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■mil. ADKU
Number 3998
Volume 154
^T-"-
-
.-.-..v
■■
y
,
New York, N.
,
19$
•CT 26
SATURDAY
LIBRARY
I
Y., Saturday, October 25, 1941
Price 60 Cents
Copy
a
;Y,
AND
(TE
7
CITY
DEPARTMEI
BOND PROPOSALS AND NEGOTIATIONS
*Ty.. i.
amounts to retire the bonds over Reconstruction
the
designated years;
Bond
\r':\.yAl80 In This Issue
Offering Date
—-County
V-
Judge
i
Scheduled
Newton
an¬
nounced that the bonds would be
sold Nov. 12. He said the levy was
Corporation News
based
on
of
interest rate not to exceed
an
Banking and Financial
;
(See Detailed Index Below)
ARKANSAS
I
receivership.
mg
,
and denomination of the bond
ceeding 3%, but the Commission
to
sell them to bear
around 2xk% interest.
The city
bonds.
is
now
bonds
Gadsden, Ala.
-
Bowd Sale—The
following
CALIFORNIA
Sacramento
c
i.
on
Marx &
awarded to
County (P. O. Sacra-
for consideration by the
up
voters
Co. of
to
hand
at
an
election
Oct. 28
on
'$2,000 sewer bonds. Due $1,000 on
;
Nov. 1 in 1945 and 1946.,
1,000 school bonds. Due on Nov.
■;
i, 1945.
///•;,;,
24,000 public improvement bonds.
Due on Nov. 1 as .follows:
on or
before Dec.
P.
Bond
School
O.
District
No.
36
cu
Slty> Election—The
Calif'
Bond
,
school
suance
of
School
District
$70,000
San
scheduled
tion
said.
bonds
for
is¬
will
Oct.
an
28,
be
elec¬
it
is
;7y.yyy
,
Etowah), Ark.',,
Bowles, City
Clerk, states that $7,500 sewerage
No.
18
Bond
until
10
a.m.
were
sold recently, to aug¬
Pulaski County
Hospital Bond Levy Voted—We
as
follows from the
"Democrat"
of
'
payable J-J.
Denom. Oct. 15:
The Pulaski Quorum Court in
$1,000. Dated July 1, 1941. Due
$3,000 from July 1, 1942 to 1946. special session today levied a
No bid for less than par and ac¬ one-fourth mill tax for the years
crued interest will be considered. 1942 to 1945 and a one-half mill
Delivery to be made at the First tax for 1946 to 1954 to retire $200,National
Bank;
Holbrook. The 000 worth of bonds which will be
sold to erect a new county hos¬
approving opinion of Gust, Rosenfeld,
Divelbess,
Robinette
& pital on W. Roosevelt.
On motion of C. D. Ewell the
Coolidge, of Phoenix, will be fur¬
All bids must be uncon¬
ditional. Enclose a
for
5%
certified check
of the bonds, payable to
the County Treasurer.
receive
will
7:30 p.m.
court
voted unanimously
ihe tax.
to levy
Seventy members were
present. The court also adopted a
appropriating various
resolution
on
sealed
bids
unti,
Nov. 6, for the
pur¬
the following bonds ag¬
of
gregating $198,700:
beach acquisition
$1,000.
Due
$40,000
bonds
Denom.
$2,00(
£0111 °ec. 1, 1942 to 1961 incl
55,100 breakwater bonds. Denom
$1,000,
Dec.
for $100.
one
1
follows:
as
Due
$3,000
or
ir
J942 to 1958 and $4,100 in
;v
103 600
dredging bonds. Denom
$1,000, one for $600. Due on
Dec. 1 as follows: $5,000 in
J942 and 1952, $6,000, 1953 t£
to
1959
$6,600 in 1960.
Interests rate is not to exceed
Th valable J"D.more than
Dated Dec. 1
941.
Bids-for
INDEX
one
7y
"7:
Page
■
State and City Department
Bond Proposals and Negotiations..
of
Weekly Statement
T?te ,°Lmterestbeinreceived. Bidmultiples oi
k of. 1% will
763
ot
the
int.
,
urer
Weekly Return
(combined)
Condition
of
of
Banks
Reserve
______
the
New
York
765
Discount
•'
764
Reserve
Bank
of
Rates
Foreign
Central
Banks
New
;:
764
____
York Money Rates.—,
....
Foreign Exchange Rates
Loans
General
...
and
Course
Discount
in
of
.
European Banks....
Bank
of
Rates
Clearings......
Federal
of
Course of
768
764
766
a0S
certified
A
check
England
Statement......^.
Sterling Exchange
Notices
Calls and Sinking
,
Non-Ferrous
Metals
Market..^
...
765
Since
Debt
American Trust Co. of San Fran¬
divided as follows: $25 00C
0.875%, and $10,000 at 1%.
cisco,
Ventura County (P.
Calif.
1933—In
letter transmit¬
a
of constant debt reduction
by the
present
administration
costs
1942 wiiL he
for
interest
$428,394.33
less than ten year
ago when the
debt totaled $19,620,204 as com¬
.
pared with $11,451,635 at the end
of September.
"Provision has been made for
continuation of all necessary
city
services
and
tion
of
some,"
tain
new
also
for amplifica¬
the letter read.
"Unquestionably initiation of cer¬
services
must
be
se¬
riously considered in the future,
the state of
as
permit.
it
remembered
neither sound
nor
tax the people
ity to
finances may
should al¬
our
However,
be
ways
that
it
is
constructive to
beyond their abil¬
pay.
,
"Because
of
...
predictions
and
of experts that munici¬
palities must face enormous relief
I opinions
costs
when the
defense spending
is ended, and their con¬
clusion that in consequence much
program
DIVIDEND NOTICES
2fl
bonds
21
p.
for
has
Stock
of
Due
Stanley M. Arndt
1952 incl.
3.12%,
on
Dated
Dec.
of
been
October 18,
One
($1.00)
declared
on
19417
Dollar
per
the
Capital
payable Decem¬
ber 15, 1941 to stockholders of
record at
the close of business November
21, 1941.
this
Company,
J.
R.
NORTHERN
FAST, Secretary.
1
in
Dec.
1
1942
to
PIPE LINE
COMPANY
26
sale
648—were
«9nonSi Angelfs> for a Premium o7
a bash
about
dividend
O. Ventura),
offered
154,
v.
LINE
Broadway
New York,
A
share
«SaIe--The $10,500 Water
Oct.
PIPE
COMPANY
Works District No. 4 3y2% semiann.
water works
system con¬
of
1
Greatly Reduced
of the
$200.01, equal to 101. 904,
759
,
last
ting the 1942 budget to the Board
of Aldermen, the Board of Fi¬
nance
pointed out that because
$35,000 mu¬
bonds approved
airport
763
Bank of Germany Statement.—765
the
he furnished.
for 3%
purchased by thf
at
of
Haven, Conn.
THE BUCKEYE
awarded to Mr.
766
Bonded
Sold—The
on
Fund
outset
-y;''
Ukiah, Calif.
Bonds
768
Redemption
Prin.vand
the
New
value of the bonds, payable
the City Treasurer, is required.
to
at
year.
City Treas-' municipal borrowing will be re¬
s office. The approving opin¬
quired. we believe that capital
of O'Melveny & Myers of expenditures, except of the 'must'
struction
Reserve
Banks
Bank
765
o_—759
Foreign Money Rates
Gold Bullion
762
a
the
at
roren,tly by the voters—V. 154, p
585—^have been
745
;
—
more
nicipal
Investment
News
Dividends
issues.
or
764
764
fiscal term with
new
surplus of $79,000, a figure
$20,000 beneath the amount on
par
'
763
——-
Corporation
one
764
...
Acceptances
Weekly Federal Reserve Bank Changes
The
ion
for
above
payable
Return of Member Banks 762, 765
Brokers'
hid
•may
763
^
statement—.
Note
Reserve
;
737
Banks
Reserve
(individually)
Federal
Bankers'
3%,
nished.
he
the
by
(P. O. Little
Rock) Ark.
bonds.
ceed
Padrick, City Clerk, that
used
Weekly Return of N. Y. City Clearing
10
'
be
held
bonds
House
\
on
will
sale
Calif.
Offering—It is stated bj
Ollie B.
_
a prior issue of $20,000 for
Weekly
improvement. *
^
purchase of $15,000 funding quote in part
Rock
Interest rate is not to ex¬ Little
the
the
redeem
ment'
' the
Offering—Sealed bids will
by G. P. Brown, Clerk
of the Board of Supervisors, for
Nov.
bonds
:>
(P. O. St. Johns) Ariz.
received
be
,
of
Sale—The
Bonds Sold—H. A.
.
County School District
^Apache
*
Seal Beach,
Bond
$640,000 for the period
maturity, 1943 to 1972.
Pro¬
ceeds
enters the
Carlos
submitted to the voters at
chase
Ste¬
R.
item may
hand
mated at
to
$6,130.48 4%
semi-ani). funding bonds offered
for sale on Oct. 13—v. 154, p. 449
—were
purchased at part by T.
J. Rariey & Sons of Little Rock
;
$2,000 in 1945 to' 1950„ and No other bid was
received, ac¬
$3,000 in 1951 to 1954.
J
cording to the District Secretary,
The second highest bid at the
Dated Aug. 1, 1941; Due on Jan. 1
auction was an offer of 100.60 for
in 1959 to 1962.
;
;
2%s, submitted by Odess, Martin
& Herzberg, Inc. of Birmingham,
Marianna, Ark.
ARIZONA
W.
Sold—The
appropriations
by the Board, but no
be increased. The town
proposed
San Mateo County (P. O. Redwood
,
cash
the right in 1941ijo 1972. The
proceeds will
of
Etowah
associates.
(P. O. McGehee) Ark.
Bonds
avail¬
15.?
2.65%.
and
Southeast Arkansas Levee District
the
phens
Investments,
of
Little
the build¬ Rock, is said to have purchased
$1,268*000 ^funding bonds.
Due
reserves
and cancellation
$987,000
recommendations of the Board
according to report.
tenders of bonds at be used to redeem 4% and -3.%%
price above 95% of their par bonds held by the RFC. The sale
value, plus accrued interest. All of these bonds means that > the
bonds so purchased must be de¬
district has Completed a second
livered to the trustee for payment
debt adjustment at a saving esti¬
2%s,
as
Rate—New
nearly
Sixty-six resi¬
dents recently
elected as town
meeting representatives will vote
on
equipment bonds is scheduled tc
a
paying a
price of 100.61, a basis of about
Birmingham,-
district
Tax
of
approval Nov. 10.
£e?to)' Calif-
v
come
to reject all
cou¬
pon
semi-ann. refunding bonds
aggregating $27,000, offered for
sale on Oct. 21—v. 154, p. 584—
were
funds
ing fund.
The
Z1
of
or
tendered
of
limited
able for this purpose in
1
:
be
amount
paying 4% on the indebt¬
edness.'-
Acceptance
will
>
budget
will be placed before citizens for
•
expects
Milford, Conn.
•
Increase
r^°HST?°-ld~An issue
,
be limited to not ex¬
'.yo
May
town
a
Birmingham, Ala.
t I El Dorado Special District No., IS said, A 3% interest rate will be a
Bond Election Authorized—We I
basis for bids, compared to 4y2%
(P. O, El Dorado), Ark.
quote in part as follows from the
Sealed Tenders Invited—Harry on the courthouse issue, refin¬
'
Birmingham "News" of Oct. 14: W. Cawthon, District Secretary, anced 16 years ago, and a consti¬
Seeking to save about $1,500,000 states that he will receive sealed tutional limit of 5%.
in interest, • the City Commission tenders on or before Nov.
Judge Newton said that "spir¬
15, of
Tuesday adopted- an ordinance bonds of the above district. Hold¬ ited bidding" has been indicated
calling an election for Dec. 15 to ers desiring to tender their bonds for the hospital bond sale, sched¬
vote a $4,250,000 bond issue to re¬ to the district must submit their uled for Nov. 12.
finance the Birmingham Indus¬ offers in
Bond
Offering
Details—Bids
duplicate* one copy be¬
trial Water Supply System and
ing addressed, to the Secretary and will be received by the County
to provide for some extensions of one
Court at 11 a.m. on the
12th.
copy being mailed to the First
the plant. ■
-' ■
'<v. National Bank, El Dorado, trustee Dated Dec. 1,1941. Due on Dec. 1
The proposed refinancing will for the issue.
as follows:
$7,000 in 1943 to 1945.
necessitate $4,120,000 and the ex¬
The tender shall state the price $18,000, 1946, $19,000, 1947 to 1949
tensions and improvements are at which the bond or bonds will $20,000, 1950 and 1951, $21,000,
estimated to cost $130,000.
The be sold and shall give the number 1952 and 1953, and $22,000 in 1954.
bonds will
CONNECTICUT
first
,r®tun,d,"g ifue of defaulted aftei
$1,312,000 durdistrict had
county
that has
Statistics, etc.
ALABAMA
Corpora¬
in the United States tinn nnn
of of Finance in this annual sessions
$100,000 Grant Union High School
millage tax as low as
The fiscal year of the municiDistrict tax anticipation notes is
that in Pulaski County. He pointed
said to have been purchased on pality opens Oct. 1, but the budget
to the fact that Pulaski County
does not gain approval until No¬
Oct. 16 by the Bankamerica Co.
has no road bonds and is the only
vember.
An increase in
of San Francisco, at 0.45%, plus
expendi-;
county in the state that has none.
tures
has
forced
the
Finance'
a premium of
$5.00. Due on Dec
By
paying
out the
hospital
Board to recommend a boost in
bonds in 13 years instead of 21, 30, 1941.
the tax rate to 21
mills, despite
as previously planned, an interest 7;',.
an
.77, San Carlos, Calif.
increase in the grand list of
saving of approximately $19,000
$1,300,000.
Taxpayers may en¬
#
AAiection—Tile submissior deavor
should be effected, Judge Newton of $70,000
to
school building and
shave
no
.
Finance
purchased, the
the
anticipated payment
an
three per cent.
,v!'.
The Judge said that he knew of
;;y7??•;. Dividend Tables M
;
which
tion,
-
Broadway
New York,
October 17,
1941.
A dividend of Ninety (90) Cents
per share
has been declared on
the
Capital Stock
($10.00
able
ber
par
value)
December
record
14,
at
the
of
this
Company, pay¬
1,
1941, to stockholders of
closed of business Novem¬
1941.
J.
R.
FAST,
Secretary.
,,
FINANCIAL CHRONICLE
THE COMMERCIAL &
733
feel
that, as of the present,
prices
are
reasonably ac¬
type, should not be made during
the coming year, to the end that
we
if and when financial burdens be¬
curate, we don't know what they
our
,
of
the will be a week from now.
We believe it is pertinent, at
this city shall
be in its present favorable credit this time, to call attention to cer¬
position
and therefore able to tain factors which, in our opin¬
borrow necessary funds to meet ion, may render Florida Munici¬
unusual .conditions as they may- pal bonds less susceptible to ad¬
verse
changes
in security .and
arise.
' -V""'*;
price because of war conditions
Norwich (P, O. Norwich)*..Conn, than
may be the case elsewhere.
Note Sale—An issue of $100,- Florida is essentially an agricul¬
000 tax
anticipation notes was tural and tourist State.
It has
sold recently to F. W. Home & very
few manufacturing Estab¬
Co. of Hartford, at 0.314% dis¬ lishments which will be affected
count.
Due June 2, 1942.
i
by tpriority ratings.; Its agricul¬
heavy
come
because
referred to,
reasons
.
Saturday, October 25, 1941
.' v"The
bonds, unsigned,- are at
son, Lane, Space & Co. of Au¬
gusta, at a price of 102.00. *
\ First National Bank & Trust Co.,
held there subject to my order,"
Evans County (P. O. Claxton) Ga.
said
Hoagland. . "Because
they
Bond Sale Details
In connec¬
were
voted by your body, some
tion with the sale of the $43,000
disposition should be ' made of
(not $27,500) 4% semi-ann. fund¬ them.
I can present to you the
ing bonds to Brooke,':Tindall:&
alternatives.:v;:';V;
Co. of Atlanta, as noted here last
"First, if you want to offer the
May, it is now reported that the bonds to some other
bidder, you
bonds are dated Sept. 1,1941, and
should keep them so as to avoid
mature on Jan. 1 as follows: $2,the cost of printing new ones.
000 in 1951 to 1970 and $3,000 in
"Second, you could solicit bids
1971. Prin. and int. (J-J) payable
for the bonds at a lower rate of
at the First National Bank,: At¬
interest.
You might ask bids by
lanta.
..'K
,
; .
■ ' \"7VJ
interest—that
is,
have
bidders
.
—
.
,
.'■Greensboro* -Ga* -v-vE,
L. submit the interest rate they will
w
'
Stamford
""Bond
until
bids
sealed
receive
diversified and
Bonds Sold—A $15,000,issue;of- pay, "To do that, would require
Its tourist fire equipment bonds was pur¬ passage of a new ordinance and
v
>)■
crop, year after year, brings mil¬ chased at public auction recentlyi issue, of new bonds,
lions ,of dollars
"Third, you could go on without
into the State. by Johnson, Lane, Space & Co. of
Even assuming the tourist crop Augusta,
If you issue
paying a premium of issuing any bonds.
doesn't reach hoped for propor¬
action,
under
the
$2,688, equal to 117.86, according, bonds, j the
statute,
must be. taken
before
tions, it will still be large.
Mili¬ to report.
tural products are
'
find
F.', Con¬
of Finance,
Commissioner
nolly,
will
(City of), Conn.
Offering—John
2
a
ready market.
-
Oct. 29 for the purchase
$1,250,000 coupon outfall sew¬
ers, sewage treatment plant and
tary and Naval activities, largely
garbage incinerator bonds. Dated in
aviation, contribute to the gen¬
Nov.
1,
1941.
Denom.
$1,000. eral
prosperity in certain sections.
Bidder to name one rate of in¬
Curtailment of building activities
1C
terest, expressed in a multiple of
p.m. on
of
•'<
-4, or
iM-N)
1/ 10th of 1%. Prin. and int. ithe
payable at the First Na¬
These
Boston.
of
tional" Bank
bonds will be valid
two
essential
field
come,
hardships,
some
cause
sources
but
of
in¬
and tourists,
-opinion, be sufficient
crops
will, in our
general obli¬ to assure continued stability for
O.
(F.
School
Sold—An
Bonds
District-
Lyons), Ga.
'
;
$11,000
v issue
refunding bonds is said
4V2%
an
indefinite period.
Hence, we I960, and $1,000 in 1961 and 1962.
payment of principal and interest feel that from the security stand¬ Prin. and int. (F-A) payable • at
thereof, the city has power to levy
point, Florida Municipals are not the First National Bank, Atlanta."
ad valorem taxes without limit
going to experience any marked
as to rate or
amount (except as
£ IDAHO ■
decline.
to
certain
classes
of property,
As regards price, Florida Mu¬
State; Board
of
Education
and
lands
timber
classified
as
nicipals have been selling below Board of
Regents of the University
taxable at a limited rate) upon
comparable bonds in other States.
of Idaho (P. O. Pocatello) ida.i
all the property within the terri¬
Other Municipals would have to
t
Bonds ; Sold—Secretary
torial limits of the city and tax¬
J. ,Hdecline decidedly before the yield
able by it.
Anderson states that on Oct; :18
If desired, the pur¬ would
equal that on similar Florchaser will be furnished with a
the following revenue refunding
idas.
Many Florida issues carry
certificate from the Assessor cer¬
bonds aggregating $302,500, were
stepped-up interest rates which
tifying that there are no such fend to
off-set, to some extent, purchased as 3s, at par by Ferris
classes
of
& Hardgrove of Spokane:
property .within the,
any general softening an the price
city.
These bonds will be en¬ level.
Another favorable factor, $146,000
dormitory bonds. Due
graved under the supervision of
Jan. 1, 1952, callable on July
price wise, is the general increase
.'and
authenticated
as
to
their in
1, 1942, and on any interest
county and district ■ assessed
genuineness by the First National
payment date thereafter,f at
valuations, making the debt ra¬
Bank of Boston.
The legality of
tios more in line with that to |par.-Prin. and int. .'payable
this issue will be examined by
at
the First
Security State
which the investor is accustomed.
Ropes, Gray, Best, Coolidge & While
Bank, Pocatello.
■
price levels in the case of
Rugg of Boston, a copy of whose actual
121,000 Students Union Building
war, are unpredictable, we
opinion will be furnished without feel that the factors enumerated
bonds.
Due
$3,000 July wl,charge
to
the purchaser. The ,above will act as more or less of 1
1942, and Jan. and July 11,
original' opinion
and
complete a cushion in the case of a gen¬
1943, $3,500 Jan. and July 1,
transcript
of
proceedings
re¬
erally falling market.
This has ;
1944 and 1945, $4,000 Jan. and
quired for the proper issuance of
and July 1, 1946 to 1948, $4,ibeen the case before and we see
the bonds will be filed with The
500 Jan. and July 1, 1949 to
no reason why it shouldn't be so
-
First
National
and
available
\
of
Bank
for
Boston,
inspection.
:again.
to the
Florida Keys Aqueduct
Nov. 14,
Commission, Fla.
1941, at the First National Bank ;
Bond Sale Details—It is stated
of
Boston,
or
The New ■ York
by the Attorney for the Commis¬
Trust Co., New York, at the op¬
sion that the $1,750,000 (not $1,tion of the purchaser.
/
.500,000) 4% semi-ann. water rev¬
enue
bonds sold to the RFC at
will
Bonds
purchaser
be
on
delivered
about
or
DELAWARE
as
are
Seaford, Del.
here on Sept. 20,
Sept. 1, as follows:
noted
par,
due
on
Election—Question of is¬ $15,000 in 1944 and 1945, $30,000
in 1946 to 1950, $40,000 in 1951
suing the $160,000 municipal im¬
to 1954, $50,000 in 1955 to 1958,
provement bonds mentioned in
v.
154, p. 584 will be the sub¬ $60,000 in 1959 to 1962, $70,000 in
ject of a special election to be 1963 and 1964, $75,000 in 1965 to
Bond
held
Nov.
on
1967, $85,000 in 1968 and
$90,000 in 1970, $95,000 in
and $250,000 in 1972.
15.
FLORIDA
St,
of
): Municipal Situation Surveyed—
The
following
information
is
taken
from
the
October
issue
Charles
of
Bond
Bonds,"
Morrison
A
&
month
put
out
Co. of
ago
by
A.
B.
callable
been
well marked in the
bonds
but less in
case
of dollar
the rate bonds,
which remained at about the
level.
eral
The
dollar
same
bonds, in
sev¬
very decidedly
Recent war news, quite
naturally, has made the market
cases,
were
stronger.
somewhat unstable. It is
1
ing
Tor
that
possibly
the
time
reached
on
our
the
top
being,
has
both
rate
and
feel-
price,
been
can
22—v.'
Oct.
dollar
do is to
offered
debtedness
awarded
on
pur¬
derived
operation of the system-,
shall be set aside
collected and
as
deposited in a separate fund des¬
ignated as the
"Electric
Light
Fund"
of
the
City .of
Fairfield,
which shall be used only in
paying
the cost of operation and main-]
tenance of said
system, providing ?
depreciation fund,!
the principal of and?
interest upon all revenue bonds
for
adequate
and
paying
that
rev-!
payable from such
are
and
enues
such
"Electric
Light!
Fund" shall be used only for such
Under the law and the
purposes. <
ordinance
the
city
rates
for
covenants
*
to
electrical
en-;
sufficient at all times to
ergy
pay-
the cost of. operation and mainte¬
expenses
lishing the "long ordinance.
\
n
Belvidere,
I'v'!;',
r; Bonds Voted—At
tion
recent elec¬
the
voters approved an is¬
$36,000 paving bonds, pay¬
able over a period of five years
of
sue
with motor fuel
will
bear 2Vz%
v."
' v.
£
-officials
have
.
;
White-Phillips
at
a
price of;
by the H. cj
Speer & Sons Co. of Chicago was
price
a
of
bid
98.50.
optional. *-v.,' -
They
•
* •..
The
bonds
-v..
.
are
■
Madison, III. : '; /
Call—Village has ordered
third group of Chain of Rocks
municipal bridge bonds totaling'
$60,000 to be redeemed on Dec. 1,
a
.
—
accepted
funds
bonds
Other
Bond
.•
Financing
Federal
works
98.511.
interest.
Bethalto, III.
Proposed
•of
funds.
tax
Bonds Sold—The
Corp. of Davenport recently pur-j
chased an-issue of $27,000 3% wai¬
ter
III.
a
Galena, III.
"»
bonds/the city had
put to the ekpense of pub¬
in
..
Village
an
offer
connection
1941. With this
with proposed construction of wa¬
000
ter
when
redemption, $150,-1
$2,000,000 borrowed
the
of
the
•certificates to provide its share of
village purchased the'
bridge two years ago will have
been repaid. A premium of 5%
the
will
and
systems.
sewer
Village
will be required to issue $125,000
of
cost
the
projects.
be
paid
the
on
securities
called Dec. 1.
'
>
i*,
Cairo, III.
;
Seeks
Bond
recently
bond
mit
Issue
requested
houses
bids
on
to
a
be
a
ready to sub¬
bond
Murphysboro
Bids—City
of
Bonds
number
issue
to
be
brought out soon for the purpose
of paying salaries of policemen
July 1, 1944, and: numbers 11 to 16 incl. are 5s. The
bonds together with Dec. 1, 1941
and
tached
any
Denominations
Park
District, JIL
Voted—Roy Palmer, Sec¬
retary of the Board of Park Com¬
missioners, reports that an issue
$7,000 4% park purchase bonds
of
authorized
was
at
election
an
on
all
subsequent
should
payment
Fletcher,
man
&
Barber
of
ILLINOIS
presented
for
City
National
Fairfield, III.
i.
Barker, 'ColMinneapolis.
the
at¬
Bank & Trust Co., Chicago.
$1,000 and $500:
Dorsey,
to
be
coupons
Bonds
man
Publicly
Offered—Ball-
& Main of Chicago are mak¬
ing public offering of $170,000
<314% coupon, registerable as to
resolution
preme
to
obtain
State
a
Court decision
to
154,-
for
p.
Robert
sale
the le¬
on
gality of refunding the $2,494,000
outstanding, :: Centennial
bridge
revenue
bonds at
lower rate of
a
interest,
under
an
ordinance
which would permit use of
bridge
funds1 to improve certain street
approaches.
Galbraith
bonds,
Mayor
-Robert
stated
now
that
drawing 4%
could be refinanced for
'
•
*
P.
the
interest,
as
low
as
..
on
698—were
Hawkins
&
100.54,
a basis of about 2.94%. Dated July
1. 1941. Due on July 1 in 1942 to
1961 incl.
*
opinion of bond counsel, interest
the bonds is exempt from Fed¬
that, under its contract with the
city,' it was electing not to pur¬
chase
the
issue
because
its
on
eral income taxes under the exist¬
at¬
torneys had failed to approve the ing Federal rules and regulations.
issue On
were
to
legal grounds. The bonds
Bonds
be issued
revenues
as
3s
and
ma¬
ally.—v.
GEORGIA
re¬
upon
154, 226.
The grounds
which the attorneys had
are
payable
derived
of the municipal
ture at the rate of $11,500 annu¬
I
a
solely from
operation
from
utility.
Purpose of the issue is to refund
outstanding elec¬
like amount of
Oct. 13 voted to abandon the pro¬
posal for purchase of the Musca¬
tine
toll
bridge
Island County for
by
the
Rock
$535,000 by is¬
of bridge revenue
September the Board
suance
bonds.
In
tabled
the
proposal for a month when
opposition developed.—v. 154, p.
227.""
Opposition has
grown
since
that time and Moline Association
legal
approval,
after tric light plant and system certif¬
> Davisboro), Ga*
indebtedness,
dated •of Commerce carried on a vigor¬
studying the procedure taken by icates < of
ous : fight, against
the
Board's
eral instances lately, bids have
Bonds Sold—A 12,000 issue of the
Council, were undisclosed, Dec. 15, 1940. Issue does not in¬
been lowered and price indica- refunding bonds is said to have according to Corporation Counsel crease the indebtedness of the sys¬ purchase of the bridge, declaring
it would be a "bad investment."
tions don't always stand up. While been purchased recently by John¬ Hoagland.
tem and will result in a lower in¬
Davisboro
flect
prices as we see them as
of today.
We know that in sev¬
l
Su¬
■
Co. of Boston, at a price of
submitting our market indi¬
we emphasize that prices
are,
of necessity, very subject.
Disturbing news may cause re¬
we
adopted
revenues
.
In
All
oiuinance
thereto,
the
light
$150
a
cover
—
cations,
cessions.
-electric
Under the law'
principal, -electric light plant and 2.75%* interest.
Swimming Pool Issue Approved
system refunding revenue bonds
^
Alton, III.
w ;
Council also adopted an
New Proposals On Bond Issue— at prices- to yield from 0.50% to —The
Pursuant to a resolution, passed 2.40%, • according
to
maturity. ordinance to issue $145,000 swim¬
Dated Nov.; 1,.1941*. Denom. $1,000. ming pool revenue bonds.'; Meas¬
the St. Augustine National Bank, by City Council on Oct. 8, Mayor
Struif appointed a committee to Due July 1 as follows: $5,000 from ure provides
for a referendum
on or before Nov. 11. The amount
il942 to 1945 incl.; $6,000, 1946 to vote -on the issue,
solicit bids on an issue of $115,y
K
.available for purchase is $20,000.'
000 funding bonds to pay back 1952 incl-.; $15,000, 1953 to 1956
Rock Island County (P. O. Rock
salaries of policemen- and fire¬ incl. and $16,000 from 1957 to 1959
Sebring, Fla.
Island), III.
men -under the Illinois -minimum
incl.-Principal and interest (J-J)
Certificate Sale
The $150,000
Veto
Program
to
Purchase I
This action was taken payable at the City Treasurer's
3% semi-ann. electric and water wage law.
after
receipt
of formal
notice office. Legality approved by Chap¬ Bridge—By a-vote of 23 to 12,
.system revenue certificates of in¬
the i Board
of
Supervisors
on
from the Municipal Bond Gorp.j' man & Cutler of Chicago.
In the
bonds, but this is purely and sim¬
ply our guess.
■
suant
from
Corp. had paid for printing
interest payment date
thereafter, at par.
Prin; and
on
sue
did
far
advertises
the
—
27, at 10 a.m., of the refunding is¬
of 1937, Series E bonds. Bid¬
Miami:
we
from
the
v
not feel' ders may stipulate, if desired, that
that
Florida
Municipal
bond their tenders are for all or none
prices would continue to advance, of the bonds offered. Accepted
but they did.
This advance was bonds will be delivered through
.
and
The bonds were pre¬
1951, $5;000 Jan. and July 1, and
firemen
under
the
State Oct. 16.
1952,
and $5,000 Jan. and minimum
wage
law
of
1937. viously sold to the White-Phillips
Co. of Davenport.—v. 154, p. 418.
$32,000 July 1, 1953.
Bonds Amount of the issue will be de¬
maturing after July 1, 1946, termined by recent court action
Red Bud, III.
are subject to redemption on
and cases still pending.
Utility Certificates Authorized
.any interest payment date at
DuPage County
School District -—The Board of Trustees passed
par, in inverse order of ma¬
an ordinance to issue
No. 44 (Lombard), III.
$50,000 elec¬
turity. Prin. and int. payable
tric light plant and system certi¬
Bond Call
Otta F. Mau, Exat
the First
Security State
ficates of indebtedness.
officio
District
Treasurer,
an¬
Bank, Pocatello. ':
that
;
$9,000
refunding
35,500 library bonds. Due $2,000 nounces
Rock Island, III.
July 1, 1943, and Jan. and bonds, dated July 1, 1939, have
Seeks to Refund Bridge Rev¬
been called for payment on Dec
i
July 1, 1944, $2,000 Jan. and
enue
Bonds—City
Council
on
I
$2,500 July 1, 1945, and $2,500 ;1, 1941. The bonds numbered 10,
Oct 10 unanimously approved a
Jan. and July 1, 1946 to 1950; 17 and 18 bear 41/4% interest and
Invited— Dated Nov.
1, 1941. Interest pay¬
City Auditor able J-J.
Legality approved by
Kettle,
E.
it
ask
of the present
payable at the First Trust
& Savings Bank, Moscow.
-
Clerk, reports that he will re¬
ceive sealed offerings until Oct.
it
bids
new:
int.
and
if
from bidders to
Sealed Tenders
the monthly bulletin on "Munici¬
pal
that
'
1969,
1971,
Fla.
Augustine,
Hoagland suggested to the
Council
,
Florida, State
rived
plant and system.
deposit nance, to provide a depreciation?
of fund, and pay the interest on and?
to have been purchased at par by Advertising and printing, and also principal of said revenue refund¬
Brooke, Tindall & Co.-of Atlanta. that
prospective
bidders
first ing bonds and all bonds which, by i
Denom. $500.
Dated Nov;'. 1, 1941. come and examine the ordinance their terms, are payable from the
Due on .Feb. 1; $500 in 1943 to and procedure.
While' Municipal revenues of the utility.;";
of
gations of the city, and for the
such
Mr.
..
•
These bonds, in the
opinion of counsel,'are valid and
binding obligations of the city,
payable solely from revenues de¬
maintain
1."
Jan.
Corner
-Johnson
.
may
*
.
terest- cost.
,
1
School
District
(P*
O.
withheld
ftMtttttfaCMMAAffC
Volume 154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3998
contended chase of the plant on; the terms equal to 100.462, a basis of abou t
had not been offered, at a meeting held re¬ 1.19%.",; Sale consisted of:, t
!
given an opportunity; to express cently, in the Council Chambers $33,500 school township • bonds.
their opinion on the advisability of the City Hall, it was unanimous
-; Due $1,000 July 1, 1942; $1,000
in the belief that the, proposition
of purchase of the bridge.
Jan; 1 and July" 1 from 1943
"i
The vote on
the proposition should be submitted to a referen¬
to 1958 incl,, and $500 Jan. 11
dum of the people for their final
came after a talk by M. C. Woodi..:, 1959.
/
'""7.:. .•:»
ward, representing the Chicago rejection or approval. The; com>
33,500 civil township bonds. Due
bond house of Stifel, Nicolaus & mittee passed a motion request¬
-v $1*000
July 1, 1942; $1,000
Co., which holds an option on the ing the City Council take the
■: Jan. 1 and July 1 from 1943
bridge and made the offer to the necessary steps to submit the
to 1958 incl., and $500 Jan. ll
county.
There was no debate on issue to the people at a special
yy 1959.
v. v-V7''-VV:-i
the matter and Louis Wilcox of election to be held at ah early
/The
association
>
also
.
voters "of the county
.
fiscaL year* will* bew greater •- than trine
of
estoppal
applies
to
previously forecast' were issued county bonds.
He explained that before 1932
by the State Revenue Depart¬
ment Monday.
there was no statutory require¬
The
*
...
j
,
-
;
All of the bonds will be dated
'
:
Richard
instructed
board
Cook,
contention
being, that
the
.pur¬
to chase price or the rate of interest
is not of as much importance as
the profits which might be se¬
amount from local banks. During cured.
It was the unanimous be-?
County Treasurer, to attempt
.
find $14,000 to pay half the judg¬
ments
and
borrow
a
similar
the discussion
regarding the bond lief of the committee that all the
issue a representative of a St.
Louis bond house mentioned that
.
which
facts
the
have
members
gleaned in the extensive research
the county
into the
nancial structure
the public so that when the elec¬
tion is held it will be decided by
could improve its fi¬
by refunding its
$297,000 bonded debt. The debt
structure, he notes, "is all out of
.balance because
voters
subject should be given
who
are
thoroughly
ac¬
in the next five
quainted with every detail.
l ?
years you've got $50,000 a year to
Mayor Thomas Halfpenny said
.pay on bonds, then it drops down he will bring the question of ref¬
; to $4,000 a year."
erendum to the Council and the
people will have an opportunity
Sangamon County (P. O.
to express their opinions soon.
Springfield), III.
Tamaroa, III. -A 7777
Bonds Sold—The issue of $201,-
that
calculated
Proposed Bond Issue
Work
will
furnish
be in addition to all other taxes
will
and
be
effective
;
•7 7 Bonds
of
Sold—Stokes, Woolf &
Chicago purchased an is¬
made last March. V/.-;
■«
,
1932
and
county
a
by
courts prior
question before
is whether
repudiate later a
the
Court of Appeals
the
can
declaration
the face of bonds
on
that they were issued in compli¬
ance
with the law and within
constitutional limits.
LOUISIANA
Calcasieu
Parish
No. 4 (P. O.
Road District
Lake Charles), Lav
Sale—The $200,000 semibonds offered for sale
Bond
road
ann.
Oct.
on
21—v.
awarded to
a
•
indica¬ 12 by Mayor Maurice D. Shan¬
sudden col¬ non, for thes purchase of $70,000
lapse of Russia, accompanied by water works and sewerage exten¬
Interest rate is not
extreme reverses for Britain, or sion bonds.
exceed
imminent
defeat
of
the
4%,
payable
M-N.
Axis, to
would alter domestic conditions Dated Nov. 15, 1941.
Denom. $1,000.
Due Nov. 15, as follows: $3,sufficiently to change radically
the
revenue
prospects between 000 in 1942 to 1951 and $4,000 in
1952 to 1961.
Both the principal
now and June, 1942."
For the current year, however, of, and interest on, each of said
bonds is equally secured m pay¬
Reeves expressed belief that Ken/
ment by an ad valorem tax with¬
tucky's income might be even:
out limits as to rate or amount,
greater than his revised figures
KANSASv 77
} indicated if foiir things" occurred! levied, assessed and collected in
each and every year, in excess
He said this would depend • on
:
of all other taxes, upon all prop¬
Hillsboro, Kan.. ,777.7.' 7. whether
liquor revenue continued
Bonds Authorized
The City
erty subjects to taxation in the
as at present, whether production
Council passed an ordinance call¬
territorial limits of the city. And
and
sale
of
automobiles
and
are exempt from ad valorem tax
ing tor the issuance of $18,000 trucks for civilian use
greatly ex¬
in the State.
Prin. and int. pay¬
sewage disposal works extension
ceeded current calculations anable at the City Treasurer's of¬
bonds, it is stated. \, T: ;,
j n dun ce d
by
manufacturers,
whether State income tax pay¬ fice, or at the Central Hanover
7./
'Hutchinson,, Kan.
■i
Bank
& Trust Co., New York.
Bond Election—The City Com¬ ments were not too extensively
deferred because of Federal taxes Legality to be approved by Chap¬
mission has set Nov. 4 as the date
man
& Cutler of Chicago.
En¬
and
whether
"inflationary ten¬
However,
tions
he
declared,
that "only a
are
,
"
j
Wapello,
Bond Sold—Francis H.
000 general
revenue
.
—
Greene,
obligation and $20,000
water
works
bonds
au¬
,
of
dencies
are
close
not curbed."
the
Reeves
predicted
increases"
in
"substantial
liquor
and
beer
certified check for 5%
a
amount
bid,
City Treasurer.
payable
of
the
to
taxes, despite the higher Federal
Natchitoches, La.
tax.
He said British experience
Bonds Voted—At the election
had indicated greater liquor con¬
held on Oct. 14 the voters are said
sumption despite higher levies in to have
r
approved the issuance of
Henderson, Ky.
1 that
country.
-■■7'''
Bonds Sold—The Bankers Bond
$25,000
airport
site
purchase
bonds by a wide margin. ^
Co. of Louisville is said to have
Morgan County (P. O. West
purchased recently $132,000 gas
'
Liberty), Ky.
revenue refunding bonds at 100.10,
Ruling Delayed on Refunding
Maine (State of)
Bond Suit—The Frankfort "State
j
/ Hickman, Ky.
Bond
Call
Belmont
Smith,
Interest Payment Suit Filed -+• Journal?' of Oct. 15 reported in
A petition for a writ of mandamus part as follows: A decision exT State Treasurer, announces that
to force the city to levy a tax to pected to have an important bearT $12,000 Kennebee Bridge bonds of
ing on the validity of between 86 the issue of Nov. 1, 1926, num¬
pay $13,305 interest on bonds was
and 90% of outstanding county bers 726 to 737 incl., due Nov. 1,
filed recently by a resident of
bonds was withheld by the State 3945, will be redeemed at par on
Mason Ohio,- who had obtained &
Gourt of Appeals yesterday be¬ Nov. 1, 1941, at the State Treas¬
judgment against w the City of
Hickman; in the TJ. S7 District cause bondholders were omitted urer's office, Augusta.
from the group of parties to the
Court at Cincinnati in May, 1940.
,
*
established
was
to
'
thorized at an election on Sept. 18, for
the election on the issuance of
$18,000 2% funding and
have been sold.
'
; ;
v>
y \ $27,500 airport site acquisition
refunding bonds.
Dated Oct. 1,
bonds.
This • election
had
been
1941.
Denom. $1,000.
Due $3,006
West Frankfort, III.
'
scheduled originally for Oct. 28
on Oct. 1 from 1947 to 1952 incl.
Bond
Election —The
$81,000 but was deferred.
'
•
Interest A-O.
Legality approved
sewage revenue bonds mentioned
by Chapman & Cutler of Chicago.
in v. 154, p. 131—will be placed
KENTUCKY
j
Refinancing Completed — Local
sue
pro¬
.
.
';/7;• Village Clerk, states: that the $5,-
Sterling, lit.
Co.
6% interest.
during the 7
period from 1941 to 1952 incl.
,
V
on
.
authorizing the debt provides that over a period of 15 years begin¬
the county levy a direct annual ning in 1943. The fund was estab¬
tax sufficient to meet principal lished to eliminate borrowing on
and interest charges.
Levy will tax anticipation warrants. bearing
;
pass
-
.
,
>
courts
bond
154, p. 227—were
syndicate composed
of Kohlmeyer, Newburger & Co.
precedented acceleration in ac¬ of New Orleans, Ira Haupt & CO.
Mount
Vernon, Iowa 7
tivities," and all indices in recent of New York, the First National
Bond
Offering—Bids will be months have
pointed to a con¬ Bank
of
Memphis,
and Fox,
received until Nov. 5 at 7:30 p.ml
tinuation of the upward
trend Reusch & Co. of Cincinnati, at a
by the Town Clerk, for • the pur¬ and a marked increase in tax re¬
net interest cost of about $2.09%,
chase of the following bonds ag¬
ceipts. -77 v ■ ,7i
:/
on
the bonds divided as follows:
gregating
$27,801.47:
$13,801.47
He added, however, that cer¬
$37,000 as 4s, due on Nov. 1; $7,5% ■ street improvement; $4,000
tain Federal economic and tax
000, 1942 to 1944, $8,000, 1945 and
3% town grading, and $10,000 3%
policies,
adopted,
because
of 1946, the remaining $163,000 as
town improvement bonds.
an inflationary trend, "are slow¬
2s, due on Nov. 1; $8,000, 1047;
ing
up,
but
not
reversing $9,000, 1948 to 1950, $10,000, 1951
77;.
Postville, Iowa '\7.'
State
tax
Bond
Sale — The
semi-ann.
trends,"
and
pre¬ and 1952, $11,000, 1953 to 1955,
bonds aggregating $8,900', offered dicted that the "effects of the en/
$12,000, 1956 to 1958, and $13,000
for sale on Get. 8—v. 154, p. 419— forced shortage in strategic ma¬ in 1959 to 1961.
were awarded jointly to two Post¬
terials, the priorities and much
v.
heavier Federal taxes, will be
ville banks, as follows:
Morgan City, La.
v
Bond Offering—Sealed bids will
$4,100 hospital bonds as 2s, at a felt more severely in the succeed¬
be received until 4 p,m. on Nov.
;
price of 100.487, Due in 1943 ing fiscal years."
.
:
that
ment
posed
issues, determining
definitely their validity.
Now,
821 more than was predicted last however, either the courts or the
June.
The Highway Department State local finance officer must
income, chiefly from. State gaso¬ rule on the issues.
line taxes, was put at $19,679,045;
As a result, Lynn continued, the
up $1,439,695 from the estimate
validity of relatively few bonds
gas tax receipts to counties which entire economic front there has
have bonds maturing on Nov. 1. occurred
through 1941 an un¬
— The
;
'
to 1948; callable on or after
Oct. 15, 1943. ^7777 7?/
Projects
Administration
$62,000 toward cost
4,800 sewer bonds as i%s. Due
of
constructing
a
water-sewer f7" $800 in 1943 to 1948 incL,
without option of redemption.
project amounting . to $152,000.
Village has approved a bond issue
7-:/;' Walnut, Iowa
7- -'77
2%
interest
and
will
mature to meet the remainder of the cost.
Bond - Sale—The. $2,000 play¬
Dec. 1 as follows:
$16,000 in 1942
Venice, III.
;
ground bonds offered for sale on
and 1943; $17,000, 1944 and 1945;
Bond Sale—The school board Oct. 21--v. 154, p. 642—were pur¬
$18,000, 1946 and 1947; $19,000-,
sold
$40,000
working chased by the Walnut State Bank.
; 1948 and 1949; $20,000 in 1950 and recently
cash fund bonds to the Municipal No other bid was received, ac¬
1951, and $21,000 in 1952. Bond
;
issue will fund judgments draw¬ Bond Corp., Chicago. They bear cording to the Town Clerk.
]
ing 5% interest.
The resolutions 3V4%' interest and will mature
000 judgment funding bonds voted
by the Board of Supervisors on
Oct. 14 was sold to county banks,
with the bulk of the loan going
to Springfield institutions.
The
bonds are dated Dec. 1,1941, bear
•
revisions
this year would bring $29,930,346
from general taxation, or $2,985,-
.'7.77
77'• '
Moline, assistant supervisor from date.
The previous
Oct/ 1, 1941.
fiscal year in/
Second high bid
Members of the committee who
South' Moline township, moved
of 100.905 for 1
come, largest in the State's his/
was made by
that the Board abandon plans for oppose the purchase on the terms
tory, saw $31,065,598 flow into
Raffensperger Hughes & Co. of
of the water company have em¬
purchase of the bridge.
Indianapolis. -::7,' 7 7
77 the general tax fund and $21,phasized that in the, light of thgir
614,112 into the road fund.
Saline County (P. O. Harrisburg),
study the purchase price is too
IOWA
State Revenue Commissioner H;
fT
high and the 3%% interest rate
Clyde Reeves, in making the new
Des Moines,
Bonds Not Sold—The Board of on revenue bonds is exorbitant
Iowa
77.estimates for the finance depart¬
Primary Road Bond Payment—
Supervisors on Oct. 16 declined to in view of the rate on water rev*,
ment, said the previous calcula¬
accept four bids for an issue of enue bonds that prevail in other W, G. C. Bagiey, State Treasurer,
tions had been purposely conser¬
Those who favored the announced recently that a pay¬
$28,000 bonds to finance payment cities.
vative because the effects of Fed¬
of
blind
pension
judgments. proposal based their opinion on ment of $110,000 will be made on
eral fiscal and economic policies
(These are the bonds whicn were the possible profits which may be Nov. 1 on the $62,153,000 outstand¬
could not be determined then.
originally proposed for sale on earned in the light of the earnings ing county primary road bonds.
Now, Reeves continued, "on the
the
company
today.
Their The sum will be remitted out of
Sept. 16.—v. 154, p. 131.) Tne of
>
,
739
.
...
on
the
reports state that the city
election.
sold an issue of $9,000 funding
bonds to meet back salaries of
/ press
ballot
,
.
'policemen
to
and firemen pursuant
the
at
November
j
.
INDIANA
the State minimum wage law,
.
Huntington County (P. O. Hunt¬
arranged for the refiington), Ind.
nancing of outstanding indebtedProposed Bond Issue — County
j ness, including the $11,000 sewage
plans to issue $65,000 bonds to
disposal plant bonds. The funding pay for improvements1 to the
issue was sold as 1%$.
The fact county
hospital.
7
that the city was negotiating for
refinancing of debt with a Chi¬ Lake County (P. O. Crown Point),
^'77:77:: ind.
cago bond house was noted in
To
Issue
V. 154, p. 642.
Refunding Bonds—
••
■'
County Council has adopted an
S treat
'
and
also
.
..
or,
-
.
a
.
ordinance to issue not
more
Voters
to
Consider
Terms
-
.
'
/
than
.
.
,
in. its
opinion regarding the pur¬
at
par,
plus
a
premium of $310,
suit.
The
.
7
-
case
tribunal
on
''
•
before the high
appeal by Morgan
came
an
Maryland (Sate of)
Roads
Commission
Purchases
County from a Franklin Circuit
decision
upholding
the- Bonds '— William A. Codd, Chief
Court
State
County Debt Commission's
disapproval of a $108,000 bond
issue to refund outstanding .road
and bridge bonds. - The Commis¬
000,000—An Associated Press dis¬ sion contended that $11,000 of the
(
patch from Frankfort on Oct. 20 original issue was invalid.
The point at issue, Assistant
reported "as follows: Revised revr
enue
estimates indicating Ken¬ State Local Finance Officer Harry
tucky's income for the current R. Lynn said, is whether the doc¬
"
struction and equipment bond?,
ing the question for over a year offered Oct 20—v. 154, p. 323—
were able to secure.
Though the were awarded to the City $ecurir
committee was sharply divided ties Corp., Indianapolis, as l^S,
v
—
.
Committee which has been study¬
4
.
for $146,500 not to exceed 3% inter¬ The. interest
payments on the
Purchase of
Water
Company— est
refunding bonds. Proceeds of bonds have not been made by the
City can purchase the water plant the sale will be used to redeem
city since Sept. 1933. The petition
now owned by the. Northern I11L
outstanding 6% series C of 1932 charges that no tax has been lev¬
nois Water Corporation through
refunding bonds.
: >
/
/ ied by the city to take care of
sale to the company of $1,495,000
these- interest payments, v
'
;• |
Union Township (P. O. Rural" t
3%% revenue bonds to mature
Route No. 8, Lafayette), Ind*
over a period of 40 years.
These
Kentucky, State of' r
;"i
Bond Sale—The $67,000 con*
are the terms, which the Citizens
Income Expected to Total $49»,
:
III.
^7;;;,':;7'/V;V7:;MAINg.--
.
Auditor, reports that in connection
with the call for tenders
of State
bonds—v.
154,
$78,000 bonds
105 and
on
Oct 17
bridge revenue refunding
p;
643—a total of
were
purchased at
$5,000 at 104.75. all matur¬
ing in 1961.
v
Commercial and Financial Chronicle
(Re*. D. S. Patent Office). William- B. Dana -Company; Publishers, 25 Spruce Street, New iTork, BEekman 3-3341.
Herbert D. 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 news and advertising issue) :with statistical issues on Tuesday and
Saturday]. Other.offices: Chicago—In charge of Fred H. Gray,: Western Representative; -Field Building, (Telephone State 0613). London—Edwards & Smith, ! Drapers' Gardens,. London, E.C.
Copyright 1941 by
William B. Dana Company.
Reentered, as second-class matter September 12, 1941, at the'post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions in United States and Possessions, $26.00
per year, $15.00 for 6 months; in Dominion of Canada,, $27.50 per year, $15.75 for} 6 months;
South and Central America; Spain, Mexico and Cuba, $29.50 per year. $16.75 for 6 months; Great Britain,
Continental Europe (except Spain), Asia, Australia and Africa, $31.00 per year, $17.50 for 6 months.
NOTE: On account of the fluctuations in the rates of exchange, remittances for foreign subscriptions and
? advertisement#' must be made in New York funds.
<
' '
.<•
"
'• +
"*
i
,
740
THE COMMERCIAL &
time of delivery.
MASSACHUSETTS
:
Massachusetts
Bill to
Plants
Ease
(State
opinion
of)
Contending
—
it would lead to "invasion of home
rule," the Massachusetts House has
rejected a move by Governor Sal-
assess¬
to co-operate in the plan.
As
recently drafted after House oppo¬
ors
;
sition, the bill would permit Long
only to "confer" with assessors
concerning
such
Michael
J.
bridge)
said
taxes.
Neville
the
word
Rep.
(D.-Cam"direct"
would
him
have."
to
tax
rates
assessments
plants.
on
But
by
keeping
up
these huge defense
several
from
years
now, when the emergency is over
and the plant is
'
vacant, either it
will
disappear
as a
of
source
rev¬
enue and the burden will have to
borne by the home owner, or the
property will have to be carried
along at the high assesment fig¬
ure
and finally be taken over as
tax title.
a
mayor
The
man
who is then
will find his tax rate shoot¬
Old
bids
were
as
follows:
Int. Rate
R. L. Day & Co............
Tyler & Co.
.'.
Halsey, Stuart & Co., Inc.,.
Second
Nat'l
Shields
&
Bk.
Co.
of
Rate Bid
0.75%
luO.0.5
1
Boston.
100.777
1
Age Assistance Liberalized
Massachusetts
Taxpayers
Cahill,
ceive
Offering
City
(E.S.T.)
chase
bids
Dated
Denoms.
$1,000
A.
in
Nov.
execute
assured
pur¬
1,
1941.
$500.
Due
rate of in¬
name
multiples of
of
Boston.
exempt
Va
bonds
taxation
and
revenue
taxation," and called
Saltonstall to
ernor
$2 tax which is
on
unfair
upon
Gov¬
it.
"The
veto
the way to the
will
such
that
are
ceived
and, that
from
forthwith
sale
to the
moneys
will
-
be
sus¬
eliminate
bureau
Works
Public
maintain
the
a
in
control
to
and
all airports operated by
State
the
in
incident to this issue will be filed
with said bank where
they may
be
inspected.
Bonds will be
to
Bond
Mass.
form
and
$100,000
$18,000 cou¬
relief bonds of¬
23—v.
154, p. 699—
fered
Oct.
were
awarded
to
National
Ocean
First
the
of
Bank
&
New¬
as
1949
to
and
$2,000 from 1942
$1,000 in 1950
high bid of
l%s was made by
follows:
incl.
100.626
and
Second
1951.
for
will be forwarded to you.
"In
Bond
pon
Sale—The
street
offered
Oct.
$100,000
improvement
20
were
Bond, Judge & Co.,
0.75s, at a price of
basis of about 0.74%.
cou¬
bonds
Approved—City
approved
for
out
a
,$100,000
pumping station
new
mains
which
will
as
100.0567,
a
Dated July
Lynde
;;
Brook
Works
Reservoir.
Department
has
started
surveys
for the project
officials hope will be fin¬
ished in eight or ten weeks.
Ac¬
which
ports
Action
Joslyn, Joslyn & Joslyn $2,005.56
Claude H.
Stevens
2,005.56
City Treasurer's office.
The
On
2.70
received
until
8
p.m.
on
Justad, Village
Clerk, for the purchase of $9,000
street
Bank
of
Court's
Commit¬
of
Storm
tricts
in
the
De¬
Tenders
Wanted—Stanley
H.
Burbank, Village Clerk, will
re¬
ceive
sealed
tenders
of
series
A
interests refunding notes, dated
Nov. 1, 1937, and due Nov.
1, 1947,
up to 7:30 p.m. (EST) on Nov. 12.
on
Sewer
Michigan
Drain
Dis¬
Oct. 17 ad¬
on
depositors of
bonds
have
heretofore
deposited
their
securities with the Manufacturers
National Bank of Detroit have had
hand
in
the
state note
value, and amount
they will be sold to the
par
Clawson, Mich.
to
the
Security
Holders—In
following
notice to
indebtedness of the
Bldg.,
Royal
Oak, states that all
other questions in connection with
the debt composition plan should
be
addressed
to
him
and
that
volved
answer
in
the
any
exchange and will
inqueries concerning
'
"An
States
denied
volving
the
them
to
a
voters
At the election
—
21—v.
.154.
said
are
to
644—
r?
have
ap¬
proved the issuance of the $408,000 bonds, with which to
place
the
township
on
cash basis.
a
these
The
the
Consolidated
School
Dis¬
Dearborn
the
bonds
these
in¬
dis¬
pervisors
the
Yazoo
ceed
County, for
$35,000 school
of
Interest rate is not to
ex¬
4%, payable semi-annually.
$1,000.
Dated
Oct.
1,
Denom.
1941.
.
Due
Oct.
on
1
follows:
as
$10,000 in 1942, and $5,000 in 1943
to 1947; the first
$10,000 subject
unenforceable. to
redemption at par and accrued
are
intends
to
ask
able to formulate any recommen¬
all
dations,
of said
vise
of
purchase
bonds.
interest.
Legality to be approved
Supreme Court to reconsider by Charles & Trauernicht of
St.
petitions.1 As soon as it is
Louis, Mo.
Bidders will defray
the Committee will
depositors.
its
ad¬
incident
expenses
to
issuance
bonds.:. :A> certified check
.
The
Committee
Kenneth
M
M.
"
.£ourt to
favorably
Township (PJ< 0.
tion
Inkster), Mich.
Tenders
Wanted
—
154,
was
p.
act .stated.
yr •
on the bondholders pe•
»
previously nbted in vC Pascagoula Rural Separate School
(
700.)
^
District
^
Township
Clerk Martha Nixon will receive
Township School District
$65,000 school construction and
(P. O. Muskegon), Mich.
equipment bonds will be submit¬
refunding bonds,
A, B, C, D, E, and F, and
Bonds Not Awarded—The re¬
interest
refunding
certificates, port in v. 154, p. 644—of the
dated Oct. 1, 1938, until Nov. 5, award of
$10,000 school bonds as
at 8 p.m.
Offerings should state 3%s, at par, to the Grand Haven
certificates and
series numbers, State Bank of Grand
Haven, was
their par value and the amount
premature, as the district decided
for which they will be sold to to
reject all bids due to high
the. township.
The
Township interest rates.
Board reserves the right to re¬
ject any or all tenders; to waive Warren Township (P. 0. 22720
any
irregularities in said tend¬ Van Dyke Ave., Van Dyke), Mich.
Tenders Wanted—William Lawers; to accept the tender or tend¬
ers
which in the opinion of the son, Township Clerk, \Vill receive
series
ficates
to
of
indebtedness
exhaust the
for
available
sufficient
amount/of
this
money
purpose
on
Dearborn
Firemen
les
G.
Oakman,
on
hand
in
the
various
sinking funds are as follows: 1937
refunding bonds, series A and B,
$13,669.13; 1937 refunding bonds,
series C, $6,370; series 1 and 1-a,
certificates of indebtedness, $9,916.37; series 2 and 2-a, certifi¬
cates
of
indebtedness,
$8,413.
Tenders should fully describe the
securities
offered, including serial
numbers, their par value, and the
amount for which they will be
sold to the township.
The Town¬
ship Board reserves the right to
reject any or all tenders; to waive
any irregularities
in said tend¬
ers; to accept the tender or tend¬
ers
which
Secretary Board Board
Retirement
to
10
are
in
the
most
opinion
favorable
of the
to
the
township; and to purchase addi¬
System, will tional bonds and certificates suf¬
a.m.
(EST)
on
ted
the
to
voters
scheduled for
at
Nov.
election
an
12.-OA
Sunflower Co unty (P. O, "fyx-pj.
■
■
Indianola),
Bond
cular
Miss.
Exchange
has
been
Offer—A
cir¬
prepared by Ed¬
ward Jones
&
Co. of Jackson,
Miss., in which it is set out that
the
above
County
and
Super¬
1, 2,
5, have outstanding and
maturing between Jan. 1, 1943,
sealed
tenders
until 2
p.m.
on and
Sept. 1, 1945, on various
Nov. 7, of 1937 refunding bonds, dates and
bearing different inter¬
series A, B and C, dated Jan. 1, est
rates, certain bonds, and real¬
1937, and 1937 certificates of in¬ izing that regardless of condi¬
debtedness, Series 1, 1-a, 2 and tions existing at the- maturity
2-a, dated Aug. 2, 1937. Offerings dates of the bonds, the county
should be firm for five days. The and districts will be
required to
of Trustees of the Policemen and
up
(P. O. Pascagoula), Miss.
Bond Election—The issuance of
Norton
sealed tenders of
receive
voluntary plan has
of
for
cases
,
ter
a
bonds
Committee
.
face for the first five years and
30% of face for the remaining five
years. As a substitute for this lat¬
provision,
MISSISSIPPI
Anding
for $1,000, payable to the above
consists- of: Clerk, must accompany the bid.
Keefe, E. E. QuanGrenada, Miss.
:
terest due to Oct. 1, 1937, as to trell and P. C. Wilmerding. W. D.
"Bond Election—The issuance of
each lot of securities deposited. If Bradford,
115
Broadway,
New
any segregation of your holdings York, N. Y., is Secretary of the $50,000 industrial bonds will be
submitted to the voters at an elec¬
•'
is desired, please use separate Ex¬ Committee.
tion scheduled for Nov. 7, it is
change Letters for 'each lot"1,';;
(Failure of the
Nov. 5.
Lederle, District Judge
petitions
copy
Offerings should be firm
interlocutory decree was
entered
on
amounts
May 27.
1941.
hv for two days.'
Arthur F.
their
writs of certiorari in the
tricts.
This denial is equivalent
of the
to an affirmation of the decision
Receipt
of the Circuit Court of
Appeals,
indicated by Bank's signature at
which held in substance that the
bottom
of
form.
This
Receipt
taxes levied for the payment of
should be forwarded to the bank
returned
sinking
village.
issuing
the
of
Letter of Transmittal with
Offerings should be
•
Oct.
on
Dist., Bloomfield Village Drain
trict (P. O.
Anding), Miss.
Dist., and Bloomfield No. 1 Storm
Bond
inclusive, ($45 per $1,000 prin¬
Offering—Bids will be
Sewer Dist., that on Oct. 13, 1941,
received until Nov. 3 by F. J.
cipal) on refunding bonds, dated
the Supreme Court of the United
Oct. 1, 1937.
Bondholders who
Love, Clerk of the Board of Su¬
funds for retirement of said notes
is $11,847.09.
Notice
Vld
Proceed¬
vised
National
Supreme
Sewer
Drain
tee
"The Court directed the Manu¬
facturers
S.
U.
In
ings—The Bondholders'
$2.70
..
Township School Dis¬
Denom. $1,000. Due $10,- in the District Court of the United
trict No. 4, Wayne Conty, Mich.
000 on July 1 from 1942 to 1951 States for the Eastern District of
Bond Call—H. E. Hemans, Dis¬
incl. Prin. and int. (J-J) payable Michigan, Southern Division, con¬
at
the First National Bank
of firming the Plan of Composition, trict Secretary, calls for payment
as
on
Jan. 15, 1942, at par and ac¬
Boston.
The bonds are exempt
amended, for the adjustment
from taxation in the Common¬ of the funded indebtedness of the crued interest,
refunding bonds
wealth and present Federal in¬ City (formerly Village) of Claw- of the issue dated July 15, 1936,
son.
The Michigan Public Debt due July 15, 1966, Nos. 1 to 19
come taxes, and will be registered
Bonds
upon their face by the Old Colony Commission approved the plan on incl. and 22 to 106 incl.
Trust Co., Boston, Registrar. Any July 10, 1941. Amendments to the are subject to redemption on any
of these coupon bonds can be ex¬ plan changed the date of certif¬ interest payment date.
They will
changed for full registered bonds, icates of indebtedness from Oct. 1, be redeemed at the Manufacturers
excepting those within one year 1937, to Jan. 1, 1941, and elimi¬ National Bank, Detroit.
of maturity (Massachusetts Sta¬ nated the provision requiring each
Detroit, Mich.
tute).
Interest
upon
registered bond or note holder to option his
Bond Offerings Wanted—Char¬
bonds will be paid by check from certificates to the City at 25% of
the
be
Nov. 3, by Joseph
Bonds Voted
$1,000.00
the loan
on
1, 1941.
legal opinion of Ropes, Gray, Best,
CooPdge & Rugg of Boston, will
be
furnished the purchaser at
Village Clerk.
yMlAvA ,'.;v
Offering of Orders—Sealed bids
dated April 15, 1936,
8 p.m. (EST) on Nov. 19.
Principal
Allowed by
Judge Lederle
en¬
city to "squeeze" 400
gallons of "idle" water
of
Public
a
awarded to such detail.
Boston,
the
will
bonds,
to
up
Carey, 2406 Union Guar¬ Board are most favorable to the
dian Bldg., Detroit, has been re¬ township, and to purchase addi¬
tained to handle the details in¬ tional refunding bonds and certi¬
Newton, Mass.
'
'
Mich.'A:'>/;Vv
a
Matthew
Tyler & Co. of Boston.
O. Farmington),
Oct. 20^-
on
53J—were purchased by
the First National Bank of
Hop¬
kins, as 2V2S at par, according to
p.
ment of coupons numbered 1 to 8,
buryport, as IV4S, at a price of holders of
100.639, a basis of about 1.12%. above city, Arthur E. Moore, re¬
Dated Nov. 1, 1941, and due Nov. funding agent, Washington Square
1
offered for sale
154,
v.
the
Loan
Council
for which
Sale—The
No*. 6 (P.
■■■?
agreements ing
necessary
de¬
municipal
pon
V
St. Louis Park, Minn.
Dis¬
pay¬
numbers,
Newburyport,
trict
Township School
troit, as exchange agent for the
Nine Mile-Halfway Drain Dist.,
purchaser at the
city, to deduct the sum of $5.40 per
aforementioned bank, 40 Water
Centerline
Relief
Drain
Dist.,
$1,000 of principal indebtedness
Martin Drain and Branches Drain
Street, Boston.
from cash due bondholders in
livered
firm for five days and
defeated.
was
MINNESOTA
only. Offerings will
the basis of the
on
■
An attempt to
section setting up a
the
Department
of Amount
pension of rules.
date
ness
paid
bondholder par¬
^
16 under
pay accrued interest up
Farmington
re¬
,
Oct.
that
—
with the inclosed Exchange Letter
was taken with¬
in
duplicate. Holders of actual
reading of a mes¬
minimum monthly payments for
sage from Mayor Bennett urging bonds, notes, or coupons should
forward
old age assistance from $30 to $40,
these
securities
imme¬
speed because of present drought
and the legislative leaders behind
diately, accompanied by Exchange
conditions.
*•'
• .v'./
this tax know it," the federation
Letter in duplicate. Certificates of
indebtedness (in denominations of
maintained in a statement.
^
MICHIGAN
Senate Approves Airport Bond
$500 as far as possible) will be is¬
Allen Parky Mich.\
Issue—A $2,000,000 bond issue to
sued. for the total amount of in¬
on
3, 1941, to
to
are be accepted
Agent highest net
Escrow
out debate after
the Senate
electipn soon on the question
issuing bonds for construction
yield as computed
Certificate Sale
The $2,250
automatically tender certifi¬ from the dollar price as of Oct.
semi-ann. certificates of indebted¬
27, 1941.
'■- :
<
tirement
engraved
&
Dodge,
of
Boston,
opinion will be furnished
purchaser.
All legal papers
tion
provide State acquisition and de¬
velopment of the Boston munici¬
pal airport was rushed through
an
of
cates pro rata, at prices indicated,
as funds become available for re¬
Palmer
Governor's desk will not produce
to raise the
-—
The
Board of Education plans to hold
maturity, dollar value and the
agreements
the
whose
the
revenue necessary
District, .Mich,.
,
assistance liberalization bill— million
"an indefensible combination of
School
improvement orders. Inter¬
supplementary interloc¬ Amount available for purchase of est
rate is not to exceed
of and au¬ utory decree dated Oct. 17,
4%, pay¬
1941, bonds is $4,000. Offerings should able J-D.
thenticated as to genuineness by
Judge Lederle fixed expense al¬ be firm for five days.
L
The National Shawmut Bank of
lowance chargeable to bondhold¬
Stuntz Township (P. 0».
Hibbing),
Boston; their legality will
Michigan (State of)
be ers as follows:
"
'
*
Minn.
approved by Storey, Thorndike,
Bondholders'
Committee
Re¬
.V>''Amounts
Per
and
the
as
of
Lake
Proposed Bond Election
under the supervision
water
inadequate
Wolf
1%.
of
These
from
Massachusetts
and
age
approximately $100,000, under
following" conditions: ; offer¬
ings to remain firm until 1 P.M.
the
ticipating. If you care to partici¬
Tenders Wanted—Fred Wilkin¬
Principal and interest (M-N) pay¬ pate, please' so indicate-in the son, District
Secretary,; will re¬
able
at
the National
Shawmut space provided on the inclosed ceive sealed tenders of outstand¬
able
old
tendered to
Escrow Agreements to accept this
revised plan. All bondholders who
M.
water
coupon
and
Bidder to
terest
11
M.
Nov. 1 from 1942 to 1951;
on
inch
tax—a
the
money available for this purpose
of Nov.' .'7.'
V'.'S"' YA7
;-?!•
•; r \
yield.
The Board reserves the of a school building and the levy¬
65% of the certificates right on bonds .purchased which ing of a special tax to retire the
already executed are delivered subsequent to Nov. loan.
:
over
re¬
will
until
$25,000
bonds.
$2,50
;
,
Oct. 28 for the
on
of
,
Patrick
Treasurer,
sealed
loan
on
bfferings of city
;
Peabody, Mass.
Bond
Federation recently characterized
the legislative-approved $2 head
rider
Oct.- 27, /sealed
of
to be issued have
Worcester, Mass.
revenue
ceive
100.53
—
be
Bank
city at 30% of face for two years, (EST) on Oct. 28, and shall show
35 % for two years
thereafter, and the purpose, rate of interest, date
100.706
.1 :
•
.............
National
40% of face for three years there¬
after. Bondholders entitled to re¬
100.933
1
1941
of
certificates to
ing upward."
—The
non-callable bonds in the amount
Manufacturers
Detroit, Ecsrow Agent, 50%-of his the
Other
29.
are
Long, criticizing the House ac¬
tion, said: "Certain mayors, for
political purposes, are anxious to
reduce
the
Oct.
have given Long "powers
which, under no stretch of the
imagination, the Legislature Bank
wishes
with
emer¬
gency needs.
A bill proposed by
the governor would have State
Tax Commissioner Henry F. Long
authority to "direct" local
filed
Bidder—
tonstall to encourage defense pro¬
duction by easing the taxes on
plants constructed to meet
will: be
Saturday, October 25,
been set up whereby any bond or
note holder may deposit with the
Old Colony Trust Co.
The bonds
will be ready for delivery about
Taxes On Defense
Considered
A copy of this
FINANCIAL CHRONICLE
ficient
to
exhaust
the
amount
of
visors
Road
Districts
Nos.
and
3
refund
effort
these
to
bonds,
and in an
present holders a
offer
voluntary and attractive exchange
program, they have been granted
exclusive
an
contract
the
exchange. ~
The county offers
holders
a
new
i
to
effect
-
the
present
refunding
with interest payable
ally, bearing interest at the
rate
til
the
as
bond
semi-annu¬
same
the
their
bonds'outstanding un¬
maturity dates, and for
county-wide
tended rate of
bonds
an
ex¬
2%%, and for the
Supervisors
Road
Districts
Nos.
1, 2, 3 and
of 3Va%.
5,
extended
rate
an
.
The offer of
exchange is ap¬
plicable" oply to those bonds de¬
scribed oh a circular furnished
by Edward Jones and Cot, and is
available only to such bonds.
The
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3998
Volume 154
county ,has granted $he; exchange
agent* me alternative right to take
X
and purchase the new refund¬
ing bonds to within 30 days of
the maturity dates of the bonds
to be refunded.
It i§ contem¬
up
.
i-^Sfhuyler, N eb.
„v,
,v;; •, ^
City Council
is, stated to have accepted the
proposal of R. E. Schweser & Co.
of Omaha, to purchase $9,000 2%
warrant funding * bonds.
Dated
Nov. 1, 1941.'- Due on Nov.
1,
r
'
-
1946.
.
Neb.
Bond Option Extended—An op¬
under the same terms and condi¬
tions
-
Bonds Authorized—The
Village
recently passed an ordi¬
nance calling for the issuance of
$9,000 paving, curbing and gravel¬
dis¬
ling bonds.
Council
bonds, but prefer to
pose of them, they, may sell them
to the exchange agent at a pre¬
mium greater than the charge
made to exchange them.
The
new bonds carry the legal opinion
Charles
of
Trauernicht
&
"
Louis, Mo.
!
of
1 *
'
1942
77 to« 155
1943
1944
1945
1946
1947
1948
1949
1950
1951
i 1952
1953
to
889
79,000
81,000
84,000
87,000
90,000
93,000
96,000
99,000
104,000
to
996
107,000'
156 to
236
237 to
320
321 to
407
408 to
497
590
686
687 to
785
to 1106
110,000
114,000
118,000
123,000
127,000 :
131,000
136,000
141,000
to 1220
1221 to 1338
to
1461
1462 to
^
Walthill, Neb.
1588
1589 to 1719
1720 to 1855
*
1856 to 1996
2142 to 2292
2449 to 2609
2777 to 2949
Asbury Park, N. J.
,
2950 to 3127
Bond Offering—Mary E. Vac- 3128 to 3312
caro, Acting
City Clerk, states 3313 to 3504
;
St.
that sealed
.
bids addressed to the
City
until
MISSOURI
Manager
11
a.m.
will
oh
Oct.
-
C
3505 to 3702
received 3703 to 3900
be
for
29
registred school bonds offered
21—v.
154,
p.
585—were
awarded to H. B. Boland & Co.,
New York, as 2^8, at par plus a
premium of $11.50, equal to 100.046, a basis of about 2.24%. Dated
Oct. 1, 1941 and due Oct. 1 as fol¬
lows: $2,000 from
1942 to 1946
incl. and $1,000 from 1947 to 1961
incl. Other bids:
<
f
:
general
and
-
Due Dec.
>
;
1
000 in
1942; $120,000,
$125,000, 1944; $129,000,
ported
that the- - $224,000
toll f
$133,000, 1946; $138,000,
bridge refunding revenue bonds j ■
$143,000, 1948; $148,000
sold to Bitting,. Jones & Co. of j
$153;000; 1950; $158,000,
St. Louis, for $120,000 .as 3%s,
$164,000, 1952; $170,000,
and
$104,000
as
3%—v.
154,
:
$176,000, 1954; $182,000,
p. 700—are due on Aug. 1, 1961,
$188,000; 1956; $195,000, 1957;
redeemable in numerical order
$202,000, 1958; $209,000, 1959;
from net income, revenues and
i - $216,000, 1960;
$224,000, 1961;
receipts of the bridge at 100 and i o $231,000, 1962; $239,000, 1963;
accrued interest, on any interest r
$248,000, 1964; $256,000, 1965;
payment date, on 30 days' pub¬ ! H $265,000, 1966; $275,000, 1967;
lished
notice.
*
Prin.
and
int. 1;
$284,000, 1968; $294,000, 1969;
(M-S) payable at the Boatmen's !;, $305,000,1v 1970- $3i5,000; in
-
i Bond Sale Details—It is
now re¬
National Bank in St. Louis.
by
approved
gality
I
Le¬
Charles
&
Trauernicht of St. Louis.
Cascade, Mont.,
v-
'Bonds
the
Voted—The Town Clerk
that
states
the
of the
issuance
tary
voters
plant
sewer
approved
$20,000 sani¬
bonds
at
.
the
election held on Oct. 16 by a wide
No
-
-
scheduled
been
date has
yet/' ^ ^
offering
as
'
•
Contingent Bond Sale — The
Clerk of the Board of• County
Commissioners
states
that, the
$294,000 refunding bonds offered
for sale on Oct. 17—v. 154, p. 229
—were purchased by the WellsDickey Co. of Minneapolis, Kalman
& Co. of St. Paul, and asso¬
ciates, :, at
favorable
subject to A: the
opinion of the pur¬
par,;
chaser's attorneys as to legality.
bidders
amount
least
to
.,.
Sale
<Bond
Mont.
(P. O. Laurel
7
—
The
$33,851.64
on
par
fore Dec.
of
one
1, 1946,
and
or
one-half
a
on
or*
be¬
premium
per
centum
offered of their par value if redeemed
Oct. 17—v. 154. p. 229 thereafter but on or before Dec.
on
—were
awarded
to
of
E.
M.
H.
Freeman
&
Bank, Little Falls.
the
registered
bonds
''X'
i<
:
'
-1
V
'■»
:t*.
i' i'
20—v.
Oct.
awarded
H,
to
Bo¬
B.
&
Rollins & Sons, Inc...
Wood,
Struthers & Co
Corp
Minsch, Monell & Co.,
Union
Securities
H.
Schwamm
L.
J.
B.
J.
S.
&
Hanauer
accept the same
Allen &
&
Inc.
Co.
Van
1.20
1.20
IV4
l»/4
.100.066
100 63
100.16
.'■'."■V
1.30
loo.ns
1.40
100 41
Lee
Higginson
Kean,
Taylor
Corp
1.40
&
Co.
and
VanDeventer
Bros.,- Inc....
1 y2.
B. J. Van Ingen & Co., Inc. •
and J. S. Rippel & Co...
IV2
and
Co.___
Ingen
&
Inc.
246.50
272.85
i
Co.,
255.00
2%
:
Colyer, Robinson & Co.- 2.20%
279,65
Co.— 2.50%
289.00
M.
&
Freeman
M.
Long Branch, N.
■v'tX
100.13
1.30
.....
1.90 %
Allen &
J.
and
Co.....
&, Co
Co
L.
•
2%
Rippel &
B.
100.277
*
re-offered the
Bond Sale—The issue of
$55,000
improvement bonds offered Oct.
21—v. 154, p. 585—was awarded
to H. B. Boland & Co., New York,
as
2.20s, at a price of 100.207, a
basis of about 2.16%. Dated Oct.
1, 1941 and due Oct. 1 as follows:
$5,000 from 1942 to 1948 incl.;
$6,000 in 1949, and $7,000 in 1950
and 1951. Other bids:
I
Reusch & Co.
Kline, Inc.
E.
and
H.
2.30% '
B.
Hanauer
&
M.
E.
Freeman
100.77
100.19
2^
J.'S. Rippel ,6c Co
M.
100.13
2%
Co
100.061
2.40
...........
J.
Rate Bid
P.
J. Van Ingen & Co., Inc;
L. Schwamm & Co. and
B.
"
Int. Rate
Bidder-
Fox,
&
i
2%
H. Rollins & Sons, Inc...
101.01
2/4
Co.......
100.073.
LyndhurSt Township, N* J.
'Refunding
Board
of
voted
6 to
refund
449. V A
Approved
Education
3
to
adopt
The
—
Oct.
oh
a
14
plan to
$426,000 bonds—v. 154, p.
saving of $50,000 is ex¬
pected to result from the refinanc¬
ing. The interest rate will be un¬
changed, but is proposed that the
maturity schedule be advanced to
permit redemption of the bonds
in 1958 instead of 1965.
be
.
effected
by
This will
increasing
the
amount Of annual payments.
Manasquan, N. J.
Bond
Issue—The
borough
is
seeking permission from the State
Funding Commission to issue $25,the 4% issue of 1936, amounting
000 jetty construction bonds.
to $100,000, were recently sold by
a
Newark, N. ji)[
Philadelphia bond house at a *
price of 105.50, according to re¬
Appoints
Refunding
Agent—
port.
This was disclosed at the The City Commission on Oct. 22 X
regular mid-month meeting of the entered
into
a
contract
with
Township Committee on Oct. 15 Frank
Van
Blarcom,
former1
when Township Committee Chair¬
Eighth Ward Republican Chair¬
man William L. Smith pointed out
man, to work
out a refunding
School
/■'':-•
District,
J.
N.
re¬
quested the committee to author¬
Seeks To Invest Bond Issue Pro¬
ize
conversion
the
of
the
plan which Mr. Van Blarcom said
would save the city $80,000 an-.
bonds
nually in interest.
His fee is to
of Education into
coupon form.
After acting on be 15% of the saving.
Mr. Van
meeting on Oct. 14 the request, Mr. Smith is said to Blarcom told the Commission he
that it contemplates some form of have
explained that the bonds, knew where he could
Board
short-term
a
investment
ceeds of the
.
.■
be
assessment
154, p.
sewer
offered
H.
'
,i
time
Bond Sale—The $85,000 coupon
or
procure up¬
ward
not
of
the
bond
architects'
i
•:
i
issue
fees
.
i
?
.1
that
callable,
at
in city bonds
could be re-'
lower
a
interest
rate.
Mayor Murphy placed in the con¬
tract a reservation the city could
drop the agreement if it appeared
not feasible
com
after
revealed
New
details.—154, p. 585.r
Jersey (State of)
Proposes
Highway
Use
Funds
Relief—Senator
aionoost.er
for
■
i.t
i
Bonds
--t
^
bnf!
Sold—The
j:i
tu:
.-i
.
-
Mr. Van Blar¬
Of
Accumulated
Local Tax
For
Hendrickson
sta+«>d
that
of
the.
Legislature will study the possi¬
$4,800 build¬ bility of usin* accumulated state
when ing bonds authorized at an elec¬ highway
funds for tax relief.
proceeds
incurred
of $2,000,000
funded
,
v
at
Livingston Township (P. O.
Livingston), N. J.
X; X
-
,
shall
that
100.123
100.09
.
'K-
>
Any of said
bonds
Rate Bid
for
pro¬ originally held by the State Sink¬
$134,000 school bond ing Fund Commission, Extension
of one-half of one per centum of issue awarded on May 10—v.
■';.n.> NEBRASKA
152,. Fund, were sold to the bankers at
Columbus Paving District (P. O. their par value if redeemed there¬ p. 3058. * The funds, it was ex¬ a reported price of 100.50 and im¬
r.,
'Columbus), Neb. :
after but on or before Dec. 1,1961, plained, will be held in reserve as mediately disposed of by the firm
a result of the board's decision of
at 105.50.
Township Clerk R. C.
Bonds
Sold—The City Clerk or without a
premium if re¬ Oct. 1 to
postpone indefinitely the Baer was authorized to prepare
states
that
$5,742
intersection
deemed thereafter.
construction of the new school the
necessary
resolutions
and
paving bonds were purchased re¬
Finance
Chairman transmit them to the brokerage
The $3,900,000 refunding gen¬ building.
cently by Greenway & Co. of
Francis Crouchley was directed house
Omaha.
whjch bears the expense of
eral and revenue bonds are re¬
by the board to confer with Dis¬ converting the bonds into the new
before maturity at the trict Clerk Hopping and to report
*7,/:'
Minatare, Neb.
<•-. deemable
coupon type.
Bonds
Authorized—The
City option of the
city at the redemp¬ later on their recommendations
Council is; said to have passed an
the
short-term
investment. Harmony Township School District
tion price of par and accrued in¬ for
ordinance calling for the issuance
(P. O. Phillipsburg, R. 2), N. J.
Payment Was authorized of $4,000
:'x
at
registered, should be accompanied
by duly executed assignments or
transfer power in blank.
1.20%
Co.
that the investment house had
Chatham
announced at
terest in accordance with the fol¬
redeemed
date) at the Little Falls National
Int. Rate
Bidder—
M.
L.
Bloomingdale..7■7 :iU.'X.
ceeds—The
of $64,000 2^% refunding bonds.
Dated Oct. 1, 1941.
lowing schedule:
be
-
1949 and 1950. Other bids:
H.
was
will
bonds
the principal amount thereof and
accrued interest to date of re¬
.
Yellow¬
Laurel,
$31,000, being part of $50,000
bonds, of an authorized issue of
$67,000.
Dated
Dec.
1,
1940.
Denomination $1,000. Due June 1,
as follows: $2,000
in 1944, $7,000
in 1945 to 1948, and $1,000 in 1949.
awarded
to
Halsey, 1941, and due Nov. 1 as follows:
Co., Inc., New York, as $9,000 from 1943 to 1947 incl. and
I.10s, at a price of 100.098, a basis $8,000 from 1948 to 1952 incl.
of about 1.09%. Dated Dec. 1, 1940 Other bids:
■
'
and due Dec. 1 as follows: $25,000
Bidder
Int. Rate
Prem.
$348,50
in 1947 and 1948, and $20,000 in J. B. Hanauer & Co.,™ 1.70%
Boland
construction bonds
of
in
Stuart &
B.
sold to the First National Bank of
as
the
1, 1951, or a premium of one per
2V4S, centum of their par value if re¬
paying a price of 100.034, accord¬ deemed thereafter but on or be¬
ing the District Clerk.
fore Dec. 1, 1956, or a premium
Bank
stone
sewer
bonds Nos. 20 to 50 to the amount
531—were
'
3%
pay¬
Co., New York City, as '
1.60s, at par plus a premium of
coupon
or
registered refunding $17.87, equal to 100.02, a basis of
bonds offered Oct. 21—v. 154, p. about
1.596 %.
Dated
Nov.
1,
revenue bonds
value if redeemed
Clerk
for
Dec. 1, 1941, 2% funding,
on
land
after Dec.
or
semi-ann. refunding bonds
for sale
Englewood, N,. J.
H.
of
calls
Bond Sale—The $90,000 series B
pay¬ undersigned .City Manage^ upon Securities for public investment to
1, 1963, and request, f A certified check for yield from 3.25% for
early ma¬
all of
the
$3,900,000 refunding $204,600, payable to the order of turities to 3.40% for. the 1954
general and revenue bonds are the city, must accompany the bid. maturities.
The 'bonds are dated
redeemable before maturity,
at The * successful bidder will be Sept.
1, 1940, and mature Sept. 1
with
the- opinion
the option of the city,. on any furnished
of as follows:
$82,000 in 1951; $86,000.
interest payment date.
However, Reed, Hoyt, Washburn & Clay of 1952; $58,000 in
19§3, and $50,000
none
of the bonds may be re¬ New York City, that the bonds
in 1954.
Interest M-S.
Legality
deemed prior to their maturity are valid and legally binding ob¬
approved by Hawkins, Delafield
until all of the $3,900,000 refund¬ ligations of the city and that the
& Longfellow of New York City.
ing general and revenue bonds city is-authorized and required
Gloucester Township, N. /. f ;>
have been called for redemption. by law to levy on all taxable ;
Unless called for redemption prior property therein such ad valorem
Market For Bonds Considerably
to maturity in the manner here¬ taxes as may be necessary to pay Over
Par—Refunding bonds of
able
ment
Jacobs
demption, but without premium
(with all coupons thereto apper¬
taining maturity after redemption
J
.
mium of two per centum of their
trict No.
100.18
such
or more
and
the
interest
inafter described, the bonds may the * • bonds
Missoula, Mont.
be redeemed prior to maturity thereon, without limitation as to
tBond Election—J. I. McDonald,
only in the inverse order of their rate or amount.
City Clerk, states; that the ; issu¬
numbers
and
at
a
redemption
ance
of
$35,000
fire
fighting
Bloomingdale, N. J.
price of par and accrued interest
equipment bonds will be sub¬
Bonds Sold—An issue of $5,500
to date of redemption, plus a pre¬
mitted to the voters on Nov. 18.
Yellowstone County School Dis¬
2%
Call—Township
B.
531—were
annual
offer
100.09
Bonds Publicly Offered—Buck¬
ley
Bros,
of
Philadelphia are
making public offering of $257,000 4% refunding bonds.
Dated
June 1, 1935.
Denom. $500. Due
serially on Dec. 1 from 1949 to
1972 incl.
Principal and interest
(J-D) payable at the Egg Harbor
Commercial
Bank, Egg Harbor.
Legality approved by Hawkins,
Delafield & Longfellow of New
York City.
1961
to
bonds, and if two
100.41
21/?
1940
general and
Fergus County (P. O; Lewistown),
of
2%
Allen & Co.
Van Ingen & Co., Inc.
M. Freeman & Co.......
bonds, the pro¬
100.325
posal of the bidder offering to
100.06
pay the highest price will be ac¬
cepted. ;The price offered must
Fair Lawn School District, N. J.
not exceed $9,822,900.
If the bid¬
Construction Bids Postponed—
der offers to accept less than all
Writing in. connection with the
of the bonds offered for sale, the
V 1971, and $329,000 in 1972.
$490,000 school bond issue au¬
bonds accepted must include all
thorized at an election last June,
All of the bonds will be dated
the $3,900,000 refunding general
Nov. .1,
1941.
Denom.
$1,000. and revenue bonds and the first Harry Barr, Jr., Clerk of the
Board of Education, states that the
They are coupon bonds, register
maturing serial refunding general
date fofc .receiving construction
able. at the option of the holder
and revenue bonds.
In addition
bids was postponed from Oct. 23
as to
principal alone or both prin¬
to; the price bid the purchaser
to Oct. 30. vV "
^
cipal and interest. Prin. and int. must
pay accrued interest from
(J-D) payable at banking insti¬ the date of the bonds to the date
Garfield, N. J.
tutions in Asbury Park and New
of the payment of the purchase
Bonds Sold—Bailey, Dwyer &
York City to be designated by the
price. Bidders in submitting their Co.
of
Jersey
City ..purchased
City Council.
..
\ ' bids must use
",the bidding forms
$276,000
4%
general
refunding
?The. $2,810,000 serial refunding which will be furnished by the bonds of
...
margin.
make
to
adequate
L.
Egg Harbor City, N. /»
appropriations
provide for the re¬
1943; demption of the bonds in accord¬
schedule.
The
1945; ance £ with the
1947; bonds will be sold to the bidder
1949; or bidders submitting a legally
1951'; accepted proposal and offering to
1953; pay the sum of $9,821,900, and to
1955; accept therefor the least amount
follows: $116,-
100.51
J.
M.
the
bonds.
revenue
as
Rate Bid
2tfe%
Co..........
&
Bond
Robert
Said
Jnt. Rate
.
Rippel
B.
The city agrees that« the re¬
purchase of $10,230,000 bonds, as
funding : general: and '' revenue
follows:
bonds shall be called for redemp¬
•Bond Election—The issuance of $3,900,000 refunding general and tion prior to maturity in accord¬
$80,000 construction bonds will be .vV revenue bonds. w Due Dec. 1, ance with such schedule provided
submitted to the voters at an elec¬
-T972.- ;v
moneys
are
available for such
^ v;?;.;:
tion scheduled for Nov. 25, it is \ 6,330,000 serial1
refunding gen- purpose, and the city also agrees
Washington, Mo.
S.
H.
University City School District
;
(P>. O. University City) Mo.
said.
Bidder-
X
.
.
Little Falls Township, N. J.
Bond Sale—The $25,000 coupon
J.
3s, at par.
<
Oct.
151,000 .1962
156,000
1963
161,000
1964
167,000
1965
173,000
1966
178,000
-1967
185,000
1968
192,000
, 1969
198,000
1970
198,000
1971
2293 to 2448
J.
N.
or
1954
145,000
tion last July were sold locally,'
as
Clifton,
.
1955
1956
1957
1958
1959
1960
1997 to 2141
2610 to 2776
new jersey
were
1
Amount * Redemi# drawn.
$76,000
:;7y 1339
originally set forth.
as
\
76
on
.
their
1 to
.
786
refunding bonds granted
to the Wachob^Bender Corp. of
890
997
Omaha on March 25, is said to
have been extended to Nov. 1, 1107
tion
■
.
Numbers ■1
591 to
.V,-;
7
South Sioux City,
)
and.; specifications
,
'
498 to
.
plated that on any bonds not ex¬
changed by the holders, the new
bonds will be purchased by the
exchange agent, thus providing
the cash to the county to pay the
bonds as they mature,: In this
event the present holders will not
have the opportunity of getting
the new bonds, but will receive
cash for their bonds when they
mature.
v
;•X
-V
;
Edward
Jones and
Co. will
make a bid for any exchanged
bonds at a premium in excess of
the exchanged price stated in the
program, so that if any holder or
holders do' not desire to retain
plans
..
Sold—The
Bonds
741
r-
-
Saturday/" October 25, 1941
CHRONICLE"
THE COMMERCIAL & FINANCIAL'
742
'
(
.
man
Rudolph r Lampman.
An »
exchange. The bonds are general i City of .Asheville general re¬
indications road con¬ Clayton, Cape Vincent, Brownville,
ordiriance, however, which plates)
funding, $96,000, at 37.08.
: *"' * ■ '
be tied up by fed¬ Lyme and Orleans Central School obligations of the city,v payable
.62116 mills outside the ten limi¬
from unlimited ad valorem taxes
City of Asheville general re¬
eral
priority restrictions.
Hen- District No. 1 (P. O. Depauville),
tation for payment of general city
to be levied on all of,its taxable funding, Series 2, $6,000, at 47.52.
N. Y.
drickson
said Republican legis¬
bonds was passed.
Trautman said
property. The preparation of the X City of Asheville school refund¬
lators will consider reduction of
.
Inhere
are
struction will
'
''
taxes and
vehicle license fees and the
realty
motor
bill
gasoline
and
followed
proposal
similar
a
day
Columbia County (P. O.
by
Commissioner Sterner's annual re¬
about
port disclosed there may be
for
available
new
a
The
construction program in 1942.
indicated
report
highway
,
I..
motor
vehicle revenues will be at a new
■'/•
Hudson), N. Y.
Sale—The $20,000 coupon
Bond
registered county home bonds
offered Oct. 22—v. 154, p. 532—
were awarded to the Hudson City
or
Savings Institution, of Hudson,- as
1.10s at par. Dated Nov. 1, 1941
and due Nov. 1 as follows: $2,000
$1,000
Other bids:
peak of $55,000,000.
from 1942 to 1947 incl. and
to
Wright's
statement and federal priorities,
Hendrickson said: "It is certainly
"torn 1948 to 1955 incl.
referring
After
public policy to accu¬
large static sums of tax
sound
not
mulate
in the state treasury at a
New Jersey citizens
moneys
drastically increased bur¬
face
a
den
of
and are
taxation
federal
clearly entitled to all possible re¬
on non-defense taxation.
If
lief
is
it
be¬
to be impossible
going
priorities
of federal defense
cause
substantial amount of
new road construction in this state
in the next few years, it would
seem to be economically unsound
do
to
any
and lay idle and to
deny our citizens much needed
tax relief during this crisis.
"Mr.
Wright proposed that a
to
pile
up
portion
of
these
accumulated
highway funds be released and
used to give direct tax relief to
property-owning tax¬
idea has merit and
thoroughly explored by
the Republican Legislature.
Any
such plan must, of course, insure
that
the
distribution
of such
moneys will be used for the direct
local
the
His
payer.
will be
property tax levels
increased spending."
of
reduction
for
not
and
Township (P. O.
Pennsauken
•
0
Co...
Trust
lVi
Securities Corp..
Union
Greoi-ge
Gibbons
B.
•
,
,
100.075
1.30
100.069
Hudson
Co.,
100.115
lVi
....
&
Bank
Nat'l
First
100.135
,
Co.
&
&
Rate Bid
int. Rate
Co..,..
and
&
Noyes
Childs
F.
Sherwood
when
time
:'•■■■
Bidder—
Hemphill,
.,
.
.
Co.,
&
'/
100.31
1.40
Inc.
R,
D.
White
H.
Rollins
&
Trust
Sons, Inc..
Traders
Co.
Bank,
Union
National
L.
Bane
Roosevelt
of
First
Hudson
■
& Weigold, Inc...
Michigan Corp....,
River
Trust
Co,,
gations under the contract to pur¬ 000, 1945 to 1948; the remaining
chase the bonds and in such case $326,000 as l^s, due on Nov. 1;
1949 > and 1950, $26,000,
the deposit accompanying his bid $16,000,
will be returned.
Bids are de¬ 1951, $31,000, 1952 to 1954, and
sired on forms which may be ob¬ $25,000 in 1955 to 1961. '
Director
above
bank.
&
pur¬
The right-is reserved to
$342,000 on Dec. 1. Dated Dec. i,
iiJoD.
Due on Dec. 1, 19o9.
Pay¬
.
-t
.
2505 Ridge Road West,
!."• *'■'
be
will
Rochester), N. Y.
$15,805,603, against $16;- Scotland
County
404,767. The decrease amounts to
approximately 4%.
The $29.94 I Bond Sale
.
M.
Sale—M.
Freeman &
Philadelphia were success¬
bidders at the offering on
Bond Sale—The issue of
Co. of
coupon or
ful
offered
$300,000 coupon or reg¬
refunding bonds—v. 154,
registered
Oct.
22—v.
$50,000
bonds
645—
sewer
154,
p.
Oct. 20 of
was
istered
under the
tax rate is three cents
for
forecast
rate
1942
City
by
Co. and Sherwood & Co.,
532—the bid being for
p,
$299,000
price of $300,100.471, a basis of
about 3.36%.
Dated June 1, 1941,
and due Dec. 1 as follows: $10,000
in
1946; $15,000, 1947 and 1948;
'$10,000, 1949; $30,000, 1950; $25,000, 1951 to 1955 incl.;, $30,000,
1956; $35,000 irt 1957 and $29,000
in 1958.
Second high bidder was
Pearce & Co., Inc., Camden, which
offered to pay $300,326 for $299,OjOO 3.40s.
Then followed Dolphin
bonds, as 3.40s, at a
equal to
410,
&.
3.40s..
$300,438 for $300,000
•"
;/■
"/:/.•,;
Weehawken
>
the
Philadelphia,
Inc.,
Co.,
tender being
O.
(P.
Township
Weehawken), N. J.
awarded
Childs
F.
C.
to
&
Manager Cartwright in his long-
both of term plan which calls for refund¬
New York,
jointly, as 1.60s, at ing of $8,054,000 in maturing debt
*00.042
a basis of about 1,595%. obligations
over
the next : six
Dated Nov. 1, 1941, and due Nov. years.
-V
\ /;
1 as follows: $2,000 from 1942 to
A big slash in welfare appro¬
*945 incl. and $3 000 from 1946 to priations/ made
by
Cartwright
1959 incl. Other bids: ■■V;-////:/'.'.;■ chiefly
was
responsible for the
FMfW—
'•
Int Rate Rata Bid
reduction
in appropriations f or
Rr"in« »- Sons. Tnc
1.79%
100.304
1942. ^ The total allotted to that
George B.
Gibbons & Co.,
»v,
^
"
&
4 Traders
100.14:
' '
t
v. ..,
Oct.
24—v.
154,
p.
% Co., Inc., and E. H. Rollins &
Sons, Inc.,'both of New York,
r
jointly,
of
\
/;;j7
NEW MEXICO
No. 13 (P. O. Las
about
Cruces), N. Mex.
$25,000
and
NORTH
sale on
154,
8—v.
awarded
450—were
p.
Oct.
1.485%.
Bos-
to
1
1947
to
1949
Sale—G.
of
Oct.
New
21
an
M.-P/
incl.
Bond
p.
Sale—The semi-ann. cou¬
ceive
Auburn, N. Y.
'*
Bond
pon
or
offered
were
Sale—The
awarded to Phelps, Fenn &
100.065,
a
Dated July
as
York, as 0.80s, at
basis of about 0.79%.
1, 1941, and due
follows:
July
$17,500 in 1942 and
$18,000 from 1943 to
1950 incl.
sealed
p.
aggregating
The $75,000 semibunding Ponds of-
—
sale on <^Ct,. 21—v. 154,
586—were
awarded to:' tne
Banking & Trust Co. oi'
Wnson, at par,
uivided as follows!
IV2S, due on April 1,
$2,o0u in 1943 to 1954, $4,000,
i9od, and $2,000, 1956; the remain¬
ing $45,000 as 2s,
April 1, 1957 to
Wilkes0 County
due $5,000 from
Blue
Rural School District,
Ash
Ohio
Bond
Offering
William
—
O.
(P.
Wilkes-
/
•
•
;
?
R.
Rantz, Clerk of the Board of Ed¬
ucation, will receive sealed bids
Nov. 15 for the pur¬
noon on
interest
$10,700 not to exceed 4%
coupon
general obliga¬
limited
tion
bonds.
tax
Dated
-
Sept. 1, 1941. Denoms. $1,000, $500
and
$100. Due Dec. 1 as follows:
$500 from 1943 to 1960 incl.; $700
in 1961, and $1,000 in 1962. Rate
of interest to be expressed in mul¬
tiples of 14 of 1%. Interest J-D.
Registerable as to principal only,
or as to both principal and inter-
-
est by
exchange. A certified check
$107, payable to order of the
District
Treasurer,
is required.
Successful bidder will be required
to furnish
legal opinion at his
for
own
expense.
;V?'- /;
/
./'••"•
'
'
•
Cincinnati, Ohio
To
<
Vote
On
Municipal
Owner¬
ship Of Electrical Facilities—The
Ohio
Court
Supreme
affirmed
Oct. 17/
the lower
on
unanimously
court decisions
putting
lot November
4
amendment
in
on
the bal-.<
Cincinnati
an
municipal
proposing
ownership of the city's electric fa¬
cilities.
The city either would
purchase holdings of the Cincin¬
nati Gas and Electric Company
construct
or
a
new
plant.
principal points of law
Four •
laid
were
down in two consolidated
in
cases
which the Hamilton County Court
of Appeals was affirmed.
Judge
Gilbert Bettman, whose home is
in
Cincinnati, was the author of
opinion, with all associates
concurring. The cases were those
the
Kittle.
Albert
of
1965, incl.
of
1965 and 1966,
taxpayer, '
- a
against Herbert S. Bigelow and
the
City Courtcil of Cincinnati,
C
bids
Arnold
&
of
Raleigh,
the Branch Banking &
Trust
paying a premium
$40.40, equal to 100.041. a net
Murphy &
interest cost of about 2.23%
on
of
until
noon
or
and/or
;
the bonds divided as follows:
or
registered home relief
veteran
relief
bonds.
ing/' $10,000 as 3s,/due
April 1,1967.
/
on
$15,000 school bonds as 3J/4S- Due
on April 1 in 1962 to 1964.
.Buncombe County
(P. O.
•
Asheville), N. C.
Tenders
Bond
connection
Accepted5—In
with the call for -ten¬
/;",///• /"/•■;'/
/'•'////'
"The-courts will
not interfere
are:
the remain¬ (/
$97,500,<
Co. of Wilson,
purchased on
$133,000 tax
// 'April 1, $7,000 m 1984, $10,000
with the submission to the electors
of
a
proposed amendment to a city
upon
a
claim that the'
charter
amendment, if adopted, will con¬
travene
the
Such
awarded jointly to
646—were
and
,
Oct. 29 for the purchase of $200,000
not to
exceed
6%
interest
coupon
cou¬
registered funding bonds
Oct. 24—v. 154, p. 645—
Co., Inc., New
1
$161,500
Laurin-
$30,00u as
claim
a
constitution
is
of Ohio.
as-/
prematurely
/■*
serted.
Akron, Ohio
Election
On
Additional
"Where
petition has been filed
Bond
with the legislative authority of a
Issue
Still another proposal to
municipality requesting the pas¬
be considered
by the 'voters at
sage of an ordinance submitting %
the November 4 election, aside
proposed charter amendment to
from those previously reported
the electorate, and the legislative
on in v. 154, p. 231, deals with the
authority in fact passes an ordi-;
question of issu'ng $500,000 fire nance of submission by a vote of.
department bonds.
two-thirds or more of its mem- •;
•
■
a
—
bers, any defects in the filing or;
signing of the petition become im- ;
Opposed—An material, even though the pre-
Berea, Ohio
"
{
O.
C.
offered for sale on Oct. 21—v. 154,
.
^
lor
(P.
11.
j^rancn
(P. O. Washing-
worth, Chanute, Loughridge & Co. anticioation notes at 0.40% inter¬ $20,000 school bonds as 2s. Due
$2,000 from Sept. 1, 1942 to
Dated Oct. 27, 1941, and due
of Denver,, at l%s, paying a pre- est.
1951 incl.
'
rqinum of $18.75, equal to 100.037, June 30, 1942.
77,500 school refunding bonds as
a
basis of about 1.74%.
Dated
New Rochelle, N.
Y.
21/4S. Due on Sept. 1; $10,000
Bond Offering—Walter J. BrenJuly 1, 1941., Due $5,000 from
in 1955 to 1957, $22,500, 1958,
and $25,000 in 1959.
July 1, 1942 to 1951, incl.
;
/ nan, Director of Finance, will re¬
NEW YORK
burg J,
school
ann.
lered
/M
ton) N. C.
bonds,
pon
k
y
York
issue
V;
Kirchofer
Tarrytown), N>. Y.
Note
Co.
from
follows:
as
Mrunt Pleasant (P. O.,
\ Bond Sale—The $50,000 coupon ////
bonds of¬
for
basis
Dated Nov., 1,
CAROLINA
Beaufort County
a
$24,000 in 1950.
semi-ann. school house
fered
iy2s, at 100.166,
as
jl941, and due Nov. 1
County School District
Ana
Dona
tions, such as the police and fire
departments. ■ Trautman replied,,
however, that there was little dan- 1
ger of this, considering the high
.
department equipment
the Police and
Firemen's Pension Commission.
fire
delinquent
legally attach general
stop many city func¬
.
bonds offered
bonds was sold to
and
V
700—was awarded to A. C. Allyn
000
So-,
pointed
boro)£N.
department next year was $2,100,and the-Cincinnati Gas and Elec¬
000 against $3,200,000 in 1941.
Bond Sale—The coupon semi- tric Company against the Ham¬
II
j Trust Co.
1.80
100.225
Marine Trust Co. of Buffalo
1.90
; >• loavgi
is proposed to raise $1,480,000 of ann. refunding bonds aggregating ilton County Board of Elections.
r*»TV "uH'v Sr r<0
1.99
J"0 235
the welfare total, which includes $52,000, offered for sale on Oct. The.,case against the
Blair & Co.,
Inc
2
100 31
Board ofy
A. O. Allvn & Co., Ipc.,.....
2
100.27
the city's share of work, reliefJ by;; 2l-i—v. 154, p. 646—were awarded Elections was admitted by motion /
R.
D. White & Co..;......
2
100.222
Roosevelt at Woigina, Inc..,;
2.20
100.532
borrowing.
Under the six-year to Barcus, Kindred & Co. of Chi¬ that it might be placed on a par
debt refunding program, the city
with the first case for final dis- '
cago, at par, divided as follows:
Harrison (P. O. Harrison), N. Y.
will' borrow $1,235,000 for debt $37,000 road and
*
r/
bridge bonds, position.
;
Bond Sale—The i^sue of $Q9,3
equalization purposes.'/}, & / /.
r" 'with $27,000 as 3V4S, due on
Theyfour points of law set forth
000
(series of 1942) refunding
1%
inc.
;
Manufacturers
Sold—An issue of $23,-
Bonds
funds
,
-
Pennsauken), N. J.
Bond
is caning for
all outstanding general
reiunding
bonds
aggregating
payment
Hampton
,
bonds could
chase of
Long, Town
reject any or all bids and bids
ment of the principal amount of
Union Free School offering less than par and accrued
tne bonds in riegoiiaDle form, ac¬
District No. 5 (P., O. Sag
interest will not be
considered.
companied by ail June 1, iy<ns,
Harbor), N. Y.
Enclose a certified check for 2%
anu
suosequent coupons, will bo
Bond Sale—The $16,000 coupon of the par value of the bonds
made
at
tne
Central Banovei.
bid for, payable to the city.
or registered reconstruction bonds
nank
&
Trust Co., New Tork
offered Oct. 22—v. 154, p. 645—
Rochester, N. Y.
J
^uy.
Coupons maturing Dec. 1,
were
awarded
to
the
Suffolk
and prior thereto, will also
1/ Reduces Tax Rate—City has set
County National Bank of Riveroe paid on presentation ana stua
tax rate of $29.94 per $1,009
head, as 1.30s, at a price of 100.50
reriuer of said
coupons.
assessed
valuation
for
1942, as
a
basis
of about
1.21%. Dated
compared with a 1941 rate of Pitt County Drainage District No.
Nov. 1, 1941 and due $1,600 an¬
$31.18, representing a reduction
i 3 (P. U. Creenville) N. C.
nually on Nov. 1 from 1942 to
of $1.24.
Closely following the
1951 incl. Other bids:
Bond
Sale
Details—The Dis¬
long-term financial policy pre¬
Bidder—
:*
;V,
Int. Rate Rate Bid
trict
oecretary
states
tnat tut
viously submitted to and adopted
Tilney & Co. i......
1.60%
100.114
$20,000 0%
semi-ann. arainage
G wee
B.
Gibbons & Co.,
\ 'v:. Jby the City Council, the new bud¬
Inc.
,.........1.70
100.27
ooiiQs sold to tne county—v. io4,
C.
F.
Childs
&
Co.
and
get proposes total or gross appro¬
p.
—were purchaseu at par ario.
;
Sherwood & Co,
1.70
100.163
priations of $28,191,103, compared
Roosevelt & Weigold, Inc...
1.90
100.26
niature $2,50u
irom July 1, 1942
with $29,585,247 this year.
The
to 190 f mcl.
Greece Sewer District No. 1 (P„ O.
;
'
, *
•
total to be raised in the tax levy
East
Mitchell
H.
Paul
out that holders of the
until
C
N.
B.
ClerK and Treasurer,
opinion
the
to
Hamlet,
Call—H.
Bond
of,. New
approving
furnished
be
will
2 ;•'Par"
'
The legality
Raymond
whose
York,
chasers.
Hudson :'.,»vv•:.
the
from
the above
Caldwell
100.50
Jf" 041
100.33
100.23
HV;
1.60
1.60
.................
licitor
cago, paying a premium of $165, interest rate of 6% on the bonds.
If the bonds were refunded the
the terms of any Federal $qual to 100.04, a net interest cost
of about 1.69%, on the bonds, di¬ interest rate would probably only
income tax law hereafter enacted,
vided as follows: $79,000 as 4s, be half that amount.
the successful bidder may, at his
due on Nov. 1; $15,000, 1944, $16,election, be relieved of his obli¬
of the bonds will be approved by
100.187
'.<"•• ij
1.40
Kin-:i'v: .
v,:'
derhook
J.
all other methods had failed.
.
•
.
able by
or
&
Manufacturers
levying
general taxes to pay for delin¬
quent special assessments unless
type and character shall be tax¬
tained
100.27
100.232
Co.,,........1.40
1.40
&
S.
of
by the ing, $21,000, at 37.54,
Co., New ( Swannanoa water and sewer
refunding,
$11,000,
at
York, which will certify as to the district
■'
genuineness of the signatures and 35.80.'
11
/ v'
; v
/ v/
the seal thereon, and will be de¬
Concord, N. C.
livered to the purchaser on Nov.
•I Bond Sale—The $405,000 semi10, or as soon thereafter as they
ann.
water, street improvement
may be prepared at the office of
and public improvement bonds of¬
said
bank./ In
the. event that
fered for sale on Oct. 21—v. 154,
prior to the delivery of the bonds
the income received by private p. 586—were awarded to the Har¬
ris Trust & Savings Bank of Chi¬
holders from bonds of the same
•
.
*
Roy V. Wright, Essex Republican
candidate for senator.
Highway
$21,000,000
/.'
tion bonds.
that he did not favor the
Bank of The Manhattan
judgment on a
to pass
statement
senator's
The
fund."
the voters
bonds will be attended to
called to permit
will be
of proposal to issue $25,000 construc¬
Lance
Assemblyman
by
Hunterdon to set up a "rainy
Scheduled—An
Election
Bond
election
/
General Levy To Pay Defaulted
Assessment
Bonds
ordinance to levy 2.10003
mills for
able of the ordinance recites that
the legislative
authority is acting
$12,000
,
,
16, of refunding
stated
by Curtis
from 1942 to 1951 incl.
Bidder to Bynum, Secretary of the-Sinking
Fund Commissioners, that the fol¬
name a single rate of interest, ex¬
that' information
regarding re¬ conclusive in the absence of fraud
pressed in a multiple of Va, or lowing bonds were purchased by
or a gross abuse of discretion.
funding of the bonds at a lower
l/10th of 1%. Prin. and int. (F-A) their respective sinking funds: \
"A writ of mandamus will not
County of Buncombe refunding, rate of interest should first be ob¬
payable at the City Treasurer's
tained before a levy against gen¬ issue to control the discretion of
$115,000, at 37.28.
office, but interest will, at the
Opposing the legislative authority of a mu¬
County of Buncombe refunding, eral property is made.
request of the registered owner,
'•
the ordinance also was Council¬ nicipality."
be remitted by mail in New York Series 2, $17,000, at 46.05.Dated Nov. 1, 1941. Denom. $1,000.
ders
Due
bonds,
$20,000 annually
on
Aug.
1
Oct.
on
it
is
■
;
in defaulted
in response to the petition.
:
special /assessment
bonds
was
"The determination by the leg¬
placed on its first reading recently
authority of a munici- >
when two negative votes stopped islative
suspension of the rules and pas¬ pality that there are sufficient
sage under the emergency clause. signatures on a petition to require
Chief opponent was Councilman submission of a proposed charter;/
Paul
R.
Trautman,/who stated amendment. to thej electorate is
payment of
,
Volume 154
'*» Cincinnati
'
City School District,
the
No¬
will
of the year will be
/
the
be asked to aucborize an issue of
$2,000,000 school
building bonds.
;
approximately
$6,000,000, Gov.
Bricker said today.
\
only
$34,000 each to the Citizens
Banking & Savings Co. and the
Conneaut Banking & Trust Co.,
both of Conneaut.
.
>
East
Bond
/V/'VAA.
Liverpool, Ohio
343 to 71.
Oct. 20 to accept
bid of the Board
Sinking Fund Trustees to pur¬
of
A.\
;
t
,
Columbus,
Township Rural
; District, Ohio
Willoughby Rural School District,
Ohio
as
Notes
278.5.1
Election—An
$135,000
fire department equipment
Issue will mature
in
400
from
as
1943
to
$4,-
yearly
1942, >and* $4,000
Eaton
bonds.
follows:
incl.
1950
Township, Ohio
First
construction Tbonds' will
issue
as
sold
Offering—H.
Board
Taylor,
of
passed
Village Clerk, will receive sealed
poned, except for urgent repairs,
f
ments.
Dated
be
onf
>(
Pa.
Bond
Issue—The
Directors
Oct.
on
14.
resolution to issue $175,t<
refunding bonds.
\
000
a
Braddock
.
A Bond Sale—The $15,000 build-
will
election
vote
4
,
Proposed
B.
.
South Patterson
Township Rural bids until noon on Oct. 31 for the
priorities: Centralized School District (P. O. purchase of $26,300 3% improve¬
ment bonds issued in anticipation
j
prices, the building; AAA;
Versailles},, Ohio
of
collection
of
will have to be post-(
special assess¬
program
Nov.
Berwick,
-
Worthington, Ohio
Bond
the
at
ture.
of
Bank
1.70s.
defense
of
taken
Pa.
the
.
A a:A;/A '''A/''
building program.;
Bell wood,
Election—A
question of issuing $10,000
of $2,- bonds for the purpose of acquir¬
refunding ing the Y. M. C. A. building as a
Aug. 27 to community and borough striae-*
National
Barnesville,
of
be considered by the voters at the
November election.
PENNSYLVANIA
issue
series
sold
was
the
"A
Sold—An
second
notes
School
O.
R. Dl
Wilkinsburg), Pa.
Township
1,
A
(P.
Bond.Offering—Fred W, Aziry
1941.
ger, Borough Secretary, will re*
$300. ceive
Sept
i 1,:
$400 and
sealed; bids until 8 p.m;'
$1,400 March 1
(EST) on Nov. 6 for the purchase
some future Legislature..'
A 'j 2s, at par plus a premium of $106, and Sept:. 1,; 1943; $1,400 March 1
of $10,000 coupon bonds,
regisA
"Bricker ' said
he
believed iti equal to 100.706, a basis of about and $1,300 Sept 1, 1944, and $1,300 terable as to
principal only. Dated
March 1 and Sept. 1 from 1945 to
would be desirable for the state; 1.91%.A Dated Oct. 17, 1941, and
Nov. 1, 1941. Denom. $1,000. Due
1952, incl.
Interest M-S.
A cer¬
to have money to launch a
build-j due $500 on May 15 and Nov. 15 tified check for
$1,000 on Nov. 1 from 1944 to
$500, payable to
Other
hig program in the period of re-j from 1943 to 1957, incl.!
1953
incl.
Bidder
to
state
the
order of the village, is required.
adjustment
after
the ^defense) bids: 'A •'.,: J A'.A' -A
rate of interest in a multiple of
ing. bonds offered Oct. 17—v. 154,
:
Denoms.
and the money left in the state; p. 450—were awarded to Strana¬
chase, as 2V2S, an issue of $36,400! treasury to be re-appropriated byj han, Harris & Co., Inc.,. Toledo, as
of
at a special elation
April 12', 1941,' by a vote of
Bond
A.
,
A. Bond
$4.000,000 that wiU be left> of the
fund appropriated for. a welfare
"Because
Sale—City Council voted
of
series
Bank
Sharon
v
issue
$2,refunding
wa's sold July 26 to the Ohio
second
L45s.,^;
and increased
-
Sold—An
National
Note Sale—B, L. Palmer, City
to
pay
the outstanding
school
Auditor, reports that $68,000 notes, debt, $4,000,000 to meet the first
dated Octr,l, 1941, and due April
quarterly payment oil the school
1, 1942, have been sold in amounts foundation
program* and approxiof
Notes
notes
A
743
authorized
held
609.11
John, W.
& FINANCIAL CHRONICLE
Sharon Rural School*District
(P. O. Westerivile), Ohio
.■>
"The $6,000,000 is what will be
left after $11,000,000 is set aside
Conneaut, Ohio
••
in. taxes than it
more
voters
•
Election—At
Bond
vember 4 election
$250,000,000
collected last year, the net surplus
in the state treasury at the end
Ohio'
,
THE COMMERCIAL
Number 3998
Due
$1,000,
follows:
as
,
•
-
/'A Bond Election—At the Novem:
ber
the
election
sider
voters
will
$6,000 fire de¬
partment equipment bonds.
Hamilton
AAA/*
■
.
Bond
<
(P. O.
nati), Ohio
Cincin-
County
the
Election—At
f
>
No¬
vember election the voters will be
the
authorize
asked
to
bond
issues:
following
$3,500,000
county
/AA-//,,<AA''"j
a;/;
"Thus, the books at the end of;
of
issue
an
■
ends.
boom
con¬
f.■"^
•A' Bidder.
•
,*•'?•':• •:
t
Jnt.
Rate
Rate'A'-v.:
Ryau, Sutherland & Co.__^ 2%
J.
A.
White
&
;'-a',AAA'
Bid
100.69
Co
2%
100.56
surplus, of; Provident
Savings Bank &
; ?
$25,000,000 or more, which the
Trust Co.
214%
100.76
Democrats will dangle before the; State Teachers Retirement
'-.'A '
voters as proof of the'r contend ^•-System,/^_AA2^^-^:ii^%A'100.3:0
First
this year may
that
tion
reduced,
be
state
or
a
be;
Versailles
V.-rJf.y
L.
m \
_
A
i.A1,
:
-'A'. '
^
v
.
■
\
Interest payable
sion and inheritance
of
any
to
law
ture
Thurston, City Clerk, that
M-NP,
taxes, except gift, succes¬
Offering—It is stated by pursuant
taxes, levied
present or fu¬
the
Commonwealth
of
Sale of bonds
is
subject to approval
of the
29, for the pur¬
chase
of
the
following bonds, Pennsylvania Department of In¬
ternal
Affairs.
Township
will
aggregating $92,000:
'
/ ;
furnish the bonds and legal opin¬
$70,000 exhibition building bonds. ion of
Burgwin, Scully & Churchr
Due
$5,000 in 1945 to 1958 ill of
Pittsburgh. A certified check
incl.
,// v.--.A'-"AA'A;'
.'A/:'^.; for $500, payable to order of the
22,000 auditorium bonds.
Due
township, is required.
•
' /
A
$2,000 in 1945 to 1955 incl.
(P. O. Fredericktown,
The bonds will be awarded to Deemston
R. D. 1), Pa.
the bidder offering the lowest in¬
will
he
receive
sealed
bids
until
Pennsylvania.
7:30 p.m. on Oct.
•
>
.
issue of $38,000
A- Ad
offered Oct. 20—
construction, $650,00 mu¬
"But the net surplus, according' paving,; bonds
nicipal airport, $1,000,000 coun+v to Bricker, will be only $6,000,000' v.: 154, p. 326—was awarded to*
courthouse
construction,
and and he is determined to keep this' Ryan, Sutherland & Co., Toledo
as
Was, at par plus a premium of
$400,000 detention home building., money in the state treasury and
They will also consider proposal not to reduce taxes at this time.? $81.50, ' equal to 100.214, a basis
of about 1.22%.'
Dated Nov. 1..
providing for levying of taxes
"In the first place, there is un-l
1941, and due Nov. 1 as follows::
outside the 10-mill limitation of
certainty whether tax collections!
$3,000' iri 1943 and. 1944, and $4,000
0.3 mills in years 1942, 1943 and
will continue during 1942 at the,
from 1945 to 1952, incl.
1944 for operating expenses of the
Second
present rate.
'
: ;
;
, high bid of 100.155 for
li^s'was
tuberculosis hospital and l/10th
"If, for example, there should made by Stranahan, Harris & Co.,
of a mill for three years begin¬
be a sharp drop in sales tax col-! Inc.,'..Toledo.
ning with Dec. 1, 1941, for park
--'Ai;ALAAAaAA
lections, due to shortages of goods:
purposes. A; A■/ ''"A;V:
^A'A
Stow Rural School District, Ohio
for sale,, part of the 1941 surplus1
'/AAA'///
Ironton, Ohio
t;/ AA/qA
i Notes Sold—An issue of $10,•
M.
free of
Ardmore, Okla.
v
Bond
100.933
VoArAA; Steuhenville, Ohio
Al Bond Sale—The
A.JVAAA
'-•Av
of
3%
■■
governments,!
A AAA "aaAA '/AA
Bank
.__J_
should1,
money
local
National
should
taxes
more
the
g;^en
both.
or
show
Va of 1%.
OKLAHOMA
home
Bond Sale—The $14,000 funcly A
and agreeing /to pay
accrued interest.
These ing bonds approved Oct. 3 by the
bonds were approved by the vot¬ Pennsylvania Department of In*
terest
.
rate
and
par
Oct. 14.
ers
on
for
2%
ternal
Affairs—v.
154, p. 648-*Singer, Deane
& Scribner of Pittsburgh, as
at a price of 100.578.
SA
A certified check
have
of the bid is required.
■
Lawton, Okla, /
sold
been
to
■
Bond Sale—The issue of $25,000
refunding bonds offered Oct. 21—
:V.
154, p. 450—was awarded to
Stranahan, Harris & Co., Inc., To¬
ledo, as lVfes, at par plus a pre;minum of $21, equal to 100.08.
Dated
bid
by
Oct.
of
j might be needed to meet 1942!
costs. ;?y-,
; •'
'''\ 'wAAA' * A'vAj"In the second place,;
J Bricker;
any
Irving
&
Co.
of
state
Bond
refunding
An
notes' was sold
plenty, of uses fori Sugar Creek Rural School District
surplus it is fortunate enough) (P. O. R. R. J, Columbus Grove)*
Ohio
"He mentioned the
a
drastic
increase
possibility of
in A-relief
re¬
A Notes
issue
$2,
870.66second
series
refunding
notes was sold last July to the
•
building
jf.
bonds
issue *-of reduce taxes already, has become
i a nolitical issue, of which more
A':;
^Offering—R. E.
campaign
A-
..
for;
a
AtMrd. issue
:
bids until noon
on
Nov. 3 for the
purchase of $3,184.60 4% improve¬
ment bonds. • Dated Dec. 1,'1941.
Denom. $318.46.
Due $318.46 on
Nov. 30\ from 1942'to 1951, incl.
•Interest J-D. ;> A certified check
New
Notes
Sold—An
issue A.of
,-$2,^
as
toythe-legality of the issue
bond attorney
hi'
?£'"«' V-f.
Bond
.>■■! ''
(Vv;..;-1,;- ■ j
issue
Election—An
of
$17,000 improvement bonds will
be considered by the voters atf the
connection; November election.
in
;vAaAA'A
grant.
Rate
Obtained
"Daily
Oklahoman"
reported as follows:
.A The State deficit
of)
Pennsylvania
A Payrolls
;
at
for
(State
in
Peak
in
of)
A
Industrie^
Pennsylvania
Deficit
factories in September approxi*
City mated the August peak of nearly
Oct.
16 1,150,000 workers and wage pay¬
oL
A;;A/>, yAAA-.
continued
ments
at
the
record
of
approxi¬ level of about $35,000,000 a week,
mately $17,500,000 will be funded according to reports received
by
at; an average of 1.75% interest Federal Reserve Bank of Phila*
the lowest
notes
or
ever
obtained
bonds. A",A /
on
State
A;-
/
v
Governor Phillips attributed the
low rate of interest to the good
i»,
credit of the State and the budget
balancing
deficits...;
prevent
-
from
merits.
The
21%
2,814
43%
;AAAAaA'sA/./.A A'.
establish*
employed
number
larger than
a year ago',
disbursements
total num^
the volume of wage
greater and the
hours
of
future 32%./; A.'
The Funding Bond Commission
.
delphia
was
amendment A adopted1 ber
March. A to
last
may
-
^
,
pass,
—Employment
whose opinion
be procured by the successful bid¬
second
Bond
School
Township
Pa.
District,
future;
voters
Oklahoma (State
Low
will be taken under direction
a;
der- at hisAown expense., A certi¬
seriesrefunding fied check for
1% of the issue,
notes was sold Aug..: 18 to the Tif¬
payahle to order of the Cbmmisfin National Bank, as Is, at par;
^ siotier of the Treasurer, is re¬
Parma City School District, Ohio quired, A''-; A- A;,
v;:'
......-A:-';:
077.88
near
Pleasant
under
Funding—The A Oklahoma
York
of
v-+
School District, TOhi»
Musser,
Village Clerk, will receive sealed
.
starts! his
"••'.v-'A••V'*'' 'p:;'
Lodi, Ohio /A A1/;/A H Ottawa Rural
;r""^ Bond
Co.,
be
GhyAAAll proceedings incident to Friday decided to exchange bonds
heard whep: the gover^ori the.-;
proper authorization of: this for outstanding- warrants Dec. 15.
will be
term."
(: /A.v
'
v
will
BankA'&!- Trust
Federal
a
>
■
-on
be
considered by the voters at the
November 4 election. *
/'-'£'• {.'A
$187,000
'
to
of
,
t
said
bonds,
sewer
with
/A.aAA^aAA',
Sold—An
'
Election—An
is
the issuance of $261,000 water
and
,
:&<a Bond
election
on
quirements after the defense boom
ends and pointed out the desira- Tiffin National Bank, as 1.55s.
bil ity of establishing more state
April 1 and Oct. ly 1943, and $2,00J
<AA"AfA"A'AA'AToledo, Ohio ^• f
April 1 and Oct. 1, from 1944 to parks and of reforestation in A
Bond
Offering—Rudy
Klein.
southwestern Ohio. >aa/A AAAAA.A
1948, incl.- A A///-A/: / AA/;;A;/A.';/-'
City Auditor, will receive sealed
;>
■'•••
"For these reasons, Bricker has
; -t:;.,/ "■ .t
./'/
bids until noon on Nov. 12 for the
Lexington, Village School District,
definitely rejected alL aooeal^Ato;
-purchase of $84,000 3-% coupon or
"if.'.'Y-. •AA/A'A'!/// OhioA; A//A
call a special session of the.Legis¬
registered airport bonds.
Dateo
Note Sale—An issue of $4,740.06 lature at
thfs time: jfor the puiAj
Dec. L!;194L
Denom. $1,000. Due
second series refunding notes was
pose of reducing taxes .or appro-*
•Dfec. 1 as ibllows: $16,000 in 1945
sold Aug. 4 to the Mansfield Sav¬
priating more money to local sub'^
and $17,000 from 1946 to 1949, incl.
ings Trust National Bank of Lex¬ divisions.
Bidder may name a different rate
ington,'as 3s. vAAA,// A/A"As was pointed out yesterday. of
interest, expressed in multiples
Bricker's refusal to divide the sur¬ of
1 Liberty Township Rural School,
j/avAPrincipal and inter¬
/AA
>•'/, ADistrict,. Ohio //«/:''•/! '--iQ' plus among local governments or est (JrD) payable at the'Chemical
/'sA" A, /A"" A
bonds mature $2,500
•Cincinnati.
1,; The
Contemplated— Mount
Election
Aug. 21 to First
consideration for the
Central Trust Co., Akron, as 1.10s.
govern J
in order to have the
accumulate.
to
1, 1941.
Second high
for T34s was made
Roth
the
series
ment will have
100.13
Weil;
that
contends
281.12 ;; Second
worked
increased
'•AAA;; A/A A.
Activity
unusually 'well
was
maintained in September in
leather and a number of other
steel^
major lines, the principal exefep*
Most-of the non>-payable warrants'
tidrt being textiles. Increases over
drawing 4% are. held! in .Okla¬ a
year
ago
in wage payments
homa banks..
"i;AVA'AA.A'
were
especially .sharp
in
tb<
The bonds- will be retired in. 15
heavy
industries,
particular^
years.
Those maturing from 1942 those
producing
transportatibl
to 1945 will draw interest at the
equipment, virtually all lines bj
rate of 1.25%; from 1946 to. 1949,
steel and many non-ferrous metsfl
1.50%; 1950 to 1953,. 1.75%, and
products.
1954 to 1956, ZlAA/A/;
The
greatest expansion frcra
Sale—The, issue of $40,000 Washington Rural School Districti
Washington School District (P. O.
coupon refunding, bonds
offered
Ohio
4rvA.;A. j
for 1% of the bonds, payable to
Oct.A 22—vA.y A15.4,
•AV-. /A Washington), Okla.
A |
p.A;, 422—was
Bond A Election—An
issue A of
order of the village, is required.'
awarded to William J;} Mericka
Bond
Sale
Details—The
Dis¬
$35J)QG. building bonds ? will r be
Ludlow Rural School District -1. & Co. of Cleveland.'.? ; ;-DatedA Oct .;
considered by the voters at the trict Clerk states that the $7,500
A"-;
Ohio
J),' 1, 1941, and due $4,000 annually November election. :
As
A A A* building bonds sold to R. J. Ed-^
on Oct. 1 from 1943 to
1952 incl;
A Bond Election—An issue of $9,wards, Inc. of Oklahoma City—?
*A Washington
Township Rural
000 building bonds will be con¬
•'-AV'
Pomeroy,' Ohio
^AvA'; ^School District (P. O. R. F. A'. v. 154, p. 422:—were purchased at
a price of 100.034, a
net interest
sidered by the voters at the No¬
Bond Sale—The issue of .' $10A
No. .1, Bealtsville)* Ohio A
cost of about 2.06%, on the bonds
vember election.
!
:/\,AA.C/'' * 000: refunding bonds offered Oct A- Bond
Offering—John M. Cald¬ divided as follows:.
$3,000 as 21/4s(
22—v? 154,. p. 450»—was awarded
Norton Township,. Ohio
well,. derk of the Board of Edu¬ due $1,000 on Oct. I in 1944 to
to the Pomeroy National Bank of
cations/will receive, sealed bids 1946; the remaining $4,500 as 2s:
A Bond Election—At the Nov. 4
Pomeroy,. as 2s, at, par. ; Dated untitAnoon
.(E.S.T.)' on .Nov. 13 due on Oct.
election the voters will consider
1, $1,000 in 1947 to
Oct.
1, 1941, and due $1,000 on for thepurchase of $40,000 not 1949 and
an
issue of $15,000 fire depart¬
$1,500 in 195&
■
,
•
the
has
worsted
and
'
in
been
mills,
at
nondurable
woolen
canning
establishments
and
factories
producing
ehemicals and leather goods.
Philadelphia,
-
.
level
1940
•
goods
President
Study
of
A'
Roosevelt
Water
/>
Pa.
and
Orders
Sewer
Wa-
cilities—Terming adequate sew¬
age disposal and water supply as
*
ment
.'
«'
equipment bonds.
1
Ohio
Governor
Surplus
'
quote
(State
May
'
End
Net
in part as
dispatch of Oct.
"Plain Dealer"
1-
1948
*
$6,009,000—We
follows from a
Be
Columbus.. Oh;o,
of}
Year
Says
Will
-
incli
and
Nov.' 1
from
Second
1944
to
of the following day:
•.."In
this
,
,
Bond
ber
Election—At the
Novem--
year
will
election
an
the
issue
voters
of
will
$75,000
-
ofVa' of
-1%.
Interest,
Camas), Ore..
k
con¬
street
•
A-
r
for
5% > of
order- of the
.
is
required.
the
bid,
Board
These
payable
to
of Education,
bonds
were
received
Secretary
missioners,
$5,000
until
of
the
for
marine-
Due in 6 years.
Nov.- 3
purchase
elevator
national*
on
defense,
Oct.
17
investigation
In
which
course
he
of
a
a
of
letter
made
press
local
to
Me-
public in
conference
Hyde Park, the President dis¬
closed
that
he
has
requested
n
double-barreled
investigation of
city's sewage disposal and
water
supoly conditions- to de¬
of
by the
Board of Com-*
the
the
at
Bond Offering—Sealed bids will
payable be
A certified check
semi-annually.
.
sider
CamaS'Washougal (P. \0.
•
.
,
prompt
Nutt,
of
-
directed Federal Security Admin¬
istrator Paul V. McNutt to make
conditions..
OREGON
Port
the
to
President; Roosevelt
a
con¬
•
/fact that Ohio
collect at least improvement bonds.
spite o* the
interest school
high
15 to. the Cleveland
'
to exceed 4%
bid of struction bonds.
Dated May 1,
100.37 for 2V2S was made by the
.1941.
Due $1,000 on April 1 and
Weil, Roth & Irving Co. of Cin¬ Oct. 1 .from 1942 to 1961, incl.
cinnati.
"
A
A A
A<: Bidder may name a different rate
Portsmouth, Ohio A
A> of interest, expressed in multiples
vital
bonds.
the
termine:
Whether
tions- constitute
a
or
not
menace
condi¬
to
the
THE COMMERCIAL & FINANCIAL CHRONICLE
744
provided in
Ways and means Henry W. Lockwood and the ways
the Federal Govern¬ and means committee, of which
ment
may
co-operate with the Alderman J. Albert Von Dohlen
local
authorities to insure that is Chairman, the city is taping up
national as well as local interests this issue with the sinking fund
defense program.
issued
which
"by
a
bonds
1941 law and
new
in
the
amount
,
Bexar
worth
l3/4%.
national
of
ferred
financial
of Pay
Reduction,
of
uel
basis
Clemson
Subject
make
will
which
invited
pealed
to
can
modified.
or
be
re¬
other
The
appointed at a meeting
of City Council after a resolu¬
tion authorizing creation of the
commission was passed.
five
were
Plainfield
No.
$7,000
offered Oct. 11
—v.
154, p. 423—was awarded to
the First National Bank of Pen
Argyl,
as
the!
June
1,
1941,
1
from
1942
to
high/bid of 101.08 for
was
made by Warren W.
Second
3y2s
of Allentown.
Co.
&
York
Roscoe, Pa.
/
Proposed Bond Offering—C. G.
6
Authorized
Bonds
*'
The
—
Interest
Dec. 2. 1941. •///
the
issuance
of
Sale—The
Bond
•
$75,000
T.
■'
City
coupon
funding
of
Chester,
prir-e of
.
.
.
Bond
Election—At
election the
an
of
issue
/
Rhode
Governor
Cities
save
—
4
//y//;;.,/y.
7
ISLAND
RHODE
'
Nov.
construction
$70,000
bonds.
the
will consider
voters
Island (State of)
Seeks Aid For Three
A proposal
estimated to
Pawtucket and
between $5,000. and
Providence,
Woonsocket
month through the State's
taking over the WPA s°wing pro¬
$6,000
a
jects in the three cities Nov. 1 was
announced Oct 21 by Governor J.
Howard McGrath.,/ He estimated
.the plan would cost the, State ap¬
proximately $85,000 during a fis•fiscal
year, /The, Governor, an¬
nounced
that;
also
a
was
survey
cost
being made to determine the
the
to
of
State
modifying
SUR
regulations so that the State could
continue support of SUR workers
temporarily
unemployed because
of sickness or
injury.
At present
such workers go on chronic
relief,
-with their home communities pay¬
ing full cost of
r
In announcing
their support,
the plan for tak¬
ing oyer the sewing projects, the
Governor said that he was propos¬
it : to give some immediate
financial relief principally to Pro¬
ing
vidence.
At present the projects
supported 25% by the cities
WPA. Under his plan,
the State wOuldr take over sole
are
and 75% by
'
J
""
•
•■'/• ./•
-
'
Dallas, Texas
Bond Issuance Not Scheduled—
Dallas
The
"Journal"
Oct. .14
of
reported as follows: Mayor Woodall Rodgers Tuesday said no new
bonds will be issued by the City
Government until it is definitely
determined
tion
effect
what
defense
cent
ban
on
will
construction
,*
re¬
have
on
provements.
new
■
'
.
1
/
;
•
•,
'
of
order indicates,
all of the
$1,700,000 bonds which the city
had proposed to sell this fiscal
year will not be needed, he said.
Actual
construction
of
new
public market facilities may have
to
postponed until after/the
if steel and other nec¬
essary materials deemed vital to
defense cannot be obtained, the
Mayor pointed out.
will
continue
with
to
lect
and
and
part of the $500,000 self-re¬
acquire
a
site, however,
Dis¬
—
aggregating $90,000 have
by a syndicate
been
purchased
of Mahan, Dittmar &
Rauscher; Pierce
&
Co.,
Crummer & Co., all of San An¬
tonio, and Gregory, Eddleman &
Abercrombie, of Houston:
'j:"
$15,000 23A% school bonds.
Due
> / $3,000 from June 15, 1942 to
1946, incl.'///:"''•
,
-.20,000 :3%.'school bonds.,
Due
$4,000 from June 15, 1947 to
:
; / 1951; pptional on June 15,
y'rf/:;//1946.77;.
1$
55,000 3V4% school bonds.
Due
on
June 15: $5,000 in
1952
composed
Co.;
7/
to 1955 and $7,000 in 1956 to
1960. bonds maturing in 1952
to 1957 being optional on or
after
June
15,
1946,
and
,/;7 bonds maturing in 1958 to
V I960
being optional on or
after June 15, 1942.
;
Denom. $1,000.
Dated June 15,
1941.
Prin. and int. (J-D) pay¬
able at the Jackson County State
Bank, Edna.
These bonds were
approved by the voters on May 31.
7
,
Texas ■■■/./'///',■
Marlin,
':/#
Call—C.
Bond
S.
Cousins, City
Secretary, js calling for payment
5%
street
improvement
bonds
to 147, and 158 to
200, all dated Aug. 1, 1929, at the
American
tin,
78
National
Nov.
on
Bank
of Aus¬
Interest
20.
ceases
date called.
on
National
' /
■'' i
.
X/X X
1966, and $8,000 in 1967
7 ':/7/"/;
•
/>>?.•
DAKOTA
;
*
Morgan County (P. O. Wartburg),
;
V,,5. Dak.
Authorized—The
\
Bonds
Call—J.
'
C. Hudman, City
Treasurer, is calling for payment
on Nov. 1, at the Central Hanover
Bank & Trust Co., New York City,
4V>%
semi-ann.
sewer
improve¬
ment refunding bonds numbered
2 to 100, totaling $99,000, part of
an
issue
.
$1,000.
to
1959; callable Nov. 1, 1941.
*i,
7
,Fort
Worth, iTexas
Bond/ Election
j.
No. ,7
Texas
Sale Details—The
Bond
;
Super-/-/
ijitendent
of
building bonds
Manana. outdoor
the
ing,,; J)or«is
on
-
Schools
First National Bank
of.Longview,
oh
noted here Sept. 13. are due
as
July 1 as- follows: $6,000 in 1943,
$7,000 in 1944 and $6,000 in 1945
and 1946 ? optional on July 1,1944.
r.„:v:J Port
Bonds
states
Arthur, -Texas f
that
the
City Clerk
voters/approved
the issuance of the
tion held
y-,;
f
on
-
$500,000 street
bonds
Oct.
at
the
elec¬
i
18;
v-
Red River County (P. O.
A
v.//.,
^
Clarksville), ,Tekas
v»
•
;,
Voted—The
- /
/..»
Bonds Sold—The County
that the
Judge
$111,722.15 3% gen¬
to,, the,/ v.yoterson eral/fund funding1 bonds author¬
ized by the Commissioners Court
on
recently"
-
..
>=
-
•
theater/rebuild¬ states
i
last year by Mayor
^
1
v
(P. 0.> Longview)
Scheduled—The
April 7—v: 154; p; 2125
Nov.-,
18.;.,;:^/;7./;7,^
Commissioners author¬ —were not sold as no bids were
the' issuance
of
Jackson ' County Road District
received.. Negotiations are under
$306,851.06 2%
coupon funding
; - SOUTH CAROLINA
»
/;•' 'No. 2 (P.O. Ednaf, T ex as
bonds.
Denom. $1,000, one for way to have the RFC purchase
Maturity—The
County
Judge
f.
Charleston, S. C.
.',///:• $851.06.
Dated July 1, 1941. ~ Due these bonds.. X. ;. / '•
v//•/, \ states: that the $20,000 2%% semi-:
Bond
Call —The
Charleston from July 1, 1942 to 1961 incl.
ann. road bonds sold to the RanRoger sville, Tenn/ 7/ /"i
(J-J) payable at
"News and Courier" recently re¬ Prin. and int.
son-Davidson Co. of San Antonio,
Bonds Sold—An issue of $190,ported as follows:
Notice has the office of the County Treas¬
at par—v.
154, p. 534—are' due
urer.
7; 000 semi-ann. refunding bonds is on
been posted by the city calling
July 15 as follows/- $3,000 in
for payment Jan. 1, 1942, at the
said to have been purchased by 1951 to-1956, and $2,000 in 1957.
Fall River County (P. O. Hot
Bankers Trust Company, 16 Wall
Jack M. Bass & Co. of
Springs), S. Dak.
Nashville, Krum Independent School District
Street, New York, of the $2,500,Debt
Refunding—The
above divided as follows:
$110,000 as
(P. O. Krum), Texas
000 port and terminal bonds is¬
Bonds Sold—A $17,000 issue of
county is said to have completed 3s, due $10,000 from April 1, 1943
sued in 1922.
3%% semi-ann. refunding bonds
These bonds bear 4y2% inter¬ arrangements for the refunding to 1953; the
remaining $80,000 as
of
its
debt
to
the
permanent
is said to have been purchased
est and are of the sinking fund
school fund.
The county has bor¬ 23/4s, due $10,000 from April 1, by Moss, Moore & Cecil of Dallas.
type.
In accordance with a plan
out
.
7
>-
* /
ized
worked
///
Pine Tree Common School District«.
of County
"sponsorship with the WPA:
/'
$100,000. .7 Denom.
Dated May 1. 1936.7' Due
-
>
-
of
from Nov.-l. 1942 to 1948 and 1951
Not/ Sdld—George yW/ tentatively
the $75,000 school
Board offered
,
Bond
improvement
..
City Council,1 by unanimous vote,!
agreed on Oct, 15 to
Brule County (P. O. Chamberlain) Dagley, County. Judge; states that, submit the proposed $225,000 Casa
SOUTH
Midland, Texas
•
states that
$25,000 1 % %7 semi-ann. re¬
funding bonds sold at par to the
than
Due in not more
Bank ; of
Commerce, of Dallas.
Memphis, or at the City Comp¬ ten years;./: ' ...
troller's office, on presentation of
states that the $160,000 4% semii
said
bonds .'accompanied by all V Floyd County. Commissioner*
ann. water works revenue bonds
•.../; v Precinct' No* i-1 : (P. O.
-»-. •
appurtenant
coupons
maturing
sold at par, to the RFC, as noted
Floydada), Texas
after
All registered
Bond Election—The issuance of
here
on
June
14, are due on bonds Degc. 1, 1941.
called, should be accom¬
March 1 as follows: $2,000 in 1942
panied by duly executed instru¬ $125,000 road improvement-bonds
will be submitted to .the voters at
and 1943, $3,000, 1944 to 1947, $4,ments
of
assignment in blank.'. an election scheduled for Nov. 8,
000, 1948 to 1952, $5,000, 1953 to
r according to report.
; ;
*
1957, $6,000, 1958 to 1961, $7,000, Interest ceases on Dec. 1, 1941.
Bonds
School
(P. O. Lolita), Texas
Sold
The • following
as
Myrtle Beach, S. C.
/
bonds
se¬
Maturity—The Town Clerk now
toT97i.::\,,;
.
,
Independent
Bonds
City officials numbered
efforts
_
to
4.
be
—
1962
Lolita
v
emergency
purchased by the Bank
Hartsville,
Nov.
■
;
public works must be
;as
drastically as the
tiring market bonds might have
Memphis, Tenn.
// i
to be sold to purchase the prop¬
2s, at a price of
Bond
Call—Notice
is
being
erty.
"7v;//':7;. 7-..
100.107, a basis of about 2.23%. given that the above city, acting
At least $125,000 school bonds
Dated Oct. 1, 1941.
Due $2,000 through its Board of Light, Gas
may
be sold to reimburse the
from Dec. 1, 1943 to 1953 incl.
and Water Commissioners, is call¬
school board for purchase of the
ing for payment on Dec. 1, all national defense school building,
Fairfield County School District
Series A, general liability serial but the
$350,000 J additional re¬
No. 14 (P. O. Winnsboro) S. C.
bonds numbered A-4786 to A-5250,
quested for school additions may
Bond Sale
The $39,000 semiaggregating $465,000, maturing on not be required, he said,/f*-'
■>,/
ann. refunding bonds offered for J une
1, 1954. - Said bonds will be ,7 Much contemplated street and
sale on Oct. 22—v. 154. p. 648— redeemed at the
price of 104%. of sewer work also may have to be
were awarded to R. S. Dickson &
the principal amount thereof, to¬
delayed because of material scarc¬
Co.
of
Charlotte,! paying : a gether with all interest acerued
ity, making unnecessary the' sale
premium of $7.80, equal to 100.02, and unpaid thereon to Dec. 1,
of bonds for those purposes./;-7
a net interest cost of about 1.94%,
1941.
The bonds called are part
on
the bonds divided as follows:
of an issue of $5,250,000 approved Fanriiti 'County (P. Oi Behham);
$24,000 as 2V4S, due $3,000 from in an ordinance passed on June
»'•?'Z
Texas
i
Oct. 1 1942 to 1949; the remaining
\
Warrants Sold-—A $30,000 issue
6, -1939.
$15,000 as, l%s. due $3,000 from / Payable at the Chemical Bank of jail warrants is said to have
Oct. 1, 1950 to 1954 incl./ /.
& Trust Co., New York, or at the been purchased by Garrett & Co.
648—were
voters
i
the
non-essen-
plans for expansion of school fa¬
cilities and other: municipal im¬
SPAB
*
y:--'S. Dak.
public improvement
Bonds Authorized—The Board
bonds offered for
of
County
Commissioners
ap¬
sale on Oct. 18—v. 154, p. 648—
proved
recently
the
ordinance
were awarded to Hamilton & Co.
ann.
for
the
to
general election scheduled
trict
that
ton.
•
Sturgis)
O.
in
Phillips Investment Co. of Hous¬
$7,000 refunding
(P.
$500
County (P. O.
7;
Comanche), Texas S /
:/
Sold—The County .Judge
near future, according to L.
curtailed
Pitts, 7 City Auditor/ 7;V"'''■;* r ■ •!
County
submitted
be
the
at
incl.
Comanche
■
If
Meade
semi-
Due
Dallas.
$36,000 4% semi-ann.
road and bridge refunding bonds
have been purchased by the J. R.
S. C., as 2y4s, at a calling for the issuance of $180,000 2V4% coupon semi-ann. war¬
100.76, a basis of about
that the $30,000 3% bonds unsuc¬
Dated Oct.
2.16%.
Dated Oct. 1, 1941.
Due rant funding bonds.
cessfully offered" on Aug. 12—v.
$5,000 from April 1, 1944 to 1958 1, 1941. Due $20,000 from Jan. 1,
1943 to 1951; optional on and after
153, p. 1165—will be re-offered at incl.
'
'
///'/ /:i/.
an early date.
July 1, 1946.
' \
J , \ Note
Sale—The $22,000 semiann.
Warring+^n Township School
building notes offered for
TENNESSEE
D'rtrict, Pa.
; :
\ sale at the same time.—v. 154, p.
states
Secretary,
Borouph
Giles.
1M
in the
O.
will
,
1951
to
states
bonds and will advertise for bids
77/77.
Bond Election—The issuance of
$145,000 road improvement bonds
Bonds
j
Mcintosh, S* Dak.
.
,
,
of
Co.
1942
Council is said to have authorized
1938.
1,
\
rejected.
and all subsequent
Dec.
on
and
•
bonds
South
Darlington County (P.
Darlington), S. C.
incL
1946
Clemson
attached.
Dated
ceases
and . due $1,400 on
Oct.
of
treasurer
1942
1,
couoons
equal to 101.75,
2.89%.
Dated
Oct.
funding
County
$207,sold to the
states that the
lie
Carolina. Said bonds should have
plus a pre¬
par,
about
of
basis
a
3y2s, at
of $122.50,
mium
now
Commissioner of School and Pub-':
C.
Agricultural/ College:; of
notes
machinery
000
X/./
Sale Details—The
to
of
issue of
Buffalo),
5. Dak.
contract with local dealers
.
mort¬
because
54 to 57, 59 to 62, 64 to 67,
Bonds Not Sold—It is stated by
72, 74 to 77 and 79 to 115, J. J.
Carson; County Auditor, that
aggregating $100,000, at the Cen¬ the $280,000 funding bonds of¬
tral Hanover Bank & Trust Co.,
fered on Aug. 12—v. 153, p. 725-^
New York City, or at the office
were not sold as
air bids
(P. O. R. D.
Township
Bond
costs.
.
G.
$160,000 3%
Littlefield, Texas
semi-ann. road and bridge war¬
Bonds
Voted—At the election
rants.
Dated Nov. 10, 1911.
Due held on Oct. 14—v. 154, p. 649—
$8,000 from April 10, 1942 to 1961, the voters approved the issuance
incl.
'
1
i
of
the
$275,000 not to exceed
3^% electric light, power and
/v. Celeste, Texas
Warrants Sold—Mayor Gaulden distribution plant revenue bonds,
reports that $5,000 4% semi-ann. according to the City Secretary.
No date of sale
street improvement time warrants Due in 20 years.
has been scheduled as yet.
have been purchased by Garrett
52,
69
1, Pen Argyl), Pc.
Sale—The
Note
-
7/7/77/
a
Road District No/4
to handle the sale of
Lands, at par, as noted in our
issue of Aug. 16, were purchased
Bond
Call—J.
C,
Littlejohn,
as
follows:
$175,000 as 2s, due
Business Manager, is calling for
on July 1 in 1942 to 1961, the re¬
payment, on
Dec.
1,
barracks
maining $32,000 as 3s; due on. July
building revenue bonds numbered
1 in 1942 to 1961.
—
as follows: 1 to 15, 17 to 19, 21 to
23, 25 to 27, 29 to 31, 33 to 35, Jerauld County (P. O., Wessing37 to 39, 41 to 43, 45 to 47, 49 to
7/;/:/.■ ton Springs), S. Dak.
study to de¬
a
income
earned
farm
on
returned
not
Harding County 1 (P.> O.
serial
College of
(P. O* Clem- i
S.
son,
termine if the ll/z% tax on wages
and
a
Agricultural
Carolina
South
commission
10-man
a
on
serve
interest
It
P. U. C.
on
and
the county
into
*'
Auditor, states
recently entered
County
Garvey,
1941/
(P. O. Sedan) Texas
An¬
Contract—E.
Sale
that
city's of default and foreclosures.
assistance.
Tax
he
whom
men
put
fund
school
gages
Auditor
Study-r-Mayor Bernard Sam¬
has announced his choice of
five
been
lower
at
the
that the
mean
have
bonds
improvements, it was in¬
that he had in mind di¬
Federal
rect
will
also
of
indebtedness.
bonded
gross
borrowing power to under¬
no
take
reduction
a
mean
However, from his observation
that he understood that the city
has
the
.
Retirement of the old issue will
city.
the
in
contracts
County (P. O. San
tonio), Texas
Warrant
,
defense
Lamb County
,;-:v7 TEXAS
of
$149,000, bearing interest at 2%,
or
3% less than the original in¬
debtedness.
The county is levy¬
and a new $1,800,000 issue dated ing for the interest on the debt
will be served and safeguarded.'1
and money received from rentals
'
.7;/ </
The President declined to spec¬ Aug. 1, 1940.
The new issue pays 3J/4% in¬ or foreclosed lands will. be ap¬
ulate upon what the Federal Gov¬
The
ernment might do to modernize terest, making
possible a large plied against the principal.
During this debt, similar to that worrying
the systems, if they are found to saving to the city.
be injurious to either the workers period, when both issues are out¬ many counties, was incurred by
or
the plants how turning out standing, the new issue pays only the county lending money from
$1,000,000,000
Saturday, October 25,
rowed
from
the
school
fund
as
1954 to
1961.
•:
■
7 Due
on
Oct.
1
in
1945 to
1961.
rOct.
13, have been purchased
at par by the: Red River-National
Bank of Clarksville; - Denom. $2,-
000, one for $1,722.15/ Due .as
follows::. $1,722.15 ./on ; Nov.
15,
1941, and $2,000 on Feb.,, May,
Aug. and Nov. 15 in 1942 to 1954,
and on Feb., May and Aug.
15,
1955.,, Prin. and int. payable at
the County Treasurer's office. 7
Reinhardt
trict' N.
16
Common
School
Dis¬
(P. O. Dallas), Texas
Bonds Sold—The School
Super¬
intendent states that $10,000 2y2%
semi-ann. construction bonds
ap(Continued,
on
Page
768)
'
'
'
f
V1
-y
''
j.
_
di'K/
i<"
Volume 154
THE
Number 3998
;
General
RAILROAD
Adams Express
>
Board
oents
of
record
Oct.
dividends
-t-V.
31.
totaling
154,
contract.
and
cents
40
p;.'-580.
'vv':;'•■■■■•!
M'#•»*.,,
■
share
per
distributed
were
during .1940..
The
•:/<
"
ject
(& Subs.)—Earnings—
if
1941
3 Mos. End. Sept. 30—
i
*?*,
Oper.
,
,
&
■fe1^-'>rfi4rfift4.904
$9,701,629
7,243,106
10,616,437
deprec,_
&
exp.
1938
$7,226,880
5,717,959
,
$6,283,945
, 5,154,103;
above outlined must
program
to
changes
proceeds
deemed
due
reveiew
time
advisable
in
Underwriting—The
Ca., Los Angeles;
Co.,- Detroit,
Operating
income
to
its
the
best
principal
Lester
in-
Co.,
come
charges
•
45,012
2,459
$3,933,479
$2,460,981
765,608
v
^_™™
Federal
Add'l
taxes
;:™_™'.;™i *•;.
2,036,434
Fed.
for
prov.
taxes
,
™_;_™_.
52,181
f •
•
34,026
v.,
of
Cost
'■'■fV;
"728,378
I
*
•
$1,163,868.,
201,594.
$1,561,102
»k 269,286
.
products
sold.
,
.
Other
"■
from
•
Net
Earns,
per
stocks /■
capital
share
income
V.
535,
:™i7
153,
1266.
p.
-
%
$0.50
$0.62
.
' </
;
income
^\ V-''' ^ ■ .V'
share.'-'i.
*.>
■ x
five
96
J.
:
.
$73,636
29,859
—
;
Income
Balance
%
% .Assets—" f'vf.
Cash
hand
on
Accounts
I
/.7
-
'
™'.™
Sheet,
$150,937 V
April
1' V
$56,850
demand
deposits..
$13,950
i
$37,437
of
172,902
(less
depreciation)..
s—
deferred development expenses.-
and
Patents
applied for
and
Prepaid taxes and
46,689
trade-marks.J
2,233
insurance, etc..—.^..
1940,
For
v
381,647"
Agent—Security-First National Bank of Los Angeles./ Reg¬
ister—California
Trust
Los Angeles.;.
of the company
Co.,
"
business
Business—Present
;
to banks...
sold
products
the
by
may
242,902
conduit
the
and
ad
of
body
airplane™! <-v!
'
'•
.»
hydraulic equipment ■ manufactured by, the company consists,
anti-icing selector valves, single, dual, triple, quadruple and quin-..;
The
hydraulic selector valves, two and three-way selector/
valves,
emergency
shuttle valves, pressure regulators, relief valves,
hydraulic actuating cylinders, by-pass valves, motor driven hydraulic
pumps, hydraulic hand pumps and allied equipment items.-- Company s
hydraulic equipment is used to actuate landing gear, wing flaps,
engine cowl flaps, hydraulic turrets,-gun chargers and bomb doors.'
Company sells certain equipment units of anti-icing- systems-for air¬
craft to protect carburetors, propellers, windshields and bomb doors,
and for the performance of other miscellaneous anti-icing protective
functions excluding protection of wing edges.
» ; 7
'The synthetic rubber products marketed by -the1 company were
developed as the result of the experience which it gained in connec¬
tion with line supports. -It is now marketing synthetic rubber products
for various applications where moderately resilient supports or. cushions
are required,
including cushions for the resilient mounting of gasoline,
oil
and
prestone
tanks, and supports for coolent radiators and
engine cowling.
V:' v ■••*•
"
"
"
' ■' •
/
Although the company's products fosr the most part are used in
both military and commercial aircraft, substantially all of the com¬
pany's orders on hand at the present time are traeeable directly
to the present emergency defense program of the Unite# States and:
four-way
tuple
•
a-,
Net
;
[Including
Halifax
29,899
Other
Paper
Co.,
Ended
1941
.'1940
.
67,968,000
conditions
war
abroad.
the-more
Among
important
of
customers
Bell Aircraft Co., Beech Aircraft Corp., Boeing Air¬
craft Co.,
Brewster Aeronautical Corp.,- Chrysler Corp., Consolidated
Aircraft
Corp.,
Curtiss-Wright -Corp.,; Douglas
Aircraft Co.,
Inc.,
Ford Motor Co., Grumman Aircraft Engineering Corp., Lockheed Air¬
are
company
3income
North American Aviation, Inc.,
Aviation, Vega Airplane Co.,
Vought-Sikorsky Aircraft, and Vultee Aircraft,• Inc.
Backlog figures as of July 31, 1941, indicate that three customers
were
each responsible for more than 10% of the total backlog.
One
craft
Corp., The Glenn L. Martin Co.,
Corp.
of
America,
Republic
Murray
such
of
accounted
customers
for
one
12%
approximately
thereof.
11%.
approximately
for
of
37%
backlog,
such
and the third for approximately.
thereof,
v..-.:
•,
■-
Oct
end
;
\
\
22.
Company owns in fee at 10777 Vanowen St., Los Angeles, Calif., near
Burbank,
which
on
duction
parcel of real estate consisting of approximately 9.2 acres,
a
situated
is
space.
production
and
approximately
buildings.
33,600
j;_i.i.™_—__™™_™_„
rectors'
square
The
pro¬
of
Capitalization—Authorized, $500,000 shares of capital stock
(par
cents per share); outstanding, 300,000 shares.
The 150,000 shares
being offered are a portion of the 200,000
shares authorized but
v
20
49^429.000
48/623,000
the
on
use
4,
issue,
deduction
the
in
part
ing
of
sum
This
$348,000.
the
from
issue
net
proceeds
proceds
gross
$90,000
is
and
.
from
the
estimated
primarily
Directors
have
was
A
total
share
to
!
declared
payable
paid
in
accrued
dividend
a
Nov,-l-to
of
each
the
•
com¬
approximately
dividends.
V ■•:
X.
;
.V
,.fc
$22,000
(d)
;
cash
for
fund
the
and
and
Since
meet
to
operations
from
making
material
of
for
the
the
to
most
insure
economical
development
unforeseeable
cash
on
so
the
purchases
of
' •
Bank
company's
of the
were
devoted
to
the
acquisition
of
land
been
on
is
other
than
that
being
purchased
under
^
conditional
sate
28.
$5'
Same
Ray
94.
p.
Payament
F.
deLong,
will
316
be
made
South
La
at
the
Salle
:
<
com¬
St.,
Chi¬
,
declared
stock,
interim
1.
25
last,
Associated
153,
Gas
of
&
1
to
in
50
94.—V.
p.
dividend
Dec.
paid
were
dividend
a
See also V.
interim
an
payable
dividends
cents
153, p.
Electric
of
25
holders
cents
of
September,
declared
was
Nov.' 3.
and
June.
payable
on
1267. ;
Co.—Interest
-
share
per
record
March
Louis B. Wehle,
Payment
proceedings of
Vincent
L.
bond,
company
holders
Instead
general
Mr.
•
special master in
the
that
about
debenture
of
$280,000
and
matters
Oct.
back
being retained in
the
of the
21
to
holders
estate
be
and
bankruptcy
Federal
interest
Judge
paymetns
paid
made
to
due
such
available
to
creditors.
Wehle
The
in
certificate
will
the
make
special report to the court in about a month
situation with
respect to security holders of the
same
&
a
Electric
Corp. it is stated.
Weekly Output—..
Oct.
certain
recommended
company,
Leibell
Atlantic
17,
net
;';"y:y;'v
,
Utility Service Corp.
electric
output of
the
reports
..'y.-''
•
that
Associated
for
Gas
was
123,437,613 units (kwh).
This is an increase
or'17.4% above production of 105,106,567 units a
p. 651.
■
•:
the
of
:
week
ended
Electric
and
group
18,331,046
units
ago.—V.
year
154,
Foundry Co.—Government Order—
President of this
from
the
U.
S.
announced
company,
Government
for
1,200
12^2
receipt
ton
of
light
delivered—V.
154,
p.
580.
:
Associated
Gas
&
Electric
Corp.—Trustees
Staver to Head System's Service Firm—
The
for
trustees
♦Net
profit
Shares
1941—3 Mos.—1940
of
stock
com.
(no
434.325
435,700
$2.09
$1.95
$2,711,894
$2,750,059
435,325
435.700
out-
par)™
*
per
share..
$6.24
income
.
and
excess
the
Atlantic
and
Company between Jan. 8,
non-cumul.
preferred
investment
and
amount
not
outstanding
stock
for
38,789
to
The
sale
this
152,
shares—V.
of
p.
stock
increased
the
3485.
,
.
completed their program
responsibilities
of
sub-holding
com-"
Service Corp., the system's mutual servics
transfer of the home office of that concern from
Pa.
the trustees had arranged for organization of separate
officers for each of the major sub-holding companies con¬
the corporation, fixing responsibility for administration of
and
trolled
these
by
subsidiaries'
According
operate
as a
affairs
the
to
more
also
their
the
undertook
administrative
that
upon
trustees,
executives.
new
service
•
organization
will
be
able
•<
to
economically and in closer touch with the operating
result of transfer of the home office to Reading.
trustees
pany's
1941 and June 19 sold 2,200 shares of 6%^
(par $100) for $325,380 to purchasers for
resale.
Elect
1
Utility
with
Y. City to Reading,
of
.,
21
from professional and consultant functions of the
mutual service company.
v
This was accomplised with the election of L. D. Staver
as president
properties
v
American Snuff Co.—Stock Sold—^
management
Oct.
on
subsdiaries
staffs
$6.31
profits
of
Corporation
Previously
1941—9 Mos.—1940
$850,515
the
system's
N.
$906,567
'_
of
segregation
pany
company,
Co.—Earnings—
which
16,
equipment
Hardy,
order
American Chicle
that will
obligated for a balance of approximately $23,000 (as
1941) on loans made by Bank of America National Trust
and Savings Association, which loans are secured by chattel, mort¬
gages upon all or substantially all-of the company's machinery and.
Sept.
have
common
June
The
plant is located and to the payment of a portion of the
plant Itself.
The proceeds of the unsecured notes totaling
Company
self-financed
amounting to approximately $31,000,000, part of which
order
includes spare parts and repair
parts.
Three-fourths of this
order
will use gasoline engines;
one-fourth will be Diesel equipped.
Mr. Hardy stated that ACF's total orders for these
light combat tanks,
including this latest one, amount to 5,885 of which almost 2,000 have
178,500
$92,500 held by Security-First National Bank may also be said to have
been used to meet in part the cost of the plant.
,,
•
&
depreciation, interest and Federal
taxes.—V. 153, p. 541.
'
•
represents
paid
Car
♦After
c' :i
new
products,
contingencies..™
the
on
Oct.
Urged— g,,y///.y
tanks,
Earnings
of
business
share
per
•
J.
additional
standing
company,
National
cost
On
Aug.
.
hand
except approximately $22,000 of the indebtedness
all
55,000
current liabilities or near term obligations of
such payment will materially improve the company's
working capital position,
The
proceeds of the $25,000 secured note held by Security-First
be
of
American
Period End. Sept. 30—
discharge .unpaid portion of Federal income and
excess profits taxes for fiscal year ended April 30, 1941
To discharge accounts payable and trade acceptances,'
and thereby afford an opportunity to provide a reserve
$1.25
.
combat
-
its
agent,
153,
Associated Gas
by the company over and above
$200,000,000 expansion program.—V. 154, 650.
Charles
follows:!
as
To
•
the
Similar
covering
Blooming Plant—
erected
of
holders-of record
seven
Armstrong Cork Co.—To Pay 25-Cent DividendDirectors
on
,
Company announced it will construct a $15,000,000 blooming mill
adjacent to its Massena, N. Y., plant, to supply stock for the manu¬
facture of forgings for airplane motors and other defense
materials.
The new mill, to cover an area of more than
450,000 square feet,
To discharge near term unsecured noie obligations to
Security-First National Bank, Los Angeles, due Dec.
15," 1941
-——I——92,500
(c)
Mellon
,
pay
discharge indebtedness to Security-First National:
Bank, Los Angeles, represented by note in original
principal amount of $25,000,• secured by a trust deed
on
the company's real property, due in installments
and finally maturing Sept, 20,. 1942™,.™*™
(b)
—
transfer
111.—V.
cago,
notes payable,
share, the closing price on the New York Curb Ex¬
change. Dealers' discount was 2y2 points a share.
The
offering was oversubscribed.—V. 154, p. 650.
a
^
$12,000,
off a
at
(1)
To
V
$232,304
Securities Corp. on Oct. 21 offered over the counter a
block of 10,000 shares of common stock (no
par) at 112y4
be
previous
of 7% guaranteed cumulative preferred stock
has been called for redemption on Jan. 1, 1942, at $110
per
and
pany's
_;_™—™__™—
.
will
of
of 6,487 shares
(par $100)
116,152
,
Offered
record
Armour & Co. of Del.—Stock Called—
77,680
79,151
Aluminum Co. of Ainerica—Stock
for
preceding quarters, the Feb.
1, 1940,, dividend being the first dividend paid since Nov.
1, 1937,
when $1.25 per share was also
paid.—V. 154, p. 83/
>
36,913
payable, $150,671;
153, p. 386,
145.
.
$57,858; esti¬
taxes, $116,152; accrued accounts, $60,355; RFC loan,
$60,000; deferred liabilities, $1,083,853; 7% cumulative preferred
stock,
$900,000; common stock, $950,000; surplus, $838,166; total, $4,217,054.
—V. 151, p. 2178.
;
.
,
,
of the indebtedness of the company, and .(2) increase the work¬
capital of the company.
So far as determinable at the present
time, the net proceeds of the issue will be used
(a)
of the
sale
underwriting
of
expenses
offered
being
«
-
.....
estimated
Proceeds—The
of
after
missions
13
..«■
,
4Ti.370.000
preferred dividend at their meeting
Nov." 19." See V.
154, p.
*
unissued.
-
to postpone consideration of the
yearpreferred stock until the next regular din,
the
on
meeting,
amount
$585,875
<43,675
expenses
income
New
-
%48,908,000
43,683,000
decided
was
prior pref. stock,
Consolidated
Balance
Sheet
Sept. 30,
1941
;V-vAssets—Ca«slit„ $133v479j;
accounts receivable,, $506,089;
inventories,
$57T,226; other assets, $470,000; fixed assets (net)-, $2,472,891; deferred
charges, $55,369; total, $4,217,054.
•
-;/;
floor
feet
1937
42,999,000
American Zinc Lead & Smelting Co.—Pref, Dividend—
.
"•
-
-
■
office
its
contain
buildings
,.,.1938
52,787,000
54,648,000
action
no
It
disbursement
payments.—V.
,
a
-
,
1939
.
54,372,000
,.
.
^™™™i._™„—__^„™
Liabilities—Accounts
;
American Woolen Co.—No Preferred Dividend—
Directors took
'
-
1941,,
1940.
44,694,000
$2,458,477
1,878,863
Estimated income taxes
mated
of
43,681,000
J
to
American
the output
53,076,000
4—™„. 68,941,000
•
the
week
54,900,000
6,261
profit
corresponding
54,571,000
,
expenses
Net
the
of
Oct. .18,
over
55,318,000
.
general overhead
Interest and discounts (net).
Depreciation
ending
57,234,000
$579,614
and
for
properties
week
11„„ .; 69,498,000
1941
(exclusive" df depreciation)!-™-™-....-...™
Administrative
the
increase of 20.2%
an
18—.—
68,982,000
154, P. 651..
income
Selling
hours
kilowatt
electric
the
for
hours,
Oct.
''
Inc.]
Sept. 30,
profit-
; V Total
of
Co.
Oct.
.
*. Gross
;
,
.
~
energy
Electric
—V.
V
^
Cost of sales
-
..
,168,502
-;'.'"Earnings for the Six Months
sales:
and
27™„
Oct,,
•
1 c
.
..
81,200
V-'-
7".
\
Inc.—Septem¬
60,000
f. * Albemarle Paper Manufacturing Co.—Earnings—
•
'
'
,
held
■
electric
Week Ended—.
—$1,027,701
154, p.
of
Works
57,234,000
Sept.
69,492-
Total
—V.
proceedings which auto¬
full court Oct. 17.—V. 154,
of-27%v
years
'197,419
"
of
the
the
Comparative table of weekly output of electric energy for ,the last five
follow: " ' y •
'
11,421
gories: line supports, hydraulic equipment
and synthetic rubber compound cushions
company
stock¬
bonuses.
as
as
totaled 68,982,000 kilowatt
$166,865
be-divided into three cate- > Trade acceptances payable."
Accounts payable—Trade
and other precision products,
Accrued liabilities
and supports.
-l
r The
Customers" deposits on sales orders
lihje supports manufactured by _the company are used to effecta
moderately resilient mounting of aircraft conduits or lines carrying
Long-term obligations, owing to banks
such
things
as
hydraulic fluid, anti-icing fluid,
gasoline, oil or t Stated capital_^____..L____.__l
electricity.
In
addition to resilience resulting from*-a ".component
Paid-in surplus
Ur-—
i.
Cushioning material, the company's line supports provide a metal
'Earned surplus
bonding strip which acts as a conductor of electricity between the
The
of
by
than
more
other
months
Weekly Output—
of
obligations owing
nine
Output
$1,027,701
t
Liabilities—:
-Current
stay
a
decision
and
paid
sums
—V.!- /
increase
an
the
Water
*
'
aircraft accessories and equipment.
and sale of
manufacture
opment,
,■
is principally the devel¬
the
after
Heller
excessive
ended Sept.
30, 1941, power output totaled
against 2,044,925,535 kwhs. for the same period
last year, an increase of 19%.
;
6,068
Total
<
■
granted
with
by Esther
allegedly
'
•••
2,425,700,109 kwhs.,
'
Transfer
had
ended
425.
Instituted
of
The power output of the electric subsidiaries of the
American Water
Works & Electric Co. for the month of
September totaled 286,282,583
kwhs., compared with 226,353,225 kwhs. for the
corresponding month
380,724
Tooling
Martin
which Justice Collins ruled
on
was
"
receivable
Property
trial
recovery
American Water Works & Electric Co.,
ber Output—
I
and
of
for
—™!;
.
1941*
30,
The suit
months
651,
p.
by Presiding Justice Francis Martin and Associate
O'Malley, Alfred H. Townley, .Edward S. Dore and
was
James
matically
793
2,914
-^Inventories.
,
.
ruling
Justice
$17,659
778
16,007
53,000
!
™.„™
v.'//;""'*
Richards & Co.- and Bateman, Eichler,
participated in the offering/V/'\
also
i.
taxes™..*.
'■>■;!
p^>har0); at ^
:y."•/<>:7:;/"';!-•:,v 7,i;':-,7,'
'wi':.V.;
Page, Hubbard & Asche, Hill,
The
$17,562
1,021
67,000
™™™™™™;...
Excess profits tax
150,000 jshares;of capital std£k,;;(par^20c
Co.
charges
Normal- income
Net
'j/.
■
responsibility for a just settlement is in the first instance on
at special term
(Justice Collins)," the Appellate Division
Albert Cohn.
Vvi64,*
Offered—Cava-;
Adel Precision Products Corp.—Stock
&
;■
$72,614
....
$300,796
Income
$0.38
/
Act-of 1941.
naught Morgan & Co., Los Angeles, Lester & Co., Los.
Angeles and Van Grant & Co., Detroit on Oct. 17 offered
per
19,417
7,615;-7,.
contended
must assume, as did the Judge in the U. S. District
Court,:
denied petitioner's application for an
injunction, that the Justice
special term will not 'do something which in equity and good con¬
science ought not to be done.' "
11,812
.' ___'
:_^™_.
Herman Finkelstein,
"We
holders
i , $962,273:
,2,563,991^
$1,291,816
-
2,711,137^)2,563,991.
•
months necessitated by the Revenue
"For first 6
p.
$1,695,373
$1,168,667
2,715,137
$0.43
profit
80,048
44,993
$293,180
™.
applicant,
at
$48,792
776,394
operations—™
The
company.
who
1939
$197,657
--™-_fc--"'* "11'v.**-™--*.'Gross
Shares
the
Justices
Profit
company-
Justice
said,
135,766
;
of
"The
■
1940
1941
the
judgment was too small and should have been about $6,500,and that execution of the judgment or appeal by the defendants
should be stayed pending determination of a suit in Federal
Court'
based on similar charges.
r
April 30, 1941
$1,205,341
of
that the
■
'
Ended
Years
Stay—
stockholder
a
000,
Cavanaugh, Morgan
and Van Grant &
are:
by
which
dents
of
use
proceeds
company,
Angeles,
Los
sales, less discounts, etc™
Expenses
income
Total
the
the
such
application
court proceedings in another stockholders'
suit
Supreme Court Justice William T. Collins granted Judgment
for $2,168,023 against George W. Hill,
president, and four vice presi-.
and
to
Oct. 17 an
stay of State
a
in
sub¬
conditions;
or
and
respect
r.fV
•
mously
the
for
flexible
re-allocate
of
interests
,
Gross
^
,
with
may
underwriters
&
Mich.
be
circumstances
and
American Tobacco Co.—Court Denies
The Appellate Division of the New York
Supreme CoOrt denied unani¬
•
necessity
MISCELLANEOUS
-
the
"
•
•
purchasing certain of
is
position
time,
$1,129,841
$1,508,921
$3,888,467 ' $2,458,522.
_™
less
income
of
unforeseen
to
will
from
Statement of Income,
Other
INSURANCE
-
also
obligated to Bank of America National Trust
Association
in
the
approximate
amount
of
$66,000
Sept. 16, 1941) on conditional sale contracts financed
management
such
1939
1940
745
is
of
as
by that bank under which the company
machinery and equipment in its plant.
the
Air Reduction Co., Inc.
It
Savings
(balance
INDUSTRIAL
-
*
declared a special dividend of 15
on the common
stock, payable Nov. 7 to holders of
Dividend of 15 cents was paid on June 27^ last,-and
share
per
PUBLIC UTILITY
-
21
Oct
on
FINANCIAL CHRONICLE
Corporation and Investment News
Co.—Special Dividend—
Managers
COMMERCIA
staff
major
a
and
revision
reorientation
of
of
organization.
the
policy
-
service
and
com¬
purposes
■
*
,
Concurrently with election of Mr, Staver as president of the service
R. M. Girard was promoted to comptroller and E. G. Haga-
company,
man
the
and
secretary
as
service
company
treasurer.
many
years,
Both
Mr.
these
Girard
have
men
in
worked
Wilmington
for
and
Mr.
Oilbert
and
Hagaman in Reading.
American Telephone
Unsold
& Telegraph
Co.—$10,839,700 of
Distributed—
Debentures
H.
E.
vice-presidents of Atlantic Utility Service Corp„
and Alex Speers resigned to take
D.
The company
Stock
and
concluded Oct. 21 the distribution through the New York
exchanges, of the remainder of the unsubscribed
convertible debentures offered
Of the original Issue all but $10,839,700 had
been subscribed for and the company sold this amount through brokers.
—V. 154, p. 693.
*
:
Stockholders in August.
-
,
,
E.
J.
Howe,
as
M.
The
in
Act
G.
Davis,
E.
M.
Carlyle E. Yates,
posts.
Hearing Postponed By SEC—
other
$10,839,700 of its recent $233,584,900 3%
Sibley remain
while
new
L. Buckley,
the
SEC
has
postponed from Oct.
proceeding
with
under
respect to the
Section
trustees of
which the respondents may
file
28
/
to
11(b)(1)
Nov.
of
13,
the
the corporation.
answers
1941,
the
Holding
The
hearing
Company
time
within
to the allegations set forth in
-
THE COMMERCIAL & FINANCIAL CHRONICLE
746
the
Commission's
within
extended
to
and
proceedings,
the
the
time
Bethlehem
file requests to intervene in the proceedings,
3, 1941.—V. 154, p. 651.,
which persons may
been
has
instituting
order
Nov,
of
(Earnings
Pig Iron, Coke and Steel—
Interest
divs,
and
•! from
1939
$637,563
1938
$754,757
$665,241
43,983
51,345
income.—.—
*
income—
■
is
Net
$913,557
116,348
121,363
131,135.
131,075
of
Amort,
'
$595,222
$675,477
487,256
492,740
501,244
2
interest—
309
11
$782,482
discount
debt
47,461
expense———
and
49,092
48,518
$35,619
income—..
Net
;
stk. divs.
$6 first pref. stock divs.
$134,208 "
$59,694
17,273 I-
first pref.
$227,064
48,461
18,461
21,208
22,653
59,464
$18,579
$26,282
$155,113
1—...
Direct creds. to surplus
782,012
707,706
621,210
455,140
Surplus Jan.
i
* Loss.
•
Assets—
24,519
$664,200
Sept.
>.
,
17,890
&c
I
def.
Other
sub.
Total
cos.————
4,685
.260,209
—:
.
651,383
-.j—
:
.
Funded
Due
debt
subsidiary
Accounts payable
Accrued
taxes —_!
'
1940
$3,296,700
1,194,300
1,368,466
2,231,482
1,038,308
11,648,000
11,781,000
65,088
832
7,131
——
—
—————2;
6,965
15,668
'surplus
surplus
Reserved
for
be
Gross
operating
Oper.
exp.
and
154,
be
651.
p.
week
thickness.—V.
net
system
ended
Oct.
$207,670
$4,190,524
$3,799,264
280,398
2,887,980
For
the
kwh.,
♦$72,728
9,850
$1,302,544
829.
p.
357,790
$1,735
♦$82,578
$787,339
$574,496
42,945
27,057
203,985
90,766
(39,563
\
$44,680
—
Boston
,
3228.
$665,262
$991,324 '
♦$55,521
Net
income
* Deficit
61,576
551,870
554,964
1,849
16.643
stock
loss,
to
taxes
basis
of
1941
$422,811
Tax
Income
capital
Law.—V.
154, p. 537.
Bayuk Cigars, Inc.—New Treasurer—
-
Snyder
A.
elected
treasurer
of
this
succeeding
that office Harry C. Carr who resigned recently to become president
the First National Bank of Philadelphia.—-V. 154, p. 693.
In
of
was
company,
Beech Aircraft Corp.—Wages—
•
Corporation announced
increases made effective
reclassification
paid
hourly
the
This
rate
mutually
officials
nautical
common
stock
2 Va
cent
of
the pay
4-month
production bonus granted to
to a 7Va cent increase in
totals
20,
up
pay scale
average
worked
of
the
Oct.
out
last
spring
International
the
(AFOL).
tion of the fact that
The
production
made in accordance with
was
by
Beechcraft
Association
management
Machinists, Aero¬
of
basis of these plans is the
efficiency is
of
one
recogni¬
the chief factors
in connection with the determination of wage rates and that production
workers are entitled to higher pay as their knowledge of their work
and
their efficiency
as
1941,
output
Sold
o£
the
present
'••••'l''
increases.
approximates one
doubled
almost
October.—V.
increases
in
hourly
million dollars per .month.
that
154,
of
and
August
a
the
rates
Beech-Nut Packing
(Conn.)
(no par) at $18
Brass
Be
October
on
at
♦Profit
tNet
""After
<
mated
v.
1939
153,
2,142,617
charges,
but
before
income
on
$4.90
of
of
in
and
taxes.
in
(After
1941
Act of
and
1941,
tOn 437,524 shares
$2,078,388-
of
and
Belden Mfg.
With
is
later
time
to
be
wire
70%
of
its
entire
common
production
of
The
Federal
manufacturers,
radio
and
and
household
stock
(par $20).
(carnings,
net profit for the
considerably ahead of the
the
similar
period of
nine
$1.10
1940.—V.
a
months
period
share of capital
p. 829.
price
to
<■
insulated
at
hollow-hub
of
$2,625,058
modernization
The
of
of
each
$105
will
October
by the
Trust
shares of
37
per
share,
to
to
factured
—V.
153,
fire
in
28,
the
especially
hub.
by the Curtiss-Wright
p.
are
for
the
the
as
case
is
by
in
than
more
for
the
in
which
but
5,
•
ratio
$45-per share,:
securities
and
cash
the
stockholders, the,resulting loss is
to be applied in
reduction of
'' / "",,,
V
cash
is
old preferred stock i$ less than $45 per share,
but to be recognized for tax purposes in an amount
$1
basis
of
each'
of
share
old
preferred
*
1041—Month—1940
$27,132,153
stock
after
new
preferred
p. 538,
-'
' -v.;;
,
•/_
1941—9 Mos.—1940
$21,119,220 $220,312,011 $178,415,991
17,191,753
171,722,685
150,447,675
20,739,081
will
been
has
the
at
the
following prices,
♦The
at
all
cases.
increase the
authorized
of
Administration
take
to
Airacobra
to
permit
Government-supplied and
a
manu¬
Co.,
Ltd.—Semi-Annual
Re¬
preferred stock
is entitled to $55 per share and accrued divi¬
redemption at corporation's option and in liquidation
consolidation, merger, etc., otherwise to $50 per share an<4
:
Account,
Nine
Ended
Sept.
,
.
30
.1941
Income—interest
1940
1939
1938
$10,135
$12,862
154,268
$13,504
145,059
$21,280
164,107
„*!i—; v
M
dividends.—1
t
Taxable
;
dividends.
sec.
4,236
24,104
1,619
1,572
Interest
agent
.
—.
and
service
11,111
auditing
meetings
1,496
-
1,696
6,562-f
7,2611
1,138
fees
3,163
r
1,405
1,285
876
299
264
267
296
(11,511
19,615
20.2411
1,400
1,380
2,180
2,560
—
expense__
Legal fees
oth.
&
years'
795
;
exps.
719;
1,168
1,484
♦1,207
■
-
over-accr.
stock
cap
3,549
-—"*•♦.
(10,058
Miscellaneous
of
24,076
%
and
fee
Directors'
of
$123,900
.
8,82b y
3,272
disbursing divs.
Service
Prior
10,015.1
5.449
/
statements
"
24,000
1,725
1,413
2,740
'
exps.
salaries——
Stklildrs.'
of
;
■
&
Officers'
Cost
$158,563
/
transfer
Taxes
Legal
7
102,716
683
1,511
—
$167,812
1,438
income
$178,479
24,000
Total
stock
care
Months
tax
Cr 1,501)
1
income
Net
Divs.
$118,541
$104,183
$94,540
pref. stock—.
on
————
97,650
97,650
-tf7;650
97,650
$20,891
18,235
" ,$6,533
1$3,110
$$35,308
Balance,
Loss
surplus—.—
$62,342
secur.
sold—..
*
80,961
22,788
43,101
♦Legal fees and other expenses in connection with investment com¬
legislation. (Represents corporation's share of expenses of Union
651.:
-
on
pany
Briggs Manufacturing Co.—Orders—
Service Corp. for salaries of the investment research and
?
,
staff,
Company has received orders totaling about $65,000,000 for airplane
These include over $40,000,000 for Vought-Sikorsky wings, sec¬
tions of wings for Douglas, duct and other parts for Boeing, parts for
the Chrysler-built Martin medium bomber and $23,000,000 for turrets
for
customers as yet
unnamed.
Larger turret orders expected-may
carry Briggs airplane bookings over $100,000,000.—V. 154, p. 651.
Period End. Sept. 30—
Operating
1941—9 Mos.—1940
revenues——
Operating
'
rent,
telephone, surveys and special investgations, in¬
security taxes, etc.
Union Service Corp/ is operated
a
non-profit basis, and its expenses are shared proportionately
by
the. companies serviced by it on the basis of the relative value of theb
^'Deficit,
on
assets.
Balance
Assets—
in
Investment
Sheet, Sept.
.7/o.rt.;/" ■
:
/.
Investment
1941—12 Mos.—1940
U.
in
S.
overnment
other
30
/
Maintenance
9,102,550 •
1,141,404 >
8,780,475
1,203,222
12,249,052
1,545,134
1,366,131
1,713,280
45,776
45,560
61,035
for
securities
securities
—v
8,673
14,945
34,903
35,312
$5,354,770
interest and dividends receivable
$5,393,903
Special deposit for dividends
Liabilities—
General
■
•,
3,485,551
3,538,672
843,100
466,000
$3,560,264; $4,338,939
$4,392,459
—33,341
—59,085
2,647,582
2,605,139
Dividends
normal
income
Operating income
income
Gross
Int.
on
$3,207,494
„_
(net)—
income
414,100.
597,200
—44,433
—22,520
for
for
securities
Bank
loan
......
$3,184,974
$3,515,831 " $4,305,598
1,872,600
1,873,700
153,065
238,340
$1,159,309
$1,403,791
$1.88
.
(Class
stock
.2,501,200
275,284
A
stock
income
per
share.—
issued
and
31%
$1.56
for
nine
months
outstanding.—V.
154,
of
p.
1941,
$1,557,944
•'
$2.03
(Based
The
U.
S.
SEC
reported
District
Court
October
at
14
Dallas,
♦Par
,
745,364
694.
under
the
statement
Securities
Act.
these
securities
3,097,835
2,400
cent.
asset
being
in
pricing
value
of
securities
the
Corp.—Quarterly Reportcommon
as
compared
§hare
on
effect
-
June
with
the
at
to
30,
end
$5.48
of
per
1940.
was
share
Total
$5,310,077 on Sept.
1941, and $5,340,763
approximately 85%
stock
of
•
corporation,
excluding
on
market quotations and
at
debenture discount and expense,
stocks of the Burtonite Corp. with-,
covering
one
Carriers & General
Net
amounted
registration
——
143.405
2,400
3,099,865
-
been
a
434,000
143,405
.....——
value
of
out
11,652
1,600,000
Note—Investments,
that Judge William H. Atwell of the
Texas entered a final judgment per¬
common
1,600,000
434,000
....
/
...
!
manently enjoining the Burtonite Corp. and L. L. Burton from furtherviolating the registration provisions of the Securities Act of 1933.
The defendents consented to the entry of the judgment. ' v.
,
The Commission in its complaint alleged that the defendants hadselling preferred and
20T27
....
$5,354,770
$5,393,903
(Represented by shares of $1 par value.
based on market quotations as at Sept. 30 1941
or
in the absence thereof, on their then fair value in the
opinion of
the corporation,
amounted to $4,029,287, or $441,403 less than cost.
V. 153, p, 543*
$1,556,890
$2.09
on
'
69*300
cash—
etc.—
1943
...........
Surplus
Total
Net
(Earnings
against
taxes,
30,
$35,312
20,070
stock
"Class B
$4,333,374
2.496,800.
250,854
loaned
expenses,
due Sept.
1940
$34,903
purchased
securities
for
Reserve
18,255
1941
payable
Preferred
long term debt.
Other int. & misc. deduc.
Due
Due
♦Fed.
Other
—
plant
gas
adjust..—
854,150
66,928
' 106,293
of
$4,477,503
4,388,690)
sold
2,106,405
for deprec
1940
$82,000)
767,303
Receivable
11,949,544
1,590,350
1,285,238
.
1941
;
securities
■*
$17,984,802 $18,017,335 $24,236,092 $24,149,722
;
expenses
administrative
supplies,
social
surance,
(Brooklyn Union Gas Co.—Earnings—
the
special
%
$3,301,000
dividends.
:
154, p.
1940
-
upon
accrued
Cash
Company, perhaps the most important producer of artillery cart¬
ridge cases in the nation today, reported a. net income for. the year
ended Dec. 31, 1940, after provision for depreciation, other reserves.
and
taxes, of $1,258,776.
Net income for the seven months ended
July 31, 1941, is reported at $1,022,598.—V.
1941
:
to
preferred
common
to
the company from
1,000.000 shares to 1,300,000
possible conversion of the new preferred, i-.r:1
•
'.v:
after'
is subject to redemption at' $110 per share on
1, 1946, and at $107.50 thereafter, plus accrued dividends
:
: i.1''
■
v''"
voted to
■
(estimated)$4,851,000
Income
preferred stock
The stockholders also
$27,968,316
Pacific Ry.—Earnings—
651.
p.
a
Hutton & Co.,
the
$48,589,326
October 14—
incident
company's
taking
$3,927,467
record
expire
approximately^ 12 days
appointed
$6,393,072
_
earnings
154,
dends
.
dividends
the
unless
they
case
-
-4
?
stock
.
share; $15 to and inch Oct. 1, 1944; $17.50 thereafter to
1, 1945; $20 thereafter to and inch Oct, 1, 1946.
v
♦Computed at
Corp. propeller division. Caldwell, N. J.
1269.
exchange;
dividend, but
gain
as
is not
the
a
Asset
stock held,.
accrued
Burtonite Corp.—Promoters Enjoined—,
designed
returned
or
of
as
coverage
Corp.- -Propeller Shortage Slows Plane
through the
returned
be
The.net assets after deducting bank loans indicate the following asset
and asset value, on the basis stated, as at Sept. 30, 1941:
coverage per share of $3 preferred stock—%
$74.61
Asset value per share of class A stock (*after
deducting $50
••
; fpr each share of preferred stock outstanding)
'•
■ .'■ $7.41
be
and expansion
^
-t. ;■
common
pltfs
November
expire
24,
company,
Co.
stock
common
before Oct.
or
in
copper
is expected to be
stock reported for
Army is
propellers,
1
part
as
new
cash
purposes
651.
p.
Capital
v
&
acquisition
the planes awaiting propellers already have been test flown
accepted by the Army.
He declined to disclose the number.
<
cannon
$1
port—
stockholders of record October
before October
or
shares
are
154,
—V.-
...
v
on
'•
•
Taxes:
He added
and
basis-
$1
tax
share of old preferred
but
determined
1941
Sept. 30—
Week Ended
•
inch Oct.
The
153,
cannon-carrying Bell Airacobra pursuit planes
being slowed because of a shortage of
propellers, a company spokesman said
States
the
of
and
the
revenues—
; Canadian
^r.
York
$100 per
an<i
appliance makers.
of
Delivery
y."»'?»;:
per
not
preferred
value
the
revenue
Gross
bank loans-wliich provided*
of 3%"
common
-V.
'
warrants
than
maximum
a
company's
preferred for
decided
New
Net
Sub¬
Weeks, Hemphill, Noyes .& Co., Kidder, Peabody & Co,,
Spencer Trask & Co., and Reynolds & Co., all of New York, Bogworth,
Chanute, Loughridge & Co.* Denver, and Auchincloss, Parker & Redpath, Washington.
'''■■■'''V-1'"1.
:
';v''
The preferred stock is convertible on or before Oct.
1, 1946, into
Deliveries—
United
should
stock,
income
\
old
Operating- expenses—
agent
receive subscriptions and make deliveries of the preferred stock.
shares
Aircraft
Bell
of
remaining
Registrar
'
Company's shipments of wire and cordage products for the first nine
months of this year set a new high record for any similar
period in"
the firm's history.
Despite a tax reserve amounting to close to 50%
of
$1
dividend,
■
/
the
Custodian fee
excess
Revenue
directly for defense purposes, company is operating its two
plants at Chicago and Richmond, Ind., at capacity levels.
The majority of the copper wire output is being
shipped to manu¬
facturers of equipment fcr the air corps, signal corps, ordance
depart¬
ment, quartermaster corps and the Navy. Remaining 30% of produc¬
tion is divided among
makers of electric motors and transformers,
truck
v?.,''/-';''
of
for
in cash received.
The gain thus recognized is a
subject to the usual provisions and limitations relating-:
Any excess of the cash received over the gain, will be applied
the basis.
\V
\
Any unsubscribed portion of the issue will be sold to a group of
underwriters, who will offer it for sale at $105 per share plus accrued
dividends to the date of delivery.
v
Underwriters' for the issue are G. M.-P. Murphy & Co., Stone &
going
auto
It
reduce
market
-
Period End.
estimated
are
record'date..
the
allowing for esti¬
1940
and Second
Co.—Operating at Capacity—
than
more
**•
for one share
common
gain
Operating
stock (par $100).-'A regis¬
been filed and awaits action
•:
be offered
subscription
of $0.51944:
V
Subscription
the
circumstances
of
has
preferred stock,, which
$2,874,000
for
the
Amortiza.
C
s
stock.-p-V. 154,
■
982.
p.
•
amount
of
transaction
above, -is to be apportioned 69.3182% to the one Share of
stock and 30.6818% to the six shares of common
153,-
Provision
respectively.
on
of the cash not returned as gain, as discussed
be apportioned 69.3182%-* to the one share of new preferredstock and 30.6818%- to the six shares of common stock.—V.
154, p. 538.
Stock
of 25,486
v
the
1937-38.
certain
share
one
of
$2,574,086
capital
in
or
sale
retirement
preferred
issue
issuance
the
•" '
v-
the
stock is to
The
$3.95
Federal
taxes
the Revenue
Advised
"■'.V":"'
dividend,
shares
the
taxable
stock.
is gain,
exceed
(The
1,726,707
$5.20
share———————,r;>
Federal
1940,
$2,947,005
2,275,912
—*
———
per
profits taxes based
Act of
■'
$4,347,912
profit
^Earnings
ratio, of
saihef
the
business.—V.-154,
share.—V. 151,
a
Co.—New Preferred
authorized
20
convertible
the
of
minimum
a
24,
sight for
1940
1941
The
above is to
around 112,000
Offered to Stockholders for
covering the
•'
from
applied to
Production in September
further increase is in
Co.—Earnings—
9 Mos. End. Sept. 30—
1940.
the
past'
the
deducting the portion
parts.
.
-v-.:
the
a
and
basis
to
capital
payroll
company
651.
p.
the
excess
not
J
Horn-,
—
1941,.were
approximately
Canadian National Ry.—Earnings—
block
a
30,
During
Co.—Holders
preferred
par),
of June 30,
basis.'
If
;•
Corp.—-Stock
sold
Power
consider
to
fair
as
the
.
With
.
the
deductible
the
30,710,000
was
of
that
running
divisions,^of
•%:,
received
:• ;V.
SEC.-:':'
the
Proceeds
shares
that the combination
13 at the time of the regular
pay.
the
Lodge 733
21
Oct.
Oct.
plus
on
of
increase in
plans
and
period
workers
average
on
on
v\
.
_
have
cumulative
Hofnblower
John
10,
used
Webster and Blodgett, Inc., Union Securities Corp., W. E.
Federal
of
be
being
not
for
-
5V2%
$92,404
income and
♦$118,046
accrual
f Includes
\'.".*■
Weeks
statement
17,894
♦$17,771
—
or
Oct.
($50
in
as
preferred
may be.
:
scription—Authorized Common Stock Increased—
to
..
Old
thereto.
corresponding week. last. year.-KV.
over
stock
/.(.If the basis of the
•
of-9.6%.,);;'
increase
an
week ended
Sept.
ago.
year
above
been
>
retail
accumulated
should
treated
should
•
•
Edisoh-Electric: Institute
old
received
be
.tor
'6'
to
43%
has
and
ended
a
*'
recapitalization,
a
( Cash
/<-
.
months
over
opinion to the effect that under the .exchange of onepreferred stock ($100 par), together with-consent''
an
the
preferred
to
about't.720,000 .torts-:
-
of
shareholders
28,454,000 kwh., against 25,972,000 kwh.
was
16.7%
Issue Created—To
for
1,219
//•■"
;
reported
Herald-Traveler
&
shares of
p.
some
61,232
on funded debtdeductions
683.. ^
as
■'v"-
.
date
Oclier
mill -wilh be
plate
p.
18, 1940,
preceding
blower
$932,286
(515,205
$41,298 '
oper.
153,
1941,
increase of
an
2,866,978
'
jut.
$3
plate-"
.
••
output
17,
by
272,034
——_
income
the
;"**
for week ended Oct.
1941—9 Mos.—1940
$313,332
Operating
incomeOther income
Gross
A
been
year
Electric
settlement of
against
of
~
ti
N. Y.
9
28.2%
.
submitted
share
of
will'-'
and-V
production in twelve- to fourteen months.v( it-, will, roll
to 120 inches in width'and one-eighth to three-eighths of an
program
from
rev.
accruals
Lackawanna,
and
of.
B.
has
*,
at Sparrows PoifttA.-* KiiT;*" i* Xihave an-annual capacity of about 1,332,000
tons of coke,-'and-.180,000' tons»of steel
1,194/000
of
Md.,
of
has
last
wholesale
the
West, President, in a letter to the stockholders of the com¬
(formerly Nevada-California Electric Corp.), advised them that
Ralph B. Mayo & Co.,: certified public;
accountants,''Denver/ Colo.,
will-
contract), with-Bethlehem
the
204,528''
per
pany
in
Stockholders
main.
depreciation
Net
Tax
provided
.*
,
Bridgeport
750,804
$24,652,358 $25,287,527
1941—Month—-1940
reve.—
(incl.
of
$1.18
to
;
for
Liability—
A.
plant to a" company producing for defense'
details
share
dividends,
195,000
Bangor & Aroostook RR.—EarningsPeriod Ended Sept. 30t—
"
the' government
Jones's
capacity
tration
■-
Tax
where
456,885
805,558
-V.
contingencies.
general
which
terms on
;
,
sales
increase
California
Priorities
equipment
■
net
over
the
242.
P.
The •"scrambled-
of
Boston Edison Co.—Output—
The
1,321,636
——_———
——_
j.—:
*
269,981
46,920
—
14,464
266,933
208,143
Capital
addition
the
preferred
.
,
volume
gains
both
1,038,308
—-I—.—„„
interest
Earned
in
:
Mr.
iron,
The
inch-in
4,050,805
983,650
—.—
to
Accrued
16.
$270,228
deducting
an
months
sales
as
also
pig
plate up
i
3,792,457
part, (no par)—.
($1 par)..——.r__.—
stock
Common
of
to
and
1,066
$3,084,400
•-
&
1,336
1941
■
7% cum. 1st pref. stock ($100 par)—:
1st pref. stock (no par)
^
T
$4 pref. cum. stock (no pari—
cum.
v
•
■*
$6 cum.
A
two
.• The plants and facilities will be owned by the Defense
Plant Corp„;,'
!and operated under a lease agreement by the Bethlehem-Steel Corp.
The Sparrows Point plate mill is expected to cost about $23,000,000
$24,652,358 $25,287,527
-J.————j-t-A—v
f Liabilities—
Class
$73,563,000,
597,954
-
—.—.—!
'
930,103
expense—..—,———
receiveable
Accounts
.
856,544
5,518
&
Plant
Defense
of'■» Production
Supply,
1940
$2,676,705
—h.;——♦1,626,705
——
—
.'Consolidated
„
charges—
from
Due
disc.
dt.
old
an
Sparrows Point,
Pa.;
will
the
when'
The expanded plants will
tons
.
$23,102,337
319,427
Dnamort.
mill
regarding
;
to
annually."".'
1940
.
the
A'-.h'
;
-
1941
taxes
Loan
announcement, the money granted
providing pig iron plants to be situated at Bethlehem
in
used
Steeltqn,
$628,143
.i—.u..— $23,209,321
1
•.—
Patents, patent rights,
1941
.
for
by
session Oct.
regular
provide
out
completed.
According
be
(Company Only)
30
its
at
facilities in
worked
ingots.
Sheet
,
Investments
'
16,708
$750,804
be
are
.
Balance
*
26,408
$805,558
Sept. 30—
Surplus
the
the- Office
of
discussion
under
was
Board
sraised
new
will
33,643
♦$2,862
for
which
contracts
«■'- Problem
lease
32,308
surplus-
Balance
be financed by
request
Federal
Jones,
a plant already in operation,
whereas previous financing
in. the steel industry had involved th erection of entirely new.
' •'*!
*.
•"
v,.' / '■ ■
v
plants.
i,
i
type
Allocation
ventures
".
1%
Jesse
profit
(& Subs)—Earnings—
Sept. 30—
'v (* Equal, after
common
stock,
needed within
5,020
tion with investments.
the
by
16
expansion is to
at
,<
ingots
Oct.
to
"facilities"
1
47,963
seeking
facilities"
Expenditures in connec1
The
subsidiary,
expansion of the production of
and plates by the Bethlehem
an
steel
announced
Net
step up steel production by at least,; 10,000,000 tons....'
.annually,
including all the necessary integrated
facilities
together,
with extra pig iron capacity needed to offset the shortage of
scrap. ''f
\ The
new agreement with Bethlehem, according-to
steel men,-differs
from previous commitments in that the contract is of the ."scrambled-'
63
interest—!——
General
1
482,121
$565,203
earnings^—1—...
Debenture
r.and
$808,612
RFC
v: :•,
$55,777,000 for
open-hearth
was
Butler Brothers
9 Mos. End.
Frofit before
Management and the War and Navy Departments.'./••"•■>,/
;v ''''-V.
The project is part of the program under which' the government
54,062
$716,586
and taxes—
Oper. exps.
coke,
Corp.
Corp.,
$859,495
51,855
$681,552
—
iron,
of
Administrator.
"
Total
allotment
Steel
rec.
subs..—I.,
father
pig
1940
1941
9 Mos. End. Sept. 30—
An
Only)
Company
To Get $55,777,000 GrantFund to Increase Output of
—
Defense Plant Corp. Allots
Associated Telephone & Telegraph Co.—Earnings—
t
Steel Corp.
Saturday, October 25, ;1941
30,
on
the
basis
unamortized
$5.79 per share on Sept. 30
1941
on
June 30, 1941, and $5.52
per
assets
with
1941,
Dec.
securities
contrasted
31,
1040.
At
with
at
market
$5,132 426
Sept. 30
1941
of the corporation's assets consisted of investments
Volume 154
Number 3998
■
TUB CQMMERCJAI, 8i FINANCIAL CHRONICLE
notes receivable "(merchandise contracts) , $4,378; notes receivable
counted
(merchandise .contracts)
(contra),
$2,686;
materials
pf 69 corporations. Since June 30, 1941, stocks of CutlerInc.> and General American Transportation were added to
portfolio and the holdings of General Motors were..eliminated,
in. stocks
Pammer,
the
/'
.
Income Account for
Nine'" Months Ended Sept. 30
*$303,008
1940
$311,733
493
8,'415
25,830
8
536
300
$203,508
Miscellaneous
$220,680
$180,514
44,216
$156,825
43,560
"
income
income
46,825
Expenses —i.—
Int. on 5 7c debs & amort,
of deb, disc, & exps.
fNet
'1938
$133,358
/ 23,364
" 103
Interest pn bonds—
Total
1939
income
43,187
,
t-
83,063
,
$30,202
Central-Railroad Co. of New Jerseys-Ferry Abandon¬
-ry\') >/■'//■.:-,■! J.;' -'v."'/V J
v
The
;
t
93,754
J
■
473,763
1,000
§$421,527
45,187
§$777,201
90,318
,I"CC/ori• Oct, 2/issued
a
St-, New York City;—V. 154, p.
425
certificate
permitting abandonment by
City, N. J., and West g3rd
*
'■
trustees' df/the/ferry; between
the
806,978
.
ChicR^o Surface jLines—IJearing To Set Values Begijis
ment-—.;.
jpet, loss on sales-of ipv,,
see
.
,
'
Computed on basis of
average -cost.
prov, fpr Fed. inc. tax_
(average
83,063
$53,236
$94,433
\ $71,585 '
_—
1
83,063
85,098
Chicago and North Western Ry.—Interest—
and
The New. York Stock. Exchange hais received notice that payment
of au amoupt equivalent to the fixed and contingent interest earned
during 1939 and 1940, Oh. the securities to be issued in exchange for
liabilities—Long iepm. debt; $4,671,000; 3'A% serial notes, due Aug.
..first and refunding mortgage
gpld bonds, due 2037, and Series, C
1, 1940, $100,000; accpupts payable, $?5?,276; accounts, payable (conbonds, due 2037, if the plan of reorganization approved by the court
tracts,
$118,152; cppsum®rs' deposits, $6,4?0;
notes receivable dis¬
Lad bepn. In. effect, and subject to readjustment as therein provided
counted' (merchandise contracts)
(contra) *»$2,686; interest accrued,
($17.90 per $1,000 bond), will be made beginning Nov; 1, 1941, on
$30,057; taxes accrued, $93,398; other accrued items, $7,766;, deferred
presentation for stamping of the coupon due Dec. 1, 1935, from the
credits, -$47,947; reserves,1 $856,921; $6 preferred shares—cumulative
first and refunding mortgage iVaOk gold bonds and Series C, due 2037.
;,(13,97.3 np par shares), $1,351,320; common 120,000 no par shares), '
Interest is payable1 at office of the company, New York.—V. 154*
$1,000,000; earned surplus, $452,976; total, $8,990,918.—V. 103, p, 300. > t>. 652.
■;/- *' '
j
"
$164,484
1941
.divs.-—
dis¬
cost),"$66,679; prepayments (insurance and taxes),
$9,927; dpfeired:debits;: $479,333; total, $8,990,018.
supplies
'
Income—cash
747
Jersey
538,
-
1
Attorneys for the Surface and Elevated* lines on Oct. 10 began
presenting to Federal Judge Michael L.: Igoe evidence on which the
court will determine the ."reorganization value" of the properties of
the two companies in a unified traction system.
;
.
.
William
Net
profit
dividends declared-^
$71,585
$679
42,565
'
—-
45,093
:
,
.
Utilities Co.—
$5,624 taxable dividend in the form of securities, at
based on market quotations.
tExclusive of security. profits
losses, and Federal income tax.
tNet Joss on sales of securities
7:
.
"Includes
or
Balance
Sheet,
Cash
1940
:
1941.
-i—*$6,331,507
banks—667,844
recelv,——-—
14,099
charges
i———«—>
—95,903
$6,471,702
817,641
129,461
$7,100,353
in
$7,430,9.95
divs.
Deferred
—
/'^"V
Liabilities—
tCapital stock
1941
13,924
44,713
1,988,000
14,969
52,519
7,642
present
surplus:4,604,382
4,771,231
Total
$7,109,353
portation systems.
if the reorganization is agreed on, the unified company will have
the right, under a city ordinance, to operate a
single system of local
transportation in the metropolitan area.—V. 154, p. 148.
6% first mortgage bonds, Series A, due Dec, J, 1945,
$7,430,995
Cincinnati Union Terminal Co.^Balance Sheet-Assets—
Investment in
5,956
Capital
par) ; $663,500 of
5%
debentures
Dividend payable
r—----Accounts payable and accrued expenses—
provision
for
.
.
taxes
the
account indebtedness now owing
sidiary .--V. 152, p. 4118.
Central Vermont Public Service Corp.—Earnings-
in
Int.
debt-
funded
on
$83,386
13,557
2,358
14,358
3,343
2,755
1,946
Federal
Net
profit
tax-
34,820
32,151
22,254
7777 ■■■*,'.V;
Loss.
u
.
•
tax)
*10,435
12,220
f 191 673
$32,021
$58,738
$607,325
261
4,617
4,382
$32,200
$58,999
$611,942
$623,729
—
77
$29,097
Bond
Net
Pref.
*
supplies
div.
1,169
15,500
26,965
$324,477
227,136
$35,556
18,928
18,928
requirements-
'
months
8
ended
242.
31,
Aug.
1941
to
of current law.—V.
basis
Total
-V.
.
11941-^6 Mos.—11940
$81,786
$86,595
$170,730
27,327
32,054
tNet
$71,340
$143,403
$132,514
period
for
inc.
Purchased
23,438
sec.,
State
Fed.
;
54,600
757,160
72,793
63,639
789,186
income)
of
leased
oper.
Non-oper.
tax
4,951
;
'
Total
52,49i:
-
Capital stock
$44,273,430 $44,144,471
d'Alene
$280,247 v
,
$316,795
1,615
1,097
—
$318,410
110,260
$4,029,930
113,458
$282,144
Accel.
D.
of
D.
Other
3,496
— T_
Gross
'
1,353,444
15,505.-
1,705
—V.
T5"608
1~5~677
$160,372
$190,980
deductions
180~i04
175,004
-rr-rr
-----
:
:
..
—
——
154,
p.
651.
•
,.i.
>
take
care
of
through
112,265
div. requirements-
108,099
1,347,182,
1,297,182
basis of current law.
tlncludes an
adustment of
bring accruals for Federal income tax for
the 8 months to Aug. 31, 1941, to the basis of the present law.—V. 154,
tax
*Income
J),
computed
$110,785 to
538.
on
the
475,232
178,212
$559,375
237,616
$429,005
237,616
$91,510
237,616
$4.35
$2.55
$0.39
-
.
Inv.
Total operating revenue———
Purchased power
Operations --^--—r-rrr-T-Maintenance rT
$455,779
$394,487
09,061
54,668
Taxes, excl. Federal inepme texes--
167,737
21,739
37,010
Income
from operations—-----rjfpnrqperating income (net)——
$158,831
1,808
34,256
$1,809,P21
264,018
619,031
84,144
; i4i.,6i2
$152,056
1,285
$699,319
6,414
133,046
:21,401
.
It
r5
,
'■
•
.
$100,039
''0rpss' Income''
$705,733
$153,341
jprov, for renewals, replacements &
retirements
44,100
_33,°09
income deductioos
$110,539
$114,341
$541,033
47,180
45,088
184,858
'Interest
■
—.
discount to expense
Amortiz. of premium pn debtr-r-Cr.—
Taxes refunded to security holders
int! charged tp construction—Cr—
Amortiz. of debt
Net
income
:
v
104,100
.
5,601
23,097
5,567
'
407
408
3,500
,r»rr-r
7,817
$64,043
<
other
deductions™-—,.—
,
surplus-—,
;
12,707
charges
:
37,265
3,024
—
for
and
&.c—
5,565,355
;
10,046
expenses——
Total
*
After
*
4,217,073
40,051
$15,878,020 $10,700,815
i
■'
Federal
3,024
624
machinery,
prepaid
".
stock
2,917,122
50,546
;
■1
1941
■
accounts payable and payrolls
&c, accrued :
r———i._-„_
fPreferred
inc.
&
exc.
profits
taxes.
—-
T—___
——
$1,775,808
■
288,024
3,767,202
1,927,900
4,996,760
608,180
2,726,881
Pr2U,025
—„r————^
1940
$727,126
907,520
1,92~7~900
4,996,760
608,180
1,764,353
Dr231,025
$15,878,920 $10,700,815
for
depreciation of $5,499,020 in 1941 and $4,992,048
$4,551,895 in 1939. fRepresented by 249,838 no par shares.
$ 7 % cumulative, par $100.
§ Represented by 262 (453 in 1940) shares
pf preferred stock at par value, and 12,222 shares of common $t«mk. In
1941, and 1940, at cosf.^V. 154, p. 052,
•
|
reserve
in 1940 and
538.;,■ -r' -n./:■
Columbia Gas
7•
Electric Corp.
"Moksn" Enters
Integration Movew
and Exchange Commission on Oct. 16 permitted the
Pipe!Line Co. ("Mokan") to take part in integration
proceedings against the Columbia Gas and Electrip Corp. System ,|n
so far as it eoncerns the panhandle Eastern Pipe Line "Co.
The Commission granted "Mokan's" request for" permission to adduce
evidence, cross-examine witnesses, file briefs and present oral argu¬
ment, but did npt grant it the status of a party to the preceediqg.
"Mokan" had based its application on the assertion that "it owned
42% pf the Panhandle common stock.
The Securities
Missouri-Kansas
$54,861
$61,059
$300,502
Chester Wkter Service Co.-^Court Digmi^ses
jpg Chayg^s ih Saje of Properties-At
.
.
the:
action, the first time on. conspiracy charges last March and the second
on
•
halancp ghpet*. Bept,. $0,. 1941,■.
•.,
L' \
•
f
charges of fraud0jent conversion in September.
At. the samp
H.
U
,
)
•
i
t
Oil & Gasoline Corp., and to Abner Goldman,. who said
he owned 50Q shares of epmmon stoek of Columbia Gas & Electric Corp.
The Commission ordered the hearing, resumed on Oct. 28.
Named
respondents in the action along with Columbia Gas, Columbia Gil
and Panhandle are the Michigan Gas Transmission Corp. and Indiana
Distribution Corp.—V. 153, p, 652.
as
Gas
.
.(
j
:•
t.
time the SEC granted participation privileges to William
Danforth, who said that he owned 98,756 shares of common stock
of Columbia
made an illegal profit of $625,000 on the sale-of the Water company
to the Chester ^Municipal -Authority
for $1,050,000.
The Authority
bought the j stock, the -state contended, through -a /Chicago bond
brokerage/house;: Instead of direct from the owners and thus, paid
more than was necessary. - McClure insisted it was a business f ransactioh#-rV; 149,1 P. 3868.
r
11
I
f
1
; l
.(
(if; I
ir
,
,
"
Samuel
The Cortimonwealth-had charged that McClure and his co-defendants
42,207
2,983
Assets^rPrQperty,* plant and equipment, $7,701,496; investment and
ind accounts, $210,495; cash, $351,618; accounts receiyable, $165,306;
claims.,
rec.
tCpmmon stock '
Capital - surplus;
Earned surplus
^Treasury stock
.
.•
subsidiaries——
to
and
.
—
———
Reserve
received were slightly below the $96 a
'has agreed tp pay, subject to ICC approval,
thei. CI
time
•
tq
Lalancp
2,040
1,026,908
Current
request of. .the
Commonwealth
pf Pennsylvania, ' £udge
Bhull-m Oct. 20 dismissed all remaining charges against
( former state Senator Johnil, McClure and six others, including'two
Chicago brokers, in connection with the sale of the company in 1939.
t- McClure twice has been acquitted in trials resulting from the trai)s-
$342,709
50
'
Total
10,411
understood thatjthe bids
share which
■
.
$67,567
—
advances
estate,' buildings,
Taxes
42,135
'
—
——————
Liabilities—
$2,401,286
—^2,337,072
■■ 4,854,392
-
receivable
and
1940
44,709
-
,
Balance before
is
95,615
$3,016,645
investment
Total
1946.
of the
"r—v. 154, p.
.
——————
contract
Deferred
1
,
in
*Real
•
1941
$187,125
1941
.
lvalue life insurance policies—
—
surrender
Sundry
■
1941-rr-3 Mos.—1940
•
Land
.
12 Mos.
30—
'
534,636
dividends--.-.--:,
Inventories
v
Sept.
Jl
$703,635
96,418
Assets—
.
Central Ohio Light & Power Co,—Earnings-
36,982
98,401
Cash
•
period Ended
15,100
319,641
$1,133,008
Dr20,835
$9,017,336
'
.../
,
356,182
66,151
.
Notes receivable
maturities
$981,181
•
$1,523,033
•
99,696
-
Pref.
profit
dividends
8,064,563
Dr239,058
,
its debt
1038
$058,081
g.3.100
28,318
$3,045,197
$1,799,569
655,447
483,161
113,67270,970
;
1,124 13,125
407,536
378,063
*734,409
150,615
925,297
*3,423,000
—
1939
$1,771,251
Consolidated Balance Sheet Sept. 30
Wheeling. & Lake Erie stock by <3. to O. will
provide Nickel Plate with $11,058,528 which is to be used for redeem¬
ing at 101 xk the 4% collateral trust notes,-due in 1946.
This Will
require $16,240,000, leaving a balance of $5,181,472 to be raised by.
the Nickel Plate.
'
The moye by Nickel Plate will free the collateral pledged for the
4%
notes qf 1940.
In qddltioh to the 115,103 shares of Wheeling
stock to be purchased by (2. & G. this collateral includes $16,000,000
of 4 y2 % refunding mortgage, series C bonds of the Nickel Plate, due
Sept. 1, 1978, 14,600 shares of Wheeling & "Lake Erie 5 V»% preferred
shares; 168,000 Wheeling to Lake Erie common stock and 15,000 shares
of th© capital ^tock; of. Detroit ^ Toledo Bhore Lipe RSIn announcing the sale, the Nickel Plate stated that It had rejected
r. the
proposals-mpde jto-it for certificates of deposit fog 20,000 shares
of Wv & L; E". prior lien stock.
Several weeks pgor the road announced
that 95,193 shares would be sold to C. & O. and bids would be taken
from .others, for. the-remalning certificates of deposit for 20,000 shares.
purchase
in
888,661
York, Chicago to. St. Louis RR. (Nickel Plate) has reached
an
agreement with Chesapeake & Ohio Ry to sell certificates of
deposit for 115; 193 shares of 4% prior lien stock of the Wheeling &
Lake Erie. Ry, at $96 a share which should enable the Nickel Plate
The
miles,
Surplus
$888,701
Bhs. com. Stock (no par)
237,616
Earnings per share—
$5.98
*
Including excess profit tax.
The New
to
$2,158,372
taxes
Common
70,928
,
$9,063,608
r———-————7——,—^————
abandon¬
11.61
..' r.-."
Net
$14,020
r
——i„
$1)—
$6,6}6,859
>•
Preferred
8,263,427
$19,184
71,113
915,254
1940
$3,006,716
38,481
77,766 *
discount
Federal
Chesapeake & Ohio Ry.—To Buy 115,193 Shares of
Wheeling & Lake Erie Stock From Nickel Plate—
—-."-r!
$2,135,765
(par
taxes
1941
given—
184,753
int. & exchange paid,.-, iA';: 6,652
Depreciation
554,124
.
accrued exps. and
permitting
branch line of railroad extend¬
$6,539,093
income—
.
Total income——.
Admin. j& selling exps-
Accounts
407,352
E.—
income
Net
Total
r
of
amort,
&
11,141
,
"
certificate
a
Co^Earurngs—
profit
Cash
v
^53,680,879 %
1,327,254
;
Fend d'Oreille Ry. Co.—Abandon-
Sept. 30—
Miscellaneous
Cash
"
(net Cr)
,
stock
Treasury
648,160
$3,993,878
S13,650,644
30,335
36,052 >:
&
$9,017,336
8,298,017
48,832
1493,814
6,200
...
,
Accounts payable and
Dividend payable—
763,968
;
Liabilities—
,,
725,906
!
interest
int.
4,399
61,061
2,ioo
income
Gross
Bond
•:
*67,994
prop.
income
inc.
(net)
Other
„
8,5.45,871
$9,063,608
Investments-—
and
taxes----—-.—
(incl.
Rental
Net
Fed.
11,951
48,582
51,001
-
3,525
(Including Clark-Celfor Tool Corp.)
$7,791,946
1,383,442
•142,058
:
115,799
530,078 "
455,295
64,717
power
.Maintenance —prov.
for deprec.—
State & municipal taxes
Soc,
$8,544,950
1,780,094"
307,308
3,175
1,047,851
1,167,828
„w
9 Mos. End.
,
1941—12 MOS.---1940
919
313,383
153, p. 391.
Clark Rauipraepl
,
$682,602
121,575
V'-
accrued—
ing from Corbip Junction to Bayview, approximately
Kootenai County, Idaho.-rrV. 154, p. 148.
'
1941—Month—1940
j
.
"
751
The
ICC on Sept. 23
issued a
ment by E. S. McPherson, trustee, of
$164,569
15,254
$67,561
-
v
Net
loss
on
sale of
regarding the issue and sale of $39,000,000
portfolio sees, pn "first
2,033
5,295
12,706
§44,105
mortgage bonds. Series A, 3%$ , due Qct. 1, 1971, and $9,000,000
in-first out" basis--of 2%, VMr/<> and 3% unsecured notes due serially April 1, 1942-Oct.
; Unaudited.
JRefpre gain or loss on sale§ of portfolio
tAudited.
1, 1951, and the redemption of $38,000,000 principal amount of out¬ : securities.
§Profit.
standing first mortgage bonds, Series A,
due Dec. 1, 1988 'of ;
Note—The policy pf the company has been pot tp reflect In,pet
the company,
and tp the redemption (or payment at maturity) of
income unrealised apprecilation ©r depreciation jn quoted mpfket value
4$,000,000 of outstanding serial debentures, 3Mt% and 4 % of the ; pf investments as compared with costs at Sept, 30, 1941. Such unrealcompany,,due serially Pec. 1, 1941-Dec. 1, 1948, funds for such redemp¬ : Ized depreciation amounted to $576,257 as compared with $1,261,253
tion being provided by the issue
and sale of the above securities, I at March 31,. 1941, and $976,857 at Jnne 30, J941.
together with other funds of the company' to "the extent required.
.i
-Balance Sheet,- Sept. 30
Company has invited proposals for the purchase of the funds in accord¬ <0 '
Assets—
j;.
'.:-w'•
1941
/. 1940
ance with the Commission's Rule U-50. —V.
154, p. 851.
".77-'7, '•>
Cash on deposit with custodian——$479,006
$684,519
}; Receivable from sales of capital stock—-—.—
«13,020
V
46,496
Central Maine Power Co.—Earnings
) J''f i I ''l1* ^ )v- '' ';h '■
\ ■■■ h-i1
Dividends receivable 'IL—25:710
23,895
$771,867
204,026
90,090
475
35,000
——————
Other current Jiabiiitias—
Unadjusted credits
first
-r—''
36,000,000
192,469
2,659
41,479
unpaid-)—--—-
Unmatured interest
ing Company Act of 1935,
Period Ended Sept. 30—
Operating revenues —_
39,000,000
182,989
—
Unmatured dividends declared——
154,
14,226
dividends-—-.
Expenses
•
i
wages payable—
unpaid—
:V..
r
Period End. Sept. 30—.- « 1941—3 Mos.—*1940
Cash
/-'7
6,676
5,637
207,022
Aug. 31, '41 pec. 31, '40
$3,500,000
$3,500,000
28,000
3,000,000
—.————^ „
—_Uw_——
and
matured
Deferred liabilities
$337,890
227,136
772,904
1,055
—l„_
—-
Dividends matured
25,837
$7,663
:
Interest
Coeur
The 6EO pn Oct. 20 Issued an order permitting to become effective
the application of company, filed pursuant to the Public Utility Hold¬
Operation
———
—
stock
Long-term
debt
Audited accounts
15,002
1,857
adv.—
V-.•
stock
Chemical Fund, Inc. —Earnings—
Central Illinois Public Service Co.—Declaration Effec¬
.
——
in
$44,273,430 $44,144,471
Liabilities—
t Includes
adjustment of $22,208 to bring accrual for Federal income tax for
the
:7/7 V777;'-// [
'7-7/,77/,
—
income
296,461
Federal Jncome Tax computed on basis of current law,
an
p.
(net)
1,906
2,008
deductions
The net profit of $303,358 for the first nine months of 1941 compares
a net profit of $62,564 for the first nine months of 1940—V. 153,
.
premiums paid
— WM.<nr.w
Preferred
245,000
245,000
'
7// 7-. 7:77:. 77
>7/S;7-:7
20,417
20,417
interest
interest
With
.
income
Other
<$91,338
'
debts
insurance
and
Total
$619,347
179
Material
145,855
income—
inc. (net)
cper.
Other
$27,396
'
77,..
19,333
1,603
Unci. inc.
102,004
744,621
4,396
4,960
207,109
174,223
19 292
14,361
Gross
provision has been made in the aoove income account for
federal excess profits taxes, since—based solely on the results of opera¬
tions for the 9 months ended September 30, 1941, computed in accord¬
ance with such tax requirements—no liability therefor is indicated.
tive—
256.060
177, 504
25,055
1,729
and
.
2,758
Note—No
p. 544.
308, 172
796,248
Interest and dividends receivable——
12,221
Non-oper.
2,500
$129,305
—
103 806
28,473
Net
832
72,300
wh—-
income
9,337
13,366
800
Rents
$2,437,746
'
Common
*$52,128
1938
3,050
45,220
interest
Depreciation
$80,895
11,431
Amor. of debt dis. & ex.
Other
1939
Other unadj.
& State
Federal
1940
560,949
545.059
116,920
200
875,314
debt^-
587, 300
645, 778
depreciationmunicipal taxes-
Social sec.-Fed.
Central Foundry Co. (& Subs.)—Earnings-
funded
on
48,486
50,149
394
530
—_.1—.t—,_.lC.„
$219,949
for
State
assets
54,635
ii-.i-
Maintenance
Prov.
agents—^
receiyable
accounts
deferred
Discount
from
85,067
—
'
indenture, to purchase 50 shares of common stock of the cor¬
poration at any time prior to Nov. 1, 1950, at prices ranging from
$17.50 to $20 per share.
^Includes interest accrued.—V. 153, p. 983.
Total
43,424
331
8,237
revenues.
—i774-77
Purchased power
the
Miscellaneous
1941— -12 Mos.—1940
$2,641, 030
receivable
728,620
73,647
deposits
and bills receivable—
$232,818
Operating
Operation
at Sept. 30, 1941, $4,532,332.
tWarrant attached to
debenture entitles the holder, subject to and as provided
3 Months Ended Sept. 30—
1941
Net inc. from oper
$262,105
1941—Month—1940
Aug. 31, '41 Dec. 31, '40
$41,350,260 $41,287,821
equipment, etc.——
910,258
Special
Net balance
Period Ended Sept. 30—
road and
sub¬
by the
the parent
Loans
»Market value
each $1,000
to
open
representing first mortgage bondholders- ©f the
lines, specified that the hearing was called td
valuation as-a basis for the allocation of securities to
security holders in a reorganized company.
This valuation,
Surface
the
he. said, woi(ld. not be used for ratemaking purposes noj* tp influence
the price to-be paid for the properties when the city is ready to buy
■them.' '
' '*: ■.■'
<■
,
The other attorneys; questioned by Judge Igoe, agreed to this speci¬
fication.
The interests represented were the city, the Joint board of
operation and management, and the security holders of both trans¬
with accrued int: thereon aggregating $45,762; $20,913 principal amount
6'A
promissory note, due June 1, 1937; $137,697 of open account
indebtedness bearing interest at the rate of 6% per annum, if earned
in any calendar year.
In connection with the proposed sale, Central will acquire from the
subsidiary 190 shares of capital stock of Atlantic Utility Service Corp.
for a consideration of $2,517 payable either in cash or by credit on
.1940
$598,320
$1)————————
$566,692
—1,872,000
(par
.
112,189
—
Total
'
Exchange
,
September 30
1
.Investments.
Cash
77,
••
Commission Oct. 20 announced the
(File 70-414) under the Holding Company Act
regarding a proposal by company to sell its entire interest ip Arkansas
General Utilities Co., a subsidiary, to Walton, Sullivan &, Cq. of
Little Rock, Ark-, for.$325,Q00.
"
.
1
The securities and other indebtedness proposed to be sold consisted,
at August 31, 1941, of the following: 5,000 shares common stock, no
S&oss.
lated net loss from sales of investments.
7'',.7/7 71"
/
establish
filing of an application
during the period amounted to $108,656 and was charged to accumu¬
.".'.Assets—
and
Securities
The
Amounts
Fi'iedman,
Side
South
Central U» S. Utilities Co.—To Sell Arkansas-General
,
y
Cutler-Hammer, Inc.—Earnings—
Commonwealth & Southern Corp.—Weekly Output—
■
weekly kilowatt hour output of electric energy of subsidiaries
The Commonwealth & Southern Corp. adjusted to show general
The
ol
:
Gross
of
652.
.154, p,
■-
;
\,
profit
1
^
expenses —
General and administrative expenses
Community Power & Light Co.—To Borrow $390,000—
Net
profit
from
Federal
normal
Federal
operations—
—
State
with such additional, amounts as may be required
will be used to redeem assignments and agreements of the company in
regard to the $8.24 dividend prior preferred stock of American Com¬
monwealth Power Corp. outstanding: in the face amount of $370,524.
—v. 154, p. 539.
.■
'
•;
f
:
will
y
—
1
i
145,957 y
' $1',342,542
Net profit
r
*
share
per
On
659,998 shares of capital stock.
(Including Domestic Subsidiaries)
■
:y
.
,,
so
'
v
v
'
Provision
.
Sept. 30—
Provision
1940
$438,281
162,625
/ 81,777
V
-
taxes and depreciation.—_
before Fed.
Profit
'
■
Delaware & Hudson Co. (& Subs.)— -Earnings—
Period End. Sept. 30—
Gross
no
shares of capital stock
years.—V. 154, p. 56.
par
both
Net
Net
of
rev.
cos.
$5,617,183
8,288
$3,211,216 $12,756,370
12,569
•20,752
to
all
of
rev.
$3,190,464 $12,768,939
income
2,548,835
9 Months Ended
Fixed
Sept. 30—t
$6,283,846
835,027
,
.•''• "1941
'".
1940
$1,182,379
719,498
650,468
1939
$1,257,607
710,602
before Fed.
Net
income
on
S.
Int.
57,798
5,656
6,258
17
__
Int.
15-year 6%
on
Bond discount and
cum.
inc. notes
expense..
JLoss
—-
Net pro.
♦
before prov. for Fed. taxes
62,113
6,066
8,467
5,704
$118,906.
$128,552
such action the consolidated liabilities of the company and its sub¬
plus the. aggregate, par .value of the outstanding cumulative
preferred stock and the aggregate par or stated value of any stock-of
nine months ended Sept. 30,
income———.
Total
'
Fed. and state taxes^..
Net profit
$6,069,016
$7,072,838
1,290,124
5,692,500
1,290,125
5,692,500
$90,213
15,777,994
*
31_—
Surplus,. Dec.
Total
surplus
...
—
Earn, per sh. on 2,530,000
shs.
com.
stock
(par $25)
debt
■
■ ■
operations
utility
income
$2.29
$1.89
$2.40
.
discount
&
v
5,608,665
.
expense
z—
$12,329,340 $10,336,648
—
retirement
to
(depreciation)
for
accruals
Note—The
vy. Diamond Match.
Federal
taxes
income
$2,308,000
were
•Net
income
all
•After
charges
excess
for
and
50c.
on
In
March
last.
1,
Years End. Aug.
Sales
tOn 514,864 shares of common stock.
Cost
1941
*
t$l,140,472
31—
—°.
Returns
allowances
and
:
from
Crystal River & San Juan RR. of lines of railroad extending from
Carbondale south to Placita, approximately 20.66 miles, and (2) aban¬
the
of
contract'
and
■
.
$41,857
ment,
:
Net
loss for the
•Includes
Co.—Earnings—|
(Including Cumberland Securities Corp.)
Operating
Operation
Purchased
revenues-.—
——————
Rental of leased propMaintenance
Provision for
___—
deprec.—
"
$5,620,641
$426,204
110,469
17,005
21,962
26,576
39,241
$543,943
216,989
po wer _—:*-
5,940
17,881
24,759
55,208
-
-
come
"'
1940—
$
1,704,962
237,638
230,898
303,277
541,132
230,136
leased
of
bus prop,
and
State
Soc.
8,140
32,756
3,910
2,908
32,960
3,769
77,937
397,744
46,977
61,293
42,847
560,758
Gross incdme
403,731
Bond
Other
Other
Net
—
interest
—
interest (net).—,
deductions
income
Pref. div.
——
requirements-
.
receivable
26,709-
in
1939).
$31,829
249,189
————————————
——
403,894
423,320
930
29,686
—
Deferred
charges
$123,967
10,131
5,723
$134,098
$121,490
32,160
32,488
187
189
$1,486,986
95,336
$1,582,322
387,499
$1,438,928
390,563
Cr445
2,781
257,704
232,712
$81,688
29,164
$937,564
349,975
$812,872
-
$67,945
29,164
;
—-,-——-——————
1,138,847
Total
939
ioi
oept.,
xvtx,
wmpuieu
oxi
oasis oi
81,577,919
;■—84,787,807
——
—
In
payable
Accounts payable and accrued expenses——
§Capital stock
Capital surplus ——————•———__
Paid-in surplus
Deficit-
49,552
371,875
97,470
631,696
cur¬
$1,067,550
that
1939.
§Par $2.50.—V. 151,
p. 3393.
date
it
included
has
the
acquired
assets
the Browne Vintner Co.,
and
business
of
the
Wilson
Inc.,
Dis-
the
the
than
in excess of those of the corresponding periods of preceding
Thus, in the Spring of 1941 and at the end of the fiscal year
closed, bank loans were substantial in amount and in excess
.
the
of
but
;
thereof
amounts
accounts
Increase
in
receivable
sales
at
were
corresponding times in preceding years
likewise larger as a result of the heavy
have been increased to provide for
inventories
and
the increase in sales.
The total bank loans
were
$23,516,785
on
July
31, 1941, as compared with $12,000,000 on July 31, 1940, and accounts
receivable on July 31, 1941, were $25,817,305 as compared with
$18,724.011 on July 31, 1940.
At July 31; 1941, Inventories were $50116 291
■
,
as
compared with $41,332,032
In'view
to
of
the
officers
able
restrictions,
short
term
growth
and
should
funds
of
on
be
in
July 31, 1940.
the
directors
in
company since 1936 it has become
that the company, subject to reason¬
a
position to secure both long term
the
discretion of its directors to finance
taxes, to lay down larger stocks of
whiskey. to provide for the future and to take advantage of other
opportunities which may become available.
increased
sales
and
increased
„
•
Company has been in a fortunate position in its ability to borrow
money for current needs at attractive rates, but the directors have
been restricted by the charter
provisions in contracting for such
borrowings to a period not in excess of two year.
The nronosed
changes will enable the company
tAfter reserve for depreciation of $124,164. in 1941, $107,752 in 1940
and $91,288 in
8,110,012
years.
1940
86,745
6,566,313
9,716,798
103,231,335 '.
133,850,357
surplus and sales the company has doubled in size since
the company had one major line,
namely Seagram's,
other brands, Calvert and Kessler in the process of
develop¬
which
of
tially
$1,067,550
$1,138,847
i————————ta——-
$7,444,258
7,313,504
preceding year would practically liquidate all, or the
of the bank loans.
In April, 1940, all bank loans
$5,000,000 five-year loan, were paid off.
Sales had
shown a gradual growth from 1936 to
early in 1940.
Starting in the
;/ Spring of 1940 sales increased tremendously over the corresponding
periods of preceding years, and have since that time been substan¬
15,758
$33,784
371,875
97,470
<j 631,696
67,274
■
1936
Since
other
75,000
Note
-
major portion,
$23,552
94,558
23,293
484,867
424,583
Net Income
$81,872,168
assets,
Fall
fLess
349,976
for 12 months to date includes an adjustment of $16,488
to bring accrual to basis of current law.-r-V. 154, p. 243.
rent law and
1941
Liabilities—<
i
com¬
Consolidated
Net Sales
;
,
—
and
$1,313,093
125,835
19,735
21,196
i
.
the
1937, to July
7
■
____________
—
evident
$115,767
follows:
as
133,850,357
of
.1940, the distilling industry had definite seasonal cycles, so that
during the early Spring of each year, to and including 1940, the
collection of accounts receivable arising from the heavy sales in the
/
;;F
—
—
Total
Note—Jf'eaerai income tax
$74,149
($4,144
$13,604
acceptances
~
Inventory
——
tLand, bldgs., machinery, equip., furn. & fixt,_.
Trademark
————
—
394,717
45,309
income
inc. (net)—
$114,690
$65,249
Trade
taxes
Net operating
$19,471
>'
income
to
9,071
year
Accounts
64,500
(leased)
munic.
Fed. & state
(incl. inc. tax)—
Non-oper.
34,000
•>
706
Consolidated Balance Sheet, Aug. 31 • yFjFF-y,
Assets—),;?■1941
1940
451,587
of
sec.,
Fed.
4,500
" F
and cash discounts, and including commission in¬
Cash
1,300
property
,
31,069
——•
of
net
Co., Inc., and the remaining one-half ownership of Hunter
Baltimore Rye Distillery, Inc., the other half
being then owned by
the company.
Company has also acquired the Carstairs business.
Company now has five major brands, these being Seagrams, Calvert,
Carstairs, Kessler and Wilson, with Hunter in the process of development.
v"V"F\>F:y";;7y -;>.'■.'
.w:" .F-:.
:v,.v
i.;At the time the preferred stock was issued in 1936, and thereafter
-
—.
income
".,.60,585,917
consolidated
1941_
just
263,548
334,617
Provision for deprec. of
Provision for replac.
commission
allowances
$1,903.
75,652
provision for depreciation of idle plants was made during
because the book value of these plants was reduced, at Aug.
1, 1939, to an amount which, in the opinion of the board of directors,
represents their reasonable realization value.
r. :
■\r
the
$4,948,222
1,418,607
;
Of
year
•
15,797,000
19,404,589
37 145 450
tilling
54,937
20,928
Note—No
1941—12 Mos.—1940
1941—Month—1940
Period End. Sept. 30—
returns,
55,200
66,294
30,614
F"
-
.
and
19,202,427
16,854,325
surplus
1939_
.
49,852
mat.
supplies.
45,582,483
Z'U
—v_-
sales
;
-
July 31,1941
14,270,955
__U——
net
•
„
,
-
—
1938—_—
of
F
company
$54,793,217...$109,774,517
32,709,092 ;
80,403,111
^.18,438,137.^
34,820,628
assets——
Ending July 31—
business
,
the
Consolidated
In
—v
of
J
——
of
———
Write-off of obsol.
operation of the Crystal River RR. by the Crystal River &
San Juan RR. extending from Placita south to Marble, approximately
7.33 miles, all in Garfield, Gunnison andy Pitkin Counties, Colo.
donment of
Cumberland County Power & Light
sales
assets
cancellation
accounts
July 31,1936
^
■
$16,868
$31,659
capital
of minor
;•
,
—
earned
are
!i
1936,
$66,602
Cost
July
on
$37,145,450.
■
consolidated
stock
31, 1941,
442,243
profit from sales
Profits
Sept. 22 issued a certificate permitting (1) , aban-.
to interstate and foreign commerce, by the company and
year:
net' working
Consolidated
370,877
Net
on
as
existing
was
other respects
pany and its subsidiaries for fiscal years ending July 31,
General exps.
Crystal River RR.—Abandonment—
."•■ r :■
-
surplus
1941,
certain
Sales for the fiscal year—r„—
/■
1940—50c.
25c. paid
$489,004
4,904
699,317
expenses—
//*'■■
at July 31, 1936, shortly. prior to the time when
preferred stock
5%
Series
was
originally issued
and a comparison with those accounts at the close
fiscal
stock
Common
=■$401,441
13,696
1,073,870
plant
certain
of
resume
1936),
last
Preferred
*$749,090
18,114
sales, advertis.
selling expenses^
Idle
■
since the cumulative preferred (Stock 5% Series
changes of considerable importance have taken
business of the company and its subsidiaries..: The fol¬
Consolidated
1938
81,909
54,016
in
•
of
and other
(net)
earned
July 31,
on
Total assets less reserve——.—
Total current assets————_L
1939
and
.
theretofore
subsidiaries
the
1940
"
and
proposed
■.■/-r\.. ■■.
r
cumulative
(October,
'
(& Subs.)—Earnings—
"
amount
years
its
of
also
are
and
-
,\v
the
of
annum
.
,
charges
ICC
per
consolidated
The
$16,854,325
the
and two
The
3%
originally issued,
GoliSolidated
:y;
January, 1940, company declared four dividends for
March 1, 25c. paid June 1, 50c. paid Sept. 3, and
2.—V. 154, p. 52.
Distilled Liquors Corp.
Credit & Investment Corp.—New Name—
See German Credit & Investment Corp..■,. >FkvFF'v
donment,
reduced.
was
place In the
lowing is a
Like amount
2, last, and compares with 25c. paid on June 2, last,
Sept.
income and excess profits taxes.
In
amounted to $788,747 and Federal
'
of
annum
company
nor
any
subsidiary will redeem, purchase or
on
stocks Junior to the cumulative preferred stock
the consolidated earned surplus existing on July 31, 1936,
the five
In
share on the com¬
on
1940
$798,737
$1.38
$2.21
$1,250,588.
profits tax,
153, p. 392.
be
1936,
was
stock, payable Dec. 1 to holders of record Nov. 12.
paid
1941 Federal and state income taxes
—V.
per
outstanding
the
Years
'
including
dividend of 37^0.
a
stock
(The
.Modifications
,
•
tEarns. per share—
Co.-4Pividob.ds—^.'.V"
Directors have declared
Copperweld Steel Co.—Earnings—
1941
$1,224,093
preferred
V-v-'-
thereby
and' accruals for all taxes.
reserve
mon
paid
30—
per
Total liabilities
Dec.
Sept.
cumulative
declare, dividends
would
422,493
.
12 months ending Sept. 30, 1940, and $4,670,000 for the 12 months
ending Sept. 30, 1941. No provision was made for excess profits taxes
for the period in 1940 as the company believes no such taxes were pay¬
able by it under the Second Revenue Act of 1940.
The accruals for
the period in 1941 were based upon an anticipated increase in the
tax rate and are believed to be adequate for Federal income and excess
profits taxes under the Revenue Act of 1941, now in effect.—V. 154,
announced production of the electric plants of its system
for the week ending October 19, 1941, amounting to 150,000,000 kilo¬
watt hours, compared with 151,200,000 kilowatt hours for the corre¬
sponding week of 1940, a decrease of 0.8%.'—V. 154, p. 652.
y
Ended
the
of the amount theretofore issued, beginning
operation of the sinking fund ha& been and (is
to the regulations of the Canadian Foreign Exchange Control
subject
if
•
Company
Mos.
total
a
5%
1943.,
neither
>,
66,018
•Includes
9
of
exceed the amount of the consolidated net Income earned since
July
1941, less an amount equal to the dividends and the annual
sinking fund on the cumulative preferred stock since that date, by
more than $7,500,000.
The present provision provides in effect that
.
5,826,475
35,245
765,577.
will
31,
164,648
$18,668,338 $16,519,597
debt
action
in effect, that the company will freeze an additional
the present consolidated earned surplus by providing
that the amount than can be expended for the purchase or
redemp¬
tion of,
or
dividends on (other than a dividend, payable in junior
stock), stocks junior to the cumulative preferred stock shall not
$18,451,757 $16,354,949
216,581
such
any
directors.,
(5) Provide,
$12,791,125 of
.
"■
construction—Cr
otheryihah ;)ncome.
■
to
1,
•Including all operating and maintenance charges, current appropria¬ F significance; r:-i
$2.30
$3,735,000 for excess profits tax and $1,125,000 for taxes
t Deficit.—y. 154, p. 653.
J.:,.1
■'
F — F-::;
Consolidated Edison Co. of N. Y., Inc.—Weekly Output
from
issued
Feb.
-
—-
unfunded
funded &
of
•
income
tions
$15,238,598 $15,674,618 $15,868,208 $15,464,977
■ ,i;
y.,:'
—
value
par
Series
appointed reg¬
of this corporation.—
Subs.)—Earnings—
income—:
corporate
charges to
Net
15,334,491
—
the taking of
the board of
the company
of equal thereto, as presently provided.
(3) Provide that no further cumulative preferred stock will be Issued
unless
the consolidated
net tangible assets * (excluding trade-marks,
bottling and blending rights and goodwill) are equivalent to three
times the then to be outstanding cumulative preferred stock instead
of twice,
as
presently provided.
(4) Increase the sinking fund on the cumulative preferred stock 5%
the
Surplus
that
instead
New York,, has been
,
the company or a subsidiary, would exceed
current assets of the company and its sub-
limitation,
discretion of
Provide
aggregate
23,984
$233,508
31,
$130,486
16,588,226
Trust Co.,
from
income
on
Amortiz.
1,290,125
5,692,500
t$913,608
$311,641
.
miscellaneous
Gross
$7,113,111
1,290,125
5,692,500
467,018
$3,669,819
shares of the common stock
146,606
539.
Interest
1,170,000
14,858,846
.
;
12,687
391,506
the
by
,
said
Board).
1938
$379,752
dividends
$257,492
,;yy.
-
Midland
Marine
Other
$7;362,376
-
....
dividends—
Preferred
'Common
$4,136,837'
held
consolidated
Within
shall not redeem or purchase or pay
any
dividend
(other than a dividend payable in junior stock) on
stock junior to the cumulative preferred stock unless the consoli¬
dated
net
working assets (defined in the charter substantially as
consolidated
current
assets
less
all
liabilities)
shall be twice the
1941
1940
Gross earnings from utility operations—-;-— $72,017,313 $63,932,299
•Utility expenses
—
53,565,556 47,577,349
$8,970,737
1,475,050
1,125,000
(
$324,328
not
the
in
rest
:■
$2,255,386
for
154,
Balance,
$8,708,631
1,826,393
$2,646,892
12 Months Ended Sept. 30—
$9,967,447 $10,535,024 $10,445,787
3,898,4311
2,337,186
2,162,676
1,125,000)
of
sidiaries.
153, p. 546.
Interest
$16,761,073
*8,273,696)
Depreciation
subsidiaries
v,
1941, $138,024.
1939
1940
$8,428,408
1,539,039
2,057,629
Detroit Edison Co. (&
Corn Products Refining Co.—Earnings—
1941
operation— $15,479,632
1,281,441
2,130,700
on
income
istrar
V.
—V.
income
702,798
for U.
profits taxes)
exc.
The
«$185,083
Note—Charges'included in the above profit and loss accounts and in
cement inventory-for depreciation and depletion were as fol¬
lows: nine months ended-Sept; 30, 1939, $130,234; nine months ended
9 Mos. End. Sept. 30—
$2,315,121
'
finished
Other
y 3,968,725
Derby Gas & Electric Corp.—Registrar—
freight discounts, allowed, etc.
t Including expense applicable
to non-operating periods, &c.
(less miscellaneous income),
tOn re¬
tirement of fixed assets, obsolescence, operating of dwellings, etc.
Profit from
3,952,567
$6,267,537
sidiaries,
taxes
taxes
prov.
•Deficit.—V.
7,144
4,200
•
(no
Net
;;
68,840
7,900
Less
Sept. 30; 1940, $140,959;
153, p. 1127. v
1,328,311
$1,027,126
772,751
— —
for Fed.
Prov.
$547,006
273,840
$531,911
330,655
$591,455
393,174
profit on sales
1,308,774
$3,419,643
-
—
and deprec
inc.
Gross
.
(2)
$1,310,953
tSelling, general and adm. exps
on 15-year 1st mtge. 6%
cum.
income bonds
$4,728,417
charges
Balance
Deplet.
•
sales
;
stock Junior to the cumulative preferred stock, other than- a
payable in junior stock, Jc) purchase or redeem any stock
the cumulative. preferred stock, or (d) issue any additional
cumulative preferred stock or
stocks of subsidiaries, if after any
75 %
1
.
of goods sold
;
dividend
2,516,264
$2,355,437 $10,220,104
'897,054
Net bef. fixed chgs., etc.
y
Consolidated Cement Corp.—Earnings—
•Gross
:
junior to
Fed.
than
on
taxes
expected that present stockholders will be given the right to subscribe
154, p. 694.
.'.y.:';F
Cost
"
general effect:
the
present * provisions for borrowing money' and
indebtedness above referred to and insert in lieu thereof
a
provision that neither the company -nor. any subsidiary will
(a)
Incur, create or assume any indebtedness, (b) pay any dividends on
$8,800,110
*
COS.—
other
Taxes,
is understood to have under consideration a plan for
refunding its 68,044 outstanding shares of 5 '/a %
preferred stock
through the issuance of stock bearing a lower dividend rate.
It is
,
of busl-
course
Elimihate
any
Connecticut Light & Power Co.—May Refund Pref.—
to the new issue.—V.
the following
(1)
Company
,
in the ordinary
preferred
$8,772,480
27,630
$5,625,471
cons.
of cos. not cons.
rev.
Net
,
be limited to borrowing money
(Without limitation: as, to amount) on obligations maturing within
two' years,' except that" it was permitted to"boffow $5,000,000 Up "to
five years and^renew the same and could incur or assume debts under
ness
Incurring
excluding treasury stock in
in 1940,
a
certain conditions in connection with the acquisition of assets.
Direc¬
tors have adopted, and recommended to the holders of the cumulative
stock 5% .Series and common stock, revisions in that ahd
other provisions of by-law No. 23 and supplementary letters patent
K
y
1941—9 Mos.—1940
1941—3 Mos.—'1940
______
_
■ ■
$16,487,561 $11,364,722 $43,299,288 $35,275,738
30,542,918
26,503,258
10,870,378"
8,153,506
-
Expenses
_
________________
$269,207
$193,879
profit
•Earnings per share_____—
■
$0.82
$0.59
•On 327,143 no par shares of capital stock in 1941, and on 327,144
Net
'
5 % (Series-^ in October, 1936j the charter provisions were written
to provide in substance that, without the consent of- the holders
specified amount of the .cumulative., preferred stock, thfe coin-
as
pany
.
y
,
,
1941
$567,546
for depreciation
—
163,337
for Fed. income taxes^———■
135,002
9 Mos. Ended
'
atock
of
Notes—(1) Federal taxes for 1941 based on 1941 Revenue Act.
(2) For corresponding period last year the net proiit was $925,227
or $1.40 per share of capital stock.—V. 154, p.
149. FvFF.F-
Nast Publications, Inc.—Earnings—
Conge
-
.,
»
$1.88
—
.
i
and' progress the officers and directors believe that a change of the
present provisions of .by-law No. 23 and supplementary.letters patent
Is imperative.
■'
■■
:
■
At the time of the original -offering of the cumulative preferred
.;
♦Earns,
period
between July 31, 1936t and-July 31, 1941, and in view of its expansibn
,
■■■';.125,780
income taxes
Samuel Bronfman, President, In letter to stockholders states:
Company has more than .doubled in. size, in the five-year
'
432,102
1,460,636
,
The funds, together
..
'
;
tioriing arid confirming the action of the board of directors in adopt*v 285,520 y ing amendments to certain -of the provisions dealing with cumulative
preferred .stock and common stock.
.
..
v
taxL-_Li'_w———---r--—'—"
income
profits tax-Federal: surtax",: —
—;
•'-•V';.;,. '..v.• -V,;....-■
;
Series and
210,633
_____________$3,407,017
excess
Saturday, October 25, 1941
•
special meeting of tjie holders of the cumulative preferred stock
a, special meeting, of the folders of the common. stock
be held in Montreal on'Nov. 18, 1941, lor the purpose of sanc-
A-
,
5%
.
v
Corp,-Seagrams Ltd.—Proposes Changes in
By-Laws—
5
432,412
—
Provision for depreciation and
amortization—-.r_——
Social Security and unemployment'taxesj-i™:—iFF__F'
:/
Distillers
,
''
bDeratioh8__—_^_—^-_——-_-—-__L_-- $6,532,887
L___2,197,305
from
Selling
Company has filed with the SEC an application (Pile 70-416). re¬
garding a proposal to borrow $390,000 from Continental Bank & Trust
Co.
The
loan
is to be evidenced by
a
promissory note bearing
interest at the rate of 2y2% per annum and maturing ht four years.
5
v
Earnings for the 9 Months Ending Sept. 30, 1941
territory served for the week ended Oct. 16,
1941, amounted to 198,999,722 as compared with 170,501,401 for the
corresponding week in 1940, an increase of 28,498,321 or 16.71%.—
conditions
business
V.
^
THE COMMERCIAL & FINANCIAL CHRONICLE
748
of
its
loans
company
of
as
the
current
money
to lengthen the average maturities
may deem in the best interests of the
position to more effectively take advantaee
directors
and put it in
a
markets.
6
.
S. Sturgls, vice-pres. of First
pres. and dir. of Lake
and dir. Corning Glass Works;
Charles
T.
Fisher, Jr.,
pres.
and dir. National Bank of Detroit;
James
S.
Knowlson,
pres.
and
chairman
Stewart
Warner
Corp.;
John
A. Hadden,
trustee of Erie RR.; Daniel C. Borden, vlce-pres.
National City Bank, New York; Alfred C. Davis, pres. and executive
dir.
Marlln-Rockwell
Corp.;
Harry C. Hagerty, treas. Metropolitan
The
•
-„,V
■
(E. I.) du Pont de Nemours & Co. (& Subs.)—Earnings
Consolidated' Income Account; Years Ending July 31
"
,
LExpressed in United States Currency]
;
:•
■
-
"
.
•
1939
1940
1941
End.
Period
'
Sept.
30-
'*
—L$13!),850,357 $101,798,654 $84,787,807
70,567,135 58,144,838
Sales, less returns, etc.—
of
Cost
distributing,
advertising,
and general expenses—-
Selling,
admin,
for
Provision
profit'
Gross
Other
income
xTotal
Loss
misc.
lonas &
136,643
95,938
Amortization of contracts——„
income & profits
securities
81,048
'
'
for Fed.
Provision
States
U. S.i
and
Canada
in
taxes
United
income
tax
7
'
?V./'V/ '''"y'y.YhJ: ■
$2,690,354
$2,252,000
for
contingencies--——
Provision for exchange adjustments
Provision
for
V ' 653,329 VV' 565,406
286,989
—__
vestment
Motors
79,174
$6,566,313
26,561,390
Approp.
common
on
surplus
shares
/
income:
Other
31
July
sheet,
Balance
'
27,500,000
27,500,000
^ 1 .■
;"?;'*r;*,V,,
23,790,000
18,800,000
50,630,000
11,600,000
„
,
19,800,000
7,600,000
'
Baance
issue
holders
>
find.
E.
equity
67,928,497
5,699,869
5,699,869
19,174,846
62,553,795
Co/s*
19,318,129
58,034,788
(Expressed
Assets—
•
,
'
'
,
,
1940
!941
———
—L_,——
Canadian Government
Inventories
19,177,921
64,535,861
64,055,601
11,045,055
11.037,815
11,048,871
$1.74
$5.84
Deposits on grain fututres contracts—^-1-—
Sundry investments and advances, at cost-—
and
contracts
Prepaid expenses
outward
freight,
263,988
.282,238
1,175,181
rights,
goodwill—'————
and other deferred items—-
11,726,264
851,642
Eastern Shore Public Service Co. (& Subs.)—Earnings
10,691,173 y
740,174 y? 12 Months Ended Sept. "30—
.
.
1941
-y : 1940
Income."—V.
on
154,
p.
653.-
—
Liabilities—
,
,
.
.
of grain futures contracts———1403,850
for contingencies
—cV7/- 1,000,000
5%
cumulative preferred stock (par $100»——
15,797,000
•"Common stock
i—
19,404,589
'/
spect
-----
Gross
-
-
-
reserve
doubtful
for
of
County
purchase contracts was $3,261,443;
market
received, $3,414,797. "••Represented by
1;752,845
of
amount
credits
par)
to
in-1941 and 1,752,045 shares in 1940, "V^,,
less
the
,
1941,
*«•
considered
Proportion of discount on debenture
bonds of subsidiaries consolidated
/
'
*
? 1,409,040
*
' "
redemptions•• •/:/'7 /
of deb; bonds of subs.- cbnsol.-i; ys 454,949
Premium on redemption of deben;
•
V ture bonds of subs, consoi.——
" ——*
Profit on sales of investments
Drl,019
Other interest'-l-V—:
,
i—1
>
15,968"
Profit on foreign exchange.
Dr417
Balance of discount on
"
:
1941.—V.
excess
153, P-
and
;
profits
-
L-1-:—i—-----
'*
issued
,{,■■
,r
,
Laurence
Lombard.—V.
M.
$6,419,007
Sheet,
Balance
)
week ended Oct.
the
For
16, 1941,
companies
ating
of
Ebasco
American Power & Light Co.,
--
Power
„
July 31,
$4,724,670
1940
&
Light Co.,
1941
'
Assets—Demand
'
1
'
as
were
as
follows:
in banks, $1,359,206; Canadian Govern¬
(at market quotations $535,923), $538,963; interest*
;
•
"
,
\
;Dome Mines,
,,
r
-
.
1941
of
7
(1)
&
Light
•
-
;
.". '
"Net
•No
surplus
profit
.
470»527
$2,901,298
;
$2,854,663
$2,937,972
453,381. y - .191,590
245,333
$2,584,240
$2,430,770
-
.
.
or
105,811 y :
22,577
$3,183,305
$3,037,621. $3,046,253
w!.■ y
*."*■ .'y* -■ ' ;V.-y
'T/.-■*vv--v'^. "X
f
'
icates—
The ICO
rv
tificate for $250,000.
Atlantic Ry.--Trustee's Certif¬
rJ'"-;y
by the company of trustees' cer¬
Proceeds from the sale will be used in connec¬
•
with the redemption'of $347,000
6% • bonds.—V. 154, p. 540.
of South Shore Dock Co. first
■
;,*>
:
i
is
to
Co.
indebtedness
which
Federal,
follows:
as
///;/'/;,'■"
////'
!
Series, due 1959
7
$225,000
6,445
i
32,598
*
>
V*
$264,043
'
.
-
. .
.
y
Ohio
A
Ry.
on
Oct. 21.
part of the issue was
share
'
John
to
The
proceeds
from
aggregating
the
sale
$900,000,
of the
will be
$713,000
171,760
9,490
the
"
-
-
/
Railway & Gas Co. proposes
mortgage bonds, 3y2% Series, due
Life Insurance Co., pursuant to con¬
;
*
of the principal amount thereof plus accrued
purchase, In a transaction not involving a
of
date
f
:
first
Mutual
Hancock
.
5,750
7$900,000
Transmission,
$1,600,000
retirement of all indebtedness
To
7
account
connection
is
as
;f
follows:./
$2,413,000—
*$798,000
—
284,738
—
foregoing (amount at Aug. 31, 1941) /
on
of estimated
with
the
V
1
387,506
—
206,778
of financing—
expenses
cost to Federal $710,359.
•Average
In
indebtedness
gold bonds, due 1961, $3,211,000; less
contribution,
demand notes
payment
To
which
by Federal,
First mtge. 5%
(2)
of Trinidad to Federal remaincapital contribution proposed to be
after giving effect to the
ing
made
Accrued int.
;
20,860
v
financing of Trinidad, Federal will make a
the company of $2,413,000, to be effected
*'•'
contribution to the capital of
by the surrender for cancellation by Federal of a like principal amount
of the company's old bonds.
The company proposes to (1) credit the
amount of said capital contribution to capital surplus,
(2)
increase
the
750,000
of
balance
in
its
$200,000
Federal
by
a
depreciation and retirement reserve in the amount
to earned surplus (deficit), (3) charge the
(after crediting thereto the discount realized
$798,000 principal amount of old bonds reacquired) to capital sur-
deficit
on
plus,
•"
offered to dealers at the discount of 45 cents
,
In
charge
and
(4)
contribution
the
rest of the purchase
is issued and ready
property
and
accounting
and
adjustments
the
close
the
proposed financing.—V. 153,
effective
as
of
the
Fort Dodge, Des Moines- &
The
;
entries
of
consummation of
of Reorganization
New Directors
U.
Division,
S.
the
month
will be
preceding
next
Southern RR.—Submission
for
Interstate
the
Southern
Commerce
District
Commission
of
Iowa,
have
Central
approved
rejection to the holders of allowed claims of the following classes:
(1) Fort Dodge, Des Moines & Southern RR. first mortgage
bonds.
•
(2)
bonds,
(3)
-
• -
,
-,
Fort Dodge, Des Moines & Southern RR.
series A,
;
987.
p.
Plan to Holders of Allowed Claims—
District Court
and
calendar
a
plan for the reorganization of the company, pursuant to Section 77 of
the Bankruptcy Act.
The plan is being submitted for acceptance or
The new
v
>
transfer the balance remaining in capital surplus to a
adjustments.
It is proposed that the foregoing
for
capital
made
*
earned surplus
reserve
,
'
new
/////:^/;//;// ■•777/7/ 77V/: ;•;// /■'/;? 7/\-
gold bonds, due 1947—
price of 100%
a
Open
step
a
;
Electric
sell
capital
elected at a
has-been
offering.
public
—
and
8%
in the reorganization of the road was accomplished
Oct; 22 with the election- of a <new president and nine new directors.
These directors w:ll serve the reorganized railroad until they are reAnother
par value thereof.
The
and
said
capital stock,
Trinidad
to
7/
from
delivery.
involving, a
^
issue
(1)
the public offering price, of which a re-allowance of
12i/2 cents a share may be made to members of the National Associa¬
tion of Securities Dealers, Inc,
Under the terms of the transaction,
a
not
Total
V
♦
of .first preferred, second preferred and old common stuck of
the Erie, which the two0 banking firms purchased from the Chesapeake
&
v
*
under
retirement of all of indebtedness of Sheridan to Federal,
(exclusive of accrued interest) is as follows:
«
Interest
18.0
18.6
stockholders'-meeting some time early next year.
president of the road is Robert E. Woodruff. Mr. Woodruff
trustee-and chief executive officer of the road.
He succeeds Charles-E. Denney who resigned as president of the Erie in the
/fall of 1939 to become president of the Northern Pacific Railway.
>
"
.
tion
»"
public offering.
The new bonds are to be issued under and secured
by an indenture to be dated as of Oct. 1, 1941.
The proceeds from
the sale of
the new bonds together with necessary additional cash '
from other funds of the company will be applied as follows:
7V/.';/
shares,
«•
■
has approved the issuance
mortgage
of mortgage and deed
proceeds from the sale
1941.
mtge. 35-year 7%
1966,
represent the new common stock of the Erie to
\ Woodruff Elected President — Nine
Elected—Changes In By Laws— V.j V. "
1
Duluth, South Shore &
The 150,000 shares
1,
follows:
as
The
17.5
12,013 y
16,635
appearing in both periods.—V; 154, p. 653.
payment of $3 a share was due on Oct. 24, and the
price will be payable when the new common stock
'
made for depreciation, depletion-and adjustments of
contingent reserve accounts.—V. 154, p. 540.
^
The
To the payment of estimated expenses of the financing
to
%
Amount
66,786
89,176 !
be. issued under the plan of reorganization approved by the
court in- exchange for. certificate?
of ^deposit representing
;' for
allowance
-
The
indenture
1941.
indebtedness
tract, at
;The above 'figures do hot include the system inputs of any companies
S'" ly.
the
To
First
Increase;"".""?
.;rey^; ?;
1940
Power
.
issued
be
Oct.
bonds
7 7
-
Operating profit—-—?
earnings
Electric
interest)
Open account
.?-y'1:
Kilowatt-Hours
128,834
*
Miscellaneous
Rawlins
of
of
at
which
,
1941
■
'
offering.
an
1,
together with $64,043 to be received from Federal i
of that company's indebtedness to Rawlins Electric Co., /
$264,043, will be applied to the retirement' of all the /.
to
are
?Erie RR.-^-Common Stock Offered—Hemphill Noyes &
$5,955; 140
,
by
Oct.
bonds
of accrued
as
Co., ahd Merrill Lyhch, Pierce, Fenner & Beane, after
the close of business Oct, 22, offered 150,000 shares of
1940
$5,867,625
of
of
date
.
applied
,
,
78,799
not
y
' 1939 -''' J-1938 ?t
$5,480,833 $5,470,830
Develop, oper. and genl
y*y:;i
•*• '■ -IK-: ■'
.'v.• ::
costs —--'2,060,100' .^1 1,982,300 - 1,952,164 yi,968,7M'*f
I
Prov.
for taxes
(est.)1,346,754- •1,171,285: ■ * 594,304
545,907;"
Outside expl. exp.-Liri.."'
30,000
:v 22,717
79,703
18,249
For,; exchange* paid :om'
fry*ft
transfer of funds^_-i'f.
• 194,598
:
*
30—
public
a
secured
as
Mutual Life In¬
of the principal
purchase, in a ~
new
bonds are to-v
Hancock
the
(3) To be added to general funds of the company_.„._.^
151,411
prepaid expenses and other
Ltd.—-Earnings—, JSSy-:®
9 Mos. Ended Sept.
and
to
County Electric Co. proposes to issue and sell $750,000 of
Series due 1966 to John Hancock Mutual
Co., pursuant to contract, at a price of 100% of the
amount thereof plus accrued interest to the date of pur¬
value
1
Tdtal'recovery
involving
dated
to John
at a price of 100%
Interest
and
secured by an indenture td be
The company also proposes to issue and
sell to Federal 1,500 shares of the company's capital stock of $100 par
liabilities, $901; divi¬
payable Aug. 1, 1941,'
$198,125; provision for Income and other taxes, $380,154; reserve aris- y new common stocky when issued, at a fixed price of 7
Dealer's : discount ;45c.
The distributors informed
ing from redemption and sale of stocks of subsidiary companies, i' net.
$5-1,501; - cumulative
preferred
stock,
$15,797,000;
common - stock,
;
the Exchange that they have and may continue to sta/ $1*9,404,589;- capital
surplus, $1,203,000; earned surplus, $22,187,045;
bilize to facilitate. the - offering.- - The - issue- has been
#total, $59,229,489.—Vv 154, P. 653.•
1
• '
:; oversubscribed. 1
;
-
sell $200,000 first mort¬
and
issue
Insurance
bonds
the system inputs of client oper¬
Co.
-
Liabilities—Accounts payable, $7,175; accrued
dend on cumulative preferred stock, 5(&• series,
'
not
be
new
dated
compared with the corresponding week during
• >
'
,
,*
Operating Subsidiaries ofAmerican
on
sidiary companies consolidated, $52,988,034;
deferred items, $5,999; total, $59,229,489.
to
1966
accrued
principal
chase in ~a .transaction
Inc., which are subsidiaries of
Electric Power & Light Corp. and National
'J Electric Power
debenture bonds of United States subsidiary companies
consolidated, $353,176; miscellaneous receivables, $3,273; indebtedness
of
subsidiary companies consolidated, $3,980,838; securities of sub¬
accrued
interest)
its first mortgage bonds, 3 Vz %
Life
in compliance with a
1940 requiring that a.
management organiza¬
John G. Howard and
& Light Corp.
National Power & Light Co.
*;
\
deposits
ment bonds, at cost
accrued
i?//
;77
Services,
$3,647,470 tyv;;?'yyAy,':y-;yvyyy.;;*•;
(Expressed in United States Currency)
-»■
-
subsidiary companies are
payment of estimated expenses of the financing—
To be added to general funds of company.
"■
'•>
y
:
(exclusive of
100
at
proposes
Series due
plus
under
.
153, p. 689.
^Thousands
-
1954
To
.Ebasco Services Inc.—Weekly Input—
,
.
<
•
received by
be
to
thereof.
mtge. gold bonds, 8%
new
■■
•
.
balance,Of profits
1,
respect of each of the
Co.
3Va%
to
(exclusive
First
With
717.—V. 153, p.689.
company.
——.•
.
Provision
proceeds
cash
Total
y
.
for
/'
>
.
sub-
wholly-owned
are
transactions,
Excess
*;
-
8,358 %
83
and administrative exps—
Provision
Prov.
in
Electric
payment
aggregating
George Mixteir,-.Secretary-Treasurer- and. director of U.f S. Smelting,
Refining & Mining Co., and Leeds Buchard, President of the Citizens
Savings Bank,- Fall River,' Mass.,;have been appointed trustees of this
Interest 'paid
'
I
,*
f
\
in
y *
$7,148,720 $5,729,106 $4,041,143
46,468 ■. = 55,783
1
57,249
-—+
( "373
157 '.'
—
for Canadian income tax
. : 462,732
y , 440,318
* 336,425
Can. excess. profits tax—'
172,866
.
225,225 ,
——_
for exchange adjustments
47,274 '
282,953
J:
y7
.income
Total
General
Dec.
expenses
thereof
amount
(2)
•
The net
such
of
Co., pursuant to contract,
surance
Fund— Registers
.yk Changes in. the trustees are being effected
provision of the ^Investment Company Act of
majority of .the trustees be independent of the
; 15",561?
tion.
Other trustees are Charles F. Eaton, Jr.,
1.450,
•
due
transactions
bonds,
gage
Eaton & Howard Balanced Fund—New Trustees—
—
.
*
6%
B
Rawlins
.
55,000
•
under the
tax
"
Electric
Trinidad
follows:
as
$317,443
215,572
.
*
75,006
- 930
"
result
a
as
payment of
The
period from ■ Jan. 1;
No provision has been
Act.
547.
Howard. Balanced
Eaton &
6 *
1,445,534*
1 " ',» t V*
y,,77,991. /
198,688
y
77K
/:
:j
jv—Vu
83
'
.
;
32,496.
Revenue
Federal
for
necessary
1941
SEC—See 'Chronicle" Oct. 23, p.
$2,318,000'"
v
j
1,409,040
the
upon
Profits Tax Act of
.
1939 o
$4,164,605
$5,237,621■
based
is
•
Sheridan
,-vlncome^Vy ^V/Vy- y^V-v:/vv
Dividends rec. from subs, console
Interest received on debenture bonds
of subsidiaries consolidated—jX--
————J
Application
capital of Trinidad, by the partial cancellation of bonds of said
Series
6,269
<
■
*
aggregating $2,485,097/ will .
be
applied, together with $23,703 from its general funds, to the
redemption of $2,500,000 of Federal's 30-year debenture gold bonds, y
Note—'Provision for Federal. income- tax lor the
(no
~
\
(Expressed in United Currency]
■ 1941, /•
1940
,
346
$364,404
215,572
and
subsidiary held by Federal.
Federal
the
—
*"*
--
•
sidiary public utility companies of Federal Light & Traction.
Federal,/
proposes to sell or surrender to such subsidiaries for cash all bonds -1
and demand notes of such subsidiaries owned by Federal; to acquire
for
cash
additional
common
stock
of
Sheridan,
and to contribute
of
deducti9ns_rr____
.'•/ ■'
both) have been filed with the
Holding Company Act of 1935 by
the
Sheridan
indebtedness
Statement of Income (Company Only), Years Ending July 31
»'
;
value,
shares
to
-■
10,402
Cr5,008
income
•'••'*
*
•
■
Co.
trust
income,
a
Dividends on preferred stock—
Vi'.--"-
V V
Light & Traction Co., Rawlins Electric Co., Sheridan
Electric Co., and Trinidad Electric Transmission, Railway &
of
Net
'
•
Federal
be
expenses
at
New
applications (or
Public Utility
or
pursuant
the
transaction
&
—_J———
1, 1941, on New York & Erie RR. first mort¬
4%, due 1947, will be paid on that date at
York.—V. 154, p. 654.
Nov,
RR.,
Declarations
SEC
10,917
>
petition
the
Proposed Financing by Subsidiaries-
49,844
14,377
Miscellaneous
authorized
Cleveland
in
New York & Erie RR. Bonds—
on
vV
54,906
16,023
debt___!
discount
interest
-
y
Court
""
Erie
interest charges_J—jr„l__"—10,608
Interest- charged
to ......construction—
Cr2I,844
2
changes
the old security holders.
Officials
accomplished on or before Dec. 1.
Federal Light & Traction Co.—Hearing on
$1,318,-
(1941,
739;" 1940, $860,665);
tAfter deducting reserve for depreciation and
amortization
(1941,
$7,792,409;
1940, $6,600,909).' \ {The aggregate
Federal
extended
bonds
30,000
debt
stock¬
the
by-law
to
be
can
_•*'•
of
$840,630
436,395
Other
$109,774,517 $91,042,671
allowances
accounts and
bonds—
debt—mortgage
long-term
of
Amortization
Taxes assumed on
;
Lu
-a—J-
—:
,
•After
$890,838
436,395
w
long-term
on
,*r.. Miscellaneous
t 970,000
33,527,132
L—1,203,000
l
37,145,450
*'
Total
16,030,000'
19,400,626
-————
-
Capital surplus
Earned Surplus
income
Interest
•
of
other
New Securities Authorized—
on
interest due
gage
—
Reserve
time
directors now leaves as the final move the
new
securities
new
the
22
Rawlins,
————
———
which
Payment of $5 for each share of new preferred stock, series "A."
office
Gas
Grossoperating revenues—
,
$3,217,266
$2,996,647
'
—$109,774,517 $91,042,671
Operating
expenses
1,169,811
1,161,311
;
<'V •-* ' V
Electricity purchased for resale
' *
44,381
>
39,673
Notes payable to banks—__1_L———_i_'— $15,500,000
$7,000,000
Maintenance
£
y——_ y
;203,998
v
149,002
Accounts payable and accrued liabilities—
4,485,493
3,181,799 ^Provision for retirement of fixed capital
465,405
430,544
Dividend on cumulative preferred stock-——1
198,125 ■ • 201,931 \
Prov. for Fed. income & declared value excess
;
Provision
for
Federal,
provincial, state
and
1
profits taxes
196,344
116,190
municipal taxes in Canada and United States
6,620,225
5,731,184
•; Provision for .other taxes
————J—,..
' 255,924 .1267,913
Advs. under bank credit agree, due July 12, '44
——_
5,000,000
Notes
payable under bank credit agreement, *
Operating income
$881,404
$832,013
maturing 1943-1946
—
8,01$,785
Other income (net)——.
9,434.
8,626
Deferred
credits
to future operations in re- /V/'V
Total
the
Interest
14,186,005
T Taxes
at
5
meeting
adourned
An
Nov.
-- y? y?
v.
;
Payment of $45 for.each $1,000 principal amount of new general
income bonds;
(3)
undivided
tin
etc.
16,529,512
—
against which the road floated an $18,000,000
month.,.
for
Payment of $4,50 for each $1,000 principal amount of Erie RR.
improv. mtge. bonds, representing past due interest on this
(2)
stock.
—
Property, plant and equipment-——
Trade-marks,
bottling
and
blending
this
and
issue;
$5.80
allowances,
returns,
Mr.
meeting
up.
11,042,380
$2.09
share_
profits of
common
stockholders'
securities:
new
The
'-••%'1 y-J-* •
* ->
controlled companies not wholly owned, amount earned on
{Outstanding during period, excluding average number.,
of shares in treasury.
§In the first-six months of 1941 $10,000,000
was
provided for.-"Contingencies including allowance for unknown
taxes." >: Of this amount $8,400,000 now includes "Provision for Federal
v
177,477
41,332,032
—
of
°Net
?
$3,734,381
18,724,010
$3,930,552
.*25,817,305
bonds—538,963
i—
50,116,291
receivable
Accounts
United States Currency)
in
,
———
„———
Mr.
reorganization managers to pay the following on delivery of the
•'
Cash
of
Oct.
the
57,496,260
-
stock
a
early
road feel that this
On
of
62,228.628
19,332,395
23,060,430
of com.
earned
68,253,664
1,899,956
22,591,911
i
JShs.
Mr.
*
special
a
Appointment of the
du Pont
I.
Sturgis,
Donnell,
Mr.
are:
Martin,
mortgage
dividends—j
de Nemours ■.81.
.
at
taken
be
(1)
21,074,802
to
stock
common
Common
Thompson.
scheduled
Is
delivery
§1,600,000
1,899,956.
stock—
applicable
Mr.
Payments
24,491,867
-i.-
pref.
on
and
Mr.
Brooke,
reorganization. * The principal changes consist of consolidation
elimination of a few former subsidiary companies and the forma¬
ref.
"
•
■' * ;■ y*
.
>
y..
,
—
income
Net
Divids.
Mr.
,
committee
executive
the
John
''
7,700,000 *-8,430,000
excess
-
Amt.
?
21,979
-i._a
chairman
hasten
and
98,350,476
144,273,664
37,104,802
i.-——
-
y
than
tax
of
Hagerty,
addition,
of the
profits tax,,?
for
conting
Prov.
$510,000
$970,000
year—-$1,203,000
Consolidated
354,952
taxes.
Excess
at .end of year.
outstanding—-
Balance at end of
1,673,492
'Dr42,585
'10,000,000
51,991,867
•
Martin,
A.
Oct. 22 various
changes in the by-laws and certificate of incorporation were voted to
In
bond
bonds
Fed.
Mr.
tion of the Ohio Division,
10,000,000
outstdg.
profits-
.
$37,145,450 $33,527,132 $28,367,383
1,742,855
1,752,645
1,742,645
Earned per share
a———:-h—
•;
$4.17 •; $5.08•
$3.29
Capital Surplus:
'
■
v..
:
...
Balance at beginning of year—970,000
510,000
—.—
Surplus arising ' fronr redemption ///iV.V/;. V/,;/// 'W
of cumulative preferred stock-233,000 *" 460,000
510,000
Earned
Common
1,378,282
8,942
Corp.
for
Prov.
preferred stock—/. ;/ 798,588:', ' 814,431'
stock-——3,505,371
3,402,640 *
cumul.
755,091
597,541
in¬
income ?——
Int.--on
surplus
on
717,695
will
$41,637,145 $38,084,181 $33,127,703
.
832,125
'3,485,290
for red. of preferred stock y
187,736
339,978 y 442,905
Total
Dividends
564,698
478,000
_
$9,716,798
28,367,383
year—$8,110,012
33,527,132
surplus beginning of year—
members
The
56,681
General
in
George
Ry.;
Co.; Robert E. R. Woodruff;
charge of accounting, finance and
in
Woodruff
(net)_
from
president
of board of
K. Thompson,
purchases of Erie;
counsel of tne Erie, and
reelected include George D. Brooke,
were
A.
Taylor, vice-pres. and general
Donnell, president of Ohio Oil Co.
D.
Wright,
——.
reed,
Income
139,125
22,597
•
in
miscell.
secur.
on
Wright,
C.
pres.
Herbert
325,000
investments
Profit
on
DiVsv
68,047,656
not
cos.
from
Income
j
Total
Profits
Earned
15,599,963
O.
owned
wholly
$1,756,493
'
703,779
356,832
1,000,000
56,334
Canadian income tax_————„_
Canadian excess profits tax——
controlled
who
Ohio
&
25,840,172 114,734,144
78,069
invest,
Frank
Co.
directors
19,470,626
5,666,316
40,991,257
opers.—
——
from
Income
——
United States excess profits tax—232,350
from
Income
Henry
are:
York;
New
Amory Houghton,
Sherwin-Williams
7,101,718
-
Income from marketable
304,567
406,971-'
/
1,019
42,168
loss
Net
Ins.
The
Chesapeake
and
deprec.
obsolescence
$13,886,541 $13,741,196
$9,695,740
497,048
249,994". ■' 421,912
chgs.
int.
disposal of capital assets—
on Investments—77
on
177,643
Life
31,373,960
35,083,490
9,769,074
12,264,285
directors
new
Bank,
Corp.;
vice-pres.
__i—
income
Interest on
—_
50,521,755 196,406,514 139,794,320
&
—
for
$
•/*•,
■.*.'■
70,276,358
expenses
Prov.
$
.>
91,797,317 365,694,774 254,815,899
admin.
&
gen.
„y y
•
130,633,618
sold
goods
Selling,
$.;-y$
■
oper¬
charges
oper.
$9,518,097
$13,592,431 $13,075,323
294,110
665,873
other
revenues
of
Cost
17,054,871
70,000
336,083
.
ating
7 '•///:V-7 '
/
17,820,113
220,762 ''
—————————
——
'
v
19,868,635
doubtful accounts——
and
•Sales
sold/———VI—1, 100,168,529
goods
nine
National
Tankers
1941—9 Mos.—1940
1941—3 Mos.—1940
-
749
'
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3998
Volume 154
due June 1,
1933.
.
..
...
.
10-year 7%
.
.
•
*
5%,
.
debenture
•
Claims, interests or securities of whatever character, other than
^
THE COMMERCIAL & FINANCIAL CHRONICLE
750
evidenced by
property, whether or not the same be represented or
its
Only
vote
to
of
Holders
securities or claims cn Oct.
holding such
those
entitled
be
15, 1941, will
mail
by
tSell.,
may
655.
P-
reed,
Divs.
Best
t
from
in
Total
int.'
the
orders,
of
number
U.
S.
Court,
Supreme
20,
Oct.
for
unreal,
Fed.
U.
and
Vfe of 1 % a month or 6% for six months."
This, the Commission held, led buyers to think the 6% would be
simple interest in declining balances as reduced by monthly payments.In appealing from the Sixth Circuit Court of Appeals Ford denied
that the advertising was misleading, but said it had been abandoned
before the FTC order was issued in 1936.
The Commission alleged that
—V.
154,
Prov.
semi-annually Oct.
1941-April 1,
1,
Bonds are
trustee.
Mo.,
in
prior
in inverse of numerical order as a whole of
date, April 1 or Oct. 1, except that all or any
mature Oct. 1, 1941 to April 1, 1943 (both
inclusive), may be called for payment on first day of any
except that all of the bonds at any time outstanding may
of the bonds
part
maturities
and
month
which
is
ago,
Catholic
Roman
Order1''of
Interest
Ydrk,
and
is
Minor
of
Province -of
the
the
Most
Holy
of
the Dioceses
represented
Cincinnati,
$0.57
provision
for
possible
dealers to
retail
ing.—V/154,
;
writedowns
unrealized gains
// "
■
*
General
Motors Acceptance Corp.
Week Ended Oct. 14-
end
Operating
(est.)__i
—V. 154, p. 655.
,/X
of
-X
financ¬
1941 /
Sept. 30—
sale
bonds
♦Indicates loss.
tStock
T
483
21,366
—
18,442
15,957
.
'.
Changed—
1939
1933
'. $36,879
XXI- /.'
dividend.
'
t375,000
t
5,401
4,403
Plant*
etc.,
9,547
6,721
6,437
Other
;
'1940
$774,210
$601,447
1,020,063
1,270,004
3,834,239
3,456,466
:
3,556,913
assets
gross
notes
and
AcetS,
/
1
,
3,653,933
6,180
of
receivable.
Inventories
••
:
"$156,704
1940
$26,060
_____
$73,385
expenses
1
Consolidated Balance Sheet July 31
:r:V-V".'i•;:V
;!
1941
/
Assets—
$103,006 V-' $90,016
(6%.
1941
$56,945
$71,573
.«•
1940
$906,540
1941
$1,151,164
(& Subs.)—Earnings—
July 31—
Earnings *—"$174,354
Dividends paid^;
'
1939
1940
$81,640
Goodall Worsted Co.
Years Ended
■//..'•
-,•//X\
—Jan. 1 to Oct. 14—
•
1940
$20,850
German Credit & Investment Corp—Name
*•
■
rev.
The corporation on Sept 5 changed its name to Credit & Investment
Corp. and disposed of all its German assets.—V. 154, p. 53.
•/
securities
on
1941
$31,350
Period
$1.89
at
/
losses
or
,
dividends rec._x__.i__
compensat.
use.
541.
p.
9,906.987
$1.94
'
inventory
St.
'Balance
/
Cash
less
depreciation__X___-^-_XT-__
239,914
170 professed
259,091
$9,144,565
$9,521,685
etc.XXll
$2,808,775
$2,918,039
—i-——-
4,121,150
*
Total
7
.
-
'
1941 '
J
income
Undistributed
corporation.
______i,______x_X____X-_—_xXlX_;
stock
Dividends
'
-
Contingent
!
for
Reserve
x. 162 ':
taxes
•
...
.
....,
,129
,
v
;"
550 .'
''.7.;
and
and
83
82,414
$9,521,685
shares
in
shares
in
1940.
1940.—V.
151,
' 7
•
wholly owned subsidiary
(par $100i, to
of the $1,000,000 loan
received early in 1940 by the former company, $100,000 in cash having
been paid April 30, 1941.—V. 154, p. 542.
'
77'/'" 923
923
taxes
7/7/
1941
7; .On Oct. 1,. 1941 Green United Stores,
authorized and issued 9,000 shs. of $3
H7 L. Green Co., Inc. to liquidate the
-
miscellaneous
Accrued
1
7
$9,144,565
...ui.....
(II. L.) Green Co., Inc.—Loan To Subsidiary Repaid-—
~27~513
I
995
1,125 /
V"
vi9'V. 'X-vX 83
liabilities.
capital
2193.7
p.
1
29,391
/
•
7
4,309
2,155,121
Dr93,505
7. 8,720
296
______
payable ;____X____._jXi.i.__-_-__
Unpaid divs: on sharps in escrow;X.£.X
Unclaimed
dividendsX__i^^._X_^X^^-X
J
-
Represented by 82,423 shares in
t Represented by 77 shares in 1941
Dr268,054
19,576
-
to brokers
Due
X
Total
323,528
«
4,120,709
■:'x
3,850
^__1_
cost)
(at
*
Dr296,523'
___.
;
;
1,631,511
______-___Xl_X:-_.,_
323.528
1,980,767
$393,544
1,605,330
surplus XX-Xx—i
Unrealized deprec. of securities owned.
exps.,
contingencies
stock
t Scrip
1940
$420,368
Capital
accrd.
pay,,
:
$1,841,216' $1,795,723
:—_.—
notes
for
"Capital
65,410
6,577
9,715
and
Reserve
Treasury
Liabilities—
of
The full faith
&nd
credit
of the
Province
is irrevocably pledged to
the punctual
payment of these bonds.
In addition, upon the completion of this
financing, including the redemption of $914,500 of outstanding 4 Vi %
ser ai bonds
as of
Oct. i, 1941, and upon payment of a $30,000 first
mortgage prior to its maturity on Jan. 2, 1942, this issue of first and
refunding mortgage serial bonds will be secured by first Closed mortgage on properties, representing an aggregate investment of approxi¬
Provinc al
York
New
61,201
X__—^X___
Liabilities—
■
1940
$1,723,736
bonds—
on
.''X;
$1,770,300
.
'
aspirants for the order enrolled at the Seraphic Seminary.
The security consists Of the direct and unconditional obligation
its
interest
■
;:____X
Total
Accts.
,f'
1941
bankX^^X^
in
Accrued
120
and
30/,/'/
September
owned
Securities
'
79,354
Sheet,
V.
L.i;1
Assets—
.
// $77,894 :'
'$62,546
/ ' 75,335,'-'.
46,503'
$87,278
Net
.:
In the United States
with headquarters in New 4
Francisco and Pulaski, Wis.
The
Sah
Louis,
income for period-'™—
Dividends paid
;;
'
92
Province
induce
to
Georgia & Florida RR.—Earnings—
income
,
Income)
Other
professed lay brothers, 35 cleric novices; 12 brother novices,
and 14 te'rt'aries, a total of 639, in addition to which there are some
the
<
506,250
'
•
10,169.505
$0.55
provinces
six
by
Holy Name Province numbers approximately 316 fathers.
clerics.
'
Cash
Total
mainly in New York and New Jersey.'
order
the
506,250
2,892.361'
2,987,927
share
on
Trustees'
Buffalo, Hartford, Trenton, Albany,
Patersoh, Denver. Scranton, Raliegh, Charleston, Richmond and Shasi,
China.
The Fathers conduct 55 churches, missions, and institutions,
situated
168,750
2 32,171
10,675,755;; 10,413,237
Church.
Fr'ars
Newark,
168,750
1
an order issued refusing to review a decision holding
guilty of violating the Sherman anti-trust law in connec¬
autoniobile
.
'J
Name,1;/
popularly known as the Franciscan Fathers of the New York Province, /:
is
represented in the Archdioceses of New York, Baltimore, Boston/:
and
3,061,111
on
"
dividend
/
•
temporarily
with
*
Assisl over 700
Orders of men in the•').
largest and strongest
of the
one
r'.. 452,660
56,444
3,156,677
including realized and
Stock
for
was
applicable
Income—Cash
••
be; called for redemption oh first day of any month.
The Franciscan Order, founded by St. Francis Of
years
-
222,196
•
___
9 Mos. Ended
redeemable at 100 and accrued interest upon
and
notice
any interest
part on
•
capital expenditures.)
or
at
and he testified at that time that
financing.
■/"/•.,/'/:
/;
delay in notifying a lower court of the Supreme Court's action
sought until a petition for rehearing could be filed.'-; The • com¬
panies automatically have 2 days to seek reconsideration.
A jury in the Federal District Court at South Bend, Ind.,-held the
concerns
guilty of violating the anti-monopoly legislation by seeking
;
General Investors Trust—Earnings—
>
*1 '•
trial
Motors
The
3,023,618'
5,251,440 shares of common stock.—V. 153, p. 890.
(Not
auto¬
1
•
General
the
damages
In
trade
Supreme Court Grants Plea of Corporation— /■/
tion
year.
1961.
contract
the concerns
3,379,470
Excess of cost over market value of inventories on hand
Sept,
30
was
(estimated)
1941—none—1940 $1,050,000. • 'tlncluding
provision for. depreciation and freight .charges:-,/tlncluding propor¬
tionate share in results of operations of controlled companies.
§On
Co-'pon
at
restrain
to
Dodd .Healy,
civil
The U. S. Supreme Court on Oct. 20 granted a request by the corpo¬
and three wholly owned subsidiaries for the tribunal to with¬
income
i
per
witness
for
ration
hold
6,248,811/:
•'
1,468,205
stock
com.
368,982
937,983
excess
aivid.
profit
to
(Order of Friars Minor), Province
due
1,399,881
;
stock
§Earns.
bonds in denomination of $1,000, $500 and $100.
Principal
and interest payable A. & O. 1, at St. Lou's Union Trust Co., St. Louis,
2,230,662
Government
a
Thomas
convicted of violating
were
Chevrolet agencies in Chicago and Oak Park,
111., were canceled In 1936 after several years of quarreling about his
refusal'to deal with the General Motors Acceptance Corp.
The Ac¬
ceptance Corporation is hamed a defendant In the suit just filed.
210,958
; -
and
brought
action
subsidiaries
Bend, Ind., in October,-1939,
his dealer's
15,331,843
35,059
994,966/'-
•
was
and three
.
-profits—
for,
Net
,
Mo., are offering
$1,710,000 1st & ref* mtge. serial (V2* 1, 1%, 1%, 2, 2Yii>
2V2, 2%, 3, 3V4, 3V2%) bonds at $100 and interest. Vx>Xx/
1941;
South
.
12,072
258,386
individual,
first
Anti-Trust Act by conspiring
•
•/'
Sherman
Emich
income
S.
"Includes
1,
316,775.;-
Chicago.
an
the
was
Motors
mobiles.
31,081
■»
-
,
21,430,869
4,787,894
,
271,400
J
>
•
profit
pref.
cf the Most Holy Name, New York, N. Y.—Bonds Offered
proper
U.
Net'
—Bitting, Jones & Co., Inc., St. Louis,
April
S.
excess
fiscal
Dated
>
in
suit as
it
said
the
290,000
■
V:/ 45,906
51,075
117,754
-
61
•
541.
Franciscan Fathers
taxes:
profits
Estim. forgn.
"financing at
p.
18,198
;18,462
surtax
Estim.
purchasers actually paid 111/2% on their declining balances.
automobile
369,750
business
brought the
attorney,
since General
loss
for
a
monthly,
-
7,367,602
__
foreign
exchange
for contingencies
on
Estim.
$25
79,750
'
l__i— X
Prov.
a
Emich
'
miscell.
and
income
:
of
/'
108,750
automobile
the
his
„
X-
Corpbration and a subsidiary for damages of $2,517,000 in Federal
at Chicago,
Oct. 16, alleging the defendants forced him out
of
20,698,438 X14,793,804 "
4,632,871
7,123,190
11,908
income
petition of the company for review of lower court decisions J
xipholding a Federal Trade Commission order to cease using the term
*fG per cent" in advertising automobile financing.
■
Tn the Fofd case the FTC held that it created an erroneous impres¬
sion for the concern to advertise that its automobiles could be bought 4
under the
Universal Credit Oorp.'s authorized Ford finance plan at '
one
26,055,37lX 24,721,282
,
_
aiid
divs."
Royalties
>
Financing-^denied
136,172,714
f
Auto 1
on
7,716,179
•
The
Inc
■"Prov.
Appeal
Loses
—
8,384,925
received
Prov.
Detroit
Co.,
Motor
Ford
89,418,905 > 72,873,591
exp.
opers._i
Foods,
Other
XX* *•
:
& gen.
from
Profit
,
Commission or or before Dec. 15, 1941.—V. 154,
v
adm.
24,324,669
$2,517,000 Damage-
Court
112,388,677
36,673,719
31,157,923
sold
"
Separate ballots have been prepared for each clasS entitled to vote
on
the plan.
Therefore, in making requests for ballots the Commission should be advised of the class of security or claim for which
ballots are desired and the number of ballots required in each class.
In order that a ballot may be valid, it must be filled out, in duplicate, and filed with the
$'
$
46,666,038
goods
of
the
'■>
F. Emich, Illinois State Superintendent of Transportation, -sued
Fred
'•
1941—9 Mos.—1940
av' *u > *-•.«; 5
1941—3 Mos.-^1940
30—
sales
tCost
obtain one, together with copies of plan of
reorganization, the Commission's reports thereon, and the opinion and
order of the court approving the plan by writing to the Interstate
Commerce Commission, Washington, D. C.
ballot
a
Sept.
'
shall not promptly receive
who
End.
Period
Net
plan,
or claims
the
on
securities
such
General Motors Cofp.-^Sued for
>
'
instrument.
written
General Foods Corp. (& Subs.)—Earnings—
against the debtor or
in the foregoing classes,
above enumerated
tlibse
Saturday, October 25/ 1941
360
Inc.
a
pref. stock
cum.
balance
.
'
j
mately $4,230,000.
Total
$1,841,216,:•? $.1*795,723
issued for the purpose of consoli¬
♦Shares of beheficlal interest, par $1;' 420,368; ?(393,5447in
1940)
dating and refunding the payment of $1,496,000 debts of the Province /:
shares outstanding, of which 502
at-lower interest rates, and providing approximately $214,000 in add of
(506 in 1940)/were held in escrow
for exchange of certificates.—V. 153,. p. 549. t ".;'
the cost of construction
of three new institutional buildings under
'
*
"V
/\//v;7.'
construction
since
Feb.
1,
1941,
and
an
addition to
Holy Name
Monastery scheduled for completion this fall at an estimated aggregate ;
General Shareholding Corp.—Quarterly Report—
/;• v
cost of $283,500,—V. 142, p. 3851.
X-X
/
bonds
Purpose—These
to
are
♦Prdfit-?' XXXiix
for
Prov.
Int.
1941—3 MOS.—1940
Fnd. Sftpt: 30—
stock
pref.
on
for
for
Prov.
income
int.
29,250
General
Net
$6
$92,720
-'.
■> Before deducting depreciation, interest
$978,862
X
$530,625 /
bonds of subsidiary
on
affiliate.
domestic
a
The payment of interest
\
77...
.■
7'7
:
determined
so
as
notes
the
amounts
(3)
but
represent
year,
The
Srfpt.
30,
interest
at
67«
on
such
notes
1941,
of
Federal
the
and
income
estimated
excess
amounts
of
profits
such
taxes
taxes
expressed
in
Canadian
7:
;
dollars,
amounted
-"7 7 ;
to
$194,628
.7
Period Ended Sept. 30—
GVoss
profit on saleS__
Selling, adminis. & gen.
-'expense
net_
1941--3 Mos.-^-1940
$4,397,318
99,514
$3,873,160
sales—
6.005
for
Prov.
Special
Other
7
.
>
383,594
$1,201,616
$9,042,669
66,646
289,275
249,685
774,159
&
38,103
20,034
'
$3,627,998
first mort. bonds
63,486
J.-X
:
bond
•on
Prov.
$941,674
385,217
market
3,350
of
bond
2,595
2,737,000
343,000
t5,250,000
47,213
_X___
130,684
$773,984
$467,987
$2,829,207
10,400
842,000
on
amounted
to
f
,9
Mos.
»
income
Loss,
f Includes
—
date.
$3,980,000
for
excess
profits
on
.
carried at • the lower .'of cost
are
are "carried ; at -Cost.
afc Sept.730^ 1941r of in
purchases
Subsequent
market
quotations
$10,703,328,
as
$6,881,153"
or
less
•
■7
/
;
1
amounts
'
of
stock*
$7
per
payable
paid on
Oct.
1,
share
1
Aug.
:
.
'
account
7
of
holders
on
Nov.- 10
of
to
and on July
;
•;
1,
-
Porter, Inc.—
(
'
/
f
.
.
common
stock
1
^
(par $2)
and on Feb. 20, 1941, sold and delivered
w. Porter, Inc;, and others 200,000 shares, receiving aggregate::
of
delivered
$450,000.
W.
to
A.
p.
154,
151.
The
Porter,
■
.
remaining 100,189 shares were sold
Inc., on Aug. 14, 1941, and Aug. 20,
•
; ,'V.; 7'
•
_
7
(& Subs.)—Earnings—
1941
' 1940
1939
Best Foods, Inc. -The dividend paid by the Best Foods, '
Inc., for the three months ended Sept: 30, 1939 approximated its eafn-X.
ings for that period,
t After providing for foreign exchange losses,
>depreciation and Federal income taxes 71941 $70,244)* and including4'dividends received from The Best Foods, Inc. ' The dividends paid by ■'
The
Best
1940,
1943
from
operation.
1940
-
X
-
942,391
'
■
1938
565,000
..
Other
v
$5,209,912
income
15,080
Q
$510,886
$1,371,565-.
8,940
./
its
considered
'-.XX.
.
Hercules
Net
during the .quarters ended Sept.
earnings for that period/- '
by
the
corporation
necessary.—V.
154,
'"r V ■
Powder Co., Inc.
and
.
profits /
•••>
Bond
Loss
amortizat'n
int.
&
on
sale
for
etc.
of
693,626
702,621 "
; $522,109 x;
•
■«
i
&
-
real
-
Fed.
$1,380,505"
$5,224,991
»»'702,621
(& Subs.)--Earnings—
:
Sept. 30—
1941
earnings "-xX—XXXxx—x,Xx
1940 X
$58,940,341 $37,318,441
4,356,632
3,744,236
.
154,994
i
/
p
C
•
expenses
taxes
1
In
J
'
•'4
State
table
our
a
of-this
+1.806,000
175,520
profit
♦Loss,
—
tlncluding
$2,725,365
$500,000
for
.
$502,363
excess
profits
20,
Sept.
dividend
1941
of 75c.
corporation,
iSsue
per
X"$335,50.1 t$l,247,b2p
tax.-XV.
153,
P-
692,
corporation
as
to
months of
1
included
in
our
being declared
as
by
the
we
to
holders
of
record
dividend
directors
Sept.
23.
The last action taken by the directors
dividends
at which time dividends of 15c.
the
252
page
share
payable oh Oct.
This information was erroneous.
of: this
Net
v
share_Xa^7X^iii.!x4X/XxX7-$3.01
X,
$2.54 X
and Federal taxes. tOri 1,316,710 shares of oommoii
stock.—V. 154, p. 431.
.
tEarnings' per
Hibbard, Spencer, Bartlett & Co.—Correction— ./•
702,621
*
-
.
"$^44,309
••
v:»
;
..'
.
_
•
v
.
"■X7,.
431.
p.
30,-1941
Federal'excess
for
sales
"Net
"After
8,377
.;
was
9 Mos. Ended
.
"$552,776
11,223
Inc.,
provision
-
$349,497
$1,406,679
902,274,X. 895,794//
$1,936,565
$6,152,303
X
1939
:/
:
7 x
Foods,
approximated
Note—No
takes
$1,963,568
tax.
income
received from
amount
than*' the
8hareS7>{Du67 Det7 30,
1041
End. Sept. 30—
Profit
Prov.
Note—1941 Federal taxes based on Revenue Act 1941.—V. 154, p. 655.
1936,
their then fair value ih the opinion of the corpora¬
Depreciation
income
Net
based
thereof,
estate,
prem.
expense
that
at
:7x7 $19,111,991 $20,568,860
—
«lnves|ment owned Dec. 31,
Profit
int
Like
356.
p.
proceeds
and
t.
$3,201,185
216,589
profits-taxX tNet
—
General Steel Castings Corp.^-Earnings
>
$8,429,075
127,337*
dividend
a
preferred
'
53,873
paid
foe Federal taxes.'
Amort,
&
taxes
excess
Hecker Products Corp.
tRepresented by 90,750 no-par
(Ihterest 2'/v per annum).—V. 153* p..
$3,147,312
net__,___
$8,335,157
93,918
State
;to A.
cash
22,887
31.
154,
the
'
-
absence
752,040
$921,640
$1.81
the basis of present tax rates^and *
for
Early in. 1941 the company obtained commitments for 300,189 shares 1
''131,945
7
Oct.
declared
on
Taken up - by A. W.
,
'"7'"7X'7' /;•. 7"," '7/;l7"'
shown,
•
on
Fed.
•
Total
Investments,
157,402
21,789
on
$132,000
719417;
/T; 1940 ?v
{J
3 Mos. End. Sept. 30—• 7V:.
etc.X__xXXx^xX—Xu.- XT $17,488,77:; $22,887
<
1938 "
Net profit.
purchased__XX7—_^-7XX :'; .20,558 j 7 27,742
t$324,ll6
7 *$18,898 X t$274,565
"$562,345 >
Reserve for contingencies, exps., taxes, etc.X'X'->X 4i.672r~> • * 53,089
Earns.per sh.on com.stk.
$0.22
$0.01
$0.17
$0.31 •>,
JBank loans
——————„-Xx _X3,700,000 - 3,700,000,
X
." After depreciation and Federal income taxes.,; f After providing for ''
tPreferred stock .x_.L._.,7.xx/Xi:; 7,2*268,75017; 2'268,750
extraordinary expenditures of $75,443-in connection with the develop-v
Common stock ($1 par)____
x^--—_X7xXi7.7:i",602;422 ->71,602,415 '
ment and introducing Of Vanti Pa-Pi-A (a new product), and for de-* 1
Surplus
——__X__'XXr ,ai,458,102/ 12,893,977
.preciation and normal Federal income taxes, ahd including dividend >
.-7
-1 '-v-.^/^XXXXXJI/LXXi XXS-"
$3,877,562
"30,291
1,016,961
$2.067.
X $0.74
X
Hayes Maiiufacturing Corp.—100.189 Shares of Stock
7 of its
payable,
■'
1,273,086
39,185
1,010,961
l
_
: ;7 r.v
.
have
securities
for
or
$5,308,050 7
1,281,117
260,005
'$0.83
-
estimated
are
approximately
last.—V.
$1,365,005
:
,
693,244
1,016.961
•
(
485,304
843,837
of
XX'i'X
taxes
484,616
347,462 : 7
1,016,961
$2,016,915
;
161,539
297,105
,7X161,539,
XXX:X_~777-X^^___X_;—X--J7 $19,111,991 $20,568,860
,
1941—9 Mos.-Xl940
$1,624,395 $10,583,792
$3,589,891
Profit
Int.
•
' 7./17,488
etc.__;_X7_"X
-
$2,578,712.
338,555
■
?
profit-
income,
; record
;!940 /•„
v
receivable—__X-XX.---7 ;7S 25,280
dividends,
$912,607
309,279
7
Jtowley Pulp & Paper Co.rr-Accumulated Dividend—#
sold__X--~X—_—X—-X'rX,/7;7t35,081;XX '43,346_
for
deposits
Federal
X accumulations
>
1941
•
stock
Directors
securiities—_X'X__—i'l—>T7}444;48ij/19,006,671;
other
•"
1941.—V.
7
depreciation^.
operating
Sept. 30
X":>77'*'jk
375,156
f before interest, depreciation and Federal taxes.-xv. 154, p. 54, :
652,464
securitieS_7x" 7 .*140,000) /^-
Government
Interest and dividends
Profit
jUet
>
include
-
share
per
common
408,375
X
•$.1',449,661
S.
securities
lor
Rec.
tion,
424,644
,Net oper profit—
prof, on copper
of
$474,400
457,982
in banks
in
Net
content
Earnings
common
7::,:.
Balance Sheet,
" :'
7; .r_-.
7:;; ,7
.
Investment
7:
Cable Corp.—Earnings—
charges,
1,475,712
in
148,473
div.
"
17,103
"645,968
$1,006,168
div. pd. du. period
$2,681,852
11,953
170,651
151,735
inc.
corp.
7
v $381,596
vf407,782'
in" U.
Due
of the Canadian subsidiary for the 9 months ended
153, p. 689.
op.
"408,240
Investment
Dividends
for
provision of $164,000 for Dominion and Provincial income taxes.
earnings, however, do not include its equity in the profits of
Dominion Envelope & Cartons
(Western) Ltd. and its subsidiary.—V.
Other
divs—X.
stock
19397
Cr6,74q^;HX^Xt;^Cr5,843
'
paid
Liabilities—
after
'
,
investments..—v___
of
$4,
?
,
Total
7
These
General
sale
,
Cash
computed in accordance with the Revenue Act of 1941.
earnings
taxes——
3,797
pd. du. period
Common- shares , outst._
XI,77 1940 777
$556,636
pref.
conv.
on
7
presently
/7X
net
Pref.
$672,059.,/ $620,831. ./' $524,861
115,064 *"
)'130,8.76 7
124,696
77,1097 7 ;7"15;55ST' 7724,412
Xa-XXX
Assets—
;77 ,.7;7-
on
annum.
for
three-fourths
the entire
(4)
The
/
$291,223 per
provisions
The
Consol.
cover¬
$3,611,789
$1,235,951
4,219
250.798
Depreciation and deplet.
n$t in excess of 6% on the principal amount of 7
outstanding.
to
asset
an
Sept. 30
stock (4,092 shares-.Tat par value of
$1- per share),
tlncludes $18 paid in common stock (17:908'sharfes' at
par value of $1 per share).
'
'177
• Vv5•
;
income notes is based on the annual
earnings as defined in the trust indenture covering' the company's •
40-year 6%
Income notes and such earnings cannot be determined f
uritil the result for the current year is known.
The board of directors *
Is obliged to declare interest to the extent of the current year's earnings
(2)
year's
prior
"Includes
com¬
panies and Rbbert Gair Co., InC'., income notes, dividend on preferred
stock of subsidiary company, and income taxes.
Note—fl) Canadian subsidiary excluded ffom above statements, and
also excludes
of
income
cum.
Loss
7'--; '''7':"7r'77'-'
$392,451
J_—_________ —:
expenses
Refund
3.29,650
on
notes
indicate
<• 1941
•
225,000
225,000
loans
__/X—*1—-XX.si_X
income
:Tdkes.';-X7_i__X-7--7_i_77i^.-XX'
29,250
375,000
bank
•tH:
Total
8.250
6,000
9,150
34,150
9,750
profit tax
exc.
2,250 '
153,100
taxes.
before
Profit
».
inc.
7 462,041
of
subsidiary cdmpany X
Prov.
$1, 159,817
518,577
1,500
sidiary companies x_
Div.
$2,132,689
153,848
'
181,695
deducting
1941—9 Mos.—1940 7
1941—3 Mos.—1940
$1,412,498
long tCrm debtFederal taxes
XxZ
1941* of $93.09 per share -of preferred ••stock.-'
30,
at Sept.
as
Income Account, Nine Months Ended
sub¬
of
after
Sept. 30—
income
on
Com.
age
1941—9 Mos.- -1940
$292,718
$963,496
X"
depreciation.
bonds
on
/
,
assets
net
The
(& Subs.)—Earnings—
Gair Co.* Inc.
(Robert)
Period
Period Ended
tNet
Int.
-
,
v
,M. A. Hanna Co. (& Subs.)—Earnings—
be
was at the: meeting of Sept.
16,
per-share were declared* payable during
Oct., Nov. and Dec.—V.
152, p.
1434.
Volume 154
-
declared
have
of
75c.
Bonds—
the .61%
Nov. 1 to
share
per
on
...
■
....
,
■■
•;
•
•:
provision
*
for
and
^Includes $687,350 for surtax,
profits taxes.
excess
$3,258,538 for excess profits tax.
'.
•
in a letter to shareholders states:
Production and sales of w.ndow and plate glass cohtinued at levels
above usual midyear expectations.
At present there is no indication of
John
■
stock, par $50, payable
Like amounts were paid on Aug, 1, May. 1.
1, May 1 and Jan, 26, 1940 and on
preferred
convertible
cumulative
dividend
a
Texas—Extension of
Kansas, Oklahoma & Gulf Ry. of
Stores, Inc.—Preferred Dividends
Hearn Department
Directors
751
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3998
:
D.
President,
Diggers,
on Sept."12 authorized the company to extend from Jan.
3,
July 1, -1978, "the date, of maturity of not exceeding $483,500
decline in demand for these types of glass.
5 of first mortgage 5% gold bonds, to bear interest during the extended
Production and shipments of safety glass to the motor car industVy
period at the existing rate of 5% per annum, payable semi-annually on
; Nov, 1„ 1938.—V. 153, p, 551.
v.
declined during the third quarter from the high levels attained during
r
Jan. 1 and July 1 instead of Jan. 3 and July 3 as heretofore.
"the first two quarters of the year and will be at reduced volume
All of the company's capital stock except directors' qualifying shares
1
Hooker Electrochemical Co.—Stock Conversion Privi- C
throughout the balance of 1941 as a result of governmental restrictions
is owned by the Kansas Oklahoma & Gulf Ry. Co.
,
><■'«,
on the manufacture of passenger cars.
The company
isr without funds to pay'the matured bonds. .The
\ lege—
...
I,
4 ,, While the company is actively engaged in supplying different types
owner
of the bonds, the Kansas Oklahoma & Gulf, desires that the
,-,-c
Company on Oct. 20 notified the holders of its 27,000 shares of 6.%
'
of glass for defense, and expects through research and experiments to
*. $100
par value preferred stock that
they will have the opportunity '. -maturity; thereof • be extended to •July* 1-, 1978,-^V. 125, p. 909; V.', 126,
increase its volume of special types of glass for m litary services, poten¬
to
Nov, 22/ of exchanging one share of preferred stock
into five y.p.;. 3446. ;:k-'• ' , •'
'
6ct. 29.
holders of record
;
and
Jan:
3<Vlast;
The
ICC
1941, to
r
1,- Aug;
Nov,
,
,
of
shares
increase
to
,
Stockholders at
stock.
common
authorized
the
from 250,000
154, p. 543.
385,000 to make the exchange possible.—V.
Period End. Sept. 30—
i
■
Net
revenues
Taxes
•
income
'f.
-
:
-
$3,286,455
1,013,537
1,064,134
Reserve, for
Net
;
fxd.'chgs>,
Net bef.
Fixed
Depl.
and
$1,069;394
" '346,376
486,679
deprec.—-
,.
*$508,149
f
p.
"Deficit.—V.
>■*
551.
153," p.
The
company
% 7-year: serial, notes
V.
154, p. 657.
oper.-
Operating
$628,657
re venue—
&
Oper., exps.
income—
income
$187,911
.147,590
155,713
Operating
y
int.
adj.
on
190,867
114,325
152,529
540,894
514,806
{
income
Fed.
Operating
.
$454,841
$414,214
$579,568
■
Int.
'■
1
•
_'
adust, income
outstdg. in the
the public—
on
bonds
,
16,995
9,613
at
5%
ay——.S,—-.-.'.i
;
of
Amortiz.
before
i
*
•'
•
Like
•
in
share
ad-
amount on the
1 to holders .cf
.
1938
1939
'
'
,
'
-
'
$4,398
$4,187
431
$3,469
$3,960
336
255
,
$3,725
1938
206,535
24,700
27,752
275,380
•
*Tax
'
4,422
4,232
4,032
;
expenses..
8,634
5,832
162,335
268,694
199,401
170.643
36,910
32,868
18,602 '
A
490,995
taxes
—
Dr 120,985
—
V'
;
,r
.
■
•
\
.
$1,064,678
$113,213 loss$94,752 loss$147,604
♦To correct accruals for prior periods.—V. 153, p. 554.
-
5,581
6,265
-
-
v
201,830
State
and
adjustment
for
Profit
Miscellaneous deductions
385,351
371,416
38,209
33,203
;
$234,600
174.651
10,607
Fed.
•
$299,852
$602,340
$2,444,032
int.'
&
;
■
for.
deduct,
—
income
dis-A
debt":
and
count
1,082,100
1,066,987
120,233
118,554
•
178,410
•
Other -interest:
per
$4,296
$4,973
$4,618
periodEarnings of the Long Bell Lumber Co.
1939
1941
1940
Ended Sept. 30-^-
Interest
$674,392
$596,563
237,880
$459,527
$429,359
term debt.''? ,%
Int.. on long
r
hands of
•
$1
1940
1941
for.
A
deprec.
Depletion
Depreciation
$664,779
4,686
15,145 v.;
(net) u
income
Gross
; 1
■
of
for
Accrued
$321,724
$322,757 {
$32,199
common
1,
992.
p.
Sept. 30—
deduct,
depl.,
Ai '■
Income
the
■'
406,339
:
income
Non-oper;: income
in
share
per
on
575
3 Mos.
Gain
tax.
A
1,391,919
40c.
40c„
dividend
of
like
all payable Dec.
stocks,
B
153,
dividend
extra
an
quarterly
common
14.—V.
before
Loss
133,240
389,929
$1,713,643
1,349,701
/;
and
Nov.
202,763
157,156
114,419
for
for
y——_—i •:> $36,490
bonds
regular
Interest
1,617,840
>,'140,622
:
declared
have
interest
'
Maintenance
92,112
1,639,860V
1,213,034.
1,221,194
■
of
of
$3,138,428
$2,329,285 ^$3,103,718
$2,296,788
expenses
dividend
Long Bell Lumber Corp.—-Earnings—
Loss
Depreciation v—lv
Taxes (inglud. est. prov.
$1,621,532
$1,672,458
——
avail,
income
record
1941—12 Mos.—1940
1941—9 Mos.—1940
30—"
"
n
dividend
extra
an
quarterly
regular
the
to
common
.
(& Subs.)—Earnings—
•
Net
dition
-V
•
{revenues.™'
Operating
3,945,242
$177,957 ; $1,575,133
96,325
;
9,954
$184,080
——
\ Income charges
>
"9.955
"vk
-
Gross
435,396
curtailed
20
leaving
Period Ended Sept.
$5,566,774
$5,667,687
4,091,554
$613,353
'
$174,126
income—
Non-operating
-.
454,532,'
taxes..
paid
3 Mos. Ended
1941—Month—1940 V: 1941—9 Mos.—1940
Period Ended Sept. 30-
Gross
by
554.
p.
both payable Dec. 1 to holders of record Nov.
on Sept. 2, last.—V. 154, p.
153.
$5,
Directors
"
called for payment $300,000 of lt3
outstanding $1,200,000, due 1943-1946.—
October
on
,
Kings County Lighting Co.
y
•-
about
brought
volume
in
353,
Liggett & Myers Tobacco Co.—Extra Dividend—
Co.—Earnings—
Hudson & Manhattan RR.
f,
amounts
-
-
'''.""V;
\
'"'V,-
the
to
par
declared
have
Directors
stock,
loss
Savers Corp.—Extra Dividend—
addition
*
offset
not
automobiles—V.
of
v
154,
of England.—V.
Ltd.
Bordor,
Kayser
or
Keystone Steel & Wire Co.—Reduces Debt—
*$38,944 '$1,239,637
.
Pty.^ Ltd.,
153.^.
V.
income—:——
Net
Life
v
$259,987 .
$30,388 :/ $120,220
$178,182
figures do not include earnings of Julius Kayser
above
(Australia)
$1.054,826.■
1,044,118
1,250,345
$2,272,9*0.
1,040,777
1,271,085
$263,021
347,612
423,558
$230,339
etc.
-"Si—1A.:
charges
145,906
taSes_.rr^
profit
Note—The
,
'
73,476
Depreciation
"t
$2,118,960
352,130
1938
' $246,551
:.'
754
56,140
10,989. 14,971 ' '
11,475
■
353,485
■
.
-
$615,151
si.-——$1,422,879
■
Fed.
(no
1941—9 Mos.
11941—3 Mos.—1940
taxes)
1940
1939 ;
$191,693
>
659
. 55,844
1940
$106,637 ".
3,318
61,943"
Ended Sept. 30—
1941
Income frdm operations
> $482,854
Interest.^™—3,485
'
■
Most
3
will
production
(Julius) Kayser & Co. (& Affiliated Cos.)—Earnings—
:
Hudson Coal Co. (& Subs.)—-Earnings—
y
sales
tial
16, voted
shares to
Oct.
meeting on
a
stock
common
'
period
10,511
'
Deficit
.
—V.
.
The
•
Securities and
its corporate
ties
:vy
Corp.
$744,230
;;v."/
—V. 153,
•
y
■
'-.v'::;.r-
o;•• •.
provisions
,
the
of
*
continued
•
existence
continued
; yy
the
permit
Act will
and
Utility
International Utilities Corp.;
,
Whether,
if
stock.—V.. 154, p.
„
the
existence
',
3 MOS. End.
Cost
of
Gross
:
profit
sell., general
Admin,
had
s
:
—"
sales...
debt
$1,864,175
' • •.
''
i : v 106,465
&
expenses
1,479,541
2,409,621
1,955,115
$2,545,787
$3,313,929
$3,289,524
Dr3.635
Dr3,566
Dr3,*4?.
$2,470,910
$2,542,152
$3,310,363
$3,286 382
1,126.924
1,126,924
1,502,565
1.502 565
185,445
228,779
238,206
of $6,600 5%
total
308,387
& Ishpeming RR.—Change In Stock-"
The
ICQ
authorized
Sept. ^26
on
the
to
company
issue
not
of
shared of-..the
5
tificates
for
stock
new
214,200
the
new
stock
portionately. to existing;, shareholders in exchange for certificates for
shares of outstanding stock, and 800 shares of the new stock
be held for corporate purposes in lieu of 160 shares of the par
value of $100 a share.—V. 154, p. 432.
'
$84,076
185,519
$661,948
$52,766
28,122
16,280
disc.*
2,478
16,890
10,461
29,101
$1,156,063
$1,169,559
$1,559,131
$1,446.1129
432,000
432,000
576.000
576,000
$724,063
income
Net
$737,559
$983,131
$870,329
;
of
reservations
"
income
net
Si—
Balance to earn. surp.
—v.
433.
154, p.
;
Louisville
-v
Gas
Electric
&
..
The SEC
Oct.
on
granted
28
Other
income
$1,757,710
.
68,597
-
J." Total
V'
v! $1,826,307
income;;
.
;{:$697,467
*$41,259
$80,888
61,642
80,221
90,840
533,796
350,088
'262,050
Prov. for Fed. inc. taxes
648,100
credits.'
Other
i
amortization
&
Earnings
stock
0
share
per
shares
2,000,000
i)
Cr55,0ti^.^;'.Cr1,937-,. ^39,383;
Loss.
i'-.o: v-.
$0.13
-
Ore
does
statement
Co.
for
the
r
/
- •
.
■
■
■
of
•
of
operations
for
of
exemption from its competitive bidto allow this company to sell stock
underwriters.
fixed
1,151,716
2,486,224
591,361
"
a/i
_L_-.
of sulphur & oil domes_—^^^
deplet.
estimated
for
Provision
Federal
and
State
V
in /July,
road
The
ma
f
It
that..
', $999,999
that
94,323
Sept.
amounted
30,
1941,
liquid assets
to
$1,844,151.
On
Sept.
(including
30,
cash of $1,684,171)
1940,
they
amounted ;to
v
Striking" From Listing—
SEC
The
ment
of
on
the
Oct.
year ended
-
(the over accrual of: 1940 excess.prof its tax and restoracontingency- reserve)v-.^making earned surplus $1,033,145.
to preferred stockholders of $94,323 and to common
stockholders of $233,035. and writing off $80,000 of Lake Peignenr "oil
a
dividends
development
t
1941.
-
reduced earned surplus to
expense,
$625,785
Sept.
at
*
30,
-
'-1
liabilities
taxes
severance
(including
and
provision
royalties
for
$63,140)
of
current
of
taxes
amounted
to
>,
the Salt Lake
Stock Exchange be
SEC
on
Oct.
21
failed to file its annual report for the fiscal
"
order granting
an
Brothers. '1
'•
f»r
the
company
The
The
'
■
seven years
Libbey-Owens-Ford Glass Co.
$183,650;—
it
saw
no
as
this
was
to
reason
not
a
require
where
case
satisfied
are
we
competitive
that
-
v
to,.sell .the -gtpek at
had agreed to make
competitive bidding for
the issuer was dealing
bidding
is
not
necessary
said
fixed
has
that while
of $23.50 a share for the stock,
obligated by law to find affirma¬
price
a
it
was
'•
•
-
not
that
.;'{',
v
the
the
; ;•
...
Brokers Explain Issue Involved In Sale of Stock—Tbe
Co., Inc., Louisville, Ky., writing to the
"Chronicle" Oct. 20 state:
\
{
{V
;
of our purpose
I am enclosing
1 a copy of the letter requesting a formal hearing before the entire Commission, which I think gives the crux of the matter.
'""The whole question is, 'Shall utility companies go back into ,t)he
retail selling of their securities house-to-house and by possibly highpressure methods and take this business away from people who are
qualified to do it; or shall utility companies be kept out of the security
"I
regret
to
seems
very
ment
.
much
been
have
business?'
that
gotten
firm
bidding
in
an
by
entire
misconception
the newspaper
reports.
V".
think this matter
"We
,
$86 559,
company permission
that the company
the
however.
issue,
company
SEC
i
' ^
gave
Bankers Bond
{
Corp;"has held a substantial interest in the common
Westinghouse-Electric & Manufacturing Co. for more'than
and how owns 6,400 shares.~V. 154, p. 657.-
the
disapproving this.
In addition, the company wants to market
shares locaily^ "which we think is in line with the objectives of
;
Lehman-
stock of the
detri¬
dealers
U'"J r/
prove
to determine in this case that the issuer is receiving adequate
us
Act."
■
issued
„
with friendly bankers on terms which might be less than "arm'slength bargaining.."
"As the company is willing to sell to all who will buy," the Com¬
mission said, "we do not believe that competitive bidding is necessary
in
this
case
to
assure
the maintenance
of
competitive
conditions.
with¬
1940, •_
shares of
the price was fair it did not consider the price "outside' a
seasonable
range." •
The SEC pointed out that the company desired to avoid the pay¬
ment of an underwriting fee, and concluded there was no basis for
.
state-
stock
'
'
Current
on
thought such procedure (vould
investors as well as to
and
terms, it noted
said
SEC
tively
r
and registration
listing
the
150 000
registered dealers signing a dealer contract of 75c. a
shares bought by such dealers.
There would be no
all
on
The
i.
Corp.-—To Exercise Westinghouse Rights—
Lehman
:The
Lehman
♦>:
•.
.
Sept. 30, 1941, liquid assets (including cash of $l,684.17rfand
:U. ,S. defense savings bonds-of $50,000) amounted to $1,845,151. - This )
does not include inventories of surphiir oil, or material and supplies.
At
v
stock
that
issue
to
consideration."
From Registration
' -
permission':to 'purchase
as* a
shareholder pursuant to rights its aliquot
hiumber 'bf ""Shares -of' a proposed offering of Westinghouse Electric &
M.anufa<ituringi;Co.*tdr-its stockholders of its ; common stock notwith¬
standing' /that, Lfehman" Brothers,
a
principal underwriter of ^such
-securities,vis thA-investmeiit-"adviser of the Lehman Corp. and that
one
or-more directors of the Lehman Corp. are
affiliated persons of
* •»
«by, $173,241
of
share
Moreover,
t
,
$76,982 in 1940), amounted to $63,140 in 1941 and $411,009 in 1940.
icJoseph Mullen,-President, states:.-."./ •
,
• In
addition to net earnings for the period, wevincreased our Surplus
Cash
ordered
company
Sept.'30,
inventories
»,.tion
22
common
because
drawn
(including
cash of $1,219,371). ; This; does not. include
of -Sulphur, oil, or material and supplies.
Current liabili¬
ties
(including provision "for current taxes of $86,559 in- 1941 • and
$274,337 in 1940), severance taxes and royalties of $86,559 in 1941 and
$2,431,165
«
'-A,1
assignmentsvan'd
on.
Lehi Tintic Mining Co.—Withdrawal
-
On
1
s
.
$662,071
98 948 :'i. And
233,038
-
233,036
dividends
Common
'
A;'[■■■
fee should not be more than
of the first $1,000,000 and 20% of all
SEC
own
underwriting,
the
Peaslee's
that. Peaslee also is entitled to an additional
commitments he made to others for
of $1,847,465
concedes
its
on
concession
a
in proving the road's cla m, but that the balance
should be returned to the railroad.—V. .154, p. 433.
$843,071
^
$280,951
dividends
Preferred
will
The
N. J., to return
1916.:, .{AA:,
ntains
$2,052,390 on- the basis of 25%
( 181,000
r
'
•
"{ While the
.
Philadelphia
to
0
-
vv-;-
"order requiring Amos J. Peaslee, Clarksboro,
explosion
$326;151
in-
earnings
476,661;
915,640
Stilt in U. S. District Court at
has. fRed
was
themselves.
Cotrmiission-Jor winning the $10,000,000 judgment for the road
against
the;. Germg-h;.;Government as uamages lor
tne Black Tom
1940
45,200
,
company
company's discretion to any and all
AA.'..'.--V,•
taken over the protest of a group of Louis-
'
Claims
"
over
and excess profits tax_™i.
company
help
.I '.I Net
:: ■'
v
action
SEC's
The
the
the
at
Ville 'security dealers Who
mental
to
the
company
$1,847,465 of the-fee of $4,899,855 he was awarded by American Mixed
.
'
:
1941
:
assets -&
'
■
3,123,626
1,202,877
-870,872
-
'
64,842
Lehigh Valley RR.—Sues On Black Tom Fee—
Nil
Sulphur Co., Inc.—Earnings—
•/<
3,283,312
from railway_«iC- i 3,898,922
from railway^_i_>i' : 1,679,104
Ne.tvry. oper^fii'hdome-'A^',103,431
—V. 154, p. 336.
>
authorized
be sold
to
'.comers.
•:
Nil
result
the
77,201
"
;•
1941, in which com¬
substantial investment.—V. 154, p; 543.; -;;,V
after depree.
ea4rnihgs
reflect
$280,024
202,112
159,333
Gross
quarter ended Sept. 30,
9 Mos. End. Sept. 30—
come'taxes
not
$422,437
164,179
94,226
-
'Net
*.
The
Jefferson Lake
,
$0.26.-; : {
...
pany this corporation has a
Net
■-;;r•{'
•
.
:
from
Net
.
Note—This
Dalton
on
$397,646
"A-/
1941
ry.- oper. income-— ;
120,125
From Jan. 1—
"'C.C-.vV'ft*
"$452,dl8
$269,096
cap..-
par)
(no
Net
*
Dr7p,125
11 .SSS1?
$524,698r-
profit'
"Net
$443,740
railway—179,893
'
•
from
Gross
248,036
Interest
1938
-
'
92,593
Depreciation
:
1939
*-;;
stock,
common
1940
Septembers
-
Commission
The
Lehigh & New England RR.—EarningsP.
SEC Permits
—
an
ding rule for utility securities
directly to the public without
,
'i' Profit from operations
(Ky.)
Co.
Company to Sell Own Stock, Waiving Competitive Rule
7";
'$57,541
35,519
.to
141,617
debt
of
ex¬
of existing stock, cer¬
to be distributed pro¬
share
each
for
of
shares
debt
long-term
interest
prem. & exp. & misc.
deductions s—:™2-,;
shares of capital stock (par $20), to be exchanged
43,000^sharesTof authorized capital stock (par $100),. in the ratio
for
Dr3,244
income
on
Other
42,840
107466
;
1,835,123
$2,474,154
Gross
ceeding r215,000
1938
$2,685,765
2,601,689
$238,286
$769,115
•;
981,064
1,524,617
incomesOther income (net)—__
7-year notes due May 1, 1944, has been called
for redemption on Nov. 19 at par and accrued interest. Payament will
be made at the City National Bank & Trust Co. of Chicago.—V. 144,
p. 31,79.
'
'
■
'
A
:
3,485,990
893,646
1,603,088
tax)
Amortiz
•
' 1939
i
$3,724,276
724,358
1,124,488
for
prov.
Operating
Miscell.
1941
'
1940
$9,567,702
$5,786,101
7,703,527 • 5,016,986
Sept, 30—
sales
Net
,
'
(incl.
"inc."
•(
n
Lake Superior
•-.*
659,495
r->: 1,196,304
__.™_™
Depreciation
Taxes
Int.
of
(Including Subsidiary)
revenues™-
expenses™-
Maintenance
the $5 prior
share on
per
Kline Brothers Co.—Nptes Called—
Intetfake Iron Corp.—Earnings—
.{
$1
10) "1939;
84.
p.
of
'
i
656.
Operating
Operating
'
International is per¬
missible, complete compl'ance with the act will permit the corporation
to have a corporate structure consisting of more than one class of
:<2i
t.
of
dividend
a
1941—9 Mos.—1940
1941—12 Mos.—1940
$9,776,460 $13,768,971 $13,000,992
$10,265,523
3,902,286
5,548,687
5,250,672
4,100,447
Period End. Sept. 30—
Vv'-..:V-
20, 1S40, and compares with $1.50 paid on Dec. 27, 1933; $1 on
50c. on July 6, 1939, and $1.50. paid on Dec. 28,-1938,
this latter being the Tirst payment made on this issue since Dec. 27,
1937. when.an initial-dividend of like amount was distributed.—V. 154,
Nov.
compfancewth the corporate simplification
Whether complete
Long Island Lighting Co.—Earnings—
$344,711
.
,
and Aug.
*
(1)
.
pref. stock, payable Nov. 2 to holders of record Nov. 10.
Like amount
was paid on Aug. 22, May 20 and Feb. 25, last, and on Dec. 30, Nov. 25
>
:
hearings Oct. 20, the Commission
announced that among the matters to be considered and concerning
which evidence will be received are:: y
r
:
,
declared
Directors-have
the
of
-■
■
$313,383
$212,374
$217,795
-
553
p.
(G. R.) Kinney Co.—To Pay Preferred Dividend—
Exchange Commission opened public hearings
simplification case against International Utili-
notice
supplemental
a
income
Net
"y'
_
>;/■{.yys,.syy'-'Mi
v
$760,375
:
Corp.—SEC Starts Hearings-^-
Utilities
Oct. 22 in
VvTn
'
V
International
■
;
334..
p.
$88,035
$82,064
—_™———
154,
:
the
question,
is of
country.
but
I
tremendous importance to every invefet-
We
made
not interested in the competitive
statement that I would rather see
were
the
competitive bidding on issues of this kind than to see utility companies
(& Subs.)—Earnings—
back
go
into the
security business."
-
V.
153,
991. "
p.
-'
-
';
-
:
•-
{.
.9 Mos. End.
...
City Public Service Co.—Earnings—
Period Ended Sept.
30—
Total
oper.
oper.
1941—12 Mos.—1940
$536,231
expenses-
$439,217
$6,350,098
414,143
5,137,078
,
29,633
337,431
$86,838
$45,441
$875,589
80
1.087
1,593
$86,888
$45,521
$876,676
24.156
24.019
334.060
$816,511
587.400
331,917
Adm.
Net
oper.
Gross
Fixed
-V.
loss
154,
p.
65,623
_—
!_
$7,024,102
:
495,674
-
income
& gen:
—
926,086
Federal
729,038
$16,321,075 $12,345,143
v
1,667,951
-
taxes
$7,519,776. $2,949,526
2,701,875
915,385
•
65,364
785,069
$2,891
$43,862
$242,453
:•
791,702
-
335.
'
$562,591 .'
profit;—__1—$6,996,560 $7,314,781$3,902,516
:stock outstdg. %
:
,(ho
pat)..;^2,511,034, 2,513.258
2,501.613
Earnings per share---— ... •
$2.78
$2.91 $1.56
Net:
Shrk.
2,420,260
*100,561
$428,706
•'
.2,508.380
$0.17
!
cap.
' ^Includds
fFederal
provision
income
taxes
for
are
surtax on- undistributed profits.
taken at the rate of 24%, but include no
Federal
the
A
issue
of
the local
brokers to
SEC Asking Hearing—
the SEC
asking a formal hearing
follows:
for an oral argument before the
Commission in reference to the above case and for the privilege : of
each of the undersigned to be heard if they so desire.
The principal
reason
for
making this- request is to discuss theLouisville Gas St
Electric, Co. of Kentucky qualifying as a security dealer in Kentucky
and licensing salesmen with the Kentucky Securities Department for
the retail sale of the common stock of the companv.
ne!!(.
would not be under the control of the National Association of Security
Dealers.
We do not believe operating utility companies should go back
into, the security, business, and we believe the spirit of law which pfevents holding companies from selling their own securities extends down
to
the
operating companies.
There are also other very important
matters in connection with the above case which we wish to discuss
'.'The
„
L—3,036.277 -..'2,784,722-_™i-- ; $6,288,238
t2,245.640
of Security Brokers to
letter
The
$2,753,114
196,413
expg.; con¬
tingencies,. etc.
(
—-a-——
$15,394,989 $11,616,105
-
Letter
A
income
charges
Depreciation
Net
revenue
income
Non-oper.
1938:
$4,421,065
$8,638,959
1,614,857
income
Total
$814,918
50
Profit
Other
5,142,2(74
28,126
Taxes
1939
1940
on
;
$6,289,1(39
421,267
revenues—-.
Total
1941—Month—1940
:
1,360,566
1,139,652
Depreciation.;--^-.——
;
,
profit— $16,534,640 $12,976,671
Manufacturing
Kansas
1941
Sept. 30—•
undersigned
respectfully ask
*
fully
before
the Commission.
752
matter
whole
"This
df
Is
Importance
grave
all of us in Ken¬
to
Massachusetts Investors Trust—Earnings—
tucky:
Eight of us are here from Louisville away from our business
and we would like to have the hearing as early as possible."
<
3 Mos. Ended Sept. 30—
1941* ."
Gross
income
$1,383,017
request for the hearing was signed by the, following:
Marion
Card well, J. J. B. Hilliard & Son; Milton Trost, Stein Bros. & Boyce;
Robert McDowell, Blyth & Co.; John Smart and Wm. Wagner, Smart &
Wagner; Wm. O. Alden, O'Neil & Alden; W. L. Lyons, W. L. Lyons &
Co.; Thomas Graham, The Bankers Bond Co., Inc.—V. 154, p. 657.
The
Mclntyre Porcupine Mines, Ltd.—Extra
declared
have
Directors
dividend
extra
an
of
Expenses
Prov.
Assets'—
the
holders of record Nov. 1.
Canadian funds, tax deductible
Securities
Cash-in
Dividends
source.—V.
payable
246.
are
154,
in
p.
at
"V;.-.?;;;''
McKesson & Robbins Inc.—Court
of Claims—
at market
■'
! 6,289
$990,438
for
?f
soldi--—-—i:———-
.sold_________——uri'v>V;::
received on that date—
.
Reserve
October 20 signed an order approv¬
ing settlement of claims against McKesson & Robbins, Inc., by McKes¬
son & Robbins, Ltd., -jf Canada.
These claims were based on agreer
ments entered into in 1927 by the two companies.
taxes
for
:v.;'
47,421
73,839
stated
at
hearing
that
in
of 65%
excess
delivered Within the past week.
;
.
$1,352,825
provision
pared with 34 cents per share for the same period last year, after
deducting preferred stock dividend requirements of $73,500 for each
period.
V.1-.
McKesson's
net
sales
for
the
three
months., ended September 30,
bringing the total for the first nine months of the
calendar year to $134,744,381, Mr. Murray announced.
This compares
with ; sales of $110,768,462 in the first nine months of 1940, . or an
$50,213,046,
increase
21.65%.
of
While
the
months
three
sales
of
$50,213,046
represent an all-time high, Mr. Murray pointed out that $15,348,658
represented liquor sales, a large part of which occurred in September
in anticipation of excise taxes which became effective Oct. 1.—V. 154,
p. 658.
i
;■r:/:
McKesson & Robbins Ltd.
(of Canada)—Settlement of
Claims Again American Company Approved by
See McKesson & Robbins, Inc.—V. 154, p. 658.
Court—
Maclaren-Quebec Power Co.—Sells More Bonds Pri¬
vately—; '
'
1941
operations
Provision for deprec. of
from
mach., & eqp.
Prov. ?foy ped.t.inc. taxes
.Special .comp^to i officers
and. employees
1938
1939
1940
$386,177
$121,273
18.000
18,000
76,298
18,246
9,134
tll6,627
Divs.
$264,364
$51,604
$85,027
1,231,282
1,201,298
1,189,972
$1,495,646
$1,286,325
;
-
8,498
8,498
8,498
46,545
-
-
.
$1,382,624
$1,363,028
$1,231,283
$1,201,298
$7.65
share
per
$7.86
$2.35
$1.32
on
stock
com.
Holding
cludes
excess
provision
for depreciation of
value
declared
series
be
to
bearing the
created
same
■." /.;vi-'-
*
i
' '..i
(2) The security for such bonds w 11 be modified by the release from
the lien of the general mortgage trust deed and cancellation of $2,260,-
:
-
been
Company
filed with
Act
of
the SEC pursuant
:
1935
.
'
-
>
.
$82,640.
Issued by Gary & Southern Traction Co.: 1,460 shares each of
and preferred stocks of Gary & Southern Traction Co. of
par value of $100 a share; $133,400 first mortgage bonds of Gary &
Southern Traction Co. dated Oct. 1, 1916; secured by first mortgage
or deed of trust dated Oct. 1, 1916, to Citizens Bank & Trust Co.
and
Edwin B. Hall of Cleveland, O.; $121,325 notes payable.
(c) Issued by Farina's Bus Line & Transportation Co.: 24 shares
notes,
'
(6) Company is to covenant that it will pay no dividends unless,
prior to the declaration of any such dividends, it shall have purchased
or redeemed and
shall have surrendered for cancellation new genefal
'
common
stock.
common
mortgage bonds to a principal
$2,000,000 and which also shall
the
•
•
;
■
,
The
(71
to Purchase
amount
not
be
not
less
in
in
any
less
than
amount
than
event
principal
the
right
issue
reserved
to the company at any time before the
maturity date of the first and refunding
bonds, to replace such bonds by a new
first^mortgagei Jbonds to an equal principal amount secured
mortgage
-
of
of
is
the
5%
extended
30-year
gold
by a charge ;\ipon,^il?;the properties and assets of the
the
to
siibject
Pacific Ry.
& International Ry—Northern
of
expiration
from its obligations, if
to the trustees and Midland Utilities Co. by reason ,of, the . afore¬
agreements.—V. 151, p. 2050.
Chicago & Calumet District Transit Co., Inc.,
any,
total
sinking funds which would have been payable for the
present general and refunding mortgage sinking fund gold bonds of
Series "A" to "D'v lnclus've In the calendar years 1942 and following, *
to and including the calendar year in which such dividend is to be paid.
(d) Issued by Mid-West Motor Coach Corp.: 3 shares common stock.
As consideration for the above listed securities, the trustees will release
charge constituted
restrictions.
to
default
by
the
general
company ranking
mortgage
trust
deed,
certain
The
(8)
under
the
general mortgage trust deed resulting
from the fa'lure to pay the f'rst mortgage bonds on their
original
maturity date shall be waived.—V. 154, p. 545.
;
■
Properties—
Northern Pacific Ry.—V.
137, p. 861.
■r";1;'1:
Mississippi Power Co.—Bonds Called—
\
-
Nassau & Suffolk Lighting Co.—Earnings—-
'k.
:
is notifying holders of its first and refunding mortgage
gold bonds, 5% series, due 1955, that it will redeem on March 1, 1942,
all these outstanding bonds at 103Vz%
and accrued interest to the
redemption
par)
•After
are
new
the Dominion of Canada to receive new bonds payable, -at the option
of the holder, in United States, Canadian or English currency,
and
all other holders to receive new bonds payable-in Canadian currency
.
Company
(no
but
000 first and refunding mortgage 5% 30-year gold bonds now pledged
to the Public
; thereunder.
.r...
; i ..v;.vli-i..
by the trustees of the estate f ,.;: (3) Of such bonds now outstanding, $1,724,300 held unsold in the
of Midland Utilities Co.
*
' "/: ■' -'/■ ■■':
.I" .•
company's treasury are to be cancelled and no further bonds are to
Clarence A. Southerland and Jay Samuel Hartt, trustees of Midland
be issued under the general mortgage trust deed which will be closed
Utilities Co., and Chicago & Calumet- District Transit Co., Inc., are
at $26,047,400.
''
;
in dispute as to the extent of the liability, if any, of Chicago and
? (4) a sinking fund will be establised for the new general mortgage
Calumet to the Midland trustees under an agreement dated June 1,
? bonds
by payment by the company of the following amounts: $350,100
1932, and a collateral trust agreement dated June 1, 1932.
on or before April I, 1952; $367,400 on or before
April 1, 1953; $385,300
;!
It is proposed that this dispute be settled and that the claims of
:
on or before April l, 1954; such payments to be made either in cash
the trustees be compromised by the transfer to the trustees of all
or in such, bonds taken at par.
Slnk'ng fund moneys are to be applied
the hereinafter described securities Which formed the original con¬
to the purchase of such bonds on the market or by private contract
sideration for the said agreements. Accordingly, the trustees propose
at prices not exceeding 100'/2%
and accrued interest, or if and to the
to
acquire from Chicago & Calumet District Transit Co., Inc., the
extent that such
moneys have
not been so applied within 60 days
following securities:
after
receipt, in the redemption of bonds by lot at 100Vi%
and
.(a) Issued by GaryRys. Co.: $400,000 series A 5% income debentues;
accrued interest.
Additional sinking funds are provided in certain
$311,875 series B 6% income debentures; all of the outstanding shares
contingencies.
1
"
" *
• ->
of common stock (no par) of Gary Rys.; 3,046 shares of the class A
(5) The new general mortgage bonds are to be redeemable at any
7.2% cumulative preferred stock (par $100) of Gary Rys.; 2,715 shares
time prior to maturity in whole or In part by lot on at least 30
days'
of the class B 7.2% cumulative preferred stock (par $100); demand
notice at 100 Ms % and accrued interest.
" ;V-
has
declaration
A
Utility
31,780
124,120
32.530 shs.
of
Deed
Trust
:
to be exchanged,
par for par, for general mortunder the General Mortgage
respective interest rates and having
the
same
maturity date as the bonds for- which they are to be
exchanged; holders of bonds who were on April 17, 1941, and still are,
when the scheme becomes binding, residents-of countries other than
bonds
gage
Delay Refused In Re¬
only.
8,498
124,120
With respect to the General and Refunding Mortgage Sinking
•
"
•
Fund Gold Bonds.
■>
(1) Such bonds
$1,241,576
Common
Earns,
be 'waived.
(B)
prior
1,257,994
stock
pref.
paid,
shall
a
$1,515,242
—
Such bonds shall be redeemable in whole or In part by lot at
time prior to their extended maturity date at 100'/a % and accrued
on not less than 30 days' published notice.
r
(5) All defaults and penalties under the first mortgage trust deed
•
Settlement of
Dispute with Chicago & Calumet District Transit Co.—
See
tm
(4)
Midland Utilities Co.—Trustees Propose
said
$257,248
prices not exceeding 100V2% and accrued int., or if and to
such moneys have not been so appl.ed within 60 days
that
any
Special Master Daniel O. Hastings at Wilmington, Del., Oct. 20, re¬
further postponement in bankruptcy proceedings in the reor¬
ganization of Midland United Co. and Midland Utilities Co. of Chicago,
formerly top companies in the Insull chain.—V. 151, p. 2947.';v<r
Minnesota
profit ____—__
Cap. & surp., June 30_
Co.—Further
United
at
extent
Interest
27,515
______
30-Year
•••';
after receipt, in the redemption of bonds by lot at 100,/a% and accrued
interest.
.-.v^'- '".v-v.'vV'"--'' ' ■
'
fused
$78,738
18,000
•$373,876
bldgs.,
Net
the
,*■
,
(b)
Magor Car Corp.—Earnings—
Years End. June 30—
T'OtiSrl
Ltd.—Special Meeting—
organization— ' :
the
has sold privately $750,000 first mortgages bonds of the
issue authorized by the Public Service Board of Quebec.
price received netted the company $98.—V. 148, p. 1647.
Reefunding Mortgage 5%
Gold Bonds
of
annual payment
commencing in 1942 of $700,000 Canadian funds
payable either in cash or in such bonds taken at tnelr purchase price
to the company or at par, whichever is less.
Sinking fpnd moneys, are
to be applied to the purchase of bonds otr the market Or by private
1
;;
Company
Profit
equivalent to
quotations,
a
Midland
,■.
$2,000,000
The
market
at
434.
p.
special meeting holders of the 5% first mortgage bonds ap¬
the plan of arrangement.
•
4
Under the plan, the date of payment of principal on each of the
issues of first mortgage bonds will be extended until Feb. 1,
1950,
the bonds continuing to bear interest until (;hat date at present rate
of 5% per annum.
' V '- "■
/-■ Interest on junior issues and payments to sinking funds on all issues
will hereafter be on a earnings basis except that a combined annual
amount of $90,000 as sinking fund will be payable in any. event and
in case of second mortgage bonds and. debenture stock the interest
accruing after Dec. 1, 1949, will be a fixed obligation of the company.
—V. 154, p. 544.
,
...
,
.
of the
for debenture interest of $119,875 and Federal
taxes
of $992,000
after giving effect to certain non-recurring tax
savings arisings from the company's recent reorganization.
W.
J.
Murray,
Jr., President pointed out that negotiations are
being conducted towards settlement of claims arising out of a prede¬
cessor
company's guarantee of profits of McKesson & Robbins, Ltd.
(Canada).
Reserves considered adequate have already been created
for these claims, he said, and should the claims be settled this year,
there will be a further substantial saving in taxes in 1941.
4
Assuming that the company's present capitalization had been in
effect in both years, and without giving effect to the non-recurring
tax savings arising from the reorganization,, pro-forma figures show
that the company would have earned $830,714 for the three months
ended Sept. 30, 1941, after interest of $119,875 and taxes of approxi¬
mately $1,500,000,; as compared with $641,044 for the same period
last year, after interest of $119,875 and taxes of $203,000.
This would
have been equivalent to 45 cents per share of common stock, as com¬
were
securities
154,
Mexican Light & Power Co.,
At
(incl. Subs.)
1941
•Net profit
After
carrying
on
1941.—V.
proved
This stock must be delivered by Novem¬
the
had been
stock
Earnings for the 3 Months Ended Sept. 30,
•
_____—$105,921,563
—____________
contract
Counsel
1.
ber
•Based
Sept. 30,
delivery to the Bridge¬
of the outstanding preference
of 95%
agent,
as
stock of the Limited company.
preference
$1,732,144
,
assets
$17.82 per share for 5,942,898 shares of $1 per value each outstanding
..
claims is dependent upon
of the
port-City Trust Co..
date
,
dissolved.
be
Settlement
The
;j. amount of; such bonds outstanding from $23,611,000 to $19,000, through
the surrender and cancellation
of $3,891,000 of bonds now held as
collateral security for the general mortgage bonds, or held in the
company's treasury, and the purchase by the company and cancellation
\ of $720,000 of outstanding bonds, and no further boxids may be issued
under the first mortgage trust deed.
-.
:
: (3).
Company w. 11 create a s nk!ng fund for such bonds by an
•<-..•/ 363,343
Total
•Net
10,000
to
(1)
maturity Is to be extended from July 1, 1941, to
July 1, 1951, without change in the rate of interest or currencies of
payment.
(2) The necessary action will be taken to reduce the total 'principal
,
The
McKesson
_
;
first-mortgage bondholders' committee said: "The scheme offers
bondholders an improved bond without sacrificing
With respect to the First and
(A)
$1,247,540
;
Accounts payable for purchase of securitiesAccounts payable for repurchase of shares-
proposal approved by the court contemplates the payment by
& Robbins, Inc., of $95 per share to the holders of the
shares of the preference stock of the Limited company, and
the purchase at $2 per share of approximately 10,000 shares of its
common stock now held by the public.
'
rv'1
The
settlement
also provides that the remaining assets of the
Canadian company,
after payment of creditors, are to be turned
over to McKesson & Robbins, Inc.,
and the former company is then
-
134
____________
the
The general mortgage bondholders' committee states, the proposed
"designed to assure the continuity of proper and successful
operation of the tramway' service operated by the company."
r :
The general nature of the scheme of arrangement may be briefly
summarized as follows;
■
*'•'f-.;-
$107,653,707
!___
payable Oct. 20, 1941____—
:•
over
scheme is
'
-vf.''V"
'
Liabilities—
Distribution
14
Oct:
released
letters
any of their rights or privileges other than the extension of the
maturity: date which, under existing conditions, is not warranted."
■'
291,092
50,999
3,939
'
._—
Approves Settlement
•
Federal Judge Alfred C. Coxe on
The
$100,590,'561
:"* 6,716,982
securities
ih
the first "mortgage
5;
\
Co^Reorganization Plan—4
committees
'
$792,004
.
September 30j .1941. "
due Sept. 30, 1941, not
interest receivable
Accrued
■
108,000
__—I
quotations
receivable
Dividend
$906,293
Two-bondholders'-
signatures of their chairmen, recommended approval of the proposed
scheme- of arrangement covering- first mortgage arid general mortsefe®
bonds of the company which will be. submitted at meetings to be held
Dec. 9 arid 10, next.
V
'
(demand deposits)
Accounts receivable for shares
the
'
' "
..
banks
Accounts
dend is payable Dec. 1, both to
'
5;
1938
'1939
$1,106,115
115,676
$1,260,923
$1,127,819
losses on securities.
_______
-Montreal Tramwaya
»
-
•!
______
Statement of Net Assets,
in
share
per
.r
'
•Exclusive of gains or
Dividend-
$1.11
possible prior
income tax—
income
.
118,810
for
•Net
•
$1,246,629
122,095
year
regular quarterly dividend of 55VaC. per share on the
common stock. The extra is payable Jan. 2 (not Dec. 1 as previously
stated in the "Chronicle" of Oct, 21, page 695), and the regular divi¬
to
addition
1940
excess
profits
buildings and equipment. (In¬
and defense taxes, and Federal
The
Balance
Sheet,
June
30,
made at
be
100 Broadway.
Assets—Cash, $76,976; marketable securities (at cost), $54,929; notes
(current
and
accrued
interest
thereon),
$25,055;
notes
March
1,
interest
to
to
1942,
and
receive
the full redemption
price
income
1,110,514
_
1,109,623
100.469
_
•
1941—12 Mos.—1940
$1,795,200
$2,442,378
$2,369,125
1,526.234
1,510.659
75,430
127,216
137,352
9(5 642
168,774
172,929
1
Depreciation
Taxes
(incl,
for
prov.
tax)
210,136
169,677
268,532
215,383
$263,357
$313,254
$341,486
$373,512
and
date.
the redemption
$1,810,834
126,358
_
after
on or
1941—9 Mos.—1940
reveriues
expenses
Mai ntenance
- iu
principal office of
the
New York City,
1,
accrued
1941
Co.,
Trust
Operating
Operating
1942, after which date all bonds shall cease to bear interest.
Holders of the bonds may, at their option, present them at any time
March
prior
profits taxes.
will
Payment
date.
York
New
Period End. Sept. 30—
,
Operating
Other,
Trustee—
income____
income
Dr32B
(net)__—
56
Dr914
635
$340,572
161,247
$374,147
receivable
(long-term), $56,375; trade accounts receivable, $508,707;
miscellaneous receivables, $21,353; cash surrender value of polices ou
lives of officers, $48,700; inventories, $1,483,729; notes receivable and
accrued interest thereon (Magor Equipment Corp., wholly-owned sub.),
$138, 793; Investment in capital stock Magor Equipment Corp., whollyowned, sub.), $1,000; fixed assets (cost), $1,485,014; deferred charges,
$18,695; patents and good will, $1; total, $3,919,327.
Liabilities—Notes payable to banks, $575,000; trade accounts payable,
agent, registrar and
of buildings, machinery and equipment,
$787,611; preferred stock (1,800 shares of par $100), $121,400; com¬
mon
stock
(32,530 no par shares), $1,363,874; total, $3,919,327.—
V. 154, p. 246.
reserve
Maine
for depreciation
Central RR.—$9
ICC
Sept.
on
issued
29
report
a
mortgage 6%
accordance
659.;..
conditionally
—V.
51,051
123,918
55,484
23,199
23,739
30,616
$68,226
debt
disc.
$110,169
$80,633
bonds and to solicit the deposit of such'bonds in
of a suitable deposit, agreement—V», 154,.
W ^
.<
&
misc. deduct.
153, p.
sales
count,
after,
declared
a
1941—9 Mos.;
'
&cvt_^_i____.; :$7,649,519
,
.
.
$4,797,619 $18,030,559 $12,068,360
COst
and; expenses^__^^! ; ,6,063,858,, .f3,711J62 . ■A4v571.0W^,',«;820,,f50.'i^Depreciatiori & depletion'
207,286 '■ ; 153,987;
517,035
389,923'"
Hearing
Marshall Field. &. Co.:—Stock
Offered—Glore, Forgair
of 10,000 shares of first preferred stock
$109
a
share.—V. 154,
p.
(par $100)
at
336.
corporation
accrued
interest.
■
With the redemption of .these bonds, it was said, only $864,200 "in
Option I bonds will remain outstanding, against an original principal
amount of $11,524,800 issued under the refunding plan.
The bonds
which will remain outstanding, according to, the company, are obliga¬
tions of corporations over which the Maryland Casualty has no control.
—V. 153, p. 1279.
Operating5.
^tNpifdfit.ri2:l''' >1,-378,375
Qther income;
jme^llf^__4l_i"-;;;*.^;'36,076;
the
on
I
Standard Stock Exchange of Spokane should be;
or withdrawn - because of the failure, of. the ..company id
annual report for the year ended; Dec. ;31, 1940. as required
its
1934 and -the rujes thereunder.
'•
^j.:;;_;
Interest; •'
-
Montana, Wyoming & Southern RR.-^Stock;
Prov.for doubtful rficcts.
;
Fed.
ICC
stock
Montour
Net
from
ry.
(par $100).—V.
1941-
1940
1939
$233,037
$218,925
31,353
'
•
99,5831-;
73,453
-
50,716
85,113
11,541
276,500
53; 520
< >54,208 '
15,448
-
-1230,000"
434,000!" '' 84,000
-
"
5
♦ :
144,533
' .158,579
202,236' Vi 136,574'"'
29,157
.22,905
561,500
.398,000
904,000
160,000
122,768
89,470
income;.
122,174
"
...
78,477
I
$1,761,031
$1,722,305.
$1,391,963
*
764.662
railway.—
-
550.687
730.743
V
710,930
"594,606'
$0.30
$1,200,629". $1,055,084
$0.75
$0.68
'
.
"This tax increase ,-and rising production costs have, been
offset bv "
greater .volume rind.improved plant efficiency," Mr. Baker said
"We '5
are
now..enjoying the largest sales in our ..history. ' Every "piarit is
-operating at peak-capacity and most iriills have a? backlog of-•from" 51
$1,150,062
346.918
,420,598:
'
rf«-
•
"
625,342
$526,449
$558,000 for. the first nine months of. 1940.;
73.830
•
102,779
,
oper; incomei—~
154, p. 435.
108,902
106,298.
$0.37
In announcing the earnings, Melvin H, Baker,
president, pointed out
that provision for taxes on income for the period amounted to
$710 500
or 54c, per share of .common stock.
This is $396,500 more than for
the same period last year.
These tax provisions bring the total for
the first nine months, of this year, up to $M65,000, as oomriare<r>with
$176,385
*
—V.
^profits taxi
v>
Net profit'$556,581
1938
$248,499
railway
oper.
from
Net ry;
excess
Earns.persh.oncom.stk.
154, p. 180.
RIL—Earnings—
From January 1— •
Gross from railway—
Net
:
on
September— •
Gross from railway_i_
Net
income, tax,'
Fed.
Change^--
Sept.
24 authorized: thd -company...ta issue not
exceeding 10,000 shares of common stock (no par).... in exchange, on; a
share for share basis, for an equal number of shares of outstanding
The
■
-
,
.
«l414;45iy{<$963,623 >3.042.0$4 >1.931.14«
$1,414^451; <$963,623 $3,042,054 >1,931,142
.
Miscell,; deductions
by the Securities Exchange Act of
.
|932,270'-^$2.942,471V
•i*'-1.,
Totarinc0me
suspended
Maryland Casualty Co.—Bonds Called—
announced that it will call for redemption on Dec. 1 of
$1,880,200 In bonds outstanding on which the company is guarantor
of both principal and interest under the mortgage refunding plan
Which became operative in 1934. The bonds will be called at 100 and
21 t*ata hearing has been scheduled for
.
common
Company
announced Oct.
1941, at its Seattle Regional Office,-to determine whether the
18.
registration of the common-capital stock. (10c par)-K-non-assessable; .of
file
& Co., Lee Higginson Corp. and Shields & Co. on Oct. 21
offered after-the'Close of the Stock Exchange a block
SEC
The
Nov.
33,176
$99,816
Subs.)—Earnings—
1941—3 Mos.—1940
dis-
.
on
Oct.
22
dividend of $9 per share on the
payable Nov, 1 to holders of record
This payment, company said, covers all arrears up to and
Oct. 25.
including July 1, 1937, Last previous distribution was made on Nor, 7,
1940 and amounted to $8,50 per share.—V. 154, p. 433.
Directors
cumulative prior, preference stock,
75,281
;
556.
Period End, Sept. 30-r-
Gross
'
•
Montana Consolidated Mines Corp^-rDelisting
165.874
68,076
&
National Gypsum Co. {&
the-terms
with
"
of
"
authorizing Percy Cowan, John F. McFadden. and, Joseph H. Zumbalenserve as a protective committee for holders of Plaza-Olive Building
p.
120,553
debt
interest
Amort,
to
first
$313,310
Net Income
order
and
$263,029
long-term
on
Other
first
Missouri Pacific RR.—Reorganization—
The
"
Preferred Dividend—
$8,927,000 principal amount
1971.—V. 154, p. 658.
exps.
$895,448; accrued wages, insurance, etc., $41,403; accrued taxes, $134,590;
Int.
fiscal agent under Indenture dated Sept. 1. 1941,
providing for an initial issue of
mortgage bonds 3 Va % series, due
income
Gross
of New York has been appointed trustee, paying
Guranty Trust Co.
receivable
•
one. to. three
the
month's
balance of
1941."
capacity.
We anticipate-Oversold conditions
<
-
for
'
"
Volume 154
•
:r,*The
effort
of
have
Assets—
passed.
second
Power
Light
&
Omitted—
Directors
stock
to
vania
Molasses
Dividend
the
in
Cash
Nehi
l.
Federal
_/
receivable
—
income
First
■///';/
censos
A
and
notes
for
Federal
for
sugar
Unclaimed
Nov.
19
vote
to
proposal
a
on
$824,441
has
taxes
•
that
company
Worcester
7
from
1
and
called
will
be
Co.
■
1257
p.
New
;.
'
f
of
depreciation
\
•
2,212
2,356
607,500
607,500
831,840
$4,607,323
For the week ended Oct. 17^ New
1941,
$3,020,780
will
>
.
•
•
Debentures;,/!
billings
construction
j
on
vessels for the United States Maritime Commission.
29, 1941, the company's employees numbered 18,171
cargo
Sept.
through
Under
•
with
officers
Stock
and
on
telephone
-
&
Wheeling
proposals for
Wheeling
completion
re¬
Net
sale,
is
about
for
the
represents
value
of
material
salvage
and
value
supplies
of
of
the
of
$5,000' will be paid to the bank
stock as security for a loan, for its
sum
minority
by the
International
of
consummation
the
of
deed
a
(&
of
further
transaction
the properties
154, p. 337.
branch lines of the applicant.—V.
Subs.)—Earnings—
Year Ended Dec.
'
,
31, 1940
charges
5,356,241
1,375,764
expenses—
(net)
72,852
//„/■
of
and
debentures
bond
and
$885,337
and
125,131
debenture
Income
state
discount
and
7,544
expense
taxes_-___
157,030
profits tax..
73,000
income
$522,633
paid: On 7% preferred stock
preferred stock, second issue
On 6%
Consolidated
/
Assets—Cash
Lake
//-'.V
•
&
•//
:
30—
1941
,■
$3,117,221
1939
,
$2,099,709
gross
doubtful
1940
customers'
accounts
receivable
accounts
accounts
of
and
accounts
notes
and
receivable
(less
of
reserve
$481),
$241,897;
for
contingencies,
$12,000;
$34,692; reserve for employer's liability insurance,
(70,238 shares at stated value of $25
per
stock
common
share),
$1,755,950;
$466,200;
preferred
7%
pa;id-in
$6,992,204.—V.
surplus,
146,
stock,
of
output
week
ended
18,
with
States
totaled
1941,
preferred
Power
35,051,000
kilowatt-nours
30,505,000
stock,
$672,838;
total,
for
the
Co.
corresponding
;
for
system
kilowatt-hours,
as
week
i
v/;/'
14.9%—V. 154, p. 660.
an increase of
year,
6%
surplus,
(Del.)—Weekly Output—
Northern
the
Oct.
,
/ last
$98,700;
earned
$379,854;
1722.
p.
Northern States Power Co.
the
1938
$2,276,852
>1,219,777
-1,077,399
31,
Dec.
$126,178;
for
Liabilities—Bank loans, $345,175; other notes and acceptances pay¬
able, $38;378; accounts payable, $295,288; accrued interest and expenses,
provision for income and capital stock taxes, $299,234; cur¬
rent maturity of funded debt, $51,000; funded debt, $2,301,000; reserve
•
Electric
•
1940
$2,338,757
Sheet,
hand,
on
/ $115,941; investments, $94,941; cash and company's own first mortgage
bonds, reserved for required deposit with trustee on April 30, 1941,
'$139,073; property, plant and equipment (less reserve for depreciation
of $3,996,603); $3,277,273; timberlands and standing timber, $151,384;
patents and trademarks (less amortization), $6,933; unamortized bond
and debenture discount and expense, $39,724; total, $6,992,204.
■//.
(Including New York Dock Trade Facilities Corp.)
-L
51,469
; in process, $233,282; paper, pulp, pulp wood and wood products, finished
•.and in. process, building materials, fuel and supplies, $1,676,455; pre¬
paid expenses, $39,323; cash surrender value of life insurance, $183,675;
Co.—Earnings—
Months End. Sept.
Balance
and
6.909
:____
$27,182),
travelling
/advances,
$14,397;
other
accounts
and
notes
receivable,
$46,437;
advances to contractors and stumpage charges on logging operations
..
compared
9
Revenues
.
banks
notes receivable (less reserve
$847,188; officers' and employees'
the sale of certificates of deposit for 20,000 shares of
Lake Erie 4% prior lien stock have announced that all
New York Dock
in
and
,
—
1,767,162
1,292,854
1,189,225
expenditures for new construction in the
Expenses
1,078,972
1,044,115
1,043,920
past 18 months have totaled more than $26,000,000, of which a con- , Taxes, interest, &c.—_
siderable part was occasioned by the facilities required by the Army
i
Net profit
cantonments,
Navy
and
shipbuilding yards, airports, and rapidly.;:
♦$271,087
$1,789
t$133,436
t$20,324
♦
i. expanding defense industries.
Includes $54,779 attributable to six months ended June 30, 1941,
As a single illustration, he cited the >
;
but not determinable during that period,
t Loss.—V. 153, p. 558.
$1,500,000 project now under way of plowing in underground cables
fcetween Boston and Portland,• Maine, - /
*
•' 1
- .
New York/ New Haven & Hartford R R. — Common
-j ' Earnings for Nine
Months .Stifled Se$t,f30 '/
'
company's
book
Paper Mills
excess
Dividends
;
of
legal
the
the
as
normal
Federal
proposals for purchase of these certificates have been rejected—V. 154,
p. 545.
,
i
,
that
approximately
the
further
the
bonds
on
Federal
Smith, Barney & Co., who acted as agents for the Road in receiving
requirements, the company plans to offer the new stock
; at par
to stockholders of record of a date to be determined at a
; later meeting of the board
.V
«
'•
i
President John J. Robinson, in announcing the new financing, said
•
line
Traffic
$7,690,195
Amortization
Sells 115,193
Erie Prior Lien Stock—See
Chesapeake & Ohio Ry.—
4
other
at foreclosure
Income
Interest
as
»
York, Chicago & St. Louis RR.
New
raise
to
Commission
Exchange
and
Securities
the
the
authorize
to
Falls.
sales
Net
■
Corporation has filed with the SEC an application (File 70-415)
recent years,, directors of the company, voted
In
program
largest
the
basis
permanent
a
Ry. at the
execution
operated
''miscellaneous
'
►
on
continuous
a
with the Minneapolis,
latter point.
Cost of goods sold__
Selling, shipping, warehouse and administrative
hydraulic turbine contracts for the above mentioned!.
Newport Water Corp.—To Dissolve—
more than $22,000,000
the offer of stock to present stockholders.
a
registration statement and prospectus soon to be filed
21
Oct.
'
finance
to
the
Upon
'Miscellaneous
;
'
order
constitute
International
bondholders dated July 17,
against 12,911 a year earlier.—V. 153, p. 844.
Shares
In
and
Consolidated Income Account,
Deposit Bonds for Extension—
Company, are not included in the above billings on shipbu lding con¬
tracts.
This subs'diary is engaged in constructing thirty-seven emer¬
Association —System
f
*_»,
New England Telephone & Telegraph Co.—New
i Issue Planned—
.
be
Net
/-
periods aggregated $473,380. and $981,040, respectively.
Billings of the company's subsidiary, North Carolina Shipbuilding
England Gas & Electric Association
ago,—V. 154, p. 659/
year
Marie
price
and
The
Northern
in
reports electric output of 10,701,660 kwh.
This is an increase of
garding the proposed dissolution of the company and -the distribution
of its assets consisting of cash to holders of the 10,000 shares of its
1,023,194 kwh., or-10.57% . above production of 9,678,466 kwh. for the
corresponding week a year ago.
,
:
outstanding preferred stock.—V. 150, p. 2109, 3521.
'
Gas output is reported at 98,794 mcf., an increase of 4,277 mcf., or
4.53% above production of 94,517 mcf. in the corresponding week a /
'
•
to
assurance.
deducting 6,075 shares acquired and held In treasury.
acquisition, without consideration, of 6,075 shares of the
'
Grand Falls,
Brainerd
$4,659,735
in
$3,142,799
from
West
Ste.
holds
now
consent
.
1941
On
] '''
,
the
plus court costs and
railroads
which
157
Newport News Shipbuild. & Dry Dock Co.—Billings—
redeem
gency
Electric
&
'
'-a
of
allowances, the properties of the Inter¬
including the stock and debts of the Big Fork and all the
title, and interest of the International in the latter.
The pro¬
both
^
—
of
Sault
&
International.
;
* "
■;
Gas
England
(Output—
Paul
right,
213
1941, invites them
to submit their 3J/2%
bonds maturing Jan. 1, 1942, for extension to
Jan. 1, 1947, at the same interest rate and offers a principal payment
of 10% on the bonds-so extended, provided the plan becomes opera¬
1
tive,
To date (Oct. 2) more than two-thirds of the outstanding bonds
•
have been promised or actually deposited.—V. 151, p. 2052.
;
<
V
Issue—See Neisner Bros., Inc.-—3L 136, p. 3175; V. 128,
"
■
for
reserve
circular letter to the
A
Privately—Parent Company to Guarantee.;
be Placed
to
.
line
Proceeds
to
used
Realty, Inc.—$2,000,000
Neisn«r Brothers
the
Ry. at Walker and Bemidji, and
posed purchase
71
insurance-
1
—
1941
i
with
national,
11,279
Realty company's $2,000,000 outstanding 6% convertitle debentures at ;;
Company reports billings on shipbuilding contracts for the thirteen110.
Refunding is expected to result in substantial interest savings., / week per.od ended Sept." 29, 1941, of $17,803,681.
Billings for the
New debentures will mature from Nov. 1, 1941, to Nov. 1, 1953, and
thirty-nine weeks ended on that date amounted to $53,909,043 as
will bear interest ranging from 1% to 3.60'jo.—V. 154, p. 545.
compared with $42,109,922 for the corresponding period in 1940.
'
connecting
The applicant proposes to purchase
$673,000
tAfter
Bondholders Asked to
:
for
guarantee payment
Insurance
Life
funds,
additional
with
together
sale,
St.
//
1,665
.i_———....•u/.—.
company's stock.
To
Mutual Life Assurance Co. -of
to State
Massachusetts Mutual
debentures
serial
guaranteed
">
and
shipping molasses sold.
north
between
railroad
Great Northern
10,064
/.
—
1940.
Bros.
v-
550,449
,
803,489
rents,
surplus
tThrough
been
track
railroad
5,432
,__
interest,
♦After
$0.74
/
single
a
interchanged with the applicant at Brainerd and Grand Falls, with the
27,691
.'
~17~856
expenses.....^...,
wages
tCapital
principal and interest on $2,200,000 debentures to be sold by Neisner
Realty, Inc., a wholly-owned subsidiary.
,V . y
.
• '
Neisner Bros. Realty, Inc., proposes to issue and sell $2,200,000 of
'
27,691
457,253
taxes___________
shipping
Accrued
Deficit
394,000
____.
_____
Estimated expenses of
v
consists" of
to Kelliher.
These lines of railroad, together with a segment of the appli¬
of
$3,892,500
394,000
payable___-______-_-___—__
payable
Reserve
.
stockholders
preferred
of
meeting
special
Fork
single-track line extending
approximately 135 miles,
The line of the
a
Falls.
1940
/_,
Reserve
317,000
—Special Meeting Nov. 19
Company's Debentures—
of
Northome,
j
$4,659,735
:________
148,356
Neisner Bros., Inc.
Guarantee Realty
to
/International at Northome and extends about 32 miles north to Grand
$3,892,500
i
payable
263,119
$0.81
/ .?
consists
northerly
17,474
•
1941
.
sinking fund gold bonds—.
mortgage 7%
Cuban
.
•'
t
(par $100)
580,978
$895,699
__———,—— —-
Earnings per share of common stock
/ —V. 153, p.; 843.'
-
v"
473,000
tax.
profits
excess
railroad
Brainerd
58,475
25,956
____________
/'
stock
tCommon
1,676,002
502,000
Big Fork &
11-mile branch line from Funkley
an
Big
the
International's
West
with
23,868
20,108
of
cant's
$3,809,897
"
The
52,749
44,413
^
control
from
826
45,092
—\
reserve)—
hand
on
268,670
29,272
$4,607,323
1940
Sept. 30—,
on
by the company of
Ry., the acquisition
Northern Ry. through ownership of its
capital stock, and operation of the property of the latter as successor
lessee of the Minnesota & International Ry.
\
The report of the commission states in part:
—^
of
135,629
97,605
369,992
ICC on Aug. 25 authorized the purchase
properties of the Minnesota & International
the
46,812
115,491
.
-
_______
Total
Net
22,496
119,531
—
—!
(less
and
charges
Accounts
Federal and State normal income taxes
'
and
stores
Liabilities—
Drafts
;
/ \
!
1941
sales/.,——___—$4,987,926
Advertising expense
2,020,234
'<•
Selling expense
•_«.
_
.''602,952
\ General and administrative expenses
310,228
Other deductions, less other income..
!—
183,813
profit
stock,
rolling
Company has been paying quarterly
share. Uncertainties
of
Corp.—Earnings—
9 Mos. Ended
Gross
in
banks
Deferred
Bills
•
livestock
hand
on
Accounts
V: !'/■/
proceedings before the Securities and Exchange
involving continued payment of dividends by the I>ennsyl-.
and Light Co. to its parent, National Power, were respon¬
action of the directors, it was announced.—V. 154, p. 582.
Power
for
railroad
dividends at the rate of 15 cents a
outcome
Commission
sible
Common
—
/V/::>?!>;/
stock
the
Co.
animals,
Merchandise
passed the dividend on the company's common
16
Oct.
on
normally due at this time.
"common
as
95,217
mach.,
Materials, suppl. & mdse. in stores & in transit
Sugar On hand (less reserve)
beginning
National
:
equipment—.—
The
2,193,271
100,217
Planted
and
growing cane___._________
Advance to Colonoes and contractors (less res.)
v
step in preparation /pr shrinking volume after defense is
of the company's first large scale advertising program
which started a month ago.—V. 153, p. 696.
h
;
A
2,056,089
Work
'
the
etc.
"Buildings,
Ry.—Purchase, Etc.—
1940
$1,664,139
developed
been
Northern Pacific
'
1941
1—
//
including pastures
753
July 31
Sheet,
'-
$1,663,666
.Land,
products
new
being held in reserve for marketing after the defense emergency
are
has
Several
Balance
through product
The company'.s
development
for< present- products.
uses
new
and
future
the
for
the
toward
directed
is
nov?
advertising/' Mr. Baker said.
and aggressive
research
(!and
preparing
is
company
xesearch
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3998
/// Northwest Airlines, Inc.—Mail Rates Revised-
'
mail
New
rates
pay
approved
been
have
by
the
Civil
Aeronautics
-
.
^
■/' :S:'
Operating
;
.;
Operating expenses
Net
operating
Operating
—_
,
—
Stockholders Protective Association—
Action
taxes
for
act
U.
the
Net
income^.i-/_u/i/—
operating
Other, income
—
$10,894,409 $11,076,505
197,719
L—
Miscellaneous deductions
available
fixed charges—
for
_
120,048
3,150,000
126,129
555,270
—
$127,621
$1,112,889
Earnings per share of common stock_j——™
$5.35
$5.58
—_——
—
balance
Note—The
the
chief
an
new
Federal
Tax
in ihe .increase
factor
of
increase
154,
p/ 248.
•
.«/•'
,
"
""!'
t
1940
1939
$590,571
$696,256
32,556
receiv.—-
:
of
1939
j,
^t2jt-.><3U«326
MisC'/»4n«onib
40,803
1
for Colonos! accts.
Prov.
—
depreciatibri-/r,!a. ,.135(4'58 .1". 132,202
for
Prov.
149~327
sink,
on
bonds
Int.
fund
gold
i —1' 13,790 /"
13,930
Prov. for Cuban
income
& U. S.! ' n."
20,661
12,713
<
,
'
taxes.L—•9,164
invent,
adjustment
*Crl8,918
30,021
31,937
/"! J
7,124
Cr5,995
°Crl4,483
n~770
added
carried
oa
round trips between Boston and
mail on two current non-mail
two
on
haul
to
will
trips
be
designated
adjusted
mail
rates
pay
,
by
the
Post
Office
•
.
are
follows:
as
A
base
of
rate
28.69
per
O'Connor, Moffat & Co.—Accumulated Dividend—
which the
careful
upon
is
committee
research
valuable
for
income
the
entire
and
this
amount
must
be
deducted
$3,432,569
outstanding, this indicates
year
1941."
stockholders
,f - (.i..
, ..
protective
committee
\
t ;•
AA
amount
of
All
;
and
a
gain
ga.n
the
outstanding 6¥2 %" mortgage
bonds have
$900,000 Bank Loan .Arranged— '
1
short-term
A
loan
the corporation to
$900,000 for
of
18
amounted to 9,717 stations, comparing
in August and an increase of 7,450
Of the 9,717 stations added during
the Cleveland division, comparing with 2,537
were
in
*
in
7
1941
/
Net
Banks making the loan were
101.
154, p.
1939
321,734
$405,555
5,552 /
,
$430,194
$325,765
4,872
3,187
.
$410,427
$328,952
*'
Interest
on
of
Amort,
for
pense
Net
150,562
long-term "debt-/______
(net)
income
:
'
security
"
4,928
*191,O0G
3,213
and ex¬
13,923
"12,982
10,648
__—""" $262,755
$197,860
$124, OSl
137,775
113,462
__/
'
Balance
Assets—Property,
248.
194,657
2,953
r/__
debt disc., prem.
Dividends on class A common
by
Chemical Bank & Trust Co. and
Bank of Albany.—V.
■
$647,498
331,970
$424,641
____________________
income
Gross
1940
$737,525
413,930
earnings
Other incomq
.
$838,571
revenues
Operating expenses and taxes___
provide funds for the call Nov. 21 of its 6 ¥2% bond's
National Commercial
on
1938,
in
Miscellaneous
arranged
15,
Ohio Water Service Co—Earnings—
f J.;;.,
!
months has been
holders
and
stations
7,686
12 Mos. Ended Sept. 30—
•
called
to
15
September a year ago.
In the Akron divis.on 2,405 stations
as compared with 1,800 in corresponding month in 1940.
154, p. 546.
—V.
'
been
account
on
15
May
added,
Operating
>
Nov.
15,
September
in
of
3,732
month
were
•/.' •
>-/!•-'
•//y.:,.•'.J_•
Aug.
September a year ago.
added
More than 2,000 stockholders have already authorized the /
them, L. Stanley Champion, 116 Nassau St., New
337.:;,.;
share
per
payable
on
previous
the
of the committee, other members of which are
Annala/Fitchburg, Mass.,. Samuel P. Belsinger,, Atlanta, Ga., ,/
I. Weil, New York, and Chetwood Smith, Worcester, Mass.—
of
37V2C.
stock,
paid
Chairman
is
p.
Like
stations in
which
organized
was
dividend
a
class
the
on
29.
Ohio Bell Telephone Co.—Gain In Phoneswith
of $2.27
earning
an
last,
15,
station
be
will
Oct.
distribution was made on Feb.
and also amounted to 37 ¥20. per share.—V. 153, p. 402.
sent to common
analysis, and
1941
record
Feb.
and
year
declared
have
accumulations
of
1
at
'
>•///____
'
railroad
Haven
New
North American Cement Corp.—Bonds Called—
19,985
-23,099
;
intends
line
The
Directors
G.
.154,
:
-
mail
the
of
redemption on Nov.. 21'at 101 and accrued interest. Payament will be
made at the" Chase National Bank of the City of New York,
^
bills,- drafts .-and;'
on
-■
•
■ «.-
.-.wloans, payable
Net
136,500
,
net
now
the
common
1941.
John
1,500
Prov., • for
Int.
; '616,623 "
'70,000
560,179
the
stock
.
.
ien.;^xp,!,.
the
letter
a
From
share for
York,
w
$673^141
$734,211.;
and mfg. (costs\
selling .and.
in
"Based
states.
that
common
Harry
Prod,
the
present
committee to act for
5,252...
•:
protected,"
taxes.
The
'
/! $627,086
22,566 /?
carrying
be
mail pay.
by
is payment in full of the 7%
dividend on the present outstanding
preferred stock.
This leaves a balance of $3,567,431 as earnings on
the present outstanding common stock.
As there are 1,571,186 shares
per
15,389
16.169.
•
.
the
May,
;.-.$703,431 •
,mj-;
—;
disc,
&
V
before
pending
now
Connecticut.
of the railroad, it is the considered judgement
statisticians of the New Haven common stockholders protective
income
moiasse^rpro-*'-/
&
duced
Int.
is
-Ended July 31 '
1941!
,
Sugar
1941,
!!f'
Income . Account..sYeaxs
fr,:
1,
Co.—Annual Report—
New Niquero Sugar
-
Jan.
proceedings
Me.,
to
the total
airplane mile for the first 300 pounds of mail, or fraction
plus 2.5% of such base rate for eacn add.t.onal 25 pounds
of ma.l, or fraction, carried on the designated schedules.
Heretofore,
the a.rline received 36 cents as its base rate.—V. 154, p., 57.
$7,Q0O,OOO.
This is * the amount of earnings on the
common
and
preferred stock after deduction of all fixed charges,
including interest on all now outstanding bonds and other obligations
of the railroad,
taxes and other deductions, including reserves for
period ending Sept. 30, 1941.—
-
;
to
of
also.
The
cents
approximately
It is responsible
total increase of $2,703,405.75
a
stock
common
be
committee
in operating taxes.;
operating taxes for the nine-month
in
V.
r
Law, ..retroactive
out of
$2,158,520
of
Court
reorganization plan, submitted to the court
public hearings, calls for the elimination of the
stockholders
*
for
reorganization
the
District
allowing -mail
thereof,
conference with officials
of
Income
of
compensation is not increased.
ICC
"Your
$7,446,814
6,333,926
$7,128,276
—_>■——. —
appropriations
effect
the
Department for the transportation of ma.l so long as the total amount
of
and common stocks of the railroad.
If the court rejects
plan, it is the intention of the protective committee to urge
of a revised plan which will recognize the present common
stock in the reorganization.
If the court approves the present plan,
the committee will be able to appeal the decision to the higher courts.
491,871
7,000,654
income
Net
in
them
should
Dividend
>
the interests of the common stockholders of
forecast October 21
with the announcement by
preferred
126,129
Other
flights
adoption
3,150,000
Discount on funded
interest
have
,
$10,959,675 $11,214,814 ,!
Bond'interest
Bangor,
protect
pending
after
ICC
the
Income
to
S.
The
259,157
132,452
—™—_
—
w.ll
schedules without an Increase in
Instead
the
company
was
the
recently formed protective committee for holders of oommon. stock of
its intention to seek from the common stockholders authorization to
$20,975,520 $18,454,210
10,081,111
7,377,70S
revenues——_
which
additional
„
1941. \-y
1940' %
$64,257,811 $59,283,358
43,282,291 40,829,148
y
revenues
Board
202,610
Sheet,
plant
investments,
stock
-
September
and
equipment,
$1,650;
deferred
30,
.
1941
$7,491,067;
municipal
miscellaneous
accounts
receivable,
$91,676;
cash, $313,262; bonds of affiliates, $26,495; accounts and
receivable (less reserve $2,241), $70,014; accrued utility revenues,
notes
Net
loss—'
companies bonds
,
plus
to
' $123,096
\
s
>
'
373
$12,170
$203,673
,!
deficit.;,—//—
\
Power
Co.—Meeting
Ad¬
21
again- adjourned
their
-
meeting until Nov. 21, pending the conclusion of negotiations
Securities and Exchange Commission and North American
•
American
North
Light
&
$20,648;
$7,714;
journed—
48,530
/"
60,000
Stockholders
special
I
sur-
account
'revious.
t$28,351
.:,///
'
carried
lalance
.
—
of
the
company
on
Oct.
between the
$28,351 def$ 122,723
$36,360 def$143,673.
831,840
745,477
•/
>.
709,117
601,804
CO.
.
.
Some
:
progress
.......
was
reported
H.
E.
Johnson,
secretary,
at
accrued,
the
.^ Deficit at July/3L/-//^;$803,489f;r $83i;840.,>! $703,117 !/ $745,477
tomers'
■
i
i
..adjustments/on sugar, and molasses carried over from
and other prior year adjustments (net). fProfit.
*Net inventory
previous crop,
dissolve
its
right
to
Light
& Power Co.—V.
subsidiary holding
154, p. 659.
company,
North
American
•
(40,522 no par shares), $3,155,898;
long-term debt, $3,777,000; accounts payable, $10,142; customers' deposdt
and accrued interest thereon, $23,750; general taxes accrued, $49,918;
Federal
-
by
in. further, efforts to reach an agreement on the dispute
between the. North American Co. and the SEC concerning- the former's
meeting
materials and supplies, $41,079; prepaid taxes, insurance, etc.,
deferred charges, $230,039; total, $8,293,644;
Liabilities—Class A common stock
income
$49,985;
advances
taxes
other
accrued,
current
$67,858;
and
long-term
debt
liabilities, $7,513;
cus¬
interest
accrued
for construction, $2,402;
on
reserve for
retirements and
replacements, $559,501; contributions in aid of construction, 033,100;
capital surplus, $213,900; earned surplus, $342,678; total, $8,293,644.
—V. 153, p. 402.
THE COMMERCIAL & FINANCIAL CHRONICLE
754
Saturday, October 25,
1941
—
Pacific! Gas & Electric Co.—Registers Witft SEC.—.
"
Omar, Inc.—Annual Report—
*'■
'
'
1941
1940
-
$5,239,032
Oper. and general exp._
4,431,480
397,319
324,657
profits from oper.
$410,227
$4,092,863
$304,938
$299,453
54,701
$4,622,723
3,791,44'J
285,663
$545,614
44,319
$4,921,272
4,297,162
deprec.^ion..
62,296
for
Net
Other Income
•Net
&
Other
Amort,
7,293
14,718
35,016
Taxes
30,936
Int.
Operating
——
pub.
3,104
6,330
1,640
2,143
60,000
95,780
9,303
3,537
195*200
———
Misc.
deductions
interest
Depreciation
(net)
<
-
Prov, for Fed. inc. taxes
-—
11110,000
••
Pref.
divs.
24,707
10,822
1,346,358
——
of
sub.
cos.
.
5,698,924
,503,756
1,352,080
147
114
Minority interest
—_
Int. chgd. to const'n—_
Cr21,224
Crl2,565
for
&
:■
j:
Net
•
360,952
391,395
:
v
210,170
excess
/"■
Earned per $hare__J——\ \ ' $1:12;;
—V. 153, p. 560.
"
$606,394
369,000-;.
369,000
369,000
>..369,000
.
'
$1,131,530
$138,297
$412,278
shares—1^
183,254
'■a
69,052
income
of
588,671
:
80,629
260,670
tax,
Number
121
Fed.
for
profits
109,216
49,676
•
income
taxes—
$l,i27,8v40
•'•
$2,294,948: ' $1,177,515
$336,607
117,681
$851,215
f;
Fed,
stock
cap.
Prov.
Crl5.663
i
'
•
..
$2,237,644
57,206
$317,404
19,203
16,000
.
Depxeciation
Prov.
../!
1,354,293
154
Crl0,553
.
;
income—net—i.
>
21,685,651
,6,981,923^
1,995,000
30,317
5,791,930
367,037-
144,572
5,984,217
348,628
1,347,671
6,226,453
Amortization
§11,500
—
$835,216
Miscell.
1938:
21,774,077
7,585,444
' 1,841,000
22,179,692
7,053,594
1,882,542
;
____
$44,203,261 $46,799,530 $45,6ol,439
8,692,992
1,614,271
19,338
debt-
.
;
Period End. Sept. 30—
1941—3 Rids-^-1940 ' 1941—9 Mos.- -1940
''Gross'-profit' & income
^• : "
■ •
' ,;
!,"
from Operations
$1,608,700 " $9l7;887 $4,407,400 * $2;9O0,428
Sell., advertising1,, gen'l •
• V': &
adminia.
expenses
771,564
600,483
2,169,756
1,778,588
"'
1939
1940
23,376,451
expenses
funded
on
Other
affiliates—_
stockY dis¬
preferred
5%
Subs.)—Earnings—
(&
■12 Mos. Ended Sept. 30—
1941
•Gross revenue
$47,702,053
10,560
*
of
shares
175,000
Profit
$361,984
29,281
&c._—
hands of
in
its
nas
Pacific Lighting Corp.
$589,933
goodwill.—
pref. stock of
in
ment
now
Inc.—Earnings—
(Including Subsidiary)
Thd unit would be ready in 1944 and with the addition of a. sim.lar
s^e at Midway xn
Kern County, Calif., would call for a $15,000,000
investment.r-V. 154, p. 546.
;
-
57,046
Prov. for loss oh invest\
it
Penick & Ford, Ltd.,
a
A\
23, p. 717.
plans for a 100,000-h. p. steam' electric gen¬
erating unit addition in San Ftancsco at a location yet to be chOsep.
$361,749
1143,558
of
on
sub.
•
271,433
disct.
bond
expenses,
Divs.
3,516,492
Oct.
filing
in
that
closed
7,746
interest-
mtgCi
int.,
'.and
t
"Chronicle"
Company
$464,928
||40,794
profit
Bond
fl938\
1930
Gross profits on sales.,
Prov.
See
Account for Years Ended June 30
Income
$1.64
$0.87''i-:ft$3.07
,
Net
*
profits
$306,387
$237,758
127,095
*$463,627
101,676
$152,376
101,676
77,572
....
62,048
232,266
Common
dividends
....
•■Before SpeC'al credits
Net
38.836
dividends
Preferred
101,586
tFormerly National Bank¬
ing Co.
tlncludes approximately $35,000 for Federal surtax on un¬
distributed profits.
||Mortgage note interest only.
iProvision for loss
on marketable securities.
JNo provision required for excess profits tax.
Sheet
June
$601,926 def$419,606
Assets—
Inventories.
Cash
assets
Other
4
1,041,345
92,506
53,475
59,268
UPlant
3,286,465
A'1' ■
1
176,565
3,347,776
insurance.—.—.—
and
...
equip,.—.
Goodwill
charges
a
-
PennsyItania-Dixie Cement Corp. (& Subs.)--Earnings
t
5
12 MOS. End. Sept. 30— "
1 1941 ' >
1940
Sales, less cash discounts
/ {'•.
.
'
a
and allowances
$9,312,360
$6,886,093
$680,611
securities—
in
Sept.
30
r
i
—
A CA
payable
pay. to bank...—
LiabTties—
Accounts
Profit from operations
income
Total
Notes
AAA AA'AA>
I94f
.'
.
stocks
a'
a.,
..
Accrued
l ab Tties
300,000
295,181
_
$20,000,000 $20,000,000
22,439,100
22,439,300
850,000
6,675
deposits
guaranty
debt
Long-term
_____A':A 81,454
...—
2,060,400
cost...——Drl69,531
Paid-in
surplus
Earned
surplus
*.■
^Treasury stock at
325,429
1,514,084
——
—
—
of
$107,402
deprec'ation
4132. ■
of
stock
common
in
$2,459,613
Yeast
be
w'll
manufactured
pulp
ils by
$2,180,434
and
from
a
in
some
improvement
in
1940.—-V.
new
the
waste
"sulphite
liquor"
operating conditions made
p. 3159.
,
of
service—V.
Pacific
cha'n
of
137,
Paramount Pictures,
152,
60,924,582°
a
3,738,362
17,800,848
A
'
Amended—
pro¬
immed'ate
an
holders.
The
/
possible in
dividend of 5c.
an extra
27.
the South
;/ U.
Stock
York
holders
to
;
1940
1941
the old 314s and corporate note
Nov. 10, unless extended.—V. 154, p. 695. • >
■;
Distribution—
$7,633,801
5,218,050
$6,646,129
4,931,699
$3,224,496
$2,415,751
$1,714,430
$594,530
738,391
977,081
1,356,105
1,346,697
income
Total
Income
Other
Res.
________
forgn.
Federal
Net
$3,392,832
214.939
$3,070,535
274,875
invests.
that
pursuant
taxes.
tl,480,000
of
approximately
each
10.3
shares
of
$1,892,948
on
$2,552,957
$1.13
$0.80
com.
other
Y'vvV?'
154, p. 546.
98,000
$2,419,678
booked
—
completed
Uncompleted orders Sept.
Billings against orders
—V.
_____
$0.66
30—__
18,438,712
stations.
and
Milling
19,091,875
charges
deprec
Prov.
Prov.
for
inc.
20,942,695
18,054,065
Profit
from
.
.
J \.
AAA.
;! Manufacturing profit and net operating
Selling, general and administrative exps
Interest
on
1941
revs.______ $114,051,688
and
Assets—Cash,
-
A' 8,955,610
A
debentures
Cash
discounts
Provision
Sundry
for
on
bad
expenses
sales
_A
debts-______________"_______
and
losses-^.
:
Profit
Other
68,561,926
8,009,254
265,833
283
48,644
tCash proceeds
37,500
received in year...
533,190
48,103
Federal'normal
Federal
State
excess
and
income
profits
$16,526,067 $10,062,726
5,184,425
1,978,540
tax__
tax
AA—
2,652,350
foreign income taxes.
Net profit
^Earnings per
•Royalties
______
_
A
35,780
$8,672,797
$8,048,406
$3.26
$3.02
pa'd, patent, develonment and other operating expenses
(including deorec'at'on of manufacturing plants and amortization of
leased eou'nment; 1941—$3,501,541, 1940—$3,489,563.
tFrom sale of
patent r'ghts and l'censes.
ton 2,661,204 shares of capital stock,
$12.50 par.—V.
153,
p.
559.
shares,
no-par
June
30,
1926,
tAfter reserve for depletion
together with provisions out of
1940),
elimination of
^Represented by 121,200 no-par shares,
glnciudes investment
foreign subsidiary whose only asset is land stated at $195,000 in
and $216,600 in 1940.
C r
,
Registrar—
Corporation
1
has
notified
the
New
York
Stock
Exchange
appointment of tue Chase National Bank of the City of
of
the
New York >as
registrar of its common stock and series A convertible $7 cumulative
preferred stock.—V. 154, p. 155.
<.
Penn
Valley Crude Oil Corp.
3 Months Ended
".:a>Miscellaneous.
(&
Sept. 30—
Subs.)
1941
Reveftue—Oil sale3
>>
98.674
$62,908
535
>145,786
79,706
3,511
Administration
Interest
1,321
'VV^'o;-724
$60,169
$55,021
;
880
Taxes
-
and
office
22,961 •"
—
Depletion
Depreciation
•;
_I
1,803
4,466
20,238
14,539
9,056
3,999
23,966
10,032
28,522
'
;
14,574
i>10,185
Federal and State inc.
19,385
5,263
4,758
2,536
:
1,876
2,831
;
.
$64,541
19.0J4
'5,378
expenses
_■j—_—
Amortization.
$138,360
$98,835 '
$94,576
ended June 30, 1940, amounted to
a;'.>_. v: y' '>■'].
revenue
Total revenue —A._—
Operating expenses
'231,390
5,055
Net drilling
1939
$53,700
revenue
i,,
..
-Earnings-
1940
$59,634
10,556
995
5,463
■
tax provision
220
Drilling Corp., net loss
:
■.
bullion on hand and in transit,. $73,265;
municipal securities at cost and accrued interest,.
Net
$107,359; accounts; receivable;;
contract, government bonds; $ 15.705;r
securities,
loss
for
the period-—•
h.v-Consolidated
Balance
$18,063 '■*
$34,450
v
$10,429
Sept..19"4'1'1 •»■'•'••
banks, $1,580; accounts receivable,; $12!748; crude
oil inventory, $3,707;. deferred
assets, $141; l&rtd, ' buildings and equipment^ (less depreciation^reserve, $203,242), $398,346; oil; reserves (less
Assets—Cash
■>
Sheet,
in
on
v,
a
shares issued $4,115,057), $4,514,033;
096.—V.
151,
p.
•
.
r
^Ple«on reserve, $096,066), $568,438;
$989,836.
I*'1
■
t
prepaid' expenses, $4,8.73; totKl,
.
*
•
^
.1
•■
1' \
'
*
**•'.'
f\
$1,501; long-term notes payable (mortgage), $65,000; deincome, $3,709; capital stock, class -A (124,513 shares), $747.078-■
,
stock,
4
$229,959;
1582.
'*
tax reserve,
ferred
deficit, $304,803; total, $4,346,-
'•
class
B
(273,519
shares),
$2,735;
$173,333; total, $989,836.—V. 153,
deficit,
capital
p.
surplus'
1
1285.
,
Pennroad Corp.—-Gets
Philadelphia Electric Co.—Registers With SEC—
Permission To Buy 125,000 Of
:
:
'
Own Shares—
^bjPpany on Oct. 17 filed with SEC a registration statement under
the
Securities Act of 1933. covering $20,000,000 of
2%%
first and
by the SEC to purchase
The bonds will be subject to
up to 125,000 shares of its common stock.
The Commission stipulated v refunding mortgage bonds, due 1971.
bidding..
;
•
that the purchases must be made only on a securities, exchange and
The proceeds from the sale of the bonds will be
applied toward the
that no shares are to be bought from any person affil'ated with the
$20,000,000 of 1V2 % promissory notes which
mature Dec
corporation.
The purchases a« to b" made w'thin the period ending
3, 1941. The balance of the proceeds, if any, will be used to
March 1, 1942.—V. 152, p. 3335; V. 154, p. 548.
reimburse
the company for additions and improvements to
plants and pronei-tv
The corporation has been given permission
.
.
.
.
.....
,
16,495
—__AA—._
share__A_,
at
as
1941
22.287
240,396
1941
951,484
.$12,831,664 811,695,030
...
$9,481,433
'
Total' income__J—-;—A—.
69,071
•■
;"""a
V ,'a
Liabilities—Wages payable, $35,359; accounts' payable and : accrued
items, $56,117; reserve for Dominion and Provincial taxes, $44,389;
capital stock (par $1) issued and fully paid, $8,629,090 (less discount
31,118
1,027,668
951,936
Liabilities—Notes payable, $89,954; accounts payable^ $17,606;. accrued
! Payroll, $950; accrued interest, $877; accrued, taxes, $3,799;. cdntihgent
98,006
$15,460,893
income
,.190,306
951,936
1,665,919
__w
special reserve created out of capital surplus for
Indian
marketable
&
total, $4,345,096..
188,750
785,393
237,880
other
;i 212,932
—
\
8,868
364,253
■
——
1940).
in
138,829
*454,408
53~7"665
22,058
164,220
^
165,225
■,a_■
$1,009:
deposit under power
inventbry of supplies, $78,530; prepaid items, $9,770; shareS in -other>
companies, $66,893; mining properties, $2,487,99.4; buildings; plant" -9nd;'
equipment
(less reserve for depreciation of
$1,139,819),' $591,332;
320,833
972,790
_A_Ai..LAA--A_AA_-~AAA>
for management bonus—
Other interest
Provision
87,745,496
$26,306,192 $18,923,659
revs.
$374,893;
526,147
2.6,500
surplus
depreciation
$538,346;
and
taxes_
from special reserve since Jan. 1, 1937, $2,887,903
.($2,705,342 in
and
.: :y:,
Government
reserves
income
appreciation over original cost of properties to predecessor companies,
.included, in appraisals for June 30, 1936, of $6,215,882 <$6,713,650 in
-
1940 y
$87,485,585
..309,244
121,000
earnings since that date, $18,535,524 ($18,493,034 in 1940); transferred
150.304
,
9,993
17,346
188,402
Balance Sheet June 30,
V 368,293
etc
—
'
548,125
$125,657
oper
(& Subs.)—-Earnings—
oper.
243,646
Note—Dividends paid for the year
,
Sept. 30— >•.,
royalties and other
*Cost .of sales—
288,196
133,510
255,984
payable
interest,
payable
taxes,
"Represented by 400,000
^
.
$172,582..
sales,
210,891
224,098
143,416
259,673
44,081
400,003
.5,100,000
400,000
196,755
contingencies
Total
55,218
taxes—_
.
12. Mos. End.
45,909
—
■
Net
42,764
17,540
$3,030,(030
400,000
4,675,000
425,000
———-
for
23,376
129,747
584,059
42,239
$3,030,000
———-——a
Federal
$1,376,016
———
for
17,395,785
25,189,156
Owens-Illinois Class Co.
24,920
$1,455,798
_
8,047
.
23,906
—r-
13,727
33"000
$12,891,664 $11,695,030
__
Earned surplus
1938 >
$1,689,754
'
1,320,901
$1,352,639
23,533
——
General
$1,665,847
$1,804,126
64,068
_
transportation
1939
$1,430,878
1940
1941
f
1940
35,000
a
stock..—
—i—
for
y
$1,780,593
'/ i
1941
■
238,737
preferred
stock
debt
Capital
15.660.662
39.860,249
153, p. 699.
&
Mining
Ore
$42,021,104 $20,875,163 $20,742,971
20,780,721
_
drilling
cross-cutting^
Sinking
$1,616,840
$1.06
Drift.
•After depreciation, etc.
tlncludes $670,000 for excess profits tax.
Orders, Etc.-—A statement of orders for the nine months ended Sept.
1939
compares as follows:
1941
1940
Orders
_~i_—
income—-.—
Diamond
30,
Orders
30—
June
produced
Total
'
300,000
'
self-insurance—:
s_—-
payable
Other
common
a
—
565,000
i;V'''
•
12.609
pledged for
Reserve
with
Years Ended
Bullion
226,387
'
'V-;a v
trustee^——-3,000
Reserve
.
$1,941,227
350,857
375,000
income
profit
per sh.
Earns,
•
notice
received
Paymaster Consolidated Mines, Ltd.—Earnings— > >
$3,962,887
______
deductions—•__•■
for
before
are
1,327,897
cumulative
Notes
5,761,769
Operating profit
<
has
Exchange
bills.—V.
$6,356,299
5,262,266
Other
;
Exchange
stamp taxes are payable on the stock represented by the due-bills
such stamps must be placed upon separate delivery tickets
applying specifically to the number of shares represented by the due-
1938
$8,486,762
etc.
V''"
charges —'
Accrued
■
that
and
A A A A1
Expenses,
■
.
hands of
securities
Funded
ruling and closing agreement with' the Bureau of>- Internal
re.pect to such distribution.
;
directs that Pathe Film Corp. common" stock :be
not
quoted ex said distribution until further notice; and that allcertificates delivered after Oct. 27, must be accompanied' by due-bills.
The Exchange also gives notice that when stock is' dealt in With
due-bills attached for a stock distribution, in addition to the usual
amount of tax
stamps on the stock, United States and New York.
•'
1939
was charged
periods
1938
Liabilities—
State
—
in
•Common
Film
(fractional
The
(& Subs.)—Earnings—
30-
'
and
Consolidated Balance Sheet, Sept. 30
_
S.
t$7
Corp. of record at the close of business oh Oct.
shares to be represented by participating receipts),
Pathe
of
1940, and
regular quarterly dividend of 10c. per share on the common
stock*-both payable Nov! 1 to holders of record Oct. 24.—V. 153, p. 699.
9 Mos. Ended Sept.
income.
on
..Total
to receipt of an order of the Securities and Exchange Com¬
mission indicating compliance with the Investment Company Act of
per share in addition
•Gross profit from oper.
.
Deferred
■
subject
to- the
Otis Elevator Co.
1939
1940,
,
plan
made
be
stock
,
a,
Inventories
,
of reorganization of Pathe Film Corp. a distribution of
share of coinmon stock of E. 1. du Pont de Nemours & Co. will
one
two
New
Revenue
Oswego Falls Corp.—Extra Dividend—
months
r;
for
Assets—•->>
by holders of
response
It will expire on
the
to
in
^Directors have declared
•$43,213
12
tLand, buildings, machinery, etc.—§$7,6o2,149 §$7,60i,030
Cash .'
'
2,820,67o
1,837,307
Notes and -accounts receivable———,.—————
1,032,287
> 844,796
Accounts
Canada, located at the Ontario Paper Co. at
Thorold, Ont., and at the Mersey Paoer Co., Liverpool, Nova Scotia, is
Vice-president in charge of development.
•
•
■
reserve,
.y
statements
taxes
Federal
Dividends
penter III,
yeast plants
for
The balance ($453,649)
charged to operation.
was
special
Note—The
Inc.—Exchange of Debentures—
Pathe Film Corp.—Stock
plants are contemplated at various strategically
pulp'mlls around the country.
Orsyn was organized by Laird & Co. of Wilmington.
D'rectors are
George Weymouth, now with O.P.M. in Washington, Walter S. Car¬
sim'lar
$355,011
charges
depreciation
and
$489,305
poses)
to
y
Up to the close of business Oct. 21, approx'mately $10,000,000 of the
$20,000,000 issue of 4%
debentures due 1956 have been issued in
yeast
of
depletion
1938,
30,
charged to
special reserve.
excr.ange for the old 314 % convertible debeiitures and corporate notes
of that company, it was announced by Stanton Gr-ff.s, chairman of
the executive comm ttee.
The exchange offer of Oct. 9 has met with
located
M~.
$650,117
$1,063,727
tTotal
depletion and depreciation charges amounted to $1,261,100, of
(basis used for present Federal income tax purposes)
operations.
The balance ($771,795) was charged to
§Total depletion and depreciation charges amounted
to $982,533 for the 1940 period, of which $458,039
(basis used for
present Federal income tax purposes) was charged to operations.
The
balance of $524,434 was charged to special reserve. t UTotai depletion
and
depreciation charges amounted to $933,783 for the period, of
which $480,134 (the basis used for 'present Federal income tax purwhich
Assets
process
John P. Bowd'tch, Roy Mart'n, and Eris Eweson.
Eweson, who d'rected the construction and operation
44.4,923
was
.
A
410,707
,
Miscellaneous investments
recently acquired by this
Wilmington, Del., corporation.
Yeast is ordlnar'ly made from molasses.
Corporation has acquired American rights to Heijkenskjold process for
utilizing wood sugars contained in the sulphite liquor and has also
acquired rights to other processes for producing glue, plastics and
fertil'zers from paper m'll waste.
aA?AA
m
be
the
Orsyn Corp.—To Manufacture Yeast—
duced by paper
result
at
1941
in
388,015
23,380
J Total
311,376
8,801,302
The l.ne's estimates indicated that the'proposed stop
only a minor net expense;
The board said that there
commercial advantage but that the principal point is
point.
would
;;;A /<• A :;v>, ■ AA,; A'^A'A'-A AAAAA
P-
47,500,000
Company's route between San Francisco and Auckland, New Zealand,
been amended by an order of the C.vil Aeronautics Board in
order to include Suva,
British Crcwn Colony of Fiji, as an inter¬
$52,722.
••After reserve for bad
$111,323 in 1940.
II After reserve for
and
1941
$401,710
has
would
11,146 shs. of
—
Pan American Airways, Inc.—Route
•Represented by shares of $100 par.
-(Represented by shares of $1
^Represented by 3,658 shares of pref. stock at $116,809 in 1940
debts
$765,718
amounted to $1,303,193, of which $530,931 (the
basis used for present Federal income tax purposes)
was charged to
operations.
The balance ($772,262) was charged to special reserve.
■.
par.
and
inc.
profit
ended Sept.
——$221,936,460 $211,455,115
mediate
Total
funded
on
•Loss,
...
'
•Represented by 1,608,631 no par shares.—V. 153, p., 1138.
$5,528,403
—AA-——
Stock
reserve
reserve
Total
166,291
325,428
1,406,945
Drl69,531
stock
tcommon
liabilities
Depreciation
2,060,400
166,290
$5,853,964
•Preferred
taxes
^2,000,000
..226,556
10,777,475
65,221,323
4,172,525
17,160,131
credit
Earned surplus
65,421
73,947
——
Res. for undetermined l'.abil, for Fed.
$1,038,132
276,500
>
29,93'/,924
1,420
subsidiaries—.—
in
debt—_________
Current
——
81,321
—
:
Prop, purch. oblig—;
Insurance reserves
29,937,924
1,426
stock
Deferred
Other
$732,796
32,922
$372,330
19,923
574,650
Net
subsidiaries—________—_
of
Minox-ity interest
Funded
50,000
25,419
78,456
900,000
Mtge. notes due witlrn one year...50,450
Divs: on pref. stk, payable.—.
25,419
Salesmen's
•Common
209,400
taxes
t530,93l
$1,018,209
.
225,000
Fed.
contingencies—
Interest
i
stock
Preferred
$236,228
100,000
debt
for
;
.
f489,305
.
' $2,139,877
for
.
i;
54,082
—
.
...
$5,957*750
5,054,489
$221,936,460 $211,455,115
Liabilities—
Preferred
1940.
$266,791
_____________
income
,
^
§458,039
$2,085,795-
Res.
3,021,493
2,079,257 ;
^—________
Total
'
$5,528,403
$5,853,964
...
depletion
Other
'
Total
for
Res.
—
Deferred charges
••
5,40d,785
6,746,431
V"
■'
11480,134
and depreciation
4,404,628
12,757,716
4,397,628
13,579,670
————
sales
Provision
;
'
v;
a.
of
1938
1939
?
$6,047,850
4,825,749
——
'''Va
1941
1940
^—___$201,879,904 $191,271,278
and franchise
assets
Current
Balance Sheet
■,V V,
Investment
1
159,071
>.
•
Cost
Consolidated
Property, plant
433,758
.
Deferred
Assets—
$341,143
97,145
life
of
securities
1,179,990
t5,030,208
com.
$3.37
$2.74
$4.20
I $3.92
*Including other income, net.
t$804,315 is amount of extra dividend.
age
1940
'
—■_——
-
;
—
value
surr.
Marketable
1941
$314,621
489,466
1,387,262
102,439
receivable....
notes
$7,490,810
•
sh. on aver¬
outstdg—
per
30
'•■
.
and
♦•Accts.
$1,934,458
4,825,893
;
cash
$7,907,076
1,146,725
4,825,893
$6,427,819
;a,ooo,ooo
Surplus
Earns,
$5,406,287
1,000,000
4,825,893
dividends-—
dividends____
Common
(net) of $190,589.
Consolidated Balance
income
-Preferred
Pennsylvania Company—Tenders—
The
bids
Gerard
for
the
Trust
sale
to
Co.,
it
Philadelphia,
of
sufficient
certificate, series E, due 1952 to exhaust the sum of $100,000
not
-
Pa., will until Nov. 1 receive
40-year guaranteed gold trust
exceeding par and accrued interest.—V. 152, p. 3355.
at prices
•
The price at which the bonds will be offered to the
public
tiie
of the underwriters, the
underwriting discounts or commissions
and the redemption provisions, will be furnished
by. amendment to t'ie
names
statement.
\-h The
pany
\
company
system.—V.
.
...
...
is in-the United Gas Improvement
154, p. 661.
Co.
holding
b
com¬
.
sales
Gas
thermSA.,-
in
Subs.)—Earnings—
-
Assets—
1941—9 M08.—1940
>
189,185,821 184,753,602 585,903,672 571,702,185
ZX1941—3 Mos.—1940
Period End. Sept. 30—
Balance
Consolidated
/
Peoples Gas Light & Coke Co. (&
'
V
FINANCIAL CHRONICLE
THE COMMERCIAL &
Number 3998
Volume 154
30
.
———
1940
$498,460
1941
$1,705,307
1,796,458
——
receivable
f Accounts and notes
Sept.
Sheet
i
.
,
Cash-s————————
- -
•
1,720,450
Inventories.
Lis.)
3,402,009
2,714,971
$9,494,995 ■, $9,276,021 $31,730,452 $31,021,532
'
. 3,913,510
. 3,848,862 - 12,122,236
11,874,050 / ♦♦Deposit In bank —• >.; 304,599
—285,632
Gas produced
•
--56,230
210,212
350,995
868,778 < Other assets —v—
1,133,405
Operation"
li——. -1,994,102
2,498,114
6,513,795 / 7,420,357" Investments ii-i-ii;..746,021
Maintenance
-v 344,935..!
371,380 v m' 971,932
989,957 L JFixed assets ;
—
—— j 10,582,196
10,115,028
Unamortized bond discount and expense—
82,817
128,731
Depreciation (prov. for) •
! 744,925
755,211
2,206,776
2,265,608
Other deferred charges
74,258
' 66,058
State, local
and misc.
X-X XX-'-■LL/Ly*/~
Fed. taxes a<-a
955,833
857,376
2,938,531
2.734,885 )
'Total ——LL—-—L—L——-I
— $18,979,298 $16,377,102
Fed. inc. taxesi.iW-i!^^-.\;-!--:';'S8d,238'/ ."'•/
3?,47i - 1,492,991
769,699
Operating revenues-!—
purchased
Gas
■
Excess
5,135
profits taxes-—4
A 5.135
...
.
— aa_j
bperating
:
Other
$697,397. $3,128,061 '$4,098,198
225,904
647,241
1,016,065 i
$1,200,086
indome-l
income
&
_aa.-.
175,223
Int.
disc.
debt
of
liabilities
&
v —
of intangibles of
subs.
Misc.
cos.
share
earnings
16.65T
' $556,557
r *$17,834
' ;
Bank
t
—843,063
919,700
———
relining" blast furnace
for
preferred stockstock
—
Earned surplus since Jan.
3,050,780
800,009
1936———
31,
197.702
110,490
2,329,523
6,124,444
3,499,272
Drl48,998
—
—___—
stock
—
2,292,002
6,109,105
2,088,836
L-L—
—
—-—
$18,979,298 $16,377,102
„
Gds
L,
Maintenance—
Depreciation
taxes———s._-——
—~-—-
5,135
.
.
-L_-—.————
;■■■■' Gross
income
Interest
L.L
—
-
,
$7,494,885
3,076,942
."
long-term debt.
Amortization of debt discount and expense—_
Other
on
'
,
>
V"&?»?
V
^
Net
deductions——,
income
Miscellaneous
1285.
153, p.
y
}
i"'.' r>;
,
'V/
Total
656,000 shares of stock---
;
1 "7,1„'
v• i
V, V'
jy • '*
y1'
ti7, '
*'
-«
Net
/
Interest
Ended Sept. 30—
4
'
1941
and
State
Soc.
miscellaneous
-.
deductions-——----l!—!
;
..
„71,398- /
Interest
on
&
Prior
ground
i
I;
Net
&
First
Consol.
rents & equip.-Trust
refunding bonds—
mort.
;
970,549
bonds—^ $1,967,882
<
:
before provision
consolidated
on
,
the
p;
1941—12 Mos.—1940
The
&
sales
ross
frtS, retlirns
$1,624,243
$416,530
27,566
Prof, before oth.
Int.
on
Other
funded debt-
interest
and
38,675
•V. 35L771
a
.
52
..
—a-a—
•
.
$181,615
$2,177,843
$2,110,940
United
68,838
Lv,/ 68,164
835,133
;.y 817,801
for
'income'L;-;a--_
$117,274
requirements^/ ^ 55.816
$113,451
$1,342,710
$1,293,139'
Prov.
for
Fed.
&
income—
:
inc.—
from
Federal
for
of
income
L
55,816
;/ 669,797 ; ? 669,797
tax
of $105,200
credit
30, 1940.
.
tax computation for Sept.,
current
30,
includes an adjustment of
months ended Aug. 31, 1941, to
1941,
186.000
$291,193
$258,566
♦Includes excess profits
V
29,273
taxes.
L
first
the
$703,687
$588,078
30,941
88,066
62,041
to route messages between the two
necessary
154,
way of
Monrovia on the Ivory Coast; and to Cairo, Egypt.
583.
,
p.
Income Account Year Ended
Net
income
Net
1941—12 Mos.—*1940
1941—9 Mos.—ft1940
i
2,671,966
$5,259,690
2,643,171
n-L-Liw-i-
273.370
270,916
366,508
351,789
325,000
325,712
433,553
Class
April 30, X&4li
profit
.;
—a
$155,?05
a—„a!aa__
a
_a__a
$233,602
77,897
u
profits taxes
& excess
income taxes
dividends
A
..
a—
a—aa—a—
state
a
a——
76,000
.—
433,799
(incl.
prov.
.
731,900
673,250
927,028
$754,557
$1,009,740
$994,242
58,032
44,662
61,571
L $842,574
$799,219
$1,071,311
$1,052,274
561,518
561,518
/'!! 748,690
748,690
23,156
45,509
*vVL:L 731
8,565
46,700
income.' (net)LL
long-term debt-
on
interest
—
>
Mar.
End.
p/i.
V
58,416
27,952
4,321
11,721
V/
$183,627
$257,169
$290,348
$233,447
$1,558,212
:
—_a__
$1,484,887
1,313,214
Balance
$1;
charges
Balance
$263,233
73,242
—
deferred charges,
income
taxes-
Provision
31,552
$220 206
".
Net
>
$129,982
real
of
of
realied losses,
charged
estate,
disposition
16,000
♦$197,808
65,000
profit for the year—
;
paid on preferred stock—;
Dividends
of
22,398
$113,982
39,000
Federal normal income taxes-
for
to
the
amounting
reserve
to
for
$126,490,
real estate.
in
banks
1
and
on
hand,
April
30,
'
1941
other
$28,603; fixed
goodwill,
assets,
$483,347),
$617,157;
total, $1,346,550.
$50,000; accounts payable and ac¬
for Federal and State income and
dividend on class "A" stock—payable
May 1, 1941, $19,000; $2 cumulative preferential and participating stock
(38,000 shares and 40,000 shares class "B" stock, no par), $942,443;
earned surplus, $160,274; total, $1,346,550.^—V. 154, p. 547.
reserve
$83,000;
taxes,
profits
Corp.—Earnings—
Rome Cable
Account,
Income
profit on sales
Selling, administrative
Gross
Year
Ended
—u
and
capital
March
31,
1941
$1,145,466
a—a~_a—a—
411,412
general expenses
stock,
etc.—
Operating
the disposal
sale or other
$216,745;
'
""
v
.
2,460
income
——a
deductions
profit
set
Amount
36,055
—a
ex'cess profits tax
for Fed.
of
decline
for
aside
$703,954
——
for Fed, and state taxes on
Provision
S.
Balance
Government
bills, $500,000, notes receivable, $389,207; accounts receivable,
Customers (less reserve of $12,000)
$169,260; miscellaneous accounts
to
Dividends
Earned
1941
U.
$701,494
profit
income
Total
Net
32,559
^
year—a
to increase
income
under Sec.
(incl. $79,226
against
.
I
$425,460
1
reserve
.
242,439
Rev. Act of 1940)
future
price
40,000
copper
on
revaluation,
Consolidated Balance Sheet—^Mar, 31,
"Assets—Cash
treasury
$25,575;
$91,833;
charges,
Other
Federal
before
Profit
at
as
payable—bank,
Liabilities—note
crued
ther
15,045
income
Other
1"
Sheet
$98,431
(Incl. interest income)
a_.
80,568
$160,273
employees, $1,507;
for depreciation of
from
due
(less—reserve
$79,705
-
$171,673
58,072
$205,161
Profit from oper.
cash
and
accounts
$461,852;
assets
/
accounts receivable (less—reserves for doubt¬
discounts of
$5,000),
$168,388;
inventories,
$43,467;
Assets—Cash,
ful
_a
a
•
Taxes—franchise,
Other
a-a~
—
surplus
1940
1341
31—„
1,294,979
income
surplus
Previous
—a—
—a—
836,689
$795,874
income "aL"
Balance
Total
for
aLL-LLaaL
tax)
Operating
Gross
;
countries by
Belgian Congo;
—V.
Federal &
$5,408,795
;•'*
J
radiotelegraph circuit linking the 6,510 miles between the
and Brazzaville, French Equatorial Africa, was opened
time on Oct. 20 by this company,
Heretofore it had
States
<C, A.) Reed Co^—Earnings—
Sept.
1,972,093
Years
15,000
♦857,200
agreements with Republic
Opening of the new circuit follows about six months of preliminary
testing between the countries.
Traffic on Oct. 20 moved at the rate of
100
words a minute.
The new link is the fourth R.C.A.C. circuit
between the United States and Africa.
The others are to Leopoldville»
law.
ended
to
'
profit
Preferred dividends
92,000
♦257,200
lease
1941, is computed
income
months
direct
been
Quincy Market Cold Storage & Warehouse Co.—-Earn.
/•/•///// ■(And Wholly-Owned Subsidiary, Fitz Warehouse Corp.)
State
jncome taxes
Net
15,000
Plant Corp.
addition to
in
Communications Inc.—Opens African Circuit—
RCA
A
$3,996,528
Other
8,592
'
is
London.
pig
5,070
•
Defense
be constructed and equipped at Cleveland, Youngstown
Warren, Ohio; Birmingham, Ala., and Port Henry, N. Y., at a
of approximately
$58,312,000, to be used in the production of
iron.—V. 154, p. 696,
$186,112
-
Amort, of debt disc., etc.
36,571-
7,594
...
cost
in
to
plants
excess
4,231
will
commitment
This
cost
have an annual capacity of approximately 318,000
approximately $5,140,500.
Title to these facilities
will
plant
and
remain
Drl7,036
♦Exclusive
5,0C0
5,000
replacement parts-
will
$2,127,976
1,994,464
$874,710
'•
2,830
The
tons
equipping of a plant
steel ingots,
and
construction
for
to be used in the production of electric
Administrator Jones has announced.
Ohio,
Loan
1,315
Oljher
.108.540
2,555
.
Federal
Republic
with
Canton,
Plants
New
For
subsidiary), at the request of the Office
has authorized the execution of a lease
(RFC
Corp.
Management,
Production
of
$2,176,528
819
.// •Gross 'income • -—•!!!'
„
X.
106,444
.
Sell Bonds Private¬
■'
•
Plant
Defense
2,352
Maintenance
$911,280
V.' '
2,231
——
i 69,912
share for share
153, p. 1139.
Corp.—Agreement
Steel
Republic
Authorized—
$179,263
income
$1,694,155
total,
ly—See Federal Light & Traction Co.
$185,293
$4,120,608
,
:
$871,462;
stock ($1
$364,548; earned
surplus,
capital
$5,000;
$2,950,727.
shares),
dividends and upon liquidation.—V.
73,814
expenses-
obsolescence
for
Prov.
of
of bond discount
expense
12,818
;
$429,348
11
Amort,
•
$561,724
chgs.
for
and class B common stock participate
Note—Class A
in
and
'
Other Income
accrued, $8,425; miscellaneous taxes
Federal income taxes, surtaxes and ex¬
expenses
reserves
Issued 1,000
surplus, $199,627;
908,751
$8,077,586^^^^Redasstfied for comparative purposes.-^V. 153, p. 561.
$534,159
$8,730;
par,
905,374
revenues——
,
—a—a
sundry
$40,968;
taxes, $132,841; preferred stock ($12.50 par),
class A common stock ($1 par), $134,125; class B common
for
.
Profit
instalm. notes receiv. (net), $2,631,786; cash
deferred charges, $21,372; furniture and
intangibles, $32,310; total, $2,950,727.
payable, $1,185,000; dividends, payable Oct.
20,
$1,428;
profits
cess
64,491
Depreciation' L^L-
$3,894,740 $12,158,319
osts of sales
& oper.
-.L-'X - X--'--.
expenses
3,257,343 •/'. 2,984,913 v 8,946,391 V 5.876,251ill. & admin. exp.LLuJS.V>\K/124,e63 XjX 84,755
347,546
Ls 244,861
aint.
and repairs!aav.
249,871
206,504
:
659,454 ;? 528,513
ipreciation & depletion L, 128,936
111,592
356,075
- 327,43^
axes,
other than Fed
~ ;.L/L:/vL/a:Lv VL/'V; ;
& State inc. taxes„L
91,088
■;/; 74.652
224,609
189,493
ents and royalties-—_L
——
12,794
a-a.a__
27,327
fov. for doubtful accts.
3,000
a—a—
9,000
-
\v
L/ /
30, 1941
$29,225;
Liabilities—Notes
accrued,
673,198
1941—9 Mos.—1940
$4,386,249
insurance,
(net),
281,650
Net income-'———
"allow!
life
1941,
436,297
Operating
earns.
&
$0.88
received; accrued in¬
$234,606;
Assets—Cash,
fixtures
58,780
basis
Int.
1941—3 Mos.—1940
41,830
81,073
$0.86
41,830
Consolidated Balance Sheet Sept.
•'
value
770,817
Operating
'
,
30-^
81,075
L
earned
641,048
Period End. Sept. 30—
Note—
corporation has announced that the note of $1,000,000 which It
in connection with the sale of Autocar Co. common has been
a discount.—V. 154, p. 436.' 1 >
,
<, - »
J r r' • ^
Period End. Sept,
193,698
$160,124
—,_a_——
earnings' include only Interest actually
but not collected is not included.
♦Gross
terest
422,452
bring accrual for the 8
basis of current law.—V. 154, p. 249.
;/;;</v'V.;:v"
Pittsburgh Coke & Iron Co. (& Subs. )^Earnings^~-
172,995
$158,113
!
a
Earnings per share on common stock.——
33,929
58,448
obtained
sold at
Income
a-
dividends
Common
5,064
Taxes
>.v
-
Phoenix Securities Corp.—Sells
notes,
Federal
-a..._a-a—aa__
—a—a
dividends
Preferred
43,548
Twelve
interest on consolidated mortgage bonds ;,
accumulations for preferred stock dividends are ascertained on
basis of the results of operations for the calendar year.—V. 153, ?
847.
<
—
a—__a
doubtful
for
Intangibles,
of
income
4,986
$81,679.16
♦Income available for income
and
a—_!a_
1940
$589,638
275,818
1941
$624,644
293,536
.
ia...
profits taxes
Net
60,737
&
inc.
months ended Sept.
on
for income interest
mortgage
ani
153,
"
Subs.)—Earnings—
(&
.
earnings
excess
at
Queens Borough Gas & Electric Co.- -Earnings—
♦Balance
.
♦Gross
Sept. 30—
'/"'■
'
Railroad Employees' Corp.
121,440
68,574
Notes—Federal
$1,989,822 ;
bonds at the fixed rate of 3%—
$38,000,000
for calendar year 1940, reflects
due to certain deductions claimed
to be allowable for Federal income tax purposes arising out of aban¬
donment of street railway property, all of which Is reflected In the
74,694 ■
971,465
74,610 '
XK :FL"-
y
9 Mos. End.
$6,752,254
2,138,451
63,283
non-recurring
a
1,263,532 ^ 1,273.563 "
Certificates—1
1140.
p.
156,969
•/
div.
Pref.
$4,276,573 $4,309,544;;
'-XXXXb-tfirXXXl:
funded debt other than inc. int.:
divisional
lien
bonds,
mortgages,
17, 1941, consdiera-
matter of the declaration of a dividend payable
given to the
state
Gros3
12
;/
back
/!;-//a--//^
308,863 ;*
79,848
all
1941 upon the 6% preferred stock of the corporation,
the board determined to take no action with respect thereto.—V.
operating income
inc. (net)-
Net
X
'
up
1,
2,219,787
Non-operat.
420^784 -L$$,449/987- v
income.
clearing
thus
meeting of the board of directors held Oct.
a
was
Nov.
13,210
taxes
paid on May 1, last,
date.—V. 153, p. 562.
was
that
to
tax.—
incl.
♦Provision
Net
$6.25
dividend of 75 cents per share on account
cum. pref. stock, par $100 payable Nov. 1
Like amount paid on Aug. 1, last; divl*
16.
Rawlins Electric Co.—Proposes to
32,893
munic.
Oct.
(Radio-Keith-Orpheum Corp.—No Prefererd Dividend
tion
$7,351,755
———
Fed.
sec..
♦Fed.,
./L-<GrosS' -income$6,755,221; -'•,$6,757,858;/;
Rental
oL. leased .lines..-_-^--i--^___t__v!ii!v
2,407,250 ; 2,368,458? ,
Other
months
prescribed under the
2,746,127
334,437;
of
a
the 5%
on
record
of
dividends
182,266
deprec.—
for
Deductions
.
dentl
$589,542
power——
Provision
agreement'.
(incl. net capital gains)<;.
holders
14,301
a,—
declared
have
accumulations
to
241,935
$672,002
revenues——
Maintenance
2,919,535
11,746.263
3,794,590
Npn-operating. income
rates
at
1941—Month—1940
Period End. Sept. 30—
Operation
_i—2,964,435
—
12,199,934
General, incl. accidents
—.—3,986,887
Depreciation & property renewals—:. 2,861,360
Taxes, incl. ; payments- to^ City, of Phila. tjnder
: ,.
.
■
Accumulated Dividend—
Directors
of
agreement
5,025,907
L;/: Operatirtg.' Ihfiowo
$3,953,312
nine
the
for
taxes
issue
Operating
5,179,947
.1907
income
Public Service Co. of New Hampshire—Earnings—
1940
r
preferred
about
would be
.$36,550,918 $35,327,321
—
——iUi-L.
Power
operation -Li.
Conducting transportation —j.
146,066
prop¬
<
Philadelphia Transportation Co. (& Subs.)—Earnings—"
revenues,
110,746
785,568
Crl8,072
51,136
kre being discussed for the refunding of a $38,by the company.
The company also, it is stated,
$4,000,000 of new money.
The refunding operation
to retire the 4$ issue of 1969.—V. 154, p. 58, 95,
seek
bonds,
$40,620; first mortgage 5%
state taxes,
$560,000; notes payable to bank, $300,000; 5%
stock (par $100), $1,300,000; commdh stock (par $100),
$1,450,000; capital and other surplus as at Mar. 31, 1939, $508,564;
earned surplus since Mar. 31, 1939, $202,642; total $4,709,259.1964,
1,
maturing May
it is said,
bond
000,000
may
Federal and
for
reserve
Refunding—
Purchased
Months
$4,626,079
Service Co. of Indiana—Considers
Public
share on the
Oct. 13. This
last; 20. cents paid on May.l
and
24, 1940; 60 cents paid on
Aug. 1, 1940; 30 cents on May 1 and Feb. 1, 1940; 60 cents on Oct. 23,
1939; 15 cent6 on Aug, 1, 1939; 25 cents on May lf 1939; 15 cents on
Feb. 1, 1929; and 40 cents on Nov. 1, 1938.—V. 153, p. 403.
12
$4,996,260
1,068,286
Cr37,273
62,149
.
with 30 cents paid on Aug. 1,
Feb.
1,
last; $1.60 paid on Oct.
Maintenance
Federal
for
30,
Sept.
$4,594,325
31,754
—
1941, has been made
1941 Revenue Act.—V. 153, p. 701.
ended
compares
Operating
to
L——L—
Note—Provision
declared a dividend of $1.40 per
payable Oct. 20 to holders of record
.stock,
——
charged
construction
during
—-
—!
-
charges—--—
Incoihfe
Net
have
Directors
debt
on
erty and plant—Cr._
' V ' >r; , t
Plans,
common
premium
of
Other 'interest
(Del.)-;-$1.40 Dividend-
Petrolite Corp., Ltd.
1940
$4,013,844
L——-——
funded debt-—;LiL-i.!L—
Amortization
Ltd.—Extra Dividend—
Perron Gold Mines,
^
$4,990,596
5,664
——
—•
income
Gross
Interest on
"
directors h&ve declared an extra dividend of 0c. per share in ad¬
dition to the regular quarterly dividend of 4c. per share on the com¬
mon stock, both payable Dec. 20 to holders of record Dec.
1. Extras of
lc.
were
paid on Sept. 22, June 21 and March 21,. last; Dec. 21,
Sept. 21, June 21 and March 21, 1940; extra of 3c. was paid on Dec. 21,
1939, and one of 1C, was paid on Sept. 21, I939.r—V. 153, p. 560.;
—
non-operating, revenue
other note
estimated city taxes for the year 1941, $35,006;
senting one-fourth of
amorltzation
$17,971,322 $16,436,654
7,191,699
6,694,129
866,979
780,585
1,411,568
1,324,414
1,453,896
1,136,341
2,056,584
1,906,859
<
revenue--^-!—iLLL!
operating
Total
[reduced during year
1939
notes receivable^^-contra), $132,185;
(secured by customers'
and
1941
,
income taxes
than
31,
Companies!
-
:
■_<
Mar.
at
as
payable to bank, due Oct. 28, 1941, $100,000; accounts payable, $40,678;
accrued Interest and other expenses, $39,569; accrued city taxes, repre¬
.
$5.36
'
'
'
for1 -depreciation
Provision
«
S
.J
30—
Sept.
Provision for income taxes
$3,515,404
$6.08 "
'
expenses
i__
other
Taxes,
196,151
—
Ended
operating revenue
209,277';
"*"=♦■■■ "iTi■--
for additions
use
stock
common
Operating expenses Interest
paid,
provision
Maintenance
149,478
$3,986,086
i-L-
'_j—_
Per Shafe earnings on
—V.
—
'.-1'
r" "
income
to
'
•
Affiliated
'(Including
Months
12
83,821/ - '; ; 189,589
209,277
38,750
p.
'
$7,519,124 ■ 'f
3,259,226
■;
100,009
charges ———.1--——_
of intangibles of subs, cos—_
interest
Amortization
j
866,451
■.
'
661.
Potomac Electric Power Co.—Earnings—
Operating
Other incoihe,
♦♦Restricted
cost.
at
-;
<
.
154,
fixed assets.—V.
$5,655,967
1,863,158
Li—aaLaaa-aa-aaa:.-.$6,628,434
Operating income
stock,
common
to
880,287
1,782,849
taxes
income
Excess profits
•
miscellaneous Federal taxes--
and
local
State,
Federal
--/■
—^
.
.
■
value; authorized, 60,000 shares; outstanding
shares; $5 preferred stock, entitled to $105 per
par
of
shares
15,963,661 ;
1,238,762
647,086
9,133,590 >' 9,806,218/./
1,297,290
1,344,058
2,961,824
3,024,143
3,794,487
3,474,526
;
*—,—!—,—.—
'
:_a
16,227,172
' *
purchased
Gfts produced
Operation' --i-!!!-"—!/:!-;.
♦Without
in
reduction
by charges, amounting to $126,490, representing realized losses on the
disposal of real estate], of $1,323,509), $3,162,263; deferred charges,
$49,473; total, $4,709,259.
Liabilities—Demand notes of Fitz Warehouse Corp. payable to bank
At
Total
24,752
(24,194 in 1940)
share
.;
"Loss or deficit.
''
v
on
liquidation.
fAfter reserve for doubtful accounts of $104,821 in
1941 and $96,146 in 1940.
tAfter reserve for depreciation and deple¬
Earnings for 12 Months Ended Sept. 30
XXX:^f ;;•'/<■
1941
' 5-' 1940 '''V- tion of $4,415,869 in 1941 and $3,702,403 in 1940. ^Represented by
621,460 (618,911 in 1940)
no par shares, including scrip for fraction
Gas sales in therms——Li—— 778.982,818 761,790,477 %
shares.
^Represented by 1,333 shares of preferred stock, and 15,146
Operating revenues !
$42,477,868 $41,387,622
$4.85
*
*$0-03
$0.85
Of stock.
656,000 shs.
$32,774; investments,
$143,999; sinking fund for first mortgage 5%
bonds, $45,538; fixed
assets
(less-preserves for depreciation of $3,415,720)
and reserve for
revaluation, sale, or other disposition of real estate, created by a
109,220
3,857,750
i-ii-iii-L
-
§Common
UTreasury
200,143
178,250
77,549
—
♦Serial
'
$2,231,011
•L''*!;
' •
S3.40
'
1940
$714,474
236,629
665,424
_L_L—
loans
Reserve
\
156,957 ;.72,685. -
$3,181,491
»
.
136,406
:
156.957
-. 32,339
on
,
■
"
*
VJ£ 52,319,
deducts.-!— ;L
Net income L——L—_
Per
46,535
"
———
for taxes
Sinking fund payments due within a year_;
Other current liabilities ;
——-—.t_—L—Funded debt L——-——
.—
90,006 7
70,002
41,030
30,002
.
"
'
52,319
20,055
•
—aaa_.
inc.
2,427,198
>•/
6,997
"
charges—!—
int.
Amort,
-'•-
-10,000
expense
Other
•
-
;
Liabilities for ores
$5,114,263
2,293,482
795,621
729,380
long-term debt.;
on
Amort,
$5,775,302
$1,375,309 V $923,300
income
(trade)
payable
Accrued
Reserve
Gross
1941
$752,417
348,625
Liabilities—
AdcoUnts
755
'
(including $1,205 due from employees),
and notes
surplus
paid
—
share on capital stock—a
—
per
Note—Provision
ment
$385,460
94.915
$2.24
a
included
in
for
depreciation of buildings,
manufacturing
amounts to $110,763.
and
other
machinery and
expense
equip¬
classifications
-V-
THE COMMERCIAL & FINANCIAL CHRONICLE
756
Balance
r
$611,393;
capital
March
$137,094;
of
acceptances
$24,727
District
Canada.
other
and
for
I"
consisting
tipns
and
to
properties
facilities
Capitalization,
Period End. Sept. 30—
Gross
sales,
returns
of
Cost
less
goods
sold
4,570,422
—
5%
1942
stock
shares
$817,114
Selling
56,955
189,705
inc.-
105,425
10,879
170,148
expense
Taxes,
other
Other
gen.
Prov.
for
exec.
than
& adm.
25,071
at
As
Oct.
55,754
198,137
112,500
held
was
—
.23,994
19,171
71,692
3,077
19,292
7,530
oper.
income—
$1,899,500
$637,278
$5,434,775
$1,489,449
14,509
10,756
merged
the
59,114
7,195
doubtful
for
12,181
Inc.,
Net profit
from
Miscellaneous
,V 46,223
Total
losses
on
11,669
11,847
34,498
2,000
1,712
17,000
2,990
Federal
301,600
1,037,400
148,000
807,000
344,000
tax-
157,000
15,600
4,800
2,869,000
43,300
290,000
tax——
1 $545,740
$300,675
$1,710,201
inc.
normal
tax
excess-prifits
Fqd.
income
Net
profit
-
to
$68,467,
dividends
amounted
for
months ended
Note—Preferred
dends
;
$416,797
the
9
to
Balance Sheet Sept.
''
l- Assets—
v<' V;'£%
'■
.•;
Cash
notes
50,872
445,343
670,937
4,740,060
' '
-V;
1941
payable—$849,877
1940
$433,764
------
"■•"
——i-—.
••
■
which
Total
Accounts
Bank loan
Accrued
liabilities
Reserve
for
Dep.
„y
—
Federal
Preferred
stock
+Common
926,547
1,219,843
2,860,486
Drl,608
•♦Treasury
-—-
___————
stock
•
in
reserve
of $51,588
1941
in
:'
fAfter
in
which
mortgage bonds,
refunding
also
authorized
27
Sept.
on
Authority
granted
was
to
the
the
New
garage
of
National
in
the
issued
owned
was
by
the
The
Grocery
Jersey
City,
and
the
at
■
of
■
.
of
shares
and
The
'By
the
interest
bonds
the
on
and
notes.
trust
and life
companies,
names
to
be
■.
dis-
the
Pa
&
repairs
for
:
5%
Net
Prov.
for
Prem.
for
of
Canadian
125 bankers,
bid for the
series
The
be
will
stock
no
of
the
for the validation of
necessary
has
two-thirds
least
conversion,
preemptive,
certain
or
corporate
subscription
of
Other
the
sale
of
$2,803,318
after
allowing
estimated expenses of the
corporate
tion
of
price
the
of
purposes
of
the
$2,750,000
assets
underwriting
company
which
discounts
expenses
and
5%
and
company,
paid
business
by
of
the
$
•
.
;
-
r.
■•
■'/
;
.
directly
retail
and
food
Mississippi,,
through
stores
and
in
in
5,656,607
5,643,353
New
states
and
will
company
National
York,
of
New
the
/
41,263
36,376
Cash
in
'32,117
Accounts
158,475
The
96,275
59,672
19,544
41,272
574,d7l
■
133,090
I
11,870
,
144,182
103,809
95,560
52,978
4,786,651
6,268,360
replace
upon
Grocery
Co.
the
the
507,917
91,312
313,068
United
Jersey,
States
;
1,207,859
.,
tAfter
west
Connecticut,
of
the
Maryland,'
stock
$998,981
75.000
"
148,525
$876,719
55,640
07,622'
'"aT18,196
'118,646
150,000
190,481
149.789
t8,642
47,766 i,
;
36,923
~45,008
49,137
Cr4,750
tax—
income
$1,021,449corporation's
the
and
other
6r 11,000
■
115,091
113,123
2,818,379
2,026,809
Balance
Sheets
.!
Cash
U.
in
Invest,
in
Interest
S.
other
&
Receivable
for
deposits,
&c.
of
prop,
$8,735,221
1,975,666
2,048,676
666,771
885,756
t$5.50
cumulative
1,335,745
2,247,654
t$1.50
cumulative
245,581
231,248
33,124,199
527,814
■f'
450,112
32,576,692
31,748,365
.!
686,535
782,810
'•
:
Dividends
Due
for
$9,030,630
1,200,000
9,445,728
_
•'492,688.
-
—
2,467,156
'835,646
.
Canadian
inc.
taxes
2,532,902
"
$2,000 ,000 K
1.200 000
18,720 000
9,795 648
10,938 192
"
;
15,133,250
14,062 693
Dr230, 367
i
—a—
——
deducting depreciation
1940, $19,705,324, "
and
$91,816,657 $80,898,513
amortization
reserve:
1941,
$19,-
_
cash—
366,743
29.891
9,900,000
-
...304,500
>362.189
140.400
•
121,526
117.905
-.12,982,654
;—-•__
13,147,992
....
Z'
—$34,151,733 $34,207,967'?
owned
on
Mar? 31, T94l,
are
carried at the lower "bf>-
that
—V.
amounted-to
shown.
amounts
,
$26,509,815
153,
p.
or"
$4,099,882
less
than
the
tPar value $25. 'tPar value
$5.50 cumul. prior stock.
$5. - §Par Value $1. H 1,700
'
♦♦500 shares $5.50 cumul. prior stock. v
563.
'■
>-Selfridge;
Provincial
;
Stores,
Dealing—Name Changed—
The
pended
committee
.
ordinary
the
Registered With SEC—See "Chron¬
icle" Oct. 23, page 717.—V. 154, p. 662.
53,826
^9,900,000
date.'
Subsequent purchases are carried at,
Investments, based on market quotations as at Sept. 30; 1941, or,•*
in the absence thereof, on their then- f&ir value in the
opinion "of the *
on
Ltd.—Suspended
"
n
/
-/ •
4
from
>
;
listing.of the New York Curb Exchange has
sus-v
dealings ,ln the, American fdeposttary receipts representing
registered shares of the company (now by change of name
Suburban
Stock
&c._—
'♦
;
2,121,585
HDr81,042. ♦♦Dr22,685
cost.
shares
000
9,795,648
•
-Total
$6,353,750
—
against
'■•r■ '".V ' ,0? .■' ?
i* 2,056.940
purchases——--I-—-_y;
1
-♦Investments
J -V.
•V.
loaned
security
362,189
,2,121,585
^ '2,056,940
——
corporation,-
230 696
11,478
Dr253,182
j'
r
1,862 945 "
11,478,000
10,938,192
(par $100)_1_"
(806,624 shares, no par)—
cost
sec.
79,947
*
,
$6,325,000
stock__„_
taxes,
.y
cost'or-market' at
2,239, 102 ,'6
18,720,000
stock
surplus
v
8,230, 968
370 635
stock———!..
._
expenses,
379,643
$34,151,733 $34,207,967
payable
for
Surplus
t"
(1942-1946)—
'
'i
treasury
for
153,169
157,555
—
convertible
31,432,658
; 124,622
sold—
'Bank •loan
•
—
and
in
$2,180,004
♦250,600
-
— __
prior
./•.
1940
$2,880,216
.__-™_——-—j ♦30,359,697
stock
Reserves
566,770
—
Stock
V-:
1941
;
—
SCommon
company
30;V-i^V..-' '..v! r-'.
Liabilities—
occupied
$459,962
'
1
Total
State,
-
(
investment
receivable,
securities
Dec. 31,'40
.a.
and
witlv
sees.
sees.
dividends
41,788,244
(net)__y
connection
.
Gov't,
$10,814,991
warrants
i $626,007
banks—
in
Special
in
Balance Sheet Sept.
"•
' V .4v/
r
.•
Invest,
....
$817,939
:-} /.V;"/•••''• " :u
■>.
Assets—
1,613,097
-
share of expenses of Union Service Corp.
research and administration staff, rent,
investment
expenses
1,276,321
Federal
Preferred
67.474
♦58,882 -4 **66,361"
over-accr.-
salaries of
'/'/'.V.*.-
1,602,800
receivable
payable to banks
Total
6,084
$1,154,655
supplies, telephone, surveys and special investigations, insurance, social
security taxes, etc!
Union Service Corp. is operated on a non-profit
basis, and its expenses are shared proportionately by the companies
serviced by it;on the basis of. the relative value of their assets,
fLegal
-
230,161;
808,845
*
cap.
fees
323,369
712,130
;
463,604
hahd__L——
on
payable—banks
_
1938
$67,874
930,891
.
Net
;
526,052
.
cash
30
1939
1,069,131
exps.i"-'
legislation.' v.?/--•'-■».
Earned surplus
gen¬
acquis!?
1940
•
i;;-
$68,090
.
admin,
4,132,139
!
,
by co.
receivable--—-—_____i_
u
stock—at
out-
$79,440
$1,339,345
-
expenses
&
years'
of
877,009
payable—banks, series due Aug. 28—ily"
Treasury
stock
;-.'r
Months Ended Sept.
31,040
income
Invest.
Prior
79,612
113,609
148,003
.v
preferred
■
:^
prior
1,218,594
Taxes-;
$91,816,657 $80,898,513;..
Paid-in
$0.37
•!•»
asset coverage
an
$5.50
r'1".?;.
Nine
Legal fees & other*, exp. '-*
1,552,878
payable
5%
$0.31^.
^
$89,711
divs.
sec.
of
share
per
.'Tr-i"
Account
97692
2,422
' —___y——
for
-
bank loans indicate
$76.82
dividends
General
:
173,094
58,519
expenses
Provision
of
1941,
23,519.'.1
:
1,629,452'
•! •>
•
_____•
Dividends
$0.10.
Inc.—Quarterly Report—
income
Taxable
Z " 14,772
payable—trade
State sales taxes—'
Notes
30,
♦Represents
—
Accrued expenses
••,:V
$0.24-
..r':'T941':^
for
Consolidated
sale
accounts
Investments
T
Interest
118,201
19,678
___
accounts
Liabilities—
:
Sept.
Interest
120,674
receivable—trade
from
885,435
$466,422
of
standing.
6,152,611
!
117,863^'
205,908
463,594
712,301
$384,157
f
--t'-Ay .7-.
on
as
'
tax
county and municipal
rec.
share
assets
June 30,'41
and
668,124
$129,368
net assets after deducting
at
as
119,583
337,661
/
Government
902,894
$296,428
68,422
8,922,970
409,827
dividends
banks
18,237
$1,351,857
Selected Industries,
'996,459
•
8,890,8536,084,189
7 7,265,744
58,539
-■
32,729
$1,096,459
stock
Total
5,288,341
481,474
$1,333,620
18,870
profit
Income
7,229,368
551,070
$778,622: $1,063,729
•?
Fed.
71,116
4,393
$1,815,094
$797,492
—
■.'>
5,283,948
t
1938
$1,614,799
630,437
■?'.
v
Sept." 30, 1941, amounted to $3,704,164 and "
current liabilities were $749,753 comparing with $3,340,882 and
$637,730, respectively, on Sept.
30^ 1940.—V. 153, p.'563. " ' J ;
"
in
,
Assets—
depl.
&
Current
5,724,160
43,505
-
:
'
—
1939
,
17,479
;
&c.
capital
3,789,845-
fProperty, plant and equipment—
discount, expense, etc.—
the
on March 24, 1926, in Maryland.
Operates
subsidiaries a chain of approximately 3,029
19
;
3,670,576
Debt
all
to
rate
estimated
73,051,879
Company—Incorporated
f
«>
■
1,019,097
1,512,033
49,549
Common stock
for
surtax
is
$1,199,322
income
taxes,
•3,715,087
tax—
•
688,237
etc...
income
Total
Deprec.
•3,741,382
pref. stock at par
Prepaid
action.
expected
are
by the Rev¬
profits taxes
(& Subs.)—Earnings
3( 1— * ,1941a!"; %
>1940
$1,870,080
$1,409,060
Sept.
expenses,
Other
J
net
Common divs.—cash
End.
$1,181,843
1,148,906
2,742,019
preferred
Inventories
rights.
The net proceeds are to be used for the
approximate $58,682.
eral
purchase
for
made
excess
May 15, 1940; 50 cents on Feb. 15, 1940; 40 cents on
Aug. 15, 1939; 20 cents on May 15, 1939; 50 cents on
1939, and 40 cents on Nov. 15 and Aug. 15, 1938.—V. 153,
earnings
Oper.
'
166,870
income
Sundry
that the net proceeds to be derived
5% preferred stock wilL amount to
sliares of
said
Code
declared a dividend of 40 cents per share on the
par $10, payable Nov. 15 to holders of record Nov. 6.
with $1 paid on Aug. 15, last; 30 cents on May 15, last;
Feb. 15, last; 40 cents on Nov. 15 and Aug.
15, 1940;
of Del.
Gross
3,601,599
taxes—
income
Net
Purpose of Issue—It is estimated
frbm
Revenue
aiid
Mos.
Due
stock
the Internal
have
Earns.--'per
1938
77,915,395
Total
preferred
for
406.
Net
$
Accounts
a
returns
on
inc.
income
*
Notes
of
tax
Of this amount, $60,000
applies to
to Federal income taxes (the latter
provision for Federal income and
52,548,661
invests.
normal
Notes
holders
would have been.
taxes and $350,000
1941
on
15,
Periods
1939
for retire.
decline
misc.
on
;
the
of
13,281
income
cn
15
3
the
178,770
assets of Can. subs-
.
preferred-stock
of
cents
i.
7,800 shs.
inv.
on
value
conv.
;
series
Federal
stock,
cents
p.
4,200 shs.
59,990
expense
purch.
>
the
and
54,685,588
etc.™.
loss
and
deb.
Provl
Loss
is
It
and
•
.
is
50
15,000 shs."
138,729
property soldw?
companyv now
the-only
■
franchise
%:■ -V
,
56,897,113
interest
on
entitled to cumulative dividends at the rate of
5% per annum, and is entitled to the benefits of a sinking fund.
It", has a preference on liquidation and is entitled on redemption to
$110 per share plus accrued dividends. -The holders have no voting
rights except in case of certain dividend arrearages, but the consent
of.
v
Stated
78,204,059
611,676
j
discount;
Loss
>
preferred
outstanding
State
800,000
482,150
(net).—
and busi¬
66,396
income
Other
,;
;
■;v»■'
outstanding.
reserve
capital stock
on
440,475
802~600
744,077
This compares
Nov.
bakery
30,332,532
operating profitr_
Federal
stock offered is of the same series as the shares
and listed on; the New York Stock Exchange.
Said
149,095
282,432
___;
Scotten Dillon Co.—40 Cent Dividend—
Cash
Other
::f;
offering of 27,000 shares of 5% (cumulative) preferred
stock ($100 par) was made Oct. 22 by Merrill Lynch,
Pierce, Fenner & Beane.
The stock was priced to the
public at $109 per share.
The issue has been oversub¬
■
Act of
1941
Directors
Years Ended Dec. 31
■:
administrative exp.
for doubtful accts.
Safeway Stores, Inc.—Preferred Stock Offered—Public
is
:
$
9,948
Prov.
Accts.
now
and
assets
1940
.
Other selling, general &
dividends
.
9,262
including
30
3,488,228
•
Royalties
•
Account
dividends
scribed.
its
franchise
common
retail
1,802,910
inc.--
Rents
were
.
f__J.
employees' provident,
it otherwise
Feb.
warehouse
a
said
to
1,840,768
amortiz.
than
preferred
a
18,177
.
company
.
(y;
2,773,779
other
preferred
ceyies
the
——^
42,721,961
5%
on
10,385
-
9;499
•
dividends.
with the amendments of
'
of
principal underwriters
each, are as follows:
by
$
profit
6%
The
approximately
——
by Salomon Brothers & Hutzler, acting on behalf of itself and
eight associates, and has been accepted.
On this basis the average annual cost of the proceeds to the depot company will be approxi¬
mately 3,5%.-:'
1
' '• :
.'.v
:;v
By another letter dated Sept. 8. 1941, the company invited 29 banks
and trust companies to bid for the making of a loan in the sum of
not exceeding $900,000, to
be evidenced by the proposed notes, and
received 9 bids, the lowest rate for the loan of 1%
being made by 1
J.
P.
Morgan & Co. Incorporated of New York, N. Y., which was
accepted.—V. 154, p. 547.
*
>
-
bids
response
-
dividends—
expense
the
enue
purchase),
exception of five
addition
deceased.
June 30,'41
less
Depreciation &
made
i
of
purchased
:
received.
The best bid,/
rate of 3Va% per annum, was
thereto four
101.25 and accrued interest, based
•
of
time
acquisition of said
Kohl,
Income
7%
In
y
218,024,413 399,322,122 385,882,083 368,254,991
of goods sold— 175,302,452 321,118,062 307,966,687 295,203,111
Taxes
purchase of the series B bonds, the bidders being required to name the
rate of interest to
be borne thereby in multiples of Va
of 1% per
annum.
'
.
companies to
insurance
61,954
28 889
approximately $16,000 for excess-profits tax).
The
net income reported for 1940 is
correspondingly greater. In accordance
■;^
6 Mos. End.
■
Maintenance
..
of the property of the
report of the commission states in part:
'
a letter dated Sept.-8, 1941, the company invited
banks,
In
operated
the
of
Henry
-
sales,
Gross
to assume obligation and liability, jointly and severally, as
guarantors by endorsement, in respect of the payment of the principal
.
with
J.
N.
Co., Inc., Philadelphia,
Vv'v
Cost
St. Paul & Sault Ste. Marie Ry.. Chicago
Chicago, Burlington & Quincy RR., the trustees of
Chicago, Rock Island & Pacific Ry., and Northern "
the
for
and
amount
purchase
counts, etc.
,
.
construction—Cr
adjustments
State
v
outstanding capital stock of National Grocery
time
of
estate
Co.
the
at
York.
Pacific Ry.
of
(exclusive
Jersey
New
Minneapolis,
the
*
of
All
56 776
43,773
$1,831,353 ' '$1,740,537
than
'
company
series A.
trustees
620,000
" " "
^
has claimed as a deduction .the unamortized dis¬
count and expense and redemption premium on bonds called
during
that year.
The provision made during 1940 for such taxes,'
accordingly
(which includes no excess-profits taxes),; is approximately $410,000 less
located
warehouses.
three
closed
in
Gross
Western Ry.,
estate
the
stores
were
in
,V,
Chicago, Milwaukee, St. Paul & Pacific RR., Chicago. St. Paul, Minneapolis & Omaha Ry., Great Northern Ry., the trustees of the propof
and
located
»'
erty
food
retail
84
to
issue
not
Total income
exceeding $14,737,000 first and-rrefunding mortgage bonds,, series B,.>
and $900,000 of guranteed notes of 1941, the bonds to be sold at 101.25
interest on debentures!
and the notes delivered at par,
with accrued interest in each case, ; Interest on
serial notes
and the proceeds used in connection with the redemption of $14,737,000
; Debt ;
ICC
Great
of
except one which was
located in New Jersey.
expense
dividends
Note—In
of
share
563.
p.
and
basis
York,
were
located
and $28,910
St.; Paul Union Depot Co.—Securities Authorized—
first
New
which
stores
Consolidated
St. Louis Screw & Bolt Co.—Accumulated Dividend—
Directors have declared a dividend of $3.50 per share on account of
accumulations on the preferred stock,
payable Nov. 1 to holders of
record Oct. 25.
Like amount paid on Aug. 1, last; dividend of $7 was
paid on July 10, last, and $3.50 paid on Dec. 2 and Aug. 1, 1940.—
The
the
each
and
—
1940
/'
markets
meat
six
of
service
Cassatt &
'V-
V.'153,
the
■
for
reserve
Other
outstanding
changed into
Merrill Lynch, Pierce, Fenner & Beane, New York, N. Y—
Merrill Lynch & Co., Inc., Newark, N. J.
depreciation of $1,133,217 in 1941 and
$591,817 in 1940.
^Represented by 926,547 shares, $1 par.
§$320,000
current and $1,767,500 non-current.
H$273,000 current and $1,377,000
non-current.
♦♦SSS (326 in 1940) shares of common stock held at cost.
—V. 154, p. 437..
'
?t/ ...
1940,
on
for
company
Inc.
were
number
$8,051,991'
_———— $14,080,611'
accounts
doubtful
for
were
of
to
cumulative pref.
cumulative pref.
Discount
Reeves,
stock
300,000
Inc.,
company
the
were
_
'Total ———1.
■•.(♦After
548,889
—
-
discount
income
Provisions
effective,
Daniel
and
located
and
Underwriters—The
1,368,833
1,345,502
Dr 1,565
— -—
—
.
._
2,115
$2,423,961
-
charged
Common
(Dela.)
National
1,189,088
926,547
surplus
the
of
of
debt
debt
r
price
of the
assets
and
business
acquired
from
Grocery
Co.
was
$2,750,000
and
the
assumption
of
certain of
its liabilities, and the book value of tangible property
acquired from National Grocery Co. was in excess of said purchase
price.
No Consideration was paid for goodwill or other intangibles.
•;
100,897
—.—1,189,088
—;
———
surplus
Earned
Net
9,942,648
5%
preferred
the
and
which
ness
670,388
92,416
—
of
stock
5%
Reeves,
which
368,538
'
4,065,714
.___
;/
the time of its merger, operated a chain
three warehouses in New York City and
1941, there were in operation by it, 498 stores,
31,
chain
a
stores,
Co.
U,650,000
i—————§790,748
orders
sales
stock
Capital
■—
taxes
uncompleted
on
,
—2,087,500
L_—
stock
Reeves,
stock
of
Miscellaneous '•
V
at
included
were
small
All
Liabilities—
$2,421,846
$2,461,399
interest
Interest
becoming
merger
of
of
>
'
123
stores
and
$8,051,991
—
X—-•
-
the
preferred
stores
2
assets
Daniel
May
Connecticut,
all
4,431,912
2
$14,080,611
tFixed
Patents
On
food
71,952
208,035
Emergency plant facilities
of
Inc.,
356
852,481
...
of
Daniel
common
stores
operated
1,874,880
98,972
Prepaid and deferred assets—-—-———Notes receivable not current--—J.—-—
Investments
1,519
stock now offered up to the amount of the cash purchase price
said assets and business will be used
to
replace the funds used V
by the company in payment of said cash purchase price of said assets
and
business.
National Grocery
Co. at the time of said purchase,'
1940
1,962,027
receivable——y_—y—-—
Inventories
$2,461,389
——_
143,815
ferred
$561,858
$3,032,265
—
591,780
being made on 'the basis of a normal income
(2) National Grocery Co.—On Oct. 6, 1941, the company purchased
aggregating approximately 31% plus an amount which it
the
assets
and
business,
subject to certain liabilities, ( of National f
may be payable for excess profits taxes.—V. 154, p. 547.
Grocery Co. (N. J.) and the net proceeds from the sale of the 5% pre¬
divi¬
3,131,005
♦Accounts and
1,180,931
taxes——
11
funded
on
Amortization
Other
of
'
income
429
taxes)-^—' * 1,250,357
income
income
Interest
19,558,100
for
1941.
!941
'
stock
of
common
Reeves,
the
$767,340
common
of
share of
grocery
in
XTil}.
30 ;
y
—
and
Sept. 30,
shares
stock
retail
of
Federal
686,461
1,379,851
458
-
income
Gross
Since June 30,; 1941
into 12,181 shares
share-for-share basis,
common
a
vicinity.
11,300
than
,3,166,391
685,993
1,437,699
;
—
;
6,000,000
;
—
■
including
par),
Upon
company.
Daniel
of
.36,115
deduct—
the
a
shares
of
common
62,000
etc.—
expense,
Miscellaneous
State
$1,513,745
24,000
.
on
of
re¬
tirements
Interest
$5,480,999
$648,034
$1,914,009
income
for
(no
$900,000™
$100)
changed
42,000
24,296
,
repairs.—
limited-term investments-
operating
Other
in
into
shares
7/50
Prov.
1948,
(par
shares
outstanding
were
company
V
$850,000;
Businesses Acquired
accs.
expenses
of
(other
Net
v >
.
(1) Daniel Reeves, Inc.—On Aug. 20, 1941, Daniel Reeves, Inc.
Research, devel and pat.
Prov.
Taxes
1,
due Aug.
and
—
1940
$8,979,723
^3,882,317
r
Provision for Federal income
7%
79,000
:
68,853
comp
1941
V
147,666
34,000
1947,
preferred stock
(848,624
and
spec,
1,
with
—
'
37,500
exp,
officers'
emp.
,170,191
,:
Maintenance
Amortization
-
1941
•
$10,309,992
—
;
—
Depreciation
>•'
throughrelatively few
treasury, but
excluding
13,360
shares
held in treasury, which have been charged at cost to
paid-in surplus and. of which 10,000 shares are reserved
for options to president™———
$1,978,021
$6,196,251
—
$2,207,919
65,453
Gross profit on sales-
to
(cumulative)
Common
5,098,286
Operation
Co.—Earnings—
-!. /
v
—
l
1961_- $14,000,000
loans evidenced by 2%
promissory notes, all
:
'v' <Cr. 't'.:
Aug. 1, 1941, maturing Aug. 1 of each year as
-
follows:
$7,076,30?
$2,913,980 $18,147,712
2,096,867
11,951,461
$6,778,341
San Diego Gas & Electric
Year Ended Aug. 31—
Operating revenues
;
bank
dated
1941- -9 Mos—1940
disc.,
allow.
and
Corp.—Earnings—
Provinces
warehouses
retail stores and are located in various localities
the territory served.. Retail food stores are,
exceptions, operated in premises held under lease.
Term
western
conducted
out
stock (of $5 par); $949,150;
surplus, $790,029; total, $4,074,890.
1941—3 Mos—1940
five
are
general wholesale grocery busi¬
merchandise to both affiliated corpora-
20-year 3 V* %' sinking fund debentures,
Rustless Iron & Steel
the
in
there
a
not
identified
with
the
company. r The
by subsidiaries of the company consist of properties
proposed to be used for, warehouses, manufacturing
or
696.
p.
and
therewith
in Canada
customers,
owned
and
Columbia
and
the sale of
oi
for,!
used
pow
of
connection
facilities,
ness
common
earned
$817,227;
surplus,
Sheet,
notes,
of
reserve
reserves,
154,
—V.
$388,233;
(after
the
Virginia,
31, 1941
and accounts receivable
doubtful accounts), $950,403;
inventories, $1,451,920; plant and equipment (less reserve for depreciation of $387,493), $1,143,756; prepaid items, $140,578, total, $4,074,890.
Liabilitles-r-Notes payable to banks, $250,000; serial (2Va%) notes
maturing within one year, $160,036; accounts payable and accruals,
$87,230; taxes, including Federal and state taxes on income for fiscal
year ended March 31,
1941, $272,730; serial (2V2%) notes payable,
Assets—Cash,
—trade
Saturday; October 25, 1941
•-
,
&
Provincial
Stores,. Ltd,),, in
view
of
notice
received
-
from
Co. of New York, depositary, for the issuance of
depositary receipts,-that at the close of business on
it ceased to make' original ..issues or transfers of said
Guaranty Trust
said-American
Oct. .14,
American
1941.
.
depositary receipts.—"V. 148', p. 2757, ,•.*...
j
J. /.
....
.,
,
'
4
V
Sharon Steel Corp.—Earnings—
'
3
sales
♦Gross
4
-
costs
Manufac.
Balance Sheet
.
Assets—
1938
1939
Sept.-30— '1941- - -v- 1940 i"
.$7,902,583
$5,610,001
—i..— -*6,468,802 ^4,747,318
End.
Mqs.
Cash
$2,575,439
$3,919,495
3,644,282
*
receivable
Deferred
$1,433,781..;,
Expenses
Ordinary
i
147,900
147,000
183,000
Total
212,140
210,657
181,950
179,814
Liabilities—
26,002
12,347
9,436
12,329
.>> 1,500
1,500
4,625
j-—
—
•Vl.
taxes
—
for doubtful
counts, &c.
i
:
Accounts
income
Other
•
'
«
$1,038,139
Total
,
Interest
23,582
———
$509,975
>
8,822
640,000
* {$412,899
5\u/, Net' profit"
in
'
partly owned subsidiary.
its
vV.
insurance
153,
$$19,065
$$59,483
.■&;
.
.
$1)
aV,
..,
Bonds ;
Electric Co.—Proposes to sell
& Traction Co..
Privately—See Federal Light
Co.—Cash Position—
the consolidated cash position during the
1941, follows: Cash, June 30, 1941, $385,616; received from Tide Water Associated Oil Co. on account of sale
price of Simms Oil Co. stock, $130,295; total, $515,911; less—excess
of expenses over income for 3 months
end. Sept. 30, $3,476; legal
expenses in defending Simms Oil Co. .litigation, $75; Federal income
tax deficiency for
1940 paid, $4,756; miscellaneous deductions, $83;
Simms Petroleum
cash, Sept. 30,
of
of
the
Y.
N.
State
>,
."
.
144,
•"
t
6%
goods sold
Selling,
■f
& admin.
gen.
expenses
J
•
-a"
i.
of
$2
21
for
107,010
$66,269
10,138
15,215
9,590
60,242
for
Dom.
income
for
-
Increased—
oth.
on
>
in
>•>• Total '
,
7%
-Interest.on
Accounts
Other
39,181
28,370
$94,880
v"
13,630
;>>,
12,448
1,867
2,088
3,271
1,399
1,399
1,399
$45,685
218,223
241,296
30,403
8,055
$71,741
53,541
Income
,
;;
.
11,500
~ 1*846
>
—.___
47,440
$231,383
from
total, $2,219,348.
.
•
.
adm.
./
Total
in
cash
10-year 1%
on
r
.
Loss
..
,
.
$5,205,928
3,500,093
532,106
.....
banks
and
of
output
—.1
151,922,000
154,
hand,
on
utility
public
Net
kilowatt-hours,
as
fr.
of
40
i
$632,289
$531,859
419,700
419,700
$112,159
1.27
■'■>>
Co.—Earnings—
companies
1941—9 Mos.—1940
1941—Month—1940
$20,666,512$214,691,972$166,604,302
143,055,178 124,930,112
$9,496,383
$6,593,351
$71,636,794
2,576,291 >1,463,858
1,257,740
1,097,952
53,675
68,589
15,904,336
10,411,682
rwy. ops.
520,577
$41,674,190
■ 13,805,847
8,837,844
'
596,978
$5,608,678
inc..
1941
$3,939,076
the
Net
'
- •
■
—Jan. 1 to Oct. 14—
1940
1941
1940
$2,946,179 $140,679,800 $107,146 232
Ended Sept. 30—
expenses-
for period—
bal. of inc. at
Mar.
-
Federal
.<
Undist. bal. of inc.
37,590
$52,090
$50,946
$44,897
$9,968
86,638 '
78,931
362
53,873
$137,947,
53,691
73,140
5,514
$123,828
49,288
$88,622
31,475
18,595
at
$88,045
$84,256
$55,946
$57145
securities sold during the 6 moirths end <w
1941 (computed on basis of average cost) amounted to $3,647
end of
period
Notes—Net profit on
30,
1938
$47,558
20,153
$141,918
Distributions made
Add'l Ded. Income tax,
&c.
(net)
1939
$65,050
20,552
taxes.
Total
1940
$71,498
89,828
31
Refund
1941
$70,382
18,292
Balance
Sheet, Dec.
and
the
'
,
employees
1.
Sept.
$9,704,470 $10,206,562
133030
444,455
*
and
affil.
—
*
„———1—
2
of
—$19,259,198 $20,087,001
.
7% "debentures
l_i_——
651,454
493,801
556,964
on
——
4,944,450
7,969,813
1,186,705
7,969,813
—
{Less
♦In
reserves.
10,000 shares of capital stock
Hugo
able
been
to
of
cellation
corporation
depletion
of
interest
from
General
and
♦Interest
Other
>
holders
purposes.
who were able to
Corporation has
acquire the notes so purchased against a pro rata can¬
reichsmark indebtedness of
the purchaser
to the
the
and thus effect the retirement of such notes without
the dollar funds which are available for the payment
the notes.
During 1940 and up to the time of
under
ance
report in
this
In
1941,
a
like
classification,
total
a
manner,
their
accounts
have
been blocked in
accord¬
with this Executive Order. Up to date, we have been given licenses
agents the interest on corporation's notes
as
well as on the debentures of the Hugo Stinnes Industries, Inc., due
July 1, 1941, and Oct. 1, 1941, respectively. Corporation and the Hugo
Stinnes Industries, Inc., have also received
licenses to pay certain
specified administrative and general expenses as they become payable.
During 1940, Kokancoal Co., Inc., an American subsidiary, was dis¬
to
pay
solved.
to the joint paying
Transocean
Machinery
process
Corp.,
Coal
New
of dissolution.
&
herein
'<
5-
i
Transport
Jersey,
both
Corp.
and
American
'
the
American
subsidiaries,
Glass
are
in
•
if
/
$223,190
83,059
charged
.
for
Loss
♦Paid
or
5,892
41,928
(prior years)
3,571
12,518
.
...
-
,
$166,487prof.$37,149
income
22,040
13,780
——
$152,708prof.$59,189
period——
payable to extent of 4%, balance deferred.
Balance
.
ASSetS—•
j
Sheet, Dec.
:i 1
'
■
of foreign subs,
Inv.
in
shrs.
Inv.
in
and
in
Wilmington
adv.
to
subs,
Amer.
'■■■■■
(not
Foreign Holding
from
sub.
and
31*
cos._—
consol.)
■
$8,939,502
Cash
$9,162,543
439,355
130,121
T:
494,961
494,961
{7,999,055
8,196,392
4,186
Corp.—
affiliated
receiv.
receivable
banks———.———
cos.
201,258
——
Total
1939
1940
'V'.
and affil.
Accounts
in
237,442
22,802
<
of
Extraordinary
$407,162
123,107
229,370
expenses
20-year 7% sinking fund gold debs.
on
interest
1939
,1940
dividends, etc
interest,
administrative
Accounts
7%
Stinnes Corp. notes from
reichsmarks for their own
manner.
books
German
Operating deficit
—_——
292.123
I
—
$18,057,021 $18,297,437
'
Liabilities—
1940
•
...
20-year 7% sink, fund gold debs., Oct. 1, 1946
on 20-year 7%
sink fund gold debentures-
Int.
Long-term accounts payable——
Accounts payable to foreign,subs, and affil. cos.
Interest accrued on 20-year 7% gold debs.—
Other accounts payable
Contingent
liabilities
(reserve)
•Capital stock
—
Capital surplus
—————;
Earned surplus
Total
V
$3,298,500
651,454
281,861
304,617
738.124
V *281,586
;
308,218
32,445
32,985
185,885
309,048
193,263
193,263
1,100,000
1,100,000
11,000,000
n,ooo,oo0
973,000
—
1,125,708
$18,057,021 $18,297,437
——
—
1939
$3,244,500
—
♦Represented by 220,000 shares at $5.
{Mostly payable
and other European blocked currencies.
in reichs¬
marks
upon
this
the
> P
,fy.iit iUih'119,1-
jv.'C
investments
Fed. inc. and excess profit taxes
of $548,500 notes were acquired
during 1940, the Hugo Stinnes
Industries, Inc., acquired a par value of $54,000 of its debentures, for
retirement.
r >The Presidential proclamation of June 14, 1941, in Executive Order
No. 8389 provides, among other things, that a United States corpora¬
tion organized under the laws of any state
shall have its accounts
blocked provided a substantial part of the stock of said corporation
is owned by nationals of certain foreign countries and, inasmuch as
the Hugo Stinnes Corporation and Hugo Stinnes Industries, Inc., come
this
{$1,488,000
property.
>
on
(Hugo) Stinnes Industries, Inc.^-Earnings—■
Dealer's discount $1.25.
of 62 net.
plan of extension is more than 93%.
.>
During the time that assents to the plan were being solicited, one
of the German debtors of the corporation purchased for reichsmarks
such
German
Years Ended Dec. 31—
(par
gold notes, which matured as to principal
and
deferred Interest
on
July 1, 1940, has been accepted by the
holders of approximately 86% of the outstanding notes.
At the date
of the
report (Oct. 9, 1941), the percentage of acceptances of the
utilize
on
carried
; \..<S \t\l-
Income
subsidiaries.
10-year
transactions
rP
Stinnes Corp.—Annual Report—'
its
reichsmarks
1946, and $280,500 July 1, 1940,
converted at $1=4.20 reichsmarks.—V. 153, p. 254.P'
'y-y; i'
This fact has made it not feasible to present
audited statements in this report.
At
the
date of the balance sheet,
company's plan of extension,
covering
799,433
$19,259,198 $20,087,001
—
Note—Reichsmark
548,799
—4.944,450
deficit
due July 1,
advance follows an increase
10,000 employes, effective May,
"
—
$5)—
(par
Total
<
European
96,031
27,861
\
;
\
' V '
1940 "'
1939'.:
gold notes—
.1
{$1,768,500
$2,010,500
s. f. gold debs.—3,244,500
3,298,500
7% gold notes—415,598
412,182
7%
Operating
.
Saunders,
H.
7,109,000
437,862
-
2,203,093
6,578,057
202,686
;
cos
—
" 738,124
and
'
19391. >
2,203,093
foreign subs,
—
>4$
-' i1
:
'
^
;
:
Long-term accounts payable—"—
611,931
Accounts payable to foreign subs, and affil. cos.'315,450
Accounts payable
437,538
This
approximately
to
;
.
1940
affil.
inv.—
misc.
from
Capital stock
of
31
"
Inv.
in
Trask Fund, Inc.—Earnings—
inc.
Undist.
h,
-(Indicates income'.
4%, balance deferred.
banks——
in
Interest
chairman of the board of directors, states in part:
As stated in report for 1939, due to the war, we have been unable
to
obtain
financial
statements
from
the
more
important
of
our
P.
of
Income
Operating
860,050
$799,433
$1,186,705
—
Interest on
in
1142.
block
a
(Hugo)
154, p. 662.
Mos.
day
153,
20
making
6
{$60,617
Liabilities—
•
System]
—Week Ended Oct. 14—
Spencer
Cr201,573
799,433
shrs." of foreign sub.
other
rec.
20-year
Swift & Co.—New Officials—
14,073,161
(est.)—
8,959
$140,956
$387,272
—
and adv, to American sub.——
Total
Company announced on Oct. 21 election of four new Vice-Presidents
to
reallocate responsibility and "make for greater efficiency in the
operation of the business."
/
The appointees, all men of long experience with the meat packing
company, were Porter M. Jarvis, Vice-President assisting the President;
Eugene A. Moss, Vice-President with jurisdiction over by-products and
certain
other
departments;
Dr.
Roy C.
Newton, Vice-President in
charge
of research,
and Charles T. Prindeville, Vice-President in
charge of cotton and soy bean oil mills.—V. 152, p. 2878.
'
Southern Ry.—Earnings—
earn,
>
1
Dr42,338
—
—
Cash
629,549
1.51
Period—
40,471
37,034
$344,934
—
and credits
receivable
Sterling Products, Inc.—Stock Offered—Merrill Lynch,
certain
—V.
a
to
$10) at a fixed price
—V. 154, p. 155.
$3,962,951 $44,800,199 $18,433,522
♦Before provision for interest charges on outstanding debt, or other
nonoperating income items.—V. 154, p. 438.
Gross
representatives
between
retroactive
cents
Oct.
$1,161,408
exps.—17,568,255
oper.
—
31-
Accounts
Pierce, Fenner & Beane offered at the close of business
„
accruals
Eqp. rents (net Dr.)__
Jt. facil. rents, (net Dr.)
rwy.
183,761
237,444
•
—
to the extent of
and
in
Accts.
-
>"•
59,986
1958...
——
tax
♦Net
133,797
229,370
'
cos.
compared with
-
meetinfk
is
increase
$4,671,747
3,066,206
v 504,119
$212,589
bonds
Cities Utilities 5s,
operating revs. $27,064,638
rev.
1939
$470,631
140,952
■129,991
gold notes——
gold debentures..
♦Mortgages
Output4ri^c
operating
Standard Oil Co. of Calif.—Wages Advanced—Following
jl940i)I
624,465
subject
Period End. Sept. 30—
Rwy,
•
$244,125
taxes—
-t—
in
Inv.
$387,133;
management, the company announced a basic advance in compensation
of $10.25 a month,
approximately 11,000 employes are affected.
The
$1,101,422
—
———
Railway *oper.
31
58,868
{Investment
.
.
common
the
663.
p.
,
$1,256,754
;——
interest, etc
Southern Pacific
Railway
misc.
charges
deficit
Depreciation
[Earnings of Transportation
*
mostly
Holding Companies)
Capital surplus
■'< —V. 139, p. 2531.
■
July 1, 1940.
{Mostly in reichsassigned.
$280,500
Account, Years Ended Dec.
Consolidated
18, 1941,
128,601,000 kilo¬
watt-hours for the corresponding week last year, an increase of 18,1%.
totaled
1941,—V.
;
,
$1,173,729
——
interest earned
Times
and
——...
Dec.
'♦Paid
Standard Gas and Electric Co. system for the week ended Oct.
—V.
83,024
for
Balance
.
interest
loss
Previous [
77,106
Standard Gas & Electric Co.—Weekly
Electric
$91,401; other
1941
——
income
Balance
1,1946,
charges
Net
stock (50,000 shares no par), $200,000;
surplus, $231,383; total, $2,231,333.—V. 154, p. 250.
earned
.
W" >/. ..1W
and taxes.....
——
Interest in Southern
$15,499,644
Subsidiary
incl.
expenses,
Operating loss
Extraordinary debits
provision for Dominion and Provincial taxes, $50,592; reserves for
depreciation and obsolescence of buildings, machinery and equipment,
$347,078; 6V2%
cumulative redeemable sinking fund preferred stock
.
income
Subsidiary
,
Income
20-year 1%
Other
investments, $95,272;
$35,221; properties (net), $1,004,013; total, $2,231,333.
Liabilities—Accounts
payable, $192,730;
municipal taxes, $23,550;
$30,403
$19,651
^
$60,241
Utilities Co.- -Earning*—
Ended June 30— V.
earnings
1,913,077
$20,280,441
int., divs. and other credits
and
$241,296
Consolidated Balance Sheet as at April 30, 1941
(par $100), $1,186,000;
'
Net
July
American
♦Interest on
Assets—Inventories, $381,495; accounts receivable, less reserve, $328,-
'
\
:•
77,090
$209,891
$218,222
paid
T""ig
3,500
;:>>—
Expenses, maintenance
Retirements
Other
7,969,813
2,147,877
due
♦Interest
deferred charges,
34,345
operating revenues—..
Gross
4,944,450
7,969,813
—
Assets—
$450,721; t notes payable, bank, $325,000;
notes payable,-others,
$66,920; customers deposits, $184,688;
salaries and wages payable, $39,958; accrued liabilities, $4,774; accrued
Federal and state taxes, $15,888; deferred income, $3,333; reserve for
contingencies, $3,500; cumulative convertible preferred stock, series A
(stated value $8), $528,896; .common stock, $317,776; earned surplus,
$102,421; paid-in surplus, $175,473; total, $2,219,348.—V. 154, p. 438.
12 Mos.
17,610
4,944,450
i—
1
$1,488,000
Miscellaneous
$318,402
$286,981
$30,422
$57,497
*
$278,823
cred., April 30
at
u>
68
330.
544
$83,003),-$448,858; investments (at cost),
Southern Cities
i
.
1940
280,015
$273,075
54,853
Dividends
*>'
>
25,915
....
Consolidated
$38,388
209,890
•
330,176
1,728,018
4,500
$63,184
,,
330,345
......
which
412,152
415,598
6,973,698
cos.j.
payable
(Including
2,440
2,187
$60,601
"
(deferred)N
subs, and affil;
Deficit
Total
$2,010,500
♦$1,768,500
accounts
accounts
1939
1940
'
•
.
:
Capital stock (par $5)..
Capital surplus ;
35,704
33,039
V'
-
notes..
payable to
4,984
*
„•••
,
95,364
$20,280,441 $15,499,644
—
-
25.034
145,739
10-year, 7% gold notes
payable..—
Long-term
2, 203,093
-5,509,023" ,;'-- 470,944
subs._.^..*_.
1.427
•-■...
gold
1939 ;
605,209
321,158
2,203,093
...
foreign
..—
Liabilities—
$89,896
$99,112
•;
i_._
—
from
;
/
Inc. $12,100,000 $12, 100,000
banks—'—
Liabilities—Accounts payable,
:
December 31
tLand charges in reichsmarks on German property.
and other European blocked currencies and
of
acct.
surplus..
9,521
'•.-. Balance Sheet, as at April 26, 1941
,
$192,602; accounts receivable,. $338,093; due from
officers and employees, $1,521; inventories, $952,248; deferred charges,
"supplies, prepaid expenses, etc., $33,485; fixed assets (less reserves for
•
,
marks
5,295
49,775
1,915
$22,298
Assets—Cash,
depreciation of
.
1940
Cash
1938
$93,817
46,170
2,250
Total
27,520
'
19,651
$157,808
(com.)
assets, $161,141,
$1,475
%, balance deferred.
v
10-year 7%
V
Crl76,033
receivable
10-year
1939
$136,191
Prov. tax
197;
$102,421
'
:
of 4
Accounts
&
taxes..
profit
at credit, May 1—
Bal.
$59,340
'
6,588
,
to res.
->
Dr56,118
$234,800
credits—
Balance Sheet,
General
Net
■■4 $26,763
......
for con¬
tingencies———
Miscell.
adjustments-
-
*
-
'
■
a
1940
$131,088
>
5,103
$160,711
preliminary expenses.
$51,545
$97,566
v
.
„
Cash divs. paid
Transf.
in
5>104
income
Written-off
2,530
2,88 G'''
$42,942
■
;
$155,606
paid in directors..
Fees
80,501
!'♦ $76,408
—_ _
income
! >
:
for
Prov.
9,646
earn, surplus.
adjustments—_
Total
extent
■(■Mortgages (
{Accounts rec.
14,000
1941
investments.
from
Prov.
$56,809
$111,750
Previous
-Misc.
and
....
t,
,
(& Subs.)- -Earnings—
Co., Ltd.
April 30—
operations
from
Profit
Inc.
Bal.
income
$177,508
25,940
L—
<
Net
the
to
•Of
Standard Fuel
358,100
386,580
$40,056
'
i.
V
-
v.
company
Years Ended
$495,411
$533,646
166,441
taxes
& ..state
Fed.
">
v.\
•
.
week
a
the
by
—
.426,140
—
deductions
inc.
Other
5,388
$178,682
Investments in shs, of for. subs., etc., misc. inv.
mortgage
>
'<
-
Oct.
on
Provisions
14,184
income
Gross
734
4,421
—!
period^
Assets—
telephone operators were
new agreement with the
Independent Southwestern Telephone Workers' union.
The
wage
increases will add $1,400,000 to the company's annual
payroll.
Minimum wages for operators were increased from $11 a
week to $13 and maximum wages in the larger exchanges from $24 to
$26.—V. 154, p. 583.
>
Apr. 30, A1 1
'38
$85,610
Operating profit >—
*; Other income — —
235,045
——
charges
.....—
Investment in shares of Hugo Stinnes Ind.,
"TUT"•*>;
407^■
3351.
p.
'
increases
granted
.
nnrt
259,816
———
v
.
Periods
$1,065,672
832,960
1,523,860
.
♦Paid
for additional transfer
Commission
first
depr. & obsol.
bldgs., mach. and
equipment
:
Apr. 27,'40 Apr. 30,'39
Si
ibOQC/lC
$1,869,286
of sales
for
Loss
of
Account for Stated
Apr. 26,'41
K
Ended—
Years
Net
Cost of
2,708,561
Southwestern Bell Telephone Co.—Wages
Total
Aircraft Co.—Earnings—
Income
2,479,149
:
Tax
years.—V. 153; p.
outstanding
Co.—V.
Gas
Res.
Solar
5,802
'>195,012
bonds due May 1, 1954,
called for redemption on Nov. 1 at par and accrued interest.
Payment will be made at the Manufacturers Trust Co., New York City,
"v.
Payment of these bonds had been assumed by the Southwest Natural
438.
1941, $507,520.—V. 154, p.
183,762
237,086
i9,ooo
177,116
.
——.
Analysis of the changes in
three months ended Sept. 30,
;
'
_
——
have been
a
,
17,672
'133,797
—
:—.—
interest
charges
Operating loss
Extraordinary charges
———is.$2,685,373; $2,927,675
claim
Wage
'
6,814
:
of prior
All
statement
$Loss.
.•'•-• ;•••
563.
p.
Sheridan County
{
——
—
(par
subsidiaries—......
by
.
charged to cost of sales were as follows: unemployment'
contribution taxes, $70,618; property taxes, $24,402.— »"
Note—Taxes
and
taxes
fThe foregoing
the equity of this company
returns and allowances.
the increase of $35,000 in
does not include
charged
'
Other
Southwest Gas Co. of Oklahoma—Bonds Called—
discounts,
■r♦Less
9,804
$365,975
$18,300
Interest
etc.,
'•
■
——.
♦For
10,075
138,500
'.Fed. & State inc. taxes
,*
.
taxes
stock
Total
5,500
————i.
-
payable
Surplus
{$8,990
>>
{$49,678
- ;
$2,927,675
$3,295
$290,299
46,102
dividends,
7,361
14,994
19,695
"$1,061,721
———
income
{$16,351
{$64,673
*$490,280
•
2,823,418
♦Reserve
Capital
.'.."Profit
427
2,568,267
$2,685,373
at average
;——
Accrued
7,500
—
cost—
tax—
owned,
1939
$243,458
Interest,
Miscellaneous
'
ac-
Prov;
;•>.
$862,684
150,000
Balance
Depreciation
1940
535
v
from
Income
10,941
9,382
credits..
General and adm. exps., incl. misc. taxes——
♦Interest on 10-year 7 % gold notes.^—
$92,780
$363,417
$275,213
(Company Only)
1940
1941
$107,297
———
franch.
securities
Income Account, Years Ended December 31
Sept. 30
■'
deposits)
■—
State
Y.
N.
Marketable
*»»
(demand
banks
in
Dividends
2,212,022
■
757
COMMERCIAL & FINANCIAL CHRONICLE
THE
Number 3998
Volume 154
Note—Due
conditions
are
to
the
war
and
present
abnormal
trade
and
exchange
prevailing in Europe the accounts of European subsidiaries
in the above statements.
not consolidated
Note—Reichsmark
transactions carried in the German
reichsmarks.—V. 151, p. 1440.
books
have
been converted at $1= 4.20
Sutherland Paper Co.—Earnings—
Mos.
9
1941
End. Sept. 30—
{Net income
—
:
profit after charges.
Earns, per share on 287,000
($10 par) —
♦Net
$1,069,466
1940
3
588,206
—
—
$862,874
655,784
$2.05
$2.28
shares cap. stk.
—
provision for Federal income and excess profits taxes. *In
arriving at the 1941 figure provision has been made for Federal normal
tax, surtax and excess profits tax at the rate of 45%
which is as
close an estimate as can be made at this time of the rate of tax
{Before
applicable to the probable earnings of the company for 1941. For the
same period in 1940 the net profit was after providing 24% . for Federal
income tax but making no provision for Federal ^xcess profits tax.—
V.
153, p.
564.
i
Assets—
made by the Defense Plant Corp.,
allocation of $1,256,105,
Under an
Armor—
corporation will erect added manufacturing facilities for tpe
production of tank armor.
Approximately $500,000 will be used to
erect an additional foundry building apd $756,000 for machinery and
the
While details of construction remain unsettled, the
firm said ft hoped to start work on the addition within a month, and
place the extra facilities in operation by next summer.
Under the terms of the legal contract, the new facilities will be built
under title of the Defense Plant Corp., with the usual arrangement
permitting the firm eventually to take over the extra space after the
emergency if it desires to do so.—V. 154, p. 439.
equipment.
other
the ICC a copy of
Section 77 of the Bankruptcy Act. Early
last week, the original petition was filed with the Federal Court for the
Southern District of Florida.
The committee,' which
claims to represent holders of $609,000 of
the $1,258,000 bonds outstanding, said in its petition that the Seaboard
Air Line Ry,
operates the Tampa Northern properties under lease,
has. made, profits from its operations,
but has not reimbursed the
Tampa line which has resulted in non-payment of interest on its bonds,
—v.. 150, p. 1297.
"v.. ,
'
the carrier under
of
zation
Telautograph Corp.—Earnings—
Sept.
before
Federal
Federal
Net
30—
deduct.
End.
Period
Profits
stock
com.
9,009
30,989
$21,491
$79,057
$79,037
$0.09
$0.35
$0.35
1941-T-9 Mos.—1940
1941—Month—1940
Operating revenues——
$2,921,192 $2,180,330 $23,159,096 $19,281,779
1,512,161
15,268,261
13,753,278
Operating expenses ^—
1,799,781
146,212
2,284,644
1,373,226
Railway tax accruals—
413,272
42,184
815,016 '
810,310
Equip, rentals net)
70,105
466
Crl9,383
16,444
Jt.'fac. rents net)-——
Crl,584
for
and
preferred stock__--^_--r-_l\':
stock——————.—rrr—-r-?TTT-^-r2,429;3l8
■——J—25,430,676
stock.
.-rf-,.1,' Dr41,684
cumulative
"6%
fCommon
Surplus
2,429,318
25,563,257
—
§Treasury
299,057
,
4,180
207,000
7,900,000
' >2,460,000
3,630,000 • :'l 3,640,000
Sept,
due
loan
Dr.6,419
——
$42,643,517 $42,589,633
Total
$639,618
$479,307
$4,810,558
$3,328,521
47,203
income
oper.
ry.
Total
31,833
333,913
303,430
$686,821
—
$511,140
$5,144,471
Selling expenses —————
Administrative expenses —
2,899
35,100
39,006
deductions
deductions
Other
$556,058
$390,359
—
taxes
income
State
32,699
102,288
30,711
inventory values.
Note—Included
charges
tI
$508,241
$5,109,371
$3,592,945
320,103
_.
income
Net
—V.
$684,209
—
charges
322,582
?, 888,283
2,896,711
$696,234
$2,221,088
$185,659
$364,106
154, p. 340.
Assets—Cash
the
1941
1941
June 30,
and
$25,-
Timken Detroit
Axle Co.
—
Stock Offered
Smith,
—
the close of the market
Oct, 22 11,700 shares of common stock (par $10) at a
fixed price of $31 per share.—rV. 154, p. 663,
Toronto Elevators,
will
profit
Operating
Interest
*$615,476
' 21,285
98,223
——,.
_-r___
for
deprec.——
Prov. for inc. taxes—
Loss
on
capital assets
prov.
written-off
Net
Divs.
Divs.
on
25,274
23,328
133,219
123,533
{$228,570
27,127
27,864
Prov.
13,925
$270,750
76,218
stock—_
com.
stock
for
State
&
$138,912
{$269,622
78,406
$242,031
77,530
92,287
22,653
306,007
194,393
1,613
12,375
17,392
t182,382
140,993
$44,570
$486,163
by
'
open
$30,084
"
,
194
(net)—
inc.
Non-oper.
July
18,599
Shs.
stk.
com.
Earnings
(no
par)
share
per
$142,214
52,318
$3.72
—
—.
$112,183*.
52,318
$3.14
$60,506
52,318
$1.15
§$400,658
52,318
/> Nil
Gross
prpfit
$2,340
^
Union Pacific RR.Period End.
Ry.
operations
6,383.961
—2,038,287
*Taxes
Equip.
(net)
Net
$395,062
$456,294
93,000
—
16,596,897
12,504,191
{831,975
7,929,810
{7,616,159
_____
4,392,721
{3,026,675
24,526,707 +20,120,350
charges
1,165,951
{1,174,260
id,516,458 {11,676,361
income
$363,294
1941.—V. 153, p. 851,
Fixed
&
Net
%V
sources
of
on
Asset
per
coverage
$27,656,235
$1,000
of
bank
coverage
loans
and
principal
of
preferred
■
preferred stock outstanding).1.16
stock is subject to redemption at corporation's
option at $110 per share and accrued dividends,
dation to $100 per share and accrued dividends.
Income
1940
&
„•
sec.
1939
divs.!
$106,692
$53,530
$72,595
980,134
850,971
755,910
617,099
255,477
all
Total
income
Prior
$1,086,601
_
Expenses
—r—_
inc.
tax.
700,000
year's
$1,011,003
Net
$945,171
22,406
34,349
48,859
46,630
138,928
149,928
300,748
409,292
expenses,
expense
profit
Preferred
diyidend
ICC
Oct.
on
liability
in
14
authorized
the
"
$44,940
1,032
3,553
$39,960
$64,140
$48,403
■
; 34,748
25,629
23,147
24,591
35,833
31,306
35,224
*$21,501
$8,407
-
&
:
for
•
to
assume
-
110.403,195
kwh.;' skme-week
in;rease of 14,284,231
kwh. or
$225,830;
last
14.9%,
Nathan
of the
A.
first
*
year,
22
-
agreement has been reached with Columbia Steel Co., U. S. Steel Corp.
subsidiary, for construction of plants and the acquisition of facilities for
the production of pig iron at Prove, Utah.
The- facilities will cost? ap-
$714,517
$566,850
655,050
$449,146
655,800
$290,991
675,450
proximately $35,000,000 and the annual capacity will be abopt 725,000
tons of pig iron.
1
t
: "c
V *•;
•'
'V
■
i*
v.
(•«
i i.
j >i
.
'l". '
"
gmyth and peo JLoeb, trustees in a notice to the
gold bonds Series of 1955 state;
Holders
mortgage 5%
corporation under Chapter X of the Bankruptcy Act was filed
U. S. pjstrict Court for the Souther® District of ftew York
a
the
declared an extra dividend of 10 cents per share in
to the regular quarterly dividend of 30 cents per share en the
stock, par $10, payable Nov. 1 to holders of record Oct. 21.
Directors
addition
<
,
-
Pay Extra divi¬
dend—
common
have
pike amount? wer#
and Aug.
I,
paid on Aug. 1, May { and Feb. {, last, and Nov. 1
1940.^-r.y. 153; P- 568.
4
_
£
".J
sales
the fact that a petitiop in proceedings for reorganization
Westchester Fire Insurance Co.—To
1
212,758
Crl4,500
$98,805;
accrued interest
$14,751;
When and to what extent such coupons wJU be paid cannot
be stated pending the formulation and adoption of a plan of reorgan¬
ization.—V. 154, p. 550.
that^an
2*12,250
F.'C.
company.
•
$35,000,000
announced Oct.
payable
accounts
the company on Sept. 29, 1041, and was approved by the Court'
on
that date, no provision for the payment of the coupons on the
above bonds due Nov. 1, 1941 has been or can now be made by the
•"
^
Jones
$8,954;
payable-rrR.
by
•
Expansion-^-
Administrator Jesse
(less reserve)
Washington Gas & Electric Co.r-No Nov. U Interest-
:
in
,
wages
loans
^
!
"
United States Steel Corp.-^-RFC to Finance
Loan
'
T,
hand and in Bank $83,589; receivables
Liabilities—Accrued
United Gas Improvement Co.^Weekly Output--
Columbia Steel
on
$1{; "accrued taxes $35,844; capita} stock issued (par $1) $499,952;
capital surplus $670,814;
earned deficit' $547,355; total $1,007,608.
> v-V."151, .p. S7L;
The electric output for the U G I system companies for the week just
closed and the figures for the same week last ypar are as follows:-
1941,
•
1940
and
deposits
1941, to the date of delivery.
In response thereto, fopr bids- repre-.
senting 38 parties were received.
The highest bid, 99.94% of par and
18,
31,
• *
accrud dividends, was made by the First Boston Corp., Acting on behalf
of itself and seven associates, and has heen accepted, - .On this basis
the average annual cost of the proceed? to the applicant will be
approximately 1.51
-V. 154, p. 549.
•
an
*$11,323
'.i;''V'
::
sets—(Less
signs
,
Oct.
1■
Balance Sheet December
.
deposit'on purchases $11,536; inventories $465,720. Fixed As¬
reserve for depreciation $120,213), $190,312; patents,
de¬
drawings $61,713; development and experimental (less; re¬
serve
for amortization $36,150), $83,371; deferred charges $6,112; or¬
ganization expense $7,380; total-$1,007,608.
\
i
obligation
report of the Commission states, In part:
,
V
applicant invited 157 parties to bid for the purchase of - the
certificates at a specified price and accrued dividends. from ,Gc{;
kwh.;
•'
1/281
!
.
The
ending
-
$95,124
year
.
..
.
ances on Lives & Granting Annuities, as trustee, and sold at 99.94 and
accrued divs. in connection with the procurement of certain equipment.
96,118,964
10,650
32,440
$97,873;
company
212,483
319,870
76,132
devel.
of
"Loss.
of
respect
210,750
651,465
Profit
.
Equipment Trust Certificates^-
Federal
under-accrued
Interest
v.,
"
-
"v'
8,443,989
754,506
1
*
14,010,249
4,339,242
1,852,415
Crl72,101
3,226,770
_________
Fed.
rrr-V. 154, p. 664.
5,948
$963,611
1937,
$364,810
.
$63,108
experim. exp- ----t-t
Federal income tax-r
■'
■
-
Taxes
J
$249,094
depreciation
Assets—Cash
Week
13,451
'
A
' $261,161-:
198,053,,
'.
$37,541
2,419
expenses
pf
1938
service
___
'
income__
income
Owing to
201,563
received
219,162
$245,407
3,688
opers. ■
and
tive
r
$93,016
earned
Management
and entitled in liqui¬
Account, Nine Months Ended Sept. 30
1941
manufac- *
$256,703J
498,477
1938
Selling and administra-
The
___—___——„____________$2,669.52
Asset coverage per share of preferred stock (after deducting
bank loans and principal amt. of debentures outstanding)
119.61
Asset
value per share of common stock
(after deducting
bank loans and principal amount of debentures &nd $100
share
from
Taxes
&
not exceeding $13,250,000 equipment-triist
certificates, series G, to be issued by the Pennsylvania Co. for Insur-
the basis stated,
debentures
of
indicate the following asset
as at Sept. 30, 1941:
from
{Restated,
The
assets
other
income
"Includes
and
Tri-Continental Corp.—Quarterly Report—
and asset value,
$743,884'
JVIiscellaneous
f,
:;;
\
1939
1940
93,000
302,062
___.
additional taxes for first half of
Taxable
2,194,700
1,130,634
__
3L-
Dec.
sales
Total
3,262,087
oper.
;
>
issues are &s fallows: Wabash
bonds, dated May 1, 1889: Central Hanpyer Bank &
net
turing
sources
Total
1940
deducting charges including repairs and maintenance expense
and provision
for estimated Federal income taxes.
The 1941 pro¬
vision for taxes includes excess profits tax, and such provisions include
fees
6,528,455
trans¬
invest.
from
End.
Profit
30,442,067
{1,409,421
6,7{3,234
?
^
70
of
Cost
{5,931,937
4,318,269
1,067,408
1,056,161
1,083,587
r„_
from
inc.
.
Diamond Coal
Blue
^
Warner Aircraft Corp.—Earnings—
Years
facility
joint
&
"<■
39,242,068
railway
the
by
over
1st pitge
Amortiz.
1941
income
Dividends
1941-^9 Mos.—{940
taken
were
708.
Trust
&
Sales,
from
Net rev.
portation
"After
Interest
■
Corp.,
153, p,
mige. 5r/e
Co.,
Bank
15,827,585 153,943,132 119,481,846
{{,509,316 {14,701,064; 89,039,779
21,470,792
15,086,831
expenses
oper.
Inc.
depreciation
for
The
1941—Month—1940
Sept. 30—
revenues
oper.
Ry.
:
*
income tax for the
to basis of current law.TrV. ,,154, p. 260,
8 mouths ended Aug. 31, 1941,
1237.
•Profit from operations
each
{71,650
took over and
Blue Diamond Coal Co.
the
Broadway, New York; Wabash RR Detroit Ik Chicago
5% bonds, dated July J, 1891: Central Ranover
Co., 70 Broadway, New York;. Wabash RR Toledo .&
* Chicago Div. 1st mtge 4%. bonds, dated June {, 1901: Irving Trust Co.,
1 Wall St.,
New York; Wabash RR fst hfep 50-year 4«&
Terminal
'• bonds, dated Jap. I, 1904: Chemical Bapk & Trust Co., 165 fcroadway.
New-York; Wabash RR Des Moines Div? {st mtge 4% bonds, dated
'V Jan. 1, 1899: New York Trust Co., 100 Broadway, New York; Wabash
RR Omaha Div, 1st mtge 3%% bonds, dated Oct. {, 1901: New York
Trust Co., 100 Broadway, New York; Wabash RR 2nd mtge 5% bonds,
dated Feb. .1, 1889: Manufacturers Trust Co., 55 Broad St., New York;
Wabash RR 6^ debenture bonds, Series B, dated July 1, 1889: Bank¬
ers Trust Co.,
16 Wall St., New York; Columbia & St. Louis RR. 1st
mtge 4% bonds, dated May 1, 1902: Mississippi Valley Trust Co., St.
Louis, Mo.; Wabash Ry. ref. & gen. mtge. bonds, Series A, B, C and D;
Chase National Bank, *11 Broad St., New York.—V. 154, p. 697.
Trust
Steel Co.—Earnings-
Truscon
for
171,850
adjustment of $18,767 to bring accrual for Federal
(Colo.) Electric Transmission Ry. & Gas Co.
3 Mos. End. Sept. 30—
amount
$252,674
14,320
...
.
other
net
256,420
$232,519
6,469
77,625
6,469
77,625
quirements
"Federal income tax computed on basis of current Taw.; {Includes an
—Proposes to sell Bonds privately—See Federal Light &
The
21,033
$23,846
14,320
prior lien cum. pfd.
requirements
5%
cum.
pfd. div., re¬
rents
Net
? 1,826
$3,452
income—
div.
.
Traction Co.—V. 117, p.
$508,340
255,660
$488,939
7%
1941
.
; ' '
Assets—Cash, $222,341; accounts & bills receivable
(less reserve),
$195,943; accounts receivable—contract sales for future delivery, $505,141;
grain & feed
inventories,
$3,019,155; equity in deposits with
brokers
on
option trades, $14,480; life insurance (cash surrender
value), $25,500; Dominion of Canada 3% Victory Bonds (1951), $262,000; cash in bank for sinking fund, $14,773; prepaid expenses, $42,625;
seats on grain exchange, $12,100; mortgages receivable, $14,375; land,
$137,639; elevator structures, docks, moorings & sidings, machinery &
equipment, net, $2,299,768; total, $6,765,840.
Liabilities—notes payable to bankers (secured), $2,530,000; owing
on
grain purchase contracts (secured), $217,538; accounts payable &
accrued charges, $132,787; current maturities on City of Sarnia loans
(secured), $57,893; reserve for taxes incl. excess profits taxes (esti¬
mate), $230,000; deferred liabilities, $620,365; 5(4 % cum. redeemable
pref. stock ($50 par), $1,436,650; common stock (52,318 shares, no
par), $1,030,600; surplus, $510,006; total, $6,765,840.-^V. 154, p. 664.
Provision
$30,278
———
income
Net
Consolidated Balance Sheet July 31,
Trinidad
income
from
Deduc.
from redemption of preference shares, flncludes $1,369 profit from redemption preference shares,
{Loss. §Deficit.
'Includes
•
>
$44,879
1941,
depositories for the several bopd
1st
RR.
Extension
surplus
Balance,
I,
Wabash Ry.—Depositories for Bonds—
;
.
.
'2,776
309
.;
,
$503,852
"'T- 4,488
.
Fuel
Vicco
Sales* Co.—V.
The
income—— f;
v!v :
operates
192,172
*{1,283
tax)*,.
inc.
the production of sweet potato starch, vege¬
additional cattle feet, solvents and
340.
p.
under lease arrangement the coal mines of the Virginia
Coal & Coke Co. in Wise and Lee Counties, Virginia, known as
!> Royal
Banner Mine, Imperial Mine, and Monarch or Old Virginia
Mine, and all sales of coals produced by those mines, formerly handled
279,585
15,598
State
&
.
protein meals,
fats,
154,
Effective
102,571
■
16,185
$5
Iron,
599,155
597,062
809,857
10,237
IV
share of new
present
of
and
oils
now
761,959
63,459
1.369
deprec.
munic. taxes.
(Incl.
Net
52,318
52,318
52,318
Fed.
78,718
52,248
.
6.368
27,708
_r-_-—--
time
prorated on the same basis.
alcohol.—V.
$2,598,886
81,650
power
sec.—Fed.
Soc.
$2,685,543
57,518 :
r.t-r{
—
one
share
be
table
!
$222,753
$232,165
revenues
Maintenance
______
pref.
Operating
Operation
Purchased
118,652
4.'
—
—
{$522,111
225,218
—— —
profit
on
$310,702.
year.
op
activities to include
its
fs
,•
1941—12 Mos.—1940
194 lr-Month—1940
Sept. 30—
Period End.
1938
1939
1940
1941
July 31—
fiscal
based
Virginia Iron, Coal & Coke Co.—Lease of Cpal Mines
Electric Co.—Earnings— *
Twin State Gas &
J'M1'-:'':' (Including its Subsidiary)
:,y
Years End.
with
share
for
any
preferred to each 10 shares of common
preferred; tl)e balance of available stock
'
,1%yv
Of
the proceeds,
probably more than $2,500,000 will be used for
capital investments in copnection with an expansion and diversifica¬
tion
program
of the corporation which was also approved by the
stockholders at today's meeting.
The corporation proposed to extend
*/4
or
depreciation and amortization of $542,887), $1,174,085;
patents
(less allowance for
amortization), $21,906; deferred
charges, $34,799; total, $2,754,069.
Liabilities—Accounts payable, $197,702;. accrued liabilities, $647,350;
reserve for anticipated future decline in inventory values, $120,000;
capital
stock
(60,000
shares no par), ,$202,549;- earned surplus,
$1,586,469; total, $2,754,069.—V. 153, p. 113.
:
:
Ltd.^-Earnings—
in
schedule
basis of
the
$409,615; inventories, $789,416; cash surrender value of life
insurance,
$71,170; miscellaneous investments, etc.—at cost, $1,824;
advances to salesmen and employees, etc., $4,575; plant and equipment
000),
(less allowance for
Barney & Co. distributed after
•
•.
...
,
and demand deposits, $246,679; notes
(Ipss allowance for losses thereon of
hand
on
receivable—trade
accounts
Sheet,
purposes.
the common stock in dividends up to
The conversion feature provides for a
and the number of shares previously
converted.
,-J:> V.
i "7..
Subscriptions for the new Series A stock will be restricted to
registered stockholders.
No limitation in the way of rights related to
the number of shares owned by registered holders will be imposed,
but if excess subscriptions are received, the first allotment will be pn
$62,460 in 1940.
Balance
statement
reserved lor conversion
share
cents
90
flexible
the costs and expenses entering into
charges for depreciation totaling $89,687 in
meeting held Oct.
21
new
class of 500,000
A preferred stock will carry cumulative dividends at the
a share annually, payable quarterly,, and will also par¬
$1.60
ticipate
decline
among
statement are
above
of
rate
.
fixed
for
avail,
Inc.
^
be
will
The Series
209,959
$6.50
paid—————±__—_____
239,986
Earned per share on 60,000 shares capital stock
$9.29,
"Before deducting $120,000 appropriated for anticipated future
a
registration
A
stock
income
Net
of
authorization
stock.
20,579
22,1651
154, p. 440.
stockholders approved the
shares ($25 par) preferred
covering 200,000 shares of the new
preferred, designated as Series A, was filed with the Securities and
Exchange Commission on Sept. 23, 1941. - / i
V:,.V
The Series
A preferred stock, which is convertible into the com¬
pany's common stock, will be offered to the corporation's registered
common and preferred stockholders on Nov.
10, 1941, or ten days after
the effective date of the registration statement, whichever is later.
In
connection
with
the
proposed offering, 562,500 shares of common
annual
the
At
$535,480
—-——$1,125,717
35,260
;
:
470,754
62,084
.
r_.
tons per hour.—V.
4,500 gross
Approved by Stockholders—
264,948
-i_-_w„*$557,620
income
Federal income taxes
and
Fixed
annually.,-The 70.ovens of by-product coke oven battery No. 6 will be
rebuilt to provide an annual capacity of 360,000 npt tons of coke.
ore
unloading capacity of the plant will be increased from 3,000 •'»
.105,366
—
.
The
$905,793
$1,103,552
——
——-—
—
,
two million to two and one-half million net tons
from
capacity
United States Sugar Corp.-—New Preferred Stock Issue
154,871
,
from operations.
profit
income
Total
—--i
double
Seventeen
their
Enlargement of Gary Works blast
net tons.
to an anpual capacity of approximately half a million
its present capacity.
i;.,"
•/'*•/•
rows of soaking pit, furnaces
will be replaced to increase
7
No,
will
tons
1940'
1941
$1,615,305
356,882
profit on sales—.—rr-i.———.
Gross
$3,631,951
2,612
income
furnace
Co.—Earnings-
Disc Clutch
Twin
in
Misc.
production of 300,000
(145,800 in 1940) no par shares. {Repre¬
shares. {Investments, including investments
in subsidiary corporations, based on market quotations as at Sept. 30,
1941, or, in the absence thereof on their then fair value in the opinion
of the corporation, amounted to $24,068,783 or $14,152,075 less than
cost.
§600
(100 in 1939) shares $6 cumulative preferred stock held
in treasury at cost.—V. 153, p. 565.
.
y, : »
"Represented by 145,200
sented by 2,429,318 no par
Dividends
Net
requirements was announced Oct'. 23 by Carnegie-Illinois Steel Corp.,
a
subsidiary of United States Steel Corp.
While this program con¬
stitutes a part of the substantial expansion of the country's. steel *.
producing'facilities recently recommended by the Office of Production
Management, ,the cost of the new facilities at Gary will be borne by
Carnegie-Illinois Steel Corporation V
•
V
Work will begin immediately on construction'of a new open hearth
furnace,-the rebuilding and enlargement of a blast furnace,-installa- ,
ticn of greater soaking pit capacity, the rebuilding of a 'battery of
coke ovens, and provision of additional ore unloading facilities,
The
new
facilities are to be completed as soon as possible.
"
• <' ;
The ..new open hearth furnace, to be installed at the No. 5 open :
hearth department at Gary,, will provide an increased annual ingot
7,900,000
2,460,000
30, 1943—*
convertible debentures-
5%
30—
Other income
iron
A $15,000,000 expansion program to provide increased steel and
"
expenses
accrued
for
Other
Ry.-^Earnings—
;-V.-
v
,,$93,240
and taxes—$46,918
dividends payable, etc.—
300,879
securities purchased-.—2__.
179,711
securities- loaned against cash—j./
307,700
for
Due
Net
Sept.
End.
Period
,'V'
Liabilities^-1
Interest
years Ended June 30-tt-
$0.15
;
Texas & Pacific
Steel—
.
.
—$42,643,517 $42,589,633
—
—
Reserve
154, p. 696.
—V.
•
Total
22,887
of
share
per
$15,00,000 Expansion Announced for Carnegie-Illinois
■
making capacity at the Gary, Indiana, steel works for national defeilse
$101,924
$30,500
$34,249
profits
Earns,
{250,000)- 39 055 058
{37,970,858 j °,,'<soo'upo
162,423
•
29,187
95,939
122;297
Int. and diyidends receivables, ete._^_->.-rT.-^^
285,929
>
268,307
Special deposit for interest & dividends—
.
mil) at Pjttsburg, Calif., is
• '•
. ; .„•»
has executed the lease agreement.
••
,
to
taxes—
income
—
plate
$36,000,000
a
under consideration.- . .v .
'. The
pefepse Plant corp.
Goyt.
S.
U.
in
another agreement with Columbia
Mr. Jones said,
of
construction
for
.
.
$110,046
$47,963
13,714
taxes___
inc.
1941—9 Mos.—1940
1941—3 Mos.—1940
1940
$2;914,784
$3,878,369
securities—
Invest,
in
other securities
Receivable for securities sold—
Bank
holders of this company's first mortgage
its petition proposing reorgani¬
protective committee for
A
bonds has filed with
1941
<
banks-
in
Invest,
Due
RR.—To Reorganize—
Tampa Northern
•;
Cash
At the same time,
Balance Sheet Sept- 30
-
Symington-Gould Corp.—To Make Tank
Saturday, October 25, 1941
FINANCIAL CHRONICLE
THE COMMERCIAL ft
758
i
{,
j
r
i
759
.Weinberger Drug Stores,
$1,#32,327
•'''
value
asset
12 months
$l,630.t>42
$1,685,358
,
.
394,880
1,501,737 •
Nine
for
Months
Ended
Sept,
$145,843
income
;
14,768
r—
,
11,802
t
.
$49,543
•'
'Gross v
Provision.
Interest
■
|or contingencies**.:
*™*__**1**.IL**~^
Loss
'
disposal
on
of
(het)
capital assets
'1,232
.-(net)'
Sundry
;
deductions „*:..,_*_**
Prov, for current year Fed.
Adjustment
for
prior
2,957
71,200
***
taxes-i
Federal
year
12,000.
12,000
.
•: •;
taxes
'.Net profit.
Dividends paid
'•'••''Note
capital
on
capital
4p,000
Consolidated Balance Sheet June
1941
30,
.
tax
taxes™**-,*™*.
Balance
'.
'Assets—
'Liabilities-—Note payable—to bank, payments maturing prior to June
30; 1042, $55,000; accounts pay; $296,441; acer. liabilities $48,297; Fed¬
eral taxes? on. 4 income -(estimated)
$71,200*; longt term- debt' $145,000;
,'*-/'•■.
Sept,
pref.
30
American
1940
Deposits with State of -Wisconsin***
Investments .'jii*™*.:™**-:**:.*l_
Due: on
American
8,243
American
Paper
American
1,055,482
American
Stores
2,148
American
1,211,958
:™*__;
subsidiaries^™***™™**™*™***
.
849
Total
■.*'.
1,088
11-
8
11-
1
10-22
11-
I
10-24
20c
12-1
11-14*
-$i
11-
10-22
40C
11-15
11- 5
25c
•
11-28
11-
11-
10-28
1
1
Co.—
preferred
t$l'/4
•
*
1
11-3
25c
12-1
$1
12-15
12-
I
148c
11-15
11-
1
t56c
11-15
37 too
12-20
U- 1
12- 5
Armstrong Cork Co., common (interim)*—
4% convertible preferred (quar.)—-■*—
Associated Tel. & Tel. Co;, $6' 1st preferred
$1,182,002
$1,271,493
12-, jl';
25c
—
& smelting
prior
convertible
$5
.
665-
651
11-15
•
50c
Company
Lead
Zinc
11-16
12-5
$1% *
Products
(monthly)*—i—
Products Co.***
—(N. Y.) (quar.)
Home
10-10
12- 5
t$2
Re-Insurance
*
Furnitureand.- equipment-;.————-.*;*^—Prepaid'- expenses'™__-l:.™™_™-.**_™"™^_;-
-
general -contingencies $48,000; capital stock (90,000 shs. no
par.).: stated- capital-$639,670; capital surplus $135,815; earned surplus
$582,096; total $2,021,519.^-v, "151,1 p:< 2812; •
: -' *
*
.;
\ ;;;
stock
10,202
-
10-10
$$2
American Book Co;**—.*—
$100,208
8,494
3,966
Investment—
on
10^31
5c
(quar.i***-^-.—.
Line*.—-
Barge
$>/
7
11-
15c
payable in U. S. funds
(quar.)
20,836
of secur, through brokers
Accrued dividends and interest
.
Aluminium, Ltd., common (quar.)—*—,—
Common
(extra)
•_*_;.*
—'
$30,477
1941
'"
.
Holders
Pay'ble
Pay'ble
Share
Share
(speoial)***—,*
Express
All-Penn Oil & Gas Co.
6%
•;
; :
Adams
1,500
Company
$28,705
dtt-sale
■ACcts: rec. due
for
reserve
"*2,154
$35,328
Sheet
.
When
'When
per
of
Name
2,100j (
..
.
*
y
1,000)
>v.'
income\taxes*_.T——...
-y
trade accounts
receivable $30,692; 'tax stamps (state) $19,648; inventories $1,198,224;
'other assets- $57,541; fixediasseta (less reserves.for: depreciation and.>
-amortization of ; $368,852),. $392,677;, patents- and trade-marks,
$1;
-deferred charges $43,223;-total $2,021,519; .
;
,
"r .j
clared.
900
.
1,144
if:™™i™^-i~,*^*™*.--™
Net. income
(Assets-r-rCash On .hand and demand deposits $279,413;
.
;
-
stock
Wisconsin, state
.
1,884
The dividends announced this week are:
tacome
rV: Av
Corporation and
Department" in the week when de¬
Investment News
$26,015
3,208
;
___*
_
Federal
"amortisation included-. in 1941
•provisioii' for depreciation, and
~t $70,842. (1940, $64,325).
loans-**-
.settlement
Federal
60,000
87,500
stock. „■
$43,707
bank
on
$101,863
$127,430
$160,476
*.**
—
.
announced, but
paid. Further details and record
der the company name in our "General
4,605
y
second table in
a
dividend payments in many cases are given un¬
of past
$21,410
10,962
.45
i>.
follow with
we
show the dividends previously
we
which have not yet been
interest
Expensesvin connection with State income tax
.
-
(average cost basis)
Profit
Cr21ft
,.Di3,489
.0*653
,17,143
expenses——
$32,699
Interest
Other-
*•_•
and- administrative
Otherincome.,.--_~;**-i*-**_****~---*--. **!...!.
7,147
19,300.
,
■
income
——__*_*__—.
1,289'
34,920
'
>_*
Net profit,on sale nf secur.
"
2,074
'
_
'.profit
11,391
"'••••'^;%3'
•
General
.
,/IF.i! 4,067
5,019.
income
Then
current week.
which
Total'
In the
bring together all the dividends announced the
we
$38,553
16,844
first
12,000
„
10,167
3,058
%%;• 1,946
expense'
Life insurance expense
$156,8411
$195,423
$252,216
ihcpme-Vi.ur-1'i-L^i^f^
on marketable securities__.__.
;***—
security income.t^—.—i.—
Other
grouped in two separate tables.
are
1940
$29,620
8,737
196
10,998.
,
.'
'
Dividends
$38,768
9,780
995
—•
Interest
$237,447
Operating profit
Other
DIVIDENDS
30
1941
marketable securities-,—.,*—-
Dividends on
1,484,799-
$183,621
v
in the
general decline in the stock market averages,
a
and administrative
expenses-5'
9%%
appreciation of approximately
an
Earnings
.
^
shows
compared to
1939
1940
11941
;Gross
profit
Belling, general
the
Inc.!(& ,Siibs.)-r~Earruiigs—
Years Ended June 30—
_
Liabllitiesr—
•
'•
Years Ended
Operating
-^^—----'-iL.***—_*_;*.*
revenues
.461,086
33,811
82,158
bank
Dividends
31,886
Prov.
to
29,290
50,000
-
1,248
352
'
Net
earnings.,'**,*—:
Other
.
180,908
r
preferred.—*,.
10-31
10-22
(quar.)***—*.—*—
7 Vac
11-20
11-3
1
10-31
& Sons, 7%
(Jos.)
Petroleum Co,
Bandini
(quar.)*.***'
Bank of Montreal
23,003
income
50c
11-
1
10-24
11-
1
10-31
Co.**—.—**„****__>*—**—
15c
12-
8
U-I4
Belgian National Railways Company—
Amer. dep. rets, for partic. pref. (interim)
Biddeford & Saco Water Co, (quar.)
Black Rock Bank
& Trust Co.
(Bridge¬
$3.12
$1
11-19
10-29
10-20
10-10
40c
11-15
10-31
10-21
10-21
Commercial
Bankers
Trust
410.059
tUnreaiized
$500,096
interest
Amortization of debt
debt
_*_*v—*.^****"*_
259,753
(net),
long-term
on
Miscellaneous
etc.****—_
13,668
44,600
prem.
and exp.
Weymouth
income '/*:*—$234,981
y $198,691
69,000
69,000
Second preference stock dividends**—™*..—50,000? .100,000
Note—Federal income taxes do not include any provision for possible
excess profits tax payable 1941.
.
Net
Preferred
dividends'
r.***^*
.
cents
on
in
1939.—V.
have
cents
Below will be found
and
preferred
called
,
Date
29
1
&
Co.
Associated
20-year
of
7%
Del.
Laundries
bonds
of
;
stock
preferred
Illinois,
the
v
bonds
!
7s
Electric
of Pittsburgh
Lund
L. H.
Manufacturing
&
Devoe
&
.
1st mtge.
1
7%
pref.
1
Gre$t 3South: Bay Water Co, 5%
Holly
Sugar
5%
preferred
Go.
5% 'notes,
stock*;
1st mtge. bonds
due
Luzerne
1
Oct,
on
1944
County Gas & Electric Co. 20-year bonds—*_Nov
1
Casualty
Co.
bonds
guaranteed
-—Dec
L, w.
—V.
by the board of directors, effective Nov. 1.
He will succeed
Lyons who will retire after 38 years of service with the company.
154,
p.
Nebraska
New
*
from
3
Months Ended Sept.
Total income
tDeductions **__™*_*_**__**_**-,_
Frovisioh, for depreciation****—*_
.
1939
$293,562
$111,631
54,445
71,548
$835,753
116,641
136,549
$365,109
76,132
10-year 6%
.7%
Net
—'—*
5,799
5,940
10,117
9,326
13,990
7,000
10,117
13,990
4%
notes, due 1945
.
bonds, Am. Wire /Fabr. Corp.
inc.
♦After
bef.
1955—
First
prov
for inc. taxes
for
selling,
$556,305
administrative
allowed on prepaid accounts, discounts
an4 franchise ,taxes, etc.—V. 154, p. 697.
flnterest
allowed,
Sept. 30, 1941, the net asset value of our stock was $2.10 per
compared with $2.05. per; share a year ago.
Giving effect to
As of
share
total distributions
of 15 cents per share dividends paid in the period,
10-30
11-15
10-31
20c
11-29
11-15
$lVa
11-15
10-31
11-
10-31
1
1,'42
1
1
1
1
Nov
1
435
1
10-11
$1
Life
5s—_*—^——"***———Nov
1
***^:
'■
•
bonds
******—Nov
Republic Steel Corp. 4 V2 % bonds, due 1956**—
1st mtge. 5%
*
of Oklahoma
_*_Nov
6%
1
437
1st mtge. bonds
Nov
6% bonds, due 1945-_*->
Telephone Service Co.-of Ohio 5 %
1
11-15
10-31
12-16
12- 6
11-15
11-
8
75c
11-21
11-
6
$1%
10-20
Sulphur Co.
(quar.)
$6,50 pref.
;**,
********
7% preferred (quar.)
(quar,)——*
6%
bonds
♦Announcements this week; xV. 152;
tV. 153.
(irpegj*—_*%*i^**':
on
or
before
__*_Dec
Nov.
delivered to the company
1
12-
1
li-14
$5
11-21
11- n
11-12
11-14
12-1
10-10
$lVa
t$lVa
12-
1
10-10
10-31
10-29
75c
11-
1
10-25
50c
12-
1
11-
45C
11-
1
10-28
$3 Va
11-15
10-31
$lVa
11-
8
1
10-17
87VaC
Dec.
11-14
12-1
11-14
30c
11-20
10-31
$1%
12-
1
$1%
12-
1
Jl-14
11-20
25c
11-15
11-
50c
12-19
11-21
t$lJ/i
25c
1
1
11+
1
11-14
$lVt
1
11-14
»8
10-31
t$7
11-10
t75c
12-
11-
10-31
1
10-29
+2c
11- 5
10-24
5c
10-20
10-15
40c
10-31
10-24
$1 Va
12-31
12-12
-r> $1
11-29
22
for
*
_
1
12-
$2
11-22
t30c
12-
1
11-
$1 Va
12-
1
11-3
11-15
11- 5
International
5%
Rys.
preferred
James
Kayser
bonds**.;**—pec
1***.
shall
12-
75c
50c
—
exchange into common stock
Brothers Packing Co., 6% preferred**
548
Washington Railway & Electric Co. 4%
which
-10-15
37 Vic
(puar.)
Carpet
have been
439
1
Dec
12-17
Hunt
*
_Nov
—
*—
10-15
12-27
Ingersoll-Rand Co.
bonds, due 1953—Nov
—
10-25
5c
stock
1, '42 547
1
9-30
$3
50c
t50c
-
Jan
10-31
43 Vic
Honolulu Rapid Transit
*
10-30
11-15
10-14
(quar. I—*_**—
Hooker Electrochemical Co.,-6% pref. (quar.)
Extra dividend on all the 6%
preferred
bonds, due
*
:
1
10-31
11-15
30c
!_**
10-16
11-15
$3
;*:
*
10-24
t5c
Sugar Co. (litBiidflrtkigj**.
Hawley Pulp & Paper, Vf-ixTprei
Hearn Dept. Stores, 6% preferred
******
Hedley Mascot Gold Mines, Ltd. (quar.)__**
Henrick Ranch Royalties
X3365
*_*___Nov 21
6V?%
Corp.
Corp.
(irreg.)
11- 5
4V2C
(quar,)—
10-16
11-20
37 Vac
(year end)**—
Insurance Co.—
10-20
75c
(irreg. 1*—
America
Ry. Co., preferred***
& Worsted Spinning MillsHale Brothers Stores, Inc
Hamilton Watch Co., 6/4 preferred (quar.)
X3355
consolidated
Machinery
10-31
10-15
10-31
Great Northern
x3355
Ice
11-10
12-1
5c
Drug Company, common——_*»U.*
preferred (quar.)
Guelph
*3355
1
11-20
25%
Hawaiian
——Nov
1
33 Vac
Bridge Co. (resumed)
* j,—_*
General Cigar Co., 7% preferred (quar.)****
Globe-Democrat Publishing, 7% pref. (quar.)
Great Lakes Dredge & Dock Co. (quar.)****
56
.11-20
12-1
div.)
(stock
Gandy
246
t*
12-
(stk. div.)
Rendering Co.
of
>* *
'■
10+31
& 25c tr
62 Vac
(quar.)*—**_*—
(Detroit)
Inc.
American
Florida Power Corp.,
435
1
Saint Paul Union Depot Co.
♦York
Bank
_**—_
Freeport
x3032
11-20
.-■11« 7
v
(quar.)
^
Fidelity-Phila. Trust Co. (quar.)—*__*___***
Fireboard Products, 6% prior pref. (quar.)
'*.
1
11-25
li $.603
(quar.)—r*.*^**^—
Fall River Gas Works
545
__Nov
™—^
"A"
Fairbanks Morse & Co
544
/
12-
50c
Lobster,
Corp.
10-21
11-1
25c
Empire District Electric, 6% preferred—*
Equitable Trust Co, (Wilmington) (quar.),*
*
4s
1945
$1%
-
—
Co
preferred
7
Corp.—
Eastern Shore Pub- Serv.,
$6 preferred
(quar.)
& Western Coal & RR Co.—
Pennsylvania Co. 40-year bonds—*—
due
95VsC
(irreg.)*—
—;
Dictaphone Corp., common (irreg.
8% preferred (quar.)..*—****_—*__
Douglas Aircraft Co. (irreg.)
********
644
'■
1
consolidated
Taggart Corp,
Investment
.
Diamond Match Co.
*
*Nov
Gas Co. 1st mtge. bonds—*
Cement
Serv., $6 pref.
Curtis Manufacturing Co. (Mo.)*.
Delaware Rayon, 7% non-cum. pref.
(Hiram) Walker-Gooderham & Works Ltd. 10-yr. 4Vis
Wisconsin Investment Co.—Quarterly Report—
11-10
75c
Equipment Co., 7% preferred (final)
Inc., common (.quar.)—*—:
l'/i
expenses.!
bad debts.,
10-30
25 c
common
Crown Cork & Seal Co., Ltd,
433
.
————Nov
Southwest Gas Co.
general
11-10
Co.,
Copper
Crown
1101
1
due 1946—Nov
5s————
$125,861 loss$52,66J
and
Nov
mortgage bonds——
American
North
-
Mar
duo 1942____**——__****_*_Nov
1972
deduction
due
bonds, due 1947—Nov
debentures
First
132,167
11,134
—
25c
Store
Extra.
Water Works Co.—
Prior lien
$166,076
55,464
133,070
First
Peoria
Interest on bonds and notes:
•
mtge. bonds,
New York Lake Erie
30
1940
operations—$818,573
17,180
Loan—RFC
bonds,
Nov
Light & Power Co. 1st mtge. 6s
N. Y. & Richmond
Account,
11-20
(quar.)*—
&
Cranberry Corp.
York, Lake Erie & Western Coal & RR Co.
1st
.
(& Subs,)—Earnings—.
1941
income
5%
Co.
New York Shipbuilding Corp. 1st mtge. 5s,
Comparative Income
♦Profit
Mississippi-Power
664.
Wickwire Spencer Steel Co.
Other
Memphis Commercial Appeal Co. 15-year 4 Vas, 1952
this
company
11-20
1
"A"
Covington & Cincinnati Bridge (quar.)
642
1
National Gas & Electric Corp. 5%
20 elected treasurer of
1
12-
(Wilmington, Del.)
655
Nov
Maryland
"■
was
12-
Alcohol,
Continental Cushion Spring Co
Corporate Investors, Ltd., class A (quar.)___*;
Cosmos Imperial Mills (quar.)
431
1
—Nov
1
Nov 19
11-15
tl5c
Consolidated
x2550
1
10-10
1-1
J15c
M.)
Continental
540
Nov
10-20
*********
Container
539
1, '42
1
10-23
15c
(interim)
Commonwealth
539
1
_Dec
Litchfield ,& Madison Ry. Co., 1st mtge. 5s, due 1959
common
1
bonds, due 1949——Nov
bonds, due 1968*
Corp.
Brothers
Kline
Nov
refunding bonds_Nov
1
i$2
Consolidated Amusement Co., Ltd.
355
—Jan
10-23
11-
(interim)——————i*—
Consolidated
51
Nov
x
stock
1
(quar.)
Industrial
b
(A.
5%
537
1
Nov
1st mtge. 6s, due 1958—*
Inc.
East Tennessee Light & Power Co. 6%
Gulf Power Co.
7s
11-
87 Vac
Colonial Stores,
*
Nov
bonds, due 1996
Light & Power Co.
Raynolds Co.,
$1
—
Cooper River Bridge, Inc.
Co.—New
'""'J.'
;8% preferred
Clark
,
Westinghouse
12-1
Chile
50
V
,
Nov
Preferred stock**
Chesapeake.& Ohio Ry. 3V2%
Connecticut
stock, payable Dec. 12 to holders of reoord Nov. 15.
Previously
quarterly dividends of 25 cents per share were distributed—V. 154,
p. 251.
•!.
■'
Treasurer—
10-31
12-15
$6.50 preferred (quar.)*—**
Chicago Yellow Cab (quar.)
425
Central Paper Co. 3%-6%
Westinghouse Air Brake Co.—To Pay $1 Dividend—
on
11-15
11-15
25c
v
(San Fran.)
(quar.)——-—*-***-.—***
Chain
330
mtge.
6 '/2 %
1
1
1st
Inc.
*-__*^*___Jan
1
Co.
Keith Memorial; Theatre Corp.
share
M.) Co., 7% preferred—- t$2.0198
25c
(Jackson) Company*.
(A.
Dividend normally paid on May 15——~
(quar.)——
(irreg.)—
(quar.)
Central Violeta Sugar Co.
(resumed)—
$1 per share less 4.8% Cuban Dividend Tax
693
-Nov
Autocar
10-year 6% convertible debenture gold bonds, maturity extended
to Nov, 1, 1950, at 100 and interest, outstanding $576,500, excl. of
$156,500 reacquired and held in treasury (which are not available for
the sinking fund) and $47,-000 reacquired and cancelled, representing
bonds required to be retired by Nov.
1, 1941, under sinking fund
provisions.—V. 153, 1145.
per
11- 5
12-2
Central Ohio Steel Products
Atchison, Topeka & Santa Fe Ry. 20-year 4!/a% bonds__Dec
(2)
1
1
(quar. )*__**.
"■Extra
Page
Oct
Telephone & Telegraph Co. 20 year bonds_*_Nov
American
Armour
$2,067,500 5V2%, Series A,'due Nov.
1, 1950, at 105 plus interest; (b) $668,000 5%, Series B, due Nov. 1,
1950, at 105 plus interest to Jan. 1, 1942; (c) $1,155,500 5%, Series of
1951, due Nov. 1, 1951, at 101 plus interest (exel of $9,000 reacquired
and held-in treasury),
of
12-
preferred
Cedar Rapids Mfg. & Power
(a)
dividend
11- 6
37 Vac
Canadian
under
Corp.
10-24
1
preferred
Callaway Mills
——*****——*****i«.
Canadian Foreign Investment Corp., Ltd.—
stocks called
Company and Issue—
♦Alleghany
10-31
12-
7%
for redemption, including
sinking fund provisions.
The date
indicates the redemption or last date for making tend¬
ers, and. the page number gives the location in which
the details were given in the "Chronicle." ^
3,
those
11-15
12V4C
Calif. Pacific Title & Trust Co.
list of corporate bonds, notes,
a
11-15
11-25
11-
15c
convertible
Byers
share
per
10-21
11-25
8C
**********'****.—****.********'******■;
Central Vermont Pub.
.
a
25
1
',2C..
$l'/a
(quar.)
common
*,—
ion Calls and Sinking Fund
4>:J
.
declared
10-21
Castle
•
have
of
1
10-21
11-1
Class
company
Directors
dividend
extra
an
11-21
11-
12-15
5%
1939, and one of 63 cents per share was paid
153, p. 568.
declared
1
$1
Extra.
a dividend of 75 cents per share on the common stock,
payable Dec. 15, to holders of record Nov. 22.
The current
declaration brings common dividend payments th*S year to $3 per
share as against $1.25 paid in 1940.—V. 153, p. 709.
rC v;v:V
has filed with the SEC an amendment substantially
altering
the
declaration
or
application,;,-(or both), as previously
amended, regarding which notice of( .filing was given by the -Com¬
mission on Aug. 7, 1941.
/.■•
Company, a subsidiary of Federal Water Service Corp., which is a
registered holding company, proposes to issue and sell to The North¬
western Mutual Life Insurance Co. $3,000,000 first mortgage sinking
fund bonds, -3%% series, due 1966, and $1,400,000 3%% sinking fund
notes, due 1956. ,It is proposed that the bonds will be sold at a price
.of 106.74% of their principal amount plus accrued interest, and that
the notes Will be sold at a price of 102.90% of their principal amount
plus accrued interest.
--v-v :
; ■
The proceeds of the sale of the securities above described will be
applied to the-redemption of the following securities of the applicant:
*
31,
12-
50c
Business Capital Corp., class A (quar.);
Butler Brothers
—_*——*********
addition to
..
mtge. gold bonds
Jan.
25c
12r22
12-22
Pipe Line Co.— *****—*_**,*--*_.
Buell Die & Machine,
both
Western New York Water Co.—Amends Application—
First
paid on April .28,
Directors
,
(1)
share on the com¬
record Oct. 16. Dividend of
to holders of
50c
11-15
Buckeye
(Yoimgstown- Sheet & Tube Co.—Extra Dividend—
cumulative
"
31
25%
(St. Louis), stock div.
Brass*****—***.****^*_
&
12 Vac
.
preferred stock (11,500 no par shares),
$1,114,000; $6 cumulative 2nd preference stock (5,000 no par shares),
$365,000; common (12,000 no par shares), $552,000; long-term debt,
$6,734,983; accounts payable, $47,727; dividends payable, $7,500; cus¬
tomers' deposit apd accrued interest thereon, $119,727; general taxes
accrued, $114,894; Federal income taxes accrued, $90,777; interest on
long term debt accrued, $4,453; miscellaneous accruals, $7,618; cus¬
tomers' advances for construction, etc., $62,549; reserve for deprecia¬
tion, $756,736; contributions in aid of construction, $32,209; capital
surplus,
$1,517,268;
earned
surplus, $576,311;
total, $12,103,751.—
The
payable Oct.
,_***,,_**—**u*—
__*_*;_
Aluminum
Byron
$63,247; materials and supplies, $183,995; prepaid
taxes,
etc., $8,335; commission on preferred capital stock,,
$154,000; debt discount, premium and expense in process of amortiza¬
tion, $507,209; total, $12,103,751.
." /
;
V "
568.,
stock,
(quar.)
Buckeye Steel Casting, common********—**
.6% preferred (quar.)—*****——
■
75 cents was paid on April 30 last;
63 cents paid on Jan. 3l last; 80 cents paid on Oct. 31, 1940; 63 cents
on
July 31. 75 cents on April 30 and 63 cents on Jan. 3.1,
-940;
75 cents paid on Oct. 31. 1939; 63 cents on July 31, 1939; one of 75
revenues,
insurance,
153, p.
80-Cent
Pay
To
63 cents was paid on July 31, last;
plant,
$10,616,002;
investments,
$120,528;
special
deposits, $164,860; cash, $100,569; accounts and notes receivable (less
reserve for uncollectible accounts and notes, $14,857), $185,005; accrued
V.
—-
(quar.)
Boyerstown Burial Casket (quar.)
Buck Hill Falls Co, (quar.)—**,*
.Directors have declared a,dividend of 80 cents per
mon
s
Assets—Utility
Liabilities—$6
Co.
;
Dividend—
..::v;,V"Balance Sheet, September 30, 1941
;
Power
&
Moines)
(Des
Boatmen's Nat'l Bank
Bohn
.
'
utility
paid stockholders for state privi¬
tin value of marketable securities.-—V. 153, p. 1007.
Light
Co.
.
port)
from dividends
45,201
discount,
Oil
Barnsdall
$1,182,002
lege dividend taxes.
Y.)
(N.
Corp.
•
Dr427,703
$1,271,493
♦Excess deductions
>
245,578
10,627
Dr378,616
1
JL
Total
Interest
depreciation
24,164
; ;l
$553,002
Gross income'
.•
12-
25c
Bankers
384,656
$2
*****—*-
(quar.)—
3,966
$475,933
$529,999
—
10-31
10-25
+$8
■.
524.530
568,984
'
1
Bancroft
9,409
surplus
10-31
1
1
$1
EXtra
Wisconsin-; State privilege dividend taxes***
,' - /
, ;
Conunon.' 8tock;;;*__-_*i-*_^-**_*„'___,**__*_*_**'_*,
' : 478.627
Capital surplus
!
I**™*
'
521,747
•
.
49,435
11-
11-
11-
^**.**—**.*^w*****i.*C^^T.'r-^-^'rr-'^"'^— —
Atlantic Macaroni Co., Inc.***-*****^-****..
•
Earned
Genera! taxes
—-i-r-':.''
Federal income' taxes--*._l^*-r*-r-_---*-'-J
;
$5'
$2'/a
5,843
385
'
500
retire
stockholders
1st preferred-*———
**_——*
Astor Financial Corp.* 1st preferred (quar.)
Atlas National Bank (Cine.) (s-a),——
7%
l.?57
loan-.^*—250,000
payable *_*J**;-i**.**_*__*,*_*______
of.pref. capital stock
for
♦Due
103,500
105,700
182,261,
88,024
$15,391
$3,569
payable
94,388
Provisioh'fqrdepreciation__;
,
*
Accounts
448,787
Maintenance.'; ■;' * „■*
7
purchase of investments
Demand
$1,415,4184; $1,321,065
General expenses charged to construction—Gr_
taxes.
Due on
1940
1941
Sept,30—Vv-
Operation
•
Accrued
,:West Virginia Water Service Co.—'Earnings—
v.'.;,
9
251
1
tl291
1
698
/
of
Central
*_^,**_*_.
Manufacturing Co.***—
(Julius)
«Si
._■**_
(G. R.)
Knickerbocker
Co.,
Fund
$5
prior preferred——
(quar.)
t$l Vi
,'*■
25c
9-22
9- 3
25c
**
Ca.-_***_*_
Kellogg & Buckeley Co. (quar.)———*____
Kendall Co., $6 partic. pref." A (quar.)****
Kentucky Utilities, 7% junior pref. (quar.)**
Kinney
1
America-—
12-15
12- 5
50c
11-
1
10-22
12-
1
$1 Va
11-10
87 Vac
11-20
11-
t$l
11-25
11-10
8c
11-29
I
10-31
.
THE COMMERCIAL & FINANCIAL CHRONICLE
760
••
(quar.)-.
7%
—
1
12-19
2-2-42
1-16-42
10-15
10-. 4
12-
•-—
(R. G.), Inc.,
Tourneau
11-28
11-25
11-20
I-2-42
12-30
1
11-10
12-
150c
common
Myers Tobacco,
&
Liggett
.Extra
Common "B"
(quar.)——,—,---,---
1
10-31
10-31
;
$1
$1
12-31
12-10
$2
1-2-42
12-33
t$9
11-
1
1
11-
1
11- 5
Class B
Products
11-10
v6%
11-1
Northwest
•6%
*
75c
30c
12-1
,
6%
11-15
10-31 :
10-24*
20c
ll-i:
10-14
12-
60c
$174
:
50c
1
2-2
1
1 y
11-15
:
15c
,
-
11- 5
11-10
11-
10-28
11-1
12-15
12-
1
15c
11-10
11-
10-24
1
(year end)-,,—
(S. C.)
& Co.,
class A
-
Extra
(irreg.)
1
10*25
:
35c
11-
1
12-20
12-20
12-
Pocahontas
$1.40
10-20
10-13
11-15
11- 5
11-1
10-15
50c
.
11-
4
$1
10- 3
$1
11-
1
12-1
11-12
$174
12-1
11-12
$2
10-31
St." Paul Fire
.'Extra
Scotten
&
Ins.
Co.
$3
Co.
(irregular)
•
Sherbrooke
Trust
Sierra" Pacific
Co.
(Quebec)
Power, common
67c preferred (quar.)
Signode Steel Strapping
10-11
11-15
11-
65c
Security First Nat'l Bahk (Los Ang.) (quar.)
Security Insurance Co. (New Haven) (quar.)
Security Trust Co. (Rochester, N. Y.) (quar.)
Serve!; Inc. U—
10-11
10-17
11-
10-22
35c
6 >
.
(quar,)—__
(quar.)
11-
11-12
11-
40c
$172
—
11-1
11-
1
62 Vic
•-$2.50
preferred
(quar.)—,—.
Sioux City Gas & Electric (quar.
•7%. preferred (quar.)
Sixth Avenue & 55th Street Corp. (irreg.),^
Skelly Oil Company (irreg.),
Soundview Pulp Co., common (quar.)______
25c
Export (irreg.)__.________
Co.(Phila.i (qu.)
Trane & Company, common—
11-
1
11- 5
35c
$17a
25c
x
;
(s-at
10-28
r
Extra
77c
12-
2
^
50c
T-"l
11-
25c
12-
1
12-16 h
11-15
Insurance
11-15
11-5
10-27
12-
1
11-14
Canadian
12-
1
11-14
10c
Co.
10-15
10-
30c
(quar.)—__
11-
1
10-21
pref.
11-
8
v
'
Canadian
Corp.,
class
Ltd.,
A
-
____
Investment
1
10-21
11-15
10-31
11-15
Canadian
10-31
10-16
Canadian Oil
12-27
12-15
$1
12-27
12-15
Canadian
1-1-42
12-15
$1%
______
Investors
Corp..
12-31
12-15
$1
12-31
,12-15
12-1
U-15
12-
11-14
12-
11-14
11-
10-15
12-
11-
12-1
12-
1
•
11-
1
v
shs.
Cos, Ltd.
(quar.)
——
Tube
6c
Products
Steel
10-31
Carey
10-21
10-29
10-18
6c
10-29
10-18
(year-end)
75c
12-15
11-22
12-15
50c
10-30
$1%
1-1-42
12-13
-—
(quar.)
preferred (quar.) —il—
prior preferred (quar.)—_l-——
Central Arizona Light
& Power Co.,
$7
preferred
$6
preferred
(quar.)
(quar.)_—
——
_____
pref.
1
10-15
11-
1
•'
Decca
Records,
Common
U-15
11-
12-15
10-31
10-15
10-31
10-15.>
11-
1
10-10
11-20
10-31
•; 50c
11-25
U-15
U-15
11-
12-22
10-25
11-1
11- 1
1
(quad.)
1
-10-117
1
10-15
1
10-17
11-15
10-31
7V4c
:»,
Co., ^8%
(s.-a.)
Diamond
Shoe
Cirp.
10-17.
•x
11-19
,
10-20
1
11-
2
$1%
12-
11-24
10-13
5V4%"
Dow
•
,.
'
-
Tar
&
Chemical
Co.,
Co.,
$5
C.
$1%
$172
35c
,
12-31
1-1-42
10-20
11- 1
9-20
12
10-15
11- 1
10c
11-
1
10-31
10-27
10-27
1
11-
25c
>
,
10-27
10-17
1
10-20
$30c
10-31
10-16
$10c
10-31
10-16
11-
10-14
$$2 7a
>
;
$$1%
'—
11-
10-15
75c
11-15
11-
1
11-15
11-
1
15c
11- 1
10-21
t$174
$1-10
10-15
.
$l7a..'
(quar,)
11-
1
10-
$174
Co., $6 pref.
11-
1
10-6
10-27
10-17
11-
15c
^
1
9-30
10-20
10-20
9-30
.
..
____
——___
6%
6
6%
Co.
conv.
(The),
(quar.)
-
9-30
10-20
11-19
11-
10-25
25c
10-31
$1.14
M
$1
t75c
;
50C
50c
$1%
$17.
12-
1
1
11-1
10-17
.
11-14
10-15*
11-15
12-
1
11-
1
10-20
12-18
12-15
11-1
10-20
$17a
11-
1
10-20
$2
11-
1
10-15
35c
-
com.
preferred
Federal Grain, Ltd., 67a% pref. (accum.)—
Federated Dept. Stores. Inc., com. (quar.)—
9-30
1
12-1
40c
6
—
10-15
6
.
Am;
Elmira
10-31
10-is
& Musical Industries, Ltd.-*1 x
dep. rts. for ord. reg.___——__—
6c Williamsport R. R. Co. (s-a)
Empire Bay State Telegraph Co.—
*
1
4% , guaranteed
(quar.)_
Employers Casualty Co. (Dallas) (quar,) __
.Employers Group Associates
(quar.)_——
Equity Corp., $3 convertible preferred—
Eureka Pipe Line Co.
—
Faber, Coe & Gregg, Inc., common (quar.)
7%
preferred
(quar.)
Fansteel Metallurgical Corp. $5 pref. (quar.)
Electric
>
10-15
1
$1V4
com.
(quar.)
10-31
10-10
10-21
15c
$1.0674
10-31
10-15
Feltman & Curme Shoe Stores,
$7 preferred
t$37a
11-15
Fidelity & Deposit Co. of Maryland (quar.)
Fidelity Fund,
Inc.
(quar.)_.
—_—.—
$1
10-31
10-16
15c
10-30
10-20
1
10-16
,
10-25
10-18
10-15
47<%
11-1
11-
1
conv.
pref.
(quar.)—
Fiduciary
Corporation
Field (Marshall) & Co.
10-25
Fifth-Third Union
11-15
Fire
$37a
12-31
10-31
*
5-42
8-15-42 8 -5-42
$174 ' ,11-
(initial)—————
preferred
11-
H-
11-5
-
50C 5-15-42 5 -5-42
50c
*
10-31
$lVi ; 11-1
11-15
50C 2-16-42 2
Ltd.—
(quar.)
——
$1
(quar.)_
5
Association
Trust Co.
of
(Cin.) (quar.)_
(s-a)—l—
Phila.
Firemen's
First Nat. Tr. 6c Savs. Bk.
10-23
5%
preferred
Fltzsimmons
12-16
7%
10-17
10-17,
Ins.
•
Co.
(Newark,
(quar,)
Stores,
N.
J.)
(s-a)„
(San Diego)
(qu.)
1-2-42
12-26
11-15
10-17
10-15
11-15
10-17
20c
11-15
10-20
25C
11-
10-20
1
—
31740
11-1
10-20
_
—_____——
Ltd.—
(quar.) —
Florsheim Shoe Co.; class A,
Class B, * extra
a.__:
10-31
$1
$1
50c
—
12-18
10-23,
11-
20c
(quar.)—
^
1
10-15
50C '
>
7
—___'__
Chemical
preferred
Fairbanks
•
12-20
10-31
50c
5%
T.
10-15
12-
•
1
IOC
.
Electric Household Utilities Corp.-—
12-15
10-31
1-1-42
■9*15
'-uor.t
Electric Bond & Share
11- i
$37Vic
25c
11-
1-5-42
$3
preferred- (quar,)
*
:
Duquesne Brewing Co. of Pittsburgh———
Eastern Sugar Associates, $5
preferred V. r
U-15
10-31
1
12-23
11-20
»
•
,
U-15
11-15
I1- t
$ 12^c
12-23
12-* I
30c
———
Dominion
10-15
11- 1
11-15
11-15
10*20
11-20
;
$1%
h
*
-
10-15
11- 1
10-21
11-
(quar.)
Extra
■■Extra
9-20
11-7
1
10-31
11- 1
10-31
*
11- 1
11-1
$$1 Vi
10-11
75c
conv.
11-21
11- 1
10-31
•
10-17
10*14
preferred (quar.) i
Distillers Corp.,-Seagrams, Ltd., 5% pfd. (qu i ;
Domestic Finance Corp.—
>
; xCommon
(quar.)_i___
_______________
•
12-1
10-30
t$1.20
$$lVi
10-17
1
——
45c
11- 1
11-1
11- 1
10-31
1
;
11-
5%-
$174
t3c
$$2
$37720
$$174
$50c
1
11-
1
11-
10-14
Dominion Oilcloth & Linoleum Co., Ltd. (qu.)
627ac
10-17 ;
10-30
11-
10-28
;
■
10-21
1
12-20
V*.. $2
•
%i,
preferred (quar.)
preferred (quar.)—.—^
5%- preferred (quar,)——
: 5%
preferred (quar.)
—
—_
Devoe & Raynolds Co., Inc., 7% pref. (final)
7,; 3%
10-24
$174
$17*
35c
683/4c
12-1
1
10-28
(quar.)
11-1
11-
10-20 !
12-15
15c
_______________
11- l
$1
7
11-22
1-2-40 7
$174'
^
Common
x
1941
$1V4
11-
12-13
12-, 1 7-;
11-1
-
2V4%?
1
10-21
2c
75c
(quar.)
Detroit HlTlsdale & Southwestern RR
Detroit Michigan Stove Co.
•
10-15
11-1
•
10-11
U-
$1V4
—_—
10-20
-
.
12*15
*
11-
37V4C
10-15
1
$1%
10-15
11-
,10C.
* .7% pref. (quar.)
"
Denver^ Union Stockyards Co.,
5Vi% pref; :
•'"> (quar.)
Deposited Insurance Shares, series A (stock-
.
•
•
10-15
,
10-25
11-
'
11-29
79-26
50c
M
•:
(extra
..
10-31
f
10-15*.
60c
(resumed)
(quar. )i*•
(quar.)r__—
Inc.
Mfg.
>■'
10- 9
11-15*
ii-
.
debentures (quarJ•7.;
$6 conv. prior preferred (quar.)____
Dentists' Supply Co. of New
York— 7
Dennison
10-15
$17<
$1%
10- 9
lt;
12-
Stores,
Extra
7%
li¬
■
.
15c
—
U-15
10c
10-20
11-
**2
5%
11*22
...Ill
(s-a)
11-15
I
12*
Inc.'?—" r;*. /xMxr../ ■'■rSw t"
r
''•X
$3
6.%.. class A prior preference---^,
CurtiSs* Wright. "Corp.'.
;• ihv; $1
Dallas Power & Light Co., 7% pref. (quar.)
$1%
xv-i,kg6'' preferred' (quar.)_„i_____;__;____
$1V4
Celanese
7% participating pref.
Celotex Corporation, com.
7:
Inc.,-com.
.^referred
t,
7
U-15
(Ltd.)—
—
(Philip) Mfg. Co. (irreg.)—
Corp. of America—
11*15
8%
Davenport Water Co., 5% pref;
Davidson Bros., Inc. (quar.)
10-20
$12Vic
12-1
-
10-20
11-1
$4c
$4c
Accumulated
11-
1
Foster,
Cunningham Drug
11-15
$10c
ord.
7 12-14
U-15
(quar.)____
Ltd.,
Ltd.
10-23
v 10-31
12-31
Ltd.; (interim)* #> $$1V4« 712- 1
$2 » 12-23
(quar.)-i
Crum &
Culver &-Port Clinton R. R. Co,
—________—._
Fund,
Extra
Special shares
U-15
11-15
Coal Co.,
Pass
10-15
Ltd.
__________
Industries,
12-12
25c
Investment
B
$17a
30o
common...—..
(quarj.l-
Clacs
$l3/4
—_
com.
Canadian
$1
(quar;
Dental Mfg._i
Youngstbwn "Sheet & Tube/
Foreign
(Interim)
80c
''
(quar.)—-
preferred
$1
(quar.LI
Nest
Crow's
<;
t
$l%common
10-10
50c
(quar.)
Canadian Converters Co., Ltd.
5%
50c
;-$!%
$1
c
Canadian Bronze Co., Ltd., com.
10-25
11-25
10-14
11-14
t50c
;
;$174
(s-a)____
A"so.
10-15
1
■
Dominguez Oil Fields Co. (monthly).™
■iitsMUzMi* Bans ot Canada (Toronto) (qu.)
______
l}:[
12-1
'-$1%I
(Toronto)
10-31
50c
Forgings Class A (quar.)___
Canadian Bank of Commerce (Toronto)
50c
:
& Paper, 6%
preferred
Fire
40c
Corp., 672% preferred (quar.)
&
Crampton
(stock
dividend)—
1/20 of a share of 75c cum, conv. pref.
($8 par) for each share common held
5/2%
Camden
_______
$1
Insurance
1-1-42
/
.
(quar.)
11-
/•r,r;-'4d
-
Mills
preferred
;
>i:
$$1Vi
convertible
10-10
11-15
-
1
40c
37a%
(qu.)
(quar.)
Whiting
on
(Los Angeles), 5% pfd.
5% preferred (quar.)
H-
$4c
Corn Exch. Bank & Tr. Co. (reduced! (quar.)
Cresson Cons. Gold Mining 6c
Milling Co.
Di-Noc Mfg. Co., 6%
____——
11-1
Winters
>
(initial)
15c
preferred
Extra
Co.
45c
:
7%.-4>referred (quar.)
^Cooper-Bessemer Corp.,
class
______________
40c
,
!'
.
-
68% c
Canada Fdv. &
1
12-
Corp., common
______
12- 1
preferred (quar.) ______
12-1
Machine (irreg.)
25c
12- 5
Cable & Wireless (Holding), Ltd.-—
/; ■
Amer. dep. rec. 57a%
preference (s-a)___
2%%
11-21
Calgary Power Co., Ltd., 6% pfd. (quar.)__
1$172
11- 1
California Elec. Power Co., $3 pfd. (initial)
75c
11-1
California Packing Corp., com. (increased)3772C
11-15
5%
Co.—
<
.
1
10-21
175c
•
WfestinghoUse Air Brake (irreg.),-—
Weymouth Light & Power (irreg.)—
Whitaker Paper Co. (quar.)..;
^j...
White-MS. S.)
1
(quar.)
10-15
——
672 % -preferred (quar.)_________-__—
Gonsolidated Div. Stand, Secur. Ltd.*-*-
,
11-22
1
B-ros.
$2.75
a77a7r
—
Pufp
11-
12-
10-25
Burroughs Adding
10-24
11-15
Forge
Burlington
•
11- 3
1
12-20
10c
„West Va.
11-20
11-
10-15 >
16c
Niag. 60 East. Pr. Corp. $5 pf. (quar.)
Fund, Ltd. (irreg.)
___________
Bunte
11-5
12- ;1
2nd preferred
6%
Bullock's, Ino.
10-27
12-1
$1.60
11-1
11-1
'
$1
Bullock
10-20
$2
"X-
British
Buff.
11-10
20c
'•(WiHston Salem, N. C.) (quar.)_,^
Brewery, Ltd. (interim)
Warner & Swasey Company,^.;
—
Warren Foundry & Pipe (quar.)—
Fire
1
10-1
10-20X
50c
Inc.,
11-15
12-15
preferred (s-a)—
—- $37V4C
-11- I
prefv:> <quar)s
$iy4.
11- 1
Consolidated Laundries Corp. $7.50 pf. (qu.) ; $1%
11-15
Consolidated Oil Corp. (quar.)'
1-2-42
Continental Tel. Co., 7% partie. pref, (quar;)
$1%
;.$1%' 1-2-42
6V4% preferred"-(quar.)
<.)' x-i-i,
11- 1
;_Coon (W; B.) Co. (quar.)__.:i^i^_i.-i_-J___ M ji 15c
10-20
$1
Ltd., 1% 1st prefer, (s-a)
Columbia
Telephone Co., 6%
1st
Buffalo
11-25
12-
Stores,
10-20
,42,50 Jiotn-cum.
10-20"
75c
Brooklyn Telegraph
Messenger Co. (quar.)
Broulan Porcupine Mines, Ltd; (quar.)_____
11-15*
10c
•
Walkerville
Westchester
1
75c
Ltd., 6% A pref.
Universal Insurance Co. (quar.)_,
Wayne Screw & Bolt
12-15
$172
Corp.,
,u—
12-
t$l
—
United Molasses Co., Ltd. (interim)_____
United States Playing Card (quar.).;:—'
Extra
10-18
1
IOC
preferred (quar.)—
,v«
Tyler Fixture Go. (irreg.)———;
United Carbon CO.
.
10- 7
11-
25C
1st
Trust
10-15
95c
/
Tradesmen's Nat'l Bk. & Tr.
6c
11-15
15c
____
Bank
11-29
Book
10-20
11-15
Consol. Edison Do, of N. Y,' $5'
10-28
$62 Vic
pref (quar.)__________
Light
6c
Power
Co.,
U-15
$174
68%c
"■
'
11-15
75c
(quar.i
Extra
Wachovia
11-25
I
10- 6 T
25c
Broadway Department Stores,
Inc.,
com.
(irreg.)
______
5%
preferred (quar.)
Bronxille Trust Co. (N. Y.)
(quar.)
11-15
11-25
$172
Corp., $7 preferred—————
Third Nat'l Bank (Nashville, Tenn.)
(quar.)
United- Steel
11-14
50c
(Conn.)
Texas Power
'6r!e
12-18
50c
_____
Products
10-31 V,
10-20
$172
^
(quar.
(Scrantoni (quar.)
(quar.)—
Sterling Products, Inc. (quar.),,——^
Sun.Oil Company (quar.)—,
1
Texas Pacific Coal & Oil (quar.)
Tobacco
10-31
11-10
r
10-24
$1%
x
10-20
$iy4
,
••
10- 6
40c
(quar.)
British Celanese,
11-1
^
"
10-31
11- 1
$1%
:
11-14
11-15
.
12 Vic.
A
4
$1
South Side Bank & Tr. Co.
Tide Water Associated Oil
11-10
11-
$13A
South
Stamford Trust Co.
11-10
10-18
11-14
$174
,
11-28
•31V4:
(qu;) J '
Connecticut Lt. &r Pwr. Co., 5V4
$1%
pref. (qu.)
Connecticut River Power Co., 5% pfd; (qu.)
$1V4
Consolidated Chemical Industries, Inc.-—
' "
v 37V4c
$1.50' partifc. preferred class A (quar.)
75c
ClaSS B.
$l%Consolidated Cigar Corp., 7% • pfd. (quar.)
'
(quar.)....
■
,
$1
(resumed)
Brentano's
$1 Vi
,
•6% preferred (quar.)
Bend Lathe Works
Ltd.
11* 4
Co.
Confederation Life. Assoc.
-
$40c
Inc., $2.75
Brazilian
Traction,
10-28
11-10
10*21
$1%
x
250
$114
:
6Vi% preferred "C" (quar.) —
Community Public Service Co
Concord Gas Co. 7% pref. _.___
>
Inc.—
___________
—
»
:
10-15
10-29
11-14
x:
International x Corp., ■ Ltd,
-(quar.)"■.._ "
Commonwealth Investment Co. (Del.) (quar.)
10-15
11-14
12- 9
-
1
11-
$1.63
Commonwealth Utilities Corp.-—,
10-21
+*'*-> Im
' '
_—
t25c
$$l7a"
"(quar.)
(quar.)—
(quar.i
Bourjois,
10-22
25c
Co.
series
(quar.)
12-31
11-28
$3
(quar;)———(quar.)_
—
$25c
Boston Woven Hose «& Rubber Co—
10-22
11- 4
Edison
12-16
Commonwealth
■
j.0- 6.;
11-1
11- t
11-1
>**
mm.
Electric Corp.
Commonwealth Edison
_
10-15
10-24
-*
5%
/preferred
in-^O,
627ac
Fund, Inc.
10-21
1-15-42
(quar.)—
preference (quar.) __________________
Columbia Pictures, $2.75 conv. pref. (quar.)
Columbus 61 Southern Ohio Elec. Co., 6V4%
:
class A
(quar.)
Boston
10-23
11- 1
25c
series A
$$2.V4
preferred
B
10-23
10-31
$174.
37 Vic
25C
w —
preferred,
Cuneo Press,-
—
com.
11-23
12-13
10-31
-
$1.0674
Co. of America
11- 1
u'.'i.
Corp.......—
Spinning Associate!,
12-15
1-1-42
25c
5%
-
Assoc.—
1st preferred
10t22
25c
Iron
&
30C"
(quar.)_
Paper Co., Ltd.,
10-29
50C
(quar.v__——__y_■ ■
60c
Ltd. 6%
Fine
8%
11-1
50c
Co.
10-21
$l7a
(quar.)—
Ins,
Fuel
Special
»•
:
10-15
11- 1'
11- I
6c
______—
Avation
Life
Columbia Gas 6c
5
11-10
6c
Co.__
6c
Boston
,
10-15
5%
dividend)—
(stock
v
6c
Wilcox
BrosI
Class
10-29
12-
:
(qu.)
(qu.)
«——
Power
k
A
10-15
non-cum.
(quar.) —
.....—____
Best & Company, Inc.___.__.___i..
Birdsboro Steel Fdy. & Mach. (irreg.)..
Birtman Electric Co., common (quar.)!
$7 preferred (quar.)
^
Biauner's (Philfl.), $3 preferred (quar.)__—
Bliss (E. W.) Co. (resumed)
Blue Ribbon Corp., 5%
preferred (quar.)__
Bon Ami Co., class A (quar.)
10-17
11-
$3
.
25c
$172
;
'
10-20
10-17
40c
;
—__
10-31
$2
(quar.)
7%
-
r
"■
(quar.)—
$5 preferred
(quar.)
Berland Shoe Stores, Inc.,
11-12
$2
Marine
—
Dillon
1
Co., 5%
$7 preferred
10-20
12-
10-15
$17»
$37a
$68%c
$17«
* '
$2
w $1%
—
.
Berkshire
.
_
11-1
10-31
11- 1
11-1
10-28
(s-a)
Bank of Toronto, capital (quar.)
Bendix
10-27
$17a
$1 Vz
10-17
.
:
(Capital) (quar.»
$2 conv. preferred
Beatty
11-28
11-6
11- 1
11- 1
11- 1
'
30c
i $l,/t
50c '
A
com.
(quar:)
9-23
12-15
Co.,
•
10-20
t$2
10-3
.,v$2Ya
Hydro-Electric
Bathurst
10-25
45C
.
10-31
;.—~————-
&
Bangor
10-10 V
(quar.)__
Quaker State Oil & Refining Corp..
—,,
Real Silk Hosiery Mills. 7% preferred
Rochester Gas & Electric Corp.—
6% preferred C (quar.)
.'6% preferred D (quar.)
z
5% preferred E (quar;),
____
St Louis Refrig. & Cold Storage Co. (irreg.)
.6.%. participating i preferred
(s-a)
___
Babcock
10*28
$l3/4
(N. J.)
11- 7
$13A
"
com.—.
_______——-
Bank of America Nat. Trust & Sav.
1 r
127aC
Fuel
Princeton Water Co.
<
37 Vic
;
—
10-24
50c
11-15
11-28
com
Mills—/
Irregular
Irregular
12-1
16c
:
10-20
14c
.
———
Acceptance Corp., class A (quar,).
(St. Louis)
(quar.)
Plymouth Rubber Co,, 7% pref. (quar.)
Pheumatic Scale Corp., Ltd. (irreg.)_____
,
10*25
11-
Phoenix
Bank
11-15
5
11-25 :
1
11-1
10c
"■/
———
Petrblite Corporation
12-20
12-
y.v
25c
5
Preferred
(s-a)
Irregular
:
50c
(quar.)—_
preferred (quar.)———
____________
Peerless Casualty Co. (s-at—
Perron Gold Mines, Ltd. (quar.),—,
Avondale
11-25
t$174
—
:
;
10-24
12-20
$17a'
;
preferred (quar.)
preferred-
11- 1
40 c
11-24.:
$4.25 preferred
'
11-i
10c
12- 1
6272C
$1
Atlas Plywood Corp., common
50c
$1.25 preferred (quar.)—32c.
Atlas Powder Company, 5% conv. pfd. (qu.)J
$17a '
Ault
6c
Wiborg - Proprietary;
Ltd., 5 % %
r.t$l% '•
preference
(quar.)
■>
$174
Auto-Ordnance Corp. (initial)
—;
;
1
12-15
12-15
12-
5%
preferred
;
25c
10-15
30c
377aC
$1%
(qu.)
Atlantic Ravon Corp., $2.50 prior pref.
Atlantic Refln. Co. 4% pref, conv. (A
10*25
11-25
2272C
(quar.)
Bottle
Corp.,
Atlantic Coast Line R. R.
i
iris
10-14
25c
(quar.),,
Colorado
11-14
—
*
11-
Viscose
10-17
11-
'
11-14
10-28
T70C
11- 1
"
"r -.
'
ferred (quar;) ...—L—__$172" '12- 1
7%
2nd preferred
t$5%
12- 1
Associated Telep. Co., Ltd. $1.25 pref. (qu.) ^
31 Vic
11- 1
Atchison,. Topeka 6c Santa Fe Ry. Co.
$1
12-1
Atlantic City Eleo. Co., $6 preferred (quar.) -.- $172
"11- 1'
10-24*.
11-
Colonial
11-
preferred (quar.)
City Nat. Bank (N. Y.) (quar.)
Anglo-Canadian Tel. Co., 572% pfd, (quar.)
Appalachian iElec. Pwr. Co., 4.V2% pfd. (qu.)
Appleton Company, common (irreg.)
a.
7%
preferred (quar.)
Asbestos Mfg. Company, $1.40 conv. pref...
Associated Dry Goods Corp., 6%
1st pre-
v
11-1
11-15
10-14*
11-20
11- 1
11- 1
Amsterdam
Ltd.—
(quar.)—
common
x
11-14
5C
Co.,
,
11-15
S2
11-1
$1%
(quar.)
Thermos
American
11-14
5c
American- Stove
American
-
8
•
20c
(quar.) —
preferred
1st
5
—
Corp.
Inc.
Smelting & Refining Co.,
American
7%
50c
t$17a
preferred
11-
(monthly).
—
Light & Traction Co., com.
preferred (quar.)
6%
1
-12- 1
12- 1
12-1
—
,i
(quar.)..
Co.
11-20
1211-
25c
25c 7-15-42 6* 16-42
(Quarterly)' ___"
10-21
11-1
$l
City Nat'l Bk. 6c Tr. Co. (Chicago) -(quar;)
11-10
12- 1
87720
Cleveland & Pittsburgh" RR. CO;, reg. (quar.)
11-10
12- 1
50c
V- Special Guaranteed (quar.)
Cleveland, Cincinnati, Chibago 6c St. Louis
Ry. Co.
10- 8
10-31
5%
preferred (quar.)—„——j.—; .i $174
X $3c
Coast Breweries,
10- 9
11* 1
Ltd. (quar.
11-15
10-21
127aC
Colgate-Palmolive-Peet Co., common
75c
627ac
50c
(quar.)
Hydraulics,
■
/
.
.
12-16
l%c
7
■40c
Plaza
;10-17
11-
11-29'
$1"%
(quar.)
Oxford Paper Co., 5%
Parker
1
1-15-42
$1%
.
v
Amerirmo Safetv Razor C0rp._____-____,___
11-18
.
Extra
■
Corp.—
Oil
r
r-:
11-25
u-i5
15C
preferred
7%
11-21
Manufacturing. Co. (resumed)
Otis Elevator
12-
12-
$iy4
American Paper Co., 7% preferred (qu.)._.
American Radiator 6c Standard San. Corp.—
10-27
preferred (quar.)
Oswego Falls Corp.
12-15
$13/4 )
American
11-15
12-10
Ohio Oil Company, common
Ontario
11-29
10-10
1
Cotton
10-15
10-25
—
common—iii——
pfd. A (quar.)
preferred (qu.)
(quar.)
Home Products
>
11-10
11- 6
11-
-
7%
American
10-17
$172
6%
Co.,
i
1
25c
———
(irreg.)
preferred
Bancorporation
(Chas. F.)
Noyes
12-
11-
Chickasha
5%
Co.;
Envelope
preferred
$2
11-3
/.•; 40c
:
————
OH /Consolidated
Light Co^_,-i..,_.
Co.
Coiortype
$2.50 preferred
11-25
$l7a.
(s-a)—
Neptune Meter Co., 8% preferred (quar.),,
Newport News Shipbldg. & Dry Dock Co.—
■Common (year end>-__„
$5 convertible preferred (quar.
New York Air .Brake Co
——
American
12-1
12- 5
$1%
preferred
North
$3
10-21y
75c
25c
40c
Canada,
Western
6c
Export Lines,
American"General
10-30
80c
-ii—-i—:—
of
Neon
Power
at holders option, 75c in cash,
And share of class B stock.
American
10-28
15c
.
(s-a)
10-24*.
10-15
1
U-
$1
■
(qu.)
(Mass.)
Chambersburg. Engineering;
Champion Paper & Fibre Co., common—__
67<r' preferred
(quar.)—
Cherry-Burrell Corp., common
57«
preferred (quar.)
Chesapeake-Campe Corp. (quar.)__——
10-15
11-15
American
10-20
8772c
Corp, iquar.)_,^^„.,—,
Corp. (quar.——
National Food-Products A
10-31
or
10-20
30c
10-17
11-
Payable
10-25
11-
1
•
1111-
$1%
pfd.- (quar;)
10-10
11-1;
-
t$27a
$1
Copper Corp
Chain Store Real Estate Trust
,,
50n
American
12-1
30c
10-31
__.__._i
(quar.
Co
American
12-15
12-15
11-15
(quar.)—$1
11* 5
13C
12-15
12-31
Pasco
9-30
11-1
,
de
Cerro
:■
i
11-
17c
pref. (quar.)
$l'/4
non-cum. preL .M.
:
preferred
'of) Reoi*
Pay'ble
^
•; 5c
Co.; 7% pre';-—---- i"$2.91%
Power 6c Light
Holders-
When
Per
'Shatei '<
"■
Corp..___—_ *
Century Ribbon1 Mills, Inc.; 7%
10-11
Can
5
11-
11-15
,12-31
|4c
$3 com. class A opt. div, ser. of 1928(qu,)
11-17
11-15
50c
Narragansett Racing. Assn. (irreg.)
National Bearing Metals Corp., com. (quar.)
'.7.% preferred (quar.)—i,——
,*y
1
50c
(quar.)
National Biscuit Co.,. common_____
7%. preferred. (quar.)——
National Credit Co. (Bait,), class A
12-
$172
50c
$l3/4
10-24
Corp.
American Cities
11-19
/
10-21
.
V
(quar.)
V.
*i?',
Central Ry. Signal Co;, prefvclass A- (quar;)
American
10-21
11-29
11- 1
11- 1
11- 1
8%
1272c
10-15
$1
75c
$174
Co., 3% -6%.
(f^7^)
..
Centrai
10-15
Corp.
preferred
of Rea.
(quar.)^.
11-14
20c
7%
Holders-
11-1
& Elec.
Gas
Central Paper
When
20c
25c
(quar.)..
Hudson
'i
Central N. Y. Power Corp., 5%
Amerada
11-14
Finance
Wheel
>"
11-14
1
*•> * Name' of Company■'
Central
Amalgamated Oils, Ltd. (initial)
Amalgamated Sugar Co., 5% pref.
11-14
12-
12- 1
Memphis Natural Gas—'
—a—
Metropolitan Storage Warehouse
(irreg.) __
Mid-Continental Petroleum (year end)———
Miller & Hart, prior preferred (initial)—
Monsanto Chemical Co,. (year-end),
Morris Plan Co; (Prov., R. I.) (quar.)
Motor
12-1
12-
•
Motor
1
$1"
:v
_
Bonding, & Insurance Co.
1
11-
$1
.
,.v Extra
.
Lima Cord Sole & Heel Co. (irreg.)——
lock Joint Pipe Co., common (monthly)
Common
(monthly)
Common
(monthly)
v———
8% preferred (quar.)—,—
Lord & Taylor, 6%
1st preferred (quar.)__
Lunkenheimer. Company __—_________
Lynch Corporation.
-___—
—McKenzie Red Lake Gold Mines, Ltd, (quar.)
Maine Central RR., 6%
prior preferredPayment ,wHl cover arrears up to and
including July 1, 1937—
:
Marine Bancorporatioh, initial stock (quar.)
Fully participating (quar.)
Mass.
11-
1
$1
'
—_______________—______
1
12-
$1
(quar.F
common
12-
Mfg. Co.
Adams-Millis
10-31
40c
(quar.),______
(J. D.)
Alabama Power Co., 5% preL (quar.)
Aloe (A. S.) Company (ncreased)
(quar.)..
Aluminum
Manufacturers, Inc. (quar.).
10-15
II-12
Adams
11-10
11-1
12c
40c
Life Savers Corp.
12-1
75c
$178
'■
Pay'ble
Peri
Share
•/.
11-19
$1%
**
(quar.)
$4.50 convertible preferred (quar.)—,—
Lebanon Valley»Gas, 6 % preferred
(quar.)
Leitch Gold Mines, Ltd. (quar.)-.—;™,.;——
Le
1
of Company
•
$l»/2
preferred
6% preferred (initial)
7%
•
v
Name
25c
•.'
give the dividends announced in previous
yet paid. The list does hot include divi¬
dends announced this week, these being given in the
preceding table.
we
weeks and not
11- 7
Mfg. Co., $1 conv. pref..(qu.)
Clay Products Co.—
Laclede-Christy
Below
of Reo,
25c
2nd preferred (quar.)
La Plant-Choate
Holders
1-2-42
50c
*
1st preferred
Pay'hle
$iya
$1%
(guar.)
Kroger Grocery 6c Baking Co., com.
6%
When
Pet,
Share *1
'•-.■v
Compiirijj
Name of
Saturday; October 25, 1941
17»/sC
12-
$1-20
-
preferred
extrd—'_-.___J_
—
I
25c
10-30
10-24
T272C
10-30
10-24
.
Volume
154
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3998
.
Per
When
Holders,
Share
Pay'ble
0/ Rec. [
Per
When
(
Holders
'
Name
Poote
Bros.
$0.60
&
Gear
i
Machine Corp.,
preferred
conv.
1
of Company
______
$1.20
Franklin
(quar.)
Telegraph Co.
Gardner-Denver
General
Cable
General
Co.,
pref.
conv.
Outdoor
Advertising
(quar.)
Shoe Corp.-_^___-—
Steel Wares, Ltd.,
Tire & Rubber Co.
General
1
10-15
1
10-15
1
10-20
1
10-22-
11-
1
10-10
Lone
10-27
5%
1.
10-10*
5%
11-
1
10-
6
11-15
11-15
11-
10-31
10-14
11-
10-30
$2>/4
1-15-42
12-31
common—a
B
Consolidated Mining, Smelting and
Power Co., Ltd.
(payable in U. S, funds)
Great Lakes Engineering Works (irreg.)-:—
Green (H. L.) Co., Inc. quar.)--—4—
1
10-20
11-
1
Gas
10-20
Greenfield
Tap
&
15c1'
Die
(A.)
Harris
Hart
Haskelite
Hat
v*
Powder
Co.,
1
11-
1
1'
—
25c
—
Heyden
Chemical
12-26
12-16
45c
(monthly)
Ltd.
pref,
Electrochemical
Hooker
11-
4
11-
1
1
(quar.
(quar.).-——
i——
Horn (A. C.) Co., 7% non-cum. prior partic.
$iy2'
6rk
"
preferred
(quar.)_,
preferred
6%
-
(quar.)
Hardart Co. (N. Y.)
(quar.)—
Lighting & Power, 7% pref. (quar.)
2nd partic. preferred
non-cum.
&
Horn
Houston
Humberstone
-11-
1
11-
1
1
Idaho
11-
1
10-20
11-
1
25c
(interim)
Rec.
Dep.
10-
1
1
(accumulated)-.—
conv.
preference A (accumulated).,vInternational Nickel of Canada, Ltd.———
*}*/e preferred (quar.); (payable in .U:.T3,
6%
conv
^reference
10-
1
11-15
11-
1
11-
1
1%
12-
1
11-15
U.
funds)
S.
International
■'
Interftati
par) > (quar.)
'v
:
8%c
$iy2
pref: (qu,)
87yao
11-
Ironer
8%
common
•
Knitting Mills,
60c
*
12-
;
com.-.(increased)--?.
•
.
.—■
Tea
Supply Co., com.-,—
preferred (quar.)———*—■———
v Kelsey-Hayes Wheel -Co., $1.50-conv. class A
KempeNThomas Co.. 7% special pref.. <qU.)
Kendall Co., $6 partic. preferred (quar.)—*
r
5%
^
Kroner
preferred
Lerner
Liberty
Liberty
Lincoln
—
—-
4y2% Pref. (quar)—_
Finance Co., partic. pref. iquar.t —
Loan Corp., $3.50 preferred (quar.)
Alliance Bank & Trust Co, >.:•<
,
preferred (quar.)____u_--—
-Lincoln National Life - Insurance Co.
(Fort
Wayne, Ind.) (quar.)—-~Lincoln Printing Cd.,: $3.50 pref. . (reduced)
Co.
(irreg.).,
$1%
12-
1
11-20
RR.
Plomb
Tool
Co.,
(quar.)
50c
-
35c
Service,
Co.
11-15
t$lft
Co.,
$5
pref.
1111-
25 c
(s-a)______
1-2-42
12-20
1-2-42
12-20
1
ft
.
6ft
11-
1
10-
35c
11-
1
10-10-'
Sift
11-
1
10-10
$lft
12-
1
11-10*
t$l3/4
11-
1
2 ftc
11-
1
2ft
Mine,
12-1
11-10
12-
1
11-10
Ltd.,
Co.
Mines,
Ltd.
Trust
Service
7ft
Co.
://'• 5%
preferred
Pubi c
Service
1
11-10
8%
preferred
11-
1
10-11
7ft
10-31
9-30
6ft
preferred
preferred
prefer.
6ft
v
11-15
11-
1
1
12-31
40c
11-30
11-20
11-30
11-20
11-30
11-20
Oil
l$iy4
(quar.)_
Mining Develop. Co.
Supply Co. (Utah)
Fuel
(quar.)
II-
25c
Purolator
Products,
Quarterly
11-14
11-
1
12-
•
1
11-
1
11-
1
11-15
10-20
Lowell
&
RR.
Corp.
Securities
Battery
$1
Income
Market
Common
*
11-
1
10-20
11-
1
10-20f
$2
12-15
$1%
12-15
11-14
50c
11-14
10-24
50c
12-15
11-14
$lft
12-15
11-14
10-27
10-17
10c
11-
;
'
•
;
Inc.
pref.
(quar.)
Shares,
$lft
B__
Co.__L^._i.
Casket
Co.,
Inc.,
Inc.____________
A8c
(ouar.
1
10-15
Read'ng
10-14
Reed
A.)
1
10-15
10-24
Distillers
Products
Welding
50c
50c
'
(quar.)
10-24
11-
1
10-16
50c
11-
1
10-20
$2 ft
25 c
&
Power
Light
Co.,
10-U
11-
13c
10-30
10c
12-
1
1
11-
1
9-
11-
1
10-23
10-7
:
12-
1
1
11-10
Air
New
York
Fire
York
11-20
: 12-
York
$iy2
10-28
; i5c
'._,$iya.-:
i 11-15
.5c
,
-
?10-29
preferred B
Newport
'
-11-: i-
12-17";
$5
convertible
Corp.;
10-21y
10rJ7.v.
12-
$1%
10-15%:
vt-
75C
11-29
-
10-28.,
20c
5
11-19
Nipissing Mines
T
$1.50
&
conv.
Co.,
Drydock
(quar.).
Northern
RR.
Northwest
Northwestern
12-13
Nunn-Bush
of
,-i"
r-
10-16
,
r'
Roos
-
preferred
5,
10
75c
6%
„■
5%
1
10-25
Ohio
10-25
.Oliver
10-27
10-17
River
Class
Sand
United
B
1
•
10-15%
11-15
10-31
11-
1
10-15
1-2-42
12-16
20c
10-30
10-15
$l'/4
10-30
10-15
30c
11-15
11-
t37Vfcc
11-15
10-29
5
Co.—
Co.,
7%
11-1
10-15
1
10-31
ll-.l,
10-31
11-1
10-11
10-20
75c
11-
1
11-
1
10-15
37 ftc
12-
1
11-20.
13c
A
11-
1
10-15.
$15c
(quar.)
11-
12-
1
11-15,
11-
1
10-15
20c
'■
—
11-15
t$lVa
$1%
Shops,
11-
1
t$2
12-
1
:•
25c
12-15
12-
;
i5c
12-
1
11-15
12-
1
11-13
62 ftc'
(irfeg)L_"_%__
common
$1 ft
(quar.)
25c
Ltd.",
Co.,
Power
5y2%
5.
10-20
10-31
5.
11-20
11-!
7
11-15,
11-
a
pref.
JSlft
11-
1
10-15
(quar.)
t25c
11-
1
io-2a
7 ft preferred (quar.,)_ailX-----r._-ft---~._
$$1%
11-
1
10-2O-
(quar.»<
•,
St. Lawrence Flour Mills,
Louis. Bridge,.6ft
St.
3ft
*
11-
$lft
__
preferred
$1., conv.
.
Saguenay
-•
2nd
Ltd.,
1st pref.
preferred
com.
"•
($-a)_____—
(s-a)
$6 pref.
(quar.)
(Quarterly)
Mines,
preferred
12-15
SI >/o
11*
1
10-20
11-
1
10-25-
50c
12-26
12-20
tlOc
11-
5
10-20
$lft
11-
1
10-20*
11-
1
10-20*
(ln-
J.
(quar.)—_v
Surety
12-15
12-23
$1
Ltd.""-(s-a)
_____________
Scott Paper Co.— '
(
$4.50 preferred (quar.)_:
$4
.
;
—
Gold
Antonio
creased).—..—
-■
12-23
t$3ft
,i
;
7ft pref
Louis Union Trust Co." (Mo.), common—
San
$3
$lft
.•
_____!
& Bolt CO.",
Lou!S; Screw
Co.
50c
11-15
10-31
11-
10-29.
-
Second
58y3c
.__
preferred
class A
Inc.,
11-
1
10-20
50c
(monthly)
(monthly)
Filters,
10-15
15c
(quar.)____%t.__%j_____v._—_
Rustless
Iron
&
Steel, common_v________
/'ft'; $2.50° conv. preferred (quar;_'L__i.i;^,-;____
Seaboard
preferred (monthly)
5 Vi %
1st preferred
(quar.)
11-
11-
$iy2
;
1
25c Stores, Inc.
(quar.)
Canada (Montreal)
(quar.)
&
of
St.
;•:
11-
■;v.: $3 ft
$3
Co.
Mfg.
10-16
—
10-15
50c
(quar.):
$6.59 preferred
10-31
(s-a)
1
(quar.)___
Light & Power Co. (irreg,)___.
Co., Ltd., com
(ouar.)T
Bank
Royal
10-25
11-
Paper
St.
(irreg.)
10-25
11-15
31 ftc
/
(quar.)__;
11-14
Co.
10-10
11-15
(quar.)___
1
Co.
10-10
1
Co., $6 1st pref. (quar.)
,;
ft "
••'•
12-
10-20
11-;1
10-15:''.
Y.
90c
11-
30c
1
N.
St. Louis County Water Co.,
37y2C
25c
10-15,.;
11-
of
10-15
10-21
50c
pref.
1
11-
,
$2
11-
87 Vic
preferred
Serv.
;• 37y2c
Telegraph
preferred
1
11-19
-
1
11-
50c
10-15
(quar.) _% ••-$1V2
11-
*
1
Hampshire
12*10
t5»/4
t $3.93 ft
Co.
Bros.; Inc.,
Rose's
^
(irreg.)____
-15-42
12-20
common
(quar.)
11-
Shoe
Public Serice
11-
11-1
12-11
-'•' $1
2-1-42
preferred
Saco-Lowell
.
—___—
7%
10-16
;
,
11-15
-15-42
preferred
Co.,
pref.
25c
11-24
Ohio
1
12-
1
—
com.______
10-21
;
6ft
Ruud
11-
12-26
50c
7ft
Inc.,
Tobacco
Co.
Button
conv.
Rolland
11-15
•;.':$iy4
10-27
1-2-42
3c
(quar.)_"_'____;_I___
Co*
New
Corp.,
1
10-20
10-16
1
10-20
3
15c
—___
Incorporated
Rockland
"
11-29
11-
1
12-
(quar.)__%_^' :"■>$ Ty»(quar.)v_;iCi '
:$.VA\
Co.,7 common
5% preferred (quar.)______
Occidental Ins. Co. (quar.)_—
O'Connor Moffat & Co., $1.50 class AA
50C
11-
.vt$iy4..;
Ltd. (interim) ____i
Railway Co.,* adj, pref.
Engineering
10-14
,
1
500%; 11-15r
Corp,--?,
preferred
10-15?-
11-1
1
11-
series -(quar.;
Finance
Pipe Line
1-2-42
11-
10-20
1
Ins.
Rochester
$1.50
Co.
;
Northern
$1
14c
Pub.
Island
Riverside Cement
10-24
11-
10-16
11-1
2-1-42
(quar.)_____„_____
B (quar.)
Mfg. Co., 5ft
Rich's,
.
J
(quar.
Power
Western
87 Vic
$1V4
10-31
25c;
(irreg.)__
&
2nd preferred'series A
2nd preferred series B •
(quar.)
Northern Illinois
$l3/4
A
preferred
,1st
Norfolk
25c
10-14
.-,$iy2
preferred
Hudson
Niagara
:V 57c
15%
10-11
:
1
(quar.)
Inc.
(quar.)
class"
1-21-42
.11-1
Co.
Co.,
Shipbuilding
News
2-2-42
,
10-21
11-
11-13
11-
*ve
*
10-21
1
11-14
87ftc
Richmond, Fredericksburg & Potomac RR.—
7% gtd. preferred (s-a>____
6ft" gtd. preferred (s-a)_v-______'__'_
"
10-17
1
11-
•
.11-1
....$l3/4
11-1
11-
1
$1
Realty Co., 6V2% preferred
(quar.)
9-29.
11- 1
Insurance
Newberry (J. J.) Co., 5% preferred A (quar.)
'1900
w12-27
.
A
10-22
50c
Merchandise
Rhode
10-31
50c
12-
25c
10-15
$1%
!
10-20'
10-20:
50c
common
(interim)
.
10-.7;
11-1
t5c
'
Class
Rheem
10-15
lit- X
B
on
Copper & Brass,
Richmond
Brake
Newberry (Ji J.)
6%
11-1.
$20
:
9r20T.
,n-t
■<>'■■■ 5c
7
1
11-15
,
75c
.,S%.18CT
(quar.)
New
10-10
10-31
10c
:
11-
11-1
1
1
15c
514 ft
2
1 o_«>a
$1,183/4
ii_.
u.
$2 preferred A
preferred
Reynolds
(R.
J.)
11-20
$1
C.)
Almaden Corp.
(initial)
England Fiind, ctfs. benef. int. (irreg.)
A.New England Water, Lt. & Pwr. Assn., 6%
New
'
(quap.)
New
10-20,:.
Revere
I
preferred
$6
Process Co., common
'7% ' preferred (quar.)____
Additional
10-17
1
10-20'
11-
Republic Petroleum Co.
10-20
11-
v
11-1
11-
/l5c
(quar,).
preferred
6%
10-15*
i-y2
.preferred
-
10-20
$iy2-
(quar)__
Co.,
Corp._____^_____________
preferred (quar.)
.A
v
■
11-20
1
10-30
(C.
7ft
.
11-1
75c
(quar.)—__
Regent Knitting Mills preferred (quar.);
Republic Investors Fund, Inc., 6% preferred
10-11
1
12-15
i-2c
;
-
1
11-
«
:"j: 50cV
(quar.)___
Mach.- Co.
11-
75c,
j.
10-15
1
t75c
Reed-Prentice
10-31
11-
25c
Co.
1
11-
ll-.l
11- 1
11-25
Rayonier, Inc.
11-
11-15
10-20
25c
11-
50c
:t
■
1
11-29
$25c
.
(quar.)
preferred
$3,i
75c '
com.
S3
i
5c
;m.
series
11-14
Cold
Extra
10-15
56y4c
(s-a)
(Colo.),
1G-27
10-20
50c
Rath Packing Co., 5% pref. (s-a)______
Raymond Concrete Pile Co.—
12-18
$, y2
>
10-18
41ftc
Storage & Warehouse
Co..
5ft
preferred-..,
Randall Company, Class A
(quar.)___
11-15
12-27
$iy2
$4
58 ftc
(quar.)__,
50c
"Quaker Gas Co., 6ft
10-24
3
12-6
30C
1
12-
;:••■■■?': ic
5
Common
10-25
Diablo
10-24
11-
Puget Sound Pulp & Timber Co.—
ft
1
Scotia
10-25'
11-15
Colorado—
(quar.)
11-
Nova
11-10
50c
t20c
___________
(quar.)
(monthly)
(monthly)
40C
(Cleveland, Ohio)
of
10-20'
t3c
(initial)
preferred
preferred (quar.)
$5
10-20
I-1-42
12-15'
10-20
11-1
1
of New Jersey—
Corp.
12-
12-15
$lft
(monthly)
(quar.)
Bank
8-15
12-24
11-
!___
(nuar.)
(Phila.)
of
Co.
Quebec Power Co.
Corp.
1-2-42
10-20
1-15-42'
$1ft
preferred:, (monthly)
preferred
(monthly)
Quincy
Plan
2-1-42
1
$1%
«ctra
Gemble
PuhUc
;
pref. (quar.)__
7ft preferred (quar.)
(quar.)_
Co.,
$2
(imiital)
c
$2
& Box Co. 7ft
preferred
Providence
10-17
(initial)
10-10'
$lft
com._.__i,j.„__„„._„„
Edison
Proprietary
10-15
10-31
11-
10-20
9-30-42
10-10
$iv2
10-31
10-21'
10-15'
'
15c 10-15-42
1
$1V4
10-27
1-31-42
$37c
(quar.)
11-15,
1
50c
5'
5-5-42
1
$1 ft
(quar.)__
11-
5-14-42
t75c
_______________
6-30-42
$iy2
(quar.i
11-15
35c
(quar.)
10-20;
10-25'
112-15
4-30-42
Potomac
$iy2
Goods
5-42
7-15-42
Pollock Paper
$2 >/4
partic,
-
5-15-42
6ft
$3
1
11-14
2-15-42
10-15
$2 V4
(qu.)
10-15'
11-
20c
15c
10-15
V2C
(semi-annual)
(semi-annual)
10-28
30c
31 ftc
15c
i
11-
10-17'
35c
1
$1V2
1
Common
11-
class B____
10-16
11-
$2
Common
Privateer
preferred
Co.,
10-31
Co.—
(irreg.
10-17
10rlT
conv.
Material
10-15'
(quar.)__
preferred
11-
New
5
10-28
$l3/4
-
Line
12-
10-
Stores Corp.
—
1
•_
com.
Co.
/Procter
(semi-annual)
Dry
62yzc
-Co.jr?com.^'tlWeg.)
,-^r
11-
(quar.)
$1%
Neisner Bros., Inc., 4V4% conv. pfd. (quar.)_
cf.-Nestle Le Mur Co., mass A (resumed)______
10-20».
(quar.)—
(Rochester, N. Y.)
Common
(quar.)
4%
19*15
10-31
WAtdT
(Increased!
32ftc
iquar.)
1
(quar.)
11-1
*
4%
1
1
for
(quar.)___.
Forging Co., class A
$iy2
Portland Cement
Lehigh
,
10-21
(qu.)__
pfd.
40c
A
10-15
10-18
11-
25c
62 V4c
Co. .7% pref. f(quar.)•———
Lane Bryant,' Inc;,, J7&: -pref. (quar.)—4^—
Lanston Monotype Machine C0.-4
-Lee
Rubber- -& -Tire - Corp.^——n—
Preferred
1
ml--National
I-.. 11-25
25c
Grocery--is. Bakiqg.' Co, -7,fp pref,; (qu.)
Co., $1.30
Telephone
1
11-19
t$l
c-
Landis Machine
'
Ik,
4 $l'/4
'(quar.1
preferred -■ .-a (quar-)---'
Kohomo;
*
w
11-1
20c
WM" preferred
v-«
■
1
pref. (quar.)
Phillips-Jones, 7ft preferred
1,
Phillips Pump & Tank Co. class A (quar.)__
•ft Class A (quar.)
Pilgrim Trust Co. (quar.)_„_
held.
$6
Line
Extra
11-1
15c
(D. EmiL f&^Co^ Inc,,:
■tKleirt
stock
com.
pref.
New
.Oil'Coropahy.'>!(quaaUAJ>4W4jw^i!^^.
County Trust VP,
Kinner Motors,:
1 <urreg
.
10-21
11-
Enterprises Consol., Inc.
S. Funds (irreg.)
preferred A (quar.)__
Grinding Wheel Co. (year-end)
$1V2
of
Lead Co., 6% pref, B (quar.l^-^I'
'••'■Wational Motor Bearing Inc. common
12-20
-
Kings
Klrkland X«ke-
1
U.
11-
National City Lines, Inc., Class A (quar.)__
y,.. $3 convertible preferred
(quar.)
"National
Container
Corp.
(year-end)
•
...TrbTg.
i
1
12-
45c
Ltd.."jdnterteO-vu
10-22'
11-
t
&
in
11-
-
'
Kendall Refining
Kefr-Addison Gold Mines;
10-29
Co., Inc., 5ft
11-
'
i;!
10-20
1
■11* 1.
15c
$1 V\,
Kellogg Switchboard ■&
*-
11-
t$l
(ouar.)_____
Phila. Suburban Water Co., 6ft
10-20
11-15
75c
$lft
Co.
11-
National
.
ft %
Johnson; Ranch
»
10-30
_____
v.iy2c
-
1
dividend)
11- 110-15 ^
National Savings & Trust Co. (Wash., D.
Lll-'IV, 10-15-Nekoosa-Edwards Paper Co., common
10c
20c
Royalties Co., Inc. (s-a)_—
Kalamazoo Stove & Furnace Co.
—
Kaufmann Department Stares, com.
{
1
12-
the
(s-a)
Mines
10-31♦
Sift
Delaware Extension
t$iya
';-v';V^;fti^i:*"V^'"-5!National
30c
60c
4
'
2
12-31
'
Co. - eom.<quar.)_L—
Preferred: (First quarterly- , dividend of $.543056 per share' from Vand
including Sept 15 - to Nov.- 1)V 19410^4-
■-»
&
t$l%
prior lien
7%
B
C
vvtv■Aiii-vW;; National Elec.
41
$134
(quar,)-r——
pi^erred '(quar^-;——
5%.
Jewel
'
TO-
v
..—- ;
preferred (quar.)i.———
Jantzen
;
Co.-,
Serv.
$1.06 y4
•National
i' L:■
(quar.). —^—41.—-———
Intertvpe Corp. ..(irreg.),^4.
Iron Fireman Mfg. Co. (quar.):; __________
<■
&
Payable
$5
Co.—
A
R.I
Nation-Wide
11-15
preferred
Ironite
Public
1
31.
Oct.
Pfeiffer
Brewing Co.
(quar,)
Philadelphia Company, 6ft. pref.
Philadelphia Electric Co., com.
1
40c
Mountain
.1.0-2
1-2-42
t$5
Inc.fr
12-
5
until
from
(quar.)
{qu.)
"National
Subject to approval of the S-E-C^ -N.Y.CfE.
rules' not jex-div". "Until "fUTther notice /£->;/
7%
5
12-
11-
preferred
25c
Munising Paper Co., 5%, 1st preferred (qu.)
Muskogee Co., 6% preferred (quar.)
u-i
Co..: (quar.)
.Interstate .^Department- Stores,
12-
paid
/ft 6%
10-17
(quar.)_„
gtd.
(Philip) & Co., Ltd., 4V4% pref.
^
••<»'Nashua
•
.(payable Jn
-Internal. Utilities Corp.,$3.50pr..
1
be
issuance
Preferred A
"
1
llr
2c
its
(s-a)
Mt.
•
Co.,^55fc vs eonw-speef Lqpew)
Telegraph
•.
(quar.)
Lighting Corp. (quar.)_______
Penman's Ltd.,
'
IT llO'-lS
t$4Va
—_—
-
10-20/
quarterly to
of
pref.
'
;•
11-1
Ocean
Paper
■
12-
25c
Mutual Chemical Co. of Am., 6% pref. (qu.)
'Myers (F. E.) & Bros. Co., extra____^_
s
Narragansett Elec. Co., 4'/2%11 preferred (qu;)--
11*
11-15
•ft
10-17
(quar.)
10-15
1
1^
10-31-
Regular
Peninsular
(N. Y.)
*10-15-
11-
11!
':
10-15;
10-31
Pepsi-Cola
1-
12-13;
1
11-15
10-15
1•
11-
11-15
6ft
(quar.)___,
preferred
Pennsylvania Power
11-
$1%
$7
Pipe
preferred
Morris
5
40C
$1 ft
j
(quar.)
10-31
12-15
75c
(W.
Mortgage
10-27
l$4Va
f
10-30
31ftc
Peninsular
10-21
:
1-2-42
34 %o
preferred
preferred
Morris
10-20
11-
(quar.)
Morris & Essex Extension RR. Co.,
10-20
10c
11-
.'v.. $30c
Extra
9-30
40c
1
11-15
50c
(s-a)__
10-15
10-11
;11-15
Co.
11-15
Pearson
10-11
50c
Power Co., $5 pref.
(quar.)
Light, Heat & Power Consol.
Drop
6%
1
$l'/2
V 37>/2c
75c
Morgantown Furniture Co., com.
10-31
11-
; $1%
7^dprefT ($~5
preferred
Moore
10-15
2 y2 %
1
11-
'.'iV 25c
(irreg.)
common
Chemical
Moore
-■ML-iiV
-
1
11-
11-1
$iy4
(quar.)
Power & Light,
Moodyslnvestors
3
10-31
11-
42c
11-
(quar.)
Co.,
Co.
preferred
$4
9-25
10c
Shares
Group
1-2-42
$iy2
10-21;
50c
(quar.)
Telegraph
11-
1
10-20
11-
1
10-20
41
;
%c
$1%
11-
1
10-20
t$3
(quar.)
•
37ftc
,
1
30C
shrs.
of
preferred
Montana
12-31
17c
shares
group
11-
Quarterly
12- 6
1-2-42
3%<
t$334
1
preferred
Montreal
7
W-"-;
Amer.
;
12-
10-21
1
10-15;
Patino
10-17
t55»/2C
(accum.)-____
(stock
Power
$4.50
9-30
11-1
my2
share
Monsanto
10-15
11-
1
10-21
1
11-
Corp. of Calif.—
Guaranteed
10-15
11-
1
11-
11-1
Passaic
10-20
1
"
Missouri-Kansas
10-15
11-
t75c
(s-a)
(stock div.)_—
'Interchemical Corp., common (quar.)—■——
6% preferred (quar.) J_r—--——
International Harvester Co;, VVc pref. (quar.)
International Industries, Inc. (resumed)
International Maenine Tpol Corp..——
International Metal Industries,
Aviation
1
$iy2
Imperial Life Assurance Co. of Can. (quar.)
Incorporated Investors, com. trust ctfs.;
Indiana Gas & Chemical Corp. (resumed) —
Institutional Securities, Ltdr—
Insurance
11-
$1%
pfd.--.
1
11-
■:'-T5c
(quar.)_
preference
Elec.
additional
Mississippi
'■
10i0
(quar.)
conv.
Canada (quar.)...
Chemical Industries, Ltd.,
Imperial
1
.—'.—-—•
(quar.)
Power Co.- 5%
&
$4.50
11-
15c
Imper.al Bank of
'V
.
J2c
preferred
7%
Co.,
Power
preferred
$6
Illinois-Iowa
S6
10-15
Howey Gold Mines, Ltd
Hussman-Ligonier Co. (quar.)
prior
Co.
11-
11-
Parke-Davis
11-28
11-
50c
(quar.)
Company
each
10-15
11-
Gas
Mississippi
10-11
50c
11-29
$l'/4
.
Co.
Glass
;
20c
10-15
Ltd.
Petroleum
$1
$1%
(quar.)_:
Parkersburg Rig & Reel $.50 pref.
10-17
1
1'
5'
$lft
(quar.)_
Common
11-15
$1%
(quar.)^..—.
i—.—_•—
Shoe Co.. (quar.).——-w—
1
11-
43 %c
$6 prior lienj
11-15
$iy2
preferred
■$'j
11-
35c
11-
I6V4C
Pacific
10-17
10c
Michigan
Midvale
10-25
12- 1
•
1
(quar.>
non-cum.
Two
45c
11-
11-
11-20
(quar.)
$6
li-l»
••"
(quar.)_„.
preferred
$1
10-25
1
12-
8%c
-
.
$7
10-20-v
11-15
1
11-15
,
Atlantic
time
5
12-
(accum.)
(quar.)
12-20
12-
m
85c
pref.
Co.
Pacific Portland Cement Co., 6 V-i ft preferred
Pacific Power & Light Co., 7ft pref. quar.)
'
(resumed
preferred
11-14
1
-12-15
20c
com.
Mfg.
preferred
Finance
Pacific
"
5
L Michigan Bakeries, Inc.—-
10-15
11-15
50c
11-
12-27
(quar.)-
12-12 V
-11-
25c
11-15
10-31
1
C
5ft
7
$iy2
...
Co.,
&
preferred
&
5'/a ft
11-10
75c
Acceptance Corp. 5% pfd.
Merchants
11-29
40c
Ccuv(increased)
Horder's, Inc. (quar.)_.«....—i
Hormel (Geo. A.) & Co.—-
11-
1
$2 ft ft
A
10-15
1
com
Distilleries,
preferred.
12-15
60c
1
12-
the
Preferred
;
12-
at
10-31
Preferred
;
10-15
12-
(s-a)____^_____
preferred
2nd
5% preferred
12-15
75c
(quar.)
Merchants & Manufacturers Ins. Co.
10-15
11-
$1%
1
20c
•
Co.,
Sterling
Co., Ltd., 7%
12-23
I-2-42;
siy2
(quar.)___
Telephone
Mercantile
:
10-21
250
—
——_—
(Hawaii)
Insurance
Home
"
com.—
(quar.)
-
10-21,-.
t5c
7%
$5
;
11-15
11-4
i,
11-
"t$l.ll
Stores
partic.
10-20
1
1-2-42
II-
(s.-a.)
preferred
Pound
Holders
1J2- 1
the
£
1st
Pacific
10-17
t3c
(quar.)
preferred
6%
'
12-
11-15
$iy2
tquar.)_«___44;:
1st
in
at
of Rec.
When
option,
Owens-Illinois
10-17
,
Pay'ble
J$3
(s-a)__.
Marine
7ft
10-17
1
$3y2
Melville Shoe Corp. common
11-18.;
10-31
11-
$3
„K
(irreg.)
$6
Sterling
stock
Company—
6ft
.
■
11-28
.
■
(quar.)
Corp.
Melchers
,
10-21--
20c
11-1
50c
tMilwaukee)
McWilliams Dredging Co.
11-18
•10-31
30c
6%
Pound
Pacific Gas & Electric Co.,
Mines, Ltd._____.W
pref. (quar.)_„;
Bank
Co.
pref^
6r/c
-I?- 1
(quar.).——
Co.
Company,
) Meadville
15c
15C
Holly Sugar Corp.,
J
:
11-18
15c
Cons. Gold Mines,
Hollinger
3
1
10-18
$lS/8
Extra
10-2$
12-
10-18
1
,Inc.
Gold
Ilsley
Mfg.
McLellan
$1.06 »/4
-Co.—v%-
Co.
Co.
&
preferred
"fT 6%
10-25
■
E.)
11-
11-15
75c
(monthly) —
,
Chemical
(Charles
5
11-15
1
11-
$1%
McClatchey Newspaper 7% pfd. ' (quar.)
-McCrory Stores Corp., 5% pref. (quar.):
McGraw Electric Co.
(quar.)
McGraw-HiU Publishing Co._I"
Mclntyre Porcupine Mines, Ltd.l-
-
10-10
11-15
(Phila.
preference (quar.)
Elec.' Corp., "-514%
&
ueparunent Stores
May
10-16
.
$17
common..—^-—
Monthly
Hires
1
75c
—.
Hilton-Davis
11-
1
11-
$iy2{
(quar.).—
Spencer;- Bartlett Co.
Monthly
1
CorR.,
preferred
i; 4
11-
15c,
.
...
11-15
•
$1%
11-
'$1%
:
_
&
Maytag
10-15
Hershey Chocolate Corp. (quar.)'.--.;——
$4 conv. pref. (quar.)——-—
Hibbard,
"•
v
iO-lS
11-
25c
$1.31'4
&
Marion
9-30
68 34c
11-20
■
11-15
68 %c
11-20
1
$2
(qu.)
Telegraph Co. (s-a)
Products,
Inc.,
6%
partic.
(quar.)
H.)
Marshal]
10-25
12-
1
12-
Outboard
(s-a)
com.
deb.
payable
Ontario Silknit
Outlet
in
Co.,
Common
Abington
(I.)
$3
11-1
12-
25c
(auar.i
McCall
10-31
6y2%
Lake
10-10
t5c>
$1V4
(quar.)
Gas
Red
12-20
$l3/4,{
(quar.)_i.—
pref.
1
10-15
11-
10-28
%
Share
Company
Ry.
option.
holder's
;
Light Co., $6 pfd.
Co.
County
(R.
11-25
.
Co.—4-—
6%
10-15
..fjiys?
of America, 6ft ft- pref. (quar.) —
Products porp.4 (quar.)__—r——
Hercules
11-1
V.
10-10
10-10
11-15
Also
v
.
'
9-24
$ll/2
Corp.
Hecker
&
Madsen
$l'/2v 1-2-42
(quar.) —
Times,
1
75c
—4——;
Inc., 5Vz'/a pref. (quar.)
Mfg. Corp. (quar.)——1
Hartford
..
Ltd...
Co.,
Electric Light
Hartford
-
pfd.
7'h
& Company,
Battery
11-
1
1
■,
Co.
preferred
Power
preferred
Macy
V
11-14
50c
6'/e
Gulf Power Co., $6 pref. (quar.)—-i—-—
Hanna (M. A.) Co.;$5 preferred (quar.)-.—
!
V
1
15c;*
,'
12-
1212-
payable
perpetual
Pacific
Magnin
pref. (quar.)
Corp. $6 pref.——
Light,
2nd
pref.
Granby
Greenfield
Biscuit
Lynchburg &
•: Lyon
Metal
i
11-
t30c
10-10
■;
Luzerne
12-31
t$iy2;
common-^-^_i-_-*L>_-i—
——
1-2-42
10-10
1
Quebec
holder's
5#
Taylor—
Lunkenheimer
I
1
$1%
(quar.)
Corp.—
,
pref.
(quar.)__
pref. (partic. d'v.)
Lumbermen's Insurance Co.
10-20
10-30
$iy2
i—,
A
10-
1
11-
$l'/4.
12V2C
1212-
25c
preferred
Cement
partic.
8%,
10-20
(irreg.
Georgia RR. & Banking Co. (quar.)
Gillette Safety Razor Co. $5 pfd.
(quar.)—
Globe & Republic Ins, Co. of America
(qu.)
Gold & Stock Telegraph Co.
(quar.)
Gordon & Belyea, Ltd.
25c
*
11-24
11-24
(quar.)_»«._„„
&
Also
12-15
12-10
12-10
25c
$6.50
partic.
Louisiana
8
11-20
50c
1-2-42
50c
A
of
Per
Ontario
8
12y2c
Inc.,
&
11-
$1.10
(quar.)
Star
Lord
5
$1%I
pfd.; (quar.)
Class
B
Loose-Wiles
11-5
$iy2
class
Name
of Rec.
1
12 %c
Extra
$1
12-
$1%
capital
(quar.)
Groceterias,
Loew's,
11-15
$iy4
original
Pay'ble
50c
Extra
11-
$1
25c
Class
J' :
_
50c
RR.,
guaranteed
Class
11-
$iya
Share
' '
Extra
11-
—__—u
7%
Loblaw
-11-
—
Preferred
General
11-
Miami
Special
$4
Inc.,
Co.,
class A
General
10-15
Little
Z1'
..
75c
Corp. $4.50 preferred (quar.)
Corp. (quar.)...—*-——___,
Inc. (quar.)__.;___—
General Motors Corp. $5 preferred (quar.)__
partic.
1
$iy4
Mills,
General
10-15
t$l%
(quar.)
preferred-..—
Foods
General
10-20
11-
'
Co., common quar.)
preferred (quar.)
6V2V0
10-23
1
30c
;
Foods
General
1
10-30
11-
20c
-
7%
11-
of Company
Link-Belt
10-22
5c
(s-a)_———
$3
Corp.,
1
15c
(quar.)
com.
___________
preferred
11-
20c
(quar.)____________
Fort
Pitt
Brewing Co
.•_•
Froedtert Grain & Malting Co.,
Extra
50c
common
Name
761
11-
1
11-
1
10-18
25c
10-30
10-18
Nat.
$6
Sharp
Bank
Corp,
Securities
&
N.
I
A
General,
Corp.
preferred
(Nashua,
class
$7
i.___
Dohme,
Inc.,
H.)
preference
"/
11-15
11-1
10-21
t$lft
11-
10-21
1
10-25
A
87ftc
Water & Power (quar.)
feherritt-Gordon Mines (Interim).—.
1
t$l
t$l%
preferred
——
$3.50
$1
(quar.)
;_
10-10
50c
rSerrick
11-1
10-17
$22c
Shawington
—
11-25
10-24
+5c
12-15
10-31
THE COMMERCIAL & FINANCIAL CHRONICLE
762
Per
Name of Company
Silex
Company
(quar.)
—
_
6J/2%, (accum.)__
Simpson (Robert) Co., Ltd., 6%- pref.Smith
(A. O.) Corp. (irreg. j__
Snider backing Corp.__
-
(S-A)
Conv.
Southern California Edison* Co., Ltd*, (quar.)
Southern Canada Power Co., Ltd. (quar.)
Inc.,
Squibb (E. R.)
A
(quar.)* i..
___
—
&
10-16
20c
Company
&
Inc.,
$1,14
(qUar.)__________
pref, (quar.)
Corp., class B
Strawbridge & Clothier,
,
$1.25
preferred
10-15
12-
6%>
preferred*
11-
5
12-
5
Denmark,
Sundstrand
Machine
share
Ones-half
for
Tool
of
Co.
Official
12-15
10-
company's
7
:
10-31
10-24
Binghamton
Guaranteed
12-15
10-25
10-28
10-21
RR.
$3
11- 1
10-17
$114
20c
$1%.
$114
11- 1
11-15
11- 1
11- 1
9-1T
Co.—
preferred
(quar.)——
i
.
$3.60 pref;
Mfg; Co;,
10-10,
Quarterly
(quar.)__—
Toledo
Mines;
7%
5V*%
—
preferred
Triumph
—.—_
__
(interim)
(quar.)
—
(N.
Y.)
(quar..)
Explosives;
Inc. (quar.)
Corp., $7 non-cum., class A
Works, Inc., common—
preference
(quar,)
_____
Tubize Chatillon
Tung-Sol
$0.80
Union Elec.
$4.50
Co. of Missouri, $5 pref.
Union
Oil
of
Co.
California
B;
United
United
7%
A
(quar.)
Railway
Merchants
Common
v.t.c.
Co.
St
(irreg.i—
Specialties
S. Fire
Ins.
IT.
(quar.)
Society
pref.
Yen
Straits
Settlements,
$5
$5
,
$5.
10-15
(quar.)
Co.
Foundry
&
6%, prior preferred
§
,
:
5
'
§
i
AAA' t
•
.
■■/..rAAffvA:.;
rupee
<■■;■
t
••
i-:'*
.
■
t
.250875
,
,
'
t
■
.
-
:
,
.A/"'
.471600 '
/
/
7
.301513
■::'<,■ ""■■■
t
V
• ■
t
.250875
.301513
■
5
•■<.
.250875
.301513
-
<"■■<-/
•;■.-:•.■•:./fv'/
t
.250875
>
.471600
,,
£//: a
t
t
■
.301513
t
.471600
<
r /:;.-<■ v
t.
:<:<///:•/: 8 A/:'/////
.250875
v
.301513
,
.
.471600
t
,
-
t
</;
f,■/■:::
</■"
i;
.
.<•■/
.
.301513
_______
dollar
8
1-
.250875
____—
t|£
//A/v.<:;
Vl*. ■ »*.-■.
3
.471600
/•/,-■■'
t
,.471600
*
•
pound—
C
-
'pound
Zealand,
:<
3.228000
•;
3.228000
3.213958
3.226625
Union
South
of
Africa,
3.228000
3.213333
v
/
3.226625:
3.228000
3.213333
3.225958
3.980000
.
,
•
3.980006
pound.
10-20
Official
3.980000
.909090
10-17
Free
.889107
11-1
11- 1
11-15 '
10-17
Mexico;
10-15
Newfoundland,
NORTH
3.225958
3.980000
3.228000
3.213333
3.225958
-
3.980000
3.213333
3.225958
<
<
3.980000
AMERICA—
dollar
Canada,
__.
10-31
Official
1?
r
.888392:,
909090s
.909090
.887857
-;
.205700*
,
Free
.886666
10-ltt
/:■/';<
.909090
10-31
•
.909090
.888125
t
.205700*
.909090
•
.888046
.205700*
/
.888203
.205766
/
—
.909090
'
"
.205766
.885833?
.909090
-.909090
.
.885416
^
:
.885625
_
.
'
'
.909090
V:
.
SOUTQ. AMERICA—
10-21
'
Argentina> peso—
< .885833
.
•
.297733*
Official
10-21
12-20
11-1
12- 1
1-2-42
11- I
12- 1
1-2-42
11- 1
12- 1
10-15
10-15
Controlled
11-15
Non-controlled
1-2-42
.297733*
.237044*
:_
—
.297733*
.237044*
,
,,.237044*
.297733*
;;
.297733*
.297733*
.237044*
•
.237044*
,237044*
..060575*
.060575*
.050850*
.051025*
12-15
Brazil,
milreis—
Free-
11-15
•
.060575*
12-15
'■■ ■.•;.
*
'
"
.050850*
•
peso— y^ '■
Official
u_:
10-15:
11-15
_•
Chile,
12-15
/
:
.060575*.
>
,
.050850*.
^ •
,
-
.050775*
.
'
'
■
.569825*
—___
■
.060575*
■■A'
peso
Uruguay, peso
.060575*
.050850*
8.
Export
Colombia,
-
.909090
.885625
,,
11-20
1-2-42
>
:<
dollar
11-10
11- 1
11- 1
,
.909090
:
v
.205450*
peso
11-15
12-15
■
§
''/'V
.569800*
V
,
* .569800*
.
/
.569800*::
•A
-
.
5
U
.569800*
.
'
/ :'■/:
.56985Q*
■
.658300*
.658300*
.463800*.
,
/
A A .463800*
r
'
/
.65830S*
'
*_
;.464000*
;
.658300*
.658300*
.463800*
,
<
-.462250*
<:
•'
A
.
<,'
•
•.-•'A
•
V'
.658300*
<
.
-V
46462ft*
'
12-
12-20'
1-10-42
Nominal
rate;
t No
§ Temporarily...*
available.
rates
omitted.
<
""
•*
C'
lt
•••
<
6
12-20
10-31
12-13
10-31
11-1
lo-x6-
10-15*
1
10-15*
A
Weekly Retarn of the Member Banks of the Federal Reserve System
10-17
11- 1
11-
'
10-31
11-15
30c
11-15
10-31
12-20
11-29*
12-28
H-39
10c
'
Co.,
com.
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System; giv¬
ing the principal items, of resources and liabilities-of the reporting member banks m.: 101 leading' cities frOin
which; weekly returns are obtained.
These figures: are always- a week behind those for the Reserve banks
themselves.
II-22
11- L
$1
10-16
$L(4
1-2-42
12-29
$3'
11- 1
10-17
(The), $4 conv.. pref—
—_
Corp. of America—_____——
10-3a
11-15
11-3
12-10
.
preferred (quar.)
$2
Warner Bros/^Pictures, Inc., $3.85 pref—t96(4e
Warren *(NorthanK; Corp., $3 pref. (quar.)__
75c
Washington Gas Light Co*, conu (quar,)—_
37 (4c
$4.50 caonv.-preferred (quar,)——
$1(4
*
:
12-
Open
1
pref.
Co.,
Ltd.
$4.50
Weston
preferred* (quar.)__
Electric Instrument
preferred
(quar.)
Co.
11-15
II-
1
11- 1
10-15
12- 1
11-15
11-15
11-1311-1
11-13
11- 1
10-17
11- I
11- 1
10-17
10-18
11-10
10-15
10-10
Other loans for
and agricul; loans____
purch. or carrying securs.
estate* loans.
11-26
11- I
(quar.)—„——
$1
$1%
50c
11- 1
11- 1
11- 1
•A-
—
-
———A
in
•
A 16
4
43
StA
Mne.- Kansas. V.-A>
Louis'
Chicago
apolis
San
City- Dallas Fr'isco
,
1,679
152
A 232
3,643)
i
A
V 389
:2,009;
A.
"
96
v,
•A
-
178
i
294 !
;
55
s
7ft
116
107"
42l>
71
A ."2 7'
197
22
./
•
3
5
62
•30
..
?
:!
12'..'
; (
<>3t?;
31
A
15:,:,
V
83
:
/,
358V.
80
T:
112
.
A;
A
eg
36
11.7
'
i
131"
296/
658
Ill
•
m
342
vt 14
18
'"20
368
71*
167. < 578.
317
<15
12
'
7Off
.
62
222..
19T
••
■
49
101
•*
,37
388
■
*32*
112;.
.
22
44
41
>
1113
1
23
•it.
*■1,032$; -250
10
,,
24/
;
.
91
> A124-V.
217
'51 '<■*• 72 'V:
42
.14
,
'A '81 A '<96,:
:A.-/ 5 :v
/
7 '
227 A
%• 23'4
36
559
25.
5
li
6
<
60
,
1,177' / 4
v
484
;.2:
*
>
•'•'-•IT "W' 83f ;<■ "M5":/ V'
8
267
628
219.
<130
.:
:i 283/
"A,;. 89V
1,141
242
234
.114
--
-A-328-
A
'228
412
"*44
267*
i
357-
270"
V;
1
■'
6
'
>•' 67
<809
2,540
438
136
134 "176
*'
741,
183 A
;
661..
259 1
288-.
49
14 •;:.■>
7
'<8(r;
$
846
400.
464
924
•
fv 2
:
268< <267
5,358- A., 589
105* A -25
68'
914
*
-•••-
;* 38 ^142
205 c
A
29
121
50
A A 13
1,454
.70
A 'f
15
186
g
A.AAT'
A112
.456'
414/3,483'
4'
20 A
-
564
3,962
*'1,407 A
n
M4., " 5 :,Av&4'<
All;
:A
AA34A
•
1562
1494-
—
——
32
40:
7,943.
43.
192.
'
766
333
r
209
33:
2,255
.,-416
'
A 415
161>A> *214
*
AA 26
v
A.S?. $ -:-A"r ••--*- / -t'""
'851'
2,252
870
A 404
150
1,964 i
550
domestic .banks,———
•
A; 79
3,-763.
vault—-—•—-
assets—net
'.16»
10,818
Banks.
.:
568
304
103*
A 94 A'
'U 3,334*
Obligations guar, by- U.> S. Govt—
securities—A——-————«——
Reserve with Federal Reserye
1,35BS
4,2061
425* A 2,709'
842
Other
Other
784.
1,258:,
—
United States bonds————,
LIABILITIES—
Demand
A.
deposits—adjusted
;
142
31
31"
'
338.
.295)
.
——
Time deposits
United
.
States Government
Inter-bank
deposits:
Domestic
.
deposits———
A
11,615 > 1,248
229/
256
1,131
.7.
/.■-.5.:;,;'T38vv/
.9,892
632
......
_—_——
!•'
792:.
—
3,897
1,840:1
1,533
410-
,
/
4,079
19
573
•
•;.-1
22
.
251
•
74.71
;
v
A:
'A A
hanks
Borrowings
24,640.
I 5,436.
A *294
Foreign banks A—".
10-25
Inc.,
pref. (quar.)
com.—x±-io
Co.
$3
$1(4
—.
11-1
11- I
11- 1
preferred
(quar.)
Wisconsin Public Serice Corp., 5%
$1(4
10-31
Per
*»
Industries.
10-15
Woolworth
10-15
Wright
10-15
Wrigley
(F.
W.)
Inc.
(irreg.)
Co.—
Aeronautical Corp
(Wm.), Jr., & Co.
10-15
520
13'v. 17
599
N
•
'5
•;
699'
558 .v" 3,410
<212, <193^ 1,002
'<16
404
2
15
12 •:*••■•
9
v;
;
192 <
1,491
;
458
1 (
•
6231.
>
36
<"
483'
*;
•-:>/•
609 *
203
1,48P
132
11:
I;088
-'c18;'v< Yl*'"
500
316
425
'
/
'
;
»"• 2"
1
,V '
21'
f
.
27,0
y
1,647
15
r
213
"26
;
47-
102
395
22
v
10 V
*
427
,99
99
''
7
4
340
110";
64
..
Monthly
Monthly
11-1
10-15
10-15
(quar.)—
11- 1
10-30
10-20
$1%
11- 1
10-20
Monthly
V
Wurlltzer
——
V... '/ "'
—
(the)
Zelier's, .Ltd- (quar.)—^
Zion's
25c
11- ,1
—
25c
25c
25c
25c
25c
.
10-20
12-1
llr-20
1-2-42
12*20
2-2-42 1-20-42
3-2-42 .2-20-42.
4-1-42 3-20-42
•"
Gold Fields,
preferred
books
Inst.
closed
for
10-8
April .30,
dent tax remains at
2%.
a
1941
I
$20c
11-1
io-l5>
$37Vac
11-1
10-15
50c
13-15
13.
5
this-dividend./:
...
$Payable in Canadian funds, tax deductible at the
effective
of Rec.
11-20*
11-
•
tOn-account of accumulated dividends;.
dent taxi,
Holdert
11-29.
(quar.)—£. '
(quar.)___——_._
not
When
Pav'ble
30c
:■
In<r.____
Cooperative Mercan.
•Transfer
Per
392
10c
iO-26
Cons.
92
/Share
-
(irreg,)____
llr 1
YUba
6%
,■
'
___:
"
;
Company
Co.
25c,
'
——
„*
of
(Rudolph)"
10^15
11-10
10-20
(Del.)—
—
'•
Name
of Rec.
40c
$8
—
Monthly
Monthly
Wood, Alexander & James, Ltd., 7% pref—
Holdert
When
Pay'ble-
v
10-31
12-1.
10-28
10c
—-
Extra
15c
50c
Station
Share
Name of Company
Woodall
$1(4
_________
:—
—-
10-27
Monthly
—:
preferred
———A_—
10-27
(1897)—*
6%
Goodw'll
■
■
lanta
10-15
Si
The
,
—-
bills
—
Treasury- notes _A——.—
Treasury
Capital' accounts
12-10
(quar.)
(quar.)—
A At,-
mond
$ A-.JA
6
•,
1*3,284
1,482
A.: 551r
./•A' 439,
——
Other liabilities:
50c
Power
Common
Rich-
delphia i, land'
$>■'• A'.'
$ .v-,r
419*
Loans to bankfc—
Balances with
■
29,379
paper.
Loans to'brokers- and dealers; In secur.____ /
10-10
$$1(4
—
Extra
Electric
,
$I34
$1%
90c
lc
t25c
$1(4
Wilson & Co., Inc., $6 pref.———
Hosiery
11-15
(quar.)_—
Will It Baumer Candle Co.,
Winsted
9-15
10-31
35c
*
—
White Sewing Mach. Corp., $2 pr.
Wisconsin
11-15
12- 1
11- 1.
11-10*
43%c
(s-a)—
(George), Ltd., 5% pref.
Wheeling & Lake. Erie Ry. Co.—
4%
prior lien (quar.)—_—
conv.
■
11-14
12- l
17(4c
Weston
5(4%
<
15, 1941
-1.
:,
com.
12- 1
*
BY DISTRICTS ON OCTOBER
?:--w.'.AA'•/" :-A
'
■
(quar.)—
Westvaco Chlorine Prod. Corpr.;
Clfeve-
Phila-
York.
Boston
11,242
6,568
market
Gash
preferred (quar.)——
—_—
West Point. Mfg;
Co.
(quar.)——:
WestgatevGreenland. Oil Co. (monthly)——
Paper
7*18-42
10-15
25c
6.%
Westminster
4-18-42
11-1
^.
A
A ■;;A; A- A i ;A
investments—total-
.and:
Other loans'—————
$1(4
(quar.)
preferred
(quar.)
conv. preference (quar.)
Co., 7%
Loans
Commercial Indus,
,
_____—
West Penn Elec.
lOf LEADING CITIES
IN
Of "'DoHarsHAAv'A'v*'
.AA (Iir Millions
Total
Loans—-total
Real
& Co., 8%
*
A'A.'A:,;:;:
A'AAr ASSETS—
5-1-42
8-1-42
— __—
...
A"rA;A
'
10-19
II- I
2-2-42. I-17-43
.
Washington Ry. & Electric Co.—
5%
preierred
(quar.)
Wentworth Mfg. Co., $1 conv. pref.
West* Michigan Steel Foundry Co.,
'A.A :.A;A A:
Districts-
Reserve
10-2T
*
(Cbas.)
Federal
*
______
Walton
S
MEMBER BANKS
LIABILITIES OF WEEKLY REPORHNO
ASSETS, AND
/AAA.■■■
7-2-42*
New-
(quar.)—
1—____________
_—
I-2-42*
4-2-42*
12-1
(quar.)—$114
25c
Vapor Car Heating, Co. preferred* (quar.)—
$134.
Virginian. Railway Co.—
■
' •
$%•' preferred
(quar.)
3714c
6%
preferred
(quar.)
37%c
6%
preferred (quar.)
37(4c
6%, preferred
(quar.)
—.—37(4c
W. J.R.,
§
-•
.-
t
11- 1
,,
V«ispar Corp:
Vanadium
*
H
•
.
AFRICA
10-11
$114 1-15-42
$114 4-15-42.
$1(4 7-15-42
-
/—
M pf. (on.)
Susquehanna Valley RR'.—
Semi-annual
*
\
§
11-25
50c
Upper Michigan Pr. & Lt: Co.
Ut'ca, Chenango
>
L
..
'
'
t
A"AV:fA-A;
t
;•'•■
10-20
50c
^
_
pref.
v%
(British),
S
i:
12-6
25c
—
preferred (quar.)
pref; (quar,)
$1%
t
§
AA/.:.
Sugar Corp:—
Universal Leaf Tobacco
'
AA*
§
A:-
A
5
t
;
10-15
11- 1
•*'
(s-a)__
(quar.)
United Wall Paper Factories,. Inc.—
.
New
10-25 '
50c
.
Pipe
8
1
,
11- i
11- 1
11- 1
15c
—_
Extra
United
;A;A:" -t AV;
•:
t
t
AA"1
3
68%c
(qu.)
(quar.)
(Phila.)
A
t
•
}
t
i:1.'■ ■;•:.1
India
10-15
11- 1
11- 1
11- 1
11-17
50r.
.Extra.
States
t
2.213958
25c
Loan
S*
'
-
5;
3.228000
50'c
$2%
.
conv.
S. Industrial Alcohol Co.
United
t.
Official'
53c
53c
50c
50c
50c
—
"Extra
U/
a
Australia,
58V4c
53c
(quar.j—.-_
U. S..Hoffman Mach, 5%%
■A J
t
'.AA:
AAAi t
§
§
.
:
Japan,
♦
_
"t
t AA
•.■'.A
t*':/■: <
.•
'A
f
*A
t
'
t
t
§
t
■'.A:--.-;.-1
■A,
10-22
58%c
58(40
;
pref. (s-a)_
(quar.)—
Co.
Co.
■•
■
_____—
Official
United Profit Sharing Corp* 10%
U.
'.'/:
AA
"
■
t
A-
t
■/./•' ;/
4.032500
A.:/
C
a-,;;-
t
AA-'-'..
4.035000
t
t-
/.
—-—
10-14
11-
A
VVJ;
'
10.-14
Inc.
Mfrs.,
.'r.//;
—;
—_______
10-31;
(Del.)
United New Jersey RR. & Canal. Co,
United
•
AA■
t
•'
4.032500*
-A ,v t
•:
.
§
_________
_____—
—
.
.At
4.035000
t
t'
_____
10-22
t75c
(quar.)_
(monthly)
(monthly)
prior preferred (monthly)
6.36%
prior preferred (monthly)
6.36%
prior preferred (monthly)
6.36%
prior preferred (monthly)—
6% prior preferred (monthly).
6%/ prior preferred (monthly)
6%> prior preferred (monthly)
United
/,<<
11-15
25c
15c
10c
(quar.)
prior preferred
prior preferred
7%'
/;-/:■/
t
•'/■■
11-22
$1(4
$1V8
t20c
.
7
1
.■; ■;
Free
preference
Light &
t
—
;—_____________
20c
10c
(quar.)—
class
.<•
—
China, Chefoo dollar (yuan)
China, Hankow dollar (yuan)
China, Shanghai dollar (yuan)__—_.
China, Tientsin dollar (yuan)
Hong Kong, dollar
Fuel Investments
6%c
',-4'..
i:<;.;<
t. ;/■'■,•
t'
;v'.. Avt
-At/,;,/
t <:/../■:: /<' t v',..'
■■■■■/•
...—__
___.
A
10c
(quar.)——
United Drill &. Tool Corp. class A
Class
4.032500
11-22'
5814c
50c
41%c
t$l
t66c
15c
•
5c
$1
(ouar.i__
—
of: Canada, Ltd. (quar.)—
Co.
:
.4.035000
4.033125
tic
.
pref.
Uhlon Gas
4.035000
$3c
Lamp
TJdylite Corp.
f \;:
t
4.033437
t
"t
;—.
—————
_________
Yugoslavia, dinar
Co.—
Trade Bank & Trust Co.
,A-.vf;ArA:
t
4.035000
f
45c
•
—
(monthly.)
6%- preferred
(monthly.)
5%» preferred, (monthly)
Toronto Elevators, Ltd., com.
t
t
AAA
4.033125
_____
—_____
leu
AUSTRALASIA—
———
—
preferred
'
AA
t
0
•-
t
■
_*—__________
Spain, peseta
Sweden, krona
Switzerland; franc
10-25
11-15
9oc
—
Ltd.—
—
Edison
"•. </
Free
—
Gold
Extra——.
t
t
•
.t <<
.
________
Third Nat. Bank & Trust Co, (Scranton, Pa.)
Toburn
pengo
Rumania,
•
:
——
.
$6
5
10-15
?/>
4.035000
___—
10-15
Tacony-Palmyra Bridge Co., 5% pref. (quar.)
Talon, Inc., 4% preferred (s-a)
Texas Power & Light Co., 7% pref, (quar.)
Thatcher
Oct, 23
Oct. 22
v
stock
com.
Y.
N.
•
•
10-15
class B_>—,
„„„:
.
__________—_—
France, franc
Germany, relchsmark
Greece^ drachma
ASIA—
&
(quar.)
Oct. 21
t
iy'-v:*/1
t
—
__________—
Italy, lira
Netherlands, guilder
Norway, krone
Polanci zloty
Portugal, escudo
11-15
11- 5
t
t
■
______
11-
■
•
_______
markka
Hungary,
10-22
ea?hr s'-ar^'held.
Syracuse,
Oct. 20
——™_—_____—
—
! Finland,
T
10-
50c
divi.)
(stosk
Superior Portland Cement, Ihc.,
krone
pound sterling—
England,
10-31
11-1
20c
1
;AA *
/-
:
—
3714c
<<
(quar.)—
,
,
Oct. 18
-
■
Belgium, Belga
_______
Bulgaria, lev
Czecho-Slovakia, koruna
1
11-15
11-15
11-1
11- 1
3114c
t.025c
$114
.
Mines, Ltd.__v.-___
Sun, Oil Company,, 414% class. A preferred—
Sun-Ray Drug Co., common—_______
'
V,.
'
-
.
:
;
.
12-1
_______
(quar.)
Consolidated
V-!,v
v'
Buying Rate for Cable Transfers; in New York.
Value In United States. Money ■ ;
■•.*■.
<
Oct. 17
Free-
_
and Monetary Unit
Country
Struthers Wells-Titusville Corp.—
Sullivan
V
'
.
10-20
12-31
11-. 1
11- 1
11-14
11- 1
10-31
12-31
12-1
—
conv.
Stouffer
:v
.
,
17, 1941 TO OCT. 23; 1941 INCLUSIVE
Noon
10-31
12-15
11-15
40c
25c
3714c
25c
7%
preferred—t$2
6% prior preferred (quar. i _________$114
(A.)
Sterling,
OCT.
?
.
—
Stanley Works, (The), 5% pr*f.. (quar.) —
31'Ac
Stecher-Traung Lithograph Corp.—
5%• preferred (quar.)
i
_____
$114
Steel Co. of Canada, Ltd.,. com. (quar,)
.
.
$75c
1% preferred (quar.)———$75o
Stein.
11-20-
EUROPE—
Acid Wrks,
_____________
*
RATES CERTIFIED BY FEDERAL'RESERVE. BANK TO TREASURY UNDER TARIFF ACT OF 1930
FOREIGN EXCHANGE
11-201
11- 1
12-15
11-15
$114
$1V8
>.
—
Standard Wholesale Phosphate &
(quar.)
(qu&r..)__
We give below a record for tire week just passed:
:
11-20
series
/
pref.
World.
10-20
11- 1
11-1
12- 5
$114
preferred
$5
Sons,
Standard Brands* Inc., $4.50
Standard Silica Corp.______
Inc.,
_
now cer¬
10-20
11-13
11-15
$1.20
15c
(quar.)________
requirements, of Section 522 of the Tariff Act of 1930i, the Federal Reserve Bank is
tifying daily to the Secretary of the Treasury the buying rate for cable transfers in the different countries of the
5
10-30
$20e
4.8 % pf. (quar.)
common--
12-
12-15.
11-28
12- f
12- 1
12- 1
2-oc
(quar.)
______
Southern Advance* Bag & Paper Co., Inc.-—.
$4.50 preferred
10-17
30c
30c
.
Preierred
Pursuant to. the
10-25
3714c
6%
i
11-1
11- 1
25c
6%
Spiegel,
10-17
10c
37V»c
$0.60 prior pref. (final) —
Greyhound Lines, Inc. (quar.)
non-conv.
preferred (quar.)
Corp.,
South. Indiana Gas & Elec.,
10-31
11-1
50c
Southeastern
1
of Rec.
11-10
\
Foreign Exchange Rates
Holder«
When
Pav'ble
30c
$$l8/»
—
Simpson's Lea.
Sonotone
''
Share
Saturday,, October 25, 1941
source;
increased from. 5 %
Less British income tax.
to
Non-resi¬
15 %.
Resi¬
763
THE COMMERCIAL & FINANCIAL CHRONICLE
Number 3998
Volume 154
Weekly Statement of Resources and Liabilities of the 12 Federal Reserve Banks at Close of Business Oct. 22,1941
Three
X-V
—
■■■■■
—
/,+
.
$
.
Atlanta
St. Louis
Chicago
Minneapolis
Dallas
City
Francisco
■
/.'
$
$
..
$
$
$
$
$
$
$
$
•
S
8,495,112
1,293,518
1,663,678
772,653
508,355
3,341,043
573,368
345,861
500,676
359,657
1,465,341
13,289
4,634
852
629
560
1,491
292
837
822
514
410
671
1,577
26,382
57,147
17,466
19,553
15,414
18,708
37,918
17,728
4,834
12,912
11,503
27,968
1,271,783
8,553,111
1,311,613
1,683,791
789,558
527,355
3,379,798
591,918
351,209
513,998
371,831
1,494,886
1,351
150
595
30
25
14
2,194
200
25
20,560,029
/
notes
Res.
1,240,767
20,840,851
S. Treasury
from U.
and due
hand
on
fund—Fed.
Redemption
cash*
Total
Richmond
261,533
certificates
Other
Cleveland
Philadelphia
*
ASSETS
Gold
New York
Boston
Total /
Agent at—
Federal Reserve
"
+
San
Kansas
Omitted
(000)
Ciphers
1
-*-.J
reserves
'
:'■'/'/ f V>}
'£/'.('•
Bills
by U. S. Govt, obligations, direct and guaranteed..
Secured
bills
Other
discounted
,
.
7,
and guaranteed:
Govt, securities, direct
■Bonds
U.
bills
Total
Due
from
Fed.
Res.
securities
and
Uncollected
Other
1
circulation
actual
283
96
49,307
27,244
66,706
93,932
76,551
187,435
77,400
187,625
60,063
192,099
71,570
41,870
33,186:
106,141
39,544
23,134
169,348
566,321
172,017
215,893
134,996
93,249
298,240
111,114
65,004
171,593
568,037
175,648
216,356
111,528
65,614
95,463
18
5
4
t
1
2,708
1,483
2,219
13,754
2,706
2,467
2,633
905
47
3
V:
1,248
93.562
135,788
•/.v.
298,601
///
2!/
2
.
'///
6.
1
see
/■,
'
v
:t/5/.v:
1
4
3,405
964
3,779
251,515
69,053
127,001
86,118
45,101
156,436
47,439
27,759
48,415
40,392
70,760
2,791
10,548
4,867
4,463
2,892
1,958
2,991
2,285
1,345
2,900
1,158
2,785
3,186
11,370
3,637
4,766
2,930
1,865
5,640
2,098
1,350
1,853
1,581
9,397,307
1,566,306
2,038,600
1,031,042
672,549
3,845,939
757,902
448,182
666,035
493,327
695,903
388,100
1,550,355
289,657
187,722
242,679
122,345
102,072/
vr
/
1,552,676
v.
7 611,152 i
7,352,047
——
.
./,/■•
H; A'
^
■
509,459
1,888,986
618,893
■/
452,421
286,252
1,891,370
334,695
304,974
253,788
909,303
90,253
35,764
33,729
70,425
32,259
38,741 /•;,
28,822
31,674
40,924
109,361
103,723
48,479
39,460
135,291
33,823
24,803
32,695
32,695
85,716
543,289
12,960
30,984
6,890
7,790
4,792
8,608
6,493
2,638
1,262
26,207
821,008
7,157,505
954,900
1,192,010
543,554
367,231
2,101,878
409,385
227,506
369,129
319,419
1,062,150
978,741'
94,507
220,806
67,069
115,713
82,879
44,709
145,473
46,841
23,120
42,765
39,879
54,980
4,388
7 405
1,233
391
429
393
162
478
144
143
160
160
290
1,527,072
9,268,530
i 1,531,819
2,004,055
1,014,926
658,89a
3,798,184
746,027
438,491
654,733
481,803
1,736,313
9,362
51,772
11,860
14,603
5.639
4,848
15,097
4,376
3,011
4,553
4,356
10,906
56,447
15,144
14,323
5,247
5.725
22,824
4,925
3,152
3,613
3,974
2,874
7,070
4.393
1,007
3,244
713.
1,429
533
1,000
1,138
1,263
2,041
2,528
1,998
.// 1,931
12,748,587
95,626
967,050
767,547
5,757,623.:
666,095
977,178
account
reserve
1,763,980
//:/;
:;y///// /•/ :"
bank
4,141
i
;
246,796
Deposits:
Member
120,729
60,502
33,430
86,951
.
137
■
48,045
'
53
77 44,417
—
—
in
/'
76,833
•'.) •
notes
••
139,060
'LIABILITIES
R.
'•
480
/;//:-::
;'/.///
61,219
/.//
24,233,845
F.
♦
400
53
566
■/
V
////;/; / //•" / ■//'/•■
//;
'
110,798
•.
1,072,061
—
;
assets
336
+//• 211
X-
512
40,983
items
premises
1,435
364,773
38,271
banks—
other
of
notes
-/•'/:
banks
foreign
/
211
//';;/
130
14
25
42
'
201,548
2,197,215 ; ■
—
—
:..-/7'/
—X--:
54
1,295
/109,078
•
2,184,100
direct and guaranteed
//'/•/
252
//'■
140
45
60,270
1,406,800
—
■
'&3,573
1,096
/
://■':
58
*».''.V--v
85
12
52,
■;.v./X.
J''-.
\ 'V'.
200
58
" 620
/
.
1,895
777,300
Govt, securities,
S.
7'
' 9,570
,
350
'v:/':
—'
Notes
Bank
/
—
-
Total
77.
///;/ 3,545
advances
Industrial
U. S.
-
.
discounted
bills
Total
>
mw£
discounted:
157,469
"
U.
Treasurer—General
S.
account
413,929
65,032
51,795
442,664
659,405
7,492
15,525,675
X
Other
deposits
•/ Total
Deferred
;
deposits /
——'
—
liabilities
Total
•—
items
availability
liabilities, incl. accrued divs.
Other
7
1,140,505
Foreign
—
———
23,860,851
—-
•.
v
+
;
Capital paid in
—
Surplus (Section 13-b)
Other
does
cash"
"Other
24,233,845
t Less than S500. X
include Federal Reserve notes,
not
553
advances.—
■// ///
-■
11,771
10,785
2,121
3r090
4,612
1,986
2,365
1,566,306
2,038,600
1,031,042
672,549
3,845,939
757,902
448,182
666,035
493,327
1,763,980
2,270
9,397,307/
1,552,676
,13,574
accounts—-—^,,————
industrial
make
to
v
/
./•
,'/
8,405
1,228
1,226
1,041'
1,600
559
28
1,501
23
3,082
Atlanta
Chicago
13,488
2,462
47,896
capital
Commitments
•
26,785'
—
—.—
Total liabilities and capital
i
141,248 7
,
157,065
(Section 7)
//
'•'y:/ :'■'//
CAPITAL ACCOUNTS
Surplus
/
463
2,990
,
.
>,
Federal Reserve Note Statement
Kansas
Ciphers (000) Omitted
Three
Federal
Reserve
to F.
Issued
Held by Federal Reserve
actual
In
circulation
/ $
/'
S
$
$
paper
i
Bank of
t.\
89,198
24,967
31,478
27,484
23,138
30,945
695,903
388,100
246,796
1,550,355
655,000
1,990,000
540,000
730,000
450,000
275,000
1.620,000
620
Bank, for the .week ended Oct.
During the week ended Oct. 22 member bank reserve
$572,000,000. Reductions in member
reserves arose from an increase of $718,000,000 in
Treasury/deposits with Federal Reserve Banks and a
decrease of $22,000,000 in Reserve Bank credit, offset in
cash and
$120,000,000 in non-member deposits and other Federal
Federal
the
the
for
Reserve
current
of the
ments
able until
System
1941
CirculationPublic
deps.
Dther deps..
Bankers'
accounts..
/■1940
1939
£
£
/
/
the
BANKS
a
IN
notes.
$
Commercial,
indust.
brok.
£
-•&
5,362,174
coin__!
21,239,003
43,973,000
1,601,205
reserve
Gold
fine
rate.; i
val.
45,294,894
704,975
■
/'
*
X
oblig.U. S. Govt/guar, obligIndus.
adV.' - (not includ.
Bills
r*
,
Oct. 22, 1941
8,108,686
20,909,315
44,876,459
.
$14,000,000
commit.—
i
October 22)Z-X_:——- '
Other Res. Bank creditTotal
Res.' Bank
oredit
Gold
StOCk
currency
bank
Member
Money
--Xi—
31.9%,;.
20.6%
'
2%
2%
;
168S.
168s.
2
'•
28.1%
V" 2 %
28.6%
2%
84s.
llVad. 84s. HV&d.
——
bal.—
cash
Treasury
dep.
•"
Reserve
other
F.
with
Banks
Non-member
168s.
res.
circulations-
in
Treasury
22.1%
Real
estate
Increase (+) or Decrease (—)
Oct. 15, 1941
Oct. 23,1940
R.
-168,000,000
2,179.000,000
■"
+
2,000,000
—19,000,000
—22,000,000
—97,000,000
+
8,000,000
+1,358,000,000
+
7,000,000
159,000,000
—572,000,000
—1,399,000,000
—5,000,000
+ 2,042,000,000
—27,000,000
—37,000,000
deposits
+ 718,000,000
+
594,000,000
2,092,000,000
—120,000,000
+
1940
with
$
$
2,576
2,275
3,783
2,887
928
924
650
2,547
1,818
79
677
682
460
83
31
32
400
297
52
43
;/'/:' ////•' :>;/'//'/' /■ //
153
106
154
106
156
119
34
•■
22
28
•/ •/
///
•
t'
54
55
58
22
22
19
30
459
388
92
90
63
449
335
226
233
247
1,412
949
117
119
135
3,243
2,646
848
783
775
1,890
1,881
1,442
156
156
"
104
1,526
—
banks..
1,541
1,392
365
361
364
4,985
5,138
6,678
1,178
237
1,311
81
81
83
41
42
40
93
91
80
281
281
281
308
306
324
39
40
43
10,564
760
10,706
763
9,889
2,247
2,243
2,060
720
436
495
508
283
124
35
73
25
94
3,812
—
banks.
dom.
3,975
3,756
1,061
1,111
1 007
Liabilities-
deposits—adjusted
Demand
Time
U.
S.
deposits
Government
Inter-bank
Domestic
220,000,000
Capital
deposits.
-
deposits:
banks
liabilities
accounts
*7
587
banks
Borrowings
Other
&
aocounts—
1941
$
2,640
the
assets—net
Foreign
977,000,000
1941
$
9,651
69,000,000
93,000,000
2,291,000,000
22,786,000,000
3,214,000,000
12,749,000,000
10,278,000,000
2,195,000,000
+
1940
12,309
3,324
bonds
vault
in
Other
;
$
Oct 22 Oct 15 Oct 23
12,326
29
with Fed. Res.
Balances
+
Chicago
Oct 23
423
1,408
,
securities
Other
1941
461
bills
notes
Treasury
United States
Cash
+1,000,000
Fed.
_—
,
loans
Treasury
Res.
5,000,000'
10,000,000
loans-
Obligations guaran. by
U. S. Government
1,000,000
on
banks
to
Other
-
4,000,000
discounted
U. S. Govt..direct,
Treasury
per
oz._—
"
87,678,784
1,072,852 327,775,621 328,024,445
to
liabilities
Bank
4,156,835
21,608,689
53,935,510-
37,475,706
Ddin and
bullion—Propor'n of '
follows:
as
>.
35,501,186
36,594,926
107,581,164 100,238,165
25,765,524 :29,018,001
4,639,507
21,698,755
2,779,769
21,202,034
notes. /
Res,
were
$
&
advances-
the week and the year ended Oct. 22, 1941,
pur.
securities
carrying
Loans
£
116,761,200 100,421,384
52,340,160
39,242,371
56,039,735
137,352,838 106,041,164
Govt, secur. 142,182,838
24,018,772' 26,338,262
26,564,208
Other secur:
Securities-
.
116,804,006 105,141,132
accounts.!
Disc't
■//■>
527,137,342 482,480,727 483,147,986
12,574,232
25,038,583
32,174,384
156,003,571 135,922,570 124,273,710
Other
,*
items during
balances ^and related
City
Oct 15
378
dealers
&
for
loans
Other
1
CITIES
and
agricultural
loans
market paper
to
City
2,544
84
Loans—Total
Loans
York
.3,755
Invest.—total—
and
Loans
Open
.
RESERVE
New York
Assets—
principal change in holdings of bills and securities
was an increase of $43,000,000 in holdings of U. S. Gov¬
ernment bonds and a decrease of $43,000,000 in U. S.
New
OF WEEKLY REPORTING MEMBER
CENTRAL
Oct 22
for the week.
000, a decrease of $570,000,000
the
(In Millions of Dollars)
•
.
for
coming Monday.
1941
y; The
1937
1938
£
„
/
week,, issued in advance of full state¬
banks, which will not be avail¬
be approximately $4,660,000,-
Oct. 22 were estimated to
Changes in member bank reserve
688.528,000 593,229,269
23,685,003
21,304,000
172,843,741 157,481,292
ij.
704,000
141,000
for the Chicago member banks
Excess reserves of member banks on
Reserve accounts..
Oct. 27,
Oct. 26,
''
member
ASSETS AND LIABILITIES
in circulation/ $27,000,000 in Treasury
money
STATEMENT
Oct. 25,
Oct. 23,
704,00ft
:
1,395
256,395 '/•
197,126
'
ENGLAND'S COMPARATIVE
255,000 /141,000
member banks and also
part by increases of $8,000,000 in gold stock and $7,000,000 in Treasury currency and decreases of $5,000,000 in
advances" and "securities," which,,
£154,719 respectively. ? No change
discount rate. Below we furnish
with comparisons for previous years:
Oct. 22,
69,115
618,893
and Chicago—Brokers' Loans
bank
prise "discounts and
gained £2,557,389 and
was made in the 2%
OF
12,821
122,345
Returns of Member Banks in New York
balances decreased
posits expanded £10,177,000 while other deposits lost £9,768,385.
The latter consists of bankers' accounts, which
decreased £11,413,720 and other accounts, which rose £1,645 335.
The proportion of reserve to liabilities fell off
to 22.1% from 23.5% a week ago; a year ago it was 20.6%.
Government securities showed an increase of £235,000
and other securities of £2,712,108./ Other securities com¬
BANK
10,183
Below is the statement of the Board of Governors of
resulted in a decrease in reserves,
many weeks, of £1,621,000.
Public de¬
items
329,014
1,620,000
275,000
Reserve Banks
the advance in notes,
the various
/ 450,000 /
The Week with the Federal
again showed an increase in note
the seventh in as
540,058
1.990.620
655,350
7,888,563
730,000
688,008
242,679
/ ::jV/ 126 /:/
14
58
$
135,166 v
•
197,000
329,000
350
/:€ $
$
252,862
5,330
289,657
circulation, this time
of £2,465,000, which raised the total outstanding to a new
high record of £683,528,000, compared with this year's
low, £598,425,652 Jan. 22 and £593,229,269 Oct. 23 a year
ago.
A loss in gold holdings of £56,118, together with
22
Francisco
187,722 /
20,401
509,459
•
/ ;.<
«
1,888,986
England Statement
•The statement of the
•
San
Dallas
City
x
193,052
310,058
1,581,300
37,743
—•—--C-ffl ■ f'; 2»563
—
Minneapolis
/■$
$ /
:
-
269,934
7,352,047
„**————
m^r
collateral
Total
;
611,152
tor notes issued, to bank:
hand and due from U. S. Treasury—7,88^000
Gold certificates on
St. Louis
382,803
Bank
Collateral held by agent as security
Eligible
;/;:'$
415,584/
727,381
534,426
1,978,184
648,895 /
;■;/■ 7,734,850
Bank by F. R. Agent.,
R.
Richmond
t
,*•**>
notes:
Cleveland
Philadelphia
New York
Boston
Total
Federal Reserve Bank of—
572
627
7
8
264
263
291
16
15
15
1,523
1,522
1,498
279
279
261
1
:
THE COMMERCIAL & FINANCIAL CHRONICLE
Weekly Return of the New York City
Clearing House
The weekly statement
Clearing
House
is
afternoon
;
7
»
in
given
•
close
of
of
members of
business
the
Thursday,
23,
full
'Capital
Bk
of
N.
Bank
of
$6,000,000
-
$241,778,000
27,343,600
77,500,000
83,767,300
20,000,000
58,607,400
Co._
90,000,000
Co.
41,891,200
Trust
Trust
Central
$15,088,000
634,298,000
02,633,926,000
161,822,000
First
Trust
Natl.
V
881,603,000
Irving
188,375,200
52,239,940,000
40,986,600
787,001,000
109,272,000
75,947,300
cl,141,208,000
80,594,000
358,927,000
27,714,000
868,620,000
15,747,000
>
Other
• •:
\l •
•
between
-
.I.
fund
OF
•'
,
i
the
*■'
!'
■
•* *•'
'•
7
V
l
»
•'
,
.!
-V '
•
•
••
7
.,
*
'■
•
' •:
•
.'rf
afternoon, '
Oct. 15,
1940
1941,
$
$
■
,
,
,
RESERVE
Oct. 8,
1941 K{&,
:
$
AT
THE
I."—,.......
Sept. 17,
Sept. 10,
19,167,300
20,525,032
■
Total
''<■
15,000,000
10,000,000
109,278,000
50,000,000
53,997,200
20,288,200
>
">
1941
Sept. 3
,'*Vi
Aug. 27
1941
1941H
$
$
20,362,029
20,297,032
14,723
15,743
16,386
16,386
15,146
252,404
269,462
267,065
262,666
235,953
274,705
20,733,164
20,647,234
20,580,483
20,576,084 20,550,131
20,589,648
:.;/%•$ 0'-;%
$
$
20,297,03220,299,032
742,277,000
13,289
10,074
14,153
14,729
267,533
335,574
250,498
243,391
reserves
19,512,948
20,789,683
V
20,758,431.
v
20,299.532
;•
.15,411 '•
discounted:
Secured by U. S. Govt,
obligations, direct and
rtV.-;'*::.
*
guaranteed
Other bills discounted—
V-^:
;
"
1,351'
992
2 2,194
2,533
1,487
6,275
3,545
4,803,000
Trust
&
Chase
Co.;
Natl.
Fifth
3,525
7,762
,
,
1,591
1.920
9,380
9,409
11,039
'
9,597
10,971
,
1,660
.
:
i,6io
2,094
;
2,407
11,511
10,222
7.973
13,605
9,274
2,197
Bank
4,551,600
12,419
100,270,000
d3,294,422,000
4.301,800
Total
Trust
Industrial
5,171,000
67,801,000
U.
Marine
Y.
1,268,700
18,079,000
5,000,000
10,215,700
147,558,000
12,500,000
28,093,100
464,671,000
39,681,000
Bank
&
Public
Tr.
Natl.
•As
Co.
7,000,000
8,984,900
142,809,000
7,000,000
11,125,300
111,412,000
d
b $65,583,000
$95,925,000
i
•
Sept.
30,
(latest
Sept,
30,
a
1941;
[' 10,380
The
following
date);
date);
(Sept.
-;v.
table
e
'77t'
Sept.
>.
c(Oct.
30)
2,351,900
2,184,100
23)
the
per
reported
to
2,201,135
2,184,100
47
2,184,100
2,203,880
47
47
47
2,204,071
2,204,581
47
22,233
40,674
1,433,599
38,717
37,718
39,422
41,900
it:. 1,058,511
956,918
and
sec.
foreign banks-
Res.
of
notes
special
38,271
•—
items
Other assets
Total
1,072,061
—
: r
24,233,845
of
gold
£
£
•
7'-7
328,024,445
293,710,643
3,876,250
3,857,300
63,667,000
63,667,000
63,867,000
account
Bel.
23,400,000
25,232,000
93,623,000
97,714,000
132,857,000 103,890,000
123,420,000
Other
Sweden—-
41,994,000
41,994,000
96,772,000
35,222,000
Denmark-
6,505,000
6,505,000
6,500,000
4,499,950
Norway-s—
6,667,000
6,667,000
6,666,000
Tot. wk._
696,128,199 697,448,702 762,741,325
Prev. wk.
696,170,178 697,575,919
Note—The
762,478,467
in Europe has made
war
114,929,000
25,982,000
6,537,000
8,205,000
7,147,456
308,748
11,184,983
378,956
1,111,359
733,445
744,984
(section
15,467,624
15,508,383
15,497,370
1,018,920
822,796
3,692
3,950.
383,052
258,814
304,023
1,071,443
1,188,259
1,165,164
528*576
731,908
711,401
15,525,675
16,131,046
15,500,371
15,471,036
736,357
1,321,876
836,100
4,147
4,186
137,638
157,065
151,720
26,785
26,839
47,896
46,724
24,233,845
liabilities
capital
22,754,743
_
,/v
.
accounts
posits
note liabil. combined
Commitments
industrial
Maturity
Bills
61-90
Distribution
and
value.
On the market price basis (168s. per fine ounce), the Bank
reported holdings of £1,601,205, equivalent, however, to only about
£809,729 at the statutory rate (84s. llMid. per fine ounce), according
current
figure
OveT
90
days
The
y
Bank
of
v.
France
gold
24,550,096
23,983,781
91.0%
91.2%
7,422
13,580
13,673
6,215
8,923
have
been
m recent years; on basis of latest valuation
(23.34 mg. gold 0.9
equals one franc), instituted March 7, 1940, there are per Brit¬
statutory pound about 349 francs; prior to March 7, 1940, there
were about 296 francs per pound, and as
recently as September, 1936,
as few as
125 francs were equivalent to the
statutory pounds.
For de¬
tails of changes, see footnote to this table in issue of
July 20, 1940.
!
898,687
877,919
6,558
.
3,080
3,315
141,013
23,442,82223,446,132
141,045
141,015
-M: 157,065
157,065
140.942
157,065
'
-26,785
26,785
47,962
•
47,787
.
.
,
.
V 47.896
'
26,785
26,785
47,921-
-
■
23,500,511 4
140,970
157,065
V
157,065
26,785
,;
689,923
15,612.351
849,540
24,118,649
24,205,940
23,932,204
.
"26.785::'
47,898
:
47,959
v
23,815,608
23,818,850 23,873,262;
*
^
91.2%,.
91.1%
,
12,709
12,586
91.1%
90.9%"*
'11,487
1,166
271
522
904
360 "
disc.
728
754
3,525
2,816
,536.
139
'
456
3,545
669
-
1,316
203
8,339
'
'761-•
91.2%
,
12,994' ",12; 872
91.0%
.
12,928 '
^
997
-,
^
143 '...;
"•
.
147
ind. adv
2,569
2,575
'
8,056
1,225
i.
; 649
;>
948
'
110
•
-
124
'
«
166;
1,095
-
11,059
11,517
10,884
' -
2,549
2,524
332
321
312
364
376
187
167
'170
176'
134
61-90
days ind.
423
490
5,520
5,004
Over
90
days
adv..
ind.
adv._
Total
17.
Industrial
S.
Govt,
adv
N
9,570
^
•
2,333
•
12,419
98
10,380
391
■
432
343
391
166
v'
173
569
438
471
5,455
5,433
5,429
5,716
5.812
9,273
>
683
906
-
9,087
f > 8,902
8.964
8.896
•' > 9,701
%
yj&X
343
'
>
649
8,305
1,461
*>*375-*: ,f'
<■0. 101
■
'
5,536
-
7,212
;
957
;
"'13,605 <•?',
'
2,396
276"
1
8,223
3L.953.
v.-*- 3,396
1,507
.
287
258>'
'>•'*10.971
1,342
1,863
;'^>155
7,762
%
>
'
7,337
8,401
1,111 >
1,214
819
:
274
:
984
v'":>;958'
: '•
■:>-
242
898
5,767.
5,878
9,681
9,563
securities,
direct and guaranteed1-15 davs
16-30
days
31-G0
days
61-90
days
Over
90
Total
several
times
v
3.473
421
comparable
revalued
772,074
1,152,699'»
681,726
15,456,78415; 426,529
23,833,149
43,000
43,000
43,000
43,000
2,184,100
3,351,900
2,141,100
2,141,100
'2,141,000
2,141,100
2,184,100
days
2,351,900
2,184,100
2,184,100
2,184,100
2,184,100
7,605,730
7,553,617
349,997
389,367
7,255,733
7,164,250
43,000
'
U.
direct
curities
v
fine
Govt,
S.
i'
2,141,100^. 2,184,100 2,184,100
V;V/:-vOr'7
holdings
708,465
698,933
1,184,850
,
390
holdings of the Bank of Germany as reported in 1939 and
6ince include "deposits held abroad" and "reserves in
foreign curren•;
47,828
141,043
455,691'
12,997.655
'
23,559,379
157,065
7,006,926
13,158,335 12,884,323
333,762
days ind. adv.
days ind. adv
16-30
Gold
■
47,789
156
bills
'
,■
26,785
23,745,969
-"7,129,940 7,117,836.
1,126,450- --1,143,825:1,152.015
31-60
former
Cies."
141,155
157,065
26,785
1,753
V.
days bills disc-
Total
periods as well as with the figures for other countries in
the tabulations, we show English holdings in the above in
statutory
pounds.
77'
x
23,873,262
of
of
the
50,220
Short-Term
days tills
1-15
gold holdings of the Bank at the market value current as of the state¬
ment date, instead of the statutory price which was formerly the basis
make
•
Securities—
of Oct.
and Bank Notes Act, 1939, the Bank
1, 1939, and since have carried the
to
141,173
157,065
......
,■
Denmark,
as
statements for March
order
23,610,948
13,574
disc.—„
In
-v
4,307
90.1%
91.1%.
_
disc
disc
calculations;
.'
make
to
advances
bills
our
40.641
•'•
Res.
bills
bills
with
954,428
'
"
1,092,001,530 1,062,271,038
1,090,671,578 1,063,167,353
Italy, figures for which are as of April 30, 1938, and March 20, 1940,
respectively.
The last report from Switzerland was received Oct. 25;
v
24,177,284
to de-
Fed.
and
days
to
•
and
days
Currency
;
22,391,821
7)
days
the
933,518
709,232
977,178
141,248
1-15
to
34.235
23.815,608 23.818,850
13,327,926
23,860,851
16-30
England
37,002
% 897,321
24,205,940
7,164,250
1,140,505
liabilities
31-60
♦Pursuant
23,932,204
13,273,084
978,741
it impossible to obtain up-to-date
24,
24,118,649
7,255,733
;
—
reports from many of the countries shown in this tabulation. Even be¬
fore the present war, regular reports were not obtainable from
8pain and
of
47
38.911
A
-
51,364
13,240,448
6,602,000
May 24; Netherlands, May 17; Sweden, May 24;
29; Norway, March 1 (all as of 1940), and Germany
1941, and France as of Aug. 22, 1941.
7y
2,184.100
2,204,043
47
40,588
7,299,505
items
Ratio of total res.
_
Belgium,
' v.:;;'.
55,195
13,290,448
liab., incl. accrued
Total
6,548,000
March
47
'40,644
7,350,851
4,388
avail,
Surplus (section 13-b)
Other capital accounts
79,159,000
31,932,000
v
820,300,
2,134,100 2,184,100
2,207,406 2,206,200
,
42,369
„
13,321,390
Capital Accounts
Capital paid in
,
84,758,000
1,363,800
"
820,300
-40,662
'
5,520,271
dividends
99,622,000
84,758,000
>
1,296,599
.
40,781
43,221
14,147,775
—
J—_
deposits
Deferred
107,568,000
93,569,000
97,714,000
3,006,700
820,300
'
40,732
44,406
;
,,
23,983,781
659,405
—
—
25,322,000
132,857,000
40,754
44,944
12,748,587
—w__
Foreign
deposits
87,323,000
16,601,000
Switzerl'd
24,550,096
Treas.—General
Surplus
327,775,621
293,728,209
16,602,000
Neth'rl'ds
Nat.
£
63,667,000
Italy
22,754,742
896,730
t
-
•
7,352,047
account
S.
Total
3,866,800
x
1,363,800 1,363,800
-
H'-.;
Other
yesterday
1937
.7-.7',' £
1,363,800-
(
820,300
in actual
notes
reserve
U.
1938
*809,729
*356,506
*542,541
240,687,670 242,451,946 328,601,484
Germany
Spain.—
40,840
,44,118
,
54,189
Deposits—Member banks'...
1939
-
EnglandFrance y
41,348
,
shown for the corresponding
1940
£
760,247
40,983
44,417
—
assets
Fed. Res.
dates in the previous four years:
1941
9,563
Liabilities
-'--■'■■'•.'-■7:.;
cable
9,681;
;
other
fine ounce) in the princi¬
by
us
are
.:
sec.,
$2,856,000;
:
amounts
9,701
2,184,100
2,363,730
2,184,100
2,204,158
820,300
2,197,215
Govt,
S.
bills
from
$23,241,000.
'i:..:.-'..7''
of respective dates of most recent
as
(Friday); comparisons
-
820,300
2,184,100
U.
Total
pal European banks
of-
47
820,300
Bank premises
30,
(latest available
European Banks
indicates
statutory rate, 84s. liy2d.
Banks
1,363,800
47
1,363,800
820,300
Uncollected
(converted into pounds sterling at the British
statements,
1,363,800
8,896
1,363,800
circulation
bullion
8,964
965,800
Fed.
54,450,000
State,
$295,876,000
available
!-I.
,
Gold Bullion in
•
8,902
Total
1,600,000
1941.
foreign branches;
(latest available
'■
.
.
National,
reports;
companies,
Includes deposits in
date);
■
1,386,100
Due
official
per
9,087
777,300
w
i
Total
—$518,661,200 $967,515,600 $16,049,444,000 $774,660,000
trust
-
9,273
;
1,406,800
;
•banks
1941;
8,305
10,884*
guaranteed1
Bonds
v
Bk.
Co.__
Totals
9,570
—-
direct
sec.,
*
11,517
direct and guaranteed.
2,318,000
v
Natl.
Trust
advances
Govt,
Notes
Co-
Commercial
"
■
3,132,000
Co.
Trust
&
6,000,000
Midland
Trust
S.
and
Co.,.—
discounted-
bills
46,499,000
58,608,000
el,207,397,000
85,319,200'
25,000,000
7. 1,666,000
74,910,000
140,711,400
500,000
Co.
f.
Guarantee
&
N.
4,000,000
Bank-
Ave.
Bankers Trust
Title
v
Bank
/;%
iFed.
——
———-
"
Continental
;
22, 1941
20,466,031
20,501,030
;
'
1941
1941
and
20,560,029
-'7.7...7.7.,7.
CLOSE OF BUSINESS OCT.
Sept. .24,
$
20,840,851
notes)
1,
1941
;/
$
BANKS
Oct.
w
separately
regarding
table following) gives details
and the Federal Reserve banks.-
i.....r."•...'L.I.'J...'.'
..
FEDERAL
first table
weeks and
(third
Reserve agents
■
THE
Oct. 23,
'
Treas.t
S.
LIABILITIES
1941
7*' '
hand
cash*
Bills
21,000,000
Co._
*,
89.231,000
Co.
Trust
U.
Redemption
9,853,000
Bank-
•
on
from
due
Exchange
Bank
ctfs.
AND
Oct. 22,
(000)
''7/77
Assets
Reserve
Bk. & Trust Co.
RESOURCES
Omitted
38,218,000
Hanover
Corn
V-
■
Three Ciphers
.
.7
&
Co.—
Manuf.
Average ' \
Gold
Bank
Trust
Guar.
Deposits
Average
$14,353,100
20,000,000
." 1
•
notes
'
•
Time
Deposits
;
Bank-
City
Chem.
Net Demand
Co.
■'
.
The Federal Reserve note statement
Reserve
Federal
in
COMBINED
v'7'77',7'
the
Manhattan
Natl.
>.
Profits
Y
■;
was
Clearing House Association
Undivided
Members
'
•
each of the 12 banks.
for
transactions
1941.
♦Surplus &
Clearing House
''
'•
issued by the Board of Governors of the
Federal Reserve System on Thursday
23, showing the condition of the 12 Reserve Banks at the close of business on Wednesday.
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
,»
York
New
Oct.
'
Oct.
■
Statement
at
'
'
.
/The following
:
issued by the New York City
Friday
on
below:
Weekly Return of the Board of Governors of the Federal Reserve System
'
■'..'v
Saturday, October 25, 1941
1,184,100 T
se-
and
guaranteed
' 2,184,100
2,184,100
2,184,100
1,184,100
7,442,406
7^362,287 >
ish
Federal Res.
Issued to Fed.
by
Held
In
Discount Rates of Foreign
;
-
as
'
5,811,154
7,709,349
7,678,873
382,803
293,883
358,498
379,368
circulation—
7,352,047
5,520,271
7,350,851
7,299,505
R.
actual
Held
Security
to
ctfs.
discount
Present
of
rates
rates
at
changes during the week in the
no
of
any
the
the
foreign
leading centers
central
banks.
shown
are
in
Total
tThese
Pre-
Effect
Date
Effective
Oct. 24
,
Argentina
Belgium
Bulgaria
_
—
Canada
Chile
3 Ma
Mar
2
Jan
1,
5,
5
Dec
1,
2Ma Mar 11,
Rate
2
3
22,
3 ..Nov 28,
4 Mi May 18,
3.29 Apr
4 Mi
Poland
3 Ma
3
Portugal
Rumania
Oct
1935
5
South Africa
Dec
1934 4 Mi
Oct
26,
Estonia
4M>
Finland
4
1,
3,
Mar 17,
England
—
—
Germany
1%
3M» Apr
J^-y 6
officially
Jan
6,
1941
2
1940 4
4. 1937 7
confirmed.
'
.
1936 3.65
4Va
1932
1939
16,
5
7
6 Mi
Norway
30,
1936
1939
Morocco
5
Oct
3
—
4
„
4
„
cash"
3
3
Spain
__—*4
Sweden —7 3
Mi Dec
■
17,
Mar 31,
Sep 12,
Mi May 15,
1940 >4Ma
1937 5
1941
iV*
1940 3 Ma
1933
4Mi
Mar 29,
1939
5<
May 29,
1941
3 Ma
1936
2
Switzerland
1 Mil Nov
Yugoslavia
5
j Feb
26,
324,570
355,361
7,117,836
7,006,926
,
7,129,940
and
7,886,000
5,930,500
2,563
1,842
7,888,563
5,032,342
;
does
not
certificates
from
itself
3Vi
1935
3 Mi
1937
1940
Jun
4
1935
Jly 15,
May 28,
May 13,
6
1936
—
paper
7,842,946
7,796,000
7,739,000
7,690,000
7,658,000
,7,643,000
9,940
7,836,000
9,999
10,291
9,605
12,434
100
having
cents
been
include
given
to
by
59.00
Federal
the
United
cents
appropriated
Reserve
7,805,940
7,748,999
7,700,291
7,667,605
'7,655,434
as
on
Jan.
profit
notes.
7,556,000 ~ 7,490,000
'
v
11,253
7,567,253
7,499,281
V:
Treasury for the
gold taken over from the Reserve banks when the dollar was
31, 1934, these certificates being worth less to the extent of the difference, the differ- v
by the Treasury under provisions of the Gold Reserve Act of 1934. -Ayos;-r^ v ,
» /:
i
States
New York
i
Money Rates
Dealing in detail with call loan rates
on
fe
the
Stock
4
1,
367,696
;
3
1940
1937
2,
7,147,456r
7,497,636
■
Rate
1941
14,
Jan
3
ence
Jan
Jan
4
7,
380.032
Notes
hand
U. S. Treas—
are
viou«
3
Lithuania—
——
Not
Italy
Japan
Oct
4
Denmark
•
—
Effective
Mi Jun 26,
3
_
Erie
Greece
India
Java
vakia
Data
Oct. 24 '
Holland
Hungary
Czechoslo¬
Pre-
Effect
1036
—
France
Country
1940 2 Mi
1940 6 <
1935
Colombia
Danzig
devalued
Rate in
vious
'7,527,488'
by Agent
for
collateral
•"Other
Rate in
'
the
table which follows:
.Country
eligible
By
.
bank—
on
due from
■There have been
Bank
7,734,850
F.
issued
Gold
Res.
Agent—_—
by Fed. Res. Bank-
Collateral
Central Banks
No;es—
1, 1935 6 Ma
Exchange from day to day, 1%
all
through the week for both
was
new
the ruing quotation
loans and renewals.
The market for time money continues quiet.
Rates con¬
tinued nominal at 1%% up to 90 days and lVi% for four
to six months maturities.
There has been great activity
the commercial paper market.
Prime paper has been available in large volume and the
demand is constantly increasing.
Ruling rates are %%
—% % for all maturities.
apparent
this week
in
Bankers'
Acceplances
.The market for prime bankers'
acceptances continued
very
quiet this week.
The demand has been good but
prime bills continue to be
very
scarce.-
Dealers'
rates
as
reported by the Federal; Reserve Bank of New York •
up to and including 90 days are i/2% bid and >
7/16% aked; for bills running, for four
months, 9/16%-,;
bid and V2% asked; for five and six
months, %% bid"
and 9/16% asked.
The bill buying rate: of the New
for bills
York
90
Reserve Bank is
days. /
y2% for bills running from 1 to
' /
;
X .•
,v;.
.
Volume 154
involved is
Non-Ferrous
Hefals—Copper For Civilian
^
Products Curtailed—15% November Lead Pool
expected to be around
i;
7,000 tons.
sive
T
■
reported that Washington expressed firmer views on the
/growing copper shortage, and took effective action during
the week to curtail the use of copper in many civilian products.
The order places controls over domestic and imported
copper and scrap to allow more metal to go to defense needs.
which
routine affair.
producers offering to
buy their output at lc. above
r
out-of-pocket costs. A lead "pool"
will be set up taking 15% of the
copper
•gan
Latin-American
of
tons
96,000 sion, and. the price will be
additional
an
cent above the
copper.
publication further reported:
The
of the three
Jesse
Copper
the
tion for curtaiment in
use
purchased
and
ment.
copper.
ized
tons, making the total for the
month to date 64,999 tons. The
for
export
copper
has
to fill
export orders under Lend-
ceived
Lease
agreements. The price de¬
M-38-a
clined during the week to
f.a.s. New
basis
York, which is the
been
can
metal.
acquiring Latin-Ameri-
Oct.
that
21
made
was
Leon
on
Henderson,
as
allotted
to
lead
a
of
bills
dropped
to
exchange
marks to
■■■
12,352,714,000 marks.
stood at
exchange
a
and
contracted
736,600,000
The ratio of
to outstanding circulation 0.47%, compares
reserve
/ the record low,
with
0.46% Sept. 30 and tf.63% a year ago.
Other assets registered an increase of 194,428,000 marks
while investments and other daily maturing obligations
i
declined 2,174,000
marks and 210,827,000 marks respec¬
Below we furnish the different items with com¬
tively^
parisons for previous years:
COMPARATIVE STATEMENT
REICHSB ANK'S
common
11.775
to
rose
Average
1941
zinc
recovered
of
terms
the first
this
—Reichsmarks
Assets—
&
Bills
of
Silver
exch.
other
&
Advances
Liabilities—
,
'
in
Other
daily
Other
273,516
a31,610
21,451
16,267
24,767
—2,174
55,755
1,726,662
1,227,479
—345,306
16,572,570
12,352,714
banks.
2,299,898
1,870,073
1,345,433
525,017
note
0.637*
0.737*
Figures as of Sept.
0.47%
In
the
delivered
trade,
>
Export
seaboard.
Dfferings
5.85
5.70
8.25
5.70
'
ended
5.85
;
8.25
Oct.
18
Domestic
are:
f.o.b.'
copper
&
M's"
M.
of
appraisal
the
All prices
based
are
major
They
United
States
reduced to the
are
in cents per pound.
are
;
sales for both prompt and future
on
prices
copper
plants.
quoted
are
delivery
As
charges
on
delivered
a
with
vary
basis;
the
that
destination,
is,
the
Delivered
*
,.
for copper are reduced to net at refineries on the Atlantic
foreign business, owing to the European War, most sellers are restricting
transactions, dollar basis. Quotations for the present reflect this
doing business.
A total of 0.05c. is deducted from f.a.s. basis
arrive at the f.o.b. refinery quotation.
:/.,■•••'•/v- -V-;-,,
f.a.s.
to
in method of
etc.)
to
Due to the
European war the usual table of daily London prices
Prices on standard tin, the only prices given, how¬
is not available.
follows: Oct. 16, spot, £255% three months, £260; Oct. 17,
ever, are as
Oct. 22,
York City and
the
•/>
the San Francisco
reporting member banks.
Deposits credited to domestic banks increased $93,000,000 in New York City $47,000,000 in the Chicago district,
and $283,000,000 at all reporting member banks.
A summary of the principal assets and liabilities of
reporting member banks together with changes for the
week and the yeari ended Oct. 15, 1941, follows:
in the
Chicago district, $26,000,000 in
(+*)
or
/
of the,
Board of Governors of the Federal Reserve System re¬
specting the returns of the entire body of reporting mem¬
ber banks of the Federal Reserve System for the week
ended with the close of business Oct. 15.
Loans
Since
i/////
l$-w
ended Oct. 15: Increases of $67;000,000 in commercial, industrial and agricultural loans,
$58,000,000 in loans to brokers and dealers in securities,
$67,000,000 in holdings of United States Government
obligations.
$120,000,000 in balances with domestic
banks, $240,000,000 in demand deposits-adjusted, and
$283,000,000 in deposits credited to domestic banks, and
a decrease of $167,000,000 in United States Government
Total
Bills
Commercial,
indus-.
and
trial
.:
■
.
.
Oct. 15, 1941
$
$•
F.
—
8,495,112,000
Oct. 23, 1940
$
•
•
,
8,386,277,000
9,332,583,000
R.
■/>/;
casht
other
852,000
7
1,009,000
8,553,111,000
reserves
1,256,000
50,136,000
/ 57,147,000
,
92,280,000
8,437,422,000
9,426,119,000
discounted:
'
Secured
■
by
Govt, •
a n d
S.
U.
direct
obligations,
<
■
j
<
/
Industrial
U.
advances
Govt,
S.
^
»
"y «'j
■
'/
81,000
^
610,000
-
»
r
■
*
.
7
>
-
.
925,000
r;.:
-A
•.>.
..
25,000/*■■/; 5,209,000
vl'iv :■ *
discounted.
bills
«
.
595,000
/ Other bills discounted...
Total
■
.
o
.<
guaranteed
620,000
691,000
1,096,000
•
......
6,134,000
1,086,000
1,781,000
/ 417,262,000
290,737,000
di-
securities,
*
rect and guaranteed:
'
"
;
•
i
'
Bonds
364,774,000
353,624,000
Notes
201,547,000
212,697,000
066,321,000
566,321,000/
568,037,000
573,541,000
18,000
Total
U.
Govt,
S.
curities.,
bills
from
of
247,000,000
+
4.977.000.000
Bank
+
166,000,000
+
2,365,000,000
Other
other
H
18,000
banks
*
251,515,000
items
10,548,000
11,370,000
/
..
710,471,000
V
18,000
2,352,000
/
5,234,000
363,747,000
2,708,000
premises
assets
.
707,909,000
securi¬
banks..
foreign
notes
R.
*
........
and
...v..'
ties
Due
se¬
and
direct
guaranteed
-
Total
F.
177.409,000
9,750,000
15,682,000
10.404,000
11,385,000
-
•.
Total
agricul¬
6,568,000,000
+
+
118,000,000
dealers in securities
551,000,000
+
58,000,000
+
114,000,000
9,401,751,000 10,341,801,000
9,397,307,000
assets
1,846,000,000
+
67,000,000
16,000,000
+
419,000,000
tural loans
*
Other
loans
chasing
ing
for
or
Other
439,000,000
in
Balances
27,000,000
5,000,000
444,000,000
23,000,000
+ 1,160,000,000
3,000,000
4,000,000
8,000,000
264,000,000
3,334.000,000
12,000,000
+
729,000,000
+
14,000,000
+
14,000,000
+
10,818,000,000
550,000,000
—1,027,000,000
61,000,000
+
3,643,000,000
+
120,000,000
+
238.000,000
24,640,000,000
5,436,000,000
"
Acct.
•
*
1,470,529,000
5,979,074,000
:
29,273,000
7,446,887,000
116,155,000
442,664,000
458,833,000
,543,289,000 ,^582,909,000
589,211,000
430,932,000
Total
7,050,089,000
326,437,000
8,583,185,000
161,700,000
1,293,000
1,180,000
+
240,000,000
+
items
including
liabilities
dividends
accrued
1,233,000
.....
Capital Accounts—
paid
(Section
9,273,010,000 10,216,594,000
>9,268,530,000
liabilities /
Capital
v.
in
*
7)
(Section 13b)
capital accounts
Surplus
3,323,000,000
413.929,000
7,157,505,000
220,806,000
deposits
availability
Deferred
Other
/
i
deposits
OQier
Other
-
deposits
;
Gov't deposits
Interbank
8,000.000
—
—167,000,000
294,000,000
+
—
'*
....
...
Domestic
T°ctapitaiaba?countsa ^
83.000.000
236,000,000
Ratio
total
of
51,772,000
56,447,000
7,070,000
13,488,000
51,057,000
53,326,000
51,772,000
56,447,000
7,070,000
13,452,000
.
;v
13,715,000
—
283,000,000
+
9,892,000,000
banks
Foreign banks
•'// 632,000,000
1,000,000
—
1,000,000
+
—
936,000.000
48,000,000
dustrial
t "Other
Condition of the Federal Reserve Bank
*
following
shows
the
Bank
New
York
of
31,
condition of the
at
the
in-
does
Reserve
These are certificates
close
Federal
of business
1934,
less to
the
of
Federal reserve notes or a
bank's
given by the
United States Treasury for the
Jan.
certificates be¬
banks when the dollar was, on
to 59.06 cents, these
the difference itself
profit by the Treasury under the provi¬
extent of the difference,
having been appropriated
sions
722,000
507,000
notes.
devalued from 100 cents
worth
93.8%.
94.3%
<
not include
bank
oof
no
463,000
......
gold taken over from the Reserve
ing
Reserve
make
cash"
Federal
own
to
advances
,
'
....
Commitments
F.
9,401,751,000 10,341,801,000
'
94.5%
note
combined
liabilities
9,397,307,000
to
reserves
R.
and
deposit
deposits:
Borrowings
The
*
-
1,895,191,000
deposits—ad-
Justed
S.
Treas.—Gen.
S.
Foreign
Surplus
8,000,000
—
Liabilities—
U.
• -
<
5,757,623,000
acct.
Total
domestic
banks
Time
bank—res.
126,000,000
Federal
with
with
+
3,763,000,000
vault
U,
153,000,000
guaranteed
S. Gov't
Reserve banks
Cash
38,000,000
7,943,000,000
—
19,000,000
2,000,000
842,000,000
2,255,000,000
banks
12,000,000
1,258,000,000
43,000,000
1,964,000,000
securities
securities
Reserve
1
1,888,986,000
Member
Real estate loans
to
''
cir-
actual
in
notes
R.
culation
Deposits:
carry¬
loans
Liabilities—
F.
pur¬
of New York
City and $67,000,000 at all re¬
Loans tp brokers and dealers
Oct. 22, 1941
hand
on
fund
year.
'
:
due from U. S. Treasury*
Uncollected
Loans—total
deposits.
Commercial, industrial and agricultural loans increased
certificates
Gold
+
29,379,000,000
11,242,000,000
.u
Demand
cities shows the following principal
/////.'
.
j
Oct. 16, 1940
$
investments
and
—total
The condition statement of weekly reporting member
changes for the week
1941, in comparison with the previous week and
corresponding date last
Assets—
Decrease (—)
Since
Oct. 8, 1941
Oct. 15,1941
•
by U.
52.000
quotations
On
district, and $167,000,000 at all
Obligations
porting member banks.
"M.
are
domestic
consumers'
at
deposits-adjusted increased in nearly all dis¬
Treasury notes
U. S. bonds
a
$32,000,000 in New York
;/
week
calendar
for
Redemption
Treasury bills
banks in 101 leading
/
52.000
8.25
8.25
shown above are net prices at refineries on the Atantic seaboard.
prices in New England average 0.225c. per pound above the refinery basis.
trict, and $30,000,000 in the Chicago district; ;the total in¬
crease at all reporting member banks was $240,000,000.
United States Government deposits declined $63,000,000
Loans
15, 1941.
the following will be found the comments
'/
>
8.25
"'i 5.70 //
figures
the principal increases being $52,000,000 in the
Cleveland district, $33,000,000 in the San Francisco dis¬
Other
In
5.85
11.200
tricts,
''
+0.017*
circul'n
A 52.000
notes
562,129
of gold & fgn.
to
11.450
:
quotations
,
Demand
10,495,376
—210,827
oblig.
5.70
5.70
tin quotations are for prompt delivery only.
Open market paper
Loans to brokers and
a504,852
mat.
8.25
5.85
5.85
Copper, lead and zinc quotations
United States Government direct and
guaranteed obligations increased $38,000,000 in the Chi¬
cago district and $67,000,000 at all reporting member
1,385,143
2,060,115
liabilities
a
197,214
',
circulation
Notes
curr.
76,933
9,566,528
+ 194,428
7
assets
Propor'n
77,525
12,809,312
——
Investments
Other
77,336
17,279,226
al39,442
—272
—736,600
checks
coin
&
5.70
52.000
52.000
cash, New York or St. Louis, as noted.
basis of
of
Assets—■
.
exch—
foreign
Gold
8.25
11.450
11.408
prices
above
deliveries;
totaled
increased $44,000,000 in New
1939
1940
5.85
St. Louis
5.70
11.775c; export copper, f.o.b. refinery 11.450c; Straits tin, 52.000c; New York
St. Louis lead, 5,700c.; St. Louis zinc, 8,250c.; and silver, 34.750c.
The
Nevada,
Oct. 14
Oct. 15
/
52.000
Zinc
St. Louis
-
markets, based on sales reported by producers and agencies.
1,958 tons, against
Increase
Oct. 15
—Lead—
.
5.85
11.775
,
Changes
v
.
New York
lead, 5,850c.;
of Mines. Production in Col¬
(In thousands—000 Omitted)
for Week
Tin,
New York
//52.000
11.775
refinery,
1,622 tons in July. Gains were also
by Arizona, Montana, Idaho,
Holdings
foreign
total of 77,336,000 marks and
checks
the
$58,000,000 at all reporting member banks.
Circulation a year
total of 17,279,226,000 marks.
a
of
increased 5%
according to the Bu¬
July,
over
in securities
and
,
£259/2,; Oct. 21, spot, £256, three months, £259/2; and Oct. 22, spot,
£255%, three months,- £259%.
• 1
,
■
•
of 345,306,000
Gold
,
its kind .for cording to the Bureau, is 481,983
time. The tonnage tons.
expecting
showed notes in
15
marks from the high recor,d Sept. 30.
ago
sales
the first of
been
some
;
QUOTATIONS)
spot, £255/2, three months, £259Oct. 20, spot, £255%, three months,
move,
lead, for
& M. J."
("E.
prices are
,
11.450
;
11.775
11:775 /
22
The 62,823 tons. Total production for
"pool."
Government
11.450
-
11.775
■,/
Average.
Production of zinc from domes¬
re¬
S.
eight months of 1941, ac¬
has
circulation at 16,572,570,000 marks, a loss
,
in fair vol¬
tic mines in August
November be
U.
11.450
11.755
(lighterage,
that 15% of
the
unchanged.
Straits
—Electrolytic Copper—
Exp. Refy.
20
was
was
price
spot
price advanced from 23-7/16d. to
231/2d. The New York Official and
METALS
OP
the
steady and
unchanged at 23/>d. The forward
52.000
Dom., Refy.
16
change
fined lead output in
of Oct.
i
Oct.
'
/
OPM
with
-
-
Utah, New Mexico,.and
Washington. Output in July in
from
PRICES
market in London
ver
.
DAILY
the sil¬
quiet,
During the past week
tin,
99%
spot, was
nominally as follows: Oct,- 16th,
51.125c.; 17th, 51.125c/ 18th, 51.-
3,639 tons in the previous week.
Shipments involved 4,986 tons,
compared with 5,065 tons in the
previous seven-day period. Un¬
filled orders totaled 57,294 tons.
reau
Bank of Cermany Statement
,The Bank's statement
52.000
made
„
,
52.000
52.000
offi¬
lead
on
trade
<
•
Announcement
;
same
52.000
52.000
orado
cials requesting
which the Metals Reserve
on
has
i
11.250
with
18,
Lead
;
52.000
52.000
52.000
producers
recently re¬
supplementary
order
Lead
52.000
52.000
Chinese
grades totaling 3,646 tons, against
the
to
52.000
52.000
de
forward metal
on
during the week ended Oct.
ume
an¬
expansion of operations.
virtually dried up, as Metals Re¬
serve releases its supply of metal
1
$2,500,000
52.000
52.000
Dec.
52.000
.
Business in zinc
on
involving quantity business.
52.000
21
Bagdad Copper Corp., Hillside,
Ariz., for mine development and
price continued at 12c., Valley.
Demand
of
loan
a
mained nominal
52.000
52.000
17
1
,
views
firm
Silver
52.000
Oct. 21
a
a
held
Jan.
NOV.
«,
18
nounced that the RFC had author¬
12,204
week, totaled
the
during
Jones
Mr.
Minera
sellers
:
■
52.000
52.000
Oct. 20
Zinc
Kennecott Copper 34,000 tons. At
time
'
52.000
Oct. 18
Metal
soon.
96,000
Copper
same
Cia.
the
.
quicksilver
quiet during the last week,
but
arrival
future
,
Oct.
Oct. 20. Operations at the com¬
pany's lead refinery in Monterrey
are
expected to be under way
Mining Co. in
Chile will furnish 62,000 tons, and
the
market
domestic
the
in
Sales
for
52.000
_
Oct. 17
on
Subsidiary companies of the
Anaconda
of
uses
when
II14C. per pound, f.a.s. New York,
for November and December ship¬
of
for civilian products. The
step was viewed by producers as
one
likely to influence seriously
markets
erican
during
additional
an
tin
follows:
as
Oct. 16
subsidiary of the Am¬
Co., were
ended
labor contract was signed
Penoles,
one
of
units
tons of Latin American copper at
copper
post-war
cal
the week that Metals Reserve has
During the week, the copper in¬
dustry received the news that the
time had arrived for drastic ac¬
was
Oct. 22
companies///
announced
announcement has
a higher price for
Labor difficulties in effect since
out-of-pocket cost
Jones
on
"
~
was
'
Sept. 8 at mining and metallurgi¬
lead
allocation
to
purchased
5.70c.,
Royal
Isle
Co.,
Range
Copper Co., and the Quincy Min¬
refined
November
no
'
The spot market for
quotations ranging from $193 to
mained firm and above the 52c. $195 per flask, with $195 and up¬
ward
being asked for spot on
level, supported, traders believe,
small-lot business. Prices re¬
on buying by Russia.
set¬
the trade views the prob¬
lem as being further studied in
Washington.
above the 12c. level from the
Copper
and
Quicksilver
;
spite of the tension in the
Pacific, the Eastern tin market re¬
lead,
produc¬ ing Co., all operating in Michigan,
tion
for
defense the metal will be purchased by
needs.
Metals Reserve Company the Treasury Procurement Divi¬
•
contract
Co.,
Refining
&
been made
per
the
/
22d, 51,125c/
In
Straits
Michi- Price Administrator, had approved
contracts for the purchase of cop¬
sion sent contracts to three
•
also
was
Though
Treasury Procurement Divi-^
The
4,083 tons in the
The
price
re¬
5.85c.,
New ; York,
week.
at
•
tling basis of the American Smelt¬
ing
•
spot Straits tin, the market was a
St. Louis.
.
125c.; 20th'; 51.125c., 21st, 51.125c.;
.'/V. -y/i''
./
foreign metal, totaled 2,-
of
mained
•
Tin
•
during the week, exclu¬
in its issue of Oct. 23 previous
"Metal and Mineral Markets"
;
v
Except for some small-lot busi¬
ness during the week at 52c. for
Sales
•
■•/>>
010 tons, against
j
765
THE COMMERCIAL & FINANCIAL CHRONICLE
" Number 3998
as
the Gold Reserve Act
of 1934.
;
_
.
'
.
THE COMMERCIAL & FINANCIAL CHRONICLE
766
Course of
THE
Sterling Exchange
The market for sterling
exchange continues steady in
Bank clearings
The free pound closely approximates offi¬
this week has been
between $4.03and $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 between $4.03^
and $4.04, compared with a range of between $4.03
and $4.04 a
week ago.
■;■■■
Official rates quoted
•+
a
ago.
year
In
will be 36.9% above those for the corresponding
week last year.
Our preliminary total stands at $8,434,-
only 1.5%, the
country haying
369,243, against $6,160,196,131 for the same week in 1940.
by the Bank of England continue
297,835,958 in the
of
week follows:
official sterling con¬
Week
.■
*295,000.000 '
Pittsburgh
similarly suspended on July 26, but trad¬
Detroit
90,100,000
+ 34.2
133,408,000
+ 40.9
165,765,104 \ 'v
118,729,450
+
152.029.571
+
34.1
93,512,649
+ .54.2
+ 32.9
111,200,622
71,128,653
+
98,591,014
••^v.
.
.
a decrease of 9.9%, the only loss recorded by
district, despite the holiday mentioned.
Increases
shown by most of the. other districts were however less
marked than in other recent weeks, Boston for example
showed
any
39.6
143,017.435
£
.
56.3'
Eleven
approved the $5,985,000,000 lend-lease bill
The $1,000,000,000 allocated to agricultural
23.
Oct.
on
supply 25% of the British re¬
quirements of the important balancing foods—such as
meat, bacon, eggs, milk, cheese, and dried fruits—essen¬
tial to keep the people of Britain "fighting fit," accord¬
ing
Lord
to
Woolton,
have
been since the
told
the
Senate
Committee that the amount of animal
ish
workers that "things are
John
D.
British
chronizing
Britain
of
Britain
that
the
"lacks
the
United
manpower
States."
to
maintain
a
y"
—10
Philadelphia
4th
Cleveland
5th
Richmond
6th
.
large army, and a great air force, and at the same
time obtain maximum industrial output.
They are
.
.
.
part of the labor shortage by bringing many
thousands of women into the factories."
Mr. Biggers
up
St.
0th
Minneapolis
City
11th Dallas
aggressors.
from
demands
British
workers
to
open
We
guns
land
a
force
167,160,447
104.530.471
,
380,001,125
330,399,105
8.4
+
add
now
3,501,497,599
+28.1
'
:;>+■
j
+
.».
$
$
Ending
R.
L—Providence
N.
H.—Manchester
//
v
Total
1,787,694
•245,604,122
11,593.543
LHU<.u.i- rr'-
++
J.
'4.461,380
i
—
_
—
6,072,345
5,298,276
5,572,608
-
557,184
—w—u
/
23.026,153
,
(12
Third
Federal
1
34,300.000
■/;.:/
557,804
2.6.
9-9
x
V
'
•
3,419,182,938
7,378,244
x
14,453,190
'
659.494
•
X ;
8,158.564
4,278.603
4,781,083
4.255,238
+XX/
431,623
583,536
19.965,947
16,845,705
27,182,332
27,848,397
3,143,033,967
3,$26,179,396
,
xt+X
'
3,943,999,600
)
626,942
—
8.7
381,384
629,281
—25.4
561,602
555.965
713,021
—22.0
331,289
1.950.300
1,733,630
3,552,407,907
„
'
,
3,020.015.802
•
469,129
cities)
;s
1,085,939
■ ^
'
Total
,
515,177
0.6
+
1,235,400
42,900,000
•
—.7.0
33,400,707
31,050.855
*
k'.'v
...
5.2
+
8,680,105
1,353,964
—15.6
•
452,936
283,127,235
/'X-:,.-;
•X.--;':
3.8
—
.
660,333
«
0
12.564,278
—10.4
+
"•'
578.931
7.3
1S.0
+ 3.1
r
.
10,275,375
i,
.
11,395,800
12,975.500 f.
+ 33.9
1.336.148
5,915,496
J.
'f. 4.900.558
+
3,796,337,659
23.159,242
N.
11,204,260
■*'?.
+,+
•
709,479
949,769
Montclalr
Northern,
11,396.843
5.2
5.2
—16.0
V
49,400,000
1.377,815
Newark
doorstep."
Britain's problem, he stressed, lies in the
vastly greater industrial population controlled by Ger¬
X'
10,666.995
_
.,2,071.586
a'V—27.0
1,592,311
'
i
3,401,556,531
—
—.
Rochester
N.
1,707^69
,1,,'.)
-
York
Syracuse
Conn.—Stamford
2,183,292
305,222,798
.15,890,814
58,300.000
V--.-.--.
-
^
•nX'v:
■->*.
Jamestown
New
2.2
o.5
355,700,423
v
Elmira
'■
"3,572,452
"
District—New York—
Binghamton
Buffalo
V
840,446
359,774,760
i
Albany
y.
'3,316.599
+
x5
15.113.500
■>;
705,727
868,515
,
—
■
5,312.251
15,602,900 +
432,831
'
;
14,266,389
.
816,989
489,963
1,077,293
+
2,888,214
5,589,732:
+.
->
—25.4 '
■
4,978,035
-
•
458,680
930,718
*10,0
'
14,195,592 +
-
Second Federal Reserve
1938
2,075.383
'v|,+
V—37.7
2,825,444
cities)
(12
'
A
264,763.062
817,313
——_
+
*
1D39
1.3
+
,/
995,938
———
.
*' ■*
-*•-
535,556
'+.57.8
■;
1,037.830
—-—
i
18
'
817,569
;
-—————
.
$395,687,175
$389,733,195
*-,17.9
>
3,712,129:
Haven
New
2,638,438,372
^
;
$■
1,981,587
Bedford
Conn.—Hartford
"
Oct.
+ 1,141,789
Worcester
2,923,858^81
"-.-if.* +'26.8
306,858,629
-
Springfield
-
.$6,057,621,310
$5,943,874,183
-
,
84,884,765
249,029,834
■
V
610,291
3,126,428
.
—
River
New
'f-
'
for each city separately for the four years:
.509.325
Fall
"
.
21.8
+
138,191.909
94,946,282
296,652,813
1.5
.
109,662,903
;>
167,504.027
-
Inc. or Dec. %
310,774,296
Portland
—
122.450,939
+ 1
.
MM +14-3
1940
i
773,832
Mass,—Boston
:
.
164,494.117
<
•
j-'.
Me.—Bangor
-W.
1 V 190,037,486
+15.0,
,,
Week
t
1941
District—Boston—
.
+>10.8
.
186,042,742
461,133,609
517.246,779 +:'
■
'
-
.' ;•''+ 27.9 X
,
147,526,359
:■
218.777,651
'
v
•
•' *
...
286,988,575
174,808,577
.
:
420,359,866
'
359,807.250
,
+14.6. '..Y;
$333,005,088
detailed statement showing last week's figures
our
353,585,614
•
-Ci++21.4
:
$7,297,835,958
4,002,916,619
Clearings at—
front against Germany in order to
for the purpose and stated that to attempt to
inadequately armed would be to adopt "the
Chinese method of committing suicide on your neighbor's
big
132,127,422
115,858,103+vY
v.
3,526,179,396
199,639.262
169,201,177
—i-:
Canada
a
relieve the
pressure on Russia were deplored by Lord Moyne, the
Colonial Secretary, who assured the House of Lords on
Wednesday that Britain still lacks sufficient tanks and
+
213,769:133 x+>
"
V
$283,127,235
3,143,033.967
112 cities
Outside N. Y. City——
n.
Insistent
660,506.342
-32 cities! •'-$405,464,772
—
Total
properly synchronized, will outstrip any combination of
western
238.011,659
265,708.501
'
$305,222,798
" +:
+
214,998.965
757.154.269
•
1
9.9
+ 12.8
242,428^08
*1938
1939
+1.1
—
+ 15.1
$7,404,473,149
Francisco
12th San
'
430,984,759
-
288.958,237
,
//;
Inc. or Dec. %
$355 700,423
3,943,999,600
519,776,803
563,331,900
".i j
"
7.
10
6
10
10th Kansas
Dai-
and 10.8% In
•
CLEARINGS
1940
&
495,879.829
■
•'
'
\
-
•
predicted that British and American production, when
•
las.
of BANK
$359,774,760
Chicago
18 *'
Louis ■' ———.4+1* >"
7th
15.0% in San Francisco,
.14.6% in Chicagq; 1?.8% in Richmond,
3,552,407.907
"
"
In the other districts increases
Atlanta, 21.4%.
amounted to 15.1% in Cleveland,
1941
■
"
'V+
1
6
10
Atlanta
8th
28.1%, the Kansas City, with a gain of 27.9%,
by Federal Reserve districts.
a summary
SUMMARY
York
New
2d
3d
big
navy, a
making
furnish
1941
stated
He
and the
the week ends
12 cities
12
"
First Federal Reserve
and
18,
Boston
1st
ported last week that "Germany's vast supply of war
equipment is still greater than the combined accumu¬
lations
Oct.
really desperate," and called for
special Minister in charge of syn¬
and American war production, re¬
Biggers,
ended
Week
district where there was an
the Minneapolis
in
,
Federal Reserve Districts
•
■;
.
■
In the following we
production to meet the enormous Russian
and to guard against invasion at home in the
Spring.
•'
,
(Saturday) and the Saturday figures will not be
today
increased
needs
28.4
+36.9
increase of
cannot furnish them today, inasmuch as
for good
appealed to farmers for still greater efforts in order to
free food ships for the transport of war supplies to
Russia.
Minister of Labor Ernest Bevin told munitions
x
$6,160,196,131'
Complete and exact details for the week covered by
will appear in our issue of next week. We
proteins the Brit¬
$47,000,000 of cotton, $32,800,000 of supplies for the Near
East, and $93,100,00 of miscellaneous supplies.
German military inroads in the Ukraine and the vital
industrial Donets region are evoking intensified activity
on
the British home front.
Prime Minister Churchill
+
1,095,027,000
$8,434,369,243
the foregoing
Appropriations
health and efficient production on the part of
the civilian population."
Under the new lend-lease
agricultural allotment deliveries to Britain during 1942
will consist of $191,700,000 of dairy products, $330,600,000
of meat and fish, $170,200,000 of eggs, $43,900,000 of
fruits and vegetables, $25,900,000 of cereals, $13,100,000
of vitamins
and fruit juices, $51,700,000 of tobacco,
increases for the remaining districts ranging
in the Philadelphia to 33.1% in the St. Louis
district.; Next to the latter, the best results were pro¬
+ 38.8
1,405,711,540
•Estimated.
receiving is "far below the standard necessary
are
889,245,430
$5,065,169,127
however,
duced
than they
Secretary of
beginning of the war,
Wickard
Agriculture
districts
38.4
$7,028,657,703
days—
five
cities,
all cities for week—
Total
While
Britain's Food Minister.
,,+
1,247,147,010
cities, one day
All
of wheat and sugar are better
reserves
'
$4,175,923,697.
from 8.4%
all
Total
products is designed to
their
.
+ 40.2
days—,
five
cities,
Other
$5^781,510,693
days——
five
cities,
■
being able to register no better than a 1.1% gain. Other
made considerably better Showings than that
special Treasury license.
The Senate
Outside of this
1940.
increase of 14.3%, the bank clearings
having recorded a decrease of 10.4%. We
the cities according to the Federal Reserve dis¬
located and from this it appears
that the New York Reserve District (including this city),
+ 32.5
222,592,968
.•■•".■/• 87,601,105
———.—
an
tricts in which they are
120,900.000
—:
Baltimore
was
group
188,007,000
Cleveland
Aug. 4 under
whole
the
figures, like the large increase in the fig¬
is attributable to the occurHoliday in the later week
46.1
117,433,535
—
increase of
an
for
week of 1940. V The small increase
same
30.9
—
'
was
clearings
amounted to $7,404,473,149 against $7,-
+
—
—
Francisco
San
city there
+ 37.3
i
345,000,000
of
aggregate
at this center
v
—-—
—
For that week there
'..+
276,213,266
•
'
has to be estimated.
cases
statement; however; which
we are able to give final
this year and in the earlier one in
Cent
$2,639,046,592
361,491,407
504,000,000
—
Louis
St.
ance
-
,
1940
1941
—
City
Kansas
„,
detailed
for the previous week,
of the Columbus Day
ures
Per
$3,022,666,019
I
—r
Boston
of the Continental European countries, due to the
June 14 Executive freezing order.
Exchange on Japan
ing in the Shanghai yuan was resumed on
' ' X- ?'.:
-
,
the
for
summary,
■
25
York
New
Philadelphia
any
and China was
.
Oct.
Ending
Chicago,
of the invaded European countries. Since July 26
exchange on Japan and China has been suspended by
Government order.
In New York exchange is not quoted
any
on
'
•
comparative
;
;
'•/' •
Clearings—Returns by Telegraph
exchange is not quoted on Germany, Italy,
In London
Our
37.3%.
18.
in the current
center there is an increase for the week ended
Friday
>
further below,
complete results for the week previous—the week
ended Oct.
At this
or
elaborate
ings
■/:/'■/:
and 4.04 selling.
the
and
dol¬
lar); Australia, 3.2150-3.2280; New Zealand, 3.2280-3.2442.
4.02 buying
Accordingly, in the above
present
we
Saturday, Oct. 25 clearings from all cities of the United
possible to obtain weekly clear¬
(Canadian official, 90.09c—90.91c per United States
tinue at
today.
noon
States from which it is
unchanged: New York, $4.02%-$4.03%:; Canada, 4.43-4.47
American commercial bank rates for
until
the last day of the week in all
with
The range for sterling
rates.
available
Preliminary figures compiled by us,
based upon telegraphic advices from the chief cities of
the country, indicate that for the week ended, today
light trading.
cial
increase compared
an
Saturday, \October 25,; 1941
)
OF BANK CLEARINGS
COURSE
this week show
':-;i• bjvV
—
,
•
of its size and conquests.
The strain
on Britain's
already overtaxed shipping would be tre¬
mendous, he said, and it would be "folly to denude the
country of the army we need in case of invasion."
According to a recent United States Commerce De¬
many
by
controlled
With
countries.
four-fifths
of
its
gold and
dollar resources pledged or liquidated Britain is likely
to emerge from the, war indebted to some of its major
countries of supply.
Canada is already in a position to
liquidate one-third of the debt owed to her citizens by
the United Kingdom before the war.
Continued loans
and clearing agreements were dismissed in the survey
Reserve
District—Philadelphia—
Bethlehem
—
Chester
—
Lancaster
;v
—
_
Philadelphia
.
1,845,585
:v;— 2.8
0.3
Fourth
—36.8
District—Cleveland—-'
'i
1,678,181
!
3,209,195
14,667,600
'
'191,558,068
(7 cities)
: -x/;
;
-
i
495,879,829
;;
—
—
I.
,
■
■■
+21.7
'
169,492,594
',.430,984,759
,
:
was
her
to
contended
that the
will
creditors
interests of both England and
require that England be encouraged
export to the North American continent
on
a
large
scale.
"Failure to create the necessary conditions, it is
felt, will result not only in a precarious England, but, in
turn, must lead to widespread distress in the whole
realm of international primary production."
Studies now under way by the Army, Navy, and Office
of Production Management indicate that a United States
arms program comparable with the German war
effort,
which reputedly is absorbing half the German national
income^ would require the production by the end of
1943
of
of
about
tanks,
at
a
airplanes and tens of thousands
of $100,000,000,000.
According to
125,000
cost
OPM Director General William S.
Knudsen, the present
Fifth
W.
Federal
Reserve
District—Richmond—
'
Va.—Norfolk
——-
.
Richmond
13.o
—
144.203,017/
•••:
•
1:^;.. %,
'
'
106,673,998
,
-i
C.—Washington
Total
Federal
!
35,369,680
!.
214,998,965 '
'
r-
242,428,208
(6 cities)
Sixth
43,223,897
./•;
■
;.
3,009,754
;
.
,(..*>
•'
/>v
.
286,988,575
"'
v
»■+
'"1
535,298
114,458,735
•
*.%'..;v2,815,000
.
,
1
•' '■
x,
X
»
407.797
2,138.000
.
•
56,-278,920
3.6.
+
28.3
+
22.2
"•.
,
.
-r/f
'
87,097,611
• '•/.;
+ 12.8
50.979.654
*1,225,500
.15.3.1-
*
D.
'
.
' 1.822,292
„
V
359,807,250
-/
r /;
+
1,614,437
r
.
1:1'
x- : "'•+
66,222,176'
123,022,501
Md.—Baltimore
6.2.
+
4,156,000
,
3,332,936
+ + 15.1
'+"
962,674
/
2,071,403
...
—
•
68.609,733
-
.
C.—Charleston
8.
i
i
1,022,674
4/478,000
Va.—Huntington
•
2,613.961
1
+
95,915,796
10,715,900
11,367,600
!
-
9.5
+
X
•
58,532,945
v'x'
120,510.206
i.
0.7.
—
2,214,341
3,417,236
2,533,153
x:',
75,242,532
+ 20.3
14,778,300
!
3,740,597
Pa.—Pittsburgh i
Total
1' 420,359,866
'
+ 12.5
•
unsatisfactory temporary expedients in the task of
effecting Britain's post-war economic rehabilitation.
It
..
x.//
2,536,998
/
V
.
"
2,693,780
_
+10.6
...
82,665,523
155,207,570
+
186,697,534
'•
_
Youngstown
as
3,571,900
/
353,585,614
'.ww
92,971,736
—
—
'}'■
*•
Columbus
Mansfield
;
4,454,600
8.4
+
519,776,803
2,414,371
824,723
1,383,715
v..,,
'
-X + --//*•■ " 1,324,887
•
—12:3,
"
Cleveland
+11.9
.
,5,989,100 /r
:
3,550,514
Ohio—Canton
Cincinnati
1,516,799
1,030,156
563,331,900
Federal Reserve
408,000,000
v..2,389.790
1,884,972
1,877,773
(10 cities)
380,726
1,364,412
1,799,148
2,676,091
"'5,252,900
1—.
;
507,314
'/•/■:'
340.000,000
X
1,793,217
York
Total
./
395,903
1,312,758
1,192,009
,
—
J.—Trenton
+9.0
X/.
+
+
2,668,302
—
Scranton
Wilkes-Barre
12.5
502,000,000
x
i
547,000.000
—
Reading
N.
+
572,305
Pa.—Altoona
partment analysis, in two years of war Britain has
expended abroad,' chiefly in the United States, Canada,
and British India, at least $5,000,000,000, consisting of
$3,500,000,000 in long-term security investments and
$1,500,000,000 in direct investments.
In addition she
has lost $1,000,000,000 invested in Germany and German-
Ayr v-: : '•
.
reason
f-
-,
.
j,
•
1,157,312
70,072.255
26,656,248
22,771,341
.
'
174,608,577
147,526,359
-
1
Reserve
District—Atlanta—.
Tenn.—Knoxville
..
...
__
Nashville
a
2.468.270
-
Fla.—Jacksonville
.i.'--
„
•
Ala.—Birmingham
La.—New
Total
Orleans
(10 cities)
j
,
.".
—
23,173,000
,
230,161
.
.
i
„
3,140,132
190,825
-
'
65,241,437
288,958,237
+
20,395,599
84,100,000
-V
66,900,000
+ 21.4
<
1,488,074
+ 51.4
2,033,952
1,469,533
18,999,000
7.5
4,755,520
24,123,434
53.6
+
98,100,000
33,814,381
43,944,947^
3,868,356
Miss.—Vicksburg. *
,j
2,224,173
a
+
23,190,279
:
105,500,000
5,432,385
+ 20.0
5,572,342
6,685,374
35.622,519
—
Augusta
Macon
,
i
-.
.
1,280,981
+ 22.0
20,160,000
+ 30.0
-
^
/•, 29,935,317
.2,425,084
1,199,506
1,105,508
t,
>
-
/
v
17,842,000
26,376,700
1,723,027.
+
23.2,
+
20.6
195,012
160,073
+ 26.7
49,637,364
45,584,809
'218,777,651
186,042,742
51,501,215
238,011,659
+ 21.4
..
i
Week
Mich.—Ann Arbor
2,222,579
+ 13.9
1,145 233
1,125,416
5.7
19,801 000
18,139,000
4.6
1,720 734
1,346,443
"
*
-
2,746,193'
+
-26,045,000
v-i'.
-
2,879,387
7,907,986
7,995,427
1.1
6,031 642
+
3.1
22,934 089
+
28.6
1,456 755
Moines
11,435,666
-----
—
—
1,631,318
T
.
Rockford
2,245,248
Springfield
;;
-i—~w
--------
u_—.
Federal Reserve
Minn.—Duluth
St.
N.
■
Paul
_i___Il_-III—-1:4—
■:
517,000
164,494,117.
22.1
3,031,784
City-
71,337,197
30,447,357
28,178,329
2,885,835
2,517,973
804,544
+
1,046,100
51.5
,7..
1,346,043
+18.0
•
+
v
'
.
45,686,488
2,078,593
3,415,144
41,277,524
fr' 2,532,120
10.9
—
.
118,843
33,471,719
1,990,195
i
27.1
3441,464
111,195,743
+ 37.2
117,524,372
+10.3
3,267,387
if
Springs ._I_____-LL_I____
;
cities)
(10
r-_.__L—____
____—,
.
/
Federal
Reserve
+
569,347
319,145
167,504,027
2,334,493
—16.0
1,765,758
1,674,381
+
6.8
76,051,000
66,580,477
+
55.7
9,001,166
3,230,000
8,971,706
.
86,260,695
92,119,309 •.
11,845,633
-----i——.1
7,608,833
.
Ft. Worth
'•
■irt
I—i—-—-—
.
7
1,561,493
1,386,896
Total
cities)
(6
944,273
35.3
3,817,461
3,868,925
94^946,282
84,884,765
+23.0
48,206,487
'?'• +12.6
,
+
Francisco-
■ __„i:__ii___n——1__—
Yakimav':-w__-;__w_—Ii-Jr^'
Wash.—Seattle
-
-
'
"67,236,861 "
:
Beach
Jose
San
•
'
——f.—.—.-III.
;
1
(10
cities)
(112
Outside
York
New
——
4,774,918
-4.650,789
+
19.8
1^3,759,029
+
.1.9
3,889,186
3,794,263
+ 11.6
'169,270,000
143,051,000
,,
i
3,544,389
+ 18.8
3,483,997
3,163,056
4.8
1,525,360
1,627,550
6.0
2,692,393
2,511,100
1,704,529
2,484,618
-
380.001,125
'
—
+
+ 15.0
3,501,497,599
1940
1941
•
296,652,813
5,943,874,183
Canada— '+
14.3
2,923,858,381
2,638,438,372
40
and
>>;•,
Oct.
16
the
1938
1939
Inc. or Dec. %
V
$
V'P
o,;.-'".:,
J
last
three
the outbreak of the
23.1
112,550,424
114,3^2,843
+
24.6
101,294,154
112,968,303
36,904,714
+
45.2
68,401,450
57,386,265
17,758,359
0.1
17,592,239
22,858,617
20,620,968
28,335,693
5,884,776
5,697,461
The $300,000,000 war
2,917,273
2,542,253
on
;
—
"
+
9;4
5,347,136
4,887,119 '
+
9.4
3,018,435
2,769,152
+
9.0
29,291,798
32,043,705;
_____—
V
•
6,325,297
10,839,278
2,053,395
1,619,663
+
5.5
1,946,189
2.6
2,979,916
2,742,726
+
14.9
5,193,698
5,222,609
0.2
>: 11,169,405
1,922,151
1,709,062
Victoria
2,562,721
2,497,171
4,300,981
:
4,940,536
5,943,519
5,955,844
Regina
Lethbridge 4—
Saskatoon
Jaw
869,264
+ 21.0
689,925
625,643
381,970
+
7.0
492,485
468,274
571,762 !!-
+37.9
746,124
688,943
837,114
+ 14.5-
752,393
«'1
••
•»
______—
761,990
,,
408,773
Hat
k
788,204
Peterborough
____——
-
958,251
Sherbrooke
-
+
cents
1,020,802
15
was
more
that
the
■
Under
763,755
comprehensive price and wage control regula¬
by Prime Minister Mackenzie King in
on Oct. 18, to take effect Nov. 17, basic wage
10.3
1,367,985
1,258,995
tions announced
2,770,874
2,748,285
a
558.813
451,129
451,813
485,476
+
J
7.5
+18.7
820,067
+ 12.8
735.814
673,366
542,153
'•
686,246
564,906
+
4.2
682,613
—
531,856
536,569
333,605,088
460,645
23.6
1,035,182
1,004,448
21.8
389,753,195
all
Canadian
industry may not be increased
permission and prices of goods and
services may not exceed the maximum prevailing during
the four weeks from Sept. 15 to Oct. 11.
The price
395,687,175
ceiling will apply to all goods except exports, to rentals,
—
cities)
in
without government
498,937
+
-
+45.7
+
889,669
405,464,772
'■
368,378
1,099,812
—
broadcast
rates
841,205
608,139
725,301
861,228
Kingston
(32
•
The Canadian dollar continues firm in a thin market.
3,202,406
_—
announced
Jones
Jesse
Supplies Corporation has
The purchase is part of the 250,^
wool being stored in
ports.
+14.5
+;
Chatham
Defense
this country.
+
.
Sarnia
the government.
pound, about 10% below the commercial prices
a
1,061,706
Albert
Moncton
to
non-essen¬
176,000,000
2,797,592
——-
Windsor
required
and conversion loan which closes
than half subscribed by Oct. 14.
Administrator
Loan
18
be
public buys fewer
000,000 pounds of British-owned
846,355
800,070
will
taxation
unless the
war
Australian
at
911,963
-
Prime Minister Curtin warned
heavier
1,171,298
Kitchener
Total
+ 21.8
629,830
-
916,682
Westminster
Sudbury
948,816
^822,266
-
Brantford "liir—LI-
Medicine
25:i
825,990
1,028,792
___Z—
Fort William
839,816
7.8
+
1,692,005
890,379
:*
1.2
C
on
Great Britain, of which
1,742,365
+
.
0.6
announced
pounds of Australian wool from
126,000,000 pounds has already
been shipped, and has agreed to take 125,000,000 pounds
•of South African wool.
The price was approximately 26
bought
434,493
2,335,524
1,059,226
+
Oct.
on
6,844,349
:?'•
498,144
+" 8.7
.
875,513
1,711,720
_______
+
I
.'578,443 I
;
.582,015
V
383,569
-1:
417,074
Brandon
Nov.
Federal
1,842,934
—_____
________—
Edmonton
officially
tials and lends its savings more freely to
1,856,047
•
+
<
that
week
finance the
13,128,614
6.1
5,203,959
5,651,355
1,811,288
John
London
last
5,825,430
+20.9
+ 15.3
6,291,771
6,513,591
■v
Hamilton
Calgary
was
war.
+
—
Halifax
It
years.
Tuesday that retail prices have risen about 103% since
1
96,842,757
__________—*
Prince
18
53,594,034
Quebec
New
reports that one-fourth
17,738,077
Vancouver
Moose
"near future,"
102,537,610
'.Ottawa
>
1941, in order to conserve shipping.
120,648,138
___.—;—
at low
borrowing
■
126,173,300
Winnipeg
Government
chine tool industries established for the most part within
Ending
________
Montreal
St.
for
the Australian war effort is reflected
of the male population be¬
is mobilized, while 50,000 men and
women in war factories are turning out war equipment
in important munitions, airplane, shipbuilding and ma¬
6,057,621,310
•
$
available
The intensity of
in
249,029,834
1.5
+
•
Week
Toronto
rationing
and
new
tween
+
; 330,399,105
7,297,835,958
7,404,473,149
4,002,916,618
—
17,209,249
4,320,491
185,689,000
1,622,848
—-—
cities)—
12.6
?
3.043,186
Total
Total
1,320.987
33,180,109
41,014,993
20,239,515
;
'
4,211,423
____________—
+
38,852,029
1,555,964 '
5.6
+
+21.9
.
.
".
:
;
Stockton
Grand
49,413,704
,,
••
3,828,579
207,217,000
V.
__—"
Barbara
Santa
r
22,334,998
'5,569,968
—----,
San Francisco
; ii.
25,144,806
.(
Utali-rSalt Lake City
*!' 54,660,085
K.'V«V 1,777,964
1,878,175"
i
'
;
60,248,279
—1:;
Ore.—Portland
Calif.—Long
'-J 104,530,471
115,858,103
———
Federal Reserve District—San
levels,
presumably until the
As a result
order, the price of tin fell below £256 a ton,
the lowest price in a year, reflecting ample British sup¬
plies in addition to strategic reserve requirements.
Most of the estimated 65,000-ton excess of world tin
output over consumption in 1941 will be available to
augment United States reserve supplies.
The rubber
market in Britain has been restricted by establishment
of a stabilized price of 13%d a pound for plantation
standard grades, confirming the prevailing, position due
to the adoption of rubber import control in May.
Stocks
of tea in Britain are reported to be greatly improved
and four weeks' ration may now be purchased at once.
V
end of
of the
—
Twelfth
high
at
Despite
2,845,000
1,080,897
+10.8
■
4,194,554
',/"V 5,676,845
1.9
—
2,745,000
2,692,000
Galveston'-.
La.—Shreveport
prices
to continue for the
1,961,823
Texas—Austin;\__-----_lv_i_-_-----—1-—
-Falls
stock
improved tin reserves, the suspension of
licenses for export of the metal to the United States,
which was ordered last April by the Board of Trade, is
138,191,909
y
8.3
+
District—Dallas—
Ui--_
to
interest rates.
722,364
,'•>;+ 27.9
of funds
532,525
594,467
167,160,447
810,986
'
1
1.0
655,134 V
709,810
/
—17.9
'
3,255,313
-
213,769,133
'
reported
are
3,412,569
:
.
Colo.—Colorado
securities
Government's policy of closing
investment
92,064,282
3,762,265
South
of
added about £30,000,000 to
Requisitioned British
in Britain.
and tax restrictions have served to increase the reservoir
2,523,831
2,698,163
152,533,875
_____
£40,000,000
than
more
resources
total £166,000,0001
the capital market
to all other borrowers, directing new investment funds
into war loans and existing securities, has maintained
2,548,631
37,296,168
+10.7
of
sterling loans has
Empire
98,982
99,120
148,890
The largest export
supplies and imports stressed raw
foodstuffs.
war
in
calling
investment
The
2,872,617
-
The
African
109,662,903
;i.
in
were
materials for defense and tropical
3,289,093
0.9
the five-year average.
above
increases
844,464
4,731,547
15.1
+
147,497
1,096,866
.
28.1
+
100,562
V
:
.
»
122,450,939
+11.6
4,918,566
132,127,422.-I
4" 115,730 <*
-
•
4,150,016
City
$2,085,497,000 represented a gain /of 1% over tne 1940
period and of 20% over the 1936-1940 average.
About
62% of the exports went to British Empire countries
and 30% to the United Kingdom.
Imports at $1,511,—
875,000 were 22% more than in the 1940 period and
2,691,293
79,211,450
+
84,686,770
5,489, 543
4,136,775
Wichita
32,789,258
190,037,486
+ 33.1
,
.+ 25.5
3,383,219
Joseph
Dallas'-
•
1,059,858,
163,641
Mo.—Kansas
'
"•
169,201,177
,
-
36,387,859
+ 31.7
3,075,032
—11.5
;
;
Omaha..
Eleventh
-V
33,541,246
Lincoln
Total
94,800,000
.
605,000
—22.6,
*3,499,907
Hastings-.
St.
.
..
1,587. 909
IIL-I--
cities)
108,800,000
43,388,756
37,243,730
+ 31.T'
+ 54.1
1,605, 902
Neb—Freinont
.
!'
'
r^-—--L-—
■
Federal Reserve District—Kansas
Tenth
.
272,000, 8.7% above the corresponding 1940 period and
20% mere than the 1936-1940 average.
Total exports of
3,097, 299
-
;
' Ijllx
(7
461,133,609
42,092, 718
————-
___
Mont,—Billings
Total
foreign trade for the six months was valued at $3,597,-
517,246,779
-+ 20.3
___.
D.—Fargo
Helena
1,414,556
+14.6
18%
S.; D.—Aberdeen
<
1,420 481
199,639,262 ">*•
V
;
111,572, 007
Minneapolis
1,065,203
7.8
+
845,000
3,755, 799
—
—
__
2,002,420
4,093,231
1,163 055
upon
S
-
.
104,500,000
654,000
District—Minneapolis—vy
__—
2,867 685
4,469 528
—23 0
322,704
; '52,782,792
.
•
63,961,615
/.«,
——------
(4 cities)1
Ninth
6.3
•
*.
265,708,501
Total
2.9
—
41,506,470
.63,492,886 :
'
States
—
660,506,342
"
137,600,000
;
Tenn.—Memphis
'•"-'-'
V.?;
by the United
Oct. 18
on
items, reflecting the
"
■
111.—Quincy
■■'■■■■
'■
issued
uneven effects of war-aid shipments
individual lines of trade and the communities de¬
pendent upon them.
More than ever it becomes neces-/
sary, in analyzing the foreign trade situation, to talk in
terms of individual items rather than mass totals."
Total
1,651,833
757,154,269
Louis—
296,332,349
1;825,693 '
.
-
Eighth Federal .Reserve District—St.
322,247
298
1,680,474
1,780,563
Ky;—Louisville
364 660
5,305,815
*
Mo.—St. Louis
3.0
—
417,377,397
448,466,940
4,970,803
..
3,308,556
418,124
Decatur
■.tTotal ,(18 cities);
8,233,250
3,867 906
'•':+ 7.4
405,774
___
9,043 895
.'
4,208,332
111.—Bloomington
1,128,464
+ 22.8
7+33.8
9,314,944
■
y.
analysis
of Commerce, entitled "Our World Trade
January-June, 1941," shows an increase of 1% in total
exports and of 22% in total imports, with "many extra¬
ordinary increases and decreases for separate commodity
19,322,197
1,281,515
An
Department
4,753,569
27,822,450
5,629,359
t
—
28,674,692
______
—
_____________—__________—:_
la.—Cedar Rapids
Chicago
1,535 505
»
.1,647,684
Haute
Wis.—Milwaukee
Des
2,775,141
1,643,343
+ 21.0
'
27,536,000
iUi—•--
93,832,770
3,355 130
+ 30.7
2,530,875
,
113,037 275
+ 39.8
2,207,169
Com¬
expropriation issue is left in abeyance.
pensation for the British properties is expected to be
discussed by negotiators in accord with the Mexican
President's desire to achieve a reasonable settlement.
295,451
3,693,352
-
2,671,086
"Terre
327 ,908
+37.4
144,158,162
--
•
4,832,806
Ind.—Ft. Wayne __________._r—
Indianapolis _____
'South Bend'
that the oil
$
$
415,084
571,288
Rapids
1938
1939
"
_______
—
Secretary Eden told the House of Commons on Wednesday
18
Dec. %
or
\
201,469,988
Grand
Oct.
Ending
Inc.
1940
1941
at—V
Seventh Federal >Resefv6 District—Chicago—
'Clearings
767
CHRONICLE
THE COMMERCIAL & FINANCIAL
Number 3998
'Volume 154
and to farm
prices, and will affect public services such
electricity, etc., telegraph, telephone, transportation,
and varied personal services. . Employers will be re¬
_—
as
-
"Estimated.
I
-
•>
..'•
production schedule calls for an outlay
$56,000,000,000 by the end of 1943, including the new
lend-lease appropriation.
Cash paymentts for the de¬
fense program for the 15% months from July 1, 1940 to
Dct.
15,
1941, amount to $10,185,487,712.
Another
£8,500,000,00 went for non-defense activities.
As only
£9,765,.000,000 was realized from taxes during the period,
£9,000,000,000 had to be borrowed, partly from the sale
[>f war savings bonds, from banks and large investors,
and from social security and other trust funds.
The
national debt rose during the 15% months to $51,500,000,D00.
Estimated revenues for the current fiscal year are
between $12,000,000,000 and $15,000,000,000.
According to an anlysis by a European economic ex¬
pert writing under the name of Thomas Reveille, about
United
States
of
national income is going into the
government took 56.7%
3f the national income in direct and indirect taxes and
by rationing froze another 23%, most of which it bor¬
rowed for war purposes.
The same author estimates
that more than 50% of the national income of Great
Britain and about 25% of the income of the principal
Dominions is expended on the war.
Defense expendiof the German
50%
effort.
war
t
In
1940 the Nazi
:
,
i
•
.
"
1
!
'
,
i
'
,
•
.
.
of the
tures
United
national income
States
increased
17%
in 1940 to
from
2%
quired to
of the
paid in
in June, 1941, and are
currently around 25%. They may reach 50% of an esti¬
$100,000,000 annual income during the next two
The
mated
years
if the "victory program" now under consideration
.
ended
Shipping losses suffered by Britain, Allied and
are
neutraT nations in the last 12 months are less than those
due
not
solely to submarine attack in 1917, according to a
Tuesday by A. V. Alexander, First Lord of
the
The recorded submarine toll for 1917,
activity was at its height, was 5,639,000
the Admiralty,"
U-boat
An increase of about 30%
Get.
on
prevent
new
least
at
bonuses
"
tons."
Prices
Board
Trade
and
to
For
11.
not subject to
the
determine
will
present stocks and bonds
The new regulations will
the order..
promotions
rates.
increased
broadcast
when
Wartime
maximum prices for certain farm products on the basis
of maximum market prices during the four-week period
is adopted.
Total
a cost-of-living bonus, such as is now
industries, adjusted every three months to
cost-of-living index.
pay
war
the Dominion Bureau of Statistics
is
It
or
change
estimated
of
employment at
that administration of
Canadian
price and wage control plan will cost'
$40,000,000, including $20,000,000 for acreage
Western wheat growers, $10,000,000 for aid
to
Eastern
in
farmers
in British public purchasing
transporting feed, and $5,000,000
for administrative costs.
during the war is reported, based on the rise in
currency circulation since Sept., 1939.
National savings
power
Montreal
£
of at least
35,000,000 a week are needed to avert infla¬
tion, according to Montagu Norman, Governor of the
Bank of England.
The goal was approached temporarily
in the first five days' sales of the new 2%% national
are
!
1
•
1938, have been resumed,
;
i
taken
States
bonds, which reached £31,169,000.
While diplomatic relations with Mexico, which were
in May,
ranged
and
The amounts of gold
war
suspended
funds
discount of 11 3/16%
from
ended Oct.
-
-
-
discount of 11%.
imports and exports which follow
weekly
statement of
Commerce and
United
the
cover
the week
15, 1941.
•
Foreign
:
the
Department of
during the week between a
a
(Continued on
768)
Page
;
"i
i.
•/!
;
!
.
-
i:-.
THE COMMERCIAL & FINANCIAL CHRONICLE
768
Course of
'
'•
:
;
Ore
'
Imports
bullion
base
and
bullion
Total
and
and Coin
:
$130,375
$3,337,474
___;
$138,766
14,211
■
5,881,027
——
Canada,
$231,962
Nicaragua,
Mexico,
Peru.
held
Gold
$1,086
Imports
—,____
______
$202,822
$1,086
:
________
♦Chiefly,
during the
~
$10,254,189
Detail of Refined Bullion
Canada
Venezuela
■
9,232,712
—
.
under earmark
at
weefc ended Oct.
Federal
the
by
15
f
Exports
<=$1.021.477
coin
___
Australia
■i payments.
15 inclusive
.
Refined
multilateral
clearings, reserving gold for emergency
5,17, against 5.17. The Chilean export peso is nominally
Linking of Continental currencies, except S quoted at 4.00, against 4.00.
Peru is nominal at 15.75,
! the Swiss and Portuguese, to the mark as a step toward / against 15.75.
The -Mexican-peso;is- quoted nominally/
j the establishment of Hitler's new order is believed likely "at'20.70, against 20.70.\rs-%
r; -.
:
/•
to result from the economic conferences held this week
/• • Exchange on the Far Eastern countries is quiet. Nearly
in Rome by Axis experts.
'
'
10,000 tons of tungsten for defense reserves of the United
States have been shipped from China during the past
Organization in Paris of Aero Banque Societe Anonyme,
a French
subsidiary of the German Bank for Aviation,
year, compared with normal imports of 2,000 to 3,000
with a capitalization of 200,000,000 francs, is viewed as a
tons a year.
Members of the Anglo-United States ad¬
step toward taking over the French aviation industry
visory financial and economic mission to China expressed
and speeding production of airplanes.
Subscriptions to
surprise that China's financial situation is not still more-
Sterling Exchange
(Continued from Page 767)
and Exports, Oct. 9 to Occ.
.
Gold Imports
Reserve
$2,076,241
to
banks
the recent conversion loan issue of the national
-
reduced
was
fund
Other Exchanges
and
•
An additional $30,000,000 jtvas advanced to the Soviet
on Oct. 10, Secretary of the Treasury Morgenthau
on Monday, against an equal amount of Rus¬
gold to be delivered in six months.
On Tuesday
Loan Administrator
Jones announced that
the
Supplies Corporation has made additional dis¬
of $6,889,$32 to .the Amtorg Trading Cor¬
poration, in advance of deliveries of defense materials/
bringing to almost $67,000,000 the total dollar credits
extended by the United States to finance the Russian
.
effort.
war
The
Wednesday that
Maritime
Commission
announced
be
the
is
distance
from the.United
sent
which
over
States
to
supplies
W
Russia.
can
.AverelL
Harriman, head of the United States delegation to the
resources
Russian
use
recent years
is
funds
sen,
built
•
"
■/
.
(Continued frovi Page
proved
have
the
by
been
voters
sold.
Due
recently,
$500 from
Sept. 1, 1942 to 1961, incl.
San
Court
no
tified
;
to
&
The
' San
Oct.
16
Antonio
which
has
filed
been
to restrain the county
selling $285,000 in tuber¬
cular hospital bonds, the County
Commissioners Court today au¬
thorized
County Judge Charles
from
W.
Anderson
to
employ
archi¬
urer
ing
H.
Assistant
preparing
an
Ridgeway.
Attorney, y is
District
of
tition
which
in
pe¬
B. Gillespie et al in
injunction against the
The suit
was
District
Judge Raymond
Aug. 8.
Ridgeway indicated that in his
Edwards' Court
t
the
F.
an
bond sale is asked.
filed
to
answer
on
he would hold that
answer
would
junction
be
an
in¬
remedy
since the bonds have already been
sold by the Commissioners' Court.
no
He indicated that he
that,
in
raised
general,
had
hold
questions
are
moot.
the attorney said
not
but
swer
the
by the plaintiff
However,
he
would
yet
he
drafted
stated
that
the
that
an¬
he
ex¬
pected to today.
While the county has sold the
bonds, it is necessary for the Dis<trict
Clerk
to issue
a
secure
bonds
for
tubercular
and
the
money
the
Judge
from
1942
46,000
■,
hospital
county
at
to
Southton
planned
hospital.
for
County
Charles W. Anderson
has
warned that if the tubercular hos¬
Kelso,
Bonds
Treas¬
the
follow¬
said
at
1942
bonds.
Due
in
1966.
fire
Wash.
Sold—A
/.;//////:/
$200,000
issue
par
of
to
have
been
purchased
by
Conrad, Bruce & Co.
Seattle, divided as follows:
1945
to
1949
maturities
as
2%s
1961.
•
Due
as
;
follows:
2
2
-
2
3,
1937
rate of
2
1926, $1,422,000
previous
retired
were
bonds offered
basis
a
Nov.
in
them
small
the counter failed.
issues
amounts
These
being
now
over
are
the
cleaned
about
1941."
1.41%.
Due
20
Dated
from.
$5,000
Bonds Authorized—The
//
3%%
1953.
semi-ann.
• bonds.
revenue
$1,000.
securities have had
Village
recently passed an ordi¬
calling for the issuance of
$33,000
utility
on
strong mar¬
Oct.
Merrillan, Wis.
up.v• v:';■ v• ^>...■' ::
For years, however, City Light's
a
on
1, 1942 to 1951 incl.
nance
An attempt to
of
1,
Nov.
interest.
for sale
154, p. 535—were awarded to
Paine, Webber & Co. of Chicago,
as
1%S, paying a price of 100.46,
—v.
drew 6%
electric
Denom.
Dated Oct. 1, 1941.
Due
1943 to 1961;, re¬
Oct.; 1, in
deemable
and
on
after
Interest payable
Oct.
1,
A-O.
demand,
almost
is
available
costs and for the
next two weeks.
legal opinion.
/■■■;/•., ./.•/•■/
The
This became known yesterday
$37,000 semi-ann. street
when City Treasurer H. L. Col¬
improvement bonds
that
were
sold to the
impossible to find
for
one
ALBERTA
purchase.
Alberta
£'■
WEST VIRGINIA
VjvJi;'''
Offers
Blue field, W. Va.
Refinanced—An
Bonds
Associ¬
ated Press dispatch from this city
reported as follows:
Mayor William C. Snyder said
today the City of Bluefield will
save
$22,000 through refinancing
at
3%%
the
4%
sewer
bonds
1942
which it had sold to the RFC.
payments due
on general obliga¬
utility bonds of the city.
Oct.
on
(Province of)
Interest
Payment—The
Province will pay interest to bona
fide holders of debentures of the
issue which matured Nov. 15,1936,
at
3%
respect of
Nov. 1, 1941,
being at the rate of $15.00 and
$7.50, respectively, for each $1,000 and $500 denomination.
Holders will be paid interest as
stated on presentation of their
of
Peoples Bank of Tyler, lier/carrying out a plan pre¬
as l%s—v. 154, p. 649—were
pur¬ viously
announced,
transmitted
chased at par, plus accrued inter¬ by telegraph to the
city's fiscal
est, costs of printing and furnish¬ agency in New York City $945,ing the legal approval.
Due in 895 to meet principal and interest
tion and
2
2
market discount rates for short bills
open
lower interest rate.
a
1914 and
City Light's outstanding bonded
1951.
2
'
Friday were 1 1/32%, as against 1 1/32% on Friday
of last week, and 1/32—1 1/16% for thee months'
bills,
as
against 1 1/32—1 1/16% on Friday of last week.
Money on call at London on Friday was 1 %.
Board
purchaser also agreed to debt will be decreased more than
accrued interest, the printing a half million dollars within the
to
.?'•' 2
""
though the interest
Debt
Payment rate has been
dropped to 4%, and
Seattle
'-Postcity officials said yesterday it
Intelligencer" of Oct. 18 reported
station bonds.
to
City
Light
Scheduled—The
lVa
2
2
on
City officials recalled yester¬
day the difficulty experienced in
disposing of the early issues of
City Light bonds,; -though they
ket
1V3
Foreign Money Rates
In London
maturity, by permission of the
bond
/
Rate
..
bonds
sell
>
Previous,
'Advances on Government obligations
a
1%, effective
Sept. 1, 1939. Chicago; Sept. 16, 1939, Atlanta. Kansas City and Dallas;;
Sept. 21. 1939. St. Louis.
y,
yy
addition,
bonds
to
tlje
of $7,900,000 have been
Between
Sep
bear
The
pay
15
per- annum
in
the half-year ending
Negotiations for reissuance
debenture or debentures for no¬
$945,895 total, by far the the $244,000 bond issue through a
major portion is to take care of Cincinnati firm were completed tation thereon of such payment
of interest at any branch of the
Bonds Sold—The Security Na¬ City
Light's obligations, $520,000 yesterday
after
the
RFC
had
tional
Bank
Imperial Bank of Canada in the
of
Whitesboro, is being for retirement of a block agreed to release the bonds.
Dominion of Canada.
Debentures
said to have purchased $10,000 3% of its bonds and
$279,475 for in¬
Littleton, W. Va.
should be
semi-ann.
accompanied by the
building bonds at a terest due on several of its bond
IVhiteshoro School District (P. O.
Of the
Whitesboro), Texas
price of 101.50.
15,
1942 to
Due
from
1956.
VERMONT
Sept. issues.
City Light bonds to be retired
are
$214,000 due Nov. 1, 1941,
and $306,000 due Nov.
15, 1941.
These
Jay,
Bonds
the
building the proposed
improvements
that
lVa
___,
bond holders.
bonds
airport
Francisco
I
*lVa
*1 Va
____
Dallas
refunded at
to
of semi-ann. water revenue bonds
100.258:
$100,000
certificate before the county
can
:
WASHINGTON
non-litiga¬
tion
<
aggregating 1950 to 1954 "maturities as
2%s,
$146,000, sold on Oct. 3 to Calli- and 1955 to 1965 maturities as 3s.
han & Jackson of Dallas, as 2s—
Callable on and after ten years.
v. 154, p. 649—were purchased for
a
premium of
$377, equal to
Seattle, Wash.
in
T.
states
now
semi-ann.
county hospital.
Meanwhile,
-
In
of
Texas
Texas
Paid—The
City
Price
tects to draw plans for the hospi¬
tal and for improvements at the
;
Parker of Morrisville.
(P. O. San
Tyler.
of
follows:
as
suit
a
i"// D.
$22,000 issue of
funding bonds is said to have
been purchased recently by R. A.
Suit—
"News"
reported
Disregarding
■
is
Bond
City
1 Va
__
amount
by the Valley Savings Bank
Co., North Troy, ap¬
proved as to legality by Clifton
Trust
Sold—A
Bonds
Kansas
San
>
*1 Me
Minneapolis
between' 7
be
Texas
Disregards
trader treaty
which
will
Underwood & Co. of Dallas.
Antonio,
reciprocal
,
*lVa
Louis
v.
Sep
1, 1939
Aug 27, 1937
Sep
4, 1937
May 11, 1935
Aug 27, 1937
Aug 21, 1937
Aug 21, 1937
Sep
2, 1937
Aug 24, 1937
Sep
3,1937
Aug 31, 1937
;/>'•
*lVa
______
of $49,000,000 and an indicated
figure for the year of
$90,000,000.
From 1920 to 1939 th^ United States
sold Argentina on the average
$28,000,000 more than it
-4
Anoelo )
the
'
..
Established
.
"lVi
»»—__
St.
'-V:'//''J/
of
\
iya
:
.
Banks
Date
,
lVa
Chicago
bought.
V
The Argentine unofficia.1 or free market rate closed
at 23.75, against 23.65.
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
with
v..
>•
Reserve
'
1*1
___
about
'■
Green County
744)
an
___
1
Atlanta
amounts to 27%
now
______
v
Richmond
■y
issue, according to Richard P. Momexport attorney just returned from a long resi¬
Conclusion
there
/■• V
■ • ••
Tom
gold stock which
York
New
'
Oct. 24
—
Cleveland
Argentina and the United States on Oct. 14 was effected
•fat a favorable juncture, with Argentina's trade for the
■j first seven months of 1941 showing an export balance
operate it.
/
a
•__
^Philadelphia
)
eco¬
available
of
dence in Brazil.
He predicted that after the
Europe will trade with the rest of the world through
pital
Federal Reserve Banks
Boston
■
of its paper money
many's trade witth Italy.
war
The Shanghai
.
as against
import balance of $10,000,000 in 1940, to the deoosit
of refugee funds, reinvestment of profts
by foreign firms
operating in the country, and Brazil's accumulation in
(•
has tripled Ger¬
war
of
an
University of Rome on Monday,
Reich Minister of Economics, stated
and said that the
decree
a
000,000 during the first eight months of 1941,
I
the
Germany has already begun to
nomic
Under
Brazil is ascribed to its favorable trade balance of
$40,-
Britain and Russia, an industrial population of 45,000,000,
with 20,000,000 workers in the "central German bloc."
that
cash.
.
'
Dr. Walther Funk,
in
.
substantially all the
materials requested by the Russians.
V",:'
Inability to repair machinery and replace industrial
equipment because of labor and material shortages is
causing Germany a loss of 5,000,000,000 marks a year,
according to Dr. Carl Luer, a leading Nazi business
expert, who pointed out in a recent address that one
of the first tasks of the new order in Europe after the
war
will be to provide new equipment for industry
and agriculture, rebuild railroads and merchant marines,
and
expand the capacity of European power-plants.
Germany alone will manufacture armaments in the new
Europe outlined by Dr. Luer, which will have, without
at
was
funds for the construction of ships, airplanes, and guns s/. at. the different Reserve banks:
for the southern republics.
;
Discount Rates of Federal
v
v .;'
v
Rate in Effect
Notable improvement in the exchange situation in i,,.v•;•*
;
ised within the next few months of
address
remainder
sfrom the United States, allocating $8,350,000 at the con^t •.^Sphere have been no changes this week in the redis-i
trolled rate and $1,600,000 at various combinations of ;?• count- rates" of the Federal Reserve banks; recent ad-'
I the free and controlled rates.
About $150,000,000 of new
vances
on
Government obligations are' shown* in' the
i lend-lease funds are earmarked for the construction ofX.,"A
footnote to the table.
The following is the schedule
| naval and air bases in Latin-America to serve both local
of rates now in effect for the various classes of paper.
! and hemisphere defense needs. The allotment includes
Moscow
conference, stated in Washington on
Tuesday that large amounts of war supplies are being
sent to Russia. He reported that he found Russian morale
extarordinarily high and that delivery had been prom¬
an
the
f
recent
In
country has had to endure.
Reserve Banks
on
war
shortest
the
indicate
Discount Rates of the Federal
supplies will be shipped to Russia
from Boston to the White Sea port of Archangel instead
of across the Pacific to Vladivostok.
The Archangel
route
Cairo
:
Defense
bursements
from
T sever trade relations with
,
announced
Federal
Advices
15,500,000,000 francs, of which 3,300,francs represented old national defense bonds
000,000
Union
sian
...difficult in view of all
sinking
exceeded
that Iraq has decided to'
Japan.
^
—
; •
yuan closed on Friday at 5.50, against
tOct. 16 profits of Belgian corporations are limited to
5.50 on Friday of last week. The Hong Kong dollar closed
16% of capital and reserves, and annual, fees to officers. 7iat. 25,5/16, against 25 5/16? Manila at 49% against 49% ? i
land executives may not exceed 2% of the firm's capital"' ^Singapore at 47
%, against 47% ; Bombay at 30.35, against
( and reserves.
Excess profits must be invested in gov*; ;30.40; and Calcutta at 30.35, against
30.40.'-'-/•%.••-•••//■/\v v
f ernment securities.
In Spain a decree of Oct. 20 imposes"
a
heavy excess profits tax, in some cases as high as
80%, to distribute more equitably the burden of civil
! war costs and the
profits from the European war.' ";~"
Exchange on the Latin-American countries is steady
and without special interest.
The Bank of the Republic
}of Uruguay on Oct. 20 announced an exchange
quota of ;
! approximately $10,000,000, beginning Dec. 1, for
imports1
$2,018,929,014.
'
Continental and
Saturday, October 25, 1941
Vt.
Sold—F.
W.
Home
&
are
the
oldest
issues
out¬
standing.
Since
its
establishment,
City
Light has issued a total of $66,chased
$17,000
893,000 in bonds to carry out its
bonds as 3s, at 100.151, a basis
construction programs, including
of about 2.98%.
Dated Nov. 1,
the Skagit development.
Of this
1941.
Due $1,000 on Nov. 1 from
amount, $23,587,000 has been re¬
1942 to 1958 incl.
Payable at the
Marine Midland Trust Co., New tired out of earnings, according
Co.
York.
of
Hartford
recently pur¬
3%
refunding
Interest M-N.
Bonds
cer¬
to
Supt. E. R. Hoffman.
Bond Election—The issuance of
$8,500
voters
to
be
will
at
an
used
construction
hall
town
bonds
submitted
be
election
in
on
Nov.
connection
Federal grant on
$500 from Jan.
the
to
15,
with
ment
.
•
.■
■■ ■
in the
certificates
t
;
case
re¬
of coupons.
'
•.'
ONTARIO
the project. Due
1 in 1943 to
ownership
as
a
Ontario
1959
(Province of)
$10,500,000 Bonds Publicly Of¬
fered—A
syndicate
headed
by
incl.
Wood,
WISCONSIN
Kenosha County
(P. O. Kenosha),
Wis.
Bond
ann.
usual
quired by the Dominion Govern¬
Sale—The
refunding,
Canada
bonds.
$50,000
series
semi-
1941-A
Gundy
&
Co.
of Toronto
in
$10,500,000 refunding
recently made public offering
of
The maturities from 1942
to 1947 incl. bear 2%
1948
to
1951
bonds
interest and
are
3s.
@FedFRASER