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Y>^
Thf
oitimfiria
COPYRIGHTED IN 1940
VOL. 151.
Br WILLIAM
B. DANA
COMPANY, NEW YORK.
Issued WeeMy^40 Oents a Copy
ENTERED AS SECOND-CLASS MATTER JUNE 23, 1879, AT THE POST OFFICE AT NEW YORK, NEW YORK,
NEW YORK, OCTOBER 26, 1940
UNDER THE ACT OF MARCH 3, 1879.
NO. 3931.
^215 Spruce^sft.f New York City '
CHASE
THE
BROOKLYN TRUST
BANK
NATIONAL
COMPANY
OF THE CITY OF NEW YORK
Chartered 1866
OF
George V. McLaughlin
Maintaining effective cor¬
President
BROOKLYN
NEW YORK
Member Federal
N EI
a
traditional
policy of
the Chase National Bank. H
Deposit Insurance
YORK
Corporation
respondent bank service
is
Broaden your customer
service with
Chase
cor¬
respondent facilities.
Hall gar ten
& Co.
Member Federal
Deposit Insurance
Corporation
Established 1850
Public Utility
NEW YORK
Bonds
London
Chicago
City of
Philadelphia
PUBLIC UTILITY
Bonds
INDUSTRIAL
T'he
RAILROAD
FIRST BOSTON
CORPORATION
MUNICIPAL
BOSTON
NEWYORK
Moncure Biddle & Co.
CHICAGO
BONDS
AND OTHER
PHILADELPHIA
SAN FRANCISCO
FHIXJUDBLPHXA
PRINCIPAL CITIES
ACAUYN»»COMESNY
INCORPORATED
CHICAGO
Boston
New York
Philadelphia
Milwaukee
Detroit
Omaha
PACIFIC NORTHWEST
t | 1
The
SECURITIES
New York Trust
-
'
\
t
':j,. ^
-
fDrumhdlor. Ehrltdtman
Company
■
Company
Exchange Bid g.
Capital Funds.
Seattle
OTIS & CO,
(Incorporated)
IOO
Established 1899
■
NewYork
CLEVELAND
BROADWAY
IRe Deal in
MM.-
Phila. Co. $5
Chicago
'
.
and $6 Pref. Stocks
Penna. Glass Sand
$5 Pref. Stock
Phila. Electric Co. Common Stock
AVENGE
Phila. Suburban Water 1st 4s, 1965
AND 40TH STREET
Lehigh & New England Gen. 4s, *65
MADISON
R. H. Johnson & Co.
Members
New York Stock Exchange
Yarnall & Co.
New York Curb Exchange
NewYork
St.
64 Wall
BOSTON
_<
PHILADELPHIA
ONE EAST
1528 Walnut Street,
Philadelphia
57TH STREET
DeHaoen & Townsend
CarlM.Loeb,Rhoades&Co.
61
Established 187U
BROADWAY
Member
NEW YORK
London
Paris
Amsterdam
Geneva
Federal
of the
NEW
YORK
30 Broad St.
Deposit
Insurance Corporation
PHILADELPHIA
1513
Walnut St.
'X:\-
Oct.
n
This is under
no
circumstances to he construed as an offering of these
to
buy,
26,
1940
securities for sale or as an offer
offer to buy, any of such securities.
offer is made only by means of the Prospectus.
or as a
The
solicitation of
an
New Issue
Pennsylvania Glass Sand Corporation
31 '00°
5% Cumulative Preferred Shares, $100
*
Certificates
Interim
therefor, subject to the
par
value
Corporation's
offer, set forth in the Prospectus, to exchange such Shares
.
f
therefor) for its outstanding $7 Cumulative Convertible Preferred Stock.
(evidenced
by
Exchange
Receipts
Price $102
Plus
an
equivalent to dividends at the rate
amount
of $5 per annum
from October 1, 1940
(Price of Interim Certificates)
c*>
Copies of the Prospectus
Harriman
may
be obtained from the undersigned.
Smith, Barney & Co.
Ripley & Co.
Incorporated
Merrill
Lynch, E. A. Pierce & Cassatt
Riter & Co.
October 22,19^0.
advertisement is neither
an
ojjer to sell
nor a
solicitation oj
an
offer to buy
any
of these securities.
The
offering is made only by the Prospectus.
71,208 Shares
Gisholt Machine
Company
Stock
Common
{$10 Par Value)
Price
Copies of the Prospectus
may
$17.75 per
share
be obtained from such of the several underwriters, including the undersigned, as are
registered dealers in securities in this State.
A. G. Becker & Co.
Incorporated
Alex. Brown & Sons
Merrill Lynch,
,
Kidder, Peabody & Co.
October 22,1940•
„
_
_
•
*
E. A. Pierce & Cassatt
.
.
■
.
.
'
•
Lee Higginson Corporation
w
flmmerciH
,
OCTOBER 26,
Vol. 151;
No. 3931
1940
CONTENTS
Editorials
The Financial Situation
2387
For
2400
2402
Efficiency in National Defense—Willkie
Dictatorship Trends Illustrated
Comment and Review
Letter to Editor—
The Bottle Neck in Machine Tool Production.
Week
on
.
_.
Foreign Political and Economic Situation
2403
..2392
.
2397
Foreign Exchange Rates and Comment
& 2439
..2404
Course of the Bond Market
Indications of Business
.
..2392
the European Stock Exchanges....
Activity.
_
..2404
Week
on
the New York Stock Exchange.
..2390
Week
on
the New York Curb Exchange.
..2438
News
2416
■Current Events and Discussions
Bank and Trust Company
General Corporation
.....2437
Items
2482
and Investment News
Dry Goods Trade.
State and
...
.....2528
2529
Municipal Department
Stocks and Bonds
...2447 & 2449
Foreign Stock Exchange Quotations
Notices
Bonds Called and Sinking Fund
Dividends Declared
...2439
.2443
.......
...
Auction Sales
.2439
...
Exchange—Stock Quotations
...2450
♦New York Stock Exchange—Bond Quotations.2450 & 2460
New York Curb Exchange—Stock Quotations..
2466
♦New York Curb Exchange—Bond Quotations
2470
Other Exchanges—Stock and Bond Quotations
2472
New York Stock
Canadian Markets—Stock and Bond
2476
Quotations..
Over-the-Counter Securities—Stock & Bond Quotations.2478
Reports
Foreign Bank Statements
Course of Bank
;.
....2396
^
...2439
Clearings
..2416 & 2447
Federal Reserve Bank Statements
General
.2482
Corporation and Investment News..
Commodities
The Commercial Markets and the
Crops
Cotton
.2525
the new column incon>orated in our tables
New York Stock Exchange and New York CurblExchange bond quota¬
*
Attention
tions
is directed
to
pertaining to bank eligibility and rating.
...
Published Every
—..
_
2518
.2522
.....
Breadstuffs
on
........
.
,'
v.. T.V-.
...
Saturday Morning: by the William B. Dana Company, 25
Spruce Street, New York City, N. Y.
President and Treasurer; WillianPD. Riggs, Business Manager.
208 South La Salle Street (Telephone State 0613). London—
Edwards & Smith, 1 Drapers' Gardens, London, E.G.
Copyright 1940 by William B. Dana Company.
Entered as second-class matter
June 23,1879, at the post office at New York. N. Y., under the Act of March 3.1879.
Subscriptions in United States and Possessions, $18.00
per year, $10.00 for 6 months; in Dominion of Canada, $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and
Cuba, $21.50 per- year, $11.75 for 6 months; Great Britain, Continental Europe (except Spain), Asia, Australia and Africa, $23.00 per year,
$12.50 for 6 months.
Transient display advertising matter, 45 cents per agate line.
Contract and card rates on request. NOTE: On account
of the fluctuations in the rates of exchange, remittances for foreign subscriptions and advertisements must be made in New York funds.
Herbert D. Seibert, Chairman of the Board and Editor; William Dana Seibert,
Other offices: Chicago—In charge of Fred H. Gray, Western Representative,
The Commercial & Financial
VI
matter
This announcement appears as a
Oct. 26, 1940
Chronicle
of record.
only by the offering prospectus which, however, does notconstitutean offer
whom it is unlawfulfor such underwriter to make such offer ui such state.
disapproved by the Securities and Exchange Commission,
This it not an offering prospectus. The offer of there securities U made
underwriter to tell these securities in any state to any person to
This issue, though
registered, it not approved or
which does not pass on
the merits of any registered
by any
securities.
$29,000,000
Columbus and Southern Ohio
Bonds, 3/4% Series due 1970
First Mortgage
The
Electric Company
and is subject to the more detailed statements in such prospectus
indicated herein and which are hereby incorporated by reference.
be read prior to any purchase of Bonds.
following Lr a briej outline oj certain injormalion contained in the offering prospectus
registration statement, which also include important information not outlined or
The offering prospectus, which must be furnished to each purchaser, should
and in the
To be
Electric Company (incorporated
in Ohio in 1906) is engaged in the generation of electric energy and in the transmis¬
sion, distribution and sale thereof in a territory in Ohio having a population esti¬
mated by the Company at approximately 600,000. The territory served includes
Columbus (population 305,000), in which the Company operates in competition with
a municipal system. The Company also operates a passenger transportation system
in Columbus and its suburbs. Approximately 80% of the total operating revenues
for the 12 months ended June 30, 1940 was derived from the electric business and
substantially all of the balance from transportation. The Company intends to con¬
THE COMPANY:
tinue in business
The
Columbus and Southern Ohio
of this general character.
Company's electric properties include generating stations and
facilities. Its transportation properties include street
transmission
railway lines
and cars, trolley coach lines and electric trolley coaches, and motor buses. Since
1933, in which year the Company commenced the substitution of trolley coach
and motor bus service for street railway service, the Company has abandoned
substantial amounts of street railway property. The Company anticipates that there
The Company
character.
intermediate holding companies, by The
substitutions and abandonments of such
is controlled, through
Company. The Company has been advised that as of July
corporation owned 28.436%, and five other corporations an aggre¬
United Light and Power
31, 1940, one
21.530% (subsequently reduced to 19.635%), of the voting stock of The
Power Company (with certain inter-relationships among certain
corporations), but that there is no agreement among any of such
corporations for concerted action to control the Company.
The Company is part of the "holding company systems", as defined in the Public
Utility Holding Company Act of 1935, of The United Light and Power Company
and intermediate holding companies, which companies have registered as holding
companies under the Act. The Securities and Exchange Commission has initiated
integration proceedings under the Act directed to the Company and other com¬
panies in said systems. The Company disclaims any representation as to the effect
of the Act or the administration thereof or the outcome of the integration pro¬
ceedings upon the ownership or business of the Company.
gate of
United Light and
of such five other
tabulation, prepared by the Company, is condensed
included in the offering
financial statements certified by Messrs. Arthur Andersen
tabulation is subject to, and should be read in connection
financial statements and the notes appended thereto.
EARNINGS: The following
from the statement
of income accounts of the Company
prospectus among the
8c Co., auditors. Such
with, such
v/■■■'
/•'■■■• -//''• // /•' //■
■'
First Mortgage
//-/ / ? Interest
revenues
and other
Net
deductions
income
$3,915,340
3,572,739
3,990,294
3,910,404
$1,109,609
1,072,162
1,066,157
1,119,298
$2,805,731
2,500,577
2,924,137
2,791,106
$27,836,000*
and Collateral Trust Bonds...
$29,000,000
Bonds, Z)/\% Series due 1970.
First Preferred 6% Shares (cumulative) (par
value $100 per share)
Series B Preferred Shares (6%% cumulatiye)
Consisting of $26,000,000 4% Series due 1965
83,601 shs.
83,601 shs.
50,144 shs.
50,144 shs.
150,136 shs.
(par value $100 per share).......
Common Shares (without par or stated value).
150,136 shs.
and $1,836,000 3%% Series due 1968.
Bonds, 3%% Series due 1970 (due September
initial series of Bonds under an Indenture with
City Bank Farmers Trust Company, New York, as Trustee, and under a Supple¬
mental Indenture, both dated September 1,1940. In the opinion of Messrs. Hender¬
son, Burr, Randall 8s Porter, general attorneys for the Company, these Bonds will
be secured by the Indenture which will constitute a direct first lien on substantially
all of the fixed property owned and franchises held by the Company at the time of
the recordation of the Indenture, with the exceptions and subject to the conditions
referred to in the offering prospectus. Additional Bonds of this or other series, rank¬
ing equally with these Bonds, may be issued (in unlimited principal amount except
as provided by law) upon compliance with the provisions of the Indenture.
The Indenture permits the Company, under certain conditions, to obtain the
release of property from the lien thereof, and to abandon or discontinue any of its
transportation properties; and requires the Trustee to transmit to Bondholders,
whose names and addresses are on file with it, certain reports with respect to releases.
The Indenture permits modifications to be made, (with certain exceptions) with
the consent of the holders of 66%% in principal amount of the Bonds.
THE BONDS: The First Mortgage
1, 1970), are to be issued as the
SINKING FUND AND
the
MAINTENANCE FUND: The Company covenants in
Supplemental Indenture to retire for the sinking fund Bonds
of 3%% Series
(subject to a credit for such Bonds redeemed at the option of the Company or
reacquired and cancelled) as follows: $200,000 on each September 1, 1941 to 1950,
both inclusive; $250,000 on each September 1, 1951 to 1960, both inclusive; and
$275,000 on each September 1, 1961 to 1969, both inclusive.
The Company covenants in the Supplemental Indenture to deposit cash under a
Maintenance and Replacement Fund, or to certify net property additions or Bonds
or
prior lien bonds not theretofore
annum
nance
Net
earningsf
Operating
Outstanding
Outstanding
Capital Stock:
First Mortgage
*
and distribution
will be substantial further
Funded Debt and
bonded, in aggregate amount equal to
3% per
less amounts expended for repairs and mainte¬
mortgaged property, in each case excluding trans¬
of the gross property account,
of and in substitution for
portation property, all as more fully stated
in the offering prospectus.
being redeemable for the sinking
option of the Company, in whole at
REDEMPTION: These Bonds, in addition to
Year to December
Year to December 31,
Year to December
12 months to
*
$11,607,117
11,496,335
12,347,409
31,1937*.,
1938..
31,1939
June 30,
..
1940../
Includes the accounts of certain
12,709,580
subsidiaries merged into the Company in 1937.
f After provision for taxes, including
earnings
Federal taxes.
forth,
are
transportation property.
intends to apply the net proceeds from
(estimated at $30,260,000, exclusive of accrued interest and
underwriting discounts and estimated expenses) to the redemption
of its outstanding bonds (exclusive of $64,000 principal amount to be redeemed
through the sinking fund) which, exclusive of accrued interest, will require
$29,142,880; the remainder of such proceeds is initially to become part of the
Company's general funds.
the sale of these Bonds
after deducting
CAPITALIZATION: The funded debt and
as at
stated below, are redeemable at the
time or in part from time to time, on 30 days' notice at prices (plus accrued
interest) commencing at 110% and decreasing as follows: on each September 1,
1941 to 1960, both inclusive, V\% \ on each September 1, 1961 to 1969, both inclu¬
any
sive, %%; and on March 1, 1970,
Yi%.
„
sinking fund on each September 1 on 15 days'
These Bonds are redeemable for the
(plus accrued interest) commencing at 107% on September 1, 1941
and decreasing as follows on each subsequent September 1: 1942, 1943 and 1944,
%%; 1945, H%\ 1946 and 1947, %%; 1948, %%; 1949, %%; 1950, %%; 1951,
%%; 1952, %%; 1953, %%; 1954 to 1957, both inclusive, %%; 1958, %%-, 1959
to 1962, both inclusive, %%; 1963, %%; 1964 and 1965, %%; 1966, %%; 1967,
%%; 1968, %%; and 1969, %%.
'
and conditions, the underwriters
(including the undersigned) have agreed severally
to purchase these Bonds from the Company, not later than the eighth full business
day after the effective date of the registration statement, at 105%, or a total of
$30,450,000, plus accrued interest. The public offering price is 107%, or a total of
$31,030,000, plus accrued interest. The underwriting discounts are 2%, or a total
of $580,000. By stipulation with the Securities and Exchange Commission, T>illon,
Read fie Co.'s underwriting fee is to be placed in escrow and will be paid over to
and, subject to certain conditions, retained by the Company upon final determina¬
tion, if adverse to Dillon, Read 8s Co., of proceedings pending before the Commission
to determine whether or not Dillon, Read 8s Co. stands in such relation to the
Company that it is prohibited from receiving such fee.
UNDERWRITING: Subject to certain terms
named in the offering prospectus
PURPOSE OF ISSUE: The Company
ing
as
notice at prices
among other things, that substantially all of
derived from operations of the electric department;
and that in connection with anticipated substitutions of trolley coach or motor
bus service and abandonments of street railway property the Company, as of June
30, 1940, transferred $3,000,000 from paid-in surplus to reserve for depreciation of
The financial statements set
the Company's net
fund
capital stock of the Company outstand¬
June 30,1940, and to be outstanding upon the issuance of these Bonds
(as stated above) of the outstanding bonds, are as follows:
the redemption
and
Price 107%
plus accrued interest
from September 1,1940, to the date of
delivery
forth therein, and to approval of legal proceedings
Burr, Randall <3 Porter and Afessrs. Sidley, McPherson,
delivery
or about October 24, 1940,
The offer of these Bonds is made only by the offering prospectus and is subject to the terms of offering set
by Messrs. Sullivan c3 Cromwell, counsel for the underwriters, and by Messrs. Henderson,
Austin e3 Burgess, counsel for the Company. It is expected that the Bonds in temporary form will be ready for
on
at the office of Dilbn, Read e3 Co., New York, against payment therefor in New Yorkfunds.
TO FACILITATE THE OFFERING, IT
SERIES DUE 1970. THIS
IS INTENDED TO STABILIZE THE PRICE OF THE FIRST MORTGAGE BONDS, 3%%
ASSURANCE THAT THE PRICE OF THE ABOVE SECURITY WILL BE STABILIZED OR THAT
COMMENCED, MAY NOT BE DISCONTINUED AT ANY TIME.
STATEMENT IS NOT AN
THE
STABILIZING, IF
is contained in the registration statement on file with the Securities and Exchange
be furnished to each purchaser and is obtainable from the undersigned.
Further information, in particularfinancial statements,
and in the offering prospectus which must
Dillon, Read & Co.
October 22, 1940.
Commission,
A SHORT time ago Mr. to tell of the Defense
Council
asked Knudsen
of his
a
was
former associates and others
defense
the
how
program
Let
It is
gathered at a luncheon
was
are
newspapers
Essentially the
of the Government.
is
same
the months to
told
concerns
ural desire
perfectly nat¬
the part of
on
thoughtful citizens to
know with
whether
certainty
is
ever
degree of
some
to
necessary
our
the earliest
at
armament
what¬
possible moment is or is
not being done.
The im¬
and is
daily gaining strength,
prevails,
pression
the national defense
that
is badly behind
program
there
if
schedule,
is
a
and that there
schedule,
fear that
to
reason
Late Start
modern
defense work
men
time
doubtless,
of the
from
drawn
gun
calls for
plus 500
These
one
hasten
way
facts ?
appears
were
It
why
this
have
been
It is
is
that precisely
fear may not occur.
have
them
no
give
can
such tragedies as they
thus
Some
heard
of
procurement difficulties
daily growing
and
of
more severe,
likelihood
the
campaign within
a
of
short
a
period of time to lay the
blame upon
to
supply
a
industry and
basis for drastic
steps of a sort much more
likely to bring additional
difficulty and delay than
to
existing lack of
cific information,
growing
a
With
promote progress.
the
spe¬
there is
disposition to
accept all these reports as
true.
be
clear
that
is
the
late
unconscionably
in
practical work of de¬
1
■
to imagine a valid reason
preliminary work should
not
begun and largely completed a
considerations, there is not
the
slightest
the
public should remain
difficult
long while
they
Yet, barring political
to
getting down to the
stays for an answer—but
one.
has been accomplished
month the public has no
fense armament.
Pilate, it
get
what
past
authorities
public demands them.
not
only
and
them none,
later work.
the
any
What
war.
assurance,
of knowing.
What
does
for the recoil mechanisms.
drawings must be perfect not
Precisely
Administration.
jesting
more
are
parts
orders are issued to other con¬
tractors, but even before mass production
machinery can be produced to turn out the
job.
Close attention to details now will
during
Unlike
scale,
of
before parts
isfaction with the present
the
required to start
for one light tank.
carriage of a 155 millimeter gun
one
thousand separate drawings,
exact
to
minus
equipment in
being told in gilded
are
of
draftsmen
400
The
for the grow¬
are
men
been
have
departments
many
manufacture
ing distrust of and dissat¬
What
hundreds of the ablest
are
and engineers are
known to be working on the military prod¬
ucts of two automobile companies.
Another
has expanded the engineering shop of a sub¬
sidiary unit into a thriving airplane-engine
plant employing 7,000 Workers.
The magnitude of the job of making some
types of armament was recently indicated
by the National Defense Advisory Commis¬
sion.
About 2,500 individual drawings, each
it is
have
we
reasons
preparatory
motor
Nearly
Here,
passes.
fast-moving
transferred to defense tasks.
stronger term,
use a
the
industry.
Engineers with
1917-18
war-time
experience are devoting
full time to the new problems, and the top
the
of
sort
happen to
soldiers
generalities gives them
Assigned to
destined for further delay
not to
warnings of
peril to this country, they shiver in the thought
ciation says!
unfortunately strong
The
grave
with
artillery
the heavens for imaginary
Constantly bombarded with
planes.
Describing the position of the armament
program in
certain particulars as of Sep¬
tember, the Automobile Manufacturers Asso¬
in
any
be called in
with supposititious
American
A
Few
be obliged to drill
of what would
and the like,
satisfies the
as
practice
will
of which in the least
none
is
come
let, organization
procedures,
the Navy.
or
feeling of security by
and tanks, and gaze into
answer
public interest.
contracts
all
broomsticks,
is neither appropriate nor
What the people are being
appropriations, "allocations," orders,
supply the
can
any
called to the colors and scheduled to
question
consistent failure to furnish the facts which alone
in the
longer given
of
sums
do not and cannot assure adequate
quantity of equipment on order.
Even the ordi¬
narily unthinking are asking whether the men being
daily asked the Administration and its
being
Facts
the
equipment either for the Army
that his listeners would have to read the
and reach their own conclusions on the
subject.
This was doubtless an eminently appro¬
priate response on the part of an individual servant
reply
Have
widely understood that large
now
money appropriated
His
progressing.
was
Us
group
in
dark
concerning
this vital matter.
ago.
one
entitled to the truth—now
the
knows, of
program
—before the arrival of the
why
reason
Every
course,
was
that
need¬
day when it must decide whether it wishes to con¬
lessly delayed for months by a senseless controversy
tinue the present
arising out of morbid fears that "war
later date when it is too late for the people
some
to
do
may
anything effective
matter in the
it
has to
proper
conditions which
as
name
existing to their dismay.
of military
do with
necessity is,
the information
concerns
far
kind.
What the public wants to know
device
not technical details of this or that
the nature of any new weapon or
ment
so
essential to
appraisal of the effort, wholly without war¬
rant of any
or
about
The
which is thrown about the whole
be revealed
cloak of secrecy
as
Administration in office—not at
effected
could be
true
a
in
old
devices,
special improve¬
which
conceivably
military secret unknown to possible
enemies, but merely whether those steps which are
essential to
have been
large scale production of proved
or are
weapons
being taken with due dispatch.
millionaires"
Most thoughtful persons
might presently emerge.
doubt whether the end of that chapter has yet been
reached.
No
one
is ignorant, either, of the existence
of various New Deal measures
and policies, partic¬
ularly perhaps in the labor and securities fields,
which
inevitably, if continued unchanged, be a serious
burden for the program to carry as time passes.
must
These
all subjects
are
about which the public is
fully informed and consequently in
reach
its
own
conclusions.
other and fully as
There
a
position to
are,
however,
important aspects of the situation
concerning which the citizen must merely guess.
For
this fact there is no excuse whatever.
What
we
are
undertaking to do is to apply
mass
production technique to the problem of acquiring
The Commercial &
2388
tanks, guns, and various
What we all want to
large quantities of planes,
implements of war.
know most of all is whether in that undertaking
other
Washington are proceeding in¬
authorities in
the
telligently, carefully, and vigorously,
of the
use
making full
experience and knowledge available, in
laying the ground work for large scale production
in due time of tested and dependable instruments
of
It is not at the moment so
war.
much how many
tanks, how many pieces of artillery, how many rifles,
or how
many machine guns are today being pro¬
duced
months
or a
from date and whether they will
year
We all know, of course, that
perform as required.
the number being
Nor is it
nil.
shall be producing six
it is how many we
as
a
produced at present is virtually
question of how many planes we are
producing today or will be producing at the close
of the year,
although this part of the program is
of the
others, but rather how many we shall be producing
in October, 1941, and how well they will perform.
supposed to be more advanced than some
of the machines to
confusion
The
Know
to
prevailing
has
given the impression to a good many that there is no
of knowing now whether we are properly doing
way
things which make adequate production of
those
effective instruments
possible
Such,
hence.
a year
however, is not the case at all—or would not be if
the
Government
disposed to provide a rela¬
were
The pioneer in and the
tively few simple facts.
leading exemplar of mass production in this coun¬
production in
The
new product is good, bad or indifferent—-or worth¬
less—depending upon the skill and care with which
their
production—that
A brief examination of the
industry.
before
is,
quantity of the new models may even begin.
preliminary work has been done.
this
Precisely such a task confronts us in our pro¬
Without the same skill and
of armament.
gram
preliminary work as that habitually
the
in
care
industry, the end prod¬
exercised in the automobile
uct when
cannot
it emerges
will not be satisfactory, may
catastropliically wanting in effectiveness.
be
even
corresponding speed and decision in it, we
Without
or as soon
told
as we are
Other infirmities may
it.
other¬
hope to have armament as soon as we
wise should
must have
we
delay or even completely
but failure in this preliminary work
certainly wreak havoc with it.
Until it has
block progress,
will
done,
largely done, and done effectively,
or
production of the articles required, regard¬
mass
promote
less of whether other conditions
normal'
Other questions
progress.
hinder
or
(par¬
abound
ticularly concerning the willingness of the New Deal
permit conditions conducive to vigorous indus¬
to
trial
operations), but in
informed
of
our
other case is there such
which to base any
no
of information
dearth
a
American
try, indeed in the world is, of course, the
automobile
model changes
represent a year's work, including the designing and
installation of the new or altered machinery for
private industry cannot even begin to plan effective
Washington
in
1940
26,
produce them in large quantities
The ordinary year to year
begin.
been
Want
We
What
Oct
Financial Chronicle
upon
judgment concerning the existing status
defense program.
We
have
been
speaking
somewhat
in
general
terms, but there is no need to leave the discussion in
yearly problems and the regular practices of that
generalities.
industry will reveal the precise nature of the arma¬
campaigning, has been asking some very pertinent
ment tasks
the
to
by which we are faced, and will suggest
of the information
nature
gauge
in order
necessary
the progress and soundness with which
proceeding with the work in hand.
we are now
average passenger
The
automoble has somewhere in the
neighborhod of 15,090 parts.
Each of these parts is
separately made in large numbers with such ac¬
but he
liberty of suggesting a list of our own
the subject here under discussion.
upon
they
are.
August 15 last the Army announced that it had
of each chosen at random from
a
entered into
large quantity can be placed together to form
a
tion to construct
that
curacy
one
smoothly operating
as
specialized function.
of
Each part is designed both
car.
to material and construction to
long months,
even years,
of experimentation with
They
of tliem with almost
as
own
Many of them are the result
materials and forms.
tion
perform its
all designed,
are
incredible
many
precision, to func¬
desired when assembled with the other parts.
Most of them would not function satisfactorily, if
at
all, when placed in
parts to constitute
and it may
and in
well be
a
any
finished product.
necessary
highly exact
combination of
other
ways
Change
one,
to change many others,
in order to obtain
satis¬
a
factory machine.
assemblying them, requires
of
preliminary
a
only
on
which
in
a
wealth of
say
perfectly
nothing of
enormous
work—designing,
menting, testing, perfecting, by
and with
men
experi¬
of great skill
practical experience—work not
the parts themselves but
on
the machines
automatically will make these parts rapidly
large numbers.
of vast
type of
The development
even
by
experience and the best of training of
passenger car
engine is
months, and then, and only then,
a
contract with the
a
Chrysler Corpora¬
plant to cost about $20,000,000
for the manufacture of tanks and into another for
the manufacture of tanks to cost about
Did
it at
The
units?
tank
If not,
has it since done so?
plant is ultimately to be owned by the Govern¬
Is to be constructed and
ment.
to
$33,500,000.
Corporation with
specifications and drawings of carefully
necessary
tested
time provide the
that
Government
specifications
nished
the
equipped according
specifications?
with
essential
Corporation?
If
If
so,
have these
drawings
been
fur¬
when
were
they
so,
furnished ?
On
September 20 the Army announced that it had
the
Baldwin
Locomotive
awarded
Obviously, to make these parts, to
amount
is not to get them,
So ought the public.
ought to have them.
touching
On
He apparently
answers.
We take the
Here
and demanding
of the Administration,
questions
definite
Mr. Willkie, in the course of his recent
a
men
a new
work of, say 18
can
the designing
a
Works in
Philadelphia for the manufacture of tanks
contract
to cost about
tions and
tractor
$33,335,500.
Were essential specifica¬
drawings of tested units handed the
along with the contract?
since been
similar
Have the
in these
orders
large industrial
for
concerns now
large quantities of tanks.
specifications and drawings been provided
cases
All these tanks must be armored.
know
con¬
If not have they
provided ?
At least two other
have
to
precisely what it demands
Does the
Army
of this armor?
■
.y ■'/:
Volume
'.:v:V
The Commercial & Financial Chronicle
151
Has it made these
specifications known, both
to
as
2389
Money in circulation moved up $7,000,000
000,000.
materials and other characteristics, so that prepara¬
to
tions
offset to the factors
making for
credit,
in
can
made
Has it
adequate arrangements for its production ?
is
It
forward for its manufacture?
go
useless
facilities
to
ask
whether
exist.
now
adequate production
It is too well known that
they
September 7 the Army announced that it had
awarded
a
contract to the
to
a
plant at
equip
an
Savage Arms Corporation
estimated cost of $17,600,000
in which to manufacture machine guns.
for the
same
poration
running
nounced
on
A contract
with the General Motors Cor¬
purpose
$20,000,000
about
to
September
14.
Have
an¬
was
essential
the
Treasury issues being
Have the specifications for the machine
themselves been completed?
guns
specifications for
guns
If
so,
are
they
which have been carefully
also
Many other orders have of late been placed for
material
of
sundry sorts,
which similar
in the manufacture of
preliminary requirements
specifications
been
with the contracts?
present.
are
prepared and delivered
Have the articles ordered been
It does not appear
demand
Until
volved.
that
sure
in the least unreasonable to
relatively precise information
There is
sort.
have it
we
armament
our
us
of this
question of military secrets in¬
no
with reasonable
no
one
possibly be
can
program
is
progressing
great deal of time, the obvious reply is that
spending
huge
armament-—without
for
sums
several
we
a
have
years
on
producing tangible results in
What has been done with all these funds
quantity.
if the
military authorities have not been using it for
■precisely such
purposes as
for
ORE interest attaches to the official
statistics this week
time.
some
holdings,
reserve
At the
than
further
records
are
excess
of Oct.
as
vance
in the United
previous
in
The
over
legal
re¬
These
indications
general
States, but that the inflation¬
vast fund of idle credit should
our
indeed,
that
the
It appears ever more
credit
control
already is the subject of minor action.
the
market
has
been dull in
for
United
States
recent
appearing weekly
in
heretofore have been
problem
Although
Treasury securities
weeks, small declines
the
holdings of such issues.
means
up
$70,-
that the
established
$6,880,000,000,
regional banks, raising their hold¬
ings to $19,167,300,000.
The relatively heavy de¬
posit of certificates, as against the actual gold re¬
previous weeks, when the Treasury deposited cer¬
for
tificates
only
part
the
of
cash
Other
704,000 to $19,512,948,000.
actual
are
Federal Reserve Bank
serve
were
In the
banks
bank
$14,147,775,000; a decline of the Treasury general
by $79,558,000 to $383,052,000 ; an
of foreign
increase
deposits by $14,099,000 to $1,-
071,443,000, and a decline of other deposits by $74,226,000
vanced
$528,776,000.
to
to
now
appropriate.
slight drag
upon
inflationary
weekly period to Oct. 23 such
were
low¬
note holdings fell $20,000,000 to $965,800,000.
in
stocks of the country advanced
the
The
90.1% from 89.7%.
ratio ad¬
Discounts by the
reserve
regional banks fell $212,000 to $3,525,000.
trial advances were off
Indus¬
$20,000 to $8,305,000, while
$37,000 to
gvForeign Trade in September
'OREIGN trade of the United States in September
was,
year,
first
in the aggregate, at the lowest level in a
just barely exceeding September, 1939, the
month of warfare in Europe.
With the com¬
mencement of the war,
stimulus
was
lent to both
our
import and export trade, more particularly to the
latter; and the first month of hostilities saw our total
tr^de rise
month
to
before.
$483,796,000 from $427,637,000 the
The movement upward reached a
peak, in both categories, last January, and the total
that month reached $594,801,000.
Since then,
in
the month-to-month
with
figures have shifted up and down
last'month's totals dropping to the lowest since
August, 1939 in the case of exports, and since Febru¬
ary,
1940, in the case of imports; the total of the two,
for the
month, amounted to $484,582,000.
comparison with $349,928,000 in August and $288,-
as a mere
by $11,600,000 to $1,386,100,000, while Treas¬
$55,000,000
increase of
an
matter of
regarded
Treasury bond holdings
Monetary gold
consisting of
deposits by $131,963,000 to
reserve
Exports in September aggregated $295,245,000 in
$31,600,000, reducing the portfolio to
$2,351,900,000.
$5,-
Total deposits with the Federal Re¬
fell $7,722,000 to $16,131,046,000, with
the account variations
member
$97,-
Federal Reserve notes
Open market operations
liquidation of the securities has the effect of
tendencies.
metal.
circulation increased $11,847,000 to
520,271,000.
956,000 in September.
a
acquired
the
and total reserves of the 12 banks moved up
of farm
exerting at least
of
regional institutions increased,
issues, but that contention is not
ury
$6,940,000,000,
This
The
officially
Treasury deposited $90,001,000 gold certifi¬
preventing undue market fluctuations in Treasury
ered
banks.
were
is left far behind.
now
cates with the 12
gold
only that business is beginning to ad¬
potential of
sales
member
reserves
23 at
of
record
July 17, 1940,
case
time the business loans
receive careful consideration.
The
of
reserves
that
000,000 for the weekly period.
banking
the
noted
excess reserves
same
rise.
not
likely,
has been
City weekly reporting member banks
show
ary
excess
was
$7,422,000.
circulation, actual member bank
deposits and
of New York
a
Fresh
currency
quirements.
show
non-member deposits
commitments to make such advances fell
this?
Federal Reserve Bank Statement
M
and
result
account balance
dispatch.
If it be asserted that work of this sort takes
been
again found its general
sharply lower, and
estimated
in
carefully tested and proved ?
to
of
The
receded, these items tending to raise the re¬
serves
net
holdings
important item.
ceipts, merely tends to offset performances of some
tested?
Have
a more
advance of idle
an
market
open
Treasury in Washington
specifications and drawings for the equipment been
furnished?
decline
the
account
do not.
On
$8,236,000,000, which constituted only a minor
statement
week
to
$21,428,-
products from
the meagre increase
while exports
were
reduced
of the export
to non-farm
craft which
in
Sharply reduced shipments
the reason for
a year ago were
in the total
over
last
year,
but,
of agricultural31 products in September
even
from August's low level, the bulk
reduction from August
products.
Chief
was
among
attributable
these
were
air¬
dropped to $22,900,000 from $37,400,000
August, non-ferrous metals, down to $13,600,000
from
$23,200,000
products,
in
August,
petroleum
and
its
down to $18,500,000 from $23,700,000,
The Commercial & Financial Chronicle
2390
steel, down to $54,000,000 from
iron and
$58,800,000,
reduced to $52,700,000 from $56,-
and machinery,
All of these items, except petroleum, re-
800,000.
substantially above a year earlier.
mained
Agri-
dropped to an aggregate of only $22,100,000 for the month of September, in comparison with $26,300,000 in August,
$74,300,000 in September 1939, and $75,100,000 in
September 1938.
Chief cause of the great year-toyear decline was the 85% decrease in value of cotton
shipments but other items contributed a large part of
the drop; tobacco shipments, for instance, fell to
$1,500,000 from $9,900,000 last year, fruits and nuts
to $2,000,000 from $9,700,000, and packing house
cultural
products, as a group,
products to $1,700,000 from $4,400,000.
The
raw
outstanding reduction, however, was that of
Ordinarly cotton begins, in September,
cotton.
the greater
the country in large amounts,
to leave
and
however,
138,000
Compared with August
price changes of any great importance are likely
as
It would probably be
years.
back through
any
rate, shipments for
were
years
one.
to
At
which ended July
year
the smallest since 1881 and this year's
September shipments
amount
the
many
if there is
smaller September figure,
a
31, 1939
1938, and similar
$20,510,812 in
preceding
find
were
compared with 679,254
$35,661,000 in September, 1939, 403,-
to search
necessary
were
of September
1938.
less than a quarter the
Last month's exports
slightly greater than the 68,953 bales worth
$3,640,000 shipped last August but the proportion of
increase
not
was
nearly
much
as
customary.
as
is seasonally
*
Imports last month aggregated $194,928,000 com-
pared with $181,536,000 in September,
1939 and
Rubber and tin receipts
greatly in excess of a year ago but many
$220,520,000 in August.
continued
other items
were
reduced.
were
received in
smaller amounts,
including silk, coffee,
sugar, vege-
table oils,
base stocks, and furs.
a
considerable
number
paper
The export excess for
$100,317,000 compared
however, the
or
excess
items
the month of September of
with $107,420,000
amounted
same
year
to
period of 1939 when the
The
$564,173,000.
gold receipts of $334,113,000
than
a
has amounted to $1,088,491,000
nearly double the
excess
of
In the nine months of the year to date
previous.
were
August's $351,563,000, but
month's
slightly smaller
the
division idle.
Sizable new issues of bonds were
placed on the market, and they moved readily into
investor portfolios. United States Treasury bonds
were well maintained in the listed market, and
best-grade corporate bonds also held their ground,
Speculative railroad issues backed and filled, with
Nor
net changes for the week of no consequence.
was
were
in* the
un-
precedented volume of $3,956,195,000, but bear only
to
The listed bond market was dull throughout, on
precisely the same grounds that kept the equities
The year's gold
$326,089,000 of September, 1939.
relationship
develop.
to
little above the
a
receipts to the end of September
secondary
barely changed.
provement whenever it seemed that the Republican
nominee, Wendell L. Willkie, was making campaign progress against President Roosevelt. The
determined and able speechmaking by Mr. Willkie
impressed the market particularly on Wednesday,
and the rise in prices during that session was predicated largely on hopes that the candidacy would
prove successful. A sudden decision by Mr. Roosevelt to abandon his studied aloofness and engage
in ordinary campaigning confirmed the growing
conviction that Mr. Willkie is by no means to be
considered defeated in advance of the election.
The mildly favorable view thus taken of domestic
matters was countered, in good part, by the foreign
developments, and especially by the round of conversations between German officials and the leading spirits of the French and Spanish regimes.
Until more is known of both the domestic political
future and the course of European affairs, little
activity is expected in brokerage circles, and few
shipped
worth
amounts in
early in the week and failed to recover all of the
Railroad stocks were dull throughout, and
losses.
than 92,932 bales valued at $5,-
no more
bales
circumstances
overwhelming
Perhaps the most significant feature of the market during the week was a tendency toward im-
were
bales worth
981
plainly kept
sidelines.
A modest rallying tendency made its appearance
in the mid-week session on the New York Stock
Exchange, and turnover in that period attained the
greatest volume of the week, or 807,030 shares,
Other sessions showed trading of about 500,000
shares, on the average, with losses just about as
numerous as gains.
The result for the week was
an irregular tone and a list of price changes that
cannot be regarded as significant. Leading steel
stocks made a little progress, while motor issues
hovered around previous levels. Airplane manufacturing shares were mostly better, but some exceptions were noted.
Utility securities dipped
these
most most traders and investors on the
going out between that
the succeeding March.
Last month
part of the year's shipments
month
Oct. 26, 1940
trade
balance,
re-
there much interest in other special groups,
beyond a flurry in a few speculative steel bond
issues. The foreign dollar department of the bond
market reflected a better tone than in previous
presenting chiefly the movement of capital to this
weeks, possibly because some traders saw possibili-
country for safety and future expenditures.
ties of peace in the current European maneuvers,
imports amounted to $4,656,000
or
about the
Silver
average
level of the past year or more.
Commodity trading was quiet, with leading grains
somewhat improved in the pits. Base metals were
steady and in fairly good demand, as the growing
•
The New York Stock Market
defense program
plainly will require such material
PRICE trends in the New York stock market in enormousquiet, even Foreign exchanges were exvolume. the rise in the Swiss franc
week, and trading
ceptionally
inconclusive this
were
modest in
cated
was
in
in
all
sessions.
numerous
no
mood
ways,
to
was
Business"
gains
now
discount
any
advance in the
The election
is nearing its end vied in in-
terest with the uncertainties of
indi-
but the market plainly
general level of trade and industry.
campaign which
were
foreign affairs, and
tending to lose force.
its
narrow
range,
Sterling
was
maintained in
and gold continued
to
move
toward the United States in heavy volume,
On the New York
touched
new
Stock Exchange 42 stocks
high levels for the year wThile 14 stocks
touched new low levels.
On the. New York Curb
Volume
Exchange 21 stocks touched
stocks touched
Call loans
mained
Exchange
at
re¬
on
On
Saturday
shares;
Exchange the sales
38,270 shares;
were
Tuesday, 86,665 shares;
on
115,170 shares;
The stock market
narrow
33%; Loft, Inc., at 21% against 22%; Continental
Saturday last drifted within
on
business.
of
Opening
firm,
featured
trading.
Canada
tone
Monday
on
changes in
a very
dull session.
the
presidential campaign enters
shares.
In the
United States Rubber at 22
The railroad stocks suffered a
morning session shipping issues dis¬
played strength, but stocks in general moved in
in
a
The steel shares
which
advance
Gains
volume
spreading optimism
Wendell L.
the
productive
swelled,
in
due
Tuesday led
on
of
the rule and covered
were
sales
was
a
large
measure
Pacific at
to
'71/
*
,8*
.
#
Steel stocks
Stocks
Nov. 5 next.
on
8% against 8%; Southern Railway at 13
against 13%, and Northern Pacific at 7 against
Willkie, the Republican candidate for
presidency, at the polls
Pennsylvania RR.
14%; Union Pacific at 81 against 83%; Southern
as
the possible success of
over
week.
present
yesterday at 23% against 23% on Friday of
against 17%; New York Central at 14% against
results.
good
the
downward revision
week; Atchison Topeka & Santa Fe at 16%
last
an
broad front
prices
closed
willy-nilly fashion later in the day and closed irreg¬
ularly lower.
week; B. F. Goodrich at 13% against 12%, and
against 20%.
last
Chief interest centered around low-priced
phases.
Goodyear Tire & Rubber
group,
yesterday at 17% against 15% on Friday of
closed
its final
upon
rubber
the
In
Brokers have
already begun to reflect a greater spirit of caution
as
against 9%, and National Distillers at
20% against 20%.
irregularly
produced
Standard Brands at 7 against 6%;
Dry at 13 against 13%; Schenley Distillers
10 bid
at
pushed their levels to slightly higher ground.
heavy
lower
amusement
;
Westinghouse Elec. & Mfg. at 107% against 107;
As the second hour approached pivotal
A
shares
against 135%
the
and
38% against 38%; Eastman Kodak at 132%
Can at
early
specialty
stocks
13% against 13%; National Biscuit at 18%
ucts at
and closed somewhat easier on a
range
volume
small
13% against 12%; National Dairy Prod¬
against 18%; Texas Gulf Sulphur at 33% against
Friday, 98,720 shares.
a
yesterday at 20 against
169% against 171%; National Cash Reg¬
at
ister. at
Wednesday,
on
closed
Friday of last week; Allied Chemical &
on
mours
Thursday, 90,739 shares, and on
on
39%
at
Bye at 169% against 170%; E. I. du Pont de Ne¬
on
Monday, 78,415
on
Union
Western
19%
the New York Curb
Co.
&
Ward
162% against 164%.
American Tel. & Tel. at
Friday, 518,660 shares.
on
Sears, Roebuck & Co. at 77%
Montgomery
79;
against 40% ; Woolworth at 33% against 33%, and
Monday, 373,020
shares; on Tuesday, 535,630 shares; on Wednesday,
807,030 shares; on Thursday, 539,870 shares, and
216,440 shares;
25% against 26; Columbia Gas &
against 49%;
against
Exchange the sales on
at
5% against 6; Public Service of N. J.
32% against 32%; International Harvester at
49
On the New York Stock
were
of N. Y.
Electric at
the New York Stock
on
Co.
high levels and 12
new
low levels.
new
unchanged at 1%.
Saturday
2391
The Commercial & Financial Chronicle
1S1
further gains this week.
closed yesterday at
63%
picked
up
Steel
States
opened the session firm, and after some hesitation
United
moved ahead to close at the
against 61% on Friday of last week; Crucible Steel
were
attained at
in
fresh
a
day's best levels, which
rally in the afternoon, prices improved
but lacked sufficient
support to hold to their best
gains in the final minutes of trading.
extended
advances
A
Led by the steel shares
mid-day.
from
at
two
points.
and
Youngstown
Sheet
&
Tube
at
39%
against 38%.
In the motor group,
On the day,
fractions to
41% against 41; Bethlehem Steel at 83% against
81%,
General Motors closed yes¬
terday at 50 against 49% on Friday of last week;
Wednes¬
Chrysler at 81% against 81; Packard at 3% against
day than for most days of the month, and values
3%; Studebaker at 8% against 8, and Hupp Motors
Business
raised
were
ferred
the
was
a
on
much broader scale
by approximately two
reflected
shares
renewed
day, and steel shares
by motors,
noon
early October.
contraction
and
on
the
tor in
time
by
until
was
a
day suffered marked
Caution
was a
on
fac¬
to restore
settled
the
national
elections
present in the morning and Was fol¬
Subsequent
recovery
spell of weakness, but
ensued after
was
insufficient
prices to their opening levels.
over
the
market
on
narrow
and
Dulness
Friday, and with the
exception of the preferred share
went the
over.
are
group,
movements
mixed, while steel shares under¬
hardening
process
in late trading.
Final
prices yesterday, when compared with closing levels
on
Friday of last week, reveal
General Electric closed
34%
on
a
mixed trend.
yesterday at 34% against
Friday of last week; Consolidated Edison
of
week; Shell Union Oil at 9% against 9, and
last
Atlantic
Refining at 22 against 21%.
Among
the
copper
stocks,
Anaconda Copper
yesterday at 23% against 23% on Friday of
closed
last
oil stocks, Standard Oil of N. J.
yesterday at 33% against 31% on Friday
closed
Thurs¬
display of strength only to fall back in
afternoon.
the second
were
on
% against 9/16.
Among the
week-; American Smelting & Refining at 42%
against 42%, and Phelps Dodge at 33% against
31%.
the
In
trading, and brokers seemed inclined to bide
Weakness
the
highest levels since
dropped from 807,030 shares
Wednesday to 539,870 shares.
at
early in
joined in the after¬
An easier trend developed
Sales turnover
values.
lowed
interest
Pre-,
profit-taking took hold and shaded previous
as
their
points/
rubber, oil and aircraft
copper,
Stocks closed at their
issues.
day
were
on
aviation
group,
Curtiss-Wright closed
yesterday at 7% against 7% on Friday of last
Boeing Aircraft at
week;
15% against 16, and
Douglas Aircraft at 85 against 81%.
Trade and industrial reports continue
favorable
to
they afforded only mild temptations in
but
set
comparisons before the investing public,
view
problems and the overshadowing considera¬
of the election campaign and the wars that
of tax
tions
are
-
in
progress.
Steel operations for the week
ending today were estimated
and Steel Institute at
by American Iron
94.9% of capacity, or the best
The level compares with 94.4%
92.5% a month ago, and
90.2% at this time last year. Production of elec-
figure in 11 years.
in
the
previous week,
The Commercial & Financial Chronicle
2392
trie power
in the week ended Oct. 19 was reported
by Edison Electric Institute at 2,686,799,000 kwh.,
all-time
an
The figure in the previous week
high.
2,665,064,000 kwh., and in the corresponding
was
week of last year
Car
loadings of
Oct. 19
the total was 2,493,993,000 kwh.
freight in the week
revenue
to
reported at 813,909 cars by the Asso¬
were
ciation of American Railroads, an increase of
the
preceding week, but
cars
over
cars
from the level attained at the
a
2,003
drop of 42,380
time last
same
velt's
policy
In
war.
As
indicating the
of the commodity
course
mar¬
speech
campaign
a
Philadelphia,
President
the
Administration
has
foreign Powers.
secret
no
the United States into
labored, and it is for
December
closed
corn
yesterday at 62%c. against 60%c. the close
day of last week.
on
Fri¬
campaign
was
yesterday at 35%c. against 33%c. the close
Fri¬
on
The
price for
spot
closed
231/2
Domestic copper closed
pence per ounce
close
the
In
fers
on
against 23 7/16 pence per
Friday of last week, and spot
yesterday at 34%c., the
the matter of
foreign exchanges, cable trans¬
London closed
$4,031/2 the close
011
yesterday at $4,031/4 against
centers, owing in part to the general uncertainty
ficials and
Spain.
conversations
the
between
German
highest authorities of France and
The London Stock Exchange reported brief
periods of relative activity, but hardly
change of prices.
In the later sessions of the week,
011
the basis
mark-up of freight charges.
of the further
Less in¬
terruption to trading than has been
of air raids.
dull, just the
a
reports available this week
initial
a
as
to
session, but modest
at
Amsterdam,
periods, when
appeared.
but
recovery
during
into
the
It is
keen
mid-week
conversations
The Berlin Boerse
was quiet
through¬
depressed tendency early in the week
to better performances thereafter, doubt¬
because of expectations
the German
to
followed.
came
of the political
news
cause
cal talks.
will
whether
that events favorable
develop from the politi¬
".
-
voluntary
called over-age
EXIGENCIES of the end
electoral shedding atwhich
campaign least
nearing its
now
a
little
is
light
are
upon
the
grave
question of the for¬
of
Mr.
Roosevelt
regarding the trade of 50
sites
some
doubt
Canada to
so-
number
pos¬
treaty obliga¬
the
upon
course
public consumption
is
It
for
or
cam¬
Prime Minister Winston Church¬
the
man
American
were
on
hand in
destroyers, "by the
of coincidence," indicated plainly that the
arm
being negotiated
was
while Mr.
even
denying reports of such intentions.
was
earnestly to be hoped, nevertheless, that the
latest
protestations of
desire to keep the country
a
at peace are
sincere.
now
Mr. Roosevelt asserted
a
a
British
in
our own
ill's comment that British sailors
exist,
as
If
no
secret understandings
on
Wednesday,
good deal of explaining will have to be done in the
future to account for the British
reopening of the
Burma Road and other
which
measures
appear to
synchronize remarkably with tightened American
embargoes
on
shipments of
iron and oil to
scrap
Japan, and the urgent call for Americans in the Far
East to return to the United States.
can
activities
afford
catenations in the
ances
extended
almost
Anglo-Ameri¬
equally striking
European sphere, and the
by Mr. Roosevelt
welcome for this
are
all the
con¬
assur¬
more
reason.
Early this week Mr. Roosevelt entertained at his
Hyde Park home the Earl of Athlone, Governor Gen¬
eral of Canada.
The
integration of United States
defense arrangements
with those of warring Canada,
as
previously announced, make it unlikely that
further
in the
to
commitments
course
other
made
have
was
some
issued
order,
orders
on
our
the
measures
significance.
were
An Ex¬
or
under construction
requisitioned by the United States
Government, reputedly for
training of
With respect
Wednesday, where under
military airplanes built
were
any
by Mr. Roosevelt
foreign nations, however,
ecutive order
110
were
of these conversations.
taken which may
own
same
purposes
airmen.
of
Another
advanced>
Executive
day, decreed priority of defense
placed with private industry by the United
States
for
strained.
for
purposes.
ton and
to the aim of Mr. Roose¬
to involvement,
foreign policy, regardless of statements made by
eign policy being pursued in Washington by Presi¬
as
of recent months
American destroyers for
tions, necessarily casts
of
Mr.
involuntary. The presidential
important military base
dent Roosevelt and his New Deal advisers. Demands
specific information
spokesman,
open
sessions, in direct violation of
for Sweden
American Foreign Policy
or
record of statements
On the
a
gave way
less
trends.
were no
sharp decline occurred in the
significant that American stocks
demand
a
But business remained
halting fashion, but there
Amsterdam market
as
The Paris Bourse is known to
same.
operating in
out,
of late
common
reported early in the week at London,
consequence
l)e
noteworthy
a
railway securities advanced in London,
was
of¬
his
lay the United States
Roosevelt
ETTLE business the leading European stock ex¬
changes in was done this week on financial
directly by Mr. Roose¬
only be considered partially reassuring,
transaction
European Stock Markets
regarding the
which
long
Friday of last week.
keep the United States out
indirectly through
can
Monday
war.
in view of the many occurrences
paign
Friday of last week.
on
on
Friday of last week.
on
price of bar silver closed yesterday
silver in New York closed
close
York
yesterday at 20.50c. against 20.38c. the close
In London the
at
New
The spot price for rubber
yesterday at 12c., the close
ounce
in
yesterday at 9.60c. against 9.58c. the close
Friday of last week.
on
here
cotton
Friday of last week.
on
and
on
Ambassador to* France,
Chicago that the Policy of the Roose¬
European
Bullitt,
day of last week.
closed
velt
This contribu¬
for&shadowed
The statements thus made
December oats at Chicago closed
foreign and
I shall labor all the days
our
velt Administration is to
of the
at
he
understandings with
life," Mr. Roosevelt declared.
tion to his
who stated at
week.
what
"It is for peace I have
war.
peace
closed
Friday of last
denounced
Nor, he said, ddes it seek to lead
by William C. Bullitt,
yesterday at 86%c. against 85%c. the close
trend toward
a
policies, and added specifically that the
kets, the December option for wheat in Chicago
on
1940
Wednesday,
on
called "deliberate falsifications" of his
domestic
26,
ignored until this week, notwith¬
were
standing the mounting evidence of
of my
year.
Oct.
Government.
Relations
between
Washing¬
Rome, meanwhile, appeared to be
ever more
Italian
airplane bombing of American-
Volume
oil
owned
The Commercial & Financial Chronicle
151
properties in Saudi Arabia,
territory, occasioned
day to Rome.
formal protest
a
neutral
a
Wednes¬
on
The bombing occurred at the same
time, last Saturday, that Italian airplanes rained
ship, with
2393
partition of China one of the matters
a
This
discussion.
under
designed
of
week,
Japan displayed
as
eventualities.
in the world
United
the
and
European War
German
intention
every
proceeding with her imperialist program, while
Britain
even
FIGHTING between Great Britain and the Italoconsisted, this week, of
'T'ENSION in the Far East remained unrelaxed
this
but
British protectorate.
a
Far East
A
propaganda,
mere
consumption,
stranger things have happened in recent months.
missiles upon the island of Bahrein, in the Persian
Gulf, which is
be
may
American
for
The
war
States
for
prepared
all
danger of American involvement
through the Asiatic back door now
combination
further ferocious
airplane attacks
when the weather
permitted, and of sporadic engage¬
ments
on
the
high
and in Africa which cannot
seas
be considered decisive in any sense.
conducted
were
London
all occasions
on
Immense raids
by the German aerial forces, with
sharing the effects with Liverpool and the
British
begins to be recognized generally, which affords a
industrial Midlands.
hope for popular
again and again at Berlin, Hamburg and other Ger¬
It is
a
which
have been set
United States
That Britain
can
and
be
the
collaborating with respect to the
clear
beyond the shadow of
a
doubt,
by Mr. Roosevelt that he has
no
understandings with foreign Powers probably
be
can
are
seems
assurances
secret
strongly in motion
from clashing.
prevented
and
that will change the trend.
question, however, whether the forces
grave
now
Far East
pressure
justified only
zens
of this
East
was
matter of interpretation.
as a
official notification
The recent American
for citi¬
country to return home from the Far
matched, last Tuesday, by
a
British
warn¬
bombing planes struck
centers, especial attention being paid to the
man
great Reich plants for producing oil from coal.
called "invasion
bombed
were
and
So-
the English Channel also
a
few bombs
The numerical
on
than
more
Italian
a
dropped
were
the first time in
for
centers
on
systematically by the British fliers,
Monday
on
ports"
month.
superiority of the German Nazi aerial
forces remained
paramount,
factor in this fight¬
as a
ing, for all British bombing operations were con¬
ducted at
land
ing for the 15,000 Britons in Japan and occupied
now
China
night, while the Germans flew
by day and night.
and then, and when
able
Eng¬
over
Fog hampered operations
little real
y
news was
avail-
I
leave.
to
ministrator,
fresh
that
loans
Manila
able.
H.
Jesse
addition to
in
Speaking
Federal Loan
as
Jones
soon
may
last
week
revealed
be extended to China,
the $85,000,000
already made avail¬
dispatches of last Monday stated that
families of American naval
in the
men
Philippines
being ordered back to the United States.
are
Ad¬
submarines
can
colony, and
Two fresh
were
are
now
denial
no
moves
London
issued in Washington.
squadrons of American military airplanes
ordered to the
The
being stored in the British
was
are
now
being made in Washington and
likely to be regarded by Japan
It
would
under
seem,
accordingly,
contemplation which
supply
sources
appears
reopening of the Burma Road is not
as a cause
that
may
for
war.
steps
new
are
affect vitally the
of Japan and possibly increase the
general tension to the breaking point.
A decision
by Mexico to make oil available to Japan suddenly
was
cancelled, last Monday, and the influence of
Washington in this
There is
oil purchases in the Netherlands East
which Tokio desires to increase sharply.
Difficulties
are
being encountered by the Japanese,
who have reached the
tion
that
the
responsible.
have taken
of
the
unofficially expressed convic¬
United
up on a
as
Road,
and
Britain
are
it
remains
to
be
seen
hard-pressed Chinese Nationalist regime
Chungking will be able to obtain supplies in
submitting to the Japanese
a
use
of its territory
miltary base, and Thailand (Siam) is making
between
Indo-China.
The conflict
Japan and China wats reported this week
a more
vigorous phase, but predictions
outcome of the
now
any
French Indo-China quietly
territorial demands upon
in
and
large scale the aerial bombing
quantity by that route.
is
States
The Japanese militarists, meanwhile,
Burma
whether the
at
readily discernible.
currently a contest in progress respecting
Japanese
Indies,
measure was
as
to the
long struggle would be idle.
It is
reported that Japan is seeking Russian friend¬
sides
nature
to
stories
the
of
effect
semi¬
a
that
had suffered great damage previously
enemy
other
some
produced tall
official
or
connection.
home morale up
The need for
is the obvious
the
or
in
keeping the
for
reason
some
of
the inventions.
Fog
cold hampered
and
the British and the
with cold weather
Germans,
an even
the
activities of both
the last week-end,
over
greater obstacle than fog,
owing to the tendency of ice to form
wings and
on
bring airplanes down through loss of buoyancy. For
several
Philippines, Wednesday.
especially significant, because it
that the British
official
Hong¬
kong reports said that machinery parts for Ameri¬
both
days not
found feasible
a
single British bombing attack
over
invasion
nearby
German
ports
was
territory, although the
were
attacked.
German
fighter and bomber planes, which have only small
distances to travel from bases in northern France
and the Low
Countries, continued their bombing of
London, but on
mitted
news
wires only
a
much reduced scale.
Censors
per¬
about weather conditions to go over
the
belatedly, despite the obvious frivolity of
assuming that something can be hidden from the
Some days elapsed, there¬
in this fashion.
enemy
fore, before it became clear to observers here that
nothing
more
than the weather accounted for the
lapse in aerial activities.
As the skies cleared, this
week, British bombers appeared over German centers
in
ever
greater numbers, and the Germans returned
the bitter
were
compliment with,ample interest.
indications from London that
of American
disclosures
sufficient
is
no
London,, early in the week, and
suggested again
that
a
fighting craft bothers the English.
doubt,
There
welcome batch
fighter planes had arrived in time to
aid the defense of
these
a
on
lack of
There
the other hand, that supplies of
bombing pianes are becoming even
more
ample than
they have been in the past, for the heaviest bombing
of German centers
from the British
Of
ever
done
was
officially reported
capital.
particular interest were the tendencies
sides to circulate wild
tales,
when the usual claims of
the enemy were
over
on
both
the last week-end,
extraordinary damage to
subject to obvious discounts because
The Commercial &
2394
"Authoritative sources" in London
of the weather.
dispatch to the New York
"Times," last Sunday, to have reached the conclusion
that a German invasion attempt had been beaten
in
reported
were
back
numbers of British
Sept. 15, when large
on
A London dis¬
Channel.
remarked,
attempted inva¬
patch of Tuesday to the same newspaper
briefly, that "all the
or the defeat of
sion
whole
cloth,
stories of an
an
invasion
Some¬
far as the British know."
so
disconcerting were official German an¬
what more
nouncements, last Monday, that a new
German sub¬
campaign had resulted in the sinking of no
marine
327,000 tons of British merchant shipping
less than
in two
made out of
were
In all probability these reports were
days.
exaggerated for the sake of the effect upon home
promptly were issued
stated that recent losses
London, where it was
sinkings have been under the aver¬
due to submarine
of earlier weeks of the war.
situation of the moment is ex¬
age
The actual war
the apparent
stalemate of bombings and counter-bombings* What
action may be expected in the Mediterranean area
depends, perhaps, upon the negotiations between
tremely difficult to appraise, despite
German officials and the
Italians claimed
the
Airplane bombing attacks
continued by the
were
Italians against British con¬
in
centrations
so
Gulf, where "enormous fires" were
sian
the
breaking of a pipe-line.
week
the
by
be
to
clared:
"We
friends
across
After due vilifica¬
questionable.
of Chancellor Hitler,
are
the Prime Minister de¬
and
track
his
on
the Atlantic Ocean."
Egypt.
France and
our
are
so
Mr. Churchill
;
conversations
of
of Germany
Fuehrer
with the highest officials of
Spanish Governments.
and
French
the
The two
sets of conversations may have been unrelated, but
it is much more likely that each talk influenced
the other. Only a few stray intimations as to the
of the sensational conferences have been
purpose
British towns
and other
scale, this week,
doing
are
As
British bombers dropped large
projectiles
the Ruhr industrial
other London
Berlin, Hamburg and
upon
For
area.
German
tinued to appear over
airplanes
merely
con-
on
occasion about
assembly lines in British airplane
British and German
plants and other factories.
spokesmen
an¬
or
British centers in great num-
hers, with specific claims made
of
He
that Chancellor Hitler "has resolved on
nothing less than the complete
French nation and the
wiping out of the
disintegration of its whole
Mr. Churchill neglected, as usual,
weak spot in the British armor,
which is that of the war aims entertained at London. He merely denied that Great Britain desires
to take French ships and colonies, and added that
Great Britain desires solely to "beat the life and
soul out of Hitler and Hitlerism." This address
both
claimed
victories in
a
brush
of
the first formal intimation
was
which followed
official
on
in
Somewhere
production had been knocked out
raiders.
destruction
reason
one
suddenly concluded that 20% of Ger¬
industrial
the
England, if they cannot help her.
hinder
to cover up the
operations again became possible on a large
amounts of
to
declared
life and future."
tolerably well under the hail of Nazi bombs.
by
this week was undoubtedly the
conducted by the Nazi
affecting Europe
series
and he added that in the mean-
of the air,
while London
man
Spain
OTHER than the continuing fact circumstance
of the war
itself,
the
most
important
1941 Great Britain will have com-
stated that in
aerial
No progress was made this
their land invasion of
Italians in
people, Mr. Churchill entreated them at least not
seems
mand
reported,
although subsequent accounts from American ob¬
servers indicated that the damage consisted of the
struggle, although his authority for doing
England.
tion
Bahrein Island, in the Per¬
Once more, as on
saw fit to enlist the United States
the people
addressed
who
plea for passivity, if they cannot be
a
Mr. Churchill
in
The Italians last Sunday
Egypt.
carried bombs clear to
of France
of help
recent occasions,
Monday by Prime Minister Winston
on
Churchill,
to
disconcerting events was
the sinking of six merchant
the convoy.
of
vessels
made available.
Prime Minister Churchill disclosed on Monday the growing apprehensions felt
in London regarding coming events on which the
British plainly had some information. In a speech
which was broadcast particularly to the French
signalized
with
French and Spanish Gov-
The danger of
ernments.
Francesco Nullo,
British destroyer
Kimberley, of 1,690 tons.
The Italian vessel was
one of a squadron attacking a British convoy, and
1,058 tons, was sunk by the
of
sentiment, for stout denials
in
26, 1940
Monday, and the upshot
destroyer
Italian
the
that
was
Red Sea,
of the
end
ern
a
airplanes ranged over the
Oct
Financial Chronicle
of the conferences
the Continent.
according to
France,
the brief
notifications, Chancellor Hitler last Tues-
day conferred with Pierre Laval, Minister of State
the Vichy regime, and second in command to
Marshal Petain.
With Herr Hitler was his Foreign
in
Minister, Joachim von Ribbentrop.
tion
was
made
available
as
No informa¬
to the course of the
light naval units, late last week, but the obvious
conversations, but in view of the preliminary broad¬
superiority of the British Navy makes it clear that
cast
the German
conjecture centered on the possible formal entry
of "free" France into a military alignment with
ships had to
run
for
cover.
Clashes between British and Italian forces
far less
direct
appeared
British cruiser
over
was
the largest of the
and
Germany
Italy.
But
any
such
intention
promptly was denied by the Vichy Government "in
the most formal manner."
The French communi-
cation disclosed that M. Laval had conferred with
Spee
the Nazi functionaries in Paris "on questions of a
Plate, last year, fig-
general nature concerning immediate Franco-Ger-
cruisers that forced the Admiral Graf
three
were
the modest
the last week-end that the
Ajax, which
to her destruction in the River
ured
even
engagements of British and German fight-
It
ers.
significant this week than
by Mr. Churchill it was quite natural that
largely in the Mediterranean naval battle off
Sicily, which ended with the withdrawal of Italian
man
relations."
terms
This seemed to indicate that peace
might be under discussion, and in neutral
British
circles the
possibility was suggested of at least par¬
cruiser, according to Rome reports of last Satur¬
tial aid to
Germany by the Vichy authorities, who
day, but London had nothing to
are
ships.
count.
Airplane bombs hit
A naval engagement
a
10,000-ton
say
on
that ac¬
developed at the south-
known to feel bitter toward the
ernment
in
England.
Churchill Gov¬
Conjecture ranged
over
a
Volume
The Commercial & Financial Chronicle2395
151
the
Berlin Axis turned its attention to Prance and
suggestion that invasion bases might be made avail-
Spain. Greece and Turkey remained much exercised about alleged Nazi-Fascist schemes to invade
wide
and
field,
able
Kefeli
the
to
of it
much
idle, such
was
as
Germany, of
military forces.
thought, might be turned over to the
their respective territories, and it is all too evident
that the fears may be realized in the end. Chancel-
of the conversa-
lor Hitler and Premier Mussolini plainly are de-
lions, they were apparently of a sufficiently en-
veloping plans which will involve the Mediterranean in general.
If France and Spain at the
western end of the great sea are to be forced to
follow the dictates of Rome and Berlin, it is all
the more probable that Greece and Turkey at the
Navy,
The French
already occupies such bases.
course,
some
Whatever the
Reich.
substance
couraging nature to provoke additional exchanges,
M.
Laval
Vichy after his first talk in
to
return
Paris with Herr
Hitler, and then proceeded again
capital to continue the dis-
the former French
to
cussion with German authorities.
-
Dispatches that were permitted to pass the Vichy
tions
that
stated
censors
Franco-German
the
might well prove to be among the most mo-
*
mentous of the
That they included pos-
century.
sible terms of a formal peace
it
conversa-
is fairly obvious, and
clear that France would have to make
also is
such arrangement.
The
appeared to be taken
great sacrifices in any
loss of Alsace and Lorraine
granted in "free" France, and Italy doubtless
for
with concessions in Tunisia and other
will emerge
African
North
also
Powers
It would
Rome-Berlin-Axis
possessions of France.
that the
however,
seem,
anxious to gain any pacific or
are
martial
cooperation that France might find feasible, and
peace terms
idly
may
be lighter for this reason than
likely. That the matter rap-
observers held
some
was
Thursday,
coming to
conclusion was indicated
a
conversations
direct
when
held
were
"somewhere in France" between Chancellor Hitler
Henri
Marshal
and
German
From
that
Philippe Petain.
Foreign Minister attended the conference,
nearby Switzerland
more
under
than
an
were
circulated
and
once
again
was
conjecture
all sorts of possible results of the
over
historic
rumors
extension of the armistice
consideration,
ranged
Again the
meeting.
Complicating the problem of Nazi-Fascist inten-
eastern end also will be "requested" to obey, all to
the effect of a further gain over Great Britain,
But there are many imponderables in the situation,
well -as some factors of direct and immediate
importance, such as the continued British control
of the Mediterranean. All the countries bordering
upon the great sea can count upon British naval
as
aid in the event of military attacks from Germany
or Italy.
There were indications from London,
Tuesday, that the British Government may take
the diplomatic and military initiative in the eastera Mediterranean and force new developments by
occupying various islands of the Aegean Sea. Both
Turkey and Greece are reported fully mobilized,
and ready to act instantly in their own defense,
There are a few circumstances affecting the Balkans and the eastern Mediterranean which deserve
emphasis, even though world interest now has been
diverted to the more westerly countries bordering
the
Middle
Rumania
Sea.
certainly
has
been
brought completely under German domination, despite the partition of that country engineered by
I he world architects in Berlin. It is especially significant that Polish officials who took refuge in
Rumania, last year, now are being "arrested" under
varying circumstances. Colonel Joseph Beck, forxner Polish Foreign Minister, was detained on Tuesday, on a charge that lie was endeavoring to "eswith
British
aid,
and
Marshal Edward
tions toward France was another series of conver-
cape"
sations
Smigly-Rydz, former Polish dictator, was arrested
in Bucharest on Thursday. Nothing so far has
keen reported about the large stock of Polish gold
which was transported to Rumania when Poland
fell, but it is clear that the Germans now have
control of that fund, if it still is in Rumania.
Spanish authorities on Wednesday placed deposed
King Carol of Rumania under arrest, which illustrates the wide scope of the Nazi tentacles. Rus¬
sian authorities announced on Thursday that they
would participate in a four-Power consultation in
Bucharest, at an early date, to discuss with Geruiany and Italy the dispositions to be made concerning the Danube area. This brief statement
may or may n°f reflect irritation over the German
occupation of Rumania, but it plainly suggests that
Russian claims in the Danubian region have not
been abandoned. It is difficult to see in this statement, on the other hand, any justification for London hopes and predictions of a conflict between
Moscow and the Rome-Berlin Axis,
involving Spain.
Chancellor Hitler jour-
neyed to the Franco-Spanish border on Wednesday,
where he conferred at
length with the Spanish die-
tator, General Francisco Franco.
ter
von
new
Spanish
Foreign
Minister,
concerned
a
Ramon
Serrano
That this conversation
Suner, also was present.
war
Foreign Minis-
Ribbentrop attended Herr Hitler, and the
greater participation in the European
by Spain is clear, but the method to be adopted
hy Spain
depend
may
France.
across
"great events"
upon
questions of transport
The
Madrid
which
were
press
speculated
believed to
on
be irnmi-
nent, among them a joint move by the Axis and
Spain to assault the British citadel at Gibraltar,
If
Spain should enter the
of the
war
formally at the side
Axis, it is possible that the British sold
the entire Mediterranean will be
upon
weakened, and
a
greater logic then would pertain to the recent de-
velopments in the Balkans and the eastern Mediterranean
for
area,
where the Axis clearly is preparing
military developments.
Official comment
the talks between German and
on
Spanish authorities
...
no
more
revealing than the: communiques
>
•
.
Latin America
\
was
on
13 ELATIONS between the United States and the
the Franco-German discussions.
JL\
Balkan Tension Eases
20
Latin
American
be considered on
a
countries
no
longer
strictly diplomatic basis,
can
now
BALKAN apprehensions about involvement to that the power to allocate $500,000,000 Washington
European struggle seemed in
has the Roosevelt Administration in among such
the
diminish
current
this
week,
possibly
because the
Rome-
countries.
The influence of this vast fund already
The Commercial & Financial Chronicle
2396
reports from various
countries
about
proposals for loans.
Cuba desires $50,000,000 and lias made its wishes known quite gen¬
erally, while Mexico is reported to be angling for a
is
being
like
in
felt,
that
It is interesting to note
sum.
of oil to Japan
agreement to sell large quantities
Monday, in the inter¬
suddenly was canceled, last
solidarity."
"continental
of
ests
Mexican
a
Argentina
was
loan of
$100,000,000 from the Export-Import Bank of
Washington, which is the official United States
agency for disbursal of the $500,000,000.
Sugges¬
other
such a loan to the Argen¬
the United States
outstanding in the British mar¬
tine, on a basis of transfer to
of
Obligations
now
it remains
This scheme has some merit, but
ket.
change
Below
made in the 2% discount rate.
was
parisons for previous years:
Oct. 25,
23,
of its external debt eggs into the
States basket.
Bolivia is reported to be
put
more
United
dis¬
patches to this effect following immediately upon
a
visit to that country by Warren Lee Pierson,
to
Mr. Pierson
Export-Import Bank.
President of the
returned
States last Monday,
United
the
extensive tour
announced that in the course of his
of Latin America he found
and
"no desire
.._.
the part
on
responsible officials anywhere to incur unneces¬
obligations."
sary
at
rates
leading
the
Effect
Country
vious
Rate
1
Jan.
Aug.
Aug
7
15 1935
Mar. 11
2H
1935
29 1939
3
4
India
3
Aug. 29 1935
Nov. 28 1935
'
Canada
Rate
Hungary...
Holland
5 1940
6
Bulgaria
vious
Effective
2~X
1936
Mar.
2
Date
Oct. 25
Date
Effective
3X
are
Pre¬
Rate in
Effect
Oct. 25
_
20 909,315
66,914,214
45, 294,894 44, 876,459
1,072,852 327, 775,621 328, 024,445 249,655,408
28.6%
43.00%
31.9%
28.1%
2%
2%
2%
2%
168s. 84s. ll«d. 84s
HMd. 84s. ll^d.
53,935,510
168s.
Gold val. per fine oz.
Bank of Germany Statement
T^HE statement of the Bank for the second quarter
1
of October showed notes in
circulation at 12,-
352,714,000 marks, a loss of 305,943,000 marks in
the
compared with 12,847,000,000 marks
quarter,
Sept. 30 and 10,495,376,000 marks a year ago. Notes
in circulation as of Aug. 31, 13,026,452,000 marks,
the
change
highest
record.
on
283,000 marks to
rose
Gold and foreign ex¬
a total of 77,525,000
the
previous
"mmm
creased
Bills of exchange and
decrease of 252,880,000 marks from
investments,
while
quarter,
...
4 X
Italy
May
18 1936
2
4X
3X
5
marks and
149,329,000
marks,
4,548,000
other
obligations in¬
daily maturing
other
and
assets,
a
The proportion of
289,672,000 marks respectively.
Pre
Rate in
centers
follows:
shown in the table which
Argentina.
21, 608.689
20.6%
2%
Bank rate
any
Belgium...
21,698,755
80.183,337
8 ,108,686
and 76,933,000 a year ago.
THEREdiscount rates of
have been no changes during the week in
the
of the foreign central
Country
4, 156,835
704,975
checks showed
Present
4,639,507
41,369.120
26,103,381
6,600,787
19,502,594
marks, compared with 80,405,000 marks Sept. 23
Central Banks
Discount Rates of Foreign
banks.
£
28,
1936
36 ,594.926
35 501,186
39,242,371
106,041,164 107 581,164 100 238,165
26,338,262 25 765,524 29 ,018,001
21,239,003
37,475.000
Securities
was
of
1937
527,137,342 482 480,727 483 ,147,986 442,741,194
27,607,859
12,574,232 25 038,583 32 ,174,384
156,003,571 135 922,570 124 ,273,710 127.902,350
86,533,230
116,761,200 100 421,384 87 ,678,784
593,229,000
23,685,000
157,481,292
Other deposits.
Backers' accounts. 105,141,132
Othfer accounts
52,340,160
Gov't securities
137,352,838
Other securities
24,018,772
Dlsct. & advances.
2,779.769
Circulation
Public deposits
Coin and bullion..._
Oct.
Oct. 27,
1938
1940
regarding
considering a settlement of the dispute
confiscation of American-owned oil properties,
Oct. 26,
1939
£
Oct.
.
com¬
.•;/■
ENGLAND'S COMPARATIVE STATEMENT
OF
BANK
Prop, of res. to llab..
to
with
items
different
the
furnish
we
con-
and "securities",
£2,612,491 and £315,233 respectively.
which declined
Res've notes & coin..
Government cares
whether the Argentine
to be seen
The latter
£2,927,724.
securities,
cists of "discounts and advances"
reported last Sunday to be interested in a
tions have been made for
Government securities dropped £1,645,000
31.9%.
No
1940
26,
18.1% the previous week; a year ago it was
from
and
Oct.
gold and foreign exchange to note circulation rose
slightly to 0.63%, compared with 0.66% Sept. 23
and
0.73%
items with
Below
a year ago.
we
show the various
comparisons for previous years:
3.65
Chile
3
Dec.
16 1936
4
Japan
Apr.
7 1936
Colombia-_
4
July
18 1933
5
Java
3
Jan.
14 1937
4
Lithuania..
6
July
15 1939
7
Czechoslo¬
3.29
6X
May
28 1935
4X
Sept. 22 1939
3X
4X
Deo.
17 1937
5
Portugal...
4
Aug.
11 1937
4X
Rumania
3X
May
5 1938
4X
3X
May
15 1933
4X
3
Jan.
1 1936
3X
4
Jan.
2 1937
5
Norway
4X
May 22 1940
5X
Poland
Eire
3
June
30
1932
3X
England
2
Oct.
26 1939
3
EHtonla
4X
Oct.
1
1935
5
South Africa
vakia
Danzig
Denmark.
.
France
..
Charges
for Week
Dec.
3 1934
4X
Spain
1939
6
Jan.
4 1939
2X
Sweden
3X
May 17 1940
3
Sliver and other coin..
Apr.
4
Switzerland
IX
Nov. 26 1936
2
Advances.
8
Jan.
6 1940
4 1937
Greece
7
Yugoslavia,
5
Feb.
6X
1 1935
Other assets.
+4,548*,000
+ 149,329,000
...
..
Oth. dally
matur.oblig.
Other liabilities
Propor'n of gold & for'n
curr. to note clrcul'n
IN bills Friday market discountagainst for1-32%
LONDON open 1 1-32%, as rates 1 short
on
a
as
Friday of last week.
New York Money Market
against 1 1-32%@1 1-16% on
Money
on
call at London on
1%.
NO SIGNS York change market, which remained
of a
appeared this week in
the New
idle
Bank of England Statement
save
for
THE statement of the Bank for the note circula¬
Oct.
again showed
decline in week ended
23
tion, the current loss being £4,492,000, which re¬
of Aug.
record;
loss in
was
£593,229,000. Circu¬
14, £613,906,516,
a year ago
notes
it
was
was
the highest
£527,137,342.
attended by
a
As the
small increase of
£27,255 in gold holdings, the advance in reserves
amounted
to
£4,520,000.
Public
deposits
rose
£3,833,000 while other deposits fell off £3,904,932.
Other
deposits comprise bankers' accounts,
decreased
The
a
duced the total outstanding to
£4,005,897
gained £100,965.
The
and
other
reserve
accounts,
ratio
money
occasional
the
rose
which
which
to 20.6%
of
issues
of
short-term
Bankers' bills and com¬
governmentaj^obligations.
mercial paper
on
^
were
three-months' bills
as
1.06%
0.73%
0.63%
0.02%
1940.
Figures as of Aug. 15,
Friday of last week, and 1 1-32%@1 1-16% for
was
847,654,000
55,755,000 1,385,143,000
1,726,662,000 1,227,479,000 1,075.797,000
—305,943,000 12,352,714,000 10495376,000 7,203,587,000
901.090.00G
1,870,073,000 1,345,433,000
+ 289,672,000
374,931,000
562,129,000
a481,935,000
Notes in circulation
lation
Reichsmarks
Liabilities—
officially confirmed.
Friday
Oct. 15, 1938
Reichsmarks
Investments
Mar. 29
*4
Foreign Money Rates
on
Oct. 14, 1939
Reichsmarks
76,626,000
76,933,000
77,525,000
+283,000
—252,880,000 12,809,312,000 9.566,528,000 6,986,443.000
137,722,000
273,516,000
a265,641,000
19,808,000
24,767,000
a22,151,000
Gold and foreign exch.
3X
__
Oct. 15. 1940
Reichsmarks
Assets—
2
_
Germany
•Not
...
Bills of exch. & checks.
4
Finland
COMPARATIVE STATEMENT
REICHSBANK'S
4X
Morocco
merely continued at previous levels.
Treasury in
Washington sold
a
further issue
$100,000,000 discount bills due in 91 days, and
placed the lot at par or above par, owing to tax
behalf
In
situations.
of
United
States
Housing
Authority, the Treasury sold $100,000,000 one-year
notes
with
New York
a
coupon
sold
an
of only %%.
issue of
The State of
$100,000,000 notes due
May 24, 1941, with interest at 1/5%.
Call loans
York Stock Exchange held to 1% for
on
the New
all
transactions, while time loans again
for maturities to 90
months' datings.
were
1%%
days, and 1%% for four to six
Volume
The Commercial & Financial Chronicle
151
New York Money
1~VEALING
U
Stock
in detail
with
there is
Rates
on
the
was
the
call loan rates
Exchange from day to day, 1%
ruling quotation all through the week for both new
The market for time money
loans and renewals.
continues
Rates continued nominal at 1 %%
to 90 days and 1%% for four to six months'
up
quiet.
The market for prime
maturities.
shows
paper
The demand shows
change this week.
no
commercial
a
paper is in light supply.
%@1% for all maturities.
slight improvement but
Ruling rates
are
a
2397
nominal
quotation around 40.05, and for
registered marks around 12.00, while Italian lire are
nominally quoted at 5.05.
On
Friday, Oct. 18, the New York Bankers Foreign
Exchange Committee, of which R. F. Loree, VicePresident of the Guaranty Trust
Co., is Chairman,
reported the receipt of advices from London to the
effect that
of Oct. 15 the London banks would not
as
allow interest
ruling, it
entered into
The
registered sterling accounts.
on
said,
was
pursuant to
was
an
agreement
by the London banks with the Bank of
England.
Bankers'Acceptances
HPHE market for prime
X
been
bankers' acceptances has
Transactions have been
quiet this week.
light with the demand still in
Dealers'
rates
excess
days
of the supply.
reported by the Federal Reserve
as
Bank of New York for bills up to
90
The Committee
and including
%% kid and 7-16% asked; for bills run¬
are
ning for four months, 9-16% bid and %% asked;
months, %% bid and 9-16% asked.
for five and six
The bill-buying rate of
the New York Reserve Bank
is %% for bills running
rates
schedule of rates
of paper
obligations are shown
The following is the
in effect for the various classes
now
■
■'
;
Previous
The New York Foreign
securities listed in the
until Jan. 31,
The securities referred to
...
<:--nK*1K
•i K
IK
*1K
*1K
Chicago...
...........
Minneapolis...
....
Kansas City
Dallas
.......
San Francisco
2
2
2'iW
V2
2
&
Aug. 31, 1937
Sept. 3, 1937
Advances on Government obligations bear a rate of
2
1939. St Lou la.
Exchange
print
(2s. 6d.),
from those of recent
tendency to
ease.
Still, for the most
above the Bank of
England's official rates. The volume of trading in
both free and registered sterling continues limited.
part free sterling rules fractionally
The easier undertone of the free
pound
seems
not to
or
which
was
$4.03% for bankers' sight, compared with a range of
The range for
between $4.03 and $4.04 last week.
cable transfers has been between $4.02%
compared with
$4.04%
a
Official
continue
week
rates
as
a
of between $4.03% and
not
The foreign
times
eye
can
quoted by the Bank of England
New York, 4.02%-4.03%;
follows:
(Canada official 90.09c.-90.91c.
United States dollar); Australia, 3.2150-3.2280;
Zealand, 3.2280-3.2442. American commercial
registered sterling continue at 4.02
the smallest bank notes
are
the "Bradburys," the
into
more
general
use,
will not be put
action interrupts the minting
war a
supply of small notes
exchange situation in general in these
broad aspect, with an
be viewed only in its
So far
as
and
sterling is concerned and as
Great Britain is able to hold out against the
as
widespread Axis assaults, the pound and all currencies
allied to it must perforce remain steady and un¬
changing
London
dollar.
as a
result of the firm control exercised by
holding the rate pegged to the United States
Following the cessation of hostilities, whether
Britain
whole system
emerges
victorious
or
defeated, the
of trade and foreign currency must be
radically changed and the problems presented will be
more
complex and protracted than the most practical-
minded would venture to estimate.
For the present,
New
bank rates for
measure
of notes of small
to the future rather than to present events
Great
ago.
Canada, 4.43-4.47
per
range
and $4.04,
precautionary
as a
long
range
Oct. 23 that
precautionary measure, but it was
found necessary to issue them.
printed
The
of buying orders here.
on
was
During the last
of coins.
with the
up
a
pieces. The present plan, it is understood, to bring
consequences.
this week has been between $4.02 and
those of the United
England for minting the shilling or the larger silver
but rather
drying
be sold
the "half crown"; and 2 shillings (2s.),
There is no shortage of silver in
be connected with events in the war area,
for free sterling
may
the "florin."
or
paper currency
STERLING exchange presents no new that free
weeks, except features
a
further
held in Australia.
a reserve
These
into effect unless enemy
sterling shows
a
introduced during the
World War, 1914-18.
The new series will be of
5 shillings, or the "crown"; 2 shillings 6 pence
2
1%, effective Sept. 1, 1939,
Chicago; Sept. 16.1939, Atlanta. Kansas City and Dallas; Sept. 21.
Course of Sterling
V"
2
Sept. 3. 1937
IK
.....
shillings.
Sept. 2, 1937
Aug. 24, 1937
IK
...
Atlanta
as
At present
1937
1937
1937
Sept. 4.
May 11,
Aug. 27,
Aug. 21,
Aug. 21,
Richmond
of 10
are
are
received in New York
fiduciary issue
Aug. 27. 1937
IK
IK
Cleveland
was
2
1
Philadelphia
Security Order
States and Canada which
1937
1935
New York................
Exchange Committee is in
1941."
IK
IK
Sept. 1.1939
In
for
cable from Sydney, Australia:
are
1
Boston...............w...
a
denomination.
Role
Established
pay
goods in United States dollars must have the
have taken steps to
Effect on
Oct. 25
forthcoming.
sanction of the Brazilian central bank.
Word
Rate in
Federal Reserve Bank
*
British
Brazil
British goods that
words, Brazilian importers proposing to
the London authorities
'
.
St. Louis
Brazil by Brazilian importers of
other
with
first had from the Bank of
was
reimbursement in dollars would be
at the different Reserve banks:
DISCOUNT RATES OF FEDERAL RESERVE BANKS
'
dollars
States
United
in
general extension of time has been granted in which
rediscount
THERE have been of the Federal Reserve banks;
no changes this week in the
in the footnote to the table.
business
"Regarding national security regulations,
Discount Rates of the Federal Reserve Banks
recent advances on Government
do
unless confirmation
receipt of
from 1 to 90 days.
also advised that the British
was
authorities had ruled that banks in London must not
no
with sterling fixed to the dollar,
difficulty would be encountered in finding en¬
couraging elements in the British position and efforts
buying and 4.04 selling:
is not quoted on Germany,
despite the enormous task which must be faced. But
Italy, Poland, Czechoslovakia, Norway, Denmark,
putting the best possible interpretation on week to
In London exchange
Holland, Belgium, France, or Rumania.
York exchange is not
quoted
on
except that for the so-called German free or
In New
the above countries,
gold mark
week
happenings favorable to the position of sterling,
the prospect
for the future cannot be viewed as en¬
couraging by serious men of realistic outlook.
The Commercial & Financial Chronicle
2398
British
already in
promotion of trade is the result of industry
further
for the
or
the
in
whether,
or
war
in
as
our
own
It is not
against future aggression.
23
that
United
the
Commerce reported
States
had
shipped
$780,000,000 of goods to Great Britain during the
overstatement
an
Oct.
on
first year
that by far the greater part of all industrial
to say
economies.
The United States Secretary of
their
case,
is
serious position, and is one that will
a
impartial opinion in Amsterdam, the inflation menace
being stimulated by defense preparations
business is
a grave
situation,J^which
is not imaginary.
conflict, whether they are actively engaged
current
1940
still heavier taxation, larger credits, and
Therefore, according to most
require
applied solely to destruction. This is true also of the
efforts of some 20 other nations involved in the
fiscal
British
the
to
menace
26,
enhanced adverse balance, is
its enormously
production for both domestic and foreign
consumption is keeping up well, but it cannot be
overlooked that all British spending either for defense
Oct.
of the
including 743 airplanes valued
war,
spending and activity everywhere is directed to and
by efforts toward destruction, human
at
stimulated
12 months
Inflation and dis¬
ruption of fiscal systems threatens all countries in
consequence.
It is not to be expected that Great
Sept. 3, 1939.
shifted sharply toward products vital to the conduct
Britain and the
of the war,
misspent and wasted.
energy
pound sterling
Current business
of
a
the
on
year,
firearms,
industrial
The
England's note circulation during the past several
equities
with ready
scarce,
buyers,
of the
people
London
on
the
but few
value
for
metal
and
working
petroleum
for
year were
valued at
"
September is the fact that in spite of
action, the rate of export of
goods has been fully maintained. The
of
exports
London reports,
high morale
whole.
as a
per
average
working day in September,
exceeded the corresponding figures
previous months.
During the six-month period
ended Aug. 31 (the period which covers the invasion
points out that the yields still obtainable
of
leading equities, although substantial, indicate
that much in the way
to be
British
These and other factors bring confidence to
the London markets and also reflect the
chemicals,
intensification of enemy
London, by the fact that gilt-edged
are
on
outstanding feature of British foreign trade
returns
weeks, by the fact that the stock-bond price ratio is
sellers.
and
metals
during the
about $410,000,000.
and is pleased by the decline in the Bank of
returning in
United States
the
further increase in the budget this
no
than in the
products." Other products sent to Great Britain from
of the Chancellor of the Exchequer that
assurance
there will be
more
including particularly aircraft and parts,
machinery,
cheering nature. Financial London is relieved by
57%
said that British purchases "have
explosives,
the whole
was
preceding the outbreak of the conflict
The Secretary
can escape.
from London is
news
The total
$72,163,000.
Norway and Denmark and the collapse of France),
British exports to
of price depreciation has yet
Mediterranean
made good, while at the same time industrial
the
have
area
been
outside of Europe and the
consistently higher than
prospects cannot possibly be assessed with any degree
they
of accuracy.
during the corresponding period in 1939.
However, it is asserted that thus far
These signs
indefinite to warrant any
while the
encourages
war
receded by £20
678,000 from the August peak, reducing the total
of Oct.
23 to
highly
satisfactory
£593,229,000.
This is regarded
development,
return of confidence whereas
anxious demand for
as
only
a
ready cash
The Government has been
so
few months
was
London open market money rates continue
Call money against bills is in supply at %%.
months
bills
are
1 1-32%;
three-months
as
from the
bills,
1-16%; four-months bills, 1 3-32%; and six-months
bills 1M%.
ago
The Canadian dollar is stronger in comparison with
past weeks, the discount having receded in the un¬
securing
the past
was
found it less
necessary
official market from the wide
spreads prevailing in
September and earlier in the summer.
Montreal
funds ranged during the week between a discount of
■13%% and a discount of 13 1-16%.
The amounts of gold imports and
exports which
to borrow
surplus deposit accounts of the banks.
In
week the Treasury borrowing from the banks
reduced by
follow
£15,000,000, lowering the aggregate
Great Britain's
held
resources
gold production of South Africa
But it is
fabulous.
Chancellor
of
as
in the
the
as
to
say
the least,
disregard the sig¬
that only last
Exchequer asked for
week the
a
further
£1,000,000,000, and that it is officially
estimated
reached
of
are,
difficult to
such facts
nificance of
credit
abroad,
States, and readily accessible because of the
that
the
the
national
sum
expenditure
has
now
of
Amsterdam bankers recently expressed the opinion
that the deteriorating foreign trade situation, with
taken from the
weekly statement of the
cover
GOLD EXPORTS AND IMPORTS, OCT. 10 TO OCT.
16, INCLUSIVE
-•
Im-ports
■
Ore and base bullion.
Total
___
_
Detail of Refined Bullion and Coin
995
$88,719,800
________
$5,302
87,303,729
...
$6,297
Shipments—
Portugal
...
Spain
United
Exports
*$1,416,071
Refined bullion and coin
$6,806,367
1,694,917
Kingdom
Canada
£9,000,000 a day.
This sum represented almost the peak expenditure
at the close of the last war.
Approximately £7,500,000 of this goes to maintain the fighting forces, all
industry applied to destruction.
enormous
are
United States Department of Commerce and
the week ended Oct. 16, 1940:
figure outstanding to £205,500,000.
United
easy.
Two-
1
the
subscriptions to its various loans that in recent weeks
the Treasury has
balance of imports over exports and reexports
a
1939.
-
evident.
successful in
more
September of £48,262,991, compared with
£61,073,159 in August and £24,466,000 in September,
as a
reflecting
outside of
during
will be experienced.
now
materials and
now
25%. Nevertheless, the Board of Trade figures
show
the belief that nothing like the inflationary
British note circulation has
an
than
the commodity price situation
rise which occurred in the last
raw
occupation have increased in value by
enemy
reflection in equity stocks,
grip which the Government has been able
to maintain so far on
earlier, about 20% higher than
year
chief metal manufactures to territories
still too
are
a
Exports of goods other than
prices virtually have not been influenced by first
symptoms of inflation.
were
120
46,280,054
_
Cuba
Argentina
j___
______
Ceylon
_
995
11,735",828
_
32,876
_______
Japan
....
3,086,983
Australia.
14,607,795
New Zealand
185,107
Union of South Africa
2,873,682
*
Chiefly $161,140 Canada, $229,825 El Salvador, $310,755 Philippine
Islands, $250,814 British Oceania, $112,350 Union of South Africa.
Gold held under earmark at the Federal Reserve banks
during the week ended Oct. 16 by $66,165,726,
or
was
increased
$1,735,794,794.
Volume
The Commercial & Financial Chronicle
151
Referring
Saturday
day-to-day rates
to
last
free
$4.02%@$4.03K
was
sterling
on
bankers'
for
sight and $4.03@$4.04 for cable transfers.
Monday the
On
$4.0224@$4.03J4for bankers'
range was
sight and $4.03@$4.04 for cable transfers.
Tuesday bankers' sight
transfers
range
$4.02J^@$4.03 for cable transfers.
On Friday the
The
hemisphere.
The Treasury has already
run
the embassy and
Canada.
Exchange
on
the countries invaded by Germany is
not quoted in New York or in London.
so-called free
or
The German
gold mark is quoted nominally in
The registered mark is
New York around 40.05.
transfers
nominally quoted at 12.00. Italian lire are nominally
$4.02%
range was
western
consulates in the United States and the legation in
On Thursday
bankers' sight was $4.02J^@S4.03; cable
the
month to month basis.
the
$4.02@$4.0234 for bankers' sight and
$4.023^@$4.03J£.
a
in
Mr. Morgenthau said, would be released on
been suppling enough funds to
On
Wednesday
On
embassies
money,
$4.02J4@$4.03J4; cable
was
$4.Q234@$4.0334.
was
and
2399
The Swedish krona in
@$4.03 for bankers' sight and $4.03@$4.03^ for
quoted in New York at 5.05.
cable transfers.
limited trading is around 23.87, against 23.87. Swiss
francs are now 23.23@23.24, against 23.20@23,2QJ4J
Exchange on Finland closed at 2.05 (nominal), against
Closing quotations on Friday were
$4.03f°r demand and $4.03J4 for cable transfers,
Commercial
sight bills finished at $4.00;
90-day bills
60- and
longer quoted.
are no
are
IN
reliable character is available
a
the Continental European
commands
exchange
P6SetaS
I7XCHANGE
£j
presents
the
on
Latin American countries
important
no
developments.
The
on
Argentine unofficial peso, which recently has been
firmer as the result of a movement of Swiss and other
during previous weeks and now
pegged by the National Bank of Switzerland
funds from New York to Buenos Aires, was inclined
to ease as the week advanced due largely, it was
several
seems
highs recorded
occasions
around 23.19 cents.
is still
some
The market reports that there
withdrawals,
repatriation trend
than
reported, to the subsidence of this trend,
The official rate on Buenos Aires, like the
exodus of Swiss funds from the United
States but these
the
finan-
attention in the New York market.
some
The', unit has receded from the
more
or
jfe®1
nominally quoted at 9.25, against 9.25.
on
The Swiss franc, still a free currency,
cial situation.
exchange closed at 0.68
Greek
(nomina!)*gainst, °'I68i
Continental and Other Foreign Exchange
XTOTHING of
(nominal).
2.05
a
even
few weeks
a
at the height of
caused not
ago,
ripple in the New York market.
con-
trolled units of all the other Latin American nations,
is held steady in
It
extremely limited trading.
understood that Argentina
well
is in
an
It is
adverse
should be recalled that with the volume of Swiss in-
trade
vestments and accounts in this market
major export markets, so that the finance ministry
of Buenos Aires has again been forced to restrict
excess
of
$1,000,000,000,
of withdrawals could
the unit.
a
These withdrawals have
due in part to
independent
economy
United States Treasury
Swiss accounts
on
this
them has been interpreted
Although Argentina has in recent weeks sent more
than $25,000,000
were com-
and financial system, the
might be compelled to freeze
have been
Swiss funds and
escaping to South America, likewise
result of fear that
there
another
as a
movement
seem
funds
of
South
to
America
by
an
the
This would
on
Oct. 23.
are
0f the exchange
that
influx of
an
capital recently that the Bank of the
new
pesos per
asserted,
are
seems
vinced that the movement of "Swiss funds" is
that
disguises
other
European
operations
guise of bank operations through
an
to United
take
which
The
accepted
at
in
Argentine unofficial or free market peso closed
23.50@23.55, against 23.75@23.85.
The Argen
been held for a long time at
Brazilian milreis closed at 5.15, against 5.15.
Chilean exchange is nominally quoted at 5.17, against
^.17.
request from the State
credits to finance all the French consulates, legations,
suggested that exporters
South American
arranging
29.78.
Department would release sufficient frozen French
precautions
tine official peso has
a
Noting that
quotas may shape corn-
transactions.
Secretary of the Treasury Morgenthau
compliance with
States exporters.
given line" the Department
one
announced that the United States Treasury Department in
The Department pointed out that the
pellingly the course of inter-American trade in any
con-
neutral country.
On Oct. 21
controls in Latin America indicated
these hindrances may be
of dollar shortage is offering increasing
could not be carried out in this market except under
the
the
instances
"availability of exchange
shortage of
no
Wall Street
ago
a survey
obstacles
These quotations alone, "La Prensa"
evidence that there is
the rigid control
few days
pressure
$100, while the free market rate was down
dollars in the local market.
some
multiplied.
Nation has been forced to sell its dollars at 422.89
to 422 pesos.
in
a
of Commerce in
United States Department
the editorial said that there has been
heavy
Only
central banks.
criticizing the Government's exchange control policy,
so
experiencing exchange problems
are
kept within bounds only by
0f their
In
trade of practically all the other Latin
countries has been equally disrupted by
and all
war
that
editorial in "La Prensa"
appeared in Buenos Aires
$26,000,000 is annually required to maintain
American
been
has
a year ago
slight balance in Argentina's favor. In
trade purposes,
The export
The
war.
chiefly toward Buenos Aires.
to be borne out
which
sold, whereas
Argentina's unbroken debt record in this country,
the United States and that the United States might
European
a
was
addition to the need for dollars for
freezing orders might be issued by
actively drawn into the
improved
In the first eight months of this year
bought $28,667,000 more of gold in
the United States than it
some
not
port balance.
Argentina
European funds directed through Swiss banks
directed
apparently
is
thereby, because of the country's unfavorable im-
side, like those of all invaded
According to market reports,
be
in gold to the United States, its
position
exchange
Europe.
other
permits for a large number of American
products.
closely with Axis plans for
more
position owing to the virtual elimination of its
import
diminished
now
fears that if the Swiss
pelled to cooperate
an
fraction of less than 1%
easily account for firmness in
and the uneasiness causing
as
considerably in
'
Peru is nomma ly quote a
.
, against
The Mex.can peso is quoted at 20.85, against
♦
■■
The Commercial & Financial Chronicle
2400
there could be
EXCHANGEfollowthe Far Eastern countries con¬
on the trends in evidence since the
tinues to
outbreak of the
those
such
European
whose
countries
The currencies of
war.
units
allied to sterling,
are
the Indian rupee and the currencies
as
the Netherlands East Indies, are on
the whole steady
and little influenced
by either the European
the conflict between
Japan and China.
war or
possible result
no
defeat of Mr. Roosevelt,
.months
by
ago
the ignominious
save
which
26, 1940
predicted
was
many
of his principal supporters in
one
1936,—John L. Lewis.
The fundamental issue in this campaign is
of trade
strongly influenced by the sterling bloc, like
centers
Oct
toration to the
racy
the
res¬
people of the representative democ¬
with its tripartite government of distributed
which included
powers,
element of arbitrary in¬
no
The Hong¬
dividual authority and left to each citizen all the
kong dollar and the Shanghai yuan, as for many
independent liberty of initiative and action that could
past, continue to fluctuate widely, with the
weeks
Hongkong dollar reflecting day to day movements
the
the yen
Although Japan's international
radically.
more
trade difficulties
hampering that country severely,
are
is held steady with relation to the United
by the control exercised by the Bank of
States dollar
by the Constitution of 1787,
and
in
a
half of
Closing quotations for
checks yesterday
yen
were
Hong¬
kong closed at 23against 23.10@23J^; Shanghai
23.45, against 23.45 on Friday of last week.
5.95@6.00, against 5.90@6.00; Manila at 49.80,
against
Singapore
49.80;
as
perfected in
its
Mr. Roosevelt,
provisions.
in the
Presidency abundantly
sympathy with
principles and definitions of such
1
bullion
the
in
84s. ll^d.
European banks
principal
dates of most recent statements,
per
fine ounce)
reported to
by
us
(Friday); comparisons are
corresponding dates in the previous
his official
a
dictatorial authority
supreme
benevolently exercised by
competent individual
some
who understands the needs of the
people better than
they do themselves and in their interest does for them
and to them those
In that
things which his wisdom directs.
spirit he has for nearly eight long
ministered his office, encountering many
shown for the
difficulties
Banks
£
£
£
£
visers and
1936
£
■
*542,541
327,775,621
328,601,484
3,857,300
293,728,209
3,006,700
4,499,950
249,655,408
514,869,937
2,065,250
63,667,000
23,400,000
63,667,000
87,323,000
88,092,000
25.232,000
25,322,000
93,623.000
123,420,000
107,568,000
47,491,000
103,890,000
105,997,000
96,772,000
35,222,000
6,500,000
6,666,000
93,569,000
114,929,000
31,932,000
99,622,000
84,758,000
41,994,000
6,505,000
Netherlands
Nat.Belg'm
79,159,000
25,982,000
24,211,000
6.537,000
6,548,000
6,552,000
8,205,000
6,602,000
6,604,000
Switzerland
Sweden....
Denmark..
6,667,000
Norway
Total week.
Prev. week.
697,575,919
Note—The
many
In
war
328,024,445
293,710,643
42,575,000
75,559,000
762,741,325 1,092,001,530 1,062,271,038 1,163,671.595
762,478,467 1,090,671,578 1,063,167,353 1,149,334,939
697,448,702
In this tabulation.
Even before the
present
as
France
was
received
June
lands, May 17; Sweden,
many, Oct. 25.
*
the
Pursuant to
statements
for
7;
Switzerland,
which
fine
per
25; Belgium, May 24; Nether¬
March 29; Norway, March 1; Ger¬
1939, the Bank of England
carried the gold holdings of the
Currency and Bank Notes Act,
March
1939,
1,
and since
have
was
ounce)
formerly
the
Bank
On the market price basis (168s.
£704,975, eciuivalent, however,
the basis of value.
reported holdings
of
only about £356
06 at the statutory rate (84s. 11 Hd. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with
to
the
in
among
ingness of
and
men
we
well as with the figures for other countries in the tabulation,
show English holdings in the above in statutory pounds.
x
periods
as
Gold holdings of the
Bank of Germany
as
reported in
their
freedoms
ominiscient
of
of
House
Repre¬
nurtured in the love and
and conduct
choice
which
they
even
have
to
an
nowhere
observed.
There is
of national
issue
no
defense.
Upon all
questions connected with the defense of American
frontiers
against invasion
any source or
are
in
any
September, 1936. as few as 125 francs were equivalent to the statutory
For details of changes, see footnote to this table in Issue of July 20, 1940.
as
or
never
before in their
necessity requires is everywhere
demonstrated and apparent
sufficient is
indisputable.
and that it is strong and
Of their leaders and their
people ask but
one
thing, that for
incident and exigency of defense, all their
sources
of human
pound.
those
as
Their willingness to sacrifice without stint
to that end wherever
every
against aggression from
form the people of this country
united and determined
history.
Government the
basis of latest valuation (23.34 mg. gold 0.9 fine equals one franc). Insti¬
tuted March 7, 1940, there are per British statutory pound about 349 francs;
prior to March 7, 1940, there were about 296 francs per pound, and as recently
years; on
strength and capacity
natural and
of
as
re¬
well
as
acquired wealth within their
possession, shall be, to the full extent those exigencies
Efficiency in National Defense —
WiUkie
Ten
in
the people and to the unwill¬
women
wisdom,
The Bank of France gold holdings have been revalued several times In recent
For
deficiencies
practice of liberty to accept regimentation or to yield
1939 and 1940 include
•'deposits held abroad" and "reserves in foreign currencies."
y
and
Senate
sentatives, and
,
former
own
assistants, to occasional outburts of in¬
dependence
Oct.
May 24; Denmark,
Bank at the market value current as of the statement date, instead of the statutory
price
his
to
Europe has made It impossible to obtain up-to-date reports
of the countries shown
regular reports were not obtainable from Spain and Italy, figures for which
of April 30, 1938, and Mar. 20, 1940, respectively.
The last report from
war,
are
1937
*356,506
Italy
from
1938
242,451,946
3,876,250
63,667,000
16,602,000
97,714,000
132,857,000
England
Germany x.
Spain
attributable
ad¬
years
and frequent
direction, to his bad judgment in the choice of ad¬
1939
1940
of—
Francey...
career
oratorical
any
special cable yesterday
four years:
His ideal,
meaningless mouthings.
mere
denial, is that of
of respective
as
government to
a
by conduct effectively contradicting
(converted into pounds sterling at the
free
any
argument in support or defense of his methods,
30.31, against 30.31.
British statutory rate,
a
no
of his
public expressions, to adapt the terms stating the
illustrated continuously throughout
npHE following table indicates the amounts of gold
has
understanding of such
nor
they become
Banks
his whole
as
proves,
When he undertakes, in
government.
Bombay at 30.31, against 30.31; and Calcutta at
Gold Bullion in European
a century
operation and by successive amendments
harmony with its spirit and adopted in accordance
with
some
47against 47
at
the identical
This is the Government established
rights of others.
course
Japan.
at
be exercised without subtracting from
utilized, in the
days before the most momentous Presidential
election in
our
competently
require,
history it has become unmistakably
organized
common
and
effectively
interest and without
ex¬
Such organization indubitably
travagance or waste.
demands and requires
leadership of the highest order.
Beginning Jan. 20, 1941, this leadership will be
plain that, yere there nothing involved beyond the
domestic policies and measures of the New Deal, the
vested in the President to be inaugurated upon that
third-term
date, that is to
candidate, who is their reputed parent and
chief exponent,
would be overwhelmingly rejected.
The conviction that these
completely in practice,
tensive
more
revision
and
or
measures
conspicuously require
emendation
practical leadership is
the facts and
so
have either failed
so
under
saner
well-supported
widespread that
upon
such
ex¬
and
upon
a test
Willkie,
or
though it
upon
as
say,
it will
may seem,
basis for
assert
Surpassing strange
this alternative has been siezed
an
argument for the second
election of Mr. Roosevelt.
to
be exercised by Mr.
by Mr. Roosevelt.
re¬
Those who have chosen
this absurd non-sequitur acknowledge his
accountability
for
grave
errors
of
judgment
and
Volume
The Commercial & Financial Chronicle
151
execution in the past
but
to contend that the
seem
World War and the necessity for taxation heavier
has especially
than was ever borne before, except in periods of actual
warfare.
If there were any reason for supposing that he might
develop higher capacities in the service of national
defense it would disappear upon consideration of his
record in that connection. The greatest weakness of
the Nation does not only consist, at this moment, in
the impediments to production erected and maintained to satisfy his jealous prejudice against industrial success, but also in the swollen burden of
public indebtedness which is the direct consequence of
experience characterized by these
qualified the
for
errors
directly responsible for all of them
man
responsibilities in a related but decidedly
exacting field.
That such a thesis could be
new
more
urged
seems
beyond belief but it is true that it was
advanced less than
week ago as a
a
porting to assign the
reasons
of
a
statement pur-
few voters who were
said to have associated themselves in
third-term
Tlw>
candidate.
of Oct.
York limes
We
are
supporting the
an exact
printed in the "New
following is
quotation from the document,
as
22,1940.
not New Dealers
...
have not altered
we
policies of the New Deal,
Some of these we regard as socially desirable reforms.
We
do not like the principle of the third term.
If we believed
domestic policy to be the sole issue in this election, we would
vote for Wendell L. Willkie.
But
the paramount
issue today is the defense of the United States and on that
issue we believe that Mr. Roosevelt is a stronger man than
our
convictions
as
to the domestic
.
.
.
not
propaganda,
Administrative
specialized.
Government
universal in
scope
resources
of the Federal
and the Army and Navy, involves
or difficulty, the man qualified to
minimum of time
comprehensively
and
successfully with
one
problem in this category is equally qualified to deal
other
or
many
others.
Willkie's
Mr.
executive and administrator have
demonstrated by successful achievement under
superior qualities
been
as
heavy responsibilities in each of the several and important fields in which he has hitherto
functioned,
illustrated in his daily discussions of the
deficiencies of the present Administration which he is
They,
are
No competent
seriously doubt the
currently addressing to the voters.
and
unprejudiced observer
can
capacity of Wendell L. Willkie promptly to organize
defense, to systematize and coordinate efforts
national
and resources,
speedily to obtain the maximum of
efficiency and results with the minimum of sacrifice
on
the part of
No such
velt.
the people.
qualities
can
His leadership
1
be attributed to Mr. Roose-
has been tested and found want-
ing in each of the qualities which existing exigencies
render
peculiarly essential.
Completely
aware, as
he
repeatedly showed by his declamatory appeals for
the dangers of
loose and improvident finance, especially under administration by a liberal government, he yielded
weakly to the persuasions of unsound enthusiasts advocating social nostrums, most of which had failed in
repeated former trials, such as partial repudiation,
manipulated monetary standards, the commoditydollar, destruction of growing crops and young live
stock, political restrictions upon production and
prices, taxation for purposes unconnected with
revenue, deficit financing, and what have you, and
plunged the country into a continued orgy of increasingly reckless and extravagant spending that, without
support during the 1932 campaign, of
relieving unemployment
or
promoting permanent
re-
from the industrial depression which during
his two terms of office has attained unprecedented
covery
duration, has left its indelible record in a Federal debt
three
,
After spending $60,000,000,000 in little more than
sev^n years
cnddenlv awakened to world
j
defensive
.
times
the
minimum
eon-
was suddenly awakened to world con
ditions under which he
was
impelled to admit that the
preparations within his charge had not been
,
i
.
i
.
.
.
•.
,
At the
he asked for an authorization of less than $2,000,000,000 which he indicated would suffice for all visible
necessities. Another piecemeal application for funds
followed within a relatively few weeks and then, with
provision for considerably less than half the aggregate
are
including the permanent staffs of the
State Department
any
.
and,
They
affairs, with the abundant
with
,
tion of the Army, not one cent had been used for that
purpose.
And then, at the outset of the present year,
conclusion
a
tion, which in the fields of public defense and foreign
cope
.
refuge of third-
such
the argument from
to be the last
seems
more
upon
as
therefore, given sufficient opportunity for orienta-
a
-.
serious refutation may be in
and executive capacities are
inadequate, but
which it is derived
order.
j
*
,
his political weakness and financial intemperance.
time it was necessary to acknowledge that out
of $3,300,000,000 appropriated in 1933 in a lump sum
from which he might have provided for mechaniza-
might exhaust itself
and remain
term
i
materially advanced since his inauguration.
Mr. Willkie.
Ridicule
2401
attained after
the first
same
expenditure which has now been recommended and
authorized, he urged Congress to adjourn leaving the
Government until Jan. 3, 1941, exclusively in his
hands, and contemptuously suggesting to a group of
news reporters that no legislative function remained
except the fruitless self-exploitation of unnecessary
speechmaking. He was not then aware that the
national defense, as a few weeks thereafter he insisted
was the case, required more than doubling of the
authorizations of expenditures already made, radical
and extensive alterations in the tax laws in the enactment of which he had participated and with which
he ought to have been familiar, legislation empowering him to call into Federal Service the National
Guard, and above all, the passage of a conscription
law providing for universal military training and
service by all the eligible manhood of the country,
But Congress remained in session, as its duty required, and its patriotic course has afforded opportunity to make all of these provisions,
Yet conditions pertaining to the national defense
remain far from satisfactory. That planned economy
which the President so ardently urged should be
superimposed upon industry by Government does not
seem within the range of his vision in connection with
the most intensive and pressing activities of Government itself . Indeed, he has opposed the erection of
efficient instrumentalities for the planning and coordination of defensive preparations and so far his
opposition has succeeded.
There has been no
promptness or adequacy in standardization and no
clear and sufficient adjustment of timing to prevent
some elements or items of preparation blocking the
way for others which in their superior urgency should
have priority. Confusion, approximating chaos, still
continues where the first proof of sound and efficient
administration would be the absence of disorder and
the elimination of unseemly haste. Nothing in Mr.
Roosevelt's record indicates that these hampering
conditions would ever, under his direction, be thoroughly
or even very
materially rectified.
The Commercial & Financial Chronicle
24Q2
If therefore it is true,
had frequently been
as
as-
Oct. 26, 1940
the Board declared that banks were also cov-
1 ago
real difference between the
ered, and during the last days of August it ruled
principal objectives of the chief opposing candidates;
that life insurance companies, over whose finances
serted, that there is
if it be the fact, as
abhors
no
both assert, that each of them
and intends to preserve peace; if both
war
despise dictatorship and Hitler and sincerely favor
intend
and
Britain
Great
within the limitations of
both
equally patriotic,
are
aid
to
its
democracy
benevolent neutrality; if
a
as
they
and if with
are;
precisely equal intensity, which is true, both desire
and would work for total defensive
preparedness;
even
then, the wise voter would give his preference strongly
to Wendell Lewis
Willkie, the experienced, the
prac-
tical, the highly efficient. Mr. Roosevelt,whatever
his intentions
volatile.
are
President, is highly impulsive and
as
His continuance in authority after expira-
tion of his present term would be a
exceeding
war-danger vastly
far hesitated to
the Federal Government has so
assume
supervision, must bargain collectively,
ac-
cording to Wagner Act precepts.
Less
than
weeks
two
handed down
a
however, the Board
ago,
decision that
most properly and
may
conservatively be described
closing the last
as
gap
In the Schmidt Baking Co.
in its jurisdiction.
case
baker shipped only
one-
it ruled that although
a
tenth of 1% of its products in interstate
commerce
(99.9% being consumed locally), he
subject to
the NLRB, because
terials
raw ma-
drawn from without the State in which
were
he carried
was
than half of his
more
Such
business.
on
agination to discover
an
a
ruling tries the im-
enterprise that would not
be subject to the law.
Why, under such
directed against the peace of any part of the Western
would not the
retailer be engaged in inter-
Hemisphere.
state
commerce
after
alleged discriminatory discharges?
possibility of
any
European
aggression
comes
Dictatorship Trends Illustrated
Just
in
New
the
Board
it illustrates
as
Deal,
so
many
of the evils inherent
National Labor
the
land
Relations
recently has provided perhaps the most effec-
tive demonstration of the chief issue raised
Deal critics—that the
istration leads
This recent
changing
present Admin-
inevitably towards dictatorship.
news,
war
the
over
campaign and the rapidly-
well illustrates how the
continually
grasps
new
and
more
time provides
more
power,
and at the
a
striking
answer
to those who maintain that the cry
of dicta-
same
torship is being voiced only by those who persist
in
seeing things under their beds.
There
forming
bureau
bureaucracy into
a
or
ment of
agency,
a
free
particular for transdictatorship.
a
set up by the Congress
people, must seize
more
or
The
Parlia-
and
more
until it is wielding far greater influence than
power,
its
two essentials in
are
legislative creators
Executive, through
ever
one
intended.
means
gain control of the bureau
or
Secondly, the
the other, must
that those
or agency, so
be wielded almost independently of the
powers may
Legislature which established the instrumentality.
It is the thesis of this article that the recent
ord
of
the
national
NLRB,
political
bureaucrats
even
during
campaign
is
a
period when
being
waged
a
and
ordinarily would behave with exceeding
caution, illustrates both of these dangerous trends,
These
pages
have hitherto pointed out the ten-
dency for the Labor Board to usurp greater
to
hand
no
one
down
possible when it
was
enacted,
Hence, what is important* about its rulings
be
considered
each
was
the
these
are
considerations:
handed down after the
under way;
in
press,
erally considered
and third, that
a cause
for
any
The Labor Board has indeed been
its
jurisdiction.
When
the
no
none
special
now
to
first, that
campaign
second, that several received
daily
power,
interpretations of the statute that
considered
was
well
mention
were
gen-
concern.
busy extending
statute
was
might interpose
enacted
lawyers thought that it could not apply to
manufacturing operations, but with the Su-
have
come
most
manufacturing
under the Board's
rule.
enterprises
Some months
reason
few considerations of
com-
gaps
in its jurisdiction, it has also been
supervision of personnel practices in such de-
has diminished with each
this explains why the
new
devotes
press
new
verdict.
foray
(Perhaps
little space
so
to the novel doctrines that continue to emanate
Horn the Board.)
of speech for
It long
ago
restricted freedom
employers—though the
Cincinnati
Circuit Court of Appeals has just upset such restrictions in the Ford case—and, in its copcern for the
rights of the unions, continues to interpose curbs
that border upon the ludicrous. Thus, shortly after
the first of this month it solemnly cited
for staging
was
beer party the
a
holding
featuring
an
fan
same
organization meeting.
dancers
long
an
Stag parties
fell
ago
employer
night the union
under
the
NLRB ban.
Naturally each of the ludicrous decisions has
lesson and
some
as
view, offer far
was
felt last
its
of the other rulings in recent weeks,
ridiculous from another point of
more
year
serious threats.
Great
concern
when in the Waumbec Mills
the Board decided that
case
persons refused
jobs, allegedly because of union cards, could be reinstated
with "back pay," even though said workers had
been
never
on
the payroll.
the Nevada Copper
Yet
a recent
case, added that
be reinstated with back pay after
though such individuals had
ruling, in
employees could
a
dispute,
never even
even
applied for
reinstatement.
One
more
ruling of the past few weeks will
corn-
plete the list.
In reinstatement cases, an employee
cannot be awarded back pay for periods in which
he has obtained "substantially equivalent" employment elsewhere.
Passing upon such a case, the
Board has just awarded back
pay to a wife
grounds that since she obtained
away
Court accepting the New Deal's view of inter-
a
tail that the surprise occasioned by each
requiring
commerce,
No
widening its powers over employer practices. As
has been mentioned here before, it has already taken
any
state
order for back pay
While the Board has thus been closing the few
remaining
many
preme
an
and ordinary logic,
while just
rec-
and liable to
doctrine,
a
mind unless it be that the courts of the
to
m(>n sense
over
record, almost completely overlooked
in the excitement
bureaucracy
of the
course
by New
corner
were
work
in
on
a
the
town
from the
one where her husband was
employed,
outlay for transportation, the two jobs
thus not equivalent.
an
The examples could be multiplied, since the Board
on grinding out some 30 or more
rulings a
keeps
Volume
I
151
month, but space
tion
seizure
or
the
to
requisite for dictatorship—the
by the Executive of control of the bureau
which has itself been widening its
agency
How
powers.
does
friends in
time
now even
weeks
ago,
several
own
When
their admonitions
were
expired, several
repeated, and
were
reported warning the President that
Madden, who with Edwin S. Smith constitutes
the
radical
majority of the
confirmed for
agency,
could not be
reappointment if his name were sub¬
mitted to the Senate.
Under such conditions
that, this being
name someone
one
would
democracy, the President would
a
to the Board whom the
Senate, which
helped create the bureau, exercising its constitu¬
tional and statutory prerogative, deemed
serve.
tinues
What has happened?
unfilled,
qualified
The vacancy con¬
though the Board has
even
a press¬
ing backlog of cases awaiting decision, and although
the division between Mr. Smith and the
servative Dr. Leiserson must make any
cult.
And, meanwhile, ex-Chairman
been
con¬
action diffi¬
Madden has
dispatched to Canada to study war-time labor
conditions and defense
ton
more
measures
there.
Washing¬
gossip is that Mr. Madden is being held ready
for
much work per
embarrassing Senate fight over the Chairman's
bias
against employers will not affect the outcome
Naturally, there is only one explanation for the
failure to fill the vacancy
of Mr. Madden.
and for the tender care
The latter is unquestionably amen¬
able to executive control and has shown in the
his
past
determination to hew to the line of the most
radical New Deal
philosophy.
hew Chairman now
might change the tenor of Labor
Board
Appointment of
policy to a very appreciable extent.
a
Thus,
the recent record of the Labor Board affords abun¬
dant evidence of how the
to
gobble
up more
newly-created bureaus tend
and more power, and the handling
shows how the Administra¬
Enclosed is
Chronicle' '—Editor].
known
or
boring
a photostat of an article
'Turning Costs Halved."
reproducing this article in the
our
The new steel-cutting carbide tools
"Kennametal," and made from the hew inter-
as
metallic
compound, tungsten-titanium carbide,
The invention of these steel-cutting
this work.
three years ago
are used on
carbide tools
has altered the picture by this American in¬
vention, not widely enough appreciated. Nevertheless it is
used'at wide awake factories such as SKF Industries, Kearney
Westinghouse Electric & Manufacturing Co., Otis
Elevator, Gisholt Machine Tool Co., Wright
United Aircraft Products Co.,
Arsenal and among others the
Aeronautical,
Bullard Co., the Frankford
Springfield Armory, mentioned
in your article. I visited
found they were
day
per
as
the Springfield Armory last week and
producing two to three times as many rifles
reported by the President of the National Associa¬
A Detroit manufacturer, interested
tion of Manufacturers.
in
a
engineers to Spring¬
the high speed with
the barrels are turned and the receivers precision
with the new steel-cutting carbide tools.
I was im¬
sub-contract to produce these sent
field who expressed their amazement at
which
bored
pressed with the efficiency and alertness of the officers and
important work at the armory. To
change from a personnel of 350 to one of 3,000 men, and
establish mass production is no light task of organization,
civilians engaged in this
especially
as
industry had not trained apprentices in suffi¬
cient numbers in that locality
for
many years.
large airplane motor factories such as the
The
Allison
General Motors subsidiary, have far
equalled their quotas for the very same reasons, that
Engineering Co.,
from
mass
of the election.
day.
[Space does not permit of
''
the lathe
equipped with these small tools will turn out twice as
from "Steel" dated Oct. 21 headed
reappointment to the Board after election, when
the
machine tools of which
scarcity.
a
& Trecker,
normally expect
shut downs for re-sharpening
Without the expenditure of new capital
mill
cutting in the
The speed at which it may operate
boring mill.
or
determines the productivity of these
Mr.
to
lathe
with long tool life between
Congress have urged the appointment of
the term of Chairman John Madden
cemented hard carbide lathe tool or boring
new
This small tool does the actual work of
tool.
this
the Administration's
conservative individuals to the Board.
more
key which unlocks productivity of existing machine
tools is the
there is
some
2403
own
illustrate
NLRB
the
tendency?
For
The
compels turning our atten¬
now
other
The Commercial & Financial Chronicle
a
production is not built up over night, no matter whether
under corporation management.
under the Government, or
Nor has
private industry been any quicker to grasp the steel-
cutting hard carbide tool
navy
than the arsenals, armories or
yards.
hard carbide tool has been compulsory
national economy.
If the profit
motive is insufficient to adopt labor saving devices in a
In Germany the
since 1934 for reasons of
inadequately prepared in war, and
In England the new American
steel-cutting carbide tools were introduced in 1938, and have
been increasingly
demanded.
They are exported from
democracy, we shall be
unable to compete
in
peace.
Latrobe, Pa., in greater quantities in
in the whole of the
awake first.
As
a
1939 than were sold
United States of America. They were
research director in the special field of
of the Madden vacancy
tool materials, I have
tion cherishes its
cutting carbide tools, stumbling upon the invention which
did it in 1936.
Since then the production has quadrupled
complete control over the agencies
that have been set up.
fact that all of the
E ven
more
alarming is the
developments cited have occurred
in the midst of a national
political campaign where
dictatorship is the main issue—and the indubitable
fact that each of the developments
attracted scarcely
attention in the daily newspapers.
prevails should be suf¬
any
That the latter condition
ficient
answer
to those who
aver
that the issue of
dictatorship is just another cry of "wolf!"
yearly.
age
our
We are passing from the age of steel
both in war and in peace?
stultifying patent arid
trade agreement with the Krupp Co. dominated the develop¬
ment of cemented carbide tools in America.
Recently an
indictment of the leading factor in this patent pool, by the
to
change in time to compete,
Prior to this American invention, a
third that previously exacted.
no longer favors large buyers with
one
but makes the
the
do
Editor, Commercial and Financial Chronicle,
Dear
York, N.
V
Y.
-
Sir:
Your editorial
of Oct. 19, discussing the bottle neck in
I have
intimate knowledge of this situation, and a means for greatly
alleviating it.
For 25 years I have been a subscriber and
reader of your excellent journal, and feel that the informa¬
tion will be of service to our industrial life and to your
machine tool production moves me to
readers.
Z'U-u
\
for small shops as for large ones.
same
more
to increase
write
you, as
to release
This action will
production of machine shops of average
size in the United States
October 21,1940
New
resulted in releasing the tools at a
The new price
a 75% discount,
price in accord with the costs, substantially
Department of Justice,
schedule
Production
tools^ to the
of greater productivity of cemented carbide tools. Is
industrial community sufficiently alert and adaptable
price
The Bottle Neck in Machine Tool
labored for 14 years to perfect steel-
of America than anything yet done
productivity of our existing machine tools. Greater
production of these tools has resulted in lower costs.
I trust you will not brush this letter aside as unconnected
with commerce and finance, for this in turn is based upon
industry.
It
may
interest you to know that the U. S. Steel
New York, has taken the ex¬
sell Kennametal in certain foreign markets
Export Co., 30 Church St.,
clusive rights to
by
an
agreement dated Oct. 15,1940.
Yours very
truly,
Philip M. McKenna, General Partner,
McKenna Metals Co., Latrobe, Pa.
The Commercial & Financial Chronicle
2404
Mixed
Course of the Bond Market
The
fractional
bonds
dustrial
There have been
Yields
ket.
mounted to
low
no
remain
new
new
developments in the bond mar¬
record
at
while
lows,
excess
Various
highs this week.
reserves
issues with
new
High-grade railroad bonds have improved in price.
Santa Fe gen. 4s, 191)5, advanced
chison
Topeka &
105%;
Virginian 3%s, 1906, at 108 were
At¬
% to
% point higher.
Medium-grade rail issues have been somewhat better,
the
speculative
more
rail
/bonds showed losses.
1955,
been
Defaulted rail bonds
declined 1 to 58.
have
week.
group
a
little change in
been
utility bond prices this
slipped moderately,
High grades
but
Southern
1962, and General Steel Castings 5ysS,
The
have
improvement
issues,
120
U. S.
AU
1940
Govt.
Domes-
Bonds
Co.
3$4s,
tine
continued
issues
PRICES
t
All
120
several
points,
Argen¬
YIELD
corrective ad¬
a
AVERAGES
120 Domestic Corporate
Domes-
1940
Baa
HR.
97.61
124.72
119.92
109.84
91.20
97.78
116.00
118.81
119.92
109.84
91.20
97.78
116.00
118.81 i
23
97.78
P.
U.
Indus.
116.00
118.81
Aaa
Corp.
Averages
3.45
25
Oct.
120 Domestic
1
'..
by Ratings
''
Corporate by Groups
14 A
lie
24...
124.72
110.24
advanced
(Based on Individual, Closing Prices)
91.20
110.24
5s
'
A
at
soft, while unassented issues of the
MOODY'S BOND
110.04
116.84
demand
Japanese bonds closed at better levels.
119.69
24.. 116.83
23..
better
Republic have been subject to
Daily
Aa
in
been
have
Panama
close.
the
120 Domestic
Aaa
loans
Italian
Dominican
Corporate by Groups *
124.48
There
Canadian
and
justment.
by liatings
Cor v.*
continued.
towards
Electric
5s,
,
and State of Sao Paulo 7s were 2y2 points higher.
120 Domestic Corporate •
110.24
bonds
Australian
for
Coal
but French 7%s relinquished some of last week's
14 e*
Averages
foreign
gains
Hudson
1949.
higher prices, while German bonds developed some strength
lie
Oct. 25.. 116.93
in
moderate
been
(.Based on Average Yields)
Dally
including the
speculative issues,
whole
3970, being the outfitanding feature.
MOODY'S BOND
The Liggett &
There
Ohio
5M>s,
Products
the
noticeable absence of developments, offering of
a
$29,000,000 Columbus &
Certain-teed
(stamped);
1947
few
Marion Steam
decidedly small.
on
Sev¬
a
Losses of a point or better have been scored among
few
a
advance.
fluctuations in all classes have been
been
as
week, with the up-side favored.
Myers Tobacco 7s, 1944, a high-grade issue, lost 1 point at
323%.
Union
fractionally lower.
has
There
has
but
ZYsS, 1971, rose Vs to 08% ; Southern Pacific 4s,
Pacific
6s,
1940
speculative issues showed gains of
more
points, including the Otis Steel 4%s,- 1952;
Shovel
26,
changes have been the rule among in¬
this
3948, and McKesson & Robbins 5^s, 1950.
have been sold for refunding purposes.
coupons
eral of the
Oct.
2.79
A
Aa
3.00
Baa
RR.
4.54
3.46
4.14
P.
Indus.
U.
3.17
3;04
3.45
M
2.78
2.99
3.47
4.54
4.13
3.17
3.04
3.45
2.78
2.99
3.47
4.54
4.13
3.17
3.04
22.. 116.85
110.43
124.72
119.92
109.84
91.35
116.00
119.03
22
3.44
2.78
2.99
3.47
4.53
4.13
3.17
3.03
21.. 116.84
19.. 116.85
110.24
124.72
119.69
109.84
91.20
97.78
116.00
118.81
21————
3.45
2.78
3.00
3.47
4.54
4.13
3.17
3.04
110.24
124.72
119.69
109.84
91.20
97.61
116.C0
118.81
19
3.45
2.78
3.00
3.47
4.54
4.14
3.17
3.04
18.. 116.84
110.24- 124.72
119.47
109.84
91.20
97.61
116.00
118.81
18
3.45
2.78
3.01
3.47
4.54
4.14
3.17
3.04
17- 116.82
110.24
124.72
119.69
109.84
91.20
97.61
116.21
118.60
17
3.45
2.78
3.00
3.47
4.54
4.14
3.16
3.05
16.. 116.79
110.04
124.72
119.47
109.84
90.90
97.45
116.00
118.60
16
3.46
2.78
3.01
3.47
4.56
4.15
3.17
3.05
15— 116.72
110.04
124.481
119.69
109.64
90.75
97.45
116.00
118.60
2.79
3.00
3.48
4.57
4.15
3.17
3.05
119.25
109.64
90.75
97.28
115.78
118.16
2.79
3.02
3.48
4.57
4.16
3.18
3.07
14..
124.48
109.84
116.69
12..
Stock
Exchan ge
3.46
15
14
Clos ed
3.47
—
12.
Stock
Exchan ge Clos ed
11— 116.64
124.48
119.03
90.75
97.28
115.78
117.94
11
3.47
2.79
3.03
3.49
4.57
4.16
3.18
10- 116.77
109.84
124.25
119.25
109.44
90.59
97.28
115.78
117.94
10
3.47
2.80
3.02
3.49
4.58
4.16
3.18
3.08
9— 116.84
109.84
124.25
119.25
109.44
90.59
97.28
115.78
117.94
9
3.47
2.80
3.02
3.49
4.58
4.16
3.18
3.08
116.95
109.84
124.48
119.25
109.44
90.90
97.45
116.00
117.72
8
3.47
2.79
3.02
3.49
4.56
4.15
3.17
3.09
7.. 116.96
109.84
124.48
119.25
109.44
90.90
7
3.47
2.79
3.02
3.49
4.56
4.15
3.17
3.09
5— 116.83
■l*'C
109.84
109.84
124.48
119.25
109.44
90.75
5
3.47
2.79
3.02
3.49
4.57
4.16
3.17
3.08
3.49
2.81
3.02
3.52
4.62
4.20
3.18
3.10
3.50
3.09
8-
■
109.44
97.45
116.00
117.72
97.28
116.00
117.94
3.08
*
Weekly—
Sept.27.. 116.67
109.44
20- 116.64
109.24
13.. 116.17
108.85
123.56
119.25
6.. 116.17
109.05
123.56
119.69
Weekly—•
124.02
123.79
119.25
108.85
89.99
96.61
115.78
117.50
Sept. 27
119.47
108.66
89.55
96.11
115.57
117.72
20
108.66
88.80
95.62
115.57
117.29
13—
108.85
89.10
95.78
115.57
117.72
88.36
95.13
115.14
117.29
Aug. 30— 116.70
108.46
123.33
119.03
108.46
23.. 115.56
108.27
123.33
118.81
108.46
87.93
94.81
114.93
3.01
3.53
4.65
4.23
3.19
2.83
3.02
3.53
4.70
4.26
3.19
2.83
3.00
3.52
4.68
4.25
3.19
3.54
Aug. 30——
2.82
3.52
3.51
6
2.84
3.03
3.54
4.73
4.29
3.21
2.84
3.04
3.54
4.76
4.31
3.22
117.29
23
3.55
3.11
3.09
'
.
3.11
3.11
16.. 115.14
108.08
122.86
118.81
108.08
87.49
94.65
114.72
116.64
16
3.56
2.86
3.04
3.56
4.79
4.32
3.23
3.14
115.45
108.46
122.86
119.25
108.46
88.07
95.29
114.93
117.0/
9
3.54
2.86
3 02
3.54
4.75
4.28
2— 115 68
108.27
3.22
3.12
123.10
119.25
108.27
87.93
95.29
114.72
116 86
3.55
2.85
3.02
3.55
4.76
4.28
3.23
July 26.. 115.56
108.08
122.63
119.47
107.88
87.64
95.13
114.51
116.43
2.87
3.01
3.57
108.27
4.78
4.29
122.63
119.47
26————
3.56
19— 115.63
3.24
3.15
107.88
87.93
95.13
114.72
116.43
19
3.55
2.87
3.01
3.57
4.76
119.47
4.29
3.23
3.15
107.69
114.93
116.43
12.—.
3.57
2.88
9-
12- 115.66
107.88
122.40
July
3.13
87.49
94.65
3.58
4.79
4.32
3.22
115.58
107.69
122.63
119.25
107.69
86.50
93.69
114.72
116.43
5
3.58
2.87
3.02
3.58
4.86
4.38
June 28.. 115.21
3.23
106.92
122.17
3.15
118.81
106.73
85.52
92.75
114.09
115.78
June 28
3.62
2.89
3.04
3.63
4.93
4.44
21.. 115.37
106.17
122.17
3.26
3.18
118.38
106.36
84.28
91.81
113.48
115.57
21
3.66
2.89
3.06
4.50
105.04
3.65
5.02
121.27
3.29
3.19
5—
14.. 114.73
117.50
3.01
3.15
105.41
82.66
90.44
112.45
114.72
3.70
5.14
4.59
103.93
3.34
119.47
116.43
104.48
81.87
89.40
2.93
3.10
7— 113.15
111.43
113.27
7
3.78
3.01
3.15
3.75
5.20
May 31.. 113.14
103.56
118.60
4.66
3.39
3.30
116.21
103.93
81.61
89.25
111.03
112.66
May 31
3.80
3.05
3.16
3.78
5.22
4.67
3.41
3.33
3.04
3.19
3.77
5.20
4.64
3.41
3.35
3.23
14
3.72
—
113.06
103.56
118.81
115.57
104.11
81.87
89.69
111.03
112.25
24
3.80
17- 113.73
105.79
120.37
117.72
105.79
84.96
92.28
112.66
114.72
10- 115.51
24-
,
3.23
17
3.68
2.97
108.46
123.33
4.47
3.33
119.25
107.88
88.36
94.97
114.72
117.72
10
3.54
2.84
3.02
3.57
109.24
4.73
116.36
123.79
4.30
3.23
120.37
108.66
88.95
95.29
115.57
118.81
3
3.50
2.82
2.97
3.53
Apr. 26— 116.18
4.69
4.28
3.19
108.85
123.79
120.14
3.04
108.08
88.51
94.81
114.93
118.81
Apr. 26
3.52
2.82
2.98
3.56
4.72
4.31
3.22
3.04
118.38
19
3.54
2.83
2.99
3.60
ri 4.75
4.34
3.24
3.06
12
3.55
3.25
3.06
3-
19- 115.94
108.46
123.56
119.92
107.30
88.07
94.33
114.51
12- 116.38
108.27
123.56
119.69
107.11
87.93
94.33
114.30
118.38
—
3.09
3.68
4.97
'
3.09
2.83
3.00
119.92
107.30
88.51
94.81
114.51
118.81
5
3.53
2.80
2.99
107.88
123.56
3.60
4.72
4.31
3.24
119.25
106.92
87.49
93.85
113 89
118.38
Mar. 29
3.57
2.83
3.02
3.62
116.36
107.69
4.79
4.37
123.56
3.27
119.03
3.08
106.36
87.49
93.85
113.68
117.94
21...
3.58
2.83
3.03
15.. 116.74
107.49
3.65
123.33
4.79
4.37
3.08
118.81
3 28
107.17
87.35
93.69
113.68
117.50
15
3.59
2.84
3.04
8- 116.03
107.49
123.10
3.66
4.80
4.38
118.38
3.28
106.17
87.21
93.69
113.07
117.72
8
3.59
2.85
3.06
1— 115.42
107.11
3.66
4.81
122.63
4.38
3.31
3.09
118.38
105.79
87.07
93.53
112.86
117.07
1
3.61
2.87
Feb.23.. 115.32
3.06
107.30
123.10
3.68
4.82
4.39
3.12
118.60
3.32
105.79
86.92
93.85
112.66
117.07
3.60
2.85
3.05
107.49
3.68
16- 116.48
123.33
4.83
4.37
118.81
3.33
3.12
105.98
87.07
94.01
112.86
117.50
16
3.59
2.84
3.04
3.67
116.44
107 30
4.82
122.86
4.36
3.32
3.10
118.81
105.98
86.92
94.01
112.66
117.29
9
3 60
2.86
3.04
2.. 116.43
3.67
106.92
4 83
122.63
4.36
118.60
3.33
105.41
86.78
93.69
112.45
116.86
2
3 62
Jan. 27— 116.64
2.87
3.05
3.70
4.84
106.92
122.63
4.38
3.34
3 13
118.38
105.41
86.64
93.69
112.25
116.86
27
3.62
20- 116.65
2.87
3.06
3.70
106.54
122.40
4.85
4.38
117.94
3.35
3.13
105.41
86.21
93.21
112.25
116.43
20
13- 115.96
3.64
2.88
3.08
106.73
3.70
122.40
4.88
4.41
118.16
3.35
3.15
13
3.14
5- 117.10
Mar.29— 116.87
21..
9-
108.66
124.25
Feb. 23.—
Jan.
3.61
4.76
4.34
3.04
3.10
3.11
105.60
86 50
93.53
112.25
116.64
6— 116.03
3.63
2.88
3.07
3.69
106.92
122.86
4.86
4.39
117.72
3.35
105.60
87.07
93.85
112.45
116.64
6-
3.62
High 1940 117.18
2.86
3.09
110.43
3.69
124.72
4.82
4.37
3.34
120.59
110.04
91.35
97.78
116.21
119.25
Low
High 1940
3.81
3.05
3.19
3.78
5.24
4.68
3.42
3.36
3.45
2.78
2.96
3.47
4.54
4.14
3.16
3.02
4.00
3.34
3.55
4.10
5.26
4 "76
3 76
3.64
'
1940 113.02
103.38
118.60
115.57
103.93
81.35
89.10
110.83
112.05
Low
High 1939 117.72
106.92
122.40
118.60
105.22
87.78
94.33
112.05
116.43
Low
100.00
High 1939
112.45
108.27
98.28
81.09
87.93
104.30
106.54
Low 1940-
104.30
117.94
114.51
102.30
86.92
92.43
109.24
112.86
Oct. 25, 1939...
116.64
109.05
98.97
80.45
86.07
105.22
110.63
Oct. 25, 1938...
1
1939 108.77
Yr. Ago
1
Oct.25'39 113.19
2 Yrs.Ago
Oct. 25'38 112.59
2
99.83
1940
3.14
3.44
2.78
2.96
3.46
4.53
4113
3.16
3.02
3.76
3.08
3.24
3.87
4.83
4.46
3.50
3.32
4.01
3.14
3.51
4.06
5.31
4.89
3.71
3.43
'
Year Ago—
'
*
»
;
Years Ago—
*
These prices are computed from average
yields on the basis of
level or the average movement of actual price
quotations.
They
one "typical" bond
(4% coupon, maturing In 30 years), and do not purport to show either the average
merely serve to Illustrate in a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market.
t The latest complete list of bonds used In computing these indexes was published In the
Issue of July 13, 1940, page 160.
THE
STATE
Business
reflecting
1940
tionally.
TRADE-COMMERCIAL
activity
an
high
tinues at
OF
all-time
for
a
steel
telling of
further
Willkie.
The
Mr.
however,
appears
be
to
political situation, the
swing
to
high for electric output and
a
new
operations.
Automotive activity con¬
high level, and merchandise loadings rose frac¬
Trade
reports
generally
continue
favorable.
However, attention
domestic
EPITOME
Friday Night, Oct. 25, 1940.
showed further gains the past week,
that
wide
stock
nothing
gains
market
Willkie.
It
is
focused
news
largely
from
many
on
the
centers
being made by Wendell L.
seems
to
believed
outside
of
a
reflect
by
the
close
sudden
strong
observers,
collapse
of
Great
Britain
could
swing of business.
seriously affect the precent upward
It is pointed out that the billions of dol-*
lars Europe is spending here
tremendous
stimulus
to
to buy munitions is giving a
industry.
Soon
this
American
stimulus
will be greatly augmented by our own defense
It is further pointed out that already the Treasury
laying out approximately $150,000,000 daily, which is
outlay.
is
doing
a
powerful
tot
to
give
business
the
appearance
of
prosperity.
Steel ingot production at mid-week has reached
95.5%
of capacity, up a point from a week ago, and a new
high
since
1928, according to an unofficial estimate by the "Iron
On Monday the American Iron and Steel
Age" this week.
Volume
The Commercial & Financial Chronicle
151
Institute announced output on
mated that tonnage produced
basis of 94.9% and esti¬
a
week was only frac¬
tionally less than the record week—that beginning Nov. 27,
1939.
Orders
continue
to
last
in
accumulate
volume
a
much
above
shipments; deliveries are lengthening, and backlogs
increasing, the "Iron Age" reported.
Major steel com¬
panies, it pointed out, are unable to promise deliveries of
are
some
products
they
during the remainder of the year unless
within the preference classification accorded
come
to defense work.
and
indirct
derance
in
the orders
steel
current
bookings,
being received
a
—
164.5
165.2
—
Oct. 24
Oct. 25
1939 High—Sept. 22---.
164.7
Car
Loadings
Ended
ing
Oct.
Off
19,
steel
review
Production
into the first quarter
that
for
of
steel
markets,
first
the
on
average
an
of
165.6
138.4
.-..169.4
149.3
.
.
4.9%
—
—
Week
in
1940
Loading of
revenue freight for the week ended Oct. 19
813,909 cars, the Association of American Railroads
totaled
United States for the week ended
industry of
power
Oct. 19 amounted to
2,686,799,000 kwh., breaking the all-time high of 2,669,661,000 recorded during the week ended Sept. 28, accord¬
ing to figures released yesterday by the Edison Electric
Institute.
Output for the latest reporting week was 21,735,000 kwh. above the preceding week's total of 2,665,064,000, and 192,806,000 kwh., or 7.7%, over the 2,493,993,000 kwh. recorded for the week ended Oct. 21, 1939.
week ended Oct. 19
according to reports filed by the rail¬
Loading of revenue freight for the
totaled
813,909
with
roads
made
cars,
Association
the
public
today.
This
was
above the preceding week
American
of
and
Railroads
increase
an
of
2,003 cars
this year, 42,380 cars under the
1939, and 108,625 more cars than
ago.
This total was 108.15%
loadings for the corresponding week of j the 10
corresponding week in
the
period
same
average
preceding
two
News,"
in
automobile
of
survey
a
trade
paper,
October
assembled.
month
automotive
level
described
third
the
as
1937.
since
estimated
reports today
this week
factories
automobile
trucks,
date,
to
The
total
at
weekly
highest
for
this
117,080
that
"seasonal
the
trend will be
The
August
cash
week
production
compares
advance
is
about
with
Ward's
completed,
and
Department
income
reported
that
farmers
re¬
were
that
a
below
cars
Coal
the
preceding
week,
the
in
an
It is pointed out by the Government
year killing frost occurs by
average
Oct. 20 in the western portions of
of
cars,
increase
Virginia and North Caro¬
Arkansas,
the
extreme
southeastern
tral portions of Georgia and Alabama,
southern
portion
in
Grain
and
below
cars
corresponding
grain
of
above
Live
above
week
the
stock
the
in
week
above
in
the Western
In
week
the
amounted
and
an
1939.
In
clear
except
northern Louisiana,
and
in
outstanding feature
that
seeding,
area
during
Forest
above
products
the
the
rain
Ore
in
week,
Coke
the
a
cars,
decrease of
a
the
grain and
23,160
1,819
and
an
increase of
an
778
cars
Districts
cars,
increase of
an
1,075
650
cars
above the cor¬
alone,
loading
increase of
cars
of
914
above the
and
week,
increase of 315
of 2,181 cars above the
increase
an
cars,
cars
an
cor¬
but
69,728
increase
an
a
cars
of
decrease of 675
7,195
above
cars
amounted
loading
preceding week,
and
11,699
to
ears,
increase of
an
All
in
districts
1939
an
increase of
118
above
cars
cars
above the corresponding
with
79
reported
decreases compared
the corresponding week
over
except the Pocahontas.
1940
1939
Four weeks of January
2,555,415
Four weeks of February
2,486,863
Five
3,122,556
2,494,369
2,288,730
2,282,866
2,976,655
2,225,188
weeks of March
Four weeks of April
—
weeks of June
1938
2,825,752
Five
3,718,350
Five
weeks of August
3,127,262
2,532,236
3,387,672
3,135,330
805,986
3,102,236
5
Week of Oct. 12
811,906
839.952
813,909
856,289
2,595,482
702,616
726,142
705,284
29,017,628
Four weeks of September
Week of Oct.
26,812,287
24,273,197
Week of Oct. 19
Total
The first 18
830,102
major railroads to report for the week ended
Oct. 19,1940 loaded a total
of 374,572 cars of revenue freight
with 370,406 cars in the
preceding week and 393,878 cars in the seven days ended
Oct. 21, 1938.
A comparative table follows:
their
REVENUE
own
lines,
compared
FREIGHT LOADED AND RECEIVED
FROM CONNECTIONS
(Number of Cars)
Weeks Ended—
Received from Connections
Weeks Ended—
19, Oct. 12, Oct. 21,
Oct.
Loaded on Own Lines
Oct.
1940
Atchison Topeka & Santa Fe
Ry.
Baltimore & Ohio RR
Chesapeake & Ohio Ry
Chicago Burl. & Qulncy RR—
Chic. Mllw. St. Paul & Pac. $.y..
Lines.
N. Y. Chicago <& St. Louis Ry—
Norfolk & Western Ry
Pennsylvania RR—
—-
Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines-.
Sunday by
and moderate temperatures.
Low¬
Saturday, followed on
2,256,717
2,155,536
2,746,428
2,126,471
2,185,822
2,759,658
2,272,941
3,040,100
2,363,099
2,712,628
3,534,564
Four weeks of .July
Four weeks of May
Wabash
partly cloudy weather
below the
corresponding
Except the North.western, but all districts reported increases
International Great Northern RR.
week.
moderately cool on
cars
the
week in 1939.
and
4,818
16,956
46,335
6,195
20,071
73,231
6,844
7,790
33,341
6,174
Ry
Total———
23,332
33,579
22,265
19,397
22,970
22,922
2,944
2,008
-
——
22,438
78,024
7,745
18,808
11,813
10,127
8,516
11,728
1,681
2,162
3,100
11,135
40,254
11,422
5,355
44,321
6,765
7,523
34,597
5,477
6,181
10,057
6,996
9,565
23,579
34,181
37,288
22,800
28,920
18,346
23,212
23,474
2,603
1,880
5,160
16,585
45,635
6,144
20,215
72,582
21,037
23,387
21,544
7,020
7,918
34,141
6,072
19, Oct. 12, Oct. 21,
1940
1939
1940
3,030
1,834
4,851
17,627
45,188
7,550
24,138
1940
7,617
18,587
10,960
10,463
8,572
11,308
1,725
2,052
3,107
10,777
40,871
11,069
5,307
45,092
5,214
6,943
9,514
9,222
1939
7,018
19,685
12,921
10,287
9,591
12,368
1,521
2,181
2,984
10,040
46,676
12,522
5,366
50,507
6,494
7,540
9,744
9,702
374,572 370,406 393,878 219,447 218,400 237,146
readings tonight are expected to reach 50
degrees in the city and 45 degrees in the suburbs.
^
v
TOTAL LOADINGS AND RECEIPTS FROM
Portland, Me.,
36 to 64;
CONNECTIONS
(Number of Cars)
Overnight at Boston it was 42 to 69 degrees; Pittsburgh.
70;
below
cars
1939.
Pere Marquette
to
above
cars
decrease of 632
totaled
18,493
41,412
loading amounted to
preceding
week
Gulf Coast
is
pastures
was
thermometer
a
7,836
and
of
Western
totaled
19
19
cars,
increase
totaled
leading
preceding
overcast and attended by rain. ; Tempera¬
tures ranged from 4Q degrees to 58 degrees.
Showers and
milder weather is the forecast for tonight.
Mostly cloudy
Today
379
corresponding week in 1939.
Missouri-Kansas-Texas RR——
Missouri Pacific RR
New York Central Lines
City
the
1939.
the
preceding week,
Oct.
22,359
to
week,
Oct.
of
cars
of
preceding week,
needed in California for
and ranges.
In the New
the weather has been generally mild and
York
of
Districts alone,
the
the week of
the
decrease
a
corresponding week in
loading
for
and
for
Chicago & North Western Ry—
grain
above
cars
below the corresponding
cars
below
cars
preceding
live stock
week,
1939.
loading
621
responding
cars
preceding
products
decrease
cars
increase
an
grain products loading totaled 36,742
the
general, from Montana and the Rocky Mountain States
westward,
increase of 3,520
an
1939.
of
Texas west of the
of the weather
be the unusually favorable conditions,
Oklahoma,
The
meridian.
this fall continues to
small
the
1939.
cars,
decrease of 44,547
Kansas, western' Oklahoma, and northwestern Texas.
On
average of one year in 10 it may be expected by this
date as far south as north-central South Carolina, the cen¬
lOOtli
above
reported:
1,279
of
an
extreme
1%
further
352,491
in
120,689
to
a
lina, extreme northern Georgia, central Tennessee, extreme
northern
and
corresponding week in
loading amounted
preceding week, but
week
on
spectacular developments in the weather
no
during the past week.
bureau
of
$66,000,000 last September.
and
There
freight loading totaled
the
tenths
two
or
Association
of
$894,000,000 from marketings
and Government payments in September.
This compared
with $901,000,000 in September, 1939, and $749,000,000 in
August this year.
Income from farm marketings in Sep¬
tember
totaled
$839,000,000.
Government
payments
amounted
to
$55,000,000, compared with $42,000,000 in
total
cars
The
and
cars
gradually downward through November."
Agriculture
ceived
2,003
week.
Loading of merchandise less than carload lot freight totaled 158,789 cars,
decrease of 1,872 below the preceding week, and a decrease of 1,509
1938
output
114,672 last week and 78,210 this week a year ago.
said
the
says
reach close to 500,000 cars and trucks.
may
Ward's
ihe
production
totals 425,922 units, and originally schedules
revised upward, aggregate output for the
been
of
above
15.4% above the same week in 1938.
freight for the week of Oct. 19 was an
or
revenue
Miscellaneous
cars
plant
A year ago this week 78,834 vehicles
112,773 units.
were
having
cars
responding week in 1939.
activity, estimated today that this week's output would
total 117,350 cars and trucks.
Last week it placed produc¬
tion at
increase
preceding
years
years.
"Automotive
announced
corresponding week in 1939.
[
the electric light and
by
later."
The
10 weeks the
or
in
time
based
scrap,
unchanged.
is
order¬
because of the
Much of this business will
specifications.
price
the actual
instances delayed
many
over
go
reports
principal
districts and arsenals,
is in
of detailed
composite
46
—
.—172.8
of 108,625
Loading of
ordnance
of
lack
est
.
Oct. 24.
This was a decrease of 42,380 cars or
4.9% below the corresponding week in 1939, but an increase
necessarily
in
_
Low—Aug. 15
1940 High—Jan. 2—
Low—Aug. 16
165.0
Freight
..--162.7
158.2
Month ago, Sept. 25
Year ago, Oct. 25
by
and
the
Oct. 22
Oct. 23—
Two weeks ago, Oct. 11
164.7
164.2
the survey continues.
"Although a huge vol¬
of defense contracts has been awarded at Washington
ume
of
follows:
was as
164.6
Oct. 21
Revenue
prepon¬
for non-military
are
purposes,"
the
Oct. 18
Oct. 19
Fri.,
Sat.,
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
"While defense requirements are a direct
influence
of
2405
The movement of tne index
Cincinnati, 54 to 79:
Weeks Ended
Cleveland, 47 to 65; Detroit, 46 to 61; Milwaukee, 46 to 58;
Charleston,
Mo.,
57 to
56 to 75; Savannah, 51 to 73; Kansas City,
Springfield, 111., 59 to 83; Oklahoma City,
64 to 85;
84; Salt Lake City, 56 to 72, and Seattle, 41 to 56.
Oct. 21, 1939
Oct. 19, 1940
Chicago Rock Island & Pacific Ryminols Central System
St. Louis-San Francisco Ry
Total..—
Oct. 12, 1940
27,813
37,619
15,263
27,453
28,389
37,553
15,276
40,442
15,349
80,695
80,282
84,180
Moody's Commodity Index Gains Fractionally
Moody's Daily Commodity Index advanced only one-tenth
a
point this week to 164.7.
The principal individual
changes were the advances in rubber, corn, sugar and wool.
Silk and hogs declined moderately.
of
following we undertake to show also the loading
for separate roads and systems for the week ended Oct. 12,
1940.
During this period 47 roads showed increases when
In the
compared with the same week last year.
The Commercial & Financial Chronicle
2 a Q0
REVENUE FREIGHT
FROM CONNECTIONS (NUMBER OF
LOADED AND RECEIVED
Total Revenue
from Connections
Eastern District—
588
765
827
1,235
1,385
892
1,149
1,140
253
242
7,568
7,933
1,693
7,127
1,775
10,728
2,254
11,288
2.514
Ann Arbor.*................
Bangor A Aroostook—.......
Boston
Maine
<fc
1,449
Chicago Indianapolis A Loulsv.
19
25
37
53
51
Central Vermont.............
1,347
1,246
1,301
Delaware A Hudson..
6,074
2,360
9,297
7,261
160
Central Indiana
9,357
5,739
10,434
502
Delaware Lackawanna A West.
Detroit A Mackinac
6,102
10,734
2,331
7,837
7,530
430
749
125
.....
—
325
277
14,554
13,046
4,389
204
Lehigh & New England.......
LehighValley...............
213
150
2,207
2,008
9,499
2,652
3,955
1,113
7,159
2,064
7,649
2,053
1,626
7,543
2,100
218
202
2,274
37,803
9,682
1,643
5,702
54
35
40,409
13,888
1,962
Montour
10,670
1,239
6.M4
...
2,180
46,788
10,789
Monongahela. ...............
1,308
7,121
390
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St. Loul"
N. Y. Susquehanna A Western.
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
428
'7,474
6,614
5,349
5,842
6,955
5,214
45,128
13,576
1,872
12,500
1.515
7,759
6,418
677
294
67
58
512
1,515
215
288
893
1,896
717
569
987
6,072
4,556
.......
347
1,382
674
Wheeling A Lake Erie
465
598
Rutland..
6,183
5,349
6,138
9,222
3,694
3,191
1,948
1,030
9,176
3,922
147,300
167,550
Alleghany DistrictAkron Canton A Youngstown..
170,763
Piedmont Northern
868
909
116,714
107,554
77,083
76,063
22,117
18,980
2,818
21,368
3,755
5,980
11,308
3,303
8,572
4,435
12,443
3,246
23,474
2,994
22,625
3,885
21,366
Duluth Mlssabe A I. R
Duluth South Shore A
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
3,642
3,165
744
710
624
4,095
1,545
82
79
2,263
2,477
2,532
7,880
13,397
6,349
12,269
2,945
3,741
2,344
2,783
266
366
271
310
Spokane Portland A Seattle...
1,569
1,928
1,907
1,564
Total.....................
142,210
134,142
104,780
51,330
53,046
22,438
23,165
23,058
7,617
3,077
3,316
3,360
2,289
6,807
2,528
500
435
424
72
63
18,346
2,252
13,440
2,675
19,467
18,949
10,463
10,022
2,192
13,234
2,936
1,093
5,088
1,093
1,250
1,988
1,542
712
832
14,046
2,912
1,123
4,766
9,64b
2,797
1,610
4,220
9,551
2,926
699
27
22
1,337
1,040
1,513
1,110
1,792
379
Central Western District—
Santa Fe System.
Chicago Rock Island A Pacific.
Bingham A Garfield
7,604
12,949
673
635
47
56
Denver A Rio Grande Western.
298
230
54
33
Denver A Salt Lake.
154
149
52
31
Fort Worth A Denver City
815
3,132
1,784
45,092
18,704
5,949
7,262
3,212
1,871
50,493
19,186
5,537
6,962
Chicago A
Eastern Illinois
857
Colorado A Southern
3,987
903
...
1,330
1,797
1,045
1,853
Illinois Terminal.....
124,417
1,257
1,598
1,013
436
404
1,511
140
123
905
507
546
5
37
24
0
O
28,101
27,170
26,122
464
463
19,568
21,269
21,794
5,378
1,434
11,089
6,120
355
.......
North Western Pacific.
Peoria <fc Pekin Union
.....
Southern Pacific (Pacific)
Union Paciflo System
29,452
24,205
4,644
24,840
23,999
4,749
710
461
8
15
1,941
1,864
3,585
3,173
125,862
130,716
127,767
64,550
63,994
47,157
58,301
53,588
...........
13,084
10,960
5,307
1,638
17,905
Total.
5.085
1.086
Southwestern District—
19,255
Fort Smith A Western
188
282
282
224
107
196
Alabama Tennessee A Northern
Atl. A W. P.—W. RR. of Ala-
886
919
767
1,701
1,731
742
647
613
811
898
Atlanta Birmingham A Coast..
Atlantic Coast Line..
5,941
3,773
1,179
1,971
5,164
3,455
1,287
2,277
10,413
4,476
9,320
4,323
9,147
4,236
460
476
431
1,310
1,437
1,266
413
Central of Georgia
478
437
Charleston A Western Carolina
Cllnohfleld
183
2,600
2,734
2,223
...
276
352
222
902
958
2,229
2,207
City Southern..
Louisiana A Arkansas..
2,028
1,947
1,797
2,173
1,661
1,016
1,979
2,370
276
414
328
Midland Valley
562
731
633
161
241
291
144
338
370
5,160
4,582
17,247
3,107
10,777
2,869
16,617
4,884
16,255
372
341
Mlssourl-Kansas-Texas Lines..
160
183
180
372
410
Missouri Pacific—
520
605
471
1,190
916
Quanah Acme A Pacific..
31
48
49
103
99
St. Louis-San Francisco
1,819
St. Louis Southwestern
Gainesville Midland
1,713
1,060
1,072
1,221
Georgia
Georgia A Florida....
332
Illinois Central System
Louisville A Nashville
342
337
467
482
3,904
25,186
Gulf Mobile <fe Ohio....
3,705
3,509
27,003
26,160
yl,842
25,156
21,886
13,704
6,676
3,740
12,914
21,386
.....
5,871
Macon Dublin A Savannah
134
175
147
541
173
214
154
323
309
294
9,943
139
109
189
134
121
8,725
8,552
3,253
7,756
5,290
5,183
4,851
7,632
4,455
9,050
3,191
7,608
4,772
2,525
3,527
3,830
2,358
3,138
3,583
163
193
202
60
63
14
16
41
18
42
56,733
57,602
56,837
39,496
37,375
...
3,366
Texas A New Orleans.....
Texas A Pacific
1,003
—
Wichita Falls A Southern
Wetherford M. W. A N. W—
528
Mississippi Central.
1,774
Missouri A Arkansas
Litchfield A Madison
Florida East Coast...
.....
1,865
1,880
International-Great Northern..
Durham A Southern..........
Columbus A Greenville.......
320
1,612
2,097
262
x
Kansas Oklahoma A Gulf
Kansas
307
1,725
2,052
165
2~603
Burlington-Rock Island
Gulf Coast Lines
Southern District-
11,027
482
Western Pacific
22,800
20,215
4,142
1,350
1,913
Utah
Pocahontas District—
1/971
1,567
4,041
938
M Issourl-IU inols
Nevada Northern
Toledo Peoria A Western......
117,019
4,293
298
2,075
3
128,316
195
18,979
Spokane International
18
171,714
178
836
12,772
Northern Pacific
13,096
166,267
7,882
7,734
23
Total.....................
6,802
668
:^:vv,-4'
6,694
491
5,928
3,585
338
3,007
547
2,600
1,458
6,455
Maryland...........
230
746
515
A Western..
Superior A Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul & S. S. M
315
1,237
3,939
1,560
8,538
25,912
Lake
1,594
60,781
13,320
9,458
355
629
Chicago Burlington A Qulncy..
Chicago A Illinois Midland
004
15,285
4,889
17,548
578
Green Bay
Atch. Top. A
Alton
1,528
77,904
15,355
17,785
4,373
4,248
3,734
6,146
26,872
Great Northern
20,388
2,568
1,014
2,862
22,800
1,318
9,315
Atlantic.
129
Total.....................
195
Northwestern District-
268
.......
904
234
Chicago Great Western
Chicago Mllw. St. P. A Pacific.
Chicago St. P. Minn - & Omaha.
1,032
1,631
72,582
15,585
19,292
3,578
Virginian
593
Chicago A North Western
18,587
Cumberland A Pennsylvania...
...
432
111,432
663
Norfolk A Western...
406
167
Total
413
Central RR. of New Jersey....
Chesapeake A Ohio
16,839
Southbound—
Winston-Salem
29,177
3,577
Cornwall
.......
381
8,865
22,595
Tennessee Central
270
...........
388
9,614
23,905
507
1,568
7,925
Llgonler Valley
Long Island
Penn-Readlng Seashore Lines..
Pennsylvania System.........
Reading Co
Union (Pittsburgh)
389
.........
634
Cambria A Indiana
1,125
9,863
23,505
,
Southern System
37,520
5,473
Buffalo Creek A Gauley
2,700
1,350
1,298
4,028
2,932
1,333
431
418
——
963
2,348
1,295
3,020
1,340
Richmond Fred. A Potomac...
Seaboard Air Line
599
....
3,293
1,259
440
34,181
6,982
Ohio
1,868
3,089
—
A St. L.
Norfolk Southern..
180,810
162,245
Total
Western
11,069
421
Pittsburgh A West Virginia....
Bessemer A Lake Erie
7,819
2,105
7,906
7,020
New York Central Lines......
Baltimore A
,9,808
2,917
5,710
2,705
3,268
2,136
46,097
Maine Central
Wabash..
4.972
z
Nashville Chattanooga
3,357
15,040
14,441
1,968
9,254
Grand Trunk Western........
Lehigh A Hudson River
Mobile A Ohio
1,457
1,148
2,493
1,905
356
14,291
5,319
Detroit A Toledo Shore Line—
Erie
2,564
2,530
Detroit Toledo A Ironton......
District—(Concl.)
1939
1940
1938
1939
1940
Southern
from Connections
Freight Loaded
Railroads
1939
1940
1938
1939
1940
Total Loads Received
Total Revenue
Total Loads Received
Freight Loaded
haiiroou
Oct. 26, 1940
CARS)—WEEK ENDED OCT. 12
Note—Previous
...
year's
figures
-
* Previous
revised.
Discontinued Jan. 24,1939.
a
statement showing
Com¬
the aggregate totals
Class I steam
figures
132
are
present statement
terminal
The
excludes returns for Class I switching and
companies.
137 steam railways.
The report is
TOTALS FOR THE UNITED
as
STATES
Cash
Special deposits
1939
$70,064,206 $60,998,013 $381,958,277 $293,515,192
1,735,270
Inc. avail, for fixed charges— $68,328,936
Fixed charges:
Rent for leased roads A equip.
Interest deductions, a
Other deductions
Total fixed charges
Income after fixed charges....
Contingent charges
11,716,478
38,492,305
119,575
1,901,655
14,746,881
13,730,596
11,679,323
78,856,092
269,197,267
78,254,184
270,125,994
896,208
Miscellaneous
18,000,578
1,958,277
conductors..
accounts receivable
supplies
—
—
$1,281,738,524 $1,095,862,402
Total current assets..:
Selected Liability Items—
$73,659,774
229, 709,352
Audited accounts and wages payable
65, ,840,227
22, ,047,632
5, 043,111
Miscellaneous accounts payable
....
18,261,829
f69,526,020
1,961,166
13,753,152
13,730,869
20,970,942
6, ,554,772
4,891,685
2,340,872
79. ,487,026
81,588,667
Unmatured rents accrued
18, ,826,843
Other current liabilities
43 ,012,360
19,545,887
29.390,861
$714,873,378
$749,694,636
$94,347,843
150,883,979
$59,016,291
.....
Unmatured dividends declared
Unmatured interest accrued
Total current liabilities
8,727,971
$211,494,453
77,864,743
233,664,103
67,942,423
83, ,729,982
Traffic and car-service balances payable
Interest matured unpaid
$166,623,678
$160, 622,073
months.?
Loans and bills payable.d
930,438
$50,328,358 $50,368,387 $348,949,567 $349,310,616
49,035,599
117,957,929
312,341,740
13,922,319
1,131,007
6,906,294
2,636,526
Net balance receivable from agents and
Dividends matured unpaid
$59,096,358 $367,211,396 $279,784,596
38,557,006
132,058
48,837,606
122,960,186
347,513,676
17,675,563
1,052,723
6,658,332
....
Loans and bills receivable
Funded debt maturing within 6
Total Income...
$440,088,460
17,869,021
20,991,341
58,513,098
1,573,812
55,531,782
27,020,449
112,712,851
—
Other current assets
Net railway operating Income- $57,104,166 $48,996,614 $299,536,221 $214,619,830
78,895,362
82,422,056
Other income
12,001,399
12,960,040
Mis cell, deductions from Income
65,589,880
—
deposits
$636,302,963
$498,377,149
30,703,583
Traffic and car-service balances receivable
For the Seven Months of
1940
e
$595,067,688
-
—
Rents receivable
Income Items
1939
other than those
of affiliated companies......
Interest and dividends receivable
(ALL REGIONS)
1939
Investments in stocks, bonds, Ac.,
Materials and
follows:
For the Month of July
1940
Included in Gulf Mobile & Ohio.
Selected Asset Items—
Time drafts and
subject to revision and were compiled
reports representing
z
Balance at End of July
Demand loans and deposits
railways in the United Statej for the month of July.
These
Gulf Mobile & Northern only,
1940
of selected income and balance sheet items of
from
.... .
of July
The Bureau of Statistics of the Interstate Commerce
mission has issued
y
.
Items of Class I
Selected Income and Balance Sheet
Steam Railways
figures.
Total. ........
—
Tax liability:
U. 8. Government taxes
Other than U. 8. Government taxes
157,548,223
$4,508,677 f$83,256,889
Represents accruals, Including the amount in default,
b For 99 railways not
in receivership or trusteeship the net income or deficit was as follows: July, 1940,
2,661,534
119,246,462
27,585,007
117,743,418
12,136,479
$23,176,183; July, 1939, $17,111,489; seven months 1940, $73,021,078; seven months
1939, $1,861,738.
c Includes
payments of principal of long-term debt (other
than long-term debt In default) which will become due within Bix months after
close of month of report,
d Includes obligations which mature not more than two
2,616,241
764,962
41,441,244
12,010,903
37,288,517
a
Net Income, b
Depreciation (way A structures
and equipment)
Federal Income taxes
$16,042,301
$6,766,805
17,190,956
16,792,736
5,914,332
4,655,014
2,442,081
years
Dividend appropriations:
On common stock
On preferred stock
after date of Issue,
e
1939 figures for certain liability Items have been re¬
In the Uniform
1939, effective Jan. 1, 1940.
vised, for comparative purposes, to conform with changes prescribed
10,211,455
System of Accounts by Commission's order of Dec. 6,
f Deficit or other reverse Items.
Volume
The Commercial
151
Index
"Annalist"
Advanced 0.5 of
Commodity Prices
Ended Oct. 19
Wholesale
of
Point During Week
a
Advancing farm and textile items pushed the "Annalist"
weekly index of wholesale commodity prices to 81.4 on
Oct. 19 as compared with 80.9 as of the date a week earlier,
it was announced Oct. 23.
A year ago the index stood at
81.9.
Corrected for seasonal variation, the index now has
reached a level of 80.9.
On Oct. 12 it was 80.2 and on
lifted the textile products group
hemlock, and turpentine
and flooring,
chemicals and allied
the
prices for fats and oils and
fertilizer materials.
The following tables show (1) index
the percentage
In the metals division a
important percentage
1940.
(1926=100)
advance in the price
during the past week from 69.8
shading in the price of tin was more
Percentage Changes to
Rubber and leather contributed to an
laneous index.
'
WEEKLY INDEX OF
moved
appreciable rise in the miscel¬
'
WHOLESALE COMMODITY PRICES
(1926=100)
Oct,
Oct.
Oct,
Oct.
19,
12,
5,
21,
21,
1940
1939
^
12,
77.7
77.8
78.1
21,
21,
1940
78.4
—.
Oct.
Sept.
Oct.
^-■ Vj'
All commodities.
Farm
1940
1940
1940
0.
1940, from—
Oct, 19
Oct.
than offset
result that the index for the group
of
21, 1939 and
month ago, and a year ago; (2)
changes in subgroup indexes from Oct. 12 to Oct. 19,
changes from a week ago, a
Commodity Groups
'ANNALIST-
numbers for the principal groups
for Sept. 21, 1940 and Oct.
commodities for the past 3 weeks,
to 70.7.
by bouyant lead prices with the
from 98.0 to 98.2.
particularly
shingles, weakened.
Yellow pine lath
advanced. The minor advance in
products group index was a result of strengthening
yellow pine timbers and red cedar
and cloths as well as a sizable
Rises in cotton yarns
of silk
Wholesale prices for lumber,
week.
advance during the past
The "Annalist" went to say:
it was 81.4.
Oct. 21, 1939,
2407
& Financial Chronicle
1940
1939
—1.3
+0.4
79.4
+0.9
—1.2
66.7
Hides and leather
.......
products
66.1
65.5
65,7
+0.9
+ 1.5
71.0
71.0
70.7
71.1
73.2
0.0
—0.1
—3.0
100.7 100.3
products
Foods........——
67.5
99.9
99.0 105.4
+0.4
+ 1.7
—4.5
Textile products
19, 1940
Oct.
Farm
products.,
Oct. 12,
Oct. 21,
0939
76.8
75.7
77.3
—
1940
73.5
72.6
72.5
72.0
74.8
+ 1.2
+ 2.1
—1.7
materials
Metals and metal products
Building materials.
72.3
72.3
72.3
71.9
74.6
0.0
+0.6
—3.1
96.3
+ 1.0
+ 2.2
92.5
——0.1
+0.8
+ 1.1
+2.7
+0.1
+0.1
Fuel and lighting
97.4
96.4
95.8
95.3
95.0
95.1
95.1
94.2
76.8
76.8
76.8
*
*
71.8
71.6
71.9
Chemicals and allied products..
76.9
77.3
90.0
90.0
90.0
89.2
0.0
0.0
+0.9
69.8
90.1
70.7
76.8
76.4
76.4
76.3
77.2
+0.5
+0.7
—0.5
Food products
84.4
84.4
87.2
Housefurnishing goods
Miscellaneous commodities
99.2
Raw materials
71.3
70.8
70.1
77.2
+0.7
+ 1.7
—1.2
98.0
70.4
'98.2
72.3
Semi-manufactured articles
79.4
78.8
77.5
83.6
+0.8
+ 2.5
—5.0
73.6
78.6
73.6
82.1
81.8
81.6
81.7
82.8
+0.4
+0.5
—0.8
81.0
80.7
80.5
80.4
82.1
+0.9
+0.7
—1.3
83.5
83.1
82.9
82.5
84.1
+0.5
+ 1.2
—0.7
Textile products
Fuels
__
_
Metals....—
v.'■
i—
Building materials
-
:
.
88.1
....
All commodities.
Annalist'*
Manufactured commodities
77.1
All commodities other than farm
■81.4
Miscellaneous....
we
85.8
79.9
Chemicals- i—-——
As
87.1
79.0
80.9
-
products
.....
81.9
products and foods
today "The
merged, effective Oct. 24, with "Business Week."
note
,
All commodities other than farm
elsewhere in
these columns
*
No
comparable data.
PERCENTAGE CHANGES OF 0.1% OR MORE IN SUBGROUP
FROM OCT, 12 TO OCT. 19, 1940
INDEXES
Increases
Annalist" Merges with "Business
Week"—"Annalist" Had Been Published by New
Effective Oct. 24 "The
of Oct. 24, the 'Annalist"
terminated as a separate publication, at which time it was
merged with "Business Week," a weekly news magazine,
published by the McGraw-Hill Publishing Co., Inc.
The
"Annalist" has been published by the New York Times Co.
since 1913.
The following is the joint announcement made
issue
its
with
by Arthur Hayes Sulzberger, President of
Times Co.,
and James H. McGraw Jr.,
The New York
President and
McGraw-Hill Publishing Co., Inc.:
Chairman of the
7.0
Oils and tats.
3.2
Non-ferrous metals1.
"Business Week" announce
"Annalist," national weekly
journal of finance and business economics, which has been published by
The New York Times Co., will be discontinued as a separate publication
and merged with "Business Week," a weekly news magazine of business
Cereal
2.6
Dairy products
0.3
Other textile products
Livestock and poultry
1.4
1.4
Fertilizer materials.
0.3
0.3
industrial management.
Wholesale
Commodity Prices Advanced 0.4%
Week Ended Oct* 19, According to
I
Labor
Statistics' Index
During
Bureau of
products, textile products, and metals
and metal products
largely accounted for a rise of 0.4% in the Bureau's allcommodity index. "The increase brought the index to 78.4 %
of the 1926 average, the highest point since late in May of
this year," Mr. Lubin said.
He continued:
Six of the 10 major commodity group indexes averaged higher during the
week.
Textile products rose 1.2%; metals and metal products, 1%; farm
products, 0.9%; miscellaneous commodities, 0.5%; hides and leather
products, 0.4%; and chemicals and allied products, 0.1%.
Average prices
of building materials as a group declined 0.1%.
Foods, fuel and lighting
materials, and housefurnishing goods remained unchanged at last week's
agricultural commodities, cocoa beans, hides, skins,
caused the raw materials group index to advance
The semi-manufactured com¬
of higher prices
for print cloth and yarns.
Average prices for manufactured commodities
and for nonagricultural commodities both rose by 0.4%.
As measured by
the index for "all commodities other than farm products and foods," prices
to the
highest point since mid-July.
modities group index
for
increased 0.8%, principally because
industrial commodities were up
0.5%
..
...
consecutive advance in
fourth
The
prices for cotton goods
such as drillings, sheeting, duck,
silk and silk yarns, woolen and worsted
yard goods, overalls, and burlap accounted for the advance of
1.2% in the textile
products group.
for grains and 1,4% for livestock and poultry con¬
Advances of 1.7%
This index in the
week ended Oct. 19 was 76.2,
compared with 75.9 the week before, 75.5 two weeks
75.3 three weeks before, and 75.1 four weeks before.
21. further said:
was generally upward last week, with seven of
the principal group indexes advancing and none declining.
The food price
average was moderately higher, with declines in meat prices being more
than offset by advances in other foodstuffs.
Rising quotations for grains
and hogs resulted in another rise in the farm product average.
Continued
strength in cotton textiles, wool, burlap, and raw silk was reflected by
another rise in the index of textile prices.
The metal average rose to a
new high point for the year,
the result of advances in steel scrap, copper,
and lead.
Fractional increases also took place in the indexes representing
trend
The
of
prices
machinery, fertilizer
the prices of farm
materials, and miscellaneous com¬
modities.
Forty-six price series included in
declined; in the preceding
declines;
in
the index advanced during the week
week there were 30 advances and 21
preceding week there were 61 advances and 12
and 13
the second
'
declines.
National Fertilizer Association.
Latest
Percent
Total Index
flour, rice, pork, cocoa beans,
canned salmon,
Ago
Ago
Sept. 21,
Oct. 21,
1940
1940
1939
75.8
70.7
70.7
44.1
55.1
50.6
52.7
65.4
64.1
Farm products
70.1
43.5
50.6
oils
Cottonseed oil
Fats and
63.7
62.1
64.3
50.9
8.2
Metals
6.1
Building materials
80.5
81.2
85.4
84.9
85.5
88.1
71.3
69.0
77.3
93.4
92.4
94.1
93.9
Textiles.
7.1
66.1
80.4
93.7
commodities..
60.4
63.8
71.8
10.8
Miscellaneous
49.7
59.8
65.2
80.4
Fuels
51.6
63.1
65.4
17.3
51.2
65.0
Cotton
Grains
93.9
87.3
86.0
97.8
93.4
1.3
Chemicals and drugs
97.6
97.6
71.8
71.7
70.4
72.9
0.3
Fertilizer materials
78.6
78.6
78.6
77.3
94.0
93.8
93.8
95.0
76.2
75.9
75.1
77.8
reported for wheat, corn, oats, rye, cattle, hogs, hay,
wool, eggs, citrus fruits, potatoes and tobacco.
Quotations for cotton,
sheep, and flaxseed declined.
Average prices for cattle feed were up 7%.
In the foods group lower prices for fruits, vegetables, and meats were coun¬
terbalanced by higher prices for dairy products and cereal products with the
result that the group index remained unchanged at 71.0.
Quotations were
and cottonseed oil. Canned and dried fruits, bananas,
glucose, corn and peanut oils declined in price.
advances in prices for hides and skins brought the index for hides
Week
Oct. 12,
44.0
Foods..
25.3
Farm
lard, raw sugar,
.
Year
1940
Fertilizers
Higher prices were
Month
Week
Group
Bears to the
0.3
of 0.9% in the farm
Preced'g
Oct. 19,
Each Group
,
INDEX
(1926-28=100)
WHOLESALE COMMODITY PRICE
WEEKLY
0.3
higher for butter, cheese,
before,
A year
ago the index was 77.8, based on the 1926-28 average as 100.
The lowest point reached by the index this year was 74.1,
in the week of Aug. 3, and the year's high point was 78.5,
in the week of Jan. 6.
The Association's announcement,
products group index.
tributed largely to the rise
the wholesale com¬
price index compiled by The National Fertilizer
Association last week took it to the highest point reached
modity
issued by the
print cloth, and cotton yarns, raw
and
0.2
During Week Ended Oct.
Fertilizer Association
Labor Bureau:
yarns
0,2
0.2
0.1
0.4
Leather.
Livestock
Sharp advances in
...........
Commodity Prices Continued to Advance
19, According to National
Wholesale
23.0
is also from the announcement
The following
i,.
materials
Lumber.
0.6
Meats...........—...w—
1.8
......
Compiled by the
silk, and crude rubber
0.7%
-
Paint and paint
Decreases
Fruits and vegetables
level.
Advancing prices for
.
Petroleum products
under date of Oct.
continued to advance gener¬
ally but moderately during the week ended Oct. 19, accord¬
ing to Commissioner Lubin of the Bureau of Labor Statistics
who announced on Oct. 24 that higher prices for farm
Wholesale commodity prices
raw
Clothing
1.4
0.6
Other farm products
since May.
"Business Week" will
announced that service on
start with the issue of Nov. 2,
is
-
-
Cotton goods.
.........
Woolen and worsted goods
publishers of the "Annalist" and of
that, effective with the issue of Oct. 24.
The
It
... .
2.6
The
and
..
Cattle feed
Rubber, crude
Hides and skins...
Motor vehicles
York "Times" Since 1913
Effective
0.6
0.6
0.5
products.0.4
Other foods
.11.0
Silk.
machinery
All groups
100.0
Electric
combined
Output for Week
Above
The Edison
a
Ended Oct. 19, 1940, 7,7%
Year Ago,
Electric Institute, in its current
weekly re¬
electric
week
and leather products group to
port, estimated that production of electricity by the
light and power industry of the United States for the
ended Oct. 19, 1940, was 2,686,799,000 kwh.
The current
prices, however,
week's output is
veal, dressed poultry,
Marked
the highest level since late in May. Leather
weakened slightly. Average prices of metals and metal
products rose 1% to 97.4% of the 1926 average, the peak since December,
1929.
The announcement of higher prices for the 1941 model automobiles
together with advancing prices for pig tin and pig lead accounted for the
week of
kwh.
7.7% above the output of the
The
corresponding
production totaled 2,493,993,000
output for the week ended Oct. 12, 1940, was
1939, when the
The Commercial & Financial Chronicle
2408
estimated to
be
2,665,064,(XX) kwh.,
the like week
over
a
increase of 6.8%
an
year ago.
Exports
PERCENTAGE INCREASE FROM
PREVIOUS YEAR
at
Week Ende i
Week Ended
Week Ended
Week Ended
Oct. 12. 1940
Oct. 5, 1940
Sept. 28,1940
3.5
1.1
New England
2.4
5.0
3.4
10.0
5.0
3.9
7.6
5.2
6.6
0.1
1.6
2.7
7.0
7.2
8.6
7.7
7.1
8.1
—
Total United States.
7.7
5.6
•
months
6.8
9.0
to
RECENT
FOR
WEEKS
(THOUSANDS
OF
1940
KILOWATT-HOURS)
1937
1932
1,341,730
1,415,704
1,433,993
1.440,386
1929
from
1939
July
July
2,264,953
2,077,956
13
2,483,342
2,324,181
+ 6.8
2,096,266
2,298,005
July
20
2,524,084
2,294,588
2,341,822
+ 10.0
2,258.776
+ 11.1
+ 1-.0
2,256,335
+ 11.0
6..
July
27
2,600,723
3—i
Aug,
Aug.
Aug.
Aug.
Aug,
—...
2,6042727
....
2,589,318
10
17..
24
2,325,085
2,333,403
+ 10.1
+ 9.2
2,294,713
+ 10.3
1,426,986
1,415,122
1,431,910
1,436,440
1,464,700
1,423,977
2,300,547
2,304,032
2,354,750
2,357,203
2,601,127
Sept. 7
Sept. 14
Sept. 21
Sept. 28
2,261,725
2,367,646
2,606,122
2,570,618
31
+ 9.0
2,320,982
2,462,622
2,638,634
2,289,960
2,444,371
+ 7.5
+ 7.9
2,280,792
1,476,442
2,628,667
2,448,888
+ 7.3
1,490,863
2,669,661
.....
2,154,276
2,469,689
+ 8.1
2,640,949
2,465,230
+ 7.1
2,265,748
2,275,724
2,280,065
Oct.
12
2,665,064
2,494,630
+ 6.8
2,276.123
Oct.
19........
2,686,799
2,493,993
+ 7.7
2,281,636
Oct.
26
Oct.
5--_
2,538,779
Nov.
2.-..-.-'.
2,536,765
9
2,513,699
1,506,219
1,507,503
1,528,145
1,533,028
2,254,947
2,202,451
Nov.
1,499,459
2,176,557
1.525,410
1,520.730
September
for the month.
$350,000,000-level
east of
the
Rocky Mountains
was
the
to
$130,000,000 in August, but
1,711,625
1,727,225
1,723,031
000,000.
1,72*,728
1,729,667
1,733,110
1,750,056
1,761.594
1,674,588
1,806,259
1,792,131
1,777,854
1,819,276
1,806,403
1,798,63,3
1,824,160
1,815,749
1,798,164
the 37 States
the highest recorded for
any
September since 1929, according to F. W. Dodge Corp.
The
dollar volume,
a7% increase
amounting to
construction showed
the
corresponding
the result of
from
$347,651,000, represented
September, 1939.
over
a
fractional
month
last
of
Since publicly-financed
decline
compared with
as
this
year,
increase
was
upswing in private construction, which
an
Although
The rearmament program,
manufacturing building.
struction
980,000
rose
last
bringing with it industrial
vious
of
month
iron
rise
The volume for this class of
con¬
Commercial
building,
which
follows
closely the industrial production cycle, also contributed to
23% increase over September, 1939, in contracts awarded
the
for
non-residential
buildings as a whole.
building, which amounted to $152,372,000 in
September, came within 1% of the August total, which was
the
highest recorded for any month since July, 1929.
Residential
Awards for one-family dwellings, amounting to
$104,822,000,
to
lead
all
other residential classes.
Miscel¬
continued
laneous
shelter
figure
$100,-
or
since
reflected
was
steel
and
in
wide
a
manufactures,
of commodities.
range
which
have
shown
Even
almost
an
exports
unbroken
the
beginning of the European war, also fell off.
There were
considerably smaller shipments of a number of agricultural products, in¬
cluding dairy products, sugar, unmanufactured tobacco, and fresh fruits,
and of
woqd
variety of nonagricultural commodities, including copper, various
machinery except metal-working,
lubricating oil, chemicals,
and paper and products, and coal.
With the exception of
a
classes
of
pulp
tobacco and fresh fruits, all of these items figured more or less
prominently
in the export gains during the past 12 months.
In the case of tobacco
and
the decline
fruits,
significance
in
were
cotton,
shipments represented further losses.
Increases
recorded for only a few major export commodities:
brass and bronze, and metal-working machinery.
Shipments of explosives and of firearms and ammunition increased slightly
in September as compared with August, but their
aggregate value remained
small at
approximately $5,500,000.
Shipments in September were reduced not only to the United Kingdom
and Canada, but also to Japan, to the
principal South American countries,
and to other areas.
Under existing world conditions, it is difficult to
determine whether this general falling off in exports
during September
represents more than
short-run
however,
in
the basis
on
trade
export
of
month's
one
the rate
facilities,
rather
,
of
As past experience indicates,
be related to influences of
may
to more fundamental
or
commodities,
productive
temporary recession.
a
fluctuations
erratic character
As
ex¬
from, $20,738,000 in September, 1939, to $37,-
month.
the substantial
a
shipments
than
an
factors which cannot be identified,
data.
In the case of certain im¬
is
conditioned
the
upon
volume
in
imports
upon
available
orders
of
awaiting
execution.
again reflected in the increase in awards for
was
remained at
drop in shipments of aircraft and parts from $37,000,000 in
August to $23,000,000 was the largest single factor of decrease, the decline
in exports of United States merchandise
during September from the pre¬
portant
rose
$179,011,000 to $203,655,000.
pansion,
16%,
or
during
1,592,075
1929 for Construction Industry
September total of contracts awarded in
$55,000,000,
was
August and
part of
unmanufactured
The
amount
in
which the trade was restricted both by cautious buying on
belligerents and by the initial disruption of foreign commerce
outbreak of war in Europe.
General imports decreased for the second consecutive month to
$195,000,000 in September as compared with $221,000,000 in August, a decline
of $26,000,000 or 12%.
They were higher, however, than receipts during
September a year ago, which were valued at $182,000,000.
The excess of
exports over imports for the month was reduced from the balance of
the
cf any
Best September Since
This
reached
was only moderately
than the total of $289,000,000 reported for September 1939,
It
represented the smallest export movement in any month since November
Change
1939
for
greater
Percent
1940
to
the
incident
Week Ended
States
The report follows:
'V.7""'''vrv c
indicate that widely distributed declines in
foreign countries carried total United States exports down
for
$295,000,000,
below
1939,
DATA
Oct. 24 issued its statement
on
United
the
shipments
2.9
—
Department of Commerce
on the foreign
September and the nine
ended with September, with comparisons
by months
of
Returns
7.7
Rocky Mountain
1940
back to 1935.
11.0
;
Southern States
Pacific Coast....-
Washington
trade
5.6
8.9
—
Central Industrial
West Central..
6.2
5.8
10.6
Middle Atlantic
26,
V/:',
The Bureau of Statistics of the
i
Oct. 19. 1940
Major Geographic
Regions
Oct.
Country's Foreign Trade in September—Imports and
projects,
which include barracks for the
armed forces, also contributed to the residential
building
gain by rising from $2,754,000 in September, 1939, to $12,003,000 last month.
in
the
September
of
well
as
imports
of
for
339,000
also
the
decline
August
pounds,
few
distributed
was
copper,
oilseeds,
materials
increase in
for
consumption
the
in
nickel
manganese,
a
and
and
as
of
a
there
past
showed
figure
partly
the
over
items
highest
$30,655,000.
and
volume
critical
private stocks,
wool,
silk,
raw
at
and
over
and
their
and
strategic
imports reached
valued
Government
tin,
crude
general
a
Rubber
in
of
furs,
with
Among
only
increases.
creases
the
exports,
compared
large number
semimanufactures, which
for much the larger part of current purchases of
foreign products
account
as
of
of
case
as
commodities.
year,
significant
record
at
176,in¬
of
consequence
larger receipts
Imports of undressed
alloys.
were
chrome and other ferro-alloying
ores ;
and
coffee; of sugar, of expressed oils, wood pulp, and industrial
decreased; while imports of burlaps and whisky increased.
The decline in imports for consumption in September from
September a
year ago occurred despite heavily increased purchases of crude rubber and
cocoa
chemicals
strategic
silk
metals.
among
factures,
were
Exports,
Practically
crude
among
whisky
all
materials,
other
coffee
manufactured
principal
imports,
including
foodstuffs, sugar
crude
among
foodstuffs,
and
a
long
list
of
other
raw
and
manu¬
substantially reduced.
Including Re-Exports, and General Imports of Merchandise
Comparative Summary, September. 1939-1940
♦
September
Debits
for
Week
Ended
Above
Debits
as
Year
a
Oct.
16,
1940,
Ago
1,000
during the
$102,525,000,000,
about the
same
corresponding
At banks in New York City there was a
a year ago.
decrease of 7% compared
an
while at
ago,
increase of
4%.
with the corresponding period a
the other reporting centers
These figures
Sept.
there
1,000
was
Increase(+)
Deer ease (—)
1940
1,000
1,000
1,000
Dollars
Exports
Dollars
Dollars
Dollars
Dollars
295,245
3,029,988
1,941,497
+845,288
+320,970
1,088,491
Imports
181,536
194,928
2,184,700
1,620,527
Merchandise export bal.
107,420
100,317
564,173
MERCHANDISE TRADE BY MONTHS AND BY CUMULATIVE
PERIODS
Month
or
Period
Re-exports—
January
1935
1936
1937
1938
1939
1940
1,000
1,000
1,000
1,000
1.000
1,000
Dollars
Exports Including
of
reported on Oct. 21,
the
Federal
Reserve
Dollars
Dollars
Dollars
Dollars
Dollars
System.
176,223
198,564
222,665
February
163,007
182,024
233,125
289,071
261.935
218,716
March
185,026
195,113
256,566
275,308
267.781
April
are as
1^)40, by the Board of Governors
164,151
192,795
268,945
274,472
230,974
165,459
200,772
170,244
185,693
289,922
265,341
257,276
232,726
236,164
May..,
SUMMARY BY FEDERAL RESERVE DISTRICTS
.........
June...-
In Millions of Dollars
July
173,230
August—
Week Ended
13 Weeks Ended
Federal Reserve District
Oct. 16.
1940
Boston
Oct. 18,
1939
Oct. 16,
1940
$487
$459
$5,774
$5,650
3,102
41,586
Philadelphia
437
404
5,364
Cleveland
5,290
614
567
Richmond
7,541
6,685
359
344
Atlanta
4,010
272
271
3,191
15,232
3,794
3,057
14,714
1,507
St. Louis
275
1,186
286
3,066
3,065
166
173
Kansas City.,.
Dallas
2,085
287
296
3,357
224
239
San Francisco
2,527
2,126
3,449
2,530
779
681
8,791
8,326
w
Mlnneapol Is
...
Total, 274 reporting centers
City*
;
$8,984
$8,005
New York
3,276
140 Other leading centers*
133 Other centers
4,934
2,766
4,493
773
746
Centers for which bank debit figures
are
.......
October
$103,124
55,723
180.390
268,184
227,535
229,631
178,975
277.031
230,790
250,102
349,92
198,803
220,539
296,579
332,710
246,335
277,668
288,956
295,24
221,296
264,949
8,935
8,463
317,01
331,978
269.838
226,364
314.697
252,381
292,453
229,800
323,403
268,943
368,046
9 mos. ended Sept...
12
mos.
1,568,271
1,734,864 2,378,357 2,295,447 2,184,700 3,029,988
ended Dec. 2,282,874 2,455,978 3,349.167 3.094,440
3,177,176
General Imports—
January
166,832
-
February
March.
-
187,482
152,491
177.356
192,774
198,701
202.779
April
170,500
May........
170,533
191,697
June
191,077
240,444
277,709
307,474
286,837
284,735
286,224
170,689
178,246
162,951
158,072
173,372
159,827
190,481
148,248
202,493
178,866
186,300
July
156,754
176,631
195.056
265,214
140.809
168,910
August
169,030
193,073
245,668
165,516
175,623
September
161,647
215,701
212.692
233,142
181,536
241,992
199,926
216,755
212,352
211,345
211,388
232,291
220,520
194.928
215,289
246,807
145,869
November
169,385
196,400
223,090
167,592
178,024
176,187
December
186,968
245,161
208,833
171,347
189.357
53,803
40,859
369,67
347,03
351.42
323,97
325.43
350,24
172,126
223,469
October
$102,525
37,867
available back to 1919.
249.466
December
44,440
Chicago
....
September
212,911
November
Oct. 18,
1939
3,576
New York
*
Ended
1939
or
the total reported for the
as
1940
288,956
to
Oct. 16, aggregated $8,984,000,000.
Total debits
13 weeks ended Oct. 16 amounted to
period
1939
12.2%
deposit accounts (except interbank accounts),
reported by banks in leading cities for the week ended
year
9 Months
Exports and Imports
Bank
9 mos. ended Sept...
12 mos.
224,299
235,458
1,501,775 1,768,339 2,427,446 1,434,871 1,620,527
1,941,497
ended Dec. 2,047,485 2,422,592 3,083,668 1,960,428
2,318,081
The Commercial &
151
Volume
DOMESTIC EXPORTS FROM AND
Consumption
States Merchandise and Imports for
Exports of United
Comparative Summary, September, 1939-1940
2409
Financial Chronicle
OF
MONTH
THE
FOR
■
IMPORTS INTO THE UNITED STATES
NINE MONTHS ENDED
SEPTEMBER AND
1940 AND 1939
SEPTEMBER,
Analysis by Economic Groups
Increase
9 Months Ended Sept.
September
Exports and Imports
1939
1940
1939
1940
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
288,270
196,312
2,156,197
1,621,731
2,964,186
1,871,416
+ 807,989
199,404
consumption
CUMULATIVE PERIODS
MERCHANDISE TRADE BY MONTHS AND BY
Domestic Exports—
Agricultural
Month
or
Crude foodstuffs.....
1,000
Dollars
Dollars
Merchandise—
February
March
April
May*....
June..
229,671
252,443
264,627
285,081
256,481
264,613
273,561
293,374
329,373
311,212
319,431
192,405
189,574
197,020
181,386
177,006
July
167,865
August
169,683
175,825
Septemoer
October
196,040
217,925
218,184
262,173
267,258
220,931
226,666
....
November
December
223,920
Dollars
360,181
338,900
227,624
270,429
271,508
316.490
224,866
247,412
243,595
284,392
274,059
249,844
286,761
266,358
312,341
341,924
288,270
10,357
3.6
141,153
2.9
130,197
6.0
1,694
59,015
0.6
8,407
1,950
0.7
20.8
78,575
27.2
319
0.1
356
0.1
58,696
20.6
78,219
27.1
45.7 171.639
59.5
10,956
412,233
1,998
410,235
1,188,694
6,063
1,182,631
Agricultural
Non-agricultural...
Semi-manufactures.
163,312
155,923
173,196
155,118
147,123
147,779
147,767
171,023
172,909
178,447
171,668
165,359
Agricultural
N on-agrlcul tural...
Finished manufactures 129,969
818
Agricultural
Non-agricultural... 129,151
February
March.........
175,485
194,296
295,705
April..
166,070
166,756
155,313
173,096
180,381
199,776
280,899
189,008
197,458
200,783
218,425
278,118
278,300
262,919
248,730
233,959
189,806
162,828
179,760
213,419
200,304
226,470
212,382
240,230
203,644
506,512
038,905
423,977 3,009,852 1,949,624 2,276,099
i
.
.
.
168,683
..
December
9 mos.ended Sept...
12 mos. ended Dec.
189,934
206,461
203,077
203,668
205,136
217,799
214,409
196,312
191,269
185,916
199,404
232,736
Increased-)
Deer easel—)
1940
1939
1940
1,000
1,000
1,000
28,379
10,033
38,199
3,301
34,898
35.717
14.2
14,770
7.5
Agricultural
Non-agricultural...
396
0.2
35,321
17.7
_ .
Dollars
13
472
4,970
+4,498
334,113
2,885,745
3,956,195
+ 1,070,451
326,074
334,100
2,885,273
3,951,226
1,292
4,639
139
11,483
3,396
—8.087
4,656
70,061
44,166
—25,895
3,347
4,517
58,578
40,770
Dollars
Dollars
Dollars
4,256
2.2
46,510
23.7
1.7
17.5
2,839
43,672
22.2
337,167
32,122
305,045
17.9
32,565
16.6
326,014
20.1
411
0.2
32,164
16.4
4,278
321,735
19.8
1.4
1937
1940
1939
Analysis
FROM AND
1938
1939
Economic Group
9 Mos. End. Sept.
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
2,112
1,811
355
1,671
452
Cotton,
233
2,054
298
Tobacco,
191
1,923
657
Coal
250
2,054
594
Crude petroleum...
22
174
15
53
20
53
18
April
13
145
231
33
May
4
212
36
3,563
June
81
131
19
1,249
206
65
9
8
1,546
1,668
1,841
1,144
'
214
Crude Materials-
35,401
317
611
177
884
15
Phosphate rock
All other crude
169
17
13
10
278
401
937
180
September.
129
11
15
13
285
1,463
1,292
139
380
1,259
1,773
10
627
823
487
Corn
December.
15,052
16
11
236
1,344
887
Vegetables, fresh and
12
mos.
10,899
3,657
11,483
3,396
5,889
46,020
7,082
Meat products
Imports—
121,336
7,155
February
120,326
March
154,371
215,825
155,366
262,103
175,624
105,013
145,623
90,709
52,194
8,211
52,947
71,236
52,987
65,438
April
May
June
July
August
September..
October
November..
December.
.
—
33,033
'
63,880
165,990
520,907
562,382
177,782
240,542
156,427
223,296
365,436
236,413
2,846
6,799
14,080
28,708
15,488
10,328
201,475
9,927
4,070
459,845
5,689
14,440
7,207
606,027
249,885
2,821
3,165
15,767
7,143
17,952
6,152
6,025
19,186
18,326
14,770
5,631
4,365
5,724
5,170
4,589
4,673
5,378
429,440 438,695
240.450 1164,224
278,645 519,983
259,934 351,563
326,089 334,113
69,740
167,991
451,183
4.476
4,964
8,427
5,701
10,633
23,151
4,985
24,098
4,639
25,072
.......
9 mos.ended
998,751 2885,745 3956,195
Dec
-
meal
Vegetables, canned and prepared
Dried and evaporated fruits..
18,575
10,805
12,351
8,416
13,692
1,456
18,518
15,513
701
30
6,595
4,443
6,727
5,379
4,656
13,069
134
307
978
755
2,810
1,784
17,635
1,546
7,046
18,871
1,204
1,740
529
8,576
680
10,074
9,689
936
811
8,006
466
*
4,564
298
406
edible
354
4,734
related products
Semi-Manufactures—
Leather
70,061
91,877 230,531
44,166
85,307
and resins.a
Sawed timber
Boards, planks, Ac
363
4,685
13,232
3,925
2,927
25,956
3,643
836
Gas and fuel
of the character
and import
figures into five separate groups, ranging from crude materials
to finished manufactures, in each of which the agricultural
and non-agricultural totals are shown separately.
This
tabulation, which reveals that in the first nine months of
1940 14.6% of domestic exports and 50.6% of imports for
consumption were agricultural products, we present below
foreign trade reduces the export
8,790
5,203
15,342
42,282
5,786
19,294
8,918
21,048
22,535
27,954
8,264
813
scrap.b.._
10,239
109,954
274,481
40,943
18,367
41,103
5,100
38,265
14,550
2,072
3,139
67,759
1,666
15,342
4,152
1,940
3,802
9,072
21,832
39,917
1,434
9,334
884
9,532
11,285
10,760
62,657
93,813
6,416
27,824
12,918
1,114
...
...
2,856
4,553
112
Industrial chemicals..................
All other
898
7,771
Aluminum semi-manufactures
Pigments
1,714
1,811
2,787
Copper (Ingots, plates, rods)
Brass and bronze semi-manufactures
semi-manufactures..
...—
Finished Manufactures—
9,815
13,630
807
Rubber manufactures
731
7,518
3,379
Leather manufactures
3,286
1,861
24,052
1,478
Automobile casings
10,565
16,439
75,803
21,976
1,477
manufactures
Cotton cloth, duck and tire fabric
Cotton
manufactures
—
691
11,623
10,120
4,542
4,451
38,558
45,078
3,044
1,280
Tobacco manufactures
Paper and manufactures
7,308
39,676
4,437
........
taggers' tin
Ferro-alloys
Coal-tar products
1,663
14,803
semi-manufactures
Tlnplate and
Rayon
323
...
Iron and steel
Department of Commerce's report
1,934
989
oil
2,165
4,942
Wood pulp
Iron and steel
24,392
15,397
5,104
604
1,814
1,793
3,158
Vegetable oils, and fats,
Exports of the United States
September and Nine Months Ended September
in the usual manner.
1,028
634
Canned fruits
Sugar and
Analysis of Imports and
of the country's
5,385
6,346
2,015
Crude sulphur...
The
5,272
7,270
1,470
Wheat flour
Paraffin wax
in
8,333
642
2,434
Oilcake and oilcake
Naval stores, gums
52,392 158,940
12 mos. end.
1631,523 1979,458 3574,659
739
837
Cotton semi-manufactures
September 1455,587
134
482
1,196
1,413
1,906
lard
Dairy products, except fresh milk
Fish, canned, prepared, Ac
4,107
4,183
3,795
9,733
21,563
9,785
1,431
7,303
8,479
9,524
7,268
24,987
21,533
12,253
737
...
Lard, Including neutral
January
1,543
2,384
Other fresh fruit
foodstuffs
Manufactured Foodstuffs—
14,630
34,211
542
All other crude
12,042
508
16,810
697
66,522
53,352
9,331
2,925
2,347
23,505
490
dried
Oranges
end.
Dec
....
Apples, fresh
4,970
1
436
2,341
883
Wheat
15
14
472
8,283
1,784
4,507
1,836
1,121
Crude Foodstuffs—
16
5,843
.61
4
232
652
71,043
286
30,084
September
35,567
5,490
2,193
materials
November..
9 mos.ended
61,353
41,496
120
Soy beans
640
190,296
1,499
7,758
9,071
Undressed furs
303
193
121,469
9,649
:
5,138
9,895
unmanufactured
unmanufactured
254
August
.
1940
Domestic Exports
1,000
81
1939
1940
1940
Dollars
5,067
39
_
0.3
16.3
IMPORTS INTO THE UNITED STATES
AND NINE MONTHS ENDED
by Leading Commodities in Each
(Value in 1,000 Dollars)
1,000
March
October
16.5
Silver
*
July
2.5
19.8
SEPTEMBER,
Dollars
mmrmm
9.2
2.3
22.2
MONTH OF SEPTEMBER
1940 AND 1939
THE
1,000
February
0.3
0.5
11.5
,
DOMESTIC EXPORTS
Dollars
11
2.0
18.8
10.9
by Larger Shipments
September
Exports—
2.9
5.0
1939
January
11.5
11.4
Last Year in Exports of Farm
of Iron and
Steel, Aircraft and Machinery
Supplementing other data on the Nation's foreign trade
in September, given in today's issue, we present here an
arrangement of the figures given out by the Department of
Commerce showing the value of each of the chief items of
the export and import trade, arranged according to economic
groups:
AND BY CUMULATIVE
Gold
1938
12.5
19.2
Month or
1937
13.1
from
Decline
Sharp
PERIODS
Period
8.8
100.0 1,871,416 100.0
199,404 100.0 196,312 100.0 1,621,731
947,359 60.6
47.4
794,622 49.0
101,400 50.9 93,093
924,056 49.4
827,109 51.0
98,004 49.1 103,219 52.6
...
Non-agricultural
FOR
SILVER TRADE BY MONTHS
10.5
20.8
9.7
Sem 1-m anuf act ures
27.8
14.4
19,026
Agricultural
...
Non-agricultural...
38.3
234,063
186,350
47,713
0.4
19.2
•
197,284
213,916
204,342
9,573
214,424
171,483
42,941
416,189
46,437
369,752
309,722
5,215
304,507
0.6
868
Mfd. foodstuffs A bev.
; +•
519,882
9,300
11.2
38,412
Agricultural
Non-agricultural...
Products Offset
1,000
Silver—
GOLD AND
0.3
56.9
22.7
0.6
58,073
22,040
29 6
8.5
19,465
18,597
Agricultural
326,089
Import balance.
57.2
717,165
9.2
25 5
16,884
Total imports for con¬
15
Imports
0.1
23.1
31 6
8.7
50,727
Agricultural
Non-agricultural.
Dollars
Exports
0.5
23.3
1,696,301
0.3
9,701
54.8 1,686,600
18,098
40 8
17,001
1,097
214,502
1939
Import balance.
19.0
J
4.0
55.1
9.7
80.113
Crude food stuffs
207,131
1,000
Imports.
0.1
9.3
67,610
Agricultural
Non-agricultural
Gold and Silver
Exports and Imports
Gold—
0.5
19.1
■
V
Exports..
+
4.6
135,114
119,531
15,583
689,410
3,484
685,926
512,104
368,789
143,315
212,383
203,083
33.9
Finished manufactures
194,185
178,373
170,430
180,225
9 Months Ended Sept.
'
September
0.3
59.2
0.3
2.0
•
•
sumption
Exports and Imports of
828
45.4 170,812
Imports for
Consumption—
770,025 2,367,357 1,434,150 1,621,731 1,871,416
.
October
-
100.0 2,964,186 100.0
284,392 100.0 288,270 100.0 2,156,197
merchandise
14.6
19.4
432,811
7.7
417,977
22,157
74,353 26.1
85.4
80.6 2,531,375
92.4 1,738,221
73.9 266,113
Non-agricultural... 210,039
234,620
169,353
152,577
189,590
.
.
_
'
2.0
497
967
89
7.5
Crude materials
November
1.7
8.1
Agricultural
228,680
260,047
September „• i
87,373
86,405
Total exports of U. S
186,377
August
59,018
1.7
9.0
323,077
168,482
152,246
July
4.0
6.2
6.9
357,307
Consumption—
194,311
4.8
4.1
133,432
19,615
344,227
Imports for
June
13.0
142,769
59,515
5.2
21,309
2,338,913 2,266,907 2,156,197 2,964,186
3,057,169 3,123,343
12_mos. ended Dec. 2,243,081 2,418.969 3,298,929
May...............
383,845
241,076
326,745
193,313
15.2
2.7
79
Mfd. foodstuffs A bev.
9 mos. ended Sept... 1,536,708 1,706,210
January
2.6
2.6
22,724
7,681
15,043
4,974
4,885
6.5
318,143
228,312
7.2
120
343,709
246,119
233,465
226,740
253,713
229,554
16.3
Non-agricultural...
210,260
216,191
263,995
285,772
259,160
219,063
195,689
179,381
173,560
160,312
181,667
160,511
159,791
167,278
January.......
1,000
Dollars
Dollars
Dollars
Agricultural
1,000
1,000
1,000
1,000
Exports—XJ. S.
Non-agricultural...
1940
1939
1938
1937
1936
1935
Period
23 4
66,619
46,242
20,377
7,481
7,360
Crude materials
Per
Cent
Value
Cent
Value
Cent
Value
Cent
Value
Per
Per
Per
+ 249,685
1940
1939
1940
1939
Class
September
9 Months Ended
Month of September
284,392
Exports (U. S. mdse)
Imports for
(Value In 1,000 Dollars)
(+)
Decrease(—)
2,774
1,288
4,737
24,670
10,743
28,521
20,379
50,560
2,651
12,159
The Commercial & Financial Chronicle
2410
vanced
9 Mos. End. Sept.
September
1939
1940
1939
9,636
4,382
72,065
3,472
59,496
6,967
77.995
5,642
4,165
8,168
14,293
5,464
9.244
845
488
1940
—
Lubricating oil
Glass and glass products..
Steel-mill manufactures..
Iron and steel advanced manufactures—
Electrical machinery and apparatus—...
Household refrigerators
1,108
75,125
7,812
15,369
214,784
30,084
...
1,996
23,150
Industrial machinery.....
9,845
..........
1,441
36,891
1,597
23,203
2,466
Radio apparatus...
1,314
2,684
Well and refinery machinery
Metal-working machinery....
...
Office appliances
610
297
5,749
4,913
15,735
Printing and bookbinding machinery.....
Agricultural machinery and Implements...
Automobiles, lncl. parts and accessories...
Motor trucks and buses (new)
12,457
2,502
2,778
8,777
2,090
—
....'
Passengers cars (new)..
Aircraft, Including parts, Ac
'.
Medicinal and pharmaceuticals
Paints and varnishes
4,957
1,690
2,016
757
518
Soap and toilet preparations
1,674
521
Photographic and projection goods.
Scientific and professional Instruments
Firearms and ammunition, etc
1,100
1,217
3,798
h25 558
227
19,274
All other finished manufactures
attained.
showed
19,882
an
284,382
288,270
August,
in
volume production
as
producing railroad
Plants
of
Activity in
of
and
automobile
model
new
and
cars
cars
locomotives
was
also
Lumber production continued to rise
expansion in activity.
under the impetus
of a growing volume of demand for defense program
purposes.
Changes in output of non-durable manufactured goods and minerals in
3,989
61,843
180,478
September
further to
61,919
40,977
showed
21,541
6,105
mixed.
were
Government
on
less
At wool textile mills activity advanced sharply
the peak reached last autumn, reflecting in part expanding
near
production
221,580
than
orders.
At
mills,
cotton
usual seasonal rise,
the
following
a
plants of
17,344
large producer.
one
activity
however,
increase in
sharp
August, and rayon deliveries declined somewhat owing partly to
strike at
a
Shoe production also declined in September.
Paper production remained in reduced volume follow ing a high rate of out¬
6,439
11,741
put during the early summer accompanying some inventory accumulation
9,037
12,122
at
3,916
161,036
46,233
h253,918
that time.
2,156.197
Output of most metals continued large during September.
Crude petroleum production, which had been curtailed sharply during the
summer,
Total domestic exports.
United Kingdom and Canada.
considerable increases
increased sharply
output
170,188
16,178
3,039
7,133
14,114
Steel
of ingot-producing capacity in August,
aircraft, and shipbuilding industries advanced further in
dollowing
rapidly
15,856
6,368
269
1,090
1,408
1,138
Explosives, fuses, Ac
September
314,795
53,814
65,068
78,957
14,833
22,940
the machinery,
6,230
85,540
93% of capacity,
rose to
large volume both from domestic and foreign sources.
these shipments going to the
85,864
21,849
7,260
54,123
190,127
1940
the latest month for which data are available, with nearly three quarters
9,987
101,981
47,113
41,807
33.785
26,
In the durable goods industries
Steel production
amounted to about 20%
exports
Manufactures—Concluded—
-
125% in September.
increases in output were general.
continued in
Finished
Gasoline
Oct.
and in the first half of October the rate was slightly higher as new orders
46,898
7,600
1,160
about
to
considerably, but coal production, which for several months
rose
had been maintained at high
2,964,186
levels, showed
s
amaller increase than is usual
at this season.
Imports for Consumption
I
Value of
new
Crude Materials—
3.212
4.213
13,638
1,249
Hides and skins
Undressed furs
Crude rubber..
...
Oilseeds.......
5,743
33,671
37,003
119,078
634
25,325
15,738
27,738
5,826
3,351
1,905
34,595
75,489
551
30
3,067
3,154
606
386
9
182
Flaxseed
Tobaccb, unmanufactured
Cotton, unmanufactured
...
Jute and Jute butts....
Flax and hemp, unmanufactured
80
87
1,693
6,811
17,345
4,834
Diamonds for Industrial
9,728
6,555
604
use
1,087
56,597
1,730
2,547
11,934
11,633
9,674
91,259
Gattia, except for breeding..-
799
1,070
10,334
somewhat less than the usual seasonal increase from the exceptionally high
level reached in
August.
Freight-car loadings
reflecting to
12,043
Wheat for milling and export
Vegetables, fresh and dried
381
435
rose
somewhat
4,464
230
231
2,322
1,265
1,415
2,330
3,790
22,274
1,001
2,302
6,141
5,668
20,358
23,520
Nuts
beans.
or cacao
more than
seasonally in September,
large extent increased shipments of miscellaneous freight.
a
25,474
the usual seasonal rise.
Commodity Prices
Foodstuffs—
Bananas
Cocoa
somewhat but
and the early part of October department store sales showed
105,158
Crude
chiefly in
Loadings of coal, which have been large in recent months, showed less than
Manganese, chrome, and other ferro-alloylng ores
All other crude materials
occurred
work*declined
Awards for other private
high levels.
In September
16,738
7,657
decline
had been large in the previous two
Distribution
22,743
390
The
Awards for private residential building showed little change from
80,456
10,543
Bank.
continued considerably above the level of a year ago.
9,557
3,175
Diamonds, rough, uncut...
Reserve
2,010
4,863
8,709
1,720
Federal
defense projects which
for
recent
7,922
5,370
353
Pulpwood
Crude petroleum..
Francisco
months.
12,088
27,842
1,193
1,312
2,159
Other textile flbers.c...
San
contracts
26,501
6,126
...
raw
July and August, according to reports of the F. W. Dodge Corp. and the
37,642
53,700
223,172
16,125
Wool, unmanufactured...
Silk,
3,455
30,655
construction work started in September was lower than in
9,492
Coffee
6,892
Prices
4,469
5,293
1,353
100,640
15,154
2,052
2,484
23,228
1,190
1,215
955
930
22,866
8,117
13,715
7,316
14,053
1,957
■;
particularly lumber,
of September to the middle of
October, and there
were
•
steel scrap,
also increases in
manufactured products, notably cotton and woolen goods.
were
27,656
2,350
1,172
materials,
some
Wheat prices
higher while prices of most other foodstuffs showed little change.
96,421
1,509
All other crude foodstuffs
industrial
nonferrous metals, hides and wool, continued to advance from the middle
22,327
Tea
of most
...
Manufactured Foodstuffs—
Meat products:
Cheese
Fish and shellfish (canned, prepared, Ac.).
Fodders and feeds, except hay
320
Bank Credit
16,518
6,288
12,551
Commercial loans at reporting member banks in New York and 100 other
leading cities continued to increase during the four weeks ending Oct. 9,
reflecting in part seasonal.demands.
ment
8,963
6,637
34,925
868
268
8,760
3,775
13,679
2,844
4,647
Whisky and other spirits
8,008
3,032
43,528
54,731
33,484
Wines
1,157
4,491
420
5,740
4,160
35,806
6,030
35,408
7,460
28,589
obligations
Holdings of United States Govern¬
decreased further
with
the
result
that
total
loansand
investments of these banks showed little change.
41,700
Vegetable oils, edible
Care sugar—From Philippine Islands
From foreign countries
All other manufactured foodstuffs
,
59,388
Semi-Manufactures—
Leather
665
477
5,496
4,448
34
5,980
1,935
12,014
14,787
5,926
3,825
49,491
47,704
619
1,680
499
8,644
19,145
19,591
2.086
Woodpulp
cut but not set
Iron and steel semi-manufactures
284
Nickel and alloys
Tin (bars, blocks, pigs).......
Coal-tar products.d
Industrial chemicals.d..
38
3.087
3,274
4,664
Cop per ,e
3,526
15,694
16,587
1,212
2,581
28.655
7,943
49,168
24,725
1,494
1,254
445
1,983
7,366
1,283
6,429
54,035
430
174
5,060
2,731
3,112
1,883
437
2,602
1,564
1,469
4,966
27,675
6,109
20,924
15,331
13,995
21,635
648
Silk manufactures
573
363
750
799
5,592
6,321
4,078
Shingles
11,227
10,866
81,519
93,008
792
338
8,342
6,161
561
512
133
4,918
9,134
4,997
535
...
All other semi-manufactures..
Finished Manufactures—
......
Leather manufactures......
Cotton manufactures......
......
Cotton cloth
Burlaps
Manufactures of flax, hemp and ramie
Wool manufactures
Newsprint
Other paper and manufactures
Pottery
Steel-mill manufactures..
.....
Machinery
574
1,307
1,310
557
700
Works of art
1,165
6,848
6,190
Non-commercial Imports f
3,532
2,389
Total Imports for consumption
a
Includes
a
small
scrap and waste,
Ac.
d Includes
c
a
199,404
196,312
91,096
7,412
9,828
23,420
57,752
4,688
35,678
13,771
13,961
5,713
3,015
10,593
13,606
79,317
23,687
635
All other finished manufactures...
1,621,731
7,462
10,539
66,447
20,526
1,871,416
item which Is not a semi-manufacture,
b Includes tlnplate
Includes sisal, manlla, kapok, New Zealand
fiber, crin vegetal,
few
items
States
Government securities
advanced in
the second
and the first week in October, rising close to the high
level of the year reached early last April.
4,276
16,696
45,727
14,464
13,189
25,001
Fertilizer.d
half of September
Peak
Employment
New
Gas oil and fuel oll.g
Diamonds,
of United
Prices
2,483
1,580
Rayon filaments, short and tops
Sawed boards, sidings and lumber (except
railroad ties)
.(
1,833
559
...
295
2,506
852
Expressed oils. Inedible.d..
Wool semi-manufactures
United States Government Security Prices
■,,
30,181
not
semi-manufactures,
e Chiefly unrefined
copper
for refining and export,
f Chiefly merchandise returned,
g Partly oil used for
refueling vessels and for refining and export,
h Includes merchant vessels valued
at $4,214,000 In September and
$38,365,000 In nine months ended September.
York
for the
State
Last
Decade
Factories
in
Reported for
September
The factories of New York State
were operating with more
higher payrolls in September, 1940, than in
any month since November, 1929, according to a statement
issued Oct. 10 by Industrial Commissioner Frieda S. Miller,
based on the State Department of Labor's indexes of factory
employment and payrolls.
These indexes, based on the
1925-27 average as 100, were 97.0 for employment and 97.8
for payrolls.
From the middle of August to the middle of
September, increases of 3.9% in forces and of 5.4% in
payrolls were recorded.
September marks the fourth con¬
secutive month in which gains that are better than the usual
seasonal changes have been reported.
Records of the State
Department of Labor going back to June, 1914, indicate
that the average August to September changes are gains of
2.8% in employment and of 3.8% in payrolls.
Compared
with September, 1939, there were 10.4% more workers
employed this September on a total payroll that was 18.2%
higher.
Miss Millers' statement went on to say:
workers and
All
of
of the
reports
on
above
statements
covering
derived from
are
preliminary
2,298 firms throughout the State.
ployed 461,813 workers in September,
a
tabulation®
These firms
gain of 16,530 workers
40 cents
more
than last month.
under the direction of Dr.
E.
em"
August.
over
The average worker in these factories earned $29.23 per week this
month,
The Division of Statistics and Information,
B.
Patton, is responsible for the collection,
tabulation and analysis of these reports.
Employment Higher in All Industrial Districts
Not only were gains in forces predominant among most industries this
Summary of Business Conditions
Board
of
Further
Governor
Increase
of
Noted
in
Federal
in
United
Reserve
Industrial
States by
System—
Production
September, but they were shared by all sections of the State.
of
the
and
main
all
industrial
except
machinery
districts
Rochester
industrial
reported
reported
group
employment
payroll
reported gains
gains
increases.
in
all
The
districts
All
this
seven
month
metals
and
was
In its summary of general business and financial
conditions
in the United States, issued Oct.
of the
in New York
and
the
main contributing factor to the net gains in all the upstate districts.
17, the Board of Governors
Federal
Reserve System noted
industrial production increased
that
the
volume of
sharply in September, owing
mainly to a continued rise in output of durable manufactured
products, and this month a fuither increase is indicated.
Prices of basic industrial materials advanced in
September
and the first half of October, the Board said.
The Board,
in its summary, went on to
say:
Production
The
Board's seasonally
a
reason
some
for
principle
improvement
was
City, further seasonal gains at apparel shops
the
good net
articles
gains
of apparel
Al¬
recorded by the great majority of factories
in
were
the totals for the City.
manufacture
are
shoes
and
the chief
Upstate, the
men's
clothing.
These industries have passed their fall peak in September and losses in them
were
reported in all upstate districts.
facture
is
almost
as
important
as
In Rochester, where apparel manu¬
metal manufacture,
losses
in forces
at
apparel plants almost obliterated the good gains at metal and food plants
and the payroll losses more than offset the gains.
In the BinghamtonEndicott-Johnson City area, all industries except shoes
reported good gains
In the other four upstate areas, the metal industries
-
adjusted index of industrial production,
for three months had been at
though
this month.
which
level of 121% of the 1935-39
average, ad¬
more
are
employ
workers than all other industries combined and the
apparel industries
relatively unimportant.
Gains at machinery firms in Albany-Schenec.
Volume
The Commercial & Financial Chronicle
151
The Bank also
tady-Troy, at automobile plants in Buffalo and Syracuse and at firearms
and non-ferrous metal
in
plants in Utica were the most important increases
At
Delaware
to
Per Cent Change
Sept., *39 to Sept., AO
Per Cent Change
Payrolls
Employm't
_
-
New York City
;
+ 24.2
+ 28.3
+ 12.1
+ 26.6
+ 7.5
+6.1
+ 26.1
♦
■—0.8
+3.8
—1.1
+4.0
+ 5.5
Syracuse
+ 1.5
Rochester
+ 5.4
+3.5
Binghamton-Endicott-Johnson City
+0.1
*
increases
employment
in
and
payrolls in 10 of the years.
1.6%
in
and
fifth consecutive month in which the changes
payrolls
for
for reporting non-manufacturing estab¬
payrolls were computed
in
of the 12
groups
of manufacturing industries
showed improvement
payrolls, while three of the six
of non-manufacturing industries indicated increases in both employ¬
employment and eight groups a rise in
groups
ment
In
and
payrolls for the month.
general, the trend of employment and
payrolls changes by industry
considerably similar to the August to September pattern for
previous years. The greater than usual improvement for the stone-clay and
glass products, metals and machinery, wood and allied products, chemicals
and allied products, clothing and millinery, and the wholesale and retail
trade groups of industries was primarily responsible for the non-seasonal
employment and payrolls gains during the period.
The relative increases in employment for industry groups showing large
was
groups
of
the
wage
explained
on
Rubber products 8.1%, wood products 4.9%,
and allied products 4.4%, textiles 4.4%,
transportation equipment 3.1%, metals and machinery 2.8%, wholesale
and retail trade 2.8%, food and beverages 1.9%, and the clothing and
gains during the month were:
coal mining 4.8%,
chemicals
millinery group
1.7%.
6.1% for the building construction
4.1% for the paper and printing group, 2.6% for
the leather and allied products group, 1.9% for the services group, and
0.9% for the public utilities group of reporting establishments offset some
of the employment gains by other industry groups.
Declines in
employment amounting to
and contracting group,
during September, 1939 and were only slightly lower than during
and
July of this
but
they
were
but
3%
received by the Federal
2.412 factories
ing
a
year,
Reserve
in this
Reserve Bank of Philadelphia from
This represents gains of 8%
State.
the low levels for
Under date of Oct. 21 the
level 0.9% higher than in the same month last year.
The purchasing
reached last spring.
116.4 cents in September,
slightly less than
increased consid¬
erably instead of showing the customary decline.
The greatest improve¬
ment was reported by producers of heating and plumbing supplies and by
manufacturers of
such primary products as rolled steel and forgings.
Substantial gains were also in evidence in the smelting, refining, and
fabrication
of non-ferrous metal
products, and in the production
of trans¬
portation equipment, especially at shipyards and factories turning out
and truck bodies an* parts.
Increases instead of usual declines were
auto
also
in evidence in the building materials industry, particularly at cement and
glass factories and lumber and planing mills.
the
ca3e
of
other products,
the greatest improvement was
reported
of shoK., rubber products, and various chemical lines
6uch as explosives, coke, and industrial chemicals.
Small seasonal gains were in evidence in the textile and clothing industiy, owing primarily to improvement in wage payments at cotton and
woolen mills, dyeing and finishing plants, certain clothing factories, and
manufacturers
plants producing carpets and rugs.
Weekly earnings of factory workers
Indexes of the Cost
Relative
in September advanced to $27.73,
highest level in the past 17 years, with the single exception of October,
Average hourly earnings advanced fractionally to 72.8c., and average
hours per
week reached the highest level of the year.
P. C. of Inc.
of
Living 1923=100
Import¬
Item
(+)orDec.{—)
'40
b/.
from Aug.
in
ance
Family
Sept.,
1940
to Sept.,
Aug.,
Budget
1940
1940
Food (a)__._
33
80.7
79.9
+ 1.0
Housing
20
87.0
86.9
+ 0.1
Clothing.
12
73.1
73.0
+ 0.1
80.3
80.2
+ 0.1
65.9
65.8
85.3
84.8
84.7
84.0
+0.2
+0.6
+0.8
86.4
86.4
0.0
97.9
97.4
+0.5
£.i.
....... .
Women's
....
5
Fuel and light..
Coal
Gas and electricity
(b).
30
Sundries
'
86.4
86.0
+0.5
115.7
100
Weighted average of all items..
Purchasing value of dollar
116.3
—0.5
of Labor Statistics to
Sept. 17, 1940 and Aug. 13, 1940.
b Based upon retail prices of 35 kilowatt hours of
electricity, 1,000 cubic feet of natural gas, or 2,000 cubic feet of manufactured gas
a
Based
on
food price indexes of the United States Bureau
Report of Lumber Movement, Week Ended Oct. 12, 1940
Lumber production
was
during the week ended Oct. 12, 1940,
1% greater than in the previous week; shipments were
4% less; new business 7% greater, according to reports to
the
National
Lumber
Manufacturers
Association^ from
regional associations covering the operations of representa¬
hardwood and softwood mills.
Shipments were 7%
tive
above production; new
orders, 15% above production.
Com¬
pared with the corresponding week of 1939, production was
5% greater, shipments 0.02% less, and new business, 7%
The industry stood at
76% of the seasonal weekly
1929 ship¬
of 1929 production and 88% of average
The Association further reported:
Comparisons
weeks of 1940 to date was 8% above
corresponding weeks of 1939; shipments were 6% above the shipments,
and new orders were 6% above the orders of the 1939 period.
For the 41
weeks of 1940 to date new business was 9% above production and ship¬
Reported
ments
were
for the 41
production
5% above production.
Supply and Demand Comparisons
The
ratio
of unfilled
orders to gross stocks was
31%
on
Oct. 12, 1940,
Unfilled orders were 9% greater than a
2% less.
compared with 28% a year ago.
year ago; gross
stocks
were
During the week ended Oct. 12, 1940, 506
feet of softwoods and
hardwoods combined;
booked orders of
Mills,
were:
296,557,000 feet.
500;
production,
mills produced 257,797,000
shipped
276,984,000
feet;
Revised figures for the preceding week
255,651,000
feet;
shipments,
288,847,000
feet; orders, 276,097,000 feet.
Lumber orders reported for the week ended Oct.
wood
mills
same
mills.
12, 1940, by 423 soft¬
totaled 283,785,000 feet, or 15% above the production of the
Shipments as reported for the same week were 264,201,000
feet, or 8% above production.
Production was 245,706,000 feet. Reports
from 98 hardwood mills give new business as 12,772,000 feet, or 6% above
Shipments as reported for the same week were 12,783,000
6% above production.
Production was 12,091,000 feet.
production.
feet,
or
Identical Mill Comparisons
Production
mills
was
during week ended
242,804,000
feet,
and
Oct.
a
12, 1940, of 401 identical softwood
year
ago
it
was
234,018,000
feet;
respectively, 261,149,000 feet and 260,823,000 feet, and
280,552,000 feet and 260,185,000 feet.
In the case of
hardwoods, 89 identical mills reported production this year and a year ago
10,866,000 feet and 8,393,000 feet; shipments, 11,990,000 feet and 12,358,000 feet, and orders, 11,839,000 feet and 12,480,000 feet.
shipments were,
orders received,
Weekly Statistics of Paperboard Industry
We
give herewith latest figures
received by
us
from the
Paperboard Association, Chicago, 111., in relation
to activity in the paperboard industry.
The members of this Association represent 93% of the
total industry, and its program includes a statement each
National
1929.
1939, 98.9
September, 1929, and 100.0 cents in 1923.
cents in
Softwoods and Hardwoods
principal gains in the past several months
reported since last April.
Employment in the iron and steel industry increased
usual from August to September, but wage payments
the
value of the dollar was 115.7 cents in September, as com¬
116.3 cents in August,
pared with
Bank went on to report:
have been in the capital
goods industries, where employment is now about 9% and payrolls 17%
above the levels prevailing in the second quarter of the year.
In con¬
sumers' lines the
gains in this period have approximated 6% in the
number of workers and 10% in wage payments.
In the heavy industries,
workers' income in September was 37% larger than a year earlier, while
in consumers' lines a small increase over the year before was the first
In
from August to September, reach¬
of sundries increased 0.5%
Year-to-Date
employment and 16% in payrolls over
by
0.8% between the two months, and were 2% above the
September, 1939 cost but were 7.2% lower than during September, 1929.
ments.
The
above the 1933 depression low point,
25.9% lower than in September, 1929.
were
Coal prices rose
September—Wages in
workers,
1929.
Clothing costs advanced 0.1% between August and September and were
Employment and Payrolls in
Delaware Also Advance
nearly
952,000
and wage disbursements in the month advanced
to nearly $24,700,000 a week, according to reports
32.1%
0.6% higher than
1939: 38.8% above the January, 1934 depression low,
1.2% higher than last year, 20.4%
average
Employment at Pennsylvania factories increased
2% from August to September to an estimated
June
Com¬
1939-1940 peak.
26.8% lower than in September, 1929.
and only 5.7% lower than in September,
greater.
the
when they attained their
Rents in September were 0.1% higher than in August,
Pennsylvania Factory
in
year
pared with the depression low of March, 1933, food prices advanced
Continued Increases Reported in
over
from August to September, were the same
Food prices, which rose 1%
as
the Board
earner's budget caused this rise,
Oct. 19, further adding:
Men's
lishments.
Nine
building materials, metal products, and transportation
with September, 1939, employment showed a gain
20%.
after
The cost
in em¬
all reporting industries were more favorable
than the previous 17-year average changes.
The net increase in employ¬
ment and payrolls for the five-month period, i.e., from April to Septem¬
ber, 1940, amounted to 6.2% for employment and 9.4% for payrolls.
The all-industry employment and payrolls indexes for September, 1940,
were 7.0% and 11.5% higher, respectively, than the indexes for September,
1939, and were 16.6% and 26.1% higher, respectively, than the indexes
for September, 1938.
The group of reporting manufacturing establishments indicated increases
of 2.0% in employment and 3.0% in payrolls from August to September,
while somewhat smaller increases amounting to 0.6% in employment and
September is the
ployment
about unchanged from August
than 3%.
The largest gains
payments
wage
during September,
payrolls were both
September increases for the previous
17-year period (1923-39), which average increases amounted to 1.2% for
employment and 0.3% for payrolls.
A rise in employment from August
to September was recorded in 14 of the previous 17 years, and an increase
in
more
living of wage earners' families in the United
declining for two months, rose 0.5% from
August to September, according to the monthly survey con¬
ducted by the
Division of Industrial Economics of the
Conference Board.
Increased costs of all the major items
the average August to
than
greater
was
increased
The cost of
The following is also from the report:
month's
employment
payrolls
in
Compared
8% and
States,
Employment and Payrolls in Illinois Con¬
tinued to Increase from August to September
Reports from 6,558 Illinois manufacturing and non-manu¬
facturing establishments covering 659,851 wage earners in
September indicated increases of 1.5% in employment and
2.6% in payrolls from August to September for these firms,
according to a report issued Oct. 19 by the Illinois Depart¬
current
concerning con¬
say
Advance of 0.5% in Cost of
Living in September
Industrial
The
following to
Conference Board Reports
Gain of less than 0.05%.
ment of Labor.
factories,
but
were
+ 16.8
+ 29.1
the
+30.8
+ 19.1
+ 8.0
+4.1
«...
+ 5.5
+3.5
+4.5
....
——_ .
pavrolls
of
Payrolls
+4.8
Albany-Schenectady-Troy
Utica
Employm't
+4.6
Buffalo
Septembei,
in
equipment.
City
had
ditions in Delaware factories:
those districts this month.
Aug. to Sept.. 1940
2411
orders and production, and
week from each member of the
based
on the time operated.
These figures are advanced to equal
100%, so that they represent the total industry.
also
a
figure which indicates the activity of the mill
PRODUCTION,
REPORTS—ORDERS,
STATISTICAL
ACTIVITY
MILL
Unfilled
Percent of
Orders
Orders
Received
Production
Tons
Tons
Activity
Remaining
Tons
Period,
Current
Cumulative
1940
26,
23 by Director William L. Austin, Bureau of
released Oct.
Census, Department of Commerce.
Statistics for 1940 are based on data
in
manufacturers
United
the
road tractors
and 61 making commercial cars, trucks, or
cars
72
received from
States, 22 making passenger
22 passenger car manufacturers also making
commercial cars, trucks, or road tractors).
It should be
noted that those making both passenger cars and
com¬
the
of
mercial
trucks,
cars,
road tractors have been included
or
in the number shown as making passenger cars and in the
Month of—
number shown as making commercial cars, trucks,
528,155
579,739
167,240
72
February
420.639
453,518
137,631
70
mm
March..
429.334
449,221
129,466
69
—
January—.
193,411
70
*
682,490
624,184
247.644
76
........
508,005
509,781
236,693
......
road
or
The figures for passenger cars in¬
respectively.
tractors,
*»
m
m
m
m
July
544,221
587,339
196,037
72
452,613
487,127
162,653
74
m m
468,870
470,228
163,769
72
122,037
196,037
74
funeral cars,
..
113 834
road tractors include those for ambulances,
fire apparatus, street sweepers, station wagons,
and
trucks,
mm
August
The figures for commercial cars,
clude those for taxicabs.
79
456.942
520.907
April
May....:
Oct.
the
(11
June..
Chronicle
The Commercial & Financial
2412
September
Week Ended—
Aug.
3
Aug. 10
■
small and hence a negligible factor in any analysis
for which the figures may be used.
Canadian production
is very
73
73
106,901
123,429
179,044
74
Aug. 17-
117,268
120,260
173,438
73
73
Aug. 24
112,970
121,226
169,142
74
73
Aug. 31
115,474
122,212
74
73
Sept. 7—
Sept. 14
92,066
120.662
97,766
162,653
157,043
60
73
73
...
but the number of such special purpose vehicles
and buses,
figures are supplied by the Dominion Bureau of Statistics.
Figures for the previous month api>eared in the Sept. 28,
1940, issue of the "Chronicle," page 1805.
123,418
154,311
76
Sept. 21
128,087
123,281
159,161
74
73
Sept. 28
128,055
73
131,737
163,769
167,953
78
5
125,763
128,203
78
73
134,149
130,483
170,669
79
73
Year and
174,906
78
73
Month
Oct.
Oct.
12.__.
19
Oct.
127,271
132,322
-
Note—Unfilled orders of the prior week plus orders
NUMBER OF VEHICLES (INCLUDING CHASSIS)
Pas¬
(All
Passenger
reports, orders made for or filled from stock, and
ments of unfilled orders.
Cars
&c.
Cars &
Cars
Trucks
Total
1940—
75,873
46,823
29,050
13,993
1,510
12,483
269,108
224,470
44,638
15,475
3,410
12,065
3,005,212
2,467,492
537,720
154,848
80,603
74,245
1,068
2,407
August
September.
Automobile Financing in
Total 9
July
The dollar volume of retail financing
for July, 1940 for
amounted to $166,034,312, a decrease
with June, 1940; an increase of 36.4%
as compared with July, 1939; and an increase of 100.9% as
compared with July, 1938. The volume of wholesale financ¬
ing for July, 1940 amounted to $141,977,131, a decrease of
12.4% compared with June, 1940; an increase of 41.3% as
compared with July, 1939, and an increase of 131.7% as
compared with July, 1938.
the 400 organizations
of 0.5% as compared
of
volume
The
retail
amounted
receivables
automobile
ing at the end of July, 1940,
as
outstand¬
to
99,868
Summary for 400 Identical Organizations
Total 9
Unclassified
Cars
Number
of
in
Number
in
of
Thou¬
of
Thou¬
Cars
Thou¬
Cars
Number
in
Dollar*
Volume
Volume
Volume
in
Thousand
sand
Cars
Dollars
Dollars
Total
7
ended
166,921
166,034
389,761
a392,659
141,891
138,746
95,038
92,744
247,870
253,913
71,883
"The
1,955,921
504,052
110,397
79,642
30,755
3,389
90,494
58,624
3,063
65,159
31,870
18,375
6,452
83,534
6,089
4,290
1,799
1,518,814
1,167,141
351,673
123,706
88,728
34,978
—
-
-
Employment at Highest Level in 20 Years,
Says Bank of Montreal
usual
the country
884,417 583,181 1,536,388 444,361
138,571
121,737
340,245
300,115
116,993
76,249
223,252
103,845
67,000
196,270
62,322
54,736
for the
purpose."
7
July
The bank's review
goes
to
on
vC;
the acceleration of war industries and partly to the
for military training, employment is at the highest
level in the 20 years during which records have been kept, and signs
cf a shortage in skilled labor have appeared.
Consequently, workers engaged
partly
calling
what
in
military
their
women
a
men
considered essential
are
pone
in
trade all
to
of
up
for work
which
employment
was
level,
the
of
workers
have
11,000.
latter
its
are
firms
have
not
reflection
to
are
be permitted
also
laying
to post¬
plans
hitherto attempted.
wholesale
on
and
to
The
retail
while the building construction industry, long
is experiencing a marked revival.
in value than
greater
the
services
certain
having
is
the country,
over
low
war
training and
aircraft
been
present month the allocation of war contracts
in
any
industry
engaged
single week since the
is being steadily
war
began.
The
40%
more
now
being
increased;
the last three months, the total
in
Every shipyard in Canada is working overtime and announcement
train for
a new
shipbuilding
program.
mos.
ended
are
■
has been made.that plans are in
Total
business
plants have been working at capacity, with plant extensions
everything in progress and new i>lants and new industries
being established as rapidly as men and materials can be
activity
100,489
Canadian
speed ahead!'
During the month the first class for com¬
pulsory military training has been called to camp, while
in the matter of production of munitions of war, existing
at
1939—
122,684
of
in the production of war munitions and fighting
In the first week of the
July 1,310,944 2,420,865 1,027,542
indices
economic
forces," the Bank of Montreal states in its latest "Business
Summary." "In both respects the order of the day is 'Full
73,289
mos.
June.........
July
428
2,459,973
completely overshadowed by the swift progress toward the
utilization of every resource of manpower and material in
increase
1940—
162,100
141,977
3,494
Canadian
train
July
3,475
3,922
Total 9 mos. end. Sept.
sand
sand
?
Dollars
June—...
38,461
27,132
1938—
August
September...
Due
Used and
New Cars
Total
ing
Volume
.
161,625
say:
Financ¬
Month
188,757
end. Sept.
mos.
mobilized
Retail Financing
Wholesale
and
61,407
......
August
September
$1,105,275,234.
AUTOMOBILE FINANCING
Year
end .Sept
mos.
1939—
reported by the 214 organiza¬
These 214 organiza¬
tions accounted for 95.0% of the total volume of retail financ¬
ing, $166,034,312 reported for that month by the 400
organizations.
The following tabulations on automobile financing for
400 organizations, and on retail automobile receivables for
214 organizations for July, 1940, are as reported by the
Bureau of the Census, Department of Commerce.
Figures
on automobile financing for the month of June, 1940, were
published in the Oct. 5, 1940, issue of the "Chronicle,"
page 1965.
I
tions
950,155 2,007,132
808,591
693,659 442,853 1,313,473 365,737
74,212
July
61,279
Total
7
ended
Of this
and Its Products—-Mexico Reported "Can¬
celling" Japanese Oil Leases—I. P. A. A. Hits Texas
Petroleum
1938—
June.--......
244,142
218,947
72,969
46.202
171,173
64,500
92,818
82,633
40,880
154,447
46,615
41,753
Railroad
Commission—Daily Average Crude Out¬
Rises—Crude Oil Inventories Lower—Bahrein
Plants Bombed by Italian Planes
mos.
July
562,542 1,562,869
598,834
number 35.3% were new cars,
put
476,722 300,413 1,086,147 298,419
64.2%
were
used cars, and 0.4% un¬
Reports from Mexico City during the week indicated that
classified.
RETAIL AUTOMOBILE RECEIVABLES OUTSTANDING END OF MONTH
AS
REPORTED
BY
1940
•
*'V"
January
February
''
June
1,063,638,452
Of
the
224
IDENTICAL
$
$
709,667.390
739,798,724
779,381,455
817,788,623
organizations
1939
1940
696,959,547 July
691,191,242 August.
..1,105,275,234
840,491.007
854,629,839
September..
848,528,973
October
849,831,661
November..
859,989,858
875,078,033
December..
formerly Included in retail automobile receivables,
have been taken over by reporting companies
the Cardenas Administration had decided to hold the
prior to January, 1940.
Japanese-controlled Veracruzana Oil Co.
to explore 250,000 acres in Vera Cruz State on a five-year
lease in "abeyance" for the time being.
It was further
indicated that the Government would find
future.
September
States,
including
complete
units
or
vehicles
reported
as
technical¬
near
'
.
While there
official comments available, either in
were no
Mexico City or in
Washington, oil men generally agreed that
from the /United States was behind the
by the Cardenas Administration.
This theory was bolstered by the fact that at the same time
that the story of the "cancelled" oil leases was made public,
diplomatic
Factory sales of automobiles manufactured in the United
some
ity for outright cancellation of the lease within the
reversal
Automobile Output in
con¬
tract awarded the
ORGANIZATIONS ♦
S
April
May
March
214
1939
S
876,699,079
887,096,773
918,645,709
971,940,670
1,021,533,732
*
Comm'l
senger
Trucks,
Vehicles)
received, less production, do
for delinquent;
other Items make necessary adjust¬
(Production)
Total
necessarily equal the unfilled orders at the close. Compensation
not
a
Canada
United Stales (Factory Sales)
it also
of
was
pressure
the
decision
disclosed that
the
Mexican Petroleum Adminis¬
tration had decided against
foreign countries from parts made in the
United
States, for September, 1940, consisted of 269,108
vehicles, of which 224,470 were passenger cars and 44,638
selling 19,000 tons of scrap iron
to Japan, despite the higher bid made by Nipponese factors,
and instead would sell the scrap to the Allied Purchasing
commercial cars, trucks, or road tractors, as
Commission in the United States.
assembled
in
compared with
75,873 vehicles in August, 1940 ; 188,757 vehicles in Septem¬
ber, 1939, and 83,534 vehicles in September, 1938.
These
statistics, comprising data for the entire industry, were
Washington gossip
cated that there
oil
was
over
a
the Mexican oil situation indi¬
strong liklihood of the return of the
properties to the American and British oil companies
Volume
involved
The Commercial & Financial Chronicle
151
in
the
$500,000,000 expropriation orders of 1938
when the new president comes into office shortly.
It was
reported that only a "face-saving" agreement remained to
be worked out, and then the oil companies would be given
back their rights to exploit the oil properties in Mexico.
Supporting this theory is the fact that since the expropria¬
tion, the Mexican Government has had trouble with the
workers' unions who found
that
"they had killed the
out—as
oilmen
put it—
that laid the golden eggs"
goose
some
when they worked to expel the companies.
Despite
a
hard fight, which almost
precipitated
a
split
within the organization's ranks, the Independent Petroleum
Association of America passed a resolution in the final day
of
its convention
last
week
charging the Texas Railroad
Commission with flagrant abuse of the State's conservation
laws, fostering of selective buying and condemning the
group's policy of granting special allowables without open
hearings.
Members of the association who
of the resolution declared that it
fought against the
was a
passage
tacit admission of the
collapse of State oil control and afforded valuable ammuni¬
tion to those factors in Washington seeking to place the petro¬
leum industry under Federal control.
It also was argued
that
since the
Independent Petroleum Association was
national in scope and included members from other oilproducing States where output was far in excess of the
Bureau of Mines' recommendations, such members should
be allowed
not
to
criticize
Texas
when "their
own
skirts
not clean."
Proponents of the resolution argued that
a vital factor on the national
price structure, and also that abuse of the conservation
laws in Texas might spread to other States if allowed to pass
unchallenged.
The Association passed a five-point program for the
coming year, asking the limiting of imports to 4.5% of the
total current domestic demand, including ship supplies, and
urged the balancing of supply with demand by the oil pro¬
ducing States. It also asked for correction of inequities in
present tax laws and discontinuance of excessing drilling.
were
Texas over-production was
The Association also made known its determination to work
for
voluntary agreements within the industry, subject to
the approval of the proper Federal agency.
It denounced
the Department of State for continued refusal to make
known its "determination to present to
American petroleum
oil import levies."
The Association also demanded the return to Congress of
control over the import situation assumed by the Department
importing companies
a
50% rebate
on
average
ended Oct.
market
production of crude oil during the week
19 continued far in
demand
estimates.
excess
The
American Petroleum Institute disclosed that
crude
the week
for
report of
bear
it
the Netherlands East Indies Government to induce
on
annul
to
Reflecting
seasonal
The American oil
first time
on
war
for the
Oct. 20 when American-owned refineries
on
Bahrein Island
were reported set on fire by Italian bombers.
Technically, the Italian bombs fell upon British objectives,
even through the wells and refineries are American-owned,
because
the Bahrein Petroleum Co., Ltd., is British
incorporated.
There were no price changes posted during the week.
Barrel at Wells
advance.
Since stocks of kerosene are none too plentiful,
the advance had been expected in the trade.
Refinery operations were off 0.7 point during the week
Oct. 19, dropping to 81.5% of capacity.
Daily
average runs of crude oil to stills, according to the American
Petroleum Institute, were off 30,000 barrels to 3,525,000
barrels.
Production of gasoline was off 218,000 barrels,
ended
which aided
Bradford, Pa..
1.05
Illinois..
Kentucky..90
Mld-Cont't, Okla., 40 and above— 1.03
Rodessa, Ark., 40 and above...
1.25
Western
Smackover, Ark., 24 and over
73
contra-seasonal
a
over
'
OPERATIONS
Huntington, Calif., 30 and over—
Kettleman Hills, 39 and over......
1.15
1.38
PRICES
TO
BRITAIN BY DUTCH—REFINERY
LOWER—MOTOR
FUEL
INVENTORIES
DIP
Underlying conditions in the metropolitan New- York
area's gasoline price structure strengthened somewhat dur¬
ing the week, with Soeony-Vacuum Oil Co. posting an
advance of 0.4 cents a gallon for Mobilgas in Manhattan,
Brooklyn, the Bronx and Queens.
Prices in other areas
unfinished
of
Oct. 21—Socony-Vacuum advanced gasoline prices 0.4 cents
Manhattan, Brooklyn, the Bronx and Queens.
a
gallon in
Oct. 25—Standard of New York raised metropolitan New York kerosene
prices 0.3 cent
gallon, the New York harbor price moving up to 5.1 cents
a
gallon.
V. S. Gasoline (Above 65 Octane)» Tank Gar Lots, F.O.B.
Refinery
New YorkOther Cities—
New York-
St. Oil N. J.$.06
-MM
Texas
Socony-Vac. .06
-MM
Gulf
.08H-MX
New
Shell East'n
.07 >$-.08
Gulf
T.Wat.OIL .08X-.08M
$.07 >$.-08
Chicago .....$.04M-M%
Orleans. .00 >$-.07
RichOll(Cal) .08M-MH
Warner-Qu.
.05M
ports
Tulsa..
.04#-.05H
.07H-.08
Kerosene, 41»43 Water White, Tank Car, F.O.Br Refinery y ®
New York—
i
North Texas....
$.041 New Orleans.$.05Ji-.06K
.04
-.04 K
(Bayonne)........1.0511Los Angeles.... .03>$-.051Tulsa
Fuel
Oil/ F.O.B. Refinery
N. Y. (Harbor)—
$1.50
...
Terminal
California 24 plus D
Bunker C
Diesel
or
New Orleans C
$1.00-1.25
$1.00
Pbila., Bunker C
1.50
2.10-2.20
Gat Oil, F.O.B.
N. Y. (Bayonne)—
7 plus
Refinery
i
28.30 D
Terminal
Chicago—
$.041
or
|TuIsa..........$.02K-.03
$.053
I
Gasoline, Service Station, Tax Included
z
New York
z
Brooklyn
z
$.171 Newark
$.1661 Buffalo
.171 Boston
Not including
$.17
1851 Chicago
17
2% city sales tax.
Daily Average Crude Oil Production for Week Ended
Oct. 19, 1940, Gains 26,000 Barrels
American
The
daily
Oct.
Petroleum
Institute
estimates
f
that
the
crude oil production for the week ended
19, 1940, was 3,667,550 barrels.
This was a gain of
average gross
26,000 barrels from the output of the previous week. The
current week's figures were above the 3,580,600 barrels
to be the total
of the restrictions imposed by the various
oil-producing States during October.
Daily average pro¬
duction for the four weeks ended Oct. 19, 1940, is estimated
3,649,450 barrels. The daily average output for the week
Oct.
21, 1939, total 3,771,900 barrels.
Further
details as reported by the Institute follows:
at
ended
Imports ol' petroleum for domestic use
and receipts in bond at principal
United States ports, for the week ended Oct. 19, totaled 1,662,000 barrels,
daily average of 237,429 barrels, compared with a daily average of 163,571
weeks
ended
bonded
or
Oct.
19.
and 220,750 barrels daily for the four
These figures include all
oil imported, whether
for domestic use, but it is impossible to make the separation in
.75
Michigan crude
.76-1.03
Sunburst, Mont...—.90
FOUR TANKERS—JAPAN SEEKS
BAN GASOLINE SALES TO
reduction
barrels for the week ended Oct. 12,
..$1,03
1.10
Darst Creek
REFINED PRODUCTS—SOCONY LIFTS NEW YOIiK GAS
—NAVY REQUISITIONS
of finished and
stocks
gasoline to
271,000 barrels to
81,656,000 barrels. Increased industrial activity was shown
in the draft of 308,000 barrels on residual fuel oil inventories.
Representative price changes follow:
show
a
(All gravities where A. P. I. degrees are not shown)
$1.85 Eldorado, Ark., 40
Coming, Pa_-W_»,,-.—1.02 Rusk, Texas, 40 and
Standard
calculated by the United States Department of the Interior
1
industry "felt" the European
Prices of Typical Crude per
strengthening of demand,
affecting New York
City, Long Island, Westchester and east to Stamford, Conn.
Under the change, which became effective October 25, the
new tank car price in New York moves
up to 5.1 cents a
gallon.
Other marketers announced they would meet the
As usual the
from the initial week of October.
prices
Oil Co. of New York advanced the New York harbor
price
of kerosene 0.3 cent a gallon, the change
daily output of
sharpest gain was shown by Texas were daily
average production of crude was up 27,350 barrels to 1,375,650 barrels.
A gain of 8,750 barrels for Oklahoma
lifted the daily average flow of crude oil to 398,350 barrels.
Illinois checked its sustained decline in production, crude
output rising 5,000 barrels to set the daily figure at 3&1,000
barrels.
Louisiana showed a nominal gain, output rising
150 barrels to a daily total of 284,600 barrels.
California
wells produced 7,000 barrels less daily, with the average
slipping off to 620,200 barrels. Kansas production was off
1,650 barrels to a daily total of 195,450 barrels.
Inventories of domestic and foreign crude oil held in the
United States dropped 1,040,000 barrels during the week
ended Oct. 12, totaling 261,511,000 barrels, according to
the Bureau of Mines' report made public Oct. 21.
Holdings
of domestic crude oil were off 865,000 barrels, while stocks
of foreign crude oil slumped 175,000 barrels.
Stocks of
heavy crude oil in California, not included in the "refinable"
crude stocks, totaled 12,545,000 barrels, off 19,000 barrels
company cut
contracts with Britain."
the
of 3,580,600
week ago, the
existing contracts allocating all aviation
gasoline produced in the Dutch Eastern colonies to Great
Britain, according to reliable sources tonight. The Japanese
commercial fission to Batavia, according to informants,
is reported to be attempting to obtain transfer of the
British contracts to Japan and has offered increased
purchase
of other Netherlands East Indies
products if the Dutch
colonial Government will yield on the gasoline
question.
So far, the informants said, the Dutch have
rejected the
Japanese proposals, asserting it is impossible to break the
up
market demand estimate of the Federal agency
barrels daily.
a
operating in the Gulf Coast-Atlantic seaport trade since
their completion about a year ago.
The tankers are the
Seakay and the Markay, owned by the Keystone Tank
Ship Corp., and the other two were reported to be Esso
tankers, owned by the Standard Oil Co. of New Jersey.
A United Press
dispatch from London, dated Oct. 20,
reported that "Japan is bringing all possible pressure to
26,000 barrels to 3,667,550
barrels, which is nearly 90,000 barrels above the October
was
Just
by 0.4 cents a gallon. However, the pricecontinues in most of the city's areas.
The United States Navy has requisitioned four new clean
tankers owned by private
companies, and which have been
war
of Bureau of Mines
mid-week
changed.
2413
for these counties
a
of State.
Daily
were not
weekly statistics.
Receipts of California oil at Atlantic and Gulf Coast ports during the
week ended Oct. 19, amounted to
barrels.
oil; at Philadelphia, 152,000
of crude oil; at
a
daily
average of
45,857
At New York, 77,000 barrels of fuel
barrels of gasoline; at Savannah, 72,000 barrels
Houston, 20,000 barrels of gasoline.
Reports recei ved from
barrel
321,000 barrels,
Receipts were as follows:
estimated
refining companies owning 86.2 % of the 4,535,000
daily potential refining capacity of the United
indicate that the industry as a
basis, 3,525,000
States,
whole ran to stills, on a Bureau of Mines'
barrels of crude oil daily during the week, and that all
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as
of the end of the week, 81,656,000 barrels of finished and
The total amount of gasoline produced by all com¬
unfinished gasoline.
panies is estimated to have been
11,696,000 barrels during the week.
Volume
The Commercial & Financial Chronicle
151
involved in
the
$500,000,000 expropriation orders of 1938
president comes into office shortly.
It was
reported that only a "face-saving" agreement remained to
be worked out, and then the oil companies would be given
back their rights to exploit the oil properties in Mexico.
Supporting this theory is the fact that since the expropria¬
when the
workers' unions
who
found
out-—as
trouble with
that "they
four new clean
and which have been
operating in the Gulf Coast-Atlantic seaport trade since
their
completion about a year ago.
The tankers are the
Seakay and the Markay, owned by the Keystone Tank
Ship Corp., and the other two were reported to be Esso
tankers, owned by the Standard Oil Co. of New Jersey.
A United Press dispatch from London, dated Oct. 20,
reported that "Japan is bringing all possible pressure to
tankers owned by private companies,
the
oilmen put
had killed the goose
they worked to expel the companies.
Despite a hard fight, which almost precipitated a split
within the organization's ranks, the Independent Petroleum
Association of America passed a resolution in the final day
of its convention last week charging the Texas Railroad
Commission with flagrant abuse of the State's conservation
laws, fostering of selective buying and condemning the
group's policy of granting special allowables without open
hearings.
Members of the association who fought against the passage
was a
bear
it
allowed
be
tacit admission of the
criticize
to
Texas
when
"their
own
Association
The
passed a five-point program for the
coming year, asking the limiting of imports to 4.5% of the
total current domestic demand, including ship supplies, and
urged the balancing of supply with demand by the oil pro¬
ducing States.
It also asked for correction of inequities in
present tax laws and discontinuance of excessing drilling.
The Association also made known its determination to work
the industry, subject to
Federal agency.
It denounced
for continued refusal to make
known its "determination to present to American petroleum
importing companies a 50% rebate on oil import levies."
The Association also demanded the return to Congress of
control over the import situation assumed by the Department
for
Reflecting seasonal strengthening of demand,
voluntary agreements within
the approval of the proper
the Department of State
Standard
price
of kerosene 0.3 cent a gallon, the change affecting New York
City, Long Island, Westchester and east to Stamford, Conn.
Under the change, which became effective October 25, the
new tank car price in New York moves up to 5.1 cents a
gallon.
Other marketers announced they would meet the
advance.
Since stocks of kerosene are none too plentiful,
the advance had been expected in the trade.
Refinery operations were off 0.7 point during the week
ended Oct. 19, dropping to 81.5% of capacity.
Daily
average runs of crude oil to stills, according to the American
Oil Co. of New York advanced the New York harbor
skirts
Proponents of the resolution argued that
Texas over-production was a vital factor on the national
price structure, and also that abuse of the conservation
laws in Texas might spread to other States if allowed to pass
unchallenged.
i
Petroleum
Daily
production of crude oil during the week
average
19 continued far in
Oct.
excess
off 30,000 barrels to 3,525,000
gasoline was off 218,000 barrels,
which aided stocks of finished and unfinished gasoline to
show a contra-seasonal reduction of 271,000 barrels to
81,656,000 barrels. Increased industrial activity was shown
in the draft of 308,000 barrels on residual fuel oil inventories.
Representative price changes follow:
crude
the
Oct. 25—Standard of New York raised metropolitan New York kerosene
prices 0.3 cent
week
was
U. S. Gasoline (Above 65 Octane), Tank Car Lots, F.O.B. Refinery
St. Oil N. J.$.06
sharpest gain was shown by Texas were daily
production of crude was up 27,350 barrels to 1,375,650 barrels.
A gain of 8,750 barrels for Oklahoma
lifted the daily average flow of crude oil to 398,350 barrels.
Illinois checked its sustained decline in production, crude
output rising 5,000 barrels to set the daily figure at 351,000
barrels.
Louisiana showed a nominal gain, output rising
150 barrels to a daily total of 284,600 barrels.
California
wells produced 7,000 barrels less daily, with the average
slipping off to 620,200 barrels. Kansas production was off
1,650 barrels to a daily total of 195,450 barrels.
Inventories of domestic and foreign crude oil held in the
United States dropped 1,040,000 barrels during the week
ended Oct. 12, totaling 261,511,000 barrels, according to
the Bureau of Mines' report made public Oct. 21.
Holdings
of domestic crude oil were off 865,000 barrels, while stocks
of foreign crude oil slumped 175,000 barrels.
Stocks of
heavy crude oil in California, not included in the "refinable"
crude stocks, totaled 12,545,000 barrels, off 19,000 barrels
As usual the
average
Shell East'n
industry "felt" the European war for the
Tulsa
RlchOil(Cal) .08M-.08H
Warner-Qu. .07M-M
i
North Texas
$.041 New Orleans.$.05J*-.06H
.03K-.051 Tulsa
$.0511 Los Angeles
(Bayonne)
N. Y. (Harbor)—
Bunker C
--.$1.50
New Orleans C
California 24 plus D
$1.00-1.25
N. Y. (Bayonne)—
7 plus
|
Chicago—
$.041
28.30 D
z
New York
z
Brooklyn..
$.171 Newark
.171 Boston
-
Not including
z
-
-
Oct. 19, 1940,
.17
Gains 26,000 Barrels
Petroleum
American
The
Institute
estimates
that
the
daily average gross crude oil production for the week ended
Oct.
19, 1940, was 3,667,550 barrels.
This
was a
gain of
26,000 barrels from the output of the previous week.
week's
current
figures
were
above
the
The
3,580,600 barrels
be the total of the restrictions imposed by the various
to
details
as
price changes posted during the week.
a
Barrel at Wells
Bradford, Pa
Corning, Pa
Rusk, Texas, 40 and over
Darst Creek
pro¬
estimated
The daily average output for the week
total 3,771,900 barrels.
Further
reported by the Institute follows:
3,649,450 barrels.
1939,
21,
petroleum for domestic use and receipts in bond at principal
week ended Oct. 19, totaled 1,662,000 barrels,
daily average of 237,429
barrels for the
$1.03
1.10
.75
.76-1.03
Sunburst, Mont
.90
Huntington, Calif., 30 and over— 1.15
Kettleman Hills. 39 and over
1.38
Michigan crude.-
LIFTS NEW YORK GAS PRICES
REQUISITIONS FOUR TANKERS—JAPAN SEEKS TO
REFINED PRODUCTS—SOCONY
BRITAIN BY DUTCH—REFINERY
LOWER—MOTOR
FUEL INVENTORIES DIP
BAN GASOLINE SALES TO
weeks
ended
bonded
or
Underlying conditions in the metropolitan New York
area's gasoline price structure strengthened somewhat dur¬
ing the week, with Socony-Vacuum Oil Co. posting an
advance of 0.4 cents a gallon for Mobilgas in Manhattan,
Prices in other areas
barrels, compared with a daily average of 163,571
week ended Oct. 12, and 220,750 barrels daily for the four
Oct.
19.
These figures include all oil imported, whether
for domestic use, but it is impossible to make the
separation in
weekly statistics.
Receipts of
California oil at Atlantic and Gulf Coast ports during the
amounted to 321,000 barrels, a daily average of 45,857
week ended Oct. 19,
barrels.
Receipts were as follows:
At New York, 77,000 barrels of fuel
Philadelphia, 152,000 barrels of gasoline; at Savannah, 72,000 barrels
crude oil; at Houston, 20,000 barrels of gasoline.
oil; at
of
Reports
barrel
received from refining companies owning 86.2% of the 4,535,000
estimated daily potential refining capacity of the United States,
indicate that
Brooklyn, the Bronx and Queens.
average
United States ports, for the
(All gravities where A. P. I. degrees are not shown)
Eldorado, Ark., 40
Daily
duction for the four weeks ended Oct. 19, 1940, is
Imports of
$.17
$.1661 Buffalo.
.1851 Chicago
2% city sales tax.
Daily Average Crude Oil Production for Week Ended
incorporated.
OPERATIONS
...I.02K-.03
| Tulsa
$.0531
Gasoline, Service Station, Tax Included
Oct.
—NAVY
1.50
—
Ga« OH, F.O.B. Refinery or Terminal
ended
$1.85
1.02
1.05
Western Kentucky
90
Mld-Cont't, Okla., 40 and above.» 1.03
Rodessa. Ark., 40 and above
1.25
Smackover, Ark., 24 and over
.73
—$1.00
Phila., Bunker C
2.10-2.20
Diesel
at
Illinois
-.04J£
.04
Fuel Oil, F.O.B. Refinery or Terminal
through the wells and refineries are American-owned,
because
the Bahrein
Petroleum Co.,
Ltd., is British
even
Prices of Typical Crude per
$.0iM-.05M
.06M-.07
.05M
0iH-MH
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
Technically, the Italian bombs fell upon British objectives,
on
were no
Orleans-
Gulf ports.--
.07 ^-.08
oil-producing States during October.
There
New
08H-.08H
Oct. 20 when American-owned refineries on
Bahrein Island were reported set on fire by Italian bombers.
time
first
Chicago
$.07^.-08
Gulf
calculated by the United States Department of the Interior
from the initial week of October.
The American oil
Other Cities—
Texas
-MM
Socony-Vao. .06
-.06 M
T.Wat.Oil. .08K-.0854
up
of 3,580,600
New York—
New York—
of Bureau of Mines
market demand estimate of the Federal agency
barrels daily.
gallon, the New York harbor price moving up to 5.1 cents
a
gallon.
a
26,000 barrels to 3,667,550
barrels, which is nearly 90,000 barrels above the October
for
of
Oct. 21—Socony-Vacuum advanced gasoline prices 0.4 cents a gallon in
The
estimates.
were
Manhattan, Brooklyn, the Bronx and Queetis.
mid-week report of the
American Petroleum Institute disclosed that daily output of
demand
market
Institute,
Production
barrels.
of State.
ended
annul
contracts with Britain."
not clean."
were
the Netherlands East Indies Government to induce
on
to
existing
contracts
allocating all
aviation
gasoline produced in the Dutch Eastern colonies to Great
Britain, according to reliable sources tonight. The Japanese
commercial mission to Batavia, according to informants,
is
reported to be attempting to obtain transfer of the
British contracts to Japan and has offered increased purchase
of other Netherlands East Indies products if the Dutch
colonial Government will yield on the gasoline question.
So far, the informants said, the Dutch have rejected the
Japanese proposals, asserting it is impossible to break the
collapse of State oil control and afforded valuable ammuni¬
tion to those factors in Washington seeking to place the petro¬
leum industry under Federal control.
It also was argued
that since
the
Independent Petroleum Association was
national in scope and included members from other oilproducing States where output was far in excess of the
Bureau of Mines' recommendations, such members should
not
Just a week ago, the company cut prices
by 0.4 cents a gallon. However, the price-
continues in most of the city's areas.
The United States Navy has requisitioned
when
of the resolution declared that it
2413
war
it—
that laid the golden eggs"
some
changed.
for these counties
new
the Mexican Government has had
tion,
not
were
the industry as a whole ran to stills, on a Bureau of Mines'
basis, 3,525,000
barrels of crude oil daily during the week, and that all
refineries, bulk terminals, in transit and in
of the end of the week, 81,656,000 barrels of finished and
The total amount of gasoline produced by all com¬
companies had in storage at
pipe lines as
unfinished gasoline.
panies is
estimated to have been 11,696,000 barrels during the week.
The Commercial & Financial Chronicle
2414
DAILY
pound of coal.
Note that most of the supply of petroleum products is not directly
competitive with coal.
(Minerals yearbook, 1938, page 702.)
c Sum of 41 full
weeks ended Oct. 12,1940, and corresponding 41 weeks of 1939 and 1929.
d Subject
(Figures In Barrels)
Actual Production
adjustment.
to current
Pour
Week
Calcu¬
Week
Weeks
Change
26, 1940
barrel of oil and 13,100 B.t.u.'pe
equivalent coal assuming 6,000,000 B.t.u. per
AVERAGE CRUDE OIL PRODUCTION
(a)
B.o/M.
Oct.
lated
Stale
Ended
from
Ended
Require¬
Oct. 19,
Previous
Oct. 19.
ables
1940
Week
1940
AND
ANTHRACITE
COKE
BEEHIVE
Oct. 21.
ments
PENNSYLVANIA
OF
PRODUCTION
Ended
Allow¬
ESTIMATED
1939
(In Net Tons)
Calendar Year to Date c
Week Ended
<Oct.)
Oklahoma..
403,500
390,000 b398,350
Kansas
178,700
188,450
401,700
428,000
bl95,450
+8,750
—1,650
194,300
174,850
b2,550
+ 150
1,600
Nebraska
Oct.
Oct. 5.
Oct. 14,
1940
12,
1939
1940
1929
1939
1940
Penna. Anthracite—
80,500
—650
80,500
111,200
+ 1,700
+ 200
Panhandle Texas...
71,400
239,400
77,850
+8,300
East Central Texas.
East
374,900
—50
118,950
30,950
233,300
73,500
374,150
224,550
+3,100
222,250
492,450
232,100
236,000
+ 11,450
223,950
242,450
North Texas
31,250
West Central Texas.
West Texas..
Texas
Southwest
Texas...
Coastal Texas
...
+3,300
95,000
33,400
259.100
88,700
Total,
including col¬
886,000 714,000 1,240,000 38,644,000 41,101,000 56,221,000
liery fuel a
Commercial produe'nb 842,000 678,000 1,178,000 36,715,000 39,046,000 52,173,000
Beehive Coke—
Daily average
Includes washery and dredge
a
+27,350 1,357,550 1,514,600
6,385,100
576,300
2,352
1,805,800
8,133
7,371
21,9 8
coal, and coal shipped by truck from authorized
ended Oct. 12, 1940
b Excludes colliery fuel,
c Sum of 41 full weeks
41 weeks of 1939 and 1929.
operations,
1,305,200 C1380000 1,375,050
Total Texas.
48,800
72,600
12,100
76,600
12,767
United States total...
and corresponding
OF COAL. BY STATES
(In Thousands of Net Tons)
ESTIMATED WEEKLY PRODUCTION
66,400
+ 500
65,350
60,200
218,200
—350
219,100
196,000
North Louisiana
Coastal
Louisiana.
Total
.„
274,200
209,631
284,600
+ 150
284,450
262,200
70,700
Louisiana...
08,825
69,700
—1,700
71,750
9,000
bl4,250
—1,800
18,000
351,100
+ 5,000
bl8,150
—950
353,950
18,750
327,700
9,300
....
Indiana
Eastern (not incl. Illi¬
1
the operators.
Week Ended—
350
405,200
Mississippi
from dis¬
subject to revision on receipt of monthly tonnage reports
05,350
Arkansas...
Illinois
based on railroad carloadings and river ship¬
The current weekly estimates are
ments and are
trict and State sources or of final annual returns from
Oct.
State
Oct. 5,
Sept:28,
Oct. 7,
Oct. 8,
1940
1939
1938
Avge.
Oct. 5,
1940
1929
102,950
86,400
89,700
—550
53,900
47,200
—600
48,860
62,450
Alaska,.
2
2
3
3
77,450
18,500
3,600
101,100
—1,150
78,350
65,000
Alabama
296
310
282
248
—150
18,050
17,250
Arkansas and Oklahoma
+ 150
3,450
99,360
3,700
115,800
e
90,500
Michigan
1923
nois and
Indiana)..
Wyoming
75,200
Montana
17,700
Colorado
3,900
New Mexico..
104,500
104,500
3,047,350
583,200 d571,000
+33,000 3,040,600 3,140,200
—7,000
608,850
631,700
620,200
a
These
are
+ 26,000 3,649,450 3,771,900
3,607,550
.
Bureau of Mines' calculations of the requirements of domestic crude
oil based upon certain premises outlined in
October.
As requirements may be supplied
Its detailed forecast for the month of
either from stocks, or from new pro¬
duction, contemplated withdrawals from crude oil inventories must be deducted from
the Bureau's estimated requirements to determine the amount of new crude to be
produced.
b
i
c
m.
This is
Oct.
are
for week
10.
the approximate net
indicates it will increase
as new
31-day allowable as of Oct. 1.
Past experience
upward revisions are
wells are completed and if any
do not Include any estimate of
any oil
ENDED OCT.
(Figures in Thousands of Barrels of 42 Gallons Each)
at
District
P. C.
Po¬
Western.
Total
Incl.
port
Daily Oper¬ Natural
Rale
ing
Aver.
ated
85.1
Total
Fin¬
Blended
647
643 100.0
Fin.
Gas
1,528
18,674
2,091
13,208
& Dis¬
tillates
596
529
1,597
404
2,260
1,535
8,739
1,330
8,443
1,840
2,395
420
70.9
255
78.9
280
59.6
122
73.1
566
5,996
1,369
1,071
89.2
874
91.5
2,518
11,068
6,244
1,628
12,942
2,764
12,582
97.6
105
65.6
305
2,481
No. La. & Ark.
101
51.5
47
90.4
129
452
Rocky
121
56.0
40
68.8
185
807
886
131
382
830
87.3
494
07.7
1,428
13,610
15,280
10,541
74,582
80.2 3,185
340
81.5
10,391
70,960
4,840
70,710
4,940
47,791 100,226
1,915
1,260
104
California
Reported
Est. unreported
1,305
472
341
649
♦Est. tot. U. S.
Oct. 19, '40.
Oct. 12, '40.
4,535
3,525
11,696
75,796
81,650
49,051 108,141
4,535
3,555
11,914
75,943
81,927
48,743 108,449
yl2,327
67,103
72,418
39,337 114,052
♦U.S.B'.ofM..
161
155
132
155
161
891
954
801
1,004
764
208
209
167
332
238
36
27
♦
Estimated Bureau of Mines' basis,
x October, 1939, daily average,
y This is
production based on the U. S. Bureau of Mines October, 1939, daily average,
12% reporting capacity did not report gasoline production,
a At refineries, bulk
terminals, In transit and pipe lines.
53
35
6
10
12
12
10
28
00
82
56
91
New Mexico
18
26
24
26
51
58
North and South Dakota.......
47
42
75
69
f68
f36
402
495
617
460
545
817
2,280
2,460
2,504
1,718
2,876
3,149
102
113
132
108
110
118
17
18
15
18
20
90
96
107
73
134
121
296
366
365
293
262
231
25
Pennsylvania bituminous.
Tennessee
Texas...
Utah
.
28
weekly coal report of the Bituminous Coal
Division, United States Department of the Interior, reported
that production
of soft coal in
the week
estimated at 8,220,000 net tons, a
or
10,715,000
tons
last year, the highest
The
total
United
States
Oct.
ended
12 is
decrease of 460,000 tons,
5.3%, from the preceding week.
with
41
34
36
30
55
68
2,205
2,175
1,704
2,102
1,488
520
694
689
618
744
805
132
132
128
168
184
1
2
8,680
...
Wyoming
10,190
151
*
produced in
This is in comparison
the corresponding week
point reached in 1939.
Bureau
of
Mines
10,460
714
925
1,262
11,115
11,722
decrease of
354,000 tons.
UNITED
COMPARABLE
STATES
DATA
11,310
13,176
9.283
f4
11,314
1,862
13,278
1,968
N. & W., C. & O., Virginian, K. & M., B. C. & G.»
Mason, and Clay counties,
b Rest of State,
c In¬
cludes Arizona, California, Idaho, Nevada, and Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weekly rate
for entire month,
f Alaska, Georgia, North Carolina, and South Dakota included
with "other Western States,"
* Less than 1,000 tons.
Includes operations on the
on
the B.
O.
&
in
Kanawha,
including the Panhadle District and Grant, Mineral, and Tucker counties.-
Non-Ferrous
Metals—Large Mine Operators Maintain
Copper at 12c., Valley—Lead and Zinc in Demand
"Metal & Mineral
Markets" in its issue
of Oct. 24
re¬
ported that demand for major non-ferrous metals during the
last week again was above the average, due in part to con¬
tinued nervousness over the price situation.
Prices paid
for copper covered a range of lc. per pound, but the large
mine operators seemed determined to maintain the market
on the basis of
12c., Valley, under present abnormal cir¬
cumstances.
Demand for lead was fairly active, and a fair
tonnage of Mexican metal was absorbed in the sales for the
week.
The publication further reported;
Sales
of copper in the
domestic market during the last week involved
39,349 tons, bringing the total for the month so far to 96,512 tons.
The
price situation, so far as the large mine opreators were concerned,
was
They held to the
unchanged.
business in
an
12c. Valley basis, resorting to rationing
effort to calm buyers.
Some fabricators
ON
came
into the market
Custom smelters booked
The quantities sold at higher levels
Valley basis.
be taken into consideration in arriving at our
daily
were
large and had to
averages.
Production of copper in this country is expected to increase by at least
10,000 tons monthly before the end of the year.
Moreover, should the
supply situation show no appreciable improvement, foreign metal will be
used
on
defense
orders,
some
believe.
Authorities
in
Washington
are
making further studies of the statistical position of the metal.
Export
copper was
in fair demand and at the close of the week quota¬
New York.
that the
production of Pennsylvania anthracite for
12, amounting to 886,000 tons, increased
172,000 tons (about 24%) over output in the week of Oct. 5.
Compared with the week of Oct. 14, 1939, however, there
a
f7
8,140
1,143
tions ranged from 10.75c., to 11c., f.a.s.
reported
the week ended Oct.
was
*
J9.394
Total bituminous coal...
Lead
estimated
ESTIMATED
26
business during the last week at prices ranging from 12He. to 13c. a pound.
Weekly Coal Production Statistics
current
82
1,767
Washington
and bid up to 13c. per pound for near-by copper.
The
116
Copper
3,680
a week's
c
520
93
-
X
Oct. 19, '39.
1,558
391
68
64
3,524
406
80.9
Mtn
1,319
322
79
*
*
Oil
5,668
83.8
Gulf
Fuel
13,818
119
682
z931
Resid.
18,444
91.0
Missouri....
905
387
77
Michigan
Montana..
and
19,477
3,205
90.2
Inland Texas..
Oil
&
156
__
Stocks at
Refineries, &c.
Unfin.
ished
743
Appalachian
Ind„ 111., Ky_.
Okla„ Kansas,
Texas Gulf
a
Unfin¬
fineries
P. C.
Re¬
tial
East Coast
1,230
430
Maryland
Total, all coal
ished Gasoline
Re¬
ten¬
Louisiana
Stocks of Fin¬
ished <k
Produc'n
to Stills
1,081
153
Kentucky—Eastern
a
Daily Refin¬ Crude Runs Oasoline
ing Capacity
f
730
,
Pennsylvania anthracite.d.
1940
19.
t
Other Western States .c
CRUDE RUNS TO STILLS; PRODUCTION OF GASOLINE AND STOCKS OF
FINISHED AND UNFINISHED GASOLINE AND GAS AND FUEL OIL
WEEK
1
140
Northern b
which
217
50
West Virginia—Southern.a...
Note—The figures indicated above
88
237
350
-—-
nine days, namely, Oct. 5, 0, 12, 13, 19, 20, 26, 27 and 31.
d Recommendation of Conservation Committee of California Oil Producers.
might have been surreptitiously produced.
135
119
930
Indiana
Virginia...
net
a
75
157
Iowa
figure of approximately 368,000 barrels for East Texas
after deduction for shutdowns.
All fields in the State were ordered shut down for
It includes
made.
84
141
Georgia and North Carolina
Ohio
Mississippi and Indiana figures
Oklahoma, Kansas, Nebraska,
ended 7 a.
•
398
340
107
1
Kansas and Missouri
3,580,600
.
85
135
Colorado
Illinois
Total east of Calif. 2,997,400
California
f
f
The recent advance in the price failed to check the buying movement,
and sales for the last week involved 14,964 tons, which compares with
tons in the
preceding week.
Consumers were
believing that higher prices are not out of the question.
10,882
the situation,
nervous over
This fear of a
rising market prompted much of the buying, according to trade authorities.
PRODUCTION
PRODUCTION
OF
OF
SOFT
CRUDE
COAL
WITH
PETROLEUM
Whether the market will rise further rests entirely with the buyer, some
and larger
Week Ended
Calendar Year to Dale
not
c
in
With foreign lead now selling here in fair volume,
the industry contend.
importations likely should prices hold, the supply situation is
regarded
as
serious.
Quotations held at 5.50c., New York, which was the settling basis of the
Oct.
12,
1940
Bituminous Coal
1940
Oct. 14,
1939
American Smelting &
1940 d
1939
8,220
1,370
average
••
production
10,715 348,226 286,479 412,049
1,786
1,442
1,698
1,185
well sold up, tonnages
the light side.
V*
of lignite,
Zinc
Demand for zinc was fairly active in the last week, but with producers
8,680
1,447
Crude Petroleum b—
Coal equivalent of weekly output.
5,833
uiwvviivtM
b Total
5,588
wuipoiwuu
barrels
Refining Co., and at 5.35c., St. Louis.
1929
a—
Total, Including mine fuel
Daily
Oct. 5,
produced
5,950 242,729 220,790 181,255
ouu
ObahifitiUtU
during
the
UUil V CliitJllUC
week
converted
Lilt?
to
disposed of covering the near-by positions
However, on futures the situation
was
were on
different and several
sellers booked business as far ahead as the second quarter.
Most of the
transactions in forward metal were made on an average-price basis.
quotation on Prime Western continued at 7Hc., St. Louis.
The
Volume
The Commercial & Financial Chronicle
151
Sales reported by the Prime Western division for the week ended Oct.
19 amounted to 3,993 tons, which compares with 9,718 tons in the previous
week.
Shipments of the
grades in the last calendar week totaled
common
6,665 tons, against 6,478 tons in the preceding week.
common
grades
The backlog in the
stands at 99,421 tons.
now
situation
was on
a
little
underwent
Straits tin
The price
this work airplane and airplane engine plants are
of tin from Bolivian concentrate.
has two
new
The largest
outstanding.
Washington to the effect
18.000 tons
a
one
In the trade it is believed that
been placed and
in the
leading producer of concentrate in Bolivia'may have other plans for re¬
covering tin in this country than that mentioned in the press release.
The operating rate of the United States tin-plate industry continued
of the large items in current
this
business
even
though it will
In the East 59,000 tons has
About 100,000 tons for contractors
41,000 tons is pending.
Chicago district probably will not be placed until about the first of
the year.
The automobile industry, pushing ahead to its highest
year,
will consider at
undertaken at
airplane parts.
early date
an
production of the
meeting Friday plans to convert some of its facilities
a
to the manufacture of
44% of capacity.
Corp.
projects totaling 14,500 tons.
Shell steel is
Patino will not participate in this deal, and some opreators hold that the
Straits tin for future arrival
for
plant for the Republic Aviation Corp., Farming-
a
take much longer to make guns than shells.
Interest centered in the announcement from
that the Metals Reserve Co. is completing plans to smelt
week at around
8,400 tons for
Aeronautical Corp. plant at Lockland, Ohio, while theCurtiss-Wright
spot held at around
on
51 He. all week.
year
in the construction stage, which accounts
dale, L. I., and the largest single inquiry is 12,000 tons for the Wright
modest scale during the last week,
change.
are
the continuing large volume of fabricated structural steel projects. Awards
of 37,550 tons are accompanied by new jobs totaling 50,000 tons, and in
award is
Tin
Buying of tin
Many defense projects
2415
Tooling for 1942
also be
cars may
the industry is subordinating its model
as
changeover program to national defense needs.
was
quoted
as
follows:
Railroad buying of new equipment has been light in the past week, but
reservations
October
December
November
January
of rail
tonnages
being made,
are
official
usually without
announcement.
For the first time in 10 weeks the "Iron Age" scrap composite price has
51.125
50.750
50.375
51.375
51.125
50.625
50.375
failed to show
Oct. 19
61.375
51.125
50.625
50.375
secondary grades, but declines have been more numerous than advances.
Oct. 21
51.500
51.250
50.750
50.500
Oct. 17
51.375
Oct. 18
__
Oct. 22-.
51.375
51.250
50.625
51.500
51.250
50.750
There have been
increase.
some
changes in prices of
Conferences recently held in Washington for the purpose of preventing a
50.375
Oct. 23
an
50.500
have apparently been fruitful, for the time being
runaway scrap market
at least.
Chinese tin,
99%, spot,
was
17,50.750c.I
Japan has been sounding-out the American market for Ingots, slabs and
Oct. 21, 50.750c.; Oct. 22, 50.625c.;
finished steel, but in their present sold-up condition mills are not much
nominally
Oct. 18, 50.750c.; Oct. 19, 50.750c.;
follows:
as
Oct.
Oct. 23, 50.750c.
interested in the business, especially in view of the possibility that steel
DAILY PRICES OF METALS
may
("E. & M. J.'* QUOTATIONS)
eventually be added to the Japanese embargo list.
THE "IRON AGE" COMPOSITE PRICES
Straits Tin
Electrolytic Copper
Dom.,Refy. Exp., Refy. New York
Lead
New York
Finished
Zint
St. Louis
St. Louis
Oct. 17
11.825
10.600
51.625
5.50
5.35
Oct. 18
11.875
10.725
51.625
5.50
5.35
7.26
Oct. 19
11.775
10.700
51.625
5.50
5.35
-——2.261c.
—2.261c.
One month ago-
7.25
7.25
12.100
10.950
51.025
5.50
5.35
7.25
Oct. 22
12.125
10.925
51.500
5.50
6.35
7.25
Oct. 23
11.875
10.825
51.625
5.50
5.35
7.25
11.929
10.788
51.604
5.60
5.35
7.25
2.261c.
Jan.
2
2.211c.
1939
2.286c.
Jan.
3
1938
2.512c,
2.5120,
2.2490.
May 17
Mar. 9
Deo. 28
2.2360.
2.211c.
Oct.
18
2 2490.
Jan.
4
2.016c.
Mar. 10
—.—2.062c.
2.056c.
Jan.
8
1.945c.
1.7920.
Jan.
2
1.953c.
Oct.
1
Apr. 24
Oct.
3
May
2
1.9150.
Sept.
6
1.8700.
Mar. 16
Jan.
13
Dee. 29
Jan.
7
1.8830.
1.962c.
2.1920.
1940
1937
1936
for calendar week ended Oct. 19
Average prices
are:
Domestic copper
f.o.b*
11.800c.; export copper, f.o.b. refinery, 10.521c.; Straits tin, 51.750c.'
New York lead, 5.417c.; St. Louis lead, 5.267c.; St. Louis zinc, 7.25c.; and sliver
—
—
1935.
refinery,
Low
High
Oct. 21
Average--
85% of the United States output.
2.236c.
-
bars, beams, tank plates,
wire, rails, black pipe, sheets, and hot
These products represent
rolled strips.
—-
One year ago
Steel
Based on steel
Oct. 22,1940, 2.2610. a Lb.
One week ago
-
—
-
.2.1180.
1934
1933....
1932
w
—J.
1931
34.750c.
1930
The above quotatlons'are "M. & M. M.'s" appraisal "of the major United States
markets, based on sales reported by producers and agencies.
They are reduced
to the basis of cash. New York or St. Louis, as noted.
All prices are in cents per
.1.9810.
—2.1920.
-
1929
2.236c.
-
-
May 28
Due to the
European war the usual table of daily London
prices is not available. Prices on standard tin, the only
prices given, however, are as follows: Oct. 17, spot, £258M,
three months, £259Hi; Oct. 18, spot, £258% three months,
£259%; Oct. 21, spot, £257%* three months, £260; Oct. 22,
spot, £257%, three months, £260; and Oct. 23, spot, £257%,
three months, £260%.
(Based on average lor basio Iron at Valley
122.61} furnace and foundry .Iron at Chicago,
One week ago.......
One month ago............
One year ago.
22.611
-
Philadelphia,
Buffalo,
Valley,
Southern iron at Cincinnati.
22.611
.....
922.61
2
Sept. 19
20.61
1938—
23.25
193723.25
June 21
19.61
Mar.
20.25
19.73
18.84
17.90
16.90
Nov. 24
Nov.
6
-
1936—
1935
.....
-
-
1934
-
1933
Jan.
-
-
-
—
-
18.73
May 14
Jan.
Deo.
Jan.
3
Jan.
13.66
Dec.
6
Jan.
14.79
Deo. 15
Jan.
15.90
Deo. 16
May 14
—
-
18.21
Deo. 17
One month ago.———
—
—————
1 heavy
melting steel
on No.
quotations at Pittsburgh, Philadelphia,
and Chicago.
(Based
20 29
20.881
1938—
Low
they
some
products during the remainder of this
in
a
go over
cated
of
into
position where all of their semi¬
outside sale.
the
Oct.
the semi-finished
Some steel
Oct.
companies are trying to augment their supplies of semi-finished steel by
Oct.
Oct.
steel that is not required in one department is used in another.
Oct.
Nov.
buying from other mills and negotiations are also being carried on for the
purchase of pig iron from other producers.
To forestall
a
Nov.
possible shortage
NOV.
of coke, the coke-making subsidiary of the United States Steel Corp. has
Nov.
put an additional large block of beehive ovens in the Connellsville region in
Dec.
Dec.
^
service.
pressure
Deo.
that steel companies are exerting to obtain maximum
Dec.
Jan.
1—
9
Jan.
87.5%
88.6%
16—90.3%
23
90.2%
30
91.0%
6
—92.5%
13
93.5%
20
93.9%
27—
94.4%
4
92.8%
11
—91.2%
18—
90.0%
25
-73.7%
Jan.
8—
15.
Jan.
22.
Jan.
29
rvu,
Feb.
5
Feb. 12
markets
essential requirements.
week have been received in
fall.
a
volume
A Chicago mill is receiving
double the amount of business that it booked in the comparable part of
September.
Hot rolled bars are probably in the greatest demand, with
structural shapes and plates coming a close second. Sheet tonnage is in¬
creasing rapidly.
Some automobile companies are now being quoted eight
weeks' delivery.
12 67
June
10.33
13.00
Mar. 13
9.60
Apr. 29
Sept. 25
12.26
8.50
11.33
15.00
17.68
8
12
6.75
Jan.
3
Jan.
6.43
July
6
Jan.
6
8.50
Dec. 29
Feb.
18
11.25
Deo.
9
Jan.
29
14.08
Deo.
3
Aug.
Institute
on
Oct.
21
9
an¬
67.1%
—65.9%
64.6%
4
Mar. 11-
64.7%
Mar. 18
62.4%
60.7%
61.7%
61.3%
Mar. 25
1
8
Apr,
15-
1940—
60.9% July 29
5
-.90.5%
Apr. 29—61.8% Aug. 12—
May
6
.VO.O/0 Aug. 19... —89.7%
65.8%
May 13.
.70.0% Aug. 26
May 20.
.73.0% Sept. 2—
May 27
76.9% Sept. 9...
June
3—80.3% Sept.16...
June 10—84.6
Sept. 23— —92.5%
June 17
87.7
Sept. 30...
Apr, 22—60.0%
Aug.
June
Oct.
7—
94.2%
—74.2% Oct. 14...
86.4% Oct. 21...
July 15—86.8%
July 22
88.2%
94.4%
24—86.5%
July
1
July
8
on
Oct. 21, stated:
Tightening of the steel supply becomes increasingly apparent from week
to week.
Within steel-making companies Taw steel is being rationed among
curbed somewhat because of the preference that will necessarily be given
that resembled the busiest period last
12.92
Deo. 21
Deo. 10
June
"Steel" of Cleveland, in its summary of the iron and steel
It is now a common belief in the steel industry
the first quarter some of the so-called non-essential steel uses will be
At Pittsburgh orders in the past
77
71.7%
68.8%
19
Mar.
Apr.
to the most
Mar. 30
1940—
.85.7%
.86.1%
.84.8%
.82.2%
Feb. 26
Feb.
Apr.
feel the pinch later on.
21.92
17.76
13.42
9
Apr.
May 16
7
Nov. 10
Steel
1940—
2-
ing consumers, but deliveries on some products are lengthening so rapidly
may
11.00
telegraphic reports which it had received indi¬
operating rate of steel companies having 97%
steel capacity of the industry will he 94.9% of
production has thus far prevented any shortage of steel among manufactur¬
that those who have not been forehanded in building adequate inventories
that by
and
Nov. 22
that
1939—
Although all finishing
departments are not working at maximum capacity,
Iron
14.08
capacity for the week beginning Oct. 21, compared With
94.4% one week ago, 92.5% one month ago, and 90.2% one
year ago.
This represents an increase of 0.5 point, or 0.5%,
from the estimate for the week ended Oct. 14.
Weekly indi¬
cated rates of steel operations since Oct. 2, 1989, follow:
finished steel has been earmarked for the remainder of the year either for
their own finishing departments or for
American
816.04
3
nounced that
later.
are now
-
——
-
The
huge volume of defense contracts has been
Much of this business will necessarily
-
-
1929—
year
ordering of steel is in many instances delayed because of tbe lack of de¬
Integrated steel companies
-
———————
1930—-
awarded at Washington and by ordnance districts and arsenals, the actual
first quarter or
—
-
1931
While defense requirements are a direct and indirect influence in current
tailed specifications.
„
1933——
1932—
steel bookings, a preponderance of the orders being received are for nona
—
1934
within the preference classification accorded
defense work. The publication further stated:
Although
—
-
1935
come
military purposes.
—
1936-
15
Oct.
820.67
22.60
—*
-
1937-
The "Iron
—
-
Oct.
15.00
1940
1939
steel ingot
deliveries of
27
Stee 1 Scrap
820.67 a Gross Ton
ago.—.——————820.67
Oct. 22. 1940,
One week
Ingot Production at 95%%—Orders Exceed
Shipments by Wide Margin
Age" in its issue of Oct. 24 reported that with
production this week rising further to 95%% of
capacity, orders continue to accumulate in a volume much
above shipments, deliveries are lengthening and backlogs are
increasing.
Major steel companies are unable to promise
Aug. 11
17 A3
16.90
13.66
May
1932———————————————————«»———————————— 14.81
1931—
15.90
1930—
18.21
1929
18.71
-
9
High
Steel
2
Jan.
Sept. 12
July
6
Feb. 16
822.61
22.61
-
1939
and
Low
High
1940—
One year ago-—
The
9
29
Oct. 22, 1940, 922.61 a Gross Ton
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
livered iwices In New England average 0.225c. per pound above the refinery basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business, owing to the European War, most sellers are restricting
offerings to f.as. transactions, dollar basis.
Quotations, for the present, reflect this
change in method of doing business.
A total of 0.05 cents Is deducted from f.a.8.
basis (lighterage, &c.) to arrive at the f.o.b. refinery quotation.
to
Dec.
Oct*
Pli Iron
pound.
unless
Apr. 16
May 16
•
finishing departments on a scale not attained since the World War.
The next movement expected along this line is the shipping of
materials
far
afield
to
mills where
some
Taw
finishing capacity still is open,
particularly among plants of the same organization.
This will, of course,
increase freight costs.
The delivery span between the placing of an order
and receipt of materials ranges from three weeks, in the lease of certain
sheets and plates, to 12 weeks for alloy steel.
The Commercial & Financial Chronicle
2416
Steel
the
in
advanced a half
operations
point
to
still
are
discussed
though actually not felt keenly
departments mentioned being coke, scrap, pig iron,
furnaces,
heat-treating
and
forging
departments.
Though the tendency is to self only to regular customers more and more,
and
electric
items
yet,
fluorspar,
is
still
considerable available
What
may
prove
there
certain
outsiders in
to
items.
the entering wedge towards priorities is the increasing
prominence of preferential rating slips issued by Washington defense bodies
to certain
consumers.
These slips are presented by consumers to steel
producers, showing that the former are entitled to certain steel on certain
dates
specific defense contracts to be filled.
Steelmakers expect that by second half of 194T^they will be unable to
for
business, concentrating on defense.
Export busi¬
dropped off except in tin-plate, mostly for large oil cans.
Damage
refineries creates a demand for refined oil imports.
accept much commercial
has
ness
British oil
to
is
There
chant
pig
shortage, particularly
iron
among
mer¬
The composite scrap price is unchanged at $20.54 per
reflecting recent conferences between the trade and Gov¬
of capacity operations in the machine tool industry during
94.9%, was at the highest level recorded since the National
Builders' Association
first compiled these
data in Janu¬
Percentage
September,
Tool
Machine
because
place
Pittsburgh
of
at two substantial
while
repairs,
furnace
remained
six
un¬
point to 90, Wheeling 1 point to 98, Chicago
1
rose
On the other hand, Cleveland
90.
dropped 2% points to 85% and New England 7 points to 85.
Rates were
held unchanged as follows:
Birmingham at 97, St. Louis at 82%, Cin¬
cinnati
troit
at
at
Pennsylvania
eastern
90,
Buffalo
93,
at
90%,
at
De¬
and
96.
Steel ingot production for the week ended
Oct. 21 is placed
95%% of capacity, according to the "Wall Street Journal"
This compared with 94^% in the previous week
and 93% two weeks ago.' The "Journal" further reported:
at
of Oct. 24.
U. S. Steel Corp.'s rate is estimated at 96%% against 95%% the previous
and 94%
week
Leading independents are credited with
two weeks ago.
95% compared with 94% the preceding week and 92%% two week ago.
The 95%% rate for the
industry and the 96% % rate for U. S. Steel mark
highs for the current
new
95%%, so
and also peaks since
movement
For a
1929.
November, 1939, operations of the independents had touched
no new
record has yet been set for this group.
The following table gives a comparison of the percentage of
production
with the nearest corresponding week of previous years, together
with the
approximate change, in points, from the week immediately preceding:
1939.
ary,
in
took
short period in
ernment.
deliveries the chief consideration.
four districts gained the past week;
point to 99, Youngstown 2 points to
producers.
probably
ton,
fear of
definite
a
declines
changed.
1
forced into the back¬
have been
generally price considerations
1940
26,
with timely
Operations
bottlenecks
Possible
steel
ground,
being produced.
now
as
In
95% of capacity last week,'
Undoubtedly the greatest tonnage in history
1929.
peak since June,
Oct.
Automobile
production for the week ended Oct. 19 is estimated at 114,672
units, an increase of 6,715 units over the previous week, comparing with
70,114 units in the corresponding week of 1939.
Iron ore operators predict that 10,000.000 tons will be shipped down
the
lakes
total
to
during
63,235,000
December.
as
October and
5,000,000
Some
tons.
Ore-carrying vessels
November, bringing the
tonnage will be moved in
in
tons
additional
fully engaged
were
month before, the performance of the two
a
still
Ore
being bought,
an
on
Oct.
inquiry for 20,000 tons appearing.
last year.
Meanwhile reasonably prompt deliveries become more impossible,
the building of plant additions having plainly been the chief preliminary
phase of our defense program.
with
the
Federal
Reserve
arose
deposits with Federal Reserve
offset in
decrease of $93,000,000 in Reserve Bank credit
gold stock and $3,000,000 in Treasuiy currency,
part by a
and
increase of $7,000,000 in money
an
1937
in circulation. Excess
of member banks on Oct. 23 were estimated to be
approximately $6,940,000,000, an increase of $70,000,000
for the week.
principal change in holdings of bills and securities was
of $32,000,000 in United States Government
securities, direct and guaranteed:
holdings of bonds de¬
creased $12,000,000 and of notes $20,000,000.
in
full for the week ended Oct. 23 will be
2448 and 2449.
Changes in member bank reserve balances and related
items during the week and year ended Oct. 23, 1940, follow:
Oa. 23, 1940
16,
Oct.
U. 8.
or Decrease
Since
1940
4,000,000
(—)
s
-—2,000,000
.—.—_
Government securities, direct
and guaranteed
Industrial
advances
—32,000,000
2,352,000,000
-
(not
—384,000,000
Including
$7,000,000 commitments—Oct. 23)
Other Reserve Bank credit.
Total Reserve Bank credit.......
8,000,000
24,000,000
2,388,000,000
—62,000,000
—93,000,000
Gold stock
21,428,000,000
+ 55,000,000
Treasury currency.-.-....-....-.. 3,055,000,000
+ 3,000,000
Member bank reserve balances.....14,148,000,000 +132,000,000
Money In circulation.............. 8,236,000,000
+ 7,000,000
Treasury cash
2,232,000,000 —36,000,000
Treasury deposits with F. R. banks..
383,000,000 —80,000,000
Non-member deposits and other Federal Reserve accounts........... 1,872,000,000
—59,000,000
—4,000,000
+ 6,000,000
—383,000,000
+4,389,000,000
+126,000,000
+ 2,198,000,000
+ 934,000,000
+ 2,000,000
+ 57,000,000
+ 940,000,000
1932..
20
19%
1931
28
rent
System for the New York City member
member banks for the cur¬
week, issued in advance of full statements of the member
ASSETS AND LIABILITIES OF WEEKLY
IN
Monday:
REPORTING MEMBER BANKS
CENTRAL RESERVE CITIES
Oct.
Loans and Investments—total__
Loans—total
1928
87
+ 1
1927
65
+
A ssets—
Treasury
Treasury
23, oa. 16, oa. 25, oa. 23, oa. 16, oa. 25,
1940
1939
1940
1940
1939
$$$$$$
9,651
9,608
8,614
2,275
2,251
2,090
2,887
2,880
2,936
650
6*3
558
1,800
78
307
1,663
115
467
460
22
28
156
Loans to brokers and dealers..
1,818
79
297
carrying securities
Real estate loans
...—--
Other
lSans:!.::::
mm
158
179
58
119
119
114
19
30
30
2o
388
388
375
—
86
—1
67
+
—
47
—2
78
+2
63
%
+
88
%
+ 1
%
Chicago
23, oa. 16, oa. 25, oa. 23, oa. 10, oa. 25,
1940
%
1939
*
jW
1940
1939
*
S
I
%
bills..
335
333
411
247
247
129
notes.
949
940
814
135
135
250
2,634
2,160
775
762
669
Obligations
guaranteed by the
United States Government...
Other securities
1,442
1,433
1,382
1,119
1,392
1,174
364
360
330
6,678
"
Reserve with Fed. Res. banks..
Cash In vault
6,551
5,761
1,311
1,294
1,128
83
104
104
154
78
42
41
41
80
85
72
281
294
246
324
345
375
43
43
47
9,889
9,695
8,356
2,060
2,013
1,826
720
719
662
508
507
499
35
35
48
94
94
63
3,756
3,813
3,387
1,007
1,028
867
16
Balances with domestic banks..
Other assets—net
.80
LiatnlUies—
Demand deposits—adjusted
Time deposits
U. S. Government deposits
Inter-bank deposits:
Domestic banks.
Foreign banks
627
627
729
7
6
Z
"291
"283
"242
"is
"is
15
...
...
1,498
1,497
1,476
201
260
266
...
Capital accounts
Complete
Returns
Reserve
Member
of
System
for
the
Banks
of
the
Preceding
Federal
Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
and covering the same
week, instead of being held until the
following Monday, before which time the statistics covering
the entire body of
reporting member banks in 101 cities
be
cannot
compiled.
In the
following will be found the comments of the Board
of Governors of the Federal Reserve
System respecting the
returns of the entire
body of reporting member banks of the
System for the week ended with the close
Federal Reserve
of business Oct. 16:
The
Oct.
condition
cities
16:
all
in
weekly
reporting
member
banks
in
101
following principal changes for the week ended
balances
reserve
deposits—adjusted,
with
and
Federal
Reserve
$237,000,000
in
banks, $79,000,000
deposits
credited
to
banks.
York
increased
industrial,
City,
reporting
member
the
of
$50,000,000 in commercial, industrial, and agri¬
$28,000,000 in loans to brokers and dealers in securities.
loans,
demand
New
statement. of
shows
Increases
and
$16,000,000
member
agricultural loans
in
banks.
the
Loans
Chicago
to
increased
$19,000,000 in
district, and
$50,000,000 at
brokers
$19,000,000 in New York City and
and
dealers
in
securities
$28,000,000 at all reporting
banks.
Holdings of United States Government direct and guaranteed obligations
$19,000,000 in New York City and $30,000,000 at all
reporting
member banks.
Holdings of "other securities" decreased $45,000,000 in
increased
New
York
City and
$32,000,000 at all reporting member banks.
deposits—adjusted
$22,000,000
in
$15,000,000
the
in
increased
Cleveland
the
Kansas
$57,000,000
district,
in
the
$17,000,000
in
Chicago
the
dis¬
Boston
City
district, and $79,000,000 at all
reporting member banks, and decreased $42,000,000 in New York City.
Deposits credited to domestic banks increased in all districts, the prin¬
cipal
increases
Chicago
$60,000,000 in New York City, $36,000,000 in the
$23,000,000 in the Kansas City district, $17,000,000 in
district, and $16,000,000 each in the Atlanta and St. Louis
being
district,
Cleveland
379
19
28
28
foreign banks decreased $11,000,000.
58
66
19
14
A summary of the
principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Oct. 16, 1940, follows:
— — - -
63
%
26%
—3
453
22
Other loans for purchasing or
Lnanfl La hftnkfl
%
""*4
2,640
the
agricultural loans.........
%
+
36
20%
55
%
+
26
%
—3
82%
—2%
1940
district,
—Chicago
Commercial. Industrial and
OpSmarket paper
+
31
50
trict,
1940
A ssets—
22
%
80
Demand
(In Millions of Dollars)
New York City
+
1030
Commercial,
banks which will not be available until the coming
63
42
1929
domestic
Below is the statement of the Board of Governors of the
bank and also for the Chicago
—1%
32
in
York City and
Chicago—Brokers' Loans
Reserve
—4
77%
33%
$75,000,000
Federal
67
—1
24%
cultural
♦
Returns of Member Banks in New
—9
69
1934.
leading
■
_
40
—1
%
taneously with the figures of the Reserve banks themselves
Oct. 25, 1939
$
s
Bills discounted.........
(+)
+ %
—2%
—7
pages
Increase
53
53
Other liabilities
on
91%
+
74
Borrowings
The statement
+2%
48
54
reduction
found
+ 1
89
1
1935
The
a
95
+ 1%
—
New V ork City
banks, and $59,000,000 in nonmember deposits and other
Federal Reserve accounts, and increases of $55,000,000 in
reserves
51
+1
oa.
from decreases of $36,000,000 in Treasury
cash, $80,000,000 in Treasury
91
1938
Banks
During the week ended Oct. 23 member bank reserve
balances increased $132,000,000. Additions to member bank
reserves
1939
Independents
96%
+ 1
1936
same
bookings of fabricated structural steel already well over 1,000,000
tons, total contracts for 1940 will probably top the 1,305,049 tons booked
Week
95%
1933
15, the
months establishing records.
With
The
U. S. Steel
Industry
1940
63
52
districts.
The
total
increase
was
$237,000,000.
Deposits
credited
to
Volume
2417
The Commercial & Financial Chronicle
151
Increase
(+)
or
Decrease
(—)
Since
Oct. 9, 1940
Assets—
Oct. 18. 1939
$
Oct. 16, 1940
$
$
Loans and investments—total
Loans—total
This
+1,839,000,000
+ 77,000,000
+ 454,000,000
+ 75,000,000
24,402,000,000
8,877,000,000
actions) totaled 413,740 shares, which amount was
of total transactions on the Exchange of 2,264,770
Commercial, industrial, and agri¬
4,722,000,000
301,000,000
+ 50,000,000
+ 2,000,000
+436,000,000
—15,000,000
437,000,000
+ 28,000,000
—111,000,000
—4,000,000
—43 000,000
—1,000,000
+ 39; 000,000
Loans to banks
458,000,000
1,220,000,000
39,000,000
Other loans
1,700,000,000
+2,boo", 000
+ 145, 000,000
689,000,000
1,811,000,000
6,783,000,000
+ 27,000,000
+ 118, 000,000
—3,000,000
—13,000,000
compares
week ended
5 of 770,050
shares,
shares.
previous
with member trading during the
Oct.
17.32%
21.09% of total
or
trading of 3,651,800 shares.
On the New York Curb Ex¬
change member trading during the week ended Oct. 12
amounted to 96,335 shares, or 18.15% of the total volume on
that Exchange of 421,285 shares; during the preceding
week trading for the account of Curb members of 103,610
shares was 18.73% of total trading of 488,410 shares.
The Commission made available the following data for
—315, 000,000
cultural loans
Open market paper
Loans to brokers and dealers in
securities
Other
for
loans
purchasing
or
carrying securities
Real estate loans
Treasury bills
Treasury notes
United States bonds.
+ 3, 000,000
the week ended Oct. 12:
The data published are based upon weekly reports
+ 906, 000,000
York
Obligations guaranteed by United
2,605,000,000
+ 19,000,000
+ 381,000,000
3,637,000,000
States Government..
Other securities
—32,000,000
Reserve with Fed. Res. banks.....11,845,000,000
+ 75,000,000
489,000,000
—22,000,000
+295,000,000
+1,817,000,000
+ 9,000,000
3,405,000,000
+ 161,000,000
21,317,000,000
5,353,000,000
530,000,000
Exchange and the New
+ 2,750,000,000
Cash In vault
Balances with domestic banks
Stock
Curb
Exchange
Exchange
1,066
823
193
103
195
33
1. Reports showing transactions as specialists
Time deposits
United States Government deposits
2.
floor
—7,000,000
+237,000,000
—11,000,000
—2,000,000
8,956,000,000
680,000,000
1,000,000
Foreign banks
Borrowings
the
.
.
3. Reports showing other transactions Initiated off the
Inter-bank deposits:
Domestic banks
Reports showing other transactions initiated on
+114,000,000
+ 1,000,000
New Yor
New York
Liabilities—
Demand deposits—adjusted
filed with the New
York Curb Exchange by their re¬
These reports are classified as follows:
+ 318,000,000
+ 79,000,000
Stock
spective members.
+1,073,000,000
—117,000,000
4.
174
61
608
floor
634
.....
Reports showing no transactions
Note—On the New York Curb Exohange, odd-lot transactions are
handled solely
by specialists In the stocks in which they are registered and the round-lot trans¬
resulting from such odd-lot transactions are not segregated
from the specialists' other round-lot trades.
On the New York Stock Exchange,
on the other hand, all but a fraction of the odd-lot
transactions are effected by
dealers engaged solely in the odd-lot business.
As a result, the round-lot trans¬
actions of specialists in stocks in which they are registered are not directly com¬
actions of specialists
Yugoslavian-Reich Trade Agreement Signed—Germany
Expected to Receive 60% of Exports
After
between
conversations
weeks
four
members
of
a
parable on the two exchanges.
permanent commission of tbe two countries, Yugoslavia and
Stat¬
ing that the new agreement amounts to a revision of the
already existing accord, telephone advices from Belgrade,
Oct. 19, appearing in the New York "Times" of Oct. 20
Germany signed
Oct. 19 a new trade agreement.
on
The number of reports in the various
the number
in
more
TOTAL
Under
this
the
figure
It
the
that 60%
expected
is
be
will
that
after Italy's entrance into the war.
the preferential
duties will be abolished
Total for
increased
about
20%.
The
Reich
will
receive
a
Oincar-Markovitch
issued
statement
a
saying
that
the
Total sales
large
the odd-lot accounts of odd-lot dealers and specialists:
country
1. Transactions of specialists in stocks In
time
a
latest
with
the
economic
capitals
reports
the barter system and
factures
204,950
—
38,200
166,920
Short sales
Other sales, b.
205,120
Total sales
Reich's
when
active
were
which they are
registered—Total purchases
fence
mending in
the Balkans came
2. Other transactions Initiated on the floor—Total purchases
Bulgaria, Greece and Turkey
further penetration of South¬
eastern Europe, authoritative sources disclosed that the Reich was meeting
difficulties in keeping her barter engagements in the Balkans.
One source said that in the negotiations here the Germans had admitted
that because of labor and material shortages a strain was being placed on
at
2,264,770
Round-lot transactions for account of members, except for
B.
Associated Press, advices of Oct. 19, we
following we regard to the signing of the new
the
of
of
16,250
Short sales
for
106,560
Other sales.b.
122,810
Total sales..
3. Other transactions Initiated off the
that they were unable to deliver many of the manu¬
floor—Total purchases
85,810
Total sales.
Receive Part Payment
(Brazil) 7% Bonds of 1928
4.
to
3.24
370,860
Total—Total purchases.
of Nov. 1, 1938 Coupons
1938, coupons on out¬
fund
7% bonds of 1928 at the rate of $4.55 per $35 coupon, or
$2,275 per $17.50 coupon.
Payment will be made upon
presentation of coupons at the New York office of Bankers
Trust Co. accompanied by a letter wherein the holder agrees
to accept such partial payment in full satisfaction and dis¬
65,750
347,990
Short sales
Brazil, announces that funds have
Bankers Trust Co., New York, special
The State of Maranhao,
remitted
5.03
60,950
11,300
74,510
Short sales
Other sales, b.
Holders of State of Maranhao
been
9.05
104,950
Rumania,
Axis plans
badly needed in the Balkans.
to
a
85,120
2,179,650
Short sales
agreement:
While
Cent
Other sales.b_.
under
From Belgrade,
the
Per
Week
Total round-lot sales:
A.
Yugoslav cereal production and an increased amount of ores.
of the signing of the pact Foreign Minister Dr. Alex-
ACCOUNT
Week Ended Oct. 12, 1940
glad to cooperate in economic and other ways with Germany.
take
THE NEW YORK STOCK EX¬
(SHARES)
of the Yugoslav exports
the occasion
under
was
ROUND-LOT STOCK SALES ON
pact and that the purchasing power of the mark in terms of the
percentage of
On
single report may carry entries
Previously the percentage was about 50%, although
increased
was
understood
is
new
dinar
agreement it
to the Reich.
go
a
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR
OF MEMBERS ♦
further said:
will
classifications may total more than
of reports received because
than one classification.
Other sales.b.
To
sales
413,740
...
agent, for the payment of the Nov. 1,
standing State of Maranhao external secured sinking
CURB EX-
YORK
X)UNT
BERS*
17.32
OF
MEM-
(SHARES)
Week Ended Oct.
12, 1940
Total for
Per
Week
Cent a
A. Total round-lot sales:
5,020
416,265
Short sales
Other sales.b—..
charge of the coupons.
+.
Total sales....
Holders of
(Brazil) 8% Gold Bonds
Paid 14% of Coupons Due Oct. 1, 1938
of 1921 to be
B.
Round-lot transactions for the account of members:
1.
of the Presidential
3,945
70,920
Other sales.b.
Total sales—
74,865
.......
2. Other transactions Initiated on the floor—Total purchases
10,325
Other sales.b.
Decree of the United States of
Total sales
10,425
3. Other transactions Initiated off the floor—Total purchases
Short sales
and of the claims for interest represented thereby.
the notice states, has been made
the coupons due April 1, 1932 to Oct. 1, 1933 inclusive,
Other sales.b.
12.86
8,850
100
Short sales
coupons
for
33,470
Short sales
Brazil, such payment, if accepted by the holders of the bonds
and coupons, mnst be accepted in full payment of such
No
Transactions of specialists in stocks in which they are
registered—Total purchases
special agent,
is notifying holders of State of Rio Grande do Sul (United
States of Brazil) 25-year 8% sinking fund gold bonds, ex¬
ternal loan of 1921, that funds have been deposited with it,
sufficient to make a payment in lawful currency of the
United States of America, of 14% of the face amount of the
coupons due Oct. 1, 1938, amounting to $5.60 for each $40
coupon and $2.80 for each $20 coupon.
Pursuant to the pro¬
Ladenburg, Thalmann & Co., New York, as
visions
1
421,285
....
Rio Grande do Sul
2.29
14,310
175
10,870
present provision,
but they
should be retained for future
Tot
adjustment.
4.
sales
Total—Total purchases.
11,045
3.00
56,630
♦
Short sales—
The
Securities
on
and
Exchange
Commission made public
(Oct.
figures.
the Stock Exchange for the account of mem¬
during the week ended Oct. 12 (in round-lot trans¬
Trading
bers
on
Odd-lot transactions for the account of specialists:
Customers' short sales
Customers' other sales.c
round-lot stock sales on the
sales in these
92,115
Total sales.
O.
25) figures showing the volume of total
New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Oct. 12, continuing
a
series of current figures being published weekly by the
Commission.
Short sales are shown separately from other
yesterday
4,220
Other sales.b.
New York Stock and New York
Curb Exchanges During Week Ended Oct. 12
Member Trading
Total purchases.
Total sales..
•
The term
"members" includes all Exchange members,
96,335
2
38,905
38,907
18,017
their firms and their
partners. Including special partners.
a Shares In members'
transactions as per cent of twice total round-lot
In
18.15
volume.
calculating these percentages, the total of members' transactions to compared
with twice tbe total round-lot volume on the Exchange for the reason that the total
The Commercial & Financial Chronicle
2418
of members'
transactions includes both purchases and sales, while
the Exchange
purely internal problem of "un
The Commission as at
present advised is of the opinion that your solution of this problem has
results which in practical effect will endanger the future of effected regional
exchanges and, as a consequence, will impinge upon the welfare of the
investing public within the regions served by these exchanges.
fair
exempted from restriction by the Commiasloa
rules are Included with "other sales."
c Bales marked "short exempt" are included with "other sales."
b Round-lot short sales which are
Securities
The
Oct. 25
on
a
and
summary
Exchange During
Exchange Commission made public
for the week ended Oct. 18 of com¬
have
injury to the
that you have no desire to do any
us
Because the findings of
investigation show that enforcement of your ruling will, in fact,
this
of regional securities markets.
with
result
investing public
to the
injury
consequent
in the
board of governors
which the Committee on Member Firms
regions affected, the Commission requests that your
rescind its resolution pursuant to
issued
its ruling of July
that
1940.
12,
Since your ruling is to
a
TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF
members.
own
your
among
You have assured
national system
series of current figures being published by
the Commission.
Figures for the week ended Oct. 11 were
reported in our issue of Oct. 19, page 2278.
The figures
are based
upon reports filed with the Commission by the
odd-lot dealers and specialists.
STOCK
competition"
its staff
plete figures showing the volume of stock transactions for
the odd-lot account of all odd-lot dealers and specialists
who handled odd lots on the New York Stock Exchange,
continuing
26, 1940
attempt to solve what you regard as a
an
volume includes only sales.
Odd-Lot Trading on New York Stock
Week Ended Oct. 18
Oct.
take full effect on Nov. 1, the Commission asks
advise it of your decision
you
this matter prior to that date.
on
However, if
you
feel that full consideration cannot be given to this matter
before
31,
your
Oct.
15, if your
be deferred until Nov.
might
answer
Exchange will extend the existing exemptions until some time after that
date.
Previous reference to this matter
ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
contained in these
was
columns
Aug. 31, page 1215, when the SEC asked the Stock
Exchanges outside New York City for their views on the
Week Ended Oct. 19, 1940
Tocu
effect of the
for Weik
ruling.
Odd-lot sales by dealers (customers' purchases):
14,230
Number of orders
Credit
Intermediate
385,144
Number of shares.........
Number of orders:
287
16,010
...
Customers' other sales.a...
.......
Customers' total sales....
10,297
.....
Number of shares:
Customers' short sales...
...
Customers' other sales.a
8,312
406,769
............
........
415,081
........
Customers' total sales
...........
14,673,729
Dollar value........
Round-lot sales by dealers:
Number of shares:
Short sales
40
...
Other sales.b
119,930
...........
Total sales
119,970
......
Fulton Trust Co. of New York Observes Fiftieth Anni¬
Round-lot purchases by dealers*
Number of shares...
versary—Has Been Engaged Solely in Personal
Banking and Personal Trust Service Since Its
Founding
92,420
.......
| a Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders, and sales to liquidate a
long position
The
which Is less than a round lot are reported with "other sales."
♦
Fulton
Co.
of
New
personal
and
engaged solely
York,
by
a
Oct. 19 that the
in
observed
service,
trust
Oct. 21 the 50th anniversary of its foundation.
Exchange Vote Change in
Membership
Initiation Fee for Associate
The New York Curb Exchange announced
Trust
banking
personal
Members of New York Curb
Con¬
$29,600,000
Debentures
Federal Intermediate Credit Bank financing in October
comprised public offering of $28,050,000 % % - consolidated
debentures dated Nov. 1 and sale within the system of an
additional $1,550,000, a total of $29,600,000.
The entire
proceeds will go for refunding purposes for the Banks must
meet maturities of $41,100,000 on Nov.
1.
The public
offering was made through Charles R. Dunnr New York,
fiscal agent at a price slightly above par.
Of the amount
offered to the public, $12,950,000 matures Aug. 1, 1941
and $15,100,000 Nov. 1, 1941; the privately placed deben¬
tures comprised $1,500,000 due Dec. 2, 1940 and $50,000,
Aug. 1, 1941. After the close of business Nov. 1, there will
be an aggregate of $201,750,000 Credit Bank debentures
outstanding.
Odd-lot purchases by dealers (customers' sales):
Customers' short sales...........
Market
Banks
solidated
16,108,616
Dollar value
on
Organized
small group of business men and bankers in 1890, with
a
capital of $500,000 and surplus of $250,000, the company
dedicated to service for the individual, and for a half a
was
regular membership has voted its approval to an amendment
to Article VII, Section 1 (b) of the Constitution, proposed
This amend¬
into effect immediately, covers a change
early this month by the Board of Governors.
ment, which goes
the initiation fee for
in
flat
to
associate membership from $2,500
progressive fee starting at $1,500,
a
based
on
the
price of regular memberships.
The Governors' approval of
the amendment was mentioned
in these columns of Oct. 5,
1973.
page
•
century has followed this objective, without undertaking any
commercial banking or corporate trust business.
Arthur J.
Morris, President since 1934, has been associated with Ful¬
ton Trust Co. for 40 of its 50 years
of life.
office
with the bank continu¬
to
Rescind Rule
When
the
and
This ruling, which is scheduled to become fully effec¬
Nov. 1, has the effect of barring public dealing by
members of the Exchange on other Exchanges in securities
listed in the New York Stock Exchange.
The Commission's
request was announced in a letter addressed by,Commissioner
Sumner T. Pike to William Mac Martin Jr., President of
ing.
tive
the
on
the
Stock
Exchange's position that the
action is an attempt to solve an internal problem of "un¬
fair competition" among its members, the Commission "is
of the opinion that your solution
.
.
.
has results which
in practical effect will endanger the future of affected re¬
gional exchanges and, as a consequence, will impinge upon
the welfare of the investing public within the regions served
by these exchanges."
The Exchange is asked to advise the SEC of its decision
in this matter prior to Nov. 1, or if further consideration
is required, defer the answer until Nov. 15 if the Exchange
will extend existing exenptions until some later time.
Mr. Pike's letter, which was accompanied by a summary
of the Commission's investigation into the effects of the
ruling, follows in part:
to
answer
Following
our
Committee on Member Firms of July 12,
on
a
the
summary
report of this investigation is now in preparation and
The full
should be ready for
view of the Commission's understanding that your
come
fully effective on Nov.
ruling is to be¬
1, 1940, the Commission has asked me to
forward to you a copy of this summary and to report to you
the
its views on
ruling.
As you and other
recent
memorandum, the Exchange's position is that
action taken by it is
the
of
corporate
acting
as
of
testimentar)'
Real estate
handling
Sta'tes
bonds—there
Government
outstanding then—comprised the
New York State's debt was less
other State and municipal bonds
latter
funds.
of
amount
to give the trustee broader
Living trusts have come into wide
use
and to the
Investment interest rates in the early years of Fulton Trust
They are
satisfactory return
a
lower today, and the problem of
sound investment is more difficult
even
a
on
ever.
first
institution
of
whom
until
President
Committee,
when
and
Swords,
Rogers,
the
who served
as
Chairman of the Executive
now
and continued as President until 1934,
Swords,
doubled
its
respectively,
in
its
its history,
during
of the founders,
one
elected.
was
Co.
$500,000,
to
only three Presidents
Edmund P.
succeeded Mr.
Trust
increased
total
had
Henry O.
1924.
Morris
Mr.
Fulton
has
was
figure
present
original capital and surplus to $1,000,000
1925,
four
and
$2,000,000
of
years
and
later
surplus
capital
to its
was
present
increases were effected by
Dividends have been paid
1893, 1907, 1921 and 1933.
Among the present Board of Directors of Fulton Trust Co. are three
of
$2,000,000.
annually since
of
descendants
new
both
instances
the
subscription rights.
1893, despite major panics in
the
founders:
Russell
E.
Burke
is
the
son
a
nephew of Edwin A.
Spencer Morris is the son of
of
Charles
C.
Henry Lewis Morris.
Burke;
Lewis
In
stockholders
offering
Russell
V.
Cruikshank is
Cruikshank, and
Business Forecast by National City Bank of
York—Survey Says Defense Preparations and
General
Attitude Toward European
War Have
Rising
New
Engendered Optimism
The
influence
coupled
country
to
assure
future,
October
of
United
the
a
the
the
optimism
States
defense
program,
which
has developed in this
"the confidence of the British people that
bombing will not decide the struggle," combined
with
with
high level of industrial operations in the near
National City
"Bank Letter."
orders for defense work
representatives of your Exchange have stated to me
on this matter and as set forth in your
In the course of our conferences
work
legal investments.
to
United
the
trust
the
operation were low.
German
publication in the near future.
In
Co.
The Commission also has considered
this problem and effects of your ruling.
for
and
powers.
counsel.
obtaining
than
1940, restricting your members'
prepared by the Trading and Exchange Division of the results
of its investigation into
and
the
the
and
custodianship of securities has been added investment advisory or manage¬
ment
exchanges, the Commission has considered your views
"multiple trading problems."
the anniversary,
limited primarily to
was
wills
of the last half century has been
discretionary
recent discussions and correspondence on the ruling of your
dealing on other
on
He began as an
not considerable.
was
trend
The
Exchange.
In
bonds,
investments
$5,000,000,
The
under
generally restricted
were
railroad
outstanding
founded
was
field
trust
$1,122,000,000 of
only
principal
Co.
Trust
administrator
mortgages,
than
Fulton
the personal
in
or
which
trusts,
were
Exchange Commission on Oct. 24,
asked the New York Stock Exchange to rescind a ruling of
its Committee on Member Firms relating to multiple trad¬
Securities
The
been
has
In commenting
ously since that time.
fiduciary
Against Multiple Trading Regarded as Harmful
1900, and
Mr. Morris stated:
executor
SEC Asks New York Stock Exchange
in
boy
Bank of New York said in
its
The bank pointed out that direct
are
still only a small part of current
business, and that much of new buying represents lengthen¬
ing of commitments for the purpose of
protection
against
Volume
In reviewing the
possible delivery delays or higher prices.
industrial situation, the bank said:
Loans
broken
all
during the month, around 250,000 tons, have
records, and fabricators' needs are now covered during a good
sales
of
copper
Sales of fabricated metal products like¬
Steel business has been as good as in August, if
part of the first quarter of 1941.
wise
been
have
not
steel
although
better,
been
exceptionally
some
mills
exceeded
Lumber
active.
consumption
orders
reached
have
throughout
the
The zinc market has
increased.
have
a
where
point
limiting sales.
are
and
Textiles
buying
inventories
consumers'
and
summer
heavy.
by
other
goods
everyday
of
use
are
being bought to some
time;
some
industries,
automobile
durable goods
the volume of construction under way, and the rapid rise of
output, it virtually guarantees a high level of production for
and in conjunction with the heavy backlogs in
the
remainder of
the
armament
program,
year
Of
longer.
or
course
to
market
the
ers'
will be
Manufacturers engaged in defense work have no worries as
for their products.
They are not dependent upon consum¬
purchasing
their
merchants
and
parel,
overstocked.
are
the
out
not have to give thought as
and do
power
distributors
To round
.
to whether
.
picture, retail distribution has been better than many
August weather stimulated early buying of
expected.
fall ap¬
best that retailers have had since 1930.
month was the
the
.
sales running
10% over last year.
The wholesale .merchandise markets generally have
had a good month, due to reorders of fall goods after the conservative
September has brought little letdown, with department store
of
to
say
of
indexes
that
it seems safe
industrial production will soon exceed the peak
during
Covering residential as well as business and income-producing properties,
loans are divided into new mortgages made by savings banks, FHAmortgages, and purchase-money mortgages made through the sale
real estate.
Lending for the quarter included 2,248 new savings
insured
owned
of
totalling $25,692,096;
mortgagee
and
purchase-money
1,394
addition
In
$1,977,517,
the
to
vision
Not Further Altering
Banking Hours to Meet New 40-Hour Pro¬
of Wage-Hour Law, According to Survey by
State
Bankers Association
State
Their
an
$10,037,412;
of
the savings
aggregate
properties already mortgaged by
on
banks.
The 57
3,109
Of
for
savings banks in the greater New
mutual
1,199
were
$7,401,278
were
new
FHA
York City area made
quarter totalling
mortgage loans during the third
new
these,
and
insured;
$38,152,806.
$21,199,692; 1,129
savings bank mortgages for
781 for $9,551,936
represented
purchase-money obligations.
«.
Banks
and
People Invested $83,102,000 in Savings, Building
Loan Associations During August
People put $83,102,000 into savings, building and loan
in August, continuing the 1940 margin over
1939 in money set aside for future use, the United States
Savings and Loan League reported on Oct. 19.
August
was a 13% better month thaa its counterpart in 1939 and it
made nearly twice as good a showing as July io proportionate
gains over last year, Norton Bodfish, Executive VicePresident of the League, said.
The League's announcement
associations
continued:
eight months in 1940 were better
1939, and from January
than in
savings months
through August, 16% more money
than
flowed into these thrift and home financing institutions.
Only
1939, the seasonally top-heavy January and July, saw as
last year
months of
in as did August of this year.
"While some of these dollars are
York
1,626 FHA loans for
mortgages for $12,188,148.
mortgages, 377 loans for
new
made
were
much money come
New
that a large percentage
the
two
reached last fall.
Most
4,313 and 6,395
quarters
small loans to home owners.
were
Seven out of the first
giving support for the move,
industries
of the
most
made
respectively.
The average
the past quarter was $9,095, as com¬
second
and
first
loan
the mortgages
early purchases.
With
each
business, even during the
will not be immune from fluctuations; there
periods of unfavorable news as well as favorable, and of inventory liquida¬
tion
as
well as accumulation.
However, the outlook is free from one
uncertainty.
of
$47,917,656, were made during
Sept. 30, as compared with
pared with $9,550 for the first half, an indication
and
Government,
the
the
for
loans
amount
hank
trade buyers have been active.
Cottou
goods sales have greatly exceeded production.
Shoe and leather business
has picked up with hide markets rallying strongly.
A buying movement like this naturally disposes of most questions as to
the activity of the industries in the near future.
It gives producers of raw
materials and of semi-manufactured goods the largest unfilled orders in
extent
numbering 5,268 and aggregating
the third quarter of July 1 to
new
Domestic
2419
The Commercial & Financial Chronicle
151
invested in lump-sums for
the purpose
majority of the people who put money
and loan associations in August are installment savers, building
up funds for some objective in the future," said Mr. Bodfish.
He said that
these funds are used by the associations to make loans on residential
of
earning cash dividends, the great
into savings
properties.
recently completed survey made by the New York
State Bankers Association through the officers of the County
Banker and Clearing House Associations, indicated that the
A
larger proportion of the banks in New York State were not
altering their banking hours in order to eliminate
the problem of overtime under the 40-hour provision of the
Wage and Hour Law, which went into effect yesterday
(Oct. 24). The 62 county banker, regional clearing house,
and city house associations, reported that the major methods
being used by their members to eliminate the overtime
problem, were:
Employment of additional
2.
Experimentation
with new methods and machinery, which
speed up the operations
Staggering the hours of
4.
Alteration
Wednesday in
various departments.
closing or opening either
banking hours,
hour earlier or later,
would
within the overloaded departments.
3.
of
help.
and closings of a half day during the
A or one
week, usuaUy
Volume
methods employed by bankers in
various sections of the state were brought to light by the
survey.
Among them were:
from one to two hours.
additional help, which will aid in the im¬
mediate solution of the overtime problem and also in the event that some
of their men employees are drafted.
3. Several banks are staggering the preparation and mailing of state¬
ments in order to relieve the peak load burden on the bookkeeping
1. Extending the
2.
One
lunch hour period of employees
bank has employed
department.
4.
A number
formerly remained open one night
month to accommodate payrolls have been forced to
of banks which had
during the week or
abandon this service.
5.
In several of the
closing one
this
the state, banks are
usually from 12:00 to 1:00, in order to meet
small communities throughout
hour at noon,
Incident
that
they will still be confronted by overtime operation during
peak periods.
The survey also brought forth numerous
protests against the inclusion of the small country banks
within the scope of the Wage and Hour Law, with the
expressed hope that the Washington
would bring some relief.
Loans
activities of the A. B. A.
Totaling $140,654,656 Made by
Mutual Savings Banks During
First Nine Months of Year—Above Same Period
of 1939 According to State Association
an
State
banks in New York State continue
active part in mortgage financing, with 14,374 new mort¬
The
gage
observed
of
of
received
have
of which $27,339,004 is
Bank,
outstanding.
About 67% of
their credit at the Bank, re¬
flecting the increased liquidity of member institutions as a
members are employing
the
whole.
The current rate of advances
is
The Bank's announcement
3%.
Homo
district
Loan
charged by the Bank
added:
Bank itself, on
its eighth anniversary, has a
of $1,371,706. Additional purchases of stock
by member institutions during the year brought its total capital to
$18,959,825.
The resources of the Bank now total $36,697,798.
Since beginning business, the Chicago Bank has paid regular dividends,
amounting to $2,068,660, to its stockholders.
Like the other 11 Federal
Home Loan banks, it has sustained no losses on its advances.
surplus and undivided profits
The Bank also
last
year
in
the
reported on Oct. 19 that the increases over
volume of money Illinois
and Wisconsin
people are borrowing for home ownership, from all sources,
were not only maintained in August but speeded up.
The
$27,978,000 of home mortgages recorded during the month
18% greater than in 1939, whereas the margin over
was
averaged 13% from January through July.
families contracting the new loans was
largest for any month of 1940.
,
The
last year
number
second
of
9,124,
+.
general the majority of the banks throughout the state
feel that they will be forced to pay overtime at various
periods during the month, in order to render efficient and
effective service to their customers, according to the an¬
nouncement.
Regardless of the amount of new employees
or increased
mechanization, a number of them state that
Mortgage
York
anniversary, which was
Since the establishment of the System in 1932, they
$74,832,919 in advances from their district
August.
problem.
New
eighth
comprises 463 savings, building and loan associations
Illinois and Wisconsin, stood at $433,444,879 at the end
In
New
its
to
22, the Federal Home Loan Bank of Chicago reports
the combined assets of the Bank's membership, which
Oct.
on
The
Western New York State.
A number of individual
$433,444,879 at End of August-—Increased
of Mortgage Loans Maintained
Assets of
further
1.
Had Combined
Chicago Home Loan Bank
Members of
mutual savings
loans for a total of $140,654,656 made by the savings
during the first nine months of 1940, according to
banks
Oct. 23 by the Savings Banks Associa¬
New York. While no directly compar¬
able statistics are available, the Association pointed out esti¬
mates indicate that this represents a substantial increase
over the amount of loans made during the same period in
1939.
The Association further reported:
figures released on
tion of the State of
Reports School Savings Show
Year Ended June 30, 1940
A.
B.
A.
Gain During
banks during the year ending
$13,111,312, a gain of $257,000 over
deposits during the previous year, according to a report
issued Oct. 21 by the Savings Division of the American
Bankers Association.
Of the total amount deposited during
the year, $3,889,846 remained on deposit at the close of the
year, compared with $3,450,676 of net savings during the
preceding 12-month period, the report says.
School savings
accounts were used by 2,539,477 pupils in 8,427 schools dur¬
ing the year, compared with 2,543,472 students in 8,448
schools a year earlier.
The following from the report is
School savings deposited in
June
30, 1940, totaled
also made
Balances
one
The
available:
the year constitute
people of the country.
remaining in school savings at the close of
of the indicators
of living conditions among the
greatest volume of deposits are made in
the pupils are less than 15 years of age.
most of
the grade schools, where
Normally they represent
becoming established in trades, in busi¬
ness, or
in professional life.
The deposits come frequently from gifts,
allowances, or from earnings arising out of work done about the home.
Thus conditions which affect the income of the parents are quickly reflected
in deposits in school banks, both in the volume of deposits and in with¬
drawals.
The liberal remainder in school savings this year, amounting to
about 30% of the sum deposited, indicates more satisfactory living con¬
homes
ditions
On
where the parents are just
throughout the country.
other hand, the fewer
the
eloquent
testimony
of the
bears
unemployment and consequent
pupils depositing during the year
persistence of
The Commercial & Financial Chronicle
2420
Relief
relief.
recipients
care
be
that
in
on
the
recipients
public
are
worthy.
relief
interest,
develops thriftiness
or
seem
doubtful
of
the members of
It
a family
be seriously ques¬
hopefulness
may
26,
1940
the
to
It would
practices
requirement, practiced willy-nilly,
a
either
because they develop out of an
condition.
It is essential that
In some areas at least,
school savings accounts.
appeared.
if such
the
that
see
for
relief may not have
tioned
or
to
zealousness
satisfactory
wholly
should be temporary,
what
exercised
have
merit
be
never
can
measures
to those who formulate them,
or
and
unusual,
Oct.
encourages
1937
1938a
Returns with net Income and with no net income:
$120,471,717,000 $141,967,876,000
Gross income b
.
-
f853,578,000
5,988.000
7.353,991,000
111,232,837,000
43,335.000
5,137,988,000
7,514,017,000
3,672,896,000
Net Income less deficit .c
Income tax
-
_
Excess-profits tax
Divs. paid in cash and assets
good management, but does rather, the opposite.
ration's
other than corpo¬
stock
own
477,838
471,031
Number of returns
Returns with net income: e
192,028
169,885
$80,347,555,000 $108,989,095,000
9,634,837,000
6,525,989.000
*1,232,837,000
f853,578.000
43,335,000
5,988,000
Number of returns
Tenders
of
$413,289,000 Received to Offering of $100,Bills—$100,500,000
000,000
of
91-Day
Treasury
Accepted at Par and Above Par
of
$100,000,000
thereabouts of
or
Oct. 21.
offering last
91-day Treasury
bills dated Oct. 23 and maturing Jan. 22,
Morgenthau announced
1941, Secretary
Of this amount $100,-
accepted at prices slightly above par and at par.
offering were received at the Federal
Reserve banks and the branches thereof up to 2 p. m. (EST)
Oct. 21.
Reference to the offering appeared in our issue of
Oct. 19, page 2280.
The following regarded the accepted
bids to the offering is from the Secretary's announcement:
500,000
The
was
accepted bids
amount tendered at
42%
par,
Total accepted, $100,500,000
tendered
were
was
at
and slightly above.
par
-
-
--
-
-
„
-
Income tax.
Divs. paid in cash and assets
Of the
2,853,093,000
or
Dated
Bills—To
Be
Thereabouts of 91-Day
Oct.
30,
1940
Number of inactive corporations
-
Preliminary figures,
b For 1936-38, "Gross Income" corresponds to "Total
Income" as reported on return, after transferring to deductions the negative Items of
Income reported under sources of income, plus "Cost of goods sold" and "Cost of
operations."
Unlike former years, "Gross Income" Includes Interest received on
certain Government obligations which Is subject to excess-profits tax
a
"Net Income"
c
bills
to
are
invited to
a new
offering of 91-day Treasury
the amount of $100,000,000, or thereabouts, to be
sold
on
a
will
be
received
discount basis to the highest bidders.
Federal
the
at
Reserve
The classification of returns
1938
(and
the
Treasury bills will be dated Oct. 30, 1940, and will mature
Jan. 29, 1941, and on the maturity date the face amount
of the bills will be payable without interest.
There is a
maturity of a similar issue of Treasury bills on Oct. 30, in
amount of $100,424,000.
In his announcement of the offer¬
ing Secretary Morgenthau also said:
They (the bills) will be issued in bearer form only, and in amounts
$1,000,
$10,000,
$100,000,
$500,000,
and
or
$1,000,000
(maturity value).
No
tender for
an
amount
less
than
tender must be in multiples of $1,000.
on
$1,000 will be considered.
Each
The price offered must be expressed
the basis of 100, with not more than three decimal places, e.
g., 99.125.
Fractions must not be used.
Tenders will be accepted without cash deposit from incorporated banks
and trust companies and from responsible and recognized dealers in invest¬
ment securities.
Tenders from others must be accompanied by a deposit
of 10% of the face amount of Treasury bills applied for, unless the tenders
are
accompanied by an express guaranty of payment by an incorporated
bank
or
Immediately after the closing hour for receipt of tenders
all tenders received at the Federal Reserve Banks
or
on
Oct. 28, 1940,
branches thereof up to
the closing hour will be opened and public announcement of the
acceptable
morning.
reject
as soon
as
possible thereafter, probably
on
the following
The Secretary of the Treasury expressly reserves the right to
all tenders or parts of tenders, and to allot less than the amount
any or
applied for, and his action in any such respect shall be final.
mitting tenders will
be
advised
of
the
acceptance
or
Payment at the price offered for Treasury bills allotted
the Federal Reserve Banks in cash
on
or
other
Those sub¬
rejection
thereof.
must be made at
immediately available funds'
Oct. 30, 1940.
The
part year which began in 1937, with the greater part
a
(tax reported on returns
a fiscal year ended In the period January through
June, 1939, or part year ended In 1939 with the greater part of the accounting period
and for
in 1938.
6 Consists of
$1,056,939,166 normal tax and $175,897,696 surtax on undistributed
profits.
Treasury Department Offers $100,000,000 of USHA \i%
One-Year
Notes—Subscription
Books
Closed—
USHA Is Planning to Enlist Private Capital to
Provide Permanent Financing for Local Housing
Authorities
Secretary of the Treasury Morgenthau, on behalf of the
United
States
eral Reserve
notes
of
Authority,
Housing
subscription, at
gain from the sale
except
or
as to
principal and interest, and any
other disposition thereof will also be
exempt, from
estate
and
inheritance
taxes.
(Attention
is
invited
all
to
24 offered for
Oct.
on
and accrued interest, through the Fed¬
par
Banks, $100,000,000,
the Authority,
or
thereabouts, of one-year
notes of Series E.
designated *4%
The notes will be dated Nov.
1, 1940, and will bear interest
from that date at the rate of
*4% per annum payable semi¬
annually.
They will mature on Nov. 1, 1941, and will not be
subject to call for redemption prior to maturity.
They will
be issued only in bearer form with coupons attached, in
denominations
of
$1,000,
$10,000
$100,000.
and
Subscrip¬
tions to the offering were closed at the close of business the
the
(Oct. 24).
day
same
Morgenthau's
Mr.
by the United States
as
to
They will be exempt both
(except
-
unconditionally guaranteed
the payment of both
their face
upon
interest and principal.
to principal and interest from all taxation
as
inheritance,
estate,
surtaxes,
announcement of
°
offering further stated:
imposed by the United States
or
and
gift
taxes)
now
or
hereafter
by any State, county, municipality, or
local taxing authority.
Subscriptions will be received at the Federal Reserve banks and branches,
and at the Treasury Department,
received at
the USHA.
Washington.
scriptions for account of customers,
and the Treasury
Subscriptions wiU not be
Banking institutions generally
Department
submit sub¬
may
but only the Federal Reserve banks
authorized to act
are
Subscriptions from banks and trust companies for their
Treasury bills will be exempt,
taxation,
fiscal year ended in the period July through November,
The notes will be fully and
trust company.:
prices will follow
a
of the accounting period in 1938): and $804,230,054 Income
on
of
for
returns for
on
computation for 1937-38.
$7,778,561 surtax on undistirbuted profits
net Income for excess-profits tax
on
on returns
"with net income" and "with no net
into those
Tenders
banks, and
branches thereof up to 2 p. m. (EST) Oct. 28, but will not
be received at the Treasury Department, Washington.
The
denominations
for excess-profits tax com¬
"Deficit" represents the amount
or
putation for 1936-38.
for the calendar year 1938
Secretary of the Treasury Morgenthau announced Oct. 25
that tenders
51,259
stock
f Consists of $41,569,498 normal tax and
Treasury
205,243,000
49,469
-
cash and assets other than corpo¬
own
Income" Is bassed
Offering of $100,000,000
2,280,846,000
357,786,000
-
-
Divs. paid in
ration's
285,810
$32,977,981,000
r
-
Deficit. c„
301,146
$40,124,162,000
Number of returns
Gross income .b
reported
New
7,308,774,000
4,780,202.000
Returns with no net income: e
c
accepted.
other than corpo¬
ration's own stock
The tenders to the
Total applied for, $413,289,000.
b
c
Excess-profits tax
A total of $413,289,000 was tendered to the
week
Dross income
Net income
as
official agencies.
own account
will be
received without deposit but will be restricted in each case to an amount
not
exceeding one-half of the combined capital and surplus of the subscribing
bank
or
trust
company.
Subscriptions from all others must be
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
gift tax.)
No loss from the sale or other disposition of the Treasury bills
shall be allowed
any
accom¬
panied by payment of 10% of the amount of notes applied for.
as
of any tax now or
a
deduction,
or otherwise
recognized, for the purposes
hereafter imposed by the United States
or
any
of its
The
right is reserved to close the books
time without
official
circular,
notice.
to any or all subscriptions at
as
Subject to the reservations set forth
all subscriptions
will
be received
subject to
in
the
allotment.
possessions.
Payment for
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
Nov.
issue.
private capital may be enlisted to provide permanent financing to local
any notes
1, 1940,
or on
allotted must be made
or
completed
working
on
or
before
materialize, it is expected that
housing authorities of the whole cost of their projects.
♦
on
later allotment.
If plans which the USHA are
Consequently, the
USHA may not need these funds for longer than one year to assist such
Corporation
for
1938
ment
Income
Totaled
and
Excess-Profits
$859,565,749,
Tax
Returns
Treasury
Depart¬
projects, in which event the notes will be paid off in cash when they mature.
The text of the official circular follows
Reports
UNITED
Secretary of the Treasury Morgenthau recently made
public excerpts from preliminary statistics of corporation
income and excess-profits tax returns for
1938, filed through
Internal Revenue
Guy T. Helvering.
be published at a later date.
The number of corporation
Fully and unconditionally guaranteed both
excess-profits
1939, is 520,500,
578,113 includes $41,569,498 normal
tax, and $7,778,561
surtax on undistributed profits reported on returns with
taxable year beginning in 1937.
The comparative figures
given in our issue of Aug. 26, 1939, page 1256.
The following is the table presented by the
Treasury for
1938 corporation figures with a comparison for 1937.
were
as to
interest and principal by the
United States, which guaranty is expressed on the face of each note.
The report will
and
tax returns for 1938 filed
through Dec. 31
according to the Treasury, of which 169,885 show net income
amounting to $6,525,988,940, while 301,146 show a deficit
of $2,853,093,270, and 49,469 have no income data.
The
income taxis $853,578,113; the excess-profits
tax, $5,987,636;
and the total tax, $859,555,749.
The income tax of $853,-
for 1937
:
AUTHORITY
\i% Notes of Series E, Due Nov. 1, 1941
Exempt both
income
HOUSING
Dated and Bearing Interest from Nov. 1, 1940
Dec. 31, 1939, prepared under the direction of Commissioner
of
STATES
as to
principal and interest from all taxation (except surtaxes,
and gift taxes) now or hereafter imposed by the
or by any State, county,
municipality, or local
estate, inheritance,
United States
taxing authority.
1940
TREASURY
Department Circular No. 643
DEPARTMENT,
Office of the Secretary,
——
Washington, Oct. 24, 1940
Fiscal Service
Bureau of the Public
Debt
I.
1.
OJJering of Notes
The Secretary of the Treasury, on behalf of the
USHA, invites sub¬
scriptions, at
par
and accrued interest, from the people of the United States
for notes of the United States Housing
of Series E.
Authority, designated %% notes
The amount of the offering is
$100,000,000,
or
thereabouts
Volume
Earl
II. Description of Notes
1.
and Nov. 1, 1941.
to call for
2.
semi-annually
"United States
their face by the United States
and principal; that in
appropriated for such
wise
of both interest
be unable to make
demand when due, payment shall be made to the
Secretary of the
the
unconditionally guaranteed
to the payment
as
the event the Authority shall
any such payment upon
by
Act of Congress (known
Treasury with
money
be
authorized to
in the Treasury not other¬
purpose out of any money
appropriated; and that the notes shall be exempt, both as to principal
and interest, from
gift taxes)
all taxation
or
or
or
or
any
office
notes with interest coupons
or agency
Subscriptions
will
The notes will not be issued in
Subscription and Allotment
be received
at
banks and
Reserve
Federal
the
the Treasury Department, Washington.
Banking insti¬
tutions generally may submit subscriptions for account of customers,
but
only the Federal Reserve banks and the Treasury Department are author¬
ized to act
Others than banking institutions will not
official agencies.
as
be permitted to enter subscriptions except
without deposit
Subscrip¬
for their own account.
tions from banks and trust companies for their own account
but will be restricted in each
case to an
will be received
amount not exceed¬
ing one-half of the combined capital and surplus of the subscribing bank or
trust
Subscriptions from all others
company.
be accompanied
must
by
payment of 10% of the amount of notes applied for.
2.
The Secretary of the Treasury reserves the right to
reject any sub¬
for, and to close the books as to any or all subscriptions at any time without
Allot¬
allotment, and the basis of
notice; and any action he may take in these respects shall be final.
will be sent out promptly upon
ment notices
IV.
out
said
is
the
completed
on or
declaration made by the Secretary of the Treasury in his discretion,
be
States.
United
agents
of the United
addressing the closing session of the New York Herald
on Oct. 24,
President Roosevelt, speaking
from the White House, said that those "foreign propagan¬
dists who seek to divide us with their strategy of terror"
have a strange misconception of our national character and
are
now
being answered "in characteristically American
terms" by our preparations for the defense of the American
continents and of the
of the respective districts, to issue allotment
of notes
issue interim receipts
notices, to receive payment for notes allotted, to make delivery
full-paid subscriptions allotted,
and they may
Neither let
us,
Secretary
of the Treasury may at
time, prescribe supplemental or amendatory
any
of
rules and regulations govern¬
HENRY MORGENTHAU,
of
Advancement
Praises
Lincoln was then speaking to an
versary,
on
special message from President Roosevelt praising the
Negro race was read to the celebration
held at the New York World's Fair on Oct. 20 commemorat¬
letter
75th anniversary of the ratification of the Thir¬
Amendment.
The President's message, sent in a
Michaux,
Elder
to
leader
of
the
Church
Radio
Colored Race in America,
sponsors
of the program,
Postmaster General Frank C. Walker in the
Court of Peace at the Fair.
Mr. Walker also placed on
read
was
sale the
by
first
memorating
I>ec. 18,
the
of
sheet
of
enactment
new
the
might, and in that faith let us to the end
We do well to repeat
right
vented
with
emancipation
stamp com¬
Thirteenth Amendment
The
of
acceptance
my
celebration
cordial invitation to speak in connection
to commemorate the 75th anni¬
arranging
are
of the ratification of the Thirteenth Amendment.
celebration is to be held under the auspices
versary
It is most fitting that this
of
Memorial
National
the
to
the
Progress
of
the
Colored
Race,
which
petitioned for the stamp to be issued in honor of the ratification of
Thirteenth Amendment.
How marvelous has been the advancement
world
the
the
of
slavery," to quote the title of a book which won
the great Booker T. Washington gave it to the
from
admiration when
universal
I
"up
race,
your
nearly
40
years
has
hardly
achieved
been
achievements
ican
assure
that
by
you
that
Negroes
have
in
enriched
the past three-quarters of a century—
and enlarged and ennobled our Amer¬
is
an
irony
of
our
day that three-quarters
called
we are
our
FRANKLIN D.
so
ROOSEVELT.
decadent, we will
immediately, obediently, proceed
They
national character.
Americans must, as they say, be hybrid,
the enemies of democracy), and
have been fused together
tradition.
because they say so many races
national community.
They believe we have no common
disunited and defenseless because we believe
with each other; because
we engage in political campaigns;
because we recognize the sacred right
of the minority to disagree with the majority, and to express that dis¬
They believe that we are
in free
inquiries and free debate; because we argue
agreement even loudly.
dictatorship in which uniformity
of his neighbor, and worse
himself, because the dominant atmosphere is that of the
They believe that we are no match for a
is
compulsory; in which each lives in terror
still, in terror of
concentration camp.
Despising democracy
and not knowing our strength, those who have
destroyed other free peoples deem the
United States an effete, degenerate
democracy.
'v
At first, we
We
the
are
oceans
dismissed this contempt with our traditional spirit of good
replying to it in characteristically American terms.
are now
preparing for the defense of
the American continents and of
continents.
And we are
that are the highways of those two
doing so in a mood of
determination, but
unafraid and resolute in our
will to peace.
of the
hybrid and
undynamic, mongrel and corrupt, and that therefore we can have no com¬
mon tradition, let them look at most gatherings of Americans and study
the common purpose that animates those gatherings.
Let them look at
any church
sociable in any small town, at any fraternal convention,
or meeting of doctors, or mine workers,
at any cheering section of any
We
are
aware
that
weakness of others.
v
dictators are quick to take advantage
the
As to the humorous theory that we are
game.
Let them look with
gather
special attention at the crowds which will
in, and around every polling place on
Nov. 5. Let them observe the uncon¬
querable vitality of democracy. It is the very mingling of races,
to common ideals, which creates and recreates our vitality.
dedicated
representative American meeting there will be men, and women
and Lincoln, and Isaac, and Schultz,
and children with names like Jackson,
and Stuyvesant,
These
and Olsen, and Kovacs, and Satori, and Jones and Smith,
backgrounds are all immigrants, or
varied Americans with varied
the descendants of
immigrants.
All of them are inheritors
of the same stalwart tradition—a
unusual enterprise, of adventurousness,
stakes and git moving," as
That has been the great
tradition of
of courage—courage "to pull up
they used to say.
compelling force in our history.
Our continent,
people who wanted a life better
than the life they had previously known.
They were willing to undergo
all conceivable perils, all conceivable hardships, to achieve the better lile.
our
hemisphere, has been populated by
They were animated, just
Very sincerely yours,
whether conscious
that if they tell us often
outworn, and that we are
mongrel, undynamic (so we are called by
in
It gives the
propagandists who
to our democracy,
have a strange misconception of our
In every
life.
of a century after the
adoption of the amendment foreveT outlawing slavery under the American
flag, liberty should be under violent attack.
And yet over large areas
of the earth the'liberties which to us mean happiness and the right to live
peaceful and contented lives are challenged by brute force—a force which
would return the human family to that state of slavery from which emanci¬
pation came through the Thirteenth Amendment.
As we celebrate the blessings of liberty, which our Negro citizens 6hare
under the beneficent provision, let us all, as Americans, unite in a solemn
determination to defend and maintain and transmit to those who shall
follow us the rich heritage of freedom which is ours today.
It
to the foreign
of terror.
decay.
football
ago.
I had great satisfaction in authorizing
Thirteenth Amendment commemorative stamp.
It is a symbol of all that
need
repeaters of these slanders
They
"We
I regret exceedingly that circumstances pre¬
your
you
answer,
believe, for one thing, that we
on
1865.
the
dare to do our duty as we under¬
Lincoln's declaration of faith today.
the American
answer,
seek to divide us with their strategy
The text of the President's letter follows:
Michaux:
of destruction to the govern¬
Let us have faith that right makes
ment, nor of dungeons to ourselves.
humor.
My dear Elder
and
from our duty by false accusations
He said this: "Neither let us be slandered
against us; nor frightened from it by menaces
of
God and President of the National Memorial to the Progress
of the
fear-mongers and the calamity-howlers,
troubled time—appeasers who were numerous
influential.
Negro
advancement of the
ing the
York Tribune of that day,
the intellect and moral culture of the city.
the appeasers of that
begin to believe It ourselves and we will
A
teenth
1860.
audience to whom he was a stranger.
Represented in the audience, said The New
enough that democracy is
Thirteenth Amendment Anni¬
Held at New York World's Fair
Message
in Cooper Institute, New York City, on Feb. 27,
gave
to
Race in
v
Democracy" I can think
words of the speech which Abraham Lincoln
this forum on the subject "Saving
disorganizer8 or unwitting dupes, seem to believe
JR.
Secretary oj the Treasuryj
Roosevelt
do our duty as we understand it.
Reid, Members of The Herald Tribune Forum:
better text than the final
no
false accusations against
Let us have faith that right makes might,
complete text of the President's talk was as follows:
In closing
Reserve banks.
President
be slandered from our duty by
of dungeons to ourselves.
and in that faith let us to the end dare to
time, or from time to
which will be communicated promptly to the Federal
ing the offering,
us
frightened from it by menaces of destruction to the government,
nor
nor
stand it."
pending delivery of the definitive notes.
The
as
Lincoln warned them against the
Federal Reserve banks are
States,
oceans.
the text of his address words that Abraham
Lincoln said in 1860 warning against fear mongers and
calamity howlers, the President said we would do well to
repeat Lincoln's declaration of faith today.
He quoted
Lincoln as saying:
:
Taking
indicated by the Secretary of the Treasury
the basis and up to the amounts
to the Federal Reserve banks
2.
in
In
was
authorized and requested to receive subscriptions, to make allotments on
on
Faith
of
Renewal
for
Calls
Roosevelt
System—Addressing New York Herald
Tribune Forum, Says Defense Program is Answer
to Those Seeking to Divide Nation by Terror
V. General Provisions
1. As fiscal
regarded as emphasizing efforts to strengthen
was
Democratic
Mrs.
allotted here¬
before Nov. 1, 1940, or on later
In every case where payment is not so completed, the pay¬
the
information was given
subjects discussed.
friendship between the two countries.
President
application up to 10% of the amount of notes applied for shall,
to
Smith,
Although Mr. Roosevelt
have described the visit as a courtesy call, the
the
to
meeting
Payment
ment with
forfeited
Park (New York)
by his
Earl, accompanied
The
week-end.
Hyde Park on Oct. 19 and remained until Oct. 21.
on Oct. 20 conferred with the Earl, who is
to
as
The
allotment.
upon
by the Earl of Athlone,
uncle of King George VI, but no
an
1. Payment at par and accrued interest, If any, for notes
or
visited
wife, Princess Alice, and daughter, Lady May Abel
publicly announced.
under must be made
was
The President
scription, in whole or in part, to allot less than the amount of notes applied
the allotment will be
Hyde
Tribune Forum
III.
1.
Roosevelt
last
over
arrived at
thereof.
registered form.
branches and at
home
attached will be issued in denom¬
inations of $1,000, $10,000 and $100,000.
at
by any State,
security for all fiduciary, trust and
as
President
Governor General of Canada, at his Hyde
deposit of which shall be under the authority
control of the United States
Bearer
inheritance, and
These notes shall be lawful
local taxing authority.
be accepted
may
public funds the investment
3.
estate,
hereafter imposed by the United States
now or
county, municipality,
investments and
(except surtaxes,
Roosevelt
President
Visits
Park Home
May 1, 1941,
Housing Act of 1937") approved Sept. 1,1937, as amended
which provides that the notes shall be fully and
holder
on
They will mature Nov. 1, 1941, and will not be subject
redemption prior to maturity.
The notes will be issued under authority of an
upon
or
Athlone
of
The notes will be dated Nov. 1, 1940, and will bear interest from that
dare at the rate of M% per annum, payable
as
2421
The Commercial & Financial Chronicle
151
today.
as we are
animated, by this compelling force
It is what makes us Americans.
«
The Commercial & Financial Chronicle
2422
The bold, the adventurous men of many origins, united in their determ¬
ination
to build
system which
a
for all future generations.
guaranteed freedom for themselves and
They built
people are one, a nation which is a partnership and can continue
nership.
That is
as a
The strength of very dictatorship depends upon the power of the one
almighty dictator, supported by
small highly
a
organized
We depend upon the power and allegiance of the one hundred and
thirty
national community
our
authority Is derived and to whom
from whom
government's
our
is forever responsible.
our government
The
more
perfect
we
of human communication between all parts
means
of our community, the more united we
That is partnership.
to me.
decision
a
act upon
we
of
manner
become; just
privileged to talk to
And it
that decision
I,
as
elected head
as
the radio, you talk
you over
that when together we make
means
partners and not in the inhuman
as
capricious master toward his slaves.
a
The constant free flow of communication among
us,
interchange of ideas, forms the very bloodstream of
enabling the free
nation.
our
It keeps
the mind and the body of our democracy eternally vital,
eternally young.
We see across the waters that system undergoing a fearful test.
Never
before has
whole free people been put to such a test.
a
the citizens of
a
democracy—men, and
women and little
their national shrines
ture
their
being destroyed, but there is
are
enduring than marble,
more
more
churches
and
gives
have
men
And
confidence
in
the
precious than all that
with Lincoln; "Let
dare to do
us
'
have faith that right
us
duty
our
makes might
own National Guard units,
they are ordered into Federal service.
The measure,
which is commonly known as the home guard bill, permits
the loan of equipment by the War Department to these
State military units.
The legislation, which amends the
National Defense Act of June 3, 1916 and was recommended
by the War Department, passed the House on Sept. 30 and
the Senate, in amended form, on Oct. 9.
The House agreed
to the minor Senate changes on Oct. 14, thus
completing
congressional action.
House passage of the bill was men¬
tioned in these columns of Oct. 5, page 1977.
President Roosevelt Signs Bill
of Organizations Favoring
Board and
Administrator
on
approving the establishment of
a
an
Priorities Board by the
Council of National Defense and the Board's
an
Administrator of
Executive
designation of
States
or
trator, in accordance witn the Act of June 28, 1940, to grant
priority for deliveries of all Army and Navy contracts and
orders
Board
will
Commission's
consist
a
coordinator
statement
trator Nelson
of
purchases,
has
been
named
tne
on
objectives of the Board, Adminis¬
Oct. 23 said:
on
In connection with the issuance of
Board and
an
adopted by the Senate on Oct. 4 and
by the House on Oct. 7.
The following concerning the
legislation is from Washington United Press advices of
Oct. 18:
an Executive Order
naming a Priorities
Administrator of Priorities, I want to make it clear that the
establishment of the
priorities administration does
new
not
mean
that
a
system of mandatory priorities on all National defense contracts will be
instituted immediately.
voluntary preference ratings
now
applied to certain defense contracts shall
be continued.
In
recommending establishment of
of
ticipated
an
Priorities,
the
National
a
Priorities
Defense
Board
Advisory
and
an
Admin¬
Commission
increasing demand for governmental assistance
to
an¬
assure
the
prompt delivery of items required for the defense program.
The setting up, at present, of adequate
machinery for handling the
priority question will be
fusion,
Representative Voorbis of California, met
ments aided in its preparation.
imprisonment of five
or
Violators
years or
both.
The State and Justice Depart¬
are
subject to
fine of $10,000,
a
Persons filing false statements may
be fined $2,000 and imprisoned for five years.
While pledging rigid enforcement of the law, Justice
Department officials
tonight declined to
Information
on
say
what organizations they expect it to reach.
several
organizations, compiled by the Dies Committee
un-American activities, by the Labor and other Federal
Departments,
is available to Justice officials.
on
Legislation Revising and Codifying United States
Nationality Laws Signed by President Roosevelt
Legislation revising and codifying the nationality laws of
a comprehensive
nationality code was
signed by President Roosevelt on Oct. 14.
The measure,
the United States into
which denies citizenship to members of alien
groups advo¬
cating overthrow of the Government by force, received final
congressional approval on Oct. 4 when both the Senate and
the House adopted the conference
report.
The legislation
had originally passed the House on
Sept. 11 and the Senate
on
Sept. 30. Regarding the provisions of the bill Washington
United Press advices of Oct. 15 stated:
The
It is the intention of the Administrator of Priorities
that the system of
istrator
sponsored by
little opposition in either house of Congress.
of
Administrator of Priorities.
In
on
all deliveries for
over
private account and for export.
the following members of the
National Defense Advisory Commission: William S. Knudsen, industrial production advisor, as Chairman; Edward R.
Stettinius Jr., industrial matters advisor, and Leon Hender¬
son, price stabilization advisor.
Donald M. Nelson, the
The
political subdivision thereof. This bill passed
July 1 and the Senate, in amended form, on
The measure was then sent to conference and the
any
conference report was
Priority; the President also under the
Order, authorized the Board and the Adminis¬
Govern¬
President Roosevelt signed on Oct. 18 legislation requiring
The measure,
Executive Order
Overthrow of
the registration of certain organizations advocating the con¬
trol by force or overthrow of the Government of the United
Handle Matter
to
Oct. 22
Requiring Registration
ment
Sept. 30.
President Roosevelt Issues Executive Order
Requiring
Priority of Army and Navy Contracts Over De¬
liveries for
Private
Account—Approves Priority
President Roosevelt issued
to
for local defease in lieu of their
the House
understand it."
as we
Signs Bill Permitting States
Their Own Military Units
President Roosevelt was reported on Oct. 21 to have
signed the bill authorizing the various States to have troops
has
man
ability of the democratic system which
dignity to give them strength.
so we say
and in that faith let
referred
Roosevelt
Organize
mighty struc¬
one
built, and that is the structure of the democratic faith.
You
was
Never before have
children—displayed
such courage, such unity, such strength of purpose under
appalling attack.
Their homes and their schools across the
water,
the President this power,
July 13, page 184.
1940
once
We gain in strength through progress—social, intellectual and scientific.
of your government, am
President
minority who
call themselves the "elite."
million members of
26,
part¬
strength today.
our
The Act, which gave
to in these columns of
in which government and
a system
Oct.
particularly
as
an
important aid in preventing industrial
the program broadens.
It
will
thus
be
a
con¬
useful
contribution to the National defense effort.
The immediate tasks of the Priorities Board and
the Administrator of
bars entry into this country and naturalization of:
measure
Persons connected with any
organization, association or society opposed
to
organized government.
Those who advise, write, publish, preach or otherwise advocate the
over¬
throw of the United States Government
by force and violence.
Those belonging to any organization
advocating violent overthrow of the
Government.
Those who advocate the assassination of officials of
organized government.
The bill also requires that persons
having dual nationality must,
reaching
21
American
of age,
years
return
to
citizenship within two
United
the
years
and
States
upon
and assert
their
forfeit
their
ninety days
or
citizenship.
Priorities will be;
1.
2.
To establish policies governing operation of the
priorities system.
To adjust differences that cannot be settled
by contractors themselves
dealing through procurement officers of the War
and the Priorities Committee of the
3.
as may
arise outside the jurisdiction
Army and Navy Munitions Board,
The text of the President's Executive Order
follows:
deliveries for private account
of the
President take priority over all
for export; and
or
Whereas the public interest requires that
provision be made to insure the
prompt delivery of materials, articles, equipment and
supplies essential to
the National defense; and
Whereas the
Council
of National
Defense
has
Board composed of the following members of
the
the Council of National Defense:
Chairman, the advisor
on
for
The advisor
on
industrial matters,
established
a
Priorities
Advisory Commission
to
industrial production, as
and
the
advisor
on
price
stabilization; and
Whereas the Priorities Board has
designated Mr. Donald M. Nelson
Roosevelt signed on Oct. 22 a joint resolution
providing for the disposition of the estate of the late Justice
Now, therefore, by virtue of the authority vested in me
by Section 2
(A) of the said Act of June 28, 1940, and as President of the United
States,
I hereby approve the establishment of the aforesaid
Board and the designa¬
tion of the said Administrator and authorize the
said Board and the said
Administrator, acting in the public interest
and in the interest of the
National defense, under rules and regulations
prescribed by the Board with
the approval of the President, to require, in accordance with
the provisions
(A), persons with whom naval and Army contracts and orders have been
are placed,
to grant priority for deliveries pursuant thereto over all
or
for export.
$250,000,
D.
ROOSEVELT
House, Oct. 21, 1940
who
retiring from
to
mendation
died
the
of
United
the
States
committee
a
to
Government.
perpetuate
the
The
recom¬
memory
of
Justice Holmes by having the Government
publish a volume
of his selected writings and to create a memorial
the
Supreme Court, in
Washington,
was
park near
adopted by Con¬
gress and
approved by the President.
In a statement issued
signing the measure, Mr. Roosevelt said that Mr. Justice
Holmes's "achievements in law and literature form an en¬
on
during part of the spiritual treasury of our country."
The following is the President's statement:
Res.
gives
me
special gratification
to approve
this joint resolution
(S. J.
258).
As
a
younger man it was my privilege to enjoy the friendship of Mr.
Justice Holmes in that period of
tranquillity when, although an old man
according to the calendar, the Justice was yet in the prime of his powers.
When I returned to
Washington, one of my first acts was to visit Mr.
Justice
Holmes,
strength
was,
of
from
course,
who
his
a
had
then
become
a
venerable
sage,
and
to
draw
stout heart,
man
in those awful March days of 1933.
He
of superlative gifts, and his achievements in law and
literature
But
form an enduring part of the spiritual
treasury of our country.
transcending every other contribution is the example that Oliver
Holes set as a patriot.
Service to country was the thread on
Wendell
which
FRANKLIN
The White
Holmes,
in March, 1935, three
Supreme Court, and willed
the substance of his
estate, valued, it is stated, at more than
or
deliveries for private account
Wendell
after
years
It
as
Administrator of Priority;
Memorial
President
Oliver
Authorizing the Priorities Board and the Administrator of Priorities to
perform certain functions under Section 2 (A) of the Act of June
28,1940:
Whereas Section 2 (A) of the Act of June
28, 1940, public number 671,
76th Congress, provides that all naval contracts and
all Army contracts
the discretion
Authorizing Use
Bequest of Late Supreme Court Justice Holmes
of
Navy Departments
■
and orders shall in
President Roosevelt Signs Resolution
Army and Navy Munitions Board.
To handle such priority problems
of the Priorities Committee of the
and
its
his
life
government
quence
was
were
strung.
This
summarized
devotion
by
a
to his country and faith and
final and characteristic act of elo¬
in willing the substance of his estate to the United States.
Vmlum*
The joint
resolution
before
now
governments have the right to levy personal taxes
against farm commodities held as security for advances made
by the Commodity Credit Corporation under its current loan
program.
A Washington dispatch of Oct. 21 to the New
York "Journal of Commerce" discussed the case as follows:
provides for the disposition of this
me
local
bequest.
The Congress had heretofore created a committee of nine, com¬
posed of three members of the House of Representatives, three members of
the Senate, and three members of the Supreme
priate
Court, to recommend appro¬
for the Justice's bequest.
uses
After
2423
The Commercial & Financial Chronicle
151
carefully canvassing the numerous proposals that were
committee reached
made, the
Efforts to have the high court pass upon
the following conclusions:
His
(Mr. Justice Holmes's) profound insight in thought of actions of
his ability to clothe his thoughts in English of a singular beauty and
power, and his long and
fruitful judicial service, which has stirred the
popular imagination to an exceptional degree, have made his thought and
memory the heritage of all men,
rather than of any single class or pro¬
made by Fresno County,
men,
the important question were
Calif., after the Ninth Circuit Court of
had held that the County could not claim a
unpaid taxes
had levied
a
on cotton
Appeals
superior lien in the form of
held under loan by the corporation.
The County
$300,000 assessment against the loan cotton.
fession.
Seeks to
therefore, seemed to the committee most fitting and desirable
that the memory of Justice Holmes should be perpetuated, and his life
and services symbolized, by making readily available to the public the best
expressions of his thought, and by creating at the national capital, where
he spent the last and most influential years of his life, a memorial to be
seen of all men, which would in some measure represent the
love of beauty
and of the quiet open spaces of the city of Washington to which he often
gave expression.
The Congress has adopted these recommendations and I heartily approve.
It
has,
The County sought to
this
effect,
In the decision of the Circuit Court
Court by its refusal to review
March
birth.
I
hope it may
.
■»
Report of Operations of RFC Feb. 2, 1932, to Aug. 31,
1940—Loans of $14,468,209,603 Authorized—$2,336,-
of that centenary.
Canceled—$7,823,671,159
280,408
The text of
special message of the President, in
a
appeared in our
the.late jurist
1935,
as a
Reconstruction
Chair¬
man of the RFC, states that authorizations and commit¬
ments of the Corporation in the recovery program during
August amounted to $386,258,897, rescissions of previous
Corporation, issued Sept. 27, Emil Schram,
Finance
authorizations and commitments
World War Profits—Will Also Pass on
Wage-Hour Case—Action in Other Cases
on
and
defense
the court should determine
program,
the country's need
which
to
canceled
shipbuilding
"the extent
should place the Government
1940 of
Oct. 14 said:
The
of
86
Department
.
said Bethlehem had placed construction costs
.
.
$119,750,000, whereas, it contended, the actual cost was
vessels at
Bethlehem denied any inflation of prices and told the court
for constructing the ships were "advantageous" to both
$92,990,520.
the contracts
that
parties.
when Bethlehem sued the Government for
began
action
legal
claimed under the old contracts, and the Government brought
portion of the approximate total of $113,000,000 already
$7,691,400
action to recover a
paid.
Department appealed to the
The Justice
high tribunal for a review after
It Beeks not only to block
but to recover part of the sum
award,
already paid.
chal¬
of the Wage-Hour Act. The
Opp Cotton Mills, Inc., of Alabama, is testing the validity
of the Wage-Hour Administrator's order fixing a 32%c.-perhour minimum wage for employees of the textile industry.
A ruling by the Fifth Federal Circuit Court of Appeals, at
New Orleans, upholding the law in this case was referred
to in our issue of April 6, 1940, page 2191.
The court did
not hand down any formal opinions on Oct. 14, but its action
in several important cases was reported in a Washington
dispatch to the New York "Journal of Commerce" as
Oct. 14 also agreed to review a case
The court on
follows:
During August,
Aug. 31, 1940,
authorizations were made to purchase preferred stock
amount of $2,180,000.
Through
of three banks in the
debentures
authorizations have been made for the purchase of preferred
debentures of 6,795 banks and trust companies
stock, capital notes and
aggregating $1,390,163,663
and 1,122 loans were authorized in
the amount
preferred stock, a total authorization for
and debentures of 6,868 banks and trust com¬
panies of $1,443,262,189.
$173,747,807 of this has been withdrawn and
$32,907,000 remains available to the banks when conditions of authoriza¬
$53,098,526 to be secured by
of
preferred stock, capital notes
tions have been met.
During August, loans
for distribution to depositors of closed banks were
$41,772, $605,743 was canceled, $1,020 was dis¬
increased in the amount of
bursed and repayments
loans have been
banks
amounted to $1,347,396.
authorized for distribution to
Through Aug. 31, 1940,
depositors of 2,776 closed
aggregating $1,347,554,800. $335,697,601 of this amount has been
and $16,199,971 remains available to the borrowers.
$995,-
withdrawn
second
A
company.
and
lenging the constitutionality
aggregating $2,559,810,437.
192,737 has been withdrawn,
awarded Bethlehem $5,272,075.
the lower courts
1.
7,541 banks and trust companies (including
Of this amount $513,$16,250,595.86 remains available to borrowers
and $2,030,367,104 has been disbursed.
Of this latter amount $1,936,783,921, approximately 95% has been repaid.
Only $7,200,135 Is owing
by open banks and that includes $6,460,103 from one mortgage and trust
loans have been authorized to
those in receivership)
Formal
this
repaid, making total disbursements through Aug. 31,
$7,823,671,159 and repayments of $6,025,646,305
(approximately 77%). The Chairman's report continued:
During August loans to banks and trust companies (including those In
liquidation) were increased in the amount of $41,772, $754,543 was canceled,
$1,020 was disbursed and $1,135,629 was repaid.
Through Aug. 31, 1940,
was
Washington United Press advices of
1074.
Authorizations aggregating $7,314,478 were
August, Mr. Schram said,
withdrawn during
capital notes and debentures. During August, $24,291,848
was disbursed for loans and investments and $21,203,127
of its contractors."
Previous reference to the
Government's request for review was made in our issue of
page
or
Governmental Agencies
from organization through
making total cancellations and withdrawals of $2,336,280,408.
A total of $1,086,133,066 remains available to
borrowers and to banks in the purchase of preferred stock,
at the mercy
Aug. 24,
for lelief
$1,800,000,000
Aug. 31, 1940.
involving alleged excess profits on World
which were awarded by lower courts.
In requesting the review, Solicitor General Francis Biddle
said that since the Government is now engaged in a vast
Corp.
building
War
This latter amount includes a total of
$14,468,209,603.
$1,500,798,638 authorized for other
against the Bethlehem Ship¬
the Government's suit
review
of
Supreme Court on Oct. 14 agreed to
States
United
The
amounted to $17,163,557
making total authorizations through Aug. 31, 1940, and
tentative commitments outstanding at the end of the month
Court Agrees to Review Gov¬
Against Bethlehem Shipbuilding
United States Supreme
Suit
for
monthly report of operations of the
In his
referred to in these
columns March 9, 1935, page 1592, and his will was reported
in our issue of March 1, 1935, page 1767.
The resolution
just signed by the President was adopted by the Senate on
June 22 last, and by the House on Oct. 7.
The death of Justice Holmes was
ernment's
Disbursed
Investments—$6,025,646,306 Repaid—
RFC Transactions with Railroads Itemized
and
Loans
memorial to
issue of April 27, 1935, page
recommending that the bequest be used
Corp.
California
passed upon.
FRANKLIN D. ROOSEVELT.
2789.
upheld by the Supreme
was
therefore the
cotton could not be sold for taxes without first making provision for existing
liens of CCC.
The question of constitutionality of the corporation was not
100th anniversary of Mr. Justice Holmes's
be possible to effectuate this program of Congress
part of the celebration
as
which
the case, it was held that under
will be the
1941,
8,
personal property
attached in favor of the County and that
law no superior lien
labors, the Supreme Court.
of his
CCC
pledged as security for the
belong to the corporation but was still the
of producers.
the
means
unconstitutionally created and the cotton
was
loans did not
publication by the Government of a memorial
volume of the selected writings of Mr. Justice Holmes and the establishment
ot an Oliver Wendell Holmes Garden in the vicinity of the immediate scene
In
Upset Ruling
have the decision overruled on grounds that
by
appeal
the
for a decision
The appeal involved a
Texas Railroad Commission
657,228 has been
disbursed and $956,058,637
its oil proration orders was granted.
suit against Rowan & Nichols Oil Co. which successfully challenged the
Commission's orders in the lower court.
The other case involving the same
question was brought by the Commission against Humble Oil & Refining Co.
2. In a case growing out of the World War the court agreed to review
celed and $225,268 was
approximately 96% has been
repaid.
validating
validity
challenging
litigation
award
was
mission
3.
contested
had
Refused
orders
4.
to
on
result
involving orders of the National Labor
had won in lower courts, but agreed to
the lower court, involving
"company" union at the Link
which the Board had lost in
directing
disestablishment of
a
Co.
"Noted
calling
Government
jurisdiction" in a case brought by
Oct.
the Governor of Oklahoma
injunction issued by the lower
courts restraining him
the militia to prevent work from going forward on
power project on Grand River, non-navigable stream.
out
As to the Black
on
the
review four cases
seeking to quash an
from
$50,000,000 damage award against
of the
ground that the German member of the Com¬
Board which the Board
Relations
Belt
a
withdrawn.
review a fifth case
its
of
by the German-American Mixed Claims Commission as a
and Kingsland, N. J., munitions blasts.
Legality
Germany
of the Black Tom
21 that
Tom case, the Supreme
Dec.
Court announced
9 had been set for the
argument.
a
hearing of
•
Court Refuses Review of Decision Ban¬
Priority Over Loan by Commodity Credit
Corporation
U. S. Supreme
ning
r
The United States
review
a
refused to
tribunal holding that State and
Supreme Court on Oct. 21
decision by a lower
During August,
tion districts were
the authorizations to finance drainage, levee and Irriga¬
increased by $12,000, $117,500 was withdrawn or can¬
disbursed. Through Aug. 31,1940, loans have been
drainage, levee and irrigation districts aggregat¬
authorized to refinance 652
ing
$141,868,508, of which $32,262,229 has been withdrawn; $19,718,051
the borrowers and $89,888,228 has been disbursed.
remains available to
which was added to the RFC Act
13,1938, 77 loans to Industry, aggregating
$54,471,046 were authorized during August. Authorizations in the amount
of $2,613,413 were canceled or withdrawn during August.
Through Aug. 31,
1940, including loans to the fishing industry, to banks and to mortgage loan
companies to assist business and industry in cooperation with the National
Recovery Administration program, the Corporation has authorized 7,422
loans for the benefit of industry aggregating $432,289,310.
Of this amount
$96,052,474 has been withdrawn and $121,160,780 remains available to the
borrowers.
In addition, the Corporation agreed to purchase participations
amounting to $1,597,645 in loans to 35 businesses during August and
similar authorizations aggregating $1,055,078 were withdrawn.
Through
Aug. 31, 1940, the Corporation has authorized or has agreed to the purchase
Under the
June 19,
of
provisions of Section 5 (d),
1934 and amended April
participations aggregating $118,694,504 of 1,827 businesses, $48,550,993
withdrawn and $50,200,563 remains available.
of which has been
loans in the amount of $1,038,500 were authorized
self-liquidating projects. Disbursements amounted
to $7,241,756 and repayments amounted to $3,710,000.
Through Aug. 31.
1940, 370 loans have been authorized on self-liquidating projects aggregat¬
ing $629,481,690.
$45,312,957 of this amount has been withdrawn and
$136,223,575 remains available to the borrowers.
$447,945,158 has been
disbursed and $398,647,625 has been repaid.
During August, five
to
public agencies for
The Commercial A Financial Chronicle
2424
During
August
the
purchased from
Corporation
(11 issues)
blocks
11
Administration
the
drawn
value of
The Corporation also collected matur¬
ing PWA securities having par value of $231,2.56.
Corporation has purchased from the PWA,
the
for
each
Through Aug. 31, 1940,
Federal Works Agency
having par value of $665,194,249.
of securities
issues)
held
having
Securities
$13,969,163.
Canceled
collected
sold at
or
Ala. Tenn. A Northern RR.
275.000
90.000
2,500,000
1,000,000
634,757
634,767
follows disbursements and repay¬
from Feb. 2, 1932, to Aug. 31, 1940:
47,877.937
ments for all purposes
Disbursements
Loans under Section 6:
47,877,937
7,684,937
53,960
53.960
549,000
13,200
535,800
141,697
d18,300.000
3,124,319
4,150,000
14,150,000
14,150,000
3,124.319
220,692
35,701
404,299
464,299
(Atlantic Coast Line and Louis¬
ville A
receivers)...1,983,102.099.01 1,892,489,608.68
Railroads (including receivers)...
772,541,805.16 *264,791,846.30
...
...
Federal Land banks
Regional Agricultural Credit corporations
Building and loan associations Unci, receivers).
Insurance companies
Joint Stock Land banks
696,548,740.20
387,236,000.00
173,243,640.72
122,442,242.65
90,693,209.81
24,666,880.20
Agricultural Credit corporations
Fishing Industry
719,675.00
600,095.79
Credit unions
distributors for payment of pro-
or
ceasing tax
to
Secretary
to
salaries
and
Chic, Gt. West. RR. Co. (trustee)
600,000
11,500,000
637
8,702,000
1,150,000
3,840,000
13,064,631.18
12,971,598.69
2,080,000
2,680,000
8,300,000
53,600
30,055,222
8,300,000
1,661,308
Colorado A Southern Ry. Co
Columbus A Greenville Ry. Co
•
14,718.06
2,080,000
-
Loans to business enterprises
Loans for National defense..
(trustees)
0,665,092.59
Erie RR. Co. (trustees)..*
Eureka Nevada Ry. Co
22,308,000.00
447,945,157.85
398,647,624.52
4,922,289.12
47,298,877 12
228,482,831.17
47,251,981.13
94,095,104.55
Loans to mining businesses
47,265,005.28
6,190,409.40
44,294.311.85
767,716,962.21
767,716,962.21
18,988,923.00
2,563,696.95
Loans to finanoe the carrying and orderly market¬
ing of agricultural commodities and livestock:
Commodity Credit Corporation
Other
19,644,419.78
of
preferred
capital
stock,
notes
Purchase of stock of the Fed. Nat. Mtge. Assn..
Stock-Rubber Reserve Co
.'
Loans
stock
secured
companies
by
preferred
$100,000
the purchase of preferred stock)
of
Federal
To create mutual mortgage Insurance fund..
For other purposes
Sec. of Agricul. for crop loans to farmers
(net)..
flee, of Agricul.—-Farm rehabilitation loans...
Governor of the Farm Credit Administration for
revolving
fund to provide
duction credit corporations
capital
for
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of caotta istock (inc 1
12,000
l.ieilooo
546,000
546,000
354,721
Georgia A Fla.RR.Co. (receivers)
...125,422.400
13,915
Gulf Mobile A Northern RR. Co.
Illinois Central RR. Co
Louisiana A Arkansas Ry. Co
354,721
99.422,400
26,000,000
519,093,578.37
43,090,000
390,000
l.ooolooo
9,278,000
1,112,000
2,550,000
2,650,000
50,000
Maryland A Penna. RR. Co
200,000
3,000
197,000
1,729,252
6,843,082
744,262
985,000
100,000
5,124.000
Meridian A Bigbee River Ry. Co.
Missouri Pacific RR. Co
.
..
...
21,000
6,000,000
5,000,000
28.900,000
3,000,000
17,000
4,975,207
300,000
7,995,175
18,672,250
200,000
250,000
28,900,000
3,000,000
600,000
17,000
4,975.207
117,760
400,000
1,235,000
162,600
6,520,000
641666
46,200,000
1,200,000
01,405,000
100.000
500,000
5,200,000
44,000,000
60,905,000
162,600
(ree'rs)c
Sumpter Valley Ry. Co
Tennessee Central Ry. Co
-
Co_.-
108,740
Wabash
20I666
162,600
320,000
24,410,500
30,096,594
100,000
100,000
164,794
2,0351666
7061666
30,000
39,000
39,000
8~206
Corp.
452.000
Ry. Co. (receivers)-—-- 25,981,583
30,000
6,000
45.000
'
25,973,383
1.09ll806
4,366,000
4,360,000
13,502,922
13,502,922
1,403,000
3,600,000
760,000
750,000
22,525
Western Pacific RR. Co
Western Pac. RR. Co. (trustees)Wichita Falls A Southern RR.Co.
24,000,000.00
200,000
.
108,740
2,035,000
30,000
Tuckerton RR. Co
300,000
2,805,175
18.672,250
6.332.700
5,332,700
Texas Okla. A Eastern RR. Co.-
12,500
798,600
400,000
65,000
The Utah Idaho Cent. RR.
40,500,000.00
97,000,000.00
919,360
743,000
1.300,000
Texas-South-Eastern RR.
1.II
18,200,000
7.699,778
99",200
743,000
3,000,000
Pittsburgh A W. Va. RR. Co...
Puget Sound A Cascade Ry, Co
36,499",000
18.200,000
222
785,000
1,070,599
36,499,000
b41,499,000
18,200,000
7,700,000
100,000
2,309,760
785,000
1.070.699
25,000
1,070,599
25,000
29,500,000
Pere Marquette Ry. Co
Pioneer A Fayette RR
a6,843.082
100,000
5,124,000
23,134,800
99,200
99,200
785,000
...
Texas A Pacific Ry. Co
I-III
6,843,082
23,134,800
Southern Ry. Co
IZIIIZI
800,000
2,550,000
Maine Central RR. Co
Seaboard Air L. Ry. Co.
Southern Pacific Co
145,000,000.00
2,600,000.00
55,000,000.00
8,517",500
800.000
1,500,000
Salt Lake A Utah RR. Corp
...
13,915
620,000
22,067
*3,200,000
Savannah A Atlanta Ry. Co
Sand Springs Ry. Co
200,000,000.00
124,741,000.00
6,000,000
13,915
8,020,000
10,020,000
43.112,667
Kansas City Southern Ry. Co
1,112.000
Lehigh Valley RR. Co....
10,278,000
Litchfield A Madison Ry. Co....
800.000
679,172,499.21
pro¬
Stock—Commodity Credit Corporation
Galveston Terminal Ry. Co
300,000
St. Louis-San Fran. Ry Co
7,995,175
St. Louis-Southwestern Ry. Co-- 18,790,000
Salt Lake A Utah RR. Co (ree'rs)
200,000
10,000,000.00
72,186,380.80
115,000,000.00
10,000,000.00
78". 000
3,1831666
101539
10,539
3,183.000
Great Northern Ry. Co
Green County RR. Co
Norf. South. RR. Co. (receivers).
Northern Pacific RR. Co
for loans to:
Farmers
10,000
15,000
78,000
Co
Gainsville Mldl'd Ry. (receivers)
Galv. Houston A Hend. RR. Co.
N. Y. N. H. A Hartford RR. Co.
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to fanners.
Federal Housing Administrator:
Gfdnsvllle Midland RR
8.424,982.78
7,823,671,159.04 6,025,646,304.92
Secretary of the Treasury to purchase:
Capital stock of Home Owners'Loan Corp...
Capital 8took of Federal Home Loan banks..
Farm Loan (now Land Bank) Commissioner
689.075
8,780,422
16,000
Fredericksburg A North. Ry. Co.
Pennsylvania RR. Co
629,194,629.49
Total
8,795,600
Mobile A Ohio RR. Co....
Works
Agency, security transactions.'.
Ft. Worth A Den. City Ry. Co
New York Central RR. Co
N. Y. Chic. A St. L. RR. Co
1,309,082,281.56
Administration,
90,000
71,300
582,000
3,000
1,957,075
227,434
Mobile A Ohio RR. Co.(receivers)
Murfreesboro-Nashvllle Ry. Co
for
34,475,000.00
1,8071075
227,434
3,000
Fla. E. Coast Ry. Co. (reoelvers)
Ft.Smlth A W.Ry.Co.(receivers)
Missouri Southern RR. Co
11,000,COO.00
insurance
disbursed
Total
Works
670,747,516.43
1,000,000.00
1,000,000.00
...
(including
3,100,000
Mississippi Export RR. Co
Missourl-Kansas-Texas RR. Co.
'
Stock-Metals Reserve Co
1,800,000
10,000,000
10,000.000
(trustee)
and
debentures of banks and trust companies (in¬
cluding $45,449,300.76 disbursed and $12,922,524 14 repaid on loans secured by pref. stock)„.l ,236,607,381.56
Purchase of stock of the RFC Mortgage Co...."
25,000,000.00
500,000
Minn. St. P.A S.S.Marie Ry. Co.
Total loans.excl.of loans secured by prefatock..5,885,394,147.99 4,827,380,227.34
Purchase
155,000
8,081,000
1,800,000
3.182,150
16.582,000
1,800,000
89,888,228,17
65,000.00
and purchases of assets of closed banks.
on
53.500
63.500
5,100,000
219,000
Denver A Salt Lake West.RR.Co.
3,182,150
Erie RR. Co..
16,582.000
Loans for repair and reconstruction of property
damaged by earthquake, fire, tornado, flood
Loans to aid In financing the sale of agricultural
surpluses in foreign markets
60,000
Denver A Rio Grande W.RR.Co.
.
3,300,000.00
payment
and other catastrophes
13,718,700
2,098,925
30,123,900
60,000
Copper Range RR. Co
63,500
Del. Lackawanna A Western Ry.
6,100,000
Denver A Rio Grande W.RR.Co.
8,300,000
5,599,703.83
629,882.44
585,728.21
refinancing out¬
150,000
10,398.925
Chlc.R.I.A Pac.Ry.Co. (trustees)
Cincinnati Union Terminal Co
9,250,000.00
'
-
838
150,000
8.920.000
Chic. No. Shore & Milw. RR. Co.
1,150,000
Chicago R. I. A Pac. Ry. Co... 13,718.700
*
55,000
1,289,000
150,000
12,000,000
12,003,055.32
for
Loans to aid in financing self-liquidating construc¬
tion projects
Public
4,338,000
22,865,175.00
public school authorities for
teachers'
standing indebtedness
Loans
40,588,133
3,300,100.00
Loans for refinancing drainage, levee and irriga¬
tion districts
of
155.632
1,000
Chic. Milw. St.P. A Pac. RR. Co.
Chic Milw. St.P. A Pac. RR. Co.
purchase
cotton
Loans
5,910.500
117,816,548.85
87,407,745.69
21,106,281.79
4,192,738,954.69 3,416,626,241.42
of Agriculture to
5,916,600
Chicago A Eastern 111. RR. Co—
140,000
Chicago & North Western RR. Co 40,589,133
Chicago Great Western RR. Co
1,289,000
14,718.06
Total loans under Section 6
Loans
140,000
430,418,306.98
387,236,000.00
173,243,640.72
(trustee)
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
moneys
-
Charles City Western Ry. Co
State funds for insurance of deposits of public
Livestock Credit corporations
Federal Intermediate Credit banks...
Nashville, lessees)
Central of Georgia Ry. Co
Central RR. Co. of N. J
$
Banks and trust companies Unci,
Mortgage loan companies.....
—
Carolina Cllnchfield A Ohio Ry.
Repayments
$
12,228,220
41,300
500,000
Carlton A Coast RR. Co
as
400,000
95,343.400
41,300
14,600
95,358,000
41,300
Boston A Maine RR
report listed
Processors
400,000
Birmingham 4b So'eastern RR.Co.
Buffalo Union-Carolina RR
The
127,000
275,000
—
Baltimore A Ohio RR. Co. (note)
from time to time.
Repaid
2,600,000
634,757
400,000
Corp.
Ashley Drew A Northern Ry. Co.
later date, such part of securities having an aggregate
a
value of $19,460,000 as the Administration is in a position to deliver
par
dis¬
$
127,000
127,000
Alton RR. Co
Ann Arbor RR. Co. (receivers)
Disbursed
$
Aberdeen A Rockflsh RR. Co—
has agreed to purchase, to be held and
In addition, the Corporation
amount
or
Withdrawn
$
Of this
value of $134,174,849 are still
a par
the
Authorizations
Authorized
of $499,978,171 were sold at a premium
amount, securities having par value
of
with
together
railroad,
bursed to and repaid by each, are shown in the following
table (as of Aug. 31, 1940), contained in the report:
(formerly Federal Emergency Administration of Public Works) 4,179 blocks
(3,112
1940
26,
The loans authorized and authorizations canceled or with¬
Public Works
of securities having a par value of
$4,187,000 and sold securities previously purchased having par
$1,216,200 at a premium of $40,261.
Oct.
22,625
Wrightsvllle A Tennllie RR
400,000
22.525
$39,500,000
neid in
revolving fund
Expenses—Prior
to
Totals
44,500,000.00
May 27.1933
*
3,108,278.64
14,230,102.92
Since May 26, 1933
Administrative
116,186.58
126,871.85
146,500,000.00
2,425.46
Total allocations to governmental
agencies.. 1,104,608,820.79
2,425.46
Administrative expense—1932 relief
Rural Electrification Administration
.
For relief—To States
directly by Corporation
To States on certification of Federal Relief
Administrator
Under Emergency
Appropriation Act—1935...
Emergency Relief Appropriation Act,
Under
1935
Interest
on
Total allocations and relief....
Grand total
al7,159,232.30
499,999,065.72
500,000,000.00
an
agreement by which the Corporation
may
at any time prior to maturity, $350,000
The loan to Minneapolis St. Paul A Sault Ste. Marie Ry. Co. (The Soo
Line)
secured by its bonds, the interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went Into
bankruptcy,
we sold the balance
on the loan to the Canadian Pacific, receiving $662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, matur'ng over a period of 10
years, $700,000
of which matured and has been paid.
b Includes
a
$5,000,000 guarantee: In addition the Corporation also guaranteed
Includes $320,000 guarantee by the corporation of securities sold by It.
Since
the sale, $64,000 of the $320,000 has been repaid by the railroad, thus
reducing the
c
1,799,984,064.72
Corporation's liability under the guaranty.
17,159,232.30
d Includes an agreement by which the Corporation may be
required, or may
elect, to repurchase at any time prior to maturity. $4,150,000 securities sold
by It,
(now canceled).
33,177,419.82
2,937,770,305.33
In addition to the above loans authorized the
17,161,657.76
10761441,464.37 6,042,807,962.68
v
$2,726,091,073.03 on account of amounts disbursed for allocstlons to other governmental agencies and for relief
by direction of Congress and
interest paid thereon, pursuant to provisions of an
Act (Public No. 432)
approved Feb. 24, 1938.
I
includes
the payment of Interest.
a In addition to the repayments of funds disbursed for relief under the
Emergency
Relief and Construction Act of 1932, the
Corporation's notes have been canceled
the amount of
Also
due
299,984,999.00
Does not include $4,800,000 represented
by notes of the Canadian Pacific Ry.
Co.. whloh were accepted In payment of the balance due
on loan made to the
Minneapolis St. Paul A Sault Ste. Marie Ry. Co.
the
a
was
•
In
111,180,756 772,541.805 269.591,840
$350,000 guarantee: in addition the Corporation also guaranteed the
be required, or may elect, to repurchase,
notes Issued for funds for
allocations
and rellef advances
893,318,717
a
securities which It has agreed to sell.
500,000,000.00
rellef
Includes
payment of Interest.
Corporation
has approved,
in principle, loans in the amount of $360,061,509 upon the performance of specified conditions.
Of
this amount $263,929,534 has been canceled,
leaving $96,131,975 outstanding at the end of the month.
United
States
Supreme Court to Consider Action
Involving Right of Newspapers to Comment Edi¬
torially on Court Case Prior to Settlement
Proceedings intended to determine the
paper's right to comment editorially
on
extent
a
court
of
a
case
news¬
prior
Volume
to
settlement
linal
a
united
States
were
Press
arguments
taken
under
advisement
by the
According to
accounts from Washington, on that date,
heard by the court on an appeal by the
Supreme
Associated
were
Court
21.
Oct.
on
Los Angeles
"Times" from a contempt of court conviction
growing out of the publication of editorials concerning two
labor
and
cases
"Sitdown
viz.:
woman
a
politician.
One of the editorials,
Dec. 21,
Strikers Convicted," was published
1937, dealt with the conviction but before sentence of sitdown strikers at the Douglas Aircraft Co. plant.
It is
State
stated that the California
Supreme Court upheld the
depreciation,
and
$145,434,398
of
income
conviction
was
editorials
would
W., Ashburn
Allen
test
only if there was
interfere with the administration of justice.
proper
whether
was
replied
the
for
there
not
or
was
"a
State of California that the proper
reasonable tendency" to impede the
work of the courts.
He asserted that this test had
sustained
been
had
and
been "in operation for 200 years or
conviction of the newspaper was proper
the
He contended
by the Supreme Court.
more"
also that
under either test.
by Justice Stone for specific statement of his views on a news¬
Pressed
paper's right to comment on pending litigation, Mr. Cosgrove replied:
"Whatever is said and wherever it is said, the question always is: Were
the
to
used,
words
create
and
clear
a
danger
present
that
would
they
the orderly administration of
interference with
substantial
nature as
bring about a
of such a
the circumstances of the case,
under
justice?
do, they are privileged under the Constitution."
He added that "we do not think we are privileged under the
Unless
they
tion
Constitm
the court.""
influence
to
commented that "what might interfere with one
judge might not have the slightest influence on another."
"That is one of the objections to the 'reasonable tendency' test," Mr.
Justice
Mc-Reynolds
Cosgrove replied.
Mr. Ashburn said
because of
"an
appalling situation"
in Los Angeles
the radio."
had existed
"the trial of cases in newspapers and
over
$11,361,178
to
Supreme
West
Coast Congress of Industrial Organizations leader, on a
contempt of court charge; he was said to have sent to Sec¬
retary of Labor Perkins a telegram, subsequently published,
criticizing a decision by the Los Angeles Superior Court.
Mr. Ashburn urged that the conviction be sustained.
Mr.
Bridges's attorney, who argued on Oct. 18, contended that
the labor leader's telegram was within his right of petition
arguments also were
Concluding
on
heard by the
the conviction of Harry Bridges,
for
1939
compared to
"aircraft" corporations before pay¬
amounted
This
and
this
to
$45,405,826
average
an
on
for
and
1938
of
average
$20,194,804
for
and these dividends
to the stockholders
1939,
return of 10.2% and 15.4%, respectively,
of their equity.
a
to the ledger value
contains a
report
supplement to the "income and
expense" state¬
with regard to the principal
elements
and especially operating ratios that could not be
for all the nine corporations, as planned, because two replied that
and
costs
shown
their
income represented an
The individual rates of return
for this group.
ment, which gives more information
expenses,
accounting
of
elements
systems
and
the costs
were
not
designed
segregate
to
the principal
expenses.
The total net sales during
1939 of these seven
corporations amounted to
$181,534,013.
Of this total amount of sales 4 63.15% represented,
and 36.85% domestic sales.
Text tabulations in condensed form, as a part of the report, give
foreign
sales
mathematical ratios and percentages derived from
certain
basic data contained in
exhibits.
the
with this project for the
In connection
collection of financial reports
and
regard to industrial activity and
Central Statistical Board worked
out
a
plan to avoid calling for duplicate information from corporations
already filing such annual reports with the Federal Government.
In brief,
this plan provides that any corporation now filing annual financial reports
with another Federal agency will be requested to furnish a copy of the
said
report, together with the necessary additional facts in a separate
publication of the significant facts with
financial results, the Commission and the
statement.
present, financial
At
mission's reports
the
corporations
information similar to that
contained in the Com¬
record from only about one-half of
selected for the general plan of the "Corporation Reports"
is available as public
»
project.
prepared by combining the
financial results of the principal corporations in a specific industry should
be of great value to the Government in charting the trends of industrial
activity.
The report of a particular industry should also be of great value
to managers
of corporations, stockholders, lenders of capital, and to the
general public, because much of the information is not elsewhere available.
Manager's of corporations in a particular industry can measure their rates
of return on ' the investment and their operating ratios with the combined
information
The
Court on Oct. 21
income of the nine
taxes
of, 34.4%
when related
contempt
"a clear and present danger" that
as
rate
ranged
(low to high) from a lo$s of 60.5% for one corporation to a gain in rate
of return of 98.8% for another corporation.
The rate of return on the
average capital employed of $112,375,309 during 1938 was 24.2%.
The nine "aircraft" corporations realized a net income, after provisions
for the payment of income taxes, amounting to $35,663,658 in 1939 and
$21,872,031 in 1938.
The nine corporations paid cash dividends amounting
of return
approving the conviction and two dissenting.
From Asso¬
ciated Press advices from Washington, Oct. 21, we quote:
Cosgrove, attorney for the newspaper, contended that a
$208,787,934.
to
1938.
$131,827,219,
of
investment
represented
B.
so
The combined net
ment
amounted
forth)
during
Superior Court conviction in the "Times" case, four justices
T.
2425
The Commercial & Financial Chronicle
151
A
tion
and
the Teports
principal corporations.
copies of the full report are
the
of
results
obtained
limited number of
to
i
those interested.
available for distribu¬
>
to the Government.
Fixed at Oct. 29—Secretary of War
Pick First Number at Noon—President
Roosevelt to Make Nation-Wide Broadcast on Aims
Draft Lottery Date
Commission Issues Reports on
of Venezuela, Bolivia, Ecuador,
Tariff
Trade Relations
Paraguay, Peru
Stimson to
and Uruguay
of Selective Service
United States Tariff Commission
The
recently issued re¬
trade relations of
Peru and Uruguay.
series being issued for all
ports on the commercial policies and
Venezuela, Bolivia, Ecuador, Paraguay,
reports are several of a
of Latin America.
Each report contains a
These
countries
of
description
natural
the
resources
physical
characteristics,
brief
population,
and industries of the particular
country,
trend, composition and destina¬
tion of its exports, and its imports.
Each one also contains
an analysis of trade of the United States with that country.
Reference to some of the reports which have previously
been issued were referred to in our issues of Sept. 7, page
its commercial policies, the
1374,
Sept. 21, page 1G64.
These reports concerned
Brazil and Colombia.
Copies of these reports are
and
Chile,
available at the office of the
in
sion
in the Custom House,
FTC
United States Tariff Commis¬
Washington, D. C., and at the
Commission's office
New York, N. Y.
Statistics for Nine Aircraft
Corporations—Total
Net
Sales
During 1939 $255,004,218, Compared with $171,016,Issues
Financial
Manufacturing
224
in
1938
report on "Aircraft Manufacturing Corporations" is the
first released in the Federal Trade Commission's project of
A
other information from a large
operating in many of the principal
industries of the United States.
According to the Commis¬
sion the nine manufacturers of "aircraft" whose financial
collecting
financial
and
number of corporations
combined represent nine of the most im¬
portant concerns in the industry, from the standpoint of
investment, value of goods sold, and workers employed.
The Commission indicates that the information in this re¬
port was obtained from reports submitted by the corpora¬
tions to the Commission for their 1939 operations and from
annual reports of public record made by these corporations
for their 1938 operations.
It is pointed out that the data
are
shown in combined form in a manner that does not
identify the results of any individual corporation.
The
report is, in general, confined to a presentation of basic data,
in amount of money value, together with the mathematical
ratios and percentages derived from these data, says the
Commission, which in its announcement issued Oct. 15 fur¬
reports are here
ther
states:
The
exhibits
with
respect
to sales, costs and expenses,
investment em¬
profits, dividends and operating ratios presented in the report,
show, among other things, that the total net sales during 1939 by the
nine corporations amounted to $255,004,218, as compared to total sales of
$171,016,224 by the same corporations in 1938.
The increase in sales
represented 49.1%.
Costs and expenses applying to goods sold in 1939,
or
the
total
operating outgo (including raw materials, wages, taxes,
ployed,
At noon on
Stimson
of War Henry L.
in the Nation's first
Tuesday, Oct. 29, Secretary
will draw
the first number
military service lottery. Final plans
completed at a conference in Wash¬
ington, Oct. 21, between President Roosevelt and Dr. Clar¬
ence
Dykstra, Director
of Selective Military Service.
Originally the plan had been to have President Roosevelt
draw the first number, but he declined.this function in favor
of Secretary Stimson.
The first number will be drawn from
the same goldfish bowl as was used for the World War
peace-time selective
the drawing were
for
1
draft in 1917.
announced on Oct. 21, President
Roosevelt will attend the drawing, to be held in the inter¬
departmental Government auditorium in Washington, and
will make an address.
The President's talk, which is ex¬
pected to last from 10 to 15 minutes, will be broadcast over
a nation-wide hook-up, as will the details of the drawing of
the first number.
The President is expected to explain the
aims and purposes of the conscription program.
The lottery to be held on Oct. 29 will determine the order
in which the some 10,500,000 men between the ages of 21
and 36 years, who registered on Oct. 16 under the "Selective
Training and Service Act of 1940," will be classified and
considered for induction into military service.
United Press
advices from Washington, Oct. 21, summarized the proceed¬
According to the plans
ings on Oct.
Mr.
29 as follows:
Dykstra explained
placed
will
After Mr. Stimson. draws the first number, others
This operation is expected to take 12 hours or
Mr. Dykstra said, explaining that the number of capsules probably
in
take
longer,
will
from one through the high¬
selective service board will be
that capsules numbered
registered at any local
number of men
est
the bowl.
up
exceed
the
task.
7,000.
numbers to each man who registered last
in conspicuous places so that each registrant
may learn his number before the drawing starts.
All men who hold the number first drawn by Mr. Stimson will share top
draft beards will assign
Local
Wednesday,
and post, lists
In other words, if the Secretary
in the first of the three World
War lotteries—all men holding No. 258 will be the first to receive ques¬
tionnaires which will form the basis of their deferment classification.
If they have no dependents, do not hold essential jobs and fulfill physical
requirements they will fall into Class 1—no deferment. Those successfully
claiming deferment will fall into Classes 2, 3 or 4, according to the nature
of their deferment, and will not bo subject to immediate call.
In this hypothetical case, holders of No. 258 who fall into Class 1 would
constitute the first group to be called into service.
Next, holders of the
place on the list of potential draftees.
draws No. 258—the first number drawn
number drawn from the
second
goldfish howl would receive
questionnaires
This process would be continued on the basis of the
are drawn.
Army officials have announced that thoy will induct 800,000 trainees
into service between Nov. 18 and next June 5.
A large portion of this
and
be
order
in
classified.
which numbers
number, however,
will be made up of volunteers.
the 800,000.
drafted to make up
Sufficient men will be
The Commercial & Financial Chronicle
2426
The Secretary
will draw only
number, then other high officials will
a few.
Eventually the task will settle down to a long, steady grind,
several hundred numbers being drawn each hour until the job is com¬
draw
with
one
pleted—probably in the early morning hours of Oct. 30.
noted in
issue of Oct.
17
Draft
as
19,
page 2293.
An
address by President Roosevelt on Oct. 16—Selective Service
Registration Day—was given in the same issue, page 2282.
as
our
ing with Employees During Draft Period—Pro¬
posal Considers Questions of Aliens, Espionage,
Sabotage and Jobs for Workers Conscripted
The National Association of Manufacturers announced
Oct. 24 that a subcommittee of the Association's
Employ¬
ment Relations
Committee had drafted a code of
proposed
employment relations policies dealing with alien employees
in defense industries,
drafted employees, new workers em¬
ployed during the draft period, and protection against
espionage
and
sabotage.
The
recommendations
have
already been presented to the 7,600 members of the Associa¬
tion for their consideration.
An announcement by the Asso¬
Swedish
Government protested to the State Depart¬
against the proposed requisition, but Secretary of
State Hull, in two notes to the Legation in Washington,
replied that it was necessary in the interests of national
defense.
Under
the
this Government
law,
ment
Administrator
recommendations
the
to
N.
A.
M.
membership,
the
sound
principles and practices which will provide the greatest
uninterrupted defense production and result in the fullest use
of
try's
facilities
and
and
welfare.
toward
resources
the
achievement
We recommend that executive
of
of
indus¬
shipments
The
defense
planes
decided
:■
All
employees should
new
doing the particular work
be
able
make
to
be American
available.
are
exceptions
in
In
in
where,
cases
defense
cases
or
in
should
company
areas
where
it
is
for special tasks.
groups
alien
Federal
Government should
employees
for whom
be
exceptions
obtained
not
are
from
the
shifted, where possible, to other phases of
oompany's operations.
Alien
employees
Oct.
be
encouraged
and
but should not be discharged if they refuse
assisted
or
are
These
issued
Oct.
Oct.
on
10,
to
become
unable to do
Army Air
Corps
these
having
failed,
order
the executive
15,
1940,
pursuant
the
Employers should not insist
I
have
by
a
should
company
honor
to
acknowledge
in this country
I have to inform
refer,
you
particular,
of
for
check
Companies interested in
and
for
and
the
defense
certain
will
ernment
I
licenses
by
Government.
your
authorizing
informed
am
airplanes—are
its
understand,
must
requisition
am
the
exercise
the
that
the
by
proper
govern¬
employment records
of
when
note
I
materials
war
of
general
that in these circumstances this Gov¬
right
which
inheres
within its
all
in
jurisdiction
add that, although
may
The
law
should check their fencing
reconsider their
job requirements
refers,
Government, it is
Sir:
the
will
owners
be
given
and
even
ment for employees who
operations.
I have the honor to refer to my notes
every
opportunity
can
in
vital
to
set
previous correspondence
case
of
essential
defense
industries to request defer¬
be replaced without substantial dislocation of
in
of Oct. 15 and Oct. 18, 1940,
regard to the possible
requisition by this
Government of airplanes and other war materials purchased in this country
the Swedish
Government,
the executive
with
the
order
of
and have to
Oct.
15,
inform
that
you
in accordance
and the President's regulations
1940,
date, issued pursuant to the Requisition Act of Oct. 10, 1940,
same
the appropriate authorities of
the property
of
your
EPI
this Government have requisitioned airplanes,
as follows:
Government,
single-seater
accessories,
pursuit airplanes,
equipment,
and
technical
complete
data,
with engines,
located
Republic
at
Airplane Factory, Farmingdale, N. Y.
Fifty
Industrial executives should carefully
survey the work being done by all
their 21-35-year-old male employees in order to
determine which' em¬
ployees are really "essential," and how long it might take to
replace
particular employees if they should be drafted.
Deferment should be requested only for the minimum
number who are
really key figures in company operations.
It would be a serious mistake
executives
cause
may
understanding that,
my
are
which
in
Sixty Type
provides that deferments may be made in the
in industries connected with national defense.
industrial
to
required
are
their claims.
spares,,
policy concerning deferments under the Selective
of
for
governments
which
this procedure
Accept, sir, the renewed assurances of my highest consideration.
Training and Service Law:
employees
war
requisitioned pursuant to the Act to which your
fair and just compensation will be paid to the owners after
discussions
guards.
Deferments
Statement
of
materials—in
these
of
some
in the instances to
exportation
urgently needed by tbe armed forces of
sure,
materials
war
defense.
own
I
unavoidable inconvenience to your
of
program
of
CORDELL HULL.
years.
flood-lighting arrangements and should
watchmen
note
Government
your
Oct. 21, 1940.
approved
carefully the previous
period of several
a
18, 1940.
your
country for their own use.
You
by
should
applicants
Act
that the interests of tbe national defense
you
this Government to refuse,
issue
to
Sweden.
to
receipt
instructed by
have been
you
the
so.
agencies.
Employers
work
forms
on
Requisition
representations to this Government against the requisition
materials ordered
war
In reply
upon
be conducted
was
President'*
the
1940.
the
make earnest
to
citizens
the fingerprinting of employees except
required or requested by the Government.
Any fingerprinting undertaken
mental
the
requisition
and
to
defense
from
planes
Espionage and Plant Protection
as
of these
export these
for national
purchase
and
endeavors
accordance with
16, 1940, stating that
forth
should
had
which
some
Oct.
for
divisions, the employment of aliens is prohibited,
or
licenses
State Department, follow:
Sir:
capable of
because of the confidential nature of the work involved
industries
present
the
The bead of the
individual
customary to employ certain alien
if citizens
the
further licenses to
The texts of the two notes of Secretary Hull, as given by
the
this
.
citizens,
in
upon
the
negotiate
to
Government.
materials
aliens.
required by
were
endeavored
Swedish
which
are
decision
authorize the exportation of
and applications for
have made it necessary for
Companies should check their employees to ascertain which of them
ex¬
denied.
were
purposes,
company
Employees
this
of
result
a
proposed
would be contrary to the interests of
appropriate authorities of this Government, having determined that
these
of
in each
give careful consideration to each of the following points."
The major recommendations were:
Alien
Aa
revoked
were
assurance
national
management
defense.
national
planes
the
out:
the many problems in the field of employment relations
under the national defense program we believe it is
important to formulate
Control determined that the
Export
been issued by the Department to
regulations
the
of
portation of these planes to Sweden
approved
Forwarding
reimburse
follows, in part:
ciation, summarizing the findings of the subcommittee, said,
"In considering
will
fair and reasonable price for
a
the planes.
The requisitioned airplanes comprise 60 pursuit
ships and 50 light bombers manufactured by the Republic
Aviation Corp.
The statement issued by the State Depart¬
in part:
committee pointed
regulations
ment
The
on
and
on
the Swedish Government at
Manufacturers Association Group Prepares Plan Deal¬
order
executive
26, 1940
Oct. 15, pursuant to the Act approved on Oct. 10;
this action was referred to in our issue of Oct. 19, page 2282.
issued
The
Dr. Dykstra took the oath of office on Oct.
Director,
President's
with the
ance
Oct
2 PA
Type
accessories,
bombers,
single-seater
equipment,
and
technical
with
complete
data,
located at
engines,
spares,
Republic Airplane
Factory, Farmingdale, N. Y.
I have been informed
of articles
be
will
materials
or
full
given
articles, and that
by the Administrator of Export Control that
owners
requisitioned pursuant to the Act of Oct. 10, 1940,
opportunity
to
evidence
present
of
this evidence will be accorded full
determination of the reimbursement
Accept, sir, the renewed
be
to
assurances
the
these
of
cost
consideration
in
the
paid by this Government.
of my highest consideration.
OORDELL HULL.
Drafted Employees
Companies should show
a
definite interest in
by drafted employees by making
draft.
call
(This
into
active
Special
service
recognition
employed in
What
observation
a
should
be
given
for at least
able to
are
special
some
the
only
one
do with
public service rendered
recognition at the time of
also
apply with
reserves.)
from
company
companies
would
to
respect
to
employees
enlistment
who
have
connection
with
any
New
New
they
respect
to
providing such special
adopted
it
should
be
stated
that
the
specified length of time.
Workers Employed
During Draft Period
perhaps,
that
We
their
believe
to
make
have
to
such
new
employees
sign
a
statement
to
the
would
be
statement
a
is only temporary.
advantageous for employers
as
to whether
or
not
they
to
are
require
appli¬
members of the
German-American
Bund or the Communist
party.
Employers should advise
applicants that any misstatements made in connection with their
applica¬
tions will render them
subject to discharge.
-
United
States Requisitions 110
Airplanes Ordered by
Swedish Government—Action Incident to
National
Defense Taken After Negotiations Failed
The
first
requisition
application
war
of
the
made
110
airplanes ordered by the
action
was
curement
were
the
taken
of
were
Government.
planes from
The
War
in America."
He
has failed abroad and that
reviewed
recent
it
history of
Europe, and denied that democracy has proved
a
failure.
He
principles of democratic, individual initiative that
declared
that
"it
was
collectivist
tampering
ruined
France, and nearly trapped England," and asserted
that "this blunder must not be repeated in America."
Con¬
tinuing, he said:
Now let
us
have
We have had
hands
of
a
executive branch of
and
no
grasp
of
look at
our
own
drift toward collectivism
long succession of laws placing
a
our
Federal
our
Government
the administrative
I
cannot
toward
resist
effectively.
the
more
and
Washington.
technique needed
power
wisely and
at
in America.
more
in
power
Meantime,
the
Government has shown little genius for
organization
condition that one might characterize as
negotiate for the pro¬
the Swedish Government
the
with the
over
Department explained that
needed by the Army Air Corps for advanced
Requisition was decided upon in accord¬
training purposes.
fail
events in
This
because efforts to
these
unsuccessful.
planes
authority
Oct. 22 when the War Department took
Swedish
will
the
to
materials needed for this country's defense
was
on
President's
Mr. Mooney, who spoke on "Business, Defense and
Democracy," declared that the United States must take part
in "breaking down the presumption that is
being made too
universally that democracy
employment
it
Collectivism to United States
Capital, management and labor bave a common stake in
preserving democratic
methods
in
industry,
James
D.
Mooney, Vice-President of the General Motors Corp., said
on Oct. 17, in an address at the 25th
anniversary and silver
jubilee of the Associated Industries of Massachusetts, at
Boston.
employed during the draft period should be advised that
employed on a purely temporary basis.
In many cases it would be
desirable,
cants
policy
workers
are
effect
a
racy—General Motors Official Warns of Danger of
been
recognition for drafted employees will depend upon the
company's financial
both present and prospective.
In
Mooney Urges Cooperation of Capital, Man¬
agement and Labor in Preserving American Democ¬
year.
situation,
policy will apply only for
James D.
or
Accordingly,
temptation
to
we
find
to
utilize
ourselves,
such
too,
vast
in
a
"regimented anarchy."
mention,
among these many steps
regimentation, the unnecessary destruction and devaluation of the
dollar, which took place in 1933.
This alone was bad enough,
American
but
capped that fatuous proceeding by an act which stands unique in
Although we were at peace, we confiscated our citizens'
gold and made ownership of gold a felony.
This move, however, did not
we
monetary history.
Volume
prevent our Government from becoming the Number One gold
history.
when
did
banks.
Our
Govern¬
from our citizens and from our
they took the gold away
in the hands of our
Washington absolute and dictatorial control over our whole
policy
monetary
American economic life.
all
families
are
concentrates
investment, and the savings and insurance
Prices,
of American
subject to the whims, caprices and stupidities
political bureaucracy.
Up to a few months ago I had extracted some cold comfort from the
thought that some day the results of our rush into collectivism would have
to meet the critical eye of our people.
When that time came, the good
and the evil in our experiments in collectivism would have to be judged,
a
the
American
That
hope is
in
is
fast
breaks
be:
"The
defense
matter what hideous economic
no
did
emergency
it,
not our
moment of success,
just at the
plans,
modify our
Now, let
At
Workers
flee,
what the
To
me
experiments.
He is just ready to draw off his final
a fierce fire suddenly sweeps the laboratory.
moment,
records and equipment are
destroyed—and
the national
defense
We
program.
can
collectivism.
I
say
can
man
longer count on the
no
headling rush into
laboratory record for proof of the ruinous results of our
...
tried
have
tragic
no
experiments would have shown.
I
this is the most disheartening part of the prospect for business,
faces
it
as
this
defeatism
in
remarks today to
present
our
As
democracy.
on
a
emphasize to you gentlemen the
mess
matter
of
and
fact,
spirit of
the failures should be
failures
and
laid at the door of collectivism.
an
to sweat and hard work.
Finally,
would
I
.
.
.
challenge you
and
Capital
huge risks
to
drift
in the present
methods
and
American
tanks and guns
ships,
labor
industry.
in
traditional
of
methods
rights
...
management
democratic
and
taking
bound
is taking a huge risk, the risk of losing its present
too,
privileges.
Capital,
planes,
are
are
collectivism.
Labor,
and
management
Bankers
we
stake in preserving
Only through such a return to the
democracy can industry produce the
need to defend the America we know
have
a
common
I
Defense
Approves Plan to Build Tin Smelter as
Measure—Contract Signed with Bolivian
Producers for Concentrates
Federal Loan Administrator and Secretary
announced Oct. 19 that it is planned to
tin smelter in the United States to refine Bolivian
Jesse H. Jones,
of
Commerce,
build
a
part of the preparedness program.
Mr. Jones said
that the Metals Reserve Co., a subsidiary of the Recon¬
struction Finance Corporation, would build a smelter or
contract with one of the smelting companies to build and
ores
as
operate a plant.
Regarding the agreement, a Washington
"Times," said:
dispatch of Oct.
19 to the New York
The Metals
with the
Reserve Co. has already
agreed with Bolivian producers,
approval and guaranty of the Bolivian Government, to
concentrates sufficient to
buy tin
smelt about 18,000 tons of fine tin annually for
five years.
in my recent remarks before
misinterpreted
engaged in a concerted effort
I do not believe that and I have never said
informed that a statement made by me
am
the American Institute of Accountants
as
costs here
freight and higher smelting
England, would be something over 50 cents per pound
for the concentrates, allowing for
than in
of fine tin.
The Metals Reserve
in Memphis has been
indicating that I believe that the I. B. A. is
"gut" the Securities Act.
that I believed it.
I am informed that conferences
On the contrary,
dealing with amend¬
securities business
between representatives of the
the statutes
to
ments
I. B. A.) and the representatives of the
SEC have been proceeding with the greatest good nature and earnestness.
I am further informed both by our staff and by representatives of the
has been made.
approach to the problem. The
appointed men of high inteelligence
and serious purpose to work with our staff and they have told me that they
have been well pleased with the progress of the negotiations.
I understand
that the representatives of the industry are now reviewing with their prin¬
cipals the ground which was covered last week and that the meetings are
to be resumed within a few days.
It seems likely that they will continue
to be held at frequent intervals between now and January.
I
am
heartily in favor of this shirt-sleeve
the industry have
various groups in
From
Connely's statement of Oct. 21 we quote
Mr.
Co. has agreed with the British to release to
them
of 6,000 tons of the ore per year and to consider
requests for a larger amount if needed.
All Bolivian tin ores have hitherto been shipped to Britain or Continental
request a maximum
Europe for smelting.
Establishment of the Metals Reserve Co.
for the purpose
acquiring strategic materials was reported in our
July 6, page 42.
of
issue of
Chamber of Commerce Opposes Change
Freight Rates—To Be Represented at
1. C. C. Conference Next Monday
in
part as follows:
caused an
of the
American Institute of Accountants.
In it he said there is being paraded
about the country a ridiculous picture of the SEC.
He said this is being
paraded about the country "by a small group of ultra-conservative invest¬
ment bankers who are engaged in an effort to have the Securities Act
gutted by amending it in such a way that the SEC would be powerless to
prevent the sale of certain large security issues—even if the registration
statements were clearly
of the SEC, last Friday |Oct. 18]
Memphis before the annual convention
false and misleading."
The press at once assumed that
of the I. B. A. As applied to
and Mr. Frank must know that
they are untrue.
Time and again we of the I. B. A. have made It clear
that we strongly support the requirements of fair and adequate disclosure
of the character of the securities offered or sold to the public.
It is and
has always been a fundamental principle of our policy that the Federal law
must adequately safeguard investors against fraudulent transactions.
But
Mr. Frank's precise words admit of no other interpretation than that he is
consciously endeavoring to create in the public mind an impression that we
are seeking so to change the Securities Act that the SEC would be imporent
to prevent fradudulent transactions.
Nothing could be further from the
I ask you to mark
they
were
well those words.
Intended to apply to members
members of the I. B. A. they are untrue
truth.
.
.
.
The I. B. A. certainly
The price
upon
said:
in part
statement which
Jerome N. Frank, Chairman
love.,
Government
B. A.
President Connely of I.
Following a statement issued on Oct. 21 by Emmett F.
Connely, President of the Investment Bankers' Association
of America taking exception to remarks attributed
to
Jerome N. Frank, Chairman of the Securities and Exchange
Commission at the convention of the American Instutite of
Accountants in Memphis on Oct. 18, Mr. Frank issued a
address to be delivered at
1
Were Misin¬
in Matter of Attitude of Investment
Toward Securities
Act—Statement by
terpreted
industry that distinct progress
leave no stone unturned to resist
to
and collectivism.
These political diseases
disintegrate our industrial effectiveness for defense.
regimentation
toward
Accountants
of
Institute
American
(including of course those of the
Meantime, as industrial managers, we must face the problem of making
effective contribution to the defense program.
We must give ourselves
up
with its
by such
♦
to
my
blaming
of
irony
formal hearing on class rates.
a
Says Remarks by Him Before
Chairman Frank of SEC,
complete
Their obvious answer
reforms.
We had to
because the war came
consider the analogy of a man working in a laboratory on a
us
important
results.
the)lCC ordered
them up to the southern level.
New York State
large industrial interests would be seriously affected
an increase, he said.
i
disaster
along."
series of
to'fenlist the cooperation of Governor
represented^ the Chicago conference
meeting
the
at
effort to have the state
explained on Oct. 23 that if the ICC
should order a formal hearing on the question as a result of
next Monday's conference and should decide eventually that
the class rates should be made uniform, the consequence
would be an increase in the rates in this territory to bring
turmoil.
down,
alibi, the most magnificent red herring imaginable.
will
an
McCollester
Mr.
only chance to assay honestly the worth of the last
our
the country, from now on the reformers have the most
sweep
may
The national emergency, coming at this time,
fading.
experiment and
of
years
No matter what
decided
was
and to intervene if
in the light of actual results.
way,
now
destroying
several
It
Lehman in
present
Government at
of
hoarded of all
'
foreign dictator has done any more autocratic thing than our
No
ment
2427
The Commercial & Financial Chronicle
151
has not nor to my
in Section
suggested that any change of any
17 of the 1933 Act
in Section 20 of that Act
process
to prevent
which deals with fraudulent
which empowers the SEC to
provisions of the 1933 Act.
of the
knowledge has any other group
kind be made
transactions or
invoke the injunctive
practices which constitute or will constitute a violation
of investment bankers ever
.
.
.
advocate, in general
of those provisions of
the existing laws unnecessary for the protection of investors and which
operate to impede the efficient operation of the private capital market.
We
advocating and will continue to
been
have
terms, simplification
of procedures and elimination
We have been making every
these calmly
effort through our
and dispassionately with the
SEC.
representatives to discuss
We will continue these
helpful if our honesty of purpose is to be
impugned in public statements made by members of the SEC itself.
efforts but
they may not be very
New York State
in
Class
The Chamber of Commerce
on
ber
No
Oct. 23 that it will
State would face a further
loss of industrial production should the southern Governors be successful
in their fight for uniform class rates.
Percy H. Johnston, President of the
New York Chamber, said that if the state wanted to keep its industries
and maintain their normal production in the state it should promptly take
the lead in poposing any change in the present class rate structure.
Fear was
expressed at the meeting that the
to
Development
of
Power Plant on
St.
York State Cham¬
of Commerce and National Coal Association—
Justification
Seen
for
Project as Defense
Lawrence
of the State of New York an¬
send Parker McCollester, its
traffic counsel, to Chicago to attend the conference called
by the Interstate Commerce
Commission on1 Monday
(Oct. 28) for informal discussion of class freight rates. The
conference was instigated by the Southern Governors Con¬
ference which has attacked the class rate differential between
the northeastern states and the southern states.
At a meet¬
ing held at the Chamber on Oct. 14, and attended by repre¬
sentatives of Chambers
of Commerce and commercial
organizations from Albany, Buffalo, Rochester, Schenectady,
Niagara Falls and a number of other up-state cities, the
desirability of the southern Governors to secure more favor¬
able class freight rates for their respective states was dis¬
cussed.
An announcement by the New York Chamber on
Oct. 23 had the following to say regarding this meeting:
nounced
Opposition
River Voiced by New
Essential
Percy
H.
no
evidence
of
a
President of the Chamber of Com¬
declared on Oct. 20 that
had been produced to justify the construction
Johnston,
of the
merce
State of New York,
hydro-electric plant in the St. Lawrence River, as
President Roosevelt, on the ground that it was
and in Canada. Mr. Johnwarned that once the actual work of building the
desired by
essential for defense needs here
ston
plant was begun, it would not be difficult to throw
national defense around the navigation phase
the original waterway-power project also and have it
power
the mantle of
of
constructed as an emergency measure.
Mr. Johnston's state¬
ment follows:
The
Chamber
President
did
of Commerce of the
not
see
fit to
have
State of New York regrets
an
before
will
that the
impartial study made of the need
practical value of hydro-electric power
ordering the starting of preliminary
cost the taxpayers hundreds of millions
No evidence has been produced to justify
that it is an "urgent" need in either the
and
from the St. Lawrence River
work on an enterprise which
of dollars.
the undertaking on the ground
American defense program or
■
«
The Commercial & Financial Chronicle
2428
the Canadian
"'sold"
in
the
win
war
the
while it
wjir,
maintain
to
Neither
friendly
President's
the
would
is
being "sold"
relations
and
"selling argument" has
The
of
emergency.
It is unfortunate that the project is being
United States on the ground that Canada needs it to
help
take
advisers
any
fix
Other
to
years
seven
eight
cooperation
something
as
with
the
United
the
as
competent
finish
to
Eastman
earliest
for
year
engineers
the
The fact
indicates
that
that
Canada
there
Millions of
there.
have
work.
is
no
present
that
should
war
it
facilities
be expanded
can
be
can
On
new
this
side
of
the
It should
phase of the
one
struction
making
of
St.
the
that costly
also
cloak
national
Lawrence
piant
Waterway project.
begun,
were
experiment
those
would
lose
who
Once
have
time
the
long
actual
been
The
the
of
task
competition effectively and wisely is, in my
difficult and dangerous than the task of regulating
Justice between competing carriers as well as justice between
monopoly.
con¬
set
carriers and
on
more
shippers is essential, and great
deprive the country of the
in
which
competition most
who
men
defease.
think
that
issue of Oct.
our
of
ment
19,
committee
to
a
St. Lawrence River
2283, the President's appoint¬
study power development on the
that
page
regulation of
no
is
charge
of all these
water
of
Producers of bituminous coal and the half million
it
one
in
mind
the
is
a
to
country
too late.
resolve to leave
realization
<
.
of
no
the
men
unturned
folly
of
this
authorization
press
ate
before
of
Congress
constitutional processes of
without
and
ex¬
any
to
recourse
government," the statement
con¬
tinued, in part:
The President's initial allocation
The
upward of
Basic
full
a
stroke of his pen of $1,000,000 for
drop in the burket as respects the financial
the St.
of
cost
quarter of a billion
a
by
a
Lawrence
dollars.
hydro project is estimated at
...
objections to the St. Lawrence project
as
basic objections which have been
to
project from
war
are
quite
as
inherent in the St. Lawrence
inception present considerations of national defense,
its
perils afford
further
and
<
Developments in Europe and Asia are overshadowing
important domestic issues in the current presidential election
campaign, Henry H. Heimann, Executive Manager of the
National Association of Credit Men, said
on
Oct. 19 in the
"Monthly Business Review" published bv the Association
on that date.
The very fact of rearmament in the United
States, Mr. Heimann said, "bringing the type of 'war pros¬
perity' that inevitably accompanies it, defers further sound
consideration and critical analysis of our problems—a con¬
sideration long overdue, one that is preeminently vital to our
present and future prosperity."
Further extracts from the
article were given in the following summary by the Associa¬
tion:
the
business
trucks
on
the
always
basis
of
of
the
service,
a
the credit
be little doubt that this Nation during recent
should pursue to solve them,
constructive campaign,
and obligation
opportunity
to
of such magnitude that
are
is
some
that
account
and
rates
the
is
ranks,
own
from
con¬
however,
Some
motor
general
resort
to
service
find
who
difficult
it
rate-cutting
the
to
get
fill
to
their
the dangerous
and
sources
in
like
it promotes or threatens to promote, there
tendency in the motor carrier industry, very clearly evidenced,
further
a
to
seek
orders
established
The
influenced
if
from
become
railroads
the
the
in
as
had
This
which
has
would
based
its
case
would bear
traffic
has been
by
as
cost of
the trucks opportunities
have
existed
to
the
same
For
cost of service.
on
which
rate structure
a
given
not
stxictly
when
which
rates.
know, had
by what the
more.
been
fixing minimum rates,
maximum
you
much
as
perhaps
competition
rates
Commission
effect
have,
quite
and
service,
a
for
extent
long time
the predominant thought of the railroads seemed to be that their financial
salvation
after
horizontal
in
lay
of
competitive
such increases
increases
rate
adjustments
made.
were
be to concentrate
to
have made and
in
primarily
all
on
for
rates
Their
traffic,
the
leaving
secondary
consideration
present tendency seems increasingly
these competitive adjustments, and they
recover traffic
on
making widespread reductions in rates to
are
already lost to the trucks or to prevent the latter from taking more.
Many of these "reductions, particularly on carload traffic of high value and
such traffic,
to
the
case
can
only be reckoned
cost.
of
for
truck
rates
and
in
made
the
trucks,
the
on
fully
and
openly,
can
the
seems
resulting
profit,
most
traffic
at
railroads
they
have sought
in
arise
the
that
extensive
business
regulating
of
case
such
without
extensive
in
certainly
ought
out-of-pocket
an
rates
the
be
for
is not
margin
a
in
so
clear
with
on
rates
minor
a
hauling
of
portion
carrier
a
as
with
their
much
less-than-carload
on
les6
traffic
in this connection.
respect to rates which yield,, if anything,
so-called out-of-pocket cost.
over
the
situation
from
danger which is most likely
because their operations are so
peril
The
incur.
...
rate
carrier
any
trucks
the
a
sustained
financial
would
is
railroads,
can
same
competitive
prevent
This
loss.
loss
a
the
operations
case
any,
protesting reductions
minimum
this
to
particularly require close examination
The
if
so-called out-of-pocket
seldom ask that we fix minimum
over
but they are very active in
that
clear
only
the
margin
differentially higher than the competitive rail rates.
It
The railroads
have from
beginning made such rates when competition required, and both motor
carriers and
carriers
water
co6t, however,
is
a
done
have
not
am
prepared
yet
likewise
shifting and
very
particularly
the
if
judgment such rates
my
elusive thing,
traffic
and
question
in
Out-of-pocket
it
easily be
may
in
grows
volume.
dangerous and merit the closest scrutiny.
are
to
occasion.
on
that
6ay
should
they
be
never
but
allowed,
permitted to make them, similar
are
opportunities must be afforded to the other types of carriers.
Many
should
shippers
riers.
be
not
carriers
of the matters that could have been debated is to
where
a
ground that they go below minimum reasonable levels,
instances
some
traffic,
the basis of
on
themselves,
Commission
to
but have not infrequently made them, as in
less-than-carload
Unlike
rates
which would have presented each side
state
hardly be over-estimated.
"Merely to list
On
tendency.
provide a
and
pertainly it is clear that if railroads
the value of
motor
the railroad, because
operators,
their
competition from these
Our domestic problems, and the policies that
the
The
carriers.
the railroad
truck
this
carriers
I
situation.
will
experience
other competition,
some
within
to
motor
the Bryan-McKinley silver issue of 1896.
or
follow
to
follow
undertake
other
Lincoln-Dougals debates,
our
is
to
underestimated,
pursuing
the
over
operation.
private
or
In
"Consider
of
of
unless
more,
conditions
"re
who
are
Because
6peed
along social and econdmic lines rivaling the Jackson-U. S. Bank fight, the
we are
considerable
that
tendencies
and
weeks would have experienced a political rarity; an educational campaign
or
protec¬
I do not share
truekloads, and at times only between large centers,
those
trucks.
the
If foreign developments did not subordinate domestic issues,
can
initiative
thoughtful
for the
except
relatively good loading characteristics, have been possible without tres¬
passing on cost-of-service principles, but the railroads have not confined
its rejection.
for
reasons
Foreign Developments Obscure Domestic Events in
Coming Election, According to Henry H. Heimann
"there
There
There
the reductions
executive states,
the
contract
difficult
it
with
of
from
haul only
carriers
railroads.
matter
compelling and
the prospective harm and injury to the coal industry and to the railroads
and the utilities is quite as great today as in the past.
But
taken not to
and
some
still in what may be termed the
are
we
advantage in service
an
and sometimes
or
factor.
make
effective
"preliminary surveys" is but
are
downward spiral of rates which
"without
treaty requiring the submission and consent of the Sen¬
is in flagrant disregard of public sentiment and of our
outlay.
lees
no
carriers
contrast
Congress
-
Noting that the Administration acted
any
to arouse
observe
to
convenience,
prevailing tendency
which
engaged in mining
undertaking
interest
flexibility,
trolling
industry for their livelihood
stone
its
tire
considerations, the obligation upon Congress to
curb the President's intentions with respect to the St. Lawr¬
ence is abundantly clear."
The statement further said:
coal and all of those dependent upon this great
of
truck, by and large, has
Association, the Executive Secretary of which, John D.
Battles, in a statement issued on Oct. 20, pointed out the
objections of the Association and stated that "in the light
of
enterprise
There
be successfully administered.
can
opinion, but I do think that
It
Criticism of the project has also come from the National
and
the
competition,
laboratory stage of such regulation and
Coal
are
must also be
care
of
be necessary to determine what policies are wisest.
referred to.
was
benefits
real
certainly stimulates.
tion of the public safety,
1
In
on
are
regulating
judgment, much
but
is
finding some way
navigation part of the whole project in the mantle of
no
increasing concentration
self and not for the Commission, continued:
half
in
power
Mr.
who sought to make it clear that he was speaking for him¬
border existing
steam
the
before
Philadelphia.
competitive adjustments.
"making widespread reduc¬
tions in rates to recover traffic already lost to the trucks,
or to prevent the latter from taking more."
Mr. Eastman,
produced
plants constructed
third the time the St. Lawrence undertaking would
require.
be borne in mind, too, that the development of
to a
or
address
an
pointed, out that competition from trucks has
radical change in the methods of making railroad
a
shows
the border
across
prospective shortage
be developed in Canada
from the inter¬
energy can
it
more
power
in
of America at
rates, and said that the present tendency of the railroads
be
immediately
or
quickly than
rapids of the St. Lawrence.
national
power
to
caused
completion
stated
The
Oct; 22,
on
He added that the railroads
exporting electric
now
horsepower of electric
cheaply and
more
is
Commission,
Associated Traffic Clubs
States.
26,' 1940
Joseph B. Eastman, Chairman of the Interstate Com¬
merce
by that time.
ever
:
said
necessary
sound foundation.
1945
enterprise.
power
Canada
in
Oct.
of
seem
another
the
entertain
to
permitted
base
to
type, which
view
their rates
that
on
carriers
the rates
of
one
type
maintained
by
is the distinct tendency among motor car¬
They urge that instead the rates of each type of carrier should be
realize the enormity of these problems and our loss in not having both side
independently constructed in line with what the statute calls its "inherent
of each issue presented.
advantages."
Among these matters would certainly be the folow¬
to
ing:
service.
National defense, how best to meet the bill.
Centralization of governmental powers.
with
relationship or agricultural prosperity to American
progress.
Postponing Solutions
to look for
an easy
to
rates.
yet
grips with situations such
these,
of
our
detour around these obstructions in the path of
progress,
are
many more are
JjMr. Heimann notes "a vital need
about
certain
potentially affected than
at this time for us to be
seriously
it
Eastman
Says Competition of Trucks Causes
Change in Ways of Making Railroad Rates—ICC
Head Asserts Motor Trucks Have Many Advantages
Which Give Public Greater Service
cause
advantage
over
the railroad "be¬
of its flexibility, convenience and speed of
they could
our
not
transportation facilities
and
that
experience
in
be maintained
operation,"
regard
detailed costs of
to
without
they would require
service than
is
they would revolutionize present rate structures.
bring us to such rates, but I do not think we
may
found
be
to
the
of
is
particularly
a
feeling
the part of many, and I think
on
the motor carriers, that the present
among
caused
by competition, is to eliminate gradually from ratemaking consideration of the value of the service, and that this is a tendency
which can and should be checked by the Commission.
Giving weight to
It
tendencies."
The motor truck has an
information
tendency,
value
has
been
all
ciple
B.
utilization of
that
yet ready for their extensive application.
is
rates
J.
I take it, rates which conform closely
and efficiency, there is much to be said for such
however,
On the other hand, there
few, we have increased the seriousness of the adverse effect
problems to the point where
economy
clear,
available,
Time and
at first would have been the case."
concerned
is
elaborate
tendency
"In avoiding the development of a solution that would benefit many but
a
It
our
as
has been responsible for many of our difficulties.
possibly harm
means,
The
the standpoint of
From
maximum
more
come
Translated, this
service.
the protection of co-extensive minimum rate orders, that
The union labor situation."
"Our failure to
of
practical effect of such rates, if they were estab¬
lished, would be to exclude certain types of carriers from certain types of
"The national debt, inflation and taxation.
Unemployment, its cause and cure.
The
cost
is
over
to
above
service
is
like
adjusting taxation to the ability to pay.
in the making of railroad freight
the world, and apparently with good results.
If this prin¬
be
to
necessary
well
the
a
time-honored
enforced
in
principle
the
face
prescribe minimum
the
cost
of
service,
of
rates
and
competition,
which
also
to
in
however,
many
fix at
it
will
be
instances
will
be
this
high level some
relationship between the rates of competing types of carriers, either one of
parity or otherwise.
Plainly this will require a high standard of knowledge
and wisdom on the part of the Commission, and it will produce rates which
are
likely
should not,
to
encourage
private
carriage
considerably.
I think, be dismissed from consideration.
Yet
the
idea
The Commercial &
151
Volume
The Commission had no power to
fix minimum rates
men
these
of these orders has
from the motor carriers.
prescribed for them on a
reductions to a greater degree
They have not actually frozen the rates.
been to subject rate
by the Commission.
control
than
More
An additional
protection of unemployment
Collective bargaining
A minimum wage
of
Strike Ends
Newark, N. J.
area on Oct. 21 following settlement of a strike that had
tied up local trucking company operations for 20 days.
Short-haul companies agreed on Oct. 20 to terms of a settle¬
ment which pieviously had been ratified by long-haul owners
and striking members of Local No. 478, Teamsters and
Chauffeurs Union, American Federation of Labor.
The settlement provides for a two-dollar weekly wage
increase and two additional holidays a year for drivers, and
the establishment of a three-man mediation board comprising
union and operator's representatives and a neutral member.
Twelve hundred members of the union 500 long-haul drivers
trucks began moviDg in the
originally went out on strike.
will be retroactive to Sept. 1.
increase
The wage
insurance.
has been
time and
♦
that I told you.
you may say
the world to go out, but the real reason is
that things have been happening with such rapidity in the international
field—events which have been a constant threat to the security of the
country—that I have to make it a rule that I would at no time be more
give everything in
would
I
had
at
ever,
one
far as Dayton. Before I left on that trip I
decided not to make it.
In the course of the day, how¬
I got as
trip
last
the
On
from Washington.
hours distant
12
than
time
things eased up so I was able to get away.
give a great deal to accept your invitation and
it not for the fact that something might occur overnight
would
I
were
in Washington.
require my presence
received by Governor Stelle of Illinois
'President plans to visit Illinois in the near
According to word
on
Oct. 23, the
defense projects.
to inspect
future
before Nov. 5,
will go
It is expected that he
Election Day.
>
least, child labor has been
By 1940 factory payrolls are
by 1932.
fallen to $5,000,000,000
running at the rate of twice
of you get 'em, had
Factory pay envelopes, most
year
as
much, $10,000,000,000.
forget that the cost of living is today
And that means something to the average
else, we must not
And something
22% lower than it was in 1929.
American family.
citing figures which, he said, disprove
"prevents profits and
After
that the Administration
the charge
stifles bus¬
iness," Mr. Roosevelt declared:
New Deal is the enemy
If it is true that the
of business and that
the
brought business to the brink of ruin in 1932, are
that American business should
saved from its friends.
Republican leaders, who
then I can only say
today in the youth
Asserting that "there is
of the Nation
conviction that- a sounder
and more stable economy is being built for them," the Presi¬
dent said we are determined during the next four years "to
make work for every young man and woman in America."
Mr. Roosevelt, in concluding his remarks, stated that
"one outrageously false charge" that has been made is that
"this Administration wishes to lead this country into war."
Stating that this charge "is contrary to every fact, every
purpose of the past eight years," the President said:
spirit,
new
a new energy,
To Republicans
a new
and Democrats, to every man,
Nation, I say this—your
woman
President and your Secretary
and child in the
of State are following
the road to peace.
foreign war.
of conquest or intervention
disputes.
I repeat again that I stand on the platform of our
party; "We will not participate in foreign wars and will not send our Army,
naval or air forces to fight in foreign lands outside of the Americas except
ourselves not for any
We are arming
We
are
arming ourselves not
for any purpose
in foreign
in case of
attack."
I shall labor
and it is for peace that
that I have labored;
It is for peace
life.
all the days of my
On the same
would do so
which would
provisions for
,
1929 itself.
a
a
19 in Chicago by the Mid¬
Democratic National Committee
that President Roosevelt had declined the invitation of Sen¬
ator Lucas
of Illinois to make at least three political
speeches in the Middle West.
Senator Lucas, who is Chair¬
man of the Democratic region, said the President told him
that he was unable to get far from Washington because
"things have happened with such rapidity in the interna¬
tional field."
In a Chicago dispatch of Oct. 19 to the New
York "Times" quoted Mr. Roosevelt as saying:
I want to explain to you, so that you may tell everybody about it, and
been fixed, with
half for overtime.
a
continue to be
headquarters of the
40 hours has
outlawed.
The average hourly earnings of factory workers were 56 cents in the boom
year of 1929.
By February, 1933, before I went to Washington, they had
dropped to 45 cents an hour.
They are now 67 cents an hour, not only
higher than in 1933, but, mark you, nearly 11 cents an hour higher than in
Three
Announcement was made Oct.
western
guaranteed.
has been established.
A maximum work week of
the friends of business,
Declines Invitation to Make
Speeches in Mid-West
President Roosevelt
members of the
2,000,000 men and women, over
65 years of age, are now receiving cash grants each month.
Twenty-nine million American employees have been brought under the
Newark, New Jersey Truck
and 700 short-haul,
employees are now
42,000,000 American
Pension system.
And last, but by no means
Short-haul
the lot of the working
the President said:
women" in the past eight years,
and
Old Age
extensive scale, to meet what seemed to be financial emergencies of
carriers and prevent demoralization; but the main purpose and effect
very
the "improvements in
With regard to
until 1920, and then
Prior to 1935, when the Motor Carrier Act
was passed,
it used this power very sparingly, but it did use it on occa¬
sions, not only to prevent unduly low rates, but also at a higher level to
forestall threatened rate wars.
Since 1935 the requests for its use have
only with respect to railroads.
greatly increased, and they have come particularly
In some important cases minimum rates have been
2429
Financial Chronicle
also delivered a
day the President
speech in
Wilmington, Del.
■*%'
'
•
Defends Adminis¬
to Criticism
Secretary of Treasury Morgenthau
tration's Fiscal Policy of 1933—Replies
Made by
Wendell Willkie
Treasury
Secretary of the
the following
Morgenthau on Oct. 24 made
members of his press con¬
statement to the
ference:
President
erate
Fear
Roosevelt Says Opposition is Making "Delib¬
Falsifications" of Fact in Effort to Install
Into People—In Campaign Speech at Phila¬
delphia
Been
Agreements Have
Pledge to Stay Out of
Denies Secret Foreign
Repeats
and
Made
War
answer
first of
deliver in his
Hall, Phila¬
delphia, on Oct. 23 that falsehoods "are being spread for the
purpose of filling the minds and the hearts of the American
people with fear." Saying that "deliberate misstatements"
have been made, the President declared "they are used to
create fear by instilling in the minds of our people doubt of
each other, doubt of their government and doubt of the
purposes of their democracy."
He listed as the "worst
bombshell of fear" the accusation that the Government has
secretly entered
into agreements with foreign nations.
Branding this as a "fantastic misstatement," Mr. Roosevelt
major political addresses he is scheduled to
bid for a third term, charged in Convention
five
said:
*
government, or any
such secrecy that
other nation in any part
mained
for any other purpose.
Charges that this
He has apparently forgotten what was
collapsing, profits disappearing, banks
hoarded, capital
fleeing the country,
veniently short.
auction block.
like President Hoover, he would have done
spiral of deflation and would have permitted all
production to "go through the wringer"?
Or is he simply on behalf of his associates expressing again resentment
of the fact that monetary control has been taken away from his friends in
Wall Street and again placed in the hands of the people of the United
Does Mr.
the depth of the de¬
pression and that it is headed for bankruptcy, the President
also said were false, adding that "the figures of employment,
of production, of earnings, of general business activity" all
prove it. Mr. Roosevelt said the "plain facts about employ¬
ment today" are:
,
There are 9,000,000 more men and women employed In private industry
now, private industry, than were employed in March of 1933.
In the month of August of this year, 1940, over 400,000 were added to the
payrolls.
And last
work in our
month—September—another 500,000 workers went to
industries.
The millions
that have gone to
going to work
work and the other hundreds of thousands
each month in private
industry, they are the unequivocal
made by the Republicans in this campaign,
that this Administration has not added one private job since 1933.
That
statement of theirs can only be branded as a deliberate misstatement of
answer
fact.
to the
brazen statement
And I now so
brand it.
Willkie mean that,
nothing to stop
that cruel
property and
American
States"?
W.
L.
- ■
■+
Willkie Says
"State
President
'
..
Roosevelt Favors Some
Socialism"—In Speech at Spring¬
111., Calls for "Peaceful
Citizens' Energies
field,
Revolution" to
Release
In
a
of
18,
speech at Springfield, 111., on Oct.
Willkie asserted that President Roosevelt,
consciously or unconsciously, is in favor of a form
socialism or State capitalism or
campaign
Wendell
"whether
.
country is still in
dollar has re¬
memory con¬
happening in 1932
closing, gold being
homes and farms being put on the
and 1933—prices
of the world, to involve
shape, involve—this Nation
stopped a disastrous deflation
resulted In inflation. The buying power of the
extraordinarily stable. Mr. Willkie seems to have a
Form of
might or could, in any
in the world.
Administration's monetary measures
and have not
<
in any war or
now
soundest currency
The
and to the people of this country this most solemn assur¬
ance; there is no secret treaty, no secret obligation, no secret commitment,
no secret understanding in any shape or form, direct or indirect, with any
—no
.v
has resulted in our
unquestioned anywhere in the world,
trade. The United States dollar
possessing a currency whose value is
one that is the standard of international
I give to you
other
(Oct. 22)
1933.
is the
Explaining that he "considered it a public duty to
falsifications with facts," President Roosevelt, in the
Presidential candidate] in a speech In Chicago
criticized a phase of this Administration's monetary
Willkie [Republican
Mr.
Tuesday night
policy—the steps taken to arrest the deflation in
These steps were a part of monetary action that
State
L.
concentrated
"The issue," said Mr. Willkie, "is whether
adopt a form of what might well be described
power."
America
as State
capitalism,
if you
complete cen¬
tralized government dominating the complete economic life
of the people.
That is the issue." Mr. Willkie described
it
"the most important issue that the American people
faced," and by way of explaining what he meant, Mr.
shall
if you wish the term better, State
want to state it in a different way,
socialism, or
or
as
ever
Willkie said:
He [the President] has been in office now seven
He has spend during that time 60 billions of
^
„
and a half years.
dollars, and the best esti¬
mates that we can obtain
are that by the end of his second term of
office he will have spent over 70 billions, of dollars.
That is two-fifths
of the money spent by all of the administrations from the founding of this
republic up to and including the present one.
The Commercial
2430
Nations
do
not
into
go
bankruptcy
do
Financial Chronicle
A
individuate.
They don't
gradually become bankrupt and then have somebody appointed as a receiver
trustee to liquidate the debts, and then the business or the individual
starts over again.
as
Let
its
me
it
say
debt,
constant
to
increase,
Government
quite
you
deliberately: the
without any intention
just
means
gradually
takes
of
of
the
a
ever
economic
instrumentalities
of
Asserting that
Just think of American
of
terms
of
dollars;
people.
a
work of
that
I
All
just
think:
and
money—and
in
confidently
is
the
been
have
to
say
This
not
am
speaking
and
is
I
talked
versation
and
many
they
that the
say,
United
with
have
reelected
States
is
the
in
the
create
the
said
for
it
several
another
and
it
has
the
thought of
the
large enough national debt that, in and
itself, will constitute the socializing process.
And, of course, they are
right about that.
a
of
Now
if you
add to that the possibility of war, then you complete the
If the United States gets involved in another war, it is
my quite
picture.
deliberate judgment to you that the national debt will rise to
addition to the normal deficit spending of this
in
all
of
such
levels,
Administration, that
of this country will have to
the instruments, economic instruments,
be socialized.
Declaring
effective
that
...
that
.
in
order
that
America
"become
may
to survive in the world of counter-revolution
.
the
is going
back to the old tyrannies," Mr. Willkie said
America must have a "peaceful revolution."
He went on
debt."
kind
the
that
revolution
their
and
others,
in
which
must
order
in
to
again
its
society
make
maintain
few
took
which
in
of
energies
that
so
they,
dynamic, vital,
alive,
society, the society that you
profits for some and small returns
many
the
the society
many,
took great disadvantage—
unleash
the
energies of
but
men
in
must
we
our
revolution
this free way
of life, expand, expand not alone the national income,
the wealth and the well-being of the people, but we must
bring that wellbeing to a larger and larger number of people.
It is my belief that under such a'
system, America can remain com¬
pletely democratic, completely representative, completely republican in its
method
of
results of
and
government
and
its
struggle, of work, of
become
effective that
so
beacon light of
in
the shambles
economies
the
with
wider
a
diffusion
of
the
and development among the people
energy
in
totalitarian
world
it
will
establish
a
liberty from which the torch of liberty again will be relit
of present-day Europe.
Wendell L. Willkie Offers to Share Platform with Presi¬
dent
Roosevelt in
Baltimore
Hail—Proposal Is
Rejected—Had Been Extended Because of Conflict
Speaking Engagements
in
Wendell
offered
dent
L.
Willkie,
Oct. 20 to
on
Roosevelt
Oct. 30.
at
Republican
share the
his
presidential
Baltimore
candidate,
platform with Presi¬
same
speaking engagement
on
Since the Republicans had secured the only ade¬
quate hall for such
gathering, the President, it is said,
a
declined to accept an invitation to speak the same
night at
a labor
gathering.
Mr. Willkie, "in an effort to avoid
any
possible inconvenience to the
President
disappointment
to the people of
Baltimore," then sent his proposal to those
arranging Mr. Roosevelt's trip, saying he "would be de¬
lighted" to have the President appear
with
of
of
enterprise
that
is,
enterprise
when
does
that
you
not
makes
buy
America
from
really
and
me
normally result in
I
him.
Let
based
me
debt.
the creation
hear
secrifice that
them
of
that
they have reduced
thousands
of
on
or
the
same
Those
rible
are
duties
not
the achievements
that
is
the
ultimate
must
we
they have "solved"
young
perform.
their domestic
boast
of
the
on
have made
men
the
road
to
progress;
nounced
Baltimore,
in
but
instead
Brooklyn.
give
The
his
talk
original
at
plan
the Academy of
(as mentioned in
these columns Oct.
19, page 2291) had been for the President
speak in Constitution Hall, Washington, but Edward J.
Flynn, Chairman of the Democratic National Committee,
had suggested that the
speech be given in Baltimore, with¬
to
out knowing of the
arrangements already made by the Re¬
publicans.
When asked for comment on the subject Mr.
Early on Oct. 21 said:
"Mr. Willkie issued a public chal¬
lenge, didn't he?
If I
I would send you
my
were
going to invite
matter,
representative, follows:
Willkie
those
As
his
would
given out by Mr. Willkie's
and
who
would
result,
like to hear either
it
is
understood,
proposed Baltimore speaking
Willkie, in an effort to
or
disappointment to
of
Mr.
the candidates for President.
Roosevelt
engagement
iMr.
arranging
platform
would
him
in
with
be
ter¬
Only dictators make the boast that
economic
all-powerful
problems in that way.
That
State.
actions," if continued, will result in the destruc¬
private initiative, which will lead us into "the hands
of
an
all-powerful State."
It
is
absurd
be done
to
that
and
mature
in
homes
new
for
the
the
our
that
all
the
homes.
We
to
say,
permits of
no
people and
electricity to all the homes
in
Deal
future
America
for
New
one
Willkie said:
it has said,
little growth.
can
even
modernize
of America.
must
Mr.
as
the
old
that America is
There
describe it.
is
much
so
We must build
We
ones.
must
bring
We must put electrical
appliances
provide central
heating, we must bring airof millions of our
people.
improvement of the automobile calls for more and better
roads, great bridges, elevated highways and high-speed artetries.
The air¬
plane is still in its infancy, with unlimited
opportunity ahead.
In the
field of chemistry
we
have vast new opportunities, new uses
for the
products of the farm, new and cheaper and better materials for
conditioning within the reach
the
we
wear
and
the
houses
that
we
avoid
the
for
of
compelled
that
possible
any
people
was
to
cancel
W. L. Willkie Calls for Check on
Excessive Concentra¬
tion
of
Power Over
Domestic Life of Nation—
Addresses New York "Herald Tribune"
Forum
Four speeches marked a
day of activity in New York
on Oct. 23 for Wendell L.
Willkie,
Republican Presidential
delivered before the New York
"Herald Tribune" Forum on Current
Problems at the
Waldorf-Astoria Hotel.
Just before he started his
candidate,
one
of which
was
address,
said the "Herald Tribune", Mr. Willkie
listened to a radio
broadcast of the first of President
Roosevelt's "political"
talks from Philadelphia, and what he
heard caused him to
depart here and there from the theme of his
prepared ad¬
dress—that through more and more concentration
of power in
Washington, the New Deal is traveling swiftly along the road
to dictatorship.
From the same paper we quote:
Hitting at the third-term issue last night, Mr, Willkie
said that the
President painted the state of the Nation in
such
"glowing terms" that
it seemed strange that there should be need
for
any one
"indispensable"
to look at him face to face and
say so."
Reverting to his theme—a menacing concentration of
for
Mr.
delighted
the
President's
Roosevelt.
to
Baltimore.
have
Mr.
the
New
Deal
power in the hands
was
Willkie asserted that despite this
vast power, the
utterly failed to solve the depression and
now, to cover
asking for even more power—the third term.
had
That request, he went on, is a
challenge to the American people and their
answer may decide whether the
future holds
democracy
the United States.
Asserting that
to
wired
appearance
Willkie
President
and
offer
informed
on
the
the
same
to
share
the
committee
platform
he
with
dictatorship for
lending
Criticising the
money.
power of the Federal agencies, the
Republi¬
Presidential candidate conceded the need
for emergency
and regulatory bodies but said
their powers must be more
precisely defined so that they cannot be "distorted
into
instruments for giving the Executive
can
complete domination
of
our econmoic life."
With all the power that the New
Deal has acquired Mr.
Willkie said it "has
utterly failed to solve our economic
problems." The "Herald Tribune" reports him as
saying:
Nine million four hundred
thousand
men
unemployed in 1936.
Nine
unemployed today, according to the
latest
American Federation of Labor
figures.
But that failure to cause an
economic
recovery was
inevitable.
inevitable because Of this
very concentration of power.
failure.
the
those
or
result of the tremendous
powers the
President holds over the money and credit
system of this
country, Mr. Willkie said that not only has our
private
banking system been "subjugated" but the New Deal has
put the Government into the business of
as a
But what does this Administration
has
man.
Again, referring to the President's announced
intention to set the people
on Republican
"falsifications," Mr. Willkie said, in some
heat,
"When it becomes necessary for me to
accuse a man of
falsification, I like
straight
date.
inconvenience
Baltimore,
clothes
live in.
cessive concentration of
power in government which
charge of arranging his meeting to get in touch with those who had
been
joining
are
blind
tion of
million six hundred thousand
announced
had
President
in
as
home,
today that he had been informed that the com¬
charge of arranging for his Baltimore
speaking engagement on
secured the only hall
adequate for a meeting to accommodate
in
a
you to my
invitation, and I don't think I
coming."
send it if I knew you were not
The statement in the
30
in
those
Let
by the
Mr. Willkie repeated the
charge made in his Springfield
(111.) speech that the effect of the "New Deal's blind laws
platform
This
at the White House on Oct. 21
by Stephen T.
Early, the President's Press Secretary, that the President
had rejected Mr. Willkie's offer and
might not speak in
mittee
That
building.
unemployment
the Army.
itself,
Oct.
private
normally results
are
boast
hundreds
campaign issues, made in Mr. Willkie's acceptance speech
reported in our issue of Aug. 24, page 1077.
It was an¬
Mr.
you.
It
of the President—Mr.
press
is
from
hear the New Dealers point with
pride to a business revival
of the huge war machine that we
me never
on
never
virtually amounted to a renewal by Mr.
Willkie of his challenge to Mr. Roosevelt to debate the 1940
Music
strong
buy
The constant
must
save
kind
profits and in growth.
:n
and
that
few prey upon
a
the
citizens
this society
advantage and
great
releasing
millions
in—the society of excess
the
a
of
again
may
in
pass.
We
to
But
I grew up
for
initiatives
enterprise,
expanding.
and
the
consist
must
out of
added to the mounting national
or
Toward the end of his address
abilities
with
Government, taken
He further said:
The
to say:
And
pockets of the people,
enterprise;
school of
Oct. 21
on
Young Republican Day that
on
added, is being
term, the national debt
billion dollars.
of
men
to
$8,000,000,000.
times
speech in Milwaukee
when the program is finished "we may have a
bigger indus¬
trial system, but it will have been built
upon the insecure
foundation of a bigger debt."
This work, he
"created by money spent by the
slightest seek
consciously believe, and in private con¬
socialize the economic instnimentalities of
to
way
to
of
quite
in
a
an
accumulations
sweat
alone its deficit will be
year
you—and
refuted—if it
Administration,
the
I
concentrated
concentrated
doesn't
will rise to somewhere between 75 and 100
I
of
terms
money
Administration
This
defend that expenditure.
I
this
spent
speaking
am
capital
will inevitably in¬
unemployment, Republican
program
reduce
and
presidential candidate Wendell L. Willkie warned
in
Here is
men.
Now
never
discussion of public issues heretofore.
has
defense
the
production
crease
this
country.
Administration
1940
Enterprise Needed to Make America Strong,
Says W. L. Willkie in Young^Republican Day Ad¬
dress—Business Revival Due to Defense Program
Is Built in Insecure Foundation of
Larger Debt
reducing it or of preventing
thing, and that it that the Federal
one
over
continued creation
26,
Private
or
national
Oct.
As is only
natural, and I'm
now
now
not
producing the results.
of its
own
failures.
today and 1932.
of the
depression
was
ex¬
actually produced the
tell us?
men
grasp power and
they grab power more in the
pretext
As is only natural, it fails
to recognize the
causes
It attempts to paint
a
picture of
Who in America wants to live
area
It
this
speaking of individuals, it
happens
in every
country in the world where it coccurs, when
they fail to produce certain results then
of
It was
of 1932?
a
comparison between
according
to the standards
Volume
The Commercial & Financial Chronicle
1S1
America should be
I
as
a
growing,
a
which I speak.
Our national income,
dynamic country.
instead of being $70,000,000,000
say,
$100,000,000,000 if it hadn't been for this
would have been over
now
very
concentration of power of
That's the America that I represent; that's the America
that I speak for; that's the America I hope to bring about.
by weakening us at home.
Willkie
But it
can never
make
us
defense and
strong abroad
If you never remember anything else Wendell
said to you please try and remember this, only the productive
ever
be strong and on the strong can be free.
can
be checked.
We, the people, must reclaim
fathers handed it down in trust to
It is not
throw away.
ours to
of these
Nation
don't
men
He alone is right.
by Madison,
Monroe,
Tyler,
know anything
begun.
about it
Buren,
Van
He indicates that
They were all wrong.
He's indispensadle to the Nation
principle has got to be abandoned.
And the third-term
He is required to finish the work he's
If he does, the country will be finished first.
Now the third term, the anti-third term is an article of
It's
Democratic faith.
fundamental principle of the Democratic Party that cannot be com¬
a
But the New Deal is not Democratic.
crats couldn't be here
If it
Demo¬
was we
If it followed the teachings and the prin¬
tonight.
the precious heritage of all times.
us
ciples of Jefferson, of Cleveland and of Wilson and had abeyed the sacred
promise that they made in the 1932 campaign, there would be no excuse
We hold it
our government.
as true trustees
We must
for unborn genera¬
reserve
it lest freedom
for any one of us Democrats to be in the
To my way of thinking it's the greatest
Lincoln, "We must nobly
save or
meanly lose
The
Academy of Music tonight.
New Deal is not Democratic.
perish from this earth.
In the words of Abraham
supporting the
are
Our
We dare not break that trust.
tions.
free institutions, they
our
,
$
of political expediency, for¬
And turning their back upon the principle enunci¬
by Jefferson, followed
promised with.
The excessive concentration of power over the domestic life of the
must
ated
all
deal with inter¬
It must have certain powers to build up our
war.
third term candidate.
a matter
Jackson, Cleveland and Wilson.
In conclusion Mr. Willkie said:
protect us from the threats of
getting all about the peril to
As
Well, what is it the third-term candidate indicates.
Our national Government must be strong and powerful to
national affairs.
2431
What is their attitude today?
gathered in
ever
any
aggregation of crack-pots that
place in the whole history of the world.
one
the last best hope on earth."
W. L. Willkie
Question's President Roosevelt's Pledge
Avoid
to
War
View
in
Broken
of
Promises1—In
Chicago Address Reviews New Deal Record
questioned by Wendell L. Willkie On Oct.
22 in surveying the record of the New Deal.
Speaking in the
Chicago Stadium, where the President was nominated for a
third term, the Republican candidate said:
How
candidate has
not
which he said:
what happened in this country
that
husband in
a
a
lovely American lady like
crusade to save this country
I'll tell you what it is.
It's the appeal of prejudice.
The appearance of
bigotry, the setting up of class against class, that's emanated for the last
7V% years from the New Deal.
Protest
Against Third Term at Meeting in New York—Ex-Representative Pettingill and Senator Burke
Urge Constitutional Amendment to Limit Tenure
kept faith with the American people.
If his promise to keep our boys out of foreign wars is no
me
without being spattered with eggs and having her clothing destroyed.
know that he will begin to keep it now?
to
are we
Tell
was
My fellow-citizens, in the light of the record, I challenge its truthfulness.
The third-term
Mr. Smith in his speech, as to
Mrs. Willkie can't accompany her
President Roosevelt's promise to keep war away from the
United States
The recent assaults upon Mr. and Mrs. Willkie when eggs
and other objects were hurled at them were referred to by
better than his
of Presidential Office
promise to balance the budget they're already almost on the transports.
Mr. Willkie discussed the record of the New Deal for the
past seven and
half years, contrasting the Democratic
platforms of 1932 and 1936 with the Administration's acts.
He declared
a
that the third-term candidate had broken his
promises to balance the budget, to put an end to unemploy¬
ment, to revive business and to reduce governmental expen¬
ditures.
Regarding the failure of the United States to
the 1929 depression, Mr. Willkie stated:
Failure to recover has meant
a
recover
from
Some
paid
were
an
average
of
have been
ment which would forbid a third
Representative Pettingill of Indiana and
Senator Burke of Nebraska, who warned his audience that
of 17 billion dollars a year.
four and one-half billion dollars every year,
a pay cut
when applied to all
payments made to them under the New
Now that is all
on
the record.
Earlier in his address Mr. Willkie promised that "that
responsibility of government known as foreign affairs will be
protected by me from partisan politics."
He said:
on
I shall choose him for his knowledge, his
That
men
man
will make
use
of the ablest
career men
who have devoted their lives to the study
And
we
chosen for their diplomatic qualifications.
the
playboys right here in
are now
and the practice of diplomacy.
America,
world, Ambassadors
incidentally, most of them
engaged in campaigning in violation of the finest tradition of this
I pledge you that our party will not pay off its
financial obligations with
pronounce
Support
of
that much.
Republican
Willkie—Declares
And I never shall.
Against
campaign speech in support of Republican Presidential
candidate Wendell L. Willkie, former Governor Alfred E.
Smith, who was a Democratic presidential candidate in 1928,
charged on Oct. 23 that under President Roosevelt's regime
the Democratic party not only forgot its platform pledges,
but "did the directly opposite thing to which they promised."
The former Governor spoke before a gathering estimated at
3,000 persons at the Academy of Music, in Brooklyn, N. Y.,
under the auspices of the Brooklyn Committee of Democrats
for Willkie.
In getting down to "the main topic of the
evening," Mr. Smith said in part:
Tonight is Anti-Third Term Night all over this country and in every small
and large city,
in every township, in every village and in every hamlet
believe in Jefferson, to believee
Democrats are gathered together tonight to
Cleveland and the long line of illustrious Presidents of this country, to
third term.
voice their indignation at the idea of a
Now, it isn't so long ago that our
Judiciary subcommittee consider¬
that
The audience
one
is
man
of several
indispensable
speakers.
Schuraian
Jacob
rise of Adolf Hitler as a
States"
unless
The
and
must
be continued
enthusiastic and responsive
in
to the
our
Other
Assistant
Sr., former Ambassador to Germany, cited the
"demonstration of what is possible in the United
the term of office of
Norman
Dr.
Rev.
Vincent
a
President is limited.
Peale,
pastor
of
the
Marble Collegiate
the usurper else our pulpits be silenced
churches made innocuous, as in Germany and in Russia."
"We must
Church, asserted:
and
was
...
Gould
thousand
included
speakers
oppose
Thomas
Jefferson Coolidge of Boston, former
Ignatius Wilkinson, dean of the
Secretary of the Treasury; Dr.
College of Law of Fordham University; Mrs. Mabel Jones West of Birminghom, Ala., President of the Alabama Women's Democratic Club, and
Hawthorne Daniel, author.
4.
Fundamental Trend of
it tonight becuase there
resolution offered on the 10th of February in 1928, and here's the
resolution:
The
now
Democratic leader of the Senate,
of the prominent Senators in the Democratic ranks.
Next
Austin
question to be decided by voters in the forthcoming
that of
"the fundamental trend of government
witnessed in these United States of ours
during the past few
years," J. Austin White, of J. A. White k Co. of Cincinnati,
said in
a
letter addressed to clients of the concern on Oct. 16.
primary choice is between "an
growth of an over-zealous, pampering,
coddling government that is to become master of our very
destiny, or an endorsement of a man who will encourage us
to stand on our own feet again, who will give us confidence
that though we may experience hardship and adversity at
times, we shall emerge from both better men and better
women with brighter prospects for the success and progress
we will see in the future."
Mr. White's letter is given in full
Mr. White declared that the
endorsement of the
below:
/
Do you remember the days when it was commonplace to hear
remarks as;
"Experience is
of you
a
such
hard but effective teacher;" "I got my edu¬
if it doesn't kill you;" "Hard work never hurt anybody;" "Spare the
How seldom does one hear any such remarks as
child?"
rod and spoil the
these now!
The spirit
That it is resolved that it is the sense of the Senate that the precedent
established by Washington and other Presidents of the United States in
retiring from the Presidential office after their second term has become
by universal concurrence a part of our republican system of government
and that aDy departure from this time-honored custom would be unwise,
unpatriotic and fraught with peril to our free institutions.
subscribed to by the
Government at Stake in
White Declares—Says Voters
Must
Decide Whether to
Endorse "Pampering,
Coddling Government"
J.
cation in the school of experience and hard knocks;" "It'll make a man out
Democrats down in the Senate felt
exactly about the third term as we people feel about
by every one
Senate
will any individual or party be allowed to advocate the wholly
doctrine
election is
a
That was
a
office."
Presidential Candidate
New Deal and Third
Term
a
a
the ambitious designs oi
upon
constitutional amendment prohibiting a third term for a President.
predicted that if President Roosevelt is defeated in this third attempt
"never again
Ex-Gov. Alfred E. Smith Delivers Campaign Speech in
was
"A vote against the candidate for
sentence
death
a
a
Election,
in
will be construed necessarily
the American people by appointing Springtime Ambassadors.
I have never owed any man
In
term
eight years."
false
It is safer for America to keep
where,
country.
the safety of
ing
in the diplomatic service,
shall send to represent us in the capitals of the
third
for unlimited tenure for that candidate and for all
Senator Burke is Chairman of
Secretary of State I shall choose the ablest man in the
foreign affairs.
ability and his integrity, and not for any other consideration whatsoever.
will
term
several
United States
approval
a
occupant of the White House to perpetuate himself in favor for more
any
He
labor and farmers billions upon billions of dollars.
To fill the post of
man
our
follows:
as
for
his successors," said Senator Burke.
third
than
Deal.
of
speech
the candidate
vote for
vote
a
as
Nobody is falsifying anything at least
The truth is that the New Deal's failure has cost
this side of the fence.
on
of more than a
And that includes all Government
quarter dollars a year.
a
"A
oi
And the farmers, they aiso took a cut, an average cut
no
form of government."
"Herald Tribune" of Oct. 23 continued quotations from
Senator Burke's
They lost
American workers amounting to 21% per year.
billion and
be broken in 1940
predict the fate of
safely
The
an average
Speak¬
presidential term.
included former
ers
than
of the New Deal the workers of America have been
paid less than
Uphold
In the
more
21 billion dollars per year.
In the seven years
to
"should the third-term tradition
terrible loss to American workers.
before the New Deal they
years
it is stated, attended a meeting in
persons,
22, sponsored by the National Com¬
Constitutional Government, in which
speakers voiced their opposition to a third term for any
President.
The meeting approved a campaign to place can¬
didates for Congress on record on a constitutional amend¬
mittee
can
seven
3,000
New York City, on Oct.
is no longer
marked by these expressions belongs to an era which apparently
with us.
other people—were
just didn't stand.
But if he did npt
In those days "men were men" and women—and all
glad of it. A man learned to stand on his own
feet*
or
he
In those days he took chances and didn't always win.
succeed at first he did not expect sympathy, condolences
and coddling for himself, nor punishment, criticism or aspersions
of his fellow men who did
again, and again.
Many
succeed.
were
What he wanted
was a
for those
chance to try
those who started at the bottom and worked
those who found the climb easy. In those
of experience may have set a man back for awhile,
take the consequences, learn his lesson and thus be in a
the top, although few were
up to
days, the hard knocks
but he was taught to
The rod was not spared and as a result the
position to try again.
better
child
spoiled, but instead was hardened to the problems of a realistic
not
was
taught to be self-reliant.
In short, Americans were
world.
in the short space of 150 years caused this country
It was this spirit that
from an unimportant group of 13 colonies to one of
of ours to grow
the
world. During that period the country's growth was
extensively and intensively. This spirit of self-education
greatest nations of the
continuous, both
and self-reliance carried
the people through depressions, panics and wars,
back to a greater and more solid prosperity.
and always
depression in our experience, this phil¬
supplanted by a theory that all reliance should
placed in the government. The government in Washington has emerged
the Protector of the People. Laws have been enacted "protecting" the
Yet, in the midst of the worst
osophy of self-reliance was
be
as
people from inefficient commercial bankers,
greedy employers, from
from
bankers,
from unscrupulous investment
utilities, from hard work, from
inefficiency, from inifirmity, from manufacturers,
from world-wide over¬
world-wind under-production, from world-wide under¬
of merchandise, from poor
production, from
consumption, from sellers of goods, from buyers
soil, from drought, from floods, from erosion.
Apparently this theory is
be
of
youth
the
suffer hard knocks.
to
What happens to a
the
that
who
man
accepts
Heretofore, one of the most
be) assumes this discomfort and these hard
The individual develops into a soft, lethargic and
not be
unless we give generously of what we
possess to those who have little and whose necessity is great.
The Community Chest in your community is worthy of all the support
you can give it.
It is the best means of sharing your own happiness with
others.
To create happiness in a world shattered by tyranny and misery
is a very high privilege.
I know that I do not need to urge you to open
your hearts and your pocketbooks in such a cause.
But I do, lest you may
wait for someone to call at your door to remind you of this plea.
I beg
you not to wait for that.
I beg of you to enlist yourselves, during the
week ahead, in this cause.
Of course you will give yourselves, but you
can
get someone else to give also.
Thus your pride and your satisfaction
may
been advisable for the parent to teach
feet, to help him profit from his own
In addition to considering
the damage thus done to the hardiness of a
people, one should also realize that in any venture if there is no
chance for gain.
Already people are beginning to ask, "What's
replaced with stagnation.
the
And unless a man can expect to profit from an ad¬
of trying?"
use
if he succeeds, what is the use of his trying?
venture,
chance for
This country has been
and when that spirit is dead, progress will be
spirit of venture
a
It seems
develop¬
over-loving parent is to his child.
loss, there is correspondingly no
on
And he cannot fairly
he must also face a chance to suffer
Apparently this lack of a spirit of venture, of taking a chance,
expect to profit from success, unless
from failure.
is
beginning to tell adversely on the country, else why should we
still be in a depression that has already
still be
unemployed, else why should we
unable to throw off the yoke of 10,000,000
outlasted any other in the country's
history ?
Finally, if the people are to be
perience, what then becomes of the
Is the government to
spared the rod, the hard knocks of ex¬
effectiveness of experience as a teacher?
become teacher as well as parent ? Who, after all is the
There was a day once, when men assembled to appoint
certain of their number to represent them in carrying on the duties of the
government?
In that day, the people made the govern¬
government as public servants.
How,
and the powers to be exercised by the government.
ment, the laws
then, does the government now become master over
lives and the destiny of the
the experiences, the
people?
In three short weeks the answer to
this question will be written at the
In this election it is not a question of voting
Republican. The question to be decided is far more
polls by the people themselves.
for
Democrat or for a
a
fundamental.
just
by 1 have traveled across the length and
gone
solemn,
tion
in
to those
the
know
I
Regardless of how a person may feel as to party affiliations,
the most serious consideration to the funda¬
government witnessed in these United States of ours during
country demands that he give
mental trend of
few years.
The choice to be made, it seems to us, is between an
endorsement of the
growth of an over-zealous, pampering, coddling govern-
the past
ment that is to become master
an
who will encourage us to
of
our very
shall
emerge
destiny, or an endorsement of a
stand on our own feet again, who will give us
confidence that though we may experience
we
hardship and adversity at times,
from both better men and better women with brighter
prospects for the success and progress we
will see in the future, and who
faith that God has not foresaken those who want to work and
will give us
of
address Oct. 13, as noted in
radio
Wendell L. Willkie Urges All Citizens to Support
Cam¬
paign of Community Mobilization for Human Needs
Incident to the
campaign of the Community Mobilization
Needs, Wendell L. Willkie, Republican presiden¬
candidate,
on
Oct. 20 urged every citizen able to do so
Speaking
over
three major radio networks from Minneapolis, Mr.
Willkie said that "we have great opportunities in America,
support the Community Chest in his locality.
and
engaged in a great struggle to preserve those
are
we
opportunities against great forces of evil let loose in the
world.
We who may have plenty and to spare," he con¬
tinued, "will not be worthy of that security and freedom
unless we give generously of what we possess to those who
great"
have little and whose necessity is
The
following
in
reported
is
the text of
Associated
Press
Mr. Willkie's remarks as
advices
from
Minneapolis,
Oct. 20:
I
voice in support of the great Community Mobiliza¬
for Human Needs, which has begun in more than 600 of our cities.
glad to lift
am
tion
The
of
result
Every
sure
Community Chest drives are
deserving of the
The voluntary assistance given the needy as a
this mobilization is something in which every American should
have great
sense
my
distinctly American
full support
of
every
citizen.
bune's"
Many Others President and Mrs. Roosevelt,
L. Willkie and Secretary Knox
citizen
thus
finds
an
opportunity
to
translate
into
action his
personal responsibility to his fellow men.
As in the past,
that we shall be proud of the response of our fellow citizens.
I am
No other word accurately
describes this country-wide appeal to our citizens.
It is a mobilization to
secure
support of those agencies primarily designed to rehabilitate indi¬
viduals and families in sore need of a helping hand.
effort
is properly called a mobilization.
to the aged, to the blind, to the handi¬
capped; a helping hand to little children who need food and care and
clothing; a helping hand to those agencies which organize the energies
A
helping hand to the sick,
Wen¬
dell
of national defense was discussed by more than
prominent speakers at the 10th Annual Forum on
Current Problems, conducted by the New York "Herald
Tribune," which opened in New York City on Oct. 22,
and closed on Oct. 2-1 with an address by President Roosevelt,
which we are giving elsewhere in these columns to-day.
The President's wife, Mrs. Franklin D. Roosevelt, was a
The subject
two score
speaker at the first day's session as were also Secretary of
Navy Knox, Assistant Secretary of War Robert B.
Patterson, Columnist Walter Lippman, and three members
of the National Defense Advisory Commission and others.
Wendell L. Willkie addressed the forum at the night session
Oct. 24, and his remarks are indicated in another item in this
issue.
The Forum's general theme was "America's Second
Fight for Freedom."
The President's address broadcast
from the White House, came in the course of the final session
the
while Mr. Willkie ad¬
the special theme "only the
Strong Can Be Free."
Mayor La Guardia of New York
delivered the
keynote address at this session.
Stating
that Mrs. Roosevelt was welcomed by Mrs. Ogden Reid,
Vice-President of the Herald Tribune, the presiding officer
of the Forum, and by Mr. Reid, Editor of the Herald Tribune.
The Herald Tribune "account of the opening session said
devoted
"Saving Democracy,"
to
dressed the Forum in person on
in part:
Mrs. Meloney
Welcomed
Before the formal opening of the session,
and before any remarks went
Mrs. William
its presid¬
ing officer for seven years until illness compelled her to relinquish some of
Its detail.
Last year she was unable to be present in person, though she
on
Reid had welcomed to the platform also
the air, Mrs.
Brown Meloney,
who organized the Forum 10 years ago, and was
spoke to the delegates by radio.
.
.
.
of the 24-hourits readers, but added that
be dedicated to widen¬
Meloney described the Forum as a logical expansion
Mrs.
a-day service which every great newspaper gives
the Herald Tribune Forum was the first in history to
(The Forum was organized primarily as a service
and appointed delegates
ing the vision of women.
of women's clubs, and club presidents
audiences.)
Forum
opened the Forum.
Reid then formally
Mrs.
In her welcome to the
delegates she said:
Forum of the New York Herald Tribune we are
"In opening the 1940
One cannot think of this age without
celebrating our 10th birthday.
the
the grimness
These gallant young
heart-breaking reminder of those who at 10 years old are living
of the
war
and the separation from all that
they love.
people have set a standard of courage and determination that is
to mature minds
children In the world and their right for a better
of the Forum
audience
are
challenging
all
But it is with a sense of responsibility for
everywhere.
meeting on this
life that I believe members
10th Anniversary and facing
honestly the fight for freedom.
"Thanks
co-operation of the National
the" generous
to
Broadcasting
America,
Co., that is taking our program into millions of homes throughout
we are
able to join forces
with
a
large number of invisible souls who cannot
be here today.
"The
come
has
world
shrunk
since
last
year.
Flying both oceans has be¬
commonplace and the chief tie btween continents.
Minds are strug¬
gling to find the right proportion for giving our utmost to
those who are
fighting for the standards of civilization, without sacrificing the importance
of making our own country strong.
in preventive thought
for freedom may
And because American has been a leader
fight
prevention
and work, we are praying now that our second
be won with brains instead of bombs, with
preparedness.
through
Eagle, Not Ostrich
"The American symbol is not
it is the strength of the
pride.
of
This
campaign in
issue of Oct. 19,
Defense Keynote of New York "Herald Tri¬
Annual Forum—Speakers Include Among
National
Mrs. Reid Opens
to
our
2280.
page
still compose the bulk of its
tial
The spirit of
Needs will succeed.
lives, and lives strongly, in America!
President Roosevelt made an appeal for the
a
to leaders
strive for progress.
for Human
country.
our
need
sore
Mobilization for Human
individual personalities, and as to minor issues, the welfare of the
to
those
eager
•
as
breadth
I have looked into
Whatever that
future may be—whatever of good or ill it may hold for each of us—we
may be sure it will be better if we meet to the fullest degree our obliga¬
In
of
to be a great cause
I believe
faces,
what
land.
millions
his child to stand on his own
over-zealous government is as harmful to the progress and
ment of its citizens as an
built
the weeks
this
experiences, to teach him to educate
himself, rather than to shield him from life's realities ?
and protect
to us an
grow.
In
of
Has it
apathetic citizen instead of a hardy, energetic, progressing asset.
not
of evil
that
failure?
of
engaged in a
worthy of that security and freedom
sacrifice for others still
government (whoever that may
knocks
in America, and we are
great struggle to preserve those opportunities against great forces
let loose in the world.
We who may have plenty and to spare will
It would appear
this theory of governmental protection will
helping men to succeed has been the discomfort and
accompany failure.
But what happens when the
forces
knocks"
"hard
"
great opportunities
had
have
people thus shielded from adversity?
conclude that life holds no worries for him.
important
activities—that is the simple story of
character-building
into
1940
26,
Community Chest.
We
substantially that the rod must be spared, that the people must not
allowed
Oct.
Chronicle
The Commercial & Financial
2432
in the eye.
sunlight
We've lived too close to the ground in tying our
ideals to those of peace, the
dreams of security, when
animals,
prey to
as
once
well
as
mental state has grown soft and absorbed in
laws of nature require constant fight for
"Our mistake perhaps has
constructive
the mind nor the head of an ostrich. Rather,
eagle who can rise above mountains and look strong
survival.
lain in not recognizing that fighting can be
destructive: that if human being, just like trees
and
lose the advantage of being strong in themselves, they fall a
destructive forces.
"At the highest peak in
world civilization we lost somewhere along the
road the conviction that we must sacrifice to stay strong,
faced with the necessity of equipping ourselves
swiftly,
so
and now we are
that we may be
The Commercial & Financial Chronicle
Volume 151*
able, if the call
Mr.
fight for goodness in the world and for the pre¬
comes, to
servation of freedom in
America.,
*,
transcended in importance any that has taken place in the past, and the
peril to democracy in many quarters of the globe were pictured by speakers
recently returned from those
sacrifice that has been made by leading men and women to come from work
Alan Bexnrose 2d, of Derby, England, whose words brought tears to the
give you the benefit
their minds, is high tribute to the objectives of the Forum, and above all,
speakers
both here and in your homes.-
To all these
audience.
who
From
the
"Herald
an
Tribune"
remarks of Col. Knox in part as
treme
hour of
an
gravity—a gravity which is impossible to exaggerate."
a
pulled out their hand¬
the other British children
message to
was
opened at 2 o'clock by Mrs. O. Reid
She introduced
Dorothy Thompson, special
writer for
the
glowing defense of democracy as the
was a
"kingly spirit" in the
common
people.
.
.
.
The peril to democracy on the British Pacific front was
described by
Angus L. Macdonald, Canadian Defense Minister for Naval Affairs, and
of
The Secretary of the Navy said he made his address "in
first
Tribune, whose address
exercise of the
immense advantage."
Oct. 23 we quote the
follows:
were
the keynote speaker Miss
Herald
is of long duration, "the nation which controls the sea
approaches to Europe holds
,
as
openly and men, too,
wept
His words
refugees in this country, and then to their parents back home.
are
The final session
Secretary Knox said on Oct. 22 that the present war is
"essentially a war of food and oil."
He added that if the
war
Women
kerchiefs.
deeply grateful."
we are
by experts who have studied them!.
areas or
The most stirring of all these speakers was an 11-year-old boy refugee,
for the government, from public service of
every sort to
to the audience that is present
the last speaker on a program devoted to "Saving
was
Democracy," in which the rise of dictatorship abroad and the resulting
.
"To the Herald Tribune the
responsibility for the progress of 1940 has
of
Roosevelt
2433
Richard Gardiner Casey, Australian Minister to the United States, who
agreed that their countries would continue their
war
effort to the last mail.
ex¬
Yarnell
He continued;
Pacific
on
Threat
'
'"The world as a whole is divided into two great parts—the Western
Hemisphere, containing the Continents of North and South America, and
Fleet, and Anthony J. Diamond, Alaskan delegate to Congress, described
the Eastern
the state of American defenses
Asia.
Hemisphere, made
The latter contains 80%
of the total world population.
by
devastating
a
Hemi-
China's
Most of Europe arid much of
war.
Admiral
Harry E. Yarnell, former Commander of the Asiatic
the Pacific front.
on
Dr. Hu Shih, Chinese Ambassador to the United States, declared that
"All three of the great components which comprise the Eastern
spere are now swept
Rear
of the Continents of Europe, Africa and
up
share
in
the
battle
to
democracy
save
important, because
was
she had kept Japan occupied and thus unable to help her European allies.
Asia now live under the totalitarian system, and Africa is coming under its
He advised Americans to stay out of war if they were permitted to do so
shadow.
by the
aggressor
States, but in any event to give all possible aid to China
"Of all Europe, only the British Isles remain entirely free, and England
is
and the British Empire, and then to help build up an international structure
fighting with her back to the wall.
after the war that would insure permanent peace.
"In Asia, Japan and Russia, both totalitarian, wield despotic power over
hundreds of millions.
China
is
China still struggles against frightful odds.
occupied and tamely submits and
Mrs.
Indo-
in all
Its like has
history."
on
never
been seen
"These Forums," she said,
\
'
Counts
Sea Power
:
torians may
J
organizer and chairman
"have spanned
call the most fateful in history.
great depression and the growth of the
Col. Knox, who praised "the patriotic spirit of both labor and capital"
in the defense
Meloney,
for the
first
menacing.
look out upon.
we
Brown
of the Forum's 10 year history, summed up the repeated warn¬
ings which have been heard from its platform as the dictatorships grew more
Indies lives in hourly fear of invasion.
"This is the sort of world
William
seven years
the vast Netherlands East
effort, said that Britain's stubborn resistance to Germany
has also
/
a
decade which future his¬
It has seen the birth of the
But, thank God, it
dictators.
American wake up.
seen
"Because China and. the English-speaking people are almost the only
showed that "those nations who control the high seas control the destinies
hope of all mankind,
of the world."
defense of freedom."
He said that America's Navy is not only building ships
and enlisting more men, but adding bases and air power.
Mrs
After
Roosevelt
made
plea for national unity as the
An abstract of her speech was
follows in the "Herald Tribune" of Oct. 23:
a
essential backlog of defense.
given in part
She viewed
as
as
absolutely necessary to the
success
of the defense effort
underlying feeling of brotherhood, "a spirtual belief which makes
an
willing to cooperate under
"No
our
form of government to better
Nation," she warned her audience,
"is
our
There is
no use
us
a
a
on
men to
be burned at the stake for their
themselves they believe they will ultimately bring
better world for themselves and for future generations.
Wants
a
have, and to feel that all
we
life,
we
need do is to preserve what we have.
people in our democracy who are not satisfied with their
and who
have every reason
must know and feel that in our
and
a
determination
on
fo their dissatisfaction,
democracy there is
as
they
a
There
way
of
These people
revolution of spirit,
the part of those who believe in democracy to proceed
with the improvement of our ways of life.
conditions
are.
We look to
a
Roosevelt,
of
G. B.
Ogden Reid,
editor of the
delegates.
Cortelyou, Former President of Con¬
solidated Gas Co.-—Had Held Three Cabinet Posts
Under President Thepdore Roosevelt
We
1935, died
Halesite,
Oct. 23 of a heart ailment at his home in
Huntington, L. I. Mr. Cortelyou was 78
on
near
old.
Cortelyou became the first Secretary of Commerce
and Labor when that Cabinet post was created by President
Theodore Roosevelt in 1903.
He resigned in 1904 to be¬
come Chairman of the National Republican Committee, but
years
.
Mr.
returned to President Roosevelt's Cabinet in 1905
Dynamic Democracy
"We people who live in a democracy have been prone to glorify what
are many
President
dent of the Consolidated Gas Co. of New York from 1909 to
especially
totalitarian State the people have felt that they were fighting
revolution.
It may be a hard and drab life which they lead, but by
about
of
for and, if neces¬
working
"In every
in
address
in closing our eyes to the fact that
belief.
imposing sacrifices
Death
all
their youth, a passionate belief which has taken the place of the old devotion
religion and the faith which led
the
invincible unless
really
the totalitarian nations have been able to give their people, and
to
ourselves to the
ever consecrate
George B. Cortelyou, who held three cabinet posts during
the regime of President Theodore Roosevelt, and was Presi¬
sophy of government which they accept, is worth
worth daying for.
than
Herald Tribune, said good by to the Forum
daily lives."
they whole-heartedly believe that the lives they live day by day*, the philo¬
sary,
we must more
Mrs. Reid then introduced President Roosevelt.
are not
better future, but
satisfied with the
we
feel passionately
about the way in which our changes should be brought about.
Post¬
as
General, and remained in that post until 1907 when
he was appointed Secretary of the Treasury.
He served as
Secretary of the Treasury until 1909 when he became Presi¬
dent of the Consolidated Gas Co., now the Consolidated
Edison Co.
He retired from the Consolidated on July 1,
1935.
A more detailed summary of Mr. Cortelyou's career
was contained, as follows, in Huntington advices, Oct. 23,
to the Brooklyn "Eagle" of Oct. 23:
master
George Bruce Cortelyou was born in New York City on July 26,
Sidney Hillman, Director of the Labor Division of the
Defense Advisory Commission, said on Oct. 22
that American labor has given unqualified support to the
National
He
the New
national defense program.
Regarding the session
said in part:
dential election
Oct. 23 the "Herald Tribune"
* ; *
' ' ' *
on
place of the woman voter and the foreign-
born in the campaign, and the
were
presented last night by various speakers, following a
technique of politicians and the growing enlightenment of the
electorate.
7
'
<•
will accept the verdict cheerfully
in
a
Charles, Poletti, wife of the Lieutenant Governor of New York,
former president of the New York League
of Women Voters, and Mrs.
of the
Cincinnati League of Women
Voters, discussed the aspects
of the campaign uppermost in the minds of women voters.
The third-term issue
was
Edward J. Kelly of Chicago.
...
a
dike—a levee—against the flood of successive terms," the audience heard
Mr. Sullivan's assertion that in
crisis such
a
as
that now confronting the
United States'; the nation is much more in need of initiative and invention
than tradition and precedent."
.
.
Dr. Neil Carothers, dean of the College of Business Administration of
.
Government service
time was
a
1862.
Long
.
as
private Secre¬
graduate course earned, the degree of LL.M.
Cortelyou's efficiency in the Post-Office Department
Cleveland and he
was
Roosevelt
as
appointed stenog¬
the Nation's first Secretary of Commerce and Labor
when that cabinet post was created by Congress in
1903.
Before going to Washington, he had served as private
Secretary to the
Appraiser of the Port of New York and had been principal of several college
York from 1885 to 1889. At the same time,
general law and verbatim reporter.
continued Mr. Cortelyou
position of executive clerk to which he had been appointed by Presi¬
preparatory schools in New
he enjoyed an active practice as a
When William McKinley became President he
in the
dent Cleveland.
Later,
he became the
the preparation of
President's confidential clerk arid assisted in
addresses, messages and other important State docu¬
Among the historic papers entrusted to his care was the President's
message to
Congress declaring war with Spain.
Delivery of the message
Congress was withheld for some time after its completion pending efforts
to
to reach a settlement with the
Spanish Government relative to the inde¬
pendence of Cuba.
Mr; Cortelyou was promoted July 1,1898, to the post
...
on
He then entered
rapher to the President in November, 1895.
He remained a member of
the White House executive staff until his appointment by President Theo¬
ments.
Against Mr. Root's warning that the "no-third-term tradition is like
,
a
Reports of Mr.
aired by Oren Root jr.. Chairman of the As¬
sociated Willkie Clubs of America, and Gael Sullivan, Secretary to Mayor
Institute
He subsequently became
acting Fourth Assistant Postmaster General.
reached the ears of President
Robert A. Taft, wife of the Republican Senator from Ohio, and first presi¬
dent
Hempstead
Meanwhile, he studied law at Georgetown University, was graduated in
1895 and in
sporting spirit, and aU bitterness
will disappear and whoever wins will have the loyal support of all Americans''
at
England Conservatory of Music at Boston.
chief clerk and for
dore
"And, on Wednesday, Nov. 6," the Mayor said, "the American people
Mrs.
education
tary to the Fourth Assistant Postmaster General.
relation of industry and defense to the Presi¬
keynote address In which Mayor F. H. LaGuardia discoursed wittily on the
changing
academic
At 29, Mr. Cortelyou entered the
r
The third-term issue, the
received his
Island and the State Normal School at Westfield, Mass.
of Assistant Secre¬
Lehigh University, and Leon Henderson, director of the prices division of
tary to the President; and in April the following year was made Secretary.
He was with President McKinley when he was assassinated at Buffalo and
the National Defense Advisory Commission, gave opposing points of view
attended to the many duties in connection with the death and funeral.
on
defense and industry.
Nelson
When Theodore Roosevelt succeeded to the presidency, Mr. Cortelyou
A.
Rockefeller, President of the Museum of
Modern Art was also a speaker.
Miss Eve Curie, daughter
of the late Pierre and Marie Curie, co-discoverers of radium,
addressed the Forum by radio from London.
From the
final day's
"Herald-Tribune's account
sessions, Oct. 24,
we
on
Oct. 25 of the
take the following:
Archbald MacLeish, Librarian of Congress, deliverd the keynote of the
afternoon session, a call to the artists of America to revitalize the nation's
faith in democracy, and make it again a "fighting faith "
became his Secretary and held that post until his appointment to the cabinet
as
Secretary of Commerce and Labor.
He subsequently
resigned from the Cabinet to become Chairman of the
Republican National Committee when Mr. Roosevelt was nominated as
the party's
candidate in 1904.
With the election of his chief, Mr. Cor¬
telyou reentered the Roosevelt Cabinet as Postmaster General, serving until
March 4,1907# when he shifted to the portfolio of Secretary of the Treasury,
in which post he
remained until the end of the Roosevelt Administration.
Despite efforts to retain him in public service# he retired from politics to
accept the presidency of the Consolidated Gas Co. of New York.
As head
The Commercial & Financial Chronicle
2434
of that company he became a director of its various subsidiaries and was also
elected to the boards of numerous other corporations.
He
was a
director of the New York Life Insurance Co., the P. Appleton-
Century Co., the
President McKinley National Memorial Association*
the Miriam Osborn Memorial Home Association, and served as
a
Vice-
President and trustee of the New England Conservatory of Music.
Mr. Cortelyou
a
was
member of the National Civic Federation,
Oct. 26, 1940
months of 1940 to $146,046, it was announced Oct. 21 by
Ralph Hayes, Director of the Trust.
This is the largest
amount the Community Trust has paid out in any like
period, and exceeds by upwards of 20% the $121,656 dis¬
bursed in the first nine months of 1939.
Recipients of the principal outpayments in 1940 to date
the
Merchants' Association of New York, the Metropolitan Museum of Art,
have been:
the Holland
Service, $27,991; Salvation Army, $26,441; Hebrew
Palestine, $14,297; Jesse I. Straus Child Health Station,
$11,000; Bowery Branch Y. M. C. A., $10,223; Community Service Society,
$8,733; United Hospital Fund, $6,549; Museum and Reading Room, Morris,
Conn., $3,044; Pawling School, Pawling, N. Y„ $2,000; St. Vincent's
Hospital, $2,000; Westchester County C&ildrens Association, $1,893; Girl
Scouts, Inc., $1,781; American Red Cross, $1,500.
Society and the Navy League,
Visiting
Nurse
University in
Death
ofjWiB. Storey, Former President of Atchison,
Topeka & Santa Fe R.R#
William Benson Storey, who resigned in 1933 as President
of the Atchison, Topeka & Santa Fe U.K., died in Chicago,
Mr. Storey would have been 83 years old on
Oct. 24.
on
In the New York "Times" of Oct. 24 Mr. Storey's
Nov. 17.
career was
summarized
as
Rand
follows:
At bis retirement, Mr. Storey had
McNally Commercial Atias and Marketing Guide
Issued iri February—1940 Census Necessitates
to Be
been President of the Santa Fe for
13 years, having succeeded Edward P. Ripley in the post.
He
was
Many Extra Changes
born
He became in 1881 an assistant engineer for the Southern Pacific; in 1894-
United States Census will be
95 he was an assistant engineer for the United States Debris Commission,
1941
population revealed by the 1940
painstakingly recorded in the
Commercial Atlas published by Rand McNally & Co.,
map
manufacturers, which will be ready in February, 1941.
in San Francisco, the son of William
then became chief engineer
and
Francisco & San Joaquin
In
as
and general superintendent of the San
Valley Railway.
Advance orders from industrial and business firms are now
Mr. Storey went to the Atchison, Topeka &
1903
chief engineer.
Three years later he
was
Santa Fe R.R.
made Vice-President,
a
posi¬
tion he held untU 1918, when he was made Federal manager of the road.
In
1920
he
was
elected President.
died in 1939.
His successor,
Samuel T. Bledsoe,
-
Death of Admiral Cantu,
Italian Commissioner General
Admiral Giuseppe Cantu, Italian Commissioner General to
the New York World's Fair, died on Oct. 24 at his home
in the St. Regis Hotel, New York City.
He was 65 years
old.
Admiral Cantu
the
Fair in December,
who
was
named Commissioner General to
1937, succeeding Grazio Pedrazzi,
resigned.
York
World's
Fair
"The 1940 Census has necessitated about
to
75,000 changes
atlas," stated G. Newton Odell, Manager of the Rand
McNally Map Store, Rockefeller Center, New York City.
"This is in contrast with approximately 35,000 annual re¬
visions in the Rand McNally Commercial Atlas and Mar¬
in the
Atlas and Marketing
the United States, and
shows the population of
all cities, towns and county
divisions. It also gives railroad and road information, prin¬
cipal industries and other facts of interest to business firms.
Rand
The
Commercial
McNally
Guide contains the maps of all of
The atlas is never sold but is leased on an annual basis for
fee of
a
+.
New
being received.
keting Guide."
New York World's Fair
to
The shifts and changes in
fiainbridge and Ellen Dean Storey.
$36
per year.
Tomorrow—Bond*
Close
holders to Receive 38.4 Cents
on
B.
Dollar
Stewart
M.
Appointed
Deputy
Minister of Labor
for Canada
The New York
World's Fair will permanently close to¬
(Oct. 27). Demolition of the buildings is expected
following day, Oct. 28. Harvey D. Gibson,
Chairman of the Board of the Fair Corporation, released on
Oct. 22 a forecast of the corporation's finances, showing
that the operating profit for 1940 amounted to $5,020,000
through Oct. 20.
The Fair's bondholders are expected to
receive a total of 38.4% on their investment for two years'
operation.
Mr. Gibson revealed that the gross revenue of
the Fair this year, exclusive of receipts from advance ticket
sales, was $10,450,000, which, with an operating expense,
exclusive of interest on debentures of $5,430,000, left an
operating profit of $5,020,000. His statement said, in part:
morrow
to start on the
The Fair Corporation
hands of the public its
originally had issued and had outstanding in the
4% debentures due Jan. 1, 1941, in the amount of
$23,333,300.
In addition, $3,529,500 principal amount was pledged as collateral for
promissory notes of the corporation held by banks, which notes have an
aggregate principal Amount equal to the principal of the debentures so
held as collateral; they have the same maturity date as the debentures and
hear the same rate of interest as the debentures, making a total of deben¬
tures originally issued, including those pledged to banks,
$26,862,800.
Interest has been paid to July 1, 1940, and the next payment is due at
maturity, i.e., Jan. 1, 1941.
Amortization payments and other principal adjustments have been made
to date in the amount of $2,934,677, leaving the net present liability of
The Industrial Relations Counselors, Inc.,
with offices in
Oct. 24
Rockefeller Center, New York City, announced on
that Dr. Bryce M. Stewart, Director of Research
of that
organization, has accepted temporarily the appointment of
Deputy Minister of Labor for the Dominion of Canada.
Dr. Stewart has been granted a six months leave of absence
and will assume his new duties on Nov. 1, with offices in
It
Ottawa.
is
announced
that
executive head of the Dominion
Dr.
will act
Stewart
as
Department of Labor and
will be concerned largely with administering the war labor
policies of the Canadian government.
He will advise the
Minister of Labor on such policies and will assist him in co¬
ordinating these important phases of the country's war
efforts.
At the outset he will also be concerned witn, organ¬
izing the administration of the national unemployment in¬
surance system established under legislation passed by the
Canadian Parliament a few months ago.
During the last
war Dr. Stewart served the Canadian government in various
capacities in the Department of Labor.
♦
W. A. Harriman to Assist in
partment's
Developing Commerce De¬
with Defense Program
Activities
Secretary of Commerce Jesse H. Jones announced Oct 18
the
$23,926,123.
appointment of W. A. Harriman to assist him in devel¬
oping the Commerce Department's activities in relation to
trustee, holds the
the national defense program.
the
corporation to
debenture holders
and
banks
on
account of
principal
At the present time the Chase National Bank, as successor
sum of $1,918,086.93 as security for further payments of
principal and interest on the debentures, such sum having been paid over
to it representing 40% of the* gate receipts.
On the original bond issue of $26,862,800—$2,934,672 was paid back in
1939, which, together with the amount estimated to be available for that
purpose this year, $5,056,800, will make a total payment to bondholders in
amortization of the
This
represents
principal amount of their purchases of $7,991,472.
amortization of 29.8% of the principal amount.
since debentures were issued averaged 9.1% of the
an
Mr. Harriman is
member
a
of the staff of 12. R. Stettinius at the Defense Commission
and will retain that post
»
J. O. Walker Named Assistant Administrator of FSA—
Mason Barr Made Director of Resettlement Division
payments
principal amount outstanding.
If interest received is considered as amor¬
tization, holders will eventually receive repayment of nearly 40% of their
0. B. Baldwin, Farm Security Administrator, announced*
20 the appointment of Major John O. Walker as
Assistant Administrator of the Farm Security Adminis¬
investment.
tration.
Interest
♦
Allied Relief Fund Raizes Total- Amount Required for
Fleet of 100 Mobile Feeding Canteens
Completion of the Allied Relief Fund's first fleet of 100
mobile feeding canteens was announced Oct. 21 by Winthrop
W„ Aldrich, President of the Fund, at its headquarters in
New York City.
Acknowledging a contribution of $25,000
from the Commonwealth Fund of New York and $7,500 from
the Fund's
Oct.
Mr.
Baldwin
also
announced the
appointment of Mason
Barr to Major Walker's former position as Director of the
FSA
Resettlement
Division.
Mr.
Barr
previously
was
Assistant to the Assistant Administrator of the FSA.
Alexander Kirk, United States Charge
Berlin Returns to This Country
d'Affaires
in
Alexander Kirk, United States Charge d'Affaires in Berlin,
on Oct. 19 upon orders of the
Pittsburgh and San Francisco committees, which
raised the total to the required amount, Mr. Aldrich stated
that a campaign for a second fleet of 100 "kitchen wagons"
returned to the United States
will be inaugurated at once.
He
this cause,
Berlin Embassy.
From the New
Donors who wish to help in
Mr. Aldrich said, are asked to make out their
checks to Samuel A. Welldon, Treasurer, and forward them
to the headquarters of the Fund at 57 William Street.
State
was
on
accompanied by Albert W. Horn,
"Times" of
Mr.
Kirk,
who.
transferred to Rome as
the
19
-
we
.
take the
State Department has indicated,
Similar Period
they
Oct.
Charge d'Affaires, and Albert W. Horn,
of the Berlin Embassy who accompanied
pared with $19,200 in the corresponding quarter of 1939,
brought its cumulative appropriations for the first "nine
an
*
York
Qusrter—Total for 9 Months Is Larger Than Any
Charitable disbursements by the New York Community
Trust totaling $37,042 in the third quarter this year, com¬
Mr. Kirk
Clipper.
attache of the
Oct. 19 aboard the Atlantic
following:
Both
New York Community Trust Disbursed $37,042 in Third
Department in Washington, it is stated.
arrived in New York
saw or
is to
an
be
attache
him, declined to discuss anything
heard in the Gorman capital.
Mr. Kirk, who has been in charge of United States diplomatic affairs in
Berlin since November,
1938, when Ambassador Hugh R. Wilson was
re¬
called during the anti-Jewish disturbances, said he had been informed of
the
possibility that he might
be transferred to Rome to represent this
country in place of Ambassador William Phillips, who is ill in the United
The Commercial d Financial Chronicle
Volume ISl
States and is not expected to return to
Italy, but he refrained from comment.
He said he would leave for
Washington at
once.
"The Victory of the American System of Private
on
prise."
■Many Americans
Grenville Clark,
Homer Folks and C. H. Rowell
to
The 1940 Roosevelt Medals have beeo awarded to Gren¬
ville Clark, New York lawyer; Homer Folks,
Secretary of the
State Charities Aid Association of New York, and Chester
H. Rowell, California publicist, it was announced Oct. 16
by
James R. Garfield, President of the Roosevelt Memorial
Association.
The Roosevelt Medal award was established iD 1923 and
is given annually to persons who have
distinguished them¬
selves in certaiD fields associated with the career of former
President Theodore Roosevelt.
The medals will be
meeting of the New York State Theodore Roosevelt Com¬
mission, the American Museum of Natural History and the
Roosevelt Memorial Association in the Roosevelt Hall of the
Museum, New York City, on the occasion of the unveiling
by Mrs. Roosevelt of an equestrian statue of the late Presi¬
Mr.
Clark has been honored for the
national defense,
justice,
and
promotion of
Mr. Folks for the advancement of social
Mr.
Rowell
for
public service by
private
a
citizen.
The awards last year were referred to in
14,1939,
page
our
from
think
issue of Oct.
2314.
that
Place
Nov.
12
in
on
Five
Cities
series will be held
on Nov. 12, and
subsequent meetings will
simultaneously in the five cities on Nov. 18, Nov. 25,
Dec. 2 and Dec. 9.
The Association expects several hundred
bankers from all sections of the New York State to attend
the meetings.
The Association's announcement added:
This series of conferences, which has been named the present day banking
conferences, is designed to assist banks throughout New York State with
ment
is
that
Under the direction of the Committees
and
ment,
on
Bank Research, Bank Manage¬
Public Relations, representative bankers
banks and from different
in the
areas
from
various sized
of the State have worked for several weeks
development and preparation of the conference programs.
The subjects to be discussed at each
announced as follows:
Newer Types
their
only savior.
the
business.
and
first crippling industry and then blam¬
.
make
people have
Many
strenuous
and
Nation
and exchange
Of
or
this world depends
to
the ability of
men
this exchange of goods under a free, competitive system—
there
course
carry
upon
with
a
Government-controlled
political dictatorship.
a
history
of
on
initiative
of
families
the
for
The only way you can have the "abundant
goods.
be
must
Government
regulation to
civilized
the
individual
government
And there never has been a time when the
not relied upon.
But when government
activities.
some
of
when
nations
prevent abuses and
There never has been a time in
was not called upon
protect the individual rights of citizens.
the
the fact
with
only known route
happiness
any you cannot mix a free, competitive system
system
touch
lost
is the
work,
economic
of
.
.
life" is through
was
beyond the protection of the rights of citizens and preventing abuses,
becomes a serious obstacle to the effective functioning of business.
goes
then
it
Government
produce business progress.
by terror cannot
You might put
people in chains and force them to build a war machine, but you cannot
individual
destroy
as
or
there
and
taxes
the
common
progress—either
as
man.
all is that we who are a part of
this country are not fully alive to the
industrial life of
business and
the
functions is
economic
delusions
of
what
free
enterprise
is
and
how
it
threats to the progress of this Nation. . . .
that you business men are now in the most
of the greatest
one
conclusion
In
still
this country who think that everything
and burdens business and industry, favors
people in
of the saddest things about it
one
that
and
nation.
some
retards,
hampers,
And
freedom
and
initiative
a
are
economic liberalism
let
me
say
important phase of your existence.
in this country, we must
vigor than ever before our
traditional institutions through an understanding of their fundamentals.
You business men, therefore, not only have the responsibility of pre¬
serving the American way of life, but you also have the immediate task of
turning the American people from their delusions to the truth about busi¬
ness and industry and restoring the American way of life to what it was a
If
to
are
we
preserve
freedom and liberty
support to a greater degree and with far more
few years ago.
American
,
business men can do this job.
But
do it.
Let's tell the whole truth.
American industry must do this job—or perish—
industry and American
let's not be content with saying you can
business
American
and
and
perish, this Nation will no longer be a Nation of free men.
if you
Each of the various group
meetings heard a discussion of
organized banking activities delivered by Charles R. Reardon, President of the Association and Vice-President of the
First National Bank, Joliet.
Some of Mr. Reardon's re¬
marks on the subject was given in these columns of Oct. 12,
2127, at which time we also referred to other meetings.
will hold their meeting on Oct. 29 in
The banks in Group 1
Chicago.
+.
account
Business
the question of your bank and what the public believes about you.
will be pre¬
sented in each city, but in different order.
The meetings,
which are open to all bank employees, will begin at 7:30 p.m.
and last until 9:30 p. m.
They will be of the panel discus¬
sion type with ample opportunity for exposition and com¬
ment from those attending the conferences.
Registrations
are now being received at the
Headquarters Office of the
New York State Bankers Association, 33 Liberty Street,
New York City, and all those wishing to attend should make
same
program
of Illinois Bankers Association Hold
Meetings—Robert I. Pierce Discusses
"Victory of American System of Private Enterprise"
Groups
Fail
Annual
Following the annual meetings of several groups of the
Bankers'
Illinois
Association,
which
ures
social
held
earlier
in
the
month,
tional
Moore, Principal of the
"How to Make a Speech,"
(Oct. 15) representatives of
Raymond
Lake Forest High School, talk on
while
on
the
banks
in
Group 4 gathered at the Elks Club, Dixon, for
W. C. Robb, Director of Placement Bureau,
following
day
their meeting.
of Commerce and Business Administration,
School
sity of
Wind."
Illinois, spoke at
being carried on by the Urban
now
At
in New York, Chicago, Boston, Philadelphia, Cleve¬
Detroit, St. Louis, Cincinnati, Richmond, Louisville,
and Des Moines, and under discussion for other cities.
In convention sessions of the American Institute of Real
years
this subject will also he discussed.
At
Appraisers' Institute annual banquet, on Nov. 14, Charles
Abrams, consultant to the United States Housing Authority,
will review new social trends in land utilization.
At the
Estate Appraisers,
the
annual banquet
be
Club,
Peoria,
National
of the Institute of Real Estate Management,
13, Joseph M. Dodge, President of the
Nov.
Bank of Detroit, will give
of the part
the financiers' experi¬
management plays in real estate.
Another
feature of the annual convention of Real Estate
will be the first dinner meeting of the Brokers' Di¬
program
Boards
vision, which will be addressed by Vernon E. Vining of the
Proctor Electric Co., Philadelphia, authority on salesman¬
Previous reference to the convention was made
ship.
our
in Group 6, held at the
issue of Oct. 19, page
Joint
in
2294.
Biennial Conference of Actuarial Society
and American Institute of Actuaries
America
on
Defense and Fiscal Defense."
final meeting, representing banks in Group 2, was
at the Hieland Lodge Golf and Country Club, Kanka¬
discussed
held
Univer¬
this session .on "Straws in the
the meeting of banks
Country
Land Institute covering
the past 10
central business districts and their changes over
Oct. 16, Representative
Everett M. Dirksen, of the 16th Illinois Congressional Dis¬
Peoria
enterprises will come under dis¬
thirty-third annual convention of the Na¬
Association of Real Estate Boards, to be held in
the
at
Philadelphia Nov. 13-15. At general sessions of the conven¬
presented some conclusions reached in a study
ence
heard
both their
tion will be
conference, local banking problems. Group 3 of the Associa¬
tion met at the Crystal Lake Country Club, Crystal Lake,
and
of American cities and meas¬
the values represented in their real
estate and their business
to
of the Association have since held their usual
fall meetings and discussed, in a "brass tacks" round table
14.
districts
Be
and should be taken to conserve
can
usefulness and
cussion
other groups
Oct.
to
land,
their reservations before Oct. 30.
Several
business
Central
Usefulness of Downtown
Discussed at Realtors'
Be Held in Philadelphia Nov. 13-15
Save
to
Centers
Convention to
Improved Operations Through Mechanization and Use of Proper Forms.
The Association said that the
Action
Practical
Charges—Miscellaneous service charges and checking
Your Bank Versus Public Opinion—The immediate problems surrounding
The
earn
We have
designed not to increase wealth but to share poverty.
All of the social progress of
to
analysis.
held
increasing
by
country
We have false argumentation
industry
against
voiceB
of Lending—Cash surrender value of life insurance, ac¬
Types of Lending—Instalment and term loans.
Service
trict,
the
Many
receivable, trust receipts and warehouse receipts.
Newer
on
measures
it.
page
particular conference
were
counts
powerful
for
within
policies, instalment lending, service charges and public relations to the
complex situations which exists in this Nation in the Fall of 1940.
of
transferring a
of them
by
pocket.
Many of them think that you can
country.
work, intelligent work,
wealth
the practical and immediate problem of the adjustment of their manage¬
ment
wealth
the
power"
man's
We have propaganda day and night for
making industry unpopular and for training people to believe that Govern¬
fact
the
another
to
ing industry for not marching.
the
banking problems pre¬
sented by national defense financing, conscription, and wage
and hour readjustments will be conducted
by the New York
State Bankers Association in the cities of
Albany, Binghamton, Buffalo, Syracuse and New York, it was announced
by the Association on Oct. 23.
The first conference of the
be held
by
Government
Yet
A series of five conferences
increase
can
of the
"purchasing
new
pocket
We have governmental schemes for
which
Take
you
Many of them
following economic delusions.
now
create
man's
debt
individuals
New York State Bankers Association to Hold Five Con¬
ferences on Present Day Banking Problems—First
are
can
one
daily bread by doing less daily work.
directed
♦
to
you
public
more
presented
by Mr. Garfield tomorrow afternoon (Sunday) Oct. 27, the
82nd anniversary of Theodore Roosevelt's birth, at a joint
dent.
that
dollar
the
Enter¬
From Mr. Pierce's speech we take the following;
think
Roosevelt Medals for 1940 Awarded
2435
Be Held at White
Nov.
"National
Sulphur Springs, W. Va., Oct. 30-
1
Actuaries from practically all
insurance
of
to
American and Canadian life
companies will meet in White Sulphur
Springs,
Va., Oct. 30-Nov. 1, for the joint biennial conference of
the Actuarial Society of America and the American Insti¬
kee, on Oct. 17.
Robert I. Pierce, Secretary Manufacturers
Association of Chicago Heights and President df the Indus¬
W.
trial Council of the State of Illinois, addressed the bankers
tute of Actuaries.
Reports will be given by the two organ-
The Commercial & Financial Chronicle
2436
ization Presidents, John
M. Laird of the Actuarial Society
Several former papers
based
on
actuarial studies of the
past year will be given, including an analysis of the death
rate of Presidents of the United States and other high
Government officials, and an eight-year
study of deaths of
life insurance policyholders, classified by industries,
informal discussions of current actuarial problems will
occupy the remainder of the three-day session, according to
Bruce Shepherd, Chairman of the Press Committee.
group
t
^
partner in charge of production. Mr. Rizzo graduated from
Cornell University in 1924 and studied advance economics,
corporate finance, banking and finance in New York Uni¬
versity Graduate School.
Statistics
Annual
at
Meeting—
Officers and Committees Elected
At the annual meeting of the Northern New Jersey Clear¬
ing House Association, held on Oct. 17, 1940, at the Trust
Co. of New Jersey,
were
Jersey City, N. J., the following figures
presented:
Total amount of exchanges for year
$1,333,061,551
1,088,187,242
-
Balances tor year___
Largest exchange on any one day from Oct. 1, 1939 to Sept. 30,1940
(Dec. 29, 1939)
Largest balance on any one day from Oct. 1, 1939 to Sept. 30,1940
11,882,002
-
9,301,02
(July 1, 1940)
The
following officers and committees were elected
the meeting for the year ending Oct. 16, 1941:
at
President—Kelley Graham, The First National Bank, Jer¬
City, N. J.
Vice-President-—J. H. P. Reiily, Hudson Trust Co., Union
City, N. J.
Secretary—Edward Purcell, Commercial Trust Co. of
sey
New
Jersey, Jersey City, N. J.
Executive Committee—(two years)—Joseph G. Parr, The
Trust Co. of New Jersey, Jersey City, N. J.; Lewis G.
Hansen, Franklin National Bank, Jersey City, N. J.
(One
year)—William J. Field, Commercial Trust Co. of New Jer¬
sey, Jersey City, N. J.; F. C. Ferguson, Hudson County
National Bank, Jersey City, N. J.
Nominating Committee—H. P. Wood, Hudson County Na¬
tional Bank, Jersey City, N. J.; F. Mauschott Jr„ Franklin
National Bank, Jersey City, N. J.; Arthur Muller, Trust
Co. of New Jersey, Jersey City, N. J.; Richard Kendall,
Commercial Trust Co. of New Jersey, Jersey City, N. J.;
Edward Spoerl, First National Bank of Jersey City, Jersey
City, N. J.
Clearing Committee—Wm. H. Dillistin, V. Willie and R.
Gidney.
Worth
The
James Parker Nolan of Folger, Nolan & Co., Inc., Wash¬
ington, D. C., was elected Chairman of the Southeastern
Group of the Investment Bankers Association of America
for the 1940-41 at the annual meeting of the Group held at
the Merchants Club, Baltimore, on Oct, 18, it was announced
by William J. Price, 3rd, Alex. Brown & Sons, Baltimore,
retiring Chairman of the Group.
Others elected at the
meeting were:
J.
Elliott
Anderson
William
Irvine of
of
Scott
&
Mead, Irvine & Co., Baltimore,
Stringfellow,
W. Mackall of
W.
Richmond,
W. Mackall
Secretary-Treasurer; Alexander Brown
&
Va.,
Co.,
Vice-Cbairmen;
as
Washington, D. C.,
Griswold,
Baltimore, to the Executive Committee to
and Edward C.
serve
Alex.
for
a
Brown
&
as
Sons,
three-year period;
The Executive Committee will consist of the elected mem¬
bers above, together with William Frazier (term of office
expiring 1941) and Russell F. Hall (term of office expiring
1941). The election followed report of a Nominating Com¬
mittee of which Y. E. Booker of Y. E. Booker & Co., Wash¬
ington, served as Chairman.
The Central States Group, which held its annual meeting in
Chicago on Oct. 22, elected Nathan D. McClure, Manager of
the Chicago office of Harriman Ripley & Co., Inc., as Chair¬
man, succeeding Julien H. Collins, Vice-President of Harris,
Hall & Co.
the
Mr. Collins
executive
was
committee.
named
Other
an
elected
by
Association
D. Houston, President of the A.B.A.
The area
A.B.A. regional conferences
includes the ten States of Arizona,
Arkansas, Colorado, Kansas, Louisiana, Mississippi, Mis
souri, New Mexico, Olkahoma and Texas.
Sessions on a
variety of banking subjects will be held morning, afternoon
and evening during the two days.
The conference will close
with a public meeting for the customers of banks on the
evening of Dec. 6. At this public meeting an address will be
delivered by Dr. O. O. Carmichael, Chancellor of Vanderbilt University, Nashville, Tenn.
A feature of the confer¬
of the current season,
will be
ence
series of dramatic skits to be presented by
a
Fort Worth Chapter of the American Institute of Banking
entitled, "John Sterling Finds the Answer," on the evening
Dec. 5.
These dramatic skits have struck a responsive
of
chord upon their
presentation in various cities of the coun¬
Walter P. Napier, President of the Texas Bankers As¬
try.
and President of the Alamo
sociation
Antonfo, will
with
open
address
an
the conference
National Bank,
San
the morning of Dec. 5,
its theme, "Improved Banking Service
on
Effective
through
Cooperation."
on
Mr.
Houston
will
also
address the first session.
SEC Adopts Form for Notification of Registration by
Investment Companies as
Required Under New
Law
The Securities and
Exchange Commission
Oct. 22
on
an¬
nounced the adoption of the form for notification of regis¬
tration by investment companies required by the Investment
Company Act of 1940.
This form is applicable to all types
The Com¬
of investment trusts and investment companies.
says:
The Investment Company Act becomes
all
investment
companies
tificate companies.
becomes effective
within
its
effective
Nov.
on
purview other
1,
1940,
as
than face-amount
to
cer¬
As to the latter type of investment companies the Act
Jan. 1, 1941.
However, face-amount certificate com¬
on
panies may register with the Commission immediately if they so desire.
Unless investment companies are registered with the Commission on the
effective
them
date of the Act applicable to
thereafter
their type, it will be unlawful for
the mails or any means or instrumentality
(including the facilities of national securities ex¬
changes) in connection with the purchases, sale of securities, or to engage
in any business in interstate commerce.
of
interstate
The
to
use
either
commerce
form
for notification
of
registration is designated Form N-8A.
It
requires the name and address of the registering company, form of organiza¬
the
tion,
company,
to
as
names
and addresses of the persons managing or operating the
the type
the sale
category of investment company, certain information
or
of its
securities
voting securities of which
Registration
notification
of
are
and
as
to
25%
companies
or
more
of the
owned by the registering company.
becomes effective on receipt by the Commission of the
registration.
However, all registered investment companies
must file at such time and in such form
a
more
in
detailed registration statement
the Act.
as the Commission may designate
containing the information specified
Appropriate forms for the detailed registration statement will
be sent to registered investment companies as soon as they are
promulgated
by the Commission.
Copies of the form for notification of registration
are
available at the
Washington office and at each of the regional offices of the Securities and
Exchange Commission.
They have been sent to all of the investment trusts
and investment companies
known to the Commission.
SEC Issues 1939
Supplement for Nine Manufacturers of
Agricultural Machinery and Tractors
this
group are:
Bankers
embraced by this, the first of the
ex-officio member of
officers
5-6
ment by P.
and Robert B. Hobbs, W. W. Lanahan & Co., Baltimore, a member of the
National Board of Governors, to serve as ex officio member for one year.
Dec.
American
the
for
program
Tex.,
regional banking conference to be held in Fort Worth, Tex ,
Dec. 5-6, is nearing completion according to an announce
mission in its advices
J. P. Nolan Elected Chairman of Southeastern Group of
of IBA—New Officers of Central States Group
Conference at
A.B.A. Announces Program for Regional
Northern New Jersey Clearing House Association Pre¬
Yearly
&
joined Clinton Gilbert & Co. in December,
1925, and was with that, firm until October, 1938, during
which time he rose from salesman and statistician to general
He
Fort
sents
1940
1924-25, Coggeshall & Hicks in 1925 and Gilbert Elliott
Co. in 1925.
Institute.
and Xteinhard A. Hohaus of the American
Oct; 26,
The Securities and Exchange Commission made public on
a series of supplements to the industry
Oct. 23 the 13th of
Vice-Chairman, John S. Loomis, President of The Illinois Co. of Chicago;
Secretary-Treasurer, D. Dean McCormick,
manager
of the Chicago office
of Alex. Brown & Sons; and the following for
3-year terms on the executive
committee: Douglas Casey, Vice-President of A. O.
Allyn & Co.,
Perry Dryden, Vice-President of E. H.
Rollins & Sons,
Inc.;
Inc.;
Hardin H.
reports of the Survey of Americap Listed Corporations.
The
supplements cover financial operations for fiscal years end¬
ing between July 1, 1939, and June 30,
No.
1940.
Supplement
whose business is
13 contains reports on corporations
Frank
Trust & Savings Bank.
Rizzo Joins National Association
Dealers
as
of Securities
Assistant Secretary-
Harry W. Beebe, Chairman of District Committee No. 13
(New York, New Jersey and Connecticut) of the National
Association of Securities Dealers, announced on Oct. 23 that
Frank Rizzo, formerly of Bristol & Willett, New York City,
has been employed by the District Committee as Assistant
primarily
the manufacture of agricultural machinery and
tractors.
Hawes, Assistant Vice-President of the Harris
The SEC stated:
One corporation, B, F* Avery &
Sons Co., had not filed its annual report
1940, at the time of the compilation
of this supplement, so that data are given for only nine corporations.
All
for
of
the
the
Act
of
fiscal
1934
30,
at June
data
for the
supplement
the Survey of
were
fiscal years
Companies
Case Co., Caterpillar Tractor Cb.,
Secretary of the District Committee,
He has been active in
Association affairs and formerly was Vice-President of the
New Idea,
Security Dealers Association.
Mr. Rizzo
was
with New York Edison Co. in 1923,
United
Light & Power Co. in 1924, American Hard Rubber Co, in
the enterprises included
American. Listed Corporations, Work Projects Administration
in Supplement No.
Rizzo, who will handle specialized sections of the
District's work, will act as assistant to Frank L. Scheffev,
New York
1934-38 for
previously released as Report No. 1, Volume I, of
study sponsored by the SEC.
Secretary.
Mr.
ended June
had securities registered under the Securities Exchange
30, 1939.
companies
Financial
in this
year
International
The
Harvester
Co.,
13 are: Allis-Chalmers Mfg. Co., J. I.
The Cleveland Tractor Co., Deere & Co.,
Minneapolis-Moline
Power
Implement
Co.,
Inc., and Oliver Farm Equipment Co.
combined volume
of business
for these nine
corporations amounted
$533,000,000, in the fiscal year ended on or about Dec. 31, 1939, com¬
pared with $555,000,000 for the fiscal year ended on or about Dec. 31, 1938.
A
combined operating profit of $40,000,000, or 7.5% of sales, was
to
reported
by
all nine enterprises
for
the fiscal
year
ended
on
or
about
Volume
Dec.-31, 1939, compared with
the bank closed
of
of Oct.
an operating profit of $54,000,000, or 9.7%
in 1938.
These same enterprises showed a combined profit after
charges (including non-operating gains and losses, prior claims, interest,
and income taxes) of $31,000,000, or 5.9% of sales, for the year ended
sales,
about
or
for
the year
Dec.
31,
1938.
«
Dividends paid out
cn
about
or
$9,200,000
about
the
were
fiscal
hicrease
cash
on
stock.
common
dividends
dividends
paid
on
on
$13,200,000
combined
the
in
balance
or
on
stock and surplus, decreased
all
compared
nine
were
with
31,
from
declined
1938, to $760,000,000 at
by the total book value
$606,000,000
$611,000,000 to
period.
of
this
supplement,
well
as
as
of
Supplements
12, inclusive, and Volumes I and II, previously
may
an
be
secured
without
charge
by
re¬
the
request to
Comptroller of the Currency, Treasury Department,
Wash¬
ington, D. C., and application after that date must be made to the Treasury
the first
At
and
dividends
second
still unclaimed.
are
Board of Directors of the
Newark, N. J., on
of the
meeting
special
a
from
The receiver stated several hundred dividend checks
Department.
or
surplus
enterprises
Stockholders' equity, as indicated
same
Nos. 1 to
leased,
for
1939,
all
about Dec.
of
Copies
31,
for
assets
1939.
during the
$19,800,000
total
Any checks that have not been claimed by Nov. 12 will be forwarded to
the office of the
which
$7,100,000 to $171,000,000 in
Dec.
the end of
capital
on
preceding year.
sheet
slightly from $762,000,000
year ended
$29,600,000, of
totaled
combined
The
about
or
fiscal
the
In
out
preferred stock and
3tock.
common
ended
year
of
The
on
for these nine enterprises increased
accounts
ended
year
approximately $24,600,000, of which
current cash dividends on preferred stock and $15,400,000
1938,
dividends
;
totaled
1939,
31,
$9,800,000
6.7% of sales,
or
by the nine enterprises during the fiscal
31,
dividends
Dec.
cash
Dec.
were
cash
were
with $37,000,000,
1939, compared
1933.
The Newark "News"
the proposed dividend said:
March 4,
on
17 in noting
all
on
2437
The Commercial & Financial Chronicle
151
National Newark & Essex Banking Co. of
Oct. 22, the following changes were made in
of
the institution:
the personnel
Spencer S. Marsh, formerly Senior Vice-
President, was elected Chairman of the Board of Directors;
Cowan, formerly Cashier, was named President;
Robert G.
E.
Gustave
dent^
Jones,
Guernsey
heretofore Assistant Vice-Presi¬
Wiedermayer,
and Addison K. Barry, S.
Marsh, and Norbert J. Clure
Cashier,
elected
was
L.
Tlieron
were appointed Assistant Cashiers.
Mr. Barry is at present
Manager of the Mortgage Department; Mr. Jones/Manager
of the Credit Department; Mr. Clure, Manager, and Mr.
Marsh Assistant Manager of the Time Sales Department.
The
Publications Unit of the SEC in Washington, D. C.
regarding
following
business
the
careers
Mr.
of
Spencer S. Marsh and Mr. Cowan appeared in the Newark
"News" of Oct. 19:
ITEMS
On
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Oct. 23 the
membership in the New York Coffee &
Sugar 'Exchange, Inc. of Mr. E. A. Canalizo was sold to
Mr. R. L. Lamborn, for account of another, at SI,600—up
$100 from the last sale,
Tne membership of Mr. A. D. R.
Collie, of Liverpool, England, was also sold to Air, M. W.
Feingold, for another, at the same price.
Mr.
Marsh
of
National
East
Newark & Essex in 1917
Marsh
Mr.
For
he
years
tion
William Smith
Hirschberg of Greenwich; Sydney G. Soons,
Officer of the
Officer of the
South Norwalk Trust Co., in addition to a number of
prominent New York trust officers.
The Personal Trust
Round Table is the senior educational activity for personal
trust men at New York Chapter.
Its leader is Edgar B.
Landis, Trust Officer of the Chemical Bank & Trust Co.,
and E. R. Shumway, Bankers Trust Co., is secretary.
New York attorney; Omer T. Houston, /Trust
Plainfield Trust Co. and Stanley Iloyt, Trust
Guaranty Trust Co. of New York
the appoint¬
announces
ment of John W. Moxon as an Assistant Trust Officer at the
as
clerk in the People's
a
Cashier and
was
made a Vice-President
Cashier by Cowan.
as
the Newark Clearing House As¬
Jersey Bankers' Association.'
executive committee of the American
horn
Michigan
in
35
years
ago
and has lived in
New;
Before he came to the Newark institution in September,
1938, Mr. Cowan was chief of the analysis division of the bank examina¬
the
.
.
.
department of the Federal Reserve Bank of New
Reserve^feank-U2
He was with
York.
years.
According to the Philadelphia "Inquirer" of Oct. 25, the
Pennsylvania Banking Department on Oct. 24 announced
that liquidation dividends will be paid next week to depositors
of closed banks in Farrell, Girardville and Bangor, as follows:
A 5%
payment, amounting to $58,412 will go to
A
7%
9,300 depositors of the
Oct, 28.
closed Colonial Trust Co., of Farrell,
depositors of
totaling
4,094 depositors of the Bangor Trust Co., Bangor,
amounting to $23,023, will go to 1,104
payment,
Victory Bank & Trust Co., Girardville, Oct. 29 and a 5% payment,
$31,619, will be paid to
Nov. 1.
National Bank of York, Pa.,
The institution, which
capitalized at $100,000 was absorbed by the York Na¬
Effective Oct. 7, the Eastern
placed in voluntary liquidation.
was
«
as
succeeded
member of the
a
was
lems Seminar of New York
Among those who attended were
was
former President of the New
a
Jersey 10 years.
^Woolworth Bldg.
15
at
the organizers of
of
one
was
At its first monthly meeting under its new title on Oct. 18,
the Personal Trust Round Table, formerly the Trust Prob¬
the
career
Association.
Cowan
Mr.
He
1921.
was
sociation and is
Bankers'
Chapter, American Institute of
Banking, heard prominent trust officers and attorneys in
New York, New Jersey and Connecticut compare their trust
practices. The meeting was held at Chapter headquarters in
banking
Orange.
Cashier in
and
i
♦—
his
started
At 27 he became the youngest bank Cashier in the
State with the North Ward National Bank of Newark.
He went with the
Bank
was
Bank & Trust Co. of the same place.
tional
,
main office.
Gersten, President of The Public National
Company of New York, announces that the
Directors of the bank have appointed Maxwell Silver an
Assistant Casnier.
In accordance with the fixed plan
of the Standard National
intensify the
public relations activities which they have conducted for
several years, Richard M. Lederer, Chairman of its Board,
announces
that he has arranged with T. Harris Smith &
Associates of Baltimore,-Md., to conduct a personnel train¬
ing course during the next three months, and in which the
entire staff, including the officers and its Board of Directors
will participate.
The announcement went on to say:
Bank of New York, Woodside, L. I., to further
A
complete
which
all
Business
Extension
Department
will
be
set
up
Bank of the Manhattan
permission from the New York State Banking
43-01
Bell
re¬
Election of
Boulevard,
Bayside,
it
is learned
from
the
is a past
President of the Junior Chamber of Commerce and serves as Treasurer of
a
1874
the
1901
In
as
the
Peoples
Deposit
Co.
Eastern Pan
and in 1892
system as the Peoples National Bank of Martinsburg.
national charter was surrendered and the name changed to
President ;
'»
0, Henson, President; W. A, Rough, ViceDudley Harley, Executive Vice-President and Cashier; Walter W.
Trout
Earl
Peoples Trust Co.
Its
present officials are J.
and
C.
Weller,
Cashiers.
Assistant
(formerly the National Build¬
The LaSalle National Bank
Bank)
ers
increased its common
An item regarding
in our Sept. 7 issue,
of Chicago, 111., on Oct. 12
County Farm Bureau.
He is a graduate of CorneU University
member of Fort Orange club.
Mr. Rosch is resident counsel for the
of Buffalo Law school.
Delaware & Hudson and a graduate
He also is affiliated with Fort Orange club.
1915, Justice Rosch served in the Constitutional convention.
President of the State Bar Association and also
appeared
increased
proposed
page
1379.
»
Fall party
Chicago, on Oct. 24.
Chairman of the Entertainment
The LaSalle Street Cashiers held their annual
in
Board of
the
Trade Building in
Harold Ouimette served
as
The
He is
a
In
former
of the Federated Bar As¬
sociation in the Third Judicial district.
disbursement of
a
$67,000,000 dividend to 148,000
remaining depositors of the defunct First National Bank—
Detroit, Detroit, Mich., representing settlement in full of
principal of their claims, will start on Nov. 1, according
announcement on Oct. 18 by B. C. Schram, the re¬
ceiver.
The final payoff, it was stated, will be accomplished
through use of $30,328,689 accumulated cash in the hands of
the receiver and loans approved by the Comptroller of the
Currency.
Mr. Schram's statement, as printed in the
Detroit "Free Press" of Oct. 19 (from which this is learned)
the
to
Ten Eyck, President of the Ten Eyck Insuring Agency,
the Albany
in
the national
Peter G. D. Ten Eyck and former Supreme
Justice
Union" of Oct. 24, which went on to say:
and
was
Committee.
Joseph Rosch as Trustees of the Albany
Savings Bank, Albany, N. Y., was announced on Oct. 23
by bank officials, it is learned from the Albany "TimesMr.
established
Handle
which the quote added:
Berkeley County in West Virginia's
in
De¬
Department's "Weekly Bulletin" of Oct. 18.
Court
institution
old
entered
the
Co., New York City, has
partment to change, after Jan. 2, 1941, the location of its
branch office from 41-00 Bell Boulevard, Bayside, Queens,
to
This
capital stock from $400,000 to $GOO,000.
•
ceived
The paper from
1910.
organization to be visited at regular intervals for the pur¬
the public.
The
the
through
of explaining the bank's various services, and manner in which it can
serve
Executive Vice-Presi¬
Peoples Trust Co. of Martinsburg, West Va.,
Cashier of the institution, it is learned
from "Money & Commerce" of Oct. 19, that he entered the
bank as Note Teller on Dec. 5, 1895, that in 1908 lie was
named as an Assistant Casliier and became the Cashier in
of
dent
while continuing as
preferred customers and prospects will be allocated to various
members of the
pose
Dudley Harley was recently named
Chester
E.
Bank & Trust
an
follows:
I
am
authorized by the Comptroller of the Currency
announce
that he has ordered a dividend of
in Washington to
20%, totaling approximately
$67,000,000, to be paid to depositors and other creditors of the
Distribution of
a
final dividend of .06908% to depositors
of the defunct Orange
National Bank, Orange, N. J.,
was
begun by the receiver, Leonard G. Brown, on Oct. 18.
The
approximately $250,-
amount to be distributed amounts to
000, and brings to a total
of 74 Vi% the dividends paid since
Bank—Detroit,
on
Nov.
1, 1940.
Preparations for this payment will begin
tribution of checks
Inasmuch
as
First National
r
immediately, and the first dis¬
will begin the first of next month.
all depositors and other creditors have
payment of the principal
due.
heretofore been paid
20% at this time will constitute full
Part of the funds needed for the payment
80% of their claims, the payment of
The Commercial & Financial Chronicle
2438
now
Repayment of the loan will be made from
ordered will be borrowed.
the bank's assets, and any surplus remaining thereafter
further liquidation of
and other creditors to apply on the
will be distributed to the depositors
accrued interest on their claims.
pleasure in making this announcement, and am very happy
I take great
acknowledge the cooperation of the First
to
others
all
and
Committee
National Bank depositors
in making this payoff
have contributed
who
possible.
We further quote
the
paper
mentioned:
Mr. Schram did not indicate whether he would avail himself of the
offer
of the Reconstruction Finance Corp., to loan
of Jesse H. Jones, Chairman
$40,000,000 on; the remaining assets of the institution, estimated in Mr,
(Oct. 18) to be worth $60,447,000.
Schram's quarterly report Friday
acknowledgement of the cooperation of the depositors com¬
Mr. Schram's
making possible the 100% payoff now points to possible future
mittee in
steps in which the depositors may
supplant the receivership entirely.
been engaged for
that the Comptroller's appraisers have
known
It is
months in
of remaining values and there are intimations that task
a survey
will be completed in about 30 days.
the depositors
This would permit negotiations for the sale of the assets to
accord with proposals made to the
committee, in
ago.
Comptroller months
....
Of the disbursement,
$30,000,000
about
will go to
the 3,500 of the
larger depositors.
number
Mr. Schram will be forced to issue 567,000 checks, that being the
of original depositors, but 384,000 of them
will
go to
the 700 larger depositors
who subordinated their own dividends four years ago to
to
satisfy in full all claims of $300
or
less.
provide $6,727,000
They took assignments of the
latter.
reflects a $1,000,000 improvement in
Mr. Schram's quarterly statement
the earnings account
from interest, rentals and premiums.
Earnings of $39,691,613 still equal receivership costs of $12,651,128
seven years
of operations, and $6,531,855 of interest paid on borrowings,
for
and
the $21,800,000 of losses written off.
receiver's cash
The
$30,328,689
jumped from $26,021,785 on June 30 to
account
Sept. 30,
on
increase $200,000 greater than the accounted
an
for decrease in remaining assets.
Our
last
reference
appeared in
affairs
the
to
of
the
defunct bank
issue of April 27, 1940, page 2664.
our
Oct.
26,
1940
35%; New Jersey Zinc, 134 points to 64%; and G. A. Fuller,
2 points to 24.
Aircraft stocks moved irregularly with Bell
and Fairchild slightly higher, Beech and Republic lower,
and Bellanca ana Brewster unchanged.
Small advances
number of oil shares and paper and
off on the day.
Advancing prices prevailed along a wide front on Wednes¬
day the gains ranging up to 5 or more points.
The transfers
for the day totaled 116,405 shares against 86,865 on Tuesday.
There were 314 issues traded in of which 149 closed on the
side of the advance, 63 declined and 102 were unchanged.
The aluminum stocks were stronger and there was a good
demand for the oil shares at higher prices.
Aircraft issues
continued to move within a narrow range, paper and card¬
board stocks sagged and the shipbuilding shares were
represented on the side of the advance by Bath Iron Works
which moved fractionally higher.
Prominent among the
gains were Niles-Bement-Pona, 234 points to 6334; Jones &
Laughlin Steel, 2% points to 38; Pepperell Manufacturing
Co., 2% points to 7834; and Singer Manufacturing Co.,
534 points to 11334*
The trend of the market turned downward on Thursday,
and while the setbacks were largely fractional, there were
occasional declines ranging up to 4 or more points.
These
included among others Meaa Johnson which dipped 434
points to 150; Pittsburgh Plate Glass, 2 points to 93; United
Shoe Machinery, 234 points to 58%, and Jones & Laughlin
Steel, 1% points to 36%.
Oil shares continued active but
changes were small and generally on the side of the decline.
Oil shares continued active but changes were small and gener¬
ally on the side of the decline.
Shipbuilding stocks were
quiet with Bath Iron Works down a minor fraction and Todd
Shipyards unchanged. Paper and cardboard issues sagged,
oil shares moved within a narrow range and aircraft stocks
recorded
were
by
cardboard issues
a
were
worked down to lower levels.
Irregular price movements with a tendency toward lower
trading on the curb market during much of
the session oa Friday.
Toward the end of the day there was
some improvement apparent, and while some of the more
active issues regained part of their early losses, the declines
were slightly higher than the gains as the session ended.
Public utility preferred stocks registered fractional gains and
there were a few scattered advances in the industrial special¬
levels marked the
Oct.
On
14 the Anglo
Calif,
Francisco,
National Bank of San
California
its
reduced
common
capital
stock from
$10,000,000 to $8,200,000.
THE
•
Curb stocks
MARKET
CURB
fairly active during the early part of the
were
the volume of transfers gradually increased, a
number of substantial advances were recorded among the
week, and
as
utilities and industrial specialties.
list
prices
trend
In other sections of the
fractionally higher until Thursday when the
were
turned downward due largelv to profit-taking.
shares have been
been
narrow.
and
paper
Oil
moderately active but the changes have
Shipbuilding stocks have shown little activity
and cardboard issues moved within
a
narrow
Aircraft stocks have moved backward and forward
channel.
Paper shares were irregular and shipbuilding
unchanged.
In the aircraft section Bellanca
moved up 34 of a point to 4, but the rest of the group declined
or did not appear on the tape.
As compared with Friday of
last week prices were generally lower, American Cyanamid
B closing last night at 34% against 3634 on Friday a week
ago; Babcock & Wilcox at 2834 against 29; Standard Oil of
Kentucky at 18% against 18%; United Shoe Machinery at 59
against 60%; United Gas pref. at 112 against 113, and
Wright Hargeaves at 434 against 4%.
ties
group.
stocks
were
DAILY
of
the advances featured the trading on the New York Curb
Exchange during the two-hour session on Saturday.
Scat¬
changes with declines slightly in
stocks including Mid vale Co. which forged ahead 3 points
118; Pacific Power & Light 7% pref., 4% points to 87;
Fox
Brewing Co., which broke into
move
a narrow
were
which
was
range
and there
the
Shipbuilding
quiet with the Exception of Bath Iron Works
slightly higher.
public
were a
Oil stocks moved within
number of fractional gains
preferred
utility
shares
and
the
among
656,000
210,000
1,114,000
601,000
$6,000
172,000
23,000
15,000
10,000
90,739
98,720
921,000
3,000
30,000
25,000
1,070,000
4,000
11,000
1,085,000
507,979
$4,233,000
$46,000
$149,000
$4,428,000
Friday
Total
949,000
Jan. 1 to Oct. 25
Week Ended Oct. 25
New York Curt
1939
1940
Exchange
1939
1940
507,979
1,183,120
33,647,998
37,129,065
$4,233,000
Stocks—No. of shares.
Bonds
$8,655,000
$243,309,000
46,000
44,000
2,047,000
149,000
469,000
5,586,000
$369,150,000
3,555,000
5,579,000
$4,428,000
Domestic
$9,108,000
$250,942,000
$378,284,000
Foreign government
a narrow
49,000
$401,000
$414,000
1,068,000
Thursday..
channel with most of the
active stocks unchanged or fractionally lower.
issues
Total
$13,000
115,170
Tuesday...
Wednesday.
Aircraft shares
gain of 1% points.
a
within
Portion
Corporate
80,065
Monday...
high
new
Domestic
38.270
78,415
Saturday...
Sales at
ground at 19% with
continued to
Foreign
Shares)
Government
0/
Oct. 25. 1940
excess
tered through the list were a number of moderately strorg
Peter
EXCHANGE
CURB
Bonds (Par Value)
{Number
Week, Ended
Narrow price
to
YORK
THE NEW
Stocks
paratively quiet.
and
AT
TRANSACTIONS
with little net change and aluminum shares have been com¬
Foreign corporate
Total
industrial
specialties.
Industrial specialties
assumed the market leadership
Philadelphia Stock Exchange
on
Oct.
Monday, and while the changes
were
well
scattered through
again in the fore front with
Goodman Manufacturing
a
hew top at
2834-
a
were
moderate, the advances
the list.
Mead Johnson
19 to Oct. 25,
gain of 3% points to 154% and
Co. worked upward 534 points to
In other sections of the list the advances
less
pronounced.
Aircraft shares
were
irregular, Waco,
Republic and Brewster registering small gains, while Bell
declined and Beech
New York
point at 19, and
a
narrow
was
unchanged from the preceding close.
Shipbuilding (founders shares)
range.
paper
Oil issues
were
advances
higher by 34
and cardboard stocks moved within
public utilities preferred shares
Renewed
was
and
a
were
were
moderately active and
higher
Stocks—
American Stores
American Tel & Tel
the features of the curb market trading on Tuesday.
The transfers totaled 86,865 shares against 79,060 on
Mon¬
day, and while the gains were in excess of the declines, the
changes were generally small and without special significance.
Industrial specialties were again active and a number of
moderate gains were registered in this group including,
among others, Great Atlantic & Pacific Tea Co. n. v. stock
134 points to 10034; Jones & Laughlin Steel, 2% points to
Par
Week's Range
for
Sale
of Prices
Week
Price
*
1154
100
102 54
Bell Tel Co of Pa pref.. 100
Budd (E G) Mfg Co
*
Budd Wheel Co
*
Curtis Pub Co com
Low
High
1154
1254
454
Shares
1,315
418
162
16554
9 A
A
11854 11954
454
454
9
10
554
654
50
72
497
154
336
25
June
5054
117 A 118
1,088
38
May
29 54
254
354
1,050
2%
754
2 54
8
50
*
2 54
2354
50
Phila Elec Pow pref
*
25
4054
Tacony-Palmyra Bridge. _*
Tonopah Mining..
1
Transit Invest Corp pref
43 54
United Corp com
Preferred
*
_*
United Gas Improve com.*
Preferred
*
No par value.
*
1154
11554
Oct
454
3354
Apr
Jan
Apr
June
154
May
354
200
154
May
354
Feb
554 June
854
Apr
25
50
254
8,091
2,835
11154 May
27
154
Mar
1454 May
3
Jan
Apr
Oct
Oct
2454
Jan
Oct
60
11654 117
31
3054
40 A
4154
A
54
154
Jan
170
30
186
4354
Jan
6
654
5554
12554
3554
2354
254
23
185
*
Scott Paper
May
3054
254
Phila Elec of Pa $5 pref
Apr
354 May
154
Oct
"29 H
50
Apr
11354
3
Lehigh Coal & Navigation *
Pennsylvania RR
Jan
1554
12554
570
Horn&Hardart (Phil) com *
Horn&Hardart (NY) com *
Penna Salt Mfg
17554
154
49 54
Apr
May
854 June
14654
483
40 54
Lehigh Valley
High
1454
"
10
General Motors
Low
954 June
30 54
*
Electric Storage Battery 100
Pennroad Corp v t C.....1
turnover
Range Since Jan. 1, 1940
Last
Natl Power & Light
slightly higher.
moderately
Sales
Fridai
Barber Co
were
both inclusive, compiled from official sales lists
was
45
159
46
11254 June
204
2854 June
3454 May
3154
Jan
49
Apr
38
4854
Mar
Feb
216
46
54
54
A
2
1A
3254 3354
1154
1154
11554 11654
108
346
1,836
180
7,178
101
May
May
M
190
12054
Jan
June
54
54 May
154 June
2654 June
254
Jan
4154
Feb
10
May
1554
Jan
10754 June
11754
Feb
1
Jan
Volume
REDEMPTION
FOREIGN
SINKING FUND
CALLS AND
NOTICES
Below will be found
a
preferred
redemption, together with
The date indicates the redemption or
sinking fund notices.
making tenders, and the
location in which the details
were
page
number gives the
give below
FOREIGN
1
1st mortgage 5s 1957
♦All America Corp. series B debentures
♦American Salt Co. preferred A stock
Ashland Home Telephone Co. 1st mtge. 4Ks~
---
-
Battle Creek Gas Co. 1st mtge. 3%s__
Bear Mountain Hudson River Bridge Co. 1st mtge. 7s
Beaver Valley Water Co. 1st lien 5s
-
Bedford Pulp & Paper Co., Inc. 1st mtge. 6%s
Brooklyn-Manhattan Transit Corp., $6 pref. stock-_
♦California Water Service Co. serial notes
235
2178
Dec.
Mar.
Nov.
Dec.
Nov. 13
Oct. 24
Nov. 20
Nov. 1
Apr.
1
Nov.
Dec.
Dec.
_
_
1424
2034
2034
2482
2483
1885
2341
2036
1887
2036
2037
2487
Nov.
_
Canada Cement Co., Ltd. 1st mtge. 3Ms
Carolina Clinchfield & Ohio Ry. 1st mtge. 6s_.
Central Maine Power Co. 1st mtge. 4s
Central Ohio Light & Power Co. 1st mtge. 4s
1565
Nov.
__Dec. 15
Nov. 25
Nov. 1
Nob. 7
Dec.
1
Nov. 29
Nov. 25
Nov
1
Nov. 1
Jan.
1
Oct. 30
Nov. 1
Nov.
Apr.
--Feb.
Apr.
Nov,
Dec.
Dec. 15
Oct. 28
Dec.
Jan.
Nov.
Nov
Dec.
Dec.
Nov.
Dec.
Jan.
Jan.
Jan.
Jan.
_
♦Central States Edison, Inc., coll. trust bonds-
♦Chesapeake & Ohio Ry. 3M % bonds
♦Colon Development Co., Ltd., 6% pref. stock
♦Columbus & Southern Ohio Electric Co. 4% bonds-Connecticut Light & Power Co. 7% bonds
Crown Cork & Seal Co., Inc. 15-year 4% bonds-Eastern Car Co., Ltd., 6% bonds.
Equitable Office Building Corp. 35-year bonds
Exeter & Hampton Electric Co. 1st mtge. 5s_
General Water Gas & Electric Co. 5% bonds
German!-Atlantic Cable Co. 1st mtge. 7% bonds
Gruen Watch Co. class B pref. stock
—
_
-
Houston Natural Gas Corp. 1st mtge. 6s
International Business Machines Corp. 34% debs
Iowa Electric Light & Power Co. 1st mtge. 4 J£s—
First mortgage 4s
!
Iowa Southern Utilities Co. 54% bonds, series 1925
bonds, series 1935
Koppers Co. 1st mtge. bonds
♦Michigan Public Service Co. 1st mtge. 5s
♦National Candy Co. 5% notes
National Dairy Products Corp. 3*4% debs
♦National Gas & Electric Corp. 1st lien 5s
Nekoosa Edwards Paper Co. 6% serial bonds-5% serial bonds
♦New York City Omnibus Corp. prior lien bonds
Northwestern Public Service Co. 1st mtge. 5s
54%
-
-
19,
FEDERAL
RESERVE
TARIFF ACT OF 1930
TO OCT. 25, 1940, INCLUSIVE
1940,
2034
Nov.
_
OCT
BY
CERTIFIED
RATES
BANK TO TREASURY UNDER
Nov.
Affiliated Fund, Inc. 4K% sec. con v. debs
record for the week just passed:
a
EXCHANGE
Page
Date
Gulf Public Service Co. 1st mtge. 6s
Houston Electric Co. 1st mortgage 6s__
requirements of Section 522 of the Tariff
1930, the Federal Reserve Bank is now certifying
daily to the Secretary of the Treasury the buying rate for
cable transfers in the different countries of the world.
We
Act of
given in the "Chronicle":
Company and Issue—
Alabama Power Co.. 5s 1956
Alabama Water Service Co. 1st mtge. 5s
Alabama Power Co. 1st mtge. 5s
Alabama Power Co. 1st mtge. 5s 1956
EXCHANGE RATES
Pursuant to the
list of bonds, notes and
stocks of corporation called for
last date for
2439
The Commercial & Financial Chronicle
1S1
Penn-Jersey Water Co. 1st mtge. 5 4s
;.
Nov.
Pennsylvania Co. certificates, series E
Nov.
Peoples Light & Power Co. scrip ctfs
Oct.
Quincy Mkt. Cold 8torage & Whse. Co. 20-yr. 54 % bds—Nov.
Richmond Terminal Ry. 1st mtge 5s
Jan.
Biordon Pulp & Paper Co., Ltd. 6% debs
Dec.
♦Rochester & Pittsburgh Coal & Iron Co. pur. money bds.Nov.
San Antonio Public Service Co. 4% serial notes..
Oct.
San Diego Consolidated Gas & Electric 1st mtge. bonds
Nov.
Southern California Edison Co., Ltd., 1st mtge. bonds
Jan.
Southern California Gas Co. 1st mtge. 4^s_.
Nov,
1st mortgage 4s
Nov
♦Standard Steel Construction Co., Ltd., class A stock
Jan.
Swift & Co. 3*4% bonds
—.Nov.
♦Terminal Warehouse Co. 5% bonds—-----Nov.
♦Toledo Edison Co. 34 % debentures
Dec.
United Biscuit Co. of America 7% pref. stock
Nov.
Vicking Pump Co. preferred stock
Dec.
Watauga Power Co. 1st mtge. 6s
Dec.
Woodward Iron Co. 2d mtge. 5s
Dec.
-
-
1888
2346
2038
2489
2490
2491
2491
2040
2040
2350
2351
1894
2043
1433
2352
1573
2047
1724
2047
1282
1282
555
555
2048
2505
2507
1903
2507
2358
2358
2508
1287
2055
2361
2203
31
1
1
31
1
1288
1156
113
2512
2056
2362
2362
30
12
1
1
1
2
15
8
2057
2057
2514
2209
2514
2515
1
13
15
1
2
1738
1588
Noon Buying Rate for Cable Transfers in
Value in United States Money
Country and Monetary
New York
Unit
Oct. 19
Oct. 21
Oct. 22
Oct. 23
Oct. 24
Oct. 25
$
$
$
$
$
$
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
a
Europe—
Bleglum, belga
Bulgaria, lev
Czechoslov'ia, koruna
Denmark, krone
Engl'd, pound sterl'g
a
Official
4.035000
4.035000
4.035000
4.035000
4.035000
4.035000
Free
4.027500
4.027500
4.025937
4.022500
4.026875
4.028214
.019666
.019666
.019666
.019666
.019333
a
a
a
a
a
Finland, markka
France, franc
.019686
a
399783*
.399840*
.399840*
.399840*
.399840*
.006600*
.006600*
.006600*
.006600*
.006600*
.193633*
.193633*
.193633*
.193633*
.193633*
193633*
.050385*
Hungary, pengo
Italy, lira
Netherlands, guilder-
399840*
.006600*
Germany, relchsmark
Greece, drachma
.050366*
.050385*
.050385*
.030385*
.050385*
a
a
a
a
a
a
Norway, krone
a
a
a
a
a
Poland, zloty
a
a
a
a
a
a
.039850
.039825
.039825
.039825
.039850
.039825
a
a
a
a
a
Portugal, escudo
Rumania, leu..
Spain, peseta
Sweden, krona
.091300*
—
.091300*
.091300*
a
»
a
.091300*
.091300*
.091300*
.238125
.238283
.238208
.238075
.238125
.238158
Switzerland, franc
.231971
.231785
.231728
.231692
.231992
.832014
Yugoslavia, dinar
.022416*
.022400*
.022416*
.022416*
.022416*
.022433*
Asia—
China—
Chefoo (yuan) dol'r
a
a
a
dol
.057281*
Shanghai (yuan) dol
Tientsin (yuan) dol
Hongkong, dollar.
India (British) rupeeJapan, yen
Straits Settlem'ts, dol
.057000*
a
a
a
a
.056750*
a
a
a
a
Hankow (yuan)
..
a
.057906*
.057500*
.057375*
a
a
a
a
a
a
.229718
.229125
.229281
.229281
.230093
.230781
.301666
.301600
.301666
.301666
.301666
.301666
.234383
.234387
.234387
.234387
.234387
.234387
.471000
.471000
.471000
.471000
.471000
.471000
Official
3.228000
3.228000
3.228000
3.228000
3.228000
3.228000
Free.—
3.209166
3.209166
3.207916
3.205000
3.208750
3.209583
pound- 3.221666
3.221666
3.220416
3.217500
3.221666
3.222500
South Africa, pound- 3.980000
3.980000
3.980000
3.980000
3.980000
3.980000
Australasia—
Australia, pound—
New Zealand,
Africa—
North America—
Canada, dollar—
Official
.909090
.909090
.909090
.909090
.909090
.909090
Free
.864921
.866171
.865468
.864531
.865156
.867600
.203625*
.203825*
.203825*
.203825*
.203825*
.203825*
Official.
.909090
.909090
.909090
.909090
.909090
.909090
Free
.862375
.863625
.862750
.862125
.862500
.865000
.297733*
.297733*
.297733*
.297733*
.297733*
.297733?
.060575*
.060575*
.060575*
.060575*
.060575*
.060575*
.050033*
.050166*
.050166*
.050166*
.050166*
.050166*
.051680*
.051680*
.051680*
.051680*
.051680*
.051680*
Mexico, peso
:
Newfoundl'd, dollar-
South America—
Argentina, peso
Brazil, mllrels—
OfficialFree.
Chile,
-
peso—
Official.-
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.569850*
.569850*
.569850*
.569850*
.569850*
.569850*
Controlled-.
.658300*
.658300*
.658300*
.658300*
.658300*
.658300*
Non-controlled
.379375*
.379000*
.379000*
.379000*
.379000*
.379000*
Export
Colombia,
peso
Uruguay, peso—
2060
Nominal rate,
1443
a
No rates available.
♦Announcements this week.
COURSE
NATIONAL
The
BANKS
following information regarding National banks is
from the office of the
;
Department:
Comptroller of the Currency, Treasury
'
/
■.
VOLUNTARY LIQUIDATION
•'
AilTtOUTlt
•
12—The Eastern National Bank of York, Pa.
Oct.
$100,000
—
Liquidating agent: Elmer D. Quickel,
York, Pa.
Absorbed by The York National Bank & Trust
Co., York, Pa., Charter No. 604.
Effective Oct. 7,1940.
STOCK REDUCED
CAPITAL
COMMON
Ami.
14—The Anglo-California National Bank of San
Oct.
$1,800,000
Ami
to
17—LaSalle National Bank, Chicago, 111.
$600,000
Per
Clearings—Belurns by Telegraph
Week Ending Oct. 26
CAPITAL STOCK INCREASED
COMMON
Oct.
of Reduction
Francisco,
From $10,000,000 to $8,200,000
San Francisco, Calif.
OF BANK CLEARINGS
this week show an increase compared with
a year ago.
Preliminary figures compiled by us, based upon
telegraphic advices from the chief cities of the country,
indicate that for the week ending today (Saturday, Oct. 26)
clearings from all cities of the United States for which it is
possible to obtain weekly clearings will be 6.4% above those
for the corresponding week last year.
Our pieliminary
total stands at $6,293,879,814, against $5,916,977,963 for
the same week in 1939.
At this center there is a gain for
the week ended Friday of 5.5%.
Our comparative sum¬
mary for the week follows:
•
Bank clearings
1940
New York.
$200,000
Chicago
Philadelphia—_—-—
Boston
CHANGES
IN
The following shows
afloat
at the
of the
BANK
NATIONAL
deposits)
beginning of September and October and the amount
afloat during the month of Sep¬
Net decrease during September..-
1939
$185,122,822
♦
Includes proceeds
1
$162,746,692 *$183,054,557
—
for called bonds redeemed by Secretary
of the Treasury.
Note—$2,203,796.50 Federal Reserve bank notes outstanding
secured by lawful money, against $2,218,619.50 on Oct. 2, 1939.
following securities
were
Oct.
1,
1940.
SALES
AUCTION
The
2,068,265
1,129,415
— —
Amount of bank notes afloat Oct.
sold at auction on Wednesday
Stocks
8 3-10 Post
'
14 North Boston
$ per Share
'
Office Square Co., par $50
Gas <fc Electric Co., par $25
-
-
-
Lighting Properties, preferred, par $50
Cleveland
——
98,591,014
93,512,649
71,128,653
—
BaltimoreEleven cities, five
days
—
All cities, one
five days
day
Total all cities for week.
—
+5.5
+7.6
256.817,287
325,000,000
191,906,870
80,708,313
78,000,000
124,826,000
106,648,294
86,265,252
84,170,542
+6.2
+ 16.0
+8.5
+ 15.5
+6.9
+ 11.3
+ 14.3
+ 11.1
56,506,685
+25.9
$4,175,923,697
985,642,815
$3,893,071,757
803,770,775
+22.6
$5,161,566,512
1,132,313,302
$4,696,842,532
1,220,135,431
+ 9.9
$6,293,879,814
$5,916,977,963
4 6.4
Complete and exact details for the week covered
foregoing will appear in our issue of next week.
We
furnish them today, inasmuch as the week ends
+7.3
-7.2
by the
cannot
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
results
By R, L. Day & Co., Boston:
4 Lynn
$2,502,222,514
present further below, we are able to give final and complete
for the week previous—the week ended Oct. 19.
For that week there was an increase of 22.8%, the aggregate
of the current week:
Shares
Pittsburgh—
Detroit
Total all cities,
1940
$163,876,107
3-...
San Francisco
Other cities, five days
1940 and 1939:
National Bank Notes—All Legal Tender Notes—
Amount afloat Sept.
-
St. Louis..----
the amount of National bank notes
decrease^ in notfes
—
------
Kansas City
NOTES
(all of which are secured by legal tender
tember for the years
$2,639,046,592
276,213,266
345,000,000
222,592,968
87,601,105
90,100,000
133,408,000
118,729,450
of IttcvcdSB
From $400,000
Cent
1939
--.1
34
894
504
clearings for the whole country having amounted to
$7,302,262,130, against $5,948,755,375 in the same week in
1939.
Outside of this city there was an increase of 19.7%
of
The Commercial & Financial Chronicle
2440
Oct.
the bank
clearings at this center having recorded a gain of
We group the cities according to the Federal Re¬
they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals record an expansion of 25.4%, in the
Boston Reserve District of 16.5% and in the Philadelphia
Reserve District of 47.0%.
In the Cleveland Reserve Dis¬
trict the totals show an improvement of 19.8%, in the
Richmond Reserve District of 23.1% and in the Atlanta
Reserve District of 8.8%.
In the Chicago Reserve District
the totals register an increase of 27.7%, in the St. Louis
Reserve District of 5.1% and in the Minneapolis Reserve
District of 7.9%.
In the Kansas City Reserve District the
totals show a loss of 0.2%, but in the Dallas Reserve District
the totals show a gain of 10.1% and in the San Francisco
Reserve District of 11.4%.
Week Ended Oct. 19
25.7%.
serve
Clearings alInc.
districts in which
In the
1940
or
Dec.
1939
we
furnish
a summary
1937
1938
%
Seventh Feder al Reserve D istrict—Chi cago—
415.684
144,158,162
3,696,352
2,207,169
2,222,579
26,045,000
2,879,387
7,995,427
27,822,450
1,281,515
9,314,944
4,208,332
418,124
417,377,397
1,680,474
5,305,815
1,825,698
1,651,833
327,908
113,037,275
3,355,130
1.535,505
1,145,233
19,801,000
1,720,734
6,031,642
22,934,089
1,456,755
9,043,895
3,867,906
364,660
322,704,298
2,867,685
4,469,528
Springfield
following
1940
26,
1.163,055
1,420,481
+57.0
+ 16.3
Total (18 cities)
660,506,342
517,246,779
+27.7
461.133.609
Detroit
Grand Rapids
Lansing
Ind.—Ft
Wayne
Indianapolis...
South Bend
Terre Haute
Wis.—Milwaukee
la.—Ced. Rapids
Des Moines
Sioux City....
111.—Bloom Ington
Chicago......
Decatur.....
Peoria
by Federal Reserve
.....
Rockford
districts:
SUMMARY OP BANK CLEARINGS
.
440,063
295,451
93,832,770
2.775,141
1,643,343
1,125,416
18,139,000
1,346,443
4,753,569
19,322,197
1,128,464
8,233,250
3,308,556
322,247
296,332.349
2,002,420
4,093,231
1,065,206
1,414,556
Mich .-Ann Arbor
+26.8
+27.5
+ 10.2
+43.7
+94.1
+31.5
+67.3
+32.6
+21.3
—12.0
+3.0
+8.8
+ 14.7
+29.3
—41.4
+ 18.7
112,197,226
3.069,152
■
1,953,855
1,094,533
18,385,000
1,620,552
5,667,503
22,166,891
1,268,184
8.462,058
3,444,089
372,188
358,751,030
1,042,411
4,386,342
1,374,373
1,463,720
547,259,170
■
<
Inc.or
Week End. Oct. 19, 1940
1940
1939
»
S
1938
Dec.
Federal Reserve Dists.
1st Boston....12 dtles
%
305,222,798 +16.5
355,700,423
2d
New York.. 13
"
PhlladelphlalO
283,127,235
"
132,127,422
122,450,939
"
167,160,447
167,504,027
"
104,530,471
12th San Fran... 10
"
330,399,105
359,807,250
430,984,759
6
"
214.998,965
174,608,577
10
"
238,011,659
218,777,651
7th
18
"
660,506,342
517,246,779
4
"
199,639,262
190,037,486
8th
9th
Minneapolis
32,789,258
30,449.724
845,000
605,000
+39.7
517,000
286.988,575
646,000
147,526,359
199,639,262
190,037,486
+5.1
164,494,117
172,125,140
Reserve Dls trlct—Mlnne
apolis3,795,407
80,881,850
29,845.649
2,683,204
Qulncy
338,934,224
Total
187,565,125
461,133,609
172,125,410
109,662,903
(deities).
122,504,298
—-0.2
138.191,909
157,592,558
Ninth Federal
94,946,282 +10.1
84,884,765
82,051,388
Minn.—Duluth..
+11.4
249,029,834
293,893,254
...
3,075,032
84,686,770
33,541,246
3,499,907
1,059,858
1,346,043
4,918,566
Tota (7cities).
132,127,422
7,302,262,130
5.948,755,375 +22.8
6,061,333,988
6,495,329,415
3,605,924,471
Outside N. Y. city..
2,928,739,573 +19.7
2,642.151,050
2,917,059,019
S. D.—Aberdeen
296,652,813
Mont.—Billings.
Canada
We
32 cities
now
add
our
333,005,088
389,763,195
—14.6
395,687,175
Helena.
392,906,734
detailed statement showing last week's
figures for each city separately for the four
Tenth Federal
Neb.—Fremont..
Hastings
Week Ended Oct. 19
Dec.
1938
3,415,144
41,277,524
Omaha
1937
First Federal
Reserve Dist rict-
Me.—Bangor
610,291
Portland
Mass.—Boston..
1,981,687
306,858,629
Fall River....
Lowell
995,938
817,313
New Bedford..
Springfield..
1,037,830
N.H.—Manches'r
4,978,035
2,888,214
14,266,389
5,312,251
15.113,500
840,446
Total (12 cities)
355,700,423
Worcester.....
Conn.—Hartford
Boston
535,556
2,075,383
264,763,062
930,718
489,063
1,077,293
458,680
—4.5
1,787,694
+ 15.9
+7.0
+ 67.1
245,604,122
816,989
432,821
868,515
3,572,452
2,071,586
11,204,260
4,461,380
12,975,500
578,931
+45.2
11,395.800
452,936
305,222,798
+ 16.5
283,127,236
289,067,313
2,183,292
11,396,843
+32.3
+25.2
+8.4
+ 16.5
+21.3
1,096,866
4,731,547
+22.7
804,544
844,464
+4.0
3,289,098
885,708
932,708
3,479,772
122,450,939
+7.9
109,662,903
122,504,298
99,120
148,890
2,872,617
37,296,168
167,504,027
655,134
Pueblo
Total (10 cities)
Eleventh Fede ral Reserve
Galveston
R.I.—Providence
Second
4,900,558
Feder al Reserve D istrict—New
N. Y.—Albany..
15,890,814
12,564,278
1,592,311
1,353,964
Buffalo
49,400,000
42,900,000
Elmira
709,479
615,177
Jamestown
1,336,148
1,085,939
New York.... 3,796,337,659 3.020,015,802
Rochester
10,275,376
8,158,564
Syracuse..
6,072,346
4,453,190
Blnghamton
...
Westchester Co
Conn- Stamford
4,426,872
5,298,276
N. J.—Montclalr
660,333
Newark....
23,026,153
Northern N.J.
33,400,707
2.745,000
Wichita Falls..
1,386.896
4,194,554
1,765,758
76,051,000
9,001,166
3,230,000
1,080,897
3,817,461
Total 16 cities).
104,530,471
94,946,282
Texas—Austin
2,334,493
86,260,695
7,608,833
Dallas
Fort Worth...
+26.5
8,680,105
+ 17.6
1,235,400
+ 15.2
34,300,000
657,804
+37.7
+23.0
15,572,839
1,277,686
37,800,000
Twelfth Feder al Reserve D Istrict—San
529,605
659,494
802,985
+25.7 3,419,182,938 3,578,269,496
+25.9
7,378,244
8,825,617
Wash.—Seattle
+36.4
+24.5
+ 13.2
+ 15.3
+22.9
Chester.
York
N. J,—Trenton..
1,733,630
502,000,000
1,845,585
2.676.091
1,884,972
1,678,181
5,989,100
Total (10 cities)
519,776,803
....
Philadelphia...
Reading......
-
Scranton
...
Wllkes-Barre..
4,278,603
3,712,678
4,781,083
431.623
16,845,705
27,848,397
Ore.—Portland..
5,541,678
3,092,403
5,194,269
496,902
22,062,993
30,114,854
Cincinnati.
Cleveland.
Columbus.
Mansfield
Youngs town
Pa.—Pittsburgh
.
381,384
561,602
+64.4
+ 12.1
331,289 + 116.2
+32.1
395,906
507,314
W.Va.—Hunt'ton
Va.—Norfolk...
350,563
1,274,268
423,000,000
1,389,870
2,434,859
1,053,148
1,716,474
4,635,000
799,148
2 ,389,790
1 ,030,156
1 ,324,887
4 ,454,600
+47.6
+2.6
+ 12.0
+83.0
+26.7
+34.3
353,585,614
+47.0
420,359,866
Richmond
S. C.—Charleston
Md.—Baltimore
D.C.—Washing'n
2,533,153
2,619,092
69.048,672
107,592,290
13,098,000
2,216,067
3,118,522
141.241,581
338,934,224
340 000,000
1
2,536,998
75,242,532
120,510,206
11,367,600
+26.5
+9.9
+28.8
+30.0
Sixth Federal
Tenn.—Knoxville
Nashville...
Ga.—Atlanta
58,532,945
—15.3
169,492.594
+ 17.5
430,984,759
359,807,250
+ 19.8
286,988,575
Augusta
Macon
Fla.—Jacks'nville
18,999,000
33,814,381
3,140,132
► Mobile
Miss.—Jackson..
+2.5
3,868,925
975,731
4,096.409
+ 10.1
84,884,765
82,051,388
Franci
SCO—
45,276,025
1,419,510
40,101.373
18,193,265
+ 13.4
38,852,029
+ 14.3
41,014,993
+20.5
+ 10.4
+ 6.4
1,320,987
33,180,109
17,209,249
4,320,491
3,794,263
143,051,000
3,163,056
1,627,550
2,511,100
4,518,986
4,664,166
171,248,000
3,793,743
1,749,623
2,928,563
+ 11.4
249,029,834
293,893,254
20,239,515
4,774,918
3,889,186
169,270,000
3,483,997
1,525,360
2,692,393
296,652,813
—2.6
—3.3
+ 9.7
+ 1.7
+ 11.7
Inc. or
1940
407,797
+47.6
2,138,000
+ 17.7
+31.7
+22.5
+32.7
174,608,577
+23.1
102,537,610
96,842,757
36,904,714
17,758,359
29,291,798
4,887,119
2,769,152
5.203,959
5,651,355
1,811,288
1,619,663
2,562,721
4,300,981
Halifax..
....
Hamilton...
Calgary...
Victoria
......
...
Regina
50,979,654
1,157,312
70,072,255
22,771,341
76,922,938
22,999,998
Moose Jaw..
Brandon....
Lethbridge
Saskatoon......
Brantford
..
New Westminster
5,432,385
24,123,434
84,100,000
1,488,074
1,280,981
20,160,000
29,935,317
2,425,084
a—
+2.6
—3.9
+ 16.6
+36.7
+ 14.7
—5.8
+ 13.0
+29.5
17,842,000
26,376,700
1,723,027
4,121,192
20,338,042
67,000,000
1,439,234
1,178,554
18,820,000
24,735,938
1,686,891
x
»
■
Vlcksburg.
La.—NewOrleans
190,825
51.501,215
195,012
49.637.364
—2.1
160,073
+3.8
45,584,809
155,640
48,089,634
Total (10 cities)
238,011,659
218,777,651
+8.8
186,042,742
187,565,125
Sherbrooke.
Kitchener.
Prince Albert
Kingston
Chatham..
.....
Sudbury
Total (32 dtles)
Estimated.
'46.8
498,144
875,513
—33.9
2,335,524
—27.6
825,990
822,266
752,393
629,830
381,970
571,762
837,114
1,059,226
—22.0
948,816
869,264
1937
—13.3
22,858,617
5,884,776
2,917,273
6,325,297
10,839.278
—1.4
+0.9
+28.1
—17.0
—5.1
—17.7
—47.9
2,053,395
—11.8
1,946,189
2,979,916
5,193,698
—16.8
—14.0
—17.2
—23.0
—
13.4
114,322,843
112,968,303
124,084,785
57,386,265
20,629,968
28,335,693
5,697,461
2,542,253
5,825,480
13,128,614
1,856,047
1,842,934
2,742,726
5,222,609
6,844,349
434,493
54,616,377
19,565,665
20,588,962
5,840,759
2,855,209
5,903,340
7,774,827
1,896,846
1,844,723
3,329,667
4.752,125
839,816
1,742,365
911,963
1,020,802
846,355
118,949,958
3,737,056
470,089
620,387
1,730,882
773,643
1,132,363
918,462
680,715
689,925
—8.7
492,485
—22.4
746,124
800,070
1,367,985
2,770,874
558.813
820,067
735.814
682,613
—23.4
460,645
—20.0
498,937
1,035,182
—14.1
1,004,448
597,919
513,420
980,885
333,005,088
389,753,195
-14.6
395,687,175
392,906,734
451,813
725,301
608,139
542,153
368,378
Moncton
*
11,169,405
1,061,706
2,797,592
Windsor
Sarnla
1938
889,669
Peterborough
4,755,520
20,395,599
66,900,000
1,199,506
1,105,508
—46.0
1,692,005
Quebec.........
—8.9
101,294,154
68,401,450
17,592,239
383,569
578,443
Ottawa
112,550,424
5,943,519
__
Vancouver...
157,878,068
Dec.
%
Winnipeg-..,.,....
444,21t)
2,744,000
53,311,238
1,455,678
147,526,359
1939
Canada—
Edmonton.
+79.8
x
944,276
+9.9
Week Ended Oct. 17
-Rlchm ond—
535,298
2,815,000
56,278.920
*1,225,500
87,097,611
26,656,248
Reserve Dist rict—Atlant
Ala.—Blrm'ham.
+28.3
Clearings at-
Medicine Hat...
5,572,342
23,190,279
98,100,000
2,033,952
1,469,533
—15.0
+ 19.7 2,642.151.0502.917,059,919
Montreal
2,613,961
3,332,936
144,203,017
214,998,965
8,971,706
2,845,000
+22.8 6,061,333,988 6,495,329.415
...
Fort William.
Total (6 cities).
1,674,381
66,680,477
7,302,262,130 5.948,755,375
cities)
436,877,280
,312,758
95,915,796
10,715,900
1,822,292
3,009,745
114,458,735
962,674
4,156,000
66,222,176
1,614,437
106.673.998
35,369.680
+32.2
+ 13.4
—15.5
Outside New York 3,505,924,471 2,928,739,573
496,705
380,726
1.364,412
408,000,000
1,516,799
2,414,371
824,723
1,383,715
3,571,900
1
Reserve Dist rict
1,393,647
63,869,246
8,783,365
2,933,000
604,100,
629,000
Grand Total (113
562,393
London..
Fifth Federal
157,592,558
—5.4
+ 15.1
+ 15.1
35,381,822
1,824,544
2,925,230
110,494,703
2,918,075
+25.4 3.529,892.074 3.709,581,327
St. John..
Total (7 cities).
138,191,909
+3.6
1,555,964
330,399,105
San Jose
Santa Barbara.
Feder al Reserve D istrict—Clev eland-
3,209,195
82,665.523
155,207,570
14,778,300
2,214,341
3,417,236
—0.2
+27.2
2,604,458
48,206,487
2,864,618
Pasadena
San Francisco.
Toronto
Fourth
Ohio—Canton...
+37.8
2,548,631
33,471,719
2,523,831
2,698,163
92,064,282
3,412,569
632,525
722,364
-Philad elphla
626,942
629,281
713,021
Bethlehem
Lancaster.
78,460
132,168
118.843
+ 18.9
+ 10.7
1.777,964
49,413,704
22,334,998
4,650,789
3,759,029
185,689,000
3,544,389
1,704,529
.
Total (10 cities)
Third Federal Reserve Dist rict
98,982
+ 1.5
—0.9
54,660,085
Utah—S. L. City
Calif ,—L'g Beach
—9.3
4,255,238
583,636
19,965,947
27,182,332
.
Yakima
Stockton..
Pa.—Altoona
City
as
York-
4,881,192
Total (13 cities) 3,948,426,472 3,147,915,159
+ 1.3
District—Da Uas—;
La.—Shreveport.
New Haven...
2,517,978'
2,885,835
1,046,100
167,160,497
111,195,743
3,762,265
St. Joseph....
Colo.—Col. Spgs.
537,188
1,909,952
248,212,419
812,333
444,964
827,616
3,626,640
2,418,497
11,465,941
4,610,518
13,693,400
507,845
—3.7
71,337,197
28,178,321
1,990,195
3,141,464
117,524,372
3,267,387
569,347
594,467
2,532,120
3,255,313
_
Mo.—Kan. City.
+ 14.0
+ 50.1
-
Wichita.
Jo
3,316,599
2,691,29?
+6.9
819,145
Kan.—Topeka
$
+ 1.4
+ 10.2
Reserve Dls trlct—Kan s
100,662
147,497
Lincoln
Inc. or
1939
3,031,784
79,211,450
30,447,357
years:
Clearings at—
1940
37,228,686
547,259,170
164,494,117
'
x
157,878,068
186,042.742
Minneapolis
St. Paul......
N, D.—Fargo
113 cities
Total
94,800,000
36,387,859
+ 11.4
III.—Jacksonville
7
Richmond..
+21.7
Tenn.—Memphis
6th Atlanta
Chicago
St. Louis
—4.0
43,388,756
37.243,730
436,877,280
10th Kansas City 10
11thDallas...
6
5th
108,800,000
52,787,792
41,506,470
3,709,581,327
353,565,614
103,800,000
104,600,000
KyLouisville..
420,359,866
+47,0
+19.8
+23.1
+8.8
+27.7
+5.1
+7.9
Cleveland
Lo uls—
Mo.—St. Louis..
S
289,067,313
3,529,892,074
619,778,803
7
"
"
*
3,147,915,159 +25.4
3,948,428,472
3d
4th
1937
Eighth Federa 1 Reserve Dls trlct—St.
.#
,
x.No figures available.
+4.6
—22.4
+ 1.0
—19.1
—11.6
—17.4
—20.6
625,643
468,274
688,943
763,755
1,258,995
2,748,285
451,129
841,205
673,366
531,856
321,099
723,358
726.036
1,292,099
3,538,002
455,996
981,867
709,213
Volume
2441
The Commercial & Financial Chronicle
151
REPORT ON GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES AS OF AUG. 31, 1940
The monthly report of the Treasury Department, showing assets and liabilities as of Aug. 31, 1940, of governmental
MONTHLY
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for Sept. 30, 1940.
In the footnotes to the table below an explanation is given of the simplification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these agencies and corporations, as of Aug. 31, was
$3,602,789,198, and that privately owned was $407,454,059.
SUMMARY
OF
COMBINED
STATEMENT
UNITED
STATES.
OF
ASSETS
COMPILED
AND
OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF
REPORTS RECEIVED BY THE TREASURY*—AUG. 31, 1940
LIABILITIES
FROM LATEST
THE
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
States
by United
All
Receivables
Business
Securities
States
Other
Preferred
Loans
Cash
Capital
e
Stock, Ac.
S
%
$
Reconstruction Finance Corporation
1,079,374,269 458,844, 558 £88,671,851
3,755,673
303,681,874
409,321
56,001,072
Federal Crop Insurance Corporation
11,477,310
Federal Deposit Insurance Corporation..
19,588,656
62",639", 193
Tennessee Valley Authority
8,630,317
4,227
United States Maritime Commission
Rural Electrification Administration
.
369,229*537
41,844,994
26,443,117
j 110,703,202
32,012^761
16,157,490
Production credit corporations
18 ,257 ,461
308*700
662,591,993
66,180,582
40,598,030
65,375,662
573,116
.....
Regional agricultural credit corporations..
7,415^539
h3 ,636
112.273,041
239,314,327
231,639,648
3,144,825 400,529,116
2,724,834,112
70,000
125,795,073
254,999,362
66,311,046
173,359,982
276,706,263
284,108,740
1,517,591,173
2,294,144,944
144,712
,335
1,114,313
23,099
1,022,534
5,24*1,215
394 ,418
764,381*710
46 934 ,912
83.435,303
6,787,409 169 ,386 ,028
45,309,564
34,123,839
36,659,150
5,864,971
2 ,268 ,718
10,750,807
517,850
9,946,208
1 208 ,574 128,102,915
220
31,101,604
1,871,486,806
237,445,951
67,473,499
Banks for cooperatives
30,0*0*2", 713
944 ,711
13,561,233
168,369,314
...
Federal Intermediate Credit banks
,371 ,222
2 ,255 ,845
4,678*591
262,315,617
United States Housing Authority
7
2,000,000
17,833,621 105,433,890
30,102,145
10,549,947
Federal Housing Administration
Federal National Mortgage Association..
80,570,990
r39,819,079
2 ,056 ,691
168,40 L 567
Farm Credit Administration
42*795
933,208,738
6,633,590 329,985,042
20 ,537 ,425
32,144,733
1,996,442,883 1193581,310 121,764,756
201,717
Federal Home Loan banks
Federal Farm Mortgage Corporation.
Federal Land banks
19,812,195
535,122,603
345,248,949
94.720.399
43,803,343
44,356,415
229,582,857
Federal Savings A Loan Insurance Corp..
8,330,658
hl31965,241
94,720^399
....
Home Owners' Loan Corporation
1,749,884,597
h24,120,011
468,262 44,647,231
8,161,638 485,644,312
36,400
4,186
8,300,000 £21,020,326
48,558,100
Commodity Credit Corporation
Export-Import Bank of Washington
Public Works Administration
Total
Other t
Property
12,7*90*, 136
84,757,374
1 084 ,386
60^540
483 ,979
44,152
613 ,556
14,121,165
12,580,954
19,003,785
58,603
103,852
35,148
70,468
325.680,866
181.768,001
123,070,769
22,220,728
War emergency corporations and agencies
(In liquidation):
4,559,471
4,559,471
Navy Dept.(sale of surplus war supplies)
Sec. of Treasury (U. S. RR. Admin.)
1,199,125
601,870
569,883
United States Housing Corporation
123,678
71,747
United States Spruce Production Corp.
Other:
110,132
46.475
59,592
4,065
—
54,312
14,782
1,838,102
698,465
1,170
Disaster Loan Corporation
21,600,362
1,000
h997,242
3,910
112, 505
Electric Home and Farm Authority...
14,791,840
541,057
19,905
16,588
50, 700
741,095
3,3*75*,259
1,114,322
4*76*,096
19,42*2*,704
148 ,719
628 ,202
22,721,019
15,420,156
307,129,687
8,887,797
2,929,397
25,404,085
1,000,000
38,7*5*7", 367
230 ,319
49,357,798
382,864
7,917,809
62,420,037
Farm Security
307,129,687
Administration
3,65~7~m
Federal Prison Industries, Ino
(Indian loans)...
Inland Waterways Corporation
Metals Reserve Company............
Interior Department
2,929,397
642*842
442,145
h371,798
9,688",992
Panama Railroad Co
Reconstruction Admin..
Puerto Rlcan
4,271,519
RFC Mortgage Co
4,193,247
60,284,378
1,219,600
295,501
2,504,902
hi,405,944
hi,000,000
"
1*151
345,700
Rubber Reserve Company
Tennessee
Valley
Associated
379,619
1,000,000
Cooper¬
256,142
atives, Inc
33,825
296,708
2,201
4,540
Treasury Department
Federal savings and loan associations
Railroad loans (Transp'n Act, 1920).
20.793.400
30,185,928
20,793,400
30,185,928
Securities received by Bureau of Inter¬
nal Rev. In settlement of tax llab's.
received
Securities
from
under Act of Feb. 24,
Inter-agency items:
the
172,151
172,151
RFC
2,299,963
2,299,903
1938.
m
governmental corporations
Due from
agencies
or
Due to governmental
corporations or
agencies
7,867,121,539 680,476,758 566,450,436 714,511,073 130,917,460 909,524,876
Total
Excess
Liabilities and Reserves d
519,184,601 568,650,8211214417,946
Proprietary Interest
Distribution of United
13,171,255,510
States Interests
of Assets
Guaranteed
United States*
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Bank of Washington
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation.
.
Tennessee Valley Authority
Guaranteed by
Over
Not
by
1,098,366,453 £337,338,631 1,435,705,084
832,019,551
134,883,953
697,135,598
328,451
328,451
6,432,030
6,432,030
245,823,046
245,823,046
14,111,503
14,111,503
Public Works Administration
70*.*804*516
United States Maritime Commission..
70",80*4*,516
60,053 ,349
1,179 ,525
2,701,645",109
Rural Electrification Administration..—.
k2641,591,760
Home Owners* Loan Corporation
Federal Savings A Loan Insurance Corp..
8,920,065
76,571 ,087
5,616 ,794
88,869 ,417
8114,287^805
4,719 ,408
1,281,*8*83*822
37,720 ,443
1,796,419 ,420
221,211 ,930
2,940 ,360
372 ,383
2,127 ,454
Federal Home Loan banks
Federal Housing Administration
Federal National Mortgage Association..
United States Housing Authority........
192,866 ,856
Farm Credit Administration
Federal Farm Mortgage Corporation.
Federal Land banks
Federal Intermediate Credit banks......
Banks for cooperatives
....
Production credit corporations
Regional agricultural credit corporations..
War emergency corporations and agencies
Privately
Owned by
Owned
United States
Stock
Interagency
Capital
Liabilities d
United States
Total
1,179,525
70,571,087
14,542,859
88,869,417
119,007,213
192,866,856
1,319,604,265
1,796,419,420
221,211,930
2,940,360
372,383
2,127,454
(In liquidation):
Navy Dept. (sale of surplus war supplies)
of Treasury (U. S RR Admin.)..
United States Housing Corporation
314,179,513
101,189,187
80,242,539
13,380,165
289,299,557
331,137,446
94,720,399
168,509,811
231,039,548
23,189,003
124,015,548
178,428,275
51,768,187
84,490,565
157,699,050
91,241,884
197,986,908
497,725,524
104,408,936
178,827,641
122,698,386
20,093,274
314,179,513
101,189,187
80,242,639
139,299,557
500,000,000
100,000,000
13,380,165
160,000,000
331,137,440
94,720,399
210,654,316
3*.8*12*911
124,615,548
124,741,000
51,768,187
84,490,565
157,699,050
91,241,884
197,986,908
287,071,208
104,468,936
175,014,730
122,698,386
20,093,274
100,000,000
Interests
£172,283,451 b358,103,938
14,000,000
150,000,000
a279,364,119
894,720,399
8173,334,310
75,000,000
168,509,811
231,639,548 8100,532,459
200,000,000
23,189,003
53,687,275
Surplus
1,189,187
5,242,539
b619^835
51*.773*327
b4,824*499
131,107,089
c76,810,997 b100,000,000
24,615,548
124,741,000
851,768,187
10,000,000
1,000,000
a91.241.884
200,000,000
104,378,250
60,000,000
149,000,000
120,000,000
5,000,000
6,080,038
136,690,626
68,410,527
20,008,424
187,898,019
52,712,912
17,770,754
t>5,205,661
b8,243,976
8,243,976
b2*,0*13*,092
2,098,386
15,093,274
4,559,471
84,559,471
110,132
110,132
1,838,102
698,465
1,838,102
8110,132
34,091,725
100,000
22,615,498
1,094,930
307,129,687
8,689,715
2,929,397
22,615,498
1,094,930
307,129,687
8,689,715
2,929,397
24,449,771
1,000,000
8307,129,087
84,113,380
82,929,397
4*.576*335
12,000,000
12,449,771
7,000,000
41,92*9*732
b981,427
60,982,470
1,000,000
47,948,305
7,917,809
60,982,479
1,000,000
87,917,809
25,000,000
*4*60*,885
35*.521*594
290,708
296,708
1,000
Railroad loans (Transp'n Act, 1920).
26,793,400
30,185,928
26,793,400
26,793,400
830,185,928
Securltles received by Bureau of Inter¬
nal Rev. In settlement of tax llab's
172,151
172,151
8172,151
2,299,963
2,299,963
a2,299,963
4,559,471
Sec
United States Spruce Production Corp.
Other:
105,521
105,521
14,325,226
14,325,226
Disaster Loan Corporation
Electrio Home and Farm Authority...
Farm
Security Administration
*
198,082
Waterways Corporation...
Inland
"198*682
*954*314
*954*314
24,449,771
1,409493
Federal Prison Industries, Inc
Interior Department (Indian loans)...
1,409,493
1,000,000
47,948,305
7,197,809
Metals Reserve Company
Panama Railroad Co
Puerto
Rlcan
Reconstruction Admin..
1,437*558
RFC Mortgage Co
Rubber Reserve Company
Tennessee
Valley
Associated
1,4*37*,558
Cooper¬
atives, Inc
Treasury Department:
Federal savings and loan associations
from the
under Act of Feb. 24, 1938
Securities
received
RFC
698,465
30,185,928
24,000,000
850,000
c32,253,023
198,465
400,000
cl.384,846
247,677
b2,747
344
1,000,000
1,000,000
295,708
Inter-agency Items: m
Due from
or
governmental corporations
872,976,782
agencies
Due to governmental
corporations or
b72,976,782
825,500,670
25,506,676
407,454,059 3,602,789,198 3,242,804,757
571,984,441 n212,000,000
agencies
15,842,191,503 3,318,820,750 9,161,012,253 4,010,243,257
Total
For footnotes see page
2443.
The Commercial & Financial
2442
GOVERNMENT RECEIPTS AND
EXPENDITURES
Increment
Trust Account*.
on
Oct.
Chronicle
-
of the Treasury we
readers today the details
enabled
are
before our
and disbursements for September,
to place
of Government receipts
1940 and
-
-iMonth of Seplember1940
Receipt*—
1939
$
5
Revenue:
Internal
—July 1 to Sept. 30—
1940-41
1939-40
$
S
518,968,634
409,295,387
Income
tax-
431,668,978
329,042,380
M Is cell.
Internal revenue
212,940,730
311,373,424
796,485,080
715,289,030
2,759,179
2,501,195
al64.651.926
141,760,528
Social security taxes:
Employment taxes
Tax
of 8 or
employers
on
ance
9,219,753
28,884,074
receipts
...
Deposits
Railroad
by
22,627,156
1,625,679
35]595,165
71,482,690
88,335,634
134,000,000
155,575,125
43,000,000
104,137
617,726
43,000.000
155,679,262
134,000,000
9,277,660
12,748,017
209,691,800
209,568,017
Re¬
from
15,000,000
1938)
June 25,
on
343,629
(Act
Treasury
June 25.
14,631,128
13,558,293
tirement Board
Adv.
(Act
43,962,328
43,548,571
1938)
118,478
135,734
116,033
103,736
10,000,000
7,150,000
56,000,000
47,150,000
22,041,654
investments
20,15*1,638
154,185,744
140,765,597
Railroad retirement account:
Transfers from general fund..
Interest on investments
Miscellaneous receipts:
Proceeds
Net
6,662,854
77,425
Investments.
Deposits by States
—
Railroad unemploy. Ins. acct.:
Interest
1,506,475
contributions
Customs
540,301
appropriations.d.
134,000,000
43,000,000
2,220,951
Unemployment trust fund:
11,230,353
32,168,522
lnsur-
unemployment
Railroad
497,406
23.741,297
carriers and their
employees
fund.h
fund-.
Transfers from States
584,083
24,586,829
more..
Taxes upon
Less reimburse, to gen.
on
jl62,237,979
12,761,252
Transfers from general
Interest
Account*
General & Special
trust fund:
Appropriations
Net
1940-41 and 1939-40.
,
1
Ins.
Fed. old-age and survivors
and the three months of the fiscal years
1939,
1939
S
S
1940
26,
July 1 to Sept. 30
1940-41
1939-40
f
S
September
1940
Gold, &c.
<Q
Through the courtesy of the Secretary
-Month of
Other trust accounts
Other funds and accounts:
of Govt .-owned se¬
Increment resulting
curities:
duction
Principal—foreign obliga's.
Interest—foreign obllga'ns.
Other
—
1,221,481
2,551,982
11,788,323
5,378,416
14,876,349
6,040,625
1.827,843
1,948,662
--
5,244,051
4,882,064
13,115.318
9,618,843
6,069,930
6,655,989
19.604,293
21,284,362
711,123,903
718,789,564
1,644,575.802
1,446,615,185
Seigniorage
re¬
weight of gold
34,469
73,986
112,106
6,735,049
17,652,607
87,710,394
641,095,032
664,710,434
43,000,000
137,500,000
129,000,000
3,878,253
694,071
10,559,784
3,405,158
ml9,000,000
80,000,000
96,000,000
36,865,000
Total receipts
32,650
147,500,000
........------
4,524,353
ml8,000,000
Seigniorage..
l,464,030
100,658,436
dollar
87,168
87,168
Other miscellaneous—......
Panama Canal tolls, &c
in
from
38,497,460
Expenditures—
Fed. old-age and survivors Ins.
Total receipts
trust
fund—Investments
I.
Benefit payments
Deduct—Net
and
old-age
ance
Fed.
survivors Insur¬
to
approp.
Unemployment trust fund:
Investments
155,575,125
540,301
trust fund.d
State accounts:
Withdrawals by States
Net
710,583,602
receipts...
718,789,564
1,489,000,677
1,446,615,185
Transfers
Ins.
relief):
66,737,927
Departmental
Department of Agr!culture:e
Agricul. ad) ust. program...
Com. Credit Corp.—Resto¬
ration of capital
Farm
impalr't.
Credit Admlnlstr'n.l
Fed. Farm Mtge.
Corp.g..
74,730,350
68,019,749
68,211,597
225,242,282
204,659,706
204,481,184
168,827,297
bll9,599,918
C2~9~~996~793
C2,229,179
C33,463,042
C3,032,416
1,511,226
1,511,226
C14,713*475
1,022,096
C28,*293,388
7,526,664
4,362,182
7,211,626
18,615,319
26,120,466
Farm Tenant Act
3,695,782
2,641,781
13,784,398
9,807,498
Rural
2,427,944
1,975,393'
8,796,506
8,893,591
620,481
2,100,801
2,013,662
Federal Land banks
Farm Security
Elec.
Admlnlstra'n
Admin.g
894,766
Forest roads and trails
Department of the Interiors
6,318,579
Reclamation projects
7,248,869
19,851,206
22,702,968
(deficiency)
5,000,000
20,001,954
20,025,233
30,001,954
Navy Dept. (national defense)
War Departments
Military (national defense).
136,396,676
61,974,528
342,324,236
191,899,325
82,035,806
45,904,092
252,651,155
139,346,793
22,279,197
21,636,334
64,102,479
59,626,027
2,071,534
678,349
6,084,461
3,268,150
Post Office Dept.
River and harbor work and
flood control
Panama
Canal
National defense fund for the
President—
Treasury
...
1,123,576
Departments
debt.
147,873,685
151,011,503
Refunds of taxes & duties._
7,157,186
9,321,714
Interest on the public
June 25,
187,824,351
184,671,305
25,994,062
21,631,654
of
1,271,297
2,636,255
2,205,120
6,000,000
9,996,523
20,880,661
9,133,326
18,013,581
138,616,867
10,000,000
27,309,928
138,666,272
C3,854,065
C2,904,500
C4,319,025
C8,165,000
1,019,708
(Act
adv.
Railroad retirement account:
Investments
-—
Benefit payments
Other trust accounts
-----
Other funds and accounts:
PWA revolving fund (Act of
June 21, 1938)
Chargeable against increment
on gold—Melting losses, &c.
Subtotal
Transactions In checking accts.=
6,000,000
6,000,000
Federal Loan Agency:
Fed. Housing Admin.:g._.
Reconstruc'n Fin. Corp.g..
610,485
112,906
Other, g
Federal Security Agency:
Civilian Conservation CorpsNational Youth Admin
'"*95,098
24,523,846
23,722,329
2,612,238
2,737,270
3,106
1,919,043
4,057
2,000,000
315,145
266,523
29,646,671
„
®35
4
1,060
3,111
241,835,586
88,705,239
589,205,940
518,257,118
C289,458,000
1,142,300
9,553,525
c200,ooo
loo,500
C202,553,000
gov'm'ti agencies, &c. (net);
Sales and redemptions of obli¬
gations in market 'net): k
Guaranteed by the U. S.:
Com. Credit Corp--.-..
Fed. Housing
Admin..._
Home Owners Loan Corp.
Fin.
Corp..
Fed. Farm Mtge. Corp..
Not guaranteed by U. S.:
Home Own. Loan
Corp..
..........
17,900
2,419,150
cioo.ooo
.
500
..........
c30,450,000
cioo.ooo
i
2,000
19,675
-
550,000
C295,000
i,46i,ooo
el,065,000
3,350,000
ci,095,000
cl,425,595
153,226
Cl,223,781
C20,885,673
4,977,311
C214.148
C251.448
C82,626,813
154,411,103
429,329
Cl,926,966
C66,340,290
127,739,494
C291.206
C251.449
73,543,807
C6,413,643
Federal Land banks..
El. Home<fe Farm Auth..
—
Dist.of Col. (U.S.share)
43,962,328
account:
1938)
Reconstruc.
797,532
„
43,548,571
RR. unemploy. Ins.
Benefit payments
Repayment
119,832,629
144,602,000 '
unempl.
(Act June 25,
1938)
3
Expenditures—
General (lncl. recovery <fe
RR.
to
acct.
Other transactions (net):
Commodity Credit Corp...
Export-Import Bk. Of Wash
Fed. Housing Admin
Home Owners' Loan Corp "
Rural Electrification Adm"
71,794,203
77,546,463
5,990,631
4,950,583
18,409,670
11,970,422
Reconstruction Fin
15,755,203
19,602,199
109,347,411
95,727,466
4,711,705
1,739,710
28,454,378
17,633,647
U. S. Housing Authority
' "
Other-
"
5,429,188
7,226,758
22,320,084
18,952,272
Public Roads Admin
18,254,023
20,232,250
53,212,390
55,026,276
Public Works Admin.t
10,943,668
26,684,938
37,950,768
85,945,640
70,522
194,767
549.980
653,900
104,171,442
105,943,205
323,207,520
383,932.786
Social Security Board
Otter
Federal Works Agency:
Public Bldgs. Admin......
U. 8. Housing Authority.itWork Projects Admin
Other
29,923
Railroad Retirement Board..
C121.086
233,009'
987,237
534,358
530,384
1,604,912
3,445,256
6,422,501
9,581,230
C344.059
Cl6,832,781
C46,555,107
C160.834.786
158,240,055
42,150,132
428,371,154
676,497,173
45,560,262
212,723,878
67,474,353
34,291,536
*
92,995,163
111,786,739
158,260,972
44,968,748
45,909,323
137,090,285
138,842,554
Summary
Excess of rets. (+) orexps. (—):
728,836.870
2,150,950,941
2,113,337,739
Fed. old age and survivors 1ns.
trust fund
Unemployment trust fund...
Railroad retirement account..
Other trust accounts
Revolving funds (net):
Farm
12,961,505
34,369,221
258,919,408
Total expenditures
Excess of receipts
Excess of expenditures
757,536,029
Subtotal
540,093
22,256,374
12,858,809
1,636,770
3,356,446
Tennessee Valley Authority
Veterans' Administration..
C3,466,133
17,083,822
Subtotal
860,299
Cl2,977,624
15,138,415
35,099,905
Corp 1
Credit Administration.
C10,566,351
C589.307
C21.175.726
Cl,565,190
Public Works Administration
1,612,739
5,852,849
4,284,757
18,363,887
...
Other funds and accounts
+7,619,479
+1,594,842
+6,992,376
+ 9,840,072
+2.099,325
-150,760,527
—694,071
+3,067,277
+3,477
—7,917,005
—2.779,594
—1,983,326
+1,160,994
+5,351,629
+2,138,056
+ 7,461,500
+ 20,353,329
+15,568,877
+11,127,000
+ 25,926,701
+ 230,848,000
Transae's In checking accts. of
Subtotal
C8,953,612
5,263,542
C16,890,969
16,798,697
governmental
agencies,
&c. (net):
Sales & redemptions of obli¬
Transfers to trust accts., &o.:
Fed. old age & survivors Ins.
trust fund.h
43,000,000
Railroad retirement
account.
10,000,000
7,150,000
134,000,000
56,000,000
—117,611,214
—389,088,065
+ 45,560,262
+212,723,877
—111,786,739
400,537,000
401,237,000
1,302,779,000
1,306,117,000
n20,666
-I.I.IIIII
680,692,850
47,121,645
47,234,254
173,477,613
209,568,883
447,638,645
448,472,544
2,156,949,463
1,515,687,173
187,300
475,100
753,500
1,348,250
Public Debt Accounts
Receipts—
Market operations—Cash:
26, 1940
em pi's*
+278,446,000
15,000,000
June 25. 1938)..
Repayment of advance Jan.
Govt,
—255,000
+ 46,810,107
47,150,000
Total
Railroad unempl. ins. acct.:
Adv.
July
6,
1939 (Act
—2,339,550
—14,744,273
—158,260,972
gations In mkt. (net)....
Other transactions (net)
retirement funds
(U. S. share)
92,715,000
Subtotal
10,000,000
50,150,000
146,715,000
87,203,400
283,353,400
Treasury bills
Treasury notes
Treasury bonds
U.
8.
savings
bonds
Debt retirements (skg. fd., &c.)
1,703,950
9,051,400
16,491,800
9,185,650
760,286,367
793,301,812
2,299,266,772
Deposits for retirement of
2,422,675,486
...
Subtotal
Excess of receipts
Excess of expenditures...
49,702,766
74,512,248
810,266,095
978,060,302
Adjusted service bonds.....
Exchanges—Treasury notes..
Treasury
Summary
Excess of expenditures...
Less public debt retirements
49,702,766
74,512,248
810,266,095
976,060,302
1,703,950
9,051,400
16,491,800
1,290
1,290
national bank notes
Total expenditures
......
(lncl.
unclassified sales)
1,762,800
bonds
9,185,650
Subtotal.
1,762,800
Special series:
Excess
of
exps.
(excl.
public
debt retirements)
Adj. service ctf. fund (ctfs.)—
47,993,816
65,460,848
793,774,295
966,874,752
Trust accts.. Increment on gold,
<feo„
Total excess of expenditures
_
.
Inc. (+) or dec. (—) in general
fund balance
Inc. (+) or dec.
(—) in the
200,259,788
—38,559,637
trust fund
—45,560,262
19,900,586
—53,457,495
—212,723,877
581,050,418
+ 524,358,791
+111,786,738
1,078,661,390
-660,517.819
gross
public debt.
Gross public debt at
Unemploy. trust fund (ctfs.).
5,000,000
128,000,000
129,000,000
159,000,000
129,000,000
Fed. old-age and survivors ins.
of expenditures
(+) or receipts (—).
+158,260,972
excess
+167,700,151
—33,556,909 +1,105,409,209
+418,143,571
159,000,000
(notes) h
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
For. serv. retire, fund
(notes)
Canal Zone retire, fund (notes)
Alaska RR. retire, fd. (notes).
Postal Sav8. System (notes)
Govt, life Ins. fund (notes)
Fed. Dep. Ins. Corp. (notes).
43,000,000
__________
_
6,000,000
10,000,000
88,970,000
84,800,000
830,000
__________
40,000
389,000
1,164,000
175,000
473,000
175,000
15,000,000
2,000,000
2,000,000
20,000,000
beginning
of month or year
43,905,240,096
40,891,232,891
42,967,531,038
40,439,532,411
Subtotal
Gross public debt thi8 date
44,072,940,241
40,857,675,982
44,072,940,247
40,857,675,982
Total public debt reoeipts..
...
166,040,000
43,000,000
386,139,000
388,837,000
613,865,945
491,947,644
2,545,604,763
1,905,872,423
Volume
(Concluded)
$
1940-41
S
Market operations—Cash:
424,203,000
1,272,644,000
1,335,233,000
1,000
109,000
6,100
266,200
495,100
Treasury bills
10,223,200
3,250,000
12,477,400
391,774,000
Certificates of indebtedness
Treasury notes
Treasury bonds
16,411,700
1,700,950
11,632,727
10,745*674
34,550,543
*26,489,709
2,157,800
U. 8. savings bonds
3,235,032
7,606,000
9,278,881
....
39,400
177,300
411,600
329,600
Fourth Liberty bonds.....
170,150
310,200
636,300
784,800
500
20
71,200
104,760
15,852
24,722
70,726
61,362
Adjusted service bonds—..
First Liberty bonds
Postal Savings bonds
Other debt items
bank
....
notes
Includes cash in trust funds.
Includes
Includes
accrued Interest.
516,690,481 deposited with Federal Reserve
1,741,315
2,407,405
5,055,585
Excluded
•
are
the following amounts in notes
ury, which are shown as
451,435,553
1,340,713,754
Treasury notes..
"Inter-agency proprietary Interest" of the Treasury, have
items as are included in the Inter-agency assets and
such
DIVIDENDS
1,762,800
Subtotal
current week.
we
Adj. service ctf. fund (ctfs.)._
1,000,000
23,000,000
19,000,000
1,200,000
48,000,000
500,000
Unemploy. trust fund (ctfs.).
33,000,000
Fed. old-age and survivors ins.
(notes).
1,400,000
Canal Zone reitre. fd.
1,500,000
7,100,000
4,200,000
24,ooo
22,000
34,000
96,000
(notes).
60,000
85,000
47,000
13,000
Postal Savings System (notes)
Govt. life ins. fund (notes)...
22,000,000
22,000,000
31,500,000
20,000,000
show
Then
dividends
previously announced, but which
been paid.
Further details and record of past
the
have not yet
74,069,000
97,719,000
525,504,553
1,440,195,554
1,487,728.852
name
in
our
Total public debt expends—
Excess of receipts
public
deo.
418,143,571
1,105,409,209
167,700,150
Excess of expenditures
33,556,909
(—)
in
debt:
operations:
Treasury bills
+8,763,000
—22,966,000
+30,135,000
—29,116,000
—1,000
—109,000
—6,100
—266,200
—495,100
—10,223,200
—1,487,200
—12,477,400
+31,587,417
+33,241,128
+793,473,820
+173,929,383
—15,852
—24,722
—70,726
—61,362
Certificates of Indebtedness
Treasury notes
Bonds
Other debt items
bank
and
notes
Jam
2 Dec. 23
Dec.
5 Nov. 20
fsiM
Dec.
1 Nov. 15
40c
Dec.
sim
(quar.)
SIM
(quar.)
& Cigar held.
Casualty (quar.)
preferred
American Home Products Corp. (monthly)
American Locomotive Co. preferred
American Paper Goods Co
American Cigarette
—1,741,315
—7,245,850
—5,055,585
—2,406,116
available for
Beattie Gold Mines
Total-.
—2,487,009
+ 816,989,209
+124,762,671
—31,069,000
+288,420,000
+293,381,000
+167,700,150
—33,556,909+1,105,409,209
+418,143,67i
appropriation to the Federal old-age and survivors insurance trust
b
Represents capital impairment applicable to fiscal
priated by Congress until Aug. 9, 1939.
c
Excess of credits
d Represents
year
1939 but not appro"
(deduct).
Nov.
Nov.
"Social security—Unemployment taxes"
(a) of the Social Security Act
to
amendments of
expenses.
e
1939 less reimbursements to
Such net amount is reflected
the general fund for administrative
as net
appropriations to the Federal old-
and survivors insurance trust fund below,
age
Additional expenditures are included in "Departmental" above,
f Additional transactions are included In
revolving funds, stated separately below*
g Additional transactions are included under "Transactions In checking accounts
of governmental agencies, &c. (net)," below.
h
account."
i Includes 52,073.51
appropriated in September
on
account of receipts reflected
in daily Treasury statements In July and August.
j Exclusive of receipts amounting to 52,413,946.05, reflected above, for the fiscal
1941, representing social security taxes collected prior to July 1,
year
1940, and
insur¬
therefore not available for appropriation to the Federal old-age and survivors
ance! trust fund.
special
k The balances in the accounts of the Treasurer of the Un'ted States as
agent for the redemption of obligations of governmental corporations were carried,
prior to Sept. 30, 1939, as liability accounts in the daily Treasury statement under
the caption "Postmasters, clerks of courts, disbursing officers, &c.," and conse¬
quently the redemption of the bonds was not reflected in the expenditures above.
The redemptions of such bonds from July 1 to Sept.
30, 1939, were as follows:
Guaranteed by
Corporation—
United States
Federal Housing Administration
Not Guaranteed
by the United States
5677,000
118,525,225
Home Owners* Loan Corporation
Federal Farm Mortgage Corporation
521,150
99,014.400
Federal Home Loan banks..
1 Includes
Corporation,
pany,
Federal
on
account of RFC Mortgage
Company,
Disaster Loan
National Mortgage Association, and Metals Reserve Com¬
Rubber Reserve Company, and the Defense Plant Corporation,
of redemptions
Excess
m
transactions
41,505,000
(deduct).
FOOTNOTES
These reports are revised
FOR TABLE
ON
PAGE
2441
inter-agency items and therefore may not agree exactly with statements issued by
the respective agencies.
a|Non-etock (or Includes non-stock proprietary interests).
b Excess inter-agency assets
c
(deduct).
Deficit (deduct).
Exclusive of inter-agency assets and
d
liabilities (except bond Investments and
e
h Also Includes
i Shares
deposits with the RFC and accrued Interest thereon.
j Also excludes contract commitments.
As of Aug. 31, 1940, the United States
Housing Authority had entered Into definite contracts calling for maximum advances
$698,913,000.
Advances have been made In the amount of 5101,630,720 as
1940, against loan contract commitments amounting to $332,438,100.
The Housing Authority has also agreed to disburse $253,669,000 on additional
loan contract commitments amounting to $366,474,900 now being financed by
securities Issued by local housing authorities.
of
of Aug. 31,
k Excludes 51,600,750 bonds of Home Owners' Loan
Corporation held as "Treas¬
ury" bonds pending cancellation.
m
Represents
inter-agency assets
and liabilities
of the Treasury
Department
and of Government agencies, which agencies are not Included in this statement.
Represents inter-agency holdings of capital stock and paid-in surplus items
which are not deducted from the capital stock and paid-in surplus of the corre¬
n
sponding organizations.
Nov.
Oct.
Nov.
Oct.
Nov.
Oct.
Dec.
Co. (quar.)_
1
23
3
25
31
24
Nov. 20
Nov.
(quar.)
Ltd. (quar.)
Oct.
Nov.
31
10
1
Dec.
Nov. 30
Dec.
Nov. 30
Dec.
Nov.
Nov. 30
Nov. 20
Dec.
Nov. 28
Oct.
31
Oct.
Oct.
28
Oct.
Oct.
28
Nov.
Dec.
2 Nov.
1
Nov.
Oct.
Nov.
Nov.
Dec.
Nov. 12
25
8
Oct.
15"
Dec.
—--
7% pref. A (quar.)
-
Oct.
16
Nov.
Oct.
30
Nov.
Oct.
31
87 Mc
Dec.
Nov.
Nov.
Oct.
Dec.
Dec.
6
Nov.
Nov.
8
Dec.
Nov.
Dec.
Nov. 30
Nov.
Oct.
25
Dec.
10
50c
SIM
SIM
62Mc
Jan.
.
t$^o
9
31
7
t-
Dec.
Nov. 15
31
Nov.
Oct.
Dec.
Nov.
9
Dec.
Nov.
9
Nov.
Nov. 14
SI
Dec.
Nov. 20
$1
Dec.
Nov.
SIM
Dec.
Nov. 15
Dec.
Nov. 15
SIM
25c
87m
Dec.
9
Nov. 15
50c
Nov. 15
Nov.
Nov.
8
19c
Nov.
Nov.
8
Dec.
Nov. 20
50c
Nov.
Nov.
7
25c
Nov.
Nov.
2
34 He
Dec.
HP
50c
preferred (part, div.)
Dec.
SIM
--—'
(quar.)
Dec.
Dec.
Nov. 15
Dec.
Nov. 15
SIM
(quar.)
Dredge & Dock Co. (quar.) Griesedieck-Western Brewers Co.—
5M% conv. preferred (quar.)
Hamilton Watch preferred (quar.)
Hancock Oil of Calif. A & B (quar.)
Class A & B (extra)
Havana Electric & Utilities, pref
Hawaiian Commercial & Sugar Co. (quar.)
Hearn Dept. Stores, Inc., preferred
Holophane Co
Humberstone Shoe
—
jnov. 15
30c
5P
preferred (quar.)
preferred (quar.)--.—
Dixie-Vortex Co., class A (quar.)
___
Dominion & Anglo Investment Corp., Ltd.—
5% preferred (quar.)
Dominion Bridge, Ltd. (quar.)
East Shore Public Service preferred (quar.)
$6 preferred (quar.)
Ely & Walker Dry Goods Co
— --— --Empire & Bay State Teleg. Co. 4% gtd. (qu.)-
Nov.
Dec.
43 He
—
Oct.
Oct.
6
31
Oct.
A___ — - — -Cosmos Imperial Mills Ltd. (quar.)
— Creameries of America, Inc., S3 M conv. pf. (qu.)
Florida Power Corp.
Nov. 15
Nov.
Co_
Corporate Investors. Ltd., class
Crown Cork & Seal Co.,
Oct.
Nov.
..
Callaway Mills
—
Campbell Wyant & Cannon Foundry
Canada Cement Co., preferred
Canada Wire & Cable class B (interim)_ »
Preferred (quar.)
—
Canadian Indust rial Alcohol class A and B _ —
Canadian Malartic Gold Mines, Ltd
Cedar Rapids Mfg. & Power (quar.)_—
Central Power Co. 7% cum. preferred
6% cum. preferred (quar.)
-Chartered Investors $5 preferred (quar.)
Chicago, Wilmington & Franklin Coal Co.-—
6% preferred (quar.)--Chile Copper Co
:
Chrysler Corp
Coast Counties Gas & Electric 1st preferred - . .
Coniaurum Mines, Ltd
*•
Extra
—
Continental American Life Insurance
Nov.
Dec.
A
- - California Water Service pref. A & B
6
Nov.
(quar.)
2
Nov.
Dec.
(quar.)
5
Nov.
Dec.
California Art Tile class
Nov.
Dec.
Great Lakes
savings and loan associations, 5154,507,900.
Dec.
Dec.
19
-
Globe-Democrat Pub. Co. 7% pref.
Gossard (H. W.) Co.----------
of State building and loan associations, 539,073,410; shares of Federal
Nov. 11
Dec.
Extra
Adjusted for inter-agency items and Items in transit.
Oct.
Nov.
Nov.
Dec.
Butler Bros
Part,
g
Nov. 15
4
Nov.
preferred (quar.)_„...
General Steel Wares part. pref.
1 Also includes real estate and other property held for sale.
Nov. 15
Dec.
7% preferred (quar.)
Freeport Sulphur Co. (quar.)
Excludes unexpended balances of appropriated funds.
Nov. 12
Nov.
Fairbanks, Morse & Co
deposits with Reconstruction Finance Corporation).
Nov. 15
Nov.
Dec.
Cuneo Press, Inc., 6M%
Diamond Ice & Coal 7%
by the Treasury Department to adjust for certain
4
Dec.
Crow's Nest Pass Coal Co
•
25
Nov.
Crown Drug Co
Preferred (quar.)
Counter entry (deduct).
n
Nov. 15
6
Nov.
Y.) (qu.
(quar.)
Brooklyn Telegraph & Messenger
Burlington Mills
Burroughs Adding Machine
Preferred
Nov. 30
Dec.
Bohn Aluminum & Brass
Byron Jackson Co.
Includes transactions formerly classified under the caption "Old age reserve
Nov.
Dec.
preferred (quar.)
Belding Heminway Co. (quar.)
Bloch Bros. Tobacco (quar.)
Bourne Mills
Oct.
Dec.
(Quebec) (quar.)_
Bonwit Teller, Inc., 6%
Boston Fund (quar.)
Nov. 30
Oct. 25
Nov.
-----
Nov.
Nov.
Beaux Arts Apartments
6% preferred
appropriations equal
collected and deposited as provided under Sec. 201
Nov. 14*
Nov.
6
Oct. 22
Nov.
Extra
fund.
Sent. 30
Nov. 12
Dec.
a Includes 52,413,946.05 for the fiscal year representing receipts from "Social
security taxes—Employment taxes," collected prior to July 1, 1940, which are not
+38,097,150
+129,603,000
--
4
Dec.
American Steel Foundries
Trap Co. of America
Preferred (quar.)
Armstrong Cork Co. (interim)
Preferred (quar.)
Associated Dry Goods 2d preferred
1st preferred (quar.)
Bankers & Shippers Insurance Co. (N.
Bastian-Blessing Co. (year-end) —
Subtotal
28
Oct.
American Hair & Felt 2nd
Animal
Special series
4
7 Oct.
Nov.
American Fidelity &
American Re-Insurance Co
Fed. Res. bank notes
15 Dec.
Dec. 15 Dec.
Nov.
American Cigarette & Cigar
Stock div. of 1 -10th of a sh. of com. stock of
Amer. Tobacco Co. for each sh. of common
gross
Holders
Payable of Record
tSIM
pref. (quar.)—
American Chain & Cable
Preferred
Market
National
Share
of Company
Alberta Wood Preserving Co. 7%
Aluminium. Ltd. (quar.)
Preferred
or
When
Per
Name
(+)
"General Corporation and Investment
Department" in the week when declared.
The dividends announced this week are:
(notes)
Subtotal-.-
Inc.
in many cases are given under the com¬
News
95,456,000
446,165,794
pany
we
In the
all the dividends announced the
follow with a second table in which
34,900,000
36,437,000
Fed. Dep. Ins. Corp.
bring together
dividend payments
21,500,000
11,500,000
we
grouped in two separate tables.
are
first
Special series:
Civil service retire, fd. (notes)
For. Serv. retire, fund (notes)
been omitted (except for
liabilities shown herein)
simplification in form.
1,762,800
bonds.
Railroad retire, acct.
July 31, 1938, the proprietary interest
Note—Effective with the statement of
Dividends
(notes) h
Housing Authority,
represented by the capital stock, paid-in surplus and non-stock Interest In govern
mental corporations and agencies which were offset by a corresponding Item under
1,392,272,852
Exchanges:
trust fund
held by the Secretary of the Treas¬
inter-agency liabilities; United States
520,000,000.
7,247,140
409,728,794
Subtotal
banks for a conditional
purchase commitment.
for the purpose of
and
Fed. Res. bank notes
Treasury
p
q
r
July 1 to Sept. 30
1939-40
I
$
-Month of September
1940
1939
Public Debt Accounts
Expenditures—
National
2443
The Commercial & Financial Chronicle
151
—
Hygrade Sylvan!a preferred (final)
Indiana Gas & Chemical, preferred
Ingersoll-Rand Co
International Railways (Central America)—
5% preferred--—
Ironrite Ironer Co. (quar.)
8% preferred (quar.)
-
25c
Nov. 20
Nov. 15
t75c
Nov.
Oct.
50c
Nov.
Nov.
t75c
Nov.
Oct.
25c
Dec.
Nov. 15
25c
Nov.
Oct.
SIM
65c
$2
31
5
29
21
Jan.
Nov.
Oct" 2 5
Dec.
Nov.
Nov. 15 Nov.
4
6
Nov.
20c
1 Oct.
15
Nov.
1 Oct.
15
The Commercial <f Financial Chronicle
2444
Per
Name of
Share
Company
Lee & Cody Co
————
Leitch Gold Mines, Ltd
Life Savers Corp. (quar,).
*
—
1
1 Nov.
2 Nov. 15
2 Nov. 15
2 Nov. 15
Dec.
.....—........
———
Dec.
Liggett & Myers Tobacco (quar.)—...—
Extra-——————.-.—.............
Class B (quar.).
..................
Dec.
Extra...
Dec.
Lock Jointripe Co.
(increased mo.).....——
Monthly...*.......-.-.-...—-—
Monthly
...
...—........—......
Lord & Taylor. 1st pref.Jquar.).............
Lynchburg & Abingdon Telegraph (s.-a.).
Lynch Corp.............—...............
Lyon Metal Products. Inc
...........
Maine Central RR.
Manufacturers
Extra
6% prior pref
.
Casualty Insurance (quar.).....
—
Marine Bancorporation, partic. stock (quar. j
31 Oct.
Oct.
21
Nov. 30 Nov. 20
Dec. 31 Dec. 21
Dec.
2 Nov. 16
Jan.
2 Dec. 14
Nov. 15
Sept. 16
Nov,
7
Nov. 15
Nov. 15
JNOV.
4
Sept,
3
Nov.
1
Nov.
1
Nov.
1
Oct.
Dec.
....
....
Narragansett Electric (initial).
—
Narragansett Racing Association...
National Bearing Metals Corp., 7% pf. (qu.)..
4
Dec. 10 Nov. 20
Nov. 22 Nov. 8
Nov.
1 Oct. 15
Nov. 15 Nov. 8
1 Oct.
22
Naugatuck Water (semi-annual)
Neptune Meter, 8% pref. (quar.)
New Brunswick Telephone Co. (quar.)
New England Water Light & Power Assoc.—
6% preferred (quar.)...
Niagara Falls Smelting & Refining Corp
1900 Corp. class B
Noranda Mines, Ltd. (interim)....
—
Norfolk & Western Railway (quar.)
North American Oil Consol. (quar.)
Northern Pipe Line Co
Northwest Bancorporation.
Northwestern Public Service Co.
7 % cumulative preferred.
...
6% cumulative preferred
Okonite Co. (quar.)
Nov.
1 Oct. 15
Nov. 15 Nov.
1
*
-
— .
-
,
Preferred
(quar.).
Orange County Telephone Co. 6% pref. (s.-a.).
Oswego Falls Corp. (quar.)....————
Otis Elevator Co
...
...
—
L
——
Quaker State Oil Refining.
Quebec Power Co. (quar.)
Quincy Market Cold Storage & Warehouse—
5% preferred
Railway & Light Securities Co. 6% pref. (qu.) —
Reading Co., first preferred (quar.)—--———
Reed-Prentice 7 % preferred
Russell-Miller Milling Co. (quar.)......
San Gabriel River Improvement (monthly)
St. Louis Car Co., preferred (quar.)
St. Louis Refrigerating & Cold Storage Co.—
6% part, preferred (semi-ann.)
St. Paul Fire & Marine Insurance Co. (quar.)...
Savage Arms Corp
Security Insurance Co. (N. H.) (quar.).
Servel, Inc..
Shenango Valley Water Co., 6% pref. (quar.) —
Signode Steel Strapping (quar.).
— _ _
...
Nov.
Noy.
30
30
...
5% cumulative preferred (quar.)
...
Oct.
Preferred (quar.)
Texas Pacific Coal & Oil Co. (quar.).
Tradesmen's National Bank & Trust Co. (quar.)
United Engineering & Foundry Co. (quar.)
Ventures, Ltd. (interim)—,
Walworth Co., preferred
Wendigo Gold Mines (new, initial)
Westchester Fire Insurance Co. (quar.)
....
....
.......
Dec.
14
14
Dec. 31
4-1-41
16 Dec.
6
tlX
—
50c
tlX
American Stove Co
60c
25c
—
Extra
20c
$2
-———-—
Preferred
tlX
(quar.)--.—
15c
—
HP
35c
...
31 Xc
-
%IH
—
Babcock & Wilcox
62 He
$1
37He
32c
tlX
40c
—-
75c
30c
60c
$1
10c
Bank of America N. T. & S. A. (quar.)
Preferred (Initial, semi-ann.).---.——
*
25c
Bathurst Power & Paper, class A (interim)
Beatty Bros.. Ltd., 6% preferred (quar.)Berland Shoe Stores (quar.)
———
Preferred (quar.)
——
__ —
S1H
12Hc
tlX
40c
25c
(quar.).
■
-
—
———
—
25c
—
Preferred (quar.)
Blauner's preferred (quar.)
Blue Ribbon Corp. preferred
Bon Ami Co., class A (quar.)
%
(quar.)-.
■Wf.
t2m
——...
Class B (quar.).
Boston Edison Co. (quar.).-.....-
24
si
68 He
Bower Roller
75c
Bearing
Brandon Corp. 7% preferred (s.-a.)
Brentano's Book Stores, Inc. A (quar.)..
—
British Celanese, Ltd., 7% 1st pref. (semi-ann.)
20 Nov.
7
British Colombia Telep. Co. 6% 2d pref. (qu.)
Broadway Department Store preferred fquar.)—
Brooklyn-Manhattan Transit, com. (liquid.)
See General Corporate & Investment News
section for a complete description of this div.
Buck Hill Falls (quar.)
Buckeye Steel Casting
6% preferred (quar.)
Buffalo Niagara & Eastern Power 1st pref. (qu.)
4
Bullocks Fund, Ltd-.—
4
.
,
S3 H
40c
%s
Bullock's, Inc., preferred (quar.)
8
11
11
16
Nov. 4
Oct. 31
Oct. 31
Nov. 30
1 Nov. 15
1 Nov. 15
2 Nov. 20
1 Oct. 23
15
15
-
...
5
15 Oct. 31
15 Oct. 31
2 Nov.
9
1 Oct. 25
12 Nov.
1
12 Nov.
1
2 Nov.
8
23 Nov. 29
23 Nov. 29
21 Nov. 29
21
21
20
17
27 Dec. 14
1 Dec. 14
tix
16
15
15
Oct.
Oct.
Dec
19
Camden Fire Insurance Association
Canada Iron Foundries, Ltd.—
Preferred-
Oct.
Nov.
19
Nov.
1 Oct. 10
Dec. 31 Dec. 14
Dec. 31 Dec. 14
Oct. 31 Oct. 10
Nov.
1 Oct. 17
15
1 Oct
1 Oct. 21
1 Oct. 21
Nov 15 Oct. 25
Oct
15
Nov.
Nov.
1 Oct. 15
15
Nov.
1 Oct
Nov.
Nov.
Nov.
1
Nov. 15 Nov.
1 Oct. 21
Oct. 31 Oct. 15
Nov.
Oct.
Nov.
10
Nov.
Nov
S1H
$1X
Oct.
Oct.
18
Nov.
Oct.
Oct.
15
15
Nov.
1
1
18
Nov.
Nov.
Oct.
Oct.
11
Oct.
Nov.
Oct.
22
15
Nov.
Oct. 15
Nov. 25
Oct. 31
Oct. 31
Nov.
1
Nov.
Nov.
62 He
25c
Nov.
Nov.
60c
Nov.
-
:
(s.-a.)
■
Nov.
—.—
Nov.
Dec.
137 He
tt IX
-
Canadian Industries, Ltd. A & B (quar.)__
Nov.
Nov.
Nov.
tt IX
Oct.
Oct.
Oct.
15
15
Oct. 15
Nov. 30
Oct. 21
Oct. 21
Oct. 31
Special shares (quar.)
■
Canadian Investors Corp., Ltd. (quar.)
Canadian Oil Cos., Ltd. (quar.)——
Sept. 30
————
(A. M.) & Co. (quar.)--;
Oct.
15
Nov.
Oct.
Nov.
Oct.
15
18
12Hc
12Hc
-
Nov.
t4c
tlOc
(qu.)
|4c
Nov.
Nov.
Nov.
25c
Canadian Investment Fund ordinary shares
-
15
1 Oct.
6
Dec. 20 Dec.
Jan.
2
Nov.
1 Oct. 15
Oct. 31
Nov.
1 Oct. 17
Nov. 1 Oct. 22
25c
—
——
31 Oct.
Nov. 25 Nov. 15
1
Nov. 15 Nov.
50c
(quar.)
18
15
1 Oct.
2H%
Canadian Converters—
-
21
21
10c
Canada Wire & Cable, class A (quar.)—
Canadian Bronze Co., Ltd.-————.
Extra
Oct,
Oct.
Oct.
31 Oct.
Nov.
——;
Extra
Nov.
Nov.
Nov.
18
18
18
Nov. 15 Oct. 18
Dec.
2 Nov. 15
Nov. 15 Oct. 25
Nov.
1 Oct. 15
Oct.
5
Nov.
Oct. 25
Nov.
Nov.
Oct.
4
12 He
$1
—————
'
18
10
15
Nov.
-
Calgary Power Co., preferred (quar.)
Calhoun Mills (quar.)
California Packing
Preferred (quar.)-----Calumet & Heel a Consol. Copper Co
Castle
Nov.
1 Oct.
Oct. 28 Oct.
Nov. 1 Oct.
Oct. 28 Oct.
Oct. 28 Oct.
Oct. 28 Oct*
%1X
-
Business Capital Corp., class A._
Cables & Wireless Holding Co., pref. (s.-a.)
Preferred
Dec.
1 Nov. 25
1
Nov. 30 Nov.
4
Oct. 31 Oct,
Nov, 1 Oct. 18
Nov.
1 Oct. 19
Nov.
1 Oct. 19
no
-
2 Nov. 15*
1 Oct.
1 Oct.
14 Nov.
31 Oct.
—
—
15 Nov.
1
2 Nov. 25
Extra
Dec.
Dec.
Oct.
Dec.
Boston Woven Hose & Rubber Co., common
1 Dec. 16
2 Nov. 15
...
Nov. 20
Dec. 16
tlX
—
17
1 Nov. 14
1 Nov. 20
8 Nov. 4
8 Nov. 4
15 Nov.
_.
I
Sterling Products, Inc.—
Tampa Electric Co. (quar.).
Nov.
———-—
Preferred (quar.)-
17
21
11
Dec.
Jan.
Jan.
Nov.
Nov.
Nov.
Dec.
25c
Best & Co.*.
28
21
5*
tlX
——
Preferred (quar.)
American Smelting & Refining----—
Birtman Electric Co.
2 Nov. 20
1 Oct. 23
Preferred and participating
Stamford Water Co. (quar.)...—....
Dec.
Dec.
5% cumulative preferred (quar.)
American Paper Goods Co 7% pref. (quar.)—
American Radiator & Standard Sanitary Corp.—
29
1 Sept. 21
1 Sept. 21
•;
Dec.
62 He
50c
30c
——
——
28
28
Oct.
20c
—
20 Dec.
....
Oct.
Nov.
50c
Foundry Co. (quar.)——
(quar.)—
Bartgis Bros. Co
1
15
20
21
17 Oct. 12
12 Nov.
1
1 Oct. 18
.
2
15
25c
—
Badger Paper Mills 6% pref. (quar.).—
30 Nov. 15
....
Oct. 31
Nov. 15
Nov. 15
Nov. 15
Oct. 14*
10c
20
16
20
31 Oct.
.........
Southern Acid & Sulphur
Preferred (quar.)
Southern Grocery Stores, Inc........
Oct.
75c
Bourjois, Inc., preferred (quar.)
.......
...
Nov.
62 He
—
Bangor Hydro-Electric (quar.)
Nov.
1 Oct.
Nov.
1 Oct.
Dec. 12 Nov.
Nov.
1 Oct.
Nov,
1 Oct.
Oct. 18 Oct.
—
Grocery Stores......
Participating preferred (semi-ann.)
South Pittsburgh Water, 7% pref. (final)
6% preferred (final).....
Nov.
Nov. 11
Oct. 25*
21
Dec.
Oct.
American Oak & Leather Co.—
Extra
Southeastern Greyhound Lines, conv. pref. (qu.)
Non-conv. preferred (quar.)
Westing house Air Brake Co
Weymouth Light & Power Co
Whitaker Paper Co
Preferred (quar.)
American Mfg. Co.
Preferred (quar.)
Nov.
Nov.
Oct.
Oct.
Oct.
Nov.
Oct.
Nov.
...
Southern
17
Nov.
American Machine &
16
22
Nov.
1
Nov.
Nov.
Dec.
Nov.
Nov.
Nov.
......
Preferred (quar.)
United Gas Corp., $7 preferred
United Gas Improvement (quar.)
Preferred (quar.)
United States Playing Card—
Universal Insurance (quar.)
$2H conv. preferred, (quar.)*--—
S2 conv. preferred (quar.)
American Home Products (monthly)American investment Co. of Illinois (quar.)
6% preferred (quar.).
$2 preferred (quar,).
American Light & Traction (quar.)-.
Preferred (quar.)
20
Nov. 1
Nov. 15
Oct. 25
Dec.
Nov.
Nov.
Dec.
Dec.
Oct.
———
Skelly Oil Co.......
Sonotone Corp..
Preferred (quar.)
South Bend Lathe Works (quar.)
American Factors, Ltd. (monthly)
American General Corp. S3 conf. pref. (qu.)
1 Dec.
—
....
Oct.
Nov.
Nov.
Dec.
stock.
Argo Oil Corp.
Artloom Corp. 7% pref. (quar.)
Asbestos Mfg. Co. SI.40 preferred (quar.)
Associated Telephone Co.. preferred (quar.)
Atlantic City Electric Co.. 6% pref. (quar.)
Atlantic Rayon Corp., $2H prior pref. (quar.).
Atlantic Refining Co., pref. (quar.)—
—
Atlas Plywood (quar.)
$IX preferred (quar.)
——
Atlas Powder Co., preferred (quar.)
Oct. 22
Nov. 22
Nov. 22
Dec.
Siscoe Gold Mines (quar.)
Nov. 20
Nov. 20
Oct. 22
Nov. 15
Oct. 31
Nov.
,
Electric Co.
7% preferred (quar.)
15
Nov.
Oct.
12m
1H%
Dec.
Dec.
Nov.
Dec.
,
Preferred (quar.).....—
Sioux City Gas &
21
15
Dec.
11X
ic
.
...
Dec.
Dec.
60c
50c
50c
Anglo-Canadian Telephone 5H% pref. (qu.).—
Appleton Co. (quar.)—
—
... ...
....
Dec.
Mft
Allen Industries
—-—
Aloe (A. S.) Co. (quar.)
—
—
Aluminum Mfg.. Inc
(quar.)--.———-—
$1
tlX
—
Extra
Oct. 18
Oct7
Oct. 21
American Thermos Bottle, class A A B (quar.).
——
15
25
75c
AJax Oil & Gas Co., Ltd
Alabama Power Co. |5 preferred (quar.)
Alaska Juneau Goid Mines (quar.)
Class A (extra)
—
American Zinc. Lead & Smelting pr. preferred—
Amparo Mining (liquidating)
Dec.
——
Oct.
Oct.
Oct.
Oct.
Nov.
Nov.
Oct.
Nov.
19 Nov. 30
6 Oct, 25
2 Nov. 15
Nov. 25 Nov. 9
Jan.
Dec.
...
A (quar.)-—-———
Princeton Water Co. (N.J.) (quar.)
Privateer Mine (quar.)..
Holders
lHc
Addreesograjph-Multi^aph (quar.).
Aetna Bali Bearing
Dec.
Jan.
—,
Poor & Co., class
When
Payable oj Record
Nov.
Nov.
Dec.
Dec.
Dec.
------
Extra...—
1 Oct. 22
Sept. 30 Sept. 14
Nov. 15 Nov.
1
Dec. 16 Nov. 15
Jan.
...
Extra...
Nov.
Nov.
...
15
18
18
14
15 Sept. 30
Nov.
Dec.
Class A (quar.)
Pennsylvania Water & Power Co. (quar.)
Preferred (quar.)
Pinchin, Johnson & Co., Am. shs. (interim)
Pitney-Bowes Postage Meter (quar.)
.....
Oct.
13
14 Nov. 29
Dec.
....
Preferred (quar.)
.....
Pacific Fire Insurance (quar.)-..-..Parker Pen..
Peerless Casualty (New Haven) (s.-a.) —
Preferred (sqmi-annual)
Pender (David) Grocery, class B
Dec.
Nov. 16 Nor.
1
1 Oct. 22
2
Nov. 12 Nov.
Oct. 30 Oct. 28
Nov.
Opt. div. payable in cash or i-32d sh. cl. B.
2 Nov.
Nov.
Holder
15c
25c
25c
35c
Adams (J. D.) Mfg. Co. (quar.).
Adams-Mill is Corp.
21
Jan. 15 Dec.
Nov. 30 Nov.
Oct. 30 Oct.
Oct, 30 Oct.
Dec.
1 Nov.
...
Share
Company
21
1 Oct.
National Biscuit Co
Preferred (quar,).....——
.....
National Electric Welding Machines Co. (quar.)
Extra.
National Gypsum Co., pref. (quar,).. — .....
National Lead class A preferred (quar,)..
.
Per
Name oj
24
19
19
Dec.
2 Nov. 15
Nov. 15 Oct. 25
Mueller Brass Co, (year-end)———-—...
tsi
When
Payable of Record
we
1 Oct.
Oct.
Nov,
Nov.
—————
10c
26, 1940
give the dividends announced in previous weeks
and-not yet paid.
The list does not include dividends an¬
nounced this week, these being given in the preceding table.
Below
31 Oct.
1 Oct.
Nov, 15 Nov. 1
Nov.
Oct. 31
Oct.
Oct. 10
Mengel Co. 5% 1st preferred.
Michigan Bakeries (quar,).
$1 preferred (quar.).........
$7 preferred (quar.)
Michigan Seamless Tube..
Mid-Continent Petroleum
Middle West Corp. (initial)
Missouri Public Service Corp...
Motor Wheel Corp. (quar.).,
„
15c
S1H
Woodall Industries, Inc—-------———-Yellow & Checker Cab Co., consol. class A
7% preferred (quar.)—
—
Amalgamated Sugar Co. preferred (quar.)
Amerada Corp. (quar.)
-—
American Box Board Co., 7% cum. pref. (quar.)
American Can Co. (quar.)
American Cities Power & Light S3 class A (quar.)
Nov.
Nov.
—
Initial stock (quar.)
Meier Sc Frank, Inc. (quar,).
^
(quar.)—
Whiting Carp., preferred (quar.)..—--—
White (S. S.) Dental Mfg.
Dec.
—
.—
Share
Company
Name of
2 Nov. 15
Nov. 15 Nov. 2
—
Lindsay Light & Chemical-.——-——
,
Per
Holders
Payable of Record
Nov. 15 Nov. 15
Dec.
2 Nov. 20
Dec.
2 Nov.
8
Jan. 2 Dec. 20
Feb.
L Jan. 17
Oct. 24 Oct. 18
Nov. 15 Oct. 31
Dec.
1 Nov.
1
preferred (quar.)._.
Kelsey-Hayes Wheel class A__.
——-—..
Kroger Grocery & Baking—.————.
6% preferred (quar.) —
——
7% preferred (quar.)
—
—
Kable Bros. 6%
Special
When
Oct.
Nov.
Nov,
Oct.
29
Oct.
29
11
25c
———.
Nov.
1
1
Celanese Corp. of American—
Common stock div. of lsh. of com, for each
30 shs. of
common
stock held
Dec.
Oct.
tlX
Jan.
S3H
tlX
S1H
Dec.
Dec. 17
Dec. 17
Nov.
Oct.
Nov.
Oct.
20c
Nov.
Sepc.30
——
7% cumulative prior preferred (quar.)
7% cumulative 1st part, preferred (s.-a.)
Central Arizona Light & Power, $7 pref. (qu.)—
16 preferred (quar.)---—Central Hudson Gas & Electric (quar.)-.——.
Central New York Power, pref. (quar.)
-
Central Paper (initial quar.)
Century Ribbon Mills, pref. (quar.)
-
——.
-
-
-
-
-
—
tlX
Nov.
Oct.
17
17
10
15c
Dec.
Nov. 20
tlX
Dec.
Nov. 20
Volume
The Commercial & Financial Chronicle
151
Share
__
Nov. 30
Hollinger Consolidated Gold Mines
Nov,
Dec.
Extra.
Hollv Sugar Co.. preferred
Nov.
Nov.
Oct.
Oct.
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly,
16
Hilton-Davis Chemical
Oct.
18
Oct.
Dec.
14
21
21
2 Nov. 20
1 Oct. 11
26 Oct.
26 Oct.
Nov.
ref. (qu.)_
uis Ry.-
Oct.
(guar.)
31
23
6
Dec. 31 Dec.
Nov.
1 Oct. 29
$
Colonial Life Insurance Co. of America (quar.)
Colorado Fuel & Iron Corp
Nov. 28 Nov. 14
19
_
Nov. 15 Oct.
-
Nov. 15 Oct.
Nov. 15 Oct.
6% cum. preferred series A (quar.)
5% cum. preferred (ser. No. 46) (quar.)
5% cum. preference (quar.)
Columbia Pictures preferred (quar.)
Columbus & Southern Ohio Electric Co.—
SI X
68 Xc
$6H preferred (quar.)
Commonwealth Utils. Corp. 6 X % pref. C
Community Power & Light
Nov. 15 Oct.
Nov.
Oct.
45c
Nov.
Oct.
4c
4c
(qu.)
SIX
,
19
1
15
11
Nov. 15 Oct. 15
Nov.
1 Oct. 14
Dec.
2 Nov. 15
2 Nov. 15
25c
Dec.
50c
Community Public Service
Connecticut Light & Power, pref. (quar.)
Consolidated Chemical Industries, Inc.
Cum. part, preferred A (quar.)
Consolidated Cigar Corp. 6X % cum. pref. (qu.)
7% cum. preferred
Consolidated Edison (N. Y.) pref. (quar.)
Consolidated Laundries, pref. (quar.)
-
19
19
Nov. 15 Nov.
$1.63
....
Commonwealth Edison Co.
Commonwealth International Corp. (quar.)
Commonwealth Investment Co
Nov. 15 Oct.
$1X
Dec.
25
1 Nov. 15
Nov.
Nov.
Oct.
15
Oct.
15
Dec.
Nov. 15
Nov.
Sept. 27
Nov.
Oct.
15
75c
_
Nov. 15 Oct.
75c
(quar.)
Crucible Steel Co. of America, 5% pref.
(quar.)
(initial)
♦IpZi
..
Curtis Mfg. Co. (Mo.)
Dallas Power A Light, 7% pref. (quar.)
37y&
....
SIX
SI H
SI H
$6 preferred (quar.)
Davenport Water, preferred (quar.)
Debenture & Securities Corp. (Canada)—
Preferred (semi-annual)
Nov. 15 Oct. 15
4
Nov. 23 Nov.
50c
Consolidated Oil Corp
Container Corp. of America
Continental Can (final year-end)
25
Nov.
1 Oct. 18
8
Nov. 20 Nov.
Dec. 23 Dec. 13
Oct.
Nov.
21
9
Nov. 20 Nov.
Nov.
Oct. 17
Nov.
Oct. 17
Nov. 11 Oct.
1-2-41
—
...
Dec.
11
23
Nov. 29 Nov. 15
Nov.
Oct. 21
Decca Records, Inc
Dennison Mfg. Co. deb. (quar.)
Dentist's Supply Co. (N. Y.) (auar.)
Dec.
2 Nov. 20
Nov.
1 Sept.14
Jan.1'4] Dec. 20
--
Detroit-Billsdale & Southwestern (s.-a.)
Detroit Michigan Stove pref. (quar.).....
Nov. 15 Nov.
Dec.
5
12
3-1-41
2-10-41
Nov.
1 Oct. 15
2 Nov. 16
Dec.
Diamond Match Co.
(quar.)
(semi-ann.)
Distillers Corp .-Seagrams preferred (quar.)
Doctor Pepper Co. (quar.)....
Dome Mines, Ltd
Preferred
Domestic Finance preferred (quar.)
2 Nov. 26
Dec.
Denver Union Stockyards
preferred (quar.)
Deposited Insurance Shares A & B stk. div
_
2 Nov
20 Dec, 31
Nov.
1 Oct. 24
Oct. 31 Oct. 18
Oct. 31 Oct. 15
Jan.
....
Dominguez Oil Fields (monthly)
Dominion Oilcloth & Linoleum Co., Ltd. (quar.)
(quar.)
Dow Chemical Co
Preferred (quar.)
.....
1 Oct.
21
7
Nov.
1 Oct.
Nov.
1 Oct.
7
Electro! ux Corp
Elmira & Williamsport RR. (quar.)
Nov. 15 Oct.
17
Nov.
1 Oct.
Empire Power Corp., participating stock
Employers Casualty Co. (Texas) (quar.)....
Employers Group Assoc. (quar.)
Emporium Capwell Co. 4 X % preferred (quar.)
Eureka Pipe Line Co
Eversharp, Inc.. new 5% pref. (quar.)
New 5% preferred (quar.)
Faber, Coe & Gregg. Inc. (quar.)
Preferred (quar.)
Fansteel Metallurgical Corp., preferred (quar.).
Farallone Packing Co. (quar.)
Nov.
9 Nov.
Nov.
1 Oct.
25
Oct.
17
.
Zi>c
56 X c
50c
Dec.
Ferro Enamel Corp
Fibreboard Products. Inc., 6% pr. pref.
Dec. 21
Oct. 15*
Dec.
16
1 Nov. 15
1 Nov. 15
18 Dec. 14
16 Nov. 30
Mar. 15 Feb. 28
Dec.
Dec.
Jan.
2 Dec, 11
31 Oct. 21
Oct. 31 Oct. 21
5
Dec. 20 Dec.
Nov.
1 Oct.
16
Oct. 31 Oct. 16
Oct.
—
—
...
1
3-15-41
4-1-41
Dec.
Quarterly
Farmers & Traders Life Insurance (quar.)
Federated Dept. Stores
....
Preferred (quar.)..
Oct. 31
1-2-41
Nov.
1
1-2-41
19
-
(qu.) —
Fidelity & Deposit of Maryland (quar.)
Fidelity Fund, Inc. (quar.)
Fiduciary Corp. (quar.)
Fire Assoc. of Philadelphia (s.-a.)
Nov.
1 Oct.
21
Nov.
1 Oct.
16
Nov. 15 Oct.
Firemen's Insurance Co. (Newark) (s.-a.)
18
Nov. 15 Oct.
Nov. 15 Oct.
....
Extra
18
21
Cigar Machinery Co
(quar.)
General Shoe
Giddings & Lewis Machine Tool
Gillette Safety Razor, pref. (quar.)
21
Oct.
28
1 Oct.
Nov.
1 Oct.
Nov. 15 Nov.
Nov. 15 Nov.
Oct.
Nov.
Oct.
_
Granby Consol. Mining Smelting & Power
Payable in U. S. funds subject to Canadian
Foreign Exchange Control Board.
Greenfield Gas Light, preferred (quar.)
Green (H. L.) Co. (quar.)
Gunnar Gold Mines
Gurd (Chas.) & Co., preferred (quar.),,,
Hale Bros. Stores (quar.)
Hall nor Mines, Ltd. (quar.)...;
Hammermiil Paper Co
Hanna (M. A.) Co., $5 cumulative pref. (quar.)
Hanners Oil Co., common
Harris & Co., preferred (quar.)..
Hartford Electric Light
Hawaiian Pineapple Co
Hecker Products Corp. (quar.)
Hedley Mascot Gold Mines
Hercules Powder Co., preferred (quar.)
Hersbey Chocolate Corp. (quar.)
Preferred (quar.)
Oct.
Oct.
Oct.
(quar.)
Jan.
Dec.
2
Jan.
Dec. 31
Oct. 22
8?$
31 Oct.
29 Oct.
15
28
10
15
10
7
6
6
15
22
1
1 Oct.
30 Oct. 21
2 Dec. 21
Nov. 15
Link Belt Co.
Dec.
Oct.
Dec.
2 Nov. lo
31 Oct. 16
1 Nov. 15
Dec.
15
Nov.
Nov.
1 Oct.
1 Oct.
Oct. 31 Oct.
Nov.
1 Oct.
25
15
21
10
Nov. 15 Oct. 23
Nov. 15 Nov.
4
Special guaranteed (quar.),..
1 H%
75c
Nov. 15 Oct.
$1
Nov. 15 Oct.
25
25
9
.
Oct.
Oct.
Oct.
1 Oct.
21
28 Oct.
31 Oct.
10
8
8
31 Oct.
Dec.
2 Nov. 20
Nov. 10
Dec.
Nov.
1 Oct.
Nov.
Nov.
1 Oct.
1
12
25
Nov.
1 Sept.
1 Sept.
30
30
Loew's. Inc., $6H
Dec. 27 Dec.
17
Nov.
1 Oct.
Feb.
1 Jan.
Nov. 20 Oct.
21
Nov.
Nov.
1 Oct.
Oct.
Nov.
Oct.
15
19
19
Nov.
Oct.
18
Nov.
Oct.
15
Nov.
Oct.
Oct.
Oct.
18
15
Nov.
Oct.
75c
75c
37fl
•SIX
87 He
Dec.
14
Oct.
22
Nov.
Oct.
Oct.
21
Oct.
22
Dec.
Jan.
2 Dec.
26
8
16
50c
20c
Nov. 30 Nov. 16
Nov.
19
Nov. 15 Oct.
29
t25c
Nov.
30 Nov. 16
Dec.
pref
1 Oct.
SIX
21 Nov. 22
1 Oct. 22
1 Dec. 18
Nov.
Jan.
Nov.
(quar.).,
17
1 Oct. 16
1 Oct. 17
Nov. 15 Oct. 18
1-2-41 Dec. 23
—
Nov.
—
Oct.
Nov.
Nov.
Nov.
1 Oct.
Nov.
Extra
Dec.
Jan.
Nov.
Extra
McLelian Stores Co..
Preferred (quar.)
Nov.
1 Oct.
1 Oct.
1 Oct.
2
2
1
1
Oct.
Oct.
Oct.
31 Oct.
11
11
8
6
15
28
5 Oct.
Nov.
Nov.
Dec.
1 Oct. 15
1 Oct. 15
1 Nov. 15
Dec.
—
1 Nov. 15
__
Nov. 15 Oct.
—
Preferred (quar.),,
—,—
Mercantile Acceptance Corp.—
31
50c
Nov.
Nov.
1 Oct,
1 Oct.
SIX
Nov.
1 Oct.
15
18
18
Dec.
preferred (semi-ann.)
Melville Shoe Corp. (quar.)
Dec.
1
Dec.
Dec,
1
—
6% preferred (quar.)
Merchantile Stores, pref. (quar.)
Merchants & Manufacturers Insurance
Metal & Thermit Corp. preferred (quar.)
Michigan Gas & Electric 7% prior lien
$6 prior lien
Michigan Public Service 7% preferred
6% preferred
Michigan Silica (quar.)
Mid-West Rubber Reclaiming (year-end)
Mississippi Power & Light, $6 pref..,,
Missouri-Kansas Pipe Line Co
,—
Extra
5H% cumulative preferred (quar.),.
Monsanto Chemical Co., pref. A & B (semi-ann )
Montana Power Co., $6 preferred (quar.)
Montgomery & Erie Ry. Co. (.s.-a.)
Montreal Light. Heat & Power Consol. (qu.) ..
Moody's Investors Service pref. (quar.),..
Moore (Wm. R.) Dry Goods Co. (quar.)
Morris & Essex Extension RR. gtd. C (s.-a.) —
Morris Plan Insurance Society (quar.)
Motor Finance Corp. (quar.)
Mining & Devel. (quar.)
17
1
Nov. 11
Nov.
$6 preferred A (quar.)
(quar.)
15
15
18
17
Nov.
Dec.
2 Nov.
Nov. 16 Nov.
Macy (R. H.) & Co. (quar.)
Magnln (I.) & Co. preferred (quar.)
Marshall Field & Co. (quar.)
Massachusetts Bonding & Insurance Co
5% preferred (quar.)
1 Oct.
Nov.
Nov.
Mclntyre Porcupine Mines
Extra
2 Nov.
15c
—
6% preferred (quar.)
Lord & Taylor 2d preferred (quar.)
Louisiana Ice & Electric Co., Inc
Louisiana Power & Light $6 pref. (quar.)
Lumbermen's Insurance (semi-ann.),.
Lunkenneimer Co 6 H % pref. (quar.)..
Lyon Metal Products 6% preferred (quar.)
McCall Corp. (quar.)
McCrory Stores, 6% preferred (quar.)
Mt. Diablo Oil
14
Jan.
Nov. 30 Nov.
9
Dec. 10 Nov. 25
Dec. 10 Nov. 25
Loose-Wiles Biscuit
Mountain Fuel Supply
31
Nov.
Nov.
SIX
12Hc
$1.10
20
Dec.
Nov.
preferred (quar.)
Loew's London Theatres Ltd., 7%
Lone Star Gas Corp. (year-end)
McGraw Electric Co.
Nov. 20 Nov.
SIX
—
Loblaw Groceteria (quar.)
Loew's Boston Theatres (quar.)
Preferred
16
28
vJ'4
Modern Containers, Ltd. (quar.)
15c
1 Oct.
1 Nov. 25
(quar.)
15
25c
2 Nov.
15c
(quar.)..
50c
25c
1 Oct.
Dec.
Nov.
Dec.
Nov.
8c
Lionel Corp. Iquar.)
Little Miami RR. Co., original capital (quar.)..
Oct.
Nov. 15 Oct. 31
1
Nov. 15 Nov.
Dec.
2 Nov: 15
Nov.
40c
pref (quar.)
Liberty Loan Corp. $3 H preferred,.
Lincom National Life Insurance Co. (quar.)
Lincoln Printing Co.. preferred (quar.)
6%
Nov.
$1H
Lee Rubber & Tire
Nov.
15c
2c
15
Oct.
62 He
62 He
Olciss 3E5
2c
Oct.
Nov
5c
?.)(quar
Knickerbocker Fund, shs. of beneficial infc
Kokomo Water Works, 6% pref. (quar.),
Kress (S.H ) &Co
Special preferred (quar.)
Kroger Grocery & Baking 7% pref. (quar.)
Landis Machine preferred (quar.),.
Lane Bryant. Inc., 7% pref. (quar.)
Lea Fabrics, Inc
Missouri Public Service
*1H
15
Nov
$20
Preferred
15
68 Xc
25c
Oct.
Sill
6
lc
Oct.
SIX
15
15
25c
Nov.
3c
Oct.
15c
Special
75c
SIX
Nov.
Nov.
$5 H preferred B (quar.)
Meadville Telephone Co. (quar.)
Nov.
Gold & Stock Telegraph Co. (quar.)
Oct.
six
$1H
87 He
Klein (D. Emil) Co
Preferred (quar.).
21
Dec.
Nov.
Nov. 15 Oct.
Nov.
1 Oct.
Tan.
1 Dec.
.....—..
20
Nov.
Nov.
six
Kirkland Lake Gold Mining (s.-a.)
Oct.
Nov.
Globe & Republic Insurance of America
Oct.
Dec.
%IH
MX
$1H
15c
.
Oct.
Nov.
Corp
31
19
20
12l1c
Kellogg Switchboard & Supply
Preferred (quar.)
Kemper-Thomas 7% special pref. (quar.)
Kendall Co
$6 part. pref. A (quar.)
Kentucky Utilities junior pref. (quar.)
King Oil Co. (quar.)
Kings County Trust Co. (quar.),,
Mead Corp.,
Nov.
$4H preferred (quar.)
—...—
General Instrument Corp. (quar.)
General Mills (quar.)
General Motors Corp. preferred (quar.)
General Outdoor Advertising class A (quar.)
Preferred (quar.)
Oct.
$^c
Kalamazoo Stove & Furnace,,
Nov.
General Foods Corp. (quar.)
(qu.)
Kaufmann Department Stores.
Nov
General Cable Corp., pref. (quar.)
General Cigar Co., pref. (quar.)
Oct.
Nov.
Nov.
$1X
Maytag Co. $3 preferred (quar.)
$6 preferred (quar.)
—
Oct.
Sept. 26
10c
15
(qu.)
—
Jantzen Knitting Mills
15
Fulton Industrial Securs. Corp., cum. pref.
Gardner-Denver Co. pref. (quar.),.,,
31
Sept. 30
15
15
31
31
Nov.
Interstate Department Stores pref. (quar.)
iron Fireman Mfg common v. t. C. (quar.)—
Oct.
21
15
4
25
Oct.
Nov.
—-—
International Ocean Telegraph Co. (quar.)
International Utilities Corp., $3H pr. pref.
Oct.
-—
Oct.
Oct.
Nov.
(quar.)
Nov.
Extra
Oct.
Nov.
Preferred A
Froedtert Grain & Malting
(quar.)
Fuller Brush Co. (quar.)
Oct.
Oct.
40c
International Nickel of Canada pref. (quar.).
Payable In U. S. funds.
15
__
Oct.
Nov.
Dec.
Preferred
1 Oct.
Preferred
Oct.
Nov.
—
6% preferred (quar.)
International Harvester, pref. (quar.)
Nov.
Nov.
Special
21
9
Nov.
International Metal Industries, pref. (qu.)
Jan.
2 Dec, 26
Nov.
Nov.
....
First National Bank (Toms River, N. J.) (qu.).
First National Bank of Jersey City (quar.).
Dec. 31 Dec. 23
15
Oct.
Nov.
(quar.)
Interchemical Corp
Preferred
Oct.
Nov.
--
Lerner Stores
Nov.
Oct. $24
Oct. 15
Nov.
Nov.
Nov.
J
International Bronze Powder
Nov
Duquesne Brewing Co.
Electric Bond & Share $6preferred (quar.)...
$5 preferred (quar.)
Nov. 15
Nov.
$6 preferred (quar.)
Hussmann-LIgonier (quar.)
Idaho Maryland Mines (mo.)
Idaho Power 7% Pref. (quar.)
$6 preferred (quar.)
Illuminating & Power Security (quar.)
7% preferred (quar.)
Imperial Chemical Industries. Amer dep. rec
Incorporated Investors
Indiana Pipe Line Co
Institutional Securities (aviation group)
Insurance group (stock dividend)
Lehigh Portland Cement (quar.),..
Preferred (quar.)
31 Oct. 15
1 Oct.
14
Nov. 15 Nov.
1
Nov. 15 Nov.
1
Oct.
21
21
15
19
Nov. 15
Oct. 11
Nov.
.......
(quar.)
Oct.
Extra
Dominion Tar & Chemical Co.. 5)4 % pref. (qu.)
Oct.
Dec.
Houston Lighting & Power, 7% pref.
Preferred
21
Dec.
(quar.)
Horn & Hardart Co. (N. Y.)(quar.)__
Home (Joseph) Co. preferred (quar.)
International
Dec. 17
Oct.
Nov. 15
Nov.
Horder's, Inc. (quar.)
Horn (A. C.) Co.. prior pref.
Second preferred (quar .).
Preferred A
27 He
$1%
six
Si X
tin
12 He
,.
Corn Exchange Bank Trust
9
31 Oct.
31 Oct.
Nov. 15 Oct.
Nov. 15 Oct.
(quar.)
Columbia Gas & Electric Corp
21
Oct.
(quar.)
Crura & Forster pref.
Cuneo Press. Inc
Hires (Chas. E.) Co
15
Oct.
Jan.
Cochenour Williams Gold Mines (initial)
Preferred
Nov. 19
15
Oct.
Oct.
Holders
When
Payable of Record
Nov.
Dec.
Oct.
Dec.
Oct.
Nov.
Dec.
.
Colgate-Palmolive-Peet
Share
Company
Nov.
Nov.
6% cumulative preferred
Cerro de Pasco Copper Corp
Chain Store Investment Corp. $6H pref. (qu.)
Preferred
Name of
Payable of Record
Nov.
Central Power &, Light Co. 7% cum. pref,,
Champion Paper & Fibre
Preferred (quar.)
Cherry-B urrell Corp
Preferred (quar.)_
~ib.
Chicago Yellow Ca
City Water Co. of Chattanooga, ut0
Cleveland Cincinnati Chicago & St.
5% preferred (quar.)
Per
Holders
When
Per
Name of Company
2445
Nov. 15 Oct. 31
Oct. 30 Oct. 21
Dec. 23 Dec. 13
Nov.
1 Oct.
15
1 Oct. 15
1 Oct. 15
Nov.
1 Oct. 15
Dec. 23 Dec. 20
Nov.
Nov.
28 Oct;
15
1 Oct.
15
30 Oct.
30 Oct.
Nov. 15 Oct.
Jan.
2 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
25
20
Oct.
Nov.
Oct.
Oct.
Dec.
Nov.
2 Nov.
1 Oct.
Nov. 10 Oct.
Oct.
15
15
20
20
9
11
30
3l'Sept.30
Nov. 15 Nov.
1
1-2-411Dec. 30
Nov.
l Oct. 18
Dec.
1 Nov. 22
Nov. 30 Nov. 16
Dec. 24 Dec. 14
Dec.
2 Nov. 15
Dec.
2 Nov. 15
Dec.
6 Nov. 15
The Commercial & Financial Chronicle
2446
Per
Nam of
Class A (quar.).
Nov. 12
Oct. 14
Nov. 1 Oct. 28
2
Dec. 16 Dec.
Nov. 11 Oct. 31
Oct. 15
Nov.
Oct. 15
Nov.
Oct. 15
Nov,
Oct. 25
Nov.
Oct. 18*
Nov,
Oct. 18
Nov.
Oct. 28
Dec.
Nov.
Sept. 30
Oct. 24
Nov,
Oct. 15
Nov,
76c
10c
50c
75c
50c
50c
25c
50c
.....
Distillers Products (quar.).
...
Folding Box Co. (extra)
.....
Food Products Corp. cl. A (quar.)...
Lead preferred B (quar.)..
.....
Power & Light Co....—..........
$6 preferred (ouar.)..
—...........
National Savings & Trust Co. (Wash., D. C.)
Inc., preferred (quar.)
Newberry (J. J.) Realty Co. 6H % pref. A (qu.)
Neisner Bros.,
6% preferred B (quar.)
Preferred A
New England
...—...
...
(quar.)......................
Distillers, Inc., S3 cum. pref
beneficial int........
New England Fund ctfs.
.Preferred (quar.)
New York Air Brake Co.
14c
SIX
50c
...................
.................
New York Fire Insurance (quar.)..
.........
New York Merchandise Co. (quar.)..........
Niagara Hudson Power, 1st pref. (quar.)..
2ndpreferred A AB (quar.)....
...
1900 Corp.. class A (quar.)
Norfolk & Western Ry., preferred (quar.)
North River Insurance Co. (quar.)......
Northern Illinois Finance Corp...............
.....
Preferred
SIX
SIX
SIX
40c
Newport News Shipbuilding........
$5 preferred (initial, quar.)—..............
New Process Co..........
20c
15c
IX
IX
50c
25c
Z7XC
(quar.)
Northern Railroad (N. H.) (quar.)
Northwest Engineering Co..
..............
Northwestern Telegraph Co. (seml-ann.)._....
Noyes (Chas. F.) Co. 6% preferred (quar,).....
Occidental Insurance (quar.)
....
SIX
60c
SIX
.....
Ohio Public Service5% preferred (monthly).... 412-3c
50c
6% preferred (monthly)....
...
...
581-3c
7% preferred (monthly)..............
...
5X% preferred (quar.)..
........
....
SIX
Ohio Service Holding Corp....
.............
Oliver United Filters class A (quar.)
Ontario & Quebec Ry. Co, (s.-a.)
50c
50C
6% preferred debenture stock (s.-a.)....
Ottawa Electric Ry. (quar.)...
.............
Outlet Co. (quar.)
.....
...—
2X%
$3
30c
75c
25c
Extra
Preferred (quar.)..
Owens-Illinois Glass Co
Pacific A Atlantic Telegraph Co. (s.-a.)
Pacific Finance Co. of Calif. 8% pref.
...
$1X
50c
50c
(quar.)..
6H% preferred (quar.)......
5% preferred (quar.)
....
Pacific Gas A Electric, 6% pref. (quar.)
5H% preferred (quar.).
'aclfic Lighting Corp. (quar.)...
Pacific Power A Light 7 % pref. (quar.).
86 preferred (quar.)
Pacific Public Service (Calif.) 1st pref. (qu.)
Pamour Porcupine Mines....
Panhandle Eastern Pipe Line
6% partic. preferred A (partic. divs.)
.....
Parker (S. G.) A Co., A (quar.)......—
Preferred (quar.)
Passaic A Delaware Extension RR. gtd. (s.-a.).
Pearson Co., 5% preferred A (quar.)
Peninsular Grinding Wheel Co...........
Peninsular Telephone (quar.)..
Preferred A (quar.).
Preferred A (quar
p.).
Penman's Ltd. (quar.)
.....
....
....
......
20c
16 He
SIX
37Xc
34Hc
Yi
32J|c
50c
$1.35
50c
10c
$2
31 He
15c
60c
35c
35c
75c
Preferred (quar.).
SIX
........
Pennsylvania Power Co., $5 pref. (quar.)
SIX
Philadelphia Co. 6% prer. (s.-a.)..
SIX
45c
Philadelphia Electric Co. (quar.)
Preferred (quar.)....
SIX
42c
Philippine Long Distance Telep. Co. (monthly).
50c
Phillips Petroleum Co. (quar.)
Phoenix Acceptance Corp. (quar.)
..........
Pilgrim Trust (Boston) (quar.)
Pollock Paper A Box 7% preferred (quar.)
SIX
Potomac Edison Co. 7% pref. (quar.)....
SIX
6% preferred (quar.)
Procter A Gamble Co. (quar.)
Public Electric Light (quar.)
25c
.....
Public Service Co. of Colorado 7% pref. (mo.).. 581-3C
6% preferred (monthly).
50c
...
5% preferred (monthly)..
412-3C
Public Service Co. of N. J, 8% pref. (quar.)
7% preferred (quar.)....
$5 preferred (quar.)..
50c
6% preferred (quar.)
6% pref. (monthly).......................
50c
Quaker Oats Co. preferred (quar.)......
SIX
Quarterly Income Shares (quar.).............
20c
Randall Co., class A (quar.)
50c
Raymond Concrete Pile, preferred (quar,).....
75c
...
B1S
....
...
.....
...
....
m
ilif
.........
.....
Common
(quar.)...................
...
Reading Co. (quar.)
Reed (0. A.), |2 preferred A
Regent Knitting Mills, preferred.......
;...
Reliance Manufacturing Co.
Republic Investors Fund, Inc.,
6% preferred A A B (quar.)
6% preferred A A B (quar.);
......
Revere Copper & Brass, 5X% preferred
7% preferred......
Reynolds (R. J.) Tobacco (quar. interim)
Class B (quar, interim).
Rhode Island Public Service, $2 pref.
(quar.)...
Class A (quar.)...
Rich Ice Cream (quar.)
Richmond Fredericksburg A Potomac RR.
7% gtd. preferred (s.-a.).
7 % gtd. preferred (s.-a.)
..........
...
.......
...............
.....
....
....
............
......
...
"
6% guaranteed preferred
_
...
.
...
...
....
.........
...
...
Preferred
St. Louis
(quar.)..
......
Bridge, 6% 1st pref. (s.-a.).......
...
3% second preferred (s.-a.)
.........
St. Louis County Water, pref. (quar.).........
San Antonio Gold Mines (s.-a.)
.....
Extra...
...
Schumacher Wall Board Corp., $2 part. pref.
25c
25c
t50c
80c
15c
Dec.
Nov,
Nov.
Nov.
Dec.
Dec.
Nov.
Nov.
Nov.
Nov.
Nov,
Nov.
Oct.
Oct.
Oct.
1 Oct.
Oct. 30 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov. 1 Oct.
Nov. 15 Nov.
Nov. 19 Oct.
Dec. 10 Nov.
Nov.
1 Oct.
1 Oct.
Oct. 31 Oct.
Nov.
1 Oct.
Jan.
2 Dec.
Nov.
1 Oct.
Nov. 15 Nov.
Nov.
1 Oct.
Oct.
Nov,
Oct.
Nov.
Nov.
Nov.
Oct.
Nov.
Oct.
Nov.
Dec.
Oct.
Nov.
15
15
1
31
23
15
15
17
15
28
6
Nov. 15 Oct.
Oct.
Nov.
Oct.
Nov.
Oct.
Nov.
Nov.
Dec.
Oct.
Oct.
Oct.
Oct.
Nov.
Oct.
Oct.
Nov.
Nov.
Nov.
Oct.
Oct.
1 Oct.
1 Oct.
Sundance
$1.20
10c
15c
$1H
50c
$1H
SIX
25c
40c
31 Xc
SIX
Toledo Edison Co., 7% pref.
91&
25c
$1H
20c
37i:
50c
37m
$1H
(N. Y.) (quar.)
..——
—
(quar.)
Union Oil (California)
75c
$2
20c
20c
25c
37c
(quar.)
....
...
t20c
15c
80c
25c
United Molasses Ltd. Am. dep. rec. (interim)..
7H%
United New Jersey Railroad A Canal (quar.)...
United Profit-Sharing, pref. (semi-annual).....
$2H
United Specialties Co. (quar.)
.....—
United States Fire Insurance (quar.)
United States Hoffman Machinery pref. (qu.).—
United States Machinery, pref. (quar.).
...
United States Petroleum Co. (quar.)
United States Pipe A Foundry Co. (quar.)
United States Sugar Corp., pref. (quar.)__
Preferred (quar.)
Preferred (quar.)
United Wall Paper Factories pref. (quar.) ......
Universal Leaf Tobacco Co., Inc. (quar.)
Upper Michigan Power A Light Co 6% Pf. (qu.)
Utica Chenango A Susquehanna
h
Oct.
Apr. 30
—
Nov.
Nov.
Oct. 19
Oct. 15
Dec. 15 Dec.
6
20
15
5
15
15
20
6
7
8
15
19
19
15
15
19
21
Oct. 21
Nov. 15 Nov. 5
Valley RR
Vagabond Coach Mfg. (quar.)
Vapor Car Heating, Inc. 7% preferred (quar.) .
7% preferred (quar.)..——.......
...
Virginian Ry. preferred (quar.)..—.
Preferred (quar.)...
—.—.—
——
(quar.)
60c
15c
50c
68 He
68Hc
2c
50c
$1H
$1K
SIX
,
Westgate-Greenland Oil (mo.)—
Westminster Paper Co., Ltd. (s.-a.).......—
Weston (Geo.) Ltd., preferred (quar.)
Westvaco Chlorine Products (quar.)......—.
Preferred (quar.)
—Wheeling A Lake Erie Ry., preferred (quar.)
Prior lien (quar.)
—........
Will A Baumer Candle Co., Inc—
Wilson A Co., $6 preferred
...
Winstead Hosiery Co. (quar.)....——
lc
25c
Extra.—.......
...—.............—
10c
25c
SIX
SIX
30c
$1H
$1H
t$7
....
—
Zion's Co-operative
————
Mercantile Institution (qu.)
Oct.
3-9-41
Nov.
1
2-1-41
5-1-41
8-1-41
16
Nov.
Nov.
3-1-41
19
18
Apr. 19
July 19
Oct.
Jan.
1 Oct.
1 Oct.
Nov. 11 Oct.
Nov.
Oct.
Nov.
Nov.
Nov.
15 Oct.
28 Oct.
Nov. 15 Nov.
37Hc
Nov.
81li
16
15
31
31
21
1
15 Nov.
15 Oct. 18
15 Oct. 18
Nov.
1 Oct. 15
Nov. 15 Oct. 25
Nov. 20 Oct. 31
Nov. 15 Oct. 31
1 Oct.
1 Oct.
1 Oct.
1 Oct.
1 Oct.
Nov.
Nov.
Nov.
9
15
15
10
10
24
24
10c
1
Nov. 15 Nov.
1
Nov. 15 Nov.
Nov.
1 Oct. 15
50c
Nov.
1 Oct*
Oct. 31 Oct.
50c
60c
im
25c
25c
—
Nov. 25
1 Oct.
$1H
Monthly
Monthly
16
Oct. 18
Oct. 18
5
Dec.
Nov. 30*
Jan.
2
2
Apr.
2
July
Nov.
Wood, Alexander A James, Ltdl, 7 % 1st pref—
Wool worth (F. W.) Co. (quar.)..
—
Worthington Pump A Machinery Corp.—
4 H % prior preferred
—
4 H % convertible prior preferred
Wrigley (Wm.) Jr. (monthly)..—
Yuba Consol. Gold Fields, Inc..
Z ell era Ltd., preferred (quar.)
Oct.
Nov.
$1H
——
Sept. 30
Nov. 20
HP
35c
Wisconsin Electric Power, 6% pref. (quar.)
W J R—The Good-Will Station (quar.).....
Extra
Dec.
2
Oct. 11
Dec. 20
Oct. 31 Oct. 25
Dec. 10 Nov. 30
3,7i
....
16
23
10
31
26
1
1
1
15
Dec 20
1-15-41
4-15-41
7-15-41
Dec.
2
Nov.
1
Dec.
Nov.
Jan.
Oct.
Nov.
Nov.
Nov.
Nov.
Dec.
5c
SIX
SIX
37 He
37 He
37 He
37 He
$2
.....
1 Oct. 21
Nov. 15 Oct. 31
Dec. 14 Nov. 20
Nov. 10 Oct. 10
Nov. 15 Oct. 31
Nov.
1 Oct. 19
Nov. 1 Oct. 19
1
Nov.
7 Nov.
Nov.
1-1-41 Dec. 30
Nov.
1 Oct. 18
Washington Gas Light
.........
—■
Preferred (quar.)
—
—
Wendigo Mines (initial)
—_—
Went worth Mfg. Co
......—
Preferred (quar.)
WestPenn Electric 7% preferred (quar.)
—
6% preferred (quar.)
.......—.——
West Point Mfg
West Virginia Pulp A Paper Co. pref. (quar.)—
Western Cartridge 6% preferred (quar.)—
Western Maryland Railway, 7% preferred
/
Oct.
15
15
15
21
$1H
$3
preferred (quar.)...
Walton (Chas.) A Co. 8%
31
Oct.
Oct.
Oct.
Nov.
10
15
1
1
1
1
1
Nov. 15 Nov.
Dec.
2 Nov. 23
Nov.
1 Oct. 21
Nov. 8 Oct. 28
Nov.
1 Oct. 19
10
25
15
15
Nov.
15c
SIX
United Mercnants & Manufacturers, Inc.—
25
Oct. 28 Oct. 21
1
Dec.
2 Nov.
Nov.
1 Oct. 18
Nov. 1 Sept. 18
Nov.
1 Oct. .15
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Nov. 15 Oct. 31
1
Nov. 15 Nov.
Nov. 22 Oct. 22
Nov. 22 Oct. 22
Nov.
...
...
United Corp. Ltd. SIX class A (quar.)
United Drill A Tool Corp., class A
Class A (quar.)
United Gas A Electric Corp
(quar.)
Dec.
Nov.
—
Tung-Sol Lamp Works, preferred (quar.)
Union Electric Co. (Mo.), pref. (quar.)
Union Gas Co. (Canada) (quar.)
Preferred
1 Oct. 23
1 Oct. 23
2 Nov. 15
Nov.
1 Oct.
5
Dec. 16 Nov. 25
Dec.
2 Nov. 12
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Oct. 31 Oct. 19
Nov.
50c
Trunz Pork Stores, Inc
Tubize Chatillon Corp., class A
Preferred
1
Nov.
12c
Triumph Explosives, Inc. (quar.)
19
1 Nov
14 Nov. 20
1 Nov. 15
25c
Trade Bank & Trust Co.
Trane Co
Preferred
15
31
9 Oct. 31
9 Nov 25
1 Oct. 17
1 Oct. 17
56 He
25c
X2c
58 l-3c
.....
23
12
Nov.
1 Oct. 15
9
Nov. 20 Nov.
Nov.
1 Oct. 15
Dec. 14 Nov. 30
Nov. 15 Oct. 26
Nov.
1 Oct. 15
2
Dec. 16 Dec.
Nov.
1 Oct. 15
Dec. 14 Dec.
5
1
Nov. 15 Nov.
412-3C
6% preferred (monthly)
6% preferred (monthly)
18
Dec. 31 Dec. 14
7
Nov.
1 Oct.
7
Nov.
1 Oct.
1
Nov. 15 Nov.
Nov.
1 Oct. 25
40c
(monthly)
6
31
.43 He
.43 He
25c
37 He
...—...
Light. 7% pref. (quar.).....—
12 Nov
1 Oct.
1 Oct.
t Oct.
21
21*
21*
Nov. 25 Nov, 15
7
Nov. 20 Nov.
Nov.
1 Oct. 15
Nov. 15 Oct. 20
Nov. 15 Oct. 31
c
Extra
18
May
Nov.
Nov.
Dec.
Dec.
c
.......
Tobacco Products Export
—
Toburn Gold Mines, Ltd. (quar.).....
Apr.
Nov. 30 Nov.
Nov. 1 Oct.
Nov. 15 Nov.
Dec.
2 Nov.
Nov.
1 Oct.
Nov.
1 Oct.
Dec. 16 Dec.
Nov. 20 Nov,
Nov. 15 Nov.
Nov. 1 Oct.
Oct.
Nov.
Oct.
Nov.
Jan.
Dec.
Jan.
Dec.
Nov.
Oct.
Nov.
Oct.
Nov.
Nov.
$3 preferred (quar.)
Thatcher Mfg. conv. preferred (quar.)
15
11
11
Oct.
—
Royalty Ltd
Texas Power A
21
15
15
10
10
25
25
Nov,
Oct.
Oct.
Nov.
Oct.
Nov. 15 Oct.
Nov. 15 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
Nov.
1 Oct.
May
—
Telautograph Corp
15
Nov.
(quar.)
Superior Portland Cement, class B
—.—
Swan-Finch Oil Corp., (guar.)—.....—.
Syracuse Binghamton & New York (quar.).——
Tacony-Palmyra Bridge preferred (quar.)
20
21
Jan.
Nov.
....
Sun Ray Drug Co
Preferred (quar.)
Oct. 31 Oct. 21
Nov. 30 Nov.
5
Nov. 15 Nov.
Jan.
2 Dec. 23
Dec. 15 Dec. 15
Nov.
1 Oct. 21
Nov.
1 Oct. 21
Nov. 15 Oct, 25
Nov.
1 Oct. 19
Nov.
1 Oct. 19
Nov.
1 Oct. 19
Nov.
1 Oct. 19
Dec. 14 Nov. 15
Dec. 14 Nov. 16
Dec. 14 Nov. 15
Dec. 14 Nov, 15
Nov. 15 Oct. 15
Nov. 30 Nov. 1
Nov.
1 Oct. 15
Nov.
1 Oct. 18
Nov.
1 Oct. 21
Nov.
1 Oct, 21
Nov. 14 Oct. 17
Nov.
Oct, 21
Nov.
Oct. 15
Nov.
Oct. 21
Feb.
Dec.
Nov.
Nov.
Nov.
Nov.
Dec.
'Extra....
—........——
Simmons Hardware A Paint (liquidating)......
—
x!
31 Oct.
1 Oct.
3 Oct.
Nov, 25 Oct.
———
Sierra Pacific Power ........—...—...
Preferred (quar.).—......—.......——
Silex Co. (quar.)
....
Preferred
Nov. 15 Oct. 25
1-1-41 Dec. 14
Nov. 15 Nov.
4
2-4-41
2-15-41
Nov. 15 Nov.
5
Nov.
1 Oct. 21
Nov.
1 Oct. 15
1
Nov. 1 Oct.
Nov.
Nov.
Sharp A Dohme, Inc., preferred A (quar.)
Shawinigan Water & Power Co. (quar.)
Sherritt Gordon Mine Ltd.
Holdert
Nov. 15 Nov
Nov. 15 Oct.
Nov.
1 Oct.
Class B
Nov.
1
Dec.
Dec. 30 Dec. 16
Nov.
1 Oct. 22
Nov. 1 Oct. 22
Nov.
1 Oct. 22
Nov. 15 Oct. 30
Jan.
2 Dec. 14
Nov.
1 Oct. 15
Nov.
1 Oct. 15
Nov.
1 Oct. .15
Nov. 15 Oct. 31
Nov. 15 Oct, 31
Nov.
Nov.
,
....
16
When
Payablt>.of Record
—
Strawbrldge A Clothier, prior preferred (quar.). .
Sullivan Consol. Mines, Ltd...
Sun Oil Co, (quar.)
21
15
15
21
21
14
23
21
26, 1940
Oct.
t
preferred (quar.)...
$4 cum. preferred (quar.)
Scottin Dillon Co..*...-.
Seaboard Surety Co.—
15
15
15
15
Nov. 15
Oct.
Oct.
Schwitzer-Cummins Co
Scott Paper Co., $4H cum.
15
16
16
Nov. 16
Oct.
Oct.
Share
Nam of Company
Simpson (Rob.) Ltd. 6% preferred (s.-a.).....
Simpson's, Ltd., 6X% preferred
—..
Smith <S. Morgan) Co. (quar.)...........
Snider Packing Corp
Sound view Pulp Co
—....-——
Preferred (quar.)
—
South American Gold & Platinum Co...—...
Sou. Indiana Gas A Elec. Co., 4.8% pref. (quar.)
Southern California Edison Co., Ltd. (quar.).—
Southern Canada Power (quar.)
Southern Indiana Gas & Electric Co.—
4.8% preferred (quar.).
——
Sovereign Investors, Inc. (quar.)...
Spiegel, inc..
......
Preferred (quar.)
Spring Valley Co., Ltd. (liquidating)
Squibb (E. R.) & Sons $5 pref, ser. A (quar.)—
Standard Brands, Inc. (preferred (quar.)
Standard.Products Co
Standard Wholesale Phosphate & Acid Works..
Stanley Works preferred (quar.)
Stecher-Traung Lithograph6% pref. (quar,)...
Steel Co. of Canada (quar.)...
.....
Preferred (quar.)
Stein (A.) A Co
—...— —
Sterling, Inc., preferred (quar.)
——
Stouffer Corp., class A (quar.)....
Nov.
(s.-a.j.
6% guaranteed preferred (s.-a
Rich's, Inc. (quar.)
Riverside Cement Co., preferred (quar.)
Roberts Public Markets (quar.).......
Rochester Button Co. pref. (quar.)...
Rockland Light & Power Co. (quar.)
I.
Rolland Paper
.*
Preferred (quar,)
Roos Bros., Inc., preferred (quar.)
Rose's 6-10 A 25c. Stores, Inc. (quar.)...
Ruud Manufacturing Co. (quar.).............
Saco-Lowell Shops
Preferred (quar.)___
Saguenay Power, Ltd., preferred (quar.)....
St. Lawrence Flour Mills (quar.)
Per
Holder*
Payable of Record
SIX
$3X
Muskogee Co., 6% cum. pref. Cquar.)
Nashua & Lowell RR, (s.-a.)
—*—
National Battery Co..
National Brush (quar.)
National Gasket
National City Lines $3 preferrred (quar.)..
National
National
National
National
National
When
Share
Company
Oct.
25c
25c
10c
37Hc
50c
15
1
Oct. 31 Oct. 21
Nov.
1 Oct. 15
8
Dec.
2 Nov.
Dec. 14 Dec.
Dec. 14 Dec.
Nov.
1 Oct.
Nov.
1 Oct.
Dec.
2 Nov.
Jan.
2 Dec.
Nov.
1 Oct.
Nov.
1 Oct.
4
4
19
19
20
20
9
15
Dec. 15 Dec.
5
*
Transfer books not closed for this diuidend.
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of Canada
a tax of 5% of the amount of such dividend will be made.
deduction of
Volume
The
York
following shows the condition of the Federal Reserve
23, 1940,
The
Bank of New York at the close of business Oct..
in
comparison with the previous week and the corresponding
STATEMENT
Friday afternoon is given in full below:
on
Clearing
1,256,000
92,280,000
__
1,345,000
1,522,000
83,905,000
discounted:
direct
20,000.000
National
9,426,119,000 9,274,773,000 7,215,714,000
Total reserves
77,500.000
City Bank
20.000.000
Chem Bank A Trust Co.
obligations
Govt,
90.000,000
Guaranty Trust Co
Manufacturers Trust Co
610,000
596,000
1,024,000
313,000
1,474,000
Cent Hanover BkATr Co
691,000
1,620.000
1,787,000
1,781,000
1,781,000
1,998,000
81,000
and guaranteed
Other bills discounted
41,748.000
21.000,000
15.000.000
10,000,000
50.000,000
4.000,000
100.270.000
Corn Exch Bank Tr Co.
Total
discounted
bills
Industrial advances
U. S
First National Bank
Irving Trust Co
securities, direct and guar¬
Govt
Continental Bk A Tr Co.
Chase National Bank
anteed:
417,262,000
290,737,000
Bonds
Notes
422.093,000
297,703,000
Bills
416,676,000
Fifth Avenue Bank
394,370,000
55,196,000
Bankers Trust Co
719,796,000
866,242.000
710,471,000
17,000
2.352,000
723,197,000
17,000
2,515.000
263,221,000
9,750,000
15,587,000
870,027,000
17,000
Federal Reserve notes of other banks
177,409,000
9,750,000
15,683,000
Uncollected items
Bank premises
Other assets
8,908,000
*As per official reports:
22,253,000
937,003,900 14,951,347,000
734,867,000
Foreign
589,211,000
576,971,000
430,932,090
417,684,000
Total
deposits..
Other liabilities, lncl. accrued dividends.
branches as follows:
142,998,000
183,713,000
LONDON
THE
each day
Mon.,
Tues.,
Wed.,
Thurs.,
Fri.,
Oct. 21
Oct. 22
Oct. 23
Oct. 24
Oct. 25
53,326,000
53,326.000
7,109,000
13,432,000
52,463,000
Surplus (Section 13-b).
7,109,000
Other capital accounts.
13,715,000
Cable A Wire ord
£49 *$
£49
Central Mln A Invest..
7,457,000
£50
£9H
32 /6
£9H
De
Total liabilities and capital accounts.
10,341,801,000 10289.060,000 8,289,008,000
56/9
7/15/9
F.
R
total
note
to
reserve
deposit
and
Ford Ltd
90.0%
93.4%
93.8%
liabilities combined
Commitments
to
make
Industrial
ad¬
t "Other cash" does not include Federal reserve notes or a
1,891,000
£4
57/3
8/15/7*$
57 /3
57/7/7*$
15/7*$
8115/7*$
23/6
100/7*$
23/6
101/3
£13*$
£13*$
23/3
101/3
£13*$
23/3
101/3
£13
£14
Box
67/6
67/6
67/6
67/6
,67/6
.....
bank's own Federal
£6
£6
£6
£6
£6
Rio TInto
£7
£7**
£1M
£7H
£7*$
Rolls Royce
by the United States Treasury for the
36/7*$
20/4*$
14/-
Vickers
West
13/10*$
Witwatersrand
£2K
£2%
Areas
Weekly Return of the Member Banks of the Federal Reserve
J.
73/9
35/7*$
20/6
13/9
73/9
73/9
35/20/6
13/9
73/9
35/20/4*$
73/9
Shell Transport
United Molasses
gold taken
ever from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59 06 cents, these certificates being worth less to the extent of the
difference, the difference Itself having been appropriated as profit by the Treasury
under the provisions of the Gold Reserve Act of 1934
These are certificates given
31/3
28/7*$
28/6
£4
Rand Mines
Reserve bank notes.
z
£9*4I
101/3
Metal
722,000
722,000
vances
£9%
31/3
Imp Tob of G B A I..
36,000
:
£49
London Mid Ry
Hudsons Bay Co
Contingent liability on bills purchased for
foreign correspondents
Closed
56/9
7/6
15/7*$
23/6
Distillers Co
Electric A Musical Ind
of
.
£4
£3%
£3*$
Beers
H
31/10*$
28/6
31/3
28/6
28/9
Courtaulda 8 A Co
82IQ
82
£49
£9%
Cons Goldflelds of 8 A.
9,107,000
40/6
40/6
/6
40/6
81/10*$
40/81/3
40/81/10*$
British Amer Tobacco.
50,909,000
Surplus (8ection 7)
received by cable
Sat.,
Boots Pure Drugs
51,052,000
as
of the past week:
Oct. 19
Capital Accounts—
51,057,000
E CCHANGE
STOCK
Quotations of representative stocks
8,583,185,000 8,464,474,000 6,826,855.000
153,732,000
227,670,000
161,700,000
1,449,000
1,003,000
1,180,000
Capital paid In
Ratio
$286,404,000 (latest available
a
(Oct. 24), $2,481,000; d $73,184,000
(Oct. 16), $22,464,000,
date); b $66,125,000 (latest available date); c
10,216,594,000 10,164,141,000 8,169,072,000
Total liabilities
1940; trust
National, Sept. 30, 1940; State, Sept. 30,
1,470,529,000 1,470,994,000 1,187,036,000
7,446,887,000 7,322,900,000 6,404,940,000
95,204,000
146,919,000
116,155,000
Other deposits
Deferred availability items
2,169,000
3,073,000
37,462,000
2,041,000
52,597,000
companies, Sept. 30, 1940.
(latest available date); 6
8. Treasurer—General account..,
U.
3,696,000
55,503,000
4,746,000
167,343,000
Liabilities—
Deposits—Member bank reserve acc't..
136,804 ,500 43,094,316,000
59,056,000
4,116 ,000
82,445 ,800 el,174,137,000
16,278,000
1,481 ,300
127,393,000
9,473 ,100
430,439,000
28,009 ,000
120,641,000
8,662 ,900
90,455,000
10,382 ,700
Includes deposits in foreign
F. R. notes In actual circulation
846,000
5,515,000
1,423,000
43,591,000
7,000,000
Totals.
10,341,801,000 10289,060,000 8,289,008,000
Total assets
61,020,000
518,618,000
Comm'l Nat Bk A Tr Co
Public Nat Bk A Tr Co
Due from foreign banks.-
18,639,000
41,933,000
191,571,000
6,862,000
77,081,000
101,666,000
60,589,000
28,610,000
693,063,000
718,531,000
4,470 ,600
5,000.000
12,500,000
7,000,000
New York Trust Co
707,999,000
73,554 ,900 el, 125,055,000
320,934,000
21,193 ,100
108,927 ,600
53,435 ,000
500.000
Marine Midland Tr Co..
direct and guaranteed
185,796 ,000 &2,158,103,000
723,282,000
40,151 ,100
25,000,000
6.000,000
Title Guar A Trust Co..
Total U. 8. Government securities
Total bills and securities
217,623,000
13,977 600
554,384,000
26,773 ,000
69,711 ,900 a2,511,947,000
754,690,000
57,637 ,800
6,000.000
Bank of New York
$
$
$
90,041,000
Bank of Manhattan Co.
8.
Average
9,332,583,000 9,189,346,000 7,124,328,000
United States Treasury.*
U
Deposits.
Average
Surplus and
Capital
Members
Redemption fund—P. R. notes
by
Time
Deposits,
Profits
•
House
Net Demand
Undivided
♦
$
Gold certificates on hand and due from
Secured
OCT. 24, 1940
CLOSE OF BUSINESS THURSDAY,
1940 Oct. 16, 1940 Oct. 25, 1939
23,
illMU—
Bills
HOUSE
YORK CLEARING
OF THE NEW
MEMBERS
OF
ASSOCIATION AT
Other cash t
New York City
statement issued by the
weekly
Clearing House
date last year:
Oct.
York City
Weekly Return of the New
Clearing House
Condition of the Federal Reserve Bank of
New
2447
Chronicle
The Commercial & Financial
151
35/7*$
20/6
13/9
£2H
£2H
£2K
System
Board of Governors of the Federal Reserve System, giving the principal
which weekly returns are obtained .
These figures are always a week behind those for the Reserve bank3 themselves.
The comments of the Board of Governors of
the Federal Reserve System upon the figures for the latest week appear in our department of **Current Events and Discussions
immediately preceding which we also give the figures of New York and Chicago reporting member banks/or a week later.
Commencing with the statement of May 19, 1937, various changes were made In the breakdown of loans as reported In this statement, which were
Following is the weekly statement issued by the
items of resources and
liabilities of the reporting member banks in 101 leading cities from
1937, as follows:
and discounts. This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carryinS
securities.
The revised form also eliminates the distinction between loans to brokers and dealers In securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer"
cial paper bought In open market" under the revised caption "open market paper," Instead of In "all other loans," as formerly.
Subsequent to the above announcement. It was made known that the new Items "commercial, industrial and agricultural loans" and "other loans
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29, 1937, Issue of the "Chronicle," page 3590.
described in an announcement of the
The changes in the report
ASSETS AND LIABILITIES OF
WEEKLY REPORTING MEMBER BANKS IN 101
...
Loans—total
-
and agricul. loans
Open market paper..
Loans to brokers and dealers in seours.
St. Louis
Chicago
Atlanta
Minnsap. Kan. City
San Fran.
%
$
$
$
of Dollars^
Dallas
10,494
24,402
1,206
1,937
742
659
3,450
726
418
701
546
2,309
736
287
333
1,025
344
206
318
280
985
352
8,877
3,249
479
1,930
228
299
132
169
623
194
107
187
185
4,722
82
37
8
11
2
43
10
3
22
2
301
13
3
6
33
4
1
3
2
17
313
437
purchasing or carrying
Other loans for
LEADING CITIES BY DISTRICTS ON OCT. 16,1940 (In Millions
Cleveland Richmond
Phila.
$
S
$
ASSETS
Investments—total
Commercial. Indus
Neva York
Boston
Total
Federal Reserve Districts—
Loans and
Federal Reserve Bank of New York of April 20,
form are confined to the classification of loans
17
24
24
14
10
68
12
7
10
42
50
180
46
33
126
57
12
30
23
385
30
1
1
1
1
1
138
488
108
207
"81
112
~132
65
65
53
175
20
335
8
3
2
249
10
24
36
2
689
Treasury bills..
31
198
1
1,700
Loans to banks..............
208
80
39
Other loans...
18
14
458
1,220
securities
Real estate loans
2
1
76
-4
38
987
29
145
113
36
257
32
20
56
33
65
1.811
335
637
205
1,092
158
121
95
719
343
134
66
66
272
28
75
46
191
2,605
93
72
Obligations guar, by U. 8. Govt...
Other securities
Reserve with Federal Reserve Bank..
Cash In vault
54
124
270
277
68
111
555
110
43
133
59
347
3,637
2,875
1,508
1,540
92
6,783
111
United States bonds—.—...—.—
694
6,726
498
730
225
144
1,634
253
109
212
142
478
11,845
22
13
74
11
7
16
11
23
Treasury notes
Balances with
99
21
187
239
220
363
254
216
640
183
122
337
308
336
72
441
80
94
38
50
76
24
16
24
31
276
21,317
1,380
10,400
1,010
1,475
559
428
2,961
517
316
570
501
1,200
233
1,089
261
742
204
190
977
192
117
146
135
5,353
1,067
530
13
60
47
43
33
42
138
15
2
20
32
85
8,956
Other assets—net
144
3,405
1,222
domestic banks—
489
48
401
3,912
473
511
351
314
1,364
372
168
445
276
369
680
17
LIABILITIES
Demand deposits—adjusted
Time deposits
Government deposits..
deposits:
United States
Inter bank
Domestic banks..—.....
Foreign banks
...
Borrowings
Other liabilities—-—
Capital accounts — -
—
628
1
1
730
19
3,796
247
1,620
1
.....
215
2
7
1
18
~17
5
""290
"il
20
6
~~~7
3
4
""303
383
95
407
95
61
106
89
380
1
"
The Commercial & Financial Chronicte
2448
Oct. 26, 1940
Weekly Returns of the Board of Governors of the Federal Reserve System
24,
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last yeari
The second table shows the resources and liabilities separately for each of the 12 banks. The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve agents and the Federal Reserve banks.
The comments of the Board of Governor8 of the Federal Reserve System upon th*
returns for the latest week appear in our department of "Current Events and Discussions."
The
following
was
issued by the Board of Governors of the Federal Reserve System on Thursday afternoon, Oct.
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
Oct.
Oct. 23,
1940
Three Ciphers (000) Omitted
S
%
Oct. 9,
1940
Oct. 2.
$
18,
1940
$
$
Sept. 18.
Sep-. 11,
Oct. 25,
1940
Sept. 4,
1940
Aug.2 8,
1940
1940
1939
$
Sept. 25,
1940
1940
BUSINESS OCT. 23. 1940
$
$
S
%
ASSETS
Gold etfs.
on
hand and due from U. 8. Treas.x.
Total reaerves-....
—
11,790
347,534
19,415,244
19,363,028
19,293.069
19,202,624
19,512,948
—
992
11,826
348,390
344,281
19,023,516
18,905.509
18,922,194
15,157,417
4,758
19.112,083
11,381
319,347
19,032,300
11,284
326,661
322,814
11,398
344,387
18,756,298
10,074
335,574
Redemption fund (Federal Reserve notes)
Other cash
14,804.210
18,631,297
11,398
18,843,300
19,077,299
18,561,978
18,671.299
11,397
340,820
18,953,303
11,789
327,977
19,167,300
8,926
Bills discounted:
Secured
by
U. S.
Government obligations,
993
direct and guaranteed
————„
Other bills discounted..............
1,312
2,425
3,370
4,615
1,349
4,298
860
861
980
2,533
3,722
3.230
4,258
1,603
4,031
1,229
2,619
Total bills discounted.............
3,525
3,737
7,985
5.647
4,582
4,091
5,238
5,534
3,848
5,751
8,630
8.645
8,553
11,763
1,318,600
1,115,000
1,318,000
1,319,196
1,122,458
1,315,942
1,245,497
Industrial advances..
..........
...
8,305
8,325
8,400
8,375
8,664
8,612
1,386,100
965,800
1,397,700
985,800
1,400,100
999,000
1,318,600
1,105,000
1,318,600
1,115,000
1,318,600
1,115,000
United States Government securities, direct and
guaranteed:
Notes..................................
Bills
1,115,000
174,320
...
Total U. s
Govt
securities, direct
and
2,351,900
......
2,383,600
2,363,730
guaranteed.
2,395,662
2,399,100
2,423,600
2,433,600
2,433,600
2,433,600
2,433.600
2,441,654
2,735,759
2,415,485
2,437,622
2,440,846
2,446,303
2,447,468
2,447,779
2,454,055
2,753,273
Other securities
Foreign loans on gold......................
Total bills and securities
Gold held abroad
.....
Due from foreign banks.......
......
.........
Federal Reserve notes of other banks........
Uncollected Items.........................
Bank
premises...-....-.--.-—............
Other assets
Total assets
....
....
—
47
47
47
47
47
47
"""47
22,233
760,247
41,348
54,189
21,552
1,071,624
41,257
53,676
20,573
689,084
41,259
54,893
22,149
768,046
41,257
64,079
22,875
694,970
41,294
53,547
22,412
851,710
41,310
52,713
22,962
706,834
41,310
65,117
22,754,742
22,998,962
22,584,369
22,616,869
22,402,203
22,520.578
22,307,254
47
47
47
21,221
41,307
61,230
20,812
636,584
41,364
60,191
23,385
662,257
42,108
69,436
22,200,662
22,135.247
18,707,923
663,569
LIABILITIES
United States Treasurer—General account-
Foreign
.............................Ml..
Other deposits..........................
Total deposits......—................
Deferred availability Items
Other
liabilities, lncl. accrued dividends
Total liabilities
...
5,520,271
5,508,424
5,479,364
5,464,238
5,406,985
5,395,924
5,393,924
5,390,785
5,334,240
4,743,717
14,015,812
462,610
1,057,344
603,002
13,927,014
13,800,205
13,703.112
13,595,824
11,950,446
678,060
1,045,458
541,066
792,532
1,011,324
513,645
13,523,861
791,182
997,516
13,515,998
579,053
13,624,419
790,361
1,035,459
16,131,046
736,357
16,138,768
986,147
3,658
16,080,321
659,124
3,874
16,064,789
723,391
10,020,613
670,157
3,441
22,391,821
Deposits—Member banks' reserve account
14,147,775
383,052
1,071,443
528,776
4,147
Federal Reserve notes In actual circulation....
22,636,997
22,222.683
1,056,401
517,853
813.094
326.003
512,525
t990.660
t507,088
418,898
272,874
15,877,450
669,184
6,129
15,825,084
621,720
15,826,840
611,024
12,968,221
2,853
3,284
4,147
22,165.905
21.946,687
21,840,442
21,775,388
18,360,173
513,309
761,686
956,537
563,403
3,653
15,963,548
803,296
3,137
22,255,859
22,101,408
137,032
644,088
CAPITAL ACCOUNTS
Capital paid In.....—
137,638
151,720
26,839
46,724
137,653
151,720
26,839
45,753
137,641
151,720
26,839
45,480
151,720
26,839
44,819
137,630
151,720
26,839
44,606
137,637
151,720
26,839
44,477
137,620
151,720
26,839
44,388
137.586
151,720
26,839
44.075
137,582
151,720
26,839
43,718
135,557
......
Surplus (Section 13-b)............. ........
Other capital accounts.....................
Total liabilities and capital accounts.
Ratio of total reserves to deposits and Federal
22,754,742
22,998,962
22,584,369
22,616,869
22.462,203
22.526.578
22,307,254
22,200,662
22,135,247
18,707,923
90.1%
89.7%
89.8%
89.6%
89.0%
89.5%
89.4%
89.4%
89.4%
85.6%
Surplus
(Section 7).........
...
Reserve note liabilities combined——..—— '
149,152
27,264
35,777
Contingent
liability on bills purchased for
foreign correspondents
Commitments to make Industrial advances.—
101
~
"
"Y. 422
"Y, 459
~7",598
"7,583
8*6 78
"8",007
"M23
"8,192
8*238
1,166
2,600
10,156
Maturity Distribution of Bills and
Short Term Securities—
1-16 days bills discounted
16-30 days bills discounted.................
31-60 days bills discounted
...
61-90 days bills discounted
Over 90 days bills discounted...............
1,385
1,941
0,334
4,113
2,929
3,418
3,806
2,217
271
180
235
369
263
158
319
323
233
125
904
612
391
288
474
675
734
686
688
3,609
'728
735
735
677
741
521
506
449
518
207
456
269
290
200
175
131
261
270
192
425
3,525
Total bills discounted
3,737
7,985
5,647
4,582
4,j091
5.238
5.534
3,848
5,751
1,345
1,382
1,661
1,565
1,442
Total bills bought In open market—.——.
1-15 days Industrial advances
1,316
1,412
1,598
16-30 days Industrial advances.———
1,568
1,596
276
196
148
131
115
136
253
209
173
31-60 days industrial advances—
61-90 days Industrial advances
319
199
255
251
305
311
138
163
242
408
490
445
592
407
304
205
269
258
298
1,115
5,904
6,073
0,060
0,204
6,270
6,362
0,402
6,419
0,275
8,455
8,305
8,325
8,400
8,375
8,664
8,612
8,630
8,645
8,553
11,763
Over 90 days Industrial advances—
......
Total industrial advances
.
S. Govt, securities, direct and guaranteed:
1-15 days—
48,940
48,675
182,453
16-30 days..........——...
81-60 days..
61-90 days
....
343
......
92" 500
92~5o6
92" 500
2,351^900
2,383,500
2,399,166
2,331,100
2,341,100
2,341.100
2,433~656
2,433~606
2,44l",654
2,455", 691
2,351,900
2,383,500
2.399,100
2,423,600
2,433,600
2,433,600
2,423,600
2,433,600
2,441,654
2,735,759
5,814,154
293383
5,785,779
277,355
5,771,996
292,632
5,732,623
5,703,707
296,722
5,692,745
296,821
5,688,926
295,002
5,639,131
268,385
248,346
5,623,589
289,349
5,060,802
317,085
5,520.271
5,508,424
5,479,364
5,464,238
5,406,985
5.395,924
5,393,924
5,390,785
5,334,240
4,743,717
5,930,500
5,878,000
5,830,500
4,226
5,800,500
3,079
5,796.500
2,744
5,790,000
3,844
4,200
5,723,000
2,537
5,164,000
2,195
5.844,500
6,485
5,739,500
1,842
5,932,342
5,880,195
5,850,985
5,834,726
5,809,579
5,799,244
5,793,844
5.743.700
6,725,537
5,165,626
...
Over 90 days....
—
Total U. S. Government securities, direct
and guaranteed
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
on
hand and due from U. S. Treas...
By eligible paper
United States Government securities..
Total collateral
•
x
.....
"Other cash" docs not Inolude Federal Reserve notes,
1,626
t Revised figures,
These are oertlfloates given by the United States Treasury for the gold taken over from the Reserve banks When the dollar was devalued from 100 cents to
59.08
cents on Jan. 31,
1934, these oertlfloates being worth less
provisions of the Gold Reserve Aot of 1934.
to the extent of tie
dltterenoe, the difference Itself having been appropriated
as
profit by the Treasury under
'
The Commercial & Financial Chronicle
Volume 151
2449
Weekly Returns of the Board of Governors of the Federal Reserve System 0Concluded)
WEEKLY STATEMENT OP RESOURCES AND LIABILITIES OF EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF BUSINESS OCT, 23, 1940
Three Ciphers
(000) Omitted
Federal Reserve Agent at—
Gold
from United States
Total
and
Boston
New York,
Phlla.
$
ASSETS
certificates on hand
S
%
$
Cleveland Richmond
%
Atlanta
Chicago
3
Dallas
$
i
$
%
San Fran,
i
St. Louis Minneap. Kan. CUy
$
$
due
959,289 1,275,746
603
Redemption fund—Fed. Res. notes
Other cash
.........
335,574
1,110
20,889
19,643
980,813 1,297,220
Total reserve8...._....._____..._ 19,512,948 1,228,594 9,426,119
512,176
532,929
263,171 1,117,939
278
435
519
582
1,070
14,065
7,036
17,561
12,685
32,055
494,063
371,777 3,043,640
285,012
393,728
479,720
354,568 2,999,803
854
1,244
16,355
42,593
1,256
92,280
1,538
33,491
10,074
.
585
20,921
Treasury...... 19,167,300 1,193,565 9,332,583
292,483
411,808
276,438 1,151,064
Bills discounted:
Secured by U, S. Govt, bllgatlona,
direct and guaranteed—......
992
Other bills discounted............
2.533
Total bills discounted...
Industrial
184
166
40
2
67
15
118
122
127
60
192
105
58
99
149
93
153
787
180
107
691
20
3,525
.....
81
010
20
376
271
98
101
206
108
271
909
307
107
355
820
260
267
6
208
213
252
623
115,718
80,631
8,305
1,053
1,781
2,408
1,386,100
99,145
69,082
417,262
110,456
62,740
156,886
58.608
38^818
81,145
139,040
96,880
72,137
290,737
50,263
36,748
109,314
40,836
27,046
66,260
46,172
53,024
36,946
2,351,900
168,227
707,999
197,601
235,920
122,400
89,488|
266,200
99,444^
65,864
112,438
89,970
190,349
2,363,730
169,300
710,471
200,385
236,546
123,318
89,849
266,673
99,557
66,403
113,560
90,529
197,139
advances..............
U. 8. Govt, securities, direct & guar.:
Bonds..........
II—
Notes—
965,800
Total
U.
S, Govt, securities,
direct and guaranteed........
Total bills and securities-——
Due from foreign banks..
l1
1
4
2
2
6
1,646
86,023
5,424
5,883
2,615
71,421
2,591
3,127
1,971
32,279
2,001
1,971
2,727
100,343
3,358
5,756
2,580
42,745
2,422
2,123
22,754,742 1,481,537 10341801 1.251,745 1,632,746
736,003
499,850 3,422,503
643,491
383,608
3
18
682
76,460
2,352
177,409
41,348
54,189
.......
2,847
3,051
9,750
15,682
...........
......
1
4
1,991
32,661
3,097
20,717
1,374
1,537
Uncollected Items.........
Bank premises.....
Other assets—..............
Total assets......
5
1,033
54,537
4,488
4,484
47
22,233
760,247
...
Fed. Res. notes of other banks......
656
27,717
1,121
2,886
37,935
2,875
2,770
4,783
see a
1,094
2,416
399,238 1,396,686
505,534
LIABILITIES
F
R. notes In actual circulation
5,520,271
378,875
853,388 7,440,887
110,155
19,639
257,582
178,715 1,183,734
200,777
152,308
197,983
89,965
449,590
895,164
34,277
69,859
8,331
334,544
20,872
329,948
21,777
22,535
7,521
164,584
275,909
20,884
4,628
222,038
23,742
22,535
1,952
775,553
32,301
3,526
224,704 1,952,483
39,624
22,328
26,291
90,141
3,194
8,648
391,243
270,517 2,090,896
..
Foreign
Other
505,211
785,381 1,007,631
449,002 1,470,529
Member bank reserve account..... 14,147,775
U. 8, Treasurer—General account.
383,052
Deposits:
1,071,443
51,794
589,211
528,776
—
672,573
13,884
73,615
7,653
430,932
25,309
deposits
Total
381,781
203,150
323,206
270,267
885,316
85,364
71,307
31,272
101,278
43,432
18,588
33,418
27,278
34,564
420
427
141
180
470
139
172
155
150
292
720,273
486,684 3,376,378
032,129
374,218
654,761
932,474 8,583,185
736,357
74,588
4,147
421
161,700
1,180
137,638
9,333
51,057
151,720
10,405
53,320
26,839
46,724
....
2,874
7,109
2,440
13,715
Surplus (Section 13-b)
Other capital accounts
11,881
14,198
4,393
3,029
5,342
"Other cash" does not Include Federal Reserve notes,
a
V7V;:;
Three
4,102
2,957
4,709
1,895
2,051
22,824
1,429
7,911
1,953
3,162
1,001
2,280
499,850 3,422,503
043,491
383,608
665,534
416
50
136
736,003
587
509
538
14
11,608
4,162
3,974
1,266
2,176
4,423
3,613
1,142
1,595
713
10,224
2,121
2,971
399,238 1,390,686
4
2,723
FEDERAL RESERVE..NOTE STATEMENT
Ciphers (000) Omitted
Total
Boston
Neto York
Phlla.
Federal Reserve notes:
Issued to F. R. Bank by F. R. Agent
Held by Federal Reserve Bank....
%
S
S
s
Cleveland Richmond
$
468,210 1,551,225
19,208
80,696
395,361
529,382
193,782 1,216,182
32,448
15,067
218,085
11,308
206,026
24,m
269,281
11,699
156,995
16,486
4,687
8,043
99,827
9,862
609,798
60,208
449,002 1,470,529
378,875
505,211
.257,582
178,715 1,183,734
206,777
152,308
197,983
89,905
449,590
5,930,500
490,000 1,575,000
400,000
532,000
290,000
200,000 1,230,000
219,000
157,500
210,000
103,000
524,000
362
301
85
214
795
490,020 1,575,362
400,301
157,714
210,795
103,000
524,000
Eligible paper.
20
1.842
Total collateral—........
5,932,342
532,000
-----
Bid
18 1940..
Dec
26 1940
Jan.
219,085 »
THE BERLIN
STOCK EXCHANGE
Closing prices of representative stocks as received by
Asked
Dec.
200,000 1,230,000
290,065
Treasury Bills—Friday, Oct. 25
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
0.06%
6 1940.
.
65
Rates quoted are for discount at purchase.
30 1940.
S
s
S
$
$
San Fran,
Dallas
St. Louis Minneap. Kan. City
s
5,520,271
In actual circulation...........
held by agent as security
Bid
Chicago
$
293,883
5,814,154
for notes issued to banks:
Gold certificates on hand and due
from United States Treasury....
United States
Atlanta
$
Collateral
NOV.
13,961
5,725
387,660 1,309,762
Less than $500.
Federal Reserve Bank of—
Oct.
4,677
5,247
3,246
14,075
14,323
1,007
4,708
Total liabilities and capital accounts 22,754,742 1,481,637 10341801 1,251,745 1,632,746
Commitments to make Indus, advs
722
960
263
7,422
1,038
♦
31,905
54,851
23,007
53,568
16,131,046
——...
Capital accounts
Capital paid In—
Surplus (Section 7)........
21,784
22,391,821 1,456,485 10216 594 1,218,244 1,598,633
deposits.............
Deferred availability Items———...
Other liabilities, lnd. accrued divs
Total liabilities...
17,965
16,526
4,075
2 1941
Asked
0.06%
0.00%
0.06%
0.06%
0.08%
0.06%
each
day of the past week:
Oct.
19
Oct.
Percent
—
Oct.
24
22
21
cable
Oct.
23
Oct.
Oct.
25
of Par
— — — —
41940.
11 1940.
Dec
-----
—
—
—
— —
—
176
174
174
9 1941
18 1941
Jan. 22 1941...
209
210
210
Berliner Kraft u. Llcht (8%).....
208
209
139
138
141
142
142
149
126
147
151
154
153
126
126
126
126
(6%)———————138
138
137
140
141
141
Farbenlndustrle I. 0. (8%).————190
192
194
194
shares)..—......——120
120
120
120
120
120
254
254
255
255
254
Vereinigte Stahlwerke (6%)————137
139
137
140
140
139
Deutsche
Bank
Figures after decimal point represent
one or
more
S2ds of
ENGLISH
Rate
Asked
100 6
Rate
Maturity
June
15 1943...
Dec. 15 1940—.
1H%
Mar. 15 1941...
l
101 22
101.24
Sept. 16 1943
1
101.24
101.20
Dec.
102.2
102 4
Mar. 15 1944...
Dec.
15 1941...
Mar. 15 1942...
Sept. 15 1942...
Dee. 15 1942...
H%
1M%
1 H%
2%
l%%
,
15 1943...
15 1944
102.24
102.26
June
103 31
104
Sept. 15 1944...
103.30
104
1
Mar. 15 1945...
1H%
1%
1^%
1%
H%
1%
M%
Bid
The
Asked
102.15
102.17
102 6
102.7
101.5
101.7
102.6
102.8
100.22
100.24
168s.
Gold, p. fine oz. 168s.
Wed.,
Thurs.
Frt.,
Oct. 23
Oct. 24
Oct. 25
23 Mid.
23 7-16d.
23 Hd.
168s.
168s.
23)4d.
168s.
168s.
Closed
£75J£
£75)4
£75
£75
Closed
£10254
£10254
£10254
£10254
£10154
Closed
Consols, 2)4%.
British. 3 H%
£11154
£11154
£11154
£11154
£11154
£75
British 4%
on
the New York Stock Exchange
The
States
compiled by Dow, Jones & Co.:
price of silver per ounce
on
the
same
fin cents) in the United
days have been:
Bar New York
3454
3454
3454
3454
3454
3454
(newly mined)
71.11
71.11
71.11
71.11
71.11
71.11
United
States
(foreign)—
Bond*
Stocks
U. S. Treasury
10
10
30
20
15
Total
10
First
Second
10
Total
Indus¬
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
•
Rate
23 7-l6d,
Closed
Sliver, p. oz. d.
Tttes.,
Oct. 22
daily closing averages of representative
stocks and bonds listed
as
Mon.,
Oct. 21
Sat.,
Oct. 19
1960-90
the
CABLE
reported by cable, have been as follows the past week:
102 27
102.5
as
101.8
102.25
Stock and Bond Averages
are
FINANCIAL MARKET—PER
daily closing quotations for securities, &c., at London,
W. L
Below
193
Int.
Bid
June
151941
191
'.'V'
"v
Int.
Maturity
-
147
(6%)-
Relchsbank (new
Oct. 25
point.
210
(6%)—-—-.-138
Commerz Bank
Quotations for United States Treasury Notes—Friday,
a
173
Siemens & Halske (8%)—.———252
Jan
Jan,
-----
175
Deutsche Relchsbahn (German Rys. 7%)—126
Nov. 20 1940.
Nov. 27 1940.
Deo.
-----
Allegemeine Elektrizitaets-Gesellsohaft(6%)l73
Dresdner Bank
Nov. 13 1940.
Oct. 25.
131.16
28.57
22.27
44.40
107.63
93.90
48.43
109.54
89.88
Oct. 24.
131.30
28.65
22.13
44.44
107 .b0
14.04
48 74
109.48
89.97
28.92
Oct. 23.
132.40
22.29
44.80
107.09
93.86
49.35
109.68
131.98
28.77
22.07
44.00
107.84
93.75
49.30
109.09
90.16
131.37
28.68
21.94
44.40
107/.77
93.84
49.55
109.75
90.22
132.18
28.89
22.20
44.72
107.71
93.66
49-65
109.68
90.17
Government
Securities
on
the
New
Exchange—See following page.
90.15
Oct. 22
York Stock
1
Transactions
at
the
New
York
Stock
Daily, Weekly and Yearly-—See page 2465.
Exchange.
Oct.
2450
26,
1940
Stock and Bond Sales—New York Stock Exchange
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
NOTICE—Cash and deferred delivery sales are disregarded in the
account is taken of
of the day.
day's range, unless they are the only transactions
United States Government Securities
on
the New York Stock Exchange
Mortgage
the transactions in Treasury, Home Owners' Loan and Federal Farm
Corporation bonds on the New York Stock Exchange during the current week.
£
Quotations after decimal point represent one or more 32ds of a point.
Below
we
No
such sales in computing the range for the year.
furnish
daily record of
a
Oct. 23
Oct. 22
Oct. 21
Oct. 19
Daily Record of U. S. Bond Prices Oct. 19
Oct.22
Oct. 21
Daily Record of U. S. Bond Prices Oct. 19
Oct. 24
Oct. 24
0<2.24
Oct. 23
Oct. 25
*
•
120.26
120.22
120.21
120.21
Low.
120.16
120.21
120.18
120.22
Close
Treasury
120.21
120.21
120.21
120.18
120.22
3
5
fHlgh
4X8. 1947-52
■
3
i
mmmm
113.31
....
....
(Close
....
113.31
....
mrnmm
mmmm
mmmm
mmmm
mmmm
mmmm
7
Total sales in $1,000 units...
mmmm
mmmm
mmmm
High
mmmm
mmmm
mmmm
108.22
Low.
mmmm
mmmm
mmmm
108.22
Close
mmmm
mmmm
mmmm
108.22
114.2
mmmm
1
fHlgh
2Xs. 1948
mmmm
mmmm
1
1
Total sales in $1,000 units...
mm
Total sales in $1,000 units...
mm
I Close
$
(High
1 Low.
IO2". 12
t
1
102.9"
102.12
102.9
(Close
102.12
102.9
Total sales in $1,000 units...
1
| Low
4
4
1
1
102.11
mmmm
2
106.21
mmmm
mmmm
Low.
mmmm
■mmmm
mmr-rn
104.11
mmmm
Close
mmmm
mmmm
mmmm
104.14
Total sales in $1,000 units...
.
_
_
■mrnmm
mmmm
mmmm
8
mmmm
High
mmmm
mmmm
103.29
103.29
mmmm
mm<~~
Low.
mmmm
mmmm
103.29
103.27
mrnmm
mmmm
Close
mmmm
mmmm
103.29
103.27
mmmm
mmmm
mmmm
Total sales in $1,000 units...
mmmm
16
3
108.21
■
_
High
mmmm
'
2X8, 1951-53
mrnmm
—
....
103.3
103.3
103.4
mmmm
mmmm
....
1
mm.**.
mrnm
m
mmmm
2X8, 1954-56
108.19
108.18
109.16
109.19
...
109.16
109.16
109.19
....
109.10
109.16
109.19
.
.
5
2
4
....
112.4
112.4
....
112.4
.
mmmm
High
mmmm
Low.
104.20
mmmm
Close
104.20
mmmm
mmmm.
mmmm
mmmm
■mmmm
102.3
102.7
102
mmmm
mmmm
mmmm
102.3
102.7
Close
102
mm mm
mmmm
102.3
102.7
mmmm
■
mmmm
mmmm
mmmm
mmmm
*2
mmmm
108.4
mmmm
....
Low.
mmmm
mrnmm
108.4
mmmm
....
Close
mmmm
mmmm
mmmm
....
Total sales in $1,000 units...
mmmm
mmmm
mm
mm
mrnmm
m mrnm
mrnmm
Total sales in $1,000 units...
mm
Federal Farm Mortgage
3 X8. 1944-64
mmmm
112.31
1
1
t
1
1
I
1
1
1
t
1»•1
11tt
«
1
I
1
High
mmmm
3s, 1944-49
Low.
Close
mmmm
108.4
mmmm
High
mmmm
Low.
m
111.15
111". 12
lli~.18
111.11
111.12
111.11
111.12
111.17
111.11
....
111.12
111.12
111.15
111.12
111.18
Close
2
Total sales in $1,000 units...
2
1
8
108~31
108.30
108.30
108.31
108.31
108.29
108.28
108.27
108.31
109
108.31
108.29
108.28
108.31
108.31
109
1
8
-
109
108.31
3s. 1942-47
(High
3
....
J Low.
....
....
(Close
....
....
1
1
3
1
mmmm
109.17
mm mm
mmmm
109.17
mmmrn
mmmm
Total sales in $1,000 units...
Home Owners'
Loan
6
Close
II
I 1 I I til
11
(High
1
fit t 1 til
1
1 II
108.13
I
<
mmmm
108.13
....
Total sales in $1,000 units...
mmmm.
....
.
....
mmmm
Close
,'
....
4» .
-
-
mrnm
mmmm
mmmm
mmmm
'mmmm
103.16
mmmm
mmmm
mmmm
mmmm
103.16
m
m
mmmm
107.24
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
6
107.31
107.25
....
107.27
107.27
3
•
*
mmmm
mmmm
Low.
...
Odd lot sales,
mmmm
mmmm
107.24
107~30
mmmm
bonds.
mmmm
107.30
1
mmmm
107.30
1 Treas.
3
mmmm
107.26
....
107.28
'
107.26
2
mm
103.16
....
mmmm
103.18
mmmm
103.18
....
103.18
■
12
....
*1
mmmm
'
....
1
103.18
....
«*
mm
....
mmmm
mmmm
mmmm
m
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
....
mmm
mmmm
....
mmmm
mmrnrn^
t Deterred delivery sale.
m
$ Cash sale.
107.29
107.27
mmmm
107.29
107.26
107.29
107.27
mmmm
107.30
6
9
12
mmmm
44
includes
table
only
registered bonds
Transactions in
sales
of
coupon
were:
10
107.28
I
Close
'
107.26
-.--1
... .
107125
103". 18
mrnmm
mmmm
Low.
'
107.24
107.28
Close
.
<
Note—The "above
■.
mm mm
107.24
1
....
Total sales in $1,000 units...
107.26
mm mm
-
....
107.25
....
m
1
■mmmm
107.28
'
Total sales in $1,000 units...
....
107.25
....
I Close
Total sales in $1,000 units...
mmmm
2
'•
High
3
107.27
107.31
...
....
^H,gh
Low
*mmm
mmmm
1
'
in $1,000 units...
mmmm
107.24
mmmm
Low.
mmmm
mmmm
107*24
mmmm
108.21
m
4
...
Low.
103.16
mmmm
mmmm
lXs, 1945-47
108.21
•
107.31
High
....
mmmm
mmmm
108.21
108.13
mmmm.
.
mmmm
'
mm
mmmm
m
Close
'mrnmm
mmmm
mmmm
Total sales in $1,000 units...
....
Low.
r
mrnmm
mmmm
mmmm
i Close
Total sales in $1,000 units...
....
■
Close
2X8. 1942-44
mmmm
mmmm
High
Low.
mmmm
'
Low.
High
....
mrnmm
mmmm
Total sales in $1,000 units...
1
....
mmmm
mmmm
103.24
*2
High
3s, series A, 1944-52
mmmm
mmmm
103.19
103.19
....
mmmm
Low.
Total sales in $1,000 units...
1
....
103.19
....
-mrnmm
mmmm
103.24
mmm
....
mmmm
m-rnmm
mmmm
103.19
m mm —
Close
109.17
~mmm
mmmm
mmmm
High
2X8. 1942-47.-
2
....
mmmm
Total sales in $1,000 units...
111.11
Low.
.
mrnmm
mmmm
mmmm
mmmm
7
(Close
_
mmmm
mrnmm
mmmm
mmmm
102.3
112.31
mmmm
mmmm
1
Total sales in $1,000 units...
—
mmmm
mmmm
m
(High
2Xs, 1960-65.-.-..
mmmm
'
(Close
—•
mmmm
mmmm
-
mmmm
mmmm
2
....
Total sales in $1,000 units...
„
mmmm
mmmm
High
m
112.31
....
(High
2Xs. 1958-63
mmmm
mmmm
-
Low.
2s, 1953-55
m
mmmm
mmmm
....
1
■] Low.
sa *t
mmmm
High
mm
mrnm
mmmm
2
.....
....
Low.
.
mrnmm
mmmm
10
Total sales in $1,000 units...
mmmm
mmmm
....
..
.
2s. 1948-50
(Close
m
mmmm
mmmm
mmmm
2s, 1947
Total sales in $1,000 unUs...
Total
mmmm
'mmmm
104.20
-
High
2«8. 1956-59
mmmm
mmmm
3
mm
112.4
1
Low.
■
mmmm
mmmm
105.30
30
....
....
(Close
—
mmmm
mrnmm
105.30
105.30
mmmm
mmmm
112.4
'
.
105.30
mmmm
Total sales in $1,000 units...
112.4
...
mmmm
Close
1
mmmm
109" 17
....
Low.
108.21
mmmm
2
108.21
mmmm
108.18
4
$1,000 units...
aXs. 1951-64
+ mmm
mmmm
105.30
mmmm
108.18
108.18
....
(High
,
mmmm
105.30
mmmm
108.18
mmmm
■
(Close
2Xs, 1948-51
mmmm
....
104.14
mmmm
mrnmm
....
....
Total sales in $1,000 units...
2Xs, 1955-60.
....
2
'
mmmm
•) Low.
■
106.21
mmmm
mmmm
mmmm
3HS, 1949-52
....
mmmm
(High
'
7
mrnmm
mmmm
....
106.21
mm'mm
mi
(Close
2J4s, 1945-47
mmmm
mmmm
mmmm
mmmm
$1,000 units...
(High
^
....
Low.
mmmm
mmmm
103.4
Low.
_
*5
Close
103.4"
.
3s, 1951-55
1
Total sales in $1,000 units...
103.3
■
_
mmmm
mmmm
103.3
(High
3s, 1946-48.
mmmm
mmmm
103".3"
(High
-{Low.
_
50
mmmm
mmmm
mmmm
103.3
I Close
Total sales in
106.14
mmmm
....
2
Total sales in $1,000 units...
^
106.13
mmmm
....
Total sales in $1,000 units...
3 Xs, 1946-49
mmmm
2MB, 1950-52
mmmm
11 Low.
Total soles in
mmmm
High
mmmm
108.8
....
1
102.11
(High
3 Xs. 1944-46
106.14
100.16
mmmm
106.14
106.13
4
102". n
t
'
Total sales in $1,000 units...
3tfS, 1943-45-.
106.13
mrnmm
Close
1
....
108.8
(Close
3X8. 1941
.mrnmm
mmmm
Total sales in $1,000 units...
I
1
mmmm
1
108.8
... .
1
1
II
1
....
1
(High
3Ws. 1943-47
mmmm
106.10
mrnmm
1
1
*
Total sales in $1,000 units...
3HS, 1941-43
106.16
Low.
2Xs. 1949-53
1
.....
mmmm
2
....
mmmm
mmmm
mrnmm
----
mmmm
mmmm
....
High
... .
| Low.
SHB, 1946-56
mmm-m
Close
114.2
mmmm
mmmm
Low.
2Mb, 1945
114.2
113.31
fHlgh
■] Low.
.
Treasury
mmmm
120.26
120.20
....
mmmm
mmmm
Total sales in 11,000 units..
4s, 1944-54
High
..
..
108
I 22 Treas. 2Xs, 1951-54.. 108.14 to 108.14
to 108.6
3Xs, 1943-45..108.17 to
108.17115
United States Treasury
107.30
mmmm.
Trees. 3Xs, 1943^7.-108.6
Treas. 2Xs, 1954-56.-103.26 to 103.26
Bills—See previous
United States Treasury Notes,
page.
&c.—See previous
page.
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
Monday
Tuesday
Oct. 19
Oct. 21
$ per share
56%
*121
56%
129
$
56%
50%
121
Oct. 23
Oct. 24
Oct. 25
Week
$ per share
$ per share
$ per share
$ per share
Shares
56i8
56J4
120% 120%
*35%
36%
"■4712 48%
56
56%
120
120
*35%
*47%
48%
5%
5%
22%
14%
4034
%
2284
22
22
14%
14%
14%
14%
14%
*22%
14%
41%
4034
41%
41%
41%
%
%.
7i#
40%
7ie
%#
%
4%
4%
%
4&8
%
412
•is
4i2
5g
4%
%•
4%
%
*11%
*9%
11%
984
20%
P"
*19
23%
*75
*10
*168
*934
*12%
7%
*69%
3534
15%
*1%
*13%
23%
....
10%
171
10%
13
7%
11%
9%
*19
23%
51 ?
11%
11
934
20%
23%
.
69»a
69%
36
15%
15%
36%
15%
1%
*1%
*13%
1%
15%
43%
43%
43
15%
*15%
6184
8%
40
61
8%
*45
36%
48%
5«4
Z22%
22%
23
12%
7%
69%
35%
15%
1%
14%
41%
9,300
AUr Reduction Ino
*%
%
%
%
600
4%
4%
4%
4%
4%
1,600
Alaska Juneau Gold Mln
%
*%«
%
2,300
11%
1034
Allegheny Corp..
No par
5X % Pt A with $30 war. 100
%
11%
60%
*8%
*45
no
sales
10
11
7%
69%
69%
70
36%
1534
*1%
3034
16%
61
8%
46
11%
9%
*19
23%
9%
7%
17%
1%
17%
*9%
169
*10%
12%
7%
*70
36%
16%
1%
*16
9%
*75
10%
300
11
*10
11
100
13
13
700
12%
7%
7%
7%
70%
70
70%
37
36%
37
16%
1%
17%
15%
*45
46
16%
1%
6034
8%
8%,
*45
$ In reoelverehlp.
a
1%
7,000
$2.60 prior conv
Alghny Lud St! Corp
N« par
Alleg A West Ry 6% gtd—100
Allen Indus tries Inc
2,700
1,600
1
Allied Chem'ea. A Dye.No par
Allied Kid Co
5
Allied Mills Co Inc
No par
Allied Stores
600
13,500
10
5%
Corp
preferred......
No par
100
Allte-Chalmerx Mfg
No par
Alpha Portland Cem__Wo par
Amalgam Leather Co Ino
6%
prefened_.
1
400
42%,
900
Amerada Corp
1534
42%
*15
5934
46
16%
3,200
No par
18
*15
42%
15
day.
......
170
42%
on this
_
10%
169
15%
6034
8%
J
*9%
170%
10
5X% pf A without war. 100
pret.No par
1,300
6,100
Corp
Air Way El Appliance. _No par
Alabama A Vlcksburg Ry.100
400
19
23%
42%
5934
9%
19
23%
42
*45
1,600
19%
*15%
6034
8%
8%
11
2334
*75
10%
170%
13
42%
15%
No par
41
13
15%
No par
42%
*10%
1%
16%
26
Express
Adams-M Ulls corp
4134
12%
v%
No par
Acme Steel Co.
Adams
42%
%
*75
36
Abraham A Straus
100
Address-Multgr
20
*9%
500
No par
preferred
1,000
23%
169
600
1,900
conv
15
23%
10%
170%
10%
10%
.......
4X%
15
20
10%
Abbott Laboratories
370
15
10
169
1,700
Par
15
23%
11%
55%
5434
*118% 119%
36%
*35%
48%
48%
5%
5%
22% 22%
Lowest
1438
20
*42
Bid and asked prices
48%
5%
1912
*15%
8%
*35%
584
10
15%
46
36%
48%
%
*75
56
120
534
11%
934
43
62
23
55%
120
*35%
48%
5^8
23
10
70
10
5%
*22
36%
*61
*
4734
169% 169%
*9%
10%
12%
121?;
738
7%,
*15%
*83g
*45%
473s
*75
10
Ranot Since Jan. 1
On Basis of 100-Share Lou
EXCHANGE
Wednesday
Friday
42
*35%
4734
5%
STOCKS
NEW YORK 8TOCK
the
CENT
Thursday
Oct. 22
per share
120
NOT PER
SHARE,
Sales
for
Saturday
300
61%
4,500
Am AgncChem (Drt>__No par
Am Airlines Inc
10
8%
700
..No
American Bank Note
6% Deferred
46
Def. delivery,
conv
n
New stock
r Cash sale
60
par
$
per
Range for Previous
Year 1939
Lowest
Hiohest
$
share
50
May 21
May 22
30
May 22
34%May 25
4%May 28
110
16%June 5
12%June 15
per
share
$
70% Feb 14
147
Feb
8
Jan
36%June 10
%June 10
27% Apr
19% Jan
68% Jan
%Mar 11
60
May 21
77
4
May 21
7
Mar 26
Jan
8
%June 4
5% June 10
4%May 21
7
May 21
1% Jan 8
14% Jan 3
12% Jan 4
22
Sept 25
15%May 21
26%May 10
74% Sept 30
12% Apr 16
61
June 22
6%June 11
135%June 10
8% May 15
10
June
5
4%May 21
May 28
21%May 22
65
11
June 10
l%May
9%May
38%May
12%May
41% Jan
16
28
23
22
12
182
14
Apr
53
Apr
Apr
120
9
Jan 25
16*4 Apr 23
9% Jan 2
6% Aug
19
Sept
25
Mar
15% Sept
27%
68
Jan
Sept
%
68
10
Jan
% July
6% Aug
2
Sept
4% Sept
8
June
14
Apr
62
May
Apr
6%
151%
10
Apr
6
Apr
Apr
Apr
54%
9
58% Apr
5
21
4
Jan
12%
Apr
1% June
Jan
19% Jan
3% Sept
June
Apr 16
12% Apr 9
28
50
48%
f
Jan
Aug
74% Sept
24% Sept
June 18
Er-rlght.
11%
71
48%
Apr
Apr
June 10
v
200% Sept
14% Sept
15% Sept
50
16
6
x Ex-div.
18
Sept
23% Bept
28% Jan
09
Sept
11% Oc
21
35
3
20% Sept
Aug
10
JaD
Feb
12
60
75
Apr
Apr
9%
28
Apr 22
1% Sept
68
4
2% Jan
Jan
Dec
8
18
Apr
Feb
6%
41%
16% Oct 24
share
71% Sept
149% Sept
49% No«
66% Oct
111* Sept
45%
73%May
Jan
Hiohest
share $ per
33% Apr
31% Mar
46% Apr
62% Apr
9
pot
9% Sept
Dec
Sept
47
Dec
17%
Jan
60
Jan
Called for redemption
Volume
LOW
AND
New York Stock
151
HIGH
SALE
PRICES—PER
SHARE,
NOT PER
Record—Continued—Page
CENT
Sales
STOCKS
for
NEW YORK STOCK
the
Monday
Tuesday
Wednesday
Thursday
Friday
Oct. 19
Oct. 21
Oct. 22
Oct. 23
Oct. 24
Oct. 25
9 per share
$ per share
$ per share
Range Since Jan. 1
Shares
On Basis of
Week
7
$ per share
7
*3578
*7
36*4
36%
134
*130
1%
94%
*175
36%
*130
13s
94%
7
7
36%
*130
1%
*7
3634
134
1%
20%
58%
59
59%
20%
21
20%
7%
3634
36%
*130
1%
36%
*130
1%
95%
95%
176
7
133
1%
95
94%
94%
95%
*17434 178
*17434 177
28
2734
28%
28%
28%
59%
20%
134
*1%
178
28%
59%
$ per share
7%
1%
z93%
176
2834
7
7
3634
*36
132%
130
1%
94
500
36%
1%
9334
130
62
94
13
*7
*6%
*6%
*5%
*1%
7%
534
9%
81
1%
5%
1%
15
15
*5%
*9%
*80%
*134
*4%
*3%
*12
6,200
4,900
*7
13
*7
*6%
7%
*6%
*5%
5%
*5%
9%
81
*80%
1%
*4%
5%
1%
1%
3%
3%
4%
3034
36*4
4%
3084
*12%
35%
4%
3034
13
37
4%
31%
56
56
*55%
56
56%
2
134
21%
3%
,
2
*134
*21
3%
1%
22
*21
3%
*334
*46
1534
73%
*15%
72
72
133s
2%
17%
13%
13%
54
7%
*154
55
4734
7
7%
*154
7%
1234
68%
69
6%
1,100
3%
600
37%
15%
3%
1234
1234
35%
4%
3%
31%
56
4%
3134
66%
134
22
3%
36%
4%
31%
56%
*1%
*21
334
3%
*1134
35
35%
15%
*46
13%
*1%
*21
*3%
11,000
12%
|
3,700
1,000
800
6% conv preferred
American Home Products
100
American Ice
200
4
1,400
69
70
634
634
8%
31%
8%
31%
8%
*31%
4134
9
9%
9%
9%
96
9%
9%
96
*94
96
*93
93s
9%
9%
9%
9%
50%
6%
50%
50%
50%
6%
6%
6%
"2",500
4.000
2,300
234
234
1634
600
Amer Mach A Fd> Co-No par
Amer Maoh A Metals..No par
3
*23
3,100
Amer Metal Co Ltd—No par
105
100
*23
24
40
6% preferred
100
American News Co....No par
Amer Power A Light...No par
16%
I
54%
4734
54%
53%
54%
3,000
47
45%
45%
4584
2234
23
46
23%
*42
46
23
23
*28
32
*28
15%
51
13%
13%
13%
15,900
70%
70%
70
634
8%
634
7034
6%
2,040
684
*8%
8%
*14
*14
*28
"ll"
11
*10
15%
*2
*2
2%
2%
30%
30% *29%
*109
110%
109% *109
4%
434
434
434
*45
4534
45-34
45%
*93
9%
9%
50%
6%
*2%
48
23%
*29%
15%
*111%
11%
*1034
2%
*2%
*2
2%
30%
634
94
9%
49
9%
conv
preferred
100
200
American Snuff
25
6% preferred
100
"Vioo
1,500
Amer Steel Foundries..No par
American Stores
No par
American Stove Co
""800
600
500
No par
American Sugar Refining.. 100
Preferred
100
Am SumatraTobacoo..No par
7,500
Amer Telep A Teleg Co
2,500
American Tobacco
3,700
600
3,200
7,300
4,000
300
A P W Paper C »Inc
""865
5
Archer Darnels Mldl'd.Nc par
100
ArmourACo(D«I)pf7% gtdlOO
14,500
4,200
Armour A Co »f Illinois
5
16 conv prior pref
*70%
74%
*70%
74%
*71%
74%
81
*78
85
*78
85
~
'
*80
85
200
35
*33%
36
*33%
36
I
*33%
36
3434
3434
200
Assoc Investments Co-No par
*88%
8934
89
90
90
90%
90%
90%
91
91
240
16%
17
51%
7,000
Atch Topeka A Santa Fe.-lOO
1,200
13%
2,100
6% pieferrred
..100
Atlantic Coast L.ne RR
100
102
*82
634
*82
634
*71
32%
*8%
*5%
5%
102
*82
634
75
*70%
32%
*8%
5%
32%
834
6
*6%
75
81
8%
90
102
6%
*82
6%
32%
74
*43
3134
102
20%
*8%
884
5%
*5%
5%
*82
6%
102
*6%
*82
63s
90%
73%
*81
17
16%
16%
16'4
5038
51
*51
13%
13%
13%
13%
13%
50%
*13%
51%
1334
12%
17
2134
50%
13%
17%
5034
1738
50%
17
50%
1634
5034
1334
*1134
1334
12%
12%
*15%
21%
12%
*15%
13%
*11%
21%
*15%
2134
17
21%
*12
13
*11%
16
16
16
*15%
22
2134
21%
12%
21%
13%
100
I
I
15%
13%
15%
2134!
21%
22
16
""760
6%
73%
85
17
""200
I
102
6%
50%
17%
"i'.coo
31%
834
*5%
53s
3134
*8%
6%
i
74
200
200
5,300
*107% 109
*107
109
*107
109
*107
109
*107
109
*107
109
7
7
7
7
7
7
7
7
7
7
7
48
48
400
7
*48
48
*48
48
4834 *48
4834
48%
64% *63%
64%
65%
*64
64%
64%
65%
*11234 11934 *11234 11934 *11234 11934 *116% 11934
6%
6%,
*6%
*6%
6%
6%
6%
6%,
*23s
2%
2%
*2%
234
2%
2%
2%j
18
18
1634 *16%
18
*16%
19
1634
4%
434'
4%
434
4%
4%
4%
4%
16%
1634
17%:
16%
16%
16«4
16%
17%
4%
5%
4%
5%
*9
9%
*46
47%
*10%
10%
7
;4%
5%
7
*27%
27%
9%
46
j
*6%
*27%
28
5%
*45%
10 3s
*10
7%
28
8%
27%
27%
27
*112% 114
23
23
23
*105%
110
111
*101
*105% 111
"101
4%
5%
9%
47%
*10
*112% 114
23
4%
110
*29
33
*31
*115
120
*115
32%
120
*9
634
27%
4%'
4%
5%
53s
*9
9%
46
*45%
10
10 3$
634
*7
27%
*27%
*100
3034
*116
7%
*10%
110
31
19%
19%
55
30
30
8034
813S
31
30%
31
*30%
81%.
81%
823s
80%
124
123% 123% 124
24
24
*23%
24
19
19
18%
*18
9
8%
9%
9
20
*19
*19%
20
133s *12%
133s
*12%
*1223s 123%
*24
2434
1834
9
1834
9%
*19
20
*12%
13%
82%
*81
*
'
Rid and
*81
82%
*52
400
10
81
81
...6
...
6% preferred
60
Atlas Powder
No par
5% conv preferred
100
Atlas Tack Corp...
No par
Austin Nichols........No par
284
*2%
234
200
17%
17%
4%
434
4%
484
14,300
16%
17%
4%
53s
16%
16%
15,900
4%
4%
3,500
Baltimore A Ohio..
*5%
♦83s
5%
1,500
4% preferred
Bangor A Aroostook
Conv 5% preferred
4
5%
17
70
17
9
9
*45
46
46
10
9
9%
6%
7
28%
29
9%
6%
*31
*10
6%
28
9
300
80
46
7H
110
33
*100
4,000
500
190
*10
*7%
...100
100
50
..100
Barber Asphalt Corp....... 10
Barker Brothers
N« par
60
5H% preferred..
Barnsdal' Oil Co
1,400
Bayuk Cigars Ino.....No par
5
1st preferred
"i',666
100
25
Beatrice Creamery
15 preferred w w
No par
...
Preferred x-warrents_No par
80
Beech Creek RR-.
60
Beech-Nut Packing Co
33
120% *116% 119
7%
Nt par
4,500
110
*31-
15 prior A
Aviation Corp 01D i)(Thel.3
Baldwin Loco Work tvto...l3
20
734
""306
Betdlng-Hemlnway
"8,866
Bendlx Aviation
*10
No par
Belgian Nat Ry» part pref
....
5
31
31%
31
3134
30%
31%
19%
55
orlces: no wile
I
65%
Atlas Corp
*2%
*116
*52
*52
31%
19%
...100
25
400
28
7%
1
5% preferred
Atlantic Refining
6%
122
7%
^tiOAW188 Lines
6%
*31
3034
120% *116
7%
20
31%
100
6%
*100
55
19%
"4",900
*116% 11934
*6334
5% preferred
6%
110
20
3034
28
64
117
*100
*10%
3034
19%
*10%
734
*7%
10%
738
48
64
7% preferred
Armstrong Cork Co
jt% oonv pref series A... 100
8
8%
8%
8%
8
8%
8%
8%
*27
2734
273s
27%
27% 27%
2734 2734
*112% 114
*112% 114
*113% 114
*113% 113%
I *23
23
23
23%
23
23
23%
23%
*105% 111
*105% 111
*105% 111
*105% 111
7%
20
31%
19%
*7%
4%
5%
9%
46
48
117
19%
1934
20
19
19
54
*52
54
*29%
30%
"l'.ioo
Best A Co
82
83%
24,100
Bethlehem Steel (Del).No par
♦123% 124%
500
*52
54
30%
83%
30%
82%
124
*2912
124
2334
*18%
9%
19
*12%
1
*52
*79
nnthtaday
82%
124
24
*23%
1834
19
9%
19%
133s
83%
9
30%
83%
124
24%
1834
1,500
Beneficial Indus Loan..No par
Pr
pfd!2.60dlv ser'38No par
.No par
*23%
24%
*18
19%
400
7% preferred...
100
Bigelow-Sanf Corp Inc. No par
Black A Decker Mfg CoNi par
9
9%
19%
4,000
Bfaw-Knox Co......—No par
9%
19%
*12%
19%
133s
*12%
*79
83%
*79
*18%
t In recelverohlp.
n
May
13%
83%
Def
500
300
10
delivery
Bliss A Laughiin Inc
6
Bloomlngdale Brothers. No par
Blumenthal A Co pref
100
nVew«ttock
r
Oa*h aale
54
Apr 11
147
Apr 16
Feb
9
152%May
70
1
3
33% Jan
14% Apr 12
17% Jan 6
23% Feb 23
Feb 23
93
18. Mar 13
May 21
l>4June 17
June
5
97%June 6
4
May 21
35 May 21
58% Jan 4
22% May 21
6%May 22
3%May 22
96% Jan 12
4%May 22
65
Aug 29
49%May 22
29%June 18
82
May 23
13 May
39%May
9%May
8%June
9%June
l8%May
102
21
21
22
6
5
21
June 24
7
May 7
43%June 5
67
May 23
112%June lli
4
May 21
1% Feb 7
10 May 21
4
Aug 16
l2%May 23
234May 15
3%May 16
7%June11
34
May 21
8%May 21
4
May 15
20 May 21
12
Mar 12
Apr 15
Apr 9
Oct
1
Apr 8
Jan 4
54
June 27
v
30% Nov
Apr
6
Apr
10
Jan
Apr
934 Jan
25% Nov
Sept
33
12
Apr
2% Mar
8
Sept
25%
41%
Apr
43% Sept
Apr
60
1%
Jan
Dec
3% Aug
14% Jan
3% Sept
25
Aug
9
Sept
13
Aug
41
Aug
303$
79ia
11
Apr
15%
2%
Jan
Jan
Jan
5% Sept
40% Jan
124% Mar
Apr
22% Deo
Oct
*20
49
18%
Deo
Sept
9
20
25% Aug
35% Apr
127% Sept
69% Apr
140
Jan
18%
Oct
Sept
97% Sept
18% Jan
171% Dec
87% Jan
89>4 Jan
153% May
34
Oct
Sept
8%
Apr
Apr
8%
Nov
Aug
July
14% July
4% Sept
78
Jan
41
Apr
Apr
132
Jan
69
15% Apr
75% Mar
13% Dec
75%
Jan
153
Apr
73
Jan
144
20% Aug
8% Apr
148
Nov
46% Sept
63
Sept
Oct
9
Feb
162
Apr
IO84
Jan
7
68% Nov
14%
06
Jan
Jan
Aug
Apr
15% Sept
Apr
Aug
64% Sept
12
Sept
48
Sept
40
Sept
64% Jan
27% Aug
68
Apr 20
4334 Apr
11
4
4
9% Jan 4
102
July 23
9
Apr
4
24
20>4
35
13%
Apr
Apr
Apr
Apr
21
8'4
Apr
1%
Apr
4
Deo
Apr
37
Sept
May
100
Deo
3% Aug
3334 Apr
60
60
Mar
65
3134 Sept
7% Sept
5% Apr
68
Jan
13
Mar
21
97
73
5%
Sept
8% Sept
Sept
10%
Jan
100
Jan
Oct
Dec
70
Jan
10%
78%
85
Jan 16
41
Oct
Mar 26
30
Apr
Apr
81
45
38
June
90
Jan
100
June
21
Sept
80
_
Jan 11
May
100% Mar
8
8
Apr
25% Jan 3
57% Apr 24
23% Jan 3
22% Apr 20
22% Apr 20
27%May 7
5% Aug
9% Aug
18% Sept
42%
*49»4 Deo
110
Jan 25
9% Mar 19
61
Feb 14
15
104%
7
43%
Apr
Apr
Apr
Apr
71
,
Jan
Oct
Jan
Mar
30% Jan
2634 Sept
26
24%
Sept
Oct
110% June
9% July
48% Aug
80%May 13
50
Aug
71
124% Jan 10
116
June
127
Jan
8
Sept
2
Apr
Apr
16
Nov
8%
6%
32%
8%
Mar
Mar
Mar
Apr
19%May
6% Jan
8
14%
52%
16%
8%
4
4
4
15
10
2
Jan
4%
3%
9%
3%
434
Sept
Aug
Aug
Aug
Jan
11%
Dec
Jan
49
Dec
Apr
10% Aug
6
Apr
24% Apr
Jan
29% Mar
13% Jan
4
105
t Ex-div
12%
6%
3%
102
29%May 14
May 22
7%June 11
12
Sept 17
24% May 28
17% May 22
49%June25
22%May 21
6312 May 23
l09%May 22
14
May 21
15 May 16
534May 15
l3%May 21
11
May 14
6% Sept
3% Jan
28%
3634 Ap* 16
112% Apr 22
102
Feb
2% Sept
484 May
1% Dec
61
Apr 23
*
7%June 10
20% May 21
lll%June 10
18%May 21
106 May 28
June 17
Aug
17% Sept
8% Feb
11% Sept
18% Sept
86% Sept
Aug
5% Sept
6% Apr
62% Apr 23
8% Apr 10
48% Oct 24
32
Apr 9
41% Apr 8
22% Mar 8
113% Aug 23
15-% Apr 12
4% Apr 10
35% Feb 27
110% Apr 30
7% Apr 22
64% Apr 22
21
8
Dec
5
80% Sept
16% Mar
101% Apr 15
23
132
Apr
9
22%
11
4
109%
Oct
50
Sept 24
1234Mar 5
11% Feb 23
37% Apr 15
4
June
100
Oct
17% Jan
21
21
May 21
May 21
12%May 21
Apr
May
11%June
Jan
June
June 10
25% Oct
115% Mar
July
40%
64
Mar
2%May
6% May
83% June
0
May
18
13%
179
21% Sept
3% Apr
32
Apr
28
Apr
8% Sept
140
Sept
175%
89%
9134
153%
634
12%
25%May 21
4%May 22
116% Sept
71
4
May 28
May 22
May 21
Apr
8ept
16% Aug
30% Aug
112
10% Jan
19%May
0%May
11
May
1234May
70% Aug 20
ll%May 21
107
20
35
33%
*43
139
$5 dlv preferred
No par
Andes Copper Mining..
20
600
81
*32%
*8%
*5%
74
*43
May
May
30%May
122
May
61% May
83%
150
MarlO
163
9%May 15
48%May 21
Oct
Aug
Mar
54
21
June 12
35
1
Mar 20
5% Jan
63% Jan
136
36
6%
32%
8%
5%
74
25
15
21
21
70
100
Jan 3
Oct 25
Jan 3
Jan 4
20
20
11
22s4
76%
147a
38s
121
135
Jan
57% Sept
140
Apr
Apr 27
3
Anaconda W A Cable..No par
AncborHock Glass Corp. 12.50
30%
6% Jan 6
13% Aug 24
67
11
69
No par
Preferred
1
Mar 29
July
15 prior conv pref
25
Anaconda Copper Mining..50
400
2%
*2%
2%
31
31
3034
3034 31
109
109
*107
109% *107% 109% *107% 109%
4%
5%
5%
5
5%
5%
4%
5
46%
48
49
50
48% 4934
4934 51
*35
37o Apr
20% June
2
May
3434May
28%May
4»4May
145
No par
3
35
June
90
Apr 22
66% Apr
12% Sept
41%May
10 May
38
May
10
May
l'4May
1234May 28
100
16 1st preferred
American Woolen
5
38
May
45%May
l%May
18 May
26
6% preferred
9
4
23
25
Am Type Founders Ino
10
Am Water Wks A Elec_No par
22
7% Jan 4
24% Jan 8
50i2May 3
6% Apr 23
100
Common class B
24
3
2%May
9% May
23 May
3
May
15
21
28
22
25
21
22
18
28
400
10
l%May 22
3%June 17
1
May 15
lO»4May 21
1.100
—
9»4 Apr
8% Jan
21
18
Feb 23
13
Sept 30
3
8
3% Aug
31% Apr
125
234 July 18
21
Amer Smelting A Refg.No par
Preferred
100
June 28
15% Apr 18
91% Mar 25
3% Mar 8
6% Apr 16
2% Jan 8
28% Jan 8
75
23
50
81
*8%
74
178% Sept
33%May
62% Oct
23% Jan
112% Apr
140%May
1,340
*33%
32%
*36
116% Jan 29
6
No par
...100
No par
Arnold Constabl iCorp
5
A/tloom Corp..
No par
7% preferred
100
Associated Dry Goods
1
6% 1st preferred.
100
7% 2d prelerred
100
74
*37
21
27
28
21
28
21
23
23
18
18
6
7,600
3
3
135
32,300
51
2334
31%
1534
9%May
45% Jan
Highest
3 per share 9 per share
24
2
Amer Zlno Lead A Smelt
313s
*1034
4
26
share
21
American Safety Raior__ 18.60
2,700
*47%
23%
11%
American Robing Mill
26
per
28
5,400
31%
15%
*15%
No par
Am Rad A Stand San'y.No par
Preferred
100
5%June
May
May
1% Oct
87
May
164 May
18
May
34 May
13%May
100 May
112
May
9
May
5%May
4%May
8
May
9
Lowest
128
634
48%
24
*111*2
No par
1 per share
American Seating Co..No par
Amer Ship Building Co-No par
200
50
6%
16 preferred
15 preferred
Year 1939
Highest
1,600
9%
94
93s
50%
11
*99%
9
9%
97
5134
7
46%
24%
2934
15%
*112
11
*10
*29%
*
30
15% *14
112% 113
*111%
*113
*10
23
31%
9
94
6%
46%
23%
29%
15%
4,200
24,700
13%
*8%
31%
American Locomotive. .No par
Preferred
100
*101
24
9%
6%
634
1
50
1534
51%
9%
50%
No par
Amer Invest Co of 111
13%
7,900
9%
94
100
76%
31%
31
31
31%
(
4134
42%
42%
4134
42
42%
42%
42%
42% 42%
42%'
141% 142% *140% 142% *14012 142% 141% 141%
*14034 14234 *140% 142
55
*55
*55
56%
5634
56% *55
55%
*5434 56%
*5434
56%'
*145
150% *145
150% *145
150% *145
150% *145
150% *145
150%
26%
26%
2534
26%
26%
26%
26%
26%
26%
26% 27 ;
27%
12
12
1134
1134
11%
12%
1134
11%
*11
11%
11%
11%'
14%
14% *13%
*13%
14% *13%
*13%
14% *1234 1334 *12% 1334
14
14
14
14
*1334
14
14
I
*1334
14%
14%
14%
14%
*72
73
»73
71% *72
72%
c71%
73
72%
73
73
73
J
15%
15%
15%
15%
15%
1434
1434
15%
14%
*1484
15%
14%
165
16 334 164%
165%
16234 16334
162% 163
162% 162%
161% 162%
71%
71%
7134
7134
72
71%
72
72
71%
71%
71%
72
74
74
74
7334
74%
74%
73%
7334
73% 73«4
72%
73%
149
149
148
148
148% 148%
149% 149%
*144
148
,*144
148
4%
4%
4%
4%
4%
*434
5
4%
4%
5
4%
4%
*93
.No par
pre!
Amer Internat Corp
non-cum
1534
384
55
634
8%
31%
1
74%
13%
3%
634
8%
6%
60
16%
3%
13%
70%
8%
31%
6%
5% conv preferred
3%
1234
69%
Amer Hawaiian SS Co
10
American Hide A Leather... 1
4%
334!
4734
12%
No par
17 2d preferred A ...No par\
96 preferred
..No par
3034
48%'
48%
47%
7
7%
7%
7%
7%
7%
7%
*155% 160% *155% 160
*155
160
159% *155
48%
7%
17 preferred
13%
#2%
24
55
55%
4734
1
Amer European Sees___Nc par
Amer A For n Power... No par
55%
2
500
10
100
75%
16%
16%
17
*101% 105 |*101
105
334
American Crystal Sugar
6% 1st preferred
American Encauatlo Tiling
15%
15%
*23
No par
Am Coal Co of Allegh Co NJ25
13
13%
2%
*2%
Preferred
74%
16%
75%
74
No par
—100
22
4%
*30%
55%
2
2234
300
14
12%
*634
634
8%
31%
15%
15
13
50
12%
12%
"T.866
*12
6934
12%
1%
*46
334
3%
54
161
1%
15%
3%
12%
24
54%
1%
50
110
47%
1%
300
12%; *12
*23
3%
5%
50
16
3%
3%
54%
47%
*4%
*12
16
23
*134
6%
3%
13
15%
7334
13%
2%
23
1%
*4%
*46
100% 100% *101
161
*8%
31%
15%
50
2
12%
13%
2%
2%
200
10
82%
50
12%
*7234
1634
*9%
*81
American Car & Fdy
American Colortype Co
10
Am Comm'l Alcohol Corp__20
1%
15
*3%
21%
3%
334
*46
1534
234
23
47
50
*16
*100% 105
3%
12%
12%
15
15%
10%
82
190
American Chide
5%
1%
3634
4%
31%
35%
12%
23
1%
3%
50
*16%
*1%
*15
*934
*81
Preferred
200
13
1%
*4%
*1%
11%
*12%
13%
*234
5%
14%
*46
15%
1%
*3%
11%
22
*7234
934
*80%
1%
82
*134
*4%
*7
5H% oonv pre!
100
Amer Cable 4 Radio Corp__l
American Can
25
100
5%
*5%
13
Par
American Bosch Corn
1
Am Brake Shoe & Fdy.No par
Range for Previous
100-Star« Lots
Lowest
Am Chain A Cable Inc.No par
6 % cony preferred
190
1,400
7%
*5%
*9%
7%
5%
934
81%
*6%
5%
7%
5%
10%
14%
*21
*334
13
*6%
*134
3%
*3034
*55%
*134
4%
*7
7%
9%
8034
13%
3534
4%
313s
56
2
35%
13
2,900
2,300
100
2034
21
20% 20%
20% 20%
*110i4 112% *110% 112% *110% 112% *110% 112% 111
111
*110% 112%
126
127
127
123% 123% *123
*123
127
*123
127
*120% 125
*7
1,700
50
1%
*175% 176
*17434 176
29
29%
2834
29
61
6134 62%
6134
29%
60%
60%
20%
7
2451
EXCHANGE
Saturday
$ per share
2
36% Apr 17
116% Mar 12
May
3
17
Apr
98
Apr
Jan
30is Jan
9% Nov
21% Sept
8% Jan
11% Sept
30%
87%
21%
Jan
Jan
Jan
13
Jan
33
Feb
19%
Jan
26% Nov
115% Nov
28
July
107% Nov
7
32% Oct
11% Aug
15% Apr
109% Oct
3%
Sept
121
Jan 24
27% Sept
104% Sept
7%
9
2
9
22% Mar 13
56% Jan 18
48%
39
32
9% Apr
67% Apr
30% Apr
Jan
3
89%May 10
125%May 10
34%
22%
11%
23%
16
Jan
Apr
Jan
Jan
6
4
4
3
Apr
8434 Sept 20
Ex-rlghta
62
Apr
Nov
16%
Apr
17%
Apr
Apr
Sept
60% June
99% Apr
15% Apr
14
8%
Apr
Apr
22
Dec
13%
Deo
Apr
35
32
Nov
128% Aug
9% Oct
73% Jan
83>4
22%
Dec
66
Dec
Oct
57% Mar
Sept
120% Sept
32% Oct
24% Oct
100
17% Jan
36% Oct
23% Mar
67
f Galled for redemption
Dec
New York Stock Record—Continued—Page 3
2452
Oct.
AND
Oct.
157*
*107
16<*
277*
110
SALE PRICES—PER
HIGH
16
434
22
*3612
*107i2 110
2478
1878
18i2
H8
*3014
47*
1114
247*
1914
*24
25
H4
III4
*47*
111*
IH4
22
22
*36i2
163*
285S
247*
22
3912
16i*
27i2
6H2
36'4
*11
16i8
277*
share
*5812
19%
114
3614
Shares
*107l2 110
1834
1%
$ per share
ver
6U2
19
18«4
$ ver share
$
*58%
19'4
3012
434
Week
6034
24^4
*114
Oct. 25
IS7*
*24
18*4
Oct. 24
*27%
*19
3612
Oct. 23
16'*
6712
1812
Friday
277*
*5812
*24
Thursday
$ ver share
*10712 110
6034
5
2134
*37
3812
1534
285*
161*
1534
16
29
29
30
*10712 110
60
68i2
58 i2
*24
25
23i2
24
600
19
19
4,300
191*
193*
19
1934
1'8
365*
13*
*1
191*
1934
13*
365s
3678
37
37
*434
47*
11%
2212
22
47*
113s
22
39
1114
217g
*3 7's
39
187*
1914
434
1H2
223*
*371*
221*
*37
38i2
16*4 Aug
34*4
Jan
30
16
28%
Jan
Class B
No
par'
Bond Stores Inc
Borden Co
99
No par
1
(The)
—
15
Bower Roller
"""160
Borg-Warner Corp
5
100
May 23
51«4May22
177* May 28
17
June 10
127*May 21
1
May 18
26
May 22
4%May 23
8
May 21
Bearing Co
5
Brewing Corp of America
3
Bridgepoit Brass Co ...No par
Brlggs Manufacturing.#© par
Brlggs A Stratton
No par
13i4May 22
27 May 22
Bristol Myers Co
38
5
May 23
334
4,800
1534
14,300
Bklyn-Manb
49
"2",200
516 preferred series A No par
Brooklyn Union Gas
No par
Brown Shoe Co
27
"4~666
Bruns-Balke-Collender.#© par
14*4May 21
Bucyrus-Erle Co
6i4May 23
97 May 28
914
914
*91*
93*
*10812 10934 *108l2 10934
438
4'2
43*
43*
5684
58
5734
58
534
33
33
*291*
30
57g
3234
2914
1914
19i8
534
19
77s
3
15
77*
31*
15
734
4
4
378
9i8
9
434
187*
4
9
lli2
12
12
19
193*
1912
*50'2
20
*50'2
53
1'4
H*
Us
H8
*1434
7's
15
1434
13i2
8
131*
*39
7
13U
13i8
*39
40
73i2
53
H8
7's
1434
13'8
40
8
77g
3i8
157*
434
19
37*
9'8
74i2
117*
*1934
*50i2
li8
71*
15
131*
*39
314
1634
47*
19
6;
31*
314
1634
1034
47*
6
191*
*19
325g
29i4
I8I4
612
8
75
12
2014
53
H4
73*
4
4
4
9
9
H4
*lll2
*1914
*5012
114
53
H4
33*
312
6,000
*38i4
414
4'8
*334
39U
414
39U
414
200
*312
*38i4
*334
*38'4
*39
41*
3912
3914
414
*3812
39i2
39
*88
9012
*87i2
91U
*371*
*89i2
2934
2934
2934
*3
3
3
*3
*54
31*
55
56
55
55
115l2 *114
115
*1121* 11512 *114
46U
4612
29
291*
*119
11914
71*
71*
46
4012
28a4
29
714
3
563*
4634
463*
28U
2834
283*
118'2 11812 *11812
7l4
714
7%
7'4
295*
*3
3
46
118i2 119
2934
*55i4
114
38
*90
91
5514
*334
9034
30
3812
9034
30i2
30
3
31*
55U
3
5434
5434
*114
115
*114
115
1157*
46
47
4634
457* 46 34
28
2834
28a4
275* 28
11812 118l2 118
1187*
U8I4
73*
73*
73*
73*
73*
*58
627*
*59
627*
*59
61
61
*59
61
61
I8I4
*1738
18'2
*17%
1812
18'2
18'2
*18
18U
*2l4
2>2
214
2'4
*2'fi
2i4
2ig
214
I8I4
2%
J8I4
21*
100
2,000
1,500
*113
*113
*2%
35*
*53*
578
*212
31*
*92l2 101
2934
2934
*484
*2 9'8
*21
5
*113
*2%
*258
35*
53s
3'2
6
318
434
3012
2134
434
434
30i2
30i2
*29i8
3012
2134
*21
2134
*21
*20'2
*100l2 102
*21
2213
22i2
*1512
17
*15
2l2
41
41
9512
*1%
9512
114
*34
78
100l2 10012
*21
2214
*15
17
2l2
40%
478
2l2
4058
258
41
*25*
3%
6
6
*234
314
*9212 101
_
30i4
47*
2's
21*
*113
*113
*5l2
*234
3%
*9212 101
2934
30
53*
*234
*9212 101
2912
2934
*10012 102
212
*59
*25*
57*
*234
*113
35*
47*'
31*
6
3
*92l2 101
3078
31
534
534
314
*234
*92% 101
307* 313*
31%
*47*
3ig
5
47*
47*
212
700
22U
*22
17
*15
3,400
800
17
41'*
*18
*8i4
8l2
8i2
8i2
8%
31«
18
«)«
400
18
18
13
38
38
48'4
48U
i8
i8
18
*1#
l8
*9'8
i8
13i8
13i8
*37i2
80l2
*93s
38
48U
*4714
133*
1314
13l2
10i2
12
2i8
*1078
2i8
38
*4714
14
*'8
%
3*
*61«
3*
14
*18
*9
107*
103*
107*
*9
11
2'8
*21*
25
21
2H2
*2U2
807*
80
8038
803*
813*
8H2
93»
91*
9i2
8714
47
912
914
87
87
87
8738
9i8
87i4
*44l2
47
47
47
47
*2 34
3
*234
3
34U
343s
3414
34%
*234
*35i2
23*
25
214
*2114
87U
1U
107*
11
2'2
*11
23s
103*
117*
212
*2114
81is
9i8
87i4
87i4
*2114
80i2
87l4
27*
*4412
27*
36i2
3614
30i2
3612
37
55
25
27*
60
9%
16,800
1,700
87'2
100
37
36
2,500
50
113
*68i2
114
*35i2
36
*8314
85l2
*4714
28l2
113
*48i4
2858
*35U
8314
28i2
*68i2
11212 11212
113
36
83i4
85i2
50
*48
50
28a4
28i8
287*
32l4
32
32
142
*140
142
*107
108l2
107
107
107U 107U
61
61
*60
11
11
11
Il034
1001* 1001*
2812 29
61
*66
*113
33
32
11
1078
*99l2 10034
70
112i2 114
353*
*140
*60
*68
35i8
*83i2
32
3214
*140
*99'2 10034
*26
27l2
27l2
28i2
11U2 *110
11U2 *110
*20l8
21
21141 *20'2 21
*110
142
615*
*3314
34
*83l4
85i2
*84
85i2
*84
*48
50
*48
50
*48
50
28l2
*3214
29
2814
32
2834
32
32
*140
10712 107l2
10634 107
106
107
*60
*60
107*
101
287s
21
61
107*
*140
1034
321*
61
107*
223*
21
2U4
1%
*ll4
134
*n4
134
*H4
*2
214
*2
2
*13*
134
*1
214
15*
2
15*
1%
ll4
197*
197*
197*
20
1934
534
20
20
20
1934
534
8234
8234
1934
1934
578
6
813*
81<
534
*8H2
84
*81
825*
57*
82i2
8212
78
78
*75
78
*75
78
75
75
*7234
76
82
82
8034
8O84
7934
7934
80
807*
*78
5
5
5
5
5
5
2038
203*
20l2
20i2
*197*
31i2
*9612
3658
*10214
978
H4
58
303s
*
3134
21
5
*20'8
6
197*
6
2H4
""800
100
2,200
534
"MOO
U4
20
197*
57*
"""940
700
800
1,600
14,800
82
500
*7284
76
7912
78%
7812
1,000
5
5
5
5
1,700
21
*20
21
*20
21
400
*96i2
315*
32
31i4
3H2
313*
31
31i4
3114
303*
99
98'
*96l2
*96'2
*96'2
9834
*9612 9834
37
37
367*
371*
37
36l2
36'2
37
36l2
110
*10214 110
*10214 110
*10212 110
*l02a4 107
*10234 110
10
97*
10
10
978
10
934
934
97*
97*
934
1%
1*4
13*
U4
13*
1'4
1%
ll4
1%
ll4
13*
58
56
5812
56l2
57'2
56i4
5712
57i2
5734
5712
57i2
30l2
3014
30%
30i2
30>8
303*
305*
3038
30i2
3012
303*
37i8
Bid and asked prices; no sales on this day.
{In receivership,
a
Del
3,500
"5",900
"4"000
28,700
delivery.
607* Dec
30% Aug
Apr
13% Apr
31% Jan
41
Sept
9%
Apr
25% Nov
7
Apr
13% Jan
100% Aug
94*4 Apr
4
8
Apr
29% Apr
3
16% Aug
21% Apr
11% Apr
11
30
June
20
Apr
0% Sept
7
Ap,
25% Apr
11% Aug
13% Apr
48% Mar
10% Nov
847* Nov
177,
12
Jan
30
Sept
63
% Feb
47* Aug
July
3% Sept
10% Sept
17*4 Jan
20% Jan
Apr
Apr
30%
3%
29%
4%
Sept
9% Jan
23*4 Mar
187* Apr
2% June
9%
Jan
34% Mar
20% Dec
18*4 Jan
7*4 Sept
1
Apr
0% Mar
57*
Jan
55% Jan
6% Nov
Apr
47
Dec
6%
Sept
June
Jan
41% Sept
0
Apr
3
4
45
May
1
35
May
July
91
Aug
1
77
Apr
3234May
3% Jan
9
33
Sept
3
137* Apr
2% July
4
Sept
75
4
03% Aug
94% Mar
Jan
118*4 Jan 5
56% Jan 4
35% Apr 29
11934 Sept 28
12%«Feb 15
72
May
1
26% Apr 22
33* Jan
114% Mar
57* Apr
3
9
Mar
7
6
ll*4May 10
6
100
Apr 10
110
Sept
8
Sept
*43
Sept
I
85% July
38%
Apr
Apr
122% Mar
04% Sept
13%
Apr
84
Apr
30% Dec
1097* Aug
19% Jan
72% Mar
77* Aug
68
Oct
18%
Apr
Apr
30*4 Sept
103% Sept
113% Aug
3*4 June
12% Sept
14*4 Sept
2%
5%
Jan
3% Apr
3% Apr
85% June
96
32
527,
jan
13
Jan
07*
Oct
Sept
30*4 Apr
29% Mar
47* Apr
423* Jan
97% Jan
2% Jan
2% Jan
12% Jan
18
23
3
8
17
Aug
6%
z3%
Apr
Dec
29% Sept
47% Sept
16
85*4
17'2May 22
...6
107* June 10
No par
2t2 Oct 15
25
30% May 28
100
84i4June 17
{Chic A East HI Ry 6% pf.100
{Chic Great West 4% pf--100
7*May 15
5* Oct 11
Preferred series A
Chicago Mall Order Co
5
{Chic Mil St P A Pac..No par
16 preferred
100
Chicago Pneumat Tool.#©
conv
par
preferred...#© par
($2.50)
cum dlv No par
{Chic Rock Isl A Paclflo
7% preferred
6'2May
i* Feb
'8 Feb
8i*May
21
28
28
15
8% Feb 15
3* Jan
>4 Jan
14*4 Jan
23%May21
39
May 22
50
41
3
24
4
5
5
8
Oct 18
Mar
2
%May 20
t4 July 23
% Jan
*4 Apr
i8 Oct 16
% Jan
77*May21
Chlckasha Cotton Oil
Chllds Co..
No par
....
Chile
Copper Co
Chrysler Corp
25
6
City Ice A Fuel
.._#© par
6H% preferred
9
May 21
1% Aug 28
20
Aug 10
63t2May 28
Oct 25
9
100
85
100
44
5
2
No par
24
100
11% Mar 28
10% Apr 16
6% Mar 26
33% Apr 3
91% AIM- 8
14% Jan 26
98
Feb
0
Sept 26
Sept 10
r60
124
May 15
May 21
July 8
4% Apr 26
40% Apr 18
124
July 8
100
60
June 19
Clev El Ilium $4.50 pf.#o par
Clev Graph Bronze Co (The).l
Clev A Pitts RR Co 7 % gtd.60
108
May 21
20
May 21
74
May 16
City Investing Co
City Stores
Clark Equipment
preferred
Special gtd 4% stock
60
Climax Molybdenum..#© par
Cluett Peabody A Co..No par
100
Coca-Cola Co (The)
Class A
No
par
No par
Colgate-Palmolive-Peet No
$4.25 preferred
No
Collins A Aikman
par
par\
No par
46%May 10
25'*May 22
Apr
7g Sept
% June
1% Sept
10
Apr
4% Dec
25
Apr
63%
Apr
9
Apr
79
Jan
46% Sept
2%
140
Apr
Apr
May
68
15
178
Jan
1% Sept
9% Mar
15% Sept
13% Jan
41
Sept
94% Oct
147* May
97% June
58
4%
34%
Mar
Oct
140
Oct
May
Feb
69
Feb
1067* sept
20% Apr
115
69
Sept
42
Jan
34% June
Feb
39
Oct
78
Mar
45% May
60%
Jan
105
Sept
133
Feb 27
58
Jan
62%
Dec
Feb 2i
11%
Apr
18
Dec
June 10
102
Sept 24
20%
Apr
94
1
Sept 17
35% Apr 8
112% Feb 10
24
May 10
ls4Sept 26
4*4 Apr
6*4 Apr
4
4
li8 Oct 24
5
4
4i4May 22
3
June
No par
71
May 29
1434May 24
273*June 10
4)4 % conv preferred
100
Coinm'l Invest Trust..No par
$4.25 conv pf ser '35.No par
95
June 13
32
June 10
97
June
*
10
Apr
Mar 30
69
Dash sale.
4ug
20
preferred. No par
Commercial Credit
10
r
%
% Aug
7%
03
3%May21
New stock,
% June
131
No par
n
Jan
39% Sept
10i*May21
100
par
20%
60% Nov
7* Sept
Aug
99i2May 21
50 May 24
May 21
No par
Apr
30% Aug
44
Dec
16
$6 preferred series
Oct
%
Mar
07i2May 28
Commonwealth Edison Co..25
Sept
Apr
38
Class B
2.50
Columbia Gas A Elec..No par
6% preferred series A
100
par
1
4
4
4% Sept
14
9%
135
May 21
Commercial Solvents j.No
Commonw'lth A Sou_.#o
41% Apr
45% Apr
95% June
Apr
16
conv
Mar 26
Oct
Sept
4% 1st preferred
100
4% 2d preferred
100
Columb Br'd Sys Inc cl A.2.50
$2.76
48
Jan
21%
125
12i2May 21
c
2
30
Feb 14
Colo Fuel A Iron Corp.#© par
Columbian Carbon v t
Columbia Pictures
Oct
Dec
142
10i2May 21
108 May 23
5% preferred
66
114% Jan 10
43% Mar 8
83% Oct 21
Jan
105
May 22
25i2May 21
131
100
100
Jan 30
Apr
Oct
13* Sept
1% Aug
3
No par
.TO
27
3
100
June
5% Aug
9
100
100
6% preferred
3,900
15,400
Jan
27
Apr
20
5
Aug
2
15% Dec
98
Colorado A Southern
134
2
63
9
6% conv preferred
82
31l4
99i2
6
107*
*H4
134
H8
1934
197*
134
2i4
1'2
6
*98
2134
2i4
1934
61
1034
200
*li4
1934
*60%
41*4 Apr
1% Apr
7% Apr
Jan
jan
May
99% June 22
Preferred
2,700
*9912 IOH4
134
19i2
1,600
ion*
101
U2
20
20
"3706
29i2
30'*
291*
*291* 293*
11112 *110
11H2 *110
llll2
2i4
20
20
Aug
100
Cham Pap & Fib Co 6% pf.100
Common
No par
142
327*
142
*2
19'2
2834
2812
142
*140
*114
1%
*19i2
900
85i2
nn2 *110
21
60
114i2
34i2
157*
317,
41
22% Sept
5%
*113
*3312
Apr
Apr
7*4 Aug
47%
*66
115
35
10%
31
Sept
CCC A St Louis Ry Co
*68i2
47* sept
Oct
Feb
Sept
390
55
3
*87i4
*4412
*27*
55
*234
1,900
34*4
7*4
18
100
No par
Chicago Yellow Cab
"""360
Jan
19% Apr
5% Sept
22
400
81U
9
91*
500
400
23*
23*
82
9i2
25
May 21
2% Oct 15
Sept 4
88
6
Aug
32
4
Pr pf
103*
117*
*11
25
821*
*9
2i2May 18
Apr 17
6% Mar
40% Jan
Dec
22
Oct
13
U
*'*
June 12
108
Feb 21
Feb 21
Apr 18
Apr 3
24
22
500
31«
Jan 4
Feb 9
52% Mar 13
12% Jan
16% Jan
18*4 Apr
1% Apr
36% Feb 15
400
6
3
3
Jan
63% Dec
3%May 22
15i*May21
16
May 28
1
0% prior preferred...
Chain Belt Co
38
*1»
*9
3,400
6
Jan
Jan
Certaln-teed Products
48i4
*1*
*l8
27*
*4412
133*
131*
393*
4814
14
*%
11
13%
*38
*4714
*l8
*l*
10i2
13
38
4814
*%j
*ii
•i«
2i8
39'2
48i4
Sept
51
121% Dec
41% Jan 10
700
1,000
5
13*4
81%
15%
207*
100% Sept
22%May24
300
"""166
4
3
Sept
Cerro de Pasco Copper.#© par
7*
87*
87*
ll2May 15
4
par
100
lU
812
131s
3912
*2012
Central Vloleta Sugar Co
95%
1'4
34
*H8
34
48U
*107g
{Central RR of New Jersey 100
*34
*9514
7*
48
*9
Aug 15
*H*
96'8
II4
*38
*16
June 15
95i2
*9514
*1'8
*34
H4
7*
834
42i2May 15
20
May 21
105%May 22
5
May 21
17
Chesapeake A Ohio Ry
96
June 10
100
48
9,200
7*
*34
May 24
100
6% preferred
4H8|
114
*95l2
2
39'4May 23
Central Agulrre Assoc. No par
Central Foundry Co
1
Central 111 Lt 4H% pref._100
4034
4H*
96's
*%
13i8
No par
Celanese Corp of Amer.#o par
7 % prior preferred
.100
Celotex Corp
No par
Cab Mfg
{Chesapeake Cof p.
8'4
*8
Caterpillar Tractor
2,300
234
*H8
*34
8I4
96
100
2»4
234
*9514
*li8
1
100
Preferred
2214
*15
234
4034
22i*May21
Checker
*22
17
234
5
Century Ribbon Mills.#©
40
2214
40%
41
"""loo
100
*2H4
25*
Carpenter Steel Co..
650
30
30
30*4'
301*
3014
21
21
2134
*2034 21
*100
102
*100
102
10134 102
29:%
*21
*15
17
700
July 16
10
Carolina Clinch A Ohio Ry 100
10
600
May 21
1
Case (J I) Co
Preferred
190
May 21
Capital Admin class A
J 3 preferred A
25
No par
Carriers A General Corp
4,200
6,200
7% Jan
23% Apr
40
5
1
4%May 21
11
2%May22
29i2May 28
3%May 23
30t2 Aug 1
75i2June 3
300
110
6% Apr 22
34
par
7
16*4 Oct 23
1184May 21
800
61
*173*
"""166
Mar
Canada Southern Ry Co—100
Canada Dry Ginger Ale
20
40
34% Sept 23
Canadian Pacific Ry
Cannon Mills
4,500
13
May
6% Jan 5
60*4 Oct 7
6% Oct 25
17,
8%
19%
23%
1
39
3914
55
May 21
39
*37'2
*312
*38i2
*8934
29i2
29U
May 21
50i* July 26
50
13l2
3734
91
9
14
5% preferred
Callahan Zinc-Lead
40
*37
0i*May 22
May 22
39
California Packing....#© par
Campbell W AC Fdy ..#©
3712
91U
29i2
3i8
Participating preferred-.100
Byron Jackson Co
No par
Calumet A Hecla Cons Cop..6
39U
40
6
By era Co (A M) .......No par
1,200
35*
39
Butte Copper A Zinc
4,500
33*
39
30
7i4
35*
2934
10
preferred
conv
1434
I3I4.
35*
*312
6%
Bldg dep7%pf-100
714
334
*37
1
1434
35s
111
9
7
33
714
35s
10% Feb
21% Jan 10
12% Jan 3
15
I3i2
3l2
Maris
12%May 22
7% July 3
2
May 21
6%May 21
4i2May 21
17t2May28
2%May 24
71*
3i2
312
7
13*4 Apr 29
23*4 Apr 8
39% Feb 1
5334 Apr 6
37* Aug 6
2434 Sept 11
116U Oct 7
25% Jan 4
37% Apr 30
29% Apr 6
17%May 21
Burroughs Add Mach__#o par
Jan 19
8
20
400
lb",500
3i4May 22
37i4May
1
HI4
1314
15
May 2
3
4
No par
Bush Terminal
1,100
1,700
May 2~
257* Jan
284 Jan
No par
5,400
5,100
75
12
1934
53
114
3
21
123i2 Jan 3
70i4Mar 20
29'4 Apr 25
24i4 Mar 27
Bullard Co
Burlington Mills Corp
360
3
Jan
Oct 25
Bulova Watch
2,500
3,700
1,200
5
13i4May 21
May 21
par
No par
Butler Bros
914
*1114
1934
*50i2
100
lt2 Jan
1312 Jan 30
100
No
Budd Wheel
1,700
191*
74l2
5
7% preferred
5
*19
No par
7% preferred
10
1534
47g
7434
12
20
300
Transit.-No par
Budd (EG) Mfg
Bush Term
4
7434
1,030
17.000
2,000
900
9
414
Brooklyn A Queens Tr_#o par
110
5,700
V
45*
5812
4i2
5812
3214
2914
I8I4
19
77*
63g
33
5814
6I4
5,200
43*
5734
6I4
30
*1812
734
3i8
7312
71*
15
40
*2914
19
32i2
59
10
95*
1097* 1097*
33
30
187*
73l2
1134
1%
1314
3234
*29i4
484
185*
71*
*1434
*37
32a4
29'8
19
47*
1834
*8'2
*7212
1214
8
6
314
9U
19i2
32a4
291*
1878
934
"
45g
4l2
110
58i4
1534
4i*
63
19U
784
578
110
58l2
314
*434
1214
578
33
29U
110
95*
438
1512
I884
193*
*50i2
57
109
934
4i2
33*
47*
74
43*
157*
1914
*9
10934 10934
314
*434
*4
9i4
1512
*1884
74
914
share
283* Apr 15
Boston A Maine RR
4512
per
1234 Aug 10
800
3812
Highest
share f
per
1934May 22
200
500
%
5
11,300
3,600
7,000
share
per
..6
307g
434
%
Bohn Aluminum A Brass
60
113S
22*8
share
per
Year 1939
Lowest
Bcelng Airplane Co—'—
20
13*
*1
434
IH4
1912
*3014
*4l2
IH4
S
Par
Range for Previous
Highest
Lowest
Bon Ami Co class A
60
19
*1
10,900
2,200
*10712 110
*44
*44
4 53s
45i2 *44
447*
45l2 45lZ
*4414 4412
334
37*
37*
378
378
378
37*
378
378
37*
37*
1534
157*
1534
1578
I6I4
1014
1614
16'4
10U
I6I4 1014
*1157* 116% *1157* 110i4 *11578 11014 *1157g II6I4 *1157* 11014 *1157* II6I4
167*
171*
171*
167*
1678
17
167«
17
1612
107*
1534
103*
*2914 • 33
*2914
33
*2914
33
*2914
33
*293*
33
*293* 33
24
24
24
245*
235*
2384
243*
25
2418
2514
23i2 24
*44
Range Since Jan. 1
On Basis 0} 10O-Slutra Lots
1940
EXCHANGE
Wednesday
Oct. 22
21
$ per share
*27
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Tuesday
Monday
Oct
19
$ per share
*27
i
Sales
for
LOW
Saturday
26,
8
4
May 21
«4May 22
May 21
257*June 10
42
Ex-div.
y
Apr
26% Mar 12
20% Mar 12
7% Apr 8
93% Apr 8
79
Jan 26
98*4 Apr 4
8% Mar 15
23% Jan 29
48
21%
100
111% Dec
247* sept
2*4 Aug
8% Sept
37* Sept
3% Aug
Apr
14
Apr
5%
74%
62%
Apr
9
Feb
Jan
91
Mar
Jan
83
Feb
Apr
96
Oct
Dec
15%
Jan
73
6%
15% Dec
3
38*4
98%
Oct
42
Apr
Apr
Apr
8
113
Mar
6
103*4 Sept
10% Apr 5
134June 28
73% Jan 8
8% Aug
Ex-rights.
Apr
8
9*4 Sept
8% Sept
25% Dec
25% Dec
14
56
33
Oct
Apr
Apr
11%
108% Feb 21
Jan
37%
Jan
.
1%
Dec
30% Mar
57
Jan
109% Aug
60
Jan
110% June
16
2%
Sept
Feb
45*4
Jan
72% Aug
x25%
Apr
32%
T Called for redemption.
Dec
New York Stock Record—Continued—Page 4
Volume 151
LOW
AND
HIGH
SALE
2453
STOCKS
Range Since Jan. 1
NEW YORK STOCK
On Basis oj 100-Share Lots
the
CENT
NOT PER
SHARE,
Sales
for
PRICES—PER
EXCHANGE
Saturday
Tuesday
Wednesday
i
Thursday
Friday
Oct. 19
$
Monday
Oct. 21
Oct. 22
Oct. 23
I
Oct. 24
Oct. 25
Week
$ per share
$ per share
$ per share
$ per share
$ per share
Shares
share
ver
*2%
3%
*18
*2%
3i8
18
*278
14
3i8
18i8
1334
18
*1334
18%
1334
12%
22%
3%
Lowest
Par
Conde Nast Pub Inc
100
19
19
19
3i8
19i8
1,600
1334
1334
1334
1334
400
*278
3's
18i2
*12i8
22i2
*10i8
18i2
1378
127g
2234
IO84
*22
2212
2134
*10ls
1034
*10i8
IOI4
*278
3i8
*1218
2212
125s
2212
*10
10%
*10
10i2
*12i8
2212
10i8
183s
1334
127g
23
10i8
*74
80
*74
80
*74
80
*74
80
*74
80
*74
*823s
88
83
83
84
84
*83
88
*83
88
*83
88
12%
22%
03s
6%
2534
63s
26
*106
255s
107
106
*58
658
85s
2%
8%
55s
1%
*378
8%
*278
2%
5*4
*114
4
5%
1%
*334
*1612
1878
*10314 104%
1778
83s
834
*34
78
*34
84
39
678
*83
120
*116
*116
678
3l2
2534
8l2
278
812
278
534
55g
534
558
85g
278
578
ll4
*U4
158
*n4
lh
3
4
4
4
*8i2
*82
3878
*11618 120
37i2
312
3i2
17
17i8
17
I7I4
17
23i2
1978
2334
1978
23l4
19l2
2334
2312
195g
*57i2
58i2
1912
*58
5814
50i4
50i4
46 I4 " 47
51
*48
4734
47i2
*170
175
175
*58
5012
45%
*173l2
176
*434
4%
434
4%
*i2
7i#
%
%
21
21
2U2
213g
4%
*%
2034
99
99
99
9912
99
20
20
20
20
195g
47g
5
26
*42
*47g
26
*4i2
25i2
*42l2
4334
15%
87
5
26
2534
4334
42
4334
42
15
4234
15%
*40%
39
034
38
312
834J
83
38l2
15%
37i2
35g
17U
2312
1934
58i2
5()l 2
46i8
178
47g
9ie
2H4
9934
20
4%
26%
4334
*334
4i8
18'8
1,000
13
'ijg
8U
84
9912 100
*19i2
47g
99U
20
19i2
47g
2578
2614
43
43
*434
25U
234
*2%
4%
71%
1134
24%
4%
70
70%
*10%
*23%
1%
24%
*40
47
*36
46
33%
*33%
7%
33%
734
33%
28
27%
*70
234
4%
71%
1134
*24
70
11%
*11
70
1%
1%
7%
28
Continental Oil of Del
1,100
Continental Steel Corp.No par
3,200
Cop per weld
Steel Co
...5
1
Coty
1
Internal Corp
Co
25
300
Crosley Corp (The)
No par
25 U
2,100
Crown Cork A Seal
No par
4212
70
1
6% conv preferred
100
41%
$5 conv
17,400
8834
6,000
334
4%
*2%
334
4%
4%
71%
*70
1%
12,300
46
46
33%
34
34%
7%
2034
20%
4,000
Cutler-Hammer Inc...No par
*3%
3%
1734
3%
200
27%
17%
*13
384
*%
*110
27
27
17%
16%
16%
13%
13
13
26%
17%
13%
*16%
334
13%
3%
334
334
334
si»
*%
*16
*%
*16
16
*2834
*37%
29%
3834
8%
17
17%
*72
74%
73
73
*73
74
*10%
11
10%
10%
*10%
10%
34%
34%
21%
2134
16
16
*3334
21%
1534
82%
82
8134
140% 141
*23
23%
6%
6%
*9
35
*3334
2134
1534
21%
1534
84
23%
10
7
*9
*113%
10
168
171%
115
115
t
*115
35U
35U
3534i
412
4l2
1351s 135U
*4%
4%'
35
*172
343a
*14
134U 13434
.*172
176
176
*16%
17%
*16%
17%
200
13%
13%
1,200
Delaware A
3%
334
3%
13%
3%
3%
3%
3,300
Delaware Lack A Western..60
*%
%
*%
'16
*%
3I6
15
15
250
Devoe A Raynolds A_.No par
28%
700
Diamond
25%May 22
*37%
8%
38%
*37%
38
*37%
10%
21%
21%
15%
16
86%
87
84%
86
10,900
14334
23%
23%
*634
7%
934
934
126
36%
4%
434
133
126
176
14%
1434
9i6
®i«!
5341
14%
9ie
5i2
%
%
39l2
40%
397g
35U
30i2
36
305g
35
5%
40%
35u
*30%
30%
1
*%
*33%
%
*33i2
34%
34U
*39%
3934
*39%
110
*108
%|
110
*7g
*%
1
3412
41
110
*108
34%
*39%
*108
9
834
8%
8%
914
79
7634
7634
7712
77i2
84
*81
84
83
83
*88
92
*89
92
*87
92
110
78
*81
3434
3934
9
*75
%
1%
134
1%
76
3U
7h
293a
*2
7
42
42%
1912
19l2
14
*95U 102
*21U
22
15
3U
34i
19%
I
*1%
''lis
*68%
*3U
7
*29%
»ie
*1%
*1%
1U
1%
*68%
1%
76
*3U
3%
7%
7%
134
13g
3i2
7
30
*7t«
634
43
*19U
*1312
*96
21U
29%
134
29%
1
300
*33
34%
400
E3 Paso Natural Gas
*39%
3934
100
Endlcott Johnson
110
8%
*%
1%
1%
1
1
*1
*70
80
*70
3%
7%
3U
734
2934
7%
*%
%
7%
*634
4334
*1934
20%
4334
20%
1334
*13%
13%
102
21
21
*96
102
21%
14%
22%
1434
3%
34
3U
3%
%
*91«
*1834
19%
*18%
*89%
93
14
3734
19%
92
19
*13%
14
*89%
1234
38
38
3734
Bid and asked prices: no sales on this day.
834
*13%
4
79
300
84
100
*87
92
"i»
11
*%
1%'
1%
1%
1%,
30
*%
7%i
4334
2034
*22
*1934
1334
*13%
r
22%
*14%
3%
34
14%
*96
7%(
44%|
*14%
330
3,500
""706
400
3%
14%
3%
1,700
*%
3;ji
34
600
19
*19
19%
19
19
200
92%
*89
93
91
91
13%
*12%
14
38
*3738
38
14
*13
t In receivership,
37%
a
37%
30
Apr 24
6
Mar
10
Mar 30
6
Deo
—.60
200
1,200
Def. delivery,
Co.No par
Fajardo 8ug Coot Pr Rico—20
Federal Light A Traction... 16
No par
2
Federal-Mogul Corp
6
Federal Motor Truck..No par
preferred
Federal MIn A Smelt Co
A .No par
Federated Dept Stores.No par
Federal Water her*
4%( % conv
Ferro Enamel
New stock.
June
112
Mar
Sept
10%May 28
May 21
10% May 21
%May 22
3
May 15
18%May 21
15%May 21
z24%June
%May
20
May
35
May
102 May
5%May
63
May
6
22
21
66
22
22
21
31
May 31
84
Mar
4
07% Aug
2%May
6
May
20% Jan
% Oct
3%June
7
25
21
15
24
10
29%June 5
17%May 21
11
May 23
124% Aug
111% Sept
12% Apr
384 July
Feb
Deo
118%
8
31%
44%May
6% Jan
17% Jan
4134 Apr 10
18% Apr 20
1®4 Jan 4
8% Jan 8
Apr
15% Sept
22% Apr
8% Apr
1% Sept
6% Apr
8% Sept
186% Jan
183% Feb
30% Oot
19% July
40% Oot
18% Nov
3% Mar
12%
Jan
40% Oct 22
20%
Apr
41%
Jan
Oct 22
I884
23%
Apr
Apr
38
Feb
36
33%May
2
3
Apr 13
Mar 19
112
12% Jan
8
Apr
Aug
65
Sept
2103% Mar
111
Jan
Jan
Jan
09
Apr
Apr
80% June
95
1
Sept
0
Sept
1% Sept
1% Apr
65% Sept
3% Sept
%
8% Mar 11
49% Apr 8
31% Apr 18
18% Apr 3
102
2»4
24
13
Apr
Deo
Apr
25% Nov
Apr
14%
3
Jan
3% Sept
65% Sepr
6% Mar
Apr
0
11% Apr 25
3434May 10
I
Aug
3
3% Jan
Feb
Aug
1% Sept
1% Apr
67% Aug
5
89
Aug
Aug
%
I84 Jan
13% Aug
Apr
Jan
97
% Jan
42*4 Nov
Apr
7
89
Jan
Sept
3% Sept
%
28
62%
65%
83
35
32%
is4 Jan 10
41% Jan
46
43% Jan
38% Sept
Jan
'4% Jan
8% Sept
20
Apr
11
Apr
18% Aug
Mar 27
81
Jan
98
Deo
3
29
Dec
31%
Deo
85
June 10
10
July 24
28% Jan
12% Aug 27
2%May 15
%iMay 22
15% Oct
1
Jan
15
Jan
I884
Apr
27%
Oct
8284 Sept
89*4
Feb
17% Nov
23% Nov
27»4
40%
2%
4% Jan
79
June
May 28
6
95
oorp...—...1
N Y_$2.50
10
May 21
20
Jan
Ol
z Ex-dlv.
y
3
40% Feb 14
Ex-rlghts.
Aug
84 May
Apr
sale,
14
II8S4 Jan 19
100
r Cash
Deo
Jan
4
Fidel Phen Fist Ins
n
Deo
17%
19%
126
25
preferred
July
87*4 Nov
114 May 22
112%May 22
25%June 10
3
May 15
25
par
34
144%
188% Sept
138%
par
July
13% Nov
36% Jan
22% Jan
116% Nov
155% Sept
15% Apr
par
10% Nov
20% Mar
90
Apr
Jan 17
Jan
par
34% July
44% July
Apr
1384 Jan 18
120
Apr
^Cleaner
6
Co...—--.-5
3
Exchange Buffet Corp-No par
Fairbanks Co 8% pref—.100
200
9
37
3
60
Corp
Fairbanks Morse A
Apr
Apr
178
Eureka Vacuum
$6
j
22%
171
10
20% Sept
Aug
101% Apr
55
16684 Jan
Ex-Cell-O Corp
100
1334
102
*22
94%May 10
Mar
May 22
Evans Products
2C0
20%
24% Apr 23
23% Jan 10
984 May
30
June 10
preferred
.100
Engineers Public Service.... 1
$5 preferred
No par
$5H preferred
No par
$6 preferred
No par
4,500
300
%
*6%
44
preferred..
preferred
1,600
30%
9
Feb 29
Oot
Apr
%May 15
l%May 14
%May 15
"""366
7%'
14% Apr
38
13»4 Sept
Sept
66
Dee
8% Sept
Hs Jan
125% Oot
32% Jan
10
100
100
100
600
3
6
18%
28
126%
$Erle Railroad
4% 1st preferred
4 % 2d preferred
Erie A Pitts RR Co
5,900
3
8
Apr
36>4 Sept
5% Aug
27% July
108
Equitable Office BIdg—No par
1%
*7%
Jan
85«4 Apr
Sept
June
17% Mar
10% Sept
112»4 Deo
25% Oct
8
Oct 22
500
80
7%,
43% Feb 3
10% Feb 21
Apr
18
28
7
Nov
189% Apr
9% June 10
200
it
23% Jan 10
36% Apr 10
20
Deo
103
125% Jan
%May 15
1%
1%
*1
*70
102
*96
7,400
8%
No
No
Eleo Storage Battery..No
JElk Horn Coal Corp-No
$7
$6
%
84 Jan
June 10
5%
~
*76
%
*1934
j
600
*81%
|
30%
30
30
634
43%
20%
1334
*96
9%!
110
3%
*3
7i«
14
j*108
1%
634
43%
21U
*%
80
7i«
1434
3734
1
34%
3934
3934
92
%
*13%
*30%
2,200
9
22
Electric Power A Light. No par
9,900
Apr
103
Sept
15% Apr
4%
155
10,100
534
Sept
93
Sept
19% Sept
l46%May 28
113
Elec A Mus Ind Am shares...
39% j
34%
30%
14% Sept
117
560
30%
83%
1%
Electric Boat
34%
*87
34
Electric Auto-Lite (Tbe)
34%
*81
1U
14-%
34
Eaton Manufacturing Co
I Edison Bros Stores Ino
;
*30%
92
*%
*1%
1%
100
7
6
3
0% cum preferred
3,500
14%
37 I
5% Mar
13% Apr
3% Aug
100
4
2
Eastman Kodak (N J).No par
34%
*6%
42%
102
534
i
6
Mills
3834
12
20%
14%
Eastern Rolling
5%
39%
534
39
83%
3%
14 I
3734
*9ie
79
*14%
*89%
34
*70
1434
3U
34
8934
*916
78
*3U
*%
1434
14%
No par
preferred
Duquesne Light 6% 1st pf.100
Eastern Airlines Ino
1
2,400 I
"2",900
100
C0...20
4,200
34%
*13%
36%
634
43
|
*87
1%
76
I
176
14%
37%
14%
*108
9%
133
34
*81
uie
lh
35
132
*172
$4.60
•
40
1,800
4%5
35
15%!
534
*4%
No par
preferred
Du P de Nem (E I) A
19,400
176
*172
35
500
/
115% 116%
36
37%
36%
45g
434
13234 132%
14%
40%
*
126
36%
8%
80
ll%May
14% Jan 12
5
May 21
Duplan Silk
100
7,900
30%May
14 May
21
15
21
24
15
22
21
22
3
No par
1
Dunhii, International
10
*115%
134%
Dow Chemical Co
Dresser Mfg Co
170
*9
May
4'4May
12%May
60% May
9%May
...No par
No par
700
7
32
05% July
133
Sept 13
Douglas Aircraft
300
23%
169
36%
30%'
23%
*6%
No par
No par
Doehler Die Casting Co No par
Dome Mines Ltd...—.No par
3,100
*113
*13%
3434
3734
10
1434
*3812
*13%
*9
14234
16834 169%
37%
*3334
8934
7
37
303s
*19
2334
7
34%
*30
*5g
23%
*13%
39% |
35% I
142
142%
142
*113
*115%
35u
*172
'
70
125% 126
113
168% 169%
176
*35
Co
Class A
3,400
85%
37
Dixie-Vortex
1,000
16%
37
*35
14
512
*1412
3ig
100
17%
21%
3512
*4U
412
133
134U
39%
3434
30%
78
*1312
10%
37
1434
%
57g
534
7
*10%
35
35
*716
10%
14
39%
2934
*10%
3612
55g
*634
5% pref with warrants.. 100
1434j
35
*158
400
36U
39U
*1%
*78i2
*3U
Distil Corp-Seagr's Ltd .No par
75
3434
%
*%
3,100
*74
17%
15%
113
2
75
17%
34
1434
Diamond T Motor Car Co
*74
*1334
36%
145s
700
21%
143
26
6% partlc preferred
100
8%
17%
16%
87%
—_
3434
38
*8%
No par
74
17%
7334
*10%
14%
36
*1
8%
100
Match
4
Apr
2734
Detroit Edison
Oct
Apr
15
100
Hudson
32% Mar 14
11%
29
*8
Jan
8% Sept
13
28% Deo
7% Sept
63% Sept
12% Aug
3% Sept
15
8%
17%
34% Oct 24
11% Mar 8
96
Apr
23
*28%
"""506
Dec
4
19% Apr
23% Jan
5% Jan
15
Diesel-W em mer-Gllbert
JDenv A R G West 6% pf.100
112% 112%
Aug
3% Sept
28% May
28%
111% 111%
9
26
23% Apr
15
112
48
June 10
28%
111
91% Feb 24
13% May 22
ll%May 22
8%May 21
2%May 21
% July 11
98%May 22
12%May 21
34l2!
36
*108
17%
1334
2134
35U
*172
10
*26%
1247g 124% *125
115
21
35
113%
__
107
20
Preferred
27%
13
52% Sept
June
Apr
Aug
113% Apr 12
Dayton Pow A Lt 4 H % pf. 100
Deere A Co.
No par
26%
24%
3
May
Feb
Apr
75
8% May 10
17
40%
37% Ma
17% Dee
94
Deo*
Aug
6
41%
Apr
Jan
Apr
Apr
Apr
9
2%
4% Jan
June 13
10
1,000
26%
Oct 16
1734 Oct 15
8»s Apr 4
5,700
27%
35
16934 171
*124l4 12534 *1243g 126%;
21
21%
1534
1534
10
*9
113
*113%
171% 171%
20%
Feb 26
45
l3%May 22
3%May 22
Davison Chemloal Co (Tbe).l
*111% 112
2034
20%
*111% 112
21
25
preferred
100
21%
85%
141% 143
23% 23%
6%
*6%
23%
7
112
2034
*26%
*16%
May 21
3
Davega Stores Corp—
6%
*6
6%
35
84
140% 141
112
13
110% 110% *110% 111
*15
15%
15%
15%
*28%
29%
29%
*28%
38
38
*37%
38%
*8%
8%
8%
8%
17
17%
17%
17%
11134
*15%
8%
27
27%
38% Apr
13
65% June
25
Sept
20%
*3%
*17%
Conv 6%
l8%June 11
July 17
Jan
32% Aug
91
2034
100
784 Jan
Jan
110
23
20%
*534
3%May 22
Apr
26% Jan
6% Aug
20% Apr
33
Sept
l4%May 15
55
6%
93
Jan
38
32% Nov
*45
*534
105
Deo
2% July
Jan
55
19
24% Jan
Aug
6
45
*45
*3%
Sept
% Sept
16
Sept
May 10
55
20%
3
60
*45
*18%
7% Apr
1% Apr
01% Sept
67% Sept
177
7
55
3%
Jan
Apr
Sept
150
Sept
*45
18
49
54%
May
42
55
2034
179
No par
*45
*3%
May
61% Jan
65% Jan
"~13%~ Nov
55
18
May
10% Jan
40% Deo
5% Nov
31% Jan
32% Sept
Apr
Cushman'8 Sons 7%
$8 preferred
20%
116
Apr
80
2034
3%
18%
51% Sept
Aug
*68
20%
Jan
Mar
22% Mar
19%
73%
80
3%
*17%
2
100
"4%
*68
20%
20%
*3%
3%
19
*17%
*6
6%
0%
*534
6%
6%
*110% 112
*110% 112
*110% 112
21
20%
20%
20%
20%
2034
Apr
Deo
Mar 29
80
1
Sept
92
*68
3%
9
Aug
June110
80
19
Jan
Mar
Mar
75
*68
*17%
70
3284 Feb
June 17
Mar
25%May
19% Sept 27
36
35
108%
2%
12%
7%
9%
pref—100
Class A
80
*45
Apr
Aug
Sept
1
31% Oct 9
6% July 25
21%May 21
Curtlss-Wrlgbt
*68
;■
June 13
75
Jan
33
11
11%
38
80
*68
May 21
%«Sept 28
13 June 5
25
Feb
91
x87% Sept
32% Apr
*108
Sept
6
Apr
29% Apr
1% Apr
19% Aug
16% Apr
61
.5
Prior preferred
900
2,800
May 25
9
Jan 26
Apr
Mar
484 Feb
85
34
Sept
101% Deo
17% Det
31
30
Ino
Curtis Pub Co (The)
Preferred
20,200
2734'
Press
May
May 28
43% Oct 25
Apr
3284 Nov
9% Oot
Sepl
6% Sept
No par
Cuneo
7%
May
l6%June
18%May
16% Mar
21
25
15
10
21
16
21
49%
116%
9%
40%
Feb
July
Apr 22
Cudaby Packing Co...
200
27%
2
31
15% Jan 10
1% Apr 4
97% Jan 10
8%
30% Jan
9% Deo
I84 Apr
8% Aug
88
Sept
9% June
1
24
24
24
24
No par
400
7%
21
7«4 Sept
384 Deo
6% Aug
29% Feb 24
4% Jan 4
100
11% 1
24%
27%
May
106%May
4% May
27% May
Deo
19%June 6
1% Oct 16
Preferred
11%
7%
6
Apr
Jan
84
62
100
24%
1%
27%
June
27
IOI84
91
preferred ...No par
Cuba RR 6% preferred...100
Cuban-American Sugar....10
100
7% May 21
%May 10
15% Aug
6% Apr
Apr
79% Apr
7% Nov
43% Apr 4
21%May 4
95%May 9
43%May 10
6
5% conv preferred
150
2% Jan
4% Sept
19% Sept
10684 Oct
19% Apr
Sept
30%June 12
12
May 22
75 May 21
25
May 21
75% Oct 10
l84May 24
3% Aug 15
60
May 21
9%May 23
No par
Crucible Steel of Amer.No par
"Yioo
8% Apr
6
21
22
22
21
1
Apr
Apr
5
28
Crown Zellerbaoh Corp
110
88
22
June
2%May
8%May
93%May
9% May
5
73
Apr
Mar 25
Jan
10% Apr
4% Apr
Highest
share $ per share
19
No par
Pref ex-warrants
4,100
87%
100
pref w w..No par
conv
20
22
23
4
Coty Inc
478
15%
Apr
Feb 21
165
Cream of Wbeat Corp (The).2
42
9%
32%
110%
1%
100
1,500
$2.26
95
21
21
21
41
3,100
Crane
29
May
4%May
23 May
97%May
% Aug
5%May
2% May
5%May
47
25
...
10,500
75
60
Corn Products Refining
Preferred
100
Apr
Bank Trust Co. 20
pref. 5% series
conv.
Corn Excb
130
5
46
33%
734
No par
Diamond Fibre. 5
8.400
88
*42
34
preferred
8,700
100
92
33
Continental Insurance...$2.50
Continental Motors
.....1
7,500
Apr
May 29
20
940
15%
1%
7%
27%
$4.60
Continental
900
16
63
70
Continental Can Ino
1,900
40%
1%
34
734
28
3~800
17% June 10
7% Jan 29
100
preferred
800
*41
70%
11%
34
8%
"
25
24%
46
Continental Bak Co d A No par
Class B
No par
8734
*11%
*36
Container Corp of America. 20
700
1,200
42%
89«4
*24%
70
6% preferred v{ o
100
Consumers Pow $4.50 pfiVo par
20
*45g
,
24%
1%
24%
46
*36
88
No par
100i2
20
15%
11%
24%
1%
42
*41
June 12
1384 Sept 24
12% July 8
31% Apr 15
4212
9934
19%
47g
26U
43
*40
6% Jan 1
24% Feb 17
Jan 15
8,600
8iS
34
100
2%May 22
May 18
8
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) ▼ t O—25
500
*80i2
82
*80l2
83 | *80%
83
238
3834
3778
38i2
3914
39i2
*116i8 120
*116is 120
*116% 120
7
7
*678
7
7
7
37i2
*373s
3784! 37
37i2
3734
3i2
35g
3l2
35S!
33S
3i2
17U
1714
1778l 1778 18ig
1714
24
*2312
23%t *235g 24
2414
197g
2038
1934
1934
1934 1978
58
58
*57
58%
*57
58i2
51
51
*5014
51
SOU
50U
4412
44%
44%
43l2 44
4534
*173l2 178
*173i2 178
*173% 178
434
484
45g
434
478
434
9ie
**n
*»16
58
8i«
2058
21i2
2034
215g
2118
2112
4%
4
*87
8!8
34
838
34
Consol Oil Corp
500
18iS
1878
187S
10534 10584 *1047g 10534
17%
1778'
17i8
1712
4%
*2%
27%
100
4
4%
8934
7%
10,300
134
*2%
42
88
28
900
534
334
41%
87%
7%
2%
55g
*1U
*87%
4034
41%
87%
*2%
*4%
2734
278
1J4
8734
42%
90%
40
33%
8«4
1,000
278
15
*86%
1%
18
*8%
34
8%
$ per
14
Consol Film Industries
1
$2 par tic preferred—No par
Consol Laundries Corp
6
1,100
584
15%
41
1%
1778
900
34
55s
42
87%
*69%
*1034
*2334
1%
18
18,800
107
34
234
4
10512
107
$ per share
par
Consol Coppermines Corp
5
Conaol Edison of N Y..No par
$5 preferred
No par
22,700
25»4
25U
2578
20
7i8
share
Lowest
par
1
No par
.—100
100
Consolidated Cigar
7% preferred
GH % prior pref
100
*114
15%
*87%
4134
89%
*2%
87
12
18
105
25*2
1,100
per
Year 1939
Highest
10
Ctfis of deposit
Conaol Aircraft Corp
300
127g
22
7
106i2 10634
78
34
85s
*814
*41
87%
4%
4
*12i8
12i8
7U
7
15%
8734
15
40%
4%
8%
27s
12is
42
*41
88
,
4
34
120
634
38
35S
834
7g
84
3812
38
38
257g
7i8
26
1063s 10638 *106i2 1073s
34
78
78
34
1834
*1612
1812
104% 1045s *1045g 105
1758
177S
1734
181S
8%
38l2
612
255s
26
658
*1634
17i2
*8212
612
106
*%
*1334
No par
Congoleum-Nalrn Inc..Na
Congress Cigar
Nt
80
1354
$
Ranoe for Previous
Apr,
6% Nov
1%
I Called for redemption.
Jan
I>«hS
New York Stock Record—Continued—Page 5
2464
Od, 19
J
Oct. 22
9 per share
*17
2012 *14*4
147g
147*
95 , *91
44%
43*4
17*8
1078
*32
33
*22
23*2?
7 *8?
*14*4
*14*4
♦91*4
4378
*7*8
*27
j *32
2212
7%
28*4' *2012
28 I *27M
*106
10012*100
1018 10%
16
9912 99*4 *97*4
*2*4
3
*2*4
♦25
29% *27
•2714
33%
*2%
2%
♦15
•18
33%
33%
2%
*2%
2%
2*4
*15
15*4
18%
*18
20la
161s
95
44
17%
33
I
Range Since Jan
214
278
1578
18%
*14*4
15U
2012
15*8
*14*4
*15%
*92
93%
*92
44
437g
*10%
4378
1078
33
44
44
1078
33
100
100
5
5
33
2%
2%
*15
*18
*27
33%
2%
2%
15%
18%
12%
47
47
*44
50
*44
*478
*99
48*4
*0*4
*130
*3%
0*4
*15*4
79
♦17%
117
34%
*47g
5%
♦99
102
49%
078
139
1
378
0*4
10*4
79%
18%
117
79%
18
2*4
15%
*18
10*4
79*4
18
*99% 104
5
5%
*99
*99
102
48*4
0*4
130
49%
*135
3*4
0%
1578
0%
137
3%
6%
16%
3*4
6*4
10%
79*4
18
102
0*4
07&
157#
79*4
12%
51
5%
49
48*4
130
*3%
0%
5
*11%
*44%
6%
50
*5
15%
94%
4378j
20%
15%
397S
*115
115*4
%
%
i
91
43%
43*4
30
*28
*28
*29
40
*29
Florence Stove Co
*45
49
Florshelm Shoe class A.No par
500
Follansbee Steel Corp..... 10
200
5% conv preferred
.100
Food Machinery Corp.... 10
300
40
*29
40
125% 125%
49 j *45
49
4%'
4%
4%
124% 124*4
""
S 7 conv preferred
400
2,800
F'k'nSimon&Co Ine 7% pf. 100
Free port Sulphur Co
10
200
Gabriel Co (The) cl A..No par
000
Galr Co Ino (Robert).
300
18
18
50
Gamewell Co (The)....No par
10
*11%
*44%
*5%
2%
2%
102
6
8
5 H % conv preferred
50
Gen Amer Investors
No par
300
$6 preferred..
102
*100
3*4
6%
Gaylord Container Corp
300
61
5*4
"2,066
49% 49*4
49
49
0*4
7 I
*0*4
7
*135
130
*135
130
*3%
Gannet Co conv f 0 pref No par
Gar Wood Industries Ine....3
97
000
5%
11%
*44%
*5%
12%
61 '
5%
20*
300
0%
400
17
10%
10%
80
80%'
82
82
1,400
19
600
210
*29
100
500
*29
>
129% 129%
49%
50%
90
"ill 00
400
60
124% 124% *124*4 125
4%
4%
7%
*7
7%
100% *100
100%
*2
*2%
♦83%
*37
40
2%
2%
80%!
12% ■■■12%'
*68
15%
*70%
1%
*30%
**lt
6%
12%
*10
13%
*33%
*23%
14%
2734
19%
133
69%,
39
2
2
2%
83%
83%
12%
*82
12%
69
*57
*75
*1*4
2
15*4
82
2
31%' *30% 31%
%|
#U
*16
5% I
6%
5%
12% *11% 12%
10
10%
10
13% *12% 13%
34%
33*4 33*4
24%, *23*4 24
15
14*4 14*4
28%' 27% 28%
19%
20
20
133
*130% 133*4
*34
50
*31%
32
31%
31%
11%
*10%
11%
11%
17%
11%
*10%
2
1*4
♦14%
1%
9%
*33%
11%
11%
17%
1*4
16*4
1*4
*17
*1%
*14%
*1%
9
10*4
1*4
9
*33
35
*32
*13
33%
13%
*14
15
*102%
*104% 105%
22*4 2234
*120
*0*4
*95
2%
*100
150
7
99%
2%
101
*34
»
17
*32
*13
*14%
*102%
105
*22%
*120
*6*4
*95
2%
50
9%
34
33%
13%
16
22%
150
7
99%
2%
*2
2%
*2%
15%
15%
*30%
ht
5%
*12%
10%
*13
*33
13
13%!
69
2
31%
*30%
34
6%
*12%
5%
12%
10%
13*4
34%
24%
*10
13%
*33%
*23*4
6%
5,100
1,100
400
31%
31%
31%
11%
11%
*10%
11%
11%
*10%
107g
1%
*17%
17%
1*4
17
1*4
9%
34
33%
13%
*1%
*14%
*1%
9%
*33%
-
*32
*13
15
*104
2278
*126
034
95
2%
150
„91»
60
31
*34
t
3078
31%
12
1178
*10%
17%
*14%
1878
*16%
1%
*14%
1%
9%
1%
34
*32
33%
13%
*15
16%
*102%
105
^22%
*120
6*4
----
105
22%
150
*6%
*95
2%
2%
9978
67s
99%
2%
9978
8*4
*102%
-
——
Grand Union
600
*14
10
33
*30%
7%
10
...
47
37%
13
*58
»10578 107%
*3*4
378
31
31
*%
*3
17%
4%
3%
17%
4%
*15
317g
*7
10
3178
7%
10
*15
31%
*7%
*9%
10
*15
31%
7%
10
31%
*7%
9*4
*105%
47%
47%
37% *36%
13%
13%
18
32
4,600
Great Western Sugar—No par
7*8
31%
7%
60
— —
....
-
-
Dec
Jan
39
Jan
Apr
72%
Jan
125% Dec
130% Jan
36%
50% Apr
100
10
preferred
Hercules
127% Mar 23
68%May
"
7% Apr
112
Jan 10
7
Mar
105
Apr
28
Jan
100
May
Jan
Apr
% June
12% Sept
85% Aug
% June
14
Sept
19% Apr
12% Aug
16
Apr
15
Apr
8% Sept
10% Aug
97% Nov
15% Apr
5% Apr
43% Oct
6% Aug
1
23% Jan 4
0*4 Mar 0
517gMar 14
9
Sept
3% Sept
23% Apr 27
3
43
Sept
4
14
Sept
44% Mar 20
34
61% Oct 25
19*4 Jan
May
Jan
17g Apr
2%
4% Apr 22
3% Apr 11
90 Sept 19
70
Jan
13% Apr
20% Apr 4
69% Mar 7
2478 Apr 4
97% Feb 21
4% Feb 8
21% Apr
71% Jan
07
63
Apr
Nov
87
27g June
9
9% Apr 10
147i Jan 4
10%May 3
10% Apr 8
36% Apr 8
10
July
50%
Oct
126% June
Feb
38
07g Jan
107g Jan
111% Nov
1% Sept
28
Jan
92% Apr
1% Jan
20% Jan
41
Jan
15% Oct
43% Sept
20% Nov
16% Jan
18
Nov
99% Feb
27% Mar
8% Jan
54
Mar
137b Jan
06% Mar
24% Jan
Mar
47
3% Mar
27g Jan
80
Nov
24% Jan
74% Mar
38%
Jan
109% Jan
5% Sept
Mar
80
Aug
Apr
1%
I07g
15%
10%
22%
14% Dec
9% Dec
Apr
24% Jan
227g Jan
12% Apr
16% Apr
23% Aug
25% July 17
18% Jan ts
29% Oct 1
29% Jan 2
99
128% Dee
Dec
%
4%
1% Jan 30
7%
Paper Co
6%
100
10
10
par
par
No par
100
2,200
Houston Oil of Texas
Howe Sound
v
t c._251
Co..........—5l
Hudson A Manhattan.....100
5%
600
preferred
100
4,600
Hud Bay Mln A 8m LtdNo par
Hudson Motor Car
No pat
2,300
Hupp Motor Car Corp......1
2,400
June 25
16%May 23
130
May
5%May
83% June
2
Aug
897gJune
27
21
27
16
6
7% June 10
12%May 23
Oct 15
75
126% Aug
50
8
June 11
9478May 21
12% July 16
19 May 21
4% July 15
8
May 21
103 May 13
35 May 21
28 May 22
8%May 21
64i*May 22
103
Aug 24
3%May 22
28
Aug 15
% Oct 26
2%May
12 May
3
May
%May
22
24
15
14
129% Sept
42
May
18
18
17
23
22
)
Apr
Apr
29
May
9
2
%
Nov
Sept
Dee
Dec
Sept
35
Aug
25
Aug
22% Sept
33% Sept
37% Sept
6
Sept
Sept
32% May
Jan
38
Apr
18% Deo
5
Apr
18
Oct
106% Jan 12
9
Apr
105
Oct
105% Mar 30
28% Jan 4
96
May
17
Apr 12
123
Apr
Sept
Jan
20% Feb 19
17
Jan
138
8
11% Apr
92
Apr
93
Mar 30
12
13
15
25
13
3
21
1% Feb 20
7% Feb 20
27
Jan
5
6% Feb 17
1
Jan
2
12% Dec
13% May
117
Mar
148
Oct
167
June
10
Apr
18% Nov
63
Apr
101% Sept
135% Mar
65% Aug
Mar 20
60% Jan
38
Apr
16% Apr
71% Apr
lll%May
67b Jan
50% Feb
Oct
Nov
4% Nov
Sept
21% Apr 22
110
Apr
8% Apr
100
100% Apr 9
Jan 30
Apr 10
Jan 9
Jan 4
35% Apr 4
77b Mar 4
16% Apr 20
May
10%
Jan
2
8
133%
67%
116%
18%
144
Feb
47f
8
Jan
Nov
103% Nov
33% Sept
71
9% Apr 5
Apr 9
4% Apr 10
113% Jan 29
104
166
.5
preferred
2,600
800
95
Jao
87
Jan 12
—No par
Household Finance.
800
87g Oct 16
29%June 5
30
May 20
9%May 21
10% May 22
100% June 18
6
Jan 29
3% Apr
30% Apr
2% Sept
10% Sept
34% Apr
155
...100
Mining—...12.50
Class B
2,400
4
Feb
110
No par
Houdallle-Hershey el A .No
--
1% Oct
June 11
preferred
Homes take
3.400
55
100
...
Holly Sugar Corp.....No
600
------
142
86
Motors—..—No par
Holland Furnace (Del)
Hollander A Sons (A)
300
June 13
25
Hlnde A Dauch
.
Corp..——1
34 conv preferred....No par
200
—
-
1
6% cum preferred....—100
Herebey Chocolate....No par
20
100
-
—..100
Hercules Powder..
900
—
No par
100
Helme (G W)
Preferred
1,400
•
.10
preferred
Hecker Products
300
—
Apr
30
preferred
..—100
2
Hazel-Atlas Glass Co......25
900
-
%
44
101
21% Mar
12% June
6%% preferred
Hayes Mfg Corp
300
7*8
-
118% July
1% Jan
651} July
25% Apr 29
6%
4,100
31
—
-
44% Jan
477g Aug
107% Sept
1301b Mar
4*4June 26
1% Aug 22
1 May 21
Hat Corp of Amer class A
4.400
7*8
9*4
Apr
Jan
36%
Jan
—
2%
*2%
100% 100%
*9%
978
9%
978
9*4
*105%
*105% ....
*102%
*102%
47% 47%
47%
47%
47% 48
47% 47%
*35% 37% *36%
37% *36% 37% *36% 37%
13%
13%
13%
13
13
13%
13% 13%
60
69%
59%
60
59% 00
00
60
60
*59%
*103
107% 107% *10578 108%
108% *100
106*4
107% *106
*3*4
378
3*4
3*4
3*4
3%
3%
3*4
3*4
3*4
31%
31%
31% 32
32% 33
32% 33
32% 32%
*%
"1a
%
»ia
%
*%
»ia »ie
%
»4
3%
3%
3%
4
3%
3%
3%
*3%
3%
3%
18
18
17*4
17*4
18%
18*4
18% 18%
18*4 19%
4%
4%
4%
4%
4%
4%
4%
4%
4%i
-4%
#.«
%
%
*%
%
%
»i«
•1a
...
—
200
7
20
31
Oct
31
Jan
49% Apr 15
118% Jan
% Jan
Apr
Apr
Hanna (M A) Co 35 pf.No par
Harbison-Walk Refrac_.No par
1,300
17%
106
2
41
10
6%
99%
*16
Jan
14%
-
150
25%
24%
Hall Printing Co
Hamilton Watch Co
200
*6%
*95
Jan
Dec
5
8%
200
*126
Jan
76
10
3
7% preferred class A.....25
150
35
Apr
197g Apr 16
117% Mar 29
4
10
*126
Mar
9
17% Apr
43
12
1,700
22
Mar
July
5% Sept
18
Jan
17% Jan
Gulf Mobile A Ohio RR No par
35 preferred
No par
Hackensack Water.—.
.25
-
Sept
11
351} Apr
li
Aircraft Corp
1
Guantanamo Sugar
No par
34
-
65
149
9%May 22
9 May 29
30
15
Jau
141% July
63% Deo
35% July
100
2,600
13%
JaD
9
Apr 24
27% July 30
23 May 22
100 *123
1«4
32
Jan
Jan
Grumman
600
*
June 11
7%
18%
62
Greyhound Corp (The).No par
514% conv preferred...—10
----
1.600
1%
......20
Green Bay A West RR
Green (H L) Co Inc...
T.400
«»-
preferred
Preferred
60
19
22
31%
7%
5%
8,100
11%
—
18
10
Gt Nor Iron Ore Prop..No par
Great Northern pref—.No par
22
*16
(W T) Co.
300
2,100
9,000
*102%
*102% 105
2*8
Grant
600
15%
May 21
May 21
l*4May 15
25 May 22
%May 14
4%May 22
9%June 7
6%June 10
10 May 18
26 May 21
21%May 29
ll%May 22
15%May 21
18% May 22
dlv ctfs. No par
w
May 21
May 22
May 21
July 16
12%May 22
5
25%
32
6%
99%
10
Without dlv ctfs——No par
Granite City Steel——.No par
90
*32
*7%
*9%
*105%
407S
,
9
69
400
101
100% 100%
*99% 100%
*834
87s
8*4
878
8
8%
7%
7%
7%
94% 94%
94
93% 93% *93
93
93
*93
94%
*150% 100
*150% 100% *150% 100% *150% 159% *150% 159% 155
155
10%
10%
10%
10%
16% 10%
16%
16
16%
16%
16%
16%
70% 70%
76% 76% *76% 78
70
70
76% 77
75% 76
129
129
*128% 129
128*4 128*4 *128% 132
*128% 132
*128% 132
*50
56
50
68%
*6578 00
00
*5578 60
*55% 60
*55%
*114
114
115
114
114
*112% 11478 *113
113
113
*112
113*4
*8*4
*93
Goodyear Tire A Rubb. No par
35 conv preferred—..No par
400
105
2%
45
preferred
2,000
22
6%
77
5%
6%
12%
*104
*95
Co 100
No par
No par
Goodrich Co (B F)_.
10%
14%
33%
*33%
—
2
Granby Consol M S A P
15
13%
..1
9
*13
16
2
Graham-Paige Motors...... 1
9
9%
*33%
33%
13%
30
10
1%
1*4
34
*14
Goebel Brewing Co
Gold A Stock Telegraph
13,700
16*4
16*4
*1%
.50
17
21
22
21
103% Mar
Jan
Apr
7% Deo
Sept
2% Apr
1% Jan 11
19% Jan 4
100 Sept 30
"11 Apr 2
18% Apr 6
33% Jan 4
9
104% Deo
96
117b Jan
110
Feb
.....1
3,300
50
3078
Apr
3% Apr
x9% Sept
45% Aug
6% May
4% Sept 23
1
30*4 Oct
4%May
43 May
11
May
..No par
Gobel (Adolf)..
10
12
*32
13%
No par
Gotham Silk Hose..—-No par
Preferred
.—...100
117g
*10%
11%
*33
95
*100
11%
17%
1%
17%
1%
9%
1%
105
227S
12
17
15
— _
31%
No par
No par
preferred
Gllddqg Co (The)
100
*34
50
35 conv preferred..
Brothers
36
300
*34
94
July
7% Aug
July
40
0
10% May 22
3
Sept 9
Jan
Sept
128
Jan
21
98
100
Glmbel
1,800
1,400
900
*34
60
preferred
General Tire A Rubber Co.—6
Gillette Safety Rasor..No par
55
36
3% Sept
57g sept
18% Oct
16% Sept
2
8% Jan
16*4May 28
7%May 23
1378May 28
Corp—..20
29% Jan
90% Jan
97« Sept
9
6714 Jan
June
13% July 23
May 21
Aug
66% Aug
1% Apr
27
8ept
18% Apr
1% Apr
Mar 20
General Telephone
"""966
28
28%! 27*4 28%
19% 20%"
19*4 19*4
131*4 131*4 *130% 131*4
37% Sept
108% Jan
7% Apr
Gen Theatre Eq Corp..No par
Gen Time Xnstru Corp .No par
1*4
31%
24%; *24%
15
15
1478
Apr
14
~
100
2%
87
24%
147g
15
2778 28%
20%
20%
131*4 131*4
May
700
300
'"500
24
147S
27% 28
20
20%
131*4 132
147g
21
507g Oct 23
24% Mar 7
13% Jan 4
81
1312
33%
13%
33%
24%
51
%Junc
100
Jan
103% Apr
105% Mar 27
6% Apr 22
14% Apr 24
May 21
*78
10%'
6% Apr 18
32% Jan 25
88% Apr 15
3% Sept 30
5% Apr 24
20
Apr 30
20 Sept 4
10
20
300
5%
12%l
6%
12%
*10
9
14
3,730
9,000
%
Jan
107% Apr 4
21% Apr 29
105
Oct 24
15% Jan 11
13%
•ie
22
10
10
31%
77g Oct 18
28% Oct 16
35
July 22
59
17%
1*4
31%
a
*%
5%
12*8
10
*12%
33
Oct
10
12%
*57%
16*4
1%
31%
25
General Shoe Corp
1
Gen Steel Cast 36 pref. .No par
400
17
*1*4
May
321 j June
3% June
6%May
10 pref opt dlvser
No par
General Refractories...No par
100
1,000
82
10%
*78
#ia
6%
12%
10%
13%
„
69
17
*30%
*u
2%!
2%
87 I *82%
116
9*4June 10
86% Jan 15
%May 16
4% % conv preferred
2
8ept19
77'iMay 21
118 May 28
37%May 28
No par
0% preferred
....100
Gen Realty & Utilities.
,.1
200
May
87
28
Gen Railway Signal..
39
2
2%j
2%
*80
81
*1*4
31%
*2
69
81
2
*37
39
*37
80
13
12
*57%
1578
83
*1*4
2%
2%
*82
12%
59
*78
39
2%
80
12
*102%
105
*37
39
2%
*2%
59
15%
16%
83
2%
*37
par
1,200 General Printing Ink
1
36 preferred.
201
...No par
No par
1,100 Gen Public Service
1,000
17
4
29% Apr
26%May 21
35 preferred
...No par
Gen Outdoor Adv A.mf.No par
Common
...No par
"""OOO
25% Apr
6
jt35% Oct 24
lll%May 22
%May 17
preferred—........100
General Motors Corp......10
400
July
145
par
6%
36,000
49*4
38
25
22
27
par
Aug
Apr
104
l2*4May 23
102 May 21
61
Sept
5
15
25% Sept
105% June
25
16
ll*4May 24
par
17% Apr
99% Jan
38% Apr
21% Apr
5
38% Mar 26
48% Feb
36 conv pref series A .No par
General Mills
No par
40
128l2 129
90
89
40
90
Electric Co...No
General Foods Corp—No
34.50 preferred—...No
Gen Gas & Electric A..No
2
Highest
g per share f per short
21% Dec
16% Sept
15
36*4 May
6%May
May
l*4May
4% May
.5
General
Jan
June
118
7% cum preferred......100
General Cigar Inc.....No par
7% preferred.....
100
29,700
9,100
June 14
94
General Cable Corp
No par
Class A..
...No par
1,000
0%
17
$8 preferred..
General Bronze Corp
June 19
45%June14
3%May 21
No par
5
5
No par
Baking
28
3%May 28
Gen Am Transportation
General
2,400
3%
0%;
6
21
22
12
24
14
11
10%May 21
12 May 21
..1
10
....
June
200
*99%104
6%
IPs
$3 preferred
—
♦35
No par
..No par
Francisco Sugar Co
40
9%May
61 May
2% Aug
20 May
24%May
l%May
2% June
10
6
8
Jan 24
106
102
preferred....100
conv
Foster-Wheeler
10
5%
*100
4J4%
200
2,000
221} Jan
21% Jan
May 21
32%May 22
lO%May 22
24*«June 10
19 May 20
6% Sept 23
22
Sept 25
18%June 10
No par
300
30
*45
49
*40% 49 1 *40% 49
4%
*4%
4%
4%j *4%
4%
7
7%
*7
7%
7%'
7
7%
7%
*100
100% 100% ♦100*4 109% *107% 109% *107% 10978
»n
»u
*%
%
%
%
*%
%|
a4
a4
15
15 |
15% 16%
15% 10%! *15% 10
15% 15*4
*16% 10%
*105%
♦105%
*106%
*105%
*105%
.—1*105%
*Tia
*%•
'18
'16
%
*%«
%
*%
%
*%
%
*17
19
18
♦18
19
18
•17% 19 t *17% 19
*17% 19
27
27
27
27
27
20% 20%
20% 20% *20% 20%'
27%
*10*4
11 I
10% 10*4
*10% 10%,
10% 10% *10% 10%
*1012
11
47% 48%'
47*4 48%
48l2 50%
48% 48%
4812 48*4
48% 49%
*21%
22% *21% 22% *21% 22
*21*4 22
*21*4 22
21*4 21*4
*11
11
11*8
11*8
11%
11% 11% *11% 11%
11%
11%
11%
19
*18% 19*4
19
19
*18%
19% 19%
19% 19% ♦19
*101
—.1*101% 102% *101% 102% *101% ——,*101%
*101%
12
12
*11%
11%
11% 11%
11%
11%
11% 12%
12% 12%
3
3
3
3
3
3
3%
3
3%
3%
3%
3%
•31%
82% *32*4 33% *33
34
♦33*4 34
34%
35
34% 34%
0%
*0%
0*4 i
0%
0*4
0%
0%
078
0%
0%
59
01
01
61
*55*4 69
60% 58
*65*4 69
01% 01%
15
15
*14*4
15
♦14%
15
*14*4 15
14% 1434
147« 1478
4%
1,000
10
*99% 104
*5
Sept 7
12%May 21
First National Stores...No par
Flintkote Co (The)
No par
18%
79%
91% 91% *8812 90%
129% 129% *129% 130
49% 50 ' 49%
60%
~
""
*7
1,000
34
*2
18
*124% 125% *124% 125%
*40
"2" 000
Year 1939
Lowest
S pet share
share
per
84
6% preferred series A...100
33%
♦2*4
Range far Previous
Highest
14
Firestone Tire A Rubber... 10
18%
*2*4
15%
18%
3
Fllene's (Wm) Son* Co. No par
""""700
33%
2%
27g
15%
33%
*2%
116*4 110*4 117
117% *115% J18% *116
118%
34% 35
34% 35
34% 34%
34% 34*4
34% 34%
38
39% 39%
39%
37% 38%
30% 37% a:35% 36
*110
119
118
*110% 118% *110% 118%
115*4 115*4 *110
*8#
'ti'
'H
%
%
**8
%
*%
*8
%
90
90
129% 129%
49% 49%
91%
129% 129%
49% 497S
Par
93%
j 116% 110%
34%'
40
102
49% 49%
0*4
07g
137
137
*3%
3*4
0%
*18%
39%
*29
6%
33*4
2%
2*4
15%
18%
*2
*99% 104
*5
5%
♦11% 12%
6%
30
33%
On Basis of
Lowest
~
30
*27
*14*4
15%
*93
20%
17
17
17
17
17
34
34%' 33*4 33*4
33% 34
22
22 I *21% 22%
*21% 23%
*7%
7*4
7%
7%
7%
7%
28
28
*27
28
2812 28%
28 I *28%
28
29
*27*4 28
100
*100
-100
100% *100
106%
16
10% 10%
10*4
10%
17
100
*99
104% 104% 105
105%
*2*4
3
*2%
3 j
*2*4
3
*21%
*11
104
Shares
2012
147S
12
*478
9 per share
95
12
•100
Od. 25
9 per share
*14*4
1478
"
30
33%
«ftare
I
100-Share Lots
261 1940
EXCHANGE
Week
*92
22%
7%
7%
*27% 28%
*27% 28 ,i
28
100%
IO6I2 *106
10%
16% *10
99
10O
99*4
*2*4
3
3
2212
7%
2812
per
Thursday
NEW YORK 8TOCK
the
Friday
Oct. 24
Oct. 23
Od, 21
% vet share
% vet share
Wednesday
Tuesday
STOCKS
for
Monday
,
Sales
SALE PRICES—PER SHARE, NOT PER CENT
LOW AND HIGH
Saturday
Oct.
128% Apr
64
Jan
100
Sept
.
14% Apr
29% Sept
5% Nov
8% Aug
95
May
47% Sept
27
Apr
8% Apr
60% Oct
102
Sept
4% Sept
40
Apr
%
27S
21%
4%
%
Dec
Sept
Sept
July
Aug
115
July
19
Jan
61
Jan
11% Mar
21% Sept
110
Oct
66% May
36% Mar
17% Jan
73% July
110% Aug
9% Sept
57
Sept
1% Jan
5% Jan
35% Sept
87g Jan
2% Jao
1
♦
Bid and asked prices: no sales on this day,
t In receivership
a
Def. delivery,
n
New stock,
r
Cash sale,
x
Ex-dlv.
y
Ex-rights,
T Called for redemption.
Volume
WW
AND
New York Stock Record—Continued—Page 6
151
HIGH
SALE
PRICES—PER
SHARE,
Monday
Tuesday
Oct. 19
$
Wednesday
Oct. 21
Oct. 22
Oct. 23
per
share
8%
♦16
$ per share
8-3s
8
16%
38%
*15%
38^8
38
*4
$ per share
8
18
16V
8
*37%
38
38
4
*4
534
*5
4U
4
534
♦5
534
*5%
2584
26
26
I
102U 102i2
10%
♦108
6%
9%
*1%
*28
89
87%
10
10%
10%
10
1078
6%
27%
1%
28
156% 156%
49%
50
9i8
9
1%
28
27
49
9%
*134
15712 158
*161% 165
158
4978
9%
178
178
28
*28
158%
4734
15734
49
4834
162% 162% *162%
*16212 16414
2%
2%
*2%
2»4
234
7
7%
718
7%
73s
*378
26
88
157
234T
71J
7%'
3%'
4%
2818
*101
105
178
*101
2
2i4
*2
8
178
*6l2
*2612
2
8
8
*87
7
27l2
*125i8
107
178
*178
*778
*6%
*26%
2712
7
*150
*12514
..—
*12l2
*46i2
13
*1212
12%
*125%
12%
48
*46%
47%
47
*67i8
6734
67
67%
67
*126i4 127
95
*12614 127
96
*1238
*119
94
*12%
13
*119
...
5
*414
*4i8
*17
18l2
*17
*12
13
*13
*97
95
12%
8%
*99i8 101
16i2
16i2
7i2
8%
101
1634
7i2
*7%
5
18%
87
10%
6%
10«4
2%
7%
*334
7%
4%
2834
130
14%
6178
2%
3978
37%
30%
27%
*17%
13%, *12%
*97
8%
101
,*101
10978
16%'
16%
17
9978
313s
*98
9978
31
1414
*1334
31%
14
*1334
*3314
35
34
*33
34
2
*158
*23
*134
25
2%
24
25
25
*2%
25
*234
25
31%'
3%
7%
16
12%
*5
2334
7%
31%
*6%
317g
734
16%
12%
6%
2334
*15%
*12%
*5
*24
734
9978
31%
14
35
„*1%
*23%
2478
*2%
*25%
3134
*6%
25
3134
31%
2
*23%
2334
13%
8«4
*1334
31
5%
18%
101%
*8
734(
107
*101
2
2
2334
25
3%
3134
734
19%l
12%
*15%
19%
12%
12%
6%
2434
*5
6
*2
2%
8
*7%
8
90
90
7
1134
2034
*11
43
26
25%
43%
*25%
43%
634
*634
7
2078
7
9978
13%,
127
98
99
*12%
434
*16
♦
19%
12%
6%
2434
44
45
*634
7
4234
*38
40
40
40
41
98
98
*97
98
98
98
97%
22%
36
*3%
*14%
—
15
29
*104
15
28%
2734
29
27
15%
27
15
15
29
28%
27%
27
98%
97%
99%
*174% 180
21%
24
3434
20
155
*19%
60
*29%
*128%
27
26
10%
*29%
*178
*5%
*13%
*34
4%
16
12%
*5%
24%
21%
24%
35
10
10
15
15%
20%
*11
*24%
44%
42%
*97%
98%
*175
21%
*23%
34%
7
*26
*101
1%
1%
*7%
8%
9%
878
1478
32%
3134
*934
*29%
*29%
978
30%
30
*168
14%
9%
90
52
*2%
234
25%
*25
52
*2%
*25
234
25%
*98% 101%
*98% 101%
13%
*12%
13
15%
15%
15%
*103
10834 *103
10834
*2484
25
*2434 25
*7%
8%
*734
8%
*12%
*15
*367s
3734
3634
3634
8
8
*734
8%
*
834
8%
8%
15%
30%
15%
15
15
3034
31%
10
2934
10
10%
10
29%
2934
30%
30
30%
29%
*29%
*168
*168
5178
*2%
5178
234
25%
..
Bid and asked price;
no
51%
96
550
10,800
97%
13
100
5
*12%
*4%
""500
35
8%
15%
31%
10%
29%
30
...
100
100
200
300
30
4,900
1,900
■
.>
2<m66
*175
Agricultural
No par
Prior preferred
...100
Int. Business Machines.No
-
1
5
1
Kendall Co $6 pt pf A..No
par
Kennecott Copper
No par
9%
51%
J In receivership,
a
June
>21
92
Oct
8%
Jan
28
June
110
22
15
_
28
9
Jan
Sept
7% Aug
10% Jan
76
.
Mar 13
127%May 14
Sept
7% Nov
18
Apr
119% Sept
Mar
18
Oct
4
59
Sept
105
Jan
Jan 15
122
Aug
133
June
99% Oct 23
35
Apr
83
Sept
13
Apr
Mar 27
132
16
Apr
121
4
Maris
7% Apr
20
4
117% Jan
5% Apr
5
11
15% Jan 8
100% Oct 23
90
15% Jan 8
Apr 18
85
Jan
.109
17% Apr 23
19% Apr 23
103% Apr 16
Apr
8% Apr
Sept
12% Apr
Apr
7% Apr
5
Aug
79
June
28
Apr
5% preferred
Lambert Co (The)
21% Sept 12
16% Jan U
"""300
Lane Bryant
Lee Rubber A Tire
8%May
May
3%May
16%May
15% May
12% Sept
12
30
1,100
"I'M
200
700
8,600
1
par
100
No par
No par
...5
Lehigh Portland Cement...25
4% conv preferred
100
I Lehigh Valley RR
50
Lehigh Valley Coal
No par
6% conv preferred
60
Lehman Corp (The)
1
Fink Prod Corp
6
Lerner Stores Corp....Nopar
Lehn A
""306
5,000
1,000
2,500
100
1,200
1,500
1,000
9,000
4,300
100
100
210
100
1,500
300
20
8,600
900
27%
11%
30%
200
2
400
200
6
"""200
100
21,500
Corp...........6
Liggett A Myers Tobacco..25
87
....25
87
May 15
May 28
May 22
May 22
100
169
June 19
16
22
21
21
15
21
May
13% May
27
May
9
May
10% May
__
No par
No par
Lockheed Aircraft Corp
l
Loews inc
No par
J6.50 preferred
No pur
22% July 3
20%May 21
97
May 22
15%May 21
...
Loft inc
1
Lone Star Cement
par
29
No par
2
Corp No
Long Bell Lumber A
Loose-Wiles Biscuit.....
preferred
....100
Lorillard (P) Co
10
7% preferred
100
Louisville Gas A El A..No par
Louisville A Nashville....100
MacAndrews A Forbes
6%
10
preferred
Mack Trucks Inc......No par
17
Macy (R H) CO Ino
Madison Sq Garden
Magma Copper
10
8%June
No par
10
No par
Manhattan Shirt
25
21%May 22
1% Aug 10
4
May 21
11%May 23
Exploration._1
6
3%May 22
Maracaibo Oil
1
%May 31
Marine Midland Corp
Market St Ry 6%
pr
Marshall Field A Co
pref.100
Martin-Parry Corp
Maytag Co.*..
2%May
8% May
26%June
6%May
2184 June
No par
Martin (Glenn L) Co
1
No
...No
par
preferred
80
1st cum pref
36% May 22
2% May 22
May 23
90%June 14
No par
No par
McCrory Stores Corp
conv
preferred
McGraw ElecCo
June 12
20
No par
McCall Corp...
June 10
160
par
$3
10%May 22
10
May 21
93
May 21
17% May 21
1
100
.1
McGraw-Hill Pub Co..No par
5
800
Mclntyre Porcupine Mines..5
26
700
McKeesport Tin Plate
n
New stock,
r
10
Cash sale,
21
21
25
21
10
21
100
Def. delivery,
5
Manati Sugar Co
Mandel Bros
6%
~i~7o6
4
Sept
May 24
20%May 21
No par
""eoo
300
15
10
23
17
31
21
18
22
128
7% preferred
100
May Department Stores...10
1,100
3
100
Masonite Corp
No par
Mathleson Alkali Wks.No par
100
June
May
13%June
105% May
18% May
138%May
15%May
38
May
2 5«4 May
25
2,470
5,200
11,300
3,600
1,900
1,300
200
Jan
33
Refining Co
Liquid Carbonic Corp
June
6
June 26
6%May 15
x
5
3684 Jan 4
23% Jan 10
4
June 10
Lion Oil
6% Apr
l%May 23
% Apr 17
2
May 17
15% May 21
9%May 18
18%May 21
5
par
34% Apr
9% Jan
Jan
30
Preferred....
29% Jan
115
7
Series B
3
9
Apr 18
Jan 24
Apr 8
lOOUJune 10
par
6%
~2~6o6
23
15
28
21
22
Ex-dlv.
y
June
IO84 Jan
3284 sept
125
3
1,000
10
jan
87
Sept
Jan
2384 sept
20% Apr
20
1
par
Jan
Feb
13
17
3
9
5
4,300
No par
Sept
1434
4
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
"""800
*168
*2%
Dec
May
9%
9%
Feb 26
14%
29%
29%
107
Feb 16
3%
9%
Jan
3% Sept
4
33,300
1,000
1,000
15
84
26
2,800
Kimberly-Clark
15%
31
10%
29%
29%
Oct
102% Oct 16
4«4 Jan
4% Jan
Feb
9
8%
*14%
30%
33
Jan
14%
46%
284
3184
Keystone Steel A W Co-No par
15%
14
Apr
8%May 21
4%May 22
87%June 20
Lima Locomotive Wks.No par
Link Belt Co........ .No par
28
40*4 Sept
19
95
100
cl A.l
Lily Tulip Cup Corp ..No
130%
31% May
5
21
23
23
92
May 21
7%May 21
100
Kinney (Q R) Co
55 prior preferred...No
Kresge (8 8) Co
Kresge Dept Stores
Kress (8 H) A Co
No
1434 jan
57% Dec
28
Jan
400
Jan
May
6%
38%
"""230
6534
138
38
9% June 10
...100
500
30
Dec
Sept
6% Aug
26% Aug
3% Jan
60% June
117%May
3% May
11
May
9
May
par
800
108
20%
15434
1934
60%
35
Sept
Jan
122%May
48%May
Kan City P A L
pf ser B No par
Life Savers
36
10
24%May 21
10
May 21
27%May 21
l%May 22
17%May 20
19%May 23
2
May 21
22% Aug 13
23%May 22
4
May 21
500
n
17% Sept
Apr
Jan
9
100
pf
Oct
Apr
123
77% Jan
600
105%
2134
73
Oct
5%
4
3
Apr 29
44
oonv
Sept
41
19584 Mar
71% Sept
16684 Aug
2% Aug
Jan
52
Class B
3*4
5% Sept
3%
29
122
Jones & Laughlin St'l
pref.100
Kalamazoo Stove A Furn
10
Keisey Hayes Wh'l
45% Sept
Jan 11
21%May
No par
Kelth-A1 bee-Orpheum
1678 Sept
1% Apr
3
No par
Kay ser (J) A Co
2% Apr
7% Aug
Jan
May 21
r
34% May 22
preferred
4
5
6
39%
l%May 15
l%Ma„' 15
1
4% preferred
109% Dec
Jan 23
38%
Dec
Oct
Apr
5% Jan 5
14% Apr 20
133
Sept
5%
46%
5% Jan 24
66% Feb 6
97% Jan115
.1
Kaufmann Dept Stores
90
21
13%May-21
...1
City Southern.No
17% Apr
9884 sept
37% Oct 10
36% Jan 5
5%May'21
20% May'23
Preferred
Apr
9% Apr
4% Apr
26% May■28
25
May 23
No par
Llbbey Owens Ford Gl.No
Libby McNeil A Libby
27
5
Intertype Corp
Island Creek Coal...
Johns-Manville
67
142
r
4% May 21
74% June111
(W B) Co.,
Jewel Tea Co. Ino
Aug
171
3
Jan
Sept
157
May 26
June
9% Sept
29%
147% May
May 22
7
Jan
131
Apr
Jan
Jan
Apr
Sept
Foreign share otfs
No par
Interstate Dept Stores.No par
Preferred
100
preferred
38
2O84
110
June
37
par
Jar vis
Mar 28
Apr
Apr
16
10%May'21
40%May 21
l%May 18
preferred
100
International Salt.—.No par
conv
11%
145
19%June
109
16
5%
5%
Sept
3
l%May 22
5%May 22
3% May-23
5% conv preferred
100
Internat Rys of CentAmNo par
Kansas
Mar
191% Mar 12
62% Jan 4
Ui
500
28
Jan
100
24%
3434
9%
3434
Jan
238 Apr
June 11
No
6% Oct 23
47>>s Mar 20
12%
38
Hydro-Elec Sys class A.25
Telep A Teleg
Apr 16
90% Apr 27
15% Apr 11
5
136
Inter Paper A Power Co
158
113
par
Preferred
9% Apr
June 10
No par
Internat'l Harvester
Jan
2% May 16
6%May 21
1
May 21
18%May 21
No par
Internet
22%
21%
*23
66%May 22
7%May 22
4% June 11
21% Aug 16
91
100
No par
7
6%
*25
salee on this day,
1,900
126% 127
99%
180
24%
6% preferred
Intercont'l Rubber
Interlake Iron
Inter
Jan
49
86
6% preferred
100
Inland Steel Co..
No par
Inspiration Cons Copper
20
Insuranshares Ctfs Ino
1
Intercbemlcal Corp
No par
$6
*51
51% 51%
51%
2%
2%
2%
*2%
2%
*25
25
25
25%
25%
*99
101% *100
101%
101% 101% *101% 103
*1284
13
*12%
1234
*12%
12%
12%
13
*15%
15%
15%
15%
*14%
15%
14%
14%
*103
10834 *104% 108% *104% 108% *104% 108%
2434 2478
*24% 25
24%
24%
24%
24%
*734
8%
*7%
8%
8%
8%
*8%
8%
*37
36% 37
37%
37%
37%
37%
37%
784
7«4
7%
8
*7%
8
7%
7%
*25
100
27%
99
9%
32%
*168
52
100
98
15%
978
2934
29%
30
60
7
98
9%
1478
29%
*168
52
9
500
90
*6%
99
15%
31
934
29%
29%
8%
900
8
287S
27%
87g
1434
32%
~6~4o6
35
Jan
International Rilver........ 50
7% preferred
100
2
1%
Apr
Sept
Jan
6%
share
pe~
Aug
29
43% Apr
Highest
share S
9
118
600
107
3
Jan
l6%May 21
International Shoe....No par
600
Jan
per
72" May 26
145 June 26
10
600
42%
21%
May 23
13%
24%
\
No par
Industrial Rayon
IngersoU-Rand
200
42%
98%
5
share
No par
Indian Refining
27%
30
42%
180
May 18
30
*36
19%
*16%
19%
12%
*12%
12%
*5
5%
5%
*24
24%
2434
23
*22%
23%
113% *111
113%
2%
2%
1
1
*%
3
3%
3%
20%
2O84 22
*11
11%
1134
25
25
25%
45
45%
44%
6%
1000
20,100
9,800
1,700
*119
434
18
13
June 12
3
37%
*2
39%
28% 29
28% 28%
2734
26% 27%
26%
26%
26%
107
*104
107
*104
106
*104% 106
*10434 116
105%
22%
22% 23
22%
23
22% 23%
21% 22%
21%
36
*35% 36%
35% 35%
36
35% 36%
3534
36%
3%
3%
3%
*3%
3%
3%
3%
3%
3%
3%
15
*14
*14
*14
14%
14%
14%
1434
14%
*1334
108
*106% 108
*106% 108
*106% 107% *106% 108
*106%
20
197s
1978
20
20
1978 20
19%
20%
1934
155
15434 15434 *153% 155
154
153% 153% *153
15434
1978
*19% 19%
1934
1934 *19%
1934
*19%
19%
*19%
60
*60
60%
60
*59
60%
60% 60%
60%
60%
2934
29% 29%
*29
*29
29%
30
29% 29%
*29%
*128%
*128%
*128%
*128% 130%
130%
27
26% 2684
26% 27
26»4 27%
27% 28%
27%
26
*26
26
26
26%
26% 2634
27% 27%
27%
10%
11
*10%
11
11
*10%
11%
*10%
11%
*10%
30
I *29%
29%
29% 29%
*29
*28%
*30
30%
30%
178
*1%
2
1%
1%
1%
1%
*134
*5%
6
*5%
6
*5%
6
*5%
*5%
14%
*13%
14
*13%
14%
13%
13%
13%
13% *13%
%
*34
78
*34
78
*a4
%
%
34
*84
434
4%
4%
5
5
434
5%
5%
4%
4%
147g
3134
300
5% May 21
May 21
31
15%
61%
2%
39%
---
*106
14,400
8 per
100
Internat'l Mining Corp
1
Int Nickel of Canada..No
par
Preferred
...100
130
14%
60%
share
Leased lines 4%
RR Sec ctfs series A
500
18
18
18%!
*13
*12
13%!
13
13%
101% 101%
101% 101% *100% 115
*8
8%
8
8
*7%
8
*101
10978 *101
I097g *101
109%
17
17%
16%
17%
16%
17
7%
7%
7%
7%
734
7%
*98
*98
*98
99%
99%
99%
3134 33%
32%
33%
32%
32%
14
14
*14
14%
14%
14%
35
35
35
35
35%
35%
2
*134
*134
2
*1%
2
24
24
23% 23%
23%
24
25
25
24% 25
24%
25
*234
3%
*234
3%
388
*2%
26
25% 26
25%
25% *25
31
31% 3134
31%
3134
31%
*6%
734
*6%
734
*6%
7%
40
*15
13%
*119
478'
434
*1734
40
99
98%
98% 9834
98% 99
175% 175% *173% 180 ,*174
180
21%
21%
*21% 22
*21% 22
23
—
23% 23%
23%
*23% 24
35
35
35%
*34% 35%
35
934
934
10
10
*934
10
68%
127
*126% 127
*24%
25%
43%
27%
130
Year 1939
Lowest
16%
38%
4«4
4%
16«4
Int Mercantile Marine-No
par
200
1134
26
*634
3%
per
12
Int.
47
68
68%
100
S
Range for Previous
Highest
6% preferred series A... 100
1,000
*46%
67%
■«
Illinois Central RR Co
7,900
47
*46
Par
7%
3%
28
""260
20%
43%
100
Lowest
2%
*2%
*7
13
20
25%
1,200
7,900
*12%
68%
*5%
400
*26%
*125%
*11
6%
6%
9,300
1,200
12%
2034
25%'
43%'
90
190
500
27%
67%
12%
1,600
*125%
12%
47%
♦17
5,900
12%
1134
20%
*11
II84
6%
27%
*24% 25
2434
23
22% 22%
23
23
*22% 23
2234
113% *111
1137s *111
11378 *111
113% *111
*2%
2%
2%
2%
*2%
2%
2%
2%
*2%
1
*%
78
78
*78
1
%
*%
3%
3%
*3%
3%
3%
3%
3%
3%
*3%
21%
10%
<
6%
*26%
22%
*11
2
2%
*111
*2034
107
178
47%
98%
*12%
6%
*27
2%
*119
*4%
7%
*98
*98
12%
*119
...
*97
*8l8
9678
157
*150
88
7%
*12%
j
67%'
800
157
234
*6%
12%
47
~i"66o
86%
27%
*125%
.
*126% 127
95
13
90
26
105
300
7%
7
5%
26
104
26
27%
26% 27
109% 109% 109%
109"% 109
3
*2%
3%
*284
3%
9%
9%
9%
9%
9%
2
*178
2
*1%
2
30
*28%
30
*28% 30
158
15734 15734 156% 157%
49
48% 49
48% 49
165
*162% 165
*162% 165
*2
27%
*5%
30
"MOO
178
2%
8
9078
5%
""176
4%'
87%
10%
6%
234
73g
*101
2
*87
9078
*6i2
*26l2
9078
*101
2
2
8
*87
105
*4
10334 10334
*378
4i8
334
*378
4%
2778 2812
283s 2834'
28
2834
2734
♦12612 130
*12612 130
*126% 130 i*126% 130
*126%
1478
1518
1412 1434
14%
1478!
1434 15%
14%
60
6034
61
60
60i2
6034'
60% 62%
60%
*2
*2
212
*2
2l2
2%
1%
2%
178
38
3934
3934
38
39
38i2
39
40
*38%
*3612 3734
*3612 3734 *36
37%
*3634 3784
37%
3012
*30
3012
30l2
30% 30% *30
30% *30
*2534 2614
27
*2618 2734
28
27%
28
27%
28
4
*5%
2534
157
9
1%
30
1.600
38%
4
103%
6i8
3
8%
*38
88
6i4
*578
6%
6%
28
*27% 28
27%
10914 10914 *108
109% *108
*2 s4
3
3
234
234
8
38%
*150
*26i2
8
*38
4%
5%
978
10%
8
16%
88
*150
share
38
2534
*103
per
*15%
*8738
28%
109%
*234
9%
2584
Shares
$
16
157
103
$ per share
Ranot Since Jan. 1
On BaH* of 10Q-Share Lou
Week
*15%
102
103
EXCHANGE
Oct. 25
16%
102
88
6%
*26%
26%
STOCKS
NEW YORK STOCK
the
Oa. 24
I
*150
157
*87
*25%
*16
Sales
Friday
|
83a
16i2
*334
*150
CENT
Thursday
$ per share
,
*15%
38
4%i
*5
NOT PER
for
Saturday
2455
8
Jan
Apr
1'4 Apr
12% Apr
20
Apr
384 Dec
7
12
3%
25
Apri
Jat>
Apr
Jaii
14
Feb 19
29
Jan 11
63% Jan 3
9% Apr 20
45
Apr 15
109
Apr 15
5
9
4
3
6
Jan
11%
Jan
24
Jan
Sept
I684 Nov
Jan
99%
18
July
100% Dec
1484 Mar
10% Mar
99
Sept
46% Sept
16% Sept
38
Dec
4
Sept
30%
Oct
26% Aug
5% Jan
2984 July
29% Oct
13% Jan
23% Jan
18% Mar
5% July
37% Oct
17
Apr
25
Mar
112
De<
118
Mar
20
2484 Apr
109% Apr
180%May
23% Apr
29% Jan
20
2% Sept
% May
1% Apr
l8g Jan
4%
884 Apr
19%
I2I84
98s
23
8ept
Apr
Apr
6% Sept
3% Sept
884 Sept
2784 Jan
13% Nov
3284 Mar
36% Apr
4% Ap'
5084 Mar
33
Sept
43% Aug
95
Sept
95% Sept
152
Sept
15
Apr
10
Sept
108 %
Aug
09s4 Aug
80
May
19
Nov
2084 Aug
31% Apr
40% Sept
14% Apr 27
10
18% Sept
18% Mar 27
13% June
41
41%
37%
109%
39%
46%
4%
Apr
Apr 16
Mar 16
8
8
2
Apr 10
1884 Jan 11
109%May 3
25% Apr
162
Apr
Apr
Jan
2984 Dec
30% Sept
101% Sept
6
Mar
38% Sept
2
Aug
16% Sept
105
Jan
19% Apr
138
May
Aug
Sept
47
Mar
19
Jan
3284
DfC
54%
Jan
109% July
2l84 July
62
Jan
6% Sept
22% Mar
110
June
24% Feb
159% June
20% Mar
21% Jan
60% Oct
I584 jan
36% Apr
35
28
Apr
35
Aug
124
Feb
135
Nov
18
Aug
33%
Oct
25% Sept
43%
19%
Feb
11% Sept
25%
Apr
40
1
Apr
5
Apr
Jan
136%May 10
2884 Jan 3
31
Apr 15
1284 Jan 4
38
Mar
8
4% Apr 18
7% Mar 11
16% Jan 17
l%May 9
5% Oct 23
10%
16%
47»4
1484
40%
32a4
170
17
21
16
16
Jan 8
Apr 15
Oct
Feb
Apr
Apr
Mar
2
63% Jan 4
4% Feb 23
30% Apr
105
Mar 29
16% Jan
17% Apr
111
29
3
8
8
Feb 24
Apr
3
9% Apr 25
Jan
3
12% Jan
8
471*
Ex-rights.
10
Apr
1
Apr
4%
Apr
3% Aug
984
Apr
26% Aug
2
May
30
Sept
2084 Aug
155
Nov
40% Apr
3% Sept
2484 Dec
93
Jan
10%
Apr
984
jan
88
67
Sept
Jan
Sept
6% Sept
784 Oct
16
Oct
2% Sept
684 Sept
8% Mar
1784 Nov
45% Nov
8% Dec
57% Jan
37% Sept
176
53»4
July
Oct
6% Mar
36% Mar
105
June
15% Aug
178s Nov
Jan
108 %
Dec
15% Apr
6% Sept
25%
IO84
Dee
39
69% June
884
A
Jan
18% Sept
5 Called for redemption.
New York Stock Record—Continued—Page 7
2456
LOW
AND
HIGH
SALE
Monday
PRICES—PER
NOT PER
SHARE,
Oct. 19
Oct. 21
Oct. 22
Oct. 23
$ per share
S per share
$ per share
$ per share
Oct. 24
•
%
5
2778
7
7
76
68%
28%
3*4
100
1,900
30
6% conv preferred
Mead Corp
17% May 28
6 May 21
90 May 31
No par
7%May 28
72
*72
74
*66
08%
28%
*28%
28%
28%
68%
29 |
3%
20%
3%
22
3%
3%
22%
*3%
3«4
21%
17%
3534
22%!
72
*66
*
75
*
74
68
28%
*60
75
*06
68%
*66
28%
900
Melville Shoe
3%
3%
3%
000
Mengel
21%
21%
820
8%
8%
3534!
8% I
12t2
12%
12%
12%
127gj
12%
13%
13
37%
36%
12%
37%
1234
*30%
12%
36%
37%
37% I
37%
37%
37%
16%!
10%
16%
36%'
36
30
119
119
*118
119
37
,*118
119
119
17%'
119
,*118%
22
17
16
17
35%
36
30
8%
47
47
48%
*47%
48%' 47% 47%
I 47% 47%'
*102
105 ,*102
105
*102
108% *102
104%
104% *103
*3%
3%
*3%
3%
3'4
3%
34
3%'
3%
3%
50
*43
49
*43%
*4484 48%
*45%
47%
48%
*45
9
9
9
"i
ne
2%
*%
*%
*13
90
%
2%
2%
*%
%
u
%
13%
90%
*116
123
40%
13
13
90
90
90
90%
90
90%
89
897S
88
88%
*122
123"
13%
17%
217g
4%
43%
117«
79
*13%
40
27%
13%
*122
27%
13%
27%
13%
17%
21%
28
27%
17%
17
22%
21%
4
4
4
4234
42%
*16%
21%
4
*3%
4%
4284
6%
16%
1978
*77S
10%
1978
8%
16%
19%
*778
*41
13%
39%
12%
*%
40
3684
277g
13%
17%
22%
4%
45%
1178
75%
12%
11
11
18%
18%
170
16%
19%
7%
*8%
10%
18%
*166
17
16%
1978
I684
197g
778
784
20%
7%
8%
884
IO84
18%
1034
18%
107g
18%
170
*166
884
169
4%
45
109
420
300
9
1,300
6% conv preferred
Nat Aviation Corp
10,000
National Biscuit Co
168
168
16
16
16
*15%
13%
*16%
.13%
1084
13%
15%
13%
15%
13%
11%
13%
1634
13%
15%
13%
11%
13%
13%
11
11
11
11
11
13%
*107g
13%
13%
100
300
13
13
13
13
*84
88
*84
13%
13%
Nat Bond A Share Corp No par
Nat Cash
6,700
140
112
112
112
110
10978 i097g
370
6%
734
3,500
2O84
2,400
*78
*78
*78
85
*78
M.
17%
142
144
24%
*142
24%
38%
*36
77g
65%
*23%
*36
144
*142
24%
38%
8
*9%
*38
64%
578
*9%
9
39%
*4%
*8%
*8%
*17%
*38%
39%
*458
*8%
*8%
9
18
*17%
*79
82
*44
45
39%
39
484
87g
9
9
9
8?g
17%
30%
*25%
8%
*4%
*7%
108
108%
117% *110
59%
»
%
%
21%
56%
%
%
17
*93
678
*3%
56%
17%
94%
*10%
37g
103
*49
15%
9%
—
56
7%
3%
16%
7
12
29
40
120
13%
120
152% 152%
*
*114%
*54%
7%
*3
*14
*6%
*1184
28%
39%
1338
*27
*80%
44
7%
1578
30%
25%
26
*5
1678
157g
3078
30
25%
*25%
15%
53
—
55%
7%
3%
16%
7%
12
28%
39%
13%
May
6
50
May
2
34% Mar
6% Jan
5
5
3978 Aug
28% Dec
24
May
6% May
ll%May
23%May
103
Corp
—26
5H % prior preferred
6% prior preferred
100
33%May
95
7%May 21
%May 18
l%May 22
lgjune 27
%June 21
9%May 21
8684 June 10
110 May 23
lWitMay 27
31%May 21
33% May 21
21%June 20
878May 22
12 May 21
15 May 21
2%May 14
20 May 21
8%May 22
May 28
97%May 22
4
May 21
66
3«4May 21
11
59
*57
*i«
*57
*i«
58%
*%
21%
31%
218
218%
113% 113%
20
20%
57% 57%
*56
10%
*93
57
1678
9412
6
16%
10%
100
*3
9%
41
9
100
3%
984
41%
25
53
3%
%
%
**18
31%
21%
30%
20
10
25
22
21
ll78June 6
12% Sept
8678 Sept
15% Oct
9%May
0
May
107%June 13
107 May 23
3 May 28
6%May 23
17
66
,
*14%
7%June 6
6%May 21
1,000
2,200
8
900
44%
14%
23,100
15%
1,600
3,000
400
2534
900
14% May 22
132
4H% conv serial pref...100
Newberry Co (J J)
No par
6% pref series A.
100
Newmont Mining Corp
10
Newport Industries
1
N Y Air Brake
No par
New York Central
No par
N Y Chic A St Louis Co.—100
6% preferred series A... 100
NYC Omnibus
Corp..No
New York Dock...
par
No par
Aug 6
3% Jan 4
7%May 21
36
May 22
100
June 12
20% July 20
6%May
30% May
9%May
87gMay
15 May
20%May
40
60
10
10% non-cum pref
50
N Y Lack A West Ry Co—100
45
2,200
JN YNB4 Hartford....100
am
"18
984
16%
N Y Shipbldg Corp part stk_.l
Noblltt-Sparks Indus Inc
5
Norfolk A Western Ry
100
175
50
215
Adjust 4% preferred
North American Co
100
105
10,800
10
300
6% preferred series
50
300
5H % pref series
50
"5,900
North Amer Aviation
1
Northern Central Ry Co...50
Northern Pacific Ry
100
400
North States Pow $5 pf No par
Northwestern Telegraph
50
Norwalk Tire A Rubber No par
6,000
I
20
Preferred
14%
14%
14%'
6%
16%
6%
11,400
Ohio OH Co
....No par
*16%
1678
1,300
Oliver Farm
No par
10%
10%
10%
2,900
*98% 102
3%
*3%
20
200
Equip
Omnibus Corp (The)
8% preferred A
Oppenheim Collins
17%
8,200
Otis Elevator
No par
3%
17
1678
137
138
9%
200
Norwich
130
4,700
60
Pharmacol
Co.-2.60
,
0% preferred
6
100
No par
100
Otis Steel Co
No par
$5.50 conv 1st pref..No par
Outboard Marine A Mfg
5
53
*49%
53
*49%
53
Outlet Co
3%
16%
7%
11%
2884
39%
13%
*120% 121%
',*152
153%
Bid and asked prices; no sales on this day.
41
7%
*3
16%
7%
*11%
53%
7%
*3
16%
7%
13
7%
*14%
*6%
11%
28%
53%
7%
2,600
Owens-Illinois Glass Co. 12.50
1,400
140
Pacific Amer Fisheries Inc...5
Pacific Coast Co
10
16
70
7%
270
11%
200
29
2,500
28%
39%
2884
40
40
40
13%
137g
13%
14%
3,400
121%
160
153%
40
121
121
121
152
152
*152
t In recei 'ersotp
100
3%
53
3%
No par
Preferred
*115
*115
527g
500
a
600
Del. delivery,
1st preferred—
No par
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp
No par
Pacific Mills
..No par
Pacific Telep A Teleg
6% preferred
n
Nfew acock,
100
100
r Cash sale,
z
June
21
22
21
27
6
% Oct 24
*11 Sept 20
13% Jan 15
100
25
7%
13%
~~9~9o6
7
Oct 22
20
May 23
May 22
May 25
14%May 21
47%May 22
47% May 22
15 May 14
84%June 6
4%May 15
101
May 24
27
May 22
2%May 15
3
July
14
Aug
11% Sept
25
Apr
0%
12% Apr 10
17%May 9
11%
40% Apr
18%
8
Apr
Apr
Apr
122
May
9
101
54
Apr
8
44% 8ept
103% Sept
Jan 20
Nov
63
Nov
30%
Dec
6% Jan
28% Jan
21% Sept
39% Jan
1678 Sept
18
Sept
40
Deo
120% Nov
85% Jan
114
July
54
147S
Apr
1% Jan
1
Aug
2% Aug
% July
484 Jan
% Jan
7g Jan
19% Jan
119 May
July 31
122
73
2% Sept
Sept
36
11
119
Apr
10% Oct
101% Nov
14% 3ept
8% Aug
484 Apr 24
Apr 26
Oct 24
50
Jan
3
45
Feb
2
3078 Feb 1
10
Apr 18
18% Apr 4
2078 Jan 9
6% Feb 1«
47% Oct 25
% Dec
10% Apr
8684 Apr
110
Sept
112
Sept
40%
31%
22%
9%
Apr
Aug
Sept
Apr
6784 Oct
47
Sept
37% Mar
19
Jan
1778
Oct
Jan
378 Aug
30
Apr
9
Mar 14
105
Sept
8% Feb 16
53
Apr 8
7% Feb 15
4
Aug
19
Apr
1
99% Apr 17
20% Jan 3
Oct
30
111
10% Apr 15
24% Jan 24
171% Oct 15
21
II484 Sept
121
May
122% May
Apr
Sept
Apr
3
21% Apr 30
884 Sept 23
10
Sept 25
Jan
2% Jan
984 Jan
1% Sept
2% Sept
Apr
60
22% Jan
Jan
Mar
10
Mar 29
1584 Mar 20
6%
10%
83
7%
Jan
44% Mar
14«4 Sept
70%
Dec
111% Nov
9%
Jan
43% Sept
5% Sept
62
14
2078 Nov
I884 Sept
Aug
778 Aug
7% Sept
21% Sept
Oct
10% Apr
87
Sept
14778
17%
Apr
Deo
9%
16
Jan
Nov
28% Mar
175
Jan
17% Nov
95% May
2384 Sept
26% Jan
16
Sept
18% Aug
8
14% Deo
13% Mar 12
18% Apr 17
116% Jan 3
z8% July
110
Jan
Sept
117%
Jan
3
107
Sept
114
6% Apr
8
16%
Jan
114
7% Oct 23
207g Apr 4
1578 Jan
12% Jan
96
6
3
Jan 31
22% Apr
9
12%
8%
Oct
4% Jan
20% Sept
0%
28%
Feb
10% Sept
8% Sept
Sept
1778 June
83
173% Jan 31
152
132
27
Jan
Jan
Mar
Apr
4%
148% Jan 29
Sept
Oct
14%
Apr
Jan
18%
Jan
1078
106
Jan
Mar
27% Jan
173% Aug
145
Feb
35% Sept
38% Sept 18
87s Jan
14%May
4334 Apr
43% Apr
8% Apr
10% Apr 11
10%June 24
25% Mar 13
91
Apr 29
53% Apr
110
Jan
0
4
27% Oct 23
14% Feb 20
60
Jan
3
1878
Jan
3
Apr
10
Aug
July
684
62
7384 Jan
984 Jan
82
Sept
5% Aug
10
Apr
33% July
41
Deo
50%
2% Apr
8% Sept
5%
11%
18% Apr
73% Mar
32
Apr
105% Sept
8%
Apr
27
Apr
11% Sept
21% Jan
4
10%
Apr
39
Jan
3
18%
33% Mar
9
30
Apr
Apr
8%
12%
116%
117%
56%
Apr 22
Apr 22
Mar 11
Aug 15
Oct 21
% Jan
% Apr 27
600
31%
41
7%
3%
28%
100
9%
*39%
*237g
54%
7
Conv preferred
30
*98% 102
*3%
No par
tN Y Ontario A Western. .100
%'
21%i
6
21
21
21
21
104
5% preferred
25
53%
39%
N Y A Harlem RR Co
*38%
*237g
....
13%
154
30
25
41%
*2378
*4914
*11434
2884
39%
*152
6
16
24
21
3%May
484May
May
110
Apr
1,400
21%
215
May 29
June 19
13%May 21
36% Sept 10
6%May 22
48
May 21
4%May 24
8
May 23
26%May 24
i
59%'
*30
June 19
Nelsner Bros Inc
30
138
138% 138% *135
9%
9%
9%
10
28%
39%
120
6%
16%
10%
10%
*98% 103
*3%
3%
16%
16%
157g
120
218
14%
16%
11%
120
*215
30%
32
16-
152
218
lifl
22% |
June 10
500
9,300
*30
7%
12
152
22
0
June 11
8% Oct 14
14
May 21
72
July 31
116
*1«
*18
32
*11%
120
*56
*18
6
3%
*13
59
*%
*14%
54%
7%
*6%
*57
June 10
l07gJune
Nehi Corp
113% 113% *113% 115
*113% 115
20
197g
19%
1978
19%
20%
58
57%
57%
57%
57% *56%
56%
66%
56%
56%
56% *56%
16%
17
16%
17%
16%
95
*93%
95
*93%
*93% 95
7
7
6%
678
67g
7%
*1127g 114
*1127g 114
*11278 114
37
37
*30%
37
*36%
*36%
*2%
2%
2%
2%
2%
2%
6
16%
10%
63%
7%
*14
217
*110
*30
15%
1578
138% 138%
*237g
*49%
*114%
21%
*30%
116
*18
**18
21%
*30%
*110
116
June 10
13% Jan 13
5% July 16
7%June 20
10%'
*110
June 15
41
500
10
36
48
8%
17%
82
"*266
28%May
110
34
1
Feb 21
June 26
100
National Tea Co ......No par
Natomas Co
..No par
No par
26
2%May 15
May 21
26
600
5%
116
May
300
30
15%
30%
*25%
31
85
82
5
44
44%
14%
8
27%
5
Feb
87g
'106% 108%
*2634
27%
8%
10%
53
13%
82
*17
14%
7
10%
*39
*80%
8%
4478
%
22%
*52
7
470
47g
878
14%
6
*11%
*28%
39
*17
*18
25
7%
*3%
*14%
39
5
44%
*i»
41
55%
39%
*478
87g
87g
*110
*39
*116
39%
108
*237g
9%
300
15
1
600
9%
39
44
1584
National Steel
National Supply (The) Pa__10
$2 conv preferred
40
39
14%
17
143
984
2,400
2,100
Aug
July
6
..100 rl60
6
39%
44
8%
"7" 500
8%
7% preferred A
0% preferred B
100
Nat Mall A St'l Cast Co No par
National Oil Products Co
4
National Pow A Lt
No par
65
*38%
17%
27%
8%
37%
110
3%
3%
15%
157g
138% 139
9%
9%
*38%
41%
*237g
25
15%
10
100
5%
5%
5%
5%
10
8%
8%
8%
9%
10%'
10%
*107% 112
*107% 112
*107% 112
*107% 112
6
*100
8
14%
30%
5%
8%
j
64%
578
447g
26
17
103
*140
6
14%
I584
30%
6%
17%
*100
8%
64%
*43%
678
7%
*112% 114
*112% 114
*112% 114
*30
37
*36
37
*36%
37
*2%
2%
2%
2%
*2%
2%
*30
32
*29%
32
*30
32
*14
*14
1484
14% *14%
14%
10%
8%
*35%
27
20
*%•
21%
17%
7
6
37%
26%
26
31%
94%
*17
1,700
26%
8%
14%
15%
30%
*30%
31
218
218
*217% 218%
113
113%
113% 113%
20
20%
197s
20
*56%
57%
*56%
67%
*56
56
56
507g
7
30
24
82
*79
17
168
87g
87g
18%
87g
1634
144
82
5
17%
934
39%
39%
484
87g
6,100
$4 .50 conv preferred.No par
National Lead Co
10
24
24
64%
57g
0
5,200
*160
168
44
*43% 45
*43%
44
*43%
107% 107% *106% 108% *106% 108%
6
31
26
*92
*35%
300
8
85
142% *142
*79
8%
447g
3,
4x«
237g
10
8
17%
82
8
21
142
24%
38%
8%
65
7% pref class A
....100
7% pref class B
100
Nat Dept Stores......No par
6% preferred
10
*78
8%
44
14%
15%
*30%
17%
300
Register
No par
National Cylinder Gas Co
1
Nat Dairy Products...No par
Nat Distillers Prod
No par
Nat Enam A Stamping No par
Nat Gypsum Co
1
10
85
44
*43%
♦
8
*79
1178
15%
*%
10
18
447g
*60
*7%
20%
*8%
*17%
*43%
14%
15%
*30%
*25%
8%
784
2034
18
26%
*110
934
9
*26
*108
39%
39%
434
778
64%
57g
9%
*39
39%
484
6
*8%
26%
8%
*8
64%
9
*106% 108% *106% 108%
*26
8
64%
678
984
65
67g
9%
39%
39%
47g
144
24%
*36
38%
8
65%
6%
97g
39%
39%
5
6
24%'
*30
*7%
20%
167% 167% *166
1*142
144
24
112
6%
100
500
600
11%
13%
110
17
17%
17%
17%
17%
17%
*166% 169
*160% 169
*166% 108
Nat Bond A Invest Co. No par
900
15%
13%
109% 109%
6
684
7%
7%
20% 2084
*9
10%
8%
8%
0%
5
10
Jan
6
24
22
22
13
22
21
21
21
24
21
100j 155
6% pref series A
109% 110
5%
5%
7%
7%
20% 2O84
♦8%
10
8%
8%
0%
10
7% preferred
88
109% 109% *109% 110
*5%
67g
5%
5%
*7%
7%
*7%
7%
*20%
20%
2078
20%
10%
10%
9%
8%
87g
8%
8%
85
5
10%
18%
13%
11%
13%
85
Nash-Kel vlnator Corp
10%
13%
*78
No par
5% preferred
100
Murray Corp of America.. 10
Myers (F A E) Bro
No par
18%
9
88
43%
No par
No par
1834
*84
85
$7 preferred
Munslngwear Inc
Murphy Co (Q O)
11
*13
13%
1
Co class B
Nat Automotive Fibres Ino-.l
13%
115
Mull ins Mfg
Nashv Chatt A St Louis... 100
National Acme Co
1
88
13%
23,000
1
1,400
»1234
*112
30
38,900
Motor Products Corp.. No par
Motor Wheel Corp
6
Mueller Brass Co
6,300
*84
112% 1125S
900
60
7%
13%
112
......
No par
16%l
88
112
4%
No par
Montg Ward A Co. Inc.No par
Morreli (J) A Co
Morris A Essex
20%
7%
*12%
116
700
2,200
4,800
1,150
No par
1934
7%
*8%
I684
20%
7%
*8%
*10%
18%
*84
11
1,700
22
4734
13%
13%
700
12%
$4 .60 preferred
Preferred series B
10
16
16%
1984
*166
100
17
17
21%
Monsanto Chemical Co
20
15,500
10
No par
6% Aug
88
53% Feb
1
7% preferred series A... 100
{Missouri Pacific RR
100
6% conv preferred
100
Mohawk Carpet Mills
20
30
28
28
88
*112
3,800
*121% 123
39
39%
3634
*33%
*12%
*15%
13%
900
117
117
*84
*11
2,600
*%
*11%
*11%
*11% "117g
117g
*11%
117g
75
75
*74
75% 75% *75% 77
110
110% *110
110%
110% *110
110% *110
8
7%
77g
778
77g
7%
7%,
7%
77g
62
52
52
*49% 62
*49%
*49%
50%
*49%
534
578
5%
5%
5%
5%
5%
67g
16%
19%
8%
8%
*106
17
4012
117g
77%
110%
*8%
170
*33%
14
7%
*49%
534
*160
37
17%
7%
51
534
1034
18%
*33%
217g| *21%
42
122
40
35%
107g
43%
122
123
117
40%
21
110% *110
18%
*122
123
*33%
27%
*1314
*41%
*11%
77%
117
Mo-Kan-Texas RR
%
13
%
300
200
13
100
No par
Mission Corp
8,800
*i«
%
4% conv pref series B
Minn Moline Power Impt
300
9%
%
1%
13%
27%
*8%
10%
1%
%
27%
*48%
*9%
*%
%
1,000
No par
$6.50 preferred
*13%
27%
6%
9%
20
3%
49
%
34
*110
3%
*44
%
41%
43%
*11%
*77%
1,000
13%
*116
6
Mid-Continent Petroleum.. 10
1
1
4
107
Apr 16
14%May 3
24% May
2%May
ll%May
10
Aug
64
Copper
48
103% 103%
47%
%
*116
Miami
8% cum 1st pref
100
Minn-Honeywell Regu.No par
2
%
Merch A M'n Trans C0.N0 par
Mesta Machine Co
5
110
*%
13%
34
4%
*%
1%
%
Co (The)—.
5% conv 1st pref....
Midland Steel Prod
%
40%
♦17
*%
2
1
1
..50
800
%
30
*21
%
2%
%
*9%
%
2,500
1,900
Corp
37%
118%
13%
41%
*34
9%
%
9%
2%
13
13
*110
*122
9%
*%
2%
%
2%
*9%
700
1,100
8%
8%
I 118
119
*47%
9
pref—No par
16 preferred series A.No par
15.50 pref ser B w 9r.N0 par
68%
28%
8%
16
35%
conv
287g
8%
15%
S3 series
28%
8%
22
30
16i2
884 Apr
32% Apr
9% Jan
1
8«4
20%
*8
May 15
McLellan Stores Co
3%
21%
*10
34%
8%
*34
4
J McKesson A Rob bins, Inc.. 5
1,700
1,300
Highest
$ per share $ per share
$ per share
73
*74
*28%
*20
share
per
2,200
47g
*66
♦3 %
$
Lowest
Highest
Lowest
Par
*6%
♦27
Range for Previous
Year 1939
Range Since Jan. 1
On Basis of IQO-Share Lots
Shares
per share
5
6
5
5
5
47g
5
47g
5
27%
27%
277g
27%
27%
27% 27%'
27% 273g
7
7
7
07g
6%
7
07g
7%
07g
*100% 102
♦100i« 103% *100% 1031? *100% 103% *100% 102
*100% 102
8-%
8%
8%
*8%
8%
8%
8%
8%
*8%
8*2
8%
8%
W*
27*4
EXCHANGE
Week
Oct. 24
$ per share
8TOCK8
NEW YORK STOCK
the
CENT
Friday
Thursday
Wednesday
Tuesday
Sales
for
Saturday
Oct. 26, 1940
2
Jan
% Jan 11
2078 Apr 22
3678 Apr 0
226%May 4
113% Oct 19
2384 Jan 3
59
Jan
68
Jan 10
8
2684 Jan 3
9234 Oct 10
9% Jan 3
114
Sept 26
38
Sept 7
5% Jan
3
25% Aug 13
42% Jan 12
14
15%
Jan
20
Jan
59%
Jan
Apr
Oct
Feb
29% June
87% Aug
42
July
112%June
1784 Sept
Sept
62
23% Sept
25% Sept
4584 Sept
43% Feb
I84 May
1084 Sept
478 July
Nov
15% Sept
118% Mar
May
120
Mar
July
62
Mar
108
119
47
%
Dec
17„ Sept
1% Dec
% May
5% Sept
I84 Sept
17
Sept
33% Deo
8% June
31% Dec
168
Jan
217
Nov
103% Sept
113
June
18%
Apr
62% Sept
50% Sept
12% Apr
82
Jan
7
June
100
Sept
Sept
29
2«4
Apr
32% Apr
26%
Feb
597g Aug
Aug
29% Nov
69
89
1484
Nov
Jan
113
Dec
40
Oct
6% Nov
4484 Aug
10%May 29
July
2
58gJune 10
10%May 21
7%May 21
96 May 23
2%May 22
ll%June11
12484 June 11
8%May
23% Apr
14% Mar
112
4
Mar 28
578 Apr
18% Jan
144
7
4
4
4
Feb 19
7
21
May 21
May 21
42% Sept 24
19
June 10
3284 Apr
47
May 24
115%May 24
42
June 10
3
7% Apr
July
10%
40%
114%
Apr
6
60
Apr 26
3
Jan 22
120
Jan 17
64% Jan
139
Mar 12
114
June 18
154
Jan 24
128
Ex-dlv.
y
Oct
33
4
55
10%
684
2334
12%
15% Sept
128
10
22
22
22
21
22
22
21
25
434June
2 May
8 May
3%May
9%May
25%May
33 May
8 May
115 May
144
12% Jan
6
Aug
i4% Sept
Sept
100% Sept
484 Aug
12
Jan
6
11%
384
984
27%
50
41
Jan
3
16% Jan
4
Es-rlght*.
9%
30
Jan
20% Mar
113% May
8% Jan
27% Jan
148% July
16
Sept
65% Sept
26% Dec
Jan
64
Dec
Jan
120
Dec
Apr
70
Jan
Aug
2% Apr
Feb 13
Jan 4
Apr 15
34% Apr 16
14
101% Sep
June
June
Apr
Apr
Apr
Apr
Apr
Sept
7% Sept
778 Nov
25
Nov
15% Sept
1284 Mar
3484 Mar
52
Oct
21% Sept
132
June
156% July
1 Cabed for redemption.
Volume
LOW
AND
New York Stock Record—Continued—Page 8
151
HIGH
SALE
PRICES—PER
2457
NOT PER
Sales
Ranoe Since Jan. 1
NEW YORK 8TOOK
On Basis of lOO-Starc Lots
the
CENT
STOCKS
lor
SHARE,
EXCHANGE
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Oct. 19
Oct. 21
Oct. 22
Oct. 23
Oct. 24
Oct. 25
Week
i per share
$ ver share
$ per share
Shares
S per share
2%
$ per share | $ per share
3
2%
278
3
3
5%
5%
538
3%
3%'
338
15%
15*4'
8 V!
1512
*758
*75s
V
*8u
*37
*18
♦375s
3934
*98
100
i
85s
*90i4
934'
*15
178
32*8
*20%
*1
*10%
*18
91
95g
*15
17%
1%.
1%
934
*15
178
21
21%
1%
10%
11
8
50*4
8%
50%
89
8%
89
88%
89%
2%
2%
2%
*2%
2%
*2%
2%
29%
2%
2*4
2*4
29
30
29%
15
15
123
123
23%
*14%
rl23
23%
23%
*20
20%
*35%
36
36%
35%
2%
*2%
2%
*2
10%
10
10
*20
41*4
32%
15%
123
20%
36
*58
10%
*15
17i8
*178
2
3134
21%
%
113s
%•
su
84
84
*2%
*2*4
3%
39%
23%
23%
23%
72
5%
*25%
26
8
8%
80
80
*155
44
46
*44%
*44!2
45%'
90 <
Penlck A Ford......
No par
44
89%'
3,600
Penney (J C) Co
No par
71
*218
33
612
*8
35%
15%
25%
8%
3434
*14%
233s
*20
*121%
233s
23%
*20
20%
36%
36%
*2
2%
12
*9%
42i2
27
5212
1234
*155
25%
8%
6%
1258
16
*8%
* 13
16
8%
%
*5
5%
*23
8%
81
*172
71%
26
*23
8%
81
*81
*115
117
6%
6%
6%
3,300
8%
*8%
8%
600
*84
16
*15
*155
"16
15%
12%
12%
*37%
*115
87
76%
10%
11
4%
4%
2%
*34%
*26
....
5834
2%
36
26%
5
12%
12%
39
117
25%
6%
*85
87
*76%
10%
77
*10%
4%
10%
11
5
*2%
*34%
*18%
16%
28
36
19
18%
93
93%
*87%
8934
11%
93%
88%
11%
*22%
11%
25
102
102
28
22%
*2
3
26
15%
25%
1%
19%
26%
19%
93%
19%
9334
89
89
12
12%
12
25
*24
25
25
25
103
103
102
102
103
103
103
69
*68
69
*68
*53
*16%
17
*334
*16%
*1234
*45%
12%
*1234
47
*45%
17
12%
47
*%
37%
%
37%
37
*4
43%
43%
10734 10734
32%
32%
*%
4
*43
60
*3
*53
7%
5%
4%
17
12%
45%
%
*%
*%
*u
43%
60
7%
*5%
*334
17
%
4
4334 4334
108
108%
32
33%
9%
£34
*53
55
7%
5%
7%
*434
4%
*334
17
*16
13
1234
47
*45%
*%
%
3734
%
%
*%
3
%
*3
33%
43%
6
....———.100
Hosiery
Preferred
8%
T.966
5584
300
1%
19%
93%
"i:666
51,700
960
500
2,400
400
Co 1st pref.. 100
Reliable Stores Corp..-No par
10
Remington-Rand ..........1
Preferred with warrants..26
Rensselaer A Sara RR Co.. 100
Reo Motors vtc
1
Republic Steel Corp—No par
6% conv preferred
100
6% conv prior pref ser A. 100
Revere Copper A Brass.——5
Class A..
..........-10
Reliance Mfg
Co...
434 Oct
_
6%May 21
03gMay 21
21
May 21
June
5
7%
5%
"
"f.OOO
300
4%
16%
""300
12%
600
*%
37
*%
%
37%
"2",5O6
*16
100
%
300
4%
190
**16
*3
*4
43
43
108% 108%
33%
a
34%
..........10
Richfield OU Corp...—No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberoid Co (The)—.No par
Rustless Iron A Steel Corp._l
$2 60 conv preferred-No par
{Rutland RR 7% pref
100
St Joseph Lead
—.10
{St Louis-San Francisoo—100
6% preferred
-100
{St Louis Southwestern—100
5% preferred
100
Safeway Stores....—No par
5% preferred
100
Savage Arms Corp—-No par
""906
1,070
9,300
Def. delivery,
a
New stock,
r Cash sale.
2
91
Aug
1% Sept
103% Mar
7
JaD
35
July
40% Sept
3% Sept
Jan
46% Mar
72
35% Mar
31% Sept
61
Sept
Oct 21
27% Jan
9% Apr
81
4
4
Oct 21
Apr
Apr
4
Mar
60
Apr
158
Sept
4%
Jan
45%8ept 23
22
31
12% Jan
4
18
Sept
Aug
%
0% Apr
7% Aug
%
0
42%May
71*4 Apr 16
60%
112
May 22
165
Apr
2
147
114% Oct 14
16% May 21
6% Oct 21
118
Jan
90
9% Sept
4% May
Apr
48%May
2% Oct
19
23
15
21
8
34
June 19
118% Jan
2
43% Apr
8
70
89
May
03*4
15% Feb
15% Feb
10*4
8
May 22
1>4 May 21
24% May 23
June 10
90% Mar
81% Jan
18% July
10
Jan
9
13% Feb
0ia
Apr
9
Apr
9% Dec
10% Jan
57*4 Apr
50
69
00
Jan
2
Apr
23% Jan
105*4 Sept 19
89
Oct 10
14*4 Jan
30% Apr
3
9
Oct 25
Oct
4
15% Feb 20
96% Apr
ll%May
44 May
66
8
Oct
7% Jan
Feb 27
22% Apr 4
13% Sept 23
48
Sept 20
1% Feb 9
42
Jan
8
Jan 30
Jan
9
4*4May 18
May 21
May 21
May 21
111% Mar 28
34% Oct 25
63
Mar 14
Ex-rlghts.
Deo
Apr
% July
12% Apr
43
Apr
42
Apr
9% Apr
21% July
63
Aug
37% July
7% Junei
23% Sept
19
Deo
28*4 Deo
22*4 Sept
28*4 Oct
27
Sept
5% Sept
10
Mar
Oct
Nov
14% Sept
17% Jan
75% Mar
75
Nov
2*4 Nov
28% Sept
95*4
89*4
20%
40%
Dec
Oct
Jan
Jan
84
Sept
60
Sept
14*4
Jan
Jan
Apr
35
Sept
52
July
0% Apr
6% May
10
Sept
15% Sept
87
Deo
11%
Jan
45
Jan
68
Jan
10%
9*4
Jan
Oct
*4 Apr
27% Apr
% June
% Aug
1*4 May
3% May
27*4 Apr
2% Nov
49% Sept
% Sept
78*4
6%
8*s Jan
12
Nov
8% Jan
85% June
67% Jan
10%
Jan 12
2
y
June
Apr
3
4
£Ex-dlv.
Aug
166
7
Jan
% Jan 2
% Jan 3
5 May 10
% Oct 15
Aug
143
117% Deo
41% Sept
11*4 Sept
54
70
% Apr 19
5
85% June
53% Apr
Deo
Deo
May 27
22
22
22
8
28
16
22
15
Jan
Aug
Sept
60
119*4 Feb
41*4 Aug
114% Aug
128% Aug
40
107
May
6%May
4%May
3% Aug
11% May
12*4 Oct
45% Oct
%May
Sept
Aug
10% Sept
10*4 Sept
49
8
June 20
June 10
Sept
4
8
52
17
16% Sept
2% Jan
Mar
13
32
Sept
4% Feb
23
55
Deo
2% Sept
9
26% Apr 10
6
6
May 22
*37*4June 7
50 May 28
1
May 15
14 May 21
70% May 21
00 May 21
7%May 21
17% July 26
9
24
16% Apr
6% June
12% June
10% Apr
20% Sept
16
July
2% Deo
6%May 21
8
Aug 5
June
1
June 20
30% July
23
37%May
17% Apr
17
Sept
Apr
Sept
Sept
11
7% Apr
Apr 15
09
Apr 8
90
24
1934June
Apr
£22% Aug
6% Aug
Apr
29%May
9%May 28
Apr
Mar
101% Sept
97%May
16%May 22
13%May 21
May 28
31%
111
32% Jan
ll%May
3
Aug
0% Sept
Apr
18
143
5
Aug
Aug
July
14% Jan
14*4 Jan
112
June
Apr
17% Sept
2% Feb 27
8
June
6
142
Pept
11% Sept
16% Sept
48% Oct
25% Oct
40% Sept
20% Sept
12% Aug
Sept 25
57% Sept 24
10% Apr
151% July
1% Mar 12
22% Feb
15% Oct 14
129
73%May 28
175
Apr
Apr
Mar 29
June 12
12
32% Sept
14% Sept
95
Sept
Aug
0%
8% Jan
11
2%
12
145
17
Oct
5*4 Sept
19*4 Sept
45
Sept
40
Sept
25
Sept
10% Sept
8% Mar
47% Sept
48% Aug
Apr
115% Jan 11
128
Apr 20
96
45
Aug
6
34
27% Sept
23
June
26
Mar
36
126
8% May 21
Common
Aug
4*4 8ept
6% Sept
8
112%May 22
30% June 10
100 May 21
110% May 22
75% Mar 28
6%May 21
900
9
Feb
8
6%May 21
%May 29
70
39
Mar
Deo
6
100
1
B.10
8,200
Sept
2*4 July
25
Apr
31% Apr
6% Feb
Oct
May 28
12% Jan 13
6
Feb
July
28% Apr 20
60
May
Reynolds Metals C0...N0 par
9%
34%
74
5
178
3,000
6H % conv preferred
Reynolds Spring....—
Reynolds (R J) Tob class
Jan
% July
41*4 Jan
154
80
100
4
Mar 26
Sept
2%
13%
11*4
69%
94*4
Jan 17
69
100
7*4 Apr
40
Mar 12
preferred——...100
5 k% preferred—.
100
7%
1
9
7
310
10
{ In receivership,
100
Rayonler
Rels (Robt) A
16%
43%
108% 108%
33% 34
.
Apr
%Mar
97%May
110
15
9
preferred
Apr
75
10
4%May 15
5
May 15
16% May 22
10 May 21
19
May 21
7
May 21
151% July 3
% Feb 14
No par
Quaker State OU Ref Corp.. 10
Radio Corp of Amer...No par
$5 preferred B
No par
$3.50 conv 1st pref-.No par
Radlo-Kelth-Orpheum
1
Purity Bakeries
Jan
0*4 Sept
5*4 Apr
28%
22
24
24
22
6
May
53
Apr
13% Sept
June 10
10
84
40
""466
May
35
May
107% Feb
3%May
100
100
Real Silk
12%
%
38%
*16
%
4%
No par
6% preferred
6% conv preferred
Inc.......—.....1
$2 preferred
...25
Reading Company—
60
4% 1st pref erred........50
4% 2d preferred.........50
47
*4
43%
108% 109
33%
*%
%
3
*4
43%
*%
37%
....No par
Pullman Inc
Pure OU (The)
Raybestos Manhattan.No par
55
7%
*5%
*334
1234
pf 15-No par
300
700
2%May 24
12
*53
5%
100
100
100
preferred
preferred
preferred
1,200
25%
9%
34%
4%
16%
No par
5% pf (ser of Feb 1 '29). 100
Pub Serv Corp of N J_.No par
$5 preferred
...No par
6%
7%
8%
Jan 10
107
12
7%
Procter A Gamble
1634
12
*85
10
343s
1
5
50
6% conv 1st pref
6% conv 2d pref.,
0% conv
8934
68%
12%
100
13
Bid and asked prices; no sales on this day.
12%
*45%
*16
93%
*88
68%
*85
37%
38
*4
107% 107%!
31%
32 |
19%
25
10%
34%
2,000
67
1%
11%
10
*4
5584
*62
1934
34%
*3
8%
8%
93%
8934
92
""606
10
*8
19
12%
100
....
*7%
7«4
10
93%
11%
1,700
9
1%
*85
15,800
734
11%
*67%
5
5984
2%
36%
No par
Pressed Steel Car Co Ino
""706
*7%
1%
10
*16
*7%
8-%
2534
78%
10%
10%
27
*26
1%
3434
4
*184
9
12
7,900
300
26
22%
*7%
12
23",200
7
22%
234
2534
67
*88
26%
900
56
10
*1
16%
^
5
19%
*19
22%
2534
*22
No par
Postal Teleg'h Inc pref .No par
Pub Ser El A Gas
15
26%
*62
34%
%
*34%
7% pflOO
Poor A Co class B
40
28%
*54
10
*16
7% pref class B
100
5% pref class A
100
5H % 1st ser conv pr pf. 100
Pittsburgh A West Va
100
100
*26
56
35
38*4
No par
300
*14%
26%
1%
1,100
15%
65
10
*%
15%
9
8%
6,000
28%
*26
icO
7%
20
100
*63
3434
*%
*%
*34%
*8
10%
*5%
2%
*7334
10
35
5%
5934
2%
36%
89
12
4%
5934
*2%
9334
89
5%
58%
4%
9334
1134
7:
10%
*53%
8%
89
60
10%
11
5
26
*8
90
*334
*
10
1134
*7
10%
89
7%
514
*334
*16%
12%
45%
4
*26%
1434
25%
22%
*8%
7%
8
11%
*3734
No par
{Porto Rlo-Am Tob cl A No par
7,700
3%May 18
27% May 22
107
Pittsburgh Steel Co
200
May 21
30
Apr
36
47
% Mar
08
Apr
May
Jan 11
40% Jan
21
.
87% Oct 19
June
100
Pond Creek Pocahontas No par
"l'.ioo
70
100
No par
Plymouth OU Co
78
17
5% May
04»4May
154
May
Pitta Screw A Bolt
87
77%
16%
69%
*53
6%
10%
*10%
4%
*7334
19
69%
*86
25%
*85
7634
1634
1'4
1%
18%
93%
89
76%
19
1%
7%
$5 conv preferred
Pittston Co (The)
117
*115
7
87
1034
28%
56
8%
59%
2%
36%
*12%
26%
6%
19
63%
8%
*8
2%
117
26
100
700
8%
21
2
2
Jan
Jan
4% Sept
47
Sept
Deo
Apr 25
4
26
Mar
2
8% Apr
Jan
Jan
17
7%
10% Feb
Feb
14%
107ia
13%
33
Oct
Apr
6% May
6% May
25%June
37% May
104
124
24
May
Jan
Aug
30%
Jan
Apr
Jan
11*4 Sept
120% June
15
Aug
15
29
21
100
preferred
300
16
*8
*"16
6
123s
12%
1834
*62%
1%
18%
8%
10
10%
12%
*85
76%
10%
11
4%
*10%
5%
12
16%
*54
60
*15
7g'
16%
56%
*7
790
16
8%,
19%
63%
*53
8%
*13,,
*115
26%
7
87
*34%
9
*7%
634
59
2%
56
7S4
2534
*7334
59
14%' 14%
2534
2534
*21% 22%
*2
234
*26
26%
9
*7%
117
434
*7334
59
5%
12%
1234
3934
76%
*62%
35
380
"16
16
16
6%
Pit Youngs Asht Ry
"is
I3ie
16
*15
8%
%
5%
12%
*12%
*85
8%
57%
63%
*10
16
..
*115
*8%
*7%
*8
12
*15
"470
28
53%
13%
*155
1534
8%
10
96
*1234
16%
*»i«
*8
12
13%
13is
%
26%
934
7%
*86
13%
16%
16
26%
*8%
7%
6834
27%
52%
34
8%
*85%
76%
10%
*10%
3
68%
5434
34
8%
5
28%
*155
»"16
634
*2
2534
13%
42
*35
42
28
*53%
5
Oct 21
Deo
19% Deo
8*4 Sept
2
Sept
60% Jan
Aug
ll%May
May 28
Pitts Ft Wayne A C Ry Co.
7 % guar preferred
8%
35% Oct 23
7%
11%
4*4
Apr
2%
17%
4%
13%
45%
29%
22
Flour Mills
Pitts Coke A Iron Corp No par
90
83
6%
*35
Plllsbury
300
178
»4
Feb 17
10^ Jan
30
1,500
*174
4
123
100
834
034
42%
28%
53%
5
Hosiery
Preferred
*8%
8%
*35
No par
Petroleum
Pitt C C A St L RR Co
*155
178
*174
Plllhlpa
253«
*81
83
*155
"
178
O A I.No par
Philip Morris A Co Ltd
10
Phillips Jones Corp
No par
7% preferred
100
Pittsburgh Coal of Pa..... 100
6%
25%
*24%
*21%
102
*81
25%
8%
9*4 June
118% Jan
Phlla A Reading
70
6%!
6%
3
102
*8
.25
"loo
85s'
2534
25%
22%
*22%
83
25%
Phelps-Dodge Corp
Philadelphia Co 6% pref—60
$0 preferred
No par
534
27%
6%
25%
*2
*11
8%
100
100
No par
Petroleum Corp of Amer
5
Pfelffer Brewing Co
No par
10
400
135
538
4% Jan
21*4May
38*4 Jan
Phoenix
3%
23%
71
*65
l%May 22
l%May "
ll%May
May
May
25
Pirelli Co of Italy "Am shares
5
Apr
15
100
*21%
1834
25%
8%
"moo
39
23%
*
135
5
36%
3834
*37%
*38% 39% *38% 40
60
60
6C34
6034
59%
55%
57
60% 257
116
*115
116
116% *115
116
11634 *115
11634 *115
32%
32%
32%
33
32%
32%
31% 32%
32%
3234
111
110
110
111% *110% 111%
111
11034 11034 *110
*12234 12334
123% 123% *122% 124
*122% 124%
*122% 124
*137
145
*138
142
*138
141
*138
138
138
140%
159
*158
159
159% 158% 158% *158% 160
*158% 160
*14
*62%
*1%
5%
*458
*38
71
71
*
5%
*2%
3%
300
4%
41%
36%
1,700
14
*56>4
*234
1,500
8,700
19%
16%
28
14%
2534
22%
*24%
*234
*4%
*38
36%
84
6%
*18%
*16%
*27%
14
434
41%
36
12,300
12%
12%
1914
17
28
*18i2
*
I6I4
*27%
*4%
*82%
*16
6%
*7334
5834
2%
36
84
*38
135
6*4
59
84
*16
*16
60
12%
3834
60%
2%
*3434
*16
3038
13%'
3914
*5834
*86
42
35%
13%
*38
*7334
84i4
43s
12%
12%
10*4
4%
8312
438
52%
13%
12*4
10%
4434
*16
27
12
*10i2
478
400
86
52
*12%
87
77
10%
44%
86
26%.
12ig
*85i2
*76i2
11,700
44%
87%
42%
1234
7
3334
4434
3334
62
*12
2 534
71%
"*4%
*155
*15
25i2
678
400
26%
16
157'2 15712
*11434 117
"l",i66
7%
33%
2012
42%
*50
*15
143
6%
*7%
3234
53
*35
16%
*138
6%
7%
8%
*35
16%
6OI4
6078
*116i8 11634
3212
32%
*11078 111%
12312 123i2
6%
*8%
6%
16i2
514
6%
45
Apr
23
prior preferred
preferred
Apr
Aug
74
6
5%
5%
11%
1%
48
Peoples G L A CC(Chlc)_.100
Pet MUk Co
Apr
90%May
24*4 Jan
320
36
6
Oct 23
June
May
400
20
7%
33%
*155
*16%
12i8
42
27
38%
1*16
*5
4134
26%
Apr
Deo
l%June
6%May
17% May
*1884
44% Apr
22% Apr 16
2% Mar 12
1%
*5%
{Peoria A Eastern Ry Co.. 100
Pere Marquette Ry Co
100
"166
14% Sept
2% Apr 12
15
60
Peoples Drug Stores ino
2%
Feb
Sept
0% Sept
Sept
7% Sept
72
Apr
""700
No par
conv
18
Apr
Sept
92
6*4
22,800
634
87%
$7
10% Apr
36
12% Mar 4
10%May 13
62% Jan
preferred
Pennsylvania RR
7%
45
10
Penn G1 Sand Corp v 10 No par
90
634
33
Penn Coal A Coke Corp
100
*7*8
*86%
par
5,800
11
27%
20
Transporta'n. No
Penn-Dlxle Cement....No par
$7 conv pref ser A...No par
11
2334
*34
85s
7S
*2
12
4234
38%
"is
16
36%
2334
*.
200
7,700
20%
*36%
2334
455
*814
*20
36%
2%
3%
38%
5*8
23%
20%
*23
*34
*13
27%
*1834
23
23%
*38
178
26%
52I2
13
15
2334'
878
*35
42%
20
900
*2%
2%
234
234
32% 33
*14%
15
121% 121%
27g
39
81
81
*2612
3%
89%
2i4
234
*23
135
"*4%
*174
612
*234
|
89%
123
*38
35%
45
2%
2%
3%
234
*1412
89
*38
*155
M
178
*172
3%
41
2.60
Parker Rust Proof Co
89
23%
72
*
135
*4%
35%
83%
434
31 % July 22
2,200
|
900
No par
Parke Davis A Co
7% J
1
39%
*38
71
*68
*
*4
*38
35%
4%
34%
*38%
4*8
41%
35
42
34%
83%
*36
4%
*4%
*38
84
84
5,900
*7%
*18
*4
32
7%
78
28%
%•
31»4
1
*758
*21
42%
86%
32
1
8
28
32
Oct 22
Park Utah Consol Mines
June
®8
Apr 15
13%May 22
84May 28
6%May 21
5%June 26
42
44%
""406
9% Sept
Jan
9
Pathe Film Corp
..1
Patlno Mines A Enterprises. 10
*10
86%
2
6
June 12
94
Parmelee
*2
45
17%
*1%
Apr
21
21
21
l%May 21
10
Deo
3
23
100
1,000
*1834
32
4% May
May
6%May
15
May
6% 1st preferred
6% 2d preferred
64
0% Deo
7
1
6,900
36
86%
1
4
4
4% Mar 11
25% Apr 4
45% Apr
101% Jan 25
Sept 13
1
27
31%
Paramount Pictures Ino
99
10%
42
86*4
100
21
20
*44
No par
preferred
conv
*%
10%
41%
26%
45
4%
21
*18*4
87%
%May 22
26% June 11
...1
Parafflne Co Inc.—
7% Jan
8% Jan
Highest
S per share f per share
10
May 21
6% Jan 16
10%'
27
87%
2%June 10
5% Oct 18
2%May 15
No par
Park A Tllford Ino
2
213s'
3 per share
10%
20
*44
*15
I7ig
*1%
31%
share
Panhandle Prod A Ref
8,200
2%
6%
7%
32%
44%
40,200
8%
per
Corp
5
Pan-Amer Petrol A Transp._5
20
10
41
*6%
*7%
200
10
*18*4
7%
""206
10
*26%
6%
%
37
100
10%
42
6%
%
37
100
10
*15
20
*7*8
'%«
39
S
Year 1939
Lowest
Highest
12
1,100
28
7%
31%
8%
92
28
6%
*7%
1
10
Pan Amer Airways
92
42
*18*4
*6%
7%
31%
8%
10,400
93%
11%
*10
1534
93
rl23
23%
15%
*9914100
8%
8%
9
734
47
1578
*37
Pacific Tin ConsoI'd Corn
Paciflo Western Oil Corp
Packard Motor Car
93
1078
8%
47%
300
Par
8,200
93
315s
21%
%
21
1
2,500
6
*75s
8%
"is
834
3
*534
33s
6
15l8
39
1
11
7%
3%
*99% 100
9
92l2
10
17%
178
3
3
*5%
*58
*37
11%
21
*1
*2
-10%
85s
91
11
29%
*14%
15%
*122% 123
23%
23%
*20
20%
36
U1S
375g
100
3
5''g
3I2
16
*758
21%
1%
53
*2%
*2%
8%
*99
9U4:
934
89%
89
1512
3234
7*4
*50
1534
37%
17ig
1%
3
55j,
3%
**18
3934
I
3
3%
15i2
*75s
814'
100
6
33s
33s'
157g!
834"
8*4
92 |
934
*99
*55s
5%|
Lowest
Range for Previous
82%
10%
Jan
Apr
17% Sept
34
2
Jan
Jan
0
Sept
6% Sept
61% Nov
109
Aug
23
Sept
1 Called for redemption.
New York Stock Record—Continued—Page 9
2458
CENT
AND HIGHJ SALE PRICES—PEE SHARE, NOT PER
Ratios Since Jan. 1
Oct
Oct. 19
.
Thursday
Friday
Oct. 22
Oct. 23
Oct. 24
Oct. 25
1$ ver share
$ per share
$ per share
10
10%
07#
97#
97#
10
07g
78%
78
*76% 78% *77
*«
He
%
*%
%
*%
*ig
*»
*%
3
*2*4
3%
3%
*2*4
*25#
*2»4
3%
2%
*27#
3%
41
41
*41
42
41
41
*40% 41
♦41
43
4012 41%
113
1131 *113%
*113%
113
113
*113%
*113lg
*108
110
110
111
110% *108
110%
111% *109
*109
111% *109
*16
%
%
%
%
%
ig
*1«
*%
%
*ie
*1#
%
%
%
*%
*%
*U
%
*%
%
*%
12% 12% *12% 12%
♦127g
13% *127g 131s
127#
127# *12*4 13%
9
9
2%
2%
*17#
2%
2%
*17#
*17g
2%
*17g
2%
78% 787#
78% 79%
77% 78%
78%
78%
777g 7812
78% 79
11
10% 10*4
10*4
10% 10*4
1034
107g
107g
107g
107#
11
13
13
13
13
131# *12*4
13%
12% 12% *12%
1212
1212
"
68
68
*67
70
*67
70%
70% *67
*67
70% *67
70%
3%
3%
3%
3%
3%
3%
*3%
3%
3%
3%
*3%
35$
*47
47
47
*47
48%
*47
♦47
48j4
*47
48%
48%
48%
5%
5%
5%
512
5%
5%
5%
5%
*5%
6%
5%
6%
37
37
37
37
37
37
*36*4 37
*3684 37
*3634 37
*9
9*4
9%
9%
0*4
9%
9%
9%
9%
9'
0%
9%
07#
♦7612
%
97#
97g
78
78
%
.
-
•»
.
104
*103
*103
6I4
5%
18
18
1 c
104
8
2
*184
5%
24%
18%
*134
*J
24%
*103*4 104
10384 104
53»
2512
*184
*23
*24
5%
18%
2
*5
18%
*1*4
*24
25
5%
19
2
25
104
104
5
5
18%
*1%
19
25
103% 103%
5
4*4
25
187#
*1*4
25
2
187#
25%
19%
105
*11012 112
*16%
_
*0
♦16%
77S
*134
*1184
*10
*132%
*27%
8%
127g
217g
*18%
17g
*4%
*50%
*1834
41
*32%
*55%
7%
^
*55
34%
6%
110
1%
4%
*15%
la4
*
T
75
20
41%
33%
6684
7%
69
34%
67g
110
1%
*52
*1884
40%
33
*5512
7%
*56%
34%
684
110
1%
75
20
407g
33
5684
7%
59
35
7
110
1%
4'%
157#
*153#
157#
*52
75
41
33%
*5512
56*4
*55%
7%
*56%
7%
7%
56%
7%
7%
65%
67#
110
59
35
7
~
110
1%
*1%
4%
4%
157#
157#
18
18
3434
1734
25
32
3484
17%
24%
31%
*3334
18%
17%
25
32
35
67
67
66%
66%
7%
66%
7%
4%
43#
8
*51
*123
8%
*17%
1%
13»4
23%
*4%
20%
*18%
*7
6%
*4%
,
*32
*3%
*6%
3334
*284
*33
*584
4%
*7%
*97g
*40
*2%
*35
4%
*31
7
7%
4%
8%
4%
884
8%
884
8%
6134
124%
8%
17%
1%
1384
23%
5
20%
18%
7%
6%
5
34%
48
47g
18
*7%
*is4
*6712
*4
*7
67g
A
10
41
41
*35
*43#
*31%
*4%
*43#
34
1%
*18%
9%
10
10
41
*39
3
3784
4%
3234
47#
34
1%
1984
9
91
91
29
434
48
484
*2%
*35
4%
*3184
4%
4%
34
*1%
*18%
9%
*91
*4%
17#
67%
4%
*113% H384
*12%
13
8384
80
14%
2684
40
18%
134
*20%
8%
327#
II84
72%
113
I84
23
8%
34%
12
737#
*1284
8I84
7984
*14%
*26%
113%
13
83
80
14%
26%
39%
17%
3984
18%
*35
*91
*184
67%
_
*234
92
1*4
8J
5
34%
*18%
*9%
4%
6
6%
5
1%
I84
*6714
*4%
*7%
57#
*15%
7384
8*4
8%
*32%
19%
9%
17g
70
16%
6%
3234
*4%
*4%
34%
1%
29
47%
47#
287#
4084
47#
1784
8%
1*4
*67%
4%
*8
4
67#
4%
33
484
4%
34%
8%
8%
8%
8%
117#
117#
72% 73%
113% 113%
1284
81%
82
801
80
177#
34%
4
684
34%
3
33%
684
4%
*32%
14%
26%
39%
18%
14%
36
32
4%
29
46«4
27#
33%
584
4%
1,000
2,500
4%
3334
1%
*1884
9%
91%
17#
69%
4%
37
26%
40
17#
*67
*4%
*7%
"'"466
I,500
*1%
*20%
3784
43#
Sloss Sheffield Steel A Iron. 100
"MOO
$6 preferred
.....No par
Fmlth (A O) Corp...
10
Smith &
200
4%
Socony Vacuum OH Co Inc. 16
South Am Gold & Platinum..1
700
600
S'eastern Greyhound
900
So Porto Rico 8ugar___Ao par
10
Southern Calif Edison....—26
Southern
Ry.........Ac par
5% preferred
..—100
4,200
2,700
Mobile A Ohio stk tr ctfs 100
600
100
*20%
8%
■
2
23
8%
113%
12%
807#
12
7384
1131
12%
81%
1134
72 S4
*14%
26%
14%
26%
1412
25%
14%
25%
40
18%
39
177#
39%
19
137#
1384
537#
18%
2
*14
*50%
*17%
53
18%
*50%
*17%
53
18%
*50%
*17%
52
*51
54
18%
*17%
18%
*17%
18%
1384
*51%
18%
17g
33%
2
33%
2
2
2
2
2
2
2
2
2
3234
33%
327#
33%
327#
33
33
Bid and asked nrlces :no sales on this day,
3284
Sperry Corp (The) v t c
1
Spicer Mfg Co
No par
$3 conv pref A—
No par
Spiegel Inc.—
2
Conv $4.50 pref
No par
Square D Co.—.......—1
800
280
4,300
70
5,200
No par
Standard Brands
14,000
preferred—Ao par
$4.50
600
Standard Gas A El Co .No par
700
$4 preferred
No
$6 cum prior pref
Ao
$7 cum prior pref....Ao
Standard Oil of Calif. -No
2,200
300
800
18,900
.
Standard Oh of Indiana
6,900
X In receivership.
a
par
par
par
par
25
Standard Oil of New Jersey.26
900
L 8-.No par
10
6
1
Stokely Bros & Co Ino
5,300
28,500
j
No par
Stone & Webster...
Studebaker Corp (The)
J
Sun OH Co—..Ao par
100
6%
...100
preferred
2,000
Sunshine Mining Co......10c
700
Superheater Co (The)
Ao par
Superior Oil Corp.......... 1
Superior Steel Corp..—..100
Sutherland Paper Co.—...10
—
1,300
1,500
200
Sweets Co of Amer
"e",66o
(The)—60
Swift A Co..
26
Swift International Ltd—....
2,600
1,000
1,800
Symington-Gould Corp w w.l
1
Without warrants
33%
Def
Ino (James)..—
9
50
5
Tennessee Corp
5
Texas Corp (The)
...25
Texas Gulf Produc'g Co Ao par
Texas Gulf Sulphur
Ao par
5)4% partlo pref.—.
800
12,200
200
3,000
Texas Pacific Coal A O11....10
2,900
1,100
Texas Pacific Land Trust——1
Texas A Pacific Ry Co
300
Thatcher
1,300
"MOO
110
400
100
Mfg........Ao par
$3.60 conv pref
.No par
The Fair———Ao par
Preferred
100
Thermold Co
......
1
$3 dlv conv preferred....10
Third Avenue Ry—
——100
Thompson (J R)——
26
Thompson Prods Inc.. Ao par
Thompson Starrett Co.Ao par
$3.50 cum preferred.Ao par
Tide Water Associated Oil..10
$4 60 conv pref.
.No par
3,300
16%
*1%
14*4
33
5,100
200
80
52
Spencer Kellogg A Bona No par
1%
80
1334
No par
preferred
16.60
"""400
187#
80%
14
No par
—1
Sparks Wlthington
Spear A Co
1,400
700
*80
14
No par
Southern Pacific Co
II,000
2,400
1,400
*15%
2
23
8%
36%
12%
73
737#
*113
11334
12% 12%
81% 82%
18%
Lines..6
preferred......—-.100
8%
2,300
4%
16%
8
177#
Cor,Type v t c.No par
Snider Packing Corp.—Ac par
1,600
25,900
34%
4%
*7%
57#
47#
177#
*8%
17#
17#
36%
117#
39%
177#
16
Skelly Oil Co
100
100
*67%
46%
par
par
No par
Slmonds Saw & Steel
100
69%
4%
87#
29
6
*15%
12%May 23
l%May31
l7%May 24
12% June 4
67 May 24
105 May 22
10%May 22
5 May 21
15 June 10
7%May 21
1% July 1
10 May 22
16
Ang 13
128 May 28
23%May 22
634 May 21
8 May 21
par
.
3
9%
91%
29%
46%
5
18%
884
2
6884
4%
87#
57#
92
29%
47%
81
8%
95%Junel4
3%May 22
par
Simmons Co
42%
33
*14
400
par
Telautograph Corp...—
*4%
4%
4%
34
1%
19%
9%
8%June 10
par
15
Shell Union Oil
4,100
Talcott
33
14%
*
160
20
100
10
10
*397#
*284
*35
4%
27#
200
Tlmken Detroit Axle.
3,900
3,000
5,200
5,600
1,100
5,700
10
Timken Roller Bearing. Ao par
Transamerica Corp
—.—2
Tranacont'l A West Air Inc..5
Transue A Williams St'l Ao par
100
Trl-Contlnental Corp..Ao par
$6 preferred
—
Ao par
200
Truax-Traer
Corp—.Ao par
Truscon Steel Co..........10
*3" 300
20tb Cen 1 ox i Urn CorpAo par
100
Twin City Rapid Tran.Ao par
$1 60 preferred
..Nopar
7% preferred
100
Twin Coach Co
"*2,200
1
Under Elliott Fisher Co Ao par
Union Bag A Paper
.Ao par
3,400
4,200
9,700
Union Carbide A Carb.Ao par
Union El Co of Mof 5 pfAo par
270
13%May 21
200
400
United Carbon Co
Unlted-Carr Fast Cotv.No par
United Corporation
No par
n
No par
$3 preferred——Ao par
New stock,
r Caab sale
x
Jan
607# Oct
14%May
33 May
19 May
45%May
484May
46 May
267#May
2% Mar 25
88
Apr
6
16% Jan 11
15% Apr 9
Oct 24
68
5% Jan 11
56
Apr
5
7% Mar 13
40% Feb 13
13% Jan 4
108% Feb
7
6% Jan 10
24
Jan
3
2% Apr 29
25% Oct 25
23>4May 10
120
Apr 8
114%May 6
197# Oct 25
11% Jan 4
24% Feb 9
12% Jan 2
2% Mar 11
16% Jan 3
30%May 10
1521# Apr 23
30%May 6
15% Jan
20% Jan
347# jan
46*4 Aug
118%May
7%May
12%May
1% Oct
9%May
20 May
3 May
38%
67%
11%
66%
40%
77#
3
2
3
9
10
6
Jan
Apr
Apr
Apr
110% Oct 24
2% Jan 4
7% Jan
25%May 28
1 May 18
8 May 21
8%May 28
81 May 28
18 May 21
35%May 21
4%May 21
l0%May 21
4%May 22
l%May22
64
Aug 6
3%May 21
6%May 22
5 May 21
14 May 22
l%May22
l37#May22
6%May 23
21%June
9%May
697#June
105 May
10
21
10
27
70 June 10
14% Oct 16
22% Jan 21
31% July 3
12 May 21
l2%May 28
42%May 23
12 May 24
l%May 29
26%June 11
72
Sept
Dec
37# May
43
June
61# Dec
28
Jan
97# Aug
Jan
77# Sept
54
Oct
11% Feb
38% Aug
17% Sept
1077# Nov
87# Sept
98%
4%
17%
2%
16%
Aug
Apr
Apr
70
Apr
127
Sept
101
Jan
112
Dec
Apr
21
Sept
Dec
Apr
15% Aug
11%
9
Dec
12% Apr
10% Aug
1% Sept
13
Sept
14
Apr
Apr
23% Jan
10% Apr
11% Apr
15% Apr
127
Mar
60
Sept
14%
36
11
Apr
Apr
Apr
42
Apr
8% Aug
57*4 Dec
18% Apr
5% Dec
32*4
Jan
3% June
28%
29%
Oct
Jan
17% Mar
24
Sepi
15% Sept
3% Sept
18% Jul)
35% Sept
143
Dec
29% Dec
21% Jan
23% Jan
36% Nov
43*4 Sept
3% Jan
9%
70%
22%
517#
34%
63
Be
Nov
Dec
gept
Dec
Dec
16% Mar
75% Mar
34% Dec
7% Jan
108 June
94
Oct
2
Dec
5%
JaD
4*4
Apr
10%
Apr
207#
Jan
Oct
26% Jan
24% Sept
29
22*4 Aug
30
Apr
46% Jan
35% Sept 24
8034 Jan 3
87# Feb 15
8% Apr 2
12% JaD 5
12% Feb 21
17
20
5
3
4
28
26
22
26
3
8
11
36%June27
61
Sept
25% Oct
33% Sept
124% Sept
107# Jan
277# Jan
2% Jan
17% Apr
35% Feb
7% Mar
247# Apr
32% Jan
9% Jan
7%May
6
Apr
2%June 11
30 June 19
3 May 15
20 June 5
234 Feb 5
4
Jan 2
1% June
60% Apr
11% Apr
10% Apr
13% Apr
6
22
Sept
Sept
Jan
Nov
Jan
10
18% Jan
223# Jan
29
15
21
4
22
484May 21
384May22
4%May 21
28%May 20
3 May 22
4%May 14
33 May 26
2%May 21
267#May 23
5% Oct 23
384Juiy 11
5 May 22
8 May 21
v
9
Apr
Apr
4
*17%May 29
16% Aug 20
Ex-dlv.
Feb
657#May
21
1
1% Aug
434 Apr
21
28
22
10% Jan
62% July
117% May
3%
24%
3%
857#
18%
21%
Apr
151# Aug
34
72 May 14
23% Apr 11
47
Sept
% Aug
14
29
21
22
23
5 May 21
98 June 10
1 May 18
2%May 22
97#May 25
12%May 21
16% Oct 10
20a4May 28
297#June 1
23 May 21
66 May 21
4%May 15
4%May 20
6 May 21
5»4May21
3% Apr
44% Sept
105
1
_
Highest
I per share \ per share
10
Aug
177# Mar
61
Sept
76% Aug
1
Jan
% Apr
% Jan
Jan
May 25
100
4
1% Jan
20
7
May 21
100
25,700
5,400
Jan
115% Jan U
110% Oct 10
Jan
12
...6
% Jan
7% Feb 21
49
May
71
United Aircraft Corp
14% Mar 27
857#May
'
3
100
Un Air Lines Transport.—.5
United Biscuit Co
..Ao par
share
39
..25
Union Tank Car......Ao par
1,200
8,300
25,400
per
Oct 17
Union Pacific Bit Co.
4% preferred.
...
100
Union Prem. Food Stores,Inc.l
$
l%May21
384June 12
18
Union Oil of California
5,200
3,700
1,200
delivery,
2%May21
34 May 14
107%June 25
101%June 24
%May 16
% Oct 15
11 May 21
1%Sept 26
61%May 21
......No par
gimme Petroleum
10
100
3,200
200
8
7%May 21
64%July 2
% Apr 22
6)4%
conv preferred-.100
SQver King Coalition Mines. 6
100
400
700
% per share
8%May 21
61% Aug 1
3 May 21
40% Aug 16
4«4May 21
34 May 29
7%June 6
.No
$5 conv preferred
No
Bharpe A Dohme
-No
$3.50 conv pref ser A—No
Shattuck (Frank Q)...No
Sheaffer (W A) Pen Co-No
Year 1939
Lowest
Highest
-1
;
Corp
34%
3%
684
34
27#
337#
57#
4%
*7
7%
984
*14
53
Serve! Ino
Sbaron Steel
600
5
3%
*65#
33%
5
117#
12%
72% 7384
113% 113%
12%
1284
81% 82%
80%
80%
*14%
14%
26%
39%
4%
6%
5
I784
2
23
8%
*14%
*26%
39%
6%
5
*1%
*20%
8%
1284
6%
6%
I784
2
35
6,500
3,300
Sterling Products Ino
Stewart-Warner Corp
5
87#
6%
16%
23
8%
Seagrave Corp...
No par
Bears Roebuck A Co—No par
1,300
6,100
177#
*15%
8%
984
*91
29%
47%
6%
6
7%
92
1%
I684
35
*5
*32%
*3%
684
19%
984
6
*1%
♦20%
t/>%
*4%
*3334
*1%
187#
9%
♦16
*7%
300
64*4
7%
4*4
8%
87#
3284
8
73
65%
7%
4%
7*4
4%
4%
287#
4612
47#
Seaboard Oil Co of Del-No par
Htarrett Co (The)
4%
4%
400
1,100
3784
4%
32%
8
12
66
7%
No par
JSeaboard Air Line
No par
4-2% preferred........100
347#
*35
4%
$4 preferred.....
100
32*4
347#
64%
7%
*4%
3784
8
1178
66
34
42%
34
20
2,100
24,500
*397#
27#
10
60
33%
42
27#
9%
100
800
25
*39%
4%
700
25
42%
27#
3784
584
400
33%
35%
65%
7%
4%
8%
8%
*27#
33%
*5%
43#
4%
*7%
Sohenley Dietillers Corp..
5
5)4% preferred
100
JSchulte Retail Stores..
1
8% preferred..........100
Scott Paper Co
No par
$4.50 preferred.....Ns par
1,200
25
27#
3384
5%
4%
87#
10
8
33
35
34
33%
56*4
7%
55%
34%
7
7
67#
110% *109% 112%
1%
1%
1%
4%
4%
4%
15% *14*4 15*4
17%
17*4 17*4
17%
17% 17%
27#
33%
5%
*4%
*7%
97#
3
33%
6%
9
2834
47%
*27#
33
8i
*8%
387g
18%
*284
3
33%
18
33
35
65%
34
18
81
35
25
56*4
7%
34%
18
6
33
157#
18%
17%
33%
*3%
67#
33%
18
1S4
24
8%
*26%
5
33
18
*1%
*7984
*14%
33
337#
*27#
33%
584
4%
*7%
*97#
16%
83%
5
34%
6%
34
*1684
*20%
6%
*4%
*33
6%
*4%
*3%
6%
4%
67#
41*4
51
51
51% 5184 *50
5I84
5184
*5012 5184 *51
*124% 128
*124% 128
*124% 128
124% 124% *124% 128
8
*8
8%
8%
8%
8
8%
8
8%
8%
18
*17% 18%
17% 177# *17%
17%
17%
*17%
17%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
14
14
14
14% 14%
14
14
14
14
14%
*22% 23
*22% 23
22% 22% *22% 23
*22% 23%
*4%
5
*4%
5
*4%
5
*414
5
*4%
5
21
21%
21% 21%
21% 21%
20% 21
20% 20%
18
18
—
18
18%
181#
18%
18%
18%
18%
18%
7%
7%
7%
7%
*7%
7%
*7
7%
7%
7%
33%
I984
9%
91%
29
48%
478
34
110
32
4%
*15%
*17*4
17%
24*4
4%
8
67#
34
40*4
*32%
*1%
4%
15%
17%
17%
24*4
32*4
884
4
4%
*4%
7
110
1%
8%
*3%
3784
4%
56%
34%
*1%
8
67#
33%
3
67#
8%
67#
34%
3
3384
57#
4%
9
34%
110
4%
8*4
4
34
*9%
*90%
287g
18%
4
32%
4%
47#
1%
*18%
8
21%
41%
33
34%
Par
Shares
75
*19%
40%
33%
55%
7%
55%
40*4
17%
247#
31%
7
*52
20
*18*4
18
4%
75
20
20
407#
327#
55%
1784
25%
317#
3434
7
*52
*1884
40%
327#
55%
17%
24%
31%
*4%
*8%
75
20
18
3434
657#
*52
1940
Range for Presume
100-Share Lois
Lowest
2
19% 19%
19%
18% 19% *19% 20
11
18
100
*87
95*4 95*4 *87
*01% 100
*87
100
100
*110% 112
*110% 112
*110% 112
*110% 112
*110% 112
18*4
17%
19% 197#
17% 17%
17% *16% 17% *16% 17
*0
9%
97#
«
9%
*8%
9*4
*8%
9%
014
9
17
17%
16% 16%
16*4 17
16% 16%
16%
17
17
8
7*4
77#
77#
77#
7%
784
77#
77«
11"
1*4
1*4
1%
1%
*1%
*1%
1*4
17g
I84
134
12
12*4
12% *12
12%
12%
12%
12% 12% *12
12%
26
20
19*4 20
19
19
19% 19%
10
1034
19
*136
150
138
138
*132% 150
149% *132% 149% *132% 138
27% 277#
27% 27%
27% 27*4
27% 2784 *27% 271
2784
9
9
8%
8*4
8%
8%
8%
8%
8%
8%
8%
12*4
13%
12*4 13
12*4 13%
12% 127g
12% 127#
13%
21
21%
20*4 22
21% 22%
21% 21%
21% 21%
22
*18
*19
18% 20
19%
19
19
19%
2
2
2
2
*17#
2
2
2
*17g
2
5
4%
4%
*4%
5%
*4%
6%
*4%
*4%
5%
5%
18
18
*87
On Basis 0;
Week
$ ver share
*10
10%
77% 77%
26.
EXCHANGE
Wednesday
21
$ per share
$ per share
STOCKS
NEW YORK STOCK
the
Tuesday
Monday§
Saturday
Sales
for
WW
Oct.
40
Mar
5
5% Mar
5
7% Sept 23
47%
4%
35%
8%
6%
12%
Apr
Apr
Apr
Jan
Jan
Jan
18% Jan
4
4
11
8
4
8
8
63
Mar 21
4
Feb 16
42% Feb 16
5% Mar 8
Mar
34
7
7%
534
38%
2%
Apr 8
Apr 22
Apr 16
Jan 4
23
Jan 27
12
97
May
6
May 10
29% Oct 16
52
7
Jan
3
Mar 14
217# Apr
8% Apr
2% jan
4
4
4
82%Mar 7
5% Apr 15
10% Apr 24
13% Jan 4
25% Jan 23
8% Apr
80
Apr
4
4
13% Mar 14
45
Feb 19
18% Apr 22
88% Jan 4
116%May 2
17% Jan 8
98
Apr
8
38
Aug
20%
Apr
65
Apr
61# Aug
3% Apr
8% Apr
6%
Apr
45*4 Sept
118% Sept
I 7% Apr
19% Sept
1*4 Aug
10
Apr
22 >4 Sept
57# Sept
17
Apr
24*4
4%
3%
47#
June
Aug
Aug
Aug
33%
Oct
3% Aug
4
Apr
32% Aug
3% Aug
26
Sept
7
Aug
6*4 Nov
8% Sept
8ept
53% Sept
36
Sept
80
Dec
12%
Jan
7«4 Sept
17%
10
66
Jan
Oct
Jan
128% June
11*4 Ju y
38% Jan
3% Sept
22% Jan
30% Mar
10% Jan
25% Sept
37% Sept
12% Sept
9% Sept
7%
43%
6%
9%
Mar
July
Mar
Sept
60% Sept
6>4
Jan
38% B ep
11% S ep
9
Ja
22%
Ja
24
O
Dec
61
Oct
3% Dec
Sept
2% Apr
41
Oct
6
Nov
33
Nov
15% Dec
48
30
14
Apr
1% Jan
2*4 Sept
Apr
1% July
7% Apr
17
9% Aug
5%
Oct
37# Oct
4% Nov
33% Nov
3*4
Jan
18% Dec
14% Mar
Sept
96
Feb
10*4 Apr
34% Apr
25
Dec
83
5
Sept
6%
Apr
6% Apr
2
Mar
74
Apr
Apr
Apr
3
6
11% Dec
19*4 Sept
1%
17%
7%
34%
Apr
Sept
6
Aug
66%
108*4
16%
81%
Apr
Apr
Apr
Sept
Aug
Apr
Apr
54% Jan
8% Sept
127# Dec
107# Jan
4% Sept
88
Jan
7*4 Sept
14% Sept
26% Jan
34%
Jan
3*4 A t
35% Aug
12% Jan
66
Jan
13% Dec
94% Sept
118
19%
105
90
July
Jan
Sept
July
89% Feb 10
16
July 13
78
297#May 11
20% Mar
24% Sept
63% Apr 16
2334 Apr 4
18
Apr 17
65%May 2
19% Apr 6
27# Apr 4
31
51
42
Ex-rtghta.
Feb 13
Aug
Nov
7% Apr
14% Sept
16% Deo
18% July
52
69%
Apr
13% Apr
2
Apr
30% Apr
20
3%
Oct
Mar
Feb
397# Aug
7 Called for redemption.
Volume
LOW
New York Stock
151
2459
HIGH
Oct. 19
|
9 per share
4*
2*
*26*
*4%
36
72*
11*
*115*
*10
*3*
*3*
*87
Oct.
4*
4*
♦2
2*
29*
*26*
4*
75
978
*8*
Ranoe Since Jan. 1
478
*2834
2334
*8*
*55
8*
*8*
*55
63*
29
29
29*
*31
32
31*
*3*
*358
*87*
8 Ml
*1*
*578
1*
3234
6*
6*
1*
1*
*2834
2234
5
4*
8*
8*
1*
*5
5*
*29
34
9*1
29*
32*
1*
32
32*
*31*
1*
21*
21*
22
32*
1*
22*
78*
79
7934
6134
*61
62
69
*68
69
613s
*68
62*
124
327g
1*
2134
79*
62*
63*
12434
1*
*6
*6
6*1
1*
138
1*
400
1,400
19,700
XV 8 Realty A imp
2,600
61
700
69
200
33
*46
6*
6*
6*
400
1*
*1*
1*
1,800
*17
*16*
17
*16*
17
200
59
*58
59
*58
59
*58
59
151
151
82
82
1634
*58
*81
85
'it
*15
*»i«
*
*15
16*
34
3378
28
*27*
*113* 116
153
151* 151* *146
87
82
82
*81*
*
**
*
**
*15
*15
16*
16*
*
16*
*49
53
153
150* 150* *146
87
82*
82*
*
1534
16
*2*
343g
35*
*34*
35i4
3334
28
2734
2734
*27
277g
*27*
*114
116
*42*
#
33*
33*
44
*42
116
*114
*114
44
44
44
66
25*
*2*
116
*42
34*
2778
22
*31*
*95
2*
2*
*2*
22*
22*
23*
*2234
13
*45
47
33
33
95
95
33
33
*92
105
33
106
*129
*129
-«*' m »
**
~~*
**
**
*73g
34
7*
**
7*
*197g
-
7,700
*14
*
28
*13-4
13*
*13
*4*
5*
«4
*153s
*35
*1*
13*
"""266
1534
234
39*
1*
*35*
*1*
10
*8
*26
27
2634
*2334
*16*
18*
24*
17*
187g
*66*
3
17*
103
108
102
102
*11734 11884
*16*
17*
*102* 10378
26
26
*4
4*
7
7
**
*19
*2634
27
17*
18*
*17
*24*
*99* 100*
5*
5*
28*
28*
100*
*26
13
*aie
19
19*
107
107
21
21*
107* 108*
139
135
135
34
*33
34
347g
347g
*34*
33*
33*
3334
20*
107
*133
35*
3334
*33
35*
3334
3
*27g
*17
1734
*5jj
38
19*
*101
10834
136
136
20
15
7
15
1434
7*
7
5*
5*
5*
2
*59*
60*
2
4*
43g
4*
*5934
*116
*116
30*
3334
30*
33*
33*
21*
2134
2134
30*
4*
4*
43g
*71
997s
*98* 102
70
70
*834
15*
73g
9*
15*
7*
5*
2
134
70
70
9
15*
14,000
7
634
634
2,500
5*
5
5
1,200
45
21*
88
*84
88
*84
55
*54*
55
55
23
88
55
3334
31*
337g
23*'
65
102* 102*
*84
88
55*
6534
45
*37
*2034
21*
-
4*
*61
*116
30*
2
2
*134
2*
14,200
4%
4*
3,200
4*
4*
4*
5,800
62*
100
3034
2,800
9,000
120
31
10
*116
30*
33*
33*
3334
23*
23*
22*
22*
102*
102* 102* *100
88
88
88*
88*
3334
55
63
56
*55
5534
*59
61
*60
61
61
61*
63
63
*98
101
*98
100
*98
991 a
98
98
98
98
81
81
8034
8034
*80*
8034
80*
80*
80*
80*
80
80*
22
22
22
22
2134
22
22
22
22
22*
15*
15
15
15
15*
15
15*
147g
15
15
22
15*
*116* 11934 *11634 118* *116* 119
11
383s
39
*10*
37*
89*
89*
*89*
1934
*1434
1934
19*
15
*10*
2*
*
2*
19*
107g
3834
93«2
19*
15
15
103^ *10*
38*
38
*89*
14*
93*
19*
14*
2*
2*
2*
Bid and asked prices
2*
no sales on
*21
63*
6334
63*
*95
98
'
15*
116* 11634
107g
1034
4034
38*
93*
*89*
19
1934
I47g
14*
2*
2*
this day.
1
Willys-Overland Motors—1
2
4*
*61
.20
300
"""166
2*
62*
$5 conv prior pref—No par
White Motor Co
12,700
60
20
1,500
1,100
WTilte Rock Mln Spr
White Sewing Mach
6% conv preferred
Wilson A Co Ino
;
10
39*
40*
93*
100
*19
19*
1,500
15
15
15
1534
4,800
Zenith
2*
1,300
Zonlte Products
2*
2*
*2*
t In receivership,
u
Def.
25,600
New stock,
r
Deo
Apr
101
Deo
Mar
131
Mar
3
6i2
15i2
Apr
85
Jan
4
Apr
Apr
3034 Sept
14i2 Oct
Sept
378 Sept
8
Oct
233* July
98i2 July
914 Jan
6O84 Jan
205s July
7
Dec
II4
Deo
1478 Mar
27* Jan
Deo
44
21
3i2
30
Deo
Feb
1* Nov
012
Apr
1914
Apr
14«4
Apr
Sept
20
178
10
Apr
July
6514 Aug
Mar
07*
Jan
July
378 Jan
58
1334 May
3534 Oct
24*
Jan
3284
384
28i2
Jan
79
Jan
Jan
Oct
Apr
10714
Apr
112i2
Deo
Apr
100
Deo
Oct
3
105i2 Sept
15i2 Nov
115
Nov
3
120
19is
Deo
Deo
Apr 29
4
2012
Apr
121
Sept
145
Mar
Jan
28i2
39U
39i2
Deo
75
Oct
Deo
*29
Apr
28
24
80
Oct 14
42
July
100l2 Oct 16
35's Apr 9
74
Apr
97
Oct
155g
Apr
387*
Oct
4
7
Jan
2
July 25
June
5
39
June 17
15*May 28
9«4May 21
98
May 25
0*June 10
20i4June 10
80 May 28
12i2May 21
85sMay 21
2
Mar
1
y
Oct
2
80
Jan
80
Jan
71
Apr
6
45
July
78
Oct
lli4 Apr 18
8*
Deo
1214 Mar
15i2 Oct 24
7
Apr
15«4
11* Apr 10
7'4May 3
3ig Sept
I84 Aug
8
2
35g Jan 11
3i2 Apr 22
0s4 Apr 13
57i2 Mar
2478May
70
Mar
6
1
31 >4 Oct 16
42i4 Apr 5
247«May 8
102i2 Oct 22
121* Mar
June 17
Deo
115
73s Apr 22
June
Ex-dlv.
Apr
Apr
38it Feb 13
39* Jan 3
29
*
10i2
1514
Sept
Sept
21
21
60
1
128
373gMay
Apr
305* Nov
684 Sept
lli8 Sept
May
Jan
Jan
May 18
135sMay 21
No par
Cash sale
684 Sept
33»4 Sept
95
Jan
55
Preferred
n
2984
Apr
Apr
85
138
30
Youngstown S A
Corp
Apr
17
88
118
16*4May 21
Young Spring A
Radio Corp
18U
2*
8
May 21
Jan 20
116
Coach cl B.
*89*
Deo
Sept
9
May 21
May 23
19*
65
Sept
2
June 10
40*
93*
60i2 Aug
65
44U
3714 Sept
91
19*
3478 Apr
54U Aug
37
45
convserieslOO
39*
*89*
110i2 July
Apr
73
150
Nov
Apr
Apr
Apr
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
500
Sept
Apr
Sept
18i8
82i2
3«4May 21
No par
—100
Wire.-No par
T-.-.No par
6H% preferred ser A—100
Youngst'n Steel Door ..No par
116* 116* *116* 119
10*
1034
10*
1078
4
28'4 Jan
28* Jan
Wright Aeronautical...No par
Yellow Truck A
40
40
10
25
109
Apr
40
1,100
Sept
Deo
1,000
10,200
21
*
1078
l434May 22
la4 Oct 7
li2 Jan 5
3
Jan 15
preferred
Prior pf 4M %
Sept
Aug
16
3i2
38
No par
Wisconsin El Pow 0% pref -100
Woodward Iron Co
-..-10
Wool worth (F W) Co
10
Worthlngt'n PAM(Del)No par
7% preferred A...
100
6% preferred B
—100
Prior pref 4^% series—100
50
Feb
1
2*
18i8May 21
93a4June 13
61 May 29
734 Aug 16
7*May 21
45s Mar 23
3i2May 22
100
White Dental Mfg(The SS)
78
Jan
5
2784May
287gMay
60 May
85 May
C0N0 par
Corp—1
$4 conv preferred—No par
Prior preferred
20
Wilcox Oil A Gas Co
5
45
21
*1*
2*
4*
2
116
15
21
134
61*
*8*
*37
4*
104
100
15*
434
*84
9
7
1*
30*
""760
*5
4*
116
9
71
71
June
Apr
*
Jan
76
30
100
100
preferred
163
45*
9
26
5H % conv preferred
Wheeling Steel Corp—No par
6%
5*
4*
61*
71
13,300
7*
15*
2*
61
*60*
*115*
30*
30*
3078
34
33*
3334
227g
22*
22*
101*
102* 102*
28*
28*
27*
117*
117* *115
*8\
15*
4*
4*
61*
.
82
July
Apr
110
1st
5% conv preferred
Wheeling A L E Ry Co
Sept
4
*May 15
7,800
Dec
17
86
Jan
14i2May 22
15*May 21
33*
04
May
1
00
3334
Apr
9
00* Sept
140
Sept
5
Union Telegraph-
34*
40
8* Apr
Paclflo 6% pref—100
Westlnghouse El A Mfg.—.50
40
Sept
85s Mar
25* Oct
2*4May 15
Westingbouse Air BrakeNo par
8,000
4
4i8May 18
Western
200
10,000
7,300
37i2 June
4034 July
108
407g Apr
Western
*
20*
03s May
13s Apr
82'4 Sept
12078 Sept
115
105
June 10
21
Deo
Oct
2>*May
May 21
100*May 17
100
4% 2d preferred
3334
*102
101*
Maryland
11
Jan
110t2 Apr 12
3
108*May 23
Westvaco Chlor Prod.-No par
*21
-
Western
100
June
90
Co—10
100
700
21*
2
200
Western Auto Supply
1,200
45
4*
"""600
35*
*20*
4*
100
35*
*35
2
200
Aug 26
96»2May 22
June 10
preferred
preferred
35*
45
4*
240
91
100
100
WestPennPowCo 4^ % pf-100
West Va Pulp A Pap Co No par
6% preferred
-.100
7%
6%
34
21*
4*
75
*5l«
82
4
59
50
*71
Jan
$4 conv preferred.—-No par
West Penn El class A..No par
200
*98*
2734
24
May 21
200
35*
*20*
*134
2,
14
2938 Apr 10
34
*35
2
13i4May 21
2834 Feb
20* Apr 22
l5i8May 22
34
34*
May 21
Wesson Oil A Snowdrift No par
102
2078
20*
107* 108
*132* 139
34*
3334
3U| Jan
"""266
1934
21
21*
108* 109*
2* Sept 13
1234Sept 13
"
May 23
478 Feb 23
*106* 109
102
3
2i2May 21
35*
34*
45
*134
*6538
Jan
20
1
34
21*
1*
17*
68*
60
No par
3
*234
*17
l2May 21
3«4May 10
No par
Washington Gas Lt Co.No par
Waukesha Motor Co—.
6
Wayne Pump Co
Webster Elsenlohr
May 15
May 22
9* Jan 10
15s Jan 10
25* Jan 10
4i4 Feb 19
22
Warren Fdy A Pipe
35*
*21
134
900
30
No par
35*
34*
*35*
5*
400
*May 16
13i2 Aug 30
No par
34
5*
*3638
5*
100
Marl5
1658 Feb
May
June
3»4May 21
No par
J Warren Bros Co
$3 preferred
5l#
*132* 139
28*
26*
263s
2734
27*
117* *115
117* *106* 117* *100
7
$3.85 preferred
"""600
101
June
038 Jan
35* Jan 11
2
June
1* July
9
10
6
Sept
*70
Aug
Oct
1«4
04i2
18*May
preferred
60
Weston Elec Instrument-12 60
136
81
*634
24*
16*
187g
Warner Bros Pictures
39
126
2* Jan
75s Apr
100
1514 Sep!
Mar
Jan
13s Jan
23i2May
preferred
35i2 July
293$ Sept
10i2 Sept
84 July
May
3
Jan
Mar
778 July
Jan
Mar
135
®18 Oct
Ward Baking Co cl A..No par
Class B
No par
7%
35
100
6*May
No par
Sept
July
May
14 Oct 23
Walk (H)Good A W Ltd N
par
Dlv redeem pref
No pari
14
113
180
Sept
l6i2May
20*
5i«
38
102
9*
68*
102
107* 108
20*
19*
21*
2034
1087g 109*
21
10,400
"""160
101
102
102
102
102*
*101
11834
118* 118* *118
*11734 118*
17
17
17
17
*16*
*16*
*102* 10378 *101* 102* *101* 104
26
26
26
25*
*25*
2534
4
4
4*
4*
*3*
*3*
*7
*7
*7
734
7*
7h
*99
9*
3
1734
*65*
68*
*71
*8*
1434
*36
16*
187g
81
9*
1*
Walworth Co
300
16
24*
102
*8*
1478
2*
39*
187g
68*
100
*34
17*
*234
700
Jan
874 Mar
17U Sept
15
June
89
75s Sept
11
118
No par
Co
Sept
4* July
71
100
100
Nov
14
112i2 Sept
No par
System
Sept
16
Jan
120
Pref with warrants 100
200
600
*15*
2*
2434
*71
*6738
34
16
187g
*100
68*
5
*16*
81
68*
*434
*24*
102
70
2,300
19
*71
*66
14,500
5*
28*
17
*100
25*
5*
28*
13*
*99
24*
81
117* *100
Walgreen
27
102
26*
1,700
*26
*71
20
20*
100*
27
*100
*100
Waldorf
*26
1*
109
%
400
1,300
27
*36
J Wabash Railway Co...
5% preferred A
*
*
7*
95
II714 June
Jan
48
28*May
25
100
100
3
Feb
818 Sept
35i2 Sept
15i2 Apr
118
3084June
25
preferred
*
10
102
19
434
34
*15*
2*
"2", 100
6%
5% pflOO
Vulcan Detlnning Co
Preferred
7*
*20*
187g
3
900
30
98
17
*24*
24*
17*
33*
33*
*8
120
102
May
*1*
*108
*67
May
5
134May
..No par
Virginian Ry Co
10
108
108
107* 1C7*
102
101* 101*
102*
11734 11734 *11734 11834
17
17 *16*
*16*
*102* 103* *102* 10438
26
25*
*25*
25*
*4*
4*
4*
4*
*7
*634
7*
7*
6634
109
Va Iron Coal A Coke
*8
*17
102
Va El A Pow 56 pref..-No par
47
10
1734
68*
102*
6634
80
12
*45
2*
39*
1*
17*
102
13
434
«4
15*
2V
39*
1*
3
*135
*33
20*
17*
*2*
*1634
*
21
2634
24*
20*
0
1*
*8*
10
116* 116*
6
Works
Cbem.
Oct
Aug 22
31* Mar 14
4i8 Jan
31>4 Jan
May
*
5*
28*
13*
*36
13s
*8*
14
*
7*
19
19*
2034
39
*1*
234
6% dlv partlo preferred-100
13*
*
*
7*
62
60
May"'
19
Victor Chemical
Va-Carollna
Feb 29
Jan
74
July
Mar
Jan
Nov
98* May
30
Sept
6
4378May 10
3978 Mar 15
117i2 Apr 9
49i2May 9
66'4 Jan 6
60
Aug 22
500
*129
*
19
35i2May 28
200
Jan 22
Mar 27
«4 Apr
May 23
400
Jan 15
70
22*June 10
July 2
2*
*92
98
34
1834
*2*
67*
103
*107
*35io
„
1534
234
1578
10
*7
*1834
*2*
*1658
*34
*15*
234
33*
75s Apr 24
2i2 Apr 11
01
Apr 12
1714 Oct 17
884
37i2
0*
6284
II434
68i2
July
415s
234 Apr 24
share
7* Mar
67
60
39* Apr
48* Feb 20
per
49
48
Oct
Highest
Apr
Jan
125
112
—..6
Vlck Chemlca1 Co
*9
12
4634
7*
20*
*434
34
6
25
6
100
534 Aug
April
683* Jan
June 24
24*
*2*
*23
24
*129
5*
28*
13*
13*
*434
234
*16*
*99
28m
5*
234
*2334
28
1534
34
1*4
*20*
100* 100*
5
5*
13*
39*
25g
*
*4*
34
16
92
*
*•*
7*
20»2
7*
20*
28
33
92
*
*7*
*98* 100*
434
478
*9
*44*
*32*
*92*
33
*
34
20
12
47
*129
*129
Van Raalte Co Inc
Apr
3* July
Sept
112
12
Apr
13*
71
1>4 Jan
4158 Jan
159
June
23
05
Apr
117
*May 21
Vadsco
6* Aug
05* Sept
14934 sept
4
Apr
46
May
39
5
59
Vanadiam Corp of Am.No par
100
Jan 25
32«4 Sept
3i* Oct
l's Deo
31* Apr
8084 Apr
l2i2May 24
May 24
l3434June 8
100
preferred
Mar
38* Jan
45
No par
Ry—100
5% non-cum pref___
100
27
*25*
2*
116* 116*
*9
*45
7*
20*
*98* 100*
434
4*
28
27*
20
116
116
116* 116*
13
*8*
47
8%
5
74
June 20
41
preferred-.-No par
Universal Pictures 1st pref. 100
Sales
No par
Preferred
-.100
60
66
,
26
*25*
2*
*8
46*
*
66
_26~
27
257s
2*
*45
116* 116*
12
*8
56 conv
Universal-Cyclops Steel Corp 1
Vlcks Shreve A Pac
*21*
22
6
7% 1st preferred
4234
4234
par
United Stores class A
116
*114
4334
*
66
*—-
66
*25^
23g
2*
*116* 117
*45
*
"25*
26
22
*21
t
30
16
*15*
34*
*27
*113* 116
80
*25"
26
J
40
1,000
9i«
*
*60
*
par
Universal Leaf Tob
*82*
28
33*
*27
44
*42
*49
100
No
preferred
United Stockyards Corp
Conv pref (70c)
No
100
*16*
49*
17*
53
17
59
155
*151
Preferred
U S Tobacco Co
"l~,I66
134
*58
49*
No par
7%
*16*
53
60
U S 81 eel Corp
2,700
1,500
*49
*49
60
Preferred
47
17*
53
10
100
U S Smelting Rtf A Min
77,300
*1*
134
No par
June
1234 Apr 23
May 21
Aug 19
27*June 14
*May 3
15 May 21
68*May 22
39i4May 23
60 May 22
42
May 21
103*May 21
3012 Aug 10
42*June 6
li2May 22
5*May 28
1 May 18
USRubbt.-Ci
75
7* Apr 23
21June 11
-10
05s Apr
334 Aug
5«4 Mar
May 11
182*May 14
6* Mar 9
3234Mar 11
28
Apr 25
21
17
21
21
20
8% 1st preferred
53
17
48
79
59
*49
*58
6
—.100
U S Pipe A Foundry-.
U S Playing Card Go
22*
*32*
47
6*
1*
31*
1*
63*
12434 125
63*
*46
'
cl A ..No par
conv
Prior preferred
"MOO
62
May 23
No par
61
124* 12434
32*
32*
*1*
6*
*1*
Partlo A
2,000
63>2
29*
*68*
33
134
87g
U S Leather Co
2134
78*
80
47
32*
*46
1,800
Sept
89
June 10
234May
25* July
14 May
3*May
Apr
Apr
110
1078Sept 23
1084 Oct 17
5*May 22
5
50
11
9
7* Apr 10
7* Jan 3
May 18
50
6
Oct
97
Jan 15
165
0212
Jan
13'4Mar 12
May 21
5
U S Industrial Alcohol-No par
""906
5
*8*
*59*
2834
31*
*1*
63*
29
100
U 8 Hoffman Mach Corp
5M % conv preferred
33
•87g
*60
preferred
"""200
22
*4*
29*
1*
7%
22
5*
63*
1*
900
*29
35
22*
8*
190
412 Aug
Deo
64i4 Deo
3i4 Apr
25«4 Apr
4i8
15
3* Aug 24
80
share $
ver
118
June 10
3
—10
95 first preferred
No par
U 8 Dlstrlb Corp conv pref. 100
U S Freight Co
No par
U S Gypsum Co
20
3,500
5*
Paperboard
30s4 Oct 19
867* jan 3
Ma: 21
0
Maris
66* Mar 14
6*8 Jan 3
10*May 22
107ijJune 0
1
United
9
6
60
USA Foreign Secur—.No par
10*
5*
5*
v t 0
700
180
22*
2234
5*
United Mer A Manu Inc
75-*
75
*177
5*
900
300
834
10*
10*
77
5
No par
500
share
per
7* Apr 11
Sept 23
291a Oct 18
2*May 21
25*May 22
5
United Gas Improv't._No par
95 preferred
No par
9
share
334May 28
100
United Eng & Fdy
United Fruit Co
92
834
180
29*
*59
60
47
1*
10*
75*
*177
Preferred
per
Year 1939
Lowest
Highest
2
5
United Electrlo Coal Coe
900
9
10
334
334
*87
9*
300
3*
*3*
3*
4
9*
2,700
11,900
70*
*35
92
United Drug Ino
>
United Dyewood Corp
"""800
70*
.4
97g
4*
36*
Par
Range for Precious
100-Share Lots
Lowest
7,200
4*
*2
*26*
*4*
*87
3*
5*
2*
29*
70*
11*
11*
115* 115*
10*
10*
5
2*
29*
4*
36*
29*
70
*46
6*
34
Shares
1034
3*
3*
180
*478
5*
6134
1*
10
10*
92
*177
62*
61*
123* 124*
47
1*
3*
*87
*61
33
17g
4
*68
6134
69*
0Oi2
61*
124
124*
33
3*
3*
22*
1*
61*
*46
10*
$ per share
On Basis of
Week
11*
115* 115*
115* 115*
92
180
2034
78*
*68
70*
11*
11*
10
8*
*57
29*
*31*
29*
31*
1*
78
47
70*
77
434
21
*46
36
10
22
63*
*34
36
7534
*2834
1*
4*
10*
75*
*177
4*
78
*26*
70*
113s
3534
*2
4*
*93g
34
205g
1*
21*
78*
*6034
61*
67*
67*
61
61*
124* 124*
34
*3234
4*
97g
*434
1*
43g
478
5
10*
75*
23*
9 per share
2*
293g
*8*
5
78
*27
29*
71*
11*
11*
115* 115*
97g
97g
9*
20*
47g
*2
70
10
23*
*4*
5
47g
Oct. 25
24
Oct
\
EXCHANGE
Friday
Thursday
$ per share
2*'
*26*
*4*
3534
75*
*434
*2834
35
*22
*45g
434
*2
92
181
Oct. 23
22
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Wednesday
9 per share
434
2*
29*
4*
*934
181* *177
47g
Oct.
|
75
934
75
*177
21
4*
36
3634 !
36
72
72*:
7134
11*
11*
11*
117
*115* 116*
10*
10*
10*
3*
*3*
3*
4
4
*3*
*87*
PRICES—PER
Tuesday
9 per share
92
♦884
934
SALE
Monday
Sales
for
AND
Saturday
95
56
Oct
Oct
2
2
6334 Oct 25
129
Apr 9
93
Apr 20
25
Jan 3
I9i4 Jan 4
126i2Sept
14
4
Apr 10
14
Apr
14
Sept
238
1
Aug
June
2* June
278
32
Aug
Aug
105*
Apr
15
Apr
30
Sept
10i2 Apr
471* July
43
May
23i2 July
311*
85
Apr
Apr
75
Mar
18*4 Sept
115g
Apr
98
Apr
91* Aug
3
0378May 10
30
4
17
8
43$ Apr 22
12
Apr
2
Aug
48*
Jan
28* Jan
1734 Apr
Ex-rights
74
Apr
May
Apr
7
Oct
Jan
4* Nov
3484 Nov
201 a
Deo
414 Nov
3* Feb
014 Feb
778 Sept
0OI4 Nov
Sept
116
31»4 Sept
503$ Jan
23i* Jan
74
Oct
09
Oct
38i2 Sept
53i2 Sept
124i2 Nov
851* Deo
3314 Mar
217* Oct
127
Nov
21U Jan
603* Sept
92
Sept
34
Sept
22* Jan
37* Sept
H Called tor redemption.
Oct.
2460
1940
26,
Bond Record—New York Stock Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—-except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded In the
week's range, unless they are the only transactions of the week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales In computing the range for the year.
The italic letters in the column headed "Interest Period" indicate in each case the month when the bonds mature.
Friday
Friday
Sale
Week Ended Oct. 25
Price
1947-1952
1944-1954
1949-1956
3Xs
1941-1943
344s
..1943-1947
3 Xs—.........
1941
3X0-—
..1943-1945
3 ^s.......... 1944-1946
3Xs
—1940-1949
3148..-.----—1949-1952
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
88
3s-.
—
A
O
J
D
—
8s...—...——1940-1948
3s......
1951-1956
2Xs——1065-1960
2Xs
...1945 1947
Treasury 254s....
1948-1951
Treasury 214s
1951-1954
Treasury 2Xs———— 1950-1959
Treasury 2XS
.—.-—1958-1963
Treasury 214s—
1900-1965
Treasury 214s...———.—1945
Treasury 214s...........-—1948
Treasury 214s..—
1949-1953
Treasury 2Xs..———1960-1952
Treasury 214s....———1951-1963
Treasury 214s...——1954-1956
Treasury 2s
1947
Treasury 2s..——..—1948-1060
Treasury 2s———.1953-1956
Federal Farm Mortgage Corp—
8148..
Mar 16 1944-1904
A
120.26,120.10
113.31
—
Last
N. Y. 8TOCK EXCHANGE
Sale
Range or
Friday's
Jan. 1
Asked
High
120.26
114.2
Ho.
19
2
Af 6
Week Ended Oct. 25
Price
Low
High
117 2
121.6
102.12
102 9
108.8
108.8
107 10 109.30
103.3
103.4
103.3
108.21
107 12110.1
109.19
107.30 110.21
112.4
108 23112 13
108.21 108.18
109.10
112.4
112.31 112.31
M
8
lli'.lS
112.31
*111.17111.21
111.11 111,18
104.24
107 20111.30
♦6sassented.
8
1951 J D
♦Coiogne (City) Germany 6Xs_1950 Af 8
Colombia (Repnbl! 3 of)—
108.27
109
8
10917
109.17
100 20 109.26
♦0s
*109.11109.15
105 24 109 19
♦0s of 1927
108,21 108.13
M 8
107.27
108.21
104 16 108 30
107.31
107.24 107.30
J
D
"107.30
J
D
107.30 107.26
3D
106.21
106.21
103 4
107.3
D
104.11
104.11
1017
104.23
D
103.27
103.29
102 2
Cordoba (Prov) Argentina 7S..1942
105.30
105.30
102 28105 30
104.20
104.20
102.7
101
External 5b of 1914 ser A— 1949 F
External loan 454s ser C
1949
13104 25
101.25102.7
108.4
108.4
105 22108 24
*108.3
103.19
108.6
103.24
103.16
103 9
105.2
1054
108.12
J
103.16
103.18
103 1
104 25
*102.16102.19
100.5
102.17
D
♦Sinking fund 8s ser B
10
17 X
13
3
6X
20
12 X
26 X
30
5
30
15X
15X
34X
34
20
20 X
20
—-
27 X
26 X
20X
22
16
52X
20 X
71
15X
65X
85
13
21
71
49
15X
15X
15X
*102 X
*101
102
53 X
99 X
54
100 X
101X
*96
54
97X 102X
103 X
93
101X
51X
62
100
355
5
98
75
74X
75
3
70
13 X
13
13 X
7
101X
104
8X
*11X
81X
14X
13 X
33 X
33
35
29
20
73
F
A
33
31X
35 X
31 X
18X
O
32 X
30
19
A
35
63 X
65 X
Af
S
56 X
O
57 X
57 X
8
A
56 X
57
17 X
56 X
9
57
76
57X
57 X
7
57X
75
76X
76 X
75
26
1942 J
1955
External g 4Xs—
Apr 15 1962
Dominican Rep Cust Ad 6X>— 1942
1st ser 5Xs of 1920—....... 1940
9954
9954
9954
580
88X
9954
5Xs 2d series
1909
8X
J
A
*53
67
65
*55
58
63 X
*55
O
58
58X
25X
25X
♦El Salvador 8s ctfs of dep..... 1948
Estonia (Republic of) 7s...... 1907
Finland (Republic) ext 0s..... 1945
*7 X
8X
29 X
49 X
11X
75X
Municipal
♦Gtd sink fund 6s.——.1947
F
A
*20
.....1948 A O
♦Gtd sink fund 0s
s
f 7s series B
♦External
s
2014
20
29
3354
40
60
9
9X
8
18 X
9
954
754
954
954
754
7 54
854
754
754
754
1854
16
1854
1 854
1454
1454
1454
77
2054
954
9
f 7s series C....1945
*954
♦External S f 7s series D..—1946
♦External s f 7s 1st series
28 X
*9
J
1946
♦External
20
2 '54
*25
Af 8
Akershus (King of Norway) 48.1968
J
♦Antloquta (Dept) coll 7s A... 1945
sec s
13 X
20
...
D
Agricultural Mtge Bank (Colombia)
♦External
9
8X
♦Dresden (City) external 7a... 1945 UN
&
10
20 X
1952
Denmark 20-year extl 0s
External gold 5Xs
New York City
Govt,
10
14
22
A
Sinking fund 5Xs—.Jan 15 1953
♦Public wks 5Xs.-.June 30 1945
♦Czechoslovakia (Rep of) 8s... 1951
Transit Unification Issue—
Foreign
9
10
20 X
2d series sink fund 5Xa
1940 A O
Customs Admin 5Xs2dser.. 1961 M 8
A O
5 Xs 1st aeries...
1969
.1980 J
13X
13X
103 10 105.15
S 103.16 103.16
107.28
8% Corporate stock......
27 X
27 X
*20
J
4 Xs external debt.—... 1977
105 20 108.21
107.24
J
J
♦Costa Rica (Rep of) 7s
1951 UN
Cuba (Republic) 5s of 1904.... 1944 M S
104 4
214s series Q
1942-1944
J
154s series M.........1946-1947
27 X
27 X
27 X
27X
O
.1952
...1953 Af N
25-year gold 4Xs—
16X
107 2
J
M
A
D
M 8
Af S
iox "~7
25
J
.Jan 1901
Copenhagen (City) 5s
105 13108.31
J
102
—
9
UX
25
J
103.15 108 1
103 2
102.7
—
High
iox
"iox^io
6
O
.....Oct 1961
1928
Low
1
llXj
*20
106.16
n
2
iox
9X
UX
6
A
100.13
D
15
6
♦Sinking fund 7s of 1927—1947 F
J
D
of
♦Colombia Mtge Bank 6Xs
106 18 109.13
J
No.
11X
10 X
14
103 13 108
108
Jan. 1
High
"16"
*20
*108.30109.2
108.22
j
10
Since
*10"
103 24 108.12
108.22
J
"iox
1947
♦Sinking fund 7s of 1920....1940 UN
M 8
D
—
♦Chinese (Hukuang Ry) 5s
8
D
10
*11X
Range
Asked
8
...1960 M
M
J
1902 AfN
..1902 Af N
...
♦7s assented—
Af 8 109
104 20109 10
10 X
.——1961
-
♦Chilean Cons Munlc 7s......I960 M
M
Home Owners' Loan Corp—
8s series A——May
—1901
♦0s assented
109 14113.10
1 1944 1962 AfN
1 1942-1947
—Mar
♦Guar sink fund 6s
♦Guar sink fund 6s...
11122
*11X
11X
*lix
-.1901
105 17
108 6
10
1961
♦0X« assented
A
11X
—1957
—1957
♦Sink fund 0Xs of 1920
102.9
Af S
Bid
Low
Foreign Govt. & Munlc. (Cont.)
♦Chile Mtge Bank 0X8
♦6 54s assented
111.18115 6
111 16115.9
May 16 1944-1949 Af N
J
———Jan
16 1942-1947 J
254s.
Bid
Loto
United States Government
freasury 4Xs
Treasury 4a. _
Treasury 3Xs
BONDS
Since
Range of
Fridays
Week's
Range
Week's
Last
BONDS
N. Y. STOCK EXCHANGE
9
*854
*854
*854
..1957
f 7s 2d series. 1967
♦External sec s f 7s 3d series. 1967
*1754
854
854
20
A J
J {
M 8
AfN
♦Frankfort (City of) • f 0 Xs... 1953
French Republic 7 Xs stamped. 1941 J
Antwerp (City) external 5s
1958
Argentine (National Government)—
M N
S f external 4 He.
1948
8 f external 4Xs...———1971 M N
7754
6654
77
79
27
7054
0454
67
50
61X
A
5954
59
6054
120
O
5954
5954
6054
69
66 X
87X
87X
53
53
55
15
39
38
7s unstamped
....
*48X
23
23
68
D
7
16
40
2
70
53 X
40
80
9X
25
40X 105
92X
92
D
*51
45 X
69X
100
1949
118
109
German Govt International—
♦6Xs of 1930 stamped—
1905 J D
♦5Xs unstamped..
..1965
♦5 Xs stamp(Canadlan
Holder)'65
♦German Rep extl 7s stamped.. 1949 AO
91
90X
34
7 Xs unstamped ......
1941
External 7s stamped—...... 1949 J
t
-—
15
15
146
8X
7X
7X
8X
6
5H
17
*15X
~u~X
16 X
225
10 X
25
2
ex
18
15X
20 X
84
..........
F
8 t extl conv loan 4s Feb....1972
A
S f extl conv loan 4s Apr
1972
Australia 30-year 6s..........1955 J
External 6s of 1927......—1967 M
/
8
External g 4Xs of 1928—1956 Af N
J
♦Austrian (Govt) s f 7s. —1967 J
♦Bavaria (Free State) 0Xi. • .1945 F A
.1949 M 8
Belgium 26-yr extl 0Xs
J
External s f 0s............ .1965 J
External 30-year s f 7s..... .1966
*52
J
s
A O
AfN
A
A
I90lf
...1962 A
For footnotes see pave 2465.'
35
6
12
20
14
59
63
40
7X
10 X
8X
8X
.
29
8
J
6
11X
UX
67 X
65
90
♦Hamburg (State 6s).
.....1946 A
♦Heidelberg (German) extl 7Xsl950 J
Helslngfors (City, extl 054s
i960 A
Hungarian Cons Municipal Loan—
O
25
26
7
26
J
25
25
10
20
O
*51
60
22X
76
.1945 J
1940 J
♦7 Xs secured s f g
♦7s secured a f g
11X
J
ox
J
7
♦Hungarian Land M Inst 7 Xs. 1961 AfN
♦Sinking fund 7Xsser B
1961 AfN
Hungary 7Xs ext at 4Xs to
1979 F A
18X
Irish Free State extl
79
Italy (Kingdom of) extl 7s.—..1951
33
78
87 X
Italian Cred Consortium 7s ser B '47 Af 8
♦Italian Public Utility extl 7s.. 1952 J
J
iox
65
38
65X
X
39 X
63X
41
66
40
07X
45 X
s
1960 UN
J
D
f 5s
Japanese Govt 30-yr sf 0 Xs
Extl sinking fund 5Xs—
♦Jugoslavia (State Mtge Bk) 7s
♦Leipzig (Germany) s f 7s
♦Lower Austria (Province) 7Xs
4554
*4554
4554
47
48
46 54
48
3354
3354
3354
31
10
10
8
14
Mexican Irrigation—
♦4 Xs stam pod assented
*854
11
9X
15
93
92
9354
69
83
♦Medellln
Mendoza
F
A
1954
1905 AfN
1957
A
107
10054
9854
9254
10054
9354
72
90 X
"8454
8354
61
78
90X
58X
59X
88 X
9454
9354
80
82
8054
1154
8154
1154
2554
24
2554
25
6
J
(Prov) 4s read].—...1954 J
D
89
HX
♦Sec extl
a
...1959 M
f 0 Xs
♦Montevideo
2554
10
27
*2654
♦0s series A
—1959 UN
New So Wales (State) extl 5s..1957 F A
10
24
27
(City)
1254
1154
*U54
External a f 5s
Apr 1968
Norway 20-year extl 0s—.....1943
„
1354
1154
12
17
20-year external 6a.._
11
14X
1254
1154
1254
12
17
External sink fund 4X8
External s f 4Xs—
10X
14X
4s
12
17
Municipal Bank extl
1154
1354
10X
14X
*1254
1154
1154
*1254
1154
1254
U54
1154
1354
1154
1354
1154
5X
28X
2
27X
31X
62
66
46 X
*8
49
25
25
.
12
17
10 X
14X
12X
10X
12X
16X
14X
17
10
14X
1254
12
10 X
1154
10X
14X
s
f extl loan
s
O
F
20
IOX
9
9
82 X
1905 A
...1963 F
1970 J
D
.1952 F
A
92
45
72
25
78 X
111
23
54 X
69
X
34X
5
58
91X
25
44X
70
187
7
13
17X
12X
15X
7
14X
63
82X
8X
68X
68X
3
2X
5
"~2X
"45
2X
45
43
2X
2X
2X
X
X
X
1
X
28X
32X
80
2X
1
*1
2
IX
32
7X
IX
2*
7X
7X
*42
26
12
2X
68X
8
17
7X
14
23
4X
4X
2X
2X
2X
2X
63X
12X
12X
44
48 X
71X
40
71X
55 X
55
55
33X
90X
58 X
58 X
59
11
35
89
49 X
49 X
52
4
29
50
7
29 X
97X
97X
34
35
9
23 X
90
33
34 X
23
20X
33 X
35X
22
20
80
21X
80
9X
26
*41
35
O
A
1
X'
*8 X
A
1944 F A
..I960 Af S
f 5s..
♦Nuremburg (City) extl 0s
A
32
*15
7s...—..1952 J D
24
1154
1254
1154
*1254
1154
S
26
10
1254
—
X
65X
1943 M N
Milan (City, Italy) extl 6
Xs—.1952 A O
Mlnas Geraes (State)—
♦Sec extl e f 0 Xs....—..1958 Af S
*1254
*11*54
21X
9X
9X
49
'31
D
27
1154
6
6X
57
1950
(Colombia) 0Xs.—.1954
*10
1154
5X
4
—I
49X
1947 F A
J D
14X
9X
5
9X
57
93 X
"81H
7
7
43 X
32
48
O
(US) extl 5s of 1899 £.1945 Q /
♦Assenting 6s of 1899
1945 Q J
♦Assenting 4s of 1904
.1954 J D
♦Assenting 4s of 1910
1945
|*Treas 0s of'13 assent——.1933 / J
101X
8454
9454
6X
6X
*6X
*6X
27 X
♦Mexico
4854
4554
22X
20 X
67 X
zlH
4X
18
14 X
18X
65
*55
O
Af N
....
X
26
9
25 X
O
f"a
42
2
63
7
28
18 X
25
*15X
*11X
1952 A
..1964
♦8ink fund secured 6s....... 1968
108
23 X
8X
1949
...
7X
iox
20X
11
63
fund 0s...1963 Af N
♦External sinking
♦0s assented.—........1963
5
25
1254
5054
U~N
J
♦6s assented...
...Jan 1961 J
♦Extl sinking fund 6s..Sept 1961 M 8
♦0s assented....
Sept 1961 M 3
♦External sinking fund 6s
1962 A O
♦6s assented
102 X
26
44
unstamped
Haiti (Republic) s f 6s ser A
24
*10
♦Extl sinking fund 6s..Feb 1961
♦6s assented....
Feb 1961
s f 6s——.....Jan
30X 100X
12
O
♦7s assented—...........1942 M N
♦External sinking fund 6s
1960 A O
O
♦0s assented.........
1960
♦Ry extl
2
5054
J
M 8
J S
Oot 15 1960 A
♦0s Apr. 1937 coupon on..I960
♦Chile (Rep)—Extl 8 f 7s
1942
42
*13
—.—...1964 J
f 6s
32
1254
...
♦Farm Loan
6
1154
J
10-year 254s
Aug 16 1945 F A
26-year 3 54s
1901 J J
7-year 254s...........
..1944 J J
30-year3s
1907 J
J
30-year 3s.—............1908 M2V
(City) 8s
40
1154
♦Stabilization loan 754s.... .1968 M N
♦Cent Agrlo Bank (Ger) 7s
1950
♦Farm Loan s f 6s
July 16 1960
♦6s Jan. 1937 coupon on..1960
26
12
3% external a f 8 bonds.... .1984 J
Bulgaria (Kingdom of)—
♦Secured s f 7s
.1907 J
♦Carlsbad
12X
12
454-4548..—.. .1975 Af N
1962
6
1454
1254
47
—...
25
4054
f 4^-454s
.1977 M S
Refunding s f 454-4 54s.... .1970 F A
External read] 454-4548
.1970 A O
6s
12
40
*14 54
s
Canada (Dom of) 30-yr 4s....I960
6X
3954
3954
Sinking fund gold 5s...... .1958 F A
20-year s f 6s............. .I960 J D
♦Budapest (City of) 6s
.1962 J D
Buenos Aires (Prov of)
♦0s stamped..—.......—. .1901 Af S
f
2
2454
♦7s (Central Ry)
.1962
Brisbane (City) s f 5s....... .1957 Af S
s
"46
10
48
25
(Germany) s f 6 Xs_— .1960
♦External sinking fund 0s.. .1968
♦Brazil (U 8 of) external 8s... .1941
♦External s f 654s of 1920.. .1967
♦External s f 6 54s of 1927.. .1957
External
60
954
"11"
♦7s
German Prov A Communal Bks
♦iCons Agrlc Loan) 6Xs....1958 J D
♦Greek Government s f ser 7s..1904 UN
♦7s part paid
25
♦Berlin
External
5454
54 X
90 X
96
*35X
70
X
5
*27X
23
-25X
"26
80X
Volume
Y.
STOCK
EXCHANGE
Week Ended Oct. 25
Foreign Govt; & Mun.
Extl deb 5 Ha
Oslo (City) s f 4%s
(Cowl)
'
♦Peru (Rep of) external 7a
♦Nat Loan extl a f 6s 1st ser
M
—1959
Low
44
54
39
65
39%
31
27%
27%
9
37%
19%
75
102%
102%
6
96% 105%
e5%
3
59%
61%
60
mm
65
•
19
5%
O
6%
6%
12
4%
5%
11
6%
67
4%
10%
6%
31
6
O
*5%
9%
....
—1958
A
O
*5
5%
....
—1947
A
O
*9%
1968
1950
1963
1961
1966
A
O
4%
f 7s
♦External sink fund g 8s
♦4%s assented
—
♦Porto Alegre (City of) 8s
♦Extl loan 7%s
♦Prague (Greater City) 7 Hs
♦Prussia (Free State) extl 6 Ha
♦External
6
3
10%
8%
10%
16%
9%
*7%
9%
~26~~
Queensland (State) extl • f 7s...
1941 A
25-year external 6s
—1947 F
12
12
26
26
30
11%
83
85%
41
69
Rome (City) extl 8Hs
103
41%
36%
9
28
41
31%
31%
4
15
yb
104%
♦Saarbruecken (City) 6s
Santa Fe extl s f 4s
98
15
♦Conv due
Feb 1 1960
70%
70
70%
35%
35%
37
121
D
z
ccc4
38%
38%
40%
131
z
ccc4
34%
34%
36%
M S
z
ccc4
35
34%
F
z
cc
3
14%
14
36%
15%
3
58%
A
25%
5%
11%
S'west Dlv 1st M(lnt at 3 % %
4%
10%
A
O
13
7
13
J
D
15
6%
11%
*16
-
-
«
-
10
9%
8
8
MN
9%
9%
8%
9%
11
5
12
J
D
9%
9%
9%
5
7
12
A
O
35%
62
27
61
F
A
31%
33%
J
M
'mum**
mmmm-m
8
55%
"65%
—
mmmm
7
56
12%
7%
8
*5%
1953 /
5%
5
6
6
9%
1952 MN
8%
8%
8%
7%
7
7%
3
3
M
♦7s extl water loan.............1956
12
5
10%
5
O
g6%s..
24
16%
15%
78
50
4%
12%
13%
63
4%
'■
m
~25 "
D
78
34%
31%
34%
D
1945 3
1946 3
♦Saxon State Mtge Inst 7s.....
-—
—
f.
-
-
~
13%
24
16%
6
20%
12%
15%
13%
7%
1962 MN
♦7s serlee B see extl
1958 J D
...1958 J D
♦Silesia (Prov of) extl 7s
♦4Hs assented
♦SUeelan Landowners A sen 8s..
1947
F
7%
16%
1955
F
A
1952 M
External s f 6Hs guar—.......1961 A
♦Uruguay (Republic) extl 8s.......1946 F
Tokyo City 6s loan of 1912
25
1
38%
40
19
8
23
23
4
•
43
44%
58%
O
♦External
s
f 6s
A
*50%
1960 MN
(5 bonds of *37)
external readjustment
MN
Bklyn Edison
Bklyn Union EI st
...1979
63
41
02%
65
03
48
63
32%
65%
33
—
39
53
3%s-4-4%s
J
A
/
38%
37
"~5
36%
1
29
1
38
*10%
6s
Elig. <fe
Last
Rating
Price
43%
44%
10-year deb 4%s a tamped .1948 F
♦Adriatic Elec Co extl 78—1952
Ala Gt Sou 1st cons A
5s.—1943
1st cons 4s series B
1943 3
Albany Perfor Wrap Pap 6s.. 1948 A
1948 A
6s with warr assented
AlbASusq 1st guar 3 Hs
1946 A
Alleghany Corp coll trust 5s. 1944 F
Coll A conv 6s
1949 J
z
52
cc
bb
y
bb
A y bb
107%
30%
*110%
O y bb
D x aa
D
x
O
107%
aa
O y b
O y b
*40
_
cons g
5s..1948
gold 5s
y cc
y
Stamped
aa
y
20
41%
55%
Since
27%
60
97% 104%
98% 104%
101%
107%
100
30%
30%
108%
80%
111
109
110%
107%
105
108%
45
60
2
46
61
58
52%
♦Ref A gen 5%s series B..1959
104%
~~~8
55
b
2
"~50""
x
bbb3
103%
y
b
26
1
50%
106
103
103%
43
100'
1
100%
33
49%
20-year sinking fund 5%s.l943 MN
x
aaa3
A
O
x
aaa3
J
D
x
aaa3
J y bb 3
M N y bbb2
O
J
6s._1964 M S
Armour A Co (Del) 4s B
1955 F A
1st m s f 4s ser C (Del)
1967 J J
Atchison Top A Santa Fe—
General 4s
1995 A O
Adjustment gold 4s*
..1995 Nov
Stamped 4s
.....1995 MN
D
Conv gold 4s of 1909..—.1955 J
Conv 4s of 1905
1955 J D
Conv gold 4s of 1910——I960 J D
D
Conv deb 4 Hs
—..1948
J
Rocky Mtn Dlv 1st 4s —.1965
J
Trans-Con Short L 1st 4s
1958 J
Cal-Ariz 1st A ref 4Hs A..1962 M S
Atl Knox A Nor 1st g 5s
1946 J D
J
Atl A Charl A L 1st 4Hs A—1944 J
J
1st 30-year 5a series B
1944 3
1995
Q
.
-
.
bbb2
48
♦Chatt Dlv pur mon g 4S..1951
1946
99
102%
Cent Hud G A E 1st A ref 3 %s '65
100%
Cent
106% 111
26
17%
68%
100% 105%
91
105%
1051!* 109%
104
110%
Illinois Light 3%s
1966
y cc
Through Short L 1st gu 4s. 1964
Guaranteed g 5s
1960
5s3l942
109%
61
162
103% 110%
Central Steel 1st g s 8s—...1941
1
93% 107
96
110%
Certaln-teed Prod 5%s A—1948
99
110%
28
104
104%
19
bb
1
x
bbb4
x
aa
x
x
32
2
y
45
102
107%
Champion Paper A Fibre—
104
aa
2
104 H
aa
2
x
bbb3
x
bbb3
x
aa
105%
x
"~87~~
2
aa
x
103 %
aa
100 H
aa
aa
x
bbb3
x
bbb3
General gold 4%s
99%
Ref A Imp mtge
"72
104%
25
106
82
92
87%
95%
"15
95% 104%
95
104%
101% 107%
88
77%
76%
89
92
96%
94%
90%
97%
95
96
"no"
100
105%
100%
99
111%
aa
a
60
97%
95%
x
x
41
32
104%
~94%
x
x
27%
3
103%
104%
aa
x
5
45
99%
105%
*85%
86%
*94%
111%
108
100%
111%
109%
110
......
z
z
42
6
43%
44%
10
100
107%
4
05
88%
93%
94%
"20
95%
96%
12
2
x
aa
*95
x
aa
93
97%
94%
11
8
x
aa
J
x
aa
1992
3%s D..1996
E..1996
Ref A lmpt M 3 Hs ser F..1963
Potts Creek Br 1st 4s....1946
R A A Dlv 1st con g 4s...1989
..1989
Warm Spring V 1st g
5s—1941
♦Chic A Alton RR ref g
3s..1949
3%s.l949
—1949
General 4s
...1958
let A ref 4%s series B
1977
1st A ref 5s series A——.1971
Chic Burl A Q—III Dlv
Illinois Division 4s
72% 103%
75% 106%
75% 107%
74% 107
72% 105%
47
97%
96%
94%
x
a
J
3
z
a
100%
70%
62%
ccc
x
101%
70%
65%
a
x
M £
A
O
O
D
z
J
z
52
40
50%
73%
90%
mm
mm
16
mm
mm
30
8
86
100%
8%
19%
mm--
25
30%
5%
7
4
1%
1%
1%
16
7%
3%
1%
1%
33
*4%
6%
109
110%
J
z
b
cc<
cc<
O
x
—
a
*
43%
1
110%
14%
42%
*50%
30
108%
«
46
65
M S yb
86%
x
67%
73%
'mm
59
00
31%
54
x
2
x
«
105%
127%
128%
18
118
101%
101%
102
33
94
102%
102%
44
94
102%
103
107%
-
m
m
m
-
106%
x
aaa2
3
x
aaa3
*116%
3
x
aaa3
x
aaa2
-
m
6
22
1.07
*104%
M S
'mm
103%
aaa2
x
A
O
z
ccc3
J
x
aa
2
J
J
x
aa
x
a
3
F
A
x
bbb4
F
A x bbb4
109
.mmmmm
m
109
113% 117%
-
100
*98
128%
m
—
111
m
"7% "10%
11%
11%
11%
11
91%
91%
92%
25
95%
96%
85%
21
90%
98
93% 102%
19
83
2
M S
87
*105%
103%
3
J
05
101%
aaa2
A X aaa2
76
87
02%
106"i»ll2'»
127%
aaa4
MN
50
....
103%
bbb3
M S
83
20%
85
•
106isi& 10615i«
bbt
64
12
10%
18
105% 110
39
68
65
37
14
mm
109
109% 111%
22
mm
I*
4H
100
«,
10
67%
bb
O ybb
4%
....
4
_
52
*13%
108%
A yb
MN yb
-
16
16
z
m
50%
51
z
J
1%
1%
7
*2%
O
D
45
90
5
J
F
79
35
102% 103%
11
97
*25%
+
x
48
-
97
5%
,
cc
MN
«
-
103%
85%
.
A y
44
45
*48
M S
A
30
36
*14
cc
/
8
66%
113%
31
09%
57%
89%
87% 108%
54
84%
147
96%
c
J
87
54%
'
■
c
A
102%
72% 103%
71% 103
74%
101%
72%
*20
i' 103%
!
18
25
94%
106
52%
72
aa
x
92%
104%
53
J y bbt
8 x a
J
03%
8
88%
96
J
6%
70%
47
88%
96%
D
7
2%
17
107
96%
3
43%
65%
32%
46%
-
8
63%
61%
107
-*»*
67
43%
107
25%
3
4%
3%
67
98%
107%
109% 112%
107% 109%
164
43%
*3%
*3%
cc
M 8 xbbb3
Ref A lmpt M 3%b ser
2d consol gold 4s
102
Ill
*109%
42%
b
84
21
107.%
111
aa
74%
23%
12%
105
110%
88% 107%
108% 113%
111
116%
6%
85%
85
93
104% 110
103%
100%
104
114
*112
*95
99
107
aa
76
17
27
96
95%
107
bbt
96
(1935 <ssue)_.1950
M S
issue)—1950
Chesapeake A Ohio Ry—
S f deb 4%s
32
*98%
2
95%
bb
aa
1962
109%
109%
104%
*113%
aa
Cent Pac 1st ref gu gold 4s..l949
Central RR A Bkg of Ga
-
21
aa
...1987
♦General 4s......
Central N Y Power 3%s
m
-
-
112%
x
{♦Cent New Engl 1st gu 4s—1961
{♦Central of N J gen g 5e.._ 1987
108%
99
112
x
S f deb 4%s (1938
deb—..—1967 Jan
Ark A Mem Br A Term
x
105l« 1051*32
1959
109
'mji
J
Anaconda Cop Mln deb 4Hs.1950 A
♦Anglo-Chilean Nitrate—
{Ann Arbor 1st g 4s
105li«
1945
89
44
15
110
*103
MN y b
Carriers A Gen Corp 6s w w_. 1950
F A y b
Cart A Adlr 1st gu gold 4s...1981
J D y bb
Celotex Corp deb 4%s w W..1947
J D
♦Cent Branch U P 1st g 4s_.1948
F A
{♦Cent of Ga 1st g 6s...Nov 1945
MN z cc
♦Ref A gen 5s series
Amer Telep A Teleg—
1961
3%s debentures
3%s debentures
1966
A m Type Founders conv deb. 1950
Am Wat Wks A Elec 6s ser A.1975
1960
{♦Carolina Cent 1st guar 4s.l949
Carolina Clinch A Ohio 4s__1905
66%
108%
109%
m
x
1954
79%
y
mm
112
A
M
Guar gold 4%s
Sept 1951
3
Canadian Northern deb 6 %s_ 1946
3
Can Pac Ry 4% deb stk perpet..
M
Coll trust 4%s
.—.1946
3
5s equip trust ctfs
1944
J
Coll
♦Mobile Dlv 1st g 5s
67%
F
1955
F
1956
26%
100%
24
J
1969
1970
68
26
-'mm
A
MN
3
1969
Guaranteed gold 5s
Guar gold 4%s..June 15
Guaranteed gold 4%s
57
59
64%
104% 107%
76
79%
41%
40%
2
-
101
6
8%
93%
C
41%
76
-
8%
A
aa
|»Consol gold 6s
92
50
«.
109%
12
71%
19%
-
106
108
20
101
18
x
Collateral trust 4%s
*-
m
68%
J
37
107%
m
18
bb
bbb3
53%
107 H
3
-
70%
70%
x
79%
2
102
m
1962
1
103%
60
75
m- — -
1986
trust gold 5s..Dec
107%
99
35
106
68%
b
Canada Sou
1957
100
103
76
b
25%
97
14
107%
71
b
27
103% 112
106%
*107%
100%
70%
D
"27"
34
106%
102%
105%
a
52
100%
a
b
3
25
Q
106%
106%
b
78%
1
^
^
^
m
25
b
95
bbb2
y
25
cccl
x
87
37
,
13%
y
69
102%
4
117%
127% 135
11%
y
68%
102%
133%
60
112
14%
1960
8
100
21
69
Jan. 1
60
113%
13
1955
gu 5s A
mrnmrn
15
cc
cons
64
-
16
106
12
7%
-
-
25%
25%
1
bb
Consolidated 5s
45
b
y
Bush Term Bldgs 5s gu
61%
25%
103
51
Range
102 H
x
72%
113%
a
24
3
*66%
bbb2
45
67%
z
81
104%
72
37
1952
81
_
64
modified
94
bb
x
70
10
60%
*40%
*69%
113%
25%
1950
81
"93"
54
49%
24%
24%
MN
1st Hen A ref 6s series B
1957
F A
Buffalo Gen Elec 4%s B
1981
Buff Nlag Elec 3 %s series C.1967 J D
Buffalo Rochester A Pgh Ry—
52 %
b
2
13
-
61%
24%
1st lien A ref 6s series A.. 1947 MN
J D
Debenture
79
bb
y
52%
61%
-
...
MN
93
bbb3
y
..1950 A
Allegh A West 1st gu 4s.....1998 A
Allegh Val gen guar g 4s
1942 M S
Allied Stores Corp deb 4HS—1950 A O
4 Hs debentures
1951 F A
Allls-Chalmers Mfg conv 4s.1952 M 8
♦Alplne-Montan Steel 7s
1955 M S
Am A Foreign Pow deb 5s...2030 M 8
Amer IG Chem conv 5 Hs—1949 MN
J
Am Internet Corp conv 5 Hs. 1949 J
x
y
stamped
52 H
61
-
a
Bush Terminal let 4s_.
Friday's
&
Ask
50 H
101
x
60
Range or
*100%
*100 H
46%
89
x
A
60%
COMPANIES
y
9
2
A x a
51%
and INDUSTRIAL
f|*Abltlbl Pow A Pap 1st 58.1953 / D
Adams Express coll tr g 4s—1948 M 8
Coll trust 4s of 1907
1947 J D
54%
96%
bt
36%
Week's
Bid
54%
96%
x
34
3%
Sale
See A
EXCHANGE
Week Ended Oct. 25
F
M 3%s__1966
F
5s
1950
Guaranteed gold 5s._.Oct
BONDS
O
31%
*3
Friday
J
g
Canadian Nat gold 4%s
Guaranteed gold 5s..July
Bant
32
b
z
(Interest
MN
at 3% to 1946) due
1957
{Burlington Cedar Rapid A Nor—
A O
IMst A coll 6s
1934
♦Certificates of deposit
13%
*3%
"43%
40
Calif-Oregon Power 4s
23
29
Venetian Prov Mtge Bank
38%
36%
38
Bklyn Un Gas 1st
36%
16%
z
8
42%
*36""
J
.....1984
7s.....1962 A O
.—.—.1952 MN
♦Warsaw (City) external 7s—
1958 F A
♦4Hs assented
—1958 F A
Yokohama (City) extl 6s..........1961 J D
.
♦
D
F
.......1978
1978
3H4H-4»i«8 extl conv
4-4 34-4 H8 extl read]
3 Ha extl readjustment
36%
37%
3%-4-4%s (I bonds of *37)
external conversion
....—1979 MN
73
cons
7%
b
1st M 5s series II—....1955 MN
A O
1st g 4%s series JJ
..1961
J
J
1st mtge 4s series RR
1980
MN
Ino mtge 4%s ser A. July 1970
87
109
z
F A
1st mtge 3 %s_._ 1950
Boston A Maine 1st 5s A C—1967 M S
{♦Boston A N Y Air L 1st 4s. 1955
15%
z
♦Berlin Elec El A Undergr 6 %s '66
A
Beth Steel 3%s conv debs.. 1952
3
Coos mtge 3%s ser F
1959
F
Consol mtge 3s ser Q
I960
F
Consol mtge 3%s ser H...1965
25
9
42
♦47%
MN
5%
63
13
*47%
f 6s.....
5%
36%
132
28
133%
*105%
1955
1944
15%
66
1943
♦Debenture 6s
40%
35%
22%
2
55
14%
3
--
55
...1964
♦External
-m
J
J
1971
6
25
55
7%
3%
7
3%s
cons
41
40
48
60%
aaa3
Big Sandy 1st mtge 4s
8%
mm mm
♦4%
A
Sydney (City) s f 5Hs
Taiwan Elec Pow sf 5Hs.....
8
*3%
x
„
bbb4
Bell Telep of Pa 5s series B..1948
1st A ref 6s series C
1960
37
18
59
Blaw Knox
26
4
8%
8
7%
x
25%
Serbs Croats A Slovenes (Kingdom)
...1962 MN
bb
b
40%
1
25
y
Belvldere Del
14%
"13%
3
y
4s stamped
71
15%
W
3
3
1951
Battle Cr A Stur 1st gu 3s..1989
Beech Creek ext 1st g 3%s..l951
♦Berlin City El Co deb 6 %s.l951
♦Deb sinking fund 6%8— .1959
15
8
........1968 J
1940 A
8
3
22
23
16%
bb
80
San Paulo (State of)—
.1950 J
y
55
26
96%
bbb3
1951
71
58%
2
x
53%
6
|*8s extl loan of 1921—.......1936 J
ybb
Bangor A Aroostook 1st 6s..1943
56%
46%
4
z
22
10
.......1957 MN
b
1 1947) due...1950
Toledo Cln Dlv ref 4s A..1959
to Jan
Con ref 4s
3
147
3
15
♦8s extl secured s f
♦8s secured extl
71
ccc4
34
S
Sao Paulo (City of, Brazil)—
f 7s
69
23% 34%
62%
75%
102% 107%
82
96%
12
bb
7%
......1964
♦6s extl dollar loan..
96%
z
1946
♦8s external
96%
z
6%
...
♦6Hs extl secured a f
96%
D
Ref A gen ser F (lnt at 1%
1946) due.. 1996
74%
104%
O
1%
M 8
Sept 1 1946) due. .2000
to 8ept 1
74
...
7
*60%
♦February 1937 coupon paid
8 f Income
36
6%
1987
—1952
1959
♦Roumanla (Kingdom of) 7s
♦5s
36
7
...1966
♦7s municipal loan
RAILROAD
3
1968
♦7s extl loan of 1926
N. Y. STOCK
70
b
6%
♦8s extl s f g__
♦Vienna (City of)
55
O
Rio Grande do 8ul (State of)—
♦88 extl loan of 1921.
♦
31
A
1950 M
♦Extl sec 6 Hs
♦Sinking fun
66%
.1946 A
1953 F
♦Rio de Janeiro (City of) 8s
s
64%
Pgh L E A W Va System—
Ref g 4s extended to. .1951 MN ybb
♦Rhine-Main-Danube 7a A
♦Secured
to
26%
85
65%
Ref A gen ser D (lnt at
25
O
76
2
3
11
24
A
62
61%
bb
bb
13
7
S
A
41
51
y
Ref A gen ser C(lnt at 11-5%
to Dec 1 1948) due... 1996 3
7%
0
O
M
64%
68
71
70%
11%
3%
*9%
70
55%
70
^
9
*7%
3
MN
67
53%
J y bb
Ref A gen ser A (lnt at 1%
to Dec 1 1946) due..1995 J
4
1
3%
10%
3%
64%
53%
70%
65%
2
J y b
S x a
A 0
1
2
Austin AN W lstgug 5s.. .1941 3
Baltimore A Ohio RR—
4
1st mtge gold 4s
July 1948
Stamped modified bonds—
l
bb
Second mortgage 4s
1948
Atl Gulf A W 1 SS coll tr 58—1959 J
M
Atlantic
1953
No
Hiah
bb
J
Refining deb 3s
Rince
Jan.
Hiob
77
bbb3
1948
6%
1
*3%
J
D
J
1962
10%
4s
Range
ta
5 S
Ask
A
Low
Railroad & Indus. Cos. (Cont.)
Atl Coast L 1st cons 4s.July 1952 M S x
J D y
General unified 4 %s A
1964
MN y
10-year coll tr 5s..May 1 1945
LAN coll gold 4s...Oct 1952 MN y
J y
Atl A Dan 1st
g
■5
Friday's
Bid
Price
See a
1st mtge g (lnt at 4% to
Oct 1 1946) due.July 1948 A
3
3
3%
4%
8%
3%
9%
""4%
3
...1952
1951
f 6s
8
J
53
6
......
A
♦4%s assented
74%
6%
6%
8
A
♦4%s assented
82
53
54
61%
1940
♦Stabilisation loan a
68
60
♦Nat Loan extl s f 6s 2d ser——1961
|»Poland (Rep of) gold 6s
Hiob
38
D
—I960 3
No
Range or
Sale
3 fe Rating
Week Ended Oct. 25
41
m,mmm
1947 M S
♦Pernambuco (Stateof) 7s___
N. Y. 8TOCK EXCHANGE
38%
1963 MN
—.1963
♦Stamped assented
♦Ctfs of deposit (series A)
High
BONDS
Since
Jan. 1
Last
Elig. <t
Range
Ask
A
41%
-1963 MN
-
fa
Bid
Lota
"
1953
1958 M
1955 A
1953 J D
♦Panama (Rep) extl 5Ha-.
♦Extl s f 6s ser A
2
Friday's
Sale
"<0.
Oriental Devel guar 6a
Range or
Last
Price
Week's
Friday
Bank
Week's
Friday
3_
fee
H fe
BONDS
N.
2461
New York Bond Record—Continued—Page 2
151
99
"97"
99
74
74
76
23
71
84%
83%
83
83%
32
75
90
114
92
97
93
99%
▲
I
For footnotes see pave
2465.
Attention Is directed to the new column
Incorporated In this tabulation
pertaining to bank eligibility and rating of bonds
See t.
New York Bond Record-Continued
2462
lank
BONDS
N.
Y.
Elig. A
EXCHANGE
25
STOCK
Rating
Week Ended Oct.
8ee
ftallread & Indus. Cos.
6a.1934
1961
{♦Chic A E III Ry gen 5s
♦Certificates of deposit
Chicago A Erie 1st
Range or
Sale
z
b
z
cccl
z
gold 6S..1982
High
♦123k
13h
14k
cccl
A
13h
z
ccc3
z
No. Low
14
10 X
10
14h
105k
6
27 h
55
19H
30H
19k
9
21
19H
10H
ccc3
26 k
19h
z
ccc3
*19
20
J
/
z
ccc3
*16k
19
12 H
♦1st A get
Af N
z
cc
2
7k
*7k
♦1st A gen
J
2
J y bb
4s.. 1966 J
Chic Ind A Sou 60-year
cc
2
z
ICblc Milwaukee A 8t Paul—
♦Gen 4s series A —May 1 1989
*63
7k
3H
7k
3H
67
63
ccc3
29h
28 k
31
273
z
ccc3
29h
27 h
30 k
151
♦Gen 4Hb series
♦Gen
C.May 1 1989
4H> series E.May 1 1989
z
z
ccc3
F.May 1 1989
RR—
1976
2000
♦GeD 4K* series
20
10H
66
ccc3
J
J
z
ccc3
F
A
z
cc
A
O
z
c
28 %
29k
31
30
31
31k
221
15H
31
16H
30 h
18
31K
74
17
31
31h
27
15H
31h
5k
283
3K
7K
ik
234
1
3
2
4k
4k
ik
ik
ccc2
M N
ccc2
MAT
ccc2
stpd Fed Inctax 1987 M N
Fed lnc tax_.1987 M N
ccc2
1987
♦Gen 6s stpd
—-1936
|»8ecured 6Hs
♦
1st ref g
6s.---—May 1 2037
16
16
16
16K
19
*16
"l"6"
15h
16H
10
16
....
16
16
10
10
18 H
c
2
cc
M
F
J
A
3 Hs 1962
Dul Miss A Ir Range Ry
A
O
EastT Va A Ga Dlv 1st58...1956 MN
J
Ed El III (N Y) 1st cons g 6s. 1995
A
Electric Auto Lite conv 4a
.1952
M 8
10K
ik
uk
22
6H
11H
O
z
ik
135
16
36H
9H
11
2
1K
1
42 h
42 h
43 k
13h
13h
14
35
12H
5H
12h
5k
4k
12K
6H
90
4
8H
5h
15
♦Gen
conv
1953 A
4s series D
1
4H
1
1H
10 H
4
J zb
Jib
90 H
90 k
92
33
♦Geneesee River 1st sf 6s.. 1957
18
♦N Y A Erie RR ext 1st 4a_1947
§♦3(1 mtge 4 Hs
1938
5h
5H
6k
150
4k
4H
2
3K
7H
Fairbanks Moras deb 4s...
H
IK
106
H
2H
Federal Light A Trac 1st 6s.. 1942 Af
6s International series.. 1942 Af 8
Af 8
1st Hen s f 5s stamped
1942
bbb2
*73
bbb2
bb
bb
3
b
75h
09
80 K
07
68H
3
2
*45 h
67
47 h
45H
56 h
59
46
59
47 h
8
48
61H
63 H
20
40
64
...1954 F
1956 J
♦Ernesto Breda 7s
.
Af
1942
30-year deb 6s series B
1964 J
Firestone Tire A Rub 3HB--1948 A
♦105
103
37
107 H
104
110
100H
106 H
101 H
88
99 X
90 %
90
91
74
87
05H
2
90 h
90 k
92.
82
87
95 K
3
34 h
34 h
35h
10
27
69
cc
2
11H
108 h
♦109H
aaa4
aaa4
*105 k
108
108
aaa4
bb
bbb3
bb
2
15
13H
110K
109H 111H
75 h
57 k
55
3
84
56 k
bbb2
75k
83
55
*69h
7V/s
107h
(Amended) 1st
filed by owner
♦Certificates of deposit
MN
Francisco Sugar coll trust 6s. 1956
j"J
MN
104 H
110H
Gas A El of Berg Co cons g 6s 1949 J
Gen Am Investors deb 6s A.1952 F
J
Gen Cable 1st s f 6
111 M
♦Gen Elec (Germany) 7s.
105
106
85
D
A
♦Sinking fund deb6Hs..
•20-year s f deb 6s
bb
J
D
z
cccl
y
b
3
c
2
1940
1948
AfN
1949 J
J
{♦Georgia A Ala Ry 6s.Oct 1 1946 J
J
z
cccl
0
z
cccl
35
43 H
60
67
II*Oa Caro A Nor 1st ext 6s 1934 J
♦Good Hope Steel A Ir sec 7s. 1945 A
Goodrich (B F) 1st 4Hs
1966 J
/
68 H
D
x
bbb3
105
105
M
107
2
*105
107 k
107 H
107 H
aa
2
106
106k
103 H
O
bbb3
*79
80
66
1972
106 X
83 H
O
bbb3
85 h
85 k
lst s f 6eseries B guar... .1973
.1977
1st s f 4 Hs scries C
O
bbb3
75 k
75
0
bbb3
Coal River Ry 1st gu 4s— .1946
Colo Fuel A Iron gen s f 6s .1943
D
85k
76 h
27
72
90 H
32
64
69
41
66 H
82 H
74 H
A
bbb3
l"05H
♦107h
105h
O
b
3
79 k
79k
80
21
65
83
Colo A South 4Hs series A. .1980 Af N
b
3
14
14
18K
119
14
34H
105h
105k
62
105
105h
6
104h
105
106 H
"11
108
102 H
106 H
x
bbb3
x
bbb3
x
bbb3
0
x
aaa3
*113
A
x
aaa4
x
aa
*110k
105k
105m
2
105 H
28H
29k
27
27H
88
99 H
99
106 K
97 H
113
105 H
114H
106
110H 110H
109 H
40
Commonweaitb Edison Co—
8
1968 J Diai 4
Conv debs 3Hs
J x a
3
1958 J
Conn A Pasump Riv 1st 4s..1943
x bbb3
Conn Ry A L 1st A ref 4 Hs.. 1951
x aa
3
Stamped guar 4 Hs
1951
x a
1
aa
4
x
aa
4
1956 A O
1968 J
J
♦Consolidated Hydro-Elec Works
of Upper Wuertemberg 7s. 1956 J
Consol Oil conv deb 3Ha— 1951 J
{♦Consol Ry non-conv deb 4s 1964 J
x
aa
aa
J
x
bbb2
s
f 5s
z
18
z
{f^Housatonic Ry
*109
108H 110
Houston Oil 4kb debs
Hudson Coal 1st s f 5s ser A
Hudson Co Gas 1st g 6s
J
z
108k
108K
107
103 k
103k
105k
105h
103h
106
104h
103M 107H
104H 108H
103
107H
108h
108H
106H 109H
x
ccc2
105h
13h
106
34
14
6
*13h
18
14
14k
72
74
75
12
1st mtge
May 1
1965 AfN
1967 MAT
1970 MN
x
aa
x
aa
x
aa
1966 MN
x
aa
1969 MN
2Kb—1948 J D
1951 F A
x
a
x
aa
x
a
3 Hs
1st mtge 3 Ha1st mtge 3ks
1st mtge 3Ks
Continental Oil
Crane Co
■
conv
f deb 3 Ha
Crown Cork A Seal
f 4s
108h
*110
110H
108k
'ilOH
104h
x
a
S f 4 Ha debentures
1948 J
x
bbb3
Crucible Steel 4Hs debs
1948 F
x
bbb4
♦Cuba Nor Ry 1st 5Hs
1942 J
♦Cuba RR 1st 5s g
1962 J
♦7 Hs series A extended to 1946 J
♦8s series B extended to 1943 J
J
A
D y b
J y b
20h
"19h
Dayton P A L 1st mtge 3s.. 1970 J
J
x aa
aaa
Del A Hudson 1st A ref 4a._1943 AfN y bb
104 h
*101 k
2
3
2
103h
105k
"l"8 %
D y ccc2
D y ccc2
O
For footnotes see page 2465
2
103k
2
Curtis Publishing Co 3s deb. 1955 A
110
18h
20
19h
19h
cons g
J
J
y
bb
b
2
x
aaa2
y
bb
y
b
cons g
J
b
3
x a
111H
102 H
109 H
H
25
104 H
111
72
103 H
I10H
101H 105 H
104
107 H
99H 104 M
io3h32
105k
14
2
101
18k
21H
20 k
19k
51
15
31
28
17H
19H
40
4
7
17 H
35
99 H
101
53 k
53 k
54 h
87
to the new column
8H
8H
IK
2H
H
2H
iooit«lO!H
35
63
105 H
46
102 H 107H
37H
121
15
104 H
105 k
100H 105
2
37 H
24 H
30
21
13H
22 H
18H
35
100H 105 H
3
72 H
89 K
14
9
....
105k
37
55 H
1
45
25
~89k ~123
71H
91K
----
102 k
----
-----
----
63 k
69
100
99 H
....
44
95
124H
102 H 104H
80
3
63 k
80
63K
90 H
61*
10
70
88
4
107 h
107k
104
bbb3
106
9
94
x
bbb3
106 X
100 h
107 H
106 k
10
x
100
100k
80
87
102
bbb3
93 k
93
94
27
77
95
x
bbb3
93 k
93 k
94
23
70
94 K
x
bbb3
105k
106
66
x
bbb3
98 k
99
70
94 H 106H
88
99H
x
bbb3
84 K
10
68 H
y
bb
z
c
105
98 H
84 K
*60
1
*5k
2
x
2
z
b
y
85 h
81 h
1
76
1
«5H
83 H
63 H
36
62
63K
36 k
37 k
69
36 M
37 K
90 H
90 H
*85 h
104 k
-
^
116
125
70
87
51X
11
40 H
55 H
100 H
101H
101H
18
96 H 101H
22
37 H
29
29 k
31
43
125k
5
45 k
203
30H
50 H
10k
11k
125
16K
110h
111k
14
9^
*91 k
86 H
92 H
87
80
91
2
83
87
86 k
87 H
10
86
87 H
10
32H
48H
75
34
x
aaa4
J
x
bbb4
J
x
bbb4
O
x
bbb4
x
bbb4
y
bb
2
1965 MN y bb
2
1952 J
bb
2
41 h
1953 MN y bb
1956 MN
2
40 k
40 H
2
2
50 H
39
y
125
44
125k
O
O
87 H
*35
43
70
1
1966
1950 J
LltchOeld Dlv 1st gold 3s..1951 J
Louisv Dlv A Term g 3 Hs. 1963 J
Omaha Dlv 1st gold 3s
1951 F
8t Louis Dlv A Term g 3s.. 1951 J
Gold 3Hs
1951 J
3Hs 1951 J
Western Lines 1st g 4s
1951 F
111 Cent and Chic St L A N O—
Joint 1st ref 6s series A
1963 J
1st A ref 4Hs series C
1963 J
•Ilseder Steel Corp 6s
1948 F
IMnd Bloom A W 1st ext 4s. 1940 ^
Ind 111 A Iowa 1st g 4s
1950 J
{♦Ind A Louisville 1st gu 4s.1956 J
120
127
108 h 112H
----
43
41K
44
41
41k
7
34 H
45
41h
23
31H
46 H
50
52 H
15
40
38k
41k
187
78 k
41H
43 h
79
y
V
35K
2
10
11H
110 H
1962 A
105
84 k
84 H
^
44 k
8
96
1O0H 112H
51 H
.
3
1951 Af
87 H
21
ccc2
...1961
g
3
aaa3
1961 A
Springfield Dlv 1st
6
35k
b
...,1951
Refunding 6s...
40-year 4^8
Aug
Cairo Bridge gold 4s
7
112k
35 X
125
z
Extended 1st gold 3Hs
1st gold 3s sterling
Illinois Central RR—
1st gold 4s
ccc2
105
112
112
y
A
01K
8H
2H
100 H 100 H
81 H
x
A
86 H
68
62
85 H
2
O
----
6
62
aaa4
bb
MN
84 k
64
36 K
z
..
H 108 K
107 %
x
.1964 AfN y bbb2
1962 J D
Collateral trust gold 4s
18 M
106
39
....
3
*72
1
J
A
18 H
11
70
....
39 H
11
*102k
J
F
75
10
99k
107
6s. 1937
1949
Hudson A Manhat 1st 6s A.. 1957
♦Adj Income 6s
Feb 1967
Illinois Bell Telp 8Hs ser B.1970
11
111
"4
1h
2k
102 H
35
*33
......
1
y
O
1944 A
65 H
105
HI H
109h
110h
105
40 H
01
4H
3K
16h
71h
4
y
MN
4 HS—1999 J
Collateral trust gold 4s
Refunding 4s
Purchased lines 3Hs
111
106h
Attention la directed
19
104 H 109
99h
106 h
99h
11
108h
101h
IO4H32IO4U32
1950 MN
■
110H
26 H
102H 106H
13
"4
Consumers Power Co—
1st mtge 3H8
110H
Hocking Val 1st
Hoe (R) A Co 1st mtge
1st gold 3Hs_
14
cccl
J
111H
130H
103h
105h
107
37
48
8
16k
J
1st A ref Term M 6e stpd.. 1952 J
y b
2
O x bbb3
Gulf 8tates 8teel 1 f 4 Hs
1901
Gulf States Utll 3Hs ser D..1969 AfN x a
3
J 1 cccl
♦Harpen Mining 6s.
1949 -
119
cccl
1960 J
Gen mtge lnc 5s ser A....2015
Gulf A Ship Island RR—
100
99h
8k
35
..
115H
122
103
10
51
*9h
MN x aaa2
GreeDbrler Ry 1st gu 4s
1940
Gulf Mob A Nor 1st 5 Hs B
1950 A O y bb 4
O
1st mtge 6s series C
:
msn
y bb
4
J
Gulf Mobile A Ohio 4s ser B1975 J
*109
cccl
J
1956 J
♦Debenture 4s
Consolidation Coal
J
1966 J
♦Debenture 4a
110K
cccl
x
/
Feb
♦Debentures ctfs B
88 H
4
D
A
J J
J J
J
J
General 4 Hs series E
1977 J
J
General mtge 4s series G..1940 J
«J
Gen mtge 4s series H
1940 J
/
Gen mtge 3Hs series I ...1907 J
{
•Green Bay A West deb ctfs A
Feb
106 H
109 H
4
x
Great Northern 4 K» ser A.. 1961
General 5 Hs series B
1952
General 6s series C
1973
General 4 He series D
l«"fi
3
Consol Edison of New Yorkx
F
1960 J
120
109h
121 k
99h
3
O
(Japan) 7s..1944
1st A gen • ( 6 Hs
/
z
..
1st mtge 3 Hs series I..
104H
107
aa
/
O
4Hsl941
Grays Point Term 1st gu 5s.
106 H
H 1<V>H
A
1948
"86 H
001 •*4
1
84
107
25
104 H
104 H
99
1
76
.1977
1946
*39
37
"94
101H 102
100
....
61
38h
70
Gen A ref 4Hs series B. .1981
Cleve Short Line 1st gu 4 Hs .1961
aa
105k
*
61
Gen 4Hs series A...
x
103
cccl
z
103
3
3
1
98
100
2
*122
cccl
Series D 3 Hs guar..
28 K
*35 k
1
bb
z
D
1
*1k
*1K
*100
aaa3
y
1947 J
May yb
*7k
ccc3
x
y
GtConsEIPow
4
43 k
17
100
104h
y
J
104
105 %
3
x
J
*104 k
*103 h
105h
2
x
1947
1945 J
Hs A
aaa2
aaa2
c
2
....
104 k
8
1
a
8 H
1
cc
-----
4k
82
aaa2
68h
cc
2
101h
103
103k
60 k
z
1941
.
aaa2
68 H
z
38
7f
103
1
2
97
2-4s.. 1982
cons
if ♦Proof of claim
O
107"
y bb
92
92
106h
103k
104 k
18
79
62
2
41
*35 h
4
z
.1942 J
J
.1948 MN
.1960 F A
107
i
ccc2
D
aaa2
*103 K
3
a
Gotham Silk Hos deb 6s w w.1946
Gouv A Oswegatcble 1st 6s.. 1942 J
J
Grand R A I ext 1st gu g
107k
y bb
z
71H
106H 107 H
107J4 108 H
107h
101 k
103
bbb2
bbb2
18
44
103
105 h
103
......
bbb2
X
X
X
•106h
8 Hs debentures
28 H
8H
k
38
4
J
aaa4
8Hs debentures
32 H
8H
105 H
76
75k
1
a
O
aaa2
3Hs debentures
8 Hs debentures
32H
Fonda Johns A Glover RR—
Fort St U D Co 1st g 4 Hs
10
bb
41
bbb2
D
1974 Af 8
♦1st A ref 5a series A
Gen Steel Cast 6Hs w w
"56 %
D
x
*93
J
107
106H
109h
*83
bbb3
b
109 h
7
*109h
2
D
12
8
♦Certificates of deposit
3
*100
1943 J
{Florida East Coast 1st 4 Hs. 1959
3
Ay
i
D
s;x
1st Hen 6s stamped
2
AfNybb
M
S(x b
1H
D
1961
37 K
18
32
J
3K" A
17 H
13 H
243
79
77 K
14
----
16k
O
f
-----
77 k
4H
aaa4
s
95
60
59
44 H
107
15 k
c
c
aaal
Conn Rlv Pow
51
60
212
32 H
32 H
15k
z
c
D
♦Commercial Mackay Cord—
Income deb w w.__Apr 1 1969
37k
31
31
77 k
O
3H
4K
4s. 1942 MN
1971 AfN
Cln Un Term 1st gu 3 Kb D
1969 F A
1st mtge gu 3Hb ser E
Clearfield A Mab 1st gu 6s.. 1943 J
J
Columbus Ry Pow A Lt 4s. .1965 MN
35k
31
16k
c
19H
b
J
101H 103
1
79
15k
15k
z
51
a
MN
110
----
77 k
30 k
31
*28
97
149 H
104
267
AfN
♦
| Ref A imp 6s of 1927
1967
A
♦I Ref A Impt 6s of 1930... 1975
♦Erie A Jersey 1st s t 6s. .1955
a
/
75k
108
90 H
141
7K
8K
♦Series R
95 H
*57
75 k
0
97
57
57
57
cccl
aaa3
Cln Leb A Nor 1st con gu
Columbus A H V lBt ext g 4s. 1948 A
Columbus A Tol 1st ext 4a.. 1955 F
aa
2
101h
J
x
cccl
101
15 1961 J
8
cccl
101
Debenture 6s.—-Jan
3
1O0H 109 H
106
32
102k
z
4
Columbia G A E deb 5s.May 1952 AfN
Debenture 6s
Apr 15 1952 A O
106 k
z
109
1970 A
105 H
102 h
O
106h
mtge
105 H
102 H
O
106h
income
bbb3
.....1953
108 k
♦5s
x
♦Conv 4s series A—.—..1953
108k
Cleve Union Term gu 6Ha.
------
11K
106H
4 Hs guar
*136 H
11K
3
Series C 3 Hs guar
96 H
aaa4
21H
aa
Series A
bbb3
0
12H
5
x
101
105 H 108 K
12
30 H
80
107k
25 H
88
----
x
0
10
19k
40 H
20
9
106k
107k
107 k
O
y bb
2
O y bb 2
J z cccl
J z cc
2
1965
6a stamped
30 H
106 H
2
108 K 113
21
aa
2
aaa3
1943 A O
1962 Af N
1966 F A
106 h
110H
111 H
108
1
*18h
106k
5
60
106
----
x
27
aa
1963
J
series E
1961 M 8
guaranteed
1963 J
1st mtge 3 Ha series F
J
J
Chic A West Indiana con 4s. 1962
1st A ref M 4Kb series D_. 1962 M 8
Cleveland Elec Ilium 3s___ .1970
B. 1942 A
.1942 A
Series B 3Hs guar
4
11H
"20" '"9
1st mtge 3hb
Cleve A Pgb gen gu 4kb
aa
O
8
49 H
45
100
100
2
11
13
3 Hs
Cln Wab A M Dlv 1st 4s. .1991
St L Dlv 1st coll trg 4s— 199'
a
.
{♦Fla Cent A Pennln 6s
series E. .1977
ccc2
D
109
38
2H
3K
112K
*22 h
3H
IK
4
15
108
H2M
*32 h
10H
cc
O
n 2H
3
11H
1H
40
3
I1H
6H
4h
106 H
106
5H
75
3
11
"l9k
5k
19h
16
106
ccc2
El Paso AS Wist 5s
25
*4
aaa4
Elgin Jollet A East Ry 3H8.1970
IK
6K
aa
J
18 X
53
aa
8
J
19H
4
1H
100
100 H 109 H
48
b
O
D
{f*Du! Sou Bhore A Atl g 5s.1937
J
Duquesne Light 1st M 3 Hs. 1965
Dlv 1st 4sl948
8K
sh
*70
High
109
104
5K
IK
5H
3
aa
2
cc
I^Secured 4Hb series A—1952
♦Certificates of deposit—Hs
-—1960 Af N
Ch St L A New Orleans 6a_.1951 /
Djy
Gold 3H8
June 16 1951 J Dly
D
Memphis Dlv 1st g 4s
1961
D
Chic T H A So'eastern 1st 68.1960
Income guar 6s....Dec 1 1960 M 8
Cleve Cln Cblc A 8t Loula Ry—
.1993 J
General g 4s
.1993 J
General 5s series B
A
Low
107
1h
IK
ccc2
M N
Detroit Term A Tunnel 4 Hs. 1961
18 H
ccc2
1967 J
S
M
...1995 J
...
12
ccc2
1944
J
No.
7k
8h
2
J
2
♦Conv g 4
---■
ddd2
A
Detroit A Mac 1st Hen g 6S..1995
♦Second gold 4s
High
*108H
7%
ddd2
F
G. 1966
Gen A ref mtge 3 Hs ser
11K
10H
bb
MS
Ref A impt 4Kb
18
c
|*Refundlng gold 4s
1934 A O
♦Certificates of deposit
1st mtge 3 Hs
3
cccl
F
Jan. 1
*104
cccl
cc
{♦Chic RI A Pac Ry gen 4a. .1988
♦Certificates of deposit
{♦Choctaw Ok A Gulf con 6s.
Cincinnati Gas A Elec 3 K 0- •
aa
cc
ccc2
{§*Cbicago Railways 1st 6s stpd
Feb 1940 25% part pd .1927
Cbllds Co deb 6s
J
J
cc
D
Aref4HsBtpd.May 1 2037 J D
D
♦1st A ref 4Hs C-.May 1 2037 J
♦Cony 4kb series A..—
1949 MAT
♦1st
Chicago Union Station—
Guaranteed 4s
3
J
83 "a
*107h
3
aa
—1965 A
F
ser
aa
J
1965
{♦Erie RR 1st cons g 4s pr!orl996
♦1st consol gen Hen g 4s... 1996
*
ccc2
Af N
J
*14h
ccc2
MAT
♦4hb stamped
J
4H"
1st mortgage 4 Hs
East Ry Minn Nor
{Chicago A North Western Ry—
♦General g 3Hs
m„A987 M N
♦Stpd 4s n p Fed lnc tax.
(Cont.)
4 Hs—1971
1969
1969
{|*Den A R G 1st cons g 4s—1936
|*Consol gold 4Hs
1936
{♦Denv A R O W gen 5s Aug 1955
♦Assented (sub! to plan)
♦Ref A Impt 6* ser B Apr 197«
{♦Des M A Ft Dodge 4« ctfs. 1935
{♦Dee Plains Va» 1st gu 4 Hs. 1947
Detroit Edison 4Hs ser D..1961
1st A ref
J
♦Mtge g 6s series A
♦Conv adj 6s
Jan 1
♦Gen 4Kb
Railroad & Indus. Cos.
§■5
Since
Art
A
Low
Del Power A Light 1st
Range
Friday*
Bid
Price
8m a
1940
Range or
Sale
Rating
2H
{Clilo Mllw St Paul A Pac
♦General 4s
EXCHANGE
STOOK
Gen A ref M 4s
z
1 1989
♦Geng3Hsser B.May
19H
105 H
86
♦Refunding 4s series
J
19 H
14
"26 K
12H
12H
C—1947
6s series A..--. 1966
6s ser B..May 1966
Hig*
123 H
117
33
Y.
Week Ended Oct. 25
105
MN y bbb2
{♦Chicago Great Weat 1st 4s. 1969 M 8
J
{♦Cblc iDd A Loulsv ret 6a..1947 J
/
♦Refunding g 6s series B..1947 J
N.
Jan. 1
26,
Arttk'e
Last
Elig. A
BONDS
Since
Art
A
Low
0
Af N
Range
Friday'•
Bid
Price
Friday
Bank
Week'e
Friday l
Laxl
I
'
(Com.)
{ f»Chlcago A East III 1st
a
Oct.
Page 3
-
bb
y
b
x
bbb4
x
bbb3
y
bb
4
62
66 k
62
y
bb
2
42
42
y
bb
4
*43
49
—
y
bb
4
♦
48
— — —
x
bbb3
♦
♦
2
— —
--
10
2
—
-
-
-
60
60 H
28 H
46 H
70
79
58
66
56
42
01H
42
45
64
47
50
53
65
65
5
63
05
42
41k
44
89
33
60 H
39 h
39 H
42 k
29
30
47
34 k
1
19H
35H
bbb3
34 h
*98
y
bbb2
*67 h
68 h
99 H
64
z
ccc2
15k
15h
99 H
69H
17 K
y
bb
3
y
bb
2
y
bb
2
z
cccl
x
------
-----
----
---
-
8
8H
63K
incorporated la this tabulation pertaining to bank eligibility and rating of bonds.
See
Volume
New York Bond Record- Continued- Page 4
151
Friday
Bank
BONOS
N.
Y.
Last
i
Sale
|
See a
Price
Week Ended Oct. 25
Railroad &
Indus.
Week't
Elig. A
Rating
EXCHANGE
STOCK
2463
Since
Friday's
A
Y.
N.
Jan. 1
Ask
No. Low
High
Low
Cos. (Cont.)
BONDS
Range
Range or
Bid
High
104
STOCK
Rating
Sale
See a
Price
^a.
Inland Steel 1st
aaa2
x
bbb2
x
O
aa
s
8
cc
z
cccl
56)4
29
66
67)4
55
53
bb
3
102)4
102)4
102)4
25
99
y
b
3
103)4
103
104
59
90)4 104)4
F
M
8
A
4s 1936
7
7
z
c
2
z
c
2
J
1938 J
to Int.. 1938 J
z
cccl
z
cc
z
22
47 X
1
1)4
57)4
103)4
29
38
56
93
1
84
90
{♦1st cons 5s
{♦1st cons 5s gu as
7
25
90
32)4
33 H
32)4
♦1st A ref gold 4s
1949
♦Ref A ext 50-yr 5a ser A. 1962
{ {♦MStPASS M con g 4s int gu'38
103)4
1
cc
2
3
52
52 X
2
43
59 X
3
69)4
69
70
25
50
70 X
z
b
4
85
85 X
2
55
88
108)4
108
13
105
19
32 H
108)4
{♦Mo-Ill RR 1st 5s series A.1969 J
Mo Kan A Tex 1st gold 4s
1990 J
cccl
y
b
2
19X
19
22
100
y
ccc2
11X
14
63
7X
15X
40-year 4s series B
1
8X
iox
11X
8X
iox
11
35
8
16X
11X
18
16 X
4X
10
8X
3X
3
102)4
102)4
l'oo""
x
a
3
106)4
106)4
RR—
bbb3
*21
79
50
50
x
bbb3
*71
79
68
bbb3
*70
90
80
80
90
80
85
157
168
y
c
J
A..Jan 1967 A
y
ccc2
♦Cum adjust 6s ser
75
x
1962 J
z
cccl
*70
J
x
a
MN
x
a
S
x
2
{Missouri Pacific RR Co—
♦
105
1965 f
1st A ref 5s series A
♦General 4s
♦1st A ref 5s series F
106)4
105 X 108
107
108 X
165"
100)4 106
101
IX
*4
80
8
ccc2
iox
cccl
15X
93
93 X
30
79X
94
A y b
A y b
55
59 X
47
38
8X
55
68
21
38
59
o
X
16X
ccc2
a
13
1
17
12X
21H
20 X
IX
12X
21X
12X
12X
12X
21X
21X
21X
212
2
15X
27
17
*15
2
"~ix "82
X
2X
12 X
21X
"04
20 X
21X
21X
79
16
16
12X
12X
12X
73 X
73 X
00
"17
16
16X
ccc2
cccl
4
24
17
*15
cccl
1981 f
20
156
IX
59X
F
a
c
♦Certificates of deposit
97 X
95
15X
16X
ccc2
MN
16
IX
16X
cccl
1949
1980
♦Conv gold 5 Xs
95X
93 X
95X
A
f
2
59 X
58
F
A y b
2
48
47
48
2
33
F
a yb
2
48
48
48
2,
39
♦Certificates of deposit
48
1942
48
2
{♦Mo Pac 3d 7s ext at 4% Jul.*38
85
ybb
j
D
a
x
3
*
2
--
85
69 X
85
96X
xbbb3
96 X
82
96 X
79 X
90X
90
90X
1977
cccl
MS
Dec
bb
/
J
bb
O
M
8
63 X
42
03 X
62"
60
62 X
42 X
02 X
92 X
92 X
79X
93 X
40
2
A
28X
62 X
39
40
30
40
bbb3
b
3
mtge 4Xs
1960
O
1965
O
bb
D
Montreal Tram 1st A ref 5S..1941
Lehigh Valley Coal Co—
z
♦5s stamped
f
A
54)4
b
z
b
f"a
bb
z
1956
O
b
*43
Gen A ref s f 5s series B
1955
O
bb
*43
D
31
20 X
31
75
50
70
69)4
49 X
69X
30
61
30
51
48 X
50X
z
42 X
42 X
43
b
41
40 X
41X
Constr M 4Xs series B
1966 MN
Mountain States T A T 3X8-1968 j D
MN
Mutual Fuel Gas 1st
b
Nash Chatt A St L 4s ser A..1978 f
Nat Acme 4Xs extended to. 1940 J
20X
21X
22 X
22
25
24
23
•
116
22
Nat Distillers
20X
9X
z
ccc2
z
cccl
z
ccc2
z
cccl
A O
y
bbb3
A
A
y
bbb3
x
a
J
A
x
bbb4
8
121X 127X
x
aaa4
123X
129X
124X
F
A
130 X
33
120X 131X
y
bb
3
96 X
96 X
1
MN
x
aaa3
104X
104 X
1
x
aaa3
w
aaa4
F
A
D y b
A
—
— —
-
3
3
aa
25X
19
40
67 X
65X
109
118
99
105
104 X
15
32X
2
104 X
104 X
95 X
96
87
129 X
83 X
75
86 X
110X
12
106
110X
108
3
3
*109X
xbbb3
102 X
x
bbb3
96 X
x
bbb3
x
bbb3
84 X
110
112
2003
1st A ref 4 )4s series C
2003
1st A ref 4s series D
2003
1st A ref 3)48 series E
2003
Unlf mtge 3Xs ser A ext..1950
Unlf mtge 4a ser B ext
1960
Paducah A Mem Dlv 4s..1946
St Louis Dlv 2d gold 3s.—1980
Mob A Montg 1st g 4Xs—1945
South Ry Joint Monon 4s.l962
Atl Knox A Cine Dlv 4s. -1955
♦Lower Aust Hydro El 6)48-1944
McCrory Stores deb 3)48
1955
{♦McKesson A Robblns5Xs 1950
Maine Central RR 4s ser A. 1945
Gen mtge 4Xs series A—1960
Manatl Sugar 4b s f—Feb 1 1957
Manila Elec RR A Lt s f 58.. 1953
Manila RR (South Lines) 4s. 1959
{♦Man G B A N W 1st 3)48.1941
Marlon Steam Shovel s f 6s—1947
1st A ref 5s series B
x
a
M
J
8
bbb2
x
a
a
106 X
x
aaa3
Z
CCCi
A
»
———
a
2
105 X
2
100
O
x
89 X
105X
18
103X 104X
104X 106X
100 X
106 X
19
101
86 X
7
78
83 X
*106
*15
M 8 y b
A
93
72 X
*112
j y bbb2
MN
78
13
21
104X
113
—
—
— —
-
•mm*.*.
161
81
70
81 X
8
39
55X
8
25X
40
1
1
*40
72
78X
78X
1
53
SIX
8 y aa
j
A
J
z
ccc2
O y b
y
Stamped
{♦Market St Ry 7s ser A April '40 Q J
(Stamp mod) ext 6s
1945 Q A
b
101
27 X
78 X
2
3
2
92
*18
—
90 X
86 X
87
— — — —
-
ccc3
*80
85
z
b
*65
A
mp4XsA'62
1952
1955
New Orleans Term 1st gu 4s. 1953
{{♦N O Tex A Mex n-c Inc 6s
♦Certificates of deposit
1936
J
A
— —
FA
22
8
Lake Shore coll
52 X
83
57
77
1954
A
C
—..1974
1978
1940
3Xs extended U .1947
3-year 6% notes..—-—1941
1st mtge
lucorpu.-ated in this tabulation
18
100
8
106
0 to
105X
—
.
....
1
125X
aa
2
107
107
8
y
bb
3
71
71
1
3
bbb3
60
104X
104X
65 X
b
z
ccc2
b
z
ccc2
b
z
ccc2
b
ccc2
x
aaa2
—— -
26
21
64 X
33 X
122 X 128 X
60 X
60 X
105X 109
04X 78X
20
65X
29X
30 X
~36X
102 X 105 X
101 x 100 x
55
71X
6
—
—
—
21
33
—
25
30
23
39 X
24
37 X
50
35
1
32
33 X
35
33
28 X
32
10
26
37
*28
34
— —
23X
30X
35
29
32X
36X
U3"
-
— -
37 X
27
28
40
25
36
113
—
"
— -
37
*30
1
113
5
y bb
64
63 X
65X
38 X
113
111
104
'
01
45
7
61
105
43X
128X
*29
__
1
b
-
12*
32
"34X
1
z
----
104X
32
1
70
104X
28X
35
— — — — —
104X
*28
1
43X
31X
aaa2
bbb3
124X
30
48
£
71
119
"41
bbb2
x
»-» 0
03
75
x
*61X
X
X
IX
x 106
83
44 X
65 X
74
91X
A
'
y bb
A
yb
89X
58 X
89X
57 X
60
397
38
A
yb
63 X
63 X
65X
205
43
66 X
62 X
62 X
63 X
109
42X
64X
84 X
84
85
79
97 X
97X
97 X
9
68 X
85
98
64
65
8
63 X
60
2
48 X
61
35
45X
38 X
73X
73
88 X
SOX
91
60
90
MN y bb
J
gold 3 X*
trust
— —- -
y
/
x
a
J ybb
.
a y bbb2
a y bbb2
~59 x
59 X
59X
3
3
71X
71X
72
58 X
58 X
60 X
233
87X
87X
88 X
71
91
90 X
91
88X
89X
N Y Chic A 8t Louis—
Ref 5 Xs 8 rles
-
x
z
OA
1942 j
1998 F
Mich Cent coll gold 3X1-1998 F
Ref 4 Xsser.es
Attention Is directed to the new column
125X
*128X
z
Debenture 4s
90 X
aaa2
z
10-year 3Xs sec s f
1946
Ref A lmpt 4Xs series A..2013
Ref A lmpt 5s series C
2013
Conv secured 3Xs—. —1952
N Y Cent A Hud River 3 Xs. 1997
88
x
z
o
a
♦Certificates of deposit
Newp A C Bdge gen ru 4 Xs. 1945 j
N Y Cent RR 4s series A
1998 F
15X
*38X
z
1950 a'f
A
♦1st 6X8 series
*39
cccl
/ y bbb2
z ccc2
1956
D
cccl
0
♦Certificates of deposit.;
66
—— —
iosk"
z
_
x
D
♦Certificates of deposit
4s collatera
j
1954
♦1st 5e series B
64 X
74
1
X
— -
y bb
j
New Orl Pub Ser 1st 5s ser A.
5
—
90 X
z
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15X
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2
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97
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Louisville A Nashville RR—
-----
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100
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73 X
120
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——
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1951
39
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1977
off.. 1977
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— —
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67
X
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63 X
5
90
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101
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-
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1949 M S
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23
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1947
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gu g 5s.
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—
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62
80
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50 X
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35
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31
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58 X
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1944
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z
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48
33 X
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1
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2003
—.2003
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2003
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5s assented
.1941
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Liggett A Myers Tobacco 7s. 1944
5s debenture
1951
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1952
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1953
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1949
4s stamped
1949
56 X
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16
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105
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1942
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1964
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...1964
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1974
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1945
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1954
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1960
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♦Ctfs w w stmp (par $925) 1943
♦Ctfs with warr (par $925) 1943
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1952
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x
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j
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1948 J
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EXCHANGE
Week Ended Oct. 25
Week's
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5
72
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85 X
61X
a.
New York Bond Record-Continued-Page 5
2464
Bank
Oct.
Week's
Friday
Bank
'
BONDS
Elig. &
EXCHANGE
N. Y. STOCK
Last
Rating
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Friday's
A
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Sale
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Week Ended Oct. 25
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1946 J
Pacific Gas A El 4s series G.1964 J
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aaa2
J y bb
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2
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1966 J D
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1938 J
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1966 A O
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x
a
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1st M s f g 3s loan ctfs
1955 F
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1944 A
1960 J
A
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Consol gold 48
1948 MN
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2
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1962
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1974 J
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C—.1956 MN
Revere Cop A Br 1st M
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J
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1946 J
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bbb3
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bbb4
106
104%
102 %
103 x
105x
103 x
103x
124
106x
30
103
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93
92
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102 X
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2
98 X
26
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33 x
90 X
z
1946 J
J
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J
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6s
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1952 M N
19531 F A
1955 A °
102
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103 X
109
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15
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26 X
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s
f conv debentures
s
f 7s
1952 M S
1955 F A
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{{♦Rio Gr West 1st g 4s...1939 J
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1967 M 8
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1969 M 8
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1948 A O
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33
2
106x
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aa
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*130
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aa
2
aa
2
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30
20
40
20
8%
36
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103% 109
10%
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132
130
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108% 111
109
105
6%
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—
-
110%
9%
5
6%
—
130
21
21
6
--
88 x
87
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5%
9
88%
4
111
9%
68
28
98%
108% 112
St Louis Iron Mtn A Southern—
♦{Rlv A G Dlv 1st g 4s... 1933 MN
♦Certificates of deposit
z
bb
2
z
bb
2
{♦St L Peor A N W 1st gu 5s 1948 J
J z ccc2
St L Pub Serv 1st mtge 5a...1959 M 8 y b
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J y b
2
stpd.. 1955 J
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J z cccl
J
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117)4
49)4
49
4)4
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46
93 X
110X 116
111
1963 A
Santa Fe Pres A Phen 1st 58.1942 M
1946 J
J
7
55%
69
2
33
62%
106
7
14%
9x
8x
9%
10
10
z
cccl
9x
cccl
8x
6%
54%
67%
39
25%
38
15
15%
25
12
21%
z
bbb2
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A
z
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J
x
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15
cccl
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3
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3%
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65%
3%
4%
6
114x
68
6
2
114%
114%
3
68
69
5%
8
110% 118
54
26
69
105x
105
108 X
107 X 109 X
21
33
cccl
31
x
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32
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42
42
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47
47
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1959 A
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1
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cc
I
z
cc
1
4x
z
cccl
*11x
4x
33 X
28 X
29 X
124x
z
108X
18X
31x
42
42
cccl
x
z
13%
82
*105x
Oct 1949 F
1933 M5
44
"16
*107 x
*30
{♦4s g stamped
♦Adjustment 5e
1945 M8
3%
3
z
♦Certificates of deposit
{ {♦ Atl A Blrm 1st gu 4s
8%
85
aaa2
z
♦Certificates of deposit
♦1st cons 6s series A
14%
13%
45
J
Scioto V A N E 1st gu 48—1989 MN
{Seaboard Air Line Ry—
J♦ 1st g 4s unstamped
1950 A O
7
105
14%
20
J
O
15%
Q IA
D
z
7%
67%
ccc2
z
16
5
33
z
J
8%
32
J
J
ft 7A
9%
6%
66%
b
O
9%
56
30
1
z
x
8%
2
J
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26%
68
40
cccl
8
15
25
68
40
9%
9%
10%
O y a
66%
65%
68
10%
A
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*23%
49%
48%
40
cccl
1946 A
f 6Xs series B
5
cccl
z
♦2d 4s Ino bond ctfs..Nov 1989 J
{•1st term A unifying 5s._ 1952 J
s
97
64%
z
{♦St L 8 W 1st 4s bond ctfs. 1989 MN ybb
♦Stamped
65%
63%
z
1950 J
♦Con M 4 Xs series A
1978
♦Ctfs of deposit stamped
♦Guar
64%
z
♦Certificates of deposit
{♦Schulco Co guar 6%s_
65x
64 x
8
15
2
6%
15%
ix
5
1
1%
3x
1
2%
2%
2%
6%
10
4
5x
126
4x
32
14
3
9
5%
8%
7%
15%
118X
43
71
43 X
70 X
3X
10
106 X 110X
t
For footnotes
see page
2465
Attentloo la directed
8
14
Richfield Oil Corp—
♦Rlma Steel 1st
1943 J
93)4
bbb4
49)4
99 X
11
100
S A A Ar Pass 1st gu
g 4s
San Antonio Pub Serv 4s
101
94 X 105X
100 X 112X
x
49
110X
14
62
100 x
103 X
115X 121 X
x
2
150
226
106
*100
1972 J
8
J
2
140
214
9
bbb3
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138
1984 J
2
153
110x
104 x
bbb3
105 X
121)4
105)4
112)4
1952 A O
cc
5
63 X
113
77 x
104 x
61
77 %
77 x
94
108
x
{♦St Paul E Gr Trk 1st 4X8-1947 J
{♦St P A K C Sh L gu 4Xs—1941 F
28
Conv deb 3)4 s
b
109
110X
63 X
H2X,"""i
x
♦Gen A ref g 5s series A.-.1990 J
St Paul A Dul 1st con
g 4s..1968 J
107 X
105)4
101
b
2X
♦215x
109
Jx bbb3
Remington Rand deb 4 Xs w w *56
4X8 without warrants
1956 M 8
102
105)4
107"
3
x
♦147x
aaa4
O y bbb2
M S
102 X
105 X 106
a
z
106 x
79
*75 x
112 x
"20
94
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3
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Gen A ref 4Xs series B...1997 J
♦Prior Hen 5s series B
51 X
121
2
bbb4
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1
10
2%'—
x
Jx aaa4
Jx aaa4
♦Certificates of deposit
20
45
85
74
116)4
x
O
92
90
109x
106X 111
77
x
A
"93"
90 x
100 x
100X
81X
91
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91
65
94
117
*109
1
1951
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90
107 X
70
81
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90
aaa4
3X8.1966
81X
59
*53
115
2
64 X
104
*55
111
2
91
cccl
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J
75 x
*100 x
*90
2
11
a
73 x
*106 x
3
113)4
aa
74 X
bbb2
J
1942 J
117%
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110X 116 t
x
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15
x
63 X
40
3
yb
14
8
*117
aa
aa
40
102
ybb
113
O
*104%
8t Jos A Grand Island 1st 4s. 1947
St Lawr A Adlr 1st g 5s
1996
2d gold 6s
1996
83
104 X 110X
100
109 X
M
11
107 X
33
88)4
102 X
108 X 108 X
40
63 x
39
68
~48
11154
92)4
92
"2
59
104
103)4
105
60
59%
110
99X 110X
*109
23
110)4
121)4
9
110
103)4
*102)4
109)4
108)4
107)4
93
99 X
18
102%
60
aa
♦Certificates of deposit
Potomac EI Pow 1st M
3X8 1968
110%
59
A
1950 J
conv 6s '42 J
Public 8ervlce El A Gas
1st A ref mtge 5s
110
110
58%
D
I960
Pressed Steel Car deb 5s
115
119X
114X 118
"28
101 %
iiox
110
105
-----
2
aa
1977 J D
M 8
♦6s stamped
1
7
2
y b
O yb
A
1960
108 X 111
-----
118%
a
O
A
x
MN
1964
112
104 X 110
110
108
m
109
x
O
st5)48-.1974 F
118h
Saguenay Pow Ltd 1st M 4Xs *66
1970 A
♦Certificates of deposit......
*110 Vi
109
aaa2
119
1981 A
6s..1943 A
aaa2
113
27
Debenture g 4%s
General 4)4s series D
Gen mtge 4 )4 s series E
93)4
aaa2
x
x
105
93 %
1968 J
x
A
A
Gen mtge 6s series A.....1970
x aa
2
Gen mtge 5s series B
1975 A O x aa 2
J x aa 2
Gen 4Xs series C
-.1977 J
Pitts Va A Char 1st 4s guar. 1943 MN x aaa2
D
Pitts A W Va 1st 4Xs ser A. 1958 J
yb
2
1st mtge
series B
1959 A O
1st mtge 4Xs series C
»
F
1963
109
110
{♦Rut-Canadian 4s stmp..,1949 J
{♦Rutland RR 4Xs stmp_..1941 J
108
113)4
aaa2
1965 J
108 X
113
aaa2
x
109)4
bbb4
x
104)4
*110
105X
nix
112X 118 X
*104
3
x
105)4
105)4
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107
93
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3
x
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111)4
116)4
13
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109)4
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aaa3
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)4s A '77 A O
4 J4s series B
1981 J
J
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1969 FA
1974 F
112)4
111)4
110)4
110)4
*74)4
*72)4
110)4
111)4
*101)4
103)4
O y ccc3
Pat A Passaic G A E cons 58.1949 M 8
♦Paulista Ry 1st s f 7s
1942 M 8
Penn Co gu 3 )4s coll tr ser B. 1941 F A
Guar 3)4s trust ctfs C
1942 J D
Guar 3 )48 trust ctfs D
1944 J D
Guar 4s ser E trust ctfs...1952 MN
1963 F
x
*60
112 H
111 %
X
107 X
D
D
110
aaa2
F
—1960
J
♦Direct mtge
55
105 X 110X
05
95
J
Oregon RR A Nav con g 4s.. 1946 J
Ore Short Line 1st cons g 6s. 1946 J
40)4
75X
45X
J
Ontario Power N F 1st g 6s..
F A
Ontario Transmission 1st 5s. 1946 MN
4s
aaa2
x
5XS.1954
72 %
45
k101
♦4)4
'108)4
107)4
107)4
*109)4
109)4
108)4
cons guar
Series I cons 4 Xs
Series J cons guar 4 Xs
x
105 X 108
107 X 108 X
mm
Rensselaer A Saratoga 6s gu. 1941 MN x bbb2
Republic Steel Corp 4 Xs ser B '61 F A xbbb3
Pur mon 1st M conv
MN x bbb2
118
107
112)4
Series H
O
A
.1942
2037 j
1st A ref mtee 8s
2037 J
A
Pub Serv of Nor III
3%s
1968
Purity Bakeries s f deb 5s... 1948 J
Reading Co Jersey Cent coll 4s '51 A
ccc2
Q
Peoria A Pekln Un
118
2
11X
♦1st mtge g 5s (stamped can¬
Apr 1990
2
2
aa
75
51X
45
107
11
aa
High
45
15
109
aa
15)4
60
A
4s
108x
108 X
aaa3
107x
x
19 X
{Northern Ohio Ry—
♦Income
6\i
1
47
x
14
10
M 8
cons
63
64 x
x
16 %
*59
M 8
Refunding gold 5s
1947
{{♦Peoria A East 1st 4s stmpl940
63
107X
1
Low
80
"52)4
109)4
106)4
105)4
F
Peoples Gas LAC
72 x
Jan.
63
~64
/
20
5
F
General 4)4s series A
General 5s series B
N°-
A
11
2)4
F
4)4s debentures
Pennsylvania RR cons
High
Since
§3
71
71X
Range
c3
Asked
A
D
71
*95)4
*51)4
71
28-year 4s
Pennsyl Glass Band 3J4s
or
Fridav't
1974 F
1977 J
15)4
*12)4
P&rmelee Trans deb 6s
Range
Bid
1981 /
General 4Xs series D
Phlla Co sec 5s series A
80
x
♦Certificates of deposit
uducah A III 1st
3
x
Pitts Coke A Iron conv4 xs A '52 M S
z
A
.
4a._1943
86)4
5
0 yb
3%s '66 M N x aaa4
N Y Rye prior Hen 6s stamp. 1958 J
J x bbb4
N Y A Rlcbm Gas 1st 6s A..1951 M N x bbb3
N Y Steam Corp 1st 3148...1963 J
J x aa 4
tl*N Y 8usq A W 1st ref 58.1937 / J z cc
{♦2d gold 414s
1937 P A z c
{♦General gold 5s
...1940 F A z cc 1
♦Terminal 1st gold 6s...—1943 M N z bb
N YTelep 314 s ser B
1967 J J x aaa4
N Y Trap Rock 1st 6e
1946 J D y bb 2
6s stamped
y bb 2
....1946
J
c
2
{{♦N Y West A Boat 1st 414s 1946
Niagara Falls Power 314s.-.1966 M 8 x aaa3
O x a
4
Niag Lock A O Pow 1st 6s A. 1955
1
Niagara Share (Mo) deb 514s 1960 MN y b
.
M N
65
2)4
2)4
N Y Queens El Lt A Pow
.
3
1st g 4 Xs Berles C
105
17)4
b
z
z
Pacific Tel A Tel 3 % s ser B
Ref mtge 3)48 series C
J
Pere Marquette 1st ser A 5s.1956 J
1st 4s series B
1956 J
Phillips Petrol
♦15
cccl
1940 A O
♦Debenture 4s
1957 M N
♦IstAref 4 %s ser of 1927.1967 J D
{♦Harlem R A Pt Ch 1st 4s 1954 MN
Oklahoma Gas A Elec 3%s..
4s debentures
Last
Sale
Price
a
Low
88
15 %
cccl
{♦Collateral trust 6s
gu g 4s..
See
26, 1940
Week's
Pittsburgh Cine Chi A St Louis
1947
♦Non-ronv debenture3%s 1947
♦Non-conv deb 3%s
1954
♦Non-conv debenture 4s..1955
♦Non-conv debenture 4s.. 1956
♦Conv debenture 3%s—1966
♦Conv debenture 6s
..1948
♦Non conv deb 4s
{♦Og A L Cham 1st
Rating
79)4
{•N Y New Hav A Hart RR—
cellation of guarantee). 19
♦Certificates of deposit
Elig. &
Railroad & Indus. Cos. (Conl.)
Phlla Electric 1st A ref
N Y A Harlem gold
E
f
j
j
EXCHANGE
General g 4 Xs series C
68.1948 J
gold 4a—1949 F
N Y Gas El Lt H A Pow g
Purchase money
STOCK
Week Ended Oct. 25
101
107)4
104)4 108)4
46)4 66)4
11
60
1
Low
16
106»t*
52)4
aa
1951
Conv 6% notes
1947
Y Edison 3%s ser D
1965
1st Hen A ref 3%s ser E—.1966
BONDS
N. Y.
Since
Jan.
1067m
aa
1953
N Y Dock 1st gold 4*
1st guar 5e series B
Range
Bid
Friday
to the new
column incorporated la this tabulation
pertaining to baak eligibility and rating of bonds.
See
a
Volume
Elig. &.
Last
Rating
BONDS
Y.
Sale
EXCHANGE
STOCK
Week Ended Oct. 25
See
-"ft.
1954
1952
Shell Union Oil 2 %s debs
2
2%
2%
11
1%
4
Va Elec A Pow 3 Ha aer B...1968 M
1
1%
1%
1
1%
3%
x
aa
4
98
93%
98
y
b
1
44%
43
67
J
97%
98
584
43
45
35
26
y
cccl
A
x
bbb2
1950
F
x
4
Virginian Ry 3*4 s series A—.1966 M 8
I Wabash RR Co.—
55
14%
*45
z
27
25%
101%
101%
102%
29
bbb3
103
103
99% 103%
aaa4
105%
105%
103%
106%
7
x
Socony-Vacuum Oil 3s debs. 1964 J
25%
49%
2y
102% 106%
...
..69
South A Nor Ala RR gu
A
x
a
3
*116
8outh Bell Tel A
A
x
aaa3
108
__1979 J
x
±
-
bbb3
42
106
106%
104%
105%
102%
16
b
1941 J
J
z
J
-----
J
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Southern Natural Gas—
1951 A
1st mtge pipe line 4 Ma
So Pac coll 4s (Cent Pac coll). 1949
O
39
106%
104
z
bb
3
38 %
40%
82
30%
48%
2
44
44
46
99
35
53
y
b
3
38
38
41
98
30
60%
y
b
3
37 %
37%
40%
189
30
50%
30
1969
z
z
Convertible deb 4*4 s
1946 J
D
1955 A
Walworth Co 1st M 4s
1948 M
Warner Bros Plct 6s debs
b
3
37 %
37%
40%
50%
!♦ Warren Bros Co deb 6s—.1941
ybb
2
49
49
42%
58
Warren RR 1st ref gu g 3 Ha.2000 F
San Fran Term 1st 4s
bbb2
75
51%
75%
47
x
14
63%
80%
x
Washington Cent 1st gold 4s. 1948 Q M
J
y
bb
58
59%
134
52
05 H
Wash Term 1st gu 3 Ha
1st 40-year guar 4s
J
y
bbbl
J
x
bbb3
y
D
76
31
63
J
x
aa
82
31
67
84%
D
x
a
73%
80
76%
77%
82%
83
bbb2
75
76%
10
110
110%
76
107%
108
12
76 %
x
z
110
aaa4
aaa4
J
——
cccl
25
104%
77
25
102%
100%
104%
104%
101
14
100
x
aaa4
105%
19
104
x
aaa4
125%
125%
122
114%
104 %
J
z
bb
104%
A
x
bbb3
------
x
aa
4
105%
104%
104%
125%
x
aaa3
x
aaa4
x
aa
x
bbb3
x
aaa4
-m -
—
-
4
bb
105
92
94
-—_
4
A
x
a
3
106 %
106%
106%
7
bbb3
67%
67%
67%
16
x
bbb3
66%
66%
4
x
bbb3
66%
66%
67%
x
a
2
89%
90%
J y b
2
56%
56
57%
A
O y cccl
17%
17%
D y b
...
.
101% 110%
53%
72%
1960
1st ref 4s
J
97%
45
62%
18%
63
11%
♦AdJ Income 6s
Jan 1960
f*Thlrd Ave RR 1st g 5a.—1937 J
Tokyo Elec Light Co Ltd
J ybb
25%
45
76
1953
Tol A Ohio Cent ref A imp 3 *4 s '60
/
D
4s—1950
C—1942
1946
4
O ybb
Tol St Louis A West 1st
Tol W V A Ohio 4a series
Toronto Ham A Buff 1st g 4s.
M
J
deb A. 1953
Trl-Cont Corp 5s conv
V
194V
Trenton G A El 1st g 5s
J
5
1
bbb3
x
I
43%
a
x
J y bb
—
------
-
— M-
*122
-
-
108
1
25
cccl
UJlgawa Elec Power b f 78.—1946 m e
J
Union Electric (Mo) 3*48—1962 J
y
b
1
x
aa
3
4a
25
1
30
26
18%
75H
b
73%
73%
75
152
61
b
25%
25
25%
4
10
52%
52
52%
74
35
z
cccl
2361 J
J
bb
2301 J
J
bb
1949 M
8
aa
1940 M N
1966 F
49
C
z
A
x
107%
16
F
A
104
103%
113%
113
104%
104
104%
84
107
„
—»
3
x
aa
J
x
aaa3
6
x
U
—
V
-
w
—
■»
J
A
VIA
I
D
101%
30
31%
213
28
cccl
29%
15
1st mtge a f 4s aer C
3
aa
3
i
aaa3
1955
1
O
i
a
6
V
b
4
—
M
f
y
bb
M
F
x
—
—
9%
mmm-
109%
8
109%
109%
10
107 H 110H
14
0
104%
72
104#i«
89
101*4 109H
101
100*4
a
t-l
i;
oo tf* &&
©O X
»
4
-
25
21%
99%
e
r
9
8
9
23
110
99%
15
98%
26
92%
99%
92%
99%
101% 104%
104% 107%
during current week,
n Odd lot sale, not
Cash sale; only transaction
transaction during current
100% 104%
113%
week and not Included In the yearly range
week,
f Negotiability Impaired by maturity,
t The price represented Is
per 200-pound unit of bonds.
Accrued interest payable at
3
73%
4
58%
90%
222
75%
108
*107%
The following Is a list of the
None. '
77%
90%
.60s
.625s
.75s
.875s
2
x
aa
2
x
aa
2
*100
x
aa
2
x
aa
aa
2
aa
100
2
x
x
2
t Companies
3
100
3
100%
Nov
1
1.25s
May
1
1944 MN
x
aa
2
1 375s
Nov
1 1944 MN
x
aa
2
May 1 1945 M N
—Nov 1 1945 M N
May 1 1946 M N
x
aa
2
*101%
x
aa
2
*100%
101M
101%
x
aa
2
101%
101%
Nov
1946 M N
x
aa
2
*101 %
May
1947 M N
x
aa
2
*101%
101%
101%
102
1.625s
175s
—
—
— — -
—
-
—
-
k
mmrn-m
100
101
Indicates those bonds we believe are not bank eligible due cither to rating
or some provision In the bond tending to make it speculative
z Indicates issues In default. In bankruptcy, or In process of reorganization
-
-
-mm-
y
100% 101%
2
100% 101%
100
-
-
x
aa
2
N
1948 M I
x
aa
2
*101%
Nov
1948 M N
x
aa
2
102%
102%
9
100% 102%
100% 102%
1949 M N
x
aa
2
102%
102%
1
100
-
*102%
—
-
-
A great
102%
x
aa
2
1950 M N
x
aa
2
1950 M N
x
aa
2
1951 M N
x
aa
2
1951 M N
x
aa
2
2 35s
May
.—.Nov
May
1952 M N
x
aa
2
♦101%
102%
mm-m
2.40s
Nov
1952 M N
x
aa
2
*102
102%
-m-m
2.45s
—May
Nov
1953 M N
x
aa
2
*102
102%
1953 M N
x
aa
2
*102%
102%
2 55s .......—-May
1954 M N
x
aa
2
Nov
1954,M N
x
aa
2
1955'M N
x
aa
2
D
z
30%
33%
2
z
31
33%
9
33%
33%
1
20
33%
36
36%
4
20%
36%
2.20s
2.25s
2.30s
-
2.60s
2 ggg
♦Un Steel Wks Corp8 Ha A.
♦3*4a assented A
♦Sec a f 0Ha series C
195ljy
1951 /
D
1951 J
D
z
1951
♦3*48 assented C
D
•
1
102%
102%
*101%
.
102%
102%
*102
103%
*103
....
b
mm--
102%
*102%
102%
1
102%
103
,
2
mm
-
----
-mm
-r
1
•
-
-
-
100%
100%
100%
100%
1947
*
♦3*4s assented A
United Stockyds 4%s w w_
1947
cccl
z
♦
102
102%
102%
Transactions
102%
x
bbb3
Utah Lt A Trac 1st A ref 5s
1944
x
bbb2
Utah Power A Light 1st 5s_
1944
x
bbb3
1951
mmm
87
101
the
at
York Stock Exchange,
New
Daily, Weekly and Yearly
103
20
103%
52
96
103%
103%
21
95
Municipal
Slates
Bond
Bonds
For'n Bonds
Bonds
Thursday
Sales
$2,285,000
5,130,000
85,000
5,483,000
6,330,000
4,780,000
5,593,000
5,218,000
4,691,000
$209,000
807,000
978,000
672,000
824,000
762,000
$73,000
72,000
72,000
5,525,000
$26,536,000
$4,252,000
$406,000
$31,194,000
$2,003,000
4,251,000
373,020
535,630
807,030
539,870
518,660
Wednesday—
State
Railroad db
216,440
Tuesday
104
103%
Miscell.
Shares
Saturday
Monday
93%
102%
Total
Number of
Stocks
32
103%
United
Week Ended
Oct. 18, 1940
100% 103%
100
103%
18
33%
20
33%
84
—
All Issues
100% 103
1
34
87
-
symbols ccc or lower are in default.
default.
102%
102%
z
♦Sink fund deb 0 Ha ser A
bond
Immediately
the symbols
rate a bond
100% 102%
99% 102%
103%
103%
majority of the issues bearing
bearing ddd or lower are In
100% 102
1949 M N
May
...Nov
status
based on the ratings assigned to each
The letters Indicate the quality and the numeral
of agencies so rating the bonds.
In all cases
will represent the rating given by the majority.
Where ail four agencies
differently, then the highest single rating Is shown.
by the four rating agencies.
following shows the number
100% 101%
1947 M N
May
rating symbols In this column are
The
101%
100% 101%
Nov
Nov
those bonds which we believe
eligible for bank Investment
100%
1.95a
2.15s
Rating Column—x Indicates
100%
100
1.90s
2.10s
Bank Eligibility and
100
f
2 00s
—May
and not Included in
transacted during the current week
delivery sales
100% 100%
*101 %
2.05a
Deferred
week.
Bonds selling flat.
-
'
......
1.85s
No sales transacted during current
Friday's bid and asked price.
No sales
100% 100%
100
100%
mm-mrn
— m
~
:
receivership, or reorganized under
securities assumed by such companies.
being in bankruptcy,
the yearly range;
—
,,
as
Section 77 of the Bankruptcy Act, or
100%
1.125s
1.50a
reported
110%
100%
100%
*100%
*100%
*100%
bond Issues which have
;
▼
*100
1943 MN
1.00s
'
♦
*99%
*99%
aa
x
New York Stock Exchange
been called In their entirety:
•
1 1940
May 1 1941 MN
Nov 1 1941 MN
May 1 1942 MN
Nov 1 1942 MN
May 1 1943 MN
the dollar quota¬
exchange rate of
$4.8484
115
debentures—
Nov
only
a Deferred delivery sale;
Included in year's range
107% 112%
104%
Odd-lot sale transacted during the current
None.
United States Steel Corp—
.375s
110
108
87%
aaa4
9
4H
100
*5%
c
10%
4H
99%
73
m —
89
29%
109%
*7
1901 MN
2
98%
a
A
31%
14
6
8
109%
a
x
112*4
13 %
7%
1
cc
aa
D
102
96
110
7%
cccl
0
103
14%
9*4
100H 1O0H
*112%
29%
Wisconsin Elec Power 3HB—1968 A
Wisconsin Public Service 4s.. 1901 J
105% 109
»
107%
98%
aa
t
100
-
7
28
101%
bb
91
72
60
107%
*8%
107%
-
.»
aaa4
-
32
106%
101
106%
S
14%
2
cccl
F
-
-
14%
106
D
1930 MN
.
mmm+m
13%
4s..1949
t♦ Wor A Conn East 1st 4 Ha
67
105%
*99
1955
♦Certificates of deposit
|*Su A Du dlv A ter 1st 4a
----
105%
75
28
H
64H
32
50*4
110H 116%
90 % 105H
7
115
105%
...1947
gen
50
*114
A
J
13%
106%
A
18*4
63 M
1948 M
-
34
112
1943 J
m -
96
10*4
75%
Conv deb 4s
104
62%
61
62%
5a. 1952
United Drug Co (Del) 5s
1953
U N J RR A Canal gen 4s—1944
3 Ha debs
United Cigar-Whelan Sts
—
14%
tion
1947
34-year 3 Ha deb
1970
35-year 3 Ha debenture—.1971
Ref mtge 3 Ha ser A
1980
1st A land grant
2 60s
13%
14%
108%
73%
t*WlsCent 50-yr 1st
Union Pac RR—
1.80s
107
121% 125
-
*15
25
1
b
Serial
3
91*4
79
107%
94%
b
68%
^
-
108
1
z
United Biscuit
114
107%
102H
D
1951 J
100%
96
98
*96
aaa3
z
f|4Unlon Elev Ry (Chic) 6a.1946
UDlon Oil of Calif 6s series A. 1942
3s debentures
1959
96
107H 112
70 %
82%
55%
5
72
*105%
4
x
M N
P
72
89%
1
10*4
40
92%
72
aaa2
x
S
42%
*91
—
72
3
A
♦Tyrol Hydro-El Pow 7 Ha-1956
♦Guar sec 8 f 7
1952
98
91%
102
Youngstown Sheet A Tube—
J
1st 6s dollar series
11
60
95
*100%
3
102%
120
103
Conv deb 3*48
72
28
110
102%
104*4 110*4
115
14
8
♦Certificates of deposit
Third Ave Ry
1
mm-
Winston-Salem S B 1st 4s... 1960
72
53%
5
94%
z
128*4
120
-
-
115
70%
Wilson A Co 1st M 4s A
88%
-
-
109%
13%
J §♦ Wilkes Bar A East gu 6s. 1942 J
5
70
106H 109H
110
mmrnd
White Sew Macb deb 0s
74
25
5
109%
89%
Wheeling A L E RR 4s
Wheeling Steel 4%SBerle8
92
53%
-
37
00
m —
69%
73%
Registered
103% 105
x
-
m
14
West Shore lat 4s guar
100%
55
-
—
40
31
-
198%
90
90*4
10
69%
25-year gold 5s
128%
102
5
78
30-year 5a
I960 M 8
J
♦Westphalia Un El Power 6s. 1953 J
113
76%
69
104%
105
aaa4
y
30
106%
44%
79
50
63*4
bb
1940 M
♦5s assented.
104% 111%
105%
1
65
102%
x
Western Union Teleg g 4Ha. 1950 MN
111% 115%
6
9H
115
Ox
101% 106%
100% 106%
——
91
J
1977 J
!♦ Western Pac 1st 5s ser A—1940 M 8
81
86
83
109%
Ox
24%
15
51
111%
90
91
106%
x
1st A ref 5 Ha series A
West N Y A Pa gen gold 48—1943 A
106%
2
104 %
J
1952 A
Western Maryland lat 4s
101%
105
*113%
110%
J
1953
Studebaker Corp conv deb 6a 1945
Superior Oil 3 Ha debs
1950
1st mtge 3 Ha series I
1960 J
West Va Pulp A Paper 3a... 1954 J
108% 112
102
109%
24%
23
2
63
9H
4H
4
*126%
aa
82
9*4
4*4
108 H 109%
aa
76
9*4
4H
42
90
44
aaa4
x
y
1950 M N
J
Tenn Coal Iron A RR gen 5s. 195
Term Assn St L 1st cons 5s—1944 F
Gen refund a f g 4s
1953 J
Texarkana A Ft 8 gu 5 Ha A. 1950 F
Texas Corp 3b deb
——.1959 A
3s debentures
1965 M N
Texas A N O con gold 5s
1943 J
Texas A Pacific 1st gold 58—2000 J
Gen A ref 5s series B
1977 A
Gen A ref 6s series C
1979 A
Gen A ref 6a series D
1980 J
Tex Pac Mb Pac Ter 5 Ha A. 1904 M 8
J
gtd.1950
Gen mtge 3Hs
79
108%
x
*78
42
101H 1O0H
75%
aaa.t
x
bbb2
Swift A Co 1st M 3*48
x
D
—rnmm
106
90
78%
b
A
West Penn Power 1st 6s E..1963 M 8
x
debenture
40
A
..1907 J
Wee tehee ter Ltg 6s stpd
y
1945 F
1945 F
95
1961
2*48
5
*56
61%
79 H
J
f♦Spokane Internat 1st g 5s_1955
Standard Oil N J deb 3s
4%
*30
42
1968 J
1st A ref 3s series C
45
b
83
y
J
y
2
bb
J
A
2
ybb
A
54
5
44
2
ybb
A
M
86
— -
17
5
13
38H
4H
-mm-
86
164
mm
13H
7
5%
*105
2
95
—
51
m
4%
bbb2
58
-
—
5
5
93%
-
—
40%
28
9H
4%
57
-
m
20
41
»
—
5
95
-
-
5
57 %
„
48
10H
9
12
*
109%
30*4
25*4
13
.
*7%
8 y b
8 z cc
y
A
10
102
29
45
*10
O y bb
O y b
1955 A
6s debentures
1981
58
14%
111
G A W—
1946 J
2
24
45
cc
1950 A
1955
1st 4s stamped
1955
Southern Ry 1st cons g 58—1994
Devel A gen 4s series A
1956
Devel A gen 6s
1956
Devel A gen 6 Ha
1956
Mem Dlv 1st g 5s.
1996
St Louis Dlv 1st g 4s
1951
So'western Bell Tel 3 Ha B—1964
22
14
cc
z
-
43
*27%
cc
O
1980 A
-
26
109
41%
cc
z
z
O
10-year secured 3 *4 a
4s
108
1
-
—
68%
b
148
So Pac RR 1st ref guar
68H
108
cc
Walker (Hiram)
107%
ybb
y
1st 4 Ha (Oregon Lines) A. 1977
1908
Gold 4 Ha
Gold 4 Ha.—
Gold 4 Ha
106%
38%
106%
bbb4
x
78
54%
82
67
cc
♦Ref A gen 4 Hs series C—.1978 A
97% 102%
51 H
70
*77
b
♦Ref A gen 5s series D
1940
Southern Kraft Corp 4 lis
40
ccc2
z
*♦ Wabash Ry ref A gen 5 Ha A '75 M S
♦Ref A gen 5s series B
1976 F A
106
101
z
J
♦Omaha Dlv 1st g 3 Ha—1941 A O
♦Toledo A Chic Dlv g 4s..1941 M S
101% 100%
6
102
A
1954 J
|*Des Moines Dlv 1st 4s.. 1939 J
110%
1939 F
♦Det A Chic Ext 1st 6s
119
104
20
108%
104%
bbb3
l*2d gold 5s
High
107
2
2
♦1st lien g term 4s
102%
115
-
b
tjOW
10
47%
68
aaa2
z
No
High
110%
47%
2
aa
x
...1939 MN
}♦ 1st gold 5s
69
12%
94
106%
aaa3
x
x
Southern Colo Power 6s A..1947 J
8
69
x
Since
Jan. 1
110%
Va Iron Coal A Coke 1st g 5s. 1949 M 8 y ccc3
Va A Southwest 1st gu 5s...2003 J
J y bbb2
lat cons 5b
1958 A O ybb 2
S
Range
Ask
A
Low
& Indus. Co*.(Conct.)
c
F
3s debentures
Railroad
Bid
Price
See k
Bonds Sold
Friday's
Sale
Rating
c
1952
5s..1963
Tel 3%s—1962
High
Range or
Last
EUO- db
EXCHANGE
z
z
Skelly Oil 3s debs
STOCK
Week Ended Oct. 25
z
F
Simmons Co deb 4s
Y.
A
1946
Corp coll tr 78—1941
Slleslan-Am
N.
A
J
Shinyetsu El Pow 1st 0 Ma
♦Siemens A Halske deb 6 %s.l951 M
♦Silesia Elec Corp 0%s
No. Low
High
Low
Railroad & Indus. Cos. (Com.)
^♦Seaboard All Fla 6s A ctte.1935 F
♦6s Series B certificates
1935 F
Since
Jan. 1
Ask
A
BONDS
Range
Friday's
Price
k
■2
Range or
Bid
Week's
Friday
Pahk
Week's
Friday
Bank
N.
2465
New York Bond Record—Concluded—Page 6
151
■
65,000
39,000
6,081,000
104%
Friday
2,990,650
Total-...Vandalla cons g 4s soles A—1955
x
aa
2
*109
109
109
...1957
A Pacific RR—
x
aa
2
*109%
109
109
1934
1934
z
c
1
Cons s f 4s aeries B
Vera Cruz
§♦4 Ha July coupon
§♦4 Ha assented
off
I
z
------
1%
Week Ended Oct. 18
Sales at
1%
2
%
New York Stock
1940
Exchange
1%
Stocks—No. of shares.
1939
.
2,990,650
7,104,880
Bonds
1
Attention is
directed to the new column incorporated in
Total
this tabulation pertaining to
industrial.
$2,124,000
$33,830,000
4,252,000
26,536,000
4,546,000
34,612,000
176,851,000
1,062,268,000
$31,194,000
foreign
Railroad and
A
104,822,675
$406,000
Government
State and
Jan. 1 to Oct. 18
1940
$41,282,000
bank eligibility and rating
1939
222,898,728
$299,994,000
203,757,000
1,198,299,000
$1,272,949,000 $1,702,050,00n
of bonds. See note k aDove^
New York Curb
2466
Exchange—Weekly and Yearly Record
Oct.
1940
26,
NOTICE—Cash and deterred delivery sales are disregarded In the week's range unless they are the only transactions of the week
4
of the regular weekly range are
and when selling outside
No account is taken of such sales In computing the range for the year
shown in a footnote In the week in which they occur.
we furnish a complete record of the transactions on the New York Curb Exchange for
beginning on Saturday last (Oct. 19, 1940) and ending the present Friday (Oct. 25, 1940).
It is compiled
entirely from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or
bond, in which any dealings occurred during the week covered.
In the following
extensive list
the week
Weeks
Last
Sale
Par
STOCKS
Acme Wire Co common.
Range
of Prices
Low
Price
High
29%
29%
Range Since Jan. 1,1940
for
Shares
Loto
13
60
1
1
Class A
5%
5%
h%
May
22%
Jan
July
22%
Mar
4%
Jan
700
6%
Class B
0
000
Ik "2%
Investors common—*
pf
$6 preferred
*
Allegheny Ludlum Steel—
92%
6%
Mar
May
Apr
Benson A Hedges com
Conv preferred
30%
Apr
Apr
80%
108%
Oct
Blckfords Inc
Apr
Mar
Bliss (E W) common
50
z58
June
90
Oct
82
May
3%
98
July
111%
2
Feb
3
% May
Investment..
2%
...»
200
2%
159%
118%
preferred
100
Aluminum Goods Mfg...*
8
May
July
300
2,400
300
6%
108
Oct
Sept
Jan
192%
Apr
118%
Bourjols Inc
Bowman-Blltmore
18
May
11%
Feb
200
42%
May
150
90
%
78
99
100
35%
81
100^
85%
Amer Box Board Co com.l
Sept
Aug
4%
37
4%
35%
Oct
500
4
100
May
110% Mar
109% May
1%
Apr
49%
Apr
7% Apr
American Capital—
Class A common....10c
Common class B
S3
1%
Jan
2%
Apr
%
Jan
hi
Jan
10c
*
13
May
20%
_.*
65
June
80
preferred
15.60 prior pref
Amer Centrifugal
Corp
% May
1
Jan
Mar
39%
%
Class A with warrants.25
1
Class B
31 %
650
39%
Class Bn-v
34%
4%%
preferred
Corp
"34
100
112%
3%
10c
com
27
1
12.60 conv preferred...1
Amer Hard Rubber Co. .60
Amer Laundry
%
12%
32%
34
112% 113
3%
Amer Mfg Co common. 100
14%
Jan
Brlllo
British Amer OH coupon
Jan
20
May
May
2,000
2,400
8%
%
100
9%
26%
107%
200
"250
475
25
2%
22%
20%
800
*
29%
13% June
11% May
"l50
300
300
23
Amer Pneumatic Service.*
May
%
Amer Potash A Chemical.*
Republics
5
5%
1,400
Amer Seal Kap common
Aug
4% Aug
3% May
Jan
British Col Power cl A
Jan
JBrown Co 6% pref
Oct
73
Oct
Apr
Jan
Jan
Apr
May
»i«
36
Jan
Jan
%
Jan
109%
Apr
10% May
0%
Mar
hi
%
5,300
Mar
*
68%
68%
100
June
75
Jan
56 series preferred
*
12%
13
500
May
2% May
1
May
% May
17
Jan
American Thread
Anchor Post
6% pf..6
..»
2%
2%
2%
400
....
1%
1%
600
1
1
200
11
11
100
113
Fence
113
20
Augostura-Wupperman _.l
Apex Elec Mfg Co com...*
Appalachian Elec Power—
57
11
preferred..
lArcturua Radio Tube
0%
preferred
10
2%
2%
8%
8%
8%
55
May
Oct
99
60
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..1
Atlantic Coast Line Co..60
Atlantlo Rayon Corp..
1
108
2%
16
3%
16
3%
108
2%
17
4%
Atlas Corp warrants......
Atlas Drop Forge com...6
Atlas Plywood Corp
*
200
Apr
600
8%
Feb
15%
1%
Jan
Feb
»u
Apr
Feb
2%
Apr
68
108
Oct
May
Apr
May
4%
5%
July
11%
Jan
43
Feb
20%
20%
2,000
50
99% 100
250
13
100
13%
%
100
%
2%
2%
2%
17
6
13%
200
6%
13%
6%
700
Feb
Mar
May
1%
600
1%
Sept
2%
Aug
"i'%
"1,300
3%
700
Jan
%
Jan
June
1%
6%
7%
Feb
Jan
7%
40%
common."*
Carolina P A L $7 pref...*
$6 preferred
108% 108%
106
Carrier Corp common
Carter (J W) Co common.1
Casco Products
*
Castle (A M) common
CatallD Corp of Amer
106
20
700
39
28%
3%
Baldwin Locomotive—
Purch warrants for com.
preferred
.30
39
120
500
3%
29%
2,000
9%
9%
9%
2,200
31%
29%
31%
2,100
Baldwin Rubber Co com.l
34
May
3
8%
1,100
2%
123
7% 1st partlc pref
100
Celluloid Corp common.15
$7 dlv. preferred
..*
1st partlc
pref
4
com
76
76
14
77%
14%
preferred
95%
97
8%
9%
114% 114%
%
%
».
175
60c
preferred B
._.*
7%
Apr
$6 preferred BB
*
%
Apr
Oct
Cities Serv P A L $7 pref.*
$0 preferred
•
6
Basic Dolomite Inc com._l
Bath Iron Works Corp
1
11%
U%
11%
50
9%
9%
2,400
14%
15%
5,900
9% May
Baumann—See "Ludwlg"
4%
For footnotes
see page
%
4%
100
preferred
•
1%
8
May
11%
Oct
City Auto Stamping
*
City A Suburban Homes 10
3%
May
7%
16%
Jan
Clark Controller
Apr
Claude Neon Lights Inc..l
Clayton A Lambert Mfg..4
3% May
6
Jan
5%
Apr
12%
2471.
$0
Mar
2,900
4
Beaunlt Mills Inc com.. 10
51.50 conv pref
20
Chief Consol Mining
1
Chllds Co preferred
100
Cities Service common.. 10
Oct
1%
June
Feb
15
Mar
20
98
2%
30
200
7%
Jan
Apr
Feb
Jan
3%
Jan
13
Co
May
June
Jan
Jan
June
127
May
5%
Feb
34%
87%
May
Feb
17%
Feb
110%
200
0%
10%
25
95%
116%
May
1,800
*i»
May
May
May
Sept
Apr
Apr
%
Jan
%
Jan
%
Jan
2%
Jan
May
8%
Jan
May
2%
2%
Jan
40
91
2,400
3
%
1%
1%
"166
Jan
June
»u May
105%
Jan
July
Sept
4%
May
7%
Mar
10
June
13%
95
May
117
Apr
55
June
83
Apr
"266
6
May
*11 June
225
7
Aug
5,700
5,200
4
79%
49
May
May
May
May
7%
2%
4%
105
25
May
1%
June
1% May
20%
09%
6
8%
31%
1%
Beau Brummell Ties Ino..l
Co
4% May
1
15%
Strip
Apr
Barium Stainless Steel
12
325
Char Is
Apr
1
16%
May
May
May
1,000
25
preferred
100
Conv preferred
100
Conv pre! optser '29.100
Chamberlln Metal Weather
3%
4% May
7n July
Sept
5%
5%
100
80%
May
Apr
May
106
>i« May
95%
1
Jan
18
109
May
106%
7% pfd 100
Cent A South West Utll 50c
0%
7%
4%
27
Cent Pow A Lt
Cent States Elec com
124
25
14
»
18% May
Bardstown Distill Inc
Barlow A Seellg Mfg—
51.20 conv A com
63
May
15
2%
Jan
39
28%
May
97%
86
0
8%
Jan
Feb
May
27
"26
10
Chicago Flexible Shaft Co 6
Chicago Rivet A Mach___4
Tobacco—
1%
Jan
Celanese Corp ol America
Chesebrough Mfg
Sept
Jan
25
Apr
Mar
18
Feb
May
4%
*
Oct
2%
1%
May
Aug
10
Apr
Apr
9%
May
2%
Class A common
Jan
Apr
Mar
Jan
%
5%.
Corp common
10
Cherry Burrell common..5
Ayrshire Patoka Collieries 1
Jan
Jan
Apr
18%
4%
Feb
Babcock A WUcox Co
Jan
Jan
11%
600
1%
2,600
Jan
22
6
•
July
Mar
20
July
5%
*
Cent Maine Pow 7% pf 100
Cent N Y Pow 6% pref. 100
Cent Ohio Steel Prod
Mar
May
26c
Cent Hud G A E
4
9%
5%
6%
May
May
Jan
19%
2%
20
June
Oct
2%
Apr
1
Apr
6
May
6%
%
6%
Jan
2%
June
50
14%
2%
%
200
25
1
May
May
May
9
*11
25
Corp
16
90%
600
8%
w
Aviation A Trans
Jan
rii
x-w
w
28
8%
4%
May
%
May
1%
1,000
*
3% May
3% May
16
Aug
3%
38
700
8%
38
1%
8%
1
23%
11%
Warrants
7%
Jan
%
Jan
""366
16
1
%
0% preferred
0% preferred
Axton-Flsher
%
5%
Apr
July
%8
*T
Feb
»u May
1
5
Automatic Voting Mach__*
Avery (B F) A Sons com.5
*i«
June
3%
June
1%
38
8%
25
Marconi
Carnation Co
Jan
Oct
1% June
12
2
15%
30
Feb
Apr
Carman A Co class A
Class B
Oct
100
2,500
Auburn Central Mfg.....*
♦Austin Silver Mines
Automatic Products
10
1,100
May
Mar
Aug
May
«n
Feb
2%
2%
11%
May
1
18%
May
3%
7% partlo preferred
Can Colonial Airways
6% Mav
to common
1%
18%
Jan
Jan
Assoc Tel A Tel class A_.
5%
Sept
1%
Oct
Apr
Mar
Atlanta Birmingham A
Coast RR Co pref...100
May
8%
Feb
15
6%
%
May
Sept
115
0%
%
Mai
Feb
3$
%
May
Mav
1
22
Jan
Canadian Car A Fdy Ltd—
May
100
1%
July
May
10%
1%
Feb
4
500
Feb
Feb
1,800
2
4
4,200
20%
20
15
100
Camden Fire Insur Assn..5
Canada Cement Co Ltd
100
%
Apr
Cables A Wireless Ltd—
Am dep 5%% pref shs £1
Calamba Sugar Estate..20
Calllte Tungsten Corp
1
Oct
500
*18
Jan
17
1
Capital City Products
Carlb Syndicate
1%
Apr
Mar
19%
Aug
Canadian
%
14%
34
Oct
May
Jan
1%
Oct
%
Feb
4%
%
preferred
2%
60c
Apr
*
V
42%
100
Vot trust ctfs
Apr
Assoc Laundries of Amer *
Jan
May
June
%
1i«
Jan
4%
1%
%
2%
8%
Common
July
Apr
3%
49
rn
2
lAssoclated Gas A Elec—
Class A
250
60o
com
2%
Associated Elec Industries
Amer deposit rets
£1
May
Apr
Burry Biscuit Corp._12%c
Feb
800;
30
Feb
Cable Elec Prod
3%
5
5
*V4%
21%
2%
25
1% May
0% May
87
4%
May
1%
Apr
%
Apr
20
May
.10% May
30
May
10% July
Apr
Feb
22%
108
14%
2%
1%
1%
$160 preferred
$5 1st preferred
Bunker Hill A Sullivan 2.50
Burma Corp Am dep rets.
1% May
10%
Art Metal Works com....5
Ashland Oil A Ref Co
1
Apr
1% May
1%
Buckeye Pipe Line
50
Buff Niagara A East Pow
1,500
*
Mar
Mar
16
20
*
"GOO
..
17%
29
7%
Canadian Indus Alcohol—
Class A voting
*
'h
"2% "2%
2%
preferred
May
8%
108
1
Arkansas Nat Gas com...*
Common cl A non-vot._
Arkansas P A L 57 pref
Aro Equipment Corp
0
% June
$0
Brown Rubber Co com__.l
Bruce (E L) Co common..6
Apr
7% June
Brown Fence A Wire com.l
Mar
Jan
1%
8%
7%
May
Class A preferred
*
Brown Forman Distillers. 1
com *
13
600
*
Apr
Mar
1st >6 preferred
Corp
41
Jan
Apr
Feb
Aug
8
10
100
4
31%
34%
20%
18%
16%
29%
25%
June
05
10
200
»
113
% June
30
3%
10
*
Apr.
8I8
%
%
""466
38
*
Registered
1%
8%
2% June
3% May
Am dep rets ord reg
£1
British Celanese Ltd—
Am dep rets ord reg_.10B
Apr
14%
39%
May
13% May
05
May
100
Amer Meter Co
36
39%
19%
Mar
~2l"
~29
35
May
May
July
May
May
May
May
25
21
"i % "l%
_•
common
A
Apr
MOO
6,300
14%
1,400
Jan
45
June
700
Oct
6
Apr
%
200
39%
8
22% May
6%
%
8%
30
41
Feb
Mar
100
British Amer Tobacco—
Am dep rets ord bearer £1
"19% "if"
14
100
Apr
Mar
Sept
*
preferred
14%
40
2%
31%
%
2%
1,400
3%
Apr
Apr
May
%
*
Apr
May
11
17
1
Arn Superpower
Brill Corp class A
Class B
40%
•u
48%
3%
.9%
Jan
June
28
4%
3%
5%
9%
38
100
Mar
2,000
Amer Maracalbo Co
American
1%
Preferred
1%
26f.
.....
Bridgeport Gas Light Co
Bridgeport Machine
*
33%
3%
27%
29%
27
29%
25
preferred
Preferred
"9%
Jan
Mar
43%
4%
May
2% May
Aug
%
Aug
33% June
3% May
1% June
10% May
Apr
125
Mar
12
Feb
Feb
136
Sept
100
6%
%
3%
5%
3%
.1
% June
.
Mach_..20
Amer Lt A Trao com
6%
%
%
12 conv preferred
15
12%
Amer Foreign Pow warr
Amer Fork A Hoe com...*
American Gas A EHeo.._10
Amer General
"34% '39%
14
15
50
37
2%
100
Brewster Aeronautical.
Mfg Co
100
8%
32%
8%
June
%
*
com
300
31
.10
500
500
6%
25% June
22% June
Amer Cyanamld class A. 10
Amer Export Lines com._l
%
39%
8%
37
25
500
1
%
8
preferred
Class
31
25
200
1,000
39%
8%
Brazilian Tr Lt A Pow...*
Breeze Corp common
1
7%
7%
15
100
7% 1st preferred
2d
14
1
*
♦
Apr
%
Am Cities Power A Lt—
Class A._
7%
7% 1st preferred
Borne Scrymser Co
June
500
600
10% July
36% June
14%
Blue Ridge Corp com.
$3 opt conv pref
Apr
Apr
American Beverage com.. 1
American Book Co
17%
23
6j«
hi
High
May
July
May
July
Apr
May
30
25
35%
ht
*
Blumenthal (8) A Co
Bohack (H C) Co com
6%
100
88
common......
Feb
4
16%
Ltd common.*
preferred
40
108
35%
•
common
May
138%
Aluminum Industries com *
Aluminium
3
he
May
1%
Oct
17
19%
157% 169%
116% 118%
10
Allied Products (Mich).. 10
Class A conv com....26
Aluminum Co common—*
6%
2%
800
23
Purchase warrants
Blauner's
Low
3%
13%
1,400
1,500
0%% pf.100
A Machine Co com
111%
Allied Intl Investing—
S3 conv pref._.
Bell Tel of Pa
Range Since Jan. 1.1940
Shares
12.50 preferred
Birds boro Steel Foundry
July
Aug
5%
21
4
for
Week
114
Berkey A Gay Furniture. 1
"11
110
40
108
100
14%
AIlesA Fisher Inc com...*
Alliance
Bell Tel of Canada
Jan
79
100
7% preferred 100
20%
3%
May
101% 103
92%
93
78
Southern..60
High
1
com
1% May
17%
Jan
% May
"166
Warrants
Alabama Power Co S7
May
Low
Price
4%
4
Conv preferred
Alabama Gt
7
Bellanca Aircraft
of Prices
1
Beech Aircraft Corp
Bell Aircraft Corp com
10
Alnswortb Mfg common.
Air Associates Inc (N J)__l
Air
Par
High
Week's Range
Sale
(Continued)
Supply Mfg—
Aero
Last
STOCKS
Week
20%
10,
Sales
Friday
Sales
Friday
.....
105%
.....
11
9%
5%
79%
7%
75%
97%
93
9%
5%
72
150
10
5%
7%
800
75%
90
96%
80
85
89
93
300
75
6%
9%
400
6%
9%
200
%
Apr
Mar
Jan
45
98
0%
May
79%
July
4% May
May
6
12
400
%
May
May
200
3%
Mar
1
Oct
11
29%
May
4%
6%
68%
Oct
July
75%
Oct
116%
Mar
110
Mar
7%
7
10%
%
6
Feb
Apr
Jan
Mar
Oct
Volume
Sales
Friday
Last
Week't Range
for
Sale
of Prices
Low
High
Week
Price
High
Low
Feb
Feb
Eversharp Inc com
2%
Apr
Falrchlld Aviation
1
May
500
4
1
Club Alum Utensil Co...*
2
May
Cocksbutt Plow Co com..*
3% Sept
6% May
42%
5
42%
♦
♦
4%
4%
Cllnchfleld Coal Corp.. 100
Cobn & Roeenberger Inc.*
May
%
ord...
6% conv preferred
£1
Colorado Fuel A Iron warr.
4%
Patent Fire Arms.25
80 %
5
4%
3,400
3% May
3% May
3% May
Feb
Falstaff
8%
Jan
Fanny Farmer Candy
2%
Jan
Jan
7% May
250
61
June
70%
Feb
800
1H May
'2%
Jan
Florida P & L $7 pref
33J
*32
8,200
Jan
*3a
Oct
Distribution.. 1
1%
1%
Jan
25%
1%
26%
100
Community Pub Service 25
300
21%
June
May
Fldello Brewery
Commonw
%
>i«
%
Community Water 8erv..l
1% June
38%
Apr
%
Apr
preferred
*
Conn Telep A Elec Corp._l
S3
1%
1%
1%
1%
76%
118%
109%
1%
26%
1
1%
1%
Consol G E L P Bait com.*
75 %
74%
Consol Biscuit Co
%% series B pre!
4% pref series C
100
100
118%
109%
Utilities
1
1%
Consol Mln A Smelt Ltd..5
26%
4
1.400
100
800
Sept
18
Feb
May
45
Feb
%
1%
Aug
May
67%
May
1%
5%
9%
8%
*
30%
...
Copper Range Co..
•
Cornucopia Gold Mines 6c
4%
.1
*
1%
Corroon A Reynolds
36
preferred A
9%
7%
100
500
1,500
110
4%
1%
June
18
8%
Crocker Wheeler Eleo
Croft Brewing Co
May
Oct
1%
3% May
84
May
conv
500
1,050
1%
67
100
40
1,400
4%
he
200
4%
1%
"166
700
5%
11%
12
11%
200
8%
June
17%
Jan
50
8%
July
17
Apr
%
May
Aug
May
1
"~5~
3%
100
1%
8%
19%
8%
May
rll%
400
16%
May
21%
1,200
19%
May
23
26
100
12
July
27%
29%
275
12
May
29%
42%
49%
525
30
May
49%
16
partlo pref
Conv
S3
conv
stock
97%
1%
6%
Apr
General Alloys Co
Jan
98
%
8%
Jan
May
*
16%
*
Gen Fire proofing com
30%
5%
%
Oct
S8
Feb
Feb
Gen Pub Serv S6 pref
Feb
Gen Rayon Co A
1
$6 conv preferred
*
Aug
24%
May
3% May
6%
Gen Water G A E corn
July
8%
Feb
»ii May
1%
Feb
Jan
22%
May
May
%
May
Preferred
112
Feb
Class
8
Oct
57
4%
Jan
July
19
Feb
18%
May
19%
Jan
May
32
Feb
4%
May
8
Jan
3
June
5
Feb
1
Sept
Sept
Apr
1%
30
Feb
Oct
Oct
103
Jan
2
37%
May
Jan
May
91
4%
July
49
9%
4,500
"5% "5%
'""loo
8%
28%
•
Non-vot com stock
1st preferred
28%
5%
5%
100%
May
11%
Oct
Greenfield Tap A Die
15%
%
May
17%
Oct
100
May
1%
Oct
1%
600
1%
Feb
2%
Mar
1%
Apr
40%
8%
Grocery Sts Prod com..26c
Guardian Investors
1
Jan
S6
21%
28
Apr
Hall
Apr
zlO
Apr
HammermllJ
14
Oct
1%
new__2%
June
15%
1%
Sept
Apr
25
7%
Dobeckmun Co common. 1
4
7%
4
7%
1,300
4
100
6%
100
28%
Dominion Steel A Coal B 26
6%
5%
Dominion Tar A Chemical*
*
10
Driver Harris Co
69
69
10
100
2%
2%
600
73%
2%
100
73%
150
67
Mar
78
Jan
May
1%
Jan
64
1
1
1
7%
6%
7%
600
•
9
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
10
3%
800
56%
1,175
1,900
10%
13I6
*
10%
150
l3ie
2%
8%
Jan
Apr
12%
Jan
4
Mar
May
56%
Oct
12%
May
35%
Sept
8%
May
%
Mar
10%
13
May
28
16%
100
14
May
28
4%
12%
100
6%
26,200
17
17
17
36 preferred series B
*
16%
16
Easy Washing Mach B
♦
4%
Economy Grocery Stores _♦
12%
5%
150
11%
Jan
May
114%
Apr
May
135
5%
325
40%
8%
100
Apr
Hubbell (Harvey)
Jan
Jan
64
65%
1,000
73
73
74%
3,700
May
75%
Oct
•
16%
17%
300
7%
May
20
Jan
400
%
May
75
3%
300
3%
Empire Gas A Fuel Co—
100
100
7% preferred
100
8% preferred
100
Empire Power part stock.*
Emsco Derrick A Equip..6
preferred
Equity Corp common.. 10c
33 conv preferred..
1
May
14
May
29%
Apr
Sept
5%
May
July
80%
Oct
2%
Jan
Common
110%
40
102
June
111%
Jan
113
40
107%
May
115%
Sept
8
900
6%
Feb
May
40%
75
83
330
57
June
88
July
6% conv preferred
83
77%
240
57
May
86
July
76%
475
55%
83%
77%
June
88%
July
66
June
87
July
24%
8%
May
Mar
26
Jan
%
May
•h
Feb
Aug
25%
Mar
2%
Sept
6%
Apr
3,400
20%
20
2%
2471
20%
575
2%
200
19
Apr
May
May
70%
Apr
%
Sept
1 %
Sept
%
Jan
Feb
July
200
2
200
1%
Jan
2%
5%
300
4%
May
8%
6
May
19%
100
6%
1,900
11
100
4
4
29
Apr
Jan
May
3%
May
May
11
22%
Sept
May
%
7
7%
Jan
May
May
7%
Jan
14
Apr
12%
Apr
11
Mar
23%
24
100
70
71
"75
18
70
18
100
May
27%
24
June
27
Ma*
8
24
May
13
Apr
60
May
92
May
Jan
May
22%
June
10
Jan
z6%
May
12
Jan
9%
May
14
Jan
13%
6
Apr
14 %
Feb
14%
Feb
29%
2%
Jan
36%
Apr
Aug
3%
Apr
120
29%
30
55%
57%
Jan
26
May
108
175
July
13%
57%
2,700
6%
7
400
6%
7%
150
May
47%
4%
May
Feb
11
Jan
Illinois Zlno Co
Illuminating Shares A
8
Oct
June
1
120
:<5%
112%
19%
68
Jan
Apr
May
Apr
Jan
9%
8%
May
June
50
•
*
Imperial Chemical Indus—
Am dep rets regis
£1
Jan
4%
May
%
10%
Feb
6
July
10%
Feb
2%
Feb
1%
Oct
1%
June
47%
Apr
6%
May
3
Jan
100
28%
3%
3%
200
2%
May
Mar
27%
28%
1,200
21%
May
33%
Apr
6%
6%
900
4%
May
7%
700
4
Mar
Aug
9%
7
7%
Mar
55
June
63%
Mar
37
28
Div arrear ctfs
84
83
84
83%
175
14
1%
11
7% pref stamped
100
7% pref unstamped.. 100
Hydro-Electric Securities *
Hygrade Food Prod...-.6
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co—•
83
—1
For footnotes see page
Jan
21
76
E! 6% pf IOC
preferred
3%
10%
~2~8~% "29"
3%
Jan
IHuylers of Del Ino—
64
•
1
Jan
Hussmann-Llgonler Co...
*
16
4
Jan
%
39 %
110
19%
Hummel-Ross Fibre Corp
Oct
preferred
Elgin Nat Watch Co
Emerson Elec Mfg
6
♦
66
preferred
Electrographlc Corp
2%
Mar
100
Ino
May
61
Apr
Apr
June
1%
50
Humble Oil A Ref
8%
Oct
Jan
49%
10%
*ii
Co com*
preferred
4%
3% May
42
May
25%
16
Baking..*
•
17%
35
2
6%
Hardart
6%
1,800
C) Co common. .1
May
36
1%
Hormel (Geo A) A
A
June
36
"306
29
Holopbane Co common..*
Horder's. Inc
--*
Horn
Apr
50
5%
1%
1
Heyden Chemical.,..
10
Hires (Chas E) Co
1
Hoe (R) A Co class A... 10
Holllnger Consol G M
5
Horn A Hard art
88
Apr
3ii
25c
*
Class A
*
Heller Co common
2
Preferred w w
26
Preferred ex-warr
26
Hewitt Rubber common..6
Horn (A
Oct
Sept
8
20%
Rubensteln
Apr
Oct
4%
500
*
com..5
6% conv preferred
Apr
Elec P A L 2d pref A
warrants
Corp
June
2%
12
!
vot common
Apr
1%
25
♦
6%
July
26
100
37 preferred series A
Elec Bond A Share com..5
May
5
May
35%
Eastern Malleable Iron..25
Jan
1%
55%
3%
May
May
34%
Apr
Apr
Sept
1%
6%
56%
3%
79%
2,700
34%
Common.............*
32%
110
May
% June
%
300
Duval Texas Sulphur
Mar
28%
June
Hat Corp of America—
Helena
18
June
%
Hecla Mining Co
Mar
June
cl B com *
Duro-Test Corp common. 1
Eastern States Corp
Mar
20%
107%
69
DubUler Condenser Corp.l
.100
100
H axel tine
Hearn Dept Stores
56%
67
preferred.....100
June
4
1
Harvard Brewing Co
non
Apr
18
26
Hartford Rayon v t 0
B
1%
100
10
Paper
Eleo Light
Jan
Mar
May
June
4
Jan
Apr
Apr
Oct
Apr
62
Lamp Co
May
May
28%
8
12%
6%
June
Feb
Feb
25
113
13%
9%
7%
25%
5%
4
25%
Dominion Bridge Co Ltd.*
Draper Corp
Mar
13
reg—-£1
Dlvco-Twln Truck com_.l
•u
Jan
Apr
Apr
105
300
Hartman Tobacco Co..
Distillers Co Ltd—
*16
1%
preferred
Hartford
Oct
5%
®"l6
28%
110
Gulf States UtU S5.60 pf
22
Sept
10
♦
Gulf Oil Corp
Sept
Apr
Oct
123%
26
May
11%
Aug
4%
28%
101%
99
100
%
Apr
May
1%
10
Gt Northern Paper
12%
Apr
6%
9%
32%
II
100
De Vilblss Co common.. 10
28%
Apr
May
6%
Apr
5% May
*""l"66
25
Feb
Mar
7%
6%
18
*16
101%
Oct
92%
50
Gray Mfg Co
Great Atl A Pao Tea—
300
55
4
Mfg common.. 10
300
Aug
Mar
40%
17%
1%
22
May
10%
41
87 %
300
Grand Rapids Varnish... 1
7%
108
May
May
oreferred
S3
Aug
May
32
88
Gorham Inc class A....,
Gorham
Jan
Apr
150
Mines.. 1
Goodman Mfg Co
1%
81
98
»
Goldfleld Consol
Aug
June
96%
*
B.._
•i«
75
•
preferred
/10
%
21%
Apr
Apr
39%
98
7%
1
1
20
Godchaux Sugars class A.*
2%
May
Aug
6%
2% May
84%
48
May
8
Jan
20
Mar
Mar
98
May
600
90
200
»
Co
Apr
May
May
*11
*16
preferred
Gilchrist
Apr
Mar
39%
•
Georgia Power S6 pref...*
56 preferred
•
Gilbert (A C) common...*
May
65
64%
1
Apr
Apr
4
Apr
Apr
7ii
19
100
preferred A
%
1%
108
1%
Feb
41
63%
General Tire A Rubber—
""30
100
60
Mar
16
Jan
Feb
Feb
June
Jan
15%
16%
63%
1% May
May
May
%
stock...*
Common
is
9
General ShareholdlngsCorp
S3
Aug
%
Feb
6%
Jan
1%
26%
«
1%
77%
Jan
78
65
uo%
100
Oct
July
*64
Gladding McBean A Co..*
Glen AJ den Coal
3%
10
Gen Outdoor Adv 6% pf 100
*
preferred
Apr
l'ooo
500
"400
Warrants
Feb
~~5%
16%
53
53
8%
100
15%
""%
Investment com.l
General
10%
"ioo
Oct
90
25
Gen Gas A El 6% pref B_*
Jan
1%
3%
Oct
Feb
4%
Amer dep rets ord reg.£l
Apr
Jan
26
July
% May
52
100
6% preferred
Apr
%
Apr
20%* Apr
32%
Jan
Gen Electrlo Co Ltd—
Jan
7%
11%
200
85%
July
Diamond Shoe new com..*
.......
8%
19
20%
1
Common
2%
29
10
4%% prior pref
preferred
8%
"20%
Jan
Froedtert Grain & Malt—
13%
3
Det Mich Stove Co com._l
6%
Apr
Aug
14
1%
1%
Duke Power Co
Oct
1%
Gatlneau Power Co—
21
5%
17%
preferred
19%
Jan
May
'io% lo%
20
preferred
»i«
65
Jan
%
Feb
16
Detroit Gray Iron Fdy...l
Detroit Steel Prod
May
1%
12%
5
"~3% "3%
100
Detroit Paper Prod
May
3 %
June
50
500
300
♦
Detroit Gasket A Mfg—.l
Esquire Inc
Feb
%
5%
com..6
60
6% preferred w w
23
1,100
1%
A conv preferred
6 %%
3%
19%
1%
1
8% debenture
6%
Oct
June
4% oonv preferred... 100
Jan
6,000
1,800
lio"
Derby Oil A Ref Corp com*
Empire Dlst
115%
I
84% May
%
6
'"1%
1
35
Stores
Option
Feb
500
Oamewell Co S6 conv pf..*
May
%
Decca Records common.. 1
Durham Hosiery
Apr
70
19%
Jan
10%
Davenport Hosiery Mills.*
Dayton Rubber Mfg
Jan
18
pref.100
Curtis Mfg Co (Mo)
5
Darby Petroleum com...6
7%
Oct
he
Aug
May
1
Jan
11%
12%
1%
Cuneo Press 6 %%
5%%
275
Amer dep rets... 100 free
Franklin Co Distilling
39%
3%
May
*
Cuban Tobacco com
Am dep rets ord
61%
1%
1
May
11%
4%
7% conv preferred
25
Crystal Oil Ref com
*
36 preferred
10
Cuban Atlantlo Sugar..-.5
Distilled Llauors
60
11
Fuller (Geo A) Co com
6% May
%
1%
Crown Drug Co com...25c
7%
4,500
15
1%
*
Oct
7
(Md).6
36 prior pref
Sept
Mar
Jan
11%
*
Class B voting
May
4
1,100
4%
12%
Crown Cork Internat A.
Dennlson Mfg cl A
Class A non-vot
6% May
2% Sept
Crowley, Mllner A Co—*
Delay
8%
36%
May
Ford Motor of Canada—
2%
"i"s66
4%
1
1
6
*
1
Creole Petroleum
May
%
1%
Apr
100
10
60
£1
6% conv preferred
Courtaulds Ltd
Class A
May
113% 115%
109%
Jan
30%
30
66%
1
Cosden Petroleum com..
Crown Cent Petrol
Apr
Apr
Mar
1%
*
Am dep rets ord ref...£l
1
Sept
1%
6
~~7~% ~~8%
8
*
com..
93 prior preference
May
15%
%
65%
%
65
Fruehauf Trailer Co
108
%
1
Roll A Steel
Cook Paint A Varnish
Cooper-Bessemer
6%
10%
28
June
9%
%
1
Feb
60
600
Continental OH of Mex._.l
Cont
Feb
120
94%
94
7% prior pf 100
3%
83%
May
75
100
10
preferred
Oct
111
1%
Consol Steel Corp com...*
Consol Royalty Oil
1%
30
Consol Retail Stores..— 1
Cont G A E
May
Fox (Peter) Brewing Co..6
300
10%
42%
12%
12%
1
Conn Gas A Coke Secur—
8%
June
Ford Motor of France—
Compo Shoe Mach—
Vtcext to 1946
Consol Gas
Sept
17% May
Apr
2
12%
Motor Co Ltd—
Ford
Commonwealth A Southern
4
May
July
31
5%
Fire Association (Phlla) 100
1%
63%
1%
Oct
7%
33
Flat Amer dep rets
63%
May
Oct
8
Fed Compress <k W'h'se 25
4%
Columbia Gas A Eleo—
1
50
24
Metallurgical...*
Fedders Mfg Co
6
88
_.
800
Fansteel
24
1
May
Warrants
200
1
Brewing
67
Columbia Oil A Gas
8%
4%
High
22
6
4
Falrchlld Eng <fc Airplane. 1
6
950
100
Low
250
1%
80%
6% preferred
Range Since Jan. 1,1940
Share
22%
22
8%
79
Colt'
High
1
May
30
Cleveland Tractor com
22%
Eureka Pipe Line com..60
May
48%
7%
100
Cleveland Elec Ilium
Low
Price
Par
for
Week
of Prices
Sale
(Continued)
Shares
Week's Ranae
Last
STOCKS
Range Since Jan. 1,1940
STOCKS
Par
Sale
Friday
(Continued)
Colon Development
2467
New York Curb Exchange—Continued—Page 2
151
7%
37
6%
Jan
Jan
New York Curb
2468
Friday
STOCKS
Sale
Par
of Prices
Low
Price
Imperial Oil (Can) coup..*
Sales
'eek's Range
Last
(Continued)
7
7%
*
7*
-*
Imperial Tobacco of Can.6
Imperial Tobacco ol Great
Registered
Britain
A
7*
7%
Friday
Range Since Jan. 1, 1940
for
1,000
6% June
5% May
7% June
100
Indiana Service
6% pf-100
7% preferred
—.100
IndplaPA L0*% pf—100
Par
Hihg
12%
Jan
12%
Jar
13 X
J»n
3
15
*
3%
14*
15
17* 17x
111% nix
July
24 %
Feb
700
3
Sept
4%
July
110
10
Mar
20
10%
Mar
30
102%
May
22
21%
113
Apr
Apr
Jan
Oil—
Indian Ter Ilium
% May
% July
Feb
Feb
Industrial Finance—
V t c
common.........1
Insurance Co of No Am. 10
International Cigar
9
6 9*
Mach *
66X
19%
Jan
%
Ah.
Jan
ht
100
preferred
7%
16%
Apr
60
Pref $3.50 series
Jan
2%
Apr
$1.76 pref erred..
Jan
8 %
June
19«
Feb
June
May
Feb
May
Sept
19%
5H
IX
Sept
9%
Mar
%
18%
37
X
5% May
Apr
X
1
7%
A
500
12
May
17 X
Feb
X
July
2X
2X
1,000
Xyf IX
500
1%
May
Z% May
May
2%
80
90
50
97
si#
ht
100
Feb
103
May
109
95H
Apr
Sept
38%
17,400
Mar
Oct
5i#
Oct
18
June
38X
20*4
32
100
May
27 X
120
Oct
Mar
Mar
hi
113
6
5%
6
200
Kimberly-Clark 6% pf.100
Kingsbury Breweries
1
Kings Co Ltg 7% pf B.100
6% preferred D
100
Kingston Products
...1
Kir by Petroleum
1
June
5
May
7%
Mar
3X
Kennedy's Ino
May
OX
Apr
Jan
112%
111
hi May
80
Oct
65
June
Jan
Mar
95
Mar
73%
Mar
May
2
Jan
June
2%
Jan
Ti# June
1,400
1
1%
IX
IX
Jan
Klrkl'd Lake G M Co Ltd.l
17111
Kelln (D Emll) Co com..*
10?4
1
*
Sept
15
Apr
8%
3%
KlelnertG B)Rubber Co. 10
Koppere Co 0% pref
Kresge Dept Stores—
May
May
Aug
July
Sept
10%
Jan
8%
Oct
May
90%
May
8
-
8%
Apr
100
88
88
4% conv 1st pref
100
Kress (8 H) special pref-10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
49
49
12*
12*
100
11 %
June
12%
Apr
5*
44*
5*
100
4%
May
r0%
44*
10
36%
44%
14
15*
3,100
25%
Jan
4
4*
700
9%
2%
Aug
July
Apr
Oct
May
4%
Mar
Lake flhores Mines Ltd...l
14
Lakey Foundry A Mach_.l
Lane Bryant 7% pref.. 100
Lane Wells Co common..!
20
75
20
49
Oct
z71
....
11
11
200
Jan
9% June
75
Apr
100
12%
May
May
Langendorf Utd Bakeries—
•
15%
Apr
10 X
Feb
Class B
♦
4%
X
Aug
6%
Mar
Apr
%
Feb
4%
Apr
*
Lehigh Coal A Nav
*
Leonard
1
3X
700
1%
May
May
OX
2%
3%
Oct
X
2%
X
300
%
May
%
Jan
May
35%
Jan
7X June
12*
Apr
July
22*
Mar
June
1%
Apr
Oil
Develop
25
Le Tourneau (R G) Ino-.l
Line Material Co..
5
Llpton (Thos J) Inc—
21
"9%
13%
Lone Star Gas Corp
10
"150
13
IX
13%
14
150
9%
10
2,200
1
2,400
34
325
24
31X
525
24
IX
4%
5,300
102% 103*
30
IX
X
100
10
May
14
7%
May
10* May
%
May
Oct
Long
Island Lighting—
Common
1
31
31
29
29
X
100
Ludwlg Bauman A Co
com •
Conv 7% 1st pref
100
Conv 7% 1st pf v t o.lOO
$6
conv
preferred
6
June
1
IX
4%
92
Mar
21
Loudon Packing
?._.._*
Louisiana Land A Explor.l
Louisiana P A L $0 pref..*
1%
48*
44 *
2*
OX
106*
Jan
June
1%
3X
20
22X
22
22*
300
%
100
X
1
Jan
20
June
X
1%
•
30
Manlschewltz(The B) Co.*
Mapes Consol Mfg Co...*
Mar gay Oil Corp
*
25
Marlon Steam Shovel..
•
Mass Utll Assoc
t o._
9X
*
9%
2%
9X
200
1
common
Massey Harris
v
Master Electric Co
May
May
May
3%
3%
2,100
"2% "2%
"166
9%
2
May
31%
32
350
$4 pref with
Mead Johnson A Co
*
5X
5X
4X
Merchants A Mfg cl A
3X
Par tic preferred
0%
preferred
Jan
Apr
700
140
4X
100
com
28
4X
28
National Candy Co
•
National City Lines com.l
$3 conv preferred
60
National Container (Del).l
National Fuel Gas
*
Nat Mfg A Stores com
_•
National P A L $0 pref...
National Refining com...*
26c
1,100
National Tea 5 * % pref. 10
National Transit
12.50
Nat Tunnel A Mines
*
4%
85
85%
75
%
2
2
100
26
Jan
30
Jan
* May
*
Apr
2* May
2* May
4* May
700
Jan
4*
4*
Jan
Feb
6* May
500
18
12
200
11*
15*
9*
May
21*
Apr
250
*
700
*
July
0* May
11* May
142
17*
Apr
Mar
0
June
10
Mar
76
20
132
11*
14*
9*
May
81*
Jan
8* May
* May
11*
*
Apr
31
Jan
11*
Feb
125*
25
10
July
10
Feb
300
11
June
50
35
May
15
11
11*
"93"
15
43*
43*
11*
1,100
11*
11*
800
"93"
"94*
""725
"4* "4%
"260
7*
10
May
June
1* May
70* June
2
July
3* May
13*
May
Jan
17*
Apr
47*
Apr
14* May
13*
Jan
3*
Feb
97*
Jan
3*
Apr
0*
Feb
24
~~~7~X "7%
"10
""266
June
64*
Jan
7
May
11*
8*
Mar
12*
Apr
2*
Oct
6* May
8*
Jan
Feb
100
3
May
6
Neptune Meter
7
7
100
4* May
* Aug
8
Oct
1
Jan
10
Nevada-California
3%
cum
New Engl
1
May
* May
8
May
110*
May
84* May
class A
*
Nestle Le Mur Co cl A...»
*
200
62*
100
* ?
1* July
12*
Jan
117*
Apr
84* May
Jab
Elec—
Pow Assoo
60*
*
26
New Mex A Ariz
Land—.1
New Process Co
1
N Y Auction Co
com....*
Apr
May
13*
70*
Jan
Jan
18
*
100
New Idea Inc common
New Jersey Zinc
30*
55
May
25*
Jan
110* June
3* June
130*
Apr
May
18* June
8* June
4% non-cumlOO
preferred
$2 preferred
*
New England Tel A Tel 100
New Haven Clock Co
•
64*
116* 117
4*
4*
14*
14*
63*
65*
50
100
100
1,750
1%
1*
3*
*00
8*
10*
May
15*
49
May
67
*
100
3*
July
1*
20
July
2
Feb
30
3*
8* Sept
16* May
Apr
Apr
Jan
Apr
Apr
City Omnibus—
Warrants
N Y A Honduras Rosarlo
10
N Y Merchandise
...10
N Y Pr A Lt
17*
115* 116
105
105*
200
Apr
Jan
9*
Mar
103* May
1)8*
Jan
30
98
May
18
18
19
600
11
May
98
May
27
27
27
50
5
7,200
*
15
28*
May
7
7% pref..100
preferred
450
18
109
Jan
Shipbuilding Corp—
6*%
preferred
100
Jan
6% 1st preferred....100
5% 2d preferred
10
100
Class A opt warrants...
Clasa B opt warrants...
Niagara Share—
Class B common
5
Oct
May
10
Jan
29
Feb
Class A preferred
Oct
17
Nllee-Bement-Pond
•
6*
5
4*
81*
68*
4%
Feb
July
2*
Feb
73
30
00
May
May
May
May
9%
170*
Apr
5*
18*
4
Jan
23*
108
Apr
May
4*
800
"63* "63*
"266
4*
6%
6*
Oct
*
Mar
Jan
Oct
*
Jan
Oct
3%
Feb
Sept
42*
Jan
7%
preferred
Ogden Corp
Feb
5*
Feb
Feb
June
99*
May
Sept
71* May
9* Mar
400
* May
1*
Jan
500
3* May
6*
Jan
"16
2,300
79
80*
450
67
* May
May
1*
103*
Jan
Mar
24
100
15
May
26*
Apr
Jan
52
130
16
May
44* May
* Mar
2* May
26*
52
*
*
116
100
18*
10*
18*
Feb
'11
Jan
3*
Mar
95
May
110
May
116
30
97
May
May
3,000
119*
9*
15*
Sept
12
19
100
6
12
62
120
105* 106*
4
com
Ohio Brass Co cl B com.l*
Ohio Edison $0 pref
*
Feb
*
*
100
•
1
3*
•
Novadel-Agene Corp
Apr
«ii
24
80*
prior preferred...60
Northern Pipe Line.....10
Northern Sts Pow cl A..25
Northwest Engineering..*
Mar
87
U16
No Am UtlUty Securities. *
30 *
92
Jan
50
8
Nor Central Texas OH...5
Nor Ind Pub Ser 0
% pf. 100
July
Jan
6*
Jan
3* May
Apr
3*
*
•
Apr
7*
29
85
"63*
j
May
Jan
80
4%
5
II*
May
July
>»i
* May
1
$0 preferred
North Amer Rayon cl A
Class B common
Jan
May
8* May
1,000
Nineteen Hundred Corp B 1
NI pissing Mines
Noma Electric
Nor Amer Lt A Power—
17
325
83
69*
100
Apr
®D-'
171
15* May
July
22
4*
Ohio Oil 0% pref erred.. 100
Ohio Power Q% pref... 100
For footnotes see page 2471.
139* May
4*
Apr
Mar
J*
35
Jan
Nebraska Pow 7% pref. 100
Nehl Corp 1st preferred..*
Nelson (Herman) Corp...6
Mar
Oct
Jan
Apr
400
Apr
May
•11
1
2*
7*
May
1,200
25
Sept
200
X
Jan
"460
39
May
Apr
Sept
*
29*
1%
64
50
11*
9*
47*
* May
1* June
1,400
5%
Jan
2*
Common
Sept
X
Feb
Apr
"10%
Jan
Apr
2
117*
6*
*
25
Jan
25
Feb
Niagara Hudson Power
Jan
1,100
Oct
1
70* May
94
July
2*
Oct
Apr
Apr
May
30c
Nat Union Radio
Navarro Oil Co
Apr
42
3%
3%
17%
131
11*
15*
Nat Rubber Mach
National 8teel Car Ltd
•
National Sugar Refining.*
2
2%
25
28
4%
1
...16
3*
300
National Breweries com..*
2
July
May
5* May
24*
600
*
Hess
New York Transit Co
5
N Y Water Serv
0% pf.100
5
3%
*
3%
5%
1
Bellas
May
May
June
123
100
100
Nachman-Springfllled
Nat
Founders shares
1
New York State El A Gas—
May
Jan
11
1
0%% A pref erred... 100
Mesabl Iron Co
Metal Textile Corp
5%
154%
150
Memphis Nat Gas com..6
Mercantile Stores com
*
Participating preferred. *
Merrltt Chapman A Scott *
Warrants
Muskegon Piston Ring.2*
Muskogee Co common
*
—
150
*
N Y
IX
1%
21X
X
4X
1,200
2*
*
2*
6
200
7*
36
6
.♦
Common
*
warr
common
Jan
Mar
May
May
{Mountain States Power-
Apr
May Hosiery Mills—
McCord Rad A Mfg B
*
McWilliams Dredging...*
6*
36
10
Jan
54
...1
3*
6*
7*
$2.60
Mountain Rts Tel A Tel 100
$0
*
7% pref class A.....100
0% pref class B
..100
Lynch Corp common..
Manatl Sugar opt warr
Mangel Stores
3*
Mountain City Cop com.6c
Mountain Producers
10
N Y
0% preferred
25
Lit Brothers common....*
Locke Steel Chain
6
*
"9x "9%
3* May
•
com
Common
0%
Class A
Lefcourt Realty com
Conv preferred
100
90
Oct
Mock Jud Voehringer
Murray, Ohio Mfg Co
Ken-Rad Tube A Lamp A
Knott Corp common
Ko backer Stores I no
Jan
1
75
107* June
""230
14 J*
25
50
"ioo
13%
93
116
"25"
Oct
Kokenge com..*
Kansas G A E 7% pref.
115
100
165"
Jan
100
43* May
"25"
5X
%
Apr
325
164"
18 X
%
55
"25"
Mar
4%
Mar
106X 107
May
54
105
Apr
13 %
Mar
May
"37*
11*
*
Montreal Lt Ht A Pow..*
10 %
May
X
100
May
Moody Investors part pf.*
Moore (Tom) Dlst Strap. 1
Mtge Bank of Col Amshs..
June
3%
Laughlln Steel. 100
8*
Montgomery Ward A
May
6%
400
12
92%
120*
2*
July
2%
1,200
300
100
Jan
May
"%
250
100
1*
Montana Dakota Utll
4X
1
May
Jan
Jan
Apr
0*
Monogram Plcturee com.l
Monroe Loan Soc A
1
Jan
18X
100
...100
Missouri Pub Serv
7*
19
200
Jan
4*
*
97
Jan
"11
9%
Mar
May
June
1,200
Jan
18X
...
preferred
A
Aug
May
*
Johnson Publishing Co.. 10
Julian
4*
8X
1%
7*
7%
9
Jersey Central Pow A Lt—
Jones A
Apr
23 %
1
Jacobs (F L) Co
Jeannette Glass Co
preferred...
9
*
7
1
Monarch Machine Tool..*
1
.*
1
Irving Air Chute
5)4% preferred
6% preferred
X
60
z'62
3%
8*
Equip.. 1
Italian Superpower
1,000
8
z32
Interstate Hosiery Mllls.
Interstate Power $7 pref.*
Investors Royalty
Iron Fireman Mfg v t o
0%
4*
9*
1%
7X
Molybdenum Corp
5
•
25
118
1%
Minnesota Mln A Mfg
*
Minnesota P A L 7 % pf 100
Mississippi River Power
*
Interstate Home
4*
Apr
Apr
Apr
1*
June
12
Mining Corp of Canada..*
12 X
4,100
8
0*
Mar
5
4,000
Midwest Piping A Sup...*
June
*
$3 60 prior pref
International Vitamin
7%
118
15 X
International Utility—
1
6*
$2 conv preferred
»
Midland Steel Products—
$2 non cum dlv shares.*
4% June
1% May
International Products—*
I
3*
*
7%
Mldvale Co
10 X
100
1
Mid-West Abrasive....60c
Midwest Oil Co
10
Internat Safety Razor B.*
Class B
B v t o
Apr
"~2~% "~2* I24OO
10
200
3*
3*
Middle West Corp eom—6
Midland OH Corp—
Apr
1
*
*
108*
Jan
* June
May
•u July
4*
July
23%
1,100
Aug
* May
550
7*
3
10 *
103
7*
2*
73 X
IX
High
Micromatlc Hone Corp.
May
May
Low
Middle States PetroleumClass A v t c
1
June
5X
Range Since Jan. 1,1940
Shares
Oct
July
17 X
200
for
Week
High
7
10
9%
—*
*
Class A
Preferred
50%
8
of Prices
•
200
1X
~2*
Registered shares
preferred
1,000
Internat Metal Indus A..*
Internat Paper A Pow warr
International Petroleum—
Coupon shares
$0
19 X
7X
...
Internat Industries Ino—1
Week's Range
Low
Michigan Bumper Corp-.l
Michigan Steel Tube..2.60
Michigan Sugar Co
*
MX
Internat Hydro Elec—
1940
Metropolitan Edison—
Class
Non-voting clasa A.—1
1
Class B
Price
26,
Bales
Sale
{Continued)
Low
0
73-4
Line
Last
STOCKS
Week
Shares
£1
Ireland
Indiana Pipe
High
Oct.
Exchange—Continued—Page 3
.....
i',200
7
May
12
May
20* June
21
Apr
Jan
Apr
38* May
20%
105
114*
2?
105
114* 114*
250
50
20
3*
Aug
17
May
24*
May
95
20*
May
110*
94
June
107
110* May
117
Mar
Apr
Sept
1* June
Volume
Last
Week's Range
for
Sale
of Prices
Low
High
Price
100
100
11*4
Ohio P 8 7% 1st pref
1st preferred
10
"~5~X "~5~X
TOO
19X
19 X
49
49 %
50
preferred
$54
conv
*
21?*
100
39
50
2X
100
"34 %
"TOO
May
May
May
IX July
6
Feb
13%
"34"
28
May
Feb
24
15?* May
34?*
Apr
Feb
20
Feb
2X
3,200
2X June
Sept
6
May
'
Pennroad
Feb
3?*
12?*
Feb
10?*
Jan
35?*
Jan
53
Oct
164
150
ill
May
17?*
Oct
"33"
"50
164
May
304 May
Convertible
30
May
33
$6.50 prior stock
Oct
X
Mar
May
IX May
11X
Jan
Sept
3
3
1
2%
1
164
2%
16%
2X
15%
4,300
1,300
4
500
1114
110%
403
185% 186%
125
*he
*
*
60
20
111
109
186 %
Pennsylvania bugar com
Penn Water & Power Co.*
"59X
100
75?*
79
25
25
Pep per ell Mfg Co
*
Perfect Circle Co
Pharls Tire A Rubber
60"
63
"400
Mai
22?*
Apr
June
60?*
Oct
38?* May
%
Oct
103X May
97 X May
rl584 May
10 X
Oct
53X May
3%
1,300
8?*
Jan
Jan
31?*
3%
May
0?<
Pierce Governor common. *
"Ix
Ltd.-l
9%
41%
14%
7,100
38%
14X
w
40
IX
IX
8%
Feb
Feb
May
5
1,150
20 J*
100
94
200
1
15?*
Mar
May
47?*
18?*
Apr
May
Jan
June
2
Jan
*
60
Meter
Pitts Bess ALE RR
1
Pittsburgh A Lake Erie. 50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co. 1
Plough Inc com
7.60
Pittsburgh Forglngs
14?*
Oct
330
43
May
Oct
300
9
May
67?*
13?*
1,500
05
June
66
65%
67%
12%
12%
93
"93*
95
7%
2%
200
"il24
100
Singer Mfg Co
Amer dep rets ord
..*
*
104
Apr
Mar
May
106
May
May
May
Jan
U34
106"
14
Jan
4 June
94 Mar
1,500
240
99
Solar Mfg Co
4
1
1
Sobs Mfg com
1
South Coast Corp com...l
»
X
34
"34
"34
300
Feb
Aug
Jan
3 4 May
..
-
14
Mar
"566
28
50
21
Aug
47%
120
35
May
30
304
900
27
May
294
294
600
244 June
1
Sept
25
"324
22 4
32 4
22 4
33 4
22 4
464
Penn Oil
May
*11
100
14
Southwest Pa Pipe Line. 10
South
Aug
July
4
preferred B
pref series C
5?*%
Southern Colo Pow cl A.25
May
Southern Pipe Line
15
Feb
Soutnern Union Ga.
Aug
X
2X
1?*
Jan
%
1?*
Apr
Jan
8X
Feb
July
81?*
24?*
Jan
X May
May
Spalding (A G) A Bros
1
5% 1st preferred
*
Spanish A Gen Corp—
Am dep rets ord reg-.£l
Spencer Shoe Corp
...*
8tah 1-Meyer Ino
*
Standard Brewing Co
•
Standard Cap A Seal com. 1
Conv preferred
10
Standard Dredging Corp—
"260
X
600
1?*
Apr
Jan
Mar
10
Feb
4
3%
May
July
'11
June
300
4
4X
X
2X
8X
May
6?*
Jan
May
4?*
94
9?*
Feb
200
X
Apr
May
May
103
Oct
rlOiX May
107
May
95
"266
109
June
113?*
Mar
10
100
95%
98
575
07
May
106?* May
48
49
175
35
May
594 May
99
48 %
June
1
*
Standard Pow A Lt
Common class B._
110?*
Oct
113?* May
Standard
14
100
100 %
91X 101%
3,325
58
May
101?*
34
May
500
131*
11?*
Jan
29
7?*
15%
42
134
134
Jan
34
Oct
100
124
15
15?*
May
""266
4?*
May
Wholesale
May
105
155
155
30
314
314
400
25
%
4
6,000
125
142
May
157
Oct
13
Feb
Sterchl Bros Stores
10
Jan
60
20
Sterling Aluminum Prod.l
Sterling Brewers Inc..... 1
Sterling Inc
1
Stetson (J B) Co com
•
Stlnnes (Hugo) Corp
6
Stroock (S) Co
♦
Sullivan Machinery*
Sun Ray Drug Co.
1
Option warrants....—
Ry A Light Secur com
•
%
%
%
175
7
7
1,900
% Aug
5% June
X
A_1
Raymond Concrete Pile—
Common
*
$3 conv preferred
*
Raytheon Mfg com
60c
Railway A Utli Invest
.....*
*
12%
13%
250
X
%
IX
IX
IX
100
Jan
Sunray Oil
18
50
18
5%
5X
3,400
1
*
Richmond Radiator..—1
Rio Grande Valley Oas Co-
14%
14%
100
Voting trust ctfs
1
Rochester GAE10 % pf C100
X
5%
X
10?*
May
May
May
2J*
26?*
6
%
*304
May
loo
19
64
Apr
Mar
Jan
Apr
Jan
Aug
May
z5?*
24
4
Oct
'11
95
11
2%
2H
2?*
100
6
100
IX
1?*
4%
X
394
13 4
34
34
13 4
34
50
200
24
Aeronautical Co
1
Ryan Consol Petrol.....*
Ryan
2?*
2171.
2?*
200
Feb
May
105?*
Oct
64
64
200
Texon Oil A Land Co
Jan
Thew Shovel Co com
2
6
May
124
Jan
Jan
34
Mar
Aug
34
Feb
Aug
74
Jan
Tobacco Prod Exports...*
Apr
hi
Feb
100
4
Aug
14
34
300
14
May
24
May
34
2,550
hi
11
12
14
114
12
14
374
14
374
300
100
6,800
100
65
Mar
2?* May
4?* Aug
IX May
5
Mar
5
24
July
Jan
1
Tlshman Realty A Constr *
Tobacco A Allied Stocks..*
Ordinary reg
May
04
May
8
May
14
334
21
54
3
Jan
100
5
July
34
24
May
May
Jan
274
274
300
254
4
"94
84
94
6,300
84
2 4
100
24
74
"53"
5
18
74
May
103
150
200
50
534
54
700
75
100
May
2
May
124
7
May
July
X
Jan
484 May
34 May
104
4
registered
75
Feb
500
274
174
Aug
May
54
.£1
5s
Todd Shipyards Corp....*
Del
Mar
74
Tobacco Secur Tr—
Tilo Roofing Ino
Jan
1
14
.
Feb
Jan
May
64
1
14
Texas PA L 7% pref. .100
14
May
13
July
1164
2
33
*
1044
June
104 June
6
15
Taggart Cor p com
1
Tampa Electric Co com..*
Taylor Distilling Co
1
Technicolor Inc common.*
June
42
*
May
May
Class B common
Swan Finch Oil Corp
Jan
May
hi May
400
Superior Port Cement-
19?*
July
May
154
64% conv pref......50
Superior Oil Co (Calif)..26
4
116 J*
9%
Feb
1
Aug
Mar
0
1
1st preferred
6% 2d preferred
Oct
18
12?* June
94
9%
Jan
May
12,000
Inc—*
Feb
10
1?*
%
0% preferred D
100
Rochester Tel 04% prflOO
For footnotes see page
Feb
Sept
1?*
3 J*
Goods
.6
—6
1
20
*
14
45
hi June
Engrav—5
1
X
May
4?*
(Daniel) common.*
Relter Foster Oil Corp
60
Feb
Feb
Feb
X June
1,400
Reeves
June
May
OX
34
X
X
10?*
June
600
0%
Rad Io- Kelth-Orph uem—
June
hi May
"36"
Ordinary shares
*
May
May
1004
4
hi
94
*
Stein (A) A Co common..*
May
May
164
264
20
Steel Co of Canada—
June
94
900
110
110
""%
184
Starrett (The) Corp v t 0.1
8
104
104
60
184
phate A Acid Wks Inc.20
Apr
Mar
Feb
10?*
7%
Oct
May
74 June
1
Standard
Mar
500
4
84
184
6
1
Phos
Standard Tube clB
Oct
42
10,275
31%
""6X "OX
40X
Standard Sliver Lead
Oct
Jan
May
1
1
1
Standard Steel Spring
104X June
7% prior lien pref... 100
Puget Sound P A L—
Sept
May
4
34
134
*
Products Co
14
hi
Standard Oil (Ohio) com 26
$6 preferred
Jan
Jan
July
14
14
$1.00 conv preferred..20
Standard Oil (Ky)
Oct
8
Common
Preferred
*
$0 preferred
*
Puget Sound Pulp A Tim *
Pyle-Natlonal Co com
6
Pyrene Manufacturing.. 10
Quaker Oats common
•
0% preferred
..100
Quebec Power Co
*
"l4 ""14
Standard Invest $5 4 pref *
0% prior Hen pref... 100
$5 prior preferred
100
6
Southland Royalty Co...5
4X
July
42
34
24
144
34
*
May
May
44
10
May
1,200
~8~X ~~8X
44
..25
Preferred A
Feb
107
100
Jan
Mar
60
100
7% preferred
South New Engl Tel
11
2?*
Public Service of Okla—
$1.20 conv pref
54
54
Southern Phosphate Co. 10
May
X
100
Rossla International
20
95
32
200
1st preferred
100
Public Service of Indiana—
Root Petroleum Co
112
reg.£l
5
3?*
7%
Roosevelt Field Inc
10
624 June
Sioux City G A E 7% pf 100
Skinner Organ..........6
4
3?*
*
Rome Cable Corp com
100
800
14
Sept
400
8
*
$0 preferred
Roeser A Pendleton
May
200
Singer Mfg Co Ltd—
Oct
1% May
X
*
1
Prudential Investors
8?*
Public Service of Colorado
Royal Typewriter
Russeks Fifth Ave
54
June
2%
Prosperity Co class B
*
Providence Gas
.....*
Rice Stlx Dry
34
44
124
19
304
45
May
Nev._20
Republic Aviation
Rheem Mfg Co
Sept
85
•
pref
25
25
May
*
Metals of Am
Reliance Elec A
conv
6% original preferred.25
May
8
Premier Gold Mining....1
Prentice-Hall Inc com
Reed Roller Bit Co
$3
0%
0
39
25c
5
6
Pratt A Lambert Co
Red Bank Oil Co
Jan
May
Simmons-Boar dm an Pub—
Feb
600
'2~2o6
6%
Canada..*
0% 1st preferred
100
$0 preferred
May
64
Apr
6%
5%
Power Corp. of
$7 prior preferred
May
8
474
"135? "l3~% "l3%
10
Pneumatic Scale com
1st preferred
37
Southern Calif Edison—
Pitney-Bowes Postage
0%
450
*
Silex Co common
Simplicity Pattern com..l
Sim peon's Ltd B stock...*
120
35
Sherwin-Williams of Can. *
Simmons H'ware A Paint. •
July
100
111
Jan
Jan
June
4 Aug
24 June
1,300
300
44
Apr
29%
7ie
24
44
444
124
84
bherwln-Wllllams com..25
16?*
Jan
113X June
34 May
May
83
Shawlnlgan Wat A Pow..*
72?*
Mar
25
4
54
Sonotone Corp....
1
Jan
1
Oct
84
4?*
series A. 10
Producers Corp of
900
Oct
June
>11
189?*
Phoenix Securities—
Pressed
44
Feb
28?*
~~~io
Alexander
44
May
4
X
24
112
90?*
31%
4%
34
Jan
Mar
May
116X
*
2
113?*
May
31%
Powdrell A
2,500
•
May
"llb'x
Potero Sugar common
%
1
4
pref. 25
Polaris Mining Co
X
1
Be ton Leather common
22
Philadelphia Co common.*
Phlla Eleo Co $5 pref
*
Pioneer Gold Mines
4
43 4
44
44
Allotment certificates.
Sentry Safety Control
Apr
53
4%
Common
200
84
25
Serrlck Corp
150
4%
Conv $3 pref
4X
5
stock
Oct
325
1,100
Phillips Packing Co....
%
35
5% cum pref ser AAA 100
Pennsylvania Gas & Eiec—
Class A common
*
Penn Salt MIg Co
hi May
%
Sbattuck Denn Mining...6
64
33
$2.80 series pref
pref
600
X
1
Common
27
%
$9 preferred
300
4
Selected Industries Ino—
2X
com.
94
Securities Corp general...*
Seem an Bros Inc
..*
May
Pennsylvania Edison Co—
$5 series pref
♦
Phlla Elec Pow 8%
Jan
June
44
94
*
May
200
60c
Airlines
Penn Pr 4 Lt $7
5?*
2 X
Corp com
Cent
Penn
May
July
9
44
pref..*
com
41
51
"33"
25
Aug
May
224
400
400
%
Sculin Steel Co
10
7%
7X
51
Peninsular Telephone com
Fuel..
13
284
19
Segal Lock A Hardware..1
Seiberllng Rubber com...*
Selby Shoe Co
*
Patcbogue-Ply mouth Mills *
♦
Sept
4
12 4
284
12 X
20
Parkersburg Rig A Reel_-1
Penn Traffic Co
Water Service $0
Oct
July
27
25
Mfg
May
7i«
*
common
95?*
6?<
Feb
May
Penn-Mex
34
Scran ton Spring Brook
8
$1.40 preferred
3,700
Scranton Lace common..*
3
Class B
3%
5
Scbiff Co
Scovlll
10
Grocery A
Savoy Oil Co
Jan
Paramount Motors Corp. 1
Pender (D)
48 4
34
Sanford Mills.........__*
Jan
May
2%
May
150
3%
Warrants
American shares
Aug
May
2%
724
2,400
71%
1
preferred
May
2
24
71%
2%
Samson United Corp oom.l
Pantepec Oil of Venezuela—
Parker Pen Co
7%
Salt Dome Oil Co
Feb
8?*
3?*
4
14
9
5
...100
Feb
May
87
85
♦
1st preferred
St Regis Paper com
31?*
72
Pacific Public Service
Mar
117
Low
Ltd...*
108?*
100
30
4
107
Mar
Shares
Class A $2 conv pref..50
May
100
180
30%
'107 %
Apr
Apr
High
Range Since Jan. 1,1940
for
Week
of Prices
Low
Ryerson A Haynes com__l
St Lawrence Corp
June
26 J*
30%
107 X
20
54% 1st preferred...25
pref..*
Pacific P A L 7% pref..100
Oct
13% May
150
2X
34 %
1st pf.25
Mar
109
5X
100
Pactflo Lighting $5
$1.30
U6X
300
Pacific Can Co common. _*
Pacific G A E 6%
May
June
8?*
"~5%
"5"
.1
Overseas Securities
104
Price
Par
High
Oct
*
prior pref
Omar Inc
Low
Week's Range
Sale
(Continued)
114% 11*4
Oklahoma Nat Gas com.15
13
Range Since Jan. 1,1940
Shares
96
5
Oils toe k8 Ltd common
Last
STOCKS
Week
Par
Sales
Friday
Sales
Friday
STOCKS
(Cow nued)
6%
2469
New York Curb Exchange—Continued—Page 4
151
65
Mar
Apr
May
New York Curb
2470
Salts
fridau
STOCKS
Week's Range
Last
(Concluded)
Salt
Par
of Prices
High
Low
Pries
for
Range Since Jan. 1,1940
95
114%
20
113% 114)4
Tonopab Mining of Nev.
IX
200
*it
6 H
X
May
Jan
z8%
Jan
May
10%
39%
3%
Feb
7X
1,100
250
2%
100
7
200
6%
May
8
Jan
454
2,800
3%
May
6%
X
preferred.-.—*
Udyllte Corp
1
lUlen & Co ser A pref...
Series B pref
—♦
Unexcelled Mfg Co
10
May
May
Feb
1%
Apr
Jan
1
Jan
4
Oct
4%
20
X
3%
900
Aircraft Prod.._.l
9%
United Chemicals com—*
10
May
1354
3H
64 X
300
Jan
May
May
""
Un Cigar-Whelan 8ta-.10c
3~500
H
Elastic Corp.....*
warrants—
1%
112
IX
VA
111% U2X
1,800
900
X
Jan
6%
Jan
l5i» May
87% June
Common class B
16
*
1st preferred
Milk
*
Products
2,200
»u
%
28)4
22X
29
*
$3 partic pref
Molasses Co—
74 %
United
300
1
1
5
U 8 Graphite com
U 8 and
Int'l Securities.
*
54 %
U 8
Plywood
II%
conv
...1
20
pref
U 8 Radiator oom
Wall
Universal Products Co
14
bbb3
x
bbb3
v
b
1949
z
dddl
z
♦Debenture
1908
z
dddl
1977
z
dddl
26
May
800
1
300
2X
May
Feb
100
1%
3%
1%
28%
35%
2H
Feb
Apr
Debentures
Appalac Power Deb 6s
I Am oclated Gas A El Co—
♦Conv deb 4%b
1948
*
Wisconsin P A L 7% pf 100
Wolverine Portl Cement. 10
5s...
♦Conv deb 5 He
Apr
May
.*
Jan
Aug
z
Jan
Assoc T AT debSHs
Atlanta Gas Lt 4%b
Jan
Atlantic City
A "55 y b
1966 x a
2
Elec 3 %$
Avery A 80ns (B F)—
7A
5s with warrants
1947 7 bb
5s without warrants
1947 v bb
2
Mar
6%
Mar
2%
May
May
24
Mar
May
13
Mar
May
23%
1
Aug
2
Apr
May
750
""% ""%
49
x48%
May
29
Oct
Feb
May
IX
June
"ioo
25
49
1
%
Feb
Convertible
0s
1950 z b
'~7%
101X
103
103
24.000
89
103%
1103
103%
103%
95
103 H
77
78%
297000
65
100 %
75%
102
102)4
32%
33)4
32% 33%
77% 78%
3,000
63
Oct
Cincinnati St Ry 6 %B A
12
Apr
Cent Power 6s
<fonv deb
Apr
3%
June
6)4
%
July
»u
July
13%
100
12%
1%
May
Oct
IX
IX
1554
4
Apr
Feb
May
1 *A
100
VA
400
1
May
2
Jan
ioo x
20
92
May
102
Feb
Jan
11,100
IX
3%
May
May
2%
7%
Apr
50
3%
Oct
6%
Apr
Jan
May
75
Oct
50
14
9%
6%
800
8%
8%
25
12
58.000
66
82%
18.000
60
90%
90%
93% 296,000
93% 139,000
"93)4
100 %
Conn Lt A Pr 7s A
1951 * "a*
93)4
(Bait) 3)4s
ser
1971
x
8%
1,000
"~5~X
""200
x
aaa4
.1964
Gen mtge 4 %b
Consol Gas Utll Co—
A stamped
Cont'l Gas A El 5b
ser
x
aaa4
Tobacco
•6%
200
9%
Mar
2
6X
..1
(F W) Ltd—
105
111%
104% 109%
1,000
124% 129%
94%
36,000
75
4
92%
92%
51%
93)4 211,000
80
94
51 h»
1.000
45
61%
99% 100)4
1100% 107
63.000
93
100)4
5a....... 1944 fb
2
1955 * a
2
1959 * bbb4
1966 7 bb 2
'look
"85%
Ercole Mare 111 Elec Mfg—
0 %b series A
1953 y b
85
85%
104
947666
101% 105)4
47
14,000
23
47%
106X 109%
Erie Lighting 5s
1967 * a
1
3
107% 107%
5,000
May
7%
Jan
1964 7 b
4
102
102
3,000
Sept
6)4
Jan
Federal Wat Serv 6 %b
Finland Residential Mtge
}35
38
cccl
1966
x
bbb3
1954
x
bbb3
5s ex-warr stamped
Gatin«au Power 3%b A
1944
1969
y
bb
3
x
a
2
1953 y b
I
Sales
General Pub Serv 5s
Gen Pub Utll 6%b A
for
♦General Rayon 6s A
Gen Wat Wks A El 6a
1943 y bb
Georgia Power ref 5s
Georgia Pow a Lt 5s
1967
x
a
5
4%
4%
4%
45
3,000
June
12%
Feb
3% June
6%
Jan
89
22%
105)4 105 %
104
125%
3,000
Oct
107%
110
102 X 106
105
5%
7
80
107)4 107%
17.000
85% 87% 111,000
124 % 124%
2,000
102% 102%
4,000
May
Banks 6s-5s stpd
Florida Power 4a ser C
Florida Power A Lt 5s
107
107 X 112
70
87%
3%
4%
Apr
74H
97
105
107)4
85%
124%
102%
1962 * bbb2
...1961
6s
Wright Hargreaves Ltd..*
127% 127%
5,000
8.000
92%
Week
Amer dep rets
uox 110%
108% 108%
93 %
Empire Dlst El 5s...
112
93%
101
4
Oct
May
75%
1943 y b
Jan
May
76 X
81
83%
83%
82%
93%
125% 135)4
4%
~~5x
65 %
1958 y bb
...
2
98
30.000
U26 H
aaa4
1969
N
1st ref mtge 3s ser P
Consol Gas (Bait City)—
12
Mar
99% 100%
14,000
50
Consol Gas EH Lt A Power—
May
July
85%
83%
May
3)4
12
Sept
70
83% 391,000
7%
5%
Jan
95%
81
Edison El IU (Bost) 3Hs...1905 * aaa4
Elec Power A Light 5s
...2030 y b
4
Elmlra Wat Lt A RR 5s. .1956 * a
4
El Paso Elec 6s A
1950 * bbb3
5X
78 H
81
%
6%
2,000
80%
Delaware El Pow 5 %n
Eastern Gas A Fuel 4s
Feb
93 X
91
83%
1962 7 b
1949 y b
11%
10)4
7%
7%
7)4
Apr
77
1960 y b
1909 y b
1967 y bb
May
Sept
Sept
37
2,000
'
85%
5%b
83
12,000
88%
42
83%
Cudahy Packing 3)48
May
64%
43 x
91
Community Pr A Lt 5s..
17% May
3%
83%
95 % 103%
25% 41
26% 41%
85%
83%
6s.......
May
10
52,000
19,000
152
88%
-.1952 7 bb
1955 y bb
Cities Serv PALS %B
Cuban
15X
77%
42%
9,000
39,000
89% 117
—1968 7 b
Debenture 6a_.
Debenture 5s
300
"32)4
1927 * bb
1960 y b
Apr
"800
102)4
1948 y cc
Cities Service 6s
Aug
May
6X
75%
1957 7 bb
D
ft* series B
10
4%
31
ser
Cent States Elec 6s
75
""%
15X
3
Broad River Pow 5e
1954 7 bb
Canada Northern Pr 5s ...1953 * •
Canadian Pac Ry 0s
1942 * a
85%
May
May
Apr
61.000
1959 7 bb
May
May
July
3
108
90
f*C!hlc Rys 6s ctfs
10
92 % 100
138
6 His
1954 y cc
Cent States PAL 5)4S—.1963 y b
Sept
1,000
1,000
Apr
9%
100
12.000
Jan
4X
20
100
16,000
Apr
6%
95 % 106
1101 % 102%
107% 107%
151% 151%
101
101)4
1%
500
74
75
104% 108)4
103% 110
101%
29
8%
73%
16%
3454
1960 t aa
...
30
7
5%
10 %
53
1,000
3
C
July
100
4
10
4,000
8,000
1908 * bbb3
series
May
May
9%
5
10
1998 x aa
6*
54
63
4
50,000
28 54
28 %
Bethlehem Steel 6s
Apr
5
~5%
20 54
10
Birmingham Elec 4 %B
Birmingham Gas 5s
Mar
100
400
10
130%
1%
85%
2%
30
857666
10.000
116
2%
18
2%
11
16
14)4
15%
15
14)4
14%
15%
14%
14%
15
14%
66% 67%
tl06% 106%
1107)4 109
96
May
21
1'A
1%
108
62%
88
May
75
ioo
38%
107
%
74
VA
129
102 %
107%
107%
Jan
500
13%
121
7,000
51,000
3
Jan
600
4X
105
1127
130
105% 106)4
47% 49)4
.....1957 x aa
1st 5e series B
Apr
*i#
9%
7%
4%
106)4 111H
103 % 108
Bell Telep of Canada—
*16
28%
85
90% 105%
3,000
117% 120% 110,000
1%
1854
27%
19X
83,000
102
118
65%
*i#
28k
101
105%
3
Aug
38
100
1
104
107% 109
108% 110
98% 104)4
Baldwin lvocom Works—
Apr
%
1)4
49
3
'64 x aa
Septr
Aug
May
200
1%
10,000
115
15
3
2% May
200
79
3
dddl
6 ,v
1,200
3%
100 %
24,000
14,000
1104
106%
49%
Registered.....
Apr
5%
0s
Wilson-Jones
4 His
X July
1% June
400
X
2
99
33,000
106% 106%
dddl
%
1)4
1
Woolwortb
bbb3
x
♦Conv deb 4 %b
10
oom
x
♦Conv deb 5s.1960
14%
Wichita River Oil Corp. .lu
Williams (R C) A Co
*
WUUams OU-O-Mat Ht_.»
Tube
1948
2024
Arkansas Pr A Lt 5s......1950
Associated Elec 4 His
1963
Feb
1,100
109
105% 106%
103%
108
101h
3
Mar
1%
76%
20
Petroleum
a
6
Weyenberg Shoe Mfg...
Woodley
bb
71
Oct
4
7% 1st preferred
100
Western Tablet A Statlon'y
Common
*
Wolverine
7
x
June
X
Jan
Sept
15
20
Co
Apr
2016
...1963
1st mtge 4a
1% May
19)4 June
47
8,000
105
104 % 107%
103
106
Appalachian Elec Pow—
55
Western Maryland Ry—
Wilson Products Inc
109%
54
3%
6
Westmoreland Coal
Westmoreland I no
108)4
aa
Apr
1
1
105%
aa
x
8
%
*
Western Air Express
Western Grocer com
aa
x
3)4
Watt A Bond class A....*
1
Wentworth Mfg
1.26
West Texas Utll 16 pref..*
West Va Coal A Coke
*
x
1970
May
May
'16
7% pref.. 100
Vogt Manufacturing.....*
Wayne Knitting Mills
WeUlngton OH Co
Am Pow A Lt deb 6s.
Feb
....
3
VA
Va Pub 8erv
Class B...
Feb
1%
2,000
~I~66o
105% 105%
108)4
109% 110
103
1960
Feb
106
103
105%
1950
3%• s f debs
5%
243%
200
Hi
6
Walker Mining Co
2%b b t debs
bbbl
7
6%
3
78
106
1968 y bbbl
...
1st A ret 4 %b
1967
American Gas A Elec Co.—
108
110654 107
a
a
Feb
3%
Petroleum... 1
Waco Aircraft Co.......*
Wagner Baking v t o
*
7% preferred
100
1st A ref 5s
108
a
x
x
600
32
1
1
x
1956
5%
...7
Vultee Aircraft Co
Oct
1946
...1951
1st A ref 6s_.
7%
7%
1%
10c
preferred
conv
Jan
Co—
1st A ref 5s
46
1
Van Norman Macb Tool.6
Jan
Power
1st 5s
May
May
*
16 60 priority stock
1
Utility A Ind Corp oom..6
1H
1)4
Alabama
June
31%
6
*
Jan
May
1
com
Utah-Idaho 8ugar
Utah Pow A Lt 17 pref
Utah Radio Products
Venesuelan
Jan
3%
3%
31A
Universal Corp v t 0....1
Universal Insurance
8
Conv preferred
July
Tia
89
64
♦
Vale par Corp oom....
113%
Range
Jan
39%
25%
2
Utility Equities oom
2%
200
Universal Cooler class A..*
Universal Pictures
Jan. 1
*1,500
*
Class B
Since
I
3)4ss f debs
300
Sales
for
75
25
Feb
Week
Feb
Apr
Sept
Price
70
Apr
May
Jan
11
Set A
BONDS
61%
45
7%
1
Paper
RAILROAD and INDUSTRIALS
58%
44%
7%
4%
6%
United Stores common.60o
United
1949
7%
63%
U 8 Rubber Reclaiming..*
U 8 Stores common
60c
1st 17 conv pref
♦Santiago 7s
Feb
40
25
Mar
Mar
Jan
%
8%
Apr
750
%
17 X
of Prices
Low
High
Apr
ht
ffi lat pref with warr
Oct
Mar
Weeks' Range
27
U 8 Lines pref
Oct
%
—....
Jan
Sale
39
1,400
54
5
2,000
Last
May
7%
59
Jan
9%
5,000
6%
X'lt "is
15
til
June
X
3,000
13 %
Friday
16% May
%
~~7%
Mar
Mar
46%
16%
10%
Bank
20
239
25
Mar
14%
Oct
Rating
150
10
United Specialties oom
U S Foil Co class B
20 54
June
Elig. A
Apr
2,600
United Profit Sharing..26c
Preferred
Feb
May
% May
Tu Sept
4%
United Shoe Maoh oom.25
------
»I8
1921
Oct
11
35
6X
Apr
13
15
X18
13%
Jan
2654
Sept
20%
28
Apr
Mar
Mar
IX
29%
Am dep rets ord reg.—
10% preferred
*5%b
20
1054
13 X
15
Jan
22%
74 %
United NJRRA Canal 100
May
June
7% June
Apr
65
X
79
A..*
5%
28
X20
♦Russian Govt 0)48—1919
Oct
8
Xll%
♦Parana (State) 7s
1958
♦Rio de Janeiro 6)48.1959
26
6%
X20
♦Issue of Oct 1927
Oct
Jan
10%
X8%
♦Mtge Bk of Chile 6s. 1931
Mtge Bk of Denmark 5s *72
25%
14
X6%
tu X
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927.....
Apr
16% May
16
% May
,
Option warrants..-..
United G A E 7% pref. 100
.1958
1958
♦Medellln 7s stamped. 1951
2,000
Feb
Jan
*6%b stamped
♦Maranhao 7s
25
Feb
Mar
6%
8%
59X
800
UX
11
A part pref—
United Gas Corp com
1
1st S7 pref. non-voting.*
Jan
Jan
1%
7%
2%
Un Stk Yds of Omaha.. 100
United
May
64%
4
Union Investmentoom...*
Corp
May
1%
Union Gas of Canada.
United
Jan
36 H
35
conv
United
Apr
2%
2%
com
Feb
4%
36 X
United Lt A Pow
Apr
3%
7
1
Class A
cum
Ti«
1%
High
11
X23
x8%
Tublze Chatlllon Corp—1
S3
♦Hanover (Prov) 0)48.1949
Lima (City) Peru—
Apr
Oct
200
*i«
Tung-Sol Lamp Works—1
United
25
May
May
2
Truni Pork Stores Inc..
80c
»u
♦Hanover (City) 7s... 1939
Jan
115
Apr
Low
$
12
Mar
%
600
2%
Trl-Contlnental warranto
■
109
Range Sines Jan. 1,1940
for
Week
of Prices
High
Low
Pries
X
1%
2 %
10
Transwestern Oil Co
High
May
May
104
*i«
Trans Lux Corp
Sals
(Continued)
Low
Week's Range
Last
BONOS
Week
Shares
1940
Sales
Fridau
Toledo Edison 6% pref 100
7% preferred
100
Tonopah-Belmont Dev. 10c
Oct. 26,
Exchange—Continued—Page 5
13,000
103% 104%
66,000
98 x
100
102)4
57
106
105
Gary Electric A Gas—
FOREIGN
GOVERNMENT
AND MUNICIPALITIES-
BONDS
I
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
♦20-year 7s
♦Baden 7s
Jan
1978
7
1963
z
25
Oct
754 June
15
Jan
Grand Trunk West 4s
Gr Nor Pow 6s stpd
1951
t20
26
12
♦6 series A..
6%b..
Ext 5s
14
y
ccc4
1950
x
a
1960
x
a
Feb
25
Aug
20
Oct
May
62
Jan
Guardian Investors 5s
1948 y c
49
Mar
♦Hamburg Elec 7s
1935
3
Green Mount Pow 3)48—-1963 x aa
Grocery Store Prod 6s
1945 y b
Guantanamo A West 6s
1958 y b
23
23
1952
t23
29
1955
422
18
1953
119%
20
May
6
Mar
7
754 May
7% May
26
10,000
101
56
94
102
281666
83
101
72
100 % 100 %
106% 107 x
x25
77%
x70
73
97% 102
24,000
67%
167666
73,000
1.000
89
103%
59
87%
75
101
107 %
76
18
"78%
18
65)4
78%
70
91
_3"66o
58
78
3,000
100
63I000
90
72%
72%
109% 109%
1105
106%
109%
99)4 105%
52
63)4
Oct
27
100
73
77%
1941
79
+65
Took
107
1965 y bb
Jan
4
101
b
Glen Alden Coal 4s
Gobel (Adolf) 4%b
2
b
♦Gesfruel 6s
Sept
Aug
9%
77
ccc2
Feb
20
Bogota (see Mtge Bank of)
Danish
1948
z
Feb
20 %
24
♦Prov Banks 6s B..1951
bb
29
26
J20
18%
y
28%
120
1947
♦Cauca Valley 7s
1948
Cent Bk of German State A
1956
100% 101%
m00% 101
Oct
Danzig Port A Waterways
♦External 6%$
1952
♦German Con Munlo 7s *47
♦Secured 6s_...
1947
12)4
Oct
z
dd
56
56
j29
"17666
30
32%
32 x
30
"27600
53
23
4254
15%
26%
x25
♦Hamburg EH Underground
412
23%
For footnotes see page 9471.
5,000
16
23%
25
8,000
22
25
21,000
Attention Is directed to the
new
Jan
A St Ry 5%b
1938 * cccl
x25
column In this tabulation pertaining to bank eligibility and rating of bonds.
See
a.
Volume
Friday
Last
Week's
Rating
Sale
(Continued)
See s
Price
of Prices
Low
High
Houston Lt A Pr 3 Ms
1966
♦Hungarian Itsl Bk 7 Ms.—1963
c
71
72
1949 y b
6a series B
73 M
73 X
3
Idaho Power 3 Ms
1967
x
aa
111 Pr A Lt 1st 6s eer A
1953
x
bbb3
107M
107M 107M
107M 107M
1st & ref 5 Ms eer B
1954
x
bbb3
106 M
106 M 106 M
1956
x
bbb3
105M
105M
105 M
100
lOOM
5sserC
8 f deb 6Ms„_May
1957 ybb
Indiana Hydro Eleo 5s
1958
Indiana Service 5s
1950 y b
y
Since
BONDS
S
Jan. 1
{.Concluded)
81
66
105M 109 M
107 M
bbbl
101
87
101 M
1,000
93
100M
24,000
57
17,000
66
74M
73M
65,000
60
99
1963
y
b
2
71M
71M
74 M
72
♦Indianapolis Gas 5e A
1952
t
bb
1
98M
97
98M
74 H
74
98 M 107
96M 105M
International Power Sec—
6 Mb series C
1955
y
1967
y
24 H
14,000
56,000
47M
62 M
1952
y
ccc2
36 M
1957
y
bbb4
1961
y
bbb4
36M
37M
105M 108M
104M 104 M
Iowa Pow A Lt 4Mb
1958
x
aa
107
Isareo Hydro Elec 7s
1952
1963
y
b
Debenture 6s
Iowa-Neb L & P 5s
5s series B
Italian Superpower 6s
Jacksonville Gas
107M
62 X
107M
61M
17,000
29
5,000
103
106 M
5,000
15,000
103
106 M
36 M
1942 ib
2
J125
4
108
♦feonard Tleta 7Ms
1946
z
cccl
Long Island Ltg 6s
1945
x
bbb3
103M
Louisiana Pow A Lt 5s
1957
x
a
4
106 M
1941
z
dd
1
*25
4
66
*28
66,000
86
102
85,000
83
101M
64,000
81
101M
1,000
80
*Ruhr GasCorp 6M8
bbb2
2,000
33
yb
x
aa
2
108M
1965
x
aa
2
109 M
*93
1945 ybb 2
1943 ybb 2
1967 x bbb2
1978 x bbb3
Midland Valley RR 6s
Mllw Gas Light 4Mb
Minn P A L 4MB
*98M
"hi"
61
105M
105
103
103M
bbb3
106 Ji 107
—1955
Mississippi Power 5s
x
bbb2
103M 104M
bbb3
1957
x
Miss River Pow 1st 5s
1961
x
aa
1960
y
bb
4
Nassau A Suffolk Ltg 5b
1945
x
bb
105
2
Missouri Pub Serv 6s
2
Miss Power A
Lt 5s
2,000
2026
y
bbb2
.—2030
y
|*Nat Pub Serv 5s ctfs—1978
105
94
113
2025
1968
x
Sou Indiana Ry 4s
1951 ybb
2
2022
y
bb
4
102
101X 102
5,000
90
105 X
1945
1989
x
bbb4
106
106
106
1,000
105
108 M
x
108 X
30
So'west Pow A
11,000
98
20,000
22,000
3,000
35,000
20
111
"^OOO
127
127
5,000
Nelsner Bros Realty 6s
1948
x
bbb3
*108
109
Nevada-Calif Elec 5s
1956 ybb
New Amsterdam Gas 5s...
1948
N E Gas A El Assn 5s
1947
1948
3
77 M
aaa2
y
b
b
4
y
b
1961
1948
x
y
bb
3
1954 ybb
66
aaa3
3
4
65M
66
M
67
109 M 109 M
97M
100
108 X 111M
72
72
29,000
48,000
48
74 M
49
74 X
14 K
24 M
27
47
98M
100 M
Twin City Rap Tr
1,000
7,000
1950
1980
196*
2004
y
bbb2
100
101
x
a
105 M
105M
104M
4
x
a
x
aaad
1954
x
aa
3
115
1953
r
b
l
44
*107
111
106M 106M
44
ie'.ooo
T660
1956
3MB—1947
Nor Cont'l Utll 6 Ms
1948
TN'western Pub Serv 6s...1957
Ogden Gas 1st 5s
1945
Ohio Pow l^t mtge 3MB-,--1968
y
x
y
bb 2
102M
102 M
aa
4
104M
104 M
b
3
x
bbb4
y
bb
44
2
44
104^32 1042»32
105
88 M
93
108M
a
3
108M
Okla Nat Gas 3Ms B
1955
bbb3
Okla Power A Water 6s
1948
x
bb
1941
x
aaa2
107 M
4
33 M
33 M
29 M
27M
b
1
2
107%
1,000
101
1,000
109
120%
1,000
61M
60 %
62
ybb
x
12,000
39,000
103 X
2,000
104 M
3,000
8,000
*107M 107%
95M
96M
40 M
*39 M
16
32
2,000
16
30
85 K
73
89 X
74M
91
85%
"§5^
54,000
14,000
86%
90 M
89%
107
104M 110
78
95M
4,000
107
95 M 147,000
94%
118%
12,000
100% 100 M
2
83 X
110
19,000
83 M
3,000
118
118
2
82 M
101M 101M
103 M
103 M
25,000
103M 104
35,000
b
3
102M
102 M 102 M
z
cc
2
99M 104M
95
104
1951
x
aa
4
x
aa
2
x
Wash Ry A Elec 4s
4
Un 6s...i»-±-»
Wheeling Elec Co 5s...
1941
aa
10 M
bb
2
x
aaa2
1966 x bbb3
z bb
1
.1937
1947 ybb 2
"i07"
2,000
107
109 M
14,000
107 X
109M
108M
6,000
104 X
108M
114
———
108
109
108
2
y
109
108
109
~ios""
bbb3
x
5s..
West Newspaper
102M
94
36,000
8
7%
89
3,000
Waldorf-Astoria Hotel—
♦5s Income debt
119
95M 101X
85
101X
3,000
3
3
103M 104 X
bb
72 M
114
1,000
107 X
43
117
58
58 M
3,000
*102
107
106M 107
98 M
99
99%
99 M
60 M
103
4,000
105
102 M
90
-
107 M
105% 110M
107M 112
28,660
bb
45M
2,000
28
100 M 105
105M
20 M
32
y
West Penn Traction
109
108
103M
x
12M
118M
114
34,000
y
West Penn Elec 5s
108M
"o'ooo
32
bbb3
ybb
»
106
106 M
b
x
Utah Power A Light Co—
1st lien A gen 4Mb
bbb3
y
103 M
107 M 111M
103 M 109 M
6M
27
United Lt A Rys (Me)—
100 M
49 X
3
69
56
„
-
Pow Co—
110
65
M
25
2
99 M
«
28
2
b
M.
108 M
88 M 103 M
38,000
7M
117M 117M
*6%
bbb3
105M
104 M 109 M
102
106M
111M 115
6,000
108M
4
x
Light A
101
35
107% 107 M
120% 120 M
104 M
9,000
y
United
46
19,000
14,000
99
yb
81
94
38 M
106M
21,000
98%
32
♦1st s f 6s
102 M
104
46
18
"l'ooo
99
71M
71M
104X
8,000
43M
46
33 M
29%
3
71M
97
10,000
mt'mm
1,000
43
21H
101M
106
106
1
100M 103 M
40
43
43
cccl
105 M
4
x
x
22 M
b
103
aa
1962
x
43 M
102M
104M
*21%
26
Washington Water Pow 3 Y
5Me series A
ccc2
z
No Amer Lt A Power—
No Bost Ltg Prop
73M
1949 x aaa4
..1956 ybb 1
Deb 6s series A
3,000
17,000
72%
z
1950
United Eleo N J 4s
Penn A Ohio—
4
72 X
6Ms.—1952 y.b
Conv 6s 4th stp
Deb 6s series A
104
3
z
19,000
3,000
34,000
38,000
101M 101M
b
1
51
3
73 M
1941
62
4
4s
74 M
2,000
72
72 M
ybb
♦United Industrial 6Mb
51
bb
Serv
48
73 M
xbbb4
Texas Elec Service 5s
United El Service 7s
1,000
33,000
4,000
bb
Ohio Public
41,000
3
y
Hydro EI 6 Ma-
128 M
122 M
y
Debenture 6s
73 M
*43
120
115
y
Nippon El Pow 6Mb
74 M
72 M
72
Z
7s 2d stamped 4s
83
1942
1st mtge 3Ms
74N
48
{♦Ulen A Co—
110
1949
N Y A Westcb'r Ltg 4s
49 M
♦Ctfs of dep.
107 M
28
62
♦Income 6s series A
York
91,000
62,000
Tlet* (L) see Leonard—
71~666
6s stamped
♦Ext 4Mb stamped
73%
73 %
z
101M
113M
102
80 H
120M 120M
66 X
65M
4
y
...1950
N Y State E A G 4MB
72 M
72 M
Stinnes (Hugo) Corp—
New Orleans Pub Serv—
New
74 M
73
bbb2
101
53
37
73 M
b
y
109
103M 105M
60
z
♦Tern!
113M
49
y
103M
103 X
40
y
105 M
17,000
27 M
13,000
95 M
96 X
102
...
108 M 110M
98
86
95
50 M
50
87
3,000
27,000
18,000
1,000
73 M
a
97
97M
68,000
3
y
x
113M
113
111
x
98 M
98 M
64
50
b
..Deo 1
6s.
70
102 M 107
104 M
96
64
31,000
73 %
1966
105M
9,000
64,000
72 M
3
3
Registered
74
83 M
50
73
111
91M
51M
2
Debenture 5Ms
'
3
96
"9,666
aa
New Eng Pow Assn 5s
m
Conv 6s (stamped)...
Debentures 6s
101X
100 M
aaa2
Conv deb 5s
m
2
71M
106
x
New Eng Power 3Mb
~
b
104M 109 M
x
6s
m.
67
83 M
94
102X 103
112M 113
103% 104%
103 X
m>
11,000
82%
*90
112M
3
73 X
83
1948 yb
1948 yb
1951 y b
58M
2,000
1981
6s series A
aa
104
24,000
72
"Io§""
4
100M
101M 102M
Electrlo—
6s (stamped)
6,000
2022
Nebraska Power 4Mb
Lt 6s
S'west Pub derv 6s
Spalding (A G) 6s
23
21,000
7,000
*26 M
38
Southeast PAL 6s
Sou Counties Gas 4 MB
107M 107 M
bbb2
Deb 6s series B
93 M
100M 101H
z
Nat Pow A Lt 6s A
104 M
26 M
12
23
63,000
38
36
36 M
101M
25
136M
104 M
81
5,000
108M 108M
93 M
.
2
103 M 108
99 M
x
»
bb
99
62M
105 M
-
bbb2
12,000
94 M
108M 108M
109M 109M
-
b
19
67M
„
*25
"
2
*
y
103 M 106
35
1955
1st A re! 6s
cccl
138
109 M
y
19". 000
*102M 101
X
1947
1971
Middle States Pet 6Mb
*135
Debenture
1952
4s series G
aaa2
105 M
127
2,000
y
Memphis Com ml Appeal—
Mengel Co conv 4 Ms
Metropolitan Ed 4s E
x
107 X
3
13M
*22
107% 108
cccl
aa
25
18
*24
1
z
1937
92 M
82 X
Standard Gas A
1948 yb
Deb 4 Ms
92 M
4
x
♦Schulte Real Est 6s
Scrlpp (E W) Co 6 Ms
McCord Rad A Mfg—
6s stamped
b
101M
2
Mln A Smelt—
♦7s mtgesf
101M 102
99M 101M
98M 101M
99 H
3
2
30
103M 105M
106M 107M
101M
3
102 M 107 M
117
127 M
130
108M
3
a
53 M
a
7,000
a
39
a
107M
x
6,000
x
107
x
42
x
107
73 X
83
52
1966
159%
4
2
26M
1966
104X 108
1966 x a
Puget Sound PA L5M8... 1949 ybb
1st A ref 5s ser C
1950 y bb
1st A ref 4Mb ser D
1950 v bb
Queens Boro Gas A Elec—
5Ms series A
...1952 ybb
4s series A
b
29M
2022
128
3
y
106 M 109 M
17,000
Kansas Gas A E ec 6s
104X 107H
8,000
y aa
cc
34,000
Lake Sup Dlst Pow 3 Ms—
aa
106 M
7,000
158% 159M
bbb4
x
50,000
bbb2
38M
Kansas Eleo Pow 3 Ms
x
16
105M 109
108M 109
106% 106M
108 M
x
28
26 M
34
91M
14
z
45M 47M
*104
111
28
y cc
61
33,000
71M
30M
1951
1943
Scull in Steel Inc 3s
1951
Shawlnlgan WAP 4Ms—1967
1st 4 Ms series D
1970
Sheridan Wyo Coal 6s
1947
Sou Carolina Pow 5s
1957
—
5e stamped
Mansfeld
63
8 f debs 4s
Public Service of N J—
6% perpetual certificates
Pub Serv of Oklahoma—
2
z
49 M
19M
1967 y b
Interstate Power 5s
x aa
1st mtge 3Ms
♦Saxon Pub Wks 6s
43 M
21
24M
1964
1949
70
Public Service Co of Colo—
51
17X
-7,000
Jan. 1
1
71M
11,000
27 M
23
Since
S
71
2
b
z
21
26
b
1952 y b
a
z
1953
♦Ruhr Housing 6 Mb
1958
Safe Harbor Water 4Ms-. 1979
San Joaquin LA P6sB —1952
20
b
♦7s series E___
♦7s series F
Week
High
Low
*20
x
1954
Range
for
of Prices
Sale
Price
k
Power Corp(Can)4MBB—.1959
79
57,000
8,000
27,000
7,000
1st lien A ref 5s_
2
64
2,000
16,000
100M 100 M
3
I
See
♦Prussian Electric 6s
106M 111M
7,000
1949 yb
Hygrade Food 6a A
Range
Week's Range
Last
Klig. A
Rating
for
Week
tllOM 111M
30
$5
x aa
z
Range
Sales
Friday
Bank
Sales
Bank
Elio. A
BONDS
1st A ref
2471
New York Curb Exchange—Concluded—Page 6
151
111M
108M
108M
107M
HIM
Wise Pow A Light 4s_.
J^York Rys Co 5s
♦Stamped 5a
109 M
109
7,000
4,000
94
99
99M
Pacific Gas A Elec Co—
1st 6s series B
Paclflo Ltg A Pow 5s
Pacific Pow A Ltg 5s
Park Lexington
3s
Penn Cent LA P 4Mb
1942
x
aaa4
1955
1964
1977
y
bbbl
z
ccc2
x
bbb2
1979
X
x
aa
1962
aa
2
6s series A
1950
y
bb
4
Deb 5Mb series B
1959
y
bb 4
Penn Pub Serv 6s C
1947
1954
x
aa
2
x
aa
2
1st 5s
Penn Electric 4m F
68 series H
86
39
97 H
43 M
104
104M
28,006
105
2
x
T04M
bbb2
1971
96 M
106
31,000
12,000
101
107M
100
106M
13,000
104 M 108 M
3,000
9,000
104M 109M
101X 108 M
1,000
106
108 M
105
108 M
105M 106 M
108
107M
107 M
107M
107M 107M
107M 107M
96 M
104M
Penn Ohio Edison—
6s series D
108
108
*106M 108
4a series B
1981
x
bbb2
101
100
101
44,000
4s series D
1961
x
bbb2
102 M
102
102M
23,000
113
113M
4,000
104
104 M
2,000
23,000
Phila Elec Pow 6Ms
Pblla Rapid
1972
1962
6MB-1960
...1949
...1948
Transit 6s
♦Pledm't Hydro El
Pittsburgh Coal 6s
x
aa
y
bb
y
b
y
bb
y
31M
28M
*105M
31M
i
♦
Peoples Gas L A Coke—
91
101
102 X
110M 115
105
92
95
24
interest
cluded In
106 M
104 M
bb
l"04M
104
104 M
"3", 000
99
1953 z b
♦Portland Gas A Coke 5s„ 1940 ybb
*20
92M
13
25
*92 M
"92 M
"V.666
78 M
94
z
bb
84 M
84 M
75
1956
a
1961
1947
x
a
y
ccc2
Elec 6s
Stamped
Potomac Edison 5s E
4Mb series F
Potrero Bug 7s stpd..
*109
"iii"
85
12,000
112M
111
111
*46
"2,000
50
106 M 109 M
107 M 111
45
No sales being transacted
year's range,
r
d Ex-
Cash sales not in¬
during ourrent week
Bonds being traded flat.
| Reported
90
x
Pittsburgh Steel 6s
♦Pomeranian
a
♦ Friday's bid and asked price.
♦
48 M
103
107
Deferred delivery sales not Included in
n Under the rule sales not Included In year's range,
year's range,
z Ex-dlvldend.
No par value,
receivership.
in
1 Called for redemption:
Northwestern Pub. Serv. 5s
e
1957, Jan. 1, 1941 at 104.
Cash sales transacted during the
current week and not
Included in weekly or
yearly range:
No Sales.
53 M
v
Under-the-rule sales transacted during the
current week and not
Included in
weekly or yearly range:
No sales.
v
Deferred delivery sales transacted during
the current week and not
Included in
weekly or yearly range:
No sales
Abbreviations
Used Above—"cod,"
certificates of deposit; "cons,"
consolidated;
stock;
"x-w"
"cum," cumulative; "conv," convertible; "M," mortgage; "n-v," non-voting
v t c." voting trust certificates: "w 1," when Issued; "w w." with warrants:
'
'
without warrants
Rating Column—x Indicates those
believe eligible for bank Investment.
t
y
Bank
Eligibility and
bonds which we
Indicates those bonds we believe are not bank eligible due either
provision in the bond tending to make it speculative.
to rating
status or some
of reorganization.
The rating symbols In this column are based on the ratings assigned to each
bond by the four rating agencies.
The letters indicate the quality and the numeral
immediately following shows the number of agencies so rating the bond.
In all
cases the symbols will represent the rating given by the majority.
Where all four
agencies rate a bond differently. then the highest single rating la shown
A great majority of the issues bearing symbols ccc or lower are in default.
All
a
Indicates issues In
default, in bankruptcy, or in process
Usues bearing ddd or lower are
Attention la directed to the new
column In this tabulation
pertaining to bank eligibility and
in default
rating of bonds.
See note A above.
The Commercial & Financial Chronicle
2472
Oct.
26.
1940
Other Stock Exchanges
Baltimore Stock
19 to Oct. 25,
Oct.
Exchange
Sales
Friday
Week's Range
Last
Sale
Price
Par
Stocks—
of Prices
High
Low
15%
16%
*
Arundel Corp
Atlantic Coast L (Conn) .50
Consol Gas E L A Pow—*
76%
100
......
.1
18
Merch A Miners Transp..*
60
164
69
n
8
83%
Apr
1
108
6
May
14
18
165
31%
119%
46
16
May
91% May
28%
50
26% June
20c
400
16
115
29
25
1.75
1.75
7
62
62
16%
109
92%
93%
47
60
60
84
84
25
119%
65c
Mar
9% Aug
26% June
29%
Mar
2.50
Jan
1975
1976
A 6s flat
1975
B 5s
Finance Co of Am
34%
------
------
1.75
Jan
25
38% June
62%
Oct
12% June
84% May
54%
Oct
17%
Apr
93%
Oct
72%
Jan
30
82
90
Sept
June
19%
360
32%
7
32
Sept
37
33
34% $35,200
23
May
35%
Apr
40%
Apr
14% May
38
99
39%
7,450
30
May
Stocks (Continued)
Par
Jan
23%
Mar
Backstay Welt Co com
1
Bastlan-Blessing Co com.*
Belden Mfg Co com
10
Belmont Radio Corp
Bendlx Aviation com
Berghoff Brewing Corp
1
Binks Mfg Co cap
Sale
Par
Stocks—
Price
101
Oct
Bruce Co (E
103%
Jan
Range Since Jan. 1, 1940
Week
High
L)
32c
non-cum
50
pref
100
Amer Tel A Tel
162%
11
*
Bird & Son Inc
Boston A Albany
100
Boston Edison Co (new).25
"33%
100
43%
Boston Herald Traveler..*
18%
Boston Elevated
Boston
A
32c
15
1%
1%
162% 165%
11
9%
90%
33%
34%
43%
44%
50
*
Common
6%
28
18%
19
2,330
575
165
3,489
260
165
14
Jan
30c
Apr
1%
Apr
144% May
8
May
66%
May
33%
Oct
38% May
16% May
20
July
60c
Jan
2
100
Class A 1st pref st—100
Class B 1st pref st
100
Class B 1st pref
100
Boston Personal Prop Trts*
12%
1%
%
5%
1%
1%
1%
12%
Boston A Providence
12
12
Preferred
100
6
Prior preferred
1%
100
Calumet A Heola
Common
%
264
1%
1%
12%
13%
100
531
7
225
45
July
%
5
Oct
May
25
Jan
3
....♦
Cities Service Co
20%
Apr
2%
Mar
Jan
Jan
5%
Feb
1% May
3%
56
55%
56%
154
26
May
56%
Oct
100
34%
34%
35%
368
12%
May
35%
Oct
100
55
130
45c June
54
May
22%
22%
23
240
16%
3%
4
50
»
2%
3
87
2%
Sept
100
5%
21%
18%
100
4%
July
Common
.....
5% cumul pref..
100
Mergenthaler Linotype..*
5%
NarragansettRacgAssnlncl
New Eng Gas pref..
*
New England Tel A Tel 100
30%
117%
N YNH A Hart RR..100
North Butte
2.50
"~40c
5
30%
5%
22
55
20%
128
5%
465
3
June
26
Consolidated Oil Corp
Consumers Co—
*
Com ptsh vtcA
v
t c pref part shs
Preferred
100
6%
Mar
8%
Feb
38%
Jan
137
1
General Finance Corp coml
General Foods com
...*
Gen Motors
Corp com..10
Gillette Safety Razor
Goodyear T A Rub com..*
Gossard (H W) com
*
Great Lakes DAD com..*
Hall Printing Co com
10
com
24%
1%
Jan
Oct
Jan
Horders Inc com
9%
Jan
Feb
Hupp Motor Car
29
29%
397
35
35
150
61%
25
58%
44%
975
Utah Metal A Tunnel Co.l
44c
46c
150
1%
1%
835
97% 102
7H
7%
20
Venezuela Holding Corp__l
1%
Vermont A Mass Ry ColOO
Waldorf System
...»
"7%
82
45
135
55
May
May
12
12%
Jan
May
33%
Mar
Jan
May
39% June
35c
May
5%
4%
%%
.
_
68
70
1970
18%
19%
5s
98%
1948
101
Oct. 25, both
*
Last
Sale
Abbott Laboratories
Par
com
Acme Steel Co com
*
25
Price
55
48 %
Adams (J D) Mfg com...*
Advanced Alum Castings.5
Aetna Ball Bearing com__l
Allied
Laboratories
"~3%
10%
*
Range
of Prices
Imw
High
19%
5
16
16%
48%
49%
85
2%
2%
2%
250
49%
36%
49%
10%
18%
15%
10%
17%
13
8%
8%
55
48%
10%
3%
10%
13%
16%
56%
48%
10%
4
225
2%
3
14% May
35% May
1%
May
36% May
38
May
Apr
99
18
57%
Jan
2%
Jan
49% Apr
56%
Apr
2%
12%
May
25
Apr
9%
May
Sept
12%
Feb
27%
550
16
Sept
6%
Apr
Jan
200
9%
May
20%
Feb
400
8
May
10
Feb
Mar
37
170
34%
July
42
13
13
140
10%
May
15%
Apr
13%
17%
380
9
May
Apr
100
14
Jan
16%
19%
17%
7i« May
1
Apr
Feb
5%
13%
Jan
Mar
Oct
3%
23%
66% May
38% June
90%
Jan
62%
Jan
Jan
49%
181
3%
70
12%
12%
500
9
May
17
Jan
18%
1
23
3%
12%
22%
87%
48%
22%
19
150
17
July
23%
Apr
Feb
99
88
4%
4%
250
2%
Mar
4%
Oct
Jan
4
May
50
47
47
48
320
38
May
49%
Jan
100
101
101
101
20
90
May
103%
Feb
2% June
3%
Jan
Ky Utll Jr cumul pref
6% preferred
com A
5
Oct
Kingsbury Brew Co
Oct
102%
Apr
Feb
300
Inland Steel Co cap
*
International Harvest com*
7%
.
Oct
6
260
Apr
Interstate Power $6 pref..*
Jarvis (W B) Co (new) capl
Oct
20%
237
22%
62c
8
May
350
La Salle Ext Univ com
1
cap
2%
2%
2%
6%
%
200
%
Jan
%
Mar
1%.
900
%
Sept
1%
Jan
7
1
7
100
700
May
9
Apr
Aug
26
%
......
5
53 50 preferred
*
6%
com.
10
10
Lindsay Lt A Chm
19%
7%
9%
*
Liquid Carbonic
*
com
Loudon Packing com
7%
Apr
Apr
49%
6
Lincoln Printing—
Low
100
29%
Indianapolis Pr A Lt com.*
Lion Oil Ref Co cap..
223
1,250
21
May
29% June
3% June
12%
Feb
12%
1
com
Katz Drug Co com
50%
34%
Apr
37
13
*
Lynch Corp
High
9
"l%
19%
7%
12
9
9
50
15%
50
4%
Jan
40
9%
July
12
9
May
14%
Apr
May
18%
Mar
100
15%
1%
15%
1%
40
50
May
May
May
Jan
2%
28%
Apr
Jan
Apr
May
30%
15%
3% May
7%
May
Jan
1,200
1,000
3%
Apr
4
Jan
4%
50
27
100
15%
7
3,350
3%
4%
Marshall
*
15%
14%
Apr
McCord Rad A Mfg cl A..*
6%
6%
11
Apr
Merch
4
Jan
1
3%
A
Field
Mfre
com
Oct
July
22
27
Jan
Apr
1%
22
*
70%
51%
11%
Jan
7%
20%
5
com
90
26
8%
Apr
Feb
Sec—
Class A com
May
14
Feb
Mlckelberry's
Food com.l
4%
3%
4%
3%
JaD
13%
150
10%
May
20%
Feb
6%
7%
10,850
5%
May
9%
Jan
200
8%
May
17
Oct
Middle West Corp cap
6
Midland United conv pf A*
7%
16%
50
21
4%
1%
Mar
100
6%
May
Apr
Midland Util
7% pfd A. 100
8%
73
May
100
Jan
Miller A Hart Inc conv pf*
Modlne Mfg com
*
%
3%
May
210
11%
22%
""%
Aug
36%
4%
%
7%
589
146
May
175%
Mar
Monroe Chemical Co
*
1%
3,600
4
_•
39%
10%
100
8
May
21
41%
Jan
com
26
1%
4%
1%
5%
May
7%
Apr
Montgomery Ward
1%
750
%
Jan
1%
Apr
1
1%
4%
950
%
Sept
1%
Feb
Natl Cylinder Gas com
1
Natl Pressure Cooker Co.2
4%
For footnotes see page 2475
3%
17%
10%
18%
13%
2,400
Mapes Consol Mfg cap
162% 165
2%
50%
Apr
4%
Oct
Week
20
4%
527
40
3
250
17%
46
Range Since Jan. 1. 1940
92%
1
500
1,600
Jan
Jan
3
June
Kerlyn Oil Co
91
Aviation Corp (Del)
3
Aviation A Transport cap. 1
5
May
11% May
1 %
Aug
35%
Automatic Products com.5
20%
4%
100
50
Aug
21
Asbestos Mfg Co
19%
100
400
2%
23%
21
5
3%
150
4
Indiana Steel Prod
74%
36%
29
.....
1%
Jan
Aug
Allis-Chalmere Mfg. Co..*
Armour A Co common
Feb
84%
July
Allied Products Corp com 10
Class A
25
AmerlcanPub Serv pref 100
Amer Tel A Tel Co cap. 100
May
19
May
17%
Shares
72
May
May
67%
for
May
12
6%
Sales
Week's
51
100
2
inclusive, compiled from official sales lists
Friday
50
16
30
com
Preferred
Stocks—
3%
Helleman Brewing cap
1
Hibb Spen Bartlett com.25
LlbbyMcNelllALlbby com7
to
Jan
68
115
Chicago Stock Exchange
Oct. 19
Mar
16
200
9,000
June
24%
7i«
53,400
86
13% June
2%
8%
2%
Oct
102
Apr
Apr
110%
7i«
Mar
June
290
33
July
2%
2
87
99%
19%
May
18% May
20
8%
102
99
10
50
Feb
1%
20%
Jefferson Electric Co com.*
1960
_
4%
May
1
Boston A Maine RR—
1st Mtge A
795
Jan
% June
% May
2
Illinois Brick Co cap
10
Illinois Central RR com 100
Bonds—
Eastern Mass St Ry—
Series A 434s
1948
10
70
Oct
Oct
May
%
4
3%
18
17%
23% 23%
108% 108%
20% 21%
35
June
1%
70
1%
65
~16~~
Houdaille-Hersbey cl B
*
Hubbell Harvey Inc com.5
58%
Inc mtge A 4
108%
*
Aug
29%
May
%
Gardner Denver Co com..*
General Amer Transp com 5
May
35
%
150
14%
*
20
193
Apr
5
Jan
%
30%
1,450
Apr
United Shoe Mach Corp.26
Apr
8
Mar
7%
60c
Torrlngton Co (The)
Union Twist Drill Co
33
May
3%
43%
*
com
Feb
165
May
6%
Jan
6% May
2% May
7
Four Wheel Drive Auto. 10
Fox (Peter) Brewing com 5
Apr
215
25%
2,000
91
Feb
4
43
Fairbanks Morse
Jan
May
8%
30%
5%
4,350
5%
50
28%
Apr
5
16%
10
1,950
Apr
Oct
9%
783
5%
2%
14
May
8%
81%
5%
Jan
Feb
Mar
9
18c
8%
11%
13%
16%
3%
29%
7%
*
37
7% May
63% May
13%
16%
207
*
25% June
100
*
403
Stone A Webster
550
9%
Eddy Paper Co (The)
*
Elec Household Util Corp. 6
Elgin Natl Watch Co... 15
25c
Rhawmut Assn T C
3,650
29
Dodge Mfg Corp com
May
1
May
1
28%
9%
Oct
6%
7%
7%
5%
22%
25%
%
Jan
Sept
Jan
1.00
70
%
200
May
Feb
92o
585
15%
Jan
Feb
77
Apr
Apr
721
50
%
120%
21%
1%
Mar
10%
Aug
1%
May
%
4% May
lu
8%
Sept
92
8%
35o
23%
37
70
8%
36
1%
40
%
30%
5%
Decker (Alf) A Cohn com 10
Deere A Co com
•
400
8%
700
21%
2%
25
com
13%
1%
%
45%
80
5%
Container Corp of Amer.20
Continental Steel com....*
18c
23%
Jan
Apr
%
28%
50
13%
25
%
8%
107
21%
Common partshs v t c B*
23
60
cum pref
......
106
50
18c
Reece Button Hole MachlO
Jan
July
Commonwealth Edison—
13%
Pennsylvania RR...
%
4%
%
45%
106
*
com
*
Quincy Mining Co
Series B
10
com
100
Common
Pacific Mills Co
50
150
2
Jan
Sept
%
6%
%
6%
Mar
Oct
June
Apr
May
5%
Oct
27
19%
88%
May
2%
23%
21%
108
10% May
71
Aug
22
35
Apr
May
May
209
23%
May
12
30%
17% June
1%
11% June
116% 117%
%
%
38o
40c
Jan
175
13%
Old Colony RR—
6%
Convertible preferred..*
Chicago Yellow Cab cap
*
Chrysler Corp common..6
Fuller Mfg Co com
4%
7%
50
Jan
*
1,519
60
18%
-26%
Gillette 8afety Razor
Maine Central—
Mar
100
May
May
Gilchrist Co
Feb
4%
5
Apr
12%
Feb
11%
21
7%
22
20
Oct
5% June
2% July
4% May
5
Aug
12
8
5
2%
12
Economy Grocery Stores.*
Employers Group Assn...*
50
Dexter Co (The) com
Diamond T Mot Car com
Eastern Mass St Ry—
66c
340
Cudahy Packg 7% cm pflOO
Cunningham Drug Sts.2%
3% May
18
3
40
85
Crane Co
3
69
14%
83%
15
85
Feb
3
66c
19
Jan
8%
3
18%
Apr
July
4% May
67
19
19%
282
*
Jan
5
16
365
100
Jan
25%
4%
Aug
7%
100
23%
13% May
4%
10
3
May
3% May
4%
1st preferred
552
1,650
100
1% May
1%
Jan
1%
Jan
11% June
7
Common
Aug
750
1
Club Alum Utensil
Oct
Mar
Eastern SS Lines...
Apr
Mar
3
*
common
Mar
100
4%% prior pref..
6% preferred
6
5%
8
Chicago Corp
Sept
East Gas A Fuel Aasn—
Common
May
Oct
May
Sept
11%
8%
*
50%
3%
24%
7%
12
36%
3
*
Apr
10%
Feb
Oct
18%
Oct
100
8
6%
19
12% May
7% May
3% May
3% May
13% May
900
8%
60c
,
Mar
1
774
8
4%
3
Prior lien pref
Chain Belt Co com
Capital
10
6%
2
1
31%
50
"8%
7%
1
12%
91%
36%
4%
7%
6
Copper Range
81
1%
5%
19%
10
175%
Maine-
Common stamped—100
5%
30%
250
1
com
Preferred
20
11
20%
Capital
*
Cent 111 Pub Ser $6 pref..*
Central 111 Secur Corp—
Common
20
50
10%
May
7%
Central A 8 W—
Amer Pneumatic Service Co
1st pref
11
15%
1,200
18%
Convertible preferred..*
Low
18%
May
20%
5% cumul conv pref..30
Campbell-W A Can Fdy—
Sales
for
High
4%
7%
4%
18%
5
Burd Piston Ring com
Shares
Low
20
6
June
June
Exchange
19
17
Brown FenAWire cl A pref*
90
of Prices
High
Shares
350
6%
18
Bliss A Laughlln Inc com.5
101
Low
High
18%
5
Borg Warner Corp—
Common
7,000
Week's Range
Low
6%
1
3,000
both inclusive, compiled from official sales lists
'Last
Price
*
102%
Friday
Range Since Jan. 1, 1940
Week
*
Butler Brothers
Oct. 19 to Oct. 25,
for
of Prices
Barber Co (W H) com
101
Boston Stock
Week's Range
Sale
Apr
19%
102
4% .1947
Last
Feb
Oct
15c
Bonds—
Bait Transit 4s flat
CHICAGO
Sales
Friday
Jan
32%
32%
19%
2
Municipal Dept. OGO. 021
La Salle St.,
S.
Feb
65
"
Western National Bank.20
10
Apr
130
Teletype
Trading Dept. CGO. 405-406
Apr
16
60
Fidelity A Guar
Oct
100
16%
Phillips Packing Co preflOO
25%
Principal Exchanges
Bell System
Apr
Jan
20%
Members
Jan
2 50
May
Sept
29
62
Vaul H.Davis
Jan
Apr
55c
15c
1.75
Penna Water A Power com*
July
1.35 May
21%
20%
6
18
------
...100
23o
28%
New Amsterdam Casualty2
Northern Central Ry
Aug
25%
119
7% pfd 25
Mt Vern-Wood Mis com 100
Preferred
12
59
16c
1
Mon W Penn P S
100
1,719
6
119%
28%
Mar Tex Oil
May
29c
......
High
11
1.85
25
20
10
Preferred vtc—
Fidel ty A Deposit
Fidelity A Guar Fire
Low
201
15%
16%
77
75%
116% 116%
1,85
4%% pref B
Week
Shares
28c
100
Brager Eisenberg Inc com 1
1st pref v t o
LUted and UnlUted
Range Since Jan. 1. 1940
1.65
Bait Transit Co com v t c »
East Sugars As com v t c..l
for
SECURITIES
CHICAGO
both inclusive, compiled from official sales lists
2,130
4
Aug
8%
Apr
Noblltt-Sparks Indcap
5
3%
30%
2%
2%
2,000
2%
May
4%
Apr
North American Car com20
4%
com
39
11
.
%
200
8%
840
26
50
Jan
17% May
%
8%
26
Oct
Jan
Oct
Sept
1%
100
1
May
1%
41%
11%
3%
743
32
May
55%
212
10%
3%
Oct
11%
Oct
200
July
4%
July
30%
4%
50
20%
May
200
3
Feb
36
5%
Apr
Jan
Apr
May
Volume
Last
Week's Range
of Prices
1,1940
Low
High
Range Since Jan.
Stocks (.Concluded)
High
Low
Shares
Cleve Cliffs Iron pref
10
11X
1,000
7%
June
12
Jan
14 J*
8
15X
50
8%
May
22%
Jan
Cleveland
Jan
12 X
13
H
Ontario Mfg Co com
Penn
100
....
Dow Chemical pref
23 X
860
15
May
24%
Jan
36%
950
25
May
38%
Feb
c
25
200
23%
May
29
May
12%
Jan
Goodrich (B F)
6%
May
14%
Jan
%
May
2%
Oct
95
June
123%
Feb
141
June
157
105
380
10
"43%
Raytheon Mfg Co com.50c
5a
...
155
50
43
44
5
X
X
9%
9X
5%
24
24
c
1
May
Aug
12
Jan
Feb
6
Sept
,
Lamson
A Sessions
May
120
30
13%
80
39
July
42%
Apr
10
95
June
105%
Mar
120
3
Jan
25
40%
133
15
15
1,396
3%
3%
12
1
1
300
886
62
May
88
Apr
Midland Steel Prods
*
50
24
Aug
31
Apr
12%
July
17%
May
16%
50
10%
16%
Oct
c
30
800
20%
June
May
31%
Oct
National Refining (new)..*
20
Mar
1%
Natl Mall St Cast com.
6% prior pref
20
95
May
101
Apr
6
May
11
Jan
65
June
1
May
26
24 %
25%
547
100
20% May
10
May
Feb
80
May
8
c
c
14
Jan
13
7%
1,625
2%
Feb
9
Feb
34%
1,450
15%
Jan
35
Oct
Feb
Mar
Apr
Mar
1
Oct
1%
Apr
23% May
40%
Apr
Apr
2%
Jan
27
200
13% May
2
July
3%
Apr
100
30
June
41%
July
9% May
May
18%
Jan
24%
May
5% June
8%
May
12%
Jan
25
35
35
al4% al4%
17
21
25
06%
a6%
40
a9%
100
7
May
18
18
440
10
May
18
540
14
May
36%
a4%
346
31
May
23%
40%
35
35
123
36%
...
*
18%
300
21%
2,800
"34"
33 X
34%
431
2
2
4X
4%
400
4
Jan
5%
Apr
Upson-Walton
"12 X
12 X
12%
150
10
June
16%
Apr
81
Van Dorn Iron Works...
50
14
14
*
35 >■
Apr
15%
Mar
68%
5%
42
May
4%
5%
673
4
Aug
4
73 X
572
60%
June
88
Jan
4
222
3
May
53
4
Aug
18%
448
12%
May
23%
Apr
Warren Refining....
75%
175
50%
87%
Jan
White Motor
United States Steel com..*
60 %
63%
3,000
June
May
68%
JaD
123 % 125%
256
103%
May
125%
%
May
%
Jan
%
Jan
Jan
July
6%
Feb
Jan
2%
5
Oct
1% May
5%
5%
Vlchek Tool............*
17%
75X
Jan
June
38%
358
......1
20
37
Oct
25% May
12
July
a60% a63%
U S Steel com
Oct
Jan
Mar
8%
3% May
20
a33% a34%
*
Thompson Prods Inc
Union Metal Mfg
18
20 X
25
c
13%
a3%
Stouffer Corp class A
47%
Jan
May
al8% al9%
Selberling Rubber
33
32%
26%
Jan
4
2% June
10
Apr
*
13
May
15
8%
...5
RIchman Bros
May
May
21%
2%
Republic Steel com
Apr
June
12
a9%
28%
17%
Apr
Jan
*
Reliance Electric.
33
Jan
44
Jan
Otis Steel..!
17
29
May
4%
21
Ohio Oil com..
Mar
Mar
2%
14
16% May
34%
13%
Ohio Brass class B
Oct
X
Jan
4
150
34
cNY Central RR com...*
350
Sept
20
150
*
1
7X
Apr
24 X
1
Feb 1.
20%
a24% a24%
19%
1
100%
50
a37% a37%
6%
6%
Miller Wholesale Drug...*
7X
40
Trane Co (The) com
50
12
450
Thompson (J R) com
3%
3%
a25% a25%
*
16
18 H
105
105
105
12% May
....*
National Acme
Apr
19%
41%
41
Metro Paving Brick
50
20%
13%
19%
Leland Electric
1,050
..25
May
Feb
IX
Swift International cap..16
Aug
10
Apr
79 X
7H
98
Apr
150
10%
12X
Texas Corp capital
Jan
106
8
al02
102
30%
70 X
Swift A Co
41
May
1%
13
26% May
6
11%
34 %
65
*
29
68
*
Apr
20% June
1
6
37
40%
1
Sunstrand Mach T'l com.5
May
*
100 %
Stewart Warner
22
Steamship
Kelly Isld Lime A Tr
200
7%
Stein & Co (A) com
Apr
75
25
.....20
Standard Oil of Ind
Interlake
9X
South Colo Pow A com..25
68
117
._._*
29X
St Louis Natl Stkyds cap.*
8
Sept
Industrial Rayon com..*
16%
2
Sept
Q
al5% al6%
$5 cm pref..*
16
Southwest Lt & Pow pref.*
6
112%
100
.,
_
77 X
27
8ivyer Steel Castings com.*
Sou Bend Lathe Wks cap_6
Preferred
.
27
Sears Roebuck & Co cap..*
Standard Dredge com
„
Apr
18%
12% May
10
_____*
Harbauer Co
Feb
1%
50
24
9X
Slgnode Steel Strap pref.30
Common
...»
Spiegel Inc common
Jan
1%
% June
150
5%
55%
8
10
5X
%
600
10
Rollins Hosiery Mills com 4
Sangamo Elec Co com
*
Scbwltzer Cummins cap__l
6% preferred.
Reliance Mfg Co com
Hanna (M A)
Feb
950
X
Halle Bros pref.
June
3
150
"•■'vv X
Oct
1,177
70
a
Goodyear Tire A Rubber.*
Great Lakes Towing
100
104
"104"
May
17%
12%
5%
200
155
Quaker Oats Co common.*
Preferred
100
General Tire & Rub preflOO
250
2
Mar
36
a34% a34%
2,300
2
43%
Jan
a34% a35
*
com
May
17%
444
g
8X
12
12
1
Mar
General Electric
26
28%
113% 113%
100
*
12X
8%
_.*
_
Jan
Eaton Mfg
Process Corp (The) com..*
Rath Packing com.
Mar
2%
25
Perfect Circle (The) Co...*
Pressed 8teel Car com.
15%
Oct
69%
17%
5
Sept
%
Oct
May
10
a34
46
27
Commercial Bookbinding.*
12%
35%
36 %
Peoples G Lt&Coke cap 100
Poor & Co class B
12
Oct
8
300
400
X
23 %
60
RR capital
60
8
High
Low
Shares
927
a34
100
Railway
Range Since Jan. 1,1940
Week
High
68
Cleve Graphite Bonze cml
c
Northwest Utll—
Low
69%
*
Cliffs Corp com.
Penn Elec Switch conv A10
Penn Gas & Elec A com..*
11
Northwest Bancorp com..*
-
of Prices
Price
Par
for
Week's Range
Week
Price
Par
Last
Sale
for
Sale
Stocks (Concluded)
Sales
/> ruiay
Sales
Friday
7% preferred
2473
The Commercial & Financial Chronicle
151
Apr
72 X
Union Carb A Carbon cap *
"l8X
United Air Lines Tr cap..5
U 8 Gypsum Co
com
100
125 %
Utah Radio Products coml
1%
7%
pref
cum
1,000
310
550
1%
150
30
19
Jan
20
X
20%
900
16% May
23%
20
105
14%
June
28%
76% June
4
May
117%
JaD
8
Oct
Wieboldt Stores Inc com..*
Williams Oil-O-Matlc com*
V
600
May
1
1
200
X
Aug
1%
Jan
Wisconsin Bank shares cm*
4%
5%
800
5%
5%
650
May
80 X
81%
252
72%
May
4%
15**
14 X
1,100
8%
May
Ford
DETROIT
Building
Randolph 5530
Telephone:
Oct
Apr
Detroit Stock
Cincinnati Stock Exchange
Oct. 19 to Oct. 25,
both inclusive, compiled from official sales
18 to Oct. 25,
Oct.
Last
of Prices
Price
Par
Stocks—
Week's Range
Sale
lists
Sale
Range Since Jan. 1, 1940
for
Par
Stocks-
Price
21
Oct
5
Auto City Brew com
1
Baldwin Rubber com._..l
Briggs Mfg com
*
Brown McLaren com
1
Burroughs Add Machine.*
Consolidated Paper com. 10
Consumers Steel com
1
Continental Motors com__l
Crowley Milner com..—*
Det A Cleve Nav com
10
Det-Mlchigan Stove com.l
Detroit Paper Prod com__l
Eaton Mfg com
4
Ex-Cell-O Corp com
3
.20
Baldwin pref_______..100
Champ Paper pref
100
Mach
16%
....
16%
97%
"I62"
73
65
96
..5
"""!%
Cin Gas A Elec pref.._.100
106%
Cin Ball Crank..
102
102
5
97%
July
7
37
5%
1%
734
105% 106%
3%
3%
603
1%
50
3%
Cin Telephone
50
96%
96%
98
14
14
166
Cin Union Stock Yds
.....10
35
5
420
3% May
6%
2
35
6%
1%
9%
60
6% May
V.-T 14
150
13%
26%
26%
176
25
12
100
.......
Kahn 1st pref
4%
4%
9
9
103
103
50
32
574
-.100
31%
...*
Kroger
31%
1%
%
%
29%
Apr
73%
35
1%
%
Moores-Coney B.
'
110
June
60 %
Jan
July
Apr
Feb
3%
Oct
100%
12%
7%
7%
2%
12%
Mar
Mar
v
Jan
Jan
Feb
Jan
6% Mar
14% May
Jan
10
%
2%
Jan
99
107
Mar
34%
Apr
1%
Apr
1%
Apr
80%
"
Apr
% Junr
X June
*
X
%
%
50
%
Jan
.10
IX
1%
1%
100
1%
Sept
1%
3%
Mae
.__*
55%
55%
60%
1,117
52% June
71%
Apr
18
23
National Pumps
Preferred
P & G
Randall A._
20%
*
...
5
*
U S Printing
Preferred
—
Wurlitzer
....
.
14
.50
...
6%
10
11
1%
14
6
14
6%
Feb
4% May
110
5
1%
...i:_.*
Rapid—
100
20%
1% May
8%
2%
Mar
Apr
Feb
Feb
— .
18c
320
Mar
Mich Steel Tube
Sept
13
Mar
109
Jan
"50%
10
General Motors
12%
13%
162
5%
13%
25
5%
50%
461
49%
9% May
4% May
412
37%
May
11
Aug
1%
7%
8
1,315
7%
July
12%
Jan
15
270
Oct
16%
Mar
July
1%
Jan
2% May
4%
Feb
1%
3
55c
3%
60c
60c
3%
1,250
1%
300
60c
62c
550
3,070
750
100
27
30
30
515
20 %
14%
14%
300
2%
325
5
5%
1,500
2%
600
1,269
37% May
2%
49%
2%
2%
50
2%
100
Apr
June
16%
Apr
4%
4%
350
3
May
6%
Feb
32c
200
32c
1
800
1
51c
51c
100
87c
99c
400
17c
17c
360
16c
7%
17c
19
9
1
'51c
200
1,030
7%
355
5
120
Union Commerce Beildlng,
Telephone: CHerry
A®
IV
Last
Sale
Stocks—
Par
Price
For footnoree <•<* nas»
Shares
4%
100
4%
9
9%
327
9
2475.
May
Oct
66%
7
1%
971
1%
1,350
1%
600
1%
1%
13%
14%
Apr
Jan
1,037
4% May
2% May
31%
8%
1
200
1
300
270
3% June
1%
200
1
12%
12%
170
IX
1%
200
40c
40c
100
1
Specialties—
*
*
..1
3
1,200
7%
Apr
Jan
7
Apr
1%
Apr
10%
July
July
14%
2%
Mar
1%
26c
Jan
4%
4%
Oct
3%
Mar
7%
Oct
4%
3
100
2
7%
640
4
.
6
400
217
2%
1%
855
90c May
10%
167
7
Sept
4
3% May
July
5
3%
1%
Apr
60c May
Jan
10%
1%
Wire....*
Jan
1%
May
3
7%
Apr
3
Oct
May
4%
3%
—
Mar
2
Aug
4%
com—*
Jan
14%
1%
2% May
4%
Feb
Mar
44%
1% May
1%
Apr
4%
Mar
2%
Apr
8%
July
Mar
1%
*
com..-.--l
Distcom
1
16
9% May
9,275
1%
♦fay
Jan
1%
13%
June
Apr
Angeles Stock Exchange
Sales
Last
Par
Week's Range
Sale
of Prices
Low
High
Price
Aircraft Accessories
2%
2%
Bandlnl Petroleum Co..
2%
2%
Barker
Jan
2%
4%
(Fred'k) com
Stocks—
Mar
Feb
Apr
10%
1940
High
45% May
Apr
Mar
10
Los
Low
39
27c
7%
1.25
Friday
a56%
Jan
Sept
May
11%
2%
10%
Warner Aircraft com
4%
Amer Home
1%
July
...*
Week
a56
Prod com_.l
Brewing Corp of Amer—3
City Ice & Fuel Co
*
c
of Prices
Low
High
July
July
2,092
Walker A Co B
Range Since Jan. 1,
for
75c
Jan
60c
32%
Sales
Week's Range
Mar
1%
V/UV*
Friday
60c
7
31%
Cleveland Stock Exchange
VVl*
Feb
440
32%
Young Spring A
Jan
35c
400
875
Universal Cooler A
Cleveland
1%
290
3%
Udulite..--
A. T. & T. CLEV. 565 & 566
5050
52c
70c
3%
United
Oct
May
8
8
Tivoli Brewing
GILLISI?*'j RUSSELL co.
14% May
69c
7%
Union Investment
Jan
57c
12%
Tom Moore
Apr
19%
13%
1%
Stearns
July
Jan
Apr
3%
1%
32c
com.l
Prudential Invest com—1
Reo Motor com
.....5
Rickel (H W) com
2
Sheller Mfg com
...1
Std Tube B com
...1
Members Cleveland Stock Exchange
56
Jan
13%
4%
Peninsular Mtl Prod
Ohio Listed and Unlisted Securities
Apr
57c
7%
3%
Parke Davis com
Mar
2%
6%
2%
May
50c
Apr
16%
19%
12%
Apr
34
Jan
May
2
Apr
Mar
Apr
1%
35% May
Oct
May
2
Jan
1%
3% June
1% May
50c
Feb
2%
10% May
2%
30
1%
61c
*
56%
Oct
July
1% May
34%
1%
Murray Corp com_ _,
10
Packard Motor Car com..*
Motor Products com
Apr
60c
r.
60c
7%
1%
Apr
55c
300
3%
1%
15
34%
1%
com—1
7%
Apr
52c
Michigan Sugar com.....*
Oct
Apr
500
com..2%
17%
6
1
Mar
26c May
2,470
Parker-Wolverine com...*
Unlisted—
Am Rolling Mill..
7%
23%
70c
15
1
Columbia Gas..'........*
4% June
13% May
8
3
General Finance com.
1
General Motors com
10
Goebel Brewing com
1
Graham-Paige com
1
Hoover Ball A Bear com. 10
Houdaille-Hersbey B
*
Hudson Motor Car com..*
Hurd Lock A Mfg com___l
Kingston Products com._l
Kinsel Drug com
...1
Masco Screw Prod com... 1
McClanahan Oil com....l
Micromatic Hone
4%
22%
22
Mid-West Abrasive com50c
94% '95
...100
Preferred.
Aug
16c July
200
6
High
Low
2%
1,070
66c
Gar Wood Ind com
94
8% June
3%
3%
70c
22%
*
Frankenmuth Brew com__l
16
27
Week
Shares
_
224
;
High
18c
Federal Mogul com
Mar
Feb
8%
Jan
May
23% May
1%
Apr
%
Jan
400
70%
*
.-L
Aug
6
20
2.50
...
Aug
4%
54
214
._.*
Leonard
Mead pref
14
20
*
Hatfield prior pref.
May
85% May
11% May
..*
.....
M agnavox
147
20
Formica Insulation..
Prior pref
June
1%
6%
Dow Drug
Gibson Art
100
1%
9%
._*
*
105
Oct
4%
*
Crosley Corp
:
Crystal Tissue.
1%
Apr
97%
Jan
Cin Street
Eagle-Pocher
Oct
7
Cin Advertising Prod
18
13% June
97%
16%
of Prices
Low
Range Since Jan. 1,1940
for
6
3%
Atlas Drop Forge com
Am Laundry
Week's Range
High
Low
Shares
official sales lists
Sales
Friday
Last
Week
High
Low
Exchange
both inclusive, compiled from
Sales
Friday
_
Chicago Stock Exchange
Exchange
Detroit Stock
Apr
4%
17%
1% June
500
15%
4
4
Yates-Amer Machine cap.5
Jan
New York Curb Associate
York Stock Exchange
Apr
Wrigley (Wm Jr) Co cap.*
6%
93%
Zenith Radio Corp com..*
Oct
26% June
Members
New
Feb
4X
3%
3%
May
2
Woodall Indust com
Feb
Oct
Watling, Lerchen 8l Co.
Jan
107
mx 108%
7
7%
Westh'se El A Mfg com.50
a38% a40%
Youngstown Sheet A Tube*
Oct
26
26
19X
20
•
Westn Union Teleg cm. 100
95
Jan
1%
26
Viking Pump Co com....*
Walgreen Co com
1%
X
IX
IX
Utility A Ind Corp com___5
Convertible pref...
7
41%
1%
15%
48%
X
30
al5
al5
7% May
500
X
2
.....50
60c
1
Bros 5%% pref..50
28
28
2%
3
28
for
Week
Shares
825
1, 1940
Range Since Jan.
i
Low
2
July
1,125
2% May
20
22% May
High
3% May
4%
30
Jan
Mar
The Commercial & Financial Chronicle
2474
Oct.
26, 1940
Pittsburgh Stock Exchange
California Securities
Oct. 19 to Oct. 25, both inclusive, compiled from official sales lists
Sales
Friday
Last
639 South
Stocks—
1921
Established
Spring Street, Los Angeles
Allegheny Lud Steel com.*
Arkansas Natl Gs Cp pflOO
STOCKS—BONDS
MEMBER
Telephone VAndike 1071
:
Stocks (Concluded)
Price
Par
Cons__l
Barnhart-Morrow
Range
of Prices
Low
alOc
Range Since Jan. 1,1940
Week
High
alOc
for
alOc
Shares
High
10c
Apr
Apr
25c
25c
25c
200
25c
1.45
1.45
1.45
559
com
10
1 Ys
1%
Broadway Dept Store
*
55*
1%
6%
500
5%
120
12c
Blue Diamond Corp
Bolsa Chlca OH A
Buckeye
Union Oil com.. 1
Preferred-.,
al
Calif Packing Corp com..*
Central Invest Corp
100
al95*
Chrysler Corp
6
a
5%
*
May
ale
100
Aug
1,100
2cJ Aug
3c -Apr
2c
3c
3c
Apr
425
10% May
145*
Jan
85
155* May
26
Jan
Mar
19% al9%
9
80%
*
Mar
2%
55*
12%
9
Consolidated Oil Corp
Consolidated Steel Corp.
1
Feb
3c
a
12
...»
Apr
11%
3c
.....
Byron Jackson Co
Apr
45c
3
1% May
1% Aug
3% June
Berkey & Gay Furn Co—1
145*
9
120
8%
May
12
905*
Low
120
16
High
265* May
85*
Apr
115*
Jan
135*
Feb
May
20
9
60
55* May
95*
65*
70
65*
__
*
5
65*
55*
55*
195*
65*
162
Feb
Aug
5
June
6
1,115
45*
May
20
195*
15
155*
Jan
125*
Aug
--10
13
13
100
Duquesne Brewing Co...5
Koppers Co pref
100
11
11
210
89
89
10
Lone Star Gas Co com...*
Low
600
235*
235*
85*
85*
Devonian OH Co
Sales
Week's
Range Since Jan. 1, 1940
Shares
High
9
Copperweld Steel
Sale
Low
Price
9
Col Gas A Elec Co
Last
Week
*
Blaw-Know Co
System Teletype LA 23-24
Friday
for
of IT ices
Byers (A M) Co com
*
Clark (D L) Candy Co...*
Los Angeles Stock Exchange
Bell
Par
Week's Range
Sale
Akin-Lambert Company
65*
Apr
Apr
175*
Jan
14
Mar
91
May
95* June
75
Oct
75*
25
Jan
95*
95*
128
55*
285*
925*
6
450
285*
Pittsburgh Screw & Bolt-*
6%
65*
155
45* May
85*
Jan
Renner Co
30c
30c
300
30c May
50c
July
8
8
5
95*
Mar
Mt. Fuel Supply Co
10
Pittsburgh Brewing pref. .*
Pittsburgh Plate Glass-.25
28%
.1
Ruud Mfg Co
5
Shamrock Oil & Gs Co
1
cm
15*
May
46
945*
66
June
50
435
15*
35
205*
215*
25*
May
15*
1,829
25*
205*
105* May
65* May
365*
Apr
1045*
Apr
May
28
35
Vanadium-Alloys 8t! Crp. *
Westinghouse Air Brake..*
75*
45* May
50
191
25*
May
28
30
Jan
35
Oct
285*
Jan
2%
May
15% May
Oct
Unlisted—
80?*
6%
6%
14%
6%
80%
115
675*
May
6%
456
65*
Oct
8
6%
14%
1,400
470
7
May
May
15
Oct
6%
300
4
June
6
Apr
87
87
87
170
77%
Oct
885*
9%
60%
9%
50%
135
8%
May
105*
577
385*
16%
16%
240
14
June
245*
Feb
Hancock Oil Co clA com..*
30%
30%
30%
150
27
May
40
Lincoln Petroleum Co.. 10c
Lockheed Aircraft Corp__l
Apr
21c
20c
21c
4,500
7c
Jan
25c
Aug
May
Mar
Goodyear Tire A Rubber.*
9%
49%
16%
15*
Apr
General Motors com....10
11
Pennroad Corp vtc
6
Preferred
Creameries of Amer
v tc.
5%
Douglas Aircraft Co
*
Electrical Products Corp.4
a28%
U28% a28%
2%
2%
35*
65*
66
Mar
Jan
Jan
Apr
St. Louis Listed and Unlisted Securities
Apr
Edward D. Jones & Co.
Established
Investment
1922
Securities
20
23 J*
June
Jan
415*
45*
May
2c
2c
2c
3,695
1,000
15*
Co...5c
2c
Oct
2c
Oct
1
5c
5c
5c
1,000
3c
May
6c
Jan
St. Louis Stock Exchange
CEntral 7600
1
27c
27c
30c
400
27c
Oct
47c
Feb
Chicago Stock Exchange
Postal Long Distance
Pacific Finance Corp com 10
Pacific Gas <k Elec com. .26
11%
a28%
115*
11%
a28% a28%
449
9%
May
135*
Apr
New York Curb Exchange Associate
A. T. T. Teletype STL 593
193
265*
May
345*
Mar
125
30
May
395*
Apr
110
37% May
495*
Jan
25*
Jan
85*
105*
Jan
Menasco Mtg Co...
Mid-Western
Oil
2%
Nordon Corp Ltd
Oceanic Oil Co...
Pacific Indemnity Co...10
Pacific Lighting Corp com *
37
a395*
Republic Petroleum com.l
1%
a7%
Richfield OH Corp com...*
Roberts Public Markets..2
Ryan Aeronautical Co...l
9
*
4%
ai3%
Signal OH A Gas Co cl A—*
10c
So Calif Edison Co Ltd..26
27%
30%
29%
34%
8%
17%
Safeway Stores Inc
8% pref B
25
65*% preferred C..._25
80 Calif Gas
0% pref cl A25
Southern Pacific Co.
*
Standard OU Co of Calif..*
Taylor Milling Corp
Transamerlca Corp
*
2
8%
25
12%
15*
8%
Union OU of Calif
Vega Airplane Co
Vultee Aircraft Inc
5
1
8
37
a
37
39% a40%
1%
115
a7
1%
a7%
9
9%
419
7%
Jan
4%
4%
a43% 04l3%
200
35*
72
15*
Sept
6
May
7
Apr
505*
525*
Apr
10c
10c
1,000
10c
Oct
10c
Oct
27%
27%
1,075
23 %
May
30%
29%
34%
8%
500
305*
305*
Apr
30
Jan
29%
34%
8%
17%
17%
27% May
290
24 5*
May
236
30
May
295*
345*
7
May
Oct
155*
Jan
26 %
Jan
375
455
105*
Jan
8%
8%
4%
12%
8%
12%
3,856
9%
555
4%
Jan
8
135
65*
July
95*
Apr
Sept
6,000
%c
Jan
2c
Jan
1,477
5
8
400
10
12
May
Jan
7
75* June
4% May
Mar
175*
14
St. Louis Stock Exchange
Jan
2c
2c
2c
Sales
Last
Stocks—
Par
A S Aloe Co
com
for
of Prices
ow
High
Shares
Price
20
Brown Shoe com
Veek's Range
Sale
*
61
Dr Pepper com
*
Range Since Jan. 1, 1940
Week
48
May
61
Oct
295*
295*
30
28
May
36?*
Apr
26
50
26
Oct
34
Apr
50c
50c
100
135*
14
16
16
10
Emerson Elec
com
4
Falstaff Brew
com
1
Griesedleck-West Br com.*
35*
65*
205*
Hussmann-Llgonler com..*
85*
85*
95
8
8
44
44
30
305*
505
85*
10
Knapp Monarch
5
13%
~~6%
"T"
10
*
com
Preferred
"30"
8%
*
7%
a42%
Amer Smelting A Refining.
Amer Tel A Tel Co. ..100 al62%
Anaconda Copper.. ...50
24%
Armour & Co (111)
5
6%
Atchsn Topk A S Fe RylOO
Atlantic Refining Co....25
Aviation Corp (Del)
3
Baldwin Loco mo Wks v t
16%
a22%
a
a4%
c_
16%
6
a7%
Barnsdall Oil Co
Bendlx Aviation Corp
5
Bethlehem Steel Corp....*
Borg-Warner CorD
5
16
May
60
25
16%
148
07%
a3l%
75
85*
Apr
13
195*
May
75*
125*
Apr
345*
Apr
June
84
Apr
230
155*
Aug
245*
Apr
45*
Sept
a46
a46
a46
17%
a3%
25
50
61
65*
230
65*
205*
Sept
55
July
65*
110
5*
25*
175*
15*
45*
Feb
May
65*
Oct
Aug
205*
95
115*
245*
June
29?*
40
164
27
a37% a.39%
225
Intl Tel & Tel Corp
405*
*
al%
Kennecott Copper Corp..*
Loew's Inc
*
a'33%
Montgomery Ward A Co.*
New York Central RR.__*
Nor American Aviation. 10
a40
1
.
a6
a3%
8%
Scullln Steel
9
June
135*
70
10
July
145*
Sept
65*
180
Sept
12 5*
Mar
June
99
65*
95
95
95
55*
115
3
3
50
*
23%
a6%
Radio Corp of America
*
Republic Steel Corp...
•
19%
Sears Roebuck A Co
»
a78%
a4%
Socony-Vacuum Oil Co..15
o7%
Standard Brands Inc....
Standard OU Co (N J)
25
a32%
Stude baker Corp
Swift A Co
7
8%
25
a21%
Texas Corp (The)
25
Union Carbide A Carbon •
United Air Lines Transpt.5
United Aircraft Corp
5
U S Rubber Co
U S Steel Corp
10
•
Warner Bros Pictures
5
34
a73%
19
475*
Jan
107
45*
May
1.60
40
80c June
1.60
105*
105*
100
6
June
115*
Oct
39
40
66
35
July
41
Apr
T.60
1.55
a22
a 63%
2%
Westinghouse El A Mfg_50
a 108
Willys-Overland Motors.. 1
2
*
95*
55* May
105*
Oct
85c
88c
300
70c May
1.00
Sept
1
com
com
7
7
200
55*
Wagner Electric
Oct
45*
15
275*
275*
1959
675*
675*
St Louis Pub Serv 5s.
_
Orders
solicited
30
Apr
68?*
Oct
May
on
Pacific
Coast
Stock
Exchanges,
which
are
Saturdays)
Schwabacher 8a Co.
245*
22
June
355*
Feb
25
39
June
475*
May
95*
155*
May
Aug
185*
June
235*
Apr
Apr
York
Stock
Exchange
Broadway, New York
Jan
26
Members New
111
a
14%
225
17
112
al9% al9%
a6
a5%
a3%
a3%
8%
8%
23%
23%
a 6%
06%
15
127
165*
55*
20
25*
182
65*
198
195*
July
May
May
May
July
38
75*
4
Apr
Cortlandt 7-4150
Private Wire to
San
Apr
Mar
In San Francisco and Los Angeles
own offices
Francisco Stock
a4%
a1%
19%
19%
a77% a79%
o7% a8
7
a31% a32%
8%
8%
a21
a2l%
33%
34
a72% a73%
19
a295* a39%
a20% a22
a61% a63%
2%
2%
HI al08%al08%
2
2
35
118
535
109
160
7
Oct
45* June
145* May
68% June
75* May
Oct
245*
Jan
Friday
Jan
Last
Week's Range
of Prices
9
75*
Apr
235*
Apr
Par
Anglo Calif Natl Bank__20
Assoc Insur Fund Tnc
5
May
125*
75*
30
June
43 5*
Feb
Atlas Imp Diesel Engine. .5
Bank of California N A.80
May
125*
Feb
Byron Jackson Co
June
235*
Feb
50
18
Apr
Jan
335*
Oct
475*
137
63 5*
June
825*
Feb
100
125*
May
235*
Apr
Aug
515*
Apr
34
30
18
Aug
473
45
May
May
100
2 5*
Apr
385*
Feb
65
Apr
Apr
45*
15
100
1%
May
3%
Calamba Sugar
.
Apr
6%
com
20
High
for
Range Since Jan. 1. 1940
Week
Shares
Class B
Centrai
10%
com
Low
High
Cons Chem Ind A
*
5
Preferred
5
»
10
Fireman's Fund Ins Co. .25
Food Machine Corp com 10
com
2 %
736
55* June
85*
July
3 5*
May
5%
Mar
35*
Feb
103
May
May
7%
10
9
May
520
10?*
10%
370
7
30
105*
7
125
Jan
155*
19
Mar
Aug
9
Mar
50c
20
Oct
65c
26%
26%
46%
130
245* June
26?*
381
45
55
3%
1,800
81%
46
"3%
24%
7
15%
87%
3%
81%
23%
7
15
87
41**
2?*
May
Apr
Oct
Jan
45*
Mar
57?* June
Apr
745
195*
875*
26 5*
200
7
May
465
24%
15%
87%
50c
Jan
Oct
50c
26%
5
Consol Coppermines
Crown Zellerbach com
210
6%
109
12%
7
*
Eureka Mln com.l
Chrysler Corp
100
7%
4%
115*
*
Calif Water Service pref 100
Caterpillar Tractor com..*
6%
109
*
Calif Art Tile class A
108
60
Low
7%
4%
10
36
55*
Price
Sales
Apr
875*
Stocks—
165
374
Exchange
Oct. 19 to Oct. 25, both inclusive, compiled from official sales lists
85*
Foster A Klelser
2475.
Apr
until 5:30 P. M. Eastern Standard Time (2 P. M.
open
Fireman's Fund Indm
page
9
55
$300
Jan
215* May
180
com
Jan
100
a40
al4
2
Philadelphia Stock Exchange—See ps&ge 2438.
see
62
95*
Bonds—
Emp. Cap Co pref (ww) .50
For footnotes
Oct
Feb
255
19
039%
Feb
65*
Warrants
Jan
Oct
a3l% a33%
a26% a27
7
1
Oct
35* May
25*
Jan
Sale
Pennsylvania RR Co
Pure Oil Co
65*
85
6
45*
100
Sterling Alum
Jan
40
26
17
al9%
May
8
al%
a40
14%
May
45* June
a35%
17
55
Oct
Feb
25
a34
ol%
115*
9%
115*
135*
5
com
Preferred..
Mar
20
Scruggs-V-B Inc
Oct
Oct
95*
June
May
123
class A..1
com
Oct
65*
10
Rlce-Stix Dry Goods com.*
StLouls B Bldg Equip com*
StLouIs P 8
Feb
95*
36
Sept
1%
a3%
17%
100
Oct
95*
*
2nd pref
7% May
58
May
Jan
305*
95*
115*
Midwest Ppi'g A Sply com*
Mo Port Cement com
25
Natl Candy com
Apr
Apr
255* May
65* May
33
July
45* Aug
25
Apr
125*
July
44
45
6
105*
45
Oct
65*
5
June
Oct
8
100
4
Jan
55*
a7%
o7%
a28% a28%
a5%
o5%
a
Apr
515*
30
07%
028%
a5%
a26%
6
Apr
a5%
o5%
1%
o3%
17%
a34%
Paramount Pictures Inc.
Aug
255* June
a 38
*
May
May
68 %
•
*
Apr
22
»
Motor Car Co..*
245*
Apr
205* June
45*
Aug
General Electric Co
Packard
Apr
135
General Foods Corp...
North American Co
Ohio Oil Co
75*
4
155
1%
a.3%
...
July
June
19
166
222
Commonwealth & South. .*
1
Jan
Mar
83%
Conti' ental Motors Corp.l
Continental Oil Co (Del).5
*
475*
1745*
315*
May
350
o2 0%
a5%
Electric Power & Light
148
Jan
83%
al8%
a3%
10
Class A
100
281
10
55* May
355* July
a31
25
1
16%
a7%
100
83%
al9%
a3%
Cities Service Co
Curtlss-Wright Corp
7%
a 42
a42%
al62%a\65%
24%
24%
5%
5%
al6% a 16%
a22% a.22%
a4%
a4%
a31
Canadian Pacific Ry
Caterpillar Tractor Co
*
7%
Jan
Aug
36
25
Jan
195*
25*
6
Jan
27
215*
85*
2.00
July
July
100
36
com
Aug
135*
15
35*
*
Landis Machine
Amer Rad A Std Sanl
40c
280
Ely A Walker D Gds com25
Huttlg SAD com
Hyde Park Brew com
High
25
Laclede-Chrlsty Cl Pr com*
Unlisted—
Low
61
26
Cocoa-Coca Bottling com. 1
Columbia Brew com
5
International Shoe com...*
Mining—
Calumet Gold Mines... 10c
inclusive, compiled from official sales lists
Friday
Apr
Jan
Building, ST. LOUIS
Phone
Oct. 19 to Oct. 25, both
Aug
May
Mar
10
Boatmen's Bank
Members
5?* Aug
12>* May
755* May
2,445
143
30
41%
35
May
May
9?*
Feb
May
95
May
44
5*
Feb
195* June
335*
Feb
1.00 June
2.20
Mar
48
48
36
July
48
99
99
99%
261
77
May
100
28%
275*
28%
735
1.15
1.15
1.15
150
....
May
21
Oct
Oct
Volume
Sales
Friday
Range Since Jan. 1, 1940
Last
Stocks (Concluded)
for
of Prices
Low
High
Week
Price
Par
Genl Mtrs Corp com
Genl Paint Corp com
Golden state Co Ltd
Week's Range
Sale
6
*
*
.......
Hawaiian Pine Co Ltd
842
6
93*
303*
500
16
510
100
73*
Jan
Feb
17?*
12J*
Jan
Jan
Friday
8 ?*
33
June
200
103*
July
11
11
10
83*
July
6
6
mmmmmm
40
40
403*
403*
100
83*
Toronto Stock
Apr
Last
Week's Range
for
June
41
Oct
Sale
Week
44
Apr
of Prices
Low
High
9?*
193*
Apr
*
83*
600
5
15?*
16
612
12 H
May
2.50
1.75
Jan
43* May
Apr
Reeves-Macdonald
2.75
333
73*
7?*
355
5?* May
11
83*
83*
600
7 3*
May
2.50 May
103*
Jan
June
28
May
11
Jan
2.50
22
22
110
9
9
500
10c
10c
500
4
4
325
Pacific Am Fisheries com.5
7?*
73*
170
Pacific Coast Aggregates.5
Pao G A E Co com...
25
1.30
1.30
100
Occidental Petroleum
1
mmrnmmm
Oliver Utd Filters B
mmmm
6% 1st preferred
53*% 1st preferred
mm
29
29
1,122
343*
33?*
343*
1,460
303*
26
29
303*
407
26
7c
1073*
43*
4?*
493
*
17?*
17%
387
1st pref
com..
* Hmmmmm)
com
Preferred
100
mmmmmm
Richfield Oil Corp com.
• mmmm'm
Ryan Aeronautical Co
1
36c
34 3* c
41c
♦
18?*
183*
18?*
123*
Jan
May
560
1.50
Apr
4.00
Jan
203*
213*
130
July
243*
Mar
73*
151
53* May
43*
800
33* May
83*
7
11
1,800
80c
July
1.24
81c
11,016
50o
July
1.18
1
6.50
6.50
6.50
7
4.00 June
8.75
Jan
—
183*
183*
158
10c
8c
10c
16,800
123*
123*
123*
2,192
5
18?*
185*
,9
183*
300
United Air Lines Corp
Vega Airplane Co
9
13*
1
Victor Eauip Co com
Jan
Jan
2c
1,000
73*c
Jan
Jan
Standard Paving
rn.m*mmm
60c
60c
200
2.00
Jan
Apr
Standard Paving pref.
mm*mmm
...1
Jan
Jan
Jan
May
Preferred
...
20
20
10
20
Oct
283*
Mar
74
74
5
613* June
863*
Jan
75
75
63
83
20c
1.20
Apr
Apr
Tamblyn com.
Teck Hughes
#
May
Oct
20
450
15
June
223* May
Toburn
50
15
May
22
Feb
Toronto Elevators
1.45
July
Jan
*
3
Aviation Corp of Del
Bendlx Aviation Corp
1.08
6,600
233*
550
a45*
023*
a45*
20
60
303*
210
a43*
5
1
Blair A Co Inc cap
1.05
mmmmmm
1.20
Bunker Hill A 8ulllvan.23*
Cities Service Co com.. 10
Claude Neon Lights com.l
Cons Edison Co of N Y_„*
Consolidated Oil Corp...*
Curtlss Wright Corp
1
Domtnguez OH Co
»
«
—
183*
2
o55*
55*
53*
o73*
a7%
o73*
293*
53*
293*
35
35
203*
53*
__50
Apr
Union
Oct
Feb
Aug
313*
Apr
United Fuel A pref
Class B pref
25*
Apr
United 8teel
1
8% pref 10
Mountain City Copper
Nash-Kelvinator Corp...5
National Distillers Prods.*
American
Aviation.. 1
Nor American Co
m^'mm^rn
6 3*
May
?*
Mar
June
323*
Apr
Feb
6 *A
63*
8 3*
Aug
5
„
41
Jan
Jan
500
50
al63* al63*
40
143*
10
183*
273*
273*
273*
«
Shasta Water Co com.
6% pref
53*% pref
Westons
25
Standard Brands Inc
*
Studebaker Corp com
Texas Corp com..
United Aircraft Corp cap.6
United States Steel com..*
Apr
73*
43* June
26
July
263*
23?*
25
Jan
3
233*
Apr
Aug
43*
Apr
June
2?*
63*
Oct
28
183* June
Oct
Jan
123*
303* May
303*
Oct
29?*
270
263* May
30 3*
Apr
— -r
29?*
o63*
a63*
95
85*
100
73*
123*
Apr
85*
7
May
5
May
Feb
15
53* May
353* Aug
46 3*
10
17
17
mmrnmmm
17
20
Jan
May
May
38?*
62?*
mmmmmm
403*
165
39
June
613*
Apr
633*
822
423*
May
663*
Jan
8c
-
•»
8c
220
8c
Aug
16c
Jan
Westates Petroleum com.l
99
Apr
113*
Feb
3,700
July
July
30c
Jan
3,432
4.70
July
8.15
JaD
4c
444
4c
Oct
S500
64
July
1003* 1003*
18.200
99
July
22
76
7
35
5
10c
10c
10c
6.20
6.20
6.30
4c
.......
'
1952
86
86
100
—
Loans
"1663*
No par value,
trading privileges.
a
y
Ex-rights.
The Wahl Co. to Eversharp.
Dr.
W.
>
Cash sale—Not Included
« Listed,
t In default.
Last
Sale
Par
Stocks—
Price
Sates
Week's Range
of Prices
High
Low
1
*
1
*
Consolidated Paper...
?*c
63*
2,000
5
May
13*c
153*
Jan
190
100
65c May
1.40
Mar
43*
2,679
33* May
83*
Apr
"43*
40
4
10
40
40
27c 27 3*c
20c
Dominion Bridge.....—-*
26?*
273*
50c
55c
to unlisted
in range tor
? Title changed from
Inc.
ness
Program with Various
9c
*
100
Preferred
9c
15
15
15
*
Montreal Power
Ontario Sllknit
7c
7c
*
Mandy
293*
293*
22
22
pref..—100
.1
...
1.71
1.70
7c
1.80
13
55
2
2
29
11
4?*C
53*c
25
25
Temisk Mln
Thayers 1st pref
*
2,500
10
Sept
F.
Walter
nomic and
of the various
Dr.
of the Bureau with the work
university schools of business.
of
This step is
was
20,. to the
Bid
Commerce
appointed to the Bureau of Foreign and Domestic Com¬
1936, and subsequently served as editor of the "Survey
Business." official Bureau publication.
The Department of
is establishing a cooperative business
State
universities.
Jan
Apr
Oct
34
23*c June
Aug
83*c
Jan
36
Jan
30
20
Bid
Ask
research arrangement with
1949
Gen Steel Wares 43*8.1952
Gt Lakes Pap Co 1st 6s '55
Lake St John Pr & Pap Co
63*8
1961
Maasey-Harrls 43*8—.1954
McColl-Front Oil 43*8 1949
Federal Grain 6s
43
45
65
67
70
71
43*8.1960
68
70
43*8.1951
Canada SS Lines 5e—1957
Canadian Vlckers Co 6a *47
71
72
66
Mar
36
38
N Scotia Stl A Coal 3 3*s
72
74
Price Brothers 1st
69
70
Quebec Power 4b
54
55
67
68
65
Ask
67
67
Abitibl P A P ctfs 5e..
Alberta Pac Grain 6s
Algoma Steel 6e._
British Col Pow
1953
1946
1948
Canada Cement
"
in September.
Current
several
"Times" added:
Crowder
33*
July
Feb
Mar
(American Dollar Prices)
reporting this action, a Washington dispatch, Oct.
merce
2 36
Jan
Industrial and Public Utility Bonds
Closing bid and asked quotations, Friday, Oct. 25
of the Bureau of Foreign and
designed to forward this phase of the Commerce Depart¬
ment's "aids-to-business" program announced last year.
In
New York
Mar
No par value.
University Busi¬
announced Oct. 20 the assignment of
Crowder to coordinate the program of eco¬
business research
Oct
27
35
Domestic Commerce,
Dr.
Jan
Apr
31?*
1?*
Jan
Jan
18c
19
Sept
Apr
15
253* June
99o May
Jan
1.05
133*0
550
27
55c
Sept
1,100
—*
1
—*
Supertest ord
Oct
6c
600
100
68
40
July
15
10
15
June
30c June
40
15
Jan
20c June
2,000
Langley's
Schools
James W. Young, Director
40
22
3,200
Klrkland Townsite
*
1
Oct
He
905
55
Foothills
1940
High
Low
1.00
?*c
63*
Corrugated Box pref...100
Dalbousie
*
for
Week
Shares
63*
3* c
Canada Vinegars
Canadian Marconi...
Range Since Jan. 1,
1.00
Brett Treth
F. Crowder to Coordinate Commerce Bureau's
Research
Sept
official sales lists
both inclusive, compiled from
Friday
Pen d-Ore tile
e Admitted
Odd lot sales. 6 Ex-stock dividend,
<f Deferred delivery.
xEx-dlvldend.
year.
Feb
97
1013*
Exchange—Curb Section
Toronto Stock
Oct. 19 to Oct. 25,
Rogers Majestic A—.—*
*
7c June
Bonds—
War
Jan
May
+ m m .
Apr
80
93
7
Feb
Sept
May
m
Apr
15
"
90
Apr
June
24
m*
47
July
June
93*
7
Jan
033?* 033?*
mm
75
Oct
July
21
10
12
90
Feb
25
.25
*
43*
83*
m
28
113*
100
Preferred
Mar
19
80
5,200
28
Jan
93*
553*
264
8
273*
30
1
Title Guaranty Co pref
12c
Aug
669
273*
25
6c June
Winnipeg Electric pref. 100
Ymlr Yankee.
27 H
30
8
8
*
So Calif Edison com....25
1
Wendigo (new)
*
23* May
340
Preferred
263*c
27c
*
6c May
640
mm->mm m
Jan
Feb
23c
203*
253*c
2.70 May
'
173*
Oct
163* June
63*
Schumach Wall Bd com..*
4334
June
Wood-Cadillac
73* Sept
39
40
Jan
June
16 3*
5.00 May
2.85 Pept
102
8.05
293*
546
Apr
20 3* June
336
Jan
1,418
Wright Hargreaves
43*
60
2,119
Apr
Oct
Jan
173*c May
3.75
Aug
Jan
Oct
4.35
193*
7
383*
Jan
1.48
40 H
25
June
33*
53*
3?*
65o June
63*
3.70
*
465
173*
233*
Mar
West Canada Flour pref 100
403*
35*
53*
Mar
10
403*
193*
Jan
20
173*
42
Aug
May
3
193*
Apr
20
233*
June
3?*
455
3~.70
Mar
800
3?*
30
220
33*
40?*
73*
6c
233*
49
63*
*
Preferred.
11 ?*
2.85
mmmmmm
39
53*
3?*
Jan
*
Walkers
36
; 83*
20
38
——
1.12
*
Walte Amulet
Oct
July
28 3* June
19
Oct
145
—
May
5?*
25
6c
60
38
Oct
83*
Riverside Cement Co A..*
Feb
25c
Mar
Pennsylvania RR Co
17
July
900
3* June
160
Onomea Sugar Co
May
1,500
May
a20
12
253*0 June
25c
35
a20
«20
10
com
371
25c
—
Jan
15?*
12c
""3?*
_
•
Vulcan Oils.;
35c
2,000
12,275
15
12c
35c
1
Jan
353*
5?*
10c
12c
35c 453*c
15
II50
VermilataOil
14?*
July
.*
m
Feb
.1
o20?* a205*
m
May
98
Oct
May
6
49
Oct
4C
22
Montgomery Ward A Co.*
Aug
73
5c
243*
2.85
37
52
4c
37
mm*
25
80
July
403*
33*
m m
Jan
44
73
1.95
13*
m- mmmm
32
Sept
810
185
m -
m
July
44
"73
16
60,010
June
Jan
100
1.45
Jan
Jan
1.90
200
2.90
2
Jan
2.25 May
1.35
1.30
2
243*
1.00
4.15
110
223*
2.70
a28
24
Oct
1.37
2
aSlH o323*
104
223*
*
Gas
10
2.90
a28
5
M J A M A M Cons
Monolith P Cem
July
1
Mar
Uchl
McBryde Sugar Co
June
1.00
1
93*
174 3*
1.08
25
243*
2 40
300
105
1
2,025
a323*
4,920
1.45
1.30
*
43*
100
53*
»
3.25
3.10
104
Upper Canada
24
235
203*
Kenn Copper Corp com..*
Apr
Ventures
150
53*
53*
Matson Navigation Co
Feb
12
Apr
72
mmmmm-rn
3.45
July
1.35
Uchi Gold...
July
93* May
93
*
June
8?*
Apr
225
■mm mm mm
203*
com
1 90
10
8?*
75c
185
20
Inter Tel A Tel Co
2,405
113*
353*
150
Idaho Mary Mines Corp__l
Internatl Nick Co Canada*
Hawaiian Sugar Co
2.60
113*
Aug
4
63
8i«
8ie
293*
Jan
2.50
mmrnrnm m
85c
263* May
413
a253* a26
mmm~mm
Jan
Feb
1.02
...i
Tip Top Tailors pref.. .100
Sept
52o
1,045
v
13
a5?*
-
a253*
6
General Electric Co com..*
1.25
1.15
13
m
a53*
«
*
Elec Bond A Share Co
mmrn'm
2.05
8?*C
60c June
Toronto Elevator pref. -50
23?*
o23*
233*
Anaconda Copper MIn__50
Ark Nat Gas Corp A
July
33*c Sept
100
Texas-Canadian.
June
Mar
300
*
5J*
203*c
2,000
1
21
149
9c June
5c
3I20
Jan
8
50
Apr
65c
Sylvanite Gold
14
3
402
83*o
2.60
233*
20
a73*
073*
alG23*al65
July
1.25
"65c
i
290
30?*
*
A pi
3c
65c
1.20
nil
Towagmac
Sntry
3.10
43*c
*
12 3* May
Unlisted—
Jan
June
11,900
43*c
143*c
Sullivan
2.90
May
1.05
57,225
12,000
19c
Sudbury Contact
200
1.75
43*c
286
1.50
15
1.43
IIIi
Sturgeon River..
Toronto Mortgage
American Tel A Tel Co. 100 al62H
1.08
Amer Toll Bridge (Del)..l
"75"
1.65
133*
1.50
Yosemite Port Cem pref. 10
Oct
50
20
20
Jan
Jan
43*c
Sudbury Basin
Oct
6?*
39
•
Straw Lake
Jan
Apr
33*
175
mmmm
*
Jan
4?* May
30
33*
July
Oct
50
-25
Steep Rock Iron Mines
Oct
13 3*
40c
•
Steel of Canada
15c
30
33*
503*o
50
mm
21
Western Pipe A Steel Co. in
m
*
173*
400
mm
mm
III*
Stedman
18?*
Jan
Mar
105
2c
-_1
Slave Lake
Oct
4%
.
rnmm m m mm
Sladen-Malartlc
m
20
4
Yel Checker Cab Co ser 1 50
No
July
48c
1
Blscoe Gold
133*
133*
mmmmmJ
Am Rad A St
79
45
98 3* 100
100
Simpsons pref
May
4c
12
116
4
Feb
20
4
5
Waialua Agricultural Co_20
Preferred
9
7?*
South End Petroleum. —1
Mar
183*
July
Apr
63*
5
5
7?*c
43* May
173* July
25
Treadwell-Yukon Corp___l
430
23*c June
l?*c Aug
153*
9
6
1,500
26 3*
200
5?*
6c
Oct
June
5,101
Feb
6c
May
93*
65*
mmmm
614
5
Sept
950
16?*
93*
3
610
150
43*
60
Oct
2,368
43*
4
*
Preferred.
4
20o June
83*
------
Jan
*
10,500
173*
12
Jan
24,775
173*
173*
Jan
97c
53c
May
34?*
28 3* May
24
66c
343*
2
Union Oil Co of Calif
42
June
48c
233*
May
Jan
Jan
16
47c
34?*
83*
Southern Pacific Co... 100
Transatierica Corp
Trans A Western Air
21
Jan
15o
57c
5c
m
225*
Standard Oil Co of Calif..*
Tide Water Ass'd Oil comlO
1,220
V; 300
2.50
July
10c June
95c
Standard Steel pref
8oundv1ew Pulp Co com.6
So Cal Gas Co pref ser A.25
23* June
78c
Jan
33*
Jan
Feb
Apr
80c
213*
16
Mar
363*
1
"50c
Silverwoods
15?*
33*
190
Sherrltt-Gordon
Sheep Creek
Sigma.1
Feb
Jan
1.25 June
90
Jan
Mar
Mar
63*0
5?*
54,450
Feb
29 3*
43*
1
2?*
Jan
57c
28
210
5,000
...
26c June
July
73*c
6,750
7c
53*
43?*
~
2?*
2.30
108?*
4?*
16
Puget Sound PAT com..*
REARCo Ltd
2?*
2.17
6 3*C
Shawlnigan
138 3*
170
2.20
Apr
Apr
Jan
June
4
1,850
6Kc
343*
June
1453* July
17?* June
1603*
213*
213*
9 3*0 103*c
1
Senator-Rouyn
28
Oct
23*c June
...1
Jan
113
93*c
July
12,200
—*
1.50
77
213*
12c
23
25
5c
Oct
2,200
23
Ban Antonio
Band River
360
"
St Lawrence Corp..
Feb
Apr
217
37?*
High
20c
2,000
10
May
383*
1203* 121
*
15c
14c
3 3*0
157
157
*
...1
28c
73*
121
100
Parafflne Co's com...
~43*c
100
8t Anthony
May
16
*
"~~1
20c
20c
23
...*
....
Roche LL
5?*
343*
313*
15c
1
Reno Gold
Riverside Silk
93*
Oct
May
5*A May
95c May
25H June
283* May
25 H May
100
May
314 May
20
102
107
4.00
3
*
Pac Light Corp $6 div
Pac Pub Ser com
Mar
;
1
.
Royallte Oil
7*4 June
.
Royal Bank
15
35
2.50
6% pref
..100
North American Oil Cons 10
Low
Shares
Jan
83*
N American Invest com 100
Price
Par
Stocks (Concluded)
rnmmm'Um
2.50
Range Since Jan. 1, 1940
;! Oct
34
Marchant Calcul Mach
Natom as Co
Sales
6
14
Magnin <fc Co (I) com
Menasco Mfg Co com
1
National Auto Fibres com 1
Exchange
50
::
35J* June
7
July
mm
(Continued from page 2477)
Apr
44
90
11
mmtrn'mernrn
10
Mar
40
203*
44
11
Hutchinson Sugar Plant. 15
Feb
113*
May
Listed and Unlisted
Apr
73*
303*
Oct
143* May
44
Langdendorf UtdBk pref50
56
May
43* May
mmmmrnm
Home F <fe M Ins Co cap. 10
Honolulu Oil Corp cap
*
Honolulu Plantation Co.20
Leslie Salt Co
38
420
93*
303*
153*
mm'
16
*
50
53*
:
Canadian Markets—
High
Low
Shares
49 H
10
Hancock Oil Co of Cal A—*
Pacific Tel A Tel
2475
The Commercial & Financial Chronicle
151
Dom Steel & Coal
Dom Tar <fe Chem
6 3*81955
4 3*81951
Donnacona Paper
4s
68
64
61
62
623*
64
69
70
57
58
67
68
663*
68
1982
69
703*
1966
71
723*
4-6s series A
1965
51
523*
4-5s series B
1965
38
37
Power Corp of Can
43*8 '59
68.-1967
Saguenay Power—
Co—
-1966
'63
67
63
43*8 series B
Winnipeg Electric—
Famous Players
43*8—1951
The Commercial & Financial Chronicle
2476
Oct.
26, 1940
Canadian Markets
LISTED AND UNLISTED
Provincial and
Municipal Issues
Montreal Stock
Closing: bid and asked quotations, Friday, Oct. 25
.
Ask
4%s
Oct
40
1 1948
1 1966
41%
5s
6s
Sept
15 1943
6s
May
1 1959
July
4%S
Oct
1 1962
87
92%
40
86
12 1949,
1 1963
80
83
4%s
Apr
Mar
2 1950
89
Feb
1
1958
83
85
May
11961
Prov ot Saskatchewan—
84
86
79
81
68
1 I960
Mar
90%
64
88%
Nov
4 %S
89
5%s
Oct
15 1946
59
61
1 1951
69
61
4m
100
6s...
Sept
15 1942
4Ks
Deo
16 1944
6e
July
1 1944
Bid
74
77
6s
Deo
65
67
4 %S
July
Ask
74%
1 1954
70%
1 I960
64%
713*
65%
101% 101%
Closing bid and asked quotations, Friday, Oct. 25
1 1951
93%
94%
June
16 1966
94 %
Feb
1966
93 %
4Kb
94 %
94 %
131
Jan
11%
Jan
70
70%
215
60
May
80%
Feb
15
15
81
13
June
17%
Jan
5
300
3
June
7%
4
4%
7%
*
50
10
July
17
Jan
40
100
108
Sept
3
581
2
May
May
2%
17
17
17
180
10% May
21
21
21
25
17
Aug
30
Jan
41
44
212
20
May
52%
Apr
18%
18
18%
422
16
May
24%
12
12
100
7
May
15
Mar
11%
11%
9% June
15
Jan
•-A*,
Jm
m.
mf —
»
•
-
-
-
-
*
90
74
74%
15
62
July
74%
75
20
63
May
♦
50c
rn.mmmm.rn.
.100
m
mmm-m.
12
*
United Steel Corp
Wabasso Cotton
♦
Preferred
,
Jan
5%
42
0, «• m
—25
Preferred....
Feb
15
103
3
Canada..
6
15
101
—25
Tooke Brothers
Jan
3%
"29%
m±m mi
*
—
~
29%
130
1.05
1.05
"100
50c
3%
50 c
10
12
6
145
Jan
Jan
86%
83
Jan
Oct
3
Feb
June
11
May
2% May
Jan
6%
30
65
22
Aug
37
Mar
130
50
120
June
135
Aug
1.05
7
7
9%
7
*
25
Apr
100
90c
105
6
July
8% June
9%
90
Aug
2.50
Jan
12
Apr
13
Apr
Bid
Ask
100
.100
Montreal
100
Nova Scotia
140
155
-
«. ..
140
2
137
Aug
155
140
mm -
156
23
139
July
176%
Mar
187% 188
25
171
July
212
Mar
279
30
277
Oct
311
Mar
160%
15
150
June
190
Mar
278
278
160%
160
164
Apr
96
4Ks
Feb
Apr
128%
16
24
103
Co of
5
120
Jan
July
9%
May
*
Regent Knitting
Preferred
Steel
50
Jan
*
Canadienne
Canadian Northern Ry—
Sept
4 Hb
m
77%
33%
May
Quebec Power
Commerce..
4Kb
m.
Jan
July
June
Banks—
(American Dollar Prices)
Canadian National Ry—
20
9
Winnipeg Electric cl A
Bonds
Ask
43%
100
6
Zellers
Bid
410
100
5% preferred
Preferred
73
Government Guaranteed
58
25
Mar
115
West Kootenay pref.. .100
Dominion
57%
Jan
69
265
Southern Can Power..
63%
June
14
Sher Williams of Can..
52%
June
34
120
Shawlnlgan Wat A Power.*
Canadian Pacific Ry—
4 %a
Sept
11946
33
100
14
Closing bid and asked quotations, Friday, Oct. 25
Ask
78
43%
7%
-60
St Lawrence Flour Mills..*
St Lawrence Paper pref. 100
Bid
40
38%
41%
•
St Lawrence Corp
A preferred
(American Dollar Prices)
High
June
25
"
*
Power Corp of Canada
Price Bros A Co Ltd
Railway Bonds
Canadian Pacific Ry—
4s perpetual debentures
m
Saguenay Power pref. .100
91
Low
25
40
.
62
225
43%
IIoo
Penmans pref
Range Since Jan. 1, 1940
Shares
11%
4s
15 1943
30
11%
4%b
87
29%
..25
Ottawa L H A Power..
4 MB
16 1962
Preferred
29%
58
71
June
*
National Breweries
25
71
6a
Price
Ogllvie Flour MUls...
86
84%
for
Week
88%
68
82
Par
of Prices
Low
High
93%
68
Provlnoe of Nova Scotia—
Sept
Stocks (Concluded)
Week's Range
Natl Steel Car Corp.. --.*
Noranda Mines Ltd
...*
82
16 1960
16 1961
Apr
4%s
16 1965
Jan
97%
1 1941
Prov of New Brunswick—
4Kb
...June
4%b
100%
100% 101%
2 1959
Dec
68...
4a
100
16 1964
Aug
June
6b
1 1942
Oct
Provlnoe of Quebec—
Provlnoe ot Manitoba—
68..
Ask
96
38
84
Pro? ot British Columbia—
68
Bid
Province of Ontario—
Province of Alberta—
Jan
Sales
Last
Sale
Bid
6«.
Exchange
Friday
(American Dollar Prices)
July
1957
93 %
July
6e........Oct
1969
96 %
97
1969
96 %
68
19
6%s
July
11946
Grand Trunk Pacific Ry—
4a
Jan
1 1962
105% 106%
97 %
96 %
6s
Feb
970^-93
3a
11962
Jan
88
82%
100
Montreal Curb Market
91
81%
Royal
Oct.
19 to Oct.
25, both inclusive, compiled from official sales lists
Sales
Friday
Last
Mi
lontreal Stock
Oct. 19
to
Oct. 25,
Exchange
both inclusive, compiled from official sales lists
Friday
Rales
Last
Stocks—
Pat
Agnew-Surpass Shoe
*
Week's Range
for
Rale
of Prices
Low
High
Week
Price
11
11
Alberta Pacific Grain A..*
Algoma Steel
•
Associated Breweries..... *
Preferred
100
*
Preferred
1.50
110
16
450
15%
109
*
976
26%
245
5
5
15
15
15%
6%
preferred
5%
Cndn Cottons pref
Cndn Ind Alcohol..
12
10
20
May
May
3% May
30
30%
425
Bridge....
25
Dom Tar A Chemical
*
8
8
5%
10
6
July
2,090
4
May
39%
27%
165
29
May
27%
5
21
June
24%
965
27
27
55
20%
ll"
40
24%
24%
21
128
"6%
Cndn Marconi Co
1
Canadian Vlckere Ltd
129
50
5%
250
3
6%
4%
140
3
41
41
10
2
2
10
Jan
Preferred
5
Cub Aircraft Corp Ltd
*
Dom OUcloth A Linolm..*
Mar
Apr
Jan
28%
Jan
Dom Woolens pref
Donnacona Pap Co Ltd A *
Feb
Donnacona Paper cl B
5%
135
17%
17%
211
9%
9%
5
Feb
Aug
Goodyear T A R of Can _.*
11%
12
74%
11%
74%
995
10
3% June
13% July
6
May
10
Jan
22%
Feb
20
Jan
7% June
21%
Jan
74
Oct
Feb
73%
Oct
22
Feb
June
125
Jan
Jan
5%
Jan
8%
Apr
May
Oct
July
78
May
2% May
July
30
11% May
35
85
155
5%
15%
16%
96%
105
10%
96
6%
Jan
2%
Jan
75c
25
1.00 May
1.65
Apr
10
4%
4%
120
3% May
6%
Mar
Mitchell (Robt) Co Ltd..*
Montreal Island Power
P
9%
9%
60
25c
25c
15
Mtl Refrlg A Stor$3 cm pf*
Pwr Cpof Cn6%cmlstpfl00
9
9
Preferred.
Feb
So Can
Pow6%
cum
prf 100
5%
130
5%
25
4
4
4
50
4%
103%
103%
21
103
20
Feb
Thrift Stores Ltd.,
Feb
Walkerville Brewery Ltd.*
75c
75c
75c
130
Feb
Walker-Good A Worts(H)*
$1 cum pref
*
40%
40%
40%
435
*
2
2
110
19%
19%
16
16
200
15%
*
Jan
91
25c
Mar
9
Aug
Aug
96
41%
5%
5%
May
June
10c
6
41%
Quebec Tel A Power cl A.*
Jan
5
95%
6% N C prt 2nd pref..50
Provincial Transport Co..*
Feb
Jan
75c
Feb
Mar
2%
Mar
Apr
95
Oct
106%
47%
May
41%
7%
Feb
Jan
4%
Mar
June
112
Apr
Feb
75c
Apr
2.00
Oct
60c
Sept
1.20
Apr
29% June
43%
Fel
16% June
13% June
Mines—
15
Jan
Aldermac Copper
*
23%
1,300
10 %c
July
35c
Jan
Apr
Beaufor Gold Mines
1
7c
7c
2,000
3%c
July
13c
Jan
May
106
Apr
Bidgood Kirk Gold Mlnes-1
16%c
19c
4,500
10c
July
52c
Apr
19% June
34
Jan
Cndn-Malartlc Gold
55c
56c
700
35c
87c
15%
16%
Jan
Central
1
7c
7%c
1,700
July
July
20c
Jan
Feb
Dome Mines Ltd
*
23%
23%
100
June
29%
Jan
23
Feb
Duparquet
1
5,500
%c Sept
2%c
Jan
Feb
1°
lc
4 10
Jan
68c
Jan
"27%
10%
10%
11
952
Imperial Tobacco of Can 6
14%
14
14%
979
12
June
16
16
10
14
Aug
281
20
"23%
4%
17%
Jan
May
Hudson Bay Mining.....*
Imperial Oil Ltd
•
*
"~4%
•
*
Apr
6%
Melchers Distilleries Ltd.*
June
835
*
Ford Motor of Can A
Jan
8%
8%
June
Jan
98
14%
2
40%
80
27%
50
4
5
14%
78
Jan
59
52
25
55
7%
3
10
22
455
100% 101
4%
Fraser Companies Ltd
Fraser Cos vot trust
16%
9.60
Jan
Feb
3
"7%
Jan
9%
May
7
40
175
3.75
May
Oct
135
5%
Apr
33%
7%
5%
Feb
Oct
May
3% May
3
May
3 '
May
June
May
185
4
Jan
6%
8%
9
98
100
4%
29
175
Jan
*
75c June
50
7
Jan
Feb
10
25
3
4
50
July
Mar
50
140
13
May
8%
52%
3.50
22
28
9P%
Sept
3%
Apr
300
200
13
8
30
6%
5%
*
pflOO
1.00
5
2
Feb
Mar
1.40
2%
90
14 %
1.00
30
6%
10
1,929
Jan
June
4%
cm
4%
Oct
1.55 May
Apr
9%
17%
4%
6%
90%
3%
7%
7
8
4%
4%
41
25%
34
98
13
7
8
Consold Div Sec pref..2.50
Consolidated Paper Corp.*
70c May
2
May
Apr
175
17
88
6%
95
*
Cndn Westlnghouse Co..*
3% May
«
140
100
Oct
Aug
34
113
580
5%
1.05
3%
1.05
7%
163
Massey-Harrls 5% cmpflOO
110
9%
1
Commercial Alcohols Ltd.*
8%
9
123
Jan
16%
19%
35
7%
Feb
21%
3%
3%
16%
164
MacLaren Power A Paper *
16
9
"5%
.100
164
Hlllcrest Coll pref
165
5%
.
8%
June
Cadillac
*
Gold
Mining
„
6c
17
Jan
*
23%
23%
June
28%
37
38
260
27% May
46%
Jan
East Mai art lc Mines Ltd.l
Francoeur Gold
*
3.50
37
42c
42c
100
15
•
Intl Petroleum Co Ltd...
14%
15%
1,933
12% June
24
Feb
Graham-Bousquet G M..1
1%C
l%c
1,000
1 %c
Oct
3%c
4%
275
2
Sept
6
Jan
Howey Gold Mines Ltd-.l
31c
31c
100
27%c
Oct
27 %c
Oct
82%
3
70
June
94
Feb
Jolieete-Quebec
1
1%C
l%c
1,500
8%c
Feb
17%
l%c Sept
70
14
May
27
Jan
Klrkland Gold Rand Ltd.l
2c
2c
333
2c
Aug
7c
May
10%
25
16%
9%
Feb
Lake Shore Mines
1
Mar
Macassa Mines..
1
50
Aug
Mai Gold Fields
4%
100
...»
Lang & Sons Ltd (John A)*
10%
4
82%
17%
10%
11%
Sept
25
6
6
30
2
May
100
50
50
22
50
Aug
*
3
3%
185
*
5%
5%
72
5
June
100
60%
60%
5
60
Jan
81
Mar
120
Feb
Montreal Cottons pref. 100
Montreal L H A P Cons..*
Montreal Tramways... 100
Feb
16%
7%
*
Jan
May
McColl-Frontenac OH
Montreal Cottons
7
*
cum prflOO
Apr
10
Legare pref
Mar
7%
Apr
82
Massey-Harrls
30
Cndn Dredge A Dock
Cndn Gen Investments
Cndn Indust
32
11
Lindsay (C W) pref
Sept
Apr
Jan
31%
48%
May
Lake of the Woods
14
Apr
"98"
4%
27%
19% May
22% June
6
Preferred
May
Fleet Aircraft Ltd
95
International Power
22
May
12%
£1
10
116
11
Intl Bronze pref
Intl Nickel of Canada
26
100
11
International Bronze
26
15
*
Howard Smith Paper
Preferred
Canadian Breweries pref..*
105
*
Gypsum Lime A Alabas..*
Holllnger Gold
6
Jan
4%
18%
6
Gatlneau
preferred
Feb
Falrcblld Aircraft Ltd
Foundation Co of Can
6%
111
Eastn Dairies
5
Dominion Textile pref..100
English Electric cl B
*
5%% preferred
100
General Steel Wares....
Preferred
loo
July
105
100
Dominion 8teel A Coal B 26
Dominion Stores Ltd
*
95
Mar
*
Dominion Coal pref
Dominion Glass
155
May
July
1.65 May
Consol Mining A Smeltlng5
Crown Cork & Seal Co...*
Distillers Seagrams.
•
Jan
98%
120
1.75 May
Mar
98
128
49
150
Jan
Oct
725
Oct
Jan
June
1.80
124%
35
98
1.90
10
24
106
1.75
Jan
240
15
1.80
Jan
6%
29
25
1.75
5
May
29
98
"llo
May
Canada A Dom Sugar Co *
Can North 7% cum pfd 100
123
•
1%
3%
Feb
*
98
*
Class B
124% 124%
Oct
52
412
19%
Mar
37%
2%
5%
125
July
May
Jan
95
5%
Jan
Oct
10
Feb
19%
2%
112
25
18
2%
Oct
9% June
6
May
12% May
20
May
5
Apr
12
99
494
125
Jan
1 45
12
Oct
350
80c June
British Columbia Packers *
June
250
175
5%
9
4%
119
23%
80
8%
32
July
172
15%
June
Apr
17%
6
May
45
8%
June
175
4
169
17%
23%
2
11
4%
Bathurst Pow A Pap cl B *
Beauharnols Power Corp *
123
"98"
Canadian Locomotive
*
Canadian Pacific Ry.__26
Dominion
4% May
70
1,900
2,810
10
15
105
8
Iok
100
100
Aug
High
2%
241
9
19%
100
23
7%
Low
0.50 June
125
100
Feb
10%
5,920
350
98
3%
15%
25
Celaneee......*
Feb
July
3% June
1.00
19
9
8%
Preferred 7%
Canadian Cottons
5%
10
25%
130
Range Since Jan. 1, 1940
Shares
18%
98
15%
*
Preferred...
Canadian
5%
98
.....
60
200
298
5%
cum pref.
May
1.75
High
70c
6%
11
Ltd..
Brit Amer Oil Co Ltd
15H
IjOw
90c
Beld-Corticelli 7% cm pflOO
Brews A Dlstlrs of Van
5
May
47
100
Jan
Sept
10c May
Price
116
pref
Apr
109%
625
15%
cum
Mar
1
15
Week
100
cum pref
3.00
Sept
26
5
6%
7%
16%
12%
5
26
Oct
40
6%
156% 157%
5%
12%
26%
19%
112%
205
Bulolo
Cndn Car A Foundry
Aug
7
May
14% May
12%
Building Products A (new)*
Preferred
...100
Can Northern Power
*
Canada Steamship (new).*
1.00
June
45
47
Canada Cement.........*
9
for
of Prices
Abltibl Pow A Paper Co..*
6%
High
10
10
157
...
50
Low
12
100
Brack Silk Mills
10
10%
109
100
Telephone...
Braslllan Tr Lt A Power.*
British Col Power Corp A *
Shares
1.50
15 %
Par
Aluminium
15%
15%
16
Bathuret Pow & Paper A.*
Bawlf (N) Grain
11
Range Since Jan. 1, 1940
10%
*
Asbestos Corp
Bell
Stocks—
Week's Range
Rale
113
29%
113
29
29%
47
48
2% May
6%
9%
Mines
21%
Jan
O'Brien Gold
Pamour Porcupine Mines.*
5
107
Jan
1,362
25
May
31%
40
June
56%
Jan
1
•
No par value,
20c May
Jan
200
15%
July
31%
3.65
450
2.28 June
4.80
Feb
1.20
8,100
57c June
1.45
Mar
93c
93c
300
59c
Jan
.
July
1.82
1.32
1.32
500
Jan
5%c
5%c
4,800
1.00 May
2c June
2.35
1
10%c
Jan
1
Gold.
Perron Gold Mines
1.95 June
1.09
1.78
1.85
1,500
1.25 June
2.11
Jan
Feb
35
Pandora-Cadillac
22
500
3.60
1.10
Jan
3.50
r Canadian
market
Jan
The Commercial St Financial Chronicle
Volume 151
2477
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Friday
Last
Week's Range
of Prices
Week
Price
Par
Low
Pickle Crow Gold Mines.. 1
Pioneer Gold ofBC
3.05
1
Preston-East Dome
High
1
Range Since Jan. 1, 1940
of Prices
Low
Price
Par
2.46 June
4.15
Jan
Dora Scottish Invest prf .50
24 %
1.95
2.29
2.29
100
2.95
6,700
Aug
2.32
Sept
2.95
Oct
Dominion Steel class B—25
Dominion Stores---—
*
9%
1.40 June
1.47 June
2.87
Oct
Dominion Tar
1.15
Jan
Preferred
95c
2.82
2.20
2.87
667
Sherrltt-Gordon Mines... 1
80c
75c
83c
575
55c
July
50c
Oct
5%
*
-
—
—
Wood Cadillac Mines
1
Wrlght-Hargreaves
*
......
Brown Oil Corp Ltd
*
Dalhousie Oil Co Ltd
*
Foothills Oil & Gas Co...*
Home OH Co Ltd
50
1.95
*
Royalite Oil Co Ltd
Apr
50
1.95
*
21H
200
2.05
900
21H
55
44
70
May
58,500
2c
July
lOHo
Jan
1,000
3c
July
8c
Apr
3.40
3.40
3.55
12,950
1.95 June
4.10
Jan
13
13
Eastern Steel
Easy Washing Mach
Eldorado
1
Jan
English Electric class B___*
Jan
Extension Oil
17 He
Falcon bridge
1
Ford
A..—
18c
8
May
18H
Jan
3
Sept
4H
Mar
21c June
1.23
6,950
317
3,000
2H
July
15c May
Feb
26c
Feb
1,535
1.75
June
500
355
20 H
June
30
5c
8,100
2%c
1,000
2%c
500
17 H
434
38c
38c
5Hc
17
41c
9,100
l%c July
2c
Aug
5%c May
July
13 H
19o June
Jan
6
2.75
5Hc
17
-
Jan
90
27 %
4HC
25c
Firestone Pete
July
2.65
T%C
.1
Fernland
Stocks
3
27
2.65
1
Federal-Kirkland
Canadian Mining & Industrial
*
Fanny Farmer—
1.00 May
35
3H
32c 34Hc
5
4H
33c
3.10
June
3H
*
36
1.30 May
18
Feb
Aug
He
1
Mar
3.50
10
4
*
Mar
Oct
Mar
89
7 He
1
East Crest
40c
June
4Hc
Duquesne Mining
Jan
19%c
75
5Hc
Jan
8.20
24c May
5
86
4%c
31c
50
6 He June
Apr
~6%c
3,900
900
8H
4c
10c
1,000
June
July
6.30
28c
3
l%c
1
11c
445
33
6%
Dorval-Slscoe
28c
......
5%
500
Dominion Woollens pref .20
Jan
9 He
------
July
15%
5H
Jan
3
929
1.50
Jan
1.00
Oil—
6H June
325
1.65
*
61c
47c June
July
Apr
991
5%
7H
2Hc
Dominion Woollens
20c June
900
8c June
31
6%
Apr
1,400
63c
4.80
High
Oct
1.50
11,000
53c
6.30
—
83c
9%c
•»
1
25
2Hc
50c
East Malartlo
Sullivan Cons
53c
50c
Blade n-Mal art lc Mines... 1
10
9H
86
61c
Slscoe Gold Mines Ltd.—l
Low
Shares
24 %
5
...100
Range Since Jan. 1, 1940
for
Week
High
24%
9%
5H
5
San Antonio Gold Mines. 1
1
Week's Range
100
2.45
2.82
Stocks (Continued)
High
Low
Shares
3.05
Sales
Last
Sale
for
Sale
Stocks (Concluded)
Exchange
Friday
Sales
Apr
Mar
6%C
5Hc
Apr
Jan
8%c
Jan
22 %
70o
Jan
Jan
Francoeur
Gatlneau Power
Macdonald &
*
11H
11H
15
10
July
16H
Feb
Gatlneau Power pref—.100
Quoted in U. S. Funds
*
87 H
87 H
12
79
July
97
Feb
Oct
75
4%
July
10 H
6,000
3%c
July
lOHc
Jan
37c
36c 37He
4,700
25c May
69o
Jan
13c
13c
21c
900
8c June
230
Jan
7Ho June
22c
Gillies Lake
1
God's Lake.——
*
Goldale
1
1
12 He
NEW YORK, N. Y.
HEAD OFFICE, 2010 Royal Bank Building, Toronto, Canada
12c
Graham Bousquet
Exchange
7,300
55
2%C
6,250
3%
285
3
3%
Great Lake vot trust
35,100
8Hc
55
50
-
14c
7%c
—-1
Goodyear pref
Toronto Stock
1H
l%c
Golden Gate.----
Gold Eagle
72
35
Sales
Friday
Last
Price
20
20
2%c
2%c
375
41c
43c
9,900
Saddlery—
"42c
Gunnar
Week's Range
Low
Low
6%
*
90c
75c
1.00
100
preferred
6%
4%
Alberta Pacific Grain pf
50c June
2.50
Apr
Hard Rock.—
2
June
17%
Jan
Harker
1
3c June
6c
Mar
Holllnger Consolidated
t>
8c
10c
1,030
21c
Jan
Home Oil
29 H
29%
10
Jan
Howey
15c
100
15c
Aldermac Copper
17c
16,900
4,500
10c
July
380
Jan
Hudson Bay
lc
Sept
6%c
Jan
41c June
1.03
Jan
Imperial Oil Co
*
Imperial Tobacco ord—15
•
Amm Gold-—---——-.1
l%c
l%c
l%c
*
55c
55C
60 c
6c
Anglo Canadian
— _
3%c
3%c
100
1
—
99
1.90
8%c
Aug
20
July
2,000
99
1
Ault & Wlborg
10
4c
36
17c
July
4 He
2c June
99
Oct
103
Jan
Co
Bankfleld
14%
100
International Nickel
Oct
International Petroleum..*
4,266
*
July
211
Mar
Aug
315
Feb
100
2
Sept
Apr
10c 10 He
20,300
5c
1
1.00
1.12
1
98
*
"~5%
Bell Telephone Co
100
157%
Bldgood Kirkland
16c
Bobjo
1
1
1
Bralorne
*
10.00
Beauharnois
Big Missouri...
Brazilian Traction
5%
*
1.03
13,190
1,325
16 H
532
7.40 June
11.00 May
12
20
5
358
5%
Apr
4c
Sept
14c
Jan
Leltcb
1
3 %c June
llHc
Jan
Levy Bros
1
3% June
14% May
23% Aug
30
1%
15
Oct
3%
Apr
Madsen Red Lake
72c
81c
80,155
28c May
81c
Oct
Malartlc
800
0%c June
19%c
10c
10c
1%
55c
49c
59c
138,445
1.16
1.08
1.17
49,750
1,500
14 %
14%
15
June
1.50
1.53
1,151
June
2.39
Jan
Maple Leaf Milling pref..*
Maralgo
.1
5
1 He
lHc
lHc
22c
22c
500
18c June
47c
Jan
Massey-Harris
*
100
3H
33 H
3H
33 H
3 H
750
34 H
85
45
40%
Oct
—....— —
Preferred...
65
3
June
Jan
McColl
100
99
99
10
78
June
99
Oct
McCoIl pref
*
17
17
50
12
June
22
Mar
Mclntyre
36
36
20
29% June
39%
Apr
McKenzie
80
14% June
17%
Jan
McVlttie
5%
5%
36
9
5%
9%
10
65
June
134H 134H
11
117
July
4%
323
2% June
14%
15%
188
58
58
25
9% June
40% June
20
100
15
24
87%
*
3%
*
50
15
*
58
20
1.15
1.25
"io"
87%
1,290
1.35
62o
Jan
1.45
Mar
July
l%c
Apr
100
95
110
Cndn Indust Alcohol A
*
180
345
9
9
8
Canadian Wallpaper cl B_*
Canadian Wineries
Jan
Mar
10
8
Oct
13
22
8
130
19
18
18
130
3% Sept
13% May
2.25
900
1.65 June
4%
*
*
Wirebound
4%
2.20
2.15
60c
60c
500
Central Patricia
1
1.90
1.90
2.00
6,160
Central Porcupine
1
9c
9c
9%c
11,200
18 He
19c
1
Cariboo
...1
1
T.31
—.1
73c
1.10
33
*
Northern Canada
,
25
41c June
1.31
Oct
Palcalta Oils
*
July
78c
Jan
9%
Jan
Page-Hersey Tubes
Pamour Porcupine
*
3% May
33c
Apr
Pandora-Cadillac
Jan
Partanen-Malartic
31c
232
.
70
30
30
12% July
28% May
141
July
1.98
19
Feb
Cons
49
Jan
Perron
178
Feb
Photo Engraving
31%
Apr
27
35
Aug
Pioneer
:—
4%c
2..500
3c
Aug
8c
Jan
*
18% May
Prairie Royalties
27% May
Premier
Preston
2,195
16
June
29
Jan
July
210
1
34c
31
20%
20%
10
16
May
22%
Feb
24
24%
235
19
May
36%
Jan
Jan
Jan
37 He July
34 H
June
48
Oct
Apr
106
6,000
*
May
Apr
July
26%
Mar
6H May
June
10H
'69
Jan
July
37%0
Jan
4%C
1.40
Apr
22
35
12o
lc June
85c June
Jan
Jan
July
78 H
Jan
27c June
60c
Apr
43
62c
Oct
May
4%
Apr
50c June
1.81
Jan
1.35
Apr
30c June
3H
60c June
11c June
106
May
17c
340
112
Jan
Jan
Feb
July
61c
7c
Oct
Jan
6,700
75
8,600
80c June
2.35
5HC
Oct
10%c
Jan
2c
July
10c
Apr
20o May
530
Jan
5%c
6c
3,500
"4 He
4Hc
4Hc
2,000
29c
12,650
1.80
1.80
1.85
6,941
*
14
14
14
2.95
2.95
3.10
26c
189
6c
1.25
27c
May
1.40
108
1.29
1
1
145
2%c June
90
July
5c
5c
107
42c
50
1.01 June
Oct
14
5,045
2 12
145
July
July
111
2.12
Jan
Jan
24
Feb
4.25
Jan
2.35
Apr
2.11
2.25
400
....-.1
"~93c
93c
1.10
10,500
60c
July
2.18
*
7H
7%
7H
200
5%
June
11%
Jan
—25c
9c
9c
600
9c
Oct
22c
Feb
95c
1.00
2,975
75c
Aug
1.42
Jan
2.45
2.97
149,612
I 30
June
2.97
Oct
Jan
150
30c
99%
93%c
—1
Powell-Rouyn
Power Corp
375
42c
1
1
Gold.——..--—1
Jan
70c June
.*
.
Pickle-Crow.
19% June
Jan
Paymaster
.-.-50
*
Apr
186
2,790
Oro Plata
35o
185
90c
Jan
3.75
23%
90c
54C
Aug
23
100
15c June
10 %c
3
1,840
3%
5
500
25
56c
3%
1,750
7,000
24%
56c
90c
._*
107 H 107 H
13c
25
3,400
Ontario Loan
1.00
1
*
*
100
38c
— ........
12 %c
4c
30c
Northern Star pref.
1.00
12%c
*
35c
Jan
60
15
33
—*
589
2,200
40%
N^tCoal":::—100
900
14c
15c May
26
1.10
58 H
Aug
'
Jan
Oct
July
18c
93
2,500
1.05
57 H
12,687
1.00 June
25
2He
"58 H
5
Mines—
20e
500
25
27,000
82c
5,500
^
23 He 26 He
2c
2Hc
18c
22c
161%
40
—.*
——5
Nlplssing
Normetal...
100
82c
1.55
40
Newbec—————..*
50
m
43 H
6%
43
1
5
160
.
Noranoa
23 H
20
1
17,225
Apr
1.33
Jan
*
97,439
Jan
12 H
July
Mar
5
180
Omega.....
5c
40c
Sept
Preferred
354
44
Okalta Oils
80c
14%
14%
40%
5,290
O'Brien
5%
160
62c
Jan
1.31
100
...5
60c
Jan
Aug
22c
Bakeries.—*
9
Apr
56c
1.45 May
1.40
1.42
*
500
75c
73c
__*
18c
98
580
June
20c June
5
4H
Sept
Apr
2,249
2.55
5%
Commoil———.——_*
...
5%
2.67
110
81c
345
May
'
..1
Chestervllle
Feb
85c
30c
6%
4%
23 H
23 He
8%
29c
80c
4%
1
20
Jan
National Grocers.—.—..*
Nay bob
July
15HC
8c
Jan
May
4c June
2%c
8H
43 H
June
6,500
4,400
Aug
National Steel Car.—.*
32c
10c
July
National Sewer class A—*
4
Jan
8c
lc
Jan
8
1.47
2c
Jan
20
58C
5%
85c June
1,500
Feb
3.62
Jan
3,600
10,000
32
1.65 May
Apr
1.15
2c
Murphy
44
37%
2,850
2,759
9
56c
5
"5H
"f-663
29
July
58
18c
12% May
May
101
July
98
20
9%
June
37H
3HC
Jan
18
June
80
2c
16%
20
Feb
5
40
2Hc
5% June
31
9%
140
298
6
Jan
1
*
7% May
16%
Jan
...—1
Moore Corp A
Morrls-Klrkland
Feb
19%
59 H
.....100
Moore Corp
Feb
Feb
14
105
Jan
43 %
180
22
30
*
Apr
178
*
25
2.75
1
July
*
Canadian Malartlc
Moneta.
June
Canadian Dredge
Canadian Locomotive....*
Apr
17
8%
175
Model Oils
Jan
6%
54
6H
Modern Containers preflOO
135
10%
""sic
Apr
25
July
July
Jan
Jan
9H
4 He
97
,
""§0c
Apr
lc June
2H
7
5%
1.05
1.12
*
Mining Corp.
21%
Aug
54
*
.*
1
McWatters Gold
Mercury Mills
Mar
65
June
1.05
Apr
Mar
8%
150
Aug
1H July
3H May
54
5H
1
2
210
8
"20"
104%
——1
60
5
Ho
4
95
*
100
5
60
10
•
25
8%
;
16
165
Oct
July
64o June
20 He
3,500
"22c
Canadian Celanese
Dominion Foundry-.
~ll
—1
Gold
6
Can Car A Foundry
Dominion Bank
Feb
2.70
3H
*
Dominion Coal pref
Jan
4.75
lHc
Class B
Dome
26%
1.00 June
lc
19
Dist Seagrams
May
2.25 June
6
155
Denlson
Jan
20
3H
19
Petroleum
Oct
Jan
165
Manitoba & Eastern.....*
155
Preferred
3c
3.40
2,540
Maple Leaf Milling
Feb
Jan
Oct
3c
33,115
Maple Leaf Gardens preflO
58
880
410 June
1.71 May
3.60
Jan
5
Mar
2.70
Jan
45
Apr
9H
2.45
Feb
45
Jan
5Hc
Aug
3.45
8.60
1.00
13
lc May
4
3.45
4%C
17%
Jan
Jan
Jan
2.55
Oct
20
Davles
Mines.—
McL Cockshutt
July
12
7.25
28 H
2.75
390
Jan
27
22 Ho
May
1 %c
Breweries.....*
Cub Air craft
25
June
Jan
20 H
1,000
Cndn Bk of Commerce. 100
Canadian Canners A
Crows
24%
July
Jan
181
2,000
...»
Class B
r^AHTTlftS
27
4.50
——*
Preferred
Gas
26 H
2%c
Canada Wire class A
Smelters—
Macassa
9
100
3,390
4.35
:
Canada Steamships
Consumers
3c
2.37
2%c
Can Permanent Mtge.-lOO
Cons
Jan
5o
Oct
1 64
32
1
1,280
Mar
3c
*
19
26
30
July
4.75 June
3 30
.1
B
18%
23%
17,300
55c
2.25
4.40
Canada Packers
Consolidated
Apr
•
57c
55c
2:25
—*
A
25%
Canada Northern Power..*
Conlaurum
10%
Loblaw
5
July
15
3,166
2%c
Canada Foundry cl A.
Cockshutt Plow
Oct
21
Little Long Lao
140
2c
6
6
——25
Legare pref
*
..1
—
Cochenour
Jan
Lebel Oro
1%
Canada Bread cl B ......50
Chemical Research
12
lHc
52 %0
75c
Canada Cement.
Castle-Tretheway
11H
1
169
July
*
Calmont
Canadian
1,035
70o June
23,850
17%
1
Calgary & Edmonton
P R
5.10
9Hc
19
*
Building Products
C
17H
4.90
6Hc
July
19
40
*
..*
1
Laura Record (new).——.3
Lamaque (G)
Lapa Cadillac
10c
1.000
22
—*
Brown Oil
Buffalo Canadian
Canadian
Lake Woods
Feb
25 %
1
Buffalo-Ankerite
Canada Malting
July
41,350
10.00
Oct
Jan
1.19
Jan
40,200
40,051
9 He
Mar
Feb
38c
3.30
3.10
1.00
6%
Jan
24
3.05
.1
20 H
2% May
47
17c May
Jan
1.00
130
May
12% June
5c
20%
176
27 H
19o
1
24,445
20
—_*
Preferred
521
5H
947
726
;
Aug
1
Jan
Sept
lHc
Kirkland Lake
102
Apr
116
lHo Aug
1.20 June
Lake Shore
July
Jan
114
May
1,462
Jan
July
15%
June
111 M
1,000
Apr
70c
Apr
3c
33c
90
Jan
Jan
16 H
2%c
15%
157%
10.00
5
•
Class B
5
Jan
15%
3c
35%c
May
2%c July
14c 19 He
5c
5c
155
20
Brit Col Power class A...*
Broulan-Porcuplne.
600
11,200
Jacola
7o July
8 He 10%c
Brantford Cordage pref. .25
British American Oil
5c
1.13
98
May
40 HO
34
2%c
Kerr-Addison
100
15 %
5
90
Jan
38c
1
Jelllcoe
2%
Beatty 1st pref—
37 %
14H
June
Jan
Jan
3.10
-.1
170
269
Beattie Gold
37 H
15
12
10c
15
—1
5
14
Bear Exploration—
37 %
Aug
10
20
Vv
3c
9H June
1.30 May
Feb
34c
Jack Walte..
188
277% 279%
7
140
8H
114
Jan
235
8H
250
100
Jan
12%
29c
97
lie
12
27 He
%
114
28c
12%c
May
June
14
3c June
*
8H
11
5c
——
July
19 H
2.05
26 H
9,025
6%
21Ho
200
2,558
1.90
10 %
17,891
2.68
1,150
2,900
6,550
26
11c
July
4,700
*
100
Metals
Jan
23,675
13
...100
Preferred..
100
Bathurst Power cl A
1.48
1.12
5%c
10
2.15
2%
Apr
5c
26%
9C
*
8H
1.00
*~28c
Int Metal A
Intl Milling prel
Bank of Nova Scotia
Barkers
Feb
July
55c May
3
12 %
*
9c
9%c
7.75
1.07
•
1.90
188
Mar
3H0
"12%
..1
Bank of Montreal
Base
1
1
Bagamac
91o June
Jan
May
...—„
1
Gold Mines.—
Aunor
6%c
9,150
13,300
—1
Arntfleld
Astoria Que
5H
Oct
July
Ho
5.00
1,000
8c
Alberta Pacific ConsoL-.l
Jan
Jan
90
3,265
Apr
64c
545
2,265
8
Mar
1,050
5c
3Hc May
3%c
3H
6%
Feb
27 H
6.50
25
57 H
June
lHc
5
Jan
July
2H June
3%
5
Jan
26c
lHc Feb
31 Ho June
2% May
13
5.50
*
Apr
July
lc June
lHc
.*
Gypsum
5C
♦
APTDA fJflQ
51H
Hall nor
High
Hamilton Bridge
Abltlbl
5c
Halllwell
Range Since Jan. 1, 1940
for
\Week
of Prices
High Shares
Sale
Par
Stocks—
Great Lake v t pref......»
Great West
both inclusive, compiled from official sales lists
Oct. 19 to Oct. 25,
Feb
6
1H
6H
4%c
1H
General Steel Wares....
BROAD STREET,
30
20
5H
4Hc
Gatlneau Rights.......
Bunting
Members The Toronto Stock Exchange
E Dome
1
2.85
No par value.
(Concluded on page 2475)
Jan
The Commercial & Financial Chronicle
2478
Quotations
New York
Bid
Ask
96 H
974
99
i3s
Jan
1977.
a3«
June
1980..
99'4
99 H
a3H» July
a3Hs May
1975..
102 H
1964..
108
103 4
109
a3Hs Nov
1964..
<z3Hs Mar
I960..
108 >4
107 H
109 H
109
1194 121
1
I960
1204
16
1972
Apr
a4H» Apr
1
a4H> June
a4H»
a4Hs
a4H»
a4Hs
a4Hs
S
16
1
1
«
t
m
1977
m
1976
Jan
15
Nov
Mar
•
-
1978-.--
-
«.
1981
1957
m
m
1957
m
m
114H 116H
a4 Hs Mar
1
1963
mm
U3H 114H
114
115H
a4s
May
1959..
May
-
a 4s
May
1977..
1184 119H
a4 Hs June
1
1965
a 4s
Oct
1980..
119
120H
a4Hs July
1
1967
a4H» Sept
I960..
a4 Hs Dee
15
1971
a4Hs Mar
1962..
1T8H 119H
119
120H
a4 Hs Deo
1
-
m
—
A Trust
124 4
123 4 124 %
125 H
124
Bank
100
Bid
less 1
World War Bonus—
62.10
less 1
4Hs April 1941 to 1949.
Highway Improvement—
61.00
62.10
...
144H
4s Mar A Sept 1968 to '07
Par
Bid
...13.55
100
100
Fifth Avenue
100
113H
,
1st
4s
U14
ser
Ask
Bid
•
1 '75
105
mrnm
1'76
104
15 '76
101
15'77
103 H
mmm
my.
3Hs5th
mmm
3Hs
6 25
MAS
ser Aug
Bronx
1980
1750
Sterling Nat Bank A Tr 25
1945-1952
......
....100
Bid
335
Central Hanover
20
14H
77
190
210
.100
289
294
Irving
10
11H
.100 1500
82
Kings County..
Manufacturers
20
99
102
10
46
48
80
35
New York
Apr
1962
1965....
101
6a
Feb
1952
103
61.40
5 Ha Aug
1941
125
Title Guarantee A Tr. ..12
14 H
Trade Bank A Trust.. -.10
Underwriters
100
80
45H
48 4
United States.
100
1505
4 Ha July 1952
106
9H
Par
6s
118
.
July 1948 opt 1943.
(N J) com.*
Preferred
121
108
Bid
Ask
.
100
113H 117
Par
,
Ask
107 H 107 H
108
73
77
Mtn States Tel A Tel.. 100
110
130
133
118
120
15
18
32
34H
32
35
100
114
So A Atl Telegraph
25
Sou New Eng Telep...100
Bid
Ask
160
99
mm**
99
Burlington
mmm
Denver lHa, 3a....
First Carolina—
Lincoln 6Hs
New York 5s
'
99 H
1 Ha, 2s....
mrns
99
km
...
...
B/Q Foods Inc common..*
85
83
North Carolina Hs, lHs._
Oregon-Washington
Bohack (H C) common...*
3
24
80
2
19
22
7
7% preferred..
Reeves (Dan el) pref...100
99
Pennsylvania lHs, lHa...
la, 2s
99
Is, lHa
---
99
...
65
mmm
Illinois Midwest 4Hs, 5a..
99 H
mm**
100
Iowa 4Ha, 4Hs
mm**
98
mmm
4Hs
102
Potomac 1H8-.
8H
Bid
100
78
r21
San Antonio
mm
4b, 2a
99
Southern Minnesota
rl3
preferred
19
*
Southwest (Ark) 6s
Union Detroit 2 Ha
■■
Virginian is, lHs
99
FHA Insured
■
mm
14
83
Bids and
99
Ask
Mortgages
Offerings Wanted
...
WHITEHEAD &,
Par
Bid
44 Wall Street, New
Ask
i
5
100
48
62
North Carolina
95
78
Pennsylvania
32
FISCHER
York, N. Y.
102
74
38
82
New York
100
54
60
Potomac
110
62
68
San Antonio
105
115
14
18
Virginia
100
4
8
1(H)
5
Telephone: WHltehall 3-6850
120
100
100
9
2H
Virginia-Carolina.
85
..
3
FHA Insured
95
Bid
Mortgages
Asked
Bid
Federal Intermediate Credit Bank Debentures
Bid
Ask
Bid
Ask
Alabama 4Ha
Arkansas 4Hs
101H 102H
101H 102H
6s
due
Nov
due
Deo
11940 ft
25%
25%
30%
11941 b .30%
4%
H%
4%
4%
H%
due
Mar
Apr
1 194l|ft 35%
1 1941 ft 35%
102
_
Delaware 4Hs
New Jersey
New Mexico
103H
due
2 1941
Feb
b
due
due
due
due
Louisiana 4 Hs
Maryland 4 Hs
Ask
Commodity Credit Corp—
H%
1%
Home Owners*
1 1941 100 12 100 14
15 1941 100 30 101
Aug
Nov
Bid
4%
May
1 1943 100 20 100.22
Federal Home Loan Banks
2a
Deo
1 1940 100.4
2a
Apr
1 1943 102.26 103
100.6
Federal Natl Mtge Aasn—
2a May 16 1943—
103H
102
103
101H 102H
102 H 103H
Georgia 4 Hs
Illinois 4Hs
Indiana 4 Hs
Ask
-
....
Minnesota 4Hs
Loan Corp
May 15 1941 100.9
Ha
102
Massachusetts 4Hs
District of Columbia 4 Hs.
Florida 4Hs
May 1 1941 6 35%
June 2 19411ft 35%
Oct 1, 1941 ft.40%
Obligations of Governmental Agencies
Bid
101H 102H
102
103H
101
102H
101H 102H
101 H 102H
101H 102H
101H 102H
Michigan 4Hs
2 1940 b
due.....Jan
5a
104
4Hs...
N Y (Metrop area) 4Hs..
4Hs
101 H
101
notee
H%
H%
1%
July
A servicing fee from
16 1942 100 27 100.29
1 1942 101.10 101.12
1H« Jan 3 1944—
U S Housing Authority—
Jan 3 1941 at
101H
No par value,
a
/Flat prioe.
maturities,
n
101.18 101.22
1H% notee Feb 11944.. 102.13 102.16
Interchangeable,
ft Basis price,
Nominal Quotation,
r In reoelvorshlp.
tci When Issued
ts-s
With stock,
y
Now listed
e
z
102
103
102
103
101 H
102
I02H
Rhode Island 4Hs
102
South Carolina
101 H
103H
103H
102H
101 H
103
101 H
101
103
...
4Hs._._
Tennessee 4Hs...
Texas 4Hs
insured Farm
Mtges4Hs
e
101
102 H
101H
102 4
H% to 4% must be deducted from interest
rate.
SPECIALIZING
Now selling on New York Curb Exchange.
*
on
New York Stock Exchange,
on
8ept. 26.
$89.50 of principal amount.
Circular
on
request
STORMS AND CO.
Commonwealth Building
Quotation not furnished by sponsor or Issuer.
1 Quotation based
F.H.A. INSURED MORTGAGES
Ex interest
Quotation shown la for all
Ex-dlvldend.
Phone Atlantic 1170
5% was paid on July 2 and
102 H
Virginia 4Hs
The be*t "Hedge" security for Banks and Insurance Co'*.
d Coupon,
—
4Hs
Pennsylvania 4Hs
York State 4Hs
July 20 1941 100.19 100.21
Nov
1 1941 100 25 100.27
Jan
103
102 H
102
North Carolina
New
Corp—
H%
Asked
West Virginia 4Hs
100.11
Reconstruction Finance
102
4Hs
Call Nov 16 '40 at 100 H 101.16 101.20
*
21
23
100
H%
4%
4%
H%
—
United Cigar-Whelan Stores
99 H
Joint Stock Land Bank Stocks
Par
12 H
103
St. Louis
99
Fletcher Ha, 3Ha
Fremont 4 Ha, 6Ha
Indianapolis 6a
6s
Phoenix
99
90
98 H
Phoenix
First Texas 2s, 2Ha......
First Trust Chicago-
Ask
mm
$5
3a. 3Hs
12 H
0% pref... 100
-
40
First Montgomery—
First New Orleans—
Bid
Pay
Kress (8 H)
3
100
Flshman (M H) Co Inc..*
mmm
99
r35
Ask
Bid
mmm
83
__
Par
mmm
81
Lincoln 5s
2
18
163H
Ask
99
Lincoln 4 Hs
9
rlH
.......
16
Chain Store Stocks
Bid
Lafayette Hs, 2s
r7
Chicago
Telephone—
$6.50 1st pref
25
108H 108 H
JAJ
110H 111H
JAJ I10"i« lll*i#
Ask
bid
Telegraph...25
Peninsular Telep com
Preferred A
41
3Hs 1955 opt 1945..MAN
Joint Stock Land Bank Bonds
lHa
Atlantic lHa, lHa
Ask
18
*
40
Bell
111
,
107 H 107 HI 4S 1940 opt 1944
107HiI08H6 4s 1904 opt 1944
Atlanta Ha.
Bid
25
Pac A Atl
Telep of Canada
100
Bell Telep of Pa pref—100
Cuban Telepb 6% pref. 100
Emp A Bay State Tel.. 100
Franklin Telegraph
100
Conversion 3s 1947
118
New York Mutual Tel__25
Rochester
JAJ
1555
110H H8H
111
Federal Land Bank Bonds
MAN
3H
90
Ask
Int Ocean Telegraph—100
115
3s 1950 opt 1940
39H
53 4
108
15
51H
Am Dlst Tel eg
U S oonveralon 3a 1946....
Bid
2H
11H
13H
50 H
20
127
102 H 103 X
1945——JAJ
514
105
26
29H
2.15%
Govt of Puerto Rico—
'103
99 H 101
38 1956 opt 1940
37 4
20
Preferred...
124
1550
103
101
6a
3s 1955 opt
26 H
25
50
Empire
104 H 105
Ask
100
Guaranty
Fulton
50 4
17 H
Chemical Bank A Trust
25
Bid
Par
343
54 4
Clinton Trust
Colonial
Bid
U 8 Panama 3a June 11961
Hawaii 4 Ha Oct 1966.
Companies
Ask
Telephone and Telegraph Stocks
Ask
Bid
1969
29
130
62.25 to 100
1963-1975..
rev
2 Hs serial rev
rnmm
Government—
4 Ha July
35
County
United States Insular Bonds
4 Ha Oct
27
700
120
Corn Exch Bk A Tr
s f revenue
3s serial
mrnrn
106
12
32H
Continental Bank A Tr.10
6 25
100
Inland Terminal 4 Ha aer D
1941
MAS
10
47
30 H
17 H
Lawyers
Trlborough Bridge—
Philippine
100
10
Brooklyn..
Mar
4th ser Deo
3s
MAS
1942-1960
Peoples National
Publlo National
New York Trust
Bankers
Ask
111
10 H
10
50
Penn Exchange..-
34H
177
660
29H
12H
...
Bank of New York
3 Hs 2nd ser May
1942-1960
32H
171
45
27 H
12 H
National Safety Bank_12H
100"
General A Refunding—
4a September 1976—
Ask
40
National City
85
60
Bid
Par
National Bronx Bank...50
174
...
Port of New York-
Holland Tunnel 4Hs «er E
1941
MAP,
38H
138 H
Authority Bonds
San Francisco-Oakland—
36H
40
---
California Toil Bridge—
FRANCISCO—
Ask
15 H
Bank of York town. .66 2-3
Par
Public
Bid
Bank of Manhattan Co. 10
Merchants Bank
138H
Barge CT4Hs Jan 11945.
147
Can A High Imp 4Ha 1965
SAN
87 H
258
First National of N Y..100 1710
Canal Imp 4s JAJ '60 to '07
Canal Imp 4Ha Jan 1964..
85 H
251
Bensonhurst National
Ask
62.00
147
513
New York Bank Stocks
Commercial National
3a 1981
6a Jan A Mar 1964 to *71
310
600
121
3s 1974
Highway Imp 4 He Sept '63
1-3
33
Chase
Canal A Highway—
Ask
300
100
Northern Trust Co
205
Illinois Natl
& Trust
First National
1204 121 H
123H 124H
124
125H
129H 181
Ask
195
125H 120 H
120
New York State Bonds
Bid
Bid
Par
Ask
Bid
Harris Trust A Savings. 100
..100
Continental
122H 123H
124 4 126 H
1264 127 4
1979
Par
American National Bank
H
123
1
1968..
121
1214 123
t
Feb
1
1967..
Nov
1
1964
1
107 H 109
May
a 4s
15
1
a4 Hs Nov
1970..
a 4s
<x3 He Jan
Ask
a4Hs Mar
a4 H®
too
1940
Chicago & San Francisco Banks
City Bonds
Bid
26,
Over-the-Counter Securities—Friday Oct. 25
on
1969.
16
«2 Hs July
Oct.
PITTSBURGH, PA.
Volume
The Commercial & Financial Chronicle
151
Quotations
2479
Over-the-Counter Securities—Friday Oct. 25—Continued
on
INSURANCE and INDUSTRIAL STOCKS
Guaranteed Railroad Stocks
BOUGHT—SOLD—QUOTED
3o$epb KJalkrsSons
Vermilye Brothers
Mrmkm J^rw York Stock Extho ngo
Dealer* In
120 Broadway
Tel. RE ctor
NEW YORK
2-6600
STOCKS
BROAD
30
| GUARANTEED
CITY
ST., N. Y.
.Teletype N. Y. 1-894
HAnover 2-7881.
|Since 1855,
Insurance
Guaranteed Railroad Stocks
'•
•
YY ■;
Par
Bid
In Dollars
30 X
32 X
28H
1H
18H
20
71
74
Ins Co of North Amer... 10
68 H
41X.
122
51
53
27 H
Home
126
10
....10
Aetna Life
A tie d
25
Agricultural
Alabama A Vicksburg (Illinois Central)...
.100
6.00
73 H
78
21
22 H
Jersey Insurance of N Y_20
Albany A Susquehanna (Delaware A Hudson)..
.100
10.50
109 H
114
American Equitable.....5
MX
6.00
75
79
Amer Fidel & Cas Co com 5
10 X
19H
12H
Knickerbocker
.100
2.00
31H
34
American Home
8.75
89
91
American of Newark—2H
American Re-Insurance. 10
Allegheny A Western (Buff Roch A Pitts)
Beech Creek (New York Central)
100
Boston A Albany (New York Central)
Boston A Providence (New Haven)
Canada Southern (New York Central)
.100
Carolina Cllnchfleld A Ohio 00m (L A N-A O L)_. .100
Cleve Cln Chicago A St Loots prei (N Y Central). .100
Cleveland A Pittsburgh (Pennsylvania)
mm
2.00
46 H
48 H
100
5.60
9.00
147
4.00
National Casualty....—10
24 H
27H
........10
43
Automobile
39H
National Fire
58 H
60 H
7
2H
587
100
......
45
19
21
27 X
10
5
21 H
29H
22 H
New Hampshire
New York Fire
7
City Title
Connecticut Gen Life—10
25H
26 H
6.00
56 H
59 H
Continental Casualty
34
36
-60
92 H
95H
Eagle Fire
4.50
34
37
Employers Re-Insurance 10
Excess....
...5
.100
Pittsburgh Fort Wayne A Chicago (Penna) pref
Pittsburgh Youngstown A Ashtabula pref (Penna). .100
Rensselaer A Saratoga (Delaware A Hudson)
.100
.100
St Lonis Bridge 1st pref (Terminal RR)
Second preferred
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)... .100
.100
Utlca Chenango A Susquehanna (D L A W)._
.100
Valley (Delaware Lackawanna A Western)
vicksburg Sbreveport A Paclflo (Illinois Central). .100
......
1.50
47
44
3.00
-50
Preferred
81
7.00
7.00
136
68
72
137
mm,
10
66
68H
Fireman's Fd of San Fr.25
98
100H
5
9
5
10H
31H
29H
115
121
25
115
119
37
39H
84
123
88
13
15H
34 H
36 H
9H
6
P ro vldence-Wash lngton
.10
Reinsurance Corp (N Y).2
Republic (Texas)
10
1
1
239
General Reinsurance Corp 5
40
3t Paul Fire A Marine..25
243
248
6.00
53
56
Georgia Home
10
23
26
Seaboard Fire A Marine..5
6.00
60
Gibraltar Fire A Marine. 10
25
26H
Seaboard Surety
mmmrn
6.00
61
64 H
Glens Falls Fire.........6
42 H
44 H
Security New Haven
62 H
66 H
Globe A Republic
9H
10H
Springfield Fire A Mar—25
3.50
24
26
9
12
Standard Aooident.
3.00
54H 1
57 H
'
3H
53 H
58
Stuyvesant
5
25H
27
Sun Life Assurance
10
12
Travelers
10
12H
13H
Equipment Bonds
10
24 H
26
10
83
86
lu S Guarantee
55 H
57 H
1
Hanover
Atk
.....
Hartford Fire..
Hartford Steam Boiler..10
Atlantic Coast Line 4His.-,
61.00
0.50
Missouri Paclflo 4Hs
62 00
61.75
1.20
Nash Chat A St Louis 2H»
62.25
New York Central 4Ha...
61.70
10
6
100
240
290
...100
415
425
47 H
10
32 H
49H
70H
68 H
2.60
Westchester Fire..
20 H
19H
1
34 H
1.75
1.20
35 H
1 25
Baltimore A Ohio 4 He
8H
37 H
33H
35H
120H 124H
43 X
41 X
3H
2H
U S Fidelity A Guar Co-2
U S Fire
4
...
249
6H
10
10
6
Globe A Rutgers Fire... 15
2d preferred
15
Halifax
Bid
26 H
2
10.00
Atk
27 H
25
5
38
Great Amer Indemnity...1
Bid
7H
26
Revere (Paul) Fire..... 10
Rhode Island
Great American
Railroad
.
mm
6.00
Preferred
Warren RR of N J (Del Lack A Western)........ -60
Cn O
West Jersey A Seashore (Penn-Readlng)
26
National .25
Preferred Acoldent
Franklin Fire
141
3.00
6.00
47 H
Firemen's of Newark
64H
102 H
24 H
2.50
Pacific Fire
51H
9M
45 X
16
5
98
Pacific Indemnity Co.—10
Phoenix
10
Northwestern
2H
8H
49H
118
Dep
Fire Assn of Phlla
62
6.00
10
.
of"MdllI20
Fidelity"*A
178
167
6.64
'
(TpHpfftl
174 H
1
2H
47 H
14H
4
North River..
5
45
5
5
Northern
4.00
Northern Central (Pennsylvania)
Oswego A Syracuse (Del Lack A Western)
Pittsburgh Bessemer A Lake Erie (U S Steel)
29
750
10
Fire
17H
33 X
.—...12.50
27 H
550
144
16H
31X
Northeastern
8
8H
H
10
New Brunswick
10
.....6
7
8
139
New Amsterdam Cas..—2
3.875
60.00
Morris A Essex (Del Lack A Western)
-60
New York Lackawanna A Western (D LA W).._ .100
2
20
National Union Fire
Carolina
Camden Fire
7
.10
National Liberty
8
607
51
47
Merch A Mfra Fire N Y„5
96H 100H
25
Bankers 6c Shippers
Boston
2H
63 H
50 H
12H
43 H
City of New York
61H
152 H
58
.100
Georgia RR A Banking (L A N-A O L)
(Del Lack A Western)... .100
.100
Michigan Central (New York Central).......
Lackawanna RR of N J
'mm
Mass Bonding A Ins..12H
Meroh Fire Assur com
5
37 H
Baltimore American
86
1H
1H
61H
16X
American Surety
48
1
48 H
American Reserve
92 H
73
68H
83 H
8H
Maryland Casualty
7
25
15
41H
89H
5.00
5
5
...10
10
38 H
5.00
3.60
■
—5
Lincoln Fire
2H
X
69H
44 H
9H
2H
13H
45H
17H
3.00
2.00
Delaware (Pennsylvania)
Fort Wayne A Jackson pref (N Y Central)
10
8.50
Betterment stock
...10
American Alliance
Ask
5
10
Aetna
...
Bid
Par
Home Fire Security——.10
Homestead Fire
10
Aetna Cas 6c Surety
Dividend
Companies
Atk
Bid
Par
(Guarantor In Parentheses)
Bessemer A Lake Erie 2Ha
61.60
Boston <fc Maine fie
1.20
62.26
1.50
62.25
64.80
4.00
N Y Chic A dt Louis 4s—
63.00
Industrial Stocks and Bonds
1 25
Canadian National 4Hs-5s
2.25
...
2Ha
Par
Canadian Pacific 4 Ha
64 75
4 00
N Y N H A Hartford 3s.__
62.25
1.75
Alabama Mills Ino
*
Central rr of N J 4Hs
61 60
0.75
North Amer Car 4Hs-6Hs
64.35
3.85
American Arch
•
Central of Georgia 4s
64.00
3.25
Northern Paclflo 2Hs-2Ha
62.00
1.60
No WRefr Line 3 H&-4s
63.25
2.60
Pennsylvania 4Hs series D
61.00
0.50
4s series E
62.25
1.75
2Hs series G A H
62.00
1.60
61.90
1.50
61.60
1.30
62.15
1.60
Chesapeake A Ohio 4Ha..
61.60
1.00
Chic Burl A Qulncy 2Hs_-
61.60
1.20
Chlo Mllw A St Paul fie...
62.50
1.75
Chic 6c Northwestern 4 He.
62 10
1 60
Clluchfield 2M»
62.20
1.75
Del Lack 6c Western 4s
63.00
2.10
Denv 6c Rio Gr West 4Hs.
62.00
1.25
Erle 4 Ha
62.10
1.60
Fruit
Growers
Pere Marquette—
St Louls-San Fran 4s-4 Ha
Express
-
61.50
1 00
St Louis S'western 4Ha...
61.90
1.25
Grand Trunk Western fis
64.65
4.00
2.50
61.65
1.25
Shippers Car Line fis
Southern Pacific 4Hfl——-
63.50
Great Northern Ry 2s...
61.75
1.40
Illinois Central 3«...
62.40
1 85
62.40
1.80
4s, 4Ha and 4 He
2 Ha
1.10
3s.
61 60
1.10
Southern Ry 4s
61.60
Lehigh 6c New Engl 4 Ha.
61.65
1.25
Texas A Pacific 4s-4Hs—-
61.75
1.50
Unlon Paclflo 2 Ha
61.80
1.30
3H
5%
A com...*
5% oonv pref 1st ser..l0
series
Amer Distilling Co 6%
American Enka Corp
Amer
Maize
Kansas City Southern
1.60
62.00
1.25
Western Maryland 2s
62.00
62.25
1.75
Western Pacific 5a
62.00
1.60
West Fruit Exp
Maine Central fis
61.65
1.20
61.50
1.10
17H
New Britain Machine
12H
13H
12H
Newport News Shlpbuild'g
and Dry Dock com__l
95 conv preferred
*
3
pflO
100
48 H
50 H
Pan Amer Matoh
23 %
25H
Peosl-Cola
16
19
72 H
77H
Petroleum
2H
.100
4H8-4HS.
Wheeling A Lake Erie 2H«
I
| 62.00
2 Ha. 4 Ha A fis
1.25
Asked
Bid
37
28
30 H
16""
11H
13
Bor»ny Worsted Mills cl A5
IX
6s_.
—
Autocar Co com
3H
10
f 1.25 preferred
Brown A Sharps Mfg...60
Boston A Albany 4Hs
185
4H
189
Buckeye Steel Castings..*
Cessna Aircraft
...1
22 X
2H
3H
33
.1946
45H
/43
22 X
195
185
1
5H
H
Petroleum Heat A Power.*
IX
13H
Pilgrim
—3
Exploration.....1
Manufacturing...*
2 X
11H
6H
H
2H
15H
3
12X
5H
6H
56 H
Soovlll
27 X
59H
29H
Manufacturing..25
Singer Manufacturing.. 100
Skenandoa Rayon Corp..*
112
Standard Screw..—....20
38
—25
*
51
Stanley Works Ino
114
6H
41H
5
53
7H
8X
4H
Sylvanta Indus Corp
*
18H
City A Suburban Homes 10
Coca Cola Bottling (N Y) *
5H
60 H
6H
Talon Ino com
5
54
20 H
58
65 H
Tampax Ino com.—.
Taylor Wharton Iron A
1
2H
3H
Steel common..—__...*
9H
U H
$1 cum preferred—...*
44
47
59
S3 conv pref
Crowell-Colller
Strom berg-Carlson
35
10H
12H
20
23
58 H
61
Thompson Auto Arms
1
23H
25H
Time Ino
*
.1943
90
102
Cuban-Amer
..*
Tennessee Products
Consolidated Aircraft—
68 H
.1955
...
—/
22 H
103H 104H
9H
11H
13H
15X
3H
.1944
....
Cambria A Clearfield 4s
44 H
Remington Arms com
*
Safety Car Htg A Ltg_—50
2H
20 X
.1945
...........
4H
24H
42 H
18"
10
3
21
Conversion—.1
Pollak
Armstrong Rubber A
•
Art Metal Construction. 10
Columbia Baking com...*
Baltimore 6c Ohio 4a secured notes
Corp..25
Co—......—*
,
Chilton Co common.... 10
Railroad Bonds
Akron Canton 6c Youngs town 5H»
...♦
Philco Corp..
35 H
33 partlo preferred
Arlington Mills...
*
Permutlt Co
1H
•
25
Products...*
American Mfg 5% pref
Arden Farms com v t c
Ohio Match Co..
4
Chic Burl A Qulncy—100
Despatch
Merchants
.50
preferred
15H
American Cy&namid—
2d
Nat Paper A Type com...1
36
Atk
Bid
Par
Ask
1.25
62.00
2H
32
12H
Amer Bemberg
American Hardware
2Hs-2Hs and 4Hs
Reading Co 4 Ha
bid
._...*
•
Pub
7H
Manganese.2
8H
2 X
24 X
3
26 X
128
124
Tokhelm Oil Tank A Pump
59
62
5
12H
Chicago Indiana 6c Southern 4s—
.1956
63
67
Devoe A Raynoids B 00m •
15
17
Trtoo Products Corp
•
33 X
Chicago St Louis 6c New Orleans fis
.1951
72
75
33 H
36
Triumph Explosives
2
3H
Chicago Stock Yards fis
Cleveland Terminal 6c Valley 4s
.1961
103
25
60
28H
...*
70
31 X
74
United Biscuit 5%
Dun 6c Bradstreet com...*
33
35
13H
35H
4H
28
.1995
Dictaphone Corp—.—*
Dixon (Joe) Crucible—100
Domestic Finance oum pf. *
United Drill A Tool-
Carolina Cllnchfleld 6c Ohio 4s
Dentists Supply
.1965 U
.....
"62"
112
com...10
Draper Corp..
Connecting Railway of Philadelphia 4s—
Cuba RR Improvement and equipment fis.......
.1951;
.1960
19
"20*
Florida Southern 4s
.1945
75
76
Hoboken Ferry 6s
.1946
47
52
IX
Farnsworth Telev A Rad.l
H
Federal Bake Shops.—..*
10
30
2H
.1953
61
63
Foundation Co Amer sha *
.1950
67
68
Oarlock Packings com...*
65
Kansas Oklahoma 6c Gulf fis.............
.1978.
96
98
Gen Fire Extinguisher...*
Memphis Union Station fis....................
.1959)
115
Gen Machinery Corp com *
Terminal 3Hs.
2H
27
Preferred
Indiana Illinois 6c Iowa 4s
Illinois Central—Louisville Dlv 6c
Common
11H
3 X
4s.............—......
.1940
.2000
100
New York
Connecting RR 3Hs
Ferry fis
-—
100H
.2032
10H
-
-
*
New York 6c Hoboken
.1946
35
Norwich 6c Worcester 4Hs
.1947
98 H
Pennsylvania 6c New York Canal fis extended to.
Philadelphia 6c Reading Terminal fis..
Pittsburgh Bessemer 6c Lake Erie fis
Portland Terminal 4s
Providence & Worcester 4s..............—
.1949
65
Richmond Terminal Ry 3Ha
...—
.1941
117
.1961
90 H
.1947
87
.1965
105
/66
69
Brown Co 5Hs ser
/45
47 H
42
13H
15K
1H
2H
*
24 H
26 X
'
King Seeley Corp 00m... 1
Landers Frary A Clark—25
9H
10 H
25 X
27H
92
mmrn'm-'
14H
14H
16H
105 H
preferred
Lawrence Portl Cement
100
Long Bell Lumber.......*
<5 preferred
—100
55 X
T NY World's Fair 46.1941
Old Ben Coal 1st mtg 6s *48
70
.1946
.1951
105
Vermont VaUey 4Ha
.1940
95
81
.1968
79
.1954
50
62
63 H
Preferred
52
.1990
National Casket
For footnotes see page
Hs—1950
6s—1945
54 H
116
Ry 3H&-—
X
4""
72
+
m
m
deb..1950
Sudp 3 Ha '55
Scovlll Mfg3Hs
14H
16 H
Western Auto
13H
16H
88 H
97 H
97 H
101H 102 H
90 H
49
103H 104H
/41H
43 H
18H
19
46 H
49
106 H 107H
99
99H
Woodward Iron Co—
85 H
*
86 H
/46H
Stamped
Minn A Ont Pap
100
Muskegon Piston R!ng.2H
$6 preferred
85H
Dow Chemical 2
Merck Co Ino common.. 1
Mallory (P R) A Co.——*
Mariln Rockwell Corp...1
A—1946
4Hs—.1948
Celanese Corp 3s.....1955
Crane Co 2Hs.
1950
Deep Rock Oil 7s
1937
Carrier Corp
72
98
mmmtm
43
Bonds—
15
111
mmmm,
preferred
13H
96
-
r„—100
69
109
Virginia 6c Pittsburgh 4s
H
8H
Amer Writ Paper 6s—1961
38
Paper..25
.1957
West
6
35
4Ha
............
Toronto Hamilton 6c Buffalo 4s
United New Jersey Railroad 6c Canal 3Hs..
Washington County
6H
2
102
Vlcksburgh Bridge 1st 4-6s—
5H
32
99
——....
108
.100
7%
62
.1967
Toledo Terminal
2H
100
47 X
70
4s.....
preferred
York Ice Machinery..—.*
3H
56
44 H
100
Preferred
109
Peoria fis
7%
Wick wire Spenoer Steel..*
Wilcox A Glbbs 00m....60
3H
Graton A Knight com
65
Toledo Peoria 6c Western
20 H
Welch Grape Juice com
24H
107
Terre Haute 6c
18H
15H
23
.1942
4s.........—....
64 H
14H
.1957
Tennessee Alabama 6c Georgia
2H
62 H
Worcester Salt
$5
mmmm
mmmm
%
1H
*
Veeder-Root Ino com
3H
Harrisburg Steel Corp
5
Interstate Bakeries com..*
mm
68
102
.1947
6H
31 x
Great Northern
40
«* m
8H
5H
2H
Great Lakes SS Co com..*
102
m
7H
*
Class B
30 H
'
.1965
Class A..............*
United Piece Dye Works.*
Preferred
100
1
•
Good Humor Corp—...
.1948
H
1H
109H 110H
Machine Tool..---—2
100
90
Harlem 3Hs
New York Philadelphia 6c Norfolk 4s
.......
New Orleans Great Northern Income fis...—...
New York 6c
pf—100
57
Glddlngs 6c Lewis
New London Northern
United Artists Theat com.*
2478.
2d conv Income 5s.. 1962
125H 128H
The Commercial
2480
Quotations
""Public
Financial Chronicle
A
Sold
•
•
Investing Companies
Quoted
Ask
Bid
Par
Par
10.77
Affiliated Fund Inc
13*
♦Amerex Holding Corp..*
9.42
2.65
*
11.46
8.67
Admlnis'd Fund Inc
Aeronautical Securities
2.90
Series B-l
Ask
...
9.30
9.91
30.34
23.57
1234
Series B-2
21.53
2.94
3.24
Series B-3
13.24
6.03
6.66
Series B-4__
14.56
Aviation Capital Inc
.1
19.56
Bankers Nat Investing—
15.90
10.19
11.27
12.13
13.37
__
Series 8-3
334
334
♦Class A
♦5% preferred
434
8.61
Series 8-4
434
3.46
3.91
5.74
6.32
Knlckbocker Fund—
Basic Industry Shares.. 10
3.46
Boston Fund Inc
British Type Invest A...1
Broad St Invest Co Inc..5
Bullock Fund Ltd—.... 1
New York City
14.48
Series K-2__
ESTABLISHED 1879
7.00
Series K-l
43*
21.10
6.35
Series 8-2
4
Assoc Stand OU Shares...2
Principal Stock and Commodity Exchanges
115 Broadway
Bid
27.75
Investors Fund C._
1
Keystone Custodian Funds
11
Amer Business Shares
Amer Foreign Invest Inc..
Jackson & Curtis
Members
26, 1940
Over-tlie-Counter Securities—Friday Oct. 25—Continued
on
Utility Preferred Stocks'
Bought
Oct.
14.02
15.08
.12
.27
21.67
23.43
1
9.56
'
mm——
Manhattan Bond Fund Inc
Teletype N. T. 1-1600
6.73
7.43
Public
Bid
Alabama Power 97 pref..*
6% pref.25
Arkansas Pr A Lt 7% pf_.»
Atlantic City El 6% pref ~
Amer UtU Serv
Birmingham Elec 97 pref.*
Birmingham Gas—
$3.60 prior preferred._50
A sk
10234 105
634
9234
95
—
843*
4934
National Gas A El Corp.10
734
122
Par
mm
863*
513*
New Eng G A E 534% pf-*
New Eng Pr Assn 6% pf 100
New Eng Pub Serv Co—
$7 prior lien pref
$6 prior lien pref..
$7
*
preferred
Cent Indian Pow
7% pf 100
10834 11034
83
85
Central Maine Power—
$6
preferred
7%
preferred
Cent Pr A Lt 7% pref.. 100
Consol Elec A Gas $6 pref
Consumers Power $6 pref.*
1013* 1033*
1103* 1133*
113
11534
123*
10634 10834
113*
Continental Gas A Eleo—
7%
100
preferred
Derby Gas A El $7 pref..*
preferred
*
preferred...*
Florida Pr A Lt $7 pref. •
cum
$6.60
*
New York Power A Light—
$6 cum preferred
»
7%
cum preferred
cum
Hartford Electrlo Llght.25
Interstate Natural Gas
*
100
6% pf.100
Kansas Pow A Lt
4)* % 100
Kings Co Ltg 7% pref. 100
9434
65
9534
6734
$4 preferred
Northern States Power—
(Del) 7%
31
31 34
3334
3434
1133* U63*
preferred
*
$7
preferred
*
67
834
11
7% pf._100
Eastern
10534 10734
1153* 1163*
263*
283*
1073* 1093*
11334 11534
118
12034
85
8734
38
393*
Pipe
Line Co
*
Penna Edison $5 pref
Penn Pow A Lt $7 pref
*
67
6534
111
Pub Serv Co of Indiana—
103
80
$7 prior lien pref
31
2134
1033*
8234
11234
20
21
2234
5
Monongahela West Penn
Texas Pow A Lt 7% pf.100
United Pub Utilities Corp
$2.75 pref
*
$3 pref
—.... •
Utah Pow A Lt %'t pref...*
16
2834
Mountain States Power...
1734
293*
1834
46
473*
Washington Ry A Ltg Co—
Participating units
533*
5334
West Penn Power com...*
West Texas Util $6 pref..*
24
193*
22
57 3*
9334
Kansas Power Co 4s__1964
Kan Pow A Lt 3348..-1969
5634
Kentucky UtU 4s
n5
/1534
23
1113* 1133*
2934
773*
803*
/24
27
Conv deb 4)*s
1973
Conv deb 6s....... 1973
Conv deb 5)*8
1973
Lehigh VaUey Tran 5s 1960
Lexington Water Pow 5s*68
Marlon Res Pow 3 34s. 1960
Michigan Pub Serv 4s. 1965
/27
/ 28
28
Montana-Dakota
1st lien coll tr5)*s..l946
1st lien collt rust 6s. 1946
434s
1954
2934
57
New Eng G A E Assn 5s '62
NY PA NJ Utilities 6s 1956
/1034
/10
no
no
12
N Y State Elec A Gas Corp
4s
1965
12
Northern
12
Public Service 33*8.1969
Nor States Power (Wise)—
no
12
3348
1964
Northwest Pub Serv 4s '70
Old Dominion Pow 58.1951
101
104
9632
9634
9834
1043*
33*8 1964
1045*
33*8
1970
Pub Serv of Indiana 4s 1969
Pub UtU Cons 5348—1948
1st lien 3-6s
10254 10334
1063* 1073*
65
92
93""
1073*
923*
5734
59
1962
57
59
Crescent Public Servioe—
Coll lno 6s (w-b)
1954
65
Cumberl'd Co PAL 3)*s'66
1083* 109
Dallas Pow A Lt 3348.1967
110
Dallas Ry A Term 68.1951
Federated Utii 534s
1957
Houston Natural Gas 4s
*55
Indianapolis PAL 3)*s '70
Inland Gas Corp—
634s stamped
1952
Iowa Pub Serv 3H 8. .1969
Iowa Southern UtU 4s. 1970
Gen Mtge 434 s
1950
Jersey Cent P A L 3 34* '65
7734
1.19
2.00
80""
903*
923*
1023* 1033*
1065* 1073*
Series 1955.
17.28
Balanced Fun.d
Stock Fund
10734 108
/6734
6934
10534 1063*
1033* 10334
10334 '1043*
1063* 10734
Sou Calif Gas 33*8...1970
Sou Cities UtU 5s A—1958
S'western Gas A El 33*8 '70
805*
833*
—
2.10
-
—
-
—
11.08
11.48
24.41
26.25
.35
.40
2034
12.51
13.38
5.55
6.50
First Mutual Trust Fund..
Fiscal Fund Inc—
5.96
6.611
1.00
1.03
Bank stock series..-10c
2.28
2.52
3.43'
20
16.65
17.93,
5% deb series A
9.06
3.09
3.60
4.10
15.41
16.75
9.56
3.34
|
3.75
8.79
4.44
Clark Fund Inc
79.92
t
8.09
5.21,
General Capital Corp
*
26.87
3.83
.10e
5.84
6.46
13.96
Investors.
4.51
28.89
8.82
I..1
4.06
•
14.86
—
m
f
.30
.35
4.911
«
62?*
64 J*
t
£
2.27
4.67
5.09
Automobile shares
Aviation shares
4.17
4.54
8.00
8.70
Building shares
5.28
5.75
Chemical shares
Electrical Equipment
5.98
6.51
8.28
9.00
Food shares
'
♦Series
C
1
♦Series
'
D
1
2.13
1
4.87
4.11
2.92
4.87
5.31
1
4.38
Petroleum
♦Series
A
B
rusteed Amer Bank Shs—
Class B___
5.18
3.51
3.91
5.14
5.60
Tobacco shares
4.56
4.97
.08
.54
.83
3.83
3.58
.49
.74
25c
6.64
shares
RR Equipment shares..
Steel shares....
2.19
rustee Stand Oil Shs—
♦Series
3.77
2.67
sharesMining shares
.28
...
16
B_.
1.30
1.41
13.82
2.24
.99
1.09
2.09
13.29
14.86
2.01
Bank
14.62
Investment
Banking
Corporations
I
Insurance Group shares.
1.20
1.32
Investm't Co of Amer—10
17.03
18.41
♦Class B
*
First Boston
Corp.——10
1
20
Group shares
23
1
2
18
5)*
9choellkopf Hutton A
Pomeroy lno com
10c
%
Alabama Wat Serv 5s. 1957
Ashtabula Wat Wks 6s '58
Atlantic County Wat 5s '68
10634
Ask
105)*
103
102
1st A ref 5s
1950
105 J*
107?* 109)*
■
-
mm —
City Water (Chattanooga)
■
102
mmm
1948
102
mmm
Prior lien 5s
1948
10734
AU 0>4
ma
mmm
—
1951
103
Plainfleld Union Wat 5s '61
107
105)*
Rochester A
86 J*
91)*
88
1946
—1946
Lake Ontario
Water 5s
1951
1957
108
4)*s
1968
105)*
Scran ton-Spring Brook
Water Service 5s_ 1961
103
Shenango Val 4s
Kankakee Water 43*8.1959
Kokomo W W Co 5s—1958
105)*
102
mmm
1967
ser
B_ 1961
—
105 H
98)*
-mm
99
102)*
102)*
mmm
South Bay Cons Water—
1950
77
82
104
106
Springfield City Water—
4s A
1956
102
Morgantown Water 5s 1965
i043*
105)*
Texarkana Wat 1st 5s. 1958
105
MuncJe Water Works—
5s
...1965
105)*
Union Water Serv 5)*« *51
102)* 104)*
1053-4 10534
57
1063* 1063*
New Rochelle Water—
68 series B
5348
—
W Va Water Serv 4s. .1961
..1951
1951
100
103
■
-mm
Ssseries B_.
1951
99)* 102)*
Ohio Cities Water 534b '53
Ohio Valley Water 5s. 1954
Ohio Water Service 4s. 1964
101)* 104)*
130
Ore-Wash Wat Serv 5s 1957
100
108
—mm'
107
1073* 108
m
103
106
108
m
102
1951
1st mtge 5)*s
Westmoreland Water
5s
10234 10334
10134 1033*
133
..1950
1st mtge 5s
New York Water Service—
5s
—
Western N Y Water Co—
101)* 104
8134
100)* 103)*
1950
104
—
1952
103
—1956
101
Wichita Water—
5s series B__
5s series C
1960
105
6s series A
1949
103
1952
103
W'msport Water 5s
— —
-
1073* 1073*
Western PubUc Servioe—
i960
1950
106
104
♦
103
102
West Penn Power 3s..1970
West Texas UtU 33*s.l989
m-
Monongahela Valley Water
534s
101
Scranton Gas A Water Co
106
1st A ref 5s A
7534
For footnotes see page 2478.
101
—
93
St Joseph Wat 4s ser A I960
Indiana pods Water—
1st mtge 334s
1966
1
■mmm
Community Water Service
20
1083* 1093*
1073* 108
1960
-mmm
101
Richmond W W Co 5s 1957
101
1957
*
1063* 10734
7934
104)*
107
Pinellas Water Co 6)*s_*59
5B.
1954
1st 58 series C
Monmouth Consol W 5s '56
5534
mm.
.1948
Pittsburgh Sub Water—
10734
10654 10734
8934
9154
104
102
1st consol 4s
mmm
Butler Water Co 5s...1957
Joplln W W Co 5s
73
Ask
Peoria Water Works Co—
mmm
10154
no
Bid
103)*
1st consol 5s
634a series B
Toledo Edison 1st 334sl968
1st mtge 3 3*8
1970
United Pub UtU 6s A. 1960
Utlca Gas A Electrlo Co—
58
1957
1
J*
Water Bonds
Bid
6s series A
Tel Bond A Share 5s._1958
Texas PubUc Serv 58..1961
5V4s-._
-
,-mm
Equit Inv Corp (Mass)..6
Equity Corp $3 conv pref 1
Fidelity Fund Inc..
♦
5b
1951
4348
1947
Sioux City G A E 4S..1966
Sou Calif Edison 3s
1965
debs 334s
m
mm
mm
2.50
Series 1958.
18.36
7.29
~
2.55
Series 1956.
E atonA Howard—
5s series B
11034 11134
1035* 1043*
Republlo Servioe—
s f
6.73
Phlla Suburb Wat 4s__19«5
6734
6s series B
1962
25c
6.29
42?*
Steel
Calif Water Service 4s 1961
10734 108
1961
Portland Electrlo Power—
6s
1950
Collateral 5s
903*
Consol E A G 6s A
5.75
885*
St Joseph Ry Lt Ht A Pow
107
5.10
1.08
6234
863*
Peoples Light A Power—
10534 106
234
Ask
5934
107
1063* 1063*
107 34 10834
n %
8334
102
104
1st mtge 3^8
1968
Cent Maine Power 3)*s '70
Central Pow A Lt 3?*8 1969
Central Public Utility—
5.80
Railroad equipment
3.35
1
2.50
10734 1083*
Parr Shoals Power 68.1952
104
1st mtge 3)*s
197
Cons Cities Lt Pow A Trac
6s
1962
100
Penn Wat A Pow
9434
6.39
2.95
D
♦Huron Holding Corp... 1
Indiana—
Cent 111 El A Gas 3 J*s. 1964
Central Illinois Pub Serv
Income 6)*a with stk '52
Cities Servioe deb 5s_.1963
Columbus A Son Ohio Elec
27
UtU—
/28
/55
99
1934
7.15
5.89
2.72
10334 10434
/153i
Cent Ark Pub Serv 6s. 1948
Central Gas A Eleo—
1834
2634
11134 1123*
1043* 1045*
Income deb 4)*s._.1978
Conv deb 4s
1973
10934
6.60
Oils
Diversified Trustee Shares
Merchandise
27
28
1965
434s
12
8.81
Railroad
Investing shares
253*
1970
1034
1534
1534
153*
1986
10.29
8.14
Metals
17.01
2.63
Agricultural shares
1053*
1734
1834
1063* 1073*
Bid
5534
Sflno4)*s-6)*8
15.73
8.11
9.52
equipment
Institutional Securities Ltd
Ash
9134
Sink fund inc 6-6S..1986
Blacks tone Valley Gas
A Electric 3)*s
1968
Delaware Fund
5.99
8.84
Machinery
Incorporated Investors..6
Independence Trust Shs.*
55 H
Sink fund lno 4)*g__1983
Sink fund inc 6s
1983
5.52
7.49
Insurance stock
mmm —
4.33
Deposited Insur 8hs A...1
9.02
8.17
supplies
Electrical
Income Foundation Fd Inc
Amer Utility Serv 6s.. 1964
Associated Electrlo 5s. 1961
Cons ref deb 4)* s_._1968
112
30
Group Securities—
Utility Bonds
Amer Gas A Pow 3-6s. 1953
8s without warrants 1940
Assoc Gas A Eleo Co—
♦7% preferred
100
Cumulative Trust Shares. *
General Investors Trust. 1
6
26
29
Building
Chemical
28
5.i7
11.59
8.34
Bank stock
! £
173*
104
94
2834
7.54
4.77
Aviation
117
100
♦Common B shares... 10
Fundamental Invest lno.2
Fundament'l Tr Shares A 2
313*
/15)*
♦8% preferred
9834
6% preferred D
100
Sierra Paclflo Pow com...*
Southern Nat Gas 00m.734
84
5.91
10.73
Automobile
mm--
-mmm
♦Crum A Foreter Insurance
803*
3334
8334
Income deb 3$*s_—1978
Income deb 4s
1978
2634
783*
5
4
Assoc Gas A Eleo Corp—
Income deb 3)*s_—1978
10
com..
9634
2
8134
Bid
2.53
•
100
1.21
11.88
6.96
Agriculture
mm — —
2.53
)
Insurance stk series. 10c
Rochester Gas A Eleo—
303*
1.07
10.02
2.11
1
Series ACC mod
...♦
S'western G A E 5% pf.100
Public
Accumulative series... 1
3.43
3.49
2.11
Fixed Trust Shares A...10
Foundation Trust Shs A.l
preferred
12
2.17
1
Queens Borough G A E—
6%
9.45
10.07
(Colo) ser B shares
•
(Md) voting shares._25c
3.63
10
♦Continental Shares pf 100
Corporate Trust Shares.. 1
B
9134
Narrag El 4)*% pref...50
Nassau A Suf Ltg 7%pf 100
10.25
Dividend Shares
34
81
6% preferred.....—.-*
.
8.79
26 23
9.47
3.34
♦Crum A Foreter
233*
253*
10834 11134
Mass Investors 2d Fund..
C
31
10634 10734
Mississippi P A L $6 pref.*
7% pref
6434
8534
6% preferred
100
7% preferred
100
Okla G A E 7% pref... 100
Panhandle
24.40
1
Commonwealth Invest... 1
Chemical Fund
Series A A mod
603*
6834
2634
Missouri Kan Pipe Line..6
Pub Serv
7434
8334
2434
Mass Utilities Associates—
6% conv partlc pref. .60
Mississippi Power $6 pref.*
6234
583*
•
Peoples Lt A Pr $3 pref.25
Philadelphia Co—
67
Mass Pow A Lt Associates
$2
5934
7334
19.67
1
3.55
Series A A
*
Republic Natural Gas
.....100
32
534
100
pref
Pacific Pr A Lt
Long Island Lighting—
7% preferred.
434
3034
Northeastern El Wat A El
$5 cum preferred
Jamaica Water Supply...*
Jer Cent P A L 7% pf__100
Ask
Ohio Public Service—
Federal Water Serv Corp—
96
preferred
N Y Water Serv
.—100
100
*
$6 cum preferred
*
New Orleans Pub Service.*
$7
Carolina Power A Light—
*
Bid
4.50
18.29
Maryland Fund lno
Mass Investors Trust
133*
2.75
Century Shares Trust...*
Utility Stocks
123*
Canadian InvFund Ltd.. I
3.45
1
9.21
Tel. BArclay 7-1600
103
I
-
—
-
Volume
The Commercial <£ Financial Chronicle
J51
Quotations
on
2481
Over-the-Counter Securities—Friday Oct. 25—Concluded
Real Estate Bonds and Title Co. Mortgage
If You Don t Find the Securities Quoted Here
in
which yon have Interest,
our
y«u
Aid en Apt 1st mtge 3s. 1957
Beacon Hotel Ino 4S..1958
will probably find them in
monthly Bank and Quotation Record.
and bonds.
The
classes
of securities covered
Baruc* and Trust Companies—
Out-of-Town)
Canadian
•>.
Foreign Government Bonds
Industrial Bonds
Railroad Stocks
flO
12
'
4
6
'
29
49
49X
31
18
22 H
1960
Title Guarantee and Safe
Deposit
Stocks
25 H
19X
165 Broadway Building—
Seosf ctfs4Jis(w'68
3
33
35
34
Deb 6s 1952 legended
.
•
30 X
■
...
...
32
'
m
Prudence Secur Co—
U. S. Territorial Bonds
500 Fifth Avenue—
15
mmm
17
Realty Assoo Seo Corp¬
fbH
OXb (stamped 4s)..1949
Film Center
58
1961
5^8 stamped
1946
62d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
se
8X
1943
63
1957
Income
62
mmm
Roxy Theatre—
32
30
Bldg 1st 4s '49
36
33
1st mtge 48
40 Wall St Corp 6s... 1958
/14
15
42 Bway 1st 6s
Dept. B. Wm. B. Dana Co., 25 Spruce St., Now York City.
3
b3X
103 E 67th St 1st 6s... 1941
5s 1952
U. S. Government Securities
Your subscription should be sent to
1951
2d mtge 6s
2
60 Broadway Bldg—
1st Income 3s
Quotation Record Is published monthly and
48
fix
Olicrom Corp v to
1 Park Avenue—
23
Hotel units
Equit Off Bldg deb
58
20
Eastern Ambassador
Stocks
....
3bX
55X
46
6^s series F-l
blX
33 X
5Xb series C-2
...
5Xb series Q
1948
1st 3Hb
Real Estate Trust and Land
sells for $12.50 per year.
10X
1965
'
Dorset 1st A fixed 2s._1957
Rsal Estate Bonds
The Bank and
15X
N Y Title A Mtge Co—
2s
Court A Remsen St Off Bid
Insurance Stocks
Mining Stocks
N Y Majestio Corp—
48 with stock stmp. .1956
1st 4s (w-B)
Industrial Stocks
Mill Stocks
64
Cheseborough Bldg 1st 6s '48
Colonade Construction—
Railroad Bonds
ties
28
61
Chanln Bldg 1st mtge 4s '45
Public Utility Stocks
Joint Stock Land Bank Securi¬
26
6X* series BK
Bonds
kederal Land Bank Bonds
Investing Company Securities
70
■
-j
*
Public Utility
21
1957
I 3s
Domestic
Canadian
67
1945
Brooklyn Fox Corp—
Municipal Bonds—
Domestic (New York and
Sf deb 6s
1948
4-6S
Ask
Bid
Metropol Playhouses Ino—
...
bX
N Y Athletic Club—
1st leasehold 3 J*-5s 1944
Broadway Motors Bldg—
are:
Certificates
Ask
f32
f4X
f20
B'way Barclay lnc 2S..1956
B'way A 41st Street—
In this publi¬
cation quotations are carried for all active over-the-counter
stocks
Bid*
/ 25
■•'.mmm
Savoy Plaza Corp—
3s with stock
36
Sherneth Corp—
1st 6X s(w-s)
1939
33
1948
Fuller Bldg debt 6s—1944
lBt 2X~4b (W-s)
1949
Graybar Bldg 1st lshld 5s '46
18
31
1956
7X
8X
1956
60 Park Place (Newark)—
1st 3Xb
...1947
1400 Broadway Bldg—
1st 4s stamped
64
f8X
9X
28
76"
75
"
■
61 Broadway Bldg—
Foreign Stocks, Bonds and Coupons
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s' 42
Hotel St George 4s
Inactive Exchanges
16 X
/15
27
1950
29
28 H
fit CO., INC.
1st lease 4-6 Xs
26
20 X
21X
(Syracuse)
Textile Bldg—
1st 3-5s
1958
Y.
/20
36
41
34
36
2 Park Ave Bldgl s
63
66
31
Tel. HAnover 2-5422
Wall A Beaver St Uorp—
nominal.
/'
Bid
3
7
f27X
5
j Housing A Real Imp 7s '46
...
/20
3
Hungarian Cent Mut 7s '37
mmm
f23X
194 5
7
8s.
5
ollv
7
7s.
8
9
0
mmm
9
19
7Hn
Brown Coal Ind
6^8.......
Corp—
19
2
1936
/7
3
7
i
3
7
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
12
Koholyt 6X*
Land M Bk Warsaw 8s '41
Leipzig O'land Pr 6X* '46
Leipzig Trade Fair 7s. 1953
Luneberg Power Light A
Water 7s...
..1948
4X
4X
6
1943
Mannheim A Palat 78.1941
31X
mmm
mm
m
mmm
...
r
/25
/24
/3
/24
18
...
...
15
...
Municipal Gas A Elec Corp
Recklinghausen 7s..1947
...
'38
(A A B) 4s... 1946-1947
(C A D) 4s... 1948-1949
10 X
.—
mmm
Panama 5% scrip
Poland 3s
1956
Porto Alegre 7s
1968
'•<
mmm
71
mmm
7
/31
I
fUX
13~X
9
/14
/II
16
Protestant Church
f8X
3
5
/24
/23H
...
5
f23X
...
/24
/18
f3H
/18
f3H
/5
/35
...
...
1941
5s
mmm
...
...
...
f2 4
Rio de Janeiro 0%
1933
Rom Cath Church OX* '46
R C Church Welfare 7s '46
f23
...
...
4s
m-
fox
7s 1957
mmm
8s..
...
...
f8
t7X
1948
■'mmm
1947
f8
Santa Fe 4s stamped. 1942
f03
f 13
...
8
mmm
mmm
mmm
Santander (Colom) 7s. 1948
Sao Paulo (Brazil)
6s. 1943
mmm
,
7X
.
/24
6e.
60
Electric 6s
f27
mmm
mmm
...
—The appointment
of Carlos Nagel as director
has been announced by J.
account executive
agency
Mr. Nagel was formerly
with the agency.
of the export department had been foreseen for some¬
time due to the fact that many
been contemplating
of1 the Export Department
W. Pepper, President of the advertising firm of
500 Fifth Ave., New York.
J. W. Pepper, Inc.,
American business and industrial firms have
The
Mr. Nagel's
him to provide competent sales
systematic revision of their present export setups.
is expertly staffed in its new
Export Department.
Carlos
Nagel
...
...
the New York
was
formerly Chilean Consulor agent in Baltimore
and
Commercial Section of the Chilean Pavilion at
World's Fair.
...
/2 4
200
Mtge Bk
1956
1956
Stettin Pub Utll 7s
1946
1955
Tolima 7s
1947
16
/12
/12
/24
16
56
63
fl4X
Uruguay conversion scrip..
Unterelbe Electric 6S..1953
f35
Vesten Elec Ry 7s
/24
r23X
Wurtemben? 7« to
1947
.1945
New York office of Albert Frank-
—Twelve officers and employees of the
GuentherjLaw who have been with the agency for a quarter of a century
longer were guests of the AFGL Club at a dinner Thursday evening,
Oct
24, at the Sazarac Restaurant.
The guests were Rudolph Guenther,
with the agency 45 years; Victor J. Cevasco, 39 years; Frank J. Reynolds,
32 years; Jacques H. Herts, 28 years; Russell Law, 27 years; Hamilton St.
John Harvey, 27 years; Harry J. Riordan, 27 years; Emmitt Corrigan, 25
years; Frank D. Cruikshank, 25 years; Edna Pitts, 25 years; Sophia A.
Speake, 25 years; Edward A. Wisbauer, 25 years.
The agency is one of the oldest in the country, having been founded in
1872.
' :
V
'•
'• \;. '
or
Jugoslavia
5s
Toho Electric 7s
40
Vice-President,
Superintend¬
Agencies, Mutual Life of Canada, James A. Giffin, Assistant Agency
Manager, Phoenix Mutual, Francis L. Merritt, Vice-President and Manager
of Agencies, Monarch of Massachusetts, Willard K. Wise, Vice-President
in Charge of Agencies, Provident Mutual and B. N. Woodson, Director of
Participating in a forum will be Vance L. Bushnell, Second
Equitable Society of United States, George Dunbar, Assistant
New York and headed the
..
...
3X
fl2
H amb'ire
Insurance Co.
Chairman, Research Bureau Board of Directors.
and merchandising campaigns.
/24
2d series 5s
39
Coffin,
ent of
...
/24
State
f2
Institute of Life
Mutual Life Insurance Co.,
...
14
1951
OX*
Slem A Halske deb 6s.2930
Bank
B.
personal experience and background enable
Santa Catharina (Brazil)—
mmm
'
Vincent
ox
JbX
fX
scrip
8s ctfs of deposit-1948
'mmm
/24
35
General Manager of
Ilaviland, Vice-President. Connecticut General Life
The development
Saxon Pub Works 7s.. 1945
38
H.
an
Saxon State Mtge 6s._1947
/24
Parker,
Co. of Canada, Albert W. Atwood, nationally
editor and writer, Paul F. Clark, Vice-President, John Hancock
Insurance, George E. Lackey, Massachusetts
F.
...
'
German Central
known
Salvador
8%
German Building A Land3
„
.
Speakers on the program will include John A. Stevenson, President of
Service, Research Bureau.
fox
f24
f24
mm
•
...
...
/24
/2 4
7s ctfs of deposit.. 1957
German Ati Cable 7a_
Bureau.
the
and
/24
Saarbruecken M Bk 6s.'47
/24
5
9X
/24
35
Hotel in Chicago, Oct. 28, 29
announced by John Marshall Holcombe Jr., Manager of
the Imperial Life Insurance
(Ger¬
many) 7s
1946
Prov Bk Westphalia 6s '33
6s 1936
14
9
/23
Officers and the Life Insurance Sales
mmm
...
f23
/i
fOH
fb
3
2
of Life Agency
the Penn Mutual Life Insurance Co., J. G.
mmm
3
3
2
4X
'
City Savings Bank
3
of the Association
mmm
fb0
7
IX
4
NOTICES
Mutual Life Insurance Co., Holgar J. Johnson, President,
1952
7
IX
ox
31X
mmm
fb
Panama City OX*
3
5X
30 X
2478.
Research Bureau at the Edgewater Beach
f23X
f23X
fs-.
15
23
CURRENT
V
1946
1945
f20
Refg
1
Vertlentes-Camaguey
Sugar Co
—6
West Indies Sugar Corp..l
Sugar
mmm
fb
1948
7s to
1989
and 30, it was
1962
Mtge 7s
Punta Alegre Sugar Corp.*
Savannah
mmm
fbb
fQO
rm
flH
44
ox
19
mmm
/25
Hungary 7H*
1
"Management in Action" will be the theme of the annual joint meeting
National Hungarian A Ind
3
•
37
/24
Nassau Land bank 6X*
Nat Bank Panama—
18
36
,
5X
*
Haytlan Corp com
1954
For footnotes see page
35
mx
J23X
1945
7s to
13X
43
/24
Munlc Bk Hessen 7s to '45
Munich
5X
3
Par
Eastern Sugar Assoo com.l
Preferred
1
f34
f 14
Haytlan Corp 4s
6s
/24
Oberpfals Elec 7s
OXb.
fl2H
Baraqua Sugar Estates—
6s
1947
mmm
Nat Central Savings Bk of
9
Ask
...
/36
Montevideo scrip..
10 x
19
3
Bid
Stocks
Ask
New Nlquero Sugar—
3 Ha
1940-1942
V
/24
Central German Power
9
Bid
Antllla Sugar Estates—
6B
1951
Oldenburg-Free State—
5s..
44
18
12
Merldlonale Elee 7S..1957
f9H
/16
/4
/25
19
40
Sugar Securities
Bondt
Central Agrlo Bank—
Bee German Central Ek
I
65
mmm
5H
/42
9
13
18
Westlnghouse Bldg—
1st mtge 4s
1948
43
40
1947
1951
11
mmm
"
-
\
28
40
1951
1st 4Xb w-s
Ludwig Baumann—
1st 5s (Bklyn)
1st 5s (L I)
mmm
15X
/5
3
■
mmm
lb
17
/23
.
1960
3s
1952
...
fUH
fbX
fiX
fiX
fiX
5
1
■'
''mmm
/22
fl5X
/24
f30X
/45
/23
3
"»
—
Ask
/24
fb
Hungarian Ttal Bk 7X* '32
Hungarian D Lb count A Ex¬
change Bank 7s
;
Bavarian Palatinate Cons
Cities 7s to
Bid
I
mmm
/20
5
7s.
Ask
f23X
/63
1963
1st A gen 3-4s
European situation some of the quotations shown below are
J
1st 5Xb
London Terrace Apts—
Foreign Unlisted Dollar Bonds
Antloquia 88
Trinity Bldgs Cory
Building—
Income 5Xb w-s
Anhalt 7s to.....
25
Walbrldge Bldg (Buffalo)—
29 H
...
"
Lincoln
Due to the
mmm
23
1939
6 4-6s'46
1948
Lewis Morris Apt Bldg—
1st 4s
1951
Lexington Hotel units....
52 William St., N.
76
1965
...
Lefoourt State Bldg—
BRAUNL
3s with stock
1st 3s
46
24 X
1957
616 Madison Ave—
Syracuse Hote
Lefoourt Manhattan Bldg
1st 4-58
1948
1950
3Xb with stock
29X
/24
—
...
...
...
.
„
The Commercial & Financial Chronicle
2482
General
Oct.
26,
Corporation and Investment News
RAILROAD-PUBLIC UTILITY—INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
it is not
However, they
FILING
OF
are
always possible to arrange companies in exact alphabetical order.
always as near alphabetical position as possible.
REGISTRATION STATEMENTS
SECURITIES
UNDER
ACT
The following
additional registration statements (Nos. 4535
4542, inclusive) have been filed with the Securities and
to
Exchange Commission under the Securities Act of 1933.
involved is approximately $55,323,239.
The
amount
Diesel Plants, Inc. (2-4535, Form A-l), of New York, N. Y., has filed
a registration statement covering 2,500 shares of $100 par 6% cumulative
preferred stock, and 10,750 shares of 12 cent par common stock.
The offer¬
ing will be made in units of preferred and common stock; the first 1,000
units to be offered will consist of 1 share of pref. and 7 shares of common
and the
price will be $100.84 per unit; the next 750 units to be sold will
consist or 1 share of pref. and 4 shares of common and wiU be sold at $100.48
per unit; the last 750 units to be sold will consist of 1 share of pref. and 1 sh.
of common, which will be sold at $100.12 per unit.
Proceeds of the issue
will be used for working capital.
Charles M. Kemper is President of the
company.
Charles M. Kemper, Inc., will be the underwriter.
Filed
Oct. 17, 1940.
Superior Tool & Die Co. (2-4536, Form A-2), of Detroit, Mich., has
filed
represented the unsold portion of 108,500 shares offered in the first instance
to stockholders of the company for subscription pro rata in the ratio of one
share for each two shares of class A or class B stock held of record
July 24.
These securities were offered as a speculation.
Corporation was incorporated Aug. 18, 1937, in California and com¬
menced business shortly thereafter.
As of April 16, 1939, company acnew
registration statement covering 235,000 shares of $1 par common
200,000 shares will be offered to the public through the under¬
writers and 35,000 shares will be offered to employees and persons affiliated
with management of company as board of directors shall determine, and
a
stock.
the stock will be offered at net asset value of stock.
Proceeds of the issue
will be used for construction, machinery, equipment, working capital and
to reimburse treasury.
Martin L. Jacobs is President of the company.
Baker, Simonds & Co, has been named underwriter.
Filed Oct. 17,1940.
Danbury & Bethel Gas & Electric Light Co. (2-4537, Form A-2),
of Danbury, Conn., has filed a registration statement covering $720,000
of general mortgage bonds due 1970, and 9,600 shares of $50 par
4y%%
cumulative preferred stock.
Cities Service Power <fc Light Co. registered
124,000 shares of $5 par common stock of Danbury & Bethel Gas & Elec¬
tric Light Co.
Issuer's part of the proceeds will be used to redeem the 6%
25-year mortgage gold bonds, series A, due 1948, and the $25 par 7% cumu¬
lative preferred stock, and for working capital.
J. L. Stone is President of
the company.
The First of Boston Corp., et al.« will be underwriters and
Cities Service Power & Light Co. may be an underwriter.
Filed Oct. 18,
1940.
Youngstown Sheet & Tube Co. (2-4539, Form A-2), of Youngstown,
Ohio, has filed a registration statement covering $45,000,000 of 3 H%
first mortgage sinking fund bonds, series D, due Nov. 1, 1960.
Filed
Oct. 21, 1940.
(See subsequent page for further details.)
La Salle Industrial Finance Corp. (2-4538, Form A-2), of Chicago,
HI., has filed a registration statement covering 35,000 shares of $2 par class A
stock and 45,666 shares of $1 par common stock.
35,000 shares of the
class A and 35,000 shares of the common stock will be offered in units of
one each at $11.50 per unit and 10,666 shares of common stock will
go to
the underwriters as additional compensation and will be offered for resale
at $1.50 per share. The 35,000 shares and the 10,666 shares of common
stock have been registered by three stockholders.
Issuer's part of the
proceeds will be used, to purchase outstanding preferred stock and for work¬
ing capital.
Eli I. Kleinman is President of the company.
Floyd D.
Cerf Co. and Heinzelmann, Ripley &, Co., Inc., are the underwriters. Filed
Oct. 18,1940.
Fontana Union Water Co. (2-4540, Form A-2), of Fontana, Calif.,
has filed a registration statement covering 4% first mortgage and collateral
bonds, $65,000 due 1941 at $101.97, $67,000 due 1942 at $103.40, $70,000
due 1943 at $104.31, $73,000 due 1944 at $104.70, $76,000 due 1945 at
$104.61, $80,000 due 1946 at $104.89, $52,000 due 1947 at $104.98, $52,000
due 1948 at $104.89, $55,000 due 1949 at $104.62, $58,000 due 1950 at
$104.19, and $852,000 due 1960 at $100.
Proceeds of the issue will be used
toward the redemption of 6% first mortgage serial bonds due 1929 to 1953,
and for loans to Fontana Power Co. and Fontana Domestic Water Co.
A. B. Miller is President of the company.
Dean Witter & Co, has been
named underwriter.
Filed Oct. 21, 1940.
Suired all the outstanding stock of Thomas L.in Missouri and commenced
Siebenthaler Manufacturing
which
incorporated Feb. 24, 1937,
was
■o.
business shortly thereafter.
The business of the company is principally that of designing,
machinery and equipment, and proposes to expand such facilities and pur¬
chase and install additional machinery and equipment, with the view to
operating a complete engineering, manufacturing and assembling plant and
reducing the cost of production of its products.
As of May 15,1940, the company had orders on hand for hydraulic equip¬
ment in the aggregate amount of approximately $321,352.
Approximately two-thirds of the amount of the company's business
represented by orders on hand may be traceable directly to the expanded
rearmament program of the U.S. Government, and the major portion of the
remaining one-third of such business may be traceable to war conditions
abroad.
It is expected that the volume of business accruing to the company
will be materially increased in the near future by the enlarged National de¬
fense program.
In addition to the foregoing, the company
in
The last previous list of registration statements was
our issue of Oct. 19, page 2338.
given
Abitibi Power & Paper Co., Lid.—-Royal Commission to
Investigate Company's Affairs—To Recommend Reorganization
Plan-—
Premier Hepburn of Ontario announced Oct. 24 after a Cabinet
meeting
a Royal Commission "of three
outstanding men" would be appointed
investigate the affairs of the company and recommend to the Ontario
Government a plan of reorganization "which will be equitable to all interests
that
to
concerned."
Mr. Hepburn also announced that an Order-in-Council of March 9,1939,
had been rescinded.
The order had been passed in contemplation of a
factured and assembled in its own plant.
As of May
15, 1940, the subsidiary, had orders on hand for its products
of approximately $135,055.
in the aggregate amount
Capitalization as of June 13,1940 (Before Giving Effect to This Financing)
Authorized
capital stock (par 50c.)
Earnings for 4 Months Ended Aug. 31,1940
Net sales.,
Net income after all charges——
Earns, per share on 20,000 shares class B stock———V. 150, P. 4115.
#
-
-
1937
but
Air Reduction Co.,
x
$731,764
x$463,529
$300,225
$417,269
Includes $92,729 premium received on U. S. exchange.—V,
—„
Inc. (& Subs.)-—Earnings—
1939
$7,226,880
1938
$6,283,945
5,717,959
5,154,103
6.066,768
$2,482,607
2,459
$1,508,921
52,181
$1,129,841
34,026
$2,269,860
71,700
$2,485,066
x789,693
Oper. exp. & deprec
1940
$9,701,629
7,219,021
3 Mos. End. Sept. 30—
Gross sales,after disc.,&c
$1,561,102
269,286
$1,163,868
201,594
$2,341,561
350,565
Other inc. less inc. chgs.
Federal taxes-,
^
1937
$8,336,628
$962,273 $1,990,995
2,563,991
2,579,391
$0.38
$0.77
x Includes $234,116 to adjust all estimated Federal incoma taxes through
Sept. 30, except such excess profit taxes under the second revenue Act of
1940 as will accrue in the last quarter.—V. 151, p. 1562.
Net profit
Shares capital stock
Earnings per share
$1,291,816
2,563,991
$0.50
$1,695,373
2,711.137
$0.62
-
Akron Canton & Youngstown Ryv
September—
Gross from railway
Net from railway
Net ry. oper. income--From Jan. 1—
Gross from railway.
1940
$220,181
88,057
49,341
rEarnings-
1,729,104
165,532
$174,190
50,470
24,447
1,179,600
232,777
def6,317
439,746
319,451
$157,458
48,633
20,297
1,460,856
571,737
Netry. oper. income.__
—V. 151, P. 2034.
1937
1938
1939
$189,307
74,185
39,812
Net from railway.----.
1,661,809
574,662
271,669
Alabama Power Co.—Earnings—
Period End. Sept. 30—
1940—Month—1939
1940—12 Mos.—1939
$1,926,137 $22,755,456 $21,415,453
6,649,640
8,314^358
727,364
621,007
3,516,066
3,289,709
306,655
302,551
2,612,280
2,798,170
238,180
217,690
$1,878,174
Taxes,
Taxes
—
Prov. for depreciation—
depreciationGross income
$8,126,863
4,848,003
$8,863,825
4,869,078
$203,295
195,178
$377,922
195.178
$3,278,860
2,342,138
$3,994,747
2,342,138
$8,117
$182,744
$936,722
$1,652,609
$605,975
402,680
Net income
Divs. on pref. stock.
Balance
~
$784,889
406,967
Int. & other deductions-
before bond Int.,
depr. & inc. taxes
$115,942
16,142
$0.67
-
Operating expenses -----
1938
40,000 shs.
purposes.
The terms of the report of F. H. Barlow, Master of the Supreme Court
of Ontario, on the futile attempt to sell the company's assets at auction on
Oct. 16 were settled by Counsel at the Master's office in Osgoode Hall. The
report recites that $30,000,000 was bid and that an informal offer of $40,-
1939
460,000 shs.
—
—
of manu¬
facturing, engineering and office buildings.
Purchase of additional mis¬
cellaneous equipment, payment of bank loan. ($12,500), development or
new and additional products, advance to subsidiary for operating capital
($25,000), increase of inventories, operating capital and general corporate
Grossrevenue
hfonty of Sept1940
.
shares of class A capital stock will amount to $202,036.
The estimated net proceeds are to be devoted to the expansion
rescinded
Profit after general exp.,
Outstanding
177,000 shs.
40,000 shs.
Purpose—The estimated net proceeds to be raised by sale of the 108,500
Class A
Class B capital stock (par 50c.)
reorganization or sale under jurisdiction of the Court.
Since such steps
had not been taken, it was considered that the Order-in-Council should be
300,000 was made. Neither of these amounts was equal to the reserve bid
set by Mr. Barlow on Sept. 20. The amount of the reserve bid has not been
disclosed.
'
;
....
is the exclusive western sales
of aircraft parts
and specialties, including shatterproof glass, and control devices fer throttles,
chokes, ventilators, &c.
As of May 15, 1940, the company had orders on
band for items thus distributed by it under its exclusive sales agencies in the
aggregate amount of approximately $29,347.
'
The business of the subsidiary is principally that of designing, developing,
manufacturing and selling radio transmitters and receivers, de-icing equip¬
ment, propeller servicing equipment, passenger loading stands, propeller
carts, baggage carts and other miscellaneous items for use in connection with
aircraft and airports, and the major portion of these items has been manu¬
agent for a number of other manufacturers and distributors
Westvaco Chlorine Products Corp. (2-4541, Form A-2), of New York,
^
N. Y., has filed a registration statement covering 60,000 shares of $4.60
cumulative preferred stock, no par.
Filed Oct. 22,1940.
(See subsequent
page for further details.)
Universal Corp. (2-4542. Form A-l), of Indianapolis, Ind., has filed a
registration statement covering 7,5C0 shares of $10 par common stock which
will be offered at $10 per share.
Proceeds of the issue will be used for ex¬
perimental development.
Carl Bratton is President of the company.
No underwriter named.
Filed Oct. 23,1940.
developing,
manufacturing and selling specialized aircraft products, including hydraulic
actuating equipment for the extension and retraction of landing gear, wing
flaps, floats and machine gun turrets, for the operation of starters, brakes,
accumulators and fuel pumps, and for controlling airplane nose wheels and
rudders simultaneously.
Until recently the major portion of the products of the company was
manufactured and assembled for It under contracts with other manu¬
facturers and machine shop operators.
However, the company has already
acquired additional manufacturing, engineering and office facilities and
-
151, p. 2338-
Acme Steel Co,
Net profit
Shares capital stock out¬
standing (par $25)...
Earnings per share
-
All America
(& Suh&.)-~Earnings—-
Period End, Sept. 30—
y
1940—3 Mos.'—1939
z$602,688
x$443,184
328,108
$1.84
328,108
$1.35
$1,648,093
328,108
328,108
$3.18
Accessories
Corp.,
$5.03
Glendale,
Calif,—Stock
Offered—
Co., San Francisco, recently announced the sale of
65,000 shares of class A capital stock (par 50c.) at $2 per share.
Allis-Chalmers Mfg.
$1,111,825
x After deducting undistributed
profits taxes,
y After interest, depreclation. Federal taxes, &c.
x This profit reflects'provision for additional
excess profits taxes of $141,291. or 43 cents
per share for the
year to date, occasioned by the Second Revenue Act of 1940.
Net earnings
for 12 months ended
Sept. 30, 1940, amounted to
$2,520,598, or $7.68, per share.-—V. 151vp. 538.
Aircraft
Corp.—Tenders—
See American Cable & Radio Corp.
below.- -V, 151, p. 1269.
1940—9 Mos.—1939
normal and
Sutro &
—V. 151, P. 2034.
than
The stock
more
Period End.
Billings
Sept. 30—
—
Orders booked
—
x
Net income
y
Earnings per share
Co.—Earnings-
9140—3 Mos.—1939
1940—9 Mos.—1939^
$22,846,714 $18,636,046 $66,543,317 $57,014,052
30,946,321
19.710,020
78,530,847
64,938.367
1,159,639
943,450
3,769,396
2,643,873
$0.65
$0.53.
$2.12
$1.49
After all charges including provision for all
Federal taxes computed at
On 1,776,092 no par common shares.
on Sept. 30, 1940 totaled $31,718,125 as compared with
$18,335,726 on Sept. 30, 1939, and $19,730,594 at the close of 1939.
The total number of employees on Sept. 30,1940 was 15,124 as compared
with 13,317 on Sept. 30,1939 and 14,456 op Dec. 31,1939.
The Sept. 30, 1940 balance sheet showed current assets of $64,278,879
including cash of $10,283,199, and current liabilities of $12,758,674, a ratio
of 5.04 to 1.—V. 151, p. 1563.
x
the
new rates,
y
Unfilled orders
,
Volume
The Commercial & Financial Chronicle
151
Aluminum Co. of America—Buys More U.
»
American General Corp. (&
S. Power—
A new contract between this
company and the Bonneville Power Ad¬
ministration increases the power bought by the company by 97,500 kilowatts
to a total of 172,500 kilowatts, or
enough to produce 150,000,000 pounds of
aluminum annually.
Int. earned
by the directors in one
annually.
or more
series with
a
dividend rate not to
Operating
Interest
Taxes
$378,681
54,937
$136,016
14,990
$490,588
317,548
xl,800
8,814
43,494
to
deb.
I
paid
z
Excess of income...
x
sr
y40,218
y34,602
at source
T*1® Proceeds would be used to pay in full outstanding
purposes.—V. 151, p. 2338.
$838,598
348,010
expense
refunded
holders and taxes
headed by Emanuel & Co., Kidder, Pea body & Co. and
«^rot^ers-
911
$421,543
285,527
$430,730
expenses
Net inc. bef. int. exp.
$2,250,000 2M% instalment promissory note dated Aug. 27, 1940 and for
other corporate
724
$495,243
116,562
rec
Total income
It is expected that 50,000 shares of the new stock will be offered soon by an
group
acc't
Miscellaneous income.
exceed $7 a share
underwriting
26,625
$819,760
9,260
8,667
bonds.
on
on
1937
$420,819
on
stocks
Int. earned
1938
$481,193
14,049
$522,928
92,198
divs.
1939
$496,303
Income—Cash
Airlines, Inc.—Stock Increased—
The stockholders
voted Oct. 24 at a special meeting in Wilmington,
i>el., to authorize creation of 100,000 shares of no-par preferred stock to be
issuable
Ended Sept. 30 (<£ Subs.)
1940
on Oct. 22 by the Department of Commerce
provides power for three new production units to be built at the company's
Columbia River plant.
At the rate or $17.50 a year per kilowatt, the company will pay the
Bonneville Power Administration about $3,000,000 annually, the Depart¬
ment said.—V. 151. p. 2338.
Subs.)—Earnings—
Income Account jor Nine Months
The contract announced
American
2483
Provision
for
$164,226
taxes,
y Capital
stock and sundry taxes,
(without giving effect to results of securities
Federal
Over operating expenses
$119,226
$283,525
$352,635
transferred).
American Brake Shoe & Foundry Co. —Balance Sheet—
Sept. 30 '40i Dec. 31 *39
Assets—
Cash
on
$
5,218,407
Marketable
4,123,675
mkt.)
154,856
186,122
3,403,438
subs.
105,695
43,778
39,098
Accrued accounts.
1,095,421
1,065,013
1,376,220
659,799
Conv.
x
pref. 5H%
cum. ($100 par)
5,463,300
5,463,300
Common stock.. 12,544,800 12,544,800
6,340,834
5,105,340
Capital surplus... 6,546,380
Earned surplus...
6,398,099
4,203,407
bldgs.
de¬
1,206,699
358,492
The
V.
American Cable & Radio
30
was
pub¬
Corp.—Tenders—
representing fractional interests therein.
American Cable & Radio Corp.
heads the group of companies controlling the communication systems of All
America Cables and Radio, Inc., the Commercial Cable Co. and the Mackay
Radio and Telegraph Companies.
.«
•
The announcement states that tenders will be received at the office of the
Surplus-
$1,013,are outstanding $2,043,600 of income debentures,
series A, All America Corp. having retired since the original issue the
$1,250,000 of the series A debentures required to be retired before the ap¬
plication of funds by that corporation to the redemption of debentures of
are
presently outstanding in the amount of
American Cigarette & Cigar
Co.—Stock Dividend—
American Hair & Felt
stock for
a
The last
each
on
quarterly period, the company states.
American Cigarette & Cigar Co. common
share of American Tobacco common stock on
stock was
March 15, 1939.
American
Cigarette & Cigar Co. has outstanding 200,000 shares of
stock, nearly all of which are owned by American Tobacco Co.—V.
1924.
common
150,
p.
American
Colortype Co.—Sales—
1131.
Co.-—Accumulated Dividend'—
share on account of ac¬
stock payable Nov. 15 to holders of
Directors have declared a dividend of $1.25 per
cumulations
on
the second preferred
Last previous payment on this issue was a
tribution made on Dec. 28, 1939.—V. 151, p. 1131.
record
Nov.
12.
American Locomotive Co.—To Pay
Directors
similar dis¬
Preferred Dividend'—
$7 preferred
Like amount Was
of $2 per share on the
have declared dividend
stock, payable Nov.
15 to holders of record Nov. 6.
Aug. 15, last, and dividend of $1 was paid on May 15, last, this
latter being the first dividend paid on the preferred stock since Dec. 7,
paid
on
1^7^ when $7 per share was distributed.—V. 151, p.
2035.
Corp.—Preferred Stock Called—
will call in its preferred stock, known as A stock, on
outstanding now amounts to about 40,000
It will be redeemed at $5.50 a share, the amount
provided in the corporation's charter for redemption of the A shares. Action
on redemption was taken at the directors meeting on
Oct. 14.
This
a dividend on company's common stock of l-10th
share of common stock of American Tobacco Co., payable Nov. 7, to
holders of record Oct. 28.
The dividend is being paid now for the entire
calendar year at the rate of l-40th of a share of American Tobacco Co.
a
carried herein (net):
$107,825; balance (as above), $1,113,550.—V. 151, p.
American Salt
Directors have declared
21,170,912 24,901,930
Total
Excess of book cost of Investments over amounts
First York Corp., $1,021,848; Utility Equities Corp., $150,439; American
Securities Corp., $49,088; total, $1,221,375; less excess of amount at which
Investment Corp. is carried herein over book cost,
series B.—V. 151, p. 2178.
previous dividend
over
am't.Z>rxl,113,550 Dr531,498
173,479
180,271
(10c par)
145,495
154,770
22,419,692 22,732,075
investment in General
than Nov. 20.
Debentures of series B
500.
In addition, there
stk.
com.
1
21,170,912 24,901,930
Total
transfer agency of the corporation at 67 Broad St., New York, up to noon,
Nov. 13, 1940, and that notices of acceptance will be mailed not later
l-40th of
in 1st York Corp.
Com. stk.
debentures, series B, of All America Corp. and has issued an in¬
for tenders of the series B debentures and of scrip certificates
common
Exc. of cost of inv.
34,120,126 32,842,783
Total
shares.
for the three months ended Sept.
Frank W. Phelan, President of this corporation, announced on Oct. 24
which holds all of the common stock of All America
Corp., is prepared to invest up to an aggregate amount of $250,000 in
of
1,036,789
The
no par
that this company,
vitation
Unrealized deprec.
1,830,346
carry'g
x
income
1,602,320
Pref.stk. ($1 par).
2339.
p.
Dr631,811
and
other expenses &
other conting...
(100% owned)..
statement
141,
219,833
legal,
accounting
3,418,098
50 Pine St. Corp.
..34.120,126 32,842,7831
income
m
105,163
(net) of gen .mkt.
sees, owned
Z>r4,310,141
traordin'y
3,280,302
Utility
In
77,591
2,700,000
Res. for taxes, ex-
stk.
underlying
in
81,380
3,650,000
(secured)
342,081
items..
Represented by 769,092
lished
com.
expenses
Notes pay. to bks.
(87% owned) at
Investm't
113,012
99.453
1,206,699
Insurance <fc other
...
Corp.
net
698
19,395
and taxes
at
Equities Corp.. 1,089,694
13,440,381 12,852,656
Goodwill
x
sees,
accr'd
quotat'ns. 14,750,209 18,027,108
Investm't Corp.
preciation)
Total
mkt.
12,544
63,523
Invest. In 1st York
Invest,
Pats, (less amort.)
prepaid
Gen. mkt.
rec.
$
foi sees
pur.—not rec
Other acc'ts pay.,
Investment In Gen.
4,200,870
and
(less
18,296
55,810
sold—not deliv'd
Acc'ts & divs.
1939
$
Liabilities—
Acc'ts pay.
513,521
374,280
asset amount...
(at
cost or less)
equip,
12,388
6,296,147
1940
1939
$
Cash In banks
Acc'ts rec. for sec.
Reserves
rec.
not consolidated
2,861
Inventories
5,957,164
Other assets
118,986
Investments
to
1,184,297
1,091,531
not consolidated
(less reserve)... 3,359,419
Indebt.
of
subs,
Notes & accts.
Land,
Indebt.
secure.
(at quoted
Assets—
$
Accounts payable.
hand
on
Liabilities—
$
deposit &
Consolidated Balance Sheet Sept. 30
1940
Sept. 30 '40 Dec. 31 '39
company
Oct. 24.
The preference issue
shares of $5 par value.
American Steel Foundries
Co.'—75-Cent Dividend—
declared an dividend of 75 cents per share on the common
Dec. 16 to holders of record Nov. 30. This compares with
25 cents paid on Sept. 30, June 29 and March 30, last, this latter being the
first dividend paid on the common stock since March 31, 1938 when 25
cents per share was also distributed.—V. 151, p. 1132.
uirectors have
stock payable
Sales
(orders booked) of company and its domestic subsidiaries for the
are $1,916,087, as compared with $2,006,426 for the
same quarter of 1939.
Sales for the first nine months of 1940 are $6,463,645, as compared with
$6,213,233 for the first nine months of 1939.—V. 151, p. 403.
third quarter of 1940
American Foreign Investing
9 Mos. End. Sept. 30—
Operating
x$33,626
23,450
1939
x$25,341
20,515
1938
$18,814
15,849
1937
$15,779
11,240
$4,826
$2,965
$4,539
1940
....
expenses
*
oper. expenses
3
36,378
46,158
17,701
94,685
$46,553
$50,984
$20,666
$99,224
12,000
8,100
2,000
$18,666
53,834
of $2,065 in 1940 and $1,033 in 1939.
$85,502
38,601
Total.
I
income tax.
Net
profit carried to
earned surplus acct.
Dividends paid
Includes dividends
Balance
Sheet
sold but not de¬
5,032
2,770
1939
1940
Pay. for sec. purbut not received
$8,177
12,500
Liab.
rec..
230
49
656,859
4,610
5,307
738
567
1,119
1,168
franchise taxes..
Inc.—Weekly
of the electric properties
of American Water
Week Ended—
2,872
17,331
9,837
927,721
14,160
Dr355,629
Dr284,820
$727,022
1940
53.076,000
1939
1938
1937
1936
52,787:000 42,999,000 48,908,000 49,010,000
49,429,000 49,573,000
48,623,000 49,473,000
48,276,000 50,073,000
54,372,000 54,648,000 43,683,000
Oct. 12....
55,318,000 54,900,000 43,681,000
Oct. 19
57,234.000 54,571,000 44,694,000
—V. 151, p. 2339.
11,343
10,589
972,614
__
5
Pro v. for Fed. and
Furn. & fixtures..
2,880
$636,976
Prepaid insurance.
& Electric Co.,
week ending Oct. 19, 1940, totaled 57,234,000
of 4.8% over the output of 54,571,000 kilowatt
hours for the corresponding week of 1939.
Comparative table of weekly output of electric energy for the last five
years follows;
Sept 28
3,187
Accts. payable and
accrued exps—
accts.
Output of electric energy
Oct.
but not yet purch
551,912
Acer. int. recelv..
Misc.
$5,918
for sec. sold
Securities owned..
American Water Works
Output—
kilowatt hours, an increase
Pay. for sec. loaned
$58,040
$75,598
„
„
for calls to Portugal
via Rome and Berlin. It will enable all Bell System
and Bell-connected telephones In this country to reach telephone sub¬
scribers throughout Spain and Portugal.
The radio link will be jointly
operated by the A. T. & T. Co., and the National Telephone Co. of Spain,
a
subsidiary of the International Telephone & Telegraph Corp. which
operates Spain's telephone system.
The rate for a three-minute call from
telephones in the northeastern United States to Spanish telephones will be
$22.50. Calls from other parts of the United States will cost slightly more,
depending on distance.—V. 151, p. 2339.
which at present travel
Works & Electric Co. for the
Sept• 30
Liabilities—
1939
Receivable for sec.
livered
$42,884
43,365
$34,553
33,360
1940
Assets—
Cash in bank
journey by cable and wire lines.
The new channel will also become the normal route
13,722
cost).
x
Company announced on Oct. 20 that regular telephone service between
Spain, suspended since the outbreak of the Spanish
war in 1936, will be restored on Tuesdav, Oct. 22 with the opening of a
direct shortwave radio circuit between New York and Madrid. Previously
calls were routed over New York-London radio channels and completed their
civil
$10,175
Total income
Open
the United Staftes and
Corp.—Earnings—
[Formerly Foreign Bond Associates, Inc.]
r
Co.—To
Telephone & Telegraph
Telephone Circuit to Spain—
American
Direct
Corns tic. (par
10c)
Capital surplus.__
Earned
surplus.
__
5,318
Excess of cost over
mkt.
val.
of se¬
curities owned..
Total
$636,976
$727,022
Total
American Writing Paper
—Y. 151, p. 687.
American
&
Standard
Sanitary.
Corp.
—
[Including subsidiaries in United States]
Period End. Sept. 36—
x
Net profit
x
1940—3 Mos —1939
$2,184,901
$1,374,757
1940—9 Mos.—1939
$3,620,806 $1,428,185
After all
During the first nine months dividends received from foreign subsidiaries
amounted to $873,818. No part of these dividends is included in the fore¬
going statement; and will not be included in income until the earnings of
such companies for the full year shall have been determined.—V. 151, p.
J.
Sept. 30—
Anchor Hocking Glass
Radiator
132.
Corp.—Earnings—
1940—3 Mos.—1939
I94^9 Mos.—1939 '
x$682
z$67,120
x$32,187
z$ 103,567
x After all expenses, Including the sums of $2,789 for the three months and
$96,560 for the nine months set aside to provide for interest on the general
mortgage bonds,
z After all expenses, Including the sum of $38,656 for the
three months and $147,999 for the nine months set aside to provide for
interest on the general mortgage bonds.—V. 151, p. 1133.
Period End.
profit
Corp. (& Subs.)—Earnings—
30—
1£40_ .
J939
after deprec., taxes & all other charges. $1,298,737
$1,319,083
Earnings per share on common stock
$1.50
$1.47
jVote—The figure of consolidated net profit Includes profit of a Canadian
subsidiary at official rate of exchange but without provision to reduce
Canadian assets to U. 8. dollar equivalent.
Deduction has beemmade for
Federal income taxes at the rate of 24%. as imposed by the 8econd Revenue
Act of 1940. but no provision has been made for the liability, if any, arising
from the additional excess profits tax imposed by the same Act.—V. 151.
12 Months Ended Sept.
Net profit
p.
688.
The Commercial & Financial Chronicle
2484
Arizona Power
Oct.
26,
1940
These "8b of '40" were issued
Corp.—Earnings1939
1940
9 Months Ended Sept. 30—
_
$562,886
359,272
$537,126
$203,614
4,157
_
$164,801
18,657
$207,771
50,556
$183,458
53,630
Nonoperatlng income.
.
Interest on long-term debt.
Taxes assumed on interest.
372,325
71
Other interest
1.025
109
1,006
Miscellaneous deductions..
3,686
3,913
$152,433
103,305
$124,800
122,635
$49,128
$2,165
by the former management, in 1932, in¬
cidental to its transfer of the assets of the company (whose fixed interest
obligations you hold) to the corporation, without that assumption of lia¬
bility to you, provided by the covenant in your indenture.
The Central
Hanover Bank petition sought declaration of the validity of the bonds, the
legal existence of a default, and an immediate judgment, with corporation
income sequestered and used for payment of those "8s of '40."
Your com¬
mittee's answer demands that the Court declare "invalid and illegal the
corporate existence" of the corporation, "and any and all securities pur¬
portedly issued in its name." The steps by which your company's assets
were manipulated are recounted.
Should the Court declare that the corpo¬
ration's debentures have validity, your committee demands that the corpo¬
ration be decreed to assume liability for your outstanding obligations. The
answer also demands that the Court declare invalid the so-called "Re-Cap
Plan."
.
Sinking fund appropriation—
Bal. for pref. & com. stocks & surplus
Notes—(1) 1939 figures restated for comparative purposes.
(2) The above figures do not include any provision for excess profits
tax under the Second Revenue Act of 1940, effective Jan.
1, 1940, as such—
taxes, if any, cannot be determined until the close of the fiscal year.
Sinking fund requirements are appropriated from net income to the
extent available and are a prior charge to the declaration and payment of
any dividends.—V. 151, p. 539.
(3)
Arkansas Power &
,
Period End. Sept. 30—
Light Co.—Earnings•—
1940—Month—1939
$853,856
$908,411
344,501
353,882
120,917
119,272
119,000
113,000
1940—12 Mos.—1939
$9,880,698
$9,541,398
4,124,994
3,786,638
1,222,541
1,310,793
1,288,000
1,270,566
$269,438
752
$322,257
$3,156,911
11,714
$3,261,653
13,699
$270,190
$323,056
146,373
7,522
CY337
$3,168,625
1,756,426
324,439
$3,275,352
1,756,612
103,389
CY3.225
CY4.522
$104,365
$169,498
Dividends applicable to pref. stocks for period..
$1,090,985
949,265
$1,419,873
949,265
$141,720
$470,608
Operating revenues
Operating expenses
Direct taxes
Prop, retire, res. approp.
Net oper. revenues.__
Other income (net)
Gross income
Int. on mortgage bonds.
Other int. & deductions.
Int. charged to constr'n.
Net
799
146,356
19,696
CY227
income
Balance
-V. 151, p. 2181.
Armstrong Cork Co.—To Pay 25-Cent Dividend—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 2 to holders ot record Nov. 4. Like amount was paid
Sept. 3, June 1 and March 1, last,and compares with $1 paid on Dec. 23
1939; 25 cents paid on Dec. 1, Sept. 1, June 1 and March 1, 1939; a final
on
dividend of 50 cents on Dec. 22,1938, and a dividend of 25 cents on March 1
1938.
During the year 1938 dividends totaling $2.50 per share were dis¬
tributed.—V. 151. p. 2340,
Associated
Dry Goods Co.—Accumulated Dividend—
Directors have declared
cumulations
a dividend of $1.75 per share on account of ac¬
the 7% 2d pref. stock, par $100, payable Dec. 2 to holders of
on
record Nov. 15.
Dividend of $3
was
paid
on
Oct. 15, last.—V. 151,
p.
1713.
Associated Gas & Electric Co.—General Protective Com¬
mittee for Security Holders in Reports Assail Treatment of
Investors in Company's Securities—Questions Validity of Cor¬
poration—Will Fight for Rights of Fixed Interest Obligations
of Company—
The General Protective Committee for security holders of Associated
Gas & Electric Co. (limited to the fixed interest obligations of the company)
has issued three reports dealing with the affairs of the
company in connection
with its reorganization.
The reports are addressed to the holders of the fixed interest obligations
of Associated Gas & Electric Co. (namely;
4% debentures 1983;
Your committee's action
debentures due 1977; 5% consolidated refunding debenture
bonds, series due 1968; 4H% consolidated refunding debenture oonds,
1958; 5% convertible debentures, due 1950; 4H% convertible
debentures, due 1949; 4H% convertible debentures, due 1948: 53^% con¬
vertible investment certificates; 5%
convertible debenture bonds, due
1965); who has given authorization to this committee.
The nine issues of Associated Gas & Electric Co. ooligations
represented
by this committee aggregate approximately $59,000,000.
These securities
have assertedly been made junior to some $146,425,900 of Associated Gas
&
Electric Corp.
obligations to
say
nothing of $643,561,409 of securities
senior to the Associated corporation.
The committee is headed by Irvin
McD.
Jack Lewis Kraus II, 70 Pine St., New York
The first report
Gairfield
as
as
chairman
with
Counsel.
dated May, 1940 has the following:
One main factor in determining the ultimate
equities to be assigned to the
holders of the nine issues of securities represented
by this committee will be
the effect or finality given to the so-called
"Recap Plan" promulgated by
the management in 1933.
To give a better understanding of the problems
presented, we offer the following simplified picture of the facts.
When the securities owned by you were first sold to the
public, they were
issued pursuant to an indenture, or trust
instrument, intended to give some
measure of protection to the purchasers of said
obligations.
The clause in
those indentures which now interests us is one to the effect that Associated
Gas & Electric Co. convenanted not to sell or
assign or transfer its assets
I?
F° any
corporation unless that corporation first assumed
liability for
your oond.
It is because, in your committee's view. Associated
Gas & Electric Co. transferred its asset to Associated Gas
& Electric Corp.
without such assumption of liability by Associated Gas & Electric
Corp.,
The transfer
was
your
behalf.
by the trustees of both the
conduct the first
resources at
Prior to 1932, your obligor. Asso¬
ciated Gas & Electric Co., directly and
indirectly owned various subsidiary
corporations.
It transferred these to Associated Gas & Electric Corp. upon
open debt.
Then, in 1932, the management decided to float an 8% bond
issue.
But it found that the financial market would no
longer take an
Associated Gas & Electric Co. security, and so it decided to use the
corpora¬
tion.
The corporation,
however, owed the company the large debt in
exchange for the properties transferred as mentioned above, and this
oostacle had first to be overcome.
Virtually over night, therefore, the com-
Sany thereuponowed by taking stock of thedebt that Associated Gas &
purportedly wiped out the corporation in place of the
.lectric Corp.
debt.
This debt, however, had been the
principal asset owned by your
company, and the effect of this transaction was to transfer this debt with¬
out the assumption of liability to you
provided by the covenant in the
indenture behind your bond.
Thereupon, for the first time, the public at
large learned of the existence of such an organization as Associated Gas &
bonds of 1940 (of the corporation)
were
thereupon
sold to the public with the statement that Associated Gas & Electric
Corp.
stood closer to the assets of the operating
companies than did Associated
Gas & Electric Co.
In 1933, when business conditions grew
worse, your company's manage¬
promulgated its so-called "Recap Plan."
Under this plan, you were
new types of securities being
ment
asked to switch your bonds to one of three
offered:
(a) You could cut down the principal amount of your bond by 50% and
take the fixed interest obligation of the Associated Gas & Electric
Corp.
(b) You could leave the face amount of your bond unchanged but accept
a bond of the Associated Gas & Electric
Corp., the interest of which was
payable only if the income should prove available.
(c) You could exchange your fixed interest bond of the company for an
Income bond of the company, with the lure
being offered to you of a slightly
increased interest rate if income
were
earned.
A significant step taken by this committee on your behalf was the
filing,
on June 20, of our answer,
containing a counterclaim, to the petition of the
Central Hanover Bank & Trust Co. of New York
City, as indenture trustee
for some $8,500,000
outstanding 8% eight
Mr.
of
reinstating such suits
may
be to hold certain Individuals to account for
waste, mismanagement and possible misappropriation of system funds, who
otherwise might attempt to plead the Statutes of Limitations.
You
have doubtlessly been informed through the
press
of the Federal
indictments against Howard C. Hopson, his associates in the old manage¬
ment, and certain of his attorneys, alleging conspiracy to defraud investors
and the Government. The Federal Power Commission, in cooperation with
the
Pennsylvania Public Utility Commission, recently completed
a
three-
year examination of alleged excess charges imposed on your system by the
so-cailed "Hopson service companies."
The SEC has investigated alleged
defalcations in the Kentucky properties.
Criminal prosecutions, the whole
field of recovery suits, and the Matthews' investigation all tie in together.
Such examinations should show where the investors' money went, who got
It, and what likelihood there is of recovering it.
We believe the significance of these delvings into the past, in so far as
you are concerned, is this:
"Your securities were not placed in jeopardy by the former management
through any one single, Isolated step. Not even the forcing through of the
'Re-Cap Plan,' spectacular though it was, was wholly responsible.
That
plan was one of a sequence of predetermined moves.
Every move must
necessarily be considered in the taking of such legal steps as will best protect
your interests.
For this reason your committee is extending all possible
assistance to each phase of the trustees' investigations."
The trustees in their report dated June 15,-included a "statement of the
corporation's consolidated earnings and expenses." Addressing the Court,
your committee's counsel called attention to "the essential unreality" of
these figures. He pointed out that, where there is such an item as "provision
for retirements (depreciation)," the statement necessarily expresses an
opinion as to the value of the assets of the system, "because a depreciation,
particularly where computed upon a straight line basis, is a percentage taken
of a total that is supposed to bear relation to the actual
existing value."
Counsel called the Court's attention to the fact that the figures were not the
result
of
any fresh analysis by the trustees.
"The caution that must be
exercised," he observed, "
is this: This statement does nothing
than endeavor honestly to project to the security holders an ap¬
proximation of what current results are in terms of like presentations that
were made by the former management."
No new appraisals have been
made on one hand, and no determination of actual rates of depreciation,
on the other.
Not until the former management's dubious yardsticks have
been discarded for a standard approved by the trustees and the Court, can
figures on Associated's earnings and expenses be regarded as trustworthy.
.
.
.»
more
In
this
third
report,
September,
1940,
the Committee
further states:
We are glad to note that oure previous suggestion respecting Utility Em¬
ployees Securities Co., has borne fruit in the recent election to the board
of that company
of two directors suggested by the trustees.
The same may
be said with respect to an anticipated change in the personnel of the trustees
for the employees' pension fund.
Progress has been made in improving the system's position with respect
to tax claims.
Committee's counsel and its accounting staff have been in
frequent conference with representatives of the trustees on certain phases
of this situation.
The Treasury Department has extended to Jan. 5, 1941,
the date on which a million dollar payment was to have been made on one
disputed tax settlement.
We hope that our Government will do no injury
to security holders by
forcing a determination of these issues before a
thorough audit by the accounting staffs, has been completed.
Our previous reports mention the word of caution which we expressed
in court as to sales of properties under contracts negotiated by the old
management.
The corporation's trustees, by revamping contracts drafted
by the old management for the disposal of some 12 properties in Indiana,
Ohio, Arkansas, Louisiana and Texas, have succeeded in eliminating
possibly onerous and hazardous provisions.
At the court hearing, July 30, trustees of the corporation asked for in¬
struction concerning expending money to make application for an allowance
from the Illinois Court in the Utilities Power & Light Corp. reorganization.
The old management had dissipated $520,000 in that fruitless fight.
Asked
by the Court for its opinion, your committee opposed sending good money
after bad.
At the court hearing Aug. 26, the court
approval was asked for the sale
Colliers Quarry Co. for $21,000.
This transaction was typical of
year
carried out by the old management.
We are informed that Associated
acquired the quarries in 1924 and spent $920,500 in original cost and
"development."
The system has further borne an operating loss of $428,000 <by the quarry.
It has been estimated that it would cost more to re¬
habilitate than the present assessed value.
The system thus has lost some
$1,325,000.
Fortunately, the major assets of this system show no such
many
proportionate loss.
An investigation of this loss has been indicated.
are
There
potentially $250,000,000 in possible refundings for sub¬
sidiaries of the two top companies.
A difference of M of 1% per year in
the interst rate may make a difference of more than $1,000,000 in the annual
net available to the security holders of the top company, after reorganiza¬
tion.
This emphasizes the vital importance of constant vigilance on the
part of your committee in watching refunding operations, not only of the
top companies, but of the subsidiaries as well..
The "8s of '40" of the corporation (whose validity your committee
challenges) are ostensibly piling up interest at the rate of $687,000 a year.
It is fundamentally important to security holders of the top company that
the issues in connection with the group of litigations collectively styled the
fight on the "Re-Cap Plan" be framed and determined with all possible
expedition.
While we do not think that so grave a matter should be
trivially or inadequately presented or adjudicated, we emphatically believe
that, consistent with a thorough and adequate ascertainment of the questions
of law and of fact, each day that might unnecessarily pass should be con¬
sidered in terms of the thousands of dollars it well may cost.
Some of the security holders, both of the company and the corporation,
inquire why payments on interest cannot be made, now that the financial
report issued by the trustees shows increased operating revenues.
The first and inescapable reason is, that there is not enough cash available
cover all interest of both corporation
and company debentures.
We
challenge the-validity and seniority of all of the corporation's obligations.
Until this question has been threshed out, no payments should be made to
to
anyone.
In the second report July, 1940, the committee states:
by the corporation.
company and the corporation to
of this investigation. Your committee has placed its
Matthews' command and offered its full cooperation.
For many years the old management was involved in security holder
litigation. The trustees allege they have reason to believe that one or more
sucn suits were terminated under improper circumstances.
The importance
of the
made in this way.
Electric Corp.; the 8%
brought before the Court important
pnase
and in contravention of this definite
pledge to you, that your committee is
making this fight in
thus
hold fixed interest
obligations of the company must, in the orderly conduct of these proceed¬
ings, be preceded by the ascertainment, through investigation, of all the
facte. This investigation will be in two parts. The first concerns itself with
the acts, conduct, property, liabilities and financial condition of both the
company and the corporation, and involves, of course, an examination of the
conduct of former directors and officers.
The second will deal specifically
with the manipulations whereby the old management sought to subordinate
the company securities you hold to issues of the corporation.
Ben. A. Matthews, formerly Chief of the Criminal Division of the U. S.
Attorney s office, for the Southern District of New York, has been retained
convertible
series due
has
issues around which the reorganization will revolve.
Establishment of the prior rights of investors who
gold bonds of 1940, issued
In
our
Report No. II,
we
called attention to the essential unreality of
the corporation's financial statement as included in the trustees* joint report
for June.
We are pleased to inform you that in their August joint report,
the trustees qualify the "statement of consolidated earnings and expenses"
as follows:
"The consolidation
is subject to an ultimate deter¬
mination by the trustees of the soundness of the accounting principles and
...
practices involved."
Volume
The Commercial & Financial Chronicle
IS1
At the court hearing Aug.
26,
your
2485
this possible they transferred the
committee, in commenting on the
remaining $300,000,000 of debt owing
trustees' joint report for August, called attention to the absence of a separate
financial statement for the company.
So many of those who are interested.
in the securities of the company have inquired of us what the consolidated
by Associated corporation to Associated company to more stock, and then
promulgated the so-called "Re-Cap-Plan of 1933."
The object of this
plan was to get holders of the fixed interest obligations of Associated
earnings statement and cash position of the corporation mean in terms of
company, either to cut the face value of their
an income obligation instead of a fixed interest
Under the "Re-Cap-Plan," company fixed
their
own securities, that we hereby endeavor to project to you, several
stages further, the figures presented by the trustees.
Before doing so, however, we are impelled to issue certain strong caution.
First, these figures are nothing but a projection of the trustees' own ac¬
(a) They could cut down the principal amount of their bond by 50%
and take the fixed interest obligation of the Associated Gas & Electric Corp.;
counting.
We have not endeavored to verify the books, or the method in
which those books are kept.
We are passing no judgment either upon the
value of the assets carried on those books, the rate of depreciation charge,
the propriety of the classification of accounts, or any other of a number of
like items.
Second,
(b) They could leave the face amount of their bond unchanged but
accept a bond of the Associated Gas & Electric Corp., the interest of which
was
be
we are
the status of debenture holders haviilg income obligations which may have
been occasioned by the filing of the petition under Chapter 10 of the Bank¬
ruptcy Act.
payments
the corporation or the company.
In some instances, orders of
Federal and State governmental agencies have stopped the payment of cash
continued to within a few months of the
bankruptcy petition under the Chandler Act was filed, on Jan. 10,
Thirty thousand holders of $59,000,000 still refused to be cajoled
or
bullied into making the transfer.
This $59,000,000 was thus left,
figuratively speaking, suspended in mid-air, to be deprived of assets,
rights and equities, unless these were vigorously asserted.
(This is the
group that the "General Protective Committee" represents,
and such
assertions are being made by the Committee).
The Associated System was in this incredible situation when the SEC
stopped the upward flow of operating returns beyond the corporation.
The System then went into voluntary reorganization proceedings, which
have been begun under paradoxical conditions: The corporations, inter¬
posed by the former mamagement between the company investors and the
Associated System properties which they, through the company, own,
had ample funds and adequate personnel; whereas the company had no
funds and inadequate personnel wherewith to protect itself and what it
owns.
It was lack of funds, sufficient even to pay the salaries of a handful
of people, that compelled Walter H. Pollak, [now deceased and succeeded
by Stanley Clarke], trustee of the company, to apply to the SEC and to
the Court for authority to issue $200,000 in two-year 4% certificates.
The money thus borrowed is to be used by him in protecting the interests
of the company, which the "general protective committee" asserts is the
true owner of the System.
The corporation, which "the general protective
committee" alleges to be a fraud, still has at its command all of the re¬
sources of the System, including some $1,138,571 in cash.
[As of July 31,
1940.
In addition the trustees of the corporation reported a net increase
in the cash balance of subsidiaries between Jan. 1 and June 30, 1940 of
1940.
herewith sub¬
mit
Associated Gas & Electric Co. and Subsidiaries
[Statement of Consolidated Income of Subsidiaries and Application Thereof
to Interest and Other Expenses of Corporation and Company for the
12 Months Ended June 30, 1940)
Balance of consolidated income, before interest on the corpora¬
tion's debt, amortization of the corporation's debt discount
and administrative expenses of the corporation's trustees, as
shown by Aug. 15, 1940, report of the corporation's trustees $12,284,791
Less expenses of corporation: Trustees' expenses for the period
March 2, 1940, to June 30, 1940, in the amount shown in the
footnotes of Aug. 15, 1940, report of the trustees,
59,683
Amortization of debt discount and expense at the amount ac¬
crued on corporation's books for the 12 months ended June 30,
it is because of the present situation that "general protective committee"
a position or far greater significance than tnat generally occupied
by such committees in the past.
In protecting the rights of the fixed interest
obligation holders of the company, it challenges, as a fraud, the corporation
and the "Re-Cap-Plan," and ail other related steps whereby the company
was stripped of its assets and the corporation allegedly substituted as the
the top company.
Because of this independent and financially and politi¬
cally unhampered stand for its constituents, first taken years ago, the
"general protective committee" functions now as the strongest single un¬
official factor in this reorganization.
The contentions of the "general protective committee" that the corpora¬
tion is a fraud and non-existent, and that the so-called "Re-Cap-Plan" is
invalid, receive strong corroboration from significant decisions in two courts
—the U.S. District Court for the Northern District of New York and the
assumes
on corporation's obligations held by UES Co.
however, interest on corporation's indebtedness
7,052,197
to company....
Balance available for company
......
Less expenses of company: Trustees' expenses, for the period
March 2, 1940, to June 30, 1940, being the aggregate (as
estimated to June 30) of the amounts shown in the trustees'
$5,103,868
reports of April 15, June 15 and Aug. 15, 1940
Amortization of debt discount and expense at the amount ac¬
15,049
company's books for the 12 months ended June 30,
1940.....
Interest accrued for the 12 months ended June 30, 1940 (partly
unpaid) on the nine issues of fixed interest obligations rep¬
resented by the committee; computed on obligations out¬
standing as at Dec. 31, 1939, as shown by the annual supple¬
ment to the registration statement
crued
on
Balance
available
other company
for
interest
on
income
debentures
obligations
Trustees of
[Statement of Income
287,447
and
2,872,984
$1,928,388
Expense Disbursements Period
1940]
Trustees' income receipts consisting of interest, dividends, &c.
but exclusive
of funds
transferred from
bank accounts
'
formerly standing to credit of corporation and receipts on
1,234,441
by trustees' reports
....
...
131,520
Balance, cash basis, before unpaid expenses$1,102,921
Less interest on corporation 8% bonds outstanding at Dec. 31,
1939, unpaid......
...
286,166
Less interest on corporation conv. debentures of 1973, unpaid-506,555
Balance (cash basis) available for partial payment of interest
on
corporation convertible debentures of 1978, unpaid
corporation income debentures of 1978, unpaid-
Less interest on
$310,201
2,357,723
$2,047,523
DeficitNote—Interest
has not been accrued
on
the claim of company of
$73,-
145,120 since it is ostensibly subordinate to all other obligations of corpora¬
tion as indicated by published financial statement of corporation.
Cor¬
rectness of such subordination, if corporation
has validity, is contested
by this committee.
The amortization of debt discount and expense for this period would be
about $30,000.
The committee calls attention to
the following:
Early in the 1920's, Howard C. Hopson and others acquired control of
utility companies.
The charter
of one of these companies dated back to the early 1850's.
The name of
this company was changed to Associated Gas & Electric Co.
Under the
new name, conjoined with the venerable date of incorporation, this com¬
pany was then employed by Hopson as the vehicle for issuing securities.
Also in the early 1920's, Hopson incorporated the "Associated Utilities
Investment Corp."
As new properties were bought with money obtained
through the sale of Associated company securities, these properties were
transferred, an open book account, to "Associated Utilities Investment
Corp.," or its subsidiaries.
These transfers continued until "Associated
Utilities Investment Corp." owed Associated Gas & Electric Co. approxi¬
mately $600,000,000 all on open book account.
By 1932, the public had some $900,000,000 in securities of the Associated
System, nearly on&dhird of which consisted in the bonds of the top com¬
pany.
In 1932 Hopson sent out a prospectus announcing an 8% bond
issue of the company.
Due to the doubt in the public mind, arising from
preceding financing of Associated, the announcement was coldly received
and was promptly withdrawn.
There was then suddenly announced the existence of a corporation known
as the "Associated Gas & Electric Corp."
(This was simply a new name
for "Associated Utilities Investment Corp."; the existence of which had
been kept secret up to that moment).
Simultaneously with this announce¬
ment a public offering was made of the "8s of '40" of the corporation.
It was explained to investors that Associated Gas & Electric Corp. stood
between Associated Gas & Electric Co. and the properties of the System,
and that any purchaser of the "8s of '40" of the corporation would thus have
seniority over all the hundreds of millions of dollars publicly invested in
Associated company.
In order to make such announcement, the Hopson
group caused Associated company to wipe out half of the $600,000,000
owing to it by Associated corporation and to accept common stock in place
a
small number of relatively unimportant
of such debt.
Less than
$10,000,000 of these "8s of *40" were sold despite the
fact
that employees in the System were given quantities of these "baby bonds"
and friends, and to Associated customers, large and
to sell to their families
small.
The
proceeds of these sales were
insufficient to pay interest on
the outstanding company bonds.
To avoid receivership, the management
had to find some way of reducing the fixed interest charges.
To make
that a petition in involun¬
offered in good faith by Jack Lewis
keeping unit of the company.
It has no real organization, its officers and
directors are the officers and directors of the company and its accounts
are kept in the company offices in Ithaca.
Neither in this proceeding nor
hearings before .the Federal Trade Commission was any satisfactory
explanation given by Associated for the formation of the corporation or the
transfer of assets to it.
.
.
'
"Moreover there seems to be a serious question as to whether these
transfers to the corporation were made in violation of a covenant in the
Associated debentures' indentures that no conveyance of 'substantially
in
properties of the company as an entireitv' shall be effected
the obligation to make due
punctual payment of the principal and interest of all debentures.
Apparently there was no such assumption of obligation by the corporation.
"Even assuming that the transfer of assets was not in anticipation of the
'Re-Cap-Plan,' the inference of fraud would not thereby necessarily be
dissipated.
It may be that the motive for the transfer was to utilize
the corporation as a means of selling additional securities to the public if
and after the credit possibilities of the company were exhausted.
The issu¬
ance of the baby bonds of the corporation in 1932 lends support to this
view.
If such was in truth the motive, the transfer cannot be said to have
been for a legitimate purpose, since an issuance of securities by the corpora¬
tion, if made while the company was known to be in a financially precarious
position, might well be found to have been a fraud on the security holders
of the company; it would have created an obligation prior to the corporation s
stock, to be met out of the very assets to which the company had to look
for the means whereby eventually to pay its security holders.
"The character of all the dealings of the company with the corporation,
together with the consistent attitude of silence in respect thereto maintained
all
the
unless the transferee thereof expressly assumes
the trustees' re¬
ports of April 15, June 15 and Aug. 15, 1940
Trustees' net expense disbursement as shown
of April 15, June 15 and Aug. 15, 1940
was
.
March 2, 1940, to July 31,
account of indebtedness as determined from
Associated
Kraus, II, and supported by the "general protective committee," Federal
District Judge Julian W. Mack said:
"There can be no doubt that the corporation is little more than a book¬
Associated Gas & Electric Corp.
Receipts
Supreme Court of Wisconsin.
In a decision in 1935, after a previous decision
tary bankruptcy for
and
....
ft
$5 035 533 ]
69,043
public's interest
excluding,
dominiated and controlled by the
Promotion of the "Re-Cap-Plan"
,
1940.
affiliates of the company
time the
by subsidiaries to parent companies.
It would be wholly premature to
hazard an opinion as to what portion of the earnings thus ostensibly made by
the operating subsidiaries will ever be allowed to find their way into the
bank account of the parent company.
The consolidated statement of
earnings therefore reflects a highly optimistic picture of the utmost that could
conceivably accrue to the holders of the top company securities.
On the other hand, the projection of a cash receipt of income set forth
in the trustees' report is a highly pessimistic picture.
There is sound reason
for believing that much of the earnings of subsidiaries
reflected in the con¬
solidated statement, and not shown on the cash report, may eventually find
their way up the ladder, after the cause for the stoppage has been eradicated.
Interest accrued for 12 months ended June 30, 1940 (partly un¬
paid) on the 8% bonds, convertible debentures, income de¬
bentures and other corporation indebtedness, including the
or
management.
It is clear that the management was desperately striving
to "beat the deadline" on the effective date of the first Securities Act.
either
„
income bond of the company, with the lure being offered to
subsidiaries
predicated upon the consolidated earnings statement, security holders must
remember that these earnings are theoretical and have not actually reached
"With these words of caution," states the committee, "we
our accountants' projection of the trustees* figures":
for
them of a
slightly increased interest rate if income were earned.
After a high pressure campaign to persuade the holders of over $260,000,000 of fixed interest company obligations to make heavy sacrifices, the
former management in the early summer of 1933, declared the "Re-CapPlan" effective, although less than 10% of all issues had consented and a
a large part of this consent secretly consisted in alleged acceptances by
an
treated if priorities and subordination as
When you read the figures theoretically available for internet
payable only if the income should prove available;
They could exchange their fixed interest bond of the company
(c)
presenting these calculations in the way they
between the
corporation and the company and as between the several security issues of
each, were left undisturbed.
Third, we are disregarding any change in
would have to
bonds in half or to accept
obligation.
interest obligation holders
told
were
and
by the company and its officials, is reasonable fear that the rights of the
company's creditors may have been endangered thereby and that such
will continue unless injunctive relief, of the nature requested by
petitioners, to be afforded."
The whirlwind campaign of the former management in 1933 to put
over the
"Re-Cap-Plan,ran into difficulties in Wisconsin, where the
State Public Service Commission denied to Associated's former management
registration of the issues which it was sought to persuade company bond¬
holders to accept in exchange for their fixed Interest bearing obligations.
The Commission's action was upheld by the Wisconsin State Supreme
Court in 1936,
The management had first contended that registration
Was unnecessary.
Next it contended that it was the company, and not
the corporation, that was disposing of the bonds.
Of the latter contention,
the Court said*
"The exchange of the bonds was manifestly for the benefit of the corpora¬
tion, for without it the corporation could not pay the dividends it had
declared."
With specific reference to the "Re-Cap-Plan ,'* the Court said:
"The appellants claim that
...
to justify denial of registration the
danger
Commission
must
affirmatively find that the plan of
reorganization is
'unlawful, dishonest, fraudulent or otherwise contrary to public
policy,' dr 'is unfair, inequitable, dishonest or fraudulent.
If such an
affirmative finding is necessary, we are of opinion that the Commission s
decision contains an afformative finding that is sufficient to support its
determination.
All the Commission was required to find in denying regis¬
tration in order to satisfy the calls of Section 189.07, Stats., is that the
company's plan of financing is unfair and inequitable.
As has been above
stated, the Commission filed two decisions.
The second was in effect
but an affirmance of the first.
In the body of the first decision filed it is
stated: 'We are of opinion
.
.
.
(certain mattersi referred to) establish
that the company's plan of financing is unfair and inequitable.
This is
a finding of fact, and it constitutes adequate support for the order denying
either
the
application before the Commission.
Weekly Output
The Utility
'
_
Management Corp. reports that
*
xt\
,
„
Athey Truss
C
,
,w
,e
for the week ended Oct. 18,
output of the Associated Gas & Electric group was
units (kwh.).
This is an increase of 8,874,054 units or 9.2%
duction of 96,388,213 units a year ago.—V. 151, p. 2340.
net electric
105,262,267
above pro¬
Wheel Co.—New President—
Kier Davis, formerly
Vice-President and Treasurer of the company,
President to fill the vacancy caused by the recent death of
James A. Roberts, George W.
Roberts, Executive Vice-President, was
elected to the additional post of Treasurer, and Joseph Kuchar was made
Vice-President of the company.—V. 151, p. 2340.
has been elected
The Commercial & Financial Chronicle
2486
Auto
Finance
Co.,
N. C.—Stock Offered—
Charlotte,
Cash
stockholders of record
,
on
The
Oct. 23.
receivable
Reserve for taxes
7,590
24,975
Value of life Insurance
Other
receivables
Deferred charges
Automobile
35,159
preferred stock is
stock at $28.50
common
a
Deferred
Funded
6%
6%
-V.
149,
4019; V.
p.
Atlas Tack
x
Earns,
entitled to $50 per share plus accrued dividends on
and
y
It is
of
ment
eight quarterly dividends,
elect a majority of the
to
board
Cost of sales, incl. selling, admin.
mortgages
or
other liens
automobiles.
on
The dealers (145 in number) and the borrowers with which the companv
business are located in the Piedmont section of North and Soutn
Carolina, in and about Charleston, 8. C., and in and about Augusta, Ga.
Earnings Years Ended Feb. 28
1939
1938
1937
$617,074
358,931
$513,718
308,104
$378,165
239,051
$318,180
249,481
$258,143
79,983
$205,614
59,258
$139,114
55,763
a1940
revenues
expenses
Net oper. income
Int. & debt disc. &exp._
Prov.
for
excess
income
1
36,924,377
1,849,018
34,744,438
1,850,651
$5,854,329
$1 698,262
$1,091,727
139,717
125,267
$6,108,281
—
23,248,845
1,849,597
253,952
Operating profit
$1,837,979
541,712
x385,800
$1,216,994
652,735
160,277
881,463
573,700
-
Operating profit and other income.
479,809
618,018
Interest
Miscellaneous expenses.
taxes of
Prov. for Fed. and Pa. inc.
subs
2,880,024
z
Minority interests—
Profit
x
Includes
profit participation for officers and other employees accrued
subsidiaries, including The Midvale Co., amounted on Sept. 30, 1940, to
$73,845,119 as compared with $36,342,809 on Sept. 30, 1939, and with
$44,215,799 on Jan. 1, 1940, without intercompany eliiiiinations.—V. 151,
p.2036.
(L.) Bamberger & Co.'—New Officer—
Directors at their regular meeting held Oct. 23 elected Horace C. Levinson
a director.—V. 150, p. 3039.
Treasurer and
profits tax
49,100
33,440
23,800
12,200
$129,060
$112,916
$59,551
$29,418
Baltimore & Ohio RR.—New
Net
a
29.
Baltimore Transit
Co.—Earnings—
[Including Baltimore Coach Co.J
Period End. Sept.
30—*
Operating revenues
Operating expenses
-
Net oper. revenues
1940—Month—1939
$1,024,575
$958,686
837,825
801,759
$156,927
98,610
$1,470,610
901,128
$1,223,681
811,355
$75,729
1,200
$58,316
1,342
$569,482
16,675
$412,326
$76,929
$59,658
Fixed charges
Funded Debt and Capitalization at Aug. 31,1940
Authorized
Subordinated 5% debentures, 1940-1949
Subordinated 5% debentures, 1941-1950
5cum. conv. pref. stock (par $50)__
6% cum. pref. stock (par $50)
6% cum. pref. stock (par $50), having con¬
-
a
$250,000
250,000
c20,000
3,331
I
Outstanding
a$237,500
b250,000
5,188
6,533
$586,157
47,999
$430,952
58,261
Net income
$71,740
$53,125
series A 4 % and 5 % debs
$538,158
352,827
$372,691
$185,331
$19,851
Operating income
Non-operating income.
Interest declared
_
on
Remainder.
3,331
18,625
352,840
Note-
5,224
—-
1940—9 Mos—1939
$9,265,263
$8,675,361
7,794,653
7,451,680
$186,750
111,021
Taxes
Gross income
5,224
140,000
--.
d34,552
$12,500 matures each
tures on
Official—
Appointment of Edgar W. Young as General Solicitor of the Baltimore
RR. with headquarters at Baltimore has been announced by J. J.
Cornwell, General Counsel of the railroad company.—V. 151, p. 1886.
& Ohio
Previous Financing—In July 1936 the company issued and sold $200,000
5% collateral trust coupon notes maturing serially to July 1, 1941.
These
notes were retired or redeemed between Jan. 1 and June 30, 1938.
In May 1937 the authorized capital stock was increased from $100,000
to $1,000,000 par amount.
Thereafter and prior to Aug. 30, 1937, com¬
pany issued and sold 4,000 shares of preferred stock, 6% cumulative (par
$50), and 8.000 shares of common stock (par $10).
During the months of Dec. 1938 and Jan. and Feb. 1939 the company
issued and sold 5,000 shares of preferred stock (par $50), 6% cumulative,
having convertible privileges, and during the months of July and August,
1939, issued and sold an additional 1,000 shares of such stock.
As of Aug. 1, 1939 the company issued and sold privately $250,000
subordinated 5% debentures dated Aug. 1, 1939, and during February,
1940, issued and sold privately $25O,O0O of subordinated 5% debentures
dated Feb. 1, 1940.
vertible privileges
Common stock (par $10)
333,605
643,628
y$ 1,213,880 loss$614,624 loss$503,322
by subsidiary companies, $334,545. y Equivalent to $1.04 per share on the
outstanding common stock, z Equity of minority stockholders of the Midvale Co. and the Whitcomb Locomotive Co.
Consolidated unfilled orders of the Baldwin Locomotive Works and
$68,699
27,081
and
income
Year ended Feb.
$29,004 loss$169,717
$2,130,430
916,550
Profit...
tractors and trailers, or, to a very limited extent, by
other miscellaneous articles of personal property.
(2) Advancing
to automobile dealers on their demand notes secured by chattel
does
&
-----
Other income
on
Operating
Operating
--
Provision for depreciation
(primarily), trucks,
funds
1940
1939
1938
$44,627,725 $26,796,704 $37,686,815
Sept. 30—
general expenses
History and. Business—Company was incorp. March 13, 1934, in South
Carolina.
Company is engaged generally in the business of: (1) Discount¬
ing instalment notes receivable, secured by conditional sales contracts or
chattel mortgages on automobiles, including new and used passenger cars
1940—9 Mos.—1939
$85,332
$76,010
$0.90
$0.80
(& Subs.)—Earnings—
Baldwin Locomotive Works
net
$5,900,708
1940—3 Mos.—1939
$32,146
$29,626
$0.34
$0.31
share
12 Months Ended
of
proceeds, after deducting estimated ex¬
penses, if all the securities offered are sold, will be a maximum of $1,235,934
and a minimum of $1,178,434.
Company intends to apply such net pro¬
ceeds as follows: (1) $369,617, or such lesser amount as may be necessary
due to intervening conversions of its presently outstanding
6% conv. pref.
stock, to redeem on Jan. 1,1941, at $51.50 per share plus accrued dividends,
such of the shares of its 6% pref. stock as shall then remain outstanding.
(2) The baxance to increase working capital.
liens
per
Sales
directors.
Purpose—The estimated
43,359
—
x After depreciation, Federal and State income and excess profits taxesOn capital stock.—Y. 151, p. 540.
involuntary liquidation,
to redemption prices on voluntary liquidation, in preference to all
other stock to be outstanding upon completion of this financing.
The pre¬
ferred is also entitled to one vote per share and, in event of default in pay¬
249,540
surplus
surplus
151, p. 2183.
Period End. Sept. 30—
60 days' notice, at the following prices plus accrued dividends: $52.50 per
share to July 1, 1941; thereafter at prices successively reduced by 50 cents
and after July 2, 1945 at $50.
261,200
345,520
Corp.—Earnings—
Net profit
y
in part, on dividerd dates on not less than
on
166,550
preferred stock
$5.900,7081w Total
Total
version prices are subject to adjustment.
In case of redemption, the stock
is convertible only until the 10th day prior to the redemption date.
The
July 2 to July 2, 1945; and
cum.
Earned
stock is redeemable in whole
each
37,600
450,000
debt
Paid-in
share.
of common for 1 sh. of 5 ^ % pref.) ; thereafter and on or before July 1,1944,
$34 (or 1 8-17 shs. of common stock for 1 sh. of bYt % pref.); and thereafter
$36 (or 1 7-18 shs. of common for 1 sh. of 53^ % pref.).
All of such con¬
on
125,602
391,510
Income
cum. conv. pref. stock
Common stock
The preferred stock is convertible at the holder's option into common
stock at the following conversion prices per share (taking the 5 lA% pre¬
ferred stock at $50 per share): On or before July 1,1942, $32 (or 1 9-16 shs.
or
(reserves
5% debentures (current)
priced to the public at $50 per share and tne common stock
at $28.50 per share.
Stockholders have until 5 p.m. EST.,
Nov. 2 to exercise their rights to purchase the preferred stock
at $50 a share and the
dealers
and deferred certificates)..
36,698
Furniture and fixtures
$3,725,000
34,611
10,237
60,076
Accrued int. and salaries
5,136,153
-
payable
Accounts and insurance pay.
1660,134
deposits
Notes
Oct. 23 of 20,000 shares of 5*4% ^cumulative
convertible preferred stock (par $50), and 10,000 shares of
common stock
(par $10), subject to subscription rights of
on
31, 1940
Notes
demand
and
hand
on
26, 1940
Liabilities—
Assets—
A group headed by II. S. Dickson & Co., Inc.; McAlister,
Smith & Pate, Inc., and Bond & Goodwin, Inc., made public
offering
Oct
Balance Sheet Aug.
Aug. 1 from 1941 to 1948, incl.
Aug. 1, 1949 ($12,500 matured on Aug. 1, 1940).
$137,500
ma¬
1%% on the 5s—declared payable July 1. Interest for July, August and
September, 1940, at the full stipulated rates, for which no deduction is
made above, is approximately $235,223.—V. 151, p. 1887.
b $25,000 matures each Feb. 1 from 1941 to 1950, incl.
The present issue,
d Does not include present offering.
Bangor & Aroostook RR.—Earnings•—
c
Note—The authorized capital stock consists of 30,000 shares (par $50)
and 140,000 shares (par $10).
Pursuant to stockholders' action May 20,
1940, 20,000 of the 30,000 shares have been
designated and
authorized to be issued
a
Operating
1940—Months-1939
$207,670
$274,453
280,398
308,288
expenses
Net
rev.
from opers..
$932,286
357,790
$986,937
359,416
x$53,432
23,990
$574,496
90,766
$627,521
74,996
x$29,442
$665,262
61,920
554,964
2,211
17,894
x$118,946
Operating income
Other income
x$33,835
19,597
x$55,521
61,576
1,849
—
x$72,728
9,850
x$82,578
Tax accruals
x$93,573
$92,404
27,057
-
stock.
At Aug. 31, 1940, 10,448 shares of
version of the preferred stock,
common
stock were reserved for
Gross income
con¬
6% cumulative, having convertible privileges.
Between Aug. 31, 1940 and Oct. 9,
1940, 1,481 shares of preferred stock,
6% cumulative, having convertible privileges, were converted into 2,962
shares of common stock, the excess of the par value of the
preferred stock
Int.
Company intends to call for redemption on Jan. 1,1941, all the outstand¬
ing shares, constituting all the authorized shares, of the preferred stock,
6% cumulative, and the preferred stock, 6% cumulative, having convertible
privileges.
For the purpose of such redemption the company intends to
portion of the net proceeds of the b%% pref. stock now offered.
Underwriters—The names of the underwriters, the
percentages of the
unsubscribed preferred stock to be purchased and of the
optioned preferred
stock which they have the exclusive
right to purchase, respectively/and the
percentages of the unsubscribed common stock which they have tne exclu¬
use a
respectively,
are as follows:
b
a
B. S. Dickson & Co., Inc.,
Charlotte, N. C
15%
McAlister, Smith & Pate, Inc., Greenville, S. C
Bond & Goodwin, Inc., New York
Alester G. Furman Co., Greenville, S. C
Dargan, Brannon & Co., Spartanburg, S.C
Frost, Read & Co., Inc., Charleston, S. C
James Conner & Co., Inc., Charleston, S. C
Lewis & Hall, Inc., Greensboro, N. C
Oscar Burnett & Co., Greensboro, N. C
Scott, Horner & Mason, Inc., Lynchburg, Va
First Securities Corp., Durham, N.C___
Southern Investment Co., Inc., Charlotte, N. C__
V. M. Manning, Greenville, S. C
Interstate Securities Corp., Charlotte, N. C
E.H.Pringle&Co .Charleston, S.C
t...
.
H. T.Mills, Greenville, S. C_
Kinloch, Huger & Co., Charleston, S. C
15%
11%
5%
5%
5%
•
15%
50%
5H%
-214%
214%
214%
5%
214%
5%
5%
214%
5%
214%
4%
2%
4%
2J4%
exclusive
right
to
purchase.
funded debt
deductions
Net income
x
Loss,
a
-
—
_
_
•
Including maintenance and depreciation.—V. 151,
Bankers National Investing
$702,517
564,112
30,863
$107,542
p.
1887
Corp .—Transfer Agent—
The First National Bank of Jersey City has been appointed transfer agent
and registrar for the 6% cumulative
to the merger agreement
between
preferred and common stock pursuant
the said corporation and Collateral
Bankers, Inc., effective Oct. 2, 1940.—V. 150, p. 3039.
Barber Asphalt
Corp.—Earnings—
Period End. Sept. 30—
1940—9 Mos.—1939
loss$117,011
$285,902
Earns.persh. of cap. stk.
Nil
$0.73
a
1940—12 Mos.—1939
Net profit--
a
$141,538
$0.36
$121,733
$0.31
After depreciation taxes, &c.—V. 151, p. 837.
Bastian-Blessing Co.—30-Cent Dividend—
Directors have declared
a year-end dividend of 30 cents per share on the
stock, payable Nov. 25 to holders of record Nov. 12.
Regular
quarterly dividend of 40 cents was paid on Oct. 1, last.—V. 151, p. 2341.
common
Bausch & Lomb Optical
9 Months Ended Sept.
Co. (& Subs.)—Earnings—
1940
30—
1939
Net prof.t after deprec., int., Fed. &
Canadian taxes
$1,369,575
2%
Earnings
4%
2%
—V.
3%
3%
1H%
3%
111%
3%
114%
1938
$1,133,899
$337,013
$2.31
$0.36
114%
Percentages of unsubscribed preferred stock to be purchased, and of
optioned preferred stock which underwriter has exclusive right to purchase.
b Percentage of unsubscribed common stock
which underwriter
has
a
on
Other
converted over that of the common stock issued in conversion
being trans¬
ferred to paid-in surplus, and the number of shares of common stock
reserved
for such conversion being correspondingly reduced. '•
sive right to purchase,
1940—9 Mos.—1939
$3,799,264
$3,950,001
2,866,978
2,963,064
are presently
as 5^% cum^conv. preferred
stock, and the re¬
maining 10,000 of said shares (which include the presently outstanding
6 % preferred stock) are to be so designated and issuable after
redemption
or conversion of all such
presently outstanding 6% preferred stock.
The
140,000 shares have been designated and authorized to be issued as com¬
mon
Period End. Sept. 30—
Gross oper. revenues
per
share
on common
stock.
$2.84
151, p. 541.
Beattie Gold
Mines, Ltd.—Extra Dividend—
Directors have declared an extra dividend of two cents in addition to an
interim dividend of four cents per share on the common stock no par value,
both payable Dec. 5 to holders of record Nov.
four cents
were
paid
on
15.
Interim dividends of
Sept. 20, June 17 and March 15, last, and dividends
15, and April 3,1939, and on Dec. 20
of five cents were paid on Dec. 7, Aug.
and Aug. 20, 1938—V. 151, p. 980.
Volume
The Commercial & Financial Chronicle
151
Boeging Aircraft Co. at Seattle and by Boeing's Stearman Aircraft division
Bayuk Cigars, Inc.—Earnings-
at
Consolidated Income Account for 9 Months Ended Sept. 30
Gross
profit
$4,162,803
Selling, general & administrative exp_
2,009,760
Prov. for deprec. of bldgs., equip. &
automobiles
118,871
Amort, of cost of cigar machine li¬
censes and patent rights
1,587
$3,722,512
1,990,498
$3,090,816
1,838,047
113,897
15,776
34,456
$2,032,585
$1,602,342
$1,080,480
82,783
56,979
59,917
$2,115,368
9,405
a809,482
$1,659,321
14,467
348,772
$1,140,397
$1,296,481
$1,296,083
$908,038
44,100
393,060
$3.19
67,778
221,105
$3.12
221.105
...
Total income
Interest
notes
on
payable (net)
Provision for taxes oni ncome.
19,693
212,666
_
Net profit
Divs. on 7% 1st
Earnings
stock
on common
per
share
on com. stock
Provisions for taxes on income includes an accrual for the increase in
Federal normal tax and for the Federal excess profits tax for the nine months
a
period
as
S.
The U.
Corp.—Plant Expansion—
151,
$1,619,508 for
2342.
p
Belding Heminway Co.—EarningsPeriod End. Sept. 30—
After
x
1940—9 Mos.—1939
1940—3 Mos.—1939
$63,720
$83,726
Net profit
Bell Aircraft
$329,698
$328,517
charges but before Federal income taxes.
-y. 151, p.
1136,980.
9 Mos. End. Sept. 30—
1940
$4,703,493
Shares common stock...
2,314,989
Earnings per share
$1.91
x
x
After all charges and taxes.—V.
151,
p.
-Earnings
(& Subs.)
1939
$4,685,781
2,314,989
$1.90
Net income
Bourne Mill-—50-Cent Dividend—
a dividend of 50 cents per share on the common
stock, payable Nov. 1 to holders of record Oct. 24. Dividends of 20 cents
per share were distributed in each of the three preceding quarters.—V.
149,p.3710.
,
1937
1938
$1,415,247
2,314,989
$5,457,631
2,314,989
$1.66
$2.11
1271.
Company announced that all of its employees who are called'into active
or who volunteer during the present emergency will be given a leave
of absence and will accumulate seniority during the period of their service.
They will be granted a full two weeks' pay, totaling 80 hours, at their
current hourly rates, payment to be made when they are called or report for
duty; and they will also receive their vacation pay, which will be paid at
the time of the annual vacation in July.
Employees covered by the com¬
pany's group insurance plan will have the life insurance feature continued
for one year without expense, the company bearing the entire cost.
Upon honorable discharge from the services, the company states, an
employee who is fully able to do available work in line with his seniority,
will be reemployed at the then current rate of pay, provided application is
made within 40 days from the date of discharge.—V. 151, p. 981.
service
Bjrdsboro Steel Foundry & Machine Co.—Earnings—
V
Sept. 30—
1940—9 Mos.—1939
1940—3 Mos.—1939
$98,188
loss$27,694
$193,033
loss$36,265
$0.49
Net prof, after all chgs..
Earns, per sh. on 200,000
Nil
$0.96
Nil
shs. common stock
—Y. 151, p. 2342.
Period End.
x
Sept. 30—
1940—9 Mos.—1939
$49,849 prof$44,721
1940—Month—1939
$39,192 prof$28,126
Net loss
After ordinary taxes, rental and interest, but before amortization
income taxes.—V. 151, p. 1136.
x
Briggs & Stratton Corp.—Earnings1940—12 Mos.—1939
Period End.Sept. 30—
1940—9 Mos.—1939
profit from opera'n
before depreciatioi
$905,423
$1,147,287
68,744
72,563
Depreciation
91,410
$836,680
$1,328,471
$972,117
67,249
69,161
100,461
90,932
$1,141,972
308,378
$905,840
189,438
$1,428,933
367,939
$1,063,049
214,177
$833,595
$716,402
$1,060,993
$848,872
cellaneous charges.
Net
profit
before
in¬
taxes
Fed. & State inc. taxes..
Net profit
—V. 151, p. 689.
next regular monthly board meeting, which has been
tentatively scheduled for Nov. 25.
Regular quarterly divided of 25 cents
was paid on Sept. 23, last.—Y. 151, p. 690.
Brown Co.
(Maine)—Plan Approved—
Federal Court
approved of a reorganization plan on Oct. 21 cleared the
for financial rehabilitation of the company.
Federal Judge John A. Peters's consent followed approval by a ma¬
jority of the bond and stockholders and creditors of the concern which for
five years has operated under section 77b of the Federal Bankruptcy Act.
The approval will result in increased working capital, funds for plant
improvement at Berlin, N. H., and La Tuque, Canada, and for payment of
prior obligations.
The company headquarters are in Portland, Me.
Un¬
secured creditors have until Nov. 30 to decide whether to take cash or pre¬
way
ferred stock in the reorganized company in settlement of claims.
The plan provides for the borrowing of $10,000,000 from the Reconstruc¬
tion Finance Corporation, which will occupy a senior position in the revised
capital structure.
receive $600 in new general mort¬
bonds, due 1959, for each $1,000 principal amount now held,
Holders of the outstanding bonds will
5%
gage
together with voting trust certificates for 6H shares of new $6 cumulative
preferred, and voting trust certificate for 28 new common shares.
Holders of the present preferred will obtain voting trust certificates for
12 M new common shares and each present common share will receive voting
% of a share of new common, plus a warrant for the
purchase of 2M new common shares at $8.50 a share during a six-year
period—V. 151, p. 2344.
Mfg. Co.—Registrar, &c.—
(Edw. G.) Budd Mfg. Co.—Earnings
Period End. Sept. 30—
1940—9 Mos.—1939
1940—3 Mos.—1939
Net prof, after taxes,int.,
rec.
1940
.e34,353,959 36,361,832
152,698
secure,
for securs. sold.
Cash
2,170,463
1,548,836
c
Power
Assocs., Inc. (in
130,200
liquidation)
52,733
5,000,000
10,121,450
b Common stock. 7,489,483
7,489,483
Surplus
10,962,206 11,088,333
Earned surplus
4,654,411
4,626,194
a Treasury stock.. Dr301,181
Dr332,426
Notes pay. to bks.
equity in remain'g net assets
Total
26,129
Budd Wheel Co.—Earnings—
Period End. Sept. 30—
purch...
Prov. for taxes
39,849
106,417
4,000,000
1, '38
loss$41,332
Sept. 28, '40 Sept. 30, '39
$477,599
$262,477
31 Months Ended—
Profit from operations
...
Loss from demol. of old bldgs. & dis¬
posal
of obsolete equipment
(The
on
;
plant & equip.52,711
xl02,403
82,335
112,190
65,871
30,741
Prov. for Federal income tax
Profit for the period
x
$322,485
Includes adjustment to date under
$0.03
$0.57
$310,035
$0.14
Government Contract—
Burroughs Adding Machine
Co.—20-Cent Dividend—
Directors have declared a dividend of 20
cents per share on the common
stock, payable Dec. 5 to holders of record Nov. 2.
were paid in preceding quarters.—V. 151, p. 1427.
Business
Dividends of 10 cents
Capital Corp.—Earnings—
4949
6 Months Ended July 31—
Net income after all charges
_
$10,18o
$5,8lb
151, p. 406, 240.
—V.
Butler Brothers,
Inc.—Interim Dividend—
Directors have declared an
stock, payable Dec.
common
interim dividend of 15 cents per share on the
6. Similar pay¬
1 to holders of record Nov.
March 1, last. Dec. 1 and on March 1,
quarterly dividend of like amount was
542.
1939 and regular
paid on March 1, 1938.—V. 151,
page
California Water Service Co.—Notes Called—serial notes have been called for redemption on
1 as follows: 3 Ms due 1941, called at 100; 3 Ms due 1942 called at
100M; 4s due 1943 called at 100M; 4s due 1944 called at 100Ml 4Kb due
1945 called at 101; 4Ms due 1946 called at 101M-—V. 151, p. 1887.
All of the outstanding
„
Saltex Looms, Inc.)
Prov. for deprec.
$577,057
$0.22
Company has recently been awarded two contracts totaling $1,502,215
artillery ammunition components for the U.S. Government.
—V. 151, p. 2037.
ment was made on
Oct.
$33,761
to manufacture
a
(Sidney) Blumenthal & Co., Inc. (& Subs.)- -Earnings
$223,812
Earns, per sh. on com
36,700,546 38,193,567
Total
Represented by 7,557 (8,830 in 1939) shares of cumulative optional
$3 convertible preference stock at cost,
b Represented by shares of $1 par
value.
Of the authorized 12,500,000 $1 par value shares, there are 581,185
shares reserved for conversion of preference stock: 1,142,914 shares of
dividends on preference stock (maximum annual requirements 48,433 shares)
and 228,301 shares for exercise of warrants (to purchase at any time shares
of common stock at $20 per share,
c 395,020 (404,858 in 1939) shares, no
par value, at stated value of $25 per share,
e At average book values
based on last sale or bid prices at Sept. 30, 1940, the aggregate market
value was $27,877,123.
The income statement for the nine months ended Sept. 30 was published
In V. 151, 2342.
1940—9 Mos.—1939
1940—3 Mos.—1939
Net profit after deprec..
Fed. inc. taxes, &c
Preference stock. 9,875,500
36,700,546 38,193,5671
After deducting
,
542.
13,166
10,847
Due to brokers for
brokers
Elec.
11,369
crued expenses.
136,275
p.
Accts. pay. and ac¬
and int.
accrued
of
$
Liabilities■
S
x
1939
$
1939
1940
Assets—
■
$1,064,353lossx$126920
$0.45
Nil
$751,615 for development and advertising.—V. 151 •
$99,001 loss$401,854
Nil
Nil
depr. & other charges.
Earns, per sh. on com..
Ridge Corp.- -Balance Sheet Sept. 30—
from
common
dividend until the
Company has notified the New York Stock Exchange that the appoint¬
Maryland Trust Co. and the Baltimore National Bank as corespectively, of the common stock of the
company were terminated at the close of business Oct. 11, 1940.—V. 151,
Due
:\
'
Brooklyn Union Gas Co.—Dividend Deferred— ■;
Directors at their meeting held Oct. 24 deferred action on the
ments of the
Divs.
$1,063,527
$1,424,020
95,549
Net profit from oper__ $1,074,724
Other income, less mis¬
transfer agent and co-registrar,
Investments
and
trust certificates for
Black & Decker
Blue
.
Bowman-Biltmore Hotels Corp.—Earnings—
Bigelow-Sanford Carpet Co., Inc.— -To Pay Draftees—
Period End.
Corp.-—50-Cent Dividend—
Directors have declared
come
Corp.—Plant Expansion—
The U
S
Government recently allotted this company $1,023,200 for
plant expansion construction —V. 151, p. 2342.
Beneficial Industrial Loan Corp.
Gov¬
At the
will be
Net
Government recently allotted this company
plant expansion construction—V
x
Bohn Aluminum & Brass
imposed by the Second Revenue Act of 1940.—V. 151, p. 688.
Beech Aircraft
will provide the funds for construction.
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 18 to holders of record Dec. 3. Like amount was paid
on Oct. 1, last and previously regular quarterly dividends of 25 cents per
share were distributed.—V. 151, p. 1136.
88,918
$2.08
the company
transferred to the Government.—V. 151, p. 1136.
pref. stk. (outstand¬
ing, 16,910 shs.)
Dividends
case
ernment will reimburse the company over a period of five years.
end of five years the companies can purchase the property or title
137,833
Discount, rental, divs. & miscell. inc.
(incl. divs. of $10,500 from con¬
trolled co. not consolidated)
Wichita, Kan.
In each
1938
1939
1940
Profit...
2487
$165,865 loss$235,857
Revenue Act.—V. 151, p. 837.
Nov.
Callaway Mills'—Dividends—
Company paid a dividend
Oct. 19 to holders of record
of 16 cents per share on its common stock on
This compares with 15M cents paid
Oct. 10.
July 20, last; 19M cents on June 20, 11M cents on May 20, 15 M cents
on Feb. 20, 15 cents on Jan. 20, last; Dec. 20, 1939, and on Nov. 20, 1939;
30 cents on Sept. 20, 1939, two cents on Aug. 20, 1939; seven cents on
on
Boeing Airplane Co. (& Subs.)—Backlog—
Company and subsidiary companies report a backlog of unfilled orders
totaling $203,020,211 as of Sept. 30, 1940, the end of the third quarter.
This compares with $23,002,574 as of Dec. 31, 1939, and $52,932,702 as of
July 20, 1939; 22 cents on
June 30, 1940.
tributed
The figures include business of the Stearman Aircraft Division of Boeing
Airplane Co., Wichita, Kan., the Boeing Aircraft Co., Seattle manufactur¬
ing subsidiary of Boeing Airplane Co., and Boeing Aircraft of Canada, Ltd.,
at Vancouver, B. C.
(Canadian amounts included in the totals are on the
basis of Canadian dollars at par.)
► Following is the company's report of orders received, deliveries made,
and unfilled orders for the quarter ended Sept. 30, 1940, and for the nine
months ended Sept. 30, 1940:
Quarter Ended 9 Mos. Ended
Sept. 30, 1940 Sept. 30. 1940
Unfinished business—beginning of period—
$52,932,702
$23,002,574
New business booked during period
156,719,582
194,727,420
cents
paid
on
on
June 20, 1939: 19 cents on
March 20, 1939, and a
Feb. 20, 193y.—V.
April 20, 1939, 11
dividend of 15 cents per share dis¬
151, p. 543.
|
„
Deliveries during
period
—
Unfinished business—Sept. 30,
The War Department
1940
^
^
$209,652,284
6,632,073
$217,729,994
$203,020,211
$203,020,211
14,709,783
announced on Oct. 19 the signing of contracts by
$10,000,000 of plant expansion by
which the Government will underwrite
Campbell Wyant & Cannon
x
Earns, per
x
151,
sh. on com
After all charges
p.
Foundry Co .—Earnings—
IKf"l14|72
$0.07
$0.19
including depreciation and
$1.12
$0.08
Federal income taxes.—V.
543.
Canada Cement Co.,
Directors have
Ltd.—Accumulated Dividend—
share on account of
$100, payable Dec. 20
paid in each of the six
declared a dividend of $1.25 per
accumulations on the 6xA°7o cum. pref. stock, par
to holders of record Nov. 30.
Like amount was
preceding quarters.—V. 151, p.
1565.
Canada Wire & Cable Co., Ltd.—Interim Dividend—
Directors have declared an interim dividend of 50 cents per share on the
class B stock, payable Dec. 15 to holders of record Nov. 30.
Dividend of
25 cents were paid In preceding quarter.—V. 151, p. 1273.
The Commercial & Financial Chronicle
2488
Canadian Industrial Alcohol
Liabilities—Accounts
Co., Ltd.—Year-End Div.
interest and
Directors have declared a year-end dividend of 15 cents per share on the
class A and class B stocks, payable Nov. 30 to holders of record Nov. 20.
Similar amounts were paid on Nov. 30, 1939, and dividends of 10 cents
per
share
Ry.—Earnings of System-
$3,927,467
revenue
$6,304,642 $27,968,316
Carnation
Gross
$5,201,981
revenues
1939
$5,192,453
Co.
(& Subs.)—Earnings—
Consolidated Earnings for the
$6,652,354
Profit from
Earnings of the System for the Week Ended Oct.'21
1940
expenses,
pleted contracts. $41,000; provision for additional costs and possible future
expenses on completed contracts and sales, $134,334; provision for con¬
tingencies, $137,765; funded debt, $2,420,000; billings to customers in
excess of related
costs of uncompleted contracts, $77,421; capital stock
(par $1), $391,386; capital surplus, $3,125,62o: deficit, $706,575; capital
stock in treasury, 578 shares, Dr$578; total, $6,262,832.—V. 151, p. 1137
Period End. Sept. 30—
1940—Month—1939
1940—9 Mos.—1939
Operating revenues
$21,119,220 $22,645,303 $178415,991 $142245.937
Operating expenses
17,191,753
16,340,661 150,447,675 135,593,583
Net
26, 1940
laneous taxes, $75,999; provision for estimated additional costs on uncom¬
paid on Nov. 30, 1938.—V. 151, p. 406.
were
Canadian National
Oct.
payable, $425,864; accrued wages, commissions,
$140,591; provision for Federal, State and miscel¬
Year Ended Dec. 31, 1939
operations
Provision tor depreciation
Provision for general obsolescence
Increase
$4,109,211
903,772
,
44,746
$9,528
—V. 151, P. 2346.
Net
operating income
.
$3,160,692
106,669
...
Other income
Canadian Pacific
Ry.—Earnings—
Total income
Interest paid.
Earnings jor the Week Ended Oct. 14
1940
Traffic earnings
—V. 151, p. 2346.
1939
$3,301,000
Canadian Westinghouse
Decrease
$3,697,000
Miscellaneous charges
Provision for Federal income taxes
Co., Ltd.—Earnings—
Earnings for the Year Ended Dec. 31, 1939
Net
Net earnings from operations
Interest on Investments
Earnings
81,440
$2,508,095
172,033
1,219,202
$3.83
.....
share of common stock.
per
Consolidated Balance Sheet Dec. 31, 1939
$1,578,660
—
Depreciation written off property and plant
Executives' remuneration and legal fees
Transferred to employees' pension trust fund
432,000
13,800
90,654
50,000
Provision for Dom. Prov. & munic. income taxes
163,032
Directors' fees
-
Assets—
Liabilities—
Cash
$1,857,248
1,071,683
Marketable securities
Accounts and notes rec. trade
.
$829,175
955,500
$1.51
.
per share of capital stock
Balance Sheet Dec. 31, 1939
Assets—Cash, $1,246,603; government bonds, Ac., $4,321,273; accounts
receivable less reserve, $1,730,405; inventories, $4,553,209; property and
(net)
Sundry debtors
2,907,278
126,746
Inventories
Net profit
Dividends paid
(546,000 no par shares),
total,
$17,715,381.—V. 149,
Carib Syndicate,
p.
$9,100,000; earned surplus,
1618.
Minority
1
169,742
a
a
$68,605
11,133
4,194
32,223
*
Net operating income—Watkins Lease, Texas.
21,054
38.774
Other income—net
Total income
Administrative expenses
_
General expenses
Federal income tax
„
$59,828
28,124
14,984
1,021
a
Consolidated Earnings for the Year Ended Dec. 31, 1939
on sales
$994,398
Commissions earned
per
After
for
let profit from operations.
rovision for contingencies
Miscellaneous income (net)
Provision for Federal income taxes..
$235,237
26,747
4,596
39,340
_
depreciation
and
obsolescence
amounting
Caterpillar Tractor Co.—Earnings—
12 Mos. End.
Sept. 30
1940
1939
1938
1937
$66,165,788 $55,567,946 $46,239,005 $66,398,366
sales
Cost of sales, oper. exp.,
53,416.670
Ac., less miscell. inc..
2,534,627
46,877,324
2,507,929
40,177,490
2,352.093
50,212,799
2,112,322
.$10,214,491
211,498
110,848
$6,182,693
297,105
24,940
$3,709,422
446,187
9,851
$14,073,245
496,713
5,870
$10,315,141
2,724,770
$6,454,857
1,390,094
$4,145,759 $14,564,087
1,040,903
2,611,028
$7,590,371
$5,064,763
$3.104,855 x$l 1953,059
Depreciation
Profit
Interest earned
Interest paid
Net profit before Fed.
taxes
Prov. for Federal taxes..
Net profit
Before deducting provision for any amount which may become due for
x
surtaxes on undistributed
earnings—carried to surplus.—V. 151, p. 1716.
Balance Sheet Sept. 30
1940
Assets—
Liabilities—
Notes & accts.
$
6,190,554
9.720,148
7,739,253
Cash
9,316,952
rec.
less reserves
Inventories
Pat'ts,
1940
1939
$
18,990,069 14,732,945
trade-mks.
Dividends paid
on
$173,746
118,136
class A stock
Note—Provisions for
amounted to $25,404.
depreciation charged to operations during the
year
Consolidated Balance Sheet Dec. 31, 1939
Assets- Cash, $169,379; accounts and notes receivable
(net), $804,338;
inventories, $628,523; prepaid expenses, $18,905; other assets,
$87,583;
assets (net),
$145,097; goodwill, trademarks, &c., $100,000; total,
$ltvOO|0<w5t
Liabilities—Notes
payable,
$100,000;
accounts
payable,
$127,102;
commissions, Ac., $26,663; accrued taxes, $20,315; reserve
taxes, $39,000; reserve for contingencies,
$55,600;
5^<J,rity,tnt'ere8t 411 capital stock and surplus of Henry K. Davies A Co.,
§7,837; dass A stock, $1,117,382; class B stock, $192,035; capital surplus,
$82,702; earned surplus, $291,024; capital stock held in treasury—at cost—
(class A—5,472 shares, class B—4,253 shares),
Dr$105,836; total, $1,953.accrued salaries,
for
Federal
oAo',—V.
income
151, p.
1566.
*
Corp. (& Subs.)—Earnings—
Consolidated Earnings}or Year Ended Dec. 31, 1939
Completed contracts and sales, less returned sales
$11,654,711
Costj.0 icompleted contracts and sales
9,286,382
Gross profit.
Selling, administrative
and genera
^expenses
Net operating profit
$2,368,329
2,331,697
$36,631
249,236
Other income
932,234
594,339
expenses
Div. pay.on red.of
oref. stock
Other
Net
$285,867
267,079
Total..
52,028,955 53,655,558
Earnings
per
share of capital
stock".""1121111111 ""I"
$18,788
$0.05
Consolidated Balance Sheet Dec. 31, 1939
5810,435; accounts receivable (net), $671,945: inventories,
$2,599,576; cash (representing amount required in 1940 to meet
sinking
fund provisions and $277
deposited in sinking fund), $54,703; miscellaneous
notes and accounts receivaole and
investments (net), $207,247; land and
buildings held for sale, $132,500; land, buildings,
machinery and equip¬
ment (net), $1,541,739;
prepaid expenses and deferred charges, $244,687;
patents, design, development, research and goodwill, $1;
total, $6,262,832.
Total
11,338,300
9,411,200
13,733,577
14,890,133
52,028,955 53,655,558
x After reserve for depreciation of $14,729,257 in 1940 and
$13,410,767
In 1939.
y Represented by 1,882,240 no par shares,
z Does not include
any amount for Federal surtaxes on undistrubuted earnings,
a No pro¬
vision has been made for any excess profits tax.—V. 151, p. 1716.
Catalin Corp. of
Years End. Dec. 31—
Net sales
Gross profit on sales.
Selling & admin,
expenses
Net addition to surp..
.
Total
Dividends
1938
1937
1936
$1,223,437
920,336
$1,352,242
949,504
$1,628,944
1.076,602
$535,193
$303,101
225,754
Cr29,313
122,951
_
exps
Income charges
Miscell. adj. (net)
Federal income taxes
1
Surtax on undist. profits/
197,785
Cr31,569
68,319
3,458
$402,738
199,739
Cr28,975
$552,342
161,931
Cr33,340
99,329
15,111
Cr27,997
Surplus end of periodEarns. per sh. on 536,892
Dr 19.875
6,712
3,068
Dr27,479
40,589
$165,315
787,944
$38,522
766,130
$91,454
674,676
$281,055
608,377
$953,259
1,096
80,534
$804,652
$766,130
$889,432
148,772
I 7,482
3,193
214,757
13",515
$871,629
$787,944
$766,130
$0.31
$0.07
$0.17
shares capital stock
9 Months Ended Sppt. 30—
1940
Net profit after charges A Fed'l taxes
Earns, per sh. on 536,892 shs. cap. stk
.
Not before Federal
69,384
3,458
Drl2,133
34,895
Other surplus charges—
a
-Earnings—
1939
Other income
Other
America (& Subs.)'
$1,768,050
1,232,857
Add'l taxes, prior years.
income
143,444
z1,150,394
Land,
Previous earned surplus
,!ncome
charges
$
2,394,171
1
1 Res. for Fed. tax.. a2,289,996
Notes pay. to bks. 4,000,000
buildings,
equipment, Ac. .20,083,035 19,831,482 Pref. stk. not yet
Prepaid Insurance,
presented for red.
50,220
taxes, Ac
26,043
54,030 Pf. stk. (par $100)
y Commonstock— 9,411,200
Capital surplus.-.13,733,577
Earned surplus. —18,718,927
x
Cost of sales
Carrier
1939
S
Accounts payable. 2,892,802
Accrued payroll A
and goodwill
piNet profit
to
Assets—Cash, $115,327; notes and accounts receivable (net), $123,122;
inventories, $335,682; other assets, $692; plant and equipment (net),
$726,279; prepaid items, $5,199; total, $1,306,302.
Liabilities—Accounts payable and current accruals, $109,189; class A
6% preferred stock ($100 par), $500,000; class B 6% preferred stock ($40
par), $200,000; common stock (17,628 shares of no par value), $176,280;
surplus, $289,785; reserve for contingencies, $31,048;j total, $1,306,302.
—V. 151, p. 407.
8,567
$1,002,965
767,728
$114,636
$4.12
share of common stock
provision
Balance Sheet Dec. 31, 1939
Net
Gross profit
_
$144,433
22,342
7,455
contingencies"
$60,470.
(& Subs.)—Earnings—
.
$25,140,741
Net income
$0.02
Assets—Cash,
$116,883;
accounts
receivable, $10,519;
marketable
securities, $935,136; investment in Mid Plains Oil Corp., $112,607; pro¬
ducing properties and equipment (net), $230,762; oil
payments, Illinois
(net) (face value $27,701), $15,777; oil royalties, Illinois, $10,071; Mis¬
sissippi Exploration Syndicate, $5,000; furniture and fixtures (net), $1,598;
total, $1,438,353.
Liabilities—Accounts payable, $6,026; reserve for taxes and contingencies,
$58,352; capital stock ($0.25 par), $210,079; capital surplus, $1,117,550;
earned surplus, $207,997; 144,297 shares of capital stock
held in treasury,
at cost, Dr$161,651; total,
$1,438,353.—V. 146, p. 1233.
...
Total
$25,140,741
1,575
2,938,600
10,058,367
6,947,786
Represented by 609,598 no par shares.—V. 149, p. 3867.
Net profit from operations
$15,700
($0.25 par)
Balance Sheet Dec. 31, 1939
WGross profit.
Selling, general and administrative expenses
company
5% 1st pref.stock, cumulative
Estimated Federal income taxes
$66,693
1,911
cap. stock
340,948
1,083,504
subsidiary
in
Common stock....
Earned surplus
Earnings
696,020 of
int.
a
Amount transferred to "reserve for
-
Carman & Co., Inc.
Prov. for Fed. income taxes..
Reserves
and
Total
274,288
649,633
Earnings for the Year Ended Dec. 31, 1939
Watkins Lease. Texas—
Oil production sales
per share on
stock taxes
Carthage Mills, Inc.—Earnings—
Earnings for the Year Ended Dec. 31, 1939
Net profit
346,646
Accrued local and Fed. capital
Dividends payable
sites, buildings, ma¬
chinery and equip, (net)..
Patents,
trade-marks
goodwill
Deferred charges
$2,499,394
$6,426,766;
•
Gross operating income
Operating expense
Federal, State and local taxes
Depreciation and depletion
payable and
accrued expenses....
1,331,525
Plant
Ltd.-—Earnings—
Miscellaneous income
payable and
payrolls
Other accounts
9,177,157
Investments and other assets.
for service guarantees, $81,000; advance payments received on contracts,
$353,566; provision for taxes, $175,000; general reserve, $400,000; capital
stock
Trade accounts
8,499,362
plant (net), $5,780,855; prepaid insurance and deferred charges, $74,036;
patents, rights and licenses, $1; total, $17,715,381.
Liabilities—Accounts payable and accrued charges, $1,179,049; provision
Earnings
profit
Common dividends
175,854
Gross income
Earnings
.......
Preferred dividends
$1,321,366
Profit on sale of investments
$3,267,361
16,141
53,500
97,280
7,171
585,173
Reduction in carrying value of miscellaneous assets.
Provision for foreign exchange loss
$396,000
excess
a$143,181
$0.26
profit taxes.
1939
$114,414
$0.21
$674,676
$0.52
1938
$34,008
$0.06
Volume
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash,
2489 J
The Commercial & Financial Chronicle
151
Central States Edison, Inc.—Tenders—
$109,062; accounts receivable (net), $252,870; notes re>aid insurance, $11,306: note
equipment (net), $450,157;
goodwill, at cost, $347,243;
total, $1,598,743.
Liabilities—Accounts
payable,
$80,641; trade acceptances payable,
$35,917: Federal and State taxes payable, $44,163; capital stock (536,892
shares), $536,814; earned surplus, $871,629; capital surplus, $29,i>78;
total, $1,598,743.—V. 151, p. 543.
Celotex*Corp.—Transfer Agent—
*
Corporation has notified the New York Stock Exchange of the appoint¬
City of New York and the Chemical
Bank & Trust Co. as transfer agent and registrar, respectively, of the 5%
cumulative preferred stock of the company, effective as of the close of
business Oct. 31, 1940 —V. 151, p. 1427.
ment of The Chase National Bank of the
The Chase National Bank, trustee, is inviting tenders for the sale
to it
of 15 year collateral trust bonds due March 1, 1950 in an amount sufficient
to exhaust the sum of $7,709 now on deposit.
Tenders should be made at a
specified
percentage of the principal amount of the bonds plus
accrued
interest at 5% and will be received at the corporate trust department of the
bank, 11 Broad St., New York, up to noon on Nov. 7,1940.—V. 151, p. 839.
Central
Gas
Wisconsin
Co.—Bonds
of $85,000 1st mtge. sinking fund 5%
offered at 101 and int. by Ray T. Hass,
Offered—An issue
bonds was recently
231 South La Salle
St., Chicago.
Dated Aug. 1, 1940; due Aug. 1, 1960.
Denoms. of $1,000 and $500.
Trustee, Trust Company of Chicago.
Interest payable February and
Aug. 1 at trustee's office.
Issue authorized by P. S. Commission of Wisconsin.
Central Arizona Light & Power Co.
Period End. Sept. 30—
Operating
Operating
$345,011
136,056
77,654
$4,643,784
2,179,856
868,234
$4,213,827
1,945,284
757,584
50,000
30,000
445,000
447,300
2,913
2,913
34,960
34,960
$98,388
$1,115,734
17,271
$1,028,699
30,644
$1,133,005
227,500
9,527
$1,059,343
227,500
8,595
$427,012
.
189.411
Property retirement re¬
serve appropriations.
-
of
Company
1940—12 Mos.—1939
76,166
.
revenues
expenses
Direct taxes
Amort,
—Earnings—
1940—Month—1939
limited-term
investments.
$108,522
3
Other income (net)
103
16
$108,625
18,958
$98,404
708
695
was
incorporated in 1929 in Wisconsin.
It recently purchased
the assets and assumed the liabilities of Southwestern Wisconsin Gas Co.,
an affiliate
company also incorporated In 1929 in Wisconsin.
Both com¬
panies
within
were formed to build and operate gas plants and distribution systems
Wisconsin.
They supply artificial gas without competition to
approximately 1,416, connections in the cities of Sparta, Tomah, and
Waupaca.
Gas if manufactured from Butane, at a centrally located plant
in each city.
Company
structed in
owns in fee, three Butane gas manufacturing plants, con¬
1930, and has approximately 207,623 feet of mains in the three
Franchises issued in 1929 in each of these cities contain no
cities named.
unusual
or
burdensome restrictions.
Operative Income Year Ended Dec. 31
Gross income
Interest
.
mtge. bonds.
on
Other interest
18,958
Interest charged to con¬
struction
Crl,163
...
Net income.
108,054
Balance.
-V.
151,
$823,248
108,054
$789,087
$715,194
$897,141
$88,959
$78,751
Dividends applicable to pref. stocks for the period
—_
....
1716.
p.
Central Cold Storage
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1939
$785,631
461,425
167,730
79,699
Operating revenue
Operating cost.
Administrative expense
Depreciation
1936
1937
1938
1939
+1940
$43,445 $49,186 $54,518 $56,997 $28,210
25,347
28,884
33,691
33,439
17,433
Ne operating income,
let
20,301
18,097
10,776
20,827
23,557
Reserve for depreciation._
2,606
2,933
3,404
2,314
3,252
Available for interest & dividends 15,490
17,368
20,152
8,461
17,574
Meters in service
1,416
1,130
1,239
1,354
1,327
Gas sales
Oper.
Op
exps. incl. maintenance—-
t Six months.
Company covenants to establish a sinking fund commencing Aug. 1,
1941, of $2,000 annually to and including the maturity of the bonds.
This
means that the company will experience fixed charges for annual interest
and sinking fund provisions on this issue, beginning with $6,250 in the first
year and decreasing by $100 per annum in each succeeding year.
Bonds are callable on any anniversary date, in whole or by lot, at 105
to and incl. Aug. 1, 1945; 104 to and incl. Aug. 1, 1950; 103 to and incl.
Aug. 1, 1955, and 102 thereafter to maturity,
Central Ohio Light & Power
Period End.
$76,777
15,467
10,116
Net profit from operations.
Interest on mortgage notes.Federal income tax
Net profit..
$51,194
95,000
Assets—Cash, $186,785; notes and accounts receivable (customers),
$657,159; other accounts receivable, $33,561; merchandise, $607,432;
prepaid expenses,-$12,790; investments, $35,919; land, $717,338; plant
and equipment (net), $1,676,852; other assets, $5,601; total, $3,933,436.
Liabilities—Accounts payable, $24,438; notes payable (banks), secured),
$450,000; notes payable (others), $15,000; mortgage notes due currently,
$116,000; accrued taxes and interest, $84,816; long-term liability, $232,000;
deferred income, $15,200; common stock ($20 par), $2,000,000; earned
surplus, $1,080,341; treasury stock (5,000 shares at cost), Dr$84,359;
total, 3,933,436.—V. 150, p. 2414.
chgs.
on
funded debt
$152,056
1,285
$129,642
1,010
$652,900
7,109
$153,341
$130,652
$660,009
39,000
40,966
3,792
34,500
48,224
149,500
163,966
16,917
330
Non-operating Income (net)
Gross income
3,188
10,146
802
35,489
Cr 273
Crl ,638
Provision for renewals, replacements,
and retirements
Interest
on
Interest
on notes
bonds
Interest
on
unfunded debt
Amort, of debt discount and expense.
Amortization of premium on debt
Taxes assumed
on
981
5,567
Cr408
50
922
2,077
$64,043
$32,965
$292,896
interest—------%
Amortiz.
$83,386
13,557
Fed. income tax_-—
Int.
1937
&
deprec.
226,238
553,451
78,620
136,214
Taxes, excluding Federal inc. taxes.-
Net Income
1938
1939
1940
3 Mos. End. Sept. 30—
Net inc. from oper .before
int.
(& Subs.)—Earnings—
49,752
131,865
20,918
32,483
-
Income from operations
Balance Sheet Dec. 31, 1939
Central Foundry Co.
54,668
132,046
21,461
34,256
Operations
Maintenance
Dividends paid-
Co.—Earnings—
12 Mos. '40
1940—3 Mos.—1939
$394,487
$364,660
$1,647,424
Sept. 30—
Total operating revenue
Purchased power
$80,895
14,358
loss$52,128
13,366
$14,860
13,430
2,358
2,755
34,820
3,343
1,946
32,151
2,758
673
2,918
11,934
26,882
.........
$3,165
2,984
$280,962
2,791
832
of
Intangibles—appraisal
cost of financing
Duplication of Interest on bonds and
notes called for redemption
Amort, of debt disc't &
Balance to surplus
'
expense
Other interest
Depreciation
17,732
22,254
$61,059
....
Balance Sheet Sept. 30, 1940
Assets—Property, plant and equipment, including Intangibles, $7,226,953;
accounts, $32,138; cash, $156,920; cash on deposit
trustee, $4,187; accounts receivable, $144,788; notes receivable—
merchandise contracts, $9,911; notes receivable—merchandise contracts
investment and fund
Net
with
before adj.
prof,
$29,097
$29,896
of Fed. income tax-
Adjust, of
loss$91,338
loss$19,767
discounted
for Fed.
pro v.
Cr5,984
x2,500
income tax
Net profit
$29 097
$27,396
loss$91 338
loss$13 78
Federal income tax (estimated) based on Second Revenue Act of 1940.
Note—No provision has been made in the above income account for 1940
x
profits tax, since based solely on the results of operations
through Sept. 30, 1940, computed in accordance with such tax require¬
liability therefor is indicated.—V. 151, p. 1566.
for Federal excess
ments—no
Gas & Electric
Central Hudson
Period End. Sept.
Gross revenues.
364,315
331,474
aNetincome-a
Corp.—Earnings—
1940—3 Mos.—1939
$2,261,326
$2,103,020
30—
After depreciation, interest, taxes,
Central Indiana Power Co.
1940—12 Mos.—1939
$8,915,282
1,686,015
$7,955,714
1,497,822
19^0—9 Mos.—1939
Operating revenues
$4,502,468
$4,213,374
Oper., expenses & taxes.
3,533,094
3,459,219
Chamberlin Metal Weather Strip Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1939
$3,634,400
sales
1,841,445
Cost of
products sold
Selling, general and administrative expenses
(& Subs.)—Earnings—
Period End. Sept. 30—
1,
1941), $100,000; accounts payable, $52,552; consumer's deposits refundable,
$7,276; notes receivable—merchandise contracts discounted (contra),
$1,781; interest accrued, $29,613; taxes accrued, $63,595; other accrued
items, $7,470; deferred credits, $53,572; reserves, $813,651; $6 cum. pref.
stock ($1,322,000; surplus appropriated for increasing shareholders' equity,
$41,500; total, $1,363,600; loss 148 shares in treasury, $13,320), $1,350,180;
common stock (20,000 no-par shares) $1,000,000; earned surplus, $299,254;
total, $8.170,944.—V. 151, p. 2185.
Net
&c.—V. 151, p. 407.
(contra), $1,781; materials and supplies, $81,965; prepayments,
$11,605; deferred debits, $500,695; total, $8,170,944.
Liabilities—Long-term debt, $4,392,000; 3serial notes (due Aug.
1940—12 Mos.—1939
$6,047,994 $5,605,980
4,766,954
4,587,213
...
Other income
-
—
$138,214
42,649
Gross income
$754,155
Pr2,382
$976,689
$751,7 <3
481,890
$1,289,096
585.869
$1,015,662
419,169
$557,520
income-
$1,281,039
7,315
Net operating
$269,882
$703,227
$376,399
♦969,374
other income
~
Gross income,
Int. & other deductions-
Net income
8,056
$1,018,766
Dr3,104
639,262
Consolidated Balance Sheet Sept. 30
$
$
20 ,716,449 19,934,581
Utility plant—
725.000
and
equipmentCap. stk., discount
$
5,625,517
12,300
18,300
stock
Com. stock ($100
par)
12,033,000 12,033,000
Long term debt—10,966,629 10,349,755
376,653
27,361
investments
376,653
4,420,528
30,473
Def. liabilities
168,496
163,182
Accounts payableDue to affil. cos—
145,125
125,185
292,622
17,561
Sink, fund <fc spec.
deposits
Accrued accounts-
913,479
325,039
385,356 Other misc. liablls-
20,687
1,391,961
145,780
120,473 Contrlb. in aid of
construction
118,936
747,263
574,233 Deficit
3,551,462
32,812
393,750
debt
discount & exp.
Deferred charges &
prepaid accounts
Reserves
Cash
970,768
Accts. rec. (net)..
597,659
Due from affil. cos.
7,449
Matls. & supplies.
341,462
-
.———
178,415
805,890
21,951
1,037,454
116,902
2,878,303
27,975,854 27,758,684
Total
Total
-27,975,854 27,758,084
863,624
54.000
$0.47
amounted to $52,719.
Balance Sheet Dec. 31,
1939
$231,101; trade accounts receivaDle (net), $832,576;
inventories. $415,387: other assets, $56,512; property, plant and equip¬
ment
(net), $260,747; goodwill, $1; deferred charges, $58,813; total,
$1 855 138
JUinb'iliAvs—Notes payable to bank and through broker, $300,000; ac¬
counts
payaole, $112,661; accrued Federal capital stock tax, $2,326;
Federal tax on income, $14,167; capital stock (par $5), $675,000; capital
surplus, $356,154; earned surplus, $394,831; total, $1.855,138.—V. 150,
p. 1595
Assets—Cash,
Charis Corp .—Earnings—
1939
Gross profit on
Other income
sales-.
Central Power Co.<—Dividends—
15, declared a dividend of $3.50 per
share on the 7% cumulative preferred stock and $3 per share on the 6%
cumulative preferred stock or the company, as payment on the dividend
accumulations in arrears, payable Oct. 30, 1940, at stockholders of record
at the close of business on Oct. 28, 1940.
This payment will eliminate all dividend accumulations In arrears on the
7% cumulative preferred stock and 6% cumulative preferred stock.
See
also V. 151, p. 1888.
a
Total income
Federal income taxes
-.---7-,-
possible assessm't of social security taxes
Net profit
Amount earned per
.
capital stock outstanding.
share on capital stock
$548,849
$98,811
8,357
Income on investments
2,767
8563,855
465,044
. —
meeting held Oct.
Aver. no. of shs. of
$546,082
3,391
profit
Selling and administrative expenses
Prov. for
1938
$560,464
Calendar Years—
151. p. 543.
Directors at
11,000
3,056
3,810
14,074
—
Earnings per share of capital stock
Gross
—V.
-------
-
Net profit
Dividends paid---
Note— Provision for depreciation for the year
4 ,420,528
-
co
Federal tax on
—
deductions
income.-----
5,019,517
7% ser. cum. pref.
40,707
and expense
Unamortized
1939
3
Interest paid
6% ser. cum. pref.
generating plants
Misc.
Liabilities—
stock.—
Non-useful electric
Inv. in affil.
1940
1939
1940
Assets—
Provision for doubtful accounts and collection expenses
Prov. for loss on invest, in Chamberlin Weatherstrips, Ltd
M iscellaneous
1,700,379
$92,577
45,637
Operating profit-
$67,991
$107,167
16.641
7,000
$78,478
10,275
6,821
$83,526
$61,382
99,910
$0.61
98.290
$6.85
480,858
10,487
The Commercial & Financial Chronicle
2490
Balance Sheet Dec. 31, 1939
of social
security taxes, $15,337; capital stock (par $10), $959,500; capital
surplus, $14,092; earned surplus, $208,066; total, $1,271,967.—V. 149,
Chemical
Fund, Inc.—Earnings—
Period, End. Sept.
Cash dividends
yl940—6 Mos.—yl939
*1940—3 Mos.—x 1939
30—
$86,595
$35,843
$164,569
$59,435
$86,595
15,254
$35,843
9,396
$164,569
32,054
$59,539
15,472
$71,340
$26,447
$132,514
$44,066
5,295
Interest—
6,318
loss44,105
10,365
$76,635
$32,765
$88,409
$54,431
104
—
Total income.
Expenses
Net income for period.
r
t
in-first out" basis
Net income for period.
x
Unaudited,
y
26,
1940
equitable, affords due recognition to the rights of each class of creditors
does not discriminate unfairly in favor of any class of
and
Assets—Cash, $147,422; marketable securities, $402,903; accounts re¬
ceivable, $50,993; inventories, $287,460; reai estate, less depreciation,
$307,504; machinery and fixtures, less depreciation, $35,280; other assets,
$33,212; deferred assets, $7,191; total, $1,271,967.
Liabilities—Accounts
payable, $27,925; accrued
expenses,
including
Federal income and other taxes, $47,046; reserve for possible assessment
Oct.
and stockholders,
creditors and stockholders and will conform to the requirements of the law."
The ICC's final plan for the carrier was issued Feb. 27 of this year and
modified in some
for
a
particulars June 13.
In its conclusive form it provides
reduction in capitalization from $744,760,713 to $548,533,321 and a
the total amount of annual fixed charges from $23,739,279 to
in
cut
$4,269,654.
The company, along with committees representing stockholders, had
objected to the plan, contending that future normal earnings of the road
would be sufficient to include some benefits to the old stockholders, but
the ICC concluded that the properties were not earning sufficiently to pay
the fixed charges—that is, interest on outstanding bonds and mortgages.
Judge Igoe also approved compensation to various attorneys and com¬
mittees as fixed by the ICC which had reduced the claims from $676,451
to $312,624.
The new capital structure will consist Initially of about $108,780,470 of
fixed interest debt, $115,257,480 of contingent interest debt, $108,675,971
par value new preferred stock and 2,158,195 shares of new no par value
common stock, computed at $100 a share.
In addition to total fixed interest
charges of $4,269,654 annually, there will be contingent interest charges of
$5,219,480 sinking fund payments of $543,394 and a mandatory capital
fund of $2,500,000.
Total charges ahead of dividends on new preferred stock will be approxi¬
mately $12,532,528, and giving effect to full 5% on preferred, charges ahead
of dividends on common would be about $17,966,326 annually.
Audited.
Note—The policy of the company has been not to reflect in net income
unrealized appreciation or depreciation in quoted market value of invest¬
ments.
At Sept. 30, 1940, such unrealized depreciation amounted to
$453,688 as contrasted with unrealized appreciation of $446,278 at March
31, 1940 and unrealized depreciation of $877,894 at June 30, 1940.
Stocks Suspended
from Dealings —
The common and $5 non-cumulative preferred stocks have been suspended
Exchange.
by the court makes no provision for
151, p. 2038.
from dealings on the New York Stock
The plan of reorganization approved
the common or preferred stock.—V.
Balance Sheet Sept. 30
1940
$454,380
46,496
103,638
23,895
with custodian..
expenses.
15,540
140
_
Investm'ts in com.
8,262,427
stocks, at cost..
$8,451
70,928
39,654
stock, payable Dec. 12 to holders of record Nov. 12.
Dividends of
$1.25 were paid on Sept. 12, June 12 and March 13, last; and compare with
$1 paid on Deb. 23,1939; $1.50 Sept. 13, and June 12,1939, $1 on March 14,
888,661
Cap. stock (par $1)
Surplus
8,064,563
Treasury stock
£>r20,835
565,050
5,160,358
1939, $1.25 on Dec. 12,1938; 25 cents on Sept. 14,1938, 50 cents on June 14,
1938, and $3 per share paid on Dec. 13, 1937.
mon
Dlv. payable
_
Report for Nine Months—K.
5,199,714
Total
$9,017,336 $5,773,413
Total
Directors on Oct. 24 declared a dividend of $1.75 per share on the com¬
$14,020
and taxes
—
Divs. receivable..
Prepaid
Chrysler Corp.—To Pay $1.75 Dividend—
1939
accrued expenses
Rec'le from sales of
capital stock
1940
Accts. payable and
deposit
on
Liabilities—
1939
$684,519
Assets—
Cash
$9,017,336 $5,773,413
-V. 151, P. 1888.
A total of $275,000 refunding and improvement mortgage
ZlA% bonds
1, 1963 has been called for redemption on Dec. 1 at 105
Payment will be made at New York and Chicago
offices of Halsey Stuart & Co., Inc.
series F due Dec.
and accrued interest.
Earnings for September and Year to Date
1939
1940
1938
1937
Gross from railway...$11,642,339 $12,675,000 $10,658,790 $11,501,864
Net from railway
5,526,282
6,503,794
5,135,265
5,324,361
Net ry. oper. income...
From Jan. 1—•
2,924,343
4,955,101
3,866,548
4,073,217
101,114,710
45,279,736
Net ry. oper. income... 30,803,114
—V. 151, P. 1716.
83,126,428
33,048.937
23,254,860
75,636,902
28,177,545
19,141,858
96,445,664
41,937,102
31,644,492
Gross from railway
Net from railway
says
Passenger cars and trucks sold were 731,773 as
vehicles for the first nine months of 1939.
compared with 631,355
Dodge, DeSoto and Chrysler passenger cars,
Plymouth and Dodge commercial cars and Dodge trucks for the first nine
months of 1940, according to the latest available reports, were 651,999
vehicles as compared with 573,849 reported for the first nine months of 1939.
Canadian and export sales to distributors were 57,963 vehicles as com¬
pared with 66,622 for the same period last year.
Corporation is participating in the national defense program in a sub¬
stantial way.
The facilities of our special Ordnance Department, which
was set up to manufacture bomb fuzes, shells and cartridge cases, have been
increased approximately 30%, and our army truck producing capacity has
been increased approximately 50% to take care of Government business.
In the first nine months of this year the corporation has shipped 14,023
passenger cars and trucks to the U. S. Government and orders have been
Retail sales of Plymouth,
Chesapeake & Ohio Ry.—Bonds Called—
September—
T. Keller, President,
in part;
Chicago Milwaukee St. Paul & Pacific Ry.—Court
Agrees to Reorganization Plan of ICC—Stockholders Wiped Out
The proposed plan of the Interstate Commerce Commission for the
reorganization of the company under Section 77 of the amended bankruptcy
law was approved Oct. 21 by Federal Judge Michael L. Igoe at Chicago.
According to the plan, neither common nor preferred stockholders will
participate in the reorganization.
The reorganization program now will be submitted to eligible security
holders for approval or rejection.
"The court feels that the Commission, in determining the maximum
permissible capitalization and fixed charges which the debtor could reason¬
ably be expected to meet, and in concluding that the present stock of the
debtor are without value,' Judge Igoe's opinion read in part, "gave adequate
consideration to all elements which should be considered in determining such
questions, and that the Commission's conclusions as to those matters are
received for 21,874
more.
Of greater importance and significance is a contract entered into on Aug.
15, 1940, for the construction or a tank plant and the subsequent production
of tanks for the U. 8. Army.
Under the provisions of this contract, cor¬
poration for a nominal fee is constructing a tank manufacturing plant which
the Government in turn will lease to the corporation at a nominal rental
for the term of the contract.
The tanks are to be built for a fixed price
tank and the contract contains provisions designsd to protect properly
adequately the interests of both the Government and the corporation.
on this project is progressing on schedule.
Recently the automotive industry has agreed to subordinate its tool and
die program on forward models to a cooperative enterprise with the aero¬
nautical industry for producing by quantity production methods component
parts of standardized military airplanes, and Chrysler Corp. is participating
in this undertaking.
A complete new line of passenger cars and trucks for 1941—Plymouth,
Dodge, DeSoto and Chrysler—has just been introduced.
The reception
accorded them by the dealers and by the public has been most gratifying.
The indications are that the increasing tempo in the Nation's industrial
and commercial activity will be reflected in this business.
per
and
Work
Chrysler Corp. and Subsidiaries Earnings
sound.
"The Commission had only so
much cloth with which to make
a
suit.
It would hardly have been justified in using so much of the material to make
the vest that enough would not be left to provide a coat and trousers."
Judge Igoe upheld the provisions of the plan as they relate to the treat¬
Chicago Terre Haute & Southeastern, a leased line, of
owns practically all the common stock.
Attorneys
representing the leased line had objected to provisions of the plan permitting
9 Mos. End. Sept. 30—
Net
a
1939
1940
1938
1937
$
$
s
s
514,698,390 441,895,380 236,732,940 572,217,107
431,755,221 368,875,282 203,002,595 486,562,191
sales
Cost of sales
ment accorded the
which the Milwaukee
Gross
82,943,169
772,784
73,020,097
449,962
33,730,345
bl,368,391
85,654,916
1,126,069
83,715,952
profit
Int., divs. &miscel. inc.
73,470,059
35,098,737
86,780.985
36,772,661
disaffirmance of the lease in case the bondholders of the line did not take
lower interest bearing
securities allotted them under the reorganization.
Judge Igoe pointed out that a limit was set upon the fixed interest bonds
that could be issued and that after issuing new fixed interest bonds to the
Reconstruction
Finance Corporation and the Milwaukee &
Northern
bondholders,
an amount
would be left which would assure that if the Terre
they would constitute 27 % of the
Total income
Admin., engin'g, selling,
advertising, service &
38.609,858
34,866,941
26,718.674
cl4,400.000
7,200,000
1,708,185
9,584,112
30,706,094
31,403,118
16,316,745
4,351,132
17,404,528
4,351,132
$7.08
general expenses
d Provision for taxes
$7.22
6,671,878
3.263,349
4,351,132
$1.53
40,424,212
30,466,324
4,352,332
$9.29
13,980,623
13,927,008
7,659,450
11,566.050
Haute bonds were to remain undisturbed
total
new
fixed
would leave
bonds
more
new
interest
debt, exclusive of equipment obligations.
fixed interest
This
bonds for the road's present general mortgage
than double in amount the existing
Terre Haute bonds which
contrasts, the Judge pointed out, with the fact that the mileage represent
Net profit
Dividends
Shs.com. stock (par
$5).
Earnings per share
by the general mortgage is 18 times that of the Terre Haute and the val¬
uation 17 times.
"When this is considered in the light of the fact that the profitable char¬
acter of the Terre Haute is dependent upon the continued operations of the
rest of the system,
it would seem neither to be unfair nor unreasonable nor
inequitable that the Terre Haute bondholders be requested to make some
sacrifice in order to maintain the continued operation of both properties
upon a
basis reasonably assured of prospective earnings," the Judge said.
Judge Igoe also held it was within the power of the ICC and the Court to
fix the power to disaffirm the Terre Haute lease and to fix the effective date
of the disaffirmance.
He also held that disaffirmance did not have to be
made prior to submitting the present plan to creditors.
the plan to
possible.
Discussing objections made by Princeton University on behalf of the
road's general mortgage bondholders which argued that the plan violated
the priorities theory in not allowing these bondholders more than 25% in
new first mortgage bonds.
Judge Igoe agreed with the ICC's finding that
"any material changes in distribution of securities would render the dis¬
tribution less equitable from the standpoint of relative rights."
"The Court feels," Judge Igoe wrote, "that the Commission, in deter¬
mining the maximum permissible capitalization and fixed charges which the
debtor could reasonably be expected to meet, and in concluding that the
present stocks of the debtor are without value, gave adequate consideration
to all elements which should be considered in determining such questions
a
Deprec. & amort, have
been charged to cost of
sales and exps. in the
amounts of
—
b Including $862,314 profit from
vision for excess profits tax was made as of June 30, 1940, and the entire
provision for the nine months was made as of Sept. 30, 1940.
d For Federal, State and foreign income and excess profits taxes and
surtax on undistributed profits.
Judge Igoe gave the trustees until the final consummation of
disaffirm executory contracts so as to give them as much time as
and that the Commission's conclusions
as to
those matters
are
sound. '
In discussing the value of the railroad property Judge Igoe gave legal
sanction to the theory that reproduction cost can no longer be considered
the sole guide or even the main guide to valuation.
Some of the other
roads in reorganization have had a controversy with the Interstate Com¬
merce Commission over their proposed new balance sheets.
While the
roads have wanted to carry their properties over to the new balance sheets
on the basis of reproduction cost the Commission suggested that the value
sale of investment securities,
Includes provision for excess profits tax under the "Second Revenue
Act of 1940."
Since this law was not enacted until Oct. 8, 1940, no pro¬
c
Consolidated Balance Sheet
Sept. 30,'40 Dec. 31, '39
$
^
95,432,274
72,565,104
BS C&3
hand and on deposit
Marketable securities, at cost
Cash
on
Drafts
4,581,263
2,852,555
against car shipments
Notes and accounts receivable
all,871,965
Inventories
b60.008.884
operations
Sundry investments and miscellaneous accounts—
Special adv. to Chrysler Industrial Assn. for loans
to employees
—
Expense advs. & current accts., officers & empl s_
Invest, in & acct. with sub. not wholly owned
c Land, bldgs., machinery, equipment and dies...
Real estate not used in
Prepaid insurance, taxes, &c
physical value
as
represented by original cost
not to be exclusively considered and the value with which we are concerned
Is not merely physical value or value for rate making purposes, but value in
terms of
furnishing support for a sound and workable financial structure."
With minor corrections and clarifications which he held could
properly
be made within the framework of the plan, the court said it "is satisfied
and concludes that the provisions of the plan comply with the provisions
of sub-section B of Section 77 of the Bankruptcy Act, that the
plan is fair
306,858
200,087
72,751,882
703,636
67.673,980
1
2,192,477
Liabilities—
Accounts payable and
Accrued insurance and taxes
reproduction cost with proper adjustment for depreciation, additions
and betterments," Judge Igoe opined.
"Such elements were, of course,
considered by the Commission as shown by its report but those elements are
195,126
523,520
254,534,704 222,494,989
-
at which their assets are carried into the balance sheets should not exceed
or
3,362,176
1
—
the amount of new securities they are being allowed to issue in reorganization.
"Counsel seem to labor under the impression that value for the purpose of
these proceedings means only
2,301,965
1,421,044
Good-will
Total
2,594,225
8,361,962
54,896,619
1
2,594,226
1
Balances in closed banks, less reserve
2,572,374
7,065,489
52,724,255
accrued payrolls
874,006
14,876,013
10,428,504
5,568,129
Federal, State and foreign taxes on income
Operating reserves
Contingency reserves
Capital stock (par $5)
d Capital surplus.
Earned surplus
__
Total
-
41,411,636
803,332
8,500,000
10,526,009
5,574,564
21,755,660 21,755,660
25,958,106 25,958,106
-122,350,031 107,960,682
—
-
-
254,534,704 222,494.989
After reserves of $58,363.
b After reserve of $799,698.
c Afterreserve
depreciation, &c., of $48,530,556 in 1940 and $47,683,366 in 1939.
d Of which $666,215 is restricted on account of the repurchase of capital
stock.—V. 151, P. 2039.
a
for
Volume
The Commercial & Financial Chronicle
151
Chicago Railway Equipment Co.
3 Mos. End. Sept. 30—
Profit from opers. after
on
-Earnings-
1939
1938
$67,152
4,500
$55,429
$12,731
5,669
$234,955
6,900
$71,652
25,000
*15.000
$60,829
25,000
6,000
$18,400
25,000
$241,855
25,000
40,000
$31,652
$29,829
loss$6,600
$172,855
deducting mfg., selling
& admin, expenses
Total
_
Prov. for depreciation..
Prov. for Fed. inc. taxes
5,400
Prov. for Federal undist.
profits
4,000
tax
Net profit after taxes.
.
Includes
x
$5,000 additional provision for first half due to increased taxes,
151, p. 1717.
—V.
Cincinnati Street Ry. Co.—New
Franchise—
Stockholders at a recent special meeting voted to accept an ordinance
recently approved by the City Council, granting the company a new 25-year
franchise.
Provisions of the franchise call for reduction of the par value
of common stock from $50 to $25 a share, making aggregate par value of
stock $11,880,975.
The $11,880,975 resulting from a reduction of capi¬
talization will become capital surplus to be used to take care of write-off
of capitalization of abandoned property.
The new franchise becomes
operative Nov. 1.—V. 151, p. 2348.
Clark
Seeking to disprove the Commission's belief that there exists such a
state of impermanence and flux within the Columbia system that no present
examination of the integration problem could be of value either to the com¬
pany or its security holders, Mr. Pinney declared that the Commission
has satisfied itself or Impermanence within the system's gas utility structures
through an ingenious argument involving a series of possible adverse con¬
tingencies based on the outcome of the anti-trust litigation now pending.
Its argument, he said, involves a misapprehension of the nature and status
of the pending litigation, for there is no trial now in process which can
result in an anti-trust decree adverse to Columbia.
A plan submitted in
the litigation to meet further Government requests has been approved by
a special
master, who has also recommended dismissal of an attacking
minority stockholder's suit.
Mr. Pinney examined the frailties of the Commission's arguments and
attacked the links in the chain of contingencies presented by the Com¬
mission, and pointed out that the test of an integrated system on the gas
utility side is a plain question of present facts of an operating, economic
and geographic nature.
He closed his argument by submitting that the
Commission should in this case seriously approach, and decide the problems
of an integrated system presented to it by Columbia a year and a half ago
and long before any 11 B-2 proceedings were instituted by the Commission
against other companies.—V. 151, p. 2040.
Columbia Pictures Corp.
9 Mos. End. Sept. 30—
.......
1940
1939
$3,006,716
$1,771,251
38,481 '
28,318
-
(& Subs.)—Earnings—
Consolidated Statement of
Operations
[Including Domestic Subsidiary Companies]
Equipment Co. (& Subs.)—Earnings—
Gross profit
Miscellaneous income...
A determination of the system's present status
would facilitate the solution of its refunding operation, he said.
1937
1940
Income from investments
the system's status.
2491
52 Weeks
1938
$958,081
23,100
1937
$2,181,090
52,321
Gross
$981,181
356,182
66,151
$2,233,411
480,856
138,591
Amort, of prod, costs..
Share to other producers
15,100
16,445
351,012
52 WeeksJune 25,'38 June 26, '37
53 Weeks
June 29,
and
inc.
from
sales
'40
July 1, '39
rentals
of film and
$22,174,068 $19,413,795 $20,101,700 $19,066,100
13,796,819
11,571,371
12,230,387
10,033,457
884,051
762,529
605,074
717,396
Cost of accessories
378,445
396,443
474,017
448,742
a Gen., adm. & sell. exp.
6,553,404 d6.663,947
d6,598,216 d6,346,652
accessories.
Total income....
Admin. & selling exps...
Cash discount given
Int. &
exchange paid...
Depreciation....
Develop, exps. incurred-
.
319,641
Net profit
dividends
Preferred
dividends....
150,615
36,982
$1,133,008
98,401
475,232
$703,635
96,418
178,212
$187,125
95,615
$559,375
237,616
$4.35
$429,005
237.616
$2.55
$91,510
_
359
......
a734,409
Federal taxes.
Common
$1,799,569
483,161
70,970
13,125
378,063
$3,045,197
655,447
113,672
1,124
407,536
206,342
$1,039,807
62,069
308,968
Net
income
Shs.
com.
stock (no par)
Earnings per share..
At
a
new
Earnings per
(par $1)..
share
-Earnings—
1939
1938
$111,534
$401,028
321,920
$1.41
321,920
$0.35
321,920
$1.25
$0.65
After depreciation, Federal taxes, &c.
income for nine months ended Sept.
The above net income for the third quarter
b300,000
$2,047
206,262
120,148
$183,393
206,261
e262,101
$1,317,771
206,260
c478,476
$633,035
from subs,
33,793
g$512,186
206,259
Balance, surplus
Earnings per sh. on com¬
mon stock (no par)
was
is after deduction therefrom
depreciation on furniture in head office and branches,
b In¬
($55,000 in 1937)
for surtax on undistributed profits,
c Does
not include stock dividend of $215,891.
d Foreign subsidiaries'
operations are now consolidated in detail in place of "Operating profit of
foreign subsidiary companies and branches.
e Excludes $117,215 paid
in stock,
f Includes $18,380 for capital stock taxes,
g Includes profits
of subsidiaries operating in foreign territories of $354,985.
Includes
cludes
$6,000
Consolidated Balance Sheet
June 29'40
(& Subs.)- -Earnings-
zAug. 31, '40 Aug. 26, '39zAug. 31, '40 Aug. 26, '39
profit
$531,333
$163,290
$1,272,418
$128,637
Earnings per share...
$0.85
$0.19
$2.07
$0.04
x After depreciation, taxes, &c.
y 562,800 no par shares common stock,
Excluding Collins & Aikman of Canada, Ltd.—V. 150, p. 4122.
Development Co., Ltd.—Preferred Stock Called—
Company has called for redemption on Nov. 29,1940, at par and accrued
interest, £35,739 principal amount of its 6% redeemable convertible pref¬
erence stock.
The redemption price will be paid at the rate of $5 per
pound sterling at the office of the Guaranty Trust Co., 140 Broadway, New
York, and is subject to the Trading with the Enemy Act, 1939, or Great
Britain, the Executive Order of the President of the United States No. 8389
and any other applicable laws.
Holders of preference shares called for redemption may, up to Nov. 23,
1940, convert them into ordinary shares of the company at the rate of £2
principal amount of preference stock for each ordinary share.
Stock transfer books will be closed from Nov. 23 through Nov. 28, 1940.
—V. 151, p. 1425.
1,138,682
/ 14,072
\ 502,708
9,146,431 10,975,288
Inventory..
Advance to outside
1,147,079
producers..
in wholly
357,101
a5
189,387
owned for'n subs
f399,931
80,789
93,532
from
22,634
9,257
119,443
.
Deposits
Other
c
Investments
Fixed assets
Prepaid
expenses.
117,460
1,948,123
187,647
2,150,415
230,198
approval of a plan of integration and recogni¬
Columbia system to the corporate and
geographic integration standards of the Public Utility Holding Company
Act of 1935.
The proceeding was ordered by the Commission to reargue
the question whether, in view of the exclusion of certain Columbia sub¬
sidiary companies from its integration plan and the pendency of subsidiary
company litigation under the Anti-Trust Acts, the Commission might
properly hand down an opinion as to the geographic integration of the
of
the conformance
of the
144,301
47,636
el,000,000 el,250,000
303,217
Deferred income..
249,097
50,144
50,050
Deposits payable.
M
Net
liab.
oper.
of
in
subs,
237,409
remitted
to
6130,696
3,487,500
stock...
3,487,500
4,847,080
4,847.080
67,515
3,748,640
Capital surplus...
Earned surplus.-- 3,914,416
15,892,949 15,789,974
Total
a
After reserves and deferred
Total
......15,892,949 15,789,974
to the
feasibility and desirability of an early decision in these matters by the
The SEC has here, Mr. Pinney said, an opportunity based
Commission.
thorough and painstaking testimony, to dissolve the doubt surrounding
the economic, operating and legal problems involved in the definition of
an integrated public utility system.
It has an opportunity to decide in
specific form as applied to a specific system, the very problems which
Congress has delegated to this Commission, he said.
Columbia is. actually, he continued, an interconnected, coordinated
system, and engineering, operating, geologic and economic testimony has
been submitted showing, in the language of the Utility Act, that its com¬
panies are "so located and related" that economies result from their co¬
ordinated operation, the Columbia counsel continued.
There is no diffi¬
culty in determining legally that the companies included in the integration
plan constitute an integrated system when it is remembered that under the
law the definition of an integrated system is in terms of public utility com¬
upon
panies and assets.
The companies excluded from the Columbia plan are,
he pointed out, non-utility companies, with one negligible exception, and
do not enter into the Act's definition of an integrated system.
Discussing other reasons which call strongly for a decision by the Com¬
mission in this matter, Mr. Pinney showed that the Columbia plan and
application were filed in Feb., 1939, about a year before the Commission
instituted its various proceedings against major utilities under Section 11-B-l
of the Utility Act, and were filed only after long conferences with the SEC
staff and Commissioners as something in the best interests of the company
and the Commission.
Columbia, he declared, is a system which was built
up with and has always followed general objectives of integration and
corporate simplicity closely akin to those embodied in the Utility Act,
and its executives and counsel believed that in laying its full problems
before the Commission they were cooperating with that body and that the
Commission would welcome an opportunity to judge these problems seri¬
ously.
Mr. Pinney also listed the possibility of an interest-saving refunding of
Columbia's outstanding $100,000,000 of debentures or a refunding which
would provide a plan for a regular amortization of those debentures as
another reason which should caul upon the Commission to make a finding
b 366,268
income amounting to $358,387.
(no par),
c After depreciation reserve of $1,608,056 in 1940 and
$1,872,181 In 1939.
d Represented by 75,000 no-par shares,
e Includes
$250,000 maturing within one year,
f U. S. funds retained by banks as
collateral for local currency loans of subsidiary companies operating in
shares
foreign territories ($20,000 applicable to bank loan of Belgian company).
g Cash remitted to New York subsequent to May 25, 1940, by subsidiary
companies operating in foreign territories.'—V. 151, p. 1717.
Columbia system.
Corporation filed its plan under Section 11-E of the Public Utility Act
seeking to comply with the integration requirements of the law on Feb. 3,
1939.
After extended hearings in April, 1939, and oral argument in June
of that year, the SEC on July 22. 1940, handed down a tentative opinion
approving the corporate simplification steps in the Columbia plan but
refusing a further finding as to the system's corporate structure and refusing
any finding as to its geographic integration.
Edward S. Pinney, of Cravath, de Gersdorff, Swaine & Wood, counsel
for Columbia, stated that many factual, legal and other reasons point
259,347
foreign
territories
Cash
22,634
14,774
286,213
produc's
Res. for conting..
b Common stock..
ration to the Commission for
tion
61,106
102,019
producers.
d $2.75 conv. pref.
Corp.—Futher Argument Held
Integration Plan—
A further argument was held in Washington, Oct. 21 before the Securities
and Exchange Commission in connection with the application of the corpo¬
_
400,000
...
6-yr. 4)4% sinking
New York, &c..
Columbia Gas & Electric
on
payable
Owing to outside
outside
out¬
side producers.
1,161,962
1,332,471
180,120
Notes
Fds. withheld from
Cash in trust with¬
held
accrued expenses
Acc'ts pay. to subs.
fund debs
U.S. funds retained
by banks, &c
Sundry receivables
$
Liabilities—
Acc'ts payable and
Res. for Fed. taxes
Invest,
July 1 '30
$
June 29'40
1 '39
July
$
Cash
Acc'ts receivable. .J
-3 Mos. Ended
Ended-
$
Period—
-6
Mos.
Assets—
Net
Before SEC
$3.26
Nil
Nil
$0.84
2,354,704
Notes receivable..!
498,037
Colon
$1,617,771
b36,485
in invaded
European countries..
profits tax.—V. 151, p. 1567.
Colling & Aikman Corp.
z
$221,826
1,948
operated
a
$1,014,457,
30,
compared with $1,108,203, or $3.44 a share,
1940,
of $31,570, applying to the first half of the year and representing adjust¬
ment to the 24% normal tax.
No provision has been made for the new
y
$88,901
61,979
24,875
1937
$456,246
equivalent to $3.15 a share, as
for the corresponding 1939 period.
x
$1,519,854
97,917
Common divs. (cash)
1940
Net
excess
recs.
$194,005
27,821
$305,927 def$324,363 def$284,969
Total income
$19,505
69,396
$691,713
51,354
f94,380
,
Net profit
Preferred dividends
$209,536
321,920
3 Mos. End. Sept. 30—
Net income
Shs. cap. stk.
x
$0.39
_
Interest....
$668,770
237,671
$4.11
1940 tax rate. -V. 151, p. 544.
Cleveland Graphite Bronze Co.x
237.616
;
Prov. for Fed. inc. taxesi
Inv. in
Surplus.
$561,349
130,364
...
Other income
Columbus
& Southern Ohio Electric Co.
—Bonds Of¬
fered—An issue of $29,000,000 first mortgage bonds, 3
series due 1970, was publicly offered on Oct, 22 through an
underwriting group headed by Dillon, Read & Co.
The
bonds were priced at 107 and accrued interest.
The issue
has been oversubscribed.
The first mortgage bonds, 3
% series, due Sept. 1,1970, are to be issued
bonds under an Indenture with City Bank Farmers
York, as trustee and under a supplemental indenture, both
1, 1940.
Bonds will be secured by the indenture which will
constitute a direct first lien on substantially all of the fixed property owned
and franchises held by the company at the time of the recordation of the
indenture, with certain
exceptions and subject to certain conditions.
Additional bonds of this or other series, ranking equally with these bonds,
may be issued (in unlimited principal amount except as provided by law)
upon compliance with the provisions of the indenture.
Indenture permits
the company, under certain conditions, to obtain the release of property
from the lien thereof, and to abandon or discontinue any of its transportation
properties; and requires the trustee to transmit to bondholders, whose
as
the initial series of
Trust Co., New
dated Sept.
names
and addresses
are on
file with it, certain reports with respect to
permits modifications to be made (with certain exceptions)
with the consent of the holders of 66 2-3% in principal amount of the
The indenture
l)Oiicls
L ■ ■"
Maintenance Fund—Company covenants in the supple¬
retire for the sinking fund bonds of 3 M % series (sub¬
ject to a credit for such bonds redeemed at the option of the company or
reacquired and canceled) as follows: $200,000 on each Sept. 1, 1941 to 1950,
both incl.; $250,000 on each Sept. 1, 1951 to 1960, both incl., and $275,000
on each Sept. 1, 1961 to 1969, both incl.
.
Company covenants in the supplemental indenture to deposit cash under
a maintenance and replacement fund, or to certify net property additions
or bonds or prior lien bonds not theretofore bonded, in aggregate amount
equal to 3% per annum of the gross property account, less amounts ex¬
pended for repairs and maintenance of and In substitution for mortgaged
property, in each case excluding transportation property, all as more fully
Sinking Fund and
mental indenture to
,
stated in this prospectus.
„
.,
,
,
,
,,
to being redeemable for the sinking
the option of the company, in whole at any time
time, on 30 days' notice at prices (plus accrued
interest) commencing at 110% and decreasing as follows: On each Sept. 1,
Redemption—Bonds,
in addition
fund, are redeemable at
or in part from time to
The Commercial & Financial
2492
Company is controlled, through intermediate holding companies, by
Company has been advised that as of July 31,
1940,
one
corporation owned 28.436%, and five other corporations an
(subsequently reduced to 19.635%), of the voting
aggregate of 21.530%
stock of United Light A Power Co. (with certain inter-relationships among
certain of such five other corporations), but that there is no agreement
of such corporations for concerted action to control the company.
Company is part or the "holding company systems," as defined in the
Utility Holding Company Act of 1935, of United Light & Power Co.
among any
Public
and intermediate
holding companies, which companies have registered as
holding companies under the Act.
The Securities and Exchange Commis¬
initiated integration proceedings under the Act directed to the
company aDd other companies in said systems.
Company disclaims any
representation as to the effect of the Act or the administration thereof or
the outcome of the Integration proceedings upon the ownership or business
sion has
Purpose—Company intends to apply the net proceeds from the sale of
these bonds (estimated at $30,260,000, exclusive of accrued interest and
deducting underwriting discounts and estimated expenses) to the
redemption of its outstanding bonds (exclusive of $64,000 principal amount
to be redeemed through the sinking fund) which, exclusive of accrued
interest, will require $29,142,880; the remainder of such proceedings is
initially to become part of the company's general funds,
Oct.
Oct.
—
Underwriters—The names of the principal underwriters and the principal
amount of 1st mtge. bonds, 3 % % series due 1970, severally to be purchased
are as
follows:
Dillon, Read & Co,—
G. Allyn & Co., Inc
Bacon, Whipple & Co
——$2,500,000 Illinois Co. of Chicago
—
$100,000
.....
150,000
W. C. Langley A Co—
Lee Higginson Corp
......
250,000 McDonald-Coolldge A Co—
A.
400,000
200,000
400,000
100,000
400,000
Jackson A Curtis
Blair, Bonner A Co——
100,000
Mellon Securities Corp
Blair A Co., Inc——
250,000
BancOhlo Securities Co
A. G. Becker A- Co., Inc
Blyth & Co., Inc..—
Bodell A Co., Inc
Bonbright A Co,, Inc
Central Republic Co—J"—
Coffin A Burr, Inc.——
CurtiBS, House A Co
700,000
1,450,000
Merrill, Turben A Co...—...
700,000 F. S. Moseley A Co
300,000 Maynard H. March A Co
1,450,000 O. M.-P. Murphy A Co—..
.
Gross revenue
Operating expenses-- — .
4,897,935
Taxes.....—
Provision for deprecia'n
and amortization..—
2,184,265
Gross income
a
Balance
200,000
—
_
—
.
—
100,000
200,000
2,300,000
150,000
150,000
Shields A Co
—
Smith, Barney A Co
Stern Brothers A Co..
Stern, Wampler A Co., Inc...
Lowry Sweney, Inc.
Spencer Trask A Co
Tucker, Anthony A Co
.........
(Jnion Securities
650,000
1,000,000
100,000
13,446,679
8,997,706
13,028,164
8.997,546
192,492
384,870
4,448,973
4,030,618
—
Reflects
Valley Authority and other public agencies, and those companies have been
dissolved and are In process of liquidation, which will Involve a substantial
loss.
Accordingly, the income accounts of said companies and all interest
and dividends received from them by Commonwealth A Southern Corp.
have been eliminated for all periods from this statement of consolidated
Income.
Weekly Output—
The weekly kilowatt-hour output of electrical energy of subsidiaries of
the Commonwealth A Southern Corp., adjusted to show general business
conditions of territory served, for the week ended Oct, 17, 1940, amounted
to 170,501,401 as compared with 157,830,979 for the corresponding week
in 1939, an increase of#12,670,422 or 8.03%.
Monthly Power Output—
month of
September was 737,553,606 kilowatt hours, as compared with
675,441,984 kilowatt hours for September 1939, an increase of 9.20%.
For the nine months ended Sept. 30, 1940, the output was 6,426,465,392
kilowatt hours, as compared with 5,666,661,718 kilowatt hours for the
corresponding period in 1939, an increase of 13.41 %.
Total output for the
year ended Sept. 30, 1940 was 8,604,974,034 kilowatt hours, as compared
with 7,535,358,859 kilowatt hours for the year ended Sept, 30, 1939, an
14.19%.
of the Commonwealth A Southern Corp. system for the month
increase of
Gas output
of September was 1,176,472,300 cubic feet, as compared with 1,050,661,500
cubic feet for September 1939, an increase of 11.97 %.
For the nine months
ended Sept. 30, 1940, the output was 13,277,148,700 cubic feet, as com¬
pared with 11,296,247,900 cubic feet for the corresponding period in 1939,
an increase of 17.54%.
Total output for the year ended Sept. 30, 1940,
was 17,966,657,100 cubic feet as compared with 15,584,474,300 cubic feet
for the year
ended Sept. 30,1939, an increase of 15.29%.—V. 151', p. 2349,
2186, 2040, 1888.
Coniarum Mines,
Ltd.—Extra Dividend—
Directors have declared
an extra dividend of two cents per share In addi¬
regular dividend of five cents per share on the common stock,
both payable Dec. 5 to holders of record Nov. 15.—V* 151, p. 841.
tion to
a
300,000
300,000
200,000
100,000
400,000
Whiting, Weeks A Stubbs, Inc.
300,000 Dean Witter A Co
—_
Years
1939
200.000
150,000
6 Mos. End. 12 Mos.End
$6,414,302 $12,709,580
2,135,401
4,337,068
383,876
750,387
898,868
1,767,320
1,050,255
1,961,568
..
..
..
$3,972,430
17,864
$1,945,900
7,351
$3,893,235
17468
$3,572,739
1,040,000
8,633
Cr77,229
$3,990,294
1,100,719
2,770
Crl22,126
$1,953,251
549,835
1,546
Cr 12,213
$3,910,404
1,100,536
69,403
55,964
27,877
48,592
15,000
16,355
15,000
13,830
7,500
10,469
15,000
14,623
$2,500,576
$2,924,137
$1,368,236
$2,791,106
2,746
Cr62,201
stock
disc't A expense
Miscell. deductions
Net income
Balance Sheet June 30,1940
Assets—
Liabilities—
Tangible property
Intangibles
Investments and advances...
Def. charges A prepd.accts..
Cash in banks and on hand—
Accounts receivable..
$56,803,104
5,129,614
553,922
1,646,431
1,737,801
800,311
Due from sub. A affil. cos
Materials and supplies......
6,962
987,547
Preferred stock
7,506,800
27,836,000
Deferred liabilities.........
121,545
Accounts payable
.../
Accrued Int. on long-term dt.
—.
Federal income taxes.
Preferred stock divs. pay
Depreciation—reserve
Other reserves.
Paid-in surplus
Earned surplus...
$67,665,692
Bonds Called—
Total—
—
356,286
178,306
687,580
817,165
206,636
46,046
11,777,974
80,343
2,243,404
2,443,014
.$67,665,692
4
B. W. Marr, President of this
company, announced that his company,
which was formerly known as the Columbus
Railway, Power A Light Co..
will redeem on Nov. 25, 1940, at 105 and
accrued interest, all of its first
mortgage and collateral trust bonds, 4% series due 1965 outstanding.
Payment will be made at the principal office of the Chase National Bank.
6^a^185n^'
1938
$166,055
7,007
104,963
Final net profit—————
107,220
111,608
y$168,898
$195,891
$47,440
x Before any provision for excess-profits taxes,
y Equal under the parti¬
cipating provisions of the shares, to 47 cents a share on combined 280,000
shares of $1.50 cumulative participating class A preference stock and
80,000 shares of class B common stock and compares with net profit of
$195,891, equal to 54 cents a share on combined class A preference and class
B common stocks for quarter ended Sept. 30,1939.
For the nine months ended Sept. 30, 1940, net profit was $557,815, equal
under the participating provisions of the shares, to $1.55 a share on com¬
bined class A and B shares, comparing with $412,108 or $1.14 a share on
combined shares for the nine months ended Sept. 30, 1939.—V. 151, P. 694.
Consolidated Edison Co. of New York,
Inc.—Weekly
Output—
Consolidated Edison Co. of New York announced production of the
electric plants of its system for the week ended Oct. 20, 1940, amounting
to
151,200,000 kwh.. compared with 147,700,000 kwh. for the corre¬
sponding week of 1939, an increase of 2.4%.
Grants Leaves to
Draftees—
Announcement was made on Oct. 21 by this company and its affiliated
companies—Brooklyn Edison Co., New York A Queens Electric Light A
Power Co., "Westchester Lighting Co., The Yonkers Electric Light A Power
Co., New York Steam Corp. and Consolidated Telegraph A Electrical
Subway Co.—that the companies will grant a military leave of absence to
employees called for service under the National Guard Act, or drafted, and
also to those of draft age who volunteer for service not longer than that
required by the Draft Act.
To sucn employees,** said Floyd L. Carlisle, Chairman of the board,
"the companies will pay for three months a military leave allowance or
their standard work week pay, *ess social security payments and military
pay and allowances.
The companies will also pay all group insurance
premiums for a year and 40 days after military xeave becomes effective.
On application within 40 days of the end of military service employees, if
still qualified and physically fit to work, will be reinstated in their old jobs
or in jobs of like seniority, status and pay.
Continuous service and seniority
credit for the time spent in military duty will be granted to employees on
reinstatement in their jobs."—V, 151, p. 2349.
Consolidated Lobster Co., Inc.—Extra Dividend—
....
Long-term debt
Accrued general taxes
-
1939
$345,782
42,672
$326,554
52,693
—
x
$13,374,593
Common stock
Miscell. current liabilities—
Total...
Depreciation
1940
—
—
June 30, '40 June SO, '40
-$11,496,334 $12,347,408
4,035,028
4.243,851
740,805
721,912
1,625,273
1,681.088
1,531,481
1,728,126
expense.
Federal income tax_
Inc. (& Subs.)—
200,000
Corp........ 1,450,000
G. H. Walker & Co
Watling, Lerchen A Co
White, Weld A Co——
Chemical Industries,
Consolidated
200,000
$5,104,209 $10,130,739
1,295,813
2,552,245
14,280
26,595
...
V
1,134,672
749,802
3 Months Ended Sept. 30—
Net profit-—
_.
Total earnings..
atoncete
942,305
749,813
-
150,000
—...—_.
$9,813,739
2,507,096
26,573
Int. on funded debt
Other interest
Int. charged to constr'n.
Amort, of debt disc. A
pref.
2,987,188
Earnings—
Net earns, fromopers. $3,563,746
Other income (net).....
8,992
of
16,150,657
49.419,509
36,391,346
350,000
1938
Maintenance.
Depreciation
Total taxes.....
Amort,
17,817,310
49,760,938
36,314,259
400,000
—Calendar
Total.
Total oper. expenses.
_
1,365,928
4,152,927
3,018,255
E.H. Rollins A Sons, Inc.....
L. F. Rotschild A Co.
Oper. revenues—Electric $9,126,956
Transportation.
2,341,624
Gas and heat........
27,754
—
$
$
deduction for full preferred stock dividend requirement
the rate of $6 per share per annum.
Dividends were paid in full to Jan. 1»
1935, and at the rate of $3 per share per annum since that date.
Note—The electric properties of Tennessee Electric Power Co. and South¬
ern Tennessee Power Co. were conveyed on Aug. 15, 1939 to the Tennessee
a
350,000
Income Accounts for Stated Periods
,
'
1,509,065
Int. A other deductions.
Net Income—
Divs. on pref. stock- -
1946—12 Mos.—1939
$
11,730,511 149,390,869 137,443,856
4,612,349 59,604,699
53,097,510
1.599,307
22,207.922
18,776,179
3,929,493
—
Rlter A Co
—...
■
1940—Month—1939
■■$■''
12,520,758
Otis A Co...
-
„
—
Arthur Perry A Co., Inc
R. W. Pressprlch & Co
...
Particulars—
4.3
Commonwealth & Southern Corp. (& Subs.)—Earns.
Period End. Sept. 30—
150,000
100,000
250,000
Fahey, Clark A Co
100,000
Field, Richards A Co———
200,000
First Boston Corp
2,350,000
First Cleveland Corp
200,000
First of Michigan Corp..
100,000
Glore, Forgan A Co
1,450,000
Halsey, Stuart A Co., Inc
2,000,000
Harriman Ripley A Co., Inc..
700,000
Harris, Hall A Co. (Inc.)-.-..
400,000
Hawley, Hulier A Co
200,000
Hayden, Miller A Co.
250,000
Hayden, Stone A Co
300,000
Hemphill, Noyes A Co
400,000
—...
131,214,000
—
-
2348.
250,000
Estabrook A Co
W» E, Hutton A Co
% Increase
5.7
3.5
5.6
..—.136,804,000
5.1
Sept. 28
250,000
Eastman, Dillon A Co
1939
132,450,000
134,097.000
129,812,000
—
Electric output of the Commonwealth A Southern Corp. system for the
Outstanding
1st mtge. bonds, 3M% series due 1970 (due
Sept. 1, 1970)
Unlimited
$29,000,000
1st pref. shs. (cum.) (par $100 per share)
250,000 shs.
1st preferred 6% shares.83,601 532 shs.
Series B pref. shares (6H % cum.) (par $100)
50,300 shs.
50,144.4 shs.
Common shares (no par)
300,000 shs.
150,136 shs.
by each,
.—138,820,000
137.031.000
1940
.139,976,000
—
12
—V. 151, p.
Capitalization Giving Effect to Present Financing
Authorized
Show General Business
outside of territory to
...
Kilowatthour Output
Week Ended—
Oct. 19—
of the company.
after
Co.—Weekly Output—
other utility companies.
t|%;
United Light A Power Co.
26, 1940
Company has furnished us with the following summary of weekly kilowatthour output of electrical energy adjusted to
conditions of territory served by deducting sales
incl!, H%\ 1958
sion and distribution facilities.
Its transportation properties include street
railway lines and cars, trolley coach lines and electric trolley coaches, and
motor buses.
Since 1933, in wnich year the company commenced the
substitution of trolley coach and motor bus service for street railway
service, the company has abandoned substantial amounts of street railway
property.
Company anticipates that there will be substantial further
substitutions and abandonments of such character.
Oct.
Commonwealth Edison
1941 to 1960, both incl., U%; on each Sept. 1, 1961 to 1969, both Incl.,
and on March 1.1970, H%.
These bonds are redeemable for the sinking fund on each Sept. 1 on
15 days' notice at prices (plus accrued interest) commencing at 107 % on
Sept. 1, 1941 and decreasing as follows on each subsequent Sept, 1: 1942,
1943 and 1944. Vs%Y 1945.
1946 and 1947, M%; 1948, K%| 1949,
1950, H%; mi, H%; 1952, H%1 1953, H%\ 1954 to 1957, both
M%; 1959 to 1962, both incl., 4%; 1963, *A%} 1964
and
l&fS!H%;1966,
,7691:%H
1968,
and
,
Company—Incorp. in Ohio in 1906.
Is engaged in the generation of
electric energy and in the transmission, distribution and sale thereof in a
territory in Ohio having a population estimated by the company at approxi¬
mately 600,000.
The territory served includes Columbus (population
305,000), in which the company operates in competition with a municipal
system.
Company also operates a passenger transportation system in
Columbus and its suburbs.
Approximately 80% or the total operating
revenues for the 12 months ended June 30, 1940 was derived from the
electric business and substantially all of the balance from transportation.
Company's electric properties include generating stations and transmis¬
Chronicle
®roa,d St., New York, and may be obtained
Directors
have
declared
an
extra
dividend of 50 cents per share in
on the
of five cents per share
to holders of record Oct. 5.
addition to the regular quarterly dividend
common
stock, both
payable Oct. 31
Consolidated Water Power Co. —Interest Rate Reduced
to 3
%%
Under
a
on
Bonds—
third supplemental indenture dated May 1, 1940, the interest
the outstanding 1st mtge. 4M% series A and series B bonds has been
reduced to 3H%.
At the same time there was released from the lien of
the mortgage 3,500 shares of capital stock of Wisconsin Valley Improvement
on
Co. (par $100) and the company waived its right to redeem the bonds for
a
period of two years from May 1, 1940.—V. 144, p. 2824.
Consolidation Coal Co., Inc .—Listing—
<,
The New York Stock Exchange has authorized the listing of 58,129 shares
of 5%
preferred stock (par $100) in exchange for presently outstanding
voting trust certificates upon the expiration or the voting trust agreement,
dated Nov. 1, 1935: 338,434 shares of common stock (par $25) in exchange
for presently outstanding voting trust certificates upon the expiration of the
voting trust agreement, dated Nov. 1, 1935; 232,516 shares of common
stock (par $25) upon official notice of issuance on conversion of preferred
stock, and 68,868 shares of common stock upon official notice of issuance
upon the exercise of outstanding common stock purchase warrants, rnalrfng
Volume
total
The Commercial & Financial Chronicle
151
mimber applied for:
639,818 shares of
common
58,129 shares of 5%
preferred stock, and
stock.
-The voting trust agreement, under which 58,129 shares of outstanding
5% preferred stock and 338,434 shares of the
outstanding common stock are
is dated Nov.
1, 1935 and will expire on Nov. 1, 1940.
The
deposited,
noiders
of
the
voting trust certificates, upon surrender thereof properly
Guaranty Trust Co. of New York, the agent for the voting
endorsed to the
trustees, will be entitled
on and after Nov.
1, 1940 to receive certificates for
preferred stock and for common stock for the number of
shares represented
by such voting trust certificates.
Guaranty Trust Co. of New York, agent, at its corporate trust depart¬
Broadway, New York. N. Y., is prepared to accept after Nov. 1,
ment, 140
1940,
voting trust certificates for common stock and preferred
"dation Coal Co. for
cancellation, in exchange for
stock of
appropriate stock
certificates.—V. 151, p. 1140.
Operating
$3,725,237
1,439,249
613,140
430,000
—
Prov. for depreciation..
income
$39,471,799
16,572,903
4,274,531
4,516,500
$1,174,767 $15,715,214 $14,107,864
390,792
4,774,530
4,730,731
382,171
Net
1940—12 Mos.—1939
$3,368,534 $44,086,631
1,427,090
17,581,674
376,676
5,749,743
390,000
5,040,000
Gross income
1. $1,242,848
Int. and other deduc'ns.
Divs. on preferred stock.
Amort, of pref. stk. exp.
$860,676
285,427
65,278
$783,975 $10,940,684
285,428
3,424,819
65,278
783,339
$9,377,134
3,424,822
Balance
—V. 151, p. 1889.
$509,971
$433,269
$5,168,974
783.339
$6,732,525
Continental Baking Co. (& Subs.)—Earnings—
13
Weeks Ended—
Sept. 28,'40 Sept. 30, *39
$16,347,567
14,845,915
Net sales.
Cost and expenses
Sept. 24, *38
$1,501,652
60,681
$1,870,812
2,839
$1,873,908
3,507
Total income.
Loss on equipment
$1,562,333
7,591
$1,873,651
$1,877,415
502
474,923
298,050
2,322
513,226
232,985
529,650
254,170
$781,267
$1,125,118
$1,092,757
Depreciation
Federal income taxes
Net profit
838
For the 28 weeks ended June 29, 1940,
company reported net profit of
$1,324,900, equal to $3.30 a share on preferred stock, comparing with net
profit of $1,823,805, equal after preferred
dividends, to 75 cents a share
on class A stock in like
period of 1939.—V. 151, p. 546.
Continental Can Co., Inc. (&
12 Mos. End. Sept. 30—
1940
Net profit after charges.$14,886,204
Deprec. & Fed.
tax
y5,941,719
Net income
Shs. com. stk. (par $20).
Earnings
per
share
$8,944,485
2,853,971
$2.82
1938
a
b
$12,787,491 $11,533,068 $12,914,741
5,275,495
4,506,537
4,325,041
$7,511,996
2,853,971
$2.32
$7,026,531 z$8,589,430
2,853,971
2,853.971
$2.16
$3.01
Corp.—Earnings—
9 Mos. Ended July 31—
Net profit
Earnings
1940
1939
$389,138 loss$144,809
$0.13
Nil
per share
a After
all charges, including Federal income tax, and
depreciation,
b On 3,000,000 shares of common
stock, $1 par.—V. 151, p. 2040.
Coos Bay Lumber
Non-operating property
1939
$264,121
expenses
Reval. Myrtle Point Eden Ridge RR.
Deficit, Dec. 31
105,513
124,084
10,306
1939
$6,643
Accounts
rec.
$94,546
$261,855
757
630*360
227", 174
$774,476
$488,273
Liabilities—
$16,495
(less
reserves)
254,387
.
333,031
Plants, properties,
&c
.
1940
1939
Due bank
$1,141,675 $1,381,089
88,709
111,458
s ccrued payrolls
36,124
35,715
Acer. prop, taxes.
84,352
137,525
.
Acer.
6,491,898
Deferred charges
pany and its subsidiaries
of brass, iron and steel
are engaged in the manufacture and distribution
valves, fittings and appliances for controlling and
conveying water, oil and other liquids, steam, air and gases, which products
are used in
practically all major industries; heating apparatus and auxiliary
products for industrial and residential purposes; and
sanitary plumbing
appliances and fixtures, including sanitary enameled iron and vitreous
china and
heavy porcelain ware and plumbers brass goods and supplies.
They also do a substantial business in the jobbing of numerous items related
products, such as water heaters and softeners, kitchen cabinets,
stokers, oil burners, furnaces and sundry plumbing supplies,
including iron,
brass and copper pipe.
They are also large fabricators and distributors of
steel pipe.
Company and certain of its subsidiaries own and operate 11 manufacturing
plants or groups of plants—six in the United States, four in Canada and one
at Ipswich, England.
The principal plant is located at Chicago, III. They
also maintain 160 sales branch houses in 131 cities in the United
States, 18
cities in Canada and five cities in Great Britain.
Capitalization (Company and Subsidiaries)—
6,779,613
56,082
99,759
_
prop,
as
Funded debt at subsidiary
Minority interests in subsidiaries
An
additional
due 1941 to 1954
x
222,163
6,350,000
881,899
Capital stock
241,973
6,350,000
774,476
are
Balance
reserved
for
issuance
Int. &
Before
Year—
Int.
on
Consolidated
Discount &
Amortization
-
Adiusted
Amort, of
&
Expense
$302,497
623,741
619,899
596,440
568,297
540,742
561,006
480,662
449,008
457,039
$772,866
def6,938,503
def7,754,203
def1,063,635
1,426,453
1, 989,022
6,313,334
10,193,294
798,494
4,989,479
1936.
Net Inc.
or Loss
$470,369
def7,562,244
def8,374,102
defl.660,075
858,156
1,448,280
5,752,328
9,712,632
349,486
4,532,440
™_
Vndervoriters—The names of the"several underwriters "and the"several
principal amounts underwritten by them respectively, are as follows:
Morgan Stanley & Co.. Inc., $3,500,000; Bacon, Whipple & Co., $400,000; A. G. Becker & Co., Inc., $400,000; Blair, Bonner & Co., $500,000;
Central Republic Co., $400,000; Clark, Dodge & Co., $1,800,000; Glore,
Forgan & Co., $500,000; Harris, Hall & Co. (Inc.), $500,000; The Illinois
Co. of Chicago, $400,000; Lee Higginson Corp., $850,000; Smith, Barney
6 Co., $850,000; Stern, Wampler & Co., Inc., $400,000.
Consolidated Balance Sheet
June 30 •40
Cash
on
9 Months Ended Sept. 30—
Net earnings
hand &
demand deps.
Market,
Notes
10,463, 605
14,413,587
773, 016
115,375
23,878
Oth.
1940
1939
$610,549
b$798,136
After all charges including depreciation and Federal income
taxes at
the increased rates recently enacted,
b Equivalent to $1.38
per
common stock
outstanding.—V. 151,
Corn Products Refining
p.
share
1939
$8,708,631
1,826,393
taxes.
Depreciation
Net profit.
Preferred {dividends
Common dividends
3,898.431V
Long-term debt.
10.316,299
Mln. int. in sub.
728,435
3,507,714
350,000
208,634
10,691,805
1,053,686
202.874
Preferred
shares
19,280,300
19,280,300
Common
shares 58,715,700
58,715.700
964
1,483,491
53,368,423
727,457
Earned surplus.
1,471
Capital surplus.
1,027,202
10,828,120
1,049,589
10,323,666
Total
Total...
110,142,579 109,324,254
110,142,579 109,324,254
-V. 151, p. 2350.
1938
1937
$8,970,737
1,475,050
$3,978,232
3,755,282
$7,733,514
2,337,186
1,125,000
2,162,676
1,170,000
1,470,474
1,260,000
$6,069,016
1,290,124
5,692,500
$7,072,838
1,290,125
5,692,500
$7,113,111
1,290,125
5,692,500
$5,003,040
1,290,125
5,692,500
$913,608
16,588,226
sur$90,213 sur$130,486
15,777,994
15,334,491
Cream of Wheat
Corp. (& Subs.)—Earnings—
Period End. Sept. 30—
Net profit
1940—3 Mos.—1939
$235,242
Earns.per sh.on 600,000
shs. cap.stk. (nopar).
$1,979,585
21,805,983
1
350,000
23,465
on
2439.
$9,967,447 $10,535,024 $10,445,787
Sink, fund pays.
Deferred income
11,713,055
27,431,254
57,734
52,827, 265
Def'd charges..
964 877
x
Total income.
Federal income & State {
(net)..
30, *40 Dec. 31, '39
4,491,600
4,149,018
4,172,824
12,082, 541
31,324, 185
189, 278
Fixed assets (net)
Co.—Earnings—
9 Mos. End. Sept. 30—
1940
Profit from operation... $8,428,408
Other income
1,539,039
curr. assets
Invests,
June
payable.
Reserves
55, 849
accts.
(net)
Liabilities—
Accts.
Accrued liabs...
securs.
<fe
Inventories
a
Dec. 31, '39
$
$
Call loans, guar.
rec.
Copperweld Steel Co.—Earnings—
Deficit
shares
common
Earnings—Consolidated figures, after depreciation and income taxes,
(other than its French subsidiary),
by bank
Surplus, Dec. 31
385,606
for the company and its subsidiaries
are as follows:
Assets—
$7,041,125 $7,483,284
Total.
....$7,041,125 $7,483,284
Represented by 63,500 no-par shares.—V. 151, p. 1718.
514,864 shares of
"
192,803 5% cumulative convertible preferred shares. The
present stated conversion prices are:
$50 per common share if converted
on or before June
15,1942; $57 1-7 per common share if converted thereafter
and on or before June 15,
1947," and $66 2-3 per common share if converted
after June 15,1947.
_
Total.
a
at
'40
$10,600,000
66,299
728,435
19,280,300
58,715,700
5 % cumulative convertible preferred shares (par $100)
*
Common shares (par $25)
taxes
Deficit
x
Outstanding
June 30,
15-year3K% sinking fund debentures, due June 1,1951
Acc'ts payable, &c
207,471
279,032
Inventories.
Company—incorporated in Illinois in 1865 as North Western Manu¬
facturing Co., the business having been originally founded in 1855. Com¬
Pur nose—Net proceeds from the sale of the debentures (estimated at
$10,424,049, excluding accrued interest, and after deducting expenses and
underwriting discounts or commissions) will be used, together with treasury
funds to the extent necessary, for the retirement of the company's out¬
standing $10,600,000 of 3M% debentures, due 1951, which the company
intends to call for redemption no Dec. 1, 1940, at 101 of their principal
amount ($10,706,000) plus accrued interest.
loss49,570
$881,899
1940
before Sept. 30,1946,102 %; thereafter on or before
Sept. 30,
Continental Illinois National Bank &
1939
Balance Sheet Sept. 30
Assets—
Cash
1934520.
on or
1948, 101%; and thereafter 100%.
Trust Co., Chicago, trustee.
$28,604
57,045
84,482
148,932
.
prof$44,511
84,053
194,338
816,125
Deficit, Sept. 30
thereafter
1938
$207,782
62,425
56,260
65,427
100,740
Cr2,817
Loss from operations.
Profit from disposal of assets
company, as a
or in part, on
any int. date on 30 days' notice, or on any other date
45 days' notice, at the
following prices and accrued int.: if red. on or
before Sept. 30, 1942, 104%: thereafter on or before
Sept. 30, 1944, 103%;
whole
on
1938.
1940
Depletion
Depreciation
Sinking fund payments sufficient to retire $500,000 principal
debentures annually, payable in cash or debentures on or before
Aug- 20 of each year, 1941 to 1949, inclusive. Sinking fund
moneys to be
applied to the redemption of debentures. Sinking fund payments
may be
anticipated as provided in the indenture. Red., at option of
1937
Co.—Earnings—
9 Months Ended Sept. 30—
Profit from operations
Interest paid or accrued (net)
of
conversion of the
1937
Calculated at the new rate of 24% applicable for the last nine months
of the period,
z After tax on undistributed
earnings.—V. 151, p. 2349,
1718.
/
Motors
Wampler
Dated Oct. 1, 1940; due Oct.
1, 1950. Interest payable A.-O., in Chicago
or New York.
Coupon debentures in denoms. of $1,000, registerable as to
*
Subs.)—Earnings—
1939
y
Continental
Stern,
to their own
Operating profit
Other income
Interest
& Co. and
& Co., Inc. A selling group
about 170 investment dealers distributed the issue.
amount of
1940—Month—1939
expenses
Taxes
offering ranks among the lowest cost industrial bond
financing through the medium of a term issue.
Associated with Morgan Stanley &
Co., Inc. in the under¬
writing are Bacon, Whipple & Co.; A. G. Becker & Co., Inc.;
Blair, Bonner & Co.; Central Republic Co.; Clark, Dodge &
Co.; Glore, Forgan & Co.; Harris, Hall & Co. (Inc.); the
Illinois Co. of Chicago; Lee
Higginson Corp.; Smith, Barney
principal only.
Consumers Power Co.—EarningsPeriod End. Sept. 30—
Gross revenue
2493
The
x
After
surtax on
$304,127
$0.39
charges and Federal
undistributed profits.
$0.50
taxes
but
before
1940—9 Mos.—1939
$693,053
$800,774
$1.15
provision
$1.33
for
Federal
Net profit for the 12 months ended Sept. 30, 1940, was $983,237 equal to
a share against $1,386,171 or $2.31 a share for the 12 months ended
Sept. 30,1939.—V. 151, p. 1430.
$1.64
Crown Drug
Co.—Dividend—
Directors have declared a dividend of 5 cents per share on the common
holders of record Dec. 6. Like amount was paid
April 25, last and on Dec. 15, 1939 and previous payment was the 10April 10, 1937.—V. 151, p. 2188.
stock payable Dec. 16 to
Total surplus...
$15,674,618 $15,868,208 $15,464,977 $19,826,398
Earns, per sh. on 2,530,000 shs. common stock
(par $25)
$1.89
$2.29
$2.30
$1.47
—V. 151. p. 546.
on
cent distribution made on
Crucible
Steel Co.
of
America—Temporary Certificates
for New Stock Ready—
Crane
Co., Chicago—Debentures Offered■—Formal offer¬
made Oct. 24 of $10,500,000 10-year 2%% sinking
fund debentures, by Morgan Stanley & Co.,
Inc., ana
associates.
The debentures were priced at 101
to yield
about 2.08% to maturity and about 2.05% to the first date
on which
they are callable at par.
The issue has been over¬
ing
was
subscribed.
Stockholders have been advised in
a
letter from F. B. Hifnagel, Chairman,
that it is not necessary for holders of the 7 % pref. shares to exchange them
for the new 5% pref. shares in order to receive the dividend payable
Nov. 20,
although pref. noiders are urged to turn in their old certificates.
It is
pointed out that stockholders desiring to sell their old 7% stock of $100
par value must exchange them before sale, as the New York Stock Exchange
will not accept the old certificates for delivery.
Temporary certificates
of both the new 5% pref. and new no-par common stock have been pre¬
pared for exchange, and permanent certificates now are being engraved,
according to Mr. Hufnagel.—V. 151, p. 2188.
I
The Commercial & Financial Chronicle
2494
SepU 30—
Net profit—-----Earnings per share on
93,000 sns, com. stock
1939
1938
$64,268 loss$il,229
1940
$110,890
1937
*$113,332
stock.
_T„
$0.63
$1.03
Nil
$5,000 for surtax on undistributed profits,
depreciation Federal income tax.-—Y, 161# P. 2188.
x
After provision of
y
$1.06
After
In addition, the company will Issue 24,000 shares of the new common
stock to Cities Service Power & Light Co. in full satisfaction of indebtedness
owed to that company in the amount of $408,040.
The bonds, preferred and common stock will all be publicly offered.
The
Cuba Northern Rys.—Listing—
names
down
The New York Stock Exchange has authorized the listing of deposit
receipts for $16,766,000 first mortgage gold bonds, 5M%. due June 1,
1942, to be issued pursuant to procedure for deposit dated as of Sept. 20,
1940, between the company, Bankers Trust Co. as agent of the company,
and depositors of bonds.
Such "deposit receipts" are to be issued under procedure for deposit
dated as of Sept. 20,1940. The issuance of such deposit receipts was author¬
ized by the directors on Sept. 4, 1940. Such deposit receipts will be dated
the date of actual issuance and will call for payments of instalments of
interest and principal, to June 1, 1970, which payments will be made by
check transmitted by mail to the registered owners of deposit receipts.
Such payments are payable in United States currency. There are at present
no governmental restrictions in Cuba which would prevent the company
from making available payment of instalments of interest and principal
contemplated to be made to the registered owners of deposit receipts.
Deposit receipts will be issued in registered form only and in denom. of
$500, $1.000 and multiples of $1,000, and will be exchangeable as to denom.
and transferable at the office of Bankers Trust Co. without charge therefor^
Onlv certificates in denom. of $500 and $1,000 will be eligible for delivery in
settlement of exchange contracts. Title to the bonds deposited under the
procedure for deposit shall not, and shall not be construed to pass to the
company or to the agent by virtue of such deposit, but, until payment or
provision for payment in full as provided in the procedure for deposit, shall
remain in the registered owners of the deposit receipts issued therefor.
In June of 1940, a transitory provision of the new constitution of Cuba
became effective in the Republic of Cuba where the company is Incor¬
porated, and where its property is located and its business carried on.
Company is advised by its Cuban counsel ,Dr. Alfredo Lombard, that such
transitory provision, as supplemented by Decree-Laws 412 and 594 of 1934
of the Republic of Cuba, automatically affects its issue of first mortgage
bonds and provides that (1) principal of such Indebtedness must be amortized
in annual instalments commencing June 30,1942, and ending June 30,1970.
and (2) from June 4,1940, interest shall be required to be paid at the rate of
1 % per annum upon the unamortized balance of the principal.
Tne company, in furtherance of its aim to make available to bondholders
continuous payments in as large amounts as it feels that its earnings and
,
,
.
,
The net proceeds from the sale of the bonds and preferred stock will be
used for the redemption on Feb. 1, 1941, at 103%, of $600,000 6% 25-year
mortgage gold bonds, series A, due Aug. 1, 1948, and for the redemption
at 110% of 16,000 shares of 7% cumulative preferred stock.
Cities Service Power & Light Co. will receive all of the proceeds from the
sale of the common
an
Cutler-Hammer,
x
Period End. Sept. 30—
Net profit....
y
payable and to indicate the last date after June 1, 1942 to which Interest
has been paid, which
payments shall constitute full payment of interest to
date, (4) holders of first mortgage bonds, so received In exchange for
deposit receipts, may not redeposit them, except with the consent of the
bonds
return
deposited bonds, bearing legends and riders as aforesaid, to the
registered owners of deposit receipts, (6) the procedure for deposit may be
amended, upon the terms and conditions ana in the manner stated in the
procedure for deposit, provided, however, that no amendment shall be
Dallas
Direct
taxes
Prop, retire,
res. approp.
$42,543
15,505
Operating income....
$27,038
$3,461,935; selling expenses, $1,333,904
Dedham (Mass.) Water Co .-—Bond Issue—
Th8 Massachusetts Public Utilities Commission has taken under advise¬
petition of the company for approval of an Issue of $400,000 first
mortgage 3K% bonds.
The proceeds will be used to refund a like amount
bonds now outstanding.—V. 151, p. 2041.
of 4M %
Diesel Plants,
Inc.—Registers with SEC—
See list given on first page of this department.
Delaware & Hudson Co. (&
Period End. Sept.
Gross
30—
Expenses.
Net
revenues
Subs.)—-Earnings—
1940—12 Mos.—1939
1940—3 Mos.—1939
A
$11,364,722 $10,656,717 $47,618,210 $45,265,992
8,153,506
8,401,483
35,753,549 34,126,505
revenues-
of
com-
»
panics consolidated. $3,211,216
revs. of companies
not consolidatedDr20,752
$2,255,234 $11,864,661 $11,139,487
Net revenues of all cos.
$2,150,135 $11,923,769 $10,768,057
3,434,494
923,251
3,392,913
5,249,559
5,220,890
1,307,124
2,713,746
2,736,061
686,532
Net
!
Taxes—
Fixed charges
$3,190,464
847,714
1,328,311
702,798
Depletion and deprec—
.
„
59,108
Dr105,099
Dr371,430
Realized losses from sale
Cr 118
of securities (net)——
Net
x
income!
2,402,361
3,558
$570,347 x$3,032,103
x$766,654
$311,641
—
Deficit.—V. 151, p. 547.
Denver
&
Rio
Western
Grande
RR.— Plan
Reported
Disapproved—
The compromise plan offered by the creditor groups of the road and the
Reconstruction Finance Corporation failed to meet with the approval of
Federal Judge Symes of the U. S. District Court in Denver , it has been
reported.—V. 151, p. 2041.
Dodge Cork Co., Inc.—Earnings—
Earnings for 3 Months Ended Sept. 30,1940
Net sales.
—
Net income before income taxes
—V. 151,P. 696.
...
Doehler Die Casting Co.
Period End. Sept. 20—
Net profit
Earns .per sh .on cap. stk.
a
a
-
...
Mines, Ltd.-
9 Mos. End.
Sept. 30—
Total recovery...... —
$146,820
14,987
—Earnings-
1940—Mos.—1939
$115,979
$135,572
$0.41
$0.48
1940—9 Mos.—1939
$709,914
$2.53
After depreciation, Federal Income taxes, &c.- -V.
Dome
—
151,
$398,700
$1.42
P.
1719.
Earnings—
1940
$5,955,140
Development oper. and
general costs
...
1,982,300
Dominion inc. tax (est.)
1,171,285
Outside exploration exp.
22,717
For. exch. paid on trans¬
fer of funds194,598
1939
1938
1937
$5,480,833
$5,470,830
$5,636,735
1,952,164
1,968,701
594.304
545.907
18,249
2,122,233
540.211
3,336
79,703
Net income......... $2,584,240
Miscellaneous earnings..
453,381
$2,854,663
191,590
$2,937,972
245,333
$2,970,955
305,844
Total income...*— $3,037,621
$3,046,253
$3,183,305
$3,276,799
x
x
Before depreciation and depletion.—V. 151, P. 1569.
$506,118
186.063
$496,508
186,063
$26,237
1,292
$320,055
11,750
$310,445
18,459
York to engage in the manufacture of
1940—Month—1939
$263,473
$257,521
181,598
172,316
16,941
17,607
22,391
25,856
Net oper revenues
Rent for lease of plant—
On
$41,742
15,505
Ry. & Terminal Co.—Earnings-
Period End. Sept. 30—
y
Doyle Machine & Tool Cor p.-—Stock Offered—Public
offering was made Oct. 25 of 113,004 shares of common stock
of the corporation at $3.75 per share.
Burr & Co., Inc.,
New York, headed the underwriting group which includes,
O'Melveny-Wagenseller & Durst, Los Angeles; Brown,
Schlessman, Owen & Co., Denver, and Sidney S. Walcott
& Co., Inc., Buffalo.
Of the total number of shares being
offered, 36,000 are for the account of the corporation.
The
remaining 77,004 shares are for the accounts of stockholders.
161, p. 1718
Operating revenues
Operating expenses
$0.62
ment the
made which shall
deprive the registered owners of deposit receipts of their
right to withdraw deposited bonds as provided, and (7) bonds may be
deposited now and at any time on or before May 31,1941, but not there¬
after, unless the company consents.
Procedure for Undeposited
Bond£—Company proposes to request all holders
of first mortgage bonds to deposit their bonds against delivery of a deposit
receipt as above provided, believing that such procedure constitutes the
least onerous and least expensive procedure which may be followed in
making such payments. However, no holder of a first mortgage bond will be
obligated to deposit such bond and receive a deposit receipt as outlined
above.
A bondholder, if he desires, may continue to hold his bond and
collect, out of any funds made available for the purpose, principal and
interest payments strictly in accordance with the transitory provision.
To do so, however, it will be necessary to surrender the
applicable coupon
on each interest date from Dec.
1,1940 to June 1,1942, both inclusive, and
thereafter to present physically the bond each Dec. 1 and June 1 for col¬
lection of Interest and notation of the payments thereof and to present
physically the bond on June 30,1942 and each June 30 thereafter to June 30,
1970, for collection of principal payments and a notation of such payments.
In this connection, the company is advised by its Cuban counsel that under
the Cuban law it will not be liable for interest accruing on the
principal
payments required to be made under the transitory provision subsequent
to the date on which such payments are tendered to and
deposited for the
benefit of bondholders, whether or not such payments are codected.-—V.
$410,480
$1.40
After depreciation. Federal income and excess profits taxes, Ac.
Gross profit from operations,
strictly in accordance with the transitory
{»rovision, at any time, as provided therein, and upon such termination to
deposit 5) the company reserves tne right to terminate the prodedure
$925,227
$167,067
$0.26
general and administrative expenses, $309,593: provision for depreciation
and amortization, $143,899; social security and unemployment taxes,
$158,029; Federal normal and excess profit tax and State income taxes
(estimated), $630,964; profit, $885,546; other income—miscellaneous,
$39,681; net profit. $925,227.—V. 151, p. 1141.
company, and thereafter interest and principal on such first mortgage
will be paid, after adjustment,
or
$182,864
$0.28
Earnings for 9 Months Ended Sept. 30,1940
payments may be made and received without the necessity of sending the
bonds to the paying agent for notation of payment thereon on each interest
such
1940—9 Mos.—1939
1940—3 Mos.—1939
capital stock.
payment date and principal payment date, with the attendant expenses of
postage and insurance, the company, pursuant to authorization of its
directors adopted Sept. 4, 1940, has entered into the procedure for deposit
dated as of Sept. 20, 1940, with Bankers Trust Co., as its agent, to which
that (1) any bondholder may deposit his bonds with Bankers Trust Co.,
on or before May 31, 1941, and receive one of the deposit receipts in reg¬
istered form,
(2) the registered owner of such deposit receipt shall be
entitled to receive payment of instalments of principal and instalments of
interest upon the dates and in the amounts out of any funds which have be8n
deposited in trust, or otherwise made available for such purpose, with the
agent, (3) at any time prior to the payment in full of the instalments of
interest and instalments of principal, the holder of such deposit receipt shall
be entitled to surrender the same, and receive in exchange therefor a cor¬
responding number of deposited first mortgage bonds in coupon form, with
all then unpaid interest coupons annexed, the bond and such coupons bearing
legends and riders to indicate the reduction in the amount of the principal
Inc.—Earnings-
Earnings per share
x
orderly procedure whereby such
instrument every holder of first mortgage bonds may become a party by
depositing bis bonds pursuant thereto on or before May 31,1941.
Procedure for Deposit—The procedure for deposit provides in substance
stock.
given on first page of this department.—V. 151, p. 218
See also list
.
of establishing
Common
72,000
36,000
36,000
Preferred
4,800
2,400
2,400
,
principal on Dec. 1,1940, in advance of the other¬
obligatory date of June 30,1942, such payments to continue to June 1,
purpose
_
,
Bonds
$360,000
180,000
180,000
Con>., New YorkPutnam & Co., Hart lord.
Chas. W. Scranton & Co., New Haven...
ments in amortization of
1970.
For the
of the underwriters and the amounts of the securities to be taken
by each are as follows:
The First Boston
ts right to rely strictly upon the
?>resent prospects Justify, has determined, without in any manner waiving
transitory provision, to commence pay¬
wise
26, 1940
Change its 24,000 shares of presently out¬
standing common stock, $25 par value, into 120,000 shares of common
stock, $5 par value.
Cities Service Power & Light Co. owns all of the out¬
standing common stock and will receive the 120,000 shares of new common
The company also proposes to
Crystal Tissue Co. —Earnigng—
9 Mos. End.
y
Oct.
1940—12 Mos.—1939
$3,129,579
$3,097,996
2,206,574
2,154,484
205,566
202,095
211,321
244,909
Colonial Trust Co. has been appointed registrar of the common stock.
Other income
^
•
Gross income
Int. on mortgage bonds.
deductions
Other
a
542
.
$27,580
23,515
1,961
$27,529
23,515
1,959
$2,104
$2,055
Dividends applicable to pref. stock for period.
-
Balance, deficit
1
'
24,719
$328,904
282.180
24,905
$24,906
103,901
$21,819
103,901
$78,995
182,082
$331,805
282.180
accumulated and unpaid to Sept. 30, 1940, amounted to
$718,649.
Latest dividend, amounting to $1.75 a share on 7% preferred
stock, was paid on Nov. .1, 1933.
Dividends on this stock are cumulative.
—V. 151, p. 1890.
Danbury (Conn.) & Bethel Gas & Electric Light Co.
—To Sell Securities—
The Securities and Exchange Commission on Oct. 21 announced that
the company filed an application (File 70-180) under the Holding Company
Act regarding the proposed issuance and sale of $720,000 of general mort¬
gage
bonds, due 1970, and 9,600 shares of 4H % cumulative preferred stock
The interest rate on the bonds is to be furnished by amendment.
($50 par).
History
&
Business—Corporation was incorp. June 27,
1927 in New
machinery, tools and parts. Upon Its
Doyle-Wall Machine & Tool Co. all
of its assets excepting certain accounts receivable, and assumed a>l of its
liabilities.
The Doyle-WaU Machine Sc Tool Co. was a partnership which
formation, corporation acquired from
had been engaged in the manufacture of machinery,
1919 to June, 1927.
tools and parts from
During the past year, the corporation devoted approximately 90% of its
activities to the manufacturing and processing of parts for airplane engines,
including propeller gear shift housings, master connecting rods, articulated
rods, torque indicator housings torque arm supports, supercharger housings,
and crankshafts for three divisions of the Curtiss-Wright Corp. to wit:
Wright Aeronautical Corp., Paterson, N. J.: Curtiss Propeller Division,
Clifton, N. J.; Curtiss Airplane Diysiion, Buffalo, N. Y.
These concerns furnish the materials and specifications and the corpo¬
ration manufactures and* processes the particular articles specified.
Each
machine or part being designed for a particular purpose and need of such
customer, it is important that the estimate of cost be accurate and that
the finished article be exactly in accordance with the specifications. These
requirements have been carefully observed by the corporation throughout
its existence. Corporation receives payment in accordance with the number
of machine hours expended in such work and its compensation is not de¬
pendent upon the delivery of finished products. Bills are rendered by the
corporation semi-monthly and are paid Dy the cu tomers when rendered.
Volume
according to specifications for various industries.
Capitalization—
Authorized
Outstanding
Common stock ($1 par)
150,000 shs. a 77,004 shs.
a Before giving effect to issuance of 36,000 shares now being offered.
On Oct. 2, 1940, by amendment to the certificate of incorporation, the
authorized capital stock, consisting of 1,000 shares of common stock (par
$100), was increased to i50,000 shares (par $1), and each of the shares of
common stock of $100 par outstanding were changed by reclassification
into 93 shares of common stock par $1.
Burr & Co., Inc., has agreed to purchase from the corporation 36,000
shares of the authorized but unissued common stock and has also entered
into an agreement with Lawrence E. Doyle and Louisa F. Doyle, his wife,
for the purchase of the outstanding 77,004 shares of common stock.
The
aggregate of 113,004 shares are being offered to the public hereunder.
Warrants—36,000 authorized but unissued shares of common stock are
being reserved against the exercise of Warrants to subscribe to a like number
of shares of common stock.
Underwriting—Burr & Co., Inc., has associated with it the following
firms as members of an underwriting syndicate who will participate to the
extent set opposite their several names:
Burr & Co., Inc., 45,654 shs.; O'Melveny-Wagenseller & Durst, 28,675
shs.; Brown, Schlessman, Owen & Co., 28,675 shs.; Sidney S. Walcott &
Co., Inc., 10,000 shs.
The underwriting agreement dated Aug. 16, 1940, between the corpo¬
ration and Burr & Co., Inc., provides that the underwriter will purchase
from the corporation 36.000 shares of authorized and unissued common
stock at a price of $3 p r share, within 30 days from and after the effective
date of the registration statement, provided the registration statement
becomes effective on or before Dec. 1, 1940.
Purpose—Of the estimated net proceeds of approximately $98,000 after
deducting expenses of registration, $51X00 of such net proceeds will be
used by the corporation to make the cash payment required under the
contract of purchase between the corporation and Lawrence E. Doyle,
covering the purchase of the land and building. $4,COO of such net proceeds
will be used by the corporation to reduce the mortgage from $29,COO, to
and parts
the aircarft
?125,000. Plansindustry through the purchase of expansion of the
are under way for the immediate new machinery,
n
and the
business
amounting to approximately $43,000,
utilized by the corporation for the purchase of such machinery
additional working capital.
Earnings for Stated Periods
balance of the net proceeds,
12 Months Ended Sept. 30—
$312,372
157,004
22,887
$171,145
129,478
30,256
$163,455
124,394
29,296
191,613
30,287
$3,983
1,626
$11,410
3,172
$9,763
$90,470
1,296
430,544
-
116,190
284,507
Other taxes
$928,752
Other income (net).
$816,367
8,626
$942,031
Interest
$824,993
436,395
21,318
6,819
48,964
long-term debt
on
:
Other interest
Amortization of debt discount and expense.
Interest charged to construction.
13,279
436.395
49,844
Cr5,008
Miscellaneous deductions
Cr786
5,000
on
$317,443
215,572
preferred stocks.
Balance
$450,639
215,572
$101,871
Dividends
$235,066
-V. 151, p. 548.
Eastern Utilities Associates
Period End. Sept. 30—
(& Subs.)—Earnings—
(incl. Inc. taxes)-
$751,350
364,182
38,048
127,790
$710,964
335,726
37,506
100,992
1940—12 Mos—1939
$9,112,257
$8,824,969
4,419,463
4,237,294
410,839
386,400
1,377,157
1,201,024
Net oper. revenues—
$221,330
$236,740
$2,904,799
Non-oper. income (net).
857
476
26,661
$222,187
66,490
$237,216
$155,697
35,912
400
$171,408
36,004
$119,385
Operating
Operation
1940—Month—1939
revenues
Maintenance
Taxes
Balance
Retirement
res.
accruals
Gross income
Interest and amortiz
Miscell. deductions
$3,000,251
Drl2,595
$2,931,460
783,953
$2,987,656
768,791
36
$2,147,506
436,344
12,165
$2,218,865
469,293
10,562
$135,369
$1,698,997
$1,739,010
65,808
.
Pref. div. deductions:
77,652
77,652
$1,621,345
24,209
$1,661,358
25,850
$1,597,136
309,824
$1,635,508
309,824
$1,906,960
B. V. G.& E.Co
2,222
$5,609
5.087
$14,582
4,621
$11,061
1,736
$92,693
2,374
107
1,367
1,195
$1,945,332
—
-
20,348
$183,875
_
130,465
346,585
89,167
243,692
—
Provision for retirements
Federal income taxes.
Balance
&c--—
1,117,269
-
July 31, '40
Gross sales less returns,
goods sold Sell., gen. & adm. exps__
$2,855,931
1,200,037
149,002
Operating expenses
Maintenance
1939
1940
$2,996,647
Total operating revenues
Balance
7 Mos. End.
-Years Ended Dec. 31
1939
1938
1937
Net
will be
and as
Subs.)— Earnings
Eastern Shore Public Service Co. [&.
Corporation, has specialized in the manufacture of high precision ma¬
chinery, tools and parts. Prior to its specializing in the manufacturing and
processing of airplane parts, the corporation manufactured machinery, tools
Cost of
2495
The Commercial <& Financial Chronicle
151
profit from opers
Other income
Total income
s
Deductions from income
Applicable to minority interest
Applicable toE.TJ. A
Non-subsidiary income
Total income
.-
-
—
.
149,204
131,141
$1,757,756
$1,814,191
Expenses, taxes and interest
Balance
for
Amount not available for dividends and surplus--
normalI
Fed.
income tax
$414
$8,594
$414
$8,594
$69,970
$8,128
$8,128
Provision for Fed. excess
269
Balance available for dividends and surplus—
Prov.
$1,757,487
a23,962
profits tax
Inc.—Weekly Input—
Ebasco Services,
17, 1940 the kilowatt-hour system input of the
For the week ended Oct.
Net income
a
.
$46,008
Act of 1940.
Based on Second Revenue
Balance Sheet July 31, 1940
Assets—Cash
on
hand and in bank, $44,195;
$82,800; earned surplus,
$1,676; accrued liabilities, $65,376; capital stock,
$15,482; total, $195,233.—V. 151, p. 2041.
Pacific Ry.—Earnings—
1939
1938
Duluth Winnipeg &
1940
September—
1,107,345
225,008
GrOTsfromnrailway
Net from
railwayl
951,334
104,161
830,270
def5l,4l9
Net ry. oper.
3,313
def88,444
income.--
-v
I.) du Pont de Nemours &
A
new
215.382
15,585
def242,899
Cost of sales
-
Selling, administrative and
Net profit on
Other income
general expenses
$159,868
19,877
operations
loans and
.....
Provision for doubtful accounts
DNew?ontract
Federal income and excess profits taxes
Patent
increased to $17,760,000 the Army's orders from the new
plant which is under construction.
A $6,700,000 order was placed Sept. 30.
At the same time the War Department announced that negotiations were
in progress to increase the contemplated size of the plant, and military
circles heard it would be expanded to twice or three times the capacity
originally planned.
The original construction contract announced last
month was for $10,863,000.
The new order announced was specifically for TNT, DNT, and Tetryl.
Government also allotted company $26,000,000 for additional facilities
at Charlestown, Ind., for manufacture of smokeless powder.
Original
contract for this powder plant announced July 17 at cost of $25,000,000.
—V. 151. p. 2041.
Gross
& Power Co.—Earnings—
12 Months Ended June 30, 1940
$1,879,828
1,039,946
operating revenue—
and general taxes
.——
earnings
on funded debt.
Amortization of bond discount and expense
Interest on other debt and other charges
Provision for Federal income tax
Net
income
Dividends on
—
——
preferred stock.
$237,452
100,835
statement includes the operations of the Tennessee
Eastern Electric Co. (merged with the East Tennessee Light & Power Co.)
for the 12 months ended June 30, 1940.—V. 151, p. 243.
Eastern Cas & Fuel
Associates*—Earnings—
1940
1939^
$12,053,844
1,126,849
$8,961,206
467,432
4,237,025
4,218,636
2,761.900
609,586
2,889,659
628,630
dividend requirements. $3,318,484
4>£% prior pref. stock—;
$13.47
$756,849
12 Months Ended Sept. 30—
Total consolidated income
Federal income taxes (estimated)
_;
-,
Depreciation and depletion.
Interest
-
—
—
Debt discount and expense
Net income available for
Earned per share of
—V. 151, p.
——
$3.07
1893.
1939
(net), $182,168; deferred charges, $15,717; total, $1,461,986.
Liabilities—Notes payable to banks, $55,000; accounts payable, $43,517:
deposits and prepayments, $11,255; expenses accrued, $12,301; Federal
capital stock, franchise and other accrued taxes, $14,201; mortgage pay¬
ments due currently, $3,175; Federal income and profits taxes, $12,327;
mortgages payable, $44,528; capital stock (par $1), $393,251; capital sur¬
plus, $833,271; earned surplus, $39,159; total, $1,461,986.—V. 150, p. 2262.
Electric Household
Net loss from oper
Net earnings
1938
1937
1936
$1,230,675
1,149,611
$649,863
1,077,904
$1,301,026
1,341,149
$1,278,243
1.317,958
prof$81,064
66,667
$428,041
49,999
$40,123
78,085
$39,715
253,985
$147,731 loss$378,042
$37,962
17,772
$214,269
—-
Prov. for income taxes-,
Excess of foreign exch_
Prov. for obsolete & slowmoving inventories, Ac
Write-off
of
extraord.
y
pat.
Utilities Corp. (& Subs.)—Earns.
1939
Calendar Years—
27,732
6,234
20,688
241,537
90,809
expenditures
receive. A
by
charge to profit & loss
in prior years
—
Excess res. for
accruals, provided
Deficit
Shares
com.
x$378,042
x$312,156
$283,456
394,115
8ur$l 13,765
stock out¬
$378,042
$312,156
$110,659
—
standing (par $5)
Earnings per share
x
Indicates
089,875
$113,765
profit
Common tiivs. (cash)
Net
loss,
y
396.858
396,660
391,660
391,660
Nil
Nil
$0.71
$0.29
Conversion loss over reserve therefor provided in
prior years.
Consolidated Balance Sheet Dec. 31, 1939
Eaton Manufacturing Co.
(& Subs.)—Earnings—
1940—3 Mos.'—1939
1940—9 Mos.—1939
profit
-$814,502
$351,339 $2,722,850 $1,637,030
Earns, per sh. on cap. stk
$1.16
$0.50
$3.87
$2.33
x After taxes, interest, depreciation, Ac., but before provision for Federal
surtax on undistributed profits.—V. 151, p. 413.
Period End. Sept.
x
$0.14
Balance Sheet Dec. 31,
Assets—Cash, $127,853; notes and accounts receivable (net), $181,082;
merchandise inventory, $429,300; fixed assets (net), $525,865; patents
Miscellaneous credits—
jVote—The above
$54,831
31,460
-
capital stock
Grossprofit
Selling & admin, exps—
—-—259,200
—.
35,861
81,699
57,400
...
—
—
income
Dr961
Net
—
Dividends paid
Earnings per share of
167,308
$672,574
—
Interest
Net
for depreciation
amortization charge
$671,613
Net operating revenue
Other income (net)—
$179,745
4,392
19,035
5,342
40,776
43,041
12,327
mortgages
Discounts allowed to customers
Provision
Operating expenses, maintenance
Provision for replacements
219,854
—
Gross income
Interest on
Co.—Govt. Order—
4.1
$1,506,699
1,126,977
sales
Net
1,080,314
$11,060,000 contract with this company for high explosives to be
Wilmington, 111., was recently announced by the War
Earnings for the
11.5
Corp.—Earnings—
manufactured at
East Tennessee Light
J.2
2,636,000
9,164,000
Earnings for the Year Ended Dec. 31, 1939
r
—V. 151, p. 1892.
(E.
16,670
def643
;
Amount
d240,000
The above figures do not include the system inputs of any companies not
appearing in both periods.—V. 151, p. 2350.
Eisler Electric
def23,880
24,346
income
Net ry. oper.
1939
129,074,000
64,150,000
80,012,000
d Indicates d6cr^s6,
$116,522
def4,314
2,490
Net from railway
Operating Subsidiaries of—
1940
Co..128,834,000
Electric Power & Light Corp. 66,786,000
National Power & Light Co.- 89,176,000
American Power & Light
1937
§91,313
$120,924
23,805
$157,462
Gross from railway
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power A Light Co., as
compared with the corresponding week during 1939, was as follows:
-Increase-
marketable securities, cost,
$6,011; accounts receivable, trade, $27,617; accounts receivable other, $119;
due from employees,
$144; inventories, $43,544; other assets, $6,809;
fixed assets (net), $69,668; deferred charges, $1,141; total, $195,233.
Liabilities—Notes payable, others, $8,127; accounts payable, trade,
$21,773; due to officers,
$1,814,191
—V. 151, p, 1893.
30—
Net
Assets—Cash, $922,421; Federal savings and loan association certificates
U. 8. savings bonds, $215,000; marketable bonds, $155,174; receiv¬
(net), $792,827; inventories, $1,431,583; prepaid expenses, $58,573;
loans and advances, Ac., $24,074; metered and other machines out on rental,
$180,663; land, buildings, equipment, Ac. (net), $1,275,849;'patents,
trade marks and goodwill, $1; total, $5,056,166.
and
ables
The Commercial & Financial Chronicle
2496
El Dorado Oil Works (&
Subs.)—Earnings
1939
1938
1937
1936
loss$48,554
49,529
x2,926
$353,758
$138,833
28,979
$3,608 loss! 101,008
522,554
850,349
$276,535
795,379
$88,997
$1,071,914
Crl,683
$749,341
226,720
Dr67
226,720
Cr 5,155
$993,600
226,720
028,498
$527,845
$522,554
$850,349
$795,379
Net profit before deprec.
$71,946
66,875
and income taxes
Depreciation--
—
1,462
Income taxes..--Net profit
Surplus at start of year-
$526,162
Dividends paid
Surplus adjustments
Surplus at Dec. 31—
29,227
47,996
20,856
904.603
Balance Sheet Dec. 31,
Electrolux
1939
Int. earned
xl937
$2,154,997
32,831
$2,615,378
$3,480,380
49,861
66,420
$2,187,828
95,9*3
$2,665,240
27,925
4,111
401,400
105,049
29,412
18,757
1,463
616,620
$1,658,469
1,485,000
$2,040,922
1,980,000
Operating
disposal of fixed assets
on
Provision for Federal income tax
Net profit
Dividends paid
Earns,
sh.
capital stock
x
per
on
$1.65
pay¬
$3,206,292; total, $8,304,900.—V.
151, p. 2191.
Elgin Sweeper Co,—Earnings—
Earnings for the Year Ended Dec. 31, 1939
xl46.924
2.753
113,285
125,625
1,897
$425,662
184,849
125.625
1,990
$98,023
371,301
$71,054
582,138
$27,847
589,489
$113,198
605,928
of associated
7,975
1.430
414
$571,171
311,264
199,840
54,436
Cost of goods sold
-
General and administrative expenses
Profit from operations.
Other income
$5,630
4,540
and
bank indebtedness.
Balance Sheet Sept. 30
1940
on
hand
$10,170
1,400
....
Provision for Federal income tax.
Other charges
Net Income
Prior preference stock dividends
Cumulative preferred stock dividends
100
21,381
127,593
29,329
5,055,834
7,281,380
Accounts and dividends receivable
General market securities, at market quotations..
Investments in secure, of associated and sub. cos.:
American General
Corp.:
Preferred stock at market quotations
1
6,028,400
8,182,170
z2,897,652
Common stock at net asset amount
General Reinsurance Corp. capital stock
yl,800,878
490,160
510,750
42,788
358,073
/
First York Corp. common stock (13% owned) at
net underlying asset amount
International Capital Co. of Can., Ltd. (87
owned) at net underlying asset amount
Total
$14,878,820 $18,446,518
Liabilities—
Accts. pay. for securities purchased—not received.
Other accts. pay., accrued expenses and taxes
Accrued interest on debentures outstanding
Notes payable to bank (secured)
Reserve for Federal income taxes
Reserve for contingencies
Debentures assumed by the corporation
Excess of amounts (net) at which investments in
Am. Gen. Corp. pref. and common stocks are
over book cost, without provision
for any Federal taxes if realized
Excess of amounts at which investments are carried
herein
over book cost (net)—International
tal Co. of Canada, Ltd
Excess of cost of investment in First York
common
Unrealized
$9,726
27,905
30,601
3,350,000
Drl90,511
1,934,246
10,000
stock
Capi¬
Dr604
10,942
Drl52,690
Dr 132,100
Corp.
carrying amount
appreciation (net) of general market
over
3,600
-
417,227
666,559
227.764
479,129
256.038
479,129
Surplus
10,642,358
—
Total-
11,585.507
x
$14,878,820 $18,446,518
Includes
for taxes,
reserve
closing bid quotation.—V.
y
151,
p.
At book cost,
548.
z
At over-the-counter
1939
Assets—Cash, $154,887; trade notes and accounts receivable (net),
$93,335; other accounts receivable, $3,048; accrued interest receivable
$1,311; inventories, $222,262; investments, $10,485; plant property,
(net), $80,023; patents, $8; deferred charges, $15,051; total, $580,410.
Liabilities—Accounts payable, $13,818; dividends paid Jan. 2, 1940,
$5,459; accrued accounts, $10,651; prior preference participating stock,
$239,425; cumulative dividend preferred stock, $45,000; common stock,
(30,000 no par shares), $156,511; paid in surplus, $45,795; earned
surplus,
$68,949; 458 shares of prior preference stock held in treasury-—at cost,
Dr$5.198; total, $580.410.—V. 136, p. 2981; V. 135, p. 2499.
El Paso Electric Co.-
$2,186
48,128
27.917
100,000
74,000
x43,966
3.350,000
27,917
$3 convertible preferred stock, the first series
Common stock (10 cents par)
$8,669
18,245
—
Balance Sheet Dec. 31,
1939
$156,346
$342,607
Accounts receivable for securities sold
securities owned
Gross income
"9",986
$268,654
carried herein
Net sales
Selling expenses
126,666
—
$312,991
92,260
dividends
Cash in banks and
Balance Sheet Dec. 31, 1939
able, $435,370; reserve for Federal income taxes, $1,022,024; reserve for mis¬
cellaneous taxes, $299,963; capital stock ($1 par), $1,237,500; amount
repre¬
senting difference between stated value of no par value capital stock at date
it was changed to par value stock, and present
par value, $1,063,550;
—
27,632
Assets—
$2.24
Assets—Cash, $2,036,759; accounts receivable (net), $4,430,946; inven¬
tories. $1,034,829; land, buildings, machinery and equipment (net), $742,057; patents, $1; prepaid and deferred expenses, $60,309; total, $8,304,900.
Liabilities—Accounts payable and sundry accured liabilities, $637,398
sales representees, security deposits, $402,803; instalment commissions
_
1937
$21,679
110,323
275,973
7.700
$314,770
88.841
125,625
2,281
expenses
On stocks
1938
subsidiary companies,
b To debenture
holders and taxes paid at source,
c Over operating expenses (without giv¬
ing effect to results of security transactions).
x Includes $21.299 interest
1,237,500 shares
$1.34
modi
16,390
2,819
Excess of income
a
Including subsidiary company.
earned surplus,
4k.
bonds
Int. on debentures
b Taxes refunded
$2,775,498
2,722,500
Amortization of patents
Interest.
Loss
on
$3,546,799
111,271
29,412
34,858
2,177
446,600
as
$21,759
110,823
$110,827
174,119
181.827
Total
on
Depreciation
$113", 734
Corp
Miscellaneous income
c
xl938
1939
Underwriting profit
Preferred
1939
Total income
Reins.
1940
Other cash dividends
Corp.— ■Earnings—
Miscellaneous income
9 Mos. End. Sept. 30—
Cash dividends:
Amer. General Corp..
Gen.
Assets—Cash, $7,329; accounts receivable, $309,714; notes receivable,
$4,278; advances on flaxseed, $23,423; advances on copra, $628,524; inven¬
tories, $645,660; copra purchased, not yet received (contra), $1,203,509;
Investments, $6,346; plant and equipment (less depreciation), $1,554,144;
land, $196,428; deferred charges, $36,823; total, $4,616,1V9.
Liabilities—Accounts payable,
$103,724; notes
payable, $1,080,000;
reserve for taxes, $12,509; due for copra purchased, not yet received
(con¬
tra), $1,203,509; capital stock (141,700 no par shares), $1,688,592; surplus,
$527,845; total, $4,616,179.—V. 149, p. 1913.
Years Ended Dec. 31—
Profit from operations
objections to the plan
Equity Corp,—Earnings—
a
Income tax of subsidiary.
x
26, 1940
fled by the ICC on July 8, last.
Hearing on objections to the plan was held
before the Special Master Aug. 12.
The principal objections to the modified ICC plan, which were overruled
in the Special Master's
report, were filed by three major groups and four
individuals.
The protective committee for Erie ref. & imp. mtge. 5%
bonds objected to the issuance and allotment of any common stock of the
reorganized company to present preferred and common stockholders.
Miners Savings bank of Plttston, Pa., and the protective committee for
gen. mtge. conv. 4% bonds filed a joint objection to the plan, which, they
said, failed to afford due recognition to the rights of such bondholders. The
Commercial Trust Co. of New Jersey, as trustee under the mortgage of
New York, Lake Erie & Western Docks & Improvement Co., in their
objection said the plan should provide that bonds of the Docks company
should be left undisturbed, and they further objected to the powers granted
by the plan to the reorganization managers of the new company.—-V. 151,
p. 2191.
accruals, $197,869; general reserve, $250,000; capital stock
($5 par), $2,097,985; stock warrants representing fractional shares, $1,637;
paid-in surplus, $1,833,104; earned surplus, $369,778; treasury stock (27,937
shares at par value), Dr$139,685; total, $5,056,166.—V. 151, p. 1720.
$389,579;
Calendar Years—
Oct.
In his report, the Special Master overruled
Liabilities—Bank loans of foreign subsidiary, $55,900; accounts payable,
-Stone & Webster and
Cuts Participation—
Blodget, Inc.
Eureka Vacuum Cleaner
Evans Wallower
subsidiary.—V. 151,
Stone & Webster &
Blodget, Inc., principal underwriters of $6,500,000
bonds and 24,000 shares of preferred stock, have reduced their
participation in the underwriting to 5% and waived management fees.
It had originally been planned to take a
larger participation and put the
management fee in escrow pending a finai decision on the
question of
whether "arms length" bargaining
exists, but it is understood that the
company had requested the change in the procedure.—V.
151, p. 2350.
Empire Gas & Fuel Co., Ltd., to the Hornell (N. Y.) Gas Light Co. and
a hearing on the rates for
Nov. 18.
The new schedules, which
were filed on Sept. 23, were to have become
effective on Oct. 24.—V. 151,
p.' 1142.
of
3 Mos. End. Sept. 30—
Operating profit
Deprec. of plant & equip.
Int.
N.
y
(& Subs.)
on
1938
1937
$2,037
$39,176
9,790
18.613
2,861
3,589
162
143
Drl34
10,495
1,500
$27,476
income
-Earnings-
1939
$42,001
10,110
1,029
notes
payable
(net)
Est. Fed. income taxes
x
Y.
1940
$48,268
10,163
Miscell. credits
Net
the
102.
p.
Co.
x
Empire Gas & Fuel Co., Ltd.—Rates Suspended—
The Federal Power Commission
announced on Oct. 23 that it had sus¬
pended for five months schedules of increased rates for natural
gas sold by
Zinc, Inc.—May Reduce Capital—
Stockholders have been called to meet at Cardln, Okla., on Nov. 6 to
vote on a proposal to reduce the par value of the
capital stock from $5 a
share to $1.
Purpose of the reduction is to permit the distribution of $1.65
a share on the stock.
This represents proceeds from the sale of a former
Fairbanks
3 H%
Co.—Acquisition—
Company has acquired the assets of Progress Vacuum Corp. of Cleve¬
land.
Manufacturing equipment shortly will be moved to the Eureka
Terms were not announced.—V. 151, p. 2191.
plant in Detroit.
$29,524
167
5,060
def$10,471
$12,081
After charging manufacturing, selling, administrative and idle
plant
and provision for bad debts,
y
No deduction for surtax.-
expenses
V.
151, P.
698
had called
Fairbanks, Morse & Co.—$1 Dividend—
Directors have declared
no
'
Empire Power Corp*—Accumulated Dividend—
The directors have declared a dividend of 75 cents
per share on the $2.25
partic. stock, no
par value, payable Nov. 9 to holders of record
Nov. 1.
Dividends of 50 cents were paid on
cum.
last, and
Erie
on
Dec. 11, 1939.
Sept. 10, June 10, March 11,
See also V. 151, p. 986.
Net ry. oper. income-.
From Jan. 1—
Gross from railway
Net from railway
Net ry. oper. income.-.
addition extra dividend of 25 cents
Fall River Gas Works
1940
1939
1938
1937
$7,739,680
2,390,080
1,419,404
$7,753,527
2,497,493
1,598,171
$6,164,553
1,365,421
451,876
$6,843,214
1,700.689
982,970
62,432,722
17,007,608
9,069,383
57,886,732
14.612,614
7,186,583
49,876,473
8,285,230
822,366
64,614,185
18.756,880
11,732,983
ICC Reorganization Plan
Approved—
revenues
Maintenance
Taxes
Net oper. revenues
paid on March 1, last, and
27,1940.—V. 151, p. 699.
was
dividend of 50 cents was paid on Jan.
Operating
Operation
(Including Chicago & Erie RR.)
September—
a dividend of $1 per share on the common
stock,
value, payable Dec. 2 to holders of record Nov. 9. Dividend of 25
paid on Sept. 3, last, and each three months previously.
In
was
Period End. Sept. 30—
RR.—Earnings—
Gross from railway
Net from railway,
par
cents
Co.—Earnings—
1940—Month—1939
$73,838
$69,836
40,166
38,885
4,493
6,178
16,825
12,911
$910,245
484,497
65,164
$197,837
162,746
$11,862
$204,620
12
52
$12,354
5,000
$11,862
5,000
$204,632
60,000
$197,889
60,000
$6,862
536
479
$144,632
7,689
$137,889
10,212
$6,818
Retire, res've accruals..
$6,383
$136,943
119,126
$127,677
95,962
Gross income
Interest
approves
Dividends declared
—V. 151, P. 1894.
•
$951,072
502,000
64,505
179,947
$7,354
Balance
Net
special
$12,354
Non-oper. income (net).
The progress of the reorganization of the
road, which filed for reorganiza¬
tion under Section 77 on Jan.
18, 1938, has been pushed another step
forward by the report of Special Master William L. West
which, in effect,
the Interstate Commerce Commission plan of
reorganization.
Subsequent steps to be taken before the reorganization
plan becomes
effective include: A 13-day period
during which interested parties may file
objections to the Special Master's report; a hearing on any such objections;
an opinion on the plan, to be
given by a judge of Federal Court here; a vote
on acceptance of the
plan by various classes of security holders, which,
under present ICO rules, may take a period of 90
days; and final declaration
by Federal Court that the plan is effective, this is to be made after the vote
of security holders is completed.
a
charges
income
Fenton United Cleaning & Dyeing Co.—Accum. Div.
The directors have declared
accumulations
on
a dividend of $1.75 per share on
account of
the 7% cum. pref. stock, par $100, payable Oct.
15 to
holders of record Oct. 14.
ceding quarters and
p. 414.
a
Similar amount
dividend of $3.50
was
was paid in each of the
13 pre¬
paid on June 16, 1937.—V. 151,
Volume
2497
Chronicle
The Commercial & Financial
151
the net
Purpose—Company, it is expected, yrill receive $351,663, as
Family Loan Society, Inc. (& Subs.)—Earnings—
1939
1938
1937
Gross income collected-_ $1,012,584
$861,863
$725,675
19,138
465,425
22,169
21,928
335,629
$588,653
20,217
417,794
$528,021
$421,900
$368,118
$275,701
28* 611
40,121
44,908
18,970
45,779
31,643
$254,479
$179,309
62,500
62,500
3 Mos. End. Sent. 30—
1940
Operating charges
Operating expenses
292,736
ipt
of the 6% cumulative preferred stock, and to use the balance of $141,663 to
provide Increased inventories and accounts receivable required by an in¬
creasing volume of sales.
Gross profit
..
Interest
31,508
Oper. bad debt res (net).
68,526
96,774
30,074
53,540
67,657
$331,072
$270,628
Federal income tax.
Net profit
Partic. preference divs_.
Preferred ser A divs
33*266
Balance to surplus.
177,759
10*5*666
50,660
$90,908
Common dividends
3*3*556
9.375
197,523
Pref. series B divs
$59,313
$86,979
$66,809
30
Consolidated Balance Sheet Sept.
1940
$
on
Notes
receivable
mtge.) .11,622,338
(invest.
9,767,234
ctfs.), contra— 3,333,057
3,208,379
(chattel
Notes
rec.
211,315
5,250,000
4,900,000
269,067
228,552
Fed. income tax..
186,960
State Income tax._
1,686,118
1,967,026
—
240,164
Empl. thrift acc'ts
hand and
in bank
24,573
225,514
16,247
taxes.
7,457
6,480
(est.)..
96,774
Divs. pay. Oct.
Notes payable
Fed. cap. stk.
social
Scrip & municipal
100
warrants
Restricted cash
2,377
4,290
2,377
5,717
deposit in banks
Due from empl's..
230
Real estate
100
2,704
148,414
59,269
130,939
Acc'ts rec., miscell
Furniture & fixt's
(deprec.
value).
_
.
60.662
and
3,333,057
15,941
1,774,190
Pref. series B
500,000
Common stock...
905.314
3,208,379
Pref. series A
1,787,630
Capital surplus— 2,871,753
1,955,111
1,495,732
contra
13,112
Res. for con ting..
Earned surplus...
1,663,049
814*960
.17,138,297 14,863.032
Total
14,863,032
17.138.297
Total...
sec.
Inc. taxes
1.
Invest, ctfs. issued,
on
Deferred charges
3
S
Liabilities—
Assets—Cash in banks and on hand,
$10,540; total, $884,077.
Liabilities—Notes payable—banks, $75,000; accounts payable, $90,265;
payable on preferred stock, $9,000; accrued unemployment com¬
pensation and old age benefits taxes, $3,772; accrued taxes—State and local,
$11,484; provision tor Federal and State capital stock taxes, $353; provision
for Federal and State income taxes, $21,734; other liabilities, $1,177;
reserve for contingencies, $6,002; preferred stock, $200,000; common stock,
$200,000; paid-in surplus, $6,250; earned surplus, $259,041; total, $884,077.
—V. 150, p. 3358.
divs.
Florida East Coast
„
secutive
$1,250,000 or more.
Holders of the present refunding issue
securities for 4Y% income bonds and
stock
Unsecured
eliminated.
See list
1940
1939
1938
1937
$389,519
$185,154
25,901
47,946
$150,430
23,438
$166,633
46,430
$415,420
195,988
1,500
48,650
$233,100
187,841
1,500
48,388
29,140
Total income...
20,448
$173,868
199,306
1,500
f42,748
1
254
1,355
$213,063
204,178
1,250
44,780
1,218
46,248
Bond int. & premiums. _
Directors' fees
Executive salaries
1
Legal fees...
$25,076
$71,295
$84,611
/
Other deductions
46,000
prof.$94,142
Net loss
Balance Sheet
$10,644,380.
loans and outstanding checks, less current account
(secured), $2,315,558; sundry creditors, $524,316; accrued taxes,
for income taxes and excess profits tax on profit for year ended
July 31, 1940, $87,940; 1st mtge. sinking fund gold bonds, $2,949,000;
Liabilities—Bank
incl. prov.
$128,359; 614% cum. pref. stock ($100 par),
$3,000,000; common shares (160,000 class A shs. and 40,000 class B shs.,
no
par), $1,250,000; distributable surplus, $295,066; earned surplus,
$94,142; total, $10,644,380.—V. 149, p. 2511,
Fleming-Wilson Mercantile Co.—Pref. Stock Offered—
Estes, Snyder & Co., Inc., Topeka, Kan., recently offered
3,500 shares of 5% cum. pref. stock (par $100) at 105
per share.
Of the stock offered 2,000 shares were offered
in exchange for the 2,000 shares of 6% pref. stock on a sharefor-share basis at $103 per share.
History & Business—Company was incorp. in Kansas on Dec. 6, 1915,
The charter was issued for a
On June 27, 1918, name was changed to the Fleming-
of the Lux Mercantile Co.
than 20 years company
approximately the entire State of Kansas
part of Oklahoma, and is served by
Hutchinson and Independence, Kan. Cash
and carry branches are located at Topeka, Hutchinson, Leavenworth,
Atchison and Wichita, aU in the State of Kansas.
During the past five years the company has followed a moderate expansion
program.
Prior to 1934 the company carried on all its operations from one
warehouse at Topeka.
During the past five years principal branch ware¬
houses have been established at Hutchinson, Kansas and Independence,
and certain counties in the northern
warehouses located at Topeka,
Kan.
Inaugurated the policy of selling on a cash and
basis to supplement its regular credit sales. In 1939, there were five
smaller warehouses engaged solely in selling on a cash and carry basis.
These warehouses are located at
Topeka, Hutchinson, Leavenworth,
carry
Atchison and Wichita, Kan.
1937, the company acquired the rights to operate a common
as Mid-States Motor Freight Lines, between Topeka, Kan.,
known
carrier,
Kansas
City, Mo. and Chicago, 111., under permits and licenses issued by the States
of Missouri and Kansas and the Interstate Commerce Commission. This line
has
subsequently been operated as a separate department
Subsequently, the territory served has been
other cities m Kansas.
Sales and
of the company.
expanded to include*several
three years ended Dec.
31,1940 are as follows:
Net Sales
Net Inc.
$4,309,959
$61,171
4,615,245
61,501
5,012,322
74,«00
1,226,927
19,565
at March 31, 1940, was as follows:
Earnings—Sales and net income for the
31, 1939, and the three months ended March
Year Ended—
Dec. 31,1937
Dec. 31, 1938
Dec. 31,1939.
-
-
-
March 31. 1940 (3 months)
The capitalization of the company as
Par Value
6% cumulative preferred stock
Common stock
Amount
Per Share
$100.00
Authorized
2,000 shares
100.00
Title of Issue—
2,000 shares
Amount
$676,621
99,184
97,858
Earnings per share on common stock.
151, p. 1572.
$0.97
$0.82
$0.82
—V.
Franklin
5 % cumulative preferred stock
Common stock (par $100)
2,000 shares
Authorized
(par $100) -
County
Co.—Purchase
Distilling
Time
Ex*
tended—
This company, formerly K.
Taylor Distilling Co., has extended to
Dec. 1, 1940 the time during which the corporation will purchase any or all
of Ls outstanding convertible preferred stock as may be offered, at $8.50 net
per share.
Period End. Sept.
x
Outstanding
3,500 shares
2,000 shares
3,500 shares
2,000 shares
1940—3 Mos—1939
$816,625
$383,216
30—
Consol. net income...
Earns, per sh. on 796,380
shs. common stock
1940—9 Mos.—1939.
$2,314,436
$1,038,211
$2.90
$1.30
$0.48
$1.02
depreciation, depletion and
undistributed profits.
Of the Sept. 30, 1940 quarter earnings, $266,895, or 33 cents a share,
represented the company's portion of the earnings of its subsidiary, the
Cuban-American Manganese Corp.
These compare with earnings of $5,383
as the Freeport portion of Cuban-American earnings in the third quarter of
x
After
provision for preferred dividends,
Federal taxes, other than surtax on
1939.
Extra Dividend-—
Directors
have declared an extra dividend of 50 cents per
share in ad-
dividend of 25 cents per share on the com¬
stock, both payable Dec. 2 to holders of record Nov. 15. Like amounts
were paid on Sept. 3, last and Dec. 1, 1939.—V. 151, p. 550.
dition to the regular quarterly
mon
•To
Galveston Wharf Co.-
Sell
Properties to City of Gal-
veston—Dissolution —
will vote Nov. 12 on authorizing and directing the sale,
transfer to the City of Galveston of any and all interest of
all property owned by it or in which it
has an interest to effectuate and in pursuance of plan submitted to the
voters of the City of Galveston at an election held on Sept. 21, 1940, and
on considering and effectuating the dissolution of the company.
The stockholders
conveyance and
Galveston Wharf Co. in any and
A letter addressed to the
stockholders Oct. 8 states:
of the decrease of foreign trade and keen
competition of 12
Galveston, Texas, section, company has not paid divi¬
five yfcars.
With the curtailment of wheat and cotton
acreage in this territory company has lost its greatest revenue.
Federal income taxes and others are increasing constantly, all of which
constitute a burden upon the company as a private corporation while
municipally owned competitors are exempt.
In attempting to refund the outstanding bonds now bearing a 5 H%
coupon, a plan was suggested that the City of Galveston purchase the
Wharf Company property with revenue bonds, which would be tax-free
both as to the interest on these bonds and upon the property itself.
Based upon the last ten years' earnings of this company, it is believed
that approximately $200,000 annually could be saved both in interest and
taxes should the property of this company be taken over by the city.
Such a proposition as to municipal ownership was presented to the voters
of Galveston on Sept. 21 and was carried by both the taxpayers and nonother ports in the
dends for the past
taxpayers.
for the corporation's 5.,..
been made by which the
the
necessary
3M% bonds will be sold for
funds will be realized to pay and retire
cash and thereby
the present 5Y%
bonds.
issue $2,500,000 revenue bonds, series B, bearing 4%
stockholders of the Galveston Wharf Co., other than
and when liquidated through earnings of the
ately $120 net per share of stock.
The savings in interest and taxes, as mentioned above, it is anticipated,
will help considerably in the payment of the 4% interest and liquidation of
The city will also
interest, to pay the
these series
B
bonds.
'
and control of the company s properties will be under
of managers, the majority of which will be controlled
by company's directors or their nominees, until the "B" bonds have been
paid otf.—V. 150, p. 2576.
.
...
The management
the direction of a board
Gardner-Denver Co.—Earnings—
1940—3 Mos.—1939
Period End.Sept. 30—
1940—9 Mos.—1939
Net profit after prov. for
Federal Inc. & excess
meats...
Net
$213,640
$778,715
27,258
28,412
82,580
85,347
$229,944
......
profit.....
Net profit per
$185,529
$696,135
$578,116
$0.41
$0.33
$1.24
$1.03
share on
sha's.com.stk.
563,286sha's.com.stk.
V. 151, p. 550.
General Baking
Co.—Earnings—
13 Weeks
Period—
x
Net profit
—39 Weeks
Sept. 28, '40 Sept. 30, *39 Sept. 28, '40 Sept. 30, '39
$663,272
$460,620
Earnings per share
$0.30
$0.18
x After depreciation. Federal income taxes, &c.
of common stock.—V. 151, p. 1896.
y
$663,463
$257,202
profits taxes
Pref. stock div. require-
Outstand'g
2,000 shares
Capitalization—On May 2,1940, by appropriate action of the stockholders
the authorized capital was increased from 4,000 shares divided into 2,000
shares of 6% cumulative preferred stock and 2,000 shares of common stock,
all of $100 par, to 5.500 shares divided into 3,500 shares of 5% cumulative
preferred stock and 2,000 shares of common stock, all of $100 par value.
As a result of the change and upon completion of the sale of the 3,500 shares
of 5% cumulative preferred stock offered, the company will have the follow¬
ing capitalization;
1938
$696,050
119.097
On account
has engaged in a wholesale mercantile
business dealing in groceries, meat, fruit, and produce.
In grocery lines,
which comprise the major portion of the company's volume of sales, the
company holds an exclusive franchise for its territory as a distributor for
I. G. A. products through licensed I. G, A. retail stores. Such franchise is
renewable from year to year unless canceled by the company on due notice
to the grantor or upon due notice from the grantor for failure to maintain
credit or to observe the limitations on distribution of I. G. A. products or
In
IQ^q
1940
$1,025,439
Wilson Mercantile Co.
In 1934, the company
Co.-—Registers with SEC—
first page of this department.—V. 126, p. 412.'
(Peter) Fox Brewing Co.—Earnings-
bond redemption reserve,
advertising facilities.
.
The territory covered includes
on
Freeport Sulphur Co.—Earnings—
balances
more
given
3 Months Ended Sept. 30—
July 31, 1940
&c., $111,682; accounts
receivable, $47,989; advances secured by grain, $132,620; stocks on hand,
$3,618,890; accrued earnings, $170,773; prepaid expenses, $18,309; mort¬
gage receivable, arising out of sale of terminal elevator, $307,769; invest¬
ments, $60,739; bonds of company purchased in anticipation of sinking
fund (par $196,000), cost, $194,166; memberships, at cost, $86,001; prop¬
erties
(less reserve for depreciation of $2,616,879), $5,895,441; total,
For
^
capital stock of the company would be
and
Net sales.
Assets—Cash in transit and with paying agents,
name
refunding bond.
indebtedness
See also V. 151, p. 2042.
Net profit after deprec. & Fed. taxes.
Prov. for income taxes &
profits tax
of 5% bonds would exchange their
450,000 shares of no-par capital
10 shares of stock
the basis of $200 in bonds of the new issue and
Fontana Union Water
Years End. July 31—
term of 50 years.
on
for each $1,000
Ltd.—Earnings —
opera'ns (after deprec.)
Income from investm'ts.
under the
income available for fixed charges of the new company
years
amounted to
Income from company's
excess
Ry.—Reorganization Plan
;s
plan of reorganization for the company, calling for an
Hearings on the plan of reorganization for the company, e
exchange of securities submitted on Sept. 19 last were heard Oct. 24 in
of securitle
Federal Court at Jacksonville, Fla.
The plan was explained by Arthur M. Anderson, Vice-President of J. P.
Morgan & Co., Inc. and Chairman of the deposit committee of first and re¬
funding 5% mortgage bonds, who said 49.7 % of such bonds were represented
by the committee.
Holders of the $12,000,000 issue of 4Y% first mortgage bonds would
receive under the plan an equal principal amount of new first mortgage
bonds bearing 3H% at the start, but to increase to 4% if for two con¬
—V. 151, p. 1572.
Federal Grain,
$71,511; notes receivable and accts.
receivable (net), $134,478; merchandise inventory, $563,630; investments,
$6,591; fixed assets (net), $77,123; deferred charges, $20,206; other assets
1939
1940
1939
3
Assets—
Cash
Balance Sheet March 31, 1940
141
Depreciation
$1,646,132
$1,243,183
$0.70
$0.45
yOn 1,588,697 shares
The Commercial & Financial Chronicle
2498
General Cable Corp.-
3 Months
3
$1,201,616
$3,877,562
prof21,789
249,685
752,040
$1,624,395
charges, net
.
.
Week End. Oct. 14
$1,005,819
39,186
$5,308,050
1,273,086
157,402
30.291
Other operating
9 Months
1940
1940
Selling, adminis. & general expense..,
3§£,594
Months
1940
1939
Oper.
—V.
363.972
151,
p.
$621,586
u
Period End. Sept. 30—
16,787
Gross
250,934
Net income
$921,640
$3,147,312
53,873
$353,865
$941,674
$3,201,185
$358,567
,385,217
10,400
842,000
130,628
3,525
10,000
$467,987
-
expenses
$1,963,568
$214,415
Prov. for depreciation-.
4,702
Net
Divs.
General Finance
Corp.—May Recapitalize—
General Foods Corp. (&
Period End. Sept. 30—
Net profits
$2,892,361
$0.55
share
1940—9 Mos.—1939
$110336,024
11,964,416
$37,999,152
4,389,832
$0.84
$9,906,987
$1.89
$2.28
Applicable to common stock.
Note—Third quarter earnings of 55 cents were after accrual of additional
Federal income taxes required under rates levied by the Second Revenue
Act of 1940, of approximately five cents a share applicable to the period
Jan. 1 to June 30.—V. 151, p. 700.
x
General Investment
Corp.—Earnings—
Earnings for Nine Months Ended Sept. 30, 1940
Income
$63,687
Management expenses
Corporate expenses
Capital stock and sundry taxes
of
income
over
9,426
10,961
1,197
operating
expenses
(without giving
effect to results of security transactions)
Net loss on sale of securities computed on average of cost basis..
$42,102
339,114
Balance Sheet Sept. 30, 1940
Assets—Cash in banks, $69,375; dividends and interest receivable, $3,842;
general market securities, at market quotations, $2,034,934; other securities,
having no quoted market, at cost, $164,870; investment in securities of
associated company, $60,163; total, $2,333,184.
Liabilities—Accounts payable, accrued expenses and taxes, $10,466;
contingencies, $5,928; $6 cum. prer. stock (no par, stated value
$50 per share), $1,463,250; class A stock ($1 par), $100,000; common stock
($1 par), $950,233; surplus, $2,180,278; unrealized depreciation (net) of
reserve for
?;eneral market securities owned, Dr$l, 185,453; herein, or cost of investment
Utility Equities Corp. over amount carried excess Dr$l,191,518; total,
n
$2,333,184.—V. 151. p. 550.
General Printing Ink
9 Mos. End. Sept. 30—
Operating profit
Corp.—Earnings—
'
1940
$883,984
42,773
$876,268
48,273
1938
$705,670
58,407
$926,758
170,032
zl97,006
$924,541
152,948
149,088
$764,077
137,522
116,088
$1,313,800
Federal taxes
Net profit.
Shs.com.stk.out.(par $1)
Earnings per share
$559,720
735,000
$0.55
x$622,505
x$510,467
735,960
$0.48
x$986,493
Other income
Total Income
Other
x
deductions
1939
735,000
$0.63
Before Federal surtax on undistributed earnings,
split-up.
z
Directors have declared
y
1937
$1,228,419
85,381
147,014
180,293
y735,960
$1.13
$1 par after 4-for-l
At the 1940 tax rates.—V. 151, p. 1432.
to
General Public
Utilities, Inc. (& Subs.)—Earnings—
Period End. Sept. 30—
Gross oper. revenues
...
1940—Month—1939
$568,411
$570,052
236,449
expense
Maintenance
Prov. for retirements...
General taxes
17,532
69,367
56,779
16,015
Fed. normal income tax.
Not oper. income
Non-operating income..
Gross income
Charges of subsidiaries..
Int. on 1st mtge. and col.
trust 6 M % bonds
Other
$172,270
1,974
$174,244
31,769
$6,308,482
2,653,353
224,385
725,789
647,951
130,055
52,560
8,600
$201,950
264
$1,926,949
32,622
.
$202,214
30,625
$66,604
$1,959,578
368,180
71.353
$69,846
3,242
Net income....
Divs. on $5 pref. stock..
1940—12 Mos.—-1939
222,951
16,708
67,284
71,353
1,276
interest
Bal. avail, for
$5,962,584
2,507,823
213,693
630,743
587,111
110,135
$1,913,080
32,170
$1,945,250
361,360
856,238
7,484
856,238
7,863
$100,236
3,242
$727,668
38,910
$719,788
38.910
$96,994
$688,758
$680,878
common
i
stock and surplus.
_
—V. 151, p. 1896.
General Refractories
Co.—Earnings
Period End. Sept. 30—
1940—3 Mos.—1939
Net sales
$3,702,031
$2,458,745
Costs and expenses
2,946,700
—
1940—12 Mos—1939
1,908,827
$8,494,359
6,976,040
$755,331
25,107
$549,918
75,843
$2,739,604
294,759
$1,518,319
227,893
Interest, amortiz., &c__
$780,438
147,647
270,082
19,888
$625,761
146,628
158,931
32,791
$3,034,363
590,255
862,797
244,505
$1,746,212
553,679
438,477
222,219
Net profit
Earns, per sh. on cap. stk
$342,821
$0.73
$287,411
$0.61
$1,336,806
$2.84
$531,837
$1.13
Profit.
Other income
Total income
Deprec., depletion, &c_
_
Federal inc. tax, &c
$1,283,791
$2,466,324
a
dividend of 50 cents per share, payable Oct. 29
of business Oct. 22.
Dividends of
stockholders of record at the close
Gisholt
a
Castings Corp.—Capital Reduction Voted—
special meeting held Oct. 23, approved
a
proposal to
reduce the stated value of the common stock to
$1 a share, ot to an aggregate
amount of $456,576, from previous stated
valuation of $13,697,280.
Ap¬
proval also was given for retirement of 2,505 common shares held in the
treasury.—V. 151, p. 1896.
General Theatres
3 Mos. End. Sept. 30—
Net profit
Equipment Corp. (& Subs.)-—Earns.
zl940
$173,797
yl939
$154,347
1938
1937
$218,524
$257,805
x After provisions for
depreciation and estimated Federal income tax.
y Excluding Cinema Building Corp., J. M. Wall Machine
Co., Inc., and
Zephyr Shaver Corp.
z Excluding Cinema Building Corp.
For the nine months ended Sept. 30, 1940, consolidated net profit of the
corporation was $582,115, compared with $482,577 for the like 1939 period.
paid
Machine
Co., Madison, Wis.—Stock Offered —
Co., Inc., Alex. Brown & Sons, Merrill
Lynch, E. A. Pierce & Cassatt, Kidder, Peabody & Co.
and Lee Higginson Corp. on Oct. 21 offered at $17.75 per
share 71,208 shares of common stock (par $10).
Of the
shares offered, 22,791 shares are offered in behalf of the com¬
pany and 48,417 shares are being sold by certain stockholders.
G.
A.
19378
Becker &
Concurrently with the public offering by the underwriters, the
company
proposes to offer 336 shares of common stock to stockholders, who have not
waived their preemptive rights, at $16 per share.
This offering to stock¬
holders
will
terminate
Oct.
30.
None
of
such
336
shares
has
been
underwritten.
History and Business—The business was founded in 1888 by John A.
Johnson (father of Hobart 8. Johnson, present Chairman and grandfather
of George H. Johnson, Pres.).
Company was incorp. Jan. 22, 1889, in
Wisconsin, with paid-in capital of $120,000.
In 1905, it acquired the
property and business of American Turret Lathe Co. of Warren, Pa., for
which it issued $200,000 stock.
The plant so acquired was subsequently
sold.
In 1924, company purchased all inventory, finished products, good
will, and other assets, not including any plant or property, of Millholland
Machine Co. of Indianapolis, then in receivership, for $40,000.
The business of the company, for more than 50
years, has been the
manufacture and sale of machine tools.
Company designed and produced
in the early 1890's the first machine tools of a type now
generally described
as heavy duty turret lathes; these received
ready acceptance in the manu¬
facturing industries.
Since than a comprehensive line of horizontal turret
lathes has been developed until at the present time the
company's turret
lathe line substantially covers the field In both size and type.
In addition
to turret lathes, the company has from time to time
developed a number of
other automatic and semi-automatic lathes, a number of sizes of static and
dynamic balancing machines, and a large number of both standard and
special turret lathe tools and other related parts.
Dollar sales of horizontal turret lathes and tools and parts for horizontal
turret lathes have constituted a
dominating proportion of the company's
total
business.
Customers of the company Include manufacturers of agricultural imple¬
ments, farm equipment and tractors; aeroplanes and aeroplane engines and
parts; electrical equipment; automobiles, trucks and automotive equip¬
ment; railroad equipment and locomotive parts; machine tools; oil well
equipment; conveying and transmission equipment; excavating, crushng
and road grading equipment; engines and
turbines; compressors, fans and
bottling machinery; and heating, ventilzating and steam handling
equipment. A substantial volume of business is also transacted with various
departments and agencies of the United States Government.
Purpose—Net proceeds to be received by the company from the sale of
the shares to be sold by it, estimated at a minimum of $343,647 and a
maximum of $349,023, will be used to reimburse the company for cash
recently expended for new machinery and equipment, and will provide
funds to pay, in part, for additional
machinery and equipment now on
pumps;
order.
Capitalization Qiving Effect to the Amendment of Organization
Authorized
Common stock (par $10)
...
If all the 23,127 shares of
pany are
375,000 shs.
Outstanding
243,873 shs.
stock
($10 par), offered by the com¬
Issued, there will be 267,000 shares outstanding upon completion
common
of this financing.
Summary of Earnings for Calendar Years
Federal Taxes
Net Sales
$1,239,244
2,061,658
2,991,254
2,658,242
3,824,892
1935
1936.
Profit
$119,882
355,382
677,882
342,483
678,943
3.352,842
925,582
5,186,401
1,482,497
$923
Net Profit
$37,961
148,585
19,480
99.360
32.668
93,194
252,083
433,668
194,700
437,163
89,043
405,600
430,938
127,205
685,000
670,291
Depreciation
on
$80,996
83,819
144,854
115,114
Income
1940 (to
July 13)1940 (to
Oct. 5)
--
Note—Provision has been made for
Federal normal income and
excess
profits taxes on the net income of the company for the periods Jan. 1,1940
to July 13, 1940 and Jan. 1, 1940 to Oct. 5, 1940, in accordance with the
"Second Revenue Act of 1940."
In this connection excess profits net
income has been plaxed on an annual basis in determining the provision for
excess profits tax of 1940, which amounts to
$212,000 for the period from
Jan. 1, 1940 to July 13, 1940, and to $367,000 for the period from Jan.
1,
1940 to Oct. 5, 1940.
A. G. Becker & Co., Inc., Chicago, 111
Brown & Sons, Baltimore, Md
22%
12H%
12>£ %
10%
10%
6%
6%
6%
6%
6%
3%
Alex.
Merrill Lynch, E. A. Pierce & Cassatt, New York
Kidder, Peabody & Co., New York
Higginson Corp., Chicago
Allyn & Co., Inc., Chicago
Central Republic Co., Chicago
Paul H. Davis & Co., Chicago
Loewi & Co., Milwaukee
Stern, Wampler & Co., Inc., Chicago
Holley, Dayton & Gernon, Chicago
.
Lee
A. C.
Assets—
Cash
...
Liabilities—
$900,032
Notes and accounts receiv
General Steel
was
Balance Sheet July 13, 1940
—V. 151, p. 551.
x
$203,910
Underwriting—The names of the several underwriters and the respective
percentages of the aggregate number of shares of common stock to be sold
to the underwriters, which are to be purchased by them are as follows:
$13,641,076
10,901,472
Stockholders at
$5,416,674
2,950,350
37M cents were paid on July 25 and April 25, last and 75 cents
on Dec. 21, 1939.—V. 151, p. 848.
.
Operating
$4,234,141
2,950,350
Giddings & Lewis Machine Tool Co.-—50-Cent Divi.'—
Subs.)—Earnings—
1940—-3 Mos.—1939
Sales
Excess
$449,782
245,862
$199,295
preferred stock.
Balance
Corporation has called special stockholders meeting at Detroit for Oct. 28
incorporation in regard to authorized preferred stock.
Company proposes to reduce authorized preferred to 230,000 shares of
$10 par from existing 250,000 shares authorized.
Of the authorized stock,
110,000 shares, including all outstanding shares of preferred stock, would be
designated as series A shares.
Such shares bear 6% cumulative dividend.
Remaining 120,000 shares of unissued preferred would be designated
series B and carry dividend rate of 5% jper annum.
As of May 31, 1940, company had 250,000 shares of $10 par 6% cumula¬
tive preferred authorized, of which 103,760 shares were issued and 88,383
shares outstanding.—V. 151, p. 2192.
per
$445,157
245,862
income
on
$991,035 $10,875,972 $11,952,963
541,253
6,641,831
6,536,289
-V. 151, p. 1896.
to amend articles of
Earnings
$986,860
541,703
Int. & other deductions.
—V. 151, p. 2351.
x
1939
$935,804
1940—Month—1939
1940—12 Mos—1939
$2,870,760
$2,687,683 $33,119,462 $30,736,505
12,047,829
1,121,934
1,199,284
14,653,472
394,616
304,714
4,170.018
3,611,963
290,000
270,000
3,123,750
3,420,000
revenue
Oparating
Gross income
.
14
Oct.
to
$905,813
Georgia Power Co.—Earnings—
127,337
3,350
343,000
_
1
1940
$22,350
20.261
20.034
Net operating profit.--
Jan.
1939
$20,750
(est.)
2352.
revenues
Taxes
Other income, net
1940
26,
Georgia & Florida RR.«—Earnings—
-Earnings—
30—
Period Ended Sept.
Gross profit on sales
Oct.
531,223
Inventories
1,735,163
Other notes and accts. receiv.
3,351
Segregated cash
al,139,984
Fixed assets (net)
1.255,485
Intangible assets..
Deferred charges
Other assets
1
24,696
Accounts payable, trade
Accrued liabilities
Other accounts payable
Customers' cash advances
purchases, per contra
Common stock (par $20)
$112,971
780,161
10,898
on
1,139,984
1,625,820
Capital surplus
Earned surplus
996,765
1,024,018
100,682
Total
a
$5,690,6171
Total
$5,690,617
Representing advances by customers in part payment of purchases—
151, p. 2043.
per contra.—V.
(Adolph) Gobel, Inc.—Meeting Again Postponed—
The adjourned annual meeting of stockholders has been further
adjourned
Nov. 20.
Successive adjournments have bean taken
until
pending final
on the company's loan application with the
Reconstruction Finance
Corporation for $900,000.—V. 151, p. 1721.
action
The Commercial & Financial
151
Volume
Granby Consolidated Mining, Smelting & Power
Co.,
ter
Period End. Sept. 30—
x
Net income
Earnings per share
$411,002
$504,250
$0.91
$1.12
depletion and income taxes.
Julian B. Beaty, President, issued the following on Oct. 17:
"The operating profit for the nine months ended Sept. 30,1940, amounted
to $645,630 after deducting interest and taxes: and after deducting from this
figure the usual reserve for depletion and depreciation, &c., the net income
for the period was $469,185.
This compares with $622,536 and $411,002
for the same period of 1939.
Adding exchange credits of $221,027 and
deducting reserves of $185,961 for income taxes, would give a net for the
period of $504,250 (Canadian currency).
"Enlargement of the power plant was substantially completed by the
end of September, with only a few minor alterations and adjustments re¬
maining to be done.
The installation of the 10,000 -kw. unit was completed
in the latter part of August, and this unit has been in continuous operation
x
After debenture int., amortization, deprec..
since that time.
Facilities for the storing of concentrates were
virtually
completed about the end of August.
"During the third quarter additional debentures were purchased amount¬
ing to $18,100, leaving $288,000 now outstanding, as against $398,200
on Sept. 30, 1939.
"On Oct. 1, 1940, by resolution of the board, the company subscribed
for $50,000 Canadian Second War Loan bonds.
"Oct. 8, 1940, the Canadian Government announced that no further
permits for the exportation of copper would be granted except to British
Empire countries and possibly the United States.
This will prevent any
further shipments under our contract with Mitsui and Mitsubishi for the
duration of the war.
To meet this situation a satisfactory contract has
with the American Smelting & Refining Corp. for the
their Tacoma plant.
This contract pro¬
vides that Granby shall have the right to have its copper returned to it, if
either the Canadian or British governments desire to purchase it.
While
this change will reduce Granvy's profits somewhat, the directors realize
that every Canadian company must do its part in the national emergency.
"The directors declared a dividend of 15 cents per share, payable in
United States currency, subject to the approval of the Foreign Exchange
Control Board, on Dec. 2 to stockholders of record Nov. 15, 1940."—
V. 151,P. 416. "
been
Powder Co.—Earnings—
9 Mos. End. Sept. 30—
Proceeds
com.
from
excess
430,535
of stated valuation
Total
Divs.
on
Divs.
on
$14,905,193 $13,760,077 $11,493,127 $15,338,032
pref. stock____
393,696
393,696
393,696
393,696
common stock.
2,370,078
1,580,052
1,185,039
2,663,174
per
$2.54
share
$9,914,393 $12,281,162
1,316,710
y592,527
$1.20
$6.57
$11,786,329
1,316,710
$2.47
Surplus at Sept. 30—$12,141,419
Shs.com.stk.out. (no par)
1,316,710
Earnings
x After deducting all expenses incident to manufacture and sale, ordinary
and extraordinary repairs, maintenance of plants, accidents, depreciations,
&c.
y Average number of shares,
z Includes other income of $141,711
1940, $388,959 in 1939, $306,696 in 1938 and $179,907 in 1937.
b De¬
by prior year tax adjustments of $1,554.
c On basis of dividends
paid during period,
d Increased by $612 applicable to prior years,
e In¬
creased by $28,389 applicable to prior years.
in
creased
Consolidated Balance Sheet Sept. 30
1940
1940
1939
$
$
Assets—
Liabilities—
Plants & prop__.20,960,284 19,726,643
y
Cash
_.
RR.—Earnings—
18,817,102 11,009,574
4,735,095
4,927,080
Acc'ts pay. & accr.
$1,814,907
332,102
18,089,640
4,267,696
15,388,742
2,292,397
111,241
Net ry. oper.
From Jan. 1—
Gross from railway
Net from railway......
Net ry. oper.
—V.
income...
12,520,801
247,815
18,564,860
4,389,959
502,135def1,454,051
2,363,322
1,577,474
17,067
Deferred
U. S. Govt, secur.
83,293
38,807
2,128,791
1.902,625
147,327
5,975,667
24,225
83,434
38,807
298,389
3,548,041
Finished products. 4,474,627
131*232
credits..
37,612
46,763
Federal taxes (est.)
3,083,688
980,316
Resenes
4,502,937
4,112,456
4,430.961
3,689,029
333,235
131,232
224,220
Mat'ls & supplies.
Deferred charges..
Capital surplus.
Represented by 1,355,668 no-par shares,
x
of $20,066,161 in 1940 and
4,112,456
11,786,329
62,351,854 49,954,932
Total
62,351,854 49,954,932
Total
__
Earned surplus... 12,141,419
y
After depreciation reserve
$18,396,813 in 1939.
z
Includes 8,706 shares
preferred and 38,968 shares common.—V. 151, p. 1433.
151, p. 1897.
Hewitt Rubber
RR.—Earnings—
Gulf Mobile & Ohio
1940
September—
Gross from railway...
$1,562,379
446,990
204,103
.....
Net from railway
Net railway operating
From Jan. 1—
income..
1939
$1,687,921
x
Earns, per
528,357
305,059
13,623,743 13,652,856
2,960,469
3,343,424
903,019
1,393,078
Note—Figures for the month of September, and the 9 months ended
Sept. 30, 1939 and for first 8 months of 1940 include Mobile & Ohio RR.
Heywood-Wakefield
9 Mos. End.
income
and Gulf Mobile & Northern
RR.—V. 151, p. 1722.
Hancock Oil Co. of Calif.—Extra Dividend—
Directors have declared an extra dividend of 25 cents per share in addition
to the regular quarterly dividend of 50 cents per share on the class A and
class B stocks, all payable Dec. 1 to holders of record Nov. 15.
Similar
amounts were paid on Sept. 1, last.
Extras of 75 cents were paid in pre¬
ceding quarters.—V. 151, p. 1433.
Harbison-Walker Refractories Co.
Period End. Sept. 30—
Net inc. after deprec.,
depl., taxes, &c. (est.)
Shares common stock...
$601,000
Net prof. after
$1,540,000
$916,900
1,358,883
1,358,883
1,358,883
$0.41
$0.35
$1.03
$0.58
Net profit (est.) for the 12 months ended Sept. 30, 1940 was $2,492,100
(1939, $1,269,000), equal to $1.70 (1939, $0.80) a common share.
Note—Federal taxes for the third quarter and nine months are adjusted
to conform to rates imposed by the Second Revenue Act of 1940.—V. 151.
1,358,883
Net
dividends voted in May.
The estimated amounts
to
be distributed are: customers,
employees, $32,500; stockholders, $38,500; total, $237,000.
and December dividends together will aggregate $445,000, viz.:
$303,000; employees, $65,000;
$166,000;
The May
customers,
stockholders, $77,000.—V. 151, p. 2046.
Havana Electric & Utilities Co.—Accumulated Dividend
declared a dividend of 75 cents per share on account
of accumulations on the 6% cum. 1st pref. stock, par $100, payable Nov. 15.
to holders of record Oct. 31.
Similar payments were made on Aug. 15, and
May 15, last; Nov. 15, 1929, and in each of the 13 preceding quarters.
Hayes Mfg. Corp.—Report on McCauley Merger—
corporation has filed with the Securities and Exchange Commission
a
report stating that the delay in the proposed acquisition by Hayes of the
McCauley Steel Propeller Corp. is due to litigation arising out of agreements
made on March 29, 1940, between E.G. McCauley, owner of the propeller
The
and the Hayes company.
Under the agreements,
the Hayes report says, the Hayes company was
McCauley within 90 days
$5,000 in cash, 25,000 shares of
Hayes common stock in exchange for 251 outstanding shares of
Steel Propeller stock.
Mr. McCauley also was to receive a
contract for his services at $7,200 annually.
McCauley
three-year
The Hayes report claimed that an oral agreement was reached on June 21
extending delivery period originally set forth.
Mr. McCauley denied
making this oral agreement and on July 3 served written notice on the com¬
pany of cancellation of the original agreements, according to the Hayes
report to the SEC.
Hayes then sued Mr. McCauley to compel him to go
through with the original terms and the transaction is held up pending the
outcome of this litigation.—V. 151, p. 1433.
Department Stores,
Hearn
Directors
cumulative
Inc.—Preferred Dividend—
dividend of 75 cents per share on the 6%
convertible preferred stock, par $50, payable Nov. 1 to holders
have declared
of record Oct. 29.
last and on Nov.
Hecker
a
Like amounts were paid on Aug.
1, 1938.—V. 151, p. 55^.
1, May 1 and Jan. 26
Products Corp.—Earnings —
1937
profit
z$18,898
y$274,565
x$27,940
Earns .per sh .on com.stk.
$0.01
$0.17
$0.31
Nil
Alter depreciation and Federal income taxes,
y After providing for
extraordinary expenditures of $75,443 in connection with the development
and introducing of Vanti Pa-Pi-A (a new product), and for depreciation
and normal Federal income taxes, and including dividend recieved from
3 Mos. End. Sept.
30—
1940
Net
1939
1938
x$562,345
x
Best Foods, Inc.
by the Best Foods, Inc., for the three
approximated its earnings for that period.
The dividend paid
months ended Sept. 30.1939
for foreign exchange losses, depreciation and normal
Federal income taxes, and including dividends received from The Best
Foods, Inc.
The dividends paid by The Best Foods, Inc., during the quar¬
z
After providing
Subs.)—Earnings—
1939
1938
$682,018
profit
Period End. Sept. 30—
$422,305
$480,397
Maintenance.
...
Depreciation
- — —
Gross income
1st mtge. bonds.
equip, notes, &c.
Amortiz. of debt expense
Int.
on
Int.
$56,181
Net income
Balance Sheet
$3,185,542
1,545,301
507,135
379,119
337,248
$488,432
162,018
42,167
2,907
$416,740
170,807
$44,827
12,251
727
$3,321,551
1,612,330
477,599
416,514
326,676
$92,507
40,504
6,449
727
$109,663
40,504
on
1940—12 Mos.—1939
1939
$784,135
389,524
125,566
96,100
80,437
116,423
105,962
81,375
■„
General taxes
Earnings
Co.
1940—3 Mos
$812,163
398,739
Operating revenues
Operation
The directors have
—V. 151, p. 1723.
1937
x$414,565
1940
30—
Houston Electric
"customers' dividend" of 20% to be computed as a
discount on electricity consumed during the month of December.
Em¬
ployees will be paid a "dividend" of 20% computed on their earnings during
December.
Stockholders were also voted an extra dividend of 20% of one
month's dividend, to be paid Feb. 1,1941.
These dividends follow similar
1938
y$144,739
Earnings per share.
$1.52
$0.80
$0.96
x
After depreciation and Federal income taxes (at new rate of 24%,
&c., in 1940).
y On 360,250 shares common stock.
Sales for the nine montns ended Sept. 30, 1940, totaled $10,746,727
as compared with $9,603,161 in corresponding period of 1939, an increase
of $1,143,566 or 11.9%.—V. 150, p. 3662.
Co.—Customers, &c.t Dividend—
Directors voted a
1939
y$138,402
y
416.
Hartford Electric Light
Co.-—Earnings—
1940
$178,604
Before Federal surtax on undistributed
9 Months Ended Sept.
x
$518,200
Sept. 30—
all charges
Hinde & Dauch Paper Co, (&
1940—9 Mos.—1939
Earnings per share
company,
$0.61
profits,
y Loss.
Note—Federal income taxes have been computed on a basis of the normal
rates imposed by the latest Revenue Act since credits provided therein,
together with loss carry-over from the year 1939, are sufficient to exempt
the company from payment of an excess profits tax for the year 1940.
Sales bided for the nine months of 1940 were 12% in excess of those
for the same period a year ago, and incoming business in all lines continues
at a favorable rate.
Bank loans were further reduced in the third quarter,
and the company's bank debt now stands at $150,000.—V. 151, p. 552.
x
(& Subs.)—Earns.
1940—3 Mos.—1939
to deliver to Mr.
$0.57
After all charges and reserves
151, P. 417.
x
V.
1940—9 Mos.—1939
$199,203
$184,596
$1.18
$1.09
for depreciation and Federal taxes.—
1940—3 Mos.—1939
$96,832
$103,543
sh. on cap .stk.
*
Net from railway
Net railway operating
Corp.—Earnings —
Period End. Sept. 30—
Net earnings
Gross from railway.:
p.
9,619,400
Pref. dividend....
Other assets
9,619,400
2,433,236
9,344,123
accounts
Contract advs
1,577,476
Co. cap. stock..
Invest, security
1938
1937
$1,494,320 $1,807,361
98,907.
223,253
def89,140
42,324
1939
1940
■
$2,034,186
559,461
income...
313,830
railway.____
Net from railway.
$
16,945,850 16,945,850
Preferred stock...
Hercules Powder
z
1939
$
Common stock.
5,000,000
6,000,000
Goodwill
Acc'ts receivable
x
Marketable secur.
Grand Trunk Western
$4,283,823
10,623,674
of
sale
stock in
$1,968,635
9,524,492
$3,646,561
10,113,516
Net profit for period._ $3,744,236
Surplus at begin, of year 11,160,957
negotiated
September—
1937
1938
1939
1940
_______.$37,318,441 $28,380,312 $23,921,639 $35,229,409
x Net earns., all sources.
z6,645,734
z^,539,751
z2,343,277 z5,439,076
Fed. income tax (est.)__
2,901,499
©893,191
d374,642
b937,606
Undist. profits tax
c217,647
Net sales
treatment of our concentrates at
Gross from
period.—
1940, approximated its earnings for that
Sept. 30,
1898.
Hercules
1940—9 Mos.—1939
1940—3 Mos.—1939
$122,616
$180,159
$0.28
$0.40
ended
V. 151, p.
Ltd .—Earnings—
2499
Chronicle
$281,341
$215,416
25,686
4,830
Sept. 30, 1940
Assets—Property, plant and equipment, including intangibles, $10,696,439; other investments, $5,464; cash, $301,351; special deposits, $28;
receivable, $23,961; receivables from associated companies, $6,109;
materials and supplies, $107,566; prepayments, $41,298; unamortized debt
accounts
$28,102; miscellaneous deferred debits, $7,962; total, $11,218,281.
$5,000,000; first mortgage bonds
6%, $2,700,300; equipment notes, $941,650: accounts payable,
$104,109; taxes accrued, $76,159; interest accrued, $55,170; other current
and accrued liabilities, $20,082; deferred credits, $951; depreciation reserve,
$1,528,456; injuries and damages reserve, $100,647; other reserves, $4,464;
surplus (restricted as to dividends), $686,292; total, $11,218,281.—V. 150,
expense,
Liabilities—-Capital stock ($100 par),
series
p.
B
2047.
Household Finance Corp. (& Subs.)—Earnings—
30— 1940—9 Mos.—1939
1940—12 Mos.—1939
Gross income from opera.$15,460,308 $13,426,358 $20,242,914 $17,878,316
Operating expenses
7,321,900
6,687.773
9.952,405
9.017,461
Period End. Sept.
Provisions for losses on
instalment notes rec._
859,668
924,440
1,058,257
1,239,932
from opertns. $7,278,740
Other income credits
5,234
$5,814,144
5.714
$9,232,252
13,629
$7,620,923
10,284
$7,283,974
309,893
$5,819,859
185,332
$9,245,881
$7,631,207
258,831
Net inc.
Gross income
Interest
paid
for Federal
and
Dominion income and
Prov.
excess-profits taxes—
contingencies.
Minority interest in earn¬
ings of subsidiary co._
2,053,010
432,649
*
Prov. for
_
1,080,845
225,000
4,503
•
5,582
2,393.926
225,000
1,305,178
5,822
2,741
$4,691,568 $4,548,100 $6,188,485 $6,064,458
675,000
675,000
900,000
900,000
2,211,911
2,211,291
3,685,758
3,644,857
Note—The net income of the Canadian subsidiary included above for the
9- and 12-month periods ended Sept. 30, 1940, amounts to $175,625 and
$227,062 or approximately 3.7% or the consolidated net income for each of
those periods.
The unrealized loss arising from conversion of Canadian
assets and liabilities for the 9- and 12-month periods ended Sept. 30. 1940,
amounted to $66,924 and $111,177, respectively, and has been charged
against reserves for Canadian exchange fluctuations and contingencies.
Net income
Divs. on 5%
pref. stock.
stock.
Divs. on common
The Commercial
2500
Financial Chronicle
&
Consolidated Balance Sheet, Sept. 30
Assets—
Cash
.-12;
$7,637,192
73,904,045
.
Instalment notes receivable-
a
Loans
employees pursuant to former
Ownership plan
Investment in subsidiary corporation
to
1939
$8,148,626
60,876,954
39,673
—-
Other receivables, &c
b Office equipment and improvements
71,734
680,255
38,916
35,177
624,756
491,272
26, 1940
Illinois Brick Co,—EarningsEarnings for the Year Ended Dec. 31, 1939
Sales
Cost of sales
stock
Oct.
.
Gross profit
Shut-down expenses
Selling
$708,084
504,256
...
$203,828
active yards
expenses
37,306
59,961
41.685
.
General and administrative expenses.
Total
$82,244,583
i
.
$70^304^018
Liabilities—
Term loan—banks (maturing March 31, 1941,)—
Notes payable—banks..
Notes
payable—employees,
officers,
and
$500,000
14,161,300
$19,735",000
482,850
2,460,172
962,299
174,823
14,500,000
327,750
1,596,046
961,962
56,143
others,
pursuant to thrift plan
—.......—
Federal & Dominion income & capital stock taxes
.
Dividends payable
Miscellaneous current liabilities
Term loan—banks—
Reserves for Canadian exchange fluctuations and
contingencies
600,858
Minority interest in subsidiary company
36,619
5% preferred stock ($100 par)
18,000,000
241,816
31,980
Common stock
18,432,475
18,000,000
18,424,050
Capital surplus
Earned surplus—
697,194
11,235,992
689,493
10,239,779
$82,244,583
Operating profit
Expenses or other properties...
Discount expense
Interest expense
$64,875
_
89,408
8,110
6,226
Crl 1,897
...
...
Sale of scrap, &c
Net loss before depletion
$26,971
Balance Sheet Dec. 31, 1939
Assets—Cash, $55,251; accounts receivable (net), $91,146; inventories,
$117,137, investments, $32,270; deferred charges, $79,180; brick yards
(operating), $708,632; brick yards (non-operating), 802,077; trucks, $14,754;
automobiles, $697; office furniture and fixtures, $1,838; other real estate
(cost), $1,236,204; total, $3,139,185.
Liabilities—Notes payable, $100,000; accounts payable, $304,720; de¬
ferred liability, $12,997; capital stock ($10 par), $2,350,000;
paid-in surplus,
$689,710; operating deficit, $26,971; treasury stock (30,335 shares at cost),
Dr$291,271; total, $3,139,185.—V. 150, p. 3050.
$70,304,018
c
Total
a
After
b After
for losses of $5,539,011 in 1940 and $4,776,580 in 1939.
for depreciation and amortization of $468,693 in 1940 and
1939.
c Represented by 737,299 no par shares in 1940 and
$488,369 in
736,962 no par shares in 1939.—V. 151,
Howe Sound
The
results
of
Sept. 30, 1940,
p.
988.
the
areas
operations of the properties for the quarter ended
follows:
Metals Sold
Ounces
Ounces
Pounds
Pounds
Pounds
Gold
Silver
Copper
20,074
667,044 15,247,525
53,513 2,425.006 44,883,642
.
Period End. Sept. 30—
Gross
Marketing, smelting, re¬
fining, freights, &c
Oper. costs, incl. taxes..
1940—3 Mos.—1939
$3,008,285
$3,882,523
926,461
Depreciation
$749,649
8,041
:$1,988,706
$2,335,412
24,967
$757,690
161.848
1$2,017,210
$595,842
1$1,403.90.3
$0.91
_,
Net profit
4,581.067
5,136,016
$436,222
Total income
2,433,476
4,534,035
$643,372
207,150
Operating profit
$1.26
$2.95
Earns.per sh.on cap.stk.
28,504
613,307
The class A stock of company will be stricken from unlisted
trading on
the New York Curb Exchange upon the permanent
closing of the transfer
books for said issue or upon issuance of certificates for the
capital stock of
United Illuminating Co. in exchange for the class A stock of
Shares Co.—V. 150, p. 1769.
$2,360,379
603,160
$1,757,219
$3.71
Before depletion.—V. 151, p. 553.
Earnings for the Year Ended Dec. 31, 1939
Net operating income.:
Provision for depreciation
$11,143,611
Other income
9 Months Ended Sept. 30—
Co., Ltd.—Earnings—
1940
1939
Ore, from the company's properties,
milled (tons)
1,377,242
a Estimated net
earnings
$4,107,840
Per share-$1.49
-
1938
1,259,761
$3,656,336
$1.33
1,236,443
$3,096,782
$1.12
After deducting all operating costs (incl. administrative, depreciation
and estimated income taxes, but without depletion.—V. 151,
p. 553.
a
Hudson Coal Co. (&
Period End. Sept. 30—
Net
......
revenues.-
Taxes.
Fixed charges
Depletion and deprec._
Net deficit
-V.
$508,149
Hudson & Manhattan
Oper.
$2,236,551
1,525,001
1,435,378
1,692,417
$1,832,911
$2,416,245
RR.—Earnings—
1940—Month—1939
$613,353
$608,313
expenses & taxes..
435,396
Operating income.
Non-operating income-.
$177,957
9,954
Gross income
Income charges
$187,911
155,713
120,233
Interest
a
$2,623,738
1,384,358
1,393,573
1,678,718
151, p. 553.
Period End. Sept. 30—
Gross oper. revenue
1940—9 Mos.—1939
$5,566,774
$5,550,281
3.945,242
3,922,419
431,573
$176,740
10,612
$1,621,532
92,112
$187,352
154,145
123,921
4,1.57,565
681,540
....
Net profit
Dividends paid
Earnings per share of capital stock (26,965,078
Balance Sheet Dec. 31,
Assets—
no par
$19,250,071
26,965,078
shares)..
$0.71
1939
Liabilities—
95.340,081
10,278.964
Trade accts. & bills rec. (net)
14,148,746
Other receivables
Accounts
payable
Amounts owing to sub.
169,075
27,397,232
Inventories
3,006,063
5,160,542
Reserves..
22,895,126
77,974,960
3,401,656
Capital stock
Capital surplus
4,650,778
Def'd accts. rec,, mtges. and
misc. loans & advs. (net)
Earned
34,672,153
a
Miscellaneous investments
Investment in sub.
$5,208,197
cos..
Reserve for income taxes and
other accrued taxes in Can.
15,264,192
surplus
57,370,150
cos
Deferred & prepaid charges..
298,511
Goodwill, patents, copyrights,
238
Land, bldgs., plant, transpor¬
1940—12 Mos—1939
$1,260,687
$24,089,176
Provision for Canadian income taxes.
Net loss on investment securities
trade marks & licenses....
Subs.)— Earnings—
1940—3 Mos.—1939
$615,151 def$106,990
352,130
365,214
347,612
353,141
423,558
435,342
$7,268,243
16,820,933
Total income
Cash
Hudson Bay Mining & Smelting
3,875,368
—
Operating profit
Dom. of Can. & other bonds.
x
Illuminating
Imperial Oil, Ltd.—Earnings—
Zinc
3.956,218 $12,052,495
1,677,623
$630,833
12,538
Lead
Nil
17,200.173
16,474,880 24,638.660
1940—9 Mos.—1939
1,455,251
1,450,990
Other income
Stockholders have approved a plan which, among other things, provides
for the dissolution of the company and the exchange of each two shares of
class A stock for one share of capital stock of United
Illuminating Co.
Co.—Report for Quarter—
3d quarter 1940-.Year to date, 1940
x
Illuminating Shares Co.—Dissolution—
reserves
reserve
$1,713,643
1,391,919
1,082,100
$1,627,861
96,966
$1,724,828
1,401,123
1,115,287
tation & other equip, (net)
Total
a
41,125,802
J—$164,181,234
Represented by 26,965,078
Total
•
no par
..§164,181,234
shares.—V. 150,
p.
3204.
Indiana Gas & Chemical Corp.—Dividend —
Directors on Oct. 21 declared a dividend of 65 cents per share on the
company's cumulative preferred stock, on account of arrears, payable
Nov. 1, 1940, to stockholders of record Oct. 25, 1940.—V. 151,
p. 554.
Industrial Brownhoist
Corp.—Earnings—
Period Ended Sept. 30, 1940—
3 Months
Gross profits from operations after
Federal income tax
Prov. for deprec. and idle piant expense
Provision for bond interest
x
Net profit
x
This profit, if remaining as of
9 Months
providing for
$79,768
35,396
16,421
.—...
$416,218
11-5,092
112,600
$27,951
...
Dec. 31, 1940, is subject to
$188,526
deduction
a
of interest for the remainder of 1940 of $16,421.—V. 151, p. 1282.
Deficit.
$88,035
$90,714
$760,375
$791,583
adjustment income bonds outstanding in the hands of the public
5%.—V. 151, p. 1898.
a
at
On
Hudson Motor
Car
Co.—Preliminary Report Shows Profit
of Approximately $530,000 for Third Quarter—
For the quarter ended Sept. 30, 1940. which included the usual
period of
plant inactivity due to the change-over to new models, net
earnings of the
company and subsidiaries are indicated at
approximately $530,000 after
all charges, including
depreciation, interest and taxes, according to a pre¬
liminary earnings statement released by A. E. Bant, President.
This
compares with a net loss of $670,848 in the third
quarter of 1939.
Commenting on the gratifying public acceptance of tho company's 1941
models, Mr. Barit said, "Sales of Hudson cars in the United States in .he
month of September wore the
highest for any corresponding month in the
past 11 years, and were 47% greater than in
September of last year.
In
response to the recent gain in sales,
factory shipments have been running at
the rate of about 3,000 cars a week.
Although the 1941 model season has
only recently gotten under way, Hudson shipments in the new model season
to date have
already reached more than one-third of the total
shipments
for the entire 1940 season.
Shipments of 1941 models to date were 52%
ahead of the same period last
year.
Part of these gains in sales and ship¬
ments, however, were due to the fact that new models were
introduced
about three weeks earlier this year.
"The enthusiasm
displayed by the public over the new Hudson models
the New York Automobile
Show," Mr. Barit stated, "augurs well for
the new season.
The success of our 1941 cars is
at
not
buyers, but large numbers of
dealers have
been
introduction of
added
new
to
only attracting retail
new dealers as well.
More than 250 new
Hudson's distributing organization since the
rate, but before provision for
excess profits taxes.
share on 207,184 shares common stock
preferred dividend requirements)
—V. 151, p. 2352.
Illinois Bell
$648,263
(after
$2.64
$450,000 of the annual saving to consumers. Monthly charges for residence
extension telephones will be reduced to 60 cents in all communities where
to subscribers.
This will agregate
$65,000 of the saving
Remaining $250,000 saving will result In reductions in monthly flat
local telephone service in about 70 communities.—V.
151, p. 2194.
or
....$2,158,379
12,384
4
Total income.
Interest and bond expense
...
Arizona and U. S. income taxes—estimated—
Provision for depreciation and obsolescence
Net income, without
Earnings
per
share
on
deduction for depletion.....
1,181,967 shares capital stock
$2,170,763
196,524
235,788
375,051
$1 ,363,400
$1.15
—V. 151,p. 703.
"Interlake
Iron
Corp.
(& Subs.)-—Earninas—
3 Mos. End. Sept. 30—
1940
Net sales
$5,786,101
1938
1937
$3,724,276
3,485,990
$2,685,765
2,601,689
$6 ,906,100
$769,115
$238,286
$84,076
$1 ,456,123
107,166
185,519
141,617
111,327
$661,948
$52,766
28,122
loss$57,541
16,280
$1,344,795
$697,467
80,221
350,088
$80,888
90,840
262,050
loss$41,259
92,598
248,036
Crl,937
Dr39.383
Dr70~l25
$1,419,459
103,664
515,385
137,867
174,827
$269,096 loss$311,385 loss$452,018
\
Gross profit
1939
5,016,986
Cost of sales
$837,371
35,519
Total income
Interest & amortization.
Depreciation
Estimated taxes
Other credits (net)
Net profit
William W. Hart of the commission announced on Oct. 21.
Rate reductions agreed upon provide for lower toll rates between all
com¬
munities in Illinois 43 miles or more apart.
These will constitute about
in effect.
Earnings for 9 Months Ended Sept. 30, 1940
Dividends and miscellaneous income
Profit from operations
Telephone Co.—To Reduce Rates—
are now
Inspiration Consolidated Copper Co.-—Earnings—
Operating income
Other income
Reductions in certain rates charged by this company,
aggregating about
$765,000 annually will be made Nov. 6 as a result of iiiformal negotiations
between Illinois Commerce Commission and the
company, Acting Chairman
higher charges
par
debt expenses
Earnings for 9 Months Ended Sept. 30, 1940
Net profit after charges, incl. prov. for Federal taxes
at new
per
a dividend of $2 per share on the common
value, payable Dec. 2 to holderx of record Nov. 4.
Like
paid on Sept. 3, last, and compares with $1 paid on June 1 and
March 1, last, and on Dec. 26, 1939; $1.50 on Dec. 1, and Sept.
1,1939;
$1 on June 1 and March 1, 1939; $1.50 on Dec. 1 and Sept. 1, 1938; $1 on
June 1, 1938 and $1.50 on March 1, 1938.—V. 151, p. 1433.
no
amount was
5 ,449,977
Admin, sell., gen. & bad
models."—V. 151, p. 2194.
Hygrade Sylvania Corp.—Earnings—
Earnings
Ingersoll-Rand Co.—To Pay $2 Dividend—
The directors have declared
stock,
rates
74,663
Earnings
per share on 2,000,000 shs. cap. stock
(no par)
$0.13
Nil
x No
provision made for State and Federal
special charges.—V. 151, p. 554.
International Rys. of Central
excess
Nil
profits tax.
$0.41
y
Includ
s
America—Pref. Div.—
The directors have declared
a dividend of $1.25 per share on account of
the 5% cum. pref. stock, par $100; payable Nov. 15 to
holders of record Nov. 6.
Like amount was paid on Aug. 15 and May 15,
accumulations
on
last; $2 paid on Feb. 15, last; $1.25 on Nov. 15, and on Aug. 15, 1939; $2
on May 15.1939 and $1.25 on Feb. 15, 1939.—V. 151, p. 2048.
Volume
The Commercial & Financial Chronicle
151
International Business Machines
9 Mos. End.
y
Sept. 30—
Net profit—
1938
9
39
898,178
$6,69
855,408
$7.70
Net earnings after deprec. of fixed assets & deplet. of sulphur &
oil domes
775,880
814,674
$7.43
Inc.—Earnings—
Earnings for 9 Months Ended Sept. 30, 1940
1937
z$6,011,779 z$6,590,695 x$6,051,359 z$5,932.706
Shares cap. stock (no par)
Earnings per share——
i
Jefferson Lake Sulphur Co.,
Corp.—Earnings—
1940
2501
$8.47
y After interest,
reserves, depreciation and estimated Federal taxes.
After deducting blocked foreign profits of $1,479,455 in 1940, $855,000
Prov. for est. Fed. & State inc. taxes &
Net
$843,071
181,000
profits tax
earnings
Previous surplus.
1939, $572,258 in 1938, and $639,960 in 1937.
1940 figures are after providing for additional income taxes
and excess profits tax under the Second Revenue Act of 1940 (which amounts
to approximately $786,0001.—Y. 151, p. 2047.
in
excess
....
$662,071
651,270
...
Note—The
International Telep.
Total surplus....
telephone operating subsidiaries of this corporation for the
Telephone Co.
of Spain for the first time since July, 1936.
It shows I. T. & T. telephone
companies operating 1,177,546 telephones in 10 foreign countries as of
Sept. 30 this year which is the largest number these companies have ever
had in service.
The aggregate net increase for the nine months period is
67,515 telephones.
Companies in Latin America contributed 28,313 to
this increase and the Spanish Telephone Co. has added 28,360 telephones
since the first of the year to bring Spain's total number of telephones in
service to 319,632.
Commercial radiotelephone service between the United States and Spam
was opened by the American Telephone & Telegraph Co. and the Spanish
Telephone Co. on Oct. 22.
The report of
Total income
Concurrently with the receipts of the dividend, the prior
dividends
Common dividends
New
State, local & miscell. Federal taxes.State income taxes
20,664
194,292
Federal income taxes.--
earnings from operations
Other income
—
...
Net earnings
Jonas &
281,264
669,185
366,624
14,000
177,000
x
Naumburg Corp.—70-Cent Dividend—
43,637
691,500
30,000
10,087
43,671
$793,343
$726,630
8,184
43,671
8,779
Amortization of debt discount & exp
Net income....
—
—
$959,508
_
-
Including $45,000 for surtax on undistributed profits in 1937.
Note—Revenue from merchandise and jobbing (net) which was shown
been applied in
1937 in order to
(2) Net earnings (before interest deductions) from electric railway
department, as reported by the company, were $181,054 in 1939; $82,701 in
1938; and $146,656 in 1937.
k
Period End. Sept.
Total earnings
1939
Liabilities—
7%
&
31,656,887 31,289,506
con¬
pref.stk. 5,203,932
6H% cum. pf.stk. 1,560,500
6% cum. pref.stk. 4,393,900
a
but
cum.
461,763
444,252
5,203,932
1,560,500
4,393,900
750,000
stock.
100,264
of 3 % coup.notes
Note pay. & accr'd
accts.
168,798
50,213
180,078
44,708
Contingency fund.
receivable..
Mat. & supplies..
pay.
on
666,903
Accounts payable.
Dlvs. pay. on pref.
65,283
572,851
153,430
91,178
91,177
53,436
215.062
47,330
217,644
Accrued taxes
652,667
433,408
—
Reserves
2,608,355
for
90,735
Earned surplus...
34,916,367 33,740,600
75,627
301,774
249,640
34,916,367 33,740,600
Total
Represented by 25,000 no par shares,
1,627,355
ex¬
tensions
a
b Represented by 85,000 no par
shares.—V. 151, p. 2194.
32,327
$281,189
After deducting all
x
Federal taxes.
expenses
T-/
.
'."v
Net profit
of capital stock
outstanding (no par).
Earnings per share
y
v.T v.
To
Pay Draftees— yJv'vJTv'
v':
on
seniority, insurance and other factors.—V. 151, p. 1899.
Kansas
Co.-
City Public Service
$489,117
414,142
19,420
10,213
65,364
Operating expenses
General taxes
Social security taxes
Depreciation. •
$493,160
'/
$16,962
$121,330
$258,780
$340,556
378,680
$0.04
378,680
$0.32
378,680
$0.68
378,680
$0.90
(and defense taxes n
417,009
22,089
10,877
68,568
a
Federal taxes, &c
Also after deducting excess
of 1940.—V.
1939
$143,688
$0.48
Second Revenue Act
.
1940
a$127,573
$0.43
3 Months Ended Sept. 30—
Earnings per share on capital stock.
—
profits taxes based on
151, p. 989.
Jewel Tea Co.,
Inc.—Sales—
\
Company reports that its sales for the four weeks ended Oct. 5,1940, were
$2,366,139 as compared with $1,955,122 for parallel weeks in 1939, an
increase of 21.02%.
.
...
Sales for the first 40 weeks of 1940 were $21,517,677 as compared with
.
$18,604,442
_
for a like period in 1939, an
p.1899.
124,369
791,702
$6,272,570
6,118,193
251,408
122,246
836,559
$23,215
1,593
x$55,837
3,119
x$52,717
481,815
$619,203
$6,289,109
5,142,274
207,548
x$19,923
:
Other fixed charges
Loss.—V. 151, p. 1725.
86
x$ 19,843
3,739
16,068
4,213
x$25,296
40,146
"6,341
$24,809
120,575
152,485
314,339
$43,862
Interest on bonds
x$25,382
80
Operating income—Non-operating income --
$71,783
$562,591
84,671
..
Kansas Gas & Electric Co.—Earnings
Period End. Sept. 30—
Operating revenues
Operating expenses
increase of 15.66%.—V. 151,
1940—12 Mos.—1939
1940—Month—1939
$553,446
$548,319
209,276
218,584
Direct taxes
50,322
Prop, retire, res. approp.
Amort, of limited term
55,000
457
$238,518
$198,744
investments
Net oper. revenues—
$6,274,703
2.552,583
888.042
660,000
55,000
330
2,588.217
756,022
660.000
!6.475,212
75,534
4,694
0,798
1$2,466,279
$2,168,280
!,
119
4,988
8.733
$238,784
45,000
15,000
19,612
$198,863
60,000
15,000
9,601
!$2,471,267
703,500
180,000
172,915
$2,177,013
Cr70
Cr 53
Cr744
Crl,744
$159,242
$114,315
Dividends applicable to preferred stock for period
$1,415,596
$1,166,454
Other income (net)
bondsbonds
Other int. & deductions.
Int. charged to constr'n.
Net
266
income
,
720,000
180,000
112,303
520,784
520,784
$894,812
Balance
—V. 151.
(W. B.) Jarvis Co.—Earnings—
Net profit after deprec.,
Earnings—
1940—12 Mos.—1939
1940—Month—1939
30—
Shares
After Federal taxes, depreciation, interest, &c.
1940).—V. 151, p. 1146.
service under the
Training Act has
by the management. The agreement was worked out with
the Steel Workers Organizing Committee and provides for job protection,
been entered
Int. on debenture
1940—9 Mos.—1939
y
T v''
Oct. 8, 1940.
An agreement to cover employees inducted into military
Selective Service and Traning Act or the Naiional Guard
Gross income
1940—3 Mos.—1939
incident to operations, including repairs
all local, State and
;"v.v:y.'
Note—Taxes includes estimated liability for Federal taxes under "Second
Int. on mortgage
(& Subs.)—Earnings-
(Byron) Jackson Co.
Period End. Sept. 30—
7,274
$6,232,903
and maintenance of plants and estimated provision for
x
Accrued interest—
Total
15,295
$1,129,001
V;
196,075
Accrued pay roll-
Contrlbs.
789
-——$2,956,647
Net loss--
of plant equip't.
520,740
382,823
stock..
5,048,247
1,671,147
•
con¬
413,124
.
6,216,591
1,566,433
Int. on RFC obligation.
tracts for purch.
435,443
924,392
Cash
Accts
Bal.
250,000
68,283
int. thereon....
&
deferred charges
$7,032,910
1,968,642
550,023
103,729
Current maturities
194,078
$14,023,201
Gross income.--
of
amort, over lives
150,407
$3,662,961
2,292,100
511,805
depletion
Interest charges
Adjust, for min. int. in
profits of subsidiary--
750,000
5,500,000
Long-term debt... 12,600,000 12,975,000
Deferred liabilities
Debt disc't & exp.
y
5,500,000
Class A stock...
b Common
672,851
$
1940—9 Mos.—1939
>,761,341
Total oper. revenue
1938
$
1938
s
Corp. (& Subs.)—Earnings—
1940—3 Mos.—1939
30—
Period End. Sept.
Balance Sheet Dec. 31
1939
dividend of 70 cents per share on the common
Revenue Act of 1940," approved
a
in operating revenues in the annual report for 1937 has
reduction of operation expenses in the above statement for
conform with the classification used in 1938.
a
Provision for deprec. and
$1,501,888
22,500
1
Jones & Laugblin Steel
2,318,840
691,500
,
13,437
V
stock, payable Oct. 24, to holders of record Oct. 18.
This compares with
10 cents paid on Oct. 25, 1939; 15 cents paid on Oct. 25, 1937, and an
initial dividend of 15 cents per share paid on Feb. 1,1937.—V. 150,p. 842.
$1,559,759
691,500
Other interest..
Prepd.
'i'X" $2.69
$1.58
Manville, N. J., plant of the company. The senior Manville served with the
for 50 years upon his retirement as Chairman
Enders M. Yoorhees, a director since 1934, was elected a member of the
Executive Committee to succeed Francis D. Bartow of J. P. Morgan &
Co., Inc., who also resigned as a director.
Mr. Bartow, who had been a director since 1927, was succeeded on the
Board by H. E. Manville Jr.—V. 151, p. 1147.
1937
56,620
$1,716,301
notes_
of related issues.
$1,644,749
$3.72
£{v
company
$1,429,466
72.422
$1,659,732
56,569
Interest on bonds
process
$1,888,044
$1.80
Director, Ac.—
Profit--
in
$703,505
$889,942
H. E. Manville Jr., the only son of H. Edward Manville, who retired as
55,266,380
$1,503,139
515,600
for
$2,675,999
393,750
637,500
Chairman of the corporation in 1939 because of ill health, was on Oct. 21
a director of the company at a meeting of the Board held at the
charged
$5,481,088
2,322,726
430,547
700,931
/r 387,066
9,380
127,300
2,284,285
Provision for depreciation....699,466
tracted
$3,530,544
367,500
1,275,000
elected
preferred stock¬
1938
1939
$5,695,927
321,888
not delivered
$1,472,255
131,250
637,500
Surplus
Light & Power Co.— Earnings —
Maintenance..
Invests. & ad vs...
\
1,780,132
1,424,585
13,524,871
Directors have declared
Calendar Years—
plant
!■
•
1,570,599
3,193,689
15,178,671
Earns, per share on com.
stock.
a dividend of 10 cents per share on the common
both payable Oct. 11 to holders of record Oct. 10.—
Operating revenues
Operation.
equipment
equip,
■
$1,645,567
118,125
637,500
Netprofit
Preferred
(Minn.)—10-Cent Dividend —
Investors Syndicate
Plant
'V--''
607,868
597,969
4,808,776
Wages and salaries
Directors have declared
Prop.,
i-
493,855
1,409.688
5,488,125
Taxes.
capital surplus and that the amount of such dividend so charged shall be
restored to capital surplus from the first available earnings after Dec. 31,
1938, after providing for 1939 and 1940 dividends heretofore declared and
paid.—V. 151, p. 2048.
Assets—■ V':-:;
'.
$16,502,297 $14,516,895 $43,495,387 $38,400,227
7,465,061
20,021,885
18,994,640
7,030,026
Deprec. and depletion..
and Exchange Commission
coupon
-''Cx
1940—3 Mos.—1939
1940—9 Mos.—1939
.$16,408,849 $14,474,596 $43,261,424 $38,239,500
93,447
42,299
233,963
160,727
Costs and expenses
to
on
f\
.
Period End. Sept. 30—
Other income
Corp.'—Div. Payment Approved.
holders will be notified that the amount of such dividend will be
Interest
.
Net sales
holders of record at the close of business Oct. 22, 1940.
Net
Current liabilities (including provision for current taxes of
royalties of $76,982), amounted to $411,009.
severance taxes and
Johns-Manville Corp. (& Subs.)—Earnings—
has approved payment, out
quarterly dividend of 87
cent per share on the
$3.50 prior preferred stock of this corporation, payable Nov. 1, 1940 to
a
$725,355
This does not include inventories of sulphur, oil, or material
V# 1511 ]p» 555•
v
of capital surplus, of the
Iowa Electric
16,000
240,000
Leave—
International Utilities
and class A stocks,
V. 149, p. 2976.
233,038
...
......
1940, liquid assets (including cash of $1,219,371) amounted
$274,337,
Employees entering active military service of the United States will be
granted a one year's leave of absence and upon application within 40 days
of conclusion of that period will be reinstated by the company in previous
or comparable positions, unless changed circumstances make such restric¬
tion of jobs impossible, according to Sosthenes Behn, President.
Employees of more than one year's service will receive one month's regular
pay and will be credited for previous term of employment plus such period
of service under the company's pension plan.
International Telephones
will pay employees present group insurance premiums during the period of
service and employees will be entitled to regular death benefits under the
plan, less that paid by the Government.—V. 151, p. 1898.
Securities
.......
expense
Surplus, Sept, 30, 1940
,
to $2,431,165.
and supplies.
.
The
_
__
Write-off—development
first nine months of 1940 includes statistics on the National
Grants Draftees
...
Capital stock deficiency
Corp.—Operations —
& Teleg.
$1,313,341
TV..
98,948
—
Preferred dividends.
Common dividends
$645,670
P.2195.
(Julius) Kayser & Co.—Group Insurance—
Approximately 3,000 employees will benefit from a group program
providing them with life insurance exceeding $2,700,000, supplemented by
sickness and accident benefits, according to H. L. Van Praag, President.
The plan is being underwritten by the Metropolitan Life Insurance Co.—V.
151, P. 1282.
'
Kelsey-Hayes Wheel Co.—Class A Dividend—
Directors have
declared a dividend of $1 per share on account of accumu¬
A stock, payable Dec. 1 to holders of record Nov. 20.
on
lations on the class
Last previous payment was an initial distribution of $1.50 per share made
Dec. 21, 1936.
Accumulations after the current payment will amount
$3.12M per share.—V. 151, p. 1434.
to
,
The Commercial & Financial Chronicle
2502
Corp,—Earnings—
Kimberly-Clark
Costa and expense
were
paid
Oct.
Sept. 1, 1939, and on Dec. 1 and
on
1940
26,
on
Sept. 1, 1938.
—V. 150, p. 990.
1940—3 Mos.—1939
1940—9 Mos.—1939
$7,094,637
$6,534,635 $21,977,598 $20,335,926
6,446,668
5,866,368
19,538,640
18,057,111
Period End. Sept. 30—
Net Bales
x
of 40 cents
Liggett & Myers Tobacco Co.—Extra Dividend—
Directors have declared
an extra dividend of $1 per share in addition
regular quarterly dividend of $1 per share on the common and common
payable Dec. 2 to holders of record Nov. 15.
Similar payments
made on Dec. 1, 1939 and 1938.—Y. 151, p. 557.
to the
^
$647,969
Operating profit- — .-
$2,278,814
240,280
Bond interest
Federal income tax
Profit
'
Loss of subsidiary
64,967
580,218
$3,019,175
263,600
581,500
$2,573,869
303,379
445,000
$510,909
50,000
$2,174,075
y62,800
$1,825,490
101,000
$587,624
$2,111,275
448,335
225,000
$1,437,940
$2.94
Corp. (& Subs.)—Earnings—
1939
1940
$358,904
205,654
Operating expenses
Net income (before current year's inc. tax prov.)
Earned surplus, Jan. 1
$1,276,155
$0.64
Lincoln Service
9 Months Ended Sept. 30—
Gross operating income
$263,511
164,412
$153,249
57,632
$99,099
44,540
$210,881
$143,639
448,335
$311,464
were
$1,724,490
149,445
$363,179
dividends..-contingencies..
$460,909
149,445
75,000
Net profit
B stocks, all
295,055
$733,234
97,325
125,000
$615,624
y28,000
—
Total income
Res, for
$2,438,958
$888,249
90,625
182,000
Other income
Preferred
$668,267
Total
-
Dividends on capital stock of corporation:
Surplus
Earns, per
share on com-
/
$2.62
Common
Dividends on stock of subs, to minority interests.
Exclusive of interplant sales,
y Consists of net loss of William Boni(wholly-owned subsidiary), (est.) $22,000 for the 3 months
for the 9 months; and North Star Timber Co. (60% of loss)
(est.), $6,000 for the 3 months and $18,000 for the 9 months.
Earnings for 12 Months Ended Sept. 30
x
and $44,800
1940
1938
Costs and expenses
1937
$3,377,635
$3,050,433
$2,689,167
977,350
359,593
273,060
$3,410,025
409,133
519,000
$2,962,227
425,000
481,000
$3,265,031
y93,000
$2,481,892
174,041
$2,056,227
76,535
$2,089,461
prof36,078
$3,172,031
$2,307,850
$1,979,691
$2,125,539
597,780
225,000
597,780
697,780
597,780
Surplus
$2,349,251
Earn.per sh.on com.stk$4.81
$1,710,070
$3.50
$1,381,911
$2.83
$1,527,759
$3.13
Bond interest
Federal income tax.
Profit
Loss of subsidiary
Netprofit
Preferred dividends
Res. for contingencies._
$2,997,977
notes
1955, assumed in purchase of another company), $4,600; minority interest
of subsidiary companies, $5,071; capital stock and surplus:
7% cumulative prior preferred stock ($50 par), $491,250; 6% cumulative
participating preferred stock ($25 par), $655,225; common stock ($1 par),
$30,000; earned surplus, before 1940 income tax provision, $103,512; paid-in
surplus, $55,445; total, $1,866.134.—V. 149, p. 1624.
in capital stock
140,416
202,763
65,724
389,613
138,240
501,924
$454,841
4,686
$596,757
1,351
$664,779
9,613
$822,026
1,821
$459,527
$598,108
$674,392
$823,846
206,535
206,535
275,380
275,380
27,752
Operating income
Non-oper. income (net).
Gross income
Int.
on
31,578
38,209
42,469
long-term debt-
Other interest
Amortiz. of debt disc't &
4,231
4,049
5,581
5,341
8,634
4,208
10,511
4,818
$212,375
$351,738
$344,710
$495,839
expense
Miscell. deductions-—
Net income
a
Including estimated provision for Federal income tax.—V. 151, p. 556.
Kresge Department Stores, Inc. (& Subs )—Earnings—
Feb. 1 to
sales
of
End. July 31
—
and
1938
$2,164,844
1937
$2,443,493
2,196,083
16,856
2,203,958
17,591
2,164,610
17,746
2,410,053
14,075
$7,279
12,646
loss$5,513
15,705
loss$17,512
15,095
$19,365
17,352
$19,925
8,000
$10,192
2,983
loss$2,417
$36,717
6,627
$7,209
loss$2,417
$30,090
oper.
expense
Prov. for depreciation-
pjoi*
Mos.
1939
$2,216,036
$11,925
Net sales
Cost
6
Aug. 3, '40
$2,220,218
Period—
before misc
Profit
Prov. for Fed. inc. tax.Profit--
As of Aug. 3, 1940 current assets were reported at
current liabilities of $284,611, a ratio of 6.84 to 1.—V.
$1,945,874, against
150, p. 3829.
Kroger Grocery & Baking Co.—60-Cent Dividend—
Directors have declared
a
dividend of 60 cents per share on the common
stock,
were
payable Dec. 2 to holders of record Nov. 8.
Dividends of 50 cents
paid on Sept. 3 and June 1, last; and previously regular quarterly
of 40 cents per share were distributed.
In addition, a final
Dec. 21, 1939; extra dividends of 25 cents
paid on Dec. 1 and Sept. 1, 1939, and an extra of 30 cents was paid
Dec. 20, 1938.—V. 151, p. 2354,
dividends
dividend of 40 cents was paid on
were
on
LaSalle Industrial Finance
See list given on first page
Corp.—Registers with SEC—
of this department.
Period End. Sept. 30—
1940—9 Mos.—1939
Net sales
$7,796,575
$6,068,229
xNet income
1,458,992
Earnings per share
450,000 shares
1940—12 Mos.—1939
$9,459,671
$7,504,604
1,741,229
1,771.269
$3.87
$3.41
$3.94
After
Lexington Water Power Co.—Earnings—
12 Months Ended Sept.
on
$ 274,645
$910,308
34
14,139
$274,679
$924,447
553,408
171,690
560,346
181,623
31,488
34,539
52,598
35,579
^
Other interest
$516,446 prof$94.301
Net loss
151. p. 704.
Life
Savers
Excess
Corp.—Special Dividend—
of 60 cents per share in addition
quarterly dividend of 40 cents on the common stock, par $5,
both payable Dec. 1 to holders of record Nov. 1.
Extra of 40 cents was
paid on Sept. 3. last; one of 60 cents was paid on Dec. 1, 1939, and specials
Directors have declared a special dividend
1939
$45,656
y8,675
15,584
$77,973
$1.08
Earnings per common share
x
$122,673
*29,117
profits tax
Net income
24% in 1940.
y
$36,982
$0.42
19% in 1939.—V. 151, p. 557.
Lock Joint Pipe
Co.—$1.5Q-Dividends —
dividends of $1.50 per share each on the
payable Oct. 31, Nov. 30, and Dec. 31, to holders of
Nov. 20, and Dec. 21, respectively.
Previously regular
monthly dividends of $1 per share were distributed.—V. 149, p. 2694.
Directors have declared three
stock,
record Oct. 21,
common
Loew's London Theatres, Ltd.—Accumulated Dividend
a dividend of 25 cents per share on account
cumulative preferred stock, par $10, payable
Nov. 30 to holders of record Nov. 16.—V. 149, p. 3720.
Directors have declared
of accumulations on the 7%
Sales."
(& Subs.)—Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
$6,228,044
$5,832,495 $16,120,190 $15,861,583
^deprca? an(l deletion)
3,438.349
2.934.460
8,605.857
Sell, and admin, expense
697,608
695,481
2,015,862
1,967,078
Miscell. income
$2,092,087
/5,857
$2,202,554
50,437
$5,498,471
193,786
$5,765,874
155,618
$2,lo7,944
$2,252,990
$5,692,257
$5,921,492
427,721
679,336
315,402
767,203
1,048,103
1,951,645
806,717
2,094,656
Oper. profit
stock
and
8.128,631
franchise
taxes, &c
ing
prov.
accts.
& depl.
for doubtful
Net profit
Shares outst'd'g in
144,414
203,184
404,425
543,199
$916,473
and conting.)..
$967,201
$2,288,083
$2,476,920
966,607
965,406
966,607
$2.37
965.406
$2.57
hands
of
of public
at end
period
Net profit per share
$0.95
Note—The results of the foreign
Long Bell Lumber Corp.
Loss
before
$1
1940
the provision for depreciation and
value of fixed assets at the tune of
-Earnings•
1939
deductions
for interest.
Interest
Loss for period.
•
subsidiary companies are figured at the
average exchange rates, except as tc
depletion which is based on the dollar
acquisition.—V. 151, p. 557.
3 Mos. End. Sent. 30—
to the regular
-
Federal income taxes
Miscell. charges (includ¬
Amortization of debt discount and expense
—V.
Lindsay Light & Chemical Co.—Earnings—
30—
1940
9 Months Ended Sept.
Income after all charges
Prov. for inc. taxes, cap.
188,000
21,161
220,380
Gross income.
Interest
have estimated
17,042
187,999
13,000
287,046
Other income
1st mortgage bonds
other long-term debt
'
Loft
Prov. for deprec.
Other taxes.,-
on
Directors of
405,376
Federal income taxes
Interest
share of any contingent liabilities
which may arise within six years.
that these contingent labilities will
not exceed $3,250,000 for which purpose a reserve has been set up on the
balance sheet as of July 31, 1940.
As a result of the merger under the terms outlined, there would be out¬
standing 1,913,815 shares of new Pepsi-Cola stock.
Application would
be made to list the new Pepsi-Cola stock on the New York Stock Exchange
in place of Loft, Inc.
Directors of Pepsi-Cola Co. also have approved an audit by Haskins &
Sells covering operations for the first seven months of 1940, showing net
income for the period, after all regular and special charges, and after Federal
taxes at the new rate of 24%, but without deducting excess profits tax
not yet determinable, of $3,666,263.
This compares with audited figures
for the first seven months of 1939, after all regular and special charges,
and after taxes then in effect of $2,699,062.—V. 151, p. 1899.
of Loft in excess of $4,000,000
1939
$1,820,772
Maintenance.Provision for retirements
Operating income
will meet in
Pepsi-Cola stock (other than that owned by Loft) would be converted into
Pepsi-Cola and would also receive an adjustment
690,527
26,369
Operating revenues
Operation
Co.
certificate entitling the holder to a pro-rata
1940
$1,421,083
30—
this company and Pepsi-Cola
Total income
on
$3.24
$3,365,749
8.4 shares of new stock of
Period End. Sept. 30—
depreciation and Federal income and excess profits taxes based
Second Revenue Act of 1940.—Y. 151, p. 1726.
x
on
1,534,234
of both
Stockholders
Lone Star Cement Corp.
(R. G.) Le Tourneau, Inc.—Earninqs—
$3,444,370
Wilmington, Del., on Nov. 22 to take action on a plan for the merger of
Loft into Pepsi-Cola Co.
Under the plan, as approved by directors of both companies on Oct. 23,
each share of Loft stock (other than that owned by Pepsi-Cola) would be
converted into one share of new Pepsi-Cola stock.
Each share of present
inc.
and Fed. inc. tax—.
Int. & miscell. income--
$,63,263
1726.
Loft, Inc.—May Merge With Pepsi-Cola—
89.297
514,806
Taxes
1940—8 Mos.—1939
1940—Month—1939
$424,877
—V. 151, p.
192,723
157,156
114,325
Depreciation
Inc.—Sales—
Lincoln Stores,
Period End. Sept. 30—
Sales
$3,083,950
1.477,981
389,929
Maintenance
a
1940—12 Afos.—1939
$3,057,065
26,885
$3,138,428
1,617,840
& accounts
$1,466,757;
receivable, stockholders, secured, $6,734; due on subscription con¬
interest
$3,108,574
29,854
$2,282,272
1,089,762
$2,329,285
Operating expenses-.1,213,033
Total oper. revenues—
$52,002
$2.61
$3,396; accrued interest on debenture bonds, $82; accrued taxes (other than
income taxes), $1,213; accrued Federal income taxes, 1939, $5,528; accrued
on notes payable,
$813; 7% debenture bonds (principal due in
------
1940—9 Mos.—1939
$2,307,009
$2,261,998
22,276
20,274
$103,512
/ $4.84
goodwill (excess of acquisition cost of net assets resulting from purchase or
capital stock in a subsidiary), $30,371; deferred charges, $156,304; total,
$1,866,134.
Liabilities—Notes payable
(unsecured), $510,000; accounts payable,
Kings County Lighting Co. (& Subs.)—Earnings—
Miscellaneous revenue--
5,595
cur¬
tracts, $8,557; cash surrender value, life insurance policy, $3,871; furniture
and fixutres, at cost (less: reserve for depreciation of $9,291), $20,665;
leasehold improvements (less: reserve for amortization of $874), $983;
y Consists of net loss of William Bonifas
(wholly-owned subsidiary), (est.) $69,000 and North Sta
Timber Co. (60% of loss) (est.,) $24,000.—V. 151, p. 1147.
'
Period End. Sept. 30—
for
Assets—Cash on hand and demand deposits, $171,894; instalment notes
Co.
Gas revenue
prov.
receivable (due according to contract in monthly instalments)
receivable (less: reserve for doubtful accounts of $50,950),
Exclusive of interplant sales,
x
Lumber
3,101
21,296
Consolidated Balance Sheet Sept. 30, 1940
$3,228,565
314,104
825,000
Total income
.
30 (before
rent year's income tax)
Earnings per share on common stock
Earned surplus—Sept.
230,588
$4,354,985
357,454
732,500
Operating profit
Other income
5,424
29,996
Additional assessment for Dist. of Columbia per¬
sonal property taxes—prior years
$29,208,681 $27,414,200 $26,466,785 $26,397,642
25,831,046
24,363,767
23,777,619
23,399,665
Net sales
x
1939
-
Premium paid on bonds called
Federal and State income taxes—years 1939-38
fas Lumber Co.
26,226
25,863
23,214
30,000
3,228
60
25,004
6% participating preferred
'
$0.74
stock
mon
7 % prior preferred
1938
1937
$3,963
$4,187
$3,960
$3,469
431
336
255
168
$4,618
$4,296
$3,725
$4,131
Volume
Earnings of the Long Bell Lumber Co.
3 Mos. End. Sent. 30—
for depl.,deprec. & int.
Depletion
Depreciation
$602,340
balance due
199,401
Interest
174,651
170.643
32,868
268,694
18.602
$867,372
263,067
$234,600
$299,852
162,335
201.830
36,910
225,036
51,690
Accrued Federal & State
Federal
($25 par), $1,524,050; earned surplus, $450,270; total,
p.850.
Louisville Ry.-
surtax
23.495
undistrib. profits
on
t1.464; accrued taxes, $108,202; other current$802,735; capital stock,
and accrued liabilities,
4,099; unadjusted credits, $6,615; reserves,
$113,213
$3,116,046
$3,220,268
57,020
57,768
85,420
$3,217,620
2,311,526
$3,173,066
2,297,762
$3,278,036
2.321,739
$3,395,012
2,301,180
$906,094
$875,304
354,150
388,800
$956,297
378,100
$1,093,832
379,930
$551,944
34,950
$486,504
36,462
$578,197
38,990
$713,902
13,519
$586,893
256,710
$522,966
290,024
$617,187
315,620
$727,421
349,665
$330,183
$228,294
.
..
$9,776,460
3,902,286
724,358
1,124,488
Operating expenses
Maintenance
Depreciation
Taxes
(incl. pro v.
income tax)
$9,206,033 $13,000,992 $12,195,211
3,699,099
5,250,672
4,999,970
713,593
981,064
1,171,036
898,248
1,524,617
1,153,7,67
1,479,541
long-term debt-.
1,955,115
Gross income
._
Dr2,888
$3,289,524
Dr3,l42
$3,286,382
1.502,565
308,387
$3,100,288
1,502,565
303,735
4,648
$3,106,134
Dr5,846
$2,542,637
1,126,924
264,921
Amort, of debt discount,
& exp. & misc.
16,890
2,140
29,101
7,986
$1,169,559
$1,148,652
$1,446,329
$1,286,002
432,000
432,000
576,000
$737,559
$716,652
$870,329
Other
17,620,187
Pref.
52,502
60,002
731,337
liability
Loan—
8,298,300
for
debits 2,051,440
500
500
Long-term debt... 3,433,000
Current liabllitles-a2,005,686
Unadjusted
5,242,000
conversion
1,920,724
directed the
making the loan certain officers and directors had
stockholders of both corporations
Law.
an un¬
that in
failed In their trust to the
and had circumvented the
Public Service
The action was brought by a stockholder owning 100 shares
ipating stock in Empire Power Corp. The plaintiff asked the court
of partic¬
1,180
Light Co.—Earnings—
Louisiana Power &
Direct taxes
Prop, retire,
1940—12 Mos.—1939
$7,383,409
3,797,632
1940—Month—1939
Period End. Sept. SO—
Operating revenues
Operating expenses
res. approp.
$680,512
348,590
93,821
67,248
$170,853
1,437
Net oper. revenues
Other income (net)
$8,200,145
4,344,752
1,030,253
812,953
$657,905
337,579
83,842
64,106
906,166
738,246
$2,012,187
12,098
Includes $1,770,000 2nd mtge. 4J^s
McGraw-Hill Publishing Co., Inc.
x
y
$172,290
72,928
6,111
$173,651
$2,025,208
72,947
4,314
875,289
151,
p.
30—
2354.
McKesson
&
Robbins,
Inc.—jEarnings—
[Including Subsidiary Companies]
pointed out that the new Federal income tax
law, which was made retroactive to Jan. 1, required the company to make
additional provision for Federal income taxes.
In the first nine months
of this year Federal taxes were $253,000 more than in the corresponding
period of 1939 due to higher profits and increased rates.
William J. Wardall, trustee,
1940
9 Months Ended Sept. 30—
Net profit before Federal income tax
Prov. for Federal income and excess
a
Net profit
94,782
C/-3.216
58.440
Cr9,862
$96,390
for period
$1,058,353
$1,029,413
356,532
356,532
$672,881
Int. charged to constr'n.
$93,251
income
Balance
-v. i5i. P. 1726.
(Del.) (& Subs.)—Earns.
Louisville Gas & Electric Co.
1940
1939
$11,968,454 $11,014,352
3,337,929
3,785,657
Years Ended Aug. 31—
Operating revenues
Operation.
_
614,108
Maintenance
1,330,000
Appropriation for retirement reserve
Amortization of limited-term investments
1,428
1,130,959
805,322
Taxes
Provision for Federal and State income taxes
Net
.
213,476
$3,994,126
206,355
$4,514,455
1,030.450
$4,200,481
1,030,450
160,227
160,227
15.002
operating income
Cr 13,895
24,215
58,953
250,000
37,000
Cr5,926
26,148
$3,011,456
$2,643,629
$4,300,979
«,
Other income
Gross income
on funded debt
Interest
Amortization of debt discount and expense
Other interest
250,000
37,000
Amortization of flood and rehabilitation expense-.
Amortization of contractual capital expenditures-.
_
Interest charged to construction
Miscellaneous deductions
Balance—
—
645,357
1,266,667
1,426
1,154,405
614,441
1
—
—
Dividends on preferred stock of Louisville Gas
Electric Co. (Ky.) held by public—cash.
Net income
.
&
«...
1,354,920
$1,656,536
—
1,354,920
Lowell Gas Light
1940
1939
1938
1937
$762,274
354,264
59,842
$755,047
349,788
$738,951
$744,135
437,953
47,384
141,173
145,599
Maintenance.^:
Taxes
Net oper.
income....
Non-operating income,.
75,143
141,948
395,274
65,509
128,944
$202,569
$188,168
$149,224
1,411
11,033
12,648
$203,980
Operations
on
$199,201
42,750
11,201
$161,873
42,750
9,583
$125,617
42,750
6,054
47,105
46,155
47,826
600
600
600
Cr380
CM ,526
$61,495
$49,002
Interest on other debt..
Amort,
replacements,...
42,750
10,760
^
sidiary.—V.
151, P. 2355.
Maine Central RR.—To Pay $8.50 Preferred Dividend—
Directors on Oct. 23 declared a dividend of $8.5( per share on account of
accumulations on the 6% prior preferred stock, payable Nov. 7 to holders
of record Nov. 1.
This dividend cleans up back dividends for a portion
of 1934, the year in which this class of stock was issued , and all of 1935.—
V. 151, p. 1900.
Manning, Bowman &
Util.
Assoc.
(not
600
Dec. 31, 1939
Operating profit
- - - - - - - - - - - $ 120,242
Depreciation, $58,641; maintenance and repairs, $12,043; taxes,
(Federal and State payroll), $27,277; taxes (property and other
miscellaneous). $23,6.58; rents, $10,600; royalties, $12,899; prov.
for doubtful accounts, $8,830-.—
— —
1
15?'M
Interest paid (net)
1 »000
^Net loss
$35,305
—
—......
Balance Sheet Dec. 31, 1939
ment
(net), $523,836; deferred charges,
Liabilities—Accounts
$16,695; total, $1,224,585.
payable (trade), $40,074; accrued liabilities,
Directors have
Insurance Co.—Extra Div.—
declared an extra dividend of 10 cents per share in addi¬
quarterly dividend of 40 cents per share on the capital
tion to the regular
both payable Nov. 15 to holders of record Nov.
made in each of the 17 preceding quarters.—Y.
1. Similar
151, p. 557.
Consolidated Manufacturing (Co. &
Subs.)—
payments were
Mapes
Consolidated Earnings for Year
Ended Dec. 31,1939
sales—
—
Other income
Total income
re¬
$107,472
$98,495
Balance Sheet Sept.
30,1940
Assets—Property, plant and equipment, $3,637,349; investment in
ipital stock of affiliated company, $2,440; long-term appliance contracts,
27,403; cash, $13,415; accounts receivable, $60,948, merchandise, materials
nd
supplies, $162,841; insurance deposits, $1,222, deferred charges,
,74,197, total, $3,979,816.
$25,-
794; reserve for taxes, $13,339; common stock (par $10), $965,000; capital
surplus, $223,006; deficit, $42,628; total, $1,224,585.—V. 147, p. 119.
./
-4
ceived in cash)
Net income
Co.—Earnings—
Earnings for Year Ended
Gross profit on
of debt discount
and expense
on indebt. of Amer.
Int.
$2.306,409
recoveries by
$2,716,744
reorganization expenses paid or adding
Manufacturers Casualty
$117,625
7,992
Provision for retirement
and
$2,170,145
136,264
Accepts Settlement with Directors—
Federal Judge Alfred C. Coxe has granted the petition of William J.
Wardall, trustee, for permission to accept offers of 18 directors to surrender
securities valued at $490,000 in settlement of claims against them.
The
claims are based upon the declaration of dividends out of capital and alleged
neglect and incompetence.
The securities involved are 8,650 shares of
preference stock and 900 common shares of McKesson & Robbins, Inc., and
75 shares of common of McKesson & Robbins, Ltd., the Canadian sub¬
24,031
long-term debt,.
2,609,254
439,109
Trustee
stock, par $10,
Gross income.,, j.
Int.
102,342
Assets—Cash, $16,896; notes & accounts receivable (net), $246,495;
due from employees, $2,528; inventories, $413,133; investment in Home
Finance & Mortgage Corp., $5,000; land, buildings, machinery and equip¬
Co.—Earnings-
12Mos.End. Sept.30—
-
- - -
Before deducting
~$L288,70
-V. 151, P. 1899.
Gross oper. revenues
a
the trustee.
469,000
2,815,416
..
- -.
Balance
Net
Dividends applicable to preferred stock
$3,078,254
722,000
$2,713,074
3,670
._
Recoveries by the trustee.
1939
>.
$3,537,416
profits taxes..
$1,953,463
875,472
$701,821
mortgage bondsOther int. & deductionson
(& Subs.) —Earns.—
1940—3 Mos.—1939
1940—9 Mos.—1939
$242,649
$195,455
$663,980
$470,615
Earnings per share
$0.40
$0.32
$1.10
$0.78
x After all interest,
taxes and depreciation,
y On common stock.—V.
Period End. Sept.
Net profit
Reorganization expenses paid by the trustee
Gross income
Int.
19,937,022 20,332,251
Total
due March 1, 1940 under plan of
extension, $994,000 of these bonds were extended by former owners, $529,000 were retired and the balance of $306,100 (to complete $1,300,000) were
purchased by the Louisville Trust Co. from the proceeds of loan for same
amount made to the company. Agreed repayment was $200,000 on Sept. 1,
1940 which was made and $106,0(X) on March 1,1941.—V. 150, p. 1284.
a
$1,941,365
13,021
$172,378
1,273
19,937,022 20,332,2511
Total
the time
Lighting
substantial dividends although it had no cash to make the
payment and that in 1931 and 1932 it had borrowed $5,333,000 from
Empire Power and had extended the payment of the loan from time to time.
The court, in ordering repayment and restraining the extension of pay¬
ment, said that if the company did not pay the loan the judgment would
be entered against the company officials and directors who were named
as individual defendants.
Pending the entry of final judgment, the court
appointed a Referee to hear and report speedily on a plan for repayment of
the loan by the Long Island Lighting Co.—V. 151, p. 557.
had paid
Co.
2,226,204
48,632
359,660
Prof. & loss surplus
to compel
repayment and to restrain the defendants from further extending
of the loan. It was charged that in 1931 and 1933, the Long Island
1,015,433
1,181
Unadjusted credits 2,338,695
/
v
Supreme Court Justice Thomas C. Kadien on Oct. 23 has
company to repay to the Empire Power Corp., a holding company,
secured loan of $5,333,000. He based his decisionnn the conclusion
3,500,000
8,298,300
3,500,000
Common stock...
Stock
$
5%
stock,
cumulative
1
592,724
Investments
Current assets
1938
$
Liabilities—
$
$
Deferred liabilities
Must Reply
wholly owned
1939
1938
1939
Msefs—
Road & equIpm't-17,240,355
Invest, in affil.cos.
1
$710,002
..
15,921
Consolidated Balance Sheet Dec. 31
Bal. transf. to earned
surplus
.\
$361,836
$294,148
Note—This statement includes Kentucky Carriers, Inc., a
Misc. reservations of net1
income
7,419
V
subsidiary.
576,000
deductions
.
4
1,764.304
$2,545,525
$2,542,152
1,126,924
228,779
Other interest
1,349,568
$2,545,787
Dr3,635
Gross income.
prem.
N on-oper. income
for
Other income (net)
$3,309,592
$3,158,483
59,137
1940—9 Mos.—1939
1940—12 Mos.—1939
$9,472,293
$7,157,807 $10,071,601
$7,560,874
2,661,793
2,003,558
2,848,006
1,162,292
61,125
44,668
81,385
53,294
Sept. 30—
Other operating revenues
on
.
1936
1937
1938
1939
Calendar Years—
$296,584
loss$94,752 loss$147,604
Long Island Lighting Co.—Earnings—
Sales of electric energy._
Sales of gas
Int.
■
.
-Earnings.
Profit for period
—V. 150. P. 3517.
Period End.
$3,979,816.—V. 151,
7,500
income taxes
Accrued
Liabilities—Long-term debt, $950,000; consumers' meter and extension
$46,868; notes payable, $12,500;; accounts payable, $69,254;
on authorized instalments on serial obligations assumed, $197;
accrued interest on long-term debt, $3,562; accrued interest on other debt,
deposits,
1937
1938
1939
1940
deductions
before
Gain
2503
The Commercial & Financial Chronicle
151
Consolidated net profit
paid
Dividends
$629,910
127,871
89,158
6,862
——
general expenses
----State and Federal income and excess profits taxes
Minority interest in profit of subsidiary
Selling and
—
—
$589,849
40,061
—
$406,019
379,500
of capital stock
$3.21
Note—The total provision for depreciation and amortization for the year
amounted to $111,167.
Earning ;per share
The Commercial & Financial Chronicle
2504
Consolidated, Balance Sheet Dec. 31, 1939
22,776.
Assets—Cash,
$771,347: accounts receivable,
trade
(less reserves),
$109,513; inventories, $189,081; miscellaneous assets, $1,685; deferred
charges, $10,217; investments, $7,201; land, buildings, machinery, equip¬
ment, Sec.
(net), $494,011; patents, cost (less amortization), $28,863;
total, $1,611,917.
Liabilities—Accounts payable, trade, $12,329; accrued taxes, $98,607;
accrued expenses, $2,315; reserve, $1,466; minority interest in subsidiary,
$29,607; capital stock (126,500 no par shares), $862,500; earned surplus,
$60^,092; total, $1,611.917—V. 151, p. 850.
Oct.
26,
Directors also authorized the president to enter into option agree"
ments for stock to be issued in
consideration of
combination of services
a
and cash
but no such option agreements have been entered into by the
president.
The following figures reflect the company's business during the first six
months of 1940:
Unfinished business at Jan. 1, 1940
$49,241,516
71,262,762
New business booked during the first six months of 1940
Total.Work executed and billed during the first six months of 1940
Marchant Calculating Machine
Calendar Years—
zl939
Selling expenses.
zl938
1937
1936
$2,568,998
1,608,001
141,574
305,430
90,594
$3,354,661
2,036,802
9
$2,734,836
1,571,125
134.139
251.140
y124,425
$674,958
x8,714
339,965
226,642
$2.94
$423,399
17,427
283,304
226,642
$1.79
$807,740
17,427
679,928
226,642
$3,078,676
1,852,789
--
Gen. & admin, expensesOther deductions (net)--
Prov. for income taxes..
Net profit
Preferred dividends
Common dividends
Shs.com.stk.out. (par $5)
Earnings
Co.—Earnings
156,235
243,564
151,129
Gross profit on sales».—
per share
165,775
180,786
yl63.558
$3.50
"
Unfinished business at June 30, 1940
534,228
226,642
$2.81
Represents dividends for the six months ended June 30, 1939, at which
date the company exercised its option to redeem and retire the preferred
stock,
y Includes surtaxes,
z Including wholly-owned Canadian subsid'y.
$120,504,277
20,112,476
$100,391,801
The foregoing figure as to unfinished business at June 30, 1940, included
the following unfilled orders: Domestic, $25,271,739; foreign, $75,118,922;
miscellaneous, $1,139.—V. 151, p.
1435.
Massachusetts Investors Second
Income Account
$654,006
17,427
1940
Fund, Inc.—Earns.—
for 3 Months Ended Aug. 31, 1940
Dividend income
Expenses
$94,416
17,188
Net income for the period
Balance, May 31, 1940
$77,227
12,150
x
Total
capital stock reacquired
Distribution, 10c. a share
Assets—Cash, $732,257; marketable securities, $72,808; accounts receiv¬
able, trade debtors (net), $557,854; other receivables, $9,436; inventories,
$921,125; slow and inactive receivables (net), $6,196; fixed assets (net),
$493,270: patents
(net),
$84,141; deferred expenses,
$31,040; total,
$2,908,129.
Liabilities—Accounts payable, trade creditors, $40,239; provision for
income taxes, $151,090; accrued wages and commissions, $92,656; patent
purchase contract, $6,600; other accruals and payables, $54,929; deferred
income. $132,435; reserve for contingencies, $67,500; common stock ($5
par,
226,642 shs. at stated value), $1,161,890; reduction surplus, $173,394;
Period End. Sept. 30—
Total oper. revenues
1940—12 Mos.—1939
$286,240
1,450
_
$268,172
1,606
$3,268,752
21,987
$3,040,765
28,286
$287,690
122,732
Non-operating income.
sold
$7,274
Balance Sheet Aug. 31, 1940
Assets—'
Securities, at market quotations
revenues
$3,290,739
1,446,179
230,135
134,018
$3,069,051
1,353,421
res.
27,315
$269,778
116,908
17,413
9,378
16,164
24,034
Net earningsInterest on mtge. debt-Int. on serial notes.
$86,684
22,604
2,808
$85,881
31,354
2,125
$990,714
311,500
31,674
3,775
3,160
Cash
on
deposit for reacquisition of scrip..
Dividends receivable
$57,497
$49,242
Total
$7,052,618
Deduct—
14,128
163,531
Prov. for retirement
Amort,
178.956
310,737
209,344
77,607
200,035
255,683
$972,962
of debt disc't &
Net income
on
Bal.
avail,
Master Electric
com.
stock
$44,036
-
$35,114
Marion Steam Shovel
9 Mos. End. Sept. 39—
Net profit
1939
1938
P.
$3,998,198
2,094,046
$297,251
73,750
4,908
80,663
3,803
15,256
625.084
486,820
609,017
518,231
$861,261
15,750
$412,627
12,807
$774,122
27,272
$543,180
$877,012
$425,434
5,177
72,800
$801,394
$586,118
expenses
Gross profit on sales
Selling expenses
^
>
Gross income
-----
Administrative expenses
$61,675
17,164
18,834
Net operating profit
Jl
Other income
—
$25,677
2,130
Income deductions
9,439
176.000
Federal income taxes.__
Surtax
Net
on
undis.
$3,218,704
1,759,315
334,307
47,964
450
Total income-.-
$27,807
5,702
5,017
expense
Provision for Federal income tax
$691,573
415,480
1..-
income
$17,087
-----
Balance Sheet Dec. 31,
(Glenn L.) Martin—Earnings—
Depreciation
146,512
Net profit
—
Other income
1939
$3,267,728
2,504,643
95,240
$3.29
Including subsidiary,
y
1938
$4,486,456
3,360,784
Fed.
$667,845
37,413
$1,065,491
8,773
$648,712
16,013
$970,177
$705,259
$1,074,264
$664,725
14,641
Cost of sales & expenses.
Net profit
Shares capital
Earnings
per
stock
share
19",755
y*>523,494
1,094,532
$546,154
1,092,308
$0.48
-
139,350
$0.50
202,300
100.000
3.571
$768,393
x$492,532
936,583
$0.82
870.041
$0.56
After Federal income taxes at the ni w normal rate of
24% (adjustment
having been made in the third quarter for the entire nine months), but
before providing for excess profits taxes under the Second Revenue Act of
1940, approved Oct. 8, 1940.
Listing—
The New York Stock Exchange has authorized the
listing of 3,000 addi¬
tional shares of common stock (par $1) on official notice of issuance
pursuant
to the terms of an offering to certain of the company's
employees,
including
officers, making the total number of shares applied for 1,097,532
special meeting held on April 9, 1940, authorized the
president of the company to enter into agreements with such employees as
the president should select, including any officers other than the
president,
for the issuance and delivery to such employees of
fully paid and non¬
assessable shares of common stock, such stock to be issued and delivered
not more than five days prior to the close of the
year 1940, in consideration
of services rendered the company by each such employee after the execution
of such agreement and prior to the issuance and
delivery of stock to such
employee, in addition to those services compensated for by cash, salary
or wages; provided that the
aggregate of shares to be issued pursuant to
such agreements and pursuant to stock option agreements should not exceed
a
1940—9 Mos.—1939
$9,217,743
$8,551,812
7,697,390
7,427,406
income.
Proceeds of life insuranceI
in
excess
$340,905
4,878
11,752
4,626
$1,520,353
158.000
$362,162
11,448
64,733
51.000
$1,626,838
52,069
191,470
332,500
$1,208,473
40,606
194,198
175,000
$352,334
Sundry
$234,981
$1,050,799
$798,669
9,408
49,072
16,935
$1,124,406
13,203
57,599
13,264
.
of
cash value
87,000
69",467
$541,241
3,038
18,727
7,260
Total profits
Sundry deductions, net.
Depreciation
Fed. & State inc. taxes..
x
The directors at
$2.10
Including subsidiaries.
1940—3 Mos.—1939
$3,159,727
$2,682,280
2,618,486
2,341,375
Int. and divs. received
Disct. royalties, &c
policies
41,184
197,700
[Excluding Wholly-Owned Canadian Subsidiary]
Period End. Sept. 30—
Net sales
$898,950
71,227
405,500
204,350
Maytag Co.—Earnings—
1937
income
taxes
$429,038
210,000
$2.87
Assets—Cash, $739,258; U. S. Government and Canadian bonds, $25,525;
and accounts receivable, customers (net), $581,507; other accounts
$8,887; inventories, $737,510; cash surrender value of life
insurance, $7,075; fixed assets (net), $810,766; intangible assets (net),
$17,868; deferred charges, $17,372; total, $2,945,768.
Liabilities—Accounts
payable. $107,853; salaries, wages and bonus
accrued, $89,230; Ohio State industrial insurance accrued, $552; property
taxes accrued, $8,036; social
security taxes accrued, $28,176; provision
for Federal income and capital stock taxes, $186,000; provision for con¬
tingencies, $15,000; long-term liability, $5,000; common stock ($1 par),
"241,500; paid in surplus, $349,252; earned surplus, $1,915,168; total,
2,945,768.—V. 151, p. 558.
2,570,038
1,085
Prov. for contingencies.
Miscellaneous charges..
$601,768
272,975
>
receivable,
$3,218,751
,60,181/
exp
for
$347,458
241,500
210,000
$1.65
Balance Sheet Dec. 31, 1939
Operating profit
Total income.-i
Interest
Amort, of note disc, and
9,580
89,877
57,623
notes
1939
Assets—Cash, $77,468; accounts receivable, $47,741: inventories, $44,789;
fixed assets (net), $203,444; deferred
charges, $20,165; other assets, $710;
total, $394,319.
Liabilities—Accounts payable,
trade, $12,254; social security taxes
payable, $2,456; accrued salaries and wages, $2,351; Federal income tax,
$5,426; accrued compensation insurance, $711; reserve for unclaimed divi¬
dends, $73; common stock ($1 par), $354,000; capital surplus,
$15,137;
earned surplus, $1,912; total, $394,319.—V.
144, p. 3342.
3 Mos. End. Sept. 30—
1940
Net sales
$5,303,531
Cost and expenses
4,258,068
210,000
Earnings per share
x
17,126
48,150
income
Dividends
42,938
134,350
profits
Shares capital stock
Amortization of organization
certain
1,599,608
220,523
69,496
97,569
6,335
Net profit from oper..
shares.
yl936
68,429
245,474
Other income
Co.—Earnings—
Earnings for Year Ended Dec. 31, 1939
Prov.
xl937
421.
Masco Screw Products
Net
1938
$2,867,731
$4,604,919
2,605,317
473,030
58,969
Depreciation and amort.
Taxes
(other than inc.
taxes)
Rents and royalties.
Selling, general and adm.
After depreciation and charges but before Federal income taxes.—V.
151,
1939
allowances.
Maintenance
1937
loss$89,066 loss$440,338
&
Cost of goods sold.
$437,129
Co.—Earnings—
1940
$319,289
—
Co.—Earnings-
Years End. Dec. 31— •
sales less disc'ts,
returns
for
1727.
Gross
—V. 151, p. 1900.
x
$6,954,846
-V. 151, p.
$5 pref.
stock
x
$8.51 per share on 817,507% shares
outstanding at Aug. 31, 1940
$6,954,846
Represented by—Capital stock—
Authorized 2,000,000 shares of a par value of $1 each; out¬
standing (less 194,106% shares in treasury), 817,507% shs..
$817,507
Paid-in surplus
7,754,408
Undistributed net income
7,274
Security profits account
def 53,080
Excess of cost over market value of securities owned
1,571,263
Total
(net)
Div. accrued
$97,772
-
?o
Net assets equivalent
& other deducts,
exp.
$5,835
3,444
81,732
6,761
Payable for capital stock reacquired—not yet received
Distribution payable, 10c. a share
Liability in respect of scrip outstanding
$600,660
13,461
21,574
13,844
15,542
44,786
3,670
Receivable for capital stock sold—in process of delivery
46.879
General taxes
Federal income taxes
Maintenance
$6,767,780
229,621
6,761
Cash
Total.
Gross
Operation..
372
81,732
Accrued expenses and taxes
Co.—Earnings—
1940—Month—1939
or
Balance, Aug. 31, 1940
'
^aid-in surplus, $408,600; earned surplus, $618,794; total, $2,908,129.—
Marion-Reserve Power
$89,378
Amount required to equalize per-share undistributed net income
in respect of
Consolidated Balance Sheet Dec. 31, 1939
31,070
$601,336
27,162
63.840
31,070
Note—Operations of the Canadian subsidiary have not been consolidated
No profits/on sales to the Canadian subsidiary
in the above statement.
have been included and
no provision has been made for unrealized loss on
exchange which would be incurred in conversion of the investment in the
Canadian subsidiary to an American dollar basis.
The company carries
its investment in and advances to the Canadian
subsidiary at cost ($133,885
at Sept. 30, 1940), which is substantially less than its equity in such com¬
pany as indicated by the latter's financial statements.
Provision for taxes includes Federal income taxes for the third quarter in
accordance with the Internal Revenue Code as amended by the Second
Revenue Act of 1940, as well as additional provision for the first six months
necessitated by the increased rates of income tax.
No provision has been
made
as
for
may
the new excess profits taxes under said Act.
To such extent
be required, provision for such taxes will be made for the whole
end.—V. 151, p. 851.
year at the year
Mengel Co.—Preferred Dividend—
Directors have declared a dividend of 62% cents per share on the
5%
1st pref. stock, par $50, payable Nov, 9 to holders of record Oct. 31.
Last previous distribution was the semi-annual dividend of $1.25 paid on
Dec. 31, 1938.
cum.
Volume
The Commercial & Financial Chronicle
151
It is expected that directors will consider further reduction in arrearages
at
meeting later in the year when figures for the fourth quarter have
developed, Alvin A. Voit, President, says.
On Dec. 31, 1940,
arrearages after the present payment will be $4.37^ a share.—V. 151, p. 558.
a
been
Matson
Navigation Co.'—Earnings—
Earnings for the Year Ended Dec. 31, 1939
..$1,726,450
120,047
469,153
Federal income taxes)
_.
Dividends paid
.$2,315,650
./
1940 interest
...
Marketable securities...
$8,112,077
6,376,289
receivable
455,687
Investments in securities, <fcc_
868,678
24,589,289
v
Fractional stock scrip ctfs..
12,190,052
U. S. Govt, secure, on deposit
.
,
33
957,920
Capital surplus paid-in
accts. of self-carried in¬
1
______—:
Cost of manufacturing, selling and administration
Provision for depreciation.
Taxes—
_______
____
1,302,268
Total
a
$67,029,821
Total.
Represented by 1,659,706 no par shares.—V. 150, p. 1140.
Co., Inc. (& Subs.)—Earnings—
1938
1939
Calendar Years—
$4,270,800
3,457,488
$813,312
138,019
52.623
$3,401,761
Selling, administration ana development expense..
$7,042,077
3,778,335
$5,263,742
Gross profit
Other income
Assets—Cash, $54,859; accounts receivable (net), $73,911; inventories,
$125,826; prepaid expenses, $4,889; investments, $7,142; fixed assets (net),
$448,204; patterns and patents, $2; total, $714,833.
Liabilities—Accounts payable, $47,979; social security taxes accrued,
$6,402; Federal capital stock tax accrued, $900; salaries and wages ac¬
crued, $4,942; other accruals, $1,062; reserves, $21,742: common stock
($1 par), $148,802t capital surplus, $393,915; earned surplus, $89,089;
total, $714,833.—V. 151, p. 992.
$865,935
.....
Gross income
Payment under employees'
past service benefits
Provision for exch.
adian
subsidiary
Addition to
on
retirement
plan
for
Mickelberry's Food Products Co.—To Pay 20-Cent Div.
30,639
for
223,329
Federal
income
and
622,983
excess
to
reserve
for
116,914
profits
taxes and Canadian income taxes..
Appropriation
10,000
159,665
73,253
Other deductions
Provision
Directors
net current assets of Can¬
for investments
contingencies—in¬
ventories
$1,856,830
$579,356
277,860
75,000
$5.26
.....
$1.00
Preferred dividends.
Common dividends.
Earnings per share of common stock
dividend of 4Cc.
share
per
the common
on
1, 1939; 35c. on Dec. 1, 1938; 25c. on June 1, 1938; $1 on Dec.
1937, and 50c. paid on June 1, 1937.—V. 151, p. 992.
Middle West
L.
1,
Corp.—Initial Dividend—
President
Smith,
of
the
made
corporation,
the following
meeting of the board of directors of the corporation held today
(Oct. 21) an initial dividend of 25 cents per share was declared on the
capital stock of the company, payable on Dec. 2, 1940, to stockholders
of record at the close of business on Nov. 15, 1940.
"At
a
1940—3 Mos.—1939
$311,067
Sept. 30—
(less depreciation reserve), $3,776,126; deferred charges,
$119,767; goodwill, trade marks, &c., $2; total, $12,229,790.
Liabilities—Notes payable
(Canadian subsidiary), $<±5,0C0; accounts
payable, $820,347; due to affiliated companies and for joint accounts,
$294,996; accruals, $877,915; reserves, $801,203; 6% cumulative preferred
stock, $4,631,000; common stock ($1 par), $300,000; initial surplus, $2,140,388; earned surplus, $2,318,941; total, $12,229,790.—Y. 151, p. 1901.
Merritt-Chapman & Scott Corp. (& Subs.)—Earnings
Net
1940—9 Mos.—193 9
$1,006,924
812,562
$576,627
501,579
income.
261,127
$1,383,155
1,161,156
$0.15
Total income.
and equipment
$0.08
$0.35
Earnings per share of
capital stock
—V.151,p.1727.
$0.25
Mid-West Abrasive Co.—EarningsEarnings for the Year Ended Dec. 31, 1939
Gross profit on sales
;.
$307,910
241,147
___________
Selling, shipping and administrative expenses
$66,763
17,919
10,290
Net operating profit
Other income charges (net)
1939
Provision for Federal income tax
—
$695,193
Operating profit
Refund adjustment on compensation and liability insurance
Net profit on sale or disposal of vessels and equipment
41,094
9,646
$745,933
Total income
269,470
15,615
Depreciation
Net profit accruing to minority interest
Provision for Federal income taxes
a
June
Period End.
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $397,702; accounts and notes receivable (less reserve),
$1,622,586; due from affiliated companies and for joint accounts, $69,354;
inventories, $6,112,629; investments, $131,624; land, buildings, machinery
Consolidated Earnings jor the Year Ended Dec. 31,
declared
announcement on Oct. 21:
277,860
525,000
Net income
have
stock, payable Dec. 2 to holders of record Nov. 4.
Like amount was paid
on June 1, last, and compares with 35c. paid on Dec. 1, 1939; 25c. paid on
Purcell
500,000
...
dividend of 20 cents per share on the common
a
stock, payable Dec. 20 to holders of record Dec. 2.
Dividends of 15 cents
was paid on Dec. 1, 1939, and one of 10 cents on Dec. 15, 1938.—V. 150,
Mid-Continent Petroleum Corp.—40-Cent Dividend—.
94,727
_.
reserve
$8,515
____
W Directors have declared
Operating income..
^
$9,750
1,235
Balance Sheet Dec. 31, 1939
—$67,029,821
Merck &
___
Net loss from operations.
^
Other income and expenses (net).
33,032,718
3,905,079
Prepaid «fc deferred charges..
$939,510
865,178
48,515
35,567
___
h Net loss
321,281
surance, &c
Floating equipment
—
Earnings for Year Ended Dec. 31, 1939
Net sales.
5,486,574
Earned surplus
Other prop. & equipment.....
1940 and
1940.
33,204,020
Capital stock.,
a
Co., Chicago. After Dec. 1
Arthur S. Dewing was on Oct. 21 elected to the board of directors and
also made Chairman of the Board.
In connection with the recent public
offering of 85,000 shares of common stock of Michigan Public Service Co.
by an underwriting group headed by Otis & Co. it is announced that Mr.
Dewing has purchased 7,650 shares, or 9% of the outstanding common
stock of the company.—V. 151, p. 2356.
s
Reserves
1,334,370
Materials and supplies
after the redemption date upon presentation and surrender
these bonds will cease to accrue.
Michigan Steel Casting Co.—Earnings
1,100,083
823,223
Accounts payable
Accrued items payable.,
Deferred credits
Notes, accts. <fc accrued items
on
Holders of these bonds may present them on or after Oct. 23,
be paid the full redemption price and accrued interest to Dec. 1,
Liabilities-
Cash.
on
on or
of the bonds at the office of the Northern Trust
2,157,389
General Balance Sheet Dec. 31, 1939
Assets—
paid
2505
New Director—
Net income from operation of vessels
Net income from miscellaneous sources—buildings, &c
Net income from marketable and other securities, &c
Total net income (after prov. for
will be
in subsidiary
85,000
Net profit
Earnings per share of common
stock
Note—Depreciation and amortization have been charged to cost
and expenses in the amount of $21,101.
Balance Sheet Dec. 31,1939
$38,555
$0.13
of sales
$73,897; notes and accounts receivable (net), $85,114;
$150,473; other assets, $13,941; plant, property and equip¬
(net), $148,211; patent applications and trade marks, $798; prepaid
Assets—Cash,
inventories,
Net profit
___
Dividend paid on preferred stock
...
$375,849
167,407
employees' work¬
ing funds, $8,151; accounts and notes receivable (net), $1,230,668: work
in process, $587,549; pending settlements for completed salvage services,
$254,500; insurance claims receivable, $22,631; securities owned, $2; other
security investments, $50,002; deferred charges, $79,098; fixed assets (net),
$2,453,821; total. $5,247,466.
Liabilities—Accounts payable, $362,342; accruals and reserves, $295,499;
purchase money mortgage payable (instalments due in 1940), $10,000;
purchase money mortgage payable (instalments due 1941-1946), $52,500;
equity of minority interest in subsidiary, $103,833; 6H% cum. pref. stock
($100 par), series A, $2,575,500; common stock (292,005 no par shares),
$1,460,025; capital surplus, $970,019; deficit, $582,253; total, $5,247,466.—
Metropolitan Storage Warehouse Co.—80-Cent Div.—
Directors have declared
were
a
dividend of 80 cents per share on the common
payable Nov. 1 to holders of record Oct. 17.
Dividends of 40 cents
on Aug. 1 and May 1, last.—V. 148, p. 587.
paid
Mexican
Light & Power Co., Ltd.—Earnings—
(Canadian Currency)
Period End. Aug. 31—
Gross earns, from oper.
Oper.
exps.
and deprec.
$1,185,885
$96,036
$158,213
Net earnings.
1940—8 Mos.—1939
$5,231,411
$4,710,204
4,045,526
3.967,373
1940—Month—1939
$741,667
$550,109
583,454
454,073
$742,831
-V. 151, p. 1727.
Michigan Bumper Corp,—Earnings—
Earnings jor Year Ended Dec. 31, 1939
Sales, less returns and allowances
goods sold
Cost of
Net profit from
Other income
Total income
Interest paid and
__
—
$6,812
2,041
operations—
...
—
Loss
on
Net
$722,174
715,362
—
—
... —
$8,854
8,437
accrued, net...
4,972
Baddebts
sale of capital assets
loss
.... — .... —
199
1939
ssets—Cash, $41,176; accounts and trade acceptances receivable,
trade (net), $37,071; inventories, $111,646; advances receivable, $1,435;
investments, $14,729; land, buildings, machinery and equipment (net),
$411,982; intangibles, $494; deferred and prepaid expense, $8,525; other
assets, $1; total, $627,060.
Liabilities—Accounts payable, trade, $32,671; claims payable under
.
...
decree, $18,000; accrued payrolls, royalties, taxes, expenses, &c.,
$13,746; accounts payaole, $141,393; reserve for vacation wages, $1,433;
common stock ($1 par), $664,000; 24,000 shares of treasury stock held by
court
escrow agent as collateral against claims payable under court decrees dated
Nov. 22, 1939, Z>r$24,000; paid-in surplus, $58,450; capital surplus, $106,523; deficit, Dr$385,156; total, $627,060.—V. 151, p. 2197.
Called
Michigan Public Service Co.—Bonds
—
Company is notifying holders of its first mortgage 20-year 5% gold bonds,
A, due April 1, 1947 that it has called for redemption on Dec. 1, 1940
all of these bonds outstanding at 101% and accrued interest.
Bondholders
series
and insurance accrued,
Miller & Hart,
Inc.—Readjustment Plan—
The plan of capital stock readjustment submitted to stockholders for
approval contemplates:
.
■.
(a) A modification of the shares of $3.50 cum. conv. preference stock
into shares of $2 conv. preference stock ($24 par) and entitled to noncumulative dividends of $2 per annum; and
•.
(b) Option to holders of cum. conv. preference stock to retain the shares
as modified or of exchanging each share with accumulated dividends for
(1) Two shares of new prior pref. stock ($20 aggregate par value) entitled
to dividends, cumulative to the extent earned, of $1 per share per annum,
and (2) four shares of common stock (evidenced by voting trust certificates).
The plan contemplates (a) modification of shares of present $3.50 cum.
conv.
preference stock into shares of $2 conv. preference stock (noncumulative); (b) authorization of 86,458 shares of prior pref. stock and
172,916 additional shares of common stock; (c) modification of present
common shares having a $5 stated value into a like number of shares of
$1 par value; (d) approval of the establishment of a voting trust for common
stock; (e) authorization to board of directors to charge earned surplus
(deficit) of $1,002,758 existing as of Oct. 31, 1939, against surplus created
by plan of capital stock readjustment, and the designation of the remaining
surplus as capital surplus; (f) reduction of the value of trade-marks, trade
names and goodwill from present balance sheet value of $210,747 to
$1;
(g) authorizing the charging to capital surplus of all expenses incident to
the promulgation and effectuation of the plan of capital stock readjustment
and the plan of debenture adjustment and deposit agreement and all
expenses and income, if any. in connection with any settlement which may
be made with the Federal Government with respect to pork processing
taxes and(or) tax on "unjust enrichment" including income taxes directly
applicable thereto; (h) authority for the board of directors to alter or
amend the corporation's by-laws to the extent necessary to reflect and pro¬
vide for the proposed changes in the corporation's certificate of incorporation
contemplated by the plan of capital stock readjustment.—V. 151, p. 1284.
Inc.—Consolidated Bal. Sheet Dec. 31, 1939
Miller & Lux,
Liabilities—
$4,754
—
Balance Sheet Dec. 31,
and deferred charges, $19,203; total, $491,636.
payable, $32,279; royalties, wages, commissions
$11,415; Federal and State income and related taxes
and interest thereon, $15,245; reserve for amortization of appreciation of
fixed assets, $22,670; common stock ($0.50 par), $151,860; capital surplus,
$80,160; paid-in surplus, $139,551; earned surplus, $40,780; reacquired
stock resulting from the cancellation of stock subscriptions (664 shares),
$2,324; total, $491,636.—V. 151, p. 992.
expenses
Liabilities—Accounts
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $540,108; deposits on contracts, $20,935;
stock,
ment
$4,847,435 Capital stock ($100 par)
Land & improvements
Machinery, equipment,
tools,
54,714
&c. (net)..
Land sales contracts
receiv'le
Cash.
U. S. Government
securities.
receivable
Inventories
U. S. Govt, securities
cash held in escrow
Advances to
Deficit
gage 6%
1436.
bonds...
2,784,500
...
Accrued taxes, <fcc
41,767
...
48,296
105,667
24,495
Deferred rental income—...
and
to ii
.
$18,004,725
Total.
-V. 151, p.
.$15,000,000
Accounts payable
511,350
117,174
stockholders—3,330,188
1,398,377
Deferred charges
—
gold bonds due
Interest accrued on 1st mort¬
621,662
1,883,226
4,291,334
659,414
101,856
42,509
145,485
Sink. fd. cash held by trustee
Investments and advances—
Notes & accts.
1st mtge. 6%
1945.
,
Total
$18,004,725
The Commercial & Financial Chronicle
2506
Middlesex & Boston Street
30—
Period End. Sept.
Ry.—Earnings—
$68,292
carried._
1,821,120
9.80 cts.
$135,320
6.443,904
9.53 cts.
$70,510
1,815,755
9.79 cts.
Ber. fare pass.
Avge. fare per rev. pass.
—V. 151, P. 851.
Minneapolis-Honeywell
Regulator
(&
Co.
$121,963
6,464,772
9.49 cts.
$987,942
Earnings for the Year Ended March 31, 1940
Company
Only
Gross profit 011 sales.
—
$1,880,086
Depreciation
105,046
Administrative, general, and selling expense, incl.
Subs.) —
Period End. Sept. 30—
1940—3 Mos.-—1939
1940—9 Mos.—-1939
Net sales
—
$4,672,140
$4,225,110 $10,655,122
$9,431,192
Cost of goods sold and
3,165,841
3,128,368
8,108,068
7,614,348
operating expenses —
115.881
317,293
108,800
347,435
Depreciation—_______
$2,229,760
2,448
24,862
$1,469,408
5,855
15,304
2,272
31,501
$1,405,946
$1,021,716
$2,257,071
$1,521,405
410,879
193,464
48.697
626,761
61,949
advertising
capital stock taxes
30,627
$779,555
$964,440
Net income for period.
—V. 151, P. 705.
$1,568,361
1.908,226
1,232,623
—
35,685
45,305
Net trading profit.
$506,733
$995,139
20,831
39,949
$527,564
7,813
126,166
$1,035,087
8,817
234,444
$393,585
$791,826
Other income
Total income.
—
________—
_____—__
Other deductions
Reserve for Federal and State income taxes.
46,142
Netprofit-a
Provision for income and
Other deductions-
Co. and
Affiliates
S3,170,026
221,357
Interest and expense-
300,361
86,422
Net profit from oper__ $1,390,417
225
Interest earned._______
Miscellaneous income—
1940
26,
Minnesota Valley Canning Co.—Earnings—
,
1940—9 Mos —1939
1®4(^3M°sn
Net loss______________
Oct.
-
—
Dividends from affiliated companies.____—.___
Netprofit
a
~
78,328
$471,913
—
Central Wisconsin Canneries, Inc., and Blue Mountain Canneries, Inc.
Consolidated Balance Sheet March 31,1940
Assets—Cash, $713,030; accounts and trade acceptances receivable (net),
$1,134,622
$700,882; inventories, $1,329,504; insurance deposits, $74,917; life insur¬
cash value, $131,768; prepaid expense, $49,373; notes receivable,
$25,645; investment in other companies, $190,617; plant and farm properties,
$2,588,747; asparagus beds, $55,833; unamortized mortgage note expense,
$8,292; goodwill, $1; total, $5,868,609.
Liabilities—Accounts payable, $12,993; accrued expenses, $34,968; re¬
serve for Federal and State income, capital stock, franchise, and payroll
taxes, $264,295; reserve for advertising, $70,742; reserve for compensation
insurance, $2,760; mortgage note payable, $612,010; registered notes pay¬
able of Blue Mountain Canneries, Inc., $103,028; reserve for contingencies,
$48,669; public interest in affiliated companies, $1,208,979; 7% cumulative
non-participating preferred stock, $1,523,850; common stock (class A
44 shares; class B 68,823 shares), $367,935; surplus, $1,618,378; total.
$5,868,609.—V. 150, p. 2431.
ance,
Minnesota Power & Light Co.—Earnings—
Period End. Sept. 30—
1940—Month—1939
1940—12 Mos.—1939
$7,368,319
$6,456,472
$666,749
8584,931
Operating revenues
220,271
143,490
_
1,835,282
1.073,811
41,667
712,500
550,000
572
6,883
6,870
$248,247
Property retirement re¬
serve appropriations.
2.295,883
1,292,691
574
Direct taxes
157,516
100,657
54,167
Operating expenses
$284,519
$2,990,509
$2,991,337
1,620,793
68,818
Amortization of limitedterm investments
_
61
on
$284,573
134,642
5,719
$3,062,259
1,610,528
72,439
_
_
Gross income
Interest
54
$3,060,362
1,897
$248,308
133,850
6,003
Net oper. revenues___
Other income.
mtge. bonds.
828
Mississippi Power & Light Co.—Earnings—
Period End. Sept. 30—
Operating revenues
Operating expenses
1940—12 Mos.—1939
1940—Month—1939
Interest charged to con¬
Crl90
Cr911
struction
$109,366
Net income
Dividends applicable to
CV3.769
$144,402
$1,383,061
990,825
pref. stock for the period
C/T.401
$1,303,127
990,832
$584,071
354,201
83,649
65,000
$597,547
357,559
Prop, retire, res. approp.
Other int. and deduct'ns1
Net oper. revenues—
$81,221
$95,715
172
33
$81,393
66,667
9,045
$95,748
68,142
6,706
Direct taxes
Other income
$7,652,369
4,535,314
939,149
80,940
63,333
$7,362,093
4,285,405
920,559
750,000
775.000
$1,402,906
5,904
$1,406,129
1,554
$1,408,810'
804,425
130,134
$1,407,683
817,700
83,125
$474,251
403,608
$506,858
403.608
_
Balance
$392,236
$312,295
—V. 151, p. 1901.
Co.—Earnings—
a
[Including United States and Canadian Subsidiary Companies]
yl939
yl938
zl939
zl938
Net sales find. RB.rev.)$14,842,450 $11,970,020 $16,439,762 $13,442,866
Cost of sales
12,003,060
10,579,947
13,512,151
11,944,293
Calendar Years—
$2,839,391
$1,390,073
$2,927,611
$1,498,573
1,076,900
552,280
943,278
565,927
1,178,092
590,390
1,049,019
604.305
$1,210,210
106,149
x$119,132
96,716
$1,159,129
113,245
x$154,752
104,643
$1,316,359
Reorganization expense.
20,842
Loss on Canadian exch—
290,379
Shut-down expense
18,397
x$22,416
$1,272,374
20,842
290,379
18,397
x$50,109
Sell., incl. commissions,
Adm. & general expenses1
pr
Other income
for
Int.
on
mortgage bonds-
Other int. & deductions-
Minnesota & Ontario Paper
Prov.
Gross income
abnormal
33,592
«•<■«*
__
tal assets, net_
Misceil. deductions
Int. which is being ac¬
crued and paid
—
m
33",592
41,212
35,938
66,627
41,387
37,378
14,479
77,242
1,640
5,555
73,650
82,781
14,660
—
-
2,181,760
2,714,665
2,007,389
2,684,665
3,566
2,907
Cr42,655
-_
Gain
on
Cr8,243
$1,209,489
Dr812,357 Cr2,135,235
$2,937,533
Dr784,705
Drl50,709
Crl5,928
retirement of 5
year secured notes
_
_
Net loss before extra¬
ordinary charges &
credits
$1,273,809
$2,857,516
Extraord. charges & credCrl,704,099
Portion of deferred inc. &
net
loss
Nat.
Pole
&
Treating Co. applic. to
minority interest
Netprofit—
x
z
Loss,
y
$430,290 x$3,669,873
Consolidated,
excluding
Pole
&
Treating
General and administrative expenses.
Charter expenses (rental of boats and barges)
$
Cash—— 3,560,838
3,860,481
Notes & accts. rec.
1,574,606
3,208,740
775,890
Inventories
Other assets
1,773,688
3,849,081
833,673
Invests, in & advs.
to subs, not cons
Prop
,
plant,
Accts.
payable.__
Accrued int.
co.'s
Assets—Floating equipment, terminal property and other equipment
(net), $2,869,416; general expenses during construction (net), $34,408;
cash, $285,263; freight accounts receivable, $145,042; open voyage freight
accounts, $65,432; inventories, $67,320; prepaid expenses and deferred
charges, $24,258; other assets, $99,015; total, $3,590,155.
Liabilities—Capital stock (par $1), $689,250; stock liability for conver¬
sion of securities, $10,750; notes payable (non-current), $349,000; notes
payable (current), $76,000; accounts payable, trade, $116,837; accrued
payrolls, $9,332; taxes (other than Federal income taxes) accrued, $19,499;
interest payable, $2,114; open voyage freight accruals, $41,248; miscel¬
laneous accruals, $36,902; provision for Federal income taxes (1939),
$69,300; unearned open voyage revenue, $55,841; reserve for losses not
covered by insurance, $7,863; surplus, $2,106,220; total, $3,590,155.—
V. 151, P. 2050.
(Robert) Mitchell Co.,
1,287,202
and
equipment (net)56,041,639 56,547,403
762,907
330,032
on
818,781
340,353
sub
obligations
3,116
Other current llab.
77,371
Other liabilities.__ 2,053,141
5,383
Llabil. of Minn. &
Ont. Paper Co.
defd.by receiver¬
ship
____26.367.589 22,398,084
Total income
Salaries
.67,888,152 68.151,429
Net loss
1,524,261
Capital stock— 8,337,002 10,711,862
-—67,888,152 68,151,429
a Consolidated, excluding National Pole &
Treating Co.
b Consolidated,
including National Pole & Treating Co.
c In capital stock, surplus, and
deferred income of National Pole & Treating Co.
d Net of stock acquired
from Backus-Brooks Co. treated as treasury stock, and
sin-plus.—V. 151, p.
1579.
Mission Oil
Co.—Earnings—
—
$964,700
1,811
Total income,
Officers* salary
General and administrative expenses
Federal income tax
—
;
Kansas State income tax
Net income
$966,511
6,000
4,877
23,647
18,304
$913,683
Balance Sheet Dec. 31, 1939
Assets—Investments, $604,953; cash, $711,112; notes receivable, $45,150;
accrued interest, $928; total, $1,362,143.
Liabilities—Common stock ($1 par), $344,100; accounts payable, $137;
reserves,
$757,051; capital surplus, $171,277; earned surplus, $89,577;
total, $1,362,143.—V. 150, p. 3832.
—
____!_
$23,184
accounts
3961.
Mobile Light & RR. —Control—Bonds to Be Redeemed-—
This company is 99.3% owned by National
City Lines, Inc.
No indi¬
vidual statement of Mobile Light & RR. is available, inasmuch as all of
National City Lines, Inc., reports are published on a consolidated basis,
and the Mobile company is included therein.
So far as the bonds outstanding in the hands
of the public are concerned,
are advised that an arrangement has been effected with the trustee
whereby the full amount of the obligation has been deposited with the
trustee and the bondholders have been invited to turn in their bonds at par.
—V. 118, p. 2305.
we
Mobile & Ohio RR.—Time
Earnings for Year Ended Dec. 31,1939
Dividends received
Interest received
25,640
3,562
.
receivable (less reserve), $190,222;
deposits, $7,529; inventories, $180,487; investments, $7; deferred charges,
$11,486; land and buildings, plant and machinery (net), $817,259; goodwill,
$1; total, $1,275,286.
Liabilities—Accounts payable, $66,413; taxes payable, $5,223; accrued
liabilities, $7,025; capital stock (72,400 no par shares), $1,064,400; capital
surplus, $42,328; earned surplus, $89,896; total, $1,275,286.—V. 146, p.
Assets— Cash,<$68,294;
stkholders*
Interest
Total
$6,019
;
Fees of directors and executive committee
Min,
d
$5,861
157
operations
Consolidated Balance Sheet Dec. 31, 1939
77,371
1,576,178
Funded debt-—27,900,000 28,959,770
Reserves
2,056.994
1,739,384
Total.,
on
Interest income
Due to N. P. & T.
c
Ltd.—Earnings—
(Including Garth Co.)
Co__
2,726,439
1939
$
Accrued taxes
(net)
$288,790
Net income:.
47,891
134,412
1,241,275
233375
176,826
Consolidated Earnings for the Year Ended Dec. 31,1939
a
Liabilities—
...
Provision for Federal income tax (prior years)
Provision for Federal Income tax (current year)
Profit
b
$
$359,289
8,243
3,500
58,755
$330,439
.
Traffic expenses
Co-
Balance Sheet Dec. 31, 1939
a
446,955
$2,515,147
321,578
$411,367
6,441
5,187
69,300
—
Water line expenses—Maintenance of equipment.
Maintenance of terminals
$775,038 *$3,706,309
National
1938
498,637
$2,745,963
353,353
53,932
140,993
1,340,799
251,210
194,310
— —
Water line revenues
Consolidated, including National Pole & Treating Co.
Assets—
1939
transported-—-
Int.
expense
Earnings—
Mississippi Valley Barge Line Co.Calendar Years—
Tons
Balance Sheet Dec. 31,
which is being ac¬
crued but not palcL
Amort, of note extension
_
Net profit on water line operations
Other deductions (net)
31,529
-«■»
Balance
$70,643
$103,250
a
Dividends accumulated and unpaid to Sept. 30, 1940, amounted to
$386,791, after giving effect to dividends amounting to $2 a share on $6
pref. stock declared for payment on Nov. 1, 1940.
Dividends on this
stock are cumulative—V. 151, p. 1727.
Transportation expenses
de¬
teriorate & loss on in¬
ventories.
Loss on disposal of capi¬
Net income
$20,900
$5,681
Dividends applicable to pref, stock for period-_
for Deposits Extended—
The time within which securities of the road may be deposited for ex¬
change for securities of Gulf, Mobile & Ohio RR. has been extended, subject
to approval of the court, to Dec. 1 from Oct. 22.—V. 151, p. 2357.
Mock, Judson, Voehringer
Earnings—Bee page 2518.
Modine Manufacturing
Monroe
Chemical
Co.,
Inc.
(&
Co.—Earnings—See
Co.—Earnings—Bee
page
Subs.) —
page
2518.
2518.
Mueller Brass Co.—50-Cent Dividend—
Directors have declared
a
dividend of 50 cents per share on the commo
stock, payable Nov. 22 to holders of record Nov. 8.
Like amount was paid
on June 28, last and compares with 40 cents paid on Nov. 22, 1939; and on
June 29, 1939; 35 cents paid on Nov. 23, 1938; and a regular quarterly
dividend of 25 cents in addition to an extra dividend of 10 cents paid on
Nov. 22,
1937.—V.
151,
p.
2050.
Volumt
The Commercial & Financial Chronicle
151
Montana-Dakota Utilities Co.
Operating expenses
Maintenance..
1,574,734
195,111
...
Uncollectible accounts
425,771
758,285
1936
1937
Assets—
$4,421,206
1,524,938
250,108
6,431
346,333
614,946
x$4,586,794
1,579,005
197,233
12,654
410,152
556.673
__
Taxes (other than inc.).
Prov. for depr. & deplet.
National Aviation Corp.- Balance Sheet
(& Subs.)—Earnings—
Calendar Years—
1939
1938
Total oper. revenues—x$4,609,040 *$4,436,475
1,564,530
262,736
5,928
407,560
614,366
1940
Net
from oper.
earns,
$1,655,139
$1,680,756
$1,678,450
$1,731,673
14,501
Total income
Int. on long-term debt.
Other interest charges
Sept. 30—
Liabilities—
1939
Accruals....
Cash.
Due to brokers.—
1,032,138
Receivables
10,003
621,826
15,397
Furniture & fixt—
3,639
12,763
8,911
——
Prep'd & def. chgs.
-—-$7,424,385 $6,730,145
1939
1940
Invest, (at cost)—$6,365,843 $6,084,011
Total
Other income
2507
$3,410
$3,410
1,963
100,669
17,751
x Capital stock—
2,386,373
2*386,373
Surplus
z4,933,934 y4,320,648
-
Res. for Fed. taxes
Total.
-
-
-
-
-—.$7,424,385 $6,730,145
x Represented by 477,275 no
par shares,
y Paid-in surplus $4,139,369
and earned surplus since Jan. 1, 1938, of $181,279.
* Paid-in surplus $4,139,369 and earned surplus since Jan. 1, 1938, of $794,565.
$1,655,139
593,430
171,847
$1,680,756
583,412
151,957
$1,731,673
601,018
172,678
$1,692,951
758,294
65,432
42,504
6,079
73,128
3,690
59,000
78,532
8,115
31,000
66,388
70,434
.
$809,569
$840,330
$759,729
Dr3,401
fifth year..
The proceeds from the sale of the note, together with such of the com¬
$809,569
$840,330
$756,328
pany's funds as may be required, will be applied to the redemption, at
102}£%, of 5% 1st lien coll. trust bonds, series B, due June 1, 1947.
These bonds are outstanding in the principal amount of $300,000 and are
subject to a reduction with sinking fund moneys in the amount of $20,000
now on deposit with the trustee.
The company also proposes to issue and pledge under the notes its 5%
1st lien coll. trust 20 year bonds, series A, due Aug. 1, 1953, in the principal
amount of $280,000.
The income statement for the nine months ended Sept. 30 was
in V.
151,
published
2357.
p.
Amort, of debt discount
and expense
Miscell. deductions.
Prov. for income taxes.
Net
.
income...
$770,845
Minority int. in earnings
of subsidiaries....
Dr 1,147
Net income for period.
$769,698
2,209
40,899
x
Includes other income.
Consolidated Balance Sheet Dec. 31
1939
1938
S
$
Assets""""*
1939
Liabilities—
Fixed cap. (net)—27,025,163 27,915,378
Cash..
525,897
539,357
b Accounts & notes
receivable
568,333
429,034
Ad vs.
on
gas
631,691
410,199
295,915
262,375
83,670
44,646
74,559
Mdse. & supplies.
Other assets
90,265
pur¬
chase contract..
Prepd.gas royalties
& lease rentals..
Prepaid Insurance.
3.180
12,376
470,928
139,445
Unamort. debt dis¬
count & expense
$
Consumers' deps—
261,533
Miscell. reserves._
Miscell an. deferred
56,586
Total
44,938
49,746
Min. int. in subs..
922,213
29,521,617 30,095,480
b Less
reserves
Montour
of
257,267
50,695
83,598
1,150,998
84,745
Earned surplus...
charges—......
1938
'
$
6% cum. pref. stk.
1,773,900
(par $100)
1,773,900
5% cum. pref.stk.
5,959,260
(par $100)— 5,959,260
Com. stk. (par $10) 6,766,525
6,766,532
Long-term debt...12,383,605 12,893.006
Instal. of long-term
deb due curr
555,501
305,501
Notes payable
68,865
17~5~838
Accounts payable.
197.260
Misc. curr. llab
37,275
42,558
Accrued liabilities.
641,611
449,167
—.29,521,617 30.095,480
Total
$51,811 in 1939 and $62,328 in 1938.—V. 151,
p.
2357.
RR.—Earnings—
Net ry. oper. income.
From Jan. 1—
Gross from railway.
1,722,305
730,743
710,930
....
Net from railway......
Net ry. oper. income...
1937
1938
1939
$233,037
122,174
106,298
Bonds Called—
Corporation is notifying holders of Its first lien collateral trust bonds,
10-year 5%, series B, due June 1, 1947, that $20,000 of these bonds have
been selected by lot for redemption on Dec. 1, 1940, at their principal
amount and accrued
interest, from moneys in the sinking fund.
$218,925
108,902
102,779
1,391,963
550,687
594,606
$176,385
73,830
78,477
1,150,062
346,918
420,598
Payment
the drawn bonds will be made at the office of the trustee, Continental
National Bank & Trust Co. of Chicago on the redemption date.
Interest on the Called bonds will cease to accrue on Dec. 1,1940.—V. 151,
on
Illinois
p.
2051.
National Gypsum Co.
Period End. Sept. 30—
Gross
sales
after
dis¬
(& Subs.)—Earnings—
$12,068,360
9,820,750
$115,118
389,923
$295,398
31,353
$703,170
28,750
$1,857,687
73,455
$1,625,119
104,923
$963,623
53,520
54,208
15,446
230,000
$731,920
40,628
43,170
7,783
121,000
$1,931,142
158,579
136,574
22,905
398,000
160,000
$1,730,042
131,398
112,105
9,495
261,000
$519,339
$0.36
$1,055,084
$0.68
$1,216,044
$4,797,619
3,711,362
Depreciation & depletion
153,987
Other income-
1940—9 Mos.—1939
1940—3 Mos.—1939
count, &c
Cost and expenses
Operating profit
1940
September—
Gross from railway
Net from railway.—.
National Gas & Electric Co.*—-To Sell Notes—
Corporation has filed with the Securities and Exchange Commission
declaration (File 70-176) under the Holding Company Act, regarding
the proposed Issuance and sale of a $280,000 2H % collateral promissory
note to Boatmen's National Bank, St. Louis.
The note will be payable
in instalments of $50,000 each year for four years and $80,000 in the
a
$932,270
-
_.
-
—
—
$242,690
109.852
104,850
1,947,929
884,651
855,462
Total income
Interest, &c
——
Prov. for doubtful acc'ts
Miscell. deductions
Fed, Income tax, &c
Fed.
profits tax—
84,000
Net profit———
$526,449
Earns.persh.oncom.stk,
2199.
$0.36
excess
—V. 151, p. 1727.
Mount Vernon-Woodberry
Mills, Inc.—Earnings
—
Income before interest charges and depreciation
Interest
...
$687,072
1,075
Provision for depreciation....
$0.80
—V. 151, p.
Earnings tor the Year Ended Dec. 31, 1939
350,000
National Investors Corp.-
-Sept. 30, 1940, Report—Asset
Value Gains—
An increase in the asset value from $4.95 per share to $5.46 per share
Net income.....
......
Dividend paid on preferred stock—
—.........
— —
—
......
$335,997
259,132
Balance Sheet Dec. 31,1939
Assets—Cash, $406,031; notes, acceptances, and accounts receivable.
$1,445,111; margin deposits on future cotton contracts, $51,780; inventories,
$2,480,678; investments, $422,854; property and plants (net), $5,793,775;
goodwill, &c., $2,767,414; deferred charges, $39,642; total, $13,407,287.
Liabilities—Notes J)ayable, $600,000; accounts payable, $429,719; re¬
serves,
$687,118; 7% cumulative preferred stock, $5,753,500; common
stock, $4,511,900; surplus (including $620,566 capital surplus), $1,425,050;
total. 13.407.287.—V. 150, p. 3832.
v
during the third quarter, or 10.3%, is shown by the Sept. 30, 1940 interim
report of the corporation.
For the nine months ended Sept. 30, the asset
value declined from $6.05 to $5.46 per share, a decline of 9.8%.
emphasis on "growth stocks" is indicated by the portfolio
Approximately 93% of the asset at Sept. 30 were invested in
151, p. 250.
Continued
holdings.
common
stocks.—V.
Nebraska Power
Narragansett Electric Co.—Initial Dividend—
the common
an initial
quarterly dividend of 56 % cents per
stock, payable Nov. 1 to holders of record Oct. 15.
Narragansett Racing Association, Inc.—60-Cent Div.>—
a dividend of 60 cents per share on the common
$1, payable Nov. 15 to holders of record Nov. 8.
This compares
Directors have declared
par
with 50 cents paid on June 10, last; 25 cents paid on Dec. 18,1939; dividends
of 40 cents paid on Oct. 20 and on June 1, 1939, 35 cents paid on Jan. 4,
1939; 25 cents paid
Oct. 20, 1938; 50 cents paid on Nov. 26, 1937. $1
on
Eaid on 1935.—V. 150, p. 3366. 1936, and a dividend of 25 cents paid on
>ec. 6, Dec. 21 and on Nov. 12,
Nassau & Suffolk
Period End. Sept. 30—
Sales of electric energy—
Sales of gas——
—
Other oper. revenues.—
—
Depreciation..—.
Taxes (inc. prov. for inc.
tax)
1940—9 Mos.—1939
$23,745
$21,610
1,765,933
1,655,848
5,522
3,108
1,109,623
75,430
127,216
-
Gross income.
Int. on long-term debtOther interestAmort, of debt discount
-
$2,369,125
1,510,659
96,642
172,929
$2,239,832
1,348,702
85,188
168,515
169,677
148,364
215,383
191,228
$356,079
$373,512
318
635
$446,199
657
$313,310
123,918
55,484
$356,397
125,869
61,358
$374,147
165,874
75,281
$446,856
168,807
48,448
23,739
24,470
33,176
32,833
$110,169
Net income
$144,700
,816
617,500
52,500
630,000
800
1,945
J7.035
23,368
Net oper. revenues--Other income--.—
$244,072
$263,396
$2,702,605
1,549
$2,942,049
$2,704,154
742,500
134
Other int. & deductions.
$263,530
61,875
17,500
8,656
Int. charged to constrn.-
Cr351
Crl53
Cr 53 9
$2,944,155
742,500
210,000
109,189
Crl,417
$156,326
$175,652
$1,639,442
499,100
$1,883,883
499,100
$1,140,342
$1,384,783
3
a$387,108
b$818,719
Int.
on
Int.
on
—
—
mtge. bonds.—deb. bonds.
Divs. applicable to pref.
stocks for the period—«
Balance.---.
————
.
210,000
112,751
—V. 151, P. 1903.
Nebi Corp.—EarningsPeriod Ended Sept. 30—
Net income
n
—
(including for the quarter estimated Income
and excess-profits taxes of $168,000 under the Second Revenue Act of 1940.)
b After charges and provis.on of $351,000 for income and excess-profits
taxes.
Above provision for taxes includes $36,000 applicable to the first
six months, required because of passage of the Second Revenue Act of 1940.
After charges and taxes
a
—V. 151, p.
1728.
Nestle-Le Mur Co.
(& Subs.)—Earnings
Year Enied August 31—
deprec.. Fed. taxes, &c————
class A shares
Earnings per share on 138,559 no par
—V. 149, p. 2980.
1939
1940
$17,392
$28,462
$0.12
$0.20
.
England
New
The New York Stock Exchange has authorized the listing of 10,000 addi¬
common stock
(par $1) upon official notice of issuance
&
Electric
Association—System
Oct, 18, New England Gas & Electric Association
electric output of 9,678,466 kwh.
This is an increase of 173,136
For the week ended
reports
part payment for certain property to be acquired, making the
total number of shares listed 722,874.
kwh., or 1.82% above
as
July 26, 1940, directors of the corporation authorized the issuance
and delivery to the Pocono Co. of Trenton, N. J., of 10,000 shares of com¬
mon stock as a part consideration for the purchase by the corporation of
certain physical assets and letters patent of the Pocono Co.
The Pocono Co, is in the process of disolution and the winding up of its
affairs, and after this has been completed the 10,000 shares of common
stock issued to Pocono Co. is to be distributed by them to the stockholders
of Pocono Co.—V. 151, p. 421.
On
Co.—Notes Called—
Gas
Output—
Fibres, Inc.—Listing-—
tional shares of
National Candy
2,106
162
$244,234
61,875
17,500
8,884
—
Gross income.
$160,768
.
National Automotive
thereof,
$8,408,641
3,517,488
1,308,236
52,500
Net profit after
misc. deduct.
-V. 151, p. 559.
$1,680,566
981,891
59,358
134,874
1940—12 Mos.—1939
$31,215
$28,585
2,330,858
2,209,418
7,052
1,829
$313,254
;
56
—
Operating income
& exp. &
$8,508,692
3,813,890
1,345,162
Property retirement re¬
serve appropriations—
Net income
Lighting Co.—Earnings-
Total oper. revenues— $1,795,200
Operating expenses
Maintenance
Other income (net)
———
$732,719
298,792
116,086
Amortization of limited-
—V. 151, p. 1728.
stock,
$730,849
307,725
125,752
term investments—
Directors have declared
on
1940—12 Mos.—1939
1940—Month—1939
Operating revenues.
Operating expenses
Direct taxes
share
Co.—Earnings-
Period End. Sept. 30—
production of 9,505,330 kwh. for the corresponding
wpftjc a year ago *
reported at 94,517,000 cu. ft., an increase of 1,851,000
2% above production of 92,666,000 cu. ft. in the corresponding
Gas output is
cu.
ft., or
week
a
year
New
ago.—V»151, p. 2358.
England Telephone & Telegraph Co.—Earnings-
Period End. Aug. 31—
1940—8 Mos.—1939
$6,564,295 $52,735,527 $50,145,783
1940—Month—1939
OiXingrevenues-...
$6,735,771
Uncollectible oper, rev.
22,947
National Electric Welding
,
19,678
136,970
150,307
serial notes due 1941 and 1942
1.—V. 151, p. 1728.
Machine Co.—Extra Div.—
Directors have declared an extra dividend of 13 cents per share in
addition to the regular quarterly dividend of two cents jpar share on the
common
p.
stock, both payable Oct. 30 to holders of record
283.
Oct. 18.-—V. 150,
/
Operating revenuesOperating expenses-
$6,712,824
4,580,700
$6,544,617 $52,598,557 $50,995,476
4,642,079
36,388,843
35,965.075
Net oper. revenues-
All of the outstanding ($382,000) 5%
have been called for redemption on Dec.
$2,132,124
805,210
$1,902,538 $16,209,714 $15,030,401
697,313
6,255,584
5,517,045
$1,326,914
$1,205,225
924,185
806,145
Operating taxes
Net oper.
Net income
IT
1
CI
«
Income--.
—
09KC
$9,954,130
6,714,452
$9,513,356
6.313.751
The Commercial & Financial Chronicle
2508
1940—Month—1939
1940—12 Mos —1939
Operating revenues
$1,555,782 $1,491,084 $20,368,946 $18,707,173
689,544
9,083,301
8,810,692
Operating expenses
724,753
266,514
3,692,035
3,339,529
Direct taxes
327,341
196.313
2,468,517
2,182,065
Prop, retire, res. approp.
196,263
30—
_00
Year Ended Aug.
31—
_
--$39,129,604 $36,977,732
14,131,101
13,751,331
Maintenance.
1,589,381
1,758,499
Appropriations for retirement reserve and deprec. 3,607,847
3,438,991
Taxes
4,850,445
5,046,918
Provision for Federal and State income taxes
2,526,476
1,583,022
Operating
Operation
revenues
--
-
-
-
-
_
$4,374,887
$338,713
$5,125,093
217
14
2,652
2.911
$307,642
178,907
19,958
$338,727
187,799
19,420
$5,127,745
2,207,776
255,172
$4,377,798
2,318,942
253,290
$307,425
Net oper. revenues—
Other income (net)
Gross income
—
Int. on mortgage bondsOther int. & deductions.
Cr 16,038
$2,664,797
544,586
Balance
$1,821,604
$2,120,211
$108,777
$131,508
pref. stock for period
income--------
Net
$1,277,018
—
—
544,586
Other income
Gross income
Interest
1938
1940
1937
$3,237,306
1,059,680
614,882
$3,449,445
1,122,076
659,720
26,102.102
6,796,845
2,782,307
32,305,156
10,830,681
6,498,016
1939
$3,972,905
1,416,245
$4,050,378
1,626,491
September—
Gross from railway.-.-.
Net from railway
Net ry. oper. income
From Jan. 1—-
795,661
1,105,326
Gross from railway..
.33,499,952
10,342,768
30,350,037
9,467,438
5.386,401
5,059,585
Net from railway
Net ry. oper. income—
Other interest
Amortization of sundry
Interest charged to
i
fixed assets
122,724
Cr48,392
132,734
$8,108,577
$6,789,530
1,375,000
1,375,000
Cr63,086
construction
— ..
Dividends on cumul. pref. stock,
$5
Northern States Power Co. (Minn.)__
Dividends
1938
$2,276,852
1,219,777
1,077,399
$1,789 loss$133,436
loss$20,324
1,292,854
1,044,115
Expenses.
Taxes, interest, &c--_-
Cr25,799
for the corresponding
kwh.
p.
2359.
$26,945
■
Period End. Sept. 30—
Gross revenue
...
Operating expenses
Taxes
$625,637
283,202
$7,514,060
3,375,763
$7,660,261
3,442,431
155,577
$342,435
155,577
$4,138,296
1,866,923
$4,217,830
1,866.923
$131,630
$186,858
$2,271,373
$2,350,907
pref. stock
1906.
151, P.
—V.
1940—Month—1939
1940—12 Mos.—1939
56,065
$1,569,666 $20,052,579 $19,198,544
6,550,042
6,192,161
507,335
548,478
2,946,122
236,693
3,263,477
317,219
200.000
2,400,000
2,725,000
225,000
$287,207
income
on
.
$565,367
278,160
Gross income
Int. & other deductions.
Net
..
.
Earnings—
Ohio Finance Co.
(& Subs.)—Earnings—
1938
1939
1940
30—
Net profit after prov. for losses, int.,
amortiz., Fed. & State inc. taxes._
9 Mos. Ended Sept.
$427,809
$2.23
$457,428
$2.14
$457,915
$2.00
Earnings per share on common
151, p. 424.
560.
$5,171,566
week last year, an increase of 6.1%.—V. 151,
■
Ohio Edison Co.-
$2,373,971
1,262,450
1,084,576
$6,677,371
-
Balance
1937
29,070
29,070
Weekly Output—
[Including New York Dock Trade Facilities Corp.]
1939
$2,099,709
1,189,225
1,043,920
30,753
208,939
Electric output of the Northern States Power Co. system for the week
ended Oct. 19, 1940, totaled 30,467,874 kwh., as compared with 28,718,828
Divs.
Dock Co.—Earnings—
,„r
27,135
company
Prov. for depreciation..
bonds series A due July 1, 1958, has been
called for redemption on Jan. 1 at 105 and accrued interest.
Payment
will be made at the Central Hanover Bank & Trust Co., New York City.—
V. 150, p. 2890.
9 Mos. End. Sept. 30—
1940
Kevenues
$2,338,757
'
Net income
A total of $64,000 prior lien
New York
(Wis.):
Applicable to current period
Applicable to prior period
on common stock of Chippewa & Flam¬
beau Improvement Co
Minority interest in undistributed net income of
has authorized the listing of $10,859,750
City Omnibus Corp. —Bonds Called—
of
Dividends
Listing—
The New York Stock Exchange
series
cumul. pref. stock of Northern States
on
Power Co.
subsidiary
6% debentures due June 1, 1950.
The issuance of the $10,859,750 debentures was authorized by the
Interstate Commerce Commission in its order dated July 24, 1940.
The purpose of this issue of debentures is to provide for the extension of
the time of payment of part of the principal of the company's outstanding
three-year 6% notes, due Oct. 1. 1941.
The debentures are to be issued
for such purpose in the ratio of $800, principal amount, for $1,000, principal
amount of notes and are to be delivered to the holders of such notes upon
surrender thereof to Manufacturers Trust Co., New York, as agent of the
company.
The portion of the principal amount of any such note for which
no debenture is issuable is to be paid by the company in cash.—V. 151.
p. 1904.
Net profit
-V. 151, p.
$12,539,237 $11,464,207
3,625,851
3,487,450
144,349
110,050
675,472
694,044
102,821
37,635
41,843
41,843
-
funded debt
on
Interest on bank loans
Amortization of debt discount and expense
Balance
Chicago & St. Louis RR.- -Earnings—
New York
—
Miscellaneous deductions—
-V. 151. p. 2052.
New York
$12,424,353 $11,398,972
114,884
65,235
Net operating income
Int. charged to constr'n.
Dividends applicable to
26, 1940
(Del.) (& Subs.)—Earnings
1940
1939
Northern States Power Co.
Earnings'—
Service Inc.
New Orleans Public
Period, End. Sept.
Oct.
—V.
New York
Ontario
Western
&
Ry.—Sale of Coal Pro¬
Oklahoma Natural Gas
perties—
The mines and properties of the Scranton Coal Co. were sold Oct. 1»
1940, at public sale, free from taxes and liens, in proceedings pending for
reorganization under Section 77-B of the Bankruptcy Act.
In conse¬
quence, the stock of Scranton Coal Co. and the second and third mortgage
liens on the property of that company which had been owned by N. Y.
O. & W. Ry., subject to pledge, are now valueless.
The railway company, as endorser or guarantor, assumed various obliga¬
tions of Scranton Coal Co., but without right of priority of payment over
bondholders in its own proceedings, pending under Section 77 of the
Bankruptcy Act in the U. S. District Court for the Southern District of
New York.—V. 151, p. 2053.
Noranda
amounts
1940
1939
$9,421,698
3,308,496
256,652
762,092
321,738
$8,217,086
2,986,112
232,643
710,984
196,738
$4,772,721
596
$4,090,610
4,318
.>4,773,317
—1,237,580
$4,094,927
1,078,117
$3,535,737
$3,016,810
865,925
Operating revenues
Operation
a
dividend of $1
1,283,498
52,837
—
—
General taxes.
—
Federal and State income taxes.
.
Net operating revenues
Non-operating income (net)...——
..._.
Balance
-
accruals.
Retiretnent
Gross income
share on the no par
stock, payable Dec. 16 to holders of record Nov. 25.
Like
were paid in preceding quarters.—V. 151, p. 996.
have declared
—
Maintenance
Mines, Ltd.—$1 Dividend —
The directors
common
Co.—Earnings—
12 Months Ended Aug. 31—
per
Interest
on
—
long-term debt.
45,600
Other interest.
Amortization
discount and
of debt
less
expense,
Period End.
Freight
$8,897,840
Incidental and
cility
346,103
36,167
1940—9 Mos.—1939
$9,557,256 $74,937,341 $61,309,694
326,056
2,770,927
2,636,068
36,863
280,244
255,259
$2,612,744
66,306
51,560
504,196
146,913
1,819,624
20,280
187,251
8,085
Net ry. oper. revenues $4,532,967
Railway tax accruals-.1,809,961
$5,386,713 $35,645,328 $26,985,113
1,480,220
13,220,889
8,993,101
Railway oper. income $2,723,005
Equip.rents (net)-....
Cr441,511
Joint fac. rents (net)
Dr 12,703
$3,906,493 $22,424,439 $17,992,012
0400,579 02,904,895 01,943,024
Drl 1,673
Dr 131,468
Drl37,375
Net ry. oper. income_
Other inc. items (bal.).
1,151,813
1,828
$4,295,399 $25,197,866 $19,797,661
21,414
133,564
219,624
!, 153,641
$4,316,813 $25,331,430 $23,017,284
177,798
1,598,509
1,603,836
59,346,416
922,876
1,724,590
oper. revs
Maint. of way & struc..
Maint. of equipment
expenses
Transportation rail line.
Miscell. operations
General
expenses
Transp. for investm.—Cr
Gross income
Int.
on
funded debt
177,581
Net income
—V.
151,
p.
$2,976,059
$4,139,016 $23,732,921
$18,413,448
2053.
Northern Pipe Line Co.—To Pay 40-Cent Dividend—
on
a
dividend of 40 cents per share on the common
to holders of record Nov. 15.
June 1, last, and dividends of 15 cents were
Like amount was paid
paid on Dec. 1 and on June 1,
Pacific
September—
Net from railway
Net ry. oper. income
—V.
151,
p.
Norwich
Earnings
x
per
2,464,697
def9,496
def260,673
1939
1938
$301,907
1937
„
share'
Co.-
273450
,039,715
$1,148,519
1939
$8,688,881
9,025,679
$9,374,147
9,579,323
$9,986,793
9,852,979
$299,636
148,461
$336,798
160,516
$205,176
163,194
y$133,813
170,203
$151,175
$176,282
$41,982
y$304,017
2,151
3",567
17,462
4,836
37,780
3,867
58,351
3,389
29,800
$154,742
$198,580
$83,629
y$198,325
Net operating loss..
Other income
Loss
Loss
on
Loss
sale of securities.
on
leasehold
oper.
formerly
premises
occupied
re:
Int. paid & misc. deducts
Prov. for Fed. inc. tax._
Prov.
1937
1938
1940
$8,879,737
9,179,373
Cost and expenses
for
Fed.
undist.
12,000
profits tax
Net loss
99,981
Dividend paid
Net sales include sales of leased
departments,
y
Balance Sheet
as
$134,300
$299,186
767,807
4,436
724,071
275,805
294,466
53,093
649,078
696,430
Inventories
2,252,119
def480,580
def764,294
2,924,278
246,738
2,845
dFurn.Jixt. impts.
Sundry
loans
&
349,553
accts. rec., &c._
12,871
1939
$122,388
-
45,116
28.726
117,735
134,977
31,204
cos
31,459
5,341,133
Sundry accts. pay.
& accrued exps.
Reserve
for
insur¬
9,419
80,281
1940
$141,121
Due to sub. &affil.
4,549
defl9,291
July 31
Accounts payable-
124,018
Accts. receivable..
at
Liabilities—
1939
1940
Assets—
Cash
departments and charges of service
Indicates profit.
Inv.in stks.& bds.
82,102
$530,500
$0.60
$554,823
$0.69
After all charges, including Federal income taxes.
S. Eaton, Chairman of the Board, states that the influence of the
recently enacted Federal tax law is indicated by the fact that before taxes,
earnings for the first nine months of this year were $708,570, or 89 cents
per share, against $675,068, or 84 cents per share, for the like period a year
ago.—V. 151, p. 1437.
ance
Co., Inc
4,627,500
Due from officer.1,702
_
4,627,500
2,222
additions at cost, less reserve
Capital stock
Initial surplus
925,061
503,982
393,650
$7,121,312 $7,092,726
Represented
by 199,963
provements, at the July 31,
c
5,341,133
925,061
Earned surplus—
519,942
c
of Opeco Realty
Total
1940—9 Mos.—1939
R.
273,160
Oppenheim, Collins & Co.,4nc.—EarningsNet sales.
$357,991
40,336
7,266
12,938
-Earnings-
1940—3 Mos.—1939
$159,555
$164,472
$0.20
$0.21
133,200
—
/
Years End. July
x
Deferred charges.
Pharmacal
Net profit
151, p. 2201.
11,840
288,029
...
-
-
_
Balance for common stock and surplus
—V.
Life lnsur. policies.
2054.
Period End. Sept. 30—
x
$290,169
2,861
def24,659
2,427,161
def8,271
def294,433
From Jan. 1—
Gross from railway
_
Marketable secure.
RR.—-Earnings—
1940
$301,912
34,631
3,029
Gross from railway
Net from railway
Net ry. oper. income
-
Accrued Interest..
1939.—V. 150, p. 2736.
Northwestern
Preferred
x
Directors have declared
stocky payable Dec. 2
$1,554,869
—
$5.50 convertible prior preferred
406,442
59,971,735 $78,492,708 $64,607,463
6,591,935
8,088,052
844,410
13,294,711
15,367,966
1,579,138
1,257,038
1,311,406
146,918
14,765,490
16,323,535
1,816,926
157,336
22,111
166,824
1,598,948
184,090
1,715,792
43,107
8,570
126,194
Traffic
Net income
Preferred stock dividend requirements:
Convertible 6% prior preference.....
joint fa¬
revenues
Railway
110,592
15,014
—
Taxes on tax free covenant securities
1940—Month—1939
Sept. 30—•
revenues
Pass, mail and exps.revs.
Other transp, revenues.
Cr 1,776
13,244
debt premium
Norfolk & Western Ry.— Earnings—
Total
—
.$7,121,312 $7,092,726
shares,
d Furniture, fixtures, im¬
1934, nominal value of $1 plus subsequent
for depreciation.—V. 151, p. 1582.
no-par
Otis Elevator Co.—40-Cent Common Dividend—
on Oct. 23 declared a dividend of 40 cents per share on the com¬
stock, payable Dec. 20 to holders of record Nov. 22.
This compares
with 25 cents paid on Sept. 20, last; 20 cents paid on June 20, last; 15 cents
on March 30, last; 35 cents on Dec. 20, 1939; 25 cents on Sept. 20, 1939
Directors
mon
Volume
The Commercial & Financial Chronicle
151
and regular quarterly dividend of 15 cents
per share previously distributed.
—-V. 151, p. 997.
Pacific
Lighting Corp. (& Subs.) — ■Earnings—
Taxes.
Int.
7,053,594
1.882,542
24,707
5,984,217
funded debt—
interest
on
Other
Depreciation.
Amortization
7,585,444
;
1,841,000
144,572
5,698,924
6,981,923
1,995,000
30,317
5,791,930
348,628
506,756
Pref. divs. of sub. cos___
1,347,671
1,352.080
367,057
1,354,293
Minority interest
Int. cb'g'd to constr'n__
147
154
7,776.059
2,604,391
25,746
6,122,554
704,350
121
Net income
Preferred dividends.
Common
Crl0,553
Cr 15,663
$7,907,076
1,146,725
4,825,893
$7,490,810
1,179,990
y5,630,208
$8,410,891
1,179,990
5,067,188
__def$419,606
$1,934,458
8680,611
$2,163,714
$4.20
$3.92
-
_
-
Earns. per sh. on average
common
x
$2.74
1940
1939
$
$
Assets—
1940
186,402,962
Invest, in secur.
4,404,628
4,485,610
Current assets
12,757,716
12,661,432
Deferred charges
3,021,493
4,363,683
x
Common stock 29,937,924
Min. int. in subs
1,420
Funded debt.__
47,500,000
Deferred credit311,376
Current liabils—
8,801,302
10,778476
60,924,582
56,973,347
3,738,362
Porperty retirement
17,800,848
Amort,
of
no par
Total. —....211,455,115 207,913,687
shares.—V. 151, p. 562.
1940— Month—1939
$558,798
$532,270
263,049
214.809
83,782
79,213
Sept. 30—
1940—12 Mos.—1939
$6,040,933
2,460,748
874,455
57,908
694,900
131
$154,059
18,630
$180,340
17,717
$1,909,372
218,855
$2,010,699
211,564
$198,057
$2,128,227
Dr864
Dr3,384
Dr805
$172,571
85,417
18,039
$197,193
85,417
21,677
$2,124,843
1,025,000
238,859
Crl.817
$2,221,458
1,025,000
256,264
$69,115
$90,374
$862,801
458,478
$940,953
458,478
,323
$482,475
Int, chgd. to construct'n
Net income
Cr 275
Divs. applicable to preferred stocks for the period.
Balance
Cr759
-V. 156,p. 1906.
Appliance
Co.
(Ohio)-—Qualified for
Sale
in
Massachusetts—
The
with
common
the
stock
Division
of
(par $1) has been qualified for sale in Massachusetts
Investigation of Securities, Department of Public
Utilities.—V. 151, p. 2360.
Parke, Davis & Co .—Stock Offered —Merrill Lynch, E. A.
Pierce & Cassatt and First of Michigan Corp. on Oct. 24
offered 38,000 shares of the capital stock at $31.50 per share.
The
shares, acquired by the bankers from individual stock¬
holders, have been sold.
As of June
stock
30, 1940, there were 4,895,250 shares of the company's capital
outstanding of a total authorized issue of 5,000,000 shares.
The
company has no other class of stock authorized and has no funded debt.
The company was incorporated in Michigan in 1875 as an outgrowth
of a company formed in 1866 and is one of the world's largest manufacturers
of biological and pharmaceutical products.
In 1931 the company acquired,
through an exchange of stock, the Bay Company, makers of surgical dress¬
ings, bandages and adhesive tape.
Products comprise a wide line of ethical
drugs used in hospitals and stocked in drug stores.
An aggressive research
department is constantly developing new formulae and products and the
company is quite active in the vitamin field.
Advertising is concentrated
on the medical profession as most of the
products are used on prescription.
This avoids the intense competition evident in the proprietary field'
Net
sales were $32,800,000 in 1939 and net income was $9,300,000.
The latter
equal to $1.89 per share, of which $1.80 was paid in dividends.
1940 to date dividends declared have amounted to $1.60 per share.
was
In
On Dec.
31, 1939 the company had current assets of $25,968,000 com¬
pared with current liabilities of $5,898,000; cash and marketable securities
totaled $11,300,000.
U. S. Government bonds totaled $9,636,000.—
V. 151, p. 1437.
Pasadena
(Calif.) Fire Insurance Co.—Stock Offered—
The company, new
Southern California
company with authorized
capitali¬
zation of 50,000 common shares ($10 par), has oeen granted a permit by
the State Insurance Commissioner of California to issue 30,000 of common
shares.
The current
offering of common stock at $25
per
share, $15 of which will
constitute paid-in surplus, is being made by Reagan, Carr and Gaze, Ltd.,
principal underwriters.
Besides the $300,000 paid-in capital, the company will have a paid-in
surplus of $375,000.
It will have no funded debt and no promotional
shares will be issued.
In accordnace with the State Law, total selling and
organization expense will not exceed 10%.
Bank of America, Pasadena,
has been named registrar and the transfer office will be at 575 East Green
St., Pasadena.
Incorporated under the lawrs of California on March 28, 1940, the firm
has not yet written any insurance, but upon completion of the sale of the
30,000 share offering plans to insure fire and automobile risks and also
write so-called eight-point coverage or comprehensive policies.
The new
concern
will
write
210,170
210,647
$606,394
$911,347
369,000
369,000
$1.64
$0.93
1940—3 Mos.—1939
,
369,000
$2.47
-Earnings
1940—12 Mos.—1939
$1,053,495
1,080,619
$4,873,604
$27,124
$82,C94
"7",708
"6". 943
40,797
$206,611
13,201
33,655
$10,961
3,204
$20,181
1,590
$14,633
8,331
$159,755
3,759
$14,165
23,413
$21,771
20,706
$22,963
97,471
$163,515
2,959
6,229
11,477
29,023
4,955,698
cos.
$4,057,049
4,263,660
Sundry^income
26,665
Gross loss....
__
Net def. (before Fed.
income taxes)
_____
After deplet. deprec.
b Net inc. of Allied cos.
insurance
in
California and such other
States
where
qualifying requirements will be met.
Officers and employees of Reagan, Carr & Gaze, Ltd., which has for
many years been engaged in the securities business in Pasadena, specializ¬
ing in fire insurance stocks, organized this new company which is the only
stock fire insurance company with its home office in Southern California,
Management, at present, comprises the following:
Pres., Bruce V.
Reagan; V.-P., Blagden Manning; Sec.-Treas., Ray J. Fritz.
These three
are also directors along with; John A.
Reagan, Frederick J. Carr, Leslie
Gaze, Carter J. Carson, G. Glenn Mott and J. Irvine Howland.
"It is anticipated that most of the business to be secured will come from
Southern California,
particularly Pasadena and adjacent cities," said
Bruce Reagan.
"This letter territory in past years has been immune from
large fire losses and the fire loss per capita ratio compared with that of the
entire United States is extremely low.
Although the company has not as
(P. C. & C. Cor p.share0
—V. 151, p. 563.
84,500
Pennsylvania Glass Sand Corp.—Preferred Stock Offered
Ripley & Co., Inc., Smith, Barney & Co.,
Merrill Lynch, E. A. Pierce & Cassatt, and Riter &
Co.
offered on Oct. 22, at $102, 31,000 shares of 5% cumulative
preferred shares ($100 par), represented by interim certifi¬
cates, subject to an exchange offer by the corporation to
holders of presently outstanding $7 cumulative convertible
preferred stock.
—Harriman
As of Aug. 31, 1940, the corporation had outstanding 24,536 shares of
$7 cumulative convertible preferred stock (no par).
Each holder of such
Package Machinery Co.—Wage Increase—
Company on Oct. 18 announced a wage increase of approximately 6%
for all factory employees, effective
immediately.
"The raise is a result of a satisfactory year s earnings, and is given in
accordance with the company's policy of sharing its prosperity with its
employees," George A. Mohlman, Vice-President, said in making the
announcement,—V. 151, p. 2202.
Parker
76,830
$342,384
$2,222,263
Dr 118
mtge. bonds.
$1,499,654
377,660
694,900
$172,689
Other int. & deductions.
$1,177,515
360,952
$18,669
exps. and taxes
b Divs. from allied
a
Other income (net)
on
49,676
$557,130
137,916
$1,184,433
1,203,102
_
Interest
1,875,890
$1,459,940
39,714
Pennsylvania Coal & Coke Corp. (& Subs.)
Period End.
Gross earnings
a
Gross income
1,778,588
$1,127,840
80,629
Number of shares.
Earned per share..
—V. 151, p. 424.
limited-term
Operating income
593,734
$551,314
5,816
$138,297
369,060
$0.37
Loss
$6,192,656
2,662,760
925,488
investments
__
-1939
$3,335,830
600,483
117,681
Charges to income
57,908
Net oper. revenues.
Rent from lease of plant.
$2,9C6,428
$336,607
Net income
Oper.
res.
appropriations
194C—9 Mos.-
$1,145,049
$317,404
19,203
capital stock taxes
3,644,666
18,560,081
136
Direct taxes
$917,887
Prov. for Fed. income &
Light Co. (& Subs.)—Earnings—
Period End.Sept. 30—
Operating revenues
Operating expenses
Subs,)—Earnings —
1940—3 Mos.—1939
gen'l
Depreciation
45,500,000
Earned surplus.
207,913,6871
Represented by 1,608,631
advertising,
and adminis. expenses
Total income
20,000,000
22,518,000
29,937,924
1,494
reserve.
Deprec.
Pacific Power &
_
$
20,000,000
Pref. stk. of subs 22,439,300
Other reserve-__
211,455,115
Penick & Ford, Ltd., Inc. (&
Period End. Sept. 30—
Gross profit and income
from
operations
1939
$
Preferred stock.
and francise.. 191,271,278
x
(David) Pender Grocery Co.—Class B Dividend—
Directors have declared a dividend of 25 cents
per share on the class B
stock, payable Dec. 2, to holders of record Nov. 20. Like amount was paid
on Sept.
3, last; 50 cents was paid on June 1, last; $1 on Dec. 18, 1939, and
50 cents paid on Dec. 29, 1938 and on Dec.
22, 1936.—V. 151, p. 1153.
Profit....
Miscell. income—net
Liabilities—
plant
Total
area,
$804,315 is amount of extra dividend.
y
Consolidated Balance Sheet Sept. 30
Property,
Pasadena Fire Insurance Co. may wish to
specializing in selected Southern California risks and basing its rates upon
the low loss experience in this
territory."—V. 151, p. 2361.
Sell.,
outstanding.
Including other income, net.
as
While no agency contracts have as yet been entered into or offered,
it is intended that at the out-set business will be secured
by the appoint¬
ment of local and
general agents throughout the State.
We feel that this
new insuror will fill a
long felt need for a stock fire insurance company with
its home office located in the
rapidly growing Southern California
$4.50
__
_______
176
Crl2,048
Cr21,224
dividends.__
Surplus.
1,501,711
$5,406,287
1,000,000
4,825,893
___
been
companies for the rein¬
of such localized risks
protect.
Sept. 30—
1940
1939
1938
1937
$44,206,261 $46,799,530 $45,681,439 $50,659,682
expenses
22,179,692
21,774,077
21,685,651
23,525,851
Gross revenue.
Operating
entered into any reinsurance contracts, proposals have already
made by other outstanding, financially responsiole
surance
12 Mos. End.
x
2509
yet
shares may exchange them on the basis of 11-5 5% preferred shares (to
be represented by exchange receipts) for each share of the present $7 pre¬
ferred.
Scrip certificates wiii be issued for fractions of a 5% preferred
the corporation may make cash payments at the rate of $20 for
a 5% share.
Holders accepting the exchange had the privilege
to do so before 4:00 p.m., Oct. 23.
Income of the corporation before dividends and charges and credits to
to surplus amounted to $527,823 for the eight months ended Aug. 31, 1940.
This compares with $555,878 for the calendar year 1939, $435,643 for 1938,
and $725,142 for 1937.
Dividends payable Q-J (cumulative from Jan. 1, 1941).
Has no voting
rights unless preferred dividends are in arrears for one year when holders
have right to elect the largest number of directors.
share,
or
each fifth of
Preferred shares
will
be entitled to receive
on
involuntary liquidation
$100 per share, plus dividends, and on voluntary liquidation the redemp¬
tion price in effect at the time of final payment thereof, in each case before
any
payments shall be made to the holders of junior shares, and no more.
no preemptive, subscription or conversion rights.
Preferred shares will have
Preferred shares will be redeemable in whole
or
in part at any
time
on
at least
30 days' notice at $110 per share, on or before Sept. 30, 1945,
$107.50 per share thereafter and on or before Sept. 30, 1950, and $105 per
share thereafter, plus all accumulated and unpaid dividends in each case.
If less than all the outstanding preferred shares are redeemed, the shares
to be redeemed shall be selected pro rata or
redeemed shall be canceled and not reissued.
by lot.
Preferred shares
so
Whenever the
sinking fund, purchase fund and other principal payments
required to be made by the corporation on Its funded indebtedness in any
fiscal year after 1941 (whether or not prepaid or anticipated) shall be less
than $150,000, the corporation is to pay to the fiscal agent within the
following „hree months an amount equal to 20% of the corporation's net
earnings (after all taxes) for such fiscal year after deducting from such net
earnings the amount of dividends paid during such year upon the preferred
shares, but against such 20% payment shall be credited the aggregate of
such principal payments required to be made during such fiscal year.
The
fiscal agent is to apply the payment to the purchase of Preferred shares at
not in excess of the then current redemption price and, at the end of 60 days,
any unexpended balance sufficient to redeem 100 or more preferred shares
(or any number less than 100 if the corporation so request) is to be appiied
to the redemption of preferred shares at the then current redemption price.
The payment may be made in cash or preferred shares and may be antici¬
pated in whoie or in part.
Preferred shares tendered in anticipation shall
be accepted at the redemption price at the due date of the sinking fund
instalment so anticipated.
History and Business—Corporation was incorp. in Pennsylvania on July
13, 1927.
Corporation and its subsidiaries are, and one or more of tha
corporation's predecessors were for 25 years prior to the organization of the
corporation, engaged in the business of mining, crushing, grinding and
otherwise preparing for market, and selling silica and silica sand for a wide
variety of uses, most of which require a product containing less than 1%
of impurities.
Silica is an essential basic material of glass and silicate of
soda (used principally in soap
and adhesives).
It is generally used in
the manufacture of sanitary and china ware, e.ectrical procelain and high
voltage insulators, and ferro-silicon.
Silica in certain forms of preparation
is known as silica flour and silica mould wash (extensively used in the
manufacture of steel castings).
Silica is also used in the manufacture of
some abrasives, floor and wall tile, pottery, composition flooring, scouring
and buffing compounds, metal polish, paint filler and a wide variety of
other products in every day use.
The larger part of the total tonnage of
silica produced by the corporation and its subsidiaries is sold to manu¬
facturers of glass and ceramic products.
Since Jan. 1, 1937, annual sales
of the corporation and its subsidiaries to Owens-Illinois Glass Co. have
averaged approximately 20% of total annual sales.
During 1936, the Toms River plant of the corporation, located near
Toms River, N. J., was dismantled and Its operations were transferred to
the corporation's Newport plant.
On Aug. 31, 1936, the corporation
acquired from Owens-Illinois Glass Co., all of the issued and outstanding
shares of the capital stock of Tavern Rock Sand Co., Mo., owning and
operating silica deposits and silica crushing and grinding plants, and thereby
extended the operations of the corporation and its subsidiaries to territories
theretofore unavailable to them because of freight differentials.
It is
estimated that the acquisition of Tavern Rock Sand Co. increased the
sales of the corporation and its subsidiaries by approximately 170,000
tons per annum.
Corporation owns or controls approximately 9,000 acres of land on which
located four of its plants and developed and undeveloped silica deposits
are
The Commercial & Financial Chronicle
2510
Oct. 26, 1940
No provision for the excess profits tax imposed by this Act is in¬
such tax cannot be determined until the close of the calendar year.
of the Oriskany vein.
1940.
fee
cluded
liens;
—V. 151, p. 1731.
Approximately 6,600 of these acres are owned in
(subject to possible current tax and assessment liens and mortgage
also leases, rights-of-way, easements, covenants and other similar
encumbrances not deemed material) and substantially all of the remainder
are held under long-term mining leases.
The acreage so owned or con¬
trolled is located principally in Pennsylvania, Maryland and West Virginia.
In
addition, the corporation owns in fee or controls by leases or other
agreements sand deposits of a lower grade in New Jersey.
Tavern Rock
Sand Co., a subsidiary owns or controls approximately 100 acres in Missouri
on which are located the Klondike plant and developed and undeveloped
silica deposits.
The principal plants of the corporation are: (a) Berkeley Plant, near
Berkeley Springs, W. Va.: (b) Keystone Plant, at Mapleton, Pa.; (c) Han¬
cock Plant, near Hancock, Md.; (d) Hatfield Plant, Vineyard, Pa.; (e) New¬
port Plant, near Newport, N. J., and (f) the Klondike Plant, owned by
Tavern Rock Sand Co., a subsidiary.
.
.
,
as
Pere Marquette
Period End. Sept.
Ry.<—Earnings—
1940—Month—1939
1940—9 Mos—1939
$2,815,751
$2,846,170 $24,036,275 $21,228,230
2,046,080
1,976,088
18,545,089
17,179,010
30—
Operating revenues
Operating expenses
,
„
$769,671
207,822
$870,082
174,625
$5,491,186
1,699,795
$4,049,220
1,433,176
Equipment rents (net),_
Joint, facil. rents (net)—
$561,849
89,936
55,869
$695,457
83,436
54,504
$3,791,391
783,883
390,233
$2,616,045
658,039
391,171
Net ry. oper. income,
_
$416,045
$557,517
$2,617,275
43,174
24,826
420,970
$1,566,834
279,817
$459,219
4,899
$582,343
5,204
$3,038,245
58,572
$1,846,651
58,470
Net oper. revenue,.—
Railway tax accruals—
Operating income
,
Capitalization as of Aug. 31, 1940
"
Authorized
Outstanding
sk. fd. bonds, due June 1,1960
$3,700,000
2M% serial notes, maturing on Dec. 15, 1940,
and s.-a. thereafter to and incl. June 15,1945
a
$7 cum. conv. preferred stock, no par (stated
value $120 per share)
b24,536 shs.
Common stock (no par)
c450,000 shs.
Other income
$3,700,000
1st mtge. ZYi %
a
Unsecured and not issued under any indenture.
a800,000
b24,536 shs.
d321,860 shs.
e
Any balance of cash will
of the several underwriters and the several
amounts underwritten by them respectively, are as follows:
Harriman Ripley & Co., Inc—
—
11,850 shs.
Smith, Barney & Co
11,850 shs.
Merrill Lynch, E. A. Pierce & Cassatt
4,200 shs.
Riter & Co
3,100 shs.
Underwriting—The
names
—
Consolidated Statement of Income
8 Mos. End.
Gross sales, less discts_.
Aug. 31, '40
$1,884,253
1,180,028
1,683,953
1,523,939
1,794,662
$704,225
30,583
$884,490
36,033
$721,029
$1,065,752
56,409
$734,807
$920,523
$1,122,161
139,401
6,500
61,083
222,878
23,115
118,651
$755,934
227.399
17,638
75,253
x$527,823
129,477
$555,878
173,376
241,328
$435,643
175,642
160,885
$725,142
182,704
321,420
Gross income,Other income
Total income
Income deductions
State income tax
Federal income tax
34,904
231,019
30,500
121,500
14,000
Fed'l undist, profits taxNet income
Preferred dividends
Common dividends
Provision for Federal normal income taxes is computed under the pro¬
Corporation has not yet de¬
the exact amount of the credit to which it and its subsidiary
x
visions of the Second Revenue Act of 1940.
termined
companies will be entitled under said Revenue Act for the purpose of the
Federal excess profits taxes imposed by said Revenue Act; however, in
the opinion of the corporation, the minimum amount of said credit will be
approximately $525,000.
Any taxable profits of the corporation and its
subsidiary companies for the year 1940 (adjusted as provided in said Act)
In excess of said minimum credit of $525,000 may be subject to excess profits
taxes at the rates provided in said Act which are graduated from 25% of
the first $20,000 of adjusted profits in excess of said credit to 50% or all
such excess adjusted profits over $500,000.
on
Assets—
Notes & accts. receiv'le (net).
Inventories..
255,084
Other current assets..,
113,366
267,481
...
Other security inv'ts, at cost.
General property
Deferred charges
106,289
al0,162,051
65,112
Debt, discount & expense
80,288
Deposits in closed & restricted
banks
2,562
Accounts payable
$104,607
Accrued liabilities
Other current liabilities
317,243
3,700,000
First mortgage 3Hs
cum. conv.
51,645
2,434,200
$183,781
$302,176
$530,255
x$697,665
315
315
1,150
1,150
$183,466
Net income.
$301,861
$529,105
x$698,815
&
Income transferable to
profit and loss
x
Loss
or
deficit.—V. 151, p. 1907.
Petrolite
Corp., Ltd. (Del.)—$1.60-Dividend—
Directors have declared a dividend of $1.60 per share on the common
stock, payable Oct. 24 to holders of record Oct. 17.
This compares with
60 cents paid on Aug. 1, last; 30 cents paid on May 1 and Feb. 1, last;
60 cents on Oct. 23, 1939; 15 cents on Aug. 1, 1939; 25 cents on May 1*
1939; 15 cents on Feb. 1,1939 and 40 cents on Nov. 1,1938.—V. 151, p. 563.
Phillips Petroleum Co. (& Subs.)—Earnings—
Period End. Sept.
30—
1940—3 Mos.—1939
1940—9 Mos.—1939
$30,106,262 $29,228,415 $87,574,388 $82,747,152
x
Gross income—
x
Cost of products sold,
oper.
& general exps.,
taxes
and interest
63,2,54,685
22,769,764
22,940,042
63,750,001
4,935,164
4,583,385
15,045,854
14,013,410
$2,400,335
$1,704,988
$8,778,533
$5,479,057
$0.54
$0.38
$197
$1.23
Res. for depletion, depr.,
develop, costs & retire.
Net profit—
Earns, per sh. on 4,499,052 shs. com. stk. (no
par)
x
Does not include any inter-company business or gasoline taxes collected
and paid to Federal and State Governments.
v
President, in a letter to stockholders states:
August, Hydrocarbon Chemical & Rubber Co. was organized
jointly with the B. F. Goodrich Co. for the purpose of manufacturing
synthetic rubber.
The Akron plant of this new organization, already
producing synthetic rubber, is being enlarged at this time.
Phillips Petro¬
leum Co. also is building a separate piant for supplying raw material
butadiene to Hydrocarbon Chemical & Rubber Co.
A suit filed recently by the Attorney General of the United States, to
which much publicity has been given, charges 22 oil companies (including
this company), and approximately 300 of their subsidiaries and affiliates,
with violation of Federal anti-trust laws.
The anti-trust suit is an attack
Last
the oil industry as a whole, and each and every department thereof.
is not conscious of any violation of the anti-trust laws and
of the courts.
Also, separate suits were filed against this company and two other com¬
panies, charging violation of the Elkins Act.
The charge with reference
to this company is that it transported its own gasoline over its common
carrier subsidiary's pipe line and paid the published tariffs therefor, but
that it received dividends on its stock in the subsidiary company which were,
in effect, rebates on the tariff charges; and that, since July 1, 1940, when
this company took over from its subsidiary the operation of the pipe line
system, the transportation over said pipe line by this company or its own
gasoline is a violation of the Elkins Act because the cost thereof is less than
the published tariffs.
This suit strikes at operating methods and procedures
that have been in effect since pipe lines were made common carriers in 1906,
the legality of which has never been questioned until now.
In our opinion,
these practices do not constitute a violation of the Elkins Act or of any
other law.—V. 151. p. 858.
upon
This company
expects vindication at the hands
Pittsburgh Rys. Co. (& Subs.)—Earnings—
[Including Street Railway Subsidiaries of Philadelphia Co.]
Operating revenues
Operating expenses
Year Ended Dec. 31, 1939
$12,727,608
12,888,307
—
126,764
214% serial notes
$7
50,461
2,398,957
Combined Earnings J or the
Liabilities—
$786,566
3,692
271,271
debt
Inc. applied to sinking
other reserve funds
Consolidated Balance Sheet Aug. 31, 1940
Demand deposits
5,368
265,171
equipment
Interest
Frank Phillips,
Calendar,Years
1939
1938
1937
$2,568,444
$2,244,968
$2,860,414
Cost of goods sold, sell'g,
admin., &c., expenses
—
Rent for lease of roads &
The amount outstand¬
ing includes $152,000 of serial notes (or which $76,000 would have matured
Dec. 15, 1940, and a like principal amount June 15, 1941) which on Sept. 6,
1940 were redeemed and canceled.
b Corporation contemplates calling, on or before Nov. 1, 1940, all shares
of $7 cum. conv. preferred stock then outstanding for redemption on
Jan. 1, 1941.
Redeemed shares are not reissuable.
c Of the 450,000 shares of common stock authorized
122,680 shares are
reserved for conversion of the $7 cumulative convertible preferred stock,
each share of which, unless deposited for exchange under "Exchange Offer,"
is convertible Into common stock (voting trust ctf.) at rate of five shares
of common stock (v.t.c.) for each share of $7 cumulative convertible (pre¬
ferred stock at any time up to and incl. 10 days prior to any redemption
date.* Converted shares are not reissuable.
d 321,855 of such shares have been issued in the name of the voting
trustees.
Voting trust agreement is to be terminated upon the retirement
of the $7 cumulative convertible preferred stock.
Purpose—Corporation intends that the net proceeds from the sale of
the securities will be used (1) with respect to the present preferred sur¬
rendered pursuant to the exchange offer, for the retirement and cancellation
of such present preferred and (2) with respect to cash received, for the
redemption on Jan, 1, 1941, of its $7 cumulative convertible preferred
stock then outstanding, at $120 per share and accrued dividends, or to
used
Eay anyfor general corporate purpos< s. purpose.
bank loans incurred for such
Total income
Miscell. income deduc's,
Operating loss
$160,699
±
-
12,427
Other income
648,000
pref. stock
Common stock
Capital surplus
Earned surplus..
Pref. stk.sinking fund accrual
2,944,320
321,860
2,875,964
861,325
Dr61,286
Operating loss—less other income
Interest
on
$148,272
—
funded debt
1,583,323
724,543
Interest on unfunded debt
Rentals under lease agreements
with unaffiliated lessor street
1,180,970
railway companies
Amortization of discount and expense on funded debt
Total
a
$11,838,798
Afber
deducting depreciation
Total
--$11,838,798
($1,946,942) and depletion
($619,008)
12,433
Crl 1,532
52,514
Interest charged to construction
Sundry taxes, &c
Deficit for year
Pennsylvania RR. Regional System—Earnings—
[Excluding Long Island RR. and Baltimore & Eastern RR.]
Period Ena. Sept. 30—
Railway
Railway
1940— Month—1939
1940—9 Mos.—1939
$40,423.4361347,959,238$301,253,464
29,683,393
26,316,141 247,837,344 217,462,356
oper. re venues. $42,785,969
oper. expenses.
$3,690,523
.
Combining Balance Sheet Dec. 31, 1939
Assets—
(i-
■
i
$90,085,647
Property, plant and equipment
1,386,011
2,813,828
Investment and fund accounts
Cash
52,198
Special deposits
Net
rev.
from ry.oper.$13,102,576
Railway taxes
Unemploy. insur.
$14,107,295 $100,121,894 $83,791,108
3,681,200
taxes.
Railroad retirem't taxes.
Equip, rents—Dr. bal__
Joint facil. rents
2,928,969
27,690,100
542,107
503,338
455,608
519,526
4,565,361
4,565,293
5,794,239
542,011
477,170
Crl2,137
22,029,296
4,171,229
3,769,769
4,159,696
Drl05,257 Drl.755,485 Drl.147,498
5,265
151,900
613,834
60,541
Notes receivable
Accounts receivable
Materials and supplies
Prepaid taxes and insurance
Deferred charges.
251,631
Total.
Net ry. oper. income._
$7,872,225
$9,594,597 $55,751,416 $48,513,620
$95,420,855
Liabilities—
$5,000,000
Capital stock; Pittsburgh Rys
-V. 151, p.2055.
Other
Pepsi-Cola Co.—May Merge With Loft—
See
Funded debt
Accounts payable
Accrued payrolls
Loft, Inc.. above.—V. 151, p. 2203.
Philadelphia Electric Co.—Earnings—
Consolidated Earnings of the System
Period End. Sept. 30—
il939
1940—3 Mos.—al939
al940—12 MosOperating rev. & other
r!n
utility Income
.$17,765,394 $16,727,875 $75,084,262 $70,803,804
b Oper. rev. deductions. 11,289,116
9,843,467
45,979,920
41,372,363
Injury and damage claims
Pittsburgh Rys. car trust bonds and Pittsburgh Motor Coach
Co. equipment notes
Accrued taxes and municipal charges
Matured funded debt
Accrued and matured interest
Accrued
and
matured
on
interest
funded debt
rents—unaffiliated
and
street
Gross income
$6,884,408 $29,104,342 $29,431,442
1,751,974
6,987,614
6.942,899
590,072
$5,132,434 $22,116,728 $22,488,542
590,072
2,360,290
2,360,290
$4,156,532
--
$6,476,278
1,729,673
$4,746,605
Income deductions
..
Dividends
on
$4,542,361 $19,756,438 $20,128,252
pref. stock
Balance
a
ing
b Including operat¬
and replacements, and taxes.
Restated and adjusted for comparative purposes,
expenses,
depreciation,
and renewals
453,398
1,532,622
15,148,500
5,901,197
lessor
railway companies
Indebtedness to Philadelphia Co. and its consolidated subs
1,201,959
23,057,130
—
Other current and accrued liabilities
2,362
Deferred liabilities and unadjusted credits
Net income
27,695,920
15,332,000
1,281,495
206,606
78,624
37,226
302,104
Unearned income
Matured bonds, bond interest and dividends for which cash has
been deposited
Reserves
Contributions in aid of construction
Deficit
-
19,190
22,900,569
131,246
24,861,295
Note—The above statement for 3 months ended Sept. 30, 1940 includes
taxladjustments applicable to the 6 months ended June 30, 1940 due to the
Second Revenue Act of 1940 approved Oct. 8, 1940, retroactive to Jan. 1,
Total.
—Y. 151.p.
-
999.
$95,420,855
*
Volume
The Commercial & Financial Chronicle
151
Pitney-Bowes Postage Meter Co.—Extra Dividend—
Queens Borough Gas & Electric Co,—Earnings—
Directors have declared an extra dividend of 10 cents per share in addi¬
to the regular quarterly dividend of like amount on the common
tion
stock, both payable Nov. 20 to holders of record Nov. 1. Similar payments
were made on Nov. 20. 1939 and Nov.
21, 1938.—V. 151, p. 1154.
Pittsburgh & Shawmut RR.-Earnings —
September—
1940
$125,154
33,963
20,679
Gross from railway
Net from railway..
Net ry. oper. income...
From Jan. 1—
Gross from railway
151,
a
$37,207
def6,030
def8,611
$62,941
8,879
8,156
433,072
24,862
def2,746
338,786
def58,432
65,016
479,344
defl,859
25,043
Pittsburgh Terminal Coal Corp.—Trustee—
$3,856,277
$5,302,140
$5,199,984
2,002,807
270,916
325,712
1,815,715
232,633
324,260
2,685,621
351,789
433,799
2,433,359
313,962
446,880
673,250
836,689
44,662
40,135
Gross income........
$799,219
$825,538
561.518
45,509
561,518
46,862
859,441
$994,242
58,032
698,266
$785,403'
$754,557
Other income (net).....
Int. on long-term debt—
Other interest
Amort, of debt discount,
$1,146,342
29,967
deductions
Poor & Co.—Accumulated Dividend—
Directors have declared
a
dividend of 37 H cents per share on account
of
on the $1.50 cumulative and participating class A stock, no
value, payable Dec. 1 to holders of record Nov. 15.
Like amount was
paid on Sept. 1, last, and dividend of $1 was paid on Aug. 1, last.—V. 151,
p. 1438.
par
Portland Gas & Coke
Period End. Sept. 30—
$273,383
141,671
42,543
Direct taxes
22,917
res. approps
limited-term
investments
.
mtge.
Earnings for 9 Months Ended Sept. 30, 1940
$589,63
$160,124
41,830
81,075
....
....
158
566
6,410
$715,854
Dr2,054
$769,407
1,151
Net income
Preferred dividends
Common dividends
$71,304
40,604
4,576
$713,800
484,141
$770,558
487,250
54,902
Earnings
$24,047
bonds
Other int. & deductions.
$26,124
198,546
Dr55
31,596
Cr483
Int. charged to cxnstruct
4,610
Gross earnings
Operating expenses
Interest paid, $19,206; provision for doubtful notes, $42,450;
amortization of intangibles, $4,849; Federal income and excess
taxes, $87,192
x
$65,992
39,506
2,439
Gross income,
11,721
$233,447
Employees' Corp. (& Subs.)—Earnings—
$71,359
10
62,336
$360,673
proposed and filed with Public
$214,588
$183,627
.....
$66,242
Dr250
_;
Net oper. revenues
Other income (net)
58,416
by the Commission amounting to $119,187 in nine months of 1940, and
$113,870 in nine months 1939, $155,315 in 12 months of 1940 and $113,870
n 12 months of 1939.—V. 151,
P. 564.
Railroad
1940—12 Mos.—1939
$3,460,367
$3,439,889
1,968,267
2,001,438
441,283
447,031
275,000
275,000
$286,639
149,037
43,168
22,917
"
a Exclusive of estimated excess in
rates
Service Commission over former rates; and held in suspense under Section
113 of the Public Service law pending determination of gas rate proceeding
Co,—Earnings—
1940—Month—1939
Operating revenues
Operating expenses
2,570
8,565
Net income
accumulations
$1,052,274. $1,176,309
748,690
748,690
prem. & exp. & miscell.
sylvania.—V. 150, p. 285.
on
revenues._ $4,027,242
expenses—.
Operating income
Jan. 2, 1940 in the U. S. District Court for the Western District of Penn¬
Int.
1,964,455
190,060
—
353,187
242,098
William G. Meiner was appointed trustee Oct. 7, 1940 to succeed Newell
G. Alford.
Mr. Alford and Horace P. Baker were appointed trustees on
of
$3,137,837
2,972,598
91,795
Maintenance
Depreciation
Taxes (incl. prov. for inc.
tax)
,
Amort,
1,492,379
72,112
—
1907.
p.
Prop, retire,
Total oper.
1949—12 Mos.—1939 1
$3,135,469
1,579,654
62,534
Sales of gas.
Other oper. revenues
^
1939
$88,340
28,431
21,191
995,82/
Net from railway...
Net ry. oper. income...
—V.
Period End. Sept. 30—
1949—9 Mos.—1939
Sales of electric energy— $2,385,954
$2,291,786
Operating
1937
1938
2511
275,8100
....
153,698
—
x
....
...
per share on common stock-
$0.88
......
Gross earnings include only interest actually received;
accrued interest
earned but not collected is not included.
Cr295
Consolidated Balance Sheet Sept. 30, 1940
Net income
a
___
$228,701
Divs.
applic. to pref.
stocks for the period.
430,167
430,167
$231,621
$201,466
_
Balance, deficit
a
Dividends accumulated and unpaid to Sept. 30, 1940, amounted to
Latest dividends, amounting to $1.25 a share on 7% preferred
Assets—Cash, $311,649; instalment notes receivbale, $2,465,488; cash
value life insurance, $710; deferred charges, $17,810; furniture and fixtures,
$28,897; intangible assets, $38,201; total, $2,862,755.
Liabilities—Notes payable, $1,190,000; dividends, payable, $40,968;
sundry expenses accrued, $11,418; miscellaneous taxes accrued, $3,847;
rerserves for Federal income and excess profits taxes, $97,466; preferred
$2,798,953.
stock
stock and $1.07 a share on 6% preferred stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—V. 151, p. 1908.
common,
Port
The road has asked the Interstate Commerce Commission for authority
maturity date of $1,500,000 of first mortgage 5% bonds from
Jan. 1, next, to Jan. 1,1956, with the interest rate reduced to 3 H % during*
the extended period.
The stock of the company is owned by the Beading
Co.—V. 141, p. 765.
Potomac Electric Power
12 Months Ended
Operating
Co.—Earnings—
Sept. 30—
Total operating revenue
1940
expenses
.....
Maintenance
Taxes.
Provision for income taxes
A—
Provision for depreciation.
Net operating revenue
Non-operating revenue
$4,626,079
785,568
Crl8,072
51,136
.
A.
1.
Amortization of premium on debt
Other interest charges....
;
„
....
Interest during construction charged to property
and plant
.....
$4,770,177
7,743
$4,777,920
650,000
Crll,085
49,702
0146,065
029,231
$3,953,512
_
$4,594,325
31,754
.
Gross income
Interest on funded debt
Net income
1939
$16,436,654 $15,596,029
6,074,689
6,694,129
780,585
616,899
1,324,414
1,210,043
918,082
1,136,341
1,906,859
2,006,139
...
Co., Ltd.-—Stop Order—
corporation organized under the laws of the Province of Quebec, Canada,
be suspended.
It appeared that the registration statement included untrue statements
of material facts and omitted to state material facts
required to be stated
therein and omitted to state material facts necessary to make the state¬
misleading.—V. 149,
Procter & Gamble
p.
2703.
Sept. 30—
1940
profit after dpprec., Fed¬
eral taxes, &c_.
$4,589,992
Earns, per share on com. stock
$0.69
$6,951,841
$6,097,510
$1.06
$0.92
Canadian subsidiaries.
been made for all usual taxes in¬
cluding Federal income taxes.—V. 151, 1. 857.
Purity Bakeries Corp. (& Subs.)—EarningsPeriod Ended—
12 Weeks—
Oct. 5, '40
Net profit
per
z$164,223
$0.21
share...
Oct. 7, '39
x$350,030
$0.46
Oct. 5, '40
Oct.
7, '39
a$733,446 x$1,224,331
$0.95
$1.59
_
Quebec Power Co.—Earnings—
Operation, taxes and other
Fixed charges
Provision for depreciation
1940
$3,586,235
2,145,167
376,609
238,484
281,728
expenses
Provision for income taxes
Net income.
Quincy
1939
$3,322,760
2,052,120
380,235
$544,246
per
o53,918
1&L332.752 "$1,334,361
$13,907,640 $11,434,761
4,063.569
3,151,617
Dr76,289
Cr3,421
Dr83,568
Cr312
$9,844,071
Dr482,210
Cr31,080
$8,283,144
Dr311,032
Z)r 1,738
income.~$l,259,884
$1,251,105
$9,392,941
$7,970,374
Net ry. oper.
—V. 151. p. 1908.
Reed-Prentice
Corp.—Accumulated Dividend—
$0.98
share of common stock
no par
shares.—V. 151,
Market
a dividend of $5 per share in account of accumula¬
7% preferred stock, payable Nov. 1 to holders of record Oct. 28.
Similar amounts were paid on Oct. 1, Aug. 30 and on Aug. 1, last; dividend
of $4.25 paid on June 12, last; $4 on May 1, last, and $1.75 per share dis¬
tributed on March 13, last.—V. 151, p. 1908.
Cold
p.
239,908
126,724
$523,773
$0.94
1288.
Storage
&
on
the
(Robert) Reis & Co.--Sales—
Combined gross sales for nine months ended'Sept. 30, 1940, were $1,878,529, against $1,930,542 in like period of preceding year.—V. 150, p.
2436.
Corp.—Earnings—
1940—3 Mos.—1939
1940—12 Mos.—1939
$2,211,515 $10,315,451
$8,505,965
Period End. Sept. 30—
Consolidated net sales.. $2,502,370
Consol. net profit after
all charges
Earns.persh.oncom.stk.
151, P. 1732.
168,298
$0.42
97.708
$0.20
717,628
$1.84
257,320
$0.40
—V.
Remington Arms Co.—To Run Government Small-Arms
reported that this company will operate
small-arms ammunition plant to be erected near
Warehouse
Co.—
the Federal Government's
Kansas City, Mo.
Negotiations between the War Department and the company over a
contract involving about $15,000,000 were said to be nearing an end and
formal announcement of the award may be made within a fortnight.
The contract is being negotiated on a cost-plus-fixed-fee basis.
As far back as Sept. 15 the War Department decided that Remington
should operate such a plant.
At about that time the department authorized
Remington to tool up and make arrangements for operating a small-arms
ammunition plant to be built near Kansas City.
This was designed to get
the company started on preparations for the plant pending negotiation of a
contract.
Authoritative sources said that the exact site had not been selected.
number of adjoining tracts in the vicinity of Independence, Mo., which
is near Kansas
[Including Quebec By., Light & Power Co.]
On
475,935
474,913
Railway oper. income.
Equipment rents (net)..
Joint facility rents (net).
A
9 Months Ended Sept. 30—
Gross revenue
Earnings
oper.1$1,807,665 "$1,810,296
It is
x After
interest, depreciation, Federal taxes, minority Interest, &c.
On 771,476 no par shares capital stock,
z After all charges (including the
new retroactive increase in Federal taxes
applicable to the entire period of
1940 to date) and minority interests.
a After
interest, depreciation. Federal taxes (giving effect to all charges
including increased rates prescribed by 1940 Federal revenue laws enacted
to date) and all other charges, and also after deduction for minority interests.
—V. 151, p. 1004.
a
from ry.
Plant—
-40 Weeks
y
a
oper. expenses.
rev.
Railway tax accruals
1938
Exclusive earnings of English and
Earnings
Net
_
1940—Month—1939
1940—9 Mos.—1939
$5,476,060
$5,183,904 $46,069,776 $40,211,600
3,668,395
3,373,608
32,162,136
28,776,839
oper. revenues.
Reliable Stores
xl939
net
Note—In these figures provision has
y
Reading Co.-—Earnings—
Period End. Sept. 30—
Bailway
Bailway
Co.—Earnings—
3 Months Ended
x
radio-telegraph circuit between the United States and Finland.
Heretofore, it has been necessary to route messages between the two coun¬
tries by way of Stockholm.
The new circuit operates between the cities of New York and Helsinki.
B. O. A. O. officials believed that operation of the new circuit should do
much to further cement the excellent relations long existing between Finns
and Americans.—V. 151, p. 2204.
Directors have declared
Poulin Mining
Consol.
The world-wide services of this company were increased on Oct. 16 with
the announcement by company officials of the opening for the first time of a
tions
The Securities and Exchange Commission on Oct. 21 ordered that the
effectiveness of the registration statement (2-4086) filed by
company,
ments therein not
mm
direct
$4,118,534
-V. 151, p. 1583.
a
stock, $134,125;
$364,547; earned
R. C. A. Communications, Inc.—New Service—
Reading RR,—Asks Bond Extension—
to extend the
^
(par value $12.50), $871,462; common, class A
class B, stock, $5,000; capital surplus (paid-in),
surplus. $143,919; total, $2.862,755.—V. 151, p. 1155.
v
City,
are
being considered.—Y. 151, P. 2204.
Reo Motor Car Co.—Reorganization Effective—
Reorganization proceedings of the company (now Reo Motors^Inc.).
final decree by Federal
The^case has been in the Federal
have been brought to a close with approval or the
Judge Arthur F. Lederle at Detroit.
Court since Dec. 17, 1938.
In the reorganization plan, approved
by'the court, provision is made for a
$2,000,000 loan from the Reconstruction Finance Corporation to provide
working capital and for the liquidation of $1,000,000 in assets to pay credi¬
tors.
All creditors under $500 were paid-in cash.
Stockholders were given
trust certificates, share for share, in the new company, and three voting
trustees were appointed to run the' business^under the jurisdiction of Judge
Lederle until 1949.—V. 150, p. 443.
Accumulated Dividend—
Directors have declared a dividend of 75 cents per share on account of
accumulations on the 5% cum. pref. stock, par $100, payable Nov. 1 to
holders of record Oct. 17.
► Accruals after the current payment will amount to $4.50 per share.—
V. 151, p. 1288.
^
Roberts Public
Markets, Inc.-—Earnings—
Quarter Ended Sept. 30—
Net profit after all charges and taxes
_ — Earnings per share on 87,240 shares capital stock—V.
151,
P.
1733.
-
1940
/ Uf 1939
$63,905'
" $6,063
$0.73
^ L$0.07
The Commercial & Financial Chronicle
2512
Rochester Gas & Electric
Corp.—Earnings—
12 Mos. End. Sept. 30
1940
1939
1938
1937
Gross revenues
$17,041,936 $16,081,510 $15,952,240 $15,359,915
Net inc. after ordinary
4,949,980
3,888,170
4,316,166
663,154
1,140,571
1,685,632
Rochester & Pittsburgh Coal & Iron
Co.—Bonds Called
Period End. Sept.
redemption on Nov. 1 at 110 and accrued interest. Payment will be made
at the Central Hanover Bank & Trust Co., N. Y.—V. 147, p. 2254.
Rome Cable
"
$3,998,282
$3,442,151
530,400
244,987
423,221
222,291
.$982,798
26,717
$3,222,895
42,157
$2,796,638
$3,265,052
1,104,458
216
$2,867,739
1,037,467
5,013
.
i
Period End. Sept.
ep
Net oper. income
$100,755
$0.53
Earnings per share
—V. 151, p. 565.
6
$1,009,515
342,964
1,573
1940—9 Mos.—1939
Amort, of expense
Prov. for depreciation..
$69,090
$0.36
$115,083
$161,325
$0.85
$0.60
44,144
180,150
42,990
177,357
280,952
85,146
605,200
1939
1940
Rustless Iron & Steel
9 Months Ended
$621,601
60,623
61,456
$841,453
56,955
74,510
-
$2,032,425
$1,180,216
170,191
191,567
132,699
130,383
62,980
55,426
34,274
120,554
19,171
16,616
59,114
45,065
$635,391
10,756
$448,632
6,127
$1,490,998
24,231
$809,089
9,937
$646,147
$454,759
$1,515,229
$819,026
24,000
11,847
1,712
20,000
12,004
62,000
36,115
2,925
6,000
7,064
287,000
168,000
590,000
160,000
empl's' spec, compen.
Research, development &
expense
profit from oper..
Miscellaneous income
Total income
ping fixed assets
expense
933
Prov. for Fed. income &
profits taxes—
$824,190
$0.82
$645,028
,615
$157,983
1,984
$89,539
1,817
$54,438
$159,967
$91,356
$321,588
$254,754
$0.33
$0.25
$58,284
753
$53,823
Sell., gen. & adm. exp.
Total
$59,036
$0.66
lows:
Cost of goods sold
For comparative purposes the figures for the nine months ended Sept. 30,
1939, have been revised to give effect to the provision for officers' and execu¬
tive employees' special compensation not accrued on the books of the com-
Sany until December, 1939. The figures for the the excess-profits taxJune
0, 1940, have also been revsied to give effect to three months ended and
the increase in the normal income tax rate as enacted in the Second Revenue
Act of 1940.
Liabilities—
1939
$561,858 $1,922,807
band
Prepaid
852,481
1,874,880
rec.
and
433,138
1,362,666
Bank
loan...
Accrued liabilities.
50,872
J57.438
Dep.
71,952
16,190
176,150
Preferred stock...
4,431,912
2,290,582
2
2
Surplus
$8,051,991 $6,358,973
Total
Patents
156,755
670,388
208,035
Investments
Total
368,538
175,866
Reserve for Federal
de¬
not curr.
Fixed assets
1939
$433,764
$450,499
cl,650,000 bl,800,000
income tax
ferred assets
Notes
1940
Accounts payable.
Cash in banks and
on
on
sales
a
uncoinpl'd
100,897
orders
Common stock-
1,189,088
924,982
2,714,335
1,189,048
877,111
1,709,695
$8,051,991 $6,358,973
for doubtful accounts of $28,910 in 1940 and $24,358
in 1939.
z After reserve for depreciation of $591,817 in 1940 and $403,431
in 1939.
a
Represented by 926,221 (878,319 in 1939) shares, $1 par,
after deducting 326 (318 in 1939) shares held in treasury at a cost of $1,565
($1,526 in 1939).
b $150,000 current and $1,650,000 non-current.
c $273,000 current and $1,377,000 non-current.—V.
151, p. 1908.
After
reserve
Ryan Aeronautical Co.—Backlog —
With the closing by this company of new orders totaling $1,200,000 for
military training planes and other of its products during the past two
weeks, the company's backlog now stands at a new high of $11,400,000,
according to T. Claude Ryan, President.
Production activity at the company's San Diego factory is going forward
at rapid rate, with current deliveries of Ryan trainers being made at rate of
a day.! This rate will be increased rapidly in next few
months as the factory is now tooling up for type standardization mass pro¬
approximately two
duction under the national defense program.—V. 151, p.
St. Louis Rocky Mountain & Pacific
Period Ended Sept. 30—
3
Gross earnings
Costs, expenses and taxes
Interest charges
Depreciation and repletion
151,
p.
Mos. '40
$164,455
130,266
28,088
14,906
def$8,804...
Net revenue
-Y.
1438.
Co.—Earnings—
1940—12 Mos.—1939
$950,150
$1,212,681
740,935
983,463
113,219
117,635
66,490
63,465
$29,506
$48,117
565.
St. Rita Parish of the
Augustinian Society of Chicago
—Bonds
Offered—An issue of $170,000 1st ref. mtge. serial
bonds, series A, was recently offered by B. C. Ziegler &
Co., West Bend, Wis., at 100}^ for the 1941 maturity and
at 101 for all other maturities.
1, 1941 to Aug. 1,1950.
Bonds are
form in denoms. of $1,000, $500 and $100, registerable as to
interchangeable.
Principal and interest payable Feb. 1 and
office of First National Bank, West Bend, Wis., or at option
at office or agency of corporation at Chicago, 111.
Both prin¬
interest of these bonds will be payable in lawful money of the
United States of America.
First National Bank of West Bend, Wis.,
corporate trustee and Louis Kuehlthau, West Bend, Wis., co-trustee.
The bonds bear interest from Aug. 1, 1940, payable Feb. 1 and Aug. 1
of each year.
The bonds maturing Feb. 1, 1941 to and incl. Aug. 1, 1944
bear interest at 3% per annum.
The bonds maturing Feb. 1, 1945 to and
including Aug. 1, 1948 bear interest at 3% per annum to and including
the interest payment due Aug. 1, 1944 and 3H % per annum thereafter.
The bonds maturing Feb. 1, 1949 and thereafter bear int. at 3% per annum
to and including the interest payment due Aug. 1, 1944; 3M% per annum
from Aug. 1, 1944 to and including the interest payment due on Aug. 1,
1948, and 4% per annum thereafter to maturity.
The net proceeds of this issue, together with other funds of the corpora¬
tion, will be used to pay the corporation's first mortgage note, dated
March 13, 1928, now outstanding in the amount of $190,000, secured by
mortgage on all St. Rita Parish property, and for other corporate purposes.
Included in the lien of the indenture are all of the buildings or St. Rita
Parish, namely: The St. Rita of Cascia Church, 63d St. and Washtenaw
Dated Aug. 1,1940; due serially Feb.
coupon
principal,
Aug. 1 at
of holder,
cipal and
share
206,255
682,500
$1.22
$1.38
$2.97
on
_
stock
Co.—V. 151,
$3.45
p.
565.
Co.-—Bonds Offered—Mellon
and associated
public sale on Oct. 24 a new issue
gage bonds, 3 H % series due 1970.
1940, were offered at 107)/£% and
Corp.
underwriters offered for
of $16,500,000 first mort¬
The bonds, dated Sept. 1,
accrued interest.
developments in the deal, involving the injec¬
competitive bid for the issue, which resulted in
Because of last-minute
of an
tion
"outside"
or
revision of the original underwriting terms and offering group, the pattern
of distribution of the issue marks a departure from the usual procedure
in
public offering of an issue which has passed through registration with
There is no customary selling
a
Securities and Exchange Commission.
Soup andinstitutional will be sold This change was made necessary by the
ocks to
the bonds investors. to a large extent wholesale, or in large
sharp reduction in the underwriting spread from a contemplated 2 points
to Vt point.
The original underwriting syndicate was reduced in size, some of the
members withdrawing following the change in terms.
The deal, which had been negotiated and planned between the company
and the original underwriting group at considerable expense to both, be¬
comes virtually "a private
placement" as a result of the submission of
an
alternate offer to the company which forced the
price to
a
point where
public offering was impossible.
•The bankers were emphatic Oct. 23 in declaring that the
J^-point spread
on this underwriting should not be interpreted as establishing any precedent
for such operations, as, they declared, it is entirely impractical even to con¬
sider widespread distribution of securities on such a basis.
It was learned Oct. 23 that the higher offer made by Otis & Co. of Cleve¬
land was submitted on Oct. 21, after preparations had been completed for
the public offering of the bonds under the original terms on Oct. 22.1
Dated Sept. 1, 1940: due Sept. 1, 1970.
Bonds are to be issued as the
second series of an issue of first mortgage bonds under an indenture dated
April 1, 1938.
Bankers Trust Co., New York, and R. G. Page, Plainfield,
UNf
J
tnxstHBCS
"
.
Principal and interest (M. & S.) payable in lawful money of the United
States of America, which is at the time of payment legal tender for public
and
private debts.
Principal payable at office of Bankers Trust Co ,
office or agency of the company in New
New York, and interest payable at
Definitive bonds in coupon form, registerable as to principal only,
denom. of $1,000, and in fully registered form in denom. of $1,000,
York.
in
Balance Sheet Sept. 30
1940
yACcts.& notes rec
206,255
630,000
true
Net profit
Earns.per sh.of com.stk.
Note—Deprec. prov. has
been charged as fol¬
Inventories
per
Securities
the
Prov. for loss from scrap¬
Miscell. deductions
$931,854
68,752
210,000
San Antonio Public Service
Prov. for officers' & exec,
y
Earnings
Corp.—Earnings—
3 Months Ended
Sept. 30 '40 June 30 '40 Sept. 30 '40 Sept. 30 '39
Gross sales, less disc'ts,
returns & allowances
$3,857,709
$7,076,307
$2,913,980
$2,155,497
Cost of goods sold
5,043.882
2,677,494
2.072,528
1,533,896
Gen. & aclmin. expense.
$831,032
68,752
420,000
Note—'These figures exclude Saguenay Electric
Period—
Gross profit on sales.
Selling expense
$359,485
Preferred dividends
$272,722
$18,842
Dr52,379
Dr9,547
common
Assets—
127,818
538,637
226,949
$325,672
period
Common dividends
151, p. 1734.
excess
funded debt
Net inc. for the
depreciation, depletion, &c.
but before Federal income taxes
Interest
on
change
(& Subs.) —Earnings—
9 Months Ended Sept. 30—
Profit after interest,
Net
71,100
132/132
539,335
Prov. for income tax
Int.
Other interest
[Exclusive of Cromwell-Franklin Oil Co.]
patent
$1,207,554
367,083
Unrealized profit on ex¬
Root Petroleum Co.
—V.
7,878
Total income.
1940—3 Mos.—1939
30—
$1,199,677
Other income....
Corp.-—Earnings—
Net profit after deprecia¬
tion, Fed. taxes, &c._
in
1940—9 Mos.—1939
30—
1940—3 Mos.—1939
$1,182,199
Operating revenue
$1,462,975
Oper., maint., adminis.,
&c
-7.
122,457
179,303
Taxes
83,995
76,944
total of $]4,000 purchase money mortgage bonds has been called for
A
z
1940
26,
Saguenay Power Co., Ltd. (& Subs.)—Earnings—
4,834,020
1,551,454
tax and depreciation.Surplus after Federal inc.
tax chgs. & pref. divs—V. 151, p. 1156.
Oct.
Avenue, Chicago; St. Rita School (original unit); St. Rita School (second
unit); rectory, convent, power house and tunnel, together with the sites
thereof and equipment therein belonging to the corporation.
$5,000 or multiples of $5,000.
1
No sinking fund payments are required until July 20, 1949.
Company
the trustee on July 20,1949, an amount which,
covenants that it will pay to
together with accrued interest, will be sufficient to retire bonds of 3H%
the principal amount of $250,000 on the next following interest
payment date, Sept. 1, 1949.
Payments are required in like manner on
each July 2 thereafter so long as any bonds of 3Y% % series are outstanding,
to and incl. July 20, 1969, but the principal amount of bonds of 3
series required to be retired annually is $250,000 during the years 1949 to
1953, both inclusive, $275,000 during the years 1954 to 1963, both inclusive,
and $250,000 during the years 1964 to 1969, both inclusive, or a total of
$5,500,000.
In the event that the bonds of 3)4% series outstanding under
the indenture on July 1, 1949, exceed $16,500,000 principal amount, sink¬
ing fund requirements are to be increased proportionately.
The amount
of bonds of 3 M % series required to be retired by any sinking fund instal¬
ment may be reduced by the principal amount of bonds of 3 M % series de¬
livered uncanceled to the trustee for the sinking fund but only if the bonds
of 3 M % series so delivered had been disposed of by the company for a con¬
sideration and had subsequently been purchased by the company from the
holders thereof.
Bonds of 3 ^ % series are redeemable for sinking fund
purposes on Sept. 1,1949, and any Sept. 1 thereafter, by lot, upon 30 days'
notice, at prices varying from 106 if redeemed on Sept. 1, 1949, to 100 if
redeemed on Sept. 1, 1970.
The bonds in addition to being redeemable for the sinking fund are re¬
deemable at the option of the company, in whole at any time or in part by
lot from time to time, on 30 days' notice, at prices ranging from 110H if
redeemed after Sept. 1, 1940, and on or before Sept. 1, 1942, to 100 if
redeemed on Sept. 1, 1970.
series in
Maintenance and Replacement Fund—Indenture provides for the annual
deposit by the company with the trustee, within four months after the close
of the calendar year 1940 and each calendar year thereafter, so long as
bonds of 3 H % series are outstanding of an amount in cash or in bonds of
any series (taken for that purpose at 150% of the principal amount thereof)
issued under the indenture, equal to the amount by which the sum of 15%
of the gross electric operating revenue, and 10% of the gross gas operating
revenue (such gross electric and gas operating revenues to be derived for
mortgaged property), from July 1, 1940 to the end of such calendar year,
exceeds the aggregate amounts expended during such period by the com¬
pany for repairs and maintenance of mortgaged electric and gas property,
and in acquiring property in substitution for mortgaged electric and gas
property retired since July 1, 1940.
Property additions, whether or not
constituting actual replacements, are deemed "substitutions" for this
purpose.
In lieu of depositing cash or bonds, the company may certify
to the trustee for such purpose, net property additions not theretofore
bonded and made after July 1, 1940 to electric and gas properties.
If the
amount of such expenditures by the company exceeds in any year the
amount which it is required to deposit with the trustee, the credit so esta¬
blished by the company in any year may be carried forward and utilized
to meet the requirements during a later period or utilized to effect the
withdrawal of cash or bonds deposited under the maintenance and replace¬
ment fund or to restore as not bonded property any net property additions
previously certified to the trustee under such fund. Net property additions
so certified become bonded, but may cease to be bonded in case the com¬
pany utilizes a credit balance arising during any subsequent period, or
deposits bonds with the trustee for that purpose.
The above provisions are
subject to modification as a result of any action by a regulatory authority
having jurisdiction over the company limiting the amount which the com¬
pany may charge against operating revenues for depreciation, repairs, or
maintenance.
i
History and Business— Company is engaged in the generation of electric
and the purchase, transmission, distribution and sale of electric
energy and natura,l gas to residential, commercial, industrial and other
customers and the operation of motor buses in the San Antonio, Texas,
and surrounding territory.
Company estimates the population of the
territory served with electric energy to be 320,000, and with gas to be
296,000.
Company furnishes electric energy and gas to the United States
Army for use at Fort Sam Houston, and also electric energy for use at
Randolph, Kelly and Brooks flying fields and other posts and camps.
<
Company sells 60-cycle alternating current and a very small amount of
direct current., Approximately 90% of the electric revenue during the past
three calendar years was derived from the territory within an 11-mile radius
of the center of San Antonio.
Electric revenue for the year
ended Jue 30,
►
energy,
The Commercial <£ Financial Chronicle
Volume 151
1940 was derived from the various classes of customers approximately as
follows:
Residential 37.3 %, commercial 37 A %, industrial 10.3 %, public
Securities Acceptance Corp,
tracts, all of the electric energy generated at three hydro-electric stations
(aggregate capacity 8,800 kw.) of Texas Power Corp. and at one hydro¬
electric station (capacity 2,400 kw.) of Texas Hydro-Electric Corp.
Com¬
has
Earnings—
9 Mos. End .Sept, 30—
1940
1939
Volume of business
$12,649,297 $10,471,519
Earned finance, interest
authorities 5.7% and miscellaneous 9.3%.
In addition to its own production, the company purchases, under con¬
_& insurance income.
Direct income charges..
a contract with
in prospect.
on
775,926
253,481
307,445
726,364
678,182
243,088
294,935
190,007
272,548
$224,854
$215,001
$188,342
51,534
Profit
Fixed chgs.
1938
1937
$8,263,234 $10,264,586
864,544
294,790
344,901
General oper. expenses..
Central Power & Light Co., which expires Dec. 31,
1940, for the sale and exchange of electric energy and for the purchase of
electric energy by the company in the event of an emergency.
Texas Power Corp., Texas Hydro-Electric Corp. and Central Power &
Light Co. are not affiliated with the company.
Company purchases natural gas, having a heating value of approxi¬
mately 1,000 B.t.u. per cubic foot, at its receiving stations under contract
from United Gas Pipe Line Co. (which company is not affiliated with the
company), and distributes such gas in and near San Antonio.
Gas operating revenue for the year ended June 30,1940 was derived from
the various classes of customers approximately as follows:
Residential
63.6%, commercial 17.2%, Industrial 8.9%, public authorities 8.2% and
miscellaneous 2.1%.
Company provides street transportation in San Antonio and certain sub¬
urban districts.
Since 1933, the company has operated motor buses ex¬
clusively; prior thereto it also operated electric trolley cars.
Company,
during 1937 and 1938, had negotiations with respect to a possible sale of
its bus transportation properties, but at the
present time no sale thereof is
pany
2513
41,891
33,867
$215,626
18,616
30,229
$173,320
24,057
111,788
$1.00
$173,110
21,333
87,931
$154,475
19,671
100,809
$166,781
16,466
74,788
$1.04
$0.93
$1.10
5% debs.
Prov. for Federal taxes..
Net income—
Preferred dividends
Common dividends.....
Ea n.persh. oncom.stk.
,
Balance Sheet Sept. 30, 1940
'
Assets—Cash in banks and on hand, $986,361; notes receivable, $6,098,462; accounts receivable, $20,241; repossessed automobiles, &c,, $11,551;
cash surrender value of insurance on life of officer, $18,338; sinking fund
deposit, $448; deferred charges and prepaid expenses, $104,662; automobiles
used in business, $8,852; furniture and fixtures, $19,745; total, $7,268,659.
Liabilities—Notes payable,
$4,365,000; dividends payable, $45,516;
accounts payable and accrued items, $125,474; dealers' participating loss
reserves, $199,551; reserve for credit losses,
$94,871; deferred income,
Purpose of Issue—Company will apply the total net proceeds (approxi¬
mately $17,542,285, exclusive of accrued interest but after deduction of
expenses
in estimated amount of $112,715) substantially as follows:
(1) Redemption on or before Dec. 2, 1940 of $16,500,000 first mortgage
bonds, 4% series due 1963, at 105 requiring, $17,325.
(2) For general
corporate purposes, $217,285.
$342,354; 10-year 43^% convertible debentures, $695,000; 6% preferred
stock, $550,199; common stock (par value $4), $596,204; paid-in surplus,
$29,642; earned surplus, $224,848; total, $7,268,659.—V. 151, p. 1004.
Capitalization—Upon the issue and sale of the $16,500,000 principal
amount of bonds of 3¥t % series and the application of the net proceeds
therefrom together with other funds to the redemption of the company's
$16,500,000 principal amount of first mortgage bonds, 4% series due 1963,
as
hereinbefore set forth under "Purpose of Issue," the outstanding
capitalization of the company, tabulated as of June 30, 1940, but reflecting
structure, viz:
(A) To authorize the elimination
the sale of securities offered herein, will be as follows:
Capitalization Giving Effect to Present Financing
Authorized
1st mtge. bonds, 3^% series 1970
4% serial notes (due April 15, 1941-48).
6% cUmul. pref. stock (par $100)
45,000 shs.
83,000 shs.
Com. stock (no par) stated value $70 per share
*
45,000 shs.
83,000 shs.
bank loan agreement company has agreed to borrow $1,890,000
from banks; to apply the entire net proceeds toegther with other funds, to
the redemption on or before Dec. 1, 1940, of $1,870,000 of the 4% serial
notes due April 15,1942-1948.
Company has elected to redeem on Oct. 30,
1940, the $l,87O,00O of 4% serial notes.
This redemption, exclusive of
accrued interest to the redemption date, will require the sum of $1,901,050.
Company does not intend to pay, prior to the maturity thereof, the remain¬
ing $220,000 of 4% serial notes now outstanding, due April 15, 1941.
If
the bank loans are consummated, the company will deliver to the lending
banks an aggregate of $1,890,000 of bank loan notes, maturing in equal
amounts semi-annually from Oct. 15,1941 to April 15,1948, both inclusive;
bearing interest to maturity at the rate of 2% % per annum, but subject to
increase to 2M% Per annum if the company's first mortgage bonds, 4%
series due 1963, have not been refunded by sale of its first mortgage bonds,
3%% series due 1970, on or prior to the closing date defined in the bank
a
By
Outstanding
$16,500,000
a2,090,000
Unlimited
$2,500,000
-
a
loan agreement.
'' '
Mellon Securities Corp.
$8,725,(X)0t Lee Higginson Corp
125,000 Mahan, Dittmar & Co
126,000 F. S. Moseley & Co
Dillon, Read & Co..
825,000 Pitman & Co
Drexel & Co—
825,000 Riter & Co
Glore, Forgan& Co—825,000 Russ, Roe & Co...
Halsey, Stuart & Co., Inc
1,200,000 Shields & Co.
Harriman Ripley & Co., Inc..
975,000 Union Securities Corp
The Illinois Co. of Chicago...
125,000 Watling, Lerchen & Co
Ladenburg, Thalmann & Co._
250,000
Income Accounts for Slated
Operating
667,305
.........
State, local, &c., taxes.
Fed. normal inc. taxes..
Prov. for retire, reserves.
884,300
260,650
1,021,000
.
75,000
stock and the issuance therefor of certificates for new stock as aforesaid.
(D) To further amend article fourth of the certificate of incorporation
to provide that the holders of the preferred stocks shall have equal
voUn^rights, share for share, with the common stock. See also V. 151,
Shell Union Oil Corp.
....
1938
$8,303,360
4,151,716
519,126
824,950
116,600
893,876
754,311
15,507
123,180
3,067
852,249
24,078
87,780
22,098
981,400
19,659
29,615
20,977
$886,600
$840,663
$858,299
General taxes.-.-------
5,309
Federal income taxes.
a
Gross income.
Retirement
-
.
...
.
accruals
res.
Gross income
—
Int. on long-term debt-Amortiz. of debt disct.
Savage Arms Corp.—$1.50-Dividend—
$0.31
$0.86
$0.40
Co.—•Earnings—
1940—Month—1939
1940—12 Afos.—1939
$2,221,130
762,954
112,190
211,091
157,365
$2,053,831
Dr 74
$977,530
3,671
$984,399
3,886
$88,748
11,770
$106,204
7,598
$981,201
128,560
$988,285
91,457
$76,978
9,624
$98,606
9,649
$852,641
115,560
$896,828
115,853
806
9,676
9,480
9,675
9,611
$717,924
210,000
498,122
$761,688
210,000
339,628
$210,999
67,924
$202,600
7,998
22,840
23,410
7,094
16,249
15,634
$88,826
$106,278
t>r78
and expense—------
57,346
0 0 ©■*?<
Other income charges-
Directors have declared a dividend of $1.50 per share on the common
stock, payable Nov. 12 to holders of record Nov. 1.
This compares with
50 cents baid on Aug. 19, last; 25 cents paid on May 20 and Feb, 16 last
and on Dec. 18, 1939; 75 cents paid on Nov. 15, 1939, and dividends of
25 cents paid on Aug. 21, 1939, and Dec. 22, 1938.—V. 151, p. 1909.
962
654,632
104,601
185,379
124,821
•
Net income
Preferred dividends
$65,703
a
$87,189
— ....
Common dividends.....
of Properties—
—
------
Before retirement reserve accruals.—-V. 151, p. 2205.
Signode Steel Strapping Co.—-Extra Dividend—
See New York Ontario & Western Ry.—V. 141, p. 2749.
declared an extra dividend of 25 cents per share in addition
regular quarterly dividend of like amount on the common stock,
Nov. 8 to holders of record Nov. 4.—V. 151, p. 566.
Directors have
to the
Seaboard Oil Co. of Del. (&
-
Utility oper. income
Other income (net)
a
-V. 151, p.2056.
Coal Co.—Sale
$6,710,658
Sierra Pacific Power
Period End. Sept. 30—
Operating revenues—...
Operation
Maintenance...—....
779097)51
Scranton
$4,548,236 $12,615,196
$0.21
subsidiaries through which all marketing operations in the
two-thirds of the United States will be conducted from New York.
Refinery operations also will be handled from New York, while exploration
and production will be centered at Houston, Texas. The head office of the
Shell Pipe Line Corp. will remain at Houston.—V. 151, p. 565.
1937
$8,093,297
4,198,402
471,196
774,800
81,400
662,855
$1,826,870
$925,351
29,864,362
718,096
eastern
7lJ82v667
income......
2,980,600
Alexander Fraser, President of the Shell Oil Co., a subsidiary of the
Shell Union Oil Corp. announced on Oct. 18, the completion of the merger
—
earnings........ $1,815,019
on funded debt.
750,226
Int. on unfunded debt..
15,698
Amort, of dt. disc. & exp.
121,825
Miscell. other deductions
1,916
Net
32,244,806
163,261
Subsidiaries Merged—
$1,904,642
Net
10,431,421
1,181,000
of two marketing
$1,797,091
29,778
Interest
10,192,078
070,625common shs..
125,000
9,416
.......
50,175,426 143,801,795 145,086,398
46,894,456
Net profit-.--—
$3,165,249
Earns, per share on 13,-
v
"$lT773"551
earnings.
(& Subs.)—Earnings—
Period End. Sept. 30—
1940—3 Mos—1939
1940—9 Mos.—1939
Gross oper. earnings....$62,035,268 $65,971,720$193,449,852$184,576,028
—
$1,803,787
11,231
Net
capital
so as
-
Other income
certain changes in the
of July 31, 1940, of the deficit of
$1,053,455 then existing in earned surplus by charging such deficit against
tal surplus.
(B) To authorize and approve (1) the transfer from capital surplus
(created in 1935 through reduction of the amount of capital represented by
the preferred stocks to $50 per share for each share of such stocks then issued
and outstanding, such reduction aggregating $442,153) to capital of the
sum of $328,700 so that the capital represented by each of the shares now
issued and outstanding of cumulative preferred stock $7 series and Cumula¬
tive preferred stock $6 series shall be $100 per share, being the preferential
amount per share (exclusive of accrued dividends) payable thereon in any
liquidation; and (2) the transfer from capital surplus to capital of the sum
of $136,250 so that the amount of capital represented by each of the 272,600
shares of common stock of the corporation now issued and outstanding shall
be $1 per-share.
(C) To amend Article Fourth of the certificate of incorporation as here¬
tofore amended (1) so that the maximum authorized capital stock of the
corporation shall consist of a maximum of 307,000 shares, of which 300,000
shares shall be common stock (par $l)and 7,000 shares shall be preferred
stock (par $100) per share; and (2) to provide for the surrender of the old
Federal income tax
225,000
125,000
550,000
825,000
.....
$8,684,719
4,224,998
635,320
857,150
159,800
1,034,200
4,443,8i 1
on
cap
Deprec., depletion, &c-
125,000
1939
$9,080,854
revenues
7
as
225,000
Years Ended Dec. 31
12 Mos. End.
June 30,'40
Total operation
Maintenance.
Periods
General—Special Meeting Nov. 7
Nov.
vote
Gross Income—--....$15,140,812 $15,796,294 $49,648,057 $39,489,630
Interest & amort., &c-._
602,486
653,376
1,807,456
2,196,513
225,000
—
Dewar, Robertson & Pancoast
stockholders wil
Cost and expenses
Underwriters—The names of the underwriters and the respective prin¬
cipal amountB of first mortgage bonds, 3K% series due 1970, severally to
be purchased by each, are as follows:
Bodell & Co., Inc
Securities Corporation
The
Subs.)—Earnings—
1939
1938
'
both payable
3 Mos. End. Sept. 30—
1940
1937
Gross earnings....
$1,409,060 y$l,614,799 y$l,815,094 y$l,853,411
x630,437
551,070
Operating expenses
481,474
475,023
Simmons
...
Co,—Pays 50-Cents Dividend-
Company paid a dividend of 50 cents per share on the common stock
Oct. 9 to holders of record Sept. 30.
Like amount was paid on July 10,
last and compared with 75 cents paid on Dec. 20, 1939; 50 cents on Nov. 1
and on Aug. 15, 1939; 75 cents on Dec. 19. 1938, and a dividend of 50 cents
paid on Nov. 1, 1938, this last being the first payment made since Dec. 22,
1937, when 50 cents per share was distributed.—V. 151, p. 566.
on
Operating profitOther income.
...
.
_
...
Total income.
$778,622
18,870
$1,063,729
32,729
$1,333,620
18,237
$1,378,388
20,976
$797,492
$1,096,459
$1,351,857
$1,399,364
668,124
712,301
885,435
847,200
_
...
1
Deprec. & depletion Fed¬
eral taxes, &c__—.
Netprofit...
Earns, per sh. on cap.stk
x
$129,368
$0.10
$384,157
$0.31
$466,422
$0.37
Simonds Saw & Steel
$552,164
$0.44
y
After
costs (Kettleman Hills) and related ex¬
gasoline extraction costs (Kettleman Hills)
deducting
and related expenses.—V. 151, p. 860.
Seagrave Corp.—Earnings-—
9 Months Ended
Sept. 30—
1940
$849,739
819,742
Costs and expenses....
—
Operating profitOther income.......
Total income
Other deductions
Federal income taxes..
—...—
—_
Net profit
Earnings per share on 122,700 shares com. stock..
—V. 151, p. 565.
1939
$948,396
934,793
$29,997
5,324
$13,603
6,944
$35,321
Net sales....
$20,547
27,321
12,366
3,770
$19,185
$0.04
1940
y
Includes gasoline extraction
penses.
Co.—Earnings—'
1939
1938
1937
-----$6,144,528 $4,503,342 $8,281,085
Consol. net income— $1,102,586
z603,571
218,566 xl,729,648
Earns .per sh .on com .stk.
$2.21
$1.21
$0.44
$3.46
x After deducting a reserve of $164,236 for the undistributed profits tax,
company reported adjusted net income of $1,565,410, or $3.13 per share
of common stock,
y After all charges including Federal and Canadian
income taxes,
z After provision for Federal and Canadian taxes on income
and a special deduction of $56,816 to provide for the reduction in value, due
to lower exchange rates, of net current assets of Canadian and English
companies included in the consolidated accounts.—V. 151, p. 861.
9 Mos. End. Sept. 30—
Consolidated net sales..
Skelly Oil Co,—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 20 to holders of record Nov. 7.
Like amount was
paid on Aug. 28 last; dividends of 25 cents were paid on Jan. 30 last, and
on Dec. 22, 1939, and 50 cents paid on Nov. 15, 1939, and on Dec. 15 and
July 25, 1938.
.
New Director—
loss$6,774
Nil
At annual stockholders meeting held on Oct. 18 all present directors were
reelected and J. D. Powell, Vice -President in Charge of Marketing elected
as director to succeed William T. Atkins deceased.—V. lol, p. 2057.
The Commercial
2514
Earnings for 8 Months Ended Aug. 31, 1940
i
$4,401,007
496,667
166,650 shs.
com.
$2.23
stock (no par)
Ltd.—Subscription
Co.,
Boohs Closed—
The First Boston Corp. and Harris, Hall & Co. (Inc.) as heads of the
underwriting group, announced Oct. 24 that price restrictions had been
on the issue of $108,000,000 1st and ref. mtge., 3% bonds, offered
removed
Oct. 9.
Suspended from Dealings—
gold bonds, series of 3 %b, due 1960, and refund¬
ing mortgage gold bonds series of B SH», due i960, have been suspended
from dealings by the New York Curb Exchange.
Both series were called
Oct. 15,1940, for redemption on Jan. 1,1941, at 105% plus accrued interest.
Holders thereof may obtain immediately the full redemption price plus
interest up to Jan. 1,1941, the redemption date.—V. 151, p. 2362.
The refunding mortgage
Southern
California Water
Company has recently been awarded one contract for Navy fuel oil total¬
ing $268,580 and another contract totaling $626,175 for Navy fuel oil and
aviation gasoline.—V. 151, p. 1157, 568.
Operating revenues
Operation...-—
Company has advised the Toronto Stock Exchange that the outstanding
9,790 cumulative $3 class A no par preference shares will be redeemed Jan.
2,1941, at $50 per share, plus accrued dividend.
The stock will be removed
from the list Dec. 30, 1940.—V. 147, p. 1939.
(J. P.) Stevens, Inc.—Government Contracts—
The U. S. Government has recently awarded the following contracts to
this company: Cotton cloth, $3,126,110; cotton cloth lining for overcoats,
$226,308; unbleached cotton drill, $142,300 and cotton twill uniform lining,
$93,625.
Co.—Earnings—
Stouffer
SI,244,824
449,119
—
——
Maintenance
.....
Provision for depreciation
50,808
...
202,377
79,201
—...
State, local and miscellaneous taxes..
Federal income taxes
...
.....
Gross income
on
$410,118
4,642
—
$414,760
162,815
2,036
1,834
—
bonds
.—
—
Amortization of bond discount and expense..
Other interest deductions...—
Net
income
—V. 150, p.
1614.
Southern Pacific
September—
Co,—Earnings—
1940
1939
1938
1937
$15,949,376 $16,356,487 $14,111,900 $15,287,105
5,379,826
5,760,881
4,116,050
4,294,167
income—
3,308,387
3,694,795
2,221,678
2,334,606
Gross from railway
Net from railway
Net ry. oper.
From Jan. 1—
Gross from railway
126,789,904
Net from railway...... 33,340,745
Net ry. oper. income.:. 15,282,332
121,670,726 110,681,229 130,186,784
32,878,214 22,388,796
31,508.807
15,420,520
5,239,145
14,780,759
Earnings for the Transportation System
Period End. Sept. 30—
Railway
Railway
Net
oper.
oper.
1940—Month—1939
1940—9 Mos.—1939
revenues.$20,666,511 $20,953,174 $166604,302 $158543,558
expenses. 14,073,161
13,875,477 124,930,112 117,737,878
from ry. oper.
$6,593,351
Railway tax accruals...
1,463,858
Equip, rents (net)
1,097,952
Joint facil. rents (net)..
68,589
$7,077,696 $41,674,190 $40,805,680
1,563,555
13,805,847
13,669,255
Net ry. oper. income.
—Y. 151, p. 2362.
$4,471,132 $18,433,521 $18,515,542
rev.
a dividend of 25 cents per share on the class B
1 to holders of record Oct. 23.
Previously regular
quarterly dividends of 62H cents per share were distributed.
In addition,
extra dividend of $1 was paid on July 30, last.—V. 151, p. 430.
stock, payable Nov.
Sunshine Mining
980,573
8,837,844
8,055,334
62,436
596.978
Co.—Earnings—
1940
9 Mos. Ended Sept. 30—
Est. net profit after deprec.,
Southern
Ry.-—Equipment
Offered—An issue
Issue
of
$3,000,000 serial equipment trust certificates, series HH,
awarded on Oct. 21 to a banking group comprised of
Mellon Securities Corp., Lazard Freres & Co., Kidder, Peabody & Co. and E. W. Clark & Co., on a bid of 100.57 for
VA% obligations.
The bid of the Mellon Securities Corp.
and associates topped those of six other banking groups in
close competition.
Offering of the certificates was made at
prices to yield fro.m 0.30 to 2.15% for maturities from 1941
to 1950, inclusive.
All certificates maturing in the last five
years have been already sold.
The certificates, issued under
the so-called "Philadelphia Plan," are due at the rate of
$300,000 annually, Dec. 1, 1941-Dec. 1, 1950, both dates
inclusive.
given
on
first/page
Sutherland
of this department.—V. 151, p. 2209.
Paper Co.—Earnings—
Period End. Sept. 30—
Net profit after charges
& normal ]^ed. inc. tax
shs. cap.
x
$193,097
$0.67
surance
•
$655,784
Proceeds from the sale will be used to finance 80 % of the purchase price
rolling stock consisting of 49 units including 5 Diesel electric loco¬
motives, 21 coaches and a number of dining, baggage and mail cars.
Equip¬
ment to be included in the trust will cost approximately $3,750,000.
Issuance is subject to the approval of the Interstate Commerce Commis¬
sion.
J. P. Morgan & Co., Inc., trustee.
The certificates are uncon¬
ditionally guaranteed as to payment of par and divs. by the company.
new
-Second Week of October
1940
1939
$2,961,149
Jan. 1 to Oct. 14
1940
1939
$3,065,162 $107247,852 $101830,901
& Subs.)-—Earnings—
(Exclusive of Canadian River Gas Co.)
Consolidated Earnings for the Year Ended Dec. 31, 1939
—
.......
$2,942,326
X ,009,402
._
Cost of sales and services
Maintenance and repairs.
General and administrative expense
Taxes
■
—
—
77,354
29,819
199,099
451,049
15.635
2,432
.....
■
:.
.
Depreciation, depletion and amortization
Canceled leases..
Bad debts
...—
,
Net
operating income
Non-operating income
_
Income before deductions
Net loss on disposal of plant and equipment.
Interest on funded and long-term debt...
.
$1,157,537
1,684,184
$2,841,721
21,660
307,863
19,311
227,902
....
Other interest
....
Provision for Federal income tax
;
Net income..
$2,264,985
Consolidated Balance Sheet Dec. 31,1939
_
.
share, representing receipts from a life
policy which are of non-recurring nature,
receipts.
y
Including life in¬
■
Note—In arriving at the above
figures for 1940, provision has been made
with 18% in 1939.
for Federal income taxes at the rate of 24% as compared
—V. 151, p. 1586.
Symington-Gould Corp.—Earnings
—
Period Ended Sept. 30,1940—
3 Mos.
Operating loss after provision for depreciation of
plant, all selling and general expenses, provision
for reserves, for State taxes, and for Federal
income and excess profits taxes—
$43,184
Other income—net..
37,107
..
9 Mos.
$146,964
—V.
South Western RR, (Georgia)—Dividend —
Company paid a dividend of $5 per share on its capital stock, par $100,
Pq Sept. 13, last.
Last previous distribution was made on July 1, 1937,
and likewise amounted to $5 par share.
Current dividend applies to the
period ended June 30, 1938.—V. 148, p. 1498.
Springfield Street Ry.-—Earnings-
151, p. 1913.
Tampa Electric Co.—EarningsPeriod End. Sept. 30—
Operating revenues
Operation
Maintenance
General taxes
Federal income taxes
a
1940—Month—1939
$410,619
$371,604
146,703
169,585
23,736
21,114
35,988
35,905
16,393
42,888
Retirement
res.
$148,784
40
98
$1,918,966
2,616
$1,938,370
2,315
$141,166
35,833
$148,882
35,833
$1,921,582
430,000
$1,940,685
430,000
$105,332
1,232
$113,049
$1,491,582
8,517
$1,510,685
6,873
$104,100
$112,454
$1,483,064
70,000
$1,503,812
70,000
1,338,950
i
accruals
Gross income-
Interest deductions
Net income......
Preferred dividends
a
1940—3 Mos.—1939
$3,788
$51,030
Rev. fare pass, carried..
Av. fare per pass, (cents)
4,739,455
4,396,601
$356
15,981,844
7.78
7.75
7.53
1940—9 Mos.—1939
$73,657
14,966,694
7.63
1940—12 Mos.—1939
$4,983,743
$4,592,142
1,711,208
2,010,516
274,533
289,143
410,438
438,622
257,592
326,497
$141,126
Utility oper. incomei
1,338,929
Other income (net)
—
.
595
—
—
dividends
Before retirement
reserve
Tennessee Coal,
accruals.—V.
151, p. 2059.
Iron & RR. Co.—Government Order—-
The War Department has approved an order to this company for
shell forgings valued at approximately $12,000,000, Col. Theodore
six-inch
Swann,
announced on Oct. 22.
Com¬
pany will supply the shell forgings and they will be machined by Goslin
Birmingham Manufacturing Go. and LeTourneau Co., with plantB in Toocoa, Ga.t Colonel Swann said.
The order calls for approximately 75,000
tons of steel and will necessitate installation of spedal[machinery by T. C. I.
chief of the Birmingham ordnance district,
137.
Terminal
Warehouse Co.—Tenders—
Company will until Nov. 8 receive bids for the sale to it of sufficient 5%
mortgage bonds due Jan. 1, 1942, to exhaust the sum of $50,G0C at lowest
prices offered.—V. 115, p. 2914.
Texas & Pacific Ry.-
-Earnings-
1940—Month—1939
1940—9 Mos—1939
Operating revenues
$2,180,330
$2,363,914 $19,281,779 $19,100,854
1,590.046
13,753,278
13,839,303
1,512,161
Operating expenses
202,538
1,373,226
1,426,204
146,212
Railway tax accruals—
62,645
810,310
881,123
42,184
Equipment rentals (net)
466
6,697
16,444
48,257
Joint facil. rents (net)..
Period End. Sept. 30—
$479,307
$501,988
$3,328,521
31,833
41,179
303,430
$511,140
$543,167
Fixed charges
2,899
322,582
7,221
330,340
$3,631,951
39,006
2,896,711
$3,215,730
68,440
2,927,697
Net income
$185,659
$205,606
$696,234
$219,595
Net ry. oper. income.
Other income
Total income
Miscell. deductions
$2,905,967
309,763'
—V. 151, p. 1913.
Light Co.—Earnings—
Period End. Sept. 30—
130,060
Direct taxes
Prop, retire, res. approp.
Amort,
of
1940—Month—1939
1940—12 Mos.—1939
$1,173,851 $10,935,205 $11,530,337
388,256
4,439,476
4,671,606
$1,042,593
378,753
Operating revenues
Operating expenses..
137,304
1,217,201
1,150,340
88,340
90,935
1,081,092
1,089,147
limited-term
A
—
410
383
4,665
2,336
Net oper. revenues...
Other income (net)
$445,030
2,948
$556,973
$4,192,771
17,680
$4,616,908
Gross incomei
Interest on mtge. bonds.
Interest on deb. bonds—
Other int. & deductions.
$447,978
$558,082
170,417
177,708
$4,210,451
2,052,292
10,000
5,544
10,000
8,913
120,000
86,578
$4,623,771
2,132,500
120,000
153,155
$361,461
$1,951,581
$2,218,116
period...
865,050
865,050
$1,086,531
$1,353,066
investments...
Net income..
$262,017
Divs. applicable to pref. stocks for the
...
Period End. Sept. 30—
Net loss
163,274
$6,077 prof$16,310
Texas Pdwer &
Assets—Property, plant aDd equipment (net), $7,491,664; investments,
$5,730,214; cash, $547,045; notes and accounts receivable, $346,527;
accrued interest on bonds, pledged, $14,080; inventories, $108,974; current
amount due from affiliates, not consolidated, $2,187; prepaid expense and
deferred charges, $38,341; total, $14,279,033.
Liabilities—Common stock (40,806 shares of no par value), $771,353;
long-term debt, $7,495,754; accounts payable, $66,968; accrued liabilities,
$437,245; other current liabilities, $744,692; other liabilities, $40,022;
surplus, $4,722,998; total, $14,279,033.—V. 151, p. 2208.
A
$1.84
$0.94
stk. ($10 par)
—V. 150, p.
Southwestern Development Co.
Gross operating income—.—
fy$530,093
$2.28
x$271,174
Includes $82,984 or 29 cents a
insurance
1940—9 Mos.—1939
1940—3 Mos.—1939
Earns, per sh. on 287,000
Common
Gross earnings (est.)
—V, 151, p. 2362.
$1.52
565,548
was
of
„
$2,271,996
Superior Tool &iDie Co.—Registers with SEC—
See list
Net loss
$3,962,951
1939
„
Fed. taxes, &c
$1,864,386
Earnings per share on 1,488,821 shs. cap. stock—
$1.25
—V. 151, P. 431.
$248,076
...—
——
......
Corp.—25-Cent Class B Dividend—
havr&eclared
Directors
53,200
........
Net operating income
Other income (net)..
Co., Ltd.—Preferred Stock
Standard Steel Construction
Called—
Earnings jor the Year Ended Dec. 31, 1939
Interest
companies in the Standard
the week ended Oct. 19, 1940, totaled 134,-
222,631 ldlowatt-hours, as compared with 121,782,545 kilowatt-hours for
the corresponding week last year, an increase of 10.2%.—V, 151, p. 2363.
Standard Oil Co. of New Jersey—Government Contract—
Edison
California
Southern
...—
—
-
Gas & Electric Co. system for
26, 1940
-Weekly Output—
Electric output of the public utility operating
,,
—.
Oct.
Standard Gas & Electric Co.-
Co., Inc.—Earnings—
Southern Advance Bag & Paper
Net sales
Net income
Earns, per share on
—V. 151. P. 861.
Chronicle
& Fin
Balance
—V. 151, p. 1737.
-
1,109
—
6,863
Volume
The Commercial & Financial Chronicle
151
Texas Gulf
Sulphur Co.—Earnings—
Period End. Sept. 30—
1940—3 Mos.—1939
1940—12 Mos.—1939
Net profitc$2,757,763 a$l,749,469c$10,091,923 a$6,704,150
b Earnings per share—
$0.72
S0.46
$2.63
$1.74
-
After charges for depreciation, amortization, contingencies and Federa
income taxes,
b On 3,840,000 snares capital stock,
c After all charges,
including provision for income taxes under the Second Revenue Act of 1940,
but without provision for any excess profits tax.
At the end of the third quarter of this year current assets, including cash
a
of $13,606,533, were $16,949,930.
This excludes inventories of sulphur
ground and materials and supplies.
Current liabilities, including
provision for current taxes, amounted to $3,153,396.
Reserve for con¬
tingencies was $1,483,177.—V. 151, p. 432.
above
Thatcher Mfg. Co.
Period End.
Sept. 30—
(& Subs.)—Earnings —
1940—9 Mos.—1939
$4,823,886
$5,131,262
4,138,878
4.066,070
120,641
132,550
1940—3 Mos.—1939
$1,689,985
$1,819,117
1,464,240
1,406,586
40,180
43,308
Net sales
Costs and expenses
Depreciation
Operating profit
$185,565
$369,223
13,461
$564,367
11,467
37,370
$932,642
37,372
$197,032
$382,684
$601,737
$970,014
28,620
39,395
41,981
83,004
90,539
116,322
123,773
189,311
$129,017
103,738
36,707
$257,699
103,964
36,706
$394,876
311,215
110,120
$656,930
311,930
110,119
def$l 1,428
$117,029
def$26,459
$234,881
$0.17
c$1.05
$0.57
$2.35
Other income
Total income
Prov.
for sundry losses,
&c—.
Fed. income taxes, &c__
Net profit
Convertible pref. divs
Common/ dividends
Earns, per sh.
146,832
shs. com. stk. (no par)
—V. 151, p. 1007.
on
Third AvenuW Ry.—Annual
Report—
Consolidated Income Account, Years Ended June 30 (System)
Oper. rev.—Railway.
—
Bus
1940
1938 ~
1937
1939
$10,976,603 $11,058,151 $10,925,234 $10,866,867
3,494,557
3,222,795
3,007,390
2,873,905
Total oper. revenues..$14,471,161
*
Oper. exp.—Railway..
$13,932,624 $13,740,772
8,107,429
8,030,421
7,637,110
2,775.654
2,692,849
2,456,795
8,138,054
2,825,576
Bus
Total oper. expenses..$10,963.630
Net oper. rev.—Railway
Bus
$1^280^946
2,838,549
668,981
—
$10,883,083
2,950,722
447,141
$10,723,270 $10,093,905
2,894,813
3.229,757
314,541
417,110
2515
000,000, subject to an average yearly interest rate of 2.016%, and 15-year
2H% debentures of the principal amount of $16,500,000, dated Aug. 15,
1940.
The serial notes are repayable within 10 years in annual instalments
of $1,800,000 during the first five years and $2,000,000 during the last five
years, interest being payable semi-annually.
The 15-year 2% % debentures will be retired through the operation of a
sinking fund, whereunder debentures of the principal amount of $900,000
(without payment of any premium, however,) will be retired semi-annually
beginning with Jan. 5, 1951; or they may be redeemed as a whole or in part
at any time after Aug. 15, 1941, upon payment of the principal, accrued
interest, and a premium declining progressively from 2H %, if called before
Aug. 15, 1945; to H of 1%,if called during the year ending Aug. 15, 1953;
no premium being payable if called after Aug. 15, 1953, (the premium pay¬
able on redemption of the former 3H% debentures began with an initial
5%).
Interest on the debentures Is payable semi-annually.
The proceeds from the sale of the two issues sold to private investors at
par, plus an amount of $987,500 withdrawn from the company's available
cash, were disbursed in the redemption of the outstanding 3H% debentures
due Jan. 1, 1952, totaling $34,750,000, plus a 5% premium aggregating
$1,737,500 payable on redemption of the debentures.
The total expenses incident to the sale of the new securities amounted to
$269,356, including commissions of $199,750 paid to the agents, stamp
taxes, trustees' fees, cost of legal and experts' services, and printing costs.
These costs will be amortized
Total oper. revenue..
$3,507,530
1,497,198
330,459
Bus
."$1,827,657
Total taxes...
Oper. income—Railway.
1,341,351
338,522
Bus
Total oper.
income..."$1,679,874
$3,397,863
1,451,431
286,480
"$3,209,354
1,367,514
265,451
$3,646,867
1,212,126
207,028
$1,659^951
$1,632,964
1,527,300
49,090
$1,419,154
2,017,631
210,081
"$2,227,713
260,956
8,365
274,935
11,361
$269,321
1,602,307
346,887
$286,297
1,774,226
172,022
$312,586
1,828,797
60,179
$418,543
2,425,833
220,423
$1,949,194
2,365,470
218,805
$1,946,248
2,395,360
202,626
$1,888,976
2,415,733
184,196
$2,646,256
2,526,859
184,212
$2,584,274
x763,162
128,082
408,202
10,341
Total......
$2,142,778
The reduction in interest charges against income during the period com¬
mencing with August, 1940, and ending on Jan. 1, 1952, the maturity date
of the former 3 H % debentures, will amount to $3,388,947, and the premium
of $1,737,500, paid on redemption of the 3M% debentures, and expenses
incident to sale of the new securities total $2,006,856, resulting In a net sav¬
ing of $1,382,091 during the period just stated.
Additional savings, of
course, will result from the lower interest charges subsequent to Jan. 1,
1952.
Another important advantage of the recently completed refinancing lies
in the fact that as result thereof the company will not be faced with a re¬
on Jan. 1, 1952, the maturity date of the former 3H%
debentures.
Instead, a refinancing of any balance of the new 2%% de¬
bentures outstanding at date of their maturity (if there should be a balance
at such time) will not have to be undertaken until about the middle of the
year 1955, and will then be limited to a principal amount of $8,400,000,
compared with the sum of $18,250,000 which would have had to be re¬
funding operation
funded in
151,
p.
the
1951 under the previous 3H%
year
inc..
non-oper.
income—Railway.
Bus
Total gross income...
Deductions—Railway..
Bus
or
loss—Ry
Bus..
*621,134
x30,604
x586,936
xl24,017
xl01,025
36,210
...
Operating
—
orloss,ry.& bus...
Incl.deprec.—Railway
x$651,738
478,844
x$635,080
-'637,535
185,378
Bus..
x$710,953
534,038
135.570
134,498
x$64,815
463,159
137,112
xIndicates loss.
Note—Intercompany transactions between railway and bus companies
not eliminated.
1940
Assets
1939
Federal income tax
Other taxes.
Liabilities—
matured
'
557,403
606,915
562,339
385,465
with State
Indust. Comm'r
765,951
888,223
1,394,572
Acc'ts receivable..
119,753
1,041,520
143,145
Cash.
Mat'ls & supplies.
Marketable secur.
705,886
668,247
551,387
214,659
Miscell. in vestm't. 2,278,111
743,932
2,280.339
44,181
770,063
219,909
227,197
Prepayments
67,183
TJnamort. debt dis.
Miscell.
Fd. debt
1939
S
16,590,000
151,600
(bds.)—
Co.-46.645.550 46,780,700
Controlled cos— 3,742,000
Acc'ts & wages...
326,844
Notes pay. (curr.).
Int. mat' & unpd.
Interest
168,247
557,403
54,067
500,654
accrued..
Taxes accrued
Int.
4,242,000
394,976
70,194
662,339
62,400
499,750
adjustment
mort?.inc.bonds. 15,549,840 14,423,040
Notes pay. (def'd)
790,874
372,038
Reserve for deprec.
8,392,932
8,078,869
1,975,585
1,948,187
Excess of hook val.
cos. sec.
owned.
r
12,451.618 11,487,661
Total—......-82,951,477
82,688,4321
Total...
000.—V. 151, p. 1913
Tide Water Associated Oil Co.
Sept. 30—
Total volume of
ness
to
done
expense
;
—
1940
(& Subs.)—Earnings—
1939
1938
1937
Net income
-
$36,967
....
$98,435,927 $95,262,534 $104251,503 $107951,381
incident
79,335,990
79,271,762
83,421,313
83,036,026
Operating income
—
Other income
.$19,099,937 $15,990,772 $20,830,190 $24,915,355
779,288
934,374
907,450
1,307,192
Total income..$19,879,225 $16,925,146 $21,737,640 $26,222,547
1,088.438
Int., disc, on debs., &c._
1,141,481
1,104,814
1,127,026
c778,871
c869,608
Property retirements —
c980,159
C898.774
Amortiz. of in v. & unde¬
859,509
900,000
742,500
522,000
veloped leases
9,704,237
9.908,248
9,621,197
Deprec. & depletion
10,011,512
Prov. for contingencies
90,000
90,000
Estimated Federal tax..
93.000
89,700
d715,400 d 1,401,800
Tilo Roofing
Crl,868
$216,389
Co., Inc.—Earnings —
40 Weeks Ended—
Oct. 5, '40
Sales
$3,158,637
377.589
Net profit..
Oct. 7, '39
$2,733,900
316,655
Oct. 8, *38
Oct. 9, '37
$2,899,226
$2,891,643
364,342
324,730
x After providing for Federal
income and excess profits taxes.
Note—Earnings for the 40 weeks amount to $0.78 per share on the 462,126
outstanding in the hands of the
public, as against per share earnings of $0.71 for the like period of 1939.
—V. 151, P. 1007.
shares of common stock of the company
Aircraft Corp.—Stock Offered—G. Brashears &
offering 170,406 shares of common stock ($1 par)
of the corporation at $1.10 per share.
For further details
see V. 151, p. 2059,863#
are
Toledo Edison Co.—Bonds Called—
Central Hanover Bank and Trust Co. has selected by lot for redemption
through the sinking fund on Dec. 1, 1940, at 102 and interest, $109,000
principal amount of 3H% sinking fund debentures due 1960.
Payment
will be made at the offices of the bank, 70 Broadway, New York.—V. 151,
p. 2364.
Union Carbide & Carbon Corp. (&
Period End. Sept. 30—
Net profits.
Preferred dividends
Common dividends
Earns, per common sh..
...
-
$7,057,625
1,687,500
3,504,249
$4,380,319
1,687,500
4,144,770
$0.84
$0.42
$8,416,905 $12,171,435
1,687,500
1,973,641
4,777,969
4,437,979
$1.05
$1.61
Exclusive of inter-company sales and transactions,
c Including dry
d No provision for surtax on undistributed profits is included
in the above accounts.
Private Financing—
■
By William F. Humphrey, President: and U. B, Boucke, Controller; state:
During August, 1940, the company sold to private Investors, at par,
10-year serial notes dated Aug. 1, 1940, of the principal amount of $19.-
Subs.)—Earnings—
1940—3 Mos.—1939
1940—9 Mos.—1939
Earnings after provision
for income, &c.,taxes.$14,403,473 $11,469,627 $41,141,133 $28,321,819
Int. on funded debt....
289,392
306,058
901,508
918,174
Deprec. & other charges.
3,109,528
2,763,242
9,262,896
8,251,913
Balance
..$11,004,553
$1.18
Earns, per sh.on com .stk
$8,400,326 $30,976,729 $19,151,730
$0.92
$3.33
$2.10
864.
Union Public Service Co.
Years End. Mar. 31—
Total oper. revenues
Total, oper. expenses—.
Maintenance
Deprec. & retire't exps„
All
other
Federal
(Minn.)—Earnings—
1940
1939
1938
1937
$497,222
$485,400
210,832
$507,910
$472,418
67,766
15,450
210,815
22,864
71,317
12,558
197 384
19,902
69,983
1,511
51,918
3,875
203.061
23,347
69,532
21,500
17.851
and
Uncollectible bills—....
52,041
3,804
50,315
3,817
Operating Income—..
Non-operating income—
$123,937
538
$119,368
680
1,914
$131,533
1,365
Gross corporate Inc.—
$124,474
49,080
$120,049
49,080
$136,476
49,856
$132,898
66,054
9,911
175
9,847
9,847
12,233
4,861
7,924
5,830
$65,308
41,457
7,272
$61,122
40,982
18,180
$64,540
42,999
14,544
$58,228
43,530
3,636
State taxes—
Interest
on
funded debt.
Inl. .t emporary
-
$134,562
,
'
48,603
3,000
funds for
refunding—
Amort, bonddlsc't& exp
Other deductions
.
-
a
$556,716
313,075
15,196
13,925
—V. 151, P. 569.
Fed. & State inc. taxes..
busi¬
operation.........
hole losses,
$455,162
313,075
16,399
13,925
74,999
CV204
—...
82,951,477 82,688,432
x Includes
1st mtge. 5% bonds, of $2,119,050 In 1940 and $2,254,200
in 1939:1st ref. mtge. 4% bonds, $21,990,500; adj. mtge. bonds, $22,536.-
Total
-
Amortization of debt discount and expense...
Amortization of railway fixed capital
Interest charged to construction.
—V. 151, P.
fos. End.
-
....
cost of contr.
Deficit
9
——.
long-term debt....
Other interest
on
over
a
17,018
268,656
$528,787
27,929
270.830,
$439,453
15,709
3d Av. Ry.
& other reserve.
deferred
Items
$
Third Av.Ry.stk.16,590,000
Control, co.'s stock
109,100
x
coupon interest.
Misc. special dep.
Depos.
Cr14,728
....
—
Gross income.
on
1939
$2,150,772
994,322
140,367
201,623
„
Operating income
Other income (net) J
Co.
1940
^
Equip. & franch. .74,875,082 74,569,706
Sinking funds
602,120
556,620
tor
9140
$2,448,276
1,361,008
153,567
238,147
Timm
Consolidated Balance Sheet June 30 (System)
Dep.
expenses
Provision for retirements
x
Tot. combined net inc.
*
Co.—Earnings—
12 Months Ended Sept. 30—
Total operating revenues
.....
Total deductions
Net inc.
debenture issue.—V.
1737.
Interest
Total
Gross
securities.
„
$2^597"o86 "$2,599,929 "$2J11,071
Bus....
new
Maintenance.......
$1,737,911
1,499,291
160,661
$1,576,390
301,497
11,089
Non-oper. inc.—Railway
the life of the
(1) Premium of 5 % of the principal amount of 3 M % debentures
called for redemption
;. *
$1,737,500
(2) Unamortized balance of discount and expenses arising out
of the issue of the 3H% debentures at the time of sale in Janu¬
ary, 1937, &c
405,278
Tide Water Power
Taxes—Railway
over
The refinancing outlined in above resulted in following charges against
surplus:
Net income
—
Pref. stock dividends—.
Com. stock dividends—
"
Balance Sheet March 31, 1940
Assets—Property,
plant and equipment, $2,302,827; cash, $100,105;
(less reserve for uncollectible accounts), $50,083; in¬
ventories, $47,745; prepaid insurance and miscellaneous accounts, $8,892;
miscellaneous assets, $7,198; unamortized debt discount and expense.
$166,549; total, $2,683,400.
Liabilities—Class A 7% non-voting cum. pref. stock, $296,600; class B
7% voting cum. pref. stock, $24,100;class O $6 non-voting cum. pref.stock,
$248,175; class D $6, voting cum. pref. stock, $28,345; common stock ($100
par), $242,400; long-term debt, $1,227,000; accounts payable, $30,079:
dividends payable (preferred stock), $10,102; accrued interest, taxes and
accounts
receivable
The Commercial & Financial Chronicle
2516
$61,027; contract payable,
$550; miscellaneous liabilities,
$23,714; reserves, $370,454; capital surplus, $3,693; earned surplus, $117.161; total, $2,683,400.—V. 149, p. 2708.
Insurance,
United Biscuit Co. of America (& Subs.)—Earnings—
Net profit
y
Earnings per share—.
-
$1.23
After depreciation. Federal income taxes, &c.
stock outstanding (no par).
Hole—For the first months of the year the pref.
y
x
On 459,054 shares
common
stock dividends of the
have been calculated on the 7% cum. conv. pref. stock of the
company which was called on Sept. 13, 1940, for redemption on Nov. 13,
1940.
For the month of September, 1940, the pref. stock dividends of the
company have been calculated on the new 5% pref. stock of the company.
No provision has been made for Federal excess profits tax provided under
the Second Revenue Act of 1940, as the operations of the company for the
first nine months of 1940 do not disclose any liability for such excess profits
United States Universal Joints
■"
V;,
v
,
.'
A- :
■,
;
v..
>'
Earns
2366.
p.
See list given on
Corp.—Accumulated Dividend—
have declared
Directors
a
dividend of $2.25 per share on account of
non-voting pref. stock, no par value, payable
Dividend of like amount was paid in
dividends of $1.75 per share were
paid in previous quarters.—V. 151, p. 1008.
accumulations on the $7 cum.
record Nov. 8.
Dec. 2 to holders of
of the
five preceding quarter and
dividend of 80 cents per share on the no par
stock payable Nov. 7 to holders of record Nov. 1.
Dividend of
Directors have declared a
paid on Sept. 6 last; 75 cents was paid on June 6 last; one of
35 cents on Dec. 7, 1939, and a dividend of 50 cents was paid on Nov. 6,
1939.
Empire Power Corp. owns over 99% of this company's common
stock.—V. 151, p. 1008.
Co.—Weekly Output—•
United Gas Improvement
"In response to the complaint filed by Mr. Freiday against Universal
Corp., its directors and others, it is a matter of record that Mr. Freiday who
a director of the corporation since its inception has voted in favor
has been
of the principal acts taken by the board about which he now complains.
"Universal and its directors are confident that they will thoroughly answer
these charges in court
for the U. G. X. system companies for the week just
The electric output
the figures for the same week last year are as follows: week
ending Oct. 19, 1940, 114,639,262 kwh.; same week last year, 105,996,606
kwh., an increase of 8,642,656 kwh. or 8.2%.—V. 151, p. 2365.
United Light & Power
The Securities and Exchange
Co.—Amended Plan Filed—
Commission, Oct. 19/announced that the
company had filed an amended plan of recapitalization and simplification
under Section 11 (e) of the Holding Company Act.
The original plan was
July 24, 1940 (Holding Company Act Release
filed with the Commission on
1940
$209,613
15,458
$189,530
19,270
1938
$198,218
11,094
$225,071
$208,800
$209,311
41,628
74,486
70,609
Net inc. from divs. & int. for period
$183,443
Dividends paid on priority stock—79,399
$134,314
83,014
$138,702
90,000
9 Months Ended Sept. 30—
Income—Dividend income
earned
Interest
Total
income-
Expenses
Balance Sheet
stockholders.
Under the amended plan each share of $6 preferred stock outstanding
on the
effective date of the plan, together with accumulated unpaid divi¬
dends to that date, will be reclassified into six shares of the new capital
stock and each share of class A common stock and class B common stock
will be reclassified into 1-10 of a share of new capital stock.
Scrip will be
issued to common stockholders in lieu of fractional shares of the new capital
common
stock.
1939
Sept. 30, 1940
Assets—Cash in banks, $305,917; account, dividends and interest receiv¬
able, $26,199; general market securities, $6,167,174; total, $6,499,289.
Liabilities—Account payable for securities purchased,
not received,
$29,594; other accounts payable, accrued expenses and taxes, $10,115;
reserve for Federal income tax, $7,299; $5.50 dividend priority stock ($1
par), $77,749; common stock (10 cents par), $56,755; surplus, $7,776,536;
unrealized depreciation (net) of general market securities owned, JDr$l,458,758; total, $6,499,289.—V. 151, p. 570.
No. 2185).
The amended plan
provides that the company will have a total author¬
ized capital of $70,000,000 consisting of 7,000,000 shares (par $10), all one
class.
Each share will be entitled to one vote.
Voting rights are presently
vested exclusive in the class B common stock.
The company's presently outstanding stock consists of 600,000 shares
of $6 cumulative preferred stock, 2,421,192 shares of class A common
stock and 1,055,576 shares of class B common stock which, under the
amended plan, will be reclassified into approximately 3,947,676 shares of
the new capital stock.
The new stock will be divided among the three classes of present stock¬
holders substantially as follows: 91.20% to the preferred stockholders;
6.13% to the class A common stockholders; and 2.67% to the class B
when the case comes up for trial."—V. 151, p. 2211
Utility Equities Corp.—Earnings—
closed and
a
Co., Inc.—New Suit Filed—
stockholder of the company, and Universal
Corp., the parent holding company, has filed suit in New York State
Supreme Court against the corporations, J. Cheever Cowdin, chairman of
the board of both companies, and other defendants.
The suit is substantially along the same lines as those taken in the suit
recently filed by David Posen, another director of Universal Pictures.
Plaintiff asks relief by petitioning that present management control be
broken and that large amounts of securities issued to obtain control of
Universal Pictures by the defendants be canceled on the ground that no
consideration was paid.
The board of directors of Universal Corp. on Oct. 23 authorized the
50 cents was
As
with SEC—
first page of this department.—V. 148, p. 749.
William Freiday, director and
United Gas & Electric Corp. (Conn.)—80-Cent Div.—
common
151,
following statement:
United Gas
each
bonds, series A, due Oct. 1,1951, remain listed.—V.
"■
'..'A'
'
Universal Corp .—Registers
Universal Pictures
2210.
$0-10
Stockyards Corp.—Pref. Stock Delisting—
lateral trust 4M%
Corporation—Meeting Day Changed—
By amendment of the by-laws duly adopted, the date for holding the
meeting of stockholders of this corporation (formerly the first
Tuesday in February) has been changed to the first Wednesday in the
month of March in each year if not a legal holiday, and if a legal holiday,
then on the next secular day following.
The foregoing change is considered desirable by the directors in order
to provide a longer period of time between the close of the calendar year
and the date when notice of the meeting need be given (at least 10 days
before the meeting date), within which to comply with present day statutory
and regulatory requirements as to matters to be considered and passed
upon before the notice of meeting can appropriately be given.—v. 151,
1939
$22,722
$0.05
Application of the company to withdraw the 70c. cumulative convertible
preferred stock (no par) from listing and registration on the New York
Stock Exchange, has been granted by the Securities and Exchange Com¬
mission.
The stock will be stricken from listing and registration at the
close of business on Nov. 15.
Common stock ($1 par) and the 15-year col¬
Stock Exchange has authorized the listing of 25,000 shares
cumulative preferred stock (par $100).—V. 151, p. 1738.
annual
p.
per
United
The New York
United
1940
$11,970
capital stock—-
share on 225,000 shs
—V. 145, p. 3984.
Listing—
of 5%
Co.—Earnings—
Ended June 30—
6 Mos
Net income
company
tax.
Aug. 20 last, this latter being the first
1937, when 35 cents per share was distributed.
Dividend of 50 cents was paid on
dividend paid since Dec. 24,
—V. 151. p. 715.
$702,384
$1.40
$622,346
$0.45
$0.36
1940
26,
stock.
1940—9 Mos.—1939
1940—3 Mos.—1939
$187,504
$226,982
Period End. Sept. 30—
x
Oct.
of 15 cents per quarter for the
The directors established a regular rate
Van Raalte
Co., Inc.—Earnings—
Period End. Sept.
1940—9 Mos.—1939
1940—3 Mos.—1939
30—
Net
profit after taxes,
deprec., &c
Earns, persh. on 129,281
shs.
stock
com.
$178,106
$174,147
$1.12
$530,801
$663,466
$1.15
$3.42
$4.45
-
—V. 151, p. 1009.
Ventures Ltd.—Interim Dividend—
Directors have declared an interim dividend of 10 cents per share on the
stock, payable Dec. 21 to holders of record Nov. 29.
Dividend
was paid on March 30, last, and July 29, 1939; one of 10 cents,
share was paid on July 5, 1938.
149, p. 271.
common
of five cents
on
Jan. 4, 1939, and one of 12 Yi cents per
—V.
Victor Chemical
Period End.
x
Earns.persh.
result of the amended plan the capital of the company will be re¬
Works—Earnings—
x
on cap.
stk.
After all charges,
1940—9 Mos.—1939
y$848,407
x$735,783
$1.22
$1.06
1940—3 Mos.—1939
y$362,562
x$298,801
$0.52
$0.43
Sept. 30—
Net profit
including Federal income taxes,
y After provision
now effective, but before provision for
duced from $73,907,072 to $39,476,760
for income tax at the increased rates
$34,430,312.
any excess
thereby creating a capital surplus of
The plan provides that $25,000,000 of this surplus will be
transferred to a reserve for depreciation of investments.
The company
states that it is contemplated that a portion of the remaining capital surplus
will be applied to write off organization expense and to effect certain reduc¬
tions in its investment account.
The balance will remain as capital surplus.
—V. 151. P. 2210.
United States Hoffman Machinery
goods sold
Sell., admin. & gen. exp-
Deprec. of physical prop.
Int. & other inc. chargesi
Prov. for Fed. & foreign
income taxes (est.)
does
$101,587
206,547
$88,486
47,774
45,999
$630,953
145,786
150,951
$308,133
135,131
127,601
40,172
Cr72
$92,464
not
amort. &
loss$5,215
76,510
$257,706
include interest accrued
10,047
$35,354
on
instalment accounts
receivable because such interest is taken into income only when collected.
Note—The income and expense of European subsidiaries have been
1937
1938
Fed. income
1,151
before
$17,984
6,124
1,147
$40,918
5,106
1,436
$13,539
$10,713
$34,377
$21,051
6,361
$48,930
taxes
Deprec. of bldgs. & equip
Profit
—
1939
1940
deprec.,
2,963
1,150
Amortization of patents.
2,221,827
1,066,636
$411,466
219,488
Equipment Co.—Earnings
before
Profit
Federal
$44,816
income tax
—V. 151, p. 1159.
Vinco
Corp.—Earnings —
Earnings for 9 Months Ended Sept. 30, 1940
Net income after all
excess
charges including provision for
profits taxes
normal and
$72,118
$0.58
-
Earns, per share on common stock
Net inc. for period
item
2,777,251
1,199,563
$22,688
65,798
_
This
$3,390,049
$238,838
50,207
55,995
>
x
$4,388,279
$167,379
71,459
Profit from operations
>
Interest & other income
Victor
3 Mos. End. Sept. 30—
—
1940—9 Mos.—1939
$1,552,934
Cost of
x
Corp. (& Subs.)
1940—3 Mos.—1939
$1,154,755
976,659
773,482
408,897
358,584
Period End. Sept. 30—
Net sales.
profits tax.—V. 151, p. 1442.
...
for the first 17 days of October were approxi¬
mately $56,000, indicating net sales for the month of approximately $100 ,000
The company's backlog of unfilled orders is estimated at $500,CC0 and the
present rate of operations indicates that sales and net income in the fourth
quarter will exceed any previous quarter in the history of the company.
—V. 151, p. 1915.
Sales of the corporation
excluded for purposes of comparison.
Consolidated
Cash
$417,170
Instalment
Balance
$399,049
4,556,739
rec
Notes
4,069,196
553,596
549,258
1,478,975
Prep'd <fc def. chgs.
43,439
1,262,595
44,378
Due from eraplees.
27,208
9,103
5,972
Mtge.rec.—at cost
Sundry investm'ts
Inv.
in
Res.
for
276,452
7,669
*
292,537
1,291,450
Common stock..
Directors have declared
1,130,082
1,130,082
1,397,569
Earned surplus
1,419,117
1,382,596
1.213,239
1
800,667
stock,
Int.
y
x
y
$8,124,579 $7,307,527
After depreciation reserve of $458,075 in
1940 and $442,984 in 1939.
Shares of $5 par value.—V. 150, p.
on notes
and drafts.
Coupon interest
Deprec. taken
and
z
on
233,076
1939
1938
$549,953 loss$498,996
19,950
8,457
4,380
6,095
237,158
239,695
1937
$2,045,631
7,129
7,303
251,709
plant
equipment
Res. for Fed. inc. taxes
Consol. net profit
held Oct. 17,1940, declared a dividend
stock, payable Nov. 26 to stockholders
The board of directors at a meeting
Subs.)—Earnings—
1940
$1,227,205
23,142
330,042
135,275
327,661
2,126
331,271
7,521
307,168
218,298
$505,670
$0.35
a$41,322
Nil
a$l,09*2,036
$1,254,024
570.
United Specialties Co.—Dividend—
of 15 cents per share on the common
of record Nov. 20, 1940.
Ltd.—5-Cent Dividend—
dividend of five cents per share on the common
Int. onmtge. bds.of subs
1
$7.307,5271
$0.45
payable Nov. 25 to holders of record Nov. 15.
Dividend of 2H
share was paid on April 15, last.—V. 150, p. 2902.
9 Mos. End. Sept. 30—
1
$8,124,579
a
Walworth Co. (&
Profit before int. & depr.
Total.
Total
$0.72
State taxes.—Y. 151, p. 570.
cents per
42,670
Pats., goodwill, &c
$0.11
$0.30
After depreciation, Federal and
Walkerville Brewery,
conv.
y
868,808
a
257,593
prref. stk 1,251,450
European
Plant property
1940—3 Mos.—1939
1940—9 Mos.—1939
$3,506,831
$3,338,423 $10,332,881 $10,064,175
127.557
50,067
306,592
193,300
Earned per sh. of com.
stock on 424,600 shs._
6,115
15,318
1
Net credits.
Federal
income taxes
5^%
376,155
of
Capital surplus
subsidiaries
x
acct.
System, Inc. (& Subs.)—Earnings—
Sept. 30—
Total sales.
a
94,350
93,750
42,670
Treasury stock
accts., Ac.
on
uncomplet. sales
Cumulative
33,118
—at cost
paybanks$2,250,000 $1,750,000
accr.
Dep.
24,070
Deposits on leases,
contracts, Ac...
Inventories
Period End.
Sept.30,'40 Dec.31,'39
Accts. payable and
accts.
Other accts. rec..
Waldorf
Sheet
Liabilities—
Sep*.30,'40 Dec.31,'39
Assets—
A
Earns, per sh.on com.stk
x
Nil
1,310,504 shares of common stock (no par) outstanding,
bonds and debentures of Walworth Co.
tributed profit.
a
Loss.
z
x$0.95
y
Exclusive of surtax
On mortgon
undis¬
Volume
The Commercial & Financial Chronicle
151
Clears Up Dividend Arrears
on
Pref. Stock—
Exchange Plan to Terminate Dec. 4-—
Directors on Oct. 22 declared a dividend of 90 cents
per share on the 6%
preferred stock, payable Nov. 15 to stockholders of record Nov. 1.
This
declaration, covering a period of a year and a half, clears up all arrears on
this issue.
See also V. 151, p. 717.
Corporation has notified the New York Stock Exchange that the offer
to exchange 7% cum. pref, stock, class A, and 6% cum. pref. stock, class B,
for cum. prior pref. stock, 4)4 % convertible series, cum. prior pref. stock,
4 H % series, and common stock pursuant to the plan of recapitalization
will terminate
Waterloo Cedar Falls & Northern
p.
263.
Westchester Fire Insurance Co.—To Pay
Three Months Ended—
Profit from operations—
Other income
x
Extra Div.—
stock,
par
paid
$10, payable Nov. 1 to holders of record Oct. 21.
on Aug. 1 last.—V. 151, p. 571.
v
Like
Total income.
y
p.
Casting Co., Oakland, Calif.—Stock
Offered—An issue of 25,000 shares class A common stock
was
recently offered at par ($1) per share by Greenwood,
Bennett & Co., Hollywood, Calif., to persons actually
resident within the State of California only.
Stock transferred at the office of the company, 4065 Hollis St., Oakland,
Calif.
<
Company, located in leased premises at 4065 Hollis St., Oakland, Calif.,
was incorp. Dec. 31,1926, in California.
Company conducts a commercial
precision die casting business and manufactures tools, dies and bakelite
molds.
Additional to the jobbing business, the company has developed a
line of products, including two types of oil faucets, three sizes of pressure
regulating valves, flanges and plugs for drums and metal containers.
Some
of these products are now being marketed in a limited way.
Under its amended articles of incorporation, the company has an author¬
ized capital of $125,000, divided into 50,000 shares of class A common
stock (par $1) and 75,000 shares of class B capital stock (par $1).
Prior
to the issuance of any of the shares now offered for sale 50,00O shares
have been issued of which 25,000 are class A and 25,000 shares are class B.
I* The proceeds of this financing are to provide funds enabling the company
to install a new aluminum alloy die casting machine, to reduce bills payable,
to increase the working capital and for other corporate purposes.
Cos.—Earnings—
1940—12 Mos.—1939
$9,678,847
$9,239,216
4,351,037
3,552,051
b2,237,742
2,172,793
$2,201,929
132,726
$2,452,035
114,491
$3,090,067
179,931
$3,514,372
131,662
$2,334,655
388,982
...
1940—9 Mos.—1939
$7,161,583
$6,867,373
3,213,776
2,766,134
bl,745,878
1,649,204
$2,566,527
381,712
$3,269,998
519,724
$3,646,034
509,544
Operating profit
Other income
Total earnings
_
_.
Interest deductions.
$1,945,673
$2,184,814
$2,750,273
Available for retirement reserve, dividends and surplus,
been made for estimated increased taxes.—V. 151, p. 1915.
$3,136,490
b Provision has
Period End. Sept. 30—
1940—3 Mos.—1939
$0.41
Earns.per sh.on com.stk.
x
,
$0.20
xl940—9 Mos.—xl936
$4,509,287
$1.42
$1,490,190
$0.47
Estimated.
Woodall Industries, Inc.—Dividend—
Directors have declared
a dividend of 10 cents per share on the common
stock, payable Nov. 12 to holders of record Nov. 2.
Dividend of 20 cents
was paid on July 30, last; 10 cents on Jan. 30, last; and previous dividend was
the 25-cent distribution made on Sept. 15,1937.—V. 151, p. 435.
Wright Aeronautical Corp.— Starts New Plant—
on Oct. 23 broke ground at Lockland, Ohio, preliminary
company's new $32,000,000 aircraft engine manufacturing
plant to speed production of Wright Cyclone aircraft engines for the national
defense program.
According to Guy W. Vaughan, President of CurtissWright Corp. and the Wright Aeronautical Corp., it will be the largest
single-story industrial plant ever erected in one unit in the United States.
The huge structure will occupy a total of 1,694,320 square feet of floor
area
on a
220-acre site near Cincinnati.
Main building will comprise
1,468,320 square feet of floor area—nearly 35 acres under one roof.—V.
151, p. 2367.
Corporation
to construction of
(Wm.) Wrigley Jr. Co. (& Subs.)—Earnings—
Period End. Sept. 30—
1940—3 Mos.—1939
1940—9 Mos.—1939
Operating profit.$6,489,272
$6,410,103 $18,275,966 $17,550,519
Expense
3,249,109
3,469,589
8,369,397
9,226,713
Depreciation
183,592
161,310
533,754
479,313
Foreign exchange loss..
1940—Month—1939
Period End. Sept. 30—
net
-Earnings—
$4,746,315
bined pref & com. stks.
$1.77
1940—9 Mos-
Bonus
to
$2,731,023 $14,583,327
-1939
$1.02
$5.46
$9,069,810
$3.39
Employees—
Wages and salaries will be adjusted upward 10% this month in accordance
with the company's bonus compensation plan under which a disbursement
is made on the basis of earnings of the company in the three preceding
months.
Last month's bonus also was 10%.—V. 151, p. 2060.
Westvaco Chlorine Products Corp .—Registers with SEC
Preferred Offered in Exchange for Old Preferred Stock—
The company on
a
Oct. 23 filed with the Securities and Exchange com¬
registration statement (No. 2-4541, Form A-2) under the Secur¬
ities Act of 1933 covering 60,000 shares of $4.50 cum. pref. stock (no par).
F. Eberstadt & Co., Inc., heads a group of 29 underwriters which pro¬
poses to
make
a
public offering of the shares subject to an exchange offer
by the company to holders of its present 5% conv. pref. stock, outstanding
in the amount of 180,914 shares as of Sept. 28.
This offer is to be made
on
the basis of 1 1-10th shares of the new pref. for each $100 par value
of conv. pref. stock, which is
Net proceeds from the sale
of $30 par value per share.
of the new pref. stock to the underwriters
redemption at $33 per share of any shares of conv.
pref. stock outstanding on the date set for redemption.
Any of such
proceeds not so required will be added to the general funds of the company.
The 60,000 shares of new pref. stock to be offered are part of an issue
of 75,000 shares of $4.50 cum. pref. stock, without par value, which stock¬
holders of the company will be asked to authorize at a special meeting
will be applied to the
called for Nov. 4.
Products of the company, including chlorine, caustic soda, and other
basis chemicals, are sold to a widely diversified group of industries.
The
company's manufacturing plants are located in South Charleston, W. Va.;
Carteret, N. J., and Newark, Calif., and magnesite mines are leased at
various locations in California.
Underwriters of the stock will be F. Eberstadt & Co., Inc., New York;
Dillon & Co., New York; Lee Higginson
Corp., New York;
Rollins & Sons, Inc., New York; Riter
Co., St. Louis; Jackson & Curtis, New
York; Milwaukee Co.; Wisconsin Co., Milwaukee; Ames, Emerich & Co.,
Inc., Chicago; Laurence M. Marks & Co., New York; Equitable Securities
Corp., Nashville; Francis, Bro. & Co., St. Louis; Stern Bros. & Co., Kansas
City; Alex. Brown & Sons, Baltimore; Merrill Lynch, E. A. Pierce &
Cassatt, New York; Moore, Leonard & Lynch, Pittsburgh; Schwabacher
& Co., San Francisco; Starkweather & Co., New York; Spencer Trask &
Co., New York; Whiting, Weeks & Stubbs, Inc., Boston; Stix & Co.,
St. Louis; Boettcher & Co., Denver; Bankamerica/ Co., San Francisco;
Brush, Slocumb & Co., San Francisco; Davis, Skaggs & Co., San Fran¬
cisco; W. E. Lanahan & Co., Baltimore, and Stein Bros. & Boyce, Baltimore.
Eastman,
Coffin & Burr, Inc., Boston; E. H.
& Co., New York; G. H. Walker &
—V. 151, p. 2211.
(Wm.) Whitman Co., Inc.—Govt. Contracts—
Company has recently been awarded two contracts totaling $1,305,859
for the U. S. Government.—V. 150, p. 1796.
to manufacture cotton cloth
Worthington Pump & Machinery Corp. (& Subs.) —
9 Mos. Ended Sept. 30—
Net profit after provision for
Earnings
$9,372,815
396,641
$7,844,493
$2,928,599
526,619
197,357
$9,769,456
2,801,142
$8,472,347
1,511,358
_
200,000
Net profit
x
$2,204,623
$1.12
$1,967,660
$1.00
Earns, per share.
of
627,854
197,357
Prov. for contingencies-
$6,768,314
$3.44
$6,763,632
$3.45
On 1,963,964 shares of no par capital stock in 1940 and 1,959,467 shares
no
capital stock in 1939.—V. 151,
par
Yale & Towne Mfg.
Period—
p.
2061.
Co.—Earnings—
Mar. 31, '40
Net earnings from opers.
Interest received
Total
Total
June'6u, \0 Sept. 30, '40
$330,305
$378,899
8,922
6,069
$331,622
9,180
$340^802
9 Mos.
$1,040,826
24,171
$126,780
5339,227
5128,369
$384,968
$131,743
$1,064,997
$386,892
$214,022
—
Depreciation charges—
$210,858
$253,225
$678,105
Yellow & Checker Cab Co.—Accumulated Dividend—
Directors have declared
1940
Federal income taxes $1,543,473
$4.12
share on common stock—...—*—
on
the
8%
1939
$265,306
Nil
a
dividend of $1 per share
on account
of accumula¬
class A stock, par $50, payable Oct. 30 to holders of
was paid Sept. 15 and Feb. 26 last, Nov. 29.
Aug. 12, 1939.—V. 151, p. 1443.
'
cum.
Like amount
record Oct. 28.
earnings
after all charges...— .
Earns, per share on com¬
mission
$2,779,204
149,395
$3,161,303
1,193,643
tions
—New
$3,056,571
104,732
T.
Other income
Net profits after taxes
Westinghouse Electric & Mfg. Co.
10%
loss$52,661
—V. 151, p. 572.
,
George A. Blackmore has been elected Chairman of the board, which
position he will hold in addition to the Presidency.
W. H. Cadwallader
was elected a director.—V. 151, p. 571.
Estimated
$125,861 loss$177,471
x After
deduction for selling, administrative and general expenses,
Interest allowed on prepaid accounts, discounts, allowed, bad debts, and
franchise taxes, &c.—V. 151, p. 718.
*
New Chairman—
v
$6
7,000
10,117
13,990
3 Months Ended
Westinghouse Air Brake Co. (& Subs.)—Earnings—
Net profit after deprec.,
and Federal taxes.--_ $1,305,287
5,997
10,117
13,989
y
x
a
5,940
10,117
13,990
Net inc. before prov. for inc. taxes.
[Including Constituent Companies,
Taxes
$166,076
55,464
132,167
..
Die
Period End. Sept. 30—
Operating revenues
Operating expenses
$39,746
63,625
123,488
10-year 6% notes, due 1945
7 % bonds Amer. Wire Fabrics Corp
contract
contract
totaling $140,268 to manufacture duck shelter half for tents.—V. 151,
Western Massachusetts
$365,109
76,132
133,070
_
Deductions
Loan—RFC....
U. S. Government recently awarded this company one
manufacture duck tentage, totaling $704,591, and another
Western
4,1940.—V. 151, p. 2367.
Sept. 30 '40 June 30 '40 Sept. 30 '39
$293,562
loss$4,017
$111,631
71,548
43,762
54,445
Provision for depreciation..
Interest on bonds and notes—
West Point Mfg. Co .—Government Contracts—
The
to
—
—
-
The directors have declared an extra dividend of 10 cents per share in
to the regular
quarterly dividend of 30 cents per snare on thj
amounts were
of the close of business on Dec.
Wickwire Spencer Steel Co. (&. Subs.)—Earnings—
addition
common
as
Ry.—Receivership—
The company was placed in
receivership July 1, 1940 as the first step in
reorganizing the property.—V. 151,
2517
Sept. 25, and on
Sheet & Tube Co.—$10,500,000 Serial
Privately—Also Registers $45,000,000 laf
Mtge.
Bonds—Frank Purnell, President, announced on
Oct. 18 that arrangements have been completed for the
private placement of $10,500,000 of 1 to 7-year serial deben¬
tures of the company as a first step in a refunding program
designed to bring about a further substantial reduction in
the company's mortgage debt.
It is understood that all sales
of the debentures were made to commercial banks and that
interest rates run from 0.40% to 2.10%.
A registration statement covering the proposed issuance
and sale of $45,000,000 of first mortgage 6lA% bonds was
filed with the Securities and Exchange Commission on
Youngstown
Debentures
Oct. 21.
Placed
,:
..
■_
f
;;;;
.
;
;
proceeds of the mortgage bonds and of the serial debentures will be
refund the presently outstanding $55,500,000 of first mortgage,
series C, 4% bonds due 1961.
The latter are callable at 104 up to May 1,
The
used
to
1945.
'
The series C bonds were sold in 1936 in the principal amount of $60,000,000 by a banking group headed by Kuhn, Loeb & Co. and Edward B.
Smith & Co., as were $30,000,000 of 3H% debentures, to refund a total
debt of $84,962,000 then outstanding.
The 'SM% debentures
subsequently converted into common stock, and in 1938 the company
mortgage
were
sold an issue of
$30,000,000 of 4% debentures, also convertible, to pay off
bank loans and to finance the cost of improvements at the Indiana Harbor
Works.
Of
this
$30,o00,000
of
debentures,
$10,000,000
were
retired
Oct. 1, 1940, by the issue of $10,000,000 one to seven year serial notes
dated Aug. 15, 1940, bearing interest from 0.50% to 2.25%.
The effect of the first mortgage refunding in 1936 was to reduce the total
mortgage debt of the company
by $24,962,000.
the outstanding mortgage bonds have been
Since 1936, $4,500,000 of
retired through the operation
and the proposed transaction will further reduce the
mortgage debt by $10,500,000 bringing it down to $45,000,000.
Expenditures since Dec. 31, 1935, on additions and betterments to plants
and properties, according to Mr. Purnell, amounted to more than $45,,000,000 and include:
At the Campbell Plant Works, a 54-inch tandem cold reducing mill,
with additional finishing equipment for hot rolled and cold rolled sheets
and strip, thereby supplementing the 79-inch continuous hot strip mill and
a 75-inch tandem cold reducing mill completed in
1935.
These improve¬
ments modernized the plant's facilities for sheets and strip and greatly
increased the capacity for these products,
A modern seamless tube mill
was also installed, with increased capacity, in the place of the former unit.
At the Brier Hill Works, instalation of facilities employing a new method
for improved electric welded pipe; also construction of a new mill for the
rolling of rounds for use at the seamless tube mill.
Indiana Harbor Works, complete remodeling of the tin plate producing
units by the instalation of a 54-inch continuous hot strip mill and a 5-stand
continuous cold reducing unit, with facilities for finishing hot rolled sheets
and strip and increased tin plate finishing capacity; the addition of a new
blooming mill; and the increase of open-hearth plant capacity by 200,000
tons per year by construction of a new open-hearth furnace and remodeling
of the sinking fund
of other furnaces.
Other improvements include increased boiler plant and electric power
production, improved methods of producing butt weld pipe, &c.
The Commercial
2518
.cntM1
Bonds—
Requsters $45,000,000 -i W %
Company on Oct. 21 filed with the Securities and Exchange Commission
under the Securities Act
of 1933, covering $45,000,000 of 3M% first mortgage sinking fund bonds,
series D, due Nov. 1, 1960.
The names of the underwriters and the amount of the new bonds to be
underwritten by each are as follows:
a
registration statement (No. 2-4539. Form A-2)
...
55,000,000
5.000,000
250,000
Bacon, Whipple & Co
150,000
A. O. Becker A Co., Inc..—..
350,000
Biddle, Whelen A Co
150,000
Blair A Co., Inc
300,000
Blair, Bonner & Co
150,000
Blyth & Co., Inc
1,700,000
Bonbrlght A Co., Inc
1,000,000
Kuhn, Loeb A Co
Smith, Barney A Co
A. C. Allyn & Co., Inc
...
150,000
300,000
200,000
Alex. Brown A Sons
H. M. Byllesby A Co., Inc.—
Republic Co—.
Clark, Dodge A Co
Central
E.W.Clark A Co
200,000
Selling expenses—
350,000
Lazard Freres A Co
.......
...
Lee Higginson
700,000
Profit from
1,000,000
Laurence M. Marks A Co
McDonald-Coolidge A Co
150,000
1,700,000
Mellon Securitlts Corp
Merrill Lynch, E. A.
Pierce
A Cassatt—
.
A Co
Newhard Cook A Co—
200,000 Paine, Webber A Co
250,000
E. H, Rollins A Sons, Inc
Fqultable Securities Corp
250,000
Ilrst Boston Corp
roy. Inc.
.......
First Cleveland Corp
First of Michigan Corp
Glore, Forgan A Co
Goldman, Sachs A Co
Graham, Parsons A Co
250,000
Hallgarten A Co
300,000
Harrlman Ripley A Co., Inc.. 2,100,000
Harris, Hall A Co. (Inc.)
300,000
Hawley, Huller A Co
200,000
Hayden, Miller A Co
250,000
Hay den, Stone A Co
Hemphill, Noyes A Co.......
Hornblower A Weeks
...■
—
Rockefeller
250,000
Inc.
150,000
Singer, Deane A Scrlbner
Starkweather A Co
100,000
Stern, Warn pier A Co., Inc—
150,000
Stroud A Co.. Inc
Swiss American Corp..
150,000
Spencer Tra.sk A Co.Tucker, Anthony A Co——
Union Securities Corp
G. H. Walker A Co
—
250,000
W. E. Hutton A Co
Yarnall A Co
150,000
250,000
150,000
700,000
100,000
-
Wells-Dickey Co
White, Weld A Co
1,000,000 Whiting, Weeks A Stubbs, Inc.
300,000 The Wisconsin Co
200,000 Dean Witter A Co
Colgate, Hoyt A Co..
100,000
Co.,
A
income taxes
100,000
700,000
200,000
—
250,000
44,576
200,000
Common dividends
Earns, per sh. of com.
$2.13
stock (200,000 shs, $2.50 par)
Consolidated Balance Sheet Dec. 31, 1939
Assets—Cash, $234,262; accounts receivable (net), $940,167; inventories
$885,379; cash surrender value of life insurance policies, $48,339; cash
deposited for payment of dividend payable Jan. 1, 1940, on preferred stock,
$11,375; cash deposited for retirement of preferred stock—subsidiary com¬
pany, $149; accounts receivable (officers and employees), $26,809; note
receivable, $15,099; fixed assets (net), $1,828,994; deferred charges, $28,026;
7% cumulative preferred stock in treasury (at cost—132 shares), $12,142;
total, $4,030,742.
Liabilities—Notes payable, $250,000; accounts payable (trade), $29,284;
accrued salaries, wages and commissions, $28,566; accrued taxes, expenses,
and miscellaneous items, $74,167; provision for Federal and State taxes—
current period, $139,812; provision for additional Federal and State taxes—
prior periods, $10,082; reserved for dividend—payable Jan. 1, 1940—
preferred stock, $11,144; reserve for retirement of preferred stock—sub¬
sidiary company, $149; equity of minority stockholders in subsidiary com¬
pany, $397; 7% cumulative preferred stock (par $100), $650,000; common
stock ($2.50 par), $500,000, surplus earned from operations, $2,210,832,
surplus earned from preferred stock retirements, $117,787; surplus earned
from
preferred stock retirements—subsidiary company, $8,521; total.
$4,030,742.—V. 150, p. 3365.
350,000
150,000
700,000
-
$470,609
Net profit
Preferred dividends
150,000
150,000 Bchoellkopf, Hutton A Pome-
Estabrook
100,000 Schroder
Other expenses
Allowance for Federal and State
r
100,000
300,000
300.000
,
100,000
2,100.0001
200.000
200,000
700,000
1,000,000
31,098
$665,311
75,570
119,132
Gross income
200,000
Emanuel A Co
Co
$634,213
operations
350,000
-
Eastman, Dillon A Co
A
©4,494
254,420
——
150,000
W. H. Newbold's Son A Co.—
Fahey, Clark A Co
Field, Richards A Co
amortization—_—
Other income
Corp
Brothers
Lehman
300,000
700,000
Drexel A Co
-
700,000
G. M.-P. Murphy
2,250,000
Domlnlck A Domlnlck
$1.695,377
722,249
depreciation and amortization.—
Gross profit before
Administrative expenses
Allowance for depreciation and
A Co
200,000
350,000 Moore, Leonard A Lynch
100,000
200,000 Morgan Stanley A Co., Inc.— 3,000,000
100,000
150,000 Maynard H. Murch A Co.,
Coffin A Burr, Inc—
Year Ended Dec. 31, 1939
Consolidated Earnings for the
700.000
Ladenburg, Thalmann A Co..
(& Subs.)—
Inc.
Co.,
Voehringer
Mock, Judson,
Earnings—-
350,000
....
1940
26,
outstanding 23,200 shs., incl. 4,625 shs. in treasury; common, outstanding
126,000 shs.), $309,900; earned surplus, $792,077; cost of 4,625 shares
preference stock, Dr$177,522; paid-in surplus, $383,500; total, $1,363,961.
—V. 146, p. 4125.
100,000
Jackson A Curtis
Janney A Co
i
Kidder, Peabody A Co
M err 111, Turben
350,000
Curtlss, House A Co
Dillon, Read A Co
Illinois Co. of Chicago
Oct.
Financial Chronicle
A
CURRENT
will be offered to the public, the underwrit¬
ing discounts or commissions and the redemption provisions are to be fur¬
nished by amendment to the registration statement.
The prospectus states that to facilitate the offering it is intended to
stabilize the price of the series D bonds.
This is not an assurance, it states,
that the price will be stabilized or that the stabilizing, if commenced, may
not be discontinued at any time.—V. 151, p. 2367.
NOTICES
The price at which the bonds
—Raymond Rubicam, Chairman of the Board of Young &
Rubicam,
Inc., today announced the further expansion of the research department of
the agency, under
Director
the direction of Dr. George Gallup, Vice-President and
Research.
of
George T. Sewall, formerly head of copy research, becomes Manager of
the Research Department.
Zonite Products Corp.
Period End. Sept. 30—
(& Subs.)— Earnings^—
Federal income taxes
$47,845
8,835
14,695
Res. for future advt.
Cr 5,000
Depreciation
Net profit
Shares capital stock out¬
$29,315
standing (par $1)
Earnings per share
—V. 151. p. 1160
825,656
$0.03
Frederick P.
1940—9 A/os.—1939
1940—3 A/os, -1939
Operating profit
$167,807
28,113
43,390
026,524
$18,193
11,107
4,315
Cr5,000
$21,920
34,130
11,925
Garrit
Reynolds, formerly a member of the merchandising staff,
of Product
Director
Research.
search, is appointed Director of Copy Research.
for the last three years,
—At the initial
825,656
825,656
$0.15
825.656
$0.01
and Marketing
Lydecker, who has been associated with Dr. Gallup in copy re¬
Joseph II. Holmes Jr., who has been a member of the radio department
loss$24,135
$122,828
$7,771
becomes
Nil
York to be held
French
is appointed Director of Radio Research.
luncheon
meeting of the Municipal Bond Club of New
Tuesday, Oct. 29, at the Bankers Club, Edmond Taylor
on
correspondent for the Columbia Broadcasting
head of the Chicago Tribune Paris Bureau from 1933 to
Modine Manufacturing
Co.—Earnings—
V'
profit from operations
Selling, shipping and administrative expenses
guest speaker.
—
....
$1,152,554
765,398
Net profit from operations
Other income
$387,156
¥ Total income
$422,689
31,788
92,500
35,533
who
was
Mr. Taylor, who has covered the principal international
conferences abroad and such events
Earnings for Year Ended Dec. 31, 1939
Gross
System,
Dec., 1939, will be
as
the Hitler revolution in Germany,
the Austrain Anschluss, the Spanish Civil War and the present war until
the surrender of France, and who is author of the new book
Terror," will speak
Delmont
on
"Strategy of
"The Battle of America—Hitler's First Defeat."
K. Pfeffer of National City Bank of New York, president of
the club, will preside.
Other
deductions
/
Provision for Federal and State taxes on income
—Riter & Co., members of the New York Stock Exchange, announce that
Allen J. Nix and Wesley A. Stanger Jr. have been admitted to the firm as
general partners.
Net
$298,401
income
150,398
$2.98
Dividends
paid.
Earnings per share of capital stock
...
Balance Sheet Dec. 31,
Assets—Cash, $291,384; demand certificates of deposit, $300,000; securi¬
ties, $108,023; notes and accounts receivable (net), $750,969; inventories,
$665,875: cash surrender value of insurance on life of officer, $45,810;
sundry accounts and claims receivable, $1,741; demand deposit subject to
license contracts, $22,473; property, plant and equipment (net), $705,208;
deferred charges, $51,112; patents, $37,905; patterns, $1; total, $2,980,501.
|im Liabilities—Accounts payable, $237,366; salaries, wages, commissions,
&c., accrued, $134,427; taxes accrued, $145,777; sundry accruals, $2,667;
reserve
under license contracts, $22,510; capital stock (100,199 no par
shares), $242,983; paid-in surplus, $36,186; earned surplus, $2,158,586;
total, $2,980,501.—V. 151, p. 2357.
Monroe Chemical
Co.—Earnings—
City, to act
as
Inc., have opened offices at 60 Wall Street, New York
underwriters and wholesale distributors of industrial and
general market securities.
Officers of the
Earnings for the Year Ended Dec. 31,1939
(est.)
firm
are
Charles
Osier,
—Don M.
Western
Craft, with Paine, Webber & Co. since 1928 and the firm's
partner
charge
in
of investment
business, has been transferred
from Chicago to New York to take charge of the investment department
in this
office, it
was
—Stubner & Co.,
announced.
.
members of the Pittsburgh Stock Exchange,
the formation of their firm
of Nov. 1.
as
announce
C.J. Stubner will be in charge of
Lee M. Stubner in their New York office at
60 Wall Street.
$128,830
11,543
22,000
Depreciation
new
President and Treasurer, and H. L. Novak, Secretary.
their Pittsburgh office, and
Net income from operations
Federal income tax
Trading and Sales Divisions.
—Osier & Co.,
1939
Both have been with Riter & Co. since its formation in
1933, Mr. Stanger in the Sales Department and Mr. Nix in charge of the
—M.
L.
Moore
&
Co.,
specialists in municipal bonds,
removal of their office to 20
Broad St., room 1501.
announce
the
Bennett M. Minton
will have his office with them.
IP
Net
$95,287
65,953
income
Dividends on preference stock
Earnings per share of common stock
$0.23
—Lee
Higginson Corp. announces that F.
Bradford
Simpson Jr. has
become associated with the firm in charge of its Municipal Bond Depart¬
ment.
Balance Sheet Dec. 31, 1939
¥*Assets—Cash, $129,032: customers' accounts (net), $173,951; inventories,
$98,097; cash surrender value of life insurance policies, $84,016; salesmen's
accounts, $804; unlisted stocks, $2,101; prepaid insurance, &c., $13,023;
property accounts (net), $220,134; goodwill, trade marks, &c., $642,803;
total, $1,363,961.
Liabilities—Dividends payable on preference stock, $16,253; accounts
payable, $8,986, accrued taxes, $8,462; accrued Federal income tax, $22,305;
stated capital (represented by shares of no par value: $3.50 preference,
—Gwaltney, Gulden & Co. announce the removal of their'office to 41
Broad St., New York City.
Their telephone remains Hanover 2-5720.
—Hornblower & Weeks, 40 Wall St., New York City, have prepared
an
analysis of Giddings & Lewis Machine Tool Co.
—Sullivan & Co. of Denver, Col., announce that Allan S. Richardson is
now
associated with their firm.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
•
/
;
Coffee—On the
Friday Night, Oct. 25, 1940
19th inst. futures closed nominally un¬
changed.
There were no sales.
For the week prices were
8 to 12 points lower despite the fact that the tone of the actual
market
was
firm.
For
more
than
a
month
now
the trade
has been expecting an announcement from Washington of
completion of negotiations of the quota plan.
It is expected
that the aggregate quantity to be made available for this
market will be in the neighborhood of 15,000,000 to 16,000,000 bags, and that a differential will be established
between the basic grades of Colombian and Brazilian coffee.
On the 21st inst. futures closed 4 points net lower for the
The Commercial & Financial Chronicle
Volume 151
Santos
contracts,
with
sales
totaling
10
lots.
On
sales
of about 2,000 bags Santos coffee futures were 3 points higher
at 1 o'clock, with March selling at 5.94 cents.
Most were
still
The
waiting for
New
an
York
official Washington statement on quotas,
will bear later this afternoon from
trade
P. R. Nelson who has been in
Washington most of last week,
expected Mr. Nelson will review the progress to date on
the quota agreement.
On the 22d inst. futures closed with
the record showing only two contracts traded, and they were
executed in the Santos March contract, which closed 7 points
up from previous final.
According to latest reports from
Washington, the next plenary session of the Inter-American
committee has been postponed from today until Thursday,
Santos coffee futures were 5 points higher during early afternoon, with extreme dullness prevailing.
Yesterday the coffee
trade discussed the question "if loans were made to Latin
American countries against surplus coffee, what fundamental
form would they be made in ?"
No definite conclusion was
reached, but similar discussions will be held in Washington
attended by Messrs. Mackey, Friele, Soffregen and Nelson,
On the 23d inst. futures closed 8 to 11 points net higher,
with sales totaling 52 lots, of which half were switches,
Short covering and Brazilian buying sent coffee futures up
8 to 9 points.
News from Washington said the InterAmerican committee had adjourned yesterday to meet again
tomorrow.
P.
Nelson, Vice-Chairman of the National
Coffee Association reported that it was impossible to forecast
when the details of the coffee plan would be completed, but
it was believed soon.
Meanwhile, the actual market was
firm. Resale Colombian coffees were said to have been sold
It is
at
*
gain of
to %c.
A report from Canada said the question of bartering wheat, flour and lumber for Salvadorean
coffee has been discussed.
Heavier buying of coffee by the
United States Army is expected.
It is said that bids on
2,000,000 pounds of Santos coffee, for the army, will be
opened next week.
On the 24th inst. futures closed 2 to 5 points net higher
for the Santos contract, witn sales totaling 25 lots.
Santos
coffee futures were unchanged to 2 points higher during the
early trading.
According to reports from Washington the
Inter-American committee today may approve the work of
the coffee sub-committee.
The next step will be ratification
by individual countries and the setup by each of necessary
legislation to effect the plan. After that a report back to the
Inter-American committee is expected.
This will take until
after election day, it is said, but will be a mere formality as
government representatives of all countries have been on the
Washington committee. In Brazil spot Santos prices on hard
and soft 4s were 200 reis per 10 kilos higher.
Brazilians were
said to be buying dollars on the strength of the swing toward
Willkie.
The United States Navy is said to have accepted
bids on 16,000 bags of coffee at about 5^c. for Santos 4s,
delivered Brooklyn base.
Today futures closed 9 to 10
points net lower for the Santos contract, with sales totaling
14 lots.
Scattered selling sent coffee futures, the Santos
contract, off 3 to 5 points. July sold on the opening at 6.20,
off 3 points.
Nothing came out of the Inter-American committee meeting, which took place in Washington yesterday,
The actual market was steady but dull.
High grade Brazils ;
showed independent strength and very few "mild" offers
were made.
According to one story, Peru is holding up the
agreement on quotas for export to the United States, but
not because of a desire only for a larger quota.
Other
matters are said to be delaying ratification.
Rio coffee prices closed as follows:
December.
4.03|May
.4.15
a
_._4.091July.
March, 1941—
Santos coffee prices
closed
as
4.19
follows:
M?rch, i94iIIZZZIIIIZIIZIIIIl6.'oo|septembeV".YIIIIIIIIIIIIIIl6!i9
Cocoa—On the 19th inst. futures closed 2 to 1
point net
lower.
Transactions totaled only 25 lots, including 8 exchanges.
The situation in actual cocoas was about unchanged. Manufacturers continue to report a good volume
of finished chocolate sales.
stocks showed
a
Licensed New York warehouse
reduction of 3,000 bags for the week, bring-
ing the total to 1,320,534, compared with 1,096,561 bags
a
year
ago.
Local closing:
Oct. 4.32; Dec., 4.39; Jan.,
4.43; March, 4.52; May, 4.60.
On the 21st inst. futures
closed unchanged to 1 point off, with sales totaling 68 lots,
Cocoa futures marked time as the trade waited the outcome
rapidly drawing near.
Sales to early
unchanged to 1 point higher,
There was some buying by dealers to cover hedges against
sales of cocoa to manufacturers.
The open interest has been
expanding despite the fact that the market has been a quiet
one.
It now stands at 6,916 lots, an increase of 430 since
Oct. 1st.
Warehouse stocks decreased 2,200 bags over the
week-end.
They now total 1,318,096 bags against 1,088,041
bags a year ago.
Local closing: Dec., 4.39; March, 4 52;
Mav, 4.59; July, 4.67.
On the 22d inst. futures closed 1 to
6 points net higher.
Sales totaled 62 lots. Cocoa futures continued to improve under persistent buying, which was
ascribed in part to manufacturers and in part to Wall Street,
Prices during early afternoon were 3 to 6 points net higher
on a turnover of 52 lots.
December stood at 4.42 cents. It
was
reported that manufacturers were prepared to take
delivery. While some are well fortified with supplies others
are not, but all are doing a big business in chocolate sales,
Warehouse stocks increased 2,900 bags.
They total 1,of the election, now
afternoon
were
65 lots at prices
322,990 bags compared with 1,085,916 bags a year ago.
Local closing: Dec., 4.45; March, 4.56; May, 4.60; Sept.,
4.80.
On the 23rd inst. futures closed 3 to 1 point net
higher.
Transactions totaled 212 lots, or 2,841 tons, of
which 18 contracts were switches.
The creeping rise in
cocoa futures continued, with the result that this afternoon
prices were 3 to 4 points net higher, with December selling
at 4.48 cents.
The turnover to that time totaled 185 lots,
Evidently the market was broadening. That was due to
more aggressive manufacturer buying and increasing Wall
Street interest. Producers in Brazil were sellers on a scale
up, but offerings were readily absorbed.
Warehouse stocks
increased 4,700 bags. They now total 1,327,637 bags. A
year ago they amounted to 1,085,916 bags.
Local closing:
Oct., 4.42; Dec., 4.47; Jan., 4.50; March, 4.59; May, 4.66;
July, 4.74; Sept., 4.82.
On the 24th inst. futures closed 4 to 5 points net lower,
Sales totaled 27 lots. Trading in cocoa futures quieted down
materially, but prices held unchanged.
Up to early afternoon only ten lots had changed hands, with December selling
at 4.47c. A paucity of offerings bv primary countries was
reported. Manufacturers also slackened their activities, refusing to follow the advance further.
Warehouse stocks
increased 5,600 bags overnight. They now total 1,333,295
bags against 1,080,211 bags a year ago. Local closing: Dec.,
4.43; Mar., 4.54; May, 4.62. Today futures closed 3 to 4
points net lower, with sales totaling 94 lots. Cocoa futures
were easier in moderately active trading.
During early
afternoon quotations registered losses of 1 to 3 points, with
December at 4.40, off 3 points.
The turnover to that time
totaled 85 lots. Trade reports were satisfactory and uuderlying demand continues good, but manufacturers are not
reaching for cocoa. Warehouse stocks decreased 4,200 bags
overnight. Today they total 1,329,081 bags compared with
1,078,058 bags a year ago. Local closing: Dec., 4.40; Mar.,
4.51; May, 4.59; July, 4.66; Sept., 4.74.
A
^
1n„
.
,
.
,
_
.
,
Sugar—On the I9th mat. futures closed l to 2 points net
jr ^1°.r1^e domestic contract, with sales totaling 32 lots,
which were on the opening m March at 1.93c. and the
oala^ce 1T^ switches between Jan. and March at 6 points,
No fresh developments in the market were reported. Current prices are being sustained by the prospect that the 1941
consumption estimate in relation to the one fixed initially
this year will be small. In the world contract trading was
confined to one lot of March No. 4 at .88c. The closing
range was unchanged to
point higher. On the 21st inst.
futures closed 1 point net higher for the domestic contract with sales totaling 86 lots. The world sugar contract
unchanged to A point lower with sales totaling only
9 lots. Sugar markets were steady to firm. Most positions
were selling at the highs# of the current movement, made
about ten days ago. Activity m the raw sugar market was
American Sugar Refining and National Sugar
r?P?r^e(h
Refimng were reported to have purchased about 25,000 tons
of raws at 2.80c. a pound, up 3 points. From the refined
sugar market came reports of increased demand, which may
have been behind the buying of raws. In the world sugar
market prices stood unchanged this afternoon with March
ut 0.87 A of a cent. Prices have advanced about 16 points
m the last two months, not because producers have refused
bo sell at prices which are far below cost of production,
The firmness of producers is ascribed to hopes that American
forthcoming to help them carry excess stocks.
On the 22d mst. futures closed 1 point up to unchanged for
the domestic contract, with sales totaling 168 lots. The
WOrld sugar contract
sajes totaling
closed unchanged to lA point up, with
Sugar markets were relatively dull
57 lots.
today.
About 7,000 tons were traded during the first three
hours.
6.08|
May.
2519
It
was
revealed today that yesterday was quite an
active period in the raw sugar market.
Altogether 40,000
tons changed hands at 2.80 cents a pound.
Although the
report was not confirmed , it was said that 2.82 cents a pound
was paid today.
Offerings were held for prices ranging from
2.82 cents to 2.90 cents.
The attitude of refiners toward
the raw market, which in turn may affect the demand for
refined, will determine the trend in the near future. The
trade did not take seriously reported comment of Mr. Willkie
that if elected he would lift restrictions on production. It
is doubted that any sudden or drastic change in Government
policy would be made by him.
On the 23d inst. futures
closed 1 to 2 points net higher for the domestic contract,
with sales totaling 260 lots. The world sugar contract
closed unchanged to lA point lower, with sales of 21 lots,
"Sugar prices coDtinued to advance. The domestic future
market registered new highs for the current movement on
news that raws were strong and that demand for domestic
refined sugar remained good.
Gains of 2 points were being
held this afternoon, with March selling at 1.96.
Demand,
some of it believed to have been speculative, was more than
sufficient to offset profit-taking and Cuban hedge selling,
believed to have been against new-crop sugars. In the raw
market it was revealed that a Southern refiner yesterday
paid 2.82 cents a pound for 2,200 tons of Philippines due
Nov. 30. Today it was rumored that 2.83 cents had been
paid.
Raws were offered by the Philippines, Puerto Rico
and Cuba on the basis of 2.85 cents, while 12,000 tons of
Philippines could be bought at 2.88 cents to 2.90 cents a
pound. World sugar futures were dull. However, prices
were
firm.
The Commercial & Financial Chronicle
2520
On the 24th inst. futures closed unchanged to 1 point up
for the domestic contract, with sales totaling 375 lots.
The
world sugar contract
sales totaling 91 lots.
closed unchanged to % point off, with
Strength in the raw sugar market was
reflected in futures trading.
Prices were a point net higher
this afternoon, with May selling at 2c. after having registered
a new high price of 2.01c.
A further advance was held in
check by selling of hedges for Cuban accounts.
Three sales
of raw sugar at 2.85c. a pound were reported up to early after¬
noon.
The American Sugar Refining Company got 1,400
tons of Philippines due Nov. 20-25 and a cargo of prompt
Cubas.
an
A sale of
unidentified
Further offers of
a cargo of Puerto Ricos was
reported to
buyer for first half November shipment.
raws were
made at 2.90c.
Activity in
re¬
fined sugar was reported.
Sucrest reentered the market at
4.3.5c. for January, February or March shipment.
C. & H.
followed by Western Sugar will go to 4.40c. from 4.30c., but
will
accept ten-day business at the lower figure.
Today
futures closed 1 point up to 1 point off, with sales totaling
39 lots.
The world sugar contract closed 2% to 3% points
net lower with sales totaling 102 lots.
A break in world
futlires furnished the feature of the sugar markets. It
ignored by the domestic market, which during early
afternoon stood unchanged to 1 point net higher, but activity
was smaller
than yesterday.
Traders were waiting for re¬
ports from Chicago and points further West where refiners
will advance prices after the end of this month. The
response
of buyers will determine the attitude of refiners toward the
raw sugar market.
Two additional sales of raws made yester¬
day ^were reported today.
Revere paid 2.84c. a pound for
2,000 tons of Philippines November-December shipment.
American took 7,000 tons due late in November at 2.85c.
Today 2.85c. was bid. Sugars were offered at prices ranging
from 2.88 to 2.90.
The world sugar market ran into liqui¬
dation which caused a fall of 1 % to 2 % points in prices.
sugar
was
Prices closed
as
follows:
January, 1941
March
1.901 July
[ September
1.991
May
Lard—On
2.03
—
1.95
-
the
2.07
19th inst. futures closed
unchanged to 5
light and fluctuations narrow.
There were no lard clearances reported from the Port of New
York last week. The hog market at Chicago today was very
steady and a few scattered sales were reported at prices
ranging from $6.30 to $6.50.
Western hog marketings
totaled 17,200 head against 17,800 head or the same day a
On the 21st inst. futures closed 2 to 10 points net
year ago.
lower.
The market was dull, with very little of interest in
the news from outside. Hog marketings at Chicago and other
packing centers in the West exceeded all expectations today.
This caused prices on hogs to decline anywhere from 10c. to
15c.
Western receipts totaled 102,700 head compared with
90,300 head for the same day a year ago. The fall hog run is
said to be gradually increasing.
Sales of hogs at Chicago
ranged from $6 to $6.50.
On the 22d inst. futures closed
unchanged to 2 points higher. Trading was relatively light
points lower.
Trading
and without feature.
was
Fluctuations
were
extremely
narrow.
Western hog receipts again exceeded trade expectations and
totaled 95,700 head, comoared to 77,600 head for the same
day last year. Hog sales at Chicago ranged from $6 to $6.45.
During the past week hog receipts at 11 of the principal
packing .centers in the West, including Chicago, were heavy
and totaled 419,829 head, compared with 365,510 for the
same period last year.
On the 23d inst. futures closed 7 to
10 points net higher.
The tone of the market was steady
during most of the session, prices closing at the tops of the
day.
The strong action of the grain markets was the chief
influence affecting lard futures.
The domestic cash demand
for lard continues fairly active and no reports have been
uncovered recently in regard to a falling off in business.
Hog
marketings for the Western run totaled 79,100 head, com¬
pared with 59,000 head for the same day last year.
Hog
prices at Chicago were 10c. higher.
Sales ranged from $6
to $6.55.
On the 24th inst. futures closed 7 to 10 points net lower.
Trading was fairly active, with the market ruling heavy
during most of the session. Maximum declines during the
day were 10 to 12 points. It was rumored in the trade that
England was inquiring for 20,000,000 pounds of lard, but up
to late in the day no confirmation of any
export sales was
uncovered.
cause
In normal times
a
rumor
of this nature would
the market to firm up
considerably, but in view of the
hand and prospects of production
large stocks of lard on
increasing within the next two months, the rumor failed to
have any effect.
Hog prices at Chicago were 10c. lower,
with sales ranging from $6.30 to $6.50.
Today futures closed
2 to 11 points net lower.
Transactions were light and there
was nothing of unusual interest in the
reports.
DAILY CLOSING PRICES
OP LARD
Sat.
Mon.
October.
4.65
4.62
FUTURES IN CHICAGO
Tues.
Wed.
Thurs.
Fri.
4.62
4.70
4.65
4.60
December
4.80
4.75
4.77
4.90
4.92
4.87
4.82
March
5.97
5.87
5.90
5.97
5.90
5.87
May
6.15
6.05
6.07
6.17
6.10
6.05
26, 1940
10 lbs.,
12%c.; 12 to 14 lbs., 13lie.
Bellies: Clear,
Boxed, N. Y.—16 to 18 lbs.,—not quoted.
18 to 20 lbs., 10%c.; 20 to 25 lbs., 10%c.; 25 to 30 lbs.,
9%c.
Butter: Firsts to Higher than Extra and Premium
Marks: 26% to 30He. Cheese: State, Held *39, 23c. to 24c.
Eggs: Mixed Colors: Checks to Special Packs: 17%c. to
27%c.
*
to
Dry Salted,
Oils—Linseed oil in tank
cars
quoted 7.7 to 7.9.
Quota¬
tions: Chinawood: tanks, spot—25% bid; drums—26% bid.
Coconut: crude: tanks, nearby—.02% bid; Pacific Coast
.02% bid.
nominal.
1.
c.
Corn: crude: West, tanks, nearby—.05% bid,
drums, spot—$1.90 to $1.95
Olive: denatured,
nominal.
Soy bean: tanks, West—.03% to .04; New York,
Edible: coconut, 76 degrees—.08 bid.
winter prime—7% offer; strained—7% offer. Cod:
1., raw—.06 bid.
Lard:
ex.
crude—50 offer.
Turpentine: 43 to 45, all bids.
Rosins:
$2.20 to $3.32.
Cottonseed
Oil
Crude,
contracts.
sales, yesterday, including switches,
S. E., val. 000-00.
Prices closed
00
as
follows:
November
—
5.30(3*
December
5.41®
5.45 @
March
5.46
April
May
5.54®
5.59@
5.63®
June
5.68®
5.40(3*
January, 1941
February
5.40
n
5.56
n
Rubber—On the 19th inst. futures closed 3
points lower
unchanged in both contracts.
The market ruled steady
today.
Sales totaled 220 tons in the old contract.
There
to
transactions recorded in the new standard contract.
Certificated rubber stocks in licensed exchange warehouses
decreased by 30 tons today to 1,860 tons.
Activity in the
were no
actual market
Fear
the
was
fair
during the early part of last week.
Far Eastern
situation sent
buyers into the
With the
easing of the Pacific tension buyers backed away from the
higher levels.
Spot standard No. 1-X ribbed, smoked
sheets, in cases, was offered today (Saturday), at 20 %c.
per pound.
Local closing: Oct., 20.38; Dec., 20.28; Jan.,
20.10; March, 19.90; May, 19.70.
On the 21st inst. futures
closed 8 to 11 points net higher, with sales totaling only 9 lots
for the day.
The rubber futures market was exceedingly
quiet, but had a steady undertone.
Up to early afternoon
transactions totaled only two lots, of which 10 tons were
exchanged for physical rubber.
May sold at 19.84c., up
over
market paying prices as high as 20%c. for spot.
14
Continued
points.
uncertainty
over
Eastern
the Far
the dominant influence in the market.
The
London market closed unchanged to %d. higher.
Singapore
situation
was
1-32 to l-16d. higher.
Local closing:
March, 19.98;
May, 19.81.
On the 22d inst. futures closed 12 to 2 points
net higher, with sales totaling 42 lots, all in the No. 1
Standard contract.
There were sales in the New Standard
contract, December delivery, which latter closed 8 points net
lower.
Dealer buying was reported in the rubber futures
market.
As offerings were light, the market had a firm tone,
with prices standing 2 to 10 points higher during early after¬
noon.
December then was selling at 20.40c. a pound.
The
turnover to that time totaled only 26 lots.
The London
market closed l-16d. to %d. higher.
Singapore was un¬
changed at 1-16d. higher.
Local closing; No. 1 Standard:
Oct., 20.48; Dec., 20.42; March, 20.00.
On the 23d inst.
futures closed 2 points lower to 8 points higher for both
was
Transactions
contracts.
totaled 230 tons
in
the
old
con¬
tract.
Hedge lifting against sales of physical rubber gave*
the rubber futures market a further upward impetus, with
December selling at 20.46, up 4 points.
Other contracts
were as much as 8 points
net higher.
Sales to early after¬
noon were moderate, with a total of 13 lots.
Ten tons were
delivered
on contract.
The London and Singapore markets
quiet, prices unchanged to 3-32d. higher.
Local
closing: Oct., 20.47; Nov., 20.43; Dec., 20.40; March, 20.02;
May, 19.88.
On the 24th inst. futures closed 5 to 6 points net lower,
with sales totaling 56 lots, all in the No. 1 standard contract.
Easiness in primary markets may have explained a slightly
lower price level in rubber futures here.
During early after¬
noon the market was off 5 to 7
points on a turnover of 42
lots, with Dec. at 20.35c., off 5 points.
Ten tons were
closed
delivered
London
on
the No. 1 contract and 10
on
the No. 2.
The
and
Singapore markets closed quiet and un¬
changed 3-32d. lower.
Local closing: Dec
20.35; Jan.,
,
20.15; Mar., 19.96.
Today futures closed 5 points
up
to 3
Eoints off. firm. totaled 9 ignored increased production in
Sales Traders lots. Rubber futures were quiet
ut quite
Malaya and more liberal shipment offerings, which, how¬
ever, were said to be too high.
Opening prices were un¬
changed but this afternoon the market stood 5 to 10 points
above last night's close, with Dec. selling at 20.45c.,
up 10
points.
The turnover to that- time was only six lots of 10
tons each.
The London market closed l-16d. lower, but
Singapore was unchanged to l-32d. higher.
Local closing:
No. 1 standard: Nov., 20.42; Dec., 20.40; Mar., 19.93.
4.70
4.95
4.85
5.00
4.72
January, 1941
8
Oct.
Pork—(.Export), mess, $24.25 (8-10 pieces to barreF;
family (50-60 pieces to barreP, $16.75 (200 pound barreP.
Beef: 'export), steady.
Family (export), unquoted.
Cut
Meats:
PickJed Hams: Picnics, loose, c. a. f.-—4 to 6 lbs.,
ll%c.; 6 to 8 lbs., 11 %c.; 8 to 10 lbs., 10%c.
Skinned,
loose,
c. a. f.—14 to
16 lbs., 15c.; 18 to 20 lbs., 15%c.
Bellies: Clear, f. o. b., New York—6 to 8 lbs., ll%c.;
Hides—On the 19th inst. prices closed 23 to 34 points net
higher.
Raw hide futures continued to advance during
today's session, with transactions moderately active.
Again
commission house buying and dealer hedge lifting were tne
principal features on the Exchange.
Local trade interests
were reported as the chief sellers.
Most of the activity today
was
in the Mar. position, which accounted for 83 lots.
Total sales were 159 lots, equal to 6,360,000 pounds.
The
actual market was quiet today.
Local closing: New Stand¬
ard Contract: Dec., 12.85; Mar.. 12.52: June. 12.48; Sept.,
Volume
151
The Commercial
2521
Financial Chronicle
12.50.
On the 21st inst. futures closed 3 points up to 5
points off.
Sales totaled 107 lots.
Raw hides futures
opened about 5 points lower to 7 points higher.
The market
was sb'ghtly easier during the morning and by 12:30 p. m.
prices were 2 to 5 points below Saturday's closing levels as
a
result of profit-taking.
Transactions totaled 3,440,000
pounds.
Certificated stocks decreased by 3,495 hides to
514,292 hides.
Local closing: Dec., 12.88; Mar., 12.53;
June, 12.43; Sept., 12.46.
On the 22d inst. futures closed
27 to 14 points net higher.
Transactions totaled 178 lots.
Raw hide futures opened 8 points lower to 9 points higher.
The market advanced rather spiritedly following the open¬
ing, and prices rose to as much as 26 points during early
afternoon.
Transactions totaled 101 lots up to that time.
Buying was due to the strength of the spot market in Chicago
where further advances took place.
Local closing: Dec.,
13.15; Mar., 12.74; June, 12.60; Sept., 12.60.
On the 23d
inst. futures closed 27 to 42 points net lower.
Transactions
totaled 267 lots, equal to 10,680,000 pounds.
Raw hide
futures opened about 10 to 18 points advance.
Additional
gains were registered during the morning and advances of
as much as 30 points were shown.
By 12:30 p. m. values
were 8 to 10 points above the previous close.
Transactions
totaled 98 lots to early afternoon.
The rise was in sympathy
with the strength of spot hide prices.
Active buying of
spot hides by tanners has culminated in advances of a full
cent a pound since Monday.
Today Swift & Co. sold 11,000
native steer hides to tanners at 15c. a pound, up half a cent
a pound.
From 35,000 to 40,000 additional hides were sold
by other packers including branded cow hides at 13c., butt
brands at 13F£c., northern light native cow hides at 14c.,
and Colorado steer hides at 13c. a pound.
Local closing:
Dec., 12.88; Mar., 12.43; June, 12.18; Sept., 12.18.
On the 24th inst. futures closed 42 to 28 points net lower.
Transactions totaled 259 lots.
Raw hide futures opened 6 to
20
points decline. The market was fairly steady during the
morning and prices by early afternoon were about 13 points
below the previous close.
Transactions totaled 106 lots. In
the domestic spot markets sales totaled about 40,000 hides
including October.
Light native cows at 14c. and butt
branded steers at 13^c.
In the Argentine market 15,000
fpgorifico steers sold at 12 %c.
Today's decline in futures
was due to continuation of the
profit taking witnessed late
yesterday.
Local closing: Dec., 12.46; Mar., 12.07; June,
11.90; Sept., 11.90.
Today futures closed 4 to 13 points net
higher.
Transactions totaled 193 lots.
Raw hide futures
opened about 26 to 2 points lower.
Following the opening
the market advanced, and by early afternoon gains of 2 to 10
points were in evidence. Transactions totaled 100 lots. The
rally was dhe to dealer buying of offerings.
The spot hide
market was quiet.
Local closing: Dec., 12.50; Mar., 12.13;
June, 12.03.
Ocean
Freights'—Tonnage demands have broadened
considerably within the past few days and the volume of
trade was again fairly heavy. It appears as though charters
are more willing to book ahead.
Charters included: Grain:
Plate to North Atlantic (corn), rate will be $8 per ton
commencing Nov. 1.
Plate to St. Lawrence, $7-7.50 per
ton asked nominal (corn).
South Africa to St. Lawrence,
$12 per ton (corn).
Time: Round trip west coast South
American trade, early November; $3.70 per ton.
Trip up,
delivery Key West, spot, $3.35 per ton.
Time Charter:
West Indies trade, $2.75 to $3.25, nominal.
North of
Hatteras-South African trade, $3.50-13.75 nominal per ton.
North of Hatteras- South American trade, $3.70 per ton.
Round trip Pacific trade $4 per ton.
Scrap Iron: Atlantic
range to Japan, $15.75 per ton. Gulf to Japan, $16 nominal.
some hedging also in evidence.
Trade
took contracts on a scale down basis.
Total sales
profit-taking, with
houses
the
on
New York Exchange
to midday were
estimated in
of tops.
On the opening
delivery recorded an advance of 3 points over the
closing level of the previous trading day, while Alar, and
May were 3 to 2 points, respectively, below Saturday's last
quotations.
The market turned downward in the later
dealings, and by noon Dec. was 10 points down, Mar. 14
points lower and May 9 points off.
Most of the trading
during the morning session was confined to the Mar. delivery.
Local closing: Oct., 121.0; Dec., 110.2; Mar., 102.6; May,
98.5.
On the 22d inst. futures closed unchanged to 10
points off.
The market suffered heavy declines today as a
result of long liquidation, showing losses of 12 to 26 points
at one time.
There were no sales at the opening and earliest
transactions
posted were slightly higher.
Although 13
notices of delivery on Oct. contract were issued at Boston,
the delivery opened 10 points up and held 9 to 10 points up
in trading while it was bid unchanged at the closing.
Sales
for the day were privately estimated at about 170 lots, or
850,000 pounds, comparing with 425,000 officially reported
for the previous day.
Spot tops were unchanged at $1.26
a pound.
A good demand for spot tops of fine and one-half
blood grades both foreign and domestic, was reported from
the Boston raw wool market.
Local closing: Oct., 121.0;
Dec., 109.9; Mar., 101.6; May, 97.5; July, 94.5.
On the
23d inst. futures closed 30 points up to 1 point off.
Wool
the trade at about 200,000 pounds
the Dec.
top futures improved today, led by the Oct. position, and
at one time to highs of 8 to 30 points up on the active
rose
positions.
However, while Oct. held its gain to close 30
points up, later positions reacted and were 1 point lower to
5 points higher compared with previous finals.
Buying was
chiefly for trade accounts and spot houses, although other
spot interests were also sellers of Dec. during the session.
Transactions were estimated at 60 lots, or 300,000 pounds,
against 815,000 officially reported the previous day.
Spot
tops were unchanged at $1.26 a pound.
Boston advised that
the raw wool business was quiet today, with the trade mark¬
ing time as bids on the recent Government cloth orders were
being opened.
Local closing: Oct., 124.0; Dec., 109.8;
Mar., 102.0; May, 97.5; July, 95.0.
On the 24th inst. futures closed 30 to 3 points net lower,
with October showing the drop of 30 points.
Trading in the
wool top futures market continued quiet today, with total
transactions on the New York exchange to noon estimated
in the trade at approximately 125,000 pounds of tops.
Most
of the interest was centered in the December and March
No sales were recorded on the
afterward the December position was 2
options.
opening, but shortly
points above yester¬
day's closing level, March 3 points below and May un¬
changed.
The market turned downward in subsequent
trading, and at the low point of the morning December regis¬
tered a loss of 22 points from the last quotations of the pre¬
ceding day and March a decline of 10 points.
The slow
trading in the futures market reflected quiet business in raw
wools in Boston.
Local closing: Oct., 121.0; Dec., 109.5;
Today futures closed
Trading in the wool tops futures market
was in better volume today,
with total sales on the New
York exchange to midday estimated in the trade at about
300,000 pounds of tops.
In all of yesterday's session only
225,000 pounds changed hands.
Best prices of the morning
were established shortly after the opening, after which the
market turned downward.
Later in the session prices rallied
and erased most of the earlier losses.
Prices at noon showed
no change to an advance of 5 points over the closing levels of
the previous day.
Most of the activity was centered in the
Mar., 101.5; May, 97.0; July, 94.0.
4
points net lower.
December and March contracts.
Coal—According to figures furnished by the Association
of American Railroads, the shipments of anthracite into
eastern New York and New England for the week ended
Oct. 5, have amounted to 1,551 cars, as compared with 2,324
cars, during the same week in 1939, showing a decrease of 773
cars, or approximately 38,650 tons.
Shipment of anthracite
for the current calendar year up to and including the week
ended Oct. 5, have amounted to 69,527 cars, as compared
with 69,018 cars during the same period in 1939, showing an
increase of close to 25,450 cars., The Anthracite Emergency
Committee informed anthracite producers that production
for this week has been fixed at 1,200,000 tons, equal to five
working days.
This is the first time since the voluntary
allocation program was put into effect at the end of Jan.,
that working time has been set at a full week.
In the two
weeks preceding production was
720,000 tons, equal to
three working days.
Wool
Tops—On the 19th inst. futures closed unchanged
points up.
The opening range was 3 to 6 points net
higher, with Dec. forging ahead on concentrated demand for
that position, rising at one time to a premium of 79 points
over Mar. and
closing 73 points over.
Spot interests were
on both sides of the Oct. delivery, which advanced 15 points
again, but closed unchanged on a bid price.
Transactions
for the session was estimated at 450,000 pounds, against
310,000 officially reported for the longer trading session
Friday.
Spot tops were unchanged at $1.25 a pound.
Local closing: Oct., 120.0; Dec., 112.0; Mar., 104.4; May,
99.7; July, 96.5.
On the 21st inst. futures closed 10 points
up to 18 points off.
Wool top futures sagged under scattered
liquidation today.
The selling was believed to be mainly
to 6
closed 9 to 7 cents net lower.
in the No. 1 contract.
Weakness in
Silk—On the 21st int. futures
Sales totaled 66 lots, all
primary markets caused a break in the futures market here.
By early afternoon prices were 6 cents lower under scattered
liquidation, although trading was moderate, as only 21 lots
had changed hands to early afternoon.
In the uptown spot
market the price of crack double extra silk declined 9 cents to
$2.73 a pound.
In Yokohama Bourse pi ices were 4 to 35 yen
lower.
The price of Grade D in the spot market declined
45 yen to
1,445 yen a bale.
Local closing: No. 1 Contracts
Nov., 2.71; Dec., 2.79^; Jan., 2.70; March, 2.70^; May,
2.69.
On the 22d inst. futures closed 4c. to 2c. net lower.
Sales totaled 106 lots, all in the No. 1 Contract.
Japanese
selling and commission house liquidation caused a sharp fall
prices of silk futures.
By early afternoon prices were
\y2 to 5 cents lower on a turnover of 58 lots. The price of
crack double extra silk in the New York spot market declined
3 cents to $2.70 a pound.
In Yokohama the Bourse closed
in
Grade D silk in the.spot market was 30
Local closing: No. 1 Contract:
Nov., 2.67; Dec., 2.67; Jan., 2.67; March, 2.67; May, 2.67.
On the 23d inst. futures closed 4c. to 3c. net higher.
Trans¬
actions totaled 540 bales.
Speculative buying caused a
sharp recovery in the silk futures market.
During early
afternoon prices stood 6 to 7K cents higher, with March
selling at $2.74^, up 7lA cents.
Sales to that time were
26 lots.
Eighty bales were tendered for delivery on the
October contract.
The price of spot silk in the uptown
market advanced 1 Yi cents to $2,713^ a pound.
The
Yokohama Bourse closed 4 to 21 yen higher.
Grade D silk
in the Japanese spot market was 10 yen higher at 1,425 yen
5 to 31 yen
yen
lower.
lower at 1,415 yen a bale.
The Commercial & Financial Chronicle
2522
bale.
Local closing:
Oct., 2.71; Dec., 2.70; Jan., 2.70:
March, 2.70; May, 2.70.
f.
On the 24th inst. futures closed 5Hc. to 6Hc. net lower,
with sales totaling 34 lots, all in the No. 1 contracts.
De¬
clines in primary markets had an adverse effect on the silk
futures market, where losses of 1 to 3c. were registered in
quiet trading.
Sales to early afternoon totaled only eight
lots.
Thirty bales were tendered on contract.
The price
of crack double extra silk in the New York spot market
declined 2c. to $2.69 a pound.
On the Yokohama Bourse
Grade D silk spot market declined 5 yen to 1,420 yen a
bale. Local closing: No. 1 Contracts: Nov. 2.64; Dec. 2.64;
Jan. 2.64H; March 2.64H; May 2.63HToday futures
closed lV2c. to lc. net lower.
Transactions totaled 28 lots,
Oct.
1940
26,
a
A decline in
Contract.
all in the No. 1
sympathy with
silk futures
easier primary markets.
was
in
The Yokohama
Bourse closed 6 to 40 yen lower and Grade D silk in the
Yokohama spot market was 40 yen lower at 1,380 yen a
bale.
Here on transactions of 12 lots prices were 2He.
lower
during early afternoon.
for deli very on October contracts.
March 2.63H; May 2.62H-
Forty bales were tendered
Local closing: Dec. 2.62H;
^
Exported to-
From
Aug. 1. J 940 to
Oct. 25,
Britain
Exports from—
Galveston
France
Houston
81,011
New Orleans.
41,150
23,554
Mobile
Norfolk
1,398
1,617
3,866
22,050
8,384
44,479
"268
129,624
24,330
1,680
600
961
—-
19,838
New York
1,004
1,852
2,066
"~"6
700
16,890
764
4,251
274
69.631
272,052
214
400
15*784
Francisco
1,351
2,136
Total.—
176,103
26,044
Total 1939—
41,986 124,547
188,449 93,597
575,742 221,619
133,726 179,717
Total 1938—
149,548
61,687 382.424 1557,553
224,609
4,693 179,653 1004,444
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Leaving
Oct. 25 at—
Ger¬
Britain
France
Other
Coast¬
many
Great
Foreign
wise
300
Galveston
Orleans
__
Stock
Total
l",8l9
192
1,800
16,286
938
800
21.238
1,500
14,275
19,500
Houston
Savannah
Friday Night, Oct. 25, 1940
The Movement of the Crop, as indicated by our tele¬
grams from the South tonight, is given below.
For the week
ending this evening the total receipts have reached 112,180
bales, against 114,761 bales last week and 128,793 bales the
previous week, making the total receipts since Aug. 1, 1940,
1,386,317 bales, against 2,688,961 bales for the same period
of 1939, showing a decrease since Aug. 1, 1940, of 1,302,644
Charleston
v
bales.
X
.
Sat.
Receipts at—
Wed.
Tues.
Mon.
i
4",500
4",500
Mobile
Norfolk
Other ports
1940—
Total
38,575
31,645
17,100
Total 1939
Total
1938
12",453
"200
12,991
9,388
4,437
Total
2,509
9,328
4,566
2,271
27.711
10
Brownsville
Houston
Corpus
4.600
10
4,514
6,766
552
599
Christi__
4,102
8,378
20,416
48,707
1,573
93
93
5,973
4,531
24,664
4,868
1,174
422
Beaumont
•
-
New Orleans
4,041
2,249
5,321
3,472
485
341
61
117
61
3,608
'
Gulfport
Mobile
4,868
w
__
74
Savannah
71
77
93
40
332
1,509
1,568
698
698
300
■
42
20
44
39
Charleston
300
■
Lake Charles
Wilmington
M.
134
73
133
14,255
Totals this week-
The
«•
142
14,799
23,205
10,394
Norfolk.
482
10,985
38,542 112,180
following table shows the week's total receipts, the
Aug. 1, 1940, and the stocks tonight, compared
total since
with last year:
,
Speculation in cotton for future delivery
tinue
largely within
irregular.
This
Galveston
Since Aug
This
Since Aug
Week
Oct. 25
1, 1940
Week
1, 1939
27,711
195.369
10
15,582
617,515
137,374
4,931
356,939
5.867
19,400
Brownsville
48,707
1,573
Houston
Corpus Christi
93
Beaumont
Orleans
24,664
4,868
1,174
Gulfport.
Mobile
Pensacola, &c
Jacksonville
-
—
—
6,391
80,004
3,80 i
32",029
80
71,992
783
"36
"
332
8*295
1,568
11,719
4,764
2,300
5,511
Savannah
Charleston
Lake Charles
698
300
Wilmington
Norfolk.
482
New York....
,
m
1,833
1,609
516
85
893
14,260
1,466
22,741
24,488
42,835
2,829
8,312
1939
796,239
744,790
862
901.757
83,834
812,028
62,594
56,396
617,213
66,334
54,084
101,703
554,683
56,960
53,772
2,002
1,305
119,102
33,332
6,911
8,600
29,696
*
1,780
144,001
36,624
23,070
8,504
28,007
330
mm ^
Boston
500
801
"
"390
Baltimore
*
1940
700.350
39,305
915,254
170,396
27,594
681,022
70,875
751
«*
Totals
1,758
6~080
1,025
112,180 1,386,317 243,288 2,688,961 2,751,889 2,658.708
Included in
Gulfport.
In order that
we
comparison may be made with other vears,
give below the totals at leading ports for six seasons:
1940
.
Mobile
Savannah
Charleston
Wilmington
1.609
1,196
300
776
85
1937
1935
1936
79,881
63,058
134,406
16,555
4,069
3,894
99,963
123,603
83,853
16,249
13,739
12,314
130,G79
108,762
113,061
9,606
4,138
8,138
259
477
694
2,536
482
893
640
7,242
8,196
4,830
1,655
9,442
2,602
8.031
2,447
17,445
112,180
243,288
150,872
313,437
385,111
372,149
__
Norfolk
All others
Total this wk.
50,935
46,970
43,100
2,166
332
Orleans
1938
70,875
71,992
84,004
3,801
1,833
1,568
Houston
New
1939
27,711
48,707
24,664
1,174
Receipts at—
Galveston.
Since Aug. 1— 1,386,317 2.688,961 1,996,841 3,824,379 3,226,824 3,269,750
The exports
for the week ending this evening reach
of 37,715 bales, of which 100
were
a
total
to Great Britain, 2,794
to Japan, and 34,821 to other desitnations.
In the corre¬
sponding week last year total exports were 181,955 bales.
For the season to date aggregate exports have been 272,052
bales, against 1,557,553 bales in the same period of the
previous season.
Below are the exports for the week:
Oct. 25, 1940
Exports from—
Great
Britain
Ger¬
France
Galveston
many
Italy
China
Other
Total
17". 538
18,121
17.333
194
583
"ioo
17,233
2~017
100
Total
1939
63,275
29,842
Total
1938
21,231
23,740
50
2,067
2,794
Los Angeles
Total
Japan
194
""""""
Houston
New Orleans
Mill
market.
meeting
that
men
34,821
37,715
25,642
13" 930
28,192
2,256
7,136
5.478
100
32,248 181,955
9,917
81,532
There
for
draft
will
not
will be taken for
life, and
process,
waste
a
million
is
was
moder¬
a
more
The trend of prices
range.
very
little in
operations
attending
men
optimistic
are
the
narrow
a
incentive
an
as
about
hurt
year,
the
the
Cotton Textile
business.
business,
then they
It
is
raw
materials
to
will be drafted.
Institute
contended
because
go
a
million
back to civilian
This alternating
it is asserted in the cotton trade, "will
of
news
either side of the
on
mean more
for clothing.
On the 19th inst.
prices closed 1 point lower to 4 points
Moderate trade buying and hedge selling orders
were
about evenly balanced in yesterday's local cotton
market, and after prices had held within a 4-point range
throughout the session, the list closed irregular.
Movement
higher.
in the
Slock
1939
Receipts to
New
serve
ot cotton
1940
43,824 2,708,065
2,492
13,621 130,366 2,528,342
99,236 3,002,007
10,143
2,757
72,447
49,614
♦Estimated.
continues
Galveston
794,439
885,471
533,445
119,102
33.332
49,272
29,696
263,308
ately active during the past week, though fluctuations con¬
Fri.
Thurs.
61,949
23,554
1,004
Los Angeles..
San
Total
Other
China
Japan
Italy
many
5,369
Corpus Christ!
New
COTTON
Ger¬
Great
1940
to
market
South and
continued slow
warmer
despite
temperatures.
As
open
weather
result, the
volume of week-end hedge selling remained light and a steady
flow of small buying orders was sufficient to absorb this
pressure.
In addition to price fixing, a little outside buying
was attracted by steadiness of other markets, but as a
whole,
the total volume was small.
Considerable interest continued
to be directed toward
the distant months.
a
The decline
on
Friday of Oct. to 46 points under Julv attracted a little local
buying of that month, and at the close Oct. was 41 points
under July, but 4 points above the previous closing level.
Spot cotton sales at reporting markets today (Saturday)
amounted to 42,459 bales, compared with 50,575 bales
Friday and 61,763 bales a week ago.
On the 21st inst.
prices closed 2 points up to 2 points off.
The market was
steady, with fluctuations narrow.
Hedge selling on the one
hand and mill buying on the other furnished the
activity.
Early trading was quite active, due to an accumulation of
orders over the week end.
Initial prices were unchanged to
2 points higher.
The buy and sell orders were about evenly
divided.
Offerings consisted largely of hedge selling, much
of which appeared to emanate from Memphis.
The buying
was done to fix prices and on foreign
orders, reported from
Bombay, which was a large buyer of July.
The market
quieted down after the first half hour but prices remained
steady.
The South continued to sell hedges and spot firms
also offered cotton.
Mills, on the other hand, were ready to
buy contracts to fix prices.
Around noon the market stood
nnchange to 1 point net higher.
The market was a narrow
one.
Some attention was paid to the further increase in
certificated stocks of cotton.
The gain of 2,684 bales over
the week end was the largest in some time.
On the 22d inst. prices closed 2 to 4 points net
higher.
Trade and mill interests steadily absorbed hedge and
spot
sales throughout the session, imparting a steady undertone
to cotton prices.
Mixed price changes characterized the
opening.
Sales were made at levels 1 point higher to 1 point
lower than last night's close.
Trading on the one side con¬
sisted of further hedge selling by the South,
Memphis in
particular.
Spot houses also were large sellers.
On the
other side were trade interest taking all that was offered but
not bidding the market up.
Hedge selling was slightly
heavier than it had been heretofore, reflecting the
increasing
movement of cotton.
It spiead to all active months.
The
market failed to make any headway after the
opening.
In
early afternoon it still stood 1 point higher to 1 point lower.
Spot firms sold Dec. and July contracts.
One large spot
firm was an active seller of July.
There was some switching
from July to Dec.
On the 23d inst. prices closed 8 to 10
points net higher.
Persistent buying by cotton mills to fix
prices readily absorbed all hedge offerings in the cotton
Volume
2523
The Commercial & Financial Chronicle
151
prices were 9 to 11 points
higher during early afternoon.
The opening was firm
at unchanged prices to 3 points net higher.
It became appa¬
rent immediately that active demand for cotton, particularly
the more distant months, was in the market.
Mills were
buyers to fix prices.
Foreign buying was done in May,
July and Oct. positions, with both Japanese interest and
Bombay active.
In the meanwhile the selling, as heretofore,
wik done chiefly by the South to put out hedges.
In spite
of liberal hedge sales the market surged forward during the
forenoon with buying to fix prices still the principal source
of support.
Wall Street speculative buying also was re¬
ported. On the selling side brokers for Memphis spot
interests were actively putting out hedges against spot cotton.
New Orleans was a seller of Dec.
Rumor was current that
Market and Sales at New York
futures market, with the result that
net
if
Republican ticket were elected, the cotton
the
consumed at home, but the surplus presumably
be marketed at world prices.
The proposed policy
cotton
would
would
commodity exchanges from control by Government
bureaus.
Of course, that was all conjecture.
On the 24th inst. prices closed unchanged to 3 points off.
The opening range was 1 point higher to 1 point lower.
Trading was apparently well balanced between buying and
selling orders, with the big spot firms on both sides of the
market.
The South continued to sell hedges, although less
liberate
than yesterday.
Bombay and Wall Street were
Price-fixing was a sustaining influence.
A slight
actively
buyers.
in
bulge
but
during the forenoon,
increased and held
Traders in general were waiting for the
market was witnessed
the
the small advance hedge selling
on
the rise in check.
the
publication of the report on ginnings by the Bureau of
Census to be released tomorrow morning at 10 o'clock.
Oct.
18.
It
It may be recalled
cover
that
ginnings this season up to Oct. 1 totaled
bales,
the
to
will
season
up
only 3,924,000
compared with 6,682,000 bales in the corresponding
period last season.
Today prices closed 4 to 1 point net lower.
The cotton
market clung to the narrow trading range which has been
characteristic of it lately.
Hedge selling was well diversi¬
South was a
ton for
Nominal
Nominal
700
600
400
2,900
3,300
600
600
week.
2,000
4,000
6,000
Since Aug. 1
23,868
4,700
28,568
Total
Futures—The
York for the past
highest, lowest and closing prices at New
week have been as follows:
Saturday
Monday
Oct. 21
Thursday
Oct. 22
Friday
Oct. 24
Wednesday
Tuesday
Oct. 19
Oct. 25
Oct. 23
Nov. (1940)
Range
__
9.48-
Closing.
9.48
9.50
.
9.65n
9.65n
9.48- 9.52
9.55/1
9.48- 9 52
9.56 n
9.53- 9.62
9.60-
9.51- 9.52
9.53w
Range..
Closing
9.60/1
9.60
9.60
9.55- 9.60
Dec.—
9.51
9.63
9.55- 9.59
Jan. (1941)
Range.
9.43- 9.51
9.41- 9.41
.
9.39n
9.43a
9.51n
9.50n
9.47n
9.42a
9.46a
9.54a
9.53 n
9.51a
9.45- 9.48
9.44- 9.49
9.49- 9.60
9.56- 9.60
9.53- 9.55
9.45
9.40n
Closing.
9.49
9.58
9.56- 9.57
9.54
9.49a
Feb.—
Range
Closing
9.43n
.
Mar.—
Range
9.48
9.46-
_-
9.46
Closing.
—
—
—
—
1 pril—
Range--
9.41n
9.39n
9.43a
9.53 n
9.51n
Range..
9.36- 9.39
9.34- 9.37
9.33- 9.38
9.40- 9.50
9.46- 9.50
9.42- 9.45
Closing.
9.36
9.34
9.38
9.48
9.46
9.44/1
Closing.
May—
—
—
—
—
—
1
June—
Range..
9.26 n
9.23 n
9.29n
9.39 n
9.37n
9.17- 9.20
9.16- 9.19
9.16- 9.20
9.22- 9.31
9.29- 9.33
9.25- 9.28
9.17
Closing.
9.16
9.20
9.30
9.29
9.26
9.35 n
July—
Range.
_
Closing.
—
—
—
—
—
Aug.—
Range..
Closing
9.15/1
9.16a
9.07a
9.03a
9.04n
_
9.12/1
8.98/1
Sept.—
Range..
8.90a
8.94a
9.03n
9.01n
8.76- 8.78
8.76- 8.81
8.82- 8.90
8.87- 8.92
8.86- 8.87
absorbed by price-fixing pur¬
the opening was sufficient
level 1 to 4 points lower than last
Closing.
8.76/z
8.77
8.81n
8.90 /I
8.87
8.85 n
Hedge selling continued.
In addition, the
seller and commission houses also offered cot¬
Oct. 25,
on
pressure
sale, noticeably the May and July
positions.
Trade
continued, but it was not as active as previ¬
ously.
Foreign buying, originating in Bombay, was in
evidence.
The market paid little attention to the higher
foreign markets.
Ginnings to Oct. 18, released for publica¬
tion this morning, wTere construed as slightly bearish in
that they showed that rapid progress had been made be¬
tween Oct. 1 and Oct. 18, enabling ginnings to catch up
somewhat on
last year's figures.
Today's report gave
ginnings as 7,028,000 bales, against 8,874,000 bales for the
buying also
period last year, a decrease of less than 2,000,000 bales.
About a million bales of the deficiency had been made up.
The official
quotation for middling upland cotton in the
York market each day
New
Nominal
_
400
8.76- 8.77
start the market at a
to
Wednesday
Thursday
Friday
"700
"200
8.98n
Selling
night's close.
Nominal
Nominal
800
800
Range-
fied, but not heavy, and was
chases.
Tuesday
Total
Contract
Spot
Steady
Steady
Steady
Steady
Steady
Steady
Nominal
market
would be put back on a free basis and cotton loans would
be eliminated.
The farmer would be paid a full price for
Closed
Closed
Saturday
Monday
SALES
Futures
Market
Spot Market
for the last week has been:
Sat.
Oct. 19 to Oct. 25—
Middling upland % (nominal)..
Middling upland 15^16 (nom'l).
9.57
9.77
Mon.
9.56
9.76
Premiums and Discounts for
Wed. ThurB.
Tues.
9.65
9.85
9.56
9.76
Fri.
9.60
9.80
9.65
9.85
Grade and Staple—The
following table gives premiums and discounts for grade and
staple in relation to the grade, Basis Middling 15 16 inch,
established for deliveries on contract on
Premiums
and staples are the average quota¬
markets, designated by the Secretary of Agri¬
Closing
.
Oct.—
—
Nominal.
n
Range for future prices at New York for the week ended
1940, and since trading began on each option:
Range Since Beginning of Option
Range for Week
Option for—
■
1940—
November..
Apr.
17 1940
01940 10.14 Apr.
17 1940
23
8.10 May
18 1940 10.08 Apr.
17 1940
23
8.00 May 18 1940
9.52
Oct.
7 1940
9.33 Oct.
24
8.59 Aug.
7 1940
9.33
Oct.
24 1940
8.92 Oct.
24
8.70 Oct.
18 1940
8.92
Oct.
24 1940
8.33 June
8.26
9.48
Oct.
19
9.41
Oct.
19
9.51 Oct.
23
9.44 Oct.
22
9.60 Oct.
9.33 Oct.
22
9.50 Oct.
9.16
Oct.
21
8.76
December..
6 1940 10.18
June
24
9.63 Oct.
Oct.
19
1941—
January
February...
March
April
May
June
July
August
September
.
Oct
Volume of Sales for Future
Exchange Administration of the
Delivery—The Commodity
United States Department
Agriculture makes public each day the volume of sales
delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
of
for future
figures
are
given in bales of 500 lb. gross weight.
Open
Oct. 18
New York
Oct. 21
Oct. 19
Oct. 22
Oct. 24
Oct. 23
Contracts
Oct. 24
and discounts for grades
of
tions
10
culture, and staple premiums and discounts represent full
discount for
inch and 29-32 inch staple and 75% of the
average
premiums over 15-16 inch cotton at the 10 markets
Oct. 23.
on
1940—
24,000
December
15-16
31-32
Inch
Inch
Inch
Inch
1 Inch
and
Up
28,000
26,500
43,900
494,400
300
11,700
October
Total all futures.
•.»
200
200
9,600
17*200
24~306
38,400
19* 300
269,500
9,300
15,600
11,100
19,600
16,000
5,400
17,000
4,300
18,800
5,000
14,200
1,600
14,300
2,600
255,400
194,500
5,400
—
March
July
29-32
24,800
21,100
8,200
10,100
January
May
X
15,100
1941—
3,100
16,100
69,000
41,200
78,900
79,100 1,241,600
80,300 126,000
Open
White—
Middling Fair
.34
on
.44
on
.55 on
.61
on
.69
on
Strict Good Middling
.29
on
.39
on
.50
on
.56
on
.63
on
.22 on
.32
on
.43 on
.50
on
.57 on
.08
.18
on
Good Middling
.
on
.21 off
.11 off
Basis
.06
on
.14 on
Strict Low Middling
.71 off
.61 off
.51 off
.46 off
.39 off
1.32 off
1.25 off
1.17 off
1.14 off
1.09 off
Low
Middling
Middling
Extra
on
on
White—
.22 on
Good Middling
Strict Middling
.08
Middling
.21 off
on
.32
on
.18
on
.11 off
.43
on
.50
on
.57 on
.30
on
.36
on
.43
on
.06
on
.14
on
Even
.71 off
.61 off
.51 off
.46 off
.39 off
1.32 off
1.25 off
1.17 off
1.14 off
1.09 off
Strict Low Middling
Low
.30
.43 on
.36
Middling
Strict
Middling
Spotted—
Good Middling
.14 off
.05 off
.06
Strict Middling
.29 off
.19 off
.09 off
.02 off
.79 off
.70 off
.60 off
.55 off
.49 off
Oct. 18
Oct. 17
Oct. 19
Oct. 22
Oct. 21
Contracts
Oct. 22
1940—
October
5,250
5,800
December
8,100
6,650
1.900
1~650
r.150
M00
80*850
V
1941—
650
l"550
l",200
1,100
2~66O
2" 550
53,850
1,350
2,150
800
1,000
1,850
700
44,100
550
900
550
850
37,450
450
-
-
6,100
1,900
March
May
200
200
January,...
500
600
450
200
3,600
17,950
4,950
5,450
6,000
5,800
220,500
2,400
July
October
.05 on
aMlddling
Oct. 16
New Orleans
a
on
.12
on
.19
on
*
Includes 4,300 bales against wbicb
contracts
Middling spotted shall be tenderable
culture establishes a type for such
only when and If the Secretary of Agri¬
grade.
Quotations for 32 Years
quotations for middling upland at New York on
Oct. 25 for each of the past 32 years have been as follows:
The
1940
9.60c.
1932
6.45c.
1939
9.42c.
8.80c.
1931
6.80c.
8.33c.
12.12c.
11.25c.
12.45c.
1929
1938
1937
1936
1935
1934
1933
9.85c.
1930
1928
1927
1926
1925
11.25c.
18.40c.
19.60c.
21.15c.
12.55c.
20.70c.
1924
1923
1922
1921
1920
Supply of Cotton—Due to war conditions,
are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool:
1919
1918
1917
statistics
1939
Middling uplands, Liverpool
24.20c.
31.75c.
23.90c.
18.90c.
1916
19.00c-
1915
12.15c-
22.15c.
37.40c.
32.40c.
28.60c.
1912
14.50c.
11.25c.
1911
9.50c.
1910
14.75c.
1909
14.55c.
1914
1913
notices have been issued, leaving net open
none.
The Visible
cotton
New York
23,950
Total all futures
1940
286,000
8.22d.
Liverpool
14.88d.
6.78d.
5.67d.
1938
1937
8.56d.
6.54d.
9.07d.
Oct
25
Stock In
Alexandria, Egypt
Egypt, good Giza,
Borach, fine, Liverpool
Peruvian Tanguis. g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine, Liverpool
199,000
341,000
6.38d.
5.20d.
224,000
4.83d.
5.53d.
4.03d"
3~98d.
6.63d.
5.90d.
6.13d.
4.00d.
4.13d.
The Commercial & Financial Chronicle
2524
At the Interior Towns, the movement, that is, the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding periods of the previous year—is set out in
closing quotations
leading contracts in the New Orleans cotton market for
the past week have been as follows:
Oct.
Movement to Oct. 27, 1939
Ship¬
Stocks
ments
Week
7,644
2,039
13,247
65,200
4,674
16,213
24,032
14,628
785
Montgom'y
--
Ark., Blytbev.
Forest City
5,597
Helena
3,641
1,635
Hope
Jonesboro..
445
1,792
7,341
2,099
2,724
1,510
1,511
3,520
2,571
4,602
4,230
Newport.—
34,282
26,790
Bluff.
11,214
Walnut Rge
8,230
39,779
28,352
Pine
Rock
Ga., Albany—
452
Athens....
4,663
1,224
9,061
Atlanta
Augusta
—
9,343
900
1,352
796
2,823
800
6,700
700
Macon....
1,010
18,305
2,906
62,424
37,583
1,766
94,411
13,041
877
945
Miss., Clarksd
9,006
8,539
Columbus..
100
Greenwood—
17,588
La., Shrevep't
1,612
Jackson
—
Natchez
—
2,646
4,426
1,906
400
2,909
5,473
100
Oct.
27
1,252
1,267
1,119
2,111
10,889
1,195
1,018
25,860
21,430
104,351
23,226
47,057
32,760
1,197
Slocks
Week
14,299
10,644
16,499
24,449
11,171
63,040
79,315
211,333
6,622
77,579
61,249
37,492
176,156
525
57,215
28,178
72,373
6,258
3,883
2,907
56,505
5,547
140,883
45,203
7,631
3,647
64,453
175
19,738
18,963
950
85,756
4,655
14,921
35,947
77,191
160,262
31,400
30,559
35,179
108,184
9,016
5.559
435
1,565
4,033
6,752
658
300
4,200
500
2,257
17,889
458
2,055
4,056
6,919
960
81,634
12,435
91,813
4,388
7,406
1,405
10,803
172,608
9,126
1,315
99,459
465
14,921
37,963
169,097
31,029
25,316
730
24
14,306
887
5,007
207
19,215
754
19,501
2,215
795
29,452
1,101
13,722
41,894
80,499
2,111
11,151
69,891
4,142
3,025
11,193
17,856
43,137
13,630
2,631
10,585
21,413
58,059
280
1,062
123
811
154
1,013
46
793
36,111
140,519
259,120
24,287
187,049
29,324
826,947
20,325
70,094
4,071
34,039
21,155
1,855
325,518
S. C., Gr'ville
4,115
Tenn., Mem's 231,235
3,826
Texas, Abilene
Austin
2,156
10,380
1,710
142,435
1,420
2,684
682,687 173,386 1211,366 136,240
23,728
2,184
15,311
1,529
898,164
574
8,757
36,218
33,182
6,237
735
Vlcksburg—
2,442
Yazoo City.
3,652
Mo., St. Louis
N.C., Gr'boro
2,834
Oklahoma—
15 towns *.
Brenham
..
3,554
4,351
Dallas
173
6,083
224
611
437
708
1,121
13,515
30,092
386
3,939
6,176
38,266
1,391
48,905
1,194
313
Oct. 25
9.56 n
9.645-9.65a
January
March
9.405
9.505-9.51a
9.455
9.49
9.435
—
9.53
9.54/1
9.635-9.64a
155
20,698
821
1,857
32,768
682
37,407
33,221
6,510
2,964
23,612
1,287
48.668
*
Steady
Steady
above
1,948
45
Futures.—
n
Nominal.
show
totals
that
the
interior
stocks
have
a
Steady
Steady
Steady
Activity in the Cotton Spinning Industry for Sep¬
1940—The Bureau of the Census announced on
Oct. 18 that, according to preliminary figures, 24,616,762
tember,
cotton
spinning spindles were in place in the United States
Sept. 30, 1940, of which 22,278,204 were operated at some
time during the month, compared with 22,078,162 for
August, 21,919,000 for July, 21,954,616 for June, 22,213,378
for May, 22,288,832 for April, and 22,231,496 for September,
1939.
The aggregate number of active
spindle hours re¬
ported for the month was 7,867,481,268.
Based on an
activity of 80 hours per week, the cotton spindles in the
United States were operated during September, 1940, at
96.7% capacity.
This percentage compares, on the same
basis, with 90.4 for August, 86.6 for July, 87.9 for June,
89.4 for May, 92.0 for April, and 92.5 for September, 1939.
The average number of active spindle hours per
spindle in
place for the month was 320.
The total number of cotton
spinning spindles in place, the number active, the number of
active spindle hours, and the average hours per
spindle in
place, by States, are shown in the following statement:
on
Active Spindle Hours
Spinning Spindles
for September
State
In Place
Active Dur¬
ing Sept.
24,616,762
Cotton growing States
18,105,408
5,781,618
729,736
New England States.
All other States
Alabama
The results for the week and since
follows:
Aug. 1 in the last two
years are as
-1940——
Since
Ocl. 25—
Week
Shipped—
Spindle in Place
22,278,204
7,867,481,268
320
15,965,544
6,316,707,553
1,403,640,059
147,133,656
243
648,869,621
107,924,849
1,108,531,764
207
Since
Week
Aug. 1
Aug. 1
58,359
41,730
1,729,018
522,372
457,386
2,983,948
573,302
2,617,988
11,875
915
396
986
452
3,343
41,457
47,003
155
3,098
5,876
3,479
17,563
2,117
46,767
118.439
.30,637
192,807
44,619
315,784
...
...
Via other routes, &c
Deduct Shipments—
Overli d to N. Y., Boston, &c.
!
11,151
2,285
2,475
142,158
"248
.21,831
Total to be deducted
390
8,794
6,084
2,486
111,510
225
.22,079
.22,079
Leaving total net overland
-
146,918
9,409
120,080
8,558
45,889
35,210
195,704
*
.
Including movement by rail to Canada.
—1940Since
In Sight and Spinners'
Takings
679,420
3,230,160
150,704
Massachusetts
Mississippi
110,584
Week
Receipts at ports to Oct. 25
112,180
Net overland to Oct. 25—
8,558
Southern consumption to Oct. 25-149,000
Since
Week
Aug. 1
Aug. 1
1,386,317
45,889
1,757,000
243,288
35,210
142,000
2,688,961
195,704
1,702,000
Virginia
639,706
571,906
680,994
503,726
.269,738
.204,967
3,189,206
816,996
420,498
87,041
4,586,665
1,056,822
Texas
266,966
5,828,994
945,400
5,509,760
555,268
236,934
Rhode Island
South Carolina
222,070
330,616
North Carolina
New
5,187,042
5,457,724
818,842
554,720
222,982
Member
of
New
York
.474,705
8
507,539
3,793^508
North, spina's' takings to Oct. 25
*
57,291
.
45,041
613,590
5,700",778
56.527
420,892
Decrease.
Movement into sight in previous years:
Week-—
1938—Oct. 27
1937—Oct. 29
1936—Oct. 30
Bales
Since Aug. 1—
Bales
377,692 1938.
563,675
644,447
4,906,765
6,549,881
1937..;
1936
Quotations for Middling Cotton
and
Monday
Tuesday
Wednesday
Thursday
Friday
Oct. 25
CCC Reports
Credit
on
Galveston..
Vs
15-16
V*
15-16
V*
15-16
%
15-16
%
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
9.03
9.23
9.05
9.25
9.06
9.26
9.15
9.35
9.15
9.35
New Orleans
9.23
9.43
9.23
9.43
9.26
9.46
9.34
9.54
9.34
9.54
9.31
9.51
Mobile
9.08
9.28
9.10
9.30
9.11
9.31
9.20
9.40
9.20
9.40
9.15
9.35
Savannah
9.43
9.58
9.45
9.10
9.30
9.60
9.47
9.62
9.55
9.70
9.55
9.70
9.51
9.66
Norfolk
9.45
9.60
9.45
9.60
9.45
9.60
9.50
9.65
9.50
9.65
9.45
9.60
Montgomery
Augusta
9.10
9.30
9.10
9.30
9.10
9.30
9.20
9.40
9.20
9.40
9.20
9.40
9.38
9.63
9.40
9.65
9.41
9.66
9.50
9.75
9.50
9.75
9.45
9.70
Memphis....
8.90
9.15
8.90
9.15
8.85
9.10
8.85
9.10
8.85
9.10
8.85
9.10
Houston
9.03
9.23
9.03
9.23
9.03
9.23
9.10
9.30
9.10
9.30
9.05
9.25
Little Rock..
8.95
9.15
8.95
9.15
8.95
9.15
8.95
9.15
8.95
9.15
8.90
9.10
8.86
9.11
8.81
9.06
Dallas
♦
8.74
8.99
Closed?
8.76
9.01
8.77
9.02
8.86
9 It
275
174
Cotton
1940 Cotton Loans—The
Corporation announced
Oct. 21, 1940, loans made
on
on
Oct.
23
Commodity
through
that
1940 crop cotton
by the Cor¬
poration and lending agencies aggregate $40,908,466.57 on
841,439 bales.
Cotton loans completed and reported to the
State—
Alabama
No. Bales
17,215
—
are as
State—
8836,901.56
404,052.84
Arkansas
14,690
—
712,210.18
California
111,015.40
Florida
follows:
Amount
Arizona
91
4,430.32
53,882
22,119
14,114
717
159
Amount
5,806
24,733
South Carolina.. 38,014
283,702.88
Oklahoma
Tennessee
7,697.97
1,153,007.96
1.929,178.81
361
16,877.13
..521,397
25,336,565.11
34,557.25
New
No. Bales
North Carolina..
2,621,940.55
1,093,411.68
—
Louisiana
-
..
Mississippi
Mexico—
663,319.61
Texas
Total
.723,845 335,208,869.25
Loans by co-ops. 117,594
Total
5,699,597.32
841,439 340,908,466.57
Returns by
Telegraph—Telegraphic advices to us this
evening indicate that in the south and northeast portions of
Texas cotton picking is
practically completed.
Very good
progress has been made with this work in the northwest.
Complaints of labor shortage in Oklahoma reported, but
picking is progressing excellently, however.
Eastern belt
reports excellent
progress
in picking.
Ruin
Rainfall
Days
Inches
Texas—Galveston
Thermometer
High
Low
84
dry
dry
60
72
88
92
44
66
Mean
1
0.45
Brenham
Brownsville
1
0.02
88
52
70
70
1
0.51
87
56
72
Corpus Christi
1
0.67
48
87
52
80
dry
dry
82
44
Fort Worth..
93
57
Houston
Huntsville
dry
dry
89
51
63
75
70
El
15-16
In.
344
Abilene
Closing Quotations for Middling Cotton on-
Saturday
376
404
partner in the Southern Cotton Co., cotton exporters
city, was elected to membership in the Exchange.
a
Amariuo
Week Ended
333
265
in that
6,084,305
at Other Markets
189
278
231
Exchange—At a
meeting of the Board of Managers of the New York Cotton
Exchange held Oct. 25, Yoshio Shinohara of Dallas, Texas,
Georgia
*212,694
286
234
118,530,012
305,754
Missouri
Total marketed
360
347
194,030,055
755,554,699
AUother States..
New Hampshire
New York
Corporation, by States,
-1939-
349
202
28,462,754
84,859,584
76,481,487
1,939,181,280
250,999,352
2,072,480,259
224,069,252
81,507,226
175,999,074
80,450
67,025
289
4,724,148
588,512
3,198,164
Tennessee
1939-
13,722
7,200
;
Via Mounds, &c__
Via Rock Island
Via Louisville
Via Virginia points
Total in sight
Average Per
Total
1,802,516
Connecticut
Maine..
Overland Movement for the Week and Since Aug. 1—
reports Friday night.
Steady
Steady
Asked.
Georgia
We give below a statement showing the overland movement
for the week and since Aug. 1, as made up from telegraphic
*
8.88 5-8.90a
Steady
1967,196'238,1722775,5731339,69912808,114 252,65813486,871
week last year.
Via St. Louis
8.93
Steady
Steady
bBld.
24,310
during the week 204,967 bales and are tonight
711,298 bales less than at the same period last year. The
receipts of all the towns have been 103,440 bales more than
same
9.305-9.31a
Steady
926
increased
in the
9.485-9.49a
9.33
Steady
Includes the combined totals of 15 towns In Oklahoma.
The
9.58 n
9.50 n
Tons—
Spot
United States
Total,56 towns 443,139'
9.61/1
9.495
9.60
9.39
9.40 n
9.425-9.43a
9.54
May
9.205-9.21a 9.205-9.21a 9.235-9,24a
9.35
July
8.82
8.81 n
8.85 n
October8.94 5-8.95a
Sept. 30
Waco
9.64n
9.525
1941—
43,419
4,248
5,037
.
Friday
Oct. 24
2,360
1,405
3,299
33
2,029
Texarkana
Thursday
Oct. 23
48,202
2
418
7,181
441
Marcos
16,254
7,464
4,027
74
Paris
60,905
219
53,173
40,222
3,062
Robs town..
San
17,829
Wednesday
Oct. 22
60,881
2,060
599
6,963
20,446
298
8,882
19,351
23,101
100,872
Season
4,385
1,387
1,705
125,773
41,316
86,374
47,577
11,736
41,750
101,067
177,159
30,100
37,048
35,182
82,719
49,710
21,727
108,125
Columbus..
Rome
Week
Tuesday
Oct. 21
1940—
Ship¬
ments
12,678
10,241
103,459
58,030
124,129
36,965
46,752
39,132
27,271
633
7,706
9,548
5,982
Little
Receipts
25
141
1,088
12,373
34,242
19,434
Eufaula
Selma
Week
Season
161
Ala., Blrm'am
Monday
19
December. 9.535-9.54 a 9.525-9.53a
Oct.
Receipts
1940
New Orleans Contract Market—The
Saturday
Towns
26,
for
detail below:
Movement to Oct. 25, 1940
Oct,
Paso
92
51
Kerr vi lie
72
1
1.26
89
35
62
Lampasas
I
0.05
93
40
67
Luling
Nacogdoches
1
0.58
90
49
70
88
46
67
93
50
72
*93
48
90
51
71
87
56
72
86
54
70
45
dry
dry
Paris
Taylor
1
Weatherford
Oklahoma—Oklahoma City
Arkansas—Fort Smith
Little Rock
Louisiana—New
Shreveport
Orleans
__
0.10
dry
drydry
dry
dry
dry
83
71
82
56
64
69
88
47
68
Volume
The Commercial & Financial Chronicle
151
Rain
Rainfall
Inches
Days
Mississippi—Meridian
dry
dry
dry
dry
dry
Alabama—Mobile.
Birmingham
:
;
Montgomery.
Florida—Jacksonville
Miami...
1
Tampa
Georgia—Savannah.
Atlanta
Carolina—Charleston.
1
_
Wilmington
Tennessee—Chattanooga
Memphis
To South America
41
43
63
70
65
54
75
70
50
44
64
45
63
85
41
63
71
51
61
76
38
35
57
77
75
44
59
81
Cotton
56
40
61
85
46
78
82
41
62
following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Oct. 27, 1939
Oct. 25, 1940
Feet
Above
Nashville.
zero
Above
Above
zero
zero
Above
....
Memphis
zero
of gaugeof gauge.
...
90
...
Total....
50
37,715
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Foreign Cotton Statistics—Regulations due to the war
Europe prohibit cotton statistics being sent from abroad.
We are therefore obliged to omit the following tables:
World's Supply and Takings of Cotton.
in
India Cotton Movement from All Ports.
Liverpool Imports, Stocks, &c.
Liverpool —The tone of the Liverpool market for spots and
each day of the past week and the daily closing
prices of spot cotton have been as follows:
futures
9.4
1.5
Spot
—6.3
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet
Quiet
Quiet
Quiet
1.0
—6.4
of gauge.
17,448
.....
To Colombia
2,017
1.7
9.4
583
*
—0.7
of gauge—Above zero of gauge.
Shreveport.
Vicksburg..
Feet
2.0
—0.6
To Japan.....
To Russia
|1,250
ANGELES—
York
The
New Orleans
194
HOUSTON—
15,983
To Japan
To South America
81
0.04
To Japan
66
LOS
81
dry
dry
dry
___!
.
Nashville
To Russia
61
84
0.06
1
68
85
dry
dry
Raleigh
50
41
84
dry
North Carolina—Asheville
GALVESTON—
100
86
0.01
Bales
ORLEANS—
To Great Britain
85
1
Macon
NEW
80
0.01
2525
Bales
86
dry
dry
dry
Augusta
South
-Thermometer
Low
Mean
High
40
60
80
Market,
12:15
Quiet
P. M.
Receipts
from
the
Plantations—The
following table
indicates the actual movement each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports:
CLOSED
'
Mid. upl'ds
Futures
8.16d.
/
points
Quiet;
1 point
advance
Market
i
8.18d.
decline
6
opened
8.l4d.
Quiet;
8.19d.
Quiet;
1
to
2
8.22d.
Quiet;
1 point
pts.
Quiet;
1
point
decline
advance
decline
Receivts at Ports
Stocks at Interior Towns
Market,
Quiet;
Steady;
Quiet;
Steady;
Steady;
4:00
4 points
3 points
2 points
advance
advance
decline
? points
advance
4 points
P. M.
Week
Recelrts from Plantations
Prices of futures at
End.
1940
1939
1938
1939
1940
1938
1938
1939
1940
Oct. 19
July
26.
21.723
73,527
53.593 1980,272 2434,289 1978.400
Sat.
Oct. 25
2.
64.962
73,404
60,375
72,192
78.606 101.982
49,379 19'4,131 2441,606
51.885 1925.60' 2434,071
73.033 1910,674 2417.522
23.
91,740 140,844 78.102 1893,294 2408,973
30. 111,232 196.344 144.055 1886,703
300,222
9.
1951.616
38.821
80,721
31 84 '
64.657
33 753
63.675
Liverpool for each day
Mon.
are
Wed.
Tues.
given below:
Thurs.
Frl.
Close Noon Close Noon Close Noon Close Noon Close Noon Close
22.595
1933,484
1927,836
*
to
44.437
63,370
Nil
Aug.
16.
advance
67.385
1922,216 74,360 132.295 83,722
2427,136 111,2 21836,739 214,507
85,433
New Contract
6. 143.187 209.955 195.347
1878,515 2487,313 2044 616 134.999 270,132 290,308
13. 137.224 266.665 227,732 1893 099 2590.556 2198,739 151.740 369.908,381.855
20. 142,923 306.040 236,651 1947,476 2745,834 2390.140 197.300 461.318 428,052
27. {37,695 297.080 221.656 2062.281 2930.731 2633.565.252.5001481,070.465.081
d.
d.
d.
d.
d.
d.
d.
d.
d.
*
January,
d.
*
December
*
1941..
*
March
Sept.
d.
October, 1940
7.36
__
May
7.36
8.34
7.49
7*38
7*37 ~7~39
7.40
7.42
7.44
*
July
*
*
Closed.
Oct.
4. 118.475 297.556 183,369
2185,345 3113,815 2881.086 241.439
480,640<430,890
BREADSTUFFS
11. 128,793 290,322 205,107 2378,831 3262,486 3110,218 322.3794904035 433,993
18
114,761 230,932 200,646 2570,606 3399,830 3275,615 306,636 368,276 366,043
25. 112,180 243,288 150.872 2775,573'3486,871'3387,084 317,147 330,329 263,541
Friday Night, Oct. 25, 1940
Flour—It is the belief of many in the flour trade that
The above statement shows:
(D That the total receipts
from the plantations since Aug. 1, 1940, are 2,209,904 bales;
in 1939 they were 3,740,314 bales, and in 1938 were 3,430,164
bales.'
(2) That, although the receipts at the outports the
past week were 112,180 bales, the actual movement from
plantations was 317,147 bales, stock at interior towns having
increased 204,967 bales during the week.
Alexandria Receipts and Shipments'—The following are
the
receipts, and shipments for the past week and for the
corresponding week of the previous two years:
Alexandria, Egypt,
1940
1939
.
This week
363,000
1,513,000
Since Aug. 1
This
Since
Week
380,000
1,860,467
Aug. 1
This
Week
460,000
1,970,651
Since
This
Since
Aug. 1
Week
Aug. 1
Exports (hales)—
To Liverpool
To Manchester, &c_
To Continent & India
25,000
5,000
L.000
To America
Total exports...
12,000
Note—A cantar is 99 lbs.
36,497
36,294
143,420
21,275
87,000 34,650
237,486
(
8,300
40,000 21,350
350
21,337
31,747
138,234
3,571
9,650
194,889
9,300
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week
ended Oct. 24 were
363,000 cantars and the foreign shipments 12,000 bales.
Manchester Market—Our report received by cable to¬
night from Manchester states that the market in both yarns
and cloths is steady.
Demand for both yarn and cloth is
improving.
We give prices today below and leave those for
previous weeks of this and last year for comparison:
1940
1939
8X Lbs. Shirt¬
Cotton
ings, Common
Middl'g
32* Cop
Twist
d.
to
8.
d.
8H Lbs. Shirt¬
Upl'ds
Finest
s.
d.
d.
Middl'g
to Finest
d.
Cotton
ings, Common
Uvl'ds
32* Cop
Twist
s.
d.
s.
d.
d.
*
July
20-
14.05
12
4M<312
9
Aug.
2—
14.00
12
4H@12
14.04
12
16-
14.26
12
23..
14.37
12
4J4@12
6
@12
6
@12
CO o
14.51
12
6
9
.
1
1
@12
7.95
8X® 9H
8
10M@ 9
1H
6.40
7M
7H
7.82
8X® 9%
8
10X®
9
8
10X®
9
8-19
9
8.18
9
8.23
8X® 9H
8H® 9H
9
@10
9X@10X
1X
IX
5.28
7.84
9
Nominal
Nominal
9
8.31
Nominal
Nominal
9
8.40
8 H@
8 10X® 9
IX
9
@93
9
5.22
5.14
'
@93
5.62
6.71
Sept.
6—
Not
available
8.33
13..
14.61
12
6
20-
14.58
12
6
27-
14.86
12
7M@12 10H
@12
@12
8.82
13
9
9H
@13H U
11
7.03
7.09
4.76
3
@93
@11
6
6.74
Oct.
4-
"Not
available
8.21
13
11—
14.50
12
6
@12
9
7.99
13
18—
14.47
12
6
@12
9
8.13
13
25-
14.56
12
6
@12
9
8.22
13
Shipping
News—As
shown
on
@13 X
@13^
@13 Y4.
@13 H
a
3
@11
6
6.44
11
3
@11
6
6.27
11
3
@11
6
6.35
11
3
@11
6
6.38
previous
page,
the
exports of cotton from the United States the past week
reached 37,715 bales.
The shipments in detail, as
have
made up from mail and telegraphic reports, are as follows:
slack in
the highness
of wheat in this
kets
flour
business
is
traced
in
large part
of prices in "the face of an overabundance
country.
The current wheat futures
mar¬
Many
would not consider it surprising to see at least a moderate
decline following the creeping advance since mid-August.
Many flour consumers are said to be booking requirements
on a day-to-day basis in belief that the present relationship
of heavy supplies to high prices will not continue.
are
being watched closely by the flour trade.
Wheat—On the 19th inst. prices
closed unchanged to 3^c.
A steadier tone prevailed in the wheat market today
after traders had noted the latest reports on the amount of
farmer-owned wheat on which the Government was making
loans.
The total sealed this last week was onlv 8,683,000
bushels less than a quarter of the 32,000,000 bushels in the
previous week
Although this brought the season's total to
217,803,000 bushels, far in excess of last year's 167,000,000
bushels for the entire season, the trade was encouraged to
believe that prices were nearing the mark at which wheat
higher.
1938
Oct. 24
Receipts (cantars)—
the current
to
would
be sold into market channels rather than
"frozen"
under the loan program.
A lack of weakness in stocks also
served to encourage grain traders, although trade in all the
pits was light. Profit takers, conspicuous in recent sessions
on each fractional advance, were not active today.
Prices
at one stage almost reached the seasonal high levels touched
Thursday when heavy shipping sales were favorably noted.
On the 21st inst. prices closed unchanged to %q. higher com¬
pared with Saturday's finals.
In the absence of any new
trade developments over the week-end wheat prices today
moved listlessly through a narrow range.
There was some
hedging from the Northwest as well as scattered profit taking,
which caused prices to dip about 2^ cent at times, but this
was
offset by short covering attributed to an elevator
interest, and possibly some mill buying.
Reports indicated
prices were not high enough to stimulate increased country
sales or withdrawals of loan stocks, although the amount of
grain going into storage under loans has diminished. Some
No. 2 red wheat sold at 92*^, or 11 %, cents over the basic
loan rate at Chicago.
Although war remained in the back¬
ground as the all-important market factor, dealers gave more
thought to the tightening domestic situation, due to its
direct effect on prices. Market quotations, pit brokers said,
were in the technical balance, with advances checked by
possibility of loosening up of supplies and declines halted by
the price stabilizing effect of the loan program.
On the 22d
prices closed %c. to 1 %c. net higher. All grains made
a determined show of strength today in the face of skimpy
inst.
supplies, good demand from mills and cash houses, and
strength in securities.
December wheat advanced more
than 1H cents a bushel at times to 87, the highest level on
the movement-—May and July wheat, set new peak prices
for the season.
At the close, virtually all deliveries of wheat
were at or near the best levels of the day.
Lack of selling
pressure in cash wheat continued a major strengthening
The Commercial & Financial Chronicle
2526
factor
markets.
domestic
in
situation
The
of
tightness
the
cash
to
69c.
in the relative strength of the December
seen
was
to
a
delivery compared with the deferred contracts, where offer¬
ings were small and the nearby month widened its premium
over May.
United States visible stocks decreased 1,432,000
bushels last week to 168,909,000 bushels compared with
137,982,000 a year ago. On the 23d inst. prices closed Ye.
to Ye. net higher.
Continuing the rise which has carried
wheat values upward 15 to almost 20 cents since midAugust, Chicago futures quotations today advanced another
cent, carrying December delivery contracts to just under
88 cents,'highest since the market's collapse last May.
No. 1 hard wheat sold as high as 89 cents, while red wheat
was quoted over 90 cents in the spot market.
Buying in all
pits came from processing interests and professional dealers
attracted by the tightening commercial supply due to the
farm holding
policy.
Firmness of securities, Russian,
inquiry for Pacific Coast wheat, and Canadian sales to
Great Britain and negotiations with Ireland and Portugal
attracted attention.
to almost 20 cents
in
in
market's rise of
said the
Traders
15
bushel since the season's lows established
a
August had brought about a situation in which loan wheat
many localities could be redeemed if producers merely
wished
On
to break
24th
the
"Wheat
hist,
prices
under
even.
fell
to l%c.
lower.
net
1c. a bushel today
selling inspired by
to
and
recent upturn to the best level in five
prospects that the
months
%
closed
fractions
profit-taking
of
pressure
futures
back
might check movement of grain into storage under
Some loap wheat is
Government loans.
isolated
instances in the
being redeemed in
Southwest, reports indicated.
Be¬
fore the setback most wheat,
contracts had
reached
Traders
accumulated
corn, oats, rye
and
beans
soy
highs for thq season, with the
general level of grain prices about the best since last May.
to
as
with
much
ridden
have
to
with
showed
weeks,
Uneasiness
profits ranging from fractions
to 20c.
15c.
as
new
the
caution
if
they
market's
in
rise
of
view
fortunate enough
were
of
the
trade
past eight
circumstances.
regarding the European war and the national
as the effect of prices on the loan wheat
vice
versa,
induced caution
the part of
on
most traders.
Today prices closed unchanged to *4c. lower.
taking lowered wheat prices as much as Y2 to %c.
at
times today,
before
the
steadier
Profita
bushel
but the market recovered most of the loss
The
close.
tone of the
late
rally
was
old
associated
with
tracted
by the earlier price
creased
movement of "free"
tive
decline.
there were instances of
loan.
Most
of
some
some
more
attrac¬
attention, and
sales of grain that has been
supplies offered were held pri¬
vately in storage, and dealers willing to pay substantial
premiums over loan rates were said to have obtained all
they wanted.
A Government forecast of possible general
improvement of farm commodities prices reflecting domes¬
tic conditions attracted some attention, but the survey in¬
dicated prices of products involved in the loan program
may not be affected by this trend.
Open interest in wheat,
55,373,000 bushels.
DAILY
CLOSING
PRICES
OF
Sat.
December
85 53
May
July
Season's High and
"
December
May
July
DAILY
8453
7953
-
....
8733
8633
8153
CLOSING
Man.
10653
WHEAT
Tues.
10753
Wed.
Thurs.
Fri.
10853
10753
10753
FUTURES
Man.
85%
84 %
803-3
Tues.
86%
85%
81
PRICES
OF
87%
86
81%
7013
7153
75%
May
86%
8533
80%
86%
corn
new
%
being
85
80%
Aug. 16,1940
Aug. 16, 1940
Sept. 27, 1940
FUTURES IN WINNIPEG
Mon.
Tues.
Wed. Thurs. Fri.
70%
7153
75%
70%
71%
75%
70%
71%
75%
70%
71%
75%
70%
7153
75%
19th inst.
prices closed
to ^c. net
lower.
Trading in corn was generally slow, with prices
drifting lower.
There was relatively little demand and
prices yielded to the slightest pressure.
On the 21st inst.
prices closed Y^e. off to %e. up. Corn showed little change.
Traders expect the visible supply of corn to show a large
increase as the result of heavy shipments of the
government
grain to terminal elevators for storage. Receipts at Chicago
mostly government corn. On the 22d inst.
prices closed Y%e. to 1 cent net higher. Country offerings of
corn continued small,
although 80 cars were on sale in the
spot market at Chicago yesterday.
The visible supply has.
increased rapidly because of the movement of
government
owned grain into terminal market storage.
The total last
week was 48,100,000 bushels, compared with 21,510,000 a
year ago.
On the 23d inst. prices closed Ye. to l^c. net
higher. May and July corn reached new highs for the season.
corn was
at the best level since the
May break and
about 12 cents higher than a year ago.
In the spot market,
cash corn was nearly 20 cents
higher than a year ago, but
there were no signs of any material
loosening up of supplies
in the country.
On the 24th
inst. futures closed
%c. off to Ye. up.
Best grades of corn recently have been quoted around 68c.
the
on
spot
The
market
grain, but demand from all quarters,
the
movement.
Spot com prices
Open
of
tonight
CLOSING
DAILY
PRICES
OF
Sat.
No. 2yeUow_.._
CORN
Sat.
December
Season's High and When Made
December
6253
64 53
Oct.
Oct.
6453
May
July
Oct.
Wed.
83%
Tues.
6053
61%
6153
Thurs.
85%
Wed.
Thurs.
6253
6353
6353
Season's Low and
24, 1940 December
24, 1940 May
24. 1940 July
corn
Fri.
84%
CHICAGO
IN
6153
62%
6253
in
YORK
85%
FUTURES
Mon.
6053
61%
61J3
May
July
NEW
82%
OF CORN
interest
IN
Tues.
Mon.
82%
DAILY CLOSING PRICES
the highest for this
are
the season since 1936.
was 20,455,000 bushels.
period
6253
6353
6353
Fri.
6253
62%
62J3
When Made
53%
5453
5853
July 15, 1940
Aug. 16, 1940
Sept. 23, 1940
Oats—On the 19th inst. prices closed unchanged to Yc- off.
was little activity in this market, and the undertone
There
ruled
heavy.
On the 21st inst. prices closed Ye. net higher.
dull, with the undertone barely steady.
On the
22d inst. prices closed
to Ye. net higher.
Oats took
Trading
was
their
from wheat.
cue
The December
delivery
bought by
Offerings
were scanty.
On the 23d inst. prices closed Y,e. to
net higher.
Farm use of oats has cut the commercial visible
supply to the lowest point in 42 years, well informed sources
state, and this
had a decidedly steadying effect on the
market.
The strong action of the other grains also had
was
cash houses, in some cases against sales of May.
their influence in
On
the
24th
a
firmer oats market.
inst.
prices
Oats futures followed
%
to
trend
of
closed
the lower
%c.
net
wheat
DAILY
CLOSING
PRICES
OF
FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs. Fri.
34%
3353
3153
—
May
July
Season's High and When Made
December
36
Oct.
24, 1940
May
July
35%
Oct.
Oct.
33
34%
34%
32%
34%
34
3153
DAILY CLOSING PRICES
OF OATS
Sat.
May
35
34%
32%
35%
34%
When Made
Aug.
Aug.
Oct.
27%
2853
30%
19,1940
16, 1940
9. 1940
FUTURES IN WINNIPEG
Mon.
3253
30%
30%
December
35%
34%
32%
Season's Low and
December
24, 1940 May
24, 1940 July
October
corn
higher.
OATS
Sat.
December
lower.
and
prices.
Today prices closed unchanged to %c.
Trading was light and without particular feature.
Rye—On
Tues.
34
3053
30%
Thurs.
Wed.
34%
3133
3053
35
31%
3133
34%
31%
30%
Fri.
34
31%
30%
the
19th inst.
prices closed Y<e. to Ye. net
on rye and trading was
dull.
Prices yielded readily on the slightest pressure. On the 21st
inst. prices closed unchanged to y%c. up. Trading was light,
with the undertone steady.
On the 22d inst. prices closed
unchanged to Ye. higher.
Rye made feeble attempts to
advance with other grains, but made a relatively poor show¬
ing. On the 23d inst. prices closed He. to Y%e. net higher.
Some selling of rye was attributed to hedging of Argentine
rye.
The offerings, however, were readily absorbed and the
rye futures market firmed up in sympathy with the other
grains.
lower.
There
was
no
news
On the 24th inst. prices closed
other
grains, rye showed
% to %c. net lower. Like
substantial gains in the
the
early
the
trading, and profit-taking developed in this quarter
same
support.
lower.
as
the
other
markets.
There
was
DAILY
CLOSING
PRICES
OF
RYE
Sat.
December
FUTURES IN CHICAGO
Tues.
Wed.
Thurs. Fri.
Mon.
45%
49%
4953
May
July
45%
49%
4953
45%
49%
46%
50
5053
Season's High and When Made
I
Season's Low and
December
5053
May 29. 19401 December
3853
■
May
July
50%
5153
Oct.
Oct.
24, 1940!May
24, 19401July
DAILY CLOSING PRICES
October
sustained
no
Today prices closed %c. net higher to %c. net.
Trading was sluggish, with the tone unsteady.
OF
December
4353
4453
4853
48
When Made
Aug. 19, 1940
Aug. 19,1940
Sept. 23, 1940
4453
4553
4853
4533
4653
4953
4653
4953
45 %
4653
49
OF BARLEY FUTURES IN WINNIPEG
Sat. Mon.
Tues.
Wed.
Thurs. Fri
October
December
39
May
39%
4053
Closing quotations
45%
4933
49%
FUTURES IN WINNIPEG
Mon. Tues.
Wed. Thurs. Fri.
45
May
DAILY CLOSING PRICES
>—
4233
4753
45%
4953
50%
RYE
——
were as
4053
3933
39%
4153 '
3953
39%
4353
41
4053
4353
4053
4053
4253
4053
4053
follows:
FLOUR
totaled 342 cars,
December
without
figures
%c. net lower.
to
offered
Sat.
Corn—On the
loan
original
closed
now
crop
61c., and is 11c. to 12c.
Farmers can redeem some
rate.
When Made
WHEAT
Sat.
December
CHICAGO
Thurs. Fri.
IN
Wed.
When Made
|
Season's Low and
Oct. 2 3,1940 December
68%
Oct. 24, 1940 May
70
Oct. 24, 1940 July
7613
October
the
equivalent
roughly
is
around
the
around
which
1940
including shippers and processors, has been good.
Traders
said overnight rains in the Chicago territory may retard
DAILY CLOSING PRICES OF WHEAT IN NEW YORK
No. 2 red
original loan
consists of
a
the
Sat.
106
of
26,
Trade reports of in¬
wheat due to the
prices earlier this week attracted
under
basis
Today prices
of
bulk
market,
spot
loan
at
corn
charges.
stock market.
Complaints of dry soil
conditions in parts of the Southwest, peace talk coming
from Europe, and some buying credited to mills and at¬
the
the
above
election, as well
situation, and
in
farm
Oct.
8pring pat. high protein__5.45@5.60 Rye flour patents
Pate
4.15<
Spring patents
5.15 @5.35 Seminola, bl., bulk basis__5.85
Clears, first spring
4.55@4.75 Oats, good
2.65
'
Hard winter straights
Hard winter patents
Hard winter clears
Corn flour
@
4.25
6.35
—2.35
>.4.85 @5.00 Barley goods—
Nominal
Coarse
Prices Withdrawn
Fancy pearly (new) Nos.
1.2-0.3-0.2
4.75@6.75
GRAIN
Wheat, New York—
Oats, New York—
No. 2 red, c.i.f.t domestic
10753
Manitoba No. l.f.o.b.N.Y. 8353
Corn, New York—
No 2
yellow, all rail
No. 2 white
Rye. United States. c.f.f
Barley, New York—
40 lbs
8453
All the statements below
feeding
Chicago, cash
4853
6153
62 %
50
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce
Exchange.
First we give the receipts at Western lake and river
ports
Volume
the week ended last Saturday and
or
inancial Chronicle
The
151
The world's
since Aug. 1 for each
of the last three years:
shipments of wheat and
bbls 196
Wheat
Oats
bush 60 lbs
6s
Corn
bush 56 lbs
bush 32 lbs
223,000
Chicago
Rye
Barley
shown in
the
since July 1, 1940, and
3,268.000
311,000
179,000
1,611,000
1,618,000
371,000
132,000
321,000
629,000
Duluth
1,327,000
649,000
42,000
44,000
80,000
14,000
1,000
635,000
3,000
Milwaukee.
19,000
152,000
203",000
79,000
82~666
1,646,000
640,000
245,000
4,000
383,000
66,000
33,000
Wheat
Corn
Week
Since
Since
Week
Since
Since
Oct. 18,
July 1,
July 1,
Oct. 18,
July 1,
July 1,
1940
1940
1939
1940
1940
1939
Bushels
Bushels
Bushels
Bushels
Bushels
Bushels
Exports
3,000
Indianapolis
Louis..
are
36,000
56,000
Toledo
St.
July 1, 1939,
following:
bush 56 lbs bush 48 lbs
163,000
Minneapolis
Buffalo
furnished by
corn, as
Broomhall to the New York Produce Exchange, for the week
ended Oct. 18 and
Flour
Receipts at—
2527
147,000
223,000
54,000
8,000
40,000
No
Peoria
39,000
22,000
714,000
30,000
14,000
74,000
Black Sea.
Kansas City
34,000
388.000
32,000
138,000
1,558,000
415,000
32,000
ArgentinaAustralia
39,000
157,000
65,000
India
131,000
Omaha
St.
Joseph-
Wichita
2,543,000
i,39b"bob
12L600
io", 000
1,000
10,000
countries
240,000
9,980,000
1,340,000
430,000
Total...
4,173,000
486,000
676,000
8,395,000
9,151,000
12,233,000
1,807,000
451,000
2,312,000
610,000
1,831,000
2,142,000
2,695,000
5,035,000 133,086,000
5,688,000 134,670,000
5,270,000 149,991,000
79,329,000
62,489,000
71,048,000
Same wk '39
Same wk '38
1939
1938
28,369,000
5.413,000 31,679,000
41,471,000
9,857,000 46,755,000
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
York.
340,000
4,000,000
21,000
52,000
2,000
38,000
192,000
4,000
17,000
9,000
53,000
20,000
60,000
Rye
Barley
bush 56 lbs bush 48 lbs
"4",boo
13,000
156,000
_
New Orl'ns*
31,000
14",000
No. of
3,000
Tot. wk. '40
1,760,000
1,334,000
47,000
14,000
3,000
9,913,000 100,673,000
30,367,000
3,297,000
1,928,000
1,189,000
312,000
53,000
147,000
203,000
263,000
Delaware
1940
289,000
2,170,000
1939
12,803,000
87,723,000
17,295,000
4,094,000
1,470,000
6,872,00„
1,224,182
Receipts do not Include grain passing through New Orleans for foreign port
11,234,788
3,110,095
2,263,259
Iowa
312,590
6,618,555
1,297
199,749
16,765
19,193
866,506
15,192
28,599
2,623,507
4,361,444
65,886
38,068,701
262,841
51,070
139,598
5,703,529
7,842,463
14,158,598
9,188,839
388,441
1,283,516
632
105
Kentucky
Michigan...
seaboard ports for the week
since July 1 are shown in
Missouri
Montana
Nebraska
Bushels
Bushels
New York
Bushels
Barrels
138,000
Philadelphia
Oats
FlOUT
Corn
Rye
Barley
Bushels
Bushels
Baltimore
South Dakota...
"b'ooo
Total week 1939.
1,990,000
Since July 1, 1939
......
041,430
686,000
37,083,000
67,380
2,944,000 1,393,262
18*000
817'obb
55,000
126,000
380,000
163~bbb
421,000
1,105,000
4,266,000
Export data not available from Canadian ports.
8,005,917
271,303
6,865,932.19
1,444,177
666,764
16,861,853
13,445,303.34
19,199
425
551
3,469
22
Virginia
visible
GRAIN
STOCKS
Wheat
Corn
Oats
Rye
Bushels
Bushels
Bushels
Bushels
74,000
__
afloat
175,000
2,000
40,000
4,000
2,000
3,000
43,000
Philadelphia*
508,000
Baltimore
875,000
New Orleans
76,000
Galveston
32,000
1,000
108,000
8,000
20,000
5,000
100,000
262,000
1,000
605,000
135,000
9,000
11,000
11,000
388,000
86,000
6,000
3,000
1,294,000
Fort Worth.
10,165,000
Wichita
4,731,000
Hutchinson
9,020,000
St. Joseph
Kansas City
_
5,194,000
Sioux City
St. Louis
142,000
5,820,000
50,000
9,764,000
Omaha
1,986,000
37,049,000
12,331,000
1,527,000
659,000
277,000
31,000
171,000
475,000
1,069,000
1,018,000
7,897,000
2,543,000
Indianapolis
Peoria
963,000
555,000
9,995,000
1,118,000
afloat
12,000
21,000
4,000
1,552,000
761,000
148,000
26,000
13,751,000
Chicago
6,000
10,000
227,000
199,000
On Lakes
416,000
Milwaukee
803,000
Minneapolis
29,851,000
Duluth
27,807,000
afloat
—
Detroit...
255,000
3,471,000
7,408,000
2,002,000
-
1,568,000
78,000
1,613,000
508,000
2,245,000
5,801,000
251,000
1,260,000
888,000
178,000
100,000
2,000
5,000
2,000
290,000
4,487,000
287,000
434,000
127,000
922,000
57,000
1,250,000
559,000
Total Oct. 19, 1940...168,871,000 48,100,000
6,435,000
7.899,000
1
Year
United
Ended
June
*•
afloat
307,000
On Canal
267,139
348,548.04
Flour
190,624,972
$156,045,315.97
115.24
27,177,733
States
to
Latin-America
in
1940 Showed Upwarcl Trend—
Purchases of Wheat as Grain Declines—United States
30,
exports of wheat flour to Latin-Americau markets during the
12 months ended June 30, 1940, amounted to 2,395,000 bar¬
compared with 2,183,000 barrels in
as
1938-39 and
2,090,000 barrels in 1937-38, the Office of Foreign Agricul¬
tural Relations of the Department of Agriculture said on
Oct. 21 in its weekly publication, "Foreign Crops and
Markets."
Although sales of United States flour to LatinAmerican markets showed an upward trend, their purchases
of United States wheat in the form of grain in 1939-40
amounted to only 784,000 bushels, compared with 3,381,000
bushels in 1938-39 and 5,537,000 bushels in 1937-38.
As a
United States wheat
those markets in 1939-40 amounted
to only 12,042,000 bushels against 13,642,000 bushels the
year before and 15,360,000 bushels in 1937-38.
The an¬
result, the actual wheat equivalent of
and flour shipments to
nouncement in the matter further
stated:
Including flour in terms of wheat, United States wheat exports to LatinAmerican markets were 22% of total shipments to all countries in 1939-40,
compared with 12% in 1938-39 and 14% in 1937-38.
It is pointed out,
however, that total shipments to all countries amounted to only 54,274,000
bushels in 1939-40 against 115,784,000 bushels the year before and 107,194,000 bushels in 1937-38.
„
T
While United States milled flour was shipped to practically all Latin.
Buffalo
117,569.63
5,177,850.50
8,004.18
172
342,526
of
372,616.12
154,745
8,166,156
9,267
244,304
.....
Total
212,626.92
188,868
991,342
523
Wisconsin
Wyoming
rels
Barley
Bushels
United States—
West Virginia...
Sales
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Oct. 19, were as follows:
"
2,974,307.23
59,604.34
1,212,721
Utah
1,12 3",000
1,673,000
1,123,000
30,501,000 12,549,000
Since July 1,1940
"
4,456,756
79,382
Washington
Tot. week 1940
New York..
2,822,082.19
14,634,499.29
622,877
850
Texas
......
Orleans
1,212"6O6
3,248,543
17,981,210
Tennessee
58,000
Can. Atl. ports._
24,420,030.88
276,385
2,395,444
1,878
310
27,577
—
Oregon
Pennsylvania.....
38,430
31,397,660
10,711
Oklahoma
265,000
235,956.68
5,209,766.76
6,073,358.33
11,430,769.48
9,791,597.06
328,314.19
30,975
52,371
North Dakota
Ohio
Wheat
Exports from—
232,301
457
New Mexico
the annexed statement.
271,292
4,890
62,829
Minnesota
The exports from the several
ended Saturday, Oct. 19, and
1,327.13
3,221,684.27
9,414,965.93
2,617,640.65
1,923,625.73
32,031,181.62
197,030.70
36,051.66
4,790,785
550,442
Maryland
through bills of lading.
82,493.24
1,982,285.03
3,425
Kansas
$8,177.42
90,469
2,229,967
1,625
25,272
10,976
Illinois
Indiana
Week 1939.
Since Jan. 1
30,551
784,026
3
-
Amount
11,105
3,968
Idaho
Since Jan. 1
Storage
Bushels
34
-
Colorado
"
Commodity
Warehouse
Storage
27
California
1,123,000
1,212,000
The
69,941,000
Bushels
Arkansas
ports
a
21,720,000
29,124,000
Farm
Loans
State—
40,000
7,000
_
Lawr'ce
New
2,520,000
2,098,000
10,856,000
90,931,000 142,661,000
last
10,000
Boston
Philadelphia
on
44,566,000
through Oct. 15 totaled 217,802,705 bushels valued at
$156,045,315.97.
Loans on the 1939 crop on the same date
year totaled 135,534,302 bushels valued at $95,171,536.76.
The size of the loan in farm storage was sharply
larger than warehouse storage, averaging 636 bushels per
note against 455 bushels.
The number of loans through
Oct. 15 totaled 342,526, against 192,463 on the same date
last year.
Wheat loans compiled and reported to the Cor¬
poration, by States, follow:
46,708,000 13,476,000 40,984,000
receipts of flour and grain at the seaboard/ ports
Saturday, Oct. 19, 1940, follow:
Receipts at—
*
2,891,000
764,000
14,304",000
loan
for the week ended
Baltimore.
12,300,000
673'oob
Credit Corporation announced Oct. 18 that wheat in the 1940
1940
Galveston.
1,425,000
11,680,000
CCC Reports on 1940 Wheat Loans—The
Since Aug. 1
Total
59,370,000
49,462,000
11,293,000
18,000
462,000
48,565,000
560,000
37,806,000
Other
5,988,000
6,319,000
Tot. wk. '40
St.
Amer.
.
246,000
Sioux City.
New
.
.
„
^
half was taken by Cuba, Venezuela and Ecuador.
The Central American Republics were also important purchasers, especially
Guatemala and the Republic of Panama.
Not all of the shipments, however, consisted of flour made exclusively
from American wheat.
During the past two exporting seasons approxi¬
American markets, over
...
Total Oct. 12, 1940
170,341,000 43,611,000
6,857,000
21,510,000 14,295,000
Total Oct. 21, 1939.....137,982,000
10,081,000
8,144,000 10,566,000
9,691,000 15,896,000
Oats—Buffalo, 142,000 bushels; Erie,
129,000; total, 271,000 bushels, against 307,000 bushels In 1939.
Barley—New York,
grain not included above:
157,000 bushels; Buffalo, 482,000; Baltimore, 156,000; in transit—rail (TJ. S.),
335,000; total, 1,130,000 bushels, against 891,000 bushels In 1939.
Wheat—New
York, 3,365,000 bushels; New York afloat, 555,000; Boston, 2,267,000; Philadelphia,
1,119,000; Baltimore, 1,244,000; Portland, 1,211,000; Chicago, 26,000; Buffalo,
7,186,000; Duluth, 7,346,000; Erie, 2,016,000; Albany. 8,948,000; on Canal, 383,000;
transit—rail (U. S,), 2,570,000. total, 38,236,000 bushels, against 15,184,000
In
bushels in 1939.
with
Corn
Oats
Bushels
Bushels
Bushels
Lake, bay, river & seab'd 65,858,000
Ft. William &Pt. Arthur
82,797,000
Other Can. & other elev.241,773,000
344,000
738,000
5,056,000
Rye
Bushels
325,000
1,174,000
1,138,000
Weather
Barley
Bushels
1,036,000
1,003,000
3,532,000
Total Oct. 21, 1939
317,744,000
6,138.000
5,235,000
11,166,000
2,637,000
2,630,000
2,621,000
5,571,000
5,325,000
9,562,000
Summary—
American.
168,871,000 48,100,000
Canadian
390,428,000
Total Oct. 19, 1940
6,435,000
6,138,000
7,899,000 10,081.000
2,637,000
5,571,000
Total Oct. 12, 1940
559,299,000 48,100,000 12,573,000 10,536,000 15,652,000
549,271,000 43,611,000 12,092,000 10,774,000 15,891,000
Total Oct. 21, 1939
455,726,000 21,510,000 25,461,000 12,312,000 25,458,000
Report for the Week Ended
Oct. 23—The
of the weather bulletin issued by the
Department of Commerce, indicating the influence of the
general
summary
weather for the week ended
Oct. 23, follows:
beginning of the week high pressure and cool weather prevailed
throughout the interior of the country, and a depression of considerable
the
erergy
19th0
passed northward over the ocean off the Atlantic
extensive depression appeared in the Midwest,
an
upper
Mississippi
Vallev.
It
moved
seaboard.
On the
centered over the
rapidly southeastward
and
at
the
a second disturbance developed over the southern
Appalachian
and passed off the Atlantic coast.
This latter storm brought light
to moderate precipitation, much of it in the form of wet snow, from the
Lake region southeastward to the Middle Atlantic coast; in somo places it
was the heaviest October snowfall of record.
The latter part of the week brought unseasonably now temperatures to
the Northeastern and Central-Eastern States, with freezing weather coverin" the Middle Atlantic area, except along the coast.
TheTe were marked
contrasts in temperatures in different parts of the country.
In the extreme
Northeast some record low readings for the season were reported, while
same
Total Oct. 19, 1940...390,428,000
Total Oct. 12, 1940
378,930,000
shipments to Latin-American markets were flour milled
held in bond in the United States, compared
44% in 1937-38.
At
Wheat
Canadian—
mately 50% of the
from wheat largely Canadian,
♦Philadelphia also has 596,000 bushels Australian wheat in store.
""Note—Bonded
time
region
the
Far
Northwest experienced some of the highest temperatures of record
The Commercial & Financial Chronicle
2528
for
the
late
in
on
so
the
degrees
Los Angeles, Calif., reported a maximum of 99
For the country as a whole there was an abnormal
amThet wL^wm "abnormally
all
in
cool
sections east of the
Mississippi
above
northward minus departures from normal ranged from 10 degrees
to 14 degrees, while in central and northern States west of the Mississippi
River the plus departures were equally large.
It
was
reported that in the East freezing weather extended as far
south as North Carolina, but in the Midwest sub-freezing temperatures were
confined to more northern sections.
In contrast, a weekly minimum of 31
degrees was reported from Raleigh, N. C., while Duluth. Minn., had a
minimum of 35 degrees.
In Gulf sections the minima ranged from about
40 degrees in
extreme southern Alabama to 50 degrees or 60 degrees in
other coast sections.
The lowest reported for the week was 14 degrees at
Rig Piney, Wyo., on the 21st.
Little precipitation occurred, except for light to moderate amounts in
the Lake region and more eastern States and some heavy falls along the
north Pacific coast.
Throughout the interior valleys, the Great Plains,
and
Rocky Mountain sections, no measurable amount of rain occurred
during the entire week.
'
In
the upper Ohio Valley and Middle Atlantic area the first general
killing frost of the season occurred, resulting in more or less damage as
practically all tender vegetation was destroyed.
The frost was sli?htly
earlier than usual in some areas, such as most of Virginia and North
Carolina, but otherwise not earlier than normal.
In fact, light frost was
observed in exposed places as far south as the central portions of the east
Valley
,
,
„
f
...
Gulf States.
In an
average
year
killing frost occurs by Oct. 20 in the western
portions of Virginia and North Carolina, extreme northern Georgia, central
Tennessee, extreme northern Arkansas,
the extreme southeastern portion
of
Kansas,
of
one
western Oklahoma, and northwestern Texas.
On an average
in 10 it may he expected bv this date as far south as northCarolina, the central portions of Georgia and Alabama,
Louisiana, extreme southern Oklahoma, and in Texas west of
year
central
South
northern
the
100th
meridian.
The outstanding feature of the weather this fall continues to be the
unusually favorable conditions, in general, from Montana and the Rockv
Mountain States westward, except that rain is needed in California for
small-grain seeding, pastures, and ranges.
From the Great Plains east¬
ward, the moisture situation is mostly favorable from the Lake region
eastward, but otherwise there is need of substantial, general rainfall, with
the drought unrelieved over a large southeastern area.
The States most
in need of moisture are those from Virginia and Kentucky southward.
In the interior vallevs a good many locations report the water sunplv
scarce, streams mostly low, and some wells failing.
The week was ideal,
except in some eastern sections, for outdoor work, and seasonal
farm
operations made excellent advance, except that fall plowing is still delayed
in many places because of dry soil.
SMALL GRAINS—Winter wheat has been largely seeded and early-sown
grain is mostly up to satisfactory stands.
However, with the continued
absence of precipitation over the main wheat belt, there is now a rather
general need for moisture, although
it is ample in some local areas.
Showers were helpful in the upper Ohio Valley, but more moisture is
generally needed.
In
Missouri
while
in
wheat
is
stands
Texas
to
up
wheat
of
moisture
is
reported
thin
for
are
needed
good stands, except
seeded.
late
and
the dry central
not yet up.
Oklahoma most
some
In
and
areas
some
west¬
counties.
In Kansas moisture is now needed in all sections, although
generally is making satisfactory growth; early fields are being
pastured and top growth is excessive in western counties which is rapidly
depleting soil moisture.
ern
wheat
From the Rockv Mountains westward the outlook, on the whole,
tinues decidedlv favorable, except that rain is needed in California.
CORN—In the central valleys and Great Plains States corn dried
con¬
rapidlv
during the
week under the influence of dry weather and abundant sun¬
However, in most valley sections the grain is still too moist for
cribbing.
In
the
Great
Plains
and
Central-Northern
States
husking made good progress and is well along in most sections.
In Iowa dry, sunny weather, with freezing temperatures in the north¬
west. dried ears steadilv; husking is far advanced
in the northwest and
has begun on about half of the farms in the south and east, but not much
is yet dry enough to crib safely.
The moisture content of grain in Iowa
is considerab'v Irghcr than at this time last year.
shine.
extensive
•
COTTON—Very light
east
of
the
over
for
the
Mississippi
western
field
work,
River,
half
and
moderate
to
of
showers
occurred
in
the
belt
cotton
but
the week was almost entirely rainless
belt.
Conditions were favorable generally
the
picking
harvest is rather slow
made good to excellent progress, although
some lowlands of the north-central belt.
on
The^ weather bulletin furnished the following
of
resume
conditions in different States:
Virginia—Richmond: Temperatures near normal until end of week, when
killing frosts general; slight damage to late gardens and potatoes.
Pre¬
cipitation negligible in southeast; light elsewhere.
Harvesting apples, corn,
and
cotton.
Plowing and seeding grains advancing; early-sown
and oats up to good stands.
Pastures declined rapidly.
North Carolina—Raleigh; Ample sunshine.
Lack of rain
barley,
Tennessee—Nashville:
Moderate rainfall improved soil first day and con¬
although soil too dry for plowing in large areas.
somewhat.
Picking cotton good advance;
condition fairly good to good.
Gathering fine crop of early corn.
Slight
frost damage generally, but considerable to tomatoes, potatoes, and other
siderable
Alfalfa
seeding
truck still
done,
meadows
and
in
revived
field.
THE DRY GOODS TRADE
New
York, Friday Night, Oct. 25, 1940
Despite the fact that the markets for dry goods experienced
less activity during the past week, the general undertone
remained firm.
There was enough inquiry for supplies,
however, to keep merchants busy.
In fact, a moderate
breathing spell was welcomed by those who desired recur¬
rent intervals of quietness in order to give both
buyers and
sellers
an
opportunity to regain their proper bearings.
Buyers continued to check prices and deliveries on a wide
variety of items and expressed surprise when they found
how shipments on many different kinds of
goods had
tightened as a result of the business placed during the past
fortnight.
It was the consensus in well informed quarters
that recurrent shortages would continue to be witnessed
over the next few months, and as time
goes on, buyers in
all probability will be more interested in deliveries than in
prices.
In regard to gray goods, continued heavy inquiries
and buying by the Government was the feature.
Mills
were
well occupied in figuring bids to the submitted on
about 20,000,000 yards of assorted twills for uniform cloths
and about 9,000,000 yards of twill tent cloth.
Demand for
print cloth was confined largely to the major constructions
with the trading showing a tendency to expand
during the
latter part of the week.
Generally speaking, it appeared
that trading in the markets for dry goods would be charac¬
terized by persistent searching for supplies by buyers who
delayed or failed to place their orders when goods were more
plentiful or more readily available.
As many mills are
completely sold up to the end of the current year, it was
pointed out that difficulties in securing wanted deliveries
would become
more
pronounced whenever there is any
sudden increase in buying activity.
Trading in wholesale markets was less active though prices
were
firmly maintained.
Activity in sheetings showed a
tendency to subside with demand restricted for the most
part to routine quantities of staple weaves, while business
in osnaburgs was without special feature.
Retail trade,
however, which has failed to keep pace with manufacturing
activity, continued to show improvement, being helped by
a
more
favorable turn
the country.
orders as well
As
as
a
m
the weather in various sections of
result, wholesalers
were
reorders received from
busy filling
these sources,
that mill deliveries will not be sufficient to take
affecting late
truck, sweet potatoes, and recently-seeded small grains.
Digging sweet
potatoes somewhat retarded
Good progress in threshing peanuts.
Picking
cotton good progress.
Moderate frost damage to late truck, gardens, and
flowers last three days.
of the business
Carolina—Columbia; Light to moderate showers first of week,
mostly too dry for sowing small grain.
Scattered frosts in north
on
21st, but no damage.
Cotton picking in north well advanced; ginning
active.
Favorable for harvesting corn and sweet potatoes.
Pastures and
gardens
in
poor
condition.
Georgia—Atlanta: Lack of rain being felt and soil moisture badly de¬
Cotton picking fairly active in north, but crop opening poorly.
pleted.
_
Harvesting
corn
completed
in
many
places.
Truck poor and pastures failing.
Frosts Friday
Soil too dry for sowing wheat and oats.
/
Digging sweet
potatoes.
in central, but no damage.
Florida—Jacksonville: No rain, and soil mosture badly depleted.
Cotton
picking practically completed.
All
crops
suffering
from
dry weather.
Some shipments of
cucumbers, eggplant, beans, tomatoes, and peppers.
Citrus
maturing
and
coloring.
Alabama—Montgomery;
and
,
Drought
continues.
Soil
for
drv
too
fall
plowing
planting.
Picking cotton good advance in north, about finished
m middle, and
fin'shed in south ; condition of crop poor to fair.
Pastures
and gardens mostly poor.
Harvesting corn, cane, and miscellaneous crops.
_
Mississippi—Vicksburg*
germination
Irost
and
damage
pletion
on
progress
in
No rains of importance and soil too dry for
growth of fall-sown seed.
Somewhat cool, with slight
north and central on 16th.
Picking cotton
nearing
uplands;
m
housing
mostly
progress
com.
gardens, pastures, and truck.
Generally
Tr^OMuS2fl7U1—^ew Orleans: Nights
17th,
but no damage.
rice,
and sweet
corn,
south.
crops
e?u
a
wheat
Cane
and
j
and
helped
pastures.
No rain
and
potatoes.
by
cold
slow
too
too
cold;
excellent
Picking
and
lowlands
on
dry
for
local
cutting
com¬
Fair
progress
of
in north on
in harvesting cotton,
near
begun.
north.
freezing
progress
cotton
of
satisfactory
end
Too
in
dry
central
for
drv-sown, but soil too dry for proper germination.
Cotton
practically completed
in
south
and
northeast
and
progressing
favorably in northwest; average condition fair to
good.
Ranges generally
in fair condition, but
dry.
More rain needed for truck and gardens, except
in
extreme south, where soil
moisture ample and rains during the week
improved conditions greatly.
Harvesting and threshing rice nearing com¬
pletion under ideal conditions.
Citrus shipments from Rio Grande
Valley
increasing.
Livestock continue in good condition.
Oklahoma
Oklahoma Citv; Verv
favorable for harvesting.
Only slight
frost
damage,
except moderate
in
Panhandle.
Lack
of
rain
felt
over
practically entire State.
Winter wheat mostly
planted, except soil too
dry for planting in much of central and in some western
picking
much
A
care
of much
promptly as desired.
Government orders
to occupy much mill capacity, but it has been
stated that the textile industries will be able to
supply, with
as
continued
minimum of disturbance to civilian needs, the full
quan¬
tities of goods required under the defense
program.
Prices
for print cloths were as follows:
39-inch 80s,
a
7b£c.; 39-inch
72-76.S, 6%c.; 39-inch 68-72s, 6c.; 383^-ineh 64-60s, 5Mc.,
and 383^-inch 60-48s, 4% to 4^c.
Woolen
Goods—Markets
for
woolen
goods ruled firm
and active.
Cooler weather in various parts of the
country
stimulated business in men's wear with topcoats and suits
moving in
fairly good volume.
Clothing manufacturers'
buyers of goods for their spring needs.
This demand has been stimulated
by uneasiness over the
possibility of higher prices later in the buying season.
Many
appeared to be convinced that shortages are likely to develop
which will result in higher prices and therefore are
covering
their
initial
requirements.
Mills
manufacturing
wool
were
also
active
blankets are well sold up, and there continued to be a
strong
demand for flannels with stocks of unsold near-by production
in the hands of
selling agents unusually small.
As in the
recent
occupy
past, business for Government account continued to
much attention.
and
growing
,usto^' favorable temperatures.
Beneficial rains in extreme
elsewhere more needed for all crops and ranges. Some winter
oats
areas;
new
steady volume of late commitments for holiday merchandise
was said to have reached the market
though indications were
that most retailers are well covered on their
gift requirements
for the coming Christmas season.
Rayons did not display
any great amount of activity, but sufficient business was
passing either to strengthen the prices or to hold them at
prevailing levels.
Wholesalers generally are predicting an
active -winter business, in which event there is a
possibility
rye.
South
but still
1940
good
Arkansas—Little Rock; Moderately warm and dry; favorable for matur¬
ing and harvesting crops.
Lack of rain felt over most of State.
Cotton
opening rapidly and picking nearing completion in some southern localities.
Gathering corn continued; mostly gathered, except in northeast.
Harvest¬
ing rice excellent progress.
Fall gardens and truck need rain.
in west Gulf sections, but otherwise temperatures were much
normal.
From the Middle Atlantic States and the eastern Ohio
and
River
26,
stands and affording some pasturage.
Corn harvest continues;
mostly verv good yields.
Picking cotton rapid progress, although labor
shortage delaying work in some counties.
Livestock good; feed plentiful,
but water scarce in scattered localities.
to
year.
19th.
Oct.
up
Foreign Dry Goods—Both primary and domestic markets
steady with the consensus of the trade
that any change in prices would be in the upward direction.
While British mills are not booking a great volume of orders
from the United States, their bookings are
probably equal
to their ability to obtain
yarns suitable for the kind of linens
for linens continued
consumed in the United States markets.
laps,
while
cessions
eased
a
In regard to bur¬
moderate
inquiry for spot supplies at con¬
prices held steady.
Future deliveries
developed,
slightly, but actual business
Domestically, lightweights
stricted.
and heavies at 7.30c.
was
were
more
or
less
re¬
quoted at 5.35c.
The Commercial & Financial Chronicle
Volume 151
2529
State Senator Edward P. Stout, of Hudson,
arguing for the larger cities,
challenged constitutionality of the laws because they sought to put into
effect valuations of the Tax Commissioner which
already had been held
invalid.
Herbert J. Hannoch, of Newark, counsel for the smaller mu¬
nicipalities, contended the 1940 laws were not in conflict with the decision
invalidating the 1938 Acts because the Commissioner's method of valuations
had been adopted by the Legislature as the legal method.
Specialists in
llli nois & Missouri Bonds
U. S. Appeals Court Reserves Decision on Rail Taxes—The
United States Circuit Court of Appeals at Philadelphia re¬
served decision on Oct. 21 following three-hour
argument on
Stifel, Nicolaus & Cojnc.
106 W. Adams St.
•
DIRECT
CHICAGO
appeals of the State of New Jersey and several subdivisions
to set aside injunctions issued
by District Judge Forman last
January restraining the tax authorities from collecting more
than 70% of the assessments on properties of eight eastern
^
Founded 1890
314 N. Broadway
ST. LOUIS
•
WIRE
railroads for the years 1934-35-36.
Duane E. Minard,
Deputy Attorney General of New Jersey, had asserted
that Judge Forman had no legal power to interfere with the State's
right
to collect the $11,270,000 involved.
He claimed that the issues involved in the suits
by the roads on which
News Items
<
Judge Forman granted them injunctions
were identical to those in the
cases in which the Circuit Court here
upheld the methods used
by the State in taxing railroad properties.
He said that the proper procedure for the railroads was to have sued in
the Jersey State courts ana appealed finally to the U. S.
Supreme Court
without going into either the Federal District or Circuit courts.
Jacob Aronson
one of a group of attorneys representing the roads
in
his counter argument said tnat the course taken by the railroads in gomg
into the Federal District Court was directly in line with a
suggestion in the
earlier Circuit Court decision against the roads on their 1932-33 tax claims
1932-33 tax
Hawaii—Quesiion
residents
of
Statehood
of the Hawaiian
on
Ballot
Islands will
vote
5—The
Nov.
Nov.
on
regarding the question of Statehood, according to
ciated Press dispatch from Washington 011 Oct. 23.
an
5
Asso¬
According to aides of Delegate Samuel King of Hawaii, the plebiscite is
only one step of many necessary before the territory can be brought into
the union
as
the 49th State.
•
When the islanders go to the polls to elect their legislators
and delegate
United
to
States Housing
Authority—Local Units to Sell
Congress, they will be asked also to answer the question:
Do you favor statehood for Hawaii?
If the majority votes "yes," the next step will be for the Hawaii Legisla¬
ture to pass a resolution petitioning Congress for statehood.
An act of
Congress and presidential approval then would be necessary before full
$144,446,000 Notes—Official calls for sealed bids for an
aggregate of $144,446,000 temporary loan notes have been
issued by local housing authorities of cities in 21 States and
statehood could be achieved.
the District of
Kentucky—Effect of Pulaski County Bond Decision in
Other Counties Being Studied—Two other Kentucky counties,
Butler and Breckenridge, may be in the same position as
Pulaski County, which the Court of Appeals held on Oct. 8
could refuse to pay off a $280,000 road and bridge bond issue
because of fraudulent purchase, State Revenue Department
officials say.
Like Pulaski,
& Co., defunct
Butler and Breckenridge counties sold bonds to Caldwell
Nashville, Tenn., securities house, and lost money in the
Pulaski County officials charged that Caldwell & Co. repre¬
sented the company to be one of the strongest in the South when bidding
transaction.
for the bonds.
was
The bonds were deposited with the concern but the money
not drawn and the company
failed after selling the issue to
an
insurance
company.
State officials say that
if it can be shown that the original purchaser
of any of the other $19,411,700 outstanding road and bridge bonds in
Kentucky also had a defective title to the bonds through fraudulent pur¬
chase, present holders of the issues have no recourse against the counties,
unless in particular instances they can show some act of the county that
would stop it from raising the fraud defense.
The Court of Appeals held that county road and bridge bonds financed
by special taxes, as most of them are, do not conform to the requirements
of the negotiable instruments Act because the promise of payment is con¬
tingent upon the sufficiency of money to be raised by the general levy.
General obligation bonds, on the other hand, are backed by the full
credit and taxing power of the/county and therefore are negotiable.
Gen¬
eral obligation bonds must be paid off even if there was fraudulent purchase,
except possibly when the bonds raised the county's debt limit above the
constitutional limit, it is pointed out.
Because road and bridge bonds are
participation in the temporary financing of the
USHA slum clearance program was initiated about a year
ago with the first sale of local authorities' notes.
In all,
more than $403,288,000 such notes have been
placed through
public competitive sale at interest rates averaging about
0.50%, thus effecting substantial savings over the rate of
interest the USHA is required to charge for its loans.
With
X>art of the funds thus obtained, the local housing authorities
will repay to the USHA all moneys already advanced to
them, with accrued interest.
With the remainder, they will
meet the costs of construction of their USHA-aided projects
d uring the term of the notes.
/
In September, about $42,000,000 similar notes of various
local authorities were sold at rates ranging from
0.39%
to 0.65%.
The current public offering is being presented in two
groups
of issues, bids to be opened on Nov. 1 and 8,
respectively.
Local housing authorities in the following
cities will participate in this financing as follows:
Bid
Opening Nov. 1 (Notes Dated Nov. 15,1940)
Amount
$
City—
Atlanta, Ga
.
.
.
.
.
Bid
Great Falls, Mont.
S
.
.
"Bureau of Governmental Research."
This
proposed amendment is said to provide that the above limit
may be exceeded for a period of 15 years,
The excess would
be restricted to 12 additional mills annually for the payment
of principal and interest on school district bonds only.
National Banks Exempt from Use Tax Provision—National
banks are exempt from the use tax law on personal property
purchased outside of Michigan, Thomas Read, attorney
General, ruled recently. The opinion was asked by Herbert
J. Rushton, director of the Tax Administration board.
Mr. Read contends that State and local
assessing officers may only
levy-
taxes against national banks under authority of Congress, and no such
authority has been granted with respect to the use tax.
"Certainly the power to apply the terms of the use tax is not included
within the grant of power and authority to the State by the Federal statute,''
Mr. Read said.
New
Jersey-—Ruling Deferred on Utility Tax Distribution
highest tribunal in the State, the Court of
Errors and Appeals, reserved decision Oct. 17 on the validity
Laws—The
of two 1940 laws
providing for distribution of $13,000,000
annually in gross receipts and franchise taxes paid for 1938
and 1939 by public utilities in the State.
The 1940 laws were held unconstitutional by the State Supreme Court
after two 1938 Acts, giving the State Tax Commissioner the right to assess
utility property values instead of having him certify values set by local
assessors, were ruled illegal by the Errors Court.
In the 1938 litigation,
the Court of Errors ruled the laws invalid because they did not establish
a standard to guide the Commissioner in arriving at his valuations.
The
1940 laws sought to validate the Commissioner's valuations for 1938 and
1939
utility legislation had been fought by Newark, Jersey City
and Hoboken, which, with a number of other large municipalities having
extensive utility properties within their confines, stood to lose thousands
of dollars under the revised method.
The laws were supported by 118
-mailer municipalities which stood to gain.
The
new
Jackson, Tenn....
Kins ton, N. C
.
N ashvllle, Tenn
New Bern,
N. C__,
Pawtucket, R. I...
Phenlx City, Ala..,
960,000
1,925,000
630,000
293,000
500,000
Helena, Mont
Michigan—Voters to Pass on Tax Limit Amendment—-A.
proposition will appear on the ballot at the general election
on Nov. 5 to extend the State's 15-mill tax limit, according
Apr.
15
Mar. 15
Nov. 15
May 15
May 15
May 15
May 15
May 15
Maturity
in 1941
City—
Lexington, Ky
1,085,000
Newark, N. J
1,600,000
New- Haven, Conn.
700,000
New Orleans, La.. .22,600,000
1,500,000
Oakland, Calif—.
4,480,000
Peoria, 111...
.
Feb.
15
_
May 16
_
May 15
.
.
Washington, D. C.
.
4,500,000
May 15
May 15
May 15
May 15
Opening Nov. 8 (Notes Dated Nov. 22,1940)
Amount
City—
Butte, Mont
Denver, Colo—..
Amount
Maturity
in 1941
.14,200,000
Chicago, 111
7,920,000
Columbus, Ga
1,900,000
Detroit, Mich
8,400,000
Gary, Ind
...
2,200,000
450,000
Hattiesburg, Miss.
Jersey City, N. J__
1,100,000
Lawrence, Mass.. .1,100,000
.
non-negotiable, an owner cannot
claim protection of an "innocent holder" and the county may assert the
defense of defective title of the original purchaser, it is held.
However,
a county may not refuse to pay off the bonds just because they are nonnegotiable.
They still are valid obligations of the county, but they are
non-negotiable and the defense of fraud may be asserted only if there is
any fraud, it is explained^
Butler County sold a $100,000 issue through Caldwell & Co. and has
paid off $15,000 of the issue and, under the court ruling, it may raise the
defense of fraud and legally refuse to pay off the $85,000.
Breckehridge County floated a $250,000 issue of which $206,000 still
is outstanding.
Butler lost approximately $96,000 in the transaction,
and Breckenridge iost "all or most of it," the finance officer said.
to the Detroit
Columbia.
Public
.
575,000
2,550,000
900,000
700,000
1,250,000
325,000
Allegheny Co., PaBaltimore, Md.— .17,500,000
650,000
Blloxl, MISS..
460,000
Champaign Co., 111.
.
Amount
Maturity
in 1941
Mar. 22
May
Mar.
Mar.
May
June
May
June
May
22
22
22
22
21
22
21
22
22
Maturity
$
In 1941
Nov. 22
Apr. 22
May 22
May 22
May 22
May 22
May 22
May 22
May 22
May 22
Apr. 22
Nov. 22
Nov. 22
May 22
City
Charleston, S. C
1,300,000
Charleston, 8. C... 2,750,000
Decatur, Ga
600,000
Frederick, Md
380,000
Granite City, III...
436,000
Hartford, Conn..'.. 1,100,000
Macon, Ga.
2,000,000
New Bedford, Mass. 1,560,000
Pely, Texas
200,000
Apr.
Feb. 21
May 22
Philadelphia, Pa...13,600,000
May 22
Nov. 22
Rock Island City,111. 1,248,000
San Antonio, Texas.
650,000
Pittsburgh, Pa.....15,134,000
Rock Island Co., 111.
410,000
Outstanding features of these note Issues may be summarized as follows:
The Issuers—The notes are obligations of local public housing agencies
(the issuers) which are public bodies corporate and politic created by or
pursuant to the laws of one of the States and engaged in the development
of low-rent housing projects.
Plan and Purpose of Financing—The United States Housing Authority
(herein called the USHA) has entered into loan contracts with the issuers
to assist their development of the projects by loans in amounts equal
90% of the development costs.
Under these loan contracts the USHA has
agreed that prior to the issuance and delivery to it of definitive bonds, it
will make advances of funds to the issuers on account of said loans upon
their filing requisitions and complying with the provisions of the loan
contract.
The temporary
loan notes are issued in order to obtain the participation
of private capital In the development of the projects and to reduce the
carrying charges of the Issuer during construction by the sale of short-term
notes bearinginterest at very much lower rates than the USHA is required
to charge.
The proceeds or these notes are used to pay costs incurred in
the development of the project.
The plan is to borrow funds from others
than the USHA in anticipation of the advances to be made by it under the
loan contract.
The notes are issued after the USHA has approved a
requisition for an advance of funds to the issuer in an amount which will
be sufficient to pay the principal of the notes with interest thereon to
maturity, and after the USHA /has deposited with the Federal Reserve
Bank of the district in which the issuer is located an authorization (which is
irrevocable as provided In a requisition agreement between the USHA and
the issuer) to pay the amount of such advance to the issuer on a date which
will be three days prior to the maturity of the notes.
The notes are payable
out of the proceeds of the advance to be made by the USHA.
Security for Notes—The notes are valid and
binding obligations of the
between the issuer and the
the issuer, on
in an amount
equal to the principal of said notes and interest thereon to maturity.
The
issuer irrevocably directs the USHA to pay such funds to the bank at which
the notes are payable for use in the payment of the principal of and interest
on the notes when same become due and payable.
issuer and are secured by a requisition agreement
USHA under which the USHA agrees to make available to
a date three days prior to the maturity of the notes, funds
The Commercial & Financial Chronicle
2530
Tax Exemption Features—Under the provisions of Section 5(e) of the
United States Housing Act, as amended, the interest on these notes is
exempt from all Federal Income taxes.
In
notes are also tax-exempt in the State under
was created.
Shipping Costs—The expense of
practically all instances the
the laws of which the issuer
shipping the notes from the Federal
Reserve Bank at which payment for them is made will not be charged to
the purchaser.
Other Details—The notes are
awarded to the bidder offering to
pay
the
lowest interest cost.
In computing the lowest interest cost, the Authority
takes into consideration any premium which the purchaser agrees to pay.
1940
PINE BLUFF, Ark.—BOND OFFERING— It is reported that sealed
bids will be received by the City Clerk until Nov. 12 for the purchase of
$120,000 4% semi-annual airport bonds, approved by the voters at an
election held on Aug. 6. Dated Sept. 1. 1940.
PULASKI COUNTY SPECIAL SCHOOL DISTRICT (P. O. Little
Rock) Ark.—BOND ELECTION CONTEMPLATED—Vie are informed by
L. Watson, Superintendent of Schools, that an election will be held in
the near future to have the voters pass on the issuance of $545,000 3)4%
refunding bonds, to mature from 1941 to 1961.
J.
Proposals for the purchase of notes are required to be submitted in a bidding
form which is set out in each of the formalnotices of sale issued by the various
local bodies.
No bid for less than par and accrued interest will be consid¬
ered and no
Oct. 26,
California
Municipals
proposal will be received for less than the full amount of each
offered.
separate issue or notes
United
ment Puts
States
Housing
$100,000,000 Notes
Authority—Treasury Departon Market—The United States
BANKAMERICA COMPANY
San Francisco
Treasury Department on Oct. 23 asked bids on $100,000,000
of M of 1% one-year notes of the United States Housing
Authority, to be dated Nov. 1.
Subscriptions will be re¬
ceived at Federal Reserve banks and branches and the
New
52 Wall St.
Telephone WHltehaU 3-3470
Treasury Department.
CALIFORNIA
Banking institutions generally may submit subscriptions for the account
of customers, but only the Federal Reserve banks and the Treasury are
authorized to act as official agencies, the announcement said.
► It added that if plans of the USHA materialize private capital may be
enlisted to provide permanent financing to local housing authorities of the
whole cost of their projects.
Consequently the Authority may not need
these funds for longer than one year to assist such projects, in which event
the notes wiU be paid off in cash when they mature, if was explained.
Bond Proposals and
Negotiations
ALABAMA
MOBILE, Ala.—BOND OFFERING—It is stated by H. G. Ziegler, City
Comptroller, that he will offer for sale at public sale on Oct. 31, at 9 a. m.,
issue of $8,245,000 coupon general refunding bonds.
Interest rate is
not to exceed 3M%. payable J-J.
Denom. $1,000.
Dated Dec. 1, 1940.
Due on Jan. 1 as follows: $140,000 in 1944, $145,000 in 1945, $150,000
In 1946, $155,000 in 1947, $160,000 in 1948, $165,000 in 1949, $175,000 in
1950, $180,000 In 1951, $185,000 in 1952, $190,000 in 1953, $200,000 in
1954, $205,000 In 1955, $210,000 in 1956, $220,000 in 1957, $225,000 in
1958, $235,000 in 1959, $245,000 in 1960, $250,000 in 1961, $200,000 in
1962, $270,000 in 1963, $280,000 in 1964, $290,000 in 1965, $300,000 in
1966, $610,000 in 1967, $650,000 in 1968, $680,000 in 1969, $720,000 in
1970, and $750,000 Dec. 1,1970. The bonds which mature after Jan. 1,1951
are subject to redemption at the option of the city either (a) in part ,in
the Inverse order of their maturities, from moneys in the interest and sink¬
ing fund for said bonds on Jan. 1, 1940, or any interest payment date
thereafter and prior to their respective maturities, at par and accrued
interest and a premium of M of 1% of the principal amount thereof for
each 12 months' period or fraction thereof oetween the date of redemption
of each such bond and the date of its maturity; provided, however, that
in no event shall such premium exceed 5%; if less than all of the bonds
of any one maturity shall be redeemed, the particular bonds so to be re¬
deemed shall be selected by lot; or (b) in whole, from the proceeds of re¬
funding bonds or other moneys made available for such purpose, on any
date after Jan. 1, 1951, at par and accrued interest and a premium of
3 % if redeemed on or prior to Jan. 1, 1957, 2% if redeemed thereafter and
on or prior to Jan. 1, 1963. 1% if redeemed thereafter and on or prior to
Jan. 1.1969, and without premium If redeemed thereafter.
Rate of Interest
to be in a multiple of M of 1 %, and all of the bonds will bear interest at
the same rate.
No bid of less than par or for less than all of the bonds
offered will be entertained.
Interest payable in New York City; principal
payable in New York City or in Mobile.
The bonds are registerable as
to principal alone.
General obligations.
Delivery of the bonds will be
made on or about Dec. 12, at the Irving Trust Co., New York, the place
of payment of the outstanding bonds to be refunded.
The approving opin¬
ions of Armbrecht, Inge, Twitty & Jackson of Mobile and of Masslich &
Mitchell of New York will be furnished without charge to the purchasers.
In the event that prior to delivery of the bonds there should be any legal
change, legislative or judicial, in the present status of municipal bonds
with respect to exemption from Federal taxes, the purchaser will be re¬
lieved of his obligation.
an
'
SELMA, Ala.—BOND OFFERING— Sealed bids will be received
unti1
Nov. 20 by R. M. Watters, City Clerk, for the purchase of $140,000 airport
bonds.
Dated Dec. 2, 1940.
Due on Dec. 1 in 1943 to 1958.
These
bonds were approved by the voters at an election held on Sept. 16.
ARIZONA
ARIZONA, State of— TAX. RATE LIMITATION PROPOSAIs—The
following information is taken from the October issue of the "Assessors'
News Letter ," published by the National Association of Assessing Officers:
When they go to the polls on Nov. 5, voters in Arizona will be asked
to pass on several proposals to amend the constitution, among which is one
that is about as ambiguous as anything could be.
This is a so-called tax
limitation proposal.
It contains about 500 words, so arranged as to be
certain to give any interpreter a severe headache.
The general Idea seems
to be to freeze the amount of State and county property taxes at the exist¬
ing level.
Property tax limitations in most States simply prohibit tax
rates in
excess of a certain figure.
But such limitations are sometimes
nullified by raising the assessment level.
Hence, in the event of an in¬
creased total assessment, the Arizona proposal limits the levy of the State
or of a county to a certain
percentage of the 1940 assessment plus an equal
percentage of certain increases in assessed valuations which ao not result
from raising the assessment level—namely, (1) increases in the assessed
valuation of properties which in 1940 were underassessed relative to similar
property, (2) the assessed valuation of new properties not taxed in 1940,
and (3) increases over 1940 assessed valuations due to the improvement or
development of existing properties.
MESA, Ariz.—BOND ISSUANCE CONTEMPLATED—It is reported
that the city intends to offer for sale in the near future a $35,000 issue of
sewage
LINDSAY, Calif.—BOND OFFERING CONTEMPLATED—We are in
by D. H. Edwards, City Clerk, that a $40,000 issue of hospita
bonds of 1940 will be offered for sale shortly.
formed
LOS
ANGELES,
Calif.—BOND SALE—Two
banking
syndicates
headed by Harriman Ripley & Co., Inc., and Lehman Bros., both of New
York, consolidated their accounts on Oct. 22 to effect the purchase of the
$42,592,000 Department of Water and Power electric plant refunding
revenue, issue of 1940 bonds offered for sale on that date—V. 151, p. 2226.
The Department selected what it considered the best of several proposals
submitted by the widespread consolidated group.
The bonds are issued in two series of $20,592,000 serials due Oct. 1, 1941
to 1976, and $22,000,000 term bonds due Oct. 1, 1976.
Bidders were asked
to stipulate call features and other terms, and complicated tenders resulted.
The effective bid of the syndicate was par and accrued interest for the
$20,592,000 series A bonds as 2M and 2H % obligations, and for the $22,The net interest cost to the
000,000 series B term bonds as 3% bonds.
department was computed by the bidders at 2.8614%.
Reoffering of the serial bonds was at prices to yield made 0.25 to 2.85%,
according to maturity, while the term bonds were priced at 102 M, to yield
about 2.88%.
In addition to the syndicate leaders, underwriters of the issue include:
BIyth & Co., Inc.; Halsey, Stuart & Co., Inc.; Smith Barney & Co.; Lazard
Freres & Co.; the First Boston Corp.; Blair & Co., Inc.; R. H. Moulton &
Co.; Ladenburg, Thalmann & Co.; Kidder, Peabody & Co.; Phelps, Fenn
& Co.; White, Weld & Co.; Hallgarten & Co.; A. C. Allyn & Co., Inc.;
Dean Witter & Co.
Also Stranahan, Harris & Co., Inc.; Weeden & Co., Inc.; Hemphill,
Noyes & Co.; Bankamerica Co.; F. S. Moseley & Co.; R. W. Pressprich 5c
Co.; B. J. Van Ingen & Co., Inc.; Graham, Parsons & Co.; Stone & Webster
and Blodget, Inc.; Union Securities Corp.; Stifel, Nicoiaus & Co., Inc.;
Eastman, Dillon & Co.; Heller, Bruce & Co., Inc.; Paine, Webber & Co.;
Estabrook & Co.; Shields & Co.; Roosevelt & Weigold, Inc.; W. E. Hutton
& Co.; Alex Brown & Sons; Dick & Merle-Smith; Schwabacher & Co. ; E. H,
Rollins & Sons, Inc. Kaiser & Co.; O'Melveny-Wagneseller & Durst;
William R. Staats Co.; Mitchum, Tully & Co.; Whiting, Weeks & Stubbs,
Inc.; Morris Mather & Co., Inc.
Others in the banking group include:
G. M. P. Murphy & Co.; Merrill,
Lynch; E. A. Pierce & Cassatt; Reynolds & Co.; Stern, Wampler & Co.;
Hayden, Miller & Co.; Central Republic Co.; Merrill, Turben & Co.;
Eldredge & Co., Inc.; the Illinois Co.; Darby & Co., Inc.; Martin, Burns
& Corbett; Otis & Co., Inc.; Harold E. Wood; Sargent, Taylor & Co.;
Donnellen & Co.; Arthur Perry & Co.; Pacific Co.; Field, Richards & Co.;
Redfield & Co.
Also Newton, Abbe & Co.; Hill Richards & Co.; Equitable Securities
Corp.; Gibbons & Hess; Jackson & Curtis; Wisconsin Co.; Tucker, Anthony
& Co.; Washburn Co.; Swiss American Corp.; Stern Brothers & Co.; Kean,
Taylor & Co.; First of Michigan Corp.; L. F. Rothschild & Co.; Burr &
Co., Inc.; Charles Clark & Co.; Stroud & Co.; Dougherty, Corkran & Co.;
Bacon, Stevenson & Co.; Harvey Fisk & Sons, Inc.; John Nuveen & Co.;
Drumheller, Khrlichman Co.; Wells-Dickey Co.; the Robinson-Humphrey
Oo»» Pasadena Corp.
Also Geo. B. Gibbons & Co., Inc.; Schlater, Noyes & Gardner, Inc.;
Riter & Co.; Brush, Slocumb & Co.; Elworthy & Co.; E. Lowber Stokes &
Co.; Minsch, Monell & Co., Inc.; District Bond Co.; McDonald-ColIidge &
Co.; Putnam & Co.; Hannah, Ballin & Lee; Alfred O'Gara & Co.; Walter,
Woody & Heimerdinger; Wm. H. Newbold's Son & Co.; Watling, Lerchen
& Co.; Piper, Jaffray & Hopwood; Welsh, Davis & Co.; M. H. Lewis &
Co.; Stone & Youngberg; Campbell, Phelps & Co.; Craigmylel, Rogers &
Co.; Ferris & Hardgrove; Weeiock & Cummins; Jackley & Co.; Stein Bros.
& Boyce; Brown, Schlessman, Owen & Co.; Wm. R. Compton & Co., Inc.;
Thrall West Co.; R. D. White & Co.; Graefe & Co.; Kalman & Co.; J. K.
Mullen Investment Co.; Walter-Webb & Co.; J. M. Dain & Co.: Goldman,
Sachs & Co.; Kuhn, Loeb & Co.
Proceeds from the sale of the refunding bonds will be applied to the
redemption of:
$11,241,000 revenue bonds, issue of 1937, series A 3Ms,
at 106%; $23,500,000 revenue bonds, issue of 1937, series B 3Ms, at 106%,
and $5,390,000 revenue bonds, second issue of 1937, 3Ms, at 107%.
Series A refunding bonds maturing on or before Oct. 1, 1943, are not
subject to redemption.
Series A bonds with later maturities may be
redeemed in whole or in part, at the option of the department, in such
manner as it may elect, on Oct. 1, 1943, and on any interest payment date
thereafter, at 100M % of their principal amount, plus M of 1% of the
principal amount for each year, or fraction thereof, from the redemption
date to maturity, but not more than 105%.
Series B bonds may be redeemed, in whole or in part, on Oct. 1, 1943,
and any interest date thereafter, at 104% to and including April 1, 1947;
thereafter, with successive reductions of M of 1% during each four year
period to and including April 1, 1966; thereafter, with further successive
reductions of M of 1% during each three-year period to and including
April 1, 1972; thereafter, at 100M% to and including April 1, 1974; there¬
after, at 100M% to and including April 1, 1976.
(The official advertisement of this public offering appears
of this
ARKANSAS
ARKANSAS, State of—HIGHWAY
on
page
III
issue.)
disposal plant bonds.
NOG ALES, Ariz.—BONDS AUTHORIZED—It, is
reported by Alex
Durango, City Clerk, that an ordinance was passed recently calling for the
issuance of $24,000 bonds to refund the remainder of an issue of $151.233.99 bonds, dated as of April 15, 1929.
Los Angeles
York Representative
CONNECTICUT
CONNECTICUT (State of)—BOND OFFERING—W. Ellery Allyn,
Secretary of the Groton-New London Bridge Commission, announces that
he will receive sealed bids at the State Treasurer's office, Hartford, until
noon on Nov. 26 for the purchase of $6,000,000 not to exceed 2% interest
coupon or registered Groton-New London bridge bonds.
Dated Oct. J,
1940. Denom. $1,000. Due April 1 as follows: $60,000 in 1944 and $220,000
BOND TENDERS TO BE AC¬
$2,000,000 of cash availabli, the Arkansas investment
Board from tenders of $1,119,109.26 will purchase $693,308.34 of series A
highway refunding bonds, on which accrued interest totals $6,842, at a cost
of $698,059.
Bond owners in submitting tenders named the highest prices
encountered in recent years. The tenders
ranged from $99 to $118.50.
Purchase was by authority of a 1938 Act for use of
50% of the avereage
from 1945 to 1971 incl.
The bonds which mature In 1968 to 1971 will be subject to redemption
In the inverse order of their maturities at par and accrued interest on Oct. 1,
Treasury balance of this purpose.
three rates, and each bidder must specify in his bid the amount and ma¬
turities of the bonds of each rate. The bonds will be awarded to the bidder
CEPTED—With
Bonds purchased
are
held by the Treas¬
for credit to accounts from which funds are withdrawn.
The State Refunding Board, which uses
highway fund cash for outright
urer
1965, or on any interest date thereafter. Principal and interest payable at
State Treasurer's office.
General obligations, delivery on or about
Dec. 12. at place of purchaser's choice. Bidders are requested to name the
interest rate or rates, in multiples of M of 1 %. No bid may name more than
the
VOTED—At the election held on Oct. 17 the voters are said to have ap¬
proved the issuance of the following bonds: $10,000 refunding, and $5,000
improvement bonds.
offering to purchase the bonds at the lowest interest cost to the State, such
cost to be determined by deducting the total amount of the premium bid
all of the bonds until their re¬
spective maturities. No bid of less than par and accrued interest will be en¬
tertained. The bonds are being issued to pay the cost of constructing a toll
bridge across the Thames River between the Town of Groton and the City
of New London.
The full faith and credit of the State of Connecticut are
pledged for the payment of the principal and interest of the bonds.
In
addition thereto the net revenues of the bridge are also pledged.
The
approving opinions of the Attorney General of the State and of Masslich &
Mitchell, of New York, will be furnished the purchaser without charge.
Bids are required on forms furnished by the above Secretary,
Enclose a
certified check for $106,000, payable to the State Treasurer.
BOND OFFERING—Sealed bids will be received until Nov.
Board of Directors for the purchase of the above bonds.
ING—Sealed bids
redemption of highway debt, will have $1,000,000 available when tenders
are
received Nov. 20.
from the aggregate amount of interest upon
Compared with a total of $159,900,503 outstanding on the effective date
1934, the total of the Arkansas highway debt as of June 30 was
$136,837,188, it is shown in the biennial report of Earl Page, State Treas™*er.
All other obligations of the State amounted to $12,502,216, including
Confederate pension, State penitentiary, University of
Arkansas, revolving
loan, State hospital and other bonds.
CONWAY SChoOL DISTRICT (P. O. Conway)
Ark .—BOND S
of Act II of
14 by the
FRESNO COUNTY
were
(P. O. Fresno) Calif.—SCHOOL BOND OFFER¬
received until 10 a. m. on Oct. 25, by E. Dusen-
Volume
The Commercial
151
berry County Clerk, for the purchase of $168,000 not to exceed 5% Coalinga
Union High School District bonds.
Dated Nov. 1, 1940. Denom. $1,000.
Due Nov. 1. as follows: $34,000 in 1942, $17,000 in 1943 to 1949, and $15,000 in 1950. Prin. and int. payable in lawful money at the County Treas¬
urer's office. A reasonable time, not to exceed 10 days, will be allowed the
buyer for the purpose of determining at his own expense the legality of the
proceedings.
CANAAN
NEW
$53,000
to
O. New Canaan), Conn .—BOND SALE— The
bonds offered Oct. 21—V. 151, p. 2226—were awarded
(P.
coupon sewer
Day, Stoddard & Williams of New Haven as 1
Us, at
par
plus a premium
Nov. 1, 1940,
and $2,000 in
of $651.90, equal to 101.23, a basis of about 1.36%.
Dated
and due Nov. 1 as follows: $3,000 from 1941 to 1957, incl.,
1958.
Other bids:
Int. Rate
Hemphill, Noyes & Co
Tucker, Anthony & Co
F. W. Home & Co
100.08
100.06
100.032
101.15
101.01
134%
1 y2%
u
R. D. White & Co....
Rate Bid
l%%
1%%
liNs%
Bidder—
Roosevelt & Weigold, Inc
.
100.73
100.707
100.639
Union Securities Corp
100.334
Putnam & Co..
100.318
NORTH STONINGTON, Conn .—BOND SALE—The issue of $42,000
coupon highway bonds offered Oct. 21—V. 151, p. 2379—was awarded to
Day, Stoddard & Williams of New Haven, as Is, at a price of 100.12, a
basis of about 0.93%. Dated Oct. 1,1940. Due $6,000 on Feb. 1 and Aug. 1
134%
134 %
1H%
134%
134%
Kidder, Peabody & Co_
Harris Trust & Savings Bank
R. L. Day & Co
Other bids:
Int. Rate
134%
Feb. 1, 1944.
from 1941 to 1943 incl. and $6,000
Bidder—
Charles W. Scranton & Co
Rate Bid
101.01
100.839
134%
R. L. Day & Co
Putnam & Co
100.35
100.608
100.52
134%
1 %%
1M%
F. W. Home & Co
Blair & Co., Inc
Conn.-BOND SALE— The
STRATFORD (P. O. Stratford),
$265,000
bonds offered Oct. 21—V. 151, p. 1752—were awarded to F. Brittain
Kennedy <fc Co. of Boston and John Nuveen & Co. of Chicago, jointly,
as 134s at a price of 101.399, a basis of about 1.31 %.
Sale consisted of:
coupon
$115,000 public
welfare bonds.
Due Nov.
1 as follows:
1941 to 1954 incl., and $3,000 in 1955.
150,000 school purposes and firehouse bonds.
from 1941 to
$8,000 from
Due $10,000 on Nov. 1
to
,r"V
Bidder—
Spencer Trask & Co. and Wood, Struthers
•/
& Co
Halsey, Stuart & Co., Inc
Kidder, Peabody & Co. and Eastman, Dillon &
Estabrook & Co. and Putnam & Co
First of Michigan Corp. and R. D. White & Co
Shields & Co. and R. W. Pressprich & Co__
Co
reoffered by the
maturity. Other
Rate Bid
101.13
101.034
101.003
100.886
100.529
100.505
100.404
R. K. Webster & Co__
Bacon* Stevenson & Co. and F. W. Home & Co.
Union Securities Corp. and Equitable Securities Corp
100.3101
100.31
FLORIDA
Eowth, the operating side extension of necessary services, requires a heavy
vy on with consequent and the additional amount for debt service would
heavy a tax burden; and that the situation will be corrected as
new Duildings are assessed on future tax rolls.
This may be so but ex¬
perience indicates that once a municipality takes advantage of a situation
it is apt to continue to do so unless forced to do otherwise.
It seems to us
create too
the
in the right and that the City should be
of the refunding plan.
Certainly if any munici¬
pality enters into a contract with its creditors whereby it received a com-
that the bondholders are decidedly
made to live up to the terms
fjromise in interest andthe principal that contract justto do certain things,
t should be bound by
or terms of on an agreement as the owners of its
are.
SCHOOL DISTRICT NO. 2
(P. O. Fort Pierce) Fla.—BONDS DEFEATED—At the election held on
Oct. 15 the voters are said to have turned down the proposed issuance of
$90,000 in building improvement and addition bonds.
LUCIE
COUNTY SPECIAL TAX
VOLUSIA COUNTY (P. O.
De Land), Fla .—BOND TENDERS
DER CONSIDERATION—It was reported on
UN¬
Oct. 18 by I. Walter Haw¬
pur¬
kins, Clerk of the Board of County Commissioners, that two offers to
chase the
various 4% semi-ann. Special Road and Bridge District
and
County Commissioners' District refunding bonds aggregating $2,798,000,
were held under consideration by the above Board for action on Oct. 19.
BONDS SOLD—It was stated by
the bonds
were
the above-named Clerk on the
awarded to R. E. Orummer &
19th that
Co., of Miami, at a price of
a basis of about 4.10%.
The bonds are divided as follows:
$302,000 Halifax Special Road and Bridge District bonds.
264,000 Dayton Beach Special Road and Bridge District bonds.
783,000 Turnbull Special Road and Bridge District bonds.
119,000 New Smyrna Special Road and Bridge District bonds.
105,000 DeLeon Springs-Seville Special Road and Bridge District bonds.
656,000 DeLand-Lake Helen Special Road and Bridge District bonds.
197,000 Orange City-Enterprise Special Road and Bridge District bonds.
26,000 DeLeon Springs-Glen wood Special Road and Bridge District bonds
90.000 Orange City-Lake Helen Special Road and Bridge District bonds.
256,000 County Commissioners Districts Nos. 2 and 3 bonds.
99.00,
W. Marks, County Super¬
School District refunding bonds
without success on Sept. 19, as
BONDS NOT SOLD—It is stated by George
intendent, that the various Special Tax
aggregating $1,721,500, offered for sale
noted here, have not been sold as yet.
ILLINOIS
III.—BOND SALE—Lewis, Pickett & Co. of Chicago pur¬
light plant and system revenue refunding
Denom. $1,000.
Due May 1 as follows:
$7,000 from 1942 to 1946, incl. and $8,000 from 1947 to 1956, incl.
Bonds
CASEY,
chased $115,000 334% electric
bonds.
Dated July 1, 1940.
WATER
CERTIFICATES
OFFERED—
will receive sealed bids until 11 a. m. on
of $5,200,000 not to exceed 3% interest certificates
of
indebtedness, as follows:
$2,000,000 water works system certificates.
Dated Aug. 1, 1938. Due
$500,000 on Aug. 1 from 1950 to 1953 incl.
Interest F-A.
Authorized by City Council ordinance of July 20, 1938.
3,200,000 water works system certificates.
Dated April 1, 1940. Due
April 1 as follows:
$400,000 in 1954; $1,000,000 in 1955 and
1956, and $800,000 in 1957.
Interest A-O.
Authorized by
City Council ordinance of March 20, 1940.
Bidder to
name a
single rate of interest,
expressed in a multiple of Ji of
1%.
Only bids for the entire $5,200,000 certificates will be considered.
Principal and interest payable at the City Treasurer's office or at the
office of the fiscal agent of the city in New York City.
The certificates
are issued in coupon form and are registerable as to principal in the office
of the City Comptroller.
The certificates are payable solely from revenue
derived from operation of the water works system, and are issued in accord¬
ance
with
ordinances
passed by the City Council, and as
Act of the General Assembly of the State,
authorized by
entitled "An Act Authorizing
Population of 500,000 or More and Owning or Operating
System, to Issue Certificates of Indebtedness Payable
Solely from Revenue Derived from the Operation Thereof, for the Purposes
of Improving and Extending Such Water Works System," approved June 25,
1929, in force July 1, 1929, as amended.
Delivery of the certificates will
be made at the city about Nov. 18.
Legal opinion of Chapman & Cutler
of Chicago and engraved certificates will be furnished by the city.
Enclose
a certified check for 2% of the par value of the certificates, payable to the
City Comptroller.
<
Cities Having a
a
Water-Works
CHICAGO, 111.—NO RULING ON SCHOOL WARRANT CASE—The
Oct. 18, adjourned its October term without ruling
filed on Oct. 17, for a rehearing in the city school
warrant case of Frank C. Leviton against the Board of Education and
certain officials. V. 151, p. 2379. Thus, no action can be taken until the De¬
cember term of the court. The rehearing is sought on the Supreme Court's
June 14 invalidation of the Act of July 12, 1937, authorizing bonds to be
issued and sold to discharge judgments on unpaid tax anticipation warrants.
The opinion reversed the Circuit Court and remanded with directions to
overrule the motion to dismiss the complaint.
State Supreme Court on
the amended petition
on
CHILLICOTHE, 111.—PRICE PAID—The $43,000
Lewis, Pickett & Co. of Chicago, as
2379—were sold at a price of par.
bonds purchased by
p.
4% water revenue
reported in Y. 151,
CHRISMAN, 111.—BONDS DEFEATED—AX, an election on Oct.
authorize an Issue of $12,000,construction bonds.
5 the
FARMER CITY, 111.—BONDS DEFEATED—The proposal to
$24,000 sewer construction bonds was defeated by a count of 496
at the election on Oct. 22.
issue
to 83
voters refused to
LOVINGTON, 111.—BOND ELECTION—An election will be held Nov.
issuing $6,200 general obligation bonds for funding
../• • ■ y
;■ ■
26 on the question of
purposes.
MADISON, 111.—BOND CALls—Village will redeem on Dec. 1,
$20,000 principal amount of Kingshighway Bridge revenue bonds,
June 1, 1939, and due June 1, 1964.
Redemption price is 105.
struction bonds will be
1940
dated
ELECTION—An issue of $10,000
considered by the voters at an election on
WOODSTOCK TOWNSHIP (P.
FEATED—An issue of $10,000 road
a recent election.
coi3
Nov. 26*
O. Rushville), 111.—BONDS DE¬
improvement bonds was defeated at
,
.y'-.v-
-'.y
.
•■■■
INDIANA
ANDERSON, Ind.—BOND OFFERING—Earl J. McCarel, City Comp¬
sealed bids until 10 a. m. on Nov. 8, for the purchase
$375,000 not to exceed 4% interest coupon electric utility revenue
Dated Nov. 15. 1940.
Denom. $1,000.
Due as follows: $10,000 Jan. 1
and July 1,1942; $15,000 Jan. 1 and July 1 from 1943 to 1947, incl.;
Jan. 1 and July 1 in 1948 and 1949; $30,000 Jan. 1 and $55,000 July
1950.
Bonds maturing on and after Jan. 1, 1948 are redeemable at
option of the city on July 1, 1947, or on any subsequent interest
date, in their inverse numerical order, at 102 and accrued interest to
redemption, on 30 days' notice.
Bidder to name a single rate of interest,
expressed in a multiple of J4 of 1 %, and payable J-J. Principal
payable at the Anderson Banking Co. or Citizens Banking Co.,
The bonds are registerable as to principal.
No bid for less than the par
value of the bonds, including accrued Interest from the date thereof to the
date of delivery, will be considered.
The bonds are being issued for
purpose of financing a portion of the cost of certain extensions,
and improvements to the electric utility system owned and
city pursuant to Ordinance No. 1651 adopted by the Common
on
Oct. 17.
A copy of the ordinance may be examined at the City Comptroller's
office.
All bidders shall be deemed to have advised themsleves of
of
bonds.
troller, will receive
$30,000
1,
the
payment
date of
and interest
Anderson.
the
additions
operated by the
Council
the
and financial
that 20%
provisions of the ordinance and as to the property, revenues
condition of the city's electric utility.
The ordinance provides
of the gross revenues
of the city's electric
utility shall, to the extent neces¬
for that purpose, be irrevocably pledged to the
cipal of and interest on the bonds, subject, however,
sary
payment of the prin¬
to the prior payment
with the terms thereof of an issue of Electric Utility Revenue
bonds dated May 1, 1937, of which there are now outstanding bonds in
amount of $200,000, payable in semi-annual series over a period ending on
July 1,1947; also that a surplus shall be created in the Electric
Fund equal to the amount of interest and principal payable on the
two succeeding interest or principal payment dates on account or the Electric
Utility Revenue bonds now outstanding and the Electric
bonds to be presently issued, prior to any transfer of funds of the city s
electric utility for other city purposes.
The bonds will not constitute a
in accordance
the
Utility Bond
next
Utility Revenue
corporate
the State
DISTRICT NO. 1 (P. O. Fernandina),
Fla.—BONDS VOTED—'At the election held on Oct. 8 the voters approved
tne issuance of $40,000 improvement bonds, according to report.
NASSAU COUNTY SCHOOL
ST.
111.—SERIAL
CHICAGO,
R. B. Upham, City Comptroller,
Nov. 1 for the purchase
MIDDLETOWN, 111.—BOND
FLORIDA, State of—SUMMARY OF MUNICIPAL BOND SITUA¬
TION—The following information is taken from the October bulletin issued
by A. B. Morrison & Co. of Miami:
Prices on Florida Municipal bonds still continue their upward spiral.
They looked high a month ago but they are still climbing.
We have been
anticipating that long before this prices would level off or possibly recede
but at present there are no indications of their so doing.
Incidently, this
rapid rise in prices has made market indications in our monthly lists out of
date in a relatively short time, particularly on issues where there is active
trading.
We therefore request that where close indications are necessary
you get in touch with us.
There have been further rumors regarding settlement of the Everglades
Drainage District proposition but no formal announcement has been forth¬
coming regarding loan from the RFC.
We have been advised that such a
loan will be granted in the near future but there have been so many dis¬
appointments that, frankly, we are not disposed to believe any rumor until
actual formal announcement is made.
Matters within the District have
been further complicated by Supreme Court mandate forcing tax assessors
in the countries within the Everglades Drainage District to levy all back
taxes for the years 1933 to 1939, inclusive, with the exception of 1936, in
addition to current taxes.
This has resulted in such an exceedingly heavy
levy on much of the property that in many cases owners will refuse to pay it.
Since State and county taxes cannot be settled without payment of these
Everglades taxes at the same time, it rather appears that tax collections in
the counties affected will be slowed down very considerably.
As a matter
of fact, there undoubtedly will be heavy delinquencies.
Fort Lauderdale, which is under the Bankruptcy Act, agreed in its re¬
funding proposal to levy $250,000 annually for a certain number of years
for debt service.
It has failed to provide this amount and as a result
certain bondholders have brought suit to force the City to live up to the
terms of the refunding.
Apparently the city's excuse is that its rapid
bonds
maturing on and after May 1, 1950, are callable in inverse numerical order
on May 1, 1941, or any interest payment date thereafter.
Principal and
interest payable at the Continental Illinois National Bank & Trust Co.,
Chicago.
Legality approved by Chapman & Cutler, of Chicago.
1955 incl.
are dated Nov. 1,
1940, and were
yield from 0.15% to 1.50%, according to
bids, all for 134s. were as follows:
All of the bonds
bankers
2531
& Financial Chronicle
indebtedness of the city within
the provisions and
limitations of
constitution. The property of the city's electric Utility system is
The net operating sales of the electric utility system for the
unencumbered.
year
1939 was
$1,119,513.46, and the net profit for
the year was $391,088 .71.
of Indianapolis,
The approving opinion of Matson, Ross, McCord & Ice,
together with a transcript of the proceedings had relating to
of the bonds, will be furnished to the purchaser at the expense of
No conditional bids will be considered.
The bonds shall be
such bank in the city as the purchaser shall designate, within
the sale date, not, however, prior to the issuance date of the bonds.
acertified check for $10,000, payable to the city.
the issuance
the city.
delivered at
12 days after
Enclose
BOGARD TOWNSHIP
SCHOOL TOWNSHIP (P. O.
R. F. D. No. 1,
will receive
Odon), Ind.—BOND OFFERING—Elmer Chestnut, Trustee,
until 1 p. m. on Nov. 15 for the purchase of $3,600 4% building
bonds.
Dated Oct. 15, 1940.
Denom. $180.
Due $180 July 1, 1942;
$180 Jan. 1 and July 1 from 1943 to 1961, incl., and $180 Jan.
Principal and interest (J-J) payable at the Washington National
sealed bids
1, 1962.
Bank,
Washington.
■
'
ELWOOD, Ind.—BONDS REOFFERED—The issue of $300,000 not to
interest coupon sewage works revenue bonds for which no
received on Oct. 15—V. 151, p. 2370—is being readvertised for sale. Sealed bids will be received by Calvin D. Sizelofe, City
Clerk-Treasurer, until 2 p. m. on Nov. 2. Bidder to name a single rate
interest, expressed in a multiple of % of 1%. Bonds will be dated
1940. Denom. $1,000. Due $2,000 Jan. and July 1, 1943; $3,000 Jan.
July 1, 1944 $4,000 Jan. and July 1, 1945; $5,000 Jan. and July
1960; $6,000 Jan. and July 1,1961 to 1966; $7,000 Jan. and July
1968, and $8,000 Jan. and July 1, 1969 and 1970. Bonds maturing on
after Jan. 1, 1964, are redeemable at the option of the City on Jan. 1,1947,
or any interest payment date thereafter, in their inverse numerical
102 and accrued interest to date of redemption, on 30 days' notice to
given by publication one time in a newspaper published
Elwood, a newspaper or financial journal published in the City
anapolis, and a newspaper or financial journal published in the
Chicago, and the mailing of such notice to the holders of registered
Interest on the bonds so called for redemption will cease on the redemption
date fixed in such notice, if funds are available at the place of redemption
to redeem the bonds so called on the datelfixed in said notice, or thereafter
when presented for payment.
(Further details regarding the bonds will be found in V. 151, p.
exceed 4 M %
satisfactory bids were
of
Sept. 1,
and
1, 1946 to
1,1967 and
and
order, at
be
in the City of
of Indi¬
City of
bonds.
2379.)
The Commercial & Financial Chronicle
2532
INDIANA
TOLL
BRIDGE
COMMISSION (P.
BOND SALE— Reports
O. Indianapolis),
Ind.—DELAYS PROPOSED
in the Indianapolis
press the past week disclosed the rejection by the Bridge Commission of the
two sealed bids which were received on Oct. 19 for $1,050,000 bonds, pro¬
ceeds of which were to be used in the purchase of the privately-owned Wa¬
bash River Bridge at New Harmony.
The offers, according to report,
specified prices of 97.50 and 96.50, respectively, for the securities to bear
3% interest.
The debt was to be retired from tolls during the next 12
years, after which the structure would revert to the State Highway Com¬
mission as a free bridge.
William G. Minor of Cannelton, Chairman of the
Bridge Commission, stated that the bids were rejected "because of price."
Both were group offers made on behalf of Chicago and Cincinnati bond
houses.
The Commission, adjourning on Oct. 21, announced that it would
readvertise the issue "some time in the future."
No action in that regard
is expected to be taken until after the Nov. 5 election.
The Commission
planned to use $945,000 of the proceeds to purchase the bridge, leaving
premium"
as
they bore 3% Interest and
were a sound
at the Town Treasurer's office.
at which
bonds
authorized at
constructing
Rate Bid
Raffensperger, Hughes & Co
101.012
Harris Trust & Savings Bank
First National Bank of Chicago.
100.799
100.539
....
City Securities Corp
Kenneth
S.
...
Johnson
Other bids:
Int. Rale
.
WEBSTER COUNTY (P.
O. Fort Dodge) Iowa—CERTIFICATE
SALE—The $45,000 road construction anticipation certificates offered for
on Oct. 24—V.
151, p. 2380—were awarded jointly to the Carleton
D. Beh Co., and the Polk-Peterson Corp., both of Des
Moines, at 1M%.
plus a premium of $5 according to the County Treasurer.
Dated Nov. 1,
1940.
Due on or before Nov. 1, 1941, at the option of the
county.
KANSAS
&Co_„
&
Corbett...
101.066
.
214%
214%
,
214%
2)4%
2M%
John Nuveen & Co. and McNurlen& Huncilman
Water, Woody & Heimerdinger
City Securities Corp. and Raffensperger, Hughes &
Co
W. L. Lyons & Co.
Jeffersonville
100.842
100.829
2M %
101.189
100.28
State Bank of
from
1942 to 1951, incl.
Second high bid of 101.023 for 1M«
was made by Kenneth S. Johnson of
Indianapolis.
MARION
COUNTY
(P. O.
Indianapolis), Ind.—BOND
approved by the Board of
County Commissioners.
A certified check for
3% of the bonds bid for,
payable to order of the Board of Commissioners, is required.
SOUTH BEND, Ind.—BOND SALE—The issue of
$1,650,000 funding
21—V. 151, p. 1929—was awarded to Halsey, Stuart
bonds offered Oct.
&9°vlnc- of Chicago,
Is, at
price of 100.261, a basis of about 0.95%.
and due °cfc- 1
follows: $65,000 in 1942: $105,000.
1043; $240,000, 1944; $420,000, 1945; $515,000 in 1946, and $305,000 in
1947.
The bankers reoffered the bonds to
yield from 0.15% to 1.20%,
according to maturity.
Other bids:
Bidder—
Shields & Co.; B. J. Van
& Co.;
as
a
int. Rate
Rate Bid
Ingen & Co., Inc.; Schwabacher
Mullaney, Ross & Co.; V. P. Oatis & Co., and
_7 Daniel F. Rice & Co—
\%
Phelps, Fenn & Co., Inc.; Stone & Webster and
Blodge't",
Inc.; Paine, Webber & Co.; Fletcher Trust
Co., and
Martin, Burns & Corbett
1%
Estabrook & Co.; Bacon, Stevenson &
Co.; Equitable
Securities Corp., and Paul H. Davis & Co
1%
Harnman Ripley & Co.,
Inc.; Mercantile-Commerce
Bank & Trust Co.; John Nuveen &
Co., and Harrison
& Austin
Harris Trust & Savings
Bank; Northern T'rust Co.,
cago, and the Union Trust Co. of
Indianapolis.
Lazard Freres & Co.; Goldman, Sachs
&
COUNTY
PUBLIC SCHOOL CORPORATION
(P. O.
Campbellsville) Ky.—BOND SALE—The $40,000 issue of 3M % semi-ann.
first mortgage bonds offered for sale on Oct. 17—V. 151, p. 2380—
was purchased by the Bankers Bond Co. of Louisville, the only bidder, at a
price of 96.00, a basis of about 4.14%.
Dated Oct. 15, 1940.
Denom.
$1,000. Due April 15, as follows: $3,000 .in 1942 to 1947, $4,000 in 1948
coupon
to 1952, and
$2,000 in 1953.
Redeemable before maturity on any interest
payment date upon 30 days'rpublished notice at par and accrued interest
a premium of 3% the first five years after date. 2%
the second five
years and 1% thereafter.
Principal and interest payable at the Taylor
County Bank. Campbellsville.
LOUISIANA
MANSURA, La .—BOND OFFERING— It is stated by Felix L. Laborde
Dated Dec.
1, 1940.
100.059
\cr
100.025
1%
100.019
1M%
101022
a
NEW
IBERIA,
La.—MATURITY—The
City
&PSr EIdred»e & Co.;
101 02
100.879
(State
of)—BOND CALL—Belmont Smith,
about
2 89%
the
as
State Treasurer,
MASSACHUSETTS
CHELSEA,
Ma88.—BOND
SALE— The $120,000 coupon municipa
Oct. 21—V. 151, p. 2381—were awarded to Halsey,
Inc., New York, as 1 Ms at a price of 100.65, a basis of
Dated Oct. 1, 1940, and due $12,000 on Oct. 1 from 1941
to 1950. inclusive.
Other bids:
relief bonds offered
Stuart
&
Co.,
about 1.13%.
Bidder—•
Int. Rate
Lee Higginson Corp
—
Bishop, Wells & Co
First National Bank of Boston.
Tyler & Co.
Bond, Judge & Co..
National Shawmut Bank of Boston
1 M %
1M%
1M%
1M%
1)4%
114%
Rate Bid
100.144
100.09 j
Bar
101.053
100.413
100.404
LYNN,
Mass.—BOND SALE— The $85,000 coupon bonds offered
awarded to Bond, Judge & Co. of Boston, as 0.75s and lMs,
price of 100.2999, as follows:
Oct. 24
at a
were
$35,000 1M% water mains bonds. Due Nov. 1 as follows: $3,000 from 19Tl
to 1945 incl. and $2,000 from 1946 to 1955 incl.
50,000 0.75% street and sidewalk paving bonds. Due $10,000 on Nov. 1
from
1941 to 1945 incl.
j/Am
1, 1940. Denom. $1,000. Principal
(M-N) payable at the First National Bank of Boston, or at
holder's option, at the City Treasurer's office. Legality approved
by Storey,
Thorndike, Palmer & Dodge of Boston.
Other bids: (both issues as 1Mb) Tyler & Co., 100.909; Second National
Bank of Boston, 100.77; Halsey, Stuart & Co., Inc., 100.189; First National
Bank of Boston, 100.23; (for Is and lMs) H. C. Wainwright & Co.,
100.213;
(for 1 Mb and Is) R. L. Day & Co., 100.05; (for all 1 M.s) Estabrook & Co.,
100.30; (for 1Mb and 0.75s) Newton, Abbe & Co., 100.256:^(1 Ms and
0.75s) Chace, Whiteside & Symonds, 100.241.
interest
Mass.—NOTE SALE—The First National Bank of
awarded
on Oct. 24 an issue of $100,000 notes at
0.14% dis¬
18, 1940.
Other bids:
Chace, Whiteside & Symonds,
0.147%; Bond, Judge & Co., 0.16%; Lee Higginson Corp., 0.164%; Leavitt
& Co., 0.17%; Bishop, Wells & Co., 0.176%.
count.
was
Due Dec.
SALEM, Mass.—BOND SALE—The $30,000 coupon municipal relief
to R. L. Day & Co. of Boston, as
0.75s,
bonds offered Oct. 18 were awarded
price of 100.159,
a
basis of about 0.72%.
Dated Oct. 1,1940.
Nov. 1 in 1943 to 1951.
SALE DETAILS—The Town Clerk
$4,000 improvement bonds sold to the Carleton D. Beh Co.
as 3s, at 100.55, as noted here—V.
151, p. 2380—are dated
a basis of
Denom.
$1,000.
Due $3,000 on Oct. 1 from 1941 to 1950, incl.
Principal and
interest (A-O) payable at the National Shawmut Bank of Boston or at the
City Treasurer's office, at the option of the holder.
Legality approved by
Bidder—•
mature $500 on April 1 in 1942 to 1949, giving
banks,
that he has been directed by order of the Governor and his
Council, to call for payment on Nov. 1, 1940, Kennebec Bridge loan bonds
of the issue of Nov. 1, 1926, to the amount of $50,000, Nos. 751 to 800
inclusive.
Interest to cease after date of call.
Other bids:
Int. Rate
Tyler & Co..
Arthur Perry & Co
Merchants National Bank of Salem
Naumkeag Trust Co
Charles S. Butler
Moines,
that
local
announces
Storey, Thorndike, Palmer & Dodge of Boston.
IOWA
of Des
states
MAINE
MAINE
at a
ADAIR, Iowa—BOND SALE—The $7,000 water works bonds offered
T?ruS^e on-Oct. 21—V. 151, p. 2380—were awarded to the Carleton D.
ininCo^of Des Moines, according to the Town Clerk. Dated Nov. 1,
1940.
.♦A?1??*?? ?^^R'.Iowa~BOiv/)
states that the
Clerk
$65,000 certificates of indebtedness sold at 4% to three
noted here—V. 151, p. 2380—are due on March 1, 1941.
NEW BEDFORD,
-
Due Dec. 1, 1943 to 1960.
im.
Eassed Enclosewill be furnished for $300, payable to theadditional cost to
upon,
certified check the purchaser without
town.
Boston
Peabody & Co.; R." W. Press'prich
C. F. Childs & Co.; First of
Michigan Corp.; Bacon, Whipple & Co., and Raffensperger, Hughes & Co...
114%
BW
9?" Fjrst Boston Corp.; F. S. Moseley & Co.";
Illinois Co. of
Chicago, and Indianapolis Bond & Share
CorP
1H%
Denom. $500.
The bonds were authorized at an election held on Oct. 15.
The approving
opinion of B. A. Campbell of New Orleans, and the transcript of record as
All of the bonds will be dated Nov.
100.03
Estabrook & Co
Second National Bank of Boston
—1%
1%
1%"
1%
1%
1%
1M %
Rate Bid
100.639
100.552
100.512
100.51
100.375
100.098
101.049
SOMERVILLE, Mass.—BOND OFFERING—John J. Donahue. City
Treasurer, will receive seaied bids until 11 a. m. on Oct. 29, for the pur¬
of $50,000 coupon municipal relief bonds.
Dated Oct. 1, 1940.
Denom. $1,000.
Due $5,000 on Oct. 1
from
1941 to 1950, incl.
Prin¬
cipal and interest (A-O) payable at the National Shawmut Bank of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge of Boston will be
chase
Iowa—BONDS SOLD—We
are informed that an issue of
refunding bonds was purchased
Blyth & Co., Inc. of Chicago, The WhitetjI
?nc,„a2,d QUail & Co., both of Davenport, the Carleton D.
Beh Co
Jackley & Co., and the Polk-Peterson
Corp., all of Des Moines, as
2Ms. Due in 20 years.
»
„,
$1,075,000
semi-ann.
a
bridge
revenue
group composed of
furnished the successful bidder.
,
MOUNT
VERNON,
Iowa—BOND
OFFERING—It^is reported
sealed bids will be received until
7:30 p. m.
for the purchase of $8.000 sewer hnnda ■
on
that
Oct. 28, by the Town Clerk,
MICHIGAN
ERIN, WARREN AND CLINTON TOWNSHIPS FRACTIONAL
SCHOOL DISTRICT NO. 1 (P. O. Fraser), Mich.—BOND OFFERING—
Max
Bosworth, Secretary of the Board of Education, will receive sealed bids
8p.m. (EST) on Oct. 28 for the purchase of $60,000 refunding bonds
1940.
Dated Nov. 1, 1940, and due June 1 as follows: $2,000 from
1941 to 1955, incl., and $3,000 from 1956 to 1965, incl.
Bonds maturing June 1, 1941, to June 1, 1960, both inclusive will not be
until
®n?o9F?o9LTY' I°wa
$yU,365.22 4% semi ann.
MATURITY—The
swimming pool
a?trY* 151,
$4,365.22 in 1942; $4,000 in 1943
City Clerk states that the
revenue
bonds sold at par to the
p. 2226—are due on Sept. 1 as follows:
1946, and $5,000 in 1947 to 1960.
to
•
Town Clerk, that he will receive sealed bids until 11 a. m. on Nov. 19, for
the purchase of $15,000 not to exceed 4% semi-annual public improvement
and
Co.; Mississippi
on
KENTUCKY
TAYLOR
100.16
<5hi-
Valley Trust Co.; City National Bank & Trust
Co.,
Kansas City; Wisconsin
Co., Milwaukee, and Braun,
Bosworth & Co
Lehman Bros.; Kidder,
"
O. Wichita), Kan.—PRICE PAID—It is
1M% semi-ann. public work relief bonds sold
to the Small-Milburn Co. of Wichita, as noted here—V.
151, p. 2380—
were purchased at a price of 100.534, a basis of about
1.15%. Due $6,000
on Sept. 20 in 1941 to 1950, incl.
OFFERING
—Glenn B. Ralston, County
Auditor, will receive sealed bids until 10 a.m.
(CST) on Nov. 12 for the purchase of $70,000 not to exceed
5% interest
Julietta Infirmary Power Plant bonds of 1940.
Dated Dec. 2, 1940.
Denom. $1,000.
Due $7,000 on June 15 and Dec. 15 from 1942 to
1946 incl.
Bidder to name a single rate of
interest, expressed In a multiple of M of 1 %.
Interest J-D.
The highest bidder will be the one who offers the
lowest net
interest cost to the county, to be determined
by computing the total
interest on all of the bonds to their maturities and
deducting therefrom
the premium bid, if any.
No bid for less than par value of the bonds
plus accrued interest to date of delivery will be considered.
The bonds are
being issued under the provisions of the Acts of 1899, Chapter 154, and acts
amendatory thereof and supplemental thereto, and are the direct
obligations
of the county,
payable out of unlimited ad valorem taxes to be levied and
collected on all of the taxable
property within the county.
Bids must be
made on the form provided
by the Auditor and
Due
,
SEDGWICK COUNTY (P.
reported that the $60,000
bonds.
LAWRENCE COUNTY (P. O.
Bedford), Ind.—BOND SALE— The
$30,000 series A advancement fund (poor relief) bonds offered Oct. 22—
151, p. 2075—were awarded to Raffensperger, Hughes & Co. of Indi¬
anapolis, as 1Mb, at par plus a premium of $336.96, equal to 101.123,
j.t basis of about 1.56%.
Dated Oct. 22, 1940 and due $1,500 on June 1
1
SEDGWICK
COUNTY
(P. O. Wichita)
Kan.—BONDS AUTH¬
ORIZED—The State Revenue and Taxation Commission is said to have
authorized the county to issue $100,000 in bonds for relief purposes
during
the last three months of 1940.
100.115
2%%
and" Clark County
Atchiaon), Kan.—BOND ELECTION
$45,000 county jail bonds, according to report.
100.57
100.275
V.
and Dec.
COUNTY (P. O.
—At the general election on Nov. 5 the voters will pass on the issuance of
plus
Harriman Ripley & Co., Inc. and Almstedt Bros...
Estes, Snyder & Co.; Stern Bros. & Co., and Martin,
Burns
Rate Bid
2M%
These
are issued to pay the cost of re¬
A certified check for $400 is required.
100.303
JEFFERSONVILLE, Ind.—BOND SALE—The issue of $100,000 re¬
funding bonds offered Oct. 18—V. 151, p. 2226—was awarded to the
First National Bank of Chicago, as 1Mb, at a price of
100.509, a basis of
about 1.42%.
Dated Nov. 1, 1940 and due $5,000 on Jan. 1 and July 1
from 1943 to 1952, incl.
Second high bid of 101.06 for 2Ms was made by
Fox, Einhorn & Co., Inc. of Cincinnati.
Bidder—
works.
sale
100.108
Fox, Einhorn & Co., Inc...
Stranahan, Harris & Co., Inc., and O'Neal, Alden
par plus accrued interest.
election and
an
a system of water
ATCHISON
Bidder—
Bidders shall bid the lowest rate of interest
they will purchase the bonds at
were
investment.
IndBOND SALE—The issue of $23,000 bridge
bonds offered Oct. 21—V. 151, p. 2380—was awarded to the
Indianapolis
Bond & Share Corp. of
Indianapolis, as 1M«. at par plus a premium of
$54, equal to 100.234, a basis or about 1.21%.
Dated Oct. 1, 1940 and
due July 1 as follows: $2,000 from 1942 to 1951 incl. and $3,000 in 1952.
Second high bid of 101.012 for 1)4b was made by
Raffensperger, Hughes
& Co. of Indianapolis.
Other bids, all for 1Mb, were as follows:
be
subject to call for redemption and payment before maturity on Dec. 1,
1942, and on any interest payment date thereafter at par plus accrued
interest, by giving 30 days' notice thereof.
Prin. and int. (J-D) payable
a
INDIANAPOLIS.
26, 1940
and auction bids will
received until Oct. 28, at 7:30 p. m., by F. T. Lewis, Town
Clerk, for the
purchase of $4,000 water works bonds.
Dated Nov. 1, 1940.
Denom.
$500. Due $500 Dec. 1, 1942 to 1949. All or any part of the bonds shall be
balance of $105,000 for a sinking fund and to pay salaries and expenses of
its members, aiso attorney's fees.
The Commission was created by the
1939 Legislature and its members appointed by Governor Clifford Townsend.
The Governor is said to have stated that the bonds should "bring
a
Oct.
TERRIL, Iowa—BOND OFFERING—Sealed
of
subject to call for prior redemption, but bonds maturing June 1, 1961, to
Volume
June 1,
The Commercial &
151
1965, both inclusive •will be subject to call for prior redemption
interest payment date on and after June
inverse numerical order on any
in
1,
Bonds shall bear interest at rates not exceeding 234% to June 1,
1941, 3% to June 1, 1944, 334 % to June 1, 1947, 4% to June 1, 1951, and
1944.
4%%
thereafter,
December in each
payable semi-annually on the first day of June and
year.
Both principal and interest will be payable at
Detroit Trust Co., Detroit.
These bonds are the general obligation
of the school district and are payable from general ad valorem taxes levied
the
on
without limitation as to
all the taxable properties within the district,
rate or amount.
The bonds will be awarded to the bidder whose
proposal
produces the lowest interest cost to the district after deducting the premium
offered, if any.
Interest on premium will not be considered as deductible
in determining the net interest cost.
Interest costs to be figured to ma¬
turity date of all bonds except those bonds callable in 1944, which shall be
figured to June 1, 1945.
The right is reserved to reject any or all bids.
The cost of the legal opinion of Miller, Canfield, Paddock & Stone of
Detroit, and the cost of printing the bonds will be paid by the school dis¬
trict.
A certified check in the amount of 2% of the total par value of the
bonds, drawn upon an incorporated bank or trust company, and payable
to the order of the school district must accompany each proposal as a
guarantee of good faith on the part
of the bidder.
Mich.—BOND SALE— The $500,000 coupon refunding
bonds offered Oct. 21—V. 151, p. 2381—were awarded to a syndicate
composed of the First of Michigan Corp., Detroit; Braun, Bosworth &
Co. and Stranahan, Harris & Co., Inc.. both of Toledo, and McDonald,
Moore & Hayes of Detroit, on a bid which figured a net interest cost of
3.2056%.
Group paid a price of 100.005 for the $380,000 bonds, due 1941
to 1956 incl., to bear interest at 234% to May 1, 1941, 3% to May 1, 1943,
and 334% thereafter to maturity; and for the $120,000 bonds maturing
1957 to 1960 incl., to bear 234 % interest to May 1, 1941, and3% thereafter
FERNDALE,
to
maturity.
syndicate composed of Hood, Truettner & Thisted, Inc.; Ryan,
Miller, Kenower & Co., Inc.; Ballman & Main; Walter,
Woody & Heimerdinger; Fox, Einhorn & Co., Inc.: Seasongood & Mayer,
and Pohl & Co., Inc., bid a premium of $53 for the bonds to bear interest
at 234% to May 1, 1941; 3% thereafter to May 1, 1943; 334% to May 1,
1948; 3K% to May 1, 1951, and 434% thereafter to maturity.
Final bid of par plus a premium of $245 for the bonds to Dear interest at
rates of 234%, 3%, 334%. and 4%, was made on behalf of a group com¬
posed of H. V. Sattley & Co., Detroit; Watling, Lerchen & Co.; Campbell,
McCarty & Co.; Gray, McFawn & Petter, and Donovan, Gilbert & Co.
A
Sutherland & Co.;
TROY TOWNSHIP, Oakland County, Mich.—BOND OFFERING—
Clerk, will receive sealed bids until 7:30 p. m.
(EST) on Oct. 29 for the purchase of $100,000 coupon refunding bonds of
1940.
Dated Nov. 1, 1940.
Denom. $1,000.
Due Oct. 15 as follows:
$5,000 in 1942 and 1942; $10,000 from 1943 to 1949, incl., and $20,000 in
1950.
The 1950 bonds will be callable at par and accrued interest on
Oct. 15,1941, or on any subsequent interest date on 30 days' notice.
Bonds
will bear interest at a rate or rates, expressed in multiples of 34 of 1% not
exceeding 334% per annum to Oct. 15, 1943, and 434% per annum there¬
after, payable semi-annually on the 15th day of April and October of each
year.
Both principal and interest will be payable at the Manufacturers
National Bank of Detroit in the City of Detroit, or at any bank or trust
Glenn W. Ladd, Township
named by said township as a successor paying agent, provided
that such paying agent shall at all times be a responsible bank or trust
company in the City of Detroit.
These bonds will be the general obliga¬
tions of said Troy Township which is authorized and required by law to
levy upon all the taxable property therein such ad valorem taxes as may
be necessary to pay the bonds and the interest thereon as the same shall
become due, without limitation as to rate or amount.
Bids shall be condi¬
tioned upon the legal opinion of Claude H. Stevens of Berry & Stevens,
attorneys, Detroit, Mich., approving the legality of the bonds.
The cost
of said legal opinion and of the printing of the bonds will be paid by the
company
township.
A certified check in the amount of $2,000, drawn upon an
bank
or
incorporated
and payable to the order of township of Troy must
each proposal as a guarantee of good faith on the part of the
trust company
accompany
bidder.
Minn.—CERTIFICATES SOLD—A $6,000 issue of 334%
general obligation certificates of indebtedness was offered for sale on Oct. 21
and was purchased by the Citizens Bank of Morris, the only bid received,
according to the City Manager.
Dated Oct. 21, 1940.
Due on Dec. 31,
MORRIS,
1941.
Minn.—BOND SALE— The $70,000 issue of coupon semilight and heat plant extension bonds offered for sale on Oct. 22—
VIRGINIA
ann.
water,
151, p. 2076—was awarded to the Northern National Bank of Duluth,
134s, paying a premium of $440.50, equal to 100.629, a basis of about
V.
as
1.65%.
Dated Oct. 1, 1940.
Due $7,000 on Jan. 1 in 1943 to 1952
incl.
MISSISSIPPI
GULFPORT, Mi8s.—BOND ELECTION—A special election is said to
be scheduled for Nov. 19 in order to have the voters pass on the issuance of
$60,000 airport improvement bonds.
"
HARRISON
COUNTY
O.
(P.
Gulf port),
Miss.—BONDS SOLD—
purchased by M. A.
1941 to 1950.
» <
It is reported that $55,000 funding bonds have been
Saunders & Co. of Memphis as 234s and 3s.
Due in
MERIGOLD, Miss.—BONDS SOLD—It is reported that $7,000 334%
been purchased by the Union
Co. of Memphis.
Dated Sept. 1, 1940.
semi-annual street improvement bonds have
Planters National Bank & Trust
NATCHEZ, Miss.—BRIDGE BONDS OFFERED TO PUBLIC—A bank¬
ing group headed by B. J. Van Ingen & Co., Inc. of New York, offered
on Oct. 21 $2,058,000 4% bridge revenue bonds dated Dec.
1, 1938, and
due Dec. 1, 1968, at 107 and accrued interest.
The bonds, which comprise the entire authorized issue, were purchased
by the bankers from the Reconstruction Finance Corporation.
The pro¬
ceeds of the issue were used to finance in part the cost of construction of
a 134-mile high level, steel bridge across the Mississippi River from Natchez
to Vidalia, La., including certain approach roads.
A grant of 45% of the
construction cost; but not to exceed $1,679,530, by Public Works Adminis¬
tration aided in the financing of the bridge, which was completed and opened
to traffic on Sept. 26.
Associated with B. J. Van Ingen & Co., Inc., in the offering are John
Nuveen & Co., Chicago; Equitable Securities Corp.; Walter, Woody &
Heimerdinger, Cincinnati; Magnus & Co., Cincinnati; White, Dunbar &
Co., Inc., New Orleans; Scharff & Jones, Inc., New Orleans; Lewis & Co.,
Jackson; Thomas & Co., Pittsburgh; and Weil & Arnold, New Orleans.
The bonds are redeemable in whole or in part by lot at the city's option
any interest date on 30 days' notice at par and accrued interest plus a
premium of M of 1% for each 12-month period between the redemption
date and the date of maturity.
They are payable solely out of bridge
revenues through a sinking fund provided for their retirement.
The bonds
are also free from taxation in Mississippi and interest exempt, in the opinion
of counsel, from all present Federal income taxes.
Earnings from operation of the bridge to date have proved very satis¬
factory, according to the bankers, such earnings being substantially in
excess of the original estimates made by Coverdale &
Colpitts, the con¬
on
sulting engineers.
PASCAGOULA, Miss.—BOND SALE DETAILS—It is now reported
system bonds sold to the Pascagoula National Bank,
noted here—V. 151, p. 2228—were sold at par, as follows:
$3,500
maturing Aug. 1, $500 in 1941 to 1943, $2,000 in 1944, as 234s, $16,500
maturing Aug. 1, $2,000 in 1945 and 1946, $1,500 in 1947, $2,000 in 1948
to 1951, $3,000 in 1952, as 3J4s, and $5,000 maturing Aug. 1, $3,000 in
1953, and $2,000 in 1954, as 2Hs.
that the $25,000 water
as
semi-annua1
PICAYUNE, Miss.—BOND SALE—The $220,000 coupon
gas transmission and distribution system revenue bonds offered
sale on Oct. 17—V. 151, p. 2228—were awarded jointly to Shaw,
McDermott & Sparks, Inc., and the Polk-Peterson Corp., both of Des
Moines, as 434s, paying par.
Dated Dec. 15, 1939. Due on Dec. 15
in 1941 to 1961, inclusive.
natural
for
WASHINGTON COUNTY (P. O. Greenville), Miss.—BONDS SOLD
issue of 134 % semi-annual airport bonds is said to have been
purchased on Oct. 15 by a syndicate composed of Scharff & Jones of New
Orleans, the First National Bank and the Union Planters National Bank
& Trust Co., both of Memphis, paying a premium of $100, equal to 100.333.
These bonds were approved by the voters at an election held on Sept. 24.
—A $30,000
WARREN
TOWNSHIP, Macomb County, Mich.—BOND OFFERING
Township Clerk, will receive sealed bids until 10 a. m.
—William Lawson,
Oct. 30, for the purchase of $385,000 not to exceed 6% interest
coupon water supply system re venue bonds.
Dated Nov. 1,1940. Denom.
$1,000.
Due Nov. 1 as follows: $10,000 in 1943 and 1944; $20,000 from
1945 to 1951, incl. and $25,000 from 1952 to 1960, incl.
Rate or rates of
interest to be expressed in multiples of 34 of 1%.
Principal and interest
(M-N) payable at the Detroit Trust Co., Detroit, or at its successor paying
agent named by the township, which shall be a responsible bank or trust
company in the City of Detroit,
Both principal and interest are payable
solely from revenues of the municipal water supply system and the bonds
are issued pursuant to provisions or Act No. 94 of Public Acts of Michigan
of 1933, as amended, and an ordinance adopted by the township on Oct. 18,
1940.
A certified check for 2 % of the bonds, payable to order of the town¬
ship, is required.
Bids shall be conditioned upon the legal opinion of Berry
& Stevens of Detroit, approving the legality of the bonds.
Cost of legal
opinion and printing of bonds will be paid by township.
(EST)
2533
Financial Chronicle
on
CROOKSTON, Minn.— WARRANT SALE—The $6,416.55 water main
offered for sale on Oct. 8—V. 151, p. 1931—were purchased by
County State Bank of Crookston, as 4s at par, according to the
City Clerk.
/■:
warrants
the Polk
.
FREEBORN COUNTY (P. O. Albert Lea), Minn.—BOND OFFERING
and auction bids will be received until Oct. 30, at 2 p. m., by
—Sealed
C. Hartz, County Auditor, for the purchase of $62,000 not to exceed
2% semi-annual drainage refunding bonds.
Dated Aug. 1, 1940. Denom.
$1,000.
Due Feb. 1, as follows:
$8,000 in 19^2, and $9,000 in 1943 to
1948.
Prin. and int. payable at such place as may be mutually agreed upon
between the county board and purchaser.
The county will furnish the
A.
printed bonds and the approving legal opinion of Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis, both without cost to the purchaser.
A
certified check for $1,000, payable to the County Treasurer, is required.
O. Cambridge), Minn.—BOND OFFERING—
Nov. 1, by the County Auditor,
$50,000 not to exceed 2 34 % semi-annual coupon refund¬
ing bonds.
Dated Nov. 1, 1940.
Denom. $1,000.
Due $5,000 Nov. 1,
1942 to 1951.
Prin. and int. payable at place designated by purchaser in
his bid.
The couDty will pay the customary fee for bank collection of
interest coupons and principal.
The bonds are issued to refund a like
amount of 6 % road and oridge bonds which are due April 1,1941.
Delivery
will be made to the purchaser on or before Nov. 15.
All bids must be un¬
conditional, except as to legality, which may be made conditional upon the
legal opinion of Fletcher, Dorsey, Barker, Colman & Barber of Minneapolis,
wnose opinion as to legality must be accepted by the purchaser.
These
attorneys have approved all proceedings to the sale.
Enclose a certified
check for $1,500.
COUNTY (P.
Sealed bids will be received until 11 a. m. on
for the purchase of
LITTLE
FALLS,
Minn.—CERTIFICATE OFFERING—It is stated
will be received by Otto J. Plettl, City
that both sealed and auction bids
Clerk, until Nov. 4, at 8 p. m. (CST), for the purchase of $14,000 paving
certificates of indebtedness.
Interest rate is not to exceed 4%, payable
M-N.
Dated Nov. 1, 1940.
Denom. $1,000.
Due $1,000 Nov. 1, 1942
to 1955.
Rate of interest to be in multiples of 34 or l-10th of 1 %, and must
be the same for all certificates.
Prin. and int. payable in lawful money, at
such place of payment as the bidder may designate.
No bid will be
sidered which calls for an interest rate in excess of 4% per annum.
con¬
The
certificates are issued for the purpose of paving streets, and are direct
obligations of the city, the full faith and credit of the city being pledged
for the payment thereof and a direct irrepealable tax, 5% in excess of the
sums necessary to pay principal and interest as they become due, to be
levied before the issuance of the certificates.
Certificates will be prepared
and furnished to the purchaser without charge, and approving opinion of
Fletcher, Dorsey, Barker, Colman & Barber, of Minneapolis, will be
furnished to the purchaser without charge.
Thd certiificates will be delivered
at any bank in the city of Minneapolis designated by the purchaser.
A
certified check for at least 5% of the amount of the bid, payable to the
city, is required.
MONTICELLO, Minn.—BOND
J. M. Dain & Co. of
of about
1.98%.
SALE—The $10,000 semi-annual gen"
18—V. 151, p. 2.381—were awarded to
Minneapolis, as 2s, paying a price of 100.26, a basis
Dated Oct. 1, 1940.
Due $500 on Oct. 1 in 1943 to
eral bmds offered for sale on Oct.
1962, incl.
OFFERING—It is stated by Horace R.
that he will receive sealed bids until 2 p.m.
purchase of the following bonds aggregating $2,450,000T\
$450,000 public hospital 5th issue, series J bonds.
Due Nov. 1, as folloWsk)
$15,000 in 1941 to 1945, $20,000 in 1946 to 1950, $25,000 in
1951 to 1955, and $30,000 in 1956 to 1960.
2,000,000 trafficway improvement series U bonds.
Due Nov. 1 as follows:
$50,000 in 1941 to 1945, $110,000 in 1946 to 1950, $115,000 in
1951 to 1955, and $125,000 in 1956 to 1960.
McMorris, Director of Finance,
on
Oct. 28, for the
All of the bonds will be negotiable
principal only). Prin. and int. payable at
City, in lawful money. Proposals will be
received on bonds bearing such rate or rates of interest as may be specified
by the bidders, subject to the following conditions: Not more than three i :
different interest rates on either bond issue shall be specified in any bid.
Each interest rate specified shall be an even multiple of 34 of 1%.
No bid
for less than par and accrued interest will be considered.
Each of the issues of bonds have been duly authorized by the vote of
more than two-thirds of the qualified voters of the city voting on the re¬
spective propositions to authorize the issuance of said bonds at a bond
election held in the city on May 26, 1931, and all of said bonds will con¬
stitute general obligations of the city, payable as to both principal and
interest from ad valorem taxes which may be levied without limit as to rate
or amount upon all taxable property within the territorial limits of the city.
Lithographed bonds, properly executed, will be furnished by the city without
cost to the successful bidder, and the bonds will be sold subject to the legal
opinion of Bowersock, Fizzell & Rhodes, of Kansas City, whose final,
unqualified approving opinion will be furnished and paid for by the city
and delivered to the successful bidder as and when the bonds are delivered.
Immediately following the sale of the bonds, the city will proceed to
have the bonds lithographed and executed, and will deliver such bonds to
the successful bidder or bidders in the city, it being anticipated that such
delivery can be made on or about Nov. 18, 1940.
All bids must be made on forms which may be procured from the under¬
signed and no additions or alterations in such forms shall be made. The
right is reserved to reject any or all bids.
The three best bids on each bond issue will be reported to the City Council
following the opening and consideration of the bids, with a recommendation
as to the best bid.
The checks of the other bidders will be returned at once.
The Council will make its determination as to whether or not any of such
bids shall be accepted at its meeting on the evening of Oct. 28, 1940.
Bids shall be accompanied by a cashier's or certified check on a bank
or trust company doing business in Kansas City, Mo., payable to the order
of the Director of Finance in an amount equal to 2% of the bonds bid upon.
Denom. $1,000.
Dated Nov. 1, 1940.
coupon bonds (registerable as to
the Commerce Trust Co., Kansas
MINNESOTA
ISANTI
MISSOURI
KANSAS CITY, Mo.—BOND
MOBERLY, Mo.—BOND
purchase bonds
site
election on Oct. 30,
ELECTION—A $25,000 issue of airport
will be submitted to the voters at an
according to report.
MONTANA
DISTRICT
FLATHEAD AND LAKE COUNTIES, JOINT SCHOOL
NO 38 (P. O. Bigfork), Mont.—BOND SALE—The $5,649.81 refunding
bonds offered for sale on Oct. 21—V. 151, p. 1931—were awarded at par
as 3s
to the State Board of Land Commissioners.
Due on June and Dec. 1,
1941 to 1953; redeemable in full on and after June 1, 1947.
SCHOOL
GALLATIN AND BROADWATER COUNTIES JOINT
DISTRICT NO. 124
(P. O. Three Forks), Mont.—BOND
ING—Sealed bids will be received until 2 p.m. on Nov. 19,
McPhail, District Clerk, for the purchase of $13,500 refunding
Interest rate is not to exceed 4%, payable J-J.
Dated Jan.
OFFER¬
by E. W.
bonds.
1, 1941.
Amortization bonds will be the first choice and serial bonds will be the
second choice of the School Board.
If amortization bonds are sold and
issued, the entire issue may be put into one single bond or divided into
several bonds, as the Board of Trustees may determine upon at the time
of sale, both principal and interest to be payaole in semi-annual instalments
during a period of nine years from the date of issue.
If serial bonds are
The Commercial & Financial Chronicle
2534
Oct.
i
ssued and sold,
they will be in the
amount
of $1,500
each, the sum of
$1,500 of the serial bonds will become payable on Jan. 1, 1942, and the
sum of $1,500 will become
payable on the same day each year thereafter
until all of such bonds are paid.
The bonds will be sold for not less than
their par value with accrued interest, and all bidders must
state the lowest
rate of interest at which they will purchase the bonds at
par.
The bonds
are issued for
the purpose of refunding outstanding bonds.
Enclose a
certified check for $1,500, payable to the District Clerk
PETROLEUM
Winnett),
COUNTY
Mont.—BOND
SCHOOL
SALE—The
gymnasium bonds offered for sale
on
DISTRICT
$15,000
Oct. 21—V.
chased by the State Board of Land Commissioners
to the District Clerk.
NO.
issue
of
(P.
159
also
Timber),
Is reported that bids will be
by Luther C. Larson, Chairman of the Finance Com¬
mittee, for the purchase of $50,000 not to exceed 2% semi-annual
refunding
auditorium bonds.
Due in 10 years: optional after five years,
m
-m
received until Oct. 29
CRETE, Neb.—BOND SALE—'The $48,896.05 refunding bonds offered
for sale on Oct. 22—V. 151, p. 2381—were awarded
to the Wachob-Benaer
Corp. of Omaha as 2)4%, paying a premium of $106, equal to
100.216, a
basis of about 2.48%.
Dated Nov. 15, 1940.
Due on Nov. 15, 1960;
optional on and after Nov. 1, 1950.
IMPERIAL, Neb.—BOND SALE DETAILS—The Village Clerk states
that the $40,000 electric light and power
plant revenue and refunding bonds
sold to the First Trust Co. of
Lincoln,
dated Oct. 1, 1940 and mature
as
noted here—V. 151, p. 2382—are
follows:
as
$22,000 3% semi-annual refunding revenue bonds.
Due on April
$4,000 in 1942 to 1944 and $5,000 in 1945 and 1946.
18,000 4% semi-annual improvement revenue bonds.
Due on April
$5,000 in 1947 to 1949 and $3,000 in 1950.
NEBRASKA, State ot—DECREASE
1:
1:
REPORTED
IN MUNICIPAL
in Nebraska decreased
a report by State Auditor
Total debt of all governmental subdivisions, exclusive of
public
power districts, at the end of June, 1940, was
$69,019,857, compared with
$70,889,550 two years ago.
The per capita bonded debt of the State is
DEBT—Bonded indebtedness of municipalities
$1,869,693 during the last two years, according to
Johnson.
$80.51.
During
the period ended June 30, bonds issued totaled
$13,181,701.
Counties issued $738,000. of which $59,000 were
refunding bonds, $158,000
new bonds and $412,000
funding bonds issued by authority of the 1939
Legislature.
Bonds Issued by cities totaled
$7,612,951, of which $4,169,737
were refunding bonds, $3,324,326 new bonds
and $18,888
funding bonds.
Bonds issued by school districts totaled
$4,480,750, of which $3,987,950
were refunding bonds, $752,300 were
building bonds and $90,500 funding
bonds.
Irrigation and drainage districts issued $36,000 in bonds
and
$73,000 were issued by sanitary districts.
When compared with the previous
biennium, these figures show an in¬
crease of $1,573,113 of new bonds
issued, and an increase of $3,729,029
in refunding bonds over the
previous biennium.
A total of $5,923,532
more bonds were registered this biennium
than in the preceding one.
OXFORD, Neb.—BOND
SALE DETAILS—It is stated that the
$21,000
bonds sold to the Wachob-Bender
Corp. of Omaha, as noted here—
V. 151, p. 2382—were purchased as 3s at
par, are dated Oct. 1, 1940, and
mature on Oct. 1 as follows:
$1,000 in 1942 to 1950; $2,000, 1951 to
1953,
and $3,000 in 1954 and
1955; callable on any interest payment date on
and alter Oct. 1, 1950.
sewer
TEKAMAH,
Neb.—BONDS
annual refunding bonds is said
SOLD—A
to
have
Bender Corp. of Omaha.
NEW
$32,000
issue
of 2>M%
semi¬
by the Wachob-
JERSEY
a more
orderly debt service calendar.
bonds is AH % and the interest rate on the
of the old bonds has
agreed to meet the
is
no
expense
involved insofar
as
the
reported that there had been
The
new
interest rate
bonds 4K %.
on
the
old
The holder
issuing expenses, therefore there
borough is concerned.
Mr. Gary
a marked increase in
operating expenses with
no
corresponding increase in assessed valuation.
However, there was
reported to be considerable increase in
population.
After receiving a statement from Carl
W. Wright, the
Borough Auditor
analyzing the operating expenses, the Commission decided the
plan
ready for formal consideration.
was
CAMDEN, N. J.—BOND
SALE—The $500,000 coupon or
registered
general bonds offered Oct. 24—V. 151,
p. 2382—were awarded to an ac¬
count composed of J. B. Hanauer &
Co., Newark; John B. Carroll
& Co
New
York, and Katz & O'Brien of Cincinnati, as
l^s, at par plus a pre¬
mium of $724.40, equal to
100.1448, a basis of about 1.70%.
DatedNov 1.
mo, and due $100,000 on Nov. 1 from 1941 to
1945, incl.
Reoffered to
yield from 0.50% to 1.80%, according to
maturity.
Other bids:
No.
Bidder—
Bid For
B. J. Van Ingen & Co., Inc.,
Dougherty, Corkran & Co. and
Buckley Bros
500
Butcher & Sherrerd and
Schmidt, Poole & Co
498
MacBride, Miller & Co., Stroud & Co., Schlater,
Noyes & Gardner, Inc., and Dolphin & Co__. 499
M. M. Freeman & Co
500
Julius A. Rippel, Inc
500
H. B, Boland & Co
500
Campbell, Phelps & Co., Inc., Bioren & Co. and
b Suplee, Yeatman & Co
Int.
Bid
100.1413
100.406
FAIR
LAWN,
N.
100.10
100.08
100.36
100.133
11
2H%
500
2 H%
100.16
2 y3%
GARFIELD,
3.—CONDITIONS
N.
2 H%
100.27
2X%
100.069
500
50CAMDEN Kelleher, County Treasurer, will
COUNTY (P. O. Camden), N.
award J.
11 a. m. on Nov. 13 for the
purchase of
coupon or registered
J.—BOND OFFERING—
receive
sealed
bids
until
$101,000 not to exceed 6% interest
county improvement bonds.
Dated NoV. 1, 1940.
1 as follows: $5,000 from 1941 to
1959, incl.,
and $6,000 in 1960.
Bidder to name a single rate of
interest, expressed in a
multiple of ){ of 1%.
Prin. and int. (M-N) payable at the
County Treas¬
urers office, or at the
Chemical Bank & Trust Co., New York.
The sum
reauired to be obtained at sale of the
bonds is $101,000.
The bonds are
unlimited tax obligations of the
county and the approving legal opinion of
Hawkins, Delafield & Longfellow of N. Y.
City will be furnished the suc¬
cessful bidder.
A certified check for
2% of the bonds offered, payable to
order of the
county, must accompany each proposal.
COUNTY (P. O. Cape
May), N. J.—PROPOSED BOND
REb UNDING—Financial
information pertaining to the proposal of the
County of Cape May looking toward the issuance of
$376,000
refunding
bonds has been filed with the State
Funding Commission.
This proposal
involves the calling of $374,000
county bonds carrying an interest rate of
4M% and the issuance of $376,000 refunding bonds at an
interest rate,
estimated to be not in excess of 3
4$ %.
The maturities of the bonds to be
issued are 1946 to 1953.
The revised debt service calendar is said
more
orderly than the present calendar and public sale of
fiscal
HEARING
POSTPONED—
TO
APPROVATTOF
FORMAL
1940.
That the fiscal agent's fee be predicated on the
proportionate amount of
bonds refunded and payments tnerefor be permitted
only in proportion to
the amount of bonds refunded, and in accordance with "rate of
compensa¬
tion" set forth in the schedule made part of the
resolution
adopted by the
City Council under date of Sept. 17, 1940.
That there be no increase in the controllable
operating expenses of the
city, except with the consent of the local government board.
That resolutions providing for the exchange of bonds be
supplemented by
a statement of the discounts allowed and
consumed, said statement being
for the confidential information of the Commission.
That the discount of 3 % should be allowed
only in an amount propor¬
tionate to the number of bonds refunded.
That no refunding should be completed which would result in a debt
service charge in any year in excess of $385,000.
This restriction should be
imposed in order to safeguard the accomplishment of the main purposes of
the plan.
-
That the maturities of the
new
bonds to be taken into the Garfiexd sink¬
ing funds should be so arranged that the outstanding term bonds, for which
the sinking funds have been established, can be met
promptly when due.
METUCHEN, N. J.—BOND SALE— The $14,000
sewer
&
coupon
or
registered
bonds offered Oct. 21—V. 151, p. 2382—were awarded to Campbell
York as 2%b at par plus a premium of $77.80. equal to
Co. of New
100.555.
$7,500
basis of about 2.60%.
a
Sale consisted of:
improvement bonds.
1947, inclusive.
sewer
to
Due in annual instalments from 1941
6,500 general improvement bonds.
to 1946, inclusive.
Due in annual instalments from 1941
All of the bonds bear date Oct.
1, 1940, and mature Oct. 1 as follows:
$2,000from 1941 to 1945, incl.; $3,000 in 1946, and $1,000 in 1947.
Other
bids:
„
Bidder—
Rate Bid
2^4 %
2% %
3%
3H%
100.285
100.101
M. M. Freeman & Co
H. B. Boland & Co
II. L. Allen& Co
NORTH
,
Int. Rate
Joseph G. Kress & Co
ARLINGTON,
100.17
N. J.—FREE OF STATE SUPERVISION—
resolution adopted Oct. 14 the State Municipal Finance Commission
ceased to exercise supervision over the financial affairs of the borough.
a
In its petition for such action the Borough Council in a resolution adopted
constituting the Municipal Finance Commission, acting in and for the
Borough of North Arlington, a report setting forth that all bonds or notes
other indebtedness of the Borough of North Arlington which have fallen
due, and all bonds or notes which will fall due within one year, and the
interest thereon, have been paid or funded or refunded, or the payment
or
thereof in cash
adequately provided for by
a
cash
PASSAIC VALLEY WATER
other¬
anticipation or
reserve except as
wise provided by law, and that there are no outstanding tax
tax revenue notes or bonds of the current year."
COMMISSION, N. 3.—BOND SALE—
The $169,000 City of Passaic and the $84,000 City of Clifton water improve¬
22—V. 151, p. 2228—were awarded to a syn¬
dicate composed of Campbell, Phelps & Co., Inc., John B. Carroll & Co.,
bota of New York, Dolphin & Co., of Philadelphia, and Cbace, Whiteside
Symonds of Boston, as follows:
ment bonds offered on Oct.
$169,000 Passaic bonds as 2s, at 100.39. a basis of about 1.92%.
Dated
Oct. 1, 1940 and due Oct. 1 as follows: $5,000 from 1941 to 1943
incl. and $7,000 from 1944 to 1965 incl.
84,000 Clifton bonds as 2s, at a price of 100.24, a basis of about 1.95%.
Dated Oct. 1. 1940 and due Oct. 1 as follows: $3,000 from 1941 to
1956 incl. and $4,000 from 1957 to 1965 incl.
The banking group reoffered the bonds from a yield of 0.25%
earliest maturity down to a dollar price of 98i
for the
—-
ADDITIONAL SALE—The Paterson Savings Institution was successful
bidder for the $366,000 City of Paterson water improvement bonds offered
at the same time, taking $364,000 bonds as 2s, at a price ©f $366,547, equal
to 100.727, a basis of about 1.84%.
Dated Oct. 1, 1940 and due Oct. 1 as
follows:
$11,000 from 1941 to 1944 incl.; $13,000, 1945: $15,000 from
1946 to 1956 incl.; $16,000 from 1957 to 1964 incl. and $14,000 in 1965.
issues is
as
follows:
For $366,000 Paterson Issue
Bidder—
Bid For
to
be
the new bonds is
Int.
Ratei
Rate
Bid
Union Securities Corp., Equitable Securities
Corp. and First of Michigan Corp
Campbell, Phelps & Co., Inc. and associates.
Blyth & Co. and H. L. Allen & Co
First National Bank of Paterson
100.40
and Van Deventer Bros
498
A. O. Allyn & Co.,
Inc., H. L. Allen & Co., and
Minsch, Monell &Co
499
Bank & Trust Co
The
REFUNDING PLAN—In connection with the report in—V.
151, p. 2382—
of the plan for refunding all of the
outstanding indebtedness of the city, to
involve an aggregate of $4,682,000
refunding bonds, the State Funding
Commission at a meeting of Oct. 14" resolved that as a
condition to the
formal approval of the plan" the following conditions
apply:
That approval be given subject to an 80% accomplishment
by Dec. 31,
100.367
Mercantile-Commerce
ISSUE
364
365
365
366
—-
b Inc., and Thomas & Co
499
Blair & Co., Inc.,
Bacon, Stevenson & Co. and
Kean, Taylor & Co., G. M.-P.
Murphy & Co.
J.—BOND
No. Bonds
2%
2%
2%
2%
100.07
100.041
__
information.
OTHER BIDS—A partial list of the bids submitted for the respective
Vi%
& Co. and Charles Clark & Co__
500
Shields & Co.,
Schoellkopf, Hutton & Pomeroy,
J. S. Rippel & Co
financial
,
Rate
Rate
500
Goldman, Sachs
of the
Oct. 11 stated that "J. Edward Schierloh, Borough Auditor, has trans¬
mitted to the Department of Local Government of the State of New Jersey,
BERGENFIELD.
N.
3.—REFUNDING PLAN FOR TALLY CON¬
SIDERED—The following is taken from minutes of the
Oct. 14 meeting
of the State Funding Commission:
The proposal of the
Borough of Bergenfield looking toward the issuance
of refunding bonds in a total amount of
$359,500 was taken under formal
consideration based on Auditor Gary's
report of an examination of the
plan.
This proposal involves the issuance
of $359,500 refunding bonds of
1940
to take up a like amount of
"Chapter 233 refunding bonds" and provided
for
preparation
Mayor Theodore K. Ferry announced that the public hearing on a proposed
issue of $1,000,000 sanitary sewer system
bonds, which had been scheduled
for Oct. 22, was postponed.
An election on the issue will be called.
In
been purchased
the
COLLINGSWOOD, N. J.—BOND SALE— The $82,000 coupon or
registered water refunding bonds offered Oct. 21—V. 151, p. 222&—were
awarded to Charles Clark & Co. of Philadelphia as 2s at
par plus a premium
of $835.58, equal to 101.019, a basis of about
1.87%.
DatedNov. 1, 1940,
and due Nov. 1 as follows:
$2,000 in 1941 and 1942; $5,000, 1943 and
1944; $6,000 from 1945 to 1955, incl., and $2,000 in 1956.
Second high
bid of 100.272 for 2s was made by M. M. Freeman & Co. of
Philadelphia.
151, p. 2228—was pur¬
as 2%s at par,
according
NEBRASKA
handled
PLAN APPROVED—The Commission approved the
program on Oct. 21.
O.
FREMONT, Neb.—BOND OFFERING— It
1940
agent is to pay all legal expenses, the expense of
printing the bonds, and
the expense of distributing the financial
prospectus.
The Funding Com¬
mission has directed that Auditor Gary make an
examination of this plan
and report thereon at the earliest possible date.
semi-annual
SWEET GRASS COUNTY HIGH SCHOOL DISTRICT
P. O. Big
Mont.—BONDS DEFEATED—It is stated by t e Distict
Clerk-Treasurer that the voters turned down the Issuance of
$36,000 school
bonds at an election held on Oct. 4.
26,
contemplated.
The total issuing expense is to be not in excess of $2,000,
of which $1,875 is to be paid C. O.
Collings & Co., fiscal agents, who have
II
2%
2%
100.62
100.39
100.274
100.26
Shields & Co., W. II. Newbold's Son & Co.,
Julius A. Rippel, Inc. and F. W. Reichard
& Co
366
-
Goldman, Sachs & Co., Estabrook & Co. and
Bacon, Stevenson & Co
2%
100.15
366
2.05%
100.059
For $169,000 Passaic Issue
Int.
Rate
Blyth & Co. and H.L. Allen&Co
Rate
Bid
2%
-
100.004
100.03
2.10%
2.(5*5 %
First JNational Bank of Paterson
Minsch, Monell & Co., Inc., J. S. Rippel & Co. and
George B. Gibbons & Co., Inc
A dams & Mueller
2.10%
Shields & Co. and associates
2.10%
100.21
100.201
100.15
2.10%
100.077
B.
J. Van Ingen & Co., Inc., MacBride. Miller & Co.
and Schlater,
Noyes & Gardner, Inc
—
~
For $84,000 Clifton Issue
Adams & Mueller
2.10%
100.203
2.20%
2.20%
2.25%
2.25%
100.609
100.004
100.179
100.15
2.25%
100.138
Harris Trust & Savings Bank and Dougherty, Corkran
& Co
Blyth & Co., Inc
-
and associate
B.J. Van Ingen & Co., Inc. and associates
Shields & Co. and associates
E. H. Rollins & Sons, Inc., A, C. Allyn & Co.. Inc. and
Otis & Co
__
PEMBERTON, N. J.—SEEKS PERMISSION TO REFUND CALL¬
ABLE BONDS—Following is taken from minutes of the Oct. 14
meeting
of the State Funding Commission:
Mr. McCoy appeared before the Commission representing the
Borough
of Pemberton, explaining that it has just come to his attention that
the
borough had outstanding
some
30 odd thousand dollars of water and sewer
The borough recently disposed of
bonds which obligations were callable.
Volume
The Commercial
151
certain of its bonds at a very low coupon rate and he
the Commission to submit a proposal looking
sought permission of
bonds
toward the calling of the
outstanding and the issuance of new refunding bonds in their place
and stead.
The Commission expressed itself as being willing to consider
now
this
proposal
as
and when it was transmitted in a formal manner.
N.
WALDWICK,
APPROVED—The following is
meeting of Oct. 14:
J —REFUNDING
2535
& Financial Chronicle
taken from minutes of the State Funding Commission
of the Borough of Waldwick looking toward the refunding of
some $78,000 of permanent bonds and the funding of approximately $20,000
due the school district was again considered.
Borough Attorney Black has
advised that at a joint meeting of the Board of Education and the Borough
Council, it was agreed that there was no school surplus to be made avail¬
able for the retirement of the school debt.
The proposal before the Com¬
mission, therefore, calls for the approval of the exchange of $78,000 old
bonds for a like amount of new bonds and the funidng of $20,000 floating
The proposal
debt, with issuing expenses of not to exceed $2,000.
It would, therefore,
appear that the Commission could give its approval to a modified plan
providing for the issuance of $100,000 of refunding bonds of 1940.
interest will, at the request of the registered holder
York exchange. The bonds are general obliga¬
both principal and interest from unlimited
ad valorem taxes upon all taxable property therein.
The preparation of the
bonds will be attended to by Bank of the Manhattan Co., New York, which
will certify as to the genuineness of the signatures and the seal thereon and
will be delivered to the purchaser on Nov. 12, or as soon thereafter as they
may be prepared, at the office of the bank.
Bids are desired on forms which
may be obtained from the Director of Finance or the bank.
The legality
of the bonds will be approved by Caldwell & Raymond, of New York,
whose approving opinion will be delivered to the purchasers.
The right is
reserved to reject any or all bids and bids offering less than par and accrued
interest will bet be considered.
Enclose a certified check for 2% of the par
value of the bonds bid for, payable to the city.j
Treasurer's office, but
be remitted by mail in New
tions of the city, payable
NEW
YORK
SOLD— Comptroller
of)—$100,000,000 NOTES
(State
by allotment to 94 banks
of $100,000,000 notes at an annual
Morris S. Tremaine announced on Oct. 23 the sale
and financial houses in the State an issue
Notes are dated Oct. 24, 1940 and mature May 24,
issued in anticipation of the collection of taxes already
Notes were allotted in amounts ranging
interest rate of 0.20%.
1941.
They
are
levied and in process of collection.
from $200,000 to $2,600,000.
Municipal Bunds
-
individual allotment, $2,600,000, went to 15 firms including
Bank, National City Bank, Bank of Manhattan Co.,
Co., Central Hanover Bank & Trust Co., First National
Bank, Guaranty Trust Co., Manufacturers & Traders Trust Co. of Buffalo,
Marine Trust Co. of Buffalo, J. P. Morgan & Co., Barr Bros. & Co., HarriThe highest
Government Bonds
Chase
National
Bankers Trust
Housing Authority Bonds
$1,800,000 included Chemical Bank & Trust Co.; Con¬
tinental Bank & Trust Co.; Empire Trust Co.; Kings County Trust Co.;
National Commercial Bank & Trust Co., Albany; Public National Bank &
Those allotted
NEW YORK, N. Y.
76 BEAVER STREET
Bros. & Hutzler and Smith,
Ripley & Co., Lehman Bros., Salomon
Barney & Co.
man,
Tilney & Company
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
Trust Co.; Schroder Trust Co.; State Bank
Co., Inc.; Blyth & Co.; C. J. Devine & Co.;
Fenn & Co.; R. W. Prgssprich & Co.
of Albany, Albany; Blair &
First Boston Corp.; Phelps,
allotted $r9j©0,000 were Brooklyn Trust Co.; Bronx County
City Bank Farmers Trust Co.; Commercial National Bank &
Co.; Irving Trust Co.; Liberty Bank, Buffalo; Manufacturers Trust
Co.; U. S. Trust Co. of New York; C. F. Childs & Co.; Goldman, Sachs &
Co.; Halsey Stuart & Co., Inc.; Ladenburg, Thalmann & Co.; Lazard Freres
& Co.; Mellon Securities Corp.; New York Hanseatic Corp.; Stone &
Webster and Blodget, Inc.
In the $600,000 group were: Bank of New York; Federation Bank &
Trust Co.; Fifth Avenue Bank of New York; First Trust Co.; Lawyers
Trust Co.; South Shore Trust Co.; Sterling National Bank & Trust Co.;
Swiss American Corp.; Trust Co. of North America; Bacon, Stevenson &
Co.; Darby & Co.; Eastman, Dillon & Co.; Emanuel & Co.; Geo. B. Gibbons
& Co.
Inc.; Heidelbach, Ickelheimer & Co.; Kidder Peabody & Co.; Merrill
Lynch, E. A. Pierce & Cassatt.
Those
NEW
Trust Co.;
YORK
Trust
BEDFORD (P. O. Bedford Hilla), N. Y.—SALE OF CHERRY STREET
DISTRICT BONDS—The $35,000 coupon or registered water
WATER
system bonds offered Oct. 22—Y. 151, p. 2382—were awarded
Childs & Co. and Sherwood & Co., both of New York, jointly, as
to C. F.
2.20s, at
plus a premium of $60, equal to 100.17, a basis of about 2.19%.
Oct. 1, 1940 and due $1,000 on Oct. 1 from 1941 to 1975, incl.
Due
as
follows:
*
par
Rale Bid
Int. Rate
Bidder—
Dated
Oct. 1
100.28
Roosevelt & Weigold, Inc
R. D. White & Co.
2 X%
2.40%
100.315
George B. Gibbons & Co., Inc
2.60%
2.60%
100.62
100.28
2.70%
2.80%
101.179
100.399
Bacon, Stevenson & Co
R. K. Webster & Co
Manufacturers & Traders Trust Co
NORTH HEMPSTEAD, N. Y.—OFFERING OF PORT WASHINGTON
DISTRICT BONDS—Thomas W. Fitzgerald, Town Clerk, will
SEWER
receive sealed bids until
not
O. Tuckahoe), N. Y.—BOND OFFERING—
Arthur N. Ferris, Town Clerk, will receive sealed bids until 10 a. m. on
Oct. 30 for the purchase of $18,000 not to exceed 6% interest coupon or
registered highway bonds.
Dated Sept. 15, 1940.
Denom. $1,000.
Due
March 15 as follows:
$4,000 in 1941 and 1942, and $5,000 in 1943 and
1944.
Bidder to name a single rate of interest, expressed in a multiple of
X or l-10th of 1%.
Principal and interest (M-S) payable at the First
National Bank & Trust Co., Tuckahoe.
The bonds are unlimited tax
obligations of the town and the approving legal opinion of Hawkins, Delafield & Longfellow of New York City will be furnished the successful bidder.
A certified check for $360", payable to order of the town, must accompany
each proposal.
EASTCHESTER
(P.
GLEN
COVE,
N. - Y.—REFUNDING
AUTHORIZED—The State
Department of Audit and Control issued an order on Oct. 18 authorizing
$75,000 bonds.
They will mature $25,000 yearly from
1950 to 1952. inclusive.
the city to refund
GREENBURGH (P. O. Tarry town), N.
Y .—CERTIFICATE SALE—
Trust Co. of White Plains purchased on Oct. 9 an issue of
$414,000 0.75% certificates of indebtedness, due July lo, 1941, according
to William C. Duell, Town Supervisor.
The County
Y.—CERTIFICATE SALE— R. W.
Oct. 22 an issue of $263,000
plus a premium of $3.50.
Dated Nov. 1, 1940, and due July 1, 1941.
Other bids:
G M.-P Murphy
& Co., 0.50% plus $105.20; Leavitt & Co., 0.60% plus $35.
Due Nov. 1 as follows:
from 1952 to 1959, incl. Bidder to
in a multiple of X or l-10th of 1%.
Principal and interest (M-N) payable at the Port Washington National
Bank & Trust Co., Manhasset, with New York exchange.
The bonds will
be general obligations of the town, payable in the first instance from a
levy upon property in an extension of the above-mentioned district (such
extension being known as the New Salem Extension No. 3), but if not paid
from such levy, then all of the town's taxable property will be subject to
levy of unlimited ad valorem taxes in order to provide for principal and
interest requirements.
A certified check for $230, payable to order of the
town, is required.
Legal opinion of Dillon, Vandewater & Moore of New
York City will be furnished the successful bidder.
$500 from 1941 to 1951, incl. and $750
single rate of interest, expressed
name a
NORTH
LANCASTER WATER DISTRICT NO.
1
(P. O. Lancaster), N. Y.
offered Oct. 21—V. 151,
HEMPSTEAD AND OYSTER BAY (TOWNS OF) UNION
NO. 3 (Also known as North Hempstead
No. 3), P. O. Roslyn Heights, N. Y.—BOND SALE— The
FREE SCHOOL DISTRICT
U. F.
S. D.
New York, jointly, as 1.20s, at a price of 100.22, a basis of
Dated Oct. 1, 1940 and due June 15 as follows: $5,000 in
1942 and 1943, and $6,000
from 1944 to 1948 incl.
Bidder—
Adams, McEntee & Co., Inc
Marine Trust Co. of Buffalo
Gordon Graves & Co—
1 -20%
1-20%
1.20%
„
H. L. Allen & Co.
-
Manufacturers & Traders Trust
—BOND SALE—The issue of $12,000 water bonds
A. O. Allyn
to the Manufacturers & Traders Trust Co. of
Buffalo as 2.20s at a price of 100.329, a basis of about 2.16%.
Dated
Oct. 1,1940, and due $600 on Oct. 1 from 1941 to
1960,incl.
TheCitizens
National Bank of Lancaster, next high bidder, named a rate of 2^%-
1.20%
1 X%
Co
Union Securities Corp
p.
2383—was
awarded
MALVERNE, N. Y.—BOND SALE— The $20,500 coupon or registered
public works bonds offered Oct. 21—V. 151, p. 2229—were awarded to the
Nassau County National Bank of Rockville Centre, as 1.70s, at par plus a
premium of $25, equal to 100.121, a basis of about 1.69%.
Dated Nov. 1,
1940 aDd due Nov. 1 as follows:
$1,500 in 1941 and $1,000 from 1942 to
1960, incl.
Other bids:
Rate Bid
Int. Rate
Bidder—
190%
2%
2.10%
2.10%
2.10%
J
R. D. White & Co
MECHANICVILLE,
N.
Y.—HEARING
100.27
100.319
100.26
100.01
BOND ISSUE—Public
$10,000 sewer and disposal
ON
hearing was held Oct. 25 on a proposal to issue
plant bonds.
NEW CASTLE (P. O.
100.30
100.20
2M%
Tilney & Co. and Brown, Bennett & Johnson-.
George B. Gibbons & Co., Inc
i
Manufacturers & Traders Trust Co
Roosevelt & Weigold. Inc
A. C. Allyn & Co., Inc
Chappaqua), N. Y.—REFUNDING APPROVED
Comptroller, reports that the State De-
Jiartment of Audits and bonds, to mature as follows: $1,000 from town to
$36,000 refunding Control has issued an order permitting the 1941 to
ssue
1945 incl.. $2,000 from 1946 to 1959
HYDE
NEW
Hempstead
PARK
and
FIRE
North
incl. and $3,000 in I960.
DISTRICT
Hempstead,
O.
(P.
N.
New
Y.-—BOND
Hyde
Park),
OFFERING—
Board of Fire Commissioners, will receive
Oct. 28 for the purchase of $9,000 not to exceed
Richard Roberts, Secretary of the
sealed bids until 3 p. m. on
6% interest coupon or registered fire apparatus bonds.
Dated Oct. 1,
1940.
Denom. $1,000.
Due Oct. 1 as follows:
$2,000 from 1941 to
1944, Incl., and $1,000 in 1945.
Bidder to name a single rate of interest,
expressed in a multiple of X or l-10th of 1%.
Principal and interest
(A-O) payable at the Bank of New Hyde Park, New Hyde Park, or at the
Chase National Bank, New York City.
Successful bidder will be furnished
with the opinion of Reed, Hoyt, Washburn & Clay of New York that the
bonds are valid and binding obligations of the district.
A certified check
for $180, payable to order of the district, must accompany each proposal.
PALTZ, N. Y.—BOND SALE— C. E. Weinig, White & Co. of
purchased on Oct. 18 an issue of $7,300 fire truck and equipment
2.40s.
Dated Nov. 1, 1940.
One bond for .jl,300, others $1,500
each.
Due Aug. 1 as follows:
$1,300 in 1941 and $1,500 from 1942 to
1945. incl.
Principal and interest (F-A) payable at the Huguenot National
NEW
Buffalo
bonds
as
Bank of New Paltz.
NEW
ROCHELLE,
N.
Y.—BOND OFFERING—Walter J. Brennan,
until noon on Oct. 30, for the
interest coupon or registered bonds,
Director of Finance, will receive sealed bids
purchase of $583,000 not to exceed 6%
divided
as
follows:
$210,000 home relief and (or) veteran relief
from 1941 to 1950, inclusive.
bonds.
Due $21,000 on Nov. 1
74,000 municipal improvement bonds.
Due Nov. 1 as follows: $8,000
from 1941 to 1948, incl. and $10,000 in 1949.
loO.OOO school bonds.
Due $15,000 on Nov. 1 from 1941 to 1950, incl.
149,000 Federal projects bonds.
Due Nov. 1 as follows:
$16,000 from
1941 to 1948, incl. and $21,000 in 1949.
All of the bonds will
be dated Nov. 1, 1940.
Denom. $1,000.
Rate of
rates
must
City
multiple of X or 1-10th of 1 %. Different
be named on the various issues, but all of the bonds of each issue
bear the same rate.
Principal and interest (M-N) payable at the
interest to be expressed in a
may
& Co., Inc
--
and Sherwood & Co
R. K. Webster & Co
-
C. F. Childs & Co.
R. D. White & Co
134 %
1)4 %
}X%
1 X%
100.159
100.06
100.03
100.016
}RRH9
100.09
100.067
JRRRfR
JRRRf6
1.30%
100.05
Int. Rate
Rate Bid
1-|R%
iRR'Roo
}.JR%
1-£R%
1 -70%
George B. Gibbons & Co
E. II. Rollins & Sons, Inc
1RR-33
}RR }§
jRR4on
1.40%
100.117
PITTSFORD UNION FREE SCHOOL DISTRICT NO. 6 (P. O.
Pittsford), N. Y.—BOND SALE— The $19,000 coupon or registered
heating and ventilating bonds offered Oct, 23—V. 151, p. 2230—were
awarded to the Pittsford National Bank, as 1Xh< at par.
Dated Nov. 1,
1940 and due Nov. 1 as follows: $2,000 from 1941 to 1949 incl. and $1,000
in
1950.
Other bids:
Bidder
Sherwood & Co
R. K. Webster & Co
Marine Trust Co. of
HR%
1-60 %
Buffalo--
R. D. White & Co
-
Sage, Rutty & Co
George B. Gibbons & Co
-
JRR o§?
100.331
1RR139
100.138
100.052
PORT OF NEW YORK AUTHORITY, N. Y.—INCOME SHARPLY
HIGHER—Authority reports for September the second largest gain in net
income this year. Net income amounted to $669,300, a gain of 23.4% over
the $542,439 total of September, 1939.
The only other month this year to
show a larger gain over the similar 1939 period was March when income was
un 24.9%.
Net income for the 12 months ended Sept. 30 amounted to
$5,874,277, a gain of 8.9% over the $5,395,779 reported for the preceding
1)4%
1 H%
2%
Union Securities Corp
E. H. Rollins & Sons.
—Harry D. Yates, Deputy State
23—V. 151, p. 2383
& Johnson, both of
about 1.15%.
1941; $7,000 in
Other bids:
Int. Rate
Rate Bid
1-20%
}RR4in
$49,000 coupon or registered school bonds offered Oct.
awarded to Tilney & Co. and Brown, Bennett
—were
HARRISON (P. O. Harrison), N.
Pressprich & Co. of New York were awarded on
certificates of indebtedness at 0.40% interest
10:30 a. m. on Oct. 29, for the purchase of $11,500
sewer extension bonds.
exceed 5% interest coupon or registered
1, 1940.
Denoms. $500 and $250.
to
Dated Nov.
Inc
Erickson Perkins & Co
12 months.
„
SYRACUSE,
N. Y.—TAX RATE
HIGHER—Total taxable assessed
1941 is announced as $345,526,788 a shrinkage
$1,578,802, compared with this year.
Taxable real estate is valued at
$332,388,095 on the new rolls, a loss of $1,157,585.
The balance of the
$1,578,802 decrease is accounted for by a drop in the special franchise
valuations to $13,138,693 from $13,559,910. With the completion of the
assessments rolls, the 1941 city tax rate is figured at $28.89 per $1,000 of
assessed valuation, compared with $26,026 this year.
..
valuation of the city for
of
_
TONAWANDA, N. Y.—BOND OFFERING—Albert F. Hubman, City
Treasurer, will receive sealed bids until 2 p. m. (EST) on Nov. 1 for the
purchase of $156,400 not to exceed 5% Interest coupon or registered refund¬
ing bonds.
Dated June 1, 1940. One bond for $400, others $1,000 each.
Due June 1 as follows: $15,400 in 1941; $15,000 from 1942 to 1944 incl. and
$6,000 from 1945 to 1960 incl.
Bidder to name one rate of interest, ex¬
pressed in a multiple of X or l-10th of 1%. Principal and interest (J-D)
payable at principal office of the Marine Midland Trust Co., New York
City.
Bonds are general obligations of the city, payable from unlimited
taxes.
A certified check for $3,000. payable to order of the city, must
accompany each proposal.
Legal opinion of Thomson, Wood & Hoffman
of New York City will be furnished the successful bidder.
WHITE PLAINS, N.
the 1941 tax rate at
Y.—TAX RATE UP $1.39—City
$32.22 for each $1,000
officials fixed
of assessed valuation after the
adoption by the City Council of a $4,453,373 net budget for next year.
The budget was $18,000 less than the 1940 figure, but the new tax rate was
$1.39 higher due to a decrease of $6,800,000 in assessed valuations on real
estate.
Salary increases were granted in the budget to 20 employees.
The
Board of Education, which re¬
for a vocational education
city for 1941 were placed at
largest departmental increase went to the
ceived $43,100 additiona, including $20,000
program.
$6,110,402.
The gross expenditures of the
2536
The Commercial & Financial Chronicle
NORTH
CAROLINA
localinvestoras78atpar*
»o^SFM^RLfvN*
$29,000. offered for sale on Oct. 22—V. 151, fo,Jo^ bondfl aggr<falfng
p. 2383—were awarded to
F. W. CraigieSc Co. of Richmond
as 2Ms,
,
'DP
100.197, a basis of
street improvement; $17,000 electric light bonds.
1940.
merrfa, Bank or Lexinirton
mercia. uank of lxixington, at
at
EDGECOMBE COUNTY
annual
OHIO
Aniuc
the balance, but
name
the
interest rate
or
rates, not exceeding
ADAMS
bid may name more than two rates, and each bidder
must specify in his bid the amount of bonds of
each rate.
The bonds
will be awarded to the bidder
offering to purchase the bonds at the lowest
interest cost to the county, such cost to be determined
by deducting the
total amount of the premium bid from the
aggregate amount of interest
upon all of the bonds until their respective maturities.
No bid of less than
for $800
ing opinion of Reed
check upon
an
the purchaser
a. m.
of purchaser's choice.
Bidders are requested to name the interest rate or
rates, not exceeding
6% per annum in multiples of M of 1%. Each bid may name one rate for
part of the bonds (having the earliest maturities) and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder
offering to purchase the bonds at the lowest interest
cost to the city, such cost to be
determined by deducting the total amount
of the premium bid from the
aggregate amount of interest upon all of the
bonds until their respective maturities. No bid
of less than par and accrued
interest will be entertained.
Bids must be accompanied
by a certified check
upon
an
incorporated
bank or trust company, payable
unconditionally to the order of the State
Treasurer for $400. The right to
reject all bids is reserved. The approving
opinion of Reed, Hoyt, Washburn &
Clay, New York City, will be furnished
the purchaser.
»
HARNETT COUNTY (P. O.
Lillington) N
C.—BOND OFFERING—
a. m. on Oct.
29, by W. E. Easterling,
Secretary of the Local Government Commission, at his office in
Raleigh,
for the purchase of $30,000
refunding school bonds. Dated Nov. 1, 1940.
Due $15,000 on May 1 in 1953 and
1954, without
Sealed bids will be received until 11
option of prior payment.
There will be
no auction
Denom. $1,000; coupon bonds registerable as to
principal alone; prin. and int. (M-N), payable in
legal tender in New York
City; general obligations; unlimited tax; delivery on or about Nov.
14, at
p!ace of purchaser's choice.
Bidders
are
requested to name the interest rate or rates, not
exceeding
6% per annum in multiples of M of 1%. Each bid may name one rate for
part of the bonds (having the earliest maturities), and another rate for the
balance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder
offering to purchase the bonds at the lowest interest
cost to the
country, such cost to be determined by deducting the total
amount of the premium bid from the
aggregate amount of interest upon all
of the bonds until their
respective maturities. No bid of less than par and
accrued interest will be entertained.
Bids
are
required
on
forms to
«cnn
o
i1XaX^f
if
Masslich & Mitchell, New
Vnr
>
York rmiv w'n be furnished the
n
City, will
purchaser.
JONESVILLE
SCHOOL
DISTRICT
(P.
O.
Jonesville),
N.
C.—
BOND SALE—The
$40,000 coupon semi-annual school bonds offered for
sale on Oct. 22—V.
151, p. 2383—were awarded to R. S. Dickson & Co.
of Charlotte, paying a
premium of $3-75. equal to 100.009, a net interest
cost of about 3.48%, on the bonds divided
as
follows: $9,000 as 3 Ms,
due $1,000 on April 1 in 1942 to
on
1950; the remaining $31,000 as 3Ms, due
April 1: $1,000 in 1951 to 1957, and $2,000 in 1958 to
1969.
LOUISBURG, N. C.—BOND OFFERING—Sealed
until
11
a.
m.
on
29 by W. E. Easterling, Secretary of the Local
Government Commission, at his office in
Raleigh, for the purchase of bonds
Nov. 1, 1940, maturing as follows, without
aggregating $72,000, dated
option of prior payment:
sewer
and light bonds maturing annually,
May
$3-000v 1945 to 1950. and $5,000
12,000 general refunding
10
nrm
to*,h incIusive^.
„
„
electric light bonds, maturing
annually May
1951 to 1956, both inclusive
Denom. $1,000; prin.
1,
1951 to 1956, all inclusive.
b9nds, maturing annually, May 1, $2,000 1951
12,000refunding
,
1, $2,000
and int.
(M-N) payable in New York City in
legal tender; general obligations; unlimited
tax; coupon bonds registerable
as to
principal alone; delivery on or about Nov. 14 at place of purchaser's
,
D«,rn
Arr™,™
CP
O
Svivar.;^
mwn
vr rrTrov
Bidder—
Int. Rate
Braun, Bosworth & Co
Ellis & Co
Isphording
rpfw^tfr
nnArn
vTwrrntv
COUNTY
100.001
100.699
100.578
100.484
100.42
100.402
100.32
100.08
in
9b'f^^OND F^ECTIOA
system bonds will be considered by the
100.064
100.054
1M%
1M%
1M%
1M %
1M%
1M%
1M %
__
Stranahan, Harris & Co., Inc
Assel, Goetz & Moerlein
CLARK
100.11
100.0719
100.0716
100.065
1%
1%
1%
.
Charles A. Hinsch & Co., Inc
Brunson Bank & Trust Co., Columbus
Paine, Webber & Co
E. H. Rollins & Sons, Inc
Fullerton & Co
Van Lahr, Doll &
J. A. White & Co
Rate Bid
1%
1%
1%
1%
nnn
An issue of .,64,000 water
voters at the Isov. 5 election,
(P.
O. Springfield), Ohio—NOTE OFFERING—
Harold M. Fross, County Auditor, will receive sealed bids until
noon on
Oct. 28 for the purchase of $25,000
3% tax anticipation notes.
Dated
Nov. 1, 1940. Denom. $12,500.
Due $12,500 on May 1 in 1941 and 1942.
Bidder may name a different rate of
interest, provided that fractional rates
are expressed in a multiple of
M of 1%. Interest M-N. A certified check for
®250' P^able to order of the Board of County Commissioners,
is required.
GUERNSEY COUNTY (P. O. Cambridge), Ohio—BOND SALE—
$30,000 poor relief bonds offered Oct. 22—V. 151, p. 2230—were
awarded to Ryan, Sutherland & Co. of Toledo.
Dated Nov. 1, 1940, and
due $3,000 on Nov. 1 from 1941 to 1950 inclusive.
The issue was sold as 1 Ms, at par plus a
premium of $57, equal to 100.19,
a basis of about 1.21
%.
Other bids:
The
Bidder—
BancoOhio Securities Co
Seasongood & Mayer
Int. Rate
_
Braun, Bosworth & Co
.
.
__
_
„
_
J. A. White & Co
Charles A. Hinsch &
Co"
Stranahan, Harris & Co.,
Incl 1111 lilll 1111111 _II I
Ellis & Co
Provident
Savings
Bank & Trust "Co
Rate Bid
*1M%
1 M%
1M%
1 M%
1M%
1M%
100.136
100.061
100.053
100.726
100 516
100.293
100 189
1M %
2%
°'n
I""I
...
HARPSTER, Ohio—BOND ELECTIOA—An
„
100.11
nnn
,
.
of $8,000 drainage
system bonds will be considered by the voters at the Nov. 5 election.
HUDSON
Ohio
TFArnFPS
WAMrrn
issue
villas
riprk
F
tt
Tones
wil1 receive sealed tenders until Nov. 19,
at noon, of refunding bonds.
pursuant to the provisions of the plan for municipal
debt readjustment of the village and notice is given that
Tenders will be received
approximately
$13,000 is available in the sinking fund applicable to the payment of
principal of bonds dated Jan. 1, 1939; and such bonds will be purchased at a
price not exceeding the face value thereof.
To the extent of available
funds the village will accept bonds so tendered at the lowest
offering price
in accordance with the plan and Section 2293-5P of the General Code,
A description of the bonds by issue numbers and bonds numbers is required,
and bonds so tendered must be ready for delivery not later than 10 days
thereafter.
bids will be received
Oct.
$48,000 refunding water,
\
Lowry 8weney, Inc
Ryan, Sutherland & Co
Seasongood & Mayer
be furnished with additional information
bank ^ trm^cnmmnv«hie^itV
nnnchtec^^h^>°Stete
Tre^onrerfvfr
% J\ A
h!ii K
•
•
Government
at
i
$19j5roin 1942; $20,CG0,1943; $19,5(0 in 1944 and $20,25t in 194 5. Second
high bid of 100.11 for Is was made by Lowry Sweney, Inc., of Columbus.
Other bids:
GOLDSBORO, N. C.—BOND
OFFERING—Sealed bids will be received
(EST), on Oct. 29, by W. E. Easterling, Secretary of the Local
Commission, at his office in Raleign, for the purchase of
$20,000 public improvement bonds, considting of $8,000 sewer extension
and $12,000 street improvement
bonds, dated Nov. 1, 1940, maturing
annually on Nov. 1, $2,000, 1943 to 1952, incl., without option of
prior
payment.
There will be no auction.
Denom. $1,000; prin. & int. (M-N)
payable in lawful money in New York City; coupon bonds
registerable as
to both principal and
interest; general obligations; unlimited tax; delivery
place
c
BEXLEY, Ohio—BOND SALE— The $79,250 alley improvement bonds
offered Oct. 21—V. 151, p. 2078—were awarded to the BancOhio Securities
Co- of Columbus, as Is, at par plus a premium of $554.75, equal to 100.70.
a basis of about °-80%
Dated Sept. 1, 1940, and due Oct. 1 as follows:
incorporated
a
_^
until 11
r»
O.
tion.
payable^unconditionaHv ^o the Srd?r o?the State
ffiit to ?eftet ?bids is reeved The annrovHovt Wash burn & riavN Y Citv will be furn?shed
Washburn & Clay, N. Y. City, will be furnished
The
(P.
AKRON, Ohio—BOND ELECTION—P. W. Ferguson, Director of
Finance, reports that the voters will be asked to authorize an
aggregate of
$7,050,000 bonds at the Nov. 5 election, consisting of the
following: $2,200,000 street, $2,050,000 grade
crossing elimination, $1,500,000 sewer, $800,000
bridge and $500,000 park.
trust romDanv
Trea^urer
tx>
TOWNSHIP
no
PaBidsdmStUte i^mpaSid^a^tmed
bank
or
towmcuip
Sylvania), Ohio—BOND OFFERING—
William T. Gravius, Clerk of the Board of
Trustees, will receive sealed bids
until noon on Nov. 1 for the purchase of $51,947.92 3% funding bonds.
Dated Oct. 1,1940. One bond for $947.92. others $1,000 each. Due Oct. 1
as
$5,947.92 in 1942; $5,000 in 1943 and 1944, and $6,000 from 1945
to 1950 incl- Bidder may name a different rate of interest, provided that
fractional rates are expressed in a multiple of M of 1%. Principal and
interest (A-O) payable at the Sylvania Savings Bank. Bonds will be sold
to tbe highest responsible bidder at not less than par and accrued, interest.
They are issued for the purpose of paying unsecured indebtedness incurred
prior to Jan. 1,1940. A certified check for 1% of the bonds bid for, payable
to order of the Board of Trustees, is
required.
(P. O. Tarboro), N. C.—BOND OFFERING
11 a. m. (EST) on Oct. 29 by W. E.
Easterling, Secretary of the Local Government Commission, at his office
Raleigh, for the purchase of $40,000 school bonds dated Nov. 1, 1940,
maturing annually on Nov. 1, $2,000 1943, $5,000 1944, $2,CC0 194 5
$4,000 1946 and 1947, $2,000 1948 and 1949, $4,000 1950 and
$5,000 1951
to 1953, incl., without option of
prior payment.
There will be no auction.
Denom. $1,000; coupon bonds registerable as to
principal only; prin. and
int. (M-N) payable in lawful money in N. Y.
City; general obligations;
unlimited tax; delivery at place of purchaser's choice.
requested to
street
ADAMS TOWNSHIP
in
are
Dated0ct"19(
N. Dak.—BOND SALE—The $12,000 4% semiimprovement bonds offered for sale at public auction on
SOLD—A
by the Com-
6%, i)ln« a nrfimium of S128 51
plus a premium or $328.51.
—Sealed bids will be received until
Bidders
1940
Oct. 18—V. 151, p. 2230—were awarded to E. J. Prescott & Co. of Minneapolis, for a premium of $776, equal to 106.466, a basis of about
2.96%.
Dated Sept. 16, 1940.
Due $1,000 on July 1 in 1942 to 1953, incl.
Dated Oct. 1.
Due on Oct. 1 in 1943 to 1965.
DAVIDSON COUNTY (P. O.
Lexington), N. C.—NOTES
$25,000 issue of revenue notes is said to have been purchased
26,
NORTH WOOD,
Ikying a premium of $57.13.
$6,000 water supply system;
a bout 2 -48%:
Oct.
choice.
There will be no auction.
A separate bid for each issue (not less
than par and accrued
interest) is required.
Bidders are requested to name
the interest rate or
rates, not exceeding 6%, in multiples of M of 1%:
each bid may name one rate of
part of the bonds of any issue (having the
earliest maturities) and another rate
for the balance, but no bid may name
more than two rates for
any issue, and each bidder must specify in his
bid the amount of the bonds of
each rate.
The bonds will be awarded to
the bidder offering to
purchase the bonds at the lowest interest cost to the
town, such cost to be
determined by deducting the total amount of the
premium bid from the aggregate amount of
interest upon all of the bonds
until their respective maturities
Bids must be on a form to be
furnished with additional information and
must be accompanied
by a certified check upon an incorporated bank or
trust company, payable
for $1,440
The
unconditionally to the order of the State Treasurer
approving opinion of Masslich & Mitchell, New York
City, will be furnished the purchaser.
protection bonds will be considered by the voters at the Nov.
election.
5 general
~
„
JACKSON TOWNSHIP RURAL SCHOOL DISTRICT (P. O. MassilIon), Ohio—BOND ELECTION—An issue of $135,000 building bonds will
be considered by the
voters at the Nov, 5 election.
LONDONDERRY TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Ohio—BOND ELECTION—At the Nov. 5 election the
voters will consider an issue of $35,000 construction and equipment bonds.
Cambridge),
MADISON
RURAL
^7^7"
question of issuing
NAVARRE
crunAl
SCHOOL
..cxoirT
DISTRICT
$160,000 building bonds,
SCHOOL
DISTRICT,
/p
(P.
r»
O.
i
a
^
nu-
London), Ohio—
the TOterS Wi" ball0t
Ohio—BOND
0n the
ELECTION—An
issue of $75,000 athletic field bonds will be considered
by the voters at the
Nov. 5 election.
....
„r[,™rvn
rrii,„m„0
NILES, Ohio— BOND OFFER JAG—Homer_ Thomas, City Auditor, will
receive sealed bids until noon on ]\ov. 4 ter_ teei purchasei of_$50,000 3%
coupon special assessment street improvement notes.
Dated Octe 1, 1940.
Denom. as requested by purchaser. Due Oct. 1, 1942.
Bidder may name
a different rate of interest provided that fractional rates are
a multiple of M of 1%Interest A-O.
The notes are issued exposed in
in anticipa*ion of the collection of special
streets
in
„-n
ass^sments ^^he improvement
the city and are issued under authority of the laws of Ohio and of
the Uniform Bond Act and under and in accordance with a
r^olution-of
the city passed on Sept. 24. Enclose a certified check for $500, payable
to the city. *
__ii___—iib<iiibi
r
NORTH
COLLEGE
HILL,
Ohio—BOND SALE— The
$8,687.18
refunding bonds offered Oct. 18—V. 151, p. 2079—were awarded
to the Weil, Roth & Irving Co. of Cincinnati as 1 Ms at par plus a
P/emium
'
edual to 100.725, a
.^q^o
i oPn
and due Oct. 1 as follovrs.
coupon
WEST
JEFFERSON, N. C.—BOND
SALE— The $19,000 issue of coupon
semi-annual
street and sidewalk improvement bonds
offered for sale on
Oct. 22—V. 151, p. 2383—was
purchased by the First National Bank of
West Jefferson, as 4s, at par,
according to official report.
Dated Oct. 1,
1940.
Due on April 1 in 1943 to 1953 incl.
1IicL.
$987^18 i° 1942 and; $1,000ifrom^19431 to 1950
was made by Seasongood & Mayer
Second high bid of 100.32 for 1MS
of Diacin"atlOther bids:
.l/%
.
NORTH
_
_
.
.
_
_
_
DAKOTA
IBSEN TOWNSHIP (P. O.
Wahpeton) N. Dak.—BOND SALE—The
$3,000 township bonds offered for sale on Oct. 10—V.
151, p. 2078—were
Pricehofei00b333lra ba^of
?q^7
ivii
inni
rnoi.
V°f
DnA^nfrom^nHf'l^Qqfto
basis of about 3.66%. Due $500 from April 1, 1942 to
MARYVILLE SCHOOL DISTRICT NO. 10
(P. O. Rolla), N. Dak.—
CERTIFICATES SOLD—-The District Clerk states
that of the $5,000 annual
certificates of indebtedness offered
on
Oct.
10—V.
151, p. 2078—a block
Bidder—
Int. Rate
Rate Bid
SfRTgTdT?-Mahyf
¥&%°
1M %
100.26
J. A. White & Co
1M%
1M %
100.24
100.16
Charles A. Hinsch & Co
BancOhio Securities Co.
SANDUSKY, Ohio—BOND SALE—'The $325,000 coupon sewer bonds
offered Oct. 21—V. 151, p. 2384—were awarded to Ryan, Sutherland &
Co Qf Tojedo aT)d the Fjrst 0f Michigan Corp. of Detroit,
jointly, as 1 Ms,
at a price of 100.29, a basis of about 1.73%.
Dated Nov. 1, 1940, and due
$13,000 on Nov. 1 from 1942 to 1966, incl.
Second high b,d of 100.027
for lMs was made by Halsey, Stuart & Co., Inc.
Volume
The Commercial &
151
Dated Nov. 1, 1940.
bonds of 1940.
Other bids:
Rate Bid
Int. Rate
Bidder—
coupon
Due Nov. 1,1941. The bonds will be
bonds of the denomination of $1,000 each or in such
denominations
the purchaser thereof shall in writing specify, and shall be exchangeable
at the option of the holder at any time for a registered bond or bonds of like
as
Co., Inc. and Northern Trust Co.,
Harriman Ripley &
2537
Financial Chronicle
Chicago.
2%
101.919
Pohl & Co__
101.80
101.31
101.30
title, series and maturity, either printed or engraved, as the purchaser may
First National Bank of Chicago
2%
2%
2%
Hawley, Huller & Co
Merrill, Turben & Co
Stranahan, Harris & Co., Inc
Field, Richards & Co
Fox, Einhorn & Co., Inc
2%
2%
2%
2%
2%%
101.16
101.08
100.866
100.31
101.35
than par and accrued interest
BancOhio Securities Co
SYLVANIA, Ohio—BOND SALE—Siler, Roose & Co. of Toledo pur¬
an issue of $16,000 3% refunding bonds at par.
Dated Sept. 1,
1 from 1946 to 1953, incl.
The bonds, ac¬
cording to the Village Clerk, were authorized by the Village Council on
chased
1940, and due $2,000 on Oct.
Sept. 10.
specify, in
coupon
or
TOLEDO, Ohio—BONDS AUTHORIZED—City Council has approved
aggregating $217,000:
$133,000 3^% refunding bonds.
Due Oct.
1
as
follows:
Dated Oct. 1, 1940.
Denom. $1,000.
$26,000 in 1946 and 1947; $27,000 from
on
taxable real property. A certified check for 2% of the
payable to order of the city, is required.
all of the city's
WEST FAIRVIEW, Pa.—BOND SALE— The $10,000 coupon improve¬
bonds offered Oct. 7—V. 151, p. 1757—were awarded to the Peoples
ment
Bank of Enola, as 2s, at par.
Dated Oct.
from 1941 to 1960, incl.
Other bids:
Dated Oct. 1, 1940.
84,000 2^% refunding bonds.
Oct.
1
follows:
as
1, 1940, and due $500 on Oct. 1
$17,000
from
1946 to
Denom. $1,000.
1949, incl. and
Phillips, Schmertz & Co
234 %
101.39
Yarnall & Co
2 34%
234%
100.50
100.33
Burr & Co
$16,000 in 1950.
UPPER SANDUSKY, Ohio—BOND ELECTION—An issue of $10,000
and apparatus bonds will be considered by the voters at the
Nov. 5 election.
fire station
Rate Bid
Int. Rate
Bidder—
1948 to 1950, inclusive.
Due
from the date of the bonds to the date of
delivery will be accepted. The bonds are issued to provide ready money to
meet the current obligations of the city in anticipation of funds withheld
from the city by the Commonwealth of Pennsylvania, under and pursuant
to the provisions of the Acts of the General Assembly of Pennsylvania
Nos. 3 and 4 Special Session of 1940.
Successful bidder will be furnished
with opinion of Reed, Smith, Shaw & McClay of Pittsburgh that the bonds
are direct and general obligations of the city, payable as to both principal
and interest from ad valorem taxes, without limitation as to rate or amount,
bonds bid for,
ordinances authorizing the following bonds,
not exceeding the aggregate principal amount of the
bonds surrendered in exchange therefor.
No bid at less
an amount
bond
Lemoyne Trust Co
WEST
FINLEY
Par
234%
-
TOWNSHIP
SCHOOL
DISTRICT
(P.
O.
Clays:
ville, R. D. 1), Pa.—BOND OFFERING—N. Ross Sprowls, Secretary of
sealed bids until 8 p. m. on Nov. 7 for
exceed 4% interest coupon school bonds.
$1,000.
Due $1,000 on Nov. 1 from 1941
to 1955, incl.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of 34 of 1 %.
Interest M-N.
Sale of the bonds is subject to approval
of proceedings by the Pennsylvania Department of Internal Affairs.
A
certified check for $500, payable to order of the District Treasurer, is re¬
quired.
The approving legal opinion of Burgwin, Scully & Churchill of
Pittsburgh will be furnished the successful bidder.
the Board of Directors, will receive
VERSAILLES, Ohio—BOND ELECTION—An issue of $10,000 sewage
system bonds will be considered by the voters at the Nov. 5 election.
„
Ohio—BOND OFFERING— B. M. Hillyer, City Auditor,
Nov. 12, for the purchase of $57,000
not to exceed 4% interest coupon improvement bonds.
Dated Dec. 1,
1940.
Denom. $1,000.
Due $4,000 June 1 and Dec. 1 in 1942, and $3,000
June 1 and $4,000 Dec. 1 from 1943 to 1949, incl.
Rate of interest to be
expressed in a multiple of
of 1 %. Proceeds of the sale will be used to
pay the city's portion of the cost of constructing certain storm sewers, the
undertaking to be a Federal project.
A certified check for 1 % of the bonds
to be sold, payable to order of the city, is required.
WARREN,
will receive sealed bids until 2 p. m. on
Ohio—BOND SALE— The $10,000 coupon street im¬
17—V. 151, p. 2079-—were awarded to Katz
ZAs, at par plus a premium of $56.36, equal to
100.563, a basis of about 3.40%. Dated Sept. 1, 1940, and due $1,000 on
Sept. 1 from 1942 to 1951, incl. Other bids: Lowry, Sweney, Inc., 100.07
for 3 %b\ Weil, Roth & Irving Co., 100.16 for 4s.
WELLSTON,
provement bonds offered Oct.
& O'Brien of Cincinnati as
Ohio— BOND ELECTION—At the Nov. 5 election
the voters will be asked to authorized the following bond issues:
$35,000
street improvement and $30,000 playgrounds and equipment.
WILMINGTON,
the purchase of $15,000 not to
Dated Nov. 1, 1940.
Denom.
WEST
MAYFIELD, Pa .—BOND OFFERING—"William T.
Smith,
Borough Secretary, will receive sealed bids until 7 p.m. on Nov. 4 for the
purchase of $18,000 coupon borough bonds.
Denom. $1,000.
Bidder to
name one rate of interest, expressed in a multiple of 34 of 1%.
Interest
J-D.
Sale of bonds will be subject to approval of proceedings by the
Pennsylvania Department of Internal Affairs.
Borough will not furnish
legal opinion.
A certified check for $500, payable to order of the borough,
each proposal.
a
must accompany
WILKES-BARRE TOWNSHIP SCHOOL
Barre),
DISTRICT (P. O. Wilkes-
Pa.—BOND SALE—The State Retirement Board purchased an
funding bonds.
Due on Jan. 2 from 1941 to 1955 incl.
issue of $45,000
YORK HAVEN,
Pa .—BOND ELECTION—At the Nov. 5 election the
authorize an issue of $22,000 water system bonds.
voters will be asked to
OKLAHOMA
BARTLESVILLE, Okla.—BONDS DEFEATED—At the election held
Oct. 8 the voters are said to have turned down the issuance of the follow¬
ing bonds, aggregating $148,000: $103,250 fire department, $26,750 police
department, $13,000 public library and $5,000 park bonds.
It is reported
that agitation is under way for another election.
SOUTH
DISTRICT (P. O. Indiahoma), Okla.—
BONDS OFFERED—Sealed bids were received by F. W. Brewer, Clerk of
the Board of Education, until 2 p. m. on Oct. 26, for the purchase of
$10,000 building bonds.
Due $1,000 in 1945 to 1954, incl.
INDIAHOMA
PONTOTOC
SCHOOL
INDEPENDENT
COUNTY
SCHOOL
NO. 3 (P. O. Francis), Okla.—BONDS SOLD—The Clerk of
states that $4,990 534% semi-annual refunding
Education
DISTRICT
the Board of
bonds
were
purchased some time ago by C. Edgar Honnold of Oklahoma City.
Denom.
$1,000, one for $990.
Dated June 1,1940.
Due on June 1 in 1945 to 1949.
POTEAU,
Okla.—BOND
SALE—The
bonds
aggregating
$22,000.
Oct. 21—V. 151, p. 2383—were awarded to Francis
Bro. & Co. of St. Louis, at par, a net interest cost of about 3.40%, on the
bonds divided as follows:
offered for
sale on
$14,000 park improvement bonds; of which $12,000 are 3 34s, due $2,000 in
1944 to 1949, the remaining $2,000 are 3s, due in 1950.
8,000 water works bonds; of which $7,000 are 334s. due $1,000 in 1943
to 1949; the remaining $1,000 are 3s, due in 1950.
COUNTY
SCHOOL
offered for sale on Oct. 23—V. 151, p.
to the
1940.
Mitchell), S. Dak.—BOND OFFERING—
until Nov. 16, by Henry Herman,
purchase of $50,000 noi to exceed 2% semi-annual
funding bonds. Dated Oct. 1,1940. Denom. $1,000. Due $10,000 Oct. 1,
1943 to 1947.
The approving opinion of Fletcher, Dorsey, Barker, Colman
& Barber of Minneapolis, will be furnished.
Payable at any suitable bank
or trust company.
Enclose a certified check of at least $1,000, payable to
DAVISON COUNTY (P. O.
Sealed and auction bids will be received
County Auditor, for the
the
county.
A like amount
Ore.—BOND OFFERING—Sealed bids will be received until
F. Richardson, District Clerk, for the purchase of
$24,000 not to exceed 4% coupon semi-annual building bonds.
Dated
Dec. 1, 1940.
Denom. $1,000.
Due $2,000 Dec. 1, 1945 to 1956.
Prin.
and int. payable in lawful money at the Coutny Treasurer's office, or at
the fiscal agency of the State in New York City.
The bonds will be
registerable as to principal only.
Bids must not be for less than par and
accrued interest.
Th'ese bonds were authorized at an election held on Ocff. 7,
and by a resolution of the School Board passed and adopted on Aug. 23,
and pursuant to the Constitution and laws of the State, including Chapter
XX, Title 35, of the Oregon Code of 1930 and laws amendatory thereof
and supplemental thereto.
The purchaser will be furnished with the
opinion of E. W. Kirkpatrick of Milwaukie, that the bonds are binding
and legal general obligations of the district.
Enclose a certified check for
$2,400, payable to the district.
waukie),
8 p. m. on Oct. 28 by C.
COUNTY
SCHOOL
DISTRICT NO. 13
Ore.— WARRANTS OFFERED— Sealed bids were
by Elsie Creighton, District Clerk, for the
CLACKAMAS
Welches),
(P.
O.
received
purchase
interest-bearing warrants.
Dated Nov. 1, 1940.
and $1,000 on Nov. 1, 1942.
Prin. and int. (M-N)
until 8 p. m. on Oct. 25
of $2,500 4% coupon
$1,500 on May 1
payable at the County Treasurer's
Due
office.
as
in
1940,
124s, due on Aug. 15:
$2,250 in 1942; $2,000, 1943 to 1946,
1947 to 1949; the remaining $8,000 as 2s, due on Aug. 15:
and $2,500
$2,500 in
1950 and 1951, and $3,000 in 1952.
MALHEUR COUNTY SCHOOL
DISTRICT NO. 61 (P. O. Nyssa),
be received until 8 P. m. on
Newbill, District Clerk, for the purchase of $5,129.66
funding bonds.
Dated Nov. 1, 1940.
Denom. $500, one for $629.66.
Due $500 in 1941 and 1942, $1,000 in 1943 to 1945 and $1,129.66 in 1946.
All bonds maturing one year after issue date will be subject to redemption
for retirement or refunding purposes on any interest paying date on or after
one year from issue date, upon 30 days' notice thereof.
The bonds will be
sold to the highest responsible bidder for not less than the par value and all
accrued interest.
In determining the highest bid received the School
Board will take into consideration such premium as is offered and such items
of cost as may be charged by the bidder in connection with the purchase
of the bonds.
Enclose a certified check for not less than 2% of the par
value of the bonds offered for sale.
Ore.—BOND OFFERING—Sealed bids will
Oct.
28 by Gladys
SCHOOL DISTRICT (P. O. Mcintosh),
Clerk states that the $75,000
bonds offered on Oct. 18—
V. 151, p. 2080—were not sold as all bids were rejected.
Dated Dec. 1,
1940.
Due $5,000 on Dec. 1 in 1941 to 1955, incl.; optional on and after
McINTOSH INDEPENDENT
S. Dak.—BONDS NOT SOLD—The District
to exceed 434% semi-annual refunding
Dec. 1,1950.
TENNESSEE
Tenn.—BOND OFFERING—Sealed bids will
HEIDELBERG (P. O. Loupurex), Pa.$19,000 refunding bonds, approved by the
Internal Affairs On Oct. 7, has been sold.
$1,000 in 1944 and 1945; $2,000 in 1946
certified check for $500 must accompany
NORTHUMBERLAND
COUNTY
A
CLARKSVILLE, Tenn.—BOND SALE DETAILS—'The Commissioner
that the $80,000 2% % semi-annual refunding
M. Bass & Co. of Nashville, as reported here—V. 151,
of Finance and Revenue states
bonds sold to Jack
2232—were purchased at par.
Associated with the above firm in the
purchase was the American National Bank of Nashville.
Dated Oct. 1,
1940.
Due on Oct, 1 as follows: $5,000 in 1943 to 1950; $15,000 in 1951;
$10,000, 1952 and $15,000 in 1953.
Prin. and int. (A-O) payable at the
Chemical Bank
Trust Co., New York City.
I* * M
p
that $25,000 2% semi-ann.
the above named purchasers.
in 1941 to 1945 incl.
Prin.
payable at the Chemical Bank & Trust Co., New York.
BONDS SOLD—The Commissioner also states
refunding bonds were sold at par on Oct. 11 to
Dated Nov. 1, 1940.
Due $5,000 on Nov. 1
(M-N)
JACKSON, Tenn.—BOND SALE—The $30,000 semi-annual airport
general obligation bonds offered for sale at public auction on Oct. 22—
V. 151, p. 2232—were awarded to a syndicate composed of the First Na¬
tional Bank, the Union Platners National Bank & Trust Co., both of Mem¬
phis, and the Cumberland Securities Corp. of Nashville, as 2s, paying a
premium of $160, equal to 100.533, a basis of about 1.93%.
Dated Nov. 1,
1940.
Due in 1946 to 1950.
COUNTY (P.
EXCHANGED—We are
JOHNSON
BE
O. Mountain City), Tenn.—BONDS TO
informed by Herman Grindstoff, County
bonds will be exchanged with the holders
Chairman/that $39,600 refunding
of the original issue.
Tenn.—BOND OFFERING—Sealed bids will be re
(CST) on Nov. 9, by C. H. Dowell, Mayor and Recorder,
$7,000 5% semi-annual street improvement bonds.
Due July 1 as follows: $500 in 1943 to 1954, and
$1 000 in 1955.
The bonds will be sold at not less than par and accrued
interest, and are being issued under the provisions of the Public Works
Act of 1935.
The approving opinion of Chapman & Cutler of Chicago,
which will be furnished without charge to the purchaser.
Enclose a certified
check for $200, payable to the Town Treasurer.
LIVINGSTON,
ceived until 7 p. m.
the purchase of
Dated July 1, 1940.
for
TEXAS
SOLD—An issue of
Pennsylvania Department of
(P. O. Sunbury), Pa.—BOND
bonds offered Oct. 21—V. 151, p.
2231—was awarded to Blair & Co., Inc. of Philadelphia, as 1 34 s, at a price
of 100.168, a basis of about 1.22%.
Dated Nov. 15, 1940, and due Nov. 15
as follows:
$5,0(0 from 1941 to 1943, incl., and $15,000 from 1944 to 1949,
incl.
Second high bid of 100.164 for lMs was made by Alex. Brown &
Sons of Baltimore.
PITTSBURGH,
Pa.—BOND OFFERING— Edward R. Frey, City
Comptroller, will receive sealed bids until 10 a. m. on Nov. 12 for the
purchase of $800,000 not to exceed 4% interest coupon current expense
to 1959, and $3,000 in 1960.
the bid.
COUNTY (P. O. Jacksboro), Tenn.—PRICE PAID—
It is now reported that the $250,000 semi-annual funding bonds sold to the
Cumberland Securities Corp. of Nashville, as noted here
on Aug. 17,
were purchased as 3 34 s at a price of 98.12, a basis of about 3.92 %.
Due on
Feb. 1 in 1952 to 1958.
CAMPBELL
EL PASO, Texas— WARRANTS
SOLD—The City Auditor states that
recently by
1940. Due
1944 and 1945.
FREDERICKSBURG, Texas—BONDS SOLD—An issue of $165,000
light and power system revenue bonds is said to have been purchased
jointly by Mahan, Dittmar & Co. of San Antonio and Crummer & Co. of
$12,000 4% semi-annual stadium addition warrants approved
the citv, were taken by the contractor at par.
Dated Aug. 1,
on
SALE—The issue of $105,000 funding
be received
until 8 p. m. on Oct. 29 by W. K. Carson, City Recorder and Treasurer,
for the purchase of $33,000 4% coupon semi-annual street improvement
bonds.
Denom. $1,000.
Dated Oct. 1, 1940.
Due on Oct. 1 as follows:
PENNSYLVANIA
-BONDS
submitted to the
not
and int.
PASS,
Ore—BOND SALE—The $25,750 improvement,
bonds offered for sale on Oct. 17—V. 151, p. 2079—were
awarded to the Charles N. Tripp Co. of Portland at a price of 100.31, a
net interest cost of about 1.82%, on the bonds divided as follows:
$17,750
GRANTS
series
•
of bonds for the same purpose is being
general election on Nov. 5.
voters at the
BRISTOL,
DISTRICT NO. 1 (P. O. Mil-
SCHOOL
INDEPENDENT
S. Dak.—BOND SALE—The $35,000 issue of
OREGON
CLACKAMAS
DAKOTA
DISTRICT (P. O. Burke),
semi-annual refunding bonds
2385—was awarded at public auction
Allison-Williams Co. of Minneapolis as 4s at par.
Dated Nov. 1,
Due on Nov. 1 in 1942 to 1960.
BURKE
on
Aug. 1 as follows:
Dallas as 3s and
$2,000 in 1941 to 1943, and $3,000 in
334s.
PARK INDEPENDENT SCHOOL DISTRICT (P. O.
Park), Texas—MATURITY—It is stated now that the $9,000
semi-annual refunding bonds sold to the J. R. Phillips Investment Co.
GALENA
Galena
3%
of Houston
Sept. 15 in
at par, as
noted here—V. 151, p. 2080—are due $1,000 on
1941 to 1949.
The Commercial & Financial Chronicle
2538
GALVESTON, Te*««—CITY SEEKS TO BUY TERMINAL LINE—
A news dispatch from Washington on Oct. 23 reported that the above city
has applied to Interstate Commerce Commission for authority to acquire
and operate a line of terminal railroad in the city.
The properties at present
belong to Galveston Wharf Co,
The city seeks authority to issue $6,250,000
of revenue bonds of the City of Galveston, secured by a lien on the properties.
The Wharf company for many years has operated the terminal railroad
of 47 miles in length.
The bonds are to be issued in two series, series A of
total par value of $3,750,000 at 3M% and series B of total par value of
$2,500,000 bearing interest up to 4%.
The bonds will be issued to Galves¬
ton Wharf Co. in payment for the properties.
Oct.
26, 1940
WASHINGTON
LONGVIEW,
Wash .—BOND SALE—The $84,000 general obligation
city hall and fire equipment coupon bonds offered for sale on Oct. 17—
V. 151, p. 2232—were awarded jointly to Foster & Marshall and Harold H.
Huston & Co., both of Seattle, as 2s, paying a premium of $554.40, equal to
100.66, a basis of about 1.89%. Dated Oct. 1, 1940. Due on Oct. 1 in 1942
to 1950.
WEST
VIRGINIA
WEST
HARRIS COUNTY FLOOD CONTROL DISTRICT (P. O. Houston),
Texas—BOND SALE—It is stated by H. L. Washburn, County Auditor,
1940, bonds offered for sale on
2385—were awarded to a syndicate composed of
Moroney & Co., Milton R. Underwood & Co., George V. Rotan & Co.,
A
W. Snyder & Co., McCIung & Knickerbocker, all of Houston: Mosle &
that
Oct
the
$3,000,000 remission, series A
23—V.
151,
p.
of Dallas, State In¬
Co. of Kansas City, and Estes,
Moreland of Galveston, the Dallas Union Trust Co.
vestment Co. of Fort Worth, Stern Bros. &
Snyder & Co. of Topeka, as 1Mb for a premium of $6,501, equal to 100.216,
a basis of about 1.70%.
Dated Jan. 10, 1940.
Due on Jan. 1 in 1941 to
1949, incl.
ADDITIONAL SALE—The $500,000 flood-control, 1940, bonds offered
151, p. 2385—were awarded to a syndicate
for sale at the same time—V.
composed of Harriman Ripley & Co., Inc., the Mercantile-Commerce Bank
& Trust Co. of St. Louis, and A. W. Snyder & Co. of Houston, as 1.40s,
paying a price of 100.08, a basis of about 1.38%.
Due $50,000 on Jan. 10 in 1941 to 1950, incl.
Dated Jan. 10, 1940.
The successful bidders reoffered the smaller Issue to
yield from 0.25% to
1.55%, according to maturity.
KIRBYVILLE, Texas—BOND OFFERING— It is stated by Maine
Winton, City Secretary, that she will receive sealed bids until 7:30 p. m.
on Nov. 7, for the purchase of $28,000 not to exceed 4M% semi-annual
sewer system revenue bonds.
Dated Nov. 15, 1940.
Denom. $500. Due
Nov. 15, or at any other date preferred by purchaser, as follows:
$500 in
1941 to 1944, $1,000 in 1945 to 1956, $1,500 in 1957 to 1964, and $2,000
in 1965.
Prospective bidders may submit alternate bids on another schedule
of their own construction, if they wish to do so.
Bids may be submitted
on a combination of no more than two rates in multiples of M of 1%.
It
is the intention of the city to sell the bonds on the schedule of maturities
and Interest rate that will net the city approximately par and accrued interest.
The lowest net cost to city will be the prime factor in determining the
acceptable bidder. Prin. and int. payable at bank preferred by purchaser.
Date of bonds and interest paying dates also may be adjusted to pur¬
chaser's
preference.
These are the bonds authorized at the election held
on June 25, by a vote of 179 to 9.
The bonds and interest thereon will be
payable from and secured by a pledge of the net revenues of the sewer
of principal and int.
The city will furnish
the printed bonds, a copy of the legal proceedings, the approving opinion
of Gibson & Gibson, of Austin, or of Chapman & Cutler of Chicago, and
will deliver the bonds to the bank designated—all without cost to the pur¬
chaser.
Enclose a certified check for 2% of the amount of bonds, payable
to the city.
system and also of the water works system.
No part
will be payable out of funds to be raised by taxation.
LIBERTY
COUNTY
(P.
O.
Liberty), Texas—BONDS SOLD—
A $70,000 issue of county-wide road bonds is said to have been purchased
recently by the Columbian Securities Co. of San Antonio and Beckett,
Gilbert & Co. of Houston, jointly, for a premium of $28.57, equal to 100.04,
a net interest cost of about
2.04% on the bonds divided as follows: $25,000
as 2 Ms, due $5,000 on Nov. 12 in 1941 to 1945; the remaining $45,000 as
2s, due $15,000 on Nov. 12. 1946 and $10,000 on Nov. 12 in 1947 to 1950.
Dated Nov. 12, 1940.
LITTLE
CYPRESS
CONSOLIDATED
COMMON
SCHOOL
DIS¬
TRICT NO. 2 (P. O. Orange), Texas—BONDS NOT SOLD—The $9,500
refunding bonds offered on Oct. 15—V. 151, p. 2232—were not sold as no
bids were received, according to the County Superintendent.
Dated
Nov. 1, 1940.
Due on May 1 in 1941 to 1950.
NUECES COUNTY (P.*0. Corpus Christi), Texas—PRICE PAID—
The County Auditor states that the $35,000 refunding bonds sold to
Moroney & Co. of Houston as 3s and 2Ms, as noted here^-V. 151, p. 2386—
were purchased for a premium of $42.50, equal to 100.121, a net interest
cost of about 2.78%.
Due in 1941 to 1955, incl.
PECOS, Texas—BONDS SOLD—A $10,000 issue of 3% semi-annual
airport bonds is said to have been purchased by the Columbian Securities
Corp. of San Antonio.
SAN ANGELO, Texas—BOND SALE— The $120,000 issue of airport
bonds offered for sale on Oct. 22—V. 151, p. 2386—-was awarded to a group
composed of the City National Bank & Trust Co. of Kansas City, Russ,
Roe & Co. and the Columbian Securities Corp., both of San Antonio,
paying a premium of $322.80, equal to 100.269, a net interest cost of about
2.28% on the bonds divided as follows: $48,000 as 2Ms, due on March 1:
$4,000 in 1942 to 1945, $5,000 in 1946 to 1949 and $6,000 in 1950 and 1951;
the remaining $72,000 as 2Ms, due on March 1:
$6,000 in 1952 and 1953,
$7,000 in 1954 to 1957 and $8,000 in 1958 to 1961.
The $10,000 swimming pool bonds offered at the same time were
pur¬
chased by Beckett, Gilbert & Co. of Dallas as 3 Ms,
paying a price of 106.875,
a basis of about
2.49%.
Dated March 1, 1938.
Due $2,000 in 1954 to
1958; callable 10 years after date of issuance.
SANTA FE CONSOLIDATED SCHOOL DISTRICT (P. O. Arcadia),
Texas—ADDITIONAL INFORMATION—It is now reported by the Super¬
intendent of the Board of Education that the $18,100
building bonds which
_
had been sold to Louis Pauls & Co. of Galveston, as noted here on June
15,
have been taken over by the State Board of Education as 3
Ms at par, actng upon its right to purchase or reject all school bonds.
TYLER, Texas—BOND OFFERING— Sealed bids will be received until
1:30 p. m. on Nov. 1 by G. D. Fairtrace, City Manager,Tor the
purchase
of $30,000 coupon Second St.
improvement, tax supported bonds.
Dated
Dec. 1, 1940.
Denom. $1,000.
Due Dec. 1 as follows:
$2,000 In 1941
and 1942, $1,000 in 1943 and
1944, $3,000 in 1945, $4,000 in 1946 to 1948,
$3,000 in 1949, $2,000 in 1950, and $1,000 in 1951 to 1954.
Bids are to
„
be
presented on the coupon rate at par price.
Interest payable J-D.
These bonds have been approved by a vote of the
qualified voters.
The
expense of attorney's approving opinion by Chapman & Cutler of
Chicago
and the cost of printing bonds are to be
borne
by the purchaser.
a
Enclose
certified check for 1% of the total bid.
OFFERING—T. P. Roberts, City Treasurer,
will receive sealed bids until 2
p. m. (EST) on Oct. 31 for the purchase
East Creek flood protection bonds.
Dated Oct. 1,
1940.
Denom. $1,000.
Due $5,000 on Oct. 1 from 1941 to 1945, incl.
Bidder to name rate of interest in a
multiple of M of 1%.
Principal and
Interest (A-O) payable at the National Shawmut
Bank of Boston.
These
bonds will be engraved under the
supervision of and authenticated as to
tfaeir genuineness
by the National Shawmut Bank of Boston.
This bank
will further certify that the
legality of this issue has been approved by
Storey, Thorndike, Palmer & Dodge of Boston, a
copy of whose opinion will
accompany the bonds when delivered, without charge to the
purchaser.
S25.000
coupon
£>y?!SERHILL
iEs8ex function), Vt.—BOND SALE—The
$27,500 coupon refunding bonds offered Oct. 22—V.
151, p. 2386—were
awarded to the Burlington Savings Bank of
Burlington, as 2s, at par plus
a Premium of
$275, equal to 101, a basis of about 1.88%.
Dated Nov. 1,
J?40. and due Nov.1
made
as follows: $1,500 from 1941 to 1955, incl., and
by^illou, Adams^
Co.",
Inro«nb'd °' 10°-93
™
VIRGINIA
..yV'NGSTON ROAD DISTRICT
OFIERING—-It Is reported that
sealed
on
f
Oct.
28 by the Board of
RICHMOND,
stated
(P. O. Spotsylvania), Va
bids win be received until 2
p.m.
Supervisors for the purchase^of $17,500 road
Va.—BOND*ISSUANCE
CONTEMPLATED—itTls
by J. Maurice Miller, City Comptroller, that
an
Issue of $1,350,000
will probably
ponds to retire loans authorized for public improvements,
bq,placed
on
the market sometime in December.
Oct. 29 for the purchase of a $720,000 issue of road bonds. Bidders are to
the rate of interest, not to exceed 4%, in a multiple of M of 1 %, it
name
being provided that a part of the issue
may bear one rate and a part a differ¬
ent rate.
Not more than two rates will be considered in any one bid.
Coupon bonds in $1,000 denominations, convertible into fully registered
bonds of $1,000 and $5,000 denominations.
Dated Sept. 1, 1939.
Due
$30,000 from Sept. 1, 1941 to 1964, incl.
Prin. and int. (M-S), payable
in lawful money of the United States at the State Treasurer's office in
Charleston, or at the option of the holder, at the National City Bank in
New York.
These bonds
are issued under authority of amendment to the Constitu¬
known as $50,000,000 State Road Bond Amendment, and under
authority of an Act of the Legislature of the State of West Virginia known
as Capter 77, Act of 1937, regular session.
To secure the payment of these
bonds, principal sum and interest, when other funds and revenues sufficient
are not available for that purpose, it is agreed that, within the limits pre¬
scribed by the Constitution, the Board of Public Works of the State of West
Virginia shall annually cause to be levied and collected an annual State tax
on all property in the State, until said bond is fully paid, sufficient to pay
the annual interest on said bond and the principal sum thereof within the
time this bond becomes due and payable.
The bonds will be sold to the bidder offering to take the bonds bearing the
lowest rate of interest and to pay the highest prices offered for bonds bearing
such rate.
Each bid must be accompanied by a certified check upon a bank
or trust company for 2% of the face value of the bonds bid for, payable to
the order of the State for security for the performance of such bid and as
liquidated damages in case a successful bidder fails to take up and pay for
tion
the bonds.
J
The bonds cannot be sold at less than par and accrued interest.
Pur¬
be required to pay accrued interest to the date of delivery.
chasers will
Delivery will be made
in N. Y. City.
To expedite delivery, interim cer¬
tificates will be furnished purchasers.
The purchaser or purchasers will be
furnished with the final approving opinion of Caldwell & Raymond, New
York, but will be required to pay the fee for approving said bonds.
WISCONSIN
DANE COUNTY (P. O. Madison), Wis.—BOND SALE—The $390,000
Issue of coupon semi-annual highway improvement, series E, bonds offered
for sale on Oct. 23—V. 151, p. 2232—was awarded to the Harris Trust &
Savings Bank of Chicago, the Marine National Exchange Bank, and the
& Ilsley Bank, both of Milwaukee, jointly, as 0.70s, paying a
price of 100.28, a basis of about 0.61%.
Dated Nov. 1, 1938.
Due on
May 1 as follows:
$115,000 in 1943, and $275,000, 1944.
Marshall
KENOSHA, Wis.—BOND SALE— The $61,000 refunding bonds offered
on Oct. 18—V. 151, p. 2232—were awarded to Halsey, Stuart &
as 1%$, paying a premium of $66.50, equal to 100.106,
a
basis of about 1.36%.
The bonds are described as follows:
$12,000
school, series of 1927; $15,000 school, 2d series of 1923; $22,000 high school,
series of 1924, and $12,000 school, series of 1928, bonds.
Dated Oct. 15,
1940.
Due on Oct. 15, 1946.
Prin. and int. (A-O) payable at the City
for sale
Co., Inc., of Chicago
Treasurer's office.
MANAWA, Wis.—BONDS SOLD—It Is stated by J. C. Kinsman. Village
Clerk, that $45,000 4M % semi-annual water mortgage bonds were purchased
last March by T. E. Joiner & Co. of Chicago.
BOND OFFERING—It is also reported by Mr. Kinsman that he received
bids until Oct. 24 for the purchase of $20,000 2M% semi-annual general
obligation bonds.
Due serially in 20 years.
at par
SHOREWOOD
1701
E.
Capitol
SCHOOL
Drive),
DISTRICT
NO.
Wis.—BONDS
4
(P.
OFFERED
O.
TO
Milwaukee,
PUBLIC—A
$73,000 issue of 1M % refunding series F bonds is being offered by the First
National Bank of Chicago for general investment.
Denom. $1,000.
Dated
Nov, 1, 1940.
Due on Nov. 1, 1955.
Prin. and int. (M-N) payable at
the office of the School Treasurer in Milwaukee.
Legality approved by
Chapman & Cutler of Chicago.
WYOMING
EVANSTON, Wyo.—BOND OFFERING DETAILS—It is now reported
by George H. O'Hara, Town Clerk and Treasurer, that no bid for less
than par and accrued interest will be considered on the $75,000 sewage
disposal plant bonds which are scheduled for sale on Nov. 2, as noted here
—V. 151, p. 2386.
The purchaser will also be furnished with a complete
certified transcript of proceedings, blank bonds and final approving opinion
of Pershing,
Nye, Bosworth & Dick of Denver.
LARAMIE COUNTY (P. O. Cheyenne), Wyo.—BOND SALE— The
$85,000 semi-annual hospital bonds offered for sale on Oct. 21—V. 151,
p. 2232—were awarded jointly to the American National Bank and the
Stock Growers National Bank, both of Cheyenne, at a price of 100.80,
according to the County Clerk.
June 1 in 1942 to 1946, inclusive.
Dated June 1,
1940.
Due $17,000 on
CANADA
ALBERTA
(Province
of)—NOTICE
OF
INTEREST
PAYMENT—
Holders of debentures which matured Nov. 1, 1936, are being notified that
Provincial Treasurer S. E. Low will pay interest at 3% in respect to the
half-year ending Nov. 1, 1940.
Interest will be'paid upon presentation of
debentures of notation thereon of such payment' of interest at any branch
of the Imperial Bank of Canada, in the Dominion of Canada.
Debentures
should be accompanied by the usual ownership certificates required by the
Dominion Government
as
in the
case
of coupons.
LACHINE
ROMAN
CATHOLIC
SCHOOL
DISTRICT, Que.—
SOLD—An issue of $34,000 4M% school bonds was sold to the
Desjardins, Couture, Inc., of Montreal at par.
Due from 1941 to 1950 Incl.
BONDS
NOVA SCOTIA (Province of)—BOND SALE—Bank of Montreal and
"Wood, Gundy & Co., both of Toronto, jointly, were awarded $3,108,000
refunding bonds, as follows:
VERMONT
RUTLAND, Vt.—BOND
VIRGINIA, State of—BOND OFFERING—We are informed by
Governor Homer A. Holt that he will receive sealed bids until 1 p. m. on
Due in from 1 to 20 years
$1,516,000 3% four-year bonds dated Nov. 15, 1940.
1,592,000 3M% 9M~year bonds dated Nov. 1, 1940.
These bonds were
reoffered at a price of 97.
Province will apply the proceeds of the sale to the payment of a like
amount of bonds maturing Nov. 15, 1940.
SHERBROOKE, Que.—BOND SALE— The $225,000 4% Improvement
bonds offered Oct. 22—V. 151, p. 2232—were awarded to Bell, Gouinlock &
Co. of Toronto, at a price of 101.50, a basis of about 3.83%.
Dated
Sept. 1,
1940, and due
bid of 101.43
Savard,
was
on
made
Sept.
by
a
1 from 1941 to 1960, incl.
Second high
composed of Rene T. Leclerc, Inc.,
Gundy & Co. and Banque Canadienne
group
Hodgson & Co., Wood,
Nationale.
TORONTO,
Ont.—OTHER BIDS-—Fodowing is a list of the bids
for the $5,717,000 various purposes bonds, bearing interest
2%, 2M%, 3K%, and 3M%. which were awarded Oct. 17 to
Wood, Gundy & Co. and associates, at 100.41, a net interest cost of about
3.23%—V. 151, p. 2386.:
Bidder—
Rate Bid
Wood, Gundy & Co., Ltd.; A. E. Ames & Co., Ltd.; The Royal
Bank of Canada, and The Dominion Bank
100.41
The Dominion Securities Corp., Ltd.; Imperial Bank of Canada;
and Royal Securities Corp., Ltd
1
100.267
Harris Ramsay & Co., Ltd., and Burns Bros. & Denton
99.811
Bank of Nova Scotia; Bank of Toronto; R. A. Daly & Co., Ltd.;
Cochran, Murray & Co., Ltd.; Dyment, Anderson & Co.;
Matthews & Co.: Midland Securities Corp., Ltd.; Flemming &
Co., Ltd., and J. L. Graham & Co., Ltd
98.813
Bank of Montreal; Mills, Spence & Co., Ltd.; McLeod, Young,
Weir & Co., Ltd.; Bed, Gouinlock & Co., Ltd.; McTaggart,
Hannaford, Birks & Gordon, Ltd., and C. H. Burgess & Co.,
Ltd
98.7654
submitted
rates
of
@FedFRASER