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'
THREE
SECTIOTSrS—SECTTOTST
ONE
BUS.
Thf
ntttmerrial I
V
RCO. II. 8.
COPYRIGHTED
IN 1940 bytctlUAM b. DANA
COMPANY, NEW YORK,
VOL.151.
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, ATTHE POST OFFICE
NEW YORK, OCTOBER 12, 1940
AT NEW
YDNK, nev york*
BANK
CITY OF NEW
OF THE
v
George V. McLaughlin
President
Member Federal
N E W
r
3929
OJLO
.
•
"
YORK
YORK
-\:t
Maintaining effective correspondent hank service
is
a'traditio||al. Policy o{
the
Deposit Insurance
Corporation
(T
IIU
NATIONAL BANK
OF
BROOKLYN
M
THE CHASE
Chartered 1866
NEW YORK
MARCH 3, 1879
Spruoe St., New York City
25
BROOKLYN TRUST
COMPANY
under THEACT OP
William 8. Dana Co.. Publishers,
Chase'N^01**! Bank.
Broaden your custom
service
with
Chase
cor¬
respondent facilities.
Hallgarten & Co.
Member Federal
Deposit Insurance
Corporation
Established I8S0
STATE
NEW
YORK
Chicago
AND
London
MUNICIPAL
City of
BONDS
Philadelphia
PUBLIC UTILITY
Bonds
INDUSTRIAL
The
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
NEW YORK
BONDS
BOSTON
Moncure Biddle & Co.
CHICAGO
PHILADELPHIA
PHILADELPHIA
AND OTHER
A.C.ALLYN"® COMPANY
SAN FRANCISCO
PRINCIPAL CITIES
INCORPORATED
CHICAGO
New York
Boston
Detroit
Philadelphia
Milwaukee
Omaha
PACIFIC NORTHWEST
The
SECURITIES
New York Trust
Company
Capital Funds. $37,500,000
(Drumhdlor, Ehrlirliraan
(Eompmiy
Exchange Bldg.
Seattle
OTIS & CO.
(Incorporated)
Established 1899
NewYork
IOO
CLEVELAND
BROADWAY
Chicago
We Deal in
Leh. Coal & Nav.
Funding*4s,*1948
N. Y. Phila. & Norf. Stk. Tr.
4s, '48
Strawbridge & Clothier 1st 6s, 1948
R. H. Johnson & Co.
MADISON AVENUE
AND 40TH STREET
Phila. & Reading Term. 1st
6s, 1941
Lehigh & N. E. RR. Gen. 4s, 1965
Members
New York Stock Exchange
New York Curb
64 Wall
St.
BOSTON
Exchange
Yarnall & Co.
NewYork
PHILADELPHIA
ONE EAST
1528 Walnut
Street,
Philadelphia
57TH STREET
Carl M. Loeb, Rhoaoes & Co.
61
Established 187k
NEW YORK
Member
i
London
DeHaOen & Townsend
BROADWAY
Paris
Amsterdam
Geneva
of the
Federal Deposit
Insurance Corporation
NEW YORK
30 Broad St.
PHILADELPHIA
1513
Walnut St.
The Commercial
n
This is
an
offer
buy the securities
to
a*ti is not to be construed as an offer to sell or as a
announcement
12, 1940
solicitation of an
herein mentioned. The offering is made only by the Offering Circular.
$2,758,000
f
The
Oct.
& Financial Chronicle
Chicago, Rock Island and Pacific Railway
2%
Equipment Trust Certificates, Series "U"
(PHILADELPHIA PLAN)
To Be Due
$197,000 each May 1 and November 1 from
May 1,194.1 to November 1,1947, Inch
Guaranteed unconditionally as to principal and dividends by the Trustees of The Chicago,
Rock Island and Pacific Railway Company, but not as individuals, such guaranty to be
assumed
/
;
These
;
as a
general obligation by their successors and assigns.
,
,
Lease and Agreement to be dated November 1,1940
will/ provide for the issuance of $2,758,000 principal amount of Equipment Trust
Certificates, Series " U," to be secured by equipment, the estimated depreciated value of
Certificatfes
issued pursuant to
are
a
which
which
$4,025,478.
«.
MATURITIES AND YIELDS
Maturi,
Maturity
Yield
0.85%
May
Yield
Maturity
1.50%
0.20%
1,1941
0.35
May
1, 1944
1.00
November 1,1946
1.60
1,1942
0.50
November 1, 1944
1.15
May
1, 1947
1.70
ovember 1, 1942
0.60
May
1, 1945
1.30
November 1, 1947
1.75
1, 1943
0.75
November 1, 1945
1.40
1941
-
Yield
'
November 1, 1943
*
:■,<*
Approx.
Approx.
Approx,
•
The issuance and sale
.-iiKyy-
and
'
i '■1
of these Certificates is subject to the approval of the Interstate Commerce Commission
of the United States District Court in which is pending the reorganisation proceedings
Rock Island and
1, 1946
of The Chicago,
which
Pacific Railway Company. The Offering Circular may be obtained in any state in
circulated from only such of the undersigned as are
this announcement is
these securities in
registered dealers and are offering
compliance with the securities law in such state.
HALSEY, STUART & CO. INC.
LADENBURG, THALMANN & CO.
CENTRAL
OTIS 4. CO.
BLAIR & CO., INC.
REPUBLIC COMPANY
GREGORY & SON
INCORPORATED
(INCORPORATED)
These Certificates are
on or
offered for delivery when, as and if received by us. It is expected that Certificates in temporary or definitive form will be ready for delivery in Chicago
The information contained herein has been carefully compiled from sources considered reliable and while not guaranteed as to completeness
or accuracy, we believe it to be correct as of this date.
about November 18, 1940.
October 11, iQjO
The "EXPANDIT" Binder
A Practical and Serviceable Binder for
your
Magazines and Periodicals
r
The
so
"Expandit"
its
flat, whether it be filled to
Advertising-
capacity of six-inch expan¬
sion,
one
or
whether it contains only
issue.
adjustable to the
Its back is
size of
the number of issues
it contains,
thereby eliminating
all
space
waste
and
an
A
exclusive feature.
sonal
This
The
sort
magazines are held in place by
means
of
a
wire holder, and can
be inserted in less time that it takes to tell
Successive
or
ness.
an
It embodies every feature that has proved
of practical value and it avoids all
that are objectionable.
to
you
consistent
Plus postage
form
the
application
to
in
new
"Expandit" Binder
New York City
will
in
the
help
you
friendships
among
people constituting the
Cotton
publicity
advertisement
"backbone"
St.,
stop
duction?
"Chronicle"
Prices for larger sizes
25 Spruce
ever
developing the initial intro¬
An
The
business.
every
13x8 H inches
Price $2.00 each
on
same
think of the large part played
by
''Expandit** Binder is adjustable to its thick¬
In sizes up to
friendship—the
BUT—did
intervening issues may be inserted without the necessity of disturbing
You handle only the particular copy that you desire to insert or remove,
issue be thick or thin, the
cotton
of mutual faith which is
necessary
the others remain in their proper position.
Whether
of the
part
about it, without punching holes, pulling
strings, or multilating the copies in any way.
other issues.
large
business is done through per¬
adding
greatly to its appearance.
is
Friendship-
Binder is
constructed that it will always
open
Cotton—
of
the
Industry.
World's
Thf.
otnnmria
CONTENTS
Editorials
The Financial Situation
Where
2081
_ _
...
—2093
Safety Lies
The National Budget—
-
2095
Comment and Review
of United States Railroads in
Gross and Net Earnings
r
..2098
August
Week
on
the European Stock
Exchanges.......
Economic Situation.
Foreign Exchange Rates and Comment
Foreign Political and
Course of the Bond
Market
Indications of Business
Activity
Week
on
the New York Stock Exchange
Week
on
the New York Curb
Exchange
2086
2086
2090 & 2135
2097
2100
2084
2134
News
Current Events and
Discussions
Bank and Trust Company
General
Items.......
Corporation and Investment News.
..2178
2224
Dry Goods Trade.
State and
2114
....2133
2225
Municipal Department..
Stocks and Bonds
Foreign Stock Exchange
..2143 & 2145
Quotations
2139
2139
Auction Sales
—2139
New York Stock Exchange—Stock Quotations
,.2146
♦New York Stock Exchange—Bond Quotations.2146 & 2156
New York Curb Exchange—Stock Quotations..^
2162
♦New York Curb Exchange—Bond Quotations.
.2166
Other Exchanges—Stock and Bond Quotations
...2168
Canadian Markets—Stock and Bond Quotations
..2172
Over-the-Counter Securities—Stock & Bond Quotations.2174
Bonds Called and
Sinking Fund Notices
Dividends Declared
Reports
2090
Foreign Bank Statements.
Course of Bank
Federal Reserve Bank
General
..2135
2114 & 2143
Clearings
Statements
Corporation and Investment
News
.2178
Commodities
The Commercial
Markets and the
Crops
Cotton
Breadstuffs
.
1
—
...2212
-.2215
2219
column incorporated in our tables
on New York Stock Exchange and New York Curb Exchange bond quotations pertaining to bank eligibility and rating.
»
Attention
is directed to the new
>
-
The Commercial & Financial Chronicle
VI
When An
;
■
Important Man Steps Out
V
V'
;
The
Oct.
^
best-managed business organizations
are
.
those
that insure the lives of their most important execu¬
tives, making the business itself the beneficiary in
of death.
case
The sudden removal of
a
company
financial
is
a
an
great directing mind from
disaster that
can
be met only by
conditions
sufficient to support
resources
until the vacant
When
a
place
important
can
man
be filled.
steps out, there are always
adjustments to be made; his holdings
be
purchased from his heirs
may
have to
other urgent finan¬
or
cial matters settled.
Immediate
are
1
most
pany
best
funds
to
attend
to
these emergencies
important, and life insurance with
such
as
a com-
the Massachusetts Mutual offers the
plan to provide such funds.
MASSACHUSETTS
INSURANCE
MUTUAL
LIFE
COMPANY
Springfield, Massachusetts
Organized 1851
^
Bertrand J.
Perry, President
Assets, December 31, 1939
$688,640,431
Liabilities
$661,589,637
Surplus to the Assured
...•••.•••$ 20,396,794
(In addition, thereto, Contingency Funds which
are not included in the
surplus
.
...
.
.
$ 6,654,000)
12,
1940
The Financial Situation
WHAT might defense
be termed
the first stage of our existence
promptly and
willplant
bringwhich
into
preparation
vastvigorously
amount of prosecuted,
manufacturing
program
enormous
a
ap-
Huge appropriations
followed huge appropriations in bewildering
will be of limited usefulness when the pressure for
the production of large amounts of armament ma-
fashion, providing, at least on paper, for an almost
terials and equipment subsides. It is but right for
the expense of constructing this plant to fall upon the
Government. Arrangements which will leave the
pears
about at its end.
now
have
of
announcements
During recent weeks
signed or "cleared,"
necessaries.
endless variety of
contracts
Government in possession of the plant at the end of
the program, however, are fraught with danger. .It
is not difficult to imagine the temptation which such
of them involving very large undertakings and
many
almost
of
staggering amounts of money, have been one
the features of the news from Washington almost
daily.
We must
"on order"
a
ownership will place
have
the
large part of
and
materials
the
now
I want to ask the President,
propriation measures which
White
but
.
naturally has been grist for
the mills of those who wish
to
impress the public with
the idea that the
Administration
present
has
been
vigorous and effective in
getting the Nation ready
to defend itself
and all
,
It
against
any
comers.
has, however, taken
from
May until October to
ments
pose,
and it
any
been done.
wisely and
Meanwhile,
enter the later
finitely
more
Our
over
tax
we
The
and in-
special
ed
to
legisla¬
defense
represent anything
pol¬
arising and the general unsatisfactoriness of the situ¬
the
or
less obligatory
assume
more
and
dreds of millions of dollars
the capital for the con-
be
^hen this emergency is
worth of manufacturing
plant which may well prove to be a
thorn in the flesh
legitimate private business for generations to come.
"Yardsticks" for the Future
we are
The
difficult.
doubly
growth of government en¬
terprises organized in re¬
cent years,
and
rect and often
in di¬
now
killing
com¬
petition with private busi¬
ness—enterprises avowed¬
ly designed to
conditions
with
cope
dissimilar
not
to those
likely to be in
once
mal life
are
peace
and
ex¬
nor¬
are many
say
the
other
and
restored in this
consideration
countries—cer¬
tainly does nothing to allay
the suspicion
ernment
this
an
in
that
any gov¬
emergency
comes
end—unless it be
ernment
—will
when
power
vastly
to
a gov¬
different
one we now
have
quickly conceive the
idea of converting its man¬
plant,
ufacturing
wise
"yard-stick"
in soipe
use
other¬
largely useless, into
enterprises,
way
make
of them in direct
com¬
other
petition with private busi¬
ness
for
allegedly "social"
It would have been much
special preparedness activities once
which
proceeding, that
now
or
give place to normal conditions, the Federal
the possession of hun-
that upon
the
with
As things
period will inevitably be
the two English-speaking
peoples concerning Asiatic matters.
It is high time the American people de¬
manded full information—and, what is as
for
It is inevitable that any
period of diffi¬
proceed
we
from the
Government will be found in
of
a
matter how wise¬
tasks in hand.
"somewhat mixed up together."
There are hazards a-plenty in our "base" ar¬
rangements with that Empire.
Now comes
the most recent "report" of the British Prime
Minister, which included references to us
which have caused misgivings afresh.
It like¬
wise included an announcement about the
so-called Burma Road, quickly followed by an
official statement that "conversations" are
special plant, if any progress was to
our
is that there
possibility, not to
itself to
made, and in consequence
over,
no
purposes or reasons.
the task of supplying
struction of
worse
important, give more realistic
to what they already know.
has made it
Government
What is
under way between
icy. The uncertainties thus
more
danger is probably greater from this
becoming
generally conced¬
ation resulting
shall
we
or
probability, of further understandings which
may carry even greater hazards of this sort.
Churchill some time ago spoke of the affairs
of the United States and the British Empire
useless
but final and settled
culty,
istence
indications of the
plant finally ended in a law
which is
war
which the future may bring
public has already been acquainted with
score.
permitted amorti¬
of
zation
war
understandings which give rise to grave un¬
easiness
in informed sources on
this very
tion and the kindred ques¬
tion of
involvement in either this
than from understandings dealing
directly with our entry into the present war.
phases of the work in hand.
wrangle
our
other
surely
tably face
are
settle
day—we shall" inevi¬
some
ly
more
normal way of
our
quarter
difficult
The long and quite
will
forth.
effectively this work has
now
people
international understandings or agree¬
which, whatever their professed pur¬
are likely at any time in the future to
cause
still remains for the future
to disclose how
approve of
them,
should know about it.
We don't be¬
we
of any
get even these preliminar¬
ies out of the way,
we
any
long to the Government, the Government be¬
longs to us.
I have been repeatedly asked in
my
trips throughout the country if such
secret understandings exist.
The only an¬
swer I can give is that I do not know,
but I
want to know.
If this country has to fight,
public officials do not have to do the fight¬
ing.
It is the people of this country who will
have to fight.—Wendell L. Willkie.
Here, indeed, is a matter which is the
business of the people.
They most certainly
are
entitled to know, as they now do not,
whether any such understandings exist, and,
if so, precisely what they are.
They are entitled to know a good deal
more
than this, as a matter of plain fact.
They are well within reason in demanding
to know of the existence and precise nature
this
All
House.
life—as
there
Are
once
we
citizens do not know about?
we
Maybe
Congress has sent to the
and
down to
that
ap¬
and I demand
international
understandings to put America into the war
answer:
an
and the large
envisaged in the
army
armament business is over,
equip¬
ment needed for the mag¬
nificent navy
Answer
an
Once this
politicians.
iy
"/ Demand
upon
such armament program as
launched at present, if it is
better had the Government been willing to have
these necessary plants erected by private initiative
and remain in private hands, the cost of their construction being met over the period of their special
armament usefulness through prices paid for the articles or materials they produced. When their period
of real usefulness came to an end, they then would
be scrapped, abandoned, held in reserve, or converted
into plants serving some, useful purpose as good busi¬
ness judgment dictated at the time.
We should then
have no large .group of Muscle Shoals "white ele¬
phants" on our hands to form the basis of demands for
The Commercial &
2082
or
economic experi-
There doubtless are a few
exceptions to the
social
extensive and expensive
ments.
general rule, but the arrangements under which many
of these manufacturing plants are now being constructed
are
of
source
our judgment, to be a
the future. That they
the result not only of the prevail-
likely, in
very
regret in
grave
have been chosen is
Oct.
Financial Chronicle
1940
12,
production in less than a year, and a good many
of them will take considerably longer than that-
not to get the tanks, guns, planes, and ships, but to
begin producing them. To do even this well will in¬
quire that construction proceed on schedule, which
could easily not occur. It is one thing to plan a
half a hundred large undertakings, each independent
ing penchant for having the
of the
other, and fix a rate of completing each of
finance
them.
It may
Federal Government
everything under the sun in competition with
private enterprise, or of the unwillingness of the
present Administration to enter into agreements with
private enterprises of a nature acceptable to them for
the construction in
It is
question.
any
product
a
uncertainty and
of much broader conditions of
friendliness which
fully
as
industry to hesitate to take
cause
risks at this time which it could avoid.
these conditions,
it
un¬
Given
unavoidable that Govern¬
was
ment itself assume the role of
These
the most difficult barrier which the defense
must hurdle in the months and years to
program
if the present
come
after the
Administration remains in office
The strange
expiration of its present term.
controversy which broke out late last week
con¬
cerning the status of manufacturers adjudged guilty
bit
of
would
election
misguided
Certainly it
strategy.
has been
that the Administration
appear
forced to "back water"
at least for the time
promptly and vigorously—
being.
What
may occur
the election is over, assuming success by
Roosevelt
•which
the
at
President
polls, is another story, and
one
gives all thoughtful persons considerable un¬
easiness.
Reports
seeping out of Washington
now
that the Administration is
election to "crack down"
prises and business
fense
after
men
program may be
waiting until after the
generally
enter¬
upon many
in connection with the de¬
nothing more than biased
political guessing, but in the circumstances the dis¬
passionate observer must be excused if they
him considerable
But
without
delays due to conditions arising at that
More will
plant.
after the
the situation
courage
that
Yet
any
be thrown in the
operations in that industry, or those in¬
plants which will produce the tanks, the guns, the
New
which
Deal
unwillingness to proceed in the way
experience has taught most of us is the way to
get things done, has caused distressing delay in
getting much of this desired armament even "on
order."
Continued
will
current
even
precisely that is what
is
en¬
or,
for
we
must
have, if the
is to proceed with dispatch from
this time forward
generally
to
as
make such achievement possible.
armament program
The rate of
activity in business
already of record proportions, and rela-
lively small demands growing out of the so-called
armament
emergency
made -upon our
President
plants.
began
to
have
program
It
talk
as
hitherto
unheard
quantities of war material—guns, tanks,
planes, and all the rest. It was not until
-weeks
that
actual
orders
began to
quantity for such things, and it
weeks
that the
construction of
contracts
was
were
be
of
ships,
recent
placed in
not until recent
concluded
for
even
the
construction
of these plants.
Some of them
been the subject of formal
agreement
with the builders.
Few of these
events
under
plants
in the normal
course
of
existing circumstances be ready for
in
more
even
Unduly shortened
of
hours
and
rigidly
work, "share-the-work"
re¬
notions,
higher wages, and
all the rest of the New Deal fol-de-rol about work
conducive to maximum
not
are
production with
minimum of disturbance to the economic
a
Neither
whole.
the
are
a
system as
repeated attacks by the
Department of Justice and other bureaus in Wash¬
Industry,
ington.
do its
The real test of New Deal
with the preparedness
be
than the individual, can
no more
in
work while encased
best
a
strait-jacket.
ability to make headway
task lies ahead, and it may
parenthetically added that the test of the nation's
ability to make such headway in
at the
come
old
polls
question
within
a
very
will
cedures
no one
of "priorities"
It
sense
has
now
been
prove
to the most
that they provide any substitute for
diyert what
must have if
productive
—
What
urgent ends.
are
we
to defend ourselves at the
and each
pro¬
unavoidable, but let
productive efficiency and speed.
merel
we
well be that such
may
presently
suppose
maximum
and
real
short period of time this system de¬
again be invoked.
what
a very
November 5.
during the World War will of necessity
veloped
th
on
again, and opinions are being expressed that
we
exists
really need, and
to prepare
earliest
At best
capac'ity
effectively
possible moment—
day brings fresh evidence that bungling
meddling foreign policies are increasing the
urgency
of adequate armament—is greatly enlarged
production in key places.
If
we
fail to obtain larger
production, it will not be the fault of private in¬
dustry.
Federal Reserve Bank Statement
INDICATIVE
changes
again are
to be noted in the
banking
statistics
covering the week to
official
Oct.
9,
common
can
result
certainly
the
yet has any real beginning been made in
even
unwillingness to proceed in that
constant and feverish demands for
plants in which to make these things.
Not
have not
been
yet
last spring that the
was
of
orders.
stricted
The
maximum achievement by industry,
matter,
those
raised
political campaign is over,
almost
exasperating delay in getting into production upon
of produc¬
already existing is not such
actually
extraordinarily smooth and
planes, and the other necessaries for defense.
additional dif¬
way
circumstances
the
in
upon
dustries, which must supply the tools to equip the
will
quite without reference to
ficulties which may
tion
cause
concern.
of
many
getting products from the
Plainly it will not be a matter merely of,
seeing to it that the work at each of the new plants
themselves
continues
without
interruption and
way
by the Labor Board may be nothing more than a
upon
plants.
violations of the National Labor Relations Act
of
particularly when
down,
depend
industry and not infrequently from the same
same
effective
general conditions are now likely to
same
them will
existing depend
entrepreneur.
Difficulties Ahead
prove
be quite another to hold to the sched¬
laid
thus
ule
although they
into the United
stocks
are
in recent months.
much
along the lines
Gold continued to
pour
States, the addition to our monetary
amounting to 178,900,000, raising the total to
Volume
This tendency toward expansion of
$21,349,000,000.
credit base
our
of
was
$27,000,000 in
currency
amounts from its
eral Reserve
partly offset by
circulation, to
a
total of
general account with the 12 Fed¬
were
lower, both items occa¬
gain in member bank reserve balances.
a
upshot
banks
fresh advance
banks, and non-member deposits with
those institutions also
The
a
But the Treasury disbursed large
$8,199,000,000.
sioning
that
was
excess
reserves
of member
legal requirements increased $100,000,000
over
for the statement week to
$6,820,000,000.
This fig¬
is
only $60,000,000 under the record high at¬
tained
July 17, which probably will be exceeded soon
ure
unless the
money
Treasury raises large amounts of new
and holds the funds in its general account.
On the demand side of the credit
noted that New York
ber banks
picture it is to be
City weekly reporting mem¬
expanded their business loans $14,000,000
in the week
to
$1,781,000,000.
The trend over the
to be much in the same direction,
for the statements of banks in 101 cities reflect like
Nation appears
performances.
to
brokers
and
Loans by the New York City banks
dealers on security collateral fell
In 1939 harvest and carry¬
1,076,420,000 bushels.
yielded 3,189,005,000 bushels of corn and wheat
over
1,007,131,000 bushels.
marketing quotas this year because total sup-
jdies
(crop and carryover) at that time appeared
"marketing quota level" which
to
be less than the
supply above that level would
indicated
An
have
required the holding of a referendum of pro¬
determine
to
ducers,
the
This change occurred along with
ings, the latter being due to the recent
hold¬
not
or
marketing
during
current
It
season.
appears
from the Oct.
1
level, that
country escaped trying out this New Deal
figures which place the supply above this
the
scheme, as it did last year also,
only because sup¬
in Octo¬
plies in September appeared smaller than
Last
ber.
in September, Mr. Wallace, who
year,
Secretary of Agriculture, misjudged the
this
$2,399,100,000.
whether
quotas should be effective on corn marketed
decline of $24,500,000 in port¬
considerable variations in the nature of the
2,930,000,000 bush¬
determined for this year as
was
els.
then
holdings of United States Treasury obligations
on
corn
of the carryover
folio
referendum
announced that there would be no
size
a
the
successive year, cornpairing with 569,868,000 bushels Oct. 1, 1939 and
a ten-year
(1929-38) average of 212,000,000 bushels.
On Sept. 12 Secretary of Agriculture Wickard
largest on record for the third
was
banks resulted in
The corn carryover as of
about 592,278,000 bushels
amounted to
1
Oct.
Open market operations by the 12 Federal Reserve
$36,000,000 to $288,000,000.
to
2083
The Commercial & Financial Chronicle
151
by about 90,900,000' bushels;
forecast fairly ac¬
for the new
during September brought the total supply
the
year
was
carryover
curately, but improvement in prospects
crop
above the referendum level.
exchange
1
Government Cotton
Report
;
offering by the Treasury of new bonds for the notes
Treasury bond holdings of the
maturing Dec. 15.
$1,400,100,000, but Treasury note holdings fell $106,000,000 to $999,000,000. The Treasury in Washing¬
ton deposited $78,997,000 gold certificates with the
banks
regional
Federal
advanced
banks, raising their
Reserve
such instruments to
curred in other
$81,500,000
$19,032,300,000.
to
holdings of
A decline oc¬
cash, and total reserves of the re¬
gional banks thus advanced only $69,959,000 to
lation
$19,-
Federal Reserve notes in actual circu¬
up $15,126,000 to $5,479,364,000.
Total
363,028,000.
were
$15,532,000 to
$16,080,321,000, with the account variations consist¬
ing of a gain of member bank reserve deposits by
$126,809,000 to $13,927,014,000; a decrease of the
Treasury general account by $99,007,000 to $579,053,000
an increase of foreign deposits by $10,943,000 to $1,056,401,000, and a drop of other de¬
posits by $23,213,000 to $517,853,000.
The reserve
deposits with the 12 banks advanced
ratio advanced to
89.8% from 89.6%.
Discounts by
regional banks improved $2,338,000 to $7,985,000.
Industrial advances were up $25,000 to $8,400,000,
PROSPECTS
for thischange
year'sduring
cottonSeptember,
output under¬
only slight
the
went
make such advances increased
now
considerably advanced, however, the
be regarded
forecast can
substantially probable
available this
season (including 11,211,015 bales carried over) will
approximate 24,000,000 bales, or about 1,750,000
supply of American cotton
season's supply.
bales less than last
prospect for its disposition is, however, con¬
The
siderably poorer this year because of
reduced
exports.
current season,
Report
CONTRARY
toCrop
the Reporting
expectations
of private
esti¬
mators, the
Board's
Oct. 1 fore¬
cast revised
corn
upward its earlier estimates of both the
and the
2,352,185,000
than
the
spring wheat crops. Corn was raised to
bushels,
estimate
54,999,000
based
on
bushels greater
Sept. 1 conditions,
236,493,000 bushels,
8,772,000 bushels above a month earlier.
Neither
change however is great in proportion to the total
supplies of the respective commodities, which prob- t
ably will be available this year; corn harvest and
carryover
will amount to about 2,944,463,000
and
spring wheat was lifted to
bushels
and total
wheat harvest and carryover to
the outlook for
the
reached
In the first two months of
July and August, exports
in the same period
and the
for the period is nearly 1,000,000 bales. The
only about 125,000 bales, whereas
870,000 bales were shipped abroad,
of 1939
average
results thus far recorded
indicate that considerably
2,000,000 bales will go to foreign
under
during the current season, or less
much
as
was
shipped last season.
lather than
this year
to Great
countries
than a third as
With the inter¬
daily becoming even more con¬
fused, the prospects seem likely to
Government Crop
current
with a higher degree of
certainty and it can be held
that the
national situation
$15,000 to $7,598,000.
Crop Reporting, Board of
12,741,000 bales comparing with the forecast of a
month earlier of 12,772,000 bales.
As the season is
the
while commitments to
of the
estimate
Oct. JL
become worse
So far
better, as the year progresses.
been
second
the bulk of our cotton shipments have
Britain, and Japan has been the
largest purchaser.
consumption,
Domestic
wras
near
its peak
to rise even
last year
exceed
any
higher this year.
the other hand, which
destined
Consumption of lint
totaled 7,615,853 bales, and is expected to
At
largest for
and it is believed September's
8,000,000 bales during the current season.
rate, August's consumption was the
the month on
also
on
level last season, seems
wras.
record,
Government subsidies on exports
ton textiles and on
of cot¬
domestic consumption, together
with the stimulus of the domestic
defense program,
The Commercial & Financial Chronicle
2084
the chief
are
total
not
for the
reasons
disappearance for the
to
exceed
about
height, 13,912,031 bales,
1939, which
2,741,000
or
Should this be the
the
case,
31 ought to be at just about
carryover next July
same
The
is likely, therefore,
10,000,000 bales,
bales less than the crop.
the
expected increase.
year
as
July 31,
on
the greatest in history.
was
Business Failures in
September
tent
the
restraining influences.
decline
seasonal
and
in
addition
The armaments program
into
action, without
gains
of last year
casualties
for the first time since June.
reported last month
fewer than the
The 976
152
were
(13.4%)
1,128 reported the previous month
67
(6.4%)
l'iled in
based
the 1,043
less than
September, 1939.
The seasonal expectation,
the results of the
on
bankruptcies
past 10 years, is for a
drop of about 12% from August to September, which
slightly bettered this
was
erally
last
and
year,
month
was
respect—at least to date.
involved
September
year.
gen¬
the fewest failures of any month of the
sees
exception
no
in
this
signed
$12,997,000 in August and $10,545,000 in Septem¬
ber, 1939.
It is
notable, however, that last month's drop in
number of
a
year
failures, both from
ago,
branches of
not
was
a month ago
spread
and from
generally
business, but rather
was
all
over
entirely identi¬
fied with the retail trade division in the
year-to-year
analysis, and nearly
lation ;
so
was
decline in the number of insolvencies in the
lawmakers, who accepted the
called
and
with
652
last
for
fewer
than
$4,443,000
last
$4,779,000, last
than
with
year,
service
last
the
but
a
either
August
the exception
of
September
or
the
bilities, compared with 105 involving $1,169,000
volving
There
division
were
$893,000,
last
49
In
with
the
failed
for
51
involving
commercial
to stimulate
the
bulk
of
the
other districts likewise showed
decreases, but there
five out of the 12 which showed
increases
September, 1939, and three
Francisco district had
over
August.
considerably
more
The San
insolven¬
trading.
tor
developments put
a
New York stock market this
the
terday
quietus
upon
the
week, net changes
entire
even
in these dull market times.
The increas¬
ing tension in and with respect to the Far East
held the market in check at all
indications of vast
changes
times, and European
were
almost equally po¬
even
an
advance in
the result of the week of slow
cumulative
were
during
week, but modest buying appeared
modified
and
the
losses.
Net
yes¬
recessions
ranged from small fractions to several points
prominent issues,
stocks
were
while
unchanged.
were
of
many
There
ments of any consequence,
the less
in
active
were no group move¬
for lesser developments
ignored in the light of the overwhelming in¬
ternational crisis.
Trading
the
the New York Stock
on
small
500,000-share mark
only slightly on Tuesday, and
level
in
selling orders
most all
all
other
under that di¬
was
sessions.
Buying and
rather evenly matched
were
occasions, and sharp changes
In the listed bond market
a
on
al¬
lacking.
were
good deal of activity
developed with regard to foreign dollar issues, but
the domestic
bonds
after
day,
obligations
as
were
marked
were
quiet and
Japa¬
easy.
drastically downward, day
the joint Anglo-American
measures
developed in connection with the Far Eastern
Some German
flict.
were
of being official.
and Italian Government bonds
were
But German
soft, and other
foreign issues likewise drifted downward.
bonds
Underwriters offered
were
United
fractionally lower.
successfully two large issues
bonds, while the outstanding obligations of
new
highest rating varied little.
and other bonds
son
con¬
municipal and corporate bonds
higher, owing to occasional buying which had
all the appearance
were
with the securities
Speculative railroad
idle and not much
commodity markets
were
changed.
cheerful, by compari¬
exchanges.
Wheat and other
grains moved higher in the pits, and excellent de¬
mand
was
noted for various base metals.
exchange trading
Foreign
nominal, all dealings of
was
moving through the official controls.
quence
continued to
the
touched
period being of little consequence,
while trading lapsed into a dulness
that is unaccus¬
tomed
wrere
The recessions
much of the
On
The New York Stock Market
these
activity failed
to bring about
or
over
cies than in either of the earlier
months.
I^OREIGN
trading
Small declines
The
improvement, in
a yea# ago;
it is
program
markets
prices.
of
$541,000, compared
respect of failures, over both August and
A
financial
steps were not regarded as encouraging, and
service
$522,000 last year.
The Boston and New York Federal
Reserve Dis¬
were
the
sizable advances in current business
States Government
compared
year.
houses
enjoyed
In
instances, clearly
defense
a
58 construction failures in¬
with 48 for
tricts
with.
connected
many
defeat the very
to
commercial
Wholesale failures numbered 108 with
$1,660,000 lia¬
$945,000
top of levies that already have made busi¬
on
will tend
The other groups all had
division, which did not change from August.
year ago.
rather general nature designed
a
activity unprofitable in
month
$3,466,000, and
year
be
re¬
num¬
same as a year ago,
liabilities
may
$1,006,000,000 annually from industry into
Federal Treasury.
This prodigious new tax bill,
piled
719 for
and
ago
measure
to sluice
nese
casualties
more
year
209;
$4,459,000.
ago
a
even
from the
measure
be administered, it
a
$3,524,000, compared
Manufacturing failures
month, the
August's
amounted to
month
for
month
$4,983,000 in August.
bered 187 last
impost of
an
the
In the retail trade division 574
group.
failed
Whatever
however it may
Exchange exceeded
manu¬
profits
the
minutive
facturing
firms
also
President
excess
bill, which leaves in admitted bewilderment
in the month-to-month calcu¬
from August to September there
move
expectations of suitable
Wednesday the
on
Last month's disasters
$11,397,000 liabilities in comparison with
began ponderously to
any
tax
ness
and
In the domestic sphere
by those carrying out the aim.
Roosevelt
mains
dropped below the level of the corresponding month
1940
12,
prospects were much along lines previously set.
Administration.
FAILURES
in September experienced the usual
fharked
Oct.
touched
move
New
new
new
Stock
levels.
On
Exchange 38 stocks touched
Call loans
mained
on
new
year
the
new
stocks
while 11 stocks
New York
Curb
high levels and 10
low levels.
the New York
Stock
Exchange
re¬
Exchange the sales
on
unchanged at 1%.
On the New
Saturday
shares;
Exchange 24
high levels for the
stocks touched
Gold
heavily toward the United States.
York
low
conse¬
on
were
York
Stock
195,750 shares;
Monday, 392,390
Tuesday, 501,655 shares; on Wednesday,
on
/
Volume
The Commercial & Financial Chronicle
151
445,660 shares;
on
Thursday, 383,670 shares, and on
Friday, 404,250 shares.
On
shares;
the sales on
Curb Exchange
New York
tlie
Saturday
37,810 shares ; on Monday, 89,205
were
Tuesday, 113,880 shares; on Wednesday,
on
77,225 shares;
Thursday, 77,005 shares, and on
on
Friday, 76,465 shares.
2085
terday's closing sales with final quotations on Friday of last week.
General Electric closed yesterday at 34% against
35% on Friday of last week ; Consolidated Edison
Co. of N. Y. at 25% against 26%; Columbia Gas &
Electric at 5% against 5%; Public Service of N. J.
at 32% against 33%: International Harvester at
keeping with a falling off in activity came
contraction.
The trend of the market
16% against 48; Sears, Roebuck & Co. at 79%
against 81%; Montgomery Ward & Co. at 40%
against 42; Woolworth at 33% against 33%, and
American Tel. & Tel. at 162 against 163%.
Western Union closed yesterday at 19% against
19% on Friday of last week; Allied Chemical & Dye
at 163% against 164%; E. I. du Pont de Nemours
at 171 against 178%; National Cash Register at 12%
against 14; National Dairy Products at 13% against
13; National Biscuit at 18% against 19%; Texas
Gulf Sulphur at 32% against 33%; Loft, Inc., at
20% against 20%; Continental Can at 38% against
10%; Eastman Kodak at 132 against 133; Standard
Brands at 6% against 6%; Westinghouse Elec. &
Mfg. at 105 against 107%; Canada Dry at 13%
against 13%; Schenley Distillers at 9% against 10,
and National Distillers at 21% against 22%.
In the rubber group, Goodyear Tire & Rubber
closed yesterday at 15% against 15% on Friday of
last week; B. F. Goodrich at 11% against 12%, and
United States Rubber at 20% against 20%.
The railroad stocks were for the most part fractionally lower the present week. Pennsylvania RR.
closed yesterday at 22% against 22% on Friday of
last week; Atchison Topeka & Santa Fe at 16%
against 17%; New York Central at 14% against
14%; Union Pacific at 82 against 84%; Southern
Pacific at 8% against 9%; Southern Railway at
12% against 13%, and Northern Pacific at 7
against 7%.
Steel stocks in most instances sold off this week,
United States Steel clovsed yesterday at 59% against
60% on Friday of last week; Crucible Steel at 36%
against 33%; Bethlehem Steel at 80% against 81%,
and Youngstown Sheet & Tube at 34 against 34%.
In the motor group, General Motors closed yester-;
day at 49% against 49% on Friday of last week;
Chrysler at 78% against 79%; Packard at 3%
against 3%; Studebaker at 7% against 8%, and
Hupp Motors at % against %.
Among the oil stocks, Standard Oil of N. J. closed
yesterday at 32 against 33% on Friday of last week;
Shell Union Oil at 8% against 8%, and Atlantic Re-
Thursday was without significance as sales diInitial
fining at 21% against 21%.
Among the copper stocks, Anaconda Copper closed
trading got off to a quiet start as stocks moved frac-
yesterday at 22% against 22% on Friday of .last
week; American Smelting & Refining at 40% against
12%, and Phelps Dodge at 31% against 33%.
. In
the aviation group, Curtiss-Wright closed
yesterday at 7% against 7% on Friday of last week;
A dull and
irregular opening characterized trad-
ing in the New York stock market on
For
week.
last
part brokers pursued a
most
the
Saturday of
initial trades
policy of watchful waiting, and in
fractionally, but regained the
steel shares sold off
ground lost at the close of the first hour.
; Modest
by
gains prevailed among airline issues, followed
general market improvement in the second hour,
Closing time found stocks steady and
mixed
on
the
Inertia overtook trading on Monday and equimoved in a listless manner most of the day. As
day.
ties
hour
final
the
approached,
a
declines and
an
irregularly lower closing to the list.
The most active issue of the
Steel
by
day was United States
which made a fractional gain fol-
common,
lowed
however, liquidation
sizable
suddenness that brought on
struck with
similar decline as the session closed,
a
Growing tension in the Far East, coupled with the
warning from our State Department for Americans
had an unsettling effect
to leave the Asiatic area,
stock
on
on
Tuesday.
Suffice it to say, how-
the feverish activity to step up production to
the demands of national defense went a long
ever,
meet
way
prices
in counteracting adverse influences, and thus
toward a marked reaction in
checked any tendency
prices.
volume
Sales
the
heaviest
days
as
was
the broadest in several
points from their previous levels.
two
lacked
session
news was
prices
The full effect
were
reflected in the last half hour, when
hit the hardest. Motor, electrical equipcompanies engaged in the export
and other
ment
trade with the Far East were most
trend.
adverse
stocks
Further
Wednesday
on
without feature and
market
volume in
in for
on
pressure
as
a
affected by the
was
exerted
The session was,.
moderate easing of values
irregularly
on
brokers continued jittery
the Far Eastern situation.
over
The morning
activity, but weakness made itself
crisis in the Far East.
imminent
of the
trading
early afternoon as rumors spread of an
felt in the
the
and
equities shed one to
lower
on
the day.
left
Sales
some
minished to the lowest volume of the month.
Equities with interests in the Far
somewhat depressed, and Standard Oil
tionally higher.
East
were
of New
Jersey, after opening with a %-point loss,
subsequently widened it to one point.
By noon the
general list enjoyed a one-point advance as dulness
persisted until
the final hour, when prices eased a bit from their
day's highest levels. Stocks on Friday went through
crept in.
the
a narrow range
hardening process and show gains along the in-
dustrial
the
Thereafter
front, notwithstanding a lack of pickup in
of sales.
Interest centered chiefly
volume
air
in
more than
a week, while other groups
show only
fractional changes. Price declines were the rule this
week, as may be gleaned from a comparison of yesaround
the
steel, motor, rail equipment and
transportation shares and reflect the best levels
Boeing Aircraft at 15% against 16%, and Douglas
Aircraft at 77% against 78%.
Trade and industrial reports reflect gains in the
general business situation of the United States, and
it is fairly evident that this tendency will continue
as the armaments program gets under way. Steel
operations for the week ending today were estimated
by American Iron and Steel Institute at 94.2% of
capacity, or the best figure of the year. The level
compares with 92.6% last week, 91.9% a month ago,
and 88.6% at this time last year. Production of
electric power for the week ended Oct. 5 was re-
The Commercial & Financial Chronicle
2086
ported by Edison Electric Institute at 2,640,919,000
Oct.
12,
1940
and collaboration with the British Government to a
little less than
unofficial
kwh., against 2,669,661,000 kwli. in the preceding
degree that spells
week, and 2,465,230,000 kwh. in the similar week of
alliance Whether this stimulated increase of tension
is connected with the present election campaign is a
Car
1939.
Oct. 5
to
loadings of
freight for the week
revenue
reported by the Association of Amer-
are
ican Railroads at
805,986
cars, a
decrease from the
preceding week of 16,448 cars, and
corresponding 1939 week of 24,116
As
indicating the
loss from the
a
mar-
kets, the December option for wheat in Chicago
closed
yesterday at 83%c. against 81%e. the close
Friday of last week.
on
December
closed yes-
corn
terday at 59%c. against 57%c. the close
of last week.
December oats at
Friday
on
Chicago closed
terday at 323,4c. against 32c. the close
on
yes-
Friday of
The spot
price for cotton here in New York closed
yesterday at 9.55c. against 9.74c. the close
of last week.
The
Friday
on
spot price for rubber closed
terday at 20.37c. against 19.62c. the close
of last week.
Domestic copper
12c., the close
on
yes-
Friday
on
closed yesterday at
Friday of last week.
In London
price of bar silver closed yesterday at 23 7/16
the close
pence per ounce,
and
Friday of last week,
on
spot silver in New York closed yesterday at
34%c., the close
London
Friday of last week.
on
In the matter of
on
foreign exchanges, cable transfers
closed
-$4,041/4 the close
yesterday
$4,933,4
at
against
Friday of last week.
on
Secretary of the Navy Frank Knox declared
last Saturday that "if a fight is forced upon us, we
shall be ready," but Col. Knox probably had only the
Navy in mind. lie ordered the immediate complete
mobilization of the organized reserve of the Navy
and Marine Corps, and asserted that the "hour of
test" is near. Mr. Roosevelt signed on Tuesday the
ments.
Profits tax bill was signed on the following day,
and there were moves on all other days which,
whether by design or not, tended to create anxiety
an<I stimulate war fever.
It was chiefly with respect to the Far Eastern
situation, and the new Rome-Berlin-Tokio agreement, that action was taken this week. The Japanese Government did its full share in heightening
the tension, for an "interview" was published in
the newspapers of Japan, last Saturday, which contained a challenge to armed conflict, uttered by
Prince Fumimaro Konoye. "If the United States,"
eess
were
on
markets in
European financial centers from which
reports of dealings and trends are available. Anxiety
as
to
the
war
developments naturally
was
acute, owing
heightened scale of aerial fighting and the
indications that
a
new
theater of conflict may
velop in the Eastern Mediterranean region.
London
Stock
unmoved,
Exchange, however,
though it
even
was
alerts.
Modest
a
for
air
raid
improvement in prices took place at
week, with trading
good scale, but during the latter part of the
week the
were
delay
to
necessary
London in the first half of the
on
deThe
relatively
was
openings and halt trading at times
gains again
rather firm
on
on
Gilt-edged issues
the London market.
the Paris Bourse still
The Amsterdam market
and at times gave the
currency
lost.
throughout,
Reports of dealings
not available.
were
impression of
into equities.
Keen
was
are
active,
flight from
a
demand
for
stocks
swept levels sharply higher, the advances running
from fractions to 10
points in single sessions.
To-
ward the end of the week
(uired at
only
a
A\ith
a
and
w
0
a little
profit-taking ocAmsterdam, but it modified the advances
little.
The Berlin Boerse started the week
sharp upswing, but
cairied
levels
a
set-back
downward
for
soon
the
developed
week
as
a
ing anWOrld
alliance
for positive cooperation in creating a
order and
persist in challenging these
H€W
Powers
in
belief
the
action, there will be
to
go
to war."
the
that
no
other
accord
is
hostile
a
to it than
course open
The adjustment of Japanese dit¬
ficulties with Russia is being pushed, Prince Konoye
As in
revealed.
some
]j11? the suggestion
interview
that
comments from Rome and Ber-
was
thrown out in the Japanese
Japan be left to dominate Eastern
Asia, Germany and Italy to dominate Europe and
Africa, and the Untied States to dominate the Western
Hemisphere.
The impression
was
conveyed quite
successfully that Japan felt better able, under the
formal
new
alliance
with
Germany and Italy, to
challenge the United States.
Japanese
press,
In
some
portions of the
these statements by the Premier
were
followed by warnings that reopening of the Burma
Road
would
fijcts into
anese
merge
world
a
the European
war.
and Asian
Needless to say,
con-
the Jap-
infringement of Indo-Chinese sovereignty, in
order to
that French
use
colony
as a
base for
war
operations against the Chinese Nationalist regime,
supplies the most genuine threat for enlargement of
the conflict in the Far East.
Tjie
next
London and
sequence
steps
in this
situation
were
Washington, all too obviously
of collaboration.
Churchill, in
#
Foreign Policy
taken in
as a con-
Prime Minister Winston
and
European
wars
seemed
im-
more
minent
this week,
owing to fretful statements in
Washington and other capitals, and measures by
Roosevelt
be
"short
stronger and
course
Administration which
taken
of
more
by
may
President
mere
Roosevelt
deliberate exacerbation of
international
or
may
war," but which assuredly
effective than
a
general war report to the House of
Commons, announced that the Burma Road would be
INVOLVEMENT of the United States in the Far
1 Eastern
not
Japan, Germany and Italy in conclud-
e*
American
the
Premier, "refuses to understand the real
intention of
VARIEDreported
reactions
the swift
of events
thistoweek
therun
several
stock
The Ex-
tor conscription of American manpower.
said the
European Stock Markets
to
whole the course now being
as a
followed presents an ever graver issue, especially
81,482,006,090 appropriation measure carrying funds
last week.
the
matter on which only Mr. Roosevelt can be positive,
Eor the country
in the light of the lack of adequate defense arrange-
cars.
of the commodity
course
an
words.
is
are
The
reopened after Oct. 17, when the current AngloJapanese agreement to close the avenue of supply
for
the
Chinese Nationalists
months during which the road
expires.
was
The
closed
on
three
Jap-
demands, Mr. Churchill indicated, had not
produced the hoped-for settlement of the Japanese
anese
"incident" in China.
Instead of reaching an
of
understanding with China, the Japanese Govern-
difficulties,
ment has entered into the Three-Power pact with
one
Volume
unfavorable to
so
derment
possible
regarding
Churchill
Japan
added the
then
that "it is not easy to see
Italy
can come
as
Rome-Berlin Axis.
Churchill obtained the
authority for this linking of
the British and American navies in
a
the
cer¬
presumptive
The effect
sorship.
Kirk,
Alexander
United
"'consultation," and it
statement evoked
made
clear.
in the
House, indicating that the significance of the
comment
His
at least
was
great applause
appreciated by Britons, if not
Churchill
At the moment when Mr.
his momentous declaration in
was
making
London, the State De¬
partment in Washington disclosed that advice had
been
given to American citizens in China, Japan,
Hongkong, Indo-Cliina, Manchuria, Korea and For¬
to return to the United States as soon as thev
mosa
could
their affairs.
arrange
The Department of
Agriculture halted export bounties on wheat and
flour
consigned to China, this action being inter-
I>reted as a reflection of a flow of such products into
Japanese military hands in the invaded country.
Lord
on
Lothian, the British Ambassador, made it clear
the
day with surprising ostentation that his
same
plans to return to London on leave had been can¬
celed at the
there
request of London, because "they think
be
may
general crisis in the Far East."
a
Under-Secretary of State Sumner Wells conferred
in
Washington, Monday, with Soviet Ambassador
Constantine
to
Oumansky, giving rise.to conjecture as
States
United
whether the
endeavoring to
was
recalled
was
dent Roosevelt noted for obvious
week,
Rome dispatch to the New York
a
would like to
to
gain
a
see
third term.
This
assertions in Rome that
was
were
being sent to the Pacific Coast in order
bring to full strength the Main Fleet, which he
would remain in the Pacific.;
said
In London
on
Butler, Under-Secretary for For-
Thursday, R. A
gein Affairs, informed the House of Commons that
conversations
the outcome of the American
asked
leave
to
Italy.
The only reflection of the
statements in Soviet circles in London that Moscow
would have
objections to improved relations, but
no
holds that the United
to
States must take the initia¬
With tension increasing in the
tive.
in Rumania of German troops,
issued
by the Treasury Department in
orders
were
Washington, late Thursday, for the "freezing"
about
This
States.
with
in progress
are
regarding the possi¬
move
corresponded to orders issued
respect to funds of other countries invaded in
recent months
tended
on
by German forces, but it was not
Tokio,
crowding
as a
caused grave anxiety in
measures
matter of course, for it is quite clear that
Japan does not actually desire to take on Great
Britain and the United States in
warfare, jointly
or
severally.t* In unofficial comment, every effort was
made
to
American
the
minimize
importance
occasion for hostilities is
no
opening of the Burma Road.
a
seen
But throughout
reverberated, and those
the Far East these matters
who know the
of the Anglo-
Assurances were extended in the
moves.
fashion that
in the
importance of "face", or prestige, in
situation
as
Japan
now
encounters, were per¬
haps more concerned than others as to the eventuali¬
Japanese invaders will "sternly go
That the
ahead" writh their undeclared war against
keynote of Japanese comment.
ences
con¬
this occasion that the Germans moved in
occupied country.
Western Europe
AERIAL fighting between
**
were
Foreign
held
Office
Joseph C. Grewr.
States seemed
the situation
in Tokio
and
between
United
China
was
But long confer¬
officials of the
States
Ambassador
Competent observers in the United
to
be
hardly
aware
can
Great Britain and Ger-
continued bitterly this week, with
many was
damage to both sides on a perfectly prodigious scale,
and with indications toward the end of the week
German aerial
sides
Both
reported hospitals and historic struc¬
their
own
capitals, and there is
to doubt the accuracy
that the seriousness of
be exaggerated.
ried
out
that
superiority is becoming more marked.
no rea¬
of the statements, for the
conditions under which the aerial
supplies from Japan.
These
the
of
1100,000,000 of Rumanian funds in the United
especially in connection with the withholding of
ties.
Balkans, owing
the appearance
son
such
press
Washington talks with the Soviet Ambassador were
bility of Anglo-American cooperation in the Pacific,
same
elections, and the
correspondent who made the original allegation was
tures hit in
war
followed by vehement
Italy cares nothing about
Navy Knox disclosed on Wednesday that 4,200
recruits
to
Italy
the President defeated in his effort
Secretary
Japanese Governments.
Presi¬
campaign purposes,
"Times," which alleged that Germany and
without the consent of the
of the Axis and
Thursday for
indicated by the State
was
improve relations with Russia in view of the alliance
of the
on
cen¬
Charge
American
Department that he will not return to his Berlin
;
,
Berlin,
subject to British
the
post, which long has lacked an Ambassador.
late last
by Americans.
the
of
Powers
published in Wash¬
is, of course, to make all
,
d'Affaires in
officially is at peace, has not been
was
American mails to the Reich
military action, involving countries with which the
States
the
and
ruling
dispatch of American mails to Germany by way
of the Pacific.
Where Mr.
they certainly will."
as
they
A
ington, Monday, without explanation, prohibiting
to the aid of Japan while the British
as
minor incidents,
relatively
growing strain in relations be¬
States
United
the
tween
extraordinary statement
being,
by
which indicated the
Mr.
in what way Germany and
and American navies remain in
tainly do and
clauses.
accompanied
were
to occasion won¬
secret
developments with respect to the Far East
The
Germany and Italy, which the Prime Minister con¬
sidered
2087
The Commercial & Financial Chronicle
151
bombing
suggest such destruction.
It
was car¬
seems
prob¬
able, however, that actual military objectives were
the
primary aim of the bombardments on both sides,
since there is
the
mands
au
in
war,
and it de¬
The return in the case of war, of
expenditures.
course,
economy even
greatest possible return for risks and
consists of destruction of enemy war-making
capacity, and the aerial arm is peculiarly suited for
such activities.
real
news
through.
on
Censors
on
this aspect
both sides permit little
of the bombings to leak
There are certain aspects of the situation,
however, which occasion grave misgivings to expert
observers.
bers of
tive
The admitted Reich
superiority in
num¬
airplanes is the first of these, while the rela¬
vulnerability of England to attacks is
barely second in importance.
only
To all intents and pur¬
poses
the Nazis are in military possession of the
entire
European Continent, and the British air force
necessarily hits at objectives here and there from
the
man
Franco-Spanish border to Norway.
force,
on
The Ger¬
the other hand, operates against the
The Commercial & Financial Chronicle
2088
comparatively small
It is
of the United Kingdom.
area
earnestly to be hoped that the much-vaunted
Mr. Churchill reviewed
the month that had passed
sively.
to
ing airplanes had visited England
such
overcome
handicaps.
:
of London ends
that
the
bombings
today, and it is hardly to be denied
He revealed that nearly 400 German bomb-
this
of
rate
attack
could
hurtful.
German raids
trailing off in the last week
ered
only the British capital, but also many
other
the last week-end
ports and industrial centers of the United
Kingdom.
British fliers carried out similar raids
Berlin and the industrial
over
cov-
area
of the Ruhr Val-
maintained
be
enemy.
over
24 hours,
every
the average, and expressed doubt as to whether
on
stings of the Nazi aerial bees have been
not
12, 1940
since the Germans began to bomb London inten-
personal superiority of the British fliers will suffice
The fifth week of intense German aerial
"Certainly there has been
Prime Minister
air-raid
on
shelter
the
10 days," said the
or
Skilful coping with the
Tuesday.
problem has diminished casualties
steadily, and in other
have been
by
considerable
a
also the British losses
ways
modified, he declared.
Property losses
ley, and daring attacks again were reported against
admittedly
the
stated that 10 years would be required at the estab-
shipping concentrated by the Germans along the
English Channel for
There
was
brief
a
possible invasion of England,
a
respite at the start of the week,
owing to fog and low-hanging
wearying round of bombing
the
moment
the
flict.
weather
scale not
a
clouds.
taken
was
conditions
of the week
course
attained
But
permitted, and in
ending these activities
now
previously witnessed in this
The Germans
began
the
again the
up
on
Tuesday to send
con
over
airplane bombers at 10-minute intervals, and the
attacks
of
intensified
were
the week.
sources,
toward the end
more
Thursday, according to German
the final "all-out" stage of German attacks
Nazi bombers
frequently
so
appeared
while particular attention
paid to the rush-hours of London.
opening, and casualties
toric St. Paul's Cathedral
have
to
been
bombing flights
week, and
a
list
over
ish
on
36 bombs
bomb
His-
Thursday
on
German and
no
less than 200 German
But the
Wednesday that they
British
over
dropped
Germans
Reich.
were
dropping
were
territory for
the
over
Nazi
course
every
The
Brit-
German
claims of aerial
supremacy became more vociferous
Thursday and yesterday, and there is some evidence
to bear out these claims.
Reports available yesterday from, both sides indicated for the first time
an
agreement
shot down in
ported
at
to the number of German airplanes
dog-fights, this German loss being reairplanes for Thursday.
Berlin
four
claimed that
London
as
Great Britain lost 10
maintained
Uneasiness
that
only four
to the aerial situation
as
downed,
increased
was
by German claims that virtually complete aerial
mastery over England had been established by Nazi
fliers, who
were
said to be bombing predetermined
objectives at will.
mans were
London admitted that the Ger-
coming
over
while British attacks
to the dark hours.
out"
warfare
usual
as
all night and almost all day,
over
Nazi
the Reich
confined
spokesmen dated their "all-
beginning
threatening comments
further
were
on
Thursday, and the
were
made
as
to
developments of this dreadful type of
the
war
fare.
Perhaps the most favorable aspect of the situation
the
war
viewpoint is to be found in
a
report
made, Tuesday, by Prime Minister Win-
ston Churchill.
Addressing the House of Commons
while air-raid sirens
were
screaming their warnings.
but
Mr.
Churchill
It
not been made
the
shipping to land 500,000
in England, and the reason why the attempt has
found by the Prime Minister in
was
"brilliant victories
gained by
our
fighter air-
craft and gained by them over largely superior num-
bers of the enemy launched against us."
Over the
British Isles Great Britain holds the mastery of the
air, said Mr. Churchill
be
seen
Tuesday.
on
It remains to
whether this situation will be changed
by the
"all-out" warfare in the air which the German
thorities claim to have started
On
the
House of
Dakar
recent
Churchill
reticent,
was
on
when
Commons, Tuesday.
he
au-
Thursday,
incident
Prime
Minister
reported to
the
He minimized the in-
ciclent, expressed confidence in the French General,
Charles de
Gaulle, and admitted that serious damage
had been suffered by a British capital ship and a
large cruiser.
added,
fleet
Investigations
to the
as
permitted
were
Churchill warned
war
on
closed
Oct.
reasons
to
were
proceeding, it
why units of the French
slip past Gibraltar.
Mr.
Spain against participation in the
the side of the Rome-Berlin Axis, and disthat
the
Burma
Road
would
18, despite Japanese objections.
be
opened
Long
dark
months of trial and tribulation lie ahead, the Prime
Minister said, but he urged
the
an
undaunted facing of
hardships, and the House cheered lustily at the
end of the frank speech.
German submarines
tinued to take their toll of British
con-
shipping during
the week, and Nazi aerial raids also proved destructive.
The conflict
on
the
high
seas was
much
over-
shadowed, however, by the aerial struggle and the
developments in the Balkans, which suggested
an-
other Nasi victory.
The
a
Anglo-Italian phase of the
few incidents of note,
among
lhat the British forces in Malta
lained
to
produced only
are
an
indication
being well main-
The British Navy attacked Italian bases
in the Dodecanese
but
war
them
notwithstanding the proximity of that point
Italy.
attempted
day that
a
the Italian
no
Islands,
landing.
the last week-end,
over
Rome admitted
British submarine had shelled
a
on
said to have been hit.
The Italian
Mon-
town
Riviera, but only private residences
on
were
campaign against
the British in Egypt appeared to be making little
progress,
if
any,
and reports
were
German military authorities
in circulation that
were
direction of the Italian effort.
from the British
on
heavy,
the Channel enough
across
men
airplanes, but
were
been
disclosed that the Germans have concentrated
was
was
issued in London, Tues-
was
points had been bombed.
some
reported
increased during the
were
day, which indicated that
able to claim
offices
were numerous.
magnificent building.
occupied territory
of the
as
were
hit, with only partially destructive
effect upon the
British
was
was
Bombs
dropped in the busy streets of London
were
London
over
have
lished rate of destruction to level all of London.
afford the British capital hardly
as to
moment's pause,
a
even
On
reached.
was
,
Oct
taking
These
over
rumors
the
were
denied vehemently in the Italian capital.
Premier
Mussolini inspected his troops throughout the week,
but
failed
to
make
any
utterance
in
the
course
of his tour, which extended over much of northern
Italy.
Volume
The Commercial & Financial Chronicle
151
Balkan Moves
gins
be
to
fascist
2089
dominated,
artificially,
small
the
by
minority under the leadership of Major Vid-
PERTURBING
moveswhere
wereRumania
reportedappeared
this week
Balkans,
to
kun
be
Norwegian fascist, and typical manifestations
from the
swinging into the Berlin-Rome Axis
camp
with
a
vigor that hardly comports with the recent partition
of that
such
Premier Ion Antonescu
country.
tendency
a
sible that his
may
inescapable, but it also is
as
views accord with the
own
regard
of Rumania with the fascist States.
pos¬
alignment
The Premier
appeared in public last Saturday in the trappings
of the Iron
Guard, which is the Rumanian equiva¬
lent of the Hitler and Mussolini
and he
This
formally assumed all dictatorial functions.
followed last
was
of German
this
on
Rumania
to
total 50,000
may
development
accounts
some
Monday by the
appearance
troops in Rumania, as the vanguard of a
contingent that
ments
party organizations,
Official
men.
stating that the Germans
guard the oil
com¬
somewhat evasive,
were
were
in
fields against British
sabotage, while others indicated that the intention
is to teach the Rumanians the German
fare.
German
-
troopships
style of
subsequently
war¬
were
re¬
German administrators favor the
Quisling.
now
reported, such
free
The
suppression of the
as
speech, arrest of critics and other oppressions.
Norwegian Government issued
London, but for the time being there is
hind the arguments.
ports have
through from Brussels and Amster¬
come
dam, via Berlin, but they reveal little
modest
and
movement of
Rumanian
of Nazi soldiers will be
soil.
This
incident
was
accompanied by increasingly strained relations be
tween Rumania and Great
reached
on
in Bucharest
began to destroy secret documents in
preparation for
The
gave
hasty departure.
a
appearance
of German troops in Rumania
and also to
many
of warfare to the very
Not
that the Berlin
intended
probably
are
plausible explanation is
toward
move
the
Balkan
an
supply
Reich, and merely stepped in first.
noted in
flect the sad fact of German
the
disquieting nature
a
are
dispatches, and they necessarily
some
re¬
occupation of about half
country, and German domination of the other
half.
Most of those who fled Paris in June
returned to the French
work available and
long food
the German
measures
The
France.
queues attest
noted
are
in
grow¬
being integrated with
both
Harsh anti-Semitic
occupied and "free"
Yichy regime headed by General Henri
Philippe Petain announced
on
Thursday
replacing the old system with
based upon
the
available to the effect that
again
Reich, politically.
are
have
Some unofficial but fairly
are
Alsace and Lorraine
now
capital, but there is little
regimentation.
a program
a new one,
frankly
It is necessary, accord¬
ing to Marshal Petain, to replace "the false idea
of the natural
the Reich for
a
in
peace
some
equality of men."
a
peace
of oppression.The thought
was
expressed
dispatches from Vichy that the Rome-Berlin
dictators
might offer
return for French
England, but
so
He pleaded with
of collaboration, rather than
no
a
liberal
peace
to France in
participation in the
war
against
actual developments along this line
far have been noted
It
officially.
Latin America
quite possible, however, that the advance guard
of Nazis foreshadows
a
vast
military campaign in¬
volving the Eastern Mediterranean
Italians
had taken
were
use
count
seems
The
Nazis
in
territory.
realistic, prepared to meet
Axis
might make.
sia
as
There
any move
ac¬
Greece,
that the
indications from Soviet Rus¬
to the attitude of Moscow with
latest Nazi
since
Turkish authorities remained
were no
measures
have
Fifth Column activities in various countries south
of the Rio
the
Grande, which
the
of
loans
are
ica,
studying
already
a
ments from the
to date.
that
of
course, a
stipulated
been abandoned.
Demonstrations of national
reached
lems
because that small
rest
to the German
invaders.
The
Norwegian
scene
be¬
Latin
the
could
be
done
currency
It
relationships is, of
was
intimated that
policy of encouraging settlements of dollar bond
unity recently were permitted in Denmark, possibly
country submitted most readily
among
Whether this
delicate question.
defaults, at least
Belgium.
stabilization
making Washington responsible for mainte¬
ports of any value are available as to developments
Holland and
nations, but the actual commit¬
countries.
in the
Norway, Denmark,
are
aspect of the Washington program may
the
as
There
$500,000,000 fund have been small,
currency
WITH almost all of Continental
Europefew
under
militarists,
occupied countries, such
everywhere.
Washington reports late last week stated
one
nance
spent this week in Chile, and
the west coast of South Amer¬
conditions
to Latin American
without
re¬
stiljjnits early
few feelers in Washington for large loans
American
the heels of the German
while
numerous
Export-Import Bank, through which
to be made,
he will continue up
respect to the
Nazi-Dominated Regions
so
was
stages in Washington. Warren Lee Pierson, Presi¬
involve
in the Balkans.
were
$500,000,000 lending project
can
Yugoslavia tried
she will be left alone.
PROBLEMS
of inter-American
economic
relations
supplanted
almost entirely
the reports
of
dent
alleged split between the Axis Powers
an
for thinking
more
silent.
presumably
just been enlarged through
cessions of Rumanian
see
that the Italians
Hungarian and Bulgarian aid,
upon
reason
progress.
General, Wilhelm Keitel,
Rome, but it
assistance.
those countries have
to
where the
charge of the Italian invasion of Egypt
denied in
could
area,
recently have been making little
Rumors that the German
a
reflected by the
regime got wind, somehow, of
British
base of the
spread
Decisions reached at the
least
the
a
meeting of Premier Mussolini
and Chancellor Hitler
incident.
to the real
tip of the Balkan Peninsula
and into the Near East.
recent Brenner Pass
as
apprehensions of
a
steady integration of Low Country business
a
French developments of
^
for
rise to all sorts of conjectures
purpose,
is
Britain, the point being
Thursday where British legation officials
than
affairs with those of the Nazi overlords.
reliable indications
sizable group
more
refugees back to their homes
ported moving down the Danube, and it is quite pos¬
on
force be¬
no
A few carefully censored re
sible that
a
general protest
a
against such steps late last week, from its exile in
ing scarcity of edibles.
assembled
are
and
press
ment
an
which
a
partial payment basis, had not
Meanwhile Argentina and
agreement of their
own
on
Brazil
trade prob¬
unquestionably will influence all the
of Latin
is
on a
America profoundly.
bilateral
import-export
This
arrange¬
understanding
The Commercial & Financial Chronicle
2090
which may
be extended to include other Latin Amer¬
ican countries.
It is
especially significant because
it reflects endeavors
reference to
out
to
000,000 slush fund.
settle trade matters
United
the
States
and
with¬
its
$500,-
issue of
Central Banks
rates of any
banks.
Present
rates
the
at
leading
centers
are
The
further
a
either at par value or
awarded
were
figure, which
paid for borrowing.
New York Stock
that the Treasury
means
This situation, of
course,
Call loans
the
on
Exchange held to 1% for all trans¬
actions, while time loans again
and 90
Monday
on
merely reflects tax problems.
THERE
have been no changesof during
the week
in
the discount
the foreign
central
1940
$100,000,000 discount bills due in 91 days,
all bills
and
was
Discount Rates of Foreign
12,
trading is done in the available instruments.
Treasury in Washington sold
above that
.
Oct.
1*4% f°r 60
were
days, and 1*4% f°r f°ur 1° six months.
shown in the table which follows:
New York Money Rates
Pre-
Rate in
Effect
Date
vious
Oct. 11
Effective
Rate
Country
Rate in
Pre¬
Effect
Date
vious
Oct. 11
Effective
Rate
Country
3
Aug. 29 1939
2
Hungary
4
Aug. 29 1935
4X
India
3
Nov. 28 1935
3X
4X
May 18 1936
Apr.
7 1936
3.05
3X
Mar.
1 1930
Belgium...
2
Jan.
51940
Bulgaria...
6
Canada....
2 X
Aug. 15 1935
Mar. 11 1935
ememm
Italy
Chile
3
Deo.
16 1930
4
Japan
Colombia..
4
July
18 1933
5
Java
3
Jan.
14 1937
4
Lithuania..
0
Jan.
1 1930
3X
Morocco
2 1937
6
July 15 1939
May 28 1935
Sept. 22 1939
7
3
2X
7
Czechoslo¬
vakia
3.29
Danzig....
4
Jan.
Norway
6X
4X
Denmark..
4X
May 22 1940
5X
Poland
4X
Dec.
Eire
3
June 30 1932
3X
Portugal...
4
England...
Estonia....
2
Oct.
20 1939
3
Rumania
4X
Oct.
1 1935
5
South Africa
Aug. 11 1937
May
5 1938
May 15 1933
3X
3X
5
4X
4X
4X
Mar. 29 1939
5
May 17 1940
3
Switzerland
IX
Nov. 26 1936
2
Yugoslavia.
5
Feb.
6X
4
Deo.
3 1934
4X
Spain
France
2
Jan.
4 1939
2*
Sweden
Germany
3X
Apr.
0 1940
4
Greece
0
Jan.
4 1937
7
•4
.....
1 1935
ruling quotation all through the week for both
loans
and
continues
4X
3X
Finland....
•Not
3X
..
5
17 1937
DEALING
in detailfrom
withday
calltoloan
the
Stock Exchange
day, rates
1% on the
was
Holland
Argentina...
renewals.
market
for time
new
money
Rates continued nominal at 1*4%
quiet.
days and 1%% for four to six months'
to 90
up
The
The market for prime commercial paper
maturities.
failed to hold the modest improvement of the
ing week and there has been
the volume of business.
preced¬
slight falling off in
a
Ruling rates
are
%@1% for
all maturities.
officially confirmed.
Foreign Money Rates
Bankers' Acceptances
IN bills
LONDON
open market
discountagainst
rates for
short THEbeen
demand
prime bankers'
acceptances
Friday
1 1-32%,
1 1-32%
good for
throughout
the week
but there has
has
on
as
was
Friday of last week, and 1 1-32%@1 1-16% for
on
three-months' bills
as
Friday
was
improvement in the supply of prime bills.
no
on
Dealers'
call at London
on
Bank of New York for bills up to
Money
Friday of last week.
been
against 1 1-32%@1 1-16%
on
1%.
days
rates
England Statement
and six
THE statement
of the decrease
Bank for the£3,919,000
week ended
showed
in
Oct.
note
9
of
a
months, 9-16% bid and *4% asked; for five
months, %% bid and 9-16% asked.
The loss in notes, together with
year ago.
of
£93,317 in gold holdings, resulted in
of
£3,826,000 in
for bills
running from 1 to 90 days.
a
decline
advance
an
£12,644,774.
deposits comprise bankers' accounts, which
Other
rose
increased
fell
£14,026,078, and other accounts, which
£1,381,304.
The proportion of reserve to
off
liabilities
year
15.8% from
rose
it
ago
increased
27.4%.
was
14.5%
week
a
Government
ago;
advances, which
£3,812,489 and securities, which declined £$1,~
323,319.
No change was made in the 2% discount
Below
we
show the various items with
parisons for previous
BANK
com¬
years:
OF ENGLAND'S
rates of the Federal Reserve
on
Government
schedule of rates
of paper at
Oct.
11,
1939
DISCOUNT
RATES
Oct.
OF FEDERAL
Effect
£
Circulation
deposits
deposits
13,
Oct.
Boston
1
New York
Philadelphia
Cleveland
Richmond
Atlanta
Govt, securities
Other securities
Disc't & advances-
Reserve notes & coin
6,608,035
21,696,711
29,469,000
Coin and bullion
Proportion of
to
806,165
3,045,644
21,698,030
9,554, 095
21,853, 445
31,417 554
1
IX
IX
IX
Sept.
2
27.4%
2%
,
168s.
168s.
3%
IX
May 11, 1935
2
IX
Aug. 27, 1937
Aug. 21. 1937
2
Chicago
Aug. 21, 1937
Sept. 2, 1937
2
*1X
IX
Aug. 24, 1937
2
Kansas City
Dallas..
*IX
Sept. 3, 1937
2
*1X
Aug. 31, 1937
2
3. 1937
2
Advances
IX
on
Sept.
Government obligations bear
9,247, 719
20,437, 283
38,286, 254
9,552,935
19.6%
24.6%
2%
ll^d. 84s.
2%
llHd. 84s.
40.80%
2%
11
and rates
ous
weeks
mercial
again
and
paper
in
the
were
are
in
York
merely continued from previ¬
months.
Bankers'
poor
of
1%, effective Sept. 1,1939,
and Dallas; Sept. 21. 1939. St
Louis
TRADING
in free sterling
continues
limited
within
As rule
the free sterling
a narrow
rate
is
bills
supply and
and
not
com¬
much
a
range.
fractionally above
the Bank of England's
official rate.
The demand for
also limited.
The range for free
has been between
$4.04% last week.
as
follows:
4.43-4.47
land,
sterling this week
range
of between $4.03 and
for cable transfers has
and $4.04%, compared with
of between $4.03*4 and $4.05
Official rates
States
a range
The
between $4.03*4
range
tinue
registered sterling is
$4.03*4 and $4.04)4 for bankers'
sight, compared with
Money Market
ONLY a nominal amount
New of business was done
money market,
week
a rate
2
Course of Sterling Exchange
a
this
2
Minneapolis
been
New York
4, 1937
£
19,377,435
45,938,697
63,365,573
971,597 327,799, 344 328,144, 903 249,732,268
15.8%
Gold val. per fine oz_
Rate
1, 1939
Aug. 27. 1937
St. Louis
reserve
liabilities
Bank rate
Previous
14,
601,336,000 535,032,900 496,381, 790 489,858, 649 446,366,695
19,086,000
10,910,341
28,267, 261
26,059, 700 31,616,337
167,272,108 156,388,393 131,438, 233 129,334, 459 123,386,677
94,858, 900 92,921, 450 82,155,775
51,973,508 39,672,764 36,579, 333 36,413, 009 41,230,902
146,227,838 114,311,164 114,531, 164 105,088 165 80,368,337
28,303,746 24,743,674 31,407, 540 29,685, 002 28,930,370
Securities
Date
Established
Sept.
*\x
*1X
1936
Bankers' accounts- 115,298,600 116,715,629
Other accounts
RESERVE BANKS
on
Oct. 11
•
1937
shown
Rate in
Federal Reserve Bank
STATEMENT
Oct. 12,
1938
are
following is the
in effect for the various classes
now
Chicago Sept. 16,1939, Atlanta. Kansas City
Oct. 9,
1940
The
the different Reserve banks:
8an Francisco
COMPARATIVE
obligations
in the footnote to the table.
a
rose
rate.
THERE
have been no changes this week banks;
in the
rediscount
recent advances
securities
£3,665,000 and other securities £2,489,170.
The latter consists of discounts and
Discount Rates of the Federal Reserve Banks
a
Public deposits decreased
reserves.
£2,182,000, while other deposits
Other
The bill-
buying rate of the New York Reserve Bank is 34%
circulation, which reduced the total outstand¬
ing to £601,336,000, compared with £535,032,900
Public
and including 90
*4% bid and 7-16% asked; for bills running
are
for four
Bank of
reported by the Federal Reserve
as
a
wreek
New
con¬
York, 4.02*4-4.03%; Canada,
(Canada official 90.09c.~90.91c.
dollar);
ago.
quoted by the Bank of England
per
United
Australia, 3.2150-3.2280; New Zea¬
3.2280-3.2442.
American
commercial
bank
rates for
The Commercial & Financial
151
Volume
whose backward population of more than 20,000,000
have been cut off from the modern world for centuries.
These gold discoveries must come to play a part in
registered sterling continue at 4.02 buying
and 4.04 selling.
London
In
exchange is not quoted on Germany,
Italy, Poland, Czechoslovakia, Norway,
Belgium,
Holland,
or
the world's economy and stabilization of currencies
at some not distant date. On Oct. 4 dispatches from
India reported the discovery of a vein of alluvial
gold more than 80 miles long in the Kashmir district,
Denmark,
In New York ex-
France.
change is nominally quoted for the German
so-called
gold mark around 40.05 and for registered
marks around 12.20.
Italian lire are quoted nomin-
free
2091
Chronicle
or
The. announcement
was
made in the Lahore state
Tuesday, Oct. 8, reported that the
British
assembly by the minister of development in Kashmir.
This Indian discovery must soon add to the British
resources.
Gold discovered anywhere adds to the
authorities have added Bolivia to the list of
foreign
wealth of the world everywhere,
ally in New York at 5.05.
r
Foreign Exchange Com-
The New York Bankers
mittee
on
nations which may
the sterling exchange situation
best have only an indirect relation to the cur-
Any comment
can
at
rent
employ special sterling accounts.
market,
as
on
all factors point rather to the future
of the war as they relate to internatrade and the future of currencies everywhere.
consequences
tional
For the present at
least pegged sterling will hold all
reasonably steady in terms
Europe
of the pound, especially
in view of the fact that the
sterling
foreign currencies except those of Continental
peg
to the dollar
the greater part of the world's exchange
governs
of
commodities.
The
stress
extreme
to
which
Great
subject in financing the war has been
Britain
is
frequently ex-
Great though this presis, it is still well within extreme limits.
On
8 in reply to a question in the House of Com-
pressed in these columns.
sure
Oct.
mons
the Chancellor of the Exchequer,
Sir Kingsley
Wood, stated that he did not contemplate a com-
pulsory savings plan at the present time in
assist in
filling the
and expenditure.
ment in
gap
order to
between Government revenue
There has been a recent improveChancellor declared,
national savings, the
and when making comparisons
account must be taken of
to Government
with the earlier periods
the fact that subscriptions
loans offered
now
consist practically
The gold stocks of the United States passed the
$21,000,000,000 mark on Sept. 12 and are now
rapidly approaching $22,000,000,000. :.v On : Oct. 9
they had reached $21,349,000,000.
•
v
According to the United States Department of
Commerce Europe's financial stake in the United
States was valued at $6,698,000,000 at the end of
1939, about $700,000,000 more than the European
holdings here at the outbreak of the World War of
1914-1918. Since the end of 1939 there have been
net withdrawals by England and other belligerents
but these have been exceeded by the flight of capital
from non-belligerent areas,
The new Department of Commerce publication,
"Foreign Commerce Weekly," showed that Britishowned dollar balances at the end of May, 1940
aggregated $319,000,000, or approximately the same
as at the beginning of the war.
British investments
of $2,803,000,000 constituted more than 40% of all
European holdings in the United States at the end of
1939. Of this amount $1,180,000,000,represented
stocks and bonds and was because of its ready
marketability an important part of the potentially
liquid dollar funds supporting the primary dollar
assets which were already held in the form of bank
balances.
The third important item in the British total is
"direct" investments which, inclusive of
Great Britain is apparently far from penetrating
certain miscellaneous investments, amounted at the
deeply into its resources held on this side, although
end of 1939 to $1,168,000,000. Great Britain has
the greater part of the large increase in United States
requisitioned 152 stocks and 23 bond issues held by
exports, amounting to a full $1,000,000,000 for the
its citizens. So far as can be ascertained, very few
year ended August, must be accounted for by exports
of the requisitioned issues have been sold in the
of war materials to Great Britain.
As previously
market, nor will they be finally liquidated except as
noted, the steady import of gold into the United
a last resort.
States from British overseas possessions has been an
On Oct. 7 the United States Senate passed a bill
important factor in the maintenance of British reauthorizing banks to deliver some $2,500,000,000 of
sources on this side.
foreign funds on deposit in this country to payees
In this connection it might be pointed out in passcertified by accredited foreign representatives recoging that in the past great expansion of the world's
nized by the State Department. This measure would
wealth took place on every gold discovery, wherever
bar recourse to the courts by persons seeking to conthe gold was found, as in California, Australia, and
test the payments. About $1,780,000,000 of earlater in South Africa.
;:'V'marked gold and $826,000,000 in cash owned by
The economic stress of the present has doubtless
central banks of foreign countries is held by the
been alleviated by the earlier Alaska discoveries and
Federal Reserve Bank. Most of it is for the account
more immediately by the expansion of gold producof banks in invaded European countries. "'One United
tion in various parts of Soviet Russia.
Some writers
States Senator said the measure would protect the
on economic subjects have frequently asserted that
funds from "the robbery, thievery and thuggery of
the world's gold production would diminish rather
the Nazis."
than increase.
This view has proved contrary to
According to late available figures gold|held here
experience, which has demonstrated that gold proby the Federal Reserve Bank under earmark for
duction is more likely to increase than even to remain
foreign account totals $1,708,072,000 and the cash
stationary.
of foreign central banks and governments on deposit
For instance, it is not more than a year since
with the Reserve Bank aggregated $1,056,401,000.
great gold discoveries were made in the province of
Much of its belongs to nations invaded by Germany
Sze Chwan in China, in one of the potentially richest
and is therefore "frozen" subject to withdrawal only
districts of Asia, covering about 80,000 square miles,
on special licenses issued by the Treasury. The new
entirely of
new
savings, not helped by transfers from
other investments.
that of
The Commercial & Financial Chronicle
2092
'
bilP'passed'by^the Senate is designed to further
In its final version the Senate
bill would extend the provisions to private
well
and
would
banks
make, the
1940
the official rate for the Swiss franc in relation to the
United States dollar by
as
amount equivalent to
an
raising the New York price for the Swiss unit from
law
applicable to the funds of all foreign countries, and
22.83 cents to 22.88% cents.
not
authorities again lifted the official price, bringing the
only to those invaded by Germany.
Despite the
servere
markets there,
,
banks
reserve
as
12,
On Sept. 28 the Zurich authorities raised
month.
tighten this control.
Oct.
V'
air attacks
London, the
on
On Oct. 1 the Zurich
On^Oct. 4
New York equivalent to 22.99 cents.
while limited in volume of transac-
word
was
received in New York that the official
tions, reflect the tone of public confidence.
The
problem of inflation causes some worry in financial
the New York equivalent of 23.04 cents.
circles, but whatever the future
same
misgivings.
hold, the rise
may
in prices which has occurred already
Swiss franc-dollar rate has again been increased to
causes no
real
ness
Much of this price advance is due to
of
prices abroad.
by
Domestic prices have not risen
Moreover, international prices
the exchange value of sterling is stable.
on
To
cope
with the rising market for the franc in
relation to the dollar, the Swiss authorities
John Mey-
once more
Keynes, London economist, recently pointed
nothing has happened as yet in the financial
to cause excessive anxiety.
London dispatches
on
francs to the dollar, indicating
New York price
a
advance from 23.09% cents to 23.14% cents.
field
ing in New York from Tuesday
Oct. 6 said that the market sentiment
London open
Call money
are
generally
1
market
money
1-32%, three-months bills
months bills
are
1
The firmness in the Swiss unit is attributed to
rates continue easy,
against bills is %%.
repatriation of Swiss funds, not only from the United
Two-months bills
States but from Continental European countries and
1 1-16%, four-
are
from the British Empire.
3-32%, and six-months bills 1%.
the week between
a
continues active
throughout September.
Although
the volume of such
discount of
measured by Wall Street standards, it has served to
ranged during
14%% and a dis-
funds is considered small
as
increase the market value of the Swiss unit.
The amounts of gold imports and exports which
are
as
Montreal funds
county of 13%%.
follow
The market reports that
repatriation of Swiss funds from the United States
Canadian exchange presents no important features
from week to week.
Trad-
continued to be
on
done at levels well above the official rate,
favorably influenced by the Cabinet changes.
was
Oct. 8
changed the rate from 4.33 francs to 4.32
out that
on
Oct. 7
since March, 1938.
falling, while
are now
The firm-
proved greater than anticipated and
the New York price went to 23.13% cents, the highest
than half the increase in import prices.
more
nard
ness
the depreciation of sterling and the advance
ance,
in the Swiss unit, quoted the franc at 23.06
cents, the highest level since April, 1938.
mounting costs resulting from increased freight insur-
On the
day New York banks, anticipating further firm-
German, Italian, and other European funds
taken from the weekly statement of the
are
understood to be included in "Swiss capital" tem-
United States Department of Commerce and cover
porarily lodged in the United States, funds which
the week ended Oct. 2, 1940.
would automatically be frozen by the United States
gold exports and imports, sept. 26 to Oct. 2
inclusive
Imports
Ore and base bullion——
Refined bullion and coin..
TotaI—
$121,152,861
-———
Detail of Refined Bullion and Coin Shipments—
Switzerland-,-..-..—-,
$2,984
HoSkoiJ—'IIIIIIIIIIIIIIIIIIIIIIIIIIIIII.
gjg 306
——
IIIIII
30L824
IIIIII
——
43,651
......
Chiefly $278,921 Canada, $161,323 ei Salvador, $222,223 Mexico,
$506,261 Chile, $629,185 Peru, $1,252,251 Philippine Islands.
Gold held under earmark at the Federal Reserve banks was increased
during the week ended Oct. 2,1940, by $41,312,010 to $1,708,072,131.
Referring to
day-to-day
rates
their
of these
money.
Sell-'
•
,
•
i
♦
,.
x*
i
Swiss nationals continues fairly active.
4*,746,067
Japan....
New Zealand....
With the
owners
jng 0f United States securities ostensibly owned by
n
—105
Saturday last
growing tension in central Europe,
funds have hastened to repatriate
$26
ArerentinaltZIIIIIIIII111111II ~ 11ZI ~ II11IIIII
*
$2,984
117.941,572
........
authorities should Switzerland be invaded.
Exports
*$3,211,289
_—
free sterling
on
It is strongly felt in some Wall Street quarters that"
German dollar balances have been replenished lately
by indirection through Soviet and Swiss sources.
In
the past week or more buying orders in New York
.
.
.
.
J
.
°
have produced sharp advances m
German govern-
ment State, municipal, and corporation bonds. Germany's slender dollar resources have been drawn upon
to a considerable extent for the purpose
of repatria-
$4.03%@$4.04 for bankers' sight
and $4.03%@$4.04% for cable transfers.
On Mon-
mented
day the
$4.03%@$4.04 for bankers'sight
and $4,03%@$4.04% for cable transfers.
On Tues-
exchange for reichsmarks.
day bankers' sight
$4.03%@$4.04% and cable
Stock Exchange and on the Curb, the market has
$4.03%@$4.04%. On Wednesday the
$4.03%@$4.04 for bankers' sight and
$4.03%@$4.04% for cable transfers. On Thursday
stated that Germans have also been making payments
range was
transfers
range
was
was
were
was
tion and it is believed that they have been supple-
on
range was
$4.03%@$4.03% for bankers' sight and
$4.03%@$4.04 for cable transfers.
tions
on
On Friday the
Friday
were
Closing quota-
$4.03% for demand and $4.03%
™a^s^er?:n C™rc]al
finished
are n<>
quoted
'
Continental and Other Foreign Exchange
sources
in
In addition to making
purchases of dollar bonds traded
on
in the New York
their standstill and other credits, some of which
have been transferred through Switzerland,
the range was $4.03%@$4.04 for bankers' sight and
$4.03%@$4.04% for cable transfers.
by dollars furnished by Swiss
On Oct. 10 President Roosevelt issued
an
executive
order freezing the Rumanian funds in this country,
in
view
of
the
entry
of German troops and the
rapidly developing Balkan crisis.
an
The order affects
estimated total of $100,000,000 in gold held here
by the Rumanian Government and
some
$500,000 of
Rumanian investments, mostly in securities.
The
order forbids the withdrawal of Rumanian balances
in this country
except by special Treasury license
INTEREST
therepeated
Europeanadvances
exchanges
centers
on foreign
and brings
nearly
$3,000,000,000
the total
of
the sharp in
and
made
in the
fundstoheld
here under
the protective
custody
Swiss
franc
on
several
occasions
during the past
of the United States.
The order does not affect
Volume
American assets in Rumania.
About
$40,000,000 is
directly invested in Rumania, mostly in oil produc¬
and about $4,000,000 of American funds
tion,
invested in
Government
Rumanian
bonds.
are
Latest
taken similar action to freeze Rumanian credits there.
the countries invaded by Germany is
on
quoted in New York or in London. The German
or gold mark is quoted nominally in
not
so-called free
New York around 40.05 and the
nominally quoted at 12.20.
Eastern situation.
units
registered mark is
Italian lire
are
nominally
past few years.
Zurich authorities "are
Exchange
23.19@23.193^2, against 23.06.
now
on
Finland closed at 2.05 (nominal), against 2.05 (nomi¬
closed at 0.68 (nominal),
Spanish pesetas are nomi¬
exchange
Greek
nal).
against 0.68(nominal),
nally quoted at 9.25, against 9.25.
:.;V /o
23.45, against 23.46
tion
Shanghai
steady and gives
some
promise
The undertone of the Latin
of fractional firmness.
*
American
exchanges is improved, though there is no
The better tone is
largely confined to the units of those nations which
expect to borrow from the Export-Import Bank.
Argentina and Brazil are reported to have reached
apparent increase in demand.
a
trade agreement on
Oct. 7 for financing exchange of
The principle of the
surplus products.
new
trade
readjustment of trade assets
study of possibilities in each country to
treaty centers on the
and
the
help the other reduce its surplus products piling up
buying power of the warring
Under the agreement each country under¬
nations.
takes to set aside
of
$20,000,000 to finance the purchase
at
30.31, against 30.31.
Gold Bullion in European
United
Oct.
4
British
dispatches
Press
from
Washington
reported that
was
on
moves
to
stabilize the currencies of the Latin American nations
are
consideration
under
in
connection
with
the
Export-Import Bank's $500,000,000 western hemis¬
llj^d.
statutory rate, 84s.
the
in
principal European banks
dates of most recent statements,
the
for
Banks of—
England
France y
Germany
Spaln
x.
Italy
Netherlands
Nat. Belg..
Switzerland.
Sweden
Denmark
.
Total week.
1940
1939
1938
1937
£
£
£
£
6,505,000
6,500,000
6,667,000
6,666,000
Note—The war In
from
many
3,845,650
France
6,548,000
6,602,000
24,194,000
6,552,000
6,604,000
Even before the present
obtainable from Spain and Italy, figures for which
1938, and Mar. 20, 1940. respectively.
June
11;
7; Switzerland, Oct.
The last report from
Belgium, May 24; Nether¬
29; Norway. Maroh 1; Ger¬
27.
March
for
and Bank Notes Act,
holdings
reported
the Bank
£806,166, equivalent, however,
of
only about £407,678at the statutory rate (84s. 11 **d. per fine ounce),
to
we
of the
date, Instead of the statutory
On the market price basis (168a.
price which was formerly the bads of value.
fine ounce)
1939. the Bank of England
1939, and since have carried the gold holdings
1,
Bank at the market value current as of the statement
per
79,703,000
25,986,000
has made it Impossible to obtain up-to-date reports
Pursuant to the Currency
statements
99,516,000
6,537,000
8,205,000
lands, May 17; Sweden. May 24: Denmark, March
*
25,232,000
249,732,268
498,869,937
1,927,000
88,092,000
42,576,000
47,49,1,000
108,484,000
75,559,000
761,636,471 1,088,332,453 1,061,589,846 1,150,080,205
761,509,127 1,084,478,450 1,062,642,713 1,072,038,050
Europe
received
was
are
£
106,323,000
of the countries shown In this tabulation.
of April 30,
as
63,667,000
25,232,000
123,417,000
90,870,000
114,031,000
31,838,000
23,400,000
92,696,000
103,771,000
96,776,000
35,222,000
war, regular reports were not
are
by
us
1936
328,144,903
293,710,643
2,501,300
87,323,000
327,799,344
293,728,209
3,007,900
63,667,000
697,640,874
699,663,064
Prev. week_
reported to
■■.■7;"":7v7.r;.v^7;
*491,337
328,601,484
Norway
of respective
(Friday); comparisons
*407,678
242.451,946
4,020,250
63,667,000
16,602,000
97,714,000
132,857,000
84,755,000
41,994,000
.
fine ounce)
per
as
corresponding dates in the previous
four years:
former periods as well
stated that it
Banks
THEbullion
following
table indicates
the amounts
(converted
into pounds
sterling of
at gold
the
accord¬
In order to make the ourrent figure comparable with
ing to our calculations.
surpluses.
at
at 47^g,
49.80;; Singapore
against
many Sept.
because of the diminished
Manila
5.60@5%;
against
6.00,
at
against
4754b Bombay at 30.31, against 30.31; and Calcutta
49.80,
being in quotations for the Argentine free peso.
The Mexican peso is
Hong¬
Friday of last week.
on
kong closed at 23.30@23%, against 23^@23 7-16;
shown
EXCHANGE
on the the
Latinonly
American
countries
is
uniformly steady,
noticeable
fluctua¬
checks yesterday were
yen
special cable yesterday
;•
■
7
Closing quotations for
ing is 23.84, against 23.85@23.86.
the fourth revaluation by the
Shanghai
displayed day to day fluctuations, but
been a characteristic of the market for the
The Swedish krona in limited trad¬
Swiss francs on
quoted at 5.05.
The Hongkong and the
have
this has
that Great Britain has
London state
advices from
Exchange
2093
The Commercial & Financial Chronicle
151
as
with the figures for other countries In the tabulation,
show English holdings In the above In statutory
pounds.
| z Gold holdings of the Bank of Germany as reported In 1939 and
"deposits held abroad" and "reserves In foreign
1940 Include
currencies."
several times In recent
years; on basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc), Insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs;
prior to March 7, 1940, there were about 296 francs per pound, and as reoently
as September, 1936, as few as 126 francs were equivalent to the statutory pound.
For details of changes, see footnote to this table in Issue of July 20, 1940.
y
The Bank of France gold holdings have been revalued
/!';
phere loan program.
Sr.
Augustin Edwards, Chilean financier, former
ambassador to Great Britain, and publisher of the
ing New York
a
a
few days ago, when putting forward
purchase plan, "I do not
United: StatesrChile
believe
Chile
that
or
other South American
any
materially helped by a policy of
country would be
big loans from the United States, because the inter¬
products is completely
national market for Chilean
dislocated.
What
the markets
we
The
at
need is something to replace
we
Argentine unofficial or free market peso closed
against
23 7-16 @ 23.65.
The
Argentine official peso has been held for a long time
at 29.78,
Brazilian milreis closed at 5.15, against
Chilean
exchange
The United States confronts difficulties and
lems
before been faced
resources,
is
nominally quoted
at
and
serious
more
by
with all the
by
a
alarming than
great people.
have
prob¬
ever
Possessing vast
fully developed, and at peace
no means
world; with all their governments, Na¬
tional, State and municipal weighted beneath in¬
debtedness
Federal
have lost."
23.45(5*23.60,
5.15.
Where Safety Lies
"El Mercurio," said while visit¬
Chilean newspaper,
enormous
far
beyond all precedent; their
budget unbalanced for a full decade and
approaching deficits certain greatly to exceed even
the
deplorable precedents representing the financial
follies of the New
Deal; oppressed by
an
unsound
system of paper currency redeemable in coin only at
the
pleasure of
a
Government administered by
a
5.17,
against 5.17.
Peru is nominally quoted at
wilful
16.00
against 16.00.
The Mexican peso is quoted at
by unwise laws and unfairly administered; suffer
ing
21.00, against 21.00.
Executive;
from
inimical
the
EXCHANGE
on the show
Far disturbance
Eastern countriesresult
has
thus
failed
far
of the Axis-Tokio
to
as a
pact or of the more recent British
and American anxiety
expressed concerning the Far
administrative
to
all
American
military
which
they
their
assume
and
legislative
industrial
imposed
policies
activities;
suddenly found them¬
still unmeasured obligations
preparations
do
by taxation
normal
people have
selves forced to
for
hampered
impelled
not comprehend
by
purposes
and which those
The Commercial & Financial Chronicle
2094
s
temporarily exercising authority have refused to
Thus, with impaired public morale;
reveal to them.
natural
their
their,
and
suspended
resiliency
Oct. 12, 1940
'
•
.
excessive, they are reflected in idle factories,
are
in tax-sold farms, and in hordes of hungry people
tramping the streets and seeking jobs in vain.
Our
supported by powers complete and available and
with new foreign alliances of which they are but
workers may never see a tax bill, but they pay. They
pay in deductions from wages, in increased cost of
what they buy, or—as now—in broad uriemployment through the land.... Our Federal extravagance
and improvidence bear a double evil; first, our
people and our business cannot carry these excessive
partially informed and which never have been con
stitutionally sanctioned; in the midst of the first
burdens of taxation; second, our credit structure
is impaired by the unorthodox Federal financing
peace-time conscription in their long national his-
made necessary by the unprecedented magnitude of
interrupted for a still continuing period
that is already longer than any in their century and
a half of experience; with all their ancient international friendships ruptured by arrogant courses unprogress
perplexed
this
tory;
over-burdened
and
people
the threshold of an embittered Presi-
pauses upon
these deficits.'7
Yet the candidate, elected to the office for which
far exceed-
dential election in which class distinctions have been
he then pleaded and clothed with powers
pressed and class controversies stimulated. by an
ing those of any of his predecessors, soon abandoned
all attempts at economy and proceeded, unnecessarily and recklessly, to commit his country to huge
Execuive
and
seeking renewal of powers he has misused
continuance of the nominal confidence that he
a
knows
must, in any case, be incomplete and opposed
to the settled convictions of the better advised and
competent moiety of the electorate.
more
Would it not
the
help to consider common sense? In
There is an exigency, an
simplest of terms?
urgency
that is demanding, pervasive and compelling,
Can it now
persuade to sound reasoning; to sober,
dispassionate, unemotional, scrutiny of the facts and
conditions; to deliberation devoid of partisanship
and controlled
After
solely by unselfish and patriotic in-
If it cannot, America is shipwrecked,
spiration?
all, governments, whatever they are or do, or
seek or
promise to do, have to be supported, by their
respective peoples, if they are to exist—and they
must exist.
They create nothing, they have nothing,
they are nothing, except through and by the people
out of whom
and
they arise and for whose protection
preservation they are established and continued
in existence.
No
country in the world is presently as rich or as
fligacy and extravagance,
of misdirected and
must be
paid; it is
demand.
And upon
must it be met?
even
in
even
gross
in
absurdities
of America.
But
inescapable,
the
or
inexorable
whom must it fall?
By whom
The
be, could
never
been
many
answer
things
is
self-evident, yet it
which
have been.
given, confessed.
are,
And that
sweat of
are
when
every
man
answer
has
every
incurred
who toils.
Franklin Delano
eight
years ago,
appealing for the confidence and support of
force.
Nor could be
or
its immediately applicable
dispute the esential accuracy
of the conclusion which he
that
garnered and pressed at
time, declaring it to be the unimpeachable corol-
lary of the
now
self-incriminating principle
which he then rested his
plea for public
and honest conservation of the
the
serve
on
not
voters, and today he will not, he could not if he
would, deny its verity
to
could
paid, and always must be paid, in the
Roosevelt gave that answer, over
the
large
It is that taxes, the ultimate
equivalent of every expenditure and
obligation,
price
an
an
must have evaded the effective consciousness of
numbers
pro-
injuries muddling and meddling,
States
the United
as
public which it
and
upon
are
venues; in short to utilize every conceivable device
of "unorthodox Federal financing." And -upon this
record,
economy
are
in defiance of it, attempting to divert the
break down the barrier to repeated re-elections to
the Presidency and to perpetuate the tenure of a
man who for almost eight years has led the land
rapidly towards bankruptcy,
Even
now,
the President stands resolutely against
national economies adapted to the conservation
of capital and labor
resources
in adjustment to the
vast burdens for armament that are being assumed
under his leadership.
He
seems to assume,
indeed
he has several times in effect asserted, that these
enlarged burdens
any
sort.
be carried without imposing
can
necessity for adjustment
or
sacrifice of
any
It seems scarcely possible that this view is
sincerely held, but, if it is, the depth of misapprehension is almost
as
shocking
as
could be the
moral obloquy of purposed misrepresentation and
concealment.
In
a very
practical
sense
there is
no
such possibility as the postponement of payment for
any military equipment
lions of
men,
Administration circles,
will not in
undertaking.
or
the least number
any
are
now
If two mil-
spoken of in
taken for the Army, they
large measure be taken from the
ranks of the unemployed, but from those of the able,
active, productive workers of the country. They will
have to be fed, clothed, housed, and provided with
materials for all their operations out of the general
store of subsistence goods,
current
contributions
of
supplemented by the
the reduced
volume
capital and labor permitted to continue in
modity production.
of
com-
Otherwise stated, the number
ducers, while the aggregate to be divided for sub-
now
belonging
both President
sistence will be substantially diminished and the
number of those among which distribution must be
paid in the sweat of every
are
a
burden
paid through production.
or
public mind by conjuring fearsome fictions of imminent foreign attack, he asks the voters to violate
the protective precedents of a century and a half,
then his aspiration to
resources
candidate, said:
labors, because they
and
of the country's banks; to divert trust funds intended to guarantee decrepitude against destitution
to help defray public expenditures in excess of re-
Speaking at Pittsburgh,
19, 1932, the candidate,
"Taxes
direction; to accumulate deficits in unbroken succession; to drain into the Treasury the resources
of non-producers will have been increased by large
numbers subtracted from the ranks of the real pro-
was
in exalted station.
Oct.
penditures; wastefully to multiply costs in every
any
capable of supporting its government,
undertakings involving greatly enlarged ex-
new
on
man
who
production
If these faxes
made will be unchanged.
Although this cannot fail
to happen, the full force of the curtailment of
pro-
duction need, not be realized and would not be,
Volume
should reasonable
in
be
precisely what the President
allowed to
find
that it
says
But
must not
In all probability, he will
happen.
is
The es-
just what is unavoidable.
sential economics of the diversion
of
resources
of
rien and money from normal production to military
but
allow
not
do
uses
The National Budget
adjustments to augment efficiency
production be permitted and encouraged.
this is
postponement of real payment,
they do allow and necessitate the future re-
By Harold M. Fleming
.v
Practically
which this
country has been subjected in the last
practically
yated
every one
True to
talized
the
SOoner
was
and from their
to
assume
In fact, there is first a
posterity.
payment taken where it can be easiest found, anythe
tures
were
0f
j0
where
in
which
eventually is readjusted by long-continuing
aires
secondary payments provided for by taxation levied
^0nal
considered
community
as
a
whole,
the entire citizenship and in favor of a part
upon
of such
or
other,
of them has been further aggra-
are
balanced budget,
for political
emergency
it obvious that
necessary
an
eXcess
than the Administration began
business to
on
pre-
Since million-
millionaires.
already well taken
income
No
purposes.
heavy defense expendi-
profits tax
creation of any
venf.
a
form, the Administration promptly capi-
their due proportions
be unable
form
some
by the recent defense program and shattered
remaining hopes for
our
in
fjgUres 0f the United States Treasury, and
presently taken, by exactions from those who today
would
paradox and contradiction to
every
decade has found its way,
jn^0
of those whose property or labor may be
compense
2095
The Commercial & Financial Chronicle
151
of under the
care
per-
tax, however, Congress resisted this
attack and the tax bill
was
aimed
largely at
corpo-
In that manner unwise, waste-
nations, regardless of the fact that corporations are
ful, profligate administration in a time of emer-
oniy jegal entities and that corporate income taxes
citizenship.
like the present, unnecesarily multiplies, pro-
gency,
against
vicious burdens of
which Mr. Roosevelt
railed before he had become
personally and directly
and
longs,
taxation
excessive
the
perpetuates
responsible for far
grosser excesses
of the sort he so
accurately described.
v
v
The conclusion
American
which
It is that the
inevitable.
people could commit no greater folly than
continuance
authorize
to
seems
have
brought
of the
the
taxes
are
on
dictum
nary
sional
career
(In fact, Mr. Justice
corporations
sh0wed
a
a
the extraordi-
are
not persons,
who in his congres-
man
strong tendency to dislike
corporations in a very personal manner).
soon
of view
became obvious that from
excess
an
policies
u()t
its
present
raise any sum
to
that
which is strange from
mistaken
country
stockholders.
Black within the last year pronounced
profits tax
on
a revenue
point
corporations could"
stay within any bounds of peace-time reason and
worth comparing with the prospective
perilous condition and that to avoid that evil they
50,000-airplane deficit-to-be.
must defeat for re-election the candidate who is di-
proceeded to raise the normal income tax on corpo-
rectly responsible for that peril.
American in his
for
in
Mr.
rather than
kie
or
cretion and
burdened
are
any
Roosevelt
if he
were
looking
agent to fill any position requiring training
an
business
New
Certainly,
right mind would choose Mr. Will-
exercise
the
capacity.
it
as
now
of
administrative dis-
With the Federal Government
is by the
excessive costs of the
Deal, and all its multiform complications, these
exactly the qualities that for a generation, or
will be most essential in the
more
Willkie has, and
economic
Mr.
Mr. Roosevelt has not, the broad
vision, the courage rigidly to adhere to
fundamental
sound
Presidency.
principles,
the
capacity
for
rations in three
(by
Thereupon Congress
jumps, from 18% to 19%, from 19%
10% general increase)
a
to 20.9%, and from
20.9% in the Second Revenue Act of 1940 to 24%,
an
overall increase of 33% in the tax on corporate
incomes from
18%
Now the point
gency was
up
to 24%.
of this is that the defense emer-
considered as justification for a sharp
on business, but it has not been
increase in taxes
considered
one
as
sufficient of
pense
to call
for
bloated
ex-
an emergency
dollar of shrinkage in the present
column of the United States Treasury's out-
iays.
Soil conservation, parity payments, Youth
Administration, WPA—all are unscathed; in fact,
adaptation without sacrifice of fundamentals, the
the usual pre-election increase in
calm
already being reported, indicating that while the
poise essential to deliberation and protective
against impulsive errors, the faith in genuine democthat adheres to its substance as well as to its
racy
the frankness
formalities,
relations
and
so
fective.
tion
of
and
candor in public
especially requisite in periods of stress
so
necessary
He would
to make genuine democracy efno more
permit the present situa-
public ignorance concerning the conditons
requiring the enormous sacrifice now demanded and
the future
WPA outlays is
defense emergency is serious enough to
justify
increase in corporate taxes within three
a
33%
months, it
js not serious enough to curtail the usual political
outlay for padded relief rolls at the taxpayers' expense
to keep
the present Roosevelt machine in
power.
However, this is nothing
new.
American business,
with its usual lack of political sense, has allowed
plans and real purposes of those sacri-
itself in recent years to be whipsawed time after
i'ices, than he would have led his people in less than
time in the three-cornered matter of budget balances,
eight
years
to the point at which a Federal debt of
expenses,
and taxes.
There
are
two popular ideas
?85,000,000,000 and Federal taxation annually ex-
about the budget, which the third-term candidate
ceeding f10,000,000,000 seem unavoidable incidents
has skilfully used alternately to jack up expenses
of the
In
been
early future.
that
same
speech, at Pittsburgh, which has
people and the world are entitled to reason-
able accuracy
and reasonable prudence; and, above
all, they are entitled to reasonable frankness.
a
They
right and a duty to place in retirement those
who conceal
realities, those who abuse confidence."
He is condemned out of his own mouth.
One is the
pump-priming argument, that we need to run deficits in order to get business going, and the other
quoted, Mr. Roosevelt also said:
"Our
have
and taxes since he has been in office.
%
is the budget-balancing argument,
The pump-priming argument has been repeatedly
used to justify more expenditures, which means more
for the friends of the Administration. The
budget-balancing argument has been consistently
money
employed to justify more taxes.
Every time busi-
The Commercial & Financial Chronicle
2Q96
has sought to
ness
head off further pork-barrel and
political disbursements it has been met with the
pump-priming argument; every time it has sought,
for
it
relief
tax
been
has
with
met
the
budget-
balancing argument.
Yet
has
never once
pump-priming been used
as an
argument for reducing taxes; never once has budgetbalancing been sincerely used as
but itself to
dismally to
stone;
argument for
an
(Business has hardly
reducing expenditures.
anyone
blame, however, for having failed
see
so
through the hole in the fiscal grind-
never once
during the pump-priming days
of
cutting taxes
fiscal
in
of priming the pump.)
as a means
Administration
This
lias
had
never
a
clear-cut
policy, but it has been extraordinarily adroit
making political capital of its
policy.
third-term
The
rnents
can
very
lack of such
public
candidate's
state-
hardly be repeated too often for their
contrast with his actual fiscal achievements.
First there
the famous remark
was
•
March 10,
on
was
the deficit scheduled for the current fiscal
before the public realized the defense emergency and the candidate realized that the public
realized it. Today we are faced with a deficit of
year,
four times that annual deficit. Even
twice, thrice,
or
discounting
the
President's
wild
remarks
political red-herring Ear Eastern emergency threats,
the defense program which is actually (not politically) essential will add easily $20,000,000,000 to
,
the national deficit and to the national debt,
Members of the Administration can make out
as seems
They point out that for the current
likely.
fiscal year to date
They
last year.
the deficit is substantially below
that the defense program will
say
revive business; that revived business will
will further jack up the Treasury's income statement, so that the "all-over" picture may mean that
if outlays
even
increased
are
$3,000,000,000 this
will increase by the
economies of that
So the deficit for the current fiscal
Too often in recent his-
.
tory liberal governments have been wrecked on the
rocks
of loose
fiscal
We must avoid this
policy.
haps be
In the
budget message of January, 1934, he said:
."We should plan to
have
definitely balanced bud-
a
seek
on
a
continuing reduction of the national
debt."
A year
later lie said : ".
.
with the single
.
relief)
diture of whatever nature will be
estimates in current
our
lion
came
In
ance
to round
receipts.
January, 1936, he said:
And
overall
"We should
picture,
In between
Thus
debt,
we
came
teeter
direct
a
bal-
and
the
ing
savers
defense program
another
as
Behind
the creation of
any
defense
Act which cut down profits
construction to
a
.
.
war
with
(to
a
say
."
total
tax write-offs of defense plants that have
As President Roosevelt said in his
nothing of
we
on
the
the
the
oil
message
it is the old, old story of
man
the
subject abruptly when he is pinned down to hard
That official
generalities and changes
generality, characteristic of
a
who subordinates
everything (even bookkeeping and budget messages) to politics, was probably
of the few instances of
one
on
the desert air
political remarks wasted
by the present third-term candi-
date, for it is unlikely that the jobless, propertyless,
and hopeless to whom it must have been addressed
ever
take the trouble to read
forbidding title
as
anything with such
a
"Annual Budget Message of the
President."
The deficit
around
had, for peace-time, been stabilized at
$3,600,000,000
a
year.
That
year
was
approxi-
that ended last
June, and, after adjustments for the present thirdcandidate's
no
hope
but raised
on
the stock-
superb
program
with ideas of how the
an
consumer on
active
(from
a
country squire ideas of bookkeep-
consumer
woman
is
repre-
the National Defense
The present Administration's latest attempt to
exploit the defense
record—so
program seems
the most flagrant
flagrant, in fact, that its exponent,
the Attorney General, had to back down promptly
with
a
sleazy re-interpretation of his findings,
The findings
were
that
the
two-man,
headless
National Labor Relations Board, running interferfor the Congress of Industrial Organizations,
ence
had
right to
a
pass on
whether
a
corporation
morally fit to partake in the defense
was
a
last straw to
program.
was
This
Congress and to the defense
officials, and the resultant
too much even for
of brass.
an
uproar was apparently
Administration with a nerve
The
opinion amounted to saying that,
though the emergency is So serious that a corpora-
tion hesitating to accept
an
Army
or
proposal could have its plant taken
mately the deficit for the fiscal
term
industry's
essential to defense, "with
on
budget
by 10% and
consumer
to dismember
or
stood in
the
man
no expenses
uting-point organization; it has begun to load down
fiscal
the shadow of the last World War.
facts."
8%; it blocked
or
national defense point of view) well-to-bulk-distrib-
of around $50,900,000,000,
about 50 times the national debt when
who loves to utter
airplane and naval
taxes
pump-priming arguments.
.
on
maximum of 7%
Advisory Commission.
.
millionaires"
holder by 33%; its Department of Justice undertook
Corporation, the Federal Housing Adminis-
January, 1940: ".
program
it passed the amendment to the Vinson-Trammell
sentative of the
of
ex-
hope to secure, for the
guaranteed
on)
of political
source
smoke-screen of "preventing
a
surance
so
So why worry?
who buy baby bonds.
True to form, the New Deal is grabbing at the
Treasury obligations under the Federal Deposit In-
tration, and
are
to January, 1940, when
...
toward
per-
whose paychecks
earners
wage
of surviving that long; it cut
gradual tapering off, rather than
a
will
one—a mere
the separate enactment of a bill to allow five-year
"We approach
abrupt cessation, of the deficit.
an
The excep-
.
budget."
down the years
so on
fully covered by
.
$3,900,000,000.
of the national
he said:
excep-
every current expen-
than for the preyious
taxed under the Social Security tax and the remain-
ploitation.
lion of this item (work
same amount,
year
And of this half at least will be
$3,600,000,000.
get for the third year of recovery, and from that
lime
no worse
raised by the
danger."
mean
tax revenues; and that the recent tax increases
more
year, tax revenues
.
a
good case that all this will not cost as much
very
1933, in his request to Congress for the abortive
day: ".
about
50,000 airplanes and the need of preparing for his
was
leading business voice raised in outright advocacy
a
ing,
Oct. 12, 1940
for the duration, it is nevertheless
Navy business
over
so
promptly
trifling,
com-
pared with the class
ering
an
war, that the NLRB, by discov"unfair labor practice," could in effect bar
the Nation from the
use
of the company's facilities
for defense, however essential those facilities,
even
■
Volume
before
the company
It is
this
significant that in the prompt response to
out in
the
bonds lost
ground in mid-week after having risen to new 1940 highs.
High-grade railroad bonds closed at about the same level
High grades and governments have remained close to
silly ruling remained in effect, any employer
year's
defense contract could
promptly relieve himself of his national responsi¬
bility by firing
some
committing
the NLRB after
employee for union activity,
as
that he could thumb his
such
nose
than another
ruling
in fact, little
was,
little
During
the early days prices eased and a declining tendency was
noticeable among all grades, including the highest.
This
was followed by recovery, which, however, was distinguished
more
more
a
judicially untested NLRB order to take
trouble-maker
in the
dustrial
Such
somewhat greater than those on the upside.
more than a point have been registered in several
issues, including the Pressed Steel Car Company 5s, 1951,
which gained 2 points at 93, and the Libby, McNeill &
Libby 4s, 1955, which gained 1 % points at 105. Issues de¬
clining more than a point included the Studebaker conv.
a
(already swollen by the need of
program
making
for Administration delays) and
up
so
to the
6s, 1945, the
current deficit.
Or else it
on
the Childs
webs.
It is not
people, that Wall Street is growing cob¬
The
opportunities for
use
merely
his wits.
a
He need
still immeasurable.
and
important after all, for
so
He
subscribing
can
go
man are
really
while the recent
to Washington
MOODY'S BOND
Washington
PRICES
some
dogma,
U. S.
Govt.
Daily
Bonds
120
t
120 Domestic Corporals *
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
Aaa
Aa
A
Baa
RR.
P.
U.
Indus.
11— 116.64
109.84
124.48
119.03
109.44
90.75
97.28
115.78
117.94
10— 116.77
109.84
124.25
119.25
109.44
90.59
97.28
115.78
117.94
9- 110.84
109.84
124.25
119.25
s„ 116.95
109.84
124.48
7.. 116.95
109.84
124.48
5— 116.83
109.84
124.48
109.44
90.59
97.28
119.25
109.44
90.90
97.45
116.00
117.72
119.25
109.44
90.90
97.45
116.00
117.72
119.25
109.44
90.75
97.28
115.78
116.00
124.02
119.25
108.85
89.99
96.61
115.78
117.50
123.79
119.47
108.66
89.55
96.11
115.57
117.72
108.85
123.56
119.25
6— 116.17
109.05
123.56
119.69
95.62
115.57
88.80
108.85
89.10
95.78
115.57
117.72
95.13
1J5.14
117.29
108.40
123.33
118.81
108.40
88.36
87.93
94.81
114.93
16- 115.14
108.08
122.86
118.81
108.08
87.49
94.65
114.72
110.64
9— 115.45
108.40
122.86
119.25
108.46
88.07
95.29
114.93
117.07
2- 115 08
108.27
123.10
119.25
108.27
87.93
95.29
114.72
116 86
87.04
95.13
114.51
116.43
108.27
123.33
119.03
108.46
119.47
107.88
115.63
108.27
122.63
119.47
107.88
87.93
95.13
114.72
110.43
107.88
122.40
119.47
107.69
87.49
94.05
114.93
110.43
5„ 115.58
115.21
21- 115.37
108.08
122.63
114.72
122.63
119.25
107.69
80.50
93.69
106.92
122.17
118.81
106.73
85.52
92.75
114.09
115.78
91.81
113.48
115.57
106.17
122.17
118.38
106.36
84.28
114.73
105.04
121.27
117.60
105.41
82.66
90.44
112.45
114.72
103.93
119.47
116.43
104.48
81.87
89.40
111.43
113.27
May 31- 113.14
113.00
110.21
13.093
81.61
89.25
111
3
103.56
118.81
115.57
104.11
81.87
89.09
111.03
112.26
92.28
112.66
114.72
112.66
117.72
105 79
123.33
119.25
107.88
88.30
94.97
114.72
117.72
120.37
108.66
88.95
95.29
115.57
118.81
Apr. 20.. 110.18
108.85
123.79
120.14
108.08
88.51
94.81
114.93
118.81
19- 115.94
108.46
123.50
119.92
107.30
88.07
94.33
114.51
118.38
87.93
94.33
114.30
118-38
105.79
119.69
107.11
12- 110.38
108.27
5— 117.10
108.66
124 25
119.92
107 30
88.51
94.81
114.61
118.81
Mar.29.. 116.87
107.88
123.56
119.25
100 92
87.49
93.85
113 89
118.38
123.50
4.58
4.16
3.18
3.08
3.49
4.58
4.16
3.18
3.08
3.49
4.56
4.15
3.17
3.09
3.47
2.79
3.02
7
3.47
2.79
3.02
3.49
4.56
4.15
3.17
3.09
3.47
2.79
3.02
3.49
4.57
4.16
3.17
3.08
3.49
2.81
3.02
3.52
4.62
4.20
3.18
3.10
3.50
2.82
3.01
3.53
4.65
4.23
3.19
3.09
3.52
2.83
3.02
3.53
4.70
4.26
3.19
3.52
4.68
4.25
3.19
3.09
'
113 68
100.30
87.49
93.85
15- 110.74
107.49
123.33
118.81
107.17
87.35
93.69
113.68
117.50
93.69
113.07
117.72
87.21
8- 110.03
107.49
123.10
118.38
100.17
1—
115.42
107.11
122.63
118.38
105.79
87.07
93.53
112.86
117.07
115.32
107 30
123.10
118.60
105.79
80.92
93.85
112.66
117.07
112.86
118.81
105.98
87 07
94 01
115 44
107 30
122.86
118.81
105.98
80.92
94 01
112.00
117 29
2„ 115.43
100 92
122.63
118.60
105.41
86.78
93.69
112.45
116.86
106.92
122.63
118.38
105.41
80 64
93.69
112.25
116.86
105.41
86 21
93.21
112.26
116.43
116.05
100.54
122.40
117.94
13— 116.90
106.73
122.40
118.10
105 60
86 50
93.53
112.25
116.64
106 92
122.86
117.72
105.60
87.07
93 85
112.45
116 64
90.90
97.28
116.00
119.25
116 03
120.59
109.44
2.83
2.84
3.03
3.54
4.73
4.29
3.21
3.11
3.55
2.84
3.04
3.64
4.70
4.31
3.22
3.11
3.50
2.86
3.04
3.56
4.79
4.32
•3.23
3.14
3.54
2.80
3.02
3.54
4.75
4.28
3.22
3.12
3.55
2.85
3.02
3.55
4.76
4.28
3 23
3.13
3.56
2.87
3.01
3.57
4.78
4.29
3.24
3.15
19..
3.55
2.87
3.01
3.57
4.76
4.29
3.23
3.15
12........
3.57
2.88
3.01
3.58
4.79
4.32
3.22
3.15
3.58
2.87
3.02
3.58
4.86
4.38
3 23
3.15
4.93
4.44
3.20
3.18
3.02
2.89
3.04
3.63
3.66
2.89
3.06
3.65
6.02
4.50
3.29
3.19
3.10
3.70
6.14
4.59
3.34
3.23
3.72
2.93
7
3.78
3.01
3.15
3.75
5.20
4.66
3.39
May 31
3.80
3.05
3.16
3.78
5.22
4.07
3.41
3.33
5.20
4.64
3.41
3.35
Jan.
3.30
3.80
3.04
3.19
3.77
17
3.68
2.97
3.09
3.68
4.97
4.47
3.33
3.23
10
3.54
2.84
3.02
3.67
4.73
4.30
3.23
3.09
3
3.50
2.82
2.97
3.53
4.69
4.28
3.19
3.04
21
117.50
123.33
116.54
3.51
3.54
Feb.
107.49
16- 116.48
3.11
6
117.94
119.03
:
Aug. 30
5
123.56
;
8..
Mar. 29..
107.69
3.08
3.49
Apr. 20..
21- 110.36
Indus.
3.02
June 28
123.79
0.
3.18
3.02
5...
120.37
20-
4.16
2.80
2
108.46
Jan. 27-
4.57
A
3.00
July
118.00
U.
RR.
3.49
2.80
9.
103.66
P.
Baa
3.03
Aa
3.47
10
109.24
10- 116.61
9„
2.79
3.47
20
110.36
17- 113.73
Feb. 23-
Aaa
10...
Sept.27——
84.96
3-
Corporate by Groups
11...
5
116.43
107.09
7- 113.15
24-
120 Domestic
by Ratings
3.47
9.
117.29
12- 115.00
July 26— 115.56
AVERAGE8
si
Corp.
117.29
108.66
Aug.30.. 116.70
23.. 115.50
14..
eA
Daily
117.94
109.24
4
120 Domestic Corporate
Domes-
Averages
117.94
109.44
13.. 116.17
June 28..
120
All
Weekly—
Sept .27.. 116.67
20- 116.54
loans the Sao
(Based on Individual Closing Prices)
It c
Oct.
Weekly—
19—
MOODY'S BOND YIELD
1940
tic
Corp.*
Averages
Oct.
All
rallying power later. Among Brazilian
1940, lost 5J4 points at 29%.
Paulo 7s,
(Based on Average Yields)
1940
strength in German municipal and corporate
Argentine bonds declined but displayed
issues continued.
help prime the pump, by
the
to
smart
only
^
depressed. Japanese loans have
again been more severely hit, with a loss of 10 points on the
week for the government 634s, 1954, which closed at 66, but
gains were registered on Friday. Australian and Canadian
bonds have been softer and losses of several points have been
recorded by Danish issues.
Italian bonds have been weak
business, and favor for the friends of the third-
the smart
International Mercantile Marine 6s, 1941, and
Company 5s, 1943.
Foreign bonds continued
might have meant another indirect tax
term candidate.
in¬
the downside
on
Changes of
ruling would have merely added to the cost of the
defense
with changes
this week,
bonds
probably
back, would have reemployed him and,
end, passed the bill to the Treasury.
1210349203
Mixed fractional changes have been the rule among
union
a
due 1965.
Southern California Edison 3s,
Bethlehem and Chrysler, faced with
as
by its broad scope than by the extent of the gains.
week was the offering of $108,000,000
The feature of this
For had it not been
promptly quashed, it would have meant that such
companies
utility bond market has been irregular with
The
budget touch for the good old political
fraternity and alma mater.
1945, decliued 1
evidence of much interest in any particular section.
peace-time business.
But this foolish
speculative
and
4s,
Defaulted rail issues have been lower.
Then he could repent at leisure while taking
lucrative
Central
Southern Pacific
at the law that says
unpatriotic action means loss of control of the
plant.
issues registered
point to 80;
434s, 1968, closed 2% points lower at 40%.
Medium-grade
Maine
losses.
ing himself from the defense program in such way
Topeka & Santa Fe gen. 4s, 1995,
Y at 105Y; Virginian 3%s, 1966, were off Y at
off
10734.
him, and automatically disqualify¬
railroad
Lower-grade
levels.
highest
last week. ! Atchison
were
"unfair labor practice," getting
an
bond market.
Recent trends have been continued in the
public with the cynical observation that, if
a
Course of the Bond Market
The
the defense program, nobody came
on
who did not want to take
thus
according to his ability; to every
according to his vote."
man
actually guilty of violating the law.
blitzkrieg
this
"From every man
increasingly subservient courts could find
our
2097
The Commercial & Financial Chronicle
151
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
3.54
2.83
2.99
3.60
4.75
4.34
3.24
3.06
3.55
2.83
3.00
3.01
4.70
4.34
3.25
3.00
3.53
2.80
2.99
3.60
4.72
4.31
3.24
3.04
3.57
2.83
3.02
3.62
4.79
4.37
3.27
3.08
3 58
2.83
3.03
3.65
4.79
4.37
3 28
3.08
4.80
4.38
3.28
3.10
16
3.59
2.84
3.04
3.66
8
3.59
2.85
3.06
3.60
4.81
4.38
3.31
3.09
3.12
1
3.61
2.87
3.06
3.68
4.82
4.39
3.
23
3.60
2.85
3 05
3.68
4.83
4.37
3 33
3.12
10
3 69
2.84
3.04
3 67
4.82
4.36
3 32
3.10
304
3.67
4.83
4.36
3.33
2.86
3.11
9
3 60
2
3 62
2.87
3.05
3.70
4.84
4.38
3.34
3.13
3.62
2.87
3.00
3.70
4.85
4.38
3.35
3.13
3.64
2.88
3.08
3.70
4.88
4.41
3.35
3.15
3.63
2.88
3.07
3.69
4.80
4.39
3.36
3.14
3.62
2.80
3.09
3.69
4 82
4.37
3.34
3.14
3.81
3 05
3.19
3.78
5.24
4.68
3.42
2.96
3.49
4.56
4.15
3.17
3.02
27
High 1940
3.36
High 1940 117.18
109.84
124.25
1940 113.02
103.38
118.00
115.57
103.93
81.35
89.10
110.83
112.05
Low
3.47
2.79
112.05
110 43
High 1939
4.00
3.34
3.55
4.10
6.26
3.64
122.40
94.33
3.70
105.22
87 78
4.70
118.60
3.62
2.88
3.05
3.71
4.77
4.34
3.36
3.16
3.87
3.19
3.40
3.97
4.92
4.54
3.60
3.47
4.04
3.15
3.54
4.09
5.38
4.94
3.75
3.43
Low
High 1939 117.72
LOW 1939 108.77
Yr.
100.00
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1939......
102.30
115.57
111.23
100.53
85.65
91.20
107.30
109.84
Oct. 11, 1939.
1
Ago
ct. 11'39 110.73
(yYrs .Ago
Oct. 11*38 112.61
•
100.92
1940
2
99.31
These prices are
116.43
108.46
98.45
79.57
85.38
104.48
110.63
computed from average yields on the basis of one "typical"
actual price quotations.
They merely serve to
level or the average movement of
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used In computing these indexes was
Year Ago—
Years
.
Ago-
Oct. 11, 1938...
bond (4% coupon, maturing In 30 years), and do not purport to show either the average
Illustrate In a more comprehensive way the relative levels and the relative movement of
^
published in the Issue of July 13. 1940. page 100.
The Commercial & Financial Chronicle
2098
Gross
and Net
Railroad
financial
Oct.
12,
1940
Earnings of United States Railroads for the Month of August
reports have been
increasingly favor¬
ceipts and
freight
revenue
car
loadings, for the month of
able in recent months, especially in comparison with similar
August, 19-40,
months of last year and the previous years of the great de¬
1938, 1932 and 1929.
pression that began in 1920.
Earnings of the railroads for
that with the exception of the automobile trade and anthra¬
to emphasize this trend, for the
cite coal production, the output of all the industries covered
the month of
August
serve
totals of gross and net earnings alike are the best for that
month
in
in
United States naturally has made these results
the
sible.
full
a
Gains
have
The
been
superimposed
degree of cautiousness
of
in
general
business
ordinary
and
years,
that
on
advance
widespread
during the last two
spheres
been
decade.
orders
war
structure.
For
have
time
some
to the future of the railroad
as
pos¬
business
a
earn¬
ings reports seemed advisable, since a good deal depended
the
upon
orders from the Anglo-French allies.
arms
clear
that
prevented
in
orders
British
European
tend
now
assumption
French
of
on
naturally that
a
sink
to
business, since
affairs.
our
into
own
Even
second
arms
the
place,
as
greatly increased scale.
1939,
seen
And it follows
with
freight.
revenue
Receipts,
too,
at
the
primary markets of the various farm products (tak¬
ing the staples as a whole)
cotton
of
sizable increase is shown in the number of
receipts
smaller
and
at
the
kets total less than
a
are
larger.
Southern
livestock
On the other hand,
outports
receipts at
are
much
very
the leading cattle
mar¬
year ago:
August
contracts
1940
1939
1938
1932
1929
Automobile* (units):
Production (passenger
cars, trucks, <fec.).a._
war
is beginning to
75,873
99,868
90.494
90,325
498,628
$414,941
5312,328
$313,141
$133,988
$488,882
Building ($000):
Constr. contr. awarded b
stimulant
a
a
month
same
On examination it will readily be
now
European
program
loaded
cars
Western
adverse effect upon the carriers of the sharp*
any
overturn
for
the
in the table is
with the
After
France fell this problem seemed especially acute, but it
is
compared
as
Coal
►
(net ton*):
Bitumlnous.c
39,240,000 35,016,000 28,665,000 22,489,000 44,695,000
Pa. anthracite.d
3,790,000 3,883,000 2,735,000 3,465,000 5,735,000
Freight Traffic:
Car loadings, all (cars).e z3,718,350 z3,387,672 z3,040,100 z2,626,123
z5,590,853
Cotton receipts. South¬
......
get under way, and promises to keep activity at a high pitch,
in
heavier
Nor
lines.
many
of
outcome
the
is
this
European
justification for taking
some
tic view of the carriers than has been
of years.
a
operations.
defeat
to
The
the
very
taxation,
There
bill,
designed
of
rapid
armaments
active
the road toward
on
this
experts
predicting for the current fiscal
record of
law
operation, will fail
week
to
budgetary
san¬
as
peaee-time spending
year a
to
Federal
the
debt
because
will be that much under the outgo.
revenue
increasing empha¬
sis, inevitably must result in final collapse.
collapse will be
matter of decades
a
tion of individual
a
ques¬
judgment and of general psychology.
The immediate circumstances
on
Whether the
of years is
or
relating to carrier earnings
the bases of August and subsequent experience,
that the adequacy of equipment may be
important in
more
coming months than the precise amount of freight offered
for transportation.
Taken
conducted their affairs in
a
as
whole, the railroads have
a
equipment has not
new
scale designed to cope with a
sharp busi¬
a
on
ness
upswing over and above that now in progress.
This
point, which currently is being debated in railroad circles,
also has a bearing on the maintenance of
way, which has
been neglected here and there.
operations,
on
The
efficiency of railroad
the other hand, far surpasses anything previ¬
ously recorded in the history of the country.
is best indicated in
That efficiency
ratio of operating expehses to
earnings,
a
during August, of only 70.10%.
Gross earnings of the
car¬
riers for the month amounted to
$380,673,990, against $343,-
800,034 in
last
the
month
same
of
year,
a
gain
or 10.72%.
Net earnings aggregated $113,832,028,
against $90,767,042 for August, 1939, an increase of
$17,17.64%.
We present this monthly comparison in
Production.m
Shipments.m
Orders received.m
a
United States
States
of
east
Bureau
Gross earnings
Operating
expenses
Ratio of expenses to earnings..
Net earnings
1939
Inc.
(+)
or
Dec.
(—)
232,772
233,379
—607
—0.26%
$380,673,990 $343,809,034 + $36,864,956 +
10.72%
266,841,962 247,041,092
+ 19,800,870
+8.01%
(70.10)
$113,832,028
We turn
now
(71.85)
$96,767,942 + $17,064,086 + 17.64%
to the general business
statistics
last
year.
measure of
road
In
trade
revenues
brought
order
to
August
a
activity in relation
during the month
together
in
the
table
indicative of activity in the
we
more
the
over
indicate in
underlying
same
month
simplified form
to
its
under
give
bearing
review,
below
on
we
the
of
the
rail¬
have
figures
important industries, to¬
gether with those pertaining to grain, cotton, livestock
8,247
4,858
5,917
z2,043
z2,130
Z56.453
254,349
Z69.066
z21,067
zl0,855
z14,860
Z20.541
Z19.330
z27,391
Z24.167
Z35.724
Z15.685
z2,143
zl9,947
Z19.151
z2,680
Z18.127
z4,059
z7,937
r5,715
z4,981
z2,024
zl,781
z2,156
Z45.061
zll9,048
17,634
Z21.275
z
...
4,238,041
2,978,991
1,673,274
594,245
4,206,362
6,033,037
4,241,994
2,841,554
948.338
5,531,776
xl,047,630
x957,863
xl,054,019 xl,030,187
xl,278,120 xl,072,382
X888.734
x495,290
x959,383
x836,456
X547.571
x942,173
X914.595
X420.696 xl,039,403
Rocky
of the
Census,
Mountains),
c
b F.
W.
National
Dodge Corp.
Bituminous
(figures for 37
Commission,
Coal
e Association of American Railroads.
1 Com¬
piled from private telegraphic reports,
g Reported by major stock yard companies
in each city,
h New York Produce Exchange,
k "Iron Age."
1 American Iron
and
Steel
Institute,
m
National
Lumber
reporting mills varies In the different
Manufacturers
years,
Association
xFour weeks,
(number of
zFive weeks.
In all that has been said above we have been
re¬
dealing with
the railroads of the country as a whole.
Turning our atten¬
tion now to the separate roads and
systems, we find the
exhibits in
totals.
consonance
In
the
month
with the results shown in the general
under review 53 roads are able to
report gains in gross earnings in excess of $100,000, while
not a single road shows a decrease above that
amount, and
in
the
and
of
case
but
three
the
net
earnings 41 roads record increases
losses.
Outstanding among the roads and
systems showing gains in both gross and net earnings alike
are the Pennsylvania RR.
(heading the list in both cases)
and the New York Central, the former with an increase in
gross of $6,579,880 and in net of $1,921,551, and the latter
increase
an
$1,037,605;
in
gross
of $3,323,789 and
in
net
of
(these figures
cover the operations of the NewYork Central and its leased lines; w:hen,
however, the Pitts¬
burgh & Lake Erie is included, the result is a gain in gross
$3,907,981 and in net of $1,490,198).
Other roads are the
of
Baltimore & Ohio, with a gain of $2,185,244 in
gross and
8529,012 in net; the Duluth Missabe & Iron Range, report¬
ing gains of $1,596,211 and $1,234,494, respectively, and the
Great Northern with $1,430,673 in gross and $863,722 in net.
In the following we show all changes for the
separate roads
and
systems for amounts in
creases or
excess
decreases, and in both
principal
of $100,000,
gross
of
whether in¬
and net:
Changes in gross earnings
for
the month
august
Increase
Pennsylvania
New York Central
Baltimore & Ohio
Duluth Miss & Ir Range.
Great Northern
Reading
Atch Top & Santa Fe
Chic Milw & St P & Pac.
Norfolk & Western
Union Pacific.
Louisville & N ashville—
Elgin Joliet & Eastern—
Chic & North Western..
Southern
Illinois Central
the improvement noted in
6,771
2,984
d United States Bureau of Mines,
Erie.
1940
4,101
2,612
Note—Figures In above table Issued by:
Chesapeake & Ohio
Mileage of 132 roads
17,105
3,886
Lumber (000 feet):
Southern Pacific (2 rds).
tabular form:
Month of August
449,405
12,466
(net tons)
$36,-
of
S(M,$p
or
Steel
showing
possible expenditure of funds, and
been ordered
that called for the least
manner
436,088
7,658
returns
This course, which Mr.
Roosevelt's New Deal has followed with
&
Pig Iron productlon.k..
Steel Ingot production. 1.
of
$13,000,000,000, with approximately $5,760,000,000
added
Iron
set
reported
were
308,089
6,254
in¬
Even the
long since brought the
476,187
5,308
3,970
2,207
(cars)
receipts: h
Flour (000 barrels)...
Wheat (000 bushels)
Corn (000 bushels)...
Oats (000 bushels)
Barley (000bushels)..
Rye (000 bushels)
number
a
partly self-supporting, will surely
purpose
into
returns
Treasury fiscal
064,086,
Kansas City
379,347
...
Omaha (care)
Western flour and grain
/
profits tax
excess
which
the Federal Government
suggest,
Chicago (care)
optimis¬
a more
since it impairs the spirit of enterprise.
diminishing
be
ern ports (bales).f...
Livestock receipts: g
devoted particularly to the economics of
survey
inordinate
to
to
gloomy aspects of the situation need to be noted,
to make the arms program
ity.
'
,
in
creases,
point
scene.
possible for
.
railroad
tend
the
upon
signs
developments in the European
is, accordingly,
Some
all
as
preparations in the United States regardless of
war
the immediate
even
dependent
program
conflict,
i
Bessemer & Lake Erie
Pittsburgh & Lake Erie.
Northern Pacific
Western Maryland
N Y Chic & St Louis
N Y N H & Hartford...
Missouri Pacific
Pere Marquette
Grand Trunk Western.
Whese figures
_
$6,579,880
a3,323,789
2,185,244
1,596,211
1,430,673
1,244,935
940,490
931,608
871,229
854,859
832,384
791,027
745,094
732,283
665,426
648,053
633,895
•"
616,256
591,262
584,192
575,889
508,500
496,894
495,531
493,550
403,745
377,634
I ncrease
Del Lack & Western
$365,181
Central of New Jersey
Minn St P & S S Marie..
Atlantic Coast Line
Seaboard Air Line
Wabash
Chic Rock Isl & Pacific..
Denver & Rio G Western
Lehigh Valley
Delaware & Hudson
Chic Burl &
Quincy..
Cin N Orl & Tex Pacific.
Virginian
Florida East Coast
St Louis Southwestern..
Rich Fred & Potomac
Central of Georgia
Wheeling & Lake Erie
Alabama Great Southern
Yazoo & Miss
Valley
Chicago & Eastern 111...
Boston & Maine
Chicago & 111 Midland..
Kansas City Southern
Spokane Portl & Seattle.
Total (53 roads)
356,197
354,776
335,723
333,916
327,797
310,477
288,662
261,241
252,763
208,361
194,394
192,307
191,311
179,738
154,685
149,964
148,861
148,018
136,576
133,483
124,833
121,687
114,432
110,197
$35,646,113
the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis,
Michigan Central
Cincinnati Northern, and Evansville
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $3,907,981.
cover
Volume
PRINCIPAL
CHANGES
NET
IN
FOR
EARNINGS
MONTH
THE
OF AUGUST
Increase
Tnrreri
Dul Missabe & Ir Range.
New York Central—...
Great Northern
__
...
Chic Milw St P & Pacific
Norfolk & Western
Southern Pacific (2 rds)_
807,912
729,330
Chesapeake & Ohio
649,460 Louisville & Nashville—
Erie
____
Elgin Joliet & Eastern—
Pittsburgh & Lake Erie.
Northern Pacific.
_
_ _
_
_
_
Atch Top & Santa Fe—
Missouri Pacific^—__
345,934
312,546
300,096
297,423
Alton
296,728
Union Pacific
100,144
$16,610,644
Total (41 roads).
Grand Trunk Western..
Western Maryland
Pere Marquette.
N Y Chic & St Louis
Decrease
$195,206
139,129
...
_
Denver & Rio G Western
review was considerably
larger than in August, 1939, but still remained very much
smaller than in August, 193S.
While the receipts at the
Western
primary markets of oats, barley and rye were
particularly the latter, were on a greatly increased
Altogether, the receipts at the Western primary mar¬
kets of the five cereals, wheat, corn, oats, barley and rye, in
corn,
scale.
31, 1940, totaled 110,208,000 bush¬
the five weeks ended Aug.
els
1939, but comparing with 142,875,000 bushels in the simi¬
of
lar
grain movement was only 95,257,000 bushels, but back
1929 it
table
in
In the corresponding five weeks of 1932
period of 1938.
the
in
bushels in the same five weeks
against 109,751,000
as
we
aggregated 199,155,000 bushels.
In the subjoined
of the Western grain movement
give the details
usual form:
our
WESTERN
$438,993
RECEIPTS
FLOUR AND GRAIN
Five Weeks Ended Aug. 31
the operations of the New York Central and the
& St. Louis. Michigan Central,
Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $1,490,198.
These figures cover
a
Cincinnati
and Evansville
Northern,
Year
(000) Omitted)
Chicago
When
the roads
are
|
arranged in groups, or geographical
location, it is found that all
districts—the Eastern, the Southern and
Western—together with all the various regions making
Minneapolis
j
divisions, according to their
the
three
tlie
up
much
of wheat and
smaller than in August last year, the receipts
leased lines—Cleveland Cincinnati Chicago
in
under
month
the
in
104,658
290,878 Chicago Great Western.
262,037
Total (3 roads)
246,270
Reading.
Chic Rock Isl & Pacific.
181,468
153,460
121,505
118,198
113,559
108,372
107,538
106,810
Wabash
615,627
529,012 Delaware & Hudson
485,079 Chicago & Eastern 111—
471,384 Alabama Great Southern
452,593 Missouri-Kansas-Texas
443,568 Yazoo & Miss Valley
366,215 Minneapolis & St Louis.
346,186 Atlantic Coast Line
_
Bessemer & Lake Erie—
Hartford
_
Cin N Orl & Tex Pacific.
Baltimore & Ohio.
N Y N H &
Minn St P & S S Marie.
665,444
__
Chic & North Western.
$237,519
230,791
223,618
219,112
215,079
203,160
199,167
(taking them col¬
grain traffic over Western roads
The
lectively)
$1,921,551 Lehigh Valley
1,234,494 Chic Burl & Quincy
al,037,605 Del Lack & Western—.
863,772 St Louis Southwestern
Pennsylvania..
2099
Chronicle
The Commercial & Financial
151
great
these districts, without a single exception, show
gross and net earnings alike.
It will be
both
increases
observed,
reported by some of the
regions in the case of the net earnings is quite high, two
regions in the Eastern district, the Great Lakes region and
the Central Eastern region, reporting 27.64% and 19.23%,
respectively, and two regions in the Western district, the
too,
that the percentage of gain
of
gains
recording
Southwestern,
the
and
Northwestern
26.92% and 20.25%, respectively.
Our summary by groups
is as below.
As previously explained, we group the roads
to conform with the classification of the Interstate Com¬
and regions are
.
Toledo..
Indianapolis and
indicated in the footnote to the table:
Gross Earnings
...
Oats
Rye
Barley
(Bush)
(Bush)
(Bush.)
1,073
5,205
9,550
3,232
154
1,247
1,141
953
3,468
6,775
429
32
4,777
22,053
4,456
1940
1,504
1,128
9,291
93
12,257
1939
1
1939
/
1940
1
f
1939
'
'
*---
Kansas City
'
248
1,077
3,448
617
566
1,293
53
8
1,998
3,313
1940
89
647
425
111
22
3,978
----
6,282
182
1,021
6
30
^
2,399
181
916
45
55
5,036
54
1,580
1,517
1,170
78
8
987
498
51
32
959
278
21
60
•
'V
^
549
1939
609
2,745
j
1940
195
1
1940
-
473
1,614
418
1939
190
296
2,061
651
J
1940
115
778
66
1
1939
3,825
3,730
334
246
129
288
176
197
101
f 1940
St. Joseph
IIII
1939
...........J
Wichita..
1
Sioux
2,745
912
443
1940
J
Peoria
9,781
162
12,032
79
1939
St. Louis.....
21,716
10,739
3,878
3,869
1,922
Omaha..f
City._..*.J..v-*..|
Total all..
AUGUST
SUMMARY BY GROUPS—MONTH OF
Corn
(Bush.)
1939
1939
The boundaries of the different groups
Commission.
merce
Milwaukee.
Wheat
(Bush.)
1940
1940
Duluth..*.
Flour
mis.)
17
406
64
74
256
V'
:
220
425
~
«
-
w'
2
•'tmm-*
1940
873
1939
1,714
1940
303
266
239
54
272
136
56
297
26
207
1939
....
•C-
4
*
*
1940
2,043
56,453
21,067
14,860
2,143
15,685
1939
2,130
.54,349
10,855
20,541'
4,059
19,947
■
WESTERN FLOUR AND GRAIN RECEIPTS
1940
District and Region
Eastern District—
13,918,911
(10 roads)...
New England region
68,198,244
Great Lakes region (23 roads)
82,658,060
Central Eastern region (18 roads).
Total
1939
Inc.
%
+ 881,990
+6.77
+7,813,859 + 12.94
70,457,223 + 12,200,837 + 17.32
13,036,921
Southern District—
Chicago
Minneapolis
.
+ 9.22
22,881,034
+2,078,509
+ 9.08
62,705,981
+ 5,750,199
+ 9.17
43,496,637
39,824,947
Pocahontas region (4 roads)
24,959,543
68,456,180
(31 roads)
Western District—
(15 roads)
Central Western region (15 roads)..
Southwestern region (20 roads)
Northwestern region
Total (50 roads!
52,833,301
47.184,686
+ 5,648,615 + 11.97
69,332,014
65,893,290
+3,438,724
+ 5.22
25,277,280
24,146,548
+ 1,130,732
+4.68
147,442,595 137,224,524 + 10,218.071
+ 7.45
380,673,990 343,809,034 +36,864,956 +10.72
Total all districts (132 roads)
Net Earnings
;,
7
,
.
.
.
Flour
Wheat
Corn
Oats
Rye
Barley
(.BUS.)
(Bush.)
(Bush.)
(Bush)
(Bush)
(Bush.)
24,754
22,732
73,926
50,929
12,113
17,124
13,851
17,624
1,860
5,755
1,149
42,364
7,426
6,917
26,186
29,394
3,011
5,061
1940
7,267
1939
7,491
1940
32
1939
1,161
63,239
1939
Milwaukee
1940
554
1939
614
1940
Toledo
Indianapolis and Omaha..
St. Louis
Peoria
Kansas City
Mileage
1939
1940
District-
Eastern
%
+ 16.78
14,818,765
+484,518
+4,096,552
21,936,568
+4,217,679
+ 19.23
39,642,536
+ 8,798,749
+22.20
8,761,651
+ 807,289
+ 9.21
2,887,203
48,441,285
38,370
10,942,204
+ 1,015,917
+ 9.28
19,703,855
+ 1,823,206
+ 9.25
Great Lakes region
26,128
26,227
Cent. East, region.
24,505
57,351
38,244
region
Total
6,063
6,057
44,307
44,427
21,527,061
Dist.—
+ 26.92
Northwest'n region
45,663
45,701
19,398.995
15,284,638
+4,114,357
Cent. West, region
56,301
56,408
18,658,239
17,308,197
+ 1,350,042
+ 7.80
Southwest'n region
29,150
29,307
5,806,448
4,828,716
+977,732
+20.25
Total
131,114 131,416
43,863,682
37,421,551
+ 6,442,131
+ 17.21
Tot. all districts
232,772 233,379 113,832,028
96,767,942 + 17,064,086
+ 17.64
roads conforms to the classification of the Interstate
and the following Indicates the confines of the different
NOTE—Our grouping of the
Commerce Commission,
groups
and regions:
14,160
12,707
80
149
88
2,995
5,978
142
4,670
496
1939
3
23,949
7,471
378
56
1940
4,173
16,454
17,983
7,354
2,936
2,096
209
1,208
156
1,254
6,177
13,268
2,288
466
2,381
2,178
13,521
2,296
583
1,767
803
63,241
6,556
658
683
71,095
5,620
1,539
5,549
5,951
19,210
25,079
1,258
1,258
1,555
818
1,116
1,348
443
4,346
1940
1939
1,363
1,507
1940
1939
1939
19
9
1
22
1,515
338
107
1,762
667
126
588
14,211 274,644 128,307
15,818 280,666 112,232
43,823
62,247
12,261
55,002
13,190
57,822
1940
1940
38
23,016
2,093
1939
over Southern roads,
reduced scale in August, 1940,
both as regards receipts of the staple at the Southern outports, and shipments overland.
The latter totaled only
£3,187 bales in August, 1940, as against 48,785 bales in
August, 1939, and 57,338 bales in the same month of 1938.
Back in August, 1929, however, the overland cotton receipts
were but 22,527 bales, and in August, 1932, dropped to 13,078
the
movement
cotton
this, we find, was on a greatly
bales.
the
In
which follows
the table
port movement of the staple for
RECEIPTS OF COTTON AT
JAN.
1
give the details of
SOUTHERN PORTS IN AUGUST AND FROM
AUG.
TO
we
the past three years:
31,
1939, AND 1938
1940,
DISTRICT
Region—Comprises the New England States.
the section on the Canadian boundary between
New England and the westerly shore of Lake Michigan to Chicago, and north of
a line from Chicago via Pittsburgh to New York.
Central Eastern Region—Comprises the section south of the Great Lakes Region
east of a line from Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio River, and north of the Ohio River to Parkersburg, W. Va.,
and a line thence to the southwestern corner of Maryland and by the Potomac
River to Its mouth.
DISTRICT
SOUTHERN
the section east of the Mississippi River and south
W. Va., and a line thence following the
eastern boundary of Kentucky and the southern boundary of Virginia to the Atlantic.
Pocahontas Regioitr—Comprises the section north of the southern boundary of
Southern Region—Comprises
east of Kentucky
and the Ohio River north to Parkersburg,
W. Va.,
and
Parkersburg to the southwestern corner of Maryland
River to Its mouth.
WESTERN
DISTRICT
Region—Comprises the section adjoining Canada lying west of the
Great Lakes Region, north of a line from Chicago to Omaha and thence to Portland,
and by the Columbia River to the Pacific.
Central Western Region—Comprises the section south of the Northwestern Region
west of a line from Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas City and thence to El Paso and by the Mexican boundary
Northwestern
to the Pacific.
the section lying between the Mississippi River
St. Louis to Kansas City and thence to El Paso,
the Gulf of Mexico.
Southwestern Region—Comprises
south of St. Louis and a line from
and by the Rio Grande to
8 Months Ended Aug.
Month of August
31
Ports
1939
1940
Galveston
Houston
New Orleans
Mobile
Pensacola, &e
Savannah
of the Ohio River to a point near Kenova,
thence by the Potomac
180
4,120
22,677
1939
Lakes Region—Comprises
Virginia,
327
2,980
9,648
1939
New England
and south of a line from
671
3,864
,
EASTERN
Great
252
3,499
19,237
Wichita..
Concerning
9,568,940
11,958,121
2,301
11,087
19
1940
Total all.
2,498
"13
1940
Sioux City..
8,071
2,563
9,288
5,480
1940
St. Joseph
+27.64
Diet.-
Southern region...
Western
$
S
S
(—)
57,536
6,745
Pocahontas
Inc. (+) or Dec.
24,564
6,718
Southern
1939
3,371,721
18,915,317
26,154,247
New Engl, region.
Total
1940
8,068
1,054
6,520
1939
1939
District & Region
7,916
7,541
35,534
29,022
1940
Duluth
+3,671,690
Southern region (27 roads)
Total
Year
(000 Omitted)
60,384,385
164,775,215 143,878.529 + 20,896,686 + 14.52
(51 roads).
Eight MonthR Ended Aug. 31
(+) or Dec. (—)
...
Brownsville
Charleston
.....
46,403
87,447
157,536
131,587
83,758
3,221
72,646
541
1,007
1,176
5,526
12,930
33,464
3,010
167
45
1,665
Wilmington
Norfolk
Corpus Chrlstl.......
Lake Charles..
Beaumont
1939
286,451
331,893
460,764
479,545
351,189
641,321
25,304
9,543
593,527
819,957
—
MM
2,049
73,223
2,357
15,468
26,560
47,574
33,464
71,770
130,452
1,019
160,248
6,721
650
77,849
1,096
19,246
226,536
24
1
120
624
~
187
379,347
Note—In the figures for 1938
476,187
4.
33,496
20,051
769
6,472
2,308
445
1938
33,760 1,143,783
87,130
4,765
366
20,842
25,761
4,978
+
13,505
299
1,174
879
4,597
34,288
66,836
1,498
Jacksonville
Total
1940
1938
21,315
248,294
7,037
mm***
5,459
2,312
127
308,089 2,833,891 1,319,069 2,014,824
Brownsville was included in Corpus
Chrlstl.
Finally, in the following table we furnish a summary
of
comparisons of the gross and net earnings of the
railroads of the country for each year back to and includ¬
the August
ing 1909:
119954310
The Commercial
2100
1199228.
Mileage
Gross Earnings
Month
of
Augu<tt
1909---_
19308745
1912---._<
1916.
1917......
1918......
1919......
1920......
1923
1924......
1925..
1926
1927..
1930......
1931
1932..
—
..
1933......
1939—
—
..
1940
Year
Year
Given
Preceding
Inc.
(1+)
or
Dec. <—)
$225,488,923 $197,928,775
261,605,986 233,666,645
243,816,594 245,784,289
276,927,416 251,067,032
269,835,029 255,493,023
269.593.446 280,919,858
279,891,224 274,618,381
333,460,467 278,787,021
373,320,711 333,555,136
498,269,366 362,509,561
469,868,678 502,605,334
641,549,311 460,173,330
604,599,664 554,718,882
472,242,601 504,154,065
563,292,105 473,110,138
607<406,011 563,358,029
564,559,318 507,637,554
577,791,746 563,033,904
556,406,662 670,093,397
650,908,120 656,743,013
585,638,740 657,803,468
405,700,789 586,397,704
364,010,959 405,762,820
251,761,038 363,778.672
300,520,299 251,782,311
282,277,699 296,564,653
293,606,620 282,324,620
350,084,172 293,578,257
358,995,217 349,923,357
314,790,136 358,995,218
343,809,034 314,738,181
380,673,990 343,809,034
Per
Year
Year
Cent
Given
Preced'g
+$27,560,148
+ 17,839,341
+13,92
+7.03
—1,907,695
—0,80
—9.04
216,332
234,805
230,530
239.230
219,4 2
240,831
247,809
245,516
247,099
230,743
233,423
227,145
233,815
+25,860,384
+4,342,006
—11,326,412
+ 10,30
+ 1.70
+5,272,843
+1.92
+64,073,436
+39,771,675
+ 135,759,795
—32,036,656
+81,375,981
—50,119,218
—31,911,054
+90,181,967
—65,952,018
+47,021,764
+23,857,842
—22,686,735
+ 165,107
+ 27,835,272
—12 \696,915
—101.751,861
—112,017,534
+48,737,988
—14,280,954
+ 11,281,900
+ 50,505,915
+ 19.61
—6.33
235,294
+19.06
235,357
235,172
236,760
236,759
238,672
—4.03
+ 11.92
+37.45
—6.49
+ 17.68
—9.93
+9.26
+4.31
—3.92
+0.03
+4,99
240,724
241,020
241,546
243,024
242,208
241,166
239,114
238,629
236,085
235,321
234,479
233,384
232,772
—20.58
—21.85
—30.79
+ 19.36
—4.82
+4.00
+ 19.25
+2.59
+9,071,860
—44,205.082
+ 29,070,853
—12.31
+36,864,950
+ 10.72
+9.24
213,683
230,925
227,076
235,404
210,709
237,159
245,754
244,705
240,190
230,015
233.203
226.440
233,067
235,090
235,696
235,445
236,546
236,092
237,824
239,205
241,253
242,444
242,632
242,217
242,358
240,658
238,955
237,831
235,879
235,324
234.204
233.379
Financial Chronicle
&
11992403
1119994320458
Net Earnings
1911
1912.-.
— .
1916....
1917
Year
Given
Preceding
$85,880,447
88,684,738
80,224,971
99,143,971
83,143,024
87,772,384
99,713,187
125,837,849
121,230,736
$72,159,624
80,529.654
86.820,040
87,718,505
92,249.194
87,300.840
89,673,609
99,464,634
125,899,564
118,114,360
143,561,208
108,053,371
142,427,118
112,245,680
♦110,173,003
123,070,767
80,566.595
136,519,553
134,609.714
166,558,660
179,410,017
164,013.942
1918....
19211...
1922....
1923....
1924
1925....
1926
1927.
— .
1930.
— .
173,922,084
190,957,504
139,134,203
95,118,329
02,540,800
96,108,921
71,019,068
72,794,807
104,272,144
91,424,620
85,098,152
1931....
—
.
1933....
1930..,.
1937
1938....
*
Year
of
August
1910.-.
1932.
1940
Month
1909.—.
1915.
Oct. 12,
00,707.942
113,832.028
Increase (+) or
Decrease
(—)
+$13,720,823
—♦844,910
+ 13.03
—9.87
—4,668,828
71,686,757
72,650,775
104,255,716
91,404,620
85,703,240
90,707,942
+ 0.54
+ 11.20
4-26.62
-3.71
+24,312,768
+20.58
—31,315,528
—224,220,374
+248,237,870
—36,787,070
+49,897,384
—2,148,281
+31,821,456
+ 12,989,753
—15,697,472
+9,835,559
+ 10.758,860
52.063,396
—44,043,140
—32,530.008
+33,555,892
—23,488,177
+ 1,108,150
+31,621,369
—12,831,096
—21.81
-
94,507,245
—0.04
—0.09
+ 11,425,466
+26,373.215
123,353,665
86,622,169
136,817,995
134,737.211
166,426,264
170,711,414
164,087.125
174,198.644
191,197,599
139,161,475
95,070,808
02,553,029
+ 19.01
—595,069
—9,106,170
+471,544
+ 10,039,578
♦125,167,103
Per
Cent
—207.51
+ 197.62
—29.82
+57.60
—1.57
+23.62
+ 7.81
—8.74
+ 5.99
+9.62
—27.23
—31.65
—34.22
+53.64
—24.85
+ 1.55
+43.63
—12.31
5,706,468
—6.24
+ 11,064,702
+ 17,064,080
+ 12.91
—
+ 17.64
Deficit.
Indications of Business Activity
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Oct. 11, 1940.
Business activity about held its own the past week.
Statistical news continues to reflect the present vigor of
domestic business, and minor recessions in a few lines are to
be expected. There appears to be general confidence that the
final quarter of this year and the first of 1941 will be satis¬
factory.
CarlOadings, electric power production and engi¬
neering construction awards showed a slight falling off
compared with the previous week, but show up well com¬
pared with last year. The slight weekly setbacks are not
surprising in view of the high levels reached recently, espe¬
cially in electric power production which touched an all-time
high the previous week.
There was no fundamental change in the condition of the
stock market, the undertone being reported as firm.
How¬
ever, traders show little disposition to bid for stocks in the
face of present military and political uncertainties and
evidence that the business uptrend of a month ago is leveling
off slightly.
Although the country's steel mills are being pressed for
deliveries and production is at or near all-time peaks, only
self-imposed priorities have been necessary thus far, and
this condition may continue if manufacturers of non-essential
products use restraint, the "Iron Age" says. It estimates
output at 94 per cent of theoretical capacity, with indica¬
tions that this rate will hold or go higher in the remaining
weeks of 1940.
The current rate, the survey says, approxi¬
mately equals the peak operation of 1939, which
in November.
was
attained
Maintenance of this rate to the end of De¬
cember would insure
a total output for the
year of about
65,000,000 net tons of ingots, substantially exceeding the
previous record of 62,032,445 net tons in 1929.
Pig iron
otitput also is said to be approaching the 1929 peak. Another
indication of
the
rising trend of industrial production is
riven by the magazine's capital goods index which advanced
for the eighth week to an eleven-year high of 107.9.
"An
example of the pressure for forging is the fact that twelve
companies which have received United States Army con¬
tracts for 155 mm. and 105 mm. shells will
require a total
of 268,000 net tons of steel.
Not included in the list is
20,000 tons just placed by a New York comoany and about
50,000 tons that is pending for British shell contracts. The
American Car & Foundry Co. has received a new order for
3,090 light tanks for the Army which will take 10,000 tons
of
plate and a like quantity of ordinary carbon steel.
regard a three month inventory as ample
protection for consumers, and they are trying to discourage
armor
Steel companies
too
great
concentration of orders, the survey says. How¬
ever, for the first time since 1917, a large number of
buyers
are flocking to mill districts to
arrange for future deliveries.
Some reservations running
through the first quarter have
a
been made."
After reaching an all-time high in the
preceding week,
production by the electric light and power industry for the
period ended Oct. 5th fell to 2,640,949,000 kilowatt hours,
a decrease of
28,712,000 hours below the preceding week's
total of 2,669,661,000, according to
figures released yester¬
day by the Edison Electric Institute. Output for the latest
175,719,000, or 7.1% above the total
of 2,465,230,000 kilowatt hours recorded
during the week
ended Oct. 7th, 1939.
Engineering construction awards for the week total
$84,797,000, an increase of 20% above the corresponding
week last year, but 10% under the volume of a week
ago as
reported by Engineering News-Record.
Defense awards
continue to spur public construction,
boosting the current
and 2% above last
week.
Private construction, however, is 44% below last
year and 33% under last week.
The week's volume brings
1940 construction to $2,681,951,000, an increase of 12%
over
the total reported for the 41-week period in 1939.
Private awards top last year's mark by 19% and public
construction is 9% ahead of a year ago as a result of the 179%
gain in Federal work.
'
Loading of revenue freight for the week ended Oct. 5th
totaled 805,986 cars, according to reports filed by the rail¬
roads with the Association of American Railroads and made
public today. This was a decrease of 16,448 cars below the
preceding week this year, 24,116 cars fewer than the cor¬
responding week in 1939 and 103,370 cars under the same
period two years ago. This total was 107.02% of average
loadings for the corresponding week of the ten preceding
week's
public total 97 % above
a yeai ago
years.
Highest production peak
so
far this year was reached this
week, "Automotive News" said today in estimating output
of the automobile plants at 112,700 cars and trucks.
The
previous high was 110,199 units for the week ended March
16.
The week's output compared with 104,863 vehicles
assembled last week, the survey reported, and 70,455 units
this week a year ago.
General Motors divisions accounted
for 47,400 of the total, "Automotive News" said.
It re¬
ported Chrysler's output as 26,135 cars and trucks, and
said the Ford group assembled 22,500 units
The Federal Reserve Board reports that the current eco¬
nomic upswing had carried industrial production beyond the
1937 level to a point just under the post-depression peak
of last December.
The Board estimated September output
at 124% of the 1935-1939 average.
This was two points
under the December mark but
was
two
points-higher than
August and 13 above the 1940 low reached in April.
A greater willingness to spend on the part of all groups
from producers down through retail shoppers was noted m
today. Retailers are observing the effects of large
purchasing power in an increased demand tor better grade
goods and in a generally higher average unit sale. Forward
orders are picking up at wholesale and with deliveries still
tightening, there has developed a renewed interest in en¬
larging stocks of goods. Buying continued fairly broad this
week, although in most centers the outstanding showing
was made by home
furnishings and other durable lines,
Dun & Bradstreet, Inc., stated. Average retail gain for the
whole country was 6 to 10 per cent over last year, according
surveys
to
this agency.
extraordinary developments in the weather
Generally fair weather and considerably
lower temperatures prevailed over the Eastern States during
the first half of the week, according to Government advices.
Freezing weather occurred over a considerably northeastern
area, and also in much of the Great Basin and in northern
Rocky Mountain section. Minimum temperatures were in
the upper 30's, and lower 40's throughout the Central
Valleys, with a low of 34 degrees reported from as far south
as Chattanooga, Tenn., on the morning of the 4th.
In Gulf
sections the minima ranged from around 50 to 60 degrees.
It is reported that there were further substantial rains over
much of the western portion of the country, while moderate
to rather heavy falls were general in the upper
Mississippi
Valley, much of the Great Plains, and the Middle Atlantic
area.
A continuation of precipitation in much of the western
half of the country was a weather feature of the week* which,
together with the preceding rains during September, has
There
the past
were no
week.
Volume
The Commercial & Financial Chronicle
151
produced au unusually favorable moisture condition rather
generally west of the Great Plains. Farm work made good
progress in most sections, with plowing greatly facilitated
by showers in many northern sections.
In the New York
City area the weather has been generally fair, with mild to
cool
temperatures.
weather today
peratures ranged from
The
and clear and tem¬
49 degrees to 70 degrees.
Partly
cloudy and warmer tonight and Saturday.
Winds were
moderate and westerly on Friday with indications pointing
to their backing to the southwest and increasing moderately
on Saturday.
For the city the lowest thermometer reading
tonight is placed at 50 degrees and 42 degiees in the suburbs.
Overnight at Boston it was 43 to 59 degrees; Pittsburgh,
39 to 63; Portland, Me., 32 to 63; Chicago, 57 to 76; Cin¬
cinnati, 42 to 74; Cleveland, 48 to 71; Detroit, 53 to 67;
Milwaukee, 57 to 73; Charleston, 41 to 72; Savannah, 44 to
72; Kansas City, Mo., 60 to 70; Springfield, 111., 56 to 77;
Oklahoma City, 57 to 72; Salt Lake City, 41 to 66, and
Seattle, 57 to 63.
moderate
was
ago.
The principal individual changes
rubber, wheat and wool.
The movement of the Index
Fri.
Oct.
4
Sat.
Oct.
5
Mon.
Oct.
7
Tues.
Oct.
8
—
—
Another increase took place last week in the general level
of wholesale commodity prices, according to the price index
compiled by the National Fertilizer Association.
This index
in the week ended Oct. 5 was 75.5, compared with 75.3
in the preceding week, 75.9 a month ago, and 76.7 a year
ago, based on the 1926-28 average as 1(30.
The index is
still lower than any point reached in the first five months
of this year.
The Association's announcement, dated Oct. 7,
continued; '
Price
week,
increases
with
of farm
widespread
were
upturns taking
products,
foods,
registered in the farm
cotton and
throughout
commodity
list
last
place in the indexes representing the prices
and all other
products which
poultry, which were much
other items.
the
The textile average
commodities.
only
Tne
declines
included in the index
are
more
in
were
than offset by advances in 13
advanced to
a
three-month high, with
Loading
prices
registered by the
were
building materials,
of
commodities.
chemicals
g oup
and
indexes representing the
drugs,
and
miscellaneous
••
51 price series included in the index rose, while only
several
of
the
commodities
declined
which
helped to keep down the level of the index.
28
were
were
advances
and
24
declines;
were
12 declined.
important
ing of
of
In the preceding week there
WHOLESALE
COMMODITY PRICE
Compiled by the National Fertilizer Association.
INDEX
(1926-28=100)
Percent
Latest
Preced'o
Month
Year
Each Group
Week
Week
A (jo
Ago
Bears to the
Oct. 5.
Group
Sen
1940
Total Index
25.3
Foods
Fats and oils
Cottonseed oil
23.0
Oct. 7.
1939
70.3
70.1
72.3
74.4
43.4
44.0
45.6
53.7
51.6
51.7
56.1
64.9
62.7
62.3
63.7
62.8
51.6
52.1
52.8
Grains
62.8
62.0
61.4
59.2
Livestock
63.9
63.4
66.7
64.1
80.7
80.7
80.9
80.5
Fuels
10.8
t. 7,
1940
Cotton
Farm products
17.3
Se
28,
1940
Miscellaneous commodities
48.8
84.6
84.9
85.1
8.2
Textiles
70.5
69.3
69.4
7.1
Metals
93.2
93.2
92.2
93.9
6.1
90.2
90.4
86.7
86.3
1.3
Building materials
Chemicals and drugs
97.6
97.8
97.8
93.8
0.3
Fertilizer materials
71.8
70.3
70.5
73.9
0.3
Fertilizers
0.3
Farm machinery
100.0
...
—
All groups combined
"Annalist"
Index
of
78.6
78.6
77.2
93.8
93.8
95.0
Wholesale
75.3
75.9
Commodity
freight for
the
on
of
Loading
cars,
of
in
below
cars
week, and
1,602
the
wholesale
than
less
commodity prices for Oct. 5 to 80.4, as com¬
against 79.5
The
of
cotton and
In
the
rise
the
in
woolen yarns as
increase.
the miscellaneous section
The
farm
declined
preceding
textile
well
as
group
were
increases
certain cotton cloths.
in
the
prices of
Silk also showed
Firming lumber prices boosted the building materials group.
products
slightly.
leather prices
group
Non-ferrous
remained
metals
moved upward.
unchanged,
rested
after
while
their
products
advance in the
food
week in
WEEKLY
INDEX OF WHOLESALE COMMODITY PRICES
(1926=100)
Oct. 5, 1940
week, and
and grain
a
carload
week
lot
in
decrease of 39,617
Oct. 7, 1939
the
totaled
freight
but
159,686
decrease
a
1939.
below the corresponding
cars
the
products loading totaled 39,387
cars,
decrease of five
a
below
the
the Western Districts alone, grain
grain products loading for the week of Oct. 5 totaled 25,558 cars, a
crease of
484 cars below the preceding week, but an increase of 976
above the corresponding week in 1939.
Live stock loading amounted to 19,599 cars, an increase of 2,082
above the preceding week, but a decrease of 1,212 cars below the
and
de¬
below
cars
corresponding
preceding
week
responding week
above
cars
the
a
decrease
1,795
of
cars
In
cars
cor¬
In the Western Districts alone, loading of live
5 totaled 15,919 cars, an increase of 1,951
preceding
week,
but
a
decrease
1,500
of
cars
below the
1939.
above
corresponding
products loading totaled 40,728 cars, an increase of 60 cars
Forest
preceding week, and an increase of 3,904 cars above the
the
week
cars
Oct.
of
corresponding week in
and
week,
1939.
in 1939.
week
the
for
stock
in
1939.
in
1,210 cars below the
the corresponding week
loading amounted to 66,005 cars a decrease of
Ore
preceding week, but an increase of 3,880 cars above
1939.
in
»,
increase of 31 cars above the
increase of 375 cars above the corresponding week
loading amounted to 11,721 cars, an
Coke
preceding week, and an
v v
compared with the corresponding week
in 1939 except the Allegheny, and Northwestern, but all districts reported
increases over 1938 except the Pocahontas.
in
1939.
reported
districts
decreases
J I'-
Four weeks of January.
Four weeks of February
.—
Five weeks of March
-—
.
Four weeks of April.*.Four weeks of May
———
weeks of June
— —— ......—
Five
Four weeks of July
Four weeks of September—..—
Total
1939
2,288,730
2,256,717
2,486,863
3,122,556
2,282.866
2,155,536
2,976,655
2,494,369
2,712,628
3,534,564
2,225,188
2,363,099
3,127,262
2,532,236
2,746,428
2,126,471
2,185,822
702,616
22,841,771
25,116,046
for the week ended
The first 18 major railroads to report
freight
preced¬
days ended Oct. 7,
11140 loaded a total of 374,717 cars of revenue
their own lines, compared with 381,881 cars in the
Oct. 5,
on
2,759,668
2,272,941
3,040,100
2,595,482
3,387,672
3,102,236
830,102
27,391,813
.......—
.....
1938
1940
2,555,415
2,825,752
3,718,350
3,135,330
805,986
—
ing week and 384,906 cars in
A comparative
REVENUE FREIGHT
the seven
table follows:
LOADED AND RECEIVED FROM
(Number of <. ars)
Loaded
on
Oct.
5
1940
CONNECTIONS
Received from Connections
Own Lines
Weeks Ended—
Weeks Ended—
Sept. 28
Oct. 7
Oct. 5
Sept. 28
Oct. 7
1940
1939
1940
1940
1939
22.230
20,867
23,689
35,991
36,871
35,873
Chesapeake & Ohio Ry
22,933,
27,680
28,496
Chicago Burl. & Qulncy RR
Chic. MUw. St. Paul & Pac. Ry—
17,071
18,816
23,297
17,707
23,064
11,856
10,433
24,480
9,251
Santa Fe Ry.
Chicago & North Western Ry—
Gulf Coast
Lines..
M issourl-Kansas-Texas
RR
Missouri Pacific RR
New York Central Lines
10,560
13,880
12,691
2,371
4,967
1,623
2,253
3,303
17,028
46,089
17,106
10,745
48,100
17,845
46,403
1,460
3,182
3,191
10,772
44,972
45,091
6.493
23,799
7,261
23,582
12,180
6,245
11,708
5,632
10,175
48,801
11,855
6,380
75,781
6.494
73,112
6,512
47,314
49,637
48,948
6,055
5,647
6,437
8,091
7,187
9,226
9,703
9,697
9,843
6,367
2,005
74,850
6,599
7,904
34,653
8,018
7,057
33,325
32.714
7,553
9,618
5,951
5,645
6,403
10,376
Ry__
10,594
8,868
12,227
23,320
21,341
Wabash
12,953
10,146
2,635
1,014
4,757
Pennsylvania RR
—
-
6,930
19,544
12,810
22,525
Pere Marquette
Ry—
19,579
1,963
5,177
22,651
2,722
N. Y. Chicago & St. Louis Ry—
Norfolk & Western Ry
—
Pittsburgh & Lake Erie RR
6,974
7,272
20,732
Baltimore & Ohio RR
Atchison Topeka &
1,719
2,154
3,023
374,717 381,881 384,906 234,472 233,944 239,680
Total
Sept. 28, 1940
above
1939.
Grain
Southern Pacific Lines
period.
••ANNALIST"
cars
loading amounted to 127,693 cars, a decrease of 30,791 cars below
Coal
the preceding
International Great Northern RR.
"Annalist" further states:
Back
an
Sept. 28 and 80.1 on Oct. 7 of last year.
on
increase of 11,783
an
10,711
of
above the preceding week,
cars
Oct. 7 that advances in tex¬
The index stood at
80.9 a year ago.
Adjusted for seasonal variation, the com¬
bined index for Oct. 5 stood at 79.6% of the 1926 average,
as
increase
an
corresponding
Prices
pared with 80.2 in the week preceding.
decrease
The Asso¬
1939.
merchandise
increase of
an
362
freight loading totaled 341,217 cars,
preceding
tile products and building materials lifted its weekly index
of
was a
2% below the preceding week.
Advanced 0.2 of Point During Week Ended Oct. 5
Tlie "Annalist" announced
Oct. 5,
ended
week
the
freight for the week of Oct. 5
week
corresponding
1.939.
76.7
Ended
Association of American Railroads
72.9
78.6
...
Freight During
Week
805,986 Cars
cars, the
cars or
above
cars
88.0
93.8
75.5
Low—Aug. 16
Reaches
5
revenue
revenue
16,448
All
^
Low-=-Aug. 15
1940 High—Jan. 2
ciation further reported*
they
in the second preceding week there
33 advances and 32 declines.
WEEKLY
Since
ones,
167.8
172.8
138.4
169.4
149.3
announced Oct. 10.
This was a decrease of 24,116 cars or
2.9% below the corresponding week in 1939, but an increase
of 103,370 cars or 14.7% above the same week in 1938.
Load¬
A
The broad nature of the advance last week is indicated by the fact that
159.1
155.8
Year ago, Oct. 11
1939 High—Sept. 22
Revenue
805,986
the advances in
were
follows:
Two Weeks ago, Sept. 27
Month ago, Sept. 11
161.8
of
as
161.2
..162.7
Loading of
totaled
was
160.4
160.8
160.8
161.5
Oct.
advances taking place in a wide range of fibers, yarns, and cotton goods.
Fractional declines
-
Wed.
Oct.
9
Thurs. Oct. 10
Fri.
Oct. 11
Miscellaneous
Wholesale Commodity Prices Further Advanced During
Week Ended Oct. 5, According to National Fer¬
tilizer Association
2101
TOTAL LOADINGS
AND RECEIPTS FROM
CONNECTIONS
(Number of Cars)
75.3
Farm products
70.6
Food products
75.3
70.9
75.2
71.4
Textile products
68.7
67.4
74.4
Fuels
84.4
84.4
86.8
98.0
98.0
99.2
Building materials
72.2
71.3
70.8
Chemicals
86.7
86.7
85.4
78.6
77.3
75.6
80.4
80.2
80.9
Metals
_
Miscellaneous
.
All commodities.
Weeks Ended
Oct. 5, 1940
Sept. 28. 1940
Oct. 7, 1939
81,711
80,821
84,476
Chicago Rock Island A Pacific Ry.
Illinois Central System
St. Louis-San Francisco Ry
Total..
In the following we undertake
Moody's Commodity Index Advances
Moody's Daily Commodity Index continued to advance,
closing at 162.7 this Friday, as compared with 160.4 a week
to show also the loading
for separate roads and systems for the week ended Sept. 28,
1940.
During this period 49 roads showed increases when
compared with the
same
week last
year.
The Commeicial & Financial Chronicle
2102
Oct.
12,
1940
REVENUE FREIGHT LOADED AND RECEIVED FROM CONNECTIONS (NUMBER OF CARS)I—WEEK ENDED SEPT. 28
Raltroa
Total Revenue
Total Loads Received
Freight Loaded
from Connections
Eastern District—
Ann Arbor-.-..—..........
Bangor & Aroostook
Boston A Maine—..........
...
Chicago Indianapolis A LouisvCentral Indiana———
Central Vermont
Delaware A Hudson.——.....
.......
Delaware Lackawanna A West
Detroit A Mackinac..—......
Detroit Toledo A Ironton
Detroit A Toledo Shore Line...
Erie.........—..——.
Grand Trunk Western........
Lehigh A Hudson River..
671
746
1,167
8,654
.......
Monongahela......—....
Montour....................
New York Central Lines......
N. Y* N. H, A Hartford.—.
/New York Ontario A Western.
N. Y. Chicago A Sf.^Louio—
726
1,814
223
238
10,402
2,622
11,401
2,605
15
27
20
53
61
1,346
6,023
11,360
794
0,939
2,096
7,911
7,848
2,371
9,140
7,747
430
483
608
in
177
2,383
2,358
1,534
1,337
3,431
14,351
8,262
2,221
1,537
6,991
1,923
1,481
3,378
14,882
8,225
2,159
1,688
7,097
2,215
4,794
320
315
245
14,214
5,235
14,197
4,534
12,320
4,241
258
135
122
1,810
1,867
9.429
2,476
3,645
2,028
10,697
1,215
6.493
2,231
10,155
2,077
5,026
2,253
46,542
11,164
1,213
7,466
352
470
7,988
6.494
7,641
6,618
9,907
2,832
5,150
2,301
49,040
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie—
Pere Marquette
262
247
31
32
35,962
7,997
1,492
44,150
13,262
1,712
5,501
11,708
47,193
13,524
2,060
11,999
1,821
8,094
6,465
1,501
8,121
5,647
5~508
5.430
654
956
Pittsburgh A Shawmut.......
Pittsburgh Shawmut A North..
Pittsburgh A West VirginiaRutland—.J————
1,441
1,369
879
6,139
1,844
1,326
5,219
9,226
...
Lehigh A New England—.—
Lehigh Valley.............
Maine Central..
544
7,807
1,769
287
61
69
Southern District—{Concl.)
Mobile A Ohio
419
431
9,522
24,027
8,593
23,632
8,219
21,495
634
472
465
756
783
181
161
202
946
848
115,372
114,952
106,316
75,590
73,042
A North Western....
Great Western
Milw. St. P. A Pacific
St. P. Minn. A Omaha
22,525
3,018
22,430
4,391
13,250
3,652
9,817
4,398
20,129
1,288
9,720
18,277
2,543
20,716
3,869
7,108
12,227
3,252
8,868
Duluth Mtesabe A I. R—
Duluth South Shore A Atlantic,
22,895
2,790
23,534
5,061
14,103
1,748
8,058
741
Piedmont Northern..........
Richmond Fred. A Potomac...
Seaboard Air Line
Southern System
Tennessee
Central
Total—..
Elgin Joltet A Eastern........
Ft. Dodge Des Moines A South
2,456
3,452
2,303
8,299
1,254
2,150
6,258
12,265
11,178
Minn. St. Paul A 8. S. M
7,400
11,648
9,703
3,657
167,150
170,666
137,287
175,560
184,619
Central Western District—
Alleghany DistrictAkron Canton A Youngs town..
568
631
451
Baltimore A Ohio...........
Bessemer A Lake Erie—......
36,871
6,688
36,475
5,254
28,636
3,699
1,121
19,579
2,470
1,001
19,512
2,452
Buffalo Creek A Gauley ......
Cambria A Indiana
Central RR. of New Jersey.—.
320
335
406
5
1,635
6,979
1,683
7,794
1,104
6,847
12
23
Bingham A Garfield....
Chicago Burlington A Qulncy.,
Chicago A Illinois Midland....
Chicago Rock Island A Pacific.
Chicago A Eastern Illinois
12,619
12,880
Northern Pacific
Atch. Top. A Santa Fe System.
Colorado A Southern
643
660
603
37
50
244
270
254
45
35
Denver A Rio Grande Western.
Denver A Salt Lake.—.......
Ligonler Valley
Long Island.........—..—..
Penn-Readlng Seashore Lines..
Pennsylvania System.....
Reading Co
Union (Pittsburgh)
Western Maryland.—........
138
198
125
64
40
Fort Worth A Denver City...
785
700
1,087
1,229
61,395
13,255
5,976
3,302
2,665
1,612
49,637
10,633
5,922
7,670
3,190
2,042
48,304
18,874
5,351
7,186
168,420
128,395
120,952
123,091
274
280
344
326
1,811
2,137
1,759
136,622
133,440
101,824
63,240
63,143
20,807
3,057
23,434
3,294
21,467
3,113
6,974
2,301
2,048
011
382
365
71
90
17,907
2,357
13,300
16,978
1,661
13,907
2,491
10,146
10,314
847
791
3,018
18,057
1,974
13,867
3,102
666
927
798
9,860
2,800
1,347
4,278
1,112
1,076
1,760
4,054
1,048
1,155
3,514
1,028
4,195
9,733
2,842
1,632
4,018
15
17
1,272
1,849
1,034
1,685
1,161
1,847
484
424
Illinois Terminal.............
Missouri-Illinois.
Nevada Northern.
........
North Western Pacific
1,855
1,531
122
126
907
849
713
428
538
Peoria A Pekln Union.........
Southern Pacific (Pacific).....
6
10
16
0
0
27,314
26,653
24,695
Toledo Peoria A Western......
357
424
409
15,694
16,859
14,969
5,368
1,384
10,596
5,258
1,492
10,849
908
.......... .„
—
Union Pacific System..
Western Pacific
Chesapeake A Ohio
Norfolk A Western..—.......
Virginian....
29,117
24,018
4,387
27,680
23,799
4,940
12,082
5,494
1,308
12,810
5,632
1,810
24,168
22,747
4,334
6,569
2,071
1,393
1,917
...
600
461
427
8
12
1,942
1,903
2,894
3,065
119,481
123,873
113,575
02,459
63,626
-
Total
469
1,831
Utah—
Pocahontas District-
2,263
1,673
....
Cumberland A Pennsylvania
89
2,676
4,102
2,143
Spokane Portland A Seattle...
Total
66
2,657
2,722
4,019
269
Spokane International—
Alton
170,807
199
24,493
3,410
5,675
3,898
—....
214
Minneapolis A St. Louis
6JD61
4,652
Total.
509
648
5,645
4,739
15,665
16,230
4,349
559
3,353
973
....
483
5,912
718
528
1,584
477
7,318
3,768
756
76,792
216
203
5,748
684
642
1,607
75,781
15,254
19,640
3,754
4,350
985
18,454
288
..........
1,340
3,391
4,953
16,438
874
1,766
1,148
9,768
3,842
.........
2,781
1,086
25,552
271
Cornwall..
474
555
.........
1,800
6
400
1,234
Green Bay A Western.......
Lake Superior A Ishpemlng
Great Northern
339
.
2,932
Northwestern District-
Chicago
Chicago
Chicago
Chicago
926
...
3,215
1,095
.....
527
Total.—........
3,219
1,301
Southbound...
Winston-Salem
1,176
Wheeling A Lake Erie
z
398
401
St. L.
.........
386
.
2,030
x
1939
1940
2,888
1,556
1,201
3,728
5,239
16,514
Nashville Chattanooga A
Norfolk Southern
1,111
Wabash...
from Connections
1938
1939
1940
1939
1940
1938
1939
1940
Total Loads Received
Total Revenue
Freight Loaded
Railroads
Southwestern District—
Total .....................
57,622
56,419
51,249
18,884
20,252
182
221
168
Gulf Coast Lines.............
2~635
2~,357
2,014
2,128
2,422
2,147
Burlington-Rock Island.......
318
398
l",460
1,600
2,182
2,085
1,081
2,142
1,589
294
Fort Smith A Western x
Southern DistrictAlabama Tennessee A Northern
322
310
215
241
185
International-Great Northern..
At!. A W. P.—W. RR. of AlaAtlanta Birmingham A Coast..
Atlantic Coast Line..........
Central of Georgia.—.—
942
877
823
1,684
1,618
Kansas Oklahoma A Gulf.....
271
377
256
99 5
732
642
608
839
807
9,613
4,239
8,246
4,022
8,477
4,171
5,904
3,585
2,489
2,028
2,070
2,201
1,948
2,076
2,179
1,529
410
Charleston A Western Carolina
480
485
424
Cllnohfleld..................
1,509
1,542
1,343
1,170
2.207
4,780
3,204
1,115
2,283
Kansas City Southern........
Louisiana A Arkansas.........
Columbus A Greenville.......
Durham A Southern..—......
273
638
556
329
199
171
191
436
Florida East Coast...........
Gainesville Midland
459
526
465
32
46
38
Georgia.....................
Georgia A Florida—..........
1,284
1,008
065
307
366
314
442
478
Gulf Mobile A Northern.—.
Illinois Central System—......
Louisville A Nashville..—....
3,014
25,757
2,054
24,840
23,061
3.208
13,027
0,132
4,016
12,672
26,238
3,772
28,013
25,910
Macon Dublin A Savannah....
140
175
170
501
504
Mississippi Central......
169
230
225
301
345
—
Note—Previous year's figures
Bureau
of
revised.
Labor Statistics'
* Previous figures,
x
Litchfield A Madison.........
408
289
976
927
Midland Valley...
...
Missouri A Arkansas..........
061
918
872
233
202
224
283
284
316
342
386
Missouri-Kansas-Texas Lines..
4,757
5,349
451
Missouri Pacific..............
£7,146
18,621
5,009
16,680
3,191
10,772
3,149
10.709
904
750
Quanah Acme A Pacific
107
126
St. Louis-San Francisco.......
1,745
1,677
St. Louis Southwestern.......
Texas A New Orleans.........
5,893
modity Prices Advanced 0.1% During Week Ended
Oct. 5-—Details for Previous Week
for
wide variety of raw materials
and industrial commodities during the week ended "Oct. 5
a
caused the Bureau of Labor Statistics' index of wholesale
prices to rise 0.1% to 77.8% of the 1926 average, Mr. Lubin
reported on Oct. 10. "Market prices of farm products and
continued to decline," Mr. Lubin said, "showing
decreases of 0.3% and 0.1%,- respectively. All of the other
major commodity groups shared in the current advance."
foods
The Commissioner added:
The fuel and lighting materials
group
index increased 0.7%, largely
accounted for by seasonal advances for anthracite and increases in bitum¬
inous coal, attributed by the trade to minimum prices set by the Bituminous
Coal Division.
Hides and leather products and textile products rose 0.6%;
building materials and miscellaneous commodities, 0.4%; and metals and
metal products, chemicals and allied products, and housefurnishing goods,
0.1%.
and rubber
were
mainly responsible for
materials group index.
an
as
hides, silk, hemp, jute,
advance of 0.6%
Semi-manufactured commodities
were
108
210
117
9,343
3,495
7,589
5,004
5,128
2,404
3,253
3,697
6,051
2,181
3,255
3,946
146
203
270
51
98
16
19
20
18
41
56,583
60,023
58,262
38,912
38.913
...... ......
.
Wetherfordj M. W. A N. W—
Total—...
z
included in Gulf Mobile A Ohio.
A marked rise
was
reported in the market for hides.
uted to increased
the Far East situation.
concern over
Prices for pig tin, zinc sheets,
in the raw
0.4% higher
and
copper
for tung oil, rosin,
and turpentine.
0.4% during the first week of October.
The
Labor
following to
the
say:
During the previous week, ended Sept. 28, the Bureau's
all-commodity index remained unchanged at 77.7 % Of the
1926 average, 2.3% below the high point of last September,
Mr. Lubin said on Oct. 3. Regarding the movement of com¬
modity prices in the last week of September, the Com¬
missioner reported the following:
Four
of the
group
for textile
eous
indexes showed minor increases and four declined
The increases
metals and metal
were
0.5% for building materials, 0.4% for
products, 0.3% for hides and leather products, and 0.1%
products.Foods, on the other hand, declined 0.4%; miscellan¬
commodities, 0.3%; and fuel and lighting materials and chemicals and
result of sharp declines in prices for hogs, dressed poultry, oats, rye, flax¬
seed, and potatoes.
Prices
fruits, onions and wool.
were
housefurnishing; goods remained
Weakening prices for imported commodities such
as cocoa
beans silk, and
higher for wheat,
corn,
sheep,
eggs,
Cattle feed prices advanced nearly 3K %
•
citrus
A 1.4%
commodity prices also
declined 0.1%.
The level for
The semi-manu¬
factured commodities group index advanced 1% to the highest point since
mid-May,
Farm product prices fell 0.3% to their lowest level since mid-August as a
To ergot
and prices of castor oil, iodine, and potassium iodide declined sharply.
manufactured
had
higher
Advancing prices for alcohol, sodium nitrate, and sulphur oil caused the
chemical and allied products group index to advance slightly.
jute caused the raw materials group index to drop slightly.
Department's announcement also
Lumber
were
market, which had risen very sharply last winter, showed further weakness
unchanged at last week's level.
The index for "all commodities other than farm
products and foods," which includes the bulk of industrial commodities,
wire also advanced.
^
allied products, 0.1%. Farm products and
rose
frac¬
higher.
foods, showed
change.
rose
Cotton yarns, muslin,
prices continued to rise, but at a slower pace, and quotations
while average prices for manufactured commodities, which include many
no
Leather
tionally. Gains of 3.0% in silk prices and 2.0% in rubber prices were attrib¬
fractionaUy.
Higher prices for imported commodities such
89
9,749
3,624
7,536
4,068
shirting, woolen and worsted goods, burlap, hemp, and jute also averaged
___
Advances in prices
138
8,727
2,912
7,492
4,337
Wichita Falls A Southern
Discontinued Jan. 24, 1939.
Wholesale Com¬
Index of
Texas A Pacific.
*
yarns,
rose,
as
a
result of firmer prices for raw sugar, leather, print cloth,
and certain non-ferrous metals.
slightly
as
Prices for industrial commodities
measured by the index for "all commodities other than farm
products and foods."
The
following tables show
(1) index numbers for the main groups of
decline in meat prices, particularly for fresh pork, beef, and veal, together
with lower prices for rice, lard, and cocoa beans, accounted for the decline
commodities for the past three weeks, for Sept. 7,
of
(2) important percentage changes in sub-group indexes from Sept. 28 to
0.1% In the foods
pork,
raw sugar,
group
index. Prices
were
canned salmon, and olive oil.
higher for butter, flour, cured
1940 and Oct. 7, 1939,
and the percentage changes from a week ago, a month ago, and a year ago;
Oct.
5, 1940.
(1926—100)
'V
'
;
V
'.."V
,
Percentage Changes to
Oct,
Sept.
Sept.
28,
21.
7,
7.
1940
1940
1940
1939
•
.
Oct. 5, 1940 from—
Oct.
Sept.
5,
1940
Commodity Groups
28,
7,
7,
1940
1940
1939
+ 0.1
—0.3
—1.5
—1.9
*
plants which are not reported
made in
for
shown
any
month do not necessarily mean that
one
STATES
UNITED
All commodities.
77.8
77.7
77.7
65.5
65.7
65.7
78.0
79.0
67.6
66.8
—0.3
—3.1
Foods
70.7
70.8
71.1
71.6
72.9
—0.1
—1.3
—3.0
Hides & leather products
99.9
99.3
99.0
97.8 105.2
+ 0.6
-+2.1
—5.0
Textile products
72.5
72.1
72.0
71.8
73.8
+0.6
+ 1.0
—1.8
.
Fuel & lighting materials
72.3
71.8
71.9
71.8
74.8
+ 0.7
+ 0.7
—3.3
Metals & metal products.
95.8
95.7
95.3
95.0
95.1
+ 0.1
+ 0.8
+ 0.7
Building materials.
94.2
94.2
91.8
+ 3.6
95.1
94.7
Chemicals & allied products.
76.8
76.7
76.8
76.8
Housefurnishing goods.
90.1
90.0
90.0
90.0
76.1
.
+0.4
+0.1
+ 1.0
89.1
+ 0.1
+ 0.1
+ 1.1
77.1
+0.4
0
a
0
a
(In Thousands of Kilowatt-Hours)
New England
76.4
76.3
76.4
1—0.9
West North Central
Raw materials
70.4
70.0
70.1
70.9
71.7
+ 0.6
—0.7
—1.8
South Atlantic
78.6
78.3
77.5
76.8
83.5
+ 0.4
+2.3
—5.9
East South Central
81.6
81.6
81.7
81.8
82.3
0
—0.2
—0.9
West South Central
....
Manufactured commodities.
80.5
farm products
commodities
All
80.4
80.4
80.3
81.7
82.6
82.5
82.3
83.7
+ 0.1
+ 0.2
—1.5
+ 0.4
+ 0.7
—1.0
82.9
.
1940
1940
1940
1940
1940
August,
1940
720,411
682,384
556,001
460,759
164,410
510,492 2,136,487 2,373,011 2,780,411 2,883,503
222,576 2,448,209 2,545,869 2,670,104 2,768,445
743,341
735,402
599,188
603,308
144,153
969,207 1,405,787 1,474,261
987,662
505,054
722,125
735,706
196,996
136,151
525,129
678,904
672,049
655,732
639,614
23,172
789,673
747,161
167,708
142,231
621,965
599,555
32,435
604,930
184,572 1,426,191 1,421,708
158,404
1,267,787 1,237,136
United States total. 4,142,370 3,954,087 7,712,825 8,248,284 11855195 12202 371
PRODUCTION OF ELECTRIC ENERGY FOR
TO
28
SEP'l.
OCT.
12 Months Ended
Increases
0.6
Hides and skins
3.7
Woolen and worsted goods
Cattle feed...
3.4
Other farm products...
Silk
3.1
Paint and paint materials.....
Bituminous coal.Crude rubber
.mmmmm
'
..
1im
-
.
Cereal products...
-
-
-.
*
-
Dairy products.......
Other textile products
1.0
Other building materials
1.0
Fertilizer materials
0.3
31, 1940
Feb. 29, 1940
0.9
Other foods
0.2
Mar. 31, 1940
Chemicals
Apr. 30, 1940
+ 13
0.8
0.2
133,208,000,000
May 31, 1940
134,453,000,000
+ 13
0.1
135,404,000,000
136,750,000,000
+ 12
137,923,000,000
+ 12
-
m «,
^+
,
______
+9
2.0
m
.
......
Fruits and vegetables.
*
Previous Year
2.3
..
Lumber
% Change from
Kilowatt-Hours
123.881,000,000
125,474,000,000
126,836.000,000
128,037,000,000
129.625,000,000
131,051,000.000
131,989,000.000
Cotton goods
Anthracite.
Production
1940
5,
PUBLIC USE
FROM
IMPORTANT PERCENTAGE CHANGES IN SUB-GROUP INDEXES
.
July,
132,094
418,125
__
__
Pacific
No comparable data.
Grains
August,
other than
^ farm products and foods.
a
July,
221,895
__
Mountain
commodities other than
All
August,
643,924
Central
East North
July,
221,625
..
Middle Atlantic
Total
By Fuels
By Water Power
Division
Miscellaneous comodities
Semi-manufactured articles.
Occasionally changes
1940.
promptly to that the figures
all the changes
were made during that month but only that they were reported to the
Commission since the previous monthly report was issued.
PRODUCTION OF ELECTRIC ENERGY FOR PUBLIC USE IN THE
are
'
previously reported in service on July 31,
that
'
2103
Chronicle
The Commercial & Financial
Volume 151
Nonferrous metals
.
_
_
...
0.3
.
.
.
.....
.i.i...
...
Leather
0.7
Coke
0.7
Other miscellaneous...
0.3
0.3
....
....
0.7
0.5
0.4
.....
...i..
...
-
....
-
.
0.1
0.1
Sept. 30, 1939...
31, 1939
Oct.
,
^
1939
1939
Nov. 30,
Dec. 31,
Jan.
-
June
30, 1940.
July
31, 1940
w.i
Aug. ,31, 1940-..
—-
—
+ 11
+ 12
+ 12
+ 13
+ 13
+ 13
+ 12
Decreases
Livestock and poultry
-J'ml
.
_
Meats
w
.
Oils and fats...
►
.
1.7
Hosiery and underwear........
1.4
Drugs and pharmaceuticals....
....
.
—
—
0.2
0.2
of
of seasonal variations is largely
production by 12-month periods, all seasons
Note—Since the above data show
included in each total and the effect
the year are
eliminated.
0.8
PRODUCTION OF ELECTRICITY FOR
TOTAL MONTHLY
PUBLIC USE
(In Kilowatt-Hours)
Electric
Above
The Edison
5 ,1940, 7.1%
Week Ended Oct.
Output for
Institute, in its current weekly
Electric
Water Power
1940
1939
Month
re¬
estimated that production of electricity by the electric
port,
light and power industry of the United States for the week
ended Oct. 5, 1940, was 2,640,949,000 kwh.
The current
week's output is 7.1 % above the output of the corresponding
week of 1939, when the production totaled 2,465,230,000kwh.
The output for the week ended Sept. 28, 1940, was esti¬
mated to be 2,669,661,000 kwh., an increase of 8.1% over
the like week
a
year
10,421,000,000
9,463 000,000
10,357,000,000
9,783,000,000
10,178.000,000
10,360,000,000
January
February
March....
April
May
June
10,482,000,000
11,056,000,000
10,944,000,000
11,670,000,000
July..
August
September
ago.
October
PERCENTAGE INCREASE FROM
PREVIOUS YEAR
...
Week Ended
Week Endedt
Week Ended
Sept. 28,1940
Sept. 21,1940
Sept. 14,1940
Week Ended
Oct.
Regions
5,
1940
12,009,000,000
10,889,000,000
11,295,000,000
11,002.000.000
11,423,000,000
11,311,000,000
11,855,000,000
12,202,000,000
3.4
5.6
7.6
7.9
11.0
11.9
11.8
Central Industrial
5.6
9.0
4.6
2.7
West Central
2.9
6.6
7.7
3.2
Rocky Mountain
2.7
2.9
3.9
9.4
Pacific Coast
8.6
7.7
2.8
6.1
7.1
8.1.
7.3
7.9
Southern States
1939
1940
1939
1940
+ 10
+ 15
36
26
+ 10
+ 15
40
+ 11
+9
43
35
+ 11
+ 12
45
41
128.037,000.000
29
+ 14
+ 12
41
40
+9
36
37
+ 11
+ 13
33
35
+ 10
+ 10
32
32
+ 14
•
28
;
27
+ 13
28
+ 11
27
+ 12
34
electric energy
for public use, and, in addition, from electric railways, electrified steam railroads,
and certain miscellaneous plants which generate energy for their own use.
Ac¬
curate data are received each month, representing approximately 98% of the total
production shown; the remaining 2% of the production is estimated and corrections
are made as rapidly as actual figures are available.
Thus, the figures shown for
the current month are preliminary while those for the preceding months are corrected
in accordance with actual reports received and vary slightly from the preliminary
6.1
4.5
1.1
2.4
10.0
Middle Atlantic
1939 to
+ 16
Note—Above data solicited from
New England
1938 to
+ 13
11,463,000,000
11,860,000,000
November—.
December.....
Major Geographic
% Produced by
% Change
Year Ago
a
all plants engaged in generating
data.
Total United States.
FOR
DATA
RECENT
WEEKS
(THOUSANDS
OF
Coal Stock and Consumption
KILOWATT-HOURS)
The total stock of coal on hand at
1940,
with
Percent
Change
1937
1940
1939
1940
Week Ended
1932
1929
from
total stock,
11,002,850 tons were bituminous
anthracite,
increases
with
1939
of 4.2%
1
June
8
mm
June
15
mm
June 22
June 29..
6
13
July 20
July 27
m
m
m
m
July
mm
July
mm
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Sept.
Sept.
Oct.
mm
mm
3
10......
17......
24
31.
7
14
21
28
mmt
mm
mmm
mm
wm
mm
mm
•
2,332,216
2,452,995
2,516,208
2,508,825
2,514,461
2,264,953
2,483,342
2,524,084
2,600,723
2,604,727
2,589,318
2,606,122
2,570,618
2,601,127
2,462,622
2,638,634
Production
+ 10.3
+ 8.7
2,264,719
2,285,083
+ 11.1
+ 9.8
2,213,783
2,238,332
2,300,268
+ 9.3
2,238.268
2,077,956
2.324,181
2,294,588
2,341,822
2,325,085
2,333,403
2,367,646
2,354,750
2,357,203
2,289,960
2,444,371
+ 9.0
2,096.266
+ 6.8
2,298,005
+ 10.0
2,258,776
2,256,335
2,628,667
2.448,888
2.669.661
2,469,689
2.465.230
2,640.949
5
of
Electric
for
2,131,092
2,214,166
2,113,887
2,256,823
+ 11.1
1,381,452
1,435.471
1,441,532
1,440,541
1,456,961
1.341,730
1,415,704
1,433,993
1,440,386
1,426,986
1,415,122
1,431,910
1,615,085
1,689,925
1,699,227
1.436,440
1,750,056
1,761,594
1.674,588
1,806,269
1,792,131
1.777.854
1,819,276
+ 11.0
2,261,725
2,300,547
+ 10.1
+ 9.2
2.304,032
2,294,713
+ 10.3
2,320,982
1,464,700
+ 7.5
2,154,276
2,280,792
+ 12.0
+ 7.9
+7.3
2.265,748
1,423,977
1,478,442
1,490,863
+ 8.1
2,275,724
1,499,459
-4-7.1
2.280.065
1,506,219
Energy
in
July and August,
1,702,501
1,723,428
1,592,075
1,711,625
1,727,225
1.723,031
1,724,728
1,729,667
1,733,110
the United States
1940
production of electric energy for public use during the
of August,
1940, totaled 12,202,371,000 kwh.,
according to reports filed with the Federal Power Commission.
This represents an increase of 10.4% when compared with
the same month of the previous year.
The average daily
The
month
production of electric energy for public use was 393,625,000
kwh. during August, which is 2.9% more than the average
daily production during July, 1940.
The production of
electric energy by electric railways, electric railroads, and
other plants which general principally for their own use
totaled 240,865,000 kwh., making a total production re¬
ported to the Commission for the month of August of
12,443,236,000 kwh., or an average daily production of
401,395,000 kwh.
The Commission's report further dis¬
The
production by water power in August
kwh., or 32% of the
Reports
were
amounted to 3,954,087,000
total output for public use.
during September, 1940, indicating that
received
capacity of generating plants in service
1940. totaled 41.056.000 kw.
This is a
the
in the United States on Aug. 31,
net increase of 134.000 kw. over
coal and 1,147,386 tons were
and 0.2%, respectively,
when compared
and 232,911 tons were
when compared
anthracite, increases of 6.4%
4,573,897 net tons
bituminous coal
and 23.7%, respectively,
with the preceding month.
calculated at the current rate of con¬
bituminous coal on hand Sept. 1, 1940, to
days and enough anthracite for 153 days' requirements.
In terms of
sumption,
last 79
consumed approximately
1940, of which 4,340,986 tons were
in August,
of coal
days' supply, which is
there was enough
September Engineering Construction at 10-Year
Reaches Third Highest Peak on Record
High
in both the private and
September weekly average engineer¬
ing volume to its highest point since March, 1930, and the
third highest ever reported by "Engineering News-Record."
The September total, $368,252,000, averages $92,063,000 for
each of the four weeks of the month, tops the five-week
August average by 16%, and is 76% higher than the weekly
average for September, 1939.
The current month's awards brings the construction vol¬
ume for nine months of 1940 to $2,502,973,000, an increase
of 10M>% over the corresponding period a year, ago.
Private
construction is 22% higher than in 1939, and public awards
are 6% higher as a result of the 176% increase in Federal
National
defense
construction
public fields brings the
work.
Totals at the end of the three quarters are:
Nine Months 1939
Public coastruction
State and municipal
Total construction
The
—
Nine Months 1940
$609,806,000
$741,501,000
1,655,446,000
1,403,659,000
1,761,472,000
1,066,332,000
695,140,000
82,265,252,000
$2,502,973,000
Private construction
report, dated Oct. 8, continued:
Industrial
closed:
1,
Aug. 1, 1940.
Electric utility power plants
June
electric utility power plants on Sept.
12,150,236 tons.
This was an increase of 3.8% as compared
Aug. 1, 1940, and 40.0% as compared with Sept. 1, 1939.
Of the
was
buildings,
with
a
gain
of
103%,
are
responsible
for the
1939's three-quarter volume, as commercial buildings
report a gain of less than 1% over last year.
Public buildings have reflected the fast pace of the national defense
private increase over
program,
gain of
climbing from a point 49% below last year at the
13%% at the end of nine months.
Airport, shipyard
half to a
and allied
The Commercial & Financial Chronicle
2104
military and naval defense construction has boosted unclassified 37% over
last
Earthwork and drainage is 10%
year.
of
increase
an
8%.
Waterworks,
61%, 46% and 24% below
are
Five sections
a
bridge
increases
the
over
1939
Permit Valuation of
New Non-Residential
Building Gained 12% over July, Secretary of Labor
however,
Perkins
New England is up 31%; South, 68%; Middle West, 7%; west
6%, and Far West, 32%.
Middle Atlantic, the only section
period.
fall
under
is
1939,
21%
lower.
Returning to September construction, private awards top August averages
by 60%, and last September's volume by 68%.
Public construction,
weekly average basis, is 4% above a month ago and 80% above a
State and municipal awards gain 9% and
respectively,
and
month
last
months
three
the
on
year ago.
last
over
work is up less than 1% compared with
September, 1939.
Values of awards for the
Federal
year.
but gains 317%
August,
over
Reports—Total Construction Increased 3%
Large increases in the permit valuation of new non-resi¬
dential building featured August building permit reports,
Secretary of Labor Frances Perkins reported on Sept. 28.
"The dollar volume of new non-residential buildings showed
a gain of 12% over July and was more than double the August
1939 total," Miss Perkins said.
"Contracts awarded under
the defense program for new manufacturing plants and for
War and Navy Department buildings were largely responsible
for these gains."
The Secretary added:
nine-month
of Mississippi,
to
are:
There
was
August, 1940
Private
$63,077,000
Public
146,260.000
$82,766,000
314,487,000
113,366,000
144,145,000
Sept., 1940
(4 Weeks)
(5 Weeks)
with
decreased by 8%.
Htate and municipal
Federal
32,894,000
170.342,000
137,150,000
$209,337,000
$397,253,000
$368,252,000
,
were
the classified
In
reported
month
for last
permit
private housing,
in
are
purposes
State
and
increase of 31%
an
the current total,
the nine-month
over
$40,000,000
bonds,
municipal
loans
for
Federal
1939
for
appropriations
for
defense
the
REA
total.
construction,
slum-clearance projects,
low-rent
in RFC loans, $184,000,000 in Federal aid for
Of
Horwath & Horwath
Hotels—Total
showed
having
an aggregate
an
increase of 2%.
of new
value
non-residential
program,
regular
departmental
Report
Trend of Business in
on
6%
September,
over
exception, in the last
one
highest for September since 1929, but
year
a
Congress and
the
large
The Labor
Department's announcement went
also
of
one
Chicago
in
lowing table for the 2,137 cities having
population of 1,000
a
the
in
to
same
the
Change from July to Augvst, 1940
any
occupancy
New non-resldentlal
+ 12.4%
Additions, alterations and repairs
+
—8.2%
Total
+
+ 2.5%
Permits issued
August 1939, there
July permits in these cities provided for 32,026 dwell¬
units
provided.
were
was an
in USHA-aided projects.
Compared with
increase of 5% in the total number of dwelling
USHA projects for which contracts
awarded during
were
August 1939 provided for 8,091 dwelling units.
1940, by class of construction, is given below for the
Legion
as
in
convention,
September,
and
that
is
However, the
All Cities
New residential
New non-residential
and
corresponding period of 1939
equivalent
to
are
indicated below, by class of construction;
Change from First 8 Mos. of 1939
to First 8 Mos. of 1940
Class of Construction
a
1
;
f
.
:
All Cities
.'
—6
Residentials
—3
Rooms
year
all
summer,
Additions, alterations and repairs......I*...
are
the changes
for
the
Restaurant
Rate
awarded
tracts
+ 2.0%
-3.8%
—2.9%
+ 3.8%
+ 4.4%
—5.4%
—9
—2
—6
—6
Permits
those for
projects: In
Coast,
contrasting
San Francisco with the rest of that section:
by the Bureau of Labor Statistics includes con"
by Federal and State governments in addition to private
and municipal construction.
+2
Pacific
For August 1940 Federal and State construc¬
$65,194,000: for July 1940 to $54,323,000, and for August
1939 to $30,801,000.
\
issued during August for the following important building
were
Springfield, Mass., for
in Burlington,
Vt., for
a
rifle plant to cost hearly $700,000;
a
school building to cost $1,100,000; in New York
City, in the Borough of the Bronx, for apartment houses to
than
more
Sept., '40
Rooms
Total
Food
leverages
Rales
Restaur't
—3
+2
0
+8
+3
+ 13
+ 14
—7
+6
+ 12
+2
for apartment
HOTELS
WITH
IN
SEPTEMBER.
SEPTEMBER, 1939
1940,
to
cost
nearly $1,100,000,
and for amusement buildings to cost nearly $1,000,000; in the Borough of
Manhattan, for apartment houses to cost nearly $700,000; in the Borough
75
60
Queens, for 1-family dwellings to cost
COMPARED
over
$2,400,000; in the Borough of
Richmond, for institutional buildings to cost nearly $2,000,000; in Endicott,
N. Y., for a
factory building to cost $1,000,000; in Philadelphia, Pa., for
1-family dwellings to cost
TREND OF BUSINESS IN
houses
Occu¬
Rest of Pacific
Coast
$1,000,000,
pancy
of
0
dwellings to cost
over
more
than $1,000,000, in Chicago, 111., for 1-family
$1,400,000; for factory buildings to cost over $600,000
and for store and mercantile
buildings to cost
over
$600,000; in Detroit,
Mich., for 1-family dwellings to cost over $4,000,000, for
Sales—Percentage of Increase (+)
or Decrease (—)
Room
Occupancy
Total
Total
Rooms
Restau¬
Same
Food
rant
New York City
Chicago
Philadelphia
—5
—7
—1
Bever¬
Month
Last
Year
ages
Rate
% of
Inc. (+)
or
Dec.
0
—3
75
75
—8
—2
—4
0
+6
—11
66
66
—4
+23
+ 22
+24
+ 30
+ 15
52
44
+ 5
+25
Washington
+30
+35
+ 24
+24
77
64
+ 12
Cleveland
+ 10
+ 10
+ 11
+ 12
+8
75
70
+2
+ 25
+ 23
+28
+35
+ 16
73
61
+6
0
+ 10
+ 10
+ 11
64
64
0
0
—3
+3
+3
+2
60
60
—3
+ 1
Texas
All others
ing to cost
+3
+8
+7
+9
+ 9
+8
66
62
Total.
+6
+4
+8
+8
+6
67
64
0
Year to date
+4
+3
+5
+5
+6
65
62
—1
land, Ohio, for
and for factory
buildings to cost
1-family dwellings to cost
station to cost
dwellings to cost
a
hospital build¬
$20,000,000;
houses
to
cost
more
in
more
over
$1,800,000;
more
than $830,00°
in Columbus,
and for
Ohio, for
a
1-family
than $600,000; in Miami, Beach, Fla., for apartment
than
$900,000;
in
St.
Petersburg,
Fla.,
for
utility buildings to cost nearly $900,000; in Baltimore, Md., for
public
1-family
dwellings to cost nearly $950,000; in Annapolis, Md., for additional build¬
ings at the Naval Academy to cost over $1,200,000; in Mobile, Ala., for
a
supply and engine repair shop at the Quartermaster Depot to cost
$1,400,000, and for
Tenn., for
an
an
over
airplane repair shop to cost $1,350,000; in Nashville,
office building to cost nearly $700,000; in Houston, Tex., for
1-family dwellings to cost nearly $9C0.000: in Denver, Colo., for 1-family
dwellings to cost over $600,000; in Burbank, Calif., for 1-family dwellings
to
$800,000,
Dearborn, Mich., for 1-family dwellings to cost nearly $800,000; in Cleve¬
power
(—)
Detroit
Pacific Coast
cost more than
$900,000: in the Borough of Brooklyn, for 1- and 2-family dwellings to cost
Percentages of Change from September, 1939
Total
York
+ 12.5%
Total
the changes:
—11
.
Ezcl. New
+ 7.1%
with both the transients
tion amounted to
Transients
34.8%
1940 and the
sales fell off
room
Following
Total
+
eight months of
*
which
1939,
between the first
New non-residential
sharing in the improvement.
York
+9.7%
+ 119.9%
—0.5%
+ 25.2%
The changes occurring
New residential
the smallest 6ince May,
Ezcl. New
0.6%
+ 110.3%
—6.2%
+
Additions, alterations and repairs
the result
rates.
was
2,137 cities:
Class of Construction
Total
Philadelphia
program;
same
Change from Aug. 1939 to Aug. 1940
The information collected
San Francisco.
6.1%
during August 1940 provided for 32,391 dwelling units.
Of these, 5,024 were in projects under the jurisdiction of the United States
However, Washington was the
increase in rates to speak of.
as
regular business.
persons
City, which has been running behind last
are
—1.7%
20.1%
-7.6%
—1.6%
Bowling
Percentages of Change from Sertember, 1939
Following
Ezcl. New York
All Cities
New residential
occu¬
corre¬
National
the
of
influx of
defense
record
the decrease in sales
and residentials
national
cities
American
increase
lower
large
a
large gains.
the
because
New York
or over:
Class of Construction
best
the
The
rates were un¬
room
sales because
unusually
these
substantial
of
the
of
up
had
reported
had
to state:
on
tions of the various classes of building construction are indicated in the fol¬
The firm further reported:
increase
Washington reported
speeding
Cleveland
month
1939,
year.
and still 17% below
ago,
sponding month of 1929.
a
totaled $415,-
during this period
The changes occurring between July and August 1940 in the permit valua¬
>
Housing Authority.
September Sales Increased 6% Over
increased
had
The
amounted to $812,697,000.
year
buildings
478,000.
highways, and $1,673,227,000
at 67% represents a rise of three points and is the
Detroit
buildings
Total valuations for new residential buildings
The percentage change in permit valuations from August 1939 to August
showing, with
changed from
population of approxi¬
$180,-
Horwath & Horwath, in their monthly survey of the trend
of business in hotels, report that total hotel business in
pancy
however,
was,
Comparing the same two periods, the value of new resi¬
during the first eight months of this
Year Ago
September
There
dential buildings showed a gain of 7%, while new non-residential
ing units, of which 5,051
In
higher.
During the first eight months of 1940 permits were issued for buildings
$195,595,000
projects, and WPA construction.
only
110%
additions, alterations and repairs to exist¬
valued at $1,459,115,C00, a gain of 4% as compared with the corresponding
for September totals $862,136,000.
$201,533,000 is in corporate security issues, $372,647,000
USHA
465,000 in
of
were
Capital
with $29,212,000 for the corresponding 1939 month.
the end of three quarters of 1940, the new financing total reached
$2,847,467,000,
in
buildings
These data are based on reports received by the Bureau of
compares
At
in
non-residential
period of 1939.
sewerage,
New capital for construction
Over the
mately 60,700,000.
are in bridges,
19% ; waterworks, 42%, and earthwork and drain¬
67%.
Comparisons with September, 1939, averages reveals increases in streets
and roads of 13%; public buildings, 387% ; industrial buildings, 158%;
commercial building and large-scale private housing, 42%; bridges, 28%,
and unclassified construction, 14%.
Decreases are in waterworks, 20%;
This
valuations for total building construc¬
during the current month showed a gain of 25%.
Labor Statistics from 2,137 cities
Losses
New
repairs
period the value of new residential buildings increased by 1 %, while
ing structures.
age,
28%, and earthwork and drainage, 37%.
Geographically, all sections of the Nation except Far West report higher
averages than in August.
Middle West is up 63% for the greatest gain,
followed by New England with 46%; west of Mississippi, 27%; Middle
Atlantic, 5%, and South, 0.3%.
All regions top their respective averages of a year ago.
The gains range
from 21% in Middle Atlantic to 258% in the South.
and
1939, indicated dollar volume of total building
decrease of 6% in the value ot
a
September gains over the averages
streets and roads, 17%; public buildings,
groups,
buildings, 87%; commercial building and large-scale
15%; sewerage, 40%, and unclassified construction, 7%.
industrial
23%;
construction
alterations
3% greater than in July.
construction
new
additions,
Due to the increases in the value of new non-residential
As compared with August
same
Total construction
while
July,
buildings, however, August
tion
$105,941,000
262,311,000
125,161,000
in the value of new residential buildings,
decline of 2%
a
August
comparing
September, 1939
(4 Weeks)
12, 1940
August
highways report
awards,
in that order.
ago,
year
the country record
of
higher, and
and
sewerage
Oct.
cost
more
nearly $900,000; in Oakland, Calif., for 1-family dwellings to cost
than
$600,000; in Los Angeles, Calif., for 1-family dwellings to cost
Volume
The Commercial & Financial Chronicle
151
the month
nearly $4,000,000, for apartment houses to cost nearly $900,000 and for a
fleet operating base at San Pedro to cost over $18,000,000; in San
Calif., for factory buildings to cost
Diego,
payrolls
than $800,000; in San Francisco,
more
stood
land, Ore., for 1-family dwellings to cost more than $550,000; and in Seattle,
Wash., for 1-family dwellings to cost
Contracts
projects:
awarded
were
In Bridgeport,
Conn.,
cost
to
(516 d. u.);
$1,750,000
over
at
The
in
of
$100,000 (24 d. u.); in Beverly, N. J., to cost over $250,000 (71 d. u.);
July,
as
in
gain
for
Hammond, Ind., to cost $1,310,000
to cost in excess of
(400 d. u.); in Fort Wayne, Ind.,
$250,000 (120 d. u.); in Toledo, Ohio, to cost
approxi¬
mately $500,000 (134 d. u.); in Columbus, Ga., to cost nearly $1,530,000
(612 d. u.); in Athens, Ga., to cost $270,000 (100 d. u.); in Washington,
D. C., to cost nearly $1,200,000
(313 d. u.); in Portsmouth, Va., to cost
approximately $850,000
u.); in Baltimore,
(300 d.
Md., to cost nearly
$2,400,000 (688 d. u.); in New Bern, N. C., to cost over $325,000 (116 d. u.);
in Waco,
In August, 1939, the index stood at 86.4.
overall
number
existing project to cost over
an
which
industry,
Under
date of Oct. 9 the Board further said:
during August for the following USHA-aided
Harrisburg, Pa., for the second part of
industry, in which
the foundry
in
and
8.7%.
The total payroll index figure in July
99.3% of the 1923 level, and rose in August to
102.8%.
$600,000.
over
19.3%,
rose
increased
Calif., for 1-family dwellings to cost approximately $1,100,000; in Port¬
2105
found in the automotive
were
Texas, for two projects to cost $625,000 (242 d. u.); in Corpus
rise
in
man-hours
well
payrolls
the month of
1.9%.
total
in
As
with
which
August,
increase
an
connected
was
in
worked
with
as
was
employment,
consequence,
a
increase
an
the
in
3% greater than
which
for
showed
both actual and
a
"real"
The
in
average
from
rose
weekly
skilled and
earnings of
semi-skilled
wage
earners
$30.84 in August, 1939, to $32.01 in July, 1940, and to $32.46
August, making
Weekly
"real"
5.3% increase for the 12-month period.
a
wages,
adjusted to living costs, were 1.9%
2.9% above August, 1939.
Actual
earnings
or
Christi, Texas, to cost $909,000 (250 d. u.); in San Antonio, Texas, to cost
higher
nearly $1,850,000
hourly earnings showed little change, averaging $0,741 in August
Wage earners worked an average of 38.5 hours per week in August, 1940,
compared with 38.1 hours in July, and with 37.9 in August, 1939.
Machines
u.); in Biloxi, Miss., for two projects to cost
(796 d.
approximately $615,000 (192 d.
u.); and in Phoenix, Ariz., to cost over
$280,000 (150 d. u.).
;
/
;
PERMIT VALUATION OF BUILDING CONSTRUCTION, TOGETHER WITH
THE NUMBER OF FAMILIES PROVIDED FOR IN NEW DWELLINGS,
IN
2,137 IDENTICAL CITIES IN NINE REGIONS OF THE UNITED
STATES, AUGUST,
1940
in
August
with
an
33.6
hours
woolen
No.
Permit
of
Valuation.
Division
Cities
Aug., 1940
No. of
Percentage
Families
Change from—
1939
for
Jul'/,
Aug.,
1940
1939
Aug. '40
and
New
—1,6
2,137 $116865 886
Atlantic
+0.6
32,391
+ 1.1
+4.6
7,906,357
—17.5
+2.2
1,963
—18.1
+ 1.4
560
19,367,902
—2.7
—32.9
4,643
0.1
—33.0
466
—7.3
+ 1.5
6,120
—7.7
+ 3.0
139
England
Middle
West North Central
191
27,253,383
5,824,942
South Atlantic
247
20,781,359
+ 17.5
+ 22.2
+23.9
1,665
6,273
89
2,863,774
9,658,276
3,102,332
20,107,561
—47.4
—46.9
+ 17.0
+ 16.7
1,205
3,552
+ 5.5
+ 48.4
1,077
+4.7
+ 60.3
+6.6
+ 30.6
5,893
+8.1
+ 29.2
East
North Central
East South Central.
125
West South Central
99
Mountain
221
Pacific
—12.1
—6.9
+ 18.3
+25.8
+ 24.2
—43.2
—30.9
+33.0
Percentage
Permit
Permit
Change from—
Percentage
(Census
Change from—
of 1930)
Valuation,
Valuation.
*
Aug., 1940
July,
Aug.,
1940
1939
Aug., 1940
E.
Atlantic
So.
Central
W. So. Central
Mountain
Pacific
1939
-v
"
•;
'
;+12.4 + 110.3 243,963,395
+2.5
+25.2 60,687,964
15.7t8.083
—33.2
+ 32.0
41,831,862
—11.4
—21.3 18,761,423
+ 98,8 + 157.6
67,177,106
+ 25.6
+45.9 15,020.124
+ 51.0
10.900,889
—11.0
+ 57.6
6,786,428 —51.1
5,145,402 + 316.7 +276.9
—2.8
+42.0
3,214,375
—2.7
+29.8
1,556,314
+49.7 + 330.1
24,228,406
30,982,683
—12.8
+ 2.8
+ 14.0
+ 28.2
8.721,999
+ 14.5
+ 9.3
14,750,664
+6.3
+ 15.3
5,312,719
—0.8
+ 33.7
48,537,390
+24.1
+ 92.2
'•
♦
•
>■'.
a
Year
3,287,957
1,149,786
5,286,332
Oct. 2,
the
Ago
;
■
deposit accounts (except inter-bank accounts),
aggregated $9,726,000,000.
13 weeks ended
Payroll
decreases
from
Northern
Oct. 2
Total debits during the
amounted to $100,776,000,000,
or
reported for the corresponding period
in New York City there was a
decrease of 10% compared with the corresponding period
a year ago, while at the other reporting centers there was an
increase of 3%.
These figures are as reported on Oct. 7,
1940, by the Board of Governors of the Federal Reserve
2% below the total
year
At
ago.
banks
v-v
SUMMARY BY
and
paper
pulp,
products,
July
to August were noted for the following
hosiery and knit goods, leather tanning and
meat packing, paint and varnish, paper
and book and job printing.
(Corrected to Sept. 30, 1940)
Crude
Crude
and
Total
M ateri-
Food¬
Country
Exports
als
stuffs
1,145,902
434,724
171,102
Northern North Amer
Southern North Amer
213,990
64,786
97,318
4,986
10,113
69,494
4,820
2,109
2,675,918
361,120
Geographic Division
America......
304,707
Asia
...
414,492
Oceania
—
South
Africa
Total
Australia
Brazil.
52,456
...........
24,488
India
Malaya.
Burma....
Canada
Ceylon
Oct. 4,
Oct. 2,
Oct. 4,
1939
1940
1939
$539
$519
$5,688
805
17
432
11,270
50
711
8,633
$9,726
$9,140
3,916
3,599
$100,776
37,142
140 Other leading centers*..
5,008
4,761
54,826
803
780
8,808
Total, 274 reporting centers....
133 Other centers
Reports August Payrolls
3.6% as Compared with July
over
The
1,986
211
37
477
171,168
.
118
■
85
7,769
1,080
658
3
472
88
304
509
2,046
2,898
1,698
4911
973
167
2,481
1,604
2,470
2,031
3,192
7,073
2,344
1,913
Iran
151
14
38
2,798
4,765
11,886
3,167
(Persia)
13
975
:
13
469
87
386
1,087
158
975
2,704
246
137
2
4
7
6,496
366
1,854
400
963
49,928
21,278
111
428
21,859
6,253
2,592
146,083
241
49
182
459
40,479
2
124
61,671
810
Kwantung
6,650
688
2,121
3.501
2,507
8,351
Mexico
57,468
1,252
754
2,056
12,675
Netherlands Indies
31,007
787
46
818
7,197
$103,219
41,146
53,668
8,405
............
Japan
Increase
(Curacao).
for
m,'*.
m
U
1,762
15,876
46
346
1,312
2,961
11,211
33,869
6,566
3,165
4,826
7,979
11,332
1,505
489
3,658
7,670
Newfoundland and
'
Labrador
New Zealand
6,262
11,777
14,568
12,921
460
251
1,340
1,218
61
581
1,141
32
189
1,843
1,149
25,592
236
802
3,544
Peru
15,033
75
14
442
2,225
4,090
1,167
4,735
2,949
Philippine Islands
Portugal
68,797
669
903
7,257
8,606
12,800
21,982
2,808
38
57
6,513
12
35
3,640
6,236
32,589
18,725
3,038
964
1,693
8,709
1,568
Norway
Spain
...
Sweden
Switzerland.
19.0%
m
Netherlands W. Indies
Panama, Republic of.
Panama Canal Zone.
greatest gains
1,225
18,646
21,356
27,098
30,901
1,546
3,290
3,611
8,467
13,039
3,020
by the Division of Industrial Eco¬
Board.
8,074
15,478
4,302
779
........
Turkey
Union of South Africa
6,276
10,384
16,276
11,561
51,363
6,256
9,186
18,185
1,960
573
9,621
5,003
6,480
236
8
29.)
849
60,265
234
5
826
10,963
5,088
48,236
20,191
154,835
3,182
3,386
31,538
301,094
3,991
37,581
Union of Soviet Social¬
ist
Republics
...
United Kingdom
Uruguay
Conference
693
116
1,709
2,012
12,976
1,662
43,807
4,200
40,731
22,159
that of August, 1939, according to the monthly survey
of labor statistics made
406
36
788
7,501
44,703
3,011
14,700
the July total and
1,511
18,602
1,107
2,400
1,131
Greece
Hongkong^
Payrolls of wage earners in 25 key industries increased in
August of this year 3.5%
92
313
Honduras
Centers for which bank debit figures are available back to 1919.
Board
2
34,049
f
$5,642
,
128
"222
245,954
Netherlands
New York City*
9,362
2,646
284
687
22,895
4,480
Republic.
503
70,501
98,036
1
1,265
211
-
3,676
73
54,196
38,759
11,928
62,137
27,206
5,424
3,994
227,442
613
1,347
755
26,476
9,116
233
13
74,321
610,837 1,524,664
254
Atlanta
210
117,764
11,439
18,641
604,702
231,094
141,606
214,904
211,299
46,736
1,764
278
....
70,997
37,667
68,823
Gold Coast
284
San Francisco
285,606
34
1,067
37,489
Ireland
Dallas
294
18,259
Italy
Jamaica
3,380
2,502
124,757
1,146
Finland
5,290
2,064
64,541
1,075
15
3,758
186
1,687
2,224
27
666
6,616
295
13,900
123
46
4,493
345
283
10,076
103
1,845
12,323
364
183
792
2,034
3,404
3,479
Egypt
Richmond
265
25,892
5,053
Colombia......
5.294
Minneapolis
60,000
10,980
3,839
M anu-
factures
9,895
4,587
428,227
1,321
57,932
34,603
55,271
5,953
40,840
Kansas City...
24,492
23,158
Finished
6emt-
Manu-
factures
75,137
28,382
638
St. Louis
bev¬
erages
43,977
China
495
Chicago..
<fc
4,294
18,580
Chile
3,939
7,479
3,925
3,140
14,809
3,022
Foodstuffs
6,274
3,381
.............
British
British
France
Oct. 2,
1940
98,496
84,417
Argentina
712
the
A rise of 25.4% in payrolls
Exports of United States Merchandise
513
_
of
45.6%.
(Value In Thousands of Dollars—000 Omitted)
4,272
_
Philadelphia
nomics
the
EIGHT MONTHS ENDED AUGUST. 1940
Haiti
over
in
VALUE OF UNITED STATES FOREIGN TRADE WITH GEOGRAPHIC
DIVISIONS AND LEADING COUNTRIES BY ECONOMIC CLASSES,
Germany a..........
..
Conference
6.7
of
Figures of the foreign trade of the United States for the
eight months ended August, 1940, divided into several
economic classes and according to source and destination,
were issued Oct. 5 by the Division of Foreign Trade Sta¬
tistics of the Bureau of Foreign and Domestic Commerce.
They are presented in the tabulation below;
Ecuador...
13 Weeks Ended
Week Ended
*
increases
Ended
Months
Dominican
FEDERAL RESERVE DISTRICTS
Federal Reserve District
Cleveland
percentage
4.05 in the foundry and machine-shop
industry.
Total man-hours worked
Exports for United States for Eight
August, 1940—Geographical Dis¬
and
Imports
Denmark
In Millions of Dollars
New York
than
millwork,
Cuba
.System.
Boston
greatest
cotton,
lumber and
Belgium...
a
only
(other
chemical
amounting to
year
Europe
6.4% Above
reported by banks in leading cities for the week ended
as
the
in the silk,
in
3.3
finishing,
4,468,569
5,146,472
2,035,302
•
Bank Debits for Week Ended Oct. 2, 1940,
Debits to
week,
per
contrast,
industry
by the automobile industry for the similar period. ;
industries:
5.531.999
—52.9 +219.6
—3.2
—24.5
5,247.404
MlddleAtlantic 13,862.269
E. No. Central 32,539,959
3,530,606
W. No.Central
England.
South
Aug.,
1940
In
earner.
products
$
$
All divisions.. 96,111,163
New
Jul'/,
wage
tribution of Various Classes of Merchandise
Population
Division
number of hours worked
each
woolen
+ 27.1
(Including Alterations
and Repairs)
Buildings
for
the
in
goods).
showed
the
for
made
wa>
Total Building Construction
New Non-Residential
Geographic
worsted
industry, 4.1
and
hours
45.1
most sharply in the automobile industry (17.5%), in foundries
(7.9%),
(7.6%), and in hardware and small parts (6.8%).
Payrolls in foundries and machine-shops stood at 82.3 in August, 1939,
compared with 114.4 in July, 1940, and with 119.8 in August, 1940, the
increase
All divisions
and
furniture
Provided
Aug.,
July
rose
Percentage
1940
in
worked
were
industries,
Change from—
Jvl'j,
of
average
Employment
Geographic
than
and machine tools reported the greatest
furniture
New Residential Buildings
.
weekly earnings increased in August, the former from $28.16 in July to
$28.58, or 1.5%.
The comparable figure for that month a year ago
was
$27.29.
Venezuela
a
Exports Negligible.
54,129
585,368
7,515
46,810
9
2,392
80,278
9,090
40.071
254
14
74
104
331
5,408
The Commercial & Financial Chronicle
2106
Oct.
production and 84% of
Imports of Merchandise for Consumption
(Corrected to Sept. 30, 1940)
average
1940
12,
The Asso¬
1929 shipments.
ciation further reported:
(Value In Thousands of Dollars—000 Omitted)
Year-to-Date Comparisons
Geographic Division
Crude
and
Total
Materi¬
Food¬
Country
Imports
als
stuffs
283,901
Europe..Northern North Amer
261,582
178,536
241,411
613,636
Southern North Amer
America
South
Crude
Asia------
Oceania
17,900
—
77,943
Africa
56,076
34,677
30,992
104,953
349,706
14,391
46,354
Manuf'd
Foodslufft
<fc
Bev¬
erages
4,070
243
50,856
14,783
65,592
9,527
51,955
1,919
15,764
767
23,677
51,306
78,096
22,360
Reported production for the 39 weeks of 1940 to date
Finished
Semi-
Manu¬
Manu¬
factures
facture*
46,042
96,744
101,186
6,840
2,793
121,620
67,996
803
543
14,004
1,055
76,156
87,259
23,807
corresponding weeks of 1939; shipments were 6%
and
1,674,909
637,149
195,514
195,398
369,691
277,157
53,964
12,366
24,395
65,186
71,481
168,639
44,247
10,314
2,492
20,320
755
5,101
3,489
373
472
8,059
28,685
108,087
870
613
255,915
33,690
12,341
Argentina———
Australia
...
Belgium.,..
Brazil...
British India
British Malaya
Burma
—
......
Canada,...——.
18,383
34,528
Ceylon
Chile..
61,276
33,799
80,080
China.........——
Colombia
-—
Cuba
Republic.
Ecuador
Egypt
Finland
-—-
France
------——
Germany b
...
Gold Coast——
Greece
Haiti
Honduras...........
HongkOig
Iran (Persia)—......
Ireland
Italy
—
-
141
2,327
43
134
13,589
2,601
4,990
60,290
5
247
5
14,016
87,134
97,640
6
225
159
*
-
«•
«.
540
«.
-
23,436
5,652
31,717
84
5,061
479
420
28,480
89
19,793
1,358
10,868
1,519
32,031
3,939
1,914
29,086
8,963
94
317
63,191
469
1,612
332
195
49
208
146
91
2,236
1,070
106
130
355
1,940
15
139
296
4,473
4,157
71
56
26
102
20
6,433
2,990
7,002
102
2,335
1,076
13,789
2,048
80
9
280
18
31,740
3,577
940
5,722
11,176
11,673
2,128
6,683
2,592
4,999
1,273
1,231
2,780
6,098
6
8,307
355
2,748
1,292
1,468
6,395
31
18
62
101
4
3
180
146
195
276
1,679
2,655
69
600
549
Supply and Demand Comparisons
The ratio of unfilled orders to gross stocks was 31%
23,159
5,031
427
8,487
2,217
6,997
833
172
222
320
13
107
91,922
63,642
2,003
5,695
4,367
16,217
805
8
11
178
604
4
42,408
68,940
17,106
76,285
12,928
6,138
576
8,810
11,369
2,989
3,433
14,862
98
15
1
8,004
1,864
345
778
1,715
Netherlands W. Indies
(Curacao).——
Netherlands—.
Newfoundland and
....
4,859
4,855
7,196
2,633
Labrador
New Zealand...-.
Norway
....
Panama, Republic of.
Panama Canal ZonePeru.....
Philippine Islands
Portugal..—....
Spain..
...
Sweden
Switzerland
.....—
Turkey-.—.Union of South Africa
520
14,228
2,652
2,365
116
3,542
193
241
768
3,575
85
1,109
42
45
645
1
1,212
4,836
501
27
2,526
1
4
512
14
162
10,141
62,894
5,849
8,824
3,883
11,470
35
497
208
37,513
1,457
5,005
16,667
15,779
12,701
31,291
1,280
1,818
24
952
1,190
74
335
■
wm
—
140
1
m,
m.
99
5,627
6,940
2,346
1,150
299
31
93
321
1,442
388
10,100
9,373
14,794
316
20,647
807
18,905
42,603
88
20
3
4,883
790
386
16,964
92,572
10,288
23,929
Uruguay
Venezuela
b Statistics Include trade
3,459
mills.
Shipments
100
from
below production.
000 feet, or 7%
and
Four
We give
herewith data on identical mills for four weeks
ended Sept. 28, 1940 as reported by the National Lumber
Oct. 28:
of 466 mills reported as follows to the National Lumber Trade
Barometer for the four weeks ended Sept. 28, 1940:
250,926,000 feet, and
was
ments
36.970
Hardwoods
Total lumber...
1,032,922
1940
1939
were
1940
1939
34,940
41,765
45,249
59,984
42,688
Softwood
of comparable mills during the same period of 1938.
Hardwood output was 6% above production of the 1939 period.
Shipments during the four weeks ended Sept, 28, 1940,
were
4% above
those of corresponding weeks of 1939, softwoods showing a gain of 5% and
hardwoods, loss of 8%.
Orders received during the four weeks ended Sept. 28,
below those of corresponding weeks of 1939.
1940,
Hardwood orders showed
a
were
6%
Softwood orders in 1940 were
6% below those of similar period of 1939 and 55% above the
of 1938.
loss of 29%
as
same
weeks
compared with cor¬
responding weeks of 1939.
On Sept.
28, 1940, gross stocks
as
reported by 397 softwood mills were
3,501,604 M feet, the equivalent of 102 days'
year average
1937-38-39)
as
average
production (three-
compared with 3,517,824 M feet
on
Sept. 30,
1939, the equivalent of 102 days' average production.
On Sept. 28, 1940, unfilled orders as reported by 394 softwood mills were
1,116,940 M feet, the equivalent of 33 days' average production, compared
with 990,843 M feet on Sept. 28,
1939, the equivalent of 29 days' average
production.
1940, of 385 identical softwood
year ago it was
respectively 274,392,000 feet,
feet
and
233,024,000 feet; ship¬
and 283,749 feet; and orders
In the
case
9,620,000 feet; shipments 11,690,000 feet, and
of hardwoods,
14,192,000 feet,
Weekly Statistics of Paperboard Industry
We
give herewith latest figures received by us from the
National Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of the
total industry, and its program includes a statement each
week from each member of the orders and production, and
also a figure which indicates the activity of the mill based
on the time
operated.
These figures are advanced to equal
100%, so that they represent the total industry.
STATISTICAL
REPORTS—ORDERS,
PRODUCTION,
MILL
ACTIVITY
Unfilled
Orders
Orders
Percent of
Received
Production
Remaining
Tons
Tons
Tons
January...
628,155
February—
420,639
429,334
579,739
453,518
449,221
456,942
624,184
609,781
587,339
487,127
470,228
167,240
137,631
129,466
193,411
247,644
236,693
196,037
162,653
163,769
122,037
196,037
Period
March...
April
....
June
620,907
682,490
508,005
...
...
Current
Activity
Cumulative
544,221
452,618
468,870
72
70
69
70
76
79
72
74
72
Week Ended—
Aug.
3......
Aug. 10
Aug. 17
Aug. 24
Aug. 31
-
Sept. 7...
Sept. 14.
Sept. 21
Sept. 28--.
73
123,429
179,044
74
73
117,268
112,970
115,474
120,260
121,226
122,212
73
73
74
73
92,066
97,766
123,418
123,281
125,763
173,438
169,142
162,663
157,043
154,311
159,161
163,769
167,953
120,662
128,087
128,055
131,737
5...
74
113.834
106,901
...
....
128,203
73
74
60
73
76
73
74
73
78
73
78
73
less production, do
not necessarily equal the unfilled orders at the close. Compensation for delinquent;
reports, orders made for or filled from stock, and other items make necessary adjust¬
ments of unfilled orders.
Wheat
Canadian
Says
Lumber production during the week ended Sept. 28, 1940,
5% less than in the previous week; shipments were 7%
less; new business 8% less, according to reports to the
National Lumber Manufacturers Associ ation from regional
associations covering the operations of representative hard¬
wood and softwood mills.
Shipments were 9% above pro¬
duction; new orders, 9% above production.
Compared with
the corresponding week of 1939, production was 8% greater,
shipments 4% less, and new business, 13% loss.
The in¬
dustry stood at 77 % of the seasonal weekly average of 1929
Yield
Second
Bank of Montreal in
Largest in History,
Final Crop Report of
Season
In its final crop report of the season, issued on Oct. 10 '
the Bank of Montreal states that the year 1940 goes upon
record
as a year of good crops in Canada as a whole and as a
of extraordinarily good crops in the prairie provinces,
where the wheat yield is the second largest in history and
may prove, when returns are complete, to be actually the
largest.
"To this general picture there have been local ex¬
ceptions," according to the Bank, "certain crops in Ontario
have been adversely affected by cold, Wet weather and
certain crops in British Columbia by shortage of moisture
during the growing season." The Bank's report continued:
year
For the prairie provinces preliminary estimates place this year's total
wheat crop as slightly below that of the record production of 1928.
grain Is generally high grade.
The
The Dominion Bureau of Statistics estimates
wheat production of the three prairie provinces at 534,000,000
bushels,
which is 71,481,000 bushels larger than the third estimate of last year's
crop
and compares with
a
10-year average of 307,013,000 bushels.
The
estimated average wheat yields by provinces follow: Manitoba 20.2 bushels,
Saskatchewan 16.7 bushels. Alberta 23.4 bushels.
the prairie provinces,
coarse
The 1940 wheat acreage
officially estimated at 27,750,000
largest on record and is more than 1,900,000
Production of
Comparisons
and orders 11,326,000 feet and 15,643,000 feet.
in
Report of Lumber Movement Week Ended Sept. 28, 1940
wa3
week were 13,161,-
12,328,000 feet.
89 identical mills reported production this year and a year ago 10,824,000
956,473 1,113,452 1,065,516 1,228,216 1,303,013
production in 1940 was 8% above that of the same weeks of 1939 and 14%
the record
a
same
was
921,533 1.071,687 1,020,267 1,185,628 1,243,029
mills, was 8% above that of corresponding weeks of 1939.
above
Production
Reports
12,271,000 feet, or 5%
reported for the
received 275,561,000 feet, and 313,744,000 feet.
Production during the four weeks ended Sept. 28, 1940, as reported by
tnese
253,066,000 feet.
Note—Unfilled orders of the prior week plus orders received,
Orders
Shipments
1939
1940
as
Identical Mill
Oct.
(In 1,000 Feet)
995,952
Shipments
above production.
Production during week ended Sept. 28,
mills
was
Month of—
Shipments
During
Weeks Ended Sept. 28, 1940
Softwoods—
Production
hardwood mills give new business as
July...
Production
10% above the production of the
reported for the same week were 276,662,000
as
feet, or 9% above production.
September.
An average
feet;
Lumber orders reported for the week ended Sept. 28, 1940, by 396 soft¬
same
August...........
on
289,823,000
shipped
orders, 313,760,000 feet.
wood mills totaled 277,305,000 feet; or
May
Manufacturers Association
combined;
Revised figures for the preceding week
226
with the German-occupied areas in Czechoslovakia and
Production
hardwoods
mills, 514; production, 278,086,000 feet; shipments, 311,128,000 feet;
were
51
Poland.
Lumber
and
booked orders of 289,576,000 feet.
12,144
Union of Soviet Social¬
ist Republics.—.
United Kingdom
softwoods
of
4,081
14,720
1,432
-
Softwoods and Hardwoods
During the week ended Sept. 28, 1940, 479 mills produced 265,394,000
feet
527
222
-
12% greater than
204
10,665
26,745
m'm
Sept. 28, 1940,
on
were
stocks were 2% less.
year ago; gross
6,764
11,165
2,076
1,376
3,990
126
Unfilled orders
compared with 29% a year ago.
84
372
818
»
295
1,675
For the
above production, and
business was 9%
new
shipments were 4% above production.
570
931
Jamaica
Japan..—...——
Kwantung.
Mexico.....
Netherlands Indies-
114
39,368
5,548
3,633
2,745
4,676
Denmark
Dominican
810
750
19
8% above
was
above the shipments
6% above the orders of the 1939 period.
were
39 weeks of 1940 to date,
a
Total
orders
new
is the
grains is slightly higher than in 1939 and winter feed
supplies are generally sufficient.
Production of oats lis estimated at 251,-
500,000 bushels and of barley at 89,000,000 bushels.
finished in Manitoba and Saskatchewan.
delayed by frequent rains,
Wheat
acres,
in excess of last year.
acres
-
Threshing is virtually
In Alberta operations have been
but threshing is now about 75% completed.
marketings have been affected by governmental restrictions, but
from Aug.
1 to Oct. 3 deliveries by farmers to country elevators totalled
156,724,000 bushels, compared with 259,198,000 bushels in the
same
period
last year.
In Quebec province well up to average yields are reported of hay, grain,
roots, apples, small fruits, tobacco and maple products.
In Ontario the
hay crop was heavy, fall wheat a good yield, and late roots, except potatoes.
Volume
are
The Commercial & Financial Chronicle
151
promising, but spring grains
Small fruits were plentiful,
and
corn
tobacco,
provinces
were
damaged by wet weather at harvesting.
but the yields of most tree fruits,
substantially below
were
well
as
of
fair to average harvest of all the main staples is generally in¬
a
dicated, with the exception that apples
tensive
as
In the Maritime
average.
damage by storms.
below-average
will be
a
light
crop,
owing to ex¬
ColumDia the hay crop was heavy,
In British
yields of tree fruits good and
the crop of
tomatoes a record one.
Employment
the
employment
building
private
4.8% from July to August.
August
construction
Weekly pay rolls
gain
increased
industry
6.4%.
were up
greater-than-seasonal,
was
The July to
the
August
1939
increase being 0.8% and the corresponding month gain during the 1932-39
period averaging
3%.
Employment
August, 1939, and pay rolls
Slightly
Further details
the grain, root and vegetable crops.
were
in
2107
in August,
contained in the
as
1940
15.1%
was
19-7% above the level of
were
above
a year ago.
Labor
Department's
announcement follow:
AU
Total
Non-Agricultural
Employment in August In¬
by Over 490,000 Workers from July, Secre¬
tary of
Labor Perkins Reported—Total Reached
36,000,000 Workers—WPA Employment Decreased
creased
in
August
state:
to
As in the
»'■.
■
immediately preceding months, expansion in industries
New highs in employment
picture.
increases.
manu¬
registered in shipbuilding,
were
Tennessee.
Florida
in August, 1940 and the gains
the month interval and in comparison with 1937, the most recent year
over
of peak
employment,
were as
follows:
Gains in Aggregate Employ¬
ment Between
Wage Earners
July, 1940, and Average 1937 &
August, 1940
August, 1940
98,000
5,500
Aircraft
80,400
4,700
55,800
2,400
Engines
—
28,600
900
4,900
Machine tools
67,300
700
20,100
8,300
500
2,900
Explosives
Other
.
large employment gains
shown included:
were
seasonal employment
a
increase of 60,700
21,800 workers, reflecting the production of new models.
wage
The meat packing
baking industry, a reduction of 1,000 workers.
In addition
40,000
the substantial
to
additional
struction
workers
were
projects in August.
utilities,
about
industries
Federal,
a
17,000
net
+ 5.3
South Atlantic States
+8.7
+ 7.4
+ 24.3
+ 25.0
West South Central States
Mountain States
.
Pacific States
_
and
in
crease
erection
of the
nine
plastering
(8.5%),
recessions
15 special
and stone
jects financed
by the Work Projects Administration,
appropriation of the Federal, State
There
and
private
the field of transportation
were
recession
added and
was
the group
in
shown.
service
and
con¬
public
of mining
Employment in the
increased
by
50,000.
In
in
retail-trade
In the
activity.
Wholesale
of financial and
group
proximately 28,300
wage
averaged 7.3%.
were
Among them
three woolen mills
workers),
were
in
street
Sixteen
gas.
demand.
In
accompanied by
anthracite
a pay
coal
mining,
re¬
an
roil loss of 9-3% which
reflected decreased production, due in part to the observance of a religious
holiday during the first half of August.
Metal mines reported employment
and pay rolls gains of 0.7% and 8-5% which raised the levels of this industry
the highest point since November, 1937-
In
the
Quarries increased their woring
while oil wells curtailed employment by 0.5%.
public
slight
utilities,
employment
telegraph and street railways and busses
declines
offset
were
gain of 0.7% in electric light and power which
roll increase of
in
railways
was
accompanied by
Retail stores
by
an
Employment
of Columbia,
Tennessee and Florida.
over
on
the year.
Public Construction and, Relief Programs
The accelerated pace of the
National defense program
was
reflected in
employment figures on construction projects financed by regular Federal
Large gains
ended
Aug.
the construction of naval vessels and public
on
to 335,000
up
for
the month
Payroll disbursements amounted to $37,936,000.
15.
In the month ended Aug. 15, only 60,000 men were working on construc¬
tion
projected financed by the Public Works Administration.
were
Payrolls
Employment on low-rent projects of the United States
$6,093,000.
figures
a
indicate
gain of about 500 during the
that
employment
same
period.
State-financed
on
road
projects increased 11,000 in August, bringing the number of workers up to
v-/;V-
209,000.
of the Work Projects Administration where the number of persons at work
these
Payroll disbursements to the 1,647,000 workers
projects totaled $94,580,000.
Employment
on
Federal agency
projects under the WPA fell from It 8,000 in July to 71,000 in August.
Youth Administration furnished employmnet to an addi¬
The National
tional 52,000 persons on the
out-of-school work
program in
Employment in camps of the Civilian Conservation Corps
000 in July to 325,000 in August.
Payrolls for the month
Materials valued at $10,604,000
ordered
were
on
August.
from 317,-
rose
were
$14,381,000.
construction projects
PWA during the month ended Aug.
by the
the WPA material orders placed
valued
at
15.
Orders
were
totaled $466,000.
Contractors
on
low-rent
$7,098,000.
EMPLOYMENT AND PAYROLLS ON PROJECTS FINANCED WHOLLY OR
PARTIALLY FROM FEDERAL
FROM
FROM
roll less of 0.3%.
a pay
FUNDS AND
STATE FUNDS, AUGUST,
ON ROADS FINANCED
1940
(Figures In Thousands)
reported declines of usual seasonal proportions, 0.8%, in
rolls between July and August.
pay
Employment
Between
were
Class
Aug.,
Variety stores reported
furniture and lumber, 0.2% each.
Financed by regular
were
filling stations,
dealers in electrical supplies, plumbing
equipment, cigars, drugs, jewelry, and fuel and ice.
trade
firms
reported
corresponded closely to the
an
July,
August,
1940
July,
August,
a
1940
1939
a
1940
1939
$
$
$
employment
average percentage
August for the past 11 years.
gain
of 0 9%
change between July and
Pay rolls, which showed virtually
no
August over this latter period, increased by 0.5%
these two months in
1940.
Gains
were
which
change
between
general among the various whole¬
the most pronounced seasonal percentage increases occurring in
dealing in farm products
and optical goods (8.2%).
—16
—203
6,093 —1,621 -17,726
335
+ 17
+ 59
51
+5
+ 33
37,936 + 3,289 + 9,841
145 +3,288
5,385
71
—37
—7
1,647
—4
—188
propriations. c
Agency
projects
—
under
the WPA.b
Projects oper. by the WPA.d
2,765 —1,612
—827
—450
-13,570
94,580
NY A Projects—
Student
work
program .d...
—1
'
■
-
«,
*
Out-of-school work program.d...
Civilian Conservation Corps.e
240
+ 52
+ 29
325
+8
—8
State roads.f
209
+ 11
+ 53
(10.8%), assemblers and country buyers
(8.0%), farm supplies (3-2%), general merchandise (4.3%), an.d jewelry
60
Federal ap¬
U. S. Housing Authorlty.c
WPA Program—
Federal
Change from
Aug.,
1940
Construction Projects—
Financed by PWA.b
Among the retail lines reporting increased
Payrolls
Change from
Employment declined seasonally in depart¬
mobiles, 1.1%; men's clothing, 3,6%; women's clothing, 3.5%; shoes, 5 2%;
firms
same areas.
from regular Federal appropriations and on Federal agency projects under
employment recession in other retail lines included groceries, 0-7%; auto¬
sale lines,
general
were
The principal increases
Pennsylvania, Ohio, Indiana, Illinois, Michigan,
Delaware, the District
employment and pay rolls of 1.3% and 2.5%, respectively, and the
from July to
the month interval
over
largely concentrated in the
year ago were
Only four States showed net declines of 1 % or more
slight employment increase (0.2%) in insurance firms
by 1.9% and pay rolls dropped 3.3%.
Wholesale
of
railways and
employment
accompanied by a pay
was
rolls seasonally by 2.1% and 2.4%, respectively.
2.4% and 4.2%, respectively.
employment
distribution
on street
placed for materials valued at $78,153,000 on construction projects financed
August, 1939, and August, 1940, the employment and pay roll gains
losses in
and in the
employed
1 %, while dyeing and cleaning plants reduced
than
employment and 1.6% in
ment stores
busses
Increases of 5% or more since August of last year were shown in Vermont,
Brokerage houses curtailed employment and pay rolls by 2.7%, and 5.4%,
a
and
workers
hundred
and
rolls in hotels and laundries showed slight contra-
their employees and pay
respectively, wrhile
(affecting
clothing factories
••'<
projects of the United States Housing Authority placed orders for materials
pay
seasonal gains of less
men's
industry received increase ranging from 3 to 5%.
compared with a
as
financed
telephone
1.7%.
Employment and
13
1.5% wage-rate increase and nearly 900 employees in the
a
on
forces by 1.4%
and pulp mills
paper
In the group of non-manufacturing industries the only significant wage
decreased 4,000 in August.
to
August,
Increased non-agricultural employment was felt on work relief projects
rolls of 10 8%, stepping up production in
was
in
covered in the survey and
earners
11
(1,800),
(1,600), and two aircraft factories (1,500).
largely to the employment gain of 2.9% in bituminous coal mines, which also
employment decline of 1%
Of the ap¬
reporting
These increases affected about 16,000
reported wage-rate increases.
reported
pay
local governments.
establishments
manufacturing
of the approximately 4,750,000
'
;
The net gain of 8,000 workers in the group of mining industries was due
industrial
or
Works
by regular
or
and non-manufacturing industries surveyed.
appropriations.
Federal
on
service industries, a loss of approximately 5,000 workers was shown between
increase in
Public
marked change in the general wage rates of workers in the
was no
manufacturing
Preliminary
increased
the
brought the number of workers employed
trade firms reported a small seasonal gain.
an
and structural steel
cover construction pro¬
Administration, and the Reconstruction Finance Corporation,
reflecting the
to
(5.1%)
masonry
(15.4%).
The reports on which the figures are based do not
Housing Authority showed
sponse
building trades surveyed, principally in
(6.8%), and glazing (4.1%).
Notable
carpentering
brick
in
were
wholesale and retail trade combined, employment declined by about 4,000,
July and August.
+6.6
General contractors reported increased employment of
9% while special
trades contractors registered a 1.1% gain.
Employment continued to in¬
roads together with appreciable increases on many other types of projects
government
mid-summer
+ 1.8
—3.7
+ 5.1
employed
In
workers
local
+0.1
—4.9
gain in factory employment, more than
of 8,000 workers
gain
State,
+6.9
Factories
larger-than-seasonal lay-off of 5,600 workers and the
a
+ 7.8
+ 3.7
East South Central States
manufacturing automobiles and automobile parts expanded their forces by
industry reported
Payroll
+ 1.9
Maryland,
and women's clothing factories, a seasonal gain of 33,500.
South
July, 1940
+0.5
machinery, 7,100; and woolen and worsted goods,
earners
the
+ 2.8
_
Substantial gains in employment
Canning and
for
follows:
West North Central States
natural gas
steel,
constructionjin
+ 5.0
busses received
war
reported
Percentage Change from Percentage Change from
Connecticut, New Jersey,
preserving firms showed
were as
■
12,600; sawmills, 10,500; foundries, 9,900; men's clothing, 8,400; electrical
6,600.
development
increase of 8.7%
in all but the West Central and Mountain regions.
manufacturing industries stimulated directly or indirectly by
orders aad in which
geographic divisions
East North Central States....
natural
22,900
Aluminum manufactures
and residential
employment
an
New England Sta es___...i...,„,
Middle Atlantic States
August, 1940
35,700
56,400
to
July, 1940
increases
Shipbuilding
States
Employment
2,700
Number of
Industry
Mountain
the
The changes in employment and pay rolls over the month
area.
Area
106
Estimated
except
(24.3%) occurred in the East South Central
Extensive hotel
contributed
for the nine
aircraft, engines, aluminum manufactures, machine tools, and explosives.
Estimated employment in these industries
geographic divisions
The greatest gain
States, due principally to accelerated war-materials plant construction in
A-■
facturing materials for national defense continued to highlight the employ¬
ment
the
Atlantic
Total
non-agricultural employment in August,
1940
topped all preceding August levels since 1929, with the single
exception of August, 1937, Secretary of Labor Frances
Perkins reported on Sept. 25.
Tne increase of over 430,000
workers in non-agricultural occupations from July to August
brought August, 1940 employment to nearly 36,000,000, an
increase of 1,130,000 over a year ago, her report showed.
"The gains in factory employment and pay rolls were wide¬
spread, 75 of the 90 manufacturing industries surveyed
reporting increased employment and 80 reporting larger
pay rolls," she said.
"Total factory employment rose 4%
indicating the return of 310,000 workers to jobs, more than
double the usual seasonal gain.
Weekly factory pay rolls
were
7.5% or more than $13,600,000 greater than in the
preceding month. The usual July-August increases are 1.8%
in employment and 3.1% in pay rolls."
Miss Perkins went
on
of
a
Preliminary,
ended July
b Employment figures
15 and Aug. 15.
c
are
maximum
.»
*.
-
—5
4,778 + 1,445
+ 633
+ 234
—436
14,381
16,091 + 1,395 +4,185
number
for
the months
Employment figures, except for Federal-aid road
The Commercial & Financial Chronicle
2108
Em¬
and Aug. 15.
projects, are maximum number fo* the months ended July 15
ployment and payrolls on federal-aid roads for the calendar month ended Aug. 31
are
d
estimated,
Figures
are
for the calendar months ended July 31 and Aug. 31.
figures on employment are for the last day of the
e
month; payrolls for the entire
31 are estimated.
f Employment and payrolls for the month ended Aug,
month,
ESTIMATES
12, 1940
These indexes are not adjusted for seasona
computing the index numbers.
variation.
The data for manufacturing,
mining, building construction, laundries,
and dyeing and cleaning cover wage earners
all employees while the
only; those for railroads cover
data for water transporattion cover employees on
vessels of 1,000 gross tons or over in deep-sea
EMPLOYMENT
NON-AGRICULTURAL
TOTAL
OF
Oct.
other industries exclude proprietors
trades only.
The data for
and firm members, corporation, officers
executives, and others whose work is mainly supervisory.
Change
Change
Aug., 1940
July 1940
inary)
Payrolls
Employment
to
Aug., 1939
Aug. to
July, 1940
(Prelim¬
Aug. 1939
Aug. 1940
Index
Industry
ln~ex
% Change from—
stuy..
Aug.,
Total
non-agricultural
1940
em¬
Employees in non-agricul¬
29.843,000 29,413,000 +430,000 28,710,000 +1133,000
9,854,000 9.544.000 +310,000 9,260.000 +594.000
837,000
+38,000
845,000
807,000
+8,000
+41,000 1,415.000
1,420,000 1,379,000
+5,000
tural establishments...
Manufacturing..—....
Mining......—..—....
Construction...—
c
c
c
c
+ 3.0
c
Mach., equip. A supplies
products
c
+0.6
c
c
+ 0.6
c
c
+ 10.8
c
c
+ 0.6
c
c
+ 0.3
c
c
—0.9
4,395.000
4,344,000
+51,000
and firm members, sell-employed persons, casual
The series for "Employees in Non-
agricultural Establishments" is limited to employees only and does not
include
proprietors,
self-employed persons, domestic servants or casual
includes
Neither set of figures
workers.
enrollees in CCC camps.
NYA projects or
persons
employed
on
WPA
or
The estimates for "Employees
Non-agricultural Establishments" are shown separately for each of seven
Tables giving figures tor each group, by months,
major industry groups.
for the
period from January, 1929, to date are available on request.
The figures represent
the number ol persons working at any time during
the middle of each month.
The totals for the
the week ending nearest
United States have been
adjusted to conform to the figures shown by the
the number of non-agricultural "gainful
workers" less the number shown to have been unemployed for one week or
1930 Census of Occupations for
more at
for which information is available, are
percentage changes from
shown below for August, 1940, with
July, 1940, and August, 1939.
The three-year
1923-25 is used as a base in computing the indexes for the manuI steam railroads.
For the other non-manufacturing
average
Farm
Petrol. A petrol, prod'ts
(inci. bulk tank sta'ns)
Food—
industries and class
prior to 1929 is not available from the
industries information for years
Bureau's records, and the as-month average for 1929 is used as a base in
c
c
+ 0.8
c
c
c
+0.5
e88.4
—0.8
+2.4
e81.3
—1.6
+ 4.2
102.9
—0.7
+ 1.4
95.9
—0.1
+ 3.8
e88.9
—1.6
Automotive.-——
Retail
—3.5
+ 3.0
e81.1
Apparel..
72.9
—
2.9
+ 1.1
68.3
—3.5
+ 2.2
Furniture <fc furnishings.
74.8
—1.3
—3.0
66.1
—1.0
—0.5
Automotive...—
86.1
—0.8
+6.2
79.8
—3.0
+ 10.8
+ 4.0
General
merchandising.
Lumber A bldg. mafia..
+ 1.7
72.4
+ 0.7
+ 2.7
e100.8
—0.5
+ 4.6
+ 2.6
el07.6
+ 1.7
+ 5.3
—1.1
e70.3
+0.4
+ 0.6
0
75.6
+ 3.2
Public utilities—
Telephone and telegraphElectric light and power
e78.6
—0.2
e92.9
+ 0.7
Street railways & buses.f.
e68.4
d
33.1
—9.3
—2.1
Bituminous coal
86.6
+ 2.0
+6.5
83.3
+ 10.8
+ 11.6
Metalliferous
71.5
+ 0.7
+ 18.3
69.1
+8 5
+ 30.4
Quarrying A non-metallic.
Crude petroleum produc'n.
48.8
+ 1.4
+ 1.4
45.0
+ 3.5
+4.9
63.4
—0.5
-*-4.9
69.1
—0.1
—4.8
Mining—Anthracite
—1.0
50.3
-
+ 3.9
Services-
Hotels (year-round).
Laundries.—.
+ 0.3
+0.9
£80.9
102.8
+0.3
+ 3.7
90.6
+ 0.7
+ 5.4
105.9
—2 1
+ 3.1
78.0
—2.4
+ 6.9
2.7
—1.3
c
—5.4
—4.5
90.6
.....
--
Dyeing and cleaning......
-
c
+0.4
+ 2.1
c
+ 0.2
+ 1.8
c
—0.3
+ 3.4
Building construction.......
c
+ 4.8-
+ 15.1
c
+ 6.4
+ 19.7
Water transportation.......
h81.0
+ 0.6
c
c
Insurance
payrolls for all manufacturing industries
non-manufacturing industries
of employment and
Indexes
combined class I steam railroads, and for those
d
c
Brokerage
the time of the census.
+ 3.3
+ 2.6
govt., inci armed forces
and domestic servants.
+0.5
c
+51,000
workers,
78.7
Dry goods and apparel—
4,169,000
engaged in gainful work in the United States in non-agricultural industries,
c
—0.7
+ 7,000
including proprietors
+ 15.6
—1.0
4,213,000
persons
c
c
4,220,000
the first
+ 7.5
1939
c
Finance, service and misc.
Federal, State and local
on
+ 1.1
c
Aug.,
c
Food products.-.-.
Groceries & food spec'ies
given
+ 0.9
a103.7
1940
c
+89,000
+86,000
Employment,*"
+ 5.4
July,
—0.1
6,988,000
estimated total number of
+7.5
+ 0.9
♦
c
2,946,000
—4,000
above table, represent the
+4.0
59.3
90.0
+ 17,000
6.078.000
Estimates of "Total Non-agricultural
al03.5
...
3,018,000
6,704.000
line of the
1939
(1929=100)
3,035.000
4,125,000 +270,000
1940
Aug.,
1940
Class i steam raiiroads.b
Trade
utilities..............
in
(1923-25—100)
Manufacturing.
Trade—Wholesale.
Transportation and public
July,
*
ployment.......—.—.. 35.986,000 35,553,000 +433,000 34,856.000 +J130.000
% Change from—
#
c
c
Revised series—adjusted to 1937 Census
b Source: interstate Commerce Commission,
c Not available,
of Manufactures,
d Less than onetenth of 1%.
e Revised series—Retail trade indexes adjusted to 1935 Census,
public utility Indexes to 1937 Census,
f Covers street railways and trolleys and
motor-bus operations of subsidiary, affiliated and successor companies,
g Cash
payments only; value of board, room and tips cannot be computed.
It Based on
estimates prepared by the United States Maritime Commission.
♦Preliminary,
a
EMPLOYMENT AND PAY ROLLS OF WAGE EARNERS IN MANUFACTURING INDUSTRIES—ADJUSTED TO 1937 CENSUS
INDEX NUMBERS OF
OF MANUFACTURES fThree-Year Average
Employment
1923-25=100.0)
Payrolls
Employment
Payrolls
Manufacturing Industries
Manufacturing Industries
*Aug.
July,
Aug.,
*Aug,
July,
Aug.,
*Aug.
July,
Aug.,
*Aug.
July,
Aug.,
1940
1940
1939
1940
1940
1939
1940
1940
1939
1940
1940
1939
103.2
■
l(v
-
'
Non-durable Goods
Durable Goods
Textiles and their products.....
Iron and steei and tnelr products,
including machinery......
works and
roliiug inUls.....—
Bolts, nuts, washers and rivets.
Cast-iron pipe
Cutlery (not inci. silver and
plated cutlery) & edge tools—
Forglugs, iron and steel...
not
110.6
106.2
92.3
113.6
104.3
88.0
Blast furnaces, steel
Hardware
—
Plumbers' supplies...........
Stainped and enameled wareSteam
and
hot
work
cans
.......
and other tinware
Tools (not inch edge tools, ma¬
chine tools, files and saws)—
Wlrework
Cotton small wares.....
119.0
97.0
124.9
116.2
92.7
115.6
109.1
96.9
139.4
113.1
104.0
80.2
78.2
75.3
76.4
74.9
67.9
Dyeing and finishing textiles
79.5
Hats, fur-felt.
Hosiery
93.7
............
98.8
92.1
72.5
67.8
55.6
86.2
77.6
59.4
Knitted outerwear...
954
82.9
76.6
106.6
85.7
80.1
Knitted underwear.......
86.3
84.3
77.8
80.0
74.2
71.1
Knit
164.2
152.4
152.6
182.4
166.1
156.4
Silk and rayon goods
Woolen and worsted goods..
90.3
84.2
78.4
85.0
78.0
67.9
Wearing apparel........*....
97.1
91.8
90.2
89.3
81.3
77.7
101.6
90.6
Structural A ornamental metalTin
Carpets and ruga....
Cotton goods
122.1
heating
water
apparatus & steam fittings—
Stoves...
Fabrics..........
79.8
76.0
71.5
72.6
67.6
63.9
107.9
105.9
107.4
121.3
113.4
114.9
95.5
94.0
83.5
95.7
91.7
79.4
144.0
136.2
116.1
163.6
140.8
115.5
cloth
.........
......
tractors)......
Cash registers, adding mach's
and calculating machines....
Electrical machinery, apparatus
96.8
131.6
125.7
96.9
131.2
130.6
114.4
152.0
148.9
124.0
128.6
129.6
124.6
135.7
135.6
119.4
103.8
87.8
125.6
118,1
93.4
174.9
167.6
96.8
238.6
223.8
113.5
Foundry & machine shop prods.
100.5
98.0
84.1
101.4
96.3
78.4
Machine tolls................
Radios and phonographs
237,7
235.2
140.3
302.5
308.0
160.9
157.3
143.4
135.9
149.7
138.5
122.8
Textile machinery and parts...
76.4
77.0
77.6
73.5
73.4
74.6
118.2
114.3
117.9
125.0
116.9
116.5
103.4
97.6
76.2
112.3
96.2
78.3
2872.2
1380.9
........
and windmills.........
Typewriters and parts....
Transportation equipment......
Aircraft......
Automobiles
2703.3
1413.5
2972.5
2635.4
87.9
82.5
70.4
97.1
80.2
75.0
50.1
50.6
31.9
45.8
42.7
27.2
Locomotives
33.0
31.1
29.1
32.8
31.3
27.2
Shipbuilding.......———..,
180.2
170.1
121.5
209.5
193.4
128.3
Nonferrous metals and their prod,
113.8
106.9
94.7
116.9
105.8
88.7
Aluminum manufactures
186.8
181.1
154.0
223.9
194.1
163.2
Brass, bronze and copper prods.
139.0
129.7
107.7
161.6
146.2
110.5
....
Clocks and watches and time-
recording
devices......
95.2
90.1
Jewelry...—....—.—.
Lighting equipment......
99.1
88.4
Silverware and plated ware....
69.6
Smelting and
63.5
88.7
88.0
87.3
79.4
78.2
76.9
74.0
80.9
72.9
69.2
75.6
121.4
116.1
122.2
101.6
95.0
103.3
86.8
82.9
93.7
83.4
78.4
84.1
137.0
131.2
152.4
145.5
129.5
161.6
70.3
66.1
78.1
60.0
53.8
73.2
72.4
77.1
65.7
63.0
68.0
147.6
136.3
140.4
129.3
117.1
116.6
63.1
60.5
72.3
51.4
46.6
55.3
74.7
63.8
86.2
77.9
73,8
122.1
94.3
75.6
98.3
110.2
81.3
76.7
86.3
Clothing,
women's
Corsets and allied garments..
163.5
137.3
174.3
89.0
132.9
111.1
102.5
114.0'
110.1
99.7
112.2
Men's furnishings....
116.3
109.8
131.2
114.3
97.7
....
Shirts and collars
Leather and Its manufactures....
1
Leather..
Food and kindred products......
Baking
Beverages
.............
87.0
128.0
71.5
120.1
72.3
54.5
78.2
62.9
36.5
66.8
119.2
110.6
119.9
104.6
87.8
102.5
92.1
91.6
100.7
77.2
76.4
84.6
91.2
90.7
100.3
75.3
74.6
80.2
80.1
85.5
77.0
76.0
83.1
144.3
135.5
147.0
138.1
131.4
135.1
146.5
147.1
146.9
140.1
142.1
135.3
356.3
352.8
350.2
295.4
82.9
298.8
300.4
Butter
103.2
104.6
102.9
89.3
89.9
86.7
Canning and preserving.......
Confectionery
252.5
179.9
288.5
240.0
146.7
251.1
80.4
73 6
78.5
78.0
69.2
76.7
...
Flour
79.4
....
—......
Slaughtering and meat packing
Sugar, beet—.............
Sugar refining, cane........
Tobacco manuiactures
80.0
79.9
76.2
75.8
76.8
91.2
92.1
89.4
78.1
78.1
74.2
1C6.7
111.1
100.2
112.0
117.6
105.8
81.1
57.7
88.3
78.4
55.5
85.7
98.3
101.1
98.6
85.4
91.4
80.8
64.6
62.4
66.6
63.0
62.3
62.7
Chewing and smoking tobacco
and snuff.
55.2
—
soa
60.7
65.9
66.5
67.1
65.7
63.2
67.3
62.6
61.7
62.3
115.0
114.7
110.9
110.7
111.2
103.7
118.2
116.2
114.3
130.8
127.4
124.6
116.7
117.0
107.0
124.9
126.4
107.7
99.3
99.0
98.3
85.5
86.7
83.4
113.3
113.5
112.0
106.2
106.1
102.2
pi od acts
Petroleum refining.......
119.4
118.6
109.2
135.0
133.5
119.0
122.3
122.9
122.7
137.6
136.6
135.9
Other than petroleum refining.
Chemicals.
118.7
117.6
105.9
134.2
132.5
113.8
141.2
140.4
119.1
171.0
168.9
136.3
Cigars ana cigarettes.........
Paper and printing.............
Boxes,
paper..........
—
Paper and pulp..
Printing and publishing:
.....
Book and Job
.....
Newspapers and periodicals.
Chemical,
petroleum and
coal
97.3
91.1
93.2
94.2
82.8
75.8
76.8
73.0
78.1
64.4
58.3
63.1
68.8
61.6
51.2
59.2
Cottonseed—oil, cake A meal
Druggists' preparations..
Explosives...
90.1
89.0
74.6
87.7
86.8
70.8
Paint and varnishes
70.6
68.2
68.7
67.8
62.9
re lining—copper,
lead and zinc..
Lumber and allied products.....
80.2
54.0
83.3
82.8
85.0
76.9
76.4
60.7
104.9
Ice cream
Cars, electric A steam railroad.
88.1
80.9
75.6
103.2
............
107.0
and supplies...
Engines, turbines, water wheels
77.7
93.0
70.8
117.0
...
116.1
87.2
88.0
107.8
Millinery
119.3
94.5
72.5
Clot mug, men's........
Boots and shoes
Machinery, not Inol. transporta¬
tion equipment...
Agricultural Implements, (Inol.
.
99.9
90.5
........
Fertilizers
56.7
46.9
47.5
113.7
109.9
127.8
124.8
121.2
139.9
132.7
93.3
172.1
166.8
109.1
56.6
81.4
...
52.5
48.7
114.7
79.8
73.9
71.2
69.7
62.7
123.8
124.6
122.1
132.2
132.4
125.6
307.7
306.9
255.1
318.0
314.7
246.6
82.9
91.1
87.7
87.5
81.7
60.7
74.3
75.5
Rayon and allied products...
Soap.
..........
Rubber products..
81.3
86.0
101.6
99.9
102.3
85.7
83.5
82.6
90.2
85.2
86.3
64.4
62.6
61.5
52.6
48.8
49.5
Rubber boots and shoes.......
54.5
53.6
58.5
57.3
50.7
Sawmills——————
63.7
61.5
62.7
61.3
63.9
56.8
Rubber tires and inner tubes
70.5
69.3
68.3
80.2
77 4
78.9
Stone, clay and glass products..
84.4
82.6
80.8
76.5
71.4
71.6
Rubber goods, other.........
143.1
137.8
132.9
141.9
131.9
127.1
64.4
61.4
61.8
53.6
51.8
50.1
103 5
99.5
96.3
103.7
96.5
89.7
99.4
95.6
83.9
104.9
96.0
81.5
107.4
103.3
108.1
102.4
97.1
99.0
Furniture.——
Lumber:
Millwork.................
Brick, tile and terra cotta
Cement
—
...
Glass..........
72.8
72.0
72.6
70.7
68.4
69.9
108.1
104.2
98.5
117.4
106.2
102.5
48.6
47.5
53.2
36.5
34.2
40.6
89.5
87.3
84.6
78.2
71.0
74.1
...
58.4
Summary
All industries
.........
Marble, granite, slate and other
products
Pottery
*
August, 1940, indexes preliminary; subject to revision.
Durable goods...............
Non-durable goods
...
Volume
The Commercial & Financial Chronicle
151
Wheat and Flour Export Programs Revised by Depart¬
ment
of
Agriculture—Ends Payments on Ship¬
China
ments to
TABLE
4—MAINLAND
DELIVERIES.
Stocks
Oct. 8 by the Department of Agriculture.
Stocks
The
tion
revised
with
to
the
Philippines
that area
United States
country or place in the Americas and adjacent islands, except
Rico, Alaska and the Canal
Zone, and to islands east of the
of
exports
wheat
to
any
and
Philippines,
Puerto
Americas
Pacific
from
Coast
continental
the
of
parts
Aug. 31. 1940
on
5—DISTRIBUTION
THE
TERRITORY
AUGUST,
OF
OF
SUGAR
HAWAII
TOCAT. CONSUMPTION
FOR
AND
PUERTO
IN
JANUARY-
RICO,
1940.
(In Short Tons, Raw Value)
Territory of Hawaii
24,469
......
Puerto Rico..
46,152
Farmers' Cash Income in August Totaled $738,000,000,
lying on or west of 40 degrees West Longitude.
today's revisions the export progvams included
provisions for
payments in connection with exportation of wheat and flour from Pacific
Coast ports to Hongkong and China, as well as to the Philippines.
.Before
39,771
56,635
131,643
12.309
the
to
ports
for export of wheat flour from
all
from
160.816
................
For further processing
8, provide for payments in connec¬
effective Oct.
programs,
JANUARY-AUGUST, 1940.
Deliveries—For direct consumption...
TABLE
European destinations; and
to
or
As to the revisions
AND
PRODUCTION
Jan. 1, 1940..
on
Production.........
Department said:
STOCKS,
(In Short Tons, Raw Value)
Revision of the list of eligible destinations for shipments
under the wheat and flour export programs was announced
the
2109
MILLS'
CANE
Says Bureau of Agricultural Economics
Cash income from farm marketings and Government pay¬
ments in August totaled $738,000,000, compared with the
revised estimate of $708,000,000 in
4,476,873 Tons of Sugar Delivered in First Eight Months
of 1940, Reports AAA
The
issued
Oct.
on
Adjustment Ad¬
"The
statistical
from farm
the Agricu tural
Division of
Sugar
ministration
5 its monthly
state¬
the first eight mouths of 1040, consolidating
ment covering
beet sugar proces¬
Total deliveries of sugar during
the period January-August, 11)40, amounted to 4,470,873 short
tens, raw value, compared with 4,346,705 tons during the
corresponding period last year.
The Division's report con¬
reports obtained from cane sugar refiners,
importers, and others.
sors,
tinued:
of sugar
susrar
in continental United States during the first eight
in short
1940.
months of
Raw
tons, raw value, was as follows;
by refiners (Table 1)
Refined sugar by refiners (Table
...
Beet sugar processors (Table 2).....
—.—......
Importers of direct consumption sugar (Table 3)
Mainland cane mills for direct consumption (Table 4)
Total
Hawaii
Kico
for the
46,152
of
(Table
sugar
Territory of
24,469 tons, and in Puerto
consumption
months of 1940
was
the
in
5).
hand
on
local
for
t-ugar
first eight
tons
of
Stocks
1940, and
81,
Aug.
comparative
for
figures
not including raws for processing held by
value,
in short tons, raw
1939,
4,476,873
*
-
distribution
The
refiners, were as follows;
importers other than
«
■
Income
Situation."
The
increase
in
income
marketings from July to August this year, it is
stated, was slightly less than usual, as the lat ness of the
cotton and tobacco crops resulted in the marketing of smaller
than usual proportions of these crops during August, and
income from meat animals increased slightly less than usual
during this period.
Income from grains and vegetables
also declined slightly more than usual from July to August.
usual and there
income from
5.813
2,836.040
1,046.471
531,914
56,035
«...
2, less exports)..
Farm
On the other hand, income from fruits increased
,:.\V
C:'..
Distribution
July and $717,000,000 in
August, 1939, the Bureau of Agricultural Economics, U. S.
Department of Agriculture reports in its September issue of
dairy products. .From the Bureau's
ment we also
announce¬
quote:
Cash income from farm marketings in August amounted to $696,000,000,
$675,000,000 in August last
compared with
year,
income from grains,
fruits and vegetables was larger than in August last year, but because of the
sharp decline in income from tobacco and cotton, total income from crops was
$300,000,000 in August, 1940. compared with $308,000,000 in August last
from
Income
year.
marketings
livestock
from
and
livestock
products
totaled $396,000,000 in August, compared with $367,000,000 a year earlier,
with income from both meat animals and dairy products showing substantial
increases
the corresponding month
over
last year.
Income from poultry
and eggs in August was the same as in July and the same as in August last
Government payments, amounting to $42,000,000 in August, were
year.
■
more than
less than the usual seasonal decline in
was
$7,000,000 higher than in July and the same as In August last year.
1939
1940
Refiners'
raw..
—
i.
—
Importers' direct-consumption sugar
Mainland cane factories....
Total
323.352
626,770
...
Refiners' refined
Beet sugar factories
——
407.380
417.682
451.470
635.782
127.398
174,309
12,309
20,657
1.525,327
1,571,782
Volume of Cocoa Futures
Exchange for 1939-40
Average, 1929-39
Although volume of cocoa futures trading for the 1939-40
fiscal
the Sugar Act of 1937.
These data were obtained in the administration of
The
of
statement
August
issue
was
against
charges
public
made
the 1940
12.
Sept.
on
sugar
quotas during January-
(This report was given
Sept. 28, page 1806.—Ed.)
of
AND
REFINERS' STOCKS. RECEIPTS, MELTINGS
DIRECT CONSUMPTION FOR JANUARY-
SUGAR:
1—RAW
TABLE
in our
,
FOR
DELIVERIES
Oct. 8 by I. Henry
Board of Managers, Mr. Hirsch said:
During the past year trading in cocoa beans has been influenced adversely
by
the
decline
Source
Jan.
of Supply
Receipts
1,
Lost
Deliveries
on
for Direct
Consumption
Meltings
1940
by
Stocks
war,
in
Fire,
Aug. 31,
&C.
1940
was
Hawaii
—
Puerto Rico
250.845 1,243.448 1.225.352
642,925
668,183
46,212
2,031
23
65,732 contracts compared with 87,020 contracts in
However,
1,235
0
408,972
376,129
232
0
69.798
605.036
516.731
70
2
106.135
raws
117,162
129,874
236,256
2,245
2
8,533
0
0
0
0
0
0
9,397
33,959
38,174
0
0
6,182
0
111
111
0
0
0
Virgin Islands..
Other countries
Miscellaneous
478,705 3,089,583 3,035,678
27
5,813
526,770
Complied In the Sugar Division, from reports submitted by sugar refineries on
Form SS-15 A.
SUGAR
PRODUCTION
AND
CANE
DELIVERIES OF
AND
STATES REFINERS AND PROCESSORS,
BY UNITED
1940.
JANUARY-AUGUST,
Refineries
Initial stocks of refined, Jan.
.....
Final stocks of refined, Aug.
31, 1940—
a
1,351,886
3,044,780
b2,993.000
407,380
cl.046.741
146.065
451,470
Is the ratio of meltings of raw sugar to refined sugar
sales for export.
The Department
refined sugar amounted to 156,960 short tons,
raw value, during the period January-August, 1940.
c Larger than actual deliveries by a small amount representing losses In transit,
through reprocessing, &c.
RECEIPTS
3—STOCKS,
AND
DELIVERIES
OF
DIRECT-CON¬
SUMPTION SUGAR, FROM SPECIFIED AREAS, JANUARY-AUGUST,
1940.
(In Short Tons, Raw Value)
Stocks
of Supply
Cuba
Hawaii
Puerto Rico——
Deliveries
on
Jan. 1,
1940
Receipts
a89,805
321.203
Stocks
on
or
Aug. 31,
Usage
1940
340,063
a70,945
138
5.011
5,117
32
11,313
172,455
146,832
36,936
39,469
19,485
11,517
Philippines
47,437
0
0
England
0
0
China and Hongkong—
0
115
115
0
Other foreign areas
0
318
318
0
112,773
546,539
631,914
127,398
Total
Division from reports and Information submitted by
importers and distributors of direct-consumption sugar on Forms SS-15 B and S8-3.
a
per
pound.
The lowest price was 3.97c. for the September, 1940,
May, 1940.
in July and August, 1940.
Reviewing the movement of prices since the opening of the
recorded
was
in
was
1925,
he pointed out that the highest price
in March, 1927, and the lowest price
17.99c.
3.03c. in March, 1933.
Conforming with
tion
the
Sugar
Includes sugar in
bond.
as
its policy to furnish the trade with as much informa¬
possible, the Exchange instituted this year the practice of reporting
This
information
doubtless
has
been
of value to
those
who avail
themselves of the facilities of the Exchange.
Its Products—George A. Hill Cites
Ability to Handle Defense Needs^
Anti-Trust
Damage Suits Start—August World
Crude
Output
Lower—Daily Average Oil Pro¬
duction Slumps—Crude Inventories Gain Sharply
Petroleum
and
Industry's
—A.
The
of Commerce reports that exports of
In
2%c.
P.
I.
Nominates Committee Members
produced during the
years 1938 and 1939.
b Deliveries Include sugar delivered against
Compiled
during
♦
Compiled by the Sugar Division, from reports submitted on Forms SS-16 A
and SS-11 C by the sugar refineries and beet sugar factories.
a The refineries' figures are converted to raw value by using the factor 1.061725,
Source
in
Factories
355.600
1,1940.——
Production.
TABLE
the 10-year
highest price recorded was 6.55c. for the March, 1941, delivery, estab¬
delivery, recorded
day.
Domestic Beet
which
the 1938-39 year.
still substantially ahead of
daily the number of contracts open at the close of trading on the previous
(In Short Tons, Raw Value)
Deliveries
was
61,053 contracts.
the year was approximately
was
Mr. Hirsch further stated:
2—STOCKS,
BEET
trading
which
fluctuation
The
The
lished
Exchange
Total
TABLE
last year's
1929-39,
70.235
37,187
17,902
—
Phllliplnes
Continental
266,887
the unsettled international situation has caused soine
The volume for the fiscal year ending Sept. 30, 1940,
and
trading.
on
average,
Cuba.
Hirsch, President of the New York Cocoa
Exchange at the annual meeting of the members held at
the Exchange.
Addressing the members on behalf of the
(In Short Tons, Raw Value)
Stocks
less than the preceding year, it was still
10-year average, 1929-39, it was reported
was
year
well ahead of the
1940.
AUGUST,
Trading on New York Cocoa
Fiscal Year Above 10-Year
American
petroleum industry is both willing and
capable of serving the national defense needs of the United
States without compulsion and the 12 points laid out for the
industry by the National Defense Advisory Commission can,
and will bo met by the industry without any "control or
compulsion," George A. Hill, Vice-President of the American
Petroleum Institute told oil men gathered at the meeting of
the East Texas chapter of the Institute's division of produc¬
tion in Kilgore on Oct. 9.
The address delivered by Mr. Hill, who is President of the
Houston Oil Co. of Houston, Texas, was at the ceremonies
commemorating the discovery of the East Texas field.
He
listed the 12 policies and principles laid down by the National
Defense Advisory Commission and explained how the pe¬
troleum industry could adjust its operations to meet those
requirements.
Pointing out that the industry should carry
on "operations as usual," Mr. Hill proposed that the Ameri¬
can public and industry be supplied with petroleum products
and services necessary to the maintenance of normal business;
that employees temporarily in military service be readily
The Commercial & Financial Chronicle
2110
upon their return; that payments of royalties
and rentals to farms and landowners be continued; that the
reemployed
industry's price structure be neither increased nor distorted;
that the general contribution of the industry to the
national income and prosperity to be maintained.
Mr. Hill also proposed that production of 100-octane
gasoline be increased and provisions made for satisfactory
storage and delivery of all petroleum products required by
the Nation's military machine.
He recommended that the
industry employ its research facilities and ingenuity to devise
underground storage, aid in the manufacture of toluol and
synthetic rubber, expand its transportation system, and so
adjust the allocation of Government contracts that normal
economic relationships and services shall not be disturbed.
Promotion of a reasonable program of exploration for oil was
suggested as a means of maintaining the underground supply
of proved petroleum reserves which now exceeds 18,000,000,and
There
"These laws and the cooperation of the industry," he
declared, "have served to maintain the integrity, continuity
serviceability of this great, free American enterprise,
of prompt, adequate and effective mobili¬
which is susceptible
zation of all of the essential
Price# of Typical Crude per Barrel at Well#
(All gravities where A. P
Bradford. Pa
requirements of national defense
necessity of the imposition of any authoritarian
There is no phase of service, to the most exact
requirements of national defense and national preparedness,
useful for the quick, faithful, efficient and patriotic dis¬
charge of the highest obligations of citizenship, that cannot
supplied through the voluntary service and voluntary
cooperation of the oil industry under the leadership of the
be
President
of
the
United
States and
his
National
Defense
Advisory Commission."
As the week ended, trial of the first of the many triple
damage suits filed in Federal district courts in the middlewrest
by jobbers and consumers against the major oil companies
convicted of anti-trust law violations at Madison two years
under way before Federal Judge Nordbye in Minne¬
apolis.
The plaintiff was the Twin Ports Oil Co. of Duluth,
a jobber.
While the suit originally named Pure Oil, Stand¬
ard of Indiana, Sinclair, Skelly, Shell, Phillips, Socony,
ago was
Continental and Cities Service, the action was dismissed by
the court against all but Pure Oil on the motion of the de¬
fendant.
Pure Oil, it is understood, was the principal
Illinois
Western Kentucky.
this
for
Act
will
for
violation
serve
as
of
the
law.
The
outcome
of
OPERATIONS
for the initial week of October
was
off 311,500 barrels to
a
daily total of 3,488,800 barrels, according to the American
Petroleum Institute.
The figure was far below the October
market demand estimate of 3,580,000 barrels set
by the
United States Bureau of Mines,
being nearly 92,000 barrels
less.
The sharp decline was due
principally to curtailment
production in Texas.
Wells in the Lone Star State turned out
only 1,188,950
barrels, which represented a decline of 328,350 barrels from
the previous week.
Illinois showed a decline of
4,150
barrels in its
200 barrels.
daily
average production which was off to 357,A decline of 2,400 barrels for Kansas cut the
daily average there to 191,150 barrels.
Sharpest ex¬
pansion was shown on the West Coast with the California
daily average climbing 10,800 barrels to a daily total of 599,400
to
barrels.
Oklahoma
production
was
up
413,800 barrels while Louisiana showed a
a daily
average of 285,300 barrels.
barrels with
8,000 ban els
gain of 1,850
Inventories of domestic and
foreign petroleum held in the
United States showed a gain of
2,400,000 barrels during the
final week of September,
reaching a total of 264,609,000
barrels, according to the United States Bureau of Mines.
Holdings of domestic crude oil were up 2,368,000 barrels
while
stocks
of
foreign crude oil
were
up
32,000 ban els.
Heavy crude-oil stocks in California, not included in the
definable" crude stocks were 191,000 barrels to
12,765,000
barrels.
Darst Creek
.73
1.10
.75
1
.76-1 03
Sunburst, Mont...
1.25
.90
...
Huntington, Calif., 30 and over...
1
Kettleman Hills, 39 and over
1.8*
RATES
CONTINUE
INVENTORIES
TO
15
RISE
LOWER—REFINERY
DECLINE—DECLINE
SEASONAL
11.03
over
Michigan crude
IN
FUEL
OIL
STOCKS
DEMAND
The seasonal movement of fuel oils from the Gulf Coast
Atlantic Seaboard ports continues to send tanker rates
higher, accentuated by the shortage
of around
vances
5 cents
a
of boats.
Price
ad¬
barrel for all
producers moved by tanker from the
types of refined
Gulf Coast were re¬
corded during the week, following similar advances marked
during the initial week of October.
usual fall slump in motoring and the
subsequent
for gasoline held down withdrawals of
motor fuel from
storage tanks during the period ended
Oct. 5.
Stocks of finished and unfinished motor fuel, ac¬
cording to the mid-week report of the American Petroleum
Institute, were off only 117,000 barrels, with the figure at
the close of the week totaling 82,265,000 barrels of gasoline.
up
The
With the decline in demand for motor fuel
further
came
curtailment of
refinery operations.
Refineries ran at 82.5%
of capacity, off 1.2 points from the previous
week, but still
far above normal for this season of the year.
Daily average
runs of crude oil to stills were off
45,000 barrels to 3,555,000
barrels.
Reversing the previous trend, stocks of residual fuel oils
off nearly 500,000 barrels, during the Oct. 5
period
with demand reported mainly from the interior and on the
East Coast, presumably from heavy industries
engaged in
filling defense orders.
Gas oil and distillate stocks were up
were
better than 200,000 barrels but cold weather will
bring
heavy
demands upon
the home heating fuels and the inventory
figures should show steady declines then.
There were no major changes in the Nation's refined
prod¬
uct price structure.
U. S. Gasoline (Above 65 Octane), Tank Car Lot#, F.O.B.
Refinery
New
Vork—
New York—
Htd.OU N.J.J.06
-.06M
Texas
Socony-Vac. .06
-.06 H
Gulf
T.Wat
Oil. .08X- 08 H
RlchOll(Cal) .08 X
Warner-Qu
Other Cities—
S.07H--08
Chicago
08K-.085*
.07)i-.08
8beil East'n
.08 %
$.04^-.05H
New
Orleans.
Gulf
porta
.06*$-.07
05 H
04H-.05M
Tulsa
.07 >4-.08
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
I North
Texas
$.041 New
$.061 Los Angeles....
(Bayonne)
an
damages named is much higher.
Reflecting the sharp curtailment in the United States,
crude oil production for the world during
August was off
3,600,000 barrels from the previous month to 177,817,032
barrels, according to "World Petroleum."
However, the
total was nearly 25,000,000 barrels above
August last year
when it will be remembered, many of the
oil-producing States
in the United States shut down production in
protest against
piice cuts.
The United States produced 108,526,350 bar¬
rels in August, off 4,718,000 barrels from
July and 24,661,000
better than August, 1939.
Soviet Russia, second largest
producer was virtually unchanged but Venezuela, third
largest producer, showed a sharp decline.
Daily average production of crude oil in the United States
of
FUEL
REFLECTS
indication of what may be in store
the oil companies in other cases where the amount of
case
1 05
PRODUCTS—TANKER
—MOTOR
to
Ark. ,40.
Rusk, Texas. 40 and
1.03
Smackover, Ark., 24 and over..
REFINED
Eldorado
1 02
.90
...
Mld-Cont't, Okla., 40 and above..
Rodessa, Ark., 40 and above
supplier of the Twin Ports company.
The suits claim dam¬
ages of $187,917 as a result of the alleged price-fixing of the
defendant and asks triple this amount as provided by the
Sherman
.
degrees are not shown)
I
$185
Corning, Pa
without the
control.
price cuts posted this week.
were no
decline in demand
and other desirable ends.
and
1940
Institute in November.
Unless the
industry is restrained, it can continue its effi¬
cient operation at low cost under its present organization
without divesture of essential elements, Mr. Hill declared,
adding that "the maximum of service to the national defense
and to preparedness can be rendered without resort, at this
time, to experimentation and to the development and em¬
ployment of new controls."
He explained that under the
constitutional system, there has been evolved a body of law
which is in furtherance of conservation, elimination of waste
12,
Dyer, of the New York office of Sinclair Refining
Co., has been appointed Chairman of the division of mar¬
keting nominating committee which will nominate 20 mem¬
bers of the divisional general committee to serve in 1941
and to be elected at the 21st annual meeting of the American
barrels.
000
Oct.
J. E.
.03
Fuel Oil, F.O.B. Refinery
N. Y. (Harbor)—
Bunker C
Diesel
J4-.051
or
California 24 plus D
$1.50
Orleans,$.05tf-.05H
Tulsa
.04
-.04H
Terminal
$1.00-1.25
| New Orleans O
PhUa., Bunker C
$1 00
1.50
2.10-2.20
Gas Oil, F.O.B. Refinery
N. Y. (Bayonne)
7 plus
or
Terminal
(Chicago—
$.041
1 Tulsa
28.30 D
$.053
$.02K-.03
1
Gasoline, Service Station, Tax Included
z
New York...
z
Brooklyn
.171 Boston
z Not Including 2% city sales tax.
$.17. Newark
$.1601 Buffalo
.1851
.......
Chicago
$.17
.....
.17
...
Daily Average Crude Oil Production for Week Ended
Oct. 5, 1940, Declined 311,160 Barrels
The
daily
American
Petroleum
Institute
estimates
that
the
crude oil production for the week ended
Oct. 5, 1940, was 3,488,800 barrels.
This was a decline of
311,150 barrels from the output of the previous week.
The current week's figures were below the 3,580,600 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
oil-producing States during October.
Daily average pro¬
duction for the four weeks ended Oct. 5, 1940, is estimated
at 3,639,300 barrels.
The daily average output for the week
ended Oct. 7,
1939, totaled 3,435,850 barrels.
Further
details as reported by the Institute follow:
average gross
Imports of petroleum for domestic
use and
receipts in bond at principal
United States ports for the week ended Oct. 5 totaled
2,002,000 barrels, a
daily
average
of 286,000 barrels, compared with
a daily average of 172,857
barrels for the week ended Sept. 28 and 233,321 barrels
daily for the four
weeks ended Oct. 5.
or
These figures include all oil imported, whether bonded
for domestic vise,
but it is impossible to make the separation in weekly
statistics.
Receipts of California oil at Atlantic Coast ports during the week ended
Oct.
5
amounted
to
198,000
barrels,
a
daily average of 28.286 barrels.
Receipts were as follows: At Philadelphia, 98,000 barrels of gasoline; at
New York, 70,000 barrels of gas oil; at Baltimore, 30,000 barrels of fuel oil.
Reports received from refining companies owning 86.2% of the 4,535,000
estimated daily potential refining
capacity of the United States
barrel
indicate that the industry as a whole ran to stills,
on
a
Bureau of Mines
basis, 3,555,000 barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines
finished
as
of the end of the week. 82,256,000 barrels of finished and
gasoline.
The
total
amount
of
gasoline produced
by all
panies is estimated to have been 11,760,000 barrels during the week.
un¬
com¬
The Commercial & Financial Chronicle
Volume 151
The complete report for the week ended Oct.
5, 1940 follows in detail:
DAILY
AVERAGE
CRUDE
OIL
Weekly Coal Production Statistics
PRODUCTION
The
(Figures in Barrels)
(a)
stated that
Actual Production
Four
lated
State
Require¬
Allow¬
ments
ables
Week
Change
Weeks
Ended
from
Precious
Ended
Ended
Oct. 5.
Week
1940
Oct. 7,
1939
Oct.
5,
1940
403,500
390,000
Kansas.
178,700
188,450
b413,800
bl91,150
+8,800
408,200
408,800
—2,400
195,250
144,050
bl,000
+ 600
450
.
net
Texas
West Central Texas__
West Texas
East Central Texas__
East Texas
Southwest
Texas
81,150
+ 1,850
78,800
77,400
120,700
—13,700
112,300
71,250
28,750
—4,000
30,300
25,850
208,600
—45,500
230,200
73,650
374,100
394,600
219,300
180,650
214,100
208,200
63,500 —14,600
298.700 —149,350
199,150 —44,600
;
Coastal Texas
188,400
Total Texas..
64,750
Louisiana
Total
Louisiana...
Illinois
+ 1,500
219,700
187,100
+ 1,850
284,700
253,100
70,700
68,825
72,950
66,000
71,450
-3,000
9,000
bl9,200
—3,250
23,650
405,200
357,200
bl9,800
—4,150
358,700
+ 1,900
18,550 I
86,400
53,900
92,100
+2,200
90,450
50,150
—150
50,100
68,000
75,200
80,500
+3,600
77,200
64,150
17,900
3,250
97,650
17,450
16,250
—300
3,400
+ 50
97,450
3,700
108,550
9,300
...
i
Montana
17,700
Colorado..
3,900
New Mexico
104,500
99,500
Total east of Calif. 2,997,400
California
These
a
is
+650
3,488.800 —311,150 3,639,300 3,435,850
Bureau of Mines calculations of the requirements of domestic crude
upon certain premises outlined In its detailed forecast for the month of
October.
As requirements may be supplied either from
stocks, or from new pro¬
duction, contemplated withdrawals from crude oil Inventories must be deducted from
the Bureau's estimated requirements to determine
the amount of new crude to be
b
total of
a
of 850,000
are
Oklahoma, Kansas, Nebraska, Mississippi and Indiana figures
anthracite, 3.2% below that in 1939.
United States Bureau of Mines reported that the
production of Pennsylvania anthracite in the week ended
Sept. 28 is estimated at 925,000 tons, indicating a decrease
of 159,000 tons over that of the
preceding week.
Compared
with the
corresponding week of 1939,
346,000 (about 27%) is shown.
ESTIMATED
UNITED
COMPARABLE
STATES
DATA
ON
PRODUCTION
PRODUCTION
OF
OF
SOFT
CRUDE
Week Ended
COAL, WITH
PETROLEUM
Calendar Year to Date
Sept. 28 Sent. 21 Sept. 30
1940
1940
1939
Total, Including mine fuel
Dally average.
10,150
Includes for
1939
1929
1,692
9,300
1,550
10,210 332,136 265,304 388,948
1,702
1,447
1,155
1,686
6,087
5,800
5,860 231,308 209,336 172,084
Crude Petroleum b—•
Coal equivalent of weekly output.
a
1940 d
c
a—
of historical comparison and statistical convenience th
b Total barrels produced during the week converted to equiva¬
lent coal, assuming 6,000,000 B. t. u. per barrel of oil and
13,100 B. t. u. per pound
of coal.
Note that most of the supply of petroleum products is not
purposes
production of lignite,
petitive
with
coal.
directly com¬
Yearbook, 1938," page 702.)
c Sum
of 39 full
1940, and corresponding 39 weeks In 1939 and 1929.
d Sub¬
"Minerals
ject to current adjustment,
ESTIMATED
'
PRODUCTION
f
OF
PENNSYLVANIA
'
ANTHRACITE
-
AND
BEEHIVE COKE
,
(In Net Tons)
\
i
Calendar Year to Date
c
for week
are
Sert. 28
This is the
approximate net 31-day allowable as of Oct. 1.
Past experience
Indicates it will increase as new wells are
completed and if any upward revisions are
made.
It Includes a net figure of
approximately 368,000 barrels for East Texas
after deduction for shutdowns.
All fields in the State were ordered shut down for
nine days, namely, Oct. 5, 6, 12, 13,
19, 20, 26, 27 and 31.
d Recommendation of Comse vatlon
Committee of California Oil Producers.
Note—The figures Indicated above do not include
any estimate of any oil which
might have been surreptitiously produced.
CRUDE RUNS TO STILLS: PRODUCTION OF GASOLINE AND
STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND FUEL OIL WEEK
ENDED OCT. 5,
greater decrease of
a
(In Thousands of Net Tons)
Oct. 2.
rn.
9.1%,
or
Production in the corresponding
Week Ended
a.
10,150,000
tons,
The
produced.
c
States
weekly coal report
Cumulative production of soft coal in 1940 to date now
25.2% above that in 1939; cumulative production
based
ended 7
increase
an
preceding week.
weeks ended Sept. 28.
Total United States 3,580,600
oil
This
Bituminous Coal
2,889,400 —321.950 3,031,250 2,819,550
+ 10,800
599,400
608,050
616,300
583,200 d571,000
...
United
the
production of soft coal in the week ended Sept. 28
330,500
1 100,550
Indiana)..
the
of
current
stands
66,000
220,550
fliii-
...
65,000
285,300
Indiana
Eastern (not incl.
+ 350
269,631
Mississippi
nois and
86,100
274,200
Arkansas
Michigan
Wyoming
—58,450
211,850
1,305,200 C1380000 1,188,950 —328,350 1,332,750 1,255,900
North Louisiana
Coastal
Division
sharply upward, indicating
tons.
over
of
Panhandle Texas
North
Coal
week of 1939 amounted to
10,210,000 tons.
Oklahoma
Nebraska
turned
Week
{October)
.
Bituminous
Department of the Interior in its
B. of M.
Calcu¬
2111
1940
Sept. 21
1940
1940
Sept. 30
1939
Total,
1939
1929
incl.
colliery
fuel.a
925,000 1,084,000 1,271,000 37,044,000 38,599,000 52,475,000
35,195,000 36,669,000 48,697.000
Comm'l production b 879,000 1,030,000 1,207,000
Beehive Coke—
United States total..
Daily
average..
64,700
10,783
73,200
32,600
5,433
12,200
1,656,700
479,000
5,151,000
7,110
2,056
22,107
Including washery and dredge coal, and coal shipped by truck from authorized
operations,
b Excludes colliery fuel,
c Sum of 39 full weeks ended Sept. 28, 1940,
a
and corresponding 39 weeks of 1939 and
(Figures in Thousands of Barrels of 42 Gallons Each)
1940
Pa. Anthracite—
ESTIMATED
WEEKLY
1929.
PRODUCTION OF COAL, BY STATES
•
Crude Runs Gasoline
Daily Be¬
ing
Capacity
to Stills
Produc'n
Re¬
at
District
Po¬
C.
P.
ten¬
Re¬
tial
port
Rale
ing
Stocks of Fin¬
ished A
Stocks at
a
Unfin¬
Refineries, Ac.
ished Gasoline
fineries
C.
P.
Incl.
ated
and
are
Total
Total
Fin¬
Blended
Fin.
ished
Gas
Oil
A
A Dis¬
Unfin.
tillates
(In Thousands of Net Tons)
subject
district and State
Daily Oper¬ Natural
Aver.
'i'
.
(The current weekly estimates
.
ments
are
revision
to
based
on
on
receipt
railroad carloadings and river ship¬
of
monthly
tonnage
sources or of final annual returns from the
reports
Fuel
:
Week Ended—
on
State
East Coast....
643 100.0
542
84.3
Appalachian
156
91.0
123
743
90.2
603
86.6 |
90.0
..
Ind„ 111., Ky
Okla., Kansas,
Missouri....
19,848
17,918
12,830
2,851
632
574
2,369
13,265
3,375
13,913
5,716
3,393
420
76.9
267
82.7
5,939
6,181
1,579
2,279
280
59.6
116
69.5
491
1,221
849
88.9
2.552
11,765
1,478
13,131
386
89.2
8,539
1,566
7,608
164
97.6
106
66.3
323
2,174
2,507
1,288
Gulf
No. La. & Ark.
Rocky
19,019
475
1,071
Inland Texas..
Louisiana
1,345
z984
■
1,834
101
51.5
76.9
121
482
504
331
537
121
56.0
56
82.4
224
822
913
126
441
836
87.3
523
71.6
Mtn
California
Reported
40
86.2 3,225
Est. unreported
1,561
82.5
13,778
10,445
71,316
1,315
4,840
330
15,466
77,316
4,940
10,342
74,952
46,857 106,014
1,330
1,950
xEst. tot. U. 8.
Oct.
5, '40.
4,535
Sept. 28, '40.
4,535
3,555
3,600
11,760
11,832
76,156
76,205
82,256
82,373
48,187 107,964
47,986 108,450
Alabama.
... .. .
Arkansas and Oklahoma..
Colorado
y
5, '39.
3,562
Estimated Bureau
This is
.
a week's
of Mines
yl2,190
basis,
65,920
71,367
38,453 114,123
production based
1939 daily average,
on
September-October 1939 dally average,
x
the U.S. Bureau of Mines September-October
12% reporting capacity did not report gasoline production,
a Beginning this week stocks at
refineries, bulk terminals, in transit and pipe lines
will be shown as a combined figure.
z
Revenues
Gas
of
Company Statistics
July, 1940
manufactured
and
for
Month
from
rose
July, 1940,
uses
such
an
as
manufactured
month of the
mercial
sales
industrial
gas
The natural gas
for the month, or
an
uses
gas
more
more
revenues
increased 9.1%.
134
256
I
1
.
*
f
revenues
Revenues from
406
96
214
1
876
981
1,057
1,304
1,587
349
330
332
373
550
54
60
69
99
Kansas and Missouri..
127
126
113
149
149
168
Kentucky—Eastern
800
754
893
792
976
713
Western.....*,.... ..........
Maryland
161
162
173
187
303
248
25
34
30
44
40
12
15
12
17
27
49
54
51
54
79
68
15
20
20
22
49
25
Michigan
10
Montana
*
New Mexico
:
32
33
41
430
468
•
f59
f27
488
861
2,858
3,585
...
2,350
2,434
2,213
1,683
.........
110
107
125
107
17
18
17
19
19
26
76
74
102
74
113
103
316
293
345
286
261
245
Utah
Virginia
West Virginia—Southern, a
.....
~
105
119
30
36
36
34
47
58
2,100
1,995
2,068
1,641
2,096
1,474
660
640
680
505
729
857
132
110
158
165
1
f5
f4
8,059
110,68
11,814
Washington
Total, all coal
56
48
414
...............
Pennsylvania bituminous
Texas......
•
471
North and South Dakota.......
117
114
1
—
120
*
*
9,300
1,084
9,100
1,027
9,344
1,362
819
1,564
714
10,384
10,127
10,706
8,878
12,632
12,528
Includes operations on the N. & W.; C. & O.; Virginian; K. & M.; B. C. &
G.; and
the B. & O. in Kanawha, Mason and Clay counties,
b Rest of State, including the
Panhandle District and Grant, Mineral and Tucker counties,
c Includes Arizona,
on
California, Idaho, Nevada and Oregon,
d Data for Pennsylvania anthracite from
published records of the Bureau of Mines,
e Average weekly rate for entire month,
f Alaska, Georgia, North Carolina and South Dakota included with "other
Western
States."
• Less than 1,000 tons.
&c.,
of
com¬
Preliminary Estimates of Production of Coal for Month
of September, 1940
According to preliminary estimates made by the Bureau
of Mines and the Bituminous Coal Division of the United
3.0%,
while
States
than for July,
1939.
during the month of September, 1940, amounted to 38,413,000 net tons, compared with 38,465,000 net tons in the
corresponding month of last year and 39,240,000 tons in
August, 1940.
Anthracite production during September,
1940, totaled 4,0.53,000 net tons, as against 4,840,000 tons
a
year ago and 3,775,000 tons in August, 1940.
The con¬
solidated statement of the two aforementioned organizations
gained
increased 1.9%.
utilities reported
8.2%
refrigeration,
than for July, 1939.
increase of 3.2% from the
year.
9.6%
were
from sales of natural gas
while
in¬
Revenues from domestic
more
85
132
60
Other Western States _c
to $20,073,900 in
industry reported
manufactured
of
revenues
ago
heating,
5.1%
preceding
Revenues from domestic
7.1%,
year
increase of 6.7%.
$28,386,900 for the month,
same
a
cooking, water
amounted to $36,503,400, or
The
an
347
62
127
938
of
Revenues from industrial and commercial
$18,810,400
213
75
123
347
a
users
263
84
124
utilities
$53,550,900 for the corresponding month of 1939,
of 5.7%.
287
e
f
Indiana
amounted to $56,577,300 in July, 1940, as compared with
crease
280
f
Avge.
1923
Illinois
Pennsylvania anthracite ,d
gas
3
Iowa
Total bituminous coal
natural
4
1
Wyoming.
of
2
...
Northern b
Summary
2
Georgia and North Carolina
Tennessee
*
.
...
Ohio
♦U.S.B.of M.
Oct.
Sept.
Sent. 21 Sept. 14 Sept. 23 Sept. 24 Sept. 21
1940
1940
1939
1938
1929
Alaska..
Texas Gulf
from
operators.)
Resid.
revenues
of $28,190,400
than for July, 1939.
Revenues
for industrial purposes increased
from sales for domestic purposes
Department of the Interior, bituminous coal output
follows:
The Commercial & Financial Chronicle
2112
believed
Number
Total
Cal.
Average per
for
of
Working
Month
Working
Day
(Net Tons)
Dags
(Net Tons)
Year
to End
of
September
(Net Tons)
Oct.
have been covered to the extent of
to
12, 1940
90%, with November at
approach¬
September
from latest estimates, exceeded 50,000 tons by
Actual consumption of lead in this country is now
around 40%.
ing 50,000 tons
month,
a
shipments to consumers,
producers state, an excellent rate.
from 3,000 to 5,000 tons.
The
September. 1940 (Prelim.)
1,601.000
24
38.413,000
Bltu iiiuous coal.a
4.053.000
Anthracite, b
271.000
Beehive coke
37,247.000
mmmmmrn
1,667,800
mrnmmmm
27
39.240,000
Bituminous coal.a
3,775,000
277,900
b
Anthracite
Beehive coke
mm
.mmmrnmm
mm
mrnmmmm
25
38,465,000
Bituminous coal.a
4.85c.. 8t. Louis.
at
Zinc
difficulty
1,539,000
4.840,000
__
38,599.000
Beehive coke
77.000
—
486.000
purposes
complete canvass of production made at the end of the calendar year.
September Production and Shipments of Slab Zinc
American Zinc Institute on Oct. 7 released the
ness
Unfilled
(a)
Retorts
Average
Shipped
Operat¬
Retorts
Orders
ing End
of Period
During
End of
Period
Period
57.999
68,491
18.685
31,240
26.651
During
During
for
Period
Period
Period
Export
1929....
631.601
602,601
75.430
6,352
Year
1930....
436.275
143.618
Year
1931....
300,738
314.514
129.842
41
19.875
47,769
23.099
Year
1932.
213,531
218.517
124,856
170
21.023
18.560
8.478
Year
1933
344,001
105.660
239
27.190
23.653
Year
1934
324,705
366.933
352.663
119.830
148
32.944
28.887
15.978
30.783
Year
1935
431.499
465.746
83.768
69
38.329
32.341
61.186
Year
1936
623,166
661.969
44. >.V>
0
42.965
78.626
48,339
40,829
604,463
196
een
satisfying the urgent needs of the British
Year
1937
689,619
669.241
65.333
0
48.812
37. 15
45.383
Year
1938
458.990
395.554
126.769
20
38,793
34,583
Nervousness over
the zinc industry finds
the supply situation
Defense Commission
18.273
42,639
128,407
39,600
39,365
February.....
44,277
39.613
0
39,828
128,192
0
39,469
39.191
34.179
29,987
March.......
45,084
45.291
127,985
0
39,379
38,447
April
43,036
40.641
130.380
0
38,261
38,763
38,617
29,314
May
39.607
37,284
133,075
0
36.331
38,041
29,250
June
42,302
39.460
135,241
O
36.291
36.331
35,874
July....
39,669
43.128
131,782
0
36,491
August
40,960
42,225
49.928
122,814
O
September
69.424
96.615
0
34,443
37,729
35,865
35,416
33.655
93,116
October
50.117
73.327
72,405
0
43,109
41.366
79,639
November
63,624
64,407
61,622
0
46,867
45,428
66,197
December....
67,941
63,468
66,996
0
48,169
47,340
53.751
Total for year.
538,198
698,972
Monthly avge.
44,850
49,914
7J£c„ St. Louis, with the under¬
situation.
Tin
Though it was announced in Washington on Tuesday that
hand in this country or readily
Far East.
and
62,399
54,862
49,379
44.773
Demand for near-by tin improved toward the
prices moved slightly higher.
3~9~333
——-
63,532
°(
47,287
47.863
*43.674
*43.614
*43.732
62,774
51,050
65.256
501
47.188
*43.633
65,475
49,909
70.822
Of
49.744
trade believes that
61,518
46,803
364
76,208
70,502
57,224
2,800
48,660
53,935
65,227
2,342
July
61,175
57,606
68,796
1.710f
August.......
49,939
64,065
44,670
2,935J
63.119
66,824
30,965
4,023
*
-
September
....
49.806
*44,936
♦44,665
48.989
The world's visible supply of tin at the end
a
year ago.
of September was 39.450 long
month previous and 31.168 tons
the carry-overs.
Straits tin for future arrival
was
quoted as follows:
Oct.
Nov.
Dec.
Jan.
Oct.
3
51.250
Oct.
4
51.000
51.125
50.875
50.875
50.750
50.750
61.250
50.875
50.625
60.625
50.625
50.625
51.125
50.875
60 625
60.625
50.625
60.625
61.125
5
51.000
Oct.
7
50.875
Oct.
8
50.875
Oct.
9
Oct.
51.375
Chinese
99%, spot,
tin,
was
nominally as follows:
DAILY
PRICES OF METALS
45,326
65.389
46.677
*41,834
47.546
*41,793
47,231
*42,498
*42,216
60,716
48,991
*42,884
69,508
52.444
96,445
*44,427
53,164
Call
59,043
Non-Ferrous
Copper
"Metal and Mineral Markets" in its issue of Oct.
tion in the Far East.
was
available at
10
re¬
Quicksilver was easier.
Manganese
slightly lower figures.
The Defense
9.950
51.250
5.00
4.85
7.25
10.000
51.000
5.00
4.85
7.25
10.075
61.000
5.00
4.85
7.25
Oct. 7
11.775
10.175
61.000
5.00
4.85
7.25
Oct. 8
11.775
10.200
51.000
5.00
4.85
7.25
Oct. 9
11.775
10.200
51.375
5.00
4.85
7.25
11.775
10.100
51.104
6.00
4.85
7.25
Average
Average prices for calendar week ended Oct. 5 are: Domestic opper
11 775c.;
a
steady demand for metal during the last week and
continued to keep the domestic copper situation tight, with prices firm at
12c., Valley.
Demand ranged from near-by to forward delivery, with sales
foi the week of
17,764 tons, against 19,239 tons in the previous week.
The
sales total for September has been revised to 254,976 tons.
The trade believes copper requirements
for defense to be large and some
producers were viewing the possibility of Government action to purchase
South American copper to aid in covering domestic requirements.
mine output is
Domestic
believed virtually at capacity for the prevailing price level.
|l Action by the Canadian Government
on
Oct. 8, forbids the issuing of
permits to ship copper except to British Empire countries and possibly the
United
States.
This
act
cancels
copper
shipments
to
Japan from the
Granby mine, in British Columbia.
Sales of foreign copper increased
during the week, with prices firmer,
'
ecedin
week
Lead
moderated during
the last week,
sales totaling 7,220 tons.
f.o.o.
refinery,
f.o.b.
tin,
9.929c.; Straits
to
"M. & M. M.'s" appraisal of the major United Rtates
They are reduced
All prices are In cents per
based on sales reported by producers and agencies.
the basis of cash, New
York or St. Louis, as noted.
pound.
Copper, lead and zinc quotations are based on sales for both prompt
deliveries* tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on
and future
delivered basts; that Is;
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered prlies In New England average 0.225c. per pound above the refinery basts.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European War most sellers are restricting
offerings to f.a.8. transactions, dollar basis.
Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 cents is deducted from f &&.
basis (lighterage. Ac.) to arrive at the f.o.b. refinery quotation.
a
Due to the European war the usual table of daily London
prices is not available.
Prices on standard tin, the only
prices given, however, are as follows: Oct. 3, spot, £255%;
three months, £259%; Oct. 4, spot, £255%, three months,
£260; Oct. 7, spot, £256%, three months £260%; Oct. 8,
spot, £257%, three months £259%; and Oct. 9, spot, £258%,
three months £260%.
♦
"Iron
Age" in its issue of Oct. 10 reports that pro¬
pig iron in September totaled 4,176,527 net
tons, compared with 4,238,041 tons in August.
On a daily
basis, at 139,218 tons, output came within 1.2% of the record
output reached in May, 1929, when it was 140,834 tons. The
gain over the August rate was 1.8%, or from 136,711 tons to
139,218 tons in September.
The operating rate for the
industry was 92.2% of capacity, against 90.4% in August.
There were 193 furnaces in blast on Oct. 1, operating at
the rate of 140,620 tons a day, compared with 190 on Sept. 1,
making 137,500 tons.
Four furnaces were blown in during
the month, and one was blown out.
The United States Steel
Corp. blew in one furnace, independent producers blew one
in and took one off blast, and a merchant producer put two
duction of coke
in blast.
closing on Oct. 9 at 10.25c. f.a.s. New York.
Buying of lead
copper,
7.250c.: and silver. 34.750c.
markets,
The
Increasing orders covering National defense needs received by copper
provoked
export
51.271c.; New York lead, 5 000c.; St. Louis lead, 4.850c.; St. Louis zinc,
September Pig Iron Output Approaches 1929 Peak
reported:
Copper
consumers
St. Louis
11.775
Commission announced that manganese ore supplies in sight
are sufficient to cover our needs for two years.
The publica¬
tion further
St. Louis
11.775
The above quotations are
ported that deliveries of major non-ferrous metals are large
and the statistics are growing stronger.
Figures released by
the zinc industry during the last week showed extremely
small holdings.
Domestic quotations for copper, lead and
zinc closed the week unchanged.
Export copper was mod¬
erately higher.
Tin prices firmed on the disturbing situa¬
ore
New York
11.775
refinery,
Higher—Tin Advances
Zinc4
Lead
Tin
New York
Oct. 4
*47,179
Metals—Export
StraUs
•
Oct. 5
63,726
true picture of the domestic slab zinc situation under
for
•
Oct. 3
34.580
tn total shipments.
Active
Oct. 3, 60,500c.;
("E. & M. J." QUOTATIONS)
47.496
existing
conditions, the 1940 figures have been adjusted to eliminate some production
from foreign concentrates shipped for export, Inadvertently Included, and to Include
all production from foreign concentrates when shipped for domestic consumption.
*
Equivalent retorts computed on 24-hour basis,
a Export shipments included
a
The figures include
according to the Commodity Exchange.
Dom.,Refy. Exp., Refy.
49,197
*44,387
46,536
♦47,705
Note—lo reflect
36.808
49,513
*44.727
49.524
♦44.179
June
something
soon.
Tin-plate operations are holding at around 40% of capacity.
mmmmrn:
47.287
*44,802
y
May..
Washington
Bolivian concentrate,
4, 50,250c.: 5, 50,250c.; 7, 50.250c.; 8. 50,250c.; 9, 50.500c.
mm
62.189
close of the week
There was no news from
but the subject is very much alive and the
Electrolytic Copper
April
the situation in the
by
in reference to the construction of a tin smelter to treat
definite will be announced
stocks of tin
available are sufficient to cover a year's
requirement's, consumers were greatly disturbed
(Reused Figs.)
February.....
is not known.
September statistics of the domestic industry, showing
1940
March.......
Just what
in the Industry contend.
tone strong.
1939
January
has brought with it a
about consumers' stocks
learned
tons, which compares with 38,040 tons a
January......
taken on busi¬
itself in a difficult
the demands of domestic consumers who have
the defense program,
The price of Prime Western continued at
on
Year
Bet
stocks of
be
taken into the general picture.
Those who have studied this phase of the
market claim that stocks of zinc of foreign origin are all earmarked and the
inclusion of such figures, even if available, would not alter the immediate
(ALL GRADES)—1929-1940
End of
for
position.
for future
Contracts now on the books of producers call
only 30.965 tons, raised the question whether bonded metal should not
(Tons of 2,000 Pounds)
Stock at
activity.
delivery of 98.908 tons.
and meeting
The
following tabulation of slab zinc statistics:
Shipped
zinc for
certain amount of over-buying, some
The
Produced
placed previously have experienced
near-by delivery, owing to the sold-up
Sales reported by the Prime Western division for
5 Involved 11,463 tons, a large tonnage in view of the
obtaining
the week ended Oct.
the
SLAB ZINC STATISTICS
in
condition of producers.
recent
of historical comparison and statistical convenience (be
production of llcnlte and of anthracite and seinl-anthraclte outside of Pennsylvania.
b Total production, Including colliery fuel, washery and dredge coal, and coal
shipped by truck from authorized operations.
Note— All current estimates will later be adjusted to agree with the results of the
Includes for
of the American 8melting & Refining Co., and
8t. Joseph Lead Co. obtained a premium on its own
Consumers not covered by business
Anthracite, b
a
of 5c., New York,
firm but unchanged on the basis
1,453,000
September, 1939 (Revised)
y
were
brands sold in the East.
1940 (Revised)—
August,
quotations
the contract settling basis
compared with the
October needs of consumers
are
Among the furnaces blown in were: One Midland, Pitts¬
burgh Crucible Steel Co.; one Mingo, Carnegie-Illinois Steel
Corp., and two Federal, Interlake Iron Corp.
Volume
The
The Commercial & Financial Chronicle
151
Bethlehem
Steel
blew
Co.
out
"D"
furnace
its
at
Bethlehem plant.
NET TONS
February
1939
1940
1939
4,032,022
3,311,480
2,436,474
43,240
23,302
2,307,409
38,720
20,894
3,270,499
2,681,969
46,260
3,137,019
3,513,683
3,302.918
43,384
1,923,618
17,928
12,900
8,835
:.ml
April
May.
3,818,897
2,372,665
44,973
44,631
21,083,600
14,025,053
261,208
102,470
June
Hall year
Ferromanganese y
x
1940
January
.
18,611
July
4,053,945
2,639,022
43,341
23,758
August
4,238,041
2,978,991
37,003
4,176,527
3,223.983
33,024
23,103
24,583
September
averaged 1,377,391 tons per week
September, compared with 1,361,859 tons per week in
August and with 1,114,362 tons per week in September,
1939.
Pig Iron
„
Steel ingot operations
in
PRODUCTION OF COKE PIG IRON AND FERROMANGANESE
March
2113
„
I
October
4,062,901
26,817
November
4,166,888
33,999
40,654
December
4,220,536
-
-
For the third quarter of this year production totaled
17,523,339 net tons, which was equal to 87.93% of capacity,
compared with 14,349,019 tons or 72.66% of capacity in
the second quarter of this year, and with 12,576,289 tons,
or
62.63% of capacity, in the third quarter of 1939.
For the first nine months of 1940 production totaled 46,201,463 net tons, and the rate of production was 77.77%,
compared with 33,535,012 tons, or 56.23%, in the corre¬
sponding period of last year.
PRODUCTION
OF
OPEN
HEARTH
AND
BESSEMER
of the Bessemer Ingot production)
Calculated Monthly
These totals do not Include charcoal pig iron,
x
y
Production
Number of
Weeks in
Per Cent
All Companies
Month
Tons
of Capacity
Wet Tons)
January
5,655,315
84.11
1,276,595
4.43
February
4,409,035
4,264,755
70.10
1,064.984
962,699
4.14
63.42
14,329,105
72.62
1,102,239
13.00
Included In pig Iron figures.
DAILY AVERAGE PRODUCTION OF COKE PIG
IRON
1938
Net
January
%
Net
Caracity
130,061
85.8
78,596
First quarter
Car actty
51.5
51,632
February.......
114,189
75.1
82,407
54.0
51,931
March
105,600
68.9
86,516
56.8
52,476
April
104,567
68.6
76.764
50.4
51,376
May........
113.305
74.8
62,052
40.8
45,343
June
127,297
83.9
79,089
51.7
118,844
76.1
77,486
(
Half year........
July
130.772
86.3
85.130
55.8
43,417
136,711
90.4
96.096
62.9
53,976
September
139,218
92.2
107,466
131.061
70.4
62,737
85.9
74,147
138,877
90.9
84,746
136,146
89.4
79,872
October
November
;..
December
Year
96,760
MERCHANT
IRON
MADE,
57,633
April
3,974.706
61.04
926,505
4.29
May
4,841.403
72.00
84.97
1,092,867
1,289.723
4.43
5,532,910
Second quarter.
14,349,019
72.00
1,102,922
13.01
First six months
28.678.124
72.64
1,102.581
26.01
5,595,070
83.40
1,265.853
4.42
6.033.037
89.72
1.361.859
4.43
5,895,232
90.75
1,377,391
4.28
17,523,339
87.93
1,334,603
13.13
46,201,463
77.77
1,180,416
39.14
3,578.863
52.83
807,870
4.43
4.00
July
August
...
September
Third quarter
Nine
...
months
...
February....
...
1940
1939
1938
1937
16,475
14,773
11,875
11.911
18.039
743,829
4.43
53.71
821,417
4.29
18,496
12,652
18,432
12.131
16 259
15.565
May
16.521
7.883
7,203
21,821
14,362
June
13.662
8,527
6.020
17.774
15,914
21,962
13.01
810,155
25.87
3.564.827
4,241,994
52.74
806 522
4.42
62.02
957,561
4.43
4,769,408
72.87
1,114,302
4.28
Third quarter...
12,676,289
02.03
957.829
13.13
Nine months.......
33,635,012
56 23
859,872
39.00
0,080,177
6,147,783
5,822,014
89.75
4.43
80.13
1,372,600
1,433,050
1,317,198
Fourth quarter.
18.049,974
89.83
1,373,000
13.14
Total..
51.684.986
64.70
989,355
52.14
9.404
7.408
19.971
13,013
13,606
July
12.648
12,550
22,473
14,029
August
12.095
21.224
15,282
16.642
14.793
17.541
16,508
12.280
10,266
Shipments 4.3%'Below
August
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
September, 1940, totaled 1,392,838 net tons.
The Sep¬
tember shipments compare with 1,455,604 net tons in the
preceding month (August), a decrease of 62,766 net tons,
and with 1,086,683 net tons in the corresponding month in
1939 (September), an increase of 306,155 ret tons.
For the year 1940 to date, shipments weie 10,433,727 net
tons compared with 7,556,087 net tons in tha comparable
period of 1939, an increase of 2,877,640 net tons.
In the table below we list the figures by months for various
periods since January, 1929:
1939
1938
870.866
570.264
1937
1932
September..........
16,634
United States Steel Corp.
1929
October
November.......
December
464.524
1.252.845
449.418
1.388.407
1.563.113
422.117
1.605.510
range
907 904
771.752
550.551
1.485.231
429.965
1.617 302
risen
1.084.057
795.689
509.811
1.443.477
369.882
1.701.874
......
....
•
1.209 684
607.562
524.994
1.405.078
355.675
1.629.241
1.296.887
745.364
484.611
1.315,353
294.764
1.480.008
August
1.455.604
885.636
615.521
1.225.907
316.417
1,500.281
September
October
1,392,838
1.086.683
635.645
1,161.113
340.610
1.262.874
1.345,855
730.312
875.972
336.726
1.333.385
November....
1.406.205
749.328
648.727
299.076
December.....
1.443.969
765.868
539.553
250.008
1,110 050
931.744
Tot. by mm.
11.752.116
mm
...
4,329.082 10,825.477
•44,865
11,707,251
7.315.506 14,097,666
4,323,845 16,812.650
adjust.
Total
Shove Production
to 94%
•6,237
♦12.827
Rate for
up
of miscellaneous industries, steel ingot production has
point or more to a shade above 94% of capacity,
and indications point strongly to the probability that this
rate will be held or bettered over the remainder of the year.
The "Iron Age" further reported:
•
a
The current rate approximately equals the peak operation of 1939, which
attained in November.
Maintenance of this rate to the end of De¬
1
was
cember would Insure a total output
7.286.347 14.184.772
•87.106
29.159
based on annual
hearth ingots, 72,596,153 net tons:
The "Iron Age" in its issue of Oct. 10 reported that re¬
flecting increased steel orders for defense purposes, for auto¬
mobile manufacturing, for railroad equipment and for a wide
1.268.403
July
Orders
Industry
627.047
April
May
Steel
Increasing
522.395
1.364.801
4.42
136,918 net tons Bessemer Ingots, total. 1,529,249 net tons :
and
capacities as of Dec. 31, 1938, as follows: Open
Bessemer Ingots, 7,138,880 net tons.
747.427
9
931
...
4.29
of capacity operated are calculated on weekly capacities
of 1,402,899 net tons open hearth ingots and 114,956 net tons Bessemer Ingots,
total, 1,517,855 net tons; based on annual capacities as of Dec. 31, 1939 as follows:
Open hearth ingots, 73,343,547 net tons; Bessemer ingots, 6,009,920 net tons: and
in 1939 are calculated on weekly capacities of 1,392,331 net tons open hearth ingots
845.108
1.009.256
March
93.71
'
Note—The percentages
5
1.145.592
January
February
Yearly
781,840
52.98
11,225
16.409
June
51.13
17,395
October
1940
10,171,818
...
First six months
16.619
November..
781,632
20,958,723
Second quarter
17,571
16,912
4.29
51.11
48.64
9,266
...
12.86
3,523,880
9,916
December
838,795
3,295,164
9.547
6,154
54.85
3 352,774
9,529
...
4.43
10,786,905
May...
10,793
September
866,620
April......
10,025
July
842.229
56.07
June.....
11,760
August
55.07
11,801
13.656
...
;
1936
April
March..
3,368,915
3,839,127
....
First quarter.....
January
February
4.29
1939—
January
March
DAILY RATE—NET TONS
4.43
June
39,648
48,717
August
...
March
%
Tons
Tons
Weekly
1940—
1939
1940
*
Net
Period-
275,384
35,317.374
INGOTS
Calculated
Production
Year
STEEL
(Reported by companies which in 1939 made 97.97% of the open hearth and 100%
for the year of about 65,000,000 net
exceeding the previous record of 62,032,445
hearth and Bessemer ingots in 1929.
of Ingots, substantially
tons
net tons of open
Pig iron output is likewise approaching the
1929 peak.
Last month's
of 139,218 net tons, came within 1.2% of equaling
There were 193
Oct. 1, a gain of three during the month.
These
output, on a daily basis
•
Decrease.
in
furnaces
the
Production of open
hearth and Bessemer steel ingots dur¬
ing September totaled 5,895,232 net tons, compared with
6,033,037 net tons during August, according to a report
released Oct. 8, 1940, by the American Iron & Steel Insti¬
tute.
In September, 1939, production amounted to 4,769,468 net tons.
Last month's total
was
lower than that of the preceding
less in
day
September than in August, as well as a Labor Day
holiday.
The rate of operations in relation to capacity was actually
slightly higher last month than in August, the rate for Sep¬
tember having been 90.75% of capacity, compared with
89.72% in August and with 72.87% in September, 1939.
Last month's operating rate was the highest since last Novem¬
ber, when the rate averaged 93.71%.
on
making iron at a rate of 140,620 tons a day, indicating that
1929 record
may
be equaled or exceeded this month.
Another indication of the rising
trend of Industrial production is the "Iron
Age" capital goods index, which, rising for the eighth consecutive
is now at 107.9, the high point for the 11-year period since 1929.
With the single exception
so
week,
of tin plate, which is dull and likelj to continue
for some time because of large inventories
branch of the steel industry is experiencing
is
because of the fact that there was one working
blast
furnaces were
September Steel Output Reflects Short Month
month
of 140,834 tons a day in May, 1929.
the all-time high
and small food packs, every
expanding activitiy.
Pressure
for semi-finished steel, oars, shapes and plates and electric
steel, but is increasing in sheets, strip, wire products, pipe, rails
greatest
furnace
and track accessories.
An example of the pressure for forging billets is the
fact that 12 companies which
mm.
and
105
mm.
Not included in this list is
and
about
have received U. S. Army contracts for 155
shells will require a total of 268,000 net tons
of steel.
20.000 tons just placed by a New York company
50,000 tons that is pending for British s eel contracts.
American Car & Foundry Co. has received a new
for the Army,
The
order for 3,090 light tanks
which will take 10,000 tons of armor plate and a like
quantity
of ordinary carbon steel.
being pressed for deliveries
only self-imposed priorities have been necessary thus far, a condition which
Despite the extent to which some mills are
The Commercial & Financial Chronicle
2114
attempt to crowd the mills with orders beyond reasonable requirements.
and they are trying to discourage too great a concentration of
consumers,
However, for the first time since 1937
to mill districts to arrange
a
large number of buyers are flocking
for future deliveries.
Should steel priorities eventually become necessary, the Army and Navy
Munitions
Board has
set
machinery through the adoption of
up
steel
a
mobilization plan, under which studies of steel capacity and specific military
requirements in certain lines
being made.
are
In the machine tool industry the use
about
defense projects have been
With
of voluntary priorities has brought
given an A-l rating.
ments
that
orders
some
Concern
over
taking
are now
1942 delivery date.
a
rising scrap prices and the possibility of
a scrap
shortage
resulted in the calling of a meeting Tuesday by the National Defense Ad¬
visory Commission,
1199334706
which
and scrap industries.
men
was
attended
by representatives
Neither the Government representatives, the steel
the scrap men favored price control in any form.
nor
ment and the steel
of the steel
industry
The Govern¬
assured by the scrap trade that under an
were
orderly procedure there would be ample supplies of
Meanwhile,
scrap.
under the threat of possible Government intervention, scrap markets were
quieter this week and price rises less
is
a
little higher,
resulting in
The Pittsburgh market
numerous.
advance of 8c. in The "Iron Age" scrap
an
composite price to $20.62.
Coke prices are advancing.
Boston—advances of 60c.
and
a
In three centers—Cleveland, Cincinnati and
ton on by-product coke have been
similar advance may come in the
a
Steel prices are steady and firm.
merchant
Newark-Jersey City area.
Some weaknesses, such
pipe and wire nails from warehouse stocks,
eliminated.
announced,
in line pipe,
as
gradually being
are
COMPOSITE PRICES
Finished
Oct. 8, 1940, 2.261c. a Lb.
Loading of steel making
Based
on steel bars, beams, tank plates,
wire, rails, black pipe, sheets, and hot
These products represent
2.261c.
rolled strips.
2.236c.
85% ot the United States output.
•
2.261c.
Jan.
2
1939
2.286c.
Jan.
3
2.236c.
2.512c.
May 17
2.211c.
Mar.
9
2.249c.
Jan.
Dec. 28
2.016c.
Mar. 10
2.512c.
..2.249c.
2.211c.
Apr.
16
May 16
18
Oct.
4
Oct. 8, 1940, $22.61 a Gross Ton
in spite of this factor.
tricts
for basic iron at Valley
iron at Chicago,
on average
furnace
and
foundry
22.61
Philadelphia,
22.61
Southern Iron at Cincinnati.
Buffalo,
Valley,
$22.61
pulse.
Sept. 19
1938
23 25
June
1937
23.25
Mar.
19.73
Oct. 8, 1940, $20.62 a Gross Ton
One week ago...
One month ago........
19.92
2
20.61
Sept. 12
21
19.61
July
6
9
20.25
Feb.
16
Nov. 24
18.73
Aug. 11
1936
American
Iron
and
Low
,
Oct.
8
$16.04
Oct.
3
Nov. 22
14.08
11.00
9
May 16
June
7
21.92
Mar
30
12.92
Nov
10
17.75
Dec. 21
12 67
June
9
Oct.
7
Institute
on
an¬
telegraphic reports which it had received indi¬
operating rate of steel companies having 97%
of the steel capacity of the industry will be
94.2% of capacity
for the week
beginning Oct. 7, compared with 92.6% one
week ago, 91.9% one month
ago and 88.6% one year ago.
This represents an increase of 1.6
points, or 1.7%, from the
estimate for the week ended
Sept. 30.
Weekly indicated
rates of steel operations since
Sept. 4, 1939, follow:
qiq
1939—
4
Sept. 11
2
58.6%
70.2%
79.3%
83.8%
87.5%
Oct.
9
88
Oct.
16
Oct.
23
Oct.
30
Sept. 18
Sept. 25
Dec.
18
Dec.
25
1940—
90.0%
73.7%
1940—
Jan.
1
60.7%
61.7%
Apr.
8....>..61.3%
Apr. 15
60 9%
Apj\ 22
60.0%
July
July
8
15
July
22
July
29
61.8%
Aug. 12.
65.8%
Aug. 19
Apr.
1
Nov. 13
1.93.5%
Feb.
19
Nov. 20
93.9%
94.4%
92.8%
91.2%
Feb.
26
4
64.6%
June
Mar. 11
64.7%
62.4%
June 24
Nov.
8
22
15
29
5
91.0% Feb.
92.5% Feb. 12
6
Nov. 27
Dec.
Jan.
6% Jan.
90.3% Jan.
90.2% Jan.
4
Dec. 11
The
Mar.
Mar. 18
Week
with
the
During the week ended
balances
bank
increased
reserves arose
A jit.
29
May
6
May
13
Aug.
5.....90
5%
89.5%
89.7%
70.0% Aug. 26
91
May 20
May 27
73.0% Sept.
76.9% Sept.
9
82 5%
91 9%
June
3
80.3%
June
10
Sept. 16
Sept 23
92.9%
92 5%
17
July
84.6%
87.7% Sept. 30
7
86.5% Oct.
74.2%
1
Federal
Oct.
9
$127,000,000.
2
Reserve
member
3%
92.6%
94.2%
Banks
bank
Additions
reserve
to
member
from decreases of $99,000,000 in
Treasury
deposits with Federal Reserve banks and $11,000,000 in
deposits and other Federal Reserve accounts,
and increases of $78,000,000 in gold stock and $2,000,000
Treasury
currency,
in
banks
money
on
000,000,
Oct. 9
an
offset in part by
Bank credit and
in circulation.
were
an
influence caused the
same
production continues
105,153
to increase,
being pro¬
cars
40% above the 76,095 produced in the corresponding week last year.
rate means
rapid consumption of steel and mills
This
being pushed for de¬
are
liveries to maintain the high rate.
Pig iron production in September totaled 4,172,551 net tons, 1.5% under
the
August output, because of
one
less working day, but constituting the
largest September production since this publication started compilation in
1918.
The daily rate in September was
the 136,599 tons
daily
139,085 tons, 1.8% greater than
in August.
average
month since May, 1929.
This
* 'i
September.
clusive of scrap,
This
the highest daily rate
was
Active blast furnaces increased from 190
time exports have exceeded
was
Tonnage
was
the
1,000,000 tons in
month.
a
largest buyer, taking between 60 and 65% of the
going to Canada,
also heavy.
those for the
with 1,046,084 tons, ex¬
superseding the former record of 707,809 tons in July.
is the first
Great Britain
which is indirectly largely for
Great
Total shipments for eight months were 334 times
corresponding months last year.
Scrap exports, at 355,991
tons, were only slightly greater than the 327,129 tons in July and the total
for eight months was less than in the same period last year.
By-product coke prices
advancing
are
ovens
producers foresee a shortage
as
As usual in time of heavy fuel demand,
the possibilities this fall.
being lighted to supplement by-product production and
are
the outcome depends largely on the number of the
Some
additional
by-product
capacity is
under
latter put in service.
which will
construction,
the situation when it is completed.
carriers, has recommended purchase of 100,000 additional freight cars in
the year ending Oct. 1, 1941.
At the usual rate, this would require about
1,000,000 tons of steel, largely plates.
were
9,735 units,
since 1937.
car
awards in September
highest
.
ating rate, moving up to 9334 %,
in
Freight
bringing the total for nine months to 39,297,
coming weeks.
a new
net increase of J4 point in the oper¬
a
high, with indications of little change
Chicago gained 134 points to 9734%, making
of the previous week's drop.
up part
Youngstown gained 1 point to 85%, Cleve¬
Rates
were
Pittsburgh dropped 1 point to 8734%.
unchanged at Detroit, 94%; Birmingham, 97; Buffalo, 90.5;
Wheeling, 97; Eastern Pennsylvania, 92.
Steel
ingot production for the week ended Oct. 7, is placed
93% of capacity, according to the "Wall Street Journal"
of Oct. 10.
This compares with 923^% in the previous week
and 93Yi % two weeks ago.
The "Journal" further reported:
Excess
a
U. S. Steel is estimated at 95%, against 94% In the week before and 96%
two weeks ago.
Leading independents
are
credited with 92 A %, compared
with 92% in the preceding week and 9234% two weeks ago.
The following
with the nearest
table gives
a
comparison of the percentage ofproduction
corresponding week of previous
1940
reserves
of
member
together with the
U. S. Steel
3*
95
+
Independents
92 34
+
1939
88
+3
85 34
+
33*
89 34
+234
1938--.
49
+ 13*
45
+
3
52J4
1937.
65
93
+
56
—6
1
—10
72
753*
70 34
7934
19.35--,
52 3*
4134
62
1934
24
—
1933--.
38
—2
35
1932
19 34
+2
19
1931
29
1930
1929
.
34
32
55
—134
60
79
—5
82
—
1928
87 >4
1927.
64
+
2534
—1
—
2
40
—2
+
1
20
2134
34
+3
28
—
—
87
34
—
6534
—2
34
—3
1936
—
134
5134
-13*
7
77
—3
2
88
3
62
+2
-13*
The
principal change in holdings of bills and securities
United States Government securities, direct and
guaranteed: holdings of bonds increased $81,000,000 and of
was
in
notes decreased
$106,000,000.
The statement in full for the week ended Oct. 9 will be
found
on pages 2144 and 2145.
Changes in member bank reserve balances and related
items during the week and year ended Oct. 9,1940, follow:
decrease of $37,-
estimated to be approximately $6,820,-
years,
approximate changes, in points, from the week immediately preceding:
Increase
(+)
Oct. 2,
1940
or
Decrease
(—)
Since
increase of $27,000,-
increase of $100,000,000 for the week.
The
rose.
Industry
86.4%
.86 8%
88.2%
90.4%
non-member
000,000 in Reserve
railroad lists
duced last week, an increase of 9,163 over the preceding week and nearly
/
1940—
Mar. 25
85.7%
86.1%
84.8%
82.2%
77.3%
71.7%
68.8%
67.1%
65.9%
Oct.
the domestic
at
Steel
that
Sept.
Pittsburgh quotations
as
Automobile
and St. Louis 234 points to 8234%.
Apr.
nounced that
cated
on
on recent
land 2 points to 88, New England 3 points to 88, Cincinnati 2 points to 90
High
22.50
15.00
its effect
Prices realized
Slight changes In production caused
on
No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia,
and Chicago.
22.08
J939
J938
Much of the export scrap has been gathered in dis¬
iron and steel composite to rise 7 cents to $38.05.
Scrap
$20.62
Pos¬
Association of American Railroads, after survey of expected demands on
Jan.
Based
$20.54
One year ago.
$22.61
15.
number of centers
The composite of steelmaking scrap advanced 16 cents to $20.62
last week
Low
2
Jan.
22.61
Steel
and
a
have been at higher levels, affording an accurate indication of the industrial
ease
High
1940
advancing in
are
from steelmaking centers where
remote
situation has not been important.
beehive
Based
$22.61
One year ago
000
appreciable effect and prices
an
among
Pig Iron
One week ago
One month ago...
in
had
Britain,
1938
1936
for export to Japan is being expedited at
sibility of tonnages being thrown back on the domestic market has not yet
total.
Low
High
1937
scrap
number of ports in anticipation of the embargo effective Oct.
Steel exports in August set an all-time record,
2.261c.
The
Some accumulation of inventory is taking place, but it is not
considered larger than conditions warrant.
Steel
One week ago
1940
In addition to increasing demands for de¬
fense needs, mills are receiving orders from a wider variety of miscellaneous
to 192 in
One month ago..
One year ago
1
future commitments.
toward
for any
"IRON AGE"
34 point to 93 %.
quarter delivery at prices prevailing at time of delivery.
>
THE
operating close to
This tonnage is not large but increasing, indicating the attitude of consumers
So much business has been
have to be arranged by the Government in view of the fact
may
already
Consumer anxiety to cover requirements has caused some orders to be
booked for first
for the most essential require¬
a sequence
to mills,
coming
tonnage
rate last week to rise
a
placed In this classification that
additional
practical capacity, efforts to meet delivery demands caused the production
consumers.
badly confused situation, arising from the fact that virtually all
a
1940
markets
Steel companies regard a three-months' Inventory as ample protection for
orders, which would merely complicate the problem of satisfying all needs.
12,
"Steel" of Cleveland in its summary of the iron and steel
on Oct. 7 stated:
manufacturers of non-essential products do not
continue provided
may
Oct.
Oct.
9,
1940
$
Bills discounted..-
8,000,000
-
?
+ 2,000,000
Bills bought.
U.
S.
Government securities,
and guaranteed
Oct. 11, 1939
$
+1,000,000
—1,000,000
direct
2,399,000,000
—25,000,000
—366,000,000
The Commercial & Financial Chronicle
Volume 151
Increase
(+)
9,
1940
Oct.
2,
1940
Member bank
—15,000,000
+ 4,000,000
2,445,000,000
—37,000,000
—365,000,000
21,349,000,000
+ 78.000.000
3,048,000,000
reserve
Assets—
8,000,000
30,000,000
Treasury currency
balances
13,927.000,000
Money In circulation
8,199,000.000
Treasury cash
2,294,000,000
Treasury deposits with F.R. banks..
579,000,000
—4,000,000
—99,000,000
+175,000,000
—11,000,000
+ 864,000,000
$
—18,000,000
+12,000,000
+ 659,000,000
+342,000,000
+302,000,000
+1,820,000,000
+14,000,000
2,582,000,000
+6,000,000
3,682,000,000
11,646,000,000
—16,000,000
banks
485,000,000
Balances with domestic banks
3,307,000,000
—23,000,000
+ 59,000,000
.
Demand deposits—adjusted
21,152,000,000
Time deposits
5,359,000,000
United states Government deposits
8.734,000,000
678.000,000
Foreign banks
Borrowings
Below is the statement of the Board of Governors of the
Reserve System for the New York City member
bank and also for the Chicago member banks for the cur¬
REPORTING MEMBER BANKS
include that country and its nationals
:
New York City
-Chlcago-
Oct. 2, Oct. 11,
1940
1939
3
$
$
Ocl. 9,
1940
and drafts drawn
Oct. 11
Oct. 2,
1940
1939
$
?
$
9,600
loans
9,687
8,508
2,230
2,220
2,846
2,870
2,881
630
623
557
1,781
1,767
1,665
441
432
382
Open market paper
Loans to brokers and dealers..
Other loans lor purchasing or
78
79
116
288
324
411
carrying securities
163
Real estate loans
...
V
Loans to banks.
O her
loans.....
Treasury
bills
Treasury
2,099
notes
by
22
22
19
26
27
25
59
66
18
14
161
171
58
120
117
19
30
33
27
386
374
"~64
"~65
""51
292
342
245
250
140
:
322
guaranteed
;
120
386
United States bonds
Obligations
V
';r\
945
1,054
776
1135
177
249
2,621
2,167
762
713
670
1,405
1,125
1,217
5,667
104
104
157
354
353
326
1,274
1,281
1,089
United States Government
1,410
1,427
1,445
6,565
6,466
Fed. Res. banks..
Cash in vault
84
Balances with domestic banks..
Other assets—net
81
or
issued
country, ostensibly to protect the oil fields.
previously included in the freezing order
Norway,
Denmark, The Netherlands., Belgium,
Luxembourg, France, Latvia, Estonia and Lithuania.
Following is the text of the new executive order:
;
^
follow:
86
42
42
41
82
82
71
272
267
237
336
332
374
44
44
49
EXECUTIVE
Amendment of Executive Order
ORDER
(NO.
8565)
No. 8389 of April 10,1940,
By virtue of the authority vested in
me
as
Amended
by Section 5 (b) of the Act of
Oct. 6, 1917 (40 Stat. 411), as amended, and by virtue of all other authority
vested in me,
I, Franklin D.
Roosevelt, President of the United States of
America, do hereby amend Executive Order No. 8389 of April 10, 1940.
Liabilities—
Demand deposits—adjusted
Time deposits
9,737
9,688
8,214
1,978
1,971
1,788
719
725
657
506
506
500
35
36
49
94
94
63
3,790
3,373
1,001
1,001
867
...
U. 8. Government deposits
banks
3,753
Foreign banks
Borrowings
on
636
623
698
7
7
16
"290
"291
"240
"~15
"l4
~"l5
1,497
1,495
1,475
261
261
266
A
:
or
Capital accounts
extend all the provisions thereof to, and with respect
so as to
property in which
to,
since Oct.
or
Rumania
or
any
national thereof has at any time
9, 1940, had any Interest of any nature whatsoever direct
indirect; except that, in defining "Rumania" and "national" of Rumania,
the date "Oct. 9, 1940" shall be substituted for the dates appearing in the
I
.......
Other liabilities
amended,
as
Inter-bank deposits:
Domestic
Rumanian accounts if drawn
on
Other countries
2,650
Reserve with
At the
Russia.
The President did not disclose on what information
he acted with respect to Rumanian balances, but it has been
understood that Germany has been sending troops into that
the
Other securities
of Oct. 9.
prior to Oct. 9.
Up until now funds have been frozen only of such countries
as have
actually been invaded or annexed by Germany and
Commercial, Industrial and
agricultural
as
time, Daniel W. Bell, Acting Secretary of the Treasury,
granted a general license authorizing banks to honor checks
same
1940
Assets—
—84,000,000
was added to the list of
foreign countries whose
funds, held in the United States, may not be drawn against
when, on Oct. 10, President Roosevelt issued an executive
order extending the provisions of his order, of
April 10 to
(in Millions of Dollars)
Loans and Investments—total..
Loans—total
;
+ 900,000,000
....
Rumanian Funds in United States Frozen
banks which will not be available until the
coming Monday:
Oct. 9,
+193,000,000
—14,000,000
1,000,000
Rumania
week, issued in advance of full statements of the member
CITIES
+ 273,000,000
+ 72,000,000 +2,846,000,000
+7,000,000
+123,000,000
+1,000,000
—10,000,000
530,000,000
Federal
CENTRAL RESERVE
+ 30,000,000
Liabilities—
Chicago—Brokers' Loans
IN
$
+ 56,000,000
6,540,000,000
Cash In vault
Returns of Member Banks in New York
City and
ASSETS AND LIABILITIES OF WEEKLY
$
2,112,000,000
United States bonds
Inter-bank deposits:
Domestic banks
rent
(—)
Oct. 4, 1939
Treasury notes...
States Government
Other securities..
Reserve with Fed. Res
+56,000,000
1,844.000,000
Decrease
or
Sept. 25, 1940
Obligations guaranteed by United
+4,376,000,000
+ 2,000.000
+124,000,000
+127,000,000 +2,188,000.000
+ 27,000,000
+ 853,000,000
Non-member deposits and other Fed¬
eral Reserve accounts
(+)
Since
Oct. 2, 1940
'
advances (not Including
$8,000,000 commitments—Oct. 9)
Increase
;
Oct. 11, 1939
Industrial
Other Reserve Bank credit
Total Reserve Bank credit
Gold stock
(—)
or
Decrease
Since
■>'
Oct.
:
2115
definitions of countries and nationals thereof.
FRANKLIN
D.
ROOSEVELT.
The White House, Oct. 10, 1940.
Complete
Returns
Reserve
Member
of
Banks
of
the
Federal
Italian
New Economic Order in
As
explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve
System
A
an
statement
of
respecting the
member
banks
every
101
in
$72,000,000
in
demand
deposits—adjusted,
and
$193,000,000
nation's economy would be corporative and autarchic
momentarily on the lire and the mark.
The
based
The article is especially
"Only the installation of an economy worked out on corporative, which
is to say Fascist
Cleveland district, and $55,000,000 at all reporting member banks.
Loans
to brokers and dealers in securities increased
$23,000,000 in New York
to arms within a few
and
the right
$31,000,000 at all reporting member banks.
1
:
i.
colonial
Holdings of United States Government direct and guaranteed obligations
New York
in
$83,000,000
at
all
member
banks.
at all
Holdings
of
City and $16,000,000
in the Fascist and Nazi sense, will be continued
Integrally.
European autarchic policy will be based on Italian and German
autarchy.
Other' States
will
be permitted
deposits—adjusted
increased
$38,000,000
in
|tbe
"The two Axis countries will
New York
each achieving its own autarchic
000,000 in the San Francisco district, $12,000,000 in the Cleveland district,
will
Chicago district.
Deposits
credited
and
to
domestic banks
increased
$103,000,000
in
banks.
while the moneys of adhering States will have sub¬
as
a
means
existence
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Oct. 2, 1940, follows:
or
Decrease
Loans
and investments—total
Sept. 25, 1940
Oct. 4, 1939
$
%
%
+ 163,000,000
+96,000,000
+1,831,000,000
+410,000,000
4,630,000,000
+ 55,000,000
+379,000,000
297,000,000
+2,000,000
—21,000,000
Commercial, industrial, and agri(
cultural loans
...
Open market paper..
Loans to
brokers and
dealers in
446,000,000
securities
Other
I
loans
for
purchasing
carrying securities
Real estate loans
Loans to banks
Other loans.
Treasury bills-
+ 31,000,000
—92,000,000
460,000,000
1,220,000,000
—2,000,000
—45,000,000
—3,000,000
+ 41,000,000
41,000,000
+6.000,000
+ 5,000,000
1,691,000,000
+ 7,000,000
+ 143,000,000
or
628,000,000
no
pity for gold, which was used by the plutocratic nations
of political enslavement of the poorer countries.
In the future
+9.000,000
+ 136,000,000
of nations.
"Paper money is in fact a symbol.
future.
As such, it represents the sum of the
It is simply ridiculous to identify this symbol
gold in a bank of issue.
.
Oct. 2, 1940
24,329,000,000
8,785,000,000
Loans—total.
be
capacity, will and vitality of a people, its progress, its strength
(- -)
Since
Assets—
can
gold will cease to be the arbiter of the policy and economy and of the very
summary
(+)
controlled State.
fixed exchange rate,
"There
Deposits credited to
Increase
Naturally the two directing power
goal.
have to fix the tasks, initiatives and goals of each
used will be that of the two Axis powers, linked by a
$18,000,000 each in the Philadelphia and Cleveland districts,
$193,000,000 at all reporting member
A
have autarchic policies,
sidiary value in their own territories.
New
foreign banks decreased $13,000,000 in New York City.
f
to
divide their tasks in Europe and Africa,
"The money to be
and $72,000,000 at all reporting member banks, and decreased $17,000,000
York City,
Preexisting
be redistributed.
district outside New York City, $26,000,000 in the Boston district, $15,-
in the
of nations and each of these will have
to its quota of raw materials and natural wealth.
empires will
which will accelerate the process of totalitarian continental autarchy.
reporting member banks.
Demand
years," writes Signor Riccardi.
"The autarchic concept,
City, $18,000,000 in the Richmond
reporting
"Other securities" decreased $9,000,000 in New York
and Nazi lines, would enable nations to avoid another call
"There will have to be a hierarchy
City
and
timely because Signor Riccardi left for Berlin by
Minister Walther Funk.
Commercial, industrial and agricultural loans increased $14,000,000 in
York City, $9,000,000 in the Chicago district, $8,000,000 in the
district,
the
printed in three of the Fascist party's most im¬
New
increased $58,000,000
as
plane this morning for a conference on this very subject with Economics
In
deposits credited to domestic banks.
K
economic order in Europe,"
account in the "Times" went on to say:
leading cities shows the following principal changes for the week ended
Oct. 2:
Increases of $55,000,000 in commercial, industrial and agricultural
loans,
article
and
weekly reporting
new
portant organs, the Popolo d'Italia, the Regime Fascista and
the Resto del Carlino, according to a wireless dispatch from
Rome, Oct. 10, to the New York "Times," from which it is
learned that from France to Sweden to Greece, it is stated,
body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business Oct. 2:
condition
picture of "the
Axis powers plan to establish it after the war, is given by
Raffaelo Riccardi, Italian Minister of Foreign Exchange, in
returns of the entire
The
Exchange
Foreign
Minister Gives Design for
Europe—Lira and Mark to
Be Money Used—Gold It Is Contended Will Cease
As Arbiter of Policy
System for the Preceding Week
paper
For a truly totalitarian state, the marriage of
and gold seems almost nonsense.
"Gold is to be succeeded by a 'work unit of value'
ductive potentiality of a
representing the pro¬
people, and this in turn will be a complex of its
productive energies and capacities, industrial, agricultural and
"Free trade must be considered absolutely
outmoded.
the European bloc or blocs will continue to be
states and
commercial.
The economy of
controlled by the directing
will be considered as a natural function.
"Multilateral exchanges will be developed.
with
and the
with the mass of
Payments will be effected
the two European moneys.
"With countries beyond the oceans there
will be balanced exchanges and
clearings to avoid as much as possible the flow of
The formula for trade
goods."
free exchange and gold
with America, therefore, should be
goods against
The Commercial & Financial Chronicle
2116
Americans Living in Far
Opening
Announces
ously
East Advised by State Depart¬
Britain Simultane¬
Road
Burma
of
External Loan Due 1947
to
White, Weld & Co., New York, as special agent, is noti¬
through American
advised 16,000
Americans living in that area to leave for the United States
immediately unless they had urgent business thera.
This
advice was issued to American women and children and non¬
essential men living in Japan, China, Manchukuo, Korea,
Kwantung leased territory, Hongkong, French Indo-China
and Formosa. On the same day Prime Minister Churchill of
State
Department
Oct.
on
8
Embassies and Consultates in the Far East
told
Parliament
that
Britain
Great
Britain
reopen
the Burma road to China on Oct. 18, and the British
to Tokyo handed the Japanese Government
Ambassador
formal notice to the
effect.
same
Washington dispatch of Oct. 8 to the New York "Herald
Tribune" said in part:
the
Marquess of Lothian, British Ambassador to the United States, to return
to
He received instructions today from the British Foreign
England by air.
Office to remain in this country.
"They think there may be
said to reporters
a
general crisis in the Far East," Lord Lothian
after he had had
a
conference with President Roosevelt at
"Under those circumstances they told me I'd
White House.
the
at the rate of 13% of the dollar amount of such
and that on and after Oct. 7, 1940, these coupons
will be paid at the rate of $4.55 per $35 coupon, upon pre¬
sentation to White, Weld & Co.
Coupons must be ac¬
1938,
companied by letter of transmittal obtainable from the firm.
better
the
stage of actual
Japanese
East
today "that the Burma road to China will
announcement
be reopened on Oct.
may not
18 is expected to bring the Far Eastern situation to
In Washington it is wondered
crisis.
whether the
reply by moving on such British possessions in the Far
Hongkong and Singapore, backed up as they now are by a three-
as
alliance with the Germans and Italians."
power
An
an
General of Oct.
Germany
following we compare the condition of the Canadian
Aug. 31, 1940, with the figures for July 31, 1940
banks for
10 follows:
With reference to the purchase of coupons of
(German External
loan
the following is
Loan
ner
as
OF
BANKS
THE
OF
bonds and coupons
sell
which matured April 15, 1940.
their coupons maturing Oct.
J. P. Morgan & Co. Inc., New
Steamship Co.
date of maturity.
will therefore have the opportunity
15, 1940 against Dollars at Messrs.
York City, or at any of the American offices
Hamburg-American Line, on or after the
The purchase price will be $25.—per $35.—face amount
of the coupon.
acquired according to the regulations in effect.
DOMINION
THE
OF CANADA
League Loans Committee Issues Eighth Annual Report
Aug. 31, 1940 July 31, 1940 Aug. 31, 1939
Assets
15, 1940, of American tranche of Dawes Loan,
those coupons of the same tranche
Dawes marks may be
CONDITION
American tranche of Dawes
which will mature on Oct. 15, 1940,
communicated herewith:
Coupons maturing Oct.
and Aug. 31, 1939:
)
1924)
stamped "USA Domicile Oct. 1, 1935" will be purchased In the same man¬
of the German
OF
York made known that
New
in
pay the Oct. 15 coupons on the German external loan
1924, the so-called Dawes loan, in the same manner as those
of April 15, the purchase price to be $25 per $35 face amount
of the coupon.
Reference to the payment of the April 15
coupons on the loan was made in these columns of April 13,
page 2340.
The announcement of the German Consulate
to
STATEMENT
issued Oct. 10, the German Con¬
announcement
General
sulate
Holders of such
Comparative Figures of Condition of Canadian Banks
In the
Germany
Oct. 15 Coupons of Dawes Loan to Be Paid by
in Same Manner as Those of April 15
stay on the job."
The British
coupons
coupons,
will
of the situation was the canceling of plans of
Another symptom
fying holders of the 7 % external sinking fund loan due March
1, 1947, of the State of Pernambuco, United States of Brazil,
that funds have been received for payment of the March 1,
would
Great
A
(Brazil) Remits Funds for Part
March 1, 1938, Coupons of Its 7%
of
Payment
China
The
12, 1940
Pernambuco
of
State
Home—Great
Return
to
ment
Oct
The
League Loans Committee (London), in their eighth
report, released for publication in New York on
Oct. 11 through J. Henry Schroder Banking Corp., set forth
their relations with League Loan countries since the publica¬
tion of their last report.
The Chairman of the League
Loans Committee is the Earl of Bessborough and the Com¬
mittee comprises
British, American, Dutch and Swiss
members, representative of holders of the League of Nations
Loans issued, in the amount of £81,000,000, by Austria,
Bulgaria, Danzig, Estonia, Greece and Hungary.
The
official summary of the report states:
annual
$
Current gold and subsidiary coinIn Canada
....
Elsewhere
Total.
S
S
4,838,005
4,043,993
5,370,591
4,214,398
5,807,662
5,790,183
8,881,998
9,584,989
11,697,845
70,569,756
215,539,672
3,413.410
77,432,815
67,645,819
194,413.616
3,7.50,924
Dominion notes
Notes of Bank of Canada
United States A other foreign currencies
29,291.221
28,968,504
2C1,318,349
4,946,491
30.720,034
Cheques
98,815,739
107,661,267
113,728,133
4,147,487
4,127,513
4,833,759
33,804,748
34,254,573
Deposits with Bank of Canada.,—....
Notes of other banks
other banks
on
Loans to other banks in Canada, secured,
Including bills rediscounted
Deposits made with and balance
Estonia continued, as at all time9, to transfer the service
due
from other banks In Canada
Due from banks and banking correspond¬
ents In the United Kingdom
under the 1937 settlement
Due from banks and banking correspond¬
ents elsewhere than in Canada and the
United Kingdom..
Dominion Oovernment
19,889,911
/
140,814,393
242,978,723
Provincial
Government securities
1,305,434,619 1,309,312,513 1,187,217,015
Canadian municipal securities and Brit¬
ish, foreign and colonial public se¬
curities other than Canadian.....
Railway and other bonds, debs. A stocks
Call and short (not exceeding 30 days)
154.012.237
192,500,704
112,720,004
127.571,853
marketable
value
cover
...
Loans to the Oovernment of Canada."!
Loans to Provincial governments
Loans to cities,
towns, municipalities
and school districts
...
loans, estimated loss" pro¬
vided for.
Real estate other than bank premises
38.479.629
38.764,161
925,197.994
133,455.322
826,351,734
140,896,518
14,531,991
14,569,393
16,635,182
107,982,549
113.276.220
113,830,618
7,955,119
7.512,736
3,918,822
7,983.929
3,939,955
9,017.395
7,867.564
4,129,466
71,432,740
71,956,867
72,271,057
64,302,050
66,216,262
52,957,727
4,819.842
4,851,853
5,054,952
11,020,251
11,119.056
11,363,758
2,323.862
2,243,171
2,151,954
49,106,755
41,843,104
Mortgages
Bank
on real estate
premises
at
not
sold by bank..
than
more
as
per contra
undertook to transfer 40% of the
financial year 1940.
Unfortunately Bulgaria has suf¬
trade to free currency countries
a
serious interruption of her export
exchange have been suspended since April despLe
the Committee's efforts to o >tain their
resumption.
of the untransferred 40% of the interest has been
counts at the
National
The leva equipment
credited to blocked ac¬
Bank of Bulgaria.
Danzig is in complete default.
The
cost
less amounts (If any) written off
Liabilities of customers under letters of
credit
7,521,089
Committee
recommended the bondholders to accept a further temporary arrangement
under which the Bulgarian Government
and transfers in foreign
37,582,763
3S,431,669
939,819,822
130,531,554
Non-current
...
had been unable
undertaken to maintain the 43%
payments to the end of the war.
fered
to
Elsewhere than In Canada
Other current loans & dlscts. in Canada.
Elsewhere
payments which the Committee
to recommend for acceptance and have
interest during the
Canada on stocks, deben¬
tures, bonds and other securities of
sufficient
happily terminated in January, 1940
under which the Greek Government have raised to 43%
of the interest the 40%
Following negotiations with Bulgaria In February, 1940 the
153.567,777
109,623,930
loans In
a
an arrangement
of her League
fulfil her ooligations
for her League Loan.
The long deadlock with Greece was
by
134,981,149
and
Loan in full and that Hungary continued punctually to
Appendices to the report contain for reference a full
published during the past year regard¬
ing the League Loans, comprising announcements by the
debtor Governments, the Trustees, the paying bankers and
the Committee itself, and also include various statistical
data regarding the League loans.
set of the documents
Deposit
with the Minister of Finance
for the security of note circulation
Shares of and loans to controlled cos
Other
assets not
Included under the fore¬
going heads
Total assets.
3,610,217,282 3,616,628,360 3.548,426,551
risibilities
Notes in circulation.
Balance due to Dominion Govt, after de
Advances under the Finance Act
Balance due to Provincial governments
Deposits by
the public, payable
on
notice
by
the
or on
a
public,
payable
from
other
banks
92,816,492
60,295,652
63,213,327
73,469,564
56,215,581
877,429,002
851,518,297
705,171,205
"after
fixed day In Canada...
Deposits elsewhere than In Canada
Loans
92.271.313
136.767,127
de
mand In Canada
Deposits
93,388,294
113,915,291
•
ducting adv. for credits, pay-lists, Ac
1,634,403,137 1,612.549.076 1,701,886,610
421,507,238
402,883,176
500,892,172
In
Canada.
secured, including bills redlscounted..
Deposits made by and balances due to
other banks In Canada
Due
to
banking correspond¬
United Kingdom
than In Canada and the
Elsewhere
United Kingdom
Bills payable
Acceptances
and
letters
of
10,428.052
15,778,867
19,057,605
13,457,949
24,885,931
196,715
28,581,778
46,000,916
375,822
Liabilities not Inol. under foregoing heads
Dividends declared and unpaid
or reserve
64,302.050
66,216,252
4.258,180
52,957.727
2,749,452
133.750.000
Capital paid
fund...
2.207.372
133.750.000
up
145,500.000
Total liabll-ties
145.500,000
214,475
credit" o"u£
standing
Rest
9,367,396
20,229,763
banks and
ents In the
...
.....II
...III!
4,239.380
2,233.294
133,750.000
145,500.000
4,136.444
3.589,936,803 3.598,838.458 3,531,442,849
Note—Owing to the omission of the cents in the official reports, the footings Id
the above do not exactly agree with the totals given.
Member
Trading on New York Stock and New York
Exchanges—Figures for Weeks Ended Sept. 21
Curb
and 28
Trading in stocks on the New York Stock Exchange by
members, exceot odd-lot dealers, for their own account,
amounted to 748 969 shares during the week ended Sept. 28,
it was announced by the Securities and Exchange Commission
yesterday (Oct
11), which amount was 19 28% of total
transactions on the Exchange of 3,721,489 shares.
During
the previous week ended Sept. 21 fas announced by the SEC
on Oct. 4) round-lot purchases and sales of stocks for the
account of the members, except odd-lot dealers, totaled
480,410 shares; this amount was 20.25% of total transactions
for the week of 2,400,940 shares.
\
The Commission also promulgated figures showing the
relation of trading by members of the Now York Curb Ex¬
change for their own account to total transactions on the
Exchange.
During the week ended Sept. 28, tne member
trading wras 107,829 shares, or 19.54% of total transactions
of 493,469 shares, while in the preceding week (Sept. 21) the
Curb
members
traded
amount of
in
stocks for
78,163 shares, which
of 407,335 shares.
The data published
are
their
own
account
in
18.45% of total volume
based upon weekly reports filed with the New
York Stock Exchange and the
members.
was
New York Curb Exchange by their respective
These reports are classified as follows:
Volume
2117
The Commercial & Financial Chronicle
151
t
Week End. Sept. 28/40
Week End. Sent. 21 '40
York
New
as
sho ving
Curb
Exchange
Exchange
Exchange
Exchange
1.067
825
1,067
825
194
105
198
105
211
34
248
42
186
57
234
84
other
actions Initiated
showing
showing
601
639
535
602
actions
by specialists In the stocks In which thej are registered and the round-P>t
other
other round-lot
hand, all
but
a
On
trades.
Exchange, on the
effected by dealers
fraction of the odd-lot transactions are
transactions of
comparable on the
As a result, the round-lot
engaged solely in the odd-lot business.
•peclallsts In stocks In which they are registered are not directly
two exchanges.
number of reports received
total more than
ROUND-LOT STOCK
TRANSACTIONS FOR ACCOUNT
(SHARES)
Week Ended
Week Ended
—Sept.. 21, 1940—
Total for
Per
—Sent. 28, 1940—
Cent
Total for
Week
a
the New York Stock
series of current figures being published by
Figures for the week ended Sept. 21 were
reported in our issue of Sept. 28, page 1814.
The figures
a
based upon
are
odd-lot dealers
reports filed with the
Commission by the
and
specialists.
«
We also incorporate the figures for the week ended Oct. 5,
which were issued by the SEC on Oct. 11:
TRANSACTIONS
THE
FOR
ODD-LOT ACCOUNT
DEALERS AND SPECIALISTS ON THE NEW YORK
2,309.270
137,590
3,583,890
2,400,940
3,721,480
91,670
....
OF ODD-LOT
STOCK EXCHANGE
Total for
Total for
Week Ended
Week Ended
Sept. 28 *40
Oct. 5, 1940
Odd-lot sales by dealers (customers' purchases):
17.034
16.386
463,726
439,630
.$16,872,105
$16,571,884
18,816
18,459
19.298
18,865
12,627
474,441
11,503
465,494
Number of orders...
DoUar value......
Per
Cent a
A.' Total round-lot sales:
Short sales
specialists
Exchange,
dealers and
odd-lot
all
on
Number of shares.
Week
Total sales
lots
odd
*
STOCK EX¬
NEW YORK
ON THE
SALES
CHANGE AND ROUND-LOT STOCK
OF MEMBERS *
of
account
entries
because a single report may carry
jn more than one classification.
TOTAL
Exchange Commission
for the week ended Sept. 28 of com¬
the Commission.
STOCK
The number of reports in the various classifications may
the
transactions
segregated from the
York Stock
New
the
and
the Securities
4,
handled
continuing
transactions are handled solely
of specialists resulting from such odd-lot transactions are not
Oct.
odd-lot
who
trans¬
Note—On the New York Curb Exchange, odd-lot
specialists'
the
trans¬
no
On
plete figures showing the volume of stock transactions for
trans¬
the floor
on
other
actions Initiated off the floor
4. Reports
_
_
made public a summary
transactions
2. Reports showing
York Stock Exchange During
Weeks Ended Sept. 28 and Oct. 5
Odd-Lot Trading on New
|m»»H
Stock
specialists
3. Reports
York
New
Curb
Total number of reports received...
1. Reports
York
New
York
New
Stock
Odd-lot purchases by dealers (customers'
Number of orders:
sales):
Customers' short sales....
406
....
Customers' other sales.a..
...
Customers' total sales.
Number of shares:
l
Customers' short sales...
Customers' other saies.a.........
y /;
243.200
Short sales
36,420
205,380
375,870
Dollar value
Other sales.b.........
487,068
476,997
..$15,781,337
$15,781,337
$16,014,271
Customers' total sales.
which they are registered—
Total purchases
58,820
Round-lot sales by dealers:
342,210
Number of shares:
Total sales.....
Short sales
10.44
401,060
10.10
241,800
...
...
I
Short sales
Total sales
17,800
25,970
126,880
188,800
6.33
144,680
....
i
•
•
"
114,255
Other sales, b
121,680
Total sales.
93,930
.........
.............
Other sales.b__
......
Total sales....................
94,540
reported with "other sales."
b Sales to offset customers' odd-lot orders and sales to liquidate a long position
whlou is less than a round lot are reported with "other sales."
.
11,450
Outstanding Decreased $5,199,September—Total Sept. 30 Reported
$176,614,000—$39,268,000 Below Year Ago
Bankers' Acceptances
000
3.32
133,130
3.82
492,006
685,875
59,020
421,390
96,240
652,720
480,410
124,730
Sales marked "short exempt" are
a
at
4. Total—Total purchases
121,010
104,940
Number of shares
5.52
1
4,800
89.130
Short sales
.....
130
124,600
Round-lot purchases by dealers:
214,770
89,546
floor—Total purchases
Total sales
195,750
159,260
floor—Total purchases
60
120,950
—
Other sale8.b
20.25
19.28
748,960
During
During
September
the
decreased
$5,199,000
to
volume
of bankers'
acceptances
$170,614,000 from $181,813,000
Aug. 31, according to the
orf
monthly report of the Acceptance
of New York.
30 total is $39,208,Sept. 30, 1939, when the acceptances out¬
Analysis Unit of the Federal Reserve Bank
TOTAL
STOCK
ROUND-LOT
CHANGE
BERS *
AND
SALES
ON
STOCK TRANSACTIONS
YORK
NEW
THE
CURB
EX¬
MEM¬
FOR ACCOUNT OF
(SHARES)
Week Ended
'•
•-?
■
v-—Sept. 21,
Total for
Week
1940—
Per
Cent
a
Week Ended
—Sept. 28, 1940—
Cent a
Other sales, b
.............
Total sales
B. Round-lot
of
4,890
3,815
402,445
489,645
407,335
493,460
.......
transactions
for
the
compared with a year ago, the Sept.
000 below that of
standing amounted to $215,882,000.
The decrease in the volume of
Sept. 30 from Aug. 31 was due to losses
credit
New
mem hers:
61,830
3,790
2,855
77,070
Short sales
Other sales, b
50,415
Total sales....
2. Other
.............
Initiated
transactions
54,205
Short sales
.............
300
Other sales.b.......
....... ......
7,875
Total sales
8,175
initiated
transactions
floor—Total purchases
Short sales...
off
.........
Total sales....
4. Total—Total purchases.............
11,700
2.28
Other sales.b
.......
J '
12,470
300
560
15,483
15,635
85,075
4,390
3.615
73,773
104,205
78,163
18.45
107,820
Aug. 31, 1940
$21,591,000
$23,348,000
123.227.000
9,712.000
155,635.000
8.616.000
2,710.000
3
Philadelphia.................
4
Cleveland...................
2,023.000
1,669.000
5
Richmond..................
191.000
178,000
1,196.000
4,553.000
1,596.000
1,364.000
4,684,000
4,562.000
322.000
310.000
552.000
923,000
965,000
1,411,000
2
New York.............
....
6
At Ianta.....................
7
Chicago....................
8
St. l/ouls.............
9
Minneapolis........—....
10
KanHas City
11
Dallas
12 San Francisco....
...
Grand total
eV.ooo
354,000
17,820.000
17,010.000
$176,614,000
$181,813,000
Sept. 30, 1940
Aug. 31. 1940
$80,361,000
$79,585,000
24.272.000
21.762.000
8.820.000
...............
Domestic shipments..
.....
Domestic warehouse credits
Ba«ed on goods stored
In
or
1
Customers' other sales.c
40.060
44.642
Total purchases
Tetal sales
40,110
44.643
.......
.
25,813
18,988
BILLS
HELD
••members"
The term
Includes
all
Exchange members,
their firms
10,149.000
10,992,000
11,196,000
17,978,000
28,430,000
28,907.000
36,412,000
BY ACCEPTING BANKS
$100,031,000
41,729,000
-
$141,760,000
5,872,000
—
CURRENT MARKET RATES ON PRIME
partners. Including special partners
8hares In
a
In
members'
calculating
OCT.
transactions
these percentages,
as
per cent
of twice total round-lot
the total of members' transactions Is
compared
Dealers'
members'
transactions
Includes
both
purchases and sales,
while the
Exchange
volume Includes only sales
b Round lot short sales which are exempted from
rules are Included
c
restriction by the Commlssloa
with "other sales."
Sales marked "short exempt" are Included with "other sales."
10.
BANKERS ACCEPTANCES
1940
volume.
with twice the total round lot volume on the Exchange for the reason that the total
o'
40.013.000
33.325.000
Own bills
Total
$78,005,000
29.262.000
Bills of others
and their
Sipt. 30, 1939
26.249.000
Decrease for month
•
$215,882,000
8,591.000
shipped
between foreign countries
50
1
Decrease for year $39,268,000.
$5,199,000.
ACCORDING TO NATURE OF CREDIT
Exports
for the account of
320.000
74*665
Imports
specialists:
Customers' short sales
.
17.526.000
......
Dollar exchange
C. Odd-lot transactions
Sept. 30.1939
Sept. 30, 1940
$20,444,000
120,058.000
9.304.000
Boh ton
Decrease for month,
19.54
STATES
FEDERAL RESERVE DISTRICTS
1
2.90
16,195
3.72
72,180
Short sales
....
11,500
2.19
14,520
15,783
.......
Total sales
200
the
.......
.......
Other sales.b
14.36
10,775
9,700
floor—Total purchases..........
3. Other
BY
the
on
ACCEPTANCES OUTSTANDING—UNITED
DOLLAR
Federal Reserve District
79.925
12.54
while in
York Federal Reserve Bank:
BANKERS
which they are registered—
47,960
domestic
the year-to-year analysis only import
credits were abo\e Sept. 30, 1939.
The following is the report for Sept. 30 as issued by the
account
....
in all branches of
drawn for imports and
excepting credits
shipments
I. Transactions of specialists In stocks In
Total purchases
acceptances outstanding on
Per
Total for
Week
A, Total round-lot sales:
Short sales
As
Dags—
Dealers'
Dealers'
Buying Rates Selling Rates
Dags—
9-16
120
30
X
7-16
60
M
7-16
150
7-16
180
Dealers'
Buying Rales Selling Rales
|
H
%
Xi
9-16
9-16
The Commercial ic Financial Chronicle
2118
The following table, compiled by us, furnishes a record of
the volume of bankers' acceptances outstanding at the close
of each month since March 31,1938:
1938—
*
Mar. 31
1939
1939—
292.742.835
Jan.
31
Apr. 30
278.707.940
Feb.
28
May 31
268.098.573
Mar. 31
255,402.175
248,095,184
Dec
245.016,075
Jan
31
*
30
232,644.000
1940
Oct.
and
member
firms, was 518,453 shares, compared with
shares on Aug. 30, both totals excluding short
positions carried in the odd-lot accounts of all odd-lot
dealers, the Exchange announced on Oct. 8.
As of the
474,033
229.230,000
Sept.
June 30
264.222.590
Apr.
29
237,831.575
Feb.
29
233.015.000
30
264.748.032
246.574,727
Mar
30
229.706 000
odd-lot dealers' accounts
Aug
31
May 31
June 30
Sept. 30
25*.319.612
261.430.941
July
31
236.010,050
May 31
213.685.000
269.561,958
Aug. 31
235,034.177
June
29
206.149 000
215.»ot
July
31
31
Nov. 30
273 327.135
Dec. 31
269,605,451
244,530,440
Sept
30.
Oct.
31
.
Apr.
724
221,115,945
222,599,000
Nov. 30
30—-- 223.305.000
188,350,000
A ue. 31
Sept. 30
.
30
settlement
54,280 shares
$250,700,000,
Reports
was
there
29 issues in which
were
which
in
or
Federal
Reserve
Bank
New
of
York
announced
yesterday (Oct. IX) that reports received by this Bank from
paper dealers show a total of $250,700,000 of
open market paper outstanding on Sept. 30, 1940.
This
figure compares with commercial paper outstanding on
Aug. 31 of $244,700,000 and with $209,300,000 on Sept. 30,
1939.
Following we give a compilation of the monthly
figures for more than two years:
%
Sept 30
1939
31
250,700 onn
*244.700.000
232,400, 00
June 29
224,100.000
Aug. 31
July
Nov.30..
31..
..
Oct.
31..
205,300.000
Dec. 31..
..
Sept
30..
209.300,000
Nov. 30..
214,400,000
Aug. 31
Jan.
201 100.000
Oct
May 31
234.200.000
July
31..
194,200.000
Sept 30..
Apr. 30
Mar. 30
238.600 000
June 30..
Aug. 31...
233,100,000
May 31..
Apr. 30..
180,700 000
188.500,000
June 30..
Mar. 31..
191,900,000
191.200.000
Feb. 28..
195,300,000
Apr. 30...
Mar. 31...
Feb.
29..... 226.400.000
31
219,400,000
Jan.
1939—
Deo. 30.
*
209,900,000
July
31...
31..
May 31...
..
..
„.
..
..
..
..
..
..
195.200.000
since June
1938—
position, was 403, compared with 379
30, 1938:
1944—
193931
-
June 30
Jan.
31
454.922
Feb
29
485.862
Mar
29
488.815
1,050,164
Mar
29
Aug. 31
833,663
Apr.
28
*662.313
729.480
May 31
Sept. 30
688,345
June
667.804
651.906
Oct.
28
669.530
July
31
481,599
May 31
428.132
Nov. 29
687.314
Aug
31
435.273
June
28
446 957
500.961
Sept 29
570.516
July
31
447,543
636,377
Nov
July
30
Dec
'
1939—
31
Feb. 28
186,900.000
•
529.559
30
30
-
Aug. 30
Sept. 30
Dec. 29
630.594
479,243
26
479.344
5?3
31..
'cf
30
Apr
474.033
-
618.453
381,689
Revised.
213,100,000
212,300,000
209,400,000
210 700.000
225 300.000
251 200.000
Regional Banks of FHLBS Form Plans to Cooperate
in
Financing New Homes for National Defense
Program
271.400.000
Presidents of
The
296.600.000
the
12
regional banks of the
Federal
Home Loan Bank System have formulated plans for cooper¬
in
ation
Value
of
Bonds
Listed
New
on
York
Stock
New
York
Stock
Exchange announced on Oct. 7
that as of the close of business Sept. 30, 1940, there were
1,340 bond issues aggregating $53,913,474,257 par value
listed on the New York Stock, Exchange with a total market
value of $49,643,200,867.
This compares with 1,348 bond
issues aggregating $53,913,969,826 par value listed on the
Exchange Aug. 31 with a total market value of $49,238,728,732.
In the following table listed bonds are classified
by governmental and industrial groups with the aggregate
market value and average price for each:
the
financing
of
homes
new
exists in the development of the
it
Exchange Sept. 30 Above Aug. 31
The
short interest was reported as of Sept. 30.
a
206,300,000
Eevised.
Market
5,000 shares
In the following tabulation is shown the short interest
existing at the close of the last business dav for each month
Jan.
1938—
—
all
Aug. 30.
on
commercial
1940—
in
change in the short position of more than 2.000
a
of odd-lot dealers' short
exclusive
interest or more than
short
a
existed,
shares occurred during the month.
Bank
The
interest
Aug. 30.
on
176,614,000
Sept. 30 Increased to
York Federal Reserve
short
total
CJ ,063 shares, compared with
Of the 1,228 Individual stock issues listed on the Exchange on Sept.. 30,
181.813.000
on
New
the
date,
The number of issues in which
Commercial Paper Outstanding
1940
obtained by the New York Stock Exchange from its members
July
Oct.
12,
announced
was
their
at
which
Their
program
in
conference
outlined
was
Washington,
during
they conferred with Charles Palmer, Housing Coordi¬
for
the
National
Defense
Advisory
Commission;
nator
H. Jones,
Jesse
Oct 5.
on
semi-annual
need
the
wherever
national defense program,
Federal Loan Administrator, and
members
The 12 bank Presi¬
of the Federal Home Loan Bank Board.
dents
spoke for nearly 4,000 thrift and home financing
institutions, with resources of almost $5,000,000,000, which
members of the
are
bank system.
In his advices regarding
this, James F. Twohy, Governor of the Federal Home Loan
Bank System, said:
They urged that the present surplus and vacant homes first be utilized
in
Sept. 30, 1940
Aug. 31, 1940
Market
Aver.
Market
Arer.
Value
Price
Value
Price
$
S
U. 8. Govt, (lzufl. States, cities, &e.)__ 34,783,944,934 108.42 34,694,279.668 107.84
United States Companies—
Autos and accessories..............
15,325,937
37.806.126
71,145,675
18,891,877
36,772,577
241,680.196
Financial
Chemical
Building
Electrical equipment manufacturing..
Food
Rubber and tires
Amusements
.......
Machinery and metals
Mining (excluding Iron)
....
...
Petroleum.
Paper and publishing
......
Retail merchandising
Railway operating and holding
103.63
15.416,700 104.26
103.07
37.665.577 102 41
Communication (cable, tel. & radio)..
Miscellaneous utilities
Business and office equipment
O. 8. companies operating
75.318,2.50 104.41
42.162.031
89 91
9,420.464
47.40
69.254.929
97.50
80.639.506
47.43
610 274.309 103.61
66.421.398 100 60
19.829.093
82 36
6054.109 .357
56.92
684.674 ,938 100.87
99.93
9.237 ,330 100.66
50.72
99.00
13,242 .821
47.12
14,954 839
65 19
34,374, 570 104.18
...
1,054,492 ,153 107.54
76.058 ,764
31.21
34.332 ,070 104.05
73.28
39.72
1.228.826.752
40.26
Foreign
50.05
725.171,909
49 58
92.08 49,238.728.732
91.33
cos.
(lncl. Cuba and
Canada)!
731,975.613
49,643,200,867
The
following table, compiled by us, give a two-year
comparison of the total market value and the total average
price of bonds listed on the Exchange:
Market
Average
Value
Price
1938—
July
30..
%
1919—
best be underwritten by
the locally-owned and
Their
them for the expeditious
New
Bliss,
Ralph H.
York;
Walter
Winston-Salem;
LaRoque,
Loan
of
Bank
of
Advanced
York
New
$1,217,258 in September
Credits of $1,217,258 were extended during
September by
Loan Bank of New York to its member
Home
Market
Average
Value
Price
%
%
savings and loan associations in New Jersey and New York,
the
Bank
The
$1,996,100 which the Federal
47.621. US 88 5
90 79
Oct.
46.539.192,999
45.441.652.321
90.67
Nov. 30
and
47.839.377.778
91 24
Nov. 30..
90.34
Dec. 30
49.919.813.386
92 33
Dec. 31..
47,053.034,224
91.27
92.02
Feb.
29
49.605.261.998
91.97
31..
46.958, 433,389
91.03
Mar. 30
28..
47.471 484,161
91.85
Apr. 30
50.006.387.149
49.611.937.544
92 86
Feb.
92.48
1..
48,351, 945,186
91.80
May 31....
46.936.861.020
87.87
Apr. 29..
48.127, 511,742
91.56
June 29....
47.665.777.410
90
May 31..
48.920, 968.566
92.92
July
90.96
48.570, 781,615
92.08
31
Aug. 31
48.601.638.211
June 30..
49,238.72^.732
91.33
July
49,007, 131,070
93 15
Sept. 30
49,643,200,867
92.08
14
as
of the close of business
as
compiled from information
on
with
ad¬
to
Illinois
associations
loan
of
advances
and
last
for
Loan Bank of
savings, building
Home
Wisconsin
month
was
August
the
in
largest dollar
its
history, the
regional bank reported to the Federal Board in Washington
on Sept. 30.
This activity, it is stated, brought the Bank's
loans outstanding as of Aug. 31 to $26,426,075, a 13-month
A.
R.
Gardner,
which had had
Bank
been
since
is
any
The Bank's announcement went
record.
A
Exchange Increased
During September
lent
volume
three
New York Stock
compares
Chicago Home Loan Bank Had Largest Dollar Volume
of Advances for any August in
Its History
Chicago
Jan.
This
+.
90.59
49.678.805.641
3.
year.
88.60
31
Oct.
$19,998,046, the Bank reported, an increase of 13.9% over
outstanding advances of $17,556,315 at the same date last
47.297,289.186
1940—
on
$963,000 in August, and with advances of
$1,851,408 in September, 1939.
The net balance of out¬
standing advances to member institutions in the Second
Federal Home Loan Bank district at Sept. 30 amounted to
46,430,860.982
Jan.
announced
of
vances
Aug. 31
L.
K.
Home
the Federal
Oct.
existing
the Sept. 30 settlement date,
O.
Credits
Sept. 80
The short interest
Gov¬
housing
♦
Federal
90.19
on
can
and seasoned experience qualify
George
89.08
Short Interest
the
emergency
Richards,
D.
Shultz, Cincinnati; Fred T. Greene, Indianapolis; A. R. Gard¬
ner, Chicago; R. J. Richardson. Des Moines; Benjamin H.
Wooten, Little Rock; C. A. Sterling, Topeka; M. M. Hurford,
Los Angeles, and Frank H. Johnson, Portland.
Boston;
Pittsburgh;
89.40
31..
by
directly
the
of
Attending the conference in Washington were the follow¬
44.182.833.403
Mar.
portion
ing Federal Home Loan Bank Presidents; Walter H. Neaves,
44.836.709.433
1939—
large
handling of this important phase of the defense program.
44.561.109.796
...
and
means
resources
Aug. 31..
31
financed
be
should
the
urgently needed and which is permanent in character should be financed
by private
Sept. 30..
31..
that
42,738 ,640 125 45
74.59 12.690.450,403
All listed bonds
however,
107.45
178.359 533 105.89
Total United States companies.... 12,915,312,102
Foreign government
1,211,968.218
...
row
felt,
107 76
240.642.682 103.58
18.661 ,500
abroad...!
Miscellaneous businesses....
They
37.138 331
104.25
87.577 ,515
Tobaoco..
temporary
ernment.
abundant
84,757, 458 55.32
18,755, 750 99.50
13,607, 809 48.42
15,499, 665 67.56
42,854, 719 125.80
80,143, 514 31.71
Shipbuilding and operating..
a
recognize
73.48
3.136.129 111
Shipping services
of
soundness,
They also
housing made necessary by
character, which, for the sake of
91.60
3,204,083, 535 107.95
178,390, 946 105.91
1,057,968, 557 107.89
...
economic
exists.
emergency
17.702.334
106.69
9,170, 260
Gas and electric (operating)
expanding, need
74.006.228
75,302.075 104.38
Textile...
is
program
and
an
portion of the
78.74
6,196,355, 474 58.44
589,700, 827 101.80
Gas and electrle (holding)
defense
speed
where
93.86
com¬
panies A equipment manufacturers.
Steel, iron and ooke
the
localities
considerable
a
locally-directed institutions of the Federal Home Loan Bank System.
42.934.127 91.56
9,902,135 49.82
69,477,525 98.01
84,446,242 49.67
610,112,491 103.65
65,651,525 100.35
20,200,519 83.91
.........
Land and realty
those
that
a
President,
said
that
this
to say:
on
the
was
third
month
in
1940
larger loan volume than any month of 1939,^and that the
apparently
experiencing
the
largest
demand
for
its
funds
in
years.
steady rise in the
noted
since
February.
number of institutions using the Bank's funds has
April,
Of
and
these
there
are
now
307,
borrowers
229
are
more
in
than
Illinois
at
any
and
time
78
in
Wisconsin.
Constant
increases
in
home
building
activity necessitating
mortgage funds in the several communities
are
more
home
said to be chiefly responsible
The Commercial <6 Financial Chronicle
f»tnme
the
for
highs in
new
facilities
by
district,
their
Mr.
of the Federal
use
local
Home Loan
Bunk System's credit
Conditions
institutions.
member
Gardner said, prevail to a greater or less
noted
this
in
pressed
districts.
.
Associations
Federal
of
Home
Loan
and trust companies and from
.
Bank
of
Chicago Increased Their Resources 9.9% in First
Half
Year
of
the basis of 100, with not more than three decimal places, e. g.,
Fractions must not be used.
Tenders will be accepted without
ment
Member
on
99.125.
degree in the other
2119
of
10% of the face
are
accompanied
bank
cash deposit from incorporated banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied
securities.
by
an
9expansion
of
resources
Wisconsin
of
this
the
in
year
savings, building and loan association members
Federal
of the
half
first
the
Home Loan Bank of Chicago in Illinois and
reported
was
28
Sept.
on
A.
by
It.
Gardner,
President of the Bank.
He said that the figures are for the
264
shares
associations
whose
insured
are
Federal
by the
the closing hour
will
Reserve Banks
or
on
Oct. 14, 1940,
branches thereof up
be opened and public announcement of the ac¬
ceptable prices will follow
as
soon as
possible thereafter, probably on the
following morning.
The Secretary of the Treasury expressly
right to reject
all tenders
amount
deposit
guaranty of payment by an incorporated
express
all tenders received at the Federal
to
a
trust company.
or
Immediately after the closing hour for receipt of tenders
A
by
Treasury bills applied for, unless the tenders
amount of
any or
reserves
the
part of tenders, and to allot less than the
or
applied for. and his action in
such respect shall be final.
any
submitting tenders will be advised of the acceptance
or
Those
rejection thereof.
Savings and Loan Insurance Corporation, but indicated that
Payment at the price offered for Treasury bills allotted must be made at the
the
Federal
with
associations affiliated
other
data
not
are
available,
yet
the
general expansion of the system from
gather.
The
following
details
Bank,
have
to
seem
in
the
the evidence he
can
Bank's
an¬
from
are
which
on
shared
the
nouncement:
Total
resources
$269,878,005,
were
than
larger
was
and
for
also
first
year's
the
of June 30
as
their
and
that
for
first
half of
insured institutions in the district
during
growth
the
half they had
for the
preceding
1939,
the
when
home mortgage
it
first
months,
six
6%.
vas
half
when
year
6.7%,
At the end of this
of $207,232,378 outstand¬
using $18 691,007 of advances from the Federal Home Loan
were
Bank
Chicago to supplement their private share accounts.
A
this
was
or
other immediately availaole funds on
The Treasury bills will be exempt, as to principal and Interest, and any
gain from the sale
or
other disposition thereof will also be exempt, from all
taxation,
except
Treasury
Decision 4550, ruling that Treasury bills
the gift tax).
of
and
estate
inheritance
No loss from the sale
bills shall be allowed
poses
as
a
any tax now or
deduction,
(Attention
taxes.
are
is
invited
to
not exempt from
or
other disposition of the Treasury
or
otherwise recognized, for the pur¬
hereafter imposed by the United States
or any
of
its possessions.
loans
ing and
of
of
it
Reserve Banks in cash
Oct. 16,1940.
Treasury
Department Circular No.
418,
as
amended,
and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
slightly larger proportion of the institutions in down-State Illinois
in
non-metropolitan Wisconsin registered growth for the first six
and
months
Mr.
had
cities
said.
resources,
Cook
104
an
Milwaukee
1
institutions
and 124 out of
155
Counties,
the
in
smaller
is the count for the
a
12%
invested
increase
in
in
the
these thrift
money
which
private
share-account
and home-financing institutions
they
are
during
supplying to borrowers
11% since Jan. 1.
by
A
in
in
of
out
half of this year, while the funds
the first
rose
group
areas.
was
holders had
the
Eighty-eight
increases
metropolitan
There
with
compared
as
Gardner
breakdown of institutions which have insured accounts
with 185, of which 111 are in Cook County; and Wisconsin
geographical
Illinois
shows
with
79, of which 49
Fletcher
are
in
Milwaukee County.
Stock
Joint
Land
Bank
Calls
3M% and 5% Bonds for Payment
A
further
on
$2,478,000
of
Nov. 1
step in the refunding of the bonds of
Stock Land Bank of Indianapolis, into se¬
large
Fletcher Joint
curities
bearing interest rates more nearly in line with the
market was announced on Oct. 8 by Wm. B.
Schiltges, President of the Joint Stock Land Bank. Directors
of the Land Bank, at a recent meeting, have called for pay¬
ment Nov. 1, 1940 a total of $2,478,600 in bonds bearing
3^% and 5% coupons.
This sum, together with $1,863,500 called and paid by the land bank earlier in the year brings
the total refunding during 1940 to $4,342,100, according to
Mr. Schiltges.
Fletcher Trust Co. of Indianapolis, owns
the capital stock of the Fletcher Joint Stock Land Bank.
The Land Bank is in process of liquidation, pursuant to a
Federal law of 1933, which provides for the liquidation of all
joint stock land banks.
During the last six years, a general program of refunding
the outstanding bonds of the joint stock bank into securities
more nearly in line with prevailing interest rates and retire¬
ment of large blocks of the bonds have worked toward even¬
tual liquidation of the Land Bank.
During the refunding
current money
Treasury Explains Outstanding Debt Subject to De b
Limitation of $45,000,000,000
The Treasury Department made public on Oct. 3 its
monthly report showing that the face amount of public debt
obligations issued under the Second Liberty Bond Act (as
amended) outstanding Sept. 30, 1940, totaled $44,358,287,325, thus leaving the face amount of obligations which may
be issued subject to the $45,000,000,000 statutory debt
limitation at $641,712,675.
In another table in the report
the Treasury indicates that from the total face amount of
outstanding public debt obligations ($44,358,287,325) should
be deducted $877,718,286 (the unearned discount on savings
bonds), reducing the total to $43,480,569,039, and to this
figure should be added $592,371,208, the other public debt
obligations outstanding, which, however, are not subject to
the debt limitation.
Thus the total gross public debt out¬
standing on Sept. 30 is shown as $44,072,940,247.
The following is
the Treasury's report
as
of Sept. 30:
Statutory Debt Limitation as of Sept. 30, 1940
Section
21 (a)
of the Second Liberty Bond Act, as amended, provides
that the face amount of bonds, certificates of indebtedness,
and
Treasury bills,
exceed
Treasury notes issued under authority of that Act "shall not
in the aggregate
$45,000,000,000 outstanding at any one time."a
following table shows the face amount of obligations outstanding
The
which can still be issued under this limitation:
and the face amount
Total face amount of bonds, notes, certificates
of indebtedness, and
$46,000,000,000
Treasury bills which may be outstanding at any one time
Outstanding
as
of Sept. 30, 1940:
Interest-bearing:
Bonds—Treasury..-
-
Savings (maturity value)
Adjusted service
$27,235,489,800
*3,921,344,700
764,335,275
$31,911,169,775
Treasury notes
Certificates
of indebtedness-—
-
:
$9,147,215,400
1,800,300,000
1,302,779,000
Treasury bills (maturity value)--—
12,250,294,400
'
$44,161,464,175
■'
Erocess
for 1940 saletheof new
new bonds
bonds oftotaling
$3,300,000
has
accomplished,
the Land
Bank being
een
follows:
as
$500,000,
due
May 1,
Nov.
%
bearing three-fourths
of 1%
interest,
dated Nov.
1,
Face amount of matured obligations
1939»
1941, optional Nov. 1, 1940; $500,000 bearing 1% int., dated
on
Certificates of indebtedness
$44,191,050
36,211,600
3,904,500
Treasury bills
112,516,000
Notes
>
1939, due May 1, 1942, optional May 1, 1941; $500,000, bearing
1,
1% interest, dated Nov. 1, 1939, due May 1, 1943,
$500,000,
bearing 1 M%
interest, dated July
1,
optional May 1, 1941;
1940, due July
1,
1940, due July 1, 1945, optional July 1, 1943.
;
Indiana counties, and bonds based on these loans,
loans
$5,757,000.
and
$6,415,402.39
of
outstanding
bonds
oi
.
'
44,358,287,325
—
Face amount of obligations which may
totaling $6,365,200.
With the completion of the 1940 re¬
funding and retirement program, Mr. Schiltges said that
Fletcher Joint Stock Land Bank will have remaining mort¬
*
196,823,150
1944,
With approximately six years of the liquidating process
behind it, the Joint Stock Land Bank, as of Jan. 18, 1940,
had outstanding loans of $7,052,093.13 on farm lands in
gage
-
interest, dated July 1,
optional July 1, 1942, and $1,300,000 bearing
central
:
which interest has ceased:
Bonds
be Issued under above authority
$641,712,675
•Approximate maturity value.
Principal amount (current redemption value)
outstanding, $3,043,626,514.
a In addition to the above, Section 21(b) authorizes the Issue for national defense
purposes of notes,
an
certificates of indebtedness and Treasury bill* under the Act In
$4,000,000,000 outstanding at any one time,
made from the special fund made available under Section 301 of
aggregrte amount not exceeding
less any retirement
the Revenue Act of 1940.
Reconcilement with Daily Statement
of the United States Treasury, Sept. 30, 1940
Total face amount of outstanding public debt obligations Issued under
authority of the Second Liberty Bond Act, as amended
(above)..$44,358,287,325
Deduct, unearned discount on savings bonds (difference between
current redemption value and maturity value)
877,718,286
♦
$&,480,569.039
$100,000,000 or Thereabouts of 91-Day
Bills—To Be Dated Oct. 16, 1940
New Offering of
Treasury
Secretary of the Treasury Morgenthau announced Oct. 11
that tenders are invited to a new offering of 91-day Treasury
bills to the amount of $100,000,000, or thereabouts, to be
sold on a discount basis to the highest bidders.
Tenders
will be received at the Federal Reserve banks, and the
branches thereof up to 2 p. m. (EST) Oct. 14, but will not
be received at the Treasury Department, Washington.
The
Treasury bills will be date Oct. 16, 1940, and will mature
on Jan. 15, 1940, and on the maturity date the face amount
bills will
be
payable without interest.
There is a
maturity of a similar issue of Treasury bills on Oct. 16, in
amount of $100,098,000.
In his announcement of the offer¬
of the
ing Secretary Morganthau also said:
They (the Dills) will be issued In bearer form only, and in amounts or
denominations
of
$1,000,
$10,000,
$100,000,
$500,000,
and
$1,000,000
(maturity value).
No
tender
tender
must
for
an
amount less than $1,000
be in multiples
of $1,000.
will be considered.
Each
The price offered must be
ex¬
Add other public debt
obligations outstanding but
not subject to the statutory debt limitation:
Interest-bearing (pre-war, Ac.)
Matured, on which Interest has ceased
Bearing no Interest
$196,208,460
14,776,705
381,386,043
592,371,208
Total gross public
debt outstanding as of Sept. 30,1940.-———.$44,072,940,247
Tenders of $500,748,000 Received to Offering of $100.-
000,000
of
91-Day
Treasury
Bills—$101,944,000
Accepted at Par and Above Par
A total of $500,748,000 was tendered to the offering last
of $100,000,000 or thereabouts of 91-day Treasury
week
bills dated Oct. 9 and maturing Jan. 8, 1941, Secretary
Morgenthau announced Oct. 7.
Of this amount $101,944,000 was accepted at prices above par and at par.
The tenders to the offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
Oct. 7.
Reference to the offering appeared in our issue of
The Commercial & Financial Chronicle
2120
Oct.
5,
The following regarded the accepted
Secretary's announcement:
$500,748,000
i /
Total accepted, $101,944,000
1974.
page
bids to the offering is from the
Total applied for,
The accepted Olds were tendered at prices slightly above par,
accepted.
|
and at par.
Of the amount tendered at par, 30% was
Treasury Department Issues Documents Pertaining to
Foreign Funds Control
Eight
Department issued on Oct. 1 a publication
Pertaining to Foreign Funds Control."
reproduces for convenient use the executive,
orders regulating transactions in foreign exchange, transfers
of credit and the export or withdrawal of coin and currency,
the regulations of the Secretary of the Treasury issued pur¬
suant thereto, and general rulings and general licenses issued
by the Secretary of the Treasury under such orders and regu¬
lations.
Copies of this publication may be procured from the
Treasury Department, Washington, D. C., or from any
The
booklet
Federal Reserve bank.
+.
Bureau of Internal Revenue Rules Sums Paid
Employees
Absent in Defense Service Deductible from Gross
Compiling Federal Income Tax
Income in
Announcement
made
was
Oct. 7 by
on
other
at a nominal compensation during the present
ways
will be deductible from gross income for Federal
income tax purposes.
The ruling, in response to several in¬
emergency
were
of
In
doctrine—that the Government owed a
see to it that no one should starve who was
willing to work but unable to find work.
That was the responsibility, the
duty, which the collective strength and will of all of the people imposed
upon themselves, to alleviate the suffering of their, fellow beings and
to
stimulate recovery in their national economy.
That responsibility expresses
itself in the example which stands before us here.
This Nation is now dotted in almost every one of its 3,200 counties with
and
its
is
requested
salaries
deduct
whether
the
employees
to
paid
amounts so
to make
military service,
income for Federal income tax
from
called
are
gross
intends
which
company,
who
for
purposes.
1917 and
In
1918
employers adopted the practice of making such
many
At that time the question
payments.
the amounts
from
paid
so
their
paid by employers to employees
service
or
but
The
from
will apply to
rule
same
held that salaries
was
the military or naval
absent in
were
intended to return
who
allowable deductions
were
who
It
income.
serving (heir Government in other ways at a nominal com-
were
pensation,
whether employers could deduct
arose
gross
the conclusion of such
at
services
income.
substituted a
continuing responsibility to
schools,
Roosevelt
that
schools
for
Ground
for
Hall
New
of
Washington
on
particular value today
"is
a
now
be of real value a hundred years
may
Mr. Roosevelt declared that the
mighty good investment"^.since
being paid in rent.
new
Dutchess
is
enormous sum
an
Dedicates
County,
Three
Schools
New
in
Y.—Says They Symbolize
Government Functions of Providing Free Educa¬
tion and Giving Work to Needy
In
N.
speech dedicating three Dutchess County (N. Y.)
on Oct. 5, President Roosevelt declared that they
symbolize "two modern government functions in America,
a
schools,
each of which is
continuance
of
proving itself
and
more
democracy."
our
vital
more
to the
President went
The
on
to say:
There is not
useful
new
the
an
Founding
old
function, based
Fnthers
that
the ideal and the understanding
on
democratic
true
long
widespread ignorance.
They recognized that democratic government would call for the
intelligent participation of all of its
people, as enlightened citizens—citizens equipped with what we used to
call "a schooling."
From their time to our own, it has always been recog¬
endure
nized
to
in
as
the
a
old
In
responsibility
the
of government
liberal education.
function—the
last
events
decade,
right
no
dictators
in
this
take
fears
nothing
mind
that
In
control,
schools
the
is
the
free
of
lands.
For
the
can
cannot
the right
have
be dedicated to
well
universal
education,
which
become
has
freedom
of
a
additional significance
on
to
learning.
be
Tyranny
exchange of ideas,
the
destroyed,
hates
the free play
as
and
of the
education.
and
in
a
single person in the United States who has not seen some
hospital, a bridge, a town hall, a highway, an air¬
which
improvements
of
The
public
Nation
the
of
wealth
child—has
and
woman
other
Into
project
every
and
the
children
of
today
In
time.
labor^ camps
be
trained
the
young
or for regimentation
of
people
as
an
a
nation—not
enslaved
for
citizenry, but
and for participation
enforced
for
as
These buildings are also
our
the wages
wages;
were
and
not the most
was
morale,
the
of
parts
a
cents,
while
For example,
country.
hope and
new
been
investment could have
sounder
no
everything
But the material return from that invest¬
people.
There came with it a development
important gain.
courage,
a
self-respect among the unem¬
the strength of American life.
we have built for the defense of
new
the fiber and
building for the wellbeing of America,
definite gain
ployed—a
In
at
6pent
in
well.
as
the
opening
remarks
of
his
address
the
President
observed:
who
have been
I
As
starting
New
sitting
on
the platform here today I have been thinking
time nearly a century and a half ago when Governor Morgan
lived
here
the
the
in
of
Town
was
Lewis,
responsible
chiefly
for
Free School System for the children of the State of
township, therefore, can claim a kind of sponsorship for
Union
York.
This
universal school education
free and
Park,
Hyde
Roosevelt
President
in New York.
Issues
Roosevelt
President
of
Statement
Services of Negroes in
ordered
the
Policy
on
Army
War
Department
on
Oet. 9 to put into effect immediately a policy providing that
the services of Negroes will he utilized on "a fair and equitable
basis" in the national defense program.
This action was
announced by Stephen Early, White House Press Secretary,
who said that it was discussed at a conference Mr. Roosevolt
had
Sept. 27 with Negro leaders and Secretary of the Navy
Assistant Secretary of War Patterson.
Mr.
Early said that later Mr. Patterson submitted a statement of
policy which the President approved.
jj$ The statement as given out at the White House follows:
on
Knox
and
It is the policy of the
be utilized
1.
War Department that the services of Negroes will
fair and equitable basis.
on a
as
In line with this policy provision
follows:
The strength of the Negro
will be maintained on the
personnel of the Army of the United States
general basis of proportion of the Negro popula¬
tion of the country.
will be established in each major branch cf the
2. Negro organizat'ons
service, combatant
3.
Negro
reserve
units officered
4.
as
well
as
non-combatant.
officers eligible for active duty will be assigned to Negro
by colored personnel.
When officer candidate schools are established, opportunity wlU be
5.
Negroes
technical
are
being given aviation training as pilots, mechanics and
This training will
specialists.
units will be formed
as soon as
F 6. At arsenals and
be accelerated.
Negro aviation
the necessary personnel has been trained.
Negro civilians are accorded equal oppor- *
tunity for employment at work for which they are qualified by ability,
education
and
army posts
experience.
white personnel in the same regimental organizations.
proven
This policy has been
satisfactory over a long period of years, and to make changes would
produce situations destructive to morale and detrimental to the preparations
defense.
For similar reasons the
Department does not
con¬
template assigning colored reserve officers other than those of the Medical
Corps and chaplains to existing Negro combat units of the regular Army.
These regular units are going concerns,
exceptionally
high,
accustomed through
many years to
Their morale is splendid, their rate of reenlistment is
and
their field training is
well
advanced.
It is the
a
symbol of
democracy has assumed
as
a
one
President Roosevelt Inspects Defense Plants in Penn¬
second and
of
its
a
newer
responsibility
major functions.
As
you
they have been paid for in part by the taxpayers of the consolidated
organizational setup of these units at this critical time.
the
address stated:
which
for
free
Concerning the second responsibility, the President in his
know,
money
all
from
for the American
made
ment
of
funds
opinion of the War Department that no experiments should be tried with the
will
intelligent exercise of the right of suffrage,
human beings in the life of the Nation.
1
went
dollars
of
terms
the present system.
of
Here
Idle
ways.
perhaps the sand and gravel for the concrete foundations, almost
else used was made in some other part of America.
daily instruction will not be governed by the decrees of any central bureau
propaganda.
They will get r.ot all of the story part of the time, or only
of the story all of the time—they will get all of the story all of
current
part
the
of
neighborhood provided the store for these very schools, and
local
own
for national
of
hundreds
in
put to work so tliat idle hands could be put to
the stores replenished their stocks; and the wheels of industry
business moved faster.
Into every project went materials for con¬
struction—materials
our
increased
been
been
have
tasks.
7. The policy of the War Department is not to intermingle colored and
schools
American
future
facts
were
giving employment
generations will be taught, without censorship or restriction,
history and the whole context of current knowledge.
Their text books will not be burned
by a dictatpr who disagrees with them;
their teachers will not be banished
by a ruler whom they have offended ;
their schools will not be closed if
they teach unpalatable truths; and their
the
thousands of new necessary
built in the United States—illustrations of the
on useful projects.
of the United States—the property of every man,
port, a dam, a sewer—one of the hundreds of
results
given to Negroes to qualify for reserve commissions.
education.
large portion of the world
a
first
freedom
free
child
every
of
land, has taken
our
Almost
than
from
that
buildings
institution
right
other
exists.
more
comes
these
and of
certain
longer
These
American
part of the national life in
from
government
midst of
free and
a
that
Federal Government's contribution
structure—a
will be made
One of them is
of
pockets.
giving employment to needy persons, Mr. Roosevelt said:
building
+.
President'Roosevelt
the communities where they were -erected,
were willing to contribute their own
by
communities
the
own
Further discussing the
cf the
Sept. 26 broke ground for the new
Hall of Records in Washington. In a brief informal talk at
the ceremony, the President said that he believes "that old
records ought to be kept for historical reasons because you
never can tell when something that does not seem of any
from now."
needed
were
which
of their
out
America
Breaks
President Roosevelt
schools,
salaries paid during the present emergency.
Records Building in
^
construction of which the Federal Government has con¬
useful schools, schools to replace outworn schools,
the
to
schools
share
new
was
tributed—new
In
President
indifference to the destitution of its citizens.
irresponsibility and
place
lecal stores;
of
a
inaction
decided to reject this philosophy of
Government
American
The
is as follows:
Advice
economic laws in
the working of natural
only
was
of free enterprise.
system
quiries by business organizations, pointed out that a similar
practice was followed in 1917 and 1918. Text of the ruling
may
f
its
depression
useful
payments
some in those days who chanted that nature
misery, that deflation could not be stopped, and
There
course
Secretary of the
holding that sums paid to employees absent in the military
service of the United States or serving the Government in
of
run
the
that
pros¬
when starvation and bankruptcy had almost become
the day, government for the first time took on this new
several years,
order
to
the
Americans who
Government in accordance with
Federal
time when our national economy had been
at a
ago,
years
responsibility.
to
Treasury Morgenthau of Bureau of Internal Revenue ruling
by the
part
12, 1940
work.
no
Lad
The Treasury
entitled "Documents
in
of the Federal Government to give work to many
find
trate for
the
♦
and
district,
purpose
could
Oct.
sylvania and Ohio—Will Review Defense Program
in Radio Address Tonight
President Roosevelt yesterday (Oct. 11) inspected defense
preparations in several industrial plants in Johnstown, Pa.
Pittsburgh and Youngstown, Ohio.
While in Pittsburgh'
Volume
President dedicated
the
the
unit of the United
100,000th
States Housing Authority at the $13,000,000
Terrace Village
housing project. He said at this dedication that if the need
arises, the people "will wholeheartedly join in defense of their
homes and their country.
With regard to his talk, Associated
Press Pittsburgh advices of Oct. 11 said:
From
an
open
car
Mr.
Roosevelt
told
a
dedication crowd of several
thousand that the housing work was another phase
of democracy at work and
that it has got to go on.
family, 500,000 had been
He estimated that, on an average of five to a
provided with new homes and added:
"In other forms,
who
been
have
have taken care of nearly 2,000,000 more people
we
given
That represents another phase of
better homes.
democracy at work."
"All
the Nation," he said, "we are having
over
of their stake in the Nation."
Mr. Roosevelt explained that he bad come
was
squalid shacks replaced
The jobs and the homes of most of the people consti¬
by this fine housing.
tute a part
here
very
informally on what
essentially a trip to educate himself and learn what is happening
for
Mr. Roosevelt is scheduled to
resume
his defense inspection
Columbus, Ohio, today (Oct. 12) and then move on to
Dayton where tonight he will deliver from his special train
a radio address to the entire Western Hemisphere outlining
the defense program.
Previous reference to this tour was
made in our issue of Oct. 5, page 1976.
tour in
■
i
Excess" Profits Tax—Plant
Amortization Bill
President
Roosevelt
Oct.
8 signed the excess profits
His signature was affixed to
the measure at 11 o'clock that night after, it is said, a study
of the legislation.
Congressional action on the Second Rev¬
on
tax—plant amortization bill.
Bill
enue
of
1940, which is the title of the measure, was
completed on Oct. 1 and an item bearing on the bill and
its provisions appeared in our issue of Oct. 5, page 1976.
The new legislation imposes levies ranging from 25% to
50% on excess profits, permits amortization over a five-year
period of the entire cost of new facilities constructed for
defense purposes, and suspends profits limitations on ship
and aircraft manufacture.
Manufacturers
Aircraft
Support in Speeding
Defense Program
Pledge
Up of National
for
the
while
they
~
Following the signing of the excess profits tax bill by
Roosevelt on Oct..8, leading Aircraft Manufac¬
turers throughout the country issued a statement again
pledging their full support in speeding up the National
defense program.
The statement which was signed by 26
Manufacturers, was made available through the Aeronauti¬
cal Chamber of Commerce of America, Inc., New York,
President
of
the
excess
bill,
tax
signed
today
President
by
From
beginning of the
the
limit
of
their
been
financial
and
Investments
the
have
Government's
present
expanding
The
ability.
commitments
program.
of
emergency
their
aircraft
more
the nation's aircraft
production
than
facilities
industry readily
$150,000,000 to
These important steps,
to
The aircraft
untary
defense.
out
undertaken by the
legal
handicaps, have saved months of valuable time.
industry takes this occasion to reiterate its pledge of vol¬
whole-hearted cooperation
and
the
assumed
carry
Industry at its own risk and Initiative, and carried out in the face of
uncertainties and
in our common task of national
Congress
$1,482,000,000 Supplemental
(Sept. 26) measure of about $12,000,000.
These increases
were accepted
by the House later the same day (Oct, 3).
of this appropriation bill was reported in
1818.
Oct. 9 the first supplemental
appropriation bill carrying $228,132,013 cash
and $10,258X01 in contract authorizations.
The measure
contains approximately $170X00,000 for agencies contribut¬
ing to the national defense program.
As originally passed
by the House on Sept. 23 the bill totaled $267,733,728 but
the Senate on Oct. 3 only voted about $199,000X00.
The
major difference in the two bills was an item of $80,000,000
for an airport construction program which the House ap¬
proved but the Senate eliminated. As the measure emerged
from the joint conference committee on Oct. 4 it contained
a
$40,000X00 appropriation for the airports.
Later the
same day (Oct. 4) both the Senate and House approved the
conference report thus completing Congressional action.
Regarding some of the items in the bill, Washington
Associated Press advices of Oct. 10 said;
President Roosevelt signed on
Housing for
Commission.
Extending Sugar Act
Bill
Action on
Another Year,
Congressional
Completed
on Oct. 4 approved and sent to the White
legislation extending for another year the Sugar
Act of 1937.
It was passed in the same form as voted by
the House on June 20; this action was reported in our issue
of June 22, page 3901.
As approved by Congress the bill
reenacts restrictions on importations of refined sugar from
Puerto Rico and Hawaii.
The 1937 Sugar Act authorized
The Senate
House the
Department of Agriculture to establish quotas on domes¬
marketing of sugar. It set up a system of benefit pay¬
ments to growers and levied an excise tax to pay the cost
the
tic
of the program.
—i
4
Appeals Court Upholds Right of Ford Motor
Employees Opinions on Unionization—
"Intimidation" of Any Labor Group is Prohibited
Federal
Co. to Give
Federal
The
Court of Appeals in
Circuit
Cincinnati
on
sustaining the right of the
to distribute pamphlets among its em¬
Oct. 8 handed down a decision
Co.
Motor
ployees giving the company's opinions on labor unions. At
the same time the company lost other contentions in its
dispute with the National Labor Relations Board over the
alleged dismissal of 29 men from the Ford River Rouge plant.
A
issued
spokesman
company
a
statement
in
which
praised the Court's opinion as substantially vindicating
"the position taken by the Ford Motor Co. upon every issue
he
in the case."
quoting from the decision, a Cincinnati dispatch of
said in part:
In
decision regarded
a
as
certain to be appealed to the United States
Supreme Court by both sides, the
Federal Circuit Court of Appeals set forth
these Judgments:
1
The Wagner Labor
Relations Act does not "sanction an Invasion of
liberties guaranteed to all citizens by the First Amendment" of the United
States Constitution, and set aside a provision of a board order forbidding
"dissemination of propaganda" by the Ford Motor Company among its
employees.
2 The company was responsible for a riot at the River Rouge plant May
28,. 1937, and the riot was an unfair labor practice.
3 Reinstatement is ordered of 22 workers alleged to have been discharged
for activities with the United Automobile Workers of America.
One Emil
Tomkow is excepted.
Five others have found other jobs or moved away
and one is dead.
4
John
Lindsay, trial examiner, who heard the case, "overstepped the
which contestants have a right to expect,"
such clearly prejudicial impropriety as
bounds of that judical propriety
but "injudicious conduct reaches no
was held to invalidate the decisions
The opinion devoted about
raised
Signs $238,000,000 Supplemental
Civil Functions Appropriations Bill
Roosevelt
civil functions
Provide
$150,000,000 to
Legislation authorizing the expenditure of $150X00.000
provide housing for workers in vital defense industries
where such facilities are not now available was completed
by Congress on Oct. 8 when both houses adopted the con¬
ference report on the bill.
The bill passed the House on
Sept. 10 (as was mentioned in our issue of Sept. 14. page
1505) and was approved by the Senate in slightly different
form on Oct. 3 thus necessitating a conference. The expendi¬
ture had been requested by the National Advisory Defense
issue of Sept. 28, page
President
Votes
Workers in Defense Industries
_
passage
of Gov¬
Oct. 8 to the Associated Press
Defense Appropriation Bill—
""The third supplemental defense appropriation bill carrying
$1,482,000,0*00 in direct expenditures and contract authori¬
zations was signed by President Roosevelt on Oct. 8.
Con¬
gressional action on the measure was completed on Oct. 3.
This bill, which is mainly made up of funds to pay, main¬
tain and train National Guardsmen and draftees, passed the
Senate on Oct. 3 with increases over the House-approved
our
deepening harbors.
♦
In
House
students
page
We will continue to hold production for defense paramount to
all other considerations.
President Roosevelt Signs
employing
Sept. 30; this was mentioned in these columns of Oct.
1977.
The bill originally passed the House on
Sept. 24.
5,
Ford
Roosevelt.
manufacturers
in
President Roosevelt, on Oct. 9, signed the legislation,
permitting Government contractors to assign their contracts
to banks as security for loans.
The new law, recommended
by the Defense Commission and the War and Navy Depart¬
ments, is designed to facilitate borrowing by defense con¬
tractors to finance necessary plant expansion and for other
purposes.
Congressional action on the measure was com¬
pleted on Oct. 3 when the House adopted minor amendments
which the Senate had inserted in the bill when passing it
America In the air and a business like pro¬
profits
use
President Roosevelt Signs Bill Permitting Use
ernment Contracts as Bank Collateral
cedure in handling the enormous job are made possible by amortization
provisions
to
training; $12,000,000 for the Coast
receiving vocational
Guard and $8,127,000 for
follows:
More speed toward arming
are
Administration
Youth
for
defense wrokers: $32,500,000
training of prospective national
National
to
1
Roosevelt Signs
Among the larger Items are $60,500,000 for the office of education
vocational
on
defense in this area and in the country.
President
2121
The Commercial & Financial Chronicle
151
of the board" in other cases.
1,700 words to the Issue of freedom of speech
by the company in connection
with views expressed by Mr. Ford In
pamphlets distributed to workers when the wave of sit-down
strikes was
sweeping the Nation.
opinion," said the ruling by Judge C C. Simons
and concu led in by Judges Xen Hicks, of Tennessee, and Flo encc Allen,
of Ohio, "is of little value if such opinion may not be exp essed, ana the
"The right
to form an
right to exp ess it is of little value if It may not
be communicated to those
immediately conce ned.
"It will be noted that they (the pamphlets,
oi
contain
no
threat- of discharge
discrimination and Mr. Ford makes it plain that no threat of
discharge is
4
intended.
"Nowhere
an
in
the National
Labor
Relations
invasion of the liberties guaranteed to
ment
The Board. however,
absolute and
urges
Act is there sanction for
all citizens oy the First Amend¬
that these rights are qualified and not
that there are circumstances
under
Ahich an expression of
the condemnation of the
that the present
situation, set against a background of publicly declared opposition by Mr.
Ford to the unionization of bis plant, brings the challenged publications
view upon
statute
as
labor policies by an emplover is within
con
tituting
interference and
coercion, and
within the definition."
But
the
Court,
unde. taking
to
reconcile the conflicting claims of one
right against another, found that freedom of
speech was the dominant Issue.
The Commercial & Financial Chronicle
2122
"Without
right which
"the very
it," Judge Simons wrote,
seeks to p otect oy It* cease and
the Board
Unless
by employees the
desist order would be of little value.
of free-speech Is enjoyed by employers as well as
the right
Amendment Is futile."
opinion agreed with the Board's contention that the Ford
guaranty of the First
The Court's
lole for a riot at the River Rouge plant on May 28,
was respon
company
1937.
.
"Even assuming that the
literature
said
but
was
respondent (Ford) had reasonable grounds to
to distribute union
the Court,
blind to conceal an attempt to stage a sit-down strike."
a
"the assault
them was not
upon
for the safe¬
necessary
of whom
7.500
about
already
are
Decisions
National
on
Face Tribunal
Defense
the
Oct. 5 said in part:
ddCis.ou
may
Federal Government to
given on the power of the
oj
A rulin? ba3 been requested
regulate profits on national defense contracts.
by the Justice Department on the ground that the question is of "immediate
national concern."
Other litigation awaiting action includes an appeal by Earl Bro wder,
".'arty candidate for President, from his conviction on a
the Communist
wilfully
using
obtained
passport
a
by
false statements.
sentenced to four years' imprisonment and fined $2,000 in the
He
Southern
New York Federal District Court.
acquired by the Navy Department.
Marine Corps Reserve will be utilized to augment regula
The Organized
W.
Darby
It grew out of
of Statesboro.
Co.
Lumber
litigation
the
f
Inc., of cpp,
Mills.
Cotton
upp
Circuit Court at New crleans sustained an order
ederal
of 32 H
wage
cents
hour for textile workers.
an
An opinion
Corp.
"unconscionable"
made
Government during the
$13,365,000
in
profits"
"World "War.
at stake in
was
86 ships constructed
on
for the
The Department said approximately
the litigation, which
Labor
Board.
Relations
is the validity of orders issued by the National
of the
One
controversies
the
involves
Loard's
authority to require an employer, if an agreement has been reached, to
enter into
a
written and
signed collective bargaining contract with
in favor of the Board.
Some of the
are
that the Court agreed last spring to review and which
cases
ready for argument involve:
Whether
work
the
relief
Republic Steel Corp. of Cleveland must reimburse Federal
projects
for
paid
wages
employees
corporation
to
who
par¬
ticipated in the 1937 "little steel" strike.
the other
agencies of the Executive branch of the Govern¬
until these findings are reversed by a court
of competent jurisdiction."
Inasmuch as this statement was
taken to mean that companies found to have violated that
Act would be denied Government contracts, and that thereby
such action might impair the defense program, the Committee
of the House, headed by Representative Smith, of Virginia,
investigating the NLRli, called Attorney-General Jackson,
Mr. Hillman, Secretary of the Navy
1 rank Knox and
Assistant Secretary of War Robert P. Patterson to appear
before it on Oct. 8.
As to the Committee's hearing that day,
a Washington dispatch appearing in the New York "Journal
of Commerce" of Oct. 9, had he following to say:
ment unless and
Attorney-General Jackson informed the Committee that his ruling that
all
anti-trust
Missouri
Eastern
The
indictments
War
tederai
labor
against
union
District
officers
dismissed
Cdurt
charged
with
con¬
The right of the Federal Power Commission to regulate the Appalachian
Power
court held in the
Co.'s
hydro-electric project
long-litigated
case
near
Radford,
Perkins
no
criticizing
for sending a telegram
a
decision
by
lower
jurisdiction.
Harry Bridges, West Coast labor leader, from
of court conviction
A
\ a.
that the project was not on an interstate
navigable stream and hence the Federal Government had
An appeal by
Los
the
to
a
contempt
Secretary of Labor Frances
Angeles
Court.
Superior
He
received the alternative of paying a $125 fine or serving five days in jail.
A
petition by Illinois for permission to increase the diversion of water
from the Great Lakes-St.
a
second.
and
Departments from
Navy
negotiating contracts with
Lawrence system from
The application
was
labor act
violations.
Sidney Hillman of the NDAC indicated to the Com¬
On the other hand.
mittee that he would seek
adoption of
a stronger
labor policy by the Com¬
refrained from commenting on that point further because, he
mission, but
offered
Testimony
Mr.
by
Assistant Secretary of War
Jackson,
days.
of Navy Frank
Secretary
Knox,
Robert P. Patterson and Rear Admiral 8. M.
Robinson. Chief of the Bureau of Ships of the Navy Department, tended
"clarify" the situation, Chairman Smith said after the hearing.
to
he was ' satisfied" that the ruling of the Attorney-
Smith said that
Mr.
would
not
Army
and
Navy
could
draw
their
be
are
permitted to "interfere with
concerned."
conclusions
own
defense
far
so
He added, however, that
with
respect
ob
the
as
e
vers
the testimony of Mr.
to
Hillman.
wiil be held by the Committee, the Chairman indi¬
No further hearings
cated, unless something further develops that would warrant public airing.
Purpose of the hearing by the Smith Committee was to probe the meaning
of the Attorney-General's ruling and
to find out
whether
an
attempt was
being made to give an effect to rulings of the Labor Loard which Congreess,
on
previous occasion, had refused to ratify: that is, deny companies
two
the right to a contract
with the Government if they have been found by the
Board to have violated the Act.
spiring to restrain the interstate trade of Anheuser-Busch, Inc., brewery.
Electric
agencies are bound by the rulings of the Board has been
Government
widely misconstrued and that there is nothing in the law which prevents the
The liability of officers of a labor union to prosecution under anti-trust
legislation.
Mr. Jackson
Oct. 3 in a letter to Sidney
Hillman, Labor member of the NDAC, in which he said
that findings of the NLRB that an employer had violated
the Labor Relations Act are "binding and conclusive upon
labor
a
The H. J. Heinz Co. of Pittsburgh appealed from a decision
organization.
Committee of
his opinion on
advanced
General
cases
a
Government contracts.
be denied
Act would
had
by Bethlehem
won
was
lower courts.
At issue in several
Oct. 8 told
on
House of
Represenia ives that his informal opinion of
a week ago
to the National Defense Advisory Commission
was misinterpreted and was not intended to mean that com¬
panies found to have violated the National Labor Relations
national defense profits was sought by the Justice De¬
on
Labor
on
Committee That Com¬
said, the matter would come before the Commission In a few
in connection with its charges that the Bethlehem Shipbuilding
partment
Clarifies Ruling
House
"""Attorney General Jackson
In this
Ala., and other concerns.
the Wage-Hour Administrator fixing a minimum
by
violating the
with
the statute was filed by
the summer another case challenging
Daring
indictment charging
an
Ga.,
The company won in the Federal District Court at Savannah.
egislatlon.
the
increased protection to naval activities
panies Regarded in Violation Are not to Be Denied
Government Contracts—Others Also Testify
agreed last spring to review a case involving the consti¬
The tribunal
tutionality of the wage-hour law.
F.
of the fleet, but the bulk of
personnel will be utilized to man the many auxiliary vessels of
reserve
atl types now being
the
Supreme Court reconvened on Oct. 7
for an eight-month term during which it is expected to rule
on
the constitutionality of the National Labor Relations
Act and also to decide on questions r< garded as important
to the national defense program.
Only routine business
was transacted
by the Court on Oct. 7.
Matters before
the tribunal during the present term include the question
as
to what is a fair profit for a manufacturer supplying
the Government in time of war, and what steps may Gov¬
ernment
agents take in tracing espionage suspects.
In
discussing the matteri to be considered by the Court during
its present term, Associated Press Washington dispatches
the
men,
called
Organized Reserve of the Navy will be used
complete complements of combatant vessels
Attorney General Jackson
The United States
of
are
practice must be sustained and the remedial provisions of tha
States Supreme Court Meets for New Term—
Expected to Rule on Wage-Hour Law*—Important
was
men
The Fleet Marine Corps Reserve consists of
local defense forces.
Some of the members of the
to
United
charge
These
active duty.
on
requirements and to fill Immediate needs of naval
to the service to meet fleet
district
Act Violators—Teils
p
numbers about 15.000
The Fleet Reserve no v called to the service
the assaults upon the union organizers constituted an
order, based upon such findings, enforced."
A
J
totaling 400 officers and 6,500 enlisted men.
Marine Corps units and to afford
men.
unfair labor
1940
infantry battalions, 2 artillery battalions and 13 aviation squadrons,
of 21
guarding of the respondent's property; nor was it provoked by the union
"The finding that
12.
approximately 2.000 enlisted men
...
the ostensible purpose of the organizers
believe that
Oct.
1.500 to 5,000 cubic feet
opposed by Wisconsin, Minnesota,
Ohio,
Pennsylvania, Michigan, and New York.
asked
Jackson
Mr.
>
Tolan, Committee counsel who directed the investigation,
N.
Edmund
if he
intended
to
create
any
implication in bis ruling
that it was the basis or could be used as the basis of
withholding contracts
from companies that had been found by the Board to have violated the Act.
"It
awarding
the
not
was
intention
of contracts
to
pass
on
withholding
or
any
question of policy as to the
of contracts
Labor Relations Act," the Attorney-General ruled.
of
law, it was not asked of me, and
interpretation that
purpose
for
violation
"That is not
a
of the
question
And the
I haven't passed upon.it.
has appeared frequently in the press that such was its
is wholly erroneous."
He added that the War and Navy Departments may prescribe for them¬
selves. in negotiated contracts, the conditions on which they will deal with
a contractor.
"They may say. 'we don't care whether he has violated the Labor Act;
we are
going to deal with him anyway,"' he stated.
'we will not deal with
a
"Or they
law violator,' or they may say,
may say,
'we will deal with
him if we consider it to be immaterial and incidental violations, but w e will
not deal with him
Navy Department Orders 35,091 Reservists to Active
Duty—Brings Navy Personnel to Peace-time Peak
of 239,281
_
reserves
consist of 35,091 officers and
men,
of whom
about 7,500 of the fleet reserve
are already on active duty.
duty brings the Navy's strength to
239,281 officers and enlisted men, which is the highest since
World War days.
It was explained by the Navy Depart¬
ment that the men are needed to meet fleet requirements
and to man the many auxiliary vessels now being acquired.
The move parallels the action of the Army in mobilizing the
National Guard and is a measure of increased preparedness.
The text of the Navy's announcement was as follows:
Their addition to active
The Organized
ordered
to
active
Reserve of the Navy and the Marine Corps
duty
by
the Navy
the remainder of the Fleet Reserve.
National Guard by the Army and is
The Organized
Department.
This
measure
of increased
today
includes
preparedness.
Divisions,
18 aviation squadrons, totaling about
11 000 enlisted men
were
order
This parallels the mobilization of the
a
Naval Reserve consists of 119 Fleet
defense divisions and
and
a
basic thing.'
So the Board fixed its own policy."
to a
response
series of questions by Committee counsel said that speed in
delivery of materials is the basic principle that governs in the letting of
The Navy Department on Oct. 5 ordered the Organized
Reserves of the Navy and Marine Corps into active service.
These
if it is
Patterson, who was the first witness called by the Committee, in
Mr.
30 local
1,200 olficers
The Organized Marine Corps Reserve consists
negotiated contracts, and the question of labor policies is only one factor.
The factor is not overlooked, however, he added.
With
respect
to
the Jackson ruling,
.
.
.
he said that the War Department
has not worked out the full implications of that, "but thus far we have not
in any
way
changed our view that that is merely one of the factors to be
taken into account.
is
"It
not
my
understanding that
a
dispute between a prospective
tractor and the Labor Board bars such a contract from
getting
a
con¬
contract,"
he added.
Secretary of Navy Knox took the witness stand only briefly to indorse
everything on behalf of the Navy that Secretary Patterson had stated on
behalf of the War Department.
It
was
disclosed
during
the
testimony of Mr.
Hillman that John
L.
Lew is, bead of the Congress of Industrial Organizations, had made a futile
effort to have a
tractors
must
ruling made by the White House that national defense
con¬
certify compliance with the Labor Act before being given
a
contract.
Mr.
Hillman said that he did not know where the first request came from
that such
He said
a
ruling be made.
that
many
labor organizations had accused the Commission of
abetting contractors who were in violation of the Labor Act and
as a conse-
Volume
The Commercial & Financial Chronicle
151
the discussions took place on the advisability of the Commission
quence
establishing
The
burden
definite policy.
a
and
charges
opinion of Attorney-General Jackson
in our issue of Oct. 5, page 1979.
was
and insurance companies.
buildings and to refinance old
sured
home
Forty-Hour Work-Week
40-hour
week
under the Fair Labor
Wednesday, Oct. 23,
Employers whose regular work-week starts before
midnight on Oct. 23, during that week need conform only to
the 42, not the 40-hour, work-week, it was announced on
Oct. 7 by Colonel Philip B. Fleming, Administrator of the
Wage and Hour Division of the United States Department
of Labor.
Col. Fleming said:
V
provided
as
Standards Act will become effective
It is
full
work-week
oeginning
on
midnight,
after
or
Oct.
1940.
23,
This is in accordance with the language of the Act, which declares that em¬
ployees shall not be worked "for
the
of the second
expiration
employer need
the
from
effective date
the
sources.
consecutive days from Monday,
seven
They used it to
RFC has been used by the President and Congress through the various
stages of recovery, as it is now being used to strenghten the Nation's de¬
fense in
We
situation which unhappily aggressor
a
now
of rubber, tin.
which
will
nations have forced upon us.
engaged In lending for the accumulation of reserve supplies
are
and many other critical and strategic materials
manganese
be
in
necessary
of an emergency.
case
We
building and
are
financing plants for the manufacture of airplanes and other supplies for
national defense
Most of these
loans and investments that
are
the risk of doing.
It is clearly
private capital cannot take
Government responsibility and the risk
a
should be taken by the Government.
are
Practice to Provide for Proceed¬
SEC Amends Rules of
worked
in Suspension or Revocation of Investment
Advisers Registrations Under New Act
ings
Oct. 21, through
27, inclusive.
Oct.
They used it to finance the orderly market¬
export trade when this trade could no longer be financed from
of the Act."
time-and-a-half only if more than 42 hours
pay
period of
Sunday,
private
new
market for FHA in¬
work-week longer than 40 hours after
a
year
If the employee's work begins, for example, on Monday, Oct. 21, 1940. the
in
our
opinion that the 40-hoor week will apply for the first time to
our
first
a
They used it to help insurance companies and
mortgages.
finance
on
1940.
the
and to provide
onea,
ing and the export of surplus agricultural commodities.
Effective Oct. 23
to Become
held by banks
are
They used it to finance the construction of
building and loan associations.
The
drainage, levee and irrigation districts.
on
They used it to help the railroads, whose securities
informal
referred to
of debt
2123
The Securities and
If the
employee's work-week begins
on or
after midnight,
Oct,
23, Col. Fleming explained, the employer must pay
time-and-a-half after 40 hours are worked in the work-week
Exchange Commission announced on
of amendments to its Rules of Practice
to provide for proceedings for the suspension or revocation
of investment advisers registrations under the Investment
Advisers Act of 1940.
Generally speaking, the Commission
explained the procedure in handling such proceedings will be
the same as presently in effect for broker-dealer registrations
under the Securities Exchange Act of 1934.
The amend¬
ments become effective immediately.
Oct. 7 the adoption
-
beginning at such time.For employers whose regular work¬
week begins on Monday, Tuesday or Wednesday, the 40hour provision will not become effective until Monday,
Oct. 28, Tuesday, Oct. 29, or Wednesday, Oct. 30, respec¬
tively.
I rom an announcement issued by the Department
of Laoor we also take the following:
"V".:.- ■/'—
Col.
The text of the Commission's action follows:
Fleming said the present statutory minimum wage rate of 30 cents
hour remains unchanged.
an
This does not apply in
committees have recommended minimum
wages
AMENDMENTS
The SEC, acting pursuant to
higher than the statutory
requi ement of 30 eents per hour which became effective
RULES OF PRACTICE
TO
where industry
cases
Oct. 24, 1939.
on
ties
1933,
of
Act
authority conferred upon it by the Securi¬
amended,
as
paiticularly
Minimum^ higher than 30 cents have become effective through wage orders
Securities Exchange Act of 1934, as
issued by t.<e
thereof;
underwear,
Administrator in the hosiery, textile, millinery, shoe, knitted
knitted
woolen,
based
recommendations
on
of
industry
from 32 W cents to 40 cents
range
apparel,
outerwear,
leather,
and
Minimum wage rates established by
primary paper industries.
committees
in
these
and
orders
industries
minimum
a
year
of 25 cents
wage
per
half the regular wage rate,
of 44
worked
in any
midnight. Oct.
30 cents
hours.
For the second year, which expires on
that
oeginning on uct. 2i the maximum
is established
at
minimum
the
wage
with overtime at the rate of time and
hour,
per
whatever that might be, for all hours in excess
the Act provided
23,
but the statutory
40 hours,
a
should
be
half after 42
work-week without overtime
1.
in
Radio
by RFC Outlined by Jesse
Indicating Administration's
Talk
the provisions of such Acts, hereby amends
"or
(4)
of
investment adviser under Section 203 of the Investment
an
Advisers Act of 1940 pending
shall be denied,";
of
Commerce and Federal
address
Oct.
Loan
Administrator, in
a
radio
7
relating the Roosevelt administration's
viewpoint.
Of the more than $20,00i),000,00(? of Government credit
that has been injected into the bloodstream of our economic
lie during the past eight years, through Federal credit and
lending agencies, Mr. Jones declared, there will be no ap¬
preciable net loss and the loans will pay out. "On the con¬
trary," he continued, "because of this credit and the other
on
attitude toward business from his
manifold
activities
of
the
Roosevelt
Administration,
the
By changing to a comma the period after the last sentence of sub¬
2.
division
to
(3)
any
of
more
than just a lot of money to do
all of this.
It took business
ability comparable to that found in private enterprise, and it took a high
form
patriotism, businessmen willing to work for the common good at
of
large personal and financial sacrifices.
Government and
of
registiarion
an
business
annoyed
are
always
will
antagonize business.
the laws,
will
be
a case
what
they
Government
representatives
There always will
is
would
of
saved
If every one followed the golden rule
business,
have none of these irritations.
the
business,
medium
investment,
the
of livelihood of people of every political faith,
Independents alike.
the
principal
sized
business
and
employment and the
little
means
Republicans, Democrats and
Whatever it has accomplished has been because it Is
vehicle through
which this Administration has served and
under Section 203 of the
final determination whether such
to read:
postponement of the effective
under Section
on
Rule
proceeding (1) on the question of
date of registration of a broker or dealer
Act of 1934, as amended,
15 (b) of the Securities Exchange
legislation shall be denied or
pending final determination whether such
(2)
of said
j
This rule shall not apply to any
"(h)
XI
subdidsion (h)
Rule XI is hereby amended by changing
of the effective date of registration of
under Section 203 of the Investment Advisers Act
the question of postponement
an
investment adviser
of
1940
determination whether such registration shall be
counsel to the
brief.";
pending final
denied, and in any such proceeding neither any party nor
Commission shall be entitled to file a
Amendment of Rule
Rule XII is hereby amended by changing
XII
subdivision (a) of said Rule to
read:
"(a)
the
Upon written request of any party or
will
matter
down
be set
Such request must be
briefs or, in the case of a
of
of
broker or dealer under Section 15 (b)
a
Act of 1934, as amended, pending final deter¬
registration
such
whether
before the Commission.
proceeding either on the question of postponement
of the effective date of registration
of the Securities Exchange
mination
of counsel to the Commission,
for oral argument
made within the time provided for filing the original
shall
be denied,
or
on
the question
of the effective date of registration of an investment
under Section 203 of the Investment Advisers Act of 1940 pending
postponement
adviser
final
close
whether such registration shall be
determination
of
the
except
upon
hearing for
the
mission
Clause
Section
on
30
denied, before the
of taking evidence: provided that,
purpose
nor counsel to
make oral argument before the Com¬
order of the Commission, neither any party
the Commission will be permitted to
matters
arising out of proceedings pursuant to the provisions of
of Schedule
24 (b)
Section 22 (b)
A
of the Securities Act
of the Securities
of 1933,
Amendment
Rule XIX is hereby
as
amended, or
Exchange Act of 1934. as amended, or
of the Public Utility Holding Company
in spite of occasional
that R. F. C. has helped and in numerous in¬
business—big
business—the
us,
be willing to trade our form of government for that
generally conceded
stances
there always
than in correcting an abuse.
would have no need for laws and would
It
interference.
unnecessarily
who are more interested in securing a convinction or
of any other country in the world.
we
who
be some in business who trans¬
But all of these are the exception, and none
annoyances,
Government
consider
willfully or through misinterpretation, and
prosecutors
winning
at
be
investment adviser
registration shall be denied.";
There al ways will be occasional irritations where some in
be the umpire.
There
The Government must
through its earnings.
Government
support
gress
lnter-dependent and must get
Government makes it possible for business to operate, and business
along.
must
business are necessarily
j
of said Rule and adding thereto the words:
proceeding on the question of postponement of the effective
Investment Advisers Act of 1940 pending
annual national income has been raised from $40.000,000,000
in E32 to $70,000,0ou,000 in 19o9 with a further estimated
increase for 1940."
Mr. Jones went on to state:
It took
final determination whether such registration
>
Amendment of Rule
loan, large or small, that the borrower could get on fair
terms from private sources, said Jesse H. Jones, Secretary
the words:
hearing on the question of postponement of the effective date
a
of registration
Reconstruction Finance Corporation has never made
a
'
Exchange Act of 1934, as amended,"
Securities
Attitude Toward Business
The
Rules IX, XI,
of said Rule after "Section 24 (b)
(b)
inserting in subdivision
By
of the
date
Business Furnished
to
Jones
Advisers Act of 1940, particularly
Amendment of Rule IX
"or
Aid
the
particularly
Rule IX is hereby amended:
minimum wage does not in¬
until oct. 24, 1945, when it must b-t a minimum of 40 cents per hour
crease
out
>
of its operation employees should receive a
hour, with overtime at the rate of time and
work-week.
thereof,
193),
(a) thereof; and finding such action necessary and appropriate
Section 211
carry
19 (a)
Act of
v
Tne r air uabor Standards Act. which became effective on Oct. 24, 1938,
provided that for the first
Company
Section 20 (a) thereof; and the Investment
to
Section
amended, particularly Sections 23 (a)
Holding
XII and XIX of the Rules of Practice of the Commission as follows:
hour.
per
pulp
wage
Utility
Public
the
Act of 1935."
of Rule XIX
amended to read as follows:
Investigations—These rules, other than
Com¬
19 (b), and 20 la) of the Securities
Act of 1933, as amended. Sections 21 (a) and 21 (b) of the Securities
Exchange Act of 1934, as amended, Sections 11 (a), 13 (g), 18 (a), 18 (b),
18 le) and 30 of the Public Utility Holding Company Act of 1935, or
Sections 209 (a), (b) and (d) of the Investment Advisers Act of 1940."
"NonippliC'ibility
Rule
of Rules
to
II, shall not be applicable to investigations conducted by the
mission
pursuant
to
Sections
8 (e),
Effective Oct. 7, 1940.
saved business.
The President and Congress used RFC in the
and
business failures which greeted Ih-esident
office.
at an all
bleak days of bank crashes
Roosevelt when he assumed
They used it to restore the p ice of farm commodities, which were
time low in
1932.
They used it to meet disasters, and they used
it to finance construction of useful public projects
projects that
municipal facilities.
save
that are self-liquidating,
had long been needed, bridges, tunnels, aqueducts, and many
They used it to make work, to build homes, and to
farms and homes from foreclosure.
They used it to reduce the heavy
SEC Issues 1939 Supplement
On Oct. 9 the Securities and
for Chain Variety Stores
Exchange Commission made
public the eleventh of a series of supplements to the industry
reports of the Survey of American Listed
Corporations.
supplements cover financial operations for the 1939
year.
The SEG said:
,
1 he
fiscal
The Commercial & Financial Chronicle
2124
business
One-fourth
of
of limited price variety chains. F. W. Woolwortb
8. 8. K<esge Co. accounted for approximately 62% of the assets
individuals
and
contains reports on 10 corporations whose
Supplement No. 11
is primarily the operation
-
Co. and
10 corporations for
registered under the
63% of the volume of business reported by these
and
All of the companies had securities
1939.
the year
30, 1939.
1934-1938 for the enterprises included
In this supplement were
previously released as Report No. 14, Volume II,
Corporations. Work Projects Adminis¬
of the Survey of American Listed
Commission.
The companies in Supplement No. 11 are: W. T. Grant Co. (Delaware
corporation), H. L. Green Co., Inc., 8. 8. Kresge Co., 8. H. Kress & Co.,
McCrory Stores Corp
McLellan 8tores Co., G. C. Murphy Co., Neisner
Brothers, Inc.. J. J. Newberry Co. and F. W. Woolworth Co.
tration study
sponsored by the Securities and Exchange
.
volume of business for
The combined
10 enterprises amounted to
all
$894,000,000 in the fiscal year ended on or about
Dec. 31, 1939 compared
1938.
WJth $846,000,000 In
6.8% of sales was reported
by all 10 enterprises for the fiscal year ended on or about Dec. 31, 1939
compa. ed with an operating profit of $51,000,000 or 6.1% of sales, for
1938.
These same enterprises showed a combined profit afier all charges
operating profit of $61,000,000 or
A combined
and income
(including non-operating gains and losses, prior claims, interest
6.3% of sales for 1938.
Dividends paid out by these 10 enterprises during the fiscal year ended
on or about Dec. 31, 1939 totaled 43.3% of which $1,800,000 we«e current
cash dividends on preferred stock and $41,500,000 were cash dividends on
common stock.
In the preceding year dividends paid out totaled $42,600,000 of which $1,900,000 were current cash dividends on preferred stock
and $40,700,000 were cash dividends on common
Lite
insurance
making
extension
last
1939 compared with $572,000,000 in the preceding
000,000 at the end of
Stockholders' equity as indicated by the total book value of capital
•tock and surplus increased from $493,000,000 to $502,000,000 during 1939.
year.
Copies of this supplement, as well as of Supplements
1-10, inclusive, and Volumes i-Iil, inclusive,
pre¬
viously released, may be secured without charge by request
to the publications unit of the Securities and Exchange
Commission in Washington, D. C.
Nos.
few
ouned
and
High—Total Lending Activity Near Record Amount
The loans for building new homes made by
savings, build¬
July reached au 11-year peak
and exceeded by $1U,U<K)I(HJ0 or more those of any mouth of
ing and loan associations in
according to a report issued Sept, 14 by the United
States feaviugs and Loan League, Chicago.
The $3;),907,000
advanced, tlie League says, was the mrgest proportiou of
last year,
month's loans by these associations to go into construcThis, it is noted,
34.0% of the Associations' totai July lending activity
$114,301,600,
which the League shows at
a sum
within a few
hundred thousand dollars of the record mouth, May of this
July
all
for
the
doing
were
While
purposes.
middle
been
July
than twice as large volume of construc¬
more
kinds
in January, and nearly twice as much lending of all
as
of
the
upturn
an
is a
yeai
the first
the expansion this year
in which monthly count
between the months at
trend,
seasonal
rapidity during the years
unprecedented in
was
has
they
lending
and
kept.
the lirst month that more than a third of the Associations'
been used for the building of new homes, but the fourth
month
that
loans for
this
purpose
have been more than
was
volume had
loan
consecutive
$30,0(10.000,
reached
not
amount
an
in
month
post-depression
any
up
until 1940.
Total
84.8% greater
dollar"
have
tions
7.2% greater than in June and
than in July, 1939.
It made the fourth "over a hundred
loan month which these savings, building and loan institu¬
for all
volume
loan
million
the granting of loans to new borrowers or
on
properties already mortgaged
In the
construction and
new
on
of
lending activity
new
debt
usual
outstanding
brought
decreases
the 6ale of institutionallyto the annual gains."
so heavy as to tar out¬
was
through normal repayment
alxnit
follows:
1935
.$17,684,000,000
21.280.000.000
1936
.
1930
15,730.000.000
17.930.000.000
1931
.
1932
.
1933
.
1926
...
..
1927
...
..
1928
...
..
1929
...
20,086,000,000
1934
Total
.$21,841,000,000
...$13,589,000,000
...
Year—
Total
Year—
Total
Year-
transfers
through
and
loans
recent years, as
1925
.
19.850.000.000
18,318.000.000
1937
17,989,000,000
1939
17.349.000.000
17,404.000.000
.
1938
17.721.000.000
.
.
.
18,415.000.000
.
♦
this
experienced
was
purposes
Seasonally, According to FHLBB
Less than
decline
A
occurred
Foreclosures in July Declined
Real Estate
Non-Farm
of
slightly
proportions
seasonal
than
less
in non-farm real estate foreclosures
United' States due primarily to reduced
during July
the
activity in the smaller communities, according to the report
of the Division of Research and Statistics of the Federal
Loan
Home
least
Bank
for any
July cases liumlieretl C/208, the
Board.
since the 1933 peak period, with
mouth
the
The Board's summary,
exception of February of this year.
Aug. 27, continued:
issued
The
1.
June
real
non-farm
to
sliowed
3.
in
the
1
with
100)
from
the average
was
more
where
2
and
Groups 3 and
by
rise.
community, the June to July
in the smaller communities
of
size
pronounced
exceeded
it
Home
these areas, four
three showed a greater decline, and
customary
groups
Of
June.
from
decreases
the average,
the
to
four
foreclosures
Groups
both
the
reported
than
counter
Among
decline
of
decline
less
the index of
34.4 for June
decline of 6.9%
which brought
equals
(1934
favorably
six-year average movements, eight Federal
their
to
districts
receded
one
foreclosures
compare
period during the past six years.
relation
Hank
4.5%,
of
rece»sion
Juiy
not
this
lor
In
Loan
to
estate
does
32.8,
the
six-year
change.
In
that shown by
average
4 the decline from June was less than
six-year average.
Each
4.
district,
by size
group
and
but
ail
each Federal Home Loan Bank
reported fewer foreclosures this
community,
of
scattered
12
States
For the country
below tliat for July, 1939.
seven months of this year
the same period for last year.
Only three States
respect: Maryland, Montana and Nevada.
The
July than for the same month last year.
closure
5.
that
for
this
in
as a
whole, fore¬
was
28% below
activity was 26%
Activity during
foreclosure
well
rates
The Juty
6.
The League's announcement continued:
and
the gToup
of the value of foreclosed
properties to the "owned real estate accounts" of lending institutions.
The "Review" published a
table giving the estimated balance of the
outstanding ptivate non-farm mortgages on one- to four-family homes for
of
tiou financing since before the dexiression.
In
credit
have contributed substantially
increase
distance the
2.
tion
loans
estate
1939
either
irom
further
of
years
real
The
shown
Building Loans Made by Savings, Building
Loan Associations in July Reacned ll-Year
New Home
year.
in
were
'Review"
outstanding arise
the
banks
savings
mutual
and
companies
the balance of the loans.
pointed out that "increases in the volume of mortgages
up
The
throughout
stock.
10 enterprises totaled $600.-
The combined balance sheet assets for all
was
group
1939 compared with $53,000,000. or
Dec. 31.
any
loans ($740,000,000) was made bjr
of lenders.
Approximately one-fifth
mortgage
of sales, for the year ended on or about
of $60,000,000, or 6.7%
taxes)
1939
miscellaneous
a
12, 1940
($610,000,000) was accounted for by commercial banks and trust companies.
Securities Exchange Act of 1934 at June
Financial data for the fiscal years
the
Oct.
the
first
below
non-farm
national
the
sh iwed increases
latter two have
average.
foreclosure rate for the country as a whole, when
basis, was 4.0 cases for each 1,000 non-farm
slightly below the comparable rate of 4.1 for
period ending July 31, 1940.
7. For metropolitan communities, the decrease during July from the
preceding month in real estate foreclosure activity was negligible and did
not compare tavorably with
the customary seasonal decline of about 7%.
The monthly index for these communities (1926 equals 100) remained at
108 for July,
the came level shown for January, April and June.
Of
the 84 communities reporting for both June and July, 40 showed decreases
and 37 increases, while seven reported no change in foreclosure activity
expressed
annual
an
on
This
dwellings.
rate
was
seven-month
the
In relation to the corresponding period of last
from
the
year,
activity for July, as well as lor the lirst seven months of this year,
at 29% lower.
stood
preceding month.
+
year.
Analysis of the July loans and the purposes for which they were made
USHA
Reports Over 44,000 Low-Income Families Will
Occupy Homes in Public Housing Projects by
follows:
Dec. 31
ESTIMATED LOANS MADE BY ALL ASSOCIATIONS IN UNITED STATES
families in about 150 cities
homes in USHA-aided low-rent
public housing projects by Dec. 31, according to a check-up
made public by the United States Housing Authority on
Sept. 7.
All of these families, it is also announced, will be
paying rentals approximately the same, or even lower, than
obtainable in the case of substandard dwellings in their local¬
ities. brom the announcement of the Housing Authority we
More than 44,000 low-income
Percent
$39,907,000
6,115,000
34.9
Home purchase
40.658,000
35.5
Refl nanclng.
17.619.000
15.5
9,972.000
8.6
Construction
Repair and modernization
Other purposes
Total
of
Total
Amount
Purpose
5.4
$114,301,000
--
also quote:
♦
Was
1939
Best
Decade,
Activity
Home-Ownership Year in
to Study of Home-Financing
According
$604,000,000 in the amount of outstanding
^September issue of the "Federal Home Loan Bank Re¬
view," re.eased Sept. 14.
on
secured
mortgages
homes
at
the
end
of
A total of $18,415,006,000
by
one-
four-family
to
was
due
non-farm
the
year, as compared with $17,721,000,000 at the close of 1038, said the "Review." The figures
prepared
were
by
Bank Hoard, said
economists of
Federal
the
Home
Loan
the announcement, which further reported
rise
in
the
amount
since
1930.
Home
outstanding
loans
in this country on non-farm
mately $400,000,000
It
mortgage
is
more
new
private
home
mortgages
was
home mortgage lending activity
written
during
1939
by
all
types
of
property totaled $2,871,000,000, approxi¬
than in either 1938
or
1937.
and
loan
asroeiations
accounted
for
the
projects will have been
31, Nathan Straus, Administrator of the U8HA, esti¬
average
of 5.100 families, or about 20.000 persons,
housed every 30 days in
months of 1940. according to the present outlook,
he said.
who will have moved into USHA slum
In addition to the 170X00 persons
49
largest
year,
single
share
$986,000,000.
will be
projects reaching completion during the last four
clearance projects by the end
of this year, there are about 70.000 living in
public housing projects built by PWA
merged into the USHA program.
Housing Division, which were
This will make a total of around 240,000
members of low-income families for whom the
USHA
program
has provided
decent homes at rentals within their means since its inception about three
years
ago.
Approved and adopted monthly rentals for USHA-aided public housing
hot
water,
heat.
gas.
As
of
Aug.
26,
there
were
about
35.000
USHA-aided
or
cold
projects, totaling 94.433
completed.
dwelling
135,000 either under construction
will be approximately 85%
as
Without
about $12.46 a month.
255 USHA-aided
dwellings, either under construction
With
charges for utilities, such
electricity, when they are furnished.
such extras, the average shelter rent is
about
(34%) of the total of new mortgage loans during the
An
end of December.
dwelling units in USHA-aided
units scheduled to
construction during the last four months of this year,
likewise stated:
Savings
completed by Dec
mated.
and
of
accompanied by (he highest volume of
lenders
50.000
projects average about $17-94. including
the article as stating:
This
1.174 USHA-aided low-rent homes for families of enlisted
addition,
Around
increase of
private urban home mortgages in the United States last
year made 1039 the best home-ownership year in a decade,
according to a special study of home-financing activity in
the
In
Army and Navy personnel and civilian national defense workers are sched¬
uled to be completed by the
by FHLBB
An
and towns will be occupying
or
there will be
completed by
go
a
undes
total or
Dec. 31-
This
of the total of 160.000 safe and sanitary homes
for low-income families that are
projected in the current USHA program.
Volume
The Commercial & Financial Chronicle
151
National Committee of Investment
Companies Formed
Cooperate with SEC in Administering New Law
•—Management Companies Invited to Join Group—
to
Paul Bartholet
Formation of
Named
Executive Director
panies, representative of both open-end and closed-end man¬
agement types, to cooperate with the Securities and Exchange
Commission in the administration of the Investment Com¬
pany Act
Oct. 8 by
which goes into effect Nov. 1, was announced on
the principal executive officers of 33 companies,
which, with their affiliates, have aggregate resources exceed¬
ing $750,000,000.
Coincident with the announcement, the
group, which includes companies in New
York, Boston,
Chicago, Philadelphia and Los Angele3, sent a letter to in¬
vestment companies of the management
type throughout
the country inviting them to become members of the Com¬
mittee and to designate representatives to serve on it.
The
letter, in part, stated:
Many investment company representatives who cooperated In the efforts
which resulted in the passage of the Investment
a
Company Act believe that
substantial job remains to be done in connection with the actual administra¬
tion of the law.
It
including the preparation of rules, regulations and forms.
highly advisable that the industry should avail itself of any oppor¬
seems
tunity to be of constructive assistance to the Commission in the administra¬
tion of the law.
The Commission and its staff have indicated that such
assistance will be welcomed heartily.
A concerted effort
numbei
on
behalf of the Industry should materially reduce the
of separate conferences with and communications from individual
companies, thereby saving the time of the Commission's staff, should be
more
a
effective than scattered efforts and is certain to
save
the companies
great deal of time and expense.
To make the
cooperation of the Committee with the SEC
executive committee has been set up and the
of executive director established.
Paul Bartholet,
effective,
office
an
Vice-President and Treasurer of Tri-Continental Corporation
and of its associated companies, has been named Executive
has been closely identified with the
problem of investment company regulation since the in¬
vestigation of these companies was first undertaken by the
SEC five years ago.
At the request of the Commission he
participated in the preparation of the original questionnaire
sent to investment companies and
subsequently, as informal
representative of numerous companies, was active in the
discussions with the Commission and in drafting the legis¬
Director.
the
Mr. Bartholet
lation.
approximately 50% in food bought b.v these families.
in the Stamp Tlan
surplus stamps increased materially
in August as compared with July.
A total of $3,515,000
worth of surplus stamps were distributed during July to
1,567,000 persons who participated in the program that
and the total volume of
month.
^
active in the discussions
Investment
Company Act,
Bullock,
Hugh
leading
Vice-President
committee, all of whom were
up to the enactment of the
are:
of
Dividend
.
^
Farm
Technology Report Offers Recommendations—
Suggests Rural Conservation Works Program for
Relief
Farm
of
Workers
Suggestions to meet the dilemma of farm mechanization
during the next 10 years are offered in a special report,
"technology on the farm," published on Oct. 10 by the
Department of Agriculture.
For the immediate relief aud
rehabilitation of distressed farm workers, a rural conserva¬
tion works program is recommended to utilize au estimated
unused annual
labor
supply of 45O,U0U,0UU man-days in the
rebundiug greatiy depleted soil, forest,
resources—a job
that requires at least 1,500,-
productive tusk
and
water
of
000,000
man-days of labor.
The measures for permanent
rehabilitation, the Department says, embrace 30 points, iuCiUdmg a farm replacement service, a housing program for
farm labor, expansion of the
tenant-purchase plan, coopera¬
tive
loans and technical guidance for
operators of familysized farms, further scaling of Agricultural
Adjustmeut Ad¬
ministration allotments and payments in favor of the small
producer,
self-help cooperatives,
extension of certain current
cooperating farming,
and
farm programs.
About the problem, the report—the work of a
departmen¬
tal committee and the Bureau of Agricultural
Economicssays:
v;:v
Scientific advances in agriculture
constantly release labor at a time when
employment opportunities are no longer open in urban industry.
In fact,
industry has an unemployment problem of its own.
Lacking other
aliernatives, the surplus hired men of agriculture swell the ranks of
migratory farm workers, apply for direct relief, or find some shelter in
subsistence farming, too otten in tht poorer localities.
.
The
difficulty is made
.
.
by differences in the birth rate.
worse
...
A
jump in industrial production
(in armament
industries, for example)
might change briefly this situation but—on the basis of a long perspectivemight not permanently solve it.
.
The
The members of the executive
surplus stamps to increase their buying of food¬
surplus purchases represented an increase of
The
The number of individuals taking part
National Committee of Investment Com¬
a
used
stuffs.
2125
into
urgent need
socially
be stressed
be
is to develop methods of directing technological change
desirable paths.
Technical progress that creates jobs should
in
these
methods.
Opportunities for wisely-used leisure should
properly distributed.
The report, an
Chairman of Incorporated
Investors, Inc., Boston;
Merrill
Griswold, Chairman of Massachusetts Investors Trust, Boston: Raymond
D. McGrath. Executive Vice-President of General American Investors
illustrated 223-page survey of the nature
significance of changes in machines, plants, animals,
processes, uses of farm products, and farm living conditions,
takes a miudie course
between
two
divergent attitudes
toward the values of technology.
In explaining, the Depart¬
Co., Inc.; James H.
ment
Bunker,
Shares,
Executive Vice-President of The Lehman
Arthur
Inc.;
H.
Corporation: Paul O.
Cabot. President of State Street Investment Corp., Boston; William Tudor
Gardiner.
Orr, President of Railway & Light Securities Corp.,
Quinn, Vice-President of Tri-Continental Corp.; and
Richard Wagner, President of The Chicago Corp.
and
The
plan
contemplates,
the letter
present at least, joint efforts should be
says,
that,
on an
informal
for
the
com¬
mittee
basis, and directed primarily to the work immediately
at hand, i. e. active cooperation with the SEC in drafting
forms and promulgating rules and regulations called for by
the new law. Experience will show whether this cooperation
should later be continued
it should be
the
on
consensus
on a more
formal basis and whether
broader scale, the letter continues, noting
a formal investment com¬
a
that organization of
association should not be attempted at this time.
It
expected that the counsel who participated on behalf of
the industry in the drafting of the act will be retained for
said:
One
Boston; Cyril J. C.
is
is
that
followed
unemployment
any
sooner
prevent the changes or at least to retard
The
report
factor
in
cheapening
and
has
points
raising
the
to
the
not
O.
R.
Kelly
Executive
Anderson,
Anderson.
Vice-President,
Consolidated
President,
Group Securities.
Investment
Trust.
Harry A. Aithur, Jh-esident, Ame lean International Corp.; Hugh
Inc.;
Boston;
Baker,
President, Blue Ridge Corp.; F. Wilder Bellamy. IVesident, National Bond
&
Share Corp.; F. A. Carroll. Vice-President, Shawmut Bank
Trust.
Boston;
Charles
F.
Boston: F.
trustee.
George
Eaton
Jr.,
C.
Clark,
trustee,
President,
Eaton
&
Chartered
Howard
Investment
Investors,
Management
Inc.;
Funds,
Investors
Trust,
Boston;
Henry
E.
Kingman,
trustee,
New England Fund. Boston; Hugh W. Long, President, New York Stocks,
Lord, President, Affiliated Fund, Inc.: Henry S.
McKee,
President, I acific Southern Investors, inc.. Los Angeles; David M
Milton,
Inc.; Andrew J.
President.
Inc
,
Equity Corp.; Walter L. Morgan, President, Wellington Fund,
Philadelphia: Robert L. Osgood, Vice-President, Boston Fund, Inc.,
Boston; Arnold S. Potter. President, Equitable Investment Corp. of Massa¬
chusetts.
F.
Boston: Philip J. Roosevelt. Fundamental
Russell,
President,
National Aviation Corp
Keystone Custodian Funds
Fidelity
Fund,
Inc..
;
8.
inc., Boston: Richard N
Boston:
and
Ernest
B.
Investors Inc.; Frank
L.
Sholley,
President,
Taliaferro, President,
Tracy,
President,
United
The
$4,500,000 were dis¬
tributed through the Food Stamp I'lan during the month of
August, in the 125 areas throughout the United States where
the plan was in operation, the Surplus Marketing Adminis¬
tration of the
Department of Agriculture announced on
Oct. 7; 1,907,000 people in families participating in the plan
surplus food
stamps
valued
at
a
and
conveniences
luxuries
that
few, although these benefits have
Real
general downward trend in non-farm real estate fore¬
closures
with
which
1933
in
began
lowest
activity at the
date with the exception of
to
a
of
the
report
Divisiou
index
six
decline
The
1.
of auy month
February of this
August,
since that
year, according
of
Research
and
Statistics
of
Federal
the
In the report it was aiso
pointed
.:
out;
than
through
continued
level
issued Sept. 30 by Cor win A. Fergus, Director
Home Loan Bank Board.
of
2.0%
average
during
August,
which
brought
irom 32.8 for July to 81.9,
(1934 equals 100)
the
was a
the
foreclosure
smaller recession
July to August decline of 4.0% shown
the
during
past
years.
2.
disclosed the most improvement
Smaller communities
declines
reported
their
than
Groups
for
respective
six-year
4 was less.
The
July lo August rise.
3.
mat ion
In
showed
in
each
Cumulative
the
four
of
land,
Montana
The
6.
period
8
was
the
only
year,
(6.4%).
groups
while
movements,
Group No.
in August.
The
substantially greater
were
the
for
than
its
Rock
district
substaiitial
declines
Little
Further,
decline
greater
by size of community,
ranging
from
or
27.6%
groups
for
cases
less
than
the
same
a
this year
year
earlier.
rate
reported decreases in support of this movement.
on
an
annual basis was 3.9 cases for August
district
has been
it
7.6;
however,
period
by size of community and all States except Mary¬
and Nevada
was
months of
eight
first
for the
for the first eight mouths.
is
reporting the highest rate.
New Jersey, 6.7,
high among the
For the eight-
and New York
States with a
State. 8.5.
comparable
9.3.
of
In
which
four
foreclosure
foreclosure
York
Massachusetts,
rate
the
2
1,000 non-farm dwellings as against 4.1
for each
The New
month
last
foreclosures
in
for
No.
30%.
to
Each
5.
of
and
average
rise
of
August
to.
advapce
an
occurred
1
No.
Group No.
average
4.
Blue
to
Reports Downward Trend in Non-Farm
Foreclosures Continued in August
numbered 51,240,
Surpluses Worth $4,500,000 Moved Under Food Stamp
Plan in August
of consumers
mass
been available
Estate
20%
States & Foreign Securities Corp.
of
been distributed equally among all groups.
aiways
FHLBB
Eberstadt, President, Chemical Fund, Inc.; Donald Holbrook,
General
their adoption.
technological
progress
has been a major
iiving of all the people and that, by
production, it haB greatly increased efficiency
of
means
brought
that
out
the standard
pany
Herbert
because of technology is temporary and
and increased employment, and that
which all possible elficiency should
new
be leaiized.
is
Robert S. Adler. Vice-President, Selected American Shares, Inc., Chicago;
by
business in
a
The other view, more pessimistic, is that
technology brings a perma¬
nently unemployed and relief group, that it is doubtful whether any social
gain derives from the mechanization of agriculture, and that the funda¬
mental
way to relieve the adverse effects of technological changes is to
otherwise wornd have
the Committee and that various sub-committees will be
formed to carry out specific phases of the work.
In addition to the executive committee, the following are
members of the National Committee:
*
later
or
agriculture is primarily
metropolitan
compared
communities
there
was
a
3%
decline
from
favorably with the usual seasonal rise of about
July,
1% and
100) from 108 to 105 for August.
Of
both July and August, 41 showed decreases
reported no change in foreclosure activity
equals
(1928
index
brougnt. the
the 85 communities reporting for
and
35
while
increases,
nine
In terms of real estate foreclosures, this August stands 28%
below August, 1939, while the first eight months of this year show a
decline of 29% from the same period of last year.
from
Oct.
The Commercial & Financial Chronicle
2126
stroyed the Government could become the sole agency for
credit and financing.
Mr.
July.
Connely said in part:
and sale of securities has developed far
The regulation of the Issuance
Excessive regulation clearly is having
Long-time credit—investment
along the road—very far indeed.
Its effect on the economy
of the country.
Without indus¬
We need not carry the
They are too well known.
But I must ask you
to ponder the most serious effect of ail, which is: The encouragement to
those who cherish the hope of a revolutionized America.
Bring It about that free enterprise—private enterprise—cannot function,
and the field is ripe for pushing the Government into full control as the
source and dispenser of all credit.
The next and final step—regimentation
—-is the key to industrial acti vity in a
of Cities Should Be Revised,
Says Dr. W. H. Husband of Home Loan
Bank
Board—Viewed as Destroying Existing
Property
Real Estate Tax Systems
Values
A
real
burden, pressed relentlessly on home
tax
estate
by authorities without regard for true property
values, literally is forcing these owners and new home seekers
from scores of American cities into surrounding suburbs,
owners
it
by Dr. William H. Husband,
of the Federal Home Loan Bank Board, who said
alleged
was
member
Sept. 21
on
that "in either
these taxes
case
discouraging
are
new
construc¬
destroying the value of existing properties, and are speeding
unwarranted decentralization."
Dr. Husband pointed to a
where the ratio of tax assess¬
one Northeastern city,
ments to actual sales prices on
in
survey
houses is 150% within the
city limits and 106% just outside its borders, with an effec¬
tive tax rate within the city of $62 as compared to $26 in
the surrounding suburbs.
He cited other cities of approxi¬
mately 100,000 population, where only one or two new homes
were built all last year.
And he gave a specific example of
a single property in a New Jersey city, valued at $6,200 by
the Board's Home Owners' Loan Corporation appraisers, on
which the HOLC sought vainly to get an adjustment from an
assessed valuation of $20,900.
Mr. Husband observed:
The
"trend"
established
cities
is
natural
a
assessed
This
attractive
as
many
as
by the IIOLG
house was acquired
A
in
the land and $6,600 for
picture of the house would make the assessment
mere
laughable, if it weren't such tragic evidence of a vicious tax system.
Despite
1937. the County Board affirmed the assessment.
protest in
a
carried
was
to
$19,900.
The following year,
to
An appeal
the assessment again was set at $20,900.
Board
the County
not
was
The State Board has
denied without hearing.
At the present time, the HoLC is seeking an assessed
yet been heard.
valuation of $6.200—$1,000
for land and $2,200 for the residence.
repairs, the
By spending approximately $1,850 for reconditioning and
HOLC
it
believes
might have
business methods of America.
$1,011—which is just what the tax amounts to for 1940?"
Scores of cities
the country are declining because of
Dr. Husband warned.
He concluded:
dealers in securities because the net result is
which
ruin
property
The situation is worst in the Northeastern
proportion to family income.
States,
New
particularly
which are out of all reasonable
values and
York
and
New
Jersey.
It
is
true
that
these
States had the most inflated real estate values and suffered the most drastic
But
deflation.
fact
the
remains
of the country, must face their
that
they,
well
as
as
problems realistically.
all other sections
On the reformation
of their tax programs .will largely defend their late in the future.
It increases like a snow ball.
Regulation is never static.
end
no
in
HOLC
Borrowers
Paid
have app-oached an assumption
to
appear
all possibility of fraud
to
Off
Their
Loans in
Full
any
More borrowers paid off tueir loans
than in any other month in the history
in full during August
of the Home Owners'
Corporation, officials announced on Sept. 28.
Signifi¬
cant not only of present conditions but of the steady progress
made over a seven-year period, the records showed 2,366
borrowers crossed their loans off the hooks during the month
with payments of $5,745,000.
The total number of paid-inLoan
full HOLC loans
now
is 81,605, amounting to $194,339,000.
The announcement in the matter further stated:
Collection!
in
July from all
HOLC borrowers
were
98% of the current
instalment billings and in August reached 98.5%, Charles A
ager
of
the
Corporation
extended accounts.
reported.
211,000 of which
The
were
figures
recast
include
following
J Jones, Man¬
some
single complaint.
but
in dange" of losing sight
are we not
pace
that we must prevent
I do not excuse any f aud,
economy as a whole
Does
everywhere at any time.
of our
of public safety stop all cars or slow them to a snail-like
lest someone be reckless and some individual be injured
Business
extremely difficult when conducted
made
is
under
307,000
passage
a
cloud of
continuing show-cause orders—the practical effect of constant espionage as
Chape-ons may be useful In their proper place hut
to business behavior.
lasting love match was ever consummated with a chaperon * edged in
no
between the lovers.
The Federal
regulations were designed, he said, to afford
greater information to investors, but, he charged, "There
is but little doubt that investors today actually receive in
understandable form less pertinent information than before
the enactment of the Securities Act of 1933." Mr.
Connely
went on to say:
Under the terms of the Act it is mandatory to use a prospectus
voluminous
too
ever to
and
often
too
be read by the
complicated
and
replete
with
which is
unwanted
would-be investor—a document too expensive
produce and distribute and permit any widespread circulation.
to
The incidental costs in time, labor and cash expenditures in the prepara¬
and
of the
use
have many
prospectus,
times been referred to as a'
prohibitive burden to the issuers of securities, particularly smaller issuers.
Excessive regulation often restricts the breadth of offering by compelling
of the securities from the market in one or mo~e States.
the withholding
It may be because of
conflicts of laws which render compliance in ail States
impracticable.
Such is more apt to happen as to the best grade of securi¬
ties. resulting in
a
discrimination and narrowing of the market and depriv¬
ing Investors in some States of the privilege of obtaining the most desirable
kind of security.
Other Month, According
Officials of the Corporation
During August Than
made for the fact that there
thousands of faultless Investment transactions for each
We
There seems
direction, it is not relaxed in the old.
new
a
to be but little consideration of or allowance
are
There seems
If power
broadening the scope and strengthening the power.
to
is extended
.
In innumerable instances small
More
beneficial to
public generally.
Regulations that go beyond these
simple objectives cause unnecessary hardship, however, and
if they are pyramided, these hardships and excesses b come
insurmountable
obstacles.
"We have come dangerously
close to that insurmountable pyramid," he declared.
the
tion
within the city limits is virtually prohibited by reason
New construction
of taxes
assure
applauded, Mr. Connely said.
Even minimum regulation
causes
hardships, he continued, but is gladly borni by
details
over
their tax processes,
objectives of securities laws, which are to prevent
fair di alings, are universally appro ed and
Tne real
fraud and
which ordinarily would sell for
property
a
But who would buy that property with taxes on it now amounting
$7,900.
to
Connely asked the Securities Commissioners to re¬
and reappraise the whole problem of securities
regulation in the light of this danger to the traditional
Board, which made a reduction of $1,000 to
the State
unemployed.
go
Mr.
It was
1937.
men
examine
the department
.
valuation of $20.900—$14,300 for
a
on
building.
seem
facilities.
striking examples of an over-taxed house is a case in
most
City.
fully
standpoint of living, and much closer to employment and
a
municipal
One of the
Jersey
It
American
neighborhoods
of
condemnation
virtual
suburbs from
the
decentralization of some
to
laboring
activity,
—totalitarianism—is inevitable.
But in others, it literally is being forced by high tax rates, resulting
one.
in
trial
free enterprise system.
resultant effects further.
making it impossible within city limits, are
tion and often
12, 1940
preliminary
surveys,
.
that the requirements of the regulatory la vs. Federal
together, and the incident costs, delays, the inconveniences
and States, taken
and other such
I
business enterprises have asserted, after
items, preclude them, as a piactical matter,
desirable financing for praiseworthy
from seeking
enterprise, or expansion in the normal
way.
In
innumerable
these small
instances
through temporary bank loans.
within
a
single
State
to
avoid
fortunately for the welfare of
us
businesses have sought financing
Others have offered their securities solely
interstate transaction.
an
Othe'-s,
un¬
ail, have foregone the expansion program
contemplated and been content to drift along
as
best they may without
essential capital increases.
Mr. Connely called attention to an amendment now before
Congress that would enable the Securities and Exchange
Commission to exampt issues up to $1,000,030 in amount
and asked, "Does not the necessity for the amendment arise
because of excessive regulation ?"'
of the
Mead-Barry Act by Congress last year, permitting extension of the amorti¬
zation
perioc) from 15 up to 25 years.
"These
along
borrowers
countless
more
on
extension
with
agreements
mortgage
are
avoiding
foreclosures
the
in
the
payment
Mr.
accumulation
past.
The
of taxes and insurance
Jones.
of
back
ernment, Finance and All Elements of Industry as
Defense Need—Chairman of Chase National Bank
"On these accounts,
taxes
Corporation
now
which
is
caused
loans."
Goodrich
Receives
collecting
Capitalism, E. F.
President
Tells
National
Connely Warns—I.
Association
B.
A.
of Securities
Commissioners that There Is Danger Government
May Become Only Financing Agency
State capitalism can follow as a logical result of excessive
regulation of the securities markets, Emmett F. Connely,
President of the Investment Bankers Association of America,
said yesterday (Oct. 11) in an address before the National
Association of Securities Commissioners at Dallas, Texas.
Mr. Connely said that there are
some men who think of
regulation as a means of destroying free enterprise in the
field of finance and credit.
To them, he added, there is
no such thing as excessive regulation, because if the private
machinery for financing industry and business were de¬
at
New
York
World's
undertaking of making the United
world at war can be achieved only
by complete cooperation between Government, finance and
all elements of industry, Winthrop W. Aldrich, Cnairman
of the Board of the Chase National Bank, New Yorx, told
Success
in
the
vast
States invulnerable in
Excessive Regulation of Securities Markets Can Cause
Award
Fair
than $2,800,000 monthly on taxes alone, in addition to the collections
State
Cooperation of Gov¬
W. W. Aldrich Calls for Complete
require
payments." said
an
audience in
York
World's
receiving
the
a
the B.
Fair
on
F. Goodrich
Oct.
10.
Co. arena at the New
Aldrich spoke after
Mr.
Goodrich award "for distinguished public
Collyer, President of tne Akron Rub¬
service" from John L.
ber
"in
Co.
The
citation
to
the
Chase
Bank
Chairman
was
recognition of your service to our country in the fields
of finance, industry and commerce; of your practical interest
in many humanitarian and welfare enterprises; of vour civic
leadeiship in this great city of New York; of your construc¬
tive influence in many worthy national organizations."
In response, Mr. Aldrich said he accepted the honor with
a feeling of humility but with great satisfaction, because he
Volume
regulation of the securities business in order to facili¬
capital into the channels of National Defense
into new enterprises.
"What concerns all of us," Mr.
knew it
State
that "a great
tate the flow of
symbolizes Mr. Collyer's belief, which he shares,
American business enterprise can be run today
only by men who put obligation to the public before every¬
thing else."
Discussing the part banks will play in carrying
out the defense program, he said it is "safe to assume that
bank money will flow at once and in an ever-increasing stream
into the fallow field of industry for the defense of the country."
Mr. Aldrich further stated:
Not only
will the banks of the United States do their full part as the
develops into performance, but they
program
narily do for their customers.
It is safe to
in recent months has been limited
and such
are
already doing everything
I speak not only of the financing the banks ordi¬
possible to cooperate.
borrow
that financing of that sort
say
only by the need
or
financing will do doubt become
desire of industry to
in the
important
more
future.
v..
I speak also of a new sort
tant
of financing which I hope will play
these first stages of preparation for defense.
part in
impor¬
an
The Sumners-
Barkley bill, known as the Assignment of Claims Act, has today become
This bill provides machinery intended to enable a corporation faced
law.
with the necessity
of enlarging its plant
from banks the
ment work to borrow
the provisions of
borrowed
or
building a new
one
for Govern¬
cost of the new construction.
Under
this bill the promise of the Government to reimburse the
contractor for that cost may
the
be assigned
as
security for the repayment of
money.
as
"new idea in financing Govern¬
a
contracts," Mr. Aldrich said it should have the effect
of making
private funds available at the outset of
de¬
our
fense program.
It does not, of course, relieve the Govern¬
ment of the ultimate necessity of itself financing the payment
for the new facilities, but it does permit the Government to
postpone such financing and distribute it over a period of
he added.
years,
Mr. Aldrich concluded his remarks by
■:j,'., \; >
."'ri.:v
saying:
Needless
to
the question of whether the contract entered into be¬
say,
tween the contractor and the Government for the construction of each
is acceptable security
the character
depends
upon
plant
the terms of each particular contract,
and stability of the borrower and the surrounding circum¬
stances in each case:
but I
tell you that the banks all over the country
can
have been alert to do everything possible to aid the defense program
assist in setting up
and
Russell stated, "is that today—peace or war—our
and to
workable and efficient financial machinery to that end.
Fall
My firm, for instance, has 55 branch offices in 24 States. There is a very
form with and In the repor.s we are called upon to
Nationalized Banking
in
way
relieves
thing
Group 8 of the Association were represented at their meeting
held at the Illini Country Club, Springfield, and heard
Charles R. Reardon, President of the Association and VicePresident of the First National Bank, Joliet, discuss the
importance of organized banking activities, following which
V. Y. Dallman, Editor of the "Illinois State Register,"
"Current Events."
In his talk Mr.
Reardon, who also addressed the other group meetings this
week on the same subject, disapproved a suggestion that the
National Government take over banking and credit.
Dis¬
cussing this matter, Mr. Reardon said:
Ne
w
it
is simply
country—for
them
u« to
impossible—if
either ignore
four-square.
nationalized
As
Tut, though
laymen to understand
we
we
them.
we are
to
or appease
bankers
banking unless
democracy.
know
we
avoid totalitarianism in this
these attacks.
that
it
willing, at the
are
know these
The
things,
is
same
we
We must meet
impossible
have
to
time, to give
cannot
expect
up
the
idea of having the Government take
the banking resources of this nation and govern credit to individuals
over
and
on
business
houses
has an
undoubted appeal
to many
persons.
We
are
fooling ourselves if we do not realize this fact, and find means to combat the
fallacious arguments being
In
fact,
community
if
we
do
not
foisted
on
the public.
bestir ourselves and
banking to the public,
we
are
take
likely
the
some
case
of private or
day to find
rushed through Congress that will—in whole or in part—change the
banking structure of this country.
that doea not mean
must
bill
entire
So far such attempts have failed, but
they will always fail.
legislation passed that nobody
a
We have in recent years seen
believed possible
a
decade
ago.
And
we
keep constantly in mind that the threat to the American system of
as you
The banks in
Group 7 held their meetings at the U. S.
Grant Hotel, Mattoon, on Oct. 8 and heard a talk by Dr.
Russell M. Nolen of the University of Illinois on "The Gold
Standard in the Woild Today."
On Oct. 9 the bankers of
Group 10 met at the Citv Hall, Harrisburg, and in the
evening were addressed by Anderson Pace, General Industrial
Agent, Illinois Central RR., and organizer of Southern
Illinois, Inc., on "What's Happening to Southern Illinois."
On the following dav (Oct. 10) the fall meeting of banks in
Group 9 was held at the Elks Club, Alton. In the evening
a speech was delivered by James D. Arrington, Editor-Mayor,
Collins, Miss., on "Defrosting America's Frozen Asset?."
Group 5 of the Association held their meeting at the Pere
Marquette State Park Lodge, Grafton, on Oct. 11 at which
Charles F. Eichenauer, Editor, Quincy "Herald-Whig," spoke
on
"The Common Man's Mind in an Upset World."
The
bankers in Group 4 of the Association will meet at the Elks
Club, Dixon, on Oct. 15 while on Oct. IG Group 6 will hold
their meetings at the Peoria Country Club, Peoria.
Uniform State
Regulation of Securities Business Urged
by Philip W. Russell to Facilitate Flow of Capital
Philip
W.
Russell,
senior partner of
Fenner &
members of the New York Stock Exchange,
Beane,
speaking before
the annual convention of the National Association of Securi¬
ties Commissioners at Dallas,,Texas on Oct. 9 urged uniform
in no
My firm is called
for noa-recurring purposes.
to agree on a uniform practice
do the various States
which would
accomplish precisely the same purpose but v ould be a very great saving of
expense to an
already severely burdened industry.
Mr. Russell stated that, in his
opinion:
(1)
Capital must be permittel a fair return.
(2)
Whatever the ultimate effect may be. the expenditures required for
defense
certain
are
stimulate
to
both
business
in
heavy goods and
the
through increased employment in the consumer goods for many months to
come.
■/
..
Greater activity in the security markets will result.
(3)
Security markets should be permitted to find their natural
be
artificially
by
ricted
res
unneassary
regulation
any
level an^
than
more
artificially inflated through manipulation.
(5)
Punitive
retard the flow of capital and
seriously
will
restrictions
hinder and delay the defense program.
If the task
difen
e
be speedily and
is to
plant Mr. Russell stated:
efficiently done great sums of money
again flo.v freely into industry and through the channels of trade.
result
earning
must
be again a
greater and
healthier activity in the security
Capital is here and eager to go to work
markets.
and
that
to
be added the
must
It is naturally desirous of
patriotic desire to further the
Defense Program.
♦
Association
Merchants'
View3
for
on
New
of
Difficulties
York Asks
Experienced
Members
by New
York City Relief Taxes
With
view
a
business
to
with
men
determining whether the experiences of
the various New York City relief taxes
for changes either in the laws
methods, John Lowry,
President of the Merchants' Association of New York, on
Oct. 2 instituted an inquiry among the 3,400 members of
the Association asking for details of any difficulties they may
have experienced.
The taxes about which members of the
Association have been asked to express themselves include
the city sales tax, the gross receipts tax, the personal property
tax (now changed to the use tax), the city cigarette tax
(imposed until recently), the public utilities tax and the
are
such
to warrant a request
as
themselves
or
in
administration
occupancy tax.
Mr. Lowry explained
the purposes of the inquiry in the
following letter addressed to members of the Association:
Since
business and industry in New
1934
at the rate of from
The staff of
bonds.
York City have been paying
$52,000,000 to $80,000,000 a year in municipal taxes for
unemployment relief and to meet debt
the
service charges on Housing Authority
Merchants'
Association during this period has
the administrative and legal requirements
Some of the inquiries have indicated a tendency toward
received many inquiries relating to
of these
banking is growing both in scope ani intensity.
exchange Commission
governmental or quasi-governmental agency some¬
My only suggestion is that it may be possible for you gentlemen, represent¬
ing
The
7 the banks in
The
1,500 reports, returns and the like annually, omitting special
over
questionnaires
conferences the banking
On Oct
Securities
of subjection to Hlue Sky Commissions.
us
As to the Nation's
the banks in the various territories.
forced to con¬
Financial informa¬
the jurisdiction of National Securities Exchanges
the Federal
to
measure
a
to
to make to some
upon
must
Springfield, spoke
subject
are
and
Several gioups of the Illiuois Bankers Association held their
annual fall meetings this week and discussed in round-table
methods and practices developed by
make.
which we must furnish In one State w ill not suffice for another.
tion
(4)
Groups of Illinois Bankers Association Hold
Meetings—President Reardon Warns Against
go on
vexing lack of uniformity in the various regulations we are
not
Several
Defense
and huge expenditures of money must
be made and the flow of that money into our markets and
into industry must not be unduly hampered.
There must
be an end of antagonism to any legitimate business and above
all there should be an abandonment of regulation based upon
a tacit assumption that in general men in every business are
unworthy of trust and must be viewed with suspicion by
officials.
We must learn to respect each other and not expect
to accomplish desirable results by punitive regulations with¬
out
an
open-minded attempt at agreement between the
governing and the governed."
Mr. Russell pointed out that firms engaged in the securi¬
ties business are harassed by the dual jurisdiction, State and
Federal, under which they work.
He said:
Program must
fact that we
Characterizing this
ment
2127
The Commercial dr Financial Chronicle
151
taxes.
methods
bureaucratic
and
men
a
tendency
which
toward
impose considerable hardship
fine-spun
business
upon
interpretations of these tax laws
which added to th3 burden imposed by them.
With
a
v'e.v
to ascertaining
the experience of our
tion
to
whether there are any common factors in
members which would warrant action by the Associa¬
advocate changes in
the laws themselves or in the administrative
practices of those charged with enforcing them, we should like to
your
the
know at
convenience the details of any difficulties your company has had with
laws:
Although the cigarette tax, which is no longer levied as a
city tax, was included, the Association explained that this
was done because it was felt that experiences in the collection
of that tax might have a bearing on the methods to be
followed in respect to other taxes.
*
A.
B.
A.
Committee
Calls for
Further
Reductions in
Blanket Bond Rates
Further reductions in the
bonds
are
premiums for bankers' blanket
called for by the loss experience of banks,
accord¬
ing to the annual report of William B. Gladnev, Chairman of
the Insurance and Protective Committee of the American
Bankers Association which is published in the October issue
of the A. B
A. "Protective Bulletin."
Mr. Gla4aey, who
is Vice President of the Fidelity Bank & Trust Co. at Baton
,
states in his report that, during the seven years
Dec. 31, 1939 the surety companies returned to the
banks in loss payments only 35 cents out of each premium
Rouge, La
ended
The Commercial & Financial Chronicle
2128
dollar paid
to them.
He reports that his committee has
urged fuither reductions iD the insurance premiums and that
it has asked the rating bureau more than once "how the surety
companies can justify retaining for expenses and profit so
premium dollar received and
leturning to the insured banks only 35 cents for losses in¬
curred.
Thus far no satisfactory explanation has been
forthcoming from the rating bureau," he adds.
The
Association's announcement bearing on the report continued:
much
as
65 cents out of every
Mr. Gladney stated that since last June the A. B. A. Insurance and Pro¬
}
tective Committee has recommended to the rating bureau that the rates for
the No. 8-revised blanket bond should be reduced another
16 2-3%.
"Briefly," he says, "we proposed that the lower premiums now charged
for the No. 2 bond should apply to the No.S-revised form and that the No. 2
bond
should be reduced 14.3%.
rates
No reduction has been made In the
No. 2 bond rates since Oct. 1,1938," he observes, "except the March 1,1940
decrease in the charge for adding misplacement
coverage."
12}£ to 50%
Mr. Gladney calls attention to the reductions ranging from
robbery rates in the 36 Central, Southern and Western States announced
in
on
Sept. 2 and retroactive to July 1.
having policies written or
He urges that all banks in these States
renewed since June 30, 1940 "make certain they
refunds
receive the benefit of the lower rates by premium
the amount of insurance, &c.
by Increasing
agents," he counsels, "to determine whether or not it would
their brokers or
burglary and robbery policies
be to their advantage to cancel their present
at 'short
or
Other banks in these States should check with
rates* and have them re-written for either
term at the new
a one-year or
three-year
rates."
Gladney directs attention to the fact that the barJks in robbery
Mr.
territories 2, 3 and 4 may now effect a reduction of 16 2-3% in the cost of
their burglary and robbery insurance by having
three years instead
their policies written for
"In New York and 11 New England and Middle
of one.
Atlantic States, robbery rates tezoain unchanged." he states.
"Fo
years
Eastern States have enjoyed robbery rates considerably
lower than those charged in the other 36 States.
There is no change in the
past banks in these
basic burglary rates but all
written for
a
bank burglary and robbery policies may now be
three-year period instead of the term being limited to one year
for primary
insurance in old territo ies 2,3 and 4.
Ba.Jks taking advantage
16 2-3% reduction in the cost
their burglary and robbery insurance."
I
to American
whicb
F.
E.
Anything whicb tends to weaken the position of these dealers, most of
whom carry on business in a
of
one
of the primary functions
local industry, to aiu in
these purposes are substantially benefited
Sumner T.
Pike, member of the
cipations in large issues requiring national distribution.
dealers through
of the highest
During the past six years or so, more than $3,000,000,000, principal
amount, of securities, which would otherwise have been
oeen
through "private pi. cement."
sold
the public,
More than 75% of these
securities has gone to the five largest life insurance companies and to the
great commercial banks in
New York City,
After
citing instances where the insurance companies
themselves state that "private placement" i3 an "innovation"
attributable to the Securities Act, Mr. Connelly's memoran¬
dum went
on
to state:
Your statment advances the theory that the real explanation of "private
placement'* is that Investment bankers "are
they have ever met
and
sources
up
against
a
competitor greater
before—a competitor with almost endless
re¬
compulsion to gobble up the best of the securitis which are
a
available."
one
can
deny that the large insurance companies are possessed of
great resources.
sources
As far back
about
But the great insurance companies had enormous re¬
long before the practice of so-called "private placement" developed.
as
1928, the assets of the life insurance companies aggregated
$16,000,000,000.
according to figures pubished
Abstract of the United States.
grade securities issued by American industry has undoubtedly
impeded tbe operation of the capital market with respect to the financing of
You
right in saying that investment bankers and dealers are not
are
the capital market.
Neither
000*000.
It Is, of course,
assets without
to 1933.
in the Statistical
misleading merely to cite growth in insurance
considering tbeir relative ratio to other capital funds.
valid, tbey
were
If
certainly valid prior
The fact remains that tbey did not then give rise to the phenome¬
of "private placement" and have not since given rise to "private place¬
ment" except as to Issues which would otherwise be subject to registration
only the Government.
be compelled to go hat
no
private capital market.
com¬
There will
In the end, issuers seeking to obtain capital will
In hand to
the funds with which to
some
private or Federal agency and seek
When that clay comes,
finance their business.
private enterprise and private investment in America will be entering
dangerous period.
Government
can
a
destroy any industry it dislikes by
withholding capital.
"Private placement" has been particularly harmful to the small investor.
The savings banks, the smaller insurance companies, fraternal associations,
trust
funds and
more
than
other investors,
it is estimated,
have,
been deprived of
and one-balf billion dollars of investments through "private
one
placement" refundings.
to purchase any part
These smaller investors have had no opportunity
of the large amount of new issues privately placed.
Tbe operation of "private placement" has done these smaller investors great
injury.
It would
seem
that the Securities and Exchange Commission, which
established to protect investors, should be seriously concerned about
was
this aspect of the situation, for it is a grave question as to whether or not
this concentration of high-grade securities in the hands
in the
of
a
few holders is
public interest.
The question naturally arises, "What is
best for tbe public interest?"
We, in investment banking, approve the theory of the Securities Act and its
We think that the present unbalanced situation
with respect to "private
placement"
and shouid be, corrected by sim¬
can,
"Investment bankers," you
vestments
which
the
said, "should forget about the seasoned In¬
insurance companies
desire
<o
They should
buy.
funds for untried enterprises."
This is
an
interesting but
wholly impractical theory and implies that if the insurance companies wish
to buy
securities,
hospitals, colleges,
trustees and other
or
did not fail to finance the needs of
new
enterprise nor is it failing to do so
burdensome regulation, government competition
and destructive taxation permits new enterprise to develop.
banking could never exist
portfolios of its customers, it
on
can
exist only
as a
Like the
well-balanced business in
The marketing facilities of the Nation are seriously damaged when the
distribution of securities is made direct from the issuing company to large
A large proportion of the dealers engaged in supplying capital
insurance
companies
its large capital resources
then
that
Such
a
is
or
other large purchasers
basis of equality
under tbe law, it proves to be true
hat
an
or
If,
approximate equality
insurance company, because of
is able to make more satisfactory offers to issuers,
simply the operation of the competitive enterprise system.
position of equality under the law does not exist today, and until
it is established, it is ridiculous to say that
it is "new
economic forces"
rather than tbe Securities Act which have given rise to the present
unbal¬
anced situation.
♦
,
.
New York
/
Trucking Strike Ended by Two-Year Pact
A trucking strike which began on Oct. 8 in the New York
metropolitan area was settled on Oct. 9 through the efforts
of Mayor La Guardia of New York City, but the strike of
drivei s on long-distance trucking remained in effect.
Under the terms of the new two-year contract negotiated
by the Mayor for local trucks, 8,800 striking members of
Local 807 of the International Brotherhood of Teamsters,
A. F. of L., won theii demand for one week's paid vacation.
A similar clause was written into contracts signed Sept. 1,
covering 5,000 members of Locals 282 and 816, which did
not join the strike.
In reporting the strike settlement the New York "Times"
of Oct. 10,1940, said:
Highway Transport Association estimated that
Offlcials of the
drivers
were
on
strike and that
1,500
1,000 platform men were rendered idle
Local 807 insisted that tbe signing of contracts with
by their walkout.
individual operators had reduced the
number of strikers to 800.
.
Officials of Local 807 said they would expect the Highway Transport
Association to sign a contract
identical with the ones signed at Summer
City Hall at noon yesterday by the Merchant Truckmen's Bureau and the
Master
of
Truckmen
challenged
They
America.
a
statement
by
the
annual earnings of New York
asserting that their own records indicated
over-the-road operators that the average
truck drivers were $2,500 a year,
be about $1,500.
the average to
new
two-year agreement
previous wage-scale,
for
a
44-hour week.
for local drivers makes no change in the
under which drivers received from $44 to $56.50
Vacations are to go to those employed a year or more
by a single employer.
exact definition of
A joint committee will endeavor to draw a more
the vacation qualification, with tbe Mayor as the final
arbiter if the union and employer
representatives cannot agree.
Mayor La Guardia issued the following statement regarding the settle¬
ment here:
"The key to
ago
this situation was held by Locals 816 and 282, who weeks
successfully concluded
protected
their members*
agreements
claim to a
without
vacation.
unions advanced the time for the determination
and, with the employers,
"After
full
strike, wherein
At my request
they
these
of the vacation question
Local 807 was also before me.
the following is
consideration,
to the contracts of Locals 282. 816, and
"
a
submitted the question to me for determination.
"The vacation question of
my
award
and shall
apply
807:
'Men employed for one year or more
shall receive one week's vacation
with pay each year.
"
to
Mr. Connelly in his further remarks said:
footing with
when investment banking is on a
nancing of well-established industry.
investors.
of legal requirements, to negotiate with a prospective issuer on an
equal
The highly venturesome risk
enterprise must to some extent at least be compensated by the fi¬
which now greatly
Investment banking asks nothing more than to be able, from the standpo nt
But invest¬
submarginai business alone.
which risks are reasonably well-diversified.
new
Through¬
of industrial growth in America, investment banking certainly
now to the extent to which
be unnecessary for tbe protection of investors
years to
offerings.
speculative securities since the SEC believes high grade
issues should be marketed privately to the insurance companies.
out the years
public disclosure of Information about their affairs, and by elimina¬
Impair the operation of the private capital market in respect of public
should retire from
the field and that an investment banker should advise his customer to buy
only second grade
pletely tbe waiting period with respect to seasoned issuers who have already
...
devote their attention wholly to the business of financing new ventures and
of providing
plification of tbe procedures under tbe Securities Acts, by eliminating com¬
The
under the Securities Act of 1933
'
destroyed, apart from tbe insurance
panies and tbe banks, there will be
be
But. if the in¬
the insurance companies.
are
stitution of investment banking is
In 1933 tbey amounted to about $21,000,-
the arguments now used by you are
of
billion in principal amount
smaller enterprises.
subject to registra¬
Securities Act and available for purchase by
tion under the
ment
Exclusion of these
the operation of "private placement" from participation
in tbe distribution of something more than three
Securities and Exchange
that "private placement" of security issues is not an out¬
growth of the Securities Act.
"Except in rare instances,"
'Mr. Connelly said "private placement' did not exist prior
to the coming into effect of the Securities Act of 1933.
It
is still virtually unknown except for security issues which
would otherwise be subject to registration under the Se¬
curities Act."
The I. B. A. President added:
non
Their facilities for carrying out
by tbe income received from parti¬
ting those provisions of the Act, shown by tbe experience of the past seven
Commis ion, replying to a speech Mr. Pike recently made
before the Maine Investment Dealers Association at Port¬
land,
Mr. Connelly took issue with Mr. Pike's assertion
No
of such dealers to provide service to
solution of local financial problems and to establish
a
and maintain markets for local securities.
made full
Emmett F. Connelly, President of the Investment Bankers
than
functions nf the capital market, that
financing small business enterprises with equity or long-term money.
It has been
sioner Pike of SEC
Association of America, sent a memorandum on Oct. 3 to
I
limited geographical area, undoubtedly impairs
the discharge of one of the important
Connelly Contends "Private Placement" of Seof Securities Act of 1933 —
President of I. B. A, Disputes Views of Commis¬
curities Is Outgrowth
has
formed to distribute securities
underwritten and made the subject of public offerings.
are
disclosure provisions.
—J
12, 1940
industry have obtained a substantia] portion of their annual
income from participation in selling groups
of the change in this rule reap an additional
of both
Oct.
'The
be
determination
determined
as
directly
to
what constitutes
between the
parties,
a
year's employment is
but upon
their failure
mi ted to. and be determined by me.'
"All parties have expressed their acceptance of the award.
I want to
convey my than s to all involved, and especially to Martin Lacey of
Local 816 and John O'Rourke of Local 282, whose assistance was in-
to agree,
such questions shall
>era
Volume
valuable.
The Commercial & Financial Chronicle
151
Without them this
could not have been
matter
successfully
so
Bruce
concluded.
to the
representatives of Local 807, William S. Devery,
New York State by 250,OCO
Thomas Hickey, and John Flaherty, and to the
gentlemen representing the
employers' associations.
There is
no
reason
road operators should not settle and
resume full
The thanks of the union and the
strike 36 hours after it
began
to
owners
why the over-the-
now
operations."
the
Mayor for ending the
conveyed by Michael J. Cashal, Vice-
were
President of the International Brotherhood of
Teamsters, and Arthur G.
McKeever, Managing Director of the Merchant
Truckmen's Bureau.
Ex-President Hoover Again Urges Feeding of Conquered
European Peoples—Replies to Arguments Issued in
Form of Statement by 15 Leading Citizens—Asks
Cooperation Instead of Controversy
Former President Herbert Hoover
ment in which he
replied to
Oct. 6 issued
on
warning issued
a
on
state¬
a
Oct. 5 by 15
prominent persons against his proposal to feed the civilian
populations in the conquered nations of Europe.
He termed
the signers of the warning "a
group of sincere citizens," and
expressed his sympathy with their solicitude for the British
Mr.
cause.
Hoover declared,
however, that the question
of cooperation and not
was on9
The statement
opposing the
peoples
signed by
demanding controversy.
one
feeding of conquered European
number of educators and clergymen.
The New York "Times" of Oct. 6
quoted from it as follows:
was
Asserting that the
a
blockade
indispensable
was
the
to
defense
of
the
democratic nations, the statement held that "between the
agony of empty
stomachs
for
time
a
in one part
Among the signers
Dr.
were
be but
can
one
Europe
with
in
their
those
suffering
who,
already
and
with the civilian popu¬
threatened
sufferings.
enduring subjugation
conqueror, now face the further ordeal of food privation.
to
alleviate
this
"If
New York State this fall," Mr. Barton said, "then, according to Mr. Dunn's
figures, Wendell L. Willkie will have
is enough to carry
distress,
poll and other
were
is
total
a
without
strengthening
the
its orbit.
No
hope to evade
"Further, the issue of the
and
war
a
by
1936, and
in
the
and
whelmingly
and
women
outnumbered
civil populations
children.
in
to
drive them into
being taken daily and nightly
For the democratic nations,
military
strength,
over¬
the only instrument of
blockade by which
materials, including food
for
privation
their
aggression.
peoples
among
This
already
blockade
suffering
hands of their conquerors.
cannot
virtual
faU
to
occasion
enslavement
at
the
Y
"The
American people have given overwhelming evidence of their
sym¬
pathy with Great Britain and her Allies, of their recognition that American
security is deeply Involved in British victory, and of their resolve to lend the
British all aid necessary to assure defeat for the totalitarian
threat to the
liberties of free peoples.
lend ourselves to
enemies of
no
in the issue
indirectly strengthen the
or
This principle must determine
under consideration
now
"Any proposal
I
It is the keystone of American policy that we will
plan which might directly
democracy.
to feed
certainly
year are most
the Gallup estimates of the Re¬
publican vote both in New York State, where Gallup gives the Republicans
only 48% and in other States, where Mr. Dunn gives the Republicans
majority.
a
Dunn figures were made public yesterday at the eastern division
of the Republican National Committee, 70 East 45th St.
A
breakdown of the
Dunn
Republican majority estimates in 12 States
of Sept. 19, compared with Mr. Dunn's own quotation of
as
Gallup estimates,
follows:
Dunn
Colorado
Dunn
Gallup
Estimate
57
.
Estimate
State—
48
Nebraska
Gallup
Estimate
60
Estimate
53
Connecticut
58
44
60
47
New HampshireNew Jersey
60
Illinois
56
46
Indiana
60
51
New Mexico
50.2
37
Massachusetts...
60
51
New York
52
48
Missouri
50.4
44
W isconsin
56
49
•
51
-
Wendell
L. Willkie Proposes
Six-Point Program for
Rebuilding American Business—Republican Presi¬
dential Candidate Says Plan Begins with Little
Business
Declaring that "little business is the backbone of America,
civil
as
well
of action
our course
in all other issues.
as
populations
war," Wendell L. Willkie, Republican Presi¬
dential candidate,
stated
Oct. 9 in
on
an
address in New
Haven, Conn., that big business under the New Deal has
The totalitarian powers aim by
defenses available to them is the imposition of a naval
their adversaries shall be barred from the raw
essential
fact," he continued,
elected by far less than 11% of the vote in
was
majority of the undecided people this
a
Dunn survey varies widely from
The
so
share in the common suffering.
The toll of that strategy is
lives of
that 11 out of every 100 persons interviewed still
how they would vote.
going to vote for Willkie."
pitiless
a
lies between two strategies, each of which
relentless assault upon
subjugation.
as to
I say it is important to understand this
in peace or in
one can
minimum plurality of 250,000 which
citizen In the nations within
every
threatens intense suffering for civilians.
studied
reason
"is that President Roosevelt
Were it possible
conqueror
declared intention of the totalitarian powers, this
imperiling the life of
war,
su.-veys was
undecided
"The
And
to do so.
V "However, by the
a
the whole ticket to victory.
Mr. Barton emphasized that the most significant fact about the Gallup
prolonging his conquest, every impulse would prompt the American people
to seek
adopt the general assumption that 6.000,000 votes will be cast in
we
of Aiding Conqueror Cited
"The American people are
deeply sympathetic
especially
votes and stating that he might
get as high as 60%, if the present trend continued.
State—
Dr. Harold W. Dodds. President of
Princeton, and William Green, Presi¬
dent of the American Federation of Labor.
The statement follows:
Fear
Mr. Barton's estimate was based on a State survey made by Rogers CDunn, statistician and publisher of "Dunn's Survey," showing that Mr.
Willkie would receive 52% of the State's
choice."
Henry Sloane Coffin, President of Union
Theological Seminary; Dr. James B. Conant, President of Harvard Uni¬
versity; John W. Davis, Democratic candidate for President in 1924;
of
Representative Bruce Baiton of New York, Republican
candidate for the United States Senate, predicted on Oct. 7
that Wendell L. Willkie, Republican Presidential candidate,
will carry New York State by a minimum plurality of 250,000.
The New York "Herald Tribune" of Oct. 8, from which we
quote, further said:
of the world and the agony of stricken
souls in every part of the world there
lations
Barton, Republican Senatorial Candidate from
York, Predicts Wendell Willkie Will Carry
New
"My thanks also
two
2129
in
conquered
countries
naturally have to rest upon the consent of both belligerents.
would
Germany and
her allies would be asked to give
guarantees not only that all foodstuffs sent
would go directly and solely to the civilians of the
conquered nations, and
that no food which otherwise would sustain these
fared far better than little business.
withdrawn
follows:
as
.
.
(V Stop changing the rules under which business operates;
(2) it is essential that the little business man know that his
Government is for him not against him; (3^ simplify business
regulations; (4) revise the tax structure; (5) simplify Securities
and Exchange Commission regulations to help little business
raise new capital, and (61) that the Government build labora¬
tories and put them at the disposal of little business and
little industry for a nominal fee.
Mr. Willkie concluded by stating that we cannot make
America strong and cannot hope to defend America unless
revives.
business
Mr. Willkie summarized his program
people would thereby be
removed, but also that quantities of foodstuffs known to have been
already
Mr. Willkie presented
figures to show that while big business had been gaining,
small business was actually doing worse in 1937 than it
had done at the bottom of the depression.
Asserting that
the future of America is "just as big as it ever was" the
Republican candidate proposed a six-point program "for the
rebuilding of American business."
He outlined his program
for business
follows:
as
First, I propose that we stop changing the rules under which
business
Instead of making i, as difficult as possible for the lltt le business
operates.
would
from Denmark and Norway and Poland, from Belgium and
Holland and France for the feeding of the totalitarian armies and
peoples
be restored.
The Allied forces would be expected to permit foods
the attitude of the
ships to pass their blockade.
that renewed efforts should be made by the Department of Commerce to
"Since these
which vitally affect the interests of the United
are matters
States they cannot be dealt with independently of our own Government and
its
carefully considered policy. It is
private American citizens to bring
our strong conviction that any
to arouse American sentiment for that purpose
or
unfair
be
as
well
as
The
New
in
Hoover,
London
in
every
York
Mr. Hoover's
Mr.
reply
who
clear-sighted leader of public opinion.
"Herald
was
Chairman
and
neutral,
a
Oct.
Government
as we
of the American
of the
an
Aug. 11.
non-governmental
Relief
Commission
Commission
for
Relief in
appeal for relief of the people
He advocated the establish¬
organization
to
handle
the
relief.
possibly can.
In this regard I believe
supply the little business man with the best possible Information concerning
ma
kets and
trends.
Second, it Is essential that the little business man know that his Govern¬
ment Is for
him, not against him.
Under
will be no doubt whatever about this.
that
we
upon
outlined
7
Let us give htm just as many guarantees concerning
possible.
as easy as
,
a
Republican administration there
Every little business
relief.
Third,
we
In 1938 business had to
must simplify business regulations.
concerns.
average
That
was
about
20 reports for each enterprise.
better than little business under the New Deal.
staff of bookkeepers, accountants and
lawye
s
supplies
coun¬
tries; to give relief ships safe passage, and to permit the relief agency to
control distribution.
The
the
British, he said, should let relief vessels through the blockade, and
occupied
resources
nations
finance
the
relief Organizations
in the United States and elsewhere.
the initial cost
over
should
would be $20,0)0,000 a month
$40,000,000
a
month.
with
their
The little business man can afford no such staff.
Inc.; the
And
causes
in
addition,
the
difficulty of understanding all these regulations
the little business man to hesitate before undertaking anything new.
Fourth,
we must
reason
revise the tax structure.
The Securities and Exchange Commission regulations
Commission
simplify those regulations.
In
his
Relief,
Inc.
rebuttal, issued yesterday afternoon from the Waldrof-Astoria,
where he is
staying, Mr. Hoover said that the food problem "is
side issue in the gigantic problems with
but
that
".with
no
doubt
a
which the world is confronted,"
the rising tide of famine in these countries, the problem
will constantly grow more vivid."
-
-
v
This is another
Fifth, another problem that little business has faced Is the problem of
raising new capital.
are too
Polish
Never before in history has
why It has not been able to employ mo e men.
Norwegian Relief Fund, Inc.; the Queen Wilhelmina Fund, Inc., and the
for
That is bad
for the employees.
little business had to carry such a heavy burden of taxes.
Relief in Belgium,
The burden
who must take time
from their business in order to plea e the Government.
Important
An appeal based on the Hoover plan was issued
Sept. 20 by officials of the Commission for
away
and
was
the
The big corporation has a
Mr. Hoover estimated that
before the winter
on
to take care of this wilderness
of details.
any
And
those returns required answers to about 65 questions.
This, Incidentally. Is one Important reason why big business has fared
of answering the questions falls on one or two men,
equivalent of
A total
by industrial, commercial and financial
Germany, he said, should be asked to agree to take none of the domestic
an
will know
dependent
make out nearly 136,000,000 returns for the Federal Government.
produce of the occupied territories: to furnish
already peized: to permit Importations from Russia and the Balkan
man
favor bis efforts to make new Jobs for those who are now
of 60,000,000 returns had to be made
Chairman
of the conquered nations of Europe on
of
of
follows:
as
1914-1915
Tribune"
•Belgium from 1915 to 1919, made public
ment
would be improper and
directly contrary to America's essential interests, and should
firmly resisted by
It
effort by
pressure to bear upon other governments
predict what wUl be happening next month or next year, let us make
man to
complicated and compliance with them is too expensive.
business to raise capital.
We must
We must also find other ways to help little
New capital Invested in America means new jobs.
Sixth, among the most important advantages of a big corporation are Its
laboratories and research staff.
new
developments, new
Out of these industrial laboratories come
products and new Ideas.
As an American I am
proud to say that during the depression progress along this line has not
The Commercial & Financial Chronicle
2130
It has. if anything, increased.
stopped.
The little bus.uess man cannot afford
comes
i
Therefore, when he
high salaries for good engineers and scientists.
pay
in competition with the big corporation he is at a
IK tie business for
Little business
Borne projects
might take just
enterprise, the creating of
new
a
problems to such
few months, others might take several
one
I think you will agree
ent
"I do not know what the dictators
have
official, no matter how high his office, tell you
to defend American
"Do not let any public
he
would
do
any
hazard."
Brooklyn speeches came as the climax to the candidate's
The
a
Wendell Willkie would do
than
more
the business men, but we, the
are not
of such
people—the consumers and
In making tolerance his theme,
here
they will
"If
keep this
the city
Administration's
foreign policy
was
criticized this
In speeches in the Bronx and Manhattan the Republican
pushing it toward
dictatorship"
precious' way of life we love so well will dis¬
ward J. Flynn for a speech at Roosevelt
although
the Administration
High School, Mr. Willkie charged
proclaims itself a
liberal one,
"under
leadership of Ed. Flynn it is attempting to take this election by illegal
and fraudulent means."
Declaring. that the New Deal Is keeping from the people its dealings
with foreign powers he asked if the Administration is leading the countiy
into
that the American people do not want.
a war
He said
the
issues
of the
Mr. Willkie said
He told
day required simple truth-telling.
a
Administration that will lead you safely through
crisis."
Concerning
President
talk to
it with
a
Roosevelt's
great deal
States, for example, in the
"non-political"
defense
inspection
of regret, is there anybody in the United
of this campaign
course
President is actually engaged in military inspection
During
But
at
an
who thinks that the
"
Massed
at the Golden Gate ballroom in Harlem and finally
.
which
"If
thousands in the heavily unionized garment
do
we
unify
us
district heard him
become unified
not
through love," he said, "someone will
through power."
He said
three
cratic way of
things
life."
essential to the preservation of "our demo¬
were
They
place in all the United States where there is such a surge
no
of American pat iotism as there is in New York
appreciation of the privileges of liberty
than those who have lived long in
this country.
the civil liberties we possess.
"We
the
here
in America
liberties.
e
"Whether
us
Willkie said,
would be without value without the
addressed
estimated
an
100,000
Republican women
State-wide broadcast.
intentionally
toward
forms
tarian
of
war
or
and
not," he said, "this Administration is rapidly
it is also
Under
government.
rapidly pushing
either
one
of
us
toward a totali¬
these
conditions,
or
women are the greatest of sufferers.
We
Oct.
on
7
made
several
speeches in New
Jersey, including one in Jersey City.
On Oct. 5 Mr. Willkie
made a number of speeches in the New York
area, in which
he
took
occasion
to
denounce
racial
intolerance
and
The Republican nominee,
overflow meetings
who spoke in five crowded auditoriums, and
"I
am
Shallow High School
(Brooklyn], he declared:
told that there is
a
whispering campaign being made by
ponent about the patriotism of WendeU Willkie.
my op¬
I want to stand here in
Brooklyn and
a
say to you people that I defy any man, no matter how
high
public office he may hold, who daies impugn my patriotism.
Such a
man
is
a
coward and
a
between 25,000
police at
throng estimated by
cheered loudly
and 35,000 persons
when he declared that "the system of free enterprise can
outstrip any dictator on earth" and gave vociferous response to his charges
against the New Deal.
He arraigned the
Roosevelt Administration as being "hopelessly incom¬
petent" either to build up American economy or to "protect us in a wartorn
world,"
because
the ability to get things done," and said that
"lacking
as
of New
delay "attack is closer than ever; America is still
Deal
The crowd refused to let him go
Those in the stands and
cheered until
waved
after he finished his prepared speech.
the field
on
and waved flags, shouted and
rose
the speaker's rostrum and
Willkie mounted the top of
Mr.
repeatedly.
He had touched off the outburst by asserting that
cur."
At the second meeting, at Erasmus Hall High School, after
pursuing the
civil liberty issue, Mr. Willkie took up the issue that the defeat of Mr.
Roosevelt was sought by the dictator nations, and declared:
"America would not
be the land of the free If it were not also the home of the brave."
He had exhorted the country to
"awake from the bitter dreams, from
discouragement and despair, the poverty, the unemployment and the
the
fear" he said the New Deal had instilled in it.
but the crowd still was not satisfied.
He climbed down from the stand
climb
to
Even
up
again and take new cheers which lasted for several
he left the stands were shouting "We want Willkie."
as
On arrival here this afternoon,
Mr. Willkie spoke to a throng of 30,000
"triumph" in November.
"We
He
are on
and we are on our way fast," he said.
our way
followed
with
this
two-hour
a
several brief speeches, then
defense address, in
has
known
for
tour
of the city
in which
he made
moved the Shi be Park to deliver his national
which he charged that the New Deal Administration
years
about defense needs and that,
than ever," the Nation still is
with attack "closer
"unsafe."
Asserting that the New Deal lacked neither information nor money, Mr.
Willkie attributed the present
defense inadequacy to the Administration's
lack of "a fundamental understanding of the forces
fundamental regard for the forces
"Yours
told
is
one
of the
Fhiladelphians.
are to
greatest manufacturing cities
You
men
and women of Philadelphia know that if we'
make America strong, we must get to
on
in the world," he
"For many years you have typified the industrial
"And you are not likely to
thing that is
of production" and "a
that make democracy strong."
And it is in that industrial genius that the present hope
genius of America.
work.
be confused by the difference between some¬
hand and something that is on order.
"I should like to know just what that phrase 'on
"Last May the third-term
...
order' means.
candidate told us over the radio that we had
1,700 modern tanks and armored cars 'on hand and on order.*
pens
that at that time
we
"But I happen to know
It
has
orders
for
many
It so hap¬
had on hand 142 tanks and armored cars.
the others—more than 1,500—were
that massed the streets surrounding the
buildings,
sounded his evening's keynote when, at Edward B.
in Bensonhurst,
home" and by
mobilizing American industry for armament production.
a
"whispering campaign" against himself.
The New York
"Times" of Oct. 6 outlined his comments in
part as follows:
to
American citizen his full civil
accord to every
He said he would lead the fight by putting a job "in every
of this Nation lies.
Willkie
be doubly careful and vigilant to pre erve
must
must
follows:
as
"Under
private initiative in America women have achieved their greatest
emancipation in the history of the world," Mr. Willkie said, "and
they have
'a great stake' in the campaign of 1940."
Mr.
they please, have
gathered before the Key burn Square bandstand, predicting a Republican
after the garment district speech and then went to the Columbia Broad¬
pushing
go as
This is true only in a slight portion
Speaking at Philadelphia on Oct. 4 Mr. Willkie declared
"we must stop this incompetent Administration" in
county's drift toward war.
He asserted
that he wanted "to lead the fight for peace."
Umted Press
advices of Oct. 4 from Philadelphia summarized his address
there will
Duffy Square, adjacent to Times Square;
on a
color.
or
that
He had
he said, "our lives here will be torn to
pieces."
He spoke briefly at Father
listening
They know how dear are
and
order to halt the
If class and racial prejudice get a foothold in the United States,
and
can come
of the existing world.
minutes.
more jobs for more people.
"3. We must secure the unity of our people."
casting studios
c.eed,
as to race.
effective defense.
an
"2. We must rehabilitate American domestic economy so that
Mr.
They
equal protection under the law, and can aspire to any achievement without
prejudice
be
The first two,
Many who came
City.
from foreign lands have a deeper
were:
"1. America must build
third.
determine the cou, se of American and world
may
years to come.
"There is
,
of the danger to America of dictatorships abroad.
both,
States,
another course.
of the most fateful elections In the history of the
one
unsafe."
meeting on 125th Street before boarding his campaign special
for New England.
warn
facing
are
open
.
I would pursue another
wanted only applause,
If I
If I wanted to misrepresent myself, I would pursue
United
in the Bronx, at the Royal Windsor Palace in Manhattan, from a Columbia
Broadcasting Co. studio,
those parts of
because I want to
presumably Democratic in leaning,
are
the people.
we
history for
busy day he spoke five times, at the Roosevelt High School
a
which
course.
trips, Mr. Willkie said:
"I say
campaigned throughout the United States and have repeatedly
"I have
A
Administration "that will not tell you the truth In
an
not an
73% of the city's total popula¬
asked, in each city I have entered, that I deliver speeches in
.
.
.
the crowd it should not be misled by the cry of international crisis.
normal times is
of first-generation
percentage of foreign-born
the high
rights, free from racial and religious prejudice."
war.
Invading the Bronx stronghold of Democratic National Chairman Ed¬
that
completely tolerant in the support of
country
citizens in New York, putting the figure at
candidate said
Mr. Roosevelt is leading the country "down the road toward
the
noted
then
Countries
by Wendell L. Willkie, Republican presidential nomi¬
nee, in a series of speeches in New York, Pennsylvania, and
New Jersey.
Mr. Willkie declared that the Administration
had failed "to tell the people the truth," especially about
international affairs, and he promised that if he is elected
"the people will decide whether the country is to go to war."
Previous addresses by Mr. Willkie were referred to in the
"Chronicle" of Oct. 5, pages 1983-84.
In summarizing his
remarks of Oct. 8, the New York "Journal of Commerce"
of the following day said, in part:
and
He
tion, and added:
week
disappearing
appear," Mr. Willkie told the audience in Bensonhurst.
Policy—Urges Frankness with Citizens—Republi¬
Presidential Nominee, Speaking in New York,
Pennsylvania and New Jersey, Charges Laxity in
Handling
of
Nation's
Relations
with
Other
can
of the lack of civil liberties
disappear for all groups.
soon
can't
we
all different groups then this
The
•
Mr. Willkie appealed to the city's foreign-
abroad, and declaring that if civil liberties for one group start
workers.
Wendell L. Willkie Criticizes Administration's Foreign
first day of
four-day visit here.
born and first-generation voters, reminding them
And those points are important because the ultimate beneficiaries
revival
defensive standpoint
much attention to what those dictators
that they won't have to pay so
Plea to Foreign-Born
tion would approach the problem of business revival.
a
in their confidence.
am not
think.
Republican administra¬
in which our
I
think.
trying to arouse the American people to
been speaking so much,
decentralizing industry and helping the little business man to compete.
Those six points indicate the spirit
United States repeated it at a press
necessity of making themselves strong from the
the
so
that if such laboratories were established in differ¬
of the country, they would materially assist in the problem of
parts
York said something along the
the Governor of New
ago
democracy against
futures,
can
elected President
conference.
direction—the expansion of existing
enterprises and the opening up of the Ameri¬
days
line and then the President of the
same
the disposal of little industry and
in the country to work on them.
get the best scientists
weeks ago the candidate for Vice-President
of the United States.
I
But they would ail point in
years.
a»,
of all sorts could then bring their
men
laboratories and
laboratories
nominal fee.
a
12, 1940
had something to say about what he knew or
icket
thought he knew whom Hitler and Mussolini wanted to see
"Some
And I propose that
possible laboratories in various parts of the country.
the Government put these
two or three
some
Democratic
the
on
disadvantage.
that the Government undertake to build the best
therefore,
propose,
"I notice
But the attack against business
prevented business men from making use of ft for our benefit.
a laboratory.
He cannot afford to
has
Oct.
of
a
All
ghost tanks and ghost cars.
large manufacturing company in Michigan.
hundreds of tanks.
Those were included, I as¬
sume, among
the ghost tanks 'on order* that the third-term candidate spoke
about.
this
But
in which those
particular manufacturer has not yet built the building
ghost tanks are to be manufactured.
"I happen, also, to know of an
dollars
worth
ghost airplanes
of
on
'orders.'
are
company
these
which has several million
airplanes
are
among
order to which the third-term candidate referred.
that company is still working on
not the
aircraft
Presumably
actual walls but
to be manufactured.
the
But
the architectural and engineering design—
the design—of the building in which the aircraft
•
Volume
"So what
The Commercial & Financial Chronicle
151
we
really talking about is not tanks
are
order—bat factories
•n
on
order
airplanes
or
order."
on
Ohio
Rhode
Island
Speech Wendell L. Willkie
Declares
Freedom and Independence of Labor Are Essential
to Our Democracy
Republican Presidential candidate Wendell L. Willkie,
Oct.
10, speaking at
the Narragansett Park
on
track in
race
Pawtucket, R. I., took occasion to comment
statement
on
recent
a
by the Democratic National Committee,
as
to
which he said:
The
Committee
first
accuses
of
me
solemnly
worker in America.
every
And then
it goes on to say. and I am quoting its exact words:
man
living,
now
who
or
ever
lived, could fulfill 6uch
a
promise.
There you have in cne brief sentence the whole platform and the whole
philosophy of the New Deal.
ever
lived"
It tells
that "no
us
living, or who¬
man now
hope to bring about jobs in private industry for every worker
can
in America.
Just think that
cannot
Note that it doesen't say that Wendell Willkie
over.
produce jobs.
people would have
That
would be
right to judge.
a
farther; it asserts that there
for all
workers.
our
to take my
If that
political
mere
can never
philosophy I emphatically disagree.
be jobs in private industry
On that issue I
New
problems, and
In
am
happy
Deal
statement
anything it
means
future for America.
no
his
that the New
means
That is precisely the phi¬
to solve our economic
who subscribes to that philosophy will ever be able
no man
Mr.
address
From his address
quote:
we
_
_
Now when I talk about American social gains,
I
talking about the
am
preservation and extension of social gains in our free republic.
My position
is this:
solidly for the right of labor to join together in labor unions.
am
Their right to bargain collectively through agents of their own free choice
and the right to strike are fundamental privileges of every American.
The safeguarding of the rights of free labor is
which sets
of the great principles
one
apart from the enslaved peoples of the dictator countries.
us
The freedom and independence of labor are essential to
democracy.
our
That is why I am for the National Labor Relations Act.
simple recognition of law of labor's basic rights.
that
for it
is
before it
measure
passed.
was
I
was
As President of the United
now.
I
for it after it
States, I will
vigorously and impartially enforced
.
.
That Act is
passed.
was
unemployment continues,
it that this law
see to
a
any one tell
job.
wiU
There is going to be
must
no
no
continue
we
will be taken off relief
men
long
as
there is any un¬
public.
mean more
In later speeches I shall discuss
un¬
employment relief in detail.
are
fundamental to
Republican program.
ft
In conclusion the
world
new
must make ourselves
quires the
but
use
m omx mmmmmmmmrnrnimmmm
can we
strong.
we
secure.
In order to defend ourselves
We must have not only
have
must
of the most
be
a
a strong
strong industry.
are
are
behind
advanced materials,
a
re¬
If
we
engaged,
oceans,
as
I
see
it. In
a
great competition.
We cannot hide
using obsolete methods and obsolete machinery and an
obsolete philosophy.
We must surge ahead.
we
as
to
war
Only if
we
of the New Deal leads to weakness.
Under that philosophy we are
closer to
we
We must invent and
must put our in¬
use.
The philosophy
war.
We must develop faster than other nations—just
always have in the past.
ventions
we
every
Weakness leads to
being pushed toward
war.
We get
day.
discard that philosophy, only if we set our energies free, can
hope to prevent
war.
Our hope for peace lies in
a strong
America, in
which every man has a job and every man has a future.
D.
R.
Hill Elected
President of Mortgage Bankers
As¬
Pledges
Co¬
operation with
Defense Housing Commission—
Retiring President Shutz Urges FHA Insurance
of
sociation
of
Small
America—Convention
Industrial
Loans—Other
Speakers
Dean R. Hill of Buffalo, N. Y., was elected President of
the
Mortgage Bankers Association of America, succeeding
Byron T. Shutz of Kansas City at the closing session of the
organization's 27th annual convention, which was held in
Chicago Oct. 2-4.
Mr. Hill, who organized the Hill Mortgage Corp. in Buffalo
in 1924, is a Director of the Buffalo City Planning Association
and the Buffalo Real Estate Board.
He
was
elected to the
Board of Governors of the
1932 and served
and 1939.
of
and
1940
Board
the
who
were
of
re¬
were:
Barta &
Rohleder,
Inc., St. Paul, Minn.;
Byron V. Kanaley, President, Cooper, Kanaley & Co., Chicago, 111.; C. W.
Kistler, President, The C. W. Kistler Co., Miami, Fla.; Roy S. Johnson,
Holliday.
At the business session a resolution was passed offering all
cooperation to the Defense Housing Commission and other
Government bodies working in the real estate and housing
fields under the defense program.
Under it, M. B. A.
members pledged all aid and assistance in promoting the
success of the program.
Another resolution endorsed efforts
to secure more equitable real estate taxation, principally
those being made by the National Conference of Real Estate
Tax Payers which the M. B. A. helped to organize in co¬
operation with other groups.
It
also
as
announced
that
Mr. Hill, newly-elected
appoint a committee of M. B. A. mem¬
bers to cooperate with the Federal Housing Administration
and consult with it regarding mortgage banking operations
and practices.
was
soon
topics of informal discussion
closing session on Oct. 4 was a plan which has been
proposed for the insurance of small industrial loans by the
FHA.
While no formal action was taken on this matter by
the delegates, retiring President Byron T. Shutz of Kansas
City expressed himself as feeling personally that the plan
presented extremely interesting possibilities though needing
further study and investigation.
The industrial loan plan
would mean extending FHA insurance to small non-special¬
ized factory buildings.
At present FHA's operations are
limited to residence loans, ceitain types of apartment dwell¬
ings and home repair work. Ixians of up to $500,000 might
be insured under the plan, it was said.
The actual lending
would remain in the hands of private interests as under the
present FHA system.
Mr. Shutz said:
It is the small business man and the owner of the small
Mortgage Bankers Association in
Vice-President of the group in 1936, 1937
He is charter member and President of the Buffalo
Mortgage Bankers Association.
Frederick P. Champ, President of the Utah Mortgage Loan
Corp., Logan, Utah, was elected Vic?-President of the
Association.
Four regional Vice-Presidents were also elected
by the delegates. They are:
factory who have
suffered most from the inactivity of the new capital markets.
Large well-
easily today; small industries find it difficult.
They do not have adequate cash balances and increased production means
One of those
advocating that study of the plan for FHA
was Hugh Riddle
Chicago, Secretary and Treasurer of the Chicago Mortgage
insurance of industrial loans be undertaken
Bankers Association.
In further
Small
referring to the plan Mr. Shutz stated:
businesses
must
have
adequate financing or they will become a
years
which will
probably run for many
very
regardless of the turn of national or international events.
There is
going to be a great amount of plant expansion in this country and a plan of
small
industrial
financial structure
as
well
mortgage
FHA
Furthermore,
is
as
the
loans
is infinitely superior
to
direct
will help relieve the strain on the Federal
give
our
logical
idle capital
a
chance to go to work.
Government
agency
to
undertake
the job.
the most advanced tech¬
developing them.
our
ended in
government subsidy because it
we
Army and
Modern warfare
niques, the most advanced chemicals and mechanical appliances.
We
members
Other
terms
•
Barta, VicePresident,
insuring
"
Republican candidate said:
fail to develop these things we cannot be strong in relation to other nations
which
C.
whose
weak link in the defense program,
Protection of labor's right and continuation of relief
strong Navy,
J
of
as
will improve it and expand it and make it
to the men on relief and to the
Only in this
Governors.
increased demand for cash.
debate about that and don't let
be continued Federal relief
employment, but
our
elected
Federal relief.
different.
you
Not only
of
Governors
known companies can finance
,
we
We promise you that when I am President
until he has
Board
a
And I
protect those who have been kept out of jobs by the New Deal.
as
Frederick S. Duhring, Loan Manager of Mason-McDuffie
Co., Inc., Berkeley, Cal., was elected to the Association's
for the principle of
was
But besides protecting the rights of those who have Jobs, we must also
So long
Randall II. Hagner A Co., Baltimore, Md.
at the
Willkie in declaring
himself solidly
for labor unions, said among other things "the freedom and
independence of labor are essential to our democracy.
That is why I am for the National Labor Relations Act."
First, I
and Guy T. O. Ilolliday of
Cleveland,
The Cuyahoga Estates Co.,
President,
One of the most controversial
problems.
our
Mullenix,
President, will
losophy that has made it impossible for the New Deal
solve
and the
stand.
Dealers believe there is
to
argument,
But this statement of the New Deal
goes much
W ith that
A.
President, Federal Land Bank, Wichita, Kans.; and Mr. MuUenix and Mr.
"National
Democratic
pledging jobs in private industry for
No
Portland, Or©.;
Allyn R. Cline, President, Cline Mortgage & Trust Co., Houston, Texas;
Charles
In
2131
ReadeM. Ireland, President, MacMaster, Ireland & Co.,
Frank M. Totton, Vice-President of the Chase National
Bank, New York, told the members of the Association on
Oct. 4 that the banker, whether he is an investment bankers,
a savings banker or a mortgage banker, should be a teacher
of thrift and character and in a sense, should also be a
preacher of
entitled
applied religion. Mr. Totton, whose address was
"Ola
New," declared
for
that it is time for the
suggested
that the banking fraternity adopt a sound program of publio
relations so that the public generally can be advised of the
many services which the banker performs in his community.
Mr. Totton spoke following an address delivered by Edwin
W. Craig, Vice-President of the National Life and Accident
Insurance Co., Nashville, who warned against speculative
building of homes, and a talk by Myers Y. Cooper, former
bankers to forsake their attitude of defeatism and
Governor of Ohio and President of the National Conference
of Real Estate
Taxpayers on "Safeguarding Mortgage In¬
Against th3 Approaching Collapse of the Real
Estate Tax Structure." Mr. Coopei declared that "America
has the most cumbersome, ridiculous and antiquated tax
system in the world and it could not stand up for any length
vestments
of time
were
it not for the fact that
He listed the
world."
in ths
we are
the lichest nation
following steps that must be
taken:
(1)
Place a ceiling on real estate taxes by adoption by statute or con¬
stitutional amendment in each State of an over-all limitation of the aggregate
Nine States already have such a limit; (2) determine the relation
tax rate.
of taxable
value of real
continuous
effort
for
estate
to
productivity of real estate;
governmental
financial support for education from a
economy
and
(4)
draw
broader tax base; (5) amend Federal
inheritance tax laws to permit not less than 10 years for the
estate
(3) make a
efficiency;
liquidation of
properties, to avoid unnecessary losses through forced liquidation.
Eliminate the capital
Commission
on
gains tax as applied to real estate and
(6) create a
Taxation and Land Policies of the United States, to study
the overlapping of 175,000 taxing units in the nation;
The
Gen.
opening session of the convention heard an address by
Wood, Chairman of the Board of Searsf
Robert E.
The Commercial &
2132
"Population Trends
Roebuck & Co., Chicago, who spoke on
and Their Effect on Business."
general session of the meeting, held Oct. 3,
Vice-President of the Continental
Life Insurance Co., Wilmington, Del., addressed
Alternates to
Claude
American
Benner,
L.
delegates on "Some Economic Consequences of the
European War." Also speaking at this session were Harland
A. Bartholomew, city planning expert of St. Louis, on "The
Present and Ultimate Effects of Decentralization Upon
the
Cities," and Roy A. Roberts, managing
the Kansas City "Star," on "What's to Come?"
American
Governor Horner of
Death of
editor of
Illinois—Had Held Post
Since 1933
Y^j Y
/^Governor
Henry Horner of Illinois died "on Oct. 6 at his
after an illness of nearly two years.
12,
1940
Stock Exchange Designate
Naval Service
Two Members of New York
Serve During Their
partner of F. L. Salomon
Lewis G. Salomon, floor
At the second
Dr.
Oct.
Financial Chronicle
is the second member of the
& Co.,
New York Stock Exchange to
apply to the Committee on Admissions for a floor
due to summons to active Naval duty.
He has
alternate,
requested
designation of his father, Ferdinand L. Salomon, a
partner of his firm, to exercise his privileges on the floor
during his absence in the service of the U. S. Navy.
A
similar provision was requested recently by J. Grenville
Bates, Jr., Stock Exchange partner of Taylor, Bates & Co.,
a Lieutenant, senior grade, also in the Navy.
The members approval of this amendment to the Stock
Exchange constitution was reported in our issue of Sept.
28, page 1833.
the
_
home in Winnetka, 111.,
61 years old.
Governor Horner, who was the only
Chicagoan ever elected to the office, had been the
State's chief executive since 1933, having been reelected in
He
was
F.
E.
Gernon Elected
A military funeral service was held for the Governor in
Artillery Armory on Oct. 8 where the body
the 122nd field
lay in state since the previous day.
Lieutenant Governor
John Stelle took the oath of office on Oct. 6 as Governor
Horner's
The
successor.
following account
of Mr. Horner's life is from a
Chicago dispatch of Oct. 7 to the New
Prom 1914 to 1933 Chicago knew
Horner
of
the
Cook
County
attended Chicago University
Whitham &
for
Probate Court.
Judge
A native of Chicago, he
class of
and the Chicago-Kent College of Law.
& Horner until 1905 and of
Judge
banks and trust
forego charges and the court to refuse fees on the estates of
Horner until 1914.
Stone & Co., was elected
Group of the Investment Bankers
Association of America at its annual meeting held at the
Bankers Club, New York City, on Oct. 7.
He succeeds
J. Taylor Foster, of Spencer Trask & Co.
Laurence M.
Marks, of Laurence M. Marks & Co., was elected ViceChairman, succeeding Mr. Gernon in that post, and Hearn
W. Streat, of Blair & Co., Inc., was reelected SecretaryTreasurer.
In addition to the new officers, the following
were elected members of the Executive Committee:
John M. Young, Morgan Stanley & Co., Inc.: John J. McKeon, Chas.
W. Scranton & Co., New Haven; J. Taylor Foster; Delmont K. Pfeffer,
National City Bank of New York: and Henry H. Egly, Dillon, Read & Co.
Frank E. Gernon, of Hayden,
companies to
He attained wide popularity as a
world war veterans.
Horner was
Mr.
Continuing
Plan, whereby he successfully requested
Horner
his
York "Sun":
him (Mr. Horner] as the dynamic
He was a member of the firm of Whitney
'98.
Group
Chairman of the New York
1936.
}
Chairman of New York
of I. B. A.
native
•
Benjamin
as
ailments while
Lee M. Limbert,
Frank M. Stanton,
Hallowell, Lee Higginson Corp.; and
Kuhn, Loeb & Co.;
N. Penrose
the First Boston Corp.;
stricken with a complication of heart
Committee are:
members of the Executive
Buttenwieser,
J.
Blyth & Co., Inc.
He took a rest of five months
administration of State then ensued. In which
listening to Chicago election returns in 1938.
A remarkable
Florida.
in
a
regency was
now
on
created, participated in by Lieutenant Governor John Stelle,
succession.
In April of this year
eve
of the
Stelle proclaimed himself
but other State officials refused to recognize the act.
Mr. Stelle issued legislative calls for April 30.
Mr.
Democratic
Governor of the State,
Both Mr. Horner and
primary,
the Lieutenant
|
nullified his claims by assuming
Governor's chair in the reconvened Senate.
The latter part of the Horner administration was truly a bedside rule,
Kelly-Nash control lasting until his death.
Mr. Horner was noted as the possessor of one of the greatest Lincoln
with his opposition to the
<
libraries in the world.
Former
Lehigh Valley R.R.
Duncan
of
•
Y-Y'YY\
♦
Death
J. Kerr,
President of
Ken1, who retired early this year as President
Lehigh Valley R.R., died on Oct. 8 at his home in
Spokane, Wash.
He was 57 years old.
Mr. Kerr, who
became President of the Lehigh Valley R.R. in 1937, was
forced to leave the post in Julv, 1939 due to illness; he re¬
signed from the position on Jan. 16, this year and was
succeeded by A. N. Williams, former Executive Vice-Presi¬
dent, and Chairman of the Board. Mr. Kerr's career was
summarized as follows in the New York "Herald Tribune"
Duncan J.
of the
Mr. Kerr, who had been in the
Glasgow, Scotland.
He
came to
railroad business for 36 years, was born
his first railroad job with
R.R. at Altoona, Pa., as a rodman.
After four years
Chicago, Milwaukee
he went West to locate and construct new lines for the
& Puget Sound
R.R., for which he worked a year and a half.
Oregon Trunk R.R. and
His next work was on the construction of the
then with the Spokane. Portland & Seattle Ry.
Great Northern and Northern
R.R.
In
as
He remained with
Paul office of the Great North¬
throp W.
Busi¬
Aldrich, President, stated at the
Fund's head¬
quarters in New York that Mr. Watson has agreed to serve
as
Director of the Commerce and Industry Division of
Allied Relief Fund, which is launching a fund-raising cam¬
paign among business and industrial groups of the country.
Within the past few days a number of outstanding business
leaders have indicated their willingness to serve in the cam¬
invitations are being extended to prominent
of business and industry.
and
paign,
executives in various other fields
Henry Bruere Elected President of Savings Banks As¬
sociation of New York State—Cites Plan of Savings
for New Housing
Banks and Insurance Companies
Development—Resolutions
On May 5,
At the final session on
Adopted
at
Annual
Vice-President of the
President of the Lehigh Valley
1937, he was elected president.
the ensuing year:
to serve for
First Vice-President,
Edison P. Pjohl, President,
Jr., President of the New York
Exchange, announced on Oct. 8 three promotional
changes in the staff of the Department of Member Firms.
Those affected are Edward C. Gray, Frank J. Coyle Jr., and
James H. Otding.
Mr. Gray, formerly Majager oi the
Division of Conduct and
Finance, has been appointed
Director of the Department of Member Firms; Mr. Coyle,
Manager of the Divisions of Member Offices and Personnel
William McC. Martin
and Commissions and
Quotations, has been appointed As¬
sistant Director of the Department; and Mr. Ording has
become Assistant Manager of the Department's Division of
Conduct and Finance.
Mr Gray, who will report to Howland S. Davis, Executive
Vice-President, has been employed by the Exchange since
1918.
He is a graduate of New Yoik University and was,
from 1935 to 1938, Secretaiy to the former Committee on
Business Conduct.
He has been Manager of the Division of
Conduct and Finance of the Department of Member Firms
since Mav 16,
1938.
organizational changes follow a recent adjustment
of the Exchange's executive staff coincident with the appoint¬
ment of Howland S. Davis as Executive Vice-President.
Mr.
Davis had previously been Vice-PresideDt and Director of
the Department of Member Firms.
These
Niagara County Savings
Bank, Niagara Falls;
Vice-President,
Albert W.
Hooke, President,
Oneida County
Savings Bank, Rome;
Third Vice-President,
town Savings
i
Charles D. Swayze, Secretary-Treasurer,
Fifth
Middle-
ank, Middletown;
Fourth Vice-President,
Stock
meeting
the State of New York,
Henry Bruere, President of the Bowery Savings Bank, New
York City, was elected President.
He succeeds Albert S.
Embler, President of the Walden Savings Bank, Walden,
N. Y.
The Association also elected the following as officers
Savings.
New York Stock Exchange Announces Three Changes
in Staff of Department of Member Firms
Oct. 4 of the 47th Annual
Savings Banks Association of
Second
office engineer.
1936 he resigned as assistant to the operating
Great Northern to become assistant to the
R.R.
Co., both subsidiaries of
Pacific Railroads.
them from 1910 to 1913 and joined the St.
ern
President of the International
Corp., was elected a Director of the Allied Relief Fund
at a meeting of the Board on Oct. 7.
Coincident with the
announcement of Mr. Watson's election to the Board, Winness
of the
...
the United States in 1904 and got
the Pennsylvania
the
from
Thomas J. Watson,
Meeting
of Oct. 9:
at
Fund—Will
Mr.
Stelle. whether by slip or change of heart,
Director of Allied Relief
Division Raising Funds
Business and Industrial Groups
Watson Made a
Also Head
J.
Thomas
Governor, under the State's laws of
the
Ralph H. Stever, President,
Seamen's Bank for
New York City;
Vice-President, Robert S. Darbee,
President, Bay Ridge Savings
Bank, Brooklyn;
General Secretary, Paul
W. Albright;
Doerscuh;
Urbain C. Le Gost;
of the Savings Banks Association in New York City J
Secretary, Margaret
Assistant Secretary,
The last three are
The Savings Banks Association had held its Annual meet¬
ing this year at Lake Placid, N. Y., from Oct. 2 to 4; previous
reference to the meeting was made in these columns last
1985.
meeting on Oct. 4. Mr. Bruere said that
savings banks could expect additional deposits as a result
of defense program expenditures and the general improve¬
ment in business.
The new President of the Association also
discussed plans of the savings banks and life insurance com¬
panies for a large limited dividend housing development.
He said:
'' / '
Y Y'.. .,
week (Oct. 5), page
In addressing the
•
_
Legislature we are considering
going further in providing housing facilities.
At present in New York city
there is under consideration by certain savings banks and several life in¬
surance companies,
in conjunction with State and city officials, a large
limited dividend housing development. If this program is found feasible
it will be a precedent in co-operation between public agencies including
the supervisory authorities and savings banks, for which the association's
housing committee will deserve much credit.
Through our rich experience
in the management of many types of real estate we are quite prepared to
handle the responsibility of managing a housing enterprise.
Under powers
lately given us by the State
Volume
Two things we have found essential in this new phase.
and
intelligent co-operation with
h
ea
In this respect,
as
as we
purposes
an
a
willing
increasing
of government agencies.
I submit, the policy of savings banks represents a whole¬
tendency in American life.
much
One is
The other is
other.
co-operatioii with the representatives and
some
Important
cherish it, it is no
as
is individual initiative and
and proper controls which government provides and must exercise
in the
In resolutions
passed unanimously at the final session on
Oct. 4, the Association pledged continued determination in
the safe-guarding of depositors' funds and keeping those funds
constructively at work, while at the same time giving all
possible cooperation to the financing of the defense program.
Resolutions also urged the constructive modification of the
mortgage moratorium; economy in the ordinary expenses of
both local and National government, so that real estate
taxes might be reduced; the adoption of interest dividend
policies giving the best return to "the true savings depositor;"
reduction
of foreclosure
housing projects
commended limited
and
costs
of elimination of slum
as a means
areas.
Leon
♦
Rowland R. McElvare, Executive Vice-President of The
Bank for Savings in the City of New York, was elected a
Trustee of the Bank at the October
public interest.
the
$50,080,118; and loans and discounts of $27,576,247, com¬
pared with $27,692,138.
Surplus and undivided profit
account increased to $8,662,896 after the payment of regular
quarterly dividend.
longer possible for important economic
units to operate independently of each other and to diregard the facilities
dividend
2133
The Commercial & Financial Chronicle
151
Fraser and
Nomination
Donaldson
Brown
Directors
as
Recommended
New
of
York
for
Federal
Bank
Reserve
meeting of the Board.
Mr. McElvare became associated with the Bank in 1929 as
Vice-President.
He
formerly
was
a
senior officer of the
National Bank of Commerce in New York.
he has taken
active part in the work
Association of the State of New York.
an
In recent years
of the Savings Banks
The statement of The Continental Bank & Trust Co. of
New York
as of Sept. 30, shows that deposits increased to
$64,711,010 from $63,105,447 on June 29.
Cash on hand
and due from banks amounted to $21,844,062 compared with
$25,943,621; holdings of Government securities were un¬
changed at $5,180,000; commercial loans and discounts show
an increase to $18,307,607 from $16,531,962, and call loans
to brokers show an increase to $6,199,877 from $5,124,782;
collateral loans totaled $7,628,291 against $8,364,273. Capital
was unchanged
at $4,000,000 ana surplus and undivided
profits were $4,470,646 against $4,450,433 at the mid-year.
The
special committee appointed by the bankers associa¬
tions of New York, New Jersey and Connecticut on Oct. 4
recommended Leon Fraser, President of the First National
Bank of the City of New
York,
Class A Director of the
as a
Federal Reserve Bank of New York, and Donaldson Brown,
Vice-Chairman of the Board and Vice-President of the Gen¬
eral
Motors
Mr. Fraser
Corp., New York City,
was
William
ceed
suggested for
a
as
Trust Co.
named to
the International Business Machines
Corp., New York.
Mr. Potter's and Mr. Watson's terms
Dec. 31, 1910.
District,
that
capital and surplus of
eral Reserve Bank
the
to
as
Both
directors expire on
Nomination and election of the directors will
be confined to member banks in
banks
Class B Director.
Potter, Chairman of the Board of the
of New York, while Mr. Brown was
take the place of Thomas J. Watson, President of
Guaranty
Reserve
a
Class A Directorship to suc¬
C.
on
is,
those
Group
banks
$1,900,000.
over
1 of the New York
having
a
The New YTork Fed¬
Oct. 1 called attention of
election
invited
and
combined
the member
nominations;
this
The
York,
statement
of condition of Clinton
compared with total assets of $9,745,693 on June 29, 1940,
$9,800,412 on Sept. 30, 1939.
Deposits on Sept. 30
amounted to $9,054,288 compared with deposits of $8,612,342 three months ago and $8,575,892 a year ago.
Capital
stock remained unchanged at $600,000 while capital notes
and
$100,030, unchanged from June 29 and comparing
capital notes of $125,000 on Sept. 30, 1939.
Surplus
and undivided profits stood at $338,190 against $338,603
three months ago and $331,122 a year ago.
Regarding the
institution's showing, it is further stated:
totaled
with
compared with $2,408,"
Loans and discounts were $2,501,709 on Sept. 30
Other asset items com¬
690 on June 29 and $2,536,776 on Sept. 30, 1939.
pare
Cash
as
follows with
on
the figures for
three months ago and a year ago:
$3,111,998
hand and due from banks, $3,117,305 compared with
and $2,841,284; investments in
bonds, $4,111,585 against $3,791,583 and
C-S'-
$3,977,364.
♦
;
was
mentioned in these columns of Oct. 5, page 1988.
Trust Co., New
of Sept. 30, 1940, reveals total assets of $10,194,726
as
A. Walbridge, a former executive with Mackay
Co., New York investment brokers, died of heart disease
on Sept. 30 at his home in
Babylon, Long Island. Mr.
Walbridge was born in Brooklyn 48 years ago.
He was
graduated from Princeton University in 1915 and served in
the World War as a lieutenant of field artillery with the
Ernest
&
ITEMS
ABOUT~BANKS,
William J.
Bohner7
TRUST "COMPANIES,
&c.
regular member of the New Yor^
Curb Exchange since June 11, 1919, died on Oct. 9, in his
a
50th year.
Second
>.-
Division.
Mr.
Walbridge joined Mackay & Co.
position until a few years ago.
in 1920 and held an executive
Since futures contracts in various
import commodities are
Commodity Exchange, Inc., the Board of Gov¬
at their meeting on Oct. 9, discussed various eventu¬
traded in
ernors,
on
alities with regard to the disturbed conditions in the Far East.
As a result of the discussion, a Committee was appointed to
study the matter further.
/
:
'■■-V
Guaranty Trust Co. of New York
A.-';.-;/:":;
announces
the appoint¬
ments of Walter E. Eitner and Edward Donlan Jr.
Vice-Presidents.
Mr.
Eitner
Secretary and Mr. Donlan
as
Second
formerly an Assistant
Assistant Trust Officer.
was
was an
executive of White Weld & Co.,
bankers, died on Oct. 3 in St. Vin¬
cent's Hospital, New York City, following a long illness.
He was 62 years old.
A native of New York, Mr. Keenan
was educated at St. Francis Xavier College.
He began his
career with the National Bank of Commerce, later becoming
Assistant Cashier, and when this bank was merged with the
John J. Keenan, retired
New York, investment
Guaranty Trust Co. of New York, Mr. Keenan was made a
Vice-President.
He joined White, Weld & Co. in 1931 and
was
employed in an executive capacity until December,
1935, when he retired.
*
•
At the regular meeting of the board of directors of the
National City Bank of New York on Oct. 8 A. W. Austin,
Wm.
F.
Switzler and W. A.
Fori ester Jr.
were
appointed
appointed
Assistant Vice-Presidents, and Ross A. Budge was
Assistant Cashier.
Mr. Austin and Mr. Switzler
were
formerly Assistant Cashiers.
Charles F. Wheaton, retiring Trust Officer of City Bank
Farmers Trust Co., was guest of honor this week at a dinner
tendered to him at the University Club by Lindsay Bradford,
President, and the official personnel of the Trust Co. Mr.
Wheaton has served at the uptown branch of City Bank
Farmers for many years.
Mr. Bradford presented him with
a suitably engraved silver tray on behalf of the company.
♦—
The Commercial National Bank and Trust Co., New York
City, recently issued a brochure briefly describing its new
banking quarters which are now located at 46 Wall St.—the
northwest
corner
ment of the
of Wall and William Streets.
The
develop¬
bank's business, it is said, required additional
The banking quarters in the 23-story building consist
of 6 floors and are modern in every respect, including safe
deposit vaults. The bank is engaged in all phases of com¬
mercial banking, both domestic and foreign; and maintains a
trust department which serve in every corporate and personal
fiduciary capacity.
Herbert P. Howell is Chairman of the
space.
Board of the institution, and Walter G. Kimball is President.
The bank moved into its new quarters on May 27, as was
reported in
our issue of June 1, page 3453.
The bank reported as of Sept. 30, 1940, total deposits of
$133,775,058, and total assets of $153,564,011, compared
respectively with $127,432,234 and $147,848,557 on June 29
last.
The bank held cash
$64,820,773
compared
on
hand and due from banks of
$62,293,189; investments in
U. S. Government securities of $52,246,419, compared with
with
National Bank, of Brooklyn, N. Y., re¬
total deposits of $10,485,690, and total
compared respectively with $9,371,101
and $10,836,492 on June 30.
Cash on hand and due from
banks amounted to $3,317,759 against $2,799,531; holdings
of United States Government securities to $3,901,690 against
$3,275,103; and loans and discounts to $3,443,053 against
The Lafayette
as of Sept. 30,
assets of $12,120,576
ported
$3,357,245.
-
■■■vS"
•
The Central-Penn National Bank of
■
v
--V
.
Philadelphia, Phila¬
delphia, Pa., in its statement of condition as of Sept. 30,
1940, reveals total assets of $84,364,255 (as against $80,964,689 on June 29, 1940), of which the principal items are:
Cash on hand, in Federal Reserve Bank and due from banks,
$28,180,862 (against $25,425,567); time loans and discounts,
$24,943,958 (comparing with $24,308,565), and United
States Government securities, $9,207,280 (contrasting with
On the debit side of the statement deposits
$72,310,757 (comparing with $69,141,558
three months ago).
Capital and surplus remain the same at
$3,040,000 and $5,000,000, respectively, but undivided
profits are now $2,281,376, up from $2,248,840 on the earlier
$9,244,180).
are
shown
as
date.
»
Sterling National Bank & Trust Co. of New York in its
statement of condition as of Sept. 30, 1940 reports total
resources of $37,541,991, loans and discounts of $22,845,985,
deposits of $31,605,969, all representing new high figures
bank.
These totals, respectively, compared with
$34,195,748, $18,651,270, and $29,489,285, as of June 29,
1940, and with $32,130,604, $18,959,959, and $27,788,698
as of Sept. 30 a year ago.
The following is also reported
concerning the bank's statement:
and
for
the
The Commercial &
2134
Cash and due from banks, as of
Sept. 30, 1940, amounted to
$9,552,049,
and with $8,233,507 as of Sept. 30,
1939.
U. S. Government securities were $1,902,155, compared with
$2,366,523 on June 29, and with $3,019,035 a year ago.
Capital, surplus and undivided profits, as of Sept. 30 totaled $3,609,802,
compared with $3,594,332 as of June 29, and with $3,294,085 as of Sept. 30
last year,
Reserves amounted to $625,569, against $537,037 on June 29,
compared with $10,670,927 as of June 29,
New York, in its statement of
The Grace National Bank,
and with
brokers,
secured, amounted to $2,340,000; U. S. Government securi¬
ties amounted to $5,975,379; and State, municipal and other
public securities $4,454,518,: it was announced Oct, 1.
Undivided profits amounted to $715,643; deposits were
$46,906,984; and surplus amounted to $1,500,000.
of Sept. 30,1940, reported cash in vault
banks amounted to $28,186,217; demand loans to
condition
Total
as
resources
profits
are now
ago.
.
of the New York Trust Co.
increased to
$.541,834,738 from $520,235,793 at the end of June, while
deposits advanced to $496,857,302 from $473,605,234.
Cash on hand and due from banks, including exchanges, in
the current statement is shown at $225,213,897, as com¬
pared with $222,339,956; United States Government obliga¬
tions (direct and guaranteed) to $187,164,093, against $181,580,330; and loans, discounts and bankers' acceptances at
$95,004,678, against $85,982,993.
The company's capital
and surplus remain unchanged at $12,500,000 and $25,000,000, respectively, and undivided profits total $3,009,026,
against $3,000,839 at the end of June.
New York shows in its
of Sept. 30 deposits, exclusive of
The Maiine Midland Trust Co. of
condition
as
special trust deposits, of $132,238,304 and total assets of
$155,182,216, compared, respectively, with $122,352,982
and $149,179,669 on June 29.
Cash and due from banks
totals $54,377,747 (against $43,414,765 on the earlier date);
time loans and bills discounted, $39,085,721 .(against $35,114,430); demand loans secured by collateral, $15,048,304
(against $14,385,326), and
United States Government
obligations amount to $20,521,560 (contrasting with $29,363,181).
The company's capital and surplus remain un¬
changed at $5,000,000 each, but undivided profits are now
$4,473,101, compared with $4,447,981 on June 29.
executive officer of Dillon, Read &
W. M. L. Fiske, an
61 years
was
old.
Born in Brooklyn, Mr. Fiske went to
Chicago in the early years of his career as head of the Chicago
branch of William A. Read & Co., predecessors of Dillon,
Read & Co. Since 1924 he had been head of the Paris office
of the firm and had divided his time between New York and
Paris.
Mr. Fiske returned to this country last August.
special meeting of the shareholders of the New Rochelle
Rochelle, N. Y., will be held on Oct. 28 to
vote on a proposed recapitalization plan for the institution.
A
Trust Co., New
Pittsburgh, Pa., in its con¬
30, 1940,
of $455,347,390 (as compared with
The Mellon National Bank of
dition statement
shows
total
as
at the close of business Sept.
resources
$435,590,781 at the close of business June 29, last, of which
principal items are: United States obligations, $205,135,(up.from $204,623,637 on the previous date); cash and
due from banks, $198,495,027 (up from $182,638,781), and
loans and discounts, $33,808,513 (contrasting with $30,406,863).
On the debit side of the statement total deposits are
shown as $406,762,649 (against $387,745,997).
The bank's
capital and surplus, remain unchanged at $7,500,000 and
$25,000,000, respectively, but undivided profits have risen
to $4,777,281 from $4,229,613.
the
994
Trustees of the East
Washington Savings Bank of Washing¬
ton, D. C., have elected James A. Donahoe as First VicePresident, succeeding the late Gratz E. Dunkum, it was
announced on Oct. 9. At the same time Gratz E. Dunkum,
Jr.
was
father.
elected to the Board of Trustees in the place
In noting the changes the Washington
of his
"Post" of
Oct. 10 further said in part:
Mr.
Donahoe,
a
Trustee of the bank for the past
14 years,
is Vice-
President of the real estate firm of John P. Donahoe & Sons, a First
President of the National Capital
Insurance Co., and is
Eastern Building & Loan Association
The Harris Trust &
a
Vice-
Director in the
and the District Title Insurance Co.
Savings Bank of Chicago, 111., in its
as of Sept.
30, 1940, reveals total
deposits of $305,856,204 and total resources of $329,832,759,
comparing, respectively, with $287,967,869 and $310,873,447
on June 29, 1940.
The chief items comprising the assets in
the later statement are: Cash on hand, in Federal Reserve
Bank and due from banks and bankers, $127,279,375 (against
$116,348,506 on June 29); time loans and bills discounted,
$56,618,798 (contrasting with $54,223,246); United States
Government securities at par, $51,609,500 (against $52,609,500); State and Municipal securities, not exceeding market
value, $44,430,476 (comparing with $43,600,231), and other
bonds and investments, $39,761,219 (comparing with $37,290,568).
The Bank's capital and surplus continue at
$6,000,(XX) and $8,000,000, respectively,
but undivided
statement
of condition
,
: :
at the close
deposits of $389,748,385 and total assets of $414,357,824
compared with $378,573,534 and $403,275,711, respec¬
tively, at the close of business June 29, last.
The principal
items comprising the resources in the current statement are:
Cash and due from banks, $168,600,814 (against $161,523,825 on June 29); United States Government securities,
$105,392,424 (comparing with $105,461,768); other bonds
and securities, $94,360,745 (against $94,249,491), and other
loans and discounts, $29,682,669 (contrasting with $26,858,532).
No change has been made in the company's
capital and surplus, which stand respectively, at $3,000,000
and $6,000,000, but undivided profits have risen to $4,696,275 from $4,636,869 three months ago.
total
A.;
7v.-7
of The First National Bank
of Chicago, Chicago, 111., announces the resignation of
John C. Mechem, one of the senior Vice-Presidents of the
bank.
Mr. Mechem is a Lieutenant Colonel in the Officers
Reserve Corps, United States Army, and is being ordered
to active service in Washington where he is assigned to the
office of the Assistant Secretary of War.
Regarding his
,7
:
_
Edward E. Brown, President
business career, Mr. Brown
Mr. Mechem has had a long
said::
and honorable career in the banking business,
of the bank in 1920. He is a graduate of the
and the Harvard Law School. Prior to his employ¬
having entered the service
University of Michigan
& Company in Boston.
Lee Higginson
later connected with
He served in the last World War
he practiced law in Chicago and was
Captain in the United States Army.
as
THE
CURB
Curb stocks moved to lower
the
present
narrow,
were
week, and while the changes were generally
list. There
occasional movements against the trend but these were
maintained, and
not
MARKET
levels during the fore part of
they extended to all sections of the active
as
clined, price variations
craft shares were weak
Co., New York, Investment Securities, died on Oct. 5 at his
apartment in the Waldorf-Astoria Hotel, New York City.
He
months
»
Co. of Chicago, 111., in its condition
of business Sept. 30, 1940, reports
The Northern Trust
as
1940
■
7'
ment in the bank
statement of
$3,891,758, up from $3,697,056 three
'
statement
12,
as
and $665,722 a year ago.
T
Oct.
Financial Chronicle
the volume of transfers slowly de¬
continued to point downward.
and moved within
a narrow range
Air¬
and
shipbuilding issues were unsettled. Oil stocks were inclined
to move upward but the changes were small.
Industrial
specialties were lower, public utilities were down with the
exception of a few selected stocks in the preferred group, and
the aluminum shares moved irregularly lower.
Narrow price changes with most of the gains confined to a
selected list of trading favorites were the features of the 2
hour session on Saturday.
There were occasional advances
point or more but the turnover was light and transfers
approximately 38,000 shares.
Aircraft stocks were
generally quiet with most of the group unchanged or absent
from the tape.
Oil issues were moderately higher but most
of the transactions were in the preferred group.
Industrial
specialties were unsettled with most of the changes in minor
fractions.
Shipbuilding issues moved within a narrow range
and the paper and cardboard shares were quiet.
Penn Salt
was down 2% points to 187 and Pepperell Mfg.
Co., 1%
points to 79%. Cities Service pref. improved 1% points to
73% and Pittsburgh Plate Glass, 1 point to 94.
Price variations were generally irregular and the trend
downward during much of the trading on Monday.
There
were a small number of gains but these were largely among
the slower moving shares in the general list and were without
special significance. Aluminum issues were down and many
of the industrial stocks were off on the day.
Shipbuilding
shares moved up and down without definite or sustained
change, utility issues were quiet and the oil stocks were
moderately higher.
Aircraft shares showed little activity
while the paper and cardboard issues were irregular.
The
transfers were approximately 90,035 shares against 82,300
on Friday.
Prominent among the declines were Aluminum
Co. of America, 1% points to 160%; New England Tel. &
Tel., 1% points to 116%; North American Light & Power,
3% points to 74; and National Steel Car, 1 % points to 30%.
Moderate declines prevailed all along the line on Tuesday,
and while the setbacks were not particularly noteworthy, they
were largely in
excess of the gains.
There were 329 issues
traded in of which 66 were advances.
The declines totaled
167 issues and there were 96 unchanged.
Small advances
were registered among the oil shares and in the public utility
preferred stocks and there was an occasional strong spot to
be found in the industrial specialties group.
Aircraft issues
were weak, practically all of the active stocks showing losses
at the close.
Paper and cardboard shares were off from 1
to 2 or more points and the shipbuilding issues were unsettled.
Aluminum shares were lower, Aluminum Co. of America
of
a
were
sagging 4 points to 56% with the
preferred stocks fractionally
lower.
prices again dominated the trading on Wednesday
was a general slackening down of trading activity
following the opening hour. Oil stocks continued moderately
active but the changes were small and without significance.
Aircraft issues were down minor fractions and the paper and
cardboard shares moved irregularly lower as the day pro¬
Lower
and there
gressed.
Alabama Great Southern worked against the trend
a gain of 2% points at 79%, but most of the
and closed with
I
The Commercial A Financial Chronicle
Volume 151
active stocks in the utilities group "were lower at the close.
Shipbuilding shares were quiet ana setbacks ranging up to a
point or more were listed in the industrial specialties group.
Industrial stocks and public utilities were moderately
higher on Thursday but the advances were confined to a
small group of selected issues.
the changes were mixed and
In other sections of the list
largely in minor fractions. The
Aluminium Ltd., which forged
Aircraft stocks registered moderate
improvement with Bell advancing 1% points to 20% while
Brewster and Beech were higher at their tops but declined
later in the day. Cardboard and paper shares were down and
the shipbuilders issues were represented in the advance by
best
gain of the day
requirements of Section 522 of the Tariff
the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
Pursuant to the
Act of 1930,
The market
give below
FOREIGN
was
slightly stronger on Friday, and while
was
at approximately the same
level as the preceding session, the tone was better and there
were a
goodly number of small gains scattered through the
the
volume
list.
was
of
transfers
Aluminum Co. of America moved ahead 2% points to
American Hard Rubber was also active and advanced
160.
2% points to 20% and Draper Corp. climbed upward 4
points to 72. Aircraft shares were fractionally higher and
cardboard and paper stocks registered small gains.
As
compared with Friday of last week prices were -lower,
Aluminum Co, of America closing last night at 160 against
161% on Friday a week ago, Aluminium Ltd. at 78 against
82%/American Gas & Electric at 31 against 32%, Carrier
Corp. at 8 against 8%, Gulf Oil Corp. at 28% against 29%,
International Petroleum at 10% against 11%, New Jersey
Zinc at 62% against 64% and United Shoe Machinery at
59 % against 60%.
DAILY
TRANSACTIONS
THE
AT
NEW
YORK
a
record for the week just passed:
OCT.
Stocks
Oct. 11,
o/
1940
Foreion
Foreign
Domestic
Shares)
Wednesday
Thursday
Friday-...
.
...
Total....
37,810
89,205
113,880
77,225
77,005
76,465
$555,000
1,007,000
$15,000
751,000
850,000
760,000
9,000
18,000
$21,000
6,000
16,000
19,000
860,000
88,000
16,000
22,000
48,000
471,590
$4,783,000
$156,000
$132,000
10,000
RESERVE
1940. TO OCT. 11.
1940, INCLUSIVE
Noon Buying Rate for Cable Transfers in New
Value in United States Money
York
Oct. 8
Oct. 9
Oct. 10
$
$
$
$
$
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
.
$
Blegium, belga
Bulgaria, lev
Czechoslov'ia, koruna
Denmark, krone.
Engl'd, pound sterl'g
S
11
Oct. 7
Oct
Europe—
5
.
Oct.
--V
a
,
A
*
'■
■■■
.
-
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
4.036428
4.036785
4.035937
4.035000
4.035000
Finland, markka....
France, franc
Germany, reichsmark
Greece, drachma....
Hungary, pengo—
Italy, lira...
Netherlands, guilder.
.019500
.019666
.019666
.019666
.019666
.019666
a
a
a
a
a
Norway, krone.
Poland, zloty
...
Portugal, escudo....
Rumania, leu
Spain, peseta.......
Sweden, krona...—
a
a
a
a
a
a
a
a
a
a
.039860
.039825
.039825
.039850
.039850
b
b
b
b
b
Official
Free
-
....
Switzerland, franc.
Yugoslavia, dinar...
.
.
a
a
a
a
a
a
.399600*
.399600*
.399600*
.399600*
.399600*
.399860*
.006600*
.006600*
.006600*
.006600*
.006600*
.006600*
.193650*
.193650*
.193650*
.193650*
.193650*
.193650*
.050385*
.050385*
.050385*
.050385*
,050385*
.050385*
a
a
a
.039880
a
.091300*
.091300*
.091300*
.091300*
.091300*
.091300*
.238075
.238107
.238091
.238058
.238058
.231600
.231681
.231707
.022433*
.022433*
.022433*
.230362
.230918
.238091
.231568
.022433*
.022433*
.022433*
Asia—
China—
■
Chefoo (yuan) dol'r
Hankow (yuan) dol
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
a
a
a
.055218*
a
a
a
a
a
.053937*
a
a
a
.055218*
.057937*
a
.058218*
.057250*
a
a
.231125
.231562
.231437
.230812
.301666
.301666
.031666
.301666
.234387
.234387
.234387
.234387
.471033
.471033
.471033
.471033
a
a
a
.230781
.231750
.301867
.301666
yen——
.234387
.234387
Straits Settlem'ts, dol
Australasia-
.471033
.471033
a
3.228000
3.228000
3.228000
3.228000
3.228000
3.215000
3.216250
3.216250
3.215833
3.214166
3.214166
New Zealand, pound. 3.227500
3.229166
3.229166
3.228333
3.226666
3.226666
3.980000
3.980000
3.980000
3.980000
3.980000
Official.—-....-. 3.228000
Free
Saturday
Monday—
Tuesday
FEDERAL
BY
Australia, pound-
Total
Corporate
Government
CERTIFIED
Unit
Japan,
Bonds (Par Value)
CNumber
5.
Country and Monetary
India (British) rupee.
Week Ended
RATES
EXCHANGE
BANK TO TREASURY UNDER TARIFF ACT OF 1930
EXCHANGE
CURB
We
cable transfers in the different Countries of the world.
ahead 5 points to 95.
Bath Iron Works which closed
fractionally higher. Tubise
Chatillon A was up 2 points at 39 and Sioux City Gas &
Electric pref. (7) was up 5% points at 103.
2135
FOREIGN EXCHANGE RATES
$591,000
1,023,000
776,000
887,000
870,000
924,000
$5,071,000
A
...
f.lor,
Airicfl
1
South Africa, pound. 3.980000
North America-
Canada, dollar—
Official...
.909090
.909090
.909090
.909090
.909090
Free
.852421
.858593
.867500
.862968
.863035
.863984
.202700*
.202600*
.202600*
.202700*
.203000*
.203500*
Mexico, peso.
.909090
Newfoundl'd, dollarSales at
Week Ended Oct. 11
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.849875
.856250
.865000
.860250
.860625
.861750
Argentina, peso.....
Brazil, mllrels—
.297733*
.297733*
.297733*
.297733*
.297733*
.297733*
Official—.—
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
Free
.050166*
.050125*
.050125*
.050125*
.050275*
.050125*
.051680*
.051680*
.051680*
.051680*
.051680*
Jan. 1 to Oct. 11
New York Curt
Exchange
1940
Stocks—No. of shares.
1939
471,590
1939
1940
34,996,525
32,645,329
612,890
South America—
Bonds
Domestic.
$5,742,000
88,000
183,000
$234,431,000
1,908,000
5,348,000
$353,066,000
156,000
132,000
$5,071,000
$6,013,000
$241,687,000
$361,397,000
$4,783,000
Foreign government.
_
_
Foreign corporate.....
Total...
......
3,429,000
4,902,000
Chile,
peso—
Official—.
.051680*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
.669850*
.569860*
-
.668300*
,658300*
.658300*
.658300*
.658300*
.658300*
-
.372812*
.372812*
.372916*
.372812*
.376000*
.376375*
Export
Colombia, peso..
Uruguay peso—
•;
,
Controlled..
CURRENT
Non-controlled.
NOTICES
♦Nominal rate,
—0.
in
J.
Devine
United
States
their
first
which for
Included
&
Co.
securities,
prepared
have
for
distribution
giving data on U. 8. Government securities,
and a half the firm has been supplying informally.
is
Price
a
Yield
and
Index
of
Treasury
Issues
maturity
which presents a running record of price and yield changes for six
covering the entire list of Government issues.
According to the
firm, these maturity groups are unaffected by the general shortening of
maturities of actual issues.
Another classification, relating to the Federal
groups
Reserve System, comments on the operations of the Federal Reserve Banks
and gives
tabulations showing the distribution of reserve balances and
excess
in
reserves
and
the
balances.
reserve
factors
division
A
which,
in
of
group
this
the aggregate,
cause
change
a
is devoted to comment
con¬
cerning the Weekly Reporting Member Banks in 101 leading cities.
Sup¬
plementary figures are also provided giving investments, loans and deposits
of these banks and also the actual debits to checking accounts in these
cities.
first
Also
included
the
presents
addition
potental
in
use
the bulletin
made
to
including
of
the
are
three statistical summaries.
monetary
gold
stock
as
well
1940
1939
$1,757,940,448
220,769,502
252,000,000
159.339,068
78,265,359
Cleveland———————————
$2,307,781,750
242,634,683
312,000,000
173,929,945
77,937,720
72,100,000
122,010,000
102.854,956
86,803,105
85,111,070
the
important
most
items
of
the
Treasury's
fiscal
Baltimore———————————
Eleven cities, five days.———
New York—
Chicago.
...........
.........
Philadelphia—————————
Boston
P. Oatis & Co., Inc., as a Vice-President and director, it was
Mr. Voevedsky, a native of Russia but now a naturalized citizen, began
served his country
as
Cent
ip Paris,
circumstances
as a
Colonel in the Imperial Guards.
permitted he left for the United States,
directly to Chicago in 1924 when he went to work
Harris Trust and Savings Bank.
as a
messenger
+ 9.9
+ 9.2
—0.4
+ 14.3
+23.4
+ 7.9
72,983,688
63,752,795
+ 16.6
65,132,650
$2,938,172,363
788,386,795
+ 24.2
—
$3,648,295,879
977,537,720
day—.—....———
$4,625,833,59!
*225,166,780
$3,726,559,158
1,128.570,411
—80.0
Total all cities for week-——..—.
$4,851,000,379
$4,855,129,569
—0.1
Louis................
....
—
—0.7
+ 21.2
He
France, after the Russian revolution.
during the war
+31.3
+ 23.8
83,348,222
80,464,281
-
San Francisco
Pittsburgh.
Detroit
announced yesterday by Vincent P. Oatis, President.
career
;
72,600,000
106,709,000
St
soon
Per
Clearings—Returns by Telegraph
Week Ending Oct.*12
Kansas City
financial
CLEARINGS
show a decrease compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ended today (Saturday, Oct. 12)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 0.1% below those
for the corresponding week last year.
Our preliminary
total stands at $4,851,000,379, against $4,855,129,509 for
the same week in 1939.
At this center there is a gain for
the week ended Friday of 31.3%.
Our comparative sum¬
mary for the week follows:
Bank clearings this week
the
-—George Voevodsky has become associated with the Chicago investment
his
b Temporarily omitted.
The
as
operations.
firm of V.
No rates available,
the
gold stock in the form of gold under earmark.
The second gves investments made by the major life insurance companies;
and the third gives data on receipts and expenditures of the United States
Treasury,
a
COURSE OF BANK
bulletin
the past year
in the bulletin
-
48 Wall Street, New York City, specialists
Inc.,
Government
weekly
.
As
coming
for the
After progressing through the different
Other cities, five days
——
Total all cities, five days.—..—
All cities, one
+24.0
+ 24.1
departments in the bank he left in 1929 to enter the investment business.
For the past 10 H years he has been associated with the Chicago office of
Brown Brothers Harriman &
Co.
:
—J. Arthur Warner & Co. announce
the
opening of a Municipal Bond
Department to deal in general market and southern
supervision of Dr. Raymond Kenney and Walter E.
issues, under the
Sullivan, both pre¬
viously associated with Elder & Company—the former in the Institutional
Department and the latter
ment.
Prior
Securities
thereto
as
Mr.
Assistant Manager of the Investment Depart¬
Kenney
was
associated
with the Equitable
Corporation in New York, and Mr. Sullivan was with O. G.
Novotny & Company, Inc.
—Thomas W. Storrow is
Freres &
was
Co.,
members of
now
the
associated with the Boston office of Lazard
New
York
Stock Exchange.
Mr,
Storrow
formerly associated with Dick & Merle-Smith.
—Bristol
&
Willett, 115 Broadway, New York City, are distributing the
current issue of iheir
Over-the-Counter Review.
—William Shack has
rejoined Alexander Eisemann & Co.
♦Holiday In most citl.s.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
for the week previous—the week ended Oct. 5.
For that week there was an increase of 6.4%, the aggregate
of clearings for the whole country having amounted to
$6,169,253,536, against $5,800,448,665 in the same week in
1939.. Outside pf this city there was an increase of 6.5%
results
this center having recorded a gain of
the cities according to the Federal Re¬
districts in which they are located, and from this it
Oct.
Chronicle
The Commercial & Financial
2136
the bank clearings at
6.3%.
serve
We
District of
In the Cleveland Reserve District the
totals show an improvement of 9.5%, in the Richmond
Reserve District of 11.6%, and in the Atlanta Reserve
District of 1.7%.
In the St. Louis Reserve District the
totals register a loss of 1.9%, but in the Chicago Reserve
Clearings at—
Inc. or
a
gain of 3.0% and in the Minne¬
apolis Reserve District of 0.3%.
The Kansas City Reserve
District has managed to enlarge its totals by 3.8%, the
Dallas Reserve District by 5.5%, and the San Francisco
Reserve District by 9.9%.
following
we
furnish
a summary
1938
Dec.
1939
1940
1937
%
Seventh Feder al Reserve D Istrlct—Chi cago—
+0.4
495.197
497,365
336,857
476,091
109.813.000
94,271.013
+ 15.3
80,791.942
88,004,419
3,593.613
1,746.011
1,827.837
3,282.003
+ 9.5
2.647.656
2.963,746
22,835.000
Mich .-Ann Arbor
Detroit
10.8%.
District the totals record
In the
Week Ended Oct. 5
group
appears that in the New York Reserve District (including
this city) the totals record an increa e of 6.2%, in the Boston
Reserve District of 9.7%, and in the Philadelphia Reserve
12, 1940
Grand
.
Rapids
Lansing
Ind.—Ft.
Wayne
Indianapolis
2,316.038
5.768.060
24,281,824
1,554,146
11,708.938
4,477,269
South Bend..
Terre Haute
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines..
by Federal Reserve
districts:
SUMMARY OP BANK CLEARINGS
—9.4
1,559.614
1,877.833
1,057,166
+72.9
+9.0
1,108.135
18,816.000
17.551.000
1,094.641
1,620.553
5,815.208
23,148,453
—0.8
1,657,010
—6.2
1,341.772
4,337,356
19,848,717
1,553,526
11,225,146
+4.3
10.235.876
9.367.068
3,672,972
3,835.160
+ 16.0
+4.9
5.285.023
21.969.785
1.201.660
4,809,656
■—6.9
381,171
467.014
—18.4
370,758
425.234
324,020,245
328,163,580
—1.3
300,755.699
311,845.627
—29.7
1,874.609
1.179.108
Sioux City
IU.—Blooming ton
Chicago
1.927.017
20,940,000
1.995,932
Decatur
1,247.577
1,774,566
Peoria
4,936,769
4,053.913
+21.8
3,605,378
3,729,333
Rock ford
1,606.088
1,275,372
+ 18.1
Springfield
1,664.518
1,418.444
+ 17.3
1,123.366
1,230.938
1,338,586
524,174,469
508,776,690
+3.0
455,211,171
475,198,282
Total (18 cities)
1,433,415
Incor
Week Ended Oct. 5.
1940
1940
1939
Dec.
1938
S
%
S
1937
Eighth Federa 1 Reserve Die trict—St. Lo uls—
Federal
%
Dlsts.
Reserve
New York.. 13
"
3,351.286,414
3d
Philadelphia 10
"
467,606.471
4tb
Cleveland..
7
M
359.427,806
6th
Richmond..
6
"
181.977.028
0tb
Atlanta
10
M
188,858.697
2d
+9.7
+6.2
3,155,647,251
422.117.427 + 10.8
328,312,835
+9.5
163,026.005 + 116
185.736,672
+1.7
508.776.690
+3.0
7th
Chicago.... 18
M
521.174.469
8th
8t. Louis...
Minneapolis
4
M
162,521.578
165.719.419
—1.9
7
M
120.702.810
120.376.000
+0.3
+3.8
+ 5.5
+9.9
®th
10th Kansas City 10
Utb Dallas
6
M
77.008.150
72.966,382
12thSan Fran...10
**
282.805,996
257.329.713
113 cities
Total...
Outside N. Y. City
We
6,169.253.53'
5.800.448.665
2,950.195,251
2.771,180.598
32 cities
Canada..
now
add
140.261.170
145.576,441
462,655,093
668,381,267
our
+6.4
+6.5
S
252,006,336
95.700.000
96,400.000
38,221,523
27,923,055
35,762,082
+6.9
79,200.000
30,743,944
32,930.337
-15.2
26,832,898
3,181.218,353
376.519.592
378.758.946
111.—Jacksonville
283.451.608
309.791,386
151.180.875
147.143.664
164.653.229
163,930.708
455.211,171
475.198.282
3.812.193.435
137,346.842
149.355,860
101.816.974
121.839,765
'
Total (4cities).
140.105.394
Ninth Federal
68.289.629
73.090.183
Minn.—Dul'ith..
261.258.065
6.178.020.642
6.653.696.942
2,487,673,123
2.588.026.379
470,862,546
—0.7
83,700.000
33,349.990
31,627,870
x
x
680,000
657,000
+3.5
570,000
678.000
162,524,578
165,749,419
-1.9
137,346,842
149,355,860
Reserve Dls trlct—Mlnne
apolis—17.9
2.878.398
Qulncy.
232,007,749
126.787,271
+22 9
Mo.—St. Louis..
Ky.—Louisville..
Tenn.—Memphis
268.512,267
280,149.101
307,301,676
Boston....12cities
1st
'
3,022,518
3,679,36^1
Minneapolis
78,700.840
St. Paul
30.384,547
78.011,794
29,256,137
+0.9
67,519.086
3,624,008
82.003.331
+3.9
24,356.163
28.592.206
2,690.014
N. D.— Fargo
S. D.—Aberdeen.
2,932,768
2,877,420
+ 1.9
2,570.120
975.396
957,263
800.908
Mont.
1,079.097
1,082,387
+ 1.9
—0.3
936,955
822.568
3,607.644
4,511,637
—20.0
2,785.344
3.272.588
120,702,810
120,376,000
+0.3
101,846,974
121,839.765
—
'
Billings
Helena
440,795,0?8
Total (7 cities)
detailed statement showing last week's
836.050
figures for each city separately for the four years:
,
Week Ended Oct. 5
.
Hastings
Lincoln
Inc. or
1940
1939
1938
Dec.
1937
Omaha
Kan.—Topeka.
$
First
Reserve Dls trlct—Kan 8
Tenth Federal
Neb.—Fremont.
Clearings at—
Federal
$
S
%
$
Reserve Diet rict—Boston
Me.—Bangor....
Portland
Mass.—Boston..
876.867
1,080.244
+ 23.9
986,322
3.680.275
3,118,582
237,220.825
919,338
+ 18.0
2,616,983
2,296.181
+ 10.2
230,377,282
209,658.901
—3.5
664,431
665,363
Fall River
887.211
Lowell
609.794
454.608
+34.1
675,172
New Bedford..
809,697
869,554
—6.9
693,982
728,012
3,870.768
4,149,881
—6.7
4,043,534
3,404,238
2,292.877
2,500,815
—10.6
2,383,169
2.171,855
13.106.518
6.824.736
12,760,010
+2.8
11.197.661
16,291.313
+29.1
4,636,839
4.094.320
+6.2
9,753,000
10,760.900
—1.8
693.347
601,908
+ 9.7
268,512,267
252,006,336
Springfield
Worcester..
Conn.—Hartford
New Haven..
R.I.—Providence
11,940.500
N.H.—Manches'r
690,609
5,287,297
11,242,700
703,404
Total (12 cities)
307,304.676
280,149,101
Wichita
Mo.—Kan. City
871,907
261.511.447
.
357,023
St. Josepn
Feder al Reserve D istrlct—New
N. Y.—Albany..
Blnghamton
Buffalo
Elralra
New York....
6,234,955
+ 51.4
1,298.461
1,435.320
—9.5
1,235.333
1,208.668
37,300.000
36,100.000
+3.3
32,400.000
33.800.000
551,280
487,087
+ 13.8
493.783
509.002
950.820
968,082
—1.8
746.061
703.189
3,219,058.285 3,029.268.067
95,229
96.081
+ 1.8
157,015
—4.8
185.041
139.618
3,215,628
2,964,771
+8.5
2.403.662
2.912,594
33,373,821
32,570,809
+2.5
29.974.376
33,156.233
2,193,791
1,907,652
+ 15.0
2,581,416
3,557,756
3,782,434
2.470.718
3,142.367
98.873,320
3,085.885
+ 1.8
94,871.486
+4.2
83,716,417
92.798.296
3,224.462
3,218,049
+0.2
2,888,964
3,340.850
580.489
649,321
—10.6
741.805
718.137
715,285
730,265
—2.1
642.605
690.533
Total (10 cities)
145,576,441
140,261,170
+3.8
126,787,271
140,105,394
Eleventh Fede ral
Reserve
District—Da Has—
2,034,663
Texas—Aust'n...
61.212,653
Dallas
6,957.814
2,460.000
Fort Worth
1.501.514
2,248,384
55.665,093
+ 10.0
1,930.734
51,883,803
55.144.435
7,435,693
—6.4
7,204,835
8.384.828
2,744.000
3,340.000
—9.5
3,316.000
—25.8
Wichita Falls..
882,816
944.708
—6.6
976.665
940.717
La.—Shreveport.
3,460,204
3,356.504
+3.1
3.549.592
3,778.689
Total (6 clUes).
77,008,150
72,966,382
+5.5
68,289,629
73,090,183
34.614,952
39.477.000
York-
9,441,072
1
1
Jamestown
City
105.917
149,406
Colo.—Col. Spgs.
Pueblo
Galveston
Second
as
107,872
14,364,155
8.195.136
+6.3 3,690.347.519 3,065.670 563
—15.8
9.220.999
8,825,885
Rochester
9,464,117
11,241,127
Syracuse
5.342,987
4,959,308
+ 7.7
—15.6
Westchester Co
4,826.317
5,715,355
Conn.—Stam ford
6,177.345
5,889.770
+4.9
4,843.020
5,739.416
5,816,090
N. J.—Montclalr
501.959
476,566
+ 6.3
578.827
Twelfth Feder al Reserve D istrlct—San
Wash.—Seattle..
Yakima
39,276.147
+ 13.9
1,518.365
1,430.182
34.621.226
+ 6.2
1,239.977
1,349.582
+ 12.7
35.795.839
17.454,311
—1.9
29,777,545
14.685.214
4,515,219
—21.6
Ore.—Portland..
39.002.339
17,127.786
3,640,242
4,775.376
3,706.273
Utah—S. L
6,447.531
Pasadena
379,968
City
Calif.—L'g Beach
San
Francisco
.
Franc!
44.750.610
4,203.830
17.751.746
3,852.581
3,226,299
3,519.904
—8.3
3.523.872
3,839.761
165.999.000
149.041,000
+ 11.4
137.037.000
151.361.105
—4.0
3.688.493
Newark..
20.012.590
19,802,430
+ 1.2
16.095,909
18,234,448
San .lose
Northern N. J.
36,328,181
33.069,184
+ 9.9
30,312,323
28.762.314
Santa Barbara.
3,395.367
1,365,714
3,535,137
1,506.779
—9.4
3.310.249
1,557,810
Stockton
2,880.274
2,429,808
+ 18.5
2.157.300
1.536.987
2,604.971
282,805.996
257,329,713
+9.9
232.007.749
261,258.065
Total (13 cities) 3,351,286,414 3,155,647,251
+6.2 3,812,193,435 3,181,218.353
Total (10 cities)
Third Federal
Reserve Dlst rict—Philad elphia
687.608
—12.8
512,522
Pa.—Altoona
Bethlehem...
Philadelphia...
Reading
Scran ton
Wllkes-Barre.
N.J.—Trenton..
Total
(10cltie8)
Fourth
480,073
552.250
+41.5
567,246
419,899
+35.1
693.102
385.250
1,802,330
—7.1
1,452,287
1,501,933
463.000,000
409,000,000
+ 10.8
363.000.000
360,000.000
1,792,221
1,967.793
—8.9
1.536.034
1,556.844
2,624.559
2,619,490
1,159,978
+0.2
522.220
611,409
2.189.388
2,209,707
—2.9
1,222,680
1.097,210
+ 15.5
+49.5
1,399,047
4.078,000
1,783.520
3,952.500
1,364,379
2.613,700
9,133,000
467,606,471
422,117,427
+ 10.8
376,539,592
378,758,946
1,126,408
1.575.820
_
York
446.834
1.673.548
781,647
_
Chester
Lancaster...
_
Ohio—Canton..
Cincinnati
2,756,755
—5.3
2,417,453
2.814,824
65,791,809
62,592,848
+ 5.1
54,562.469
58,014,233
Cleveland....
126,368,628
112.682,911
+ 12.1
99.383.305
100,441,410
Columbus
12.389,400
12,024,900
+3.0
11.689.900
13,525.100
Mansfield
1,769.706
1,835.093
—3.6
1,609,182
2.076.509
Youngs town
4.739,875
3,391.060
+39.8
4.643.699
145.757.813
133.029.268
+ 9.6
109.145.600
3,672,172
129,247,138
359,427,806
328,312,835
+9.5
283,451,608
309,791,386
Pa.—Pittsburgh
.
Total (7 cities)
_
Fifth Federal
Reserve Dlst rict—Plchm ond—
W.Va.—Hunt'ton
Va.—Norfolk
Richmond
S. C.—Charleston
Md.—Baltimore.
D.C.—Wasnlng'n
Total (6 cities).
Sixth Federal
731.815
521,033
+ 40.5
355,455
406.376
3,850,000
3,003,000
+28.2
2,779,000
2,604.000
50.056.216
40,858.036
+22.5
50.238.559
48,352,808
1.612,896
1,426..352
+ 13.1
1,233.724
1,941,416
93,449,734
86,830,974
+ 7.6
70.484.378
70,994.289
32.276.367
30,386.610
+ 6.2
26.089.759
22.844.775
181,977,028
16? ,026,005
Reserve Dist rict—Atlant
Tenn.—Knoxville
Nashville
4,775,954
+ 11.6
151,180,875
147.143,664
4,314,590
+ 10.7
4,157,568
20.635,936
21,012,868
—1.8
19,378.138
70,500.000
65.400.000
+7.8
53.500,000
Augusta
1,443,696
1,552.363
—7.0
1.174,411
1,404,843
Macon
1,228,261
1,438,-357
—14.6
1,259,972
1,309.048
Fla.—Jacks'm llle
19,021.200
17,734.000
+ 7.3
16,926,000
17,313,000
Ala.—Blrm'ham
24,145.626
23,261,198
2,025,482
+3.8
19.484,824
20.820.912
+ 15.5
1,920,810
1,863,026
.
Mobile
Miss.—Jackson..
Vlcksburg
2,340.243
x
202,489
221,704
—8.7
252,756
245.484
La.—New Orleans
44,565,292
48,773,110
—8.6
46,598.750
44,248.573
Total (10 c t es)
188,858,697
185,736,672
+ 1.7
164,653,229
163,930,708
+6.4 6,178.020,642 5.653.696.942
+6.5 2,487,673,123 2.688.026.379
cities)
Week Ended Oct. 3
Clearings at—
Inc. or
Canada-
1940
1939
Dec.
1938
S
$
%
%
+47.5
135.826.291
146.765.743
1937
%
129,354.406
Monireal
168.058.578
120,167.936
118.933,465
Winnipeg
80,886.246
100,318,535
—19.4
72.336.010
Vancouver
27.123.534
20,959,916
19,997.249
28.573.111
+29.4
+44.1
23.606.378
41,164.152
27.277.638
27.608.068
Quebec
6.253,910
+2.2
4.662.043
5.900.697
Halifax
3,804.346
6,118,559
2.976.747
+ 27.8
2.975.709
3,204.131
Hamilton
7.803,374
6.521,404
+ 19.7
6.012.373
6.706.302
Calgary
8.419.268
10.691.303
—21.3
11.584.523
8.695.502
St. John
2.141.034
+ 22.7
1,860.800
2.235.205
2,142.387
+ 13.8
2.267.132
2,278.277
London
2.627,772
2,438.941
4.941.140
3.366.318
3.766.238
5.678.447
3,518.465
5.241,600
+40.4
Edmonton
+8.3
5,388.265
5.241.708
6.189.947
177,187.874
Ottawa..
...
Victoria
+41.3
-
139,355.852
63.260.047
11,392.115
15.308.055
—25.6
8,738.086
Brandon
548.029
609.146
—10.0
516,815
Lethbridge
738.264
820.042
—10.0
1,000.795
723.148
2.547.103
2,486.625
+2.4
2,036.976
1,780.123
997,694
1,040,052
—4.1
918.527
726.763
1,491.315
1,060.776
1,224.750
+21 8
+ 18.2
1,107.737
1,288.492
Fort William
970.510
958.185
New Westminster
855.311
Reglna.
Saskatoon
Moose Jaw
Brant ford
897.619
544.903
1,075.362
834.248
555.036
542.746
+28.9
+2.3
822.895
Medicine Hat
Peterborough
733.308
713,707
+ 2.7
742.771
782.293
Sherbrooke..
1.090,818
919,138
+ 18.7
867.731
1.020.133
K'tchener
1,327.509
1,423,659
—6.8
1.334.568
1.263.309
Windsor
3,435.285
2,704.409
3,008.002
a—
3,995.916
17,629.906
55,100.000
Ga.—Atlanta
6.169.253,536 5,800,448,665
Outside New York 2.950,195,251 2,771,180,598
Toronto
Feder al Reserve D {strict—Clev eland-
2,610,575
Grand Total (113
488.057
425.457
+27.0
2,806.480
522.254
506.104
+3.2
460.687
496.908
Moncton
1,033.696
905.129
+ 14.2
939.714
1,064.449
Kingston
852.278
863,271
—1.3
797.072
376.248
Chatham
899,216
819.425
+ 9.7
751.843
552,226
699.007
1.079.733
1.127.839
470,862,546
440,795.038
Prince Albert
Swrnla
Sudbury
Total (32 cities)
L. * Estimated,
x
522,061
513,150
1,171,566
1,219,356
+ 1.7
—3.9
568,381,267
462,655,093
+ 22.9
No figures available.
966.839
Volume
2137
The Commercial & Financial Chronicle
151
Condition of National Banks June 29,
troller's call of June 29, 1940, has just been
1940—The statement of condition of the National banks
under the Comp¬
issued and is summarized below. For purposes of comparison,
like details for
previous calls back to and including June 30, 1939, are included.
OF REPORT OF CONDITION OF NATIONAL BANKS IN
ABSTRACT
MARCH 26,
AND
AnfftCt&
•
i
■'
Loans and discounts. Including overdrafts.
United Stales Government securities, direct obligations...
•
:
*•'
June 30, 1939
Oct. 2. 1939
Dec. 30. 1939
(5,209 Banks)
(5.202 Banks)
(5,193 Banks)
Corporate stocks, '^eluding stock of Federal Reserve banks
Total loans and investments
..........
fixtures
or
.....
.......
Real estate owned other than bank premises
Investments and other assets indirectly representing
bank
other re.il estate
outstanding
Interest, commissions, rent, and other income earned or accrued but
uot
collected.....
Other assets
...
......
.......
...
.....
...
Total assets
9,179.227.000
1.869.814.000
1,693,684.000
1.864.354.000
225,119.000
7.079.569.000
1.891.697.000
1.920.115.000
1.678.163.000
217.894.000
7.219.890.000
1.891.336.000
1.928.352.000
1,648.245.000
217,452.000
21,126,589,000
21,335,145,000
21,855,208,000
21,847,730,000
22,084,502,000
11,074,806.000
12.374.891.000
12.503.613.000
12.935.818.000
13.877.104.000
609.146.000
607.715.000
600.296 ,C00
599.694.000
141,239.000
137.591.000
131,691,000
127,671.000
597.251.000
119,515.000
70.417.000
51,656.000
69.218.000
42.291.000
65.551.000
55.845,000
66.980.000
60.552.000
46.173.000
65.496.000
58.033.000
49.020.000
63.699.000
42.944.000
58.672.000
52.329.000
33.180.578,000
34.684.676.000
35.319.257.000
35.736.657.000
36.885,080,000
?.'■ ?'
■!
individuals, partnerships, and corporations
of individuals, partnerships, and corporations
Deposits of United States Government, including postal savings
Deposits of States and political subdivisions
............
Deposits of banks
....
.........
Other deposits (cert fied and cashiers' checks, &c.)..................
13,643 678.000
7.665,426.000
543,258.000
2.290.992.000
4.882.437.000
443,678.000
14.633.038.000
7.673.370.000
14,940.600.000
7.717.408.000
15.136.162.000
7.792.009.000
531.902.000
589,190.000
2,080,992.000
572.253.000
2.138.403.000
5,899.785.000
385.017.000
6.031.089.000
15,976,786.000
7,875.792.000
564,997.000
2.270.856.000
6.084.051.000
326.352.000
301.925.000
29,469,469.000
30,980,693,000
2,997.000
31,612,992.000
31,996,261,000
33,074,407,000
140.000
2,882.000
120.000
1,794.000
124.000
2,910.000
117,000
51.812.000
37.084.000
55.557.000
136.620.000
64,175.000
37.709.000
41,031.000
155.230.000
58.328.000
35.273.000
45.978.000
178,891.000
50,641.000
41.376,000
49.741.000
147.734,000
189.447.000
29,791,066,000
31.264,903.000
31.914,139.000
32.299.166.000
33.408.639.000
1,562.956.000
1,170.822.000
1.559.411.000
1,534.649.000
1,249.961.000
467.404.000
1,532,903.000
1,216,222.000
445,403.000
210,590.000
1,524.973,000
1,225.648.000
449.352.000
206.382,000
3.389,512,000
3.419.773.000
3.405.118.000
3.437.491,000
3.476,441.000
33,180,578,000
34.684.676.000
35,319,257,000
35.736.657.000
36.885,080.000
a228.309.000
1,319.430.000
a221.249.000
a 17.777.000
1.322.897.000
191.001.000
17.732.000
1,323,694.000
185.551.000
15.273,000
1,326.593 000
1,328,180,000
1.566.003.000
1.561,923.000
1.535.427.000
1,527.417,000
1.536.943,000
a259.738.000
a20.255.000
a253.989.000
a 19.780.000
226.662.000
19.755.000
a218.174,000
17.343,000
245,165,000
17.144.000
279,993,000
273.769.000
246,417,000
*•235.517.000
262,309.000
211,942,000
6,037,000
9,006,000
17,228.000
178.319,000 )
211,857,000
9,116,000
19,581.000
189,475.000
206,382,000
211.942.000
210,590,000
211.857.000
223,628.000
2,192,832,000
2,110,911,000
2,297,683,000
2,311,063,000
2,397,702,000
579,147,000
608,578.000
605,760.000
615,722,000
593,565,000
93,378,000
5,998,000
94.183.000
13.177.000
93.789.000
22,794.000
94.538.000
7.290,000
93.990.000
7.729.000
2,871,355,000
2.826,849.000
3,020,026,000
3,028,613,000
3.093.186.000
2,522,681,000
Liabilities—
Demand deposits of
Time deposits
Total deposits
...
3,540.000
279,000
Bills payable, rediscounts,
and other liabilities for borrowed money...
Mortgages or other liens on bank premises and other real estate
...
Acceptances executed
by or for account of reporting banks and out¬
standing
Interest discount, rent, and other Income collected but not earned
Total liabilities.
Capital Account—
Capital stock (see memoranda below).............................
Surplus
Undivided profits
Reserves (see
memoranda below)
Total capital account
......
.........
—....
....
Total liabilities and capital account—......
2.095.159.000
5,681.162,000
366.062.000
\
....
Interest, taxes, and other expenses accrued and unpaid
.....
Other liabilities
........................—..............
1,181.016.000
211.942.000
Memoranda—
Par value of capital stock:
Class A
Class B
preferred stock............
preferred stock..
................
a
Common stock
Total..
Retirable value of preferred
.......
Total..
JBtoBCQTVCS!
t'
Reserve for dividends
1
./ '-! '■
5,549.000
9.687.000
15.935.000
175,211.000
payable In common stock.
preferred stock........
Reserves for contingencies, &c..
Retirement account for
...
........................
.....
Pledged assets and securities loaned:
United States Government obligations, direct and
pledged to secure deposits and other liabilities
powers,
and for purposes other than to secure liabilities
...
Total
~
40.305.000
40.775.000
54,143.000
•
468.203.000
223.628.000
475.013.000
211.857.000
|
guaranteed,
repurchase agreement.
Securities loaned—
•
65.392.000
42.339,000
52,121.000
',:v. .V'1-'
Reserves for other undeclared dividends..
Total
18.264.000
capital stock:
Class A preferred stock.
Class B preferred stock...
%
9.060 292.000
premises
Customers' liability on acceptances
1940
(5,170 Banks)
June 29,
$
$
Cash, balances with other banks, including reserve balances, and cash
items in process of collection
Bank premises owned, furniture and
1940
(5.184 Banks)
9.043.632.000
7.117.420.000
1.956.515.000
1.784.899.000
1.731.837.000
220.905.000
8,573.703.000
6.899.885.000
...
Mar. 26.
$
8.764.196 000
6.828.512.000
1.921.999.000
1.793.798.000
1.801.936.000
224.7,»4.000
$
•
Obligations guaranteed by United States Government
Obligations of States and political subdivisions
Other bonds, notes, and debentures
AND DEC. 30, 1939,
THE UNITED STATES ON JUNE 30, OCT. 2,
1940 AND JUNE 29, 1940
193.904.000
14.859.000
ff
5,456.000
ti66#
Deposits secured by
pledged assets pursuant to requirements of law
repurchase agreements
Other liabilities secured by pledged assets..
TotaL.
Details of demand
Deposits
Deposits
Deposits
Deposits
deposits:
of individuals, partnerships, and corporations
of United States Government
................
of States and political subdivisions
of banks in the United States (including private banks
and American branches of foreign banks)
Deposits of banks in foreign countries (including balances of foreign
branches of other American banks but excluding amounts due
to own foreign branches)
Certified and cashiers' checks (including dividend checks), letters
of credit and travelers' checks sold for cash, and amounts due
to Federal Reserve banks (transit account)..
2,321,687,000
2,226.906.000
2,405,791,000
2,448,056.000
2,915,000
967,000
2,465.000
1,550.000
219,000
2,553.000,000
950.000
2,373.000
975.000
2,325,569,000
2.230.321,000
2,409,139,000
2.449.825,000
2.525.726.000
13.643.678,000
491.202,000
1,936,483,000
14,633.038.000
14,940,600,000
15,136,162.000
15,976.786.000
486,437.000
543,960,000
1.737,388.000
529.877.000
518,805.000
1,810,104,000
1,936,456,000
5,927,019,000
5,571,914,000
443,678.000
366.062.000
385,017,000
326.352,000
301,925,000
22.838.255.000
23.397,353,000
23,729.514.000
24,719.328.000
Total
....
Postal-savings deposits b
......
....
Deposits of States and political subdivisions
...
Deposits of banks in the United States (including private banks
i
and American branches of foreign banks)
|
of
banks
in
foreign
countries
amounts
(including
branches of other American banks
due to own foreign branches)
foreign
Ratio of required reserves to net demand
Total. Central Reserve city banks
Total, Reserve city banks....
Total. Country banks
Total, all member National banks
a
Revised,
7,673.370.000
7.717.408,000
7,792.009.000
7,875,792.000
52.056.000
45,465,000
316,355.000
45.230.000
343,604.000
42.376.000
328,299,000
46.192.000
334,400,000
354,509,000
16,424,000
228,232.000
102,546,000
J
)
93,720,000
103,939,000
104,070,000
109.248.000
4,975,000
5,458,000 i
8,184,000
8,182,721,000
8.144.438.000
8,215,639.000
8,266,764.000
8,355,079.000
21.11%
13.43%
8.12%
21 27%
21.31%
13.64%
8.21%
14.29%
21.34%
13.67%
8.16%
14.40%
21.43%
13.72%
8.14%
14.60%
plus time deposits:
.........
533,532.000
36.604.000
78.792,000
249.137,000
7.665,426,000
balances of
...............
7,792,009,000
7,673,370.000
13.96%
b Includes United .States ^Treasurer's time deposits—open accounts.
531.400.000
31,049.000
27,867,000
68,660,000
241,391,000
but excluding
Total time deposits
6,977,727.000
6.910.203.000
6,773.207.000
554.301,000
deposit
Deposits accumulated for payment of personal loans..
Christmas savings and similar accounts
......
Open accounts
...
..........
...
...
of
343,176,000
'
Deposits of individuals, partnerships, and corporations:
Savings deposits
.....
............
Deposits
I
356,840,000 )
255,314,000
Details of time deposits:
Certificates of
5,641,680,000
f 5,433,548,000
4,516,393.000
21.286,748,000
Total demand deposits
1,778,804,000
492,000
13.60%
8.16%
14.26%
The Commercial A
2138
PRELIMINARY DEBT STATEMENT
The
States
OF THE
preliminary statement of the public debt of the United
Sept. 30, 1940, as made up on the basis of the daily
Sept. 30, 1940, are set out in
taken entirely
are
3% Panama Canal loan of 1981...
3% Conversion bonds of 1946
3% Conversion bonds of 1947.-2 >4% Postal savings bonds (20th to 49th
$49,800,000.00
15,761.000.00
13,133,500.00
117,513,960.00
—
ser.)
$196,208,460.00
1758,945,800.00
1,036,692,400.00
—
—
3\i% bonds of 1943-45
of 1890 are
Exchange stabilization fund
;-V
1,800,000,000.00
.—-——
$20,961,982,031.84
:'.v.".v
Gold In general fund:
Balance of increment
resulting from reduogold dollar
——
—
.
.
$142,849,915.54
139,549,676.48
tlon In the weight of the
In working balance*.—
Total
282,399,592.02
...$21,244,381,623.86
-
1,786,130,150.00
-
bonds of 1945
540,843,550.00
450,978,400.00
918,780,600.00
.
bonds of 1948
bonds of 1958-63
bonds of 1950-52-
SILVER
Assets—
1,062,235,993.2).—
384,478,607.4)—.
Silver (oz.
$1,373,396,031.62
—
497,103,654.00
Silver dollars (oz.
1,185,841,700.00
1,485,384,600.00
Liabilities—.
Sliver certificates outstanding
680,692,850.00
27,235,489,800.00
Series C-1937
Series C-1938
Series D-1939
—
........
Gold (as above).....
Silver—At monetary value (as above)
—-—
...
Subsidiary coin (oz. 3,099,648.5)
Bullion—At recoinage value (oz. 52,195.6)
Adjusted service bonds of 1945
254,177,318.50
Adjusted service bonds:
(Government life insurance fund series)...
500,157,956.40
At cost value (oz.
72 155.65
$31,229,659,948.61
Reserve
National bank notes
150 059 00
—
maturing Dec.
15. 1941.
maturing Mar
15. 1942.
426,349 ,500.00
maturing Sept. 15.1942.
maturing Dec. 15.1942.
15.1943.
maturing Sept. 15.1943.
342,143 ,300.00
232,375 ,200.00
629,113 900.00
420,972 000.00
279,473 800.00
maturing June 15.1944.
415,519 500.00
maturing Mar. 15,1944.
515,210 900.00
15.1944.
283,006 000.00
maturing Mar. 15.1945.
718,023 200.00
maturing June
15, 1943.
maturing Dec.
maturing Sept
521 916.00
:
—
...
Unclassified—Collections, <fcc
17,992 919.85
759,061 ,339.60
-——
........
Deposits in—Federal Reserve banks
$737,161 ,600.00
676,707 .600.00
503,877 500.00
204,425 .400.00
4,358 959.00
15,549 207.50
————
notes
Federal Reserve bank notes
Special depositaries account of sales of Government
National and other bank depositaries:
series CM 940, maturing Dec. 15.1940.
series A-1941, maturing Mar. 15.1941.
series B-1941, maturing June 15.1941.
651,354 ,132.24
1,162 956.85
—-
United States notes.—..——.—....*
Treasury Notes—
$282,399 ,592.02
25,239 ,041.62
4,284 ,981.50
1,308,255,266.8) _a
Minor coin....
Federal
754,335,274.90
-iv
GENERAL FUND
Assets—
3,043,626,413.71
.....
$1,870,499,685.62
Total......
$173,443,733.50
316,572,217.75
412,536,473.50
497,624,504.75
824,008,993.21
754,963,125.00
64,477,366.00
Series B-1936
Total bonds
$1,844,098,572.00
1,162,072.00
25,239,041.62
—
Treasury notes of 1890 outstanding
Sliver In general fund—..
value):
Series A 1935.-.
Unclassified sales..
$1,870,499,685.62
'Total.
701,074,400.00
571,431,150.00
1,118,051,100.00
U. S. Savings bonds (current redemp.
series C-1941,
series A-1942,
series B-1942,
series CM942,
series A-1943,
series B-l943,
1%
series C-1943,
K% series A-1944,
1%
series B-1944,
1%
series C-1944,
J4% series A-1945,
' r,:
of 1890 outstanding. Treas¬
also secured by sliver dollars in Treasury.
ury notes
981,826.550.00
24% bonds of 1960-65
2% bonds of 1947
2% bonds of 1948-50.——
24% bonds of 1951-53
24% bonds of 1954-66
X%
1H%
1H%
1)4%
1H%
2%
1H%
1H%
1H%
$346,681,016 of United 8tates notes
1,826,687,150.00
.
4% bonds of 1949-53
Series D 1940
-
Note—Reserve against
and $1,162,472 of Treasury notes
1,214,428,950.00
1,223,495,850.00
24% bonds of 1951-54
24% bonds of 1956-59—
$2,881,296,259.00
16,112,85o,670.77
11,790,671.14
156,039,430.93
-
Gold reserve
2,611,092,650.00
24% bonds of 1945-47
24% bonds of 1948-61—
'
(outside of Treasury)—..———
Fed. Res. System.
of Governors,
Redemption fund—Federal Reserve notes
491,375,100.00
-
$21,244,381,623.86
$21,244,381,623.86
Total
Gold certificate fund—Board
1,400,528,250.00
1,518,737,650.00
1,035,873,400.00
——
314% bonds of 1944-46
3% bonds of 1946-48
3 4% bonds of 1949-52
24% bonds of 1955-60
<
-
Gold certificates—Outstanding
489,080,100.00
454,135,200.00
544,870,050.00
818,627,000.00
755,432,000.00
834,453,200.00
———-
-
;
Gold (oz. 606,982.332.1).-.
Uabilities—
4K% bonds of 1947-52
4% bonds of 1944-54
ZM% bonds of 1946-56
3H% bonds of 1943-47—
SH% bonds of 1941-43ZH% bonds of 1946-49
3% bonds of 1951-55
334% bonds of 1941
1
AND LIABILITIES
GOLD
Assets—
Treasury bonds:
24%
2 4%
24%
24%
Sept. 30, 1940.
CURRENT ASSETS
Bonds—
2
the items stood
the following. The figures
from the daily statement of the United
holdings of the Government as
States Treasury
Treasury statement, is as follows:
12. 1940
CURRENT LIABILITIES
TREASURY CASH AND
The cash
SEPT. 30, 1940
UNITED STATES
Oct.
Financial Chronicle
715,180 000.00
securities.
51,374,913.13
35,017,595.78
To credit of Treasurer United States
To cred.t of other Government officers—
...
Foreign depositaries—
To credit of other Government officers
Philippine treasury—To credit of Treasurer United States...
362,011.82
1,612,384.72
$2,565,694,166.28
Total
Liabilities—
L-.;
Department......
$4,874,485.44
10,456,608.62
disbursing officers, &c
Uncollected items, exchanges, &c
......—
59,300,000.00
8,426.610.71
56,197,331.80
11,337,197.03
Treasurer's checks outstanding..
Deposits of Government officers—Post Office
Board of trustees, Postal Savings System:
5% reserve, lawful money
Other deposits
—
Postmasters, clerks of courts,
$6,384,359,400.00
Federal old-age and survivors Insurance trust
$150,592,233.60
fund notes:
3% old-age reserve account series, maturing
June 30, 1941 to 1944
—$1,391,700,000.00
2H% Federal old-age and survivors lnsurance
trust fund series, maturing June
Balance today—Increment on
V
Working balance—..——.—
2,415,101,932.68
483,900,000.00
3%
Railroad retirement account series, ma¬
turing June 30. 1942 to 1945——.———
Total.—
85,400,000.00
a
Civil service retirement fund:
3% series 1944 and 1945
retirement fund,
Foreign Service
Note 1—This item of seigniorage represents the
tificates issued on account of silver
5,363,000.00
—
Alaska Railroad
Note
retirement fund series,
Postal Savings
System series,
maturing
96,500,000.00
June 30, 1942 to 1944
life Insurance fund series,
maturing June 30, 1943 and 1944
2%
TREASURY MONEY
Government
6,259,000.00
Deposit Insurance Corporation
series, maturing Dec. 1,1943 A 1944..
2%
The
Federal
56,000,000.00
9,147,215,400.00
Adjusted service
HOLDINGS
following compilation, made up from the daily Gov¬
ernment
shows
statements,
the
money
holdings
of
the
Treasury at the beginning of business on the first day of
Certificates of Indebtedness—
4%
credit of disbursing officers and oertain agencies
2—The amount to the
today was $2,875,571,552.28.
942,000.00
maturing June 30, 1941 to 1945
2%
difference between the cost value
bullion revalued and held to secure the silver cer¬
acquired under the Sliver Purchase Act of 1934
and under the President's proclamation dated Aug. 9, 1934.
4,722,000.00
to 1946
of silver bullion Ls computed on the basis of the average
the close of the month of August, 1940.
„
The weight of this item
and the monetary value of silver
series
to 1945
4% Canal Zone retirement fund, series 1941
4%
$2,565,694,166.28
-
cost per ounce at
631,700,000.00
370,000.00
4% series 1941 to 1945...
1941
,-—4—
30
1944 and 1945
4%
$142,849,915.54
591,921,133.63
—1,680,330,883.51
gold (as above
Seigniorage (silver) (see Note 1)
certificate fund series,
August, September and October, 1940; also on the first day
$10,300,000.00
maturing Jan. 1, 1941
2H%
Unemployment trust fund series, ma¬
turing June 30, 1941
of October, 1939:
1,790,000,000.00
■
.
1,800,300,000 00
Treasury bills (maturity value)
1,302,779,000.00
—....
——
..$43,479,954,348.61
Total Interest-bearing debt outstanding....
Oct.
Net gold coin and bullion.
Net silver coin and bullion
Matured Debt on Which Interest Has Ceased—
Old
debt matured—issued
1917
prior to
April
Net United States notes..
1.
$3,880,390.26
35,740.00
(excluding Postal Savings bonds)....
2H% Postal Savings bonds
2H%.
4%, and 4First Liberty Loan
bonds of
4%
and 4)£%
Net Federal Reserve notes
15,549,207
Net Fed. Res. bank notes
150,059
4,284,981
12,458,468
575,356
6,674,100
19,155,877
23,070,624
Minor coin, &c—
10,671,300.00
Total cash In Treasury.
1,155,250.00
1,861,400.00
14,168,050.00
572,800.00
27,006,350.00
35,638,800.00
4X% Third Liberty Loan bonds of 1928
4H% Fourth Liberty Loan bonds of 1933-38.
3h% and 4H% Victory notes of 1922-23...
3h Treasury bonds of 1940-43..
Treasury notes, at various rates of interest..
Ctfs
Net National bank notes.
512,821
Second Liberty Loan bonds
of 1927-42
of Indebtedness, at various Interest rates
Less gold reserve fund
•
Less gold reserve—-
211,599,855.26
2,188,145
1,545,651
14,595,405
413,293
447,094,401
2,462,085
934,817
11,042,885
2,836,796
222,407
3,823,470
22,943,506
18,140,938
909,463,446
715,180,000
716,867,000
718,236,000
758,067,000
759,061,339
815,267,970
638,613,840
586,358,132
51,374,913
35,017,596
1,612,385
51,126.035
34,596,862
57,283,659
34,505.724
36,790,189
Cash In Philippine Islands
914,966
1,990,437
1,892,393
Deposits In foreign depts.
362,012
274,776
333,474
135,415
securities.
other bank depositaries-
To credit Treas. U.S..
To credit dlsb. officers.
$346,681,016.00
156,039,430.93
Net
cash
in
Deduct current liabilities.
2,028,743.04
41,058,179
Treasury
and In banks
184,943,538.50
2.565,694,166 2,610,565,371 2,413,668,328 2,333,764,754
155,932,154
156.903,801
154,057,041
150,592,233
Available cash balance. 2,415,101,933 2,453,661,570 2,257.736,174 2,177,707,713
3,772,176.25
381,386,042.86
Total gross debt
680,678,281
962,705,194
Government
Thrift and Treasury savings stamps, unclassi¬
fied sales, <fcc
1, 1939
Deposited in National and
Deposits for retirement of National bank and
Federal Reserve bank notes
Oct.
991,517,762
Dep. In Fed. Res. banks.
$190,641,585.07
Old demand notes and fractional currency
1940
*1159,125352 1,147,557,193 1,118,744,625 1.065,502.877
156,039,431
156,039,431
156,039,431
156,039,431
Cash balance In Treas.. 1,003,085,921
Debt Bearing No Interest—
United States notes
1.
$393,543,548 $381,781,874
tories account of sales of
3,904,500.00
Treasury savings certificates
Aug.
Deposit in special deposi¬
112,516,000.00
189,275.00
Treasury bills..
$438,439,023 $428,903,992
673,523,284
676,665,330
1,838,548
4,358,959
521,916
Net subsidiary silver
1932-47
1, 1940
Sept. 1, 1940
$44,072,940,246.73
♦Includes
on
Oct.
1, $651,426,288 silver bullion and $1,162,957 minor coin,
Indicated In statement "Stock of Money."
Volume
The Commercial & Financial Chronicle
151
REDEMPTION
CALLS
AND
SINKING
FUND
NATIONAL
NOTICES
Below will be found
a
sinking fund notices.
redemption, together with
The date indicates the redemption or
last date for making tenders, and the
page number gives the
location in which the details were given in the "Chronicle":
Company and Issue—
*
Date
^
Affiliated Fund, Inc. 4H% sec.
Alabama Power Co., 5s 1956
conv.
debs
Alabama Water Service Co.
Alabama Power Co.
Alabama Power Co.
1st mtge. 5s
1st mtge. 5s
1st mtge.
BANKS
The
list of bonds, notes and preferred
stocks of corporation called for
2139
1st mortgage 5s 1957
Arden Farms Co. 6H% debentures
Ashland Home Telephone Co. 1st mtge. 4 Ms.
Bear Mountain Hudson River Bridge Co. 1st mtge. 7s
Beaver Valley Water Co. 1st lien 5s
Bedford Pulp & Paper Co., Inc. 1st mtge. 6Ms__
Brooklyn-Manhattan Transit Corp., $6 pref. stock
Canada Cement Co., Ltd. 1st mtge. 3Ms
Carolina Clinchfield & Ohio Ry. 1st mtge. 6s__
-
Central Maine Power Co. 1st mtge. 3 Ms
Central Ohio Light & Power Co. 1st mtge. 4s
Connecticut Light & Power Co. 7% bonds
Nov.
4
Nov.
1
...
Crown Cork & Seal Co., Inc. 15-year 4% bonds
1424
2034
2034
980
1885
Apr. 1 '41
2036
Nov.
1
1887
Dec.
1
2036
Dec.
3
Nov.
1
Dec. 15
Oct
16
Nov.
1
Nov
1
Nov.
1
2037
1565
1888
1566
2038
2040
Nov.
1
Oct. 15
Oct. 21
1894
General Water Gas & Electric Co. 5% bonds..
Germani-Atlantic Cable Co. 1st mtge. 7% bonds
Gulf Public Service Co. 1st mtge. 6s
Nov.
2043
14
...Nov.
6
..Dec.
1
Dec. 15
Oct. 28
...Dec. 1
2047
1282
1282
Iowa Southern Utilities Co. 5M % bonds, series 1925.
14
Jan.
5M% bonds, series 1935
mtge. bonds
*
Missouri-Illinois RR. 1st mtge. bonds
National Dairy Products Corp. 3M% debs..
'41
1
2
555
1
2048
Oct.
21
2198
1903
2052
2052
1729
1287
.—Nov.
1
Nekossa-Edwards Paper Co. 1st mtge. 6% serial bonds. ..Jan 1 '41
1st mtge. 5% serial bonds.
Jan. 1 '41
New York Trap Rock Corp. 6% bonds..
Oct
15
Northwestern Public Service Co. 1st mtge. 5s
Jan.
1
Penn-Jersey Water Co. 1st mtge. 5Ms
Nov.
4
.....
....
*
2055
31
2203
16
1287
Quincy Mkt. ColdJ3torage & Whse. Co. 20-yr. 5M % bds__Nov.
1
Richmond Terminal Ry. 1st mtge. 5s
Jan.
1
*
iordon Pulp & Paper Co., Ltd. 6% debs
....
....Dec. 31
Saenger Theatres Corp. 1st mtge. 6Ms._
Oct. 21
San Antonio Public Service Co. 4% serial notes..
...Oct. 30
Southern California Gas Co. 1st mtge. 4Ms__
Nov.
1
1st mortgage 4s
Nov
1
*
Swift & Co. 3M% bonds
Nov. 15
Tide Water Associated Oil Co. 3M% debentures
...Oct. 21
1288
—Oct.
x-._--.-Oct.
1156
113
1909
......
Watauga Power Co. 1st mtge. 6s
Western Massachusetts Cos 3M% notes
Woodward Iron Co. 2d mtge.
....
..
♦Announcements this week.
COMMON CAPITAL
STOCK INCREASED
Ami. of Increase
Sept. 30—The Martin County National Bank of Fairmont,
Fairmont, Minn.
From $20,000 to $50,000
Oct. 1—The Martin County National Bank of Fairmont, Fair¬
mont, Minn.
From $50,000 to $60,000
-
;
.
Ami. of Reduction
Ramsey County National Bank of Devils Lake,
p. From $50,000 to $25,000..
$25,000
„
1—The
Devils Lake, N.
VOLUNTARY LIQUIDATION
Amount
Oct.
1—The
Tilden
National Bank, Tilden, Nebr.; common
stock, $35,000; preferred stock, $15,000
Effective Sept. 30, 1940. Liquidating committee: J. R.
Kinder,
J. J. Ryan, C. H. Kelsey, B. E. Graham and C. E. Mar-
quardt,
;
Tilden
>
care of the
liquidating bank.
Tilden, Nebr.
Bank,
;.V;
CHANGE
OF
Succeeded by:
Oct.
1—The First National Bank of Coal Creek, Lake City,
Tenn., to#
"The First National Bank of Lake City," to agree with
change of name
of
place were bank is located.
^
:
Dividends
first
bring
we
we
show
DIVIDENDS
grouped in two separate tables.
In the
together all the dividends announced the
are
current week.
the
Then
we
dividends
follow with
a
been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany
in
name
our
"General Corporation and Investment
News Department" in the week when declared.
The dividends announced this week are:
Share
Company
1158
1738
Adams (J. D.) Mfg. Co. (quar
Dec.
Dec.
1
1588
2060
Allen Industries
Aloe (A. S.) Co.
Oct. 17
Dec.
2
1740
1443
American
15
STATEMENT
15c
Addressograph-Multigraph (quar
25c
....
(quar,)--.....
Dairies, Inc., 7% preferred (qu.)
American Equitable Assurance (quar.)
American Machine & Foundry Co. (quar.)
American Motorists Insurance (quar.)
Dec.
Gross public debt
Gross public debt per capita
Computed
rate
annum
31, 1930,
Lowest Posl-War
Was at Its Peak
Debt
$
$
%
12.36
250.18
129.66
of
on
2.395
4.196
3.750
the United States;
Unmatured prlnclpal.a..
Matured prln. & int. for
which cash has been de¬
posited with
or
held by
Treasurer of the U. S.b
74^216,460*05
General fund balance-*:—.
1,118 409,534~. 76
Sept. 30, 1939,
A
1
806 803.319 55
Last Month
Sept. 30. 1940
$
$
Interest
2.580
Obligations of governmental
agencies guaranteed by
the United States:
which
cash
deposited
has
with
or
5,356,026.198.67
5,787,230,755.28
been
held
105,509,133.08
27,062,054.17
24,639,338.48
2,177,707,712.89
2,453,661,670.11
2,415,101.932.68
Does not Include obligations owned by the
Treasury as follows: Sept. 30, 1939#
$322,164,377.43; Aug. 31, 1940, $72,272,500; Sept. 30, 1940, $77,272,500.
b Amounts are included In the general fund balances shown
herein,
on
and after
Sept. 30, 1939.
c
for
Includes amounts held by the Treasurer of the United States, as shown above,
the payment of the principal of and interest on matured obligations guaranteed
by the United States, on and after Sept. 30, 1939.
1 Sept.
26
Nov.
15
25c
Nov.
1 Oct.
7
15
25c
Nov.
1 Oct.
15
Preferred
68^c
$1
(guar.)
Blue Ribbon Corp. preferred (quar.)
Investors, Inc
Bourjois, Inc., preferred (quar.)
Brentano's Book Stores, Inc. A (quar.)..
British Celanese, Ltd., 7% 1st pref. (semi-ann.)
Brockton Gas Light Co. (quar.).
Buckerfield's, Ltd., 7% preferred (quar.)
Buckeye Steel Casting
6% preferred (quar.)
Burdine's, Inc.. $2.80 preferred (quar.)
Canadian Investment Fund ordinary shares (qu.)
Special shares (quar.)
Canadian Investors Corp., Ltd. (quar.).
Central Arizona Light & Power, $7 pref. (qu.)-$6 preferred (quar.)
Champion Paper & Fibre...
Preferred (quar.)
City Water Co. of Chattanooga, 6% pref. (qu.)_
Coca-Cola Bottling Co. (St. Louis) (quar.)
—
—
,—
Cochenour Williams Gold Mines (initial)
...
„«.**
Dividends Shares..
15
21
15
Nov.
68 Mc
Nov. 15 Nov.
40c
Oct.
Nov.
h* %
Oct.
luc
Oct.
SIX
n
Oct.
2
Nov.
Nov.
1 Oct.
31
15 Oct.
1
15
5
1 Sept. 28
1 Oct.
18
1 Oct.
18
70c
Oct.
J4c
Nov.
1 Oct.
15
t4c
Nov.
Nov.
1 Oct.
1 Oct.
15
10c
1X
SIH
Nov.
1 Oct.
17
1 Oct.
17
Nov.
25c
Dec.
$1H
Jan.
n2U
15c
10 Sept. 30
18
16 Nov. 30
1 Dec.
14
1 Oct.
20 Oct,
20 Oct.
11
Nov. 15 Oct.
Nov. 15 Oct.
31
Nov.
Oct.
Oct.
$3
Dec. 31 Dec.
Nov.. 1 Oct.
50c
Nov. 15 Oct.
10
10
23
6
29
25
5
70c
Oct.
$1H
Oct.
15 Oct.
5
5c
Oct.
25 Oct.
15
50c
SIX
5 Oct.
Nov. 15 Oct. 25
Nov. 20 x'Tov.
8
37 He
SIX
Nov.
1 Oct.
21
Nov.
SIH
Nov.
1 Oct.
1 Oct.
17
17
$1$1
Nov. 11 Oct.
11
1 Oct.
21
Nov.
Oct.
25 Oct.
25c
Oct.
31 Oct.
18
15c
Nov.
1 Oct.
21
25c
Nov. 15 Oct.
17
lHc
Dominguez Oil Fields (monthly)
Duquesne Brewing Co
Electrolux Corp
Eastern Township Telephone Co
Elmira & Williamsport RR. (quar.)
Exeter & Hampton Electric Co. (quar.)
Faber, Coe & Gregg, Inc. (quar.)
Preferred (quar.).
Fidelity & Deposit of Maryland (quar.)
Fidelity Fund, Inc. (quar.).Firemen's Insurance Co. (Newark) (s.-a.)
Fitchburg Gas & Electric Light Co
Galion Iron Works & Mfg., pref. (quar.)
1 Oct
1 Oct.
24 Oct.
Nov.
12Hc
(quar.)...
(quar.)
11 Oct.
SIX
,_$ 1.06M
Consolidated Royalty Oil (quar.)
...
Continental Can (final year-end)
Crucible Steel Co. of America, 5% pref. (initial)
Cuneo Press, Inc..
Dallas Power & Light, 7% pref. (quar.)..
Oct.
52 He
20c
3c
(quar.)
(guar.)
$6 preferred (quar.)
Davenport Water, preferred (quar.)
Dennison Mfg. Co. deb. (quar.)
by Treasurer of U. S. b
General fund balance.c
a
6,788,431,205.28
Oct.
Beverly Gas & Electric Co
(quar.)
...
Unmatured principal a..
Matured prln. & Int. for
60c
15
6% preferred
2.581
2.607
19
25
Preferred
Interest-
26
20c
25
Concord Electric Co.
of
on
21
2 Sept.
1 Oct.
Computed rate
annum
1 Oct.
Oct.
Nov. 15 Oct.
e Insurance Co. of America
Colonial Life
(quar.)..
Community Public Service
per
Nov.
15
21
Nov. 15 Oct.
Gross public debt..
40,857,675,981.87 43,905,240,096.48 44,072,940,246.73
Gross public debt per capita
331.89
332.95
310.91
bearing public debt (%)--
21
40c
Colgate-Palmolive-Peet
$
1 Oct.
Nov. 11 Oct.
Oct. 31 Oct.
35c
Extra
Aug. 31, 1940,
Year Ago
Nov.
Best & Co..
Boston Metal
1,282,044,346 28 26,596,701,648 01 16,026,087,087.07
Interest
interestbearing public debt (%)-.
Obligations of governmental
agencies guaranteed by
per
Holders
Payable of Record
Oct. 25 Oct.
Nov.
1 Oct.
25c
Birtman Electric Co.
Pre-War Debt
50c
50c
SIX
Extra
Aug. 31, 1919,
When
Per
Name of
2209
Nov. 13
When War Debt
second table in which
previously announced, but which
have not yet
2057
(On the basis of dally Treasury statements)
31. 1917,
The
.<7^
Anglo-Canadian Telephone 5M% pref. (qu.)
Asbestos Mfg. Co. $1.40 preferred (quar.)—...
Afar.
$50,000
TITLE
2057
:;V-
COMPARATIVE PUBLIC DEBT
10,000
COMMON CAPITAL STOCK REDUCED
,
.
Oct.
$30,000
2056
...
United Biscuit Co. of America 7% pref. stock
Vicking Pump Co. preferred stock
AUTHORIZED
555
Nov
Nov.
Koppers Co. 1st
Peoples Light & Power Co. scrip ctfs_.
Pinellas Water Co. 1st mtge. 5Ms
1433
1573
2047
2047
1724
Houston Natural Gas Corp. 1st mtge. 6s
International Business Machines Corp. 3M% debs
Iowa Electric Light & Power Co. 1st mtge. 4Ms
First mortgage 4s
BRANCH
1431
1895
1
Oct.
....
200,000
Second National Bank of Cincinnati, Cincinnati, Ohio.
Location of branch; 3186 Harrison Ave., Cincinnati, Ohio.
Certificate
No. 1477A.
1720
Apr. 1 '41
Apr. 1 '41
-
$50,000
Sept. 30—The
2040
Oct.
Holly Sugar Corp. preferred stock
Amount
235
2178
Dow Chemical Co. 15-year 3% debs__
Exeter & Hampton Electric Co. 1st mtge. 5s
Fet eral Light & Traction Co. 1st lien bonds...
Gainesville Gas Co. 1st mtge. 5s
Houston Electric Co. 1st mortgage 6s
ISSUED
2034
Oct.
15
Nov. 20
-
CHARTERS
Sept. 30—First National Bank of Steelevilie, Steeleville, Ill____.
Capital stock consists of $50,000, all common stock. President,
Henry Walter; Cashier, A. W. Werre. Conversion of: State
Bank of Steelevilie, 111.
Sept. 30-7-Western National Bank of Cicero, Cicero, 111
Page
Dec.
5
Mar. 1 *41
Nov.
1
Dec.
1
5s 1956
following information regarding National banks is
from the office of the Comptroller of the
Currency, Treasury
Department:
S
25c
$1.14
S2H
50c
15
Oct.
15 Sept.30
Nov.
19
5
15 Oct.
1 Nov. 15
Oct.
Dec.
1 Oct.
$1*
Dec.
15c
Nov.
1 Oct.
21
20c
Nov. 15 Oct.
21
69c
Oct.
15 Oct.
SIH
Oct.
15 Sept. 30
Oct.
1 Nov. 15
31 Oct.
16
5
>f T<
Lexas—
General American Oil Co. oi
AUCTION
SALES
6% conv. preferred (quar.)
of the current week:
Shares
Stocks
% per Share
3M
7 Little Schuylkill Navigation RR. & Coal Co., par $50
35M
14 Mine Hill A Schuylkill Haven RR., par $50
37
487 Woodward & Tyler, Inc., par $50—
150 Hinchclilfe Motors, Inc., preferred, par $100
(quar.)
Hallnor Mines, Ltd. (quar.)
Hawaiian Pineapple Co.
By R. L. Day & Co., Boston:
5 Municipal Real Estate Trust, par $100
Glatfelter Co., 1st pref
Gold & Stock Telegraph Co.
Gulf Coast Water, preferred
1
$3 lot
Oct.
Sept.20
20c
Oct.
Oct.
t*lH
SIH
Oct.
Sept.30
Jan,
Dec.
21
Wc
1
15c
General Shoe Corp
The following securities were sold at auction on Wednesday
Hires (Chas. E.) Co—
15
Oct.
Oct.
15c
Dec.
25c
Oct.
Nov. 15
Oct. 21
30c
Dec.
Nov. 15
45c
Oct.
Honolulu Gas ( quar.)
Horn (A. C.) Co., prior pref. (quar.)
Second preferred (quar.)
SXc
Dec.
Nov. 15
45c
Dec.
Houston Lighting & Power, 7% pref. (quar.)....
$6 preferred (quar.)
SIX
SIH
Nov.
Nov. 15
Oct. 15
Nov.
Oct.
Idaho Maryland Mines (mo.)
5c
Oct.
Nov. 21 Nov.
12
15
9
The Commercial & Financial
2140
International Bronze Powder (quar.)
International Cigar Machinery Co
"MS
37 He
partic. preferred (quar.)
6% cum
HP
25c
Jnternationai
Ocean Telegraph
Co.group).
(quar.)
nstitutionai Securities
(aviation
Insurance group (stock dividend)
Kalzmazoo Stove & Furnace
Kendall Co
—..........
$6 part. pref. A (quar.)
.
King Oil Co. (quar.)
Knickerbocker Insurance (N.
Kokorao Water Works. 6%
Kress (S H ) & Co
Special preferred (quar.)
Lionel Co-p. (quar.)
Loblaw Groceteria (quar.)
(quar.)
(year-end)
Loew's Boston Thfatres
Lone Star Gas Corp.
Loose-Wiles Biscuit
5% preferred
15c
Nov.
c
25c
Extra
25c
25c
Extra
15
Nov. 22
22
1
Oct.
1 Dec.
Nov. 15 Oct.
18
18
1
Sept.
1
Oct.
Oct.
Nov.
26
Sept. 26
1 Oct.
Nov.
17
17
1 Oct.
McLennan. McFeeley & Prior, Ltd.—
Class A & B
12Hc
MM
MM
(quar.).
6H% preferred (quar.)
McNeel Marble Co., 6% 1st pref.
(quar.).
Managed Estates, Inc
Manufacturing Co
Massachusetts Power & Light Assoc.,
Marion
Preferred (quar.)
—....
Mead Corp.. $6 preferred A
$5 U preferred B (quar.)
Melville Shoe Corp. (quar.)
Prefe-red
(quar.)
Sept, 30 Sept. 24
Sept. 30 Sept. 24
Oct.
15 Oct.
16 Oct.
7
6c
$1
Oct.
1 Oct.
3
Oct.
50c
Oct.
MH
Dec.
Dec.
(quar.)
Class B
—
Mountain Fuel Supply
Mutual Investment Fund.
10c
(Wash., D. C.).
Newberry (J. J.) Co., pref. A (quar.)
New River Co.. preferred
New York Merchandise Co. (quar.)
North American Oil (quar.)
North Boston Lighting Properties (quar.)
Preferred (quar )
Northern Railroad (N. H.) (quar.)
Northwestern Telegraph Co. (semi-ann.).
Nunn-Bush Shoe Co., 5% pref. (quar.)..
Occidental Insurance (quar.)
Ohio Public Service 5% preferred (monthly)
6% preferred (monthly).
National Savings & Trust Co.
Andes Copper
Appleton Co. (quar.)-—.
1 Oct.
Oct. 30 Oct.
Oct. 30 Oct.
Dec.
6 Nov.
Oct. 15 Sept.
30
Nov.
24
Oct.
Jan.
Extra
Preferred
Nov.
...
Jan.
(s.-a.)
Dec.
....
Pipe Line
I
6% partic. preferred A (partic. divs.)
Pantex Pressing Machine, preferred
Patchogue Plymouth Mills
Port Huron Sulphite & Paper part,
Procter & Gamble Co. (quar.)
preferred
Preferred
25c
$1 M
$114
-
25c
(quar.)
37Hc
15c
Schumacher Wall Board Corp., $2 part, pref
Seven-Up Bottling Co. (St. Louis) (quar.)
Sharp & Dohme, Inc., preferred A (quar.)
Silex Co. (quar.)
.
.
.
Springfield Gas Light (quar.)
Standard Coosa Thatcher (quar.)
Sundance Royalty Ltd.
Texamica Oil (quar.)Texas Power & Light, 7% pref. (quar.)
$6 preferred (quar.)
Toburn Gold Mines, Ltd. (quar.)
_
Extra
Tubize Chatlllon Corp., class A
Tung-Sol Lamp Works, preferred (quar.)
United Molasses Ltd. Am. dep. rec. (Interim)-United New Jersey Railroad & Canal (quar.)
Western Cartridge 6% preferred (quar.)—.
Western Maryland Railway, 7% preferredWheeling & Lake Erie Ry., preferred (quar.).—.
we
1
14
Sept. 25
25
Nov.
19
1 Oct.
28 Oct.
15 Oct.
1 Oct.
1 Oct.
1 Oct.
19
19
19
18
Bell Telepnone Co. (Pa.) (quar.)
Bell Telephone of Canada (quar.)
Borland Shoe Stores
Bloomingdale Bros
Bon Ami Co., class A (quar.)
Class B (quar.)
Boston Edison Co. (quar.)
$2
20c
7H%
$2H
4
Nov.
Nov.
1 Oct.
1 Oct.
10c
Dec.
Nov.
2 Nov.
1 Oct.
37He
Nov.
1 Oct.
60c
8
2
31
15
15
preferred (quar.)
Telep. Co. 6% 2d pref. (qu.) —
Brooklyn-Manhattan Transit, com. (liquid.) —
See General Corporate &
Investment News
section for a complete description of this div.
Buffalo Niagara & Eastern Power 1st pref. (qu.)_
Bullock's. Inc., preferred (quar.)
British Colombia
Business
Capital Corp.. class A
Cables & Wireless Holding Co.,
Abbott Laboratories preferred (quar.)__.
Abraham & Straus, Inc
Administered Fund
Aeronautical Securities
Aetna Bali Bearing Mfg
Affiliated Fund, Inc
Air Reduction Co., Inc. (quar.)
Extra
Ajax Oil & Gas Co., Ltd
Akron Brass Mfg. Co., Inc
Alabama Power Co. $5 preferred (quar.)
Alaska luneau Gotd Mines (quar.)
Alloy Cast Steel (quar.)
All-Penn Oil & Gas Co. (quar.)
When
Canada
Matting
Corp.,
Ltd.
Oct.
Oct.
15 Oct.
25 Oct.
12c
Oct.
21
10c
Oct.
Dec.
14 Dec.
35c
7% noncum. pref.
Canada Northern Power Corp., Ltd
7%
cum.
pref. (quar.)
Cable, class A (quar.).
Canada Wire &
31
24
24
8
9
15
1
15
Sept. 30
16 Sept. 28
2
25c
Oct.
Oct.
Oct.
31
Oct.
25 Oct.
15
Nov.
1 Oct.
Nov.
1 Oct.
Oct. 21 Oct.
Oct. 15 Oct.
18
7
4
35c
5c
—
Canadian Fairbanks-Morse, preferred (quar.)
Canadian General Investments (quar.)
Oct.
25c
Oct.
Oct.
75c
Oct.
Oct.
$2
Oct.
Oct.
Oct.
Oct.
15c
Nov.
Oct.
15c
Oct.
Dec.
Oct.
Oct.
31 Mc
Si H
62 He
$1
Oct.
18
18
18
5
15
I
Nov.
Oct.
Oct.
'I
Oct.
25
Nov.
Oct.
Nov.
Oct.
Nov.
Oct.
Oct.
Oct.
75c
Nov.
4
25 Oct.
7
1 Oct.
18
15 Sept. 30
15
31 Oct.
25 Oct. 15
1 Oct.
19
15 Sept. 30
21 Oct. 15
10
1 Oct.
Nov.
Dec. 31 Dec. 14
SI H
Oct.
12 He
Oct.
Dec. 31 Dec.
15 Oct.
Oct.
lCc
25c
Oct.
MM
SI H
Oct.
18rtf
62i&
Nov.
8
18
Nov.
50c
Nov.
Nov.
Oct.
Oct.
Nov.
Nov.
Oct.
Oct.
31 Oct.
1 Oct.
15
10
17
15 Sept.30
15
1 Oct
15 Sept. 20
15 8ept.23
1 Oct.
21
1 Oct.
21
15 Sept. 30
25 Oct. 10
25 Oct.
31 Oct.
31 Oct.
1 Oct.
Nov.
Oct.
Oct.
Oct.
15
15
15
10
Nov. 25 Nov. 15
15 Sept. 30
15 Sept. 30
15 Sept. 30
Oct. 15
15
10
—
(quar.)
Celanese Corp. of American
Common stock div. of lsh. of com. for each
30 shs. of common stock held
7% cumulative prior preferred (quar.)
7% cumulative 1st part, preferred (s.-a.)
Celotex Corp. 5% preferred (quar.)
Central Aguirre Associates (quar.)
Central Eureka Mining (bi-mo.)
—
Oct.
Oct.
Oct.
Oct.
Central Power & Light Co. 7% cum.
pref
6% cumulative preferred
Central Wharf & Wet Dock Corp.--Century Ribbon Mills, pref. (quar.)
Cerro de Pasco Copper Corp
Chemical Fund. Inc. (quar.)
Cbickasha Cotton Oil (special)..
Chilton
Co
Chain Belt Co
City Title Insurance Co.
(quar.)
Oct.
Oct.
31
Oct.
31
Nov.
Nov.
Oct.
Nov.
Oct.
15
15
1
W
X1M%
IS1
S1H
12Hc
Oct.
Oct.
Oct.
Oct.
Sept. 30
Sept. 30
Dec.
Nov. 30
Nov.
Oct.
21
Nov.
Oct.
Nov.
Oct.
21
31
Oct.
Sept. 30
Sept. 30
Oct.
Oct.
Oct.
Sept. 30
8ept. 30
Nov.
Nov.
1
Nov.
Nov.
Oct.
Oct.
25c
Oct.
Sept. 17
1
10
11
Dec.
Oct.
MM
$3H
Jan.
Dec.
Dec.
Dec.
17
MM
37 He
Oct.
Oct.
21
Oct.
8c
Oct.
Oct.
Sept. 30
8ept. 30
Sept. 30
Sept. 30
Sept. 30
Sept. 30
Nov.
Oct.
Dec.
Nov. 20
Oct.
Nov.
Oct.
Oct.
10
Oct.
Nov.
Oct.
Nov.
Oct. 15
Oct.
1
Nov. 20
Oct.
Oct.
—
'i
17
Sept. 30
Sept.30
Sept. 30
Sept. 30
Oct.
—
1
MH
15c
7% preferred (quar.)
6% preferred (quar.)
15
Sept. 30
8ept. 30
8ept. 30
Oct.
Nov.
t$lM
tMH
$1M
$1H
$1M
6% preferred
Oct.
Oct.
25c
6% preferred (quar.)
Central New York Power, pref. (quar.)-Central Paper (initial quar.)
Central Power Co., 7% pref
Oct.
Nov.
Nov.
Nov.
$1M
(quar.)
Nov.
15
11
22
15
SI H
25c
62 He
7c
Central Investors Corp
1
Nov.
20c
Central Hudson Gas & Electric (quar.)
Nov.
6
30
15 Sept. 30
15 Sept. 30
1 Oct. 17
Nov.
WM
12Hc
12Hc
Extra
Carolina Clinchfield & Ohio RR.
Oct.
MM
%1M
|S1 M
(quar.)
Preferred (quar.)
Canadian Oil Cos., Ltd. (quar.)
Oct.
Nov.
20 Dec.
12 Mc
5Cc
Canadian Industries. Ltd. A & B
,
S1H
S10
^
19
21
5c
lHc
12Hc
-— —
Canadian Converters...
Holders
50c
25c
fig
Preferred (quar.)
Calumet & Heel a Consol. Copper Co
Canada Iron Foundries, Ltd
Preferred
22
Payable oj Record
$1H
10
11
2M%
pref. (s.-a.)
Calgary Power Co., preferred (quar.)
California-Oregon Power, 7% pref
U
Zo
pi
ClCllCU- - • 6%
preferred6% preferred (series of 1927)
California Packing
Central Kansas Power Co., 7% pref.
Per
Oct.
50c
22
give the dividends announced in previous weeks
Share
Oct.
40c
Bridgeport Hydraulic Co. (quar.)
British-Columbia Power, class A (quar.)
Canadian Bronze Co., Ltd
Preferred (quar.)
and not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Name oj Company
18
25c
Oct.
Nov. 23 Oct. 11
Jan. 10 Dec. 20
31
$m
Oct.
Oct.
33Hc
20
31 Oct. 19
1 Sept. 27
Nov. 20 Oct.
Nov. 15 Oct.
19
Nov.
Oct.
15 Sept.
Dec.
1 Nov. 15
Nov. 25 Nov. 15
Oct. 19 Oct.
9
Oct. 19 Oct.
9
Oct. 15 Oct.
5
Sept. 25 Sept. 15
1 Oct.
1 Oct.
Nov.
Nov. 22 Oct.
Nov. 22 Oct.
1 Oct.
Nov.
1 Oct.
Nov.
Oct.
Nov.
2fc
SI M
SI
Co., common
Oct.
Nov.
15 Sept. 30
15 8«pt. 20
50c
Nov.
18
Sept. 16
19
Oct.
Oct.
9 Oct.
15c
Oct.
25c
10c
Sept. 30 Sept. 20
Sept. 30 Sept. 20
MM
MH
X2c
t2c
Nov.
52 M
Bralorne Mines. Ltd. (quar.)
Extra
Nov.
Oct.
Oct.
7
Dec.
5c
30c
Oct.
Oct.
37Hc
37Hc
37^c
Oct.
1
75c
Nov.
20c
1
4
5
20c
87m
Nov.
Nov.
Oct.
31
4-1-41
Dec. 16 Dec.
Bos on Woven Hose & Rubber
Sept. 30 Sept. 25
Oct.
Oct.
25c
—
14
14
Oct.
15c
....
31 Dec
Dec. 31 Dec.
14*
15
15
Sept. 16
12Hc
MM
Co
1 Oct.
Oct.
Nov.
"&
—
(quar.)
Preferred (quar.)
B lit more Hats Ltd. (quar.)
Birdsboro Steel Foundry & Machine
1 Oct.
Bower Roller Bearing
1 Sept. 25
1 Oct. 19
Nov.
1 Oct. 19
Nov.
Nov. 20 Nov.
7
Oct. 15 Oct.
Nov. 15 Nov.
...
— -.
Nov.
Nov.
5
14
15
15
Oct.
Nov. 15 Nov.
class A (interim)-
Oct.
1
Oct.
60c
Bayuk Cigars. Inc., first preferred (quar.)
Beatty Bros.. Ltd.. 6% preferred (quar.).
15 Oct.
MM
$1
30c
;
Oct.
Nov.
Nov. 25
3<c
(Detroit)
15 Sept. 15
31
25
5
1 Sept. 14
1 Oct. 18
9 Oct. 31
35c
20c
Extra
Below
t50c
$1H
Preferred
Zellers Ltd., preferred (quar.)
22
Bartgis Bros. Co—
Bathursl Power & Paper,
Brantford Cordage
(quar.)
Prior lien (guar.)
.
Wool worth (F. W.) Co. (quar.)
Yuba Consol. Gold Fields, Inc
Bankers Trust Co.
Nov. 15 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov
1 Oct.
Nov.
Nov.
MM
(quar.)
Sports Products, Inc. (quar.)
22
1 Sept. 24
24 Oct.
(quar.)
(quar.)
Oct.
Nov. 10 Oct.
Oci. 15 Oct.
Dec.
40c
22
2 Dec. 14
2 Nov. 15
11
51 'A
5c
Bangor Hydro-Electric (quar.)
Bank of America N. T. & S. A. (quar.)
Preferred (Initial,seml ann.)..
10
Nov.
St. Paul Union Stockyards Co. (quar.)
San Carlos Mill
Extra
15
26 Oct.
Oct.
(quar.)
Sioux City Stockyards Co
Preferred
Sound view Pulp Co
15
1 Oct.
Dec.
$1M
(quar.)
——
15
15
MM
MM
MM
25c
Badger Paper Mills
6% preferred (quar.)
1 Oct.
1 Oct.
Oct.
Nov.
Atlas Corp
Atlas Powder Co., preferred
AxeJson Manufacturing Co
Babcock & Wucox
15
17
5*
15 Sept. 20
15 Sept. 30
25*
Dec.
MM
MM
m
6% pref. (quar.)—.
Atlantic Rayon Corp.. $2H prior pref. (quar.).
Atlantic Refining Co.. pref. (quar.)
Baldwin Co. 6% pref.
_
3Cc
MM
Atlantic City Electric Co.,
Baldwin Rubber Co
10
Oct.
—
Preferred (quar.)
Argo Oil Corp
—
Aro Equipment Corp
Artloom Corp. 7% pref. (quar.).
Associated Dry Goods 2d pref
Associated Telephone Co.. preferred (quar.)
15
1 Oct.
1 Oct.
20c
11
—
preferred—
Mining-
1 Oct.
1 Oct.
1 Oct.
26 Oct.
Oct.
6% preferred (monthly)
5% preferred (monthly)
Rath Packing Co. (extra)
Reynolds (R. J.) Tobacco Co. (interim)
Riverside Cement Co.. preferred (quar.)
Rockland Light & Power Co. (quar.)
Rose's 5-10 & 25c. Stores, Inc. (quar.)
St. John Dredge, Dock, & Shipbuilding—
Saco-Lowell Shops
17
Oct.
Oct.
.....
Public Electric Light (quar.)
Public Service Co. of Colorado 7% pref. (mo.).,
St. Lawrence Flour Mills
Preferred (quar.)
31 Oct.
2 Dec.
16
30 Oct. 15
Nov. 15 Nov.
6
.preferred (monthly).
Pacific & Atlantic Telegraph Co.
Pamnur Porcupine Mines
15
Oct.
Nov.
Nov.
Nov.
Nov.
Nov.
Nov.
(quar.)
1 Oct.
15
pr.
Extra
15
15
--
& B (quar.).
Anaconda Wire & Cable Co
15
Dec.
1 Nov. 16
Oct. 15 Oct.
1
Nov.
1 Oct. 21
Oct. 21 Oct. 10
Oct. 15 Oct.'
8
Oct. 15 Oct.
8
5H% preferred (quar.).
Outlet Co. (quar.)
Lead & Smelting
Amparo Mining (liquidating)
American Zinc.
31
Nov.
MM
5Cc
Teleg. Co. (quar.)...
American Thermos Bottle, class A
CI as" A (extra)
18
10c
Si H
68 Mc
pref. (s.-a.)
American Stove Co
American Telep. &
MM
5< c
MM
Preferred (quar.)
1 Oct.
Nov.
Nov.
12c
;
Refining---
1 Oct.
Nov. 15 Oct.
Nov.
Michigan Public Service 7% preferred.
6% preferred
Missouri-Kansas Pipe Line Co.
Preferred
8
1 Nov. 15
1 Nov. 15
1 Oct. 18
(quar.)—-----
(Dela.)
American States Utilities
15 Oct.
Nov.
Merchant lie Stores, pref. (quar.)
Panhandle Eastern
1
Preferred (quar.)
American Rolling Mill Co., pref.
American Smelting &
Dec.
1 Oct.
31 Oct.
Nov. 15 Oct-
(quar.)
(N. J.) pref. (qu.)
Ltd. (monthly)
Hoe. preferred (quar.).
—
American Furniture Co., Inc.. 7% pref. (quar.).
A men can Home Products (monthly)
Am rican Light & Traction (quar.)
Preferred (quar.)
American Mfg. Co. (quar.)
Preferred (quar.)
—
American Oak & Leather Co.—
5% cumulative preferred (quar.)--.-5% cumulative preferred (quar.)--—
American Paper Goods Do
7^ pref (quar
American Radiator & Standard Sanitary Corp.—
American Seal-Kap
Dec.
31
cash or l-32d sh. cl. B.
American District Telegraph
19
31
Dec.
Oct.
Oct.
stock*
American Fork &
J5
---------
Opt. dlv. payable in
Dec.
Nov.
Oct.
(N. Y.) (quar.) —.
Roof Corp.. 6% pref. (quar.)
(quar.)
--American Cities Power & Light $3 class A
American Factors.
1 Oct.. 19
Dec. 21
Nov.
'an.
Corp. (quar.)
(quar.)
American Alliance Insurance
19
Nov.
1 Oct. 22
9
Nov. 30 Nov.
Nov. 30 Nov
25c
McGraw Electric Co. (quar.)
1 Nov. 10
1 Oct.
25 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
2( c
MM
$1 M
(quar.).
MacWhyte Co. (quar.)
Dec.
18
25c
Lumbermen's Insurance (semi-arm.)
Nov.
American Asphalt
American Can Co.
12
3
—...........
Ainenda
1 Sept. 30
21
1 Oct
Oct.
15c
Mfg.
Inc
(quar.)
preferred fquar )_
Amalgamated Sugar Co. preferred
7°7,
Nov. 15 Oct.
Nov.
Holders
Payable of Record
of Company
Aluminum
2 Dec. 31
31
Jan.
15c
87 He
12Hc
...
14
12Hc
$IH
40c
(quar.)
19
Nov.
%ik
—.—
Lincoln Printing Co.. preferred
31
2 H%
12Hc
Y.)
pref. tquar.)
Name
Payable of Record
Nov. 15 Oct.
Nov.
1 O t.
Oct. 15 Oct.
12, 1940
When
Holder*
When
Per
Share
Name of Company
Oct.
Chronicle
Dec.
15
16
Nov.
Oct.
Oct.
25c
Oct.
Sept. 25
8c
Sept. 30
10c
Oct.
Oct.
5Cc
Oct.
Oct.
10
12Hc
Oct.
Oct.
15
4
Volume
The Commercial & Financial Chronicle
151
Per
Name of Company
Cincinnati Postal Terminal &
Realty Co.
6)4 % preferred (quar.)
Cleveland Cincinnati Chicago & St. Louis
Ry.—
5% preferred (quar.)
Preferred (quar.)
Clinton Water Works Co. 7% Dref. (auar.)
__
Colt's Patent Firearms
(interim)
Columbia Gas & Electric Corp
$134
$134
$1!i
$134
$134
$134
6834c
_
$6>6 preferred (quar.)
Alcohols, pref. (quar.)..
Commonwealth Edison Co
Commonwealth Investment Co
Commonwealth Utils. Corp. 6)4% pref. C (qu.).
Community Power & Light..
Conn (C. G.), Ltd
Connecticut investors Management Corp. (s.-a.)
Consolidated Car Heating (quar.)....
Consolidated Cigar Corp. 634 % cum.
pref. (qu.)
7 % cum. preferred
Consolidated Coppermines
Consolidated Edison (N. Y.) pref. (quar.)
Consolidated Laundries, pref. (quar.)
Consolidated Oil Corp
Corn Exchange Bank Trust
(quar.)..
Corn Products
Refining (quar.)
Preferred (quar.)
Debenture
31 Sept. 21
15 Oct. 19
Nov. 15 Oct. 19
Nov. 15 Oct. 19
Nov. 15 Oct. 19
Nov. 15 Nov.
1 Oct.
1
15
Dec.
2 Nov. 15
2 Nov. 15
Oct.
Oct.
15 Sept. 30
15 Oct.
5
Detroit-Hillsdale & Southwestern.(s.-a.)..
Detroit Michigan Stove
Preferred (quar.)
Diamond Match Co. (quar.)
Preferred (semi-ann.)..
$1
25c
Distillers Corp .-Seagrams preferred (quar.)
Dixie Home Stores (quar.)
Doctor Pepper Co
(quar.)
Dodge Manufacturing Corp
Doehler Die Casting (interim)...
___
-
Ltd
Domestic Finance preferred (quar.)__
Dominion Oilcloth & Linoleum Co., Ltd. (quar.)
Extra
Dominion Tar & Chemical Co.. 5 34 % pref. (qu.)
Dominion Textile Co. preferred (quar.)
Dow Chemical Co
Preferred (quar.)_
(quar.)
Duquesne Light, 5% preferred (quar.)
Electric Bond & Share $6 preferred (quar.)
$5 preferred (quar.)
Electric Household Utilities..
21 Oct,
15 Oct.
4
Preferred A (quar.)
Preferred A
Employers Group Assoc. (quar.)
Farmers & Traders Life Insurance (quar.).....
Federal Services Finance
Corp. (quar.)
6% preferred (quar.)
....
Federated Dept. Stores
Preferred (quar.)
Ferro Enamel Corp
(quar.)..
Fishman (M. H.) Co. 6% preferred (quar.)
Fort Pitt Brewing
Extra
Foundation Co. (Canada)..
Froedtert Grain & Malting
1
11
25 Oct.
11
Oct.
25 Oct.
11
Interstate Home
.......
75c
$134
25c
25c
25c
8734c
1%
37 34c
$134
5c
....
25c
7c
$1
General Motors Corp. preferred (quar.)
General Outdoor Advertising class A (quar.)
(quar.)
$134
General Theatres Equipment Corp
General Tin Investments
Gillette Safety Ra/,or. pref. (quar.)
....
Golden State Co.. Ltd. (quar.)
Gorham Mfg. Co
Great American Insurance (quar.)
Great Lakes Power Co., Ltd., A pref.
(quar.)
Green (H. L.) Co. (quar.)..a
...
-
t25c
-
-
—
«-
.
Series S-3 (s.-a.)
Special
Knott Corp
Mining (s.-a.)
-----—
-
Kreuger (G.) Brewing
Kroger Grocery & Baking 7% pref. (quar.)
Landis Machine preferred (quar.)—
Lane Bryant, Inc., 7% pref. (quar.)
Langendorf United Bakeries, Inc., class B
Class A (quar.)---,
Preferred (quar.)
Lakey Foundry & Machine
Lawrence Gas & Electric Co. (quar.)
Dec. 16 Nov. 30
Mar. 15 Feb. 28
Jan.
2 Dec. 11
Oct. 15 Sept. 30
Oct. 15 Sept. 30
Oct.
Dec. 20
Nov.
1
Oct. 25
Oct. 25
Dec.
5
Oct.
16
Oct.
15
Oct.
15
15 Oct.
5
4
21 Oct.
Jan.
2 Dec. 26
Dec. 31 Dec. 23
Oct.
15
15
Oct.
Nov.
Nov.
Nov.
Sept.
Oct.
Oct.
Oct.
30
Nov
Oct.
Oct.
21
Sept. 30
Oct. 25 Sept.
Oct. 15 Oct.
Nov.
1 Oct.
Tan,
1 Dec.
Oct. 21 Sept.
15
15
15
21
30
30
10
21
20
1
10
15
30
Nov.
1 Oct. 10
Nov.
1 Oct.
Nov. 15 Nov.
6
Nov. 15 Nov. 6
Nov.
1 Oct.
1
Oct. 25 Oct. 10
Oct. 21 Sept. 30
68 54c
$154
25c
$154
$154
15c
20c
15c
134%
15 Sept. 30
15 Sept. 30
Oct. 15 Oct.
8
Oct. 31 Oct. 16
Dec.
1 Nov. 15
Dec. 15
__
Oct. 19 Oct.
5
Oct. 15 Sept. 30
Oct. 15 Oct.
1
Nov.
1 Oct. 25
Nov.
1 Oct. 15
Oct. 25 Oct. 14
Oct. 15;Sept.21
Oct. 25,Oct.
4
Nov.
l'Oct. 10
Nov. 15 Nov.
4
1 Oct.
15
1 Oct.
15
Nov.
Nov.
1 Oct.
15
1 Oct.
15
15 Sept. 10
Nov.
1 Oct.
2
Nov.
1 Oct.
Nov.
1 Oct.
Oct. 15 Oct.
Oct.
22
16
1
15 Oct.
1
15 Sept. 30
15 Sept. 30
Oct.
Oct.
Oct.
15 Sept. 30
Oct.
Ocr.
21 Sept. 30
21 Sept. 30
Oct. 21 Sept. 30
Dec.
2 Nov.
9
Oct. 15 Sept. 28
Oct.
22 Oct.
;
Oct.
28 Oct.
Oct.
Oct.
31 Oct.
Oct.
15 Sept. 30
Oct.
15 Sept. 30
10
8
31 Oct.
8
Dec.
2 Nov. 20
Oct.
lc
Nov.
Oct.
1 Sept. 30
5
Oct.
15 Oct.
Oct.
16 Oct.
9
Nov.
1 Oct.
16
18
Dec.
Nov.
1 Oct:~15~
Oct. 15 8ept. 30
50c
Oct.
15 Sept. 30
75c
Oct.
20c
Oct.
15 Sept. 30
15 Sept. 30
75c
Oct.
Oct.
14 Sept. 30
15 Oct. 10
25 Oct.
75c
Lee Rubber & Tire
75c
Nov.
1 Oct.
18
Oct. 28 Oct. 15
Nov.
1 Oct. 14
Jan.
2 Dec. 14
Oct. 15 Oct.
3
Nov.
1 Oct. 22
Oct. 15 Sept. 30
—
Lord &
Light
Taylor 2d preferred (quar.)
37'Ti
50c
$134
$134
25c
50c
$1*4
90c
$2
Louisville Gas & Electric 7% preferred (quar.)--
6% preferred (quar.).
5% preferred (quar
$1 %
$134
$134
25c
$1*4
%
MacAndrews & Forbes Co. (quar.)
Preferred (quar.)
McCall Corp.
(quar.)
preferred (quar.)—-7-McCrory Stores, 6% preferred (quar.)
Mclntyre Porcupine Mines
McColl-Frontenac Oil.
—
lt&
l\%
20c
Preferred
(quar.)—
preferred (quar.)---Mahon (R. C.) class A pref. (quar.)
$2.20 preferred (quar.)
Magnin (1.) & Co
50c
Jan.
Dec.
2
If
Dec.
Nov
Dec.
If
Nov. 25
Nov. 15 )ct.
Oct. 14 Jet.
Nov.
3 Jet.
Oct. If Sept.
Oct. 15 Sept.
Oct.
Oct.
21
26
8
16
25
29
5
17
30
30
15 Sept. 30
15 Oct.
5
Dec. 23
1-2-41
Nov.
Oct.
1 Oct. 15
15 Sept. 30*
Oct.
15 Sept. 30*
Nov.
1 Oct. 15
Oct. 15 Sept. 30
Nov.
1 Oct. 18
2
Jan.
2
Nov.
1
Nov.
1
Nov. 15
Nov.
1
Nov. 11
Oct.
11
Oct.
11
6
Nov.
15 Sept. 30
15 Oct.
5Cc
Oct.
Oct.
——
3734c
1734c
1734c
15 Oct.
1
15 Sept. 30
i5 Sept. 20
Oct.
15 Sept
—
10c
(quar.)
62&
Maytag Co. $3 preferred (quar.)
$6 preferred (quar.)
Mercantile Acceptance Corp.—
5% preferred (quar.)_.
6% preferred (auarp.)..
Merchants & Manufacturers Security A & B
Par tic. preferred (s.-a.)
Par tic. preferred (part, div.)
Metal & Thermit Corp. preferred (quar.)
Michigan, Gas & Electric 7 % prior lien—
$134
Dec.
_
-
Monsanto Chemical Co., pref. A & B (semi-ann )
Montana Power Co., $6 preferred (quar.)
Montgomery & Erie Ry. Co. (S.-a.)
Montgomery Ward & Co
Montreal Light, Heat & Power Consol. (qu.)
Montreal Telegraph Co
20
6 Dec.
5 Dec.
1
1
15 Oct.
11
15 Oct.
15 Oct.
Dec. 23 Dec.
11
Oct.
Oct.
Extra
15 Sept. 30
5
Oct. 31 Oct. 15
Oct. 15 Sept. 30
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Dec.
Missouri Gas & Electric Service
534% cumulative preferred (quar.)
Monongabela Valley Water Co. 7 % pref. (qu.)
Monroe Loan Society, class A
Oct.
Oct.
-
Morris (Philip) & Co. (quar.)
Nov.
Oct.
Oct.
Oct.
7% pref. (quar.)
-
Oct.
2
Oct.
Manufacturers Trust Co. preferred (quar.)
Marchant Calculating Machine Co
Montreal T/amways
(guar.)
Moore (Wm R > Dry Goods Co. (quar.)
Morreil (John) & Co
1
1
Dec.
10c
—
Marshall Field & Co. (quar.)
Massachusetts Utilities Assoc., pref.
Nov.
Nov.
55c
Manhattan Bond Fund, Inc
Maritime Telep. & Teleg. Co.,
Common (quar.)
15
__
Dec,
ExtraMc Lei Ian Stores Co
Modern Containers, Ltd. (quar.)
Sept. 30
23 Oct. 14
15 Sept. 20
Nov.
Nov.
Oct.
Oct.
Oct.
15
20
$3
634% Pref. (quar.)
Lyon Metal Products 6% preferred (quar.)
Oct.
20
1 Oct.
25c
Lunkenneimer Co
15 Sept. 30
5
1 Oct.
1234c
m
Lawyers Title Insurance Corp., 6% pref. (s.-a.)
Oct.
Oct.
Oct.
Oct.
Oct.
25
15 Oct.
Lazars (F. & R.) & Co. (quar.).
Lea Fabrics, Inc
Oct.
_
Nov. 15 Oct.
10c
$1U
-
7
5c
12c
Klrkland Lake Gold
21
15 Sept. 28
15 Sept. 30
Oct. 15 Sept. 30
Nov.
1 Sept. 30
--
$6 prior lien
Michigan Silica (quar.)
Midland Oil Corp. $2 preferred
Midwest Piping & Supply Co.. Inc
Mississippi Power & Light. $6 pref
Hartford Electric Light
15*
Dec. 15
1-2-41
4-1-41
3-15-41
Dec. 18 Dec. 14
75c
>4 % preferred B
t813€c
6% Preferred C
t75c
Iron Fireman Mfg common v. t. c. (quar.)
30c
I X L Mining (quar.)
20c
Jones & Laughlin Steel, 7% preferred
t$l
12c
Kaufmann Department Stores
15c
Kellogg Switchboard & Supply
Preferred (quar.)
$1
Kemper-Thomas 7% special prpf. (quar.)---—
3134c
Kennedy's, Inc., preferred (quar.)-:—
$134
Kentucky Utilities, 6% pref. (quar.)
Kerr-Addison Gold Mines (interim)
5c
62c
Keystone Custodian Funds S-l (s.-a.)
Oct.
2c
...
21
$1*1
8734c
$1M
6
Oct, 15 Oct.
1
Oct. 15 Sept. 20
Oct. 15 Sept. 30
Nov.
1 Oct. 15
134%
...
_
1 Oct.
15 Oct.
Oct.
Investors Fund C, Inc
10c
Iowa Electric Light & Power Co., 7% pref. A-_ t8734c
20c
Harbison-Walker Refractories Co. pref. (quar.).
Harris burg Gas Co. 7% pref. (quar.)..
Harrisburg Steel Corp
Harris & Co., preferred (quar.)...
(quar.)
17
Extra
Investment Foundation, Ltd.,cum. pref. (qu.)
Cumulative preferred
50c
25c
Hayes Industries, Inc., (quar.)
__
Nov.
1
$134
Hecker Products Corp. (quar.)
Hercules Powder Co., preferred
30
30
15 Oct.
60c
(quar.)
Sept.
Sept.
Oct.
Dec.
Oct.
Oct.
(quar.)
Corp. of Amer. 634% preferred
Sept. 30
11c
50c
Hawaiian Sugar Co. (quar.)__
Oct. 15
Oct. 15
Oct. 15
Oct. 31
1-2-41
7
i$i 34
JI2 34
Hanna (M. A.) Co., $5 cumulative
pref.
Hanners Oil Co., common...
Oct. 15 Sept. 14
Oct.
Nov.
7
Nov.
Oct.
7
Oct, 25 Oct. 10
15 Oct.
$154
Guarantee Co. of North Amer. (quar.)
Extra
l.Oct. 14
15 Sept. 30
Nov. 15 Nov.
1
Nov. 15 Nov.
1
Oct. 25 Oct. 10
Oct.
25c
Halle Bros. Co., preferred (quar.)
Hammer mi II Paper Co
Nov.
20c
$134
$134
3734c
Gimbel Bros., preferred (quar.)
Glen Alden Coal Co
5
Oct.
Oct.
Sept,
Oct. 15 Sept.
Oct. 21 Oct.
Nov.
1 Oct.
5c
....
5
2 Nov. 16
Nov.
35c
(quar.)
20
2lNov. 12
15c
75c
General investors
15 Sept. 27
21iOct.
o
Oct.
10c
25c
General Finance Corp
General Foods $434 preferred (quar.)
General Instrument Corp. (quar.)
Oct.
Oct.
Oct. 21 Oct. 10
Dec.
7 Sept. 26
Oct. 31 Oct.
4
Oct.
15c
5c
Equipment (quar.)
Lowell Electric
$2 34
30c
Preferred (quar.)..
General Electric Co
2 Nov. 26
Nov.
Oct.
*6
13
Dec.
2 Nov. 20
Nov.
1 Sept. 14
Oct. 21 Oct.
5
15 Sept. 30*
15 Oct. 11
Oct.
40c
sift
15 Oct.
Dec. 23
Oct.
80c
$1*4
21
5c
1234c
Fundamental Investors (quar.).
Fyr-Fyter Co. class A
Gardner-Denver Co. (quar.)
Quarterly
21
5c
20c
Preferred
(guar.)
Fuller Brush Co. (quar.)
Extra
$134
31 Oct.
25c
20c
Special
15c
$1.0634 Oct. 31 Oct.
25c
$134
234c
J25c
j
3%
rec
Lehigh Portland Cement (quar.)
Preferred (quar.)
Lerner Stores (quar.)
Preferred (quar.)
Lexington Telephone pref. (quar.)
Liberty Loan Corp. $3 34 preferred
Uncom National I ife Insurance Co. (quar.)
Link Belt Co. (quar.)
Preferred (guar.)
Little Miami RR. Co., original capital (quar.)_Speclal guaranteed (quar.).-Loew's. Inc., $634 preferred (quar.)-
5634c
Fibreboard Products, Inc., 6% pr. pref. (qu.).
Filene's (Wm.) Sons
Preferred (quar.)
Fireman's Fund insurance (quar.).
Firestone Tire & Rubber..
First National Bank (Toms River, N. J.)
(qu.)_
First National Bank of Jersey
City (quar.)
Fischer (Henry) Packing Co. 5% pref.
5c
23 Dec.
Oct. 18 Oct.
8
Oct. 25 Oct.
9
Oct. 2LSept.30
Nov.
1 Oct. 24
Oct. 31 Oct. 15
Oct. 31 Oct. 15
50c
Eversharp, Inc., new 5% pref. (quar.)
New 6% preferred (quar.)
Fansteel Metallurgical Corp., preferred (quar.).
Farallone Packing Co. (quar.)
Quarterly
:
t$l
21 Oct.
25c
25c
434 % preferred (quar.).
15c
Oct.
Oct.
Dec.
$154
$134
$134
$1
International Milling Co. 5% preferred (quar.)
International Nickel of Canada pref. (quar.)
Payable In U. S. funds.
International Utilities Corp., $3>4 prior pref—
Interstate Department Stores pref. (quar.)
30c
10c
EI Paso Electric, preferred A
(quar.)
Preferred B (quar.)..
$6 preferred (quar.)
50c
$1M
$234
19 !
19
15 Sept. 28 |
15 Sept. 28
1 Oct. 11
Nov.
Oct. 15 Sept. 30*
Oct.
Oct.
Oct.
Preferred
3-1-41
2-10-41
Nov.
1 Oct. 15
Oct. 15 Sept. 25
$¥&
$134
Oct. 25 Oct.
1 Oct.
Nov.
Nov.
Nov.
18
15c
$134
$134
$134
$134
$134
du Pont (E. I.) de Nemours
pref.
50c
Oct. 25 Sept. 30
1 Oct.
Nov.
15
40c
15
75c
$154
5c
20c
1 Oct.
Dec,
10c
Ic
25
25
Oct. 25 Oct. 15
Nov. 29 Nov. 19
Dec. 27 Dec. 17
40c
15 Oct.
25c
5Pc
30c
15c
%IH
Holders
Nov. 15 Oct.
Nov. 15 Oct.
Indianapolis Power & Light
Interchemical Corp
6% preferred (quar.)
Nov.
Nov.
Oct.
Oct.
Oct.
Dec.
Jan.1'41 Dec.
Oct. 15 Oct.
J 50c
15c
When
Payable of Record
Indiana Pipe Line Co
International Metal Industries, pref. (qu.)
Nov. 15iNov.
25c
Dome Mines.
$1
15c
-
International Harvester Co. (final)
4
75c
-
15
50c
$134
-
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Monthly
Holly Development (quar.)
Holly Sugar Co.. preferred (quar.)
Homewtake Mining Co. (mo.)..
Horder's. Inc. (quar.)
Hormel (Geo. A.)
Preferred class A (quar.)
Horn & Hardart Co. (N. Y.)(quar.)---_.
Household Finance Corp. (quar.)
Preferred (quar.)
Howe Scale, preferred (semi-annual)
Hussmann-Ligonier (quar.)
Hutchins Investing Corp., $7 preferred
Idaho Maryland Mines (monthly)
Imperial Chemical Industries, Amer dep.
Incorporated Investors
1 Oct.
10c
$2
...
Share
Nov.
Dec.
$134
...
Per
Name of Company
Dec.
1 Nov. 15
Oct. 15 Oct.
2
Nov.
1 Sept. 27
Nov. 29 Nov. 15
...
Deere & Co
Hat
1
1-2-41
Detroit Edison Co. (quar.)..
Detroit Gasket & Manufacturing Co
Preferred
9
15 Sept. 30
Nov.
1 Oct. 15
......
Dentist's Supply Co. (N. Y.) (auar.)
Denver Union Stockyards
preferred (quar.)
Deposited Insurance Shares A & B stk. div
General Mills
21
15 Oct.
Corp. (Canada)—
Preferred (semi-annual)
Decca Records, Inc
Emporium Capwell Co.
Eureka Pipe Line Co
31 Oct.
31 Oct.
Oct.
II
& Securities
Oct.
Oct.
Oct.
Oct.
Nov.
Dec.
I
......
3
15 Sept. 3
Nov.
1 Oct. 11
Nov.
1 Oct. 14
Crum & Forster
(quar.)...
15 Oct.
Oct.
....
Davidson Bros., Inc
Dayton Rubber Mfg
Class A (quar.)
Oct.
Nov.
....
Commercial
.........
Holders
Payable of Record
Hershey Chocolate Corp. (quar.)
$154
10c
6% cum. preferred series A (quar.)
5% cum. preferred (ser. No. 46) (quar.)
5% cum. preference (quar.)
i.
Columbia Pictures preferred
("quar.)
Columbus & Southern Ohio Electric Co.—
Preferred
When
Share
2141
11
13
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Dec. 23 Dec. 20
Oct. 15 Sept. 30
Oct. 15 Oct.
8
Nov.
1 Oct. 15
Oct» 15 Sept. 30
Jan.
2 Dec. 20
Jan.
2 Dec. 20
Jan.
2 Dec. 20
Oct. 15 Oct.
1
Oct. 15 Oct.
8
Dec.
2 Nov.
9
Nov.
1 Oct. 11
Nov. 10 Oct. 30
Oct. 15 Sept. 13
Oct.
31 Sept. 30
15 Sept. 30
15 Oct.
3
1-2-41 Dec. 30
Oct. 25 Sept. 28
Oct.
Oct.
Oct.
15 Sept- 30
Per
Name oj
Share
Company
Morris Plan Insurance Society (quar.)
—
Mt. Diablo Oil Mining & Devel. (quar.)
Extra
Mountain States Power
62
2 Nov. 15
,
National Battery Co
National Biscuit Co
40c
—
15c
10c
25c
National Bond & Share Corp.
National Brush (quar.)
National Cash Register
National Casket
National City Lines $3 preferrred
50c
75c
50c
50c
25c
50c
25c
35c
(quar.)
Class A (quar.)
National Distillers Products (quar.)
National Folding Box Co. (extra)
National Food Products Corp. cl. A (quar.)
National Fuel Gas Co
National Funding Corp., class A & B (quar.)
National Lead preferred B (quar.)
—
88
National Manufacturers & Stores $5M pf.(s.-a.)
National Money Corp., class A (quar.)
-—
$1 M preferred (guar.)..
National Power & Light $6 preferred (quar.)
National Steel Car Corp. (quar.)
Neisner Bros., Inc., preferred (quar.)
Newberry (J. J.) Realty Co. 6M % pref. A (qu.)6% preferred B (quar.)
10c
3itn
50c
Newport News Shipbuilding
$5 preferred (initial, quar.)
New York Air Brake Co
New York Auction Co
25c
New York Transit Co
35c
$1
--
*
North River Insurance Co. (quar.)
Northern Illinois Finance Corp
(quar.jLublic Service
Northern Indiana
7% preferred-
Northern Ontario Power Co
—-—
6% preferred (quar.).
---
7% pref. (quar.)--
6% preferred (guar.)
—
---
Northern States Power (Minn.) pref. (quar.)--Northwest Engineering Co
Oahu Sugar Ltd. (monthly)——
/
15 Sept. 30
15 Sept. 30
25 Oct.
15
Seattle Brewing & Malting Co
Oct.
Oct.
19 Oct.
10
Servel, Inc. (special)
15 Sept. 25
Nov.
1 Oct. 28
Oct. 15 Sept. 10
Oct. 15 Sept. 30
2
Dec. 16 Dec.
15 Sept. 30
Nov. 11 Oct. 31
Oct.
Nov.
1 Oct.
15
Nov.
Nov.
1 Oct.
1 Oct.
15
15
Nov.
1 Oct.
25
Nov.
1 Oct.
18*
Oct.
15 Sept. 30
20 Sept. 30
Nov.
1 Oct. 18
Oct. 15 Oct.
1
1
Oct. 15 Oct.
1
Oct. 15 Oct.
Nov.
1 Sept. 30
Oct.
Oct.
Ottawa Electric Ry. (quar.)
Pacific Finance Co. of Calif. 8% pref.
(quar.)
—
Nov.
Oct.
15
Nov.
Oct.
15
Nov.
Oct.
Oct. 15 Oct.
14
Oct.
15 Sept.
Oct.
15 Oct.
Nov.
Nov.
$1
Nov.
Oct.
15 Oct.
Dec.
10 Nov. 23
25c
Nov.
37Mc
Nov.
Oct.
$1
17 He
:30c
tsiM
si m
SIM
SIM
50c
Oct.
Oct.
Oct.
1 Oct.
1 Oct.
14 Sept. 30
15 Sept. 27
Oct.
25 Sept. 30
25 Sept. 30
19 Sept. 30
Oct.
19
Oct.
Sept. 30
15 Sept. 30
1 Oct.
15
Nov.
5
Oct. 15 Oct.
Oct.
50c
Nov.
25c
Oct.
50c
Nov.
30c
Dec.
20c
Nov.
Nov.
Nov.
1 Oct.
15
15,Oct.
1
l|Oct.
18
30jDec. 16
Oct.
Oct.
50c
Oct.
75c
Nov. 15IOct.
—
Pacific Public Service (Calif.) 1st pref. (qu.)—Pacific Telephone & Telegraph pref. (quar.)-
Sept. 30
20
15.Sept. 30
1 Oct.
Nov.
15
Oct.
15 Sept. 30
25c
Oct.
15, Oct.
Mining Co., Inc
(quar.)
Mc
$1
Oct.
Oct.
22 Sept.
15 Oct.
15c
Oct.
15 Oct.
8
19
60c
1 Oct.
1-1-41 Dec.
35c
Nov. 15 Nov.
4
35c
2-4-41
2-15-41
5
Nov. 15 Nov.
Nov.
1 Oct. 21
15
Nov.
1 Oct.
—
„
Payne Furnace & Supply, pref. A (quar.)
Pearson Co., 5% preferred A (quar.)—
Peninsular Telephone (quar.)
Preferred A
Oct.
— — — — —
Packer Corp. (quar.)
Paracale Gumans Consol.
Paraffme Cos. preferred
SIM
32Mc
SIM
15
15
Oct. .15
Pacific Gas & Electric (quar.)
Lighting Corp. (quar.)
1
15
15
14 Sept. 30
14 Sept. 30
Pacific
$5 preferred (quar.)
1
20
60c
16Mc
SIM
.—
15 Sept. 30
Oct. 15
Oct. 16
Oct. 16
SIM
$1M
31 Mc
(quar.)
Preferred A (quar.)
Penman's Ltd. (quar.)
75c
Preferred (quar.)
Pennsylvania Power Co., $5 pref. (quar.)
Peoples Gas Light & Coke
Peoples Telephone Corp. (quar.)
Philadelphia Co. (quar.)
6% preferred (s.-a.)
Philadelphia Electric Co. (quar.)
Preferred (quar.)
,
SIM
SI M
Philco Corp., common
Phoenix Acceptance Corp. (quar.)__
Piedmont & Northern Ry
Pierce Governor
—
i
Pittsburgh Forging Co
Plymouth Cordage (quar.)
Plymouth Rubber, preferred (quar.)
Pollock Paper & Box 7% preferred
(quar.)
Portland Gas Light Co. $6 preferred
Oct.
Oct.
SIM
Nov.
45c
Nov.
SIM
Nov.
25c
50c
—
25c
S2
25c
——
Potomac Edison Co.
7% pref. (quar.)
6% preferred (quar.)
Corp. of Canada, 1st pref. (quar.)
Participating preferred (quar.)
Mining (quar.)
Procter & Gamble 8% pref.
(quar.)
Prosperity Co., Inc., 5% pref. (quar.)
Prudential Investors preferred
(quar.)
Public Service of N. J.
6% pref. (monthly)
Putnam (Geo.) Fund
Quaker Oats Co. preferred
-
Common (quar.)
Rayonier. Inc., $2 preferred
Reading Co. (quar.)
Reed (C. A.), $2 preferred A
Regent Knitting Mills, preferred
Reliance Manufacturing Co
Republic Investors Fund, Inc.—
6% preferred A & B (quar.)
Republic Steel Corp.>6% cum. pref
Revere Copper & Brass, 5m% preferred—.
7% preferred
Rhode Island Public Service, $2
pref. (quar.)
Class A (quar.)
Dec.
Oct.
Oct.
Oct.
$2
Oct.
SIM
SIM
Oct.
50c
tSIM
SIM
1
21
Oct.
Oct.
50c
Nov.
75c
Nov.
25c
Nov.
Oct
19 Sept. 30
19 Sept. 20
1 Oct.
1 Oct.
1 Oct.
25 Oct.
18
Nov.
1 Oct.
15
15c
Nov.
1 Oct.
21
$1
10c
1 Oct.
15
Oct. 15 Sept. 30
1 Oct.
11
Nov.
1 Oct. 11
Nov.
Nov.
Nov.
Dec.
1 Oct.
1 Oct.
15 Dec.
15
15
5
SIM
8
Oct. 25 Oct.
9
Oct. 19 Oct.
Nov. 30 Nov. 20
5
Nov. 15 Nov.
Dec.
2 Nov. 15
Roos Bros., Inc., preferred (quar.)
SIM
Nov.
Royal Typewriter Co., Inc
Preferred (quar.)
SIM
(quar.)
Rochester Button Co
Preferred (quar.)
Rolland Paper
Preferred (quar.)
Ruud Manufacturing Co. (quar )
Saguenay Power. Ltd., preferred (quar.)
St. Croix Paper (quar.)
St. Lawrence Corp., class A preferred
25c
25c
37 Mc
30c
$1
25c
SIM
SI
20c
1 Oct.
15
3
Oct. 15 Oct.
3
Oct. 15 Oct.
6
Dec. 16 Dec.
Nov.
1 Oct. 15
5
Oct. 15 Oct.
Oct.
15 Sept. 30
8
Sept. 30
Sept. 30
Oct.
15 Oct.
1 Oct.
1 Oct.
Oct.
15 Oct.
15 Oct.
1
20
15 Sept. 20
Oct.
15 8ept. 20
Oct-.
15 Sept.30
15 Sept. 20
1 Oct.
Preferred (quar.)
United States Sugar Corp., pref.
Mining
(quar.)
Preferred (quar.)
Preferred (quar.)
15
1 Oct.
14 Nov. 30
Oct.
15
16
23
15
15
(quar.)
(quar.)-(quar.)
A
Warren Railroad Co. (s.-a.)
Washington Gas Light
Preferred (quar.)
West Penn Electric 7% preferred
(quar.)
Extra
Oct. 15 Sept. 28
5
Nov.
1 Oct.
Oct. 15 Sept. 30
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Extra
Nov.
1 Sept. 18
Oct. 21 Oct. 10
Nov.
1 Oct. .15
Nov. 15 Oct. 31
1
Oct. 19 Oct.
Nov.
1 Oct. 15
Oct. 15
Nov.
Oct. 15
Nov.
21
Nov.
Oct.
Oct.
Oct.
Nov. 15
Dec. 14
Oct. 15
Sept. 30
Oct.
Oct.
1
31
Nov. 20
Sep®. 30
Nov. 10 Oct.
Oct. 17 Oct.
Nov.
1 Oct.
Nov.
Oct.
10
10
19
1 Oct. 19
15 Sept. 19
Dec.
16 Dec.
Oct.
31 Sept. 30
15 Oct. 10
2
25c
Oct. 15 Sept. 27
Nov.
1 Oct. 16
Nov.
1 Oct. 18
68 Mc
Nov.
1 Oct. 18
5
Dec. 15 Dec.
Dec. 20 Nov. 30*
Oct. 19 Oct. 11
SIM
Oct.
87 Mc
SIM
SIM
Oct.
m
!ih
«1M
37Mc
37 Mc
37 Mc
Oct.
15 Oct.
15 Oct.
15 Oct.
Jan.
1-15-41
4-15-41
16-41
Oct. 15
Dec.
2
Apr.
July
Oct.
Nov. 25
1 Oct. 16
1-1-41 Dec. 30
Dec. 10 Nov. 30
Nov.
3-1-41
3-9-41
Nov.
1 Oct. 19
2-1-41 Jan. 18
5-1-41 Apr.
8-1-41 July
19
19 Oct.
15 Oct.
10
Oct.
Oct.
19
5
15 Sept. 27
1 Oct. 15
Nov. 11 Oct. 31
Nov. 15 Oct. 18
Nov. 15 Oct. 18
Oct.
Nov.
Oct.
30c
Nov.
75c
Oct.
Oct.
15 Sept. 20
1 Oct. 15
15 Sept. 20
15 Sept. 20
Oct. 15 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
10
15
15
35c
Nov.
1 Oct.
10
37Mc
*1M
Nov.
1 Oct.
10
50c
*
'
5
2
68 Mc
tSIM
SIM
Monthly.-—
—Mont hly
—
Zion's Co-operative Mercantile Institution (qu
5
21 Oct.
15 Oct.
16 Oct.
Oct.
10c
z-7—
Oct.
Oct.
Oct.
7
1 Oct.
25c
SIM
(quar.) —
4M % pref. (qu.)
Wood, Alexander & James, Ltd., 7% 1st pref_
Wrigley (Wm.) Jr. (monthly)
15
Oct.
Nov.
lc
25c
Wisconsin Gas & Electric Co.,
Sept.30
t$2 m
SIM
SIM
Wisconsin Electric Power, 6% pref.
2
16
5
43 Mc
SIM
SIM
SIM
preferred (quar.)
Oct.
43 Mc
31 50c
Mc
8j:»
(quar.)_
6% preferred (quar.)
Oct.
5
14 Dec.
1
Nov. 15 Nov.
Oct. 15 Sept. 30
Dec. 31 Dec. 14
7
Nov.
1 Oct.
37 Mc
SIM
+50c
SIM
preferred (quar.)
Dec.
Dec.
SIM
SIM
17Mc
United Stockyards, preferred (quar.)
United Wall Paper Factories pref. (quar.)
15
15 Sept. 30
8
15 Oct.
8
15 Oct.
Oct.
30c
United States Smelting, Refining &
1
Oct.
Dec.
Nov.
Dec.
Oct.
Oct.
2c
United States Plywood Corp
5
1
15 Oct.
Nov. 15 Oct.
Nov.
60c
(quar.)
1
17
17
1 Nov.
Oct.
50c
(qu.)__
United States Machinery, pref. (quar.)
United States Petroleum Co. (quar.)
United States Pipe Sc Foundry Co.
Transfer books not
Nov.
Oct.
Oct.
_
Vulcan Detinning, 7%
5
25 Oct.
9 Nov. 25
Nov.
50c
(quar.)
15
1 Oct. 15
15 Sept.30
Oct.
Symington-Gould Corp.
sim
Tacony-Palmyra Bridge preferred (quar.)
Taylor (William) Corp
Telautograph Corp
90c
Thatcher Mfg. conv. preferred (auar.)
Tivoli Brewing Co. (quar.)__
58 l-3c
Toledo Edison Co., 7% pref. (monthly)
50c
6% preferred (monthly)
412-3c
5% preferred (monthly).
——
15c
Trade Bank & Trust Co. (N. Y.) (quar.)
$i M
Tuckett Tobacco Ltd., pref. (quar.)
10c
Udylite Corp. —*,
SIM
Union Electric Co. (Mo.), pref. (quar.)
—
20c
Union Gas Co. (Canada) (quar.)
15c
United Bond A Share Ltd. (auar.)
-f—
25c
Union Oil (California) (quar.)
—
75c
United Corp., $3 cumulative preference
t20c
United Drill & Tool Corp., class A
15c
Class A (quar.)
$1
United Fruit Co. (quar.)
25c
United Mercnants & Manufacturers. Inc
*
50c
United Profit-Sharing, pref. (semi-annual)__ —
*
Oct.
15 Sept.30
Nov, 15 Oct. 31
12
Preferred (quar.)
Westgate-Greenland Oil (mo.)
Westminster Paper Co., Ltd. (s.-a.)
Weston (Geo.) Ltd., preferred (quar.)
Westvaco Chlorine Products (quar.)
Preferred (quar.)
Wichita Water Co. 7% pref. (quar.)
Will & Baumer Candle Co., Inc
Wilson & Co., $6 preferred
Winstead Hosiery Co. (quar.)
80c
4
Oct.
Oct.
Oct.
20c
Western Grocers, Ltd.
17
Oct.
Oct.
Super Mold Corp. of California
Superheater Co. (quarterly
Walker & Co., class
21*
Sept. 30
Oct.
12Mc
Preferred
Oct.
Oct.
Oct.
15 Sept. 30
7
Nov. 20 Nov.
Nov.
1 Oct. 15
37Mc
Preferred
Nov.
Nov.
Sun Ray Drug Co
Preferred (quar.)
Preferred
21 ♦
Oct.
3c
Fidelity & Guaranty Co
21
Sept. 30
Oct.
Nov.
Sullivan Consol. Mines, Ltd
Sun Glow Industries (quar.)
West Point Mfg
21
$1.31 M
SIM
50c
,
10
1 Oct.
+$12
(quar.)
(Boston) (quar.)
Lithograph 5% pref. (quar.)
Steel Co. of Canada (quar.)
Preferred (quar.)
Strathmore Paper Co. 6% preferred
21
Nov.
Nov.
v*
Stecher-Traung
21
Nov. 14 Oct.
15c
t»
State Street Investment
West Penn Power
t50c
25c
Stanley Works preferred
Upper Michigan Power & Light Co 6% pf. (qu.)
Vapor Car Heating. Inc. 7% preferred (quar.) _
7.% preferred (quar.)
Virginian Ry. preferred (quar.)
Preferred (quar.)
15 Sept.20
15 Sept. 28
Oct.
Oct.
Nov.
Dec.
Works...
15 Sept.30
15, Sept. 16
25
15'Oct.
5
21
Nov.
Standard Wholesale Phosphate & Acid
Universal Leaf Tobacco Co., Inc. (quar.)
15 Sept.
Oct.
Oct.
Standard Products Co
15 Sept. 30
__
Nov.
Oct.
Oct.
(quar.)
United States Hoffman Machinery pref.
15
15
19
Nov.
Squibb (E. R.) & Sons $5 pref. ser. A (quar.)
Standard Brands, Inc. (preferred (quar.)
Standard Fire Insurance Co. (N. J.) (quar.)_-_
Standard Fruit & Steamship Corp., part, pref—
Standard Oil Co. of Ohio, pref. (quar.)
10
1
Nov. 30 Nov.
Nov.
1 Oct.
15
20c
Preferred
15
Dec.
Oct.
Nov.
United Shirt Distributors
Oct. 15 Sept. 30
Oct. 15 Sept. 13
15
Nov. 15 Oct.
Oct.
Oct.
-------—--
-
(quar.)
Sigma Mines, Ltd. (Quebec)
Sifbak Premier Mines, Ltd
Simmons Hardware & Paint (liquidating)
Simms Petroleum Co. (liquidating)
Simpson (Rob.) Ltd. 6% preferred (s.-a.)
Simpson's, Ltd.. 6M % preferred
Sivyor Steel Castings
Smith (S. Morgan) Co. (guar.)
Smith (Howard) Paper Mill preferred (quar.)—
South American Gold & Platinum Co
Sou. Indiana Gas & Elec. Co.,4.8% pref. (quar.)
South Pittsburgh Water Co. 7 % pref. (quar.)
6% preferred (quar.)
Southern California Edison Co., Ltd. (quar.) —
Original preferred (quar.)
Preferred series O (guar.)
Southern Calif. Gas 6% preferred (quar.)
Preferred A (quar.)
Southern Canada Power (quar.)
Preferred (quar.)
Southern Indiana Gas & Electric Co.—
4.8% preferred (quar.)
Southern New England Telephone Co. (quar.)Spicer Mfg. Co
Preferred (quar.)
Spiegel, Inc
United States Fire Insurance
15,Dec. 15
1 Oct.
Extra
Preferred
uvaxuvj
Dec.
Jan.
Nov.
Oct.
Sierra Pacific Power
United States
15 Sept. 24
1 Oct. 21
Nov.
Nov.
Creek Gold Mines (quar.)
1
Oct. 15
5 Oct.
5
Nov. 15 Nov.
211 Oct.
5
Oct. 15 Oct.
5
Dec. 23
Jan.
Oct.
-
Co
Shakespeare
Sheep
—
preferred (quar.)
1
'Oct.
Oct.
cum.
10
Oct.
tSIM
—
1 Oct.
1 Oct.
tSl
20c
Raymond Concrete Pile, preferred (quar.)
25,Qct.
1 Oct.
Sept. 30
20c
80c. preferred (quar.)
Randall Co., class A (quar.)
15 Sept.21
15 Sept. 30
Oct.
15c
(quar.)
Quarterly Income Shares (quar.)
Railroad Employees Corp. A & B__
14
Oct.
50c
6% pref. (monthly)
Puget Sound Power & Light $5 prior preferred-
1
Oct.
75c
3c
Premier Gold
5
26
SIM
SIM
SIM
SIM
SIM
SIM
Power
Roberts Public Markets (quar.)
Rochester American Insurance
Oct.
42
12Mc
Pilgrim Trust (Boston) (quar.)
Nov.
oOc
10c
-
pref. (quar.)
preferred (quar.)
Oct.
$4
Holders
When
Payable! of Record
Nov.
Extra
Oct.
4
1 Oct. 15
Oct. 15
1
15 Nov.
19 Oct. 31
5c
—
Ohio Service Holding Corp
Old Colony Trust Associates (quar.).—-------Oliver United Filters class A (quar.)
6M% preferred (quar.)
5% preferred (quar.)
San Diego Consol. Gas & Elec.,
Scott Paper Co., $4 M cum.
Oct.
6% preferred
5 Ml % preferred
Northern Ohio Telephone common
Northern States Power (Del.)
15 Sept. 30
12, 1940
Jan.
pref. (s.-a.)
3% second preferred (s.-a.)
St. Louis County Water, pref. (quar.)
San Antonio Gold Mines (s.-a.)
St. Louis Bridge, 6% 1st
Oct.
Oct.
Share
Company
Oct.
Nov.
1900 Con)., class A (quar.)
Norfolk & Western Ry.f preferred (quar.)
North Penna. Gas Co., $7 prior pref. (quar.)—.
Name of
21 Sept. 30
21 8ept.30
S1.18M Nov.
Nov.
SI M
SIM Nov.
40c
Niagara Fire Insurance (guar.)
Niagara Hudson Power, 1st pref. (quar.)
2nd preferred A & B (quar.)
2 Nov. 15
Dec.
Oct.
60c
SI
25c
15c
75c
National Acme Co
National Automotive Fibres
1 Nov. 22
Dec.
j
Per
Holders
Dec.
"i
8% preferred (quar.)
Myers (P. E.) & Bro. (extra)
\
lc
373
—
(quar.)__
When
Payable oj Record
SI
lc
5% preferred (quar.)
Mountain State Telegraph & Telegram
Mutual Systems, Inc
Preferred
Oct.
The Commercial & Financial Chronicle
2142
SIM
SIM
SIM
15 Oct.
Nov. 15 Nov.
1
Oct.
1
1
Nov. 15 Nov.
Nov.
1 Oct. 15
Nov.
Oct.
1 Oct.
31 Oct.
15
1
25c
15 Sept.,30
Nov.
1 Oct. 15
Oct, 19
Nov.
25c
Nov.
Oct.
Dec.
Nov. 20
Jan.
Dec. 20
Oct.
25c
25c
50c
Dec.
15 Dec
19
5
closed for this dividend,
t On account of accumulated dividends.
J Payable in Canadian funds, and in the case
nf
a.
tar
nf 5%
of the amount of
of non-residents of Canada
such dividend will be made.
Volume
The Commercial & Financial Chronicle
151
Condition of the Federal Reserve Bank of
New
The
Now York at the close of
in comparison with the
date last vear:
business
Oct. 9,
The
1940,
STATEMENT
on
Asseis—
Oct. 2,
1940
Oct.
S
S
•
$
*
Clearing House
Redemption fund—P. R. notes
Secured
by
direct
U
and
9,339,714,000 9,335,019,000 7,133,889,000
8.
Govt
guaranteed.
Other bills discounted
Total
bills
discounted..
.......
Bills bought In open market
Industrial advances....
77.500,000
City Bank
Chem Bank & Trust Co.
20.000.000
90,000,000
Manufacturers Trust Co
41,748,000
Cent Hanover Bk&Tr Co
21,000,000
5,939,000
3,663,000
2,548,000
Corn Excb
286,000
423,467,000
302,153,100
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks...
•
17,000
...
Uncollected items........
2,543,000
155,694,000
9,750,000
16,048,000
..........
Bank premises
Other assets
73,554 .900 el,110 ,885,000
851,000
5,506,000
57 ,695,000
Chase National Bank...
100,270.000
1,365,000
43,267,000
136,804 .500 d3,069 ,328,000
58 ,684,000
4,116 ,000
82,445 ,800 el,143 ,674.000
16 ,017,000
1,481 .300
126 ,777,000
9,473 ,100
430 ,365,000
28,009 ,000
117 ,955,000
8,662 ,900
500,000
25,000,000
Title Guar & Trust Co..
6,000,000
5,000,000
12,500,000
Comm'l Nat Bk <fc Tr Co
7,000.000
7,000,000
Public Nat Bk & Tr Co
10,382 ,700
Totals.
116,000
*
8,91)8,000
As
52,447,000
518,518,000
937,003,900 14,780,462,000
735,839,000
official reports: National, Sept. 30, 1940; State, Sept. 30, 1940; Trust
per
U. 8. Treasurer—General account....
deposits
8,532,566,000 8,533,685,000 6,746,621,000
.......
Deferred availability items
139,876.000
1,041,000
Total liabilities
162,477,000
142,158,000
874,000
1,344,000
each day
Boots Pure Drugs
Capital Accounts—
Capital paid In
Other capita) accounts................
13,335,000
...
deposit
Tues.,
Wed.,
Thurs.,
Frt.,
Oct. 5
Oct. 7
Oct. 8
Oct. 9
Oct. 10
Oct. 11
40/6
83IIH
—
£50 H
£50
£50
Central Mln & Invest-.
£9*A
£95*
£9H
7,457,000
8,948,000
Cons Goldflelds of 8 A.
31/3
29/6
Courtaulds S <fe Co
De
Distillers Co
93.4%
89.8%
Hudsons Bay Co
36,000
Imp Tob of G B & I..
London Mid Ry
Contingent liability
on bills purchased for
foreign correspondents..
Commitments
to
make Industrial ad
t "Other cash" does
not
Closed
Metal
728,000
728,000
Include Federal
reserve
notes or a
bank's
1,898,000
own
Federal
Box
are certificates given by the United States
Treasury for the gold taken
the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59 06 cents, these certificates
being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934
12H
05/-
£1234
£12 34
65/-
£50
£934
32/6
29/3
£334
56/6
8/3
15/6
23/6
102/6
£1234
65/-
65/-
Rand Mines
£6
£5%
£6
£6
£6
Rio Tlnto
£7
£7
£7
£7H
£734
72/6
35/7K
21/S
13 m
Shell Transport...
These
23/103/IH
65/-
56/6
8/3
15/4J4
23/3
100/734
£3%
'
39/9
82/6
81/3
29/-
£3%
56/3
8/6
15/75*
12
Rolls Royce
Reserve bank notes
United
over from
5613
8/4H
15/6
23/3
101/10^
39,9
£5034
£9H
32/6
29/9
£3H
56/6
8/3
15/6
23/6
100/-
33/134
32/6
29/6
£3H
Beers
Ford Ltd
1
85/-
Cable & Wire ord
52,463,000
93.5%
vances
40/9
83/134
40/9
50,911,000
53,326,000
7,109,000
13,131,000
and
liabilities combined
•
Mon.,
Electric & Musical Ind
to
reserve
received by cable
as
51,051,000
Total liabilities and capital accounts..
10,257,103.000 10287,732,000 8,209,113,000
x
EXCHANGE
Sat.,
British Araer Tobacco.
51,052,000
53,326,000
7,109,000
note
STOCK
of the past week:
10,132.284,000 10,163,115,000 8,089,334,000
Surplus (Section 7)
Surplus (Section 13-b)
total
LONDON
THE
Quotations of representative stocks
Other liabilities, lncl. accrued dividends.
R
follows: (a) $286,404,000 (latest available
date); (5) $67,811,000 (latest available date); (c) $2,570,000 (Oct. 10); (d) $73,184,000
i,458,801,000 1,466,079,000 1,199,211,000
7,350,053,000 7,277,233,000 6,314,981,000
179,226,000
233,485,000
77,339,000
591,079,000
588,914,000
156,940,000
434,053,000
412,208,000
197,361,000
acc't..
Other deposits
F.
2,054,000
87 ,135,000
(latest available date); (e) $22,469,000 (Sept. 18).
reserve
Foreign
of
3,069,000
Companies, Sept. 30, 1940.
22,534,000
Liabilities—
Deposits—Member bank
Ratio
2,222,000
37,481,000
5,290,000
156,452,000
10,257,106,000 10287,732,000 8,209,113,000
F. R. notes in actual circulation
Total
3,979,000
57,720,000
881,924,000
Includes deposits in foreign branches as
Total assets...
62,255,000
28,580,000
699 ,110,000
Fifth Avenue Bank
740,211,000
17,000
1,851,000
184,989,000
9,750,000
15,892,000
76,955,000
101,172,000
4,470 ,600
Bankers Trust Co
733,340,000
6,866,000
185,796 .000 52,110 ,751,000
716 ,258,000
40,151 ,100
4,000,000
395,158,000
734,767.000 /. 877,214,000
189,061,000
Continental Bk <k Tr Co.
417,506,000
725,620,000
41,849,000
69,711 ,900 a2,478 ,404,000
767 ,086,000
57.637 ,800
687 ,106,000
New York Trust Co
.......
19,140,000
562 ,286,000
320 ,400,000
335,004,000
Government securities,
direct and guaranteed
S
220 546,000
21,193 .100
Marine Midland Tr Co..
8.
Average
108,927 .600
53.435 ,000
Irving Trust Co
1,999,000
64,550,000
Total U.
Deposits,
Average
15,000.000
399,763,000
Bills
Time
Deposits,
10,000.000
50.000.000
Bank Tr Co.
Flrst National Bank
an teed:
Notes....
National
Guaranty Trust Co
1,781",666
Net Demand
13.977 ,600
26,773 .000
2,262,000
163,000
Bonds
20,000,000
714,000
2,949,000
1,781,000
1940
Profits
6,000,000
Bank of Manhattan Co.
2,744,000
3,195,000
...
HOUSE
10,
Undivided
$
Bank of New York
Totai reserves...
Bills discounted:
CLEARING
YORK
THURSDAY, OCT.
Surplus and
Capital
Members
9,249,309,000 9,249,490,000 7,052,463,000
.1,522,000
1,788,000
1,660,000
88,883,000
83,741,000
79,766,000
Other cash t
NEW
THE
OF
CLOSE OF BUSINESS
11, 1939
Gold certificates
on hand and due from
United States Treasury.*
Friday afternoon is given in full below:
MEMBERS
OF
ASSOCIATION AT
1940
York City
the New
weekly statement issued by
Clearing House
previous week and the corresponding
Oct. 9,
York City
Weekly Return of the New
Clearing House
York
following shows the condition of the Federal Reserve
Bank of
2143
Molasses
Vlckers
West
73/9
36/3
20/1034
13/1034
73/4:14
36/3
21/6
14/-
74/4 34
36/1034
20/1034
14/-
73/9
36/3
20/6
14/-
Wltwaterarand
£2Vs
Areas
£4%
£2%
£234
£2%
Weekly Return of the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving the prireira
items of resources and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are obtaineT
These figures are always a week behind those for the Reserve banks themselves.
The comments of the Board of Governors of
the Federal Reserve
System
the figures for. the latest week appear in
upon
immediately preceding which
we
Commencing with the statement of May 19, 1937, various changes
described In
an
our
department of "Current Events and Discussions/
also give the figures of New York and Chicago reporting member banks for
were
announcement of the Federal Reserve Bank of New York of
made in the breakdown of loans
April 20, 1937,
as
The changes In the report form are confined to the classification of loans and discounts.
as
week later.
a
reported in this statement, which
follows;
were
,
This classification has been changed primarily to show the
amounts of
(1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located In New York
outside New York Oity.
Provision has been made also to include "acceptances of
own
Oity and those located
bank purchased or discounted" with "acceptances and
commer
cial paper bought in open market" under the revised caption "open market paper," instead of In "all other loans," as formerly.
Subsequent to the above announcement, it
would each be segregated as
A
more
made known that the
was
new items
"commercial. Industrial and agricultural loans" and "other loans/
"on securities" and "otherwise secured and unsecured."
;
detailed explanation of the revisions was published in the May 29, 1937, Issue of the "Chronicle." page 3590.
~
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON OCT. 2,
Federal Reserve Districts—
Total
ASSETS
$
Loans and Investments—total
...
Loans—total
Commercial. Indus, and agricul. loans
Open market
paper
Loans to brokers and dealers in
Otber loans for purchasing or
securities
secure.
...............
Other loans
.....
.......
...
.....
Treasury bills..
Treasury notes.
United States bonds
Obligations
guar,
...
by U. 8. Govt
Other securities
Reserve with Federal Reserve Bank—
Cash
New York
PhUa.
$
$
$
Cleveland Richmond
$
$
Atlanta
Chicago
St. Louis
$
%
$
Minnsap. Kan. City
$
$
Dallas
Dollars
San Fran,
$
S
10,575
3,239
1,201
1,923
726
646
3,406
714
410
691
543
625
475
738
284
321
993
335
201
314
278
982
311
1,901
226
299
129
160
597
186
103
184
184
350
65
82
36
8
11
2
42
9
3
22
2
15
12
328
23
18
3
5
31
4
1
3
2
16
24,329
8,785
4,630
1,195
297
446
2,299
carrying
Real estate loans
Loans to banks
Boston
1940 (In Millions of
In vault
Balances with domestic banks
...
Other assets—net-.................
460
18
211
31
24
14
10
1,220
80
199
50
179
46
33
41
1
33
1
1
1,691
138
485
108
209
628
17
294
1
81
1
68
12
7
125
57
11
'
+
m
—
2
110
130
65
3
250
10
9
14
31
23
1
1
65
52
172
18
33
2
"
76
,
42
386
2,112
39
1,114
33
155
161
41
328
39
26
40
72
6,540
336
2,846
326
618
147
105
1,021
150
112
86
85
708
2,582
3,682
53
94
136
65
66
272
72
28
76
48
192
125
1,480
1,602
273
275
69
110
542
108
43
133
59
343
684
6,655
487
724
213
136
1,606
235
108
198
144
456
144
99
20
47
21
13
74
11
6
16
11
3,307
193
238
228
358
252
211
608
171
127
319
287
315
1,196
72
422
80
95
38
49
78
22
17
23
30
270
21,152
5,359
1,357
10,407
1,013
1,460
547
428
2,897
502
311
552
499
•235
1,095
261
742
204
190
974
190
117
146
135
1,179
1,070
530
13
61
47
43
33
42
138
15
2
19
32
85
8,734
398
3,887
461
503
330
289
1,331
346
168
421
256
344
11,646
485
:
64
23
LIABILITIES
Demand deposits—adjusted.....
Time deposits
United States Government deposits..
Inter bank deposits:
Domestic banks......
Foreign banks
T1
<>■■!<
tm •
624
5
1
1
8
1
18
716
20
""297
14
16
36
10
19
5
7
3
4
""285
3,793
246
1,618
215
382
100
95
405
95
61
106
88
382
678
jaH wflTB
DOrriWlUov*
-mtm.mmmm********
Other liabilities
...
Capital accounts
J
18
...
>
2
t
The Commercial & Financial Chronicle
2144
Oct. 12, 1940
Board of Governors of the Federal Reserve System
of the Federal Reserve System on Thursday afternoon, Oct. 10,
showing the condition of the 12 Reserve banks at the close of business on Wednesday. The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions
Weekly Returns of the
issued by the Board of Governors
The following was
RESOURCES AND LIABILITIES OF
COMBINED
Oct.
Omitted
Three Ciphert (000)
THE FEDERAL RESERVE BANKS AT THE
Oct. 2,
9,
1940
1940
1940
1940
S
$
Sept. 18,
25,
Sept.
A8SET8
Treaa.x.
notes)....
Gold ctfs. on hand and due from U. 8.
Redemptlon fund (Federal Reserve
Other cash •
——
Total reserves-—
18.756,298
11,398
CLOSE OF BUSINESS OCT. 9. 1940
18,671,299
14,725,715
11,826
348,390
11,826
322,814
354,056
11,951
362,066
315,194
18,965.509
18.922,194
18,852,860
18,761,997
15,049,896
1,119
1.939
1*012
1.935
1,331
5,183
2,947
6,514
8*545
11,803
1,319,196
1,315,942
1,126,732
1,245,497
18,631,297
11,398
19,363,028
19,293.069
19,202,624
3,370
4,615
1,349
4,298
860
861
980
1,503
3,722
3,230
4,258
4.031
1,229
2,619
7,985
5,647
4,582
4,091
5,238
5,534
3,848
19,023.516
S
18,387,980
11,790
347,534
19.112,083
t
18.486.978
327,977
11,397
340,820
1939
%
$
18,953,303
11,789
344,387
Oct. 11,
1940
21,
18,561,978
19,032,300
11,381
319,347
18,843,300
Aug. 14,
1940
Aug.
Aug. 28,
1940
Sept. 4,
1940
%
I
S
J
Sep . 11,
1940
8,987
Bills discounted:
Secured
U. S. Government obligations,
by
direct and guaranteed
Other bills discounted
Total bills discounted
.....
.
3,058
498
~
Industrial advances
8,400
"S.375
8,664
"8*612
"8*630
8,645
"*8*553
1,400,100
999,000
1,318,600
1,105,000
1,318,600
1,115,000
1,318,600
1,115,000
1,318,600
1,115,000
1,318,600
1,115,000
1,319,196
1,122,458
1,319,196
1,126,732
2,399,100
2,423,600
2,433,600
2,433,600
2,433,600
2,433,600
2,441,654
2,445,928
2,445,928
2,764,896
2,446,303
2,447,468
2.447.779
2,454,055
2,457,547
2,457,420
2,783,711
—
.........
••'
United States Government securities, direct and
guaranteed:
Bonds
........
Notes
f
.
8,561
'
203.457
Bills
Total
8
U.
Govt
direct
securities,
guaranteed
and
...
Other securities
—
Foreign loans on gold....
2,415,485
Total bills and securities............
Due
...
47
47
47
20,573
22,149
22,875
689,084
41,259
54,893
768,046
from foreign banks
Reserve notes of other banks
Uncollected items
Bank
2,446,846
......
Gold held abroad
Federal
2,437,622
.....
premises
Other assets
Total assets.....
.........
41,257
54,679
22,412
694,970
41,294
53,547
47
20,812
20.041
21,679
20,836
636.584
661,319
667,636
41,364
778,624
41,407
58.754
22,119,928
18,635,504
851,710
41,310
52,713
706,834
41,310
65,117
22,307,254
663.569
41,307
61,230
60.191
41,395
69.326
22,200,662
22,135,247
22,092,535
22,462,203
22,526,578
5,479,364
5,464,238
5,406,985
5,395,924
5,393,924
5,390,785
5,334,240
5,309,939
5,292,803
4,757,812
13,624,419
13,595,824
13,523.861
13,515,998
13,339,587
11,739,156
790,361
1,035,459
761,686
791,182
813.094
13,418.718
889,274
t990.660
867,059
t507,088
618,466
940,004
841,341
602,924
403,535
956,537
15,793,517
12,884.298
2,896
15,723,856
740,963
2,891
18,288,101
13,927,014
579,053
....
availability
Items
678,060
1,045,458
517,853
541.066
Total liabilities
13,703,112
792,532
1,011,324
513,645
513,309
563,403
997,516
512,525
15,825.084
621,720
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
W Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Pb Reserve note-liabilities combined
Contingent liability on bills purchased
297,400
16,064,789
723,391
16,020,613
670,157
15,903,548
803,296
3,441
3,653
3,137
6,129
2,853
15,826,840
611,024
3,284
22,222,683
22.255,859
22,101,408
22,165,905
21,946,687
21,840.442
21.775,388
21,732,898
21,760,513
137,641
151,720
26,839
45,486
137,632
151,720
26,839
44,819
137,630
137,620
137,586
151,720
137,582
151,720
137,562
26.839
26.839
44,606
137,637
151,720
26,839
44,477
44,075
43,718
151,720
26,839
43,516
137,553
151,720
26,839
43.303
22,432,203
22,526,578
22,307,254
22,200,662
22,135,247
22,092.535
22,119,928
18,635,504
89.6%
89.5%
89.4%
89.4%
89.4%
89.3%
89.3%
85.3%
659,124
3,874
ACCOUNTS
CAPITAL
Caoltal paid In
444,207
15,877.450
669,184
,
accrued dividends
13,800,205
1,056,401
16,080,321
Total deposits
Deferred
Other liabilities, Incl.
71,118
22,616,869
Foreign
Other deposits
42.082
22,584,369
Federal Reserve notes In actual circulation....
United States Treasurer—General account-
""*225
47
21,221
LIABILITIES
Deposits—Member banks' reserve account...
47
47
47
22,962
22.584.369
22,616,869
89.8%
89.6%
151,720
26,839
,
,
151,720
26,839
44,388
626,546
641,620
4,371
135,561
149,152
27,264
35,426
for
101
"
foreign correspondents
7,598
">",583
8*078
*8*667
"8*123
"*8~,l92
*8*238
"8*241
"8*370
10,328
1-15 days bills discounted
6,334
4,113
2,929
2,606
3,418
3,806
2,217
1,679
1,405
2,316
235
369
263
158
319
323
233
198
161
16-30 days bills discounted
391
288
474
675
734
686
688
409
415
296
31-60 days bills discounted
61-90 days bills discounted
677
741
521
506
449
518
639
575
735
3,455
290
192
391
159
Over 90 days bills discounted
233
3,848
3,058
2,947
6,514
"
"
Commitments to make Industrial advances...
Maturitv Distribution of Bills ana
Short Term Securities—
5,647
7,985
Total bills discounted...
175
200
4,582
261
131
5,238
4,091
270
5,534
288
232
1-15 days hills bought In open market
93
16-30 days bills bought In open market
31-60 days bills bought In open market
31-90 days bills bought In open market
99
74
Over 90 days bills bought In open market
498
Total bills bought In open market..
~
"
"
1-16 days Industrial advances
1,345
1*382
*1*66*1
"*1,598
1*568
*1*596
*1*565
"*1*545
"l".503
148
131
115
136
253
209
173
200
136
16-30 days Industrial advances
251
305
311
138
163
242
243
309
255
407
592
407
304
205
269
258
298
297
150
1,191
6,060
6,204
6,279
6,362
6,402
6,419
6.275
6,276
6,447
8,690
8,400
8,375
8,664
8,612
8,630
8,645
8,553
8.561
8,545
11,803
31-60 days Industrial advances
....
61-90 days Industrial advances
Over 90 days Industrial advances
Total Industrial advances
U. S. Govt, securities, direct and
1-15 days
120
guaranteed:
16-30 days
29.137
48,940
.....
125,380
31-60 days
Over 90 days.......
Total U. 8. Government securities, direct
and guaranteed
105,748
92" 500
92*500
92*,500
2,399" 166
2,331,100
2,341,100
2,341,100
2,433,600
2,433*666
2,441*654
2,445,928
2,445,928
2,399,100
2,423,600
2,433,600
2,433,600
2,423,600
2,433,600
2,441,654
2.445,928
2,445,928
61-90 day8
Total
1,395
other securities
2,455,691
2,764,896
'
!■
—_.
,
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
Collateral
Held by
5,771,996
5,732,623
5,703,707
5,692,745
5.688.926
5,639,131
5,588,093
268,385
296,722
296,821
295.002
248,346
5,623,589
289,349
5,607,570
292,632
297,631
295,290
275,268
5,309,939
5,292,803
4,757,812
5,033,080
5,479,364
5,464,238
5,406,985
5,395,924
5,393,924
5,390,785
5,334,210
5.S44.500
5,830,-600
4,226
5,806,500
3,079
5,796,500
2,744
5.790.000
3,844
5,739,500
5,723,000
4.200
2,537
5.688,000
1,625
5.685,000
1,543
5,138.006
6,485
5,850.985
5,834,726
5.809,579
5,799.244
5,793,844
5,743,700
5,725,537
5.689.625
5,686.543
5.140,440
Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. 8. Treas—
By eligible paper
2,440
United 8tates Government securities
Total collateral
cash"
does not Include
•
"Other
x
These are certificates given Dy
cents on
J-n. 31.
Federal
Reserve
notes,
t
Revised figures.
the United States Treasury for cae gold tatcea over from the Reserve banfc9 when the dollar was devalued from 100 cents to
1934, these certificates being worth less to the extent of tie difference, the difference itself having been appropriated as prorit hv the Treasury
provisions ol the Gold Reserve Act of 1934
59.08
und«r
Volume
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The Commercial & Financial Chronicle
151
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1
Weekly Returns of the Board of Governors
'
'
•
2145
'
'•
1
of the Federal Reserve
WEEKLY STATEMENT OF RESOURCES AND
LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE
'
.
m
System (Concluded)
BANKS AT CLOSE OF
BUSINESS OCT.
1940
9,
Three
Ciphers (000) Omi'ted
Federal Reserve Agent at—
Total
Boston
New York
PhUa.
$
%
%
%
Cleveland Richmond
Atlanta
Chicago
St. Louis
%
I
%
Minncap. Kan. City
Dallas
San Fran,
S
%
•
ASSETS
Gold
certificates on
from United States
hand
Treasury
Redemption fund—Fed. Res. notes.
Other cash *
971,735 1,257,907
19,363,028 1,204,383 9,339,714
Total bills discounted
2,744
4,615
3,195
8,400
1,120
1,400,100
100,056
999,000
71,391
,
Bonds.
Notes.
8.
3,370
7,985
Industrial advances
U.
511,989
S
%
465,688
296
445
538
594
18,763
355,492 2,941,244
894
1,339
14,398
37,352
14,169
6,463
16,951
12,263
532,415
370,784 2,979,935
480,153
309,044
427,966
50
79
146
40
85
334
319
86
706
676
1,663
26,201
19,853
998,642 1,278,436
302,136
410,477
266,253 1,130,312
1,102
31,032
279,110 1,162,446
bligatlons,
Other bills discounted
Total
S
19,032,300 1,169,758 9,249,309
11,381
1,606
1,522
319,347
33,019
88,883
Total reserves
Bills discounted:
Secured by U. S. Govt,
direct and guaranteed
$
and
111
>
'
158
133
50
2
15
82
22
152
96
86
5,939
269
215
72
154
111
86
135
413
465
126
1,781
2,411
371
822
261
269
5
270
214
253
623
423,467 \117,715
140,503
72,498
302,153
58,867
412,003
53,334
51,730
158,121
112,821
66,504
100,251
53,161
37,932
39,032
83,991
27,850
47,452
38,056
116,842
83,370
Govt,
securities
direct and guaranteed
J
Total bills and securities
Due from foreign banks
2,399,100
171,447
725,620
201,706
240,754
124,228
91,093
270,942
100,870
66,882
113,956
91,390
200,212
2,415,485
172,567
733,340
204,386
241,340
125,122
91,508
47
3
271,322
100,961
18
67,287
5
4
114,583
92,108
200,961
2
2
6
1
2,543
155,694
1,000
1,455
74,220
1,727
2,394
47,303
63,161
29,367
2,002
2,219
99,196
2,040
40,706
2,423
2,136
498,028 3,361,825
.....
Fed. Res. notes of other banks
Uncollected Items
20,573
919
689,084
64,563
Bank
premises
41,259
2,847
9,750
Other
4,488
5,436
assets
54,893
3,686
16,047
4,574
5,957
2,488
3,143
22,584,369 1,448,968 10257106 1,260,398 1.606,848
728,058
Total assets.
1
1
4
583
20,581
1,338
32,809
3,596
34,638
1,374
3,097
26,846
1,121
1,548
2,440
2,770
628,420
400,593
582,234
3,?58
5,789
1,971
See
a
759
2,875
4,832
402,539 1,409,352
LIABILITIES
F
R. notes In actual circulation
5,479,364
445,368 1,458,801
376,547
502,077
253,404
176,523 1,174,800
203,729
151,671
197,398
89,112
449,934
13,927,014
579,053
1,056,401
672,486
32,311
71,071
26,215
877,091
334,524
224,388 1,887,697
219,104
45,925
278,594
773,975
27,198
31,184
25,950
59,026
21,757
52,965
8,037
4,179
4,835
87,026
7,676
35,027
21,031
49,698
25,383
32,194
15,955
32,115
67,445
315,787
27,677
21,756
169,106
517.853
824,209 7,350,053
32,706
179,226
49,749
591,079
7,189
412,208
7,888
4,332
8,666
2,803
23,825
16,080,321
913,853 8,532,566
802,083
998,498
397,085
373,108
221,587
343,318
275,779
900,463
Deposits:
Member bank reserve account.....
U. 8. Treasurer—General account.
Foreign
Other deposits
Total deposits
.....
Deferred availability Items
Other liabilities. Incl. accrued dlvs—.
Total
280,556 2,041,425
659,124
64,388
139,876
47,966
71,870
61,786
99,209
414
1,041
27,658
3,874
40,134
17,821
404
30,649
25,951
419
31,816
129
172
422
130
162
145
165
271
22,222,683 1,424,023 10132 284 1,227,000 1,572,864
712,404
484,909 3,315,856
617,101
391,241
671,510
2,952
;
liabilities......
7
391,007 1,382,484
CAPITAL ACCOUNTS
Capita) paid In
137,641
9,333
51,052
11,884
14,066
13,937
10,405
53,326
14,198
14,323
5,340
5,247
4,677
151,720
5,725
26,839
22,824
4,164
4,709
2,874
7,109
1,007
3,246
713
1,429
538
45,486
3,152
1,001
2,333
13,335
4,393
2,923
4,588
1,821
2,004
7,779
1,908
2,247
4,423
3,613
•1,142
1,546
22,584,369 1,448,968 10257106 1,260,398 1,606,848
358
7,598
728
982
1,041
728,058
498,028 ,3,361,825
628,420
400,593
682,234
417
50
136
.........
Surpl us (Section 7)
...........
Surplus (Section 13-b)..
Other capital accounts
....
.....
Commitments
*
to make Indus, advs...
"Other cash" does not Include Federal Reserve notes,
a
Boston
Neto York
PhUa.
S
S
S
s
5,771,996
Gold certificates
30 1940.
Nov. 13 1940.
Nov. 20 1940.
Nov. 27 1940.
St. Louis
Minneap
Kan. City
Dallas
S
%
S
S
S
97,042
508,699
7,895
7,930
58,765
5,479,364
445,368 1,458,801
376,547
502,077
253,404
176,523 1,174,800
203,729
151,671
197,398
89,112
449,934
Treasury....
5,844,500
470,000 1,555,000
400,000
524,500
275,000
6,485
195,000 1,220,000
219,000
157,500
210,000
99,500
5,662
519,000
...
218
70
98
387
5,850,985
470,000 1,560,662
400,218
219,070
167,698
210,387
99,500
619,000
15,743
due
50
524,500
275,050
195,000 1,220,000
THE
Treasury Bills—Friday, Oct. 11
0.06%
0.08%
0.06%
0.06%
0.06%
0.06%
0.06%
Asked
..
Bid
Dec.
..
4 1940
Dec.
.....
11
Dec.
18 1940
Dec.
26 1940
.....
Jan.
2 1941
Jan.
91941
Asked
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
1940
.....
.....
PARIS
BOURSE
The Paris
for discount at purchase.
Bourse, due to war conditions, was closed from
June 11 to July 30, on which latter date the Exchange was
opened for limited trading.
However, since the reopening
no
quotations have been obtainable.
--•««
rnmmmm
THE
BERLIN
STOCK
EXCHANGE
mxmmeitm '■
Closing prices of representative stocks
each day of the past week:
Oct.
Oct.
11
.7 '.,,v
one
or
more
32ds of
■
5
Int.
Dee.
151940—
Mar. 16 1942—
1H%
1H%
1H%
1K%
1H%
Sept. 15 1942
2%
Dec.
1?*%
Mar. 15 1941...
June
16 1941
Dec.
15 1941
Inf.
—
15 1942...
Bid
Asked
100 7
101 24
101.25
Maturity
June
101 26
101.27
Rate
15 1943...
1H%
1%
Sept. 16 1943—.
Dec.
16 1943...
102 2
102 4
Mar. 15 1944...
102.23
102.25
June
104
104 2
Sept. 15 1944...
103.30
104
Mar. 16 1945—
1H%
1%
15 1944...
H%
1%
H%
Bid
Asked
102.11
102.13
102 2
101A
102 22
102 24
102 1
102.3
100 30
101
102.2
102.4
100.16
100 18
(6%)
Bank
(8%)....—.——195
Stock and Bond Averages
the
daily closing
stocks and bonds listed
as
on
of representative
averages
the New York Stock
Exchange
Oct.
9
10
Oct.
11
of Par
178
177
175
175
213
214
212
211
144
144
142
139
137
151
160
150
148
147
127
127
127
124
126
144
143
142
139
137
196
195
195
193
191
Reicbsbank (new shares).................121
121
121
121
120
120
...254
255
253
254
253
263
139
140
140
140
138
137
(8%)
......
ENGLISH
FINANCIAL
MARKET—PER
CABLE
The
as
daily closing quotations for securities, &e., at London,
reported by cable, have been as follows the past week:
Mon.,
Tues.,
Wed.,
Tfiurs.,
Fri.,
Oct. 7
Oct. 8
Oct. 9
Silver, per oz_.
Closed
Gold, p. fine oz, 168s,
23 7-16d.
23 7-16d.
23?*d.
168s.
168s.
23 7-16d.
168s.
168s.
168s.
Consols, 2H%- Closed
£74?*
£74?*
£74?*
£74?*
£74?*
Closed
£101H
£101H
£101H
£101?*
£102
Closed
£112?*
£112?*
£112 H
£112?*
£112?*
British
War Loan
British
Oct. 10
Oct. 11
23 7-16d.
3?*%
4%
1960-90
compiled by Dow, Jones & Co.:
Oct.
8
Siemens & Halske
Verelnlgte Stahlwerke (8%)
Sat.,
are
received by cable
Oct.
7
180
214
.........141
(6%)
..151
Deutsche Relchsbahn (German Rys. 7%)..127
Dreadner Bank (8%)
......—.——141
Deutsche
Oct. 5
Below
Oct.
-
Allegemeine Elektrlzltaets-Ge8ellscbaft(6%)181
Berliner Kraft u. Llcht (8%).............214
Farbenlndustrle I. G.
Rate
as
■Percent
Commerz Bank
Figures after decimal point represent
point.
V;:
Maturity
S
205,293
V
-
Fkan.
4,861
Quotations for United States Treasury Notes—Friday,
a
San
156,532
are
6 1940.
Chicago
s
216,735
13,006
Bid
23 1940.
Atlanta
$
29,820
United States
I
S
192.266 1,204,620
paper
Rates quoted
Cleveland Richmond
265,924
12,520
Total collateral....
Oct.
STATEMENT
523,224
21,147
band and
on
from United States
Oct.
NOTE
394,967
18,420
In actual circulation
Nov.
402,539 1,409,352
4l
2,742
464,006 1,542,688
18,638
83,887
held by agent as
security
for notes Issued to banks:
16 1940.
14
292,632
Collateral
Oct.
RESERVE
Total
Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank
Eligible
1
2,121
2,867
10,224
2,135
umuiea
Federal Reserve Bank of—
Federal
509
11,656
1,266
Less than S500.
FEDERAL
'J hrtt <;tpher»
617
4,157
3,974
The
Stock*
Bond*
i
Rate
30
20
15
Indus¬
Rail¬
trials
roads
price of silver per ounce (in cents) in the United
States on the same days have been:
Bar N.Y. (for.)
U. 8. Treasury
10
10
Second
10
Grade
Utili¬
40
Rails
ties
Bonds
Total
10
First
Utili¬
65
Indus¬
Orade
ties
Slocks
trials
Rails
,
Total
Oct.
11-
131.04
28.74
44.26
107.44
93.53
49.50
109.35
89.96
Oct.
10-
130.39
28.60
21.45
44.01
107.33
93.43
49.50
109.40
89.92
Oct.
9.
130.54
28.56
21.40
44.05
107.36
93.55
49.46
109.34
89,93
8.
131.31
28.52
21.55
44.25
89.02
21.56
107.34
93.63
50.66
109.35
Oct.
7.
133.51
28.91
21.82
44.95
107.44
93.96
50.88
109.35
90.35
Oct.
5-
133.90
29.20
21.99
45.16"
107.40
94.18
51.09
109.25
90.43
Oct.
(newly rained)
United
34?*
34?*
34?*
34?*
342*
34?*
71.11
71.11
71.11
71.11
71.11
71.11
States
York Stock
Government
Securities
Exchange—See following
Transactions
at
the
New
Daily, Weekly and Yearly—See
York
page
on
the
New
page.
Stock
2161.
'
Exchange.
Oct.
1940
12,
2146
Exchange
Solos—Now Yovk Stock
Stock and Bond
DAILY, WEEKLY AND
YEARLY
Altogether Sixteen Pages—Page One
In the day', range, nnleea they are the only
Occupying
NOTICE—Caah and deferred delivery ealee are disregarded
account is taken of such gales In computing the range for the year.
transactions of the day. No
==
—-—^=============
Securities on the New York Stock Exchange
in Treasury, Home Owners' Loan and Federal Farm
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
__
United States Government
Below
U. 8. Bond Prices
Daily Record of
Oct.7
Oct. 5
Daily Record of U.
Oct. 11
Oct. 10
|
'
(High
113.28
Low.
113.18
—
(Close
*.
....
....
....
....
(Low.
3%8, 1940-56
I Close
(Close
...
114.20
mmmm
....
114.20
-mmm
'
(High
Low
(Close
....
m
mmmm
(High
25*8, 1954-56
10*8*18
108*18
Low.
108.15
108.16
108.18
108.18
Close
108.15
108.16
108.18
108.18
mmmm
tl
2
2
35
mmmm
108.16
108.15
109.13
109.12
109.12
109.13
112.1
111.30
112.1
mmmm
mmmm'
112.31
mmmm
112.31
mm-m
Close
112.31
Total sales in $1,000 units...
1
•
111.11
(High
111.11
| Low.
m'
m
■
106.15
*7
6
106.23
106.23
106.15
106.22
106.15
106.15
106.22
106.15
106.15
mmmm
mmmm
mmmm
35
37
'mmmm
104.7
mmmm
104.7
I
mmm
mmmm
mmmm
mmmm
mmmm
m
(Close
9
1
(High
Close
111.20
m
111.20
Total sales in $1,000 units...
9
mm
mmmm
mm
111.14
111.14
111.14
2
2
3s. 1942-47.
109.2
108.31
108.25
109.2
mmmm
108.29
108.21
(Close
109
109.3
109.2
mmmm
108.29
108.21
1
(High
Low.
109.9
m
Clos8
109.9
mm m m
2
Total sales in $1,000 units...
mrn rn
mmmm
109.10
mmmm
109.10
mm
109.10
mm
(Low.
I
0Jqq0
(High
107.31
108.5*
(Low.
107.31
108.5
(Close
107.31
108.5
101.25
13
Home Owners'
Loan
103.21
108.7
108.22
108.17
108.11
108.7
5
38
35
9
'mmmm
107.23
107.23
Odd lot sales,
mmmm
107.23
Note—'The
(High
m
mmmm
1
mmm
107.30
mmmm
107.24
107.18
107.13
m
m
mmm
m
t
I
t
$
1
t
1
»
i
«
I
1
I
1
$
t
1
1
it
....
10*7*14
107.14
....
107.14
....
2
bonds.
mmmm
«
103.14
103.16
103.14
103.16
103.14
Low
107.30
mmm
107.20
107.18
107.13
(Close
107.30
mm mm
107.20
107.18
107.13
23 Treasury 25*8,
1 Treasury 25*s,
2
mmmm
11
1
*1
5 Treasury 25*s,
m
mmmm
mmmm
'
102.7
....
102.7
Close
—
102.7
mmmm
mmmm
mm
mmmm
mm
mmmm
*2
t Deferred delivery
$ Cash sale.
sale.
of coupon
table
1955-1960
1945-1947
1949-1953
108.18 to 108.23
109-6 to 109.6
106.5 to 106.5
-
-
(High
107.24
108
107.27
107.25
107.22
107.17
Low.
107.24
107.26
107.25
107.19
107.20
107.13
United States Treasury
Bills—See previous page.
107.24
108
107.26
107.19
107.22
107.13
United States Treasury
Notes, &c.—See
14
41
6
37
25*8, 1960-65
6
*4
Total sales in $1.000
mm m
mmmm
mmmm
mmmm
includes only sales
Transactions in registered bonds were:
Total sales in $1,000 units...
mmmm
mmmm
13
5
Low.
above
mmmm
m mm
mmmm
:
103.16
Total sales in $1,000 units.
*
107.30
107.30
mmmm
—
(High
16
*6
in $1,000 units..
m
rnmrnrn
mmmm
1
Low.
15*8, 1945-47
'
p
103.21
Total sales in $1,000 units...
108*8*
mm
1
103.21
(Low.
108.11
107.25
mmm
107.25
Total sales in $1,000 units...
10*8*11
m
3
Close
"V
10*7*25
•
(High
3a, series A. 1944-52
mmmm
108.17
■
101.25
107.28
Close
108.17
*i
3
1
(High
108.1
m —
101.30
Total sales in $1,000 units...
108.22
mm mm
mm
102.4
Low.
memmsrn
■
m
mm
102.4
(High
108*22
Total sales in $1,000 units..
104.20
m
101.25
—-
(High
mmmm
101.30
Total saletPin $1,000 units...
25*8, 1942-44
Total sales in $1,000 units...
104.25
107.26
Low.
...
....
(High
(Low
I Close
104.20
102.4
.
4
mm m m
mmmm
102.4
(Close
25*8. 1942-47
10
5
mmmm
*1
104.20
104.25
107*28
IClose
mmmm
109
'mmmm
105.24
1
3
(High
frnrnmm
mmmm
109.3
4
105.24
105.26
101.30
(Low.
<
■
.
109
109.9
105.26
mmmm
Total sales in $1,000 units...
109*""
1
mmmm
10*2*4*
(High
Low.
Total sales in $1,000 units...
105.27
Close
3s, 1944-49
111.14
mm
105 24
102.4
Total sales in $1,000 units...
m
Ill" 17
7
105.26
Low-
35*8, 1944-64
23
11*1*14
■
103.23
35
(High
Federal Farm Mortgage
mmmm
(Close
103.27
105.27
Total sales in $1,000 units—
-
111.20
mmmm
10*4*25
(Low.
2a, 1953-55
....
Total sales in $1,000 units...
( Low.
mm
103.23
2
(High
112.21
■mmmm
m
mmmm
mm mm
103.27
5
112.21
mmmm
'■
mmmm
mmmm
Close
5
mmmm
111.11
103.23
^
Low.
■
10*3*27
105.27
(High
(Low.
Total sales in $1,000 units...
112.21
mmm-
mmmm.
'
a
2s. 1948-50
112.1
9
3
mmmm
LOW.
25*8. 1958-63
106.15
106.15
1
l
112.1
8
(High
s
10*6*17
106.15
(High
109.13
109.12
111.30
112
8a
106*15
2
Total sales in $1,000 units...
109.12
112.1
112.1
Total
104.4
....
112.1
1
25*8, 1956-59
104
(Close
109.12
*1
111.28
*Hb. 1951-54-.
2s. 1947
....
111.30
111.28
2^8. 1948-51
■f
....
109.12
mmmm
Low.
•
mmmm
112*1*
(Close
2X8, 1945-47
104.4
....
.
111.28
Total sales in $1,000 units...
(High
10*4*4*
104
Total sales in $1,000 units...
Low.
2J*8. 1955-60
1
'
104
—
(Close
3s, 1951-55
1
1
104.7
Close
....
Total sales in $1,000 units...
3s, 1946-48
•
1
I
....
(High
Low.
mmmm
....
(High
3«8, 1949-52
1
Low.
25*8, 1951-53
....
Total sales in $1,000 units..
3Hs, 1946-49
I
t
mmmm
Total sales in $1,000 units...
(High
1
Close
Close
■
1
SSSi
Total sales in $1,000 units...
Low.
3^8, 1944-40
1
38
---
High
(High
1
Close
Total sales in $1,000 units,.
.
1
»
Total sales in $1,000 units—
Close
3tfs, 1943-45
«
....
Low
3^8. 1941
i
Low
25*s, 1950-52
.....
mmm
*5
(High
3*Cs, 1943-47
t
(High
102.13
Total sales in $1,000 units
I
1
Total sales in $1,000 units...
mm m
102.13
1
«
^rnmmm
t
Si,.
106.21
Close
■
1
i
mmmm
106.21
Low-
25*8. 1949-53
'
m
106.21
—
....
102.13
$1,000 units...
(High
Total sales in
m
11*4*26
*1
Total tales in $1,000 units...
3^8, 1941-43
mm
(Low.
2Hs, 1948
1
(High
mmmm
mmmm
(High
X
m
....
$1,000 units—
Total sales in
1
mmmm
mmmm
mm
— mmm
$1,000 units—
Total sales in
11*3*28
'mm
108.24
(Close
....
mmmm
mmmm
108.24
(Low.
2Hs, 1945
11,000 units,..
48, 1944-54
108.24
(High
mmmm
....
Close
Total sales in
Oct. 11
Oct. 10
Oct. 9
Oct. 8
Oct. 7
Oct. 5
8. Bond Prices
Treasury
i
....
Low.
4^8. 1947-52
Oct. 9
Oct. 8
|
*
High
Treasury
Mortgage
record of the transactions
furnish a daily
we
previous page.
New York Stock Record
LOW
AND
Saturday
HIGH
SALE
Monday •
Oct. 8
$ per share
$ ver share
*121
135
58%
*5634
*121
135
38%
*36%
38%
*47
48
*36i2
5%
48
*21%
*1434
22
5%
21%
21»4
*1434
15
42
42
41
58%
ver
*121
36%
36%
*363s
481?
47
*21%
1434
40
4184
41
*%
%
*%
%
*%
%
♦45g
%
434
4%
4%
4%
4%
34
s4
10%
9%
11
11%
9%
1834
223s
*75
10%
19
223s
....
*9
934
165
*9%
*12%
'7%
165
9%
13
7%
*67
70
35
35
*13%
*1%
*12%
46
*15
934
11%
10
22%
*75
*75
934
165
*934
12%
7%
*68
3414
1734
21%
19%
9%
165
*9%
163
9%
1234
7%
70%
34%
*934
12%
7%
*69
333s
11
22
m
m
164
9%
12%
*20%
21%
*2034
1478
40
%
*%
1478
40%
%
4%
*4%
434
%
%
403s
*%
40
9
*17%
103,j
9
9%
21%
*75
*9%
*21%
♦75
10
162% 162%
*934
*12-%
10%
18
19
9%
13
10
934
7
*68
70%
34
32%
*14%
*1%
33
7
3278
*14%
1%
*1%
13%
*12%
15
44
44
*43
45
42%
15%
15%
15%
*15%
16
*15%
57%
59
57%
7%
58
43
43
43
43
43
43
7%
43
Bid and asked prioes. no sales on this day.
734
*1234
58%
734
*43%
Adams Express
4%May 28
16%June 6
12%June 16
Adams-MUlils
No par
300
Address-Multgr Corp
Air Reduction Ino
No par
A% Way El Appliance.
.No par
Alabama 4 Vlcksburg
Ry.100
Alaska Juneau Gold Mln
34
1,900
Allegheny Corp
800
600
22
163
*934
7%
65*% pf A without war.
$2.60 prior conv pret.No par
22%
2,000
Alghny Lud St' Corp..No par
T.700
Alleg 4 West Ry 6%
Allen Indus tree Ine
16334
1,700
9%
200
Allied Kid Co
1234
300
Allied Mills Co Ino
7%
3,800
3234
3334
3*406
14%
1%
16
14%
14%
500
*1%
1%
6
2134Mav 22
Allls-Chalmerb Mfg
No par
Alpha Portland Cem..No par
Amalgam Leather Co Ino
1
15%
'"206
43%
15%
300
6% conv preferred.
Amerada Corp
400
Am Agnc
5884
734
58
5934
4,600
778
1,800
45
44%
60
No par
Chem (Drt>..No par
10
American Bank Note......10
6%. Deferred
60
Am
n
A nines
New stock
Ino
r Caah
sale,
r
11
June
5
4%May 21
May 28
15%
Def. delivery,
634June 11
135%June 10
8% May 15
55
*42%
a
May 21
100
preferred
*13
170
7
15%May 21
61
June 22
10
42%
16
45
1
36%June 10
%June 10
60 May 21
4
May 21
%June 4
634June 10
4% May 21
No par
Allied Stores Corp.....No par
5%
33
gtd._100
Allied Chem'ea. 4 Dye.No par
70%
*7%
100
100
To%
*75
10%
10
No par
65* % Pi A with $30 war.
2,700
934
18%
$ In receivership
10
5,400
18%
May 22
....No par
300
11
May 22
30
34%May 25
15
8,000
110
25
...
%
*68
14%
Steel Co
21%
*834
934
Acme
4%
*12%
16
7%
1,000
No par
Abraham 4 Straus
*U
70%
463«
7%
534
10«4
10i2
100
45*% conv pre!
10
18
22
Abbott Laboratories...No par
$ per share
50
May 21
June 10
l%May
9% May
38%May
12%May
41% Jan
6
35
15
28
23
22
12
1
share
$ per
70% Feb 14
147
Feb 8
40% Apr
52% Apr
5
9
Jan
3
9
27% Apr 8
19% Jan 4
68% Jan 2
78 Mar 11
77
Mar 20
7
Jan
8
8
3
12% Jan 4
22
Sept 25
1%
14%
Jan
Jan
26%May 10
74% Sept 30
1234 Apr 16
182
Apr 9
14
Jan 2 *
per
share
53
120
Apr
71% Sept
149% Sept
Apr
49% No
33%
31% Mar
6% Aug
19
Sept
Oct
11% Sept
56%
25
Mar
15% 8ept
27%
45%
>4
Apr
68
68
Feb
88
0% Dec
% July
6«4 Aug
10
Jan
2
Sept
Jan
Jan
Sept
1% Sept
Feb
20% Sept
4% Sept
18
8
June
14
Apr
23% Sept
28% Jan
69
Sept
11% Oct
52
May
6%
Apr
151%
Apr
10
Apr
Sept
200% Sept
14% Sept
15% Sept
11% Jan
9%
Apr
0
Apr
737gMay
8
54%
Apr
71
41% Jan
4
28
Apr
48%
Jan
16
9
12% Apr
1% June
19%
Jan
Jan
9
Apr 22
2% Jan
18
12
60
Aug
Apr
58% Apr
5
21
Jsn
4
16
Apr
75
Apr 15
20
June
12*4 Apr
9
June 18
50
3
v
\
share
Apr
per
16% Apr 23
9% Jan 2
June 10
Ex-dlv.
Highest
Lowest
Highest
Lowest
4%
1278
7%
*15%
734
500
11
9%
...
On Basis of
Par
Shares
200
40%
7
*4434
5934
15
*68
*12%
7%
15%
8
EXCHANGE
47%
47%
*%
161% 163
14%
59%
NEW YORK 8TOCK
the
1
46
60
*5%
14%
70%
14I4
*47
21%
1%
133s
1%
14%
*1%
*36%
47
534
8TOCK8
for
135
*121
4738
21%
21%
'
934
58%
*14%
3934
10%
9%
18%
*36%
47
47
14%
*7%
»
11
*18%
22%
473s
58
58%
135
*121
135
14%
*1%
*13%
14%
1%
59%
*42
*uie
57%
51?
1
%
581?
Range for Previous
Year 1939
1
100-Mar* Lens
Ranoe Since Jan.
Sales
Week
11
$ ver share
5%
22
1434
Oct.
$ per share
*558
51?
5%
share
*57
*46%
534
15%.
$
135
*121
*37
6%
*5684
Friday
Oct. 10
Oct. 9
Oct. 7
$ per share
57
NOT PER CENT
Wednesday
Oct. 5
57
SHARE,
PRICES—PER
Tuesday
Ex-right.
Jan
9*4 Sept
40%
Dec
Aug
3% Sept
21
Sept
74% Sept
241] Sept
47
Dec
17%
Jan
60
Jan
1 Called for redemption.
Volume
LOW
AND
HIGH
SALE PRICES—PER
Monday
Oct. 5
Tuesday
Wednesday
Oct. 7
Oct. 8
Oct. 9
share
ver
*6%
% per share
7
*36
38
*131
133
13g
*6%
$ per share
634
37%
6%
37%
*131
133
37
*55
56
54
21
21
21%
*110
112% *110
*128
130
*7
52
52%
21%
21
21%
112% *110% 112%
130
127% 127%
130
13
*7
13
*7
7
6%
6%
6%
6
534
534
*5%
9%
9%
78
2
9
9
82%
2
*4%
5%
*1%
1%
16
16
*3
*76%
1%
*4%
1%
*15
3%
13
13
34%
*4%
33
*30
33
*30
56%
*55
1%
*1934
21%
4%
*1934
*12
12%
*12
50
*45
16
74
13%
234
17
*98
108
23
23
3%
*51
*43%
7%
*147
1%
22
4
*45
16
*1%
*19%
4%
4
13%
33
*3134
32
4
414
30
3%
30%
56%
55
1%
22 ,
4
78
156
*4%
8%
96
15%
13%
13%
234
13%
*2%
13%
2%
3%
50%
3%
51
44
44
7%
7%
.
16
16
110
161
3
50%
43%
7%
44%
7%
*147
161
7
6%
8%
32
8%
6%
42
42%
143
143
77
77
78%
153
4%
4%
8-%
98%
9%
8%
*9534
4434
22%
32
*14%
*14%
15
163% 164%
8-%
9%
22%
73
15%
*113
9%
47
6%
*40
22%
*29%
12
*14
2%
2%
30
*1034
9
48%
6%
4434
23
32
15%
46
46
*44%
95
*30
3534
3534
*8%
*5%
834
*82
35%
*8%
*5%
5%
102
*6%
*70
*82
7
*79%
*33%
*88%
—
„
17
*5234
13%
*1234
*16
21%
110
7
*48
*71
82%
8034
3434
3434
89
1
17%
53%
13%
14
17
53
13%
*12%
*117% H934
6
6%
*2%
2%
*17
19%
4%
4%
16%
17
4%
*5%
4%
5%
*65%
117
2%
*17%
4%
16%
4%
*5%
10
*9%
48
48
47
1034
1034
1034
6%
*6%
26%
8
8
*28% 29
*112% 115
*23
24%
46%
95
*25
8
1478
75%
78
76%
76%
150% *150
151%
9
9
46%
5%
*40%
7%
12
12
31%
31%
*19%
19%
*52
54
*52
*30
32
*30%
79%
81
81%
*123% 124
*24%
25%
*19%
20%
9
22%
32
15%
3,200
8%j
4,000
96
9%'
6%
*40%
22%
49%
6%
4434
22%
*28
32
*14%
15%
:
4,500
*43%
44%
500
*30
95
*35%
*8%
5%
36
5%
*82
6%
3534
878
5%
102
*82
6%
6%
1,200
400
5%
102
3~I6O
75
8034
80
81
*76%
*33%
80
35
*76%
*33%
88%
80
500
35
*76%
*33%
88*4
80
*33%
36
88%
100
*88
8834
35
88%
88
88
16%!
51%'
June 12
9%May 15
48%May 21
Oct
5
4
May 21
May 15
30%May 21
122
May 28
5l%May 22
139
145
136
May 28
May 22
May 21
June
4
2%May 21
5%May 21
83%June 11
6 May 21
4% May 22
20
May 21
12%May 21
107
8
4
May 21
1 % June
6
100
Armstrong Cork Co
No par
Arnold Constable Corp.....6
A/tloom
Corp ........No par
7% preferred
..100
Associated Dry Goods
1
6% 1st preferred
7% 2d preferred
100
100
Assoc Investments Co. No par
240
June
97%June
No par
5% preferred
100
...
4
May
May
58% Jan
22%May
6%May
35
17
21
21
4
21
22
3%May 22
96% Jan 12
4%May 22
65
Aug 29
49%May 22
29%June18
82
May 23
*
17% J
16%
17%
53
52%
53%
1334
12%
|
13%'
14 I
13
12
16%
16%
16%
52
13%
52%
13%
11
11
51%
12%
*10%
67%
117
65%
*117
64
65%
11934 *117
6%
6%
6%
2%
19
4%
17
4%
5%
10
4834
*2%
2%
17
17
4%
15%
4%
16%
'
-
4
4
5%
934
48
5
1034
6%
6%
6%
26%
8%|
28%
33
125
8%
20
55
32
19%
26
26
8
8
48
48
16%
51%
13%
*11%
12%
*15
1534
21% 21%
*108% 109
Atch Topeka A Santa Fe.-lOO
2,300
Atlantio Coast Lne RR—100
*103
110
2%
16%
4%
16%
4%
5%
9%
48
9%
*43%
*10%
10%
*6%
634
*25
28
734
27%
*3134
*117
32%
125
7*2
734
*10% ! 20
3034 31%
19%
19%
*52% 55
29% 29%
78% 80%
123% 12334
24
*19
*11%
19%
15
*11%
15
*75
83%
*71
83
*71
24
20%
884
18%
48%
64%' *63
700
*25
31
19%
19%
*52%
53%
30%
30%
7734 78%
122% 123
*2334
24%
*18
8%
15
*72
an
*103
this dav
20
107
•
Conv 5% preferred..
Def
100
Barber Asphalt Corp..—.. 10
Barker Brothers
No par
...
5H% preferred.........50
Barnsdal* Of) Co......
Bayuk Cigars lne.
5
No par
.......100
25
$5 preferred w w
No par
Beatrice Creamery...
delivery
Beech Creek RR
—50
Beech-Nut Packing Co
20
Beidlng-Hemlnway—..No par
—6
Beneficla. Indus Loan..No par
Pr
pfd$2.60d v ser'38No par
Best A Co
No par
Bethlehem Steel (Del) .No peer
7% preferred
—.100
Blgelow-Sanf Corp Inc. No par
Black A Decker Mfg CoN> par
»
Vo® «toe*
' H*«.h sale,
t
13
Jan
_
3
71
Sept 24
1234 Mar
11% Feb 23
Jan
37% Apr 15
64
April
147
Apr 15
70
Feb
23% Feb 23
93
Feb 23
18
Mar 13
175% Mar 12
89% Apr 15
9184 Apr 9
153% Oct
684 Apr
12% Jan
4
101% Apr 15
Apr 23
52% Apr 23
8% Apr 10
45% Apr 22
32
Apr 9
41% Apr
8
22% Mar 8
113% Aug 23
1534 Apr 12
4% Apr 10
35% Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
68
Apr 20
4384 Apr
4
11
4
Apr
9% Jan 4
102
July 23
9
Jan 11
80
Apr
28
Apr
8% Sept
140
Sept
Jan
Jan
Jan
5% Sept
40% Jan
124% Mar
*26
Jan
7
Feb
687ft Nov
49
Nov
18%
Jan
162
Jan
117s June
22%
60
Apr
80% Sept
10% Deo
9
Sept
25% Aug
35% Apr
127% Sept
69% Apr
16% Mar
20
Jan
Jan
46% Sept
Sept
63
144
Nov
69
Oct
153
Aug
July
20% Aug
8% Apr
41
Jan
140
14% Apr 12
17% Jan 5
12
Oct
32
10% Jan
163
Mar
>7%
112
21% Sept
3% Apr
Jan
64
Aug
Aug
Apr
2% Apr
22% Deo
9
Apr
15% Apr
75% Mar
137ft Deo
148
Apr
Apr
73
75%
132
Oct
Sept
4% Sept
8% Apr
78
Apr
3% Apr
14% July
18% Oot
34
Sept
97% Sept
18% Jan
171% Deo
87% Jan
89'4
Jan
153% May
8%
Jan
14%
Jan
96
Aug
15% Sept
Apr
Aug
64% Sept
48
20»4
Apr
Apr
35
Apr
13%
Apr
647ft Jan
27% Aug
28%
4
24
Apr
Apr
Apr
97
May
3% Aug
3384 Apr
8%
12
40
21
50
Sept
4
Deo
37
Sept
106
Deo
1%
21
Sep1
Sept
Sept
884 Sept
Sept
60
Mar
65
31«4 Sept
7% Sept
5% Apr
58
Jan
13
Mar
73
5%
Jan
Apr
10%
100
10%
Jan
Oct
Dec
Jan
70
Jan
85
Jan 16
41
Apr
81
Oot
45
Mar 26
30
Apr
38
90
Jan
100
June
June
May
_
100% Mar
8
8
25% Jan 3
67% Apr 24
23% Jan 3
22% Apr 20
22% Apr 20
27%May 7
110
Jan 25
51
Feb 14
21
Sept
*4984 Deo
16
584
9%
18%
104%
7
Apr
Aug
Aug
Sept
Apr
Apr
43% Apr
78»4
427b
71
30%
Oct
Jan
Mar
Jan
2684 Sept
26
Sept
24% Oot
110%June
9% July
48% Aug
Aug
71
Sept
12484 Jan 10
116
June
127
Jan
8
Sept
37b Jan
30% Jan
9% Nov
21% Sept
4
4
Aug 16
2%May 15
3%May 15
7%June 11
34
May 21
8%May 21
4
May 15
20 May 21
7%June10
20%May 21
111% June 10
18%May 21
8%
6%
32%
8%
Mar
4%
Mar
2
Apr
Apr
Mm
16
Nov
Apr 15
197sMay 10
6% Jan 2
8
Jan
14%
Jan
Dec
62% Jan
49
Deo
10% Apr
10% Aug
6
8% Jan
29% Mm
24%
13% Jan
8684 Apr 17
116% Mm 12
May 28
3534 Ai.rl6
112% Apr 22
102
June 17
105
29%May 14
102
May 22
7%June 11
Sept 17
24%May
l7%May
49%June
22%May
63% May
28
22
25
21
23
l09%May 22
14
15
June 27
Rx-div
n
3% Aug
9% Aug
378 Aug
4% Sept
11%
106
64
6
Deo
3% Aug
Aug
9
Sept
25
112%June 11
Blumenthal A Co pref.....100
Bliss A Laughiin Inc...
60
14% Jan
8% Sept
50
Bloomingdale Brothers.No par
No par
Mar
5%
63% Jan
9% Mar 19
_
May 21
May 15
584 May 15
l3%May 21
11
May 14
Blaw-Knox Co
9% Jan
25% Nov
Sept
8
Sept
43% Sept
33
80% May 13
12
Belgian Nat Ryt part pref
Bendlx Aviation
Apr
Apr
Apr
278 Mar
25% Apr
41»4 Apr
1% Jan
12
Jan
May 23
l2%May 23
Preferred x-warrents.No par
J
57
N« par
<5 prior A
1st preferred
""206
May
43%June
Aviation Corp. of Del (Thel.3
Baldwin Loco Works v t«... 13
50
2,600
1,500
June 24
May 21
1% Feb 7
10 May 21
80
300
*
a
60
No par
Baltimore A Ohio—......100
32% *31%
32%
300
11834
120% *115
7%
73s
73g
1,100
10
20
*10% 20
31
31%
31%
5,700
19%
19%
19%
193s
1,200
100
*52%
53%
53%
53%
900
*29%
30%
30%
30%
79
79%
78% 8lJ 22,900
123
2,200
122% 123
123%'
100
*23%
23% *23% 23%
*18% 20 1
*18% 20
8%
8%
8h
83»
l",800
100
*17% 18% *18%
18%
*11%
15 I
*12%
15
t In receivership,
6% preferred......
107
82
...6
7
4% preferred
...100
Bangor A Aroostook.......60
1,100
„
102
1,700
400
13 May 21
39%May 21
9%May 22
8%June
9%June
l8%May 21
100
pref series A
2,500
*7%
*10%
30%
*72
conv
Atlas Powder
70
5,900
*31%
82
4%
Atlas Corp
5% conv preferred..—100
*115
*71
1
—.100
Atlas Tack Corp—
No par
Austin Nichols
....No par
"
8%
18%
15
82%
6% preferred
10
12,100
28
*103-
Atl G A W I SS Lines
800
200
734
*27%
118
30%
82%
3,500
1,500
48%
65
100
Atlantio Refining..—....25
300
118% *117
11934
6%
*6%
6%
2%
2%
2%
16% *16%
19
4%
4%
4%
16%
16%
16%
16%
4
4%
4%
4%
5%
5%
5%
5%
*9%
9
9%
9%
*43% 48
*43% 48
1034
1034
1034
1034
*6%
634
*6%
6%
28
6% preferrred
500
*6%
*2%
16%
4%
*26
8
*31%
32%
116% 118%
7%
7%
*10%
20
*17%
*11%
RM and aa^ed nrlwr nn -ale
*103
300
2,600
7
7%
7%
8
27% 283s
2734
27%
27% 27%
*112% 115
*112% 115
*112% 114
*112% 114
*23
24
*23
*23
23%
23'% *23
2334
*105% 107
*105% 107
*105% 107
*105% 107
884
18%
*11%
20
7
64%
6%
1534
4
7
5,800
1,200
13
II984 *117
6%
*2%
16%
4%
5%
9%
*45%
10%
11
64
13%
12
*15
15%
21%
21%
109% 109%
16%
51%
26
33% jan
ArmourACo(Del)pf7% gtdlOO
prior pref
Mar 19
l9%May 21
9%May 22
11 May 18
l2%May 28
70% Aug 20
ll%May 21
6
conv
Mar 20
152%May
June
5
25
121
May 25
23
$6
~
63g
135
6
Archer Daniels Midl'd-Ne par
7% preferred
878
6%
34%May 21
28%May 21
4%May 21
A P W Paper Co Inc
Armour A Co of Illinois
Apr
5
10
6%
1684
May 21
500
6% Jan 6
13% Aug 24
12%
Feb
6% Sept
3% Jan
30% Nov
30%
79%
18
—
3
Feb
2% Sept
4% May
17g Dec
147g Jan
3% Jan
18,800
J
Apr 22
3?o Apr
1
85
Mar 29
61
884
1178 Sept
18% Sept
86% Sept
11
June 10
100
05o Apr 23
66% Apr
Aug
17% Sept
41
35
„
3
132
Oct
70
$5 div pref
No par
Andes Copper Mining—
20
Aug
6% Sept
6% Apr
5
4
8
Dec
Oct
25% Oot
115% Mar
6
4
15%
91%
3%
6%
38
9
Oct
64
Jan
95 prior conv pref
25
Anaconda Copper Mining..60
800
984 Apr
8% Jan
July
40%
Apr 27
25%May 21
m
Feb 23
13
Sept
179
76
Preferred
100
Amer Zinc Lead A Smelt.... 1
mt
112% Apr 22
140%May 9
"116%
22 84
69
Anaconda W A Cable..No par
^
6
May 22
May 25
10 May 18
l%May 15
12%May 28
90
July 3
20% June 11
2
May 15
25
AncborHock Glass Corp. 12 60
,
June
3,000
«r
3
Apr
Sept
16% Aug
80% Aug
13% Apr
100
May
109% Apr
10
—25
100
$6 1st preferred .....No par
American Woolen
No par
6,200
95
*8%
6% preferred
4,800
44%
6
25
100
Am Type Founders Inc
10
Am Water Wks A Elec. No par
j
*113
...100
American Tobacco
Common class B
100
3434
89
31
81%
123% 12384
*24% 25
*19
20%
8%
9
*18
4434
4%
*70
24
*7%
*10%
31%
19%
9
47
800
200
23% Jan
83%
Jan
Aug
38
23
Preferred
100
Am Sumatra Tobacco..No
par
Amer Telep A Teleg Co.—100
2,400
75
23
*3134
500
150
33%May 10
56% Oct 3
8
67% Sept
140
57
Amer Ship Building Co-No par
Amer Smelting A Refg.No par
American Stove Co
No par
American Sugar Refining.. 100
600
3
0
6% preferred.
May 23
12% Sept 13
41%May 31
American Safety Razor..18.50
American Seating Co..No par
Amer Steel Foundries__No par
American Stores
No par
44%
35%
102
9%
47%
6
100
300
4%
*35
6%
4%
8%
*9534
conv pref
8,200
1,400
151
838
96%
H%
25
Preferred
10
4%
*30
*82
151
100
American Snuff
700
4%
44
634
400
4%
95
6%
350
5,000
4,900
11% *11
1134
*2
*2
2%
2%
29%
29%
29%
29%
IO.P4 106
*106% 108
44
102
200
1,800
*1034
*30
8%
14
73%
4
1,100
14%
13%
par
par
American Robing Mill
950
73%
par
15 preferred
.No par
Am Had A Stand San'y.No
par
Preferred
100
5,800
*70
28%
*112% 115
*116
*2834
*14
45
5%
6734
4%
*113
95
35%
*8%
*5%
12%
68
100
No par
Amer Power A Light—No par
$6 preferred
....No par
3,400
1,000
1,300
11,500
75
110
3234
22
45
9
75
46%
5%
44-%
22%
32
15%
*30
35%
1134
6% conv preferred
American News Co
90
*14%
15%
162
162%
7434
747„
7434 76%
162% 162%
75
12%
2%
30%
700
*70
107
«
13%
73
1478
Preferred
Amer Mach A Fd> Co.No
Amer Mach A Metals
No
Amer Metal Co Ltd
No
200
75
*103
*18
13%
73
....
16
*14
13%
9
*14
1178
15%
45%
534
*113
16
18
Amer Internet Corp...No par
4,500
2,900
1,700
4,800
7%
7%,
*150
161
'
14
*9534
22
15%
70%
13%
2%
101%
22%
3%
3%
50% 51 I
44% 4434
68
73
163
15%
70%
13%
2%
*70
*105
125
14
96%
15%
6%
110
Q
14
5% conv pref
50
American Locomotive..No par
6%
6%
6%
834
834
*8%
3034
3034
3034
40
40%
40%
4034
143% 143% *143
14478
56
56%
56%
55%
*144% 150% 144% 144%
26
25%
2534 26%
13
*12%
12%
12%
*9534
*14
*82
75
111
7%
25%
12%
Amer Invest Co of 111 new.._l
1,500
3%
May 28
May 24
45%May 21
l%May 21
100
12%
*8%
30%
4%
8%
*29i4
35%
*8%
5%
102
*105
*3184
5634
150%
*1034
11%
*2
2%
*29% 30%
106
106
*105% 106
4%
434
4%
434
35%
9
5%
*103
*116
31
40
143%
1134
67%
6%
4%
8%
32
"
*6
*934
*25
6%
834
16%
16
16
15% 16
14%
15
21%!
21%
2134
21% 21%
2134
21%
110
1*108% 110 ,*108% 109% *108% 10934
7%
7
7
7
7.|7
7
48%
48
48
48
48
48
48
66%!
66
88%
12
4%
*28
*2
7%
pref
cum
50
22%
3%
50%!
44%
No par
*45
101
I
161
1%
21
3%
*12
16%
22%
7
*150
68
I
110
22%
3%
50%
44%
8%
*40
30
4%
634
75
31
4434
22%
*1034
2%
4%
*30
6
*113
30%
*105% 106
4%
434
48
5%
22%
*30
*105% 108
161
11%
67%
*6%
*8%
9%
45%
*38
11%
*2
30
4%
8%
97
*9534
*113
*11
7
39%
144% 143%
*56%
5634
5634
*144% 150% *144%
25% 26
2434
1234
1234
12*2
*14
14
14%
1334
1334
13%
73
73
*72%
15
15%
15%
162% 163% 162%
*75
77%
75%
77
7734
76%
*151
156
150%
4%
6%
*28
15
73
40%
3%
50%
43%
7%
*141
8%
4734
*40
*13%
*31
3
*4934
43%
*147
6%
8%
31%
41%
*1534
*101
22%
1%
3%
71
4%
9%
3%
14%
78%
*6%
6% non
69
*151
47%
American Ice
15
*22%
American Hide A Leather
900
70
*101
4
21
1434
16
2,300
1,100
200
1%|
20%
68
22%
3%
50%
33%
284 July 18
116% Jan 29
178% Sept 18
7% Jan
24% Jan
50i2May
3
15%
108
100
Sept 30
3% Aug
31*4 Apr
Apr
125
2%May 21
9%May 28
23 May 21
17 preferred..
900
3
3
June 28
17 2d preferred A
No par
16 preferred
No par
Amer Hawaiian SS Co
10
Power
n
23
13%
3
16
500
3%'
13
9%May
45s4 Jan
135
Highest
I per share 9 per share
No par
..No par
Amer A For
1
71%
22%
14%
3 per share
l%May 22
3%June 17
1 May 15
10>4May 21
75
American Encaustic Tiling... 1
Amer European Sees
No par
200
Lowest
Apr 18
Mar 25
Mar 8
Apr 16
2% Jan 8
28% Jan 8
6% conv preferred
..60
American Home Products
1
13%
234
*101
1,200
10
.100
600
70
16%
1,600
20
400
13%
23
2
Corp
55
73
108
American Crystal Sugar
6% 1st preferred
3234
13%
16%
.20
share
5%JuneJ 26
May'21
May 24
1% Oct 2
87 May 21
104 May 27
18 May'28
34 May 21
13% May 28
100 May 21
112 May 23
9 May 23
6%May 18
4% May 18
8 May 21
*31
72
234
800
4%
1%
Year 1939
Highest
28
z5434
12%'
*8%
31%
96
3%
100
No par
Am Coal Co of Allegh Co NJ25
American Colortype Co
10
""600
Ranoe for Previous
100-Share Lots
128
55%
*1%
20%
conv preferred
American Chide
< per
3234
50
*57
59
57%
57%
*144% 150% *144% 150%
26
26%
26%
26%
12%
12%
1234
12%
14
14%
14%
14%
78
55%
*45
12%
*150
*31
6%
"""466
9%
4
*12
96
7734
4
American Car A Fdy_.No
par
Preferred
100
Am Chain A Cable Inc.No
par
82%
32%
12%
12
77%
4
3,700
2,300
1.100
100
Am Comm'1 Alcohol
3%
50
69
13%
32
25
Preferred
300
*12
*45
12.%
73
32
American Can
500
7%
14%
3%
13%
*12
69%
1334
22%
15
3%
*12
12%
3
30
6
*134
4%
50
234
800
13
*1
Cht Basis of
Par
*634
1%
15
12I2
*72
*14%
Range Since Jan. 1
*5%
9%
5%
2147
v
American Bosch Com
1
Am Brake Shoe A
~Fdy.No par
5H% oonv pre!
100
Amer Cable A Radio
Corp. _1
1,800
2,700
96%
2
Lowest
400
_
1%
*76
*45
69
*14%
15%
163% 163%
30%
55%
1%
384
12%
32
1%
*20%
*1'4
*4%
1%
3%
*12
69%
32
*3%
13%
12%
42%
42%
145% 145%
2%
5%
1%
14%
14
69
8
*134
*4%
1%
9%
*76
EXCHANGE
36%
*7
*12
*147
8
9
76
7%
5%
9%
82%
1%
12%
7%
6%
9
13
*634
5%
NEW YORK STOCK
the
133
1%
96
*7
STOCKS
for
Shares
63,
36%
133
96
16
3%
6%
7
5%
76
3%
30
1%
50
*22%
161
1%
*55
*1%
*6%
Sales
Week
$ per share
6%
15%
*101
51%
45
5%
4%
Oct. 11
6%
37%
96
}■'13
7
2
31
3234
56%
134
*7
9%
*3%
34
*1%
2%
*16%
*12
4%
*55
*72%
*13%
3%
13%
3%
4%
15V
*15
*12
34%
*3%
16
97
*5%
80
1%
*4%
1%
5%
1%
CENT
176% 17634 *176% 17634 176% 176%
26% 26%
26% 27%
26% 27%
52% 53%
54
55
53%
5334
20% 20%
2034 2034 *20% 2084
*110
112% *110
112% *110
112%
124
124
126% 126%
*123
127
7
*9
10
38%
*128% 133
1%
97
«
5%
*76
37
1%
13
*6%
*534
*76%
*1%
37
Record—Continued—Page
Friday
$ per share
6a4
*128% 133
1%
9834
17634 17634
26% 27%
55
Oct.
*6%
37
1%
98
NOT PER
Thursday
$ per share
6%
*130% 133
1%
1%
1%
*99% 100
99% 100%
*175
176% *175
176%
28
28
27%
28%
*:
SHARE,
Saturday
t
-
New York Stock
151
May
7
32% Oct
3
127
978
67%
36%
22%
66%
39
Jan 24
17
98
Apr
Apr
9
16%
MM 13
Jan 18
177®
48%
Jan
32
3
23% Jan
3
16
3
Apr
8434Sept20
Oct
Apr
Apr
27»4 Sept
1047b Sept
7% Apr
9
8984May 10
125%May 10
34% Jan 6
22% Apr 4
11% Jan 4
Rx-rfcrht*
11% Aug
15% Apr
109%
Apr
2
Apr
Apr
62
Nov
Apr
Apr
Apr
Sept
50% June
99% Apr
157g Apr
14
Apr
8%
Apr
22
Deo
13%
Deo
Apr
35
884 Jan
11% Sept
Jan
87% Jan
21% Jan
30%
13
Jan
33
Feb
19% Jan
26% Nov
1J6% Nov
28
July
107% Nov
32
Nov
128% Aug
9% Oot
73% Jan
3384
22%
Dec
56
Deo
uci
57% Mar
Sept
100
120% Sept
32>4
Oot
24%
17%
Jan
Oct
36% Oct
23% Mar
67
« Hailed far redemption.
Dec
Saturday
15%
10
1538
27
27%
2634
*107
109%
59%
28
109
109
110
110
*56
591
*57
109
1534
2684
4,100
100
Borg-Warner Corp
Boston & Maine RR
500
Bower Roller Bearing
18%
11
4.0
5
5
*434
5
11%
10%
10%
*36%
38
*45
461
*22%
578
16
16
15«4
16
15%
33
*29%
33
*29%
22«4
*22
23
5%
32
32
30%
30%
17%
32%
31%
33%
31%
32
*30%
31%
18*4
30%
17%
30%
18%
30%
*17%
7%
30%
1834
2%
2%
*19
8
7%
8
27«
13%
2%
2%
*1284
*5
19
19
*4%
4'2
*4%
*8%
914
9%
73%
1284
74
13
19
19%
19
*50i2
63
*50%
1%
1%
*7%
*1434
714
15%
13%
7'
40
15
13%
14
7
7
14%
14%
1334
13%
6%
6%
4,700
14%
I,000
13%
13%
13%
13%
3,400
334
39%
39%
39%
*39
39%
*89%
91%
*8984
91%
90
90
£90
90
31%
317«
*31
317g
31
31%
*30%
31
*3
3%
58
3%
*3
3%
3
3
5678
54
54
29
29
*118% 11878
73»
7%
60%
60%
18%
*18
23s
112
*534
6
*2%
29%
33g
*5
5%
30%
30*4
2I84
102
2284
*22
22%
*1634
334
19
*16%
18
3%
41
3%
3%
40%
41%
*1%
*1%
78
*s4
884
*884
*%
*%
%
%
18
117g
12
12
34
34
33%
*45%
'
46%
47%
**il
%
*%•
%
'%
*%•
%#
%«
*%«
2%
*33%
34
*140
142
*27%
*110
*21%
*1%
*23s
*1%
2
2%
j
2%l
30'4
*95
83
*15
18
3
3
40%
46%
I
*%«
%
11
11
11
77%
9%
22%
79%
934
3
337g
33%
34%
142
5%
34
142
*60
11%
101
27
20
*1%
2
*1%
*19%
19
51i
61
11%
101
3034
21%
2
2
2%
20
1934
5%
*80
83
5
5
20%
30%
20%
3084
10%
1%
30%
*95
9%
1%
56
30%
33
*9%
1.000
*2%
33
55
*44%
*2%
3%
33
87
87
*33
3234
3034
98
10
1%
32%
3234
80
55
3%
""106
3434
400
*140
142
109
*108
10884 *108
*60.
11
61
11%
100% 100%
*60
11%
*99
20%
*1%
*2
20%'
134
2%
21%
*1%
2%
61
11%
10834
11%
11
*1%
19%
*19%
5%
5%
5%
5%
5
30%
*95
80%
79
234
20
20
55
30%
30%
99
99
99
30%
30%
30«4
55%
£30
50
260
"""300
20
1,600
10,100
600
30
30%
56
6% conv preferred
234
5%
81
100
5
5
1,700
19%
19%
*78
30%
*96%
30%
9984
36
36
36
36
36%
3634
*102
110.
IO384 10384 *102% 110
10
10
9%
10
9%
984
1%
1%
1%
1%
1%
1%
56%
Colgate-Palmolive-Peet No par
82
20%
55%
30%
( In receivership,
55%
30%
a
57
30%
% Aug
11% Mar 28
600
3,200
100
Colorado A Southern
4% 1st preferred
4% 2d preferred
16% Apr 15
6% Mar 26
10
25
Apr
53%May 28
9% Aug 15
63%
Apr
9
Apr
85
Sept 26
98
79
44
Sept 16
z60
2
May 15
May 21
24
124
Aug 16
July
Feb
6
Jan 30
4% Apr 20
15
Apr
May
68
Oct
Sept
105
Sept
58
Jan
10%May 21
94
June 10
20
Feb 2l
11% Apr
102
Sept 24
16%May21
May 23
12%May 21
36% Apt 8
112% Feb 10
24 May 10
108
Sept 17
100
100
l»4Sept 26
l%Sept 26
May 21
Columbia Gas A Elec_.No par
4%May 22
100
100
07%May 28
3
69
June
71
May 29
79
'S5.No par
Commercial Solvents
No par
Commonw'lth A Sou.-No par
66 preferred series
No par
Commonwealth Edison Co..25
97
June
64.26 conv pf ser
n New
stock,
r 3a°h
sale
8
4
May 21
%May 22
42
May 21
25%June 10
* Ex-dlv
»
Apr
3% Aug
14
Apr
14
Apr
5%
Jan
Jan
Apr
73
0%
38%
108% Feb 21
98%
Jan
Apr
Mar
8
6
10% Apr 6
is4june 28
73% Jan 8
33
Apr 8
Ei-rlghts.
Dec
15% Dec
3
113
Apr
62%
98% Apr
66
Apr
284 Aug
37S Sept
Jan 26
10
100
Apr
11%
74%
48
3,000
20%
100
8
93% Apr
3%May 21
14%May 24
June 10
Def delivery
4
26% Mar 12
26% Mar 12
7% Apr 8
27%June 10
June 13
16,400
4
4
62.75 conv preferred.No par
32
2,100
434 Apr
6% Apr
5
Apr
4
8% Mar 15
23% Jan 29
4H % conv preferred
Jan
125
May 21
Commercial Credit
Sept
42
34% June
21% Apr
Feb 27
1
No par
69
Feb 14
16
Columbia Pict v t c
Apr
Mar 30
95
4,600
45% Apr
1
4
20%
63
100
17,300
41% Apr
Feb
1067S Sept
142
Comm'l Invest Trust..No par
200
114% Jan 10
43% Mar 8
131
100
Columbian Carbon v t c No par
Apr
99%May 21
66
May 24
10
5% preferred
2%
140
66
2.60
6% preferred series A
Jan
46% Sept
2
124
26%May 22
25%May 21
131
May 22
Apr
4% Dec
40% Apr 18
July 8
8
Columb Br'd Sys Inc cl A.2.60
Class B
7% Apr
33% Apr 3
91% Apr 8
14% Jan 26
20
Cluett Peabody A Co—No par
"moo
Aug
%
Jan
1,900
...100
Apr
Aug
84 Apr
3,800
No par
Apr
% June
% Jan
Mar 26
No par
Apr
%
10
Mar 28
Class A
9%
30% Aug
48
Preferred
Oct
44
80
Coca-Cola Co (The)
Apr
85%
%June
May 16
""366
27
1% Sept
1% Aug
74
82%
79
16
3
24
4
Mar
%
Apr
£3% Dec
46%May 16
*75
5
Aug
Sept
6%
1
*81
*20%
Apr
17
Special gtd 4 % stock
50
Climax Molybdenum..No par
82
5
98
Clev A Pitts RR Co 7 % gtd_60
80%
20%
9
18
23
3
8
900
20
5%
May
30% Apr
29% Mar
47j Apr
423g Jan
97% Jan
2% Jan
2% Jan
12% Jan
3g Jan
>4 Jan
106
May 21
I84
9
5% Aug
Sept
18
May 21
"moo
9
22
26
20
Apr
June
4
Oct
108
Colo Fuel A Iron Corp .No par
*1%
8% Feb 15
36% Feb 16
22
60
7%May 21
9
May 21
3%
32
Clev Graph Bronze Co (The).
700
1%
2%
3% Apr
41% Jan 10
1484 Jan
%May 20
% July 23
Apr
86% June
Apr 16
357g Jan
*nSept 20
Apr
2%
384 June
7
Clev El Ilium 64.60 pf.No par
26
21%'
Mar
Oct
18%
103% Sept
120
26
111%
21% 21%
9
5
June 19
preferred
27
19%
*20
No par
6H% preferred
100
City Investing Co
100
City Stores
6
Clark Equipment
No par
CCC A St Louis Ry Co
100
114% Mar
15
1% Aug 28
25
6
Chrysler Corp
City Ice A Fuel
3
21
May 22
41
3% Jan
66
111% *110
*1%
*78
Chile Copper Co
64 .25 pref
......No par
Collins A Alkman
No par
*19%
80%
10
No par
Chllds Co
400
234
*75
pf (62.60) cum dlv No par
(Chic Rock Isl A Pacific—100
7% preferred
100
6% preferred
100
Chicago Yellow Cab
No par
101
19%
19%
82
par
par
Pr
*99
*1%
80%
100
Chick ash a Cotton Oil..
21
28
28
0%May
% Feb
% Feb
8%May
23%May
par
101
*19%
19%
5%
(Chic MUBtPA Pac_.No
66 preferred
Chicago PneumatTooi.No
63 conv preferred
No
77g Aug
100
61
*60
Preferred series A
6%
142
*140
142
109
Bid and asked prices; no sales on tola day.
21,200
984
*140
80
57%
79%
27
27
27
*26%
111% *110
111% *110
5
3034
32%
*75
98
22%
7734
*44%
82
31
22%
78%
55
82
98
800
22%
984
*80%
3034
""266
2%
77%
86%
3
11%
22%
9%
33%
*2%
30
86%
934
*11
2%
87
*75
9934
11%
2%
22 %
78%
82
31
10%
*20%
77%
*9%
*86%
80%
83
%
*9%
10%
32%
111% *110
2%
%
300
*6334
*6384
112
114
*111% 113% *111% 114%
112% *111
35%
35%
35%
34% 34%
*33%
34% 3434
*81
85
83 84
*8184
85
*8184
8334
*81%
*47%
*47%
*47%
*47%
27
28
27%
27% 28%
28%
27%
2784
33%
1%
2%
*9%
*11
2%
*2%
*2%
♦108% 10934
21%'
"""206
*6334
*140
11%
200
*i«
11
*20%
80
400
47%
%
%
12
*%
10%
2%
4,500
32%
*46%
12%
*%
*9%
2%
12%
32%
47%
%e
%
10%
200
34%
*%«
*9%
*%
23%
47%
*46%
*%«
3
100% 100%
27u
27%
1%
% Oct 11
113s
*32%
*46%
234 Oct 11
(Chic Great West 4% pf—100
Chicago Mall Order Co
6
11%
32%
*46%
34
30%May 28
2,000
12%
33%
113s
(Chesapeake Corp
Chesapeake A Ohio Ry
7gMay 15
300
*32%
No par
26
Cab Mfg
84%June 17
1,400
11%
32%
47%
6
99% June 22
17%May 22
10% June 10
No par
Common...
100
%«
8%
3%May 22
16%May 21
16 May 28
(Chic A East HI Ry 6% pf.100
%e
*8
1
pf-100
Cham Pap A Fib Co 6%
68
100
22%May 24
No par
Chain Belt Co
Apr
I
May
6
4
Sept
200
200
*%
28%
10
II,200
*%
2884
57
96
%
20%
1%
40%
95%
%
5
10
40
96
8%
2O84
57%
4088
"MOO
%
5
1%
234
%
11%
48
*80
234
6% prior preferred
88
Apr
84
6% Apr
284 Aug 29
Apr
11934 Sept 28
12% Feb 15
1184May 10
May 21
Apr
38% Apr
26% Apr 22
100
Certaln-teed Products
Checker
*7%
48
80%
18
50
500
%«
*65
*75
40
*95
96
*15
100
8%
37
36%
36% 37
36%
36%
*103% 107% *103«4 110
*10334 110
10
403s
20
*%
2034
*56%
40
*95
96
*32%
5%
3%
3%
21%
20
*%
1984
*484
18
31
101% 101%
%
*19
*20
21
22%
*21%
*%
19%
5%
*80
21
*16
33%
2%
700
1,150
18
*44%
*1%
5
30
22
55
3
1%
5
29
21%
4
Apr
137$
13%
72
June 12
2%May 18
Cerro de Pasco Copper. No par
434
22
*44%
*284
213s
21%
106
(Central RR of New Jersey 100
77
110
118% Jan
l%May 16
Central Violeta Sugar Co
4,800
29%
*100% 102
Aug 16
30
%
19%
75
29
17
101
2934
%
20
81%
5
29%
Assoc.No par
1
Central 111 Lt 4)4% pref.,100
6% preferred
60
34
*1984
75
434
484
*91
June 15
Ribbon Mills.No par
Preferred
100
%
1984
*80%
94
29%
100
48
Century
*1%
1984
5%
92
28%
55
111% *110
21%'
94
293s
87
11%
28%'
94
28%
*86
34%
*100% 101
95
30%
10
*140
11%
3%
%
IO984 io984 *109% 110
61
*59% 61 i *60
*11%
*2%
1%
113% 113% *112% 113
35
35
*34%
35%
*81
84
83
*8034
34
33g
*84
*65
283s
*2%
86
*234
*48
33s
10
*33%
*65
*2%
86
*44%
2%
34%
3%
1%
11%
2%
55
60
600
1,300
*16
40%
*2%
*112
%
*10%
2%
*44%
2%
Central Foundry Co
1%
2%
*20%
79
~
Central Agulrre
700
*%
*7%
11%
7934
140
600
5%
21%
105%May 22
6
May 21
17%
5%
*20%
100
No par
7 % prior preferred
Celotex Corp
61
5»4
*100% 102
66% Jan
35% Apr 29
17%
684
29
42%May 16
20
May 21
61
2%
Jan
100
17%
*112
76
Apr
2% July
63% Aug
Caterpillar Tractor
No par
Celanese Corp of Amer.No par
*17%
*2%
2%
2%
240
1,400
May 24
Apr
36% Dec
3% Sept
29% Sept
4% May
36
July
6
39%May 23
100 June 10
7%
61
1%
2%
24
60%
17%
7
7
2
9%
3234May
3% Jan
22%May 21
100
Case (J I) Co
Preferred
7%
60%
*<%
8f%
♦10%
9%
87%
5,100
4,700
*1%
%
10%
9%
*115% 116% 116% 116%
114% 115
47%
48%
47% 48%
47%
49%
28%
28%
£28%
28%
28%
29
*117% 118% *117% 118%
118
118
%
834
*9%
*86
600
1*4
10%
79%
5584
1%
*9%
*22
*53%
*20
*95
96
*95
96
Aug
56%
2184
*3%
Apr
May
91
*53%
*112
102
6
46
1
"3%
5
40% Jan
1
3
47g Aug
12
Apr 17
36% Aug
76%June
6
7%
40
July 16
29%May 28
3%May 23
1
10
Carriers A General Corp
7
Feb 21
Feb 21
Apr 18
Apr 3
No par
Carpenter Steel Co..
80
17S
8%
19%
23%
6%Mar
Carolina Clinch A Ohio Ry 100
3%
31
*22
30%
62% Mar 13
2%May 22
60
3%
5
102
*88%
15% Jan
20% Feb
May 21
34
2%June
7
Ap,
25% Apr
11% Aug
13% Apr
48% Mar
% Feb
Sept
26
Capital Admin class A
63 preferred A
*3%
584
29
*21%
90
Cannon Mills
6
ll«4May 21
100
Canadian Pacific Ry
57g Apr
I87g Apr
13*4 Jan
81% Jan
May 21
11
Campbell W A C Fdy._No par
Canada Dry Ginger Ale
6
20
3%
5%
5%
102
90
700
39%
91%
*3%
53s
3134
2I84
*21%
*100% 102
*39
May 21
1
1,300
3%
30
39%
*39
"2", 600
May 21
6% Mar
23% Apr
4%May 21
1,100
2%
*94
95
4%
9
14
7
14% Oct 11
7% Jan 4
60% July 25
3
17%
31%
l7%May 28
2%May 24
6%May 22
39 May 22
30
60%
31
30
6
3
18
*94
4%May 21
30
60%
....
3734
*3%
May 21
10
3
60%
62
18
18%
2%
2%
112% 112% *11134
*3%
3%
3%
*53s
584
684
*2%
3%
*2%
95
40%
118%
60%
18%
*2%
31
*95
29%
28%
3%
*37%
4%
2
Mar
3
6% Apr 22
3
5%May 21
31
7%
31
*5
60%
3%
*3%
4%
7% July
8
7%
95
30%
*21%
117
118
7%
7%
2%
3*4
29
118% 118%
112
*3%
54%
37
37
*3%
37%
3%
3%
3%
37
Jan 19
dep7%pf.!00
Canada Sou Ry Co
3%
6034 Oct
6% Feb 17
34% Sept 23
3%May 22
20
ByersCo (AM)
..No par
Participating preferred.. 100
Byron Jackson Co
No par
California Packing ....No par
6% preferred...
60
Callahan Zinc Lead
1
Calumet A Becla Cons Cop..6
40
*37
40
*37
40
*37
37
49%
2"; 000
1%
14%
40
*115
"
14
*38%
57
2,400
18%
53
1%
1%
6%
1%
1,700
12%
18%
*50%
6%
*38
49%
*12
1284
18%
53
14%
4%
115
12%
18%
180
6%
*3%
57
Butler Bros
14%
13%
37
49%
800
684
384
115
5
*50%
37
4%
4934
143s
5
*14%
13%
Apr
13%
5
*69
1%
1%
June
13%
72
Apr
94% Apr
4
Apr
6% Jan
1
Bush Term Bldg
72
7
111
11
Burroughs Add Much.-No par
Bush Terminal
1
74
Apr
13% Apr
31% Jan
9% Apr
12% JaB
370
6% conv preferred
1% Apr
7% Apr
27
33
700
Butte Copper A Zinc
31
Apr
41»4 Apr
21% Jan 10
5,800
700
5% Sept
7% Aug
16% Apr
17%May 21
8
400
1% Apr
19% Apr
12%May 22
3
1,200
8
Marl5
1
7%
4%
3
4
No par
*2%
4%
Jan
Jan
37%May
Jan
29% Apr
3
Apr
15% Aug
21% Apr
11% Apr
1334
18%
1%
May 21
*2%
4%
3«4
112
Bulova Watch
18%
53
21
Burlington Mills Corp
8%
*3%
49%
600
4%
*36%
112
1,100
17%
19%
4%
39%
*56%
3034
*17
8%
13
18%
May 23
100
4%
3%
3%
*30
12% Jan
16% Jan
18«4 Apr
10% Feb
May
6%May 23
May 28
3
...No par
No par
*18«4
53
3%
32%
Buliard Co
8%
7012
37%
37g
*36%
*3%
Budd Wheel
4%
12%
*37
40
*37
2,460
2,000
2,300
14'4May 21
No par
7% preferred..
584
57
Apr 26
Mar 27
25% Jan 4
37% Apr 30
29% Apr 6
13%May 21
May 21
27
97
-
19%
19%
*50%
Budd (E G) Mfg
4%
73
1%
1484
13%
*37
53
3,100
*8%
70%
12%
18%
*50%
19
19
7% preferred
130
4%
3
Jan
5
100
Bucyrus-Erle Co
8%
19
74%
13
*1284
2,400
4%
5
18*2
*73
47g
1,900
47g
*1834
5
*4%
8%
70%
12%
4%
9%
13
49
"l'.lOO
5%
7%
8
13% Jan 30
118 preferred series A No par
Brooklyn Union Gas
No par
Brown Shoe Co
No par
Bruna Balke-Coilender.No par
9%
5534
584
*17
18
13
13
12%
5%
5%
Bklyn-Manh Transit..No par
32
57%
66
5%
31%
5
1% Jen
Sept
51
53*4 Apr 5
37g Aug 6
24% Sept 11
116% Oct 7
May 23
38
6
16
Mar 20
13% Apr 29
23% Apr 8
39% Feb 1
13%May 22
27 May 22
Brooklyn A Queens Tr.No par
16
4%
4%
Bristol Myers Co
100% Sept
7
4%May 23
8 May 21
200
*107% 109
109
4%
12%May 21
1 May 18
May 22
26
2,600
13,500
33
22«4
9%
56%
55
18*4
8
109
4%
4%
9i
*9
3134
2*4
22%
9
109% 109%
584
5%
578
22%
9
33%
13%
*47«
l",806
16% Aug
3
70%
29%
24%
257g
2%
17%May 28
17 June 10
Highest
28% Apr 15
29%May 1
123% Jan
5184May 22
No par
Briggs A Stratton
"
384
*3%
*29%
22%
315s
8
3%
16%
33
27g
13i2
5%
1912
37%
44%
33%
*18%
8
213s
44%
16
23
6
*234
2034
37%
Brlggs Manufacturing.^0 par
*29%
16
16
9
9%
9l2
95S
109% *107% 109%
10812 IO8I2 *108
4%
4%
4%
4%
4%
4i2
58%
56%
58%
6034
56*4
58%
*5*4
Bridgeport Brass Co ...No par
5,600
3%
3%
3%
300
3,200
*36%
12*4 Aug 16
1984May 22
99 May 23
3
5
11
24%
24%
Brewing Corp of America
*484
10%
2034
44
% per share
5
434
4384
9 per share
6
100
Co
1034
*36%
37
45%
9 per share
-.—.16
484
24%
243s
243a
24%
24%
*lj57g 110% *1157g 116% *115% 116% *115% 116%
16*4
3214
2312
*2914
3%
3%
24%
*11578 116%
16*4
*36%
*45%
13s
3534
*1%
*35
Lowest
1
Bond Stores Inc
1034
20%
21
20%
38
46
46
35
3%
334
2412
*35s
243«
2134
21%
*36%
38
18%
13s
35%
*35
IO84
45
*1%
35
5
221,
22%
22
22
*3612
18%
18
1%
*1%
35
113
*4*4
5
11*8
Class B
Borden Co (The)
18
5
70
500
18%
11%
60
3,400
1%
35%
*56
193s
18%
19%
1834
35%
60
24%
*1*8
Highest
5
No par
No par
Bon Ami class A
19%
185«
1%
50
*23«4
24%
19%
35%
Bohn Aluminum A Brass
110
193s
24%
19%
1%
Boeing Airplane Co
1,000
*107
24%
1934
18%
5.900
110
19%
24%
19%
35%
15%
27
*23«4
24%
17j
15%
26%
69%
.0912
351
15%
2634
1940
Year 1939
Lowest
5
15%
59%
2.03s
*138
Par
*57%
.09
*35
On Basis 0.1 100-Short Lou
exchange
26«4
*107
109
25%
1934
Range Since Jan. 1
new york stock
the
Shares
$ per share
9 per share
9 per share
9 per share
$ per share
9 per share
10
16
stocks
for
Week
Oct. 11
Oct. 10
Oct. 9
Oct. 8
Oct. 7
Oct. 6
12,
Range for Preview
Sales
Friday
Monday
\
PER CENT
SALE PRICES—PER SHARE, NOT
LOW AND HIGH
♦2714
Oct.
New York Stock Record—Continued—Page 3
2148
Apr
Oct
Apr
103% Sept
42
8% Aug
1% Dec
4584
x25%
Jan
Apr
T Called for redemption
New York Stock Record—Continued—Page 4
Volume 151
LOW
AND HIGH
SALE PRICES—PER
Satvrday
Monday
Oct. 5
Oct. 7
$ per share
*27g
*1784
*1384
3%
18
*27$
18
18
1384
13«4
12%
*12
*74
*84
88
*84
107
6%
26%
107
3 per share
*278
17%
*13%
*2184
*10%
♦73%
6ls
26%
3%
*12
22
6%
26%
234
578
*1%
4
*1784
104
15%
9
%
*34
*83
*3978
*114
85
40
115
*6%
35%
634
3584
3%
3%
1778
24%
20
20
*40
15%
*87
43
15%
88
34%
105
106%
*384
414
4%
4%
*68
69%
*107b
11%
24% 24%
17b
1%
*4778 48%
337b
*84
88
*85
88
*84
88
50
6%
26%
*107
*%
*8
*2%
578
*1%
*378
*17%
103
19%
43
15%
87%
35%
109%
334
4%
68%
1134
24%
17s
47%
*22
6%
26%
108%
*4
8%
3
6
I84
4%
18%
*17%
_
15
15
8%
500
7g
200
*84
85
84%
84
39% 40
39%
38% 40%
38% 39
114% 114% *113% 115% 115% 115% *115
120
6%
6%
6%
6%
*6%
634
6%
6%
36
36% *36% 36%
36% 36%
36% 36%
3%
3%
3%
3%
3%
3%
17% »1734
17% 17%
17%
17%
17% 17%
23
*23
23%
23% *23
23%
23% 24
19
19% 19%
1934
19%
19%
19% 1978
58% 58% *56
*57
60
59% *57
59%
*49% 51
50
50
50
49% 49%
50
50% 50%'
50
50
50%
50%
49% 4984
*173% 176% *173% 176% *174% 176% 176% 176%
200
*84
85
5
5
20%
98%
20%
21%
98%
20%
19%
98%
20%
47b
47b
434
25%
4%
25%
*40
41%
*4084
15
43
15%
87
87
*11
11%
*11
*32
*19%
34%
20%
*33%
197b
*18
16%
78
78%
16%
77%
138% 139
139%
3%
3%
3%
*23% 23%!
23%
*7%
7%
*7%
*10
10% *10
*113%
*113%
23%
7%
10%
....
....
15
56
*42
22%
21%
111
207s
4,800
98%
440
5%
20%
5
700
*484
25%
41%
25%
41%
*4084
1434
*86%
33%
«75%
*2%
4%
*20
*4%
15
88
34%
7784
45%
32
32
*66
*10%
24%
1%
7%
2634
25
41%
41%
170
43
100
15
15
3,900
*86
88
70
34%
7734
4%
4%
69%
11%
24%
134
45%
*2%
4%
*66
*10%
24%
1%
734
1,400
36»4
8134
4%
4%
69%
45%
11%
24%
134
46
32
32
7%
7»4
*42
48
42
42
217b
21%
*334
22%
4
1734
2,600
6%
700
5,000
111
21%
*3%
4
*17
1734
*6
6%
111
*17
6%
"""50
17
12%
*3«4
13%
4
12%
334
1284
334
*%
*16
*%
*16
110
73%
*73
11
—
11
34%'
20
i
16%'
7778
139%
378
22% 23 j
7%
7%
3%
10
10
*113%
39%
8%
17
13
13
37g
334
*%
110
*16%
1278
3%
5ii
110 I
*1584
29%
39%
8%
1534
*29
*39
8%'
16%
*8%
16%
74
74
74%
11%
*3284 34%
*1934 20%
16
16%
76% 77
13734 13878
334
378
*10
7%
*7
10
10
*113%
|
10%
*10
34%
20%
16
16%
7684
77%
13984 141%
r378
4%
*33
*33
11
*113%
—
i
17
13
200
378
16
29%
39%
~
_
1634
74%
1034
3334
176
34
15%
36%
1478
36%
15
*"x«
1
3334
14%
36%
15%
3334
14%
36%
1484
*174
33
*14
35%
14%
5
5
5
5
37%
3634
32%
38
32%
35%
*33
38
34%
*29%
30%
*1
1%
34
30%
*%
34%
30%
1
34%
*29%
*%
41%
*40
33%
*40
42
*108% 109%
8%
83g
32
1
3384
41%
108% 108% *108% 109%
8
8
83s
7%
76
76
75%
75%
*40
'
*
35%
14%
35
13%
*"u
434
35%
31%
29%
35
3334
32%
*%
14%
33
14%
35%
14%
1
*"it
1
434
36%
31%
39%
434
36%
5
36%
32
32
33%
40
40
108% *108
7*4
76
76
1
*33%
*393s
77$
*7378
34%
40 i
*78
82
*78
82
*78
82
*78
82
*78
82
*85
91
*85
91
*85
91
*85
90
*85
90
h
*1
*1%
1%
*69
*3%
7%
*30%
1%
2
1%
80
4
7%
303s
**i»
84
*7
7%
40
40
*20% 21
*12%
13%
*95% 102
*21
21%
*15
15%
*2%
3%
*%
*4
20% 20%
*89% 92%
*13% 14%
35% 35%
•
*1
2
*1%
1%
*69
1%
80
3%
7%
29%
7%
*3%
678
29%
*»!•
*6%
39*4
34
178
1%
80
378
7%
30
21
21
15
15%
3%
3
*%
20
90%
*13%
35
%
1
"xi
20
90%
14%
35
1%
*1
*6*4
28%
1%
80
378
7%
29%
%
%
7
7
39% 39%
20% 20%
*1278
13%
*95% 102
*20% 21
*14% 15
3%
*27$
•x«
197$
*88%
13%
35
«x»
1
1%
Bid and asked prices: no sales on this day.
%
1
*68%
*3%
»u
7
40%
20
20%
*127$ 13%
*95% 102
3%
„
20%
*9014' 92%
*13% 14
35%
35%
♦
*n
34
6%
6%
40% 4034
*20% 21
*127$
1384
*9514 102
*21 i
21%
15% ^15%
3%
*%
1%
*1%
*68%
3%
%
1
1
30%
_
*20
%
h
1%
84
%
20
02
*1*4
*1%
*68%
*3%
*6*4
29%
%
7%
39
40
*20
21
*12% 13%
*95% 102
21
21
15
15
*27$
*'ll
20
3434
14%
3534
14%
*»,,
1
3%
100
"2",000
1,300
7,200
500
6,800
*88%
*J2%
92%
13%
35%
35%
35*4
14
10
16,300
700
3,000
25
Preferred
100
Coty Inc
Coty Internal Corp
Crane
1
I""l
Co
25
5% conv preferred...... 100
Cream of Wheat Corp (The).2
Croeley Corp (The)
No par
Crown Cork A Seal..
No par
$2.25 conv pref w w..Nc par
5
33
May 21
106%May 31
4%May 21
27% May 25
2
May 15
16% June 10
l8%May 21
15% Mar 16
47 May 21
41
May 28
44%May 21
165 May 25
4
May 21
7nSept 28
13 June 5
75
June 13
Preferred...........No
...
par
.No par
1
Class A
1
7% pref.. 100
$8 preferred
Cutler-Hammer Ino
No par
.No par
Davega Stores Corp
Conv 6% preferred
5
25
Davison Chemical Co (Tbe)_l
Dayton Pow & Lt 4 X% Pf. 100
Deere A
C0-.........N0 par
Preferred
..........20
Dlesel-Wemmer-Gllbert.... 10
Delaware A Hudson
100
Delaware Lack A Western..50
JDenv A R G West 6% pf.100
Detroit Edison...........100
Devoe A Raynolds A ..No par
Diamond
Match......No par
6% partlc preferred
26
Dixie-Vortex Co...
No par
Class A..
.No par
Doehler Die Canting Co No par
Dome Mines Ltd......No par
Douglas Alroraft
No par
Dow Chemical Co.—No par
No par
preferred
100
May
61% Jan
65% Jan
179 May
7% Apr
105
Jan
4% Jan
6
8%May
91% Feb
17
Apr
29% Feb
4% Jan
10
24
22
24
51
May
......
2,100
1,100
2
400
1%
200
5% preferred.,
...100
Engineers Public Service....!
$5 conv preferred
No par
%5H preferred
..No par
$6 preferred..—. .No par
Equitable Office Bldg—No par
{Erie Railroad—.100
4% 1st preferred.—....100
4% 2d preferred.......100
Erie A Pitts RR Co—
80
"loo
Eureka Vacuum Cleaner
50
5
7%
800
Evans Products Co.........5
29%
2,700
100
...3
Exchange Buffet Corp-No par
Fairbanks Co 8% pref
100
1,800
Fairbanks Morse A Co. No par
600
Fajardo Bug Co of Pr Rloo..20
Federal Light A Traction... 15
700
......
Ex-Cell-O Corp
400
$6 preferred..
.No par
Federal Mln A Smelt Co
2
700
Federal-Mogul Corp
600
5
Federal Motor Truck..No par
400
Federal Water Serv A .No par
900
Federated Dept Stores-No par
4)4% preferred—i.00
corp...—..T
200
♦12%
14
300
36
36
1,700
Def. delivery,
ferro Enamel
Fidel Phen Fire Ins N Y.$2.60
n
New stock,
r Cash sale.
June
2% Aug
Apr
48
Aug
9
Aug
3
26
Deo
3% Sept
88
Apr
Deo
2% July
38
Jan
110
Jan
82% Aug
13
Apr
Jan
Feb
41%
40%
37% Mar
17% Deo
94
Deo
62% 8ept
96
Jan
8% Sept
Sept
13
93
Sept
19% Sept
28% Deo
7% Sept
63% Sept
Mar 29
19% Apr
73% Apr
91
42
Sept
7
60
May 10
45
55% June
14%May
3 May
l3%May
3% May
15
21
22
22
23
107
June 13
13%May 22
Oct
5%Mar 7
Apr 27
8% Apr 4
113% Apr 12
237$ Apr 9
June 10
28'8 May
ll%May 22
8%May 21
2%May 21
% July 11
98%May 22
12%May 21
25%May 22
32 May 21
4%May 15
12%May 21
66%May 24
9% May 15
30%May 22
14
May 21
ll%May 22
65% July 3
133
Sept 13
19% Apr
23% Jan
5% Jan
21
Sept
14% Jan
5
May
9%June
114 May
11
12
21
10
16
4
17
«4 Jan
125% Jan
23% Jan 10
36% Apr 10
43% Feb 3
10% Feb 21
Jan
8
85% Apr
14% Apr
5
20
9
May 22
10% May 28
25 May 21
lO%May 21
%May 22
3
May 15
l8%May 21
15% May 21
z24%June 6
%May 22
26
May 21
35 May 22
102 May 22
5% May 21
63 May 31
66 May 31
Mar
84
4
%May 15
%May 15
l%May 14
%May 15
67% Aug 7
2% May
5
May
20% Jan
%June
3%June
29%June
17%May
11
25
21
15
13
10
5
21
May 23
85
June 10
16
July 24
12% Aug
2%May
7nMay
18 May
Apr
11% Apr
12% Aug
3% Sept
% Deo
103
Apr
18
Sept
28
Apr
36% Sept
5% Aug
13% Sept
66
Sept
9% May
Mar
10
Apr
94%May 10
171
Apr
9
55
Aug
101% Apr
""l3%
Nov
32% Nov
Nov
25
Sept
7
June
17% Mar
10% Sept
112% Deo
25% Oot
27% July
18% Dee
28
Oct
87a Sept
1% Jan
125% Oot
32% Jan
84% July
447S July
10% Nov
20% Mar
July
13% Nov
90
35%
22%
Jan
Jan
July
87*4 Nov
34
144% Deo
4% Sept 24
"I71V
Apr 24
Mar 30
6
Mar
6
Deo
19%
13% Jan 18
120
Jan 17
10
Apr
14
108
Apr
30
10
118% Jan 19
17%
41*4
18%
1%
Jan
Apr 16
Apr 20
Jan 4
8% Jan 8
39% Sept 23
35% Sept 23
33%May 2
126% Apr
Sept
111% Sept
12% Apr
3% July
138% Apr
155% Sept
15% Apr
112
15% Sept
22%
112
Mar 19
12% Jan
83
8
Jan
Apr
8% Apr
1% Sept
6% Apr
20% Apr
18% Apr
23% Apr
1% Jan 10
41% Jan 3
46
Apr 13
%
28
Apr
Jan
32% Aug
£103% Mar
7
Apr
5
Feb
_
11% Apr 25
34%May 10
1
Jan
3
8% Mar 11
49% Apr 8
31% Apr 18
187S Apr 3
102
Sept
3% Sept
42*4 Nov
65
Sept
111
Jan
17$ Sept
3
Sept
6
Sept
3% Sept
65% Sepr
6% Mar
13
Jan
25% Nov
'4% Jan
87$ Sept
437$ Jan
11
Apr
Apr
Apr
38% Sept
18% Aug
Mar 27
81
Jan
98
3
29
Dec
28% Jan
15% Oct
4% jaa
Jan
5
95
Apr
May 21
27%May 21
20
Jan
40% Feb 14
Ex-rights
Jan
35
Aug
Aug
17$ Sept
1% Apr
66% Sept
3% Sept
6
Apr
14% Apr
% Dec
2% Apr
24
Jan
Feb
Aug
Apr
% Aug
67% Aug
Mar
95
69
1
88
Sept
Aug
Feb
Deo
Sept
Jan
Feb
Oot
July
Oct
Nov
89
Jan
Jan
Jan
Jan
188%
124%
118%
317a.
8%
186%
183%
307$
197#
40%
18%
3%
12%
41%
137$ Aug
89
Jan
Jau
118% Nov
80% June
97
%
1%
3%
1%
Deo
June
Apr
62% Apr
65% Apr
Jan
y
Apr
20% Sept
1
* Ex-dlv.
15%
23
30
Feb 29
25
June
Jan
13% Apr
3% Aug
14% Sept
4% Apr
103
Sept
23% Jan 10
38
27
15
22
28
79
10
4% Aug
24% Apr 23
Electric Auto-Lite (The)....5
Electric Boat
3
50
24%
62
Aug
5
92
3,300
4,200
82
4
4
76
Apr
61% Sept
67% Sept
177
June 10
44%May
6% Jan
166*4 Jan
Corp
32% Sept
75
June 10
Endloott Johnson
10% Jan
407$ Dec
5% Nov
31% Jan
32% Oct 9
11% Mar 8
32% Mar 14
117
Elk Horn Coal Corp...No par
El Paso Natural Gas..—3
51% Sept
116
May
31% Oct 9
6% July 25
21%May 21
Jan
100
Apr
26% Jan
6% Aug
Apr
Apr
Apr
Eastman Kodak (N J)-No par
"""700
Sept
9
4
900
Sept
Apr
Apr
Apr
Aug
Apr
Apr
8
$6 preferred........No par
Elec Storage Battery..No par
Jan
Mar
93
_
Mar
Electric Power A Light-No par
$7 preferred
No par
2
Apr
Sept
7% Jan
126
1
22% Mar
100
Jan
16
24% Jan
189% Apr
5
Sept
Sept
Deo
Apr
Sept
3
Sept
% Sept
114
Eastern Rolling Mills
Apr
9
34
1017$ Deo
17% De
Sept
647$
1% Apr
Apr
"5",200
49
l46%May 28
Eastern Airlines Ino
1
July
1% Apr
8% Aug
88
Sept
9% June
150
112%May 22
25%June 10
3 May 15
preferred;
7% Sept
3% Deo
8% Aug
70
Co..-20
No par
$4.50
2% Jan
12% Mar
778'Mar
9% Sept
6% Sept
15% Jan 10
11%
1
1% Apr 4
97% Jan 10
*87%
49>4 Apr 9
32%
116% Jan 26 *100
5
9% Apr
40% Mar
29%
1%
4% Feb
25
Jan
19%
33
Apr
16%
25%May
Duquesne Light 6% 1st pf.100
Du P de Nem (E I) A
Mar
Deo
28
June 17
35
%
43% Apr 4
21%May 4
95%May 9
43%May 10
109% Oct 7
31
11
Aug
Sept
108% Aug
20%
21
25
21
64
21
l%May 24
3% Aug 15
60 May 21
9%May 23
19%June 6
1% Sept 21
Oot
Feb
91
Jan
83
22
Nov
9%
85
Apr
Feb 26
May
May
May
May
"32%
27
45
12
Highest
101%
38% Apr 3
July 17
3
Rights
Dresser Mfg Co
79%
7% Nov
18%June 11
75
Preferred.... ..........100
Apr
Apr
Apr
36
$5 conv preferred...No par
Crucible Steel of America..100
30
Cuneo Press Inc...........5
Curtis Pub Co (The)...No par
19% Apr 24
6%
32*4 Feb
30%June 12
Cudahy Packing Co
7
15% Aug
73
19% Sept 27
3% May 22
Pref ex-warrants
.No par
Crown Zellerbacb Corp......5
Preferred..............100
Cuba RR 6% preferred
100
Cuban-American Sugar.... 10
Feb
37
90
00
5
104
178
*80
90
June
19% Sept 24
May 22
*85
•l«
70
4% Apr
8% Apr
2% Jan
4% Sept 24
June 10
300
20
7% May 21
>«May 16
10% Apr
22
4,400
»n
20
6
1%
165
8
%
June
2% May 21
884May 22
93%May 22
9%May 21
9%
32%
110%
6% cum preferred......100
78
%
22
95
Apr 8
Apr 9
Apr 5
Feb 21
Apr 5
Mar 25
Jan
Eaton Manufacturing Co....4
Edison Bros Stores Ino
...2
8
7%
*6%
40% 40*4
20% 20%
*12% 13%
*95% 102
21% 21%
*15
15%
3
*278
1
26
22
23
16
92
80
*75
3%
May
4%May
23 May
97%May
% Aug
5% May
2% May
5%May
12% July 8
31% Apr 15
200
1,500
a
Corn Products Refining
l758June 10
7% Jan 29
Year 1939
Lowest
$ per share $ per share
5
6% Jan 8
Apr
8% Feb
24% Feb 17
19
Apr
30% Jau
5
1334 Sept 24
9% Dec
Sept
2,300
33
30
1
33%
40
t In receivership,
5
Continental Steel Corp .No par
Copperweld Steel Co.......6
conv. pref. 5% series
50
Corn Each Bank Trust Co. 20
1,800
32%
29%
*7g
33%
*3938
*4
Continental Oil of Del
5% pref with warrants..100
3,600
20
34.50 preferred.....No par
Continental Diamond Fibre. 5
Continental Insurance
$2.50
Continental Motors.........I
400
37%
,,
Continental Bak Co el A No par
Class B............No par
8% preferred..........100
Continental Can Inc
20
Elec A Mus Ind Am shares...
1%
*sn
*6%
33%
1%
*134
*1%
*68%
3%
*6*4
29%
3?8
7%
Consumers P Go$4.50 piNo par
Container Corp of America. 20
8%
1%
29%
100
Duplan Silk
%
1%
o..25
400
*»!•
2
v t
700
•xe
80
Consol Coal Co (Del)
5% preferred v t 0
Distil Corp-Seagr's Ltd. No par
37
778
78
Consol OH Corp......No par
Consol RR of Cuba 6% pf.100
Diamond T Motor Car C0...2
50
77
Consol Film Industries...... 1
$2 parti0 pref
...No par
Consol Laundries Corp..
5
11
~
*73
Consol Edison of N Y..No par
$5 preferred
.No par
...No par
Dunhll, International....... 1
15
434
30%
*7$
1
33%
108
7%
*29%
32%
*14
29
21
21
21
23'%
678
*176
*176
32%
14%
36%
3634
32%
30%
....
33
1434
*14
147g
*13il 1
4%
5
1
♦13x«
*175
3334
1434
75
300
3,300
—
176
176
May 29
400
53,400
*9%
*113%
63
2,800
7734
—
*1434
80
200
77%
177
170
170% 170% 171%
177% 176
17784' 174
176*4{ 170% 172
124
124
124
12434 12434 12434 12434
124% 124% £124% 124% 124
117
117
1*117
*117
*117
*11634
*11634
32% 3384»
33% 34%
33%
3434
32% 3334
32% 33%
34%
35
4%
4% i
*4
4%
4%
4%
4%
4%
484
*4%
434
131
133
;4%! 131% 132
*133
134
13184 13134 132%
134%!
133% 134
*172
3,200
2,500
140% 144%
r4%
4%
*22%
7 |
684
*684
700
34%
20%
16
23%
*10
100
27
20%
16
20%
23%{ *22%
100
110% ""510
110
16%
29%
39%
16
*22%
100
*%
16%
74%
*10
*33
£19%
16%
77
138
16%
29%
*16%
27
7% preferred——100
6%% priorpref.
100
Consol Coppermlnes Corp
5
Cush man's Sons
111
i
Jan 15
June 12
Curtiss-Wright...
48
2% May 22
May 18
10
15,700
2,200
80
$ per share
Ctfs of deposit. ........10
Consol Aircraft Corp
1
Consolidated Cigar
No par
Prior preferred.
27
$ per share
8
800
27
17
73%
8,300
1,200
*68
6%
16
40
100
600
80
4%
*8
40
1,500
27
18
39%
25,100
3,300
*68
|*h0% 112
19%'
19% i984
110
500
25
*42
43
27
*1534
29%
31,600
1,400
Highest
14
100
20%
98%
27
16%
29%
39%
8%
16%
2,800
20%
98%
20%
19%
110%
100
270
%
26%
4
700
3,500
%
19%
1534
*28%
*39%
8%
16%
600
h
19*4
110
200
1,500
8,800
6,500
%
26%
*17
i
3%
6%
5
3,300
80
21%
*17
5
47b
4,300
20%
98%
20%
27
1784
26«4
27%
*73%
15
*68
*27
16%
41%
41%
80
19%
*8
25
41%
.
27%
39%
98%
20%
434
32%
27%
8%
16*4
73%
5
20**
25
*40
*19%
40
*%
,
*3%
4%
37b
3%
18 | *17
18
i
'
*6%
6%
6!
6%'
110% 110% *110% 112
1934 20
19% 19%
16%
29%
39%
8%
1634
74%
11%
34%
20%
16%
77%'
140%
4
500
15%
*17
*29
500
700
8%
*84
21%
*16%
4
17%
104
147g
*42%
384
*3%
17%
104
100
8%
78
84
23
*%
*110% 111% *110% 111
1%
-
200
1,000
7,600
1434
48
4
3
8%
48
4
6
1434
23
4%
13%
1%
8%
*234
5%
8%
%
84%
39%
*42
13%
3%
*1%
3
6
200
147b
*22%
*3%
13%
8%
900
*%
*68
*13%
*7%
*2%
57g
*1%,
*84
7,500
23,400
*8%
80
17
»xe
6%'
25% 25%
108% 107%
14%
*68
17
»i«
6%
600
%
7%
27%
18
107
6%
26%
107%
*3%
37g
17%
17%
1*103
104
*86% 88
34%
32% 3278
105
106%
103
105
334
334
*2%
4%
4%
4%j' 4%
4%
68
68
1 *66
69%
107b 10% *1034 11%
24% 24%
*24% 24%
I84
1%
1%
I84
*44
47
45% 45%
31% 32%
7%
7«4
7%
7%
27
27
26% 2684
*17
6%
25%
No par
Range for Previous
Lowest
Congnleum-Nalra Ino ..No par
Congress Cigar...
No par
_
"i~666
8%
*42
16%
29%
18%
22
*984
6%
6%
2578 26%
107% 107%
%
%
8%
8%
2%
2%
6
57g
*1%
1%
3%
384
103% *102% 104
80
16%
*28%
*39%
*8%
16%
73%
*2184
200
84%
*68
17
22
1,500
84
778
2734
6%
6%
110M 111
*12
88
734
*27%
17
*12
Par
Conde Nast Pub Ino
"
10
173s
*23%
22%
*12
3%
18
14
74
3%
7«4
27%
1784
*1384
*278
17%
*1334
*9%
684
36%
47
18%
14
12%
22
3%
18
14
12%
74
115
24%
i84
Shares
*27g
*17%
*13%
10%
8%
%
*1078
$ per share
3%
18
14
12%
22%
77
9
"u
85
397s
105%
334
4%
68%
8 per share
*2%
*74
15%
34
$ per share
3%
10
*8%
*84
*83%
39%
87
Week
77
15%
♦40*4
15%
Oct. 11
10
1734
24%
20
*59
60% *58'4
6034
49% 50
6178
*49%
50
50
50% 50%
*173% 176% *175
176%
5
5
47b
5
%
*%
%
%
21
21
21%
21%
98
*97
98%
98%
20
*20% 20%
20%
5%
*5%
5%
5%
26
26
*25% 26%
*40
41% *40
41%
17%
24%
Oct. 10
*74
14%
14%
*6%
Oct. 9
10%
26%
36%
3%
On Basis oj 100-Share Lots
EXCHANGE
80
107
*114
Range Since Jan. 1
NEW YORK 8TOCK
the
*10
?
9
8TOCK8
for
*74
*%
34
8%
8*4
8%
234
234
234
6
6
578
1%
1%
4%
4%
19%
i834
19%
104
*103% 105
15%
Sales
10%
%
*8
CENT-
Friday
80
21%
6%
107
NOT PER
Thursday
12%
22%
10%
22
10%
SHARE,
Wednesday
Oct. 8
$ per share
14
12%
22%
10%
80
*12
Tuesday.
2149
20
2% Aug
% May
18% Apr
82% Sept
17% Nov,
27% Apr
Dec
81% Dec
"""6%
Nov
1% Jan
27% Oct
89*4 Feb
23% Nov
40% Dee
f Called for redemption.
New York Stock Record—Continued—Page 5
2150
* LOWJAND
SALE PRICES—PER SHARE, NOT PER CENT
HIGH
Saturday
Monday
Tuesday
1
Oct. 5
Oct. 7
Oct. 8
J
$
ver
share
*15
♦15
20%
*15*$
•877$
16
92
•43
44
*43
44
43%
175$
♦31*4
177$
32%
17%
*31%
177$
321?
32%
♦22
24
*22
*7%
*25%
7%
277$
29%
*26
♦28%
106
*16
*93
*31$
*28%
32*4
*2%
2*4
♦16*4
17*8
106
""
16*4
103
3%
30
32*4
25$
2*4
17%
17*4
15%
88%
7%
29
*106
16
20%
15%
88%
15
*88
17
*22
24
*3
32*4
2%
2*4
16*4
177$
*15
20%
15
""900
93%
44
17%
32%
89
200
*43
44
*43
44
44
44
31
167$
31%
*16*4
*31
32
24
*21
23%
3
30
33
*28%
2%
234
16*4
*2%
*2*4
*15%
17%
30
32%
2%
16%
96
96
*2*4
28%
31%
*2%
*2*4
27«
16*4' *15%
17*4
17%
3'4
28%
31%
2%
27$
16%
17%
*99% 104
*47$
5
*12
13
*12
13
*47
*47
50%
5%
*47
52
*47
50%
49%
6*4
*137
*37$
6%
*16%
*72
*17
*113
49%
6*4
138
4
6*4
17
73*4
17*4
116
104
49%
*6*4
*5
49
49*4
67$
*37$
6%
*16
72%
*17
116
4
6*4
16*4
73
17*4
*27
7
"TJ66
27
100
27%
1,000
106
16
*15%
106%
16
900
*93
98
*93
100
*2*4
*27*4
32
27%
*106
3%
30"
*2%
28%
32
32
*2%
2%
2*4
*15%
2*4
16%
18
17%
*2%
27$
*15%
17%
*99% 104
*47$
5
*12
12%
*47
50%
37$
60
67$
139
49%
6%
137
49%
900
67$
600
16%
15*4
15*4
*15
71
70
70
*68%
17%
*17
6%
17%
117
*3%
57$
*16*4
115
37$
6
115
*3*4
5*4
49% *49
67$
6%
*133
137
|
""""90
115
115
34
34%
35% 35%
34% 35%
35% 357$
33% 34%
33% 34%
41
41
41
41% 41*4
40*4 41%
41%'
41%
41
41*4
41%
*114% 116% *114% 116% *114% 116% *114% 115*4 *114% 115*4 *114% 115*4
**8
71#
*%
**8
7lfi
%
%
%!
%
%
34
34
i *29
40
*29
40 I *29%
38
*28% 40 I *28% 34
♦90%
92% *90%
92% *89
92%' *90% 92%
90*4 90*4
90% 90%
129 i*128% 129% *128% 129% *128% 129%
129% 129% *127» 129% 129
49%
48% 49%
49%
49% 497$
48% 49%'
48
48%
126
126
126
126
*125% 127
125% 125%
49
*45
*45
487$ *45
49% *45
477$
*4%
4%
4%
4%
*4%
4%
4%
4%
7
7
7
7%
*7%
*7%
7%
7%
*105% 106% *106% 106% *105% 106% *105% 106%
%
%
*%
%
%
%
%
%
16
15*4
14*4
15%
14%
14%
*15*4
157$
106
*105
107% 106
*105%
*105%
»»
%
%
%
*%
®16
*%
*18
19% *18
19% *18
19%
18% 18%
27%
27%
27%
27%
26% 26%
25*4 26
*11
11% *11
11%
11%
11% *11%
11%
47
47
46
47%
50%
45% 50
48%
20% 20%
20% 20%
20% 20%
20% 20%
10%
*10%
11
10% *10% 11
9*4
10%
19
19
*19
19
19
19*4
*18% 187$
*101
*101
104% *101
104% *101
104%
12%
12%
*11%
*11%
12%
12%
11%
11%
3
3
3
3
3%
3%
3%
3%
35% 35%
35% 35%
36% 35%
347$ 347$
67$
67$
67$
6%
6%
6*4
6%
6*4
*60
62
60
60
62*4 *60
60% *67
14
14
14*4
14*4
14%
1434
14%
14%
♦40
*21$
*2%
41
2%
2%
86%
40
40
12%
*56%
15*4
58
15*4
2%
2%
*83%
11%
♦56%
15*4
74
74
*80
12%
2%
2%
86%
12
57%
15*4
*74
75
*17$
32%
%
2
2
2
32%
%
32%
32%
»ie
5
5
%
5%
12%
10%
127$
*11*4
10
12%
*12
10
*10%
127$
*12%
*34%
*23%
13%
35
24
15
15%
28%
19*4
*134
28%
19*4
134%
*34
50
*31%
32%
11%
*107$
11%
11%
—
17%
*17
*1%
18%
1%
*8%
*33
*32
*13%
*14
*102
*100
5%
2
18%
1%
9*4
34%
33%
13%
15%
....
33
*23%
15%
27%
197$
23
23
150
7%
7%
*88% 102
2%
2%
40
*36
40
2%
*2%
*82%
11*4
56%
15*4
2%
2%
86%
11%
56%
15%
*2%
2%
*82%
11%
56%
147$
2%
2%
86%
11%
56%
15%
75
74
1%
31%
2
*11%
10%
11%
32
32
*55
14%
*36
2%
*2%
*82%
11%
*56%
147$
74%
*1*4
*31%
32
32
32
*10
13
12
12
32%
®i8
12%
10%
15
32%
23*4
147$
32%
23*4
15
26*4
197$
27%
27
27%
19*4
20
19%
134
134%
134
134
*34
50
*34
50
*30%
31
11%
32
11%
*107$
17%
*1%
18
*34
50
321x
31
31
11%
11%
17%
11%
*11
11%
11%
17%
17
2
*1%
17%
1%
*8%
18
1%
*8%
*33
♦ Q9
13%
*14
1%
9%
34%
33%
13%
15%
*
*102
2
17%
1%
11
107$
17%
*1%
*15
11
*33
34
*32
33
13%
*14%
13%
*13
15%
*15
22%
,23%
frO
*126
7%
*88
7%
102
150
7%
*88
7%
102
*126
150
103
80
3,100
12%
12%
10%
127$
500
Grand Union w dlv ctfS.No par
Without dlv ctfs—No par
500
Granite City Steel
100
300
15
3,700
134
*34
50
6,600
11
18
*32
1%
9%
33*4
33%
*13
137$
1%
*8%
33*4
15
15
150
*126
1%
*14%
*1%
*8
11%
700
17%
1,500
Green Bay A West RR
Green (H L) Co Ino
—
*13
*14%
*102%
102
217$
*126
Greyhound Corp (The).No par
5H% preferred.
10
9%May 22
9
May 29
Aircraft Corp
8%
100
No par
preferred
100
300
7% preferred class A.....25
Hall Printing Co.......
10
15
100
Hamilton Watch Co..-No par
29%June 5
80 May 20
9%May 21
lO%May 22
..100
lOO%June 18
102
140
Hanna (M A) Co 35 pf.No par
Harbison-Walk Refrae.No par
95
——100
130
Hackensack
Water
6% preferred
1,000
217$
150
«i
6%
-
20
preferred
6H % preferred
Hayes Mfg Corp
1,200
;
——100
2
25
Hazel-Atlas Glass Co
100
Hecker Products Corp—.1
Helme (G W)
-.25
3,600
100
Preferred
—
«.
—
100
....
700
Hercules Motors..—No par
Hercules Powder—-No par
129
129
*76%
7734
128% 129
500
132
130
56
56
56
56
*55
59
*55
60
♦55
60
500
*111
114
*112
114
*112
114
*112
113
*112
113
*112
113
32
7%
*10
*105*4
46%
*33
*12*4
*58
*105
*3*4
32%
*®4
*3%
17*4
3%
*%
14%
32
7%
10%
110
3%
33
"X«
4
17%
3%
.
May 27
5%May 21
83%June27
2
Aug 16
89%June 5
7%June 10
12
12%
12%
12%
12% 12%
12%
12%
60
*58
*58% 60
60
58
58
*57
60
109% *105
109% *105
109% *105% 109% *105% 109%
3%
3%
3%
3%
3*4
3*4
3%
3*4
3%
3*4
32% 32% •31
32%
30*4 31% ♦307$ 32
31% 31%
%
"
*11
*11
*"u
♦i»u
7$
11
18
7$
7$
4
*3%
4
*3%
4
4
4
*3%
*3%
*3%
♦17%
18
17®
17%
17
17% 17%
17%
16*4 17
3%
3%
*3%
3%
3*4
3*4
37$
37$
37$
*3*4
2,000
46
7% preferred————100
*106
46%
36%
*35
*58
%
%
%
Bid and asked prices; no salea on this day,
»n
%
®n
t In receivership,
%
a
%
8
June 11
50
94%May
12% July
19 May
4% July
8
May
103
May
May
21
16
21
15
21
13
21
22
21
22
24
22
Howe Sound Co.—.........5
200
Hudson A Manhattan...—100
% Jan
2,500
5% preferred
......—100
Hud Bay Mln A 8m LtdNo par
800
Hudson Motor Car....no par
2%May
12 May
3 May
%May
6% preferred
....
4,500
Def. delivery,
n
No par
.......100
Hupp Motor Car Corp
New stock,
r
Cash sale,
1
104% Dec
51
May
3
7% Apr
4
Mar 20
104
67% Jan
8% Jan
146
Jan
3
8
4
4% Sept 23
11% Jan 3
3% Apr
*0% Sept
45% Aug
5% May
7%
x Ex-dlv.
v
8
22
24
16
14
Jan
18% Jan
62
Jan
9
Jau
96
Jan
40
Apr
65
7% Dec
Sept
2% Apr
11
Mar
149
July
128
103% Mar
Sept
6% Sept
Mar
18
Jan
17% Apr
35
Jan
Apr 24
43
Apr
75
Jan
19% Apr 16
16
Dec
117% Mar 29
106
Oct
31
Apr
86%
Jan
29% Apr
87
41
Jan
8
2
49% Apr 16
9
107% Sept
118% Jan
% Dec
% Jan
39
Jan
Apr
1301$ Jan
56% Apr
10
110
Jan
Sept
126% June
28
Apr
3% Sept
7
Mar
Apr
50% Oct
24% Mar
13% Jan
2
7
4
99
112
105
15% Jan 11
44% Jan
477$ Aug
118% July
1% Jan
65% July
128*4 Dee
3
1% Jan 11
19% Jan 4
Sept 30
i*i$ Apr 2
18% Apr 5
33% Jan 4
25% Jan
130% Mar
72% Jan
125% Deo
86% Apr
Jan 10
Jan
106
%June
66*4
38
67$
July
Oct
Feb
Jan
107$ Jan
111% Nov
1*4 Sept
12% Sept
85% Aug
% June
28
14
20%
Jan
41
Jan
Sept
19% Apr
12% Aug
16
Apr
15
Apr
8% Sept
Jan
92% Apr
1% Jan
15% Oct
43*4 Sept
20% Nov
15% Jan
10% Aug
18
May
1
97% Nov
99% Feb
23% Jan
4
15% Apr
6% Mar 6
617$ Mar 14
6*4 Apr
43% Oct
6% Aug
27% Mar
8% Jan
23% Apr 27
106
9
Jan
3
60% Oct
8
4
43
14
Sept
44% Mar 26
4% Apr 22
3% Apr 11
90
Sept 19
20% Apr 4
69% Mar 7
247$ Apr 4
97% Feb 21
4% Feb 8
34
May
Jan
Apr
19% Jan
71% Jan
9
1% Jan 30
9% Apr 10
Sept
2%
17$
70
Jan
13% Apr
53
Apr
21% Apr
Nov
87
27$ June
67
Dec
% Aug
35% Apr
6
4% Apr
14% Dec
9% Dec
10
Apr
24% Jan
227$ Jan
12% Apr
16% Apr
236$ Aug
129% Sept
42
May
24% Jan
17% Jan
4
14% Apr
12
3
10
147$ Jan
4
10%May 3
16% Apr 8
86% Apr 8
25% July 17
18% Jan 8
29% Oct
29% Jan
142
55
Feb
1
2
6
Jan 29
Jan
64
Nov
Mar
137$ Jan
66% Mar
24% Jan
47
Mar
3*4 Mar
27$ Jan
86
Nov
24*4 Jan
74% Mar
38% Jan
109*4 Jan
5% Sept
80
Mar
1%
107$
15%
10%
22%
Nov
Sept
Dec
Deo
Sept
35
Aug
25
Aug
22%
33*4
37%
141%
63%
35%
Sept
Sept
Sept
July
Deo
July
Apr
21*4 Mar
12% June
Apr
Apr
6
Sept
9
36
Sept
29
May
25% Apr 29
3% Apr
30% Apr
2% Sept
10% Sept
18
18
17
23
34% Apr 22
87
Jan
9
%
17
Jan
8
106% Jan 12
105% Mar 30
28% Jan 4
138
Apr 12
9% Apr 6
32% May
2
Jan
38
18*4 Dec
5
Apr
Apr
20% Feb 19
9
Apr
96
May
17
Apr
123
Sept
47$ Feb
18
Nov
Oct
105
103%
33% Sept
144
10%
May
Oct
92
Nov
9
71
4% Apr 16
113% Jan 29
11% Apr 8
2
Apr
4*4 Nov
03
Apr
12% Dec
13% May
104
110
Houston OH of Texas v t c—25
...—No par
Class B
Household Finance..
Apr
166
1,100
1,000
100
94
Jan 12
May
8%May
54%May
103
Aug
3%May
28
Aug 15
*105
57$ Sept
Apr
Jan
8%
Apr
100% Apr 9
133% Jan 30
671$ Apr 16
115% Jan 9
35
36
Sept
3% Sept
76%May 23
28
46%
35%
Jan
36
105% Mar 27
6% Apr 22
14% Apr 24
June 11
126% Aug
Houdallle-Herahey cl A-No par
46
35
800
55
Apr
Apr
2
July
7% Aug
18%
1%
167
Homestake Mining——12.50
46%
34
"loo
Sept
27
117
700
46
9%
14%
32%
Jan
Jan
97$ Sept
Oct
3.200
*106%
*7%
9%
9%
*106
14%
*31%
7%
*9%
90*4
Apr
36%
*106
46%
34
13%
14%
32%
7%
29%
66% Aug
1% Apr
10
46%
9%
*14%
*31%
Aug
21% Apr 22
36%
9%
14%
31%
7%
37% Sept
108% Jan
14
l2%May 23
46
46
*33%
12%
7
*14%
31%
7%
Apr
103% Apr
Sept
300
14%
32
Oct
148
1,100
*14%
*31%
25
17
100
9%
*10
14%
32%
7%
10%
July
8
7%
*14%
31%
7%
38
Mar 20
86
155
6% cum preferred..——100
Hershey Chocolate
—No par
34 conv preferred
No par
Hlnde A Dauch Paper Co..-10
Holland Furnace (Del)—10
Hollander A Sons (A)—
.5
Holly Sugar Corp...—No par
*105%
46%
34%
13%
59%
June 25
16%May 23
Hat Corp of Amer class A—.. 1
2,200
.
.....25
58
*14%
4
20
*56
78
Oct
200
33%
1334
*7
7%
7%
7%
7%
88% 88% *88*4 102
*87% 102
2%
2%
2%
2%
2%
2%
*101% 103
*101% 102% *101% 102%
87$
8*4
87$
8*4
8*4
8*4
*96% 97*4 *96
97*4
96%
96%
*150% 164
*150% 164
*150% 164
14*4 1434 *14*4
15%
15%
15%
77*4
9
33*4
7%
78
14*4 June 26
1% Aug 22
11 May 21
1% Oct 4
1
Gulf Mobile A Ohio RR No par
35 preferred
...No par
1,600
9
33*4
*32
1
Guantanamo Sugar
80
1*4
June 13
27% July 30
23 May 22
Grumman
200
1%
18
21
June 11
Great Northern pref
No par
Great Western Sugar..No par
Preferred
100 *123
170
11
May
May
May
July
l%May 15
25 May 22
%May 14
4%May 22
9%June 7
6%June10
10 May 18
26 May 21
21%May 29
ll%May 22
15%May 21
18%May 22
10
.....20
preferred...
9
21
21
22
May 21
69
Gt Nor Iron Ore Prop—No par
13,200
1,700
27*4
19%
*132
5%
22
22
2
21
77
16
10 May 21
45 May 21
12%May 22
No par
Grant (W T) Co
1,900
24
10% May
3
Sept
33%May
4%May
43 May
2
Graham-Paige Motors.—.—1
Granby Consol MSA P
5
9,300
9
11
No par
100
Preferred
Feb
30
preferred
»16
10*4
10%
16*4
102*4
*102%
*102%
104% 105
106
*102
104% 105
*22% 22%
22% 22%
217$ 217$
*126
Gotham Silk Hose
11
...
104%
700
4,900
107$
1%
*15%
34
800
300
1,200
17%
1%
4 H % conv
50
Gobel (Adolf)
1
Goebel Brewing Co
1
Gold & Stock Telegraph Co 100
Goodrich Co (B F)..—No par
5% preferred...
.No par
Goodyear Tire A Rubb.No par
35 conv preferred
.No par
31%
2
32%
137$
15%
2,000
33
13%May 28
98
preferred....No par
36 preferred........No par
Glldden Co (The)..
No par
30%
17
conv
600
31
*10%
1*4
9%
|
35
Glmbel Brothers..——No par
31
17%
17
1*4
*8%
*33*4
32%
800
47$
*10
May 21
16%May 28
7%May 23
Gillette Safety Razor..No par
3,100
July 22
14
.....100
3,500
6
10
General Tire & Rubber Co...5
300
17$
preferred
%June
9% June 10
86% Jan 15
%May 15
13% July 23
20 May 21
Corp....20
Gen Time Instru Corp. No par
®J6
*11%
32%
*23%
147$
27%
19%
15
General Telephone
Gen Theatre Eq Corp..No par
200
1
31% Jan
Apr
May
18% Oct
15% Sept
127% Mar 23
68%May 4
7% Apr 8
June
Aug
Sept
July
116
100
51
15
25
9
Apr 30
Sept
44
May 22
32%Junel0
3% June 10
6%May 21
21% Dec
25% Sept
105% June
4
20
101
.—...100
800
88% Apr 15
3% Sept 30
5% Apr 24
Sept 19
..
6%
15%
%May
3
6% Apr 18
321$ Jan 25
77%May 21
118 May 28
37%May 28
28
No par
preferred
47$
%
5
*34
50
15
lll%May
General Shoe Corp...——1
Gen Steel Cast 36 pref..No par
5,310
2,500
2,400
77
10
23*4
300
400
57
May
26%May
36 May
Gen Realty A Utilities
1
36 preferred........No par
General Refractories.
No par
1,400
11%
*75%
*1*4
6%
900
1,000
15%
74%
17$
12%
33
10
2%
86%
*82%
11%
*56%
Gen Railway Signal
1,800
400
10
23%
15%
28%
20
"i'Boo
2
*11%
32'4
*23%
33
General Printing Ink.....
1
36 preferred
—No par
Gen Public Servloe
No par
2
11%
23%
14%
26%
19%
Common—No par
500
100
47$
*11%
34
500
40
57
100
10
35 preferred
No par
Gen Outdoor Adv A...No par
100
*36
2%
preferred
General Motors Corp
500
40
2%
2%
86%
11*4
No par
preferred—No pat
5%
42,900
14%
®i#
®16
190
59%
14%
60
102
Electric Co...No par
36 conv pref series A .No par
General Mills..—.....No par
3%
34%
6%
25
22
27
15
15
24
6
23
21
21
22
22
17
General Foods Corp
Gen Gas A Electrlo A..No par
6%
*55%
14%
47$
*11%
5
34
6%
%
2%
2%
2%
2%
*101% 103% *101% 103%
9
9
9%
9%
9%
9%
*95% 97*4 *95% 97% I *96
97%
*150% 164
*150% 164 1*150% 164
1
*15
15%
15
15%
15%
15%
*80
80
80
82%
*77
79
78
*129
130
129
129% 130% 130% *129
103
1%
3
3%
34*4
6%
5%
12%
10%
23%
15%
28%
197$
74
*1*4
31%
%
5
74
3
*34
35%May
5%May
118 May
l%May
4%May
ll%May
10
*101
104%
104% *101
12
*11%
*11% 12
5
48% Feb
12%May
"""600
....
June
No par
34.50
4%
4%
*7
*7
7%
7%
*105% 106% *105% 106%
%
2
%
%
15
15
*14% 147$
*105l4
*105%
7ia
%6
%
%
*18
19%
19% *18
26% 26%
25% 26%
11%
11%
*11% 11%
46% 48
46% 477$
21
21
20*4 21
10% 10%
10% 10%
187$
*18%
187$ *18%
134% 134% *134% 136
104% *100
*126
*37
49
*45
94
7% cum preferred
.100
General Cigar Ino.....No par
7% preferred
100
General
400
June 14
45%June 14
3%May 21
No par
—
36,100
3,900
125% 125%
45% 45%
*4%
4%
126%
*125
8
Class A
500
6,000
17%
*17
115
115
2,900
71
June 19
3%May 28
preferred
—..No par
Gen Am Transportation
5
General Baking..
5
38 preferred.,
.No par
General Bronze Corp..
5
General Cable Corp
No par
500
16%
71
36 pref No par
3
Gaylord Container Corp
36
110
6%
*16
conv
Gar Wood Industries Inc.
Gen Amer Investors
100
3*4
37$
6
16%
70
17%
97
preferred—...—...10
No par
Oct
16% Sept
17% Apr
99% Jan
38% Apr
21
Jan
21% Apr 29
Gannet Co
May
2% Aug
20 May
24% May
5
5M % conv preferred...—50
100
35
107% Apr
20
33
61
2
21% Apr 5
38% Mar 26
25% Apr
7% Oct
27% Oct
10%May21
12 May 21
Gabriel Co (The) cl A..No par
Galr Co Ino (Robert)....
1
5%
104
*5
*99
5
3
Jan 24
Jan
Highest
f per share f per share
22% Jan
Gamewell Co (The)
Freeport Sulphur Co....... 10
200
"""300
6
share
21% Jan
106
46
103
2,300
100
June
9%May 21
per
22
12
24
28
l%May 14
2% June 11
37 conv preferred....No par
310
18%June10
102
10
Francisco Sugar Co
No par
Fk'nSlmonAColne 7% pf.100
50%
5
_.10
20
1,400
7
10%May 22
24%June 10
19 May 20
6% Sept 23
22
Sept 25
Ho par
No par
Florsbelm Shoe class A. No par
....
Sept
84
Fllntkote Co (The)
200
*47
100
12%May 21
May 21
32%May 22
Foster-Wheeler
200
*99% 104
*47$
5
12%
5
49%
*6%
3%
30
32%
2%
27$
16%
17%
3
share
14
10
6% preferred series A... 100
5% conv preferred—....100
Food Machinery Corp..... 10
4H % conv pref
—100
20
per
Lowest
Highest
Fflene's (Wm) Son* Co .No par
Follansbee Steel Corp
*12
100
*137
23
7
Year 1939
100'Share Lou
Firestone Tiro A Rubber
Florence Stove Co
400
16
71
116
*21%
6
6*4'
3,200
*25
27
7%
26%'
3
First National Stores...No par
700
17%
32
106
3*4
6%
15*4
*16*4
116
*6%
104
137
137
I
23
*21
*25
17
*31
*5
49%
6*4
137
137
167$'
i*100
6%
104
*100
20%
15
*99% 101
*4*4
5
*5
ver share
20%' *15
89
5
*100
I %
share
Par
15%
13
104
ver
*15
Shares
91
5
*5
11
1940
Range for Previous
Ranyt Since Jan. 1
On Basis of
12,
EXCHANGE
Lowest
15
*12
*100
Week
*89
*99% 104
*5
514
•12*4
13
505$
5%
Oct. 11
15
102
*99% 101
Oct. 10
'
91
3
18
NEW YORK STOCK
the
15
*96
32
STOCKS
lor
Friday
*89
15
7%
25%
28%
3%
*28%
20%
Sales
Thursday
j
7
7
7%
26%
25% *25
29
27% 28
29
106% *106
106%
106% *106
15%
15*4 *15%
16
16%
7%
277$
102
*94
Oct. 9
$ per share j $ per share
$ ver share
♦15
Wednesday '
Oct.
Jan
18% Jan
4
35% Apr 4
77$ Mar 4
16% Apr 20
110
Mar 30
60% Jan
Apr
16% Apr
71% Apr
lll%May
67$ Jan
60% Feb
88
12
13
15
25
13
3
21
63
Apr
128% Apr
Jan
100
Sept
Apr
Sept
Nov
Aug
115
July
19
Jan
51
Jan
95
May
47% Sept
110
14%
29%
5%
8%
27
Apr
8% Apr
60% Oct
8ept
4% Sept
102
40
Apr
6% Feb 17
2
% Aug
27
1
Ex-rlghts.
Jan
Jan
6
101% Sept
1351$ Mar
65% Aug
54
% Dec
27$ Sept
21% Sept
4% July
1% Feb 20
7% Feb 20
Mar
June
18% Nov
11% Mar
21% Sept
Oct
66% May
36% Mar
17% Jan
73% July
110% Aug
9% Sept
57
Sept
1% Jan
5% Jan
36% Sept
87$ Jan
21$ Jan
7 Called for redemption.
Volume
LOW
AND
SALE PRICES—PER
HUH
Saturday
Monday
Oct. 5
Oct. 7
$ per share
8%
812
*1612
1714
*40
4134
1634
*40
25%
*86
8712
10
10%
*558
618
28
28
*108l2 109l2
♦25s
278
9
134
*26
2912
*153
15612
48%
48%
878
*158
*162i2 165
16
16%
16%
39%
39
39
14%
3
43
*42
*3458
*30%
'*20
*7%
*101
103
*101
103
103
102% *101
101% 101% *101
*148% 157
*148% 157
*148% 157
*148% 157
85
853s
84%
84%
85
84%
84%
85%
8538
8634
10
934
10
10%
9%
934
9%
10
10%
103s
100
*4
4%
*5%
534
*6%
*2634
*5%
28%
6%
28%
1%
5%
25
134
*158
158
*25
28
29%
156%
156% 156% *154
48
4834
46%
47%
*162% 165
*162% 164
*4
27%
*124%
14%
5834
*2%
*42%
*203s
2%
*734
*87
*6%
2634
107
13%
*13%
48%
71%
48
85s
*1%
134
3
265s
27%
1334
13%
58%
13%
58%
*2%
*2%
42%
37%
*124% 135
*29%
30%
2034
*293s
30
*20%
*20 38
21%
*100
107
2%
2
2
2%
2%
2%
2%
*7%
*87
*6%
*26
8
91
7%
27
13
13
48
12%
47%
2
X
*2%
*7%
90
*6%
26%
12%
47%
37%
29%
*20%
*100
107
*100
37%
30%
21%
15,600
400
18%
*1358
14%
100
*95
8%
*8
*98% 101
15%
15%
7
7
*100% 102
30
303s
*1334
*34
*158
*25%
25%
*2%
*25%
32%
*6
*17
12%
*5%
1358
*95
83s
18%
*16
135s
*1234
*15%
1534
7
7
*100% 102
2934
14
14
37
34
34
2
*158
2
255g
255$
25%
25%
15
83g
15%
*658
6%
293s
*13%
*32%
15s
24%
253s
30
14
34
158
25%
25%
25%
*234
253s
25
25
32
32
*6
7
32
734
*6
7
19%
*17
*123g
6% *. *5%
12%
*234
8%
16%
13%
100
8%
*99
101
15
15
6%
6%
100% 100%
*100% 102
25%
33s
253s
32%
33s
*95
101
*99
303s
14
27
32%
83s
838
*98% 101
*12%
14
100
*95
100
16%
27
27
500
Island Creek Coal...
12&8
12%
12%
47%
69
47%
47%
68
69
3%
29%
2934
*13% y 14
*32%
*15g
34
*23
24
2434
*234
*25
31%
*6
2
25%
3%
26
31%,
7 1
19%
*17
12%
12%
12%
*12%
19%
12%
6%
25%
21%
*5%
6%
*5%
24%
6%
24%
*17
19%
*12
*95
7%
*99
15%
*6%
*98
18%
13%
25
*16
13%
*95
100
7%
101
15%
500
5,200
200
100
13%
200
100
"~606
4 10!
15%
6%
15%
6%
7
*98
100
""706
"lJOO
30%
*13%
14
100
*32%
*1%
34%
100
2
100
*23%
25%
23%
2538
*234
*25%
31%
33s
26
31%
*6
7
22%
22%
80
25
25%
4,300
*2%
3%
25%
31%
6%
*17
19%
*12%
12%
12%
*5%
6%
*5%
24%
*21%
110
B No par
Kansas City Southern. No par
4% preferred V
100
Kaufmann Dept Stores...-.1
...100
5
Keith-A1 bee-Orpheum pf„ 100
Kelsey Hayes Wh'l conv ol A.l
5% conv preferred
Kayser (J) A Co
""360
2,600
1°
800
"l'ooo
600
20
112
No par
Keystone Steel A W Co-No par
Kimberly-Clark—.—No par
Kinney (G R) Co
1
$5 prior preferred-..No par
Kresge (S S) Co
....—10
Kresge Dept Stores.........1
Kress (S H) A Co
No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
Kennecott Copper
preferred
-100
Co (The)....No par
No par
Lee Rubber A Tire
6
Lambert
Lane Bryant
2%
1
3%
1,400
*%
3%
20%
2%
1
Class B
Kendall Co 16 pt pf A ..No par
5%
19%
12%
6%
25%
2134
Furn—10
Kalamazoo Stove A
700
14
34%
2
*25%
31%
6%
100
pref-100
Preferred
Jones A Laughlln St'l
18,200
*13%
*32%
*1%
*17
44
10
100
29%
Cement.—26
4% conv preferred
100
{Lehigh Valley RR
60
Lehigh Portland
20%
4,200
*11
11%
200
*24%
42%
*6%
*38
25%
42%
634
3934
100
Lehigh Valley Coal
No par
6% conv preferred....—-60
Lehman Corp (The)
—1
Lehn A Fink Prod Corp
6
Lerner Stores Corp
No par
1,300
Llbbey Owens Ford Gl.No par
97
97
97%
97%
98
98
98
98
98
98
*97% 99
99% 99%
100
100
*99% 100
100
100%
100
100% 100%
100%
175% 175%
*175% 180
*175% 188 |*175% 180
*175% 188
*175% 188
21
21
21
21
*19%
20%
20% 20%
*19%
21
*19%
21
23
*22% 23%
23%
24
24
22%
22%
22%
23
24%
24%
*34
34%
34
34
34%
34%
*34
♦34
34%
34%
34%
3434
9*4
9*4
9*4
*9%
10
10
9%
9%
10
10
10
10
14%
1434 -14%
*14%
14%
*14%
14% *14%
14%
14%
*14%
1478
700
600
300
200
700
1,600
100
7,900
Lockheed Aircraft Corp
1,900
Loews
♦1533s 155
*195s
59
20
59
*28%
29%
19%
*59%
*28%
19%
5934
29%
25%
2578
26
26
25%
26
26
26
*10%
11
*10%
♦30%
31
*30%
*178
*45s
2
1%
*4%
6
434
14%
7g
4%
9%
10
♦13%
*34
*13%
%
4%
9
19%
19%I
*1938
19%
60
60%'
60
29
29
60%
29%
25
25%
*25%
*10%
26
10%
30%
30%
♦4%
*13%
14%
*13%
%
*34
4%
h
4%
4%
9%
7%
8%
*ia4
1%
6
14%
%
15%
15
15
14%
15
32%
31%
32
30%
32
934
9%
*29%
29%
30
29%
29%
•513s
*2%
*25%
*
*13
52%
3
52%
*2%
26%
*25%
99%
99%
13%
13%
*14%
29%
29%
29%
29%
29%
52%
3
25%
99%
13%
15
51%
*2%
*25%
51%
3
25%
102
*99
13%
13%
154
154
154%
Bid and asked price-
no
100
10
2,900
120
*1938
60%
*19%
60%
19%
200
60%
60%
*28%
29%
28*4
28*4
2,400
7 200
24%
25%
*10%
30
19%
'*»«*'
~
-
24%
*130
-
24
—
—
"2" 500
25%
700
25%
25%
10%
*10%
10%
30
*30
30%
"""266
1,300
1%
2
1%
6
*43s
6
*4%
14%
78
*13%
14
*34
%
*34
%
700
4%
4%
*4%
4%
4%
4%
3,700
7%
14%
3034
8%
9%
2834
28%
51%
2%
*25%
*98
*13
8%
1%
9
14%
1434
31
31%
28%
800
1334
25%
*98
13%
*14*4
*167
51%
5034
50*4
3
*2%
3
25%
102
13%
26%
*25%
100
100
13%
*13%
sales on this day
t In receivership,
a
pref.100
Martin-Parry Corp
29
102
6
5,400
5,900
29
«•
26
Maracaibo Oil Exploration--1
Marine Midland Corp
10%
28%
m.
No par
31%
28%
m
1
Manati Sugar Co
Market St Ry 6%
29%
51%
*2%
10
Magma Copper
Marshall Field A Co ...No par
28*4
*167
No par
3,600
2834
51%
2%
25%
...—.100
preferred
Mack Trucks lnc
Macy (R H) Co lnc
No par
Madison 8q Garden—No par
4,190
*28%
31%
9%
Forbes..—10
Mac Andrews A
8%
600
9%
Nashville.—-100
14%
14%
13
9%
2834
9%
——100
7% preferred
Louisville Gas A El A—No par
Louisville A
Manhattan Shirt
13%
8%
14%
5% preferred.—.—..—100
Lorillard (P) Co
10
Mandel Bros
6
*13%
preferred—.-No par
I oft lnc
1
Lone Star Cement Corp No par
Long Bell Lumber A...No par
Loose-Wiles Biscuit..—..--25
6%
«.
24%
15
15
15
143s
1434
143s
15
*1478
15%
*104% 10834
*10478 10834 *104% 108% *104% 108*4 *104% 10834 *104% 108*4
25%
25%
25%
25
25
25
*2484
25% *24*4
25%
247g
2478
8
8
8
*7%
*7%
8
8
8
734
8
*7%
8
36%
36%
3612
36
36
*36%
36
36
36
36
36
36%
784
7*4
7%
734
8
8
734
734
8
*8
8%
8%
•
300
2
2
*4%
*167
*167
*167
*167
934
9
9%
30
153
*130
24%
11
31%
2
6
*3012
15
*29%
24%
26
26
*10%
11
32%
32
934
*28%
*130
*130
*130
*130
153% 153% *153% 155
*153% 155
1
No par
lnc
S6.60
25,900
3,500
Def
T.300
100
100
40
500
1,500
Martin (Glenn
pr
L) Co-.
Masonite Corp
95
Jan
7% preferred
May Department
Maytag Co
1
No par
No par
McCrory Stores Corp
preferred...—100
1
McGraw Elec Co
29
2
Aug
36
13
Apr
Apr
4
Mar 15
4
Jan
5
15% Jan
8
Feb 23
8
18
23
23
16
June
38
May 18
2 534 May
128
Sept
22
4
17
May 24
20%May 21
8%June 6
Apr
26
Feb 16
20
4
Feb 26
Feb
115
Jan
4
Jan
l0%May
10
May
93
May
17%May
26
June
Dec
20%
Apr
7
Apr 1
12% Sept
12
3%
25
Jan
Apr
Jan
17
Apr
112
Dec
20
3
93s
23
36%
4%
Sept
Apr
Apr
Apr
Apr
Sept
Sept
5
23% Apr
29% Jan
9
4
3
41
6
Apr
Mar 15
Apr 8
Apr
8
Jan 2
Apr 10
Jan U
95% Sept
152
Sept
15
Apr
20*4 Aug
31% Apr
10
Aug
13% June
29*4 Dec
30% Sept
101% Sept
6
Mar
38% Sept
2
Aug
16% Sept
l09%May
25% Apr
3
2
105
162
May
3
138
21% Jan
60% Oct
4
8
I684
Jan
36%
Apr
35
3
28
Apr
136%May 10
2834 Jan 3
31
Apr 15
1234 Jan 4
124
Feb
18
Aug
Jan
Mar
8
Oct
9
6
5
153s Feb 21
47«4 Apr 16
1434 Apr 15
40% Jan 8
3234 Apr 15
Mar
2
4
4% Feb 23
30% Apr 3
63% Jan
105
Mar 29
16% Jan
177s Aim111
29
Sept
26% 8ept
11% Sept
25%
Apr
5
Apr
10
Apr
1
Apr
4%
Apr
Aim1
87g Aug
9»4 Apr
26% Aug
2
May
30
Sept
20*4 Aug
155
40*4
Nov
Apr
3% Sept
24*4
Dec
93
Jan
8
10%
Apr
9*4
Feb 24
3
9% Apr 25
Apr
47% Jan
3
12% Jan
8
Ex-rights
Jan
19% Apr
8
June 26
p
Apr
Apr
3»4
2% Sept
% May
1% Apr
5%May 15
r Ex-div
Apr
33
l%May
5% Jan
6
Apr
12%
95
170
Oct
Apr
I84
45
2%May 21
834May 21
2634June 25
18
2384 Sept
4% Apr 18
7% Mar 11
16% Jan 17
22
22
23
14
22
21
21
21
884
109
10
36%May
2%May
20
May
96%June
Apr
20
38
Mar
7% Apr
Apr 18
Jan 24
Apr 8
21%May 22
1% Aug 10
4
May 21
ll%May 23
84May31
3%May 22
6%May 21
2l84june 10
Apr
85
Aug
41% Apr 15
10
Jan
32«4 sept
125
Apr
12%
June
143s Apr 27
18% Mar 27
23
17
31
21
Jan
June
Sept
5
109% Apr
180%May
3
10»4
Apr
883
90
79
37%
109%
39%
46%
4%
I884
87
Jan
Apr
5%
11
28
Jan
9% Apr 20
Apr 15
Apr 16
May 15
117%
3
9
Apr
Apr
63% Jan
May 21
13%June
105%May
1834May
138%May
l6%May
Mines—5
10
sale
122
A pr
138 Jan
48s Jan
22% July 3
20%May 21
97
May 22
lSagMay 21
McKeeeport Tin Plate
r Cash
Jan 15
16
6% Apr
3534 Jan
23% Jan 10
9
May 16
10% May 21
1,000
New stock,
Sept
30
6
n
Sept
Jan 11
McGraw-Hill Pub Co..No par
delivery,
13
9% Jan
13%May 21
Apr
59
Feb 19
27
18
119% Sept
4
3
Jan
14
87
Sept
Mar 27
29
1,000
1,400
Mclntyre Porcupine
Mar 13
21% Sept 12
16% Jan 11
15
28
22
22
Feb
7% Nov
2434 Apr
May
May
May
May
978
I434
76
18%May 21
June 12
McCall Corp
Oct
May 17
15% May 21
9%May 18
87
Jan
Sept
778 Aug
4
29% Jan
34% Apr
June 10
9%
3% Sept
91% Sept 23
19%
103%
38%
14%
463s
234
3184
a4 Apr 17
160
No par
No par
No par
1
Dec
Apr
173s Apr
2
100
Stores—.10
No par
preferred
$6 1st cum pref
107
109
8% May 23
12
May 16
3% May 28
163s May 21
15% May 22
l00%June 10
lSg May 23
No par
S3
Jan
15% Jan
20
21
21
21
22
20
23
21
13
22
May 21
June 10
.
84
97
87%June
24%May
10 May
27»4 May
l%May
l7%May
19%May
2
May
22% Aug
23%May
4
Oct
102% Apr
434 Jan
4% Jan
5
7% Apr
9
Sept
33
20
8%May 21
484May 22
May
60% June
40'4 Sept
121
21
23
23
21
21
21
Mathleson Alkali Wks
conv
"moo
3%May
May
9
May
92
May
7%May
11
Jan
Jan
1434 Jan
673s Dec
Apr
132
—
May 22
26
Aug
Sept
May
19
17
117%May 28
June 19
Liquid Carbonic Corp.-No par
63s
10
5584
138
31% May
62
48%May 15
9%June>10
16
Lion Oil Refining Co —No par
Apr
Jan
77% Jan
122%May-22
169
300
Dec
Sept
28
June110
..——100
600
35
123
127%May 14
May'21
9
5
1,200
1,200
4
Jan 11
6%
8% Jan
34'4May'22
33
Preferred----
8% Jan
17% Sept
38% Jan
92
23
6
Liggett A Myers Tobacoo—26
Series B
26
Lily Tulip Cup Corp..No par
Lima Locomotive Wks.No par
Link Belt Co
No par
600
Sept
J84
3
10% Jan
June>21
Oct
Apr
2% Aug
142
Jan
28
7
Llbby McNeil A Llbby
Life Savers Corp
29
28
28%
28%
2734
27%
27%
27%
28%
28%
29%
29%
26
2534
25%
25%
25%
26 |
26%
26%
25% 25%
26%
*103%
107
*103%
107
*103% 107
*103% 107
*103% 107
*103% 107
21
20*4
20%
20-%
20%
21%
20% 20%
20%
21%
203s 205g
36%
35 i
35%
*35%
36
37 I
3534
36
37
37
37%
37%
3%
3%
3%
*3%
*3%
3%! *3%
3%
*3%
3%
33s
3%
15%
*14%
*14%
15%
*15
*15
16
15%"
15
15
♦15
16
*106%
108
*106%
108
106% 106%, *106% 108
*106% 108
*106% 108
20
19%
19%
19%
20%
20%
20
20%
20%
2034
2078
21
20%May
No par
Johns-Manvllle
Kan City P A L pf ser
17%
May 23
Oct
71% Sept
I6684 Aug
36% Jan
122
70
2,400
29%
29
24%
24%
*25
2434
25
21%
21%
20%
21%
2134
2134
21%
22%
113%
113% *112
113% *110
*110
113% *110
11378 *110
2%
2%
2%
2%
2%
2%
23s
2%
23s
23s
1
1
*1
%
1
*1
1%
*1
1%
1%
3
3
*2%
3%
3%
3%
3%
33g
*3%
3%
20% 20%
20% 2034
20%
2058
20% 2034
20%
*20%
*11
11%
11%
11%
*11%
11%
11%
11%
*11%
1134
*24%
26%
25
25
*24%
26%
*24% 25
*24% 25%
43
43
4234
4284
4334
44
44%
44%
4334
4334
6%
6%
*6l2
634
6%
6%
6%
6%
*6%
678
3934;
*39
40
*3834
39% *38%
*39
40
38% 39
25
*21
""906
4578 Sept
3%
19584 Mar
38
preferred
1
Jarvls (W B) Co_..
—1
Jewel Tea Co. Inc.—No par
$6
145
1678 Sept
41
6%
97% Jan115
l84May 15
No par
1
191% Mar 12
Apr
Sept
29
100
100
Preferred
16
37% Oct 10
l%Ma„' 15
Intertype Corp
3
26%May-28
13%May'21
Oct
6% Sept
25% Aug
3% Jan
39% Jan
26
Sept
5% Dec
46%
5% Jan 24
56% Feb 6
4%May'21
74%June111
5% May 21
100
21
June110
37
Stores_No par
100
9884 Sept
Apr
109% Dec
4
5
21%May 3
73
Apr 29
r
50
Teleg—No par
7
*125%
l0%May 21
40%May 21
l84May 18
Apr
Apr
12% Jan
23s Apr
133
3
Foreign share ctfs_—No par
Interstate Dept
—
125s
*16%
Inter Telep <*
800
—
18%
International Shoe-..-No par
7
*84
—
*16
No par
International Silver
2%
7%
26%
100
preferred
7% preferred
68%
70
69%
70%
70%
71%
126
126%
125% 12534 *12512 127% *125% 127% *125% 127% *125% 127%
86% 89%
85%
87
*86
87
X89
8934
85%
853s
*89% 90%
*12
13
*12%
13%
*12
13
*12%
13
12
12
12
12
*118%
*118
*118% 120
*118
*118
*118
434
4%
4%
4%
4%
4%
*4%
5
4%
4%
*4%;, 5
*16
600
6%
International Salt
5
June
r
100
6% conv pref
20
400
2%
7%
Co...-16
Internat Rysof CentAmNo par
2%
8
Inter Paper A Power
4,900
109
100
Preferred
Jan
2% Apr
7% Aug
1% Apr
38
7
Jan
9% Sept
29%
Aug
90
Jan 23
11%
Sept
Apr
17% Apr
63s Jan 5
14% Apr 20
Jan
Mar
157
6
171
Jan
49
131
9%
4%
4
share
Apr
Jan
Jan
per
20>4
35
147% May
67
Mar 28
6234 Jan
22
Apr
86
16
27
11
14
473s Mar 20
Apr
90% Apr
15% Apr
6% Feb
5
19% June
Int Nickel of Canada--No par
Jan
4%
1684 Apr
158
5%May 22
3% May' 23
1
Internat'i M inlng Corp
118
113
l84May
A.25
Int Mercantile Marine-No par
107
47%
68%
12,900
2
7%
Int. Hydro-Elec Sys class
200
23g
90
Preferred
200
2%
*125%
*12334
*4758
13%
Agricultural..Ifo par
preferred—
100
Internet
Prior
58
2
48
Interlace Iron
200
Jan
June 10
13,100
27%
128
21%
7%
7,600
1%
26% 27
*124% 125
14
14%
14%
59
58%
59
3
*2%
2%
*41%
43
42%
26%
303s
26%
8%
28
29
2% May 15
6%May 21
1
May 21
18%May 21
800
30
*6%
No par
No par
Rubber
Intercont'l
91
100
6% preferred
90
1,400
4,600
7
4
*20
26%
*12334
21% Aug 16
3%
6%
3%
634
4
37%
8
No par
Intercbemlcal Corp
May 25
37%
90
7%May 22
4%June 11
145
♦41&S
*75s
66%May 22
100
2%
*345g
90
N» par
Inspiration Cons Copper—20
Inauranshares Ctfs Ino
1
1,100
1,100
1,400
25g
37%
8%
Inland Steel Co..
3,800
2%
6%
*2%
43
91
1,300
Jan
934 Apr
June 26
May 22
*35
107
145
38
3
43
*100
434 Sept
Internat'i Harvester—No par
128
14%
5834
6% Jan
3,900
4
*2%
May 18
June 11
4
5734
3
136
4
275s
preferred
6%
43% Apr
Int. Business Machines.No par
4
128
27
*25
8%
*1%
*25
No par
100
ingersoll Rand...
40
June 12
"""566
6%
43
6
Industrial Rayon
Aug
16%
31
24%
5
May 23
l68sMay 21
72 May 25
10
No par
Indian Refining
Highest
share
Apr
38% Sept
157
157
156% 156% *155% 157
47
47%
47% z46%
4634
47%
164 1 *162% 164%
163% 163% 164
2%
*12334
13%
*48%
*70%
*25
8%
134
28%
2%
7%
2634
6
6
8%
2%
7
1334
30%
21%
8%
*1%
2%
6%
128
6
27
28%
*26% 27%
27%
*109
110
110
10834 10834 *109
3
3
*2%
3%
234
3
25s
6%
2634
28
135
14%
59%
3
43
36%
6
*26%
28
27
*26
*345g
*12334
6
6
6
108% 109% *108% 110
*2%
2%
*2%
2%
85s
8%
8%
9
*303s
7%
27%
26
25%
5%
25
4
*148% 157
30'2
8%
20
700
37%
92
*87
4%
1,200
21%
23s
*4
5%
534
26l2
4
per
9
3
133s Jan
12
6% preferred series A... 100
Leased lines 4%
.— 100
RR Sec ctte series A... 1000
30
40
S
S per share
share
5%May 21
May 21
100
Illinois Central RR Co
500
25%
*100
*10012 106
2
2
2%
*2%
*38
4,500
S per
Lowest
Highest
Lowest
Par
Shares
8%
16%
5%
4%
4%
59%
8%
16%
*25%
26
7%
*2is
8%
16
7
1414
8
100-SAare Lots
On Basil of
Week
$ per share
$ per share
39%
7
59U
8
17
7
135
8
41%
25g
*123
$ per share
*16
258
414
Oct. 11
*39%
2%
2778
Friday
|
1634
212
*4
.
Oct. 10
41%
212
273s
8%
8%
Thursday
Oct. 9
EXCHANGE
5%
*5%
104
$ per share
8%
Wednesday
NEW YORK STOCK
the
25%
*4
5%
150
I
8TOCK8
for
5%
*25%
4i2
25%
Oct. 8
Range for Previous
Year 1939
Range Since Jan. 1
Sales
4%
*5%
150
Tuesday
SHARE, NOT PER CENT
*3%
*4is
*101
,
J
% per share
8%
2151
New York Stock Record—Continued—Page 6
151
Jan
88
Jan
15%
Apr
6% 8ept
39
Sept
884 Apr
5 Called for redemption.
New York Stock Record—Continued—Page 7
2152
LOW
SALE VR1CES~~FER
AND HIGH
Monday
Tuesday
Oct. 5
Oct. 7
Oct. 8
$ per share
$ per share
$ per share
Oct
$
5
5%
6%
26% 277g
29
7%
7%
8
77g<
•102
105
102% 102% *102*4 105
*8)2
9
*8%
9%
•8%
9%
*75
*75
77%
77%
77% *75
5%
28*8
*7%
*66
5%
28%
27%
•3%
27%
Zh
20
21
»J[47S
•34%
8%
16%
34%
8%
36
27%
68
68
27%
27%
37g
20%
15%
34%
8%
12*4
35%
3*4
20%
14%
34%
35
8%
*3%
18%
*13
*33
7%
13
12%
35%
35
per
9
5
20%
27%
7%
*7%
*101
105
9*4
*%
*%«
2%
*%
2%
75
27%
*%
*13
93i2
%
*i«
%
*13
13%
93*4
93»4
*121
123
*121
417«
75
*74
75
10
*66
67
300
*27%
27*4
3%
20%
800
200
15
200
20
*19*4
*13*4
33%
7%
15%
33%
7*4
13
*33l2
41%
*11%
*76
14%
17%
20^4
334
42%
11%
78%
9
"a
9%
*%
2%
"a
2%
*%
%
»%
%
*%
%
%
1334
9334
*%
13%
93
13*8
93%
*121
27
*13%
17%
14%
20%
3«4
20%,
4%
44%
12%
17ijs}
42
*11%
9
77
77
♦110
112
40%
*33%
'a
*it
13%
92%
....
123
40
*33%
27
26
13%
17%
20%
13%
3%
38%
11%
*76%
334
41%
11%
78%
110%
*121
123
r*i2i
41%
35
1634
*20
6
56
2
6
5
397g Aug
28% Deo
Co (The)
Mengel
6% conv 1st pref——
Mercb A M'n Trans Co-No par
—5
Machine Co
$6,50 preferred—
No par
*U
""566
500
13%
92
1,400
123
13%
16%
16%
21
*20
21
*20
3%
40%
384
3984
*11%
No par
Montg Ward A Co. Ine.No par
40%
35%
27*4
13%
17
2O84
384
40%
11%
—No par
——.60
MorreU (J) A Co
380
Morris A
Essex
900
Motor Products Corp..No par
Motor Wheel Corp
6
400
Mueller Brass Co..
1,000
4,800
870
1,300
77
77
10
—
$4 60 preferred
No par
Preferred series B—No par
—
13
78%
110% 110%
6%
6%
48% 48%
5
5%
4% conv pref series B —100
Minn Moitne Power Impt—l
7% preferred series A—.100
{Missouri Pacific RR
100
6% conv preferred.——100
Mobawk Carpet Mills.——20
Monsanto Chemical Co..—10
40%
*33%
*26*4
13%
*1634
*77
20
Mo-Kan-Texas RR
*121
11%
100
8% cum 1st pref—
Mission Corp
40%
36
27%
3%
No par
700
40%
*33%
27%
40%
11%
—6
—
400
*116
123
Miami Copper
800
40%
35%
26%
13%
m%
3%
3%
40
38%
11%
11%
79
*76%
110% 110%
6%
6%
*48
49%
5
5%
May
May
%
*%
200
—.1
Mull Ins Mfg Co class B
1
$7
..No par
preferred
No par
Murphy Co (G C)——No par
6% preferred
—.100
Murray Corp of America.. 10
Myers (F A E) Bro
No par
Nasb-Kelvlnator Corp.——.6
Munslngwear Inc
110% 110%
160
6%
48%
3,500
5
'5%
14,900
*15%
19%
*7%
16%
19%
734
1,000
3,000
Nashv Chatt A 8t Louis... 100
100
Nat Automotive Fibres Inc.-l
*8%
9
11
10%
*10%
10% *10
10%
11%
19
18%
19%
18%
18%
19%
19%
19% 19%
19% 19%
*171
*171
175
175
*171
175
*171
175
175
*171% 175
*171
13%
13% *12% 13% *12%
*12%
13% *1234 13% *12% 13% *12%
200
*110
6*4
*46%
48
5%
48
5%
5%
16
16%
16%
19«4
1934
8%
17
19%
5%
*8
*9%
6%
*46
48
1934
5
16%
I884
*7%
8
8
9%
11
*9%
10%
10
*110
6%
6%
6%
9%
10%
6%
49
5%
1634
19%
8
9%
1034
19%
*15%
1634
*19
19
*1,5%
19
*7%
*7%
9
*8%
10%
6%
*47
16
19%
784
200
*84
88
*84
*16
17
*13%
*11%
13%
14
*16%
*13%
11%
13%
1134
13%
112
*111
♦111
lm
5%
534
*7%
7%
22% 22%
*8%
10
8%
9
85
85
18%
*166
17
14
11%
13%
112
10
884
9
*80
*166
112
*7%
21%
*8%
8%
*80
85
18
18%
18%
18%
168
*166
108
143
*143
145
1448! 145
23% 24 I
24
24
*37% 38% *37% 39
*7%
734
7%
784
*8684
66%
6%
6684
6%
10%
40%
40
40
40
40%
40%
5%
67
6%
6%
*9%
40%
40
22%
*37%
7%
65%
13
11
11
11
11
13
13%
13
*1#%
13%
112
1 *143
145
22%
39
784
6684
*21»4
22%
37%
7%
6484
534
*9%
9%
39%
9%
40
*38l2
39
40
*38
39
6
1,200
Nat Aviation
National
13%
113% *111
111%
11234
*5%
5%
*7
7%
21%
21%
*8%
9%
8%
8%
22%
38%
22%
38%
7%
6434
5%
*9%
*3834
7%
85
100
17%
3,400
400
144
144
90
36
36
»2*4
*28%
*14%
3
32
14%
6
6
*1684
1034
97
*3%
15%
*138%
9%
*39
*24%
*50%
17%
17%
9434
7%
*91%
*92
6
6%
*116
*116
*56
57
7
7
7
*3%
3%
17%
8%
1134
29%
*3%
16%
8
11%
29%
*39%
40
12
*116
56%
15
56%
7%
66%
3%
16%
3%
7%
8
*1134
12
•
14%
7
*1134
29%
28%
40
4084
40%
11%
*150
*150
7
2834
11*4
1134
*122% 125% *122% 125
*11%
52
*54
%
%
%
*%
%
*%
*%
*%
20%
%
197s
20%
30
*28%
22C34 22034
*113
*28%
115
18%
*57
55%
16%
82
155
Bid and asked
,
122
7
3%
14%
7%
12
29
40%
11%
18%
67
55%
16%
16%
9284
6
16
10%
*98
1,100
1,100
400
32,300
900
5,200
200
100
151% 151%
100
..100
140
■
1434
*36
*2%
*29
37
*139
38
9%
9%
38%
24%
5212
*52
6%
*2%
7
*7
3
3
<vl?2
*6%
15
*1134
2834
12
*1134
29
39%
40
28% 29
39% 39%
11%
11%
122% 122%
15%
151
day,
7
*150
-No par
Co—50
10% non-cum pref.
...60
Co.. 100
IN Y N H A Hartford
100
Conv
5~200
N Y Shlpbldg Corp part stk—1
Noblltt-Sparka Indus Inc....5
Norfolk A Western Ry.... 100
100
800
30
13,600
800
1,600
6,300
50
4,800
100
100
Adjust 4% preferred——100
.10
North American Co.
6% preferred series......60
6H % pref series
.....60
....1
Northern Central Ry Co...60
Northern Pacific Ry
100
North States Pow $5 pf No par
Northwestern Telegraph...50
Norwalk Tire A Rubber No par
North Amer Aviation
"""600
June 19
66
l4%May 22
48
May 21
4%May 24
8
May 23
26%May 24
10
2,900
9%
38%
*23%
38%
25
*52
63
700
100
57%
30
7%
330
400
600
28% 28%
39%
39%
*11%
11%
122% 122%
152
{ In re eel erenip.
152
a
Del,
2,500
1,500
500
160
150
Jan
6% Apr
7%
267g
157S
12%
Oct
Apr
Jan
Jan
96
Jan 31
JaD
87g Jan
73% Jan
9% Jan
May 21
25% Mar 13
July 31
May 22
53% Apr
0
Jan
4
20% July 20
6%May 24
30% May 21
9%May 21
87sMay 21
15 May 21
20%May 21
3%May 21
4%May 22
May 21
110
Apr 27
104
45
June
_
91
Apr 29
110
27% Sept 24
14% Feb 20
50
Jan
3
187g
Jan
3
13% Jan 15
20
May 23
175
May 22
May 25
14%May 21
47%May 22
47%May 22
15 May 14
84%June 5
4%May 15
105
—100
8% preferred A—
100
6% preferred..
No par
Otis Steel Co..
$5.50 conv 1st pref—No par
Outboard Marine A Mfg—.6
No par
Outlet Co.
——100
Paotfic Coast Co....
—10
preferred..—....No par
—No par
2d preferred.
Pacific Finance Corp (Cal).lO
25
Pacific Gas A Electric
Corp—....No par
No par
Pacific Mills
Pacific Telep A Teleg
6%
preferred
delivery.n New stock,
100
—100
r Cash sale,
19
June 10
47
May 24
115% May 24
42
June 10
7%
Jan
44% Mar
14*4 Sept
70% Dec
111% Nov
9% JaD
62
Dec
9%
Jan
Jan 11
59
Jan
58
Jan 10
26*4
Jan
92% Oct
9% Jan
8
3
10
3
26
7
3
12
JaD
Feb
Aug
Sept
33% July
Apr
8% Sept
11%
41
Deo
2%
18%
Apr
73% Mar
32
Apr
35% 8ept
Jan
Jan
Jan
Apr
Oct
Feb
29% June
87% Aug
42
July
105% Sept
112% June
Apr
17% Sept
Sept
23% Sept
25% Sept
45% Sept
43% Feb
8%
27
Apr
11% Sept
62
1% May
10% Sept
47s July
15% Sept
118% Mar
Nov
47
%
Mar
27%
10
Feb20
267« Apr 22
357g Apr 6
226%May 4
113% Mar 27
23% Jan 3
106
15%
20.
59%
50%
5%
106
4
Oct
82
116% Mar 11
117% Aug 15
Jan
Jan
8%
July
5% Aug
10
Apr
Apr
Apr
2
Aug
Mar
52
Apr
3
18%
117%
114
Apr
18%
% Jan
Jan
17% Nov
95% May
23*4 Sept
26% Jan
16
Sept
Apr
10%
56
Nov
6%
30
8% Apr22
12% Apr 22
15
28% Mar
175
14%
119
%
May
July
Dec
1% Dec
% May
8% June
31% Dec
120
Mar
62
Mar
17g Sept
5% Sept
1% Sept
17
Sept
33% Dec
Jan
217
Nov
103% Sept
113
June
168
18% Apr
62% Sept
50% Sept
12% Apr
82
Jan
7
June
26% Feb
697g Aug
59
Aug
29% Nov
89
Nov
14*4
Jan
100
113
Dec
29
40
Oct
Sept
Sept
2% Apr
32% Apr
6%j Nov
44% Aug
16%May 29
8%May
23% Apr
14% Mar
112
7
4
4
Mar 28
57g Apr
4
18% Jan 4
144
Feb 19
12% Jan
3
42*4 Sept 24
32% Apr 4
55
Jan 22
120
Jan 17
6
Aug
j.4% Sept
Sept
100% Sept
4*4 Aug
12
15% Sept
128
Oct
7% Apr
33
July
16% Apr
40% Jan
114%
6
50
Jan
Apr
10% Apr 26
6% Jan 6
23% Feb 13
12% Jan 4
14
Apr 15
3
Aug
64% Jan
Mar 12
114
Apr
June 18
154
Jan 24
128
Sept
y
Jan
145
Oct
139
144
Oct
173% Aug
4%June 10
2
May 22
8
May 22
3%May 22
9%May 21
25%May 22
33
May 22
8
May 21
115 May 25
x Ex-div.
Jan
177g
Jan
JaD
Jan
9
10%May 21
7%May 21
95 May 23
2%May 22
ll%June 11
124% June 11
7
May 21
21
May 21
Op pen helm Collins..—No par
Otis Elevator
.......No par
19
30
Feb
4
No par
—6
37% Mai
6%
3
5% June 10
101
122% May
67% Oct
47
Sept
28%
18%
167g
Jan
% Apr 27
% Apr 12
'i« Sept 20
Oct
Jan
33% Mar
—No par
Pacific Ltg
14% Dec
*8% July
12% Jan
110
Sept
107
Sept
4% Apr
21% Jan
Norwich Pbarmacal Co..2.60
1st
Sept
17% Apr
39
Jan
(The)
4
3
14
Jan
Omnibus Corp
87
4%
72
5
5%
1,900
7
114
42%
Pacific Amer Fisheries Inc..-5
15^8
3
8
18% Apr 17
116% Jan ~
25% Aug 13
14
July 2
50
Owens-Illinois Glass Co. 12.50
12
1
13% Mar 12
Sept
"l'ooo
210
3.
20% Jan
16% Jan
Sept
Oliver Farm Equip
400
Apr
38
1,200
3,700
19
3% Jan 4
7%May 21
19
Sept 12
A ug
21
114*4 Sept
121
May
7% 8ept
21% Sept
1477g Oct
10% Apr
14%May
43% Apr
43% Apr
8% Apr
10% April
10%June 24
34
9% Jan
1% Sept
2)2 Sept
18% Sept
114
Ohio Oil Co.
5% Sept
Jan
Mar
7?g Aug
May 24
4,300
Sept
60
Apr
105
Sept
4
Aug
43% Sept
July
6%
54
21% Apr 30
8% Sept 23
10
Sept 25
May 22
2%May 15
Preferred
*14%
Apr
9
114
267g Nov
27
Preferred
*56%
7%
—.No par
New York Dock
preferred...——.100
{N Y Ontario A Western.. 100
*116
56%
100
800
400
143
38%
24%
6% preferred series A
NYC Omnibus Corp.-No par
N Y Lack A West Ry
180
3%
15
10
Newport Industries..—
1
N Y Air Brake..——No par
New York Central..*...No par
N Y Chic A St Louis Co
100
10
1,500
900
98
52
56
151
|
56%
55%
16%
*92
7
6% pref series A..—
Newmont Mining Corp
N Y A Harlem RR
1034
1434
"116
on this
I
234
32
*3%
9%
I
16
*10%
140
52
37
98
25%
18%
19
56%
55%
16%
9284'
94%
6%
7
114 .*112% 114
57
55%
17
3%
9%
113
No par
—<
1
20
"
21
113
18%
14%
37%
*24%
20
*28% 30%
*218% 223
30
......No par
Dec
120% Nov
85% Jan
Aug
27
5% preferred
%
5%
100
*3%
1484
%
20%
115
18%
11%
11%
122% "122% 125
prices; no sales
10
56
%
%
*%
%•
221
58
10%
| *63%
3i«
220
55%
16
56
*113
94
*92
57g
57
7%June 6
6%May 21
June 12
'it
...
June 10
100
*la
♦17
6%May 23
17
100
52
1034
May 28
36
«1«
18
16% 17
10%
IO84
10%
10%
98
*98
100
*97% 100
334
*3%
384
312
3%
15
15%
15%
15%
15%
*139
143
*138% 143
143
9
9%
9%
9%
934
41
39
39
38% 38%
25% *24% 25% *24% 25%
*52
51
52
53
50%
17%
3
4% % conv serial pref...100
Newberry Co (J J)—-No par
18
*80
5
*4%
6%
*4%
4%
*4%
5
9
*7
*7
9
*6%
8%
9
108
108
t 108
108
*107% 108
108
117% *107% 117% *107% 117% *107% 117%
6
lHgJune 5
107% June 13
107 May 23
Nelsner Bros Inc
684
7%
684
6%
6%
112% 112% *112% 113% *112% 113% *112%
36
36
36
*36
*36% 36%
36%
234
278
2%
278
2%
234
*234
*29
32
*29
*28% 32
*28% 32
14% 14%
14%
1484
14%
14% *14%
6
June 26
9%May 22
6
May 21
100
*17
44
45
44
*4384
*4384
46% *4334 45
*43% 4484! *44
4484
107
*107
108
*107
108% *107
108%
108% *107
*106% 107
107
26% 26%
26% 26%
26% 26%
26% 26%
*26% 27%
26%
26%
8
8
8
8
8%
8%
8
8
8%
8%
*8%
8%
*43
42% 42%
42% 43%
48% 43%
*42%
43% *41% 42%
4434
14
14%
1484
14%
14%
14%
14%
15
14% 1484
14% 15%
15
16
15
15%
14%
15% 15%
15%
1434
16%
1434 1434
31
■3D - 31
30% 31
31%
3034 31%
2934
29% 31
30%
'
26
26
26
25% 25%
*25% 26
*25% 26
*25% 26
*25%
1784
17%
*91% 9434
7%
7%
*112% 113%
16
30
14
Jan
99% Apr 17
100
9%
17%
82
22%
12% Sept 20
86% Sept 16
82
17%
Mar 14
16% Apr 15
24% Jan 94
*17
*80
Mar 29
8% Feb 16
53
Apr 8
7% Feb 15
170% Sept 21
*80
9%
17%
82
83
111
38% Sept 18
$2 conv preferred
5H% Prior preferred
6% prior preferred—
9
*% Feb1«
44% Oct 7
1 >% Mar 20
6
Nehl Corp.—
*9
Apr 18
18% Apr
267« Jan
13%Mafc21
4
..25
Pa..10
.—40
39
16
40% Apr
31% Aug
22% Sept
9% Apr
10
Apr
16% Apr
37g Aug
132
National Steel Corp
39
30% Feb
JuneU
16%June
155
500
*9
39
Feb
148% Jan 29
National Supply (The)
400
Jan
45
Apr
Sept
Sept
June 19
1,800
900
112
66
85%
132
1,900
10
121% Jao'30
36% Sept 16
5%May 22
5%
39
June 10
110
2
100
No par
10
9
July 31
22% Apr 9
173% Jan 31
National Pow A Lt
39
13% Jan 13
6% July 15
7% June 20
Jan
May
119
Nat Mat! A St'l Cast Co No par
2,800
10
June 10
7g Jan
19%
119
National Oil Products Co
1,000
7%
66%
39
3s4May 21
11
Jan
May 29
6% preferred B
22%
39%
200
June 15
41
%
rl60
".10
7% preferred A
56
May 28
97%May 22
4
May 21
9
*80
18%
57%
5534
17%
9434
7
conv
National Lead Co
Sept
Jan
Jan 20
434 Apr24
Apr 25
....100
No par
—.1
preferred-No par
18
40
Jan
National Tea Co...— No par
*17
55%
16%
$4 60
8
20% Sept
10% Sept
8% Sept
83
Sept
177g June
152
Sept
No par
Nat Enam A Stamping
167%
Apr
101
2%
N atom as Go—
18
66
Nat wypsum Co
54
Apr
Apr
147g
500
82
55
3.400
9
Apr
18%
1
Aug
2% Aug
% July
% Dec
10% Apr
500
*80
113
Nat Distillers Prod
May
Apr
Apr
l%May 22
%June 27
% June 21
9%May 21
8684June 10
110
May 23
113%May 27
31%May 21
33%May 21
21% June 20
8% May 22
12
May 21
15
May 21
2%May 14
20 May 21
8%May 22
470
*17
218%
3,900
122
6%
11%
1% Jan
4% Jan
7%May 21
%May 18
5
9%
20%
7% pref class A
100
7% pref class B———100
Nat Dept Stores......No par
6% preferred
...
10
12% Apr 10
17%May 9
40% Apr 8
8% Aug
9
*9
29
Nat Dairy Products—No par
25
11
39%
9
56
Co— 1
11% Sept
7
48
5
9
57
200
No par
Register
National Cylinder Gas
Aug
7
Oct
Nov
110
*834
8%
*56
1,600
6% pref series A....—.100
Nat Bond A Share Corp No par
Nat Cash
14
28%May
35
Nov
63
June 26
5
9
4%
*4%
5
*4%
5
*7%
9
*7%
9
*6%
♦1071s 108% *107% 108% *107%
*107
117% *107
117% *107%
*52,
56
♦52
*62%
56
"a
ha
%
%
»%
13
%
%
%
%
*!
*%
%
*%
20
21% 21%
2034 21%
29
*20
30% *29
30%
222
*222
224% 220
218%
113
113% 113%
*112% 114
*29
I884
19
30%
18%
57%
57%
*57% 58
56%
30
166
22%
*3734
7%
*6434
684
5%
20
9%
17%
65%
1,100
1,000
5,900
884
*78
145
100
1234
11%
13%
112%
111%
5%
7%
21%
July
73
30% Dec
6% Jan
28% Jan
21% Sept
39% Jan
167g Sept
2% May 15
May 21
95
26
9
6
*8%
I
16
12%
Nat Bond A Invest Co-No par
200
Feb 21
26
3
10% Oct
101% Nov
14% 3ept
Apr
44% Sept
103% Sept
2% Sept
36
Sept
9
5%
9
19%
*15%
10
.100
ll%May 22
10
Aug 13
May 22
6%May 21
ll%May 21
23%May 21
103 May 24
33%May 21
24
*434
*5
*8%
85
16
13
6
Corp
Biscuit Co..
7% cum pref—
24%May 24
2%May 22
5
*5
8%
*80
88
...—10
6% conv pref
May 31
7%May 28
87g
9%
17%
5%
*884
*17%
*143
145
*5
*9
88
*84
*111
113% *111
II284 *111
11234 ,*111
5%
5%
5%
7%
7%
7%
7%
21%
21%
21%
21%
*8%
*8%
9%
9%
8%
8%
8%
884
85
*78
85
*78
85
18
17«4
1734
18%
18%
*166
168
168
166% 166%
37%
7%
65%
534
10
39%
534
984
*15%
13
13%
i'11% *111
*8%
16
13
13
111
5%
7%
22%
*15
*84
16%
13%
11%
112
5%
*7%
21%
87
16%
13%
10%
*84
87
88
88
....1
National Acme Co
4,900
.
Aug
July
34%Mar
6% Jan
9%
13%
91%
Jan
6
85
2%
%
*ie
88
3
82
9%
13%
91%
15
5
Minn-Honeywell Regu. No par
400
6% Aug
Apr
14%May
107
6
600
1,100
3%
50
1
1
4
Feb
2%
*%
9%
2%
*116
13%
20%
90%
*116
26%
*17
*1
*13%
*3%
*44
9% Jan
Feb
Midland steel Prod
3%
8% Apr
32% Apr
53%
1,900
50
4
May 15
17%May 28
5
May 21
Highest
% per share $ per ehare
share
64
1
1
50
Mid-Continent Petroleum—10
3%
$ per
share
S6 preferred series A.No par
$5,50 pref ser B w w.No par
Melville Shoe Corp
1,500
1,600
*45
ver
Lowest
Highest
90
8
7%
13
13
35
35
35%
3534
118
11834 *117% 118*4
*45% 46*4
45% 4534
130
$
Year 1939
100-Share Lots
6% conv preferred——-.100
Mead Corp
No par
Mesta
*%
*2%
13%
290
No par
1,200
*1234
36
*3%
20%
*13%
32%
7%
12%
S3 series conv pre!
McLellan Stores Co
33*8
9%
35%
27
27
27
*13%
17%
*20%
3%
15%
33%
2%
42%'
8%
68%
27%
3%,
20%
27%
*3%
*%
123
4134
*33%
42%
3514
1
*74
*3%
91
McKesson A Robbing, Inc...5
500
*66
2%
9%
*8%
Par
9,200
4,500
40
103% 103%
9
2%
%
*115% .-.--*115%
•115%
7%
103%
75
20
33%
7*4
12%
35)2
5%i
On Basis of
Lowest
Shares
share
4*4
5%
27% 28
*6*4
7%
per
68%
27%
3%
*13%
%
27*41
utt
9%
*9%
*%
*8
8?6
*8
118% 118*4
118% 118*4
118%
118% 118% *117
47
47%
47% 47%'
*47% 48% *47% 48%
109
109 , *105
105
105% *lXi5
*105
109
3%
3%
3%
3%
*3%
3*4
3%
3%
45
45
45% 45% *43% 45% *4fi% 45%
"9%
Week
7%
105
EXCHANGE
Oct. 11
5
5%
NEW YORK STOCK
the
Oct, 10
$ per share
share
STOCKS
for
Friday
12, 1940
Range for Previous
Range Since Jan. 1
Sales
Thursday
20»2
*06
68
27%
3%
20%
14%
8%
12%
35%
13
36
13
5%
27*4
~
*7*4
*66
68
SHARE, NOT PER CENT
Wednesday
Saturday
Oct.
34% Apr 15
2%
11%
3%
9%
27%
50
41
Jan
3
16% Jan
4
Ex-rights.
9%
Apr
June
June
Apr
Apr
Apr
Apr
101%
Sept
30
Jan
20% Mar
113% May
8%
Jan
27% Jan
148% July
16
Sept
55% Sept
26% Deo
64
Dec
120
Deo
70
Jan
7% Sept
77g Nov
25
Nov
15% Sept
12% Mar
34% Mar
52
Oct
21% Sept
132
June
166% July
T Called for redemption
Volume
LOW
AND
New York Stock Record—Continued—Paee 8
151
HIGH
SALE PRICES—PER
Saturday
Monday
Oct. 5
$ per share
3%
*5%
3%
15%
*734
Oct. 10
Cct. 11
Week
$ per share
5 per share
S per share
$ ver share
% per share
Shares
8
%
3U
534
3%
3%
35S
3%
5%
3%
1578
*734
1678
15%
8%
"i«
534
*»:♦
*36
834
17%
834
3%
3%
15%
1578
734
734
*7%
8%
3%
15%
*7%
*»u
"n
*18
®16
1%
1%
178
33%
20
33%
3312
20
20
*1934
*1
934
978
934 (
*7%
7341
734
*51
52
73s
7%
52
52
90
90%
90'2
90i2
90
*2
2l2
A2%
2%
2%
2534
127g
*2%
1
2%
2534
127g
234
*2%
*25
27
*12l2
13%
j
*50%
3
3
5,000
6
300
3%
1534
*7%
16%
13,400
20,600
8I.1
200
Pan-Amer Petrol & Transp._5
91S
*916
%
400
Panhandle Prod A Kef
178
1%
33%
1978
33%
*1934
33%
20
1
1
9%
978
*15
178
*7%
10
734
52
52
89%
90
*85
*178
*33%
20%
10%
Park A TUford
""600
2
1,200
*1
33%
21
1%
10%
lots
13,000
1,200
7%
7%
734
8
I
51%
*51%
54
|
90%
89%
90
2%
2%
2%
2%
*2%
2%
2%
243.,
1334
*2%
2%
2% I
2%'
24%
25%
*12%
13%
*22%
*1234
24%:
13%;
24
24
1278
13%
*238
24%
1334
1
Park Utah Consol Mines
Parke Davis A Co
1
No par
2 .50
Parker Rust Proof Co
500
Parmelee Transporta'n. No par
Pathe Film Corp
I
400
Patino Mines A Enterprises.
500
Penn-Dixie Cement
$7
No par
pref ser A
No par
Corp v t c No par
conv
Penn G1 Sand
2234
22%
*1834
*36
2278
20%;
2178
19
22%
19 I
37
36
36
2278
2234
2278
*19
20i2
*18»4
20%
*36%
36%
234'
*10
26
27%'
3634
234
12
45%
28%
*2
4134
3634
234
11%
44 I
1178i
42%
27%
*1834
20
634
20
*1834
*2
*10
*6%
*7i2
*2
113s
43
27
*1834
85's
8534
'
36
*278
45
*278
3%
40
*2378
24
135
*5
6
*5
*25%
27
7%
*25%
*634
*71
74
*70
*154
*154
*176
176
178
11%
43
43
2634
26%
2734
»
7%
7%'
7%
31%
45 j
31%
*4334
*84
86
3%
2378
60
—
6%
*5
27%
7%
7378
*24
|
40
60
7%
7378
44 |
35%
6*4
6%
834
*23%
60%
6
*5
*24
27
*25
*6%
*71
7%
74
36%
38
*28
30
28%
29
5434
25
27%
25%
27
51
1634
*14
8%
%
1634
15%
8%
*1678
17
15%
*14
"is
Ult
y :
5%
1134
*1134
*37
*50%
5%
1178
5%
1178
12%'
39%!
12I2
37%
5%
12
12%
37%
64
64
12%
8,600
300
87%
140
*85
8%
1534
*14
734
"is
5
....
5
1178
11%
11%
37%
63%
37%
64
16%
15%
77„
"is
5
11%
%
*"l8
8%
"is
84%
4%
84
43%
*36
11%
*11%
"IS
5%
11%
12%
*34'4
37%
63%
63%
4%
3434
3%
*278
1,200
4%
400
""366
Plllsbury
240
534
73
"""30
144
*139
145
*139
110
2634
25%
27
540
51
52
51
52
290
127S
13
13%
13%
...100
5% pref class A
...100
6>6 % 1st ser conv pr pf. 100
Pittsburgh A West Va
100
Pit Youngs Asht Ry 7% pflOO
"is
16
*14
"%
"is
16
*1534
15%
*14
8
8
*778
"is
"is
*"16
*478
5%
1134
12%
11%
*11%
37%
*37
11%
*1134
37%
63
*478
16%
15%
*1.56
160
*156
159
*158% 159
118
*114
*114
24%
2434
7
I
*85.
7%
*86
88.
79%
79%
10%
11
7934
1034
12
12
*11
478
*7334
*59
....
60%
2%
*3334
19%
*1634
30
2%
*7334
60%
*2%
*33%
35
19%
17
19%
30
30%
153s
1678
*24
15%
2434
*21%
2178
*24
21%
*2
3
2
*15%
*23
27
10
10
*7%
7%
*24%
*8%
*7%
*8%
,834
*8
878
'878
♦54%
*62%
57
64
1%
1%
18%
93
*86
8%
118
7%
87
7934
1078
60%
2%
35
8634
79%
79%
79%
10%
11%
43.1
87 r 87
11
11
434
12
478
79%
10%
11%
478
I *7334
*7334
*58
59
2%
58
*33%
35
*33%
34
193s
1678
*19
19%
16%
16%
30%
30
30%
15%
2434
14%
14%
1834
*16%
*28%
14%
1834
1678
28%
14%
*24%
21%
*21
2434
22%
2%
*2
~
~
*25%
234
26%
7%
*6%
7%
9
7%
834
*8
9
2678
10
8%
8%
24%
24%
21
21
*25%
7%
8%
24
2478
24
V 's- 7
7
*86%
7%
8634
79%
79%
2634
734
*7
7%
*8
9
8%
8%
118
2434
7
*86%
*10%
11
78%
10%
11
11
10%
434
47g
434
*7334
58%
2V- 2%
2%
58
58
.
*2% ■4 238
*33% 34%
*18%
*16%
19%
1634
*27
-
19",900
6,600
861
78%
10%
10%
5
200
2,600
500
21,700
*7334
58%
58%
2% -1-2%
3434
*33%
24
*24
22
*21%
*2
3
*2
*25
200
200
93
93
93
90%
87%
86
86
85%
86
1178
11%
11%
11
24
18
18%
17%
91%
85%
1%
17%
92%
85%
85%
18
93%
94%
8734
1034
88
11%
2534
3,000
16,000
2,370
2.000
1,400
23
10%
*21%
98
98
*95
98
95
98
94
94
*92%
98
*92%
98
60
69
69
*69
6934
68
68
67
67
*60
68
*60
68
70
*11%
*23
*12
*82%
2534
12%
934
3534
55
55
8
8
*434
11%
1178
*9%
10
35%
3534
8
534
*4%
4%
*4%
578
4%
*21
1134
1034
23%
*21
11%
95
*83
11%
*11%
1178
*83
95
9%
9%
9%
938
3578
3478
3534
60
*52
7%
778
*4%
4%
60
73s
23%
95
35%
*52
60
*52
11%
*84
95
*84
95
35%
9%
23
10%
1034
17%
1%
*9%
3478
578
*434
578
4%
7%
*434
*3%
*1678
17%
17
17
17
17
*3%
16%
4%
16%
F3%
13%
48%
13-4
13%
13%
13%
13
13
*15%
1278
*45%
48%
48%
47
47
*4514
36%
36
*378
*45%
*3A
36%
,*%
%s
36
36
*%
*3
•
*42%
78
3534
*3
%
43
31%
41
*4
4234
sales
on
*<%
*3
...
42
42
2834
thla day.
29%
4%
1678
1278
48%
%
9%
35%
*3%
*15%
13
13
*45%
*34
48%
%
"2", 400
35
*h
3,200
%
600
4%
90
42% 42%
10634 107
"3", 000
*%6
%
4
*3
478
*4
42
42%
10634 107
29% 29%
'is
f in receivership.
29%
30
670
4.200
nDef. delivery,
Apr
Dec
2% Sept
24
Sept
17
Sept
6% Apr
7% Aug
% Aug
5
9
17% Sept
4
3
1
6
Aug
6% 8ept
14*4 Jan 3
42%May 9
71*4 Apr 16
118% Jan 2
112
43% Apr 8
115% Jan 11
31% Apr
101% Sept
18
Apr
60%
Apr
Mar
16% Sept
2% Jan
""16%
Sept
16% Sept
49
Sept
66
Dec
119*4 Feb
41*4 Aug
114% Aug
128% Aug
Apr
143
Aug
Sept
168
June
118
111
Sept
117% Dec
41% Sept
11*4 Sept
—No par
Pullman Inc
•
6%
115
No par
7
May 21
84
June 12
No par
9
preferred
5% conv
Purity Bakeries
Quaker State OU Ref Corp..
10
73%May 28
90
Radlo-Keith-Orpheum...—.1
6% conv preferred
100
34
Manhattan.No par
....—....1
.—25
Inc
preferred
Company......—50
4% 1st preferred
—60
4% 2d preferred
50
Real Silk Hosiery
6
Reading
....——100
June
5
9% Sept 19
4%May 23
Apr 15
48%May 21
No par
<5 preferred B
No par
S3.50 conv 1st pref ..No par
Radio Corp of Amer
$2
May 21
....—100
preferred——100
Pure OU (The)
Rels (Robt) A
Class
Co 1st pref.. 100
10
A
preferred..—
100
preferred...
100
Reynolds Metals Co..-No par
7%
5k
%
100
Spring
1
(R J) Tob class B.10
Common......————10
Richfield OU Corp.
Rltter Dental Mfg
10
Aug
6
July
20% Sept
Sept
%
Oct
Oct
May 21
l678May 21
Reynolds
300
40% Sept
June
147
Reynolds
1,600
26%
18
129
5,500
""loo
12% Aug
112
""600
1,800
48%
Apr 20
50
7%
578
4%
1634
11% Sept
16% Sept
Apr
6%
Jan
8
Sept
Apr
4% Aug
2% Feb 27
1478 Jan
95
175" "A UK
Mar 29
500
1,800
Apr
165
6M % conv preferred
58
7%
*4%
%
%
4
106% 10678
*52
534
1134
50
"l68"8ept
128
95
9%
3434
7%
%
%
4
91
35
36
34
*16
*3
1G6% 107
29
30%
Bid and asked prices; no
%
»!•
*1«
4
*4
106% 106%
29%
*I«
%
4
*4
43%
1C6% 1Q.7
29%
30
*34
3534
%
'is
3.
"is
%
4
%
36%
*%
"34
*'i«
*42%
*47
11%
*83
58
*52
7%
23%
14% Sept
12*4 Jan
2% Oct
8
June 19
16%May 22
13%May 21
May 28
978May 28
19%June 8
17 May 22
l*4May 21
2478May 23
24
No par
No par
Mines.
No par
Steel Corp— 1
$2 50 conv preferred.No par
X Rutland RR 7% pref
100
Roa* Antelope Copper
Ruberold Co (The)
Rustless Iron A
.......10
Francisco—-100
6% preferred
100
St Joseph
Lead
iSt Louls-6an
jSt Louis Southwestern—.100
6% preferred.—.
100
Stores.——No par
preferred
100
Savage Arms Corp.—-No pat
Safeway
5%
a
New stock,
r Cash sale.
6
6
June
Aug
5
May 22
Apr
Jan
Sept
£22% Aug
32% Jan
6%
Aug
ll%May
97%May
70
Sept
90% Mar
89
63*4 Aug
81% Jan
18% July
May
10*4
15% Feb
15% Feb
7% Apr
11
3
Apr 16
90
69
Apr
8
Jan
Aug
5
Aug
85% June
9
Apr
23
4
Apr
2978May
3
37%May 4
17% Apr 8
26% Apr 10
16%
Apr
23% Sept
6% June
12% June
10% Apr
3
8
20% Sept
16
July
2% Dec
Mar
4
40
Dec
54
65
Jan 12
Jan
13% Feb
10% Jan
57*4 Apr
9
Dei
Dec
22*4 Sept
28*4 Oct
Jan
27
Sept
6% Sep
Mat
7
Apr
16%
6%
Apr
lo
9
Apr
14% Sept
17% Jan
76% Mar
9% Dec
60
Dec
69
Jan
60
Apr
1
May 15
May 21
2
Apr
2378
Jan
% July
12% Apr
14
19
28*4
4*sFeb
23
May 28
7
Nov
53%
50
i3734June
16
8% Jan
85% June
67% Jan
June 20
3
36% July
8
1%
1734
93%
87%
10%
Mar
6
...19
Remington-Rand
1
Preferred with warrants..25
Rensselaer A Sara RR.Co—100
JReo Motors v tc._
1
Republic Steel Corp...No par
6% conv preferred
—100
6% conv prior pref ser A. 100
Revere Copper A Brass
5
10
32% 8ept
4
142
Reliance Mfg Co...
300
Fept
12
8
100
1,100
Sept
12
151%July 3
1% Mar 12
22% Feb 9
7%
8%
Sept 25
67% Sept 24
9
57
51
Apr
Apr
2%
31
*8%
64
4
35% Mar
22
7%
8%
31% Sept
4
834
57
45% Mar
Apr
2
7%
*61%
1%
Jan
23
Jan
834
8%
36
88g Jan
8
57
8
45%Sept 23
13
64
103% Mar
July
8
6
8%
Sept
2*4 July
74
3% Sept
Oct
6%May 21
56
AUR
1% 8ept
Aug
Apr
Reliable Stores Corp—No par
*61%
1%
17%
92%
Aug
91
2
May
60
56
48%
% July
9
80
400
65
47% Sept
Jan
4 Jan
178
9%
*54
Apr
Apr
76
145
27
*61%
28%
36
7
164
16
8% Mar
46% Sept
9% Apr
16'4 Apr
10% Sept
35
Jan 17
Mar 12
11
Sept
6*4 Sept
5*4 Apr
Apr
110
27% Jan
Sept
25
Jan
Apr
Oct 11
7
Sept
40
17
25
61
*7
57
Feb
45
13% Sept
31%
2878 Apr 26
*734
64
1%
173s
53
May 21
June
5
66
Oct
5*4 Sept
19*4 Sept
5
Mar 25
40
9
*61%
1%
Jan 11
26%
*54
1%
Jan
*8
64
1%
40%
47
*251o
57
4
2
2
45
Apr
Apr
21
Apr 25
8% Apr
10% Feb
Apr
May
7%
6
Preferred
64
2
27% Sept
May 22
1,100
200
3
30%
45% Oct
29% Apr
24
Aug
143
Rayonler
24
21%May
38*4 Jan
4% Jan
13% Apr
15
June
Raybestoe
*21
4
Mar
11078May 22
500
400
Dec
Jan
5% Sept
126
800
*1434
21
4*4 Sept
Apr
100
1678
27%
15%
26%
2178
*26%
2
*4
No par
preferred.......... 100
preferred..
...100
preferred
100
Pub Ser El A Gas pf 15.No par
1878
1434
Apr
6%
7%
8%
1678
28
6*4
15 preferred
1878
1434
Aug
112%May 22
30%June 10
""906
1,200
Sept
1%
4% Sept
6% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J ..No par
1,000
*54
1%
18%
92
18%
*113
7
*11%
....
118
*113
24%
5%
300
10
118
June 10
400
159
7
64*4May 22
May 6
39
*1.58
113
May 24
6%May 24
6%May 21
6%May 21
158% 158% *156% 159
23%
7
16
434 Oct
200
Sept
21
Mar
24*4
4
Pressed Steel Car Co Ino..._l
400
47
Apr
124
734 Apr
Jan 10
Postal Teleg'h Inc pref.No par
4,600
Apr
11%
120% June
97%May
700
No par
36
17
May 21
200
Procter A Gamble
Jan
33
&8Mar
11,500
—6
50
26
2% Aug
% Mar 20
12%
6% conv 1st pref
6% conv 2d pref....
Jan
17% Aug
1134 Sept
6
1
9
5%
1178
138
*137
2478
7%
8634
2334
25
12
4%
5
*114
118
24%
627S
63%
Poor A Co class B
Jan
13%
Feb 17
4
8578 Sept
%May 29
5
Plymouth OU Co...
107%
7*s Sept
14% Sept
1% Apr
27% Sept 23
16% Jan
5
121
M»y 18
June 11
No par
No par
Jan
14%
Dec
JPorto Rio-Am Tob d A No par
Plttston Co (The)
Pond Creek Pocahontas No par
8%, """900
%l
7% pref class B
Jan
Feb
104
AUK
2,200
1,700
2% Apr 12
44% Apr
9
22% Apr 16
Sept
6% 8ept
72
Sept
94*4
4%May 15
5
May 15
!6%May 22
10 May 21
19 May 21
7 May 21
151% July 3
% Feb 14
15 May 28
12% Jan 13
5%May 21
""is "l'loo
6
92
60%
69%
100
38%
1,850
6
18
8*4 Sept
2
Sept
Apr
Sept
Apr
167
38%
*154
10% Apr
June
%
Dec
Jan
Jan
Dec
Apr
154
38%
27%
*154
4
Apr 15
Feb
5
35
share
7%
11%
4*4
19%
8
100
No par
138
140
No par
$5 conv preferred
No par
1,500
142
140
142
100
preferred
Pitts Coke A Iron Corp No par
7% guar preferred
Pitts Screw A Bolt
-•«
20
*139
.100
Pittsburgh Steel Co
6%
3,300
63
100
400
834
63%
117%'
....100
Flour Mills..
834
e%
834
8% Apr
94
9% 8ept
2
45% Apr
6
101% Jan 25
67„ Feb
*6%
83.4
6% ;
Jan
2%May 24
36 May 28
22
May 29
35
May 21
107% Feb 10
3%May 22
Pitts Ft Wayne A C Ry Co.
178"
*174
1
27%May 22
Pitt C C A St L RR Co
10
73
*154
June 12
10
5
25
shares"
6%
300
Apr
No par
Pittsburgh Coal of Pa
7%
3
41®4 Jan
Hosiery.....
Preferred
4% Mar 11
25% Apr
4
per
4% Jan
3%May 18
Pirelli Co of Italy "Am
27
*6%
Petroleum
Deo
l%May 22
l%May 22
ll%May 21
30
100
Deo
7
Dec
68
No par
preferred
3%
*11634 117
117% 117% *11634 117% *11634 117%
117
117
33
33
33
33%
33%
32%
33%
33%
3334
33% 3334
*109
10934 *1093s 10934
109% 109% *109% 10934 109% 10934 10934 10934
124
123
*122% 124
12278 12278
123% 123% 123
*12178 124
*122
j
62%
*116%
33%
Phillips Jones Corp
6%
4
74
70
No par
Phlla A Reading C A I .No par
Philip Morris A Co Ltd
10
preferred
Phoenix
135
~*4%
7378
$6
PUlhlps
61
5
Phelps-Dodge Corp....
25
Philadelphia Co 6% pref...60
"3" 600
40
*25
No par
Brewing Co...No par
....I.
23%
178"
Pfelffer
35%
*23
*
preferred
7%
*38
7%
*72%
84%
40
27%
400
S16
23%
61
prior
5%
Petroleum Corp of Amer
44
35%
60%
*6%
*36
1278
*154
7s
1634
15%
*14
6%
8%
61
1334
....
%
16%
"is
6%
8%
5234
1234
*154
8%
8%
32
44
6
*174
39
%
7%
600
7%
31%
*154
178
37
7B
Y.eoo
44
135
*5
3934
124: 14%
35
*278
*38
3%
39
....
6%
100
100
preferred..
5%
Pet Milk Co
3134
%s
84%
4%
*36
23%
70
41
7b
3,270
"
441
*%8
40
*39
*52
7% y
100
1,980
20
6%
85
135
*174
*8%
4%
*154
....
178
178
84%'
*
27%
*71
84%
*4%
*36
35%
*278
6
*154
S„
| *38
*23%
I *60%
135
*6%
176
*154
11%
*1834
6%
85
9
13
20
*1834
6%]
6%
20
6%
53
Pere Marquette Ry Co.... 100
42%
9
13
""400
*9%
6%
52
Peoples G L A C<(Chlo)_.100
Peoria A Eastern Ry Co
100
26
9
*154
500
2lo
42
634
634
*8%
36%
*2
2534
5,g
36
23%
56%
7
4%
45%
*38
135
*
*4%
*38
3%
*38%
24%
58
36%
20", 300
42
3078
*4334
%
85
*278
40
I
85
35%
*2378
56%
86
36%
*38
*56%
*80
32%
%8
46
36
7%'
45
*19
19%
36%
2%
*2
22%
19%
*10
11
| *1834
634'
6%
31%
*4434
I
22%
'
8534
434
4%
*38
46%
36
33
45
85%
*si«
%
%
*4i4
*38
32%
*9%
40%
25
20
6*47%
85
*si«
86
25
67s
7%
*7%
7%
33
45
85%
3278
*4434
40
234'
*2
223«
22%
*19
36%
4
x5%
118% Jan 6
15 May 22
15
May 18
23
May 22
l%June13
5%May 21
17% May 22
ll%May 21
15 May 22
6%May 28
6%May 18
25%June 10
37%May 25
No par
Pennsylvania RR
..60
Peoples Drug Stores I no
6
7% Jan
8% Jan
Highest
48
June
9% June 25
17 conv preferred
% per share
8
71
600
% per share
96%May
46
No par
10
Lowest
6
5%June 26
May 23
No par
Penney (J C) Co
Penn Coal A Coke Corp.
Highest
2% Feb
13% July
11*4 Mar
5%May 21
10
Year 1939
Lout
2% Mar 12
12% Mar 4
10%May 13
62% Jan
5
% May 28
Penlck A Ford
100
700
4%May
64
May
6%May
15 May
100
....10
Inc
Sept 13
21
23
21
21
l%May 21
31% July 22
l3%May 22
1
500
3,300
99
100
6% 1st preferred
6% 2d preferred
3,500
17%
No par
preferred
conv
5
1
Inc
share
6% July
2%May
12 May
6% Jan
No par
Airways Corp
par
2%June10
10
15
21
16
%May 22
26%June 11
1
10
Paramount Pictures Inc
600
9
878
*15
24,500
51%
89%
*2%
Pan Amer
4%
7%
88%
«
2%
2%
Packard MotorCar
Parafflne Co
38
7%
1
1
Pacific Tin Consol'd Corp
Pacific Western OU Corp
*97% 100
7%
1978
878
17%
33
*36
9
Par
*5%
87%
9
17%
178
8%
Lowest
3
36%
*97% 100
7%
87%
834
On Basis of lOO-SAars
5%
3%
16%
8%
*36
86%
*15
178
33%
20
1%
934
7%
54
90%
9%
10
86%
834
17%
*1
Us
38
*97% 100
678
7%
86
17g
1%
*36
7%
86
33%
*1
#ll
39
8%
*15;
178
33%
*19i2
5%
6
3%
16
678
834
17i8
*15
*278
3%
*5%
*97% 100
90
*86
3
3%
5%
*36
39i2
*97U 100
718
7%
*97*4 102
714
7%
85i2
85%
834
EXCHANGE
Oct. 9
167g
*15
NEW YORK 8TOCK
the
Cct. 7
3%
39i2
STOCKS
for
Friday
Range jot Previous
Ranye Since Jan. 1
Sales
Thursday
5*4
*38
CENT
Wednesday
3%
*»u
NOT PER
SHARE,
Tuesday
Oct. 8'
2153
105*4Sept in
43
Apr
87% Oct 10
42
Apr
75
Oct
Nov
Nov
2*4 Nov
28% Sept
14*4 Jan
3
17% July 26
30% Apr
9
21% July
95*4
89*4
20%
40%
70
June 26
98
Oct.
5
63
Aug
84
Sept
39
May 27
70
Oct
4
37% July
66
Sept
70%May 21
60
May 21
7%May 21
8%May 21
7578 Mar 28
6%May 21
15% Feb 20
96% Apr
ll%May
32
June 10
44
May
52
May 22
56
Oct
578May 22
434May 22
3% Aug 8
ll%May 28
1278 Oct 10
47
Oct
9
%May 15
26
June 10
Jan
4
13% Sept 23
22% Apr
10
Sept
16% Sept
Oct
Jan
Jan
14*4
Jan
87
Dec
11%
Jan
45
Jan
68
Jan
10%
Jan
Oct
17% 3ept
9*4
34
Jan
Sept 20
9
*4
Jan
3
27%
*8 Jan
2
7$ Jan
1% Feb
42
Apr
Apr
% June
2% No?
49% Sept
Sept
3
% Aug
2
Jan
1*4 May
6
Sept
9
4*4May 18
May 21
May 21
May 21
111% Mar 28
31% Apr 26
3% May
27*4 Apr
82% Jan
10*4 Apr
Jan 30
4
Jan
17
78*4
Dec
May 10
2
98
Feb 27
48
7% Junei
Apr
35
Sept
52
July
6% Apr
6% May
7% Jan
12
Apr
6%
8*s Jan
% Apr 19
»u July 13
34
8
9%
xEx-dlv.
6
63
Mar 14
y Ex-rlghta.
6% Sept
51% Nov
109
Aug
23
8ept
f Called for redemption.
LOW
AND
Monday
Oct. 5
Oct. 7
*79
*10
10
*79
81
9 per share
9 per share
934
9%
10%
10
10%
81
78%
78%
%
*77
»ie
2%
43%
%
%
*11312
*113%
*113%
2%
*41
*113%
*109
*109
*109
*110
*3
4134
43%
*41
41%
278
3
*2%
3%
*4034
*'it
%
*«i«
%
*»u
%
*%
*4
1334
2's
82i4
H%
12
64
3«4
*%
*%
34
*3634
%
13%
2%
«2%
11%.
12
64
3%
45%
5%
37
834
8%
*1212
2
81%
11%
*11%
*60%
*3%
*45
*5%
*36%
834
*103
*5%
*1834
*1%
*23%
17%
*87
*12%
2%
81%
11%
11%
*60%
3%
45%
46
5%
6
37%
834
104% *103
5%
5%
19
2
25
17
8%
1734
*1«4
8%
1%
12%
12%
8%
2
25
17%
7934
11
11%
11%
11%
61%
3%
*60%
3%
*45
*3634
534
37
8%
8%
23%
17%
23%
17%
*87
105
112
112
16%
*7%
1734
8%
134
16%
9
16%
*87
16%
2%
44
1734
8
8%
134
*17
10
$ per share
9%
10
*76
79
*%
*i«
4134
*113%
%
%
13%
2%
7934
11
11%
61%
3%
46
5%
37
83s
18
2
24
17
100
16%
9
1734
8%
7%
134
*1%
NEW YORK STOCK
the
EXCHANGE
Oct. 11
Week
9 per share
Shares
9%
*%
234
41%
10
1,300
Sohenley Distillers Corp.....6
200
'h
3
41%
400
5H% preferred
100
{Scbuite Retail Stores
1
8% preferred
100
Scott Paper Co
—No par
600
500
94.60
....
"""20
1,700
%
13%
2
7934
2
78%
*10%
11
61%
*3%
*46
5%
*3634
8%
1,900
7,600
Seagrave Corp
11
11
1,300
Serve! Inc.-
11%
61%
3%
11%
63%
11%
64
300
*46
5%
37
834
5%
*3634
2%
24
1634
16%
*87
100
3%
46%
200
5%
500
3%
46%
37
884
8%
9
17%
*8%
8
7%
134
*12^
'I',300
*8%
734
12%
1%
*12
*55%
*7%
X55%
7%
5634
7%'
55%
7%
*7%
5434
7%
59
31%
5412
*58
59%;
59
59
58
*3134
6%
32
31%
31%
6%
31
6%'
*109% 109%
*109% 110
6%
109% 109%
4
♦14%
15%
*14%
15%
*14%
*17
18
*16%
1734
*16%
1%
334
15%
17%
17%
24%
17%
25%
16%
24%
17%
24%
4
17%
25
33%
*1%
1%
17%
25%
33%
34%
1%
1%
4
334
33%
33%
33
33%
*54
7%
57%
30%
6%
109%
1%
334
*13%
16%
1634
34
33%
67
67
65%
7
7
7
7
434
4%
8%
8%
8%
8%
8
8
7%
*5134
53
|
5234
5234
7%
734
5234
122% 122% *122% 124% *123
8
8
*8
8%
8%
18
*18
19
16%
17%
1%
1%
1%
1%
1%
13
14
1334
*13l2
14%
*24%
*24%
25%
*24%
25%
*4%
*4%
*4%
6
4%
""266
Snider Packing
34,400
So cony
4%
*4%
4%
4%
734
7%
7%
8
8
734
7%
734
8
*5184
53
124% *123%
8
8
17%
1%
16%
1%
13%
*12%
25%
24%
*4%
1934
18
19%
20%
20
7%
1734
7%
1734
7%
6%
6%
*6
6%
3434
*2%
*33%
35
4
6%
*6
6%
*4%
4%
*7
9
*10
37%
*2%
*34
*4%
7
6%
6
6%
4
7%
35
2%
3
33%
34
6
5%
-
1734
7
33%
*634
34%
35
3
33%
17%
7%
5
*4%
33%
*3%
*4%
*7%
-
4%
9%
*4%
*31%
*3%
6%
3334
2%
33%
*5%
—4%
*7%
5
33
4
6%
34%
39%
*234
*34%
3
35
*234
*34%
3
35
31%
4%
4%
4%
31%
4%
4%
*4%
4%
34%
34%
1%
4%
34
32%
1%
33%
1%
21%
18%
20%
9%
1%
*67%
2034
9%
92
28»4
48%
484
19%
7%
I84
69
*4%
4%
19%
9%
*90%
28%
48%
434
18%
*784
134
34
1%
20»4
9%
9%
*31
9%
*91
92%
28
28%
49
434
18%
7%
1%
70
92
92
28%
48%
2834
4%
18%
4%
18%
*7%
7%
17%
*7%
1%
134
1%
69
4%
49
69
4%
1%
48%
434
*67%
*4
4%
8%
*684
8%
5%
6%
1434
16
*15»4
16%
5%
♦15%
16%
*1%
2
*1%
*7%
5%
*21
8%
5%
24
*8
8%
*34
34%
12%/ 12%
7434
75%
*112% 114
1284
*84%
*80%
*1484
27%
40%
1784
1234
86
80%
15
27%
40%
18%
*7
*20
6
2
*1%
2
23
*18%
23
6
6%
*31%
*3%
*6%
33%
5%
*31%
33
*31%
33
4
*3%
*3%
4
6%
6%
33%
4
6
3384
*2%
3
*37%
*2 34
*34%
39%
1%
♦67%
*4
*634
5%
*15%
834
10%
*9%
39%
*37
3
4%
4%
32
*31
4%
*4%
4%
*4%
*678
*97g
*2%
4%
*31%
4%
32%
1%
3234
1%
1938
19%
*19%
93S
9%
48%
434
18
7%
1%
70
4%
34
*4%
1%
Jan
34
43% Sept
3
May
3984
17%
14%
40%
18%
14%
27%
39%
1734
14%
38
27%
38%
16%
17%
*51%
54
50%
51%
*18
19
18
18
1%
35
1'4
35%
1%
35
I84
35%
Bid and asked nrtces:no sales an
....100
10
(The)—.60
---26
Swift 4 Co
Swift International
Ltd
Symington-Gould Corp w w.l
Without warrants
1
Talcott Inc (James)
...-0
"""16
60
6
—6
Texas Corp (The)
26
Texas Gulf Produc'g Co No par
Texas Gulf Sulphur
No par
Texas Pacific Coal 4 Oil
10
Texas Pacific Land Trust
1
Texas 4 Pacific Ry Co
100
Thatcher Mfg
No par
6H%
preferred
Telautograph Corp..
T066
Tennessee Corp
17,100
1,600
100
100
4%
32
1,100
4%
4%
300
No par
No par
Preferred
100
Thermold Co
1
$3 dlv conv preferred
10
Third Avenue Ry
..100
100
Thompson (J R)
$3.60 conv pref
100
The Fair
3
10
50
25
1,700
Thompson Prods Inc.-No par
17.600
Thompson Starrett Co.No par
$3.60 cum preferred.No par
Tide Water Associated Oil..10
3,600
6,600
92
92
92
28%
29
29
6,600
$4 50 conv pref
No par
Tlmken Detroit Axle..
10
48%
434
48
48%
2,500
Tlmken Roller
4%
4%
4,500
Transamerlca Corp
18%
5,500
Transcont'l 4 West Air Inc..6
*7%
18%
7%
18%
*1%
*67%
134
69%
4%
4%
*90%
28
48
434
18%
<
1%
*18
1%
*7%
*1%
*67%
300
1%
*4
4%
*6%
8%
25
1%
1%
7%
"i'.ooo
11%
11%
4,000
39
38%
17%
1378
*50%
*17%
39
17%
13%
*13%
14%
50%
18%
134
*50
51
*17%
18%
134
X34
34%
1%
33%
34
t Id receivership
No par
Union Carbide 4 Carb. No par
Union El Co of Mo$5 pf No par
Union Oil of California
25
Union Pacific RIt Co
100
Union Bag 4 Paper
6,800
"2.4OO
2,600
preferred
100
Union Prem. Food Stores.Inc.1
Union Tank Car
No par
United Aircraft Corp
5
Un Air Lines Transport
5
United Biscuit Co
No par
United Carbon Co
No par
Unlted-Cair Fast Corp .No par
United Corporation
No par
4%
1,300
200
400
8,600
18%
19,700
1378
800
51
300
100
1%
18%
1%
33%
33%
a
20
3
May
May
rl7%May
16% Aug
4%May
3% May
4%May
28%May
3
14
25
21
23
22
334 July 11
5
8
May 22
May 21
36%June 27
2% June 11
13,400
5,600
Del delivery,
$3
n
preferred
New stock
No par
r Cash sale
18%
Apr
6%
Dec
Jan
2
Dec
Apr
Jan
24% Sept
25% Oct
33% Sept
Apr
22% Aug
30
38
Aug
53% Sept
35% Sept 24
20%
Apr
36
Sept,
80%
65
Apr
80
Dec
12%
Jan
Jan
8% Feb 15
8% Apr
12% Jan
12% Feb 21
17
20
40
3%
Apr
8%
Apr
6%
Apr 11
Mar
6
5% Mar
5
5
3%May 21
6% May 22
5
May 21
14
May 22
6%May 23
21%June 10
9%May 21
59% June 10
105
May 27
12
May 21
71
May 25
70
June 10
14% Oct 3
22% Jan 21
31% July
12
3
May 21
12%May 28
42%May 23
12
May 24
l%May 29
26%June 11
r Fx-dlv
7% Sep'
Jan
Apr
10
Oct
46% Sept
66
Jan
118% Sept
7% Apr
10
Apr
22% Sept
57b Sept
128% June
11% July
38%
Jan
3% Sept
22% Jan
Apr
30% Mar
10% Jan
25% Sept
24% June
37% Sept
17
4%
Aug
3% Aug
478 Aug
33%
Oct
3% Aug
4
12% Sept
9% Sept
7% Mar
43% July
6% Mar
Apr
9% Sept
32% Aug
3% Aug
60% Sept
35% Apr 11
8% Jan 8
6% Jan 4
12% Jan 8
18% Jan 8
26
Sept
7
Aug
38% Sept
11% Sept
15% Dec
24
Oct
53
Mar 21
48
61
Oct
4
Feb 16
7% Sept 23
47% Apr
4% Apr
4
4
Mar
7
23
Jan 27
12
6
May 10
97
May
29% Oct
2
52
3
7
21%
8%
2%
82%
Jan
Mar 14
Apr
Apr
Jan
Mar
6% Apr
4
4
4
7
15
10% Apr 24
13% Jan 4
25% Jan 23
4
30
Apr 4
13% Mar 14
3% Apr
45
Feb 19
18% Apr 22
88% Jan 4
116%May
17% Jan
98
Apr
2
8
8
6%
Jan
6% Nov
9
Jan
8% Sept
22%
Jan
3%
7% Apr 8
5% Apr 22
38% Apr 16
2% Jan 4
Aug
Sept
17%
19% Sept
1% Aug
4
28
26
22
26
9% Jan 3
7%May 3
6
6% Aug
5
21
28
28
21
21
21
l0%May 21
4%May 22
l%May 22
.
46% Jan
29
2
May
8%May
81
May
18
May
35%May
4%May
Jan
Oct
13%
4
8
Jan
Jan
2% Feb
25%May 28
1
May 18
Jan
5%
10%
14
Jan
Dec
June
20%
30
May 15
7%
Apr
34
June 19
June
34%
108
Apr
42% Feb 16
6% Mar 8
3
De<
16% Mar
75% Mar
4%
10
5
30
20
Dec
Jan
Jan
124% Sept
10% Jan
27% Jan
2% Jan
17% Apr
36% Feb
7% Mar
24% Apr
32% Jan
May 22
63
Apr
Oct
29
15
21
4
22
21
22
29
20
21
22
21
20
4%May
May
2%May
26% May
5%May
Jan
5178 Sep'
34% Dec
Dec
94
66%May
33
22%
8% Aug
67%
Oct
6
City Rapid Tran.No par
7% preferred...
100
Twin Coach Co
1
Under Elliott Fisher Co No par
preferred
Twin
300
11%
38%
17%
46% Aug
118%May
7%May
12%May
1% Oct
9%May
l%May 22
13%May 22
$6
200
11%
28
May 21
4%May 15
4%May 20
6
May 21
6%May 21
64
2,200
*27
66
...No par
Truax-Traer Corp..
No par
Truscon Steel Co
10
20th Cen Fox Film CorpNo par
$1 60 preferred
Nopar
33
28
May 21
Tri-Continental Corp..No pat
7%
32%
*26%
23
100
25
*18
2
2%May 22
9%May 25
12%May 21
16% Oct 10
20% May 28
29%June 1
"2" 100
734
33%
7%
Bearing.No par
Transue A Williams St'l No par
778
70
32%
13%
50%
*17%
1%
thin day
Superior Steel Corp
Sutherland Paper Co
825
1,000
74
73
7534
72%
72%
72%
73%
75%
*113% 114
*113% 114
*112% 115
*113% 11334 *113% 114
12%
13
12%
1234
13
112%
1234
12%
12%
1234
82
82
83
82
84
82
83
84%
84%
83%
79%
80
79%
80%
79%
79%
79% 79%
80%
80%
15
1478
*14%
*1434
14%
14%
1434
1434
14%
14%
27%
10c
Superheater Co (The).-No par
Superior Oil Corp—....— 1
"7" 200
500
*27%
3884
16%
*13%
...100
preferred
Sweets Co of Amer
"4",000
1138
1
No par
Oil
6%
200
5%
12
75
—-No par
No par
prior pref
No par
preferred
Sunshine Mining Co.
71)0
15%
11%
May 18
Sun
5%
12%
1
1,600
*15%
12%
Standard Gas A El Co .No par
8,900
584
8
June 10
..No par
Studebaker Corp (The)
1
1534
3334
11%
73
98
109%
2%
7%
18%
22%
26%
3%
9% Sept
70% No P
No par
1
36% Nov
Apr
No par
....
preferred
46
18% July
35% Sept
De.
143
8ept
42
Stokely Bros A Co Inc
20
60
67% Apr
11% Jan
66% Apr
40% Apr 10
7% Apr
2
No par
33
3% Sept
1% Aug
4%
Jan
May 14
46%May 28
4% May 22
May 22
26% May 23
5
May 21
No par
—
Stone 4 Webster
2,400
1,100
1,500
7
72
15% Sept
Mar
Apr
Starrett Co (The)
1,200
Apr
Apr
Apr
97 cum
-2,600
Apr
11
96 cum prior pref
900
July 29
Sept
14
14%
$4
2,300
l%May 21
3%June 12
63
13
127
Jan
36
$4 50
""400
8
3
30%May 10
16212 Apr 23
Feb
Square D Co
700
Oct
Jan
Mar 11
38% Apr
Standard Brands
1,200
10
1
May 22
47
Conv $4.60 pref
200
l%July
23% Apr 11
Spiegel Inc
1,500
12,700
15%
*734
2784
160
7%May 21
14%May 29
May 21
19
May 21
1
No par
Splcer Mfg Co—
S3 conv pref A
*6%
5%
1%
22%
No par
preferred
Spencer Kellogg A Sons No par
1,100
5%
3334
2784
Spear A Co..
Sperry Corp (The) V t c
16%
8%
No par
— 1
Withlngton
Sparks
4,800
878
9%
Sept
Jan
4%
1%
24
12% Apr
10% Aug
1% Sept
39
1,200
20
Mar
22
1,800
33
33
Sept
17»4
Mobile A Ohio stk tr ctfs 100
6%
10
Dec
21
200
278
32%
35
35
20
9%
6%
39%
*37
4%
4%
3234
1%
28
*7
4%
<0*6%
35
27%
1734
4%
*578
4%
*234
9%
92%
434
32%
6%
*34%
93s
92%
48
2%
33%
3
31
33%
*5%
33
35
4%
6%
112
Dei
Jan
1,100
33
•
Jan
Apr
Dec
23%
5
5
127
21%
1,500
*4%
10%
*19
19%
18
Oct
Jan
Sept
Apr
29%
5
5
*9%
*4%
*438
32%
1%
1634
1%
12%
24%
*4%
8
19
•
6
34
7%
14%
55
I84
35%
6
34
*18
I84
35%
5%
*4%
*1%
*18%
*51%
*14%
17%
7%
34
8%
12%
*23%
*4%
1934
34
8%
13%
24%
5
*4%
1%
6;
31
5
*12%
24%
16%
17%
4
434
1%
20%
4%
*4%
17
1%
8
8
684
7%
10
8%
17%
7%
*37%
3234
5
4%
*412
*31
24%
834
39%
4%
17
6
4%
*37%
4%
16%
1%
13%
124% *123% 124%
28%
29%
Jan
290
'•
1934
2%
37%
3
4%
31%
8%
8
52
3% JUU4
16% Apr
15% Aug
Apr
2,200
734
Feb
Jan
11% Apr
15% Apr
16.50
52
684
33%
10
4%
j 5134
124%'*123%
734
Dec
t
8% Sep
32%
10%
L 8.-No par
Sterling Products Inc
10
8 tew art-Warner Corp.——5
52
2%
107% N
23%
800
8
Apr
Apr
30%May
15% Jan
20% Jan
34% Jan
Standard Oil of New Jersey.26
4%
June 10
Aug
23%May 22
6%May 21
8
May 21
13%May 21
Standard Ot; of Indiana....25
8
15
Feb
38% Aug
17% Sept
4%
9
Jan
Oct
11%
Jan
17»2
11%
Apr
64
Dec
97i Aug
98%
Jan
Sept
7% Sept
June
6%
28
Jan
7,500
5,100
9,300
Standard Oil of Calif...No par
4%
21%
72
101
8,100
6%
Apr
43
Jan
18%
Dec
114%May
18%
11%
24%
12%
2%
16%
3%
85% Nov
Apr
3% May
May 22
10%May-22
5
May 21
Sept
Apr
51
105
10
16,700
20%
17%
2%
10%
*6%
1% June
60%
11%
10%
No par
22,800
653s
6%
3
1
3% Sept
24% Sept
70
17
34
108% Feb 7
6% Jan 10
117% May
Aug
Apr
Apr
24%
32%
34
7% Mar 13
40% Feb 13
13% Jan 4
Jan
Jan
16% Aug
120
16%
64%
4
Sept
%
May 24
24%
31%
19%
17%
6%
33%
*10
65%
53
33%
2%
33%
5%
4%
1038
35
33%
32%
33%
65%
6%
4%
684
19%
*1734
5
1634
24%
16%
12%June
105
1
10%
52% July
Aug 13
""306
73s
Oct 11
5% Jan 11
56
Apr
6
Jan
Apr
Apr
May 28
100
59
6
16% Jan U
15% Apr 9
64
%
3%
44% Sept
16
2,400
6'
6%
8%
73s
59
Apr
76% Aug
1
2
2% Mar 25
88
17% Mar
2
3
share
Aug
Sept
128
"2",700
56
*54
May 21
Jan
per
10
Corp...No par
Vacuifin Oil Co Inc. 15
South Am Gold A Platinum.. 1
8'eaetern Greyhound Lines..5
So Porto Rico Sugar
No par
8% preferred
-—100
Southern Calif Edison.
26
Southern Pacific Co—No par
Southern Ry
...No par
6% preferred
100
800
31%
6%
34
65%
6%
5
20%
*4%
*33%
*3%
31%
31%
34
7%
58
3
1% Jan
20
Highest
t
61
67
O) Corp
8
134
26
61%May 21
8% June 10
8%May 21
61% Aug 1
% Jan
share
per
100
Smith A Cor Typewr..No par
9
17%
3134
32%
6%
6%
*109% 110
109% *109% 110
*13s
1%
*1%
1%
1%
*4
4%
3%
4
4
*14
15
*13%
15
15%
17
17%
16%
16%
16%
30%
6%
24%
67
56
7%
33
34%
4%
8%
58
17
24%
34%
66%
*4%
*54
57%
32%
6634
6%
4%
6684
7%
24%
6684
*34
-
6%
4
*1%
{6 preferred
Smith (A
...
.
15
Skeliy Oil Co
Sloss Sheffield Steel A Iron.
19%
16
18
21
4
2% Apr 29
25% Sept 3
23'4May 10
1,200
*17
110% Oct 10
%May
%May
11
May
1% Sept
Jan
l%May 31
173«May'24
17
1,800
115% Jan 11
101%June 24
49
.—No par
10
Petroleum
17
""""70
% Apr 22
2%May 21
May 14
107%June 25
34
24
Simonds Saw A Steel—No par
_
14% Mar 27
85%May 9
% Jan 2
7% Feb 21
12%May-23
Simmons Co
100
7%May 21
64% July 2
$
share
per
05%June114
3%May-22
par
SimmB
,
$
share
-15
Union Oil.-
par
200
*87
Lowest
Highest
6H%
conv
preferred-. 100
Silver King Coalition Mines. .5
par
200
2%
300
13
par
$ per
Year 1939
Lots
40% Aug 16
4%May 21
34
May 29
7%June 6
Shell
1,500
par
par
24
*1%
1,000
*12
13
*12
No
No
Bharpe A Dohrae
No
13 .50 conv pref eer A .No
Sbattuck (Frank O)_._No
Sheaffer (W A) Pen Co.No
96 conv preferred
*22
12%
13
Co—No par
1
Sharon Steel Corp
500
18
18
No par
Sears Roebuck A
200
10334 10384
5%
5%
111% 111% *111% 112
17%
17%
17%
17%
*17
800
600
100
preferred
4-2%
7934
2%
No par
No par
Seaboard Oil Co of Del.No par
11
18
*1%
*22
300
preferred
preferred
78%
5%
5%
17%
*2
14
{Seaboard Air Line----No par
900
%
13%
%
13%
*18%
19%
18%
18%
18%
1834
19
1834
19
19
19%
*134% 149% *134% 149%
*134% 150
*134% 150
*134% 150
*134% 150
27
27%
27
27
26%
27%
27%
27%
27%
27%
27%
27%
8%
8%
884
8%
8%
8%
9
8%
9
9%
9%
9%
13
13
12%
13
12%
12%
12%
13%
13%
13%
13% 13%
21
21%
2134
21%
20%
20%
21
21%
22
22%
21% 22%
*16
23
2134
*20
*15%
23
22
22
26
*17
26
*20%
2
2
2
1%
2
*1%
2
2
*1%
*1%
*1%
2
*4%
5%
5%
*4%
*4%
5%
4%
4%
*4%
534
*434
534
*60%
*60%
*60%
*60%
*60%
*60%
19
19
1834
1834
19
19
*19
20
*18%
19%
*1834 20
4034
4138
40%
41
41%
40%
41
41%
4134 41%
41% 41%
31%
32
32%
32%
31%
32
*33
3134
32
34%
3534
3534
*12
Par
76
'il
»16
13%
On Basis oj 100-Share
Lowest
*113%
*110
104% *103% 104
5%
STOCK8
for
1940
12,
Ranoe for Previous
Ranoe Since Jan. 1
Sales
Friday
76
234
42
*2%
110% 110%
*8
9
*17
8%
134
*22
78
*111% 112
17
16%
*7%
1734
1«4
*53«
*3634
83$
104% 104% *103%
*5%
*5%
5%
18
18%
18%
*1%
1%
1%
105
*85
46
46
*512
*111% 112
17
*8
1834
*1%
*23%
*17
105
*17
5%
1834
♦11134 112
17
104%
13%
2%
81
*12%
2%
%
*%
*12%
2%
79%
10%
*11
*60%
*3%
Thursday
Oct.
Oct. 9
Oct. 8
%
*%
Wednesday
Tuesday
$ per share
$ per share
NOT PER CENT
SALE PRICES-PER SHARE,
HIGH
Saturday
10
Oct.
New York Stock Record—Continued—Page 9
2154
2%
1%
Dec
Dec
Sept
Nov
33
Nov
Jan
Apr
Apr
9% Aug
83
Sept
10%
34%
5
6%
6%
Oct
6
Apr
1% July
7%
41
Oct
Apr
2% 8ept
17
5%
Apr
Apr
Sept
Apr
Apr
3?8
Oct
4% Nov
33% Nov
3% Jan
18% Dec
14% Mar
96
Feb
25
Dec
54%
Jan
8% Sept
127g Dec
107g Jan
2
Mar
74
Apr
3
Apr
7% Sept
6
Apr
14% Sept
11%
4% Sept
88
Jan
Dec
26%
Jan
19% Sept
34%
Jan
1%
17%
Apr
3% Aug
35% Aug
12% Jan
6
Aug
13% Dec
65% Apr
108% Sept
94% Sept
118
July
Apr
7% Apr
34% Sept
15% Aug
81% Apr
66
19%
Jan
Jan
105
Sept
90
July
89% Feb 10
16
July 13
78
29%May 11
63% Apr 16
23% Apr 4
18
Apr 17
65%May 2
19% Apr 5
2% Apr 4
20% Mar
24% Sept
31
61
Feb 13
30% Apr
42
» Fhr-rtgfata.
Apr
Aug
Nov
7% Apr
14% Sept
I6i» Dec
18% July
52
Apr
69%
13%
Apr
20
2
Apr
3%
Oct
Mar
Feb
307g Aug
T Called for redemption
Volume
LOW
AND
HIGH
SALE
PRICES—PER
Monday
Tuesday
Wednesday
Oct. 5
Oct. 7
Oct. 8
Oct. 9
$ per share
$ per share
$ per share
$ per share
4%
4%
*2%
*33%
4%
234
35
4%
31
31
30%
71
*70
71%
11%
11%
11%
*11412 125
*115%
*10
10%
10i2
3%
*3i2
*3%
*4
*4
4%
*84l2 86
*84%
*9
9
9%
*984
10%
934
79
79
7834
178
*175
43g
*175
4%
*2712
*4i2
*734
4%
89%
5
*27%
22%
*4%
29
28%
33
*32
4%
4%
4%
1,200
United Drug Ino
2%
2%
2%
200
United Dyewood
Preferred
70%
11%
934
3%
*37g
33%
4%
*32
31%
70%
11%
*30
*4%
70
11%
*116
118
9%
934
3%
3%
4%i
37g
8534
*8%
89
10
934
79%
180
43g
32%
2234
5
4%
*27%
22
4%
7%
63%
28%
33
7%
*55
28
*31%
1
1%
19%
1%
1%
20%
19%
1%
20%
19%
76
76
74
75
73%
4%
*43g
30
| *27%
22
*22%
*4%
4%
7%
63
*7%
T
*31%
*1
1%
20%
75%
20%
63%
63%
*61%
63
*61
62
69%
*68%
*69
69%
68%
60
59
60%
123% 123%
69%
59%
01g
1%
0%
35%
46%
47%
34%
*46%
1%
1%
1%
1%
6
6
6
6
1%
eX12
*487g
59
*48%
17
17
17
62
60
*60
57%
123% 123%
35%
34%
47
1% !A. 1%
59
*48%
53%
17
17
17
60
60
1%
60
*15012 15312 *150% 153% *150% 153%
83
*80
80
80
*%
%
*14
17%
*1334
32i2
32%'
*28
32%
*28
29%
*113
114
*45
¥o"~
*27~
28
2i4
2%
22%
*22i2
*116ig 110i2
*11%
12%
*44l2 47%
34
*333g
90
*80i2
*126
165
7i«
7i«
•is
*%
%
17%
*13%
16%
33
"
♦
*27~
2%
22%
45%
¥)""
28
2%
22%
116
116%
12%
*44%
47%
33%
33%
*80% 90
*11%
*127
165
*%
%
7%
*20%
%
%
%
7%
7%
21%
21%
*1003g lOHg *1007g 101%
5
*47g
4%
4%
*28l2 29%
28%
28%
*13l2
1334
13%
13%
*7i2
*20i2
*5
5%
%
*5
*34
*15%
2%
1634
2%
*15%
*31
46
*31
1%
10%
*9
31%
29%
45%
%
2%
87
%
114
*113
45%
*80
1%
32
57%
58
3034
44
¥0""
♦
~26~
¥o"~
*25~
27
2%
2%
5
7g
*%
16%
2%
2%
*31
36%
1%
*4%
*34
15%
2%
*8%
*19%
3
2%
17%
*17
67%
*65
100
107%
10734 109
101
101%
101% 101% 101%
118% 118% *117
118% *117%
17
16%
16%
*16%
*15%
*32
1%
*1%
9
*7%
*35
3534
337g
*69%
*97%
24%
*100
*65%
*8%
137g
*5%
*102
19%
234
17
*%
19%
20
18%
22%
21%
19%
21%
*135
33
33
3534
35%
34%
£34%
£34%
3414
80
*69%
70
80
98
98
98
98
24%
25%
24
24%
*69%
98%
23%
9%
534
*8%
13%
5%
9%
14
35%
34
*105
*60%
115
*8%
97g
12%
137g
6%
6%
47g
6%
*35
45
*35
45
*20%
*1®4
21%
*20
21%
*20%
21
2
2%
4%
4%
61
5%
4%
1%
2%
4%
4
4%
4%
4%
4%
4%
60
60
1%
1%
1%
134
2
2
60
*117
*16%
«%
*14
16%
31%
¥0"
¥0"
2,200
500
40
20
400
20
'
— —
-
700
600
5%
*4%
*30
1%
9
*7%
4,800
1%
2%
36%
1%
*7%
934
100
2%
36%
..100
Vlck Chemical Co
5
100
100
non-cam pref
Victor Chemical Works
Va-Carolina
Chem
5
No par
Jan 15
May 18
5%May 22
12
...25
100
J Wabash Railway Co
100
5% preferred A
100
No par
No par
System
Co
% pref with warrants 100
110
Jan 25
Apr 25
May
514 Aug
6514 Sept
14984 Sept
4
23
Apr
13ia Apr
3iz July
684 Aug
48
July
60
Jan
17% Oct
70
41% Aug
98% May
30
11
Oct
I84
—
—
*35
45
*134
27
19%
2134
187g
21%
106
*135
136
*135
136
80
80
99
99
99
99
23%
24%
24%
24%
6
70
300
— —
-
—
—
—
20
Dec
85
163
June
140
45U
ia
Apr
Jan
78
Feb
1
Sept
21
Sept
40
Sept
40
Nov
Feb 29
16
Aug
4378May 10
3978Mar 16
117t2 Apr
16
Apr
25
Apr
109
Oct
Aug 22
Jan
Sept
347g Apr
6414 Aug
65
Sept
I8I4
2iz
Apr
17
Apr
Apr
1121a Sept
4i2 July
16% Apr
May
100
Mar
June
135
May
Deo
131
Mar
3
2% Jan
758 Apr
23%May
Ha July
5i2 Apr
15ia Apr
101
Maris
85
Jan
4
*4
4%
4%
59%
------
9%
200
7,000
2,600
*6
6%
800
5
*4%
45
*36
700
20%
17g
500
Wilcox Oil A Gas Co........6
2%
4%
1,600
2,000
Willys-Overland Motors..... 1
6% conv preferred—..—10
43g
3,000
Wilson A Co Ino
4%
4%
59%
.
*59
*117
59%
—
— —
400
88
88
30
*54
55%
55
55
52%
53%
51
54
*52%
54
54
54
400
57
58%
*55
59
*57
59
59
59
600
98% 103
79
80
20
20%
15%
14%
116
11
117
20%
98
98
*79
80
19
19
10%
34%
*10%
10%
32%
33%
90
90
90
*89
19%
18%
14%
15%
2%
2%
8
14%
14%
118
118
33%
10%
*96%
*18%
14%
119
29%
337g
20%
100.
8
%
20
147g
119
29%
33%
20%
33%
96
101
*79%
8
*19
20
14%
14%
119
450
%
119
800
800
14,700
100
10%
10%
10%
10%
400
33
34
33%
34%
10,000
*
93%
*89
93%
*89
193g
18
18
1434
18%
147g
93%
19%
14%
18%
*14%
*2%
18 %
15%
2%
15
15
*2%
2%
2%
2%
*2%
$6
.No par
—No par
preferred
Wisconsin El Pow 6% pref.
—
30
94
34
20%
Prior preferred
Corp—1
No par
20
17g
2%
4%
4%
*117
29%
33%
20%
White Rock Mln 8pr CoNo par
White Sewing Mach
20%
*88
29
1
17g
2
88
20%
29
Mfg(The 88)-20
20%
88
33%
29
par
White Motor Co
$4 conv preferred
....
90
28%
White Dental
100
200
1,900
1,100
200
Woodward Iron Co
Woolworth (F W)
Co
100
—10
10
Worthlngt'n PAM (Del)No par
7% preferred A..
...100
6% preferred B.
100
Prior pref 4H% series.. 100
Prior pf 4M % convserieslOO
Wright Aeronautical...No par
Wrtgley (Wm) Jr (Del)-No par
Yale A Towne Mfg Co25
Yellow Truck A Coach cl B— 1
Preferred
100
Young Spring A Wire. .No par
Youngstown 8 A T
No par
5H% preferred ser A
100
Youngst'n Steel Door—No par
Zenith Radio Corp
No par
Zonlte Products Corp.—1
II4
Dec
30
Feb
l*g Nov
0ia Apr
19U Apr
1434
9
8
Oct
3
253gMay
3
105
Bid and aaked prices: no sales on this day.
$ In receivership,
a
Def. delivery.
n New stock,
r Cash sale.
Jan
68
July
378
Jan
1384 May
Apr
July
28ia
Jan
79
Jan
Jan
Oct
85
Apr
95
Apr
107U Deo
112ia Deo
88
Apr
100
Deo
1051a Sept
1512 Nov
115
Nov
19i8
Deo
Apr 29
June 10
407g Apr
2%May 15
4i8May 18
Jan
20ia
23g
8% Apr
312
Apr
**8
Deo
2
Sept
107a Apr
18% Apr
82iz Apr
126
May
T0% Apr
15U Apr
37
Sept
5
1
i4May 15
14%May 22
16i4May 21
76 May 21
110 May 21
4
Jan
28*4 Jan
28ia Jan
Jan 20
118
Jan
138
Jan
378gMay
Apr
Apr
3058 Nov
084 Sept
11% Sept
3714 Sept
121
Sept
145
Mar
28ia Dec
3914 Deo
39ia Deo
2878May 21
38% Feb 13
3914 Jan 3
*29
Apr
60
May 28
70
July 29
42
July
85
May 24
99
Oct 10
74
Apr
97
9
15%
Apr
387b
Oct
38
Jan
35% Apr
3
Jan 15
3«4May 21
45
June
7
116
Jan
2
2
80
Jan
80
Jan
71
Apr
6
45
July
78
Oot
11% Apr 10
7i4May 3
57% Mar 8
247gMay 2
3% J anil
3iz Apr 22
684 Apr 13
73g Apr 22
70
Mar
6
8ia Deo
7
Apr
14
Sept
23g Aug
1
June
288 June
27g Aug
32
15
Aug
Apr
36
June 17
100
Oct
Sept
10i2 Apr
47ia July
60
July 25
95
Oct
43
23ia July
31ia Apr
June
5
53
Oct
39
June 17
60
Oct
91
June 10
129
73
May 23
15%May 28
9«4May 21
98 May 25
6%June 10
26%June 10
80
May 28
l2<aMay 21
8%May 21
2
Mar
1
7
318 Sept
I84 Aug
14
55
29
12U Mar
15»4 Oct
Apr
105ia Apr
121% Mar
307g Oct
42U AIM:
247gMay
1534May 21
30 May 18
l3%May 21
* Ex-dlv
y
Oct
Oct
llU Apr 18
1
1484May 22
1*4 Oct 7
li2 Jan 5
Oct
115
14% Oct
4
75
May
Jan
4»8 Nov
3484
20i2
4U
3ia
014
77b
Nov
Deo
Nov
Feb
Feb
Sept
0014 Nov
Sept
31*4 Sept
60*8 Jan
115
23 ig
Jan
74
Oct
69
Oot
19U Jan
4
118s
Apr
38ia
53ia
124ia
85ia
3314
217i
1261a Sept
4
98
Apr
127
03
Apr
Apr 26
25
Jan
3
14
Apr 16
4814 Jan 3
93?gMay 10
28ia Jan 4
17»4 Apr 8
43, Apr 22
85
Apr
75
Mar
18*4 Sept
9ia Aug
30
Apr
74
May
17
12
Apr
Apr
2
Aug
Ex-rights.
Sept
Sept
Nov
Dec
Mar
Oot
Nov
2114 Jan
603g Sept
92
Sept
34
Sept
22 ig Jan
37i Sept
8
—
■+
—
!
4
«
«
f
•
Jan
Mar
Oot
5514 Aug
4
27S
078
Jan
75
Jan
147g Mar
44
24%
3284
384
Apr
Sept
16
17g
Oot
3584
20
1101a Apr 12
8
238s July
98i2 July
914 Jan
6084 Jan
20% July
3i2 Dec
4
Jan
Sept
37g Sept
Deo
Dec
47g Feb 23
293g Apr 16
24
Jan
18%May 21
9334June 13
61 May 29
734 Aug 16
7i2May 21
45g Mar 23
3%May 22
30
3
Apr
par
3,900
Jan
2% Sept 13
1234 Sept 13
3 Ha Jan
5
2884 Feb 7
20U Apr 22
120
30
100
100
6H% conv preferred
Wheeling Steel Corp.—No
6% preferred
$5 conv prior pref—No
50
115
400
5% conv preferred
Wheeling A L E Ry Co
414 Feb 19
108
2734May 21
300
7
21
June 10
Westvaco Chlor Prod—No par
3,800
9% Jan 10
1% Jan 10
90
26
13%
5
60
4
Apr
3084 Sept
14ia Oct
25ia Jan 10
90%May 22
Weston Elec Instrument. 12.50
9%
6
1st preferred
Sept
101
l08%May 23
11
May 21
KWgMay 17
700
13%
45
4% 2d preferred....—..100
July
15
Apr
165g Feb
21
118
Mar
6Sg Jan 3
36% Jan 11
3
Sept
2984 Deo
684 Sept
3384 Sept
84 July
04ia
125
10
Aug 26
65
13g Jan
3 May 22
18i4May 22
June
50ia Aug
Jan
71
91
1101a July
4414 Deo
Jan
120
59
Oot
60ia Sept
Sept
31s4 jan
l3i4May 21
14 May 21
2%May 21
15%May 22
2%
Deo
4% Jan
May 22
l2May 21
3%May 16
22
May 23
20 May 21
Sept
8% Mar
Sept
July
62
30
4
038 May
1% Apr
17
3112 Mar 14
3%May 21
%May 16
1312 Aug 30
2
May 15
82% Sept
1207g Sept
37ia June
4684 July
64
49%May
June
Jan
Apr
19
Western Pacific
Westinghouse Air BrakeNo par
Westlnghouse El A Mfg....50
-------
70
100
% pf_ 100
West Va Pulp A Pap Co No par
6% preferred
100
Western Auto Supply Co—10
Western Maryland
....100
3,700
3,700
120
*66%
100
preferred..
preferred
3,900
9%
*134
4
35%
33%
7%
6%
WestPennPowCo
6% pref.. 100
Western Union Telegraph.?00
13%
*4%
59
100
90
33%
33%
*34%
33%
*69%
*36
20%
1%
230
200
105
4%
—
118%
17%
104%
105
6%
170
108%
101%
104
9%
13%
'AO—
$4 conv preferred
No par
West Penn El class A..No par
80
5K
4%
*117
100
4%
734
*66%
*9%
13%
par
66%
100%
5i#
*100
par
Webster Elsenlohr-___.No par
*7%
115
par
par
Wesson Oil A Snowdrift No par
716
2
59
—
1
par
500
7%
2
2
60
—
70
Wayne Pump Co
300
*3g
115
6
Warner Bros Pictures
600
27g
7%
35%
34%
.....100
17
17
1,500
1,700
1,100
*34%
3334
*69%
preferred
5
27g
34
7%
Waukesha Motor Co
20
*33%
Ward Baking Co cl A..No par
Class B...
No par
500
*19
19%
......No par
600
19
22
No par
Preferred
17
19
1834
21%
Walworth Co
Walk (H) Good A W Ltd No par
June
Mar
Nov
May
Jan 22
35
Sept
*70
July
9
Jan 15
48
Oot
Mar
37ia
6'8
5234
11434
08ia
40
Mar 27
118
1514 Sept
9
112
60
10ia Sept
12
159
19
Sept
39
»4 Apr
June 26
Apr
Jan
20
24
24
Jan
Mar
49
8684
Sept
778 July
35ia July
293g Sept
32% Sept
3i.% Oct
lig Dec
31U Apr
Sept
Oct
14
180
07
71
39% Apr
48U Feb
234 Apr
75g Apr
2ia Apr
61
Apr
_
Jan
113
Apr
65
683g Jan
6i4May 21
l0%May 22
Apr
40
Apr
125
7i« Oct
7% Sept
11
1714 Sept
1*4 Jan
41% Jan
April
__
Sept
Mar
117
3634June
28i2May 29
Nov
14
5
38% Jan
l%May
Sept
15
107g Sept 23
1038 Jan 3
35izMay
6Q84 Jan
60
Aug
89
Aug
584 Mar
95
117U June
87ia Mar
39
May
Apr
Feb
8i8 Sept
June
1234 Apr 23
July
®i# Oct
0%
384
74
35iz Sept
75
74
6
Apr
Sept
share
7ig Mar
884 Jan
May 11
7% Apr 23
25 May
22%June
112
May
preferred
11
9
28
June 24
May
May
6%
6
Oct
%May 21
5
Vulcan Detinnlng Co.....100
3
Jan
9
32s4Mar 11
June 26
14
25
Jan
15
6% Mar
l2i2May 24
45
May 24
l3434June 8
June
857g
118
89
2134June 11
27%June 14
%May 3
15 May 21
68%May 22
39i4May 23
60 May 22
42
May 21
103i2May 21
3012 Aug 16
42i2June 5
lizMay 22
5i4May 28
1 May 18
69
3
182%May 14
May 21
Aug 19
41
Jan
97
5
May
234May
2512 July
14 May
3%May
35
1334 Mar 12
7ig Apr 10
7ig Jan 3
3 May 21
3% Aug 24
80
109
preferred
65t2Mar 14
6% Jan 3
June 10
6
100
6%
9
Oct
Va El & Pow $6 pref..-No par
Va Iron Coal A Coke 5% pflOO
24%
90
2%
7% 1st preferred
100
95
90
100
27
24%
*65%
100%
108%
101%
*117%
100
1,900
*90
*19%
15%
2%
100
$3.85 conv pref
No
J Warren Bros Co
No
$3 convertible pref—No
Warren Fdy A Pipe
No
Washington Gas Lt Co.No
*16%
i
115
500
24%
1634
17%
100
100
16
24%
1634
3
100
7g
*84
*26
*2%
900
5%
*4%
*15
27
*25
3,400
95
19%
15%
No par
preferred
Vanadium Corp of Am.No par
Van Raalte Co Ino
5
500
*90
92
8%
No par
Universal Pictures 1st pref. 100
Vadsco Sales
No par
Walgreen
20
19%
*15%
*2%
5
preferred
conv
Waldorf
21
*88
56
700
100
*10%
34%
No par
United Stores class A
600
*95
15
15%
*115% 117
10%
1034
34
3434
34%
Conv pref (70c)
Preferred
-
100
116
25
1
Virginia Ry Co
*95
116
preferred
Unl ed Stockyards Corp
6%
""".300
28
98
21
par
100
Vlcks Shreve & Pao Ry
"
*
*25~
28
500
45%
*44%
33%
21
No par
4,700
32%
31%
98
59%
59%
*98% 104
79%
79%
50
Preferred
33%
20%
58%
*98% 105
*79%
80%
2034
2034
15%
15%
50
U 8 Tobacco Co....
16%
110
587b
A Mln
No
100
%
*%
110
33%
20%
100
U 8 Steel Corp
Preferred
10
115
34
21%
U 8 Smelting Re
Preferred
10
85
*81
85
*100
21
30%
34%
21%
10
let preferred
Universal Leaf Tob
16
125
3334
30
.No par
U 8 Rubbo'Co
200
51%
*100
30%
JU 8 Realty & Imp
*59%
6234
*59%
6234
157%
150% 150% *146
49
4,200
8,400
4,400
29%
io
3,500
*2%
98%
23%
*66%
*9%
127g
6%
47g
20%
1%
2%
4%
*117
*117
115
70
5
5%
600 i
20
Universal-Cyclops Steel Corp 1
*
33%
34%
*70
45
*59%
139
*35%
34%
14
0%
32
6
U 8 Playing Caro Co
7%
418 Deo
64U Deo
3U Apr
25»4 Apr
62ia Apr
48
600
31%
103% 104
33%
70
900
Mar 13
100
17%
7I6
19
132% 135
*65
1%
412 Aug
6
278May 21
25ijMay 22
60 Ma: 21
10%May 22
107i2June 6
Highest
share $ per
per
7i4 Apr 11
Sept 23
cl A—No par
500
8
21%
103% 106%
33
6734
100
18%
107% 108
70
*6
50
$
334May 28
23
21
17
21
21
5
Year 1939
Lowest
2
June 10
U 8 Pipe & Foundry
8%
$ per share
50
5*$ % conv preferred
oonv
$ per share
165
U 8 Industrial Alcohol-No par
U 8 Leather Co
No par
Partlo &
Highest
20
49
1*17
21
135
5
4%
4%
100
*7%
*4
*35
2
*65
716
115
1%
134
67
*65%
100% *100
108
107% 108
108% 108%
102
102
101%
101% 101
*117%
119
t*117% 119
119
*16
*16
16
16%!
16
17%
104% *102
104% *102
104% *102
26%
*26%
26% 26%
26%
26%
4
4
4
4
4%
4%
100
7%
*105
1%
7g
17
*%
115
57g
157g
2%
36%
1%
80
98%
24%
5%
*34
*2%
7%
34%
230
1534
2%
19
7ie
34
34
47
7g
234
17%
6734
26%
135
33%
*46%
*14
5%
20
27%
4%
8%
22
*33%
35
15%
2%
36%
1%
20%
34
59,900
12334 124%
134
_
Lowest
100
_
preferred
Range for Precious
Lou
'
*19
34
300
.
20%
*%
200
*%
2%
*19
8
62
67%
597g
2%
2%
2%
*21
22
22
21
22%
2134
21%
*20%
*116
116% *115% 117
*115*2 116% 115% 115%
12
11
*9
12
11%
10%
*9%
*8%
*46
47%
£44%
47%
*44% 47%
*4514
47%
35
35
35%
*33%
*33%
*33%
34% *33%
94
90
90
*85
94
*85
90
*80%
*127
165
*129%
*127%
*129%
716
7i«
*%
%
*% :." %
*%
%
%
*%
34
%
%
*%
34
%
7
*7
*7
7
*7
7%
7%
7%
21
20%
*20%
20%
20%
20%
20%
20%
997g 100%
*977g
9934
100% 100%
99%
99%
4%
4%
4%
4%
4%
434
4%
4%
28
28
28
28
28
283g *2734
28%
*13
*13
*13
13%
*13%
13%
13%
13%
2%
17
7i«
♦*8
20
19%
22%
22%
108% 108%
*132% 135
*60%
67%
58%
69
47
*25~
25
8%
61%
35
*81
27
*10%
107
3,800
*46%
*1%
16
44%
*24%
*2634
4%
2,300
15,800
76
44
45%
17%
*102
1%
20%
75
44
45%
24%
27%
4%
8%
1%
20%
74%
10
16%
107
1%
20%
100
24%
27%
4%
33
28
17%
*102
Y,66o
28%
114
24%
100
28%
1
par
Prior preferred
*27
*17%
100
600
*113
*24%
*65
7%
No
U 8 Hoffman Mach Corp
03%
28
2434
17%
65
7%
100
114
*17%
65
1,400
4%
*27
*25
*99% 100
10734 10734
23
*4%
*113
25
*17%
100
23
28
25
*234
17%
30
114
27
3
800
28
*25%
17%
5
7%
c
10
U 3 Gypsum Co
50
2,100
1,000
*48
31%
800
3,600
*113
27
,*27g
30
23
58%
58%
122% 12334
122% 123
34%
34%
46%
46%
1%
1%
*534
6%
1%
1%
*4634
51%
17%
17%
*59%
6234
*150% 153%
85
*80%
%
*%
*1334
16%
10%
26%
*25l2
*24%
16 first preferred
No par
U 8 Dlstrlb Corp conv pref. 100
U 8 Freight Co
No par
29
5
9
U 8 & Foreign 8ecur
100
114
16
46
United Paperboard
200
114
5%
%
1%
300
37g
29
*31%
No par
3%
*4%
33
6
United Mer <fc Manu Inc v t
92
*48
United Fruit Co
6
7C0
29
8%
100
United Electrio Coal Cos
United Eng <fc Fdy
10%
37g
434
10
United Gas Improv't—No par
$5 preferred
No par
*3%
*86
6
Cofp
500
7,700
*28
16%
2%
9
900
11%
*9%
5
28%
33
*68%
47%
1%
200
10%
28
28%
69%
3534
8 534
1,200
117
*116
97g
3%
37g
120
4%
31%
70
6934
11%
11%
63%
63
*U2
*30
70
117
32
*4%
4%
*48
*62
■*3434
47l2
32
33
31%
10
*8%
9%
9%
*9%
934
9%
9%
75
76
74%
75<4 7634
76%
178
178
*177
180
*177% 180
*8%
*6812
593g
12334
Par
*2%
4%
Range Since Jan. 1
Shares
$ per share
2155
On Basis of 100-S/»ar«
Week
*4%
73%
61%
*123
EXCHANGE
"
7%
*55
share
NEW YORK STOCK
the
2%
*8534
9
per
11
8TOCK8
for
43g
32
3%
4%
$
Oct.
Sales
4%
118
89
1
>
Friday
Thursday
Oct. 10
,
*2%
*30
10%
4%
8%
63%
1%
20%
76%
77
*175
*734
2834
125
3%
10
5
*32
31%
70%
11%
*3%
*85
79%
32%
33
4%
2%
33%
4%
8%
9%
22%
29
10
9
*4%
29
*115
1034
3%
22%
*32
7C%
11%
11%
*27%
*55
*30
71
-----
5
63%
1*8
20i4
7012
4%
30%
22
8%
*58
4%
2%
33%
4%
180
*4%
32%
22
4%
2%
35
Record—Concluded—Page 10
SHARE, NOT PER CENT
Saturday
45g
*2%
*33%
4l2
/
New York Stock
151
n
1 Called tor redemption.
Oct.
2156
12, 1940
Record—New
Bond
York Stock Exchange
FRIDAY,f WEEKLY AND YEARLY
NOTICE—Prices are "and interest"—-except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the range for the year.
The italic letters in the column headed "Interest Period" Indicate in each case the month when the bonds mature.
•*"
•5
BONDS
N. Y. STOCK
Friday
Week's
Last
Range or
Sale
1
Friday's
Bid
Asked
A
es
Low
No.
bS
EXCHANGE
Price
Week Ended Oct. 11
Government
United States
| ^
High
*120.11 120.15
Friday
Week's
Range
BONDS
Last
Range or
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Jan. 1
Week Ended Oct. 11
Price
Low
High
121 6
1172
a
0
j
D
113.28 113.28
113.28
1
111.181150
M
8
114.20
114.20
1
111
M
8
102.13
102.13
5
102 10 104.24
*108.7
108.10
1« 115.9
107 10 109.30
J
d
f
A
*103 4
103.7
a
0
108.15
108.18
40
A
O
109.13 109.12
109.13
3
J
d
112.1
112.1
26
108 23112 13
j
D
112.21 112.21
112.31
24
109 14113.10
111.11
111.11
1
111.14
111.20
13
107 20 111.30
109.3
21
104 20 109
J
d
111.28
-mm
^
m
M
108.21 108.21
8
m
109.9
109.10
U
*109
109.4
J
108.7
d
108.7
107.23 107.23
m
_
87
108.22
24
108.5
J
d
107.13
107.13
107.30
j
D
107.13
107.13
108
j
d
108.24
108.24
15
108
1
107 12110 1
U
J
D
111 22
108.6
10
m
108.20
m
106.21
14
106.23
110
106.15 106.15
Oct 1961
Jan 1961
16 108 30
103 24 108.12
103 13 108
107 3
104 4
105.24 105.24
105.27
d
104.20 104.20
104.25
101.25 101.25
102.4
4
8
18
102 28 105 30
101
13 104 25
101.25102.4
Federal Farm Mortgage Corp—
16 1944-1
Mar
3HS
3s
Jan
2 Ha
Mar
M 8
*107.28
mn
107.25
108
4
105 20 108 21
j
103.21
103.21
1
103
J
16 1942
1 1942-
108.1
105 22 108 24
1 1944
May
M 8
*103.10 103.21
----
103 9
105.2
mn
107.14
107.14
2
1054
108.12
J
103.14
j03.16
18
103
1
104 25
102.7
102.7
100.5
102 17
J
2 Heseries G
19421946-1947 J
...
1 Hs series M
d
—
2
1946 M AT
♦Binklng fund 7s of 1926
1947 r
a
...1952 J
D
City
Transit Unification Issue—
J
d
96 X
97%
97 X
803
Govt.
&
88 X
97 X
•Gtd sink fund 6s
A
1948 A
o
-.1947
♦Gtd sink fund 6s
m
h
I 7s series B
1946 j
f 7s series C....1946 j
J
s
s
♦External s f 7s series D
1945 J
♦External s f 7s 1st series... 1967 A
J
•»■*» *
^
m
m—m
«'«,«
J
f 7s 2d series. 1957
a
0
♦External
sec s
f 7s 3d series. 1967 A
0
Antwerp (City) external 5s
W
mm
1972
1956
External 6s of 1927
1957
External g 4Hs of 1928
♦Austrian (Govt) s f 7b.
1966
1967
A
O
j
J
m
8
W
20
20
1
*20
25
__
*25
33 h
9%
9X
*9h
*9h
9%
10 h
*8h
*8h
10
*8h
10h
10h
79%
77
79 X
60 h
60 h
65 x
60 h
70 h
05
60 H
60 h
49 X
J
mm
m
mm
m
m
2
20 h
28 H
29
40
06
20
8
15h
7H
10
7 H
16 h
♦Bavaria (Free State) 6Ha. —1946
f
Belgium 26-yr extl 6Hs
U
1949
1965 J
J
f 6s
A
S
45
j
45
d
External 30-year s f 7a
1966
A 0
♦Berlin (Germany) s f 6 Ha
1960
♦External sinking fund 6s...1968 J d
7 X
15h
7 h
14h
mm
7h
14h
m
mm
7%
14h
m
18 h
77
36
70 h
90 h
38
61h
96
83
54 h
87 H
87 X
6
♦7s (Central Ry)
65 X
40
51 X
66 h
15
39
91
50
17
38
90 h
45 H
50 h
67
34
84
10h
12
11
55 h
6h
Sinking fund gold 5s..
20-year s f 6a
♦Budapest (City of) 6s
Buenos Aires (Prov of),
J
d
F
a
1960 J
jd
J
d
1958
1962
♦6s stamped
1961 m 8
External
1977
1976
1976
1975
1984
f 4H-4H8
Refunding s f 4H-4Hs
External read) 4H-4HB
External
s
f 4H-4Hs._
s
t f bonds
m
m
12 h
22%
26
18
45
50
4
32
50
5
30 h 100h
35
108
a 44h
49
M
—
m
44
26
s
12
22
26
24
25h
13
7h
25 h
14h
14
14h
57
10 h
23 h
11
10
X
11X
11X
50 h
12
43
8h
18h
12x
8
8h
18h
12 h
25
53
6
33
48
53
5
33
60
63
12
42
n%
11X
60
8h
8h
8%
11
*55
8
26
8h
0
20
21
"1"9h
F
J
Sinking fund 5Hs—Jan 16 1953 J
♦Public wks 5Hs...June 30 1945 J
♦Czechoslovakia (Rep of) 8s—.1961 A
♦Sinking fund 8a
B
1952
Denmark 20-year extl 6s
1942
ser
1968
"71"
Dominican
1st
ser
4h
10 H
65
38 X
65 h
Finland
1940
20 H
39h
63 h
O
15H
49
65H
85
100
101
18
13
101H
31
102 H
103H
100
93
101H
53X
61X
102
98
—
11
31
35
33
33 h
9
30
32 h
17
Oovt International—
♦5Hs of 1930 stamped
59
58 h
60
♦7s
63h
63h
58 h
64
23 h
25h
75
76
76H
1
63H
5
68 H
12
11H
75H
75
25H
♦tCons Agrlc Loan) 6Hs
♦Greek Government
♦7s part paid
A"o
15
9h
J
s
11h
9
17h
20 h
110
9h
11X
11
22 h
68
68
68 x
5
24
25
25h
25%
8
*7h
J
♦Hungarian Land M Inst 7 Ha. 1961
♦Sinking fund 7 Ha ser B
1901 MS
Hungary 7 Ha ext at 4hb to
1979 F A
7X
28
*7
9h
h
78 H
182
58
1905 MN
48 h
44
55 h
♦Jugoslavia (State Mtge Bk) 7a 1957 A O
♦Leipzig (Germany) a f 7s..
1947 F A
♦Lower Austria (Province) 7 Ha 1950 J D
8X
1964 J
D
1954 J
"24h
h
m
25
78
80 h
83 h
61
58 X
96 h
89
Milan
81h
82 X
35
59 h
88 h
Mlnas
9%
4
8
8
26
*12h
m N
♦External sinking fund 6s._. 1960 A o
1960 A
o
♦Extl Binklng fund 6s..Feb 1961 F
♦6s assented...—....Feb 1961 F
♦Ry extl a f 6s
Jan 1961 J
A
-
-
-
11
-
j
0
11 X
4
*5
9h
22 h
s
f 0 Ha
(City) 7a
♦0s series A
New So Wales
26
10
23
12
17
11
14h
20-year external 03.
12
17
External sink fund 4 Ha
h
External
s
Norway 20-year extl 6a
14h
External
17
4s s f extl loan
10 h
14h
Municipal Bank extl
.rn.mm.m-
12h
12h
1
12
17
11h
mmmmrnrn
♦12h
10
h
2
10 h
14h
11
11
11X
7
12 h
10 X
14h
12h
12h
4
12h
11
12h
11h
11
10
14h
12h
12h
1
12
11h
11h
5
10 h
16h
14 h
12h
14
16h
17
25h
27h
*7X
8H
7%
1952 A
O
s
F
A
Apr 1958 A
O
1943 F
A
1944 F
A
(State) extl 6a.. 1967
f 6s
12
8
15
IX
IX
25h
7%
f 4Hs
1956 M 8
—1905 A O.
1903 F
s
"46 ""
47
"32h
91H
70
12H
26
17H
12
15H
7
14H
53
82 X
8
18
70
IX
1
IX
IX
H
IX
H
2
23
50
♦44
56
4X
4X
53 X
12H
12X
44
71X
40
71X
54 h
56
12
33H
90H
58 h
62
16
35
89
46
47
4
29
97 H
46 h
33
47
10
97 H
34
12
29 H
23 H
32 h
34
8
20 H
33
33 h
8
20
80
21H
80
9H
26
D
*27
1952 F A
24
f 6s.—1970 /
♦Nuremburg (City) extl 6a
A1
7h
*45
1959 UN
10
5
11 h
11 h
♦Montevideo
11h
11
*12h
0
♦External sinking fund 6s... 1963 mn
♦6s assented
1963 mn
*i2h
15h
♦Sec extl
27
11
11
a
J
♦6s assented
Jan 1961 J
♦Extl sinking fund 6s.-Sept 1961 m 8
♦6s assented
Sept 1961 m 8
♦External sinking fund 6s... 1962 A
♦6s assented
1962 a
11
1
32
-
IX
1X
72
X
1*
*1
IX
1959 M S
1952 J D
26
70 h
1X
1958 M 8
10
33
IX
J
♦Sec extl s f 0Ha..
14h
26
*15
1945
(City. Italy) extl 6Ha
Geraes (State)—
7
D
1933
49
44
8
"j'j
♦Assenting 4s of 1910
|*Treas 6s of '13 assent
96 H
93 X
148
1 X
1945 Q
1954 J
155
10
IN
♦Assenting 6s of 1899
♦Assenting 4s of 1904
72
*10
92
34 H
75h
61
22 h
.
24
45
58
22
22
~
m
0
32 H
66
60
22h
1960
f 6s...Oct 15 1960 a
♦6s Apr. 1937 ooupon on.. 1960
•Chile (Rep)—Extl a f 7a
1942 m N
9
9
20
54 H
124
5
5H
23
93 x
18
mmmm
!
10 X
9H
6H
62
80 X
93 X
27
0
26
100h
26
5H
24 h
91 h
24
1
25
85
8
mm
12
*1X
J
mm
42H
69h
1960 m
1960 j
25 X
30
39
D
7h
25
75
38 h
D
'47 M 8
♦Italian Public Utility extl 78—1952 J
J
Japanese Govt 30-yr s f 0 Ha... 1964 F a
♦4Hs stamped assented
1943 UN
♦Mexico (US) extl 5s of 1899 £.1946 Q
J
6
7
10
22 H
28%
1951 J
ser B
Mexican Irrigation—
9h
25h
60
16H
90
mmmm
28
28
65
21H
2
7%
9%
15
9X
1
8h
8h
*7
*54
i960 MN
5s
s f
10
50
*45
14
80 h
26
20 %'
9h
107
18
9
7H
10H
8
83
6H
mmmrn
18
11h
81h
m
3
12
j
m
6
*10
93
m
"lOH ~25~X
11
*10
93
m
20H
17
15
j
98 X
m
8H
5H
3
26
UN
%
92 H
109
11
J
1946 J
MS
f g
♦Medellln f Colombia) 6Ha
Mendoza (Prov) 4s read)
mm
25
11
o
O
♦7s secured
138
9%
*15h
14h
o
♦Heidelberg (German) extl 7Hal950 J
45 h
101h
9H
40 H 105
92
7H
Helslogfors (City, extl 6 Ha
1960 A
Hungarian Cons Municipal Loan—
♦7 He secured s f g
1945 J
67 h
09
10
63 H
80
45H 118
15h
15h
26
a f 6s ser A—.1952 a
(State 6s)
1940 a
31
J
d
9h
19h
(Republlo)
40
1968 m N
J
For footnotes see page 1161.
68
1968
6
«
3
1968 FA
4
—
31
mm mm
mm
7
40
40
106
1964
33 X
1967
♦68 assented
f ser
52
1954 J
1942
a
Extl sinking fund 6 Ha
74
m
1
55
mmm
*45
D
1958 J d
7s..1964 UN
♦Blnk fund secured 6a
♦6e part paid
33
1944
♦7s assented
J
7
25
53h
*21
63H
55 H
75H
58 H
mmrn
47 h
24
55
18H
17 H
65
8h
29h
"47 h
73
20
65 H
65
l»49
52
J
30-year 3s
30-year 3s
unstamped
66
92
13H
1
62 H
65
8h
1965 /
♦6Ha unstamped..
1965
♦5 He stamp (Canadian
Holder)'65
♦German RepextJ 7sstamped.. 1949
41
98
14H
8H
German
32
—
81H
8H
65 H
1949
50
J
•Carlsbad (City) 8s
♦Cent Agrlo Bank (Ger) 7b
♦Farm Loan s f 6s...July 16
♦6s Jan. 1937 ooupon on..
1949
7s unstamped
46 X
.
62
104
70
74h
13
63
1941
46 X
j
21
100
*
J D
7H» unstamped
0
A
•
97 H
...
74h
A O
A O
M N
♦Frankfort (City of) a f 6H8...1963
French Republic 7 Ha stamped. 1941
A
J
10
3
102"
A O
M 8
M 8
4
1961
20
71
*10h
♦10h
1945
(Republic) ext 6a
50
95
1
71
i00
74 h
J
1940 A
5H# of 1926
Customs Admin 6Ha 2d ser..1961
6 Ha 1st series
1969
6 Hs 2d series
...1969
Italy (Kingdom of) extl 7s
Italian Cred Consortium 7s
65
92
34H
34
26 X
27 X
26 H
52 H
15H
20
9
*14
1955 F
Irish Free State extl
87 X
67
92
15H
2
14
1hh
51
33 X
25H
22 X
53X
3
A
Apr 15 1962 A O
Rep Cust Ad 5Hs..1942 M 8
External gold 5 Ha
External g 4Ha
47
J
6H
12 H
22
1977
47
j
13
23
1949
78
46h
mn
17 X
8H
19h
4 Ha external debt
79
46 h
Aug 15 1946 f
25-year 3 Ha
7-year 2 Ha
a
20
*20
"26"
External loan 4 Ha ser C
a
Canada (Dom of) 30-yr 4a.... 1960 a 0
6s
1952 MS
♦Farm Loan
50
*100%
F
1967 J
I 7s
♦Stabilization loan 7 Ha
10-year 2Ha
32
20
*101
♦Hamburg
102 h
Bulgaria (Kingdom of)—
♦Secured
27 k
27H
20
A
12
25
1952
m 8
1957
Brisbane (City) s f 5s
3% external
26
26M
German Prov & Communal Bks
52
*
m-mm
♦Brazil (U 8 of) external 8s
1941 J D
♦External b f 6 Ha of 1926...1957 a 0
♦External s f 6 Ha of 1927...1967 a 0
s
26
1949 F
Haiti
s
"25
26 X
1944 M 8
External 7s stamped
mm
mm m
20
mm* *-
1
9%
11x
19 x
m
M n
j
*
D
m N
8 f external 4 Ha
...1971
8 f extl conv loan 4s Feb
1972 F a
8 f extl conv loan 4s Apr
mmm
„
»
1958
Argentine (National Government)—
m N
8 f external 4 Ha
1948
Australia 30-year 5s
mm
mm
O
sec s
J
mm m mm m
J
♦External
External
25 h
10
13 X
9
3
6
24
♦Ei Salvador 8s ctfs of dep
1948
Estonia (Republic of) 7a...—.1967
f
Akershus (King of Norway) 4s. 1968
j
♦Antloqula (Dept) coll 7s A...1946
♦External
"3
~~9h
Municipal
Agricultural Mtge Bank (Colombia)
♦External
4
10
External 6s of 1914 ser A
♦Dresden (City) external 78—1945
Foreign
14
9
14
1951 UN
♦Coeta Rica (Rep of) 7a
Cuba (Republic) 6s of 1904
2d series sink fund 5 Ha
New York
10
11H
16 105.15
Bome Owners' Loan Corp—
3s series A
11H
10h
12
13H
13H
107 2
104.23
D
16
*4h
O
25-year gold 4Hs
1953 MS
J
Cordoba (Prov) Argentina 7s.. 1942 j
103 4
J d
J
106 18 109.13
102 2
j
1947
♦Sinking fund 7s of 1927
101 7
j
104.7
♦ColomDla Mtge Bank 6Hs
O
A
Copenhagen (City) 6s
1
103.23 103.23
of
103.15108 1
103 2
10 H
9H
"th
9M
♦Chinese (Hukuang Ry) 6s
1951
♦Coiogne (City) Germany 6 Ha. 1960 M 8
(Republic of)—
1928
104
11h
10h
11H
10
D
16 H
u h
8
8
High
9
Colombia
♦6fl of 1927 *
47
104.7
d
J
♦6s
104.7
D
./
I960 M
1960 M
♦7a assented
Low
10 H
♦11H
1962 MN
1962 MS
♦Chilean Cons Munlc 7s...
No.
10
*10
—1961
♦6s assented
High
11H
1961
♦6s assented
106 20 109.26
104.4
I
♦Guar sink fund 6s
Since
10
♦10
1961
♦Guar sink fund 6s...
Range
Jan. I
Asked
*11H
10
1961
♦6H« assented
105 24 109 19
106 13108.31
*108.6
106.15
♦Sink fund 6 Ha of 1926
107 30110 21
'
Treasury 2Hs
Treasury 2 Ha
1957
105 17
103.7
6
1957
♦6Hs assented
A
Low
Foreign Govt. & Munlc. (Cont.)
♦Chile Mtge Bank 6Ha
Bui
h
32
26
"23
90
80H
Volume
151
New York Bond
3
BONDS
N.
Y.
8TOCK
Lovo
♦Ctfs of deposit (series A).
•Pemambuco (State of) 78...
8
J
40)4
37
D
102
\f N
♦52
1963
AT N
"m
S
1959
M
S
1960
64
53)4
1951
4)4
64
7 Hi
9
5 H
11
7
102
44
10)4
7
42
4)4
8H
3)4
104
9)4
4
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3
4H
4
"*7 H
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10)4
6
11H
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9 H
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O
A
0
1947
F
A
S
...1946
A
O
1953
F
A
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24
77 H
77
26
H
22
2
15
25)4
64
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3
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11)4
64
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11
7
13
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6)4
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131
5
12
94
8
7
12
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6)4
150
27
61
9
9)4
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...1959
A
♦February 1937 coupon paid...
•Saarbruecken (City) 6s....
...1953
J
Santa Fe extl
......1964
M 8
1952
AfN
.1957
AfN
.......
.....
8)4
D
28)4
♦6
*4
58
♦6s extl dollar loan—.....
1988
f 7s
♦Sinking fun' g 6 Ha
1946
1962
...
♦Silesia (Prov of) extl 7a
J
J
J
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114
18
4)4
294
2954
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34
81
20 H
X
2
25 4
25 Hi
9H
9 H
3 4
3)4
D
9 H
Af N
9H
3 H
D
...1947
A
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♦13)4
f 5 Ha—...—...1955
Taiwan Elec Pow st 5 His
1971
A
♦50
J
M
40
0
"42)4
•Uruguay (Republic) extl 8s.......1946
F
A
58H
♦
f 6s
t
...
External 8 f 6s
...I960
AfN
...1964
AfN
34-4 4-4hss extl conv
...1978
J
A
3 Ha extl readjustment
J
1984
1952
♦Vienna (City of) 8s
1.1952
♦Warsaw (City) external 7s
.....1958
♦4 4s assented
Yokohama (City) extl 6s......
J
A
to 8ept
A
D
14
7)4
15)4
10
18
7 H
1
3H
3
14)4
5)4
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15)4
40)4
51
58 H
4
1
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39
42%
►
87
35)4
22 H
63
39
62)4
41
Ref A gen ser F
(Int at 1%
to Sept 1
♦Conv due
Feb 1 I960
1946) due..1996
Con ref 4s
Bell
1st A ref 5s series C
cons
♦Debenture 6s
46
12
66)4
24
61
8
12
•
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354
41H
50)4
"3"" ""7)4
41H
51
BONDS
N.
Y.
STOCK
EXCHANGE
Friday
Elig. A
Last
Rating
Week Ended Oct. 11
RAILROAD
See
Week's
Friday's
Bid
a#
HQ
Ask
A
1947 /
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♦Adriatic Elec Co extl 7s
1952
Ala Gt Sou 1st
cons A
6s
1943
1st cons 4s series B
1943
x
Albany Perfor Wrap Pap 6s..1948
6s with warr assented.;
ybi2
1948
Alb ASusq 1st guar 3)4s
1946
Alleghany Corp coll trust 5s.1944
Coll A
conv
5a
1949 J
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1998
1942
Allied Stores Corp deb 4 His.. 1950
x
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52
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1054 109 4
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1966
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1094
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Anaconda Cop Mln deb 4)48.1950
♦Anglo-Chilean Nitrate—
8 f Income deb
.......1967 Jan
1995 Q
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Ark A Mem Br A Term 68—1964 Af
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1st m
s
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1955
x
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Conv gold 4s of 1910.....I960
x
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Rocky Mtn Dlv 1st 4a ...1966
x
aa
2
Trans-Con Short L 1st 4s._1958
x
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Cal-Ariz 1st A ret 4 Ha A—1962
x
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1946
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Consol mtge 34s ser H
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..1944
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1950
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1st M 5s series IT.........1955 A/N
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1961
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1960
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Inc mtge 4 4s ser A
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F
A x bbb3
Bklyn Union El st g 5s
..1950
Bklyn Un Gas 1st cons g 5s..1945 WNi, tt
1st lien A ref 0s series A
.1947
Debenture gold 5s
.1950
1st Hen A ref 5s series B...1957
Buffalo Gen Elec 4 4s B
1981
4" •*r1es C.1967
bbb3
D y bb 3
AfN x bbb3
F
A x aa 4
J
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D
x
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76
1
8
79 4
76
52
414
404
674
55
17
2
84
110
1064
1074
111
111
414
41
b
y
b
x
a
1962
x
bbb3
61
61
107
107
96
94 4
98
12 4
1104
884 1074
11
1084 1134
18
111
1154
26
84
98 4
19
102
107 4
3
1094 1124
1074 109
....
86
25 4
43
3
34
44
42
5
26
614
1074
944
234
105
70
824
74 4
64
12
42 4
86
109 4
100
71
107
414
y
1054
77
954
*66
1960
103 4
414
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1144
113
34
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1966
106 4
99
102
92
*1084
2
100
43
38
'
111
254
254
42
96
cc
x
1094
25
134
9
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aa
1952
Busb Terra Bldgs 5s gu
Calif-Oregon Power 4s
Canada Sou cons gu 5s A
1094
WN,
/
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor—■
A
IMst A coll 5s
1934
♦Certificates of deposit
Bush Terminal 1st 4s
84
254
114
109
*99
714
x
144
1034 112
*1074
I
2
2
y
1174
1274 135
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25
x
1965
112
12
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49 4
60
86
7
24
64
65 4
32 4
704
47
464
35
100
126
65
614
1074
86
1957
1969
gold 4 4s
1956
Guar gold 4 4s
8ept 1951
Canadian Northern deb 0 4s. 1946
Can Pac Ry 4% deb stk per pet..
Coll trust 4 48
1946
6s equip trust ctfs
1944
Coll trust gold 6s..Deo
Collateral trust 4 4s.
{♦Carolina Cent 1st
guar
1
1954
1960
4s. 1949
J
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704
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41
54
84 4
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63
63
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g 6s... 1987
1987
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154
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109"
67
Through Short L 1st gu 4s. 1954
F A y b
Guaranteed g 5s
1960
Central RR A Bkg of Ga 6s11942 AfN y b
MN x bbb2
Central Steel 1st g a 8s
194!
Af 8 y b
3
Certain-teed Prod
8
MN
Ref A Imp mtge 34s D—1996
F A
Ref A impt M 3 4* »er E—1906
J
Ref A
Impt M 34s ser F..1963
1st 4s
con
1946
g 4s...1989
Illinois Division 4s
General 4s
...1958
bbb3
x
aaa4
x
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x
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x
73 4
90 4
5
84
30 4
54
4
2
14
14
74
34
34
141
54
7
4
494
154
504
24
164
55
144
154
5
67
109
684
44
7
474
1044
1274
1014
1014
1064
37
54
12
204
104
18
1054 110
52
574
734
59
60
115
314
64
50
65
1074
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824
32
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109
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67
45
8
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1
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25
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106
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62 4
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65
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103
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1134 1174
J
x
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106
1949
1949
bbb3
90
1
10
14
45
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J
2d consol gold 4s
..1989
Warm Spring V 1st g 6s..1941 M S
♦Chic A Alton RR ref g 3s.. 1949 A O
J
J
Chic Burl A
Q—111 Dlv 34«
x
x
35
854
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54» A...1948
Champion Paper A Fibre—
M
84
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14
44
*24
x
ccc3
8 f deb 4)fs (1935 ssue).. 1950
8 f deb 44s (1938 Issue)..1950 M S
Chesapeake A Ohio Ry—
Af 8
General gold 4 4s
..1992
964
50
*109
J
O
954
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41
45
50
x
J
A
102
14
c
O
101
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O y bb
Br
1134
69 4
574 89 4
87 4 108 4
31
J
Central N Y Power 34s
1962
Ceni Pac 1st ref gu gold 4s.. 1949
Potts Creek
107
J
♦Chatt Dlv pur mon g 4s..1951 J D
/
J
♦Mobile Dlv 1st g 68
1946
Af S
Cent Hud G A E 1st A ref 3 4s '65
A O
Cent Illinois Light 3 4s
1966
J
gu
934
1044
107
J
F
♦General 4s
106 4
107 4
984
100
J
{♦Cent of Ga 1st g 6a.. .Nov 1945
MN
|»Consol gold 5s
1945
A
O
♦Ref A gen 5 Ha series B..1959
{♦Cent New Engl 1st
{♦Central of N J gen
1034
aa
J
Oelotex Corp deb 4 4s w w._1947
♦Cent Branch U P 1st g 4s__ 1948 J
C—.«|959
8
55
MN y b
Carriers A Gen Corp 5s w w.. 1950
P
A
y b
Cart A Adlr 1st gu gold 4s
1981
J
D y bb
♦Ref A gen 6s series
72 4
754
754
744
724
20
984
100
5
M
974
97
109
x
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x
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924
124
914
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J
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96
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3
84
A
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x
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844
F
1st A ref 44s series B
1977
1st A ref 6a series A......1971 F
109
111
4
"74 "16 4
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16
934
34
904
97
78
93 4 102 4
83
93
98
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96
103 4
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For footnotes see nacre
904
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65
1054
1064
106
243
conv
R A A Dlv 1st
1996
1948
274
9
w
x
x
1st 30-year 5s series B
5
w
J
.....1995
gold 4s of 1909..—.1955
Atl Knox A Nor 1st g 5a
109 4
1074
A
Stamped 4a
Conv deb 4 Ha
96
102
4
99 4
1104
7
F
Conv
Conv 4s of 1905
43
1054
25
1967 J
————1995
Adjustment gold 4a.—
32
43
*98
Atchison Top A Santa Fe—
General 4a
314
ww
1
96
91
12
724
debs.. 1952
Cons mtge 3tfs ser F....1Q6Q
Consol mtge 3s ser G
1980
34s
Guaranteed
274
34 4
354
•Berlin Elec El A Undergr 0 4s '56
Since
1
-
111
*40
—
W^WWW
—
784
y
x
-
WW
21
53
1004
94
y
♦Alplne-Montan Steel 7a
1955
Am A Foreign Pow deb 5s...2030
O. w
49
100 4
*1004
2
y cc
y
„
w
3
y bbb2
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A Ills-Chalmers
b
y bb
D y b
....1950
AUegb A West 1st gu 4a
Allegh Val gen guar g 4a
y
52 4
23 4
y bb
/
Range
Jan. 1
and INDUSTRIAL
Coll trust 4s of 1907
8
694
MN
Guaranteed gold 5s.—Oct 1969
Guaranteed gold 5s
1970
Guar gold 4Afs.-June 16 1955
COMPANIES
t!♦ Abltlbl Pow A Pap 1st 6s. 1953 / D
Adams Express coll tr g 4a
1948 Af 8
41
33 4
73 4
41
014
69
«•
Range or
Sale
Price
k
28
—1
Canadian Nat gold 4 4s
Guaranteed gold 58—July
Bank
384
334
1955
63
66
55
15
69
1943
51)4
36 HJ
38
354
...1960
34s
33
34
68
694
Telep of Pa 5s series B..1948
31)4
34
77
4
56
52
3
1951
Buff Nlag Elec 3
42
04
57
674
ccc4
4s stamped
1951
Battle Or A Stur 1st gu 3s..1989
Beech Creek ext 1st g 348—1951
Buffalo Rochester A Pgh Ry—
Stamped modiried (interest
40
58
69
54
bb
S'west Dlv lstM(lntat34%
55)4
*34H
High
664
664
374
314
z
to Jan 1 1947) due... 1950
Toledo Cln Dlv ref 4s A._ 1959
Bangor A Aroostook 1st 6s._ 1943
63
8
1
No.
x
F
Ref g 4sextended to.. 1951
32)4
41
*3
65
63
Rince
Jan.
Pgh L E A W Va Svstem
48
38 H
41
41
53
42
-73"
106
(Int at 1%
1946) due—2000
126
42%
38 H
12
J
10 4
33
*24
F
25H
44)4
22 H
O
1961
8)4
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D
ser
1
_
A
1958
1
50 H
58 H
MAT
F
12 H
6
39
39
D
4-4)4-4Ha extl read)...........1978 F
Venetian Prov Mtge Bank 7s
15
13)4
11)4
40*4
25 Hi
*46
3>4s-4-4 His (S bonds of *37)
externa' readjustment
1979 AfN
3H-4-4 Ha (t bonds of *37)
external conversion..........1979 AfN
23
6
6
H
22
A
37
4)4
25
35 H
S
1961
External
13)4
15
Af N
s
1
21)4
13%
D
...1952
Ref A gen
Belvldere Del
14)4
374
Range
HQ
High
66
66 4
Ask
D
1948) due—.1995
♦Berlin City El Co deb 6 48.1951
♦Deb sinking fund 6 48—1959
13 H
674
554
67 4
'
O
Ref A gen ser A (Int at 1 %
to Dec 1 1946) due—1995 J
Ref A gen ser Hint at 1 1-5%
J
to Dec 1
22
14H
1958
Tokyo City 5s loan of 1912...
External 8 f 5 Ha guar
1st mtge g (Int at 4% to
Oct 1 1946) due.July 1948 A
80
134
114
A
Stamped modified bonds—
53 H
10)4
S
July 1948
22
7)4
21)4
M S
...1958
♦4 Ha assented
•Slleslan Landowners Assn 6s
12)4
9)4
M
x bbb3
4s.July 1952
/ D y bb 2
1964
AfN
y bb
5s..Mar 1 1945
■S-u
i ia
or
Friday's
Low
cons
tr
Range
Bid
Cos. (<7o«f.)
LAN eoll gold 4a—.Oct 1962 MN y bb
J
Atl A Dan 1st g 4s
1949
y b
J
Second mortgage 4s
y b
—1948
J
Atl Gulf A W T 89 coll tr 68—1959
y b
Atlantic Refining deb 3s....1953 M S x a
/
Austin A N W 1st gu g 6s
y bb
1941
Baltimore A Ohio RR—
A O
1st mtge gold 4s
Beth Steel
.1946
Serbs Croats A Slovenes (Kingdom)
♦8s secured extl
.............1962
17
58)4
11)4
12
..1940
♦Saxon State Mtge Inst 78—
8
58
7)4
.....1950
...1956
7)4
7)4
J
(♦8s extl loan of 1921.......—1936
♦7s extl water loan.....
,
10-year coll
103
•
Price
See i
General unified 4V$9 A
26
98
M N
Atl Coast L 1st
26
41)4
J
F
11)4
1
10
28)4
12
26
60
1967
O
13
60
1966
A
11
9
59
♦7s extl loan of 1926
♦7a municipal loan
1952
6)4
12
3
1946
Railroad & Indus
9)4
7754
6)4
O
1968
8)4
"in
25
BONDS
N. Y. STOOK EXCHANGE
10)4
104
Hi
8
M
Sao Paulo (City of, Brazil)—
♦8s extl secured s f
94
5H
3 X
♦8a extl loan of 1921
♦6s extl a f g
Rome (City) extl 6 His
•Roumanla (Kingdom of) 7s
74 H
53
6 4
AfN
1941
1950
60
64
M
1952
...
96)4 105)4
82
59)4
10 H
*4
...1966
...1952
Rio de Janeiro (City of) 8a
♦Extl sec 6 Ha
Rio Grande do Sul (State of)—
♦
9
39
♦8
1963
•
Sydney (City)
1
102
r
1961
♦7s series B boo extl...
75
*5 H
*5
1958
Queensland (State) extl 817a
25-year external 8s
•RhlDe-Maln-Danube 7s A
8
58
19)4
~~64
...1968
♦Prague (Greater City) 7 Ha
♦Prussia (Free State) extl 84s
♦Secured
37 4
15
"i'5"
...1950
♦8s external
72
53)4
.....1947
♦Extl loan 7 Ha
♦6 Ha extl secured a f
San Paulo (State of)—
65
45 H
28
X
52 H
1940
...
s f 4s
High
120
63
1947
1961
f 6s
No. Low
48 H
28
2157
Week's
Friday
Last
a Elig. A
Rating
Sale
Bank
3-u
Week Ended Oct. 11
High
39
1963
f 6s 2d ser
♦4 Ha assented
♦External sink fund g 8s
♦4 Hs assented
♦Porto Alegre (City of) 8a_.
8
A
f 68 Istser
a
|*Poland (Rep of) gold 6a
♦4 Ha assented
♦Stabilisation loan a 178
♦External
M
1955
Since
Jan. 1
1963
•Peru (Rep of) external 7s
♦Nat Loan extl
1958
1953
♦Stamped assented
♦Nat Loan extl
Ask
A
I
Range
23
aq<»a
Friday's
Bid
42 H
1953
A
eer
Range or
Sale
(Conct)
Record-Continued—Page 2
Week's
Last
Price
•Panama (Rep) extl 54s
•Extl s f 5s
13
feS
St
EXCHANGE
Week Ended Oct. 11
Foreign Gov*. & (VIun.
Oriental Devel guar 6a
Extl deb 5 4s
Oslo (City) 8 f 4 4c
Friday
114
I
to the new column
Incoroorsted In this tabulation nertelnlng to bank eligibility and rating of bonds
See
i.
I
BONDS
Y.
N.
Oct.
New York Bond Record—Continued—Page 3
2158
k.
Lank
Friday
Elio. &
Last
Bid
Price
See a
Week Ended Oct. 11
Week's
A
N.
Since
Jan. 1
Ask
t* eek's
Last
Range or
Sale
Friday's
Rating
EXCHANGE
Week Ended Oct. 11
Y.
Friday
Elig. A
BONDS
Range
Range or
Friday's
I
Sale
Rating
STOCK EXCHANGE ( a
Bank
STOCK
2
12354
High
12354
z
cccl
1354
1454
1054
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cccl
13
1354
10
Low
Railroad & Indus. Cos. (Cont.>
{(♦Chicago A East 111 1st
{♦Chic A E III Ry gen 5s
68.1934
1951
O zb
A
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M
♦
1968
fa series A
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B„May 1906
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1st A gen 6s ser
Chic
8
z
Ry—
354s——1987
♦General 4s
1987
♦8tpd 4s n p Fed lnc tax. 1987
♦Gen 4 54s stpd Fed lnc tax 1987
♦Gen 5s stpd Fed lnc tax_.1987
♦454s stamped....---—1987
{♦Secured 6 54s
1930
♦ 1st ref
g fa
May 1 2037
♦1st A ref 454sstpd-May 12037
♦1st A ref 454s C—May 1 2037
;
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1949
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Feb 1940 25% part pd—1927
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554
131
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154
177
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12
1154
1854
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1954
16
1654
1963
series E
1951
354s guaranteed
.1963
1st mtge 354s series F
Chic A West Indiana con 4s. 1952
1st A ref M 454s series D_. 1962
*2054
1154
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1154
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Cleveland Elec Ilium 3s....1970
y
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z
Federal Light A Trac 1st fa—1942
Af S
fa International series—1942
1st lien s f fa stamped....1942
1942
10254
10254
7
J
Series C 354s guar
1948
1960
—1977
aaa2
x
aaa2
x
aa
2
x
aa
2
Cleve Short Line 1st gu
x
bbb3
Cleve Union Term gu
x
bbb3
4 >48-1901
6548—1972
1st s f fa series B guar
1973
1st s f 4 54s series C
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron gen s f fa—1943
1970
South 454s series A—1980
mtge
8554
x
bbb3
x
bbb3
x
aaa2
x
bbb3
y
b
b
y
8054
86 54
'
6954
*10754
10554 10554
3
7954
"....
3
1854
76%
70%
10654 108
ioe"
80
2054
10254 10054
65
1554
83
3454
I65"
10554
10554
b
1
2754
2954
D x aa
4
/ x a
3
x bbb3
—1958
Conn A Pasump Rlv 1st 4s._ 1943
Conn Ry A L 1st A ref 4548—1951
Stamped guar 454s
1951
Conn Rlv Pow s f 354 s A
1961
Conv debs 354s
12154
11054
120 54
11054
10654 11154
122
10954 13054
8854
92
*98
A
O
x aa
4
A
O
x
4
J
J
x
11054
11054
107
10554
10354 10754
105
10754
10454 10854
10454
104
10554
103
aa
4
108
108
10954
10554 10954
107 54
14
21
J
z
cccl
x
bbb2
z
cccl
*12
16
z
cccl
*12
18
13
z
cccl
1354
1354
11
1854
1854
z
ccc2
7054
7054
5554
71
J
J
J
{♦Consol Ry non-conv deb 4s 1964
♦Debenture 4s
—.1955 J J
♦Debenture 4s
...1956 / J
J
Consolidation Coal s f
Consumers Power Co—
N
1st mtge 3
N
1st mtge 3
1st mtge
Crane Co a t deb 354s
f 4s—.
x
aa
x
aa
N
x aa
N
x
aa
MN
x
a
D
x aa
A
x
a
N
x
a
10854
bbb4
A
Cuba Nor Ry Is
D y b
x
J yb
Cuba RR 1st fa
2
2
D y ccc2
754s series A
to
x aa
2
3s deb
aaa3
J
Dayton P A L 1st mtge 3s.
Del A Hudson 1st A ref 4s..1943 AfN ybb 2
Curtis Publishing Co
2161.
10854
106
102j4 10654
11
19
100
105
104
102
102
*10254
10354
100
104 >4
100
104 H
I
ybb
3
x a
4
*10354
'
lorn
c
2
"17
10454
107
103
50
6054
19
754
754
854
754
173
154
154
254
10254
6
*100
35
35 54
10
60
~~r
99
33
37
46 %
48
60%
8%
454
354
854
z
*1
....
x
3
a
y
ccc3
x
aaa3
*112
1
ybb
J
J
J
D
5
9954 106
3754
9
37
45
3554
3554
8554
1054
x
aaa2
y
bb
37
6554
8554
197
6
-mm-
14
9
1354
2254
1854
3454
10554
33
100 54
10554
7554
7554
1
7554
9154
95
102 54 10454
80
80
*10254
*62
"75" "l2
68
68
90>4
6154
88
4
10754
10754
41
x a
J
bbb3
10754
10654
10754
37
x
J
bbb3
10054
10054
10154
37
x
87
102
xbbb3
93 %
35
77
95
93
9254
9254
10554
9854
8454
9454
xbbb3
9454
67
70
94%
10654
75
9954
268
94 54 10654
88
9954
8654
81
x
bbb3
X
bbb3
9854
J xbbb3
8454
Feb
z
MN
x
aaa2
y
bb
A
O
A
O
A
J
Feb 1957
ybb
4
yb
2
O
x
bbb3
M N
x
a
/
J
z
J
x
aaa4
A
O
z
bb
1944
MN
fa.1937
1964
4
AfN
J
D
MN
F
A
y
y
x
aaa3
y
b
3
75
8754
2
6554
8354
105" "15
10454
"35" "r"5
12454
12454
86
86
2
bbb2
ccc2
4
82
35
*12454
2
zb
87
82
*11154
cccl
10154
30
4954
4954
10054
10154
31
2954
44
12454
4554
11
1154
12454
"44"
11
1951
1951
Extended 1st gold 3 54s....1951
8654
8654
*8554
"l05"
3
6854
0154
854
254
10054 10054
10054
*100
8654
10454 10854
94
10754
58
654
*554
2
c
11
64
*60
1
ybb
76
70
1
10554
Feb
1949
354s
45
25
1
9054
90>4
105
90
10654 11154
35
21
1
115
1
70
87
4054
5554
12454
96 54 10154
22
37 %
120
127
5054
3054
1654
954
108 54 11254
A
z
ccc2
A
x
aaa4
/
x
bbb4
89
x
bbb4
*83
83
87
bbb4
*83
86
80 54
11154
11154
Illinois Central RR—
1st gold
3754
30
2
J
1949
1st gold 4s
2454
19
3454
10554
*33
3
A
18
10054 105
1
Hudson Coal lstsf fa ser A..1962
♦Adj income fa
10554
yb
J yb
J
Hocking Val 1st cons g 4 54s.. 1999
{(♦Housatonic Ry cons g
Houston Oil 4>4s debs
104%
3554
10
4
2
"19
12454
10454
10554
bbb3
ybb
y b
63
35
121
8254
2
c
154
254
54
254
100t»M10154
/
A
O
x
Af S
x bbb4
1951
A O y bb 2
Collateral trust gold fa
1952
MN
ybb 2
Refunding fa
....1965
J
J y bb 2
Purchased lines 354s
1952
MN
ybb 2
Collateral trust gold fa....1953
MN
ybb 2
Refunding fa
1956
F A yb
2
40-year 4%b
Aug 1 1966
x bbb4
Cairo Bridge gold fa
1950
bbb3
-
*35
8954
91
86
70
45
46
3254
4854
45
4754
4254
34
60
4154
3454
46
41
44
3154
4054
52
53
40
5654
4154
*7854
4354
79
28 54
70
4054
7854
*65
68
68
65
62
Litchfield Dlv 1st gold 3s„ 1951
Loulsv Dlv A Term g 3 54s. 1953
ybb 4
62
Omaha Dlv 1st gold 3s
*42
4854
St Louis Dlv A Term g
48
10954
10254 10954
*46
11054
10454 11054
Gold 354s
Springfield Dlv 1st g 3548.1951
Western Lines 1st g fa
1951
2
4
4
xbbb3
*70
9254
3
*58
7154
53
60
4654
33
45
30
50>4
47
10354
105
101
18
1954
21
2054
22
15
2154
*1854
23
101
10654
99%
10654
5454
5354
"9954
1
104%
■'
11154
19
21
1
cc
10454
'
111
10154 10554
104
10754
9954 10454
21
cc
z
10254
98
4154
10454 10854
106
10254
10454
10454
z
*10154
*3554
ccc2
z
"~8
105
10354 110H
105
97
*93
10454 10954
10554
10354
92
*9654
18
111
10954
11054
104 54
104%
10354
8954
111
11054
10154
62
10854
110 54
16154
29
x
54
D y ccc2
O
10554
*110
110
J xbbb3
54s debentures
Crucible Steel 4
2654
10554
8954
x
D
1st gold 3s sterling
354s—.1951 J D
86
*100
Af S
J
Illinois Bell Teip 354s ser B.1970
aa
8954
D
J
1901
Hudson Co Gas 1st g fa
104 54
105
7754
cccl
1st A ref Term M fa stpd..1952
Hudson A Manhat 1st fa A.. 1957
10954
44
cccl
..I960
1st mtge fa series C
10854 110
10454
?1
z
1940
11554 119
3
7754
O
Gulf Mob A Nor 1st 5 54s B—1950
*109
4
72
A
♦Debentures ctfs B
*109
aa
77
*1454
3454
♦Green Bay A West deb ctfs A—
1
aa
1654
bbb2
J
3
x
18
15
z
1940
J
Gen mtge 3>4s series I ...1907
a
x
2854
1654
663
J
Gen mtge 4s series H
aa
O
854
30
18
3554
i
J
x
A
854
30
14
4154
1976
J
1977
J
General mtge 4s series G—1946
x
Consol Edison of New York—
714
J
General 454s series D
Hoe (R) A Co 1st mtge
Commonwealth Edison Co—
354s series I..—1968
40
1654
1354
10354
General 454s series E
♦Harpen Mining fa
2754
15
"16"
z
1973
General 6s series C
Gulf States Utll 354s ser D..1909
y
8
J
..1952
Gulf States Steel s f 454s
4
2854
J
A—1901
11054 11054
*110
aa
1st mtge 3
Great Northern 454s ser
General 654s series B
10554 109 54
*113
aaa4
126
10754
J
A
1950
1st A gen s f 654s
104%
aaa3
x
158
30
*3354
J
F
Grays Point Term lstgu fa—1947
F
Gt Cons EI Pow (Japan) 78—1944
Gulf A Ship Island RR—
x
Continental
1956
1st 454s
9754 10554
113
11454
x
30
2754
2754
59
10654
O
D
Gotham Silk Hoe deb fa w w.1946
105
4s.1948 A O
4s_.1966 F A
Columbus Ry Pow A Lt 4s..1965 MN
♦Commercial Mackay Cord—
Income deb w w_—Apr 11969 May
1st mtge 3
{♦Georgia A Ala Ry fa.Oct 11945
99
Columbus A Tol 1st ext
2754
30
J
J
ybb 3
1947
J
J z cccl
♦Gen Elec (Germany) 7s
1945
J
D z cccl
♦Sinking fund deb 654s
1940
AfN z cccl
♦20-year s f deb 6s
1948
J
J
yb
3
Gen Steel Cast 654s w w„_1949
10554
Columbus A H V 1st ext g
30
Gen Cable 1st s f 6 54s A
10554
bbb3
491
*10254
D
/
Gen Am Investors deb fa A.1962
9954 10554
x
—1940
3 >4s debentures
...1948
8 54s debentures
1950
3 54s debentures
1958
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7S.1956
Gas A El of Berg Co cons g fa 1949
10554
J
J
3554
7654
4
MN
j"
105
106
3254
4454
17 54
a
454s...1941
MN
Francisco Sugar coll trust 08.1956
GreeDbrier Ry 1st gu 4s
105
35 54
66
bbb2
z
♦Certificates of deposit
Grand R AI ext 1st gu g 4 54sl941
10354 10454
60
8354
72
9054
04
8254
56 54
7454
7954
6954
AfN xbbb3
O xbbb3
354 s debentures
{{♦Proof of claim filed by owner
Fort St UD Co 1st g
10754 10854
10754 10754
8554
76
76 54
Columbia G A E deb fa-May 1952
Debenture fa
Apr 15 1952 A
Jan 15 1961
(Amended) 1st cons 2-4s—1982
10054 10754
106
157
Fonda Johns A Glover RR—
Gouv A Oswegatchle 1st 58—1942
10754
7654
x
♦Certificates of deposit
110
*10454
*10454
60
51
72
x
{♦Fla Cent A Pennln fa
1943
{Florida East Coast 1st 4 >48.1959
M 8
♦1st A ref fa series A
1974
Goodrich (B F)
x
110
9554
M S xbbb2
Af S * bbb2
30-year deb 6s series B
1954
A
Firestone Tire A Rub 3 54s.. 1948
14954
104
10154 103
1
58
141
*57
b
Alybb
M S
96
9054
102 54
ybb
z
108
105
....
""4
c
3054
12
10854 10954
10654
2
101
10554 10854
97
58
c
A
11
10654
2
AfN
108
lorn
"im
cc
10754
*95
ybb 2
z ccc2
z
10
10854
88
5
20
*148
A xbbb3
A
10
19%
*10754
A O x aa 2
MN xbbb3
J x aaa4
J
z
67
7054
10454 10654
10954 10954
1104
38
1953
60
*10454
*10454
50
106 54
*2254
{Ref A imp fa of 1927
1967
♦{Ref A lmpt fa of 1930—1975
♦Erie A Jersey 1st s f 6s_. 1955
♦Genessee River lstsf 08—1957
♦N Y A Erie RR ext 1st 4s. 1947
4354
*10654
18
10854 11154
cccl
7154
aaa2
10754
2
z
5654
aaa2
5
49 54
10654
6
cccl
5654
10754
8
354
45
cccl
*6954
10654
254
4
11254
z
1st lien 0s stamped
354
154
109
z
—
1154
154
*3254
♦
Fairbanks Morse deb 4s
1154
554
109
...1953
♦Ernesto Breda 7s
1094
554
11154
fa—1950
Ed EI III (N Y) 1st cons g fa. 1995
Electric Auto Lite conv 4s...1952
Elgin Jollet A East Ry 3548-1970
El Paso A S W 1st fa
1905
58 stamped
1965
{♦Erie RR 1st cons g 4s priorl996
♦1st consol gen lien g 4a...1990
♦Conv 4s series A—
1953
(♦3d mtge 454s
3
75
*60
8 x aa 3
D yb
3
/ D z ccc2
AfN x a
2
Nor Dlv 1st 4sl948
♦Gen conv 4s series D
16
100
100 %
J
{(♦Dul Sou Shore A Atl g fa.1937
/
Duquesne Light 1st M 3 54s.. 1966
♦Series B
1
109
104
M
A
3 54s 1962
{(^Oa Caro A Nor 1st ext fa. 1934
aaa2
For footnotes see page
2
♦Good Hope Steel A Ir sec 78.1945
x
extended
cc
5854
x
6s series B
z
80
x
S f 4
J
5854
454s B..1942
1942
1942
Crown Cork A Seal s
554
90
Series A 454s guar
Consol Oil conv deb
2
5554
Series B 354s guar
A
series B..1981
85
75
75
*78
x
General 6s series B—
Debenture fa
c
{v~ybb~2
1st mtge 354 s
1st mtge
1054
2
/
J
10
1654
1654
1654
cc
J
/
18
D
M N
F
10
cc
.1944 A
Series D 354s guar
1%
z
1995
♦Second gold 4s
6%
zddd2
1054
1554
"754 "47
A
1965
18
cccl
High
107
*104
F
Gen A ref mtge 3 54s ser G.1966
17
z
1
Low
*10754
754
154
154
554
Detroit A Mac 1st Hen g fa..1995
41
3
7%
2854
2754
59
aa
*1%
1554
61
x
No.
*108
cccl
{♦Des M A Ft Dodge 4s ctfs.1935
2854
3
ddd2
{♦Des Plains Val 1st gu 4 54s. 1947
F
Detroit Edison 454s ser D—1961
2854
2854
3
aa
z
1054
F
aa
z
1054
ser
x
x
F
66
Djz
Station—
Cleve A Pgh gen gu
{{♦Den A R G 1st cons g
(♦Consol gold 4 54s
1—
{♦Denv A R O W gen fa .Aug 1955
♦Assented (subj to plan)
♦Ref A lmpt 5s ser B.Apr 1978
/
53
13
2054
ccc2
D
.1960 Fn
Guaranteed 4s
Colo A
4
*17
ccc2
AfN
J
Orleans fa—1951
Gold 3 54s
Judo 15 1951
Memphis Dlv 1st g 4s—.1951
Chic T H A So'eastern 1st fa. 1960
Income guar fa
Dec 1 1960
Income
105
16
16
M N
Ch St L A New
Cleve Cln Chic A
1st mortgage 4 54s
East T Va A Ga Dlv 1st
MS
♦6s
1954
1st A ref 454s
East Ry Minn
♦Certificates of deposit
Gen A ref 454s
20
354
07
z
27
z c
(♦Secured 454s series A—1952
Gen 454s series
21
(Cimf.)
Ist454s..l971
1969
Railroad & Indus. Cos.
Del Power A Light
Gen A ref M 4s
AO
♦Conv g 454s
754
754
3054
1954
1254
1254
1254
354
1754
754
1954
1954
10154
80
20
*60
zccc3
1934
♦Certificates of deposit
1954
Af N
{♦Chic RIA Pac Ry gen 4s..1988
♦Certificates of deposit
{♦Refunding gold 4s
27
/
«Geng354s aer B.May 1 1989
♦Gen 4Hs series C.May 11989
♦Gen 4 %b series E.May 1 1989
♦Geo 454s series F.May 1 1989
tChto Mllw 8t Paul A Pac RR—
♦Mtge g 5s series A
1975
♦Conv adj fa——Jan 1 2000
{Chicago A North Western
2654
12354
117
10154
ccc3
1954
tChlc Milwaukee A Bt Paul—
♦Gen 4s series A —May 1 1989
Chicago Union
10154
gold 5S..1982 Fn ybbb2
{♦Chicago Great West 1st 4s. 1959
J
{♦Chic Iod A Loulsv ref 6S..1947
♦Refunding g 5s series B..1947 J
♦Refunding 4s series C—1947 J
High
Low
Since
Jan.
High
Low
1940
Range
Ask
Price
See a
12,
107
10554
31
1951
3s.. 1951
1951
bb
ybb
ybb
y
ybb
53
111 Cent and Chic St L A N O—
Joint 1st ref fa series A
1st A ref 454s series C
♦Ilseder Steel Corp fa
1963
1963
1948
ybb
ybb
z
2
2
cccl
4454
43
3354
*98
1754
1954
40
{♦Ind Bloom A W 1st ext fa_1940
x
bbb3
46
Ind 111 A Iowa 1st g fa
1950
y
bbb2
6854
1754
35
{♦Ind A Louisville 1st gu 4s .1956
z
ccc2
*1554
60
0554
53
35
*—
6954
9954
35
9954
64
6954
1954
17
8 54
1754
9954 101
10254 10754
5554
Attention is directed to the new column
3754
6354
incorporated In this tabulation pertaining to bank
eligibility and rating of bonds.
See 4»
Volume
New York Bond Record—Continued-Page 4
151
Friday
Bank
BONDS
N.
I
Sale
,
See a
Price
Week Ended Oct. 11
Railroad &
Week's
Lost
Rating
Elio
EXCHANGE
8TOCK
Y.
High
x
aaa2
Industrial Rayon 4 4s
x
bbb2
x
aa
3
1044
1054
1054
ybb
2
994
B.1986 M 8
1948 J
/
Inland Steel 1st mtge3sser F 1901 A o
O
Inspiration Cons Copper 4s_J.952 A
106
O y bb
/ z cccl
Interlake Iron conv deb 4a—1947
(♦Int-Grt Nor 1st 6s ser A. -1952
84
84
74
74
z
cc
/
z
cccl
1950
6s—1944
J
z
cccl
74
o y b
3
0 y ccc4
664
♦1st g
6s series C
Inter mat Hydro El deb
1941
Int Merc Marines f 6s
Ref
s
--1955 M 8
f 68 series A
Int Rys Cent Amer
J y bb
B.1947
Internat Paper 6s ser A A
1st 6s B .1972
1947
1st lien A ref 0 4s
4^81952
1955
Int Telep A Teleg deb g
Debenture 5s
Jones A Laughlln
1034
3
1024
66 4
103
102 4
76
24
74
27
164
2
1
84
8
8
4
64
54
48
374
69 4
27
53
1034
14
103
65
103 4
99
904 1044
64
144
144
744
704
bb
1940 A
((♦Mil A No 1st ext 44s—1939 /
10
82
99
97
21
44 4
(♦Minn A St Louis 5s ctfs... 1934 M
1
244
244
264
102
22
474
5
1
14
574
10
38
1014
19
93
F
D ybb
M 8 ybb
1
1
cccl
z
2
3
574
1004
1014
A
0
z
b
1
♦32 4
z
b
1
*314
644
1936
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1951 F
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1940 F
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1953 F
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1980
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104
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1955
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s
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334
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67
90
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105
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1978 /
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Montreal Tram 1st A ref 5s.
Leh Val Harbor Term gu 5s_. 1964
67
934
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844
Lehigh Valley Coal Co—
1944
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1954
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—1904
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1904
♦1st A ref a f 5s
1974
♦6s stamped
—1974
♦Sec 6% notes extended to 1943
♦08 stamped
1943
67
Mob'k A Malone 1st gu g 4s. 1991
♦1st mtge Income reg
184
1044 1074
Stamped
—1901
1901
4 4s unguaranteed
1901
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1954
1st A ref 6 48
1954
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—1951
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Uniform ctfs of deposit... 1959
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4
934
66
2
/
1978 J
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Mo Kan A Tex 1st gold 4s. .'.1990 /
74
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64
...
67
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105
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1960 / J x aaa4
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224
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1951 M S
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((♦Met W Side El (Chic) 4s. 1938 F A
♦Mex Internat 1st 4s asstd-_1977 M S
Mead Corp 1st mt're 4 4s
F
A
Kan City Sou
1024 1064
89
1004
17
Rating
Range
Range or
Last
Elig. &
EXCHANGE
J
Kanawha A Mich 1st gu g
((♦K C Ft 8 A M Ry ref g 4s
♦Certificates of deposit—
42
994
1054
1064
100
STOCK
♦(Con ext 4 4s
1939 /
(♦Mil 8par A N W 1st gu 4s. 1947 M
(♦MUw A State Line 1st 3 4s 1941 /
b
y
(♦Iowa Cent Ry 1st A ref 4s.1951 M 8
James Frankl A Clear 1st
3
9
14
53
534
Y.
Week Ended Oct. 11
High
104
1
1
Ho. Low
91
"~7 H
o
1950
♦1st 6s series B
N.
Since
Jan. 1
106
106
90
♦Adjustment 6s ser A.July 1952
3
Friday's
Bid
A
Ask
Cnd Union Ry 34s series
BONDS
Range
Range or
Low
(Cont.)
Indus. Cos.
2159
Week's
Friday
Bank
M
S y bb
.
x
bbb2
0
x
bbb3
0
vh
884
Incorporated In this tabulation pertaining to bank eligibility
14
and rating of bonds.
73
See A.
BONDS
N. Y.
Bank
Friday
Week's
Last
Range or
Range
Rating
Sale
Friday's
Since
See a
Price
Oct. 11
A—1953
—1953
N Y Dock 1st gold 4a..
1951
Conv 6% notes...
...1947
N Y Edison 3%s ser D
1965
1st Hen A ref 3148 ser E...1966
1st gu 4 %a
N V Connect
1st guar 5a series
1067ji
x
aa
3
x
aa
3
y
b » 3
ccc2
B
y
x
aaa4
X
aaa4
gold 4s... 1949
Greenwood Lake 5sl946
A Harlem gold 3%s
2000
Lack A West4sser A—.1973
414s series B
....—1973
.
Coal A RR 6 %s 42
♦N Y L E A W Dk A Impt 6s 1943
N Y A Ix>ng Branch gen 48.-1941
{♦N Y New Hhv A Hart RR—
♦
Non conv deb
♦Non-conv
♦Non-conv
4a-.1955
♦Non-conv debenture 4s.. 1956
♦Conv debenture 314s.... 1956
♦Conv debenture fis....—1948
(♦Collateral trust 6s
1940
♦
Debenture 4s—*—
1957
♦let A ref 414a ser of 1927.1967
{♦ Harlem R A Pt Ch 1st 4s 1964
♦Non-conv
debenture
•General
52
53%
51
51
66%
67%
104% 110%
106
110%
123%
123%
120% 126%
116%
,116%
113% 118%
2
aa
x
♦14%
*100%
M N y
M N y
bbb2
bbb2
M N
b
z
M
55%
3
J ybb
8 y bb
J
15
8%
100
97
102
54
55%
43%
60
59
60
60
64
88
88
79%
88
*85%
2
3
M
S
z
cccl
M
8
z
cccl
72
*13%
*13%
A
O
z
cccl
J
J
z
cccl
15
"n"
M N
z
cccl
J
J
z
cccl
J
J
A
"17 H
z
cccl
O
z
cccl
M M
z
cc
1
"am
D
z
cccl
17%
MM
z
b
J
M
92
65
72%
71
80%
72%
11
14
,
14
15
4
11%
14%
16
6
11
15
15%
14
15
21
6
2
aa
2
.1967 J
D
x
bbb4
M 8
x
aaa4
/
z
cccl
3%s.l967
{(♦Philippine Ry 1st s f 4s..1937
J
W
cc
1
J
z
cc
1
J
z
Phillips Petrol conv 3s
Pitts Coke A Iron conv
1948
4 %s A '52
Series C 4 %s guar...
1963
18%
96
5%
5%
2
2
2
*88%
O y b
2
A
12%
23%
72
12
68
5%
_52%
52
3
1%
Gen mtge 5s series A
1970
Gen mtge 5s series B
197*,
Pitts Va A Char 1st 4s guar. 194?
4%
Pitts A W Va
85
"54""
43
64%
195"
1st mtge A Mb series C
I960
x
aaa4
110%
110%
107
110%
J
x
bbb4
*106%
108%
105
108%
Pitta Y A Ash 1st 4s ser A...1948
M N
100% 106%
107%
1st gen 5s series B........196?
x
bbb3
*105
105%
J
J
x
aa
4
107
107%
J
J
z
cc
F
A
z
J
c
z
cc
z
bb
x
aaa4
D ybb
59
bb
2
2
J
z
c
2
8
x
aaa3
O
x
y
"*92~~
97
110%
a
4
N yb
A z c
1
2
12%
c
2
12%
104"
24
25
*8
11
*10
10%
.59
110%
59
110%
27
101
10
9
1
106
92
92
3
95
97
9
4%
4%
7
110%
110%
1
108
108%
2
104
104
1
11%
11%
12
5%
*12%
12%
21
12%
17
62%
92
78
97
3%
6%
107% 112
107
109%
96% 104%
8
18%
7%
17%
14
:
AfN
70
ccc2
z
70
79
64%
69
O
A X aaa4
F
A
F
A
F
A
x
a
4
x
a
4
x
a
4
aa
2
x
125%
3
*105%
106
*107%
108
x
aaa2
a
x
aaa2
d
x
aaa2
vn
s
aaa2
x
aaa2
f
A
x
aa
2
108%
i09~~
O
aa
2
109
109
10
x
J
aa
2
101%
108%
58%
58%
102%
39
x
108%
61%
61%
1
MM
x aaa2
D y b
2
O y b
2
F
a
aa
3
/
d
aa
3
d
aa
3
I
J
bbb2
J
J
cccl
1st A ref mtge 8s
Purity Bakeries
s
104%
105
106%
106%
24
M
8
x
aa
2
108
1946
A
O
z
ccc3
*70
109~"
O
bbb2
z
cc
1
M
S
z
b
3
J
x
aaa4
266
hbb3
104
104
bbb2
60
58
64
15
y
75%
74%
76%
61
76
22
60%
62%
59
89% 102
1941
B *61
67%
45
68%
57
10
40%
60
59%
21
40
60
110%
4
x
aa
bbb3
110%
110?*
16
105% 110%
*101
05
96
z
c
2
*4%
x
aaa3
*108%
M N
x
a
4
108
108
108%
M
x
a
4
109%
109%
110
109%
4s....1965
...1967
1st mtge 3 lis
1972
Oklahoma Gas A Elec 3%S—1966
Ohio Edison 1st mtge
1st mtge 4s
8
3%
8%
107% 108%
105
109%
6
{♦Og A L Cham 1st gu g 4s..1948 J
M 8
Ohio Connecting Ry 1st 4s.. 1943
34
7
25
J
J
x
a
4
109
109
J
D
x
a
4
109%
109
109%
6
1946 J
D
x
bbb4
105%
106%
11
1943 F
A
x
aa
3
102%
102%
1st 5s. 1945 M N
3
a
1946 J
j
105%
106
102%
102
102%
56
92
103%
103%
14
98% 103%
26
s
a
Z
O
Z
....
Corp—
.1952 M 8
/
j
f conv debentures
x
aa
101
101
i
93
Oregon RR A Nav con g 4s.. 1946
D
x
aaa2
111%
108
111%
J
x
aaai
116%
111%
116%
1
Ore Short Une 1st cons g 5s. 1946
1
112% 118%
1946
1961
Otis Steel 1st mtge A 4%s._ 1962
J
x
aaa2
J
x
aaa2
*117%
106%
106?g
77%
77%
Guar stpd cons 6a
Ore-Wash RR A Nav 4s
J
J ybb
1946
Pacific Gas A El 4s series G.1964
1st A ref mtge 3%s ser H..1961
1st A ref mtge 3 %s ser 1
1966
D y b
|*Pac RR Of Mo 1st ext g 4s.1938
A
Pacific Coast Co 1st g 5s
2
60
3
104
78%
13
68
60
113%
1
aaa2
112%
112%
x
aaa2
Ul%
112
16
x
aaa2
110%
109%
110%
20
76%
10
z
bb
2
J
z
b
3
74
75
5
O
x
aaa4
110
110
4
1952
M
60%
109% 113%
108
112%
105% 111
26
x
D
D
79
79
53
1938
1966
107%
"47
Pacific Tel A Tel 3%s ser B..1966
tf g 4 >48—1965 J
119
106%
D
76
113
71
85
74
75
103% 110%
10
D
x
aaa4
111%
111%
J
x
aa
2
103
103
5
104% 112
102% 103%
S
x
a
4
103
103
2
103
105
F
M
Parmelee Trans deb 6s—..1944 A
Pat A Passaic G A E cons 5s. 1949 M
1942 M
♦taullsta Ry 1st s f 7s
B. 1941
1942
1944
b
A
bbb3
8
O
ccc3
S
aaa3
8
b
2
F
A
aa
3
D
aa
3
J
D
aa
3
aa
3
1952 M N
1981
2
J
28-year 4s
1963 F
Pa Ohio A Det 1st A ref 4 %s A '77 A
A
J
a
3
a
3
a
3
a
4
46?
46%
48%
19
40
51%
91%
91
91%
23
76
92
42%
42%
1
36
47
121
*122
*55%
~60
100%
100%
'
56%
*105
1
72
100%
102%
105%
106
102
104%
105
55
107%
99% 106%
99
105%
103%
103%
11
96
105%
106
104%
105%
126
106%
6
103%
110%
116% "30
A Mb
debentures
1974 F
Pennsylvania RR cons g 4s—1943 M N
108%
109
8
104% 110%
100
109%
aaa2
107%
107%
1
107% 109%
1948 AfN
aaa2
113
113%
113%
113%
7
111
29
81
120%
93%
120%
104%
105%
114
14
A
1969 F
Lt 3 Mb
Consol gold 4s
4b aterl stpd dollar May 1 '48 AfN
Gen mtge 3%s series C
1970
Consol sinking fund 4 %s..1960
General 4%s series A
1965
Debenture g A Mb
Gen mtge 4 Mb series E
O
aa
2
a
3
'116%
113
"92%
aaai
1970
.1981
Genera) 4%s series D
Conv deb 3Mb
A
1968
General 6s series B
s
1984
..1952
'l04%
92
18
6
a
3
a
3
110%
110%
111%
bbb4
92%
92%
93%
88
99%
99%
100%
2i8
99%
100%
a
3
a
3
bbb4
"89%
16
132
89
♦113%
114
Peoples Gas LAC cons 6s..1943 A O
Refunding gold 5s
1947 M 8
x
x
a
O
z
b
50
51
z
b
*47
51
{(♦Peoria A East 1st 4s stmpl940
A
♦Certificates of deposit
♦Income
4s
Peoria A Pekin Un
Apr 1990 Apr
st 5%s_.1974 F A
For footnotes see Page
2161
z
cc
* a
117%
5%
*108
26
25
26
13
26
25
26%
14%
27%
107
103 % 109
101 % 105
1
*9
*30
36
30
40
29
29
20
34%
cc
12
8
aa
8
aa
*109"
m
8
aa
*109%
M
8
aa
108 H
M
S
cc
O
8%
7%
7%
2
m
{♦Rut-Canadian 4s strap... 1949 J
{♦Rutland RR 4%a strap...1941 j
8%
2
cc
2
21
a
2
4%
5%
87
87
8t Lawr A Adlr 1st g 5s
2d gold 6s
ybb
2
*55
70
y
b
3
*53
65
110
aaa2
{♦St L Peor A N W 1st gu 5« 1948 j
bb
bb
z
ccc2
J
St L Pub Serv 1st mtge 5s... 1959 M S y b
J y b
8t L Rocky Mt A P 6s stpd—1955 j
{♦St L-San Fr pr lien 4s A.-.1950 j
J
♦Certificates of deposit
1950 j
♦Certificates of deposit
♦Con M 4 %s series A
1978
64%
z
z
9%
110
J
WW—'
68%
2
2
108% 112
1990 j
4s. .1968 J
j
O
68%
33
62%j
10%
37
7
14%
9%
11
9%
10%
12
0%
8%
14 %
10
z
cccl
9%
9%
10
17
7%
15%|
z
cccl
10
59
z
cccl
cccl
1963 A
20%
15
65%
1
8%
bbb2
1943 /
20
40
10%
z
San Diego Consol G A E 4s..1965 M n
Santa Fe Pres A Phen 1st 58.1942 m 8
13
68%
40
cccl
x
S A A Ar Pass 1st gu g 4s
San Antonio Pub Serv 4s
25%
67%
z
J
1972 /
{♦St Paul E Gr Trk 1st 4 %s. 1947 J
{♦St P A K C Sb L gu 4 %s__1941 F
24%
00%
05%
cccl
d
St Paul Un Dep 5s guar..
49%
48%
65
cccl
9%
w
~
j
z
cccl
a
z
cccl
j
x
aaal
^
9
9%
9%
63%
63%
*31%
16%
16%
w
w
w
-
*75
54%
07
34
WW- w
25%
38
12
21
W
w
W
— — w
— — —
w
9
9
6
*3%
5%
*114%
14
16%
85
—
www
-WW-
11
6%
115
—
|
14%
0%
36
9%
8%
-
7
13
65
9%
{♦St L 8 W 1st 4s bond ctfs. 1989 MN y bb 2
1
j z b
♦2d 4s Inc bond ctfs..Nov 1989 j
j z ccc2
(♦1st term A unifying 5s.. 1952 J
con g
61
65%
z
a/~s
♦Gen A ref g 5r series A
98%
z
♦Ctfs of deposit stamped
8t Paul A Dul 1st
64%
*63
21
68
St Louis Iron Mtn A Southern—
♦(Rlv A G Dlv 1st g 4s... 1933 a/n
♦Certificates of deposit
12%
•9
88%
x
x
3
—
5%
5%
*4%
c
J
10%
108% 111
105
110%
9%
6
....
109%|
*22%
cccl
J
1996
1996
6%
109%
*6
Saguenay Pow Ltd 1st M 4%s '66
St Jos A Grand Island 1st 4s. 1947
110% 115
115
93%
115% 120%
94% 105%
100% 111%
79
93%
89% 100%
89
100%
75%
89%
{♦Schulco Co guar 6%s
♦Stamped
♦Guar
s
118%
5%
110%
Attention la directed to the
new
45
8
110% 116
111
118%
43
43%
8
71
70%
3%
10
106% 110%
1946 j
J
j
J
1946 a
a
f 6 %s series B
♦Stamped
bb
3
a
3
68
7%
65%
3%
4%
13%
%l
13%
82
5%
|
8
110% 118
WW
—
WW
aaai
cccl
w
M J* W M
www
...
cccl
0
0
.
W
-WWW
aaa3
51
54
68%
1055u
1055,8
2
105
108%
107%
107%
4
107% 111%
*107%
108%
67%
1055, •
aaa2
1989 m N
Scioto V A N E 1st gu 4s
68
www
107% 109%
-
1
28
28
*28
30
-
*38%
40
-
*38%
40
*122%
125
WW
w
-
WW
WW WW
21
33
18%
33%
47
47
114% 123%
28%
29%
.
|
{Seabbard Air Line Ry—
|M'stg4s unstamped
(♦4s g stamped
♦Adjustment 5s
(♦Rtefundlng 4s
aa
20
12%
m
1948 A
f As
15%
26
97% 101
*101
bbb4
Pow
*Ruhr Chemical
♦Prior Hen 5s series B
Paramount Broadway Corp—
1955
deb *47
^(♦R I Ark A Louts 1st4%S. 1934
19%
~26~
2
•1st con A coll trust 4s A.. 1949
101%
33
ccc2
ccc2
D...1977
3%s series H...1967
Gen mtge 3 %s series I
1967
Gen mtge 3 %s series J
1969
30
14
aa
{(♦Rio Gr West 1st g 4s...1939
El 4 %s ser
20
b
5s...1939
gu
102%
15
107
107
bbb3
Ry 1st gen 6s—1952
s f 7s
..1955
{(•Rio Or June 1st
Gen mtge
107
"33"
33
....
109
103
*26%
z
23
4s
100%
90% 102%
106
26
Rtehra Term
63
bbb4
26
1953 F
1955 A
90
102
bbb2
z
♦Cons mtge 6s of 1930
100
77
77
bhb3
z
♦Cons mtge 6s of 1928
100%
110%
99% 105
50
04%
s
v/n
Richfield Oil
11
x
•Rhine-Westphalia El Pr 7s. 19.50 m N
1952
104%
106
x
z
mtge 6s..
5
21
z
Ro«'h Gas A
90
101
101%
j
110
103
4
*99%
no%
*100
j
110
107% 110%
99%
100%
1953 /
104%
108%
105%
101
4
1946 /
♦3%s assented
45%
56%
F
Republic Steel Corp 4 %s ser
Pur roon 1st M conv 5 %s. 1954 m N
•en mtge 4 %s series C... 1956 v/n
j
Revere Cop A Br 1st M 4%a 1956 J
31%
33%
56
150
220
I
♦Rhine-Ruhr Water 8erv 6s
64%
140
214
1948
f deb 5s
Rensselaer A Saratoga 6s gu.
♦Direct
153
aa
75%
65
03%
113
ios
aaa4
bbb3
66
ii'2%
aaa4
x
32
5
3%
63%
x
bbb2
40%
93
79
x
bbb3
68
3%
s
x
45
*1%
91
81%
106% 110%
13
35
93
100%
1968
s
109
109%
111%
147%
*215%
110%
S
107
109%
91%
107%
59
91
81%
58% 100%
~90% "l3
*70
8 xbbb3
66
x
93
\f
2
"56%
109%
vf n
ybb
2
2
M
40%
69%
191
bb
4%s without warrants... .1956
49
74%
45%
'55
5
90
Remington Rand deb 4 %s w w *56
114
A—.2047
2047
2047
Impt 6s series D
2047
1967
1944
73%
90%
90
*100%
cccl
81%
64%
104
..2037
3%s
♦Rhelnelbe Union s f 7s
*35
ccc2
x
114
"~6
106%
ccc2
z
z
74*4
75
114
64
100%
110% 117
100%
76%
102% 108%
63%
102
73%
bbb3
101
40
*107%
100%
bbb3
7
40
74%
cccl
tfn
Public Service El A Gas 3 %s 1968 J
1st A ref mtge 5s
...2037
20
100%
cccl
aaa4
1951
24
89
*98%
*98%
hbbl
J~j
99% 109
02
102%
108% 108»4
63 %
40
*103%
*115%
J
3%s.l96«
{♦Providence Sec guar deb 4s 1957
{♦Providence Term 1st 4s... 1956
59%
7
62
58
110
119%
114% 118
99% 109%
115
d
1942
Pressed Steel Car deb 5s
122"
4
♦Certificates of deoo«lt..
Potomac El Pow 1st M
105
f
♦Certificates of deposit.
♦6s stamped
108% 111
*105
/
3
110
108
*110%
♦119
aa
112
104% llO
*107%
x
A
112%
109
aaa2
d
5
105% 108
107% 108%
aaa2
/
8%
93% 101%
x
2
18%
3%
103
4
x
o yb
111 %
9%
2%
4
\f n
a
106%
108
110
110
a
4
100
*110
F
I
111
104% 108%
114
104%
101%
*110%
j
117
106
4%
aaa2
F
112
4
4%
aaa2
x
*116
1974
1974
B
C
4%s series B
104%
101
108% llo%
116
5
x
♦Rlma Steel 1st
Penna
104%
101
2
x
53
Guar 4s ser E trust ctfs
A
67%
1111*
36
17%
17%
4%
4%
*3%
Gen A ref 4 %s series A...1997
53%
Guar 3 %s trust ctfs D
111
Gen A ref 4 %s series B...1997
69
69
8
44
Guar 3%s trust ctfs C
111%
18
117% 126%
102% 107%
3
125%
106%
M
8
69
124%
106%
2
Penn Co gu 3 %s coll tr ser
43
x
Reading Co Jersey Cent coll 4s *51
2
2
1st M a f g 3s loan ctfs
105%
O
aa
x
w n
1950
1st 5s extended to
I
ybb
Paramount Pictures 3%s
105%
65
107
"~5
4
{•Porto Rico Am Tob conv 6s '42
111%
80%
ybb
y bb
ybb
C
6
75
51%
45
27
....
..1977
\f 8
196f
Port Gen Elec 1st 4%s..
Pub Serv of Nor 111
4s—1997
Ref mtge 3%s series
107%
High
45
119
MM
1974
1st 4 %s series D
14
5%
39%
6
1st gen 5s series C
30
Id g 3a Jan...2047
Panhandle East Pipe L 4s
111
107%
106%
bbb3
1st 4 %s ser A. 1955
1st mtge 4 %s series B
J
Ref A Impt 414s series
Paducab A ill 1st
111
x
197*'
8%
85
72%
43%
|*2d ext gold 6s
III"
8
Series J cons guar 4 %8—.196*
MM
♦Certificates of deposit
Ontario Transmission
22
8
Series E 3 %s guar
Series I coas 4 %s
17%
2
1st mtge g 6s (stamped canV
cellatlon of guarantee) .1945 A
.
108%
109%
M
1942
1945
Series D 4s guar...
19%
20%
♦
Ontario Power N F 1st g 5s.
108%
108%
108%
*115%
M
1942
...
24%
36%
6%
2%
74
Series B 4 %s guar..
I960
19%
2
...1959
48 debentures
26
49
AH
z
62
lb
64%
67%
108%
1
N?-SLow
High
64
"64%
"17%
S
♦Certificates of deposit...
195"
23
c
.—1941
4s...1996
North A mer Co deb 8148—.1949
Debenture 3%s
1954
Northern States Power 314s.
2
aa
Series H cons guar 4s
20
cc
ization manager)
Northwestern Teleg 414 s ext
A
aa
Series G 4s guar
4%
z
Norf A W Ky IstconB g
Ref A
F
J
{♦Phlla A Read C A I ref 5s. 1973
♦Conv deb 6s
.1949
19%
♦Ct's o' dep (Issued by reorgan¬
Ref A Impt 6s series
aaa3
x
Series F 4s guar
18%
z
1961
Ref A Impt 6s series
x
x
20%
28%
8
Jf♦Norfolk A South 1st g 5s. 1941
Gen lien ry A
5s series A
20
♦Ct's o' dep (Issued by reorga.-
North Pacific prior lien
MM
x
20
4%
O y b
z
tNorthern Ohio Ry—
♦lstgtdgSs...
3
J
10
17%
D
of deposit
Gen A ref 4 14s series A
a
D
1977
1981
General 4 %s series D
sec
bb
x
J
..—1974
General 5s series B
Phlla Co
y
D
/
48—1943
Wash 1st g
10
27%
A
1967 J
1946 J
6s stamped
1946
J'
tl*N Y West A Boat 1st 414s 1946
M
Niagara Falls Power 314s—1966
A
Nlag Ix>ck A O Pow 1st 5s A. 1955
M
Niagara Share (Mo) deb 514s 1950
F
{(♦Norf South 1st A ref 5s—1961
North Cent gen A ref 5a
1980
1st g 4 %s series C
8
Since
Jan.
72%
63%
72%
3
3
3
Af
Phelps Dodge conv 3%s deb. 1952
Pblla Bait A
J ybb
/ ybb
J
1966 J
gold...194"
gold
1953
128
*71
3
16
16%
J
3%"» ser B
Rock 1st 6s
Debenture 4s
58.1956
1st 4s series B
Gen 4 %s series C
1942
ization manager)
Pere Marquette 1st ser A
Pittsburgh Cine C'-l & St Louis
4s.. 1992
4s...........—1955
•Cftrtlfleates
19
46%
46
aaa4
|*2d gold 4 14s
...1937
F A
(♦General gold 5s
...1940
M N
•Terminal 1st gold 5s—..1943
N Y Telep
20
1
109%
109%
♦110%
107 %
101
104% 108%
aaa4
At N
48.1993
N Y Queens El Lt A Pow 314s '66
N Y Rys prior Hen 6s stamp. 1958
N Y A Rlcbm Gas 1st 6s A—1961
N Y Steam Corp 1st 314s... 1963
t»*N Y Susq A W 1st ref 58.1937
N Y Trap
1
x
2
{♦N Y Ont A West ref g
{♦N Y Prov A Boston 4a
N Y A Putnam 1st con gu
32
x
M N tcc
...1947
4s
debenture 314® 1947
deb 3 >48--——1964
106»«
106'«
Range
Asked
a
Low
Indus. Cos. (Cont.)
Railroad &
Phlta Electric 1st A ref
|*N Y A
•N Y L E A W
1067ji
High
General g 4 %s series C
Erie—See Erie RR
N Y Oas El Lt H A Pow g 58-1948
N Y
NoJLow
1067n
51
NY4
Purchase money
Hioh
53
108%
Jan. 1
Asked
A
Loir
Co«. (Cont)
Railroad & lndu«.
Bid
Bid
Price
See 1
la
Friday's
Sale
Rating
EXCHANGE
Week Ended Oct. 11
Rnnae or
Last
Ella. A
BONDS
STOCK
N. Y.
1940
Week's
Friday
Bank
Elig. &
EXCHANGE
STOCK
Week Ended
N Y
Oct. 12,
New York Bond Record—Continued—Page 5
2160
..1950 A
z
ccc2
z
cccl
9%
9%
z
c
2
1%
1%
1%
3
3%
3%
36
*8%
1950 A
Oct 1949 f
a
1959 a
0
z
cccl
z
cccl
z
cc
2
5
z
cc
1
4%
z
cccl
^Certificates of deposit.
♦1st cons 6s series A
1945 m
♦Certificates of deposittl*Atl A Blrm 1st gu 4s...1933
8
m's
WW
www
.W--WW
9%
10
5
*2%
4%
4%
12
eotunn Incoroorated In this tabulation pertaining to bank eligibility and
*
5
31
WWW
-
109
4%
13
12%
9
rating of bonds.
8
15
0%
15%|
1
1%
2%
0%
5%
2%
2%
3
8%
7%
15%
See 4
Volume
New York Bond
151
BONDS
N.
STOCK
Y
Last
Elig. A
EXCHANGE
See
giJ
oq<3
Ask
ft-
1935 F
2H
A
z
c
2
A
z
c
1
x
aa
4
Range
6
2 M
23*
*1?*
2?*
N.
J
Shinyetsu El Pow lst6?*8_-. 1952 J
♦81emens A Halsbe deb
♦Silesia
GhiB. 1951
D y b
S z
M
1946 F
Elec Corp 6
A
97 H
1
45
cccl
1952 A
i
bbt»2
1950 F
Skelly Oil 3s debs
Socony-Vacuum Oil 3s debs. 1964 J
South A Nor Ala RR gu 5s.. 1963 A
x
bbbA
x
aaa4
x
a
South Bell Tel A Tel 33*8—. 1962 A
x
aaa3
Simmons Co deb 4s
...
1979 J
3s debentures
51
8
22
1
4
3?*
45
45
67
55
14?*
22
3
12?*
45
5
94
102?*
1023*
103?*
18
106
105?*
106
29
*116
110
110?*
106?*
105?*
110?*
10
106?*
34
1965 F
Southern Colo Power 6s A
A
1947 J
..
aaa2
x
«»*•
104
J
x
bbbA
D
x
bbb3
1951 A
0
x
bbb4
1949 J
D y bb
Southern Kraft Corp 4 lis... 1946 J
104
105
7
102
102
2
1st mtge pipe line 4 ?*s
So Pac coll
4p*Cent Pac coll).
1st 4 J*s (Oregon Lines) A. 197
.1968
106?*
106?*
106?*
4 Southwest 1st gu 5s
cons 58
M 8
3
1941
b
115
♦Omaha
A
cc
I
♦
O
cc
I
O
cc
1
106
319
30
43
127
30
40?*
3
40?*
Gold 4 48
1969 A/N y b
1981
y b
453*
40?*
40?*
3
40?*
40
10-year secured 31*8
1946
San Fran Term 1st 4s
1950
Gold 4 V*s
104
y
bb
2
61
x
bbb2
75
58?*
303*
48 H
118
35
53
77
30
50?*
50?*
60?*
50?*
54?*
72
74?*
75?*
14
58
148
So Pac RR 1st ref guar 4s... 1955
.1955
1st 4s stamped
y
bb
y
bbbl
Southern Ry 1st cons g 5s.. ,1994
Devel A gen 4s series A... .1956
x
bbbA
93
y
bb
2
58?*
.1956
y
bb
2
Devel A gen 6 ?*s
.1956
y
bb
2
77?*
82?*
Mem
.1996
y
bbb2
1951
y
bbb2
Bell Tel 33*s B_. .1964
x
aaa4
Ill
111
111
1968
x
aaa4
107?*
107?*
107?*
6
I*8pokane Internat 1st g 5s. 1955 J
z
cccl
22?*
35
Standard Oil N J deb 3s._.. .1961
x
Devel A
gen 6s
Dlv
1st g 5s
St Louis Dlv
So'western
1st g 4s
1st A ref 3s series C
1953 J
2^8 debenture
Studebaker Corp conv deb 6s 1945 J
.1950
Superior Oil 3j*s debs
Tenn Coal Iron A RR gen 5s. 195
J
Term Assn St L 1st cons 5s.. 1944
------
22
4
aa
x
aaaA
aaa4
aaa4
105?*
104?*
1943 J
J y bb
gold 5s..
Gen A ref 5s series B
bbb3
74
4
104?* 106?*
122
128 ?*
133?*
5
111?*
9
90?*
90?*
1
105?*
105?*
64
104?*
104?*
145
106?*
67?*
106?*
17
68 3*
27
102
95
------
A
a
x
63
*
4
x
73?*
15
104?* 111?*
76?*
92
aaa4
Texas A Pacific 1st
3
74
111?* 115?*
X
Texas A N O con gold 5s
80
lit
x
1979 A
x
bbbA
67?*
68?*
12
1980
x
bbbA
67?*
67?*
00
Tex Pac Mo Pac Ter 5?*a A. 1964
x
90
90?*
5
65?*
17?*
57?*
43
100?*
100?*
2
1960 J
J
A
C
y
cccl
J*Thlrd Ave RR 1st g 5s...1937 J J
Tokyo Elec Light Co Ltd—
1st 6s dollar series
.1953 / E
Tol A Ohio Cent ref A Imp 3 H b "60 I E
y
bb
3
y
b
1
x
bbbA
y
bb
Third Ave Ry 1st ref 4s
♦Ad) Income 5s
Jan 1960
To! 8t Louis 4 West 1st 4S..1950
Toronto Ham 4 Buff 1st g 4s. 1946 j
Trenton G 4
I
r
1949 M S
El 1st g 5s
deb A. 1953
J
57?*
2
19
88?*
97?*
1
11?*
62?*
25 A*
95
100?*
J
♦Tyrol Hydro-El Pow 7?*s._1955
♦Guar sec s f 7
1952
40
45
*88
50?* --247
40
66?*
91
82?*
90
70
3
x
aaa2
x
a
4
55?*
70
H
5
70
*105?*
x
aaa3
y
bb
1
z
b
1
*15
z
cccl
*15
98
97?*
*123
107
------
-----
30
----
14?*
14 A*
13?*
21?*
70
75?*
7
108?*
23
70
99?*
b
1
aa
3
z
cccl
x
aaa4
167 H
107?*
107?*
2
........1959
x
aa
3
103?*
103?*
103?*
30
100?* 104?*
...1947
x
aaaA
63
110
x
aa
3
113?*
99?*
il3?*
1970
35-year 3v*s debenture... 1971
Ref mtoe 3?*s ser A
1980
113?*
99?*
x
aa
3
993*
x
aaa3
104?*
103?*
3 ?*s debs...1965
x
a
i
107
106?*
107
United Cigar-Whelan Sts 5s. 1952
y
b
4
70
1953
y
bb
4
86?*
U N J RR 4 Canal gen 48—1944
x
aaa4
3s debentures
107?*
*8?*
5?*
5?*
2
5?*
5
5?*
5?*
24
5
5?*
35
8
105
104?*
105
15
75
72?*
75
53
83
84?*
2
84
85J*
35
43
44?*
33
*30
34?*
*55?*
65
13
42
9**
43*
9?*
43*
9M
4?*
9?*
108?*
1083*
109 J*
3
-
-
r,
—
-
-
10
108?*
-
109 3*
23
116?*
116?*
3
5
aaaA
110?*
a
4
1013*
101?*
2
x
1952 A
0
bbbA
903*
913*
184
%
1977 J
J,x bbbA
.1946 A/
z
ccc2
1073*
4
14?*
36
13?*
13?*
13?*
14?*
11
68
67?*
68
13?*
z
cccl
y
bb
25-year gold 5s
D
...1951 J
30-year 5s
i960 M 8
Westphalia Un El Power 6s. 1953 /
J
b
72 3*
61
y
b
71?*
70
71?*
43
y
b
26
25
20
14
z
52?*
50 3*
533*
29
483*
483*
6
105?*
"84
143*
15
g 4
West Shore 1st 4s guar...
Registered
A
Wheeling 4 L E RRMs
2361
J
2361
J
2
J y bb
J y bb
8
1949 M
Wheeling Steel 4 3*8 series
1966 F A
White Sew Machdeb6s
1940 M N
D
f {♦Wilkes Bar 4 East gu 58.1942
aa
x
bbb2
x
bbb2
z
cc
2
"13?*
x
bbbA
105?*
y
bb
3
100?*
1960
x
aaa?
t*Wl8 Cent 60-yr 1st gen 4s.. 1949
z
ccc2
♦Certificates of deposit.
|*Su 4 Du dlv 4
ter 1st 4s_1930 A/N
♦Certificates of deposit.
Wisconsin Elec Power 3 3*8..1968
t*Wor 4 COnn East 1st 4 3*8.1943
Youngs town Sheet 4 Tube—
Conv deb 4s.
1948 M 8
ser
1961 M N
C
z
cccl
z
cccl
"273*
13?*
105?*
100?*
*112 3*
26?*
37
70
128 3*
107?* 112
98
1023*
72
913*
79
95
107 3* 1083*
18?*
50
68
53 H
71?*
103*
26
35
543*
503*
32
<
73*
3
7?*
7?*
3
z
cc
I
aa
3
~10W
109 3*
109?*
17
x
a
4
109 3*
109 3*
110
28
x
z
c
2
a
4
104 3*
103 A*
x
bbb4
1043*
103?*
104 3*
104 3*
94
x
102
96
110
1
73*
103
93*
143*
1003* 106?*
"283* "85
27
11 6 1
96?* 105?*
18
101
7? 3*
51
1103*
8
106 3*
18?*
10V*
10?*
100
27
7 3*
46
104 3* 1103*
1153* 120
*99 3*
1947
1st M 4s A
105
1053*
16
31
60
6
*1133*
x
1955
Wilson 4 Co
70
723*
903*
67
95
94
107 3*
2
87
78
120
x
aa
75
63?*
1083* 100
J
x
56
1063* 1093*
— -
*124?*
109?*
90?*
943*
1013* 106 3*
----
8
e
112?*
13?*
28?*
14
27 3*
10?4
43*
9
4?*
110
106
1073* 1103*
*5?*
6
14
1013* 109?*
101
106?*
30
105?* 109
9
8
107?* 112?*
Cash sale* transacted durfn<» th» current week and not Included In the
yearly
range
Shinyetsu Elec Pow 63*s 1952, Oct. 9 at 49.
Cash sale;
r
y
107?*
133*
7
383*
43*
108
x
------
--
--
99?*
104
J§♦ Union Elev Ry (Chic) 56.1945
Union Oil of Calif 6s series A. 1942
.
28
51
93*
I21H 125
7
107?*
'
UjR&wa Klee Power s f 7s...1946
Onion Electric (Mo) 39*8—1962
48
20
-.
*95
------
12
10931.
41
11?*
44
663*
30?*
103*
253*
1
46
*W
51 34
78
J*
102
29
D
Wisconsin Public Service 4s.. 1961
45
185
19
72
5
3*s.l950 A/N
Teleg
1st mtge s f 4s
C
1
Tol W V 4 Ohio 4s series C—1942 M
Trl-Cont Corp 5s conv
yb
I
Western Union
Winston-Salem 8 B 1st 4s
53?*
14?*
Ill
West N Y 4 Pa gen gold 48—1943 A O
{♦ Western Pac 1st 6s ser A..1946 M 8
Cony deb 34*8
74
55
Gen A ref 6s series D
a
100?*
Western Maryland 1st 4s
1st 4 ref 5 ^8 series A.
103?* 105
10'?* 110?*
63?*
72?*
63 H
72
Gen A ref 5s series C
O
aaaA
73
113?*
90?*
aa
80
20
aaaA
aaa4
84?*
80
105
x
x
57
126
aaaA
x
59
♦5s assented
x
x
84?*
100?*
b
8
82?*
100
cc
y
D
West Va Pulp 4 Paper 3s... 1954 J
21
z
D
79?*
100?*
14
"853*
b
-.1967 J
01?*
113
14?*
2
gtd^l950 J
Gen mtge 3 3*s
93
126
Ill
A
63
126
aa
1945 F
42
100?*
103?*
bbbA
1st 40-year gua* 4s
estchester Ltg 5s stpd
A
83
81
bb
S
1945 F
38
100?* 106
x
1st gu 3 3*8
175
23 ?>
bbb2
y
A
78
15
33
Washlhgton CenClst.gold 4s. 1948 Q M yb
59
101?* 106 ?x
x
A/
Warren RR 1st ref gu g 3 V*s.2000 F
56?*
108?* 112
102
109?*
x
y
76
31
F
O
92?*
10
20
42?*
53*
1955 A O y b
M S
West Penn Power 1st 5s E..1963 A/
1st mtge 3 3*s series I
1966 J
32
1953 J
.1965 M N
65?*
-
26
Texarkana A Ft 8 gu 5X8 A. 1950 F
Texas Corp 3s deb......... .1959 A
3s debentures
52
D
1955 A
81
■
103
------
4
80?*
104?*
104?*
101?*
x
63?*
1945 J
debs,... 1948
)♦ Warren Bros Co deb 6a£„.. 1941
Wash Term
105?*
104?*
aaa4
bb
bbb3
-
58
104?*
104?*
100?*
100?*
103?*
aaa4
z
2
60?*
—W—
68 debentures.
Warner Bros Plct 6s
42?*
108?*
41?*
54
(Hiram) G 4 W—
Convertible deb 4 3* s
Valworth Co 1st M 4s
93
-
22
X
Gen refund s f g 4s
«.
------
x
x
1950 M N
8wlft A Co 1st M 3?*s
2
1 07?*
1976 F
Ref 4 gen 4 3*s series C...1978 A
♦Ref 4 gen 5s series D
1980 A
7a!ker
106?*
*39 3*
111
70
413*
cc
1
-
1073*
b
cc
-
-
12
46
♦Ref 4 gen 5sseries B
43?*
45?*
3
1st g 3 3*8... 1941
-
66 3*
*
High
107
40
82
66
*27?*
104'it 109?*
43?*
2
b
Dlv
Lore
9
49
cc
♦Toledo 4 Chic Dlv g 4s.. 1941 M S
♦Wabash Ry ref 4 gen 53*s A *75 M S
Jan. 1
NO.
111
*76
2
1078,i 111
47?*
bb
{♦Des Moines Dlv 1st 4s_.1939
Since
<§
QQ
High
110?*
*48
ccc2
♦Det4 Chic Ext 1st 5s
41
y
A
99?* 103?*
102?* 106?*
40
y
Gold 4 ?*s
...1939 F
b
40 J*
111
aaa2
1954
119
Ask
A
Range
fs
Friday's
Bid
Price
i
b
♦1st lien g term 4s...
97?* 102?*
11
x
...1939 A/N
102**
101
63
SI
See
Range or
Sale
Rating
Low
I* 1st gold 5s
{♦2d gold 5s
110?*
101?* 106?*
„
Last
Elio■ A
8 x aa 2
M S
y cccA
J
2003 J
y bbb2
1958 A O y bb 2
1st
Natural Gas—
Southern
STOCK EXCHANGE
Week Ended Oct. 11
M
104
^Southern Calif Gas 4?*s._. 1961 M 8
11st mtge A ret 4s
98
50
102?*
3
93?*
26
102?*
------
aaaA
x
80
*44
------
y
coll tr 7s.. 1941
98
22
ebl
------
z
F
SlIeelan Am Corp
97?*
Y.
High
1H
1?*
a
Shell Union Oil 2 ?*s debs... 1954 J
11
BONDS
Since
Jan. 1
No. Low
High
Low
Railroad & Indus. Co*. (Cont.)
^♦Seaboard AU Fla 6e A ctfs.1935 F
♦6s Series B certificates
£
Friday's
CO £
Price
a
2161
Week's
Friday
Bank
Range or
Sale
Rating
Week Ended Oct. 11
Record—Concluded—Page 6
Week's
Friday
Bank
only transaction during current week,
transaction during current
week,
n
a
Deferred
delivery sale:
only
lnoluded In year's range
Odd lot sale, no
I Negotiability Impaired by maturity,
t The price represented Is the dollar quota¬
tion per 200-pound unit of bonds.
Accrued Interest payable at exchange rate of
$4.8484.
Union Pac RR—
1st 4 1 ind grant 4s
34-year 39*8 deb
United Biscuit
United Drug Co (Del) 6s
T The following Is a list of the Nevt York Stock Exchange bond issues
115
99?*
10
99?*
55
104J*
64
101?* 104?*
99
92?*
92?*
23
104H
70
70 3*
5
85?*
*107?*
86?*
50
5-i?*
75?*
108
99?*
99H
Liquid Carbonic Corp 4s 1047, Oct. 10 at 104.
Southern Calif Gas 43*R lftl. Nov. 1 at 104.
Southern Calif Gas 4s
107
77?*
89?*
t Companies
•
.60s
1
May 1
Nov 1
x
aa
2
*99.28
x
aa
2
*99.28
TOO .4
x
aa
2
*100
100J*
May 1
Nov 1
May 1
Nov 1 1943 M N
x
aa
2
*100
Nov
.....
.625s
.75s
.875a
1.00s
1.125s
1.25s
1 3758
2
k
-
-
m -
—
-
-
-
-
-
--
aa
2
*100?*
aa
2
*100?*
----
May 1 1944
Nov 1 1944
x
aa
2
*100?*
-
x
aa
2
*100?*
1 1945
1 1945
x
aa
2
Nov
x
aa
2
1 1946
x
aa
2
1.80s
Nov
fx
aa
2
1.85s
May
x
aa
2
1.90s
Nov
1 1946
1 1947
1 1947
x
aa
2
10J?*
1.95s
May
101?*
100?*
—
—
—
-----
100?*
100
100?*
100
101
101?*
101?*
1013*
2
101?*
101?*
2
101?*
101?*
2
100?* 101?*
100?* 101?*
100
101?*
101
101
4
100?* 101?*
101?*
101?*
6
100?* 101?*
May
1 194b
x
aa
2
101?*
101?*
101?*
4
iqp?* 1013*
Nov
1 1948
x
aa
2
101?*
101?*
101?*
7
100?* 1013*
2.05s
May
1 1949
x
aa
2
101?*
102
8
100
2.10s
Nov
1 1949
x
aa
2
102
4
1,00 V* 102
2.15s
May
1 1950
x
aa
2
101?*
*101?*
2.20s
Nov 1 1950
May 1 1951
x
aa
2
1023*
2.25s
!
x
aa
2
2.30s
Nov
1 1951
1
x
aa
2
*102?*
*101?*
2 35s
May
1 1952 M N
I
x
aa
2
*102
1
!
1952 M N
x
aa
2
2 40s
Nov
May
I
T
x
aa
2
*102?*
2 60s
Nov
1
I
x
aa
2
*102?*
2 65s
May
1
J
x
aa
j
2.60s
Nov
1
J
x
aa
2
2 65s
May
1
J
x
aa
2
)
z
z
♦Un Steel Wks Corp 6 ?*s A
.
♦33*s assented A
1951 J
)
♦Sec s f 6 3*s series C
1951 J
> z b
♦3 3* s assented C
1951 J
)
102
103
•
-
•»
-
—
-
-
-
----
-
-
-
—
—
—
—
—
2
102
33?*
1
wml _
—
„
-
-
— -
-
100?*
102
100?*
102?*
102?*
102?*
102
101
103?*
100?* 103?*
*103
104
100
103
*28
38
18
32
20
33?*
20
24?*
11
33?*
-
-
-
-
103
30
30
2
20?*
30
♦33*8 assented At.
1947 J
United Stockyds 43*8 w w„1951 A
/Z
32
32
5
20
32
Utah Lt 4 Trac lBt 4 ref 5s. 1944 A
) x bbb2
Utah Power A Light 1st 5s..1944 F
1 x bbb3
Vandalia cons g 4s series A..1955
Cons s f 4s series B
Vera Crux 4 Pacific
...1957
? x bbb3
i x aa
2
/ x aa
1
J z c
1
89?*
102?*
103?*
7
84
103
79
96
104
102?*
130?*
83
95
104?*
109
89 3*
109
,
*109?*
1
z
1934
1934
/ z
*?*
this column are based on the ratings assigned to each bond
Transactions
Stock
Exchange,
of
Stores
Municipal
Bonds
For'n Bonds
Bond
/States
/
Bonds
Sales
$487,000
$16,000
$2,621,000
743,000
48,000
33,000
226,000
143,000
177,000
5,477,000
Monday
392,390
Tuesday-..
501,655
$2,118,000
4,686,000
5,702,000
Wednesday.
445,660
4,929,000
Thursday..
383,670
3,893,000
Friday
404,250
5,285,000
754,000
796,000
2.323,375
$26,613,000
$4,494,000
195,750
Total
United
State
Mis cell.
912,000
802,000
6,647,000
5,957,000
4,790,000
6,258,000
93?*
109
109
109
109
?*
t
York
New
Railroad A
Stocks
Number
Oct. 11, 1940
Total
—
Sales at
column incoroorated In thla tabulation
Week Ended Oct. 11
$643,000 .$31,750,000
Jan. 1 to Oct. 11
New York Stock
?*
Stocks—No. of shares
1940
1939
1940
1939
2,323,375
3,520,262
158,978,335
209,866,268
$643,000
26,013,000
$2,148,000
4,040,000
23,227,000
$32,980,000
168,854,000
1,011,841,000
r.131,496,000
$31,750,000
$29,415,000
$1,213,675,000
$1,618,108,000
Bonds
Railroad and industrial
new
the
at
State and foreign
ed to the
Ail issues
j
Daily, Weekly and Yearly
Government
Attention! 11
,
of the Issues bearing symbols mp or lower are in default.
Exchange
%
Immediately
the symbols
Where all four agencies rate a bond
rating given by the majority.
differently, then the highest single rating is shown.
will represent the
RR—
§♦4 3*s July coupon off
§♦4 3*s assented
In process of reorganization.
Indicates Issues In default, In bankruptcy, or
The rating symbols In
by the four rating agencies.
The letters Indicate the quality and the numeral
following shows the number of agencies so rating the bonds.
In all cases
Saturday...
102?*
89?*
bonds which we believe
Indicates those bonds we believe are not bank eligible due either to rating status
some provision In the bond tending to make It speculative
Week Ended
*28
/ * cccl
♦Sink fund deb 6 ?*s ser A. 1947 J
Bank Eligibility and Rating Column—x Indicates those
y
993* 1023*
100?* 102
103
*28
delivery sales transacted during the current week and not included In
100?* 101?*
100?* 102?*
103
31
Deferred
No sales transacted during current week.
bearing ddd or lower are in default.
103
.
z
v
A great majority
102
100?*
103
„
nnder
eligible for bank Investment.
or
2 00s
2.45s
Bonds selling flat.
-----
100
*101?*
w
Friday'8 bid and asked price.
♦
i
102?*
receivership, or reorganized
assumed by such companies.
bankruptcy,
No sales;
1003* 100?*
100?* 100?*
100?* 100?*
x
—May
1.625s
-
x
1 75s
1 50s
In
the yearly range:
-
*100
being
as
110?*
debentures—
.375s
196^5, Nov. 1 at 107.
reported
Section 77 of the Bankruptcy Act, or securities
United States Steel Corp—
Serial
which have
been called In their entirety
Total
pertaining to bank eligibility
4,494,000
and rating of bonda.
$292,415,000
194,197,000
weekly range are shown In a
12,
1940
ot the week and when selling outside
disregarded In the week's range unless they are the only transactions
footnote In the week In which they occur. No account ts taken of such sales In
delivery sales are
Cash and deterred
nj/vriric
of the regular
Oct.
Exchange—Weekly and Yearly Record
New York Curb
2162
computing the range for the year
the
bond^fn
occurred during the week covered.
which any dealings
Week t Range
for
Sale
of Prices
Low
High
Week
5%
5%
5%
11%
2%
79 %
Southern..60
Co $7 pf. *
*
Allegheny Ludluro Steel—
7% preferred 100
100
100 %
Alabama Power
300
4
May
11%
100
10
Jan
2%
900
100
1% May
17%
%
100
79%
79%
50
r68
100% 102%
40
40
91%
Inc com...*
Investment
•
Jan
10
17%
23
150
155% 101
1,600
116
116
116
150
21
17%
*
Aluminium Ltd common.*
1,000
160
21
17%
Aluminum industries com
78
preferred
100
American Beveragecom_.l
American Book Co
100
Amer Box Board Co com.l
0%
77
82%
95
95
May
Bell Tel of Pa 6 %% pf.100
14% May
3%
Apr
Benson A Hedges com...*
Apr
30%
Oct
108%
82
May
Apr
Oct
Blckfords Inc common
Apr
98
Mar
100
"§66
50
39%
3
Aug
Bliss (E W) common
1
Feb
Blue Ridge Corp com
1
May
S3 opt conv pref
Blumenthal (S) A Co
Sept
17
108
4
Oct
17%
23
Apr
Bourjols I no
Apr
Bowman-Blltmore com
May
42%
May
90
Sept
Aug
%
Feb
11%
110% Mar
109% May
1%
Apr
Lines oom_.l
Amer Foreign Pow warr...
Amer Fork A Hoe com...*
14%
~12 %
31
Eleo...10
112%
pref erred..... 100
General Corp com 10c
1
S2conv preferred
S2 60 conv
preferred
20%
Co..60
Amer Laundry Mach
20
Amer Lt A Trac Cora
26
...
14%
Apr
Brewster
7%
Apr
Bridgeport Gas Light Co.*
2%
Apr
'14
Jan
Jan
May
June
Jan
20%
Mar
80
Aeronautical... 1
Brill Corp class A.
Brlllo Mfg Co common...*
35
Apr
British Amer Oil coupon..*
33%
Mar
30%
75
25% June
22% June
% June
31
Jan
36
26
May
Am dep rets
%
Mar
*14
Jan
May
14%
39%
Apr
British Col Power cl A...*
May
Jan
}BrownCo6% pref
July
112%
Oct
Brown Fence A Wire com.l
4
Apr
500
100
27
28
10%
16%
20%
16%
-§66
14%
14%
1,100
200
2% May
22% May
26% May
11
May
13% June
11% May
May
%
%
1,000
30%
400
%
29
'70 "
*70""
50
5%
5%
200
"""%
-f"
'2^366
70%
700
Amer Seal Kapcommon..2
69
May
% June
23
May
% June
65
Aug
4%
Aug
3%
May
%
Mar
48
June
Mar
31%
34%
Mar
20%
18%
16%
29%
Jan
Class A preferred
Brown Forman
$6
Distillers. 1
Bunker Hill A Sullivan 2.50
Burma Corp Am
Jan
Burry Biscuit Corp..l2%c
109%
10%
6%
Apr
Cable Elec Prod com...60c
Mar
-
Jan
Calamba Sugar Estate..20
600
0
Jan
Calllte Tungsten Corp
3
400
2% May
3%
Feb
Camden Fire Insur Assn..5
400
1
May
2
Oct
Canada Cement Co Ltd..*
Augostura-Wupperman ..1
Apex Elec Mfg Co com
*
Appalachian Eleo Power—
..*
57 preferred
%
1
200
% May
8% Mav
2
Feb
Canadian Car A Fdy Ltd—
15
Apr
112
113
140
2%
"7", 800
2%
2%
18,800
8%
8%
8%
1,600
Common cl A non-vot..*
10
preferred
1
""460
115
Jan
Feb
%
Jan
2%
2%
8%
Apr
Apr
May
10%
99
Capital City Products
Carib Syndicate
Jan
Carman A Co class A
V
t c common..
*11
1
60
00
10
6% pref 100
Atlantic Coast Fisheries.. 1
2%
2%
"166
Atlantic Coast Line Co..60
15%
3%
15%
200
1
3%
100
Forge com...6
%
3%
Atlantic Rayon Corp
Atlas Corp warrants
Atlas Drop
Atlas Plywood Corp
•
Auburn Central Mfg.....*
} A us tin Silver Mines
1
Products
6
Automatic
10
16
1%
1%
3%
16
1%
1%
1%
400
Avery (B F) A Sons com.6
0% preferred
0% preferred
"5%
"6% "5%
7% 1st partlc pref...100
Apr
Celluloid Corp common. 15
May
4%
Apr
Cent Maine Pow
Jan
Cent
Feb
Cent Ohio Steel Prod
Axton-Flsher
Class A
Jan
Conv preferred
Feb
Conv pref opt ser '29.100
""166
Mar
Chamberlln Metal Weather
May
3
Jan
28%
28%
29
2,500
18% May
6%
6%
7
5,400
4% May
53
3%
30%
preferred
preferred
Strip
Charts
Co...
•is
1
1%
1%
1%
May
600
4%
May
100
Ti«
July
13,600
%
Mar
29%
Jan
Chief Consol Mining
Oct
7%
Apr
Apr
1%
Oct
com
6
10
Basic Dolomite Inc com._l
Batb Iron Works Corp
14%
10
50
6%
6%
200
14%
14%
2,200
8
May
3% May
9% May
Beau Brummell Ties Inc..
3% May
4
Beaunit Mills Inc com..10
12%
$1.60 conv pref......20
For footnote* see pagf
2107
June
Feb
Chllds Co preferred
56
preferred
14%
60c preferred
•
B
preferred
•
City Auto Stamping
♦
56
City A Suburban Homes 10
7%
Clark Controller
16%
Apr
6%
Jan
Apr
Mar
28
Jan
16
May
90%
May
Co
38
May
4%
11%
Jan
43
Feb
22%
Jan
Jan
Jan
108
Jan
May
14%
% June
t„ Aug
2%
Jan
% June
1%
1%
Apr
% May
1
9
Jan
Mar
3%
Apr
18%
Mar
2%
Apr
30
20
July
Oct
6%
25
9
8
""7% "7%
"Too
3%
"Too
122% 123%
200
24
25%
50
14%
14%
500
*97% "98%
"90
17
May
Apr
9% July
5% May
1%
Oct
20
5%
Apr
22
Jan
11%
Apr
May
May
2%
1%
Feb
9%
Jan
May
May
May
5%
5%
25
105%
7%
10%
May
Apr
May
6%
May
7%
6
May
12
Feb
15
June
20
Jan
1% May
98
May
20%
69%
13
91
3%
127
Jan
Apr
Jan
May
5%
Feb
Jan
34%
Feb
Jan
87%
May
June
17%
Feb
Jan
110%
105%
8ept
10%
Apr
June
Apr
115% May
%
Jab
Jan
%
Jan
•11 May
Jan
May
2%
8%
2%
*xi May
2%
Jan
•i4 May
%
May
%
225
Jan
Feb
26
6%
8
1%
1%
Jan
16%
25
2%
4%
10
July
Sept
Jan
Jan
4% May
7% Mar
June
13
Jan
250
95
May
117
Apr
69
70
300
55
June
83
Apr
10%
11
400
6
May
7
•it June
Aug
l05~
10%
250
5%
5%
5%
1,500
72%
72%
73%
1,200
68 ""
IOO
10
6%
0%
600
%
%
100
11
4
Jan
%
29%
6%
49
May
79%
May
7%
4%
20
68
1
Claude Neon Lights Ino_.l
June
%
0% May
95% May
*
56 preferred BB
Cities 8erv P A L 57 pref.*
Jan
6
June
6%
106%
100
Apr
15
Ma}
Feb
1
11%
Baumann—See "Ludwlg"
Feb
2%
Sept
5
Apr
Apr
lx H
May
2% June
25%
Corp common... 10
Cherry-Burrell common..6
Cheaebrough Mfg
25
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach...4
8% May
Sept
1%
1%
100
Cities Service common. .10
Barlum Stainless Steel
19%
Feb
May
8%
10%
7% pfd 100
6%
84
May
6%
300
1
1%
Barlow A 8eellg Mfg—
*
% June
7%
Feb
36
1,300
1%
Feb
Bardstown Distill Ino.
2%
100
100
Apr
6
11
600
1%
5%
300
»14
Tobacco—
11.20 conv A
com
3% May
3% May
18
122%
7% pf 100
N Y Pow 6% pref. 100
""760
1,650
%
%
4%
29%
%
1
Aug
27%
100
Cent States Eleo com
July
28
%
300
%
30
%
%
2%
preferred...
500
*14
Baldwin Locomotive—
7%
700
12%
Cent A South West Utli 50c
Mar
Baldwin Rubber Co oom.l
1,500
100%
12
Cent Pow A Lt
Sept
.*
20%
99
Mar
18
Purch warrants for oom
20%
*
.
%
..10
100
Mar
20
Babcock A WUcox Co
partlc pref
Cent Hud G A E
6%
7%
Ayrshire Patoka Collieries
38%
4
Jan
common
1st
*
Jan
1,300
38
1,400
2%
Aug
2%
8
May
15
2%
7
200
May
14%
1
preferred
104%
Warrants
2%
3
1
Feb
26
22
May
Sept
»14
25
Jul}
15
1,200
2%
x-w
16
8%
8
Celanese Corp of America
w w
Aviation A Trans Corp
2%
Mai
May
JaD
Automatic Voting Maoh..*
700
Feb
1%
105% 105%
*
1
19% May
2% Aug
100
23%
Jan
109
Apr
July
11%
1%
Feb
20
100
May
Sept
200
20%
May
*
1% June
2
July
May
Products
100
1,500
Apr
May
Catalln Corp of Amer
6
Jan
17
Oct
Apr
Mar
97%
Castle (A M) common.. 10
23%
400
13
14%
80
Casco
Oct
19%
May
350
27
Jan
June
July
10
40
May
200
Jan
Oct
3%
10%
Apr
""140
Jan
60
12
34
%
37%
•is
Apr
May
May
100
37%
%
fi%
%
«*
10%
1
35
Oct
May
Apr
1
Jan
20
1%
3%
Jan
4%
1%
42%
"Too
3
Apr
3%
•
Jan
May
49
•
Feb
57 div
Coast RR Co pref... 100
Atlanta Gas Lt
B
Class
Carnation Co common
Carter (J W) Co common. 1
*
30
4%
Feb
Atlanta Birmingham A
Apr
1% May
May
"Too
preferred
Carrier Corp common
...»
Assoc Tel A Tel class A
30
6%
Carolina PA LS7 pref...*
Apr
Feb
Mar
May
5%
Jan
%
17%
8
0%
%
18%
Aug
Assoc Laundries of Amer *
Apr
300
Mar
May
Apr
7%
%
6%
%
2% June
3% May
8%
%
6%
%
"TOO
Feb
1%
29
*
11%
900
1%
9
*
26c
Oct
1,600
400
2,100
10
9%
1,100
Feb
% June
1
Mav
%
Feb
"Too
300
May
%
Apr
8%
%
4
%
3%
5%
3%
•
4
*
preferred
%
Marconi......!
56
Common.............1
Class A..
1
$5
Class A voting....
Canadian
100
8%
0%
%
2%
Canadian Indus Alcohol—
200
6 % Mav
Apr
Sept
Aug
1,200
5
£1
I Associated Gas A Eleo—
48%
May
%
6%
6%
1
4%
deposit rets
June
4%
28
6%
5
11%
%
%
7% partlc preferred...25
Apr
Associated Elec Industries
Amer
20
4%
"10%
Equipment Corp ...1
Art Metal Works com....6
Ashland Oil A Ref Co
May
1% May
1% May
6% May
87
Arkansas P A LS7 pref...*
Aro
108
*ti
2%
2%
2%
0%
1
Can Colonial Airways
1
50
900
10%
2
*
35%
2%
12
lArcturus Radio Tube
Arkansas Nat Gas oom
35%
%
Am dep 5 %% pref shs £1
17
Mar
60c
Vot trust ctfs
1%
May
Mar
Cables A Wireless Ltd—
3
11%
2%
31%
%
•
Anchor Post Fence
20%
^99
dep rets..
% June
75
Jan
June
16% May
^
Jan
May
8%
1%
"To
May
1% May
*.
Jan
18%
30
25
Oct
6
18%
1
1st preferred
8
22% May
Jan
1%
45
Apr
Aug
*
SI 60 preferred
May
Aug
1%
Bruce (E
55
May
2%
June
*
preferred
4%
12
Feb
Mar
40
%
22
22
100
%
36
300
"900
reg..l0B
Apr
Apr
"14
Am dep rets ord
L) Co common. .5
7%
Buckeye Pipe Line
60 ——
Buff Niagara A East Pow—I
May
Apr
1%
Brown Rubber Co com
Jan
25%
73
14%
British Celanese Ltd—
Oct
Jan
July
7%
9%
425
10%
7% June
25%
107%
Apr
Apr
100
ord bearer £1
4,200
May
Apr
»14
Am dep rets ord reg...£l
""250
8%
13% May
*
56 series preferred
*
American Thread 6% pf__5
Apr
May
12
12%
30%
32%
112% 112%
3%
3%
1,600
65
1st S0 preferred
1%
Apr
46%
Mar
Sept
33%
3%
13
*
"e.lOO
39%
19%
Jan
June
Amer Tobacco-
British
Mar
4:i%
%
•
A
Registered
126
May
30
37%
14%
35%
13%
1
...100
Jan
30%
Preferred
H
*|
preferred
7%
3
.*
Class B
Apr
23
*44
7%
..100.—---
Preferred
Jan
114
200
1%
•
%
% May
Amer Mfg Co common.
Am Superpower Corp oom *
"6%
49%
Jan
136
"400
5%
May
25
100
..100
Amer Maraealbo Co
1
Amer Meter Co
•
Amer Pneumatic Service.*
Amer Potasb A Chemical.*
American Republics
10
3%
1
Breeze Corp common
July
600
14%
%
*
Brazilian Tr Lt A Pow
88
%
*
June
1,100
26
preferred
2d
Apr
Feb
7%
100
1st preferred
preferred
4
%
1
Amer Hard Rubber
0%
7%
Feb
8%
May
7%
%
*
30'
%
100
Amer Export
4%%
25
*1
Borne Scrymser
Class
30)i
35%
Amer
100
1st preferred
Co
Sept
Apr
6%
65
10
American Gas A
7%
192%
118%
18
14
*
*
Boback (H C) Co com...*
Jan
16% June
13*
Cyannmld class A. 10
Class B n-v
common..
May
138%
1%
common
26
Class A with warrants.26
Class B
1
z7%
*
Feb
May
July
12%
8%
32%
3
36% June
Foundry
2
Am Cities Power A Lt—
Amer
Blauner's
3% May
13% July
2,200
*
12 .50 preferred
Birds horo Steel
Bridgeport Machine
A
%
»
July
2%
200
12
111%
8
2,700
3,800
3%
High
Low
30
July
1%
5%
21%
*
Furniture .1
Purchase warrants
Shares
3%
Conv preferred
Berkey A Gay
111%
......
10c
Common class B
10c
S3 preferred
.....*
S6 60 prior pref
..*
Amer Centrifugal Corp—1
Class
Tel of Canada
1,1C40
Range Since Jan.
for
Week
18%
4%
5
21%
1
1
100
Bellanca Aircraft com
Bell
of Prices
Low
High
.1
Aircraft Corp
Beech
Mar
90
American Capital—
Class A
Mar
6%
79%
V.I
39%
7
June
Allied Intl
16%
22%
May
% May
Investing—
S3 conv pref...
...*
Allied Products (Mich).. 10
Class A conv com
26
Aluminum Co common—*
0% preferred
100
Aluminum Goods Mfg—»
Jan
Week's Range
Sale
A Machine Co com....*
AllesA Fisher
Alliance
Jan
4%
1,700
6%
%
91%
preferred
July
5%
%
—
22%
Bell Aircraft Corp com
21
21
Alabama Ot
$6
May
20%
1
Class B
—1
Alnsworth Mfg common._6
Air Associates Inc (N J)..l
Air Investors common...*
Conv preferred
*
Warrants...
13
Last
Price
Par
High
Low
220
A
Class
(.Continued)
Shares
19
18%
19
Co common. 10
Supply Mfg—
STOCKS
Range Since Jan. 1,1940
Last
Price
Par
STOCKS
Acme Wire
Aero
Sales
Friday
Sales
Friday
76
Oct
Apr
Mar
May
July
July
July
45
May
85
May
115%
Mar
75
May
110
Mar
4% May
7%
6
May
7
12
May
% May
16%
%
Feb
Apr
Jan
Mar
Volume
New York Curb Exchange—Continued—Page 2
151
Friday
STOCKS
{Continued)
Par
Cleveland Elec Ilium
•
Cleveland Tractor
♦
com
Week's Range
for
Sale
of Price*
Week
High
Low
42
4*4
Low
Shares
6%
conv
preferred
4*4
Feb
Eureka Pipe Line com..50
5*4
700
4
May
7*4
Feb
Eversharp Inc
1
May
2*4
Apr
Falrchlld Aviation
%
5*4
80
4*4
78*4
Par
High
48*4
*4
Patent Fire Arms .26
Colt'
"400
2
May
3*4 Sept
6*4 May
*4 May
2,600
3*4 May
3*4 May
100
300
67
May
3*4 May
Falstaff Brewing
Jan
Fanny Farmer Candy
2*4
4*4
Jan
Fansteel
Jan
Fedders
Columbia OH A Gas
1
1*4
1*4
1*4
1,300
26*4
26*4
*4
*4
"450
27
*4
500
Corp..l
1
12
12
Consol G E L P Bait com.*
4*4% series B pref... 100
4% pref series C
100
1*4 May
2*4
Jan
Florida PALJ7 pref
>11
Jan
1*4
Jan
21*4 June
*4 May
*4
Jan
1*4 June
38*4
Apr
Apr
*4
1*4
1*4
Oct
1*4
100
1*4 May
3*4
Feb
80*4
500
67*4 May
111
May
108
Sept
83*4
Apr
Io8~
2*4
200
108*4
""2*4
1
100
10
Consol Steel Corp com...*
"94*4
Cont G A E 7% prior pf 100
2*4
93
93
1*4
5*4
93*4
1*4
5*4
94*4
10
500
1,000
230
*L506
*
com...*
S3 prior preference
*
Copper Range Co
*
Cornucopia Gold Mines 5o
Corroon A Reynolds
1
conv
8
29*4
4*4
4*4
*4
1*4
"63*4
♦
1
"7*4
preferred.—50
8*4
200
29*4
4*4
*4
300
1*4
100
400
100
Jan
Gamewell Co $6 conv pf
May
97*4
Feb
Gatlneau Power Co—
1*4
6*4
Apr
General Alloys Co
Jan
Gen Electrlo Co Ltd—
1*4 May
3*4 May
May
84
12*4
3*4
Jan
13
4
1,900
1,800
*4
*4
1,050
General Investment oom.l
23
May
3*4 May
*4 May
i«i, Aug
May
Aug
6*4 May
2*4 Sept
11*4 Aug
3*4 May
*4
Jan
1*4 May
Crown Cork Internat A..*
4
4
200
3*4
July
Crown Drug Co com._.25c
1
1
100
ult May
26
•
10
18
6
5
Jan
h May
May
July
6
5*4
6*4
800
1*4 May
May
6*4 Aug
108
*4% pref.100
Curtis Mfg Co (Mo)
6
Darby Petroleum com...5
Davenport Hosiery Mills *
3*4
18
18
Dayton Rubber Mfg
2:10*4
3*4
200
18
50
11
300
35
Decca Records common.
5*4
"_5
5*4
"766
Stores
500
1
12
300
8*4
June
8*4
July
2*4 May
July
16
30
Apr
5*4
J4
1*4
77*4
2*4
Feb
4
8*4
1*4
10*4
2*4
4*4
19
12
July
23
Oct
75
12
May
27*4
Feb
41*4
43
100
30'
May
43
Oct
Feb
90
July
July
78
Jan
4*4
4*4
100
15*4
15*4
35*4
400
9
20
25
Common
1
$6 conv preferred
*
80
50
500
64
64
102
102
6% preferred A
100
Gen Water G A E 00m
S3 preferred
38*4
•
*
Georgia Power S6 pref
S5
102
1
96
"38*4
96
Preferred
6
41
......
Gladding MoBean A Co..*
Glen Alden Coal
Jan
Godchaux Sugars class A.*
8*4
Class B
S7
♦
preferred
Goldfleld Consol
6*4
41*4
400
Goodman Mfg Co
Gorham Ino class A
50
8
Jan
Gorham Mfg oommon._10
3
5
Apr
Grand Rapids Varnish
1*4
Feb
Gray Mfg Co
Great Atl A Pac Tea—
9*4
18*4
6
93*4
2,700
50
200
20
preferred
•
16*4
18
28
20*4
100
25*4
20
12*4 May
21*4 Sept
zlO
10
Diamond Shoe new com.
new_.2*4
Apr
14*4
Oct
1*4
June
Jan
Apr
zlO
Apr
15*4 Sept
1*4
Apr
Dlvco-Twln Truck com..
6*4
7
1,000
Dominion Bridge Co Ltd.*
"e"
~T
100
7%
preferred
72
30
72
72
10
23*4
100
"2% ""2*4"
'"466
22*4
..100
""2*4
100
Duke Power Co
*4
Duro-Test Corp common.1
Duval Texas Sulphur....*
Eagle Picher Lead
10
50
73
73
Durham Hosiery cl B com *
Jan
98
May
114*4
Apr
100
6%
100
preferred
123*4 May
36
53
3*4
51*4
3*4
55*4
33*4
32
35
May
*4 June
Heola Mining Co
Jan
Apr
Apr
110
3*4 Sept
79*4 May
•
16 preferred series B
♦
Easy Washing Mach B
1*4
100
102
June
111*4
Jan
Sept
100
107*4 May
6*4
Feb
115*4
8*4
50
20*4 May
26
40*4
May
70*4
Apr
Sept
hi
Sept
1*4
*4
Jan
Feb
1*4
Jan
2*4
July
8*4
Apr
4,900
200
4*4
150
7
2
8
ex-warr
•
16*4
"16*4 "l6*4
4
4
4*4
'""25
500
Eleo Bond A Share com..5
<5
preferred
*
$6
preferred
•
14
6
5*4
"72*4
4*4
6*4
63*4
65
71
73*4
21,800
42
1,400
61
Apr
Apr
Apr
Horn A Hardart
May
28
June
Electrographlo Corp
1
Elgin Nat Watch Co
16
Apr
Hubbell (Harvey) Ino
Jan
Humble OU A Ref
8*4
75*4
Oct
20
Jan
IHuylers of Del Inc—
Common
.....1
12
200
10*4 May
14
28*4
100
21
29*4
2*4
76
Sept
July
Jan
Jan
Apr
5*4 May
79
Feb
Empire Gas A Fuel Co—
100
74
75*4
150
77*4
77*4
50
100
Empire Power part stock.*
Emsco Derrick A Equip..5
Equity Corp common.. 10c
13 conv preferred
1
1
For footnotes see page
*1«
*4
900
20*4
20*4
2*4
20*4
3
900
3
2167]
850
3*4
39*4
300
2*4
25*4
3*4
29*4
7*4
3,000
4,800
6*4
300
7*4
5*4
6
June
87
July
Illuminating Shares A
*
24*4 May
26
Jan
66
Mar
11
Jan
*4 May
19
Aug
•11
Feb
25*4
Mar
Sept
5*4
Apr
2*4
Dlv arrear ctfs
Imperial Chemical IndusAm dep rets regis
£1
100
39
6
8*4
*4
39
29
5% conv preferred
May
92
May
22*4
10
Jan
12
Jan
z5*4 May
9*4 May
2,900
Apr
14
Jan
14*4
Feb
14*4
Feb
29*4
2*4
Jan
Aug
36*4
3*4
Apr
Apr
13*4 May
47*4 May
4*4
Feb
Oct
2
1*4
Jan
June
ht June
•
July
6
4*4 May
6
July
50
88
60
Jan
lUlnols Zino Co
55*4 June
Apr
May
July
July
May
77*4
Mar
13
May
1*4
Mar
May
8
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod
5
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
II
8
26
7
Apr
27
108
800
Jan
Apr
12*4
27*4
120
700
7*4
14
June
10
57
Jan
3*4 May
22*4 Sept
24
111*4 111*4
July
June
67
75
75
7*4 May
29
23*4 May
200
86
67
30
74
100
9
Jan
May
"56
88*4
40
100
4
2*4
6*4
Hussmann-Llgonler Co...
May
May
"30k ~30k
56
•
Hummel-Ross Fibre Corp
12
4
100
6
Oct
3*4
8*4
2*4
•
Jan
28*4
Empire Dlst El 6% pf 100
preferred
Apr
May
May
5%
4*4
66
8*4
300
Horder's, Ino
17*4
May
*4 May
warrants
Sept
Sept
10*4
1*4
7*4 May
Elec P A L 2d pref A
56*4
35*4
28
3*4 May
600
Holophane Co common..*
75
"200
11
13*4
1
A...10
Mar
73*4
"8*4 "9*4
72
10
Hires (Chas E) Co
May
2*4 May
12
200
26
♦
Hormel (Geo A) A Co com*
Horn (A C) Co common.. 1
Horn A Hardart Baking..*
8*4 May
*4 Mar
13
8
25
Preferred ww
1*4 May
12*4 May
1*4 May
5*4
11*4
1,100
2,100
4*4 May
May
16
11*4
Heller Co common
Preferred
100
11
1,000
""566
""*4
500
*
Hoe (R) A Co class
May
6*4
22*4
•
Heyden Chemical.,
26
6*4
22*4
100
Jan
425
200
2*4
Jan
Apr
4
1*4
Apr
May
20*4
2*4
8*4
5
1*4
14
*4
62
5*4
JaD
Jan
Jan
110*4
2*4
26c
2*4
*4
39*4
25*4 June
19*4
5*4
11*4
Class A
Oct
Mar
100
60
Helena Rubenstein
Jan
Apr
Apr
1,300
com..5
6% conv preferred
49*4
1054
1*4
26
22*4
135
29*4
100
12 *4
Economy Grocery Stores.*
Emerson Elec Mfg
*
*4 May
July
100
3*4
64
Jan
Mar
78
June
6*4 May
Apr
1*4
8*4
1
Corp
6*4 May
300
5*4
$7 preferred series A...*
Esquire Ino
88
8
28*4
110
!
Hewitt Rubber common..6
Eastern Malleable Iron..25
Eastern States Corp
6% preferred
6*4% preferred
7% preferred
8% preferred
150
*
Holllnger Consol G M
._...*
4*$% prior pref
Option
28*4
5
10
B non-vot common
67
32*4
East Gas A Fuel Assoc—
Common.
8*4
99*4
Hat Corp of America—
Hearn Dept Stores
Oct
•
Harvard Brewing Co
Jan
Mar
Oct
10
Hartford Eleo Light....25
12*4
5*4
Feb
11*4
Hartford Rayon v t 0..
H axeltine
Apr
Sept
Jan
5*4
9
1*4
13*4
Jan
9*4
Apr
7*4 Apr
25*4 May
1*4
4*4
1*4
1*4
8*4
66*4 June
20*4 May
107*4 Mar
100
*4
1*4
8*4
Mar
Mar
67
.100
Dubilier Condenser Corp.l
June
4
5*4
Dominion Tar A Chemical*
*
May
26*4 May
Dominion Steel A Coal B 26
preferred
5*4 June
4
Dobeckmun Co common.1
5*4 %
Mar
13
£1
Feb
25
28*4
Hartman Tobacoo Co..
Distillers Co Ltd—
Apr
Apr
*1,
Jan
Feb
200
preferred..
Hammermlh Paper
11*4
105
5
25
Hall Lamp Co
Oct
5
Gulf States UtU 36.50 pf.*
36
May
June
Grocery Sts Prod oom._25c
Guardian Investors
1
Apr
Apr
Apr
Aug
5
June
Greenfield Tap A Die....*
1*4
32*4
18
92*4
4
Oct
28
May
18
17*4 May
22
Apr
Apr
9*4
300
25
24*4
6*4
200
400
20*4
Apr
5*4 May
5*4
250
10
6*4
28*4
9
De Vllblss Co common. .10
6*4
5%
1
Non-vot com stock
Gulf OU Corp
Apr
May
Oct
18
41
Detroit Paper Prod
49
Feb
Mar
7*4
June
128
Mar
101*4
11
40
2*4
May
150
128
100
106
4
1i«
25
1*4
Jan
Apr
July
40*4
25
100
Oct
1*4
91
1*4
4*4 May
33
92*4
8*4
18*4
5*4
92*4
50
Jan
1*4
81
Jan
4*4 May
Mines.. 1
Feb
Feb
11*4
Aug
June
Aug
Gilchrist Co
Apr
19*4
May
*4 May
Feb
1*4
*4 Sept
•n
87 *4
32
7*4 May
Apr
Apr
I
Mar
preferred
Gilbert (A C) common...*
May
15*4
48
May
7% 1st preferred
100
Mar
May
May
88
Ot Northern Paper
600
90
26*4
*4
25
Jan
1*4
Mar
May
10*4
2
11*4
ijt
65
Mar
65
41
37*4 May
1*4
1*4
Apr
Apr
Apr
Aug
Sept
11*4
Feb
Apr
7i»
May
Sept
20
41
May
1
Detroit Gray Iron Fdy_._l
Det Mich Stove Co com._l
Feb
June
8
29
100
May
*4
32
20
1*4
Mar
98
Oct
101
16*4
16*4
60
Oct
1*4
Jan
Aug
4*4
"25
29
101
1*4
55
103
100
Jan
*4 May
70
Feb
Derby Oil A Ref Corp com*
A conv preferred
Detroit Gasket A Mfg..
Apr
Apr
32*4
General Tire A Rubber—
21
hi May
xll*4
20*4
75
79
a-8*4 May
June
8*4 May
16*4 May
19*4 May
hi
General Shareholdings Corp
Jan
Apr
50
Gen Rayon Co A stock.
Oct
May
1*4
27
preferred
Apr
Feb
Jan
17*4
Jan
Warrants
Feb
Feb
7*4
16
1*4
Jan
*4
23
Feb
Driver Harris Co
Apr
27
14
Draper Corp
Jan
17
23
84*4
Am dep rets ord reg
Feb
17*4
100
50
preferred
Mar
3*4
600
400
7%
113
18*4
1
Distilled Llauore
Feb
21*4
29
Detroit Steel Prod
Apr
70
18*4
1
w w
Oct
7ie
12 *4
100
Gen Pub Serv S6 pref..
Feb
100
29
6% preferred
Mar
15
21
35
35
Feb
22*4 May
>4 May
8*4 Feb
112
♦
Gen Gas A El 6% pref B_*
Gen Outdoor Adv 6% pf 100
May
17*4
...50
8% debenture
/June
52
Feb
Apr
13*4
Jan
7*4
24*4 May
Jan
6*4
*4 Apr
1*4 Apr
17*4
Dennlson Mfg ol A com..6
$6 prior pref
Jan
Aug
61*4 May
84*4 May
1,500
Amer dep rets ord reg-£l
Gen Flreprooflng com
Jan
Dejay
1*4
*
11*4 May
1*4
A conv
110*4 112*4
...100
6% preferred
6*4 May
""206
Class
10
64
May
9*4
*4
85*4
*4
8*4 May
Jan
10*4
2
Cuneo Press 6
Jan
41*4
4% conv preferred...100
May
1*4
Cuban Tobacco 00m
Jan
S3 oonv stock
May
600
Crowley, Mllner A Co...*
98
23
Fuller (Geo A) Co com.
7
Crown Cent Petrol (Md).5
Cuban Atlantic Sugar
4,000
*4 June
17*4
4
1
3*4
preferred
111*4
16
1*4 May
75
65
12*4
S0
64
*4
1
partlc pref
Jan
10
500
Conv
39*4
3*4
100
I
preferred
Crystal OU Ref com..
33
100
15
Common
June
18
1*4
8
Crocker Wheeler Eleo....*
conv
Sept
Fruehaaf Trailer Co
Oct
63*4
7*4
Feb
120
May
1*4
£1
Croft Brewing Co
Mar
8*4
36*4
100 frcs
2*4
63*4
6
7%
Amer dep rets
103*4
*4
"7*4 '""7*4 "7*4
1
Cooper-Bessemer
5%
15*4
•
Jan
1*4
Continental Oil of Mex...l
Creole Petroleum
June
5*4 May
Class B voting
Froedtert Grain A Malt—
1*4
1*4
78*4
100
Courtaulds Ltd
8
600
11*4
8,200
1*4
"78*4
27*4
$6 preferred A
500
8*4
•
Franklin Co Distilling
27*4
Cos den Petroleum com..
Apr
9
Class A non-vot
Feb
Consol Mln A Smelt Ltd..5
Roll A Steel
May
Apr
Ford Motor of Canada—
Feb
180
Cook Paint A Varnish
10*4
28
8*4
1*4
18
300
Cont
Sept
9
31«
*
45
1*4
Consol Royalty Oil
July
6
May
8*4
£1
Am dep rets ord ref
10*4 Sept
108*4
preferred
4
17*4 May
June
9
15
42*4 May
*4 Aug
1*4
Consol Retail Stores
300
Apr
2
12*4
6*4
24
1
100
1
Consol Gas Utilities
3,700
Oct
May
24
Flat Amer dep rets
Fox (Peter) Brewing Co..5
Consol Biscuit Co
4*4
24*4
1*4
7*4
31
Ford Motor of France—
*
Conn Telep A Elec
500
Fed Compress A W'h'se 25
Fire Association (Phlla) 100
Conn Gas A Coke Secur—
preferred
4*4
9*4
High
July
Ford Motor Co Ltd—
Community Pub Service 25
Community Water Serv..l
Comik) Shoe Mach—
Vtcext to 1946
1
8%
6
Feb
700
...
Commonw Distribution.. 1
S3
Metallurgical
Mfg Co
70*4
Commonwealth A Southern
Warrants
4*4
1
»
June
51
Low
Share
...1
Fldello Brewery
-.100
9
9
Falrchlld Eng A Airplane. 1
Feb
7J4 May
May
High
Low
23
1
8*4
88
Price
1
com
6
Columbia Gas A Eleo—
6% preferred
Week
May
£1
Colorado Fuel A Iron warr.
for
of Prices
30
Cohn <fc Roeenberger Inc.*
Colon Development ord...
Week't Range
Sale
450
4*4
4*4
Last
43*4
*
Cockshutt Plow Co com..*
Range Since Jan. 1, 1940
STOCKS
(Continued)
Range Since Jan. 1,1940
Cllnchfleld Coal Corp.. 100
Club Alum Utensil Co
Sale
Friday
Sale*
Last
Price
2163
Apr
1*4 June
28*4 May
2*4 Mar
21*4 May
4*4 Mar
4
Aug
55
June
5*4
Jan
120
Jan
35*4
Apr
112*4 May
19*4
Apr
68
Jan
9*4 May
8*4 June
*4
10*4
Jan
Feb
10*4
2*4
Feb
Feb
3
Jan
47*4
Apr
6*4 May
33*4
Apr
9*4 May
7*4 Mar
63*4 Mar
6
Jan
Last
Sale
(Continued)
Par
Price
7%
Imperial Oil (Can) coup—*
Registered
*
r«fi Range
of Pricee
HiQh
Jx>w
7%
7%
7%
7%
Range Since Jan. 1.1940
for
Week
Share*
Low
5% June
12%
Jan
5% May
12%
13%
Jap
Jan
July
7% June
3
July
Sept
24%
4%
10
Mar
22
Apr
21%
Apr
6
Line--.--714
3%
0% pf.100
7% prelerred.——.100
Indpla P A L 6 % % pf-100
3%
3%
600
"iiiii i'n ~
"260
10% Mar
102% May
113
Feb
Non-voting class A.—1
1
Jan
Feb
% May
% July
"ioo
—
V t c
7%
Tu
common..-------1
100
preferred
Insurance Co of No
Am. 10
64%
International Cigar Macb *
Internal Hydro
63%
19%
64%
300
19%
100
Jan
Jan
9
50% May
17% June
%
16%
73%
23%
7%
1%
700
5% May
100
1
""2% "~2%
5",500
11%
3,000
7%
1%
Jan
Apr
Jan
May
6%
May
8% June
19%
19%
Feb
Feb
1%
10%
9% June
3%
3%
600
5
1
200
5
%
100
"ii"
"ioo
%
"31"
•
Vitamin—I
Interstate Home Equip., 1
4
3%
4
500
8%
8
8%
600
Mills—*
pref-*
Investors Royalty-———1
Iron Fireman Mfg v t o—*
Irving Air Cbute————1
14
Italian Superpower A——*
Jacobs (F L) Co.———1
Jersey Central Pow A Lt—
6H% preferred—100
6% preferred——100
93
90%
7% preferred——.100
"27%
Jones A Laugblln Steel. 100
Kobacker Stores Ino—*
Koppers Co 6% pref—100
"it
600
3%
%
3%
%
5%
6
1,700
1,100
17
200
12
May
125
97
May
117%
"500
10
Sup...*
Mining Corp of Canada..*
55%
55%
66%
175
6%
Molybdenum Corp
7%
Sept
9%
Mar
Monarch Machine Tool..*
Apr
Aug
%
18%
Jan
Monroe Loan 80c
37
Jan
Montana Dakota Utll
9
May
3%
%
Mar
Mar
250
12
May
200
12
May
H Apr
1% May
1
93%
99%
100% 100%
150
80
May
90
90
May
103
Apr
Sept
10
97
May
109
Mar
Murray Ohio Mfg Co.—*
Muskegon Piston Ring.2%
Muskogee Co common
*
6% preferred
100
2,700
18
June
36
Jan
Nachman-Sprlngtllled—*
92%
99%
27
28
113
June
5
May
1
1%
2
2
11
4%
8%
88
8%
88
5
8%
90
7%
Nat Bellas Hess
National Breweries com..*
National Candy Co
...•
Mar
Apr
Mar
81% June
Mar
73%
Mar
65
June
1.
May
1,400
1% June
""IOO
10% Sept
8% Aug
3% July
i\t June
25
8
Sept
200
75
May
55
Feb
Jan
2
Jan
2%
1%
Jan
Jan
Apr
Jan
16
10%
8%
Apr
8%
Oct
90% May
35%
100
"14% "15%
"966
35%
14%
Lakey Foundry A Mach— 1
Lane Bryant 7% pref..100
3%
Lane Wells Co common..1
10%
4
200
11% June
4% May
36% Aug
9% July
2% May
371
"10%
*200
Jan
9% June
12%
r0%
44
25%
4%
May
12% May
15%
4
•
4% May
Lehigh Coal A Nav.—*
2%
4,400
"28% "28%
"""ioo
2%
Leonard Oil Develop...25
Le Tourneau (R G) Ino—1
Line Material Co——5
8%
16
16
8%
100
16%
150
1% May
% May
21
13
"9%
'13%
13%
'""IOO
9%
9%
3,900
10
May
7% May
16%
6%
%
6%
Feb
Mar
Feb
Apr
Mar
3
%
35%
12%
Jan
Jan
Apr
22% Mar
1%
Apr
13% Mar
10% May
32%
31
30
"T%"
4%
103
14%
Nat Mfg A Stores com...*
National P A L 36 pref.—*
"9l""
National Refining com...*
Nat Rubber Mach
..*
"4%
National 8teel Car Ltd...*
National Sugar Refining.*
"7%
National Tea 6 % % pref. 10
National Transit
12.50
Nat Tunnel A Mines..—*
2%
Nevada-California
21%
New Process Co
24
May
44%
Jan
1% May
3% May
2%
1%
1%
1%
preferred.....*
2%
Massey Harris common..*
Master Electric Co.—...1
5%
Mead Johnson A Co.....*
149%
Memphis Nat Gas com..5
4%
1%
1%
5%
5%
147% 151
4%
4%
100
300
100
100
10
4%
20
June
29%
1%
Apr
Apr
Apr
6% 1st preferred——100
5% 2d preferred—..100
"es"
Jan
29
Feb
Class B common......5
17
Apr
Feb
Class A preferred—100
Nlles-Bement-Pond
*
Sept
123
May
3% May
May
3%
5
700
2
84
"75
50
May
%
Warrants.. ........
15
"2
"2
"200
Apr
Mar
July
May
May
May
110% June
3% June
10% May
49
May
%
July
Feb
6
300
60
4
83%
68
4%
84
69%
12,200
Nineteen Hundred Corp B1
Nlplsslng Mines...—...6
8%
Noma Electrio
3%
%
.!
6%
17
3% May
50
73
66
June
9
200
May
Sept
%
3%
100
% May
3% May
% May
"i«
400
74%
22%
275
67
600
15
22
22
300
Jan
No Am Utility Securities.*
Nor Central Texas Oil...5
Jan
Nor Ind Pub 8er 6%
5%
Oct
%
Mar
84
Oct
Sept
42%
Jan
pf.100
107
107%
7% preferred
...100
Northern Pipe Line
10
Northern Sts Pow cl A..25
Northwest Engineering..*
117
118
8
10%
19%
Novadel-Agene Corp....*
Ogden Corp com
.4
Ohio Oil 6% preferred—100
Ohio Power 6% pref
100
10%
.....
8
10%
19%
95
30
97
200
100
——
1~I66
105
May
May
15
May
44% May
% Mar
2% May
30
•500
May
May
May
May
12
May
26% June
6
7
1% June
21% 21%
106% 100%
50
17
May
200
95
May
105
100
94
June
105%
16%
Apr
67
Apr
Jan
Apr
Jan
Jan
25%
Jan
136%
Apr
8% May
1%
36
8%
15
Apr
Apr
23%
108
110% May
Apr
May
7%
29
Apr
Jan
6%
92
8
73
4
Apr
87
50
22
30%
30%
13%
76%
Jan
Mar
Apr
•it
Jan
85
6% prior preferred...50
Jan
July
20
74%
•x«
Oct
1
May
200
22%
170%
6% May
18% Apr
Jan
May
S6 preferred—......
1
8
Jan
North Amer Rayon ol A..*
Class B common...__.*
9%
Jan
6
Jan
May
Feb
Jan
Apr
Sept
2%
Jan
109
98
40
100
Feb
11%
Feb
8% Mar
12%
Apr
2%
Oct
1% July
12%
Jan
117% Apr
84% May
Jan
3% May
63%
Feb
Jan
Apr
Mar
Class B opt warrants....
90
3%
9%
% May
60%
Jan
11%
Feb
17% Apr
47%
Apr
14% May
13%
Jan
28%
•it
90
31
Jan
1)8%
May
May
28
Apr
May
15%
May
6
Apr
May
13%
103% May
11
Jan
54
Sept
98
Niagara Share-
Nor Amer Lt A Power—
Common
July
20
27%
Ohio Brass Co cl B com..*
Ohio Edison S6 pref
*
For footnotes see page 2167
55
300
Apr
Oct
1%
35
May
% May
19%
5
Jan
Feb
Oct
1
18% June
8% June
20
142
64%
625
140
6% May
21%
97%
3%
6%
107% 107%
42
%
3%
•it
June
100
350
Jan
% May
4%
Jan
4%
Feb
1% May
70% June
2
July
3% May
Class A opt warrants
Mar
% July
4% May
7% May
10
200
Niagara Hudson Power-
10
25
Mesabl Iron Co.......
1
Metal Textile Corp....25c
100
5
N Y Water Serv 6% pf.100
39
Participating preferred.*
Merrltt Chapman A Scott *
4%
5%%| preferred
New York Transit Co
Jan
Jan
115%
104% 104%
Jan
30
Jan
May
2,150
1,900
Jan
26
Apr
June
70
171
11%
%
7
200
Jan
Jan
Apr
81%
24
400
1
2%
7%
May
150
New York State El A Gas—
10
2%
18
114"
18%
1
Common
1% July
1% May
21%
Jan
1%
Shipbuilding Corp—
Founders shares
Jan
11
82
.....*
Jan
Mercantile Stores com...*
Merchants A Mfg cl A—.1
6%% A preferred... 100
Lt7% pref—100
preferred
25
"ioo
116%
4%
14%
64%
Jan
Apr
Sept
8% May
May
July
7
25
64
McCord Rad A Mfg B
*
McWilliams Dredging...*
18
115%
104%
Jan
"2% "2%
8%
63
9%
47%
75
100
4,100
Apr
Mar
2
Jan
4%
2%
%
11%
Ffcb
Mar
8%
20
June
'""706
117%
5%
17%
26
21
2
4%
14%
62%
1%
2
10
100
July
10
May
550
Feb
1
June
35
500
8%
11%
Oct
Apr
May
Apr
May
Oct
6
350
2,200
.....1
6%
106%
100
May Hosiery Mills—
$4 pref with warr...—.*
14%
62%
Mar
100
10
2%
61%
H6~
June
300
26%
10
May
125% July
6% May
11% May
18
1
2%
28%
2%
%
8%
62%
92
May
July
4% May
12
May
110% May
84% May
3
May
4% May
% Aug
Mar
Apr
Apr
Apr
25
%
Apr
2% May
2% May
8
Y Merchandise.——.10
375
1%
7%
July
5% May
Jan
8%
N Y A Honduras Rosarlo 10
31
% May
1% May
30
May
31
22
Feb
Warrants
33
200
7%
139% May
15% May
June
N Y Auction Co com..—*
N Y City Omnibus—
36
"IOO
"4% "4%
May
Eleo—
New Jersey Zinc..
..25
New Mex A Ariz Land
1
N Y
Jan
11
*
New Haven Clock Co.
*
New Idea Inc common...*
Jan
22
91
30%
30c
Pow Assoc—.*
6% preferred.......100
$2 preferred—........*
New England Tel A Tel 100
Jan
5% May
24%
10
3% cum 4% non-cumlOO
N
May
100
Nelson (Herman) Corp
5
Neptune Meter class A
*
Nestle Le Mur Co ol A...*
1%
40
'""IOO
1,200
%
15%
48%
2,200
"14%
10%
11%
2%
92%
June
4%
14%
45
% May
103
17%
15%
24
100
300
300
10%
11%
2%
175
500
33
1,300
5%
44
N Y Pr A
Manlschewltz(The B) Co.*
Mapes Consol Mfg Co
*
Mar gay Oil Corp....——*
Marlon Steam Shovel....*
Mass Utll Assoo v t c
1
July
% June
Locke Steel Chain.—5
Long Island Lighting—
Common.—..—..—..*
7% pref class A
.100
6% pref class B
100
Loudon Packing......,.1*
Louisiana Land A Explor.l
Louisiana P A L10 pref..*
Ludwig Bauman A Co com •
Conv 7% 1st pref....100
Conv 7% 1st pf v t o.lOO
Lynch Corp common
5
Manatl Sugar
opt warr...
Mangel Stores...—..1
May
7% June
Lit Brothers common—*
Lone Star Gas Corp.——*
Apr
Aug
Apr
Lefcourt Realty com
1
Conv preferred.—....*
Llpton (Tbos J) Ino—
6% preferred..—.—.25
17%
New Engl
Class A—.——*
"""3% "3%
10%
11%
Nebraska Pow 7% pref.100
Nehl Corp 1st preferred—*
100
126
44
Apr
Langendorf Utd Bakeries—
*""i70
National Container (Del).l
National Fuel Gas.
*
Navarro Oil Co
Apr
Sept
Jan
Mar
200
"24%
120%
2%
Jan
Jan
94
3,000
165%
7%
19
Jan
70% May
May
36%
164
"it
90
5
"24"
June
43% May
100
National City Lines oom.l
f 3 conv preferred
50
Apr
1% Jan
6% May
9% May
% May
6%
7%
5%
1
com
Nat Union Radio
75
3%
common.—...—.—..*
Mar
Mar
6%
7%
36%
Mountain Sts Tel A Tel 100
Mar
*%»
95
1,600
""366
27%
120
6%
112%
Jan
•it May
.....
1
♦
95%
9%
3% May
{Mountain States Power-
200
May
164
Mtge Bank of Col Am she—
1,600
June
6
100
Moore (Tom) Dlst Stmp.l
1%
4%
% May
1% June
Moody Investors part pf. *
Mountain City Cop com.5c
Mountain Producers
10
9
July
Mar
0
Montreal Lt Ht A Pow..*
2%
.....
1
Montgomery Ward A....*
1,300
3% May
1I1 1
4% July
10% Apr
13% Mar
6%
Jan
%
Jan
18%
Oct
17% Feb
% July
3% May
2% Feb
July
3%
10
Jan
% June
Apr
1% Apr
6%
Apr
8
7%
/3%
Monogram Pictures oom.l
A.....1
*ie
111
1
Jan
l
108%
2%
%
107% June
100
Mock Jud Voehrlnger—
Common
12.50
23% May
2% May
6% June
...
2
preferred—
Missouri Pub Serv com..*
Apr
26% May
Kreuger Brewing Co.—1
Lackawanna RR (N J). 100
Lake Shores Mines Ltd—1
%
6%
Aug
% May
4% May
July
4
May
200
115
...•
Minnesota Mln A Mfg.
*
Minnesota P A L 7% pf 100
103
100
Mid-West Abrasive—60c
Midwest Piping A
50
4%
1%
14
Kresge Dept Stores—
•
4% oonv 1st pref..—100
Kress (S H) special pref. 10
1,700
High
Low
4
17
dlv shares.*
Midvale Co
10
%
6
%
6% May
18%
200
Kennedy's Inc..——6
Ken-Rad Tube A Lamp A *
Kimberly-Clark 6% pf.100
Kingsbury Breweries——1
Kings Co Ltg 7% pf B.100
5% preferred D—100
Kingston Products——1
Klrby Petroleum———1
Klrkl'd Lake G M Co Ltd.l
Partic preferred
non cum
105%
"it
4
Sept
14
Julian A Kokenge com—*
Kansas GAB 7% pref.100
,
$2
Range Since Jan. 1,1940
for
High Share*
Low
6
5%
1940
Week
of Price*
105 %
%
May
18%
%
2%
1%
Jeannette Glass Co.—*
Emll) Co com—*
Klelnertd B) Rubber Co. 10
Knott Corp common..... 1
5
8
11.76 preferred-—*
Kelln (D
3
%
13 60 prior pref
$6 conv
—1
Veekf* Range
Mississippi River Power—
10%
Class A.————-—*
Class B—
1
t 0
Midland Steel Products—
Apr
Apr
Apr
16%
2%
12%
June
4% June
2%
Coupon sliares———*
Registered shares-..—-*
International Products—*
Internat Safety Razor B.*
International Utility—
Interstate Hosiery
t c
v
Ap.
International Petroleum-
Interstate Power 17
v
B
Middle West Corp 00m..6
Midland Oil Corp—
$2 conv preferred..
*
Eleo—
series-.—50
Internal Industries Inc.-.l
Internal Metal Indus A—*
(nternat Paper A Pow warr
International
A
Midwest Oil Co—
Pref $3.60
Class B
Class
Class
Feb
Industrial Finance—
Price
Metropolitan Edison—
S6 preferred—.—*
Michigan Bumper Corp—1
Michigan Steel Tube..2.50
Michigan Sugar Co......*
Preferred.—.
—.10
Mlcromatle Hone Corp
1
Middle States Petroleum-
Indian Ter Ilium Oil—
Class B
(Continued)
Par
700
Indiana Service
Last
Sale
Hihg
200
Imperial Tobacco of Can.6
Imperial Tobacco of Great
Britain A Ireland
£1
STOCK!
12,
8ale*
Friday
Sale*
Friday
STOCKS
Indiana Pipe
Oct.
New York Curb Exchange—Continued—Page 3
2164
1
Feb
Feb
5%
Feb
99%
Feb
71% May
9% Mar
1%
Jan
5%
Jan
1%
103%
26%
Jan
Mar
Apr
26%
Jan
62
Feb
•it
Jan
3% Mar
110
May
119% Sept
9%
Apr
15%
Jan
Apr
38% May
21
3% Aug
24% May
110% Mar
107
Apr
117
Sept
Volume
Last
Week's Range
for
(Con nued)
Sale
of Price*
Week
6% 1st preferred
Share*
115%
115
100
100
Ohio P 8 7% 1st pre*
High
Low
Price
Low
50
May
116%
96
June
109
preferred
$5% conv prior
Omar Inc
1,100
150
39
May
50
Mar
200
100
May
117
Mar
Salt Dome Oil Co
5
1%
May
July
14%
33%
30%
300
13%
Feb
14%
33%
30%
33%
pf.25
6%% 1st preferred—25
Pacific Lighting $5 pref.
Pacific P & L 7% pref—100
Pacific Q&E 6% 1st
1,000
"~iH ~~4%
2%
Patchogue-Ply mouth Mills*
Pender (D) Grocery A...*
Class B
*
8cranton Lace common..*
Jan
Feb
Scranton Spring Brook
Water Service $6 pref..*
20
Feb
Feb
Sculln Steel Co com..—.*
2% June
Sept
May
7%
100
6
May
20
May
49
51%
16
17
May
53
Oct
17%
Oct
May
36% May
Convertible
6
3
30
May
32%
42
Mar
%
$5.50 prior stock.
25
Allotment certificates...
2%
100
2%
3
16%
36,200
15%
%
2%
1,200
Pennsylvania Edison Co—
$5 series pref
*
J2.80 series pref
*
3
Mai
3
Oct
Serrick Corp
22%
Apr
Be ton Leather oommon...
64
Apr
66
33
June
108% 108%
Co. *
54%
100
Pharls Tire A Rubber
103% May
97% May1
Oct
10%
53%
Oct
16%
Apr
Simmons H'ware A
May
May
72%
90%
Jan
53
Simplicity Pattern com—1
Simpson's Ltd B stock...*
May
28%
Mar
May
4% June
8%
8%
Jan
Singer Mfg Co Ltd—
Jan
54
55
400
79%
79%
25
"500
4
100
120
Skinner
Solar Mfg Co
6
May
16%
Mar
Common
Conv $3 pref series
1
A.10
7%
Pioneer Gold Mines Ltd—1
I "A
8
3,600
32
33
250
14%
14%
100
7%
20% May
9%
Jan
47%
18%
Apr
May
1%
1%
300
6%
6%
400
1
June
2
Jan
—*
50
Pittsburgh Forglngs
1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co. 1
Pitts Bess ALE RR
May
14%
"l.200
8
65 %
63%
65%
650
43
May
9
May
1,400
65
June
95
2%
7%
2%
7%
%
3%
%
3%
3%
200
700
June
Feb
Soutnern
Jan
May
May
1%
Apr
25
Southland Royalty Co...6
4
July
4%
8%
65
July
81 %
May
24%
% May
1%
Jan
Feb
Jan
Apr
Jan
Spalding (A G) A Bros—1
6% 1st preferred
•
Spanish A Gen Corp—
Am dep rets ord reg—£1
Spencer 8hoe Corp—.*
~TT"
Too
%
3%
8%
7
400
%
July
500
2%
8%
May
May
4%
May
%
6%
100
300
4%
95
May
42
Mar
May
10
Feb
May
Public Service of Colorado
rl04% May
1st preferred—-.100
1st preferred
100
Public Service of Indiana—
6%
7%
$7 prior preferred
$6 preferred
.—*
— *
109
93 %
June
hi June
Apr
1'
1
preferred..20
Standard Invest $5% pref ♦
Standard OU (Ky)
10
Standard OU (Ohio) com 25
$5 preferred
—.100
Standard Pow A Lt......1
Oct
107
May
113%
Mar
44
46
275
35
May
106% May
69% May
99
June
110%
104% June
113% May
Oct
May
93%
May
Jan
33
Oct
29
May
Pyle-Natlonal Co com...5
7%
May
Pyrene Manufacturing.. 10
Quaker Oats common
*
4%
May
6% preferred..——.100
93%
88%
93%
31%
28%
33
1,600
3,650
14
14
16
600
157
167
157
90
*
10%
7%
Apr
Mar
%
Raymond Concrete Pile—
Common
—...■*
%
6%
12%
%
6%
13
1,800
100
*
1%
100
"i% "ill
*
Reiter Foster Oll Corp. .60
Reliance Elec A Engrav..5
Reeves (Daniel) common.
1
1
—*
Richmond Radiator
1
Rio Grande Valley Gas Co-
"4%
5
14%
4%
1%
5%
4,000
14%
100
4%
1%
100
200
Voting trust ctfs
105% 105%
25
"~"9% "io""
"500
Root Petroleum Co
—*
•
Royal Typewriter...
Russeks Fifth Ave
61
62
150
2%
3%
3%
100
1
4%
4%
100
2%
2%
700
Co
Ryan Consol Petrol
Ryan Aeronautical
Fnrftntnnta* see natrr
% June
% May
16%
May
4%
May
10
May
4
July
12% June
3% Aug
1% May
94
11
Roosevelt Field Ino
$1.20 oonv
Rossla International
2167
101% 103%
1,100
""210
10
103
"34""
"400
*«
Jan
July
Feb
Jan
May
1%
Jan
3%
Mar
1%
4%
%
Aug
3%
7%
Feb
•is
Apr
June
66
Mar
2%
May
6
Mar
4%
1%
Aug
5
July
42
May
2%
Jan
66
Mar
167
Feb
4%
2%
14%
5%
5%
100
5%
5%
1,200
5
"8% "*8%
"Too
8
9
450
12%
100
18%
18%
32
108% 108%
1,000
31%
200
1%
'"%
39%
100
Apr
2%
Mar
16
Apr
Jan
»n
Jan
May
2%
Mai
Mar
Jan
Oct
Oct
May
Jan
2
%
16%
J»d
Mar
24
Mar
2%
Feb
14
Mar
11
Mar
8% May
7% June
16% May
26% May
100% June
% June
20%
41%
110%
Aug
%
Mar
hi May
27%
10%
1%
19
May
40%
Jan
1
Jan
1%
Feb
hi
May
%
Feb
May
May
Jao
JaD
Jan
Apr
Oct
15% May
in May
21
Feb
39% June
10% June
62
Feb
15
Apr
1%
Jan
Feb
2
May
4%
33
Jan
39%
6
May
9%
May
Apr
Oct
%
Aug
2
Jan
""266
1% May
2% May
*11 Mar
7% May
6% May
8
May
3%
Feb
4%
3%
175
"12% "13%
11%
ii%
'""650
11%
300
1%
2,000
1%
100
3%
27%
200
"8% "9%
Tjoo
27%
200
1%
33%
17%
17%
50
7%
7%
500
5%
5%
200
Tr—
£1
Def
73
74%
130
Aug
Feb
%
JaD
JaD
13%
13%
Oct
Apr
15
Apr
Jan
2
40%
Apr
21
May
36
Jao
13
Jan
13
Jan
5
July
2% May
25% May
%
Jan
8% May
May
103
9%
Jan
JaD
6
86%
1%
16%
Jan
Apr
Feb
Mar
114
May
3%
Oct
12% May
7
July
%
Jan
48% May
3% May
24%
Apr
15
Apr
Apr
2
73
May
May
7%
"7%
Texas P A L 7%
registered
—_5e
Todd Shipyards Corp..—*
4%
20
"in "2""
3%
7%
Apr
Mai
Jan
Apr
9%
•
Corp..—15
Taylor
Technicolor Ino common.*
72
170%
6%
11%
Jan
11
1
com..*
Distilling Co
1
JaD
2
5%
3%
1%
39%
50
J ait
Mar
"TOO
"7"
Taggart Corp com
Tampa Electric Co
Ordinary reg
Jan
Jan
May
3%
Class B oommon
Swan Finch Oll
Jan
July
500
Superior Port Cement—
Tobacco Secur
Jan
Aug
1
6%% conv pref
50
Superior OU Co (Calif)—25
Feb
14
900
30%
30%
•
Jan
May
12%
6
47
May
24% June
1
Sept
-*
common..*
pref—100
Texon Oll A Land Co....2
Thew Shovel Co com—.5
TUo Roofing Ino
1
Tlshman Realty A Constr •
Tobacco A AUied Stocks..*
Tobacco Prod Exports—*
Oct
Feb
May
27
1
---*
Machinery..——*
Ray Drug Co
1
SunrayOU
104%
105%
116%
35
400
1%
%
Prod.l
Oct
100
29%
29%
1%
1
(Hugo) Corp.—.5
Sun
Jan
Feb
47
Ordinary shares
Jan
May
May
Jan
36
29%
29%
Steel Co of Canada-
Jan
Apr
44
Aug
1,000
Sullivan
Jan
May
47
9
Jan
2%
28
hi
6% 1st preferred.—..50
5% 2d preferred
20
6
21
1%
Stroock (S) Co
Mar
JaD
Apr
Apr
3% May
1% Mar
13%
Feb
%
1%
2%
100
4
Jan
2% May
105%
Mar
Jan
1% Sept
108%
9%
155
Feb
Aug
1%
200
Apr
Mar
1%
"i«
"1%
Stlnnes
July
May
95
1,600
Jan
Apr
Aug
""ioo
Feb
Sept
99
4% May
5%
1
6
Standard Tube cl B
.1
Standard Wholesale Phos¬
phate A Acid Wks Ino. 20
Starrett (The) Corp v t o.l
Sterling Brewers Ino—...1
Sterling Inc
.—.1
Stetson (J B) Co com
•
6%
19%
x5%
2%
Apr
June
900
1%
Standard SUver Lead
Sterling Aluminum
17
5%
6
Feb
%
22%
20
Feb
Feb
Jan
1%
Jan
% June
9% Mar
100
%
6
Apr
700
10%
1%
2%
26%
Mar
15%
20%
9%
1%
June
Feb
11%
20%
9%
%
Bept
Jan
5% May
8
May
1%
3%
1%
Apr
114%
9%
Stercbi Bros Stores
116%
Roeser A Pendleton Inc.
com...6
—.6
1
pref———20
5%
5%
JaD
100
May
20%
Stein (A) A Co
14
62% June
106
*
*
Common class B
Oct
95
Rochester GAE16%
Rome Cable Corp
20
Standard Products Co...1
Feb
%
1
pfClOO
6% preferred D
100
Rochester Tel 6%% prflOO
1,400
100
13
hi June
5%
84%
18%
May
2,550
157
45
Apr
Apr
10
318
125
May
Mar
8%
6%
3ig
May
6% May
1%
2%
hi
May
%
Aug
6% June
%
Feb
Jan
May
5% Sept
3% May
4l«
June
"200
Reed Roller Bit Co
Republic Aviation—
Rheem Mfg Co
Rice Stix Dry Goods
83
110% 110%
Jan
Apr
Apr
Mar
3i#
8
Feb
% Aug
2% June
»i«
94
34
*
Raytheon Mfg com——50c
$3 oonv preferred.
Red Bank OU Co
13
$1.60 conv
142
Radio- Kelth-Or phuem—
Option warrants
Ry A Light Secur com.—*
Railway A UtU Invest A.l
100
13
"34"
Standard Steel Spring
13%
11%
Quebec Power Co
4%
300
Common
Preferred
Oct
68
preferred...—*
*
60
12%
9%
103
67
Puget Sound P A L—
$6 preferred
May
10
Standard Dredging Corp—
225
6% prior Hen pref
100
7% prior lien pref.-.100
$5 prior
37
3%
29%
JaD
150
Standard Cap A Seal com. 1
Jan
Feb
preferred
Jan
43%
3%
Conv
Apr
Mar
42%
—•
Ino
1%
8%
11
Jan
Standard Brewing Co..—*
5%
93%
May
Stahl-Meyer
40
%
6%
Preferred A
9%
91
Public Service of Okla—
Puget Sound Pulp A Tim •
Line.—..10
Union Ga
*
1%
100
3%
8%
2%
June
59 %
South New Engl
Aug
32
6%
Southern Pipe
Mar
%
%
2%
16
T
Oct
Jan
104
Apr
May
100
7% preferred
16
%
%
Oct
Apr
11
7
10
..25c
Potero Sugar common....5
Powdrell A Alexander
.5
Power Corp. of Canada..*
6% 1st preferred.... 100
Pratt A Lambert Co.....*
Premier Gold Mining
1
Prentice-Hall Inc com
»
Pressed Metals of Am
1
Producers Corp of Nev__20
Prosperity Co class B
*
Providence Gas
....*
Prudential Investors.....*
$6 preferred
•
65%
13%
Sept
1% May
200
Polaris Mining Co
Oct
Tel.—100
Southern Phosphate Co. 10
500
Pneumatic Scale com... 10
6% preferred B
26
6%% pref series C—_26
Southern Colo Pow cl A.26
45
"l3%
93%
5% original preferred.26
May
1
%
25
10
Feb
May
13%
94 %
OU
8%* Apr
6
39
113%
7.60
Plough Inc com
Penn
Southwest Pa Pipe Line.
Sept
35
103
1%
Oct
1%
Mar
1%
Organ..........6
.1
Sonotone Corp...—.....1
Boss Mfg com
—1
South Coast Corp oom...1
Mar
10%
350
200
Amer dep rots
South
53
8% May
Southern Calif Edison—
Pitney Bowes Postage
Meter
103%
.—100
Singer Mfg Co
Jan
May
June
4% May
>11 May
19
5%
Paint. *
Feb
3%
44
..
Mar
29%
43%
*
pref
Feb
Phoenix Securities—
Pierce Governor common.*
conv
ord r«g.£l
Sioux City O A E 7% pf 100
31%
6%
July
29%
3%
Jan
$3
May
100
Simmons-Boardman Pub—
Feb
10%
Jan
34
19
May
July
%
Jan
3% May
Bllex Co oommon
112
10%
3%
Mar
84
5% cum pref ser AAA 100
Sherwin-Williams of Can
189%
113% June
*
bherwln-Williams com..25
Jan
1
14
41%
4%
May
Philadelphia Co common.*
Pblia Elec Co $5 pref—.
Pniia Elec Pow 8% pref-25
Phillips Packing Co
38% May
113%
3
Jan
Aug
*u
'168%
10
100
"ill ""4% "4%
Shawlnlgan Wat A Pow..*
Jan
3
$5
Sept
May
1
*
Shattuck Denn Mining—.6
Sept
2
May
JaD
200
1,800
400
25
22
.*
1
Perfect Circle Co
187
187
Oct
%
9%
%
4%
9%
%
4%
1
1
Sentry Safety Control
May
100
150
111
111
*
50
Pennsylvania t-ugar com 20
preferred
Penn Salt Mfg Co
Pepperell Mfg Co..
%
%
Apr
Sept
1,100
...—1
stock
1% May
11%
Jan
Pennsylvania Gas A Eleo—
*
*
*
Selby Shoe Co
Selected Industries Ino—
Common
1%
35
%
Segal Lock A Hardware—1
8eiberling Rubber com—*
May
""""50
900
%
*
Seeman Bros Ino
27
2%
16
10%
35%
9%
%
general.—*
Securities Corp
41
2 %
Airlines com.l
Feb
Jan
Feb
Jan
Jan
ill
2%
31%
31%
6%
3%
12%
May
9%
22%
700
Apr
81%
%
150
1
Penn Water A Power
9
%
'""170
2%
$6
20
29%
28%
25
Jan
Apr
July
»
common
Mfg
4%
16%
4%
48% May
3% Sept
%
Feb
8
Fuel
Penn Pr A Lt $7 pref
ScovUl
May
9
6%
3
Penn Traffic Co
common
Scblff Co
2
27
95%
100
com*
26
...60c
Class A
Jan
1
May
Peninsular Telephone
Cent
—..6
May
"io"~
7%
Parkersburg Rig A Reel—1
Penn
..*
Savoy Oll Co
June
4,000
3
2%
"io"
10
Pennroad Corp com
Sanford Mills
500
May
hi
Warrants
American shares
Penn-Mex
Samson United Corp com.
Feb
3%
9
Feb
2
% May
1% Aug
1,700
225
72
3%
4
Paramount Motors Corp.l
$1.40 preferred
26%
May
Feb
2%
2%
68
1
72
*
Oil of Venexuela—
Parker Pen Co
May
2%
100
""100
$U0 1st preferred
Pan tepee
28
500
1
High
Low
Share*
Class A $2 oonv
15% May
34%
Apr
8%
3%
%
31%
108%
300
100
108
107
107%
Pacific Public Service
Oct
Apr
Apr
21%
Price
Ryerson A Haynes com—1
St Lawrence Corp Ltd.—*
18%
49%
18%
Pacific Can Co common. _*
Week
112% 112%
*
Overseas Securities
for
of Prices
Low
High
pref..60
St Regis Paper com
6
7% preferred
—100
48%
49%
50
pref— *
1
Week's Range
Sale
Par
Mar
8%
5% July
13% May
Oilstocks Ltd common—5
Oklahoma Nat Qas com. 15
Last
High
104
Range Since Jan. 1, 1940
STOCKS
(Continued)
Range Since Jan. 1,1940
STOCKS
Par
Sale*
Friday
Sales
Friday
S3
2165
New York Curb Exchange—Continued—Page 4
151
1%
Jan
59
5%
May
Jan
10%
%
Mar
Apr
10%
55
May
76
%
Apr
Apr
New York Curb
2166
Sales
Friday
STOCKS
Last
Week"a Range
(Concluded)
Sale
of Prices
Low
High
Par
Price
&
95
7% preferred
100
Tonopah-Belmont Dev. 10c
To no pail Mining of
Trans Lux Corp
30
111% 113
""x ~~"x
"166
IX
800
IX
10
Trl-Contlnental warrants
Corp—1
1
6%
6
38%
30
Tung-Sol Lamp Works—1
80c
conv
preferred.——*
Udyllte Corp..
iUlen & Co ser A pref
Onion Oas of Canada
S3
cum
Feb
3H
3,200
600
9%
9%
*
Sts..lOc
X
X
400
7X
7X
100
IX
IX
109% 111
3,500
"7 X
United Elastic Corp....
1
1st $7 pref. non-voting.*
United Oas Corp com
1%
110%
Option warrants
United O A E 7% pref. 100
ht
United Lt A Pow
A._*
%
*16
X
•
"26 %
X
26%
27%
com
Milk
ht
Products..
S3 partlo pref
600
%
4,400
1,400
900
......
"75"
—
"75"
10
242% 242%
United Shoe Macb com.25
Preferred
25
United Specialties com
U S Poll Co class B
1
U S
5
Graphite
59%
.....
1
com
59%
60%
1,300
45%
6%
45%
7
30
700
4%
5%
1,000
X
200
U S and Int'l Securities. _»
S51st pref with warr—.*
U S Lines pref
U 8 Plywood
11%
conv
•
1
20
pref
U 8 Radiator
2%
1
1%
U 8 Rubber Reclaiming..*
3%
com
U 8 Stores common
"3%
United Wall Paper
2
Universal Cooler class A..*
"2
Class B
1
8
1
com
Utah-Idaho Sugar
"~iii "2"
2~30(j
6%
17
6
Utah Pow A Lt 37 pref.—*
Utah Radio Products
1
Utility Equities com
1%
75
48
47%
Utility A Ind Corp com..6
Conv preferred
...7
"26"
Petroleum... 1
Va Pub Serv
7% pref—100
Vogt Manufacturing
..*
Vultee Aircraft Co
....1
Waco Aircraft Co
»
v t o
%
85%
27%
%
85
9%
8%
8%
8%
100
150
14% May
1%
500
76%
450
150
*
,13%
Feb
3%
Feb
04%
10
66
1%
Apr
Mar
Walker Mining Co
1
Wayne Knitting Mills—6
Wellington OH Co
1
Feb
2%
Jan
113%
July
ht
Jan
1st 5s
1946
x
Jan
1st A ref 5s.
1951
x
a
Jan
1st A ref 6s
1956
x
a
1st A ref fie......
1st A ref 4%s
1968 y bbbl
1%
1%
Jan
Oct
Western Tablet A Statlon'y
Common
•
73%
aa
x
aa
Apr
28%
Apr
35%
2%
Apr
Apr
5% May
%
Jan
0
Jan
%
Apr
2% May
6
Sept
2
Mar
0%
Mar
24
Mar
13
Mar
23%
2
Apr
May
x
a
107
Debentures 4%s
....1948
Appalao Power Deb 0«
2024
x
bbb3
x
bbb3
Arkansas Pr A Lt 5e_.
Associated Elec 4%s
1950
x
bbb3
1953
T
b
♦Conv deb 4 %s
♦Conv deb 4 %a
1948
x
dddl
1949
X
dddl
♦Conv deb 5s
1950
x
dddl
♦Debenture 5s...
1908
x
dddl
♦Conv deb 5%s
1977
x
dddl
1st mtge 4s
Assoc TAT deb 6 %s
A'55 y b
Atlanta Gas Lt 4%s—1955 x a
Atlantic City Elec 3%s
29
Apr
27%
%
85%
9%
50
21
' May
30
Apr
200
600
9
1%
200
1%
200
~~2X
~~600
5
2,600
May
May
7f
May
0% July
1%
Jan
85%
Oct
12
Sept
Apr
May
5
May
10
Apr
3% June
% July
75
July
1%
1
Apr
9%
0%
3
5%
Apr
Aug
1%
Apr
1%
Feb
15% May
Aug
4
May
May
2
Jan
102
Feb
1% May
3% May
Oct
3%
Jan
2%
7%
Apr
0%
Apr
Jan
140
31
May
75
16%
16%
150
14
May
17% May
11%
Apr
3%
"l6% "10%
*
6%
7% pf 100
Wolverine Portl Cement. 10
Wolverine Tube com
2
7
600
6%
200
3%
July
%
May
"25
900
Jan
7% May
6% May
98
5%
Woodley
Petroleum
...1
Woolworth (F W) Ltd—
5%
5%
600
6%
6%
700
May
3% May
4% May
4% Sept
10%
7%
7%
7%
2
11%
9%
112
5%
Oct
5%
4%
Wright Hargreaves Ltd..*
5%
500
4%
3,000
AND MUNICIPALITIES'
6s series
♦20-year 7s
Jan
1947
*20
24
...1951
Bogota (see Mtge Bank of)
♦Cauca VaUey 7s
1948
Cent Bk of German State A
25
25
♦Baden 7s...
8%
5%s
...1955
Ext 5s....
1953
Danzig Port A Waterways
♦External 0%s
1952
1968 * bbb3
3
1954 y bb 3
1959 y bb
25%
For footnotes
1947
gee page
2107.
101
1,000
95% 105
100
100
3,000
92% 100
162"
2
2
"so""
4
102%
"32%
76%
43%
43,000
89
103
103
3,000
95
103%
22,000
65
100%
83%
80
81%
*74
76%
102
102%
"i3~666
95% 103%
32%
33
26,000
56,000
19,000
64%
83
43%
33%
77%
43%
26%
25%
41
32%
76%
86
86
83
le'ooo
81
163,000
1909 y b
1952 yb
80%
89%
89
89
89% 109,000
91
31,000
76%
1949 y b
75%
92%
92%
99
97%
99
91,000
81
99
128
3,000
125% 135%
11,000
105
111%
104% 109%
Debenture 6s
Cities Serv PA L 5%s
Community Pr A Lt 5a
1957
y
bb
Conn Lt A Pr 7s A..
1961
x
aaa4
128
126
..1971
x
aaa4
110%
109% 110%
1909
X
aaa4
.1954
x
aaa4
1943
y
b
70
84
65%
82%
81%
81%
63,000
66
25,000
66
Consol Gas El Lt A Power—
(Bait) 3%sser N
1st ref mtge 3s ser P
Consol Gas (Bait City)—
Gen mtge 4 %s
Consol Gas Utll Co—
08
ser
A stamped...
Cuban Tobacco
1958 y bb
1944 y b
5s
92%
2
x
a
x
bbb4
1950 y bb
*48
"98%
2
"84%
107%
El Paso Eleo 5s A.
1950
x
bbb3
102%
Empire Dlst El 5s
1952
x
bbb2
104%
Edison El 111 (Bost) 3
%s«. .1965
2030
Eroole Mare 111 Eleo Mfg—
6 %s series A
—.1953 7 b
Erie Lighting 5s
1967
x
93%
92%
2
Cudahy Packing 3%s.—1965
109%
94
45
61%
83
102% 102%
104% 104%
44
45
105
bbb3
104
*30%
48
104% 105
103% 104%
1944
Oatlneau Power 3%s A—-1909
y
bb
x
a
77
100% 100%
76%
79%
General Pub Serv 5s
7
b
100
y
bb
4
166%
1967
x
a
1
107
Georgia Pow A Lt 5a.
4
1978
y
b
♦Gesfruel 6s
1953
x
b
1
Glen Alden Coal 4s
1965
y
bb
3
43,000
•f
a
3
*"73%
a
2
aa
*107% 110
*104% 105%
y
b
1945
25
Oct
Guantanamo A West 08—.1958 y b
25%
Oct
Guardian Investors 5s
1948 y c
18
Aug
May
62
Jan
♦Hamburg Eleo 7s
1935
20
May
49
Mar
25
6
Mar
7
Jan
26
7% May
7% May
26
Oct
27
Oct
♦Hamburg El Underground
A St Ry 5%s
1938
column In this tabulation
67%
9,000
90
73%
4~666
89
75
101
103% 107%
59
76
18
18
05%
78%
70
91
58
78
100
109
56
1,000
99% 105%
52
63%
31
31
2,000
31
53
29
29
7,000
23
42%
15%
22
56
29
19^666
"78% 27,666
x
ccc4
87%
68%
100% 100%
106% 107
73
73%
*18
77
77
66
105
102
100%
x
x
38,000
97%
102
Gr Nor Pow 5s stpd
1950
3,000
57
98% 105
100
94
Grand Trunk West 4s
1950
3%s—1903
22%
2,000
83
Green Mount Pow
y
23
47%
106% 109%
89
102%
12,000
100
Oct
1941
(Adolf) 4%s
13,000
124
24,000
99%
Jan
Gobel
110
*65
.1943
Georgia Power ref 5s
107% 112
70
87%
99%
100
99%
80
102% 106
101% 105%
52,000
bbb3
99%
107
5,000
8,000
"4,666
x
74%
2,000
*107% 108
101% 101%
x
93
104
86% 134,000
124
1960
1953
20~666
85% 115,000
107% 111% 121,000
44%
a
80
52
84%
124
97
75
93% 160,000
1954
O
124% 129%
62,000
94%
98%
98%
*106
107%
86%
4
Federal Wat Serv 5%s
1954 y b
Finland Residential Mtge
Banks 6s-5s stpd
1901 7 cccl
ser
9,000
*127% 130
94
Delaware El Pow 5%s
Eastern Gas A Fuel 4s
1959
109
15
new
95%
80%
80%
25
Attention Is directed to the
93%
78%
83
Jan
27
77
79%
80%
80%
7% June
25
60
4,000
83
12
25
37
80%
Aug
*10
41%
7,000
88%
20
1.000
63
102%
80%
Gen Wat Wks A El 6s
25%
101
102
1950 7 b
Gen Pub Utll 0%s A
1950 y bb
♦General Rayon 0s A.——1948 x ccc2
25%
*22
152
90
101%
*88
I960 7 b
Gary Electric A Gas—
Feb
89% 117
138
2,000
1958 y b
Jan
14
11,000
61,000
Debenture 5s
0%"
12%
28,000
21,000
101
Conv deb 5s
Cities Service 5s
3% June
1,000
10,000
104% 108%
103% 110
3
...1955 y bb
Florida Power A Lt fie
8,000
76
5,000
1960 x aa
series B
Feb
25
*
106
130%
b
{♦Chic Rys 5s otfa
1927 z bb
Clnntnnatl 8t Ry 5%S A ..1952 y bb
12%
25%
25
25
♦German Con Munlo 7s '47
♦Secured 6s—
1,000
1,000
10%
53
110
Cent States PAL 5%S—1953 7
Grocery Store Prod 0s
♦Prov Banks 0s B..1951
♦6 series A........1952
Danish
8%
10
li",()06
15
68%
95
Jan
Feb
13,000
26%
28%
28%
34%
88
1954 7 cc
June
28%
30
10
10
6,000
72,000
Mar
Feb
14%
11
36,000
22,000
55,000
1948 7 cc
Jan
29
129
116% 121%
1998 x aa
Jan
Sept
82,000
106% 107%
106% 106%
150% 151%
100% 101
C
6%
20%
14
108% 108%
4
%
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
14%
14.%
66%
aa
4
for
15
14
106
a
Week
103% 108
107%
5%s
fl*
14%
*14
"66%
aaa4
Sales
BONDS
102% 108
38%
62%
"l4"
b
GOVERNMENT
121
32,000
105% 105%
47
49%
119
5s ex-warr stomped
FOREIGN
106% 111%
3
Bethlehem 8teel 0s
7%
5
3
x
Sept
13,000
13%
x
Jan
105%
"l'.ooo
14
y
Apr
104
*105
106
126% 126%
47
Elmlra Wat Lt A RR 56-1950
Mar
3,000
23,000
3
@FedFRASER