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0C| 40
SATURDAY
Volume 154
Number 3995
: 7
,
yNew York, N. Y., Saturday, October 18,
'
li77S7|37'$iAYE/AND
1941
Price 40 Cents
Copy
a
CITY DEPARTMEINT
BOND PROPOSALS AND NEGOTIATIONS
The high rate of tax collections
was
//// Also In This Issue
by the Board of Finance
in
fashioning the 1942 budget and
more
cheering aspect of the
city's finances at the present time.
is
/: Corporation News
one
Since
1937 tax collections in New
Haven have been climbing and al¬
though, in eacn year, tne estim¬
ated 95% has been collected the
Dividend Tables
tax
Banking and Financial
department carries
sistent
drive
standing
Statistics, etc.
ARKANSAS
above
~
the
Highway
Fund
Up—
Revenue
named
Refunding
Act
of
district,
under
Assessment Bond
1935,
proposals
and
will
be
that
sealed
received
until
Nov.
17, at 10:30 a.m., for the
which is showing average sale to the city of the bonds/ The
gains ofv $193,000 a month, will City Council may reject any or
by Dec. 31 have set up credits of all proposals and no bonds can be
$10,250,000 for highway mainte¬ purchased
unless
the
purchase
nance
and service on $136 mil¬
price is less than the par value
lion debt, according to Little Rock thereof.
the
f
credited
be
thereafter
to
priation for
$2,500,000
new
will
indicate
of
$1,000,000
thereafter will be subject to legis¬
lative
appropriation for additional
construction.
-
*
-
to debt service : account of
$7,175,000
total
$4,453,673
and
on: maintenance
credits
account
December quar¬
ter- revenue will be sharply in¬
creased by motor vehicle license.
$1,687,144.
1941
of
Act
The
the
allocates highway
debt,
highway
refund
to
fund revenue and establishes pri¬
orities.
'
*
'
'
-
At
—
Ventura
County (P. O.
(P.
County
Oak-
O.
■■;.// land), Calif.
Bond
will
Offering
be received
—
Sealed
until
10
bids
a.m.
on
Oct.
21, by L. E. Hallowell, County
Clerk, for the purchase of $10,500
3V2%
Waterworks
District
No.
4
bonds.
Denom./ $1,000,
one
for
$500. Dated Dec. 1,- 1941. Due on
Dec.
1; $1,000 in 1942 to 1951, and
$500 in 1952. Prin. and int. (J-D)
payable at the office of the Coun¬
ty Treasurer.
Bids are not to be
bid, payable to the County
Clerk, is required. 7/77'
Note Sale—It is stated by G. E.
Wade, County Clerk, that a $500,anticipation notes
Co.
Trust
American
the
to
San
of
Francisco,
at
0.13%, plus a premium of $7.50.
Dated
Oct. 23,
1941.
Due on
Dec.
30, 1941.
Humbolt
County
coupon
sale
for
321—were
p.
Sale—The $20,000
Elementary School Dis¬
Dell
trict
fered
(P. O. Eureka),
Calif.
School Bond
Rio
Bankamerica
bonds
on
Oct.
of¬
1—v.
building
154,
awarded
Co.
of
the
to
San
Fran¬
cisco, as 2V4S, paying a premium
of
to
$40, equal to 100.20, according
the
County
Clerk.
Denom.
$1,000.
Dated Oct. 1, 1941.
from Sept. 1, 1942, to 1955.
terest
Tax
Of Entire
payable M-S.
•
•
Due
In¬
•
Bond
Tenders
Invited—It
is
V. McArdle, City
Treasurer, that the sum of $8,032.58 is available for the pur¬
chase
and
cancellation by the
stated
by
Year's Estimate
L.
of 1941 collected within
the
entire
$16,139 of
$7,970,898 in taxes
collectible in the
as
529—
p.
& Co.,
100.173,
of about 1.11%,
■'
capital improvement
Due $10,000 on Sept.
1943
to
1957
incl.
incl.
V
follows;
as
/
,,
'
Bidder—
Rate Bid
Sachs & Co. and B. J. Van
& Co.. Inc......,,,.....
Penn & Co., Inc. and Stone
& Webster and Blodget, Inc.........
Lehman Bros, and Blair & Co., Inc...
Blyth & Co., Inc. and George B. Gib¬
bons
Co., Inc........... ;
.
R. L. Day & Co., Cooley & Co. and
Edward M. Bradley & Co...
P. S. Moseley & Co. and Kean, Taylor
101.037
Ingen
Phelps,
R.
&
Co.
Trust
Halsey,
of
Co.
100.63
100.575
100.553
York
New
100.424
Co...
approximately $305,000,000. For
budget purposes it was estimated
that
94%
of
collectible.
this
100.349
Corp.,
Boatmen's
of
St.?, Louis
and
Bank
&
100.32
Co......
100.188
Stuart & Co., Inc....,,....,
Ripley & Co., Inc..........
Peabody & Co. and Graham,
Harriman
Kidder,
Parsons
100.159
Co.
&
100.15
INDEX
would
be
After the budget had
been made up,
however, the actual
the levy was increased.
this
increase
in
Des¬
the
levy,
however, the tax department has
collected
93.48%
of
.
the
actual
figure and nearly
taxes
100%
of the
originally estimated as col¬
lectible.
There
remained
298/of
uncol¬
lected on-Sept. 30 a total of
the
Proposals
and
Weekly Statement
(individually)
Federal
Reserve
Weekly
Return
of
$555,actual * levy—a/sum
equal to 6.52% of the levy. ;
Council
resolu¬
held
668
Note
of
Statements--
668
Banks
Reserve
672
—__
of
the
New
York
Reserve
Bank
669
Discount
of
Rates
Foreign
Central
A
be
10, at 10:00 a.m.,
any
any objections
of creditors
are to be filed together with veri¬
fied
proof of claim
on
before
or
Oct. 31. /
A copy
Attorney
Stenstrom
Fia.
Frank
G.
Building,
;v,,
James,
-
667
Return
Member
of
Banks-,.
669
New
Acceptances
York
Money
Brokers'
;
672
—
Rates.
672
Rates._______.___
Exchange
Foreign
669
—
Bankers'
General
Corporation
and
Gold
The
Bullion
Course
Bank
of
Discount
Banks
Course
of
Notices
Bank
England
Rates
Banks—
of
Sterling
Calls
—
__
Federal
offerings
be
firm
to
the
—
and
for
submitted
10
must
days
subsequent
opening,
i.e.,
through Nov. 10, and must state
full name, description and serial
numbers
date
of
date
of
of bonds, interest rate,
issue, date of maturity'
specifically
delivered
The offer must
state
exactly
with the
price asked.
Sealed
what
its
Separate
667
,
bonds
of
it
road
containing
pursuant
to
plainly state
shall
face that
sale
be
bonds for the
envelopes
of
notice
665
on
is
and
tenders
a
proposal for
bridge
shall
bonds.
be
sub¬
670
mitted covering the bonds of each
county, but
Reserve
Exchange
Sinking
;____
sealed
669
670
Fund
—
Holdings
Public Debt Statement
Money
Comparative
Nos. 2 and 3.
668
Clearings
Statement
_______
Redemption
Treasury
European
in
of
and
Quay Bridge Dis¬
trict, and excepting County-wide
R/& B. Refunding and Districts
669
—,
Rates
Money
No.
District
this
650
665
665
665
This
Company to
&
anyone
gratis
■,//.•;',/.//;■
'■
Fla.
Tenders
Asked—J.
L.
receive
sealed
tenders
until
Nov.
20, at 10 a.m., of 1936 gen¬
refunding bonds issued July
1, 1936, to the extent of $55,000,
eral
and
of
1939
general
refunding
bonds
issued July 1, 1939, to the
extent of $6,500.
The bonds will
be purchased at the lowest
prices
submitted,;' provided
prices
must
be
that
less
such
than
7
par
value and accrued interest.
Martin
County (P. O. Stuart), Fla.
Agreement
Validated—Held
Abeyance—We
follows
of
from
quote
the
in
part
Stuart
in
as
"News"
Oct. 2:
Ratification
of
with
agreement
a
R,
refunding
E.
Crummer
Company, with the contract to
be
held
on
Crummer's consent
in
abeyance for 30 days
county
advertises
nals
see
10
deal,
featured
session
sion
if it
of
and
in
can
while
bond
get
a
St. Lucie Inlet Commis¬
sion.
7'-7/7
■
session
was
''7/
v-\
Conclusive action of the
ing
tne
jour¬
better
Friday's
special
County Commis¬
the
morn¬
resolution
a
was
District
No. 4, Levy
7, Martin, Monroe,
Palm Beach, Districts Nos.
4, 8.
12, 16, 17:. and 18 only, and St!
Lucie, including Jensen R. & B.
668
•
Dividends
Foreign
River
District
offerings
Investment
.News '
will
.
668
Weekly Federal Reserve Bank Changes
heading
.
to
"ratify and sustain" the existing;
time warrants, certificates of in¬ contract. J. P.
Merritt, Inlet Dis¬
debtedness
and
(or) negotiable trict Commissioner, made the mo¬
notes of the counties, and special
tion.
It was passed by a five to
road and bridge districts therein
two
vote, Commissioners
Wall,
as follows: 7/
Merritt,
Palmer,
Jennings
and
Brevard,
Hamrick voting for it, while Com¬
Charlotte, De Soto
(except Districts No. 7, County- missioners Sims and Quinlivan
wide
and
Charlotte
Harbor), opposed ratification.
Glades, / Hardee,
Hernando, In¬
This
resolution
669
Loans
the
Know That....
service is offered
Bond
■
&
coupons are attached and will
Weekly Return of N. Y. City Clearing
the
Davis, City Clerk, states that he
Wauchula,
■/77'7:77/7,.,.; ///;
under
You
bulletin
•
of the plan of compo¬
sition and any further informa¬
tion required can be secured from
and price asked.
Banks
Weekly
"Did
0^^.
Tampa Division.
the petition will
affecting
Lakeland,
Nov.
on
of
political subdivi¬
Statistics
interested.
May 5.
on
in the United States District
for the Southern District
All
641
Banks ///
Reserve
fcombined)
Condit'on
Page
Negotiations....
House
levy
the
by
indebtedness of the city has been
dian
and
Corp;.."/.-v.*.;'.-;
Michigan
White
Putnam
and
Boston
of
D
100.76
100.51
Co.
Bond
of
of
FLORIDA
,
Goldman,
1941
depart¬
ment had collected a total of $7,954,758 in current taxes up to and
including Sept. 30. The Board of
Finance, in making up the 1941
budget, levied taxes totaling $8,508,840 on the estimated grand list
tion
approved
State
*
various local governments in that
State are briefly cited in this bond
by Allen
been
,
were
sions.
the
on
its
ready
/
Florida (State of)
'
:<//
25,000 iy4% emergency bonds.
Bond
and
Note
Tenders
In¬
Due Sept. 1 as follows: $2,vited—Pursuant to Chapter 15,:
000 from 1943 to 1947 incl.
891, Laws of Florida, the State
and $3,000 from 1948 to 1952
Board of Administration
through
incl.
J. Edwin Larson, State
Treasurer,
All of the bonds are dated Sept.
will receive until 10 a.m. (EST)
1, 1941, and were re-offered at on Oct.
31, in Tallahassee, sealed
prices to yield from 0.30%
to
offerings of matured or unma¬
1.20 %, /' according
to
maturity. tured
original or refunding road
Other bids, all for 1V4% bonds,
and
bridge or highway bonds,
1957
to
news
and
memorandum
City
es¬
Cecil J. Marlowe that his
city
of bonds issued under date
1939, for the refunding
of * the * indebtedness v of - the
154,
budget Tax Collector Bernard J. I-/"'"V
State and City Department
McGrath
reported to Controller
of June 5,
The
—
of
purpose
to
for
the outfall sewers,
sewage treatment plant and gar¬
bage incinerator which had al¬
paying
Florida,
hearing on
150,000 iy4% outdoor poor and
unemployment relief bonds.
Due $10,000 on Sept. 1 from
National
$16,139
in serial form for the
of
,
from
1
First
grand list was found to have in¬
creased by more than $1,000,000
Angeles
of
price of
a
follows:
First
city during the first nine months
Acquisition and Im¬
provement District No. 38 (P. O. and
Los Angeles), Calif.
pite
Los
Collections Within
timated
■
-
as
Bankers
offered for sale on Oct. 16 and
was' awarded
96%
Shields
to
York, at
Estabrook
New Haven, Conn.
Florida
of
$325,000 bonds
16—v.
net interest cost
a
&
CONNECTICUT
000 issue of tax
was
collect at least
Oct.
1943
of the
Alameda
New
a
Ventura),
fined
unanimously adopted a reso¬
lution
favoring the issuing of
bonds to the amount of $1,250,000
levy by the end of the filed
awarded
were
distribution, along with their circular of offerings, a bulletin con¬
ly
Court
offered
proposal to issue $190,000 in bonds
a municipally owned
transpor¬
tation system, it is said.
Ap¬
proved—Common Council recent¬
re¬
Stamford! (Town of), Conn.
recent
a
for less than par and accrued in¬
terest.
A certified check for 2%
i
CALIFORNIA
1941
Bond Sale—The
for
fiscal
year
total
Defeated
Issue
a
bonds.
Bonds
election the voters turned down
Calif.
the
out¬
Sewer
1937
$150,000 1%
'
Valley, Califs
>
in
far
thus
Credits
v,
Mill
construction and
balance
a
all
result
a
•
appro¬
$750,000 for road, bridge and mu¬
nicipal paving district aid.
/*/
Estimates by State officers now
As
con¬
year.
enue,
Income
only
on
ment will
The Arkansas highway fund rev¬
advices.
collect
taxes.
a
(City of), Conn.
$1,250,000
balance of $46,227.50
Bowling Green, Fla*
taxes; $64,869.31 due
on 1938 taxes;
Debt Composition Plan Filed—
$114,744.63 due on
1939 taxes; and $204,538.29 due on Bondholders of this
city are be¬
1940 taxes. City officials are now ing advised that a
petition for a
estimating that the tax depart¬ composition of the outstanding
due
(See Detailed Index Below)
Arkansas, State of
to
on
back tax collection work there
mains
Stamford
factor taken into consid¬
one
eration
in
one
York
number
of
such
offerings may be enclosed
mailing envelope.
Municipal
Allen
any
&
Bulletin
Offered—
Co., 30 Broad St., New
City, have just prepared for
after
an
times
interesting
heated
passed
and
some¬
and
vituperative
began at
10
in
the
morning.
Crummer
opened the discussion with a gen¬
four-hour
eral
of
session
explanation
the
bond
that
of
issue
the features
but
was
soon
questioned by opponents who ob¬
jected to refunding at this time,
and
by
who
which
questioned the method
the existing contract
reached.
was
Okaloosa
County
(P.
O.
view), Fla.
Crest-
//, yr///
Bond
Sale—It is stated by LeRice, Clerk of the Board
of
County Commissioners, that'
the following semi-ann. road and
bridge refunding, series of 1941
bonds, aggregating $443,000, were
ron
W.
offered
were
row
for
sale
on
Oct.
15
and
purchased by Watkins, Mor¬
&
Co.
of
price of 102.00,
of about 2.96%:
Birmingham, at a
a net interest cost
7
v
$65,000 county, 2%%. Due Oct. 15,
as follows: $5,000 in 1942 and
$15,000 in 1943 to 1946.
88,000 county 3%. Due Oct. 15,
r
as follows: $13,000 in 1947 to
"V1949, $14,000 in 1950, $18,000
in 1951 and $17,000 in 1952:
THE
642
Oct.
1953,.
1954 and $20,000
J,000 county 314%. Due
15, as follows': $20,000 in
$18,000
•
in
in 1955 to 1961.
19,000 Special Road and Bridge
;
Dist. No. 4, 3%. Due Oct. 15*
as
follows: $5,000 in 1947 to
1949 and $4,000 in 1950.
13,000 Special Road and Bridge
Dist. No. 5, 3%. Due Oct. 15,
as follows: $2,000 in 1947 to
1951 and $3,000 in 1952.;
whom
residents,
Goshen
were
1938, 1939, 1940, 1942, 1943,
1945 and 1946.
The dis¬
bursements will make 80% pay¬
ments to date on all bonds due
1944,
past due, and 50%
yet
these
matured.
sewer
bonds,
on
bonds
At the time
warrant No.
1072, were issued, there was no
public market for them and they
were
subscribed for by 80 per¬
-
bids
sealed
receive
Oct?
On
for
29
the
'
; i'S"? Saturday, October 18, 1941
•
until- 8 p.m. Roosa; City Clerk, for the pur-7
purchase of chase of $5,000 " paving bonds.
Bidders are to name the rate oL
$17,500 not to exceed 3% interest
water works plant bonds or notes.
154, p. 418, was
Dated Oct. 10, 1941. Denom. $250.
awarded to Raffensperger, Hughes
Due f" as follows: "$500
July10,"
& Co; of Indianapolis, as l!%s£ at
1942; ■ $500 Jan. 10 and July 10 in
par,
plus a premium of " $2,16.
1943 and 1944;; $750 Jan. 10 and
Dated Oct, 15, 1941, and due $250
July 10, 1945; $1,000 Jan. i 10 and
on Jan. 15 and June 15 from 1942
July 10, 1946; $1,250 Jan. 10 and
to 1947 incl.
*
\ ;
July 10, 1947; $1,500 Jan. 10 and
*7*
Highland, Ind. '•
July 10, 1948; $2,000 Jan. 10 and
Bond Sale—The $50,000 314 %\ July? 10, 1949; $2,000 Jan. 10,1950,
fered
due in
not
Library Board i
•
n.-(.
cording to Mayor George T. Jones.
40%
payment was made on
bonds due 1941, and 10% on bonds
and
Public
(P. O., Goshen)'
The issue of $3,000 bonds of¬
the city on Oct. 15, ac¬
A
,
£5,000 Special Road and Bridge
Dist. No. 9, 2%%. Due $5,000
Oct. 15, 1942 to 1946.
30,000 Special Road and Bridge
Dist. No. 9, 3%. Due $5,000
!
Oct. 15, 1947 to 1952.
25,000 Special Road and Bridge
>
Dist No. 9, 314%. Due $5,000
;
Oct. 15, 1953 to 1957.
Dated ; Oct.
15, 1941. Denom.
$1,000; Any or all bonds matur¬
ing after Oct. 15, 1951, of the re¬
spective issues wiir be optional
for redemption prior to maturity
at
par
and accrued interest on
any interest payment date on or
after Oct. 15, 1951, provided no¬
tice of any such redemption shall
be given by publication at least
local
are
made by
"
COMMERCIAL & FINANCIAL CHRONICLE
Oct.
water
3—v.
works improvement bonds
Interest
interest; Dated Nov.
on
1
Nov.
1944
1942
to
The
bonds
1, 1941. Due"
follows:
as
$1,000
$2,000 in 1945.7
sold subjects'
and
will, be
approving opinion of Stipp,
to the
?
in
Perry, Bannister & Starzinger
Des Moines. ■ 77.,'/•;7f;'
,
of
vJ?.j,, sy,
-
v,
Toledo, Iowa $•].} i
:
$10,000 ■ 3%:
swimming -popL bonds ■ s
for sale on Oct.
13—v.
Sale—The
ws-Bond
semi-ann,
J7J7;certified i check
offered
for which all bids were rejected for 2% of the amount bid jis re¬
A
7>77 154, p. 323—were awarded to the in the on Sept. 25—V. 154, p. 529—were quired.; * • "•;>'
J. J. Kelly Co. of Des Moines, {
?i
' -v.
r. v Vjv'
■>
*•
of fi¬ subsequently sold to Blair, Bon¬
■Wayne Township School,Township according to the City Treasurer. I
result ner & Co. of Chicago, at par; plus
.7 C!"* (P- * Q. Clermont), Ind,
.;*, 7 Dated N6v"^T;; T94li77I)iie; from
"more a premium of $7,340,/equal to
DIovr 1,1943 to. 1955.inci;v *. '
$
homes 114.68, a 'basis of about 2.25%: * Bond Sale-^-The $92,000 bu'ildMay
15, 1941, and due ing construction • bonds
have been built in the area serv¬ Dated
offered
j.
' Walnut, Iowa"
;
iced by the trunk-line." ,
:' Nov. 15 as follows: $1,000 from Oct: '16—V. 154, p. 323-^-were
Bond > 6fferlng---torjorie ,Wil-
mostly business men
community, as a means
nancing the project,; As a
according to the Mayor,
than $2,000,000 worth of
sons,
■
t.
■
_
+
■
1942
to
1952
incl.; $2,000 in 1953
awarded ; to
.
National
First
the
..
that
Pekin, III.
and 1954, and $5,000 from 1955 td Bahk- oL Chicago,: and Fletcher .liamsr Town. Clerk, .states
bids will be received until Oct. 21, /
1961: incl.- Highest:; bid
offered Trust Co.-of Indianapolis, jointly,
>/
Bonds Authorized—City Coun¬
at9 .a.m., for the purchase of f ,
as* lV4s, at par, plus a
premium
cil
has
authorized an issue of previously called for a premium
of $3,001.
of 4309, equal to 100.335, a basis $2,000 recreation center and play- i ,"
:Ji>i
$12,500 bonds to pay back salaries
.7
- S
of about 1.21%.: Dated. Oct. 15,. ground- bonds.
of policemen and firemen as re¬
Knight Township Schoot^Township
Wtbstef County (Pe O, Fort
1941; and due as follows: $3,500
quired by the Illinois minimum
(F. O. Evansville), Ind. "
^ l" ''
July 1, 1943; $3,500 Jan. 1 and ^
Dodge), - Iowa
wage
Act,
The bonds will be
Bond 0ffering-4Frank Fickas,.
July. < 1 from 1944 to 1954 incl.;
dated Nov. 1, ; 1941, bear 1 Vi %
Certificate Offering—Bids will,
Jr., Township Trustee, will " re- $3,500 Jan. 1 and $4,000 July 1
once
not less than 30 days prior interest, in denoms. of $1,000 and
=^be received; until OcL ; 23 at 10i
ceive
sealed bids until .8 p.m.
1955,-and $4,000 Jan.. 1,1956. • Sec^ a.m., by V. E. Hale, County Treas¬
to the redemption date in a news¬ $500, and mature Jan. 1 as fol¬
(CST) on Nov. 4 for the purchase ond high bid of 100.255 for 114s
lows:
$2,000 in 1943 and 1944; of
paper or financial journal pub¬
urer, for the purchase of $30,000 ; :
$137,000 not to exceed 414% was made by Kenneth S. Johnson
road ;construction
lished in New York City.
The $3,000 in 1945 and 1946, and $2,anticipation
interest
building
bonds.
Dated of Indianapolis'.
\ I <1 certificates. Denom. $1,000. Dated".
bonds are to be general obliga¬ 500 in 1947.
Principal and in¬
Nov. 1, 1941. Denom. $1,000.. Due
tions
of
the
Novi l, .1941.7 Due on or before ;
respective taxing terest (annually on Jan. 1 start¬
as
follows: $5,000 July 1,; 1943
IOWA
units secured by ad valorem taxes ing with Jan. .1, 1943); will be
Nov/1,1942, at the option of the/ 7
$5,000 Jan. 1 and July l from 1944
on
all
the
taxable
property payable at the City Treasurer's
county.
Interest rate is not to.
to 1955 incl.; $5,000 Jan;
1 and Mr',,,,,,
Bettendqrf i School District l(P.tO,
office.
"
therein.
exceed
4%, • payable
annually. ■
$7,000 July 1, 1956." 'Bidder to 7"
;|;
y Bettendorf), Iowa
{ -The*bounty will: furnish said cer- ; 7,
Rock Island, III.
name
a
single rate of interest,
GEORGIA
Bond Election—The Board
of tificates and approving opinion.
expressed in a multiple of 14-of
Education has set Nov. 18 as the
Bonds Authorized—City Coun¬
1%.
Interest J-J.
Purchaser will
Crawford, Ga.
date of election on a proposal to
KENTUCKY
7
cil has passed a resolution author¬
be required to make payment for
issue $115,000 bonds for the erec¬
Bonds Sold—A $35,000 issue of
ing an issue of $145,000 municipal bonds
and
accept
delivery
of
Carlisle, Ky.
-.-S
3%% semi-ann. refunding bonds swimming
pool
construction same prior to close * of banking tion -of a $230,000 junior high
Authorized—The" s City
school building, pending a Fed¬ ;7 Bonds
is said to have been purchased bonds.
'•
; "
,'
•' ■ *
7
hours on Nov. 10, at such bank
eral- grant ?of.. $115,000. for ^ the Council is: said to have passed an
at par by Brooke, Tindall & Co.
in the City, of Evansville' as he
i*
Spring Valley, III.
of
Atlanta. " Due
on
Jan. 1
as
project. Tf the grant is not forth-? prdinance calling for • the issuance? ?
shall designate in writing to the
:
follows: $2,000 in 1943 to 1948;
fcoming, - the
project
will . 'be Of $39,000: sewage plaint, bonds. •
Refunding Discussed—The pro¬ Township
Trustee. -; The ?' bonds
dropped, even though the bonds
$2,500, 1949 to 1656 and $3,000 in
Hardinsburg, Ky.
•
posed refunding bond issue was are general obligations of the
are approved;
1957. •
VC--V'"
> "
.
•;
^
discussed when the City Council school township,- payable out of
" Bonds ;/ ;Sold--Stein:; Broa ^ ;& fy ].
met
in regular- session
Oct.; 6. unlimited ad valorem taxes to be
Boyce of Louisville, have/ pur¬
ILLINOIS
w \ * Vs
Iowa ,
with Mayor Peter Ternetti pre¬ levied on all the taxable property
chased $17,500 4% coupon semi- v .
^ Bonds.7 Publicly;- Offered—The
Calumet City, III.
ann. refunding bonds." Dated Nov.,
siding. The Mayor told the Coun¬ therein. / A certified "check for
Harris Trust & Savings Bank of
Seeks Rehearing In Bond Ac¬ cil that recently he had a confer¬ $2,000, payable to order1 of 'the
1,7; 1941^; Denom.. ,7 $500.
Due.
Chicago is; offering $84,700 ' 2%
tion—Petition for a rehearing of ence with a representative of a school township, is required. • Le¬
March .1,
as
follows:- $1,000 in
corporate bonds for general in¬
the
city's $577,000 bond ruling bonding firm and was informed gal opinion of Matson,. Ross" Mc7
1944, $500 in 1945, $1,000 in 1946,"'.
vestment.
Denom. $1,000, orie for
was
filed with the clerk of the that the city'has about $7,000 in Cord & Ice, of Indianapolis, will
$500 in 1947 and 1948, $1,000 in
$700.
Dated Oct. 1, 1941.- Due
Illinois
Supreme Court recently debts which cannot be paid off be furnished the successful bid¬
1949,;$500 in 1950, $1,000 in. 1951"
as follows: $5,700 on Nov. 1, 1951;
and 1952,. $500 in 1953, $1,000 in
by former Supreme Court Judge with refunding bonds because of der at the expense of the school
$5,000 Nov. 1, 1952 to 1956, and
Franklin Stransky, who has been legal restrictions. f.-x
1954 to 1959, $1,500 in 1960, $1,township.
in-1959; $25,000 on Nov," 1, 1960,
retained by the city to fight pay¬
Lagro, Ind.
000 in -1961 and $1,500 in , 1962.;
*
and $24,000, Nov," 1, 1961.; Prin.
Sterling, III.
ment of the issue.
This action
Principal and interest payable at
Bonds Voted—At a recent elec¬ and int., (M-N). payable at the
followed a meeting in Chicago at¬
the "Farmers Bank, Hardinsburg.;, ;
Refinancing
Planned — Steps
tion ;the Voters approved lari issue office, of the City Treasurer,These
tended by Mayor John W. JaraLegality approved by Peter Heyhave, been, Jtaken by the city to of
$50,000 waterworks construc¬ bonds / were ^. authorized by ; the;;
nowski, City Clerk Steve Macie- refinance' some outstanding; in¬
burn,
Marshall' &
Wyatt,
of;
tion bonds.
City Council on Sept. 17.4 '
^
jewski, City Attorney -John E. debtedness in order to equalize
Louisville..
' 'f'\
;
Pavlik,
City
Treasurer
Anton annual installments of bond prin¬
Lancaster Township, Ind. •
■
•
'Emmetsburg; Iowa
t
Jackson County (P.O. McKee), Skwiertz and former Judge Ro¬
cipal and interest. City has asked
Bond
Issuance
Proposed—The
Proposed
Bond Issue—Town¬
man E. Posanski in Judge Strana Chicago bond house to arrange
City Council will meet on Oct.
sky's offices.
The officials acted for the rescheduling of maturi¬ ship Trustee and members of the
7 Bonds
; Approved — H.
Clyde
Advisory Board have issued a 20 to take action on the issuance
under the terms of a resolution ties.
State
Revenue
Com-*
of $77,000 gas system revenue re¬ Reeves,
legal notice to taxpayers of their
passed by the city council when
missioner, is ; said to have ap-j
intention to issue $8,000 school funding bonds.
it was voted to fight the bond
INDIANA
proved a $25,000 issue of 4%.
building bonds.
A remonstrance Jacksonville
issue "to the finish."
hi/dp $chd<d rDi4m bonds to repay indebtedness. The" :
against the issue must, be filled trict (P. O. • Lawler; Route NoJ'l j, debt was ^declared
valid
some
Adams County (P. O. Decatur),
Canton, III.
within 30 days and to be effec-"
:Vi: >;
time ago by the State Court of
J; 7 I owe
\
Ind.
Bond
Authorized
The
tive must be signed by more than
City
.;'77:7^, -'t *-•''
.'..7"-'' *
n Price
Paid-*-The Secretary of Appeals.
Bonds
Authorized
Council passed an ordinance to
County the 50 taxpayers which /signed
the Board of Directors states that
issue $69,500 2% judgment fund¬ Council recently voted to
Kentucky, State of
issue the petition for the issuer:^:
the $5,000 3V2% semi-ann. build¬
ing bonds and providing for a $65,000 infirmary bonds to ma¬
" Cities Denied Right to Levy on
/:
Muncie School Citv, Ind.
ing bonds sold to two New Hamp¬
direct annual tax for the payment ture semi-annually over a period
Franchises
An Associated Press
ton* banks, as noted here—v.-154,
Bonds Authorized—The school
of principal and interest on the of 16 years.7 Previous reference
dispatch from Frankfort on Sept..
p. 530—were purchased at a price
issue.
Bonds will be dated Oct. to this subject was made in v. 154, city has announced its intention
30"reported as follows: The Stateto issue $50,000 funding bonds, to of-108.02, a basis of about 1.98%. Tax
:
y
Commission
is
the
15, 1941, in denoms. of $1,000 and p. 227.
only
Due $500 from Nov. 1,* 1942 ' to
be dated Jan. 1, 1942, in $1,000
$500, and mature Dec. 1 as fol¬
Evansville, Ind.
1951 incl.
•' V agency that can assess property
denoms. and mature $25,000 Jan.
lows: $5,500 in 1944; $6,000 from
and collect back taxes of concerns
1945 to 1950 incl. and $7,000 from
Lucas County (P, O. Chariton), operating
Interest J-J.
Bond Sale—The issue of $240,- 1,1955.
under franchises, the
1951 to 1954 incl.
Principal and 000 airport extension and'.im¬
?'
Iowa
v:.,
Court of Appeals-ruled Tuesday.
New Albany School City (P, O. i
interest
The decision was handed down
(J-D)
payable at
the provement bonds offered Oct. 14
Bond Sale Contract—The Board
'■"'A
New Albany), Ind.. - ■ *
First National Bank of Chicago. —v.
154, p. 323—was awarded to
of Supervisors is
said to have in denying the cities of Lexing¬
Bond Offering—The Board of
The
full
faith, credit and re¬
the First National Bank of Chi¬
contracted for the sale of $12,000 ton and Newport the power to
Trustees will receive sealed bids
sources of the city are irrevocably
sue for taxes on property not re-,
cago, and the Old National Bank,
until 7:30 p.m. (CST) on Oct.r28 2V4% refunding bonds to take up
pledged for payment of the issue. Evansville, jointly, as iy4s, at a
turned by enfranchised corpora¬
a 41/2 % issue put out in 1923. The
for the purchase of $27,700 school
tions for taxation purposes.
price of 101.40, a basis of about
7
new bonds mature in 1953 to 1955.
Champaign-Urbana Sanitary Disbuilding bonds. " Dated Oct. T,
1.07%.
Dated Sept, 1, 1941, and
trict, III.
All of Court Agree
1941.
One bond for $700, others Newkirk Consolidated School Disdue $16,000 annually on Jan. 1
Sees Tax Decrease By 1943-—
$1,000 each. Due $700 Jan. 1 and ; trict (P„ O. Hospers, R.F.D.),
Considered by the whole court,
from 1943 to 1957 incl.
Second,
Retirement of the last of the out¬
$1,000 July 1, 1942, and $1,000
with none dissenting, the opinion!
'.7.
Iowa
high bid of 101.01 for iy4s was
Jan. 1 and July 1 from 1943 to
standing district bonds in De¬ made
har-,
Bond
Offering—Bids
will
be explained / that f equality,
by Wood, Struthers & Co.,
1955 incl.
Bidder to name ratecember, 1942, will result in at New York
received until Oct. 23, at 2 p.m., mony and practicability are at¬
City.
of interest.
A certified check for
least a 57%
reduction in taxes
:
.ivV'v,
by having a central-,
by John Blom, President of the tained
1% of the bonds, payable to the
for
1943, according to District
French Lick School Town, Ind.
Board of Directors, for the pur¬ ized agency ascertain and appor¬
order of the school city, is re¬
Manager William H. Wisely. The
tion" among the cities, counties
chase
of
$4,000
21/2%
school
Bonds
Sold—The
$10,000 , 4% quired.
The bohds are direct ob¬ bonds. Dated Dec.
$100,000 bonds now outstanding
1, 1941. Due and school districts the tax rates,
building bonds unsuccessfully of¬ ligations of the school city, pay¬
will
be
paid off in December,
on both the physical property and
fered
last
Aug. 5, were subse¬ able out, of taxes to be levied $1,000 from Dec. 1, 1943 to 1946
1941 and 1942.
Thereafter, taxes
incl.
Prin. and int. (J-D) pay¬ the franchises of such corpora¬
quently sold to the French Lick and collected by said unit. Legal
need only be levied for opera¬
able at the District Treasurer's tions. It also said the commissionState Bank, at par plus a pre¬
tion
and
maintenance
of
the
opinion of Matson, Ross. McCord office.
only could take steps to collect
;
r. V-7
mium of $600,
equal to 106, a & Ice of Indianapolis will be fur*
sewage disposal system.
unpaid taxes.
i
>
basis of about 2.86%.
Dated Sept. nished the successful bidder.
Sac City, Iowa
Newport had sued to collect,
Joliet, III.
' '
" ;
1, 1941, and due as follows: $500
$17,284 in back taxes from the
Schererville, Ind.
; Bond Offering—Both sealed and
Payments On Bond Issue—An- j July 1, 1942; $500 Jan. 1 and
Pennsylvania Railroad for" 1936Bond Offering—Alfred Ht Go-, open bids will be received until
1951 incl.,
nual payments to purchasers of the | July 1 from 1943 > to
40, inclusive, and $7,695 from the
and $500 Jan. 1, 1952.
vert, Town Clerk-Treasurer, will Oct. 27, at 8 p.m., by Lynn A.
$90,000 sewer bonds issue, all of
»> r
.
.
,
,
^
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i
"
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.
>
,
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.
Efayenpori,
_
,
<■
•,
—
—
—
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„
'
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»
■■1
.
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.
'
vi
,
.
...
<
'
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•
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T- '
'
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'
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1
15 j*:
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r L
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if''
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i't.. u
5
i
y
I i
■■
',V
«
.
Number
Volume 154
3995^#;^THE
Baltimore & Ohio Railroad for the
same
and
years
franchise
enter
the
■
values.
city
Both
from
not
District (Pi Oi La 'Plbce)',
lines
Cincinnati
carriers.
Nov, 4 for the purchase of $300,000
Bond
Sale—The
$24,000 drain¬
for , sale on
to
pon
age
.
general
of
exceed .3%
.1941.
interest
improvement
Dated
Dec.
cou¬
bonds
1,!; 1941.
other
,
age
bonds /offered
-
v
643
sealed bids until 7:30 p.m. (E.S.T.)
on
Oct: 23 for the purchase of
_
,
be done under
Charles
troller,
•
t
Bond
The
of
■i
Refunding
Frankfort
Oct.
report:
Whether
the
'•
I
Filed—
Journal"
"State
carried
8
Suit
GGS $1,250 in 1950; the remain¬ lithographed
ing
$1,250 as
Nov. 1, 1951.
following
-
Morgan * County can
refund legally a $108,000 balance
on
a
1926 road bond issue was
placed before the State Court of
10,000
fire
bonds
2V4s, Vdue
\
station
on
tures
of the
printed
or
President
and
signa¬
Clerk
■{ or Deputy Clerk of the Board oi
equipment! County Commissioners)4 and the
.
of
maturi¬
Bond
Offering—Roy D. Renton,
DistrictSecretary, will (receive
sealed bids until 8 p.m.- (E.S.T.)
on
Oct. 20 for the purchase of
$185,000 not to exceed 3% inter¬
est coupon school bonds.
Dated
Oct. 1, 1941.
Coupon bonds in
$1,000 denoms. Due April 1 as fol¬
lows: $45,000 in 1943; $40,000 in
1944 and 1945; $30,000 in 1946 and
the
law.
new
'
Oakman, City Con¬
that
reports
$260,000
as
for tenders
city;
bonds
a
result
Oct. 15,
on
were
pur¬
chased for the Water Board Sink¬
ing Fund
at
2.2314%:
East
an
yield of
average
•;
;•
Jordan
.
■
G.
of the call
v,/,.;;
,
Consolidated
Rural
Agricultural School District No.
2
(P. O. East Jordan), Mich.
.
v
schedule
turities in the next refunding sale
to fill in the gaps.
This can only
,
•
elastic
more
ties on future refunding
issues
$50,000 not to exceed 6% interest will not become fully effective
general, obligation street paving until Jan. 9, 1942.
A few peaks
bonds. Dated Sept. 15, 1941, Cou¬ and valleys remain in the
city's
pon bonds in $1,000 denoms. Due annual debt service curve and of¬
$10,000 annually on Sept. 15 from ficials will prefer to schedule ma¬
Denom.!, $1,000.; Due Dec. 1 as
follows: $4,000 from 1942 to 1946
Oct.;, 13—y.'i 154,
Sustains Earlier Ruling ;.
p.
82—were1
j awarded
incl and $14,000 from 1947 to 1966
to Kingsbury
& Alvis,i
v Lexington had sued to collect and Jac. P.
incl. * Bidder must state the price 1942 to 1946 incl. Rate or rates
Ducournau, both of
$157.50
back \ taxes
from ?\ the
offered per $100 of par and also of
interest
to - be
New Orleans, jointly,
expressed in
according
American v Refrigerator
Transit
to the Secretary of the Board of1 state a single rate of interest for multiples of y4 of 1%.
Principal
Company on a refrigerator car it
all of the bonds in a multiple of and int. (M-S)
payable at the Vil¬
Commissioners.
' r
•
£ '
j
operated into the city, for 1934-,
V\ of 1%.
Principal and interest lage Treasurer's office,
A certi¬
38, inclusive. In all three cases it
Leesville, La.■,
(J-D)
payable
at
the
County fied check for 2% of the bonds,
was claimed the property was not
Bond Sale—The two issues- of. Trust
Co.
of
Maryland, Upper payable to order of the Village
returned for taxation by the city: semi-ann. bonds
Branch." A
certified Treasurer, is required.
aggregating $20,.- Marlboro
Bids shall
The opinion, by Judge Osso W.
000, offered for sale on Oct. 14— check for $1,000, payable to order be conditioned upon the unquali¬
Stanley; a commissioner of the v. 154, p. 177—were, awarded to of the County
Commissioners, is fied opinion of Miller, Canfield,
court, sustained Campbell Circuit Barrow, Leary & Co. of Shreve- reuqired. r The bonds shall be Paddock &
Stone, of Detroit, ap¬
Court, ..which had denied New¬ port, as follows:
• GG -•G-GG; signed
by the President of the proving the legality of the bonds.
port's petition, and reversed the $10,000 water works improvement Board of
County Commissioners, Village will pay for legal opin¬
Fayette Circuit Court,' in which
bonds at a price of 100.15, a and by the Clerk or Deputy Clerk! ion; successful bidder to pay cost
Lexington had won its case.
V
net
interest
cost
of
about of the Board of County Commis¬ of printing the bonds.
2.62%, for $8,750 as 2%s, due sioners .(provided that coupons
Morgan Courtty (P. O. West
!
on
Nov. 1, $750 in 1942 and for. the interest thereon may be Dearborn Township School District
v': /GG'tfG Liberty),
Nc* 7 (P. O. Dearborn), Mich.
1943, $1,000, 1944 to 1949, and authenticated by the engraved
tracks of
using
,
La Place-Woodland Gravity Drain
their rolling stock
on
COMMERCIAL & FINANCIAL CHRONICLE
Bond Sate—The
$70,000 coupon
building bonds offered Oct. 15
154, p. 530—were awarded
~v.
to Crouse & Co. of
at par,
plus
equal to
0.94%.
,
:
Detroit,
as
Is,
premium of $131.60,
100.188, a basis of about
Dated Oct. 15, 1941, and
a
due $14,000
annually
awarded
H.
April 15
on
2%s, at a price of bonds shall have .the corporate
from 1943 to 1947 incl.
Second
100.07, a basis of about 2.23%.! seal of the said Board attached
high bid of 100.10 for $28,000 iy4s
Due on Nov. 1 in 1942 to 1946 thereto.
They shall be the gen¬
and $42,000 Is was made by Mer¬
eral
obligations
of
Prince
;GGincl.G
.::
rill
Lynch,
Pierce, Fenner
&
•Appeals yesterday in a case that
George's County, exempt from
Beane of Detroit.
Oakdale, La.; ]
was expected to set a precedent
State, County and Municipal tax¬
for other county debt refunding.
Bond Election—The issuance of
ation within the State of Mary-;
Erin and Lake
Townships Fraction¬
On the advice of the Attorney $170,000 water and sanitary sewer
1947.'
Rate or rates of interest
land, and issued under authority
al School District No. S
(P. O.
to be expressed in multiples of
improvement bonds will be sub¬ of
General, the county debt commis-*
Chapter 679 of Maryland Acts
Fraser), Mich.
sion
held
that
% of 1%., Principal and interest
$11,000
of the mitted to the voters at an elec¬ of 1941.
The County
Commis¬
debt could not be refunded be¬ tion scheduled for Nov. 18, it is
Bond Sale—The
(A-O) payable at the Manufac¬
$273,000 cou¬
sioners
will
levy, annually, at
turers National Bank of Detroit/ pon
cause
the
$108,000 balance ex¬ reported,
refunding
bonds
offered
the {time
taxes
are
levied for
or
at its successor paying agent Oct.
ceeded by that much the amount
14—v.
154,
p.
530—were
as
'
•
'
payable
in
constitutional
the
limit of 40 years out of the special
:20 cents
$100 property assess¬
a
ment for road work.
Assistant Attorney General M. B.
'*•;
•
Holifield argued that the -Frank-;
lin Circuit Court and the debt
be
commission
general
county purposes, a tax
named by the district which shall!
all of the property assessed
be a responsible
bank or trust
county tax purposes within1
Maryland (State of)
company in Detroit.
A certified;
the Metropolitan District, as here¬
Roads Commission to Redeem
check for 2% of the bonds, pay¬
inafter
defined, in an amount
Bonds—William
A. Codd, Chief
able to order of the school dis¬
specified sufficient to meet the
Auditor of the State Roads Com-1
trict, is required.
These bonds
principal and interest on said
will be the general obligation of
mission, announces "that refund-1 bonds so
long as any of them said school district which is
au¬
ing bonds Nos. 768 to 5,358 ag-:
MARYLAND
upon
for
upheld in refus¬
ing to validate the $11,000 part. gregating $4,591,000, are called!
Ernest Woodward, of counsel for for
payment on Nov,
1, 19411
•Morgan County, construed pre¬ Dated Nov, 1, 1938. Denom. $1,Due on Nov. 1 from 1942
vious high court rulings to mean 000.
that since the original bonds de- to 1951 incl;
Payment of prin-;
•
•
•
clared
the
their
on
face
that
they
legally within the debt limit
were
county
*them
in
was
bound
to
pay
G:
full.
cipal together with
4%
premium of
a
and accrued interest
on.
such
for
principal amount to date of re¬
demption will be made on sur¬
ceeds
render
of
bonds
in
negotiable
the
purpose
of
the
sale
of
said
issue
.
,
•
vnished.
of the
A certified check for 2%
'
Lafayette Parish (P.O„ Lafayette),
,:.[>>;;;La.
■ .%
Offering—Sealed bids will
received
be
until
10
a.m.
on
Nov. 12, by
Louis C. Prjean, Sec¬
retary of the Police Jury, for the
purchase of a $500,000 issue of
public improvement bonds, ap¬
proved by the voters at an elec¬
tion held on Oct. 7.
Denom. $1,,000.
Dated Dec. 1, 1941.
Due
from Dec. 1, 1943 to 1961.
The
approving opinion of B. A. Campbell
of
New
Orleans, and the
transcript of record, will be fur¬
nished
the
successful
bidder,
'
.
additional
.without
cost
Chief of two probable
Auditor advises that according to
to
him.
funds in
the
sinking fund to the;
of bonds of this issue,
Accordingly, the Chief Auditor
will
receive' tenders
for
not
ex¬
ceeding $100,000 principal amount
of State bridge revenue refund¬
certified
check
for
than
not
less
$10,000, payable to the par¬
ish, must accompany the bid.
1941.
1944;
$7,000, 1945 to 1948 incl.; $8,000,
1949 to 1952
incl.; $9,000 in 1953
and
1954;< $10,000*
1955
to- 1957
Tax Limitation Act."
Said school
dates on and after the
following
dates, to wit: Bonds maturing in
the years 1942,1 1967, on and after Dec. 1, 1943;
1943 and 1944 (said increase be¬ bonds maturing in 1966, on and
ing inclusive of the Increase of after Dec. 1, 1948; and bonds ma¬
3.02 mills
heretofore voted for turing in 1.965, on and after Dec.'
such years) and an additional 2.5 1, 1953.
mill levy for the years 1945 and
Michigan, State of
\
district
has
voted
an
additional
shall
Bids
1946.
conditioned
be
the unqualified opinion of
upon
H.
Claude
of Berry
Stevens
and, in
Legislature Adjourns—We quote
part as follows from a press
Stevens, • attorneys, Detroit, ap¬ dispatch
proving the legality of the bonds.; Oct. 10:
The cost of said legal opinion and
of the
be
printing of the bonds will
paid
Bonds
by
will
the
be
school
delivered
district.
at
De¬
Possible
of
the
afternoon and went home at
movement of
ward
last,
handful of law¬
through the for¬
final adjournment Sat¬
leaving
only
to
urday
present
prices
on
up¬
the
city's obligations suggests the pos¬
sibility of further debt refunding
by the city.
There
are
still
some
noon.
Carrying
agreement
oner,
11
a
go
the
of his
out
with
compromise
a
Gov.
Van
lawmakers
vetoes
and
Wag¬
over-rode ;
granted
va¬
rious State agencies an additional
$700,000, mostly foe construction
programs.
V
.
conducted May 7 of this year, at immediate effect for the laws set¬
before 3 p.m. on City leased the land from the
of bonds oi; State 12 years ago. The balance which time an issue of $51,157,000 ting up State control of retail
milk prices, establishing a con¬
this issue cannot be at a pried of approximately $1,000,000 would was awarded to a syndicate head¬
revenue
ed by the- Chase National Bank solidated
department,
greater than 105 and accrued in-j be used to construct additional
of New York, on a net interest and
setting
minimum
pay
for
terest,
and the
bonds offered runways, dikes and bulkheads and
policemen.
The Senate refused
must be those maturing in 195l| to pray.the -State's share of dredg¬ cost of 2.639%. 'Since that time,
ing bonds
on or
Oct.
An
17.
offer
thereafter.; Purchases will be ing a seaplane channel;
fund at the > State expenditures for the sea¬
lowest price offered.
plane development would be con¬
tingent on receipt of a Federal
Prince George's County MetropoU
grant for the purpose.
•
•
j
it an District (P. O. Upper
/ .
Marlboro), Md. *' r
MICHIGAN '
or
made for the sinking
.
Bond
Offering
—
William
GrG;Gl
Ai
Carson, President of the Board of
County Commissioners, will re4
ceive sealed bids until
11
a.m.
on
'
>
Berrien
Springs, Mich.
prices have improved immediate effect for the anti2.20% basis, as evi¬ sabotage law.
■:
v
The
denced by
anti-branch-banking
bill
the recent purchase
for
sinking
fund
purposes
of finally was defeated, 18 to 10, in
$300,000 of outstanding bonds on the Senate, when four Senators
that basis.
The city is not likely refused to vote. Twenty-two votes
it
to
to
is
said,
about
a
v,
attempt any additional refund¬
the present year, even if
j assured of a 2% cost basis, it was
ing in
needed
were
Van
to
over-ride
Wagqner's veto.
The
defeat of the
Gov.
"
'
anti-branch-
Bond Offering—James E. Gra- saidj for the reason that recently banking
bill came when eight
ham, Village Clerk, will receive adopted, legislation permitting s; Democrats and two Republicans,
and Financial Chronicle (Reg. U. S. Patent Office) with which has • been combined the Financial Reporter. William B. Dana Company, Publishers, 25 Spruce Street, New York, BEekman 3-334L
Seibert, Editor and Publisher, Frederick W. Jones, Managing Editor, William'Dana Seibert, President, William D.; Riggs, Business Manager.
Published three; times a week [every Thursday (general
advertising issue) with statistical issues on Tuesday and Saturday],
Other, offices: Chicago—In charge of Fred Hi Gray/Western Representative, Field Building (Telephone-State 0613), London—EdWards & Smith, 1 Drapers' Gardens, London, E.C. Copyright 1941 by William B. Dana Company. Rentered as second-class matter September 12, 1941, at the post office at New York, N.Y., under the Act of March
3. 1870.
Subscriptions in United States and Possessions, $18.00 per year, $10.00 for 6 mpnths; in Dominion of Canada, $19.50 per year, $10.75 for 6 months. South and Central America, Spam, Mexico and Cuba,
Commercial
Herbert
news
D.
and
$21.50
per
$11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia
remittances for foreign subscriptions and advertisements must be made in New York funds
year,
ef exchange,
G
The Legislature wound up busi¬
of its
1941
session Friday
Refunding Discussed—
Continuation
on
-.
ness
malities of
Detroit, Mich.
Lansing
■>
makers
troit. Mich.
of v.
out
$33,900,000 of general obligation
The
Senate
and
House
bonds subject to refunding, ac¬
also
recommended by the Committee. cording to report, but Mayor Ed¬ gave immediate effect to 54 of
the 266 laws affected by the re¬
The sum of $1,026,800 from the ward J. Jeffries, Jr., has stated
The remainder will go into
that they will not be sold until cess.
proposed bond issue; would be
effect 90 days from Saturday, on
the city can be assured of a net
paid to the City of Boston as reim¬
interest cost under 2%.
The most Jan. 10, 1942.
..V;
g
bursement
for
improvements
operation was % The House failed to approve
made to the property since the recent refunding
s
A
large scale bor¬
State was con¬
rowings by the
the terms of a trust indenture} sidered oh Oct. 7, by the Ways and
dated June 1, 1941, securing State Means*"' Committee. A
$2,000,000;
of Maryland bridge revenue re¬ bond issue to acquire the Boston
funding bonds, the State Roadsj Airport for the State and to make
Commission
may
apply excess a start in its development was
purchase
issue is required.
Bond
Wanted—The
Tenders
1,
4.5 mill levy for
,
4%, payable semi-annur
ally.
Dated Oct. 15, 1941.
Due
'serially in 13 years.
Prin. and
<int.
payable at the Chase Na¬
tional Bank, New York.
The ap¬
proving opinion of Chapman &
Cutler of Chicago, will be fur-
Nov.
Denom. $1,000. Due Dec. 1 as fol¬
lows:
$6,000 in 1943 and
of
_
exceed
Sattley & Co.
said bonds, within the limitation turity in inverse numerical
order,
paying said interest is collected,;
prescribed by Section 21 of Ar¬ at par and accrued interest, upon
the
County Commissioners may
ticle X of the Michigan Constitu¬ 30 days' published
notice, on any
pay said interest out of the pro-!
tion and the Michigan "Property one
or
more
interest
payment
v
"T
V.
Dated
incl.; $11,000, 1958 to 1959; $12,outstanding, provided, thorized and
required by law to 000, 1960 and 1961; $13,000, 1962;
however, that if the interest ma-;
levy upon all the taxable prop¬ $14,000 in 1963, and $20,000 from
tures on any one or more of said
Bonds matur¬
erty therein,
such ad valorem 1964 to 1967 incl.
issues before the annual levy, or
taxes as may be necessary to pay ing in 1965 to
1967, will be sub¬
before
a
sufficient
amount.; of
the principal of and interest on ject to redemption prior to ma¬
taxes levied
or issues.
The Metropolitan Dis-i
form, accompanied by all May 1, trict is
defined, for the purpose
'.j i.'v
1942, and subsequent coupons, at
of levying taxes required to be
Beauregard Parish School District the State Treasurer's office. Cou-i
levied, and, for making, the im¬
vJVo.* 1 (P. O. De Ridder), La.
pons maturing Nov. 1, 1941/ and
provements authorized in said Act !
Bond Sale—The $20,000 semiprior thereto will be paid on;
as
all that part of said
•ann. school bonds offered for sale
county,;
presentation
and
surrender of
defined as the Metropolitan Dis¬
•on
Oct. 7-»-v. 154, p. 227—were
same.k;_\:;r;©
G? '.q trict, in Chapter 448 of the Acts
awarded to Kingsbury & Alvis of
Prior Payment—Holders of bonds of
the "; General
Assembly
oi
•New Orleans, divided as follows:
called and holders of Roads Com-t
Maryland bf 1927, and said taxes1
:317,500 as 2%s, and $2,500 as 21/4s, mission
refunding bonds Nos. 379 shall not be levied in
any re¬
.according to the Secretary of the to 767
maturing Nov. 1, 1941, may gional district or in any part oi
Parish School Board.
present and surrender said bonds said county added to said Metro¬
Henry Schoot District' No. 3 (P. O. (with Nov. 1, 1941, and subseJ politan District by said Act of
Abbeville), La.
\
1 quent coupons attached) for pay¬ 1941 or under any
subsequent
ment as above provided for or
General Assembly.
Bond Offering—Sealed bids will
for payment at any time on and
be received until 9:30 a.m.
on
after Oct. 17,- 1941, and receive
MASSACHUSETTS
■Nov. 6, by J. H. Williams, Secre¬
immediate payment without any
tary of the Parish School Board,
deduction by reason of such pay¬
Massachusetts (State of)
for the purchase of $8,000 school
ment.
Proposed Financing — The first
bonds.
Interest rate is not to
n
to
Detroit.-
shall, be
LOUISIANA
-
of
and Africa, $23 oo per year. $12.50 for 6 months.
* '
*
'
•
NOTE* Or> account of the fluctuations in the rate#
*
,
THE
of
Munshaw,
W.
Earl
Senators
Rapids, and Gilbert Isbis-
Grand
ter, of Port Huron, voted against
it.
The Senators who refused to
vote
k
were
J. T. Ham¬
Democrat;
Norway,
of
Benzie,
Stephen
mond, of Benton Harbor, Repub¬
lican;
Joseph LaFramboise, of
Gladstone, Democrat, and Stanley
Nowack, of Detroit, Democrat.
Two other
attempts to over¬
In the
period 1930-1940, real
$7,428.75 in interest was
Oct.
1, according to property in the city decreased
Henry
L.
Siekmann, ■' County 27.64% in value in contrast to a
increase in value
in the
Treasurer.
The county paid off 25%
$17,000 in principal and $3,400 in county district. With the collapse
of property values in the city, St.
interest of the $169,000 issue of
refunding bonds, leaving $68,000 Paul's tax rate, to produce the
in bonds outstanding of this issue. same amount of revenue, jumped
made
The
•
•
of
ment
Saturday, October 18, 1941
COMMERCIAL & FINANCIAL CHRONICLE
•
on
in
mills
70
about
from
county also paid off $41,000
1930
''
-
6,00Q Road District No. .1 re- are due $12,000 from June 30,
;
funding bonds as 2V4s, ma- 1942 to 1951; callable on and after
5 years from date of issue, giv¬
V turing in 1942 to 1951. : ■
2,000 Road District No. 2 re¬ ing a basis of about 1.32%.
funding bonds as 2y4s, maturing in 1942 to 1951.
5,000 Road District No; 3 reAuburn Paving District No. 14
funding bonds as 2y4s, ma••
to
(P. O. Auburn), Neb*
turing in 1942 to 1951. '
•
During this 4:7,000 Road District No. 4 reprincipal and $4,028.75 in in¬ 100 mills in 1940.
-:funding- bonds as : 2y4S, ma¬
terest of the $334,000 tuberculosis period, also, many property own¬
turing in 1942 to 1951.
ers
permitted their land to re-,
ride Van Wagoner failed. Sena¬ hospital bonds, leaving $252,000
Dated Nov. 1; 1941.
Interest
vert to the State for taxes, and
of that issue.
The
tor Charles C. Diggs could mus¬ outstanding
payable semi-annually.
•
up to January, 1941, nearly 16%
ter only 11 votes in favor of the tuberculosis hospital interest was
of all city parcels were under
Lee County (P. O. Tupelo), Miss.
bill to have the State share the paid for six months and the re¬
State ownership by forfeiture.
V
$4,000,000 annual cost of hospital funding bonds for one year.
Bonds. Sold—rThe Peoples Bank
Meanwhile ' debt
charges
in¬
Mr. Siekmann said that the re¬
care for- indigent
adults, which
& Trust Co. of Tupelo, is said to
funding bonds were considered creased, in 1941 representing 36%
now
is
borne locally.
Senator
have purchased on Oct. 10, $00,direct obligations of the county of the tax levy, and the tax bill
Harry F. Hittle, of Lansing got
400 funding semi-ann.-bonds as
for relief costs jumped five mills
even
less support for his bill to inasmuch as the tuberculosis hos¬
as
mother's aid, old age assist¬ 2s, paying a price of 100.283.
increase the amount of real and pital bonds are paid from a spe¬
The
First
National
Bank
of
ance
and aid to dependent chil¬
cial tax rate.
personal property aged persons
dren
were
added
to
public Memphis, is reported to have pur¬
may own and still be eligible for
chased atthe same time bonds
services.
'
*
*<'
MINNESOTA ■>.
old-age assistance.
:
!"
The committee's recommenda¬ aggregating $20,700: •'
The Legislature concluded its
remedy, applicable to $11,300 funding bonds as 2s, at a
Crooked Creek Township (P. O. tion for
business without paying any at¬
price of 100.994.
other metropolitan areas accord¬
Freeburg), Minn.
tention to the campaign of the
9,400 funding bonds as 2V4s, at a
ing to the American Society of
Michigan
Automobile
Dealers'
Bond Sale Details—It is now
price of 100.531.
Planning Officials, included the
Association for $14,000,000 a year
reported that the $20,000 road and
following:
Lowndes County (P. O. Columreduction in auto-license fees.
bridge bonds sold jointly to the
1. Revaluation of all properties
} bus), Miss.
- ,
The House also cold-shouldered
Wells-Dickey Co. of Minneapolis,
Bond Sale Details
The Chan¬
the painful
topic of legislative and the First National Bank of to bring tax assessments in line
reapportionment. The Rules Com¬ St. Paul, as l3/4s, at 101.10, as with economic values of the land, cery Clerk states that the $100,000
mittee refused
to report out a noted here on June 14, are dated and the prevention of further tax air base bonds sold to Cady &
forfeitures to maintain the tax Co. of Columbus, and associates,
resolution of Rep. Joseph C. Na- June
1, 1941, and mature $2,000
'
at par, as noted here on June 7,
gel, Detroit Democrat, offering from Dec. 1, 1943 to 1952, giving base.
the use of the House' Chamber a basis of about 1.58%.
2.
Large-scale development of were purchased at par and ma¬
for a public meeting on reappor¬
parking lots in the business dis¬ ture on June 1 as follows: $4,000*
Edina Watermain Improvement
tionment Nov. 1.
A similar reso¬
trict through the
wrecking of in 1942 to 1946, and $8,000 in
District No. 2 (P. O. Edina),
lution : :bjr Senator James: Burns
obsolete buildings
and the in¬ 1947 to 1956.
in
Bond
Authorized
ordinance calling for the issuance
of
$7,488
street
improvement
bonds.
treated
was
in
courteously
more
however, and the re¬
apportionment advocates will be
permitted to gather in the Sen¬
the Senate,
Chamber.
ate
,
•
Among
the more
important
bills given immediate effect were
those readjusting the earmarkings
covering expenditure of gas and
weight taxes returned to counties,
Sale
Certificate
fered for sale
on
Oct.
13—v.
provide for more offparking and reduce the
zoned for non-residential
street
Harold E. Wood & Co. of St. Paul,
area
use.
in 1943 to 1952.
(P. QrClarkson), Nebi
Defeated—At
tion held
private and public hous¬
courage
provide $200,000 for
Bond Election—The issuance of
removal,
stiffening fire¬
$27,000 village bonds to establish
works prohibition, reducing the
a v' permanent
improvement re¬
weight tax on farm trailers, regu¬
volving fund will be passed upon
lating the transportation of gaso¬
by the voters at an election sched¬
line
and explosives, authorizing
uled for Oct. 21, it is stated.
limited-access highways, forbid¬
Minneapolis, Minn.
ding as an unfair trade practice
the claim by retailers that whole¬
Council Approves Bond Offer¬
must
ing.
snow
;
,
all
of
Increase
5.
,
charges for
supplied by the city to
suburban areas to meet the cost
services
of service rendered.
,(
Incorporation of a new tax
source in the State tax system, the
6.
proceeds of which would be re¬
sale
prices are available, strength¬ ing—The City Council voted on turned to cities.
,
eningChristmas-tree conserva¬ Oct. 10 to ask the Board of Esti¬
tion
codes,
permittinggovern¬ mate and Taxation to offer for Stuntz Township (P. O. Hibbing),
,
mental
to
units
contracts
enter
$796,000;
totaling
voters at an election
scheduled for
on
failed to receive the required ma¬
jority of favorable votes.
Lodge, Neb.
Price
states
Paid—The
that
Village Clerk
the
$10,000 warrant
funding bonds sold to the Robert
Schweser
E.
Co.
of
Omaha—v.
154, p. 531—were purchased as
2y4s, at par.
Due on- Nov. 1 in
1954 to 1956; optional Nov. 1,1946.
Nebraska, State of
Municipal League Convention—
An
Associated
from Lincoln
follows:
Press
on
dispatch
Oct. 10 reported
The
of Ne¬
Municipalities closed its
annual
convention
today after
hearing the advice of Governor
as
League
braska
Griswold to "get dollar for dollar
value on what we spend in our
cities, counties and state."*:
The Governor urged more effi¬
administration
braska
good
Oct. 21.
furnish
can
government
"Ne¬
so
model
a
the
to
of
entire
nation."
O. Raleigh),
(P.
County
Miss.
Approved—A
Legality
Bond
Ivan
Mattson, Kearney Mayor
retiring President, declared
the League would continue its
efforts to get a larger share of
highway revenue for city street
development.
The group tried to
get more money from gas taxes
and
$218,000 issue of 3J/4 and 3y2%
general refunding bonds is said
to have been approved as to le¬
gality by Charles & Trauernicht
of St. Louis, Mo.
Dated Oct. 1,
and
vehicle
motor
during
1941.
last
the
funds
license
Legislature, but
Mattson said they would seek a
Yazoo'Mississippi Delta Levee Dis» greater share of one of the funds'
trict (P. O* Clarksdale), Miss.
in 1943.
ers
of Levee
Board
$250,000 semi-
states that the
ann.
sale
of
Commission¬
Secretary
Sale—The
Bond
the
Study of Tax Set-up Ordered—
An
.
Press
dispatch
Oct. 7 reported
Associated
from Lincoln on
refunding bonds offered for in part as follows: The legis¬
Oct. 14—v. 154, p. 82— lative council approved yesterday
awarded to a syndicate com¬ the
report
of its! research di¬
on
Minn.
di¬
$360,000 storm
bonds
sale
will
bonds
The issuance
—
\
elecj-
the
Aug. 29, the proposal
$13,600 construction bonds
to issue
street
improvement
cient
be submitted to the
Modernization of the build¬
ing code to enable use of less ex¬
pensive materials and thus en¬
Mcintosh, Minn.
Election
$35,000
Smith
4.
providing that the Highway De¬
Quitman, Miss.
of
to
nance
jointly, as 21/2S, at par, accord¬
ing to the Clerk.
Due on Jan. 1
partment rather than the general
fund
-
_
Revision of the zoning ordi¬
3.
p. 354—were purchased by J. M.
Dain & Co. of Minneapolis, and
meters on
park¬
facilitate
to
Bond
ing space.
of¬
154.
parking
streets
main
$5,350
indebtedness
of
certificates
of
stallation
The
—
>
County School District No.
58
Bonds
—
.
■
.,
,
Colfax
.
Minn.
The;: City
passed an
—
Council is said to have
were
for
sewer,
water and drainage vided as follows:
Bdiid ElectiQn^The issuance of posed of the First National Bank rector^ Roger Shumate^bh assess¬
services, and general revision of drains, $250,000 relief, and $186,$408,000 in bonds; with the pro¬ of Memphis, the. National Bank ment and collection of property
the game code.
000 WPA projects, city's share
ceeds being usedTto put the-town¬ of Commerce, White, Dunbar & taxes but decided to go deeper
bonds.
'
<" ''' ' v
ship on a cash basis, will be sub¬ Co., both of New Orleans, and the into the problem of improving the
Muskegon, Mich.
,
Final
of Bond Ordi¬
nance
Delayed—The City Com¬
mission on Oct. 7 postponed giv¬
Approval
final
ing
approval
for
nance
obtain
ordi¬
an
of
$250,000
construction
bonds.
the
whether
Uncertainty
could
to
issue
an
mains
water
materials
city
was
the
given for deferment of
reason
ac¬
tion.
City has applied for PWA
aid in the project.
Norton
Township School District
Bond Sale—The
bonds
154,
v.
the
$10,000
offered
coupon
Oct.
15—
531—were awarded to
p.
Grand
Haven
State
tion called for Oct.
Bond Offering—Bids
ceived until Oct. 27,
will be
Bank
of
offered
were
Oct.
improvement bonds
13—v.
awarded to
154,
the
531—
p.
State Sav¬
ings Bank, of Owosso, on a bid of
100.04 for $18,000 l%s and $6,125
Is,
a
net
1.136%.
interest cost of about
Dated Oct. 1, 1941.
The
to
Caused
suburbs, which has left more
one
big city "holding the
with
decreased
property
values and mounting tax delin¬
sack"
such
take
instead
and
steps
as
property, increasing
of municipal services
revaluating
the
cost
supplied to suburbs, and revising
zoning and building laws. :Like other metropolitan areas
the
in
has
last
been
ten
St. Paul
by rapidly
years,
surrounded
the
were
able
St*
Clair County
Huron),
$58,000
ment
of
,.
;
,•
(P. O. Port
Mich.
Bonds Retired—Retire¬
rates.
St.
'
central
•
Paul's
to
city
maintain
and
thus
low
tax
"
population increased
only 5.9% in the years 1930-1940,
while
the
population of rural
County increased more
68%, largely during the past
Ramsey
than
$58,000 bonds and pay¬ five
1952 and
follows:
tax structure to remove
inequities
and evasion.
is
in
It
directed
also
research
its
1955; the remain¬
now
■
-
years.
..
..
\
•
Bond
....
Road
Clayton School District (P. (V
District
(P. O. Jackson), Miss*
l
Details—It
Sale
Bond
is
now
the
$25,000
2*4%
refunding bonds sold
semi-ann.
jointly to Lewis
State
Jackson
& Co., and the
Bank,
National
of Jackson, as noted here
April, were purchased at a
price of 100.04, and mature on
April 1 as follows: $1,000 in 1942
to 1945, $3,000, 1946 to 1950, and
both
last
County
(P. O.
Bonds
Sold—A
&
Louis, as 0.50s, at 100.07, as noted
on Aug. 30, are due on Feb.,1
as
follow: $20,000
in 1942 and
and
—
here
a
154,
1
as
able
net income basis
Co.
bonds
of
City
the $25,000
sold to
Lincoln—v.
p. 228—were purchased as
t par, and mature on April
in 1942 to 1946
$3,000 in 1947 to 1951; call¬
on and after Oct. 1, 1944,
fallows: $2,000
NEVADA
1943 and 1944, giving
$15,000 in
of about 0.46%.
Carson City, Nev.
MONTANA
Bond
Carson
Great Falls,iMont.
reports that the $54,000 fire
sioners
on
as
sold
bonds
Board
State
here
City
Details—The
Sale
department
posed of George T. Carter, Inc.,
the
Municipal Securities Corp.,
John R. Nunnery- & Co., all of
that
revenue
Clerk
syndicate com¬
states
Steinauer
Bond
Meridian), Miss.
Attorney
Details—The
semi-ann.
2.24%.
Lauderdale
Mo.
Sale
The Superintendent
of Schools states that the $50,000 semi-ann. bonds sold to the
Boatmen's National Bank of St.
1951, giving a basis of
$6,000 in
about
Clayton),
Maturity
that
stated
of
Land
l%s, at
June
par,
to
the
Commis¬
as
noted
14, mature on July
Award
City
Pending*—The
"Appeal"
on
Oct. 2
following report:
The interest costs on the $52,-
carried the
000 bond issue for a Carson
City
disposal plant have been
computed in determining the best
of the several bids received by
sewage
the
Board
of Trustees,
and it is
and July 1,
probable that the bonds will be
Meridian, the First National Bank 1943, to Jan. 1, 1962; callable on
sold
to Hannaford & Talbot of
of Memphis, and Scharff & Jones and after July 1, 1951.
1
:
;
San
Francisco, who offered to
of
New Orleans, purchased re¬
1, 1942, and on Jan.
Helena, Mont.
cently bonds aggregating $75,500,
at a price of 100.443, divided as
Maturity—The City Clerk states
follows:
that the
$15,500 refunding bonds as l%s,
maturing in 1942 to 1946.
funding
40,000
county-wide
bonds
1942
.
Gravel
Edward#
Neb.
Wakefield,
MISSOURI
than
from
„
as
as
MISSISSIPPI
the
$3,000 in 1950 and $3,125 in 1951.
Second high bid of 100.25 for iy4s
,was made by Braun, Bosworth &
mature
of Toledo.
1
Details—It
1957 incl.
Taxpayer
by
$2,000 Oct 1 from
.1942 to 1945 incl. and $3,000 from
1946 to 1949 incl.; the Is are due
Co.
Sale
City Given Program to Combat
Problems
growing
rural
sections
which
gained many of their governmen¬
tal services free or nearly free
iy4s
Yazoo
of
$200,iy2s, due $100,000 on Jan.
divided
department to study the adminis¬
by Ernest Kerben, Village Clerk,
ing $50,000 as l%s, due on Jan 1, tration and support of the state's
for the purchase of $3,500 P/2% stated that the $15,000 semi-ann. 1955.
public instruction program, con¬
semi-ann. refunding bonds.
Bids water and sewer refunding bonds
Accrued interest to be paid by duct research on financial support
will be received for the purchase sold to the Allison-Williams Co. the
purchaser, who will also bear and administration of the Univer¬
of all or part of the bonds. Dated of Minneapolis, as noted here on the cost of printing the bonds
sity of Nebraska and state normal
Oct. 1, 1941.
May 3, were purchased as 2s ana and the approving opinion. Cou¬ schools and investigate taxation
mature $1,000 from Feb. 1, 1943
of farm lands in school districts;
pon form.
St. Paul, Minn.
,
Bond Sale—The $24,125 coupon
works
000
Bank
National
Delta
City,
1
Waterville, Minn.
Bond
•
water
•
re¬
at 7:30 p.m.,
quencies, may lose its significance
Grand Haven,
as 33/4s,
at par.
for St. Paul, Minn., if a program
Dated Nov. 1, 1941, and due $2,000
recently laid' down by a special
on Dec. 1 from 1942 to 1946 incl.
Second high bid of 100.101 for 4s study committee is carried out.
The
committee, appointed by
was
made by Cray, McFawn &
the Mayor, recommended the city
Co. of Detroit.
discontinue its "policy of just let¬
Owosso, Mich.
ting things take their course,"
.
21.
Migration—Taxpayer migration to
(P. O. Muskegon), Mich.
school
mitted to the voters at an elec¬
Richville, Minn.
to
as-2V4s,
1951.
refunding
maturing
in
$120,000 water works re¬
semi-ann.( bonds sold to
take the issue at the
of
2%-%
1
interest rate
premium of $1.10, plus
accrued interest.
Computation showed that the
net interest cost to the city for
syndicate headed by the North¬
"the $52,000 will be $11,261.40.
western National Bank & Trust
The interest cost on the bid by
Co. of Minneapolis, as
lV2s, at
the Edw. L. Burton & Co. of Salt
100.687, as noted here on June 14,
a
•
Volume 154
Lake
City,
.
net.
Number 3995
would
THE COMMERCIAL & FINANCIAL CHRONICLE
West
$11,749
be.
v.'J1-,Vv\>
;y.r
;
The interest cost
'
the Nevada
on
It
$12,720.
of
Board
;
Issue
The
—
!
Commissioners
Street
'V's'/J'.''''";
to refund
$254,000 of outstanding troller, has signed an order per-'
bonds, including the $96,000 mitting the refunding of $38,000'
July, 1934, and the 1938 bonds, with the new obligations
issue of $158,000.
to mature as follows:
:
$6,000 in
water
j": ^
\
issue
.
250S
Bond! O f f
issue of $110,000 water system bonds.
NEW JERSEY
•
Dumont, N,-
'*
■
sealed
Sale—The $37,000 coupon
registered sewer bonds offered
Oct.
14—v.
154,
p.
324—were
Bond
or
awarded
H.
to
&
Boland
B.
NEW YORX
Albany, N.
York, as 3.20s, at par,
premium of $115, equal to
a
000.
a
Oct.
Oct.
1942
follows:
as
to
$2,000
last
year,
first nine
Y.
Allen
H.
L.
M.
M.
&
Frank
J.
O'Brien
an¬
&
Freemann
3'/z
Co
will
sealed
receive
bids
until 8 p.m. on Nov. 4 for the pur¬
chase of $7,000 fire engine bonds.
Denom.
Due
$500.
in
$1,000
1942,
and
as
follows:
Si,500 from
Bidder to
1943 to 1946 incl.
the rate of interest.
name
-
of)
of the amount to
by
pointed—Lewis Compton
pectedly
resigned
Oct.
for the
10
which
arte
to the county for col¬
Auburn, N,
3
receive
p.m. on
on
bids
struction
1941.
a.m.
Harbor.
$161,500 not to exceed 3% in¬
tax
terest coupon or registered fund¬
ing
or
The bonds
$13,000
3%
registered
general
1941.
I, 1941, and due $1,000 annually
rate is bid such fraction must be
1942 to 1954 incl.
Oct. 1 from
expressed in
be
furnished
unlimited
.
and
the
successful
bid¬
follows:
not been met from
Rate
Int.
Bidder—
Bid
Rate
100.227
100.21
2%
B.
Boland
&
Union
County
Tr, Co.,
H.
Co
Elizabeth
2%
-
bonds
Saddle
River
Saddle
Bond
Township (P.
River), N. J.
Offering—Joseph
sealed
until
bids
Oct. 24 for the
to
pon
exceed
Gardi¬
or
8:15v p.m. -on
purchase of $13,000
6%
registered
interest
water
cou¬
bonds.
Dated Oct.
1, 1941. Denom. $1,000
$1,000 annually on Oct. 1
Due
from
to
1942
name
a
to
1954
incl.
Bidder
single rate of interest,
expressed in a multiple of Va, or
l/10th of 1%.
Principal and in¬
terest
(A-G) payable at the RoRochelle Park.
price for which the bonds
be sold cannot exceed $14,-
chelle Park Bank,
The
may
000.
A
payable
certified
to
order
check for
of
the
$260,
town¬
ship, is required.
Legal opinion
of Reed, Hoyt, Washburn & Clay
of New York City will be fur¬
nished the successful bidder. ~
Persons
submitted
and
to
the
thereto, or Board of Supervisors early in
Additional
revisions
for.
These November.
authorized to be is¬ then will be made by the Board's
are
Committee
sued
Finance
the
Township Clerk, will receive
ner,
not
O.
current funds
adoption
pursuant to Chapter 907 of
of 1941, by special act
of the Legislature of the State
of New York, and by resolution
of the City Council unanimously
Laws
the
of
before
budget
final
by
the
board-
A
tremendous
timated
reduction
home-relief.
for
is
es¬
While
or
fol¬
water
$1,000
to
1946
bonds' of
on
July
1
1944
1946
to
of
bonds
and
their
de¬
bonds will
be ready for delivery on or about
Nov. 1, 1941.
livery
at New York;
Beacon,
N.
Y.
CapitalImprovements
Mandatory
—
The
fare
purposes
$4,843,161.64.
expenditure
725,000.
next year down to
The estimated net
this
,
year
Held
Beacon-New-
Proposed
totals
$5,-
,
incl.
bonds
N.
certified
check
of
order
for
$270, payable
Village Clerk is
the
No,
District,
(P. O, South Glens Falls),
N. YoZ/v
/
1
Bond Sale—The $20,000 coupon1
registered
school
building
154, p.
George B.Gibbons & Co., Inc., New York,
as
1.70s, at a price of 100.619, a
bonds
Oct.
offered
532—were
14—v.
awarded
to
basis of about 1.64%.
series
Common Council
on
1946
,
incl.
improvement
Due July 1 as
follows: $4,000 in- 1942 apd
1943; $5,000 from 1944 to 1946
incl.
and $1,000
from 1947
;
1951
to
34,000
Gorden
Int. Rate
Graves
Roosevelt
C.
&
Childs
F.
Sherwood
E.
H.
&
&
Rate Bid
1.70%
Co.
Inc.
100.31
and
Sons,
100.321
1.70
Inc...
Co
&
Rollins
New
incl.
Co
&
Weigold,
1.70
100.025
1%
10J.27
York, State of
Constitutional
Amendments
Up
public
building of 1941 for Approval at General Elec¬
July ,1 as fol- tion—For the first time in the.
lows: $2,000 from 1942 to 1945
history of New York State elec¬
incl. and $1,000 from 1946 to
tions, the, only voting of state¬
bonds.
1971
Due
incl.
wide
All of the bonds will be dated
July 1, 1941.
der to
terest,
1/4, or
will
Denom. $1,000. Bid¬
single rate of in¬
expressed in multiples oi
l/10th of 1%.
No bids
name
be
sues
or
accepted for. separate is¬
for
able
at the West
Hempstead Na¬
Bank, West Hempstead, oi
the Bank of New York,
in
New York City.
They are un¬
limited tax obligations of the vil¬
lage
and
the
approving legal
opinion of Hawkins, Delafield &
Longfellow of New York City will
tional
No
are
furnished
der.
the
successful
bid¬
A certified check for
the
bonds
deposit
will
and
in
such
case
the
his
on
Federal
State
or
officers
contests—except
in
where
are
vacancies
few
a
to
cases
be filled.
Interest will center on. the first
proposed amendment. This would
the
allow
Legislature
to
issue
bonds to the extent of 60 million
dollars
ways
for
construction
of high¬
The bonds
and parkways.
would be issued from
dollars'
million
a
worth
lot of 300
authoried
the Legislature some years
ago for grade crossing
elimina¬
tion/Part of these bonds never
by
was
and
issued
dollars
the
60
million
spoken of in the amend¬
ment is not cash in hand but rep¬
the money which would
resents
be derived from sale of the bonds
not
•
previously sold.
:/>/:/,
The other proposed amendments
follow:
2.
Shall
the
proposed amend¬
ment to Sec. 2 of Article 3 of the
be returned.
Y.
Refunding Issue
Yates,
be
to be filled in this "off year"
constitution,
D.
will
4
Further, last year's action of lengthening the terms of
Assemblymen from one to two
years also eliminates Legislature
bid
accompanying;
Nov.
election.
at
be
interest
four proposed amendments to the
state constitution.
a
separate maturities
Principal and interest (J-J) pay¬
The
Oct. 7 voted
Dated Nov.
A
28,000
series
B
j
v bonds of
1941.
N.
—
un¬
required.,
$3,000 from 1947 to 1951
Y.
Refunding
Bank,
are
furnished the successful bidder. A
or
Huntington (P. O. Huntington),
Gloversville,
.
National
The
Moreau Union Free School
incl.
$2,640
approved, after a public hearing, $6,879,600 was appropriated this payable to the order of the vil¬
on Aug. 28, 1941.
The bonds will year the Welfare Board is asking lage, is required.
In the event
be prepared under the supervi¬ only
about half that amount— that prior to the delivery of the
sion and direction of a company $3,444,275
for 1942. A monthly bonds the income received by
regularly engaged in the prepara¬ caseload is estimated at 8,000 for private holders from bonds of the
tion
of
bonds for. market;
the next year. :* .<>•
same type and character shall be
r
genuineness of the signatures of
The board estimates that reven¬ taxable by the terms of any Fed¬
the City Officials and the seal of
eral income tax law, the success¬
ues, chiefly from the State, will
the city will be duly certified and
aggregate $4,019,095, bringing the ful bidder may, at his election
authenticated; the city assumes estimated
relieved
of
his
obligation
expenditures
to
be be
all expense incident to the prep¬ borne
by the county for all wel¬ under the contract to purchase
aration
/
1, 1941, and due $1,000 annually
improvement
on Nov. 1 from 1942 to
1961 incl.
bonds of 1941.
Due July 1
Re-offered to yield from "0.25%
as follows: $5,000 in 1942 and
to 1.60%, according to maturity.
1943, and $6,000 from 1944 to
Other bids:
for
applicable
otherwise
provided
lawfully
Due
28,000
Commissioner Thomas W. H. Jea-
$3,- cock said this estimate of the de¬
needs
for
1942
is
230, payable to order of the city, partment's
a
basis of about 1.96%.
Dated
must
accompany each proposal. $3,819,753.26 less than appropri¬
Oct. 1, 1941, and due $1,000 an¬
Purpose of the issue is to meet a ated this year and $1,182,993.36
nually on Feb. 1 from 1942 to
portion of the operating deficit of under what the department esti¬
1966 incl.
Award is subject to
the city, which had accumulated mated actually will be spent this
approval of Common Couxicil at
prior to the beginning of the fis¬ year. The board's estimate with
a meeting to be held on Oct. 22.
estimates
of
other
cal year which ended on the 30th the
depart¬
Other bids for the issue were as
day of June, 1941, and which has ments, will be revised by Mr.
check
as
First
Bidder—
,
Y.
obligations of the vil¬
lage and the approving legal opin¬
ion of Hawkins, Delafield & Long¬
fellow of New York City will be
incl.
a
certified
A
der.
coupon
the
at
Montgomery.
parking place bonds of
1941.
Due July 1 as follows:
$2,000 from 1942 to 1946 incl
<
as 2s, at par, plus a pre¬
of $102.50, equal to 100.41,
mium
N.
limited tax
1941.
,
Newark,
Montgomery,
Bond Offering—William J. Dev-
25,000
obligations of the district. A
check for $320, payable
multiple of Va or
Erie County (P^.Q,. Buffalo),
Other bids:
/
l/10th of 1%.
Principal and in¬
Bidder—
Rate Bid terest (J-J) payable at the /City
Pitman
Title
& Trust Co...........
103.00
1942 Welfare Budget $3,819,753
Bank Farmers' Trust Co., New
C. C. Collings & Co.....;v..........
102.617
Pitman National Banlc & Trust Co...
101.00
York City.
The * bonds are gen¬ Below Spending This Year—A re¬
eral obligations of the city, pay¬ quest
for
$8,862,256.64 for the
Rahway, N. J,
able from unlimited ad valorem County Welfare Department for
Bond Sale—The $25,000 coupon
taxes, and the. approving legal next year has been submitted to
or registered sewer bonds offered
opinion of Reed, Hoyt, Washburn Comptroller Richard R. Persons
Oct.
11—v.
154,
p.
450—were
& Clay of New York City will by
the County Welfare Board.
awarded to J. S. Rippel & CO.,
<
C
1942
from
the bonds and where
on
■
able
12,000 street improvement bonds.
Due July 1 as follows: $3,000
in 1942 and 1943, and $2,000
Issue was ap¬
single rate of interest for all of successful bidder.
a fractional
proved at an election on Sept. 16,
a price of 103.111, a
basis of about 2.51%.
Dated Oct.
,
The bonds
•
interest
series
from
July 1, 1941.
others $1,000 to order of the Board of Educa¬
funding bonds offered Oct. 13— each. Due July 1 as follows: $17,- tion, is required. No fees for ap¬
v.
154, p. 258—were awarded to 500 in 1942 and $18,000 from 1943 proving opinion or any other dis¬
E. H. Rollins & Sons, Inc., Phila¬ to 1950 incl.
Bidder to name a bursements will be allowed to the
delphia, at
1%.
Sciver, Clerk of the Board of:
Education, states that if work can
be
started
on
the
project, the
$150,000 renovating bonds author- •
ized
at
an /election
last spring
will
undoubtedly be placed on
the market in the near future, or:
possibly certificates sold in anti¬
cipation of the bond financing.
t
to
certified
Dated
bonds.
6%
$5,000
Nov.
One bond for $500,
coupon
a
l/10th of
exceed
name a
are
and
lows:
1,
Due $1,600
Nov. 1 from 1942 to
on
name
registered bonds, divided
single
rate of interest, expressed in a
multiple of Va, or l/10th of 1 %.
Principal and interest (M-N) pay¬
able at the Peconic Bank, Sag
Oct. 24 for the purchase
Sale—The
Dated
1951 incl. Bidder to
11
until
Oct. 22 for the purchase
bonds.
incl.
;
Proposed Financing-r-K. G. Van
paid
Denom. $1,600.
annually
Y,
until
bids
1945
Village Clerk, will receive sealed
bids until 2 p.m. on Oct. 24 for
the purchase of $132,000 not to
C.
$16,000 not to exceed 6% in¬
terest coupon or registered recon¬
Offering—E. H. BlumCity Comptroller, will re¬
sealed
sealed
bonds.
Denom. $1,$2,-
follows:
Hempstead, N. Y.
of
Bond
ceive
Offering—J.
to
sewer
Bond Offering—Lael Von Elm,
Beyer,
Clerk of the Board of Education,
lection at the end of the year.
of
Bond
Bond
delinquencies,
(EST)
Orange to succeed him.
Hampton Union Free School
September collections alone to¬
will
$171,696, said Mr. O'Brien,
2
rick,
construction contracts
been, completed as yet.
taled
over
rate
Village
no
1942
as
Mamaroneck),
N. Y.
itt, Village Clerk, will receive
1, liable therefor, but if sealed bids until 2 P.M. on Oct. 24 >
from such levy all of for the purchase of $13,500 not, to
the taxable property in the town exceed 6% interest
coupon or reg¬
is subject to levy of unlimited istered
bonds, divided as follows:
ad valorem taxes to pay the bonds
$11,000 series A bonds. Due $1,000
and
interest thereon.
on April
Principal
1 from 1943 to 1953
and
interest *(M-S)
incl.
payable at
the Union Trust Co., Rochester,
2,500 series B bonds. Denom.
with New York exchange, or at
$500. Due April 1 as follows:
the
Marine Midland Trust Co.,
$1,000 in 1943 and $500 from
New York City. A certified check
1944 to 1946 incl.
for $1,000, payable to order of the
All of the bonds will be dated Oct.
town, is required.
Legal opinion
of Dillon, Vandewater & Moore 1, 1941. Bidder to name a single
rate of interest, expressed in a
of New York City will be fur¬
multiple of Va or l/10th of 1%.
nished the successful bidder.
Principal and interest (A-O) pay¬
not
District Nc* 5 (P. O. Sag Harbor),
N. Y.
city,
entire year,
as
E. Walsh of East
vPitman, N.
East
be col¬
for
unex¬
Governor Edison immediately ap¬
pointed Frank
city
who believes this year may wit¬
ness
a
record small number of
Commissioner.
Finance
the
as
1
Union Free School
trict No.
Frank
—
1, 1941.
Nov.
interest
/// / :/
vV-
are
general
obligations of the
town, payable primarily from a
levy upon property in Sewer Dis¬
the
have
county, State and other purposes
turned
New Finance Commissioner Ap¬
State
equivalent to 113% of
municipal budget and
lected
tax
New Jersey (State
is
1941
80.77%
Borough
Offering—The
Clerk
This
the
N, J.
Hightstown,
Bond
nounced Oct. 10.
100.14
luO.50
Report
to
or
Clerk, reports
$117,800 sanitary sewer
system bonds are not likely to be
placed on the market until next
that
5%
Mamaroneck
District No. 1 (P. O.
on
single rate of in¬
terest; expressed in a multiple of
be
Issue
Finnerty,
total $6,464,728 for the
months of 1941. City
Treasurer
Rate Bid
Int. Rate
3.20%
Co
tax
our
p.m.
purchase of $50,-
exceed
registered
from
der
Croton-On-Hudson, JV. Y*
Bond
'
Bidder—
get
must
3:30
1956; $8,000, 1957; $10,000 1958;"
$11,000 in 1959, and $3,000 in 1960/
/•.
—
$3,000 from 1946 to 1959 incl. Bid¬
Higher—Tax
year
bids:
Other
1960.
Collections
1941,
15,
from
1959 incl., and $1,000 in
15
Tax
to
are
the
Nov.
Due
000
n g
until
to
coupon or
brought about
by paying off the bonded debt."
about 3.16%. collections, running $210,000 ahead
and due of the corresponding period of
of
basis
100.31,
Dated
we
down—it
New
of
plus
—if
1
for
not
Dated
'
Co.
22
000
e r
bids
Oct.
We must
$5,000,
1963;
$6,000, cilities are mandatory.
water. >
An
incinerator
$5,000,
1965;
$6,000, have
seems
to be a necessity and the
1966
and 1967; $7,000, 1968;
$6,000 in 1969 and 1970, and state says we must build a westend sewage disposal plant.
There
$7,000 in 1971.
is no way to avoid several of these
16,000 water bonds. Due as fol¬
capital
improvements.
But we
lows:
$1,000 in1943, 1945,
can
make sure we get the best
1947, 1949,. 1951, 1953, 1955,
possible solution of our various
1957, 1959, 1961, 1963, 1965,
difficulties and that new bond is¬
1967, 1969 and 1970 and 1971.
sues are kept at a minimum.
For
'
i
(P.O.
Roch-
Hugh T.
Hughes, Town Clerk, will receive
*
City
the
that
recommended
has
Council approve an
Ridge Road West,
■
ester), N. Y.
i:
1962;
.1964;
,
of
Greece Sewer District No. 1
tion is its economy—its steadfast
general bonds.
Due as
refusal to issue bonds for new
follows:
$2,000 in 1942 and
capital investments.
;; f
1943;
$3,000,
1944;
$2,000,
"Along came both parties with
1945;
$3,000,
1946;
$2,000,
include
addi¬
1947;
$3,000,
1948; : $2,000, platforms which
tional water facilities, incinerator,
1949; $3,000 in 1950 and 1951;
'
$4,000, 1952; $3,000, 1953; $4,- sidewalks, etc. :
"While we would like to see
000, 1954; $3,000, 1955; $4,000 in 1956 and 1957; $5,000, the economy of the past four years
1958;
$4,000,
1959; ' $5,000, carried still further we doubt if it
1960;
$4,000,
1961;
$6,000, is possible. Additional water fa¬
v
Portsmouth, N. H.
-Bond
follows:
as
$125,000
HAMPSHIRE
Proposed
burgh News of Oct. 7 commented
State
,
//v/V,',
expected that the emergency loan of $20,000 for sewer
extensions and improvements will
be furnished the city by Urr, Pett
& Morse of Salt Lake City, Utah.
They will charge interest at the
rate of 2V4% and pay a premium
of $21.50.
■
n
The
—
time back we observed
Funding Commission recently ap¬
proved
$141,000
4%
refunding that the outstanding accomplish¬
ment of the present administra¬
bonds, as follows:
is
NEW
Wildwood, N. J.
Approved
"Some
Industrial Commission's bid would
amount to
Bonds
\
645
Deputy
of
office
of
providing for terms
years for sena¬
four
tors, be approved?
Approved—H.
State
Comp¬
3.
Shall
the
proposed
amend¬
ment to Sec. 1 of Article 19 of the
"
York has been appointed coupon
period, earnings of the
show a gain of 41%. paying agent for the district's
issue
of
$260,000
school
September net income amounted
bonds." ''."'■'*/ .
7
to $848,628, compared with $669,ney General to render an opinion
with respect thereto timely or at 004 during the like month of 1940.
West Charlton Fire District, n. y.
For. the 12
months' period net
all, be approved?
Bonds Sold—An issue of $3,800
to
$8,281,677 against
4.
Shall the proposed amend¬ amounted
bonds was sold by the
newlyment to Sec. 1 of Article 14 of $5,873,981
in .the preceding 12 created district on Oct. 10 to the
the
constitution, in relation to months. Although operating reve¬ Manufacturers <;& Traders1 Trust
the construction of ski trails on nues increased about $66,000, or
Co. of Buffalo, as 2.70s, at par,
Whiteface
Mountain,
be • • ap¬ 4.1% during September, the high¬
plus a premium of $2.05. 7 Only
er rate of gain in net income was
proved?
r;
v ■
other bidder was
the Glenville
;
Federal Income Tax Deduction due to a reduction of $243,521 in Bank of Scotia, which named a
Bill Pending Legislative Session interest on funded debt. Interest rate of 4% and a premium of $38.
—A $9,000,000 tax reduction for charges for last month amounted District was represented in prep¬
to
$419,247 against $652,768 . in arations for the sale by John W.
State
taxpayers was urged ion
Thursday by Senator Thomas C. September, 1940. This reduction Nichols, County Attorney.
7
more
than offset a fairly sharp
Desmond, of Newburgh, who an¬
NORTH CAROLINA
nounced he will sponsor at the increase in other operating ex¬
constitution, in relation to effect
upon
proposed constitutional
amendments of failure of Attor¬
month
a
He
turns.
pointed
duce
bill
a
New York
to deduct
payments in
allowing
income
tax
period.
months
12
to $5,763,699
for the latest period against $7,amounted
Charges
088,253,
;
reduction of $1,324,554
a
18.7%.
or
State income taxpayers
Federal
rose,
the
for
come
an
will intro¬
January," he said, "1
which
penses
next July.
Legislature meets in
available
"When the
•
Operating revenues for the 12
$18,033,953 against
months totaled
$16,348,498 in the preceding pe¬
computing State income taxes. riod, an increase of 10.3%. Opera¬
Ending this double taxation rwill ting expenses, however, advanced
save our taxpayers approximately
16% to $4,212,902 from $3,632,454.
Miscellaneous
income
shows
a
$9,000,000 annually.
Federal
in
increases
."Record
1,;:
declining
reduction,
small
to
7
to
us," next
,
come
will
dollars
of
taxpayers
burdens
heavy
the
and
severe
imposed
hardship
date stated in part as
urmecescsary
its present
by
unjust tax on a tax.
School District became
complete and permanent Friday
evening when the proposition that
permits taxpayers to deduct State
income taxes from their Federal
$30,000
"Official estimates indicate that
firmed
payments.
follow
.
the New York State surplus at
end of the current fiscal year
of
ductions
now
Federal
allow
de¬
We
taxes.
ought to get in line with these
progressive States and abolish an
unfair type of double taxation. ://
■' "A
tax
on
a
tax
unwise and
is
con¬
was
by an overwhelming ma¬
held
more
than
4
came
unjust.- The State should wipe
out such a tax as soon as it can.
It is certain that the' State can
afford to erase this tax from its
books when the Legislature meets
The
village.
in favor
the
in
as
ever
to
1
vote
'
something of a surprise
the last day or two
had been ran underground
during
as
there
relief.
States
district
of
the jority, 219 to 44,. in one of the
will largest special school meetings
It is
time that our taxpayers, who have
borne the imposition of 15 new
taxes or tax rate increases since
"Fifteen
"the
assume
indebtedness
bonded
Richland
the
be in excess of $22,000,000.
1931, be given
district
central
the
The State should
the same wise, principle.
tax
same
Richland
the
of
Annexation
■
the
follows:
Village
.
Government now
"The Federal
of
"Palladium-Times"
suf¬
Oswego
the
11,
Oct.
Pulaski,
State
the
should not force taxpayers to
fer
School District—In a report dated
When
State.
our
so
are
Central
by
Assumed
Debt
from
come
intimation
of
be
a
that with
some
points
not entirely
there might
strong opposition vote. How¬
the
clear
to
proposition
the: voters,
prior to the vote, Lynn W.
Smith, attorney for • the central
board, presented the case in a
clear cut manner and it is be¬
ever,
lieved i' many?; who
no,
Pitt
County ^ Drainage r District
(P. O. Greenville), N. C.
ment/bonds,/ maturing $2,000
1942, $2,000 1944 to 1949, $3,-.
V"T- 000 1950 to 1960, all incl., $4,-
•
,
Bond
ton), n. c.
:
came
stayed to vote yes.
Briefly,
the
to vote
-
situation
now
is
that the Richland district has be¬
Bonds
Defeated—At
the
:
7:/.777
elec-',
lion held on Oct. 7—V. 154, p. 421/
000 1961, and $4,000 1962.
r-the voters are said' to have turn¬
Dehorn. $1,000; prin.;and "int.
ed
down
the proposal to
issue'
(payable June 1, 1942, and semi¬
annually thereafter on the fir.st $600,000 school building bonds by
a substantial margin.
days of June and December) pay¬
,7
,
in
able
New
City
York
tender;
general
limited
tax;
in legal
obligations;
Wilkes County (P. O.
un¬
bonds regis¬
1
principal alone / de¬
about Nov. 14, at
place of purchaser's choice. There
bids
or
on
will be
Bond Offering—Sealed bids will
be received until 11
(E.S.T.),
a.m.
Oct.
21, by W. E. Easterlingw
Secretary of the Local Govern¬
on
auction.
no
Wilkesboro),
coupon
ment Commission, at his office in
bid for each issue Raleigh,
for
the
purchase
of
(E.S.T.), on Oct. 21, by W. E. Eastthe following bonds aggregating
erling,: Secretary of the Local (not less than par and accrued in¬
Government Commission, at his terest) is required. Bidders are re¬ $52,000:
office in Raleigh, for the purchase quested to name the interest rate $37,000 road and bridge refund-1
v
or rates, not exceeding 6% per an¬
of the following bonds aggregat¬
ing bonds.
Due on April 1/
num
in multiples of V4 of 1%.
ing $97,500:
>
v
$7,000 in 1964 and $10,000 in:
Each bid may. name one rate for
1965 to 1967..
$20,000 school bonds. Due- $2,000
part of the bonds of each issue and
;
from Sept. 1,1942r to 1951 incl.
15,000 school refunding bonds.
another rate or rates for the bal¬
Due
on
April 1; $6,000 in
77,500 school, refunding bonds. ance, but no bid may name more
1962 - and
1963, and $3,000/
Due on Sept 1J ,$10',00D.. in than three rates for each issue,
-1964.
1955 to 1957, $22,500 in 1958, and each bidder must
specify in
Denom. $1,000. Dated Oct.
i
and $25,000 in 1959.
/ •
lf
his; bid the : amount of bonds of
Denoin. $1,000, one for $500. each rate. If more than one rate is 1941. Prin. and int. (A-O) pay¬
money
in New
Dated Sept. 1, 1941. Prin. and int. named for either issue, each rate able"' in lawful
will
be
received
until
11
a.m.
77A
separate
.
■
-
must be for bonds of consecutive
The
maturities.
bonds
will
be
awarded to the bidder offering to
purchase the bonds at the lowest
interest cost to the town, such cost
choice. There will be no auction. to be determined by deducting the
A separate bid for each . issue total amount of the premium bid
from the aggregate amount of in¬
(not less than par and : accrued
interest)
is
required.
Bidders terest upon all of the bonds until
are requested
to name the inter¬ their respective maturities.
rate
est
Or
rates,
Bids must be on a form to be
riot exceeding
6% in multiples of xk of
1%; each
with
furnished
additional
York
bonds regis¬
principal only; gen¬
obligations; unlimited tax;
delivery at place of purchaser's;
City;
terable
cbupon
to
as
eral
There will be
choice.
no
separate bid for each issue,
(not less than par. and accrued:
interest) is required. Bidders are
requested to name the interest
rate or rates, not exceeding 6%.in multiples of V\ of 1%; each bid
infor- 5may
name
rate for part of
one
the bonds of either issue
bid may name more than two. ,the order of the State Treasurer
rates
for either isue, and > each for $8,000. The approving opinion
•bidder must specify in his bid the of Masslich
and
Mitchell, New
rates
may
one
name
mo
auction,
A
rate for part mation.and must be accompanied
of the bonds of either issue (hav¬ •by a certified check upon an in¬
ing the earliest maturities) and corporated bank
or
trust com¬
another rate for the balance,* but pany, payable unconditionally to
bid
the
earliest
other
balance/ but
more than two
the
bid may name
no
either
for
bidder must
each
and
issue,
specify in his bid the
each
of
bonds
of
amount
and an-:
maturities)
for
rate
•
(having
rate.
.
amount of bonds of each rate. The
York City,
will be furnished the
bonds will be awarded to the bid- purchaser. ■
der
offering
to /purchase
the 7 In the event
^
bonds
at
the
lowest
interest cost
///J;//.//
7:7/7: //;/,.
that prior
the
to
delivery of the bonds the income
will
bonds
The
the
bidder
the
bonds
offering
at
cost to the
awarded
be
lowest
the
to
purchase
to
interest
county, such cost to bq
such cost to be de¬ received by private holders from determined by deducting the total
deducting the total bonds of the same type and char¬ amount of the premium bid from
the aggregate amount of interest
amount of the premium bid from
acter shall be taxable by the terms
upon all of the bonds until their
the aggregate amount of interest of
/ any Federal income7 tax/law;
No bid for
upon all of the bonds until their the successful bidder mqy, at his respective maturities.
respective maturities. No bid for election, be relieved of his obliga- less than all of the bonds will be
less than all of the .bonds will be
/
ilions under/ the: contract to- pur¬ ^entertained, .
to
the county,
termined
by
entertained. '
chase the
Bids must be
certified
bonds and in such case
awpm^ani^d hy./a llhCdeposit/accompanying his/bid
check upon ,an incorpor¬ will be returned.
;
*
-
able
unconditionally, to the order {Greenville School
of the State Treasurer for $1,950;
,
v
certified
accompanied by
Bids must be
a
check
upon
an
incor¬
V porated bank or trust company,
payable unconditionally
to the
ated bank or trust company, pay¬
'
boro), N. C.
7'
7
7
i
,
Sealed
Offering
3
Randolph County (P. O. Ashe- \
:
77
(P. O. Wdishing"
livery
;
;
Beaufort County
No.
•
.
billion
to
1947
5 >: 1968 to 1971, all incl. /', //,v
purchased by the county.
155,000 refunding street improve-
year and for $224,325 from $246,190. Income be¬
due to national fore interest charges was $14,045,defense expenditures. During this 376 against $12,962,234, a gain of
(M-S) payable in lawful money
fiscal year alone, United States 8-4%. •
in New York City; coupon bonds
taxpayers will have to pay 12
registerable as to principal only;
I Richland Village School District,
billion dollars, of which approxi¬
general obligations; unlimited tax;
mately one-fifth, or nearly 21/2 P'PpXPP-N. Y.
delivery at place of purchaser's
face
taxes
years
$8,000
v
000 1956 to 1958, $11,000 1959 !• Bonds Sold—The District Sec¬
/to 1962, $16,000 1963, $16,000 retary states that the $25,000 5%k
1964,
$17,000
1965,
$17,000 semi-ann. drainage bonds origi-.
1966, $18,000 1967, and $22,000 nally offered on Jan. 6, have been
terable as to
from ■/ $298,281.
surplus will
estimated $22,000,000
be
that
out
1946,
to
1952, $9,000 1953 to 1955, $10,-
7
.
to $418,160
Reduced interest
charges were also an important
deduct their Federal income taxes
in making State income tax re¬ factor in the 41% gain in net in¬
ary
7,1944
,
,
Authority
legislative session in anubill to permit taxpayers to
next
Saturday, October 18, 1941
FINANCIAL CHRONICLE^
THE COMMERCIAL &
646
Districtr(P. 0.:-order ot the State Treasurer for
v
M
^
'
^Greenville), N. C.
v*
The
$1,040.
v
,
right
to
reject
all
The approvingBond Election—The issuance of bids is reserved.
reject all bids is. re¬
come an integral part of the cen¬
"A tax tonic in
the
form of
served.
The approving opinion $250,000 School site and construc¬ opinion of Storey, Thorndike, Pal¬
tral district/ •:> In so
doing the
mer
& Dodge,
Boston, will be
of Reed, Hoyt, Washburn. & Clay, tion bonds will be submitted to
permission to deduct Federal in¬ central district assumes the
$30,come
taxes
from - State
income
New York City, will be/furnished- -the voters at an election scheduled furnished the purchaser. /;.;/7::/.T/!
000
in
January.
'
The right to
•
'
.
tax returns will be
at
this
time
to
the
most
welcome
taxpayers
of
outstanding bonds against the
Richland
school.
Richland V as¬
the
purchaser.i:1;
for
Oct.
28:7./
'
: - ; -
.
-
'
In the event that prior, to the
proportionated : share
of the outstanding .indebtedness delivery of the bonds the income
Bond: Sale—The $335,000 semireceived by, private1 holders from :
New York State Bridge Authority against the central school. V
* ;
ann.- coupon • general
refunding
The total indebtedness includ-. bonds of the same type and char¬
(P. O. Catshni). N.-Y.
acter
shall
be; taxable/- by. the 1 bonds offered for sale on Oct. 14—
ing the Richland district bonds is.
,'■■■■ Bonds Sold—In connection with
v.;
154, p. 450—were awarded to
of ' the terms of any Federal: income! tax
the report in v. 154, p. 532, of the now $320,000, or 10.84%
;a
syndicate composed of Campassessed valuation of the entire law, / the -successful- bidder/may,
refinancing of the $2,300,000 4%
Ibell, Phelps & Co. of New York,
including Richland/ of at his election, be?relieved.;Qf his
Bear Mountain Bridge bonds and district,
of
obligations; under the contract to /the p First - Securities- Corp.
retirement of the outstanding $1,- $2,952,172. Richland district's per-/
purchase the bonds and, in such (Durham, Fox/Reusch & Co., and
640,000 Rip Van Winkle Bridge, centage is raised 0.13 of 1% and
iP. E.. Kline,v& Co.,, Inc., both of
the
Central
district
percentage case, the deposit, ^accompanying
bonds,
Secretary
Francis
M.
/Cincinnati,,at par, a net interest
lowered 0.01 of 1%.
The school his bid will be returned>7;/77>7
Glynn reports that : the new re¬
cost of about 3.09%, on the bonds
tax ratio for the district at large
Columbus County (R. \0.: White- divided as follows: $183,000 ma¬
funding issue of 2% s, to mature'
is * 9.5
mills, in contrast : to the
in
10 years, was. taken
by the
viiie), n. c.,7"
turing Nov. 1,» $8,000 in' 1943 to
first central tax of 12 mills.
It
State Comptroller.
v •/
Notes Sold—The First; Citizens : 1945/$9,800 "in 1946 to 1948, $10,is expected that when the annex¬
1949 to 1951/ $11,000 in
Bank & Trust Co. of Raleigh, is,, '000 .in
l
Port Cheater, N. Y.
ation becomes fully operative "for
said to have purchased.; $20,OM 1952 to 1954, $12,000 in 1955 and
'INote Sale—The
$14,900 notes receipt of additional State aid
revenue
notes, at V2V^%,/plus./a 1956,, $13,000 in. 1957 and 1958,
offered Oct. 14—v. 154, p. 532— money, the tax will be still fur¬
$14,000 in 1959, $5,000, in 1960, as
were sold to the Washington Irv¬
ther/lowered.;, Property owners premium of $67.50.
3V4-S, and $152,000 maturing Now
:
ing ' Trust
Co., ' Tarrytown,
at in the village of PulaskiK how¬
v7.:;/
Eikin,
1/ $9,000 in . I960, $15,000 in ;1961
0.37%
interest.
The notes are ever, still will have an additional
Bond Offering—Sealed bids will
and 1962, $16,000 in 1963 and 1964,
dated Oct. 15, 1941. and mature levy for the payment of outstand¬
be received until It ami. (EST),
$17^00 in 1965 and. 1966, $18,000
$13,000 Oct. 15, 1942, and $1,900 ing bonds on the old school,, of on Oct. 28, by W. Ea Easterling/
in' 1967. and 1968 and $11,000 in
which there are but. $7,000 - left
May 15, 1942.
Secretary of the Local/Govern¬ ? 1969, as 3s.
v../-// 7.'
and these are being paid off at
'•
ment Commission, at his office- in',
7-'
Port of New York Authority, N. Y
-pv* 7/:/./;
the rate of $3,000 annually.:,
- : /
New Bern;' NJ. C.;?'!'
Raleigh, for the purchase of bonds
our
sumes
State."
its
,
.
,
// In
the
event
that
prior to thet
delivery of the bonds the income
received by private holders from!
bonds Of the same type and char¬
acter 7shall
terms of any
be "taxable /by
the
Federal income tax-
law,: the <•' successful bidder may/
at his election, be relieved of his
obligations under the contract to
purchase the bonds and, in -such
case, ;
the
deposit
Viic -hirl' will
hisv bid will
W'M-
ho
be
accompanying
rotnrnoH
returned.
NORTH-! DAKOTA
Bottineau
School
District.
1.7 Bottineau), N*
•'•
/
O.
(P.
Dak,
7
/Bonds Sold—The Clerk of the
Board of Education reports, that
f
••
Revenues
Continue
Trend—Revenues
of
Upward
the
-
Port
Authority continued to gain dur¬
ing September, when the net in¬
available for sinking funds,
and
debt
retirement
come
reserves
jumped 26.8% above the total for
the
1940
like
month. For the
12
$17,000 2V2% semi-ann. refunding
bonds, approved by the voters on
June
3, .have been purchased at
the State Land Department."
Dated July 1, 1941./ Due
on
July 1 as follows: $1,000 in
1943 and $2,000 in 1944 to 1951. u/:
y 'i;i. i/;,--:/ /■*:
:'/ ;/••:•/... 7 ,.•/ / /,/
Logan Conty (P. O. Napoleon), "?
par.
by
.
>
i
7;;/-' "77:/';/,/. N. Dakp-y:/-
^
/i;
Plattekill,' Gardiner, aggregating; $400,000, dated Nov/ / Bonds 7 Voted—The .City i? Clerk /' Bond Sale—The $62,000 ; 23/4%:
Malhorough, Newburgh and Mont¬ 1, 1941, maturing on Dec.sl .in the states /that / the: voters - have ap- ;semi-ann. refunding bonds offered
gomery Central School
District «* years hereinafter: stated,/withqut: fbroVed ' the 7 issuance of $375,000 (for. ■ sale on Oct, 14—v. J54, p.
No.. 1 (P. 0~ Shawangunk), option of prior payment ;7.as 7 f 617 {light-plant bonds, but these bonds 421—were/ awarded to the 1 Bahk
N.. Y+: '
" ■ /• 'lows: /: /,
./ /;/ <//'/■ v./.r/\/ /will" not :be:: offered nuntiL\ the of: North JDakota, of .Bismarck/
according-to the County Auditor.
-Coupon
Paying .Agent —The $345,000 general refunding.!bonds;. amount of Federal funds to be re/ maturing $3,000 1942/;$,7,000: ceived7is known.4-> 7,.77//>,,,;/^Due ;from vOct. 15/71942 to :196i.
Manufacturers Trust.Co. of New
5 ha wan gunk,
.
..
.
.
,
-
Volume il 54:- V Number 3995 $
THE COMMERCIAL' & FINANCIAL CHRONICLE
School District >No? 10 ^Williams & Gorman, of Cincinnati;
Maryville
y^
\ M-i'
will
CP.O.Rolla), N. Dak..
Certificate
Offering—Bids
ful
will
be
Copley Rural School District,
;-.;•:• Ohio
/■•
'V/;':;
Jerusalem
Township Rural School
(P. O. R. F. D. No. 1,
■
furnished
to
the
bidder without cost.
success¬
District
,
J:51:'
V
Note
Sale
The
"
~
647
Curtice),
Ohio
Quaker City
''.
J-'s^
'l
h'
Note Sale—The Ohio National
/ < be received until Nov. 1, at 2 p.m.;
National Bank purchased on
Aug.
[Bexley City Schqol Distri^t^Ohio
/"/by Henry Meuiner, District Clerk;
14 an issue of $5,954.80 second se¬ Bank- of Columbus purchased on
,•/; Note Sale rp An issue; of $8,-; ries
//for the purchase of $4,000 vnot to,
refunding notes as 1.09s. A ,; Aug. 21 an issue of $2,142.54 sec¬
907.14" /'second
series ; refundih^
ond
series
^exceed 7% annual certificates of
refunding notes
as
? indebtedness. Deriorfti $500.vDated notes .was sold Aug. r.13 ,*'to .the ///;yCoshocton, Ohio
:;J Z,.
'
•
—
i
;
maintains it is not responsible fdr
payment of the obligations "due
their being revenue
to
producing
they weld
•
vk
"i!'J
•
bonds and denied that
,
valid."
'
;
May field
;
Village
<
^Nov. 1, 1941.; Duel
Ohio
National
1.20s../;;V:7..
.
Bank
of ; Colum¬ /
Bond Election—An issue of $45,r
bus, as 1V8S, at a price of" TOO.033/ 000/swimming pool construction
1^1943.
on Nov.
:£S ( Normal School District No. '4&t
bonds, will
Brady Lake'. School District, Ohio;
voters
.
at
be
considered
the November
by the
' // /••/
••;.-
.
Township Rural School Districi (F. O. Monroe), Ohio
Bond Offering—Waid, C. Ihle,
"*
,
election;
Clerk of the Board of Education,
1 issue .^of;
will
receive
sealed
bids
until
.: Board. of
Education / "states {..that $50,000 construction bonds will.be -•Cuyahoga County (P. O. Cleve7:30 p.m. on Nov, 3 for the
purrConsidered by the voters at ? the
), Ohio /. /;" ;; /
//the voters approved; recently .'the
chase
of
$55,000
November election//1
2%% } school
'/Resubmit < Relief Levy—A two
//issuance of: $21,000 3% indehtedbuilding bonds./ Dated Nov. 1,
year welfare levy will be resub¬
///ness- bonds ;--by ;a
wide margin! Brighton Township Rural;
%?/BondsVoted—The
f
Oct.- l,- 1941.
ff*/ \
•*i*f
/
/:
.
Due Idm i960.
v*V
,
'+ 45t" '
.H'
Bond
.
C
t-A
•'
mitted
Districtt (P.. O:* Wellington ),
^ *i-
-Portland, N. Dak. } 4 //
>riv
;; Notes
- r
"/z'/^.r/*
575.46
Sold—An
second", series;
.
Offering—Bids;; will:/ be
refunding
will
v;
-
'/*tion
Sept.
on
/■/'/.:/■/
30.//*;;!?£/?,$$$£$*]
■vember
- -
\
eleetiomn^/-J/;z|^
-
.
■
.Municipal Stadium
illegal, the
report said.
Defending the ex¬
penditure, Mayor Lee D. Schroy
' said that it brought more than
-
was
.
.
'
Bond Election—Ah
three times that amount from the
.
V Federal
•
i^sue df $10!r'
000 street improvement bonds will
be considered by .the voters at the
government for city z im*
November
election.
tS
provements.
School District}
(P. O. Oak Harbor), Ohio /
/
.
/
f
P..O. Campbell), Ohio /* //
BurldnElection—At the Novemf;
Note Offering—Lester Henningsen,
ber
Clerk of the Board of Educa¬
election
asked
tion, will receive sealed bids until 8 p.m. on Oct. 29 for the purchase of $1,722.78 not to exceed
to
the
voters
authorize
an
for
1%
of the
$250,000 /constructiqri bonds/;)
Bond Election—The voters' will
be
asked
to
approve
$4,000
•
bonds at
general election.
'
*'
Bonds
•
<
the
Ohio
*1942.' Due
sold
to
in
anticipation
4 City
finance
director.
provide
for
One
-
relief
while
;
-
<
>,
like
a
•; Note
i
to
/';//.\/'./!
•
uation
($100.00)
of
•
within
the
that
Sale—The
/second
the
.'
■
Aug. 18
Ohio
a:'',1
--
was
National
award¬
Bank
.
'
;
Note
.
of
$9,r
School
Dipt
trict^ Ohio.
•]
154, p. 231—were awarded
First ; National Bank of
to. .:the
1.23s. Dated Oct.
6, 1941 and due Oct. 6, 1943. Call¬
excess
to
the
ij
callable in the inverse
j
,
(Houston Rural School District, j
:,y. yj'
Ohio
County; bndvjserie'sz refunding
notes
1.23s.
I
j; ,i
Sale-/-GilliS/|tussell &/,C(3/
-
as
-
on
incl.
different/rate
of
multiple
a
•
check
$500, payable to
of Education,
The proceedings had
bonds have been taken under the
direction and supervision of Taft.
Stettinius and Hollister of Cincin¬
whose unqualified opinion
the legality of this issue will
nati,
to
as
furnished, by
the
Board
of
the purchaser with¬
out cost. No conditional bids shall
be considered.
/
owned /light;
/// r '1'
;
Warren), Ohio
:3ond -rElection
—.
Z
s,
issue
An
July 18, $150,000 improvement bonds
be /placed; OiV the ballot at
Ndyember-election,,
of
for
Added
Rate—City officials bowed in
; after provision only for the
i
ation
and
maintenance
—v.
oper-
the
Oct.
obr
an
in
their
20.5
eforts to
$23,000
for
for next year.
1942
amounting tc
providing
2.75
and
p.
533—mature Nov. 1/ as
'/{/.j
>
ger, reports that the Jackson Mu¬
$3,000 from 1942 to 1946 tual ;Water Co. has indicated its
incl. and $4,000 from 1947 to 1956! willingness/ to
confer with the
local officials on the matter of
incl./
thereof, and are not generat.obli'"Zv
gations of the city.
Bidder may
^"A
Ccnneaut, Ohio s
.name a different rate/of interest,
s i t
-/ provided that fractional rates are
Bond Issue Details—The $68,000
v expressed in a
multiple of 44 of refunding water bonds approved
A 1%. A certified check for 1% of- by the State Board of Tax; Ap¬
(
-1
v
the bonds bid for, payable to order
of the city, is required. No condi¬
tional bids will be
received.;; Ap¬
proving opinion of Peck, Shaffer,
im¬
anticipation
of special as¬
$1,000 on Oct. 1
Due
to
1946 incl.
/
;
awarded on Aug. 25 an issue
$7,842.20 second series refund¬
ing notes as Is/ at par.
was
of
New
Bremen
'V-"
Village
Note
Bank
Sale—The
of New
Aug. 25
on
second
School
Ohio
Irici,
Dis-
'•'•//
First
'''
National
Bremen
purchased
$3,347.49
refunding
notes
issue
an
series
of
Is.
New
Haven
Rural School
District,
/:/;:/;/ Ohio
Note
Bank
Sale—The Willard United
of Willard
an
was
awarded
on.
issue of $2,065.16 sec¬
series
refunding
notes
as
1V4S.
mills
for
the
approved
was
Election—An
issue
of
November
has
been
directed
bring the technical
survey
date-as
which
to
Royalton
election.
Note
Township Rural School
District
(P. O. Carrollton),
Ohio
/:/.
•■
Election
./v /•/:■>••//
An
—
issue
Sale—The
the
voters
/ v
McGuf fey-McDonald
Note
Sale—An
notes
second
sold
was
tional
at
School
Dis¬
of
$3,refunding
the
to
Ohio
Na¬
1.20s,
as
par.
Township, Shelby County,
'■ y; Ohio
-'■/■1 •':
■//
Bond
//
Election—An
$15,000 bonds
period of 15
to
issue
mature
will
years
;/•//:•;•;//
of
over
be
sold
ings
at
par,
Ohio
tricL,
.
.
/
/7\/.: /./
/
Election—A
issue
$50,000
the November
proposal to
school
building
election.
Pomeroy Exempted Village School
District, Ohio
Bond
Election—An
$61,000
will
be
the
at
school
Bond
Offering—J.
Lynn Reed,
Clerk of the Board of Education,
will receive sealed bids until noon
Oct.
for
24
3^%
the
school
Ravenna School
Bond
>■
1
1941
to
1950
to
1859
incl.
as
Interest
pay¬
annually.
A certified check
$100 is required..
j
**
Marion, Ohio-
V/'
*
Election—One
*
*
of1
//.;.!
the
to be considered by the-
measures
the
at
issue
of
November
election
.
Bond
Sale—The
$30,000 voca¬
building bonds of¬
fered Oct.
14—v.
154, p. 326—
were
awarded to Paine, Webber
& Co., Chicago, as 13/4S, at par,
plus a premium of $364, equal to
101.21, a basis of about 1.60%.
Dated Oct. 15, 1941, and due $2,tional
000
school
on
incl.
proposal to issue $200,- for
000 hospital addition bonds.
/. /
concerns
District, Ohio
Election—An
purchase of November election.
/ .".
//
building im-.
Portsmouth City School District,
;/' 7/
; '
Ohio ///;'
■;/.:
follows^ $330 from
incl. and $340 from
Bond
of
bonds
$75,000 school purpose bonds will
bp considered by the voters at the
provement bonds.
Dated Dec. 1.
1940.
Denoms.
$330 and $340.
Due Dec.
issue
building
considered by the voters
November election, v"/■/
..
voters
;/:•/
/
Piqua City School District, Ohio
a
Manchester, Rural School District,
V
Ohio
:r
for
•
Village School Dis-
Aug. 25 to the Citizens Sav¬
Eank Co. of Pemberville,
Is..
as
conr
sidered by the voters at the No¬
vember election. 1 k-:.V/•'/■:.-■\:-
$5,000
;&
bonds will appear on the ballot at
McLean
t' //
1.20s
as
Pemberville
Bond
Columbus,
Bank,
j
issue
series
Bank
Note Sale—An issue of $3,241.79
second series refunding notes was
(P. O. McGuffey), Ohio
603.10
notes
the
at
:
.
Ohio
of
Findlay
was
awarded on Sept. 2 an issue of
$4,217.47 second series refunding-
.
by
November election.
trict
Co.
of
construction bonds will be-
considered
Village School
Cleveland), Ohio
District (P. O.
Savings
Loudon
a
Oct.
15
Second
l%s
was
from
1943 to
1957
high bid of 101.08
made by BancOhio
Securities Co. of Columbus.
establishing
a
price
for
their
holdings. .- Village Engineer Wm.
Monahan
North
$75,000 gymnasium bonds will be
considered by the voters at the
Mason, Ohio
Answers * Bond
<
.
Suit—The
•.
|
vil¬
Sheffield Lake, Ohio
,
Bonds
Authorized
Village
Sept. 30 to the suit Council recently authorized an is¬
peals—V. 154, p. 231—will mature gotiate for -the sale.
The pur-; brought by the Farmers' Bank of sue of $4,500 water improvement
Oct. 1 as follows: $12,000* in 1&43 chase
of
the
property by the Mentone, Indiana/which is seek-" bonds, payment of which will be
and 1944, and $11,000 from 1945
municipality is under considera¬ ing payment of water revenue made froiji assessments against
to 1948 inch /
tion. /•
•//'
bonds.
The village, it was said, abutting property owners.
.
r
in
.
ond
mills,
bonds
ordi¬
an
street
Note Sale—The State Treasurer
Aug. 18
A tax rate for
$5,000
Napoleon Exempted School Dis1s trict, Ohio /
expenses
operating
adopted
collection
1942
additional
able
Ohio
follows:
expenses
154,
from
del
feat
tain
8
the
Tajif
1951
will
Celtttpbus, Qhio
Jackson,
plant
of
2
issue
;
Lima, Ohio././;
Loses Appeal
-
/
to
provement
as
"
Authorized—City Coun¬
Oct.
on
nance
for
required.
on
(P?^0£; V: ] •';
Bond Sale Details—The
•;
$55,000
j,-;
Oet.» ljt 1948.// They are' payable 4% airport bonds recently sold to v AVould Purchase Water Com¬
solely out of the revenues of the the
Sinking Fund Trustees,,at/pair' pany—City Solicitor T. H. Monj-,
municipally
•
Middletown, Ohio
Bonds
cil
A cer?
.
;
$15,000 refunding bonds.
*
-Bidder' sessments.
Interest M-N.
.
'
$2,807107, second series
refunding'; notes as/lAOs/ at par. /;
•
is
as
of
^
issue of
order of their maturity on any in¬
terest payment date on or/after
$500.
Nov. 1
and taken in the issuance of these
of
No.te Sale—The $1,822.53 second
series refunding notes offered Oct.
property
of Cleveland purchased'on
an
tified
Hope 'Rural School District, $30,500
dis^ Barnesville,
Marysville)-, Ohio'
plant and system extension
1964
a
/
■
•
-i
Bonds
issue
order of the Board
//;.*■.■■
lVss, at par.
as
/
of,/$6,f
refunding
•
.
of 14 of 1%
Bond
issue
series
Holldnsbuirgy Village
of the tax val¬
taxable
certified
to
and
interest, expressed in
Bond
mills :pn/each-: 6—v.
sa|d district,. in
is
name
•■■■.
Village School * District, i
H. Parshall;
;
Appeals
recently authorized the district to
,
the ten mill limitation; rate. Afteri ^vNote'//Sale—The
First-Central
/. said first year the fax-levy io bp; Trust Co:. of Akron purchased on
included in the annual tax. budget Aug./18:ah; issue of $3,-189.37 seer
z
Approved—
of Tax
New Philadelphia, Ohio
city's general fund
Bonds Voted—Lester B. Stonedespite contention
of all city employes, as well as in¬ that the city will" be "strapped'4" brook, City Auditor, reports that
Council refused two an issue of $100,000 sewer bonds
creasing the personnel of the po- all year.
and fire departments, both of weeks ago to accept the rate pro¬ was authorized by the voters afc
which are held to be seriously un¬ posed
by
the
Allen
County an election on Aug. 12.
dermanned/
Budget Commission, claiming that
North Royalton, Ohio
$144,784 would be insufficient in
Bond Election—At the Novem¬
*EatoiiKCxelrhpied 'Village School
view of rising prices and payrolls
//"J! >'s District, Ohio
^ A Meanwhile salary and wage in¬ ber election the voters will be
Note Sale — An issue of $7,000 creases have been granted to vir¬ asked to authorize the issuance
of $60,000 water main construc¬
second series refunding notes was
tually all municipal employes. - j,
tion bonds and $6,000 fire appa¬
sbld/Aug. 29 to the State Treast
Logan School District,. Ohio
ratus purchase bonds.
urer; as Is/./,;/*/</,// .••;/-y'\\
j!
Good-:
taxvaluation of the
A bids until noon on Nov. 1 for the
,V
; purchase of $150,000 not to .exceed Chuckery-Darby. Rural?School~bis?
2V2% interest electric light and t * trict
(P. O.
are
second
amount for the increase of salaries
.Columbus,,
yearil Such «leyi^
hundredths
Dollars
Auditor, will receive sealed
power
will
$300,000
the
one-mill levy will furnish
ed
the dupticatq
Budget Commission,-/:
■v
levy
approximately
poor
trictf which is sixteen and eight
tenths cents on each One Hundred: able' after. Nov. 30.
of the bond
Berea, Ohio-
Bond Offering—W
upon
annually
1943
may
$1,000
500
taxable property within said
Notes will be
inch;
current/
the
levy
dollar of the
im'r
| financing.
>'i*;
November
The two levies will fur-f
notes offered
Jan.
a
eight
Coun-*
$1,500 oh Sept. 15 from
1951
the
nish - approximately
$600,000, ac¬
cording to Earl E. Hagerman, city
326.37
be at the rate of each year
of not to exceed one /and
sixty-
is^ue pf
sewer
to
shall
/
A
.
Authofizedi^--City
street and
"
,
prior
of
November
t
cil recently authorized On
1942
election.
at
of
include
/provement bonds. Dated Sept. 15,
-
voters
Ohio
£
life of such indebtedness and shall
issue of
an
r\
Bellaire,
$15,000 4%
the
improvement bonds» will be
1,/1925-by
Considered by the voters at the
Education,; which levy;
November election.
/
shall.be for each year/during
thp
issued
il
$.
;
Anna, Ohio
/■/; /.'•
'
to
-'
/
from
Education to
A certified check .for/; debt: /charges!v on /: all bonds;
Ohio
notes, payable to notes and certificates of indebted¬ ;7/;/'• ;••••'•
Bond Electionr—An: issue
of Education, ness issued and authorized440 be
'
$2,500
-
proved resolutions calling for the
submitting of two one-mill levies //'•;>//
of the Board
is-required.
;
>
•.....' /
Cantori City School District, Ohio
Board
.
years ago.
6n Special Tax Levies
city/commission has ap¬
Geneva
To Vote on Debt Levy—There
4% interest second series refund¬
ing notes. Dated Oct. 29, 1941. Due will be submitted to consideration
of
Oct. 29, 1942. Subject to call after
the voters at the November
Nov. 30 in any year by the Board election question of
levying taxes
order
Due
Denoms.
as
approved by
was
1941.
be
of
'
/ of Education.
mills
Dayton, Ohio
A—The
will/ be
/issue
;
•'
State Board
•
;
Campbell Cjty School District
Allen Township
}
/
2.5
533.^ :Z/:..r/.j;
;*■"
*
•
p.
the^eleetorate two
Tenders
v;
to
bonds. An issue of $4,500,000
way
Wanted — Alfred/H.
Scrivens, Village Clerk,/will/re¬
// > Diversion of Funds Scored—The, ceive
sealed tenders of" refunding
municipal administration was cribonds, dated July 1, 1938! due July;
ticized for; "diversion" of funds to
1, 1968, until noon on Nov. 10. Apr
purposes other than originally in¬
proximately $5,000 is available;for
tended in a state examiner's repurchase of bonds at the lowest
port made public Oct. 9. The re¬
available prices.:/' ~
r'-Y-ri'
port, which: covered the period
from Jan. 1, 1939, to Jan. 31, 1940,
Buckland • Villags School District,
i was signed by Examiner Walter C.
/Jones, of Cleveland.
The use of
4
Note Sale—An issue of $2,727^95
$102,125 of street; improvement
second series
refunding notes was
bond funds to finance the city's
sold to the Peoples National- Batik'
share of park development pro;of Wapakoneta, oh July;: 28, ;7as
jects and the construction of' the
,
reduced
highway bonds
//Bdrk'i'Ohiq*
Akron,' Ohio
.
154,
.
OHIO
■
be
BeaVds of Commissioners
recently
voted to issue $1,100,000
right-of-
$47,000 construction bonds will be
placed on the ballof 'at - the - N07,
elec-
election
'^.-To Issue $1,100,000 Bonds—The
;
an
November
compared With the 2 8 mills reA
quest defeated by voters in the
primary election on Sept. 29.—
'
approved by the voters at
the
however,
notes ..was sold, teethe First- Na?
Oct. .28,7by
R/: tional Bank of Barhesville//as'
/ Foss, City Auditor, for the pur¬
1.23s.;:;^;
^
chase of $20,000 not to exceed 5%
/semi-ann. water-main extension
Brimfield School District (P .-O. '>
bonds.i Dated Nov; l,Al941r» 'Due
Kent, R.' No. 2, Box 204)i*Ohio*'
".serially in 20 years, optional after
7 Bond /Election—^n
issue
of
-.five years.
These bonds/were
-
at
Qhio if
was decided by county commisr
issue; oi; $2,- jsion'ers. Size of the levy,
^. received until
.
The
Issue
/ r- Bond. / Election—An
tlie,
School
Dated
v
:pi
Clerk
Refunding
\
Lemon
•
District,
Ohio
'
.}
;
School
a
basis
on
up
to
to
ne¬
lage
filed
Court
an
answer
in
Federal
on
.
-
—
r
Shreve
School District,
Village
t
Ohio
..
v
County
Bank of Newark was awarded on
;
1 an issue of $3,773 16 sec¬
refunding - notes X as
Sept.
ond
series
•
Village School District,
Solon
.
'•
;■
■
•*
•.
yv:
•
Ohio.=•':' \v;.::.p
|
'■ './
of
issue
Election—An
Bond
■
1941 regular session
voted at the
general
of the State of Oklahoma
assembly, to balance the general
fund
budget, Leon! C, Phillips,
? i%s.-:-~-r
.
13—v.
of
Oklahoma, State
,
Tax Session Planned — With
prospects of a $3,000,000 surplus
from
new
and
increased taxes
j
'
Note Sale—The Licking
;
$222,000 school construction bonds
will be considered by the voters
at the November election.;!/
j;
has under
governor of Oklahoma,
consideration a plan to
session
cial
on
call
a spe?
tax-reducing
cess
to payment
■
Bank of Chillicothe
purchased
on
Aug. 18 an issue of $1,787.50 sec¬
ond
series
refunding
notes;: as
;
1.45s.
■
Ohio ;
|
Wanted — Paul / H.
South
Tenders
Euclid,
receive
Clerk, will
City
Prasse,
refunding bonds,
sealed tenders of
July 1, 1938, due July 1,
1968, until noon on Oct. 21. Bonds
will be purchased at the lowest
price offered and' a sum of approximately $23,000 is available
for such purchase.
taxes
until
the
state
board
of
;
•
1
Township Rural
Southington
;
,
School District,
„
„
Ohio
1
77/"••p
Election—At the Novem¬
Bond
and
new
was
Pawhuska 'School District: (P-
Education
of
O.
;
7
,
the
of
Clerk
Sold—The
Bonds
Board
that
states
refunding
bonds have
purchased by Francis Bro.
$25,000
been
& Co. of Tulsa;
-
Philadelphia, as l%s, at par, plus
a
premium of $893.75, equal to
basis of about 1.26%.
15, 1941, and due $11,000 annually on Oct. 15 from 1946
to
1950. incl. i Second high bid
of 101.30 for 1V2S was made by
101.625, a
Dated Oct.
,V;;
sealed bids at
Int. Rate
Moore,
Leonard & Lynch..
lVa%
Singer, Deane & Scribner..
IV2
Phillips,, Schmertz & Co....; IV2
Glover
MacGregor.
&
IV2
......,
10LC83
100.91
100.69
1C0.6 7
r.-'.
101.162
1%
Burr
&
Co.,
Inc..;,-.v;-.vs^:vl%r:• •.«
Elmer
E.
Powell & Co.....
1%
Philip J. Davidson,.-..;...... 1%
Rollins
H.
E.
Dolphin
&
Warren
A.
&
Sons,
Inc..
2
Co.
Co.... ..i"2
Tyson
-
100.875
100.67
100.515
101.298
:
.
101.039
•
;
Cause Deficit—The
Back Taxes
of
the
red
has
Education
$1,716,000
gone
•
in
the Mans¬
No^' 14
V
will -be
voters
the
asked
authorize
to
of
bonds.
school building
; $9,000
issue
»
an
Spencerville Village School Dis;
;
will
be
awarded
of
$5,887.62 second series refund¬
./.7; lyj, j
ing notes as Is, at par.
'
Spririgfjel<J Rural School DUtrict
(P. O. Ontario), Ohio 7
Baker,
Clerk of the Board of Education,
will
noon
on
sealed
receive
Nov.
bids
for the
3
-until
purchase
of
$5,000 4% school bonds. Dated
1, 1941. Denom. $500.
Due
$500
annually on , May 1
and
-Nov. 1
from 1943 to
1947 incl.
•
Nov.
>.
of County Commissioners is stated
of to have approved a resolution call¬
by C. S. McCants, Chairman
the.: Efoard. vOt Trustees,.; ;for the
bonds.
Interest rate is not to
.
semi-annually.
name a different rate
provided that frac¬
Bidder may
interest
.of
tional
rates1
are
a
A certi¬
1%.
of
lA
multiple of
in
expressed
$500, payable to
order of the Board of Education,
is ?
•
for
check
fied
required.
•
'
„
,
7
-
Due
[
Bonds
6%,
Hanover Bank
'
Na¬
Citizens
tional Bank & Trust Co. of Mans1
field
purchased on Sept. 5 an issue
$2,737.15 second series refunding notes as Is, at a price of par
plus a premium of $5.25.
of
-
\
Rural
Streetsboro
/. -.J'*,
Bond
<
School
District,
V:1''-\V
Ohio
Election—At the Novem-
ber election the voters will cona proposition to issue $75,000 20-year construction bonds.
;
sider
;
<Troy City School District, Ohio
Election—An
Bond
issue
Clerk
Town
$3,000 water system
approved recently by the
Attorney
General,
have
been
sold.
'
'•
bonds,
.
OREGON
of
$85,000 school building bonds will
; be considered by the voters at the
November general election.
•
Lakeview,
Ore.
Bond Offering—Sealed bids will
be
until
received
7:30
p.m.
on
bonds
Act
on
it floated
during
That
ion of
f
Election—At the Novem¬
Bond
ber
-1
the
election
asked
Voters
authorize
to
an>
will
be
issue
of
$234,000 school building bonds.
•
*
be
at 2 p.m.,
.
Of the
$11,000,000, only $6,868,-
145.41 has been
paid.
Throop School District, Pa.
Bond
Offering—George J. Evan
Secretary, will
receive
sealed bids until 8 p.m. on Oct. 28
District
<
Huger Sinkler of Charles¬
...
Bond
Election^The issuance of
$75,000 abattoir, incinerator and
sewer and water: line bonds will
.
bons &
Co., Inbv; E! H. Rollins &
Sons, Inc.; Hemphill," Noyes &
Co.;. Stranahan, Harris & Com¬
pany,^v Inc.; Graham, Parsons &
Co.; A. C. Allyn and Company.
Inc.; Bacon, Stevenson & Co.;
Minsch, Monell & Co., Inc.;; The
Peoples
National ;»Bank,
Rock
Hill, S. C.;, Kirchofer & Arnold.
Inc.; William R. Compton & Co;,
Inc., and Hamilton
Company,
Bristol, Tenn.
■
Bond
f
-
Offering—It is stated by
David
E. - Gray, City Recorder,
he;;;will receive bids until
28, for the purchase of $23,-
that
Oct.
,,
000. 4%
semi-ann.
street
bonds.
Due
$1,000 in 1943 to 1955, and
$2,000 in 1956 to 1960. ^ :
'
Chattanooga/■' Tennn.
:
Bond
Tenders
Invited—T.
R.
Preston, Chairman, of the Sinking
Fund Commission, states that he
will receive sealed tenders of
re¬
funding bonds, series A, B or C,
and funding bonds, all dated May
1, .1935, and maturing May 1,
1950, until Oct. 30, at 10:30 a.m. •
The
Sinking
Fund
Commis¬
have
sioners
in the sinking
for the purpose
bonds the
sum
fund
of purchasing said
of $83,000.
In the event tenders in
%
suffi¬
a
cient amount of said bonds, at an /
interest
yield
basis
the
to
com¬
mission of
3%%, or more, are not
submitted, the sinking fund com¬
mission
other
consider
will
issues of bonds
tenders
of
of
the
city
prior to
having a maturity date
the purchase of $35,000 2^,
May 1, 1950.
2%, 3, 31/4,: 31/2, 3%, 4, 4y4 or
Tenders or bidders shall
specify
4^2 % coupon, registerable as to
the interest rates and' number of
principal only, funding and im¬
bonds to be tendered.. Bidders
provement bonds.
Dated Nov. 1 Chester, S. C.
may stipulate,- if they so desire,
1941. .Denom. $1,000. Due Nov. 1,
Public
Reoffering—The certi¬ that their tenders are for the pur¬
as follows:
$3,000 in 1942; $4,000. ficates were offered, to. investors
for
by Geo. W. Johnson, Town 1943; $3,000t 1944;' $4,000 1945; at
prices to yield 0.60% to 1.50%
Recorder, for
the purchase of $3,000, 1946, $4,000,^1947; ,$3,000. for 1944 to 1951 maturities, and
$37,499.07 3% semi-ann. coupon 1948; $4,000, 1949f $3|000 in/195C at 99% and 99% for the 1952 and
improvement bonds. Dated Oct. 1. and $4,000 in *195L -Bidder to i953
"ihaturities, respectively
1941.
Denom. 7 $1,000,
one
for name a single rate of interest for
The bonds will
$499.07.
Due Oct. 1, as follows: all of the bonds.
Spartanburg County (P. O. Spar-,
$2,499.07 in 1942, $3,000 in 1943 be payable from ad valorem taxes
tanburg), S. C.
the
taxing
limitations
and $4,000 in 1944 to 1951, call¬ within
Bond Issuance Approved—Gov¬
able on any interest date on or placed by law upon school dis¬
ernor
Burnet
R.
Maybank re¬
Principal and
subsequent to 3 years from the tricts of this class.
cently signed an act of. authorr
date of issuance thereof.
Princi¬ interest (M-N) payable at the
ing the County Board to issue
pal and interest payable at the Third National Bank & Trust Co.
$200,000 bonds to pay the princi¬
The bonds are issued
Town Treasurer's office.
Enclose Scranton.
pal; and interest ;on bonds ma¬
a
certified
check
for
10%
of subject to the favorable opinion
turing next year. R. H. Ashmore,
amount bid, payable to the town. of Townsend, Elliott & Munson
Clerk of the Board,'said the act
of Philadelphia,, and subject tc
was
; preparatory,
should . any
PENNSYLVANIA
; i
approval of the Pennsylvania De¬ bonds
require refunding between
partment of Internal Affairs. The now and next June 30, when the
Center
Township School District
enactment, at any time prior tc current fiscal year ends.
,•
(P, O. Monaco, R. F. D.), Pa. :
delivery of the bonds, of Federal
Bond Election
An issue of
legislationwhich in terms, by The Board of Visitorsof The
$10,000 construction bonds will be
the repeal or omission of exemp¬
Citadel, The Military College of
considered by the voters at the
tions or otherwise, subjects to a South Carolina (P. O. The Citadel,
November general election, /
Federal income tax the interest
Charleston), S. C.
v
on
bonds of a class or character
Deemston, Pa. ■
'. Bond Sale—The $400,000 semiwhich includes these" bonds, will
Nov. 3,
<
chase of all
or
none
of the bonds
tendered, and shall state the time
and place said bonds will be de¬
livered, if tenders
are
accepted.
| Tenders shall be accompanied
by
certified check
corporated bank
for 1 %
or
upon
in¬
any
trust company
of the face amount of the
.
.
Upper Arlington City School
District, Ohio
pv'K//;';
'
*
.
.
until Nov. 20,
reveiced
or at .the County Treas¬
urer's office. The approving opin¬
.
Willow, Okla.
Sold—The
'
,
Springfield Township School Dis¬
trict (P.\ O. Mansfield), Ohio
Sale—The
& Trust Co., New
issuance. of
Andes, S. Dak.
Offering—Bids
will
York,
,
that
states
:
Note
ex*
the
semi-ann.;; funding
Dated July
payable A-O.
Dated Due
*:.
1, 1941. Denom. $1,000. Due incl.
$3,000 Oct. 1, 1942 to 1954. Prin.
Lake
and int. payable at the Central
Bond
ceed
-
Interest:,; payable
•
$522,000
bonds.
1,1941. Denom. $1,000.
from; July -1, 1943 to 1961
for
ing
of/■ $39,00,0-7 refunding 2%
purchase
•
and accrued interest.
$6,000 from 1944 to 1963 incl.
Board
Authorized-r-The
be received until noon on Oct. 22
submitted
pay par
'
Dak.
% Bonds
-
to
;
.
by. L. H. Beemer, City Auditor,
for the purchase of $34,000 3%
semi-ann. refunding bonds.
Due
was
revealed Oct. 8 by Add B. ton;! will be furnished. ;! Enclose on Dec. 1 Cas follows: $4,000 in
a certified check for $1,000, pay¬
1942 and 1943-, $5,000, 1944 to 1947
Anderson, secretary and business
able to* the County Treasurer. :
and $8,000 in 1948.
manager of the board, at a meet¬
ing of its finance committee in
Rock Hill, S. Cf
1
t
TENNESSEE
the School Administration Build¬
field
of
,
Bond Offering—L. Doyle
cording to the City Auditor.
—
Aug. 25 an issue
on
■
d Gregory: County. (P. ■. O. J Burke),
■
7/;;; trict, Ohio
\
:
Note Sale—The State Treasurer
was
/
Bond Offering—Sealed bids will
»
election
ber
"
(P.: O. Winnsboro)
350,000 bond issue matured on
October
1, Anderson said, the be submitted to a vote at an elecf
to:;the Mansfield bond fund, built up with tion scheduled ;forvOct:: 31, it is
voters at
an
election scheduled receipts from delinquent taxes of stated. <'
■,.
vfor Nov. 15.
!
1937 and prior years, was $1,716,South Caroline (State of)
000 short of the amount needed
Vinita Paving District No. 40 *
-Certificate
Sale—The
to retire the securities.
$3,000,(P. O, Vinita), Okla.
The money to pay them off. 000 semi-ann. State Highway cer¬
Bonds Sold
An issue of $28,tificates of indebtedness offered
therefore, had to be taken from
514.85 street improvement bonds
Oct.
14—v.
the school board's general fund, for sale on
154, ;p
was sold recently to the local con¬
which will result in a 1941 bud¬ 258—were awarded to a syndicate
tractor. Due on Oct. ,1, 1950.
get deficit at the end of this year. headed by Halsey, Stuart & \Co.V
Washington County (P, O. Bartles- The amount of that deficit,; An¬ Inc., of New York, as T%s, at a
derson
:.u
vilie), Okia.
•
I
said, will * be 7 refunded price of 100.526, a basis of about
Bond Offering—-Sealed bids will later in the year, possibly over 20 1.43%. Dated'Oct. 15, 1941. Due;
be received by Emily O. Mont¬ years.
*: $300,000 from Oct. 15,1944 to 1953
The Mansfield Act bonds were incl.
gomery,
County Clerk, for the
Associated
with^ the - above
issued
against a
"backlog" - of
purchase
of
$120,000- hospital
bonds. The bonds shall be award¬ $11,000,000 ' of delinquent -taxes; named firm in the purchases are;
ed to the bidder offering the lowf much of which, even at that time,
Blair & Co., Inc.; B. J, Van
est rate of interest and agreeing was believed to be uncollectible. Ingen & Co., Inc.; .Geo. B. Gib¬
bonds
:v
■
Fairfield County School District
improvement
public
$3,600,000
DAKOTA
SOUTH
.
same
Oct.
Philadelphia School District, Pa.
Board
the
for, the
s, c.
Rate Bid
%
Saturday, October 18, 1941
-
:
Arlington, S, Dak.
.,'
purchase, of $22,000
Bonds
Voted—At the election •
not •' exceeding >y 4% ; v semi-ann.
held on: Sept. 30—v. 154, p. 327—
building notes. Dated Oct. lr 1941. the voters approved the issuance
Due $2,000 from - Dec. 1, .1943 to
of the $30,000 municipal building
1953 incl.
r'X bonds by a count of 244 to 42, ac¬
time
Other bids were as follows:
Bidder—
ing on the Parkway.
When the last series of the $8,-r
issue
v
Note Offering—Mr. Jordan alsoi
:
received
the First National Bank of Irwin.
••
Tulsa, Okla.
Election-—The
Bond
450—were awarded
Dougherty & Co.;,
the financial crisis of 1938.
Okla.
Pawhuska),
V
.
p,
the
of
.estimate
equalization
equal to appropriations.
Since
then, tax collections have proved
unexpectedly large. ' -' ;
dated
•
increased
voted
lature
154,
Webster
A.
to
as
alternative to diversion of the ex¬
of the $17,500,000
deficit created in preceding bienniums.
After the special election
South Scioto Rural School District
in
March" approved the budget
;r
(P. O. Chillicothe), Ohio
I
Note Sale—The First National balancing amendment, the legisr
.
FINANCIAL CHRONICLE
: THE COMMERCIAL &
648
—
bonds tendered
or purchased, pay¬
able to the Sinking Fund Com¬
missioners.
7
Halls, Tenn.
..
Call—Mayor! R,
Bond
s
H.
Jor¬
dan
states that series A, B, C, D,
F, G, H, I and J refunding
bonds, numbered from 1 to 159,
are
being called for payment on
Nov.
1, at the Union Planters
E,
National
Bank
Memphis.
&
Trust
Co.
of
,
-
.
Humboldt, Tenn.
Bonds Authorized
and
the
Board
of
—
The Mayor
Aldermen
are
stated to have authorized the issu¬
,
Warren Township
(P.O. Warren),
Bond Issue Approved
'
Ohio
Bond
,
v
.
Election
—
'•) i.
An issue
The
—
Department of In¬
ternal Affairs
has approved an
issue of $14,000 bonds for. fund¬
ing
floating .indebtedness! and
finance street and sewer improve¬
Pennsylvania
of
$187,000 improvement bonds will
be
considered by the voters at
the November election.
?
OKLAHOMA
Hills, Okie,
V.
]
of the purchaser,
purchaser from : his
election
the
the
obligations under the terms of the
contract of sale and entitle the
purchaser to the return of the
deposited with the bid
A certified check for 2% of the
amount
ments.
Nichols
at
relieve
Proposed
Duryea, Pa.
\
Bond Issue—Solicitor
payable
bonds,
District
order of the
to
Treasurer,
is required.
following semi- Charles Shea by direction of Bor¬
aggregating $15,000, ough Council is preparing an ordi¬
•I offered for sale on Oct..14—v. nance to issue $135,000 bonds for
154, p. 533—were awarded jointly the purpose of meeting outstand¬
to
the
First
National
Bank
&
ing debts. These include, according
Trust Co., and R. J- Edwards, Inc., to
report, a judgment of $78,000
both of Oklahoma City, as 2V4S held
by the Scranton Electric Co.
and 2%s, at a price of 100.10:
and $14,000 cf matured and un¬
$4,500 fire truck and equipment paid street improvement bonds.
bonds.
Due $500 in 1946 to
1954 incl.
North Huntingdon Township School
ann.
bonds
-
10,500
'
bonds.
1952
Water Well No. 5
Due $1,5Q0 in 1946 to
District
Deep
.
incl.
...
»
Bond
pon
(P.
O.
Sale—The
Irwin),
Pa.
$55,000
cou¬
refunding bonds offered Oct.
;trevenue
sale
on
Oct.
bonds
11—V,
p
•
■
.
premium of $176, equal to 100.044,
Bond Election Contemplated —
net interest cost of about 2.81%, P. L. Woodward, City
Clerk, states
on the bonds divided as follows:
that the City Council has passed
on first reading an ordinance call¬
$184,00.0 maturing Oct. 1, $8,000
in 1942, $9,000 in 1943 to 1946, ing for the issuance of
$600,000
,
a
Bond Sale—The
;
of
$514,000 refunding bonds
offered- for and
$20,000 funding bonds will
154, p. 258— be offered for sale in the near
were awarded to a syndicate com¬
future/ for. the purpose oi paying
posed of the Weil, Roth & Irving the
expenses incident to the issq-;
Co. of Cincinnati, the Robinsonance
of
the
larger" amount of
Humphrey Co. of Atlanta, Frost, bonds. ■>
■"/''' ■
Read & Co., and dames Conner &
•'/
: <
Nashville, Tenn.
/>:■
Co., both of Charleston; paying a
ann.
ance
SOUTH
CAROLINA
Darlington County (P. O. Darling¬
ton), S. C.
Bond Offering—Sealed bids
be received
until
11
a.m.
on
will
Oct.
18, by H. L. Jordan, County Man¬
ager, for the purchase of $75,000
coupon
public improvement and
funding
bonds. Interest rate not
4%, payable A-O. Dated
$10,000 in 1947 to 1950, $11,000 school bonds, but no election date
1951, $12,000 in 1952 to 1954 has been fixed as yet. •
"
$13,000 in 1955 to 1957, $14,000 in
Paris, Tenn.
1958, as 3s, and $216,000 matur¬
Additional
Information
The
ing Oct. 1, $14,000 in 1959, $15,-.
Recorder
states
that
the
000 in
1960 to 1962, $16,000 in City
1963 and 1964, $17,000 in 1965 to $120,000 refunding bonds sold to
in
■
—
$18,000 in 1968 and
$19,000 -in 1970 vand
23As. ':
>
; ;
to exceed
1967,
Oct. 1,
and
1941. Due $5,000 from Apr.
1, 1944 to 1958 incl.
as
1969,
1971,
Webster
and
were
&
Gibson
of
associates—v.-'. 154,
purchased
as
Nashville,
p.
534—
follows: $60,-
Volume 154
000
to
1949,
THE COMMERCIAL & FINANCIAL CHRONICLE
2%s, due Oct. 1, $6,000 in
as
1943
Number 3995
1947,
$8,000,
$7,000,
1950
1948
and
1951;
Denton,
Bond
Texas
Lavaca
Offering—Bids
received
the
remaining $60,000 as 2%s, due
Oct. 1,
J
i
and
until
Oct.
will
27
by
R.
B.
majority of favorable
Interest rate is to be specified by
the bidder.
Due serially in 25
$9,000, 1955 to 1958. : ;
not
o:AV;
years,
1
Refunding
Mayor
Aldermen
Authorized
the
and
have
County Water Control and
Improvement District No. 2 (P. O.
—
Board
of
authorized
Ei Paso),
'
Bond Election—The issuance of
refinancing of the town's bonded
$1,150,000 sanitary sewer system
bonds will be; submitted to the
about $190,000.
voters
at
election
an
$40,000
Co.
curities
Se¬
states
Nashville—v.
154,
of
p.
450—were
at
a
purchased
as
100.375,
basis of
price of
a
iy2s,
incl.
of
Held
that
Col¬
sue
a
Co.
in
which
were
held
for
follows
The
is
re¬
action
.at a
first
day
when
award
Breckenridge, Texas
Bond
water
Refund¬
ing Plan—The following report is
from
taken
the
Breckenridge
"American" of Oct.
"The
7:
on
Mahan,
six
Abilene
the
and
Federal
in
Court
at
about two weeks
city expects to begin issuing
bonds
new
old
be
to
Lilliard
Davis
Conlee appeared at
day, and
on
and
E.
E.
Abilene Mon¬
their return Tuesday
this
said
Jones
approved
arrangement will mean a saving
of
ll/2%
the
on
was
bonds and 2%%
5%
on
6%
of
rate
3%%
This is a great
approved.
wherein the city was able to pay
only the interest on the bonds it
of
begin retiring the total
$521,000 worth, all to be paid
in
out
40
years
the
at
present
rate.
"During the last five years the
city has managed to retire $52,000 worth of bonds.
"Next step
-
be
the
nance
toward this end will
of
issuance
a
ordi¬
city
and for the Attorney Gen¬
the
eral to approve
of
bonds
issue of
new
exchanged.
to be
*
"Seventy-five
of
percent
the
the
bond holders have agreed to
exchange
and the others, it was
thought, will agree.
"
Company
submitted
to
the
of
fact
cost the
Brownsville
District
Independent School
(P.
O.
Brownsville),
Texas
ment
water
revenue
Secretary
not
their
the
Mahan
disclose
plan,
the
other
that
council
Ad¬
J.
P.
Maher states that all bondholders,
the
be
it
met
have
of
out
The
Ranson-Davidson Co.,
cal agent.
is acting as fis¬
>
or
at the Chase
New
York.
for
No
less
A $500 certified
to
the
check,
Council,
Town
accompany the bid.
of operations under the
plan of readjustment to that date.
The secretary for the committee
Canada (Dominion of)
Government
Olympia, Wash.
Bonds Defeated
of
sue
At the elec¬
Financing—An is¬
$45,000,000 Treasury bills
was
sold
year
—
notes due Oct. 16,
Oct.
16
at
an
to
Port
of
Kalama
(P. O. Kalama),
Bonds
Voted
—
At
recent
a
1941, had
completed, the Bank of Can¬
ada, of Ottawa, and the Canadian
been
Chartered Banks having accepted
new
iy2% notes, maturing Oct.
16, 1944, in the same proportion
to
bonds.
Ashland,
station
above
the
1942
bonds.
Refinancing
Clerk
proved—The
also
reports
National Bank
at
Wis.
net cost to the government
a
of
1%%.
able
at
They
the
will
be
redeem¬
Government's
option
Due
1961.
Peoples
purchased
to
ing
WISCONSIN
in
1966.
fire
Tyler
Due
the
Resolution
Ashland
Ap¬
"Press" of
Sept. 30 reported -in part
as
on
after
or
street
NEW
on
a
on
30
BRUNSWICK
resolu¬
New
Due tion, providing for the refinanc¬
ing of present outstanding Water¬
1951.
1943,
fol¬
lows:
action
16,
days' notice.
same
Favorable
Oct.
Brunswick
(Province
of)
Bond
Sale—Hon. J. J. Hayes
refunding bonds,
which will mean a net saving to Doone,
Provincial
SecretaryUTAH
the city of Ashland of
$29,827.50, Treasurer, announced Oct. 12 that
was
taken at a special meeting
Provo, Utah
arrangements had been completed
of the City Council on
Monday for
Bond
Election
Cancelled—A
the
sale
of
$4,500,000 4%
evening.
news
dispatch from Provo on
bonds to a syndicate headed by
The proposal, made, by C. W.
Oct. 7 reported as follows:
McNear & Co., provides for the the Midland Securities Co., Ltd,,
The ' City
Commission
today purchase of the new refunding Toronto. The underwriting group
tabled the proposed
plan to place bonds at a substantially lower offered the issue to
the public at
before the voters
of
the
Revenue
at the general interest rate.
proposal to refund the
Under the terms of the resolu¬
$1,105,000 electric revenue bonds tion, which passed the council by
uannimous vote after R. L. Rob¬
and issuance of
$1,895,000 addi¬
election
without
a
a
price of
Oct.
par-
The bonds mature
15, 1953 and
are
payable in
Canada only.
a
tional
vote of the people at a
bonds
revenue
for
future
.
-
v
Pickett
and
the
council
houses
a
submit proposals
a
major
preme
running
invited
month
ago
for financing
improvement
without
afoul
program
the
Su¬
be
ing
placed in the position of be¬
obligated to
2.
Littlefield, Texas
Bond
of
Election
—
The
$275,000 light and
revenue
vote
bonds
at
an
was
The
steel
power
plant
on
Oct.
14.
proposed pig
development
are
money
extensions
tric
not
therefore
need
issuance
scheduled for
election
•
projects
Court ruling.
meet the present
bonds.
and
a
„
must
in
considered
results
works
special law.
a
par.
be
inson of C. W. McNear &
"The bonds are being issued
Co.,
Chicago, had explained the plan,
largely for refunding purposes as
bond election and without calling utility extensions and improve¬ $376,000 Waterworks Revenue re¬
well as to provide funds for the
ments.
in $600,000 in bonds which now
funding bonds, dated June 1, 1939,
Mayor Maurice Harding said will be called for payment at par liquidation of other capital ex¬
are outstanding against the water
plus a premium of $40 per 1,000— penditures
the plan had been held
incurred
before
the
up by
department.
together with interest thereon, on outbreak of
the Commission for three reasons.
war," said Mr. Doone.
These outstanding bonds, part
the
next
redemption date, De¬
1. Under the proposed
of a $1,500,000 issue sold in 1926,
plan the cember 1, 1941.
ONTARIO
city would refund the present
Mayor Gus Johnson and City
have prevented
the city from
Clerk Edward Johnson were in¬
New Toronto, Ont.
carrying out a general water sys¬ municipal power bonds held by
John Nuveen Company' of Chi¬ structed, in provisions of the reso-^
tem improvement program.
Bond Sale—J. L. Graham & Co.
The
lution, to publish and mail a no¬
cago on Dec. 1, the next interest
Texas Supreme
of
Toronto
have
tice of redemption.
Court ruled in
purchased an
As the bonds must
1934
that
no
additional
bonds paying date.
Condition of the market for aggregate of $293,000 bonds, as
be called 30 days prior to the municipal bonds is such that the
could be issued against the water
follows :
'C.' v
.-A
interest paying date, it would be bonds may be refunded into obli¬
department until the last of the
$188,000
3%%
improvement
gations bearing a lower rate of
bonds.
Due
from
1953
to
$1,500,000 issue is retired in 1951. necessary to make the call prior interest, thereby
saving a sub¬
to Nov. 4, the date of the elec¬
In
an
effort
to
find
a
stantial sum of interest
1956 incl.
way
annually,
around this decision, Mayor Neal tion, and therefore the city might it was pointed out.
60,000 3V2% improvement bonds.
agreed to the plan of
Inc. of Edinburg,
in
assuring
with
than
Clerk election the voters approved the
City
time,
$37,000
semi-ann.
improvement bonds as iy2s.
syndicate
than
carried
enactment
without
refunding the district's indebted¬
ness.
that
of
later
except the holders of about $48,000,
The
invest¬
details
Bank
payable
the1 equities applicable to
outstanding certificates of de¬
posit as of June 30, 1941, and the
the
airport
46,000
Chicago bond attorneys, and that
could
that
1942
approval of Chapman and Cutler,
it
Sold—The
$100,000
bonds.
Dittmar
National
will
re¬
2s:
as
of
three
receive
may
state¬
included
following semi- issuance of $80,000 refunding
to their holdings of the old issue.
aggregating $146,000, bonds to
get a refinancing pro¬ The new notes will
purchased
on
be priced at
Oct.
3
by
Callihan
gram under way.
&
Jackson
of
99.27 and accrued interest, mak¬
Dallas,
financing
an
: The
bids
reports
were
through the sale of the proposed
to
Debt Refunding Plan Well
vanced—District
house
which
Committee.
and
bonds
ann.
eventually
may
representing bonds of
Imp. Dists., Nos. 1 to 8, 10
15, 17 to 19, incl. by the Bond¬ Treasurer's office,
Local
.
states
city $30,000, exclusive of
the commission
investment
■.
it
ing bonds- Denom. $500. Dated
Nov. 1, 1941. Due on Nov. 1,
1956;
redeemable
after
Nov.
1, 1951.
Prin. and int. payable at the Town
In
—
and inciner¬
sewer
in 1942 to
that
Pending
allocating certain funds
Bonds
advantageous to the city, despite
the
been
Wash.
Chi¬
council
has
30
on
match.
Com¬
one
Sept.
J. H. Bolton, 217 Pine
Street,
Seattle, Wash.
Tyler, Texas
of
is
dated
issued to the holders of certificates
of deposit
the
Texas
bonds
ment
of
The council decided the plan of
bonds.
interest
flat
now
to
Company.
and
the purchase of $7,500 not to ex¬
Report—A ceed 6% semi-ann. coupon refund¬
Issues
average
approved
by
the tion held on
Sept. 30, the voters yield of 0.542%. Dated Oct. 17,
Sept. 16, it is stated by
defeated the proposed issuance of 1941 and due Jan.
C. D. Garrett,
16, 1942. HonCity Secretary, that
airport
expansion,
and J. L. Ilsley announced that re¬
these bonds are to be sold con¬ $60,000
$5,000 sewerage purpose bonds.
financing of $200,000,000 2% twotingent on the Federal Govern¬
weeks ago.
The
saving to the city and means that
can
and
syndicate
which
did
"A
ator
voters
this syndicate would be the most
ones.
Mayor
and
This
Offering
improvement,
issuing
composed
Committee
connection with the
$182,000 street
Fri¬
out
v
1,
Longview Local Improvement Dis¬
by Helen Adams, Town Clerk, for
tricts (P. O.
flect
Antonio),
a
revenues.
is
Underwood
proposals
exchanged for
"Mayor Floyd Jones, City En¬
gineer
for
Wyo.
Bond Offering—Sealed bids will
be received until 2
p.m. on Nov.
is
pro¬
voted
WASHINGTON
holders'
proposal to issue $35,000
construction bonds.
both of Houston, and Stifel,
cago.
the
down
expan¬
payable
Dittmar
R.
Nicolaus
today
plan
a
bonds
syndicate
Milton
for the city's bonds was approved
by
(P» O. San
investment
an
Dayton,
School [ District ments
Bonds Defeated—At an election
held on Sept.
27, the voters turned
$3,000,000 to
council
department
The
pany,
refunding plan
proposed
the
WYOMING
part of the Commission.
to
$200,000 bonds.
Common
Bond
the
overcome
contract to
a
of
may
the issu¬
on
Houston
in
Com¬
authorized
than
report
Texarkana, Texas
a
was
Interest
election
an
to vote
soon
-
obstacle
program
revenue
Approves
the
stated that
Sayers
System
$10,000,000 water system
syndicate
Oct. 18.
Court
from
posed financing of
revenue
meeting of the Board of Directors
on
Water
is
ance
Bond Contract—We quote in
part
sion
dormitory
were
Awards
Authorled—The
Council
mon
had
Bank
Bioncl Election Contemplated—
It
San
"Post" of Oct. 11:
Abeyance—It
bids
$610,000
bonds
of
National
on Nov.
1.
date called.
on
be held
of Oct.
Davidson
American
(P. O. San Angelo), Texas
re¬
4, were purchased by
group composed of the Ranson-
as
ceived Oil Oct. 4 for the purchase
of
$753,000
The bond matter is extreme¬
Longview), Wash.
Houston, Texas
Station), Texas
stated
the
Marshfield, Wis.
Bonds
More
San Angelo Junior
College District
funding bbnds sold at 3V2s, 4s
and 4V4S, as described in our is¬
Council
lege of Texas (P. O. College
Austin,
_
TEXAS
Agricultural and Mechanical
the
ceases
Antonio,
Due in 1947 to 1950
Crummer & Co. of Dallas, and
Barcus, Kindred & Co. of Chicago.
about 1.45%.
Bids
that
oc¬
actually
vious resolution authorizing the
the
required
900
borrowing of the money on short
already been secured term notes.
Dated Dec. 1, 1941.
on
the petitions needed to place
J,'
;* Marlin, Texas
Due $5,000 in 1942 to 1951; call¬
the ordinance before the voters,
Bond Call—C. S.
able on or after Dec. 1, 1944.
Cousins, City
but the petitions will be held
up
Secretary, states that 5% streei
improvement bonds numbered 25 pending the next move on the
i
Purchasers—The County Judge ;•
now
the Nashville
to
construction
'
at
Hidalgo County Road District No.
2 (P. O. Edinburg), Texas r
semi-ann.
right-of-way
bonds sold to
road
is
recently
the issuance of $50,000 2% com¬
ly important and calls for a more
mature deliberation and consid¬ munity building, armory and li¬
brary bonds and rescinded a pre¬
eration.
3.
was
40, and 44 to 77, dated Aug. 1,
1929, are being called for payment
15, according to Joseph
Sumner County (P. O. Gallatin), McGill, County Judge.
Price Paid—It is stated that the
$75,000
votes
proposal
to
scheduled
for Nov.
Tenn.
the
on
developments
money
■
Texas
the
indebtedness, which amounts to
elec¬
names
El Paso
Debt
the
bonds.
Rogersville, Tenn.
The
received
issue
the
needed.
Oct. 4, the necessary
on
and
cur
Bonds1 Defeated—At
tion held
purchase of $135,000 school bonds.
$8,000 in 1952 to 1954, and
issue when the
ville), Texas
Neale, Jr., City Secretary, for the
on
County (P. O. Halletts-
be
649
and
the
and
city
as
Cudahy, Wis.
yet,
doesn't
to
make
waterworks,
elec¬
now
saving; to the city,
plan is $35,727.50, less
$5,900, the amount of premium on
bonds outstanding, leaving a net
saving of $29,827.50.
Notes
pose
Oct.
other facilities.
call
a
will
be
ample
special election
on
time
a
to
bond
Sold—The
states that
Co.
There
gross
Due from 1947 to
45,000
notes
1952 incl.
1941.
City
Clerk
bonds.
1946 incl.
Co.
Sale—Dube,
and
J.
E.
Leblond
LaFlamme,
&
Ltd.,
$40,000 corporate pur¬ both of Quebec, purchased an is¬
were
purchased on sue of $321,000 4% improvement
$5,000.
Due
improvement
Three Rivers, Que.
Bond
7 by the Channer Securities
of
Chicago,
at
$0,625%.
Denom.
3%
Due from 1942 to
airport
definite
right
of
iron
and
The
under the
on
Dated
Oct.
Oct.
15, 1942.
15,
bonds at
about
1956
a
price of 98.08,
4.29%.
incl.
a
Due from
basis of
1942
to
Investment News
General Corporation and
RAILROAD
PUBLIC UTILITY
-
bond.
on
stamping at the office of City Bank Farmers
relative
notice
following
residents of the United State
to
will accompany the checks:
■America
.
The
the
of
—V.
■■f ;
—Earnings—
Gross
Gen.
(Del.);.
?
& adm. exps.
oper.
for
sales
losses
during period
Depreciation of
a
&
time
on
plants
mines
of
depletion
self-insurance
8,269
Proy. for Fed. inc. taxes
//215,138
',/
150,766
V /
8,295
96,000
for
Res.
partly paid"; /
/VZ/;Z 1 :/
'
164,958
156,308
•
21,705
;■////:
"Plain":'
153,201
■
•
for bonds "stamped
partly paid" unless otherwise specified at the time
claim
bondholders
of
Net
tEarnings
•
bids
shall
paid"
offers
and
made
be
the
on
delivery
■i—V.
the
must
carry
p. 424.
154,
profit
capital
-
OUtstdg.
328,108
$7.32
328,108
$1.84
328,108
$2.32
share
per
'
depreciation,
interest,
♦After
taxes,
328,108
$5.03
•
excess profits
first and second
has recomputed the income taxes for first and second
and its earnings published for these quarters are corrected
to the following figures:
.i
For the first quarter, ended March 31, 1941, gross earnings were
$2,005,167, excess profits taxes $929,656 and normal taxes $333,454,
leaving net earnings of $742,053, or $2.26 per share, instead of $2.44
as
reported.
For the second quarter, ending June 30, 1941, gross earnings were
quarters,
profits taxes $1,127,950, and normal income taxes
$2.75 per share, instead
reported.
/ For the 12-month period, ending Sept. 30, 1941, the gross earnings
amounted to $7,743,281, excess profits taxes $3,509,984 and normal
tRxes
$1,367,447.
Net profit after taxes amounted to $2,865,850,. or
$8.73 per share, as compared with $2,520,598, or $7.68 per share for
the 12-month period ending Sept. 30, 1940.—V. 153, p. 384.
excess
$404,579,
154, p.
'
'■
and
Other
1
,
Corp.—Listing—Acquisition
Corp.' on Sept.'
Home Products Corp.
and (2) approved the dissolution of International
[
Corp.
.....
.
",
f
I '
-
fedv. and adminV etc.,/exps.
selling,
sold,
Operating profit
income
1
—
————
income
•issuance.—V.
154,
■
authorized the listing of 407,215
stock (par 50 cents), with authority to
list, upon official notice of issuance, 290,000 additional
common stock.—V.
154, p. 535.
''■f1
outstanding
add
to
shares
shares
common
the
securities
'
—
Notes and accountants receivable
Offered—Kobbe,
Inc., New York and Jenks, Kirkland &
Co., Philadelphia are offering 20,000 shares of Class A
v(no par) common stock at $4.00 a share.
The offering
Aviation, Inc.—Stock
American
All
Gearhart & Co.,
constitute
not
does
financing
new
the
by
company.
Jenks, Kirkland & Co. and Kobbe, Gearhart & Co., Inc.
have a joint interest in an option on these shares from
Arthur P. Davis at $3 per share, or an aggregate discount
of $20,000.
The
filed
has
company
now
communities
numerous
the
to
was
with
the
proposals
CAB
without
air service
t
.1
system.
present
■/'/.
Class
A
stock
B
stock
(voting;
B
Oct.
of
As
stock
does
1,
add
extensive
.
mileage
350,000 shs.
Total
participate in earnings.
not
1941,
100 shs.
par)
no
Richard
C,
duPont,
Alpha Portland Cement Co.
Net
Mos.
End. Sept. 30—
$9,396,215
sales
Operating
—
income
Net
income
-
8,367,179
// 115,842
.
Foreign income taxes due later
5,363,067
950,781
5,056,882
754,020
$777,506
$867,275
t$2,930
215,682
76,727
96,589
$993,188
$944,002
;
-
$93,659
134,233
Crl6,207
$809,769
$109,866
639,225
639,500
641,000
$270,323
$139,868
634,090
.
638,400
'
$1.22
4
:
-$1.93
profits tax.
•
surplus
•.>••/'
>
915,918
476,328
./
155,917
975,353
777,815
»
811,857
/;/ > 485
040,786
-
——---
/
,
$170,269
t$531,134
639,500
639,500
.
•/
$1.26 / W-
tLoss or deficit.—V. 153, p. 384.
$0.17
and
income
recently
1941
. <:
■/1941—12 Mos.—1940
1941—3 Mos.—1940
$
$
$
$
-.
325,236,755 289,291,379 1,255.742,668 1,149,226,167
expenses__210,968,575 189,733,831
809,334,253
752,182,983
.--I
61,308.254
48,792,002
226,127,392. 176,231,248
revenues...
10,578,937, ^,45,556,582
,42.580,639
„
•
deductions—
//
TSNet
46,958,478
1,885,323
46,788,009
2,261,325
45,073,155
-
income
—'—*y^—►—r
i
income...
income
tNet
12,010,161
' <■
•-
Total net
,.
44,526,684
34,977,552
;
——
209,743,244 ::213,208,849
8,229,874
9,115,698
;
applic
.;'••//■ able to Amer. T.
&
T.
T.
&
201,513,370
204,093,251
T.
stock—
Co.
^Includes
/
>
stock-
Co.
share—Amer.
Per
2.41
2.38
,10.78
10.92
traffic,
depreciation,
maintenance,
current
commercial,
general and miscellaneous expenses and operating rents.
•
fIncludes
interest
proportionate
earnings
in
deficits
or
of
Western
Electric Co. and all other controlled companies not consolidated
(partly
estimated),
/,•,",■///•:
/• ■/;
/;
^Applicable to stocks of subsidiaries consolidated held by public.
^Applicable to American Tel. & Tel. Co. stock.
Note—Figures for the 3 months and 12 months ending Aug. 31,
been
have
adjusted
/
Federal
income
•;
of
recently
1941
1941,
applicable portion of the increased
taxes imposed by the Revenue Act
•/ - ■/■■
M >
include
to
and
the
profits
excess
enacted.
.$222,745,200 15-Year 3% Convertible Debenture Bonds
Sold—Unsubscribed Portion to be Sold on Exchanges—
■
The
company
Oct.
on
filed
15
with
the
SEC
a
supplement
to
the
prospectus dated July 16, 1941, relating to the offer of $233,584,900
/. 15-year 3% convertible debenture bonds, due Sept. 1, 1956.
The company has sold $222,745,200 principal amount of Its $233.-
</ 584,900 15-year 3% convertible debenture bonds, due Sept. 1, 1956, pur¬
suant to the offer thereof to the holders of its capital stock.
Comto sell the unsubscribed portion of debenture bonds
principal amount) from time to time after Oct; 15, 1941,
proposes
pany
($10,839,700
the New York, Boston, Chicago, Philadelphia or Washington Stock
Exchanges through brokers now unknown but who are regular members
on
such Exchanges,
of
who will receive for their services only the regular
1940, $2,880,000 and as June.30, 1941,-$2,160,000-of
Z brokerage commission and who will be underwriters within the defi¬
nition
of Section
2 of
the Securities Act of 1933. '•/ Approximately
represent liabilities of the parent-company incurred
$2,552,500 principal amount-of debenture bonds was reported sold on
new business in 1939.—V. 154; p. 241.7-'/:'// ///
31,
Dec.
New York Stock Exchange during
the
The
Corp.—Earnings—
Ended June 30, 1941 ///'•/
American-La France Foamite
for 6 Months
Earnings
.
income
Oct.
-/•
—
$309,252
six months regular interest of $82,005,
20-year income notes and $226,412 for. Federal taxes.
16
on
included
Note—Earnings
152,
p.
United
3333.
.
States .and . Canadian
operations.
for
:■
y
the
Republics
American
Oct.
On
signed
by
Internal
in
deficiency
no
Revenue,
entered
an,
to
holding
the
Under
of
1934
Personal
the
Corp.,
Commissioner
had
asserted
against
.
the
Commissioner
certain
erfed
;
in
,his\ assessment, because .of faiiqre
law.—V. 152, p. 4115..-
allow
1941.
mentioned,
the total reported sales
$20,000 principal amount.
a
(exclusive
would
brokers
to
unit of
be
and
25c.'
(c)
$100 principal
11, 1941), (a) the
amount of debenture
interest), (b) comunit of $100 principal
principal
of
acprued
per
proceeds to the company would
or a total of $12,072,716
amount
interest).:;
issue of
the entire
bonds,- after
be
$10,839,700
total of $27,099,
per
of
the
$12,099,815
deducting
On this basis the net proceeds from
$233,584,900 principal amount of deben¬
expenses
now
estimated
at
$1,200,000
$233,617,916.
in connection with the proposed sale of
the debenture bonds any broker (1) whose relationship with City Bank
/ Farmers Trust Co, would disqualify said trust company under Sec¬
The
tion
American
to
be
paid
or
sale
would
,
company
310
under
a
deductions permitted by
other Exchanges
(exclusive of accrued
the
ture
tax deficiency of $854,813
(plus. interest from
March 15,
1936) and penalty of $213,703... In contesting the assess¬
ment, the corporation denied that it was a personal holding company
within the meaning of the Revenue Act of 1934,. and alleged that the
Republics
11,
such Exchange was $111V2
and the last sale on
amount
debenture bonds on such Exchange was reported to
price of $111% per unit of $100 principal amount.
public of
the
$111%
be
company
the
the
on
period aggregated less than
would
amount
there
surtax liability- or
American Republics
/,' *'
/. «♦'//•.■:}"/./.•>.*/
Holding Company provisions of the Revenue
personal
due from, or overpayment due to,
Corp. for the year 1935. •
•
' //•/
penalty
order, deciding that
the
of
same
/« missions
y:/'■■■?;
/
at
the 30 days ended Oct.
30 days
principal
Based on the price^of $111% per iinit of $100 principal; amount (the
price
///
10, 1941, the U. S. Board of Tax Appeals, .'under stipulation
counsel for the American Republics Corp. and the Com¬
of
missioner
Corp.—Board/of *Tax> Appeals
Company's Favor—
of
1941,
$100
last price on the New York Stock Exchange on Oct.
bonds
Rules in
unit 'of
per
case
these
during
range
been
the
In
f \r'f-
I* 7.*-''^,;..' ^ .Z^/" '
;
11,
have
charges including
Oct.
price
$ 113'/«
to
___
all
♦After
Act
i
obligations
in acquiring a
—V.
of
255,789,488
;,$17,292,839. $19,188,114
-
Federal
255,299,826
$441,232
2,153,465
■*"''. ..'.i.
//- 806^57
subsidiary-485
——_—
960,575
increased
the
57,366,946
47,186
/. 223,037
y
—-—
of
58,968,639
,
was
/.
955,445
share——
excess
5,434,319
955,814
214,095
stock
'.*• *
than a year_"
losses—contingent —
contingencies _!
Capital stock
Minority stockholder's interest in.
Other
—
portion
imposed' by the Revenue< Act
?:;.',,:: ■
.////;//'////;/;; v ,
taxes
■
220,811,936
Interest
/
•/■-?■/ 1
220,967
■i*'
company's proportionate interest in undivided
Telegraph Co. and its principal telephone subsidiaries
r
Dec. 31,'40 June 30,'41
»
for September/ are
figures
220,281,023
35,018,603
$17,292,830 $19,188,114
Foreign
♦Net
9.79
final
when
50,765,546
6,601,400
A
99,097
4,320,681
—
Reserves *
at
10.49
Net operat. income.
52,959,926
f.Other income (net) _ 6,008,713
$5,807,972
$779,093
—
♦Includes
$4,355,662
—1,812,461f-r 2,442,489
.y.
161,371 / 324,743
50,926 / /.f-16,721
♦Notes payable
z
—_1—.
1—/ 2,160,000 ;• 1,728,000
Purchase money mortgages payable (obligations V-~•*
of subsidiaries)
__l__—
322,750
319,250
1938
♦549,875
dividends
per
1939
$7,181,123
$1,225,768
_
common
Earnings
28,204
tax_.
Surplus
Chares
1940
$7,167,639
$1,775,643
..
profit
Common
;
(net)—_
Total profit
Federal
(& Subs.) —Earnings—
r
$1,747,439
Operating profit
l;
6,668,973;.
979,803
expenses
Depreciation
Other
1941
applicable
;/ ♦Operating
payable
liabilities
president and director of
corporatibn,
12
*
Total
14,731,056
2.37
changes
.
current
these
168,181,146
27,915,310
/ ///'/ /'///'/V/'-v /•///,/. //
Consolidated Earnings | Report—^(American7 Telephone
the
Operating
currently
Earned
168,181,146
Period End. Sept. 30—
*
(current)
—
$739,781
payable and accrued expenses—
1,662,348
Federal & foreign income, etc., taxes' due //
Other
due
i-
1
31,670
,
payable
Dividends
42,045,287
>: 2,330,058
2.S3
Total, income
1
169,972
160,721
;/
——.
Liabilities—
Acer.
16,636,133
182,912,202
'Notet-rFigureafor. the 3 months and 12 months ending Sept/ 30, 1941,
;
.■
126.689
4,221,044
—
for depreciation)—_
Prepaid advertising, prepaid insurance, etc
other assets—
♦Notes
20,159,719
196.096,456
5,195,516
minor
to
System
include
252,584 shs.
.
and his family owned a majority of both the Class
and Class B stock.
///,; //
////./ ■.'/',//
/ //;//>-7 : Z
the
reserves
trdmks., formulae, pat. rights, etc
Miscellaneous
♦As
.
Outstanding
Oct. 1,1941
100 shs.
.
no; par)
(non-voting;
Oass
Class
and
Authorized
,
/Capitalization—
A
to extend its air
in which itwould serve
pick-up service to 237 communities in the States
operates
and neighboring states.
These routes
mail
i_—
1
—
(less
6,541,919
/
97,1.19
—•
—
Investments
assets
4,147,157
44,375,345
42,045,287
profits
/ enacted.
$1,629,830
29,639
•
$3,162,760
(net).
------—
Other current assets
Goodw.,
j-.
Accounts
formed in March, 1937, and is the pioneer company
to
bring air mail and air express pick-up service to communities
not served by the major air lines.
The company's planes are equipped
■with a patented device to pick up specially designed mail pouches in
flight while dropping a pouch in the same operation.
The company's operations are under the complete jurisdicltion of
the
Civil
Aeronautics Board.
A permanent certificate was granted
by the CAB in July, 1940, and since Aug. 12, 1940, the company has
operated five air-mail pick-up routes over six eastern states.
These
iuclude Pennsylvania,
Ohio, Kentucky, West Virginia, Delaware and
New York.
Flight mileage on present route is 1,373 miles and total
urban poplation of 86 stations served is In excess of 4,000,000.
Company
Merchandise inventories
Fixed
.
and in banks—j $2,782,975
hand
5,677,285
47,240,803
/Does not include the
Bell
Dec. 31, '40 June 30,' '41
Assets—
Cash and
Marketable
199,548,335
$2,201,009-
——
Consolidated Balance Sheet
York Curb Exchange- has
The New
'
586,483
48,522,502 216,256,175
profits' or 'deficits, of, subsidiaries.
/
for Federal income and excess profits taxes at June
estimated at 30%.
< ,
/■///(
Aircraft Accessories Corp.—Listing—
782,423
// available.'
.162,558
.♦1,407,712
4
profits tax
—
——
are
6,486,566
192,700
—
♦Subject
provision
1941,
16,660,719
175.814,567
8,970.261
deductions
Taxes
30,
25,302,812
181,200,679
1,744,306
Co.—per share
206,726
_
j—-—
income
Net
3,282,640
86,249
—
Z
Provision for Federal income and excess
♦The
535,
p.
♦1941—12 Mos,—1940
43,302,856
52,918,088
"Z—— 1 $3,978,005
—
Depreciation
,
debentures.
Earnings of A. T. & T.
%—S.—"$3,6dl;756
—
deductions
Other
its 20-year
298,168
income
Balance
(
Total
1941,
2,613,817
(net)—
excess
Other
1,
6,447,518
Dividends
/
$21,061,?44 /.
.17,169,588
—
„_r-
goods
/
Nov.
on
43,558,595
income
vNet
<■
„
,
Consolidated Income Account, 6 Months;Ended'June.30,. 1941
of
income
Interest
property and assets of International including its good will
as a going concern, for shares of stock of American
sales
taxes—
income
Total
(1)
17
Vitamin
Cost
I -The New York Curb Exchange has approved the listing of 100,000
additional
shares
common
stock
(par $1),
upon
official notice of
,
"
•
business
its
incl.
income
Interest
assignment, conveyance, transfer and delivery
the exchange,
the
all
of
Net
leaving net earnings of $900,302, or
Air Associates, Inc.—Listing—
Z'
>' - ■
/
$
$
•/■»■• '.-Jt $
29,248,404 140,814,745 117,880,994
25,965,764 115,511,933 101,220,275
$
35,890,141
29.442,623
operating income.
Dividend
241.
stockholders-bf InternationalWitalmin
The
30—
revenues
Exp.
Net
as
$2.81
/
stock
shares of its
authorized
v
of
Period End. Sept.
on
Exchange has authorized the listing of 25,500
(par $1) upon official notice of issuance
in
connection
with the acquisition of all
of the assets, property,
business
and good will of- International Vitamin Corp;' making the
total number of shares applied for 837,358.
t:.//•/ I- -v/v.
quarters.
Company
$2,432,832.
1
Earnings of American Telephone & Telegraph Co. Only
;•
.The New York Stock
additional
and
income
Federal
tReflects adjustments to income taxes for
etc.
:•
'
Allegany
next year.—V.
American Home Products
$25)—
(par
Earnings
:'
redemption
has called for
sold $90,000,000 35-year 2%%
company
(a New Jersey corporation) into
County (a Deleware corporation)
$1,648,033
$602,688 t$2,403,519
$761,154
—_
County—Vote
Allegany
"
.
greater
The increase in the number of longer haul calls
1940.
company
Oper.
of
Co.
postponed to
been
.';/■'/
stock
Shares
of
Co.
this company
of
merger
American Coal
has
1941—9 Mos.—1940
1941—3 Mos.—1940
/•/,.<
conversations for the first
than for the correspond-
distance
16%
special meeting scheduled for Sept. 25 to consider
stockholders'
proposed
The
(& Subs.)—Earnings—
Ended Sept. 30—
Period
♦Net
Nil
-V, 153, p. 1121.
Merger Postponed—
The
Steel Co.
Acme
•
long
about
29%.
about
Operating
a
'
Coal
American
and to be a
subsequent coupons.
and
1932,
1,
June
the business.
and
was
♦1941—3 Mos.—1940
;
-
"Flat''
in
dealt
be
to
1941
fund 5*6% gold debenture bonds outstanding in the amount
of $94,192,500.
To provide funds for the retirement of these bonds the
■
Nil
fOn 627,969 shares of capital stock,, no par
v
sinking
V,IZ
///Nil
$0.31
stock
♦Loss.
claim partly
:
•
Co.—Quarterly Re-
this
of the original
percentage
a
($1,000); and
continue
shall
bonds
the
of
basis
principal amount of the bond
That
bondholder's
"stamped
bonds
in
I
share on
per
2,200
'C
.
//'/■:-/ ./
.,
The gain in September was the highest monthly-
toll
of
of
period of
ing
Z was
„
♦$94,633/ ♦$162,339
♦$117,842
$195,622
.____
capital
contract:
That
profit
-I:
,.
net gain of about 1,007,900 telephones during
year as compared with a gain of 646,900
a
1940.
number
months
nine
had
the history of
in
The
The
offers shall be considered as being
That bids and
the
gain
7,360
»i_.
"
.
the corresponding period of last year.
The gain in telephones
third quarter was 334.300 as compared with 197,800 during the
during
for
:
"
7,960.
.
10,000
.' /L
/,■•
2,166
/, . ■
____„
.
;
//.i
months of
first nine
third quarter of
...
$9,980,246 $111,205,310 $95,794,308
.—
''/
Bell System
The
.
.
1941—9 Mos.—1940
27— 1941—4 Weeks—1940
operation—
p. 241.
.
"■
154,
the
4*
•/.//•;/"
/ 30,852 //■ 24,747,//
'
1 -.Z
/ .,.. I
'v.
31,003
,y,
...
__
'V
,.'///.
,
amount
536.'
p.
port—Walter S. Gifford, President, -states:--"
■:
$235,064
"Stamped bondholder's claim
?•
in
American Telephone & Telegraph
r
.
ship'ts made
on
154,
for
contract
The
carriers.
ore
announced.—V.
$12,775,883
—V.
-
Subs.)
$280,642
191,803
$290,554
194,291-
$668,395
181,186
Lakes
not
Commission
Maritime
a
Great
was
American Stores Co.—Sales—
- •
.
,
'■
.
.
Oct. 3,'40 Sept. 28,'39 Sept. 29,'38
.
/. Oct. 2,'41
profit from oper.
Prov.
follows:
as
,
Ended—
Months
3
any
small handling charge."
; .
I f
The Exchange
directs that beginning Oct. 15, Exchange Contracts
in Abitibi first mortgage gold bonds, Series A, 5%, due 1953, may be
'made
y;*'
six
Sales
Btore3
"/
v■
/American Agricultural Chemical Co.
of
less
ceipt,
."/•
535.
p.
of
contract
...
Canadian Chartered Bank.
If you desire to take ad¬
this rate, which is today (Oct 10, 1941)
11% premium
'(approximately $117.12 U. S. for $130 Canadian), your cheque may
be sent to the Agency of The Royal Bank of Canada, 68 William St.,
New
York/ which will remit to you or to your Bankers, in United
States dollars at the Control Board rate current on the date of re¬
of
vantage
154,
awarded
been
the
in
Period End. Sept.
to outline arrangements under which
required will be brought to the new plant.
shortly
expected
has
construction
involved
•
Foreign
Branch
is
amount of power
,
the United States are entitled under Regulations of
Exchange
Control Board (Canada!
to obtain United
States dollars in settlement of cheques marked 'F.E.C.B.-Div. 11-2-211',
and conversion may be made at the Control Board rate at a Canadian
the
OPM
large
American Ship Building Co.—Government Contract—
Company
the
N.
Massena,
of
"Res.dents
•,
at
MISCELLANEOUS
>
/
the construction of a new aluminum
Y.
Grading work has already started.
The
plant will be constructed by the company for the Defense Plant Corp.
without profit, and will be operated by the company for a'manage¬
ment fee of 15%
of net profit, if any.//-:'//'.// — •;''/////*
plant
Co.
The
•-
15
5%, due 1953, will be made on or after' Oct.
Series A,
presentation of bonds for
Trust
INSURANCE
-
of America—To Build New Plant—./,
let contracts for
has
Company
Exchange has received notice that pursuant
to order of the Supreme Court of Ontario payment of $130 in Canadian
funds on account of the .principal of each $1,000 first mortgage gold
Stock
York
New
Co.
Aluminum
Ltd.—Method of Dealing
Abitibi Power & Paper Co.,
The
INDUSTRIAL
-
Saturday, October 18, 1941
CHRONICLE
THE COMMERCIAL & FINANCIAL
650
the
not
Trust
indenture;
taken
use
Indenture
(2)
whose
Act
of
1939
diiectors,
from
acting
partners
and
as
trustee
executive
beneficially more than 1 % of the
outstanding voting securities of City Bank Farmers Trust Co.;- (3)
who has any substantial interest In any property acquired by the
company within two years or proposed to be acquired by the com¬
pany, not in the ordinary course of business;
(4) who is affiliated
officers,
■t
of
the
will
as
a
group,
own
7
Volume 154
with
'r*J
the
Number 3995 X
■
c<ynpany;.-/ or ; (5)::. who
was
„
party
a
..
to
THE COMMERCIAL & FINANCIAL CHRONICLE
received notice of
or
Brazilian' Traction
.
.
Light
Power
&
Co.
Cent
40
Boston
any.proceeding resulting in a/denial .by,..#- governmental.^regulatory body
affecting the right to sell -securities; issued by the company. ./■',/
.
Directors have -declared a dividend of 40 cents per share on the
.-Upon the sale of the $10,839,700 principal amount of debentures
common"-stock, payable: Dec. 22 to holders of record Oct. 25. This
bonds, the entire 2,335,849 shares of the capital stock of the company••(!
T will be the first dividend paid since July 5, 1938, when 50 cents
■i,registered in connection with the debenture bonds will be issuable upon
per
share was distributed.—V.;; 154, p. 425.•;//.i//j/*
; conversion.—-V. 154, j>. 580.
<
*//•....■ ;/ ;»
Z/'•:■
4
;•
^-Dividend-^^y ^..
*
651
Maine
&
RR.—Abandonment-
The ICC on October 1 issued a certificate permitting abandonment
by the company of that portion of its Groveton branch line of railroad
<
.
between Whitefield Junction
and Lancaster,
Coos
t
p.
County, N, H/—V. 154,
approximately
12 miles, in
355.
»
'
I
American
Tobacco
■;
Co.—Decision Reserved—
^Briggs
Bridgeport Brass Co.—Registers With SEC—
I
;
■
Manufacturing
See
Contract—
Co.—Government
Supreme Court has, reserved i : With a
.preliminary/order amounting to approximately $23,000,000,
; decision on an application by Herman Finkeistein, stockholder in the
Company is entering the airplane turret businessman a substantial
company, to stay all proceedings in State courts in another stock-...
way. w> q, Briggs, Chairman of the Board, announced.
/holders' action against five directors and officers, pending determine- v
The-turret;order'is in addition to the contract recently announced
Simi1^' 8-Hlt pending,(in Fedwal cou1rt-
£
^
fi'
'*■
® TO^gi?i !
^
•
Granting of the
by.,Supreme.Oo.urt Justice William
contends that the judgment was insuf-
«
♦
vio«
iicient., v. loo, ^p. 425.
v.'*— *'1
rti.,.11
-«
'»
American Utilities Service Corp.-—To Retire $400,000
Collateral Trust 6s—
^
-*
,
x.
,,
-
...
See
n-uft
loa,
p.
/
v
-
i4o.
-
.
/Output—.
Output
•
•
■
electric
/69,498,000 kilowatt
55,318,000
five
^
for
of
foRpwa:
years
the
Sept. 20_„_
Sept. 27
electric
of
increase
the
weekly
of
25.6%'
,
over
,/v ,7- "<
;
1940.
for
/•
<
54,110,000
51,949,000
42,460,000
52,787,000
42,999,000
43,683,000
43,681,000
48 908 QOO
68,941,000
54,372,000
54,648,000
69,498,000
536.
55,318,000
54,900,000,
154,
Directors have declared
•
stock,
«
with
payable
$1
paid
Oct.
28
holders
1,
last;
initial dividend of 25 cents paid
)
now outstanding on Feb.
basis.
,
In
common
;
payment
has
be
to
declared
made on
Oct.
accumulations on its two preferred
per
share on the common, the
since 1937.
$4.25
share
a
Directors have declared
This
common
.'
<
■■
and
repairs
for
of
1—
retirement
000 Debenture I^ues With SEC—Eastman,
* to Head
Net
operating
Other
240,280
—
664,668
215,400
$2,473,595
————
$2,295,458
239,125
238,328
$2,234,470
$2,057,130
9,961
________
paid
were
on
the
old
*16 .filed
Corporation -on" Oct.
i
Net
debt—
842.500
expense
842.500
203,223,'
5,047
the
with the SEC a registration statement
The present intention is<to reduce outstanding bank
corporation.
commercial
loans and
22,759
//$908,321
periods are in
$1,118,244
with
the
Revenue
under the Second Revenue
subsequent to the financing.
paper,-
taxes
Corporation is one of the largest companies engaged in the personal
-
3/713
JB5.567
/19.873
Acts
applicable thereto except that no
provisions were made for any increases that will be required under
the terms of the Revenue Act of 1941, as enacted in September, 1941,
but which, however,
is effective retroactively to Jan.
1, 1941.
No
provision was made in the above periods for excess profits taxes
relating to .a proposed new issue of $10,000,000 15-year 2%% deben¬
tures, the proceeds* of which will be placed in the general funds of
•
3,705
2.879
55.536
income
accordance
$2,059,476/
203,223
.__
and
Note—Provision for Federal income taxes in the above
;
-
2,346
$2,244,431
charged to construction—Cr.
of prelim, costs of projects abandoned
Amortiz.
7,270
703,197
267,328
'//
;
interest
Interest
480,000
7,270
income—
funded
274,399
;
480,000
taxes.
Amortization of debt discount
,
1,222,424
income
on
<940
$5,159,619
1,286,810
investment—.
income
Gross
Dillon &; Co.
.Uhder^writirig. Group—
7
$5,458,479
reserve
limited-term
Net operating revenues
Rent for lease of electric plant
J
Beneficill' Industrial Loan Corp.—Files New $10,000,-
77;
compares
dividend of 70c. per share on account cf
a
•-
signed
v:
1941
;
—
7 ;t
25c.
>
11
-
:-
-
Taxes '-------------Provision for Federal income
this issue
5*3//.*'■
Oct.
on
'
Miscellaneous
the
on
21.
Stock was split up on a three-for-one
387.
p.
Oct; ;10:—V7 Tfi3,
7,
Me.,
-
—
Amortization
Other
/;>'*.*
paid on May 1, last, and an
the larger amount of common shares
dividends totaling
\.s.
the
as
Aug. 31—
Appropriation
,
share on the 7% and to $13.25 per share on the $5 preferred.
The common, dividend/is' payable Oct. 17 to holders of record
Asbestos Mfg. Co.—Accumulated Dividend—
;
i
/
1940
stock.—V.-.153,
•;
538.
p.
company.
revenues
Maintenance
v
described
the
Operation
,
will
per
cents
on
1, last.
record
of
50
V
.
,
Interest
429'000
49
::
dividend of $2 per share
a
to
Aug.
on
the, total
7 °f $1775 per7 share "and $1.25 per share were declared on, the,.two
issues, payable Dec.; 1 to holders of record Nov. 15. Including the new
'
dividends just declared, total" 1941 payments will be brought to $18.55
-
48 623 ' 000
Appleton Co.—$2' Diyidendf
work,
airplane
is
of
Year Ended
Operating
7
4—_
11____
—V.
;
154,
California Oregon Power Co.—Earnings—
V
Clearing the accruals, the: company declared $6.65 per share on 7%
'/preferred and $4.75 per share on $5 preferred, both payable Oct. 17
to holders'of record. Oct. 10./In addition, regular quarterly dividends
49,408,000
53,076,000
for
action
organization
..
.
1937
:
,
65,337,000
issues,-and
first
last
('■/
-
already /has
.
Company* has r cleared'/up 'the
stock
-
•
■
the
;
M938
/ 1939
•
of
67,968,000
p.
€05.—V.
page
last court action necessary to the
Attorneys
close
to
the
company's
affairs
stated
that it
is
probable the reorganization plan will be
declared effective December 1.—V. 154, p. 330.
'
Bekshire (Fine Spinning Associates, Inc.—To Resume
Common Dividend-^-/
~
American
1941, totaled
the output of
of
energy
which vBriggs
exceed $70,000,000*r-v* 153. p. 1124.
Weekly '
-
.
week
electric
Oct.
/
-
properties
corresponding
output
1941-1 ;^:; '-*1940
Week-Ended
'
Oct.,;
an
hours
:
table
16,
Judge John A. Peters at Portland,
approving the reorganization plan.
order
This
>;
When/these* newcontracts.';'lor .buildings and.turrets are 'added to
for the week ending Oct.--11,
hours,
kilowatt
.."•Comparative
of
energy
Oct
Brown Co. (Maine)—Plan Approved—
Federal
the Defense plant.Corp.: of $8,800,000 for new buddings and equipincidentet^iauakmgli thfe turrets and an educational order of
a, $3,250,000 received,last,"August for turret manufacturing.,
;v
...... produotion/;,of 'turrents will
begin immediately in the Roosevelt
Avenue Briggs^lant^at Detroit, Mich* with, .the /aid: of more than
: 100- sub-contractors./W.;. P./Brown,
President,; says he-expected that
-. the
$2,000,ooo.:"£ducatiQnai an(i $23,000,000 reguiaroxderswtii be
- completed there, v
^
those
r
of
Water Works & Electric Co.
t
(
van
,, b
4
.
: American Water Works & Electric Co., Inc.
,
;
v :i*<r
v.
Utilities Co.-
Minnesota
"Chronicle"
York
The Appelate Division of the New
•( accumulations on the cum. conv. pref. stock, payable Nov. 1 to holders V finance business./" Through subsidiaries it operates 437 loan offices
.j of record Oct. 18..
Dividends of 35c. were paid on Sept. 1, Aug. 1 and v in 316 of the leading cities in 31 States and three offices in Canada.
( on June 13, last; dividend of 70c. paid on April 29, last, and 35c. was ; Many of the subsidiaries -have been in operation since 1923, and in
paid on March 28 and Feb. 1, last, and on Nov. 15, 1940.—V. 153, 7.. some cases for more than 25
years.
With some exceptions these sub¬
p. 387. "
>
sidiaries operate under 4;he name Personal Finance Co.
will
would
be
subject
due under
the
increases in Federal
the
•
Act
1941
mined.—V.
'
to
income
will
be
154, p.
of
Act
1940,
such Act;
company
it
as
estimated
was
such
no
however, the Revenue Act of 1941
profits taxes.
Provisions for the
and excess profits taxes as required under
excess
made
soon
as
the
as
thereof
effect
426.
is
deter¬
v
•
„
„
Registration
'
Associated Gas & Electric Co.—Weekly Output—
.
The
v
Oct.
•
•
Atlantic
10
net
Utility Service Corp.
be headed
that for the week ended
reports
electric output of the Associated Gas & Electric group was
Smith, Barney & Co._Z.-_
Associated Gas & Electric Corp.—^Interest Rate
•
'
Cer-
on
E.
7' -The SEC
to
on Oct. 11 approved the amended declaration with respect
issuance and sale of $5,000,000 trustees' certificates, which as
the
amended
of
two
provides
from
years
maturity of
a
for
the
the
issuance
date
of
of
certificates
issuance
to
as
to
have
certificates
$4,000,000
•
thereof,
-
•v
interest
an
of-2.25%
instead
'
of
2.35%
maturing in two years; to the Guaranty Trust Co.
•
the
for
way
comprehensive
a
of
G.
A.
the
important subsidiary, the NY PA NJ Utilities Co.
certificates
trustee
Federal
will
Government's
system.
tax
be
satisfaction
Upon
used,
claims
with
of
other
•:
to
of 'these
against
there will
claims,
pay
the
be
off
released
-
to
1
of
5% %
will
be
form
(
:•
utilized
in
refinancing operations
stock.
This
Directors
on
Oct.
16 declared
preferred stock,
holders of record
to
—V.
Nov.
153, p. 981.
Like
:
j
;
Service—
The
Oct.
16
dock
to
follow
v
'
.
the
discharge
the
a
tanker
of
cargo
of. the
more
the
Robert
C.
Tuttle
airport,
Robert
155,000
C.
went
Tuttle
barrels
of
into
tied
Atlantic
new
into
J
crude
oil
at
Divs.
the
tankers
terminal
Oct.
were
from
Point
Breeze
equipment
refinery,
building.—V.
154,
p.
five
537.
Directors
of $1.25
,
of
.
:
per
record
The
of
17.
The
first
a
and
miles
16-inch
distant,
pipe
and
lines
large
a
leading
to the
administration
(
Directors
on
the
Oct.
common
25.
declared
11
an
initial
dividend
.Mijdland
.
.
■
have
declared
dividend of
195,601
100,100
46,600
$581,156
$342,564
$240,012
$146,447
110,582
^
1941
U'-xO.
a
,
108,227 r:
104,242
on oom.
stock. 7
share
per
year,
refunding
bonds and
condition
on
3%%
and
first
.
redistribute
$9,000,000 of
t
that
the
securi-
1
,
however,
SEC
instituted
voting power equitably
of properties
cost
.30,350
.
;of
purpose
"
,
given
was
Securities
of
the
for
<■
-
time,
same
to affiliates;
/ stock amount to $24
The
Midwest
of
some
25.74%
Utility
Act
proceedings
security holders.
its
among
of
its
the
and that dividend
share,
a
Corp.
,
arrears
on
preferred
\
,
74.26% of the company's common
stock.
Halsey, Stuart & Co., Inc.,
owns
preferred
common.
•
stock
owns
f
$476,914
$129,430
$234,336-
$33,159
.
Company has invited proposals for the purchase from it of $38,000,000
due Oct. 1, 1971.
Each
proposal for the purchase of the bonds Shall specify the
on
$3.67
$1$0
first mortgage bonds, Series A, 3%%,
$0.26
$1.00
....
As^ts—«-.
Customers
-■-
.
..
*;■ *'•/
-• ■
•
■
■. ■ ■ - - •
;
/ Miscellaneous
$358,690
.i
45,178
on
employees
log & tie purchases
Consignments
_———
66,836
—
by
Townsite-~Bru.ce, .Miss.
//- »Propeirty,i
piant/and equipment——;
noon
They
1,
the
to
to
for the bonds (which shall not,be
thereof, plus accrued interest
All proposals will be opened
company
of the principal
1941
date
of
amount
payment).
at room 2158, 20 North Wacker Drive, Chicago,
(C.S.T.) Oct. 27 (or such later date as may be fixed).'
/
company
The
13,224
paid
104 %
Street
understands that iour groups
include
First
Boston
Corp.,
Halsey,
&
Co.,
p.
Stuart
f: Loeb & Co. and Salomon Bros. & Hutzler.—V. 154,
2,734
at
'
will compete for the bonds.
338.
Inc.,
Kuhn,
22,971
-
//
6,789
1941—Month—1940
30—
1941—9 Mos.—1940
revenues
$691,233
$521,154
$5,881,203
$4,795,483
496,382
407,902
4,036,706
3,722,802
33,918
23,622
248,453
219,094
$160,933
$89,630
$1,596,045
$853,586
9,955
1,587,060
-'1,583
operating
Ry. operating expenses.
Ry. tax accruals
310,820
1,591,413
Period Ended Sept.
/Ry.
615,551
10,418
Central Vermont Ry., Inc—Earnings—
7/i
66,305
20,096
277,575
t,
/
the
12
62,672
599,358
Other/investments—Z—
Timber ' tracts /XZZ7zz/Z/_ZzzZ'./.;_/^Zw-Z/Z^7ZZ;'
;
be
Oct.
"
1,026,561
Z/; 13,487
receivable
and
:., from
.54,735
1,337,828
to
less than
$318,829
recelv.'; secured by cutover land
accounts
officers
price
■
1940
notes ^receivable-/
Notes &-accts:
from
k
30
1941
1,319
//
and
^
$6,832,307
—_
i Liabilities— V
common
record .Sept/; 27.-^ Previously//
Bank
"l:Pnotes/payable_.__.__Z
1941
$300,000
distributed./In addition/4 .portion ofZlong-term hotes/due current
pald on July 3, last—V. J53. p. M.
'
was
a
.
dividend of 50c. per share on the
were
;..v>':/-^/>/":^/i"^/;Z/,KZ;'/vi-Balarioe^<lue^b::iofficeraZand-'
'/Z'
monoplane
were'
outstanding ,3% %
<
the
$38,000,000
notes
113,289
*
,
'
*
t
•
Ry.
'
income.;—.
oper.
v.Rent, etc.
s
42,522
36,417
414,768
346,965
$118,411
$53,213
$1,181,277
$506,621
DrlOO
2,798
../... 16,660
18,873
;f $118,311
$56,011
$1,197,937
$525,494
for
more
than
90%-
T'*
single-engine
biplane
Beechcraft
'
planed
de¬
which * ends on Sept. 30th.
430%
•
154, p. 538.
ahead of ,those
•
-
•
Deliveries
attained
•
/
308,243
.
/
.
Other
/ 1940
$350,000
"
r
Total
income
>
...
/107,498
101,003
Net
100,100
♦Deficit.—V,
99,859
909,251
922,135
$17,307
*$43,848
V $288,686
*$396,641
15,564
133,220
Prov-^^
402,500
8,366
487,500
750,000
income "J.:
)
r
11,528
Long-term /notes
Federal^ S.tate/&/Dom. income taxes
Miscellaneous.^current.s liabilities
—
Unearn*.
7 % ^preferred
3%
/stock——Z/_Z—;
%/preferred > stock_—!_*_/.
—
//After depreciation1
1940.
reserves
fRepresented byt $5 par
154, p. 242.
.
■
147,377
gross'profit on sale of cutover land—
Reserve for cumulative preferred dividends,
forv. accident
insurance
Reserve
year
1940 fiscM"year.-v
ry. oper, income
income (net)..—
30,179
,
Chemical Fund, Inc.—Asset Value—
y z
135,742
etc.
9,940
Net. assets of the Fund, .taking
//
securities at market value, Increased
'
25,083
—
>
21,451
;
1,351,600
4
and
370,100
—
$8,051,113
from
1.292,000
—
375,550
.•
As
--V-
650,000
650,000
2,350,998
:
for 'the'fiscal
during the
Net
,197,462
employe
Increased—Operations— ^AccruedJlia^uties/Z-
general wage increase
■
$5,995,491
262,500
;,'t Common V stock,, tZZ'_rr±^lf-L'i_.——zzw
signed for advanced training and personnel transport purposes?
Delivof completed Beechcrafts during the month-of Sept.; • 1941
prac-^ Surplus-*—
tically equalled in' value -the fcompany's-entire sales* during the 1940
fiscal
the
and
Customers&ceounts-receivable—
-
<
—v.
of
sell
serial
outlining the reasons for
the
proceedings, the SEC alleged
among other things that the company's depreciation reserve is inade¬
quate to the extent of at least $2,266,000; its property account includes
at least $6,616,000 representing excess cost to the company over the
183.815
(
1,983,298
$6,832,307
$5,995,491
,u
(
At
112,678
; 227,920
*
series
I
of
by the
permission
and
$9,000,060
against the company calling for action to simplify its capital structure
and
$360,612
$670^84
.(/•""
©f its 5,500 employees. The increase, which takes effect Oct.
20, will?f.''
automatically add 2y2c. per hour to pay; checks of all shop and office1'
workers compensated on an hourly basis, and will increase the com;
pany's payroll by more than $400,000 for the next 12 months."
f4
The
corporation is working at present on a backlog of defense
"4
orders totaling approximately $88,000,000,
for several " types of twin-
engine
$38,000,000
given
issue
to
(
.
Corporation-announced
i
7
"
SEC—
*'
-
stock, payable Oct. 28 to holders
/ v~-/j,-7////
Beech Aircraft .Corp.—Wages
•
171,308
$482,212
110,233
$1,195,577
8,832
on
Registers With
// •In
$247,935
402,500
stock.J_
*
—
submitted to competitive bidding and that the company furnish
prospective bidders for the issues with the commission's order institut-
899,469
$310,904
211,921
-
and 15c. paid
1940,
605.
page
been
Commission
bonds
and
.
1,886,869
>;}/,/'
/•''•
977,291
$560,350
3,271
stock, payable
Oct/TO^td:holders of
quarterly.dividends of,.12yac. per share
extra
1,003,$57
•2,379,541
96,247
p.-179./ ;7;/:////?;.'o / /7
Backstay Welt Co.—50 Cent Dividend—
*:
.
-
company
16,
/ ing proceedings, /'
1,147,^03
.
29,200
—V. 154,
-
1,288,195_
,
126,404
>
_1
pref.
Advances
Trust Co. of New York has been appointed
/ registrar for 1.500,000 shares of the common stock of this
Corporation.
*
income
28,
ties be
-
.
"$1;069,173
130,000 «hs. outstdg.. //
Due
Corp.—Merger—Initial Dividend—
has
company
Approval
-
$6,469,910
Z——_
share
Marine
1,563,808
ae
/(//
,
Oct.
mortgage
/
'/1938
•
$7,184,813
$8,650,684
will
big cargo discharge dock, Tour storage
two
"Chronicle"
Inc.). f. Exchange
Looms,
1,850
this
Oct.
Saltex
(The
equipment
"
—
income
on
Equiv.
.
to
Corp.
J stock for each
/
•
'
•
Nov.
Dec.
on
New Securities Authorized by
plan recently effected stockholders of Thompson Auto7 Inventories " _Lz;ZZZ_ZZ__Z—„...—...
(see below) received four shares of this company'sprepaid expenses
Z
Czi———
share of Thompson held.
*>„./'
*^-r. ; Notes and accounts /receivable, not current..
Under merger
Arras
The
—;—
Auto-Ordinance
matic
See
t $235,857
Br7uce;,Cp^ (& Subs.)-^Earnings
Ended?June*30^1 ( 1941- •'" " 1940-" .* 1939
Earns,
Port
expected
«
pumping
'
profit
/
»
share on the common
5.
This compares
per
Company Invites Proposals for New Bonds—
the
'
The new terminal embraces
'
tanks,
$322,485
paid on Sept. 30, last, and
27,-1937.—V. 153, p. 983.
15c.
record
30,741
$165,865
disposal, of/obsolete
Net income
foe the S. -S. Robert H. Colley and the second S. S. E. H. Blum.Each
will jiave a cargo of 155,000 barrels of crude, both clearing from Port
Arthur.
102,403
Miscell. expenses /'—
Prov. /for'income/taxes
service
up
'
'
7/369,932
of
10c.
112,190
,
Total
7/7 :-■//////'':•'//, 7/./''';'"/"//7
largest
;
holders
SEC—
,<
•
Miscell.
t.
Philadelphia
Atlantic
!j82,335
65.871
52,711
dividend of
a
to
15
Central Illinois Public Service Co.
'
52,258
taxes—
—
Marine Terminal Goes Into
'
'
'
—
,
adjoining
when
Fed.
Operating
last.
15,
Aug.
on
- ••
*
declared
Nov.
*
,
Arthur,; Texas./;//;;/;/:/:
Two
-
*
paid
;
payable
Dec.
on
"
v
$1,500,000 marine terminal at Port Mifflin, off the Dela¬
new
River
ware
\
-
amounts
1940
$3,694,000
$4,149,000
t$41,332
$262,477
$477,599
$574,239
t-
with
/
27, *41 Sept. 28, '40 Sept. 30, ?39 Oct. 1,538
sales_/_$10,461,345
Gross prof.it,
• 2,176,490
Sell., admjn. and. gen.
•»,"
exps.
\ 1,107,017
dividend of 56 cents per share on the
a
1.
Atlantic Refining Co.
--
Net
a dividend of 48 cents per share on the &%
both payable on account of accumulations on Nov. 15
1941
'
-
(Philip) Carey Mfg. Co.—Common Dividend— 7 (
stock,
(E. 7L.).
7% preferred stock/ and
t
/
Years
7l>i vidend-r-^777 ^ 4-7i< '/.f;
•
—V.
redeeming
Associated Telephone & Telegraph Co.- -Accumulated
:
Ry.—Earnings—
earnings (net)—,
154, p. 538.
serial .debentures.
collateral
subsidiaries, which
the NY PA NJ system.—V. 154, p. 537. ;• tZ :r7;;v;'7r
the nucleus of
for
"And
these
on
•;( Sept7
from
tLoss—V. .154, p. 83.
and
shares of Northern Pennsylvania Power common
•
Pacific
Gross
.
Profit for ..the; period, :; $152,049
•
system the following collateral: $12,006,- *
$6,998,100 of 6 % bonds of the Metropolitan Edison 7 *
Corp. and 343,396 shares of the same company's common stock; '
87,500 shares of New -Jersey Power & Light common stock and 22,130
©00
Monihs 'Ended^r-
Prov,
the
Associated
$5,001,138
•
bldgs.
' for " deprec.^ on
plant -&'equip"._7-/-_-
.
the trustees of the A. <J. & E.
1
•
f, 375,000
-':i'"
J
Prov.
from
Proceeds
funds,
$5,700,000
&/SPiis_/Z_
p."-146.
.operations
Loss from demol. of'old
'
'
1940
$6,252,611
Week Ended -October 7—
175,000
\ 40 000
(Sidney) Blumenthal & Co., Inc. (&. Sub?.)—Earnings
3
(
$4,858,540
1941
140,000
Profit
;/
1940
1941
$6,132,690
154, p. 538.
Canadian
225,000
Whiting, Weeks & Stubbs
Putnam & -Co_——
140,000
^
E/s
&
—V.
Directors have
,
Ry.—Earnings—
14—
(est.
Gross revenues
;
This action paves
simplification
corporate
Oct.
Week Ended Oct.7—
275.000
Weeks
Rogers .& Tracy,. Inc—.
'
most
&
&
Piper, Jaffray & Hopwood
Brown
—V.' 154,
'FederalT'Judge" Vincent't.'.Leibell on -Oct. lS authorized the trustees
of the/corporation to sell $5,000,000 of 214% trustee certificates,
„
Hornblower
475,000
Ended
revenues-
325,000
Witter
Jackson & Curtis
*
'
Co._„__
'
375.000
Dean
800,000
7 ;
? 600,000
Co.
planned.
originally
as
Noyes & Co._
Lynch,
Pierce,
Alex.
7
be
rate
Merrill
RjterCo; xl l ^Z ;425VJ0 0 0
and
one
to
Sons,.
Canadian National
Week
375,000
$375,000
Hemphill,
Co.,
;
&
Ladenburg, Thalmjann, &
■
year from the date of issuance as to $1,000,000, the
junior to the costs and expenses of the administraVtion of the estate of Associated Gas & Electric Corp., and under cer| tain
circumstances
to
be <, junior
to; certain
other
claims.
-The
v
amended declaration provides for the issuance of the certificates with
t
Rollins
..Inc..
v
maturity
a
H.
Stone & Co
Hayden,
Fenner & Beane______
&
.inc,. —i:-
.
tificates Reduced—
will
group
Gross
800,000
Peabody
underwriting
the
The full list of underwriters and
follows:
as
1,175,000
Blair & Co., Inc.__:_„_
:
Kidder,
'
of ..each will be
7 Eastman,/Dilltui'^siCo.-$2,805,000
125.489,759 units tkwh.i.
This is an increase of 19,866,265 units, or
18.8% above production of 105,623,494 unit a year ago.—V. 154, p. 580.
•
that
by Eastman, Dillon & Co.
the. participations
(
discloses
statement
of $3,016,212 in 1941 and $3,211,854 in
shares.-j-V. 152, p. —
1906.
v
1
asset
of
to
value
Sept.
$8,397,055
and
Earnings—Income
during
liquidating
there
30
were
from
value
888,894
cash
the
per
shares
dividends
quarter ended Sept. 30,
share from $9 to $9.44.
outstanding.
for
the
six
•',.//
months
ended
Sept. 30,
the first half of the company's fiscal year, totaled $170,730,
■/'compared with- $164,568 for the corresponding period last year. ' After
all expenses but before loss of $12,705 on sales of portfolio securities,
?* neb: profits
$132,514
■
:
.
for the
for
■■
'
the
i..
:
months
six
like
period of
i
i._
amounted
1940.—V.
to
154,
$143,403,
p.
426.
compared with
.
// />
Chicago & Erie RR.—Merger
ICC
The
Oct.
on
the
authorized
3
RR.,
its
successor
of Chicago & Western
bonds, and (f) $98,000
Indiana RR., series C, 1st & ref. mtge. 5»/2%
scribed.' The report of the Commission states,
(e) $5,488,000
ref. mtge. 5V2%
bonds,
&
1st
Earnings—
Indiana RR., series A,
of Chicago & Western
bonds. Condition pre¬
in part:
adopted on July 2, 1941, by ^ie directors of the Erie,
the proposed purchase and assumption of obligation and liability was
authorized.
By resolutions adopted on July 2, 1941, by the directors
of the Chicago & Erie, and on July 9, 1941, by its stockholders, the
officers of the company were authorized and empowered to sell and
transfer the property of the company to the Erie in consideration of
the discharge of the indebtedness of the company to the Erie and the
assumption by the Erie of its obligations.
The stockholders of the Erie had not approved the proposed pur¬
chase and assumption of obligation and liability when the case was
submitted, but it is expected that this will be done in due course. By
an order of the court entered on July 25,
1941, all shares of stock of
the Erie, except shares owned and held of record by stockholders who
shall file certain written agreements, shall be transferred of record
to
Thomas & Co., as the nominee of the reorganization managers.
After the transfer is made it is proposed that a stockholders' meeting
be held for the purpose of approving the transaction.
As the stock
can
be voted in the manner desired by the reorganization managers,
the expense of holding a stockholders' meeting under the conditions
prior to the transfer can be avoided. Action could not heretofore be
taken, as the order of the court was made subject to the order of the
Commission thereafter issued with respect to maximum allowances for
the cost of the printing, publication, and mailing of the documents
that are necessary in carrying out the transactions authorized in the
order of the court.
' '
''
■./
Consolidated
or
&
Chicago
Illuminating
,
purchase by the
and
to
Electric
Cleveland
Permitted—
sale
its successor in reorganization, of the properties of the
Erie RR. with respect to not exceeding (c) $50,000,000 of
in reorganization, to assume obligation and liability of
the Chicago & Erie RR. in respect of (a) $12,000,000'Chicago & Erie
RR. first-mortgage 5% bonds, and (b) not exceeding $5,000 of Chicago
& Erie income-mortgage bonds, and the obligation and liability of the
Chicago & Erie RR. with respect to not exceeding (c) $50,000,000 of
Chicago & Western Indiana RR. consol. mtge. 4% bonds, (d> $24,462,- i
000 of Chicago & Western Indiana RR., series D 1st & ref. mtge 4% %
Erie
Operating
-
Net
Interest
funded
on
of
debt
income
Net
:
$904,000
for
profits
excess
Note—Provision
Federal
the
in
ended
months
Federal income
for
ended
months
5
;
—
No other carrier has requested to
total fixed charges for the
The
reorganized company have been stated in the report on the plan.
increase in fixed charges of the Erie will be $600,000 of interest
$87,749 of rent for leased roads as a result of the purchase of
The
and
the
properties of the Chicago & Erie but there will be no increase for the
combined system.
As heretofore shown, the interest of the carrier
employees will not be affected, as their relations are now on an Erie
system basis and this will" continue.—V. 149, p. 2075.
Chicago Mill & Lumber
Co.—Earnings-
1941—3 Mos.—1940
1941—9 Mos.—1940
$591,118
$246,507 $1,601,814
$626,992
charges but before Federal income and excess profits taxes.
period Ended Sept. 30—
♦Net
profit
♦After
-
——
153, p. 390.
—V.
Chicago & North Western
Dec.
July
31,
of
Act
and
made
Interest
Miscellaneous income
-
Ry.—Interest—
issued in exchange for
due 1987, stamped, if
the plan of reorganization approved by the court had been in effect,
and subject to readjustment as therein provided,
($28.80 per $1,000
bond) will be made beginning Oct. 16, on presentation for stamping
of the coupon due Nov.
1, 1935, from company's 5% general mort¬
gage gold bonds due 1987, stamped:
The Exchange directs that the bonds be quoted ex-interest $28.80
per $1,000 bond on Oct. .16, 1941;
* '
Interest is payable at office of the company, New York.—V. 154, p. 427.
during 1939, and 1940, on the securities to be
company's 5l/o
general mortgage gold bonds,
•
Ct-f,
..
President
'v %'
•
Ry.—Court Wants Voice
1,
Federal Judge Michael L. Igoe on
Oct. 15 criticized provisions of the
reorganization plan relating to the appointment of reorganization
managers.
He warned the attorneys that they had better get busy
convincing him that the provisions of the ICC plan concerning the
♦Drilling, .production and field expenses
Administration and general expenses, &c.
fProvision for depreciation
Profit
the
for
,
.
23,373
development expenditures
producing fields.
later explained that he did not favor the provisions of
the plan whereby he had to approve the work of the reorganization
managers but yet had no voice in selecting them.
The Judge has
often criticized New York banker management of the Western rail¬
roads, charging that the absentee control has been one of the princi¬
Igoe
Judge
troubles with the Western roads.
criticism came during testimony of S. R. Arias, a director of
the road, who asked that his group, which includes James D. Norris
and owns over $14,000,000 of the road's bonds, be given the right to
select a reorganization manager and that the number of reorganiza¬
tion managers be increased to six from five.
As an alternative he
asked that if the court deems it right that only five reorganization
managers be appointed, the Arias-Norris group be given the right to
select one and that privilege be taken away from the trustees of three
bond issues acting jointly.
pal
The
clothed
with large powers, among them the selection of the initial board of
directors.
He also urged that a majority of the board of directors
should be chosen from persons living in and doing business in the
territory served by the Rock Island and pledged his efforts in this
that
charged
Arias
Mr.
the
reorganization
managers
are
Premiums
reorganization be approved.—V. 154,
I
provisions the ICC's plan of
427.
ager
p.
earned
October
corporation.
Postponement
the
in
1
,
and
and
Profit
Income
of
increase
products sold
in
.—
in
♦Net
depreciation,
1941—9 Mos.—1940
$264,173
$88,145
$0.55
$0.18
1941—Month—1940
$60,011
$7,498
profit
Earnings per com. share
♦After
Earned
stock
stock
applicable to 1940
—
interest,
Federal
taxes,
income
&c.—V.
154,
Suburban Bell Telephone Co.—Gain in
Cincinnati &
Stations
209,621,
a
•
t'is
Aug.
1941
31,
* V
including time deposits of $1,250,000
Accounts receivables
.
'
.•
•
Plant Corp.
'
■'<;
taxes and
in
securities
.
Cash
of Sept. 30, 1941, totaled
13,658 over 195,963
1940.—V. 153, p. 984.
as
gain of 1,415 over preceding month and
telephones operated in Sept.,
I
of
articles
(a)
ferred
stock
at
(b)
time
to
any
voted to
amend the
follows:
Property
Deferred
charges
400,000 shares
stock
5%
the
(par
1943.)
420,140
6,360,880
260,168
■
profit
fEarnings
also
(no par).
presently authorized
20,000
shares
of
7ft
pre¬
$100).
replacement
outstanding
7ft
per
preferred
stock,
with
provision
that
share be paid in lieu of the issuance of
fractional shares of such 5%
is
exchanged
taxes
of
on
parts,
income)
etc., under
contract
1,398,639
641,187
1,501,243
6,520,462
-
stock
Capital
surplus
surplus
;
-
Total
154,
/
-—
p.
preferred stock.
all
♦After
1940 •
$389,138
$0.75
$0.13
1941
share
1939
J$144,809
Nil
including depreciation, Federal income taxes and
1941.
fOn 3,000,000 shares of common stock, $1
charges,
profits tax in
excess
+Loss.—V. 153, p. 985.
par.
-Earnings—
Coos Bay Lumber Co.-
3 Mos.
Period Ended Sept.
.
1941—9 Mos.
1941
.30—
-1940
$344,094
$834,020
$97,954
$344,094
operation
from
$834,020
$100,771
56,260
2,817
Non-operating income
Total
Int.
income
Fed.
for
4,331
income
from
Ridge
270,178
2,009
1,072
state
&
taxes
Revaluation
24,806
141,050
(net)
paid or accrued
Prov.
disposal of
Myrtle
(net)
Point-Eden
assets
$81,245,085
♦84,053
194,338
RR.
v
Net
profit
per
share
♦Profit.
$196,704
$3.10
stock
capital
of
$537,964
t$65,774
$8.47
Nil
tLoss.
Balance Sheet Sept. 30
Assets—
1941
.
1940
(less
'
reserves)
Inventories
and
lands
plants
Non-operating
207,471
279,032
3,877,628
2,568,017
34,582
equipment (net)
and equipment
3,889.299
2,495,684
(net)
and
$6,643
t315,353
187,046
receivables
Accounts
34,582
property
Deferred charges
58,484
56,082
$7,247,583
Total
$7,041,125
Liabilities—
Note
1941
payable
$1,141~675
payable,
etc
109,226
payrolls
property taxes
Res, for Fed. cap. stk. tax & Oregon excise tax
Reserve
♦Capital
1940
$500,000
bank
Accrued
for
Federal income tax
—
♦Represented
by
63,500
no
306,516
36,124
32,600
6,350,000
306,084
881,899
$7,247,583
tlncludes note
$7,041,125
—
Total
88,709
53,648
265,977
242,218
6,350,000
;
stock
Deficit
-V.
c
$278,806
Cash
par
shares,
receivable
153, p. 392.
581.
1 1/10 shares
proposed that all issued shares of the 7% preferred stock, not
for. new 5 ft preferred stock, be called for redemption on
Oct. 31, 1941, at $110 per share, plus dividends.—V. 154, p. 355.
It
(including
for
guarantees
—V.
voted on approving a proposal that
the rate of $100
taxes
$2,236,164
—
per
Accrued
' 54,151,496
8,278,616
—-
—
Accrued
Earned
(no
$8,753,443
received on uncompleted
contracts
Reserves
58,158,846
$98,334,725 $91,249,129
Continental Motors Corp.—Earnings—
Accounts
payable
and deposits
wages
Capital
preferred stock be offered in exchange for each share of
presently
at
31,
and
payments
Progress
5,000,000
1,036,376
5,000,000
62,712,792
9 Mos. Ended July 31—
Operat.
$81,245,085
Accounts
1,100,000
—
^
Timber
47,097
;
cost)-
Flying Boat
(less res. for deprec. and arnortiz. of $1,155,101)
sales
the authorized common stock from 250,000 shares
Eliminate
new
Dec.
prior to
Stockholders
cash
as
15
Authorize a new issue of 25,000 shares of 5% cumulative pre¬
stock (par. $100).
(This stock to be convertible into common
the rate of two shares of common for each share preferred
ferred
the
meeting Oct.
of the company,
incorporation
Increase
(c)
of
special
a
at
any
par)
at
1,600,000
1,100,000
152, p. 4120.
433,591
Liabilities—
Equipment Co.—Recapitalization—
stockholders
2,000,000
reserve
Total
Due
Clark
expenses
claims
capital
♦Net
•
42,159,394
Total
The
■
$22,669,961 $20,403,907
3,624,521
2,772,024
1,227,450
1,177,975
surplus
(Net
865,225
(sub. of RFC)
—
(at
' "
''
.
dividends
■
$24,688,872
6,009,719
subcontractors
Progress payments made to
(at cost)
Inventories
'
<'■'
•••
Experimental
operation by the company
in
Sheet,
Balance
Consolidated
4,341,381
$98,334,725 $91,249,129
of adjustments
for
$6,520,462
1941-
31,
Assets
Investment
Phones—
Aug.
Cash
Due from Defense
331.
p.
surplus,
.
-
for
Contingent
$7,749,414
35,987
1,188,420
4,545
—
Common
i
premiums
process
other
All
4,138,399
1941
Total
,6,194,724
————.a—,
J
Reserve
6,404,521
Dividends—Preferred
235,536
collection——
of
etc—
Liabilities—'
$3,611,016
1,
,
927,094
3,318,137
250,592
950,918
3,398,171
(based on the Revenue Act
income
Jan,
1941
,
1940
$87,555,376 $82,411,924
}:.■
—
.—
Loss
$9,862,096
153,441
1941)
surplus,
Sheet, June 30
—
course
62,458
1,599,990
$63,678,038 $58,158,846 $58,142,149
—
-—
interest,
Unearned
$10,015,537
Earned
1,599,990
estate
Total
Ended Aug. 31, *1941
$52,684,549
42,822,453
Total
Net
10,125
1,999,989
V
V-./v
and stocks.
Profit
of
4,703,978
and bonds
Cash
32,997,050 or 19.42 ft .—
interest, etc
income
165,241
8,774,000
1,316,426
Cr21,366
Accrued
sentence"
from
Deduct Federal taxes on
62,314,404
25,310
—
stocks
of
value
surplus, June 30
Bonds
Real
common
operations
credits—discounts,
$2,379,411
66,076,028
Cr44,118
i '
applicable to
expenses
$2,492,243
64,715,378
stocks
of
sales
Premium
(airplanes and parts)
sales
Costs
$1,752,846
Balance
,
Consolidated Income Account for Eight Months
Net
215,429
$1,932,164
(net)
Assets—
stock (par $1) on official notice of
issuance,
as
a
stock dividend to the present holders of an equal
number
of
shares of
common
stock now issued and outstanding,
including 4,600 shares in treasury of the company; making the total
amount to be listed 1,293,444 shares.
of
1,968,275
111,012
dividends declared
—V.
shares
2,043,176
303,301
reserves
market
in
on
Net
Postponed—
Consolidated Aircraft Corp.—Listing—
The New York Stock Exchange has authorized the listing of 646,722
additional
$626,565
2,303,624
31
Dec.
special
bonds
Cash
weekly kilowatt hour output of electric energy of subsidiaries
of The Commonwealth & Southern Corp.
adjusted to show general
business conditions of territory served for the week ended Oct. 2, 1941,
amounted to 202,874,388 as compared with 169,877,338 for the cor¬
an
S5G0.079
rents—
and
divs.
(net)
Commonwealth & Southern Corp.—Gain in Phones—
in i 1940,
4,559,703
15,022
$65,656,721 $59,768,961 $59,804,597
Loss
(integration and corpora¬
tion
simplification) proceedings against the Columbia System and
Columbia's
own
plan for divesting itself of control over Columbia
Oil & Gasoline Corp. and other companies.—V. 153, p. 1272.
responding week
V.
154, p. 538.
$9,625,044
4,423,751
4,871,060
$2,213,651
in
Decrease
granted after counsel for the company and the
procedure of the hearing before a
was
disagreed on the order of
trial examiner.
..
The case involves both "death
SEC
$9,701,760
76,715
—
surplus,
Earns,
Period End. Sept. 30—
4,751,571
5,591,545
Balance
Net
Increase
Commission on Oct. 14 postponed
Utility Act proceedings against the
Exchange
and
hearings
28
5,
$2,000,324
manager
Securities
The
to
last;
1939
1940
$11,422,536 $10,182,710
Expenses
of Pratt Whitney, manufactures precision
parts for the aircraft industry.
It specializes in control levels and
renders
complete service in aircraft processes,
anodic treatments,
painting and plastic molding. It manufactures for and subcontracts
to Curtiss Wright, Glenn L. Martin, Liberty Aircraft, Brewster, Grum¬
man,
Wright Aeronautical, Sperry Gyroscope, etc.
The production facilities of Columbia upon the opening of this new
plant Will be vastly increased.
The company will employ approxi¬
mately 100 men in its new plant and will continue to operate its present
plant at 501 Bound Brook Road, Dunellen, N. J., and the plant facili¬
ties utilized at Mountain Avenue, Bound Brook, N. J.—V. 152, p. 673.
Amortization
Cincinnati Street Ry.—Earnings-
1941
—
Investment—Int.,
expected to be ready to go into production or or about November 15.
Columbia Aircraft, headed by Arthur W. Brooksbank, former treasurer
Columbia Gas & Electric Corp.—Hearing
April 8.
paid on Dec.
$213,328
with plant located at Dunellen, N. J., announces comple¬
expansion negotiations and the opening of a new plant in
Somerville, N. J.
The new plant consists of a modem two-story
building of approximately 32,000 sq. ft. with railroad siding and is
of
production
and $1
Underwriting profit and loss items-
Company
and
1940,
5,617,663
Expenses
Loss
asked that with the exception of the reorganization mtn-
Arias
23,
Columbia Aircraft Products, Inc.—Expansion—
tion
15 and on
July
on
Dec.
on
242.
p.
Losses
direction.
Mr.
paid
was
paid
Underwriting—Premiums written— $13,143,767 $10,907,745
Increase in unearned premium res.
1,721,231
725,035
fLess
153, p. 686.
date.—V.
to
cents
Div.—
Continental Insurance Co.—Earnings—
adjustments in respect of retirements.
Note—Pursuant to the policy adopted by the management as from
Jan.
1, 1936, no provision has been made during the three months
ended June 30, 1941 and 1940, for depletion of the cost of concession
and
amount
75
154,
6 Months Ended June 30—
£81,476
£31,625
♦Including intangible drilling expenditure on
of
1940.—V.
Ltd.—Accumulated
of 43% cents per share on the
payable Oct. 24 to holders of record
dividend
a
44,529
22,353
——-•*'/:
—
Like
17.
dividend
v
54,217
months.—
three
Oct.
900
144,144
948
171,914
reorganization managers are all right.
of
appointment
up
Corp.
declared
have
announced
1941.
Steel
Consolidated
Directors
£294,424
£281,057
Total
Directors* / fees'— —r.—--
,r.V.
♦,
on
Oct.
15, an increase in
to a maximum of $15.60 a month,
This is applicable to employes not in¬
cluded in the general wage increase
announced Sept. 1, and also
applies to employes who are not receiving in excess, of $4,000 a year.
—V. 153, p. 985.
Sept.
scale
$1.75 cumulative preferred stock,
The
Appointing Managers—
In
;»• •''<>'
Corp.—Salaries Increased—
Sinclair
sliding
a
Reserve
Chicago Rock Island & Pacific
7
•'
1
Oil
F.
H.
on
retroactive. to
1940
£286,611
1.078
■'
6,734
1941
£275,559
1,058
4,440
,
CO,—
investment
on
>
Carleton Electric Co.,
Railway Light & Power Co. and
liquidating dividend—V. 154, p. 332.
a
salaries
Colon Development Co., Ltd.—Earnings—
(The)
3 Mos. Ended June 30—
Proceeds from sale of crudes oil to assoc.
Stock Exchange has received notice that payment
equivalent to the fixed and contingent interest earned1
amount
an
•
provided in
has been made at rates as
153, p. 984.
1941,
as
,i
Consolidated
rates as provided
for the seven
at
provision
The
1940.
profits taxes for the
excess
been
has
1940
31,
Revenue
'
Federal Revenue Act of 1941.—V.
the
York
New
The
Electric
stock
3,087,290
$7,553,580
—
—
The
purchase operation will be unified.
be
included in such transaction.
Power
Ltd.,
income
Net
,
plans of reorganization filed in the reorganization proceeding
provided for the merger or consolidation of the Chicago & Erie with
the Erie.
Hearings were held on the plans. The plan approved by the
Commission, which empowered the reorganization managers to effect
such merger or consolidation, was found by it to be compatible with
the public interest.
The proposed purchase of the properties of the
Chicago & Erie will not adversely affect transportation to the public.
The Chicago & Erie, as stated, is now separately operated; after the
$10,640,870
(incl.
i;
taxes)—
regarding
1935,
as a capital contribution of $68,713 of the note indebtedness
by that company, the sale bytf Woodstock Electric Railway Light
Co. and Carleton Electric Co., Ltd., of all of their assets
to Maine
&
New Brunswick Electrical Power Co., Ltd.,
for a con¬
sideration consisting of the assumption of all outstanding liabilities
of the vendors, and the issuance of common stock by Maine & New
Brunswick Electrical Power Co., Ltd., to the vendors, and the acquisi¬
tion by Consolidated Electric & Gas Co. of the said stock from Wood¬
&
142,973
—
—
Provision for Federal income and excess profits taxes
Act of
owed
4,145
—
—
_
during construction charged to property & plant—Cr._
Company
Power Co.
premium—33,704
bond
interest
Other
Int.
$12,035,746
1,500,000
income
Amortization
permitting to become effective
the Public Utility Hold¬
the consolidation of Maine and
New Brunswick Electrical Power Co., Ltd., Carleton Electric Co., Ltd.,
and Woodstock Electric Railway Light & Power Co., Canadian sub¬
sidiaries of Consolidated Electric & Gas Co., a registered holding com¬
pany,
which proposed consolidation involves the surrender by Con¬
solidated Electric & Gas Co. to Woodstock Electric Railway Light &
11,681
.//:;/
-
of Canadian
■
The SEC on October 10 issued an order
ing
19,455
»_•_
........
J
declarations and applications filed pursuant to
$12,004,610
-
•
•'
Subsidiaries—
1941
$33,632,077
21,627,467
taxes, depr.& repairs—
revenues
income
Income
Gross
Consolidated Electric & Gas Co.- -Merger
—
Earning Statement 12 Months Ended July 31,
operating
Other
Subs.)
(&
revenues
Operating expenses, maintenance,
Interest
Co.
v'/.;/'i
By resolutions
of
Saturday, October 18, 1941
THE COMMERCIAL & FINANCIAL CHRONICLE
652
Earnings—
Crystal Tissue Co.Consolidated
Edison
Co.
of
N.
Y.,
Inc.
—
Weekly
Output—
Company announce production of the electric
for the week ending Oct. 12, 1941, amounting to
9 Months End. Sept. 30—
♦Net
plants of its system
155,300,000
profit
Earnings per
share on
93,000 shs. com. stock
kilowatt
hours, compared with 147,000,000 kilowatt hours for,the corresponding
week of 1940, an increase of'5.6%.—V. 154, p. 539.
♦After
p.
242.
v
.
-
.
>
1939
1938
$64,268
t$ll,229
$0.53
Nil
;r. •
$0.88
Federal
-a-'.?
depreciation,
1940
$110,890
1941
$97,162
.,
Income
$1.03
taxes,
etc.
tLoss.- -V. -154,
Volume 154
Continental Steel Corp.
3 Mos. End. Sept. 30—
Directors
1938
$5,088,221
$4,760,393
$3,206,769
5,517,405
4,331,006
3,872,651
2,522,339
" 377,824
371,072
362.796
306,080
111,176
132,531
J 07,317
127,114
Cost of sales
sell. & gen. exps.
Admin,
1939
1940
for
Provision
from
•Profit
Other
$592,799
$253,611
$417,630
19,715
17,676
stock, both
of
Int.
May
1,
both
these
funded
debt
&
expense
Interest
of
13,196
•After
for
Prov.
for Fed.
Fed.
inc.
per share
fl5
123
71,000
72,600
188,000
Federal
The
V—
J
taxes
and
;•
150,000
*44,000
$198,139
3,157,031
$192,360
2,662,315
$139,312
3,758,750
30
Total
2,238,528
$3,293,343
$4,053,342
$2,860,453
$2,430,888
dividends
32,680
32,751
33,373
Common
dividends—
50,140
50,140
50,140
tax
briefs
holders
1,097,733
410,024
1,167,706
396,634
deprec
Profit from operations
Other income
1,537,907
470,654
1,520,046
527,906
13.
'
charges,
$1,746,022
$873,342
62,915
income
48,461
$1,808,937
$2,271,321
84,809
$1,643,086
69,234
Amort,
of debt,
and
for
held
Loss
of
54,000
2,406
1,987
1,778
:f.
1,351
as
Western
in
the
the
in
to
of
If
it
estate
its
15,000
the
Allotment
1,666
16,249
22,166
Superior
of
whether
144
390
323
2,777
515,275
205,320
674 505
334,165
Co.
for Fed.
inc. taxes
Prov.
for Fed.
exc.
prof,
that
369,700
319,600
ing
the
to
$655,107
$1,255,781
$1,282,861
—
163,000
37,000
Balance
$492,107
$1.96
$932,149
$4.16
Consolidated
Sheet
Balance
$1,218,781
$5.42
Sept.
priately
Denver
is
$1,315,676
-
S.
Defense
S.
Treasury
Savings bonds,
tax notes,
Inventories
should
alone
2.079,575
5,001,940
land
92.431
first
to
49,413
charges
1841
Liabilities
Payrolls payable
—
Employees' Defense Savings Plan
Accrued interest, general taxes, &c..
Funded debt due (current)
debt
—
-
—
cumulative preferred
7%
stock
stock
■
Initial and capital surplu6____
JCommon
Earned
——
surplus
_—
1,600,000
1.033,523
1.885.500
5.279.300
1.807,404
3.213.451
t!Drl8,293
§Dr23,312
Treasury stock at cost
Total
633.728
200.000
1.885.500
5,279.300
1.807.404
3 970 522
—
.
$426,370
189,228
200,000
1,400.000
1,071,016
;
Reserves
1940
$223,905
189,723
1.292
1,174.322
payable
—
—
—
$17,179,673
$16,250,211
•Sundry receivables and misce1,oneous investments.
tAfter deduct¬
ing reserve for depreciation of $7,823,129 in 1941 and $7,472,983 in
tRepresented by 200.648 shares, no par value.
SRepresented by
186 shares of preferred stock at cost, and 87 shares of common stock
at cost.
([Represented by 140 shares preferred stock at cost and 87
shares common stock at cost.—V, 153, p. 545.
1940.
Products
Co.—Defends
*
Refining
Before FTC—
the
first
the
of
the
and
point
basing
system
of
Rio
the brief, asked for oral argument on the Commisthat it had violated the Robinson-Patman Anti-Price
finding
Bank
&
Trust
from
required
publicly
held
value,
the
be
in
debtor
be
to
that
the
in
securities
income
new
result
a
as
traffic
appro¬
the
With
debtor
through the
might not be
bonds
for the Rio
trustee
as
first
for
R.o
order
In
make
to
bonds
allocations in
of
treatment
of
the
the
the
any
of
an
of
Lake
the
of
An
offered
exercise
90,633
The
the
to
R.F.C.,
holders
the
'
'
'
k
is known
•
company
"It
Net
$162,527
$615,339
the
Intention
Congress,
of
by
$2.98
prices at different destinations are the result of the use of the basing
system does not discrinv'nate in pr'ce between different pur¬
chasers within the language of the law," the company said.
point
^Even
as
it
if
result
should be
the
from
held
that
point
basing
such
differences in
method
are
not
delivered
excluded
Federal
income
and
the
Regarding the FTC claim that its advertising arrangement with
Curtis
Candy Co. violated Section 2
(E)
of the act, the Corn
Products brief argued first that the section is unconstitutional, and;
second that the facts faT completely to show that the arrangement
came
within the terms of the section which bars special services to
customers.—V.
153,
p.
546.
(par $5)
July
(no par)
Sept.
1942.—V.
31,
Co.—Final
dated
of
to
26,
153,
of
"Chroncile"
Oct.
16,
the
Corp.—To
Pay
$1
Class
A
Common
Directors
stock,
distribution
V.
153, p.
declared
a
was
dividend of $1
per
share
on
the
common
30 to holders of record Oct. 17.
Last previous
the initial dividend of 50c. paid on Dec. 14, 1940.—
Oct.
985.
9,275,608
2,108,483
8,427,105
8,433,930
$165,757
$2,416,783
$841,678
$0.03
$0.46
$0.16
of
income,
losses
1, 1941 are based upon a rate of 31%
adjustments of accruals and take into
include
in
tax
liability
of $104,852 and $2,009,542, respec¬
tively, for the 3 months and 12 months ended Sept. 30, 1941, attribu¬
to
of
excess
1931)
sales
on
of
investments
in
non-system
companies.
Net
ledger
value of these investments (already written down in
proceeds of such sales has been charged to earned surplus.
over
Summary of Surplus For the
12 Months Ended Sept. 30,
1941
Earned
Capital
Total
Surplus
Balance,
Net
Oct.
income
Sept.
1,
1940
for the
Surplus
Surplus
$63,034,928 $314,286,290 $377,321,218
ended
12 mos.
1941
30.
Miscellaneous
10,843,888
credits
Total
10,843,888
4,753
1,500
6,253
$73,883,568 $314,287,790 $388,171,359
Div. approp. of earned surplus..
8,427,105
8,427,105
Net
excess
of legder value over
_
amount
realized
investment
Balance,
disposal
upon
-
securities
2,166,379
Sept.
relating
of
their
or
2,166,379
the
Comparative
of
common
by the holders of its
subscribed for upon
is
Balance
Sheet
Sept.
reserving
30
1941
and
securities
and
Account
Receivable—
•American
&
Foreign
Power
&
Foreign
Power
United
215
Inc
$4,000,000
35,000,000
35,000,000
27,925,000
Co.,
Co.,
$3,100,000
Inc.—_
28,925,000
5,037,120
Gas
5,037,120
Corp.
Bonds—
Northern
710,000
&
Light
4%%
Co.
mtge.,
1st
Gas
Public
Service
6%
Co.
debs.,
1953
25.000,000
Electric
§Other system
and
Co.
6%
debs.,
due
option
Inc
and
companies
interest
miscellaneous
2,600,000
406,338,683 408,809,046
18,980,880
13,719,061
demand
''.V
•
.
9,819,120
9,990,639
1,145,097
35,404
receivable
1,193,897
secur.
>
companies
Others
Other
3,326,450
2,090,000
warrants—
Services,
Associate
20,000,000
3,326,450
Temporary cash investments—short term
Accrued
25,000,000
19,500,000
1948__
companies
banks—on
in
1st mtge.,
1965
due
Cash
6%
Co.
1940
United
Stocks
Utilities
Texas
Power
tCuban
assets
current
tt
agreement.
53,483
500
300
73,313
67,907
$557,371,567$558,432,904
Liabilities—
tt$5
1941
preferred
stock
Common
stock
1940
$29,910,000 $30,000,000
115,185,500 115,565,500
$6 preferred stock
Accounts
payable
Associate
shares
necessary
1940
advances
tAmerican
was
Company
warrants.
shares
113,519
$63,290,084 $314,287,790 $377,577,874
Total
to
assigns
1941
30,
Assets—
($5
par)
26,251,788
companies
150
312,475
835,404
2,101,657
2,108,482
._
Accrued
26,251,788
250
Others
Dividends
declared
taxes
972,994
••Deferred
1,456,379
4,893.982
Reserves
4,893,982
credits
Capital
165,045
surplus
Earned
surplus
314,287,790 314,286,290
63,290,084
63.034.928
—
540.
tively.
tPresently,
Foreign
Power
$3,100,000
$50,000,000,
Cuban
Duquesne Light Co.—-Earnings—*
.
Years
.
Ended
July
1941
Operating expenses
Maintenance
and
Amortlz.
Taxes
11,271,585
2,355,342
—
repairs
Appropriation for retirement
reserve
Net
10,461,298
2,135,262
3,410,427
.v.-
of
utility plant acquisition adjusts
(other than Income taxes)
3,209,967
690
operating revenue
690
2,447,943
3,588,905
Provision for Federal and State Income taxes.-
Other
rate
1940
$36,138,451 $33,874,591
r.
2,312,948
2,963,214
$13,063,559 $12,791,211
Income
82,204
_w_.—
560,624
Gross
income
Interest
Amortiz.
Interest
—____________
funded
on
of
debt
__
debt______—
discount
&
$13,145,763 $13,351,835
2,450,000
2,450,000
315.8R4
exoense___—__
Fed. income tax settlement, etc.__
charged to construction—Cr
Taxes assumed on bond interest
■
on
Second
be
as
of
were
Revenue
soon
as
shares
par
in
and
1940.
1941, and 1,155,655
which
use
which
67,854
of
are
69,300
69,300
61,087
$10,395,242 $10,423,563
for
with
Federal
the
income
Revenue
Acts
taxes
in
the
applicable
made for any increases that
made in the
excess
1939
years
and
company
was
debentures
of
paid,$The interest rate* on
reduced, by agreement^ for a
1940
and
to
Nov.
1,
1941,
to
a
ttRepresented
no par
it
certain
still
On
to
no
par
the
meeting of stock¬
Securities
and Exchange Com¬
16, 1941, on the company's apulication
towards the reduction of its preferred stocks,
is proposed that
obligations
1,151,855
June
on
of $60,000,000
in
Sept.
began
before
by
shares in 1940,
$53,365,000 be derived from the renavment
owing
by
United
Gas
Corp.
and
a
subsidiary,
progress.
2,
1941,
the SEC issued
an
order
permitting the
company
after notice to all stockholders and not before Sept. 19,
1941,
to $5,000,000 of funds already in its treasury to purchase its own
preferred stock on the New York Curb Exchange.
To date $427,361
has been spent in the purchase of 5,400 shares of the $6
preferred'
stock at an average cost of $66.12 per share and
1,900 shares of the
$5 preferred stock at an average cost of $60.68 per share.
use,
up
Act
above
of
due under such Act.
and
no
mission
35,896
above
periods
are
thereto
will be
except that
required under
of the Revenue Act of 1941, as enacted in September,
1941,
which, however, is effective retroactively to Jan. 1, 1941.
No pro¬
was
are
was
Hearings—Hearings
for the
terms
but
this
debentures
C. E. Groesbeck, Chairman, at annual
holders October 8, stated in part:
60,757
accordance
the
6%
V/z%
300,000
19,227
income
provisions
315.927
due
loans
debt
bank
the
Co.
including the
of
1941
shares in
164,648
Interest
until
per annum.
§Valuation at'-market quotations at Sept.
$4,895,100 and at Sept. 30, 1940 was $4,859,600.
[[Valua¬
tion at market quotations at Sept. 30,
1941, was $50,317,900 and at
Sept. 30, 1940 was $77,586,300.
••Excess of stated value over cost
of acquiring 900 shares $5 preferred stock and
3,800 shares $6 pre¬
ferred stock.
ttRepresented by 299,100 no par shares in 1941 and
30,
SEC
•>
subordinated to other indebtedness of American
Inc., consisting of bank loans of $12,400,000,
Co.,
similar
Electric
period,
31—
revenues
$557,371,567$558,432,904
________
Notes—"Represented by five notes of equal amount, dated Sept. 16,
1941, maturing one, two, three, four and five years after date, respec¬
&
vision
have
payable
10,843,888
1,630,844
the periods since Jan.
for
table
the
154/p.
in
Dividend—
383,028
2,274,240
Nil
share
decreases
Subscriptions—
1941,
shares
stock
underwriting
Note—Provisions
605.—V. 133, p. 3467.
471,301
stock
taxable
issuance and sale, making the total amount applied for 1,248,706 shares.
no
Curtiss-Wright
page
1494,198
83,359
2,101,657
dividends,.
account
Total
Crocker McElwain Co.—Registers With SEC—
See
468,370
Prepayments
113,519 shares of
of company, is supplemented by the following:
112,472
as
98.
p.
Listing of Additional Stock—
Net
.
Co.—Earnings-
2,135,067
per
which
profits
of capital stock outstanding.
Miscellaneous
i
com
•Includes a non-recurring amount of $514,000 from the accumulated
surplus of Ebasco Services, Inc.
-[Provisions for Federal income taxes
excess
The New York Stock. Exchange has authorized the listing of 113,519
additional shares of common stock (no par), on official notice of
prices
from
purview of the law, the record in the case does not establish a violation,
Corn
Products argued.
20.0
540.
p.
any
$33,410
stock
Earns,
$1.81
,
enacting the Robinson
selling under the bas'ng point method of
determining delivered prices, and a seller whose differences in delivered
prohibit
to
154,
21.7
of
115,015
expenses
Balance
$372,465
$0.79
:
Operating
with making "distribution differentials."
Act,
inputs
30—
1941—3 Mos.—1940
1941—12 Mos.—1940
$2,728,672
$2,825,969«$11,809,387 $11,289,480
income
Pref.
1941—9 Mos.—1940
as
not
was
Patman
system
the
t478.590
other
Texas
Smith, Barney & Co. Is offering the 832 shares purchased by the
underwriters to or for the account of employees of the com¬
and in so many
the
19.0
.
,
pany at $100 per share.
fixing delivered prices at different destinations is
the basing point method, wtvch has existed so long
industries that it should be held lawful, unless clearly
prohibited by the Robinson-Patman Act, the company asserted.
The
FTC had not 'used the term "basing point" but had instead charged
what
Share
&
income
Taxes
of
in its judgment to fill late subscriptions
in meritorious cases.
Accordingly, 832 shares of common stock are
being purchased by the sereval underwriters, subject to the terms and
of
method
The
include
not
in both periods.—V.
Electric Bond
The
bonds.
1941—3 Mos.—1940
extended
stock
do
appearing
Investment
by the company for subscription
of
figures
Period Ended Sept.
Gross
—V.
Discrimination Act,
above
panies not
consols,
$0.89
subscription
of common
Pet.
18,094
[[Ebasco
common
of
Amount
1940
108,727
due
interest,
Chemical
outstanding
•
Increase
■
1941
Lgt. Co.
(& Subs.)—Earnings—
206,250 shares
aggregate
stock
corresponding
&
149.
stock
the
Thousands of Kilowatt-Hours
■
Pow.
consolidation
securities.
Western
$183,703
prospectus
common
'
14,554
bonds and
The option granted to Frank R. Schwengel under agreement dated
July 28, 1936, as amended Nov. 30, 1939, and July 25, 1940, to pur¬
chase up to
10,000 shares of the common stock of company, which
option as of July 30, 1941, remained unexercised to the extent of 9,800
Dow
with
compared
as
follows:
'• ■
1
24,352
System
The
Co.,
as
'
67,136
allocation
an
grounds
on
event
Salt
claim
accorded
share—
been
Co.,
Light
were
opera¬
Inc., which are subsidiaries of
Electric
Power
& Light Corp.
and
128,276 v,
Bank,
trustee under the Denver & Rio Grande
and improvement mortgage, took exception to the
depreciation,
has
Light
&
Input—
the System Inputs of client
Uranae
ox
awarding R.F.C.
Distillers Corporation-Seagrams Ltd.—Extends Option
shares
179.
p.
81,690
Notes
profit
tOn
is
supple¬
Services
Grande
mortgage
trust
income
mortgage
Ended Sept. 30—
p.
154,
152,628
due
etc.
painted.—V.
1941
9,
&
Pow.
common
represent¬
consolidation
case
and
justification
and
35%
Detroit Steel Corp.
154,
will
York.
New
Lgt. Co.
Lgt. Corp.
Salt Lake income mortgage bonds,
the holders of the Western
consols, and the holders of the general mortgage bonds.—V. 154, p. 539.
taxes,
the
Department,
Production
Falls,
&
the
—V.
1942.
Pow.
and
given
counsel argued that the examiner's
treatment
least
National
•After
Oct.
Ebasco
&
1940
debtor,
stock
should
contended, securities had to be taken
the court plan made to the first trust
security
at
per
Chemicals
H.
Niagara
Elec.
trustee under the first consolidated mortgage
Western, protested against the favorable treatment
refunding
•Net
for
Co.,
favorable"
Period
of
'
"
Amer.
of
favorable
that
;
:■
bank
under
the
in
the
•>■■■■
plant
new
V
4s.
Grande
said
&
of
at
or
Oper. Subsidiaries of
comply with those conditions.
bonds.
bonds
mortgage
R.F.C.
also
a
in the national defense program will use
produced at Wyandotte. A principal indus¬
removing oil and grease from metals which
be
for
ended
Power
debtor
the
management
Co.,
the
Trust
of
it
several
pricing
The company, in
sions's
the
for
effected
not
no
trust
Chase
Commission.
Trade
the
allocations
Guaranty
Point
Basing
manufactured
products has been made by company In a brief filed with the Federal
the
of
defense
A
is
was
control
conditions
Corn
that
4s, the Junction bonds and the Eastern consols.
It also argued that
the proposed report favors the Salt Lake income bonds and the refund¬
$17,179,673 $16,250,211
-
—...
Funded
be
advantages flowing from
reorganized company's new
and
with
tEarnings
Accounts
stock,
the
the
exception;
mortgage
first
new
1
Patent
Total
for
or
treatment
said there
Ry.,
parity
36,504
8,465,751
—
■_
fLand, buildings, machinery and equipment
Deferred
Lake
Hanover
to
R.
summer
plant
lacquered
Power
during
93,791
19.669
8,234,387
40,193
and unsold
rec.
receivables
•Sundry
report,
and
wants
which
one
and
"unduly
!
Land contr.
of
Western
1.937.417
receivable
accounts
proposed
bonds in addition to those it would get by treating its collateral on
new
a
with
Salt
&
Pont's
du
in the
k.
security.
Junction
$523,236
148,740
850,140
series F
series B_
4,541,018
and
equity
no
that
stock
debtor's
on
gateway,
desirable
should
1940
week
i
the Commission that it
constitutionally protected
flexibility of terms to enable the new loan to be
secured
loses" control
bank
1941
Cash
Notes
$969,861
$4.18
30
Assets—
U.
of
These conditions, it said, should define the
management
secured
the necessary
the
Earns, per sh.ofcom. stk.
U.
advise
ing and improvement bonds at the expense of the Junction
,
several
gateway and the Dotsero cutoff line, which are held
as part of the collateral securing its claim.
Regarding the
financing required, R.F.C. said that the report seemed to provide
of
/;
from
by R.F.C,
313,000
for
reserve
contingencies
an
Denver
alleged
$932,149
-
attacked
was
the
to
$40,000,000
reports fails to accord adequate
from
Net
profit;—
Approp. for future in¬
ventory price decline
recommended by
the company and security
treatment of outstanding securities.
of
there
reasonable time within
a
of
tax
added
the
—
road
examiner
exceptions
least
contribution
any
for
securities
Western
Prov.
plated,
American
asserted, provision should be made for allotting management stock with
extent
of
Pont
solvents
companies
All
adjudged
Central
1,740
Ry.
for the
stockholders,
its
at
proper conditions attached.
dis¬
or
ting
its
is
du
a
Ebasco Services Inc.—Weekly
Commission,
manner
stated
equ.ty
at
unit
ready
of solvents is
be
construction
hydrocarbon solvents, on a recently ac¬
Wyandotte, Mich., will begin about Nov. 1.
participating
the
the
Nat.
Commission
with
justice
in
Denver
sale
sales
$26,825,
was
property.
It cannot, without betrayal of its stockholders,
preferred and common, temporize with their right to have that value
recognized in reorganizations."
the
mantlements of props.
Loss
$1,712,319
discount
real
for
on
42,750
.
expense
Prov.
$2,356,131
51,750
$921,803
38,250
debt
funded
to
are
after charges
equal to 19 cents
1941,
•
filed
debtor
an
new
on
31,
For
The Reconstruction Finance Corp.
Total
July
7, page 451, was before
stated.—V. 154, p. 451.
reorganization plan
disputed
The
value
$2,389,132
$3,213,451
$2,776,940
Shares common stock
200,651
200,561
200,561
200,561
$0.75
Earnings per share
$1.31
$0.53
$0.83
"Appropriation for future inventory price decline added to reserve
for contingencies.
fProfit.
Period End. Sept. 30—
1941—9 Mos.—1940
1941—12 Mos.—1940
Net sales
$19,463,137 $13,134,409 $24,755,119 $18,861,648
Cost of sales
16,152,775
10,753,310
20,475,236
15,170,610
Int.
of
use
site
a
of
that
chlorinated
be
to
that
trial
o
Grande
Commerce
quarters Oct.
"must,
$3,970,522
Admin., sell. & gen. exp.
Rio
&
proposed
Interstate
has
30
plant,
National
41,757
Preferred
for
ended
profits
excess
of
23-acre
The
expected
Management
Security Holders Attack Reorganization Plan—
In
Prov.
and
after
not
Denver
_
—
$294,592
surplus June
quired
week
contings.
Balance Sept.
income
of capital stock.
To. Build New
tLoss.
taxes.
months
6
1938
t$34,107
prof.
exc.
profit
Earned
for
announced
Industries
1939
$7,622
earnings appearing in the issue of Oct.
The
Net
before
but
profit
1940
$10,023
57,830
3,287
tax_
116,200
for
for
..
.
Reserve
charges
2,516
1,182
...
Company
manufacture
most
1941
$41,825
du Pont de Nemours & Co.
Solvents Plant—'■
(& Subs.)—Earnings—
profit
1,906
628
558
[■';><!
properties-
Prov.
tax
$267,932
15,000
13,500
dis-
or
20.
Like amounts were paid on Aug. 30 and
and on Dec. 23, 1940, and prior thereto last dividend
was paid on May 1,
1937.—V. 153, p. 1128, 1126.
Months Ended July 31—
Note—Net
_
sales
mant.
v
12,000
loans
on
on
the 6%
on
issues
Dejay Stores, Inc.
discount
debt
share
per
ment
•Net
$435,306
$273,327
$611,350
_
of
on
Amort,
Loss
___
$3
record Oct.
last
on
6
income
(E. I.)
of
dividend
a
stock, and $3.50 per share on the 7% preferred
account of accumulations and both payable on Oct. 25
on
to holders
16,696
Income
Total
declared
10
preferred
$251,236
18,551
opera'n—
Oct.
on
cumulative
on
deprec.__
653
Cudahy Packing Co.—Dividend—
(& Subs.)— -Earnings—
1941
$6,599,205
sales
Net
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3995
effect
as
it
was
eitmated
Provisions for the
profits taxes
the
1940
periods for excess profits taxes under the
as
required under the
thereof
is
no
increases
1941
determined.—V.
such
in
Act
154,
taxes
Federal
p.
will
52.
would
income
be
made
Assets—In
view of the fact that over 93%
of company's assets is
the securities of five holding companies or in the securities
invested
in
of
their
operating
to
stockholders
and
condition
The
subsid aries,
of
of
Electric
these
accomplishment
it
Bond
is
&
companies.
of
the
five
of
direct
Share
Co.
and
to
immediate
learn
of
f
concern
the
status
5
holding companies and their oper¬
ating subsidiaries in reducing their debts during the last five years is
•THE COMMERCIAL & FINANCIAL CHRONICLE
654
been
has
spent
has
in
this
All
Taxes
costs.
7c;
wages
for
the
'
♦Expenses
>'18,362
..24,645
3,673.
:_a
L,
—Ju:
Other
.v Balance
dividend
27 %
the
1941
Federal
and
February,
for
in
ginning
.stock and surplusi...^—:
January
•Accruals
of
with
income
,_$201-J,127
^
,
30 %" in March.
The
excess
profits taxes under the 1941 or 1940 Acts.—V. 154, p. 149.
El Paso Electric Co.
(Texas)—Earnings—
Operation
i.—L—;
Increased
(4)
,
American
&
♦Federal income
,16,181
33,472
45,022
8,811
19,345
taxes..
32,581
396,296
364,780
$75,512
2,309
$1,058,490
11,684
$945,376
cash
operat. revenues,Other income (net)
six
t'mes.
meeting there has been:
in parent
$1,740,000
of
debt.
.y
Reduction
(2)
Gross expenditure of over $25,000,000- in additions to
company
;;
;
the
Gas
American
Consolidated
share
per
1941,
as
revenues
net
five
net
increase
an
the
♦Federal
will
$48,000,000.
increased
operating
$2.96
to
&
above
Elimination
the
of
Filing with
(3)
plan
entire
is
and
income
charges
the
SEC
Sept.
on
of a plan for the
1941,
17,
1940
per.od,
the
and
$5
.
>
stock
$6
being paid
currently
stocks.
$6
at
-
For
the
5%
months
12
the annual rate
three-quarters
on
(
a
ended
have
•
with
compared
revenues
same
the
of
the
and'
Securities
Oct.
around
With
August
16%.
down
was
year
per.od
and
27,
the
over
and
past
five
in
years,
the
same
Power
&
at
Electric
Period—
Net
3,418,715
30,953
20,673
$475,113
other
&
income..
loss
Net
cash
time
the
:
in
$14,500,000.
The
Electric
debt
system
and
in
cash
its
the
has
securities
accounts
and
Miscellaneous
and
accounts
1,214
10,175
advances
1,752
'.
•Real
estate, equipment,
Deferred charges
I
etc,
.
159-533
,
Reserve
past five years has been reduced
increased almost $16,000,000, in
for
operating
National
Power
and
Act)
order
in
stock
Common
384,425
reserve
.I...
(par $5)
the
:
•
390,740
the
entry
company's
on
the
same
day
by
the
SEC
of
its
dissolution.
,
National
already had taken the first step toward its dissolution
by paying off $15,734,000 of its debt so that'now only $2,370,000 re¬
mains outstanding and by filing on June 20, 1941, a plan for exchang¬
ing its "own $6 preferred stock for the common stock of Houston-:
lighting & Power Co., one of its subsidiaries.
Hear.ngs began on 7
th.s
plan
Sept:
on
15,
were
held
for
two
journed until Oct. 9. 1941.
Net
income
of
weeks,
7,
itself
National
for
the
and
have
been
In
$239,943
of
depreciation
152, p. 3496.
Sept.
12
months
ended
,
1941
-
:
agreement whereby dividends on the common stock of Pennsylvania 1
Power & Light Co. were suspended for the time being.
Thus the 48c
share
&
does not include one
Light Co. amounting
quarterly dividend
to about 19c per
from
Pennsylvania
share
of
1
National
and
,• After
•
stated
As
12
&
holdings
In
in
June
our
months ended in
the
Light
of
2,540,450
past
five
$30,000,000 of debt.
stockholders
report,
National
received
in
May dividends of $4,133,965 from Pennsylvania
and
Co.,
your
shares
years,
of
the
company
National
National
received
common
system
$1,524,270
on
its.
stock.
has
paid
off
almost
While this amount of debt was being discharged,
$1,37
$1.93
,
1039
$308,850
194.300"
$1.59-
depreciation, interest, Federal and foreign income taxes, etc,.
above
fiscal
a
year
Oct.
ending
.
to
time,
.Directors
tendered
are
of
$1,994,302'
$211,500
in
Juno
1940..
V.-
declared
have
16,
152,-p.
a
to
;
dividend
-
V
* Amount
&
Lazarus
•Federated
1
0.6
be
exchanged
of
1.0
■
stock to
%
Judge
of
y
Assurance
Moore
their
per
Dividend—"
share
on
the
/■'
-V.".,,-.,
share
1
gave
attorneys
until Oct.
.
."
.
27
briefs in
file
to
y
support
-.
.»■
brought 'from Attorney J. Campbell Palmer," of»
Charleston, a reiteration of his statement that the company's directors
did not act in good faith when they petitioned for reorganization in>
arguments
Court.
.
■>
_
,
:
,v
y._
■;
-
Mr.
Palmer, counsel for two receivers named by a West Virginia '
Circuit, Court and superseded by the Federal Court proceedings,- said
that the company's directors petitioned in Federal Court in an effort i
to
"salvage something for themselves."
He said that "they did not
share
fo'r^l share* of
Wheeling, W. Va.-
Association,
contentions.
Closing
Federal
common
-
have
the interests of
State Auditor
right to reject at any-time any tender made
in accordance with the foregoing.
'u"• 1Provision has been made for the issuance of. scrip representing frac¬
tional
interests
in
shares of
the
common
stock resulting from the
reserves
cents
Federal Judge Ben Moore at Charleston, W. Va., concluded Oct. 11,
nearly three .months after it started, a hearing on the jurisdiction of.
his court over
proposed reorganization of this investment company.
+
stock of subsidiary.•
.Federated
C
v
Briefs Ordered Filed-
share
2 0 shares
Straus
common
40
y-.'V '
,
0,4 of
Abraham
of
3968.
Fidelity
Inc.—Exchange offer—
stock of these subsidiaries, respectively,Federated for such exchange, in the respective ratios
exchange following:
p.' 394.
153,
stock, payable Oct. 3. Dividend of 25 cents was paid on
last, and one of 20 cents was paid on Dec. 14, 1940.—
common
shares .of common
as
31.—V.
Ferry Cap & Set Screw Co.—To Pay 40c.
■
.
781,974
exchange for common stocks of Wm. Filene's Sons Co., Abraham
Straus, Inc., Bloomingdale Bros., Inc., and The ;F:. and R. Lazarus &
Co., subsidiaries of Federated, said exchanges to be made from time;
the
Kanawha
for
ceivers
into
an
the
contract
holders
in
mind."
Edgar B. Sims of West Virginia first brought action in (W. Va.) Circuit Court, asking appointment of re-i
company to determine whether it could be converted-
County
the
insurance
company.
i'Ly--:-'
'•
V\i'
V,ii-v
v
r
,
exchange,
presented
will
not
said
number
Power
1940
$319,042 i ;
V 233,160
1941
$450,539
236,056
on
July 31, 1941," company filed with the SEC a registration state¬
ment, which became effective Aug. 18, 1941, covering 131,630 shares of
common
stock and 10,000 bearer scrip certificates representing frac¬
tional interests in shares of the common.Wstock to be offered - forA
of
common.
the
plan will not exceed 50,be no greater than 35.—
'
Bloomingdale '
should be reduced or. eliminated.
Hearings before the SEC on this
subject have been postponed from time to time to Oct: 13, 1941, under1:
Power
Federated Department .Stores^
August,
an
per
in
profit excludes the earnings of the Holland com¬
pany but. includes earnings of ail other foreign subsidiaries for ,the
nine months ended July 31, since Ferro's foreign subsidiaries operate
.
.
ad-
1941, was equal to 48c a share on the common stock.
However,"
proceedings were instituted by the SEC on July 25, 1941, to determine,
among other things whether dividends on the common stock of Penn- ;
sylvania Power & Light Co., National's most important subsidiary,
t
the
(& Subs.)—Earnings—
30— <
stock
common
Note—The
On
,-.n:%-;y
^
will
Earnings per share
.
;
1,046,095
20,758
,
$2,882,228
After
—V.
&
consequent
by
that,
.
,
V
—
Total
'
the
requiring
requires
81,192.
.
'1,009,595
' 31,979,
~.
Earned surplus
•
1940
•
>
28,010
37,480
,
."Capital surplus ■
Aug.
on
review
to
plan
64,283
'
-
$1,000,000
etc
contingencies.......^....;... .L_—
Miscellaneous
have
1941.
L'abJities—
■
',
Notes
payable to banks....
Accounts payable for purchase,
a
Light Co.—Since last meeting the most important'
affairs of National Power & Light Co. was the :
23, 1941, between counsel for the SEC and the ;
company to close the record in the 11 (b)
(2) proceeding (the cor- 7
I»orate simplification section of the Public Utility Holding Company 7:;
t.
development
warrant
number
the
spite of explend.tures for construction in excess of $116,000,000.
agreement
however,
warrant
profit
Shares
$1,994,302
,
that
the
to
pursuant
be
Ended
Months
♦Net
30,866
$2,882,228
-
The
Federated.
Ferro Enamel Corp.
9
1,753
631,070
742,134
,
warrants
it may well
154, p. 244.
V.
434,283
assets
subject,
subsidiaries,
of
the
7,500
179,788
7,600
1481,243
1,319,192
1.
its
and
directors
and
1940
$698,867
...
receivable^
-Total
16.
sold 12%
more
electric
energy in the past
12 months period than in 1940.
Operating rev¬
enues
have increased 6 % in the past
12 months but net operating
revenues
are
down 3%, due principally to heavily increased Federal
taxes.
For the month of August, .operating revenues have increased
15% and net 12'% over last. August,
over. $13,000,000
Marketable
of
receive,
1941
Notes
any
or
,
most
subsid'aries
operating
$290,463
r
.Inventories
the warrant plan
distribution of warrants, there be taken into con¬
sideration the importance of the executives in the management of
the several subsidiaries and their potential future value to Federated
and its subsidiaries.
It is the expectation of Federated that the total
number of executives of subsidiaries who. have received,
and wilt1
Sheet.July 31
Assets—
Other
important development in
& Light Corp. since last meeting was the
since June
progress
Electric
The
over
subsidiary
10,723
$169,559
sale
been
$317,909
'
Balance
as
stock of those four subsidiaries.
The
contain provisions for appro¬
for common
by Federated
determining
:
the SEC on May 5, 1941, by United Gas Corp. of a plan,
of $75,000,000 3 lU % bonds.
Hearings .on this proposal,
filing with
have
increased
has
$117,686
•Less other deductions.
■
is at least
year
division of the shares of the common
of a reduction in the
A committee selected
by and from the board of directors of each of said four subsidiaries, no
member of which committee is eligible to receive any of the warrants,
directs the distribution of the warrants among the executives of such
$301,186
6,088
$329,030
11,121
,
fiscal
preceding
the
for
year)
of Federated outstanding or in the . event
number of the shares of such stock outstanding.
board
M'l.'VV'
'■>
that
for
owned
stock
■
.
$123,774
Operating loss
the fiscal year
priate adjustment of the number of shares which may be purchased or
acquired upon conversion in the event of the issue of any common stock
,
1939
.
1938 •
$1,901,140: $2,162,492
2,205,865
2,437.206;
24,305
26,471
1,165,598
13,601
$495,786
costs
beginning with
$2,809,272, the average consolidated net profit applicable to
by Federated in its subsidiaries for the fiscal years
ended Jan. 31, 1937, Jan. 31, 1938, *nd Jan. 31, 1939.
Of the 25,00®
warrants issuable for any year of the five-year period, a portion is
required to be made available for distribution in equal amounts of
one-quarter each of such portion to Filene's, Abraham & Straus,
Bloomingdale and Lazarus for distribution among major executives
thereof, respectively, and of the respective subsidiaries of those four
subsidiaries.
A larger portion in respect to each year is to be made
available for
distribution
among
the executives of those four sub¬
sidiaries and their respective subsidiaries according to the ratio which
the amount of consolidated net earnings available tor common stock in
each of those four subsidiaries bears to the total of the consolidated net
a
—Calendar Years—
-7 Mos. End..
years,
1941,
warrants issuable under
t.
July 31, '41 July 31, '40
$2,953,882
$1,055,425
-
_
adm. & sell,
Depreciation
•Int.
' 1
>
sales
Mfg.,
spite
Light Corp.—The
the affairs of Electric Power
for
'
//,
period of five
a
31,
as
shares
•:
of Chicago & Erie—:
Chicago & Erie RR.—V. 154, p. 540.
the
to put
warrants entitling the holders thereof to pur¬
with respect to such year of not exceeding 25.000
of Federated common stock or to convert the warrants without
dividends
of construction expenditures of$86,000,000, the American system debt has increased only $4,200,-
In
OOO
V'
denied
been authorized
has
into effect to the extent and for such
aggregate
warrants
great
1941 (none
154, p, 244..
days thereafter the staff
The company then would*
within 30
commission.
that
Year End.
ago,
taxes.
of Federated
directors
payment into an aggregate of not exceeding 2,500 shares of such com¬
mon stock,
the 25,000 warrants being issuable for any given year only
if
consolidated net profit applicable to shares owned
by Federated
in its subsidiaries (before any charge in respect of the issuance of
Eureka Vacuum Cleaner Co.—Earnings—y
.-
operating subsidiaries'
Net operating revenues,
1940.
of
for
Jan.
an
shares
31, 1941,
15
Oct.
on
American
in
the
earnings available
For the month of August, 1941, as compared
operat.ng revenues increased 5%but net •
Decreases in net are due largely to increased Federal:
a
Commission
the price per share
the purchase rights
warrants to be issued in exchange, will be, $18.71
25,000 warrants now outstanding is exchangeable without
25,000
year,
chase
were
Exchange
Erie RR.—Merger
however, decreased 6%,
-
12 months ending Aug.
each
days more in which to file its request.—V. 153, p. 540.
15
See
increase 7
an
price per share at Which common stock is pur¬
the purchase rights under the 25,000 warrants
and to be surrendered is, and
will be purchasable in exercise of
board
ended
re¬
both the
•
,
there has been
1941,
August,
operating
in
tax
;
tax savings of $215,710.
Accruals
at estimated rates of 27% in i
such
for
should submit its request to the
-
$7.12
.
for the pur¬
exercise of
it
the
of
f
February,
and
.
of
the taxable year 1941
redemption of the series A
the
for a trial examiner's report in the geographic'
proceedings- against the system, ■ but agreed to
permit
requests for specific findings by both the company and the SEC staff.
The
commission
said that
the hearing
record probably would be
respectively for the corresponding
Arrears on the $5 stock were $17.45 per share and on
were
$20.95 a share at Aug. 31, 1941.
Dividends are
and
which
The
integration
Earnings of American itself for the 12 months ended August, 1941,
were
equal to $4.62 per, share on the combined $5 and $6 preferred
stocks, and earnings of the company and its subsidiaries consolidated
were
equal to $5.76 per share on such preferred stocks.
These earn-);;
$4.80
•
period of time, not exceeding five years, that it in its discretion may
think proper.
Under this plan, the board of directors may issue for
Engineers Public Service Co.—Plea Denied—
by the SEC these secur.t'ies will be submitted for competitive bidding.
completion of this transaction should facilitate the carrying-out
of the American plan just mentioned.
w.th
to
due
income
Federal
1941
The
compare
46,710
$423,420
profits taxes for
excess
reduced
Federal income taxes for the
offsetting
The
$6,000,000
over
The
warrants.
Each
request by the company
financing of Florida Power & Light Co. involving the sale of $69,000,000
of bonds, debentures and preferred stock, being a reduction of approxi¬
mately $24,000,000 in the amount of such securities previously out¬
standing.
Hear.ngs are now in progress and if the plan is approved
ings
62,170
.$608,280
...—...
August for excess profits tax under the Revenue Act of
estimated under the Excess Profits Tax Act of 1940).r—V.
closed
to
amounting
arrearage
'
or
payment for one-tenth of a share of common stock, as will be each
the 25,000 warrants to be exchanged for those now outstanding.
increased to 30% in March.
Beginning with August the accruals are based on the Revenue Act of 1941.
The •
amounts shown above as Federal income taxes include $35,039 accrued f
under con¬
now
' '
dated as of Sept. 2, 1940,
to be
Warrants,
•
of
$470,130
,
stock of Florida Power & Light Co. in June, 1941.
prei erred
as
the
January
the
in
exercisable
least as great as $2,809,272, which
profit applicable to shares owned by
the fiscal years ended Jan. 31, 1937,
outstanding
under
59,922
i
in
developments
Co.—The important
last meeting are:
„
Holding Company Act.
This
study by the SEC staff.
and
requirements
substantially
include
For the
operating
August, 1940.
11% but net
over
increased
Light
since our
group
9%
revenue
be
for
2 %,
Power
Utility
(2)
on
23,850
.
in January.
The resulting tax savings have been credited
unamortized debt discount and expense and the
amounts shown
to
equivalent
were
be
conversion into Federated common stock, which warrants
issuable to
certain executives of subsidiaries of
Federated who
now
$530,052
bonds
5%
Filing with the SEC on July 23,
sideration
.
$694,300
applicable to El Paso Elec. Co. (Del.)
'
cash
system
at
net
subsidiaries for
above-mentioned warrant plan
1941, of a plan which, provides
American's preferred and common stocks be restated into oneclass common stock; that some of its assets be either sold or distributed
to provide for its debts; and that the remainder be d.stributed to the i
extent
necessary to
conform to the provisions of Section 11 of the
:
437,952
.
$670,450
dividend
Balance
that
Public
$41,603
T;
:
Preferred
V
property
common
revenues
gross
declined
American
(1)
$58,873
Balance
stock for the 12 months ended August, •
with $2.92 in' the 1940 period.
Gross operating
of subsidiaries increased 18 % in the month of August and.
American
.
375,873
(El Paso Electric Co., Del.)__.
Interest
,>
of
in
increased only
of
earnings
the
compared
operating
revenues
spite
in
years
and
system debt
on
months
12
36,218
19,259
at
construction expenditures
of over $6,000,000, not
including $23,000,000 construction fund cash held by mortgage trustees,
past
the
$105,000,000
over
is
warrants)
consolidated
its
25,000
chasable in
$968,004
$77,821- $1,070,174
$78,132
(pub.)
Balance
subsidiaries.
During
of
will
and
1941,
upon the transferability of the 25,000 warrants already out¬
standing and upon the freedom with which the common stock receiv¬
able in the exercise thereof might be redistributed by the holders of
22,628
.
;
(1)
of
Dr2,284
Balance
Int. and amortiz,
month one of the American & Foreign
Gas & Electric Co.—Since our last
American
in
of,
those
The
$1,000,000.
by ,approximately
balances
Net
subsidiaries in
Argentina
sold a
million
dollars worth of peso securities to the v:
public.
This is the first public financing of its kind done by the
Foreign system in Argentina and the bond issue was over-subscribed f
W-thin the past
1,
May
V imposed
'
exchange position has also improved during the year.
blocked
of
as
have
already received pursuant to the warrant plan (as originally,
adopted) in the aggregate 25,000 warrants, dated as of Sept. 2, 1940.
These 25,000 new warrants will be issued in exchange for the 25,000
warrants already outstanding in order to eliminate certain limitations
,
83,321
35,857
(ii)
are
400,936
263,974
$80,416
Other taxes
Inc.
Power Co.,
Foreign
the
average
chase
•
of
of
the
.
•
178,092
...230,940.
411,786
34,802
vl.—
Maintenance
Depreciation
made.
Provided approximately $9,000,000 for the construction of ex- tens.ons, additions and betterments to plant. ■
'
'
(3>
Continued partial dividends at tne annual rate of $1:40 per;
share on the $7 preferred and $1.20 per share on the $6 preferred r;
issued
be
if: Jan. 31, 1938, and Jail. 1, 1939." " "
$3,275,140.
1,302,635
1,461,507
108,569-.
124,929
common
purchase
issuance
is
.
$3,822,993
$275,126
$340,370
revenues..—
being exercisable by the pur¬
stock at a price equivalent.
plan)
per
1941—12 Mos.—1940
1941—Month—1940
Period End. Aug. 31—
(2)
stocks
will
the
$19.13%
Federated
Operating
warrant
the
of Federated
of common stock of the registrant upon payment
share.
The remaining 25,000 warrants are for issue
as
of May 1, .1942, if consolidated net profit in the fiscal year of
Federated
ending
Jan. , 31,
1942,
applicable to shares owned by
Federated
in its subsidiaries
(before any charge in respect of the
Be¬
1941.
company
with
share
one
of
ratfes
estimated
tax' were at
increased to
Federated
average
warrants
L' $137,846
;
the accruals are based on the Revenue Act. of
does not consider that it has any liability for
August
of
in
Balance for common
-
.
closing price or bid for the stock for the 10 trading
days prior to the'first day of the calendar month as of a date in
V which such warrant is originally issued, and each warrant, if not
otherwlsed exercised, being exchangable without payment, for onetenth of a share/Of, Federated common stock.
25,000 of the 50,000"
182,972
.
>
requirements..
.
of
the
to
$320,818
$336,401
135,274
v
-
;
which warrants are issuable to certain executives of
Federated
in
accordance
with
the. warrant
plan
stock,
in-accordance
chase
-9,838
17,965
3,302
.
<
.
/%!
,
adopted by Federated on Sept. 26, 1940, as amended on July 23, 1941,
each warrant' (as well as each of the 25,000 warrants already issued
1940
.
$383,080- •' $351,922
.
Federal income taxes
Preferred
•'
1941
'r.'1,
,■';•■.
88.84%
83.48% '
98.77%
Inc........
(i) 50,000 warrants for the purchase of, or conversion into,
common:
subsidiaries.
from
revenues
Straus,
The registration statement also covers warrants issuable to executives
subsidiaries carrying rights to acquire common stock as follows: '
V
subsidiaries
V'
.
been
Merge—/>
El Paso Electric Co. (Del.)
stability.
last meeting the Foreign
have
tures
of
&
Bloomingdale Bros., Inc....—I——
The F. and R. Lazarus
''
v
<
12 Mos. Ended August 31—
;,y.v:y
Since our
system has:
(1)
Made a further reduction of $4,500,000 in the loans held by
Electric Bond & Share Co. and the banks,
and on Sept, 16, 1941,
pursuant
to
author.zation
of the SEC,
extended the balance of
$15,500,000 due in about one year on a serial basis maturing in equal
annual installments during the next five years.
This $4,500,000 pay¬
ment brings the total reduction in debt of the system to over $31,000.C00 in the past five years.
During this same five-year period cash has.
decreased only $2,600,000 and over $37,000,000 of construction expend.of
measure
* See Western Electric Co., Inc.
Total
the countries ,
revenues in local currencies continue to move upwards, and 7
first time in several years the exchange rates have shown a.
served,
VI"
:■1
68.64%
Filene's..Sons
Wm.
Abraham
540.
p.
^
above:
enormous
.
electricty continues to expand generally in
of
use
of life.—V. 154,
way
Electric Research Products, Inc.—To
,
<
The
named
;
.
plies,
and in India.
by the
upon; them
July 30, 1941,>the company-owned the following percentages of*
outstanding common stocks, respectively, of the four subsidiaries
the
.
program.
of the American
and labor more than 37 %, and fuel, materials and. sup-1
increased more than 44%.
Yet* in spite of all these increased
dosts, over most of which we had no control, our rates to the average
residential electric customer were lowered by 28 % in the same period
and are now lower than they ever have been in the history of the
electr.c utility industry.
The average residential rate of companies in
the Electric Band and Share system in the United States is 3% lower
than the national average of all companies, and at the same time our
average
residential
consumption is 7%
higher than the natonal
average,
notwithstanding the fact that, in the main, the companies
in our system serve the small communities of the Nation.
American & Foreign Power Co., Inc.—With over 92%
of its invest¬
ment located in Central and South America, the welfare of American
& Foreign Power Co. is closely linked with that of the Latin American
Republics.
The balance of Foreign's investment is in Shanghai, China,
90
demands put
Bond
Electric
the
in
;
• W.j.and Share
•-
Their 50,000 employees are steadfast in .their deter¬
mination to make this system do even more: than;'its expected part
in the great task in which this nation
is,engaged in the preservation
accomplished during a period of unprecented in¬
of operating companies increased more than
been
has
in
creases
meeting all the
are
defense
■>,
$15,000,000.
increased
been
system
V■
,
On
and-only-decreased
system spent, over $48,000,000 for construction
its cash by about $18,000,000.
National Defense—The companies
debt
been
cash'
More than $22,000,000 of total system
paid off.
In the same period, over $393,000,000 has
construction of new facilities to serve the public and
adverse factors.
many
the
made in spite ♦
remarkable progress that has been
of the
indication
an
of
Saturday, October 18, 1941
.
and
is
such
for
be
not
to
exchange
and
be
into
less than two
scrip,
of
scrip
subject to the requirement that it* be
whole shares before July 1,-194^,'which •
represented
consolidated
after the date of the issuance of any
the further requirement that the whole
by such scrip which Las been issued
years
subject to
shares
^
prior
to
said
date
will
be
sold
by the
held
as
soon
by it,
shall be
as
without
null and
void.
"
be
changed
in
state
into
an
insurance
firm
and
that
this could best be
done
courts.
com¬
reasonably possible after said date and the proceeds '
the duty of paying interest thereon; until July 1,
1948,
for the pro rata benefit of the-holders of -.'such-^-issued and'
unconsolidated
scrip, after which last- said-'date: alk-of^such' "scrip A
pany
Attorneys for the receivers and for contract holders and officials of
other states contended in closing arguments that the company should
oFlintkote
The
shares
and
New
of
Co.—Listing—
York
$4.50
Stock
Exchange
'
cumulative preferred
outstanding.—V, 153, p. 836.
y
';^
has authorized
stock
the
(no par),
lisbing of 40,000
which
are
issued
'
'./*■
1941
Underwriting: Premiums written—/ $9,967,080
Increase in unearned prem. reserve.
842,720
1
$8,510,874
190,778
4,133,160
21,802
business
national
the' turbulent
period
beginning
I
•
■
rents..4_
&
n'Ji: ieX
Expenses
Balance
Net
surplus December 31-.".:
on sale of stks. & bonds (net.)
'
V-v:
184,426
V' $435,974
1,522,524 A,
;
176,291
$1,782 207
48,647,375
$1,915,630
51,504,983
30,365A
:
f":;
Increase
in
H. Bfiggs wiii act' as my successor.
I look forward to con¬
sqcce'ss of the Company under his direction. I am not severing
I have been elected to and
have
accepted the;.,office of chairman of the board and will serve
the .company as advisory counsel.—V.153, p. 549,— .......
John
—A—A
4,581,019
-
.
declared
dividends
Cash
7,679,697
1,279,570
Cr46,628 ;",'V 22.492
special reserves
1,499,995
"
surplus
>
Net
:'
Assets—
30-;.——— $50,024,422 $44,548,794
June
$44,363,259
i
.
Balance
.v
„
'
■
*
,,
-
Sheet June, 30
,,
Bonds.- and ;stocks-.>^_i-i^i——r-r-Heal
.
in
collection
of
course
2,543,261
2,282,677
•
139,604
Interest and rents accrued-—
143,957
V.
5,158,968
1
,.,v.
,
Losses
in
Other
;
adjustment....'————-
of
process
3,262,740
:
claims
.
,
Reserve for dividends
Reserve
for
and
taxes
expenses
1940
;
$16,856,419
Unearned'.:premiums
^
$70,904 885
A; A/ 1941/
•
$15,806,260
2.789,231
Contingency reserve..
capital
3,750*000
—
Florida
case.—V.
General
Operating
Oper,
Oth.
(excl.
taxes
115,549
6,201,737
A 346,029
;
of
$373,823
$6,081,217
(net)
r
Operating. Income,
2,650
2,650
i
$369,387
$374,044
$6,083,867
$6,025,695
Interest
Other
on
int.
$6,867,574
$6,452,502
216 667
216 667
2 600,000
110,000
1,320000
32,752
3,064
35,185
1,320,000
210,580
'
306,529 A;
A 3,176
$15,390
income
stocks
for the
47,407
Industries, a German
Farben
I, G.
New
1946,
a
Balance
1941
to
3
This compares
$6,058,000.
of
1940.—
Corp.—To Pay Preferred Dividend—
Dec.-17,
when
1937,
vA.
'-
$7
per
share
paid.—V.
was
pany's
A
•
$1,535,444
AAA- A
loss
$1,179,711
tions
from
transac-
—V.
1940
and
$438
22,837
$85,369
1,
$61,043:
117,779
——
realized,
company's
396.
p.
-
194i
'
A
$4,550
*
•
'
16
notified
holders
of
its
first
and
refunding
5% series, due 1968. that it will redeem
outstanding bonds at 103 V2 % and accrued
1941
redemption
to Dec.
date
of
Bank
1,
at
the
1941. Payment will be made
the
of
City
on
Dec.
on
interest!
after
or
principal
trust
office
of The
Chase
York, 11 Broad Street, New York
New
1, 1941, all bonds shall cease to bear interest.
the bonds to be redeemed may, at their option, present
time prior to D2c. 1, 1941 and receive the full redemp¬
at
of
1938 interest
the
9
months
1941
Oct. 4. '41
realized and un¬
Oct. 5. '40
disposed
were
in
account
of
at
loss
a
arriving at the
of
$4,874,
which
results.—V.
1941
was
154,
taken
not
into
244.
p.
sold
;-w__
1,378
.
——
—
8,790
,
Hawaiian Electric Co., Ltd.—Preferred Dividend—
1,006
3,047,810
——
allowed claims, including the first mortgage 5% bonds
Total assets
and the 7%
debenture bonds, as of Oct. 15.
Ballots must be fi"ed
out and filed with the Commission on or before Dec. 15.—V. 153, p. 837. ■■A/;/Deduct-r-vA':/'.-^
—40 Weeks End.—
Oct. 4. '41
Oct. 5, '40
$11,038
$100,945
t$25,748
$211,569
for Federal income taxes.
fLoss.
During the 40-week period ended Oct. 4, 1941, obsolete plant facili¬
profit
•Before provision
1941
30,
stock—-
%
542.
p.
•Net
ties
Investments
154,
—12 Weeks End.—
■
30,
$822,532
——
interest.—V.
accrued
v
Sept.
■*•
—
and
bonds.
on
ended
Liabilities and Net Assets Sept.
Dividends receivable—payable in-
any
price
Hathaway Bakeries, Inc.—Earnings—
have declared
Directors
dividend of 25 cents per share on the
a
5%
preferred B shares, payable October 15 to holders of record October 4.
Dividend of 30 cents was paid on July 15, last, and an iniltal divi¬
dend of 25 cents was paid on April 15, last.—V. 153, p. 397.
of
holders
the
Exchange Control
payable Dec.
Co.—Bonds Called—
these
1,
Holders
74,323
..
■
'/
not delivered ____—
Dividends receivable—cash
•
road, approved by the Federal
for'acceptance or rejection to
plan for the reorganization of the
Court and the ICC, is being submitted
A
in
for
85,450
Accounts receivable for stock of General Capital Corp.
Southern Ry—Plan Sub¬
Fort Dodge, Des Moines &
"
-/
."i ■
mitted— -V
com¬
currency,
1941.—V. 153,
14,
,
Oct.
on
Oct.
them
1,426
banks—demand deposits
in
by
the directors declared
15,
the Foreign
States
per
'
Power
National
1
.*/'
Assets—
Cash
84,951
is exclusive of-gains-or losses,
of Assets',
Statement
Utilities.—V. 154, p. 395.
above
securities.
on
and
par.
loss$34,423 l0SS$lll,88?
$85,762
in. 1939 and $122
respectively,
the approval of
share, United
to
cents
1721."
p.
all
1941
from
171,504
2,013'
101,066
as
$5
estimated
are
City. On and after Dec.
$98,425
income
stock,
quarter
■
subject
15
Gulf
21,245
—
•Includes
Corp.—Qualified.for Sale
the
17,094,901 tons averaging 1.32% copper.
outstanding, as of Sept. 30,-1941, amounted
at
,;
..
Company
$85,762
tftXonihc.""
-
of
mortgage gold bonds,
-
-11—A
profit
shares of capital
end
regular monthly meeting held Oct.
of
151,
tion
Net
the
Earnings for 3 Months Ended Sept. 30,
earnings before taxes
Net
21,463
securities-'.!"
in
Prov. forFed.
450,261
at
Gray Manufacturing Co.—Earnings—-
$98,425
-
S0.4O
depletion
'
*$83,977.'
22,934
,
$0.28
depreciation,
amortization,
1941, to holders of record Nov.
A
1938
$107,007 A ♦$108,207
$119,888
1939
$180,159
debentures
of
dividend,
1,
1940
$122,616
$0.34
interest,
tOn
ores
engineers
the
At
a
1940.
1939
.
1941
share—
per
$274,700,
Nine Months Ended September 30
1940
,
Sept. 30—
debenture
Balance
to
the
$2 par common stock have been qualified for sale
Massachusetts with
the Dlv's'on of Investigation of Securities,
\
State, Federal income,
deferred liabilities, $1,-
stock ($2 par), $600,000;
common
$153,019
taxes.
Board,
''-"fC
'
with 134,662 on June 30 and 117,900 on Dec. 31,
income
Net
for
Public
Wisconsin
income
Shipping
>
;
Ended
Months
the
Note—Net
of
for'
taxes, ' $740,000;
to Adrian D. Joyce, president of the company.
mature $1,000,000 on each July 1 from 1943 to
while the insurance company loan is a term loan
July 1, 1947,—V. 154, p. 330.
on
• After
A /
153,
;CabitaI Corp.—Quarterly Report—
Expenses and taxes A--A
1,153,008
in Massachusetts—
Department
profits
will
loan
•(•Earnings
of $1.75 per share on the 1%
payable November 1 to holders of record October 22.
pftid-" on August 1, May 1 and February 1 last and
I,-*1940,- cthiS' latter being the first dividend distributed on
Dividends
In
(cur¬
inclusive,
•Net
was
Income—dividends
Federal Income taxes, subsequent to April 1.
which will result in the accumulation of
such taxes at the rate of 30% for the full year 1941.—V. 154, p. 541.
The
receivable
'
is being made at a rate
Foote Bros. Gear & Machine
contract
Granby Consolidated Mining, Smelting & Power Co.j
the entire twelve months
1941
$2,332,719
1,153,008
—
-
1941—provision
excess
■
Note—Provision
■
,
Ltd.—Earnings—
defense contract of $1,533,total of new business
it raised- the
of
months
Income Account,
Net
1941,
/
according
York,
bank
The
increased
.'
10,797
■
$2 688,452
$28 686
period.
A
v
company, it is announced, has completed arrangements for terni
aggregating $7,000,000 to increase its working capital.
/ . A
Subject to the approval of preferred stockholders,
the company
will borrow $4,000,000 at 2%
from banks in Cleveland, Chicago and
New
York, and $3,000,000 from the Mutual Life Insurance Co. A of
v-
AV;'A/A::'.V
compare
2,600,000
110,000
Cr.
.
cost),$99,000;
(at
The
quarter ended Sept. 30, 1941, the net asset value per
by $1.07 or 4%- as compared to 3% for the Dow-Jones
Industrial Averages.
Net uninvested funds increased slightly over the
20% shown at June 30.v Shares outstanding Sept. 30, 1941, 143,207,
*
Net
549. '
share
426,807
.
$387,362
deduct-—
&
Int. chgd. to constr.,
783,707
.13,318;
2.358
$371,745
:
mtge. bonds
deb. bonds—
on
Interest
:;A/:y.:,4
i
1941
bonds
facilities
.-"A'
;/■
loans
stock,
During
-
A/—aA
income
Gross
September 30,
/.
,
Glidden Co.—Plans $7,000,000 Loan—
;
;
Cable
AA General
'
Other Income.(net)—a„
A
par.
Government
plant
emergency
$2
capital surplus. $1,408,064; earned surplus, $1,258,951; total, $6,278,539.
154, p. 542.
/A.r-.-/./A';.;,
,
;
and
maturing
beenZ'awarded. to
issue-since
this
plant
;
$1.09
$1.82
stock,
common
—v.
.
first nine
the
amount
Nov.
on
p.
$6,023,045
221
in
preferred
1,533,334
221
lease
fr.
surtax,
Directors- have ' declared- a' dividend
,■■■■■;
1,337,954
1,367,790
2,000,000
133,333
$369,166
Net oper. revenues.—
Rent
1,002,393
118 367
158,333
Film-Corp; and
bookings-of-$2,313,420-for
Like
.profits taxes)..—— A
Prop, retlr. res. approp.
of
shares
Government
income
excess
•>
j-
§3,071
/
6,283,971
467,430
V en,068
553,596
Prov. for Fed. inc. taxes
306,750
$328,238
share 'Hum-*.
per
300,000
S.
Bronze " Corp.—Bookings—
A General
.
exps.,
•A ta xes
'■
$1,249,715
excl. direct
A aA-aa A A-- -A z-A-
&
V. 154, p. 581.
1941—12 Mos.—1940.•
$1,091,885 $16,735,371 $15,448,099
1941—Month—1940
revenues—
740,000
taxes——_
.370,773; operating reserves, $51,708;
added that the Government also wishes -to ascertain
firm, Farben Industries and I. G. Chemi Co. are
had
which
with
Light Co.—Earnings—
&
1,288,191
$548,191
taxes, 465,264;
of directors
Corporation announced on Oct. 11 that
•
000
August 31—
at
hearing
a
Aniline
154,- p. 541.
3.750.000
f
Power
of
board
a
prof,
excess
t.
have been engaged in violations of the anti-trust law.
Hamilton
emphasized'tha>& tha investigators have reached no conclusions in thd
booked
Period End.
.
or
$76,860,714 $70,904,885
—
——
152r p. 4122.
the
whether
.
Total
Harrington
of
for taxes)
;
1940 *
$2,511,821
635,038
receivable (trade), $541,058; inven-f
assets, $71,854; U. S, Government
emergency plant facilities contract receivable,
$870,773; investments,$109,695; fixed assets (net), $1,683,993; prepaid and deferred expense,
$23,742; total, $6,278,539. Aw-/;/:/; "*>.,■ ■
Liabilities—Notes payable (banks), $217,694; customers' deposits on
machines ordered, $212,040; contracts payable, $21,028; accounts pay¬
able
(trade),
$111,153;" dividend payable, $75,000;
salaries,
wages,
commissions, etc., $146,864; 1940—Federal income and excess profits
V..'
Dec. 710
■'
44,548,794
Cash
-V.
Aniline
trust. A He
dye
903,626
49,547,605
-
election
an
General
900,000
900,000
1,500,000 A; 1,200,000
1.006 975
1,043,950
,v
WA W:
Corp.—Hearing to be Con-
Film
'
'
r
4,167,399
$76,860,714
Liabilities—
seeking
921,787
945,922
estate
Premiums
U.
Wilmington Oct. 10 granted ft
on
ft stockholder's- petition
for the corporation.
A.
'-'The .Stockholder; Ernest'W. Flender of New York City, had asked
the Chancery Court to appoint a master to call a meeting of share¬
holders for the election."' /•"'•• .■'/
A
'
Z.4,
Chancellor'Harringtorr agreed to a continuance after Fowler Hamil¬
ton, special assistant Attorney General, revealed that a Department
of Justice investigation was under way into affairs of the corporation.
Hamilton said the investigation, which will take at least 60 days,
was
begun to determine whether any connection existed between the
1940
$68,333,544. $63,128,481
•
until
continuance
;1
1941
>
GhanceHor
'
.
-
Aniline
General
tinued to Dec. 10—
,
&
rent portion), $217,694; accounts
lories, $1,759,651; other current
277,507
1,199,995
.1,199,995
provision
income
/ :y
^/ Balance Sheet,
Assets—Cash, $901,079; U. S.
tinued
'V'
*
$885,690
1941
$5,065,751
,/A A ?,,• ■ /A.
my active connections with the company as
$52,757,358 $53,450,978 $50,421,780
_—A
(net)
•On
t
Dr7,802
1940
$1,119,814
income
.•Earnings
"r'
^
lor est.
Net
"
Decrease in market value of stocks
and bonds
alterations made.1
$19,350
.
Sept. 30—
income" (before
Net
j': The operating statement of the current year is reassuring and indicate's continued profitable operations.
<.
1941
sales
Prov.
recommended in the annual message to stockholders for 1939, the cash
position/of the company ;iwas strengthened in 1940, permitting further
-operating expansion, .Important new machinery has been installed and
$1,346,233 A' plant
$1,421,254
: ,-19,375
Prof,
<r
,v
$2,122,338
50,615,645
i—AAA
..i-s—'—4
•
1,605,680
$1,772,263
,.>1
•
$494,376
$350,076
1,887,240
114,977
-
—
—Jan. 1 to Oct. 7—
Giddings & Lewis Machine Tool Co.—Earnings—
Gross
.
divs.
Int.,
(est)
$30,350
542; ,'At;'''AA/;;v'; T
p.
9 Mos. Ehd.
1938 the new Gabriel aerotype shock absorber was
introduced
and
replacement field sales were re-established.
The
Gabriel
machine -products /division
also came into existence. • As
J
V.?;-;.
Investment:
154,
*
A/' / i. —week ended Oct.7—
A A1941
1940
A
.
..
revenues
—V.
with
Beginning
.
*-a\.
A
,
,
Oper.
with the
early "Thirties," : the company was passing througn its lowest ebb
and lacked products.
The company's manufacturing operations during
this period
were completely changed and re-organized.
*
A During
3,734,389
—A—/
4*448,0.34-,
Expenses
_—AA—4,328,250
Underwriting profit and loss items.
// AA-*4.
A
,
Period—
'
$7,931,512
3,739.347
3,883,337
_—-_A——; $9,124,360
earned
Premiums
1
.
355,043
Losses
Georgia & Florida RR.—Earnings—
•
the
.
'.
president of
as
company/which takes effect October 15. I have acted as president
Ur/
1939 ? ;and general manager-for about seven years and therefore believe it
$8,865,917
$8,122,290
proper at this time to^render a summary report to you.
A v
-1940
v-AiA-Av-,.
6 Mos. End. June 30—-
requested the'directors to accept my resignation
have
Fidelity-Phenix Fire Insurance Co.—-Earnings—
.
655
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3995
Volume 154
4tr£rr>&*\
HU
w
$3,881,516
/■.'
Liabilities—
investments
For
Fyr-Fyter Co.—Earnings—
•
$519,931
$400,885
$417,614
339,839
251,941
116,948
123,960
$31,996
$15,664
788,309
—•
Belling & adm. expenses
141,252
sales-
/
$207,150
Provision for accrued
Dividend
Net
profit
en
income
Other
15,478
5,894
4,153
$56 210
$36,149
deductions-
Miscell.
Federal
32.790
11,957
5,345
*5,507
inOeme
Net
•2,012
$25,296
$12,359
$80,532
-
assets
I
Balance
ASSCi; S
■
.
J -'
\"
V
,1
..
V
•
:
$32,410.
'•<\ 'r i. A-V
^
.;
I,-.
'
1941
J
charges
—
—
—.
1940
10,068
Total-. -A-A
''
183,464
$958 794
1940 '■
.
payable
Notes payable —__—
Dividend on class A stock..———
$443,500
205,213
300 639
127.988
J .A
.
' 100.000
♦
9,221
which
company
Oct.
on
24,
been
-
adopted
it' "advisable
stockholders
will
consider
and
by
majority
a
of
the
board
of
the
in
judgment of the board of
the corporation that it be dis-
:>;//
A"
;/..y
General Electric Co.—Earnings—
2 084
i
$1,386,199
1941
$958,794
•Cost
share's .class A. stock and 40,000 shares class B
value.—V. 154, p. 430.
to
i
1940
1938
of
sales
billed!—.445,998,178
257,260,506
;
sales.— 28,019,430
29,989,424
198,857,457
Net
inc.
from
;
19,042,697
5.979,934
1
•Net
profit
■(Earnings
•After
no
*
;
par.
John
I
am
—
per
share.—
$71,362
$0.27
$$15,291
Nil
charges.
tOn 262,462 shares of capital stock,
"
President, in letter to stockholders states:
'
issuing this statement to the shareholders at this time as I
all
taxes
A Profit
$$46,710
Nil
Shares
Batterman,
'
div*.A'37,471,681
37,094,776
25,022,631
17,548,256
stock *-•1
Earnings
/
per
par) i <28,845.927
share!—/
v $1.30
Spicer
Mfg.
$168,480;
Corp.,
$647,354;
accrued
pro¬
taxes;
capital stock
$615,425; earned
$75,000;
capital surplus,
151, p. 2193.
■
<
in
conform
the
structure of the
capital
with the policies of
the SEC
28,845.927
28,845.927
$1.29
$0.87
28,845 927
$0.61
and depreciation charges, reserves
p.
541.
'.
company
may
and to permit
company,
a
stock
common
.unit, in the North American Co. system, reclassified
in 1937 as a step toward refunding its debt, but
conditiohs,
law
suits
and SEC
policies
have
made
this
im¬
as evidence
the order.
pursuant to
'
""Since
1936
at hearings
of
the
Commission
to be
held
'A.A'
A'
/, \ AA\' 'A/ A1.. ^/■
the officers of the company have been working on plans
looking -toward a refunding of the indebtedness of the company," the
letter said..
"Any plan of refunding must take into account the fact
the
that
value
value
/
of
company's indebtedness is relatively large, as conmared with
of its assets, due to a great extent to the decline in the
investments in transportation properties."
its
$2,438,702 for the 12 months ended August 31, compared with
n/r.,
tb"t net income of the parent
$2,109,393
compared with $2.1$),393
$22,418,848 against $20,757,666.
$2,438,702 for the 12 months ended August 31
"/ r "
: •Including operating/ maintenance
and provision for all taxes.-^-V. 154,
to
f.Apresentation
the
outstanding "7no
and
$Loss.
J.
avail.' for
common
$3,171,692.
accrued liabilities,
taxes, and other
.
1941—9 Mos.—1940
$116,022
$0.44
from
total,
and
,
$149,500; receiv¬
practicable,. Mr. Van Wyck reminded security holders.
;
Mr. Van Wyck revealed that the company's officers are consulting
with several different-investment banking firms in an attempt to work
out a refunding of its debt and a rearrangement of its capital struc¬
ture for submission to the Commission, either voluntarily, under Sec¬
tion 11(e)
of the Holding Company Act for the purpose 0* complying
with Section-1Kb)(2)—the corporate simplification section—or for
5,640,213
,
The
market
11,908,043
7,105,352
1941
profits
excess
adjustment
further
necessary
its
180,593,130
9,452,251
sundry charges—
31,
investment in shares of
$20,546; land, building?
refunding of the company's debt, Allen Van Wyck, President, states
in a letter to stockholders and holders of dividend arrears certificates.
Sundry inc., less int. pd.
and
payable
shares),
par
July
Co.—Capital Adjustment Possible
Permit Debt Refunding—
A
be
*
.
1939
,
$630,012;
and
.advances
Sheet
$1,106,217;
deferred charges,
$55,002;
(net),
income
no
Balance
inventories,
a
•Represented by 2,000
Gabriel Co.—Earnings—
Period End Sept. 30—
1941—3 Mos—1°40
992,000
$315,689
—
Illinois Iowa Power
'
Sept. 30— '"-'AA $
A':/
$
$
1
$
"A-/-'A
billfed.l'AlAAAlA474,017;608 287,249,930.217,900,1'54 192,501,173
sales
for
(90,000
/
9 Mos. End.
'
——A—A—-AAA-
444,351
excess
surplus, $643,887; total, $3,171,692.—V.
19,643
Net
and
Dominion of Canada bonds,
$281,603;
companies,
equipment
$1,021,546;
Oct. 2, 194.1,-T the U. S..-Treasury announced the definite denial
of an application ;by General Dyestuff Corp. to purchase the controlling
shares. of-vGeneral Aniline & Film Corp. from Internationals Gesellschaft fur Chemische. Unternehmungen A. G. (I. G. Chemie),.a com¬
.v
1.187
income
——
$928,813;
(net),
vision
13,099
i
Provincial
„„——
A-, Liabilities—Accounts
"4*610
35*258
profit
other
made known by J. Whitney
The offer is the equivalent of
was
/ On
■?:' 40,529
$1,854,422
101,194
fees
—
and
Consolidated
organized under the laws of Switzerland,
-General Dyestuff Corp. has
since filed a reapplication with the
Treasury
Department relating- to this transaction..
The Treasury,
Oct. 15/ reaffirmed its ^decision/and denied the reapplication.-r-y. 154,
23,601
153^405
..
Consignment account
Accruals, etc.
—_A—
Reserve for sales tax assessmentReserve for doubtful accounts——
stock, all of no par
Dominion
Assets—Cash,
ables
pany
206,514
.
legal
and
profits taxes A—
May Dis¬
—
Reapplication to Purchase General Aniline Stocks—
./
officers,
———
depreciation of buildings and equipment
for
Provision
General Dyestuff .Corp.—Treasury Department Denies
28,159
216,189
Accounts-
Total
Provision for
'
..
(
v'Z:■
137.394
$443,500
i
declaring
directors,
,128,517
27,952
*
for the
meeting
.
,
A directors and most for the benefit of
solved."—V. 142, ^p.1641.;.
;
.
:
$330,602
special
a
a
,.
VA» 8.128
281.123
1941
,.
stock A_-_-^a---A-A:---A-'--.
for depreciation.—
Reserve
2.939
123,858
i
A 22,492
22,492.
.
$1,386,199
_•
*--- A-i.
Liabilities—
•Capital
."-A
of
•
A'.resolution«has
$440,569
,
bid
A
executive
of
fees
154, p. 430.
BowenA president, of the corporation.
$1.40 on outstanding shares, he said.
442,553
'AAJAAAAAiAAi-A^-^AAAA-^A^Ayr-^A.:
and accounts.
V:-;Ti
Z
.
recu^i—
Inventoried AAAaAAr-A'A^
5
A
9,379
-AA»aA_«AAA:
Treasury stock
Notes
:
$475,901
.
Goodwill
Deferred
Directors'
$3,829,490
General Cotton Corp., Fall River, Mass.
30
.
! patents
(Securities
$52,025
•
—
solve—,.
at
Sheet, September
*
equipment, etc
Buildings, machinery,
It
—
Net
profits tax.
•Includes undistributed
:_A/A^__
5,288
11,843
...
tax—
income
(Including O. & W. McVean, Ltd.)
Profit for the period
$19,659
109,306
—
A..
A■■'•■-.?■'■" Earnings for the Year Ending July 31, 1941
before providing depreciation, &c
34,370
•Represented by 143,207 shares of stock without par value; stated
value, i.e., amount capitalized with respect to said shares, $1,890,633.
—V.
income
7,638
2.498
Remuneration
3,994
$222,628
—
Total
,
payable Oct. 10, 1941
liabilities
Total
•Net
v
Hayes Steel Products, Ltd.—Earnings—
$7,520
fee and other expenses
Federal capital stock and State taxes
277,990
129,776
$50,316
$1,136,711
—
sales
of
Cost
1938
received—:
not
Accounts payable—management
1939
1940
1941
30—
9 Mos. End. Sept.
Net sales
purchased,
in
the
preceding
'Consolidated
*$2.609MO.
net
period.
mcjme
compare^
Gross
01
with
was
trie
company
$29,640/100 against $27,750,083.—V.
and
it.,
Consolidated
154, p. 514.
<2 529 392.
suosituaries
revenues
was
were
i
THE COMMERCIAL &
656
Gas
Indiana
*
Chemical Corp.
&
Resumed—
Investment Company of America—Quarterly
Common Dividend
—
>^'''0
!
with
Oct. 7 declared a dividend of 10 cents per share on
stock, payable Nov. 1 to holders of record Oct. 15.
This will be the first dividend paid since December, 1937 when a
payment of 20 cents per share was made.—V. 153, pt 990.
Directors
the
on
of $18.59
'-//.I:?'.
;
v
/
of
value
net
Inc.—Quarterly Report—
Fund C,
Investors
The
'
;.
Accountfor Nine Months Ended Sept.
Income
..
v,1941
-
\
dividends
Cash
;
31,770
legal
35,990
, v
stock
miscell.
_—__
taxes
tax
5,172
5,855
32,474
These
6,556
12,911
3,727
-
—
income
Total
—
income
than
other
Taxes
taxes—
compensation
Management
,
.
13,102
12,288
3,137
.
loss
(computed
Balance
$80,461
$105,903
on
58,322
*7,386
*15,633
$67,598
$113,289
$96,094
159,603
179,531
180,321
$227,201
$292,819
151,435
$276,416
profit
bal., Dec. 31
and loss surpl.,
Profit
Total
-——
140,507
:
30__—■
Sept.
Accounts receivable
Dividends receivable
Total
Liabilities—
'
11,410
10>°^
46,362
:463,b23
—
4,559,412
Management Co., Inc.
49,273
——
492,727
4,834,555
141,384
398.
$4,565,897
,
.
International "Metal
Accumulated
Industries, Inc.
Dividend—
declared a dividend of $4.50 per share on account
of accumulations on the 6% cumulative convertible preference stoc.c,
and the convertible preference class A stock, both payable November 1
to holders of record October 15.
Accruals on both issues, after the
current payment, will amount to $10 per share.—V. 153, p. 243.
have
Directors
Co.—Listing of Warrants—
Exchange has authorized the listing of warrants
stock (par $15), of the company at any time
1942, at the price of $25 per share.
International Paper
New York
The
before Sept. 26,
purchase
to
rants
warrants
above
The
tue
shall be 100 war¬
in the warrants
100 shares of common stock.
of trading and printing
unit
The
for
Curb
common
purchase
on or
common
for warrant in exchange
warrants of International Paper and
issued warrant
were
is^ock purchase
pursuant to the reorganization agreement,
July 23, 1941, between international Paper and Power Co. and
national Paper and Power Corp.—V. 154, p. 452.
■.
Accrued
.
.
Inter¬
Corp.—To Pay Dividend-
5,670
20,000
exchange, and for
the Securities Exchange Act of 1934.
tl99,792
>-V-
2,365,772
$4,515,547
Corp. \
American
Home Products
•-•i-.b;'
See
Income Account,
.
30
Years Ended June
1940
1941
Cost
_—
331,646
$142,917
22,024
$123,311
25,794
$164,941
$149,105
—
-
profit
Provision for
cash
Sheet,
$120,052
61,200
$119,606
61,200
income
Balance
29,054
45,335
Federal taxes—————
Dividends declared and paid, in
:r
465,574
-
profit
Operating
Other income
Net
1,670,598
___.
general adm., etc., expenses——
Selling,
Net
$2,125,556
1,930,836
————
sales..
of
$2,539,328
allow. & disc...
Net sales after deduct, returns,
30
June
-v--.:y''
1940
$117,638
164,580
448,036
70,877
42,031
17,758
1941
Assets-
$109,266
Notes
(less reserve)—
282,351
Inventories
d--—569,971
Fixed assets (less reserve for depreciation)
,80,550
Patents (less reserve for amortization)-——
34,150
Value of insurance-—23,553
Investments, at cost
%
3,903
Sundry claims and advances (net) —-—
'
6,842
Prepaid expenses and deferred charges.
*
40,679
hand—
and accounts receivable
Cash in bank and on
————
'•
.
.
Liabilities—
Accrued
(trade)———.—------
payable
liabilities
——;
—
$190,933
204,000
419,329
432.
360,924
$1,151,264
J
-
-
—
-
154, p.
43,111
57,367
204,000 >
118,883
$917,850
-
surplus
Total
—V.
$917,850
1940
$351,685
——
Capital stock (par $1)——1—.——
.Capital, surplus
Earned
8,199
48,730
•
$1,151,264
1941
I
Total
Accounts
>.
'-i'
118,883
-V-;:
Sales
Southern Utilities Co. of
Operating revenues —
Operating expenses, taxes and
Provision for retirements—
Net
Other
Net
income
—
——
earnings
-
debt
General
interest
income
153, p.
;
—_
991.
and expense
——
——
——
—
Maintenance
$1,386,271
$449,924
1,206,137
395,573
228,0/8
76,803
&
Gross
Other
profit
expenses
Cash
of capital stock (par
addition
In
received
a
to
letter
of
intention
of
intent
entering
orders
the
company
for
of
not
such
$1,341,068
669,700
136,085
21,802
ject
ment
has
will exceed $30,000,000.
authorized
the company
to approval by the
materials* jigs and dies
parts.
officer,
of
1941
$2,941,330
(net;
155,223
;
2,048,034
^
142,151
1,796,785
418,732
7
____.
23,854
-
.
$7,532,111
—
$700,000
893^669
;
trade
262,632
salaries, wages,
payments
payments
93,535
3,912,518
672,625
120,709
etc..
sales contracts
sales contract__z____
on
on
stock
1,408,669
7
532,248
7
Total.
$7,532,11
♦Applicable
after
to
July 1,
deliveries
1942 —V.
within
154, p.
one
(& Subs )—Earnings—
1941—Month—1940
$95,710
$1,177,607
$l,$53,36f
41,738
501,448
464,86(
8,484
8,421
100,043
97.86S
11,656
9,344
156,018
89,351
40,120
36,208
Dr4Q5
420,097
13,149
401,288
Drl,436
Maintenance
Taxes
Utility oper.
inc. ' befr
retir, res. accruals—.
.Other, income .(net)..,—■
„
GroSs
$433,246'
$31,184
$28,302
$343,246.
7,107
.7,143
762
762
$38,684
7,500
res.
Gross
; •
income 7.——_
on
deb.
J. P. S.
•
Amortiz.
and
Other
Net
—V.
■
•.
$405,168
-i.
90,000
$315,168
stock—
Co., Ltd.—
of debt
income
income
154, p.
85,294
-
.
;
—
*
9,138
9,243
579
charges
152.
86,250
disc.
expense
;
793
9,981
12,263
$22,736
$19,604
$238,834
$207,413
;
Jewel Tea Co., Inc.—Listing
the
90,000
-
deductions:
Income
int.
3,880
w
$35,802
7,500
accruals—___
ment
•
bef. 'retir-i
inci
Retirement res. accruals
'
1941—12 Mos.—1940
$106,118
revenues
Operation
.
deliverie.
to
45,858
Operating
v
TApplicable
year,
452.
Jamaice Public Service Ltd.
Period End. August 31
By the letter of intent the Govern¬
proceed with the purchase, sub¬
contracting
30,
■
of Preferred Stock—
;
authorized the listing of 50,000
shares of 4V4%
stock ($100 par), all of which
•are issued and outstanding.—V. 154, p. 432. ■■'■; ■.'
- y
VJ:; ' '
The
New
Exchange has
cumulative preferred
York Stock
Jonas & Naumburg
V
Corp.—To Pay 80 Cent Dividend—
have declared a dividend of 80 cents per share on the
common stock, payable Oct. 21 to holders of record Oct. 11.
Dividend
of 80 cents was paid on Oct. 24, 1940.—V. 152, p. 1132.
to
Government
June
hand__
on
surplus
Operating deficit
certain
necessary
for production of these engines
This production will necessitate a substantial increase in
manufacturing facilities, and the company is negotiating with the
War Department for
the construction and equipping of a separate
plant for this purpose to be paid for and owned by Defense Plant
Corporation.
Negotiations contemplate that such plant will be located
and
Sheet,
"
;___
payable,
tAdvance
contract will be on
sales price
*$146,048
taxes
Common
the contract from the War Department and while all terms
yet been finally agreed upon, negotiations contemplate that
a cost plus fixed-fee basis and that the total
have
—
♦$101,851
Paid-in
purchase of Pratt & Whitney type engines, together with spare parts,
to
be
produced by the company under a license it has recently
obtained from United Aircraft Corp.
Company has received an advance
copy
-
—
♦Advance
to above, the company
the United States Govern¬
Government has indicated its
with
♦$262,999
payable, banks
Accrued
of
in which the
a
contract
into
3,997
£
on
Accrued
referred
War Department
and
receivable
Accounts
1941
unfilled
the
'
Total
from
the
$275,714
banks
in
Notes
Government,
from
0,394
——U_
rt.;
"'Liabilities-
orders as of July 31, 1941, were, on a dollar
the United States Government, 55.4% from
16.5% from The Cessna Aircraft Co. for
use
in planes for delivery to the Canadian Government,
and 0.1%
from
all other purchasers.
; >. V
.7,
has
1'"
Deferred, charge?;
unfilled
28%
about
165,000
taxes__
Intangibles
for military purposes, principally for
Reflecting this impetus, the company's
net sales increased to
$1,386,271 in 1940 and to $3,689,211 in the
first six months of 1941, and
in the month of July,-1941, reached
approximately $1,450,000. »As of July 31, 1941, unfilled orders on the
company's books exceeded $22,000,000,
Canadian
-
♦$142,050
purchase contracts
Property, plant and equipment (net)
engines almost exclusively
twin-engine training planes.
Company's
10,008
profit
Deposits
its
the
Drl,254
267
♦$95,456
Inventories
Offered—Offering
the company completed an addition to
4ts plant and offices, increasing floor space, from about 43,600 square
feet to about 133,600 square feet.
Company estimates that it now
has
a
practical productive capacity sufficient for 'the manufacture
of engines and spare parts having a net sales value, at present prices,
of approximately $1,500,000 per month, based upon two working shifts
each of nine to 10 hours per day, six days per week.
Company is
now
operating at this practical productive capacity,>'*">>
v
1. 7 7
♦$140,796
3,384
8, (63
Balance
entirety for use in private and commercial airplanes of the two-and
three place open type,
the four and five place cabin type, and the
five
to
10
place twin-engine transport type.
Although since 1935
the company has been one of the leaders in the sales of engines in
its power class for private and commercial uses, the total volume of
sales in this power class has been small, and prior to 1940 the maxi¬
mum
net sales of the company in any year were $529,408, reached
in
1937.
:\".
V7...7 ...■.;■ 7;.;,"'
Armament programs attendant on the present war and the national
defense
program
have resulted in an enormously increased volume
of orders for the company and it.is now manufacturing and selling
basis,
♦$95,724
•♦$256,376
♦$252,991
•
inc.
8,911
41,274
.
Fed.
estim.
State
9,288
43,822
78,971
$449,478
Assets—
Business—Company is engaged in the. development,
sale of aircraft engines.-. In connection therewith
it
manufactures
and selis spare parts, sells engine accessories and
services its engines.
The engines presently produced by it are seven
cylinder, radial, air-cooled engines of two series, rated for take-off
at 245 and 330 horse power, respectively.
Until
the year
1940, the company sales of engines were almost
of
-
69,270
.
♦Loss.-
and
part
11,600
1,043
for
Net
and
early
248
10,200
2,970
'
The stock (offered as a specula¬
tion) is priced at $5.25 per share.! . It is being sold for
the accounts of certain stockholders to whom the net
the
100
36,900
$448,435
:
Other
offered to the public.
In
38
55,399
185,159
income
Total
by Riter & Co., as underwriter, marking the first
that the company's securities have been broadly
time
85,519
2,963
9,644
2,563
3,111
income
Accounts
made Oct. 15 of 140,000 shares
■
90,700
cost, &c
(other than inc.1
Prov. for depr. & amort.
with SEC an application under the Holding Com¬
pany Act regarding the proposed purchase from Independence Gas Co.
of the gas plant and gas distribution system located at Independence,
Iowa,
and from Le Mars Gas Co. of the natural gas distribution
system located at Le Mars, Iowa.
The company proposes to pay
$70,000 to Le Mars Gas Go. and $55,000 to Independence Gas Co. in
cash for the properties.—V. 153, p. 1132. *
:
1,700
Taxes
Company has filed
6,183
:<■
•966
opment
&
368,462
<
devel¬
of
Amortization
Co.—To Purchase Properties—
Aircraft Engine Co.—Stock
25,365
repairs
,
$390,387
N'-yi'v/: 710 *
382
'19,763
Royalties
Prov.
Jacobs
503
-
accts.
v
1938
•
247,151
Rents?
\"fia' v'r'.V1
V
Note—Option warrants outstanding and which may be outstanding
(upon completion of conversion of common shares and option war¬
rants of predecessor)
are as follows:
Option warrants to purchase
137,827 common shares of the capital stock of this corporation at
$115 per share, the option being exercisable at any time without limit.
Option warrants to purchase 279,848 common shares of the capital
stock of this corporation at $155 per share, the options being exercis¬
able on or before Dec. 31, 1942.—V. 154, p. 152.
;
480,000
$513,481
doubt,
for
Prov.
1939
.
2,633,834
•
>
.
■——Year Ended Dec. 31
$3,689,211
>
goods sold
Sell., gen. & admin, exp.
$16,997.
$1,309,339
31,729
——
——
Amortization of debt discount
Net
$4,524,162
2,734,823
——.
maintenance——
earnings from operations—
Interest on long-term
—v.
Del.—Earnings—
Months Ended July 31, 1941
Earnings for Twelve
(net)
•
Cost of
1,500,000 shares, par $1 each; Issued, 216,709 shares,
$216,709; to be issued subsequently, 80 shares (after allowing for stock
dividends) in respect of preferred stock of predecessor company not yet
surrendered for cancellation $80 less held in treasury, 10,997 shares,
Iowa Public Service
No, firm
■'
Periods
1940
June 30,*41
tAuthorized,
ment
Iowa
Stated
for
6 Mos. End.
■1.841,109
interest receivable.
manufacture
.
Account
Income
210,114
2,193,114
1,803,277
& Co., Philadelphia, is underwriter.
purchase stock has been made.
Underwriter—Riter
commitment to
-
History
etc.—
Vitamin Corp.—Merger,
securities
20,000
v
proceeds of the sale will go."
International
agreed that it will make application, upon
for the listing of the capital stock on a
the registration thereof under
,
;
r
Listing—Company has
11,998
1,300
—.———
kind have been paid by the com¬
any
time.
any
52.618
.
tax
—
Philadelphia, Pa., transfer agent,
Co.,
the request of Riter & Co.,
2,627
Capital surplus
$1)
the SEC a declaration under the Hold¬
ing Company Act regarding the proposed payment of the cumulative
dividend for the quarter ended Nov. 1, 1941, on its $3.50 prior pre¬
ferred stocK, payaoie November 1 to holders of record October 20, in
the aggregate amount of $86,596.—V. 154, p. 543.
corporation has filed with
at
national
15,566
1,051
stock
dividends of
Dividends—No
1940
--
Earned surplus
,
Harriman &
Pnnsylvania Company for Insurances on Lives and Granting
Annuities, Philadelphia, Pa., registrar.
The
$6,966
$4,300,369
Common
par
1941 -K':
1$14,894 :
contingencies—
for
Reserve
of the company, effective Sept. 5, 1941,
(no par) was changed, share for share, to capital
value of $1 per share.
:
stock
50,049
*
taxes
Reserve for Federal Income
was
International Utilities
.
payable for securities purchased—
Dividend payable —
—-s.
Accounts payable And unclaimed-dividends.
aggregate
incorporation
of
a
Brothers
Brown
and
$4,515,547
$4,300 369
■
Liabilities—
the company
•
{
'
-
common
stock, with
dated
(old company)
Power
TOtal'
Dr968,360
$4,328,194
153, p.
,
Accounts
♦Includes
Total
for securities- sold
——^
-
surplus—»o,29.i
on secur. carried at market
Dr844,488
loss
&
1,979
Unrealized deprec.
quotations
1940
$189,888
—
1,509
*18,503
17,225
- •—43,250
3,677,133
4,263,675
—
surplus of
paid-in
and
Outstanding
618,546 shs.
balance
articles
pany
$2,930
------
—
banks
Authorized
750,000 shs.
-
-
30,
the
1941
I
$604,733
——————
—
closed Detroit
in
the
and
30
Investments at cost.
7.
$6,173
__
tq
September
Dividends receiable
$4,565,897
,
,
taxes
payable
Compensat'n to Invest.
Dividends payable
Capital stock (par $1)
Paid-in surplus
-V.
Sheet,
offices- and! Vplant . are - located at
miles from Philadelphia).
Office
15,000 shares of common stock were issued pursuant thereto,
of the options were cancelled.
By amendment to
exercised,
^Interest on note payable to
1,404
$4,328,194
—
Accounts
r
years,
?
.
'
June
the
Accounts received
15,530
1,3*7
franchise)—~
—
-
Profit
in prior
recovered
to the devel¬
1941, the company had outstanding 603,546 of com¬
mon
stock (no par)
and options to purchase an aggregate of 30,000
shares of common stock.
On Aug. 5, 1941, one-half of the options were
•On
$87,896 loss$290,938
154,198
161,283
,
■
■
38
$1),
capital stock
$1,559,378.
197
TLoss.
Cash in banks
Cash
4,407,808
2,422
14,4U«
,'ooS
—
....
(New York State
Prepaid taxes
•
$77,098
158,875
$6,092
152,269
dividends declared
bank,
$138,733
$117,532
Securities
Accrued
period-
Profit for the
1940
,
■
6~531
"
Cash
Balance
\; Assets—
Cash on deposit In Irving Trust Co
Capitalization—
Capital stock (par
8,000
~
1,300
900
inc. tax_
Assets
30
"""*617
,
an
• 7
buildings,
manufacturing
The
,
Sept.
Sheet
Balance
'
Ui~306
(net)-—
for Fed.
Prov.
$115,483
$141,384
$86,291
346
conting. and
asserted tax defic. for
NV';
;
etc._
to
up
located on a site of about 4.7 acres
owned in fee by the company, have a combined floor area of approxi¬
mately 133,600 square feet, of which approximately 90,000 square feet
represent additions completed in the early part of 1941.
v«
1298>504
73,862
_
(approximately
Pa.
Pottstown,
for
♦Principal
Balance,
♦Proiit.
$16,380
$31,871-
,176
bank loan,
on
3, 959
182,460
Corp.
Research
Prov.
160,932
403
taxes—__
year's
prior
of
Adjust,
«
$72,608
liquid, of In¬
fr.
vest.
prior years
Dividends
<
Frbpertyr^ompahy's + general
i
and
"first in, first out"
Profit
Int.
Net
$89,452
—
——
plant
new
..
discontinued the series with, take-off rating
is still equipped for its manufacture,
has not
it
of 300 horse, power and
basis of cost to this
on
co.,
investments
basis of "first in,
on
40,745
.
now
with
series
the
for
.18,257
Profit from sale of sees,
$125,920
Net^realized
V
10,202
.
are
respectively.
respectively,
.
.
hor§e power engine which it introduced in 1938.
rated for take-off at 245, 300 and 330 horse
While the company's present orders call only
the take-off ratings of 245 and 330 horse power,
330
a
engines
power,
relating to regis¬
trations, etc. ——-
$129,614
8,409
and
1936
in
&
Exps.
'
'
was
opment of an engine of 170 horse power, of which only a few were
sold.
Subsequently, it developed a 225 horse power engine which it
introduced in 1934, a 285 horse power engine which it introduced
$67,811
9,558
7,577
—
proposed
for nthe
tools
$5,000,000.
incorporated June 4, 1929,
in Pennsylvania and
acquired certain of the assets of Fischer & Jacobs, Inc., and of
Albert R. Jacobs and his associates who, since 1926, had been engaged
in the design and development of a radial, air-cooled, aircraft engine;
&
fees
cap.
$99,721
32,134
.$132,966
35,008.34,752"
research-
and
Fed.
of
amount
Company
Initially the company's activities were devoted primarily
$142,320
—
——
agency
$129,614
$152,095
initial
'
Total
Adm.
machine
Department,
521
banks
1939
$150,456
v 1,639
$165,296
'7,606
;
-iV
,,
Custodianship,
30
$157,998
7,298
—
securities—
in
dividends
Taxable
1940
'
account
.
1941, after
of the Fund on Sept. 30,
assets
the
of the dividend payment,
and with securities taken at
closing market prices, was equal to $9.19 per share. This compares
With a value of $8.85 per share at the close of the preceding quarter,
and $9.12 per share on Dec. 31, 1940.
deduction
1, 1945.. Company has received from Defense Plant Corporation
letter.; of intent authorizing the company ■ to purchase for the
of that corporation,
subject to the approval of the War
a
,
1: i
"v
leased
be
Oct.
Income Account for Nine Months, Ended Sept. '30 f -vrV:
; v\
' 1941
1940 '
1939 c-v*1'
1938
Int. on invest, in bonds
'
$3,733
"i $3,750
1 * $454
$3,863
Divs. fr. invst. in stks.
138,065
129,216
; .99,268
.63,948
♦Int. on dep. in closed
>;>■/'.-v. v*; : Yid.»VY'vY"
a
;
buildings
will
it
per
1940.
that its cost to Defense Plant Corporation,, including
and machinery, will not exceed $13,056,327, and that
to the company for a term ending not later than
Pottstown,
land,
This compares with a net asset value, similarly computed,
share at Dec. 31, 1940, and $17.84 per share at £?pt. 30,
share.
per
common
near
Report—
share outstanding at Sept. 30, 1941,
securities owned valued at market prices at that date, was $18.01
net asset value per common
The
Saturday, October 18, 1941
FINANCIAL CHRONICLE
•
Directors
Joslyn Mfg.
and Supply Co.—Application Denied—
October 9 denied the company's application for per¬
mission to withdraw 150,000 shares ($5 par) common stock from listing
and registration on the Chicago Stock Exchange.—V. 153, p. 1278.
The
SEC
on
Johns-Manville Corp,
X
Sept; 30—
Period End.
sales
Net
iiji.
and
52,973,
,
■
227,251
136,744
114,125
Kerlyn Oil
-
Total
$1,638,312
118,125
$4,488,984
262,500
$3,526,325
367,500
Provision
87,500
637,500
1,912,500
1,275,000
$745,183
Federal income tax,
Other
$882,687
$2,313,984
$1,883,825
' 4,211,978
etc.
$636,629
retirements
&
reserves
$478,451
20,820
Net
profit
$1,470,183
■/:%■>
dividends
Common dividends
Surpius-
Earnings
share
per
'
income before reserves and retirements,
Gross
.
Net
for
$1.62
!"
unconsolidated subsidiary)
' $4.97
$1.79
■
V;; $3.72
;
(wholly-owned
for, nine months ended Sept. 30, 1941, was -
with $83,211 in first nine months of 1940.
$102,577, comparing
Consolidated inconie account includes Canadian subsidiaries, but
(2)
67,449
excludes European subsidiaries.—V.
income
common
Dividends declared—on class B common
154,
p.
<d)
not exceeding 8,500 shares class B
for
warrants
(no par)
when
or
The
have
of the Commission states In part:
The report
June
of
debtor
confirmed
The
That
effective
the
after
its
of
articles
organized
properties
i
other things, provides as follows: (a)
tne plan shall be as soon as practicable
of
modified,
incorporation
to a
or
notes in
aggregate
the
trustee,
suitable
a
to
secure
the
amount of $3,000) is to be made
issue of not exceeding $25,000 of
bonds, maturing in 20 years, bearing interest at 6% a year payable
semiannually and containing such other terms, and provisions as to a
sinking fund, if any, as shall be determined by the board of directors
of the new company, subject to the approval of the court;
(d) that
the new company shall issue noninterest-bearing unsecured notes for
$273,922
$0.36
$83,224
$0.11
•
'
•
21 %
sales
-xv-:-v,■
...
.
the
of
in
dividend
a
sales for the
period last
same
the
/ Sales
1940
equally with each share of
(declared.—V. 152. p. 1132.
class B stock in
any
further dividends
I
101,184
96,280
136,855
99,144
$197,001
$222,070
$231,644
Dr942
Dr2,936
Drl,822
Drl,773
$194,064
$229,871
194,200
$35,670
(net)__
earnings
45,401
74,626
$220,247
129,542
$73,137
$119,438
$90,704
$118,538
deductions
income
Oct.
Telephone Co.,
(Del.),
owned
stock of this company which represented
all
owns
of
the
date owned
same
Union
1941,
15,
General
outstanding.
stock
common
of the
0.92%
of
Union
Telephone Corp.,
Co., as of
Telephone
voting; stock outstanding.
■■ '
.
Underwriters—The
several
the
and
of
five
cents
share on the
per
J.
Van
D.
Security
was
gain
for
cials
(f) that the new company shall issue not exceeding 8,500 shares
B (no par)
common stock;
(g) and that the new company
issue for claims and parts of claims of less than $100 owned
payment in any year of the full dividend of $5 a share on both class
A and
class B stock, each share of class A stock shall participate
68,109
104,305
$706,254
292,947
94,246
87,415
15,384 shares of the common
83.56%
of the
voting stock
of
names
several
the
underwritten
amounts
Hooser
and
Almstedt
&
Bond
by
principal underwriters
respectively are as
them
Company, Inc., Lexington,
Lexington, Ky
Ky
tenth four-week
Bond
Louisville,
Inc.,
Co.,
year
was
reported
Oct.
on
1941 over
13 by offi¬
the period which ended Oct. 4 were $24,382,058 compared
$20,121,714 for the corresponding period in 1940.
sales for the first 10 periods amounted to $225,802,873,
for
a
15%
year
increase
sales of
over
$195,879,854 for
the same
periods
10
57,694
&
and
Corp.—New Directors, &c.—
board
elected
board
associated
Tnese
the Federal
of
chairman
of
the
chairman
of
the
the
of
with
J.
were
company
the
Case,
Reserve Bank,
the
or
formerly
Earned
New York district; Leo T. Crowley,
Deposit Insurance Corp., and
board
of
the
board
of
Standard
Electric
&
Dwight
Co.;
—V.
F.
736,400
1,800,000
266,515
)
reserves
150,957
496,264
—
480,979
6,395
of
4,702
1,275
45,141
585
41,142
$4,151,989
$4,014,765
telephone plant
surplus
Total
Federal
Gas
736,400
1,800,000
—
reserve
Contributions
of Lehman
chairman of the
firm
stock
debt
Insurance
five other individuals
were
company
Herbert
:
,
liabilities
Depreciation
directors
as
previously
Brothers.
*
stock
term
Current
member of the
directors.
of
Also
not
a
$800,000
charges
'
pfd.
cum.
Long
elected Wendell L. Willkie
15
$4,014,766
-
deferred
Total
Liabilities—
Common
Lehman
Stockholders on Oct.
86,117
63,390
$800,000
supplies.
accounts
ago.
6%
48,457
117,851
60,647
$4,151,989
Prepaid
stores in operation during the period was 3,531,
with an average of 3,774 stores in operation during the
tenth period.—V. 154, p. 246.
15,675
receivable
Materials
Average number of
1,450
189,769
15,675
funds
Accounts
a
compared
.
1,450
252,401
Working
of
sales
$3,609,907
$3,646,271
etc
;
Cash
Cumulative
750 shs.
T
Sheet
Aug. 31, '41 Dec. 31, '40
equip.,
plant,
Telephone
Investments
company.
3,000 shs.
2,250 shs.
2,000 shs.
_•_
—
Ky
Assets—
of
period
Ky
Co.,
Louisville,
Bros.,
Bankers
The
class
shall
income
which
Kroger Grocery & Baking Co.—Sales—
A
,
with
by claimants to whom the class B common stock is to be issued, warrants
in the same ratio as the class B common stock, and that on presenta¬
tion and surrender of warrants representing an aggregate of $100 of
niiowed claims within 3 years from the date of the warrants, cer¬
tificates of class B common stock will be issued therefor, such stock
being included in the 8,500 shares of class B common stock above
mentionad; and (h) that the class A common stock shall have all the
voting rights of the new company and shall be entitled to dividends
annually, when earned and declared, at the rate of $5 a share, before
any dividends are paid upon any class B stock, that the holders of
>"ass B stock
shall, after payment in any year of the full dividend of
$5 a share on the class A stock
outstanding, be entitled to dividends
at not more than $5 a share, if earned and declared, and that after
$739,051
321,556
Comparative Balance
one
or
1938
343,260
taxes
Control—On
the
.•
1939
$778,301
243,519
__
earnings
Net
Dividend
payable Nov. 15 to holders of record Nov. 1.
paid on Aug. 15 last and dividends of five cents were
stock,
cents
ten
payment of 12of the allowed labor claims (class II creditors),
half to be payable in 6 months, and the other half to be payable
In 12 months, after the effective date of the plan to the Home State
Bank, Kansas City, Kansas, as trustee for said labor claimants or their
assignees; (e) that the new company, shall issue 500 . shares (no par)
class A common stock to
the purchasers of the new first-mortgage
the
bonds;
Net
paid on May 15 and Feb. 15 last, this latter being the initial distribu¬
tion.—V.
154, p. 544.
a
security for
$0.37
" •
Years Ended Dec. 31,
1940
$535,415
$119,481
Fed.
&
Other
Inc.—Five Cent Dividend-
declared
have
Directors
common
of
first lien upon all the property acquired, excepting two
Lawrence, Kansas
(on which there are mortgages given as
in
lots
to
$280,409
$0.47
'"
jv-
.
follows:
alternative
constituting
;....
;
-
1941
V..
Kinner Motors,
cumulative
■
.
Aug. 31,
Operating revenues
Operating expenses.
Depreciation
1938
54.
p.
,
Statement
8 Mos. End.
Interest etc.,
1939
$352,414
___.
.
Income
Utilities.—V. 154, p. 543.
Public
1940
share—
per
154,
'v/,-1
corporation organized
new
,
Comparative
•After all charges including Federal income taxes, and in 1941 after
for excess profits tax.
tOn 757,632 shares of capital stock.
among
date
8,000 shares will presently be designated as shares of 5.2%
provision
—V.
acquire such property, the corporation to acquire title under either
being called the new company; (c) that a new mortgage
to
income
18,410 shs.
funds in
agent
Gen'l
1941
Months End. Sept. 30—
tEarnings
by the court; (b) that all the property of the
transferred and conveyed to the debtor, with its
be
of
40,000 shs.
preierred' stock.
$10,249;
Depart,
par).._^„„.„
(no
demption,
first
mortgage
sinking fund 4 ]/a %
bonds, 1956,
qualified for sale in Massachusetts with the Division of
Securities,
8,000 shs.
authorization, to deposit irrevocably in trust with the trans¬
an aggregate amount sufficient to effect such re¬
and
thereupon the company proposes to eliminate the
amount of capital represented by the 8,000 shares of 6%
cumulative
preferred stock, to retire such 8,000 shares of 6% cumulative preferred
stock and to amend its certificate of incorporation so that Its author¬
ized capital stock will consist of 40,000 shares of common stock and
15,000 shares of authorized but unissued preferred stock of which
fer
$1,400,000
been
'Net
confirmation
shall
debtor
plan,
$64,028;
payable,
stock
8,000 shs.
such
with
,
Keystone Steel & Wire Co—Earnings—
'
in Kansas, for the purpose of acquiring the
and carrying out the plan of reorganization.
1941,
7,
the
'
Net
3
Kaw Valley RR., Inc., the new company, was
Kansas City,
payrolls
Investigation of
date of the plan.
.'
1941
Keyes Fibre Co.—Bonds Qualified for Sale—
stock,
$100, as
presented in prescribed amounts, into
(e) noninterest-bearing unsecured notes
the effective
-•••"
15,000 shs.
stock__
preferred
the transfer agent to call for redemption on Nov. 21,all of its outstanding 6% cumulative preferred stock not previ¬
purchased by the company and cancelled, and, simultaneously
1941,
$2,161,294.—V. 152, p. 3658.
common
parts of claims of less than
reorganization, convertible within
claims
plan of
the
in
)
: '
$1,800,000
*
$50,000,000
bly to authorize
86,127
accrued taxes payable, $42,249; purchase obligation, $1,135; con¬
tractual obligation, $30,567; reserve for contingency, $40,000; class A
common
stock (par $5), $1,231,425; class B common stock (par $1),
$410,000; earned surplus, $266,503; capital surplus, $2,526; cost of 349
shares
class
A
common
stock
held
in
treasury,
Dr$l,182;
total,
3 years,
class B common stock,
and
aggregating an amount
equal to 12'/a% of the allowed labor claims (class II), one half pay¬
able in 6 months and the other half to be payable in 12 months after
described
$4,278
$13,286; noj)es payable (bank),
dividends payable July 1, 1941,
accrued interest payable,
(trade),
payable
payable,
accounts
accrued
Valley RR., Inc., of (a) not exceeding $25,000 of first-mortgage 20-year
6% bonds, (b) not exceeding 500 shares (no par) class A common
(c)
3'/2%,
(par $100)„
$332;
by the Kansas City, Kaw
issue
the
-
Outstanding
Note—Company proposes to reduce the amount of capital repre¬
sented by Its 18,410 shares of common stock to $650,000 and Irrevoca¬
in
Liabilities—Notes
City,
Kaw Valley RR., Inc., of the property of the Kansas City, Kaw Valley
& Western RR., in effecting a plan of reorganization.
also authorized
A,
____
cumulative
Common
bank, $196,364; accounts receivable (oil and gas),
$72,376; accounts receivable (other), $34,275; due from affiliated com¬
pany,
$39,886; crude oil on leases, $19,989;
material and supplies,
$41,353;
cash surrender value of life insurance, $29,529; deposits—
service and insurance, $2,462; properties, plant and equipment (net),
$1,717,630; deferred charges, $7,430; total, $2,161,294.
The ICC on October 3 authorized the acquisition by the Kansas
stock,
class A
fConsolidated Balance Sheet, June 30,
Assets—Cash
245, 152.
Valley & Western RR.—Heorg.—
City, Kaw
Commission
5.2%
20,500
declared—on
$22,177;
The
507,800
—
—.
—
$28,000;
Kansas
and retirements—
reserves
Preferred stock
$499,271
21,060
473,932
$735,129
$159,880
86,078
,
of
Net profit of Johns-Manville Credit Corp.
Financing
Present
Authorized
(Series
April 1, 1971)
Stock
ously
stock
common
Notes—(1)
-.
due
'
bonds,
Capital
Dividends
:
Mtge.
Completion of
Upon
Funded Debt
1st
98,500
before
Capitalization
$850,849
372,398
426,343
Other deductions
*
Preferred
1940
$1,062,972
income
35,108,592
1,570,448
3,191,369
Versailles, Ky., and, at the time of Its merger with the company,
serving 1,082 stations.
•
\ '
was
1941
>
657
o
and
Subs.)—Earnings—
operating income..__
charges before reserves & retirements
income
Oper.
49,133,248
1,700,829
9,567,602
•' 637,500
deplet.
&
(&
gross
Net oper.
13,084,945
498,385
1,416,974
19,703,929
602,293
expenses
Depreciation
Co.
Years Ended June 30—
:>
$25,994,383 $16,638,616 $64,890,663 $43,396,734
Total income
Cost
(& Subs.)—Earnings—
1941—3 Mos.—1940
1941—9 Mos.—1940
$25,941,410 $16,524,491 $64,753,919 $43,169,483
Other Income
.,
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3995
Volume 154
—
154,
v/'
452.
p.
the board of trustees of Brookings Institution;
I.
J.
Harvey,
Jr., president of The Flintkote Co., and Herbert P.
Howell, chairman of the board of the Commercial National Bank and
Trust
Co. of
New York,
and recently elected president of the New
York
Clearing House Association.
Nine other directors were also elected, seven being partners of the
Dividend—
firm .of
the
chairman
Davis,
John
and
of
Lincoln
Lehman Brothers,
John
Hertz,
William
J.
namely, Robert Lehman, Allan S. Lehman,
Hancock, Monroe C. Gutman, Paul M, Mazur
M.
Hammerslough;
and
being
two
of
officers
the
dividend
extra
an
(Del.)
of 25
—
Extra
in
share
cents per
regular quarterly dividend of 25 cents per share on
stock, both payable Oct. 10 to holders of record Sept. 30,
B
amounts
Like
paid
April 10
10,
July
on
10, last.—V.
and Jan.
153;
102.
p.
cor¬
Telegraph Co.
&
the
to
class
declared
have
Directors
addition
Telephone
poration, namely) Arthur H. Bunker and Alexander Sachs.
Costs and expense
•
income
Other
Oct.
1941—9 Mos.—1940
$7,034,637 $26,303,099 $21,977,598
8,145,125 ' .6,446,668 23,198,824 19,538,640
period Ended Sept. 30—
1941—3
♦Net sales
$9,584,235
———a
Mos.—1940
$3,104,275
836,503
$647,969
$1,439,110
334,212
240,280
1
Total
of
Net
r
profit
263,600
581,500
$2,227,580
*18,000
t28,000
$2,174,075
t62,800
$852,760
$587,624
$2,209,580
$2,111,275
149,445
_
dividends
Preferred
263,698
$615,624
*6,000
subsidiary-...—
580,218
1,449,500
90,625
182,000
•
$858,760
______
—_
,86,563
§828,000
tax.—
income
Profit
Loss
*
•
interest
Bond
Federal
$2,438,958
$3,940,778" $3,019,175
$888,249
$1,773,322
income
149,445
448,335
who
share
per
$1,437,940
$1.44
$0.74
>
of
loss)
months.
nine
(est.),
*60%
$6,000 for the three months and $18,000 for
estimated loss of North Star Timber Co.
of
^Includes excess profits tax, and the taxes
effect to the Revenue Act of 1941.- ;:N
7
'
r
k'.".
;.
,
"
*
**
and
.
of
1940
,
v
.1939
1938..
expenses—jV29,993,569
25,831,046
24,363,767
23,777,619
$3,654,127
$3,377,635
$3,050,433
$2,689,167
Operating profit
977,350 / \ 359,593
v 82J,333
Total
------
$4,483,460
$4,354,985
$3,410,025
$2,962,227
357,454
tax—
§1,550,741
732,500
409,133
519,000
481,000
Bond .interest
Federal
273,030
353,645
income
income
Loss
of
also
auditors
as
to
officers
as
amend
by
the
ratified
of
the
and
directors
the by-laws so
corporation
the
in
—
__
for
of
the
the
Lion Oil Refining
'Net
El
near
dividend
of
cents
25
share
per
Dorado
at
plant,
cost of
which
the
Department
War
will be
$23,000,000,
will
operated by this
and will utilize sour gas after processing by
desulphurization plant. Twelve months will be required
and 2,000 persons will be employed.—V. 154, p. 246.
company
corporation,
the
on
Co.—To Manufacture Ammonia—
ammonia
andryous
The
erect
a
of record Oct; 17. Dividend
paid on Dec. 13, 1940.—V. 153, p. 554.
payable Oct. 27 to holders
was
Lion's new
to construct
of
instances.
'■■■■<
Price,
Lockheed Aircraft Corp.—Merger With
Waterliouse
fiscal
current
&
A
year.—V.
Vega—
plan for the merger of this corporation and Vega Airplane Co*
owned) was announced Oct. 10 in a Joint statement issued by
(50.56 %
Months
Ended
profit
Sept.
30—
'
1941
1940
$129,292
$110,502
$126,726
$0.32
_____
companies.
two
v
The plan contemplates the issuance of one share
for each three shares of Vega.
Scrip certificates
Corp.—Earnings—
$0.27
$0.32
1939
lieu
of fractional
of Lockheed stock
issued
will be
in
shares.
tOn 400,000 shares capital
large order
for the manufacture of Ventura bombers for the Br.tish Government.
The statement announcing the merger plans points out that
various
contractual
and
other
considerations
make it
desirable
that tne
Lexington Telephone Co.—Preferred Stock Offered—
Vega name and identity should be preserved and that it is therefore
expected that a new subsidiary, wholly owned by Lockheed, will be
'After
stock
J.
share
per
charges and Federal income taxes.
par).—V. 154, p. 84.
Lockheed
($5
D.
Hooser
Van
&
Co., Inc., Security and Bond Co.,
Almstedt Bros., and The Bankers Bond Co., Inc. on
Oct. 15 offered at $106 per share and dividend 8,000
shares 5.2% cumulative preferred stock (par $100)
stock
of
Chicago.
.
Registrar:
The
First
Bank
National
*o
/'■" /■
to
the
Vega
company
a
plan of merger will be presented to stockholders of
The
of
both com¬
statement to be mailed in the near future, It is stated.
approved by a vote of the holders of not less than two thirds
outstanding shares of both companies.
A stockholders' meet¬
in
a
the
w.ll be called for that purpose.
V.'V .
:
statement points out that largely by reason of the emergency
by the national defense program the relations between the
two companies have developed, to sucn an extent triat directors con¬
sider it desirable, in order for the corporations and their shareholders
to derive the
fullest advantage of sucn relationship and the close
entitled
Chicago.
subcontracted
It must be
ing
Q-J.
Co.
Trust
Chicago,
has
organized to carry on the business of the present Vega company.
panies
to
cumulative
dividends
from
Oct.
15,
Redeemable, all or part, at option of company,
At any time, at $110 a share and accrued divs., upon not less than~
30
days' notice. Transfer Agent: Continental Illinois National Bank
payable
1941,
.
The
created
of
V?
425,000
profit
dividends—.
temporarily borrowed to purchase, on or prior to Oct.
22, 1941, and, to ths extent not so purchased to redeem on Nov. 21,
1941, 8,000 shares of the company's 6% cumulative preferred stock,
each
$2,056,227
1941
*24,000
*93,000
174,041
76,535
case
597,780
$3,172,031
597,780
$2,307,850
597,780
$1,979,691
597,780
225,000
funds
repay
$2,481,892
$2,555,074
the
in
of
$106
per
case
of
shares
shares
redeemed,
Business
1929.
at
case
redeemed
to
plus accrued
purchased and to
maximum
total,
dividends
Nov.
in case
21,
to
Oct.
1941
in
&
five
is
engaged
$1,957,294
on
—_
$4.01
$2,349,251
V /
A
.
:$4.81
$1,710,070
$1,381,911
of
$3.50
$2.83
tConslsts of net loss of William
Bonifas
Lumber Co.
(wholly-owned subsidiary),
(est.) $69,000 and
North Star Timber Co.
(60% of loss)
(est.), $24,000.
*60% of esti¬
mated loss of North Star Timber Co.
§Includes excess profits tax,
and the taxes have been adjusted to give effect to the Revenue Act
of 1941.—V.
153, p. 840.
interplant
sales.
the
in
and
incorp. in Delaware Feb. 21,
business of providing telephone
was
the
their
environs
in
Fayette,
Jessamine
is provided through toll connections with the Southern
Telephone & Telegraph Co. and the American Telephone & Tele¬
graph Co. Such toll service is provided under an operating agreement
or
interchange contract with the Southern Bell.
Kentucky
Bell
As
of
June
company.
ding
all shares should
Woodford Counties, Ky.
Company owns toll lines which provide toll service between various
its
own
exchanges. Toll service to other points in and out of
company,
A
SEC
group
for
of securities dealers came out in favor of competitive bid¬
utility securities Oct. 13 and the utilities division of the
Securities and Exchange Commission argued against competitive bidding.
Territory—Company
communities
Louisville Gas & Electric Co. (Ky.)—Brokers Ask
to Let Them Bid on Stock Issue—
22,
of $852,800).
Company
service
(a
share,
and
Surplus
Earnings per share
common
stock,
cooperation between them, that the ownership and control of the two
corporations be united—V. 154, p. 544.
..
Purpose—Net proceeds (estimated, $812,665), together, to the extent
necessary,
with treasury funds, will be used by the company to
$3,265,031
Preferred
of
20 cents
the
$2,579,074
subsidiary-
'Exclusive
of
declared
have
stock,
common
to provide for indemni¬
as
certain
appointment
corporation
Lehn & Fink Products
be
Net
persons
'voted
expenses
Material, Co.—25 Cent Common Dividend—
Line
Directors
The
154, p. 544.
in
Profit
corporation.
the
•
•
.
of
Stockholders
Co.,
&
-
with
was
responsible
stockholders
Preferred
'
L- $33,647,696 $29;208,681 $27,414,200 $26,466,785
•Net sales
Costs
have been adjusted to give
Earnings* for 12 Months Ended Sept. 30
1941
.'
or
Co.
Lumber
(60%
Co.
the
of
Brothers,
are
fication
$2.94
$3.61
interplant sales.
tConslsts of net loss of William
(wholly-owned subsidiary), (est.) $22,000 for the
three months and $44,800 for the nine months; and North Star Timber
'Exclusive
Boniias
action
tEarnings
stock
common
$1,761,245
on
Lehman
partners and employees of Lehman Brothers or officers or
employees of . the corporation,
:
In order to enable the corporation to secure and retain the services
225,000
$363,179
$703,315
Surplus
of
taken to accord with provisions of the Investment
Company Act of 1940 under which not more than a minority of the
board may be members of the firm or employees of Lehman Brothers.
Stockholders also voted that the board might authorize compensa¬
tion, not to exceed $5,000 per annum, to directors other than those
3
Earnings
firm
the
present
■
75,000
15
"with
448,335
___
for contingencies.-
Res.
the incorporation of the corporation in 1929 and until the
meeting, all directors of the corporation have been associated
Since
Kimberly-Clark Corp.—Earnings—
[v
30, 1940, Woodford Telephone Co., a subsidiary of the
was dissolved and its operations merged with those of the
The subsidiary company operated the exchanges at Midway
The
;
the
occasion
was
a
hearing
and
argument
on
the
application
of
to issue and sell directly to the public, without under¬
other intermediary, 150,000 shares of common stock.
The
company
writers
or
company
men
to
proposes
distribute
Louisville's
to employ its
the stock.
securities
dealers
own
gas
offered
and electric appliance sales¬
vigorous
objection
to
the
company's proposal.
They said competitive bidding was preferable to
the company use such a method to distribute its stock.
David Kadane, attorney for SEC's utilities division, had the final
word at arguments for the full membership of the Commission.
He
recommended that the SEC waive its competitive bidding rule.
The
letting
results,
of
the
he said, both highly desirable, will be:„(l) locai distribution
stock, and (2) savings in underwriting fees.—V. 154, p. 582.
Co.—Extra DividendDirectors have declared an extra
dividend of 25 cents per share
in addition to the regular quarterly dividend of like amount on the
common
stock, both payable Nov. 1 to holders of record Oct," 18.
V. 154, p. 246.'"
• '•
•> "f '
'
^.V!' ,
Loose-Wiles Biscuit
.
$135,177; cash surrender value of insurance policies on of¬
$215,750; other assets, $40,563;
property, plant and
equipment—(net), $442 001; deferred charges, $24,397; total, $1,129,177.
ventory,
lives,
ficers'
expense payable, $28,29i; reserve for Fed¬
$5,822; 7% cumulative preferred stock—(par $100),
stock—(53,072 no par shares), $371,506; donated
$300; earned surplus, $636,959; total, $1,129,177.—V. 152,
■
Y...!'
v';,.;;.Y'.V
.'-V .':Vy'v
"
Liabilities—Accounts and
eral
common
surplus,
Inc.—To Pay Interest
Properties,
Broadway
Lower
p.
taxes,
income
$86,300;
3973.
.
of certain expenses and of interest on
surplus toward the payment of the prin¬
due.
Additional indebtedness may also be
issued under a mortgage or other lien on property hereafter acquired
by the company, which is prior to the lien of the mortgage, to the
extent of 60%
of the cost to the company or the fair value,: which¬
ever
is
less, of unfunded net property additions, to the property
subject to such prior mortgage or other lien, provided that tne hec
J earnings requirement is satisfied. Y-;',.'1
^.•
^ <"/■
the
Trust Co., as mortgagee, is notifying holders of
sinking fund gold loan certificates due March 1,
by plan of reorganization approved Oct., 18, 1934,
6%
mortgage
modified
as
been furnished for payment of the
at the rate of 1 Va %
per annum, due on the Sept.
rants
pertaining to such certificates.' Payment will
have
funds
that
presentation of the interest warrants at
mortgagee, 100 Broadway, New York—V.
Value
J A<"
1
Y
unpaid balance,
1 interest war¬
be made upon
the
the principal office of
152, p. 3972.
effectived declarations
and applications filed pursuant to the Public Utility Holding Company
Act of 1935, regarding a proposed change by Lynchburg Traction &
Light Co. of its common stock from $50 par value per share to $11
par
value per share and surrender by Consolidated Electric & Gas
SEC
The
10 permitted to become
October
on
Traction & Light Co. of $67,500 of
cancellation as a capital contribution.—V. 126, p.
for
Bobbins, Inc.—Establishes
Fellowship-
the establishment of a graduate fellowship in
research at the College of Commerce, Ohio State University,
announces
marketing
scientific study of distribution
foi" the
Ohio,
Columbus,
problems in
drug industry.
accepting the
the
company's offer of the fellowship the university
authorities announced
that the first project will comprise a study
of "Sales Trends of Drug Products" to be undertaken by James H.
Davis, Ohio State graduate student, to whom the fellowship has been
awarded.
The McKesson fellowship provides $2,100 plus expenses of
carrying out the project.
■
a(
i,
An
indication of
the growing importance of distribution in the
drug business the McKesson fellowship is the first of its kind to be
offered by the drug trade to a college of commerce,
according to
Dr.
Herman
C. Nolan, associate professor of marketing,
who will
supervise the research project.
l'- :-''.v' .C .:
*'
In
is
It
search.
the
students—V.
p.
with
country
154,
in
kind
was
a
for its courses in marketing
544.
■'
of
view
in
directors of McKesson,
the proposed settlement was "extremely favorable"
which has elapsed, the difficulty in ascertaining
Coster frauds and the deprec.ation of Canad.an
stated that
Ltd.,
to settle for $950,000
proposal to stockholders,
the
subm.tting
in
company
currency.
to deliver .their
will be given until Nov. 1
Bridgeport-City Trust Co. as agent.
stockholders
If 95% of the
share will be paid to holders
and arrangements w 11 be made to dissolve McKesson & Robbins, Ltd.
V The cla ms to be settled were originally filed on behalf of McKesson
& Robbins, Ltd., against W.lliam J. Wardall, trustee of the estate of
McKesson & Robb ns, Inc., in the reorganization proceedings in New
York early in 1939.
The Bridgeport-City Trust Co. and R. F. Griggs
Co., of Waterbury, jo'ned in these claims, and have endorsed the
the
to
$1,680,796
25,190
f:
/.
credits
Income
Total
...
Fed.
Earnings
share
per
159,551
355,384
850,000,,
,
$1*428,571
.
828,171
$0.46
$1.57
.YY $1.36
J.,
$0.47
and
the
'
Program.
have
We
Charles
location,
,
.
'
'
.
'
of
shares
(no par)
stock
common
154,
offered 32,142
declared
have
dividend
a
of
$1.75
Nov.
payable
1
$1.50 per share on the $6 prior lien stock,
holders of record Oct. 15. Dividends are in
153, p. 1135."
"
' 1 ^
'
to
both issues.—V.
on
is
the $95
deposited,
so
a
135, p. 308.
present proposal.—V.
declared
have
a
Exchange
Curb
shares
$0.37
$0.53
$1.59
>> .
'After expenses, Federal income and excess profits taxes, etc.
1941 taxes have been adjusted to conform with recently enacted
stock
common
15o,
Acc.—V,
$1.77
The
Rev¬
will
Stockholders
of this
1288.
sale
posed
152,
p.
Minneapolis
vote
at
a
company
special meeting
to
Nov. 3 on
on
the American
the pro¬
the
in
decision
its
Reorganization—
reorganization
company's
26,266,572
produced, lbs.__
selling price
per pound
♦Average net production
per
pound
from mining
The
income
Total
1939
•
25,196,811
25,832,148
1938
24,704,041
the two groups would be adverse to
and should be denied.
holders
Webster
W.
G.
oper._
RR.)
10,257c.
9.418c.
7.9864c.
$709,290
45,519
7,562c.
$782,327
fl89,962
*$972,288
$$754,808
*$330,448
243,800
80,000
tax
$972,288
$754,808
$330,448
$1.85
$2.38
$0.81
♦The average cost of producing copper is after deducting gold, silver
and zinc values and includes all operating costs, Arizona taxes, Fed¬
eral social security
taxes, depreciation and administrative expenses,
but does not include any allowance for mine depletion, capital stock
tax or Federal income and excess profits taxes,
flncludes $319,130 in
1941 and $122,731 in 1939 profit on sale of securities.
$After deducting
estimated capital stock tax and Federal income tax, and in 1940 after
deducting excess profits tax.
§On 408,000 shares of capital stock,
par $10.—V. 153; p. 399.
, /;>,
V.;
Y'Y'v
$2.74
^Earnings per share____
Maiden Electric
Co.—Dividend—
have declared a dividend of $1.15 per share on the com¬
payable Oct. 14 to holders of record Oct. 8. Dividend of
paid on July 12, last; $1.10 paid on April 12, last; $1.25 paid
14, l*st, and $1.20 was paid on Oct. 11, 1940—V. 153, p. 245.
stock,
$1
was
on
Jan.
(B.)
1941
July 31—
1939
1940
~
zh
1938
$472,322
$550,015
$568,988
$515,472
7,022
6.772
4,274
3,923
^479,344
$556,787
$573,261
$519,395
adm. & sell. exps.
Prov.
for Fed.
t^xes__
450,073
425 192
458,716
416,271
4,200
23,000
commitments
*Cr47,500
tDr47,500
$72,571
$61,095
Gross
Other
profit
__________
income
—
..V
1
>
Total
income
•
■
•
•
>
-——
Gen.,
1
purchase
f
20,000
*17,150
$94,545
$85,974
'
Net
profit ___—
Preferred dividends ——
Common
dividends —
Surplus
——
6,443
6,824
6,811
> 53,049
53,048
53,048
6,120
53,050
.
$13,401
—
$1,603
,
$34,673
$26 115
of prior year provis'on
Consolidated
Balance
Sheet
July 31,
Assets—Cash, $151,277; accounts receivable
for
doubtful
accounts,
allowances,
etc.),
1941
(after reserves of $12,000
$1-20,012;
merchandise in¬
preferred stock and 483 shares
at cost to Commonwealth if
and (c)- by the surrender for cancellation of $3,031,500 of
the
company's first and refunding mortgage gold bonds, 5% series
due 1S55, at cost to Commonwealth of $3,020,606.
debtor,
also
Funded
Properties—
and
Debt
Capital
Proposed
Stock, Giving
Financing
filed
Authorized
and Minnesota Utilities Co., its sub¬
sale by Minnesota Utilities Co. of certain of its
Eight syndicates
issue
the
bonds, 3'/s% series due 1971
cumulative
stock,
stock
for
June 30,
♦Gross
}
Stated
&
Mellon
that of 100.299 for 3.V8S, submitted by Salomon
Interest cost to the company on the
bid was 3.0174% and on the Salomon Bros. &
tender, 3.0196%. :v\>
>'?
Int.
in
1, 1941, due Sept.
1, 1971.
368.188
386 130
50,765
51,865
35,780
169,200
119,595
97,917
Y'v.' 59,220
$813,854
*; $821,811
^_
;
V.
<460,712
:
35,838
.
■;;
$317,304
standing
bonds
will
be secured by the lien of the
upon
•
200,352
$1,106,253
465,752
32,505
530.959
59,467—
" ' $323,555
'
$965,580
534 651
i": 70,836
u...
___—
$515,828
•
$360,093
the years 1938,
1939 and 1940 include approxi¬
and $50,000, respectively, of electric revenue
sold to TV A and other public agencies or
; - v.:
^
.•
interest charges on the
annual
The
.
J
—;——
..
to properties
disposed of.
otherwise
.
issuance and sale of .the new bonds,, which will
entire mortgage indebtedness, will be $278,969.
the
Company—Company was incorporated in Maine Nov. 24, 1924.
All
of the outstanding voting stock of the company is owned by Common¬
wealth & Southern Corp. (Del.)..:
■ :.Y;-'
yy Y
v >
mortgage, which will
opinion
of the company, may be applied by
redemption of bonds or may be with¬
against the deposit of bonds.
j
by the company
issued under the mortgage which will rank
equally with the new bonds except in so far as any
established in accordance with the mortgage may afford
additional security for bonds of a particular series, and except that
the
trustee, upon a default, may take possession of the mortgaged
and pledged property,
and, in case the principal of all the bonds
shall not have become due by declaration or otherwise, after applying
security
sinking fund
-
$8,927,000 of bonds to be out¬
constitute the company's
Guaranty Trust Co., New
or which, at the option
trustee to the purchase or
to
income-iY—___
long-term debtdeduct, (net)
inc.
applicable
within the southeastern portion of Mississippi,
purchase and generation of electric energy and its distribution
Company is engaged,
all
Additional bonds may be
as
?on nm)
408 258
tax___
mately $750,000, $705,000
trustee.
gage,
the
280.000
58,955
♦Gross revenues for
,
interest cost basis
Inc., 101.643, or 3.1648% ; Bonbright
First Boston Corp., 101.5937, or
Inc., 101.5517, or 3.1695% I and
Higginson Corp. and Spencer Trask & Co.,; 101.5211, or 3.1710%.
tially
1,599,791
181,641
300,000
tax
...
interest cost basis
of company's counsel, a direct first lien on substan¬
of the company's fixed property and franchises, subject
only to excepted encumbrances, as defined in the mortgage.
Real
estate, not used or useful in the company's business, with an estimated
book value of approximately $50,000, will be specifically excluded from
the lien of the mortgage.
On the issuance of the new bonds, there
will be deposited with the trustee the sum of $2,750,000 in cash which
may be withdrawn to the extent of the cost or fair value, whichever
is less, of unfunded net property additions,
as defined in the mort¬
be,
1,586,097
167,817
336,000
466.136
Net income ____•;
V
;
.
bids, all for SVis, were as follows, with
Blyth & Co., Inc., 102.0599, or an
indicated;
New
on
was
3,1434%; Halsey, Stuart & Co.,
Lee,
1,504,743
184,428
normal inc.
Other
Co., Inc., 101.61416, or 3.1663%;
3.1673% ; Harriman, Ripley & Co.,
&
1,637,828
'41
Securities Corp.
Hutzleri
of
1938
$3.526 853
_____
income
Gross
and associates
Hutzler and associates.^
1939
$3,671,961
General taxes
competed October 14 for the $8,927,000 bonds, and
Periods
Years Ended December 31
1940
expenses-—
Depreciation
Fed.
|
500,000 shs.
18,246 shs.
20.099 shs.
450,000 shs.
$3,372,988
Maintenance
State
60,000 shs.f
$3,666,401
revenues—--—
Operation
$8,927,000
Not limited
)
(no
Earnings
of
Second high bid
Bros.
to
Oustanding
par):
stock_______
par)_______*___
preferred
$6
Common
(no
stock___________
preferred
$7
.
awarded to the Mellon Securities Corp.
102.114 for 3Vsa.
•>■ >v. .,•:•> Yr
was
bid
their
on
to the public.
Effect
~
$8,927,000 1st Mtge. bonds,
Series due 1971. Of
the bonds $7,060,000 principal amount has been sold by
the several underwriters to six institutional investors
at the unit price
of bonds
or
by the surrender for cancella¬
(b)
stock,
12 Mos. End.
and
to.
Stock—Prior
$66,228,
Peabody & Co., Stone & Webster
Blodget, Inc., Shields & Co., Eastman, Dillon & Co.
Central Republic Co. (Inc.) are offering at 102.45
drawn
for loss on purchase commit¬
ments.
tProvis'on for loss on purchase commitments.
tlncluding
$3,400 provision for Federal surtax on undistributed profits.
♦Cancellat'on
preferred
$6
Corp., Kidder,
York,
Manischewitz Co. (& Subs.) —Earnings-
Common
shares of the company's $7
company's
the
Mississippi Power Co.—Bonds Offered—Mellon Secur¬
ities
Dated Sept.
Years Ended
construction of additions and
to the
in cash,
of $250,000
payment
tion of 264
of
in
Investment
Preferred
ment
(3)
1951.
due
series
First mortgage
also
Directors
mon
the
the interests of security
Otter Tail Power Co. and the acquisition and retire¬
by American Utilities Service Corp. of not to exceed $400,000
collateral trust 6% bonds, series A.—V. 154, p. 153.
Six other
-'
4%
Additional
by American Utilities Service Corp.
and
<$1,117,389
redemption, and
of
sidiary, regarding the
8.065c.
$274,674
55,775
$1,441,189
___
prof,
exc.
and the
October 8 permitted to become effective declaration
on
to the
(1)
concurrently
with,
the issue and delivery of the new bonds, Commonwealth &
Southern Corp.
(Del.) will make an additional investment in the
common
stock of the company in the amount of $3,336,835,
(a) by
and lay aside the
Joseph Chapman, trustees of the
be overruled.—V. 154, p. 544.
and
company
refunding mortgage gold bonds, 4% series due 1951, as may have
issued, at the principal amount thereof and accrued interest to
date
the
of
'
the- exceptions
that
asked
of its
income
Net
11.2729c.
7.9779c.
$1,074,641
t366,548
tax
Fed.
Est.
12.0692c.
stk. tax & Fed.
income
<
of institutional investors, the mutual savings bank group,
Canadian Pacific Ry. Co. joined in saying that the exceptions
by
the
required therefor have not been obtained from the issuance
group
the
and
by
improvements to its electric utility plant to the extent that the funds
ICC
utility assets to
_
(incl.
inc.
case
applied
be
thereof,
extent
the
to
and
14 was urged to expedite
Interstate Commerce Commission Oct.
The
—
be
to
redemption of the $6,177,500 first and refunding mortgage gold bonds,
5% series due 1955, outstanding in the hands of the public, at 103'/a
and interest, (2) to redemption of so much of the $2,750,000 of fir-1
Home Products Co.—
Sault Ste Marie By.
St. Paul &
proceeds from the sale of the new bonds (estimated
after deducting expenses), together with the $250,000
received from Commonwealth & Southern Corp. (Del.),
$9,059,676
cash
been
Urged to Speed Ruling on
The SEC
1940
1941
Sept. 30—
9 Mos. End.
Copper
Est. cap.
purchase of bonds. In making
with
then in progress.
in
will,
Co.—Earnings—
Average net
Other
more
Purpose—Net
Co.—To Vote on Sale—
Minnesota Utilities Co.—Sale of
Inc.
for
trustee
the
there is excluded any cash available for construc¬
respect to which the company shall have given to
notice that it intends to apply the same to a construction
at
p.
Magma Copper
cost
with
trustee
program
common
Miller Wholesale Drug
filed
of
share
per
$572,282
$190,837
$140,638
—-
1941—9 Mos.—1940
- $628,777
1941—3 Mos.—1940
Ended Sept. 30—
profit
enue
and
if the amount of cash remaining
than two years exceeds the •■■■
also provides that,
mortgage
purposes
the
has authorized the listing of 535,000
stock (par $1), with authority to add to
the
l:st, upon official notice of issuance
175,000 addit.onal shares
common stock.—V.
152, p. 2244.
York
New
exceptions filed by Wisconsin Central bondholders' committee
first consolidated bondholders' group to the proposed plan.
Co.—Earnings-^
MacAndrews & Forbes
Earnings
be used for any other purpose under the mortgage,
shall be payable thereon while so held by the trustee.
computation,
tion
Mid-West Befineries, Inc.—Listing—
The
outstanding
Pay 25 Cent Dividend—
dividend of 25 cents per share on the
common stock,
payable Nov. 1 to holders of record Oct. 21. This will
be
the
first dividend paid since Sept.
1, 1937 when 25 cents per
share was also distributed.—V. 154, p. 55.
Period
at
at the option of the company, to the
or,
such
V.
McWilliams Dredging Co.—To
Directors
♦Net
pur¬
or
deposit
the
■
the expenditures for such
time
any
greater of $500,000 or 5% of the principal amount of bonds at the time
outstanding under the mortgage, the trustee shall be required, within
six months thereafter, to apply such cash to the redemption of bonds
prior lien stock and one of
both
of the following year,
1
certified.
interest
on
the 7%
share on
per
June
subsequent time or may be used at the option of the
any time the amount expended for such purposes;
a
If
so
The
Michigan Gas & Electric Co.—Dividend—
arrears
at
property,
no
Directors
before
or
at its option, to the extent of such excess, withdraw such
(taken at their principal amount) or unfund net addiCash deposited with the trustee to satisfy the
maintenance
and
replacement
requirement
may
be withdrawn as
above described or may be applied to the purchase or redemption of
bonds or may be withdrawn to the extent of the cost or fair value,
whichever is less, of unfunded net property additions certified to the
trustee for the purpose.
Bonds deposited with the trustee pursuant
to this provision, unless withdrawn as above described or against the
deposit-of cash, may not thereafter be made the basis for the
authentication of bonds,
the • withdrawal of cash or the release of'
tions
180.
p.
maintenance,
company may
v* cash or bonds
Sept. 30— 1941—Month—1940 >,
1941—9 Mos.—1940
$4,550,956
$3,924,918 $32,686,882 $28,447,416
Sales
—V.
on
If at
mortgage.
company;
fixed price of
at a
for
plus unfunded net property additions certified and cash or bonds then
held by the trustee under this provision, exceeds the amount of the
maintenance
and replacement requirement at such
time, then the
Dealer's discount 40c.—V. 154, p. 247.
Ended
Period
the
purposes
at this
is now
.
Co., after the close of business Oct. 15,
shall be
bonds
any
exceed the amount of the maintenance and replacement require¬
such excess may be carried forward as an expenditure for such
ment,
Mead Corp.—Stock Offered—Smith, Barney &
(The)
under
poses
completed increasing our production facilities at our Lake
operation—Vi 153, p, 400.
in full
as
apply
will
as
certify to the trustee unfunded net property additions or deposit with
the trustee cash or bonds
(taken at their principal amount) issued
t 1
plant which will give us approximately a 40% increase
and our new Sodium Chlorite plant at Niagara Falls
will,
it
amounts,
such
of
states:
have
plants
replacements,
for electric energy, gas and steam purchased
the sum of the amounts equal to 4% of the!
principal amount of bonds issued under the mortgage outstanding on
the last day of each calendar year, or, to the extent that, at the end
of any calendar year, tftfe^ sum *so applied does not equal the greater
been operating at capacity during the last quarter
a
substantial amount of our production was shipped directly to
Government and to consumers working on the National Defense
All
and
quent to Deo. 31, 1940,
by it for resale, or (2)
$1,250,240
;
828,171
.
long
so
the:" company
thereunder,
defined in the mortgage, the greater
of the following amounts (the "maintenance and-replacement require¬
ment"):
(1)
16%
of , the gross operating revenues derived by the
company subsequent td Dec. 31, 1940, from the operation of the mort- :■
gaged and pledged property, other than specially classified property,
after deducting from such gross revenues the amount spent subse- '
on
Allen, President,
M.
r.
that,
provides
also
mortgage
renewals
$2,408,700 C,$1,705,986
130,129 100,362
$422,700
828,171
$431,226.
828,171
stock__
y common
E.
49,151
400,000
taxes—
of com. stk.
of shrs.
29,157
8,404
$617,226
34,975
charges
income
Net
No.
11,582
$880,377
income .i_____i
for
Prov.
$868,795
_«__■■
The
.
outstanding
■
.
preferred
$2,992,099
1,311,302
$2,379,543
equal- to .1% of the principal amount of the bonds which T
been
authenticated
under
the
mortgage
(less bonds retired r
directly or indirectly as a result of the sale of property and less bonds
authenticated to refund other bonds).
Any casn so deposited with
the trustee may .be applied to the purchase or redemption of bonds
or
may be withdrawn by the company against the deposit of bonds
(taken at their principal amount).
Bonds delivered to the trustee or
retired pursuant .to this provision shall be cancelled.
"
time
the
Preferred
stock
> 1941—9 Mos.—1940 >w
$608,822
Net
surrounding the
facts
Y
$3,722,599
1,343,056
*
have
(Inc.)—Earnings—
V
1941—3 Mos.—1940
$1,321,920
$1,045,948
453,125
437,126
,
that
out-
mortgage
Melville Shoe Corp.—Sales—
claims aggregating
slightly over $1,000,000 against McKesson & Robbins, Inc., has been
submitted to the Canadian company's shareholders by its directors.
The proposal, which contemplates payment by McKesson & Robbins,
Inc., of $95 a share to the holders of 10,000 shares of McKesson)
Ltd.'s
preferred stock and of $2 a share for the 10,000 common
shares in the hands of the public, also is subject to approval by the
U. S. District Court of the Southern District of New York,
which
has jurisdiction over the reorganization of McKesson & Robbins, Inc.
by
proposal
A
any
then
..
153,
w'jf■ v.,vyv*<;>i
•
Works
Alkali
share were distributed.—V.
per
earnings fr. oper.
Prov.
Settle Claims for $950,000—
» '
bonds
f standing, on or before first day of June in each calendar year commencing with .-calendar year 1944, deposit with the trustee cash or
bonds
(taken at, their principal amount), authenticated under the,
(of Canada)—Proposes to
Bobbins, Ltd.
&
1
40
earnings fr. oper.
for depr. & depl.
77/s net.
McKesson
\"v.v,.
Period End. Sept. 30—
Total
and
of the largest institutions of
enrollment of 18,000 Ohio State
an
of 50 cents
quarterly dividends
p. 400,. 246.
••..,-y.v
Mathieson
dividend of
a
pioneer in marketing re¬
Ohio State University is one
accounting.
its
College of Commerce
especially well known
State's
■Ohio
■
/hY
cents per share on the
$2 cumulative preferred stock, no par value, payable Oct. 15 to holders
of record Oct. 8. Like amount paid on July 15, last and previously
Income
&
McKesson
company
payment
apply
may
the
fund and Maintenance Provisions—Mortgage provides
the company will, so long as any of the 1971 series bonds are
Cent Pre¬
/
declared
have
Directors
note indebtedness
867.
to Lynchburg
Co.
Massachusetts Power & Light Associates—40
ferred Dividend
Co.—Reduction in Par
' ..-."-.'.Y
V'--Yv';;
Traction & Light
Lynchburg
v
of
Sinking
York
New
The
1946
bonds,
cipal
the
to
income
the
Warrants—
'? first
Saturday, October 18, 1941
& FINANCIAL CHRONICLE
THE COMMERCIAL
658
in
the
135 communities, as well as rural areas, and the
electric energy to 6 rural cooperative associations.
business, it sells appliances and cooperates
retailers in the sale of appliances.
Population of
and
sale at retail
sale
at wholesale «f
Incident
with
its
to
dealers
in
electric
and
territory served
(estimated), 470,775.
,
/.
'
>'
Company receives a substantial part of
and interchanges energy with, Alabama
Purchasers—The
and
bonds
chased
the
by
each,
name
principal
are
as
its energy requirements from
Power
'
Co.
of the principal underwriters of the
amount of such bonds severally to be
new
pur¬
follows:
Corp., $1,785,000; Kidder, Peabody & Co., $1 785
& Webster & Blodget, Inc., $1,785,000; Shields &' Co
Eastman, Dillon & Co., $1,116,000; Central Republic Co
Inc.; $893,000.
•
,
•
Mellon
000;
Securities
-
Stone
$1,563 000;
'
'■
Volume 154
Number
659
-y^Z^ZrZ''i' THE COMMERCIAL & FINANCIAL CHRONICLE
3995^
'•
Sheet, June 30,-1941
' Comparative Balance
.r*,
•;
'
•
(including working funds of $20,317)—--''
at cost
———_——-
Ca«h
CCC
notes,
Service
accounts
Merchandise
-v.——1™_
Miscellaneous accounts and notes receivable——
Earnings-
Net
Other
profit
from
Cr76,837
Federal
normal
107,745
Federal
excess
Total
258,752
supplies-——-——
income
Discounts
—::
and
loss
income
$1,169,253
.
sale of securities—Im,—-
on
tax
^Liabilities—
;
i
-
Preferred
;
stock
(no
'i
,
,
•
-
par):
-
"
,
$6
(20,582 shs. actual and 20,099 pro-forma)
(18,510 shs. actual and 18,246 pro-forma)
stock (450,000 shares——————
1,595,931
First
and
ref.
4,500,000
series i ; 9,209,000
———
bonds, 5%
1971.
Property purchase obligation
Accounts pay. (incl. accrued payrolls of $7,469)
gold
mortgage
First mortgage bonds due
82,539
—
Indebtedness
99,086
54,883
34,800
associated
to
companies
Matured long-term debt and accr. int. thereon
taxes:
Accrued
197,666
Federal and State income—196,077
196,077
115,022
138.070
Accrued
int.
Customers'
and
payable
divs.
stock
preferred
deposits
Miscellaneous
246,043
-——
—
liabilities—.
current
•.
„——
18,130
246,043
18,130
(
4,020
4,020
——-W————
Deferred credits
Reserves:
: -
Depreciation
Injuries
—•
and
——
—
damages—
Other
Capital surplus
Earned surplus
Total
——-
—
——
„-
—
6,485
3,348
.
—
903,124
674,769
505,195
——
-
44,371
6,485
3,348
—
—
1,460,449
1,110,715
44,371
—
———
—
Contributions in aid of construction
.
ment
has filed
company
realizable
or
$20,625,240 $20,750,589
a
value—V.
; 31,541
paid
$159,240
$$346,415
7,033
5,558
841
t652,500
income
—
204,000
22,000
i
.
—_
'
Net
profit
$402,099
$312,457
$131,682
$$347,256
deducting provision for depreciation of $134,722 in 1941,
in 1940, $117,130 in 1939 and $116,927 in 1938.
tlncludea
$453,500 for excess profits tax. $Loss.—V. 153, p. 843.
55,000
150,000
•On
shares
100,250
Note—Provisions
of
for
amounted to
year
no
capital stock.
of plants and equipment
par
for
depreciation
$105,065.
CZ
:
Sheet
July
1941
31,
.
Directors
value
and
insurance
of
bonds,
life
on
of
$54,943;
officer,
paid-in surplus, $45,562;
Months End.
9
Gross
earned surplus, $2,425,406;
151, p. 3245.
MullingManufacturing
Sept. 30—
Expenses
Profit
1939
$939,663
577,302
1938
$390,690
595,708
$568,582
23,551
$362,361
25,084
t$205,018
14,200
$2,210,186
income
64,254
*
1,
22.
This comparesand on Jan. 30, last;
8c. paid on
May 1,
1
1940;
8c. Nov. 1 and Aug. 1, 1939;
1939.—V. 153, p. 556.
1939;
week
Oct.
ended
Electric Association
System
—
154,
10,
582.
p.
.•.;
; v'
New England Power Association
1940
$1,279,803
711,221
1941
Oct.
May
on
Aug.
on
17c. Dec. 27,
1940;
England Gas &
the
ago.—V.
year
Corp.—Earnings—
$3,181,611
971,425
profit
10c.
Dividendshare on the common
per
New England Gas and Electric Asso¬
ciation reports electric output of 11,918,972 kwh.
This is an increase
of 2,093,376 kwh. or 21.31%
above production of 9,825,596 kwh. for
the corresponding week a year ago.
Gas output is reported at 96,790 mcf, an increase of 4,494 mcf, or
4.87%
above production of 92,296 mcf in the corresponding week a
including provision for vacations, $203,663; taxes accrued, $566,*
sundry accruals, $6,010; reserve under license contracts, $22,671;
reserve
for
contingencies,
$150,000;
capital stock,
105,250 no par
total, $4,097,286.—V.
last;
19c.
record,
1, 1939, and 5c. paid on Feb. 1,
New
etc.,
shares), $243,106;
1,
1940;
1,
of
13c.
holders
Output—
salaries, wages, commissions,
payable, $433,952;
1,
dividend of
a
to
1
Aug.
on
1940; 7c. Feb.
For
Liabilities—Accounts
paid
paid on Nov.
7c. May
miscel¬
$4,097,286.
■
15c.
14c.
Nov.
accounts
sundry
$9,217;
payable
with
receivable, $1,691;
demand deposit subject to license contracts, $21,107; pi^perty, plant*
and equipment (net), $776,047; non-operating land and buildings (net),
$63,425;
deferred
charges
($39,166;
patents
(net), $34,878; total,
stocks
Dividend
10
New England Fund—To Pay 19 Cent
Directors have declared
stock,
(market quota¬
tion $102,000), $101,328; advance for purchase of U. S. Treasury notes
of tax series B, $35,000; notes and accounts receivable (net), $880,757;
advances for future copper purchases, $106,424; inventories, $1,409,507;
cash'surrender
of
dividend
a
the
ZZ Z-
Assets—Cash, $563,796; U. S. treasury notes—at cost
laneous
declared
have
cents, per share on the
class A stock, payable Nov. 1 to holders of record Oct. 15.
This will
be the first dividend paid since 1935.—V. 151, p. 2654.
'>'■?,"ZZ'}
-
Nestle-Le Mur Co.—To Pay 10 Cent Class A
-
300,956
$4.10
V
———
—
v
$411,004
per -share—;
"■Earnings
Other
154, fc. 434.
Fed.
$118,367
916;
statement with the SEC under the Public
Utility Holding Company Act of 1935 providing, among other things,
for substantial adjustments to its balance sheet accounts in connec¬
tion with and to be carried out upon consummation of the present
financing.
It is not intended, however, by the adjustments in said
accounts, to revalue the property or securities of the company sub¬
sequent to the dates of acquisition thereof or the common stock or
preferred stock of the company subsequent to the dates of issue
thereof or to record such property or stock at the present-day replace¬
*The
I
Dividends
■
Balance
v
$523,490
5,252
deductions
taxes
$616,004
—
income transferred to earned surplus—
Balance of net
.
v-'——-i—197,666
General
;L—
———«.——
Appropriated for reserve for contingencies-
—
8,927,000'
— 82,539
99,086
54,883
34,800
13,542
37,500
j
Appr. for antic, loss on land & bldgs. no longer used in mfg.
$2,009,900
1,824.600
4,500,000
$1,927,161
$7
13,506
_
•After
income
Net
.
Common
9,689
for
182,500
tax.
Adj. of Fed. Inc. taxes applic. to pr. periods & int. thereon
$20,625,240 $20,750,589
,
'
1
$$359,957
24,054
Prov.
260,000
—
—:.——————
Wisconsin State -income tax—J-L——-———
profits
income
Other
41,709
—
Total
;;
profit from oper.-
Net prof, before other
deductions
—$1,059,851
66,569
———
„——
„
sales
on
—
Oct. 1, '38
$1,102,684
—
:—;
'K 12,709
and
operations
income
Sep, 27, '41 Sep. 28. '40 Sep. 30, '39
$513,801
$145,734
$1,035,797
Int., divs., rent & mis¬
40,726
258,752
Prepaid taxes, insurance,, etc.—
12,709
Preierred charges
———J—" 403,457
accounts———
uncollectible
for
•Net
1,004,732
(& Subs.)
.
End.—
Mos.
cellaneous
Cr76,837
Reserve
Materials
$2,107,416
——
76,740
•.
3
Gross profit on sales——
■*,
——
Selling, shipping and administrative expenses——
—.—
36,000
•''343,782
343,782
■ 76,740
40,726
—————————
accounts
'i
Earnings—
Earnings, Year Ended July 31, 1941
528,663
654,900
36,000
—
National Malleable & Steel Castings Co.
'y Modine Manufacturing Co.—Earnings—
.
'•j1'- VV- Actual:' ♦Pro-Forma
Utility plant, including intangibles$18,854,038 $16,651,336
2,770,973
Investment and fund accounts————-™—;— '
20,973
Assets—
Period
Ended
(& Subs.)—Earnings
1941—6 Mos.—1940
30—
June
1941—12 Mos.—1940
Gross
operating revenue $30,845,674 $28,346,512 $59,963,882 $56,593,843
Other income
897,770
780,482
1,680,083
1,519,650
Total
earnings $31,743,444 $29,126,994 $61,643,965 $58,118,492
gross
Missisippi Valley Barge Line—Earnings—
;
-
■f:
1941
Net income after charges
————
$2,292,236*
Earnings per share on 689,450 shares of common stock
$0.42
Earnings
the
for
Ended
Months
8
31,
Aug.
—
—V.
152,
Operating
Pipe
Line
directing
defendants in
misfeasance,
Judge
the
W.
after
case
been
Kirkpatrick'.
H.
entered
be
judgment
a
W. Toebelm
in
favor
of
the
and others against the
(Mokan) Co. and others which charged
handed down -at Wilmington, Del., by Federal
Line
Pipe
has
Judge John
that
the action of Lorena
Missouri-Kansas
filed
had
"Mokan"
an
Nields.
P.
am
the
that
defendant
of
defending
effort
come."—V.
p.
lawsuit
a
put
the
to
and
expense
there can be but
out¬
one
Pacific
RR.
'■
3,116,473
6,213,747
6,244,704
260,370
261,660
520,269
526,978
11,
52,641
84,786
65,719
34,435
143,328
78,562
2,125,443
1,923,452
4,216,249
3,847,818
530,320
514,536
1,018,731
1,084,830
$2,241,640
$2,131,427
$4,354,189
$4,447,309
1,325,849
1,988,759
3,314,608
3,977,518
$915,791
$142,668
$1,039,581
15,
for
the
same
submitted
by
Stuart
&
Co..
2'As;
for
100.389
Other bids were: Salomon
Hall & Co. (Inc.), 101.371
Inc.
Harris,
Sheet Sept.
30,
1941
•Federal
$1,630,371; cash in hands of custodian, $4,431;
accrued capital stock tax, $3,540; distribution pay¬
$13,573; capital stock, $135,733; paid-in surplus,
profit and loss account,
total, $1,640,637.—V. 153, p.
Dr$G6,603;
401.
based
9 Mos. End.
Cash
Bond
Share
&
div.
on
1940
has renewed its contention that both carriers will gain
continued one-half ownership of the Denver & Rio Grande
in
__
1939
$235,671
$229,731
the Interstate Commerce Commission,
with
filed
to
acquire
"Successful
Prov,
9,807
22,696
1,749
__
interest in
an
said
MOP
miscell.
to
its
Insistence that it be
the new Denver
voting control of
allowed to acquire one-half
is based on the broad ground that
public interest requires the continued affiliation of these two
companies and that the ownership of one-half interest in the Denver
by the Missouri Pacific "would not only save the Missouri Pacific
Shs.
stk.
The
hearing
to
5%
each
basis
value
in
31,
If
of
(b)
of
before the District Court in St. Louis on the petition
the equivalent of one semi-annual interest coupon
and refunding bond
publicly held, as well as a
pay
the
approved
plan
been
Ry. first mortgage
filing
of
stay the proceedings
motion for a stay will be
The
Appeals,
to
which
has
also set Oct. 24
154, p. 544.-
the record in the case.—V.
the
as
„
in
the
last
Circuit
day
for
Earnings
for
the
Quarter Ended Sept.
Provision
operating
—.
in
$43,956
360,000
$0.57
$10,800
360,000
$0.43
from sales of securities (computed on
carried to profit and loss on securities
unrealized appreciation or depreciation
owned
as
compared with cost:
Sheet,
Appreciation,
owned,
and
$7,008,956
1,390,616
i
delivered
not
interest accrued
fixtures
and
J—
—"v
—
22,931
,;l,:
;
$8,244,612
for
•
October
;
l
Tons
profit
—
m.lled
Recovery
per
——ii——
:
ton
i
—
$54,000
~34~2O6
•
"22,300
4,500,000
:
-
4,500,000
5,025,291
—-
the
have
declared
stock,
common
685.
p.
'*■
-
...
—,■■■
15,454.
*
•
for
as
$19.82 •
an
the
four
$8,244,612
-
an
extra
Oct.
payable
.
1941
■
>.
V;.-
to
1,039
at Oct.
4,
$44.20
includes
share
per
"unrealized
against
which
taxes—V.
apprecia¬
no
153,
reserves
401.
p.
*
Co.—Earnings—
1941
1940
$2,636,424
income
profits
excess
$1,686,918
455,000
362^441
taxes__
tax
1,240,000
♦445,000
$941,424
$879,477
$3.39
259,120 shares of common
on
of
Federal
1941
<
subsequently
reserve
year
income
tax
es¬
higher
income
and
established
rates
by
excess
required
the
profits
by
recently
taxes
enacted
Act—V. 153, p. 248.
York
Merchandise
>
<*
have
stock,
:
•"
v
common
full
1940.
for
the
upon
Revenue
of
portion
profits tax plus increased
Act
Dividend—
■
declared
1
Inc.—25
Cent
Common
*
dividend
a
payable Nov.
^'.b;f
Co.,
,
quarterly dividend of 15 cents
Stock dividend
to
'
;
of
25
holders of
cents
record
per
share
Oct.
20.
on
auction
liquidating
153, p. 401.
has
;v,>-/>""
was
was
.
the
Regular
paid on Aug. 1, last.
paid on June 10, last.
See also V. 152, p. 3662.
j^ew York Westchester & Boston Ry.- -Sale Nov.
The
'$8,423,957
dividend of 13 cents per share
30 to holders of record Oct. 20.
been
sale
of the lands
trusteeship,
set
for
which
Nov.
and
lie
right-of-way of the
within
Westchester
7—„
company,
County,
N.
in
Y„
7.
Equipment
auction
and miscellaneous rolling stock was sold at a previous
approximately $83,000.
A group of experts will be named
for
to
appraise
to
give the auctioneer
estimates
the
market
a
value of the Westchester properties in order
basis for the bidding.
According to unofficial
$500,000 or more.—V. 152, p. 3510.
the value is close to
North American
Light & Power Co.
Hearing Post-
poned to Nov. 15—
between
the
of
a
North
possible
compromise
settlement
of
the
litigation
1941 amounted to $5,878,798
corresponding period in 1940,
Co. and the SEC on proposed absolu¬
Light & Power Co. has been postponed to
Nov. 15.
A report was originally scheduled for Oct. 15.
The
meeting of stockholders to vote on the proposed dissolution,
decreased from
which
weeks ended Oct. 4,
compared with $4,741,381 for the
increase of 23.99%.
number of stores in operation
The
>
9.21
;
share
per
$0.56
taxes™
excess
Submission
Sales for
:
,
841,092
''Z\'ZZZZz^:y::::z yZ-'f-•••'
Directors
31,
$3.63
Revenue
based
are
Pr2,171,722 Dr2,oi8,727
securities sold, etc.
National Electric Welding Machine Co.—Extra Divid¬
on
is
30—
prorated
Note—Provisions
5,025,291
802,843
^
stock
on
1.42
other
par)
Directors
9,775
provision is made in the statement for expenditure on outBide exploration.—V. 152, p. 684.
Note—No
Second
1940
$54,000
15
•Represented by 360,000 no par shares—V.
——$111,024
———
(no
New
1941
.
taxes
and loss
market
and
taxes
after
share
per
$8,423,957
Regular quarterly dividend of two cents per share previously declared
will also be paid oh Oct. 30 to holders of record Oct. 20.—V. 152,
income—
Sept.
before
income
tablished
Pay. for securities purchased but not received-_
Reserve
at
share
per
$44.20
which
Air Brake
Ended
income
'Represents
1,452
22,764
—
payable
$2.83
listed,
corporations
provided for any Federal or State
Mos.
Net
National Tea Co.—Sales—
,Net
9
Net
of
$595,202
been
stock
$6,976,352
but
Liabilities—
•
$101,250
worth
worth
New York
1940
1,245,495
sold
calendar
deprecia¬
1941
cost
at
receiv.
Dividends
16,419
16,029
net
net
of
have
September 30
1,
$133,698
profit
————
buildings and plant™_——U™__——
Proportion of preliminary development written off
Operating
with
Estimated
tion"
loss
costs)
Balance
securities
corporations,
(fair value as fixed by directors Dec.
adjustments at realization and cost)
—
53,490
Deprec ation,
miscellaneous
$35,836
360,000
$0.55
$38,435
360,000
$0.54
banks
Total
$306,391
119,202
noa-listed
Fed.
Total
expense-—-_
of
estimated
Dividends
.
and
144,000
the
Worth—
listed,
corporations,
notes
for
for
of
30.74
British
Reserve
Cash
end
1
Canadian
and
States
1939 (before deducting $72,000 for estimated taxes on appreciation,
realized), $324,467; depreciation, Sept. 30,. 1940, $302,506; deprecia¬
Rec.
the
1941)-
Federal
end—
Investment
only at
share at the close of business Sept. 30,
per
estimated
Securities
1941
worth
for
Profit
.
and, administrative
taxes
for
30,
162,000
1940
-
——,———___
production
Development,
other period as the amount of
any
•
and
The
Capital surplus
Surplus income
Bullion
in
determined
Reserve
.'Capital
•
Moneta Porcupine Mines, Ltd.-r-Earnings—
162,000
are
ended
excess
included
be
Dec.
Furniture
heard
15,168
162,000
periods
months
12
$154,800
during the nine months ended Sept. 30, 1940, $626,973;
tion during the 9 months ended Sept. 30, 1941, $35,070.
parties are
Interstate Commerce Commission and the
until the appeal has
the
by
Court
District
decided.
Court
principal
meantime,
15,671
$205,956
tion
preparing to argue against
the motion of the debtor and other groups which are appealing from y
the
19,546
$197,836
$469,7^1
1941
the
545.
United
of
Earns,
first
payment on New Orleans, Texas & Mexico
and income bonds, has been postponed to Nov. 3.
5,700
Aggregate
securities
the
in
undertakings
net
average
$213,433.
Assets—
similar
Federal
Shares
par)
Realized
Note—(1)
the
sold,
(no
but will make for profitable operation of the Denver."
trustees
In
Stocks
23,872
share—
per
.
on
$193,841
19,660
—
cap.
Earnings
Interest Plea Put Off to Nov. 3—
of
$241,287
$200,435
Surplus
the
from loss,
is
can
p.
30,
of
22,173
other taxes—
&
to
included
market
$239,554
Dividends';; declared—.—,
was
that
Federal
is
all other net quick assets (after provision for all
including income and excess profits taxes on income
Sept.
Stocks
Fed.,
income
Net
the new company.
profitable operations of the D.> & R. G. W. can be
the maintenance of both the Denver and Pueblo
contended by MOP.
It also claimed that it is the
only connection that can reasonably insure the proper maintenance
and operation of the Pueblo-Royal Forge route.
♦
applicable
There
and
taxes
1
:
32,728
com¬
and
it
tax
any,
154,
follows:
$238,863
'
—•_
for
State
the
through
only
gateways,
$3,425
such
if
'
attacked the findings of the ICC examiner who held that, in the
financial reorganization of the Denver & Rio Grande, MOP's stock
ownership was of no value and failed to make any provision for
had
tax,
Cash
$171,145
1,492
1,160
1,232
_
income
Total
pany
MOP
for
amount
1941
1938
6,495
sec.™_
bonds-_
Expenses:
Western.
brief
30%.
The estimated net
6,151
$226,217
dividends
Taxable
,
a
tax' accruals
of
rate
1941,
year.—V.
undistributed
balance-
income
a
30,
at
The company
In
divs.
Eng¬
Assn
profts tax under the Second
Revenue Act of 1940 which amount is applicable to the year 1940.
No
Corp.—Earnings—
1941
Sept. 30—
Other income
its
on
June
such
1941,
National
Interest
214s, and The First Boston Corp., 101.465 for 2'As.
from
bef.
New
of
Power
Consolidated
■Z Defends Ownership of Interest in Rio Grande—
•
-
Newmont Mining Corp.—JNet
Halsey,
Hutzler,
&
Bros.
for
bal.
divs.
land
securities.
security
$2,591;
income,
high bid was 100.834, submitted by Central Republic Co.
coupon.
Third high bid was 100.4577 for that coupon,
second
subs
42,619
protit or loss from sale of
$1,868;
Oct.
$1,547,028;
99,806
in net in¬
of
Consol.
tional investors.
The
interest
come
for capital shares, $382; accrued dividends re¬
ceivable, $4,163; deferred charges, $1,291; total, $1,640,637.
Liabilities—Due
on
redemption of capital shares, $2,906; accrued
able
&
of
54,916
12,499
subscriptions
expenses,
disct.
amort,
expense-
$39,504
Assets—Securs. owned.
on
debt
debt
prem.)
Other
1941, to Sept. 30, 1941
—
of
of
(after
exp.
cap.
—
Minority int.
distribution
Dividend
bef.
funded
on
$52,003
Balance
equipment trust certificates on a bid of 101.666.. The
annually each Nov- 1, 19421957. The issue has been placed privately with institu¬
3,100,204
bal.
charges
Pref.
due
certificates mature $170,000
10,392,937
Amort,
Inc.—Earnings—
——
income
'Net
—
Gregory & Son, Inc., New York, in competitive bidding
were
awarded on Oct. 15 an issue of $4,185,000 2%%:
12,700,972
Other chgs. agst. income
Pref. divs. of sub
dividends
'/V :
Trusts Sold
5,493,098
•
'$255,395
$115,592
t$459,466
class B common stock in 1941,
class B common stock in 1940.
'$691,813
share on
per share of
Earnings for the Period from Feb.
v
22,754,690
munic.
&
taxes
—
per
Expenses
'Exclusive
Equipment
—
—
Mutual Investment Fund,
'
j .• V; '• V.-.: • ;J' >.•'
Missouri
be
which
to
as
3973.
;•
•
*
152,
should
officers
its
or
6,823,314
state
Consol.
732,800
cents
99
10
Income,
of the opinion," the court
said, "that the plaintiffs have failed."
to establish anything entitling them to proceed further in the case.
There is no genuine issue as to any material facts, and I do not think
"I
5,206,652
•Fed.,
costs
2,958
tax
compared to 19 cents
fLoss.—V. 153, p. 843.
was appointed to hear
affidavit of prejudice before
'
3,434,204
5,261,755
7,744
subs.
taxes
profit
'Equal
Kirkpatrick
Judge
11,289,814
1,687,123
2,622,334
3,577,516
2,730,708
Interest
Net
decision
A
61,000
f$190,818
63,672
202,018
$387,445
59,909
204,200
12,024,587
1,786,223
Depreciation
Operating
Co.—Court Favors Com¬
pany—
.
profits
$592,133
63,668
212,070
361,700
etc.
of
loss
income
Excess
Missouri-Kansas
$2,274,440
109,281
378,846
Depreciation & amortiz.
Federal
3973.
p.
income
Inventory
adjust.,
Total
23,552,424
Maintenance
1941.—V. 154, p. 248.
1,059
in
1940
tion
Nov.
of
the
has
21.
North
been
American
American
postponed several times,
The meeting
was
is
to
be
defer
previously set for Oct. 21.—V. 153,
until;
p.
1137.
/
THE COMMERCIAL & FINANCIAL CHRONICLE
660
NY PA NJ Utilities
State Electric & Gas Corp.—Listing—
Curb Exchange has approved the listing of 120,000
of 5.10% cumulative preferred stock (par $100).
New York
The
of
Statement
York
New
Income
Operating
and
expenses
Operating
Other
'——-_
revenues
Operating
Months Ended Aug. 31,
Eight
1941
taxes
:
—--—---
deductions
Income
♦Net
$680,000
appropriated
was
Balance
Sheet,
Aug.
V-"''
,*
capital
■.'•'•i■' !■/
deposits
on
—;
Total
5.10%
Net
Premium
1
cumulative preferred
stock__
deposits
accrued
Misc.
■
income
of
liabilities
fixed
debt
Int.-bear.
163,447-
Long-term
taxes—prior
in
aid
of
339,889
years
construction
Notes
—12 Weeks Ended—
share
per
♦After
charges
Sep. 6, '41
$1,172,248
$380,583
$0.74
provision
and
North Boston
Directors
have
stock,
common
amount
$0.67
for
Federal
declared
payable
ended
compared
with
last
an
year,
dividend
a
October
of
the
15
Northern
Oct.
11,
30,774,000
1941,
of
$2.16
income
50
tax,
cents
holders
to
in
in
$1,635,948
$1.56
$1.37
$1.01
stock_
com.
annuity plan.
Balance
Sheet
Sept.
30
1941
.
'»
1940
$6,571,416
$5,124,002
45,173,603
39,989,591/
299,970
advs.
and
to
194 779
56,465
wholly owned subs.
Furniture, fixtures and equipment
charges
share
per
of
record
108,305
1
______
2
2
127,745
132,397
$52,229,201
$45,549,077
.
'
154,
t'^e
p.
Sept.
30—
profit
of
1941
taxes
—V.
154,
based
$590,376
B
have
for
stock,
payable Nov. 1 to
paid on May 26, last
was
Dec.
1940;
17.
tribution
25
the
was
cents
50-cent
paid
of
profits
excess
25
holders
and
on
dividend
cents
of
taxes,
tRevised
paid
20,
on
share
per
Tail
Power
Utilities
Co.—To
Co.—V.
Dec.
Like
paid
stock
Income
Nine
were
Ended
Months
Aj>pl.
for
at
on
to
$6.47,
profit
Net
loss
securities
1938
$40,777
18,175
Gross
32,971
34,017
34,456
9,575
238,047
and
divs.
connection
(or)
subsidiary
$3,640
*$235,111
Sheet
Power
delivered
Ltd.
Co.,
earned,
net
6.608
securities
purchased.
1940
-L—
1940
279
$93,730
$89,813
Debt
6,545
605
on
Commis.
for
&
$1,869,927
payable
v__
Due for securities bought but not received
Sundry accts. pay., accr. Fed. and other taxes
expenses
Accrued interest
on
5%
7 875
$11,641; prepaid expenses, $948;
$3,585;
1141.151
+750,000
$1,869,927
§On
a
based
no
par
on
market
shares.
quotations
Sept.
30.
^Represented by shares
"when issued" basis.—V. 153, p. 559.
$1,668,944
miscel.,
deferred
Sheet
cash,
10,770
10,770
3,500
1,855
June
$26,945;
30,
1941
Dominion
charges,
total,
.
surplus,
$10,691;
total,
$1,003,960.
$1,003,960.—V.
152,
p.
2952.
1,814,979
13,727,705
12,746,048
total
a
listing,
Davis
Exchange
of
has
from
authorized the release
for 193,344 shares of
certificates
com¬
v
of 253,450
official
upon
of
235,439
Transfer—
on
transfer
$1).
(par
certain
shares of
shares
of
of
notice
casing,
issuance,
tubing
stock
common
stock
common
and
connection
in
line
with
pipe.
issuable
were
author¬
were
the
for
account
&
Co., Inc., in accordance with agreements of Panhandle
& Refining Co. and Davis & Co., Inc., issued subject to
registration and could be transferred by the transfer agent
registrar only
with
the prior
approval of
the Committee on
or
Stock
List.
The
authority
shares
of
the
application
date
6,667
for
above
of
of
&
stock
Co.,
of
in
the
Co.,
Inc.,
shares
handle
by
with
Stock
on
List
and
two
or
three
stock
to
a
of
in
be
of
issue
certificates
and
(or)
List
for
in
made
25,
Sept.
retained
and
distribution
to
wholly-owned
and
be
dated
stock
by
1941,
Davis
<te
summary, the plan contem¬
the stock to the President
of
associates,
its
application
the company
sold
Stock
on
In
for
and
letter
a
such
of
his
trustee
the
of
and
shares
Panhadle
restriction.
in
100,000
stock
List
that
150,000 shares of the
it may be available for sale and (or)
the
plan filed by Davis & Co., Inc.,
of
joins
35,428
Stock
on
order
sale
the
to
subsequently upon
Committee
the Committee
to
in
of
registrar
to
held
so
of
subject to
freed
of
the
to
43,344 shares of
such restriction.
employees
and
still
restriction
accordance
balance
the
respect
235,439
Inc.,
has applied
the
Committee
the
of
Inc.,
Inc.,
of
Panhandle
collateral
cancelled with
shares and
was
Co.,
19,
1939, the restrictions were removed from
shares of this stock leaving 193,344 shares owned
by Davis & Co.,
removal
&
June
additional
Davis
listing
mentioned
Davis
requests
the
sale
of
limited
a
50,000
number
Pan¬
that
the
by
the
Committee
to
form
for
the
of
authorized
usual
available
the
subsidiaries.
for
transfer
collateral
agent
shares
by
Davis
&
Co.
,
Calls
5%
Notes—Gets Private Loan—
company
Dec.
convertible
102V2,
Oct.
on
1941,
1,
secured
plus
15
of
all
issued
its
accrued
a
call
for
the
redemption
on
or
outstanding
notes
dated July
interest.
1,
$356,700 five-year 5%
1938, and due July 1, 1943, at
The notes
are being redeemed out of the
proceeds of a new $800,000
sold privately to Prudential Insurance Co. of America
^nd
Massachusetts Mutual Life Insurance Co.
The new loan is secured
414%
loan
deed
of
After
all
trust
providing
bank
loans
only
on
County,
one
of
group
producing
properties
in
Texas.
fof
the
redemption
of
the
outstanding
5%
notes,
and
certain other indebtedness, there will be
approxi¬
remaining out of the proceeds of the new loan which
working capital and which will enable the company to
mately $350,000
will be added to
further develop
mortgage & collateral trust sinking fund bonds,
$263,000; accounts payable, $1,713; provision for income taxes, $7,772;
accrued
bond
interest,
$3,287;
customers' security deposits, $1,510;
revenue paid or billed in advance,
$1,476; reserve for tax adjustments,
$526; reserve for depreciation. $314,697; capital surplus arising from
appraisal of fixed assets, $119,786; 6% cumulative prior pref. shares
(3.590 shares,
$50 par), $179 500; 7%
cumulative 2nd pref. shares,
(2.000 shares, $50 par), $100,000; common (18,550 shares, no par), nil;
earned
$7,629,981
its producing properties.—V.
^
153, p. 997.
of Canada
sinking fund cash in hands of trustee,
$48,370;
7,137,424
$8,814,835
restricted
$9,617
Liabilities—First
2,149,687
Dr24.566
Total
of $1 par value.
receivable,
2.139,313 '
stock—.—
150.000
Balance
$901,828;
7,818,834
$1,174,642
Producing
$4,950; accounts receivable (net),$5,302; accounts
$392; inventory of materials,
supplies & mdse.,
474^00
1,962,298
valuations
assets,
$5,000),
378 000
2.733 970
-(Represented by
Consolidated
(par
7.875
loss deficit—
$2,381,702.
?
bonds
474,000
surplus
and
i
18.260
378,000
gold dehs., due Nov. 1. 1947..
gold debs., due April 1, 1948
Capital stock
5%
of
by
$11,913
paid on prior preferred stockDividends paid on 2nd preferred stock
Dividends paid on common stock_
Assets—Fixed
►5%
4.000
2,273
profit
945,654
$1,287,950
Stock
the
acquisition
The
21,943
7.186
written off__
Dividends
1940
3,163
debentures.
for
the
The
taxes
income
1,045,869
York
on
Hutchinson
$55,000
19,067
_
ized
before
1,720
organization expenses
34,759,803
37,998.752
$16,633,669 $14,767,405
1,916,678
Originally
22,772
_
$2,120,296
546.
New
'
$1,668,944
1941
$75,000
-
loan
158,950
175,000
4,368,972
$2,333,819
income
stock
853
644
Liabilities—
The
restriction
1,104
15,120
net
Z(
1941—8 Mos.—1940
Panhandle Producing & Refining Co.—Stock Released
10 555
1,432
Consolidated
153,
$6,489,268 $54,632,421 $49,527,213
4 920,630
from Restrictions
7,939
expenses
13,273
on
1940.—V.
25,
20,700
$7,254,449
revenues—
p.
6,866
1,090
—
tax
debt
Jan.
$6,509,968 $54,807,421 $49,686 163
23,600
taxes
154,
1,209
and expenses written off
funded
and
29
1941—Month—1940
income
586
i
revenue
16,825
1,358
—
adminsitrative
discount
Provision
1,641,497
expenses
17,335
—
Provision for depreciation
Interest
9,000
Total
1,509
'
677
6,573
and
General
$20,258
♦1,822,975
Collateral
$88,025
______
revenue
gross
April
$7,278,049
revenues..
oper.
plates
$93,052
services—
_
Provincial
owned
Net
Panhandle
tele,
&
Maintenance
9,411
receivable.:
with
-Earn-
Subs.)-
(&
1941
30—>
elec., water
from
rev.
Operating expenses
*$178,431
>
Operating
with
Water
&
29,
31—
Aug.
expenses
transfer
166,576
*$87,522
1941
not
bond
546.
p.
Ended June
Year
September 30
$21,328
but
company
*$11,855
81,593
/>;//:
int.
593,328,348 591,332,795
and
Total income
__
in
399,125
construction
154,
July
rev.
oper.
under
450,000
406,991
855,237
1,400,000
623,470
Property taxes
Securities
2,868,673
——
:
Interest
Balance
sold
51,204,892
ings—
1939
21,584
period
securities
credits__
30
*$5,929
Net
and
of
Cash
53,202,250
3,067,985
for
29,
revenues
oper.
Operating
1,853,288
1,335,514
acquisitions.—V.
*Loss.
Assets—
3,804,876
(contra)
—
♦Appropriated
$49,672
—_
for
2,853,133
___
credits
Insurance
profit
depos.
Total
as
Ended
Operating
the
19,914
$2,936
2,803,792
368,966
surplus
1940
$13,215
5,556,583
551,515
line
&
surplus
31,950
sales
7,850,479
—:
.
5,087,302
2,273,000
236,421
3,212,228
193,991
4,144,311
._
—__,
—,
extens.
Capital
$55,821
from oper.__
from
301,018
2,234,500
50,000
3,265,016
31,860
1
Sept. 30, 1940.
September
Uncoil,
mon
within
accruals
Miscellaneous
Net
(contra)
56,681,750
56,681,750
202,000,000 202,000,000
207,198,840 204,774,431
25,434,485
25,183,985
693,095
1,511,388
-
Earned
the net assets
par,
equivalent
___,
maturing
&
1
serv.
Oct.
20,000,000
20,000,000
♦Surplus
18,315
debentures
1,053,671/
1,109,396
obligations
rec. sold
miscell. unadj.
&
last,
Operating
593,328,348 591,332,795
:
Co
accts.
Res.
29,
Period
549,119
(banks)
Miscellaneous
1941
—
606,905
;
accrued
dividend of $1 per share on account of
preferred stock, payable Oct. 29 to holders
was paid on
July 29, April 29 and on
amount
379,745
matured
accrued
154,
$63,480
income
Expenses
356,376
accrued
Pacific
Account,
187,352
3,079,082
costs
rebuilding
—
Interest
Like
1,853,288
(other)—
payable
Dividends
Taxes
a
the 6%%
22.
Pacific Tel. & Tel. Co.—Earnings—
"l7~826
7,197,368
1,053,344
affiliated
payable
payable
declared
on
403.
12,629,882
debt
dis¬
have
Oct.
Net
debt
1,833,306
$45,549,077
845.
p.
—V.
from
2,052,342
1,833,183
$52,229,201
153,
Jan.
1,163,753
assets
conv.
4,254,750
par)____
surplus
record
p.
—
expenses
companies
previous
30, 1941, based on market
outstanding debentures,
amounted
capital
(contra)
($10
4,201,960
2,345,565
stock
927,470
2.951,700
6,151,942
12,164^537
&
year
Contr.
After deducting the outstanding debentures
outstanding
of
sold
995.R5Q
919,530
2,807,900
(par $100)
Pacific Portland Cement Co.—Accumulated Dividend-
1,511,388
suspense—:—
of
Utilties
NJ
PA
Accounts
equivalent to $2,071.39 per $1,000 of debentures, as com-.;
pared with $1,892.16 on Dec. 31, 1940, and with $1,864.63 on Sept. 30,.".
of
receivable
970.850
cumulative
cumulative
Directors
3,678,647
3,291,092
companies
Matured bonds, bond interest and divs.
to $1,764,823,
share
21,413,706
157,878
-
Advances
Purchase Properties—
compared with $5.39 on Dec. 31, 1940, and with $5.21
3,342,213
par) :
cumulative
6'/2%
accumulations
3,858,423
construction &c__
.-
1938.—V.
23,
1,379.449
res.___
Total
of
merchandise
discount
debt
deferred
Long-term
the
18.
341,668
1,698.244
4,083,298
($10
8%
series
Paid-in
$
20,127,270
rec
&
portion
Notes
cents
and
175,566
529,645
loss
repos.
-
12,611
balance
Notes
50
with
1940,
_/
&
Earned surplus
21,042
dividends
&
Subsidiary
etc.
on
769,764
173,108
;
taxes, &c.
stock
Common
1939
6,634,543
accounts
NY
154, p. 546.
the
Subs.)
interest
bond
receivable
Interest-bearing
Overseas Securities Co., Inc.—Quarterly Report—
deducting
(Incl.
Capital stock—
The net assets of the company as of Sept.
before
31
receivable
Deferred
quotations,
Dec.
deposits
special
Consumers'
Otter
38,302
693,095
Prepayments
248.
See Minnesota
772,885
(contra)
Unamortized
figures.
Oct.
record
compares
May
Sheet
bonds,
matured
Unamortized
$0.72
dividend
Balance
sinking funds,
Unamortized
797,887
$0.74
a
110,412
5%
531,973,599 530,576,433
Appliance
filters, Inc.—25 Cent Dividend—
declared
93,247
643,910
■:
supplies
1
Oliver United
Directors
C,
610,917
equities in loans
Preferred
—V.
Long-term
f
Series
25,900
1940
$32,055,000 $26,525,000
Reserves
279,564,173 283,708,812
Materials,
337.
p.
454,756
1940
Interest
$575,054
796,282
$0.27
recently enacted Revenue Act.
on
A,
Liabilities'—
797,887
and
Series
82,449
income
Dealers'
11,157,829
Notes
1941—9 Mos.—+1940
$216,813
income
138,493
♦4,314,731
_.
Accounts
Subsidiary)
$0.34
Federal
1,900,000
'
Total
796,282
share
depreciation,
Federal
30,029
1
__
dividends
Other
$275,134
stock
cap.
per
unsecured
32,971,600
———_________■_
capital
Misc.
8.
545.
1941—3 Mos.—tl940
payable,
12,077
surplus
and
week
corresponding
1941
1,644,015
Cash
Power
for
___
25,183,985
accrued
Deposited
the
on
October
Total
30,096
Investments
Co.—Earnings—
(Including
End.
♦After
1941.
$1,833,306
receivables
Investment
1,000,000
31,729
surplus
Fixed
Company system for
35,118,000 kilowatt-hours, as
totaled
14.1%.—V.
Pharmacal
>
Period
♦Cost
20,424
$1,833,183
Deferred
$
1941
-
Treasury
Other
17,745
(contra)
$2.32
,
and
(Del.)—Weekly Output—
States
kilowatt-hours
increase of
Norwich
Paid-in
385,349
for
Repossessed automobiles (est. realizable value)..
25,434,485
companies
unpaid dividends
Consolidated
paid on July 15,
was
output
week
Profit
tax
—,
.
32,971,600
&
Assets-
Lighting Properties—50 Cent Dividend—
Northern States Power Co.
Electric
and
1,660,970
accruals
Sep. 7, '40
$1,297,039
last and quarterly dividends of 75
cents per share were previously distributed.—V. 153,
p. 402.
Prepaid
on
retirement
Accounts payable
Dividends payable
(banks)
payable
Deposited for
§Dep.
3,370
♦Deficit.
—36 Weeks Ended—
Sep. 7, '40
$399,308
after provision for excess profits tax, 1941 taxes are based on Revenue
Act recently enacted.
tOn combined 300,000 no par shares of class A
and 212,374 no par shares class B common stocks.—V.
153, p. 402.
Accrued
2,017
accrued
Total
Corp.—Earnings—
Sep. 6, '41
profit
for
income
Consolidated
Notes
payable
Capital
Period—
Due
242,130
-
__
___
202,000,000 202,000,000
affiliated
int.
Reserves
545.
p.
North American Rayon
Net
216,692
383,504
191,299
Loans and discounts
279,564,173 283,708,812
debt
from
Earned
,
$2,263,427
'
.$117,827,665
154,
on
$2,453,924
213,648
share
per
.•
$20,000,000 $20,000,000
...
obligations
conv.
Matured bond
Misc.
Int.
79,104
1,541,956
4,906
expenses
$673,599
1,589,828
•Liabilities—
1
Advances
Interest
Total
&
___________
2,947,815
per
discount
$799,492
1,654,433
,,
;
Cash
Liabilities—
surplus
1940.
3?, 029
320,973
debits
115,858
467,093
—__
Assets—
receivable
157,282
119,996
$2,705,223
annuities
Federal
♦Under
101,104
3,002
dividends
7,900,723
capital
Total
v
.
17,745
Total
Accounts
■
Additional
225,542
1,833,692
________
dividends
past
149,146
312,033
234,100
,
$871,531
,___
1
Preferred dividends
of
273,798
156,907
;—;
income
Common
"
501,018
373,200
Gross earned surplus
unpaid
and
3,825
Capital stock
Taxes
p.
taxes
2,782,221
2,781,771
interest
393,243
—
income
on
prior years
59,360
unadjusted
1,179,563
amount
86,987
___
Earned surplus Jan.
274,199,782 279,046,993
bond
1,232,460
70,267
1939
deposits
Unamortized
7,231,776
on
$3,062,881
1940
(contra)
&
surplus
class
81,658
6~33~855
Capital
♦Net
Other
31
Dec.
—__
$2,553,887
1,294,462
—
Earnings
matured
1,645.183
Retirements
Contributions
Shs.
760,983
V
$2,733,482
receivable
Earned
Earns,
119,343
companies
special
Interest
92,135
credits
Federal
the
$7,867,664
684,923
119,148
Cash
761,169
and
current
Reserves:
Like
673,674
(Parent Company Only)
$3,191,135
1,601,311
all
replacements..
Interest
2,017,150
companies
for
Accounts
1,770,936
accrued
fEarns.
1,944,991
2,044,525
_
dividends
Other
1,370,218
—
accrued
Deferred
♦Net
1,898,749
&
Sheet
2,289
1.045,876
Interest
-V.
$7,481,022
2,027,651
Miscellaneous
.
2,516
accrued
Other
$9,171,722
1,898,025
$4,453,225
2,586
9,640
1,967,250
$411,705
Subsidiaries
2,962,765
97,266
Others
Customers'
Payroll
3,683
Investments—
102,000
stock, bond int. & divs.
equip.
'
3,759
exps.__
Earned surplus Sept. 30
54,919,932
bonds and pref.
Long-term debt due within one year
Accounts payable:
Affiliates..
Taxes
46,307
539,549
disc.
debt
Balance
12,000.000
debt
Matured and called
for
Provision for losses
1,896,855
Assets—
$21,294,455
preferred stock__
5.10%
on
Long-term
par)
no
Provision
;v:i
$2,551,598
$3,897,209
and
adminis.
Estimated Federal tax
1,223
income
Depos.
shares
advertising,
and
1939
.>"
$3,188,550
__5
rent,
oper.
1940
*
$3,893,450
income
other
1,127,879
$117,827,665
cumulative
11,164
$7,880,987
other
investments—
♦Cost
"
(46,484
8,172
119,014
of
148,949
'
•
133,512
.i_-—
2,362,100
stock
$7,690,684
28,621
264,617
$4,934,374
Affiliated
LiabUities—
235,178
19,077
interest
Amort,
1,779,926
________
debits
Common
$9,682,682
144,023
taxes
1,700
—,—
merchandise......
Prepaid taxes and insurance.
Deferred
9,766
$5,105,647
taxes
expense
....
and
13,198
long-term debt
conv.
obliga'ns
Other
1,630,405
receivable
supplies
18,243
Total
Salaries,
2,962,765
receivable
Materials,
2,148,687
expenses
on
Int.
6,773,323
—i
and dividends
Cash in banks and on hand
Accounts
1,880,255
charges
Int.
Deposits for matured and called bonds and preferred stock,
Notes
1,737,057
Balance
**
719,150
bond interest
812,441
4,153
and
from
86,181
(& Subs-)—Earnings—
1941
■
disc't
Dividends
$5,632,920
85,848
for
Misc.
.$100,321,468
Investments
Special
$5,706,338
75,333
income
Prov.
1941
31,
—.____
___
&
income—
Net
'Vvv'
A.SS6tS~*—
$7,860,527
60,258
income
Total
Fed.
acquisitions in accordance with orders of the Public Service Commission.
Fixed
$4,228,795
income
General
and/or bond
for construction
Sept. 30—
Rents
$3,069,396
_
which
♦Of
Other
9 Mos. End.
Income—Int.
operating
obligations, notes &
1,744,183
—T—
income
1937
stocks
bonds, convert,
accounts
$4,813,579
■
1938
cos.:
pref.
on
Int. on
50,832
income
Calendar Years
1939
stocks.
com.
on
Divs,
$4,762,747
income
income
Gross
Divs.
$18,130,102
13,367,355
——
sub.
Only),
Company
1940
Income from
Statement
Pacific Finance Corp. of Calif.
Co.—Earnings—
(Parent
outstanding shares
Income
Saturday, October 18, 1941
Peabody Coal Co.—Probable Financing—
It is rumored that there is a possibility of refunding of around
$7,900,000 5% bonds of company but as yet nothing definite has been
,
decided.
several
•
The
154,
p..
is
understood,
has
been
talked
to
by
154.
Pepsi-Cola Co.—To Pay 50 Cent Dividend—
Directors
common
Initial
V.
it
company,
houses.—V.
154,
have
stock,
dividend
p.
248.
declared
payable
of
$1
a
dividend
October
was
paid
27
on
to
the
of
50
cents
holders
new
of
stock
per
share
record
on
July
on
October
25,
the
20.
last—
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3995
Volume 154
by Consolidated; (b) to provide an amount of $421,780 which, together
$345,000 par value of its $100 par value common stock and
$1,888 of its own cash, will be used to pay in full $768,668 of demand
notes
owned
by Consolidated and pledged to secure the bonds of
Southern Cities Utilities Co., which have also been assumed by Con¬
solidated, and (c) to provide a construction fund of $75,000.
3. Consolidated will
deposit the $203,220 received for the income
bonds of Peoples with the trustee for the bonds of Federated Utilities,
Inc.
This trustee, or Consolidated, will apply the funds so deposited
Paramount Pictures Inc.-—Listing of 4% Debentures—
/with
authorized the listing of
$20,000,000 4%
debentures, due Sept. 1, 1956, on official notice of
issuance
pursuant to an offer to be made by the corporation to
exchange 4%
debentures due 1956 for an equal principal amount
of its outstanding 3yA %
convertible debentures, due March 1, 1947,
in
the
aggregate principal amount of $12,681,000, and outstanding
notes amounting in the aggregate to $7,358,732
(see V. 154, p. 546).
>
v
i
has
Exchange
Stock
York
New
The
to
.Income:
i'
from
Dividends
/value of
$48,248,457
691,355
—
Other
affiliated
companies—_
notes
of
Co.
■•deposited
$49,464,441
—
distribution,
Film
of
cost
including
23,117,049
—
accessories
film
151,
will
producers' and others' share of film rentals
(negatives and prints)
the
trustee,
purchase
bonds
Operating profit
(Not
7,257,201
_
-Operating
Operating
*201,299
~y—
income
Total
;
$6,797,941
364,183
-----
—
subsidiary companies.
Depreciation of buildings, equipment and leaseholds (exeluding studio and laboratory depreciation of approxi¬
mately $268,000 charged to cost of films) ^
Federal income taxes (normal income tax computed at 30 %
in anticipation of increase in rates under the Revenue
Act
of
1941; no provision for excess profits taxes is
Interest
funded and other debt of
on
considered
necessary)
preferred dividends (minority interest)
Profits applicable to minority holders of common
subsidiary companies —
—
Reserved for contingencies
•
Taxes
Inc.—.
Pictures
;
than
income
operating revenue—,
(net)
Subsidiary
Interest
108,863
of
Earned surplus at Jan. 4, 1941
Share of undistributed earnings
to Jan.
—
—
4,
time
1941, of
Taxes
•
$3,576,862
14,654,685
2,526,998
discount
income
tax
and
2,464,044
317,006
316,198
29,425
182,076
69,369 %■ /
Balance
t474,966
—
•
debt
of
2,948,108
discount
and
282,778
828
1,012
11,429
5,019
130,103
986,633
$17,172,698
•Guaranteed
121,470
1941 (based on percentages previously owned) of sub¬
sidiaries in which the corporation acquired an interest in excess of 85 %
Jan.
4,
Consolidated net income for the
for the first
50% or more
by the corporation prior thereto.
The operations of such subsidiaries
from July 5, 1941, will be fully consolidated in the next annual report,
fRepresents share of undistributed earnings prior to Jan. 4, 1941, of
time
on
referred to
subsidiaries
the
*
'
890,004
85,096
43,959
41,137
20.778,444
20,405,971
less
leases
reserves
for
Sinking funds
Deposits to secure
14,521,844
26,593,537
27,820
s
assets
sidge,
9,179
1,026,933
Act
such
of
1940
Act.
it
as
149,470
: 5114,229,244
Owing
outside
to
owners
of
//
producers
soon
as
Electric
cos.
maturing
financing
the
the company
by
was
opinion
of
,
forecast
of directors
board
the
wrote.
512,182
41,023
668
2,639,658
903,802
589,471
585,540
104,993
Notes
395
258,280
9,364.473
9,364,473
oblig. of subs. cos.
85,544
83,970
Mtge.
on
of Paramount Pict.
Mtges.
and bonds of subs, cos., less
bonds of $753,800
conv. deb. of Paramount Pict.
11,827,699
4,384,611
12,680,890
3 >/4 %
payaments, self-liquidating
1941 Fed. income taxes
Miscellaneous
liabilities
Invest, and adv. (net) eliminated—
Reserve for
contingencies—i
Int. of minority stkhldrs. in capital
and surpl. of subs, cos
Capital stock
Capital surplus
1
Earn. surp. accum. since Jan. 1, '35
1,020,097
Reserve
for
Total
•Including
—
-
—
3~9~957
and
1,473,976-1,448,976
386,455
960,645
1,347,100
20,643,156
27,357,081
17,172,698
13,626,864
3,545~834
for
The
of
payable
dividend
share
a
the
on
7%
December
of
record
November
15
cents
50
per
and
and
14.
Income
Account
1941—12 Mos.—1940
divs.
*1,287,696
to
include
September,
1,558,850
month's
one
by the Revenue Act of
1941, figures
t20,073,309
portion
of
23,791,261
Federal
taxes
as
1941.
rewritten include
as
month's
one
por-
or $1,032,408 for Federal income taxes and $491,354 for Federal
profits taxes ag impoged by the Revenue Act of 1941, or a total
for these taxes.
$1,523,762
Additional
first
eight
taxes
adjustments
months
(normal
accrual
of
of
made
were
$3,930,831
The
September,
September
applicable
to
the
reducing the accrual for Federal income
surtax)
by $1,041,405 and setting up an
for Federal excess profits taxes, resulting in a
charge of $2,889,426
months of 1941.
eight
in
1941,
and
tax
additional
net
first
1940,
for
these
figures include
taxes
$1,169,767
applicable
Federal
for
to
the
income
taxes
which were calculated at 24%
and include adjustments for a
portion of the additional Federal income taxes applicable to the
periods prior to the enactment of the two Revenue Acts of 1940.
tFederal
last
three
taxes
income
ended
months
taxes
Sept.
of
months
(normal taxes and
surtaxes)
for the 12
30, 1941, aggregating $13,031,293 include for the
1940, adjustments for additional Federal income
imposed under the Revenue Acts of 1940, and for the first nine
of
1941, Federal income taxes (normal taxes and surtaxes)
under the Revenue Act of 1941; while Federal income
imposed
12 months ended Sept.
30, 1940, which amounted to
include adjustments for a portion of the additional Federal
imposed under the Revenue Acts of 1940.
for
the
$8,980,901,
income
taxes
The
figures for the 12 months ended Sept. 30, 1941, include accruals
nine months of 1941 aggregating $4,422,185 for Federal excess
taxes imposed under the Revenue Act of 1941.
On the basis
of
a
consolidated
return, under the Second Revenue Act of 1940,
Public
Service
Corp. of N. J. and subsidiary companies were not
subject to any excess profits tax in 1940.—V. 154, p. 436.
the
profits
plans to retire the 280,058
outstanding by exchange
Puget Sound Power & Light Co. (& Subs.)—Earnings
Period
the
58.
on
the
6%
record Nov.
a
Co.
Water
—
Accumulated
dividend of 31 Vic. per share on account of
cumulative
5.—V.
preferred stock,
payable Nov.
15
154, p. 338.
Stock
Exchange
mortgage 4J/2%
additional shares of
153,
p.
has
authorized
Ended
Operating
Aug. 31—
_
1941—Monthl940—
$1 702,522
revenues.
Operation
_
_
_
93,177
_
129,678
52,826
__
income
taxes
$750,000
common
stock
for the
conversion
of
700.
23,685
495,981
256,982
205,045
Net
185,098
2,376,079
2,126,182
$560,219
$449,493
$5,617,341
$5,646,796
717
10,240
54 889
145,366
$559,502
oper.
revenues
income—net
$439,253
$5,562,452
$5,501,430
loss
Balance
Interest
amortiz.—
and
278,860
October
on
rehearing in
a
8
was
of
a
report
omitted
discussion
tioner's
brief
raised by the
of
Beginning
issued
order
denying company's petition
connection with SEC's finding that company is a
an
in
.
'
or
denial of petitioner's motion for the making and
by the trial examiner.
Our findings and opinion
on
in
this
oral
application.
point
because
it
was
not
raised
in
peti¬
issues
argument when we considered the
However, the denial of the motion furnished
Pullman
Division
were
filed and submitted to
petitioner
they were surprised as to the conception of those issues revealed
findings and opinion. The petitioner also stresses an alleged
requirement of due process that a report be made by the individual
who presided over the taking of the testimony. Without conceding that
any such requirement exists, even in a case where there are issues as
to the credibility of witnesses, it should be pointed out that no such
issues arose in this case, and that our own findings and opinion were
'
to the
$700 000 new
careful review of the evidence, substantially all of which
from witnesses produced by petitioner or from documents in the
Under the circumstances,
grant such a motion, which would have resulted
only in delaying' the proceedings.
files
we
r.
of
saw
petitioner or of affiliated interests.
no
the
Federal income tax
February,
accruals
increased
are
and Expenses of Car
based
Total expenses
and
were
to
on
*$85,388
at
30%
the
estimated
in
March.
Revenue
Act
Auxiliary Operations)
1941—Month—1940
Sleeping Car Operations:
Total
revenues
$5,435,405
Net
1941—8 Mos.—1940
$4,961,930 $42,526,944 $39,149,088
4,364,363
38,071,748
34,871,488
4,818,104
$617,301
$597,568
$4,455,196
$4,277,600
$204,137
$163,551
$1,573,587
$1,413,326
162,858
133,933
1,247,588
1,143,552
$41,279
$29,619
$325,999
$269,773
$658,580
$627,186
324,564
$4,781,195
$4,547,374
425,845
revenue
2,992,739
2,812,589
$232,735
$302,622
$1,788,456
$1,734,784
Auxiliary Operations:
Total
revenues
—
_
_
Total expenses
reasqn to
revenue
revenue
_
Operating income—.
—V. 153, p. 1139.
Rath Packing Co.—Extra Dividend—
Directors
on
the
declared an extra dividend of 37 % cents per share
stock, payable October 24 to holders of record October
have
common
Regular quarterly dividend of 37 Vz
last.—V.
152, p. 1930.
14.
;'/•
••
cents
was
paid
"
on
October 1,
»
.
.
Raymond Concrete Pile Co.—Extra Dividend—
based upon a
came
1941
and
Co.—Earnings—
(Revenues
accrued
our
August
Period End. Aug. 31—
Taxes
Public Utilities
30 days and 15 days, respectively, in advance of the filing of petitioner's
requested findings of fact and brief. Nor does the petitioner point out
any respect in which the original notice of and order for hearing, and
the requested findings of fact and brief of counsel to the Public Utili¬
ties Division, failed to apprise them of the issues, nor any respect in
in
January
with
net
/ which
1,583,970
of 1941.
The companies do not consider that they have
any liability
for excess profits taxes under the 1941 or 1940 Acts.—V.
154, p. 338.
Total
the
1,583,970
tAccruals for the
27%
adequate notice thereof.
Moreover, pursuant to the
the requested findings of fact and brief of counsel
to
owning substantially
and
550,000
$1,498,582
$70,898
•Loss.
rates
Commission's order,
all of
550 000
$1,654,868
;
a
petitioner
gave
require..
require
Net
basis for
$2,048,582
__:
rehearing as petitioner's own application and our original
notice of and order for hearing thereon framed the issues involved and
no
3,452,848
$2,204,868
not
1941, relates to the
filing
div.
div.
3,357,584
$160,455
Balance
that the only ground presented in support of the petition
disposed of in our findings and opinion of Sept. 15,
appears
which
prefer,
278,798
$280,642
Balance
Pref.
1941—12 Mos.—1940
$1,422,447 $17,702,587 $16,543,740
/
556,678
6,604,678
6,095,336
85,353
1,093,352
987,065
122,140
1,515,156
1,431,378
661,577
_
Maintenance
Prior
for listing
Series A convertible bonds due in 1952
petitioner avers, among other things, that the petition is
presented to accomplish all steps which may be required to render
effective the filing of a petition for review under the provisions of
section 24 (a) of the Public Utility Holding Company Act of 1935.
Inc.—-V. 154, p. 546.
Northwestern Mutual Life Insurance Co., Milwaukee, Wis.,
first mortgage 3V2 % 20-year sinking fund bonds. Peoples
will also issue and sell at par 3,450 shares of its common stock ($100
par)
to Consolidated.
2
The proceeds of such sale will be used by Peoples (a) to retire
*203 220 of its 5% to 6%, income bonds, at the face amount thereof,
now'held by Consolidated and by it pledged as security for the out¬
standing bonds of Federated Utilities, Inc., which have been assumed
A
1941—Month—1940
surplus.
•Rewritten
which
in
security for note
the voting securities as well as a considerable part of the debt
preferred stock of 41 operating companies doing business in 18
States and six foreign countries.
Peoples is a gas company organized in Texas in 1921 and engaged
in the retail distribution and sale of purchased natural gas in Port
Arthur, Tex., and adjacent territory.
All of the outstanding securities
of Peoples are owned by Consolidated.
The proposed transactions, in detail, follow:
1
Peoples will issue and sell at the principal amount thereof for
14.
$2
share
per
all
$12,371,893 $11,446,415 $148,403,472 $138,543,915
revenues—
avail,
imposed
subsidiary of United Corp. and United Gas Improvement Co.
The order denying the petition states:
The Commission has carefully considered said petition for rehearing
27,357,081
as
SEC
The
20,643,156
permitted the declarations to become effective.
Consolidated is a registered holding company
now
tion for Rehearing—
Cas Co., a registered holding company, and
Gas Co.. filed certain joint applications and
SEC relating generally to the refunding by
Peoples of its outstanding mortgage debt now owned by Consolidated
and the repurchase by Consolidated of its bonds.
The SEC on Oct. 11
•<
give
declared
York
New
34,091
for
subsidiary, Peoples
with the
cash
Bal.
Public Service Corp. of New Jersey—SEC Denies Peti¬
Consolidated Electric &
-
it
8~13~270
11,082,688
25,000
declarations
•
Operating
Other
bonds.—V.
the
quire Underlying Bonds—
r
not
p.
additional first
275,606
14
of
dividends of
$1.75
stock,
preferred stock for November
to holders of record October 22,
Consolidated
Period End. Sept. 30—
for
Pittsburgh Coke & Iron Co.—Listing—
The
7,443,089
It
its
holders
Balance
Peoples Gas Co., Port Arthur, Texas—Sale of Bonds
&c.—Parent Company to Use Proceeds Received to Ac<
154,
holders of
to
—
Drll,082,688
income debentures pledged
payable of Paramount Pictures
financial circles
1,574
1,175,694
1,088,875
6%
November
to
$5
November
the
on
declared
stock;
,
does
letter
accumulations
47,470
$114,229,243 $88,836,444 $25,392,799
-
$105,000
980,140
1,175,694
Advance
in
Dividend—
12,680,890
prop,
15
14
the
on
record
payable
tFederal
100,000
100,000
treasury
stock
Philadelphia-Suburban
payable
of
declared
was
December
as
i
preferred
dividend
$5
Directors have
305,750
Purchase money
stockholders
December
share
per
Declared—
October
preferred
Other
and bonds of subs. cos. mat.
within one year, less treas. bonds
$75,000
directors
3,931
105,389
Appeals in the Third Judicial Circuit in Philadelphia.
$1.25
Depreciation
Mtges.
of
to
a-nd
issues.—V.
45,522
41,690
of
The
and
obligations of subs.
within one year—
Act will
p. 356.
Co.—Financing Forecast—
redemption.
or
3,543,460
adopted a resolution that the
from the recent decision of the
appeal
Dividends
cumulative
"
'
details of the retirement, but it was
believed in financial quarters that after the meeting the company will
call the $5 issue and make an offer exchanging it for a lower dividend
stock.
Any of the new preferred not so exchanged would be sold, the
proceeds being applied toward redemption of the unexchanged old
•
392,096
557,704
stock
taxes
Federal
in
1941
the effect thereof is determined—V. 154,
'
shares
$88,836,444 $25,392,799
2,346,402
rights
such
the
.
$86,860
to affiliated companies—
Excise taxes, payrolls and accruals
1940 Federal income taxes, estim.™
no
increases
required under
as
Liversidge
$923,139
Owing
Purchase money
that
523,854
2,738,497
royalty
execept
is desirable that the
company be in a position to provide at least a portion of its xuture
capital requirements through the medium of stock financing," Mr.
$1,009,999
payable
payable
are
President, calling a special meeting for Dec. 12 to act on pro¬
to increase the authorized number of preferred and common
"In
Liabilities—
Accounts
estimated
was
Provisions for the
profits taxes
shares
103,993
1,099,052
673,325
vi;.
Notes
periods
392,812
922,940
1,491,863
—
——
above
applicable thereto
The letter also disclosed that the company
Total
the
10 on the basis of a letter sent to stockholders by Horace P. Liver-
posals
—
of
of
8%
taxes
10,989,414
contracts
under
excess
as
Equity
Oct.
5,804,907
37,582,951
—
Prepaid expenses
Deferred charges
Acts
14
months
2,390,685
36,999
and
equipment,
depreciation
Revenue
due
and
Philadelphia
372,473
13,185,727
20,326,752
Land
Buildings,
be
made
3,410
15,576,417
—
less reserves—.—
Revenue
in
135,377
60,104
be
943,185
374,327
63,514
.
1,676,139
509,704
_______
Second
the
886,914
2,619,324
and
Investments,
3,090
income
employees—
Advances to outside producers
the
with
taxes
provisions were made for any increases that will be required under
terms of the Revenue Act of 1941, as enacted in September, 1941,
would
"Affiliated companies
Inventory
$2,795,454
.//■•■'■
customers and sundries
Film
Officers
///;//
income
Hearings—
on
October
on
officers
and
gXCesg
which, however, is effective retroactively to Jan. 1, 1941. Except
as
to one subsidiary company which provided approximately $23,270
during 7 months ended July 31, 1941, for excess profits taxes, no
less
receivable,
board
the
nreferrea-""'"41011
preierrar
Pittsburgh
riusourgn
provision was made in the above periods for excess profits taxes under
—
accounts
and
reserves:
of
ox
but
approx¬
market)
imate
Notes
Citv
Lity
the
tne
accordance
Foreign Cos.
$9,772,461
$12,567,915
(at
securities
Court
The
on
$6,638,525
no
•the
loans and time de¬
posits of $774,787).
Marketable
$6,918,614
.
for Federal
Note—Provisions
Canadian &
Cos.
Total
directors
Preferred
and
in
'
call
(incl.
Cash
of
ox
Co
Gas
public.
1941
U. S. A.
of
declared Public Service Corp. to be a subsidiary of U. G. I.
United Corp.
The appeal will be filed with the United States
and The
Circuit
69,192
522,914
capital stock. //■</;■/::/-/''
tFor payments
(made to others) on obligations of street railway
companies guaranteed by Philadelphia Co., on obligations held by the
above. :>
Consolidated Balance Sheet at July 5,
Assets*——*
Consolidated
the
*On
1, 1941.
These subsidiaries were consolidated
July 5, 1941, but were owned to the extent of
July
on
period
and
UGI
which
17,075
69,192
528,151
payments
share of undistributed earnings
above represents
included
*$171,328
board
191,526
etc.
expense
income tax settlements,
Purchase
3,000,000
tAppropriations to reserve
since
Appeal SEC's Decision
Department
on
Interest on Federal
—
July 5, 1941
$10,874,787 $10,548,253
debt—
Interest
—
■-
Earned surplus at
1,581,875
11,614
charged to construction—Cr
Taxes paid or assumed on interest and divs.—
Provision for writing off investments
387,569
159,612
stock
stock
1,599,875
31,083
-
funded
on
Amortization
preferred
78,829
Philadelphia Co.:
Interest
$18,706,513
Dividends:
First
To
Law
47,915
69,106
79,828
capital stocks of subs, held by public
Minority interest in undistributed income—
to
the corporation issue $75,000,000 in 3%% bonds, the pro¬
which were to purchase the Public Service common stock at
share owned by United Gas Improvement Co. and The United
The report considered the plan impractical and probably illegal.
85,240
expense
settlements, etc.—
on
Suggestion
per
SEC
com¬
.
Opposed
■■
of
paid or assumed on interest and divs.__
i
Divs.
/'."
that
ceeds
$25
share
.
Second preferred
Common stock
at
wood
Interest charged to construction—Cr
—
l
panies consolidated for the first
Total
——:
of
3,255,642
$15,346,295 $15,107,243
debt.
debt
Fed.
on
s
-
approved the report made by the three senior officers
the corporation which opposed the adoption of a
suggestion made
the stockholders' meeting last April by Burton Canfield of
Ridge-
$15,599,307 $15,493,900
Dr253,012
Dr386,656
._
funded
on
Interest
Crl23,922
not.
are
board
3,131,060
companies:
Amortization
37,500
—
295,948
—
The
The
income
adjustments, four members of the board
five
and
1.
3,953,285
by utility subs.
Other income
Gross
By these
directors
United Holdings—
Corp.
Net
Harrison.
3,082,737
taxes)
taxes
of
bank
Board
988,555
—
period..:
the
for
Bank
690
Miscellaneous
Profit
of
the board temporarily from twelve to nine.
The two men who
resigned were William Scheerer and Ogden H. Hammond.
Garret A.
Hobart, a member of the board, died September 29. George H. Blake,
also a director, resigned as a director of the West Hudson National
690
utility plant acquisit. adjust.—
Prov. for Fed. & State inc.
1,537,264
stock of
exchange conversion adjustment (net)—.
Interest on debentures and other indebtedness of Paramount
repairs.leasehold
of
(other
financial institutions, the board of directors on October 14
accepted the resignations of two of its members and reduced the size
other
October
1941
1940
$50,413,200 $46,882,822
15,680,540
17,865,839
3,429,171
3,589,078
5,863,518
6,322,264
;_
28,301
July 31—
Appropriations for retirement and depl. res
12,689
Foreign
and
comply with the provisions of the
SEC that less than 50% of
of a public utility holding company may be affiliated
directors
with
Brigadier General Edward C. Rose, who was given a leave of absence
year ago for army service and who has resumed his activities with
the
company,
was
reappointed to the Executive Committee as of
and subsidiaries and other
of Philadelphia Co.)
subsidiaries
railway
revenues—
Amortization
Directorate Reduced from Twelve to Nine Members—
To
the
a
"
Subsidiary
i
indenture.—
Subs.)—Earnings—
(&
expenses
Amortization of
—■—
■
_——.
of
terms
disposed of by our findings and opinion of Sept. 15, 1941, or any
not
previously considered prior to the entry of the order
denying the application, on the basis of which the Commission should
grant a rehearing.
/"'/,/
'/v;■:
matters
are
street
Maintenance
r
the
The petition for rehearing does not set forth any additional grounds
not
,
including Pittsburgh Rys.
12,493,549
_____
income
with
/
12 Months Ended
Other
accordance
in
Philadelphia Co.
and
.—
Amortization of film
'/
.
trustee for the bonds of Southern Cities
or Consolidated,
will apply the funds so
in the open market of Southern Cities
the
2203.
p.
indenture. „/
the
deposit the $423,668 cash and the $345,000 par
received in payment of the demand
with
This
to
Co.
of
terms
rentals, film
operating and general expenses, incl.
rentals, real estate and other taxes——
Theatre
;
i.
V.
•
the
stock of Peoples,
Peoples,
Utilities
Total
with
common
Utilities
624,629
i..—v-—•
__
bonds
purchase in the open market of Federated Utilities, Inc.,
Consolidated
4.
accessories
rentals
and
^
sales of film
rentals,
film
receipts,
accordance
//■
j
Theatre
-
the
in
Months (26 Weeks) End. July 5, 1941
Consolidated Income Account, Six
661
Directors
addition
common
20.
Like
to
have
the
stock,
declared
regular
extra
dividend
quarterly
dividend
an
of
of
25
cents
like
per
share
amount
on
in
the
both payable November 1 to holders of record October
amounts paid on August 1
and May 1, last.—V. 153,
p.
250.
THE COMMERCIAL & FINANCIAL CHRONICLE
662,
Railway
they will be prepared to pay on and after October 20 the full amount
of the interest installment of $20 which became due and payable' Oct.
June
1941
$100
Per
share
of
6%
Per share of
$216,21
$222,37
226.24
219,93
231.59
16.36
15.54
17.05
pref. stock, ser. A
stock
common
Income
-
$219.54
coll. trust bonds.
of
Per
1940
1941
Account,
Months Ended September
9
& rdivs.
receivable!
'
£2,382',822
£ 2,527,766
£6,680,373
£6,686,691
1, 1934, and to pay $19.06 on account
Sept. 30,
30,
Int.
Expenses■■
752,977'
: 49,922
49,783
70,202
of the interest installment which
became due and payable on April 1, 1935, in respect of Kansas City,
Profit
£2,329,845 £2,477,844 £6,630,590 £6,616,489
Fort Scott & Memphis Ry. Co. refunding mortgage 4% bonds. .
77. :
Preferred divs. '(5% )--i : i- : 100,000
100,000t v
100,000 'r' ' 100.000
Certificates
of deposit should be presented for payment
of such
2nd pref. divs."-'(7.%')'iii"^ 700.000
r-'V 700,000 '
700,000
.7700,000
interest and stamping to Bankers Trust Co., 14 Wall St., N. Y. City.
Ordinary dividends
1,447,282
1,4,47,281"
5,789,126
5,789,126
The actual bonds, both in coupon and fully registered forms, should
be presented to C.
W. Michel, Executive Eastern Representative for
Balance
£27,363
£82,563
£230,563 )
£41,464
the trustees, Room 1949, 120 Broadway, N. Y. City.;'. The bonds will
;;137,841
165,204
Brought; forward:
;i :437,23l7 7 206,6687
be stamped with appropriate notation of such payment pursuant to
above court order, and returned to holders.
.'"'. 7 XT.'.f h• jr'•
Carried forward——
£519,794 '> £437,231
£206,668
£165,204
The April 1 and Oct. 1,
1934, coupons, being then fully paid, will
." V
be detached from the coupon bonds and cancelled; the April :1, 1935,
Balance Sheet pec. 31
1939
1040./%.
coupon, being then partly paid,
will be detached and - held in trust
■'
£
for the holder of the bond.
Ownership certificates will be required of
ASSetS— v
41,990,277
all holders except' corporations.
41,499,186
The refunding mortgage contains a 7* Property:(shares," &o.)
outstanding as at the dates shown:
Sept. 30,
Shell Transport & Trading Co., Ltd.—Earnings—
calendar'Yearsiw-^••'V^;1937 '*■
; -
that in accordanoe with Court order,
Trustees announced October 11
Based
.,
Ry.—Interest—
vSt. Louis-San Francisco
Securities Co.—Quarterly Report—
Light
&
upon market quotations, the following summary shows the
aggregate of assets available for each class of security of the company
Cr
Saturday, October 18, 1941
<:
.
30
'
^
-V ' '
Int.
bonds and notes
$141,404
1938
1939
1940
$158,301
1941
.
on
$150,740
$175,348
'
Dividends
Total
Expenses
and
and
140,381
/
134,824
188,830
159,529
$330,234
$317,830
$310,172
$291,122
54,614
54,282
51,093
48,092
received,,
int.
divs,__
taxes
....
-
.
"
and
Int.
other
charges
funded debt
on
.
101,841
132,000
132,000
132,000
$173,778
$131,548
95,112
iv $127,079
'$111,030
tax-free covenant.
Sub. shares &.■ divs.,..to:• sub:
^; 'i' .'.7
Federal District Court Judge George H. Moore also authorized: the
'.-Debtors and 4oan»/C-*—
%■ payment of interest on the 'Frisco prior lien and consolidated bonds.
Dividends. due*
The prior lien bondholders will receive $11.92 on each $1,000 bond,
Investments
series A, $12.58 on series B, and $13,42 on series E payments in full
of the balance due Jan. 1, 1933, and payment on account of.rinterest
i .due July 1, 1933.
Total
Consolidated mortgage bondholders
will receive $12.41 per $1,000
bond, series A; $13.57 per $1,000 bond, series B, which represent the
Liabilities—r
■
Net
,7
income
Preferred
1 •
________
dividends.™
Common
dividends
Note—The
unrealized
95,112
statement
above
loss
profit and
of
__
does not
income
and
include realized
securities.
on
95,112
;:7
—
■
7'"
%S%35.334"
Balance
30 //,'■,
September
Sheet,
;
Assets—
and
notes
Stocks
1940
1941
$3,346,054
$3,158,609
;
interest
Unamort.
bond
45,170
47,321
82,005
90,000
$9,005,818
receivable
$9,130,705
____
discount..
Total
-mi
-
«•
w
m»'
,
,
i
.____
__
trust VA%
coll.
Conv.
bonds, due Dec.
tr.
payable
interest accrued
Coupon
Tax
for
1,759,835
_________
Preferred
stock
Common
6%
($100 par)__. '7 2,113,600
2,113,600
•1,631,400
t2,146,447
,____
Earned
453,141
Total
-v
Reed Drug
common
of
five- cents
dividends
quarterly
p. 583.
dividend
a
$9,005,818
$9,130,705
of
Cassatt
per
cents
share
per
share
is
mated
15;000
7,800
,
for
bad
share,
-offering price, based upon the- SEC filing fee,
that the offering involves $3,024,000.
;;;
repossession
and
so
for
losses,
but
for excess profits tax, and preferred dividends.
Note—The
company's share of the earnings of Frank
excluded.
; - v"'
1 '
v'- • •" '■:> V':
Corp.
are
.
:Jr;!K
$1,852,548
amounted to
the preceding year.—V. 153, p. 404.
profit
against
the
1
•
-
,
-
•
^
■
Under
The
the
of
proposals
the
approving
Seaboard
desired,
the
the
record
and class
October
p. 3826.
declared
have
common
'
shares payable
amounts paid on
Like
25.
v";:
.
dividend
interim
an
B
'
•
of
50
cents
per
securities
is
for
share
November 15 to holders of
August 15, last.—V. 152,
.
the
V.
of
accumulation
^October
21
a
dividend of 50
aents per share
-
proposal
account
on
$1.50
cumulative
stock, payable
Dividends of 37 V2 cents
Directors
.
declared
have
stock,
common
;This
dividend
a
of
13
cents
share
per
on
the
payable November 1 to holders of record October 15.
with 18 cents paid on August 1, last; 17 cents on
compares
May X, last, and 18 cents paid on February 1, last.—V. 150, p.
:
the
•
Sept. 30-r,A":
1941—Month—1940
$659,008
Stores in operation
—V. 154, p. 249.
1941—9 Mos
/■."//.
$3,857,789
.117 7.w:
110
Net
Oct.
Earnings—
of
after
Federal
taxes
50c.
The
stock.
the
on
share
per
has
company
common
stock
rbv.
fr.
$344,176
$317,155
$2,480,658
year.—V.
per
p.
293,662
2,192,168
2,206,257
$58,321
Ry. tax accruals
Equip, and joint facility
rents
$23,493
19,279
27,609
Cr2,722
3,999
Gross
146,495
184,806
% Cr8,339
"Net
14,619
profits
Net
ry. oper. income.
Other
"$8,115 '/
$41,764
income
3,599
3,543
$150,334
33,375
"$74,074
34,034
V
to
group
''%*•
:W".'
...
'r::
■:
:;■■■
the
Misc.
tTotal
/
fixed
from
$45,363
"$4,572
$183,709
"$40,040
100
334
1,745
5,393
33,428
33,592
267,885
269,118
Crll,835
deduct,
_______
$38,498
$85,921
$314,551
inc.
;;
charges..
-
Net
deficit
after
fxd.
charges
■'
"Loss.
tlncludes
interest
/
of
outstanding bonds but unpaid.
Note—Company not subject to Federal excess profits tax.—V, 154,
p. 437.
'
on
year
decision is that the company is not going
clause'-' in its fall and .winter .catalog to
guarantee prices through .the life of-the
possible Federal excise taxes and other contin-
of
not
going
to absorb the
current catalog; he pointed out. reached customers
country on July 15, v/as assembled during the spring
year and was in the hands of printers shortly after
company's
this
of
Since that time practically all prices have risen
of June.
the ,first
*
sharply," some of them as much as 25% ;
the
said
He
,.
ending
'
increased taxes.
the fundamental theory of mail order houses
published prices are "sacred", and should remain as listed. ;
,v
months
company's
next
catalog,
■■■■■
listing
and
spring
7
St Louis County Water Co.—Application Granted—
with
interest
at
2%
payable
to
Mississippi Valley Trust
Co., in renewal of six notes aggregating $450,000, payable to said
bank, maturing Oct. 18, 1941, and bearing interest at 2% per annum.
—V.
per
annum,
154, p. 437.
In
catalog.
that
quoted, in
.
'
.
announcing its decision the company explained it was prepared
to absorb additional costs on all articles subject to the manufacturers'
J-excise tax effective as of October 1.
For some articles such: as rubber
1
tires, this represents an increase of approximately 8%;
Other articles
'
,
'
1941
;•
fixed
' 1940
;
directly
$14,380,855 $12,150,710
3,155,860
and
2,334,706
,
affected
leather
ances.
by
gloves,
10%
The
this tax are sporting goods, including baseballs
refrigerators, radios and certain household appli¬
tax on jewelry, fur coats and cosmetics
retailers'
must'be charged to orders on such
charges and depreciation, but before income and excess
of
$2,230,145
in
gross
items listed in the catalog.—W. 154,
"
" '
p.,548.
taxes.
revenue,
f
•
Sterling, Inc.—Earnings—
<Including Wholly Owned Bubsidiarv—Bterfurn, Inc.);
tOther
Wilson,
president
Cost
Surveyer,
Period End. Sept. 30—
Gross
Costs,
and
exp.
Interest
Deprec.
114,437
taxes__
charges
&
130,266
*
9,698
,
-
489,786
113,219
42,807
66,490
,
'
income
"Loss.—V.
153, p.
563.
"$8,804
has
sold
$250,000
4%
promissory
$17,205.
.,
$29,506
$1,959,886
Federal
•.%
1,832,474
.-.j
"OS
25,665
income- tax™^:_______^
18,187
Ret,/Income$60,285
Dividends paid'on preferred''';stock^id^^.^J^™^__)_U._;' J
51,518
Dividends paid 'on common' stbck__;i^^v%^^i__^_^_^ ,
20,333
:
" \ y.
- ■
'V;"Sales are; recorded, on : A straight sales basis. :. tFederal income
taj^/.returns are filed on an installment basis,
including gross profit
$10,753 on purchased accounts *eceivable.*t>v.-«v;
iv'.«
/,
of
notes,..payable
of
all
its
outstanding
preferred
stock
and
to
prepay
'
--
and
receivable
a
at
570
Fifth
•
Avenue,
N.
Y. * City.
a
is
being added to working capital, according to the company.
of the transaction,
company's capital structure has
result
simplified, there now being only 796,378 capital shares outstand¬
4% notes constitute the sole,funded debt of the
company.—V. 154. p. 548. ,
►
... .
I .. <v . ..
.
. . •
^
i \.lj. ,2 A t*
||
)l xi
I
ing,
while
the new
..
"
•
on
(net),
$15.Q00; fixed
Balance Sheet, May 31, 1941.; ,'
hand,, $450; cash on deposit, $306,323; accounts
$1.656,787; V inventories,$224,765;., other
assets,
assets
(net),' $412,466; deferred charges,
$18,302; total,
$2,634,093....•*;.••'
;r The
building at this last address has been taken over by: the company
long term lease.
.;;
v..v.
foregoing items total approximately $171,000. „<■ The $79,000
balance
As
equipment
,
The
■i'
money
fixtures
Consolidated
Assets—Cash
the
of
been
$34,288
for
tProvision
mortgage on its Elmsford, N. Y., plant; to pay for
addition to this plant and the remodeling and installation
740,935
112,001
14,906
"
fr
Net
corporation
redeem
on
28,088
27,875
depletion
>
,/.
$1,918,061
.-h 41,825
goods sold, selling/ operating, admin. <fe other exps.
Prnuislnil
Provision for -hft/l-ApMjs#*'•
for bad •debts_—
serially over a 10 year period, to the Metropolitan Life Insurance Co.
are
to reimburse the corporation for expenditures used to
entire
$950,150
of
Proceeds
$661,799
$164,455
1941
31,
—
.
Sonotone Corp.—Sells Notes Privately— / ;
The
1941—12 Mos.—1940
1941—3 MOS.—1940
$186,298
earnings
income
;ibflfcvJ8iohf:-*qK.dep$efetibnIi::^
present serving as Chairman of the British Supply Council in
Washington.
Dr. Surveyer is a past president of the V Engineering
Institute of Canada.—V. 153< p. 407.
t:
building an
Co.—Earnings—
(less
Total revenue
of the Royal Bank of Canada, and
consulting engineer of Montreal,; have; been
appointed directors of this company to fill vacancies caused by the
deaths of Sir Herbert Holt and Senator D. O. L'Esperance.
Mr. Wilson,
who is a director of a number of other large Canadian companies, Is
W.
Arthur
for the Fiscal Year Ended May
discounts, returns and allowances, etc
Earnings
"Sales
Cvi-.y-V\'
New Directors—
purchase
St. Louis Rocky Mountain & Pacific
summer
goods, will be mailed to customers on Jan. 15, 1942.
It is the present
intention of the comoany that a similar guarantee be made for prices
.
share on the
funded debt.
at the rate
or
listed catalog prices for
this
could
Spiegel is
throughout the
at
The SEC on October 13 issued an order granting the company's
application, filed pursuant to the Public Utility Holding Company Act
of 1935, regarding the issuance of a note or-notes dated October 18,
1941, and maturing July 18, 1942, in the aggregate amount of $450,000
Aw
the. "hedge
it
that
account
on
The
con-
v'r ^r'V":\
■_)
increase
Morris
Dr.
accrued
■
J ../Y^J,jVv.^
year.,-.
,
income
Total
•
personal
derive
prevent inflation, and (2)
according to a state¬
ment issued by the company, reflects the unprecedented demand for
power occasioned by the coming into fuller production of the war
industries located in territory served by the company. , ' )
In addition to the company's own production of power, it increased
its
purchases of power from other sources, the amount; paid for
this purpose rising from $1,533,467 to $2,550,889.
The
?
fiscal
4138.
revenues
profit
"After
'
—______—___
itself
effect
that
Shawinigan Water & Power Co.—Earnings—
$125,351
$288,490
the
more", of
or
major factors fefluenced the company In adopting 4ts policy,
M.
J. Spiegel Jr;, President and • general manager, explained.
They
^ wererid). the vital need for a controlled price structure in order to
currently being paid
152,
York Suoreme
the New
a
v
$2,331,608
285,855
oper.
ry.
current
preferred stock
no
are
9 Months Ended September 30—
Net
the
for
of
motion by four voting trustees
Two
1941—8 Mos.—1940
1941—Month—1940
31—
Ry. operating revenues.
Ry. operating expenses.
defense
no
1941, are estimated at $280,000—equal to 70c. a
31,
common
Period End. Aug.
has
company
a
i
does
income
Dividends
*
The
equipment business.
not expect any.
and
tracts
.
of
significance, of
avail
book
made
automobile
1940
$4,818,191
$529,307
__
Rutland RR.-
The
gencies.
..
;
^
remainder
the
v
,
Period End.
Sales
on
to. dismiss
Directors have decided-to guarantee-current
:
primarily through jobbers located in principal cities through
the United States.
Only a small percentage of its output is original
Rose's 5, 10 & 25 Cent tores, Inc.—Sales—
"
: '>
•
Company is the largest independent manufacturer ot laminated glass
for automobile replacement.
The business was founded in 1929.
Sales
are
*
;'one
permitted
•
;
Stock Offered.
ber, 1940.
;
4138.,M
corporation
Spiegel, Inc.—Current Prices Guaranteed—
?
Rockland Light & Power Co.—13 Cent Dividend—
the
made by Field, Glore & Co. in the sale in 1935 of stock of
Curtiss-Wright Corp held up to that time by Sperry.—V» 153, p. 1288.
Smith, Burris & Co. Chicago and New York, on Oct 17
offered 20,000 shs. of common stock (par $1) at $4.55 per
share.
The issue is part of the original offering of 120,000 shares offered by Allison & Co., Detroit, in Decem¬
7.. v.'.:;.
..
of
profits
■;
to
—
Schmuck
decision
profit at the expense of voting trust certificate holders. The complaint
charged that Mr. Cowdin and Mr. Armsby had an interest in the
StandardCapital Corp:, and that, this comoany received half the
company.—
a
special meeting held September 4, approved a
change in par value of the common stock from no
value.—V. 153, p. 1000.
Shatterproof Glass Corp., Detroit
stock
had
they
<
preferred
record October 3.
to holders of
154, p. 58.
at
the
for
Reserved—
Justice" Peter
reserved
8
ration, and on other grounds.
value to $5 par
par
paid on September 15 and June 16, last, and last previous payment was made on Aug. 25, 1937, and amounted to 50 cents per share.
—V.
'
Seagrave Corp.—Par Value Changed—
were
.
of the subsidiary
disposal
has
opened,
Tecently
;'v% Thp suit,'asks, removal ..of |he :.voting"|ru6teei$ as unfit, charging that
also purchase 20% of the non-voting ;
trusts.
If the option on non-voting
receivers will be entitled to be reimbursd
the
bid
a
pairs of army garrison shoes amounting
"
.
the
on
1,4 Oi'i
Thalmann & Co. will finance the
<
•
Robbins & Myers, Inc.—Preferred Dividend—
Directors have declared
at
80,000
suit for their removal
instituted by Bruce & Co. and the Junior Investing Co. as holders of
voting trust certificates.
The ■ voting trustees, Thomas A. v Morgan,
,:who is president of the corporation; J. Cheever Cowdin, Edward A.
Pierce and George N/.Armsby,
contended that the court should not
entertain jurisdiction in the suit because Sperry is a Delaware corpo¬
can
the
placed
Court
Oct.
on
the
; of
548.
p.
Stockholders
:
Court
equipment
exercised,
$78,500
154.
^
.
.
„
contracts,
Sperry Corpy—Decision
for new air routes is granted the receivers
reorganized Seaboard company will have the
company
than
other
for
contracts
from
division;
manufacturing
Supreme
'
-
If
(R. J.) Reynolds Tobacco Co.—Interim Dividends—
Directors
son
the
or
/
\
i
give the company an aggregate of
493,000
pairs totaling $1,670,520 from government contracts since
Dec. 31, 1940.—V. 154, p. 438.
•
L
.
*■
"(
option of receiving in cash an aggregate of $78,500 spent .by the road
to date, Or of purchasing up to 30% of all-voting stock of the Airline.
in
$899,053
Inc.
agreement Ladenburg,
$3,758,216
$243,750.These
to
154, p. 249.
Airways,
the
(est.)
earnings
received
same
Airways' application for permission to start operations in hearings be¬
fore the Civil Aeronautics Board scheduled for Oct. 27.
If a certificate
securities
<
' T:
154, p. 548.'
Spencer Shoe Corp—Sales—
Judge
Seaboard
making provision for Federal normal income taxes and excess
and interest, consolidated net profit of Reliable Stores
Corp. and subsidiary companies (exclusive of the company's share of
the earnings of Frank Corp.) for the three months ended Sept. 30,
1941, totaled $571,144,
compared with .;$222,769 in the 1940 third
quarter.
For the 12 months ended Sept. 30, 1941, on the same basis,
net
"
^Corporation4 reports salesin its\fretail stores for the five weeks;
*. ending Oct. 4, 1941, 14.77% above-those for the same five weeks of
1940. and for the forty-four weeks ending Oct. 4, 1941, 14.66% ahead
of the corresponding period of 1940.
L. B. Way has authorized the receivers, to complete
an agreement with Ladenburg, Thalmann & Co. under which the invest-:
ment bankers will take over the financing of the road's subsidiary, the
Federal
taxes
consolidated
'
Reduced to $2,500,000—
.
Seaboard Air Line Ry.—Agreement Authorized—
before
Before
profits
"•
'
i
assets and business
to certain liabilities
month
the
with
gain of 13.04%.—V.
provision
....
1,884,512
1940
1941
1940
$2,926,638 $136,740,724 $104,200,053
1941
'
Gross
—V.
of September, 1941, were $1,287,991, as com¬
period last year of $1,074,408.
This was a
gain of 19.88%.
Sales for the nine month period this year were
$11,165,982, as compared with last year of $9,877,568.
This was a
(& Subs.)—Earnings
debt
25.000
291,667
-
,49,328,423;,. 49,819,436
'
,
4,200
:
———
Schiff Co.—Sales—
154,
net profit
341,271
168,298
1,215,297
717,629
interest, and provision for normal Federal income taxes, esti¬
provision
291.667%-
'
•Consolidated
"After
t
\
^
The. company has reduced outstanding bank loans by. $1,000,000 to
$2,500,000 bv prepavment of a serial note for the former amount due
^ Aug. 15,5 1942. bearing interest of 2%%. annually.
Bank loans cur¬
rently
outstanding are represented by notes maturing as follows:
I* $1,000,000 on Nov. 15,.1941, 2% annual interest; $1,000,000 on Feb. 15,
1942. .244%. interest, and $500,000 .on May 15, 1942, 2 44 % interest.
yil Period—
—Week Ended Oct. 7
Jan. 1 to Oct. 7-
Part of the proceeds of the sale of the" new stock will
replace the funds used for that purpose.—V. 154, p. 547,.f^%^v5;^V-
1941—3 Mos.—1940
1941—12 Mos.—1940
$3,253,042
$2,502,371 $12,789,7221 $10,315,452
sales
net
Philadelphia
Inc.,
Co.,
a
Sales
Reliable Stores Corp.
•Consol.
Si
$112
pared
Period End. Sept. 30—
and Exchange Commission
shares of 5% cumulative
filed with the Securities
statement covering 27,000
lor $2,750,000.
the
on
distributed.—V.
were
154.113
166.164
;
1,967,076
;f
Southern Ry.—Bank Loans
The proposed maximum
1 to holders of record September 15.
paid on April 1, last, and previously
was
10
has
The company says that on Oct. 6 It bought the
of the National Grocery Co. of New Jersey, subject
cents
7 Ms
of
accrued__i_:__^_i,___—*
dividend
;
5,852.347
25,000.,
balance
£ ""
40.945.633
150.334;:
4—V. ,151, p. 860.
Shares
payable October
stock,
Dividends
declared
rl:
v •
96.366
;
LJ
■V'^Total
77':;
Lynch, Pierce, Fenner & Beane, New York_______*__
Lynch & Co., Inc., of Newark_„_____:—
Merrill
Co.—'7^ Cent Dividend—
have
£?•
dividends
preferred
Profit
($100 par).
The shares will be offered to the public
at a price to be
supplied by amendment,, by the underwriters who
have underwritten the following number of shares:
,
' "
Merrill
fRepresented by 163,140
"Represented by 163,140 shares of $1 par.
no par shares.—V. 154, p. 249.
Directors
>
410,949
_____
2nd
-
preferred stock
40~6~646
192,365
______
were
1939
1940
40.945,633
dividends accrued
Preferred
dividends of 25 cents per
and previously quarterly
distributed.—V. 152, p. 995.
registration
a
515,047
surplus
surplus
Shops—$1.25 Common Dividend—
1940,
20,
49,319.436
'
,
_^i^
Creditors
Safeway Stores, Due.—Registers with SEC—
31,704
surplus
Special
Nov.
Company
~20~483
stock
Capital
■
stock, payable November 20 to holders of record November 7.7 Dividends
of 25 cents were paid in the three preceding quarters; $1,25 was paid
875
31,704
'
•
;___
series A
cum.
Saco-Lowell
43,333
__
dividends
154, p. 356.7
293,459
49,328,423
___ _
5,852.347;
Directors have declared a dividend of $1.25 per share on the common
on
24,102
preferred
1933, on series A, and on account of interest due June 1,
1,
'
3.313.738
,2,629.747
$4,000" 000
"*1~125
_______
liability
Res.
Capital
:
Unclaimed
share
bonds, due Oct. 1, 1955___
Accounts
series. B,
on
,
$4,000,000
1, 1955____._
1932,
1933 on series B, and Sept. 1, 1933, on series A.—V,
1940
1941
LiabilitiesColl.
1,
Dec.
500
and March
349,825
.
receivable
Accrued
due
instalment
interest
on
1,007,217
7,808
due
balance
4,289,787
_
Acceptance notes receivable
Accounts
4,560,987
1.15L239
1
41.968
2.279.994
2.004.321.
________ ______
Bonds
1,400,000
1,400.000
.
*
-
32,628
__
95,112
r
•
Liabilities—Accounts; payable,^ $101,240;
■
salaries
and
commissions
accrued, $6,544;. due to customers* $10,781;- sundry /liabilities accrued,
$4,698; •,Federal income and other taxes payable, Z$75,955;*.mortgage
installments pavable, within one wear, $35,000; mortgage payable (non-i
current), $197,500; deferred credits, .$525; reserves, $265,788; preferred
cumulative, .convertible) "Stock,
$845,100;
common
stock
($1
..($1.50
par),v $384,114;-capital
total, $2,634,093.—-V.
surplus,- $100,107;
152, p. 439.
» V.,%
!.
?
earned
.-.
•
.
surplus,
...
< ( •.
$606,740:
,
t.,
.
.»
„
.,'.-
Strawbridge
Standard Gas & Electric Co.—Weekly Output—
•
Phlladelphia- -Recapitaliza-
Clothier,
&
663
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 3995
Volume 154
Thompson Automatic Arms Corp.—Merger Voted—
■
'•
I
tion Planned—
utility operating companies in the
Standard Gas & Electric Co. system for the week ended Oct. 11, 1941,
totaled 151,794,000 kwhs., as compare4 with 127,582,000 kwhs. for the
corresponding week last year, an increase of 19%.—V, 154, p. 548.
■
Electric
of
output
public
the
r
Calendar
etc.
$1,130,254
production——
of
Cost
Gross
'Other
111,503
profit—-
oper.
income
$1,029,222
145,033
production).
(est.)
Federal inc. taxes
charges
Interest
capital assets
Exploration
Warehouse
Dry
paid——
contributions
hole
Parr
•
of
lease
Net
-
expenses
Reimbursement
'
Cr8,428:
223,214
7_
stock
cap.
$100)
91,207
$781,783
$5.25
(Exclusive
Assets—
•Oil
___,.
oil)—!
oil
(crude
and
____
deferred
and
Prepaid
Total
—<._—__
11,194
1
23,154
'
Mi
:
:
profits
tOn
tax.
103,658,544
89,009,130
27,435,789
12,732,780
11,717,604
expenses—1
See 1
7,889,387
See t
8.244,342
6.779,355
6,051,416
20,900,647
12,308,435
12,284,606
6 332,742
2,087,554
4,994,992
22,009,226
18,829,898
expense—
debs.—
&
—,
*11,311,869
depreciation.—
18,352,955
18.352,771
18,353,286
18,352,802
of properties to Japan Electric Generation
tlncludes maintenance and depreciation.
profit
loss
cover
transfer
on
Balance
Accounts
'
Notes
payable
—_——
insurance, etc.——-—
and
taxes
Long-term debt
.
29,395
—_—_______
500,000
debt
Unamortized
and
discount
affiliated
in
Investment
deposited
•After
costs
ment
for
reserves
of
9
81,546,145
in
and
1940
Street Investment
End.
Mos.
int.
and
Divs.
and
;
Expenses
1940
7 7 70,840 7
145,530
--150,794
$871,297.
817,858
820,358
Total
\
820,358
received
*Dividends
Net
only.
worth
shares.
of
Number
Net worth per
Balance
Sept.
Sheet,
1941
Total
1940
•
$8,905,531
receivable—.!—142,587
dividends
$3,507,530
1,497,198
$3,397,863
367,434
330,459
$3,209,354
1,367,514
265,451
$1,827,657
$1,737,911
1,377,022
1,341,351
1,499,291
413,988
$1,791,010
$1,679,874
inc.—Railway
208,709
Non-oper.
260,956
payable
for
Reserve
taxes—
——
Bus
5,954
8,365
11,361
11,089
inci—
$269,321
$286,297
1,585,731
1,602,307
1,774,226
346,887
172,022
4,668,157 '
$2,005,673
$1,949,194
$1,946,248
$1,888,976
2,371,055
2,365,470
2,395,360
175,434
218,805
202,626
2,415,733
184,196
$2,546,490
•785,324
$2,584,274
$2,597,986
•763,162
*621,134
$2,599,929
'*586,936
$33,396,105
1941,-and
in
244,507
128,082
*30,604
~ •124,017
Bus
..
1940.
Bus
and
accounts
deposits
receivable
-
Advances
$620,874 7
>
'
and
235,286
42,446
7 '36,479
100,778
cost^^i—"-'wy.:
Goodwill,
;
•
etc.
Bonds
Notes
7%
'7%
_____
183,083
" 241,130
payable—;
Inc.,
Fruit
■
■
not
Packing 6%
—
(par
_________
Earned
surplus
——_
———_————_—
current,
non-current.
bond_
- V
•$1,304,545
income
"Chronicle"
14,
page
583.
Sheet,
f'
June 30
(System)
1941
franchise
:
funds
—
Deposit for matured coupon interest
Deposit for bonds called—'-'—
602,120
Cash
543,637
26,350
and
Materials
Marketable
:
supplies—1.
securities
765,951
1,196,669
72,079
764,193
1,394,572
:
receivable
Accounts
Net
997,397,362 990,173,083
1452.
p.
'
1,457,936
after
income
reported
net
earnings
in
$1,083,586
$126,850
of
amount
the
over
is after adjusting the tax accrual
to a 60% rate because of the
six months
first
period from a 45%
act.-r-V.
revenue
new
477,327
$971,958
taxes
increase
the
for
nine-month
the
1940
>
$1,560,913
1941
$2,429,894
provision
Net
for
;
before taxes
income
Tax
154,
Prepayments
New
New
ICC
Miscellaneous deferred
549.
p.
:
Y.
N.
-
salvage
the
211,659
ing
2,278,111
the
67,183
to
$73,577,271
—
——
Third
Controlled
$82,951,477
Third
Interest
2,100,000
1,400,000
552,500
2,100,000
1,400,000
552,500
274,744
V- 2,044,748
282,010
1,329,159
Railway Co
Avenue
Controlled
375,190
168,247
510,488
38,962
54,067
503,179
adjustment mortgage, inc. bonds—
16,439,840
i
500,654
15,549,840
unpaid
—
___.—
payable (deferred)
—___—
for depreciation and other reservesof book valuation over cost of contr.
Reserve
Excess
1,501,580
8,392,932
—
1,975,585
12,451,618
$73,577,271 $82,951,477
5% bonds of $2,119,050 in 1940 and $1,575,refunding mortgage 4% bonds, $21,990,500; adjust¬
•Includes first mortgage
ment
or
volume
1940
Southern
District
of
appreciably
of
traffic.
more
The
than
Unadilla
$40,000 annually,
will
also
obtain
based
an
on
option
2.33 miles of track extending from the
southerly end of the branch to a point of connection with the Dela¬
ware &
Hudson R. R.
which is to be exercised only should the track
be
The
for
$2,000
the
abandoned by the Ontario &
of the
operation
Based
on
the
lines,
Western.
if acquired, will be confined to freight
of the road's management in oper¬
experience
other properties acquired under similar circumstances, it is
that the lines here under discussion can be operated at a
Certain economies are expected, particularly in the supervisory
and administrative departments, because of the additional road mile¬
age.—V. 139, p. 2693.
ating the
alleged
1941;. first
mortgage bonds,
Underwood Elliott Fisher Co.
Period End. Sept. 30—
Net
after
Other
(& Subs.)—Earnings—,
1941—3 Mos.—1940
1941—9 Mos.—1940
$2,160,259
$2,551,205
$550,093
51,971
31,249
135,532
65,262
$2,603,176
expenses-
income—
Total
income
$581,342
$5,466,763
$2,225,521
$5,331,231
148,225
$22,536,000.—V. 154, p. 439.
Fed.
income
profits
Net
Shares
common
—V.
per
154,
p.
420,140
2,469,862
428,158
$303,839
$2,552,226
$1,377,223
734,300
734,300
734,300
734,300
$3.48
$1.88
excess
taxes
income
Earnings
444,675
137,456
$935,012
and
140,047
1,519,939
Depreciation
2,009,705
owned
Total
in
the
790,874
3,420,638
13,333,183
securities
$13,038,461 $12,256 551
050
for
Court
with the Ontario & Western amount¬
557,403
^
and
accrued
accrued
Notes
District
326,844
——
(current)—-
Interest 'matured
Taxes
3,742,000
—
payable
Interest on
46,645,550
404,123
—
—
46,101,550
3,017,000
;—
companies
wages——
S.
profit.
(bonds)—
Accounts and
14,583
$16,500,000 $16,590,000
109,100
•
109,100
Railway stock
company's stock
debt
U.
traffic interchanged
less
not
to
the
of
authorizing the sale that the Unadilla will be allowed revenue
on
service.
Avenue
•Funded
order
purchase
ever
Total
The total amount of the consideration is the approximate
value of the properties under present prices.
It appears
property.
in
was
company
railroad extending from
divisions
.'Liabilities—•'
the company (1)
proceedings of the
by
reorganization
incorporated in 1904 and is operating a line of
Bridgewater a point of connection with
the Delaware, Lackawanna & Western R. R.,
about 20 miles south
to New Berlin, where connection is made with the properties involved
in the proposed transaction.
It is one of an affil'ated group of cor¬
porations consisting of H. E. Salzberg Co., Inc., Southern New York
Ry., Inc., and the Arkansas Valley Ry., Inc.
The Salzberg company is
engaged in the business of purchasing abandoned railroads and sal¬
vaging material therefrom.
All of the railroads mentioned, including
Unadilla, are controlled either directly or indirectly through stock
ownership by H. E. Salzberg.
The
Unadilla proposes to purchase both
properties, exclusive of
any equipment, and free and clear of all encumbrances, for $25,000
cash plus an estimated $2,300, the expected saving in taxes based on
the difference between the 1939 and 1941 assessed valuations of the
steam
New York
743,932
purchase
the
in
trustee
approximately 6.83 miles; and (3) the leasehold interest of the Ontamo
& Western in the Wharton Valley all irt Otsego and Chenango CountieL
119.753
219,909
Lvford,
York, Ontario & Western Ry., the line of railroad extending froln
Berlin Junction to New" Berlin, approximately 22.29 miles, com¬
705,886
50,145
Railway—Purchase—
authorized
monly known as the New Berlin branch; (2) the entire line of railroad
Valley Railway extending from New Berlin to Edmeston,
net
716,629
E.
3
of the Wharton
3,124
items
Oct.
on
Freder.'c
from
56,208
_l_
Valley
Unadilla
The
233,963
_____
investments
Miscellaneous
606,915
754,604
458,052
Commissioner*,
i_——___—.1-
557,403
20,634
with State Industrial
special deposits-——
Deposits
1940
$68,680,983 $74,675,082
>
special deposits
Miscellaneous
Other
107,500
$2,000,000... non-current.
t$200,000
current,
t$98,500 current, $198,500 non-current 4%
' i-y'i
.«*'-•
-f- "■>'
account for the year ended May 31 was published dn
October
Balance
.
companies'
Total
The
135,570
>
Sinking
17,000
26,501
$1)___^—;
surplus
$1,000,000
534,038
134,498
Equipment, and
1.
10,000
10,000
-
'
Assets—
Notes
. -
,loss.
Consolidated
v
V >-• 38 583
Capital
•mortgage
*$710,953
478,844
eliminated.
158.449
1297,000
61,500
».
196,941
V 139,284
6s_—.133,800
mortgage—:
149,851
155,851
convertible preferred stock
non-convertible preferred stock—
stock
:
first mortgage
cumulative
Common
*$651,738
185,378
Unamortized debt discount
7',-.7 7 '
—
;
income
cumul.
,
taxes-—_!2—
Federal
payable
payable to affiliate company_____^____—
Deferred
_
1,000,612
27,795
notes
Cruz
Santa
-
,,
1,018,835
16,501
;
payments
Camp's,
,
notes and accounts payable
items
Mortgage
t -
$4,750,000
company
for
'
(banks)•$3,304,545
(others).
:___
11,200,000
payable
payable
Advance
Van
7f..;>'*'
,
—————————i $13,038,461 $12,256 551
Accounts
Provision
- 42,272
-''89,561
V
61,565
4,502
'•
Liabilities-^payable
Notes
Accrued
•
3,595,547
.
62,950
1
'■
Notes
* •
76,384
1—
Total
70,894
affil^i.^.^;1 72 213
equipment^t.^__t:i~-_i^^ ^ 3,902,428
50,138
1
„
Affiliated
&
capital stock of sub. & affil.__i_
buildings- and
Prepaid expenses
'
sub.
accounts-receivable_!_ii^^ii
and
'Investment in
f
of
receiv.
accounts
notes
Land,
*$635,080
637,535
220,547
5,174,711
315,262
Prepaid insurance and interest, etc.104,333
Value of life insurance
-v.
89,378
Other
•$540,817
729,915
Note—Intercompany transactions between railway and bus companies
311,547
95,820
'Inventory of- adver. supplies, at
Notes
v.
loss, ry. and bus
deprec—Railway
tlncl.
1940
$538,075
growers.—372,587
packer—
81,921
to
152,
The
1,898,127
1 993,676
_l_.r
inventories
Farm
\iS
1941
i5,255,255
-
to
Advances
,
—_
•Indicated
demand
and
loss—Ry._._
or
Bus
"
Inventories
deductions
inc.
Tot. combined net inc.
(& Subs.)—Balance Sheet
Assets—
Cash
__
——
—
Total
Net
,May 31*>—
Notes
income—
gross
Deductions—Railway
4,273,065
and
Stokely Bros. & Co., Inc.
—_
Tubize Chatillon Corp.—Earnings—
60,179
or
J
—
...
—
9 Mos. Ended Sept.30—
1,828,797
419,942
—,
Total
$34,567,870 $34,480,841
in
3,800,208
16,835,626
18,352,955
—
-
$312,586
—
31,592
273,453
29,773,327
541,905 no par shares in 1941 and 546,905 no par
after deducting treasury shares—V. 153, p. 407..
by
1940,
in
$29,736,073
securities,
of
*Cost
-^-V.
49,090
$1,659,951 \ $1,576,390
274,935
301,497
income—Railway-
Gross
42,953
89,000
————
IRepresented
shares
$86,451
7v7 270.953
29,456,177
——————
Total
'
______
!—
Surplus
?
—
stock
tCommon
-
———_—______„
_
declared
Dividends
-
$40,535
43,048
——.U
——-
payable—:—
fee
Mortgage
$1,632,964
1,527,300
$214,662
Total non-oper.
Liabilities—
"Accounts
81,700
(contra)
$34,567,870 $34,480,841
-i
-
6,116,582
694,924
89,833
3,800,208
16,835,062
18,352,771
*
for the term-*
profit
Note—A
138,991
BUS;;-.;_!_;_-_—-
'U
——
160,661
338,522
income__ii.
Bus
:
7 Total
1,451,431
286,480
$1,845,045
taxes
income—Railway-
Total oper.
6,441,776
495,415
314,541
$6,134,990
_i_—25,519,752 >28,206,860
and
Accounts
2,894,813
447,141
-
Oper.
„zi-—-————
•Securities
2,950,722
668,981
$3,636,055
' 1,477,611
revenue—
oper.
Bus
30
Assets—
Cash
2,838,549
781,423
Taxes-r-Railway-
$74.17
$73.03
$62.25
$62.07
share—
2,854,633
-
—
11,700
(contra)
suspense
Total
$10,854,243 $10,963,630 $10,883,083 $10,723,270
rev.—Railway
oper..
Total
Sept. 30,'40 Sept. 30,'39 Sept. 30,'38
$34,124,335 $34,046,392 $39,941,176 $37,085,206
541,905
546,905
546,905
>. 499,990
Sept. 30,'41
Net
exchange
2,692,849
Net
38,000
__——
8,030,421
expenses
—
redemption
Foreign
2,775,654
197,924
27,343,973
of foreign bonds
losses on red.
$14,280,946 $13,932,624
8,107,429
6,374.707
—
payable—^
Consignors for consigned merchandise
Contractors, etc., for security deposit
2,825,576
6,779,594
18,410,886
10,500,000
230,197
reserve
receipts
Suspense
8,138,054
oper.
6.600.5^4
10,500,000
—10,663,973
deb.
Unclaimed
2,835,777
$51,939
$8,552
$50,939
$160,074
Surplus
(System)
8,784,948
29,541,000
6,000,000
3,934,405
dividends
Unclaimed
30
7,981,065
31,381,000
6,000,000
7,620,827
•___
accounts
Deposits
June
8,179,083
8,631,014
r
—____
future
for
Prov.
404,837,039 416 007,454
;_
payable
reserve
8,028,466
Total
debentures-
.Miscellaneous
' —1'—I————_
Bus
Bus
"»
Tax
1940
429,562,000 429,562,000
Legal reserve
Special reserves
Employes'
retirement
Surplus
$551,929
499,990
990,173,083
1941
<
interest
Accrued
tOper. exps.—Railway—
149,630
163,074
$828,910:'.
$14,500,298 $14,471,161
revenues
oper.
Ended
Years
$10,883,099 $10,976,603 $11,058,151 $10,925,234
3,617,199
3,494,557
3,222,795
3,007,390
Bus
66,162
Account,
Accounts
!
1
Ry.—Annual Report—
Income
rev.—Railway
Oper.
7 /7 1938-
1939
'
.
' 75.959
$977,932
—
declared
Dividends
>}y^'*
")/.
60.
p.
Third Avenue
$1,098,051 *$1,062,823 7 *$767,722
63,372
I
—-
income
Net
•
~
Corp.—Earnings—
Sept. 30—;
1941
received *$1,186,833
taxes——" '-'
for
Reserve
\
Liabilities—
excess
held,
share
154,
Consolidated
State
for
paid a stock dividend of .015 share of common stock for
on October 1
to holders of record September 29.—
.
" '
Company
each
V.
3987.
p.
_—
Texamerica Oil Corp.—Stock Dividend—
intangible develop¬
$1,276,811 in 1939.—V. 152,
depreciation
depletion,
997,397,362
-
-
and
'*
501,360
694,924
89,833
4,573,165
81,700
(contra)*
Suspense payments
Bonds
«
3,109,233
822,326
495,415
—_—
(contra)
capital
'I .1
14,624,971
11,629,420
13,119,926
105,343,811 104,345,539
4,040,360
Securities
Share
$3,939,970
$4,576,338
-
—
—
—
173,350
$0.60
!
per
V'"*
7,025.408
77,400
.
—
——
expenses
companies
—
merchandise
$253,675
i *S"'Y
14,804,332
17,184,349
Cash
$331,075
177,300
(est.)
taxes
profits
net
1,825
22,259,693
supplies
—
$0.96
;
Total
170,153,498
27,813.302
and
Prepayments
$547,821
^
income
7
657,129,067
169,510,438
—
receivable
Bills
Materials
Receivables
1940
1940
1941
profits taxes since
the
earnings do not indicate
any
liability under the present law,
according to a statement issued by the company.—V. 153, p. 408.
3,150,000
2,425,000
912,068:'
978 907
"
135,653 '
480,854
-
Yen)
637,543,198
securities-———
in
Investment
Consigned
1941
;
share of common stock
Note—No provision has been
made
$25,814
,;1.
51,904
—
—
stock
surplus
Capital
Earned
$26,714
——300,000
*___
May 31
assets
$370,521
Consolidated
Earns,
,___
—
payable
Accrued
$3,939,970
-
Sheet
Loans
30—
normal
Fixed
$1.08
$0.91
shares of capital stock,
liquidation of a foreign sub¬
profit
Federal
for
Prov.
101,148,154
178,807,670 156,823,269
'
3,068,926
1,524,076
Assets—
(& Subs.)—Earnings—
Talcott, Inc.
net
Operating
3,012,826
deductions——
•To
904,855
upon
''
1938
:
84,416,129
2,765,280
96,372,441
3,914,993
860,719
& Transmission Co., Ltd.
353,103
i-•
11,757,010
Business
$821,108
'j
1939
97,880,438
118,894 576
income.
loans
on
Depreciation
$1,262,499
88,287
771,850
—
share_
Ended Sept.
Mos.
9
1940
624,848
341,972
$980,134
etc
'V '
V.
Yen)
.-
1281,233
$1,843,926
91,942
etc._
properties,
par.
(James)
.
(Currency—Japanese
taxes,
excess
' i
112,058,607-,
dividends6,211,120
and
Total
Int.
Net
446,892
i
tNet income received
sidiary.—V. *153, p. 1003.
.
$4,576,338
——
-
|
Liabilities—
liability for
against
indemnity
Japanese
1941
income—
Generating
$639,294
——
sources—
(In
'
Total
Total
with
directors
electricity——
Interest
1940
1941
$1,397,033
>
i—
per
•Includes
no
1
—
income
tEarnings
13,157
——
on
income
•Federal
1939
$274,505
116,985
3,767
;
of
Other
Affiliate)
Canadian
_:
income—
plant and
gross
Depreciation
3,531,556
.
assets
"
? :
items
Goodwill
Other
—
$811,981
97,878
3,247
wells &
—**—————3,628,883
leases,
gas
facilities
other
7V;'7
7——-—
equip., etc.,
receivable
Inventory
-
of
income
Non-recurring
'V Net
,
...
.-
j
other
from
Income
royalties,
tlncludes
JIncludes $52,484
and $11,750 addi¬
Includes $2,801
profit on sale of investments; $1,933 profit on sales of leases and
$3,397 interest and discount earned.
§Includes $575 commissions paid.
Accounts
Sales
Special
Sept. 30—
Months Ended
9
sales of royalties and fee lands.
income and excess profits taxes for the year 1938
tional
assessments
for the years
1936 and 1937.
Cash
officers and
recent
a
they perform in their official capacities.—V. 154, p. 260.
'/■
on
Comparative Balance Shept, December 31
J'\ >■ V ' • 7
1940
Voted—
Co.—Retirement Plan
at
company,
6 Mos. Ended May 31—
cars
passenger
Profit from operations
$6.93
.
provide
acts
Superheater Co.—Earnings—
.
$332,660 profit on sales of leases and
profit
to
Other
565,150
7:—77.
106,189
112,837
$1.25
$1.42
share—
per
tlncludes
$29,319
Studebaker
of
215,368
97,890
-
of
combined special and annual
meeting approved a retirement annuity plan for employes, changed the
directors' term of office from one to three years and amended by-laws
341,913
$557,831
/7:
Axle
Timken-Detroit
Stockholders
.
5,668
427,836
;
—
(par
——
Earnings
6,415
53,972
8,417
—
473,056
$122,814
$129,56G
profit
Dividends
Shares
-
be created which will be
(6% series A), but would
would
preference stock
and trucks in the
United States during the month of September amounted to 6,791 units,
corporation announced on October 13.
In September last year, retail
deliveries were 7,667.
September sales brought the total of cars and
trucks delivered at retail in the first nine months of the year to
100,876 units as compared to 76,860 in the same period in 1940.
Factory sales in September amounted to 12,373 cars and trucks. For
the first nine months of 1941 factory sales of 100,279 units contrasted
with
81,536 passenger cars and trucks sold in
the corresponding
period in 1940.—-V. 154, p. 250.
,
■ : •;
„
Crll,777
365,703
—
etc. (net)
stock
preferred
prior
to
deliveries
Retail
exps.
—
depl.,
Deprec.,
v
6,978
93,276
5,362
3,208
5,000
3,637
82,878
6,563 7
1,560
12,521
_—_
expenses
rentals
Lease
4,277
103,033
19,734
<
3,889
—_—J
-
sale & retire'mt
on
of
§99,362
$5
the
as
Studebaker Corp.—Retail Deliveries—
.
.
97,358
88,011
44,506
:
•
——
119,718
—
_
152,780
1164,235
93,651
127,116
131,704
of
to
priority
Tokyo Electric Light Co., Ltd.—Earnings—
v.;;7
*
class
new
dividends over the reclassified 7% stock.
Holders of the present 7% stock would have the right to take one
share of the $5 preferred and two shares of common stock in lieu
-of the arrears on the preferred.
A special meeting of stockholders has been called for Dec.
15 to
act on the plan.—V. 153, p. 1289.
$1,568,447
7 140,404
(v,
153,479
,,
and
and stockholders of Thompson will receive four shares in the
corporation for each share of Thompson held.—V. 154, p. 192.
/
subordinated
have
$1,224,905
,;,tt43,542
•
$1,580,744
$1,069,428
..183,806
local
(State,
gross
Loss
$1,061,297 $1,544,025
40,46774:7, *8,131 7:7*36,719
expenses
earned
admin,
&
Taxes
A
1937
-
$1,307,372.
82,467
$1,018,755
oil,
income
Gross
Gen.
1939
1938
$1,173,536
$1,650,757
112,239 7/ 106,732
1940
Years—
crude
of
Sales
1941.
new
accrued
31,
Standard Oil Co. of Kansas—Earnings—
y
-
Corp.,
5%
of
-
-
special meeting of stockholders held on October 10 a proposal
approved to merge the parent company with its subsidiary Auto
Ordnance Corp.
The new corporation will be called Auto Ordnance
was
proposing a recapitalization which contemplates the substitu¬
preferred for the present 7% preferred and the payment
dividends on the latter totaling $43.50 a share, as of Dec.
of
tion
t,
At
Tily, president of the company, has sent a letter to stock¬
Herbert J.
holders
•-
stock-
share
250.
$1.28
$0.42
,
THE COMMERCIAL & FINANCIAL CHRONICLE
664
Toronto Elevators Ltd.—Interim Dividend—
Directors
have
declared
dividend
interim
an
payable November
stock,
common
of
Vega Airplane Co.—Merger Proposed—
$1
per share on the
record October 25.
to holders of
17
See Lockheed Aircraft Corp.—V.
Western Electric
154, p. 549.
previous distribution also amounted to $1 per share and was made
December 7, 1940.—V. 151, p. 2958.
Victor Chemical Works
(&
Co.—Earnings—
Year End.
Period—
Gross
and
of
returns—
End.
$3,038,573
$1,983,349
$1,967,980
of
Cost
1,538,181
1,423,313
364,674
283,299
198,797
416,782
1,
$6,658,288
3,714,619
5,592,074
4,441,630
1,022,873
1,567,660
1,440,852
1,318,866
$1,491,825
$1,813,164
$1,360,655
$897,792
26,617
56,714
54,653
38,698
——
83,201
sell., etc., exps.
Profit
from
operat.
income
Other
$481,193
$246,371
$127,884
$5,209
Int.
(net)—.
,119,964
125,431
86,227
59,428
__
$601,157
$371,802
$214,112
$64,636
49,649
66,255
54,298
6,913
47,321
16,649
$1,869,878
$1,415,308
$936,489
21,967
21,076
$1,518,441
and
Fed.
Total
earnings
Interest
•Corporate
and
taxes——''
'
-
adm. expenses
Depreciation
Other
■!
—
deductions
for
136,549
124,845
Fed.
•
(net)
inc.
U34.445
19,900
14,555
13,364
$1,110.671' $1,128,830
$713,572
-
_
173,247
—
$749,879
20,447
24,427
19,787
$689,012
profit
$1,090,223
$1,104,404
$730,092
Consolidated
profit
—
items
Nonrecurr
§$6,850
$28,977
(cur-
Assets—
Cash
'
\
demand
on
'
'
-
Balance
■
Sheet
'
•
■
deposit and on hand
July 31, '41 Dec. 31, '40
$1,650,097
$1,353,923
•
rent
year)
Nonrecurring
terns
Cr2,504
Drl03,455
-——
(pr.
years)
and
Notes
Other
$326,539
Earns,
§$160,195
§$4,345
$1.04
Nil
Nil
of com.
shr.
per
$127,060
$2.66
profit
stock
of the
companies was changed from a calendar year to a fiscal year ending
May 31.
The above five-month statements are occasioned by this
change,
tlncludes $28,261, provision for excess profits taxes.
§Loss.
i
Consolidated Balance Sheet, May 31
•Other
than
charged
tThe
operations.
to
accounting
'
1941
1940
$40,279
135,318
'
158,557
2,824
1,045,174
1,489,258
'
—•
:
——_
$110,690
3,069
Assets—
—
Accounts and notes receivable—
Investments
Inventories
-—
Deferred
Fixed
assets
Land
operations
year
47,169
53,943
17,767
19,434
2,989,193
3,056,495
accounts receivable
and
notes
—
——
subsequent
Expenditures
(net)
61,208
contract
sales
86,416
—
114,379
Taxes
Long-term
Deferred
liabilities
Provision
to
income
Federal
for
stock
•Common
♦After
payment
(1942)
Accounts
payable
Accrued
income
Federal
Long-term
(trade)
Operating
263,018
profits
283J52
126,256
407,941
31,897
648.963
63,618
859,835
—
859.835
2,538.007
$9,402,927
in
consolidated
subsidiary.—V.
Wabash
stock—V.
151,
p.
Railway
Reorganization
—
Managers
20,927
$4,935,170'
1441.
Oct. 4
9 Mos. Ended—
reorganization
designated in accordance with the plan and have authorized them to
solicit deposits of securities under the plan in accordance with the
terms of a deposit agreement.
Holders of the several issues of bonds may become parties to the
taxes.
Earnings
2,924,300
$5.47
share
per
Note—The
European
above
not
does
statement
1940
$11,644,000
2,896,000
2,896,000
$4.35
include
$4.02
earnings
any
from
United Kingdom sources.—V. 153, p. 410.
or
Gas
Electric
&
Co.
(N.
J.)
Liquidating
—
.Dividend^—
The
Gas
electric
ended
Oct.
last
year,
—V.
154,
output
11,
follows:
as
Improvement Co.—Weekly
583,
the
the
ending
95.118.078
p.
for
and
1941,
Week
its
on
The
1941,
11,
kwh.;
16,707,091
necessary
week
17.6%.
or
549, 439.
United National
(Not
Secretary
and
W.
154,
p.
dividends,
Management
Rental
etc.
fees
(Medical Arts Building,
of
Co..
$580,435
Operating profit
Taxes, including Federal income tax
Provision
4,725
$58,564
paid
participating preference stock
on
Consolidated
(less
$708,045;
change
$77,758;
stock
(3.847
Medical
in
Sheet,
June
35,671
30,
1941
bonds, $749,980;
accounts receiv¬
$122,908;
reserve),
capital
investment
Balance
stocks and
$209,111;
Assets—Cash,
Co.
14 850
income
Dividends
able
$121,100
42,961
—
(Medical Arts Building, Tacoma)
accruing to preferred stock of Ferris & Hardgrove
Divids.
Net
459,335
for depreciation
investment
in
investment in United Pacific Insurance
shares; 96% of total outstanding), $451,935;
Arts
Building,
and
common
Tacoma,
preferred
land
stocks
and
of
building,
United
Ex¬
Building Corp. and United Medical
investment in Blake Island real
Northern
deferred
Life
Insurance
Co.,
$16,168;
& Dental Building Corp.,
estate, $11,366; contract,
furniture and fixtures, $9,922;
$4,206; total, $2,361,398.
payable,
secured,
$145,437;
accounts
payable,
salaries and commissions, $31,716; 3V2% first
mortgage on Medical Arts Building, Tacoma, due in 1944, $156,000;
minority interest, Ferris & Hardgrove, $79,144; participating pref¬
erence
stock
(par $1).
$178,766; common stock (par $1), $21,500;
capital surplus. $1,523,817; earned surplus, $90,109; total, $2,361,398.
—V. 151, p. 3580.
charges,
Liabilities—Loans
accrued taxes,
$134,909;
(& Subs.)—•
Earnings—
(Exclusive
of
Plaza
in
the
be
York,
New
as
Net
income
Net loss
-
before
1940 1
$5,594
202,403
after depreciation
♦$47,705
282,781
the
first
the fixed
above
The
figures for
bonds of Trinity
mortgage
rate
of 3%
but make
both
periods
include
Buildings Corp.
of
interest
New
at
no
and
C.
two
be
the
are
The
whisky
largest
constitute
would
debentures
new
the
the
£1,412,600 of debenture
guaranteed by the parent company
Worts, Ltd.),—V. 154, p. 251.
outstanding
stock,
income
or
has
excess
before
depreciation,
been made in any of the above
profits taxes.—V. 153, p. 411.
debt
addition,
(Scotland),
of
the
however,
Ltd.—has
payable in sterling and
Walker-Gooderham &
Mr,
ager.
B.
with
Shea
is
153,
p.
service.—V.
their
the
Jr.,
The
the
Research
to
company
new
a
change
it
ERPI's
Electric
officers
titles:
P.
leave
L.
of
offices
at
in
D.
C.
195
the
9 Mos. End.
of
ERPI
in
-
Gross
$47,425,852
Research
division
Eastern
Shea,
absence
in
chief
sales
Palmerton,
man¬
Government
1007.
Electric
be
to
Export
Corp.—Foreign Subsidiaries
Transferred—See
Western
Electric
1940
common
1939
1938
\
$62,005,786 $89,088,707 $75,561,313
under
ment
October
Securities
Act of 1933 filed by the company with SEC
offering has been underwritten by Kuhn, Loeb &
of other underwriters.
The record date for deter¬
The
a
mination
P.
the
14.
and
group
of
stockholders
M„ Eastern
at 3.
P.
entitled
to
receive
subscription
warrants
Standard Time,
on Oct. 15, 1941.
The warrants
Eastern Standard Time, on Oct. 28, 1941.
M.,
York
New
Stock
shares
of
Exchange has authorized the listing of 534,426
making the total
3,126,581 shares.
date
stock
common
issuance,
(par $50) upon official notice
of common stock applied for
amount
Consolidated
Income
Calendar Years-
-
July 31,'41
Gross
sales,
and
less
disc.,
Cost
of
goods sold—
and adm. expenses..—
for doubtful
capital
Other
stock,
$239,431,448 $175,071,364
146,220,459
168,371,320
127,170.683
21,969,737
34,948 296
29,277,202
accounts.
etc.,
taxes
294,126
from
909.861
1,601,168
$36,916,904
$31,983,057
$15,866 067
3.554,381
3,123,585
$39 331,458
sales
income
Net
—.
deductions
Income
$35,537,438
$18,989,652
2,021,100
value
its
$17,512,617
6,904,311
8,726,031
3,183,130
4,705,137
defense & de¬
profits taxes
exc.
inc.
1,477,035
$33,222,850
17,232,202
normal inc.,
Other Fed.
2,314,589
$37,310,358
—.
income
clared
246.383
1.188.174
2,608,172
—
expenses
income
Gross
332,429
1,209.324
2,012,398
2,414,554
general
Profit
1939
$208,622,948
gen.
Provision
1940
returns
allowances
Sell.,
taxes
(exc.
prof¬
tax)
income
income
taxes
596,022
—_
——
Consolidated
806,253
475,122
$12,577,823
$18,985,428
$13,854,365
Balance Sheet
at
July 31, 1941
Assets—
Cash
hand,
on
Demand
Time
including with cashiers, agents,
$1,150 123
23,075,209
;
securities
and
Noates
etc
deposits
deposits
Unbilled
210 689
(net)—
1,050,865
accounts receivable
(net)
48,179.528
(net)
from
officers
Due
from
and
U.
^affiliates
Miscellaneous
96 542.410
.
expenditures for
Due
S.
Gov.
ordnance
plants
7,032,641
employes
366.407
;
—
5,433 845
__
assets
current
841.556
Investments
Fixed
28,984 994
assets
Intangible
Deferred
Other
(net)
79,253,773
(net)
assets
5
charges
2.933.828
assets
2,744,361
Total
$297,800,234
Liabilities—
Notes
payable to banks
Accounts payable
(trade)
$16,900 000
11.664.972
liabilities
Accrued
40,323,210
..
affiliates
Due
Advance
295,651
billing
Dividends
contracts
on
declared:
Dividends
6,969.429
preferred.—
declared:
Deferred
2,591,238
;
——
income
791.943
130.989
_
liabilities
Other
79,974
common
Miscellaneous
*
354,577
Reserves:
maintenance—
1,325,741
;
3,380.521
5.884.872
Product
plant
2.368.749
gurantees
305,077
291,049
7%
256,623
281,266
265,259
Common
$12,074
-
3,177.303
—
Miscellaneous
256.861
$238
$23,811
$25,790
$0.01
$0.95
1,806 144
$1.03
share
per
preferred
stock
3.998 700
stock
surplus
Paid-in
129.607,750
-
surplus
49.182.533
16,965,937
—
Total
Sheet,
September
-
Furniture,
$297,800,234
154,
p.
550,
1940
$148,074
1,257,514
-
12,500
—
7,991
71,403
7,370
Wright Aeronautical Corp.—To Pay $8 Dividend—
10,175
6,817
receivable
—
customers
from
Due
-V.
—
-
—
interest
subscription deposits
and
30
1941
$142,122
Assets—
Cash
Bid
of
to
Account
7 Mos. End.
$0.48
income—
is
will
Listing of Additional Common Stock—
Earned
Net
Earned
stock
$50) of the company to be offered to stockholders will be $70
share, according to the final amendment to the registration state¬
(par
per
248,317
and taxes
Co.,
Westinghouse Electric & Mfg. Co.—Price for Stock—
260.391
income,,
Expenses
1937
Broadway.
new
E.
Subscription price of the 534,426 additional shares of
General
1941
Sept. 30—
Sales
of
that
Collins,
T.
manager;
comptroller,
felt
of Electrical
responsibilities
Western
corporate
method
or
been
through the
with
the parent
relationship
direction
on
has
satisfactorily
Western
following
in
character
time
more
present
temporarily
fixtures and autos
1,403.858
7,699
8,546
7,302
$1,442,861
$1,648,510
>
Directors
stock,
declared
have
payable
distribution
dividend
of
$8 per share on the capital
28 to holders of record Oct. 20.
Last previo"s
$4 dividend paid on Dec. 14, 1940.—V. 153, p. 1007.
a
Oct.
was
a
Total
—
-
1941
Liabilities—
Notes
Loans
payable
payable
Due
customers
(unsecured)
-
♦Common
1940
(Wm.) Wrigley, Jr. Co.—Extra Dividend-
$529,000
37,100
$768 000
35,200
2,496
(secured)—
4,315
-
stock
8,650
700,000
3,731
3,614
have
declared
——J—
-
♦Represented by 25,000 no par shares.—V.
700.000
161,300
137,965
$1,648,510
153, p. 412,
an
extra
dividend
of
25
cents
per
share
in
quarterly dividend of 25 cents on the common
1 to holders jof record October 20.
Directors also declared regular monthly dividends of 25 cents payable
Dec. 1, 1941, Jan. 2, Feb. 2, March 2 and April 1, 1942, to holders of
record the 20th of each preceding month.—V. 153, p. 709.
stock,
the regular
both payable November
—
$1,442,861
-
Directors
addition to
Zellers, Ltd.—SalesPeriod End. Sept. 30—
figures
the
Smith,
Foster,
on
this
of
continue
W.
in
some
possible
in
those
Stevenson
Electric
Clifford
F.
carried
step
factor.
for
closest
Mr.
will
but
Equalization for extrordinary repairs and
Refrigerating unit replacement guarantee
Contingencies
*
Co.—Earnings—
&
for
current
provision
$109,757
Electrical
Electric
—
Weeden
Total
No
to
funded
In
(Hiram
Surplus
(3)
only
company and the American subsidiary.
British subsidiary—Hiram Walker & Sons
parent
and
year amounting
depreciation.
the
with
to
Inc.,
Western
manager;
Plans
—
in progress with Smith, Barney &
prospective underwriters of the debentures.
one of the four big distilling enterprises.
Although
of
after
Products,
Inventories
to
Accrued expenses—'—:
Provision for taxes and bonus
previous
addition
of the parent company, according to an
Hatch, president and chairman of the board
companies.
It is expected that a registration
with the SEC around November 1, Mr. Hatch
15-year
to
the mortgage indenture.
.
(2) The loss of Plaza Operating Co. for the 9 months ended Sept. 30,
1941, amounted to $164,372 before depreciation, and $385,561 after
depreciation, as compared with a loss for the corresponding period
the
New
distillery in the world, has a productive
capacity of some 100,000 gallons per day.
Canadian subsidiaries of
the parent company operate distilleries at Walkerville
and Toronto,
Ont., while British subsidiaries operate several Scotch whisky distil¬
leries in Scotland, including one at Dumbarton, the most modern and
one
of the largest whisky distilleries in Europe.
The proceeds of the proposed financing would be used to pay bank
loaps and the entire issue of $3,747,000 of the companies' 10-year
4 V4 %x convertible debentures due Dec. 1, 1945, which were called in
September for payment on December 9 at 102 and accrued interest.
the
Electric.
of
on
York
provision for the additional interest
as
defined
in
and
provided for under the plan of reorganization
(consummated July 10. 1941) of Trinity Buildings Corp. of New York
$330,946
In
Marketable
1
and
Prepaid, expenses
*Loss.
Notes—(1)
'
depreciation
St.,
parent company is Canadian, about 90% of consolidated sales are
United States.
The American company, operating at Peoria,
Accrued
1941
Pine
the
111.,
Western
transferred
change
any
be
first
a
consolidated
were
of
could
of
As
company.
serial debentures to be payable
joint and several obligation of
of
filed
Walker is
be
important
an
involve
business;
activities
Other
funds
by H.
Inventory
Operating Co.)
9 Mos. Ended September 30—
33
549.
Balance
United States Realty & Improvement Co.
Secretary,
Assistant
that negotiations
adding
Hiram
the
income
Steele,
D.
subsidiary and
of
will
statement
104,204
Operating expenses, interest, charged off accounts, etc.—
.
American
said,
./
Total
been
not
this
establishment
Fed.
are:
Dwight S.
Beebe, James L.
and Tom K. Smith, with A. K. Atkinson,
its American
States
directors
30.024
—
be assured of
managers
$15,000,000
of
United
59,506
Tacoma)
income
cooperation on the part
the fact that the court
to be sold at foreclosure
reorganization managers
subsidiary, Hiram Walker & Sons, Inc.,
producers of "Canadian Club," Balantine's Scotch and other famous
brand
of
liquors, are planning a public offering in the American
Company and
announcement
—
deposi¬
offering of $15,000,000 Debentures in American Market—
the
1941
$386,701
—
to
plan may be obtained
the Secretary for the
Walker-Gooderham & Worts, Ltd.
(Hiram)
in
Subs.)—Earnings—
United Pacific Insurance Co.)
for the Year Ended June 30,
Earnings
commissions on sales of securities—,-—.
Profit and
Interest,
(&
Corp.
including
Consolidated
urge
managers
reorganization
market
/
has
Net
same
kwh.,
delivered
bid to be made, it is essential that they
deposits not later than Nov. 15, 1941
qualify a
The
Output—
111.825.169
of
increase
an
these
Other
prompt
of the security holders and call attention to
has ordered the properties of Wabash Ry. Co.
sale on Dec. 1, 1941, and in order that the
the
1941, with the
managers.
reorganization
York.—V.
U.G.I, system companies for the week
figures for the same week last year are
Oct.
kwh.;
share
securities
accompany
Homire, Russell L. Snodgrass,
Company paid a liquidating dividend of $101.24 per
.5% preferred stock on September 24.—V. 122, p. 2499.
United
to
the deposit agreement and
copies of
reorganization
may
United
does
Fed.
transmittal
of
written application from any depositary or
upon
1939
$16,001,000 $12,598,000
-
24,
depositaries.
and
taries
Sept. 30
1941
income
before
net
capital stock
it
set-up
of Missouri,
this plan having been previously conditionally
approved by the Interstate Commerce Commission.
The ICC and the court have approved the reorganization managers
Letters
Western
of
subsidiaries
will
equipment.
District
138,250 def.192,439.
31
the
conducting
The
of
plan
foreign
the
additional
1941,
several
of
Urge
37,002
A
Co.
subsidiary has heretofore been known in the trade,
set up in 1926 to handle Western Electric activities
telephone industry, and it has principally been devoted
to the development of the application of sound to motion
pictures, in
3
Deposits—
United Fruit Co.—Earnings—
?: ■■ ■/
the
director
a
the
October
as
for
as
of
expire
plan by depositing such securities on or before Nov.
Shares
$8,836,067
154, p. 549.
3.038,080
deducting discount arising from exchange of 16,000 shares of
Estimated
10,087 :
3,480,000
2,796,803
.
.
962,108
Electric
originally
Co.,
226 617
elected
of
on
known
ERPI,
was
55,000
3,480,000
interest
Western
Export Corp. of which Mr.
Stevenson will be president.
Despite the dislocation of foreign trade
and
import restrictions in several countries, the company's foreign
business
has
shown
amarked
expansion,
theatre owners
cut
off
from European sources of supply
having turned to American manu¬
161,979
55,000
stock
Paid-in
surplus
Earned surplus
of
the
750,000
172,625
taxes
reserves
sale
of
Inc.
850,293
600,000
excess
payable
"Equity attaching to contracts:
Capital stock
Surplus
♦For
Inc.,
Western
143,396
and
notes
by C. G. Stoll, president of the
$163,750
liabilities—
Total
78,986
be
$150,000
20,417
$4,496,004
common
$8,836,067
July 31,'41 Dec. 31.'40
contract
payable
1940
—_—_—
__
preferred stock for
$9,402,927
also
was
ownership
engineer;
140.232
——
—
Total
1
101,649
17.527
3,038.080
tax
($25 par)
Surplus
1
Liabilities—
$30,890
operations
accruals
Sundry
value
for the company, dated as of March 15,
affecting the securities of the road was approved on Aug. 29,
1941, by the U. S. District Court for the Eastern Division of the Eastern
—
.
5,190,476
I—98,512
Note
58.171
payment to growers—.—
credits
record
charges
Loan
464,197
——
mortgages payable
for
to
79,971
5,038,910
•
Total
1941
payable
and
Provision
81,701
assets
at
Deferred
$31,464
9,117
168.499
383.778
46,691
payable—trade
payable
Notes
19,403
$4,935,170
Liabilities—
Accounts
■Rents
1,492,959
12,837
assets
Capital
$4,496,004
Prepaid expenses and deferred assets
Total
1,685,342
—
597,682
year
.
Cash
835,527
assets
fixed
Total
Patents
-
(net)—^
j.
current
Other
Net
receivable
accounts
Inventories
Dr85,717
—
The
which
.
Net
Stevenson
outside
Net
Division
Products
facturers
24,560
Equity minor, int., subs.
25,957
62,440
$127,060
36,875
27,500
$326,539
tax_
246,593
20,875
taxes
25,330
369,829
taxes
Total
14,438
Cr34,322
income
332,603
333,400
taxes—
prof,
excess
Other
137,994
312,600
special charges
income
14
T. Kennedy Stevenson, former president of the subsidiary, becomes
vice-president
of
Western
Electric,
continuing in
charge of
this
activity. In addition he will have direction of the general accounting,
treasurer's and secrtary's departments of the parent company.
Mr.
Products,
—
Federal
revenue
Prov.
1938
$8,393,581
$8,486,734
5,105,910
goods sold
profit on sugar-
Other
Gen.
1939
Research
$6,229,315
.
Profit
Net
1940
dis¬
etc
Expenses
$453,084
2,274,081
sales
Freight,
Year End. t5 Mos.
May 31, '40 May 31, '39 May 31, '39
less
sales,
counts,
October
ucts,
less
sales,
sugar
allow,
Cost
Year End.
May 31, '41
Gross
Wholly Owned)
made
was
that its wholly owned subsidiary, Electrical Research Prod¬
Inc., is to be merged into the parent company about November
and its domestic activities thereafter carried on as the Electrical
company,
—Years Ended December 31—
July 31, '41
Commercial Co.
(Including Union
Announcement
Subs.)-^Earnings-
7 Mos. End.
Union Sugar
Co., Inc.—Research Unit to be Con¬
solidated—Foreign Set-up—Change in Officers—
Last
Oil
Saturday, October 18, 1941
Sales
V
1n
951
1941- -Month—1940
$711,918
$591,438
1941—8 Mos.—1940'
$5,623,118
$4,648,907
Treasury Money Holdings
;
Dividends
following, compilation, made up from the daily
statements, shows the money holdings of
the Treasury at the beginning of business on the first
day of Aug;; Sept. and Oct. :1941; also on the first
day of Oct.,- 1940:
.V
" • » * *.
first
Government
v
In the
Kinner
Klein
Then
current week.
follow with
we
announced, but
show the dividends previously
we
Oct.
1, 1941
Se/;l. 1, 1941
Oct. 1, 1940
S
'•
S
■438,439,023
437.899.356
Net goldcoln and bullion
AW. Irl94l
542,262,471
"Net
;
Net
>
Net
Net
Net
675,352,931
:.-:683.647,168 1676,665,330
1 4,137,229
United States notes..
1,853,265
•■",4,358,959 W
National bank notes.
'
508,632
521,916
f474,224 V'
Federal Reserve notes r 14,742.052 ;r 15,549,20/
13,868,753
Fed. Res. bank notes.
245,963
(55.508
150,059
:
"i
6,069,680
Subsidiary silver..
3,762,762
4,284,981
..
_
Minor
-
..
14,956,561
Cpln>:VkC^^>
Total cash In
17,086,893
^.19,155,877
/
156,039,431
1^003,640,429 1,003,085,921 1,101,209,157 1,508,501,505
-Cash balance In Treas.
tories account of sales of
796,877,000
$26,000,174
Government securities..
r,
Deposit In Fed. lies; banks
833,028.000
715,-180,000
670,992,000
759,061,339 11895,435,017
61(826,618
51,374,913
.
$2
.73,859,047
58,784,079
1,229,471
62,787.592
'
To credit dish, officers..
70,217,869
35,017,596
63.311,755
Cash In Philippine) islands
;• 1,997,981
1,612,385
Deposits In foreign depts.,.
369,231
362.012
1,170,078
389,382
American
f Net cash In Treasury and
In banks
Deduct current liabilities.
Store
2,460.938,702 2,565,694,166 3,057,330,981 2,806,848,952
208.042,772
184,590.185
150,592,233
195,380,636
.:
I Indicated In «tatemertU'^Stock«f
Money."
»
«
,
'
,
^Comparative Public Debt Staleistent
A
Late
(irreg.)
Com¬
•
....
Per
~
;
puted
Bullock
■
Mar.
%■
1,282,044,346.28
12.36
31,1930—..oweat poftt-war debt..ii.r.lv
Sept.30, 1940—A year agoh.._aa.Dec.
250.18
4.196
129.60
3.750
44,072,910,246.73
.50.020,900,233.65
2.580
2.480
51,346.407.109.98
Aug..31, 1941-r-Last month.
Sept. 30, 1941—Tlila roo.ithl...
a333.07
b381.66
b384.54
Cable
2.482
.
Camden
Fire
Insurance
.LbW ations
of Governmental A genctes
'
Guaranteed brine United Hates
(om¬
''
Asso.
(s-a)
Ltd., ord.
Ltd.
Corp..
.
Amount
Interest
Int.
n
tvnd
and
.
«y
e
hate
war
*
war
306,803.319.55
debt."...
5,787,230,755.28 1.917 24 *639,338.48 2,415,101.932.08
Sept. 30, 1940—A year ago
Aug. 31. 1941—Last month. 0,928,198,805.28 1.788 11,084,343. .0 2.872.740.795.85
Sept. 30, 1941—Tills mouth. 6,928.941.005.28 1.788 11.31:0.805.14 2.265.558.066.86
.
a
the
on
Collins* Company
c
Notices
Dominguez
and the page number gives the location in which
the details were given in the "Chronicle."
Telephone & Telegraph Co. 20 year bonds_„Nuv
American
Associated Laundries
•
Inc. .6 ft ft
of Illinois,
bon<Js
Page
1
Nov.-. 1
..
4ft ft bonds__I)ee
1
1
Autocar
7s——_.
..Nov
1
537
Oct 22
537
1st
Co.
mtge.
v.
Central Paper Co.
.20-year 6ft
3%-6%- Preferred stock____v__—.1
Chesapeake & Ohio Ry. 3 Vt ft
.
Cooper River Bridge.
:
Raynolds
Si
Devoe
,-Nov
bonds, due 1996,
East Tennessee Light &
stock
pref.
lan
refunding bonds-Nov
Power Co. 6%
Gulf Power Co.
5%-bonds due 1988—
1
x2550
;
Sugar
Keith
Memorial Theatre Corp.
Luzerne
t
Madison Ry.
&
County
Gas &
Co.,
Dec
Nebraska
Light & Power Co..
1
1
1
,1101
Nov
1
433
Nov
1
544
Nov
1
544
1st mtge. 5s, due 1959
bonds, due 1947
5%
1st
1952
Nov
1
—Nov
mtge. 6s—
1
.
545
X3032
■t
i
York, Lake Erie & Western Coal & RR Co.
". .'1st
mtge.
bonds,
due
Nov
1
New
N.
Y. '& Richmond Gas Co.
New
1st mtge. bonds—
York Lake Erie & Western
mortgage
First
i"
1st mtge. 5s, due 1946—_Nov
York Shipbuilding Corp.
Water
Peoria
4ft
~.
Works Co.—
lien
consolidated
Heyden
4!/4'/«
•
First
consolidated
5s-——
Paul Union
1
X3355
Nov
1
x3355
—Nov
1
1st mtge. 5%
1
437
bonds, due
Jan
—
bonds, due 1945
1
439
Co. of Ohio 5% bonds, due 1953—Nov
Walker-Gooderham & Works Ltd. 10-yr. 4V4S
1
548
Dec
9
251
bonds——l—Dec
1
11291
_
Telephone Service
(Hirami)
due
1945
Washington
*
1, '42 547
Nov
Corp. 6%
—
—.
Railway & Electric Co. 4%
Announcements this week; x V. 152;
tV. 153.
10-17
11-15
12-
1
10-31-
12'/aft
12-
1
10-31
payable
&
in
pref.
Telegraph
Electric
preferred
at
the
:f$l
11-15
hue
1-2-42
12-13
37M1C
34%c
11-15
10-31
(accum.)
Co.
6ft
Co.,
(s-a)
pref.
I
(quar.)-
be
to
paid
from
10-31
11- 1
10-17
10-21
Pittsburgh
10-15
10- 7
Privateer
•
50c
tlOc
25c
Public
12M2C
50c
12Vise
$1V2
(qu.)
11-15
10-15
10-30
10-30
11-15
10-30
1-2-42
•
12- 1
12- 1
(monthly)
preferred
(quar.).
45c
$1%
v
SIV2
11-15
10-15
10-15
11- 1
11- 1
11- 1
10-15
35c
10- 9
10- 2
42c
$1%
11-15
12- 1
10-31
11- 5
25c
(Cleveland)
Ltd—
Properties, Inc.
10-15
(Phila.)
of
5 ft
■
St.
San
$2
Schaffer
&
Screw
&
preferred
Shemtt-Gordon
Company
A
O.)
Corp.,
Products,
Squibb
(E.
R.)
(quar.)
(quar
Lumber
Co.,
Co.,
7ft
Corp.,
Inc.,
7ft
7ft
pref.
1-15-42
10-25
10-16
11-15
50c
$6
10-25
11-
10-15
11-
10-31
53
11-
10-31
suy2
11-
10-15
20c
11-
10-20
J:$2
12-
10-31
12-
11-15
.12-
$2
preferred
10-10
11-
10-25
t$2y2
10-15
10-
preferred
I"
(quar.T
prior pref.
i$PA
9-20
11-15
10-31
11-
1
10-21
1
10-21
(irreg.)
prior
$l«/4
9-30
9-24
j.5c
(interim l
(quar.)
12-15
10-31
11-10
10-31
50c
pref.
(final)__
Inc
10c
40e
Sons,
$5
preferred
&1V2
t$5
60c
1-2-42
12-31
Sterling,
Company iquar.)
Inc., $l>/2 conv. pref.
11-15
11-10
Corp.,
10-15
11-1
25c
10-10
11- 7
10-27
9-30
10-25
10- 4
Stouffer
81c
$20
sly.
25c
(quar.)____
B
Clothier,
11-
1
10-25
11-28
10-25
10-15
series
r
class
10-11
1
;{ot.
Mines
preferred
1
11-
$7
-—
&
11-15
10-15
50c
General,
$0.60
1
*$1%
preferred
Co
Corp.
10-25
11-15
3.IY4C
|$3»/2
pref
&
&
2-1-42
62'/2c
(quar.)__
(quar.)
prior
1-15-42
15c
Inc.
common
Stein
0/0
10-20
2-1-42
$314
•
.
(quar.)^_:
10-15
10-15
•
10-16
11-
common
pref,
11- 1
Strawbrldge
11-
15c
11-1
(A.)
11-14
20c
I
Co.,
(Montreal)
Sefton Fibre Can Co., 5ft
(A.
11-14
12-15
50c
,
Bolt
Co.,
Corp.
Sport
11-14
10-24
12-15
50c
Electric
Stores
Sonotone
■11-14
75c
;
Tobacco
Steel,
Surety
S.lex
12-15
12-15
11-14
Warehouse
i
preferred
Seaboard
$6
10-20
$11/4
Canada
&
Securities
■
10-20
1
,>oc
Storage
Manistee
Gorgonio
10-20
11^ 1
11-
50c
(quar.)___
Lou's
1
$1%
(interim)
&
11-
>
-
^
J$4V2
•
»
(monthly)
J.)
Iron
Saginaw
10-18
9-10
15c
(R.
conv.
11- .1
4i%c
(quar.)_
(monthly)
Cold
Bank : of
$2.50
4
10-25
>bc
!
Oft gtd. preferred (s-ai
Riverside Cement Co., $6 1st
Rose's 5,
10 & 25c Stores,
Rustless
10-
9-30
58y3c
Mfg. Co., 5ft
pref.
(quar.)
Richmond, Fredericksburg & Potomac RR.—
7ft gtd. preferred (s-a)
Royal
10-20
11-10>
$4
(quar.)_
preferred
B
10-17
10-25
11-10"
Colorado—
(quar.)
Class
1
1
[5c
(quar.)
Market
11-
11-14
12-
J3e
$$4V2
'
50c
(quar.)
(monthly)
preferred
Smith
(s-a)
International Harvester Co., 7% pref.
$l>/2
(monthly)
preferred
10-16
'20c
■
preferred;^(quar.)
6ft
10-21
10>.2l
10-17
K
Co.-—
(year-end)
extrn
Co.
Co.
Co.
Rheem
10-20
$1%
—
Corp.
Trust
(quar.)
11-15
$1V2
—
(quar.)
(quar.)
International Metal Industries, Ltd.—
6ft
conv
preference (accumulated)
6ft conv. preference A (accumulated)...
International Ocean Telegraph Co.
(quar.)
Internat'1 Paper Co., 5ft conv. pref., (new)
Intertvpe Corp.
(irreg.)
1
Keystone Custodian Fund, series B-2
Kings County Trust Co. (N. Y.)
(quar.)..
Kekaha
Sugar Co., Ltd.
(irreg.)
12- 1
12- 1
11-1
11- 1
RR.
MIV 1
,'V• ll-f'l
ftv ' 25c
;n
$2
Wheel
6ft
preferred B
(quar.)
Republic Natural Gas Co
10- 8
8%c
20c
Y.)
Extension
Ltd.,
preferred
A
11-18
11-18
i.——
(N.
Randall Company, Class A
(quar.)
;
Republic Investors Fund, Inc., 6ft preferred
11-14
10-15
11- 5
Co
preferred
Thrift
preferred
7ft
/
y $1%
>1
preferred
6ft
-
'
.
qua%
preferred
Co.,
75c
$1.06]A
31.
(s-a)
Mine,
Reynolds
—
Oct.
7ft'pref.'
preferred
8ft
<
10-24
10-24
; 10-27
10-20
12-31
12- 1
11- 1
11-15
10-14
Co.
Grinding
Service
until
—
(monthly)
;
Public Service Corp. of New Jersey—
10-20'
(quar.)
1
6ft non-cum. 2nd partic. preferred (quar.)
Houston Lighting & Power, 7ft pref. (quar.)
$6 preferred
(quar.)
Ltd.
Delaware
&
7 ft
15c
68%c
25c
85c
Trust
Guaranteed
10- 1
issuance
Light Co.,
(quar.)
American
Providence
20c
its
&
preferred
Passaic
•
6%
(qu.)
extra
:—
of
Power
10-31
10-31
the
15c
time
$6
1
11-15
(quar.)
quarterly
11-
11-15
(quar.)
preferred
Regular
Sterling
Co., Ltd., 7ft
Atlantic
&
(s-a)
Pound
option.
Ontario Silknit
Gas
stock
deb,
payable
25c
(quar.i
shares
option.
perpetual
Pacuic
vi
the
J25c
-
Securities,
in
Phila. Suburban Water Co., 6ft pref. (quar.)
Piedmont & Northern Ry. Co.
(quar.)
11-15
group
10-10
f$3
Co., com. (s-al
Pound Sterling at
10-15
$1V2
Aviation
10-20
10-20
Ry.
Quebec
10-25
preferred
(quar.)
1—a
(A. C.) Co., l','o non-cum. prior partic.
Institutional
1
&
Also
10-25
10-25
Industrial
10-20
11-
10c
IV2C
—
Co.
10-20
1
$1%
Peninsular
(quar.)
7ft
1
11-
(quar.)
10-20
Shares..—...—
(quar.)
10-20
11-
41%'c
50c
11- 1
11-15
Shoe
,11- 1
5
(monthly)
5ft
10-21
Co.,
10-29
Sugar Co.
holder's
10-21
Power
11-
11-15
:j«y3c
30c
11- 4
preferred
12-16
11-16
■
Pan
11-4
$6
10-16
1-2-42
t37yac
10-17
10-17
10-17
:
Idaho
.10-31
(monthly)
preferred
8
300
(monthly)
1st
10-21-
$iy2
$iy2
iquar.)
10'-30
11- 1
11- 1
X5c
50c
Horn
10-24
(monthly)
Pacific
J5c
6r/o
Co.
——$1
pref. (quar.)
$13A
" $ 1V2
Co
&
of New Hampshire
(quar.)__
Telegraph Co.
(s-a)___
Ins.
preferred
Also
Mining,
Co.
$7
Pacific
—L.
Co
Corp.,
11- 7
v
Gold Mines,
A.)
10-21
10-31
Co....
10-20
10-20
(quar.)
Chemical
Rock
Line
12- 1
Chemical Corp., common.
preferred
(quar.)
(Geo.
1
20c
10-25
10-25
:—
E.l
1
11-
(quar.)
t$3'/2
t$3
Republic Ins. Co. of America
Telegraph Co.
(quar.)
(Charles
10-17
11-
Ontario
9-29
11-1
30c
x3355
_Nov
——
*4c
Stock
Hollinger Cons.
1
Onomea
.
•
•
A,
RR.
Co.
preferred
5'/2%
10-20
11-15
X3355
ft bonds, due 1956
—
Taggart
435
1
,___
Depot Co.
1972
56
1
1 Vz
68%c
10-31
12- 1
Hives
10-22
11-
50c
t$l'A
extra
Hilton-Davis
1
$iy4
'
preferred
10-17
class
Ins.
holder's
-,
Humberstone
4s
Saint
1
Nov
—.
Republic Steel Corp. 4ft
248
Nov
——
5s
1
•':
debentures
First
.
Nov
—
10- 7
(monthly)
Piitsourgn———
Trust
Electric
10-31
11-
common.
5ft
$5
Haverhill
11-15
19c
$iy2
6ft
Quincy
435
Coal & RR Co.—
bonds—
Prior
•
Nov
10-15
•7ft
10-17
Hormel
1942
12V2C
$1.06'A
11-29
12-13
10-23
10-23
10-21
10- 9
10-21
12- 9
11-15
^
'
10-29
12-15
1-1-42
10-31
10-31
11- 1
11- 1
11-15
12-31
10-25
Extra
New
50c
-
(interim)
Ltd.
Inc
Corp.
75c
O'Connor Moffat & Co., $1.50 class AA
Ohio Public Serice Co.—
10-21
10-22
10-20
10-16
Mfg.
10-15
11- 1
10-30
11- 1
Haskelite
1
sc
11- 1
25c
$1V2
25c
$1'A
37l/2C
Smelting and
Power Co., Ltd.
(payable in U. S. funds)
Hartford Times, Inc., 5V2%
pref. (quar.)..
542
Nov
11-
$1
$1
11-15
Consolidated
10-23
>
B_.
series
(quar.)
Trap
Ucciuental
t$3V2
Granby
11-20
1
25c
Co.,
Northwestern
ll-15v
&
10-14
11-
(Wash., D. C.)
(Colo.),
(quar.)
Pipe
Northern
Coe
&
11-15
1
10-17
10-17
10-25
12- 1
11- 1
Gold
*
Nov
Electric Co. 20-year bonds
& Electric Corp.
National Gas
431
1st mtge. bonds—
Memphis Commercial Appeal Co. 15-year ,4fts,
i
1
stock—
Corp,-preferred
Holly
^Litchfield
Nov
1
11-
12-15
50c
11- 1
11- 1
50c
$1%
Globe
bonds, due 1949__
Bay WaterCo. 5ft
South.
.1 Great
Co.
Corp.
,12-
$3
(year-end)
$1%
$1V2
6ft
Foods
$iya
(s-a)
Corp.
11-14
5ft
General
11-14
11-15
11-14
B,
10-25
10-24
6
10-
10-15
Class
1
1
12-
«)c
1
12- 1
1, '42 540
1111-
30c
1
10-20
Co.,
10-10
12-
convertible preferred
Shoe
75c
10-17
12-
preferred.———
I
Zinc,
All-Canadian
1
1
10-15
tSlVi
(quar.i
(quar.)______
Corp.
11-
$2
(Utah)
preferred
RR.
(s-a)
10-14
20c
Florsheim
Scotia
10-10
11-
90c
t75c
First
6ft
Fire
Northern
$7
Extra
539
11-15
i$l%
—
539
1
10-15
■
" $1'A
Fund,
Inc. (quar.)___—
15c
Fiduciary
Corporation
(quar.)—$1,
Fire Association
of Phila. (s-al
$1
355
10-17
•
■
preferred
Fidelity
51..
1
7%
Inc.
1
.
Nov
Inc. 1st mtge. 6s, due 1958
Co.,
.-
1st mtge. 7s—_—___Nov
Connecticut Light & Power Co.
v
bonds_____.l__
Nova
Supply Co.
preferred
1—
Faber,
(Cleveland,
of
Securities
Process
7ft
& Gregg, Inc., common (quar.)
T/n
preferred
(quar.i—
—
Feltman & Curne Shoe Stores Co., $7 pref.
330
Atchison, Topeka 6i Santa Fe Ry. 20-year
Bayway Terminal Corp.
Co.,
Inc._
$3
Evans-Wallover
prefer-
York
.
rts. for ord. reg
Products Cons. (Seattle, Wash.)
Corp.,
Equity
.425
.
10-31
$1
partic.
New
dep.
Am.
Electric
$3
Newberry (J. J.j Co., 5ft preferred A (quar.)
-—
Fields
10-17
11- 5
10-15
$2'/2
5-J/2 'i'o pref.
(quar.)
Corp. (quar.)
Oil
10-21
11-15
10-21
Township Telephone Co.„
& Musical Industries, Ltd.—
Electric
1
;
50
<
v
Coal
Duquesne Brewing Co. oi
Eastern
10-28
10c
common
10-18
—
Curtiss-Wright, Corp. —
Dallas Power & Light Co., 1%
ers,
Date
Co.,
common—
preferred
Shares.
Co.,
Machine..^
Serice,
Lowell
preferred
:
Dividend
1
10-15
10-15
...
5y2 ft
Shoe
6
11-
Almaden Corp.
(initial)
England Fund, ctfs. benef. int. (Irreg.)
England Water, Lt. & Pwr. Assn., 6ft
5
preferred
Line
Container
Nation-Wide
10-17
$6
Pipe
National Savings & Trust Co.
11-15
Diamond
10-
25c
75c
Co.,
&
10-15
preferred stocks called for redemption, including
those called under sinking fund provisions.
The date
.indicates the redemption or last date for making tend¬
1
20c
Bank
Fuel
Muskogee
12- 1
and
11-
$iy2
(quar.)
10-24
i
10-20
11-15
1
(quar.)
New
10-30
11-
(quar.)..
Ohio)
New
10-15
yaC
Pian
11-15
Pass
preference
Co., gtd.
National
1
$iy4
Conn.)
Mountain
11-
2c
Morris Plan Bank (Bridgeport,
11-15
11- 1
7
10-31
Y.)
(N.
(irreg.)
(quar.)
$1%
Cudahf Packing Co,, 7%
/^Company and Issue—
ence
Nashua
,v
11- 1
—
—-
Nest
Co..
B
•Morris
9-20
11-15
75c
Reclaiming
Calculating
t433Ac
6%
_._.l
prior
Investors
(qu.)
Crow's
(quar.)
coin,
10-
tlOc
15c
$1
+3c
(quar.l_
Connecticut Lt. & Pwr. Co.,
Below will be found a list* of corporate bonds, notesf
-
Class
f-Consolidated Steel Corp., Ltd., $1.75 pref._„
Redemption Galls and Sinking Fund
Co.,
9-20
$iy2
37'/2c
(quar.)
"
York
(quar.)
(quar.)
•
pref.
1st
"
9-30
10-15
New
Ltd.—
Q'/c
red. conv. preferred
(quar.)—
Columbia Pictures, $2.75 conv. pref. (quar.)
Commonwealth
International
Corp.,
Ltd.
guaranteed obligations and Is Included In the general fund balances.
^ 9-30
1
9-20
i$l%
...
(irreg.)
Rubber
Monroe
Development Co.,
Colon
obligations owned by the Treasury,
9-30
1
10-15
:
Colgate-Palmolive-Peet Co.,
$4.25 preferred (quar.)
Computed on lnterest-liearlng debt, d Does
e Cash Is held by the Treasurer of
United States for the-payment of outstanding matured principal of and Interest
b Subject to revision,
Revised,
not Include
Ltd.
Breweries,
Coast
112%c
11-
11-
1-2-42
11- 1
Corp., common
5%
preferred
(quar.)__—
Chesapeake-Campe Corp.
(quar.)
31, 1930—Loweat post
Dec.
£$1.11
Ltd.—
New
Cherry-Burrell
1,118.109.534.76
1
10-17
10-15
10-15
Co.—
Co., common.;—
Engineering
Champion Paper & Fibre
6% ■ preferred
(quar.)
74.216,400.05
31, 1917—Pre war debt
Aug. 31, 1919—Highest
12-
7
11-10
11- 1
11- 1
$G
Chambersburg
$
S
%
•$
Mar.
155 Vac
...
11-
■
50c
?4c
—
shs.
preferred (quar.)
preferred (quar.)—.Central Ry. Signal Co., pref. class A (quar.)
Chain Store Real Estate Trust (Mass.) (qu.)
Balance e
1
10-15
-(quar.)
(Philip) Mfg. Co. (irreg.)
Mills, Inc. (irreg.)—
Central
Arizona
Light & Power
General
Princij at
itted
11-
11-21
Carthage
Matured
Late
15c
2^4 %
1_
Carey
Unmatured Irinci. at d
non-cum.
New
—
Investors
Canadian
6ft
(s-a)
Missouri-Kansas
Ltd.—
Fund,
Investment
Ltd.__jc
(quar.)
Petroleum
Common
11-15
683Ac
26c
1
10c
preferred
$1
11-15
12- 1
12- 1
12- 5
35c
1
12-
fl2V2C
preferred
Co.,
Telephone
Midwest
10-24
9-29
10-15
—_
I
12.
Michigan Bakeries, Inc.—
$7
preferred
(quar.)
10-25
11-15
10-2?
11-1
10-20
10-31
11- 1
9-30
H- 1
J$13A
$1
11-
(quar.)
10-21
10-21
.
I, 10-15
'V
i'4c
rec.,
shares
11- 1
11-20
11-25
12-15
I
Merchants & Manufacturers Ins. Co.
10-15
11- 1
11- 1
50c
$1
preference—
5'/aft
dep.
Special
.11-15
11-15
10-17
1-2-42
$3
-U
Marble
Mortgage Corp.
(irreg.)
Machine
Ainer.
Canadian
10-21
6ft
10-10
t3c
Morris & Essex Extension RR.
(quar.)
(Holding),
Wireless
&
,
10-15
-
7ft preferred
Ltd. (Irreg.)—-
Adding
Burroughs
10--1
1®"1|J
11- 1
1941
Ltd.,
Fund,
Meadville
10-10
50c
Ltd
Co....
I
Prior,
10-10
,
11-15
12-
'
(quar.)...
1st
11- 5
40c
3ft ft
$1'A
Y.)
(N.
Co.
B
10-10
1
$1%
,
w;'
A
11-14
10-25
<quar.)_.
Trust
,
...
' 6'/a ft
v
com.
•-
-
(Phila.)
Mines,
10-20
10-17
10-28
Mines,
Publishing
11-24
10-25
11-15
,Inc.
Gold
10-15
12- 1
I%
Co.
Porcupine
Extra
".Class
11-14
12-22
Burlington Mills Corp., common
$2.75 convertible preferred
(quar.)__
2.395
20,596.701.648.01
16.026.087,087.07
31, 1917—Pre war debt;.
Aug. 31, 1919—Highest war debt
-1
preferred
5'4>
Buekerfield's,
hale c
S
■
Bronxille
Int.
Capita
Amount
&
10-21,
1-21-42
12- 1
12-
1
12-17
$1%
(quar.).
(quar.i
Lake
11-
1
Telegraph Co. (s-a)
Inc.,
6ft
partic.
Products,
Moodys
(s-a)
7% 1st prefer,
Stores,
Inc.,
Ltd.,
Department
Broadway
Abington
H.)
Red
10-28
75c
162 ftc
16c
50c
-
Celanese,
British
Gross Public Debt
.
$1.60' class
Inc.,
Stores,
(quar.)
(R.
Madsen
McNeel
10-28
12-1
Ltd.
.(On the basis of <lnlly Treasury statements)
...
Insurance Co.
preferred
Macy
preferred
$6.50
Lynchburg &
Lyon
Metal
of ttec.
t40c
(resumed)
Brentano's
Book
Inc.,
11-20
11-1
10-28
t$2ft
40c
Company, Inc...*
.
——(Phila.),. $3 preferred (quar.)
Blue Ribbon Corp., 5ft preferred (quar.)—
Boston Fund, Inc. (quar.)
Boston Woven Hose & Rubber Co
Brazilian
Traction,
Light
&
Power Co.,
iV25o
(quar.)
A
(quar.)
Sl'A
Blauner's
25c
12VaC
McFeely &
11- 1
50c
25c
McLennan,
t$l3/a
14c
$1
(reduced)
(quar.)
Merchants
Best- &
and $210i2,M2 mlnor colri. M
class
-
10-10,
12 Vac
B
Lumbermen's
5Va ft' t
Ltd.,
Proprietary,
(Initial)
Bank of Toronto, capital (quar.)..—
2(260.558,067 2,415,101,933 2,872,740.796 2,598,806,180
'■Includes on Octf.T8666r186,636 silver bullion
■
Groceterias,
Class
Mclntyre
$1%
.•
,
(irreg.)__.
pref.
(irreg.)...
10-13
5c
30c
$2
Corp.
Auto-Ordnance
Co.
10-17
12- 1
12- 1
12-_1
—
(quar.)
preference
$3.50
10-15
75c
62ftc
50c
;
Co
Wlborg.
&
partic. pref. (quar.)
Co. (Phila.)
(s-a)..'
Co.,
11-1
10-25
'
—
Appleton Company, common
:7ft preferred
(quar.)_
Ault
Material
McGraw-Hill
.'50c
■
Inc
Hydraulics,
American
372,307
'..'•.#>'•.•
'
.
75c
t4c
l2/*c
'25c
&
V.; Class
$2.50
■
To credit Treas. U. 8...
25c
—--
1 '
Extra
Corp.—
preferred (quar.
preferred (quar.)
preferred (quar.)—
S3
f
g;i
General
American
934,110,543
•Deposited in National and
t: other bank depositarles-
a—
(quar.).
Extra
i.
t:. Holders
Pay'bie
11- 1
11-1
Share
Company
Corp,
Company increased) • (quar*) __
Amalgamated Oils, Ltd. (initial)
—
Amalgamted Sugar Co., 5ft pref. iquar.)__
American Equitable Assur. Co, of N. Y. (qu.)
American Fidelity Co.
(quar.).
(A. S.)
Aloe
62ftc
t)2,/2C
12^0
.i
Y.
N.
of
25c
v,
Trust
Loblaw
*'When
Per
Name1 of
Adams-Mlllls
Deposit In special deposi¬
'
week aret
.\
'
19,702,654
156,039,431
156,039,431
156,039,431
>
«
TreasuryV "1159,684,860 1,159,125,352 1,257,248,588 1,214,540,936
Less gold reserve fund....
Co.,
Printing
Locw's,
'The dividends announced this
153,603
5,889,561
Co.
Title
Line
clared.
14,289,117
.
(quar.).......1
Finance
week when de¬
investment News Department" in the
common
of Rec.
10-20
11-15
12-27
11- 1
2-2-42
10-25
11-29
10-25
11- 1
10-27
5c
5c
........I.
Inc.,
Holders
Pay'bie
Share
,
(quar.
Liberty
in our "General Corporation and
der the company name
474,265
k:
,
•
Lincoln
Further details and record
in many cases are given un¬
ft of past dividend payments
S
494,671,455
677,188,921
2,171,360
Net ell ver coin und bullion
preferred
preferred
Liberty
,
which have not yet been paid.
(Irreg.)
Inc.
Motors,
Knickerbocker Ins.
which
f
Co
& Co.,
5ft
';
Oil
(D* Emil)
5ft.
second table in
a
Cotton
When
Per.,,
Name of Company
Kingsburg
bring together all the dividends announced the
we
4
,
grouped in two separate tables.
are
v..."
!■:.
V.
DIVIDENDS
"
;VThe
Holdings in U.S. Treasury
665
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3995
Volume 154
37'/ac
11-
1
10-15
11-14
10-31
11-
10-24
1
25c
7ft
preferred
tquar.i
Struthers Wells-Titusville Corp.—
$1.25 preferred (quar.)
10-31
j$2
12-31
12-15
12-
11-15
$114
1
3111-15
10-22
ll-
5
•y:yr:'i". itT w'vTit '4
/ When-
Binghamton
Syracuse,
Texas
&
N.
Power
&
10-17
1
•
U.
S.
Loan
U.
S.
Pipe
10-14
1
1
10-14
U. S.
Foundry
9-30
Vanadium
12-20
10-31
11-15
10-31
11-15
10-31
50c
-
12-20
.•; 11-29
10-15
10-10
t50c
prior pref.
11-1
1
(Chas.l
Warner
Bros.
Warren
(Northam)
Warren
Tool
8%: preferred
& Co.,
25c
11-
3
1
1
11-14
12-
1
10-
1
9-30
10-25
10-15
Corp., $3 pref.
$5 preferred
Corp.,
(quar.)__
■
75c Z
(quar.)__
$1>A
'.15c
$1 conv. preferred
(quar.)__._,J/.______7/
Westgate-Greenland Oil Co;
(monthly).
Wheeling & Lake Erie Ry. Co.—
25c
;
11-15
11-
:///ic
;
11-15
$1
11-
1 rr
Station
1
City
Extra
Co
,,
Cotton
Oil
Co.
r
///.// 25c 1-15t42
Yuba
Cons.
Gold
Below
Fields,
'.
11-
1
10-15
11-
1
50c
10-30
// ■ Extra,".
10-15
10-20
____
1
pref.__
11-
$1%
1-
10c
Life
Colorado
Ins.
Fuel
10-20
10-
1
Columbia
6%
8
Co.
of
(quar.)_Z
America
Iron
&
Gas
11-
______r_ii/.;
5%
dends
Commonwealth
in
the
/
preferred
(quar.)
Commonwealth
Per
Name
(J.
Alabama
•
D.i
When
Share
of Company
Power
Aluminum
7%
Mtg. Co.
Pay'ble
Holders
of Rec
Amerada
Co., 5%
Can
'/:
American
$3
Commonwealth
Inc.
yy-.ti
option,
American
common
Co.
7%
Utilities
Home
Products
Corp.
Paper Co.,
American
Radiator & Standard
preferred
San.
5%
ferred
(quar.)
2nd
7%
1
10-24
11-
11-28
Y.)
(N.
10-31
10-
1
$l'/4
11-
1
$3 Va
10-31
10-10
11-
t68%c
(quar.)
1
10-15
10-15
•
;
Citv
E'ec.
Co.,
preferred
$6
11-
1
x0-
t70c
^
11-
1
12-
1
12-
1
1
10-15
12-
1
10-31
pref.
11- 1
10-
$2«/a
11-10
10-24
6
(qu.)
■■v-
y
1
10-24
11-1
621/2 e
(qu.)
(A
conv.
10-6
11,-
.
$1
50c
11-1
(quar.)——
preferred
32c
11-
I
$1%:
n-
1
10-20
5.ft
pfd. (qu.)
conv.
Avondale Mills—
Irregular
Irregular
6c
Babcock
Paper Mil's, Inc
Baldwin Rubber Co.
Badger
Hydro-Electric
Bangor
(Capital)
'
•
$2
conv.
Bathurst
&
10-15
30c
10-21
10-15
11-
;
10-10
1
12-31
Co.,
class
Ltd.,
Avation
11-14
12-
1
11-14
11-
1:
10-15
I
11-7
10-20
v
25c
(irreg.)_
Associates,
10- 6
12-
Inc.—
*
$7
$5
preferred
Shoe
Birtman Electric Co.,
$7
.
preferred
Bliss
W.)
(E.
(irreg. )__r_r_
/:;, 50c
,
B
Class
69t
(quar.)
preferred
/
.—_______
Porcupine Mines,
Forge
Bunte
Bros.
California
(quar.)
-5%
Packing
preferred
Corp.,
fquar.)
L_
____
duced).
Canadian
■V
Corp.,
Ltd.
Bank
,
of Commerce
preferred
Canad'an
.
Converters
1
10-10
11-
I
11-
1
10-17
.12-1
11-
10-15
11-
1
10-13
12-1
11-24
11-
10-15
t$v/u
11-
75c
Foreign
Canadian
Industries,
1
10-15
10-31
11-15
10-31
10-24
-
1
10-
12-15
12-
3
1
Corp.,
10-25
9-30
11-
9-30
11-
11-
1
1
1
10-20
10-20
10-31
9-30
Ltd.
A
(quar.jr________._-_
10-15
10-31
9-30
10-31
9-30
Canadbn
v
Oil Cos, Ltd.
Tibs
Accumulated
&
Steel
Products
11-15
11-1
11-15
11-
1
(N.
:
15c
.11-28
11-18
12-26
'12-16
10-25
'■<%
9-30
11-
1
10-15
11-
1
10-15
10-25
10-20
.
12-15'" 12-12
11-29/:/11-14
/60c
^*
U-
10-20
1
10-u;
50c
11*
1
9-30
15c
,
.
11-1
t2c
Y,). (quar.)—7—
11-
1
10-21
10-21
10-10
11- 1
10- 7
'5c
t$2
11-22
11-1
12-15
i
Corp., common
preferred (quar.) J_/_
6%
1
6
Internat'onal
12-20
10-31
25c
10-25.
50C
10-25
10-23
.10-14
-
10-28
10-20
10-
$2
11-1
//.
11-1
10t2?
75c
York— *
75c
11-
$lJ/4
2
/:
pref.
($5
U. S. funds)
Interstate
47.
,7/7%
.'7%
6%
.
Iron
10-
50c
;/;
12-20
10-15
'•
11-15 •;
11-
50c 2-16-42
2-
Fireman
"
5%
Jewel
,:
dend
5
of
including
5-42'
5ft 5-42
Jonas
8*
Kalamazoo
$1% 71-1-42 .!
'Domestic
Finance Corp.—
Common
Extra
preferred
Mines,
-/
■■
(quar.7"/'
'5
/
(Toronto)
Tar
&
preferred
Pont:. (E.
$4.50
10-20
10-10*
10-27
11-1-
'10-27-'-
11*. L'.
10-27
•
'
tbOc h 10-20
9-30
;
;(qu.$i-;..-1$2'IrviL .10-20/
'10*31/710-16 /'
(qu.): /
t30c
-10-16
11- 1
10-20
t81ViC
2
Mfg.
Co.
___77__i
iquar.)
10-20
30c
12-
10c
11- 1
,
.•
(quar/)—_____
common
$.543056
Sept
per
to
15
qfiarterfy
share
Nov.
Naumburg Corp.
Stove
11-
1,
Inc.
12-
10-15
1
1
10-15
10-15
;
11-25
•
12-20
12-
5
/"
>
and v
11-1
1941.)
(s-a)—_
iVic
_
11-
/ 15c
•
10-17
1
10-18
10-21
80c
Co.—
'.Department: Stores,
9-30
9-30
1
11-
9-30
11-10
1
divi--
(irreg.)
Furnace
&
from
10-16
;
10-20
75c
'
10-11
11-
1
10-20
2uc
com.-—
10-28 (7,
10-10
25c
com.
10-31
10-. 7
10-31
10-
$1>A
King
7
Ojh Company/ (ouar.>7—r-7——/7
Mining Co, Ltd/ (S-a) _
7
Kokomo Waterworks,
Kootenay
:■->
6%
pref,
1
10-20
12-1
l1 -20
$1V2
/ 45c
wll- l
9-20
20c
10-20
10-11
10-28
10-7
t$l
/ 12-1
5c
-
15c
15c
Kir.kland Lake -Gold
j
'7 11-
$P/4
) Kelsey-Hayes Wheel Co.; $1.50 conv. class A 7;
/ Kemper-Thomas Co.. 7% special pref. (qu.) >;
Kendall Co., $6 partic. preferred (quar.)—
:t Kendall
Refining Co. (irreg.)
Kennedy's,..Inc., common-_2——.7*/—/—7/ /
Kerr-Addison Gold Mines, Ltd. (interim)/—
10-15;
•101*31
Co.,
10-
11-
11-
t5c
>
11-10
10-29
l
p
//.,. SIV2
,11-1,
Belle Gold Mlne.s;-l/td/ (guart'rt-*/f/^//?2c -' 10-25
.Kroger Grocery &. Baking Co.-.TV^ pref.
•/ $13A
(qu.)
10-15
9-29
(quart)/
10-11
10-15
/ 10-17
11->1;
eta
-
(quar.)/j.l/_L-.
-
I.)
Chemical
10- 2
1
/9-20
11-1
:____L___7..___
Extra '
1
11-
$1%
Kellogg.r Switchboard; & Supply Co,,
5%
preferred (quar.)—
10-25
35c
&
Kaufmann
t
11-/1'-
$lVv
;.50c
.
Canada
Dominion Oilcloth & Linoleum Co., Ltd.
// 5%
:i2-l
$1 '/a /
c77/;/:./•' 10c /
f
Z 50c
<quar.)__
of
12-31
10-20 /10-10
^'7 „«*
■ •,
Ltd.,; (quar.)
Bank
5-42
75c:;r ;10-2Q /v lOrlO
___________//7/', ■■/>-
(quar.)__7___z
_____'__/
•
pref. (qu.)
—
Ranch Royalties Co.,
Johnson
.
5-15-42
preferred
11-
S.
in
——■
//? -iVejbu Preferred-(First
8-15-42
conv.
10-15
,
50c
Mfg. Co., 8%
1
20c
(quar.)_
—
15c
Knitting Mills, com. (increased)
$1V»
preferred (quar.i
Tea
Co./ com./ (quar.)77/-_777/7z_./- / //'::■ 60c
50c
Di-Noc
10-27
11-
preferred
(quar.)_i__j____^___/i7/7_ //
6c
11-151
Inc.—
Stores,
preferred B
(quar.)____.
Raynolds Co., Inc., 7% pref. (final)
(Walker T.l Co. "(s-a777//;'
Clay Mfg. Co., 6% cl. A(an.).
10c
40c
Jantzen
6
10-31
10-20
87vac
U.
(payable
(quar.)
preferred G
8%
10-20
10-20
t87 v2c
'Ironite Ironer Co.,
9-15,.
1-6-42
:
V
'
preferred A
6V2 %
12-23
31-1
par)
Department
preferred
&
/
(resumed).—
preferred
(quar.i
Electric Light & Power Co.
Iowa
pref. /
5V2%
1
Subject to approval of the S.E.C., N.Y.C.E,
rules not ex-div. until further notice
11-20
•
12-23
11-
11- 1
SIVa
Corn./__/__—
Internat. Utilities Corp., $3.50 pr.
10-20
'
Inc.
Tool
Machine
7%
10-10
$1 Va
(quar.)
9-30
17
8%C
Industries,
Nipkel of Canada/ Ltd.
preferred (quar.)
(payable in
7p/r
10-14
__///
•
■'
10-10
15c"
...
12-31
i
$1%
International
10-21
»
9-25
J--
'
—______
10-11
/7%C/
Co.,
(quar.)
International
1
6
11-
2Va%
/ 40c
i.
—
12-
1-2-42
com.
Interchemical
10-
Distillers Corp.-Seagrams, Ltd., 5% pfd. iqu /
Doehler Die Casting (interim) _____ii_7l__
du
10-15
12-
Dickerson
$2
11-1
10- 6
.Dickey (;W. S.)
'',
10c.
preferred
Devoe
/
10- 3
Investors,
/:/. 'Sharesi.'-stock dividend
■
■•
11-1'9-30
10-31
10-20
11-
"
Amer.)f
17c
10-20
/$1V4
(quad.)__l_
t$2'/2
Ltd.,
3%'
$3 ; 1-2-40
pref.
t75c
pfd./—
conv.
(quar.i
Industries,
trust ctfs._—"7 ,/
Indiana Gas & Chemical: Corp. (resumed 1.7/
Institutional Securities, Ltd.- (Ins. Group
»•//
10-20
$lVa
Canada
Dep. Rec., A interim ) /7777Vi7__7/-7///-7// /
Imperial Life Assurance Co. of Can.' (quar.)
Incorporated
12-1.1
I2-1
Co. <5r/c
Power
Chemical
$1 Va
'
preferred ' (quar.)
.//.'/ '
preferred (quar.)-______C______/__i_".
5%
de Nemours
preferred
(quar.) 7
__-_Z'7'-'
Electric Household Utilities Gorp
& Williamsport
Elipira
Empire
v, 4%
Bay State Telegraph
guaranteed
10-31
10-25
(quar.)
Employers Casualty Co.
Employers
Eureka
Associates
Group
Co.___i__________/__:__//
Line
Pipe
Fansteel Metallurgical Corp
Co. (The), com.
6%
conv.
preferred
Grain,
Federated
____77:______7//7;'>;; I5e'
(quar.)
65/2%
■
United
piref;
$i>6
&
com.
(quar.)_7
Dyeing
preferred
/—,—_____—
Fidelity & Deposit Co. of Maryland
Field
(Marshall)
Filene's
43A%
First
Union
(Wm.)
5%
Co.
Co.,
.10-31
•10-10
10-31
10-2,1
(quar.)
'
;
t$l3A
,,
$1
:
(quar.)
Trust Co.
(Cip.)
(quar.>7 -V
'
.
Tire
Fund
&
Corp.
preferred
(quar.)
Bk.
(San Diego)
_Z :/./«",35c.
(qu.)
7^0
;
3rV»c
Lone
RR„
guaranteed.
Star Cement
$1.10
original .caplt^U./
(quar/)
7
/
pref/ (quar.)_______—_______
Corp.—
10-i5
■
.
&
82nd
10-20
lx-
!-
.'9-30'
r 7 10-20
II-1
10-20
■
1
11-20
12-
25c
1
11-20
l.!-
10-18
25c
25C
rrr-
; ii-
,';:ii-1
preferred
•••
(quar.)'"_//_l.--7_i_/_
10-18
6Va%'- preference
-11-1"
$lS/8
(quar.t-
10-17
1-2-42
$2
12-23
-
.Louisiana
Luzerne
■
:
11-24
12-
$1V4
/
•
10-15
11-15; "j 10-20
<i1 rt-hq : 7 in-: 4
12-10
TayJdr—/
7 Lunkenhelmert Co;
10-15
,
11-24
•■
10-10
Lord
8
-12-15
12-10.:
50c
//___!/_/_/;-7/
j;, 5% partic.
5% partic. pref/'(partic. div.)/ Loose-Wiles Biscuit
10-16
12-26
•10-25"
J.)
(quar.)
■
I-2-42
10-25
N.
/
-
10-31/'
'$1
: 25c
(s-a)-7''"
■
20c
Rubber Co.____________/^. /, '!••%•
& Savs.
10-16
10-31
20c
Sons Co., com.
(quar.) __1
Ins.: Co.
(Newark,
■
Mithni
Special
10-15
7%'
//
Little
10-20
11-1
pref.
Firemen's
Firestone
&
11-/T:;
■-,/ $2
:'t "35c
(accum.)__
(quar.i
Cleaning
11-71/10-20
$1.0b A
pref,
Dept., Stores, Inc.,
4'A %' conv,
Fenton
Ltd.,
n;
Fairbanks
First Nat. Tr.
(Ltd.)—
i—______——
112 Vic
tl2 Vic
Canadian
!-
'$%
Fifth-Third
11-1
mvi
t$iVi
class
Co.
Impefal Bank of
Imperial
10-31
12-23
Deposited Insurance Shares, series A (stock Z
div.)
-//_____
;2%
Detroit Gasket & Mfg. Co.'
'
t 25c
'Detroit Hillsdale & Southwestern RR (s.-a.)
• '
$2/
Detroit Michigan Stove Co. '
/ •
10c
Common
:
_______™____7_/_
Federal
t$1.20
Ltd.,
/
'
7
11-15
37 Vic
+50c
—
'
9-20-
'
Co.,. Ltd.
10-25
10-25
,"10-21 /: '
'11-15 /
v
11-19
1
t$l>/4
Investment
Canadian
•
11-
11-
f37Vic
(quar.)__
3"//,
11-15
Gold
r; 25c
•
__wL//
5Va%- preferred
(quar
Dow Chemical Co., com.
(Toronto)
(quar.)
11-15
37 Vac
(quar.)
Dominion
10-30
*15c
Canadian Bronze Co., Ltd., com.
5%
Common
10-15
(re¬
(quar.)
Hardart
&
Illinois-Iowa
10-17Z
-11-1
/ 10-20% -10-3
loe;
;.
________
of' New
Co.
10-15-
11-15
62 Vic
com.
(increased)
Co.
r_
•
(quar.)
10-15
11-21
t$2
;
10-26
25C
Pr.
11-
10-31
Mines, Ltd._^^._—//
Hussman-Ligonier Co. (quar.)
Idaho-Maryland .Mines (monthly)
W-ll
11-:" 1'. A 10*11 v.;
It- 1
> 10-15
T
60c
'.75©
Inc/(quar.)
5%
10-31
50c
137 Vic
Canada -Northern
/
10-10 1 '5
/
/ 11-15
"
25c
Electrochemical
Howey
1/
$2
(extra)-///
Co.
(quar.)
10-31
$1
s1v4
(increased).
com.
"50c
J
•f.
(quar.)_
Inc.
Supply
10-15
Fdy. & Forgings Class A (quar.)
Canada
Dentists'
'
10-31
$1 Va
*
:
-11*
10c
Dominion
t3c
—;_
&
Mig. Co., 8% debentures
$6 conv. prior preferred (quar.i
Dome
5%
preferred
12-15
Company (irreg.)
10-15
$1V4? £
(interim>_—
5%
&
10-20
Campbell Wyant & Cannon Fdy. & Co._
•
10-20
4SC
______________
Calgary Power Co., Ltd., 6% pfd. (quar.)__
California Elec. Power Co., $3 pfd. (initial)
1*2-42
15c''
/
Extra
Deere
10-15
$lJ/4
Pr. Corp, $5 pf. (quar.)
(Los Angeles), ,5% pfd. (qu.)
Inc.
Oil
Burmah
'"
Ltd.
(initial)
Co.
,12-15
(quar.i_f ;'
Milling Co.
Dennison
1
tsi'i
(quar.)
(quar.)
Niag. & East.
Bullock's,
.."
Records,
1
683/4C
(quar.)
Buffalo
1*2-42
preference
Inc.
Bros.,
11-
20c
(•'..
$2.75 pref (quar.)i____rt_—;/*•
Telephone Co.,/.,6%; 1st
Broulan
b Buff.
10-20
Columbia
2nd
$1?4>
(quar.)
class A prior
11-
62Vic ;
Co.
1 ^ 40-16 '
"11- 1
75c
Horder's,' Inc;'!iqu-4r.>_i/^__,___77„/i_-l—
?'10-15
(quar.). /
Dayton Rubber Mfg. Co., common
$2 preferred class A
(quar.)____
11-15
10-30
SI
—
Brooklvn Telegraph & Messenger Co.
t
6%
25c
(quar.)___—
(quar.)
Ed'son
Boston
British
10-25
com.
R. R.
Davenport Water Co.,
$1%
common
(quar.):
Co. (resumed)
Bourjois, Inc.,
11-15
11-1.
$1%
1
1
llr 1
\ 12Vic
Bloomingdale Bros.,- Inc.-__-__-___-i.__^____.
Bon Ami Co., class A (quar.)
;
12-
—
preferred
7%
?
12-
SI1/*
Stores,
(quar.)
Birdsboro Steel Fdy. & Mach.
»
$1%
(quar. i
_,
—_
(a'wr.i______—___________
Inc., com. (quar.)____
preferred
Berland
preferred
Davidson
5%
m'/a
si
Spinning
Fine
4Vi'/o
5%
Corp
Harbor Malleable Industries
5c;
(quar.)__________
.Cunningham Drug Stores,
6% preferred (quar.)__
12-15
1
12-
t25c
t25c
Berkshire
-"■'//:
/'•/.
A
1st preferred (quar.)
6%
Beatty Bros., Ltd.
Bendix
Press, Inc., com.
12-15
12-31
$1
_____——_i
(s-a)
Paper
V-
Benton
<S? tort Clmton
Cuneo
•
60C
(quar.)
preferred
Power
,10-25
12M2C
;__
(quar.)__
Co.
10-15
Trust & Sav. Assoc.—
of America Nat.
Bank
10-10
10-31
50c
—
__________
9*30
10- 4
1^10-15
11-
•
40C
Horn
11-20
10-21
50c
Wilcox -Co.____________________
&
11-
15c
/ $1
_/_
Hooker
10-15
1-1-42
•
10c
________________
pref.
pref. (quar.)
Denver Union
Stockyards
12-1
'
Mfg. Co.
"10-25
//'; ic
./Home Insurance,,.(Hawaii) ,(quar.)/__/_____
•ro-l5
7%
11-1
6C
Axelson
10rl5";.
2c
10-20
Powder Company,
ei*
10-25
-
ii-29 *
".'bi- 26.
1
common
1 resumes /
Co.
(reduced) (qu.)
Trust
Cons.
10-20
common
1
11-15
Hr
$l5/«
Refining Co.,
Gold Mining
Foster, 8%
&
Decca
—-—
'Atlas-Plywood Corp.,
Atlas
2
SI >
(quar.)
/--///
4%
Corp.
Bank
Products
Cresson
11-14
11-
1
$1.25
11-14
$l'/2
non-cum.
Corp.. $2.50 prior pref.
Co.
^
11-1
10*31
Holly Sugar Corp., com._
/// 25c'
7%
pref.
(quar.l__/___l/___'-///______l_ / $134 *
Homestake Mining Co., (.monthly)__/—_____ '
37V4c
r
11-15*
11-1
$i%
J"?
Crum
6
$1
-preferred " (s-a)
Atlantic Ravon
$1V4
____
Co.Aquar.)___/!__/_/—
Holly Development
9
10-9
12-15
r
•
t%;
Exch.
Corn
10-18
31v4c
(qu.)
"
Atlantic Refln.
11-
10-
// I2%c
(qu.))
preferred (quar.)
Co. (quar.)
Culver
10-15
$1Vb
Atchison, Topeka & Santa Fe Ry. Co.
Atlantic
•/12//1'Z
10-15
10-20
//:
t$53/4
Atlantic Coast Line R. R. Co., 5%
(quar)/
$7.50 pf.
preferred (quar.)
••ope^-Bessemer
Corn
1
11-
$l,/4
(quar.)
$1.25 pref.
pref.'/(quar.)
6%
Co.,
—
<?/
(W. Br)
7%
3
11-
■ur. 50c
_
________
6'/a Vo
Coon
7
50c
Co., Ltd.
$5 pref.
;
11-15//
/
.
15c"
(quar.)
Hershey
-Hersney Chocolate Gorp. (q.uar.)^_____'_____
conv; pref., (quar.—
cor
/ Hibbard, Spencer, Bartlett Co. (monthly)
iO-?:!'/ ■/;- "Month.
Monthly/";
11". 3.11- -3
137 V2C
Consolidated Royalty Oil Co. (quar.
Continental Tel. ,Co., 7% partic. pref.
11-24
11-15
50c
preferred
Telep.
Y.
12-20 "
13-' 1
.
'
Appalachian Elec. Pwr. Co., 4Vi> pfd, (qu.)
Asbestos Mfg. Company, SI.40 conv. pref.__
Dry Goods Corp., 6%
1st pre¬
Associated
N.
10-15
Associated
;'
of
Co.
Corp.
Co
J Angio-Canadian Tel. Co., 5l/i fo: pfd.
.
Edison
Ltd.—
(quar.)
com.__l
A
Col-p.
Hercules' Bowder
'
Oil Corp.
5
Products
11-15
-
$1%
(quar.)
(s-a)_
Laundries
$1%
Bank
Cable
Consol.
Secur.
preferred
Consolidated
12-
/
'
$1%.
Stand.
Div.
hon-cum.
$2.50
Consolidated
25c
com.
pfd.
preferred (quar.)
Consolidated
10-14*
(quar.)
Nat.
City
Wire
7%
Corp.,
10-15
Corp.—
Viscose Corp., com.__________-._._
preferred (quar.) _..___7/_—__^/_—
Amsterdam
Cigar
10- 6
/1-2-42
15C
' -12- 1
76c
«
1
12-15
Hecker
/37V2C
/.
1
$1%
",v
•
(qu.)_;//>,$lVa//' l2-3fc/;12-14: // / $4
•
Industries, Inc.
preferred class A (quar.)
1
Corp.
Co.;
Corp.,
11-
(qu,)___
American
Anaconda
8
/,
>
$l'/4
'
11-15,
,
37V2c
preferred
Bottle
T lermos
5
$5/preferred' (quar.)_/_L
10-20
,
(A.i & Company;' TV pfd. (quar.')_/r / / $1^
Battery Co., Ltd._'___'_—' t5c
HayesJ Industries (irreg.)
__•
2oo
Hartford Electric Light Co.__//___//__
683/4C
Hat Corp. of America, 6 V2% pref. (quar.)
: .$1% '.
/. 10-23
'/,t50c /'11-15'/ xu-oj,
10-31
t
xx-±o
50c
pfd. (qu.) '
$lVa
k
stock div/u/'/iv.ioO^
11-
12-
Razor
preferred
1st
American
11-
11-
$1^
$6 pref. -(quar.i
(M. A;<)* Co.
10-15
lfl-10
/11-25-/
50c
___
Hart
;
,
10-21
6%
30c
(qu.)
com.
Smelting & Refining Co.,
American
20c
1
Co/
Harbisbn-^Waiker, Refractories
$1%
(Toronto)
Ito)
Co.,
Class B
11-25
11-15
(quar.i
Safetv
Amer!'<an
7%
12-
12-
$l»/4
33c
if- l;
75o ^'11- 1'
/Harris
10-14
>
Brewery
11t 1,
10-20
11- t/i
9;24
/ lO-lo
,
10-15
ii-1
v
15c.
5oc
Chemical
$1.50 partic.
/
6V2 %
12-15
$13/4
________
(monthly)-
Light & Traction Co.,
preferred (quar.
American
Consolidated
10-10
Hanna
■11- V; 10-10
• ;
pref.
Assoc.
Aircraft
■m.-M-
4c
Western
Gulf Power Co.,
Corp.—
Power
Consolidated
10-24*
1:
7%
Life
River
Consolidated
pfd. A
(quar.)
preferred (qu.)
Lines, 5%
American
7%
11-
////
;
Co.
Confederation
Connecticut
10-15
11-15
(Del.) (quar.)
Co.
(Madison,
preferred "C"
(quar.)
Public Service Co._____
Concord Gas
12-15
in cash,
75c
6'/a%
12-15
.TO-Tt
$1.63
4ac:
Co.
Community
10-17
12-31
12-31
____________________
Co.,
Coiorcype
Envelope
Export
y
50c
i
(quar.)____
$l3/<
holders
American
7%
1
s'and share of class B stock.
or
American
American
6%
11-
& Light Co._^___
div. ser. of 1928(qu.)
class A opt.
at
10-15
$l'/4
pref. (quar.i
(quar,
Cities Power
com.
Payable
1
10-20
v
(final)
Wise.)
10-15
11-
-
(quar.)
Co
10-25
20c
(quar.)
Corp.
American
50c
.__
(quar.)
Manufacturers,
preferred
;11- 1
.
Greenfield- Gas-Light; 6'A pref. (quar.)it™':
Greenfield/Tai? f&ZDle vGorp. $6, prei^iU^ / / $IVi
Griesedieck
10/20
!
Telephone
'
Adams
.
J30c.
..
Green"(H.
>
"
/
Co.
Investment
preceding table.
'11-15/
S1V4V /'11-15/
6!/a%
____^—
Edison
Commonwealth
•11-14.-':
:
..L, /
j
Great Lakes Engineering Works (irreg.) _/_/:,///
L.) Co;-,* Inc. quar.li:_/iy/__i:izC'
/
•
ii-is/ id-20
;$lVi-:
Co.,
■
;/-/
-
Elec.
10-29
25c:. >"11-28/ ,11-14
/_£/.
Ohio
/ Class B/common
1
25c .11-28"'
(quar.)____
(quar.)
Southern
&
Corp.
A
(quar.)
prelerence
Columbus
being given
series
series
5%
give the dividends announced in previous
weeks and not yet paid. The list does not include divi¬
week, these
Electric
&
preferred,
Preferred
Abraham & Straus, Inc.______,
$1V4
;,-
.
Colonial
10-20
10-28
11-
$8
_______
Inc
this
"$5 preferred (quar.)__
(qUar/)/;j
12Vic;
_L___'_i_-/,/,/,,17Vi
Pittsburgh RR. Co., reg. (quar.)f? ;/87Vs
'
Cleveland «fe
we
announced
General Motors Corp.
12-16
25c
•
Wood, Alexander & James, Ltd.. 7%
Wright Aeronautical Corp.^u__^.^_
s...
(quar.)
Special Guaranteed
louar.)50c
12-31
$2 'A 1-15-42
Georgia RR. & Banking Co. (quar.)^j_i//i.'_
Cleveland, Cincinnati, Chicago & St. Louis
///•■■•■/s"'
Gillette Safety Razor Co. $5 pfd.v(quar.)_i
10- i
$|-*4/ 'll- I
Ry. Co.
//••/:
t,Gimbel Bros,/ $6 pref(qua?.)
10-10
$l'/2
10-25
5%
preferred (quar.)
____^ ;
$lVi' X 10-31^ >10- 8 4
/Gordonv-<5fe.;Belyea, ;Ltdi.-7 ////'//;/-i,/?-/•>
/■/////
Coca-Cola Bottling Co. of St. Louis (quar;)
25 c
10-20- ■lOrlO
/Class" A/ common
-_i
r__'t$lV&
11- 1
10-20
10-20
15c
10-10
10-27
preferred
(quar.)
Pesco
Nat'l Bk, & Tr. Co. (Chicago)
Title Ins. Co. (quar.J -___l
City
10-27
11-
15c
Goodw 11
Belt
■
". T
;
__
The
7% pref._______ f$2.91%
Co.,
(Quarterly)
(Quarterly)
1*
'
W. J. R.,
He
Chickasha
./ 11-10
$1V.
Common
Cerro
11-15
:
$1%
4%
prior lien
(quar.)
V 5tt% conv. preferred (quart)
Wiscqnsln Public Serice Corp., 5%
Power & Light
preferred
Chain
$2
t96V»c
Wentworth Mfg. Co., common_____7____
6%
Century Ribbon
10-15
12-
(quar.)
pref.____
Inc..
/10-23
(final)
Central
_
10-27
11-
$3.85
Pictures,
v'fcV*f/\Viu*:
7% preferred (quar.)
Zl7Vfec ' 12* t >r n-2(
10-Foote Bros, Gear & Machine Corp., common/: -/■ 50c . >il- ~l
f $0.60 qonv;ipreferred ■(quar.//,15c / ;ll*/l
,
•
Central
10-17
■}.<
$3
Americal_j_i__'„.
of
Corp.
"'/25c
v'<•'*'
12-18":
:
Central
.
10-16
11-
_/_______,.7________________
Walton
•
;,/■/$1
Leaf Tobacco Co., Inc. (quar.)
Utica, Chenango & Susquehanna Valley RR.—
Semi-annual
12-31
* '10-31
Central
10-20
12-15
30c
Universal
■
$»Vi.
K
7%
1-10-42
15c
,
8 %
/:£/
____%/.
1
1
(extra>_
Rubber Reclaiming Co.,
•.■
'■///,>
Per. V yWhen:tHoldcrsyj
Share ^Pay'ble i-ipf Rec,' >
Companyb
/ v Name
..'
•" 5 %
10-15
: 11- r
$2Va
(quar.)
(quart)/__________./
(Phila.)
(s-ai___
Co.
Society
&
/ vr";,v
.
yVM
■/„>
-y
of Rcc., ;
Saturday,- October 18, T941
>
flOrlO-.r--;>Fitzsimmons, Stores,, ;Ltd;.—--■■./•/;
10-20
(quar.)
participating pref. (s-a)
Celotex Corporation, com. (quar.)
11-
$1
$7 non-cum-, class A
Jersey RR. & Canal Co.
Specialties
Ry.
America—
of
Corp.
Ohio
&
•
'
»
y-When^ Holders
''
Shared Pay'ble
:
1%
11-
$1%
$1 Va /
"7 30c /■
10c
New
of Company
Clinchfleld
Celanese
______
__________
Carolina
10-21
11-
$3
(quar.)
6% non-cum. pref. (quar.)
Tubize Chatillon Corp.,
United
United
Name
..
'
—/___/_>_,.7-_/__J-_'
Light Co., 7% pref, (quar.)
Water Co.,
Texas
10-28
50c
class B____
Y. RR. Co.—
(quar.)
preferred
$6
f.
Per
■
•
■
Superior Portland Cement, Inc.,
i'v Guaranteed
of Rec.
Share
of Company
■
•,
Holders
Pay'ble
Per
Name
■■
t
'f[b'•i/?// V! ,•*£•(,:/?/////; .V.'v
THE COMMERCIAL & FINANCIAL CHRONICLE.
666
-
pref.
Si
Light Co., $6
Gas
&
pfd.
Magnin
—
'
#1.31 V*
(I.)"& Co. 6% pref. • (quar.V__77/--:/
& Usley Bank (Milwaukee)
(s.-a.) ; ;
17
11-
1
"
10-17
10-15
$1V,
11-15
11-
- 20c
12-27
12-20
12-15-
12-
5
f
Mfg.''Co/: <irreg.)//__7/_u.i7//_i^—.7; /
Massachusetts
11-
$1 Va
(qu.)
Elec.' Corp.,: 5 V*%
(auar.i
-.Marshall
Marion
Power
County
Investors
Trust
Co.
$3V2
■21-c
10-20
5
9-30
J
-
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3995
Volume 154
ft
•ft
'May Department Stores (quar.)__l
$3
6%
■
Stores
6
1
Co.,
$1*4
(quar.)
pref.
(quar.);_>__i*
s.—
Co. (resumed),—.ft—Ltd.
%, \ partic... preferred ••( accum.)
.........
$5
preferred
(quar.)
;; 4300
10-11
710-21.
$1*4
share
Mississippi
of
Power
Co.
stock
11-
10-17
12-
12-
1
12-
12-
1
-t$l3A
11-
10-15
11-
10-15
11-
10-10
t$i%.
Co.-rr •'
$i%
,\
r-
I-2-42
II-
$ll/2
\
12- 1
1
1
$iy2
11-
1
Montreal
t37c
10-31
Light, Heat & Power Consol.
(qu.)
Moore Drop Forging Co., class A (quar.)__
Moore
(W. R.)
Dry Goods Co. (quar.)—
Morgantown Furniture Co., com. (initial)
Morrlstown
'
400
11-30
10-25
11-
1
lc
12-
3
pref. (qu.)
Narragansett Elec. Co., 4'4% preferred (qu.)
National Battery Co.-—
ft-;—
Rational Casket Co., Inc., com.
Elec.
Funding
National
•
Class-': B
■
Welding
1
11- 1
i
10-20
Niagara
class
Hudson
5%
1st
5%
2nd
5%
2nd
Nipissing
Norfolk
A
Power
series
preferred
series
preferred
series
Western
<te
Illinois
Corp.,
Power
1
10-16
1
10-20
11-15
Northwest
Co,,
Ohiq River Sand Co.,, 7#'
Pacific
Glass
Finance
Co.
10-20
Public
Serv.
>
11-1
10-30
10-15
t$3.
'10-15
t,
10-15
llr- 1
11-
10-30
10-10
10-22
50d
,,,
11-1,
11- 1.4
10-21
11-15
10-30
$1%
.
$iy2
50c
1
lift 10-15:
s11-(lift .10-15
20C
■;
16 %C
11-
1
11-15
10-20
t$l
10-29
10-22
11- 1
10-15
"
pfd.
:
32'/2c
(qu.)__
,
,Co.,
Mines
".
ExtraToledo
■1
y»c
$1%
(quar.)_>
;
40c
in U
Funds
S.
Telephone
(quar.)
Preferred A
(quar.)
Preferred
,
6"f
A
Ltd.,
com.
^
Heat
lifts
35c
-14-42
5-5-42
t75c
11-15
&
pref.
V"
11-
50c
;
25c
Power Co., (resumed).—
(quar.)
25c
10-20
1
11^
$i.i/4
J
(quar.)__
1
.
.
;
.
ft$4.50
■
-
10-1
10-10
Union
Gas
Union
10-15
10-31
pref.
of
Co.
of
.
Company
preferred
10-14
10-21
10-
11-1
10-17
11-
1
10-17
25c
12-15
11-20
12-1
11-20
12-1
10-20
11-15
10-20
$20c
1
10-20
12-5
12- 1
12-15
12-
&
*
;25o^ io^25
.,
Bol^Coap.si'iSESiri—-
:
' •! »
■
10-15
.''ISc ^ 10-21;,-v?10-2
"15c 2-15-42 vJ-31-42
4-30-42-1
15c 5-,15v42
,
v'
15c 7-15-42
t5c 10-15-42
Common
Common
:(j
'-"r--
.UV
Hnrrifttre
Plnmnnt.h
Co.
•
(OUar.)_ —-i-—$Vl/4
10-20
6-30-42
ft
9-30
1
293,728,209
293,710,643
3,846,650
3,007,900
63,667,000
63,667,000
87,323,000
23,400,000
25,232,000
25,232,000
97,714,000
97,714,000
93,522,000
123,420,000
107,568,000
132,857,000
132,857,000
103,771,000
92,249,000
100,068,000
84,758,000
84,755,000
96,772,000
114,935,000
79,578,000
41,994,000
41,994,000
35,222,000
31,936,000
25,980,000
6,505,000
6,505,000
6,500,000
6,537,000
6,548,000
6,667,000
6,667,000
8,205,000
6,602,000
Tot. wk._
696,170,178
697,575,919
Prev. wk.
11-15
696,168,368 697,640,874
Neth'rl'ds
Bel.
Nat.
10-31
12-31
12-15
175c
11-
1
10-7
t75o
11-
10-10
11-
20c
37yac
1
>10-15 ft
11-1
10-25
10-20
10-7
11-
ft $1'A
1
ft 9-17
ft
11-15
10-25
'
11-15
10-31
;
11-15
11-
11-22
10-22
tie
11-22
.10-22
3
11-
1
50c
11-
1
11-
1
11-17
value.
our
the
11-25
6
10-15
market price
On the
Puget Sound
Purolator
Pulp & Timber Co
Products,:,,
.
,50c r4 0-27 vft 10-17
:.lQcft41ftl,10-20
Quaker,Gas;Go,, 6%>pref, Jquar.ftw-ft-ft-~. v ',$Ay2
8c
'QusrterlV Ineome Shares,.. Inc,_---,—TL—-ft
.
8c - lift 1ft
Coft(quar,•)___'—
— * i:
*25c ft,ll-25
10-15 "
.
i (Quebec. Power
10-24.-
i
include
cies."
of
gold
France
holdings
revalued
have ftbeen
10-15
1
10-17
11-
1
10-17
11-
tails of
11-
10-11
1
11-15
changes, see footnote to this table in^issue of July 20,
1940. ft
10-31
(quar.)__ft
on
10-31
$1V«
t20c
recent years;
12-15
!
11-20
25c
11-10
11-
1
10-21
10c
11-
1
10-21
1-2-42
Discount Rates of
10-10
15C
Central Banks
58>4c
11- 1
10-15
58*40
12-
11-15
—
58 VsC
I
53c
at' the leading centers
12-15
;
Present
11-1
10-15
ft
table which follows:
1 ft
11-15
1-2-42 ft
12-15
ft
12-
50c
11-1
12-
11-15
1
1-2-42
rates
ftftftftft:
Rate in
Country
10-15
50c
50C
any
1-2-42 ft
53c
53c
of
rates
discount
Effect
12-15
Argentina
Belgium
Bulgaria
50c ft'.ft 12-20 ftft
12-
'ft
_
6
—
3ya Mar
2
5
ftyftft'ft-Pre-
Effective
Jan
Dec
vious
Rate
1, 1936 —
5, 1940 2Va
1, 1940 6
50c
10-31
ft 9-30
Chile
2"/2 Mar 11, 1935
Dec 16, 1936
3
11-
1
-10-16
Colombia
4
Jly
18,
68 %c
11-
1
10-17
25c
11-
1
10-15*
3
Jan
11-
1
10-15*!
4
Jan
50c
12-20
11-29*
30c
10-20
10-10
Industrial "Alcohol Co. (quar.)———
pref. (qu.)
(quar.).
Co.
(quar.).,
ft5ftft
ft,
Denmark
Erie
$1*4
4-15-42
4-2-42*
$1'A
7-15-42
7-2-42*
-ft;
•—
ft—
$1*4
•ft.- $1
12-1
H.OO
11-
10-16
1
...
Estonia
Finland
;
Greece
•Not
ft-.
Holland
Hungary
Oct. 23
Italy
Japan
4
Oct
3
Jun
30,
2
Oct
26,
Oct
1,
4
Dec
3,
1932
1939
3>/a
3
Portugal
26,
1941
3
3
Oct
22,
28,
1940
4
Nov
1935
3ya
18,
7,
.ft Jan
14,
3
..
™
Poland
Rumania
vioui
Rate
Jun
3.29 Apr
Java
Norway
Effective
4'/a May
...
Morocco
1936 3>/a
1937 5
16, 1940 4V2
2ya
* Pri«
Date
3
...
India
2,
'•
Effect
..
__
1935 5
1934 4»/a
1941 2
South Africa
6
Jly
15,
6Vu May 28,
3
May 13,
4(4 Dec 17,
4
Sep
3.'4
Mav
1937
5
4
1939 7.J
1935 4V4
1940 4V<i
1937 5 f
Mar 31,
3
1936
1941
12, 1940 3Vi
15, 1933 4(4
*4
Mar 29,
1939 5
Mar
17.
Sweden
3
May 29.
1941
3'/a Apr
6,
1940 4
Switzerland
1'4
Nov 26,
1936 2
4,
1937
Yugoslavia '
5
Feb
s
1%
...
<
1936 3.65
6
...
France
Germany
Rate in
Country
1,
4y2
__
.......
shown in the
••ft'ftft )
ft,-
Lithuania
....
:
1-2-42*'
■
(quar.)
Danzig
;
1-15-42
4
1933 5
Czechoslo¬
vakia
•
——
com.
f
England
ft $1(4
ft;ft$5 ftpreferred ft(quar.)ftftft
#S«: $5,, pref. ■ iqua
ft$5 /
(quar.
^Unitedft Wja.ll; Paper^, Factories, Inc.—
,ft6ft prior" preferred .(quar.i____
Canada
are
..-ftftftft'V>;':
•
Date
Oct. 23
ft
•
conv.
changes during the week in the
of the foreign central banks.
There have been no
pref. (s-a).
Foreign
12-20
$75c
50c
Co.,
'"'-.)
several
.ft; ft ft
,
Bank
y The
times in
10-15
S.
Tobacco
|
1
holdings of the Bank of Germany as reported in 1939 and
"deposits held abroad" and "reserves in foreign curren¬
Gold
10c
Co.
Leaf
about
10-25
1
Fire
Universal
only
20c
—
^'Common
1
to
11-
11-15
S.
Corp—
however,
10c
$1'A
U.
-
(168s. per fine ounce), the Bank
equivalent,
the statutory rate (84s. llV2d. per fine ounce), according
calculations.
In order to make the current figure comparable
at
former periods as well as with the figures for other countries in
tabulations, we show English holdings in the above in statutory
since
10-20
(quar.)
Merchants
Mfrs., Inc,
^Common v.t;.c;ft(irreg.)ft_____.
United .Sugar
basis
£ 1,657,323,
of
holdings
basis of iatest valuation (23.34 mg. gold 0.9
fine equals one franc), instituted March 7, 1940, there are per Brit¬
ish statutory pound about 349 francs; prior to March 7, 1940, there
were about 296
rrancs per pound, and as recently as September, 1936,
as few as 125 francs were equivalent to the statutory pounds.
For de¬
11-1
15c
(quar.)
Corp.
-.ft;ft;ft 'ftft;
Currency
of
reported
with
10-25
12-
the
to
.pounds.
10-15
m
1941.
and Bank Notes Act, 1939, the Bank
1, 1939, and since have carried tha
gold holdings of the Bank at the market value current as of the state¬
ment date, instead6of the statutory price which was formerly the basis
to
10-15
41 %c
this tabulation. Even be¬
obtainable from Spain and
England statements for March
£838,108
t3c
762,478,467 1,-090,671,578 1,063,167,353
761,636,471 1,088,332,453 1,061,589,846
1941, and France as of Aug. 22,
10,
20c
class A (quar.).—
States^Pipe &- Foundry
•>
,
made it impossible to obtain up-to-date
of
90c
45C
in Europe has
war
•Pursuant
50c
(quar.)—_
$5 pref.
States Plywood
6,666,000
Italy, figures for which are as of April 30, 1938, and March 20, 1940,
respectively. 'The last report from Switzerland was received Oct.'25;
Belgium,*- May 24; Netherlands, May 17;-Sweden, May 24; Denmark,
March 29; Norway, March 1 (all as of 1940), and Germany as of Oct.
10-15
11-5
—
58'4 c
I quar.)
'
reports from many of the countries shown in
fore the present war, regular reports were not
10-15
1
Note—The
10- 7
11-
$lVi
1
11-15
t.025c
;
I66c
United
2,497,150
4,020,250
13,602,000
Denmark.
—
United
ft'' ft ft'
328,601,484
63,667,000
11- 5
$iy4
(quar. i
(quar.)
U. S. Hoffman Mach. 5V2%
£
328,060,560
.12-5
6% prior preferred. (monthly)—
'6% prior preferred (monthly)..:
Ins.
1937
■ft .•
16,602,000
/11-15
——*
United Profit Sharing Corp. 107f
£:ft-ftftv.
327,754,469
...
•('
ft,'*" 'ft'/ft ft"
*510,333
Sweden
31'Ac
U.
9-30-42
1938 .ftft
:ft 1939
1940
-
25c
Commonft—4---—^
.•
European Banks
3,880,400
63,667,000
10-16
12-15
Co.
United
•
dividend.
this
for
*342,723
Norway..
.
Screw
5
240,687,670 242,451,946
10-23
40C
—
ForgingsAiCqftft..-i.2^^:4iiii^:4
12-
Italy.
Wrks,
•
Tool ;i Co., ,com--—
12-15
5UC
(quar.)—
Spain...
1
—
Plomb
10-15
'
Germany x
(Tren-
(quar.)____
Pittsburgh
Inst,
closed
not
*838,108
France y
(s-a)T-.^_r._V._—
Pittsburgh
1
of accumulated dividends.
£
"
v
10-15
11-
Switzerl'd
(quar.)..
—
Ltd.
1
$37V2c
—_
1941
Banks of■
England.
10-15
1
:
10-31
11-
11-
$17s
(quar.)
11-15
$1.20
(quar.)..
Y.)
11-20
11-29
11-
following
11-20
10-30
37V2c
(quar.)
,
,
12-20
table indicates the amounts of gold
bullion (converted into pounds sterling at the Bntisn
statutory rate,"84s. Iiy2d. per fine ounce) in the princi¬
pal European banks as of respective dates of most recent
statements, reported to us by special cable yesterday
(Friday); comparisons are shown for the corresponding
dates in the previous four years:
12-5
12-1
ft Class B (quar.)ftft.—ft—
i:, United Fuel Investments ' •'.
ft
1-2-42
'30C
(irreg.)
Gold Bullion in
The
6
25c
class A preferred
Canada,
11-20
25c
JPayable in Canadian funds, tax deductible at the source.
Non-resi¬
tax, effective April 30, 1941 increased from 5% to 15%.
Resi¬
tax remains at 2%.
a Less British income tax.
20c
California
10-20
1
dent
3 ft
37V2C
10-25
10- 1 .ft
10c
6%:class A preference (quar.)..
11- 1 ; 10Sl'/a
lft ft. United'Light &i Railway Co. (Del.)
Philadelphia Electric- Co.; 'com44-_i!i^.'_l- '%
35c WT. 10^10' > C?f7% prior preferred;(monthly)--———11^4^10-10 44: ft7%
$5 preferred (quar.).
^ $l!/4 '
-prior preferred (monthly)
Phillips-Jones, 7ft preferred.-----—, llr .1- 4 10-20
?7^<> prior preferred (monthly)
Phillips'Pump & Tank Co. class A (quar.)—
; 2y4c
11-1
8-15
6.36%, prior preferred (monthly)
Class A (quar-;) .——--2v*o
1-15-42
6.36% prior preferred .(monthly)r_ft
pierce Governor Co.—
——.v v
30c
10-25
>30-10
6.36^ prior preferred: (monthly)—ft—ft
Pilgrim Trust Co, •,(quai\<) iri.J...—~v $2f o Ir2r42
12-24 ■\6% prior preferred (monthly)
Pilot Full Fashion Mills, Inc. (quar.).
10c
-.9-30
9-20
%rb
10-
10-24
(quar.)___
Oil Co.
10-20
1
12-
t20c
Mercan.
books
account
10-24
10-25
—
United Drill & Tool Corp.
1
11-
10-29
11-25
...
of Missouri,
11-
10-25
Inc
pf.
(The)-
Co.
(quar.)
Cooperative
10-20
5c
Union Elec. Co.
11-10
25c
———;
10-15
1
25c
(Del.)— i
:|—
10-31
12-
10-10
37%C
10-21 ft
10-25
11- 1
r$3
Truax-Traet Coal
f
10-15
10c
(quar.)
•Transfer
10-17
30c
Ltd.
Ltd.
75c
(N.
10-31
10-15
40c
—
Co—— ft,—-ft—
W.)
preferred
ton
10-80*
1
10-25
ft
10-20 i
10-27
11-
11-15
Co., common (irreg.)
Tung-Sol Lamp Works, inc., common—ft
■M $0.80 preference >,(quar.)ft
Udylite Corp. ,ftftu.,
ii-i5
:
t$iy2
Brewing -Co.
Philadelphia
•
12-16
11-15
,—
____________
preferred
Pfeiffer
1- 5-42
35c
—
(quar.)
Pennsylvania Power,Co.,' $5
Pepsi-Cola Co. ' (irreg.
Petroleum
is, 50c
.•
.
11-
10-20
'
Trust Co.
Bank &
10-15
$iya
(irreg.)—
—
10-20*
Co.—-
preferred;
1
ftft—
...
10-20
11-
$1 Va
Triumph ^Explosives,- Inc.
IO-13ft.f
) 10-28
; li-1
•
4
w_.
(quar.)
Penman's
30c"'
Trade
;
11- 5
30c
preferred
5% 7<'
11-
12-20
50c
preferred
-
Monthly
'n:
31 ft c
(irreg.). .
-> >
(quar.)__
Co., Inc., 5%, preferred A
Peninsular
11-20 ft)
10-31.. 10.-16.
10-15
$i
:
250
(F.
Monthly
per
(monthly).—ft.ft—ft;
(monthly)
•
preferred. "(monthly)Toronto Elevators, .Ltd., com. (interim)
10-4
12-, i
^.r' ' ,'ft
'
Payable
'10-22
...
•<
1
(1897)—
Co.
Power
(Wm.), Jr., & Co.
Wrigley
10-20
12-26
$1
5%
-'. (monthly);
U- 1
t$l
;-ft^-wft-t.—4-—ft;-;————.
'6%
\
Inc.
Parke-Davis. & Co.
patino Mines & Enterprises Consol., Inc.
Pearson
—
Edison
1%
'
Parkersburg Rig & Reel $.50 pref.
$iy2
■
10-15
75C
-—
11-
—
6%
Mfg. Co., $3.60 pref. (quar.)^
Third Nat. Bank & Trust Co. (Scranton, Pa.)
Quarterly
—ft;—
Toburn Gold Mines, Ltd.—
—
.11-
$l'/4
11-o
1
3-20-42
Thatcher
-
,
10-25
11-
dent
Tacony-Palmy'ra Bridge Co., 5% pref. (quar.)
Talon, Inc., 4%: preferred (s-a)
ftft-ft
10-21
1
11-15
'$3
4-1-42
(stock' divi.)
One-half
share of company's com. stock
,;
for each share held. .
Super Mold Corp. of Calif, (quar,-»ft
10-21'
11-
10c
k-
25c
t$l5/.
$4.50 pref.
Sundstrand
11-1'
Electric
preferred
(quar.)
Industries. Inc.
*: Woolworth
Wis¬
for
Sun-Ray Drug Co., common^
6%preferred"(quar.)——^
5
50c
—
iftftftft
Zeller's,
50c
of New Jersey
10-18
11-
10-15
$1 Va
com
1
Wurlitzery (Rudolph)
15c
Tool
Inc.,
11-
12-15
t4c
Ltd.
10-18
11-20
,
_
...
Co.,- $1.30
Co.,
'
Machine
Co.,
11-28,
t$l'/4
Ltd.,
Candle
10-10
12-10
50c
—
12-15
(quar.)
v
1-
Instrument
10-20
^liquidating)
.4y2%
10-10'
1
12-23
t22c
is $49,638
;■ ft
■
(quar.). ftft— ft.——
Suri Oil'Company,
6%
A
Sullivan Consolidated Mines, Ltd,ft.-;.—--.
40-10
Baumer
Wisconsin
t
—
&
Zion's
(The), 5% pref. (quar.)
Stecher-Traung Lithograph Corp.—
5% preferred (quar.)
Steel Co. of Canada, Ltd;, com.
(quar.)
7%
preferred (quar.)
-
9-30
(quar.)*
Cons,
Paracgle-Gamaus
(quar.)
1
11-
12-23
,
Stanley Works,
9-30
10-20
X.10:30,
Pacific Lighting Corp. (quaf.)——_i__
Pacific Portland Cement Co., 6V2r/n preferred
Pacific
10-25
$1%
5% preferred (quar.)
,y; Preferred A (quar.) f.
(quar.)
ton)
.
11-
$1 V'a
11-1
—
Tax,
Co.
10-15
.ft. 35C
(quar.)
(quar.)
$3
12V2c
reduction
Inc.,
10-18
1
$1%
(quar.).
Brands,
1
11-
2-20-42
common
preferred
11-
3-2-42
10c
Bag & Paper Co.,
Standard Fire Ins.
10-15
85C
Corp. of Calif.—
C
$4.50
Standard
90c
t25c
Ltd. "(s-a) ftft ftft.
Co.,
25c
(quar.)
■
Power
10-17
10-20
preferred (quar.)
Canada
11-15
1
--ftftJft—'ft..—
California Edison Co.,
Inc.,
$l'/a
11-
(quar.)
9-30
•<:v
;Preferred
H.)
Standard Wholesale Phosphate & Acid
50c
f
•
N.
South. Indiana Gas & Elec., a.G7o
Spiegel,
11-15
10-17
preferred (quar.) —ft—ft—ft.ft—
Point
Mfg. Co.
(quar.)...
1-20-42
J,
Preierred
1
11-15
2-2-42
$1 '
Standard Silica Corp
(quar.)
preferred (quar.)
preferred
(quar.)
2nd
Owens-Illinois
Conv.;
10-15
12-
43%c
;
(quar.)
(in-
preference
9-30
Co.
^
non-conv.
11-15
1
25c
'
10-25
,—L
f"»'. 1st
6'r
:10-31
1
(s-a)
A
Div.
1
11-
i7yac
10-15
$iy»
Ltd.
(Nashua,
■ft
12-
w
ft
pref.
Woodall
5
50c
$3.50
after
State
9-15
10-31
$iy*.
ft;;;
'
1
11- 7
tlOc
•
10-10
11-
11-10
$1%
(George),
11- 8
t25c
:
& Power
10-20
$1 Vn
11-1
(quar.)
com.
Mines, Ltd,
6%
Southern
10-15
,$1
Mfg.
Company—
Common
,
11-19
11-
25o
&
:
12-
11-20
11-15
$1%
37 >/2c
•
:
—
class
amount
share.
12-15
25c
4-18-42
7-18-42
t$l%
Ltd.,
Mines,
Company
Southern
10-15
20c
preferred—___—
25c
$1%
1st pref. (S-a)———
(s-a)fti.———ft—ft.
Inc.,
Southern Advance
;11-15
75c.
.
10-15
1-17-42
5-1-42
...
(quar.)
l7o
Co.,
Electric
!■$
Bank
Premier
Inc.,
______
Fai;m Equ'pment Co. (irreg.)
United Filters, Inc.; cjass A
:.;4 Class '• BOutboard Marine
,
1
common
5'Tt' preferred (quar..)__—
Outlet
1
12-11
(irreg.).—-—-
1
(quar.).
6%
,
10-15
$iya
Co.
11-
t$l%
10-15
■;v
$i%
ft.
*20c
'1$
11-15
(Robert) Co., Ltd., 6% pref. (S-A)
Sniaer Packing Corp.——
Southeastern Greyhound Lines, Inc. (quar.)
pref.
(Del.), 7%
1
(quar.)
11-1
(quar.)—
Shoe
1111-
$iy2
12-
Simpson
1
1
common
11-5
2-2-42
1
L
Elec.
preferred
10-15
1
8-1-42
:
11-20
fj t$iy2
37'4c
_
Engineering
Nunn-Bush
11-
11-
com
Ltd.
Co.,
Co.
Power
•
1,
10-16
11-
$1'
1
1
11-15
Simpson's Ltd. sy2%, (accum.)
10-16
11-
25c
—
preferred
1
pref.
adj.
Co.,
11-
87 Vic
Corp,
consin
'■
10-15
tl5c
...
12-
13C
tl5c
10-15
Co.,
Wilson & Co., Inc., $6 pref
Winsted Hosiery Co.
(quar.)
10-10
;
37'/2c
—
Will
10-10
37yac
——
10-18
5% pref. (quar.) —
White Sewing Mach. Corp., $2 pr. pref. (quar.)
lo-'i/
10-20
11-
..^.ft.......ft
preference
conv.
Penn
Weston'
>10-20
10-21
12-
(quar.)
Co.—
(quar.)
ft $4.50
10-11
11- I
12-10
(quar.)
Westvaco Chlorine Prod, Corp., com.
10-15
1
10-20
.■■(itregijftw^ift
com..ft
:
Nat.
1
11-
pref.
(quar.)
Steel Foundry
Weston
11-
25c
11 v-'
(quar.)
Dofime,
&
Net
10-15
10-15
11-
—
(quar.)
-
States
quar.)
Oliver
1
1
10-24
11-
V'.
Finance
Ontario
preferred
Oliver
1111-
$1 (4'
(quar.)__
Railway
.
10-15
37'/aC
—
preferred
Simmons
i
(quar.>.ft
Co.
lft
.
3d
ft
(quar,)
Mills,
Gold
•
11-
10-30
$1%
■
37yac
Electric
&
Westminster; Paper
10-10
t50
(irreg)—..
(quar.)
Co.,
Ltd.,
5Mi%
pref.
——
Michigan
West
10-10
1
75c
—
r
Ry.
preferred
West
11-
11-15
—*
...
7%
Detinning Co.,
::$la/4
-
12-10
11- 1ft
t$l
(quar.)
preferred:
$i
common
Power
12-20
3c'
12-29
10-25
(quar.)
preferred
11-15
150
(quar.)
ftft-,,.:..i:ft.i.
(quar.)..i...
Shops,
preferred
Silbak
12-20
12-31
preferred
,'ft 6'%
10-15
"50c
(quar.)_„
Power
Paper Co.—
Serrick
2
25c
preferred ft quar.)--
conv.
Northern
\.
9-
$1'A
A
&
Shawinigan Water
$l»/4
(interim)
com.
Co.,; Ltd.,
Co.
Antonio
Second
11-20
$iy»
:—
Northern
6%
1
1
$iy2
(quar.)__
Y.
: ft:
(quar.)
ft..
Shakespeare Coi. (quar.)__——
Shatterproof Glass Corp;-, (quar.)
10-17
50c
B
Ltd.
Mines Co.,
Northern
6%
1211-
10-15
1
t5%
:
preferred
creased)
Sharp
9-30
1
$1%
.
N.
preferred
Paper
ft-.v (quar.)
Corp.—
preferred
(ouar.)
$1.50
(quar.)
conv.
Mfg.
$4
(J. J.)
Corp.,
Co.
Simms Petroleum Co.
*
.;
ft
preferred
.ft
$4.50
0^30
10-20
11-
1
11-
t$3.933/4
of
Lawrence Flour
"...
*•
—
1900
Co.
Button
conv.
.
San
10-20
25c
•
;
7%
—
—
Scott
10-20
10-30
10c
A: (quar.)*.
■
Ins.
(Quarterly)
10-15*
10-30
$1.18%
-
common
Brass, Inc.,
preferred
Louis County Water Co., $6 pref. (quar.)
St. Louis Union Trust Co. (Mo.), common—
10-11
50c
Realty Co., 6*4% preferred
ftftfftftftft
—.ft
z
6% preferred B (quar.)
Newport News Shipbuilding & Drydock Co.
$5 convertible preferred (quar.) ft.
—
New York Merchandise Co., Inc.
(irreg.)
Newberry
•..
$1
St.
10-24
1
11-
1-2-42
(qu.)
37»/2C
ft'ft'f6%
,
6 %
(quar.)
10-11
11-
I
15C
;
12-
15c
(qu.)
A
Incorporated (quar.)
Antelope Copper Mines, Ltd. (final)
& Myers, Inc., $1.50 partic. pref.—
Ruud
10-31
35c
Paper Co., common
Neisner Bros., Inc., 4%% conv. pfd. (quar.)_
on
Copper &
10-15
1
5' $iy2
pf.
B. .(quar.)
10-15
1
11-
35c
tvC
(quar.)
St.
2c
.
—
class A (resumed)
Inc.
preferred
12-18
11-
ft": 50c
Nekoosa-Edwards
Industries,
West
Saco-Lowell
;
—_
Nestle Le Mur Co.,
5%
12-26
ft 7% preferred (quar.)
11-15
'•-siy*
pref. B (quar.)—^—
10c
National Motor Bearing Inc. common..:.-,,-:
National Power & Light Co., $6 preferred
Newport
10-27
St. Louis Bridge, 6%
3% 2nd preferred
75c
Co.-'(quar.)
—
11- 3
1-2-42
9-30
75c
(quar^):>i'b«^^^ii:^i«^.^^__
(quar.)
50c
87 Viz c
11-
National Lead Co., 6%
.
Washington
9-30
50c
_______
(quar.)
10-20
10-20
50c
.
(quar.)..
(quar.)
Corp.: class A
1
10-27
$1'
Mach.
11-
1
11-
13c
National
15c
12-27
56y»c
Myers (F. E.) & Bros. Co., extra
(quar.)
Washington Gas Light Co., com.
$4.50 conv. preferred
(quar.)
10-20
10-20
37y2c
62'4 c
$i'%
convertible preferred
National Distillers Products
10-16
preferred
(quar.)..^
Roos Bros., Inc., $6.50 preferred
11-15
25c
$3
Vulcan
11-14 ft
10-15
(qu.)
Inc., Class A
10-20
1
11-13
9-30
$1.06 Vt
•
City Lines,
1
12-
25c
Saguenay
(Philip) & Co., Ltd., 4'A% pref. (qu.)
Oil Mining Develop. Co.
(quar.)
Mountain States Power Co., ffom. (quar.)—
National
11-
25c
J
67o
•'
Diablo
Mutual Chemical Co. of Am., 6%
75c
Rolland
10-8
__
Morris
5%
preferred (quar.);
v
Munising Paper Co., 5%, 1st preferred
10-20
Rockland Light
2'/a shares of Natl. Invest. Corp. for each
share held.-
Mt.
10-20
1
$ l. 50
11-20
50C
(liquidating)
1
11-
Extra
11-20
41-30
.
,
Corp.
11-
preferred, (quar.)
pf.
37y2c
25c
Rochester
11-20
$1'4
Virginian Railway Co.—
6%
preferred
(quar.)
6%
preferred
(quar.)
—
Rohbins
12-31
11-30
40c
—
& Co.
Securities
10-14
ftft
25c
Roan
10-20
1-1-42
$iya-
;
i—U-»
10-24
ft. 37'/2c
ft;
extra__-__i
Rich's,
9-30
11-1
$1*4
—
"
9-30
1
Richmond
10-11
(iniital)
10-20
—
Rhode Island Pub. Serv. $2 pref,
-'Class: A
11-10
preferred
Morrell (John)
Co.,
Additional
11-10
12-
Extra
20c
Valspar Corp. (The), $4 conv. pref
Vapor Car Heating Co. preferred (quar.)
8%
Co.
of Rec,
$1 Va
$1
Lt.
&
Holder$
Pay'ble
Co.—
11-
5 V\ 7o
11-10
12-
$2
-——
$4.50
■
6%
9-30
Republic Petroleum Co.
10-15
1
$2'/4
(semi-annual)
A
10-20
Pr.
Knitting
$2%
6%
12-20
$2»A
preferred
(quar.)
.
12-20
1-2-42
preferred B
(semi-annual) •
1—
$4 preferred C (semi-annual)
___
Montana Power Co.. $6 pref. (quar.)——
$4.50
'•
•
Packing
Revere
(quar.)
'i
preferred
7% preferred (quar.)
Regent Knitting Mills preferred
Republic Invest. Fund, Inc., 6%
for
Mississippi, Power- &,Light, $6 preferred—
Chemical
10-17
25c
preferred'..'(quar.)':
Monsanto
1
11-
$1*4
pref.
$7
ft 20c
Reading Co. J (quar.V__.ft
;
,4—.i.
Reed,,- (C. A.) Co., $2 preferred Aft-vSi-ftifti:
ftft'
Reed-Prentice j Corp,..
held.
common
Utica
Upper Michigan
common ft..
$3
-•
12-1
30c
-——
shrs. >of. com.
additional
each
12-15
50c
(quar.)
pfd.
—
B
ft5 7o.: preferredft, (s-a)
Raymond Concrete Pile Co
10-11
ft-**...
_
(quar.)
9-30
Rayonier, Inc.
Michigan Gas & Elec. Co., 7% prior lien__
$6 prior lien.;,..
•
:
—
Midvale Company (stock dividend)
$6
,
10-15 ft
>>
ft
(quar.).
Acceptance Corp. 5%
preferred
Two
ft
1
11- 1
11-1
10-20
When
Share
of Company
Common Kquar.)
1
11-
,25c.
,
20c
Per
Name
Extra
11-
$1 Va
(
of Rec.
V.
common
Rath
'
10-20:,;
Distilleries,
Mercantile
i
,11-28
ll- 1
i
Heldert
.ftft'ftftft,''
Corp.-—
A
$0.80
•,
20c
pref.
6%.
11-29
•,
,
10-15
50c
"'com.-*—*
Melville Shoe Corp. common
i
43%C
i
1
■
10-17
11-
Employees
Class
Class
10-17 ft
:
When
Share
of Company
Name
.
.
Railroad
,11-15
11- 1
,
35c .ft
McWilliams Dredging
Melchers
1
Co.. (quar.
Electric
McLellan
11-
75c
5%
McCrory Stores Corp.,
1
$1*4
(quar.)
McCall
Corp. : (quar.)_„l_..>_uJ_„_—
McClatchey Newspaper 7% pfd.>' (quar.)—
McGraw
12-
ft'
of Rec.
:
,
Pay'ble
Per
Holdert
When
Pay'ble
-
75c
—
preferred
Company, $8 1st
preferred (quar.)
Maytag
\y
V,.
Per
Share
Name of Company
667
officially
Jan
confirmed.
7
Spain
»
3ft
1, 1935 6Vi
THE COMMERCIAL & FINANCIAL CHRONICLE
668
Saturday, October 18, 1941
Weekly Statement of Resources and Liabilities of the 12 Federal Reserve Banks at Close of Business Oct. 15,1941
'
•
?
:,' V
4 ;' \Thre© Gipners (000) Omitted
:
Federal
-
Reserve
Agent
at—
New York
Boston
Cleveland
Philadelphia
Richmond
Atlanta
:v:-
ASSETS
/
due
from U.
.
certificates
Gold
Redemption
Other
:
fund—Fed,
and
S,
Treasury—
-
620
1,884
16,927
1,312,212
1,663,903
809.474
•••
1,487
150
200
-'
346,979
'835
520
422
17,562
4,985
11,623
592,257
352,484
$
518,221
u
1,479,017
356,153
506,176
35,798
'
3,463,921
534,196 >
30
37
12
"5,209
Francisco
v
679
1,595'
10,445.
24,808
,
,
367,277
1,505,420
51
33
.
100
58
925
6,275
—.-^--1;^^-.------.-'
*;■■■*.:
„
^4;^
$
573,860
896
19,634
8,437,422
Dallas
City
$
$
321
15,678
,
discounted
bills
Other
695
17,292
-
Secured by U. S. Govt, obligations, direct and guaranteed—
r-.4
1,009
Minneapolis
P
3,427,227
1,232,896
f
20,789,683
,
discounted:
v..-.'
^
514,241
50,136
4,677.
.250,498
.
1,647,605
1,294,225
$
790,663
St. Louis
Chicago
25,610
14,153
notes
Res.
8,386,277
1,202,609
20,525,032
$
$
$
$
$
.
cash*
Total reserves•
,
( Bills
hand
on
San
Kansas
".x.-':
pa**,
Total
25
V.
85
30
29
■
■
266
522
'
'
42 '
7,762
350
6,134
58
137
9,273
1,655
1,086
3,609
222
Bonds
1,363,800
105,744
353,624
107,412
134,809
84,293
58,227
XV'Notex
820,300
63,604
212,697
64,605
81,084
50,703
35,022
2,184,100
169,348 '■
566,321
172,017
215,893
134,996
2,201,135
171,353
573,541
175,684
216,252
47
3
18
5
4
40,674
1,076
5,234
1,132
130,582
363,747
92,567
2,791
10,404
4,867
44,118
3,139
11,385
24,550,096
1,541,840
25
'
296
573
33
300
493
96
284
138
186,227
69,382
40,590
58,653
47,800
117,039
112,012
41,731
24,414
35,279
28,752
70,397
93,249
298,239
111,113
65,004
93,932
76,552
187,436
135,789
93,556
298,596
111,413
65,611
94,324
77,409
187,607
2
2
6
1
1
1
4
2,588
13,822
2,906
2,584
2,219
861
4,000
1,305
2,947
172,852
112,248
58,135
226,019
61,952
30,174
55,170
52,308
4,476
2,878
1,959
2,991
2,286
1,345
2,900
1,158
3,569
4,734
2,892
1,842
5,640
2,067
1,323
1,845
1,555
9,401,751
1,590,036
2,064,809
1,077,105
692,596
3,999,757
772,195
451,798
676,461
612,139.
1,895,191
509,321
696,136
390,164
246,942
1,543,760
288,742
186,380
242,332
122,373
617,371
13,321,390
709,449
5,979,074
800,162
1,009,139
483,452
308,819
2,001,325
346,028
176,£j08
308,906
263,090
935,436.
258,814
9,853
29,273
21,552
23,505
19,329
20,289
33,788
23,187
17,915
25,858
17,750
16,515
1,188,259
52,951
458,833
114,514
108,611
50,764
41,319
141,667
35,417
25,972
34,236
34,236
89,739
Industrial' advances-
,
"
332
Total bills discounted
;
265
793
•,
114
U. S. Govt, securities, direct and guaranteed:
Total. U.
Total
bills
Due
from
Fed.
Res.
Govt,
and
securities, direct and guaranteed
securities—
foreign
—
banks
—
banks—
of other
notes
Uncollected
; Bank
S.
items
,u"
1,433,599
Li-*—,
40,840
premises
■Other
assets
—.,—i--—-.•'
_
>
; ,
',
,
'
;';see fx!'
.
77,845.
2,785
h/'pp,
4,127
'
Total'- assets
\ti
in actual circulation
notes
Ra
501,013
1,780,735"
LIABILITIES
,
.
F.
T
.—J—
7,350,851
■/Deposits:
Member bank reserve account
n
Treasurer—General
S.
U.
„
account
o"(Foreignu'.:'^-i^-i£;-J..i.T:U
'
■
Other
.':y'
Other
availability items
38,396
7,422
8,179
11,347
10,258
9,451
3,284
1,240
27,088
1,179,651
560,967
378,606
2,188,127
414,890
229,846
372,284
316,316
1,068,780
1,321,876
120,276
326,437
88,534
154,079
109,484
53,274
219,703
56,568
25,751
50,405
50,701
66,664
4,186
liabilities'
426
1,293
288
.403
380
126
423
137
142
159
160
249
24,177,284
1,516,247
9,273,010
1,555,552
2,030,269
1,060,995
678,948
3,952,013
760,337
442,119
665,180
489,550
1,753,064
141,173
-—;————-
9,361
51,772
11,859
14,600
5,639
4,849
15,095 '
4,368
3,011
4,552
4,296
11,771
157,065
10,906
56,447
15,144
14,323
5,247
5,725
22,824
4,925
3,152
3,613
3,974
10,785
1,429
533
1,000
1,138
1,263
2,121
8,396
2,032
2,516
1,978
1,930
2.994
772,195
451,798
676,461
501,013
1,780,735
559
28
1,501
23
3,155
:
V
—
2,874
7,070
4,393
1.007,
3,244
2,452
13,452
3,088
4,6r0
1,980
2,361
24,550,096
1,541,840
9,401,751
1,590,036
2,064,809
1,077,105
692,596
13,580
806
507
2,265
1,244
851
1,041
26,785
—————...
..
capital accounts
and capital accounts——
Total liabilities
industrial advances———_
make
.Commitments to
t Less than $500.
cash'; does not include Federal Reserve notes.
"Other
:;
713
47,789
Surplus (Section 13-b)
,
;
ACCOUNTS
Capital; paid. in:
•
21,181
957,409
—
Surplus (Section 7)
:
582,909
7,050,089
!
—
accrued divs—_———
incl.
CAPITAL
Other
11,153
783,406
—
liabilities,
Total
.;
731,908
15,500,371
deposits
Total -deposits
Deferred
;
3,999,757 t
1,600
v
Federal Reserve Note Statement
Three
Ciphers
Federal
Kansas
(000) Omitted
Bank
Reserve
Y-V,'
Held
actual
Atlanta
Richmond
Cleveland
Philadelphia
St. Louis
Chicago
Minneapolis
San
Dallas
City
'
Francisco
,
■:2;:
$
$
411,363
722,663
528,007
1,983,066
$
$
$
$
$
639,128
269,159
$
1,577,215
'
$
312,678
$
$
252,796
192,402
134,439
$
686.433
358,498
26,989
87,875
18,686
26,527
21,199
22,217
33,445
23,936
6,022
10,464
12,066
69,062
7,350,851
612,139
1,895,191
509,321
696,136
390,164
246,942
1,543,760
288,742
186,380
242,332
122,373
617,371
7,836,000
655,000
1,990,000
540,000
725,000
425,000
275,000
1,600,000
329,000
197,000
255,000
141,000
704,000
6,946
350
6,134
58
7,842,946
655,350
1,996,134
540,058
141,000
704,000
Bank
by Federal Reserve
In
,
7,709,349
Issued to F. R. Bank by F. R. Agent
v
;
$
Federal Reserve notes:
Yr
■
New York
Boston
Total
of—
circulation
Collateral held by agent as security for notes issued to bank:
GpJd/oerj|^tes
Eligible
irorn, U. S. Treasury—-
ott hanji
v
f
*(.'!!
A
J ? •'
collateral
Total
'i
—1
paper
—
275,000
425,000
725,000
1,600,000
and
Chicago—Brokers'Loans
serve
ber
the
bank
week
from
arose
reserves
member bank re¬
Additions to mem¬
decreases
of
$45,000,000
deposits with Federal Reserve Banks and
$19,000,000 in Treasury cash and increases of $48,000,000
in Reserve Bank credit, $6,000,000 in gold stock and $4,in Treasury
the
Federal
Reserve
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
000,000 in Treasury currency, offset in part by increases
in money in circulation and $44,000,000 in
non-member deposits and other Federal Reserve ac¬
Excess
counts.
■
BANKS
.»
increase of
to
be
approximately $5,230,000,000,
IN
CENTRAL
New York
Oct 15
an
member
banks
on
$20,000,000 for the week.
Loans
$
and
invest.—total-
Commercial,
Loans
Oct. 15, 1941
$
Bills
discounted
Govt.
S.
.Indus,
guar,
adv.
$14,000,000
X
October
Other
Total
Gold
—
Bank
Res.
Bank
Res.
oblig—
—
credit.
credit
-
—
Real
—3,000,000
+ 4,000,000
2,179,000,000
—
—198,000,000
5,000,000
__________
_
—2,000,000
112,000,000
+51,000,000
2,313,000,000
+ 48,000,000
—168,000,000
22,778,000,000
+ 6,000,000
/+1,405,000,000
+26,000,000
Treasury
3,207,000,000
currency —
bank res.
13,321,000,000
bal
/Money in circulation—
Treasury cash
Treasury
Reserve
dep.
other F.
—695,000,000
10,283,000,000
+46,000,000
+2,054,000,000
—19,000,000
—46,000,000
Fed.
Banks
Non-member
+155,000,000
31,000,650
2,222,000,000
—
with
+4,000,000
+
deposits
—-
Other
—45,000,000
—204,000,000
&
R. accounts—
2,212,000,000
+44,000,000
+281,000,000
12,188
9,608
2,576
2,526
2,251
3,686
2,880
924
922
643
2,547
2,515
1,800
682
684
453
72
78
32
33
356
307
43
41
£2,741,000.
Public
expanded
Other
This
makes the seventh
154
150
158
55
53
dropped
£1,079,000 and
£2,411,255.
Of the latter amount,
107
119
22
22
30
456
securities
discounts
and
£653,928.
advances
which
£194,921 and securities, which increased £848,unchanged at 2%. Be¬
show the various items with comparisons for
low
we
previous years:
;i9
30
Government securities
other
and
include
The discount rate remained
849.
58
.
con¬
deposits
£3,430,000
securities
BANK
OF
ENGLAND'S
Oct. 15,
1941
£
Circulation.
COMPARATIVE
Oct. 16,
>
1940
Oct. 18,
1939
,
£-
686,063,000
388
90
89
63
Pub.
deps.„
11,127,000
474
333
233
196
247
Oth.
deps.—
182,612,126
1,412
bills
notes
15.
£1,749,671 represented an increase in bankers' accounts
and £661,584 in other accounts.
The proportion of re¬
serve to liabilities is now
23.5%, compared with 25.1% a
28
449
loans
Oct.
of
other deposits gained
22
400
.
continued
its upward
high record of £ 686,Q63,000 for
expansion in note circulation, for an
aggregate of £21,360,437.
A slight increase was shown
in gold holdings of £3,580 while reserves decreased
declined
12,309
34
circulation
note
week
on
banks
Treasury
1,402
946
119
"116
135
sinkers'
3,243
3,223
2,634
783
781
762
accounts..
STATEMENT
Oct. 19,
1938
£
Oct. 20,
1937
£
t
v
£
597,721,350
530,316,055 486,391,031 484,346,172
19,852,198
12,009,566
33,762,955
29,774,453
161,386,224 154,980,515 126,790,292 125,581,130
•
United. States
S,
Other
Res.
bonds
—_
by
Government
securities
1,881
Cash
vault
in
Balances
Other
with
1,869
1,433
156
158
1,534
1,328
361
353
360
5,138
5,157
305
1,237
6,551
'
1,294
42
41
87
85
281
277
345
40
41
80
Demand
deposits—adjusted 10,697
763
deposits
124
U. S. Government deposits.
Inter-bank deposits:
Time
Domestic
10,701
9,695
2,243
2,239
719
495
495
507
25
95
3,882
3,813
1,111
1,082
627
8
8
Capital
accounts
52,239,195
38,535,268
35,862,351
138,997,838
107,536,164
104,931,164
26,946,496
26,473,847
31,932,043
99,603,165
29,717,845
2,804,785
21,047,315
5,392,260
21,554,236
3,223,491
8,000,235
23,250,356 ' 23,931,608
23,250,073
45,594,000
32,956,370
50,693,106
43,714,388
Disc't
—
coin-
Coin
272
263
1,522
1,522
283'
1,497
15
16'
15
279
276
260
.
6,467,772
41,363,438
and
bullion—
1,657,323
667,720-
1,009,161 327,754,469 328,060,560
of
reserve
to
liabilitiesBank
'
36,251,711
notes
Propor.
■
—
&
-
&
advances.
Securities.
6
■
Borrowings
Other liabilities
54,394,400
1,028
570
■
89,329,419
23,852,100
94
3,975
.
35
572
banks
banks
120
90,927,941
141,947,838
2,013
771
' 'V'V-.x* ■''
'-
secur.
Res.
Liabilities—
.i,
secur.
43
82
■.■.
■
accounts—
294
315
81
banks.
■
116,445,247
Other
41
91
306
dom.
assets—net
i''.:
109,147,029
Govt,
104
1,541
——
'
128,217,726
Other
the
with Fed. Res. banks..
Foreign
259,000,000
1940
$
$
$
459
dealers
pur.
loans
Treasury
Y
Member
estate
to
U.
+1,000,000
1941
1941
$
106
&
Obligations guaran.
9,000,000
Oct 15 Oct 8 Oct 16
83
paper.
for
securities-
Loans
$
.
(not includ.
commit.—
15)
stock
Oct. 16, 1940
8,000,000
—
U. S. Govt, direct. oblig._
U.
$
loans
carrying
1940
$
secutive
and
loans——.
brok.
to
Other
^ + ) or Decrease (—)
Oct. 8, 1941
indust.
agricultural
Open market
follows:
1941
•'
255,294 ;.;:
y
week ago and 18.1% a year ago.
Chicago
Oct 16
3,783
Loans—Total
Changes in merhber bank reserve balances and related
Increase
CITIES
City
Oct 8
1941
Assets-
/items during the week and the year ended Oct. 15, 1941,
■were as
RESERVE
(In Millions of Dollars)
15
of
reserves
estimated
were
Oct.
System
197,110
to reach another
the week ended
for the New York City
member banks and also for the Chicago member banks
for the current week, issued in advance of full state¬
ments of the member banks, which will not be avail¬
able until the earning Monday.
of $46,000,000
Bank's
course
Below is the statement of the Board of Governors of
ended Oct. 15
balances increased $31,000,000.
During
329,000
Bank of England Statement
The
Reserve Banks
;U0igf$H94i1
-ilv
Returns of Member Banks in New York
The Week with the Federal
-
rate—
23.5%
18.1%
30.3%
25.7%
2%
2%
3%
2%
168s.
168s.
28.1%
2%
Gold-val per
.i
fine oz
168s.
84s.
ll>/2d. 84s.
HVad.
Condition of the Federal Reserve Bank
Foreign Exchange Rates
■Pursuant to the
requirements of Section 522 of the Tariff Act of 1930, the Federal Reserve Bank is now cer¬
tifying daily to the Secretary
of the Treasury the buying rate for cable transfers in the different countries of the
The
record for the week just passed:
We give below a
world.
;669
CHRONICLE
THE COMMERCIAL & FINANCIAL
.Number 3995
Volume 154
OCT. 10, 1941 TO OCT. 16, 1941 INCLUSIVE
:r
Assets—-
Noon Buying Rate
Country and Monetary Unit
Oct. 11
Oct.10
4.
Oct. 16
Oct. 15
Oct. 14
Oct. 13
t
Belga
Bulgaria, lev
Czecho-Slovakia, koruna
Denmark, krone J
England, pound sterling—
l\
Belgium,
"
"
;
:
Fre'e
'•
v
.
Hungary,
4.035000
Poland,
t
.•;
a-
pengo
—
^
:>
V'
t
t
;
t
■
y
.
.
....
t
•
••
8
3
.
§
■
t
t
t
t
9
y':
'■yy §
,
y
,,
t
Yen-
Straits
Settlements,
...——.....
t
9,602,000
1,620,000
1,086,000
1,781,000
3.228000
S.' Govt,
pound
18,000
2,937,000
2,515,000
198,787,000
263,221,000
...........
10,404,000
10,404,000
9,750,000
............
11,385,000
11,475,000
15,586,000
F.
.471600
.471600
R.
9,401,751,000
actual
in
notes
U.
3.228000
3.228000
1,895,191,000
bank—res.
Treas.—Gen.
S.
3.213333
3.213333
3.225956
Other deposits
3.980000
3.980000
HOLIDAY
3.980000
3.980000
pound—
deposits
Deferred
3.980000
.909090
.909090
.885000
.885234
.886250
.886953
.205725'*
.205650*
.205700*
.205700*
.205700*
.909090
.909090
.909090
Surplus (Section 13b)
.882500
.882708
.883958
.884583
.297733*
.297733*
.297733*
.297733*
.297733*
HOLIDAY
,
milreis—
Other capital
liabilities
peso—
.060575*
.060575*
.050925*
.050925*
>
■;
r
.569800*
.658300*
Uruguay, peso
Controlled
.569800*
.569800*
.658300*
.658300*
.658300*
.457925*
.658300*
Non-controlled
rates
.455300*
.458066*
——
t No
rate,
.462833*
.463300*
omitted.
§ Temporarily
available.
HOLIDAY
Federal
own
.569800*
.569800*
*
These
bank notes.
Millions
(In
of Dollars)
Total
Federal Reserve Districts—
Boston
•
...
York
delphia
.....
-
mond
lanta
$
v
$
St.
At¬
land
$
$
Rich¬
Cleve¬
Phila¬
$
$
ASSETS—
New
'?
....
Chicago
the Gold Reserve
Act of
$
$
$
$
•Surplus &
$
1,351
2,244
843
746
3,906
909
486
830
652
2,535
Bk.
568
866
327
398
1,401
458
256
432
349
1,130
Bank
6,501
427
2,678
304
418
158
206
923
274
134
266
238
475
403
91
91
42
24
14
5
54
23
3
29
2
25
493
13
360
27
15
3
6
47
5
2
3
3
9
19
13
185
50
38
153
35
12
6
11
14
15
33
24
198
90
67
13
4
6
197
5
7
9
43
12
181
80
44
223,
37
23
42
33
72
736
257
117
1,178
218
121
112
117
802
41
1,445
7,920
412
3,462
388
3,322
(70
1,995
3,749
123
1,673
10,804
549
558
89
204
y
,
175
129
96
82
184
108
66
360
80
37
100
48
264
67
115
547
111
42
135
62
5,369
594
774*
325
196
1,700
243
115
217
165
152
108
26
55
28
18
83
16
8
19
15
202
275
222
401
277
265
620
202
129
310
287
333
1,205
69
420
76
89
45
51
73
21
15
20
31
295
24,400
1,506
1,258
1,?88
692
537
3,380
600
366
641
594
1,448
5,444
229
11,590
1,139
256
746
212
193
1,001
192
111
142
133
1,090
461
9
140
13
33
24
36
99
18
2
15
25
47
9,609
396
3,981
503
580
440
395
1,444
475
203
485
300
407
633
23
-
banks
Demand
United States
—
Government deposits
deposits:
Domestic banks
Foreign banks
Inter-bank
Borrowings
Other
1
liabilities
—
:
Capital accounts
22
3,892
250
571
5
1
1
9
1
~16
21
_49
~15
22
~~7
7
~~3
5
1,647
218
394
101
99
427
99
63
110
92
Cl,147,732,000
79,937,000
353,143,000
27,723,000
Hanover
21,000,000
75,947,300
15,000,000
20,288,200
10,000,000
109,278,000
876,917,000
15,727,000
Co._
50,000,000
53,997,200
746,174,000
4,799,000
4,000,000
4,551,600
73,491,000
1,655,000
100,270,000
Trust Co.
Trust
Reserve Banks
this week in the redis¬
banks; recent ad¬
vances on Government
obligations are shown in the
footnote to the table.
The following is the schedule
of rates now in effect for the various classes of paper
Reserve banks:
d3,315,579,000
44,833,000
4,301,800
59,268,000
5,241,000
85,319,000
el,200,662,000
68,711,000
1,268,700
18,386,000
2,320,000
5,000,000
10,215,700
145,109,000
12,500,000
28,093,100
469,925,000
'
Trust Co.
Guarantee
Co
Midland
Co.
Trust
Trust
Y.
Co-
Natl.
Commercial
1
Bank
&
&
Tr.
Natl.
3,118,000
39,830,000
'
7,000,000
8,984,900
147,704,000
1,599,000
7,000,000
Federal Reserve Banks
11,125,300
108,718,000
54,394,000
$518,661,200 $967,515,600 $16,093,051,000 $773,829,000
V/2
lVa
lVa
*1%
Cleveland
Atlanta
*iy2
Chicago
City
Francisco
♦Advances
May 11,
:..
1V2
date);
V/2
2
d
1935
1937
1937
Aug 27,
Aug 21,
*l'/2
on
(latest available date); c(Oct. 16)
$2,877,000;
(latest available date); e (Sept. 30) $23,241,000.
Foreign Money Rates
2
Aug 21, 1937
2, 1937
In London open
.
f
,
.
I
market discount rates for short bills
1 1/32% on Friday
Friday were 1 1/32%, as against
of last week, and 1 1/32—1 1/16%
on
j
Money on
for three months'
1/32—1 1/16% on Friday of
call at London on Friday was 1%.
bills, as against 1
Kansas City and Dallas;
,
30, 1941; State, Sept. 30,
branches; a $295,876,000 (latest available
b $65,583,000
$95,925,000
Sep
Sept. 1, 1939. Chicago: Sept. 16, 1939, Atlanta,
Sept. 21, 1939, St. Louis.
official reports; National, Sept.
companies, Sept. 30, 1941.
2
2
2
...
IV2
*l»/2
Dallas
San
4
,
Aug 27, 1937
Sep
4, 1937
2
Aug 24, 1937
2
Sep
3, 1937
2 .
*1V2
Aug 31, 1937
2
1V2
Sep
3, 1937
2
Government obligations bear a rate of 1%, effective
I
Louis
Minneapolis
Kansas
/
per
trust
Includes deposits in foreign
Rate
Sep
1
Philadelphia
St.
Established
1, 1939
Oct. 23
1
York
Previous
Date
Rate in Effect
1941;
Co.
Bk.
Co—
Trust
Totals
Rates of Federal Reserve Banks
Richmond
the different
140,711,400
6,000,000
;
Bank,
500,000
25,000,000
Bank
Natl.
Public
New
the Federal Reserve
V
Bank
Co.,,:.
Ave.
Marine
-
been no changes
Co.
Trust
Trust
&
89,669,000
392
___
Boston
at
109,251,000
Chase
Fifth
345
Discount Rates of the Federal
rates of
9,838,000
b2,251,126,000
795,811,000
Exchange
*As
There have
881,388,000
40,986,600
Trust
&
21
270
v
Discount
count
58,607,400
188,375,200
Continental
1
782
—
161,908,000
41,891,200
&
First
N.
.
a2,621,442,000
20,000,000
Bankers
deposits—adjusted
83,767,300
90,000,000
Title
deposits
77,500,000
&
Co.
Irving
LIABILITIES—
Time
38,026,000
Bank,
____
Bank
30
3,523
Federal Reserve Banks—T.—
in
...V
$15,250,000
Natl.'Bank,
Bk.
,557
—
>
633,777,000
Co.
Central
342
.
$246,699,000
27,343,600
Trust
Corn
177
97
268
'
by U. S. Govt
$14,353,100
20,000,000
Trust Co.__
Manuf.
1
112
Average
$6,000,000
Bank
Trust
Guar.
1
-
Deposits
Average
the
City
Chem.
Time
Deposits
Co.
Y
N.
of
Natl.
386
2
of
Net Demand
Undivided
Profits
Manhattan
37
60
;
483
561
v>:,
2
1
2,250
bonds
60
142
12
51
29
-
vault—
Balances with domestic
Other assets—net
'
32
30
—
Obligations guar,
Other
securities
Cash
195
193
4
815
notes
16
79
40
1,956
bills
427
'Capital
Members
4,108
1,256
the New York Clearing House Association
Oct. 16, 1941.
Fr'isco
13,166
and agricul. loans
Friday afternoon is given in full
Thursday,
business
of
close
783
paper
Loans to brokers and dealers in secur
Other loans for purch. or carrying securs.
Real estate loans
on
of members of
Statement
$
City
below:
1,464
market
'i
statement issued by the New York City
Clearing House
$
1934.
V;'1';;
.V
■
Clearing House
1941
11,076
Commercial indus.
v..:,
San
Dallas
City
apolis
the
Clearing Rouse
29,132
investments—total
•'
■
The weekly
•
Mne.- Kansas
Louis
:■
bapks when the dollar was, on Jan.
devalued from 100 cents to 59.06 cents, these certificates be¬
ing worth less to the extent of the difference, the difference itself
having been appropriated as profit by the Treasury under the provi¬
at
7;
■.
certificates given by the United States Treasury for
the Board of Governors of the Federal Reserve System, giv¬
MEMBER BANKS IN 101 LEADING CITIES BY DISTRICTS ON OCTOBER 8,
v.i
■
93.4%
722,000
Return of the New York
.
:
94.5%
515,000
in¬
...,
Reserve
are
Banks of the Federal Reserve System
LIABILITIES OF WEEKLY REPORTING
94.3%
507,000
....
1934,
31,
sions of
ing the principal items of resources and liabilities of the reporting member banks in 101 leading cities from
which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks
themselves.
!
'4
:.
4>4;;444.'
'44:'v'
AND
9,287,257,000 10,289,060,000
9,401,751,000
gold taken over from the Reserve
.
Following is the weekly statement issued by
7,109,000
to
"
Weekly Return of the
13,432,000
does not include Federal reserve notes or a bank's
cash"
t "Other
-
—
53,326,000
13,445,000
note
make
to
51,052,000
56,447,000
7,070,000
13,452,000
...
reserves
advances
dustrial
Export
peso
Commitments
51,759,000
7,070,000
and
accounts
total
of
51,772,000
56,447,000
«..
and F. R.
liabilities combined
.050800*
.050775*
.050775*
...
Official
1,003,000
....
accounts
capital
Ratio
.060575*
.060575*
.060575*
'
......
1,123,000
9,158,536,000 10,164,141,000
9,273,010,000
......
deposit
v^v Official—
176,496,000
1,293,000
Capital Accounts—
.237044*
.237044*
.237044*
.237044*
.237044*
Free
326,437,000
8,464,474,000
227,670,000
Capital paid in ........,.
Surplus (Section 7)
.909090
liabilities
Total
.
—
7,103,442,000
.....
.909090
Total
Official
417,684,000
7,050,089,000
items
Including
dividends
.882500
'
596,746,000
availability
liabilities
Other
458,727,000
582,909,000
.......
.909090
Argentina, peso—
Reserve with
146,919,000
570,271,000
53,853,000
458,833,000
,
.........
.884765
......
United States
7,322,900,000
29,273,000
.«...,,..,«*.
.909090
Treasury
1,470,994,000
5,994,116,000
Acct.
3.225958
—
Treasury
1,877,469,000
5,979,074,000
acct.
3.213958
SOUTH AMERICA—
Open
9,287,257,000 10,289,060,000
cir¬
culation
3.226625
Official.
and
18,000
18,000
5,234,000
Liabilities—
t
accrued
Newfoundland, dollar
Loans
719,790,000
723,107,000
363,747,000
3.226625
:
ASSETS
566,321,000
577,009,000
;.,.♦
items
3.213958
...—...
Free
Nominal
566,321,000
banks.,
banks
foreign
Foreign
.909090
Colombia,
422,093,000
297,703,000
573,541,000
...............
Total assets
.301513
t
3.228000
3.228000
dollar
Free
353,624,000
212,697,000
i
and
3.226625
—..
Mexico, peso
Brazil,
353,624,000
se¬
direct
U.
Total
Free
di¬
212,697,000
3.213958
Official
...;...
guaranteed:
assets
—
Union of South Africa,
•
6,134,000
1,086,000
premises
NORTH AMERICA—
Chile,
discounted.
notes of other
R.
AFRICA
.
596,000
................
Uncollected
.250875
.301513
.471600
pound—
-Free
;4;
9,274,773,000
1,024,000
securities,
and
Member
1
Canada,
8,486,627,000
Deposits:
—
Zealand,
83,905,000
t
AUSTRALASIA—
New
1,522.000
55,771,000
8,477,000
Bank
t
.250875
t
.471600
.471600
dollar
•
.250875
t
t
8,189,846,000
1,125,000
Other
'
■
.301513
HOLIDAY
i
.250875
.301513
,
#
"57209,000
advances
from
Due
'-'v!
§
t
t
-:.M
.250875
—
->
.
925,000,000
bills
ryties,
t
t
■■
,
§
8
.301513
Hong Kong, dollar
India
(British), rupee
Japan,
t
t
:
,
Total bills
t
s
'»
- j»
1,170,000
guaranteed
........
and securi-
,■
.y/:.,./
§
t
Shanghai dollar (yuan).
China, Tientsin dollar (yuan) .
v.'
and
curities,
F.
China,
,
Oct. 16, 1940
•
Govt,
direct
Govt,
rect
,
i'.W
t
t
(yuan)
(yuan)
China, Hankow dollar
Official
S.
Bonds
".v
,
§
t
'
-(
8
t
iSitf -4
Australia,
U.
...—
|■
,
' *
8,429,686,000
Notes
S.
t
§
■■■./;
v:
"
•
§
-
t
•••
$
discounted...
bills
Total
',
■'
g.;"'
3
g
•
•
•v.-:t
S
8
•
»
:
t
t
'.i
:
'
"•
Oct. 8, 1941
8,437,422,000
S.
U.
by
Industrial
'
t
t
f
:
§
—
^
:s t
■
•.'
8,386,277,000
reserves
Total
t
■
:•
4 ,,>4 :44.'
50,136,000
obligations,
§
...
■
<|}
-
r
t
>
China, Chefoo dollar
■
V
t
i-.7
Yugoslavia, dinar
*'■.
t
HOLIDAY
:
iCvV-'•. v
8
,
krona A
Switzerland, franc
■
t
t
■
v'f
t
■V
leu
peseta
-;-t
t
'-Jit
business
R.
F.
—
guaranteed
t
f
t
^ t—\
t
t
Sweden,
'
"i
Other
t
r
•
■
Federal
of
V?#iv
t
*
■■■••u: t
zloty
Spain,
T
the
discounted:
Secured
4.032812
t
t
/•'
t
$7i, t
-
Portugal, escudo
Rumania,
:v.
Treasury*
fund
cashf
Bills
t
y
of
close
;1,009,000
Total
•
4.035000
4.033125
t
krone
Norway,
ASIA—
}'■
4.035000
4.033125
t
Italy,' lira
Netherlands, guilder
;
t
fe f
4.035000
—
reichsmark
drachma
Greece,
,
t
V
the
at
t
fit
t
t
Other
t
■
4.032812
Germany,
'
-
f
4.035000
—*»»-,—
markka
France, franc
'.
HOLIDAY
t
y/W-C.
t
■;
4."
.;
hand
notes
.
Finland,
■;
--
'
y&y
4.033125
Official
"
•
.
'
'<
•
•
t
/k:
t
t
,
t
t
—
'
t
-
t
condition
/•«4 ••'*}'• ' 4.
4. ■
•*.,
on
due from U. S.
$
$
$
^-l.V
;'
York
Oct. 15, 1941
certificates
Redemption
EUROPE—
the
New
for Cable Transfers in New York
Gold
■
shows
of
Bank
Oct. 15, 1941, in comparison with the previous week and
the corresponding date last year.
1930
RATES CERTIFIED BY FEDERAL RESERVE BANK TO TREASURY UNDER TARIFF ACT OF
FOREIGN EXCHANGE
;V:v-:£
following
Reserve
last week.
THE COMMERCIAL & FINANCIAL CHRONICLE
670
Course of
Sterling Exchange
Bank
-
,
Official rates quoted by the Bank of England continue
v.
unchanged: New York,. $4.02V2-$4.03V2) Canada, 4.43(Canadian official, 90.09c-90.91c. per United States
.
telegraphic advices from the chief cities of
indicate that for the week ended today
Saturday, Oct. 18 clearings from all cities of the United
States from which it is possible to obtain weekly clear-,
ings will be 2.7% below those for the corresponding
week last year. It should be noted, however, that this
week, was a day shorter than the same week of 1940
due to the Columbus Day holiday which fell in the
the
at
Australia, 3.2150-3.2280; New Zealand, 3.2280American commercial bank rates for official
3.2442.
a
based
upon
country,
sterling continue at 4.02 buying and 4.04 selling.
;
In London exchange is not quoted on Germany, Italy,1
any of the invaded European countries. Since July
exchange on Japan and China has been suspended by
Government
order.
In
New
York
exchange is not
the
ended
week
this
At
1940.
in
center
of
Friday
there
16.1%.
is
we
Our
comparative
year ago
Week
of the Continental European countries,;
the June 14 Executive freezing order. Exchange
quoted
on
due to
any
Ending Oct.
4 under
St.
$3,265,764,142
370,498,982
354,889,037
423,000,000
424,000,000
244,281,097
256,372,924
125,267,174
91,978,462
+ 36.2
112,600,000
90,200,000
+ 24.8
—
Boston
was
Kansas
special Treasury license.
■
;
Reporting on the work of the three-power conference,
in Moscow on war supplies for Russia, Lord Beaverbrook on Oct. 12 urged concentration on production of
,
30,000 tanks. Let
day when
ships
must
be
.
.
of
Britain
reportedly
is
All
1st
of the
+ 16.8
9.4
7.1
60.2%.
+
6.4
smaller
1,155,123,370
1,085,642,815
1,184,022,336
1,095,318,404
week___
$7,104,134,016
all
$7,302,262,130
furnish
we
Oct.
11,
a summary
6th
Atlanta
7th
Chicago
9th
-
--
_
_
10th Kansas
12th San
CLEARINGS
OF BANK
;
;
2,394,169,233
City
2,467,881,133
3,436,680,205
435,271,907
321,902,133
+ 35.2
346,514,804
343.549,077
408,889,927
249,969.358
+
63.6
283,126,222
260,786,349
"
213,808,574':
142,393,617
+
50.2
139,583,829
"
253,098,156
157,887,599
+ 60.3
169,767,745
158,106,012
"
618,219,256
431,182,610
+ 43.4
481,169,275
462,204,071
57.2
152,704,596
150,727,091
106,362,879
M;
___
___
_
Francisco
N.
Y.
151,649,659
114,657,477
+ 29.4
119,001,833
180.204,995
135,065,214
+ 33.4
138,562,595
97,231,230
60,703,083
60.2
70,810,547
68,576,115
+ 58.0
242,681,768
226,971,889
"
6
«'
"
338,580,200
••
utilized
in
_
_
_
add
now
our
Fall
$4,578,214,486
+ 54.9
+
52.0
$2,489,296,485
$358,943,850
+ 31.7
Week Ending
on
42.9
2,030,620
1.892,158
.+ 64.2
+ 38.0
204,697,824
1,292,091
193,069,227
594,265
-
■
819,959
+ 101.4
3,629,869
2,015,771
+
26.2
3,137,177
2,534,823
2,015,771 ?/.!
+
25.7
2,223,109
66.3
■+/
Second
N.
3,948,056
3,833,880
9,043,500
+
60.7
10,041,400
11,025,000
+ 65.3
204,392,592
>
V
+
519,779
63.2
454,881
239,696,004
v
227,129,483
6,770,807
5,113,296
+ 46.4
1,174,643
.....
+
27.2
1,073,879
885,704
27,600,000
+
55.4
405,384
+
93.3
36,900,000
645,566
30,000,000
783,752
-
4,241,947
923,106
42,900,000
Elmlra
+
6,208,836
657,250
923,137
3,338,393,271
7,534,058
9,439,217
3,437,765
+
39.8
4,273,546
3,888,503
4,969,659
+
35.6
4,573,478
3,688,775
+ 58.7
412,140
336,569
460,865
__.
J.
(12
Federal
cities)
___
Reserve
290,392
'22,528,791
13,873,660
+
62.4
17,120,201
16,270,649
38,109,502
Newark
Northern, N.
758,193
2,362,203,866
+ 48.8
4,805,665
Montclalr
897,608
+ 57.7
6,971,044
6,736,931
Syracuse
Conn.—Stamford
38.3
2,307,781,750
10,375,712
York
Rochester
667,600
3,640,291,195
Jamestown
23,006,926
+
65.6
27,133,495
25,591,267
3,826,366,260
2,394,169,233
+
59.8
2,467,881,133
3,436,680,205
'+57.5
484,148
359,630
District—Philadelphia567,126
:
Chester
1,051,067
+
5.7
559,959
565,410
Bethlehem
359,966
1,111,382
Pa.—Altoona
367,305
+
53.9
351,788
487,981
1,407,801
1,325,909
1,678,498
Scranton
1,123,466
1,707,161
+ 38.4
312,000,000
1,457,414
Philadelphia
Reading
1,212,634
421,000,000
Lancaster
2,441,487
+
.
..
.,
350,074
331,000,000
334,000,000
34.9
+ 29.7
1,417,070
2,058,464
90.6
"
1,449,904
+ 43.0
1,080,367
2,007,963
.
,
1,858,148
Total
Federal
Ohio—Canton
Reserve
___
68.1
1,256,473
1,467,902
+
40.4
3,865,900
3,274,400
321,902,133
+
35.2
346,514,804
343,549,077
3,001,074
(10 cities)
Fourth
+
2,139,800
1,970,687
+
52.3
2,088,556
79,171,692
:
1,123,334
435,271,907
J.—Trenton
■+
3,004,500
York
817,400
1,887,854
....__:L
Wilkes-BarreN.
.
427,582
,
District—New York-
i
Third
46,209,420
+
71.3
55,786,691
85,111,071
+ 67.4
98,566,411
34.8
11,085,600
1,553,236
■
District—Cleveland-
_
Cincinnati
Cleveland
1,773,158
51,972,414
92,076,552
.
Columbus
142,486,356
12,176,800
Mansfield
2,264,526
1,576,587
+ 43.6
1,336,666
Youngstown
$2,154,000,000.
3,423,570
3,214,736
+
6.5
2,851,695
3,707,407
166,365,909
102,854,957
+ 61.7
111,410,603
99,158,484
408,889,927
249,969,358
+ 63.6
283,126,222
260,786,349
578,330
2,757,000
+ 49.9
Pa.—Pittsburgh
Total
Fifth
W.
;
(7 cities)
Federal
!
Reserve
"950,452
Va.—Huntington
Va.—Norfolk
4,133,000
Richmond
64,665,530
Total
(6
62.1
72,073,026
69.416.716
+
20.5
25,123,565
23.329.717
142,393,617
+ 50.2
139,583,829
144,568,790
4,620,390
+ 26.5
4,776,994
21,189,987
+ 41.1
22,939,078
21,412,971
54,900,000
+ 67.4
59,300,000
57,600,000
91,900,000
_i
Ala.—Birmingham
i____
.___
Miss.—Vicksburg
(10 cities)
1,157,312
+
30,354,054
5,847,156
Fla.—Jacksonville
Total
+ 20.8
1,590,233
65,132,651
1,923,757
Orleans
2,307,000
48,026,698
54.0,
29,898,870
Nashville
La.—New
2,366,358
38,255,624
1,350,014
+
District—-Atlanta—
Tenn.—Knoxville
Mobile
331,347
415,242
+ 64.3
41,981,349
213,808,574
Reserve
Macon
i
.
1,921,040
cities)
Ga.—Atlanta
1,153,834
36,581,305
C.—Washington
Sixth Federal
10,944,550
105,557,247
C.—Charleston
S.
Md.—Baltimore
D.
+
9,031,900
District—Richmond-
Augusta
carrying capacity
locomotives, 20,000 freight cars
and 250,000 tons of rail steel, to be provided under the
Federal Reserve
Buffalo
J.
9,678,726
9,970,298
+
+ 69.1
333,479,388
Y.—Albany
N.
2.845,983
3,353,683
706,908
Binghamton
New
725,035
3,037,804
.
8,497,974
14,533,000
cities)
(12
t
5,672,084
_
H.—Manchester
Total
f
14,134,313
Haven
I.—Providence
Total
of the trans-Iranian
for about 200 American
365,596
910,736
Springfield-
671,285
404,241
+ 72.8
631,524 v
:■
N.
$3,000,000,000, the highest since 1929. Aircraftshipments during the year ended August, 1941 were
$492,000,000, almost twice the $246,000,000 exported the
previous year, while munitions exports increased from
$62,000,000 to $173,000,000. The $129,000,000 of edible
animal products exported, compared with $79,000,000
the year before, included substantial lend-lease ship¬
ments of meats, dairy products, and eggs, mainly to the
United Kingdom. Total exports of foodstuffs, at $273,000,000, showed a decline of $19,000,000 due to smaller
grain and fruit shipments. Increased imports of strate¬
gic materials, including $401,000,000 of crude rubber;
and $161,000,000 of tin, accounted for most of the 24%
railway so as to ensure the maxi¬
mum
flow of war supplies to Russia, the British are
reported to have asked the United States Government
+
1,997,547
651,497
production
object of increasing the
530,108
520,673
173;929,945
2,855,050
Bedford
New
almost
the
1938
1939
313,616
Commerce
With
11
+90.7
690,103
?.
285,519,570
R.
Department statistics show that lend-lease
shipments during August, notably of machinery, air¬
craft and munitions, for the British Empire, were re¬
flected in the $100,000,000 increase in United States
exports over July to a total value of $455,257,000,
bringing the total during the first 8 months of 1941 to
$325,583,279
■:<.
'
Conn.—Hartford
defense articles transferred but not
increase in the 8 months total to
Oct.
Inc. or Dec.
1940
1,316,202
1,126,086
exported
$55,946,701
exported (29c).
.
$2,372,713,715
-
week's figures for each city separately for the four years:
1941
District—Boston-
River
New
here,
and
:
Worcester
to Britain, another 70 cents has been spent
according to testimony by Philip Young of the
Division of Defense Reports before the House Appro¬
priations Committee. Thus, while $190,447,670 repre¬
sented defense exports, $134,116,079.52 had been spent
in addition as follows: $31,645,679 for repairs to British
and Allied ships (17c for every dollar exported); $34,788,700 for oversees transportation services (18c); $11,734,988 for partial deliveries on projects in process (6c);
$5,711,106,986
$315,563,178
detailed statement showing last
Lowell
the basis of testimony by OPM
125,445,025
$4,851,500,351
$2,270,432,736
at—
Mass.—Boston
of the nation's factory capacity;
material
+
$3,451,645,136
__
_
Portland
and pre-]
Director Wm.
S. Knudsen that by June, 1943 half of the industrial
production of the United States will be devoted to war
supplies. At the current Senate Appropriations Com¬
mittee hearings it was developed that an additional sum
will probably be requested next March. No provision j;
for Russian requirements is made in the bill, as the
Soviet has already paid for its orders here in gold or
new materials.
For every dollar of lend-lease material
war
-
214,241,911
•
Opt. 8, the House Appropriations Committee noted that
on
+
$472,608,623
City
First Federal Reserve
contracts are being let at*
144,568,790
148.346,654
*f
10
Me.—Bangor
reporting out the $5,985,000,000 lend-lease bill on
now
•
'
10
,
__
_
_
Clearings
Act, on which cash payments are being made, ;
will be completed and subsequent shipments will con-i
sist entirely of lease-lend supplies.
dieted
$227,129,483
"
7
Canada
Lease
is
$239,696,004
$7,091,936,331
placed prior to enactment of the Lend-]
and 20%
.
*
Outside
By the end of 1942, it is hoped,?
15%
+ 63.2
+ 59.8
$204,392,592
3,826,366,260'
1938
1939
Inc. or Dec. %
1940
$333,479,388
238,439,784-
Total
supplies is moving swiftly into the stage of mass
production.
Arms contracts already placed total $4,-i
between
for Philadelphia increased 35.2%,
18
--
Minneapolis
11th Dallas
poor
"
Louis
St.
as
City 33.4%, and Minneapolis 29.4%.
Reserve districts.
by Federal
-
described
Kansas
10
___
_
_
be
i
2.7
6
_
_
_
8.1
+
—
gains; San Francisco, for instance, rose 58.0%,
57.2%, Richmond 50.2%, and Chicago 43.4%.
would hardly
Louis
The results in the three remaining Districts
7
--
_
___
_
4.6
10
_12
_
Richmond
8th
12 cities
—
_
—
SUMMARY
1941
1941
__
York
New
We
new
ended
Philadelphia
lend-lease shipments at $155,000,000,
on Oct. 14, the output of
month.
following
Cleveland
companies.
the rate of 700
for
cities
5th
manufacturers. About
200,000,000, he said, and
gain of 63.6%, Boston 63.2%, Atlanta 60.3%, and Dallas
Several other Districts reported only slightly
a
$6,206,943,726
cities, one day
which
Districts
The
Districts.
+
$5,129,300,911
$5,920,111,680
five
the different Federal Reserve
bettered the results in
the New York District were the Cleveland District with
fifth in order of gains in
—
91,355,866
$4,764,988,310
days
Boston
2d
war
In
131,102,971
days__
five
3d
$1,500,000,000 Reconstruction Finance
With September
orders
6.6
+ 39.9
99,934,744
cities,
4th
President Roosevelt disclosed
British
9.6
+
Federal Reserve Districts
of high-speed
major automobile
a
+
_
Week
Corporation grant approved by the Senate on Oct. 13
is intended to finance expanded steel output by means
of Government-owned facilities to be operated by pri¬
vate
___
-
five days
cities,
In the
production turning out
intricate mechanisms built to War Department specifi¬
cations requiring the utmost precision.
United States
output of medium and heavy tanks is to be expanded to
reach an output of 2,500 a month, under a $2,000,000,000
construction program being negotiated by defense offi¬
two-thirds
-
all
Total
being slowed
years
the
158,499,000
144,785,074
120,353,435
St.
by the inevitable strain felt by the workers
after
with
4.5
153,132,702
_
cities,
Total
.
somewhat
cials
_
Cleveland
are
output
0.2
168,423,339
173,769,000
_
Pittsburgh
needed for Russia. . . . The Soviet Union
enabled to enter the Spring campaign with
two
—
154,398,220
Francisco
San
Detroit
Other
say we will mobilize so many for
defensive operations are abandoned
We will forego food from abroad
—
Louis
Eleven
adequate supplies of all munitions of war—over every¬
thing tanks, anti-tank guns, aircraft and anti-aircraft
guns."
Tank
-
__
__
4.4
+
—
us
our
in favor of attack.
if the
City
_
_
Baltimore
planes and tanks, setting a goal of 30,000 tanks to match
the number credited by Russian sources to the Germans
at the outset of the Russian campaign. "Let us aim at
the
__
states.
Outside of this city there was an
52.0%, the bank clearings at this center hav¬
ing recorded a gain of 57.7%.
We group the cities ac¬
cording to the Federal Reserve districts in which they
are located, and from this it appears that the New York
Reserve District (including this city), showed an increase
of as much as 59.8% but nevertheless was no better than
increase of
—16.1
$2,739,678,052
Chicago
Philadelphia
similarly suspended on July 26,
but trading in the Shanghai yuan was resumed on Aug.
Japan and China
on
undoubtedly due in large part to the oc¬
week in
forty-eight
Cent
1940
1941
18
York
New
was
1940; :it fell in the succeeding week of 1941.
This
Holiday is at least partly observed in about 80% of the
'Per
+
final
of the Columbus Day Holiday in that
currence
or
Clearings—Returns by Telegraph
below, we are able to give
54.9%, the aggregate of clearings for the whole country
having amounted to $7,091,936,331 against $4,578,214,486
in the same week of 1940.
The marked increase over a
for the week follows:
summary
present further
and complete results for the week previous—the week
ended Oct. 11. ; For that week there was an increase of
for
decrease
a
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
1940. Our preliminary total stands
against $7,302,262,130 for the same
$7,104,134,016,
week
CLEARINGS
BANK
clearings this week show an increase compared
year ago.
Preliminary figures compiled by us,<
preceding week of
4.47
dollar);
with
OF
COURSE
THE
l
exchange continues devoid of
interest. The free pound shows hardly any variation
from official rates. The range for sterling this week has
been between $4.03 % and $4.03% for bankers' sight,
compared with a range of between $4.03 and $4.03%
last week. The range for cable transfers has been be¬
tween $4.03 %
and $4.04, compared with a range of
between $4.03% and $4.04 a week ago.
,'
,,
\\
The market for sterling
Saturday, October 18, 1941
;
1,931,925
23,448,000
35,227,933
2,993,931
274,032
59,652,552
253,098,156
4,052,712
1,603,412
42.0
1,143,550
1,354,895
+
1,027,454
+ 88.0
1,152,249
1,141,636
17,470,000
+ 34.2
14,215,000
20,517,574
+ 88.0
21,127,018
1,801,360
209,902
+ 66.2
10,083,000
19,419,211
1,736,900
+ 30.6
208,059
226,405
34,795,537
+ 71.4
42,391,002
41,289,627
157,887,599
,
+ 60.3
2,054,933
•
+..
169,767,745
•;
-
158,106,012
+
at—-
'Clearings
*,
V
t
.
Rapids
Lansing
Ind.—Ft.
•■f
1,811,457
----—---
•
Haute
•Terre
Wis.—Milwaukee
•'■
-1—_
—--
Sioux
City
111,—Bloomington
..-FX.
_.__
,.v
19,752,386
1,162,109
+ 20.1
10,285,866
8,337,537
extended
+21.5
4,247,631
377,312
3,410,bud
2,000,000.
298,534,329
298,764,176
2,324,656
+
•
14.5
52.1
'
r
;
--
.
Rockford ',_•
'
-
-~i.;
1
-
,
:-Total
.
Eighth
_—:
cities)
(18
——
—
X 618,219,256,
-
431,182,610 v.:.
.Vx
Ky.—Louisville
■;
I—.—-——-——---—-/
238,439,784
111.—Quincy
Total
cities)
(4
-.Ninth Federal Reserve District—Minneapolis—
Minn.—Duluth
_i__-____'_
__
5o6,uoo..:_
-
.1
■3,005^341;
St.
Paul
;J
-
__
D.—Fargo
3,126,679
D.—Aberdeen 1
Helena
'Total
>v——'--i--'---—-—--J— -- X
cities)
(7
Federal
Tenth
69,797,852
28,479,414
2,463,664
; +26.9
26,736,709
2,531,305
__—
Omaha
:
Wichita
St." Joseph
Colo.—Colorado
L-^v
'Total
:
Worth
r
—-
Galveston
Falls
Wichita
La.—Shreveport
:
cities)'
Total- (6
i_
.
—
•
Yakima"
Lake
Utah—Salt
City
......
Calif.—Long Beach
Pasadena
San Francisco
'•
v. San
■
.—v
Barbara
___j______
8tockton
'
—
.
Total
Grand
Outside
Total ,(112 cities);
New York
;
:__y_'_.
Vancouver
Ottawa
:—
:L
:
+48.0
2,783,000
3,701,000
860,194
902,249
.778,141
2,734,567.
1,253,921
'j'-
Hamilton."
Brantford
New
3,089,666
1,426,198
of
1,885,740
•
+ 58.0
Sherbrooke
___———
1940
__l—
Moncton
_________
——
—_;y_
:s
V
Jan.
1, 1941.
,
.
76,910,895
85,376,056
7.4
71,915,259
59,034,992
14,530,182
16,106,355
tures
18,738,082
15,583,745
2.4
4,393,940
."
•
4,792,068
4,105,830
6.9
8,673,189
12,827,633
+
1.6
1,534,155
1,456.569
2,237,837
2,199,456
8.2
4,378,984
9,440,794
5,669,553
6.9
438,869
379.830
+
+
484,437,.;
+
7.4
697,039
720,017
6.3
1,872,604
1,344,001
—
4.3
733,405
16.5
861,466
.
.
1,046,282
+
a
..+44.9
;
787,537
805,929.;;
598,244
609,932
581,237
411,406
9.9
623,619
+47.7
686,167
397,004
/;
■
• \
698,754
857,033
1,218,712
2,794,905
443,922
889,763
>
v
..
s
; S 645,9.94
457,800
.
870,002
2,210,443
Gold
726,321
Ore
Refined
555,136
542,857
8.3
526,223
416,588
423,062
2.7
1,011,410
and
—
,1,031,472
358,943,850
y
and
a
statement of the United
Commerce and cover the week
^
Imports and Exports,
Oct. 2 to Oct. 8, inclusive
,
Exports
and
coin——
$216
1,060
"$1,193,460
5,933,883
.!
bullion.
base
■
yv
;
315,563,178
f 31.7
bullion
$1,276
$7,127,343
of
Detail
1,006,574
325,583,279
—
Total
United
472,608,623
essen¬
498,337
3.6
meet
restricting^, civilian'
299,244
705,458
Fv:
i
to
Efforts will be made
Imports
411,176
:.'-+
v
475,086-
States
ranged
Department of
Oct. 8, 1941.
ended
959,316
funds
taken from the weekly
are
+22.6
+" 7.9
805,627.
869,527
low
States
2,204,688
United
during the week between a
discount of 1114%.
>
The amounts of gold imports and exports which fol¬
668,032
8.6
the
and
United
Montreal
+23.8
.
1,101,093
699,568
336,214
Canada
discount of 11*4%
556,663
'V
14.5
+
1,121,984
3,201,408
-
.
two-
shipping in moving wheat
Kingdom and iron ore to the steelproducing areas of the United States and Canada.
;
609,714
..'+ 22.7
> + 17.2
'.:795,54S;
of
the
to
852,041
•
States;
closed
a
fense goods, the use of lake
.
.
after
countries, tariff obstacles to the movement of de-
two
4,369,962
—22.5
.
11
output and consumptioriy TheV pbriii^ittee studied Such!
problems as the provision of food for the United King¬
dom from the combined agricultural resources of the
1,441.076
1,558,643
+8.9
+ 16.7
4,836,180;
.8,250,101:
.
.
Oct.
Arperican requirements.
to cooi'dhiatd !pri6H^
2,154,600
2,182,020
+ 33.1
.!
on
tial Latin
4,553,678
—
2,580,328
announced
that machinery had been established to
prevent leakage of strategic materials, and that planshad been considered for pooling materials and manufac¬
+50.5
2,168,889
1,003,212
cities)
savings certificates from May 27,
war
session
day
97,451,386
——
(32
Total
since
+14:8
+
—
1,988,661,
1,265,808
>
______y—y——y-
____:
Sudbury
79,794,645
+51.7
■
>;
544,379
Kingston
and tank production
shipbuilding program
a
11, 1942 amount to approximately $91,000,-
Canada
and
1938
1939
+37.4
7,208,043
1,219,135
——2————
Sales of
month
a
9
3,326,747
975,980
'J
Sarnia
Oct.
Inc. or Dec. %
;
,5,545,840
1,168,166
—
:_______
in
$300,000,000 and $400,000,000,'.
$120,000,000 is earmarked for naval
which! about
•
r-_
—
Albert
Chatham
Ending
.
767,772
_____
aircraft
engaged
between
000, and regular subscriptions have averaged $6,000,000
2,372,713,715
.762,038
_____________—
is
for
1940 to Oct.
5,711,106,986
2,489,296,485
increased
and
calls
vessels.
226,971,889
4,851,500,351
"571,067
'____
Kltchener
Prince
;•
242,681,768
54.9
1,97M63
Hat
Peterborough
•
has
materially
132,970,000
2,638,441
465,428
Westminster
Windsor
r
n-*^+—'
Fort: William
Medicine
142,074,000
,,+ 53.2
;
50%.
.Canada
3,551,004
+ 52.0
,
war
be
4,071,593
'
■
3,286,219
729,033
_1—y_
___y————
the
to
3,642,061
1,290,371
1,854,228
—
production
The Joint Economic Committees of the United
5,234,987
——
—
its
and
4,079,533
27.9
—
—
—
income
Down payments
+ 35.0 :
+
613,290
Lethbridge
both
applicable
buying,
lending institutions, were put in
to divert a larger share of
order
+71.5
1,251,618
+37.7
517,700
Saskatoon
to
in
11
14,706,505
5,298,949
—
Oct.
29,741,387
"
.
+
2,166,645
—
installment
and
nation's
which
2,203,238
Brandon
Com-'
15,939,661
;
,40,179,937
6,394,473
of
Bank
+52.3
•
34,278,177
1,268,223
2,270,432,736
3,012,452
———r-
Canadian
the
31,418,894
214,241,911
•
Edmonton
in
37,044,365
'
London
case
.r7'+™'-2
.+35.2
4,578,214,486'
'j:'~
contains
3
::;?;+63.4
2,280,030
y
No.
applicable in the
.
on
sales
on
effort.
+73.3
6,711,117
Jaw
the
2,736,138
.
not
are
reflected
ago.
retail
1,159^54.
:
..
.7,384,190
"vl
Moose
62.6
List
of V3 the total cash price, with
the balance payable over 12 months at not less than!
$5 a month are provided for all such purchases except
private automobiles, on which the initial payment must
•
122,010,203
3,650,170
-
+
The lists
was
year
effect
_
5,172,549
:St. John-'—
born from 1910 to 1913.
women
Restrictions
to
68,576,115
2,826,779
2,568,820
60,488,465
_,^_y_____
a
3,799,464
70,810,547
17,173,897 :'.
Calgary
Reglna
3,632,831
V\^+60.2-
,19,707,010
;
—
„
+55.1
■
101,378,691
-89,324,186 X;
53,077,055
:___
—_______
_________
Quebec
Halifax'"-—
___
——_________
________
to
the
index, which stood at 160 for mid-September';
(1937—100) compared with 162 in mid-August and 127
1,868,945
•
135,492,526
—_•
the year with
merce
7,024,291
30,860,002
.
139,323,884
—--,_--___y-___
of
end
import
tonnage restrictions.
month
51,280,176
6,345,691
56,994,678
:
—;
——
Winnipeg
125,445,025
2,156,793
1941
Montreal
664,366
138,562,595
+
Week
Toronto
796,592
+33.4
.
14,020,601
3,468,335 . ,
5:186,922,048 «
/ 3,950,384
1,596,467 j.,-;.;.
3,500,330
-ji7,091,936,331
3,451,645,136
■-
681,183
55,032,038
c
'
.
before the
to i
total
tne
expected
are
,
3,363,710
»
+30.2
'"*3^526,063
^
,
^ 338,580,200
Cities)'
(10
639,620
*
60^03,083;
;
-
3,157,036
f
46.3
■ -
4,847,035
Jose
"Santa
■■•i
•
'
i
_____________———
_____
16.9
+ 29.6
1,778,000
-
^.
Ore.—Portland
84,903,598
f 70.3
.
60,826,999
1,694,880
v»*
50,426,150
> C21,347,512
-.v-
—
'
2,016,518
2,873,846
95,135,858
+ 62.6
v
;
workers
Ministry, subject to indi¬
J
Twelfth Federal Reserve District—San Francisco—
Wash.—Seattle
28,109,241
46,559,944
7,558,391
97,231,230
•,
■
'
-
1,799,056
+ 28.5
^•Vl,293;5^
.
2,631,000
1,206,986
4,446,059
'
.—i.—i———
31,679,740
1.5;
2,388,555
620,775
;
« r
2,203,246
75,683,882
11,060,057
;
52.2
135,065,214
.
<-:r
—~
—
Dallas';
Ft.
•
District—Dallas—
Reserve
Texas—Austin
•
'
180;204j995
-
2,599,075
y: +59.4
3,162,737
527,141
-
Federal
Eleventh
v-
3,696,628 7
Springs _—683,152 ;
-.
808,221
cities)
(10
134,072
2,730,938
,' +'
:
95,314,950
'
"
146,700
26.9
+
1,853,045
..4,434,990.:
-l—•
99,416
88,500
i
56.2
;.
2,783,041
...
—122,434,531
—
106,362,879
N 28,153,099
/■■■.+
<■'
__—_
City
119,001,833
v
"42,859,957
y3
2,863,271
+ 29.4
'^r:V-; 103;027
V'2;459,688:
3,122,340
.
uL^.iy-;r >•=.' 1,881,103
,
1
Mo.—Kansas
Pueblo
________
!
—-2\
Kan.—Topeka
:
___:
883,445
4,278,440
.
+ 40.8
115^165.
•>
Lincoln
766,034
1,163,565
+ 43.3
;. 114,657,477
V,
X'. '
2,568,394
936,764
47.2
+35.5.
3,47;/,-524
_>—i;v.- 168,702
Hastings
.
;
148,346,654
Neb.—Fremont
..
+
,.913,643':
; 1,039,398.
City—
District—Kansas
Reserve
bringing
1895,
prohi¬
of
exceptional needs of the country, such as cereals, fer-;'
tilizer and fuels, various kinds of liquid fuel, parcel
post, effects and baggage of travelers, commercial sam¬
ples, and products and merchandise imported from
countries designated by the Finance Ministry.
The rapidly
mounting circulation of the Bank of
England, which stood at £688,063,000 on Oct. 15, is attri¬
buted to rising wage totals paid in war industries and
to price increases. When the Bank's gold holdings were
transferred to the Exchange Equalization Fund in Sep¬
tember, 1939, the fiduciary issue was increased by
£280,000,000, and has since been raised another £ 150,000,000 to maintain ordinary note reserves.
Some of
the last £50,000,000 authorized at the end of August;
is already being used.
■•
;
The Canadian dollar continues relatively firm.
A'
slight recession in industrial activity during the past'
2.784,263
78,255,691
4,987,837
___________
in
million
in
bited items.
150,727,091"
;
.
33.0
>|v
1,408,648
>>,-y
_ _ _
.
3,319,565
+17.9
1,345,061. •: ,;.J
________
>
+26.8
;
+
'
Mont.—Billings
'•-';
152,704,596
57.2
.75,153,753
•
'33,722,824
.
y-'■r.
N.
S.
1
special authorization must
cated
31,680,834
639,000
'28,602,154
•
99,944,2o2
?.»j..\.
32,807,257
'
'3,81-1,353 <:;>
v X;
of England
be obtained from the Finance
"
650,000
••';';<;+
;'•"'151,649,659
•/yyXy-
Minneapolis
-
+ 21.6
v,
85,600,000
'
"'
32,268,354
32,886,242
+
: ^-•;;v-36,460,398,;;:'":
68,311,738
.676,000
86,900,000
86,7
+87.4
•:
.
Tenn.—Memphis
required
are
enumerates articles for which
'•;^34.5:
r_.^-^.^,_^^_-.^',;:;vll4,700,000 ;-i:,: !v"'::v:85,300,00o'r,^
•;'-29,333,261 5
' ^
54,752,043
_X___
Louis
issues
these
licensing system which becomes
Egypt on Nov. 1, the importation by sea
of designated articles is authoried for six months, sub¬
ject-to indicated maximum tonnages.
A second list
1,687,736
481,169.275
••;+ + 43.4
Federal Reserve District—St. Louis—'J;-:
Mo.—St.
the
Under
effective
462,204,071
;
born
men
Another
registration of
1,081,498
1,386,702
•
I-
Springfield
to
available
become
3.954.246
3,924,738
1,189,273
•
pf
Registration for service in British industry has been
322,811
2,061,503
,
Holders
1945-75.
register their securities with the Bank
and dealings in them will be restricted.
1,308,474
+
£40,-
Oct. 11 requisitioned
on
to
20,288,239
.+
5.1
:f iv.v',1,146,'366 ,v*•''.•
1,204,798 > 'Xy
4,601,850
,-;. a ■^V:Vi-v«3,5l3,2Q2>^;i'i ;;:,+,3i.o
"; : ',1,140,409
'•+75.4
'
1,999,958
K + 28.8
176,415 \
' 1,515,010- .■••>. :u':
Peoria
scribed
4,792,929
.
376,370
242,634,683 '':
"X
-369,083,473
Decatur
V
953,547
1,874,413
•
1,499,797
•
19.6
■
..
4,394,349
430j775
1,309,616
18,899,000
19,655,000
5,878,275
10,232,521'-' :,- •
•••:.;
v
•
2.788.245
1,116,488
.
+45.9
-5,733,066
5,337,357
'
Chicago
„.
.12,293,320
+-•
90,788,259
3,324,086
1,844,402
+30.5
'Wnrm709r.;\V'
V
1,624,727
-
'
Moines
Des
i
.+ 55.0.:
.
17,142,352
,
la.—Cedar Rapids
'
1,314,0.42
7'...
2,966,982
7,482,968y.
25,017,045
-F S,
1———-i--
Bend
„
;;
Treasury
499,299 face value of four South Africafi Government se¬
curities—Cape of Good Hope consolidated 3s of 1933-43,
Natal 3% consolidated stock of 1929-49, South African
consolidated 4s of 1943-63 «nd South African 5s in¬
374,855
415,047
103,45^,497
-
v>^.57.i"i
s*
V*.'-15,878,000
Indianapolis
South
+• 52.4
jV.1 ,..1,529,024 fyy.
1938
1939
-
„
VW^-W'rT-r^'—.j 2,329,494
Wayne
>■;?;
,
\
;
' - 403,037 ,7.
»,**+ 28.5 *;''
il7,812;56V:.-VV.
' * '
-3,254,;48 « ? J .;; .:+13.0
+17.5
1,541,750;;
;
IT 151,427,957 -t;?; 3,678,469 ■
Detroit
+ 15.3
British
The
11
Oct.
Inc. or Dec. %
I..,,1940
;•*'464,596;"
'
Ending
,
!;i •V»yV-'-;Vl941
Mich.—Ann Arbor
-■-.Grand
Week
v!.*r.'V'.' •>-«V-y<•
.
Federal Reserve District—Chicago—
Sevehth
CHRONICLE
THE COMMERCIAL & FINANCIAL
'Number 3995
Volume 154
Kingdom
Refined
Bullion
and
Coin
Imports
$54,952
_____
Canada
;
——A—„
\
,493,013
2,
457,962
60,772
Mr.. Bell
On* Oct.. 11 the-Australian - Gov¬
ernment
that it will ship standard-gauge
locomotives and freight cars at once to Iran to assist in
moving British and American supplies to Russia.
:.v..
British holdings of United States securities have been
lend-lease
program.
announced
$274,000,000 had not previously
British dollar assets in the United States
declined from $4,483,000,000 on Sept. 1, 1939 to $1,527,war.
Of
this
amount
been disclosed.
000,000 on Sept. 1,
able United States
1941. The $950,000,000 of market¬
securities * which British investors
outset of the war had fallen two years
later to $227,000,000, in addition to the $145,0.00,000
pledged on July 22, for an RFC advance of $100,000,000.
During the two-year period British gold holdings
declined from $2,038„000,000
to $151,000,000; official
dollar balances rose from $50,000,000 to $54,000,000;
owned
at the
balances fell from $545,000,000 to $310,000 000; direct and miscellaneous investments declined
from $900,000,000 to $785,000,000.
. r \
private dollar
that
the
British
will
if end
.$1,035,000,000 .in the n^xt six months ending March 1,
the following purposes: orders placed before
March
11, 1941, $500,000,000; shipping, interest, film
.
remittances,
1
Treasury Daniel Bell, $578,000,000 of American securi¬
ties were sold by the British since the beginning of the
estimated
British
India
Australia
British
,037,896
2,
147,979
651,795
•__——_—
—
Oceania
_____
-1942; for
'
liquidated almost twice as rapidly as official reports
have previously revealed, it was learned as a result of
the recent hearings on the new lend-lease appropria¬
tion.
According to testimony by Undersecretary of the
also
States
irom
Canada
areas
etc.,. $85,000,000; payments to the United
the -rest of the sterling area excluding
and
Newfoundland,
$280,000,000;
payments
29,514:
Mexico,
$115,195 Ecuador,
$157,336' Venezuela,
$273,422 Philippine Islands, $102,933 Union of South Africa.
—*
Gold held under earmark at the Federal Reserve banks was reduced
+
"Chiefly
during the
gf>ods and services, urgent
ineligi¬
ble for lend-lease, $110,000,000. In addition about $430,000,000 will fall due after February on orders placed
prior to enactment of the Lend-Lease Act in March.
While $907,000,000 had been paid on the $1,393,000,000
Continental
placed thereafter for requirements not obtainable under
'
^• ■■; v; *;
British expenditures of $1,035,000,000
Estimated
dur¬
ing the six months ending March 1, 1942 will be offset
by an expected $885,000,000 of which $310,000,000 will
represent sales of merchandise to the United States by
countries, and $290,000,000 will be derived
gold. The $250,000,000 deficit will be met
by further sale of United States assets and additional
advances on the $42,000,000 RFC loan.
sterling
area
from sales of
Failure
or
purchase commitments prior to passage of the LendLease Act, an additional $458,000,000 of contracts was
the Act.
week ended Oct. 8 by $1,496,768 to $2,021,005,255.
.
y
to
outside the United States requiring gold or dollars,
$60,000,000; other
$133,297
the
of
and
Other
United
frozen German funds
Foreign
States
to meet the
Exchange
Treasury
to
.
■
release;
Oct. 15 interest pay¬
$59,633,400
dollar bonds of
of German Government external
1924, known as the Dawes Plan
loan, has placed the
bonds in complete default. Similar
ment
7%
on
with respect to the Hungarian stand¬
which interest became due Oct. 15.
the Treasury has previously withheld
action is expected
still
credits
Inasmuch
on
as
approval of applications to withdraw funds for payment
of interest on the standstill and Lee-Higginson credits
and on the German Government 3% funding bonds, it
is
thought likely that the Treasury may have adopted
policy of holding frozen German balances intact until
the end of the war.
;•
■',*■
Americans in Italy are unable to obtain funds under
a
strict
freezing
regulations and even the United
(Continued
on
Page
672)
States
THE COMMERCIAL
672
^
Course
'
■
{Continued
iron
Page
671)
.
Embassy is reported to be short of funds.
suspended dealings
in
,
Argentine
pesos
of the Federal Reserve System on~ Thursday
Oct. 16, showing the condition of the 12 Reserve Banks at the close of business-oh-Wednesdayv The
presents the results for the System as a whole in comparison with the figures for the eight preceding
with those of the Corresponding week last year.
The second table shows the resources and liabilities
for each of the 12 banks.
The Federal Reserve note statement (third table following) gives details
Americans had been able to convert dollars into pesos
and then into lire.
Signing of a trade agreement greatly
expanding the exchange of commodities between Italy
and Bulgaria was reported on Oct. 11.
The
'
issue
50-year
new
closed
was
French
transactions
sinking fund
reached
tax-exempt
Si^Im p^
The following was issued by the Board of Governors
.
Until Italy
month ago,
a
Saturday, October 18, 1941
/Weekly Return of the Board of Governors of the Federal Resei^
*
1 ■'
>■
>.
& FINANCIAL CHRONICLE
in
Federal
Reserve
COMBINED RESOURCES
notes
weeks and
separately
regarding
RESERVE BANKS AT THE CLOSE OF BUSINESS OCT. 15, 1941
OP THE FEDERAL
12,000,000,000 francs. The converted bonds bore interest
paid redemption premiums. French
Republic external 7% gold bonds issued Nov. 22, 1924
and due Dec. 1, 1949 will be redeemed by lottery to the
extent of $3,937,900.
Pursuant to decrees of July 16,
1935 and Aug. 25, 1937, bonds stamped to indicate nonFrench ownership will be redeemed at 105% and simi¬
larly stamped coupons maturing Dec. 1, 1941 will be
Three
Ciphers (000)
/.%,■;■
Omitted
Oct.
Oct.
15,
1941
•
Oct.
16,
1940
Oct.
8,
1941
1,
Sept. 24,
1941
Sept. 17,
li»41
Sept. 10,
1941
Sept. 3
1941
'
.,.1941
„
'
$
Assets
Gold
;
ctfs.
Total
Bills
price and the redemption price (a deduction of 1.1%
of the principal amount) when in the ownership, French
or foreign, of others than individuals.
Coupons stamped
to indicate French ownership and unstamped coupons
will be subject to a deduction of 10% of the face amount
when owned by others than individuals.
Other
Aug. 20
.,.^,1941.;..,. 1941,..
'$
$
19,077,299
20,501,030
20,466,031
20,362,029
14,153
11,294
14,010
14,729
15,743
250,498
326,661
243,391
252,404
19,415,244 * 20,758,431
20,733,164
20,297,032
20,297,032
20,299*032
16,386
16,386
15,146
269,462
267,065
262,666
20,647,234
20,580,483
20,576,084
20,299,532
20,299,532
(Fed.
fund
notes)
cash*
Other
$
20,525,032
due from U. S. Treas.t
Reserve
$
Aug. 27
and
hand
on
Red#mption
paid at face amount. Bonds stamped to indicate French
ownership and unstamped bonds will be subject to a
deduction of 10% of the difference between the issue
20,789,683
reserves
.
16,229
235,953
274,705
274,639
20,550,131
•
15,411
20,589,648
20,590,400
r
discounted:
Secured
by U. S. Govt,
obligations, direct and
guaranteed
1,487
1,312
1,591
1,660'
1.920
1,610
2,094
2,197
2,407
discounted—
6,275
2,425
9,380
9,409
9,597
9,274
11,011
10,222
7,973
discounted.
7,762
3,787
10,971
11,069
11,517
9,273
8,825
9,087
8,902
8,964
8,896
9,701
9,681
9,563
9,586
1,363,800
1,397,700
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
1,363,800
820,300
985,800
820,300
47
47
820,300
820,300
820,300
820,300
1,363,800
820,300
2,184,100
2,201,135
2,383,500
2,184,100
820,300
2,134,100
2,184,100
2,184,100
2,184,100
2,395,502
2,204,158
2,184,100
2,184,100
2,203,880
2,207,406
2,206,200
2,204,043
2,201,975
47
47
47
2,204,071
2,204,581
47
47
47
bills
biils
Total
Industrial
U.
advances
Govt,
S.
and
Exchange on" the Latin American countries is with¬
especial interest. Following announcement of the
tariff agreement the Argentine peso declined 10 points
to 23.55 on Wednesday.
"
•
13,605
12,419
10,380
8,289
direct
sec.,
guaranteed-
Bonds
-
10,884
2,187
6,102
Notes
out
commercial
first
Total U.
from
Fed.
Res.
40,674
Another
war.
reductions
until
ended
or
six months notice after
on
provision specifies that full tariff
by Argentina will not take effect
customs revenue from imports again
Uncollected
equals at least 270,000,000 pesos a year, approximately
the average annual customs revenue from 1931 to 1940
and about 40,000,000 pesos higher than customs receipts
in 1940. Traders are uncertain whether preferential ex¬
change arrangements with Britain will be continued in
view of Argentine assurances against discriminatory
treatment of American exporters, especially since the
United States agrees, as long as the proceeds of Ar¬
gentine exports to the United Kingdom continue to be
blocked, to refrain from invoking the most-favored-
provisions of the treaty with respect to Argen¬
imports front the sterling area.
The Argentine unofficial or free market closed at
23.65, against 23.50. The Argentine official peso is
pegged at 29.77.
The Brazilian milreis closed at 5.15,
against 5.15. Chilean exchange is nominally quoted at
5.17, against 5.17. The Chilean export peso is nominally
quoted at 4.00, against 4.00. Peru is nominal at 15.75,
against 16.00. The Mexican peso is quoted nominally
at 20.70, against 20.70.
to
a
Monday, when the Chungking
on
record low
of 3.226c
in the
culated
that
the
discontinue
Chungking
its
efforts
to
Government
stabilize
the
is
an
forced to
through
to
resort
Shanghai,
the black market
dealers and
their
competition for the city's limited supply of United States
currency resulted in the sharp advance of United States
dollars against the Chinese yuan.
Chungking officials
are
said
to
be
of
the
opinion that tightened Japanese
control of exports from Shanghai will make it
impossi¬
ble to collect dollar exchange and will prove a serious
drain
the
on
central
government's
foreign
At the
United* States.
continental
the
number
frozen
license
new
of
ticularly
United
was
because
there
are
40,641
50,220
49,359
24,550,096
22,998,902
23,983,781
24,118,649
23,932,204
24,205,940
23,815,608
23,818,850
23,873,262
23,904,546
Total
assets
on
where
partnerships in this country, par¬
West Coast, which are operated by
the
residents
a
resident
but
whose funds have been
of China has a financial in¬
The Shanghai yuan closed on Friday at 5.50,
against
Friday of last week.
The Hongkong dollar
25 5/16,
against 25 5/16; Manila at 49%,
against 49.85; Singapore at 47%, against 47%; Bombay
at 30.40, against 30.35; and Calcutta at 30.40, against 30.35.
on
closed
at
•
40,667
Liabilities
notes in
Fed. Res.
actual
circulation
7,350,851
5,508,424
7,299,505
7,255,733
7,164,250
7,147,456
7,129,940
7,117,836
7,006,926
6",952,605
13,321,390
14,015,812
13,290,448
13,240,448
13,273,084
13,327,926
13,158,335
12,884,323
12,997,655
13,037,470
455,691
708,465
1,152,015
•681,726
772,074
785.344
1,152,699
1,202,872
698,933
Deposits—Member banksaccount
reserve
U.
Treas—General
S.
258,814
462,610
304,023
308,748
378,956
333,762
1,188,259
1,057,344
1,165,164
1,184,983
1,111,309
Other
deposits
731,908
003,002
711,401
733,445
744,984
1,126,450
709,232
Total
deposits
15,500.371
16,138,768
15.471,036
15,467,624
15,508,383
15,497,370
15,456,784
15,426,529
1,321,876
986,147
836,100
1,018,920
822,796
1,184,850
849,540
4,186
3,658
4,307
3.692
3,950.
3.473
6,558
24,177,284
22,636,997
23,610,948
23,745,969
23,559,379
23,833,149
23,442,822
23,446,132
141,173
account
Foreign
avail,
Deferred
items
—
dividends
;
liabilities
Total
1,143,825
;
689,923
631,83C
15,657,516
898,687
15,612,351
877,919
3,080
3,315
918,845
incl. accrued
Other liab.,
23,500,511
2,931
23,531,897
Capital Accounts
137,653
141,155
141,043
141,013
141,045
141,015
140,970
140,942
157,065
151,720
157,065
157,065
157,065
157,065
157,065
157,065
-
26,785
20,839
2o, IOJ
26,785
26,785
26,785
26,785
26,785
_
47,789
45,753
47,828
47,787
47,962
47,896
47,921
47,898
157,065
26,785
47,959
24,550,096
22,998,962
23,983,781
24,118,649
23,932,204
24,205,940
23,815,608
23,818,850
23,873,262
Capital paid in
:
Surplus
(section
7)
Surplus
(section
13-b)
Other
capital accounts
Total
liabilities
total res.
posits
Bills
91.2%
91.2%
91.1%
90.9%
91.1%
91.2%
91.0%
91.1 %
7,459
13,673
12,709
12,586
11,487
12,994
12,872
12,928
13,078
1,941
91.0%
-
8.923
180
761
89.7%
make
to
advances
13,580
__
of
Distribution
Maturity
23,904,546
Res.
combined
industrial
157,065
26,785
47,931
to de¬
Fed.
and
liabil.
note
Commitments
140,868
■'
and
capital accounts
Ratio of
Short-Term
and
Securities—
1-15
disc
6,2^
6o9
31-60
bills disc
days bills disc
61-90
days
Over
8,056
8,223
7,212
5,562,
3,^J6
1,953
1,461
1,343,
1,095
957
683
721'
559,
012
9nl
1,214
1,863
1,507
1,225
735
143
250
287
649
948
1,175
906
203
209
147
155
124
166
no
101
98
10,884
13,605
12,419
8,283'.
2,396
2,333
391
10,380
343
376
432
391
343
360;
173
242
.
1,111
'
7,762
3,737
10,971
11,069
11,517
ind. adv
2,569
1,412
2,575
2,549
2,524
days ind. adv
332
196
321
312
364
bills
days
31-60
U.
7,337
1,342
139
tills disc
days bills disc-
Total
1-15
16-30
Over
8,401
8,339 %
53d
days
90
61-90
bills
days
16-30
Industrial
Govt,
360
256
187
days ind. adv
90 -days ind. adv—
S.
/
104
199
167
170
176
134
166
649
adv
days ind.
445
569
438
471
274
958
984
898
866
5,767
5,878
5,895
9,563
9,586
5,536
5,455
5,433
5,429
5,716
9,273
adv.—
6,073
5,812
8,325
9,087
8,902
8,964
8,896
9,701
9,681
43,000
43,000
43,000
43,000
2,184,100
2,184,100
1,184,100
2,184,100
2,184,100
2,184,100
2,184,100
1,184,100
2,184,100
securities,
direct and guaranteed1-15
davs
16-30
days
31-60
days
61-90
days
—
Over
-
43,000
2,141,100
2,141,100
2,383,500
2,141,100
2,141,000
2,141,100
2,184,100
2,383,500
2,184,100
2,184,100
2,184,100
R. Agent
—
Fed. Res. Bank-
7,709,349
5,785,779
7,678,873
7,605,730
7,497,636
7,442,406
7,362,287
277,355
379,368
349,997
7,553,617
389,367
7,527,488
358,498
380,032
367,696
324,570
355,361
7,300,458
347,853
circulation-
7,350,851
5,508,424
7,299,505
7,255,733 ?
7,164,250
7,147,456
7,129,940
7,117,836
7,006,926
6,952,605
'7,836,000
5,878,000
7,796,000
,9,940
7,739,000
7,690,000
7,658,000
7,643,000
7,430,000
10,291
9,605
12,434
7,556,000
11,253
7.49<£000
9,999
9.281
7,513
7,805,940
7,748,999
7,700,291
7,667,605
7,655,434
7,567,253
7,499,281
7,437,513
90
days—
U.
Total
S.
Govt,
se¬
and
direct
curities
"
guaranteed
;
Federal Res. No»es—
Issued to Fed. Res. Bank
|
by
P.
Held by
actual
In
Collateral Held by
as
Agent
Security for Notes
to bank—
issued
Gold
ctfs.
on
hand
and
due from U. S. Treas-
'
By
5,880,195
7,842,946
collateral
Total
2,105
6,946
eligible paper
;
include
Federal Reserve notes.
certificates given by the United States Treasury for the gold taken
100 cents to 59.00 cents on Jan. 31, 1934, these certificates be ng
having been appropriated as profit by the Treasury under provisions of
ence
does
not
cash"
tThese
;
..
-
are
itself
!
New York
Dealing in detail with call loan rates
on
Exchange from day to day, 1% was the ruling
nvor
frftm
paper
Prime paper
maturities.
:-
*
*
:
^
.
,>
...
-
-
—
Reserve
hank*
Reserve banks
ReaervI
Act
of
when
the
difference,
dollar
the
was
differ-
1M4
the Gold Reserve Act of 1934.
Acceptances
prime bankers' acceptances continued
very quiet this week.
The demand has been good but
prime bills have been in light supply. Dealers' rates
as reported by the Federal Reserve Bank of New York
for bills up to and including 90 days are %% bid and
7/16% asked; for bills running for four months, 9/16%
bid and %% asked; for five and six months, %% bid
and 9/16% asked.
The bill buying rate: of the New
the Stock
quotation
has again been very active this week.
has been coming out in good volume and
demand has been brisk. - - Ruling rates are % % - % %
mercial
thp
over from tne
The market for
through the week for both new loans and renewals.
The market for time money continues quiet. Rates con¬
tinued nominal at 1%% up to 90 days and 1%% for four
to six months maturities. The market for prime com¬
for all
<
Bankers'
Money Rales
all
the
.
from
devalued
a
business
States
988,793
40,588
51,364
Treasury officials explained
needed
terest in the firm.
5.50
933,518
40,644
•"Other
request of the Chinese Government the United
States Treasury Department on Oct. 10 issued a general
license liberalizing the status under the freezing orders
of Chinese partnerships engaged in business
in the
that
897.321
55,195
_
exchange
resources.
*
1,296,599
40,662
United
obtaining goods
importers have been
956,918
42,369
com¬
effort to prevent Japanese from
exchange
or
1,058,511
33,303
■
40,781
States currency is required to pay for imports, and since
the stabilization board has been refusing import licenses
in
47
34,235 '
954,428
43,221
preparing
unit.
37,002
40,732
pared with the official rate of 5.38 cents fixed by the
Anglo-American-Chinese currency stabilization board
and maintained by the 14 exchange banks. Reports cir¬
to
38,911
44,406
plunged
yuan
"black market,"
41,900
40,754
this week by a severe decline in the Chinese "national"
dollar
39,422
44,944
featured
was
37,718
53,07(5
Total
the Far Eastern countries
on
89o,730
V
41,257
•
Exchange
1,071,624
1,433,599
38,717
40,840
nation
tina's
items
21,552
44,118
new
Argentine
47
Bank premises
the
granted
-
Other assets
special provisions not hitherto embodied in
modified
820,300 % 2,184,100
of other
notes
banks
treaty are inserted
be
foreign banks-
*
Oct.
any trade
because of present abnormal world
trade conditions. One such provision grants special conCessions by the United States on products ordinarily
obtained from sources now closed by the war and may
sec.,
„
Due
treaty
14, after more than two years of negotiations.
Apart from reciprocal trade benefits, the agreement is
regarded by leaders in both countries as an important
contribution to hemisphere solidarity in the present crit¬
ical period.
The treaty provides tariff reductions or
guarantees against increases of Argentine customs duties
on 127 products constituting about 30% of United States
sales in Argentina during 1940. Concessions to Argen¬
tine cover 84- items representing about 75% of Argentine
sales here last, year and 93% in 1938 and 1939. Certain
Govt,
S.
direct and guaranteed.
Total bills and sec.
between the United
States and Argentine since 1853, and the twelfth with
a Latin American country, was signed in Buenos Aires
On
,
Oct. 11 when subscriptions
on
at 5% and 5%% and
The
•
the. Reserve agents and the Federal Reserve banks.
between
LIABILITIES
AND
afternoon,
first table
; York Reserve Bank is % % for bills running from 1 to
90 days.
,
.
@FedFRASER