,805,940
; j
collateral
"1,989,517
\
$
y>.y:
21,874
22,383
247,185
425,000
275,000
425,000
720,000*
540,108
lion
r
issued by the New York City;
at
-v
-
VV',:'
; yj
*SUrplus &
Time
Net Demand
'
of
Bk.
Y.-yi__
N.
J,;$6,000,0007. $14,353,100
Bank of.: the
.■
Bankv77,500,000
City
Natl.
Deposits
—
Bk. & Trust
»
,
21,000,000
Co.
Bank
Trust
Co.
Bank
50,000,000
Co.-—
Trust
Irving
Continental
37,962,000
83,767,300
a2,597,683,060
161,537,000
58,607,400
879,045,000
9,824,000
188,375,200 ;b2,210,515,000
.40,986,600
791,621,000
•
'/
+75,947,300 cl, 142,587,000
89,251,000
Ave,
Fifth
V
•
■
73,355,000
1,633,000
43,941,000
Bank. .•500,000
.4,301,800
58,630,000
5,085,000
25,000,000
85,319,200
el.173.284,000
77,765,000
6,000,000
1,268,700
' '18,766,000
2,328,000
10,215,700
148,959,000
3,107,000
The proportion of reserves to
outstanding circulation dropped to 0.46%, the lowest on
record, compared with the previous low,
and 0.60%
ago
of
a
year
,
<0.47% a month
Investments, other assets,
ago.
daily maturing obligations showed increases
other
694,222,000
marks,
1,959,000
-
5,000,000
Trust
12,500,000;
Co.
Natl
-Trust
?'
Totals
per
Bk-1
•
;
j;;28,093,100 , i,.V;462,146,000
,.
7,000,000:
*<•.:.
Co.-'-y
T 8,984,900 :
7,000,000 ;.f +11 i 125,300 vV, *
.
with comparisons
-----
5,2*4
10,389
12,192
186,493
242,528
123,003
192,000
255,000
60
255
192,060
255,255
.•*M
V:
■
319,000
.
■
41,835,000
•
,.'•
. •
«V 1,598,000
t.V.i 7V;'r>,",'•»>;* • •• '.v%
108,484,000 .754,370,000
^:L:: .$51M6b200 $967,515,600 $16,038,110,000 $785,598,000
official reports'; Natibnal,' S^ptr 30, 1941; State,** Sept.' 30,-
1941^'trust companies, Sept; >30, 1941.-;
'
VT '/•
deposits in foreign branches; a $295,876,000 (latest available
(latest available; date) ; .c (Oct.. 9) , $2,913,000;
''d $95,925,000 (latest available date); e+Sept. 30) $23,241,000.
Includes
date);rb $65,583,000
.
'
:
$
135,195
"
•
680,811
64,788
616,023
t,
*
.
141,000
694,000
■
—
141,000
ii.
694,000
Reserve Banks
During the week ended October 8 member bank
for previous years:
.7 +>
re^
balances increased $50,000,000. Additions to mem¬
ber bank reserves arose from decreases of
$18,000,000 in
serve
Treasury cash, $5,000,000 in Treasury deposits with Fed¬
Banks, and $42,000,000 in non-member de¬
posits and other Federal Reserve accounts, and increases
of $21,000,000 in Reserve Bank
credit, $11,000,000 in gold
stock, and $7,000,000 in Treasury currency, offset in part
by an increase of $54,000,000 in money in circulation.
eral Reserve
Excess
reserves
of member banks on October 8 were
estimated to be approximately $5,210,000,000, an increase
of $20,000,000 for the week.
Changes in member bank
reserve
balances and related
items during the week and the year ended Oct.
8, 1941,
were
as
■'•'V.v'/ ''"..v
follows:
Increase (+ ) or Decrease (—)
.rjv;;;;,:
reichsbank-s comparative statement
Sept. 30
Changes
1941
for Week
"rf.'
Assets—
Gold
&
Bills
of exch.
&
other
—:—
—216
checks
&
1939
1940
77,608
77,550
76.906
13,206,452
10,104,506
al27,003
coin-V-ir,
discounted
15,765
23,533
+ 1,959
23,625
49,833
1,323,575
'+ 694,222
1,865,687
1,796,875
1,603,816
U.
guar,
oblig—
5,000,000
—2,000,000
(not
includ.
S.
Govt.
Indus,
adv.
$14,000,000
Gold
circulation-
in
daily
Other
liabilities
.
niat.: oblig.
.
T
^+1,090,119
16,917,876
12,846,549
10,995,017
^ 252,354
2,510,725
1,794,870
1,601,717
a5Q3,413
518,939
555,215
"
Res.
a
;t0
Figures
note
as
circui'n
Money
0.46%
Bank
credit
currency
res.
bal—
circulation—
Treasury cash
Treasury
•
9,600,000
credit-
dep.
—
with
Fed.
Banks
-
*'»'•
%
+
61,000,000
+21,000,000
2,265.000,000
+2f,000,000
22,772,000,000
+ 11,000,000
3,203,000,000
+7,000,000
13,290,000,000
+ 50.000,000
+
1,000,000
31,000,000
—180,000,000
+
1,423,000,000
+ 155,000,000
—637,000,000
10,237,000,000
+54,000,000
2,241,000,000
,—18,000,000
—53,000,000
304,000,000
—5,000,000
—275,000,006
2,168,000,000
—42,000,000
,
,
+
2,038,000,000
..
*
'
-0.03 %
of Aug. 30,* 1941.
Bank
bank
in
"«
commit.—i
—-—.-,
stock
Reserve
Propor'n of gold & fgn.
curr.
8)
Res.
Member
.
3,000,000
—213,000.000
Treasury
;.r' Liabilities—;/',
+
2,179,000,000
Total
'
'
assets
Other
Oct. 9, 1940
oblig—
200,426
167,518
a24,827
Notes
Oct. 1, 1941
11,000,000
__y.—
U. S, Govt, direct,
Other
Investmehts
•
Sept. 30
"
Bills
October
Advances
Other
.
18,051,826
-
751,221
+
■
Sept. 30
-Reichsmarks——
•
exch.__
foreign
Oct. 8, 1941
thousands—000 Omitted)
(In
„
145,387,000
+y"
$
..>7;
v
and 252,354,000
marks
respectively. Below we furnish the various items
marks
Silver
Commercial
Natl.7
;• Bank A* Tr. Co.
'f
checks rose 751,221,000 marks to a total
18,051,826,000 marks.
4,747,000
d3,385,183,000
Co.
Trust
•As
-15,710,000
.Midland
Marine
hublic
859,179,000
4,551,600
Guarantee
Y.
27,760,000
740,744,000
53,997,200
>
353,909,000
1140,711,400
./■'& Trust Co.—
'
81,719,000
'
4,000,000
Bankers Trust Co.
\n,&
109,098,000
Bank 100,270,000
Natl.
Tjtle
t
$16,328,000
638,604,000
■
Trust
Chase
Ni
,•
27,343,600
15,000,000
; 20.288,200
10,000,000 rl09.278.000
Co,
Bank-
Natl.
First
.
7
Exchange
Corn
&
of
*
.Average
Gold and foreign ex¬
16,501,815,000 marks Aug. 30.
and
20,000,000.
Guar. Trust Co.—
90,000.000,
Manuf. Trust Co,
41,891,200
Central
Hanover '* '••• •,»*•+'< '
Co.
Trust
of
y
Bank.
Chem,
«
$250,029,000
*
$
319,000
1,600,000
outstanding to a new record high of
total
■
20,000,000.;.
Co.
Manhattan
the
of exchange and
t
.
,
change lost 216,000 marks during the week while bills
House Associa*
Clearing House V ^-'•Capital — ' Undivided-'
Deposits /•
Members.r(,,■ ;•> »Profits.y,,„ Average,.
.
'
V
of
raised
16,917,8.76,000 marks, compared with the previous high
given. in fail
members of the New York Clearing.
close of business Thursday,- Oct. 9, 194 tv
". •;;»
252,917
| §; | The Week with the Federal
)■
Statement
191,737
Francisco
pansion in note circulation of 1,090,119,000 marks, which
Clearing House on Friday • afternoon: is
7
18,443
286,468
1,600,000
275,000
City
'iv>V;.7
38,463
The Bank's statement as of Sept. 30 revealed an ex¬
7
Clearing House
below: J
$
San
Dallas
Minneapolis
304,911
1,535,280
;.7i
WeeklyReliirn-ofthe NewTork
7 The weekly statement
>;:V
;.
108
V
$
1,573,743
269,568
382,357
St. Louis
Chicago
•■Vv-
720,000
540,000
—————
655,000
404,231
24,372
>>
•;;V+
$
7V
Atlanta
•
."V
9,517
9,940
3/'
715,938
:
530,516
1,976,801
;
-;; 655,000
y,
':v-$ >VV':; :"k:,
«V;v:*
*
.
642,505
:
Cleveland ; Richmond
Philadelphia
Now York
y
7,299,505
bank: '77Ar
due from U. S. Treasury—
paper.
Total
.
7,687,873.
;y
by Federal Reserve Bank
Held
'•'*
.
Boston
.7
';7":
V'7V;7;>yy.:7'7(
notes:
Reserve
Issued to F. R. Bank by F.
••
Total
7'-Federal'Reserve Bank; of-+
0.60%
0.70%
Non-member
other
F.
R.
deposits
accounts
&
+
324,000,000
naKim^xMsmm1.
THE COMMERCIAL & FINANCIAL CHRONICLE
556
Saturday, October 11, 1941
Condition of the Federal Reserve Bank
Foreign Exchange Rates
The
following
..
RATES CERTIFIED BY FEDERAL RESERVE BANK TO TREASURY
OCT. 3,.1941 TO OCT. 9, 1941, INCLUSIVE
,
-
FOREIGN EXCHANGE
UNDER TARIFF ACT OF 1930
Y
v,
•
,
Reserve
Y
1
Noon Buying Rate
Oct. 4
Oct. 3
EUROPE—
Oct. 9
Oct. 8
.$
$
t
t
:
Gold
Hungary,
t*.
■
..,V
•
_•
t;
,*.&—
'.
'
;; '
Australia, pound—
.
t
Y
...
t
t
f;'.'
-
,1''
■:
V
'fVY:
'
t;
t
'•'
§
t
t
Y,
;
,
1
.250875
.301513
.301513
t ; :
.471600
t
:•
.
3.213750
3.213333
3.213958
3.226791
3,225958
3.226625
3.98O0OO
Y
"
'
y
§
Bank
t
:
.909090
.887767
I
.886458
.886250
.205520*
.205540*
.205520*
.909090
.909090
.909090
.885208
.883958
.883750
3.228000
3.228000
3.228000;
3.213958
3.213958
3.213958
YY;"
3.226625
3.226625
.
<
i
,
.909090
.886250
.885625
.205660*
.205660*
,,
Y
.909090
.909090
.884375
.
.909090
Y;,Y
.297733*
,,
r
;
,
:
v .237044*
.050700*
.050700*
.050700*
} Y.
§
:Y'
•
.569800*
..569800*
.658300*
.658300*
.658300*
.445350*
.450000*
.449666*
§
.
S.
actual
9,400,136,000 10,257,106,Q09
1,877,469,000
1,878,309,000
.1.458,801,009
5,994,116,000
^ Y
53,853,000
5,989,464,000
54.120.000>
7,350,053,909
cir¬
Treas.—Gen.
Acct.
deposits
deposits
availability
J
dividends
liabilities
:
'
.
.569800*
.658300*
.658300*
.454500*
.457900*
.458066*
Total
Districts-
Federal. Reserve
Loans
total———
—
Commercial
Indus.,
market
Open
Loans
New
Phila-
York
delphia
•
13,445,00
loans
estate
Loans
Other
——
——
—
bills _w—-Treasury notes:-——
—
;—
United States bonds —.—u——~
Obligations guar, by U. S, Govt.—.—
Treasury
Other
Reserve
with
Balances
Other
domestic banks—.
—
——u-——1—
Chi-
lanta
cago
■
St. Minne- Kansas
...
$
$
Y, $
$
to
Louis apolis
City
94.5%
....
San
$
$
823
644
430
344
2,545
1,130
919
268
135
264
,235
474
53
22
3
28
2
25
1,404
6,447
427
2,646
303
417
159
200
397
89
89
43
23
14
6
13
358.
27
15
3
6
16
196
13
11
79
193
( V
19
51 Y
185
50
38
..
3,898
,
'
$
$
255
390
,
.
32
.
""
30
4
151
785
13
494
1
8
2,280
42
1,480
29
181
.
111
564
409
3,463
72
1,989
210
-
'515,000
not
does
bank
3
9
11
14
37
142
61
15
33
23
387
,95
91
66
198
39
13
34
72
■y
'
1
*
178
1
.82
Y
i
7
189
5
7
79
44
218
30
21
44
122
109
117
37
99
49
256
117
1,179
183
107
67
361
80
68
116
547
313
193
1,727
26
13
81
414
273
269
635
90
43
51
74
1,721
.266
266
5,377
581
789
103
'25
54
235
76
284
3
6
734
125
'
1
12
97
546
69
5
61
385
152
207:
>*
8
'
include
y
*
416
r
178
41
133
61
.114
208
164
V( - 14
7
18
14
202
126
319
301
331
22
15
20
31
302
;
111
233.
>
(Domestic
Foreign
<
banks
banks
Other
.Capital'
— i-—r—
———u
Y--—
Borrowings
24,277
1,480
11,567
1,243
5,429
599
229
1,127
256
12
154
9,669
399
624
21
1
1
liabilities*
accounts -. -ar-——
'
?
3,372
; 598
1,789
671
745
212
18
46
35
49
127
22
4,076
505
593
427
378
1,458
456
564
6
1
1
9
■
534
193
1,000
^191 ;
:
345
547
1
28
362
633
593
111
142
133
1,435
i Y 1,090
2
17
35
82
198
483
296
400
1
20
1
22
269
.3,888
250
1,646
03.5%
728,909
>
reserve
notes
d
,
or
a
bank's
Y
-
"~16
~21
218-
394
;
'47
16
22
102
98
427
7
98-
-
Y
1934.
v
_
•" ■
v\
-
\
sterling exchange continues without
rates.
The
range
for
sterling
this
a
8
3
5
"336
63
110
91
391
range of
week
sight,
has
com¬
between $4.03 and $4i03%: last
The range for cable transfers has been between
a
a
range
of between
week ago.
\
.
i,
Official rates quoted by the Bank of
England continue
unchanged: New York, $4.02%-$4.03%; Canada, 4.43-4.47
(Canadian official, 90.09c-90.91c per United States doU
lar); Australia, 3.2150-3.2380; New Zealand, 3.2280-3.2442,
American
commercial
bank
rates
for
official
continue at 4.02 buying and 4.04
selling.
In London exchange is not quoted
,
on
sterling
1 "
;
■
Germany, Italy^
of the invaded European countries.
or
any
26
exchange
on
Since July
Japan and China; has been suspended by
Government order. In New York
exchange
any
is not quoted
of the Continental European countries due to the
June 14 Executive freezing order.'
and China
was
similarly suspended
ing in the Shanghai
Britain is
now
Exchange
on
:
'.
; •
spending £16,000,000
on
Japan
July 26, but trad-r
yuan waff resumed on
special Treasury license.
Y
~
-772
s»;*-
i
$4.03% and $4.03%
on
Y
Iniir-bank deposits:
Federal
notes.
$4.03% and $4.04, compared with
808
LIABILITIES
Demand-' deposits -adjustedTime
deposits
—_——
—
United States Government deposits
("»i
The market for
*
:
537
1,209
•
i
51
2
127
89
! Y
218
3,800
10,792
3,596
:
1
39
1,962
-i
,
pared with
S
483
741
328
V.
94.5%
514,000
in¬
...
are
Dallas F'rlsco
901
839
870
■
9,400,136,000 10,257,106,000
to
make
advances
9,287,257,000
...
note
been between $4.03 and $4.03% for bankers'
-451
2,242
567
1
7,10t,009
certificates given by the 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 59.06 cents, these certificates be¬
week.
1,345
7,917
■—
assets—net
At-
mond
$
3,319;
securities
with Federal Reserve Banks——;
Cash In- vault
Rich-
land
13,223
4,076
1,257
c——~—-——
banks—
to
loans
Cleve-
$
428
53,326,909,
13,335,909
and
reserves
Federal Reserve
These
official
1941
y.:-'
,.v. '
•.
779
494
51,052.000
51,734,000
56.447,000
7,070,000
13,434,000 >
'
feature, the free pound showing little variation from
ON OCTOBER 1,
*
—*
——---
—
:■
1,440
loans
securities.
Real
agricul. loans—
paper————Y
brokers and dealers in securs._
for purchasing or carrying
to
Other
■
and
——
Millions of Dollars)
29,125
11,024
$
ASSETS
investments—^total—
and
Loans
Boston
1,041,0Q9.
9,271,451,000 10,132,284,099
-
T"';.
.v
,
(In
-,-Y: 4 ;•*. '.v1:"-
972,000
v
ing worth less to the extent of the difference, the difference Itself
having been appropriated as profit by the Treasury under the provi¬
Y
.
412,208,000
Vfi' -Irili- I'd*'
56,447,000
7,070,000
...
accounts
total
"Other cash"
t
own
REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS
v
591,079,909
610,877,000
5i;759,000
.
....
liabilities
of
dustrial
Weekly Return of the Member Banks of the Federal Reserve System
ASSETS AND LIABILITIES OF WEEKLY
■;>
9,158,536,000,
accounts
Commitments
•
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, gfv*
ing the brihcipal items of resources and liabilities, of the reporting member banks in jlOlj leading; cities from a
whifch - weekly returns are obtained.
These figures are always a week behind those for the Reserve banks
themselves.
179)226,009
510,632,000.
1,129,000
sions of the Gold Reserve Act of
_
f.
7,165,093,000
8,532,566,909
176,496,000 • Y" 227,077,000 'Y '139,876,000
.....
and F. R.
liabilities combined
omitted.
available. ' § Temporarily
'
7,101,442,000
items;-;
including
liabilities
deposit
>,'i
.569800*
U
9,750,009
16,047,909
;
-''vk
acct.
Total
Ratio
'
Y
155,694,009
Y d.
.
bank—res.
accrued
.237044*
.
.568300*
.569800*
.569800*
.
' §
'Y: :
;\'YY*'§"-r
v
§
18,000
2,543,009
255,999,000
>10,404,000
11,311,000
.297733*
.297733*
.050700*
rates
in
""
capital
1
733.340,900
2,750,000
9,287,257,000
•
.'Y
.........
.050700*
t No
...........
Capital p&ld in
Surplus (Section 7)
Surplus (Section 13b)
.050750*
Y
725,620,909
*
Capital Accounts—
.909090
Free
rate,
........
18,000
2,937,000198,787,000
10,404,000
11,475,000
notes
Total
.883333
.883750
,
.
t
.060575*
Nominal
-
596,746,000
.060575*
Non-controlled
577,007,000
Y
18,000
Other
.060575*
X~d—Y——
•
Y;/,;'- Y-'Yy.'\
7 566,321,000
577,003,000
458,727,000
*•', ;''.237044*
—
566,321,000
Foreign
.060575*
Controlled
302,153,909
U.
Other
'M
.886796
-
V
>
.297733*
§
423,467,009
212,697,000
3.980000
3.980000
.205540*
.297733*
,Yy
353,624,000
T:
.237044*
\YYY.
353,624,000
*
.060575*
peso
Uruguay, peso •
R.
Deposits:
:
(
/
.909090
';
.297733*
———————_.
1,781,909
212,697,000
assets
Member
.237044*
Y
banks,..
Total assets
.060575*
peso—
Official.
items
Liabilities—
,-1
.237044*
-
5,939,909
..
•
banks..
other
Other capital
..:
5,605,000
1,081,000
■
.471600
•r; i
t
of
premises
Other
n t
.250875
.301513
:
.471600
-
3.980000
.909090
Y
1,086,000
and
securi-
and
foreign
notes
Uncollected
Official
Export
Colombia,
from
R.
'
3.226625
3.980000
3.980000
: 2,744,900
'* 8,195,900
,
se¬
direct
bills
t
:Y;;YY
■,
Govt,
S.
guaranteed
Total
Free '
•
:y,->
.301513
Y-;; ; t
ft --YMY.471600
Y
;
YY '
———————
milreis—
#-
culation
3.228000
_———————
.
Y
1
.250875
.301513
f.v Y-Y-;
3.228000
.909090
Chile,
■
t
.
v*
.250875
.471600
3.228000
OffiCial
.
U.
curities,
\
•
F.
—.———*
Brazil,
.......... .....«.
Total
-
.
§
>■
-(Y..■t-Y'- ■'
•Y-;:Y,
§
v
t
YYY> V(
.250875
1,155,000
;'v 8,450,000
di-1,
.................
Deferred
Argentina, peso—
.
§
§
F.
yy\yr:
'.;Y.'
'
v,
9,602,000
......
'
—
BOUTH AMERICA—
■■
Bonds
Notes
v,-Y,v;..
t
-
Y
"
pound
—
1,125,000
8,477,000
..
ties
;
9,339,714,909
rect and guaranteed:
■
v
Mexico, peso ___L_—————
Newfoundland, dollar
*
:
8,542,647,000
and
discounted.
advances
1,522,909
88,883,009
-
-
Govt., securities,
Total
r',
Official
Free
S.
9,249,309,000
.
Govt.
•
,y
^
t
.
t
■;7,
bills
\
8,486,627,000
.......
-
-
U. S.
direct
Total, bills discounted,.
;
U.
§.
'
Official
-
Industrial
■-T"
AMERICA—
.Free
-
-1 ••'•y
t
'
\
y,
Canada, dollar
-•
Other
•
f-
' t
■
t:
§
'Y
Africa,
•>
V.; t
t.<
7
.
.
.471600
_
of South
j
r:"
t; '■
reserves
discounted!
..
1,299,000
54,707,000
;
55,771,000,.
-
............
by
obligations,
guaranteed
r»
t;
■
i
/
t
.*:yA.:
t
.301513
!:
:
■
/
■
NORTH
..
t
...
t
y..i
.
f-Y.Y
Zealand, pound
Union
t.
t
§
*§
":.Free
AFRICA
v
-
t
t
:
—_
■
,
"Total
Due
Official
New
:
.
casht
,f,
$
,*1-.■■><:■
-
1,170,000-
Secured
-::Vt
"
"
t
.250875
' .:! '•
AUSTRALASIA—
'
.
§
■:;S
Yen •. v-———,1.—-—
Settlements, dollar
——-—
Straits
:
t
" y
dollar
(British), rupee—
India
',
t
''
-
4.032500
§
Hong Kong,
.•' Japan,
t-
t
: t.
V ■■■-;■'■
■
§
Y.——-—
China, Chefoo dollar (yuan)
China; Hankow dollar (yuan)
China, Shanghai dollar (yuan)--China, Tientsin dollar. (jruan) —
1
--t
§
—
■'
■
Other
/'
Oct. 9,1940
Oct. 1, 1941
$
8,486,641,000
8,429,686,000
R.
t
4.035000
§
krona
Switzerland, franc
Yugoslavia, dinar
.
t
t
t
•
F.
•—
notes
-
t
•
:YYYYY
4.033214
t
■
V,
t
t
t
t
——
t
t
,
t
'
ASIA—
t
1
peseta
Spain,
Sweden,
:
t
leu
;>
4.035000
4.033437:
t
/
t,
n
■
t
;
Rumania,
t y':
ffr
4.035000
4.032500;
t
Treasury*
Redemption- fund
'
Portugal, escudo
-
'
t
.V
t
•
.
.
Oct. 8, 1941
$
hand
on
due from U. S.
;Y;-
'
...
Norway, krone
Poland, zloty .^
v
t
t
Y
t
t:
t
pengo-
Italy, lira
Netherlands, guilder
'
t
4.035000
4.032812
4.032812
.
'.
.
certificates
Bills
Finland, markka
France, franc
Germany, reichsmark.
Greece, drachma —-—-
'■
-
t
year..
,
''K
.
'■? Free'
>
t
corresponding date last
■
t
4.035000
4.035000
—1~1~
Official
;
t
?
t
t..;.
krone
——
England, pound sterling—
Denmark,
'
*?■>'
t
Czecho-Slovakia, koruna —
v
t
t
lev:
Bulgaria,
„
;
t
t
——
Bank
-Y
'
Belga
Belgium,
the condition of the Federal
of New York at the close of business
Assets—
•
'l'$
$
■
for Cable Transfers in New York
Value in United States Money
Oct. 7
Oct. 6
Unit
shows
Oct. 8, 1941, in comparison with the previous week and
;,-*
the
Country and Monetary
^
ofNewYork
Pursuant to the requirements of Section 522 of the Tariff Act of 1930, the Federal Reserve Bank is now cer¬
tifying daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the
world.
We give below a record for the week just passed;
^ ,
,
Aug. 4 under
r
. ,
a
:
day, the highest
since the. first week of the current financial
year.
Sir
Kingsley Wood, Chancellor of the Exchequer, announced
on Monday that small savers in Great Britain
have con¬
.
,
Bankers' Acceptances
f
f
The market for prime
ri..
bankers'1 acceptances has been
quiet this week: Prime bills continue very "scarce
'and the demand has been largely in excess of the supply,
i Dealers' rates as reoorted by the Federal. Reserve Bank
<of New York for bills up to and including 90 days are
•very
-asked; for bills-running for four
and V2% asked; for five and six
fmonths, % %' bid and: 9/16% asked. The bill buying rate
\ of the New York Reserve Bank is V2%.for bills irunning
c-%.% bid and 7/16%
months, 9/16% bid
from 1 to 90 days.
,
;;
•
New York Money Rales
Dealing in ^detail with call loan rates on
Stock
Exchange from day to day, 1% was the ruling quotation
all through the week for both new loans and renewals.
The market for time money continues quiet. Rates conT
tinued nominal at 1^4% up to 90 days* and 1% % for four
to six months maturities. The market for prime commerical paper has been very" active this week. Prime
paper has been coming out in large volume and the
demand has been
all maturities.
heavy. Ruling rates are %%-%% for
.
tributed'£1,000,000,000 to '■ the" Government since Novem-»
ber, 1939, equivalent to an'investment of £20 for every
man, woman,, and
child,'
compared«with £274,000,000,
£6 4s per capita betwhen 1916 and 1919.:
representatives of the 'Savings .Committees
markable
for
a
achievement; Sir Kingsley asked
second; £1,000,000,000
on
their
re¬
them to'work
"and not only to reach it,
but to reach it-in,less time than
thosuand million."
or
Congratulating
was
taken for the first
To parallel the British effort United
States citizens Would have to double the current
monthly
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3992
defense'bond
of
rate
>
and buy. $10,400,Savings Stamps in two
*.'
years.
Another
issue
of
decline of United States imports from Japan
during Julyto $8,800,000, against $13,000,000 in
June, and
subscriptions
000,000 of Defense Bonds and
in
2%%' British
national
war
placed
taled
£494,000,000,
31/16 points.
Important
are 'now
"
quoted
at
a
premium
of
\
on:
decisions
war
production
Britain and the United States will be based
policy
on
the
in
com¬
ing Parliament debate on the relative needs for British
manpower in industrial production and in military serv¬
ice. Considerations of British campaign strategy in the
light of present crucial developments on the Russian
front will determine whether United States production
can more effectively be geared to British needs by send¬
ing machinery to Britain or by manufacturing most of
the war supolies here.
John D. Biggers, United States
Minister to London, is expected to report to President
Roosevelt soon on the problem. The British Minister of
in
disclose the true
weeks will
two
available
.
>
the
United
States
Commonwealth
receives payment from
Britain
thus
with
far
Lord Woolton, Min¬
,
people "fighting fit for inevitable adversity." Neverthe¬
less, in the opinion of high Agricultural Department of¬
ficials, who reported that they were "actually hungry"
after a month's stay in England, the British need all the
lend-lease
i
about
program
on
to'the
25%
of
its
total
Wednesday
%
of the
Canadian
dollars
reason
Clodius, the German
economic
expert,
has
ish chromium output.
'
The 24,000,000,000 lire
the
Italian
Official
war outlay, published
recently
Gazette, is the largest budget
,/
;
The projected
monetary agreement between the United
States and Mexico is believed to
provide for a loan of
between $30,000,000 - and
$40,000,000 to stabilize the'
Mexican peso around the
present rate of 4.85 to the
needed
dollar
established for the
forfeiture of
currency
any
a
1938.
•
Export-Import Bank is expected to
i
;
arising
the death of
on
a
Department
of
weekly statement of the United States
Commerce and cover the week ended
Oct. 1, 1941.
,
'
'T
Gold
'
Ore
and
Refined
Imports
base
and Exports,
Sept. 24
to
Oct.
bullion
bullion
and
1,
coin
Exports
at
/
Greece
Canada
.
—
Union .of South Africa
♦
•
;
-_
;
:
_;
5,443,722
2,103,118
30,311
—
Venezuela
$1,225
,
:
;
.
.
United
3,497,692
Chiefly $180,829 Canada,
$144,351 Nicaragua,
$239,697
Mexico,
$218,891 Peru, $1,652,007 Philippine Islands. (Correction—Total in this
States
or
The
-
free market peso
Argentine official
oil
-
closed
is
The Brazilian milreis closed at
5.15,
Chilean exchange is
nominally quoted at
5.17, against 5.17. The Chilean export peso is
nominally
quoted at 4.00.
Peru is nominal at
15.75, against 16.00.
The Mexican peso is
quoted nominally at 20.70, against
20.70.
<
V;
peso
Exchange
on
the Far
Eastern
countries
presents
no
new
developments. The gravity of Japan's economic
po¬
under British-American
pressure is reflected in
reports that Japanese export trade has ceased
except for
shipments to controlled territories such as Manchukuo
sition
and
French
Indo-China, and that valuable Japanese
mining, trade and banking industries in British
Malaya
tions.
" Nil
Imports
i__,
____.
Colombia
of
''
against 5.15.
acres
Detail of Refined Bullion and Coin
:
at 29.77.
Stoppage of silk exports has
__
$13,733,013
expropriation
23.50, against 23.45.
pegged
ment to reduce
11,076,068
—_
_______
and
The Argentine unofficial
from
Total
1927
properties in 1938.
have been compelled to close because of
inclusive
Imports
♦$2,656,945
in
ures
;,
taken from the
are
$30,000,000
is
non-resident other than
the week between a
discount of 11 9/16% and a discount of 11%%.
The amounts of gold imports and exports which follow
a
highway construction. The stabilization accord
expected to be followed by a general settlement of
outstanding problems arising out of Mexican land seiz¬
person
now
or
extend
loan for
up
resident of the sterling area,
Montreal funds ranged during
and resumption of
purchases of Mexican silver,
were suspended when the
peso was devalued in
The United States had been
buying about 5,000,000
ounces of silver a month from
Mexico at 45 cents an
ounce, under the Silver Purchase Act of 1934.
The
which
attempts to import, export,
buy, sell, deal in, or fail to declare contrary to the
control laws. A resident is now required to sell forth¬
with to an authorized dealer foreign
exchange coming
into his possession, except that merchants are permitted
to retain $200 to make change. Formerly residents were
required to sell foreign exchange within 10 days of
acquiring it. Resident merchants, hotelkeepers, etc., may
by
so
United States merchandise shipments to British Em¬
pire countries and Egypt during July amounted to $257,000,000, approximately 72% of total United States ex¬
ports for the month of $354,649,000, compared with 65%
in the first half of the year. Imports from British Em¬
pire countries were valued at $132,000,000 in July, 13%
more than the preceding month and 20% more than
July,
1940. The decline in raw silk imports from
Japan, which
fell from $9,226,000 to
$5,158,000, was reflected in the
That is the
Treasury's refusal
I
satisfaction of any legacy or share of an estate created
food
forces."
the
!
accept sterling notes of the United Kingdom
or temporary visitors. Residents may not
accept payment in other than United States dollars in
Britain
defending us against malnutrition and
against risk of injuring the health of the children of
this country, spread of disease and loss of
working and
fighting efficiency-among our people and our armed
diet,
lor
concluding a 100,000,000 lire trade accord
Turkey, containing an. agreement to provide Germany with 90,000 tons of chromium in 1943 and
1944, in
return for delivery of
18,000,000 Turkish lire worth of
military equipment before the end of 1942. At
present
in
from tourists
expects to
requirements from the
United States, apart from bulky cargoes such as
cereals,
sugar and oilseed, with special emphasis on balancing
foods, such as canned and dried milk, canned meat and
fish, bacon, cheese, dried fruit, eggs,: etc.
Lend-lease
supplies, he said, "have been vital in restoring balance
receive
is
$100 which
not
send.
Lord Woolton told the House of Lords
Karl
sources
transaction.
the entire Turkish chromium
output is pledged to Great
Britain until Jan. 8, 1943..
Signature of the 18-month
commercial agreement was
delayed until Thursday by
German demands for
150,000 tons, half the 1943-4 Turk-
pro¬
to
ister of Foods, asserted that he aimed to keep the British
the
1
v.
to
cedure
under
Dr.
the
with
I
[ estimated additional $900,000,000. By an order-in-council
issued on October 5, failure to disclose in any
application for foreign exchange that a previous application
time since the early days of the war." Instead
providing special rations for workers in heavy indus¬
tries, about 15,000 factory and municipal canteens are
serving 16,000,000 meals a week. Major Lloyd George
promised to double the meat and treble the sugar ra¬
that
allow
succeeded in
••
/
of
<•
to
purchase $1,000,000,000 of war supplies in
Canada. Britain has paid $250,000,000 in gold and Canada
has provided $750,000,000.
During the present fiscal
year, which ends March 31, 1942, Canada will supply an
wider choice this winter than
can
nerable to the expected seizure order.
assigned by informed
elsewhere,
at any
States
remains
foreign-owned, its funds are under the
Treasury's freezing control and its patents remain vul¬
the result of
is pending or has been refused is punishable by a $5,000
fine and/or imprisonment for 12 months. Summary
the United
Film
ex¬
$405,000
Canada,
-
case
the purchaser
compensation to be received by the
agencies involved in completing the transaction.
%
American lend-lease aid is expected to solve one aspect
of the problem of increased British production by en¬
larging the food supply of British workers. Extra allow¬
ances
of 50%
in sugar and 25% in fat rations were
announced for Nov. 17 by Major Gwilym Lloyd George,
Parliamentary Secretary to the Food Ministry. "Through
the generosity of the United States," he said, "Britons
food
holds all the patents of the German
dye trust. General
Dyestuffs is the United States selling agent for these
German Chemical patents.
While General Aniline &
.
of food, or by
Government in the case of such
heavy industry canteens.
Unter-
'
and determines the
in
Internationale Gesellschaft fur Chemische
nehmungen (I.G. Chimie), which is in effect the Swiss
subsidiary of the German dye trust.
General Aniline
and Film Co., while
organized under United States law,
.
items as machinery, which may be obtained only on ap¬
plication to the Government supported by proof of need.
tions
further
a
;
nate private profits in the distribution of lend-lease
goods received from the United States, in general through
a
as
authorized in Italian history and absorbs more than tne
20,21-3,000,000 lire realized from the Treasury bond issue
which closed on Sept. 30. The huge
outlay, which was
ments was requested in the case of all countries receiv¬ •*
authorized on Aug. 30 though not
published until Oct. 2,
ing lend-lease assistance.
•'
>
; is thought to indicate that in 1942 the deficit will
exceed:
/ " Under the "inverted navicert" system affecting ocean » the
65,000,000,000 lire deficit reported in April for.
freight shipments from the United States to Eire, the
1940-41.
V.r
v
•'
'v
British Embassy at Washington stated on Oct.
4, the
The British Ministry of Economic
Warfare has pub-,'
application must be made by the importer in Eire at ! lished a detailed list of
commodities for which neither!
the offices of the United Kingdom Trade Commissioner
navicerts nor mailcerts will be
accepted for shipment
in Dublin, rather than by the exporter /in the United 1 to
Switzerland. As the list includes
virtually all indus-.
States. The exporter will be notified by the
trial materials, the Swiss
appropriate
Government is expected to
British Consulate when navicert facilities are available
| request speedy modification of the
restrictions, which,>
for his consignment. The navicert will indicate by what
i were imposed as a protest against the recent
commercial,
route the goods should be shipped and will be valid for
agreement between Switzerland and
Germany.
■,%
that route only.
{
., Extinction as a nation and starvation of its population
A drive for the £100,000,000 Australian war and con¬
are bluntly held
out to Norway as the alternative to
version loan was launched on Tuesday by Prime Minister
full and immediate
acceptance of Germany's new order
John Curtin, the first Labor Premier since 1932.
1
in an ultimatum
by Josef Terboven, Reich commissioner
Import restrictions on shipments to South Africa from
for Norway. The cost of 15
months of German
occupa-non-sterling areas were apparently imposed in order to
tion has amounted to almost six
times the entire State
insure an unimpeded flow of defense
materials, which
expenditure of 500,000,000 kroner in 1938-9. With
occu¬
constitute about 40% of the total trade.
While luxury
pation costs of 2,800,000,000
kroner, more than $500,items are prohibited, import permits will be granted :
000,000, the country's finances are on the verge of ruin.'
readily for orders entered after Sept. 15.
Any order
Exchange on the Latin American countries was fea¬
accepted before that date may be completed without a
tured by an advance on
Monday in the Cuban peso in
permit, regardless of the date of shipment.
moderate trading to parity with the
United States dollar
The Canadian dollar eased further during the
for the first time in several
week,
years.' The Uruguayan peso
reaching 88.62 in light trading Wednesday. According to
advanced
on
transfers
of
foreign-owned funds
to
the Royal Bank of Canada, Canadians have provided
Argentina..' ■ ' ;■ v,
The
will eat better and have
! from
Government
and
are
maintained
the United States Treasury's re¬
on Oct. 2 to
permit General Dyestuffs Corporation
buy control of General Aniline and Film Corporation
to
'
closing session in New York City on Wednesday,
the National Foreign Trade Convention
urged the stabili¬
zation of foreign currencies in relation to the dollar
by
"important gold lending operations," and advocated con¬
that
be
patents essential to
imminent in view of
Extension of the powers of the ExportImport Bank was recommended in order to guarantee
foreign traders against credit and exchange risks.
Segregation of military from normal commercial require¬
Committee report warned
that additional funds will be requested when the present
appropriation is placed under obligation by March, 1942.
Arrangements are being perfected in Britain to elimi¬
The Government
currency
will
fusal
British policy."
$850,000,000 for ships and supplies, and $685,000,000 for
retaining title in the
States
to the extent that such discriminations
Oct, 8, the $5,985,000,000 lend-lease bill provides for
in the
Dominican
throughout the British
$!,875,000,000 for agricultural and industrial commodities,
$1,190,000,000 for. ordnance and stores and supplies,
measures
United
interest rates
Seizure of German-controlled
United States defense is believed
should seek definite agreements for the progressive re¬
moval of "trade discriminations against the United States
ten classes of expenditure, of which the largest are
price stabilization
current
currency
$565,000, of which
Republic, $91,000 to
error—
reduced
deterrent to speculation.
$50,000 to Cuba, and $19,000 to Bermuda. Total United
States currency receipts in August were $2,913,000 and
shipments were $1,543,000.
;/
-recommendation
;v'
requirements.
the
was
requiring their regis¬
by industrial corporations and other business
is expected to broaden the stock market and
prevent excessive price advances.
It is believed that
tinued negotiation of reciprocal trade
agreements. The
convention included among its "final declarations" a
As approved by the House Appropriations Committee
aircraft
from Argentina.
September were
to
sent
banks
tration-
.
productive effort. "German re¬
sources
mount.
Our arms production and yours com¬
bined are still short of their vast resources plus their
enormous output."
Production and shipments on British contracts placed
with American airplane manufacturers prior to enact¬
ment of the Lend-Lease Act at present constitute more
than 60% of the output of some of our plants, according
to Col. John H. Jouett, president of the Aeronautical
Chamber of Commerce of America, Inc., who stated on
Tuesday that $284,000,000 worth of. planes, engines, and
other aeronautical equipment was shipped to British
forces in the first seven months of this year, including
nearly twice as many combat planes as the British lost
in defending the British Isles during the entire year 1940..
Production of military airplanes in September was 1,914,
according to the Office of Production Management,
bringing United States output in the first nine months
of 1941 to 12,651. September production was at the rate
of 22,988 planes a year, 46%-.of'the goal set by President
on
in
went
typographical
concerns,
At its
American
Roosevelt.
ports
was
labor
repeated his view that the army should
of men trained for both fighting and pro¬
duction, and insisted that the real bottleneck in British
production is not a shortage of manpower but a lack of
raw materials and importing capacity.
With British war
output close to its peak load, Home Secretary Herbert
Morrison in a recent broadcast stressed the urgency of .'
fullest
shipments of
contained
Federal Reserve
Continental and Other Foreign Exchange
from Europe,
according to the Federal Reserve Bank, which noted
that September was the first month to pass without
currency receipts from Europe since May, 1923.
Of the
$1,943,000 received here last month, $1,173,000 came
from Canada and represented largely the return flow of
bills spent by United States tourists.
The remaining
$770,000 came from Latin America, of which $545,000
be composed
the
no
25,
the
The liquidation of corporate shares which has resulted
from the Reich decree of Sept. 26
,
States received
He
reserves.
invaded
at
<
% of their value in June,
believed to represent money seized by the Nazis
countries.
During September the United
were
Labor, Ernest Bevin, stated in Commons on Wednesday
that a survey of British manpower to be completed in
about
about
ended Sept.
$2,357,135).
been
held under earmark
during the week ended Oct. 1 by $2,067,381 to $2,022,502,023.
June, 1941 value
1940. Exports to
Latin America from the United States in
July amounted
to $67,000,000. United States imports from Latin Amer¬
ican countries declined in July to $75,500,000 from
$91,800,000 in June, reflecting smaller arrivals of coffee,
sugar, tin, and wool.
Small shipments of United States currency have come
from Europe in recent months by way of Portugal.
Currency shipments from Germany several months ago
and
on
have
Gold
,
July, 1940. Exports to Japan dwindled for the seventh
consecutive month to about % of their
bonds
sale at par on Thursday. The new issue
is redeemable on Aug. 1, 1951, or two years earlier at
the Government's option. Bonds of the previous issue,
which was withdrawn Aug. 14 when subscriptions to-was
classification,week
should
$13,400,000
v
557
raw
freezing regula¬
caused the Govern¬
silk production for the current
year
700,000 bales to 450,000 bales and to
of mulberry fields to wheat and
convert
200,000
barley farms.
The Shanghai yuan closed
5.40
on
on Friday at
5.50, against
Friday of last week. The Hongkong dollar closed
at 25 5/16
Singapore
against 25 5/16; Manila at 49.85, against 49.90;
at 47.50, against • 47.50; Bombay at
30.35,
against 30.35; and Calcutta at 30.35, against 30.35.
THE COMMERCIAL & FINANCIAL CHRONICLE
558
COURSE
THE
Bank
a
the following we
In
clearings this week show an increase compared
ago.
Preliminary figures compiled by us,
upon telegraphic advices from the chief cities of
the country, indicate that for the week ended today
Saturday, October 11, clearings from all cities of the
United States from which it is possible to obtain weekly
clearings will be 34.2% above those for the correspond¬
ing week last year.
Our preliminary total stands at
$7,046,290,011, against $5,250,322,547 for the same week
in 1940.
At this center there is a gain for the week
ended Friday of 27.7%.
Our comparative summary for
with
year
Week
based
Federal
1st
Boston
New York
T_
St.
421,000,000
242,634,683
312,000,000
228,525,978
173,929,945
102,366,292
77,937,720
+
98,400,000
72,100,000
+ 36.5
154,948,000
136,027,050
122,010.000
+
102,854,956
+ 32.3
___:
—
Francisco
Pittsburgh
Detroit
Cleveland
5th
Richmond
JY—J*.
6th
Atlanta
7th
Chicago
Eleven
cities,
five
days
cities,
five days
Total all cities for week
+
St.
Minneapolis
elaborate
Oct.
4.
highest
increase
an
181,977,028
+26.0
162,524,578
'
,
;
,
:
'
;'
42.2
••,•'•"■ "•" +
3,149,931,896
V" 422,117,427
328,312,835
*-•
163,026,005
■«/>' • ;i85;736,672
r>
+32.7
+ 35.2
"V
'"•■-+.48.5
Y
120,702,810
+27.4 ;+•■■-'
145,576,441
+3i;o •" v?
■
151,180,875
'I'- 164,653,229
508,776,690
:
.
376.539,592
283,451,608
\
Y455,211,171"
.Y 165,749,419
137,346,842
'■ 120,376,000
Y>'. 101,846,974
7
"
"
-V 190,754,878
6
"
--,99,545,468
77,008,150
+ 29.3
.10
"
360,962,688
282,805,996
+ 27.6
72,966,382
257,329,713
Y 126,787,271
:
68,289,629
232,007,749
$7,737,592,009
3,854,653,335
$6,164,427,219
2,945,368,934
25.9
$5,794,733,310
$6,172,281,226
+ 30.9
2,765,465,243
2,481,933,707
$462,655,093
$470,862,546
V"
•
••140,261,170
-
'
'
,
"
$4,706,803,223
$3,648,295,879
+ 28.9
York
1,165,105,120
726,972,910
+ 60.3
23.2%, which,
$5,871,908,343
$4,375,268,789
1,174,381,668
875,053,758
$7,046,290,011
$5,256,322,547
86,803,105
there
was
an
The
Chicago
District
>
_____
_32 cities.,
$485,358,356
+
$568,381,267.
clearings for
September. For that month there was an
body of clearing houses of 29.9%}
the 1941 aggregate of clearings having been $30,428,013,258 and the 1940 aggregate $23,417,684,967. In the New
+ 34.4
week
.112 cities
——Y—
.
—14.6
,
+
38.7
+ 34.2
,
of 47.1%; as noted New York showed the slightest
degree of betterment and Boston was next with a gain!
one
increase for the entire
+ 30.7
42.2%.
'
188,858,697 ''
153,754,605
+ 20,6
\ +26.6
■
524,174,469
the month of
+ 34.2
District the totals showed
Reserve
of 25.9%.
sults
+34.2
re¬
week, registering for
any
like the results for the week, was ./the
smallest of any District; New York City alone had a
gain of 23.1%. Most of the other Districts also showed
Cleveland District where there
either the same, or almost the same, relative improve¬
as in the week.
For example, St. Louis was first,
an increase of 55.4% and Atlanta was second with
the Chicago with 36.5%, the Dallas with 36.3%, the
Minneapolis 36.1%, Philadelphia 34.1%* and San Fran¬
cisco 32.2%.' '■
V."v
fourth
with
with
38.8% and
gain of
a
followed by the
was
increase of 38.1%,
was an
'
Federal Reserve Districts
1st
Boston
2d
New
'
3d
Sept.,1941
_14 cities
—.
York '
—14
Cleveland
5th
Richmond
6th
Atlanta
-
———YYY—
7th
Chicago
8th
St.
9th
Minneapolis
—
12th San
Total
.a—
N.
Y.
"
•:
years:
\ "
■
.19
"
-..1,569,871,125
:
$938,873,280
,+ 38.1;.
13,992,672,748
1,747,273,981
v;
'
1,498,202,446.
-
1,365,442,738
.635.334,030
.
1,185,117,585
•:
+40.5
756,963,985
;
;' + 47.1
753,497,795
660.847,777
36.5
2,153.082.985
1,851,091.021'
647,903,841
578,915.258
2,154,874,703
\
+
,.-.•
572.122,693'
621,814,100 "
+ 55.4
;V
+36.1
.'
•
V
.
525,230,487
;
475,806.664
•
•
777,979,311
'
38.8",
+
"
'815,068.625
'
>
+ 36.3
T
5
-y
Y
1,187,351,919
.■
••,"
+ 32.2
1,169,790,533
$23,417,684,967
-4-29.9
11,905,885,190
,+ 36.5
; +$1,411,782,773
Federal
+28.4
-
1,051,308,053
$24,021,701,608
."10,450,561,274
11,970,139,075
;Cv
,$1,700,857,350
•
.
.
districts
Reserve
510,582,616
vr.
$26,380,267,085
n
706,161.467
565,613,417
for'the Cnine
$1,515,434,872
for four
months
;
....
.14 cities
_
.14
York
New
Sept., 1938
14,868,415,552
659,706,845
530,492,602
.C$1,812,199,943
Boston
2d
-
showing the clearings by
9
the
Sept., 1939
$1,143,633,101
"
Federal Reserve Districts
1st
■
723,300,395
•
,-32 cities
—
..'•
514,966,997 +
■C1,079,888,651
$30,428,013,258
16,256,965,012
We append another table
%
34.1 ■■..;.
1,463.331,881
'
700,636,242
"A
"
City—————/.-.I———Y——
Canada
dec.
25.0
+23.2
+
'
966,191,516
.11
18
+.
-".:,
7
—
or
'
;•
*
i._——__Y——i——190 Cities
Outside
'■'f
1,113,446,304
2,941,619,966
Inc.
$1,083,263,871
2,021,592,333
'V.V'923,932.610
"
YJYYY_YYi.iY-- -16!
Francisco
1,703,499,688
' "
City
11th Dallas
.t.2,283,820,102
9
—31
———
'11,965,440,065
■,
.
y *
Sept., 1940
$1,363,453,642
M4;740,260,372
__ie
—
____LY——_
Louis
10th Kansas
"
_Y -17.."
_Y—_Y—__Y_—_«---- __i8
Philadelphia
4th
increase
and
the
for
period, a gain of 47.1%, thg third greatest of
District; in the weekly results it appeared in tenth;
position from the top. The .Kansas City District was
increase of
an
Richmond, however, showed much better
the month than
for
the longer
ment
.
in the Atlanta District which showed
was
of
•v
359,427,806
*
We also furnish today a summary of the
27.0
25.9%, the aggregate of clearings for the whole country
having amounted to $7,737,592,009 against $6,164,427,219
in the same week of 1940. Outside of this city there was
an increase of
30.9%, the bank clearings at this center
having recorded a gain of 20.6%. We group the cities
according to the Federal Reserve districts in which they
are located, and from this it appears that the New York
Reserve District (including this city),- showed an in¬
crease
of 20.6%, the smallest of any District in the
country. The greatest gain was registered in the St.
Louis District where the clearings rose 48.5% and the
next
City
85,111,070
that
y
■
$268:512,267
3,806,454,019
31.3
detailed
For
3,346,460,097
467,606,471
»
Y-
"1938
•;■;
$280,149,101
V
+ 31.4
statement, however, which
we present
further below,. we are able to give final
and complete results for the week previous—the week
ended
-i-Y- -Y.
Y.
N.
"Canada.'. - YY--Y-.--+-Y.i--~».".
+ 34.9
(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.
the
7 •"
f/Y 1939-
"''
+ 23.9
•
"
Dec. %
or
"
.10
.
—
Inc.
*
591,790,887 ;'
-4
Francisco
' /
$307,304,676
476,917,533
229,286,724
268,543,431
708,467,308
241,411,734
6
-
Y"+, 1940
4,035,314,580
.
-io •;.
—
CLEARINGS
BANK
OF
-'V
+ 23.3
today
In
"
.
—
Total''
Outside
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
•
"
7
-
Louis
8th
9th
65,132,650
day-
one
_10
-18
85,159,190
cities, five days—
Tot. all cities,
All
—•—
120,353,987
114,355,756
—^
Baltimore
Other
____
f
$380,842,173
"
_12'
—
10th Kansas City
27.7
299,223,392
i——___
Louis
San
SUMMARY
f. .•'■1941
.12 cities
Philadelphia
CLEARINCS
summary by Federal Reserve districts.
1941
—
Cleveland
Cent
$2,307,781,750
—
City
1940
$2,946,443,578
—
Kansas
a
Saturday, October 11, 1941
Per
1941
Ending—Oct. 11
Boston
4,
11th Dallas
York
Chicago
Philadelphia
furnish
Oct.
ended
4th
12th San
Week
BANK
Districts
Reserve
2d
3d
the week follows:
Clearings—Returrts by Telegraph
New
OF
1
3d
Philadelphia
.17."
4th
Cleveland
_18
...
"•
Months r-»
1941
9 Months
-
"
+ Inc. or
"
1940
,
$12,174,344,758
$10,074 ,642,249
*137,464.319,774
120.357 222,203
20,270,386,605
>.16,381, 693,882
12,802 ,196,646
'if,:
"
..
16,656,242,175
De c
9 Months
v
<Jo v '.
.
V
128,586, 250,300.'
23,7
+
-V
1
•15,279 997,866
11,213, 995,141
+30.1. ' '
C
193H
$9,804 075,202
+14.2
;■
9 Months
,
1939C
•
+20.8 v.:
.
i
$8,845,354,317,
123,114,947,701
13,825,018,595'
10,312,163,129
"
Cleveland
District
were
next
in
order
with
increases
of 35.2%
and 32.7% respectively.
Other Western Dis-.
followed in the order: Kansas City up 31.0%,
tricts
Dallas
29.3%,
24.4%.
It is apparent from this record that the Districts
East showed the least improvement and, while
in
the
this
was
Francisco
27.6%,
and
6th
Atlanta
the showing in those areas was
In the Philadelphia District there
case,
poor.
of 26.0%, in the Richmond District
and in the Boston 23.9%.
Chicago
8th
St.
.18
11th Dallas
.11
Francisco
Total
was
results for September
1940 follow:
and' the nine months of 1941
&
of January
February
March
"
6,371, 598,673
5,718,518,409
+25.8
17,996, 270,526
16,619,363,389
+-3I.7
4,396, 509,605
+417.0 L"
'
7,004, 753,791
'<
4.838
11,940,210
106,014,420
+
274,604"
,10,199 956,826
$268,260,332,978
$224,833,246,886
••
4 5,318, 567,024
*•'■:
•>
rnent
bonds—
117,629,000
months in 1938
('($',C''*
1941
1940
1939
No. Shares
No. Shares
No. Shares
13,312,960
15,990,865
8,969,195
13,470,755
25,182,350
13,878,323
10,124,024
16,270,368
24,563,174
24,151,931
14,526,094
22,995,770
1938
+
<
The
:
+
15,151,000
each
61,673,795;
April
11,185,760
26,695,690
38,964,712
20,246,238
17,119,104
12,935,210 ^14,004,244
153,826,695
9,667,050
10,461,813
15,574,625
11,963,790
24,368,040
31,314,623
81,235,027
45,145,238
55,491,388
i
4,543, 962,254*
;*"•■
9,434 071,239'
V-
160,871,000
" 63,720,802 126,966,815
months
Six
31,725,000
Month
of
July_-.__—
September
_«
Third
quarter
Boston
:
•
York-
Chicago
108,764,085 117,165,183
four
is shown in the subjoined
years
1
-
10,874,650
7,614,850
13,546,161
17,372,781
57,091,430
20,728,100
23,826,970
Pittsburgh-
11,940,210
42.293,618
26,859,880
92,532,131
83,328,705
Baltimore-
:+-
$
.
1,272
•
The
following compilation
covers
the clearings by months since Jan. I, 1941 and
1938
;.
l!.;
San
Fran,;.
Kansr
$
$
Clearings, Total All
1940
1941
$
$
;
*
14,651
12,215
11,238
10,347
8,532
8,373
7,490
1,650
1,417
19,285
13,071
381
1 347
4,369
537
443
657
659
603
315
309
259
378
797 7
487
838
•
453
358 '■
10,617
15,546
14,490
-
3,495
3,267
3,068
6,639 '
5,092
4,335
4,056
.
Clearings Outside New York
"
'Y "•' 1940
6,734
5,670
; 5,353
5,159
3,902
3,012
2,581
2,379
260
260
242
2,950
2,363
2,161
2,047
"402
•" 421
358
4,525
3,645
3,548
3,270
687
475
431
375
5,540
4,102
3,558
3,119
456
327
341
311
3,278
2,778
2,508
2,392
257
161
182
170
758
513
427
360
'•"» 239
153
152
137
?
Orl'si.'—
Louisville-
'
574
•
Min'polis
Detroit
1941
•
;. 1939 •; 1938
804
MONTHLY CLEARINGS
1
$
1,171
525
,
City
ClevelandNew
Month
1940
1941;
;
0
1940:^;Y';+.-.•!'+■■
>
'
106,014,420 153,826,695 201,296,216 200,493,888
„
+
980
1,613
Cincinnati-
months
Nine
SEPTEMBER
1,361
r 927 V
1,165
2,172
Louis—'
St.
1939
IN
Jan, 1 to Sept. 30-—-
11,511 14,410 13,571 132,439 116,063 124,469 119,046-
1,716
__
___
38,773,575
$
"
14,171
___-
18,067,920
1940
1-
CITIES
!
The volume of transactions in share properties on the
92,547.870,782:
$12,344,461,322
clearings at leading cities of -the
—Month of Sept.-
1941
-
;+.'+•
;
$1,567,423,000 $1,148,214,000
i
,
4,188.335.032'
8.971,901.752'
$211,594,195,681-
,
$12,809,231,871
of bank
.,■■
s:
7,304,820
17,872,807
$224,480,326,121
100,011,367,427 <4.
BANK CLEARINGS AT LEADING
(000,000
New
quarter
,*
+16.3
the last
of
:■!omitted)
$955,618,000
August
__-_-__l40,963,000 $125,965,000
6,376,870.075
4*22.7
,
.
course
statement:.
Phila,
1,597,000
3,778.840,041
country, for the month, of September and since Jan; 1 in;
-
No. Shares
'
1,319,000
4,952,701,228,
;
6,708, 491,098
422.5.4;
+ 19.3
$13,316,912,676
•
63,618,847
June
14,453,000
$15,490,166,818
45,731,788
Second
12,069,000
Govern-
'
3,984, 240,51G"
■■'.'
21.1
-4 24.9 C
103,769,507,823
32,406,179
misc.
S.
-
135,821,540,639
ql&rter
May
bonds
4,881,181,505
4 31.3
5,734, 951,292
;
First
--—$127,575,000 $109,915,000 $1,434,643,000
Total
5,144,208,045
8,482,078,309
1940
Foreign governmt.
If.
*•
'
5,238, 806,282
r
■
'
12,514,176,267
"
'
32 cities
Bonds
bonds
7.551.220.645
and
Nine Months
1941
1940
13,546,161
..190 Cities
New York Stock Exchange for the nine
to 1941 is indicated in the following:
of
shares
.
'
+ 28.0
20,103, 435,659
5,929,166,575
City__—
-
Month of August
1941
Description
Y.
N.
Canada
Month
Railroad
,
-19 >
*J.
—
Outside
26.0%,.
Our usual monthly detailed statement of transactions
the New York Stock Exchange is appended.
The
number
-
46
Minneapolis
City
; 5,921 733,424
7 7,017, 876,705
25,280,288,209
«r7
10th Kansas
7,578,440,195
9,215,461,421
-31
__i — .
Louis
12th San
.
cer¬
on
Stock,
9
-
.16
7th
9th
Minneapolis
increase
an
Richmond
'
the
tainly not
San
5th
:
.
•
2,006
1,550
1,475
1,361
6,544
4,418
3,625
3,141
1,921
1,386
1,295
1,183
1,170
1,142 '
434
396;,
'
"•
$
Jianuary
—
February
March
1st quarter
—^—_
$
■'+";.;
29,012,860^36
28,157,545,945
;
%
,
+
8.8
22,819,303,158
+
10.2;
26,053,092,241
+ 16.8
•
14.327,760,692
;
.
12,545,969,841 V
>
v
12,602,870,251
11,013,661,150
%
U
•
+ "
Omaha
•
$
$
26,669,685,192
'
Prov'nce+_
+13,9
Milw'keeY' ■'
30,428,400,775
—
84,598,807,456
75,542,080,291
+ 12.0
29,966,393,318
26,019,263,367
+
•v
-
41,665,854,165
>.
12,163,767,304
14,792,123,632
35,780,298,705
,
-
-
r
+ 21.8.
30,565,884,719
—
June
-
31,052,928,493
quarter
43
.
100
..>•;.• 47/
83
—*
—
.
91,585,206,530
15.2
26,843,722,036
+ 13.9
"
24,240,996,435
+ 28.1
>
77,103,981,838
+ 18.8
v
14,734,009,046
15,430,371,542
15,570,039,232
Buffalo-—
208
145
Paul-
163
,122:
St,.
;-.;*+16.4
45,734,419,820
-
•
,
.
~
."
—
Ind'polis!
+21.6:
+
36,678,585,555
"
.
1,396
-
■
Y: 557
79
89
'
1,061
377;
.
919
f 843
794
,,
118
108
-
147
135
,184
123'
*139
728
1,673 *
1,334
1,198
1,128
124
•
1,230,
1,058
959
1,397
1,170
1,132
-
;
924
1,060
'
+22.0
12,081,333,769
12,690,472,567
11,906,779,189
'!.
118
Y 38
'
Denver
2nd
r
141
132
•■
;>60
.
i-
April
May
186
■___
+13.7:
30.8
+ 24.7
_
104
!,
;8o
80
.
Richmond-;
274
1 ",193
Memphis
192
86
108
'"271
181
177
_
__i
Seattle
191.,
"72
yf. 935 •
.195 v! 1,972 ,'
l?
768
710,
645.
1,574
1,479
88
1,181
785
697
646
152
2,075
1,536
1,344
1,260
(
1,399
"
6 months
176,184,013,986
152,646,062,129
31,584,854,520
25,406,626,228
+
23,362,873,562 "
+ 28.7
Salt L'k C'y
+ 20.6
87,400,273,985
72,458,884,200
16,259,575,464
12,420,466,537
11,975,271,838:-
+ 29.9
15,904,726,178
16,256,965,012
27.G
48,421,266,654
+ 15.4
—
August
September
—
—
30,063,451,214
30.428.013,258
-
23,417,684,967
24.3
-
v.
...
:
.
Total:
+32.8'
11,905,885,190
+
36.5
Other
9
months
92,076,318,992
268,260,332,978
,
72,187,184,757
224,833,246.886
■
-
+
+
19.3
135,821,540,639
/
-
36,310,623,565
108,768,507,825":
,.-+ 33.4
Y-
54
71
-
.
44
+24.9
■
*
Total
Out.
—
40
58
713
603
560
47
37
520
456
423
502
403
27,058 20,866 23,855 2i;759 239,698 201,698 -203,000 191,538
Cities 3,370 11 2,552
y
quarter
_
+30.8
^
3rd
+ 93
.
Hartford
July
1
.
,
f
2,525" :2,263
*
,,H»|
28,562
1-il
23,235
21,480
,rw
20,050
-
,
all_30,428 23,418 26,380 24;022 268,260 224,833 224,480 211,594
N.Y.C.-16,251" 11,906 11,970 10,451 135,821 108,769 100,011
92,543
1
We
v
/
Number 3992
>'Volume- 154'
559
showing the^figures for.each'city separately for September and sinee Jan. 1-for two years and for the week ended Oct. 4 for four
add our detailed?statement
now
THE COMMERCIAL & FINANCIAL CHRONICLE
,
years.
-September:
.
Dec. %
1940
1941
■
Federal
first
District—Boston—
Reserve
Me.—Bangor
(
,
'>*
<'■
A -
3.762,921
,
;
+
"
r
1,589,377
c •
+ 1,640.609
i
.
*2,UOU,UU0
New Bedford: i-V—-'.
.'-3,953,3.24
-*->.15.111,322
-19,924,502
-"
12,660,121
i
8.589.443
Haven
"L.iiA-'i'A
* 21,597,387 /
6,504,400 "d
V
k
Waterbury
*
711,911-
Federal
i
Jamestown'-..-!—
4,371,794
14,171.048,246
11,511,799,-777
■
York 'di-iiiir:
+
■
.►
i-
1
11.6
J.
•
'
>
??■'*■■■
,w
98,760,423
+ 23.1
11,940+00
11,242,700
23,035,324
i.
-'
412,617,894
•
52 515 556
.
f-
' +
■
'•'+7.6
i +25.4
■
32,459,848
:
.
.
Wilkes-Barre
-
-rr-r-
:
J
-'
'
.
r V
6,839,096
-
.4+20.9
5.292.848
2,346,312
+ 32.0
,
cities).
Federal
Reserve
'
.
.
3,227,867
:+
i -16,427,025
"
•
t
2,283,820,102
"V.
+
-.
;
;
...
-
:
.
;
5,342,987
6,177,345
5,889.770
25,060,664
,
39,550,397
...
.
476,566
578,827
19,802,430
16.095.909
36,328.181
33,069,184
V- 30,312,323
3,806,454,,019
-
^
4,035,314,580
'
.
5,816.090,
501,959
.20,042,590
539,446
,
4,843,020
3,346,460,097
+20.8
3,149,931,896
606,655
512,522
+ 18.4
587,608
779,320
781,647
—0.3
552,250
23.1
619,224
567,246
+ 9.2
419,899
693,102
ChV 100,113.558
86,335,553
+.16.0
49,641,276
+ 18.8
2,099,340
1,673,548
y+ 25.4
1,802.330
1,452.287
,+ 24.1
575,000,000
453,009000
409,000,000
363,000,000
15.7
1.603J07
1,792,221
1,967,793
7.7
2.725.309
2,624,559
2,619,490
+ 15.5
1,488,252
1,126,408
1,159,978
1,536 034
2,189,388
1,222,680
+ 24.6
1,925,274
1,575,826
1,364.379
1,399,047
58.996,422
•:
»
19,573,878
19.980,943
16,574,792
19/285,000,000
15,546,000,000
+
16.3
+
20.6
58.668.979
07,897,,344.
100,814,792
+
93,624,117
:
-47,734,306
+
41.314,050
.
.
50,828,298
*
10,219,516
io.964,60i
6,074,371
5,965.604
,
-
+7.3
.
+ 1.8
25.518,820
161,821,827
185,258.325
161,422,450
+ 34.1
20,270,386,605
16,381,693,882
+ 23.7
1,703,499,688
-
J
63,314,369
:
197,763,853
10,548,707
+ 30.5
,
22,306.838
+ 14.4
+ 22.2 *
+ 14.8
*
4,943,800
3,952,500
+ 25.1
591,790,887
467,606,471
+ 26.6
•
+ 44:5.
+ 31.1
.
2,643,700
..
376,539,592
422,117,427',
4-44.1
7,220.284
'15,441,809
13,859,569
+11.4
7,680,558
5,373,636
+ 42.9
28,705,295
22,653,699
972,614
.
•
L.
Toledo
1,249,154
599,158
Co.
z.
-
",
__
___
797,319,405
587.845,314
9,532,976
--,6.964.944
15.241.039
11,944.913
I-
5,379,256
5,075,610
j.
7,607,933
6.732,182
Erie
-
Ky.—Lexington
W. Va.—Wheeling
2,021,592,333 -/
cities).
83,986,779
65,791,809
+35.1
170.486,585
126,368,628
13,752,100
12,389,400
•
+35.6
:
+ 27.6
j
+ 26.6
6.639,022,451
5,092,723.245
81.984,607
2.663,555
+ 35.0
61,088,080
-
>-
,v
69,669.335
><
-
,
2,399,272
1,769,706
1,835,093
1,609,182
4,479,571
4,739,875
3,391,060
4,643,699
.
+30.4
66,192.727
+
96,077,309
+ 11.1
+ 3.3
58,071,148
+ 20.0
30.1
+
198,572(205
149757,813
+ 36.2
476,917,533
359,427,806
+ 32.7
133,029,268
23.9
59,143,075
12,802,196,646
16,656,242,175
11,689,900
28.2
+
6,343.105
106,730.835
12,024,900
+ 12.1
9,208,676
•
,'C
2,417,453
54,562,469
99,383,305
+30.5
3,508,278
.
13.0
+ 38.1
24.1
8.033,518
.-
+ 6.0
1,463,331,881
24.4
+
183,257,759
!
4.499,257
.
:•>■
+
50,738,322
10,325,150
-.
+ 29.1 + +
68.739,489
.239,234,240
2,756,755
62,592,848
+ 18.9
109,350,637
-
;•
,
28.6
+
8.424,039
62.944,451;
.
+ 36.9
+ +
20.477,369
135.091,817
dr
+ 20.3
416,318,600
•
i-
.+88.734.389
,
+ 70.9
:
.
26.333.003;
10.017,564
+58.4
•
:-
500,808,500
•* ;-■
+ 28.4
;
•
651,775
••
•
+ 24.8
+ 26.7.
378,272
1,113,805
+ 36.4
4,102,667,571
•
112,682,911
2,610,575
3,241,021
87,722,594
2,363.232,703
5,540,903,155
-
+ 19.0
.
-10,405,125
—
119.646,319
2,950.275.504+,.
:
-
+ 37.6
260,403,279
475,836,710
r
.;+- 56.9
283.451,608
328,312,835
.
District—Richmond—
3.596,383
Va.—Huntington
"
'16.205.000
Va.—Norfolk
274.881,173
____
C.—Charleston
.
Greenville
/13,648,000
.
193.485,525 V
,
.
.
6.701.917
21,729,664
-+1817-. T i- v'v 150.167.000
110,447.000
./++
>•
:
42,1;i+r-U72.231,860
V;. 4,850,220
+ 38.2
i>ir
;,";;111,469.033'
87,292,074
+ 27.7
r.:+ 56.039,346
43,048,117
3,902,265,566
315,830,585
+ 43.5
1,676,273
+ 29.6
17.652.176
I 15,293,293
110,134,234
+ 33.4
1,270,623,132
1,006,744,207
923,932,610
657,706,845 ,+
+ 40.5
7,578,440,195
-
.
,
•
-
731,815
4,463,000
3,850,000
50,056,216
66,753,667-
1,612,896
2,001,517
..
"+40.4"-'
'
-
•>
+33.4./
2,779,Q00
3,003,000
V
-
40,858,036
'
50,238,559
•
+
1,426,352:
-+24.1
1
355,455
/
521,033'
••
+15.9,'
1,233,724
86,830,974
:
l",:,
70,484,378
+15.4
.
30,386",610
26,089+59
163,026,005
151,180,875.
+25.9
.
"+ 28.0
5,921,733,424
:
vC
1,027,650
;•/: +29.5
3,012,802(634
:
>
++30.2
,
*
(9 cities).
+25.2
+.36.0
2.172,713
C.—Washington
:
£• 49,454,614
146.967,222
453.170.757
zi:
Frederick
+ 41.4
+ 36.0
<■
1,574.924,821
;
67,259.106
+ 40.3
+ 27.4
>
,
30,732,976
5,356,740
10,061,713
•
-.Vv
•12.821,436
■■■>
v
>
7.416,009
h
Columbia
Md.—Baltimore
6,624,917
9,220.999
+ 17.1
+19.8
966.113
Richmond
;
5,692.300
746.06*
'
+ 59.6
+ 19.6
2,011,260
(18
i..
•■a
3,690,347,519
+
,+ 34.8
-
43,893,000
Federal Reserve
j
'•I- '!
493.783
487,087-968,082
3,029,268,067
IL24U27
4,959,308
9.464,U7
32,400.000
15,773,989
+ 8.1
1,149.898,
Mansfield
229,286,724
+ 26.0
'
Federal Reserve District—Atlanta—
Ga.—Atlanta
4.775,954
4,314,590
983,431,289
756,708,390
+ 29.9
31,497,638
20,635,936
21,012,868
3,192,034.000
2,415,800.000
+ 32.1
98.000,000
70,500,000
65,400,000
7.620.831
5,842,578
1,868,777
1,443,696
1,552.363
7.244,202
5,933,247
63,160.354
44,315,995
+
4.864,294
'56.246.966
36,819,083
+ 52.8
1,777,724
1,228,261
1.438,357
1.259,972
76,376,.737
1,072,609,102
804,031,979
+ 33.4
22,932,000
19,021,200
17,734,000
16,926,000
5,681,35.5
67,196.917
56,794,971
+ 18.3
1,137,109.741
868,566,087
+ 30.9
37,660,428
24145,626
23,264+98
19,48+824
107,255.638
80.071,436
+
33.9
3,166,765
2,340,243
2,025,482
1,920,810
38,248.374
+
21.6
17,972,712
'T"
i"'
Macon
7,016.202
106.867,931
PH.—Jacksonville
6,995,916
Tampa
60.735.374
97,424.114
144,838,633
Ala.—Birmingham
+ 24.2
+ 18.7
51.167,302
;
;
-
19,378+38 "
53,500,000
-
'
*14.033.935
8,904,756
6,608.222
.,4,935.364
11,345,000
,5,183,006
9,699,636
2,573,182
' 838,451
,.-649,123
257,737,444
161.782.453
1,113,446,304
756,962,985
-
Montgomery
Miss.—Hattiesburg
Jackson
Meridian
1+74,411
42.5
"
'
Mobile
46.508.665,
>
+117.7
'.96.070.000
44.132.000
9,512,858
83.224,092
73,643,502
2,051,646
'r.,20,984.181
17,350,684
6,405,371
5,993,820
+6.9
291,130
202,489
221,704
252,756
2,006,382,063
1,550,147,694
+ 29.4
65,403,354
.44,565,292
48,773,110
46,598,750
9,215,461,421
7,017,876,705
+
31.3
268,543,431*
188,858,697
185.736,672
164,653,229
481,102
186,799,500
,
+ 13.0
+
21.0
'
...
.
Vicksburg
Orleans
cities)
(16
Total
.
'
Augusta
Columbus
La—New
216,102,668
4,157,568
5,945,6.15
83.548.748
266.300,000
24,899,854 ;
•
Nashville
173.995.388
131,221,775
373,900.000
Tenn.- -Knoxvllle
'
—
Federal Reserve District—Chicago—
1,964,073
Mich..—Ann Arbov
Seventn
•J
Flint
Grand Rapids
Jackson
5,803.203
+ 47.1 +.>
1,393,480
•; +40.9
,-+ 28.9
14,901,68.1,
18,385,131
3,280,724 r
„—
v.;
513,178,943
4,503,710
•
758.708,052
Detroit,1*—
•
15,853,857
+
17.4
6,544,876,11153,561,332
4,418,091,631
+
43.1
41,824,744
+
28.1
156,336,362
128.109,509
+
22.3
27,591,012
20,340,443
+ 35.6
82,790.547
63,368,3.24
+
18,606,692
,
+ 47.8
;>
'.+ 23.4
>
2,232,703
>"+46.9
'
•r
V
,
Lansing
9,171,103
6,337,164
Muskegon
4,166,870
2,824,139
+ 47.5
34.518,041
24.596,022
+ 40.3
3,593,861.
3,100,778
+ 16.6
29.918,615
24,352,846
+
'
3,59^613
2~76%m
i.mou
336,857
1,057+66
1+08+35
20,940.000
18 816,000
v 88.049,968
2,643/180
1,827,037
+ 3Q.2
>. 172,420,657
138,982,434
+
935,862,317
105,600,665
768,927,10.3
+ 21.7
26,631,000
22,835,000
77,728,922
+ 35.9
3+45^107
2,315,038
1,995,932
255,084,212
220,577,498
+ 2.0
7+4^057
5,768,060
5,815,208
4,337,356
66.164,575
54,491,614
+ 21.4
919.342,030
26+14,901
24,281,824
23+48,953
19,848,717
.,8,541,623
11.756,238
.
+37.6
.
+ 44.6
24.1
1,341,772
-
+ 28.1
+ 29.4
83,592420
1,441,631
;•'+ 20.5
2,655,049
+ 40.9
-
7,323,934
Wis.—Madison
23,099,368
,.5,658,000
•
29,582(8*2
..•
'
100,734,877
l—_:
-
1,793,476
'
Oshkosh
+
1,649,650
Manitowoc
>•'.
-384,503
:
564,195
,
Watertown
la.—Cedar Rapids
-
.
..
•
.
925,697
820,910
2,870,037
2,338,325
2,088,051'
1,867,218.
+ 19.5
+
18.2
,
+
26.5
12,099,962
+ 18.9
45,591,382
+ 19.0
1,631,465
1.554+46
1,657,010
1,553,326
379,964,149
+ 12.9
14,993,529
11,700.938
11,225+46
10.235,876
144,730,434
+ 16.3
5,545,153
4,477,261
4,809,656
3,672,972
+23.6
428.932,200
,..168,293,403
"'.
4,055.921
14,392,510
.+ 23.2
,
17,073.121
21,045,59,7
.
+ 9.0
13,469,107
26,216,523
5,129,091
+34.7
.
843,427,355
16,090,131
30,978,215
.3 54,273,929
,+ 20.4
4,937,363
43,522050
.53,782,105
Des Moines
Sioux City
■:
>
+ 46.7
.,
1,370,546
*
6,710,346
..
.
+ 24.3
.
3,739,919
.
Sheboygan
8,623,008
8,170,681
+ 5.5
23,385,579
19,118/434
*+ 22.3
15,028,129
12,215,241,711
+17.5
»'
+ 27.0
-
>+.22.7
+
,17,656,703
+ 12.8
.
—
Bloomington
.
•_
•
1,716,292.583
Chicago
.i,
Decatur
...
I Peoria
Rockford
WOsW
>
80,791,942
*
Bend
III.—Aurora
495,197
95,271,013
22.9
+ 26.8
69,445,018
497,365
109,813,000
+ 35.6
.
80,681,479
104,745,963
Haute
—
;
r,
c-:;
+ 42.2
/+ 29.8
7,160,619
14,959,912
9,712,833
.19,475,422
.
Gary
Indianapolis
Milwaukee
...
,
:
30.6
"H 44.7
Bay
City
Ind;—Ft/ Wayne
5,369-,591
19,735.054
+
C +34.9
4.120,884
+ 30.3
17,658; 008
•'+11.8
....
-
.
14,651,408,330
t. 50,082,416
179,588,591
y/'.
+ 55.4
5,455.453
8,479.020
118
1,272,494,731
72,222-680
.
512,509
+ 19.9
39.447,019
-
381,17+
467,014
370,758
415.060,888
324,020(245
1,247.577
328,163,580
1,774,566
4,053,913
300,755.699
1,389,803
158,622,262
+ 10.7
4,755,787
4,936,769
51,943.151
+ 39.0
2,226.806
1.506,088
53,929.290
+ 14.6
1,871,905
1,66+518
r
1,874,609
3,605,378 ^
1+23,366
1,275,372
_
•
1
950,820
12,094,220
u
.-.-
3,219,058(285
1
1,235333
36,100,000
-->
17,990,053
+ 30.0
*
-
.
.
1,295(017
>•
1,435,320
,
554,280
3,882.938,674-
^
14,364.155
6,234,955
37,300,000
23,632,662
22.761,548
.-+22.1 4
3.155.256.
City
268,512,267
19.421,491
.
5,661,126
•57.528.600
.1
Pittsburgh
593,247
280,149,101
37.708,242
"
.
4,359,385
13,710,900
13,767.939
Oreensburg
9,753,000
21,063,620
:C't
4+21.8
21,206,113
V
.V
*
.
+23.9
1.298,461
v
f
807/570
'
Lorain
Franklin
+.12.9
9.2 ;v.;V
Hamilton
Pa.—Beaver
—2.3
,
958,220.575
*
673,170
2,698.645
■
,
358.264,118
Newark
17,670,978
1,081,402,013 >'
,+ 16.2
1,029.686
687,451,009
_
Youngstown
4,636,839
District—Cleveland—
Cincinnati
Columbus
+ 21.7
+ 21.5
+ 15.6
+5.2 ,-4
9,365,782
28,590,687
+
Ohio—Canton
Cleveland
35,438,199
175,585,089
28,321,797
..4.'+34.7
6,260,422
,
"
.U-
_
Total—(17
11,197,661
,
'
728,000
-
J.—Trenton
693,982
703,464
9,441,072
1,445,557
■■"V'f •'+
+ 12.3
187,752,386
:
726,131,606
+ 6.2
'
-
1,338,926
-
.
HaZleton
Airies
'f
■
T
f
839,151,749 <
-
+30.2
9,059,894
6,914,571
.
Bois
/
.
17,267,082
.
+ 37.5
2,069,040
5,310,331
:
•
-
Del'.—Wilmington
.
V;. 307,304,676
51,400(000
+ 17.0
317,585,818
210,760,130
4:22.7
*
South
690,609
.
7,865,818
--
-•
I
?
+ 8.1
*.
1,613,000.000
>r.v
10,883,924
>"
Pottsville
/ Terre
..
:380,8421173
t
+14 t
+ 14.2
3,204,367
.
'
i
:
•-
■'
18.5
+
>
116,063.739.061
371,506,457.
+
+ 36.8
20,471,428
38,473,223
132,438,792,339'.
■
-
3.7
48,825,959
1,334,532,809
>
1J673i-599;758
26,191,117
>
1,675,375
2.490,881
-
Total
|
+20.8,
^A23.2^137^464,319,774 ^.120,357,222,203
1,796,623
...
2,217,154
'
:
Scranton
Sixth
651,581
+ 7-4
.
10,074,642-249
»
428,051,892.
+.20.2:
2,535,699
,>
:*> 2,172.000.000
—
Reading
D.
15,30o"io0
+ 17.8
11,965,440,065
.
6.984.438
,
Norristown
8.
+ 28.2
+ 28.5
+ 5.1
..4,..
k-
10,949.636
:
Philadelphia
-
434,906,300
557,720,600
28,005,628
+ 28.lv
+ 24.3
"
4,529,846
-
,
Lebanon
W,
5,287,297
34 .5
+
1,703,875
'
Total
12,750,010
6,824,736
+ 34.9
-75,414.854
2,181,830
Harrisburg
Fifth
13,106,518
6,328,120
+ 9.4
-43.130,991
>
2,205,290
-
Lancaster
Oil
14,342,626
+ 15.3
62,946,500
.
/■
1,063.122
District—^Philadelphia—
Reserve
Federal
Bethlehem
„
+ 14.2
174,026,177
213,341,159,
3.047.949
v.
14,740,260,372
(14 cities):
Chester
,
456,134,327
+ 14.0
121.587,240
.Pa.—^Altoona
r
2,383,169
>+ 33.0
1,790,712
.
Orange3
•
4.043,534
2,560,815
3,983,244
93,760.744
Fourth
4,149.881
2.292.877
;r
-
rr'+ 43.0 f+;•(
18,349,801
'
'
N.
3,870,768
3,274,428
;-V 16,573,905
■
22,038,980
J.—Montclair
Du
869,554
4,077,673
+ 18.3
23.1/yv 2+749+67
r- +
-31.183,953
-
4,539,033
.
*
Newark*
York
809,697
+ 8.7
82,124,875
"
21,609,603
~i..
N.
675J72
26,954,192
'
Northern
664,431
454_868
126,412,044
"^+25.9 (pv?12,174,344(758
3,249,454
40,083,772
-
.Conn.—Stamford
Third
•"*
609+94
97,139,018
68,892,100
i
~
,
32,459,680
200,787,331
+39.0
+2:5
61+861
137,384,294
520,718,771
+28.8,
\
•
Elmira
Total
v;
.+
5,023,806 K
5,606,306
;.V 2,550,674
N.
+27.2
■
.15,520.670
919,338
■
'"■'.'4 3,442,051
' Syracuse
Utica
...16,69.7,639.
*
*'
145,922.249
>
•
Rochester
;
+ 11.8
'
16,316,542
.
+ 21.9
..-."■'••-I
"V .M.
Lv
—20,2-f
York—
District—New
Reserve
208,711,468
New
14,599,861
.
1,083,263.871^v
,V
,
38.622,474
Binghamton
Buffalo '•"*5 *
f'
2,616,983
230,377,282
2,203,653
V
.
1,363,453,642
v
'
3.118,582
237,220,825
887,211
r
"
Y.—Albany,
N,
3,680,275
261,511,447
885v730
•
(14 cities)
--.-Second
t
*4,400,000
328,836.952.
mi
>,43,166,900
60,008,100
H.—Manchester
Total
+ 23.5
'
R." I.—providence i _ Li'.'.iV-S'l'CL
N.
i
S
876,807
871,007
+ 22.4
:t
6,408,800
'
1,080,244
1,066,480
+ 21.3
•
16,705.015
-
1938
$
76,104,821
"'44(987,632
,'"'.•
-54,328,545
"
New
1939
26,386,280
+25.7
.'.+ 15.1
•'
+ 21.0
22,794,686
93,975,668
-
■*"
.
4-
Dec. %
8,532,696,192
■
3,040,549
•
Oct.
luc. or
$
5
32,298,598
+ 22.6
?
1940
1941
; + 25;7 ^:'> +0,347,634,381
.
927,147,753
-S 2,994.373'.'
••
Sp r I ngtield d— ~—
Worcester A is JJillConn.—Hartford .—-A
s.
9,591,703
—
,1,828(995
HolyoMc
Lowell ,±j
(
■
11,762,119
m
Mass.—Boston'
Fall River
'•
3,588.331
...
1,165,371,785
Portland
j
Dec. %
$
27.570,669
...t+41.4
•-). 2,537,943
■'
Ended
"
■
*
,
1940
$ .*■
Week
Inc. or
/•- 1941
...
$
"$
sit-
Cle*>rin?s
—9 Months-
Inc. or
•Springfield
Sterling
'Totsr-X3i: cities)
I
V.v.-
7,362.936
.787,613
2,941,619,966
634,001
+24.2
61,799,732
6,708,555
2,154,874,703
.+36.5
'..^ 25,280,288,209
+25.2
5,879,251
,
.
1
'
.
a r
i; v. i: t,»
1
;•
-
5.690,179
20,103,435,659
•
u'..'
v'
t:
j-
1,418,444
;
+ 17.9
+ 25.8
.
■_
708,46 7,308
\
.1
i-
534,17+^69
.vtW
508,776,690
'
' 1,230.938
455,211,171
•
.
*
Clearings at—...
Eighth Federal Reserve
Louis
Mo.—St.
Girardeau -—-————
Independence —.
—
V
111.—Jacksonville
525,289,366
373,857,647
4,546,878
743,531
4,006,953
\
O
'•
•
2,134,900
1,857,543
163,408,797
122(200,796
<
13,278,598
—.—
'
1
:
1,450,654
•
D.—Aberdeen
Great
•«•''•••■V:
1,080,093
•/
4,864,422
.
5,990,365
—.
;
503,621
<•
■I
(16 cities)
30,743,944
32,930,337
26,832,898
22.8
3,050,849
+ 13.9
19.6
26,363,000
23,067,000
+ 14.3
55.4
7,551,220,645
5,734,951,292
6,094,845
i". K
*
'''
%
•'
137,758,022
39.5
3,278,754,000
17,180,123
"
~~752~600
~+
680,000
10.6
657~000
-
.
5Vo~,6O6
165,749,419
+ 31.7
—28.3
4,236,898
+ 16.8
106,509,207
v,
+ 10.3
+ 18.0
+ 5.3
16,310,906
+ 16.3
1,058,024,611
,
V;
14,265,577
.
/
+ 6.9
—16.6
*h
5,078,385
+ 12.9
94,324,179
|
+:12.7
9,375,000\
7,732,157 -"'V
+ 28.6
+ 36.5
9,941,076
+48.2
38,406,304
31,603,359
+ 53.6
74,954,732
\ 56,314,003
7,118,096
+ 12.5
31,966,289
+15.5
32.327,863
+ 17.8
810,854
+ 33.2
8,004,334
+ 20.1
36,905,529
.+ 34.0
38,082,882
+ 3.2
134,448j797
+ 12.9
2,957,886
'
.
2,778,753,894
10,564,000
+20.8
7
% :
124,899,961
>,
1,230,248,913
"15,255,342
4,051,682
446,207
"vy
V
+ 31.4
15,589,964
"
•
:
vy
>
-
i +
7.1
+ 1.6
2,910,373
+
•" vvV
+ 21.5
+ 33.1
v
125,504,952
v'
5,144,208(045
+ 36.1
514,966,997
700,636,242
•
1,100,000
4,471,148
...
J.+
16,093,423
Helena
Lewlstown
Total
35,762,082
+ 127.1
+ 24.7
3,915,693
9,361,656
Falls
+ 34.1
27,923,055
+33.7
.
1,063,000
-
1__.
Huron
.
'
■
5,803,504
Falls
Mont.—Billings
79,200,000
-
38,221,523
.+14.9
,
11,368,739
,
1,329,000V' J..-
Forks,
Sioux
96,400,000
63,403,800
+
577,260
413,917
-
*
Minot
8.
+ 31.7
51,255,934
,
1,400,239
;
.1,745,481
Grand
95,700,000
+ 50.5
*
*
'
12,609,090
327,409,937
:«
D.—Fargo
'•
/r;.
16,569,070
456,608,750
-
■
1
126,000,000
+ 38.6
+
■
District—Minneapolis—
*■;
Winona
N.
+ 33.7
785,287,001
621,814,100
St. Paul
i
+ 15.1
4,824,055
1,386,244,814
+
Minneapolis
•
+ 25.0
36,852,567
1,131,798,079
3,474,380
+
966,191,516
3,495,625,006
1,921,632,213
+
Fergus Falls
8
22.7
2,559,000
Rochester
«*
1938
1939
31.9
3,061,000
Minn.—Duluth
.
4-
+ 55.5
+
563,705
86,635,510
353,401
Federal Reserve
Ninth
'
Oct.
Inc. or
Dec. l/o
-
42,423,952
6,448,745
153,837,874
cities)
(7
4,369,080,276
+
239,169,737
Quincy
Total
40.5
+ 13.5
'
' 192,946,972
_—-—434,032
Ky.—Louisville
Tenn.—Memphis
Ended
1940
...
$
District—St. Louis—
i.—,:
Cape
,
1941
5
>'•
r.
—Week
Inc. or
Dec. %
1940
J941
Dec, %
1940
1941
v,.-
••
•
-9 Months-
Inc. or
-September"V*.
Saturday, October 11, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL &
560
153,754,605
+ 17.0
4,396,509,605
120,702,810
.
K:'i. "
.'U • -S
V
f-"v r.'i
1,+
■:+ 27.4
'
120.376,000
—
„
•'
1
•
101,846,974
.
/5vS'i;*,v•//.'"
■>
Omaha
Manhattan
186,627,168
132,027,834
♦20,000,000
17,304,202
2,328,616
K.V, +29.1
574,037,754
+42.6
42.888,611
Reserve
Federal
Beaumont
23.807,096
+ 12.0
3,812,830
3,224,462
3,218,049
2,888,964
^^ 140,261,170
126,787,271
119,960,292
5,156,441
+ 16.6
310,033,163
+ 13.3
I
22,637,485
+ 5.2
1,170,175.278
+ 19.4
1
+
33.3
41.8
326,941,000
235,950,000
38.6
27,735,030
41,444,012
19,406,015
+
42.9
27,115,976
+
52.8
+
23.7
Houston
+
32.3
(11 pities)
—18.9
764,052
+ 5.4
i :.-v
145,576,441
190,754,878
'
AS
+ 31.0
'
'.'V>.v
'
.
V
■>
44,854,476
!
2,646,507,906
—l.i
71.165.507
70,369.672 r ?.
>-j;
37,867,507
V. M/r
■*
,»
.
2,215,070
2,034,663
+ 8.9
78,236^678
61,~21~2~653
"+~27~8
2,248,384
1,930,734
55,655,093
51,883,833
+41.8
+ 23.1
2,149,419,000
.
'...-i-;-v;-•
■
•; ••
-
-
253.009,530
+35.4
186,918,668
316,277,266
i
.
253,576,614
+ 24.7
10.~697~.462
6,9~5~7~il4
7,204,835
+ 9.1
2,747,000
2,460,000
2,744,000
'
.
'
94,271,000 • '
■
2,179,051
1,908,838
+
14.2
19,094,957
5,731,232
4,170,433
+ 39.5
2,132,636
1,290,514
+
65.3
46,361,038
15,134,121
18,166,797
14,321,875
+
26.8
723,300,395
530,492,602
.
1 ;
86.406,000
:
'■1
2,274,473,267
-
La.—Shreveport
y
470,929
"
8,552,000
.
i'
■
'Vr:
+
Falls
..
f
r
207,136,339
Total
83,7~16~417
+21.1
no,578,000
Arthur
94,871,486
7,004,753,791
273,875,953
Wichita
:98,873,320
8,482,078,309
Galveston
Port
3,557,756
134,595,524
+ 38.8
+
2,581,416
\,
24.1
+
777,979,311
6,757,061
29,974,376
+ 19.3
1,079,888,651
3,883,551
32,570,809
•
21,923,263
+ 14.9
9,008.902
2,403,662
'
3,085,885
+ 14.3
5,507,782
"V
'
• -
1,907.652
12,961,554
vf ]?■
95.229
185,041
157,015
2,964,771
3,142,367
26,402,369
District—Dallas—
105.917
-
-
•••••''
2,193.791
14,888,225
Texarkana
+ 23.9
r
-
-
4,172,171
30.169,249
"
33,373,821
-
»
2,231,570
+22.9
___
—4.2
+ 25.7
+ 18.7
_
+ 10.9
117,857,153
1,389,356
.:>
\
!fi
+ 14.4
149,406
+ 6.0
2,808,316
3,334,825
:
,
107,872
3,215,628
——9.2
3,645,584,544
„
••
.7,027,964
6,014.583-
1,397,551.551
+ 33.2,. {■
5.936.389
351,326,464
17.5
a_
Worth
.
..
'
87,024,764
134.412,603
*
+ 36.2
„
Paso
Ft.
41,347,105
+ 21.8
25,081,294
+ 9.2
+
+ 19.4
162,137,199
1,707,803
Dallas
El
32,672,183
1,170,'064,' 217
;
4,525,921,706 '
2,420,141
"
Texas—Austin
+ 13.9
+ 31.3
3,081,682
148.177,546
135,845,928
..
(18 cities)
13,180,823
717,374
165,663
+1.9
6,378,370
2,844,262
.iu
Eleventh
,
+ 19.0
92,222,402
i
123,352
+ 11.9
;
7,904.915
y V
184.991,062
Springs
Wyoming—Casper
Total
48.3
402,416,582
Okla.—Tulsa
Pueblo
+
3,006,025
15,016,474
784,054
Denver
197,460,369
+ 59.9
Joseph
Colo.—Colorado
15.6
11,667,589
Carthage
?
+ 41.4
+
+ 19.8
.
18,659.474
.
5,186,852
"113,812,990
1,396,534,974
—16.8
.
City
Kansas
3.880,076
6.172.494
20.7
781,437
1.
Mo.—Joplin
4.341,478
+6.6
7,954,188
-V
650,402
9,526,884
;
Wichita
St.
594,830
882,257
_.
Parsons
Topeka
:
r-
+ 22.2
:v.
12,878.816
;
13,727,327
Lincoln
Kan.—Kansas City
*.
572,676
♦700,000
Hastings
+
417.920
504,269
Neb.—Fremont
•
•
-r-v''>'
7
:
V"
City-
Tenth Federal Reserve District—Kansas
+22.5
+7.5
17,768,151
1,368,283
882,816
976.665
126,924,289
+ 17.2
4.~2~8~0~,975
3,~4~6~0~204
3,54^9,592
4,838,274,604
+ 22.5
99,545,468
77,008,150
68,289,629
^+39,686,032
■
11,193,174
148,813,342
5,929,166,575
+ 36.3
V
1,857,349,662
+ 16.8
+35.2
■
•
'+
"
'/■
.
.
;
.
•'vs
i" '
'•
■.
X'JA".
■
Francisco—
Federal Reserve District—San
Twelfth
3,628,216
2,325,345
+
56.0
271,620,133
181,459,495
+
49.7
7,760,747
5,481(239
+
41.6
7,033.921
5,706,804
+
23.3
2,207,000
1,910,000
166,422,590
Wash.—Bellingham
?-
Seattle
•
-
"
Yakima
Ida.—Boise
___1.
Ore.—Eugene
•
Portland
221,249,700
-
——-
Lake
-
,
—_
City
Ariz.—Phoenix
>,
_
Beach '
13,824,928
21,303,058
,
+20.5
+ 35.1
60,146,927
44,750,610
+ 34.4
39,276,147
34,514,952
+ 14.6
1,830,163
1,518,365
+ 20.5
1,430,182
1,239,977
-
56,745,233
Pasadena
San
Francisco
San
Jose
"
16,397,000
12,109.000
+ 35.4
1,800,087,442
1,377,823,205
+ 30.6
,
(190 cities) _
Outside New York
+ 39.8
34,621,226
29,777^545
: 25,938.307
+ 24.3
wi-—
603,107,900
+ 18.3
22,733,397
-17,127,786
*+~32~7
17,45+311
14,685,214
21.3
136,245,629
128,744,618
+ 5.8
0.5
71,299,014
68,720,549
+ 3.8
4,951,256
3,540,242
+ 39.9
4,515,219
4,203,830
3^514,722
3~22~6~,299
""*+8.9
56.3
+
+
.
i*
9,898,555
+ 39.7
108,190,829
14,525,588
+ 46.7
179,605,539 '
4,338,620
+
838,824,984
657,741,350
18,786,909
13|,847,782
Stockton
(19 cities)
39,002,339
32.240,412
11,605,079
Barbara
5,528,248
14,547,003
10,898,107
31.1
41,455,366
21.6
138,080,729
+ 45.7
36,683,409
27.5
6,734,830.852
+35.7
129,960,348
2,372.530
6,214,868-
+
,
+ 15.9
713,293,151
5.690,063
Riverside
Total
20,026,448
+ 30.8
+
14,114,340
3,457,585
J
-V;
1,536,843,424
42,210,713
48,968,766
48,365,610
!
+ 32.9
+
,
Grand total
1
—.
V- V;
24,140,324
r
+ 15.5
11,580,766
7,085,992
7,122.847
Modesto
Santa
3,351,113
-71,272,716
14,051,073 V
Berkley
Long
'
5.237,239
93,196,511
___
Calif.—Bakersfield
•
.
v'i /'
2,075,689,973
-
•
Utah—Ogden
Salt
:
...
.
,
...
::
+ 32.2
81,653,315
147,509,380
+ 21.8
-33,790,563
+ 22.7
118,906,293
+ 16.1
28,548,760
+ 28.5
5,670,332,837
+ 18.8
t
.
'
v
,
107,997,168
j,
..
59,591,299
54,454,998
+ 9.4
111,274,108
92,070,582
+ 20.9
1,187,351,919
32.2
12,514,176,267
10,199,956,826
+ 22.7
360,962,688
23,417,684.967
+ 29.9
268.260,332.978
224,833,246,886
+ 19.3
7,737,592.009
11,905,885,190
+
36.5
135,821,540,639
108,769,507,825
+ 24.9
3,854,653(335
4,080,497,725
+ 12.6
3,801,656,097
+ 9.5
3,519,904
3,523,872
149,041,000
3,535,137
137,037.000
1,365,714
•
*
'
1,569,871,125
V-
^
3,395.367
1,505,587;
2,880,274
3,169,228
30,428,013,258
16,256,965,012
-■'•V
"4.
165.999,000
4,317,068
+-20.3
12.4
+
!•
204,266,000
'■
*
+ 33.5
+
54,528,340
282,805,996
:
+ 27.6
6.164,427,219
+ 25.5
2,945,368,934
+ 30.9
*
'
4
'
"
3,310,249
1,506,779
1,557,810
2.429,808
2,157,300
257,329,713
5,794,733,310
2,765,465,243
232,007,749
6,172,281.228
„
2,481,933,707
••':'••.-■
f Canada1
Toronto
Montreal
.,
_•
Hamilton
15,973,981
12,637,724
+
26.4
28,998,085
22,346,064
+
29.8
27,428,507
Brandon
—
•
Lethbridge
'■—
Saskatoon
Moose
Jaw
——
-
Westminster
Medicine Hat —
—
Peterborough
•'
Sherbrooke
—
--
*
,
Kitchener
Windsor
Prince
85,495,506
8,461,632
14.1
72,238,757
10,254,605
+
13.9
———
Albert
3,556,319
4,450,304
3,308.381
3,532,411
Kingston
Chatham
Sudbury
——
(32
cities)
♦Estimated,
—
Canadian (Clearings
219,251,778
+ 18.5
.
'
5,461,810
-
4,404,464
-
8,194,328
—15.6
100,318,535
72,336,110
—11.3
-.20,959,916
23,606,378
—2.7
28,573,111
27,277,638
6,253,910
—12.7
3,804,346
7,803,374
+ 26.1
+ 2.8
6,099,773 '
8,419,268
2,430,268
2,627,772
+5.5
2,150,864
•
+ 6.1
3,310,768
2,438,941
4,941,140;
6,521,404
6,012,373
10,691,303
11,584,523
—33.0
20,758,345
+ 15.3
699,980
738,264
+9.6
56,306,764
1,966,537
2,547,103
—4.5
24,565,314
'.I,..'
997,694
—8.9
+ 10.5
1,222,931
1,491,315
—18.0
1,600,897
1,060,776
+ 50.9
31,338,753
26,536,495
+ 18.1
1,051,634
12,237,197
8,984,561
+ 36.2
426,206
1,075,362
555,036
—23.2
24.2
9.2
+28.2
25,869,001
3,405,546
+
28.9
34,702,044
4,666,395
+16.9
46,005,419
23.0
137,390,678
"
'
908,753
+ 15.1
"f
733,308
+ 13.3
1,090,818
1,327,509
—8.4
1,398,477
+ 24.5
3,652,755
3,435,285
+6.3
830,673
+ 13.8
+11.8
+ 18.1
494,529
999,435
••
.
'
..
-
970,510
834,248
822,895
542,746
488,057
-•
-
919,138
-1,423,659
2,704,409
15,116,414
12,798,428
522,254
—5.3
506,104
35,189,298
31,604,261
+
11.3
1,185,696
905,129
23,725,280
+14.9
851,513
1,033,696
853,278
+ 14.7
27,253,415
8.7
24,640,477
23,207,802
+ 6.2
631,577
899,216
—29.8
+
-•
•
•
918.527
1,107,737
897,619
713,707
+5.3
—0.1
516.815
1,000,795
2,036,976
1,224,750
-
s+ 28.0
+18.0
+16.3
8,738,086
.
1,040,052.
*
3,366,318
5,388,265
2,486,625
—2.2
+ 7.2
22,725,267
31,041,819
42,933,206
108,765,052
1,860,800
2,267,132
;
609,146 ,V
—22.8
+ 36.9
40,179,738
3,518,465
820,042
35,440,594
39,176.769
26.0
-
—3.0
29,358,162
+29.6
2,142,387
5,241,600
—0.5
•
2,141,034
-
15,308,055
531,517
+9.0
'—7.5
—3.3
6,022,349
+ 18.6
.
—27.6
—11.8
—47.1
5,489,054
+ 10.8
12,506,166
18,011,524
+
2,975,709
+ 5.0
5,678,447
+ 21.1
158,862,089
+
2,976,747
11,392,115
548,029
155,286,949
51,678,616
21,343,823
4,662.043
+ 15.8
-
"
14,928,733
t
6,118,559
.
''
,
;
146,765,743
27,123,534
'
68,482,411
98,734,056
.;
135,826,291
*
41,164,152
175,979,666
+
:
80,886,246
'
188,012,249
+
■
40,063,830
20.9
+
:
118,933,465
'
83,163,740
"
120,167,936
—16.7
+30.6
2,423,961
1,628,966
3,568,003
2,898,521
2,411,397
1,756,084
+ 13.4
—15.9
168,058,578
—34.3
4,338,778
12,010,022
118,462,517
194,499,823
5
104,801,228
3,106,338
863,271
819,425
742,771
-
-
867,731
1,334.568
2,806,480
'460,687
939,714
797,072
751,843
+ 20.3
18,402,246
16,698,252
+ 10.2
582,532
522,061
+ 11.6
513,150
552,226
4,119,337
+
21.1
41,696,170
39,196,812
+ 6.4
1,263,860
1,171,566
+ 7.9
1,219,356
1,079,733
1,411,782,773
1,812,199,943
for,-week ending Oct. 2.
+
28.4
15,490,168,818
13,316,912,676
+ 16.3
485,358,356
568,381,267
—14.6
462,655,093
470,862,546
2,121,831
4,986,720
Sarnia
"
!
3,067,435
1,547,515
5,455,054
14,775,303
^ +8.2
177,187,874
24,055,785
,
>
'
1,689,905
4,565,428
3,421,093
2.620.689
Moncton
Total
3,178,568
4,608,344
1,902,902
—
—
-
-
35,591,940
3,035,338
:
188,811,307
V;v
-
68,257,047
+ 8.6
+ 84.7
'
18,146,251
2,590,432
7,225,104
i
•
140,020,76ft i
'
+ 1.3
.
1,114,382,218
245,239,437
+
——
New
!
+ 17.8
——————
Brantford
Fort William
<
+13.6
1,715,413
2,602,595
6,592,516
1,809,424,295
668,841,551
149,098,041
"
'
7,777,107
'
"
259,703,919
,7 413,866
23,698,207
23,393,793
2,073,671
—
—•——
I
24,153,349
——
_
•
9.157.688
11,684,179
Regina
2,058,602,668
204,385,255
134,290,991
+12.9
Victoria
Edmonton
726,074,878
20.7
20,932,042
-
-
5.5
22.4
+
23,635,729
—r
London
+
+
184,115,689
Calgary
4,595,782,326
4,161,459,636
1,832,345,472 '
+48.8
+ 35.4
71,695,199
152,596,436
—
;St. John
,,
87,786,930
—
Halifax
V
370,529,084
381,361,686
211,665,916
223,399,793
———- *■
Ottawa;.———
Quebec.
,
+—
■
,
Winnipeg —-——-—-—>;
Vancouver
;
551,258,040
516,382,075
—
—
1
@FedFRASER